thesis-anne/data/articles/all_05.csv

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'e2ac9bfc196be97d78960a7d4f4fde38ddf224b3'|'VW resumes U.S. diesel sales after emissions scandal'|'Business News - Wed May 3, 2017 - 3:45pm EDT VW resumes U.S. diesel sales after emissions scandal FILE PHOTO: An American flag flies next to a Volkswagen car dealership in San Diego, California September 23, 2015. REUTERS/Mike Blake/File Photo By David Shepardson - WASHINGTON WASHINGTON Volkswagen AG ( VOWG_p.DE ) said on Wednesday it resumed selling diesel cars in the United States last month, and that they accounted for nearly 12 percent of its April sales, a sign consumer demand for such cars had not been dampened by its emissions scandal. The world''s largest automaker by sales was barred by U.S. authorities in September 2015 from selling about 11,000 new 2015 diesel Golf, Beetle and Passat cars after the German automaker admitted to using secret software to exceed emission limits for six years. VW reached a $4.3 billion settlement with the U.S. Justice Department in January, agreed to spend up to $25 billion to address claims from U.S. owners, environmental regulators, states and dealers, and offered to buy back about 500,000 polluting U.S. vehicles. In April, a judge in Detroit sentenced VW to three years'' probation and independent oversight in a plea agreement. Volkswagen resumed sales of the new 2015 diesel vehicles in mid-April, spokeswoman Jeannine Ginivan said on Wednesday, after the automaker won approval for a fix earlier this year. Ginivan said that VW sold 3,196 diesel cars in the United States in April. Overall VW brand U.S. sales rose 1.6 percent last month to 27,557, while industrywide U.S. sales fell 4.7 percent in April. Before the scandal, diesels accounted for about 25 percent of VW brand U.S. sales. In January, the U.S. Environmental Protection Agency and California Air Resources Board approved a fix for 67,000 of the 475,000 2015 VW 2.0-liter diesel models known as "Generation Three." EPA and California are expected to approve additional diesel fixes in the coming weeks, three people briefed on the matter said. They requested anonymity because the approval has not been finalized. VW said in April it bought back nearly 238,000 and repaired 6,200 of the vehicles. VW has not yet begun to resell the repurchased cars. Last month, VW of America Chief Executive Hinrich Woebcken reiterated at a meeting with reporters that the automaker had no plans to introduce new diesel models in the United States and would instead focus on offering more electric vehicles and new SUVs. The EPA and California have been scrutinizing other automakers'' diesel models after the VW scandal. Last week, regulators granted Daimler AG approval to begin selling 2017 diesel Sprinter vans after extensive testing and talks, a company spokesman confirmed on Tuesday. Daimler has not yet won approval to sell 2017 model Mercedes-Benz diesel vehicles in the United States. Last week, Daimler said a U.S. investigation into diesel emissions and auxiliary emission control devices could lead to penalties and vehicle recalls. The U.S. Justice Department, EPA and Stuttgart prosecutor in Germany are investigating Mercedes-Benz diesel emissions. (Reporting by David Shepardson; Editing by Richard Chang) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-volkswagen-emissions-idUSKBN17Z2ET'|'2017-05-04T03:45:00.000+03:00'
'dca6852f6435aa2ec2f9a701f70d6813a5e17604'|'Trump''s 15% business tax could give rise to new tax shelters 3,'|'Mnuchin outlines ''massive'' tax cut for businesses President Trump''s proposed 15% tax rate on all business income could create a huge tax dodge that will be hard to guard against, experts say. Proponents of such a low rate believe it will help the economy. But in the context of Trump''s other proposals, it also may help individuals shelter their income, warned Martin Sullivan, chief economist at Tax Analysts. That''s because there''s a big difference between Trump''s proposed 35% top rate for individual income and the 15% rate he would apply to income from so-called pass-through entities as well corporations. Pass-throughs make up the majority of U.S. businesses. They don''t pay tax directly, but rather pass their profits through to their owners, partners and shareholders. They, in turn, pay tax on those profits on their personal returns at their individual income tax rates. So having a yawning gap between the top wage rate and the top business rate will tempt taxpayers to convert as much of their ordinary income into business income as possible, saving them $20,000 for every $100,000 subject to tax. On top of that they''d save money because they would escape the 2.9% Medicare tax owed on wage income. Related: Trump calls for dramatic tax cuts for individuals and businesses Treasury Secretary Steven Mnuchin has promised that rules would be created to prevent people from abusing the pass-through structure just to slash their tax bills. But rules to prevent gaming are hard to develop and even harder to enforce. And they would complicate the code. "There will always be huge administrative costs and concerns for the IRS, and huge compliance costs and concerns for taxpayers," Sullivan said. Why? Because rules work best when there are bright lines. But there are not bright-line definitions of what a reasonable market-rate salary for a business owner or employee-shareholder should be vs. profits they are entitled to vs. a reasonable return on their investment of sweat equity. "There''s no hard and fast rule. It''s a judgment call. It''s facts and circumstances," Sullivan said. The same goes for determining who is a full-time employee versus a contractor. Related: The two biggest ways the Trump family could benefit from his tax plan The concern about Trump''s low business tax rate is not just that wealthy business owners will abuse the system. It''s that millions of people will start calling themselves independent contractors just to get the 15% tax rate, even if they work full-time for one company. "I would benefit from going to my employer and ask[ing] them to start paying me as an independent contractor. I would still be doing the same job and contributing the same value to the economy," Scott Drenkard, director of state projects for the Tax Foundation, said in recent testimony to Congress. The only difference: The contractor would get to pay the 15% rate on his pay. It''s not an idle worry. Kansas exempted all pass-throughs from the income tax in 2012. Unsurprisingly, revenues dropped ... a lot. Lawmakers have been scrambling to make up the difference ever since. The same could very well happen at the national level, regardless of economic growth. "The pass-through carve out [in Kansas] is primarily incentivizing tax avoidance, not job creation," Drenkard said. CNNMoney (New York)   2:22 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/05/03/news/economy/trump-business-tax-cut-shelter/index.html'|'2017-05-03T22:22:00.000+03:00'
'dc97adbb5f80f48887094eced04871eae5b61057'|'What rate hike? Fed may have to cut if Trump can''t boost economy 3,'|'What does a Trump presidency mean for the Fed? The Federal Reserve didn''t raise interest rates on Wednesday, but it is still likely to do so at least one (if not two) more times this year. Or so, Wall Street thinks. But what happens if President Trump is not able to push any meaningful legislation through Congress this year? In particular, if he''s unsuccessful in getting tax reform done, is there any chance the economy could keep growing at a healthy rate? Or will the U.S. be doomed to another few quarters of sluggish and subpar growth like the meager 0.7% annualized rate that the economy put up in the first quarter? It could be difficult, if not impossible, for the economy to rise anywhere near the 3% rate that many in the Trump administration are hoping for, without tax reform. Related: Trump is dialing back his economic promises And it may be even more of a challenge to get to that level if Trump and Congress are unable to repeal and replace Obamacare, undo the Dodd-Frank financial reform laws, or pass a stimulus package that boosts infrastructure spending sometime this year. Enter Janet Yellen. The Fed chief might have to hop into a phone booth (assuming she can find one) and change into her Super Central Banker costume. Bruce Bittles, chief investment strategist at Baird, argues that the Fed may need to slow down the pace of rate hikes in the event that Trump and Congress fail to do anything soon. Bittles added that the Fed may even have to start cutting rates again if the economy suddenly loses steam. The encouraging news though is that many consumers and businesses have expressed more confidence in the economy since Trump''s victory. But the bad news is that these good economic vibrations aren''t giving people enough excitations to start buying more just yet. Related: Ben Bernanke calls Trump''s 3% growth goal a ''long shot'' The so-called soft data -- readings about sentiment -- are improving. But hard data, such as actual dollars spent, continue to lag. "Economic data is a bit weaker than expected," said Quincy Krosby, a market strategist at Prudential Financial. "We''re trying to figure out the disconnect between the soft and hard data," she added. "To get the next leg up for the market and economy, we need the Trump agenda to really kick in." That might mean the Fed has to be really careful with its rate hike plans. But would the Fed really want to lower rates just yet? It would be a signal that the central bank thinks the economy is in much worse shape than many thought, and could set off alarm bells. The Fed is also being helped by the fact that long-term bond rates, which are often used as benchmarks for mortgages and other consumer and business loans, remain low despite the recent Fed rate hikes. That makes it cheap to borrow money. So there''s really no need for Yellen to hit the panic button. Growth may not be as good as it could be. But it''s likely to gradually improve -- and nobody is fearing a return of inflation just yet either. "Low long-term rates say to me that the bond market does not think inflation is a problem," said Mary Ann Hurley, vice president of fixed income trading at D.A. Davidson & Co. "What does that mean for the Fed? More rate hikes are coming." Matt Schreiber, president of WBI Investments, agrees that the Fed still has time to wait and see what happens in Washington before it takes the bold move to shift gears. Related: Economy grew at slowest pace in 3 years during the first quarter But he said it''s not out of the question that the Fed may need to reverse course in 2018. "Could the Fed have to intervene to stimulate the economy? If you don''t get tax cuts, infrastructure spending and other things that could stimulate the economy, the Fed may have to step in," he said. Of course, there''s no guarantee that it will be Yellen''s decision to make come next year. Her four-year term as Fed chair ends on February 3, 2018. Many Fed watchers have assumed Trump will want t
'89096535452d4752a75bf53e288ecd3fa68623f6'|'CORRECTED-Warren Buffett says he sold a third of stake in IBM - CNBC'|'(Refile to add missing letter in Buffett''s name in the first paragraph)May 4 Berkshire Hathaway''s Warren Buffett has sold about a third of his stake in IBM Corp during the first and second quarter of 2017, CNBC reported."I don''t value IBM the same way that I did 6 years ago when I started buying... I''ve revalued it somewhat downward" Buffett told CNBC during an interview. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/warren-buffet-ibm-stake-idUSL1N1I700H'|'2017-05-05T09:21:00.000+03:00'
'88e8aa1856a6aead50a157e51fee67fb5f415200'|'Swiss pharmacy group Zur Rose says looking at possible IPO'|'ZURICH May 5 Swiss mail-order pharmacy Zur Rose Group has hired investment banks to look at a possible public listing of shares, it said on Friday."The options which are being assessed by UBS and Berenberg on behalf of Zur Rose Group include an initial public offering with capital increase, further private funding as well as additional debt financing," the Frauenfeld-based company said in a statement.Its board of directors may send out an invitation to an extraordinary general meeting "in the coming weeks", Zur Rose said.An IPO would be the second listing of a Swiss pharmacy group after Galenica Sante raised 1.9 billion Swiss francs ($1.92 billion) last month in Europe''s biggest flotation so far this year.Shares in Zur Rose now trade on Berner Kantonalbank''s OTC-X, Zuercher Kantonalbank''s eKMU-X and Lienhardt & Partners Private Bank Zurich Ltd''s trading platforms.The company has more than 800 employees and generated revenue of 880 million Swiss francs in 2016.($1 = 0.9872 Swiss francs) (Reporting by Joshua Franklin; Editing by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/zur-rose-group-ipo-idINL8N1I70TZ'|'2017-05-05T03:54:00.000+03:00'
'5251dde37cacdbfe8ff58c74af7b1e4e6aa92d72'|'Bank of England sets out bailout requirements for UK-based banks'|'Central Banks - Fri May 5, 2017 - 7:09pm BST Bank of England sets out bailout bond requirements for UK banks Pedestrians walk past the Bank of England in the City of London, Britain, May 15, 2014. REUTERS/Luke MacGregor/File Photo By Huw Jones - LONDON LONDON The Bank of England on Friday made public for the first time how many special loss-absorbing bonds British-based banks must issue to prevent taxpayers having to pay for bank bailouts in the future. The bonds, known as MREL, are aimed at ending "too big to fail" banks, which means banks will have enough resources to draw on in a crisis without going cap in hand to taxpayers. MREL bonds convert into equity capital once a bank''s main capital reserves are burnt through. The MREL requirements come under European Union law and form the final leg of reforms introduced since the 2007-09 financial crisis. The BoE said that from 2022, MREL would range from 21.6 percent of total value of exposures for Standard Chartered ( STAN.L ) to 25.9 percent for Santander UK ( SAN.MC ). The central bank also gave an average indicative figure of 22 percent for a group of eight smaller banks, including the Co-operative Bank, Metro Bank, Tesco Bank and Virgin Money. The BoE previously said how it planned to calculate this on Nov. 8. Banks also face an interim MREL target which applies from 2020. The central bank had already told the banks what their individual MREL requirements would be, but the BoE has now published them to increase transparency. On previous occasions when such bank capital or liquidity targets have been agreed, markets have put pressure on banks to comply sooner than the formal deadline in a bid to quash any doubts about solvency. "It will bring pressure to be ''in the pack''," Rob Moulton, a financial services lawyer at Latham & Watkins, said. Regulators have raised concerns about the ability of markets to absorb the number of bonds that banks across the EU will need to issue to comply with the MREL deadline. This has been estimated at 276 billion euros (233.89 billion pounds) for EU banks. The world''s 30 biggest banks, which include Britain''s HSBC ( BARC.L ), Barclays ( BARC.L ), Standard Chartered ( STAN.L ) and RBS ( RBS.L ), must also comply with a tougher global equivalent of MREL, known as TLAC, over a similar time period. "It would be very helpful if the Bank of England and authorities around the world were very clear that there is a transition period to getting to the TLAC end state, and that they are not expecting banks to get there more quickly," Simon Hills, an executive director at the British Bankers'' Association, said. (Additional reporting by William Schomberg, editing by David Milliken and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-boe-banks-idUKKBN1810YB'|'2017-05-05T17:44:00.000+03:00'
'3dc4b9ceeb59338607de339cc3807e12759822f0'|'Factbox - Impact on banks from Britain''s vote to leave the EU'|'Business News - Wed May 3, 2017 - 2:03pm BST Factbox - Impact on banks from Britain''s vote to leave the EU FILE PHOTO: The Citibank building is seen in the financial district of Canary Wharf in London, Britain January 19, 2017. REUTERS/Kevin Coombs/File Photo Global banks have warned they could move thousands of jobs out of Britain to prepare for the expected disruption caused by the country''s exit from the European Union, endangering London''s status as a major financial centre. Financial services firms need a regulated subsidiary in an EU country to offer their products across the bloc, and this could lead some to move jobs out of Britain if it loses access to the European single market. Many of the top financial firms have begun drawing up plans. Following are some details and reports on the subject: STANDARD CHARTERED Standard Chartered ( STAN.L ) is in talks with regulators about making Frankfurt its European base to secure market access to the European Union when Britain leaves the bloc. HSBC Stuart Gulliver, CEO of HSBC ( HSBA.L ), Europe''s biggest bank, said it would relocate staff responsible for generating around a fifth of its UK-based trading revenue, or around 1,000 people, to Paris. Chairman Douglas Flint has told lawmakers that banks without operations elsewhere in the EU will likely trigger migration plans immediately after EU divorce talks begin, estimating "tens of thousands" of jobs are linked to EU "passporting" rights. BARCLAYS Banks in Britain will start shifting some operations to continental Europe reasonably soon to avoid disrupting links with customers after Brexit, Barclays ( BARC.L ) Chief Executive Jes Staley said. He added that obtaining a licence to trade on the continent and changing financial contracts to another jurisdiction took a year to 18 months. The bank is preparing to make Dublin its EU headquarters after Brexit, according to a source familiar with the matter. Staley previously told BBC Radio that Barclays would keep the bulk of its activities in Britain after Brexit and any changes to how the bank operates would be small and manageable. UBS Swiss bank UBS ( UBSG.S ) would have to "move 1,500 people" from London to an EU destination in order to retain full passporting rights across the EU, according to UBS chairman Axel Weber. That would be more than a quarter of its current 5,500 staff in London. Separately, Chief Executive Sergio Ermotti has said UBS has a degree of flexibility if its UK outpost looks set to lose its ability to operate across the EU. The world''s biggest wealth manager has also set up a bank in Frankfurt to consolidate most of its European wealth management operations, after the Brexit vote dashed London''s chances of being the host city. CREDIT SUISSE Credit Suisse''s ( CSGN.S ) Chief Executive Tidjane Thiam said in September his bank was relatively well placed to deal with the impact of Brexit and that only around 15-20 percent of volumes in the investment bank would be impacted. LLOYDS BANKING GROUP Lloyds Banking Group ( LLOY.L ), Britain''s largest mortgage lender and the only major British retail bank without a subsidiary in another EU country, is close to selecting Berlin as a European base to secure market access to the EU after Britain withdraws. GOLDMAN SACHS U.S. bank Goldman Sachs ( GS.N ) is considering moving up to 1,000 staff from London to Frankfurt because of concerns over Brexit, Germany''s Handelsblatt newspaper reported in January, citing financial sources. Goldman Sachs will begin moving hundreds of people out of London before any Brexit deal is struck as part of its contingency plans, the Wall Street firm''s Europe CEO said in March. Three people familiar with the matter told Reuters in November that Goldman Sachs was considering shifting some of its assets and operations from London to Frankfurt. MORGAN STANLEY U.S. bank Morgan Stanley ( MS.N ) has identified many of the roles that will need to be moved from Britain after Brexit
'de2e989793e2f1b9561be558d8e717d255622683'|'Investor advisory service urges shareholders to reject BP''s new pay policy'|'Business News - Wed May 3, 2017 - 3:53pm BST Investor advisory service urges shareholders to reject BP''s new pay policy FILE PHOTO: BP''s Chief Executive Bob Dudley speaks to the media after year-end results were announced at the energy company''s headquarters in London February 1, 2011. REUTERS/Suzanne Plunkett/File Photo LONDON PIRC, a leading investor advisory service, on Wednesday recommended that BP ( BP.L ) shareholders should vote against the British oil and gas company''s new pay policy, calling CEO Bob Dudley''s proposed salary "excessive". Pensions & Investment Research Consultants (PIRC) also advised shareholders to abstain in a vote over Dudley''s 2016 $11.6 million (<28>9 million) pay package at BP''s annual general meeting in London on May 17. Another shareholder advisory service Glass Lewis recommended a vote in favour of both BP''s and Royal Dutch Shell''s ( RDSa.L ) remuneration policies. (Reporting by Ron Bousso. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bp-pay-idUKKBN17Z1QK'|'2017-05-03T22:53:00.000+03:00'
'cb2a7627e8f5ff35a08110173cbea60645c6acc0'|'Health insurer Humana''s quarterly profit surges'|'U.S. health insurer Humana Inc ( HUM.N ) reported higher-than-expected quarterly profit on Wednesday due to strength in Medicare Advantage, a program in which it manages government health benefits for the elderly and people with disabilities.Medicare Advantage plans account for about a third of the more than 55 million people covered by Medicare and is the fastest growing government health program. It is an alternative to standard fee-for-service Medicare accounts and makes up the majority of Humana''s revenue.Private insurers like Humana are turning to Medicare Advantage for growth as they exit the Obamacare individual insurance market for people under age 65. That market is expected to contract as U.S. President Donald Trump and Republican lawmakers seek to repeal and replace the Affordable Care Act.Humana, which said it has 155,000 members in Obamacare exchanges plans this year, already disclosed it will exit that business in 2018 because of losses. It has 65,000 members in Tennessee, a state that has had difficulty attracting insurers.Humana Chief Financial Officer Brian Kane said that the cost of medical services for exchange members was within expectations of a forecast $45 million loss in that business in 2017. Kane said medical expenses are seasonal and that he expects them to rise later this year.The company raised its full-year profit forecast last week on the back of strong performance in its retail business.The company''s net income rose to $1.12 billion, or $7.49 per share, in the first quarter ended March 31, from $254 million, or $1.68 per share, a year earlier.The results included a net gain of $947 million associated with its terminated merger agreement with Aetna Inc ( AET.N ).Aetna and Humana walked away from the deal in February after a federal judge backed the U.S. Justice Department''s decision to block it on antitrust grounds.Excluding items, the company earned $2.75 per share, beating analysts'' average estimate of $2.50, according to Thomson Reuters I/B/E/S.Total revenue fell to $13.76 billion from $13.80 billion, due to lower Obamacare individual commercial premiums.Adjusted revenue rose 4 percent to $13.48 billion, just shy of estimates of $13.62 billion.Humana shares fell 0.5 percent, or $1.05, to $224.47.(Reporting by Ankur Banerjee in Bengaluru and Caroline Humer in New York; Editing by Shounak Dasgupta and Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-humana-results-idUSKBN17Z11Z'|'2017-05-03T18:42:00.000+03:00'
'42cab03bc6afed70acc635bebada94625afb36ea'|'European shares slip from 20-month highs, Hugo Boss sinks'|'LONDON May 3 European shares slipped slightly from the 20-month highs they hit in the previous session, as investors locked in some profits following some underwhelming company results.Europe''s STOXX 600 index was down 0.2 percent by 0725 GMT. France''s CAC 40 and Germany''s DAX fell 0.3 and 0.1 percent, retreating from their highs.Hugo Boss shares fell 6 percent, with traders citing like-for-like sales slightly underperforming expectations. The German fashion house added to signs of a pick-up in the luxury sector, reporting a better than expected profit boosted by strong sales in Britain and China.Dialog Semiconductor shares slid 2.9 percent at the open after its main client Apple reported a surprise dip in iPhone sales.They had plummeted 14 percent in April on fears over Apple bringing some of its components in-house. Peer STMicro was a top faller on Italy''s blue-chips, down 1.6 percent.German bluechip automakers Daimler and BMW were also on the backfoot after a disappointing set of April auto sales in the U.S. Daimler shares fell about 1 percent.Gains among healthcare stocks supported the index, with Novo Nordisk and Fresenius both up 4.6 and 2.7 percent respectively after upping 2017 profit forecasts in their first-quarter results. Fresenius shares touched a record high.Finland''s Nokian Tyres was a top faller, down 4.8 percent after it missed on operating profit in its first-quarter results.Overall, first-quarter earnings are expected to increase 10.5 percent from the first quarter of 2016, or 6.2 percent excluding the energy sector, Thomson Reuters data showed.Of 111 companies having reported earnings so far, 70.3 percent exceeded analyst estimates; above the 49.5 percent of beats in a typical quarter. (Reporting by Helen Reid, Editing by Vikram Subhedar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1I51EL'|'2017-05-03T15:43:00.000+03:00'
'3bfd8e41f3d5173deda36f06e79602a840339655'|'TABLE-Investors pour most cash into U.S.-based funds in 2 months -ICI'|'Company News  47pm EDT TABLE-Investors pour most cash into U.S.-based funds in 2 months -ICI By Trevor Hunnicutt NEW YORK, May 3 Investors jumped into U.S.-based funds at the quickest pace in two months, Investment Company Institute data for the latest week showed on Wednesday, as the market shook off concern that stocks have advanced beyond reason. Mutual funds and exchange-traded funds in the United States attracted $20.8 billion during the week ended April 26, the trade group said. That includes $11.6 billion for stocks and $8.6 billion for bonds. The figures exclude money-market funds where investors park cash. "The fear wore off," said Kristina Hooper, global market strategist at Invesco Ltd. "We are very much in an environment of disruptions. We have to recognize there will continue to be geopolitical risks around every corner, although they tend to have short-term impact." Voters head to the polls on Sunday in the French presidential election runoff, but the chances for a euroskeptic winner seemed to ebb when centrist candidate Emmanuel Macron led in the first round on April 23. That paved the way for $4.8 billion to move into world stock funds, the 21st straight week of inflows. Taxable bond funds have attracted money throughout that period as well, and brought in nearly $8 billion in the latest week. Ostensibly high prices did not scare investors away from U.S. stock funds, which attracted the most money in a month, $6.8 billion. "If we were to look over all the stock markets certainly valuations seem extended now," said Hooper. "Earnings have improved, but that doesn''t account for all the run-up." S&P 500 earnings grew 14 percent in the first quarter over the year prior, according to Thomson Reuters I/B/E/S estimates. Seven in 10 of those companies have reported results so far. The following table shows estimated ICI flows, including mutual funds and exchange-traded funds (all figures in millions of dollars): 4/26 4/19 4/12 4/5 3/29 Equity 11,601 4,725 3,101 -6,111 1,576 -Domestic 6,757 1,253 -2,666 -12,761 276 -World 4,844 3,472 5,767 6,650 1,300 Hybrid 566 -596 -665 -1,467 -1,077 Bond 8,615 3,229 4,275 11,142 7,594 -Taxable 7,962 2,743 2,963 10,589 6,950 -Municipal 653 487 1,312 553 644 Commodity -7 740 111 -125 100 Total 20,775 8,099 6,822 3,440 8,194 (Editing by Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-mutualfunds-ici-idUSL1N1I516R'|'2017-05-04T01:47:00.000+03:00'
'79a416a4e40c86af60281154c64d506199abd956'|'Profit falls at Sainsbury''s for third straight year'|'  11:48am BST Sainsbury''s warns challenging UK market means long wait for profit growth left right FILE PHOTO - Shopping baskets are displayed at a Sainsbury''s store in London, Britain April 30, 2016. REUTERS/Neil Hall/File Photo 1/2 left right A shopper browses items at a Sainsbury''s store in London, Britain, October 11, 2016. REUTERS/Neil Hall/File Photo 2/2 By James Davey - LONDON LONDON British supermarket Sainsbury''s ( SBRY.L ) warned a challenging market meant it could take up to five years to deliver sustainable profit growth, despite a robust performance from general retailer Argos which it bought last year. Sainsbury''s, which trails market leader Tesco ( TSCO.L ) in annual sales, reported a third straight fall in annual profit on Wednesday, hurt by price cuts and cost inflation, and confirmed analysts'' forecasts for another decline in 2017-18. Last year Sainsbury''s expanded in areas such as electrical goods when it bought Argos-owner Home Retail for 1.1 billion pounds, which it said has gone well so far. "Our job is to build a business for the future," said Chief Executive Mike Coupe, who outlined his strategy for the business two and a half years ago. Shares in Sainsbury''s were down 5 percent at 265.5 pence at 1034 GMT, valuing the business at 5.8 billion pounds and taking the year on year decline to nearly 7 percent. "The UK grocery industry is one of the most challenging, if not the most challenging, in the world ... (but) we think over a three to five year period we can deliver strong and steady profit growth," he told reporters. Sainsbury''s said Argos contributed a better than expected profit of 77 million pounds in the second half and would deliver a 160 million pounds boost to earnings six months early. It also said it would speed up a plan to open 250 Argos Digital stores in its supermarkets. Sainsbury''s made an underlying pretax profit of 581 million pounds in the year to March 11, down from 587 million pounds made the year before. The average forecast by analysts was 578 million pounds. The result reflected intense price competition, driven by German discounters Aldi and Lidl, as well as cost inflation, offset by cost savings of 130 million pounds and the contribution from Argos. Group sales rose 12.7 percent to 29.1 billion pounds, but Sainsbury''s'' own like-for-like sales fell 0.6 percent. "Unlike its domestic rivals Tesco and Morrisons ( MRW.L ), like-for-like sales at Sainsbury'' have remained stubbornly negative recently. Lower prices, weaker margins and a falling market share. Not a good combination," said George Salmon, equity analyst at Hargreaves Lansdown. Morrisons and Tesco are both in turnaround mode after going through disastrous periods while Sainsbury''s market share has remained broadly stable over the last five years. Some analysts believe Sainsbury''s is vulnerable to further price cuts by Tesco and a recovering Asda and the supermarket''s Chief Financial Officer Kevin O''Byrne said he was comfortable with an average profit forecast of 573 million pounds for 2017-18, meaning a drop for yet another year. Some analysts also say Argos increases Sainsbury''s exposure to the threat of Amazon [AMZN.O] and to higher import costs at a time when pressure on discretionary purchases is building as inflation grows and wage growth is muted. (Editing by Kate Holton and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sainsbury-s-results-idUKKBN17Z0DW'|'2017-05-03T14:37:00.000+03:00'
'a3f2046122b0bc3c3b33efb6cd27ad8ed981f01c'|'Taking a Toll: How Japan Post''s big global bet unravelled'|'Money   11:10am IST Taking a Toll: How Japan Post''s big global bet unravelled FILE PHOTO: Japan Post''s logo is seen at its headquarters in Tokyo, Japan, January 30, 2017. REUTERS/Kim Kyung-Hoon/File Photo By Thomas Wilson and Byron Kaye - TOKYO/SYDNEY TOKYO/SYDNEY In February 2015, bankers working on Japan''s biggest IPO in three decades woke to news that left them shaken. Their client had just closed a multi-billion dollar deal - but had kept them firmly out of the loop. Just months ahead of its listing, state-owned Japan Post Holdings Co ( 6178.T ) was buying Australian logistics firm Toll Holdings for A$6.5 billion ($4.9 billion), leaving underwriters scrambling to understand the impact on the selldown. "My heart skipped a beat when I read the Nikkei (newspaper) that morning," one banker who worked on the deal told Reuters. "Clients have to be honest and at least tell us before making the deal, since it would impact the sale price and business forecasts." They were right to worry. Barely two years after trumpeting the deal, Japan Post last week said a 400 billion yen ($3.6 billion) writedown on Toll would push it to an annual loss in its first year as a listed company. The massive impairment charge has drawn into focus the deal''s rich premium, speed and timing, raising questions over Japan Post''s due diligence and its plan to integrate Toll''s sprawling business into a global conglomerate spanning postal delivery, banking and insurance. Japan Post acknowledged concerns over the due diligence process and its management of the company, but blamed the writedown on worse-than-expected economic pressures. "During the acquisition, due diligence was implemented taking into account the opinion of accounting, taxation, legal and financial experts," said Hideo Murata, a spokesman for Japan Post. "Commodity prices fell faster than we had thought, and we couldn''t imagine the direct impact on Toll''s earnings." The saga may further undermine Japanese efforts to persuade investors to believe in its corporate governance reforms which have been shaken by high-profile failures of foreign takeovers by companies including Toshiba Corp ( 6502.T ) and Kirin Holdings Co Ltd ( 2503.T ). For Tokyo, it also comes as the government prepares a second offering of shares in Japan Post. In total, it plans to raise around 4 trillion yen through the privatisation. Japan''s Ministry of Finance declined to comment on whether it would investigate the Toll deal. An official overseeing the second offering told Reuters: "As for the timing and the size of the next tranche of Japan Post IPO, we will deal with it appropriately while continuing to monitor market developments," Investment banks coordinating the 2015 and upcoming share sales declined to comment. HIGH PREMIUM Then-Chief Executive Taizo Nishimuro saw the Toll deal as the crucible in which Japan Post would transform itself into a global logistics powerhouse and lend stardust to its IPO. Toll had excellent growth potential and a balanced portfolio of business, Japan Post said. Under the ambitious Nishimuro - a former chairman of Toshiba and the Tokyo Stock Exchange - Japan Post hired Mizuho Financial Group ( 8411.T ) and Australian boutique firm Gresham Partners as financial advisers. Sydney-based Clayton Utz came on as legal adviser. Mizuho, Gresham and Clayton Utz all declined to comment. The final offer - at a hefty 49 percent premium to Toll''s share price a day earlier - was unanimously accepted by Toll''s board. Though criticised as high by some analysts, a person with direct knowledge of the deal said the premium was in line with other deals in the global logistics industry. The roots of the writedown were in the management of Toll after the takeover, not in the terms of the deal, the person added. Last year, rail-based Australian freight firm Asciano Ltd, bowed to a A$6.8 billion buyout at a 39 percent premium to its pre-bid price after a six-month bidding war, while UK Mail accept
'7c8109fabfcdee7a6f280a3bd8238d141bc9a17e'|'ISS backs call for special audit of Deutsche Bank management'|'Business News - Wed May 3, 2017 - 11:55am BST ISS backs call for special audit of Deutsche Bank management FILE PHOTO: The Deutsche Bank logo is pictured at a branch in Frankfurt, Germany, September 30, 2016. REUTERS/Kai Pfaffenbach/File Photo FRANKFURT Shareholder advisory and proxy voting firm ISS has backed a call for a special audit of Libor-manipulation and Russian money-laundering scandals at Deutsche Bank ( DBKGn.DE ) to probe what role management and supervisory boards may have played. ISS has thrown its weight behind a proposal originally put forward by shareholder Marita Lampatz. Proxy voting firm Glass Lewis has also backed calls for a special audit. ISS said, however, a vote against discharging the German lender''s management and supervisory boards at the annual shareholder meeting on May 18 was "not warranted at this time", and it would not be appropriate to vote against the re-election of Chairman Paul Achleitner. Deutsche Bank declined to comment on ISS''s letter, which was first reported by German daily Handelsblatt and seen by Reuters on Wednesday. (Reporting by Kathrin Jones and Edward Taylor; Editing by Georgina Prodhan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-bank-audit-iss-idUKKBN17Z130'|'2017-05-03T18:55:00.000+03:00'
'6223d32e2e6b64376421c2a0b7eae55be54ef70e'|'Saudi prince says economic reforms working, promises huge investments - Reuters'|'By Katie Paul , Marwa Rashad and Reem Shamseddine - RIYADH RIYADH The prince overseeing Saudi Arabia''s economy said his radical reforms were succeeding in protecting the kingdom against low oil prices, and he promised massive investments in coming years to help diversify the economy beyond oil."Although our prices dipped to as low as $27 for more than one year...the government managed to shield economic indicators from the negative impact," Deputy Crown Prince Mohammed bin Salman said in a rare nationally televised interview on Tuesday."Gross domestic product is still growing - not at global rates, true, but it is not going into deflation."He said more than half of the tens of billions of dollars that Riyadh expects to raise by selling shares in national oil giant Saudi Aramco would be reinvested domestically by the kingdom''s top sovereign wealth fund, the Public Investment Fund (PIF), to create jobs and earn revenue.In the three years after the share sale, the PIF will spend over 500 billion riyals ($133 billion), with between 50 and 70 percent going to develop promising non-oil sectors such as mining and logistics within Saudi Arabia, he added.Prince Mohammed, 31, first described his reform plans to the public in a nationally televised appearance almost exactly a year ago.At that time he faced a grim economic challenge: low oil prices had saddled the government with a record $98 billion budget deficit in 2015. Financial markets had started to speculate that Saudi Arabia might eventually default on its debt or be forced to scrap the riyal''s peg to the U.S. dollar.In recent months the outlook has improved. The deficit has started to shrink and Riyadh has bought itself time to reduce its reliance on oil by establishing a programme of overseas bond issues, reducing the need to draw down its financial reserves.Other top Saudi officials trumpeted those achievements in presentations to hundreds of foreign bankers and investors at a Riyadh investment conference organised by Euromoney magazine on Tuesday.Finance minister Mohammed al-Jadaan said the government was on track to cut its deficit to about $53 billion this year, and that the government was so far in 2017 paying over 90 percent of its bills to the private sector within 30 days of the due date.Delayed payments by the government were a big drag on the economy last year, and in December authorities promised they would in future make all payments within a less stringent target of 60 days.PROBLEMSBig uncertainties still overshadow Saudi Arabia''s effort to restructure its economy. One is how much money the government can raise through the sale of the Aramco shares. It has predicted the sale will value the company at $2 trillion, but some private analysts expect a significantly smaller figure.Prince Mohammed indicated on Tuesday, however, that the Aramco sale would go ahead along the lines he described a year ago, saying a stake close to 5 percent would be offered in 2018.He also said authorities would announce a programme to address the kingdom''s shortage of private housing in the third quarter of this year, aiming to arrange the construction of over a million housing units through soft loans or the Saudi Real Estate Development Fund. He did not give a time frame.Much of the Prince Mohammed''s economic plan envisions transferring responsibility for development projects and public services to the private sector from the government.For example, Prince Mohammed said that while the government was committed to providing medical treatment to its citizens, it would not necessarily manage hospitals. Officials have begun preparing plans to sell off some hospitals, perhaps through private equity deals.The government''s austerity policies have brought growth of the non-oil part of the economy near zero. In an effort to support growth, the government reversed a highly unpopular austerity step last month, restoring allowances to public sector workers after c
'aceff66da3995b280f222c190843c802f0ec63b0'|'BNP Paribas'' first quarter profit increase powered by trading rebound'|'Business   7:25am BST BNP Paribas'' first quarter profit increase powered by trading rebound BNP Paribas bank ATM machines are seen in Paris, France, February 6, 2017. REUTERS/Jacky Naegelen By Maya Nikolaeva and Julien Ponthus - PARIS PARIS BNP Paribas reported a 4.4 percent rise in quarterly profit, topping analysts'' expectations, as a surge in fixed income and equities trading helped offset weaker retail banking in France and Italy where revenue fell. The results came after French banks enjoyed a stock market rally following the first round of the French presidential election that bolstered investors'' projections that Emmanuel Macron, seen as a business-friendly candidate, would eventually win. France''s biggest bank said on Wednesday that net income rose to 1.89 billion euros (1.6 billion pounds) in the first quarter from 1.81 billion euros a year earlier. This beat the average of four analyst estimates of 1.6 billion euros in a Reuters poll. BNP Paribas outperformed its European rivals in reporting a 33.1 percent rise in revenue in its global markets division that includes debt and equities trading, compared to a 4 percent increase on average across peers, such as Deutsche Bank, Credit Suisse, Barclays and UBS, according to Reuters calculations. BNP Paribas cited a "significant pick-up in client business compared to a very challenging market environment" a year ago, when a period of economic uncertainty and investor caution triggered volatility in financial markets. "The CIB (corporate and institutional bank) rebounded strongly from a low base in the first quarter of last year," BNP Paribas chief executive Jean-Laurent Bonnaf<61> said in a video interview on the bank''s website. U.S. and European investment banks have benefited in the first quarter from a jump in markets-related revenue following U.S. rate hikes, as well as from signs of an economic recovery in Europe and some progress in Britain''s plans to leave the EU. Fixed income, currency and commodities trading revenue at BNP Paribas surged 32 percent to 1.17 billion euros, compared to a 24 percent rise in the business across the big five U.S. banks, according to IFR calculations. BNP Paribas also outpaced both European and U.S. rivals in equities trading which rose 36 percent versus a flat performance across the U.S banks on average, and compared to declines at Deutsche, Barclays and Credit Suisse. BNP Paribas'' international financial services division that includes retail banking outside European home markets, as well as personal finance, insurance and asset management, was the biggest contributor to the group''s net profit this quarter with pre-tax income up 16 percent to 1.2 billion euros. France''s biggest banks, BNP Paribas and Societe Generale, are reporting results this week just a few days before the May 7 French presidential runoff vote, where centrist Macron is facing far-right rival Marine Le Pen who has vowed to take France out of the euro currency and the EU if elected. Opinion polls see Macron beating Le Pen in the final vote. BNP Paribas shares are up by around 9 percent so far in 2017, in line with similar gains on the STOXX Europe 600 Banking index and on France''s benchmark CAC-40. (Reporting by Maya Nikolaeva and Julien Ponthus; Editing by Sudip Kar-Gupta and Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bnp-paribas-results-idUKKBN17Z0A3'|'2017-05-03T14:25:00.000+03:00'
'5d3aff7d0c523247f63b4bba25901dc4324569d5'|'Japan April services PMI falls to 52.2 as new business growth slows'|' 49am BST Japan April services PMI falls to 52.2 as new business growth slows FILE PHOTO: A woman receives a 12 dollars (1000 yen) hair washing service at a hair salon in Sendai City, Miyagi Prefecture in northern Japan March 13, 2011. REUTERS/Kyodo TOKYO Activity in Japan''s services sector expanded at a slightly slower pace in April as new business growth slowed, a private survey found on Tuesday - a sign that the broader economy could be losing some momentum. The Markit/Nikkei Japan Services Purchasing Managers Index (PMI) fell TO 52.2 from 52.9 in March on a seasonally adjusted basis. The index remained above the 50 threshold, which separates expansion from contraction, for the seventh consecutive month. "A slightly softer trend in new business suggests that Q2 overall may not be quite as strong as the first quarter, but with jobs being created and confidence in the future sustained, the fundamentals for ongoing expansion remain in place," said Paul Smith, senior economist at IHS Markit, which compiles the index. The index for new business fell to 52.2 from 52.8 in March, while the business expectations index eased slightly to 55.0 from 55.4 in that month. Services account for around two-thirds of Japan''s gross domestic product, so expansion in the sector would support overall economic growth. Japan''s economy is seeing a modest recovery, although the improvement has been highly dependent on a rebound in exports. Japanese manufacturing activity expanded at a stronger pace in April as export orders increased, a revised survey showed on Monday, suggesting firms'' output remains on track to rise thanks to overseas demand. The Final Markit/Nikkei Japan Manufacturing Purchasing Managers Index (PMI) was 52.7, slightly below a preliminary 52.8 but still above the 52.4 notched in the previous month.   Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-economy-pmi-services-idUKKBN17Y02K'|'2017-05-02T08:35:00.000+03:00'
'22938c1c44f66ada09957193ee2a5a2eea67fd79'|'Liberty House to add 300 new UK steel jobs, invest 20 million pounds'|'By Maytaal Angel - LONDON LONDON Liberty House, the industrial and commodities group that is buying up steel assets around the world, will add 300 UK jobs at the speciality steels business it bought from Tata Steel this year.The group, which formally completed its 100 million pound ($129 million) purchase on Tuesday, said it would invest 20 million pounds in the business in the first year, and raise production at its electric arc furnaces to more than 1 million tonnes.The UK steel sector is emerging from a crisis that saw some 5,000 jobs or a fifth of the workforce, axed in 2015/16. Privately-owned Liberty House is one of the largest steel and engineering employers in the UK with over 4,500 workers."We are casting a big vote of confidence in the future of British industry," Liberty House Executive Chairman Sanjeev Gupta said."With the right business model and an innovative approach, the UK steel and engineering sectors can recover and thrive. The government is now pursuing a new post-Brexit industrial strategy and steel must be at the heart of that strategy," he added.For every new steel job, around three or four jobs are created in related sectors.Liberty House''s speciality steels unit includes five sites across north England and the west Midlands, and is one of the world''s biggest suppliers to the aerospace industry, with customers like Rolls-Royce, Boeing and Airbus.The group, which is considering a partial public listing in London by 2018, said it would explore further downstream investment in engineering firms that use speciality steels in a move that should boost UK manufacturing.Tata Steel, the UK biggest steelmaker with some 8,500 employees, sold its speciality business to Liberty House as part of a drive to restructure its business. It is currently in talks to merge its UK and European steel assets with those of Germany''s Thyssenkrupp.($1 = 0.7758 pounds)(Reporting by Maytaal Angel; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/tata-steel-m-a-liberty-house-idINKBN17Y0XB'|'2017-05-02T17:48:00.000+03:00'
'2d6862da2d3eb1d245b0fc5f2e6116ecdff2b224'|'UPDATE 1-Hilton beats profit estimates, raises full-year earnings forecast'|' 30am EDT UPDATE 1-Hilton beats profit estimates, raises full-year earnings forecast (Adds details) May 2 Hilton Worldwide Holdings Inc, the owner of the Waldorf Astoria luxury hotel chain, reported better-than-expected quarterly earnings, and raised its full-year profit forecast, as more people booked rooms at its hotels at higher prices. Hilton, which owns the Conrad and Double Tree hotels, said on Tuesday it now expects 2017 earnings of $1.73-$1.81 per share, up from a prior forecast of $1.65-$1.75 per share. Analysts on average were expecting 2017 earnings of $1.74 per share, according to Thomson Reuters I/B/E/S. Hilton reiterated its forecast for 2017 RevPAR (Revenue Per Available Room) growth of 1-3 percent. RevPAR, a key measure of hotel health, is calculated by multiplying a hotel''s average daily room rate by its occupancy rate. Virginia-based Hilton''s average daily rate for rooms rose 0.6 percent to $141.55 in the first quarter ended March 31, while occupancy climbed 1.6 percentage points to 70.9 percent. Net income attributable to Hilton stockholders was $74 million, or 22 cents per share, in the quarter. The company reported net income of $309 million, or 94 cents per share, a year earlier, reflecting $119 million of discontinued operations. The fall in net income is partly attributable to the spin-offs of Hilton''s real estate and timeshare businesses, which closed in January. Excluding one-time items, Hilton earned 38 cents per share, beating analysts'' average expectation of 28 cents. Revenue jumped 25.2 percent to $2.16 billion. Analysts on average had expected revenue of $2.06 billion. (Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hilton-wrldwide-results-idUSL4N1I42SQ'|'2017-05-02T18:30:00.000+03:00'
'7f9be106af83fecd09200d2e341f4a9dc5180a39'|'Temasek, Yunfeng lead $75 million funding into China genomics firm'|'SHANGHAI Jack Ma''s private equity firm Yunfeng Capital and Singapore''s Temasek have led a $75 million fund-raising round into genomics company WuXi NextCODE, the firm said in a statement on Tuesday, underlining a race for medical data in China.WuXi NextCODE, a contract genomics organization with offices in Shanghai, Iceland and the United States, said it would use the funds to commercialize its products for China, and boost its capabilities in artificial intelligence and deep learning.Chinese firms are increasingly looking to boost capabilities in genomics amid a drive into higher-tech medicines, where understanding and mapping DNA-related data can help develop targeted medicines and treatments."We are building the world''s leading genomics data platform, applying genome sequencing data at a scale to improve human health and wellness around the world," Hannes Smarason, WuXi NextCODE''s chief executive, said in the statement.He added their data would support a drive to develop precision medicines, which China plans to focus on in its latest five-year plan, as well as genome-driven diagnostics.The series B financing round also included Amgen Inc''s ( AMGN.O ) venture capital fund Amgen Ventures and private equity firm 3W Partners, WuXi NextCODE said.(Reporting by Adam Jourdan; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-wuxi-nextcode-fundraising-idINKBN17Y0B3'|'2017-05-02T02:43:00.000+03:00'
'4f1161efe82001156eeaee4fa7d04e38672b4939'|'New export orders boost Irish manufacturing in April - PMI'|'Business News - Tue May 2, 2017 - 6:08am BST New export orders boost Irish manufacturing in April - PMI DUBLIN May 2 Irish manufacturing activity grew more rapidly in April as new export orders came in at the fastest pace in almost two years, a survey showed on Tuesday, adding to signs the economy is weathering any early impact from Britain''s Brexit vote. The Investec Manufacturing Purchasing Managers'' index rose to a three-month high of 55.0 from 53.6 in March, staying well above the 50 mark separating growth from contraction, which it almost fell into after Britain voted to leave the European Union. Ireland, the EU''s fastest-growing economy, is widely seen as the member most at risk from Brexit due to its close trading links, but after the muted impact so far, Dublin last month raised its forecasts for economic growth for 2017 and 2018. Some of the firms most vulnerable appear to be weathering the risks as the subindex measuring new export orders, which briefly contracted ahead of last June''s referendum, rose to 58.5 from 56.2 in March, its highest level since July 2015. "One of the key highlights is the new export orders index and firms continue to invest in providing additional resources to meet this rising client demand as evidenced by the expanding employment component," Investec Ireland chief economist Philip O''Sullivan said. In contrast to the faster growth in hiring and purchases, sentiment among manufacturers softened to its lowest level since August. O''Sullivan said this was puzzling but that it could be due to seasonal issues as that sub-index is unadjusted. "In any event, we reiterate our view that the outlook for Irish manufacturing firms remains positive, supported by the improving international backdrop," O''Sullivan said. (Reporting by Padraic Halpin; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-economy-pmi-idUKKBN17Y0CJ'|'2017-05-02T13:08:00.000+03:00'
'07f61c4ff02cede080fe4aebc7c51e49f17664ca'|'UPDATE 1-U.S. regulators to delve into ''too big to fail'' designation'|'Business News - Mon May 1, 2017 - 6:37pm EDT U.S. regulators to delve into ''too big to fail'' designation By Lisa Lambert - WASHINGTON WASHINGTON The heads of the U.S. financial regulators will meet next week to dive into the sensitive process of labeling companies "systemically important," better known as "too big to fail." The Financial Stability Oversight Council will discuss President Donald Trump''s April memorandum instructing the FSOC chair, U.S. Treasury Secretary Steven Mnuchin, to examine how the council makes the designations, according to a notice from the U.S. Treasury on Monday. The May 8 meeting will also address Trump''s executive order in February to review the 2010 Dodd-Frank Wall Street reform law that created the council and designations, which were intended to prevent a repeat of the 2007-2009 financial crisis and recession. The order requires Mnuchin to submit possible regulatory changes and legislation modifying Dodd-Frank by June 3. The council will also be briefed on a nonbank financial company currently designated as too big to fail, which was not identified. By law, the annual evaluations can lead to lifting a company''s designation. The meeting is closed to the public. While Treasury''s announcement did not name the firm to be discussed, only two insurance companies, American International Group ( AIG.N ), and Prudential Financial ( PRU.N ), currently have the label. Some companies are wary of the "systemically important" designation because it forces them to hold on to capital and creates extra oversight they say is burdensome. Republican senators wrote to Mnuchin in March saying the current designation process lacks transparency and consistency and that the label creates additional costs for firms while maintaining the possibility of a future bailout. Proponents say the council of experts can identify banks and nonbanks that are large enough to devastate the financial system should they fall into distress. They argue the firms should be required to take precautions to quarantine any possible problems. This will be the second FSOC meeting that Mnuchin has chaired since he was confirmed in February. The former Goldman Sachs Group Inc ( GS.N ) executive and movie producer has expressed skepticism about the council, saying during his confirmation hearings he would like to investigate its workings. AIG, which received a $182 billion government bailout during the crisis, has recently taken steps to shrink. That could be part of an attempt to shed the designation. Meanwhile, MetLife Inc ( MET.N ) successfully fought in court to have its designation removed. The FSOC appealed the decision, and the largest U.S. life insurer recently asked to have the case put on pause during Trump''s review. (Editing by Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-fsoc-idUSKBN17X2E4'|'2017-05-02T06:35:00.000+03:00'
'c25cd7c527a4e106591cc192549d9d6faa5724ac'|'France''s Macron calls for higher European anti-dumping taxes'|'Tue May 2, 2017 - 11:27am BST France''s Macron calls for higher European anti-dumping taxes Emmanuel Macron, head of the political movement En Marche !, or Onwards !, and candidate for the 2017 presidential election, attends a campaign rally in Paris, France, May 1, 2017. REUTERS/Philippe Wojazer PARIS French presidential candidate Emmanuel Macron said if elected he would push the European Union to raise anti-dumping taxes as part of an initiative to soften the impact of globalization. Independent centrist Macron - who is facing euroskeptic, anti-globalization candidate Marine Le Pen in a second-round vote on Sunday - said that addressing the wrongs of globalization would be his top priority in talks with EU member countries. "There is a feeling of rage, an incomprehension of the way things work, of a Europe that no longer protects and a globalization with too many losers," he said on BFM TV. Macron said harmonizing corporate taxes in the EU, reviewing seconded-workers regulations and raising anti-dumping taxes would be among the issues he would put on the agenda of his first summit with EU leaders. Macron, who sought higher steel import tariffs as France''s economy minister, said he wants to protect French jobs and companies with tougher anti-dumping rules. "I want a massive increase in anti-dumping taxes when we face attacks from outside (the EU)," Macron said. He said current levies of 100 to 120 percent on imported products sold below their production cost are not enough. In the past, China and India had sold off excess steel in Europe at a loss when they had produced too much steel, he said. Pointing to the example of the United States, Macron also said he wanted at least 50 percent of European public tenders to be reserved for European companies. "Europe should not be open to all winds while other countries decide to defend their own industries," he said. Macron said he also wants a review of EU law on "posted workers" - people working on contracts outside their home country, often in the trucking or construction business. "People in the same country must receive the same salary for the same job. We can no longer have a system where a French worker is paid 100 while a worker coming from Poland is paid 40," he said. He said that unlike Le Pen he does not wants to scrap the law, as that is not possible in an open Europe and France itself sends workers abroad. The European Commission had already proposed last year that workers from one EU country posted to work in another must be legally entitled to the same pay as host country workers, not just to the host country''s minimum wage. (Reporting by Geert De Clercq)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-france-election-macron-idUKKBN17Y117'|'2017-05-02T18:25:00.000+03:00'
'fed6c863af747be1c800820c2f255b1aa9f5a0c9'|'UK manufacturing growth spikes to three-year high in April - PMI'|'Business News - Tue May 2, 2017 - 2:26pm BST UK manufacturing growth spikes to three-year high in April: PMI Men work on the production line at the London Taxi Company in Coventry, central England, September 11, 2013. REUTERS/Darren Staples By Andy Bruce - LONDON LONDON British factories had their best month in three years in April, the clearest sign yet that manufacturers are enjoying at least a temporary boost from the pound''s fall after the Brexit vote and an improving global economy, a survey showed on Tuesday. The Markit/CIPS UK Manufacturing Purchasing Managers'' Index (PMI) jumped to 57.3 from 54.2 in March, exceeding all forecasts in a Reuters poll of economists which had predicted a slight fall. The figures echoed a string of upbeat economic news from the euro zone, the biggest export market for British manufacturers, and may be a small boon for Prime Minister Theresa May ahead of the June 8 national election. In contrast to signs of weakening consumer demand at home as inflation rises quickly, new factory orders poured in at the fastest rate since January 2014, while growth in orders from abroad was at a seven-month high, the PMI showed. "This is better news for the UK economy, after a very gloomy end to last week," said HSBC economist Elizabeth Martins. Data last Friday showed gross domestic product expanded just 0.3 percent in the first three months of the 2017. "However, we hesitate to get too excited. (Even) if the manufacturing and export upswing seen in H2 2016 does have further to run, these are not the key drivers for the UK economy more widely," Martins added. Sterling received only a temporary lift from the PMI figures after hitting a seven-month high against the U.S. dollar on Friday. Traders were more focused on media reports that the European Union is taking a tough stance on Britain''s exit from the bloc. [GBP/] The pound''s recent recovery could limit further growth in export orders but should also ease cost pressures for manufacturers. Growth in input costs cooled further in April after increasing at a record pace earlier this year. That will be welcome news for Bank of England officials who are due to meet next week to set interest rates. Some policymakers are uneasy about the risk of inflation becoming entrenched in the economy. Rob Dobson, economist at PMI compiler Markit, questioned whether April''s growth spurt for manufacturing could be sustained as elections at home and abroad feed uncertainty in the months ahead. "Other surges seen since the middle of last year have generally proved short-lived, as weak wage growth sapped consumer spending," he said. Britain''s official measure of manufacturing has been uneven, with quarterly growth slowing to 0.5 percent in the three months to March, according to data on Friday while the year-on-year growth rate of 2.8 percent was the strongest since late 2014. BoE Deputy Governor Ben Broadbent said in March the current "sweet spot" for manufacturers might not last because Brexit negotiations could result in less access to the EU''s single market, while a generous deal would push up the value of sterling. (Editing by William Schomberg and Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-economy-pmi-idUKKBN17Y0SG'|'2017-05-02T16:41:00.000+03:00'
'7194c07c054d2f8701e5da1b35e68cb3a98430e4'|'Old Mutual Wealth switches IT systems, says Old Mutual break-up unaffected'|'Business News - Tue May 2, 2017 - 9:24am BST Old Mutual Wealth switches IT systems, says Old Mutual break-up unaffected FILE PHOTO: Workers clean windows outside the Cape Town headquarters of Anglo-South African financial services company Old Mutual, March 7, 2016. REUTERS/Mike Hutchings/File Photo LONDON The wealth management arm of Anglo-South African financial services firm Old Mutual has switched provider for an IT system it said on Tuesday, adding the change did not affect Old Mutual''s break-up plans. The firm is planning to break itself up into four parts by the end of 2018, including a likely listing of Old Mutual Wealth, but the cost of the platform upgrade has worried investors. The upgrade could take longer and cost more than initial indications of 450 million pounds, Old Mutual chief executive Bruce Hemphill said in March. Old Mutual Wealth has terminated its contract with IFDS for the platform, switching to FNZ, it said in a statement, due to "increased concerns about further extended timescales, quality of delivery and consequential increased costs". It said it had incurred costs for the upgrade of 330 million pounds as at end-April 2017. Preliminary costs for the FNZ system are 120-160 million pounds, Old Mutual Wealth said, and it should be operational by late 2018/early 2019, "with migration to follow swiftly thereafter". (Reporting by Carolyn Cohn; Editing by Rachel Armstrong) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-old-mutual-platform-idUKKBN17Y0PO'|'2017-05-02T16:24:00.000+03:00'
'3e59d5da5a6fb5de0344449f34d2c57aa3e0c455'|'Orascom gives Brazil''s Oi until June 1 for reorganization plan'|'SAO PAULO May 2 Brazilian phone company Oi SA said on Tuesday that Orascom TMT Holdings SAE, controlled by Egyptian billionaire Naguib Sawiris, and a group of bondholder have given the carrier until June 1 to put together a restructuring plan to help it exit bankruptcy protection.This is the fourth extension granted Oi by Orascom, which offered in December an exchange of debt for shares and a capital injection of as much as $1.25 billion in the phone company.Oi filed for bankruptcy protection in June last year under the burden of debts totaling 65 billion reais ($20.6 billion).The reorganization process has been marked by disputes between creditors and shareholders over the fate of Brazil''s No. 4 wireless carrier. The Brazilian government has threatened to intervene should Oi stakeholders fail to reach an agreement.The Orascom-bondholder group has committed to underwriting the entire capital injection if no other investors step forward. The reorganization plan was due to expire on Monday but the ad hoc group of bondholders allied to Sawiris said it was revising the plan."A number of recent developments have led to the need to revise the plan presented by our group," said Otavio Guazzelli, of Moelis & Company, financial advisor to the group."We continue to work with other creditors and stakeholders and expect to submit a new plan in the next few weeks," he said.One development has been a government plan to allow telecom operators to exchange debt with the state for investments in the public sector. According to regulator Anatel, Oi owes the government close to 15 billion reais in fines.($1 = 3.1505 reais) (Reporting by Alberto Alerigi; Writing by Anthony Boadle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/oi-sa-restructuring-idINL1N1I500Z'|'2017-05-02T22:54:00.000+03:00'
'38022d8b4a0d4876311fc012d9f110954a23fefc'|'Hulu launches live TV streaming service'|'Company  45am EDT Hulu launches live TV streaming service May 3 Hulu LLC said on Wednesday it has launched its live TV streaming service, putting itself in the center of a growing and competitive market as viewers increasingly watch TV through the internet rather than on cable and satellite television. For $40 a month, Hulu will offer 50 sports, news, entertainment and kids<64> channels, including ABC, CBS, FOX and NBC, CNN, CNBC, Fox News, MSNBC, A&E and the Disney Channel. The new service will also include its current video streaming options. The service includes 50 hours of recording storage, up to six individual profiles and two simultaneous streams per account. Hulu is owned by Walt Disney Co, Comcast Corp , Twenty-First Century Fox Inc and Time Warner Inc. Hulu, which competes with AT&T Inc''s DirecTVNow and Dish Network Corp''s Sling TV, said in a separate statement that its viewership growth has reached 47 million total unique viewers. In May 2016, Hulu said it had 30 million unique viewers. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hulu-services-idUSL1N1I500J'|'2017-05-03T21:45:00.000+03:00'
'390d9f7e805938a391dfd8dfb7199c789222d6ca'|'RPT-Google success in U.S. schools forces Microsoft, Apple to scramble'|'Company News - Wed May 3, 2017 - 7:00am EDT RPT-Google success in U.S. schools forces Microsoft, Apple to scramble (Repeating without changes for wider distribution) By Julia Love SAN FRANCISCO May 2 Microsoft Corp''s announcement of a suite of new education products on Tuesday shows the company''s determination to reverse a major shift that has taken place in U.S. classrooms in recent years: for most educators and school districts, Google''s Chromebook is now the computer of choice. The Chromebook has gone from a standing start in 2011 to wild popularity in the market for education technology, which tech companies have traditionally viewed as a critical way to win over the next generation of users. In 2016, mobile devices running Alphabet Inc''s Google<6C>s Chrome operating system accounted for 58 percent of the U.S. market for primary and secondary schools, according to Futuresource Consulting. The Microsoft products introduced Tuesday, including a new version of its Windows operating system, software to boost collaboration among students and a new Surface laptop, clearly show the influence of the Chromebook, industry watchers say. <20>The success of the Chromebook has awakened sleeping giants,<2C> said Tyler Bosmeny, CEO of Clever, an education technology company. <20>There<72>s so much investment into the space <20> it<69>s unlike anything I<>ve ever seen.<2E> For years after the release of the Chromebook in 2011, Apple Inc and Microsoft stuck to their strategies of offering slightly modified and discounted versions of their products for educators. But the Chromebook''s low price--it starts at $149-- and easy management proved irresistible to many schools. Google also saw a key chance to expand its market share several years ago with the approach of an online testing mandate in the United States. To capitalize on the opportunity, the company created a <20>test mode,<2C> which restricts access to the rest of the web while students complete assessments, said Rajen Sheth, a senior director of product management at Google. The preparations paid off: Sales of the Chromebook jumped tenfold between 2012 and 2013, Sheth said. While Google manufactures some Chromebooks, the devices aimed at the education market are supplied by partners such as Samsung Electronics Co Ltd and Acer Inc. The operating system is free for educators and hardware manufacturers, and Google sells schools an education package including device management and support for a $30 fee. For Microsoft, Tuesday''s event was the culmination of a campaign to emulate key aspects of the Chromebook strategy, said Mike Fisher, associate director for the education division at Futuresource Consulting. Microsoft''s hardware partners are now selling hybrid tablet-laptop devices based on the Surface design starting at $189. Microsoft executives boasted that the operating system announced Tuesday boots up rapidly, a hallmark of the Chromebook. The company also introduced a new code-builder addition to its Minecraft education edition to help students learn coding skills through the popular game. For Microsoft, the test will be how easily it can explain its offering to educators, Fisher said. <20>The Google education ecosystem is quite straightforward," he said. "With Microsoft, there<72>s a lot of moving parts." Microsoft declined to comment. Apple, for its part, has lowered the price of the iPad to $299 for education customers and made it possible for students to share devices, in addition to simplifying management. <20>It<49>s about trying to reach every teacher and every student,<2C> said Susan Prescott, a vice president of product management and marketing at Apple. Despite Google<6C>s U.S. dominance, its position is weaker in classrooms overseas, where many markets have not yet seen an impetus to embrace technology en masse, said Fisher of Futuresource Consulting. In 2016, devices running Android and Chrome made up 23 percent of the mobile market outside the United States, compared with 65 percent for M
'04cb3a3e0f26c17222dfda700c0425d1ebb46984'|'Centrica invests 60 million pounds to increase Morecambe Bay gas production'|'Business   10:59am BST Centrica invests 60 million pounds to increase Morecambe Bay gas production By Nina Chestney - LONDON LONDON British utility Centrica said it will spend 60 million pounds to unlock an extra three billion cubic feet (bcf) of natural gas reserves from fields under the East Irish Sea. The project will simplify the process to bring gas from offshore to the North Morecambe terminal and start later this month, Centrica said on Wednesday. The project will last for nine months, with the rig campaign completed in February next year, a company spokesman said. Morecambe Bay production is currently around 212 million cubic feet a day, so the addition to daily production will be quite marginal as the 3 bcf will be produced over a long period of time, he added. "With nearly 300 billion cubic feet of gas still in place under the East Irish Sea, major projects like this will help ensure we maximise the potential of these fields and continue supplying gas for UK homes and businesses," said Tamsin Lishman, Morecambe Bay director for Centrica''s Exploration & Production business. The news comes amid concerns about tight gas supplies in the cold season next year due to an ongoing outage at Centrica''s ageing Rough gas storage site. Britain''s largest natural gas storage site, Rough, will not be available for gas injection until the end of next April, due to issues with its wells. Britain depends on stored gas reserves to help manage winter demand spikes and to ensure security of supply. Rough is the largest storage site in the country but is more than 30 years old and repeated outages have shown its vulnerability. (Reporting by Nina Chestney; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-centrica-gas-production-idUKKBN17Z0XA'|'2017-05-03T17:59:00.000+03:00'
'5f03fbe64a8b3a5b3a2992b652a4249c9079a1a5'|'Toronto Star publisher''s 1st-qtr revenue dips 11.5 pct'|'Canadian newspaper publisher Torstar Corp ( TSb.TO ) on Wednesday reported a bigger-than-expected loss, sending its shares to a record low, as growth in some of its digital ventures failed to offset a decline in print advertising.Shares of the company fell as much as 22.3 percent to C$1.29 in morning trading, after the publisher of the Toronto Star and a string of other titles also said it would cut 110 jobs to curb spending.Torstar, like many other publishers, has struggled to offset the steady defection of advertisers from newspapers to social media and search websites such as Google.Torstar said print advertising revenue fell 19 percent in the first quarter ended March 31.Revenue from digital ventures dipped 4 percent, but Torstar said digital revenue growth was "strong" in its majority-owned VerticalScope unit, and also benefited from advertising on community websites at its Metroland business.Torstar said expenses related to salaries fell 15 percent, while other operating costs declined nearly 9 percent, indicating that its cost-cutting efforts were paying off.Cost reduction would remain an "important area of focus" for the rest of the year, the company said.Torstar said net loss attributable to shareholders narrowed to C$24.4 million ($17.7 million), or 30 Canadian cents per share, from C$53.5 million, or 66 Canadian cents per share, a year earlier.Restructuring and other charges were C$4.9 million in the quarter, compared with C$31.8 million a year earlier.Excluding items, the company lost 22 Canadian cents per share, missing analysts'' average estimate of 13 Canadian cents per share, according to Thomson Reuters I/B/E/S.Revenue fell 11.5 percent to C$138.6 million.(Reporting by John Benny in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-torstar-results-idUSKBN17Z12Q'|'2017-05-03T18:48:00.000+03:00'
'd85d74a778f6b8a0e303c8cfc2fd9e36eed67f22'|'Euro zone economy outperforms U.S. with robust start to year'|'Business  10am BST Euro zone economy outperforms U.S. with robust start to year A picture illustration taken with the multiple exposure function of the camera shows a one Euro coin and a map of Europe, January 9, 2013. REUTERS/Kai Pfaffenbach BRUSSELS The euro zone economy started the year with robust growth that far outstripped that of the United States, preliminary estimates from the European statistics agency showed on Wednesday. Eurostat said the gross domestic product (GDP) of the 19-country euro zone bloc in the first three months of the year grew by 0.5 percent on the quarter and by 1.7 percent on a yearly basis, in line with market forecasts. The estimates for the quarter would translate into an annualised growth for the euro zone of 1.8 percent. The United Stated recorded a 0.7 percent annualised growth in the first quarter, the weakest performance since the first three months of 2014, U.S. estimates showed. Eurostat also revised upwards to 0.5 percent from 0.4 percent its earlier figures on euro zone quarterly growth in the last three months of 2016. Year-on-year the euro zone economy grew in the last quarter of last year by 1.8 percent, higher than the previously estimated 1.7 percent. Eurostat did not provide a breakdown of the economic components of the GDP growth, but economists expected the euro zone growth mostly to have been led by domestic consumption and business investment. (Reporting by Francesco Guarascio @fraguarascio and Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-gdp-idUKKBN17Z0TQ'|'2017-05-03T17:10:00.000+03:00'
'2872d41ef799481cfbb9a23c9fdb993a6847136d'|'In rare public spat, China insurer Anbang locks horns with leading business journal'|' 22am BST In rare public spat, China insurer Anbang locks horns with leading business journal left right FILE PHOTO: The headquarters building of Anbang Insurance Group are pictured in Beijing, China, August 25, 2016. REUTERS/Jason Lee/File Photo 1/2 left right FILE PHOTO: The headquarters building of Anbang Insurance Group are pictured in Beijing, China, August 25, 2016. REUTERS/Jason Lee/File Photo 2/2 By Adam Jourdan - SHANGHAI SHANGHAI A war of words is brewing in China between a highly acquisitive insurer and a leading business journal, a rare public clash amid growing pressure on firms to improve governance and transparency. Anbang Insurance Group Co Ltd [ANBANG.UL] said in an open letter published online on Wednesday it would take legal action against business publication Caixin and one of its reporters over what it called "malicious" and "inaccurate" reports driven by commercial aims. A Caixin report published on April 29 said Anbang''s ownership structure was "opaque" and that its funding was a "maze" of capital flow involving more than 100 firms. Anbang''s open letter to Caixin publisher Hu Shuli was the second notice in four days published by the insurer threatening the publication with a lawsuit. Anbang, which rose to international prominence through its purchase of New York''s landmark Waldorf Astoria hotel in 2015, also accused Caixin of publishing a series of malicious reports against the company and conducting personal attacks on Anbang Chairman Wu Xiaohui. Wednesday''s letter also threatened to sue in Canada the author of Caixin''s most recent report. Caixin declined to comment on Wednesday. Caixin has said Anbang''s allegations are groundless and that it could take legal action itself against the insurer. Anbang, which is owned by a series of privately-held companies, did not comment beyond the open letter. China''s financial and corporate regulators have yet to comment directly on the growing spat between the two firms. While public spats between Chinese media and corporations are not unheard of, the case is unusual because of the high-profile nature of both parties, risk consultants said. "Caixin in China is like The Economist or the Wall Street Journal in the United States. There''s no more well-respected business publication and people take it very seriously," said Andrew Gilholm, director of analysis for China and North Asia at risk consultancy Control Risks. He said Anbang was on par with global insurers like American International Group Inc (AIG) ( AIG.N ) in terms of scale. The New York Times reported last year about the Chinese company''s complex structure and networks. "Most Chinese hadn''t heard of it 5-10 years ago, but it''s probably now, along with Dalian Wanda and HNA Group, among the top Chinese firms making headlines worldwide," Gilholm said. In March, Kushner Companies, the real estate firm headed by U.S. President Donald Trump''s son-in-law until recently, said it ended talks to redevelop its flagship New York office tower with Anbang. Established in 2004, Anbang burst onto the global scene by signing more than $30 billion worth of corporate deals in the last two-and-a-half years. (Reporting by Adam Jourdan; Editing by Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-anbang-group-caixin-idUKKBN17Z0PM'|'2017-05-03T16:22:00.000+03:00'
'936e6753cde322d5cc0cea1ac8a42a4fb7a750f2'|'Instacart has no plans for IPO, co-founder says'|'By Angela Moon - NEW ORLEANS NEW ORLEANS Instacart has no plans to go public, its co-founder said on Wednesday, shutting down speculation that the 5-year-old grocery delivery service may be among tech companies in line for a market debut.San Francisco-based Instacart raised $400 million in its latest financing round in March, boosting the company''s valuation to $3.4 billion as investors showed more enthusiasm for a business model whose viability had long been in question.Some have noted Instacart''s resemblance to the dot-com-era grocery delivery company Webvan, which raised $800 million and went public but then went bankrupt."(IPO) is not even an internal discussion at this point," Instacart co-founder Max Mullen told Reuters at the Collision tech conference in New Orleans."We recently raised a sizeable (financing) round so we are focused on spending that money carefully, responsibly and wisely."Instacart is backed by prominent venture capital firms such as Sequoia Capital, Khosla Ventures, Kleiner Perkins Caufield & Byers and Thrive Capital.The company operates in 45 U.S. markets including San Francisco, Chicago and New York, and plans to add 40 markets in the next quarter."We are going to double the markets (we are in) in the next quarter and drastically increase coverage of Instacart. Overall, we plan to make the service available to 80 percent of U.S. households by 2018," Mullen said.Instacart has deals with about 140 retailers including Whole Foods ( WFM.O ), Costco ( COST.O ), Target ( TGT.N ) and Safeway to deliver groceries to consumers. Customers can order from those stores through the Instacart app, and an Instacart driver delivers the food in as little as an hour.Although Instacart does not disclose revenue, Mullen said the company has been gross margin profitable in the majority of its markets since fall 2016.Instacart also launched advertising for consumer packaged good companies including Pepsi ( PEP.N ), Unilever and General Mills ( GIS.N ) on its website about 18 months ago, which has become a big portion of revenue."Advertising is the fastest-growing part of our revenue. It''s the difference between being profitable and not being profitable," Mullen said.(Reporting by Angela Moon; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-instacart-ipo-idINKBN17Z1R6'|'2017-05-03T12:58:00.000+03:00'
'582ad5e22b257789e79346738a9adaed6e5bdabd'|'General Mills promotes COO Harmening to chief executive'|'Big Story 10 - Wed May 3, 2017 - 9:41am EDT General Mills promotes COO Harmening to chief executive Cheerios cereal maker General Mills Inc said its Chief Operating Officer Jeffrey Harmening will take over as chief executive from Ken Powell, who will retire next year. Harmening, 50, has been with General Mills since 1994 and was named COO in July last year. During his tenure as head of the U.S. retail business, the company bought organic foods maker Annie''s in 2014, turning General Mills into one of the biggest makers of organic food in the country. The brand still represents one of the biggest growth drivers for the company, which has reported falling sales for almost two years. General Mills, like its competitors ConAgra Brands Inc and Campbell Soup Co, has also faced lackluster demand for processed foods as consumer tastes shift toward fresh foods and items seen as healthier. Powell will continue to be chairman till he retires and Harmening''s appointment will be effective June 1, General Mills said. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-general-mills-ceo-idUSKBN17Z1IZ'|'2017-05-03T21:29:00.000+03:00'
'b3e73baa6769927d874a7882943e028e95e5767c'|'Fed holds interest rates steady, downplays first quarter economic weakness'|'Business News - Wed May 3, 2017 - 11:41pm IST Fed holds interest rates steady, downplays first quarter economic weakness left right The Federal Reserve headquarters in Washington September 16 2015. The Federal Reserve, facing this week its biggest policy decision yet under Chair Janet Yellen, puts its credibility on the line regardless of whether it waits or raises interest rates for the first time in nearly a decade. REUTERS/Kevin Lamarque 1/3 left right U.S. Federal Reserve Board chair Janet Yellen testifies before a Congressional Joint Economic hearing on Capitol Hill in Washington, U.S., November 17, 2016. REUTERS/Gary Cameron 2/3 The Federal Reserve Building stands in Washington April 3, 2012. REUTERS/Joshua Roberts/File Photo 3/3 By Lindsay Dunsmuir and Jason Lange - WASHINGTON WASHINGTON The U.S. Federal Reserve kept interest rates unchanged on Wednesday but downplayed weak first-quarter economic growth and emphasized the strength of the labor market, in a sign it could tighten monetary policy as early as June. In a bullish statement following the end of a two-day policy meeting, the central bank also said consumer spending continued to be solid, business investment had firmed and inflation has been "running close" to the Fed''s target. "The committee views the slowing in growth during the first quarter as likely to be transitory," the Fed said in a unanimous statement. The labor market continued to strengthen even as growth in economic activity slowed and "the fundamentals underpinning the continued growth of consumption remained solid," policymakers added. The Fed raised its benchmark rate by a quarter percentage point at its last meeting in March to a target range of 0.75 percent to 1 percent. Before the meeting most Fed policymakers had made it clear that in contrast to previous years the central bank feels more confident in its forecast of two more rate increases in 2017. The Fed is in its first tightening cycle in more than a decade after it spent years keeping rates near zero to nurse the economy back to health following the 2007-2009 recession. Policymakers have been buoyed by recent economic data that showed a surge in business investment and the fastest wage growth in a decade. The unemployment rate also fell in March to near a 10-year low. However, some officials had also said they wanted more data in hand before taking additional steps to normalize rates. Gross domestic product grew at a sluggish 0.7 percent annual pace in the first quarter as consumer spending almost stalled. Job growth also slowed sharply in March. Economists have largely attributed the weak first-quarter GDP reading to recurring issues with the calculation of growth during the January-March period and linked the pullback in hiring to weather. Policymakers are still awaiting clarity on the size and scope of the tax cuts, infrastructure spending and regulatory changes that the Trump administration will be able to push through Congress. A stimulus package could speed up the pace of rate hikes. Inflation had been edging higher, but the so-called core PCE price index increased 1.6 percent in the 12 months through March, the smallest gain since last July. Core PCE is the Fed''s preferred inflation measure and is below its target. The Fed in its statement showed little concern about a softening in inflation, characterizing it as "running close to the committee''s 2 percent longer-run objective." The rate-setting committee is also gearing up to announce sometime this year when and how the Fed will begin shrinking its $4.5 trillion balance sheet. Wednesday''s statement offered no new details. (Reporting by Lindsay Dunsmuir and Jason Lange; Editing by Paul; Simao)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-usa-fed-idINKBN17Z28S'|'2017-05-03T16:11:00.000+03:00'
'b7c4d80a69aec9e171c7ea3c8d0292ea6b28231e'|'Saudi Arabia says close to major deals in $100 billion housing scheme'|'  3:16pm BST Saudi Arabia says close to major deals in $100 billion housing scheme By Katie Paul and Marwa Rashad - RIYADH RIYADH Saudi Arabia is close to striking deals with South Korean and Chinese firms under a $100 billion (<28>77.4 billion) project to build 1 million low-cost homes over the next five years, its housing minister said on Wednesday. The government, which last year signed memorandums of understanding with those countries to develop some 200,000 properties on state land, expects to receive final proposals from the companies by mid-May, Majed al-Hogail said in an interview. As the country works to resolve a shortage of affordable housing, Hogail is also seeking partnerships with American builders and met with U.S. Housing Secretary Ben Carson this week. "We are already talking to some developers. We think very soon there will be some agreements signed," he said. Like many Saudi economic policies, the programme relies heavily on private sector participation because the government, its budget strained by low oil prices, can no longer afford to stump up much money. State funds will provide seed capital but Riyadh hopes private firms and banks will provide much of the investment and bear some of the risk. "We are now developing the PPP (public/private) programmes with local and international developers. We hope by having both of them and by adopting new building technologies, we can respond to the demand within five years," he told Reuters. "At least if we respond (with) 1 million units, that would be a good success." Some 1.6 million Saudis are currently on waiting lists for government housing programmes. NEW FINANCING Over the last year, the government has tweaked financing rules to encourage mortgage lending and introduced a "white land" tax to push more undeveloped urban land into the market. Hogail estimated the tax would bring in 1 to 2 billion riyals (<28>206.4 million to <20>412.8 million) annually. He is also opening up new routes to finance construction in a country where fewer than 2 percent of some 6.4 million existing homes were built with the help of banks. Current access to housing finance satisfies only 3 percent of demand, he said. The Saudi Refinancing Co, a 5 billion riyal mortgage firm owned by the kingdom''s Public Investment Fund, is expected to start operations within the next month. The company plans to buy real estate portfolios from banks and mortgage finance companies, refinancing some 50 billion riyals of mortgages over the next five years. Hogail said the Ministry of Finance would begin guaranteeing securitisation of the portfolios by the end of the year. The new company, along with the expansion of programmes at the government''s existing Real Estate Development Fund (REDF), is projected to boost bank finance for home ownership to 550 billion riyals by 2021 from 280 billion riyals at present. "With the change of REDF from direct lender to market maker, we think we will have more of a secondary liquidity market for the mortgage industry," said Hogail. (Editing by Andrew Torchia and John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-housing-idUKKBN17Z1MB'|'2017-05-03T22:16:00.000+03:00'
'b94eaf0ad8c5143ae9c6b63a533c3438392068c1'|'Delphi profit rises, to spin off of powertrain business'|'Business News - Wed May 3, 2017 - 10:38am EDT Delphi to spin off powertrain unit; stock climbs FILE PHOTO: An autonomous car from Delphi departs Treasure Island for a cross-country trip from San Francisco to New York City in San Francisco, California, U.S. on March 22, 2015. REUTERS/Stephen Lam/File Photo By Nick Carey - DETROIT DETROIT Automotive supplier Delphi Automotive Plc ( DLPH.N ) on Wednesday said that it would spin off its powertrain unit in order to focus on developing technology for autonomous driving systems, vehicle connectivity and electrically powered vehicles, sending its stock up about 11 percent in early trade. The company also reported a better-than-expected first-quarter net profit as revenue rose in all regions, and it gave a robust full-year earnings outlook. "Today''s announcement represents an exciting opportunity for our businesses by creating two independent companies, each with a distinct product focus, a proven business model, and the flexibility to pursue accelerated investments in advanced technologies that solve our customers'' most complex challenges," Delphi Chief Executive Officer Kevin Clark said in a statement. Delphi shares rose to $86.85 on the New York Stock Exchange. The company has shed most of its lower-margin automotive supplier businesses in recent years and is seen as one of the companies best placed to grow as the industry moves toward self-driving vehicles. This has made it a darling of Wall Street, which has sent its shares up more than three-fold since the end of 2011. Before Wednesday''s announcement, the company''s shares were up more than 14 percent since the start of 2017. Delphi bases its top management in Michigan but is headquartered in England for tax purposes. The spinoff of the powertrain unit will be tax free and is expected to be completed by March 2018, Delphi said. Delphi shareholders will hold stock in both companies. The automotive supplier said Liam Butterworth, currently senior vice president and president of the powertrain unit, will become the new company''s chief executive. In an analyst note, Chris McNally of Evercore ISI said the spinoff would allow "investors to invest in a clean, high growth" autonomous and electric vehicle company, and "separates the traditional Powertrain division where investors are less clear about the strategic direction of diesel penetration and the internal combustion engine over the medium/long term." Delphi reported a quarterly net profit from continuing operations of $335 million or $1.24 per share, up from $320 million or $1.15, a year earlier. Excluding one-time items, the company reported earnings per share of $1.59. Analysts had expected $1.46. Delphi said it expects second-quarter earnings per share of between $1.62 and $1.68, compared with analysts'' expectations of $1.68. The company said full-year earnings per share should be $6.40 to $6.70, compared with analysts'' forecasts of $6.53. (Reporting By Nick Carey. Editing by Jane Merriman and W Simon)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-delphis-results-idUSKBN17Z146'|'2017-05-03T19:04:00.000+03:00'
'0193be9cfb1e90de6520e3c3b177b84c29b95dcb'|'Private-equity firm New Mountain Capital in talks to buy VWR-WSJ'|'Deals  50pm EDT Private-equity firm New Mountain Capital in talks to buy VWR: WSJ Private-equity firm New Mountain Capital LLC is in advanced talks to buy laboratory equipment supplier VWR Corp ( VWR.O ) in a deal that could be valued at nearly $5 billion, the Wall Street Journal reported, citing sources. The talks may yield a deal as soon as this week, people familiar with the matter told the newspaper, assuming they don''t fall apart. on.wsj.com/2pxuCNc Shares of VWR were up 26.2 percent at $36.00 in afternoon trading on Wednesday. VWR, which sells laboratory products such as chemicals, reagents, consumables and scientific instruments, had market capitalization of $3.76 billion as of Tuesday''s close, according to Reuters data. Both companies were immediately unavailable for comment. (Reporting by Sruthi Shankar in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-vwr-m-a-new-mountain-capital-idUSKBN17Z284'|'2017-05-04T01:43:00.000+03:00'
'ab0e30e982b3872a7142a953b380de352582f126'|'Hi-tech leads Asia share rally, dollar at 1-month high vs yen'|'Business News - Tue May 2, 2017 - 2:04am BST Hi-tech leads Asia share rally, dollar at one-month high vs yen People are seen in front of an electronic board showing stock prices outside a brokerage at a business district in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon By Hideyuki Sano - TOKYO TOKYO Asian shares advanced on Tuesday, helped by rising optimism on the technology industry and easing concerns over North Korea, while the dollar edged up to one-month high versus the yen. MSCI''s broadest index of Asia-Pacific shares outside Japan was up 0.1 percent, with many of the region''s markets reopening after a long holiday weekend. Japan''s Nikkei rose 0.3 percent. On Wall Street, although the Dow Jones Industrial Average fell 0.13 percent on Monday, the S&P 500 gained 0.17 percent and the Nasdaq Composite added 0.73 percent to a record closing high. Notably, the world''s five largest companies by market capitalization -- Apple, Alphabet, Microsoft, Amazon and Facebook -- all hit intraday or closing highs - or both - on Monday. "For those large shares to rally to record highs at the same time, you really need a big amount of money flowing in. It is fair to assume the money that was once staying in the bond markets are now going to hi-tech shares on back of their strong earnings," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. The gains in hi-tech shares accelerated after strong earnings from Google, Amazon and Microsoft last week. Apple is due to report its results on Tuesday and Facebook on Wednesday. In Asia, Samsung Electronics gained 1.6 percent, helping to lift Kospi index 0.7 percent. Worries about tensions over the Korean peninsula also eased slightly after U.S. President Donald Trump on Monday opened the door to meeting North Korea''s Kim Jong Un, saying he would be honored to meet the young leader under the right circumstances. The CBOE Volatility Index, a barometer of expected near-term stock market volatility, closed at its lowest level since Feb 2007, suggesting investors'' fears were easing. In the foreign exchange market, diminishing risk aversion is helping the dollar to gain a foothold at one-month high of 111.945 yen. The euro was little moved at $1.0911, stuck in a well-worn range ahead of the second round of the French presidential election on Sunday. The optimism on the hi-tech sector offset Monday''s weaker-than-expected U.S. economic data. U.S. factory activity slowed in April, with ISM manufacturing activity index falling to 54.8 from 57.2 in March, an unexpectedly large retreat. "Given that reading for March was really strong, you can say that it has become ''strong'' from ''super-strong''," said Mitsubishi UFJ''s Fujito. Softness was also seen in another data, which showed U.S. consumer spending was unchanged in March and a key inflation measure recorded its first monthly drop since 2001. Still economists expect the Federal Reserve to raise interest rates in June as the labor market seems to be tightening. Money market futures are pricing in about 70 percent chance in June. Virtually no one expects a rate hike in its upcoming meeting on May 2-3. In the U.S. bond market, the 30-year U.S. Treasuries yield rose above 3 percent for the first time since April 10 after U.S. Treasury Secretary Steven Mnuchin said the government is looking into the issuance of ultra long-term bonds, or those with maturities beyond 30 years. Fear of more issues in those maturities lifted the yield spread between 10- and 30-year bonds to 0.69 percentage point, its highest since early December. The 10-year yield stood at 2.322 percent, below two-week high of 2.350 percent set on April 26. Oil prices were under pressure as rising crude output on Libya and the United States countered OPEC-led production cuts aimed at clearing a supply glut. Brent futures stood at $51.44 per barrel, down 7 cent, or 0.1 percent, in early Asian trade. (Editing by Kim Coghill)'|'reu
'b1ac92d3c5c9d15130ae70f88d9020e812915792'|'Indian factory activity expands for fourth month in April - PMI'|'BENGALURU Indian manufacturing activity expanded for a fourth consecutive month in April, helped by stronger growth in new orders although rises in output and employment slowed, a business survey showed on Tuesday.The Nikkei/Markit Manufacturing Purchasing Managers'' Index, compiled by IHS Markit, held steady at March''s 52.5 last month, its fourth month above the 50 mark that separates growth from contraction."Consumers were the key drivers of growth," said Pollyanna De Lima, economist at IHS Markit. "Buoyant domestic demand coupled with sustained growth of new orders from abroad boosted the upturn in total new business received by Indian manufacturers in April."A new orders sub-index rose to a six-month high of 53.8 last month from March''s 53.6. Foreign demand also rose, although at a slower pace.The increase in demand only provided a more modest lift to overall output and employment as higher prices of raw materials ate into firms'' profits.But despite rising cost burdens, factory gate prices barely rose as owners tried to sustain demand still recovering from Prime Minister Narendra Modi''s shock move late last year to ban high-value currency notes that caused a huge disruption.Decent economic growth and low inflation support the Reserve Bank of India''s recent shift to neutral from an accommodative policy stance.The central bank is expected to hold its policy rate steady at 6.25 percent at least until October next year, with the next move likely to be a cut, a Reuters poll conducted last month showed.(Reporting by Anu Bararia; Editing by Jacqueline Wong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/india-economy-pmi-idINKBN17Y0CW'|'2017-05-02T03:13:00.000+03:00'
'20a73121325de676478c36afd79ba9f44a3ced9c'|'Fed set to leave interest rates unchanged, may hint at June hike'|'WASHINGTON The U.S. Federal Reserve is expected to hold interest rates steady at its meeting this week as it pauses to parse more economic data but may hint it is on track for an increase in June.The central bank is scheduled to release its policy decision at 2 p.m. EDT (1800 GMT) on Wednesday at the conclusion of its two-day meeting. Fed Chair Janet Yellen is not due to hold a press conference.Most policymakers have already made plain that in contrast to previous years, the Fed feels more confident in its forecast of two more rate increases this year."The bar to disrupting the Fed''s plans is higher now than it was in previous years," said Michael Gapen, chief economist at Barclays in New York in a note to clients.The Fed is in its first tightening cycle in more than a decade. A quarter percentage point increase last December was followed two meetings later by another hike in March.Economists polled by Reuters see little chance of a move at this week''s meeting. Investors next see an interest rate rise in June, according to Fed futures data compiled by the CME Group.The rate-setting committee also is still waiting to see to what extent Trump administration policies on tax, spending and regulation will be able to get through Congress. A stimulus package could speed up the pace of hikes.LIKELY TO DOWNPLAY WEAKNESSSince the last meeting economic data has been mixed. The economy grew at a sluggish 0.7 percent annual pace in the first quarter as consumer spending almost stalled.However, a surge in business investment and the fastest wage growth in a decade suggest activity will regain momentum as the year progresses.Jobs growth also slowed sharply in March but the unemployment rate dropped to a near 10-year low of 4.5 percent.Economists have largely attributed the weak first-quarter reading to perennial issues with the calculation of growth during the January-March period and the pullback in hiring in March to weather effects."There won''t be a lot of changes to the policy statement," said Sam Bullard, senior economist at Wells Fargo Securities. "I think they will downplay the soft first-quarter print and focus a little bit more on the labor market."The Fed will have two more employment growth reports to hand before its next meeting.Policymakers are also gearing up to announce sometime this year when and how the Fed will begin shrinking its $4.5 trillion balance sheet, according to minutes from the March meeting.An announcement this week on a concrete timeline is not expected but there could be tweaks to language in the statement to show the matter is an increasing priority for the Fed.(Reporting by Lindsay Dunsmuir; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-fed-idUSKBN17Y0DB'|'2017-05-02T13:16:00.000+03:00'
'03b2dc3e63fcb7a8ed80ad77afcd83b3598d7023'|'Asian factories get off to solid start in second quarter'|'Tue May 2, 2017 - 8:33am BST Asian factories get off to solid start in second quarter FILE PHOTO: A woman works at a textile factory in Xiangfan, Hubei province, China December 31, 2005. REUTERS/Stringer/File Photo By Rajesh Kumar Singh - NEW DELHI NEW DELHI Factories across much of Asia got off to a solid start in the second quarter, buoyed by strong global demand, particularly for hi-tech gadgets which are leading a sizzling rally in electronics. Though China''s manufacturing growth eased more than expected in April, business still improved and there were no hints of a sharp loss of momentum despite risks from a growing regulatory crackdown and fresh measures to cool its heated housing market. Indeed, analysts chalked up much of the softening in China to recent falls in commodities prices, noting its official factory activity gauge at the weekend was still not far from a near five-year high. Globally, continued strength in Asia and expectations for upbeat PMI readings from Europe later on Tuesday could help offset a recent soft patch in the U.S. economy, though many economists believe that weakness will be temporary. "We expect global growth to pick up in the second quarter," said Krystal Tan, Asia economist at Capital Economics in Singapore. "Firmer global growth will lend strength to the ongoing recovery in Asian manufacturing." After six years of disappointing growth, the world economy is gaining momentum, fueled by a cyclical recovery in manufacturing and buoyant financial markets. A multi-year trade recession for Asia''s exporters has ended as global demand revives, though the outlook is still being clouded by worries about growing U.S. protectionism as the new Trump administration flexes its muscles. The spring in the air prompted the International Monetary Fund last month to bump up its 2017 global growth forecast to 3.5 percent from 3.4 percent in January. The Asian factory surveys pointed to subsiding inflationary pressures as well as continued economic recovery, giving the region''s central banks scope to keep policy on hold as they wait for the U.S. Federal Reserve''s next move. It is expected to raise rates again next month. Australia''s central bank held rates steady for a ninth straight month on Tuesday as it sought to balance the risk of busting a property bubble against sluggish wage growth. Its next move is expected to be a rate rise next year. Even China has started gingerly tightening policy and clamping down on some types of financing to contain the risks from years of debt-fueled stimulus, though analysts expect policymakers to move cautiously to avoid hurting growth and rocking the boat ahead of a major leadership transition later this year. President Xi Jinping made a rare speech last week on financial stability, calling for increased efforts to ward off systemic risks. GRADUAL SLOWING SEEN FOR CHINA While the expansions in China''s factory and service sectors slowed more than expected, analysts were not alarmed, noting that economic growth had been expected to slowly moderate after a surprisingly strong start to the year. Betty Wang, senior China economist at ANZ, said some loss of steam in the monthly surveys does not portend a growing risk of a hard landing, noting the government remains supportive of ample credit for the real economy despite a crackdown in certain sectors such as real estate, riskier forms of short-term lending and shadow banking. China''s official Purchasing Managers'' Index (PMI) released at the weekend fell to a six-month low of 51.2 in April from 51.8 in March, but pointed to expansion in the factory sector for the ninth straight month. The China Caixin/Markit PMI on Tuesday (PMI) fell to 50.3 from March''s 51.2. The Caixin survey focuses more on small and mid-sized firms, which have been under more stress than their larger, state-owned peers. Economists largely attributed the softening in both surveys to weaker prices for iron ore and other industrial commodities and t
'b8e969860ffe5b07e4bea2a1b56e9152fb11d0f0'|'BUZZ-Maruti Suzuki, Eicher Motors hit record highs'|'** Shares of some Indian auto makers rise after they reported jump in April vehicle sales** Maruti Suzuki gains as much as 2.5 pct to a record high of 6,690 rupees after it posted a 19 pct rise in April total sales** Eicher Motors was up as much as 2.6 pct to a record high after its total sales in April jumped 25 pct ( bit.ly/2pq6LiA )** Tata Motors however down as much as 1.7 pct after posting a 21 pct fall in total sales of passenger and commercial vehicles in April'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/buzz-maruti-suzuki-eicher-motors-hit-rec-idINL4N1I416C'|'2017-05-02T02:34:00.000+03:00'
'e984ed68b90c410a5b8bc44105e344ce9db595d1'|'EU to rule on $38 billion Qualcomm, NXP deal by June 9'|'Money News - Tue May 2, 2017 - 10:17pm IST EU to rule on $38 billion Qualcomm, NXP deal by June 9 A Qualcomm sign is pictured at one of its many campus buildings in San Diego, California, U.S. April 18, 2017. REUTERS/Mike Blake By Foo Yun Chee - BRUSSELS BRUSSELS EU regulators will decide by June 9 whether to clear smartphone chipmaker Qualcomm''s $38 billion takeover of NXP Semiconductors NV, with rivals voicing concerns about continued access to key NXP technology after the deal. Qualcomm, which supplies chips to Android phone makers and Apple Inc, would become the leading supplier to the fast-growing automotive chips market by buying NXP in the biggest semiconductor industry deal to date. Qualcomm sought EU approval on April 28, a filing on the European Commission website showed on Monday. The EU competition enforcer can either approve the deal with or without concessions or it can open an investigation lasting about five months if it has serious concerns. Rivals want regulators to ensure they will still have access to NXP technology known as Mifare which is embedded in access cards for buildings and public transport, as well as mobile phones which double as electronic wallets, people familiar with the matter said. Rival companies also want a pledge on fair licensing practices, the people said. Qualcomm has said the two companies'' businesses have little overlap but will fit together well. The U.S. antitrust watchdog cleared the deal unconditionally last month. (Editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nxp-m-a-qualcomm-eu-idINKBN17Y222'|'2017-05-02T14:47:00.000+03:00'
'83038ca94d8a64b34a6177fb710c5e57ee1e0ab1'|'Alitalia board decides to ask for special administration'|'By Alberto Sisto and Agnieszka Flak - ROME/MILAN ROME/MILAN Alitalia filed to be put under special administration for the second time in less than a decade, starting a process that will lead to the loss-making Italian airline being overhauled, sold off or wound up.The company''s board took the formal decision on Tuesday after workers rejected its latest rescue plan last week, making it impossible for the airline to secure funds from shareholders to keep its aircraft flying.The government appointed three commissioners to assess whether Alitalia can be restructured, either as a standalone company or through a partial or total sale, or else liquidated.Rome also threw the airline a short-term lifeline by guaranteeing a bridge loan of 600 million euros ($655 million) for six months to see it through the bankruptcy process."We wanted to protect ticketed passengers and Alitalia''s workers until a suitable buyer is found to preserve the value of a company that has such a legacy brand and is so important for domestic connections," Transport Minister Graziano Delrio told reporters after a cabinet meeting.The appointed commissioners include Luigi Gubitosi, who was set to become Alitalia chairman if the rescue had gone through, Enrico Laghi, who is also special administrator of troubled steel plant Ilva, and academic and engineer Stefano Paleari.The three now have six months to devise a plan for Alitalia.Justifying its decision to ask for administration, Alitalia''s board cited the airline''s serious economic plight, the unwillingness of its investors to refinance the company and the impossibility of finding a quick alternative.The airline said its flight schedule would remain unchanged.James Hogan, the CEO of Etihad Airways, which bought into Alitalia during the latest restructuring in 2014 and is now its largest single investor with a 49 percent stake, said in a statement the Italian airline required "fundamental and far-reaching restructuring to survive and grow in future.""Without the support of all stakeholders for that restructuring, we are not prepared to continue to invest," he said, adding Etihad would keep working with Alitalia as a commercial partner.Alitalia is losing about 1 million euros a day and without the government loan risked running out of cash by the middle of May, sources said.Rival airlines including Lufthansa ( LHAG.DE ) and Norwegian Air ( NWC.OL ) have shown little interest in buying Alitalia and creditors have refused to lend more money, putting more pressure on the government to find a way to save the flag carrier.The government has ruled out renationalising Alitalia, an airline that was once a symbol of Italy''s post-war economic boom but is now struggling to compete at home against low-cost carriers and has not invested sufficiently in the more profitable long-haul routes.Outraged at repeated bailouts that have cost taxpayers more than 7 billion euros over a decade, many Italians are urging the government to resist the political temptation to rush to its rescue again.But with a general election due by May 2018, few Italians believe the ruling Democratic Party (PD) will stand by and watch Alitalia crash and its 12,500 workers lose their jobs.Former Prime Minister Matteo Renzi, who became PD leader again on Sunday in a primary vote, has said he will have a plan for the airline by mid-May and it should not be broken up.Alitalia was privatized in 2008 after entering administration earlier that year.($1 = 0.9168 euros)(Additional reporting by Giuseppe Fonte and Massimiliano di Giorgio in Rome and Alexander Cornwell in Dubai; editing by David Clarke and Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alitalia-restructuring-idINKBN17Y115'|'2017-05-02T09:17:00.000+03:00'
'7116718907c6f4ea2fc20f092f9d3587d639d54e'|'Westinghouse, CB&I spar in court over $2 billion merger dispute'|'By Tom Hals - DOVER, Del DOVER, Del Westinghouse Electric Co LLC and Chicago Bridge & Iron Co NV ( CBI.N ) squared off in Delaware Supreme Court on Wednesday in a $2 billion dispute over the huge nuclear power plant cost overruns that led Westinghouse to file for bankruptcy in March.The two sides are sparring over a 2015 deal in which Chicago Bridge & Iron, or CB&I, sold Westinghouse its Shaw nuclear construction business. Westinghouse paid nothing up front, but agreed to accept all liabilities related to cost overruns at two power plants Shaw was building in partnership with Westinghouse in Georgia and South Carolina.The deal was meant to get the two power plant projects back on schedule.Shaw was spending millions of dollars weekly on construction, and between the deal signing and closing, the two sides agreed to adjust the purchase price after closing. The price would account for changes in Shaw''s cash position, among other fluctuations in the business.Westinghouse said last year CB&I owed it $2 billion. CB&I, on the other hand, estimated it was owed $428 million and in July sued Westinghouse, which is majority owned by Toshiba Corp of Japan ( 6502.T ). CB&I argued Westinghouse was improperly lowering the purchase price by citing liabilities that were disclosed when the deal was agreed.Westinghouse disagreed and convinced a judge on the lower Court of Chancery the case had to be dismissed and heard by an independent auditor. CB&I appealed.CB&I argued on Wednesday that even if the dispute goes to an independent auditor, a judge should determine if Westinghouse can bring the claims for billions of dollars. It has argued that Westinghouse is essentially trying to recut the deal.Chief Justice Leo Strine pressed the parties several times to explain why the case should not be returned to the lower court for discovery and a possible trial to determine the intent of the parties when they drafted the Shaw sale agreement."Could it be argued you both have reasonable positions and we should consider the negotiation history?" Strine asked.Westinghouse blamed its March bankruptcy filing on spiraling costs at the nuclear power projects, which the Pittsburgh-based company said only became completely clear after the Shaw deal.The nuclear power plants are estimated to be $13 billion over budget and at least three years behind schedule, and may not be completed.The Delaware Supreme Court often takes months to rule.(Reporting by Tom Hals in Wilmington, Delaware; editing by Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-westinghouse-cbi-idINKBN17Z2AF'|'2017-05-03T16:32:00.000+03:00'
'82d9c9e56af3b17ded430f0e30f26f5c40975040'|'UK oil lobby warns May post-Brexit tariffs could double trade costs'|'  2:15pm BST UK oil lobby warns May post-Brexit tariffs could double trade costs LONDON The cost of Britain''s oil and gas trade with the rest of the world could nearly double if the country fails to agree new tariffs when it leaves the European Union, the country''s oil lobby group has warned Prime Minister Theresa May. The head of Oil and Gas UK told May in a letter seen by Reuters that yearly oil trade costs could rise to 1.1 billion pounds ($1.4 billion), from around 600 million pounds now, if Britain reverts to World Trade Organization rules after Brexit. May, whose government is negotiating the terms of Britain''s exit from the EU, has said not reaching an agreement with the bloc would be better than signing a bad deal, leaving open the possibility of reverting to default WTO rules from March 2019. "Our request of government is that any change, whether domestic or European, is managed in a manner that minimises risk to the oil and gas industry," Oil and Gas UK Chief Executive Deirdre Michie wrote in the letter dated May 1. Michie also said her association''s research showed that if Britain agreed minimal tariffs with EU member states and improved terms with other countries, trade costs could fall by around 100 million pounds a year. Britain''s oil and gas trade with the world is worth about 73 billion pounds a year. Michie called for "frictionless access" to the EU''s labor market as around 5 percent of Britain''s oil and gas workforce are non-British EU nationals, many of whom fill roles the association deems critical. (Reporting by Karolin Schaps; Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-oil-idUKKBN17Z1H4'|'2017-05-03T21:01:00.000+03:00'
'bd29b3e16eaaba4d17793230776e765e604ca85d'|'Trump administration set to replace top banking regulator Thomas Curry: WSJ'|'Business News - Tue May 2, 2017 - 4:55am BST Trump administration set to replace top banking regulator Thomas Curry: WSJ U.S. Comptroller of the Currency Thomas Curry answers a question during the Reuters Financial Regulation Summit in Washington May 16, 2016. REUTERS/Carlos Barria The Trump administration plans to replace Comptroller of the Currency Thomas Curry as chief overseer of federally chartered banks, the Wall Street Journal reported on Monday. The change, which could happen as soon as this week, could lead to President Donald Trump replacing Curry with an acting head of the agency, WSJ reported, citing people familiar with the matter. on.wsj.com/2oRJcjU The Office of the Comptroller of the Currency (OCC), which oversees the federal banking system, administers hundreds of bank supervisors stationed inside large U.S. financial firms. Curry, appointed by the Obama administration for a five-year term that expired in April, could remain in the role until a new appointment is made. President Trump is considering Joseph Otting, a former banker at OneWest Bank who worked with Treasury Secretary Steven Mnuchin, to take on the responsibility of this office and replace Curry, the paper said. Keith Noreika, a banking lawyer at Simpson Thacher & Bartlett LLP, is being considered as acting comptroller, WSJ said. Noreika was part of Trump''s transition team for Treasury. He also advised Treasury on its $250 billion Troubled Asset Relief Program, or TARP, in 2008. The White House and OCC were not immediately available for comment. Noreika did not immediately respond to an email seeking comment. (Reporting by Shalini Nagarajan in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-banks-idUKKBN17Y09M'|'2017-05-02T11:55:00.000+03:00'
'0706c752594f7490c7c910b3b7b16c051d006d38'|'China April factory growth slows to weakest in seven months - Caixin PMI'|'Business News - Tue May 2, 2017 - 2:52am BST China April factory growth slows to weakest in 7 months: Caixin PMI FILE PHOTO: A worker installs rubber onto the windows of the doors along a production line at a truck factory of Anhui Jianghuai Automobile Co. Ltd (JAC Motors) in Hefei, Anhui province May 5, 2014. REUTERS/Stringer/File Photo BEIJING China''s factory sector lost momentum in April, with growth slowing to its weakest pace in seven months as domestic and export demand faltered, a private survey showed on Tuesday. The findings echoed those in official manufacturing and service sector data on Sunday, reinforcing views that China''s economic growth remains solid but is starting to moderate after a surprisingly strong start to the year. The Caixin/Markit Manufacturing Purchasing Managers'' index (PMI) fell to 50.3 in April, missing economist forecasts'' of 51.0 and a significant decline from March''s 51.2. The index remained above the 50.0 mark which separates expansion from contraction on a monthly basis, but only just, and grew at its slowest pace since September 2016. "Downward pressure on manufacturing gradually emerged in April, with all indicators weakening," said Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group. Production growth and total new orders rose at the slowest pace since last September, with both showing only slight improvement from the previous month. Sharp falls in prices of iron ore, steel and other raw materials led to a sharp cooling in producer price inflation. The official manufacturing PMI fell less sharply but still slid to a six-month low of 51.2 in April from March''s near five-year high of 51.8, according to data at the weekend. Analysts had expected a reading of 51.6. Growth in China''s services sector slowed to 54.0 in April, from the previous month''s 55.1, but remained robust. SLOW MODERATION EXPECTED, NOT SHARP COOLDOWN China''s economy expanded 6.9 percent in the first quarter, fueled by a construction boom. That is likely to give it enough of a tailwind to hit Beijing''s full-year target of around 6.5 percent even if growth slowly fades in coming months as many analysts predict. A flurry of government measures to cool the overheating property market and a slow rise in borrowing costs are expected to tap the brakes on surging property investment and construction eventually. Those concerns, along with a tightening regulatory crackdown on riskier forms of lending and speculation, saw Chinese stocks post their worst month of the year in April. Indeed, the degree of business confidence in April was the lowest so far this year, the survey noted, although companies generally expect output to increase over the next year. Worries about operating costs and economic conditions weighed on confidence, though other survey respondents pointed to positives such as new product launches and a moderation in soaring input prices that have been squeezing profit margins for companies in the middle of supply chains. Growth in total new orders slowed sharply to 50.9 from 52.7 in March, with the rate of expansion in new export orders also easing. "The Chinese economy may be starting to embrace a downward trend in the near term as prices of industrial products decline and active restocking comes to an end," Zhong said. The pace of job shedding also intensified in April to a three-month high as a result of cost-reduction efforts and the non-replacement of voluntary leavers and retirees. Compared with the official PMI, the Caixin/Markit survey tends to focus more on small- and mid-sized manufacturers. Both reports, however, suggested that smaller firms are under more pressure than their larger, state-backed peers. (Reporting by Yawen Chen and Nicholas Heath; Editing by Kim Coghill)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-pmi-factory-caixin-idUKKBN17Y058'|'2017-05-02T09:49:00.000+03:00'
'be961ae1b4066b482b79f188c59bc0505fa35b85'|'UPDATE 1-Allianz-backed consortium to buy Britain''s Affinity Water'|'(Adds details around the deal, background, advisers)By Esha VaishMay 2 A consortium that includes German insurer Allianz and HICL Infrastructure is to buy Affinity Water Ltd, the largest water-only supply firm in England and Wales by revenue, through two transactions.The consortium will acquire a 90 percent stake from Morgan Stanley Infrastructure and M&G Investments'' Infracapital for 687 million pounds ($884 million), and the rest from water company Veolia, the sellers said.The deal is the latest acquisition of British infrastructure by overseas investors, as pension schemes, sovereign wealth funds and others look to take advantage of stable returns.Last month, a consortium of Canadian and Kuwaiti investors agreed to buy a minority stake in Thames Water, Britain''s largest water firm, from funds managed by Macquarie.Under the terms of Tuesday''s deal, British infrastructure investment firm HICL and Allianz will each take an about 36.6 percent stake in Affinity, while the third member of their consortium, fund manager DIF, will acquire the remaining stake.HICL said it would pay 269 million pounds for its stake, giving the entire deal an equity value of about 735 million pounds. Affinity had net debt of 854.3 million pounds as of Sept. 30, 2016.( bit.ly/2pBgIYN )Both transactions are expected to complete this month.Morgan Stanley and Infracapital formed Affinity Water through the purchase of Veolia Water''s British water supply operations in June 2012 for 1.1 billion pounds.Affinity''s shareholders began a strategic review of the business on March 14, but no formal auction sales process was launched.HICL said the deal was in line with its strategy to buy low-risk infrastructure investment assets that produce long-term income and would be accretive to its existing portfolio in terms of total returns.Its shares were down 2 percent at 170.8 pence at 1329 GMT, making it one of the top percentage losers on London''s midcap index.Affinity supplies water to 1.5 million homes and businesses and maintains water supply infrastructure. It had a regulatory capital value - a key industry metric - of 1.156 billion pounds as of March 31.The company said it did not expect the sale to result in any operational changes.Nomura was adviser to the consortium, while Citi acted as financial advisor to Infracapital and Morgan Stanley Infrastructure. ($1 = 0.7768 pounds) (Reporting by Esha Vaish in Bengaluru; Editing by Mark Potter and Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/awl-ma-allianz-idINL8N1I44LT'|'2017-05-02T12:02:00.000+03:00'
'ab4164455e09dddbbf7b38d9dbcc3283705e4633'|'Bovis takes 2.8 million-pound hit from failed merger talks'|'Business News -  23am BST Bovis takes 2.8 million-pound hit from failed merger talks FILE PHOTO: A Bovis homes flag flies at a housing development near Bolton, northern England, July 9, 2008. REUTERS/Phil Noble LONDON British housebuilder Bovis ( BVS.L ), which was subject to two failed buyout bids earlier this year, said it would take a 2.8 million-pound hit from the talks and a review conducted in February after the firm warned on profits. Bovis, which said sales so far this year are in line with reduced building expectations, warned on profits at the end of 2016 after it failed to build enough homes, prompting its chief executive to quit. In April, British housebuilder Galliford Try ( GFRD.L ) pulled out of a 1.2 billion pound attempt to buy Bovis ( BVS.L ) after the two failed to agree on price, a week after another potential suitor Redrow ( RDW.L ) also pulled out. "The group will incur one-off advisory fees of around 2.8 million pounds related to the merger proposals... and the group''s strategic review announced in February," the firm said. Bovis has hired former Galliford chief Greg Fitzgerald and shareholders will vote on his pay during Tuesday''s annual general meeting. (Reporting by Costas Pitas; editing by Kate Holton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bovis-outlook-idUKKBN17Y0HO'|'2017-05-02T14:23:00.000+03:00'
'82be28914cbb3cbf0d5ed39a13f1ca345c9efe3f'|'CEE MARKETS-Czech government collapse has limited impact on crown'|'* Czech government to resign, keeping crown in the red * Czech, Hungarian, Polish PMIs underpin steady, strong growth * Fed meeting, U.S. data, French vote viewed as risks (Updates to include Czech government collapse, zloty rebound) By Sandor Peto BUDAPEST, May 2 Strong manufacturing surveys failed to lift most Central European currencies on Tuesday, with the crown easing after Czech Prime Minister Bohuslav Sobotka said he would resign along with the entire cabinet. Investors were also cautious ahead of the Federal Reserve''s two-day meeting and the second round of France''s presidential election on Sunday. In the Czech Republic, Sobotka said he would resign later this week along with his cabinet in response to a row with Finance Minister Andrej Babis over his past business activities. Elections, which had been due to take place in October, may now be held earlier. The collapse of the Czech government added to rising domestic political risks across the region, coming days after Croatia''s ruling coalition split due to differences over the handling of a financial crisis at Agrokor, the country''s biggest private firm. However, investor reaction was limited. Babis'' centrist ANO movement leads Sobotka''s centre-left Social Democrats by a double-digit margin in most opinion polls. The crown eased only 0.1 percent against the euro to 26.893 by 1322 GMT and the main index of the Prague Stock Exchange shed half a percent. Both markets were already weaker before Sobotka''s announcement, which did not come as a complete surprise but still weighed on sentiment. Czech bonds rose after JPMorgan, which runs the most widely used emerging debt indexes, added Czech papers to its GBI-EM index as of Friday. Czech bond yields dropped by 3-12 basis points, with 10-year bond yields falling 12 basis points to trade at 0.87 percent. Croatia cut its offer at a one-year Treasury bill auction, with the yield remaining flat at 0.45 percent. Regional assets mostly failed to benefit from purchasing manager surveys (PMIs) from the Czech Republic, Hungary and Poland which indicated continuing economic growth in Central Europe. The Czech and Polish figures were better than expected, but international concerns kept a lid on asset prices. Investors awaited the Fed, which is seen holding interest rates on Wednesday after its meeting but may hint it is on track for a rate rise in June. The French election result is another concern. Centrist candidate Emmanuel Macron is expected to win the vote on Sunday, but a strengthening of support for the French far right could unnerve investors. The Polish zloty, the region''s most liquid currency, outperformed, reversing an early slide to touch a 20-month high of 4.203 against the euro, while Warsaw''s main stock index tested 23-month highs. "Foreign investors don''t want to bet on zloty weakening," ING Bank analysts said in a note. CEE SNAPS AT 1522 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 26.89 26.85 -0.13 0.42% 30 90 % Hungary 312.1 312.0 -0.03 -1.06 forint 300 400 % % Polish 4.208 4.219 +0.2 4.66% zloty 0 3 7% Romanian 4.548 4.536 -0.26 -0.30 leu 5 7 % % Croatian 7.455 7.466 +0.1 1.34% kuna 0 5 5% Serbian 123.0 123.0 +0.0 0.27% dinar 200 600 3% Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 1002. 1007. -0.51 +8.8 77 87 % 1% Budapest 32924 32956 -0.10 +2.8 .61 .30 % 8% Warsaw 2392. 2376. +0.6 +22. 36 87 5% 82% Bucharest 8231. 8230. +0.0 +16. 69 46 1% 18% Ljubljana 782.3 788.2 -0.75 +9.0 2 5 % 2% Zagreb 1906. 1901. +0.2 -4.45 14 87 2% % Belgrade <.BELEX15 720.6 728.9 -1.14 +0.4 > 4 4 % 6% Sofia 662.0 657.2 +0.7 +12. 6 9 3% 90% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.02 -0.02 +071 -3bps > 3 7 bps 5-year <CZ5YT=RR 0.103 -0.09 +048 -10bp > 2 bps s 10-year <CZ10YT=R 0.872 -0.11 +054 -12bp R> 6 bps s 
'66f9ab2eefd729288d52333fd99e471e9f7e51a6'|'Emerging markets see strongest foreign investor run since 2015 - IIF'|'By Marc Jones - LONDON LONDON Emerging markets saw a fifth straight month of net ''non-resident'' portfolio inflows in April, their best run since the first half of 2015, data from the Institute of International Finance (IIF) showed on Tuesday.The gauge of foreign investor appetite showed that April was the third month running that inflows topped $20 billion, making it the strongest three-month streak since 2014, helped by record dollar-denominated emerging market debt issuance.Not all the signals were strong, however. Overall net flows, which take into account selling and buying of both foreign and domestic investors, declined to $18.7 billion from $30 billion, excluding China, marking the weakest quarter since early 2014.Net capital flows to China slipped back into the red too, with modest outflows of $6.3 billion in March. This took outflows to $28.8 billion in first quarter 2017, although this was still 75 percent below the average quarterly outflows of $115 billion in 2014-2016."Given the strong recovery in non-resident portfolio inflows in Q1, the slowdown in net capital inflows suggests that FDI flows and cross-border bank lending to EMs have been subdued this year," the IIF said."In addition, a rise in resident outflows appears to be an important factor behind the retrenchment, particularly for those countries facing political uncertainty."Looking at just the foreign investor data, inflows into bonds and other forms of debt were double the pace of the inflows into equities."The perception that Fed tightening will remain gradual has been a key support for capital flows from low-rate mature markets to higher yielding emerging markets," the IIF said.Regionally, emerging Asia attracted $16.3 billion combined equity and debt inflows, followed by emerging Europe at $2.3 billion. Africa and the Middle East gained $1.6 billion.Latin America was nearly flat at $400 million with the IIF saying investors were taking a "wait and see" approach ahead of potential U.S. policy changes under President Donald Trump, which could affect the region.But with growth gaining momentum, Brazil and India saw the biggest individual inflows.Turkey saw net inflows of $5.6 billion in the first quarter, well below the levels in the same period in 2016. This is a potential source of concern, the IIF said, given the scale of Turkey''s external financing needs in 2017, which is 28 percent of GDP.Despite domestic political uncertainties, flows to Indonesia remained robust against a backdrop of prudent macro policies and reforms. In contrast, Poland, Mexico and Russia saw net capital outflows.(Reporting by Marc Jones; editing by Claire Milhench)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/emerging-flows-iff-idINKBN17Y0V1'|'2017-05-02T17:22:00.000+03:00'
'bb58f417df17cedf59a87addf3a6ea9d04a14c0b'|'Infosys plans to hire 10,000 American workers, open four U.S. tech centers'|'SAN FRANCISCO/MUMBAI India-based IT services firm Infosys Ltd plans to hire 10,000 U.S. workers in the next two years and open four technology centers in the United States, starting with a center this August in Indiana, the home state of U.S. Vice President Mike Pence.The move comes as Infosys and some of its Indian peers such as Tata Consultancy Services and Wipro Ltd have become political targets in the United States and have been accused of displacing U.S. workers'' jobs by flying in foreigners on temporary visas to service U.S. clients.The IT service firms - which advise large companies on tech issues and carry out a range of tasks for them, from managing back-end computing systems to high-level programming - rely heavily on the H1-B visa program, which U.S. President Donald Trump told federal agencies to review.Other Indian outsourcing firms have recruited in the United States, but Infosys is the first to give concrete hiring numbers and a timeline for its plans, following Trump''s visa review.The move marks a huge increase in U.S. hiring by Infosys. In 2014, when Vishal Sikka became chief executive, the firm had said it would hire 2,000 people in the United States.In a telephone interview with Reuters from Indiana, Sikka said Infosys had achieved that goal and now wanted to hire U.S. workers in fields such as artificial intelligence, cloud and big data."The reality is bringing in local talent and mixing that with the best of global talent in the times we are living in and the times we''re entering is the right thing to do," said Sikka.He said the timing of the decision was not related to the visa review. The company started active talks with Indiana in late February, Deputy Chief Operating Officer Ravi Kumar told reporters in Indiana."More and more as we look at the future, we have to decrease the dependency on visas," Sikka told CNBC earlier on Tuesday. "That is something we have been working on for the last two and a half years."The 10,000 new U.S. jobs will form a small part of Infosys'' overall workforce of over 200,000.Infosys did not give details on specific jobs it would bring to the United States, but said it would seek experienced tech professionals and recent graduates from universities and community colleges.Kumar said some of the Indiana jobs would likely come from nearby universities such as Notre Dame and Ball State, and would chiefly serve the company''s U.S. manufacturing, pharmaceutical and life sciences clients in the United States.Infosys did not say where the other three tech centers would be located.FEWER H1-BsLast month, two industry sources told Reuters that Infosys was applying for just under 1,000 H-1B visas this year. One of the sources said that was down from about 6,500 applications in 2016 and some 9,000 in 2015.Indian IT service firms, which typically flood the lottery system each year with thousands of applications, have been among the largest H1-B recipients annually.U.S. politicians accuse IT firms of paying workers only just enough to meet the minimum wage of $60,000 a year required for the visa, well below others in the U.S. tech sector. Indian industry lobby group NASSCOM says the average salary paid by Indian IT Service firms for H-1B visa holders is about $82,000.Analysts said more U.S. hirings would push up costs for Indian IT firms as they chase people with the right skills."The supply of science, technology, engineering and mathematics skills is not that much in the U.S., so to get the right talent they might have to pay higher salaries," said PhillipCapital analyst Shyamal Dhruve.Indian politicians and IT industry heads have been lobbying U.S. lawmakers and officials from the Trump administration not to make drastic changes to visa rules, as this could hurt India''s $150 billion IT service sector.The four U.S. hubs Infosys plans would focus on technology and innovation, as well as serve clients in financial services, manufacturing, healthcare, retail and
'9432b93f79bcd117562676a32901e3eafbfaf9a8'|'EU to give itself tougher powers over euro clearing after Brexit - source'|'  2:41pm BST EU to give itself tougher powers over euro clearing after Brexit - source Fog is seen clearing around the Shard skyscraper in London, Britain, November 2, 2015. REUTERS/Toby Melville By Huw Jones - LONDON LONDON The European Union will publish a draft law next month to give itself tougher powers to vet and supervise the clearing of euro-denominated securities, a source familiar with the matter said on Wednesday, pitting the bloc against Britain ahead of Brexit. Vast swathes of euro transactions are processed by clearing houses in London due to its status as a global financial centre. The euro zone has long wanted more control of that business, and Britain''s decision to leave the EU has provided a new impetus. The EU''s executive European Commission is concerned the growing importance of clearing houses to the financial system means there is a need to "enhance the current supervisory arrangements," the source said on condition of anonymity. The move by Brussels comes at a politically sensitive time for Britain as it starts formal divorce talks with the EU, and is also keen to keep London as Europe''s biggest financial centre and top tax earner. Clearing houses stand between two sides of a stock, bond or derivatives transaction, ensuring its completion even if one side of the transaction goes bust. The EU''s biggest clearing house for euro-denominated securities, LCH ( LSE.L ) in London, will be outside the bloc''s legal system once Britain leaves the EU in 2019. "The foreseen withdrawal of Britain from the EU will have a significant impact on the regulation and supervision of clearing in Europe," the source said, quoting from a "communication" the EU executive is due to publish perhaps as soon as Thursday to explain the rationale for next month''s draft law. As much as 75 percent of euro-denominated interest rate derivatives, the world''s most heavily traded swap contract, are cleared in Britain by LCH. The communication says "more integrated supervision" by EU watchdogs and more responsibilities for the European Central Bank could also help with the bloc''s "urgent" task of building a deeper capital market. Where clearing houses from outside the EU play a systemic role in the bloc''s financial market, they should be "subject to safeguards provided by the EU legal framework," the source said, quoting from the communication. "This includes, where necessary, direct supervision at EU level/location requirements." APPROPRIATE AMOUNT The battle over the location of euro-clearing has been waged for several years, with the ECB''s attempts to require clearing houses that handle large volumes of euro denominated securities to be located in the euro zone, thrown out by the EU court. The court said the ECB did not have legal powers to implement such a "location" policy - a situation the new draft law and Brexit would alter. Banking and exchange officials in London say that forcing the shift of euro-denominated clearing would fragment trading pools and bump up costs for users. Xavier Rolet, chief executive of the London Stock Exchange, which owns LCH, has warned that Brussels was considering caps on how much euro clearing could be done in London, threatening thousands of jobs in the city. But Bank of England Governor Mark Carney told a Reuters event last month that Britain would work hard with European authorities to ensure that an "appropriate amount" of euro business continued to be cleared in London - a sign of how some shift in volumes is becoming inevitable. ECB supervisor Sabine Lautenschlaeger warned in March the ECB''s position on euro clearing outside the bloc would depend on whether the new, post-Brexit legal framework offered an unchanged level of involvement for the central bank, and ensured financial stability in the euro zone. As yet unspecified conditions would have to be met, she said. The European Parliament, which will have joint say with EU states in approving the legal changes, has
'd18c9b46b5f4669b4023b6b6f173523022c0bdb6'|'Glencore closes $7.335 billion loan refinancing'|'Business News - Wed May 3, 2017 - 5:06pm BST Glencore closes $7.335 billion loan refinancing FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company''s headquarters in Baar, Switzerland, September 30, 2015. REUTERS/Arnd Wiegmann/File Photo By Alasdair Reilly - LONDON LONDON Global diversified natural resource company Glencore ( GLEN.L ) has closed a $7.335 billion (<28>5.6 billion), one-year revolving credit facility that refinances an existing $7.7 billion, one-year revolver that was agreed in February 2016, the company said on Wednesday. The one-year loan, which finances Glencore''s trading operations, is part of a bigger loan package that also includes an existing US$6.8bn medium-term loan. The unsecured facility has a 12-month extension option and a 12-month term-out option, which extends the final maturity until May 2019. The facility has no financial covenants. The financing was launched at $5 billion and closed substantially oversubscribed after raising $8.55 billion in syndication from Glencore<72>s wide and supportive group of relationship banks. A total of 56 banks committed to the facility, including 31 mandated lead arrangers and bookrunners. Due to the low average utilisation of the company<6E>s combined short and medium term facilities, the one-year facility was reduced to $7.335 billion. Citigroup, Commerzbank, Standard Charted and UniCredit were active bookrunners on the financing. (Editing by Tessa Walsh)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-glencore-loan-idUKKBN17Z1XU'|'2017-05-04T00:06:00.000+03:00'
'0b4a843700f2b45d61aaf6d6f92ffe16b79bc52a'|'Euro zone economy outperforms U.S. with robust start to year'|'By Francesco Guarascio and Philip Blenkinsop - BRUSSELS BRUSSELS The euro zone economy started the year with robust growth that outstripped that of the United States and set the stage for a strong 2017, preliminary estimates showed on Wednesday.The improving economy may weaken the euroskeptic parties that have gained ground in several European Union states over the past years, many of which have denounced the poor state of their economies and called for ditching the euro and returning to national currencies.The gross domestic product of the 19-country euro zone bloc grew by 0.5 percent on the quarter in the first quarter, which translates to annualized growth of 1.8 percent in all of 2017, the European statistics agency Eurostat said.The preliminary euro zone figure is much higher than the 0.7 percent annualized growth recorded in the United States in the same quarter, the weakest performance since the first quarter of 2014, according to U.S. estimates.The weaker performance of the U.S. economy was a blow for the administration of Donald Trump, who has promised strong growth with a protectionist agenda.The contrasting data from the U.S. and the euro zone may weaken the French presidential candidate Marine Le Pen, who is calling for tariff barriers to protect the French economy. She faces free-trade supporter Emmanuel Macron in a May 7 runoff, which polls show Macron is likely to win.In a further sign of a healthier recovery of the euro zone, Eurostat raised to 0.5 percent from 0.4 percent its figures on growth in the fourth quarter of 2016. The year-on-year estimate for the last quarter was also revised up, to 1.8 percent from the previous 1.7 percent.Political risks, however, still represent a possible drag on euro zone growth."The economy is proving to be resilient to uncertainty both abroad and at home. Bar a surprise at the French elections on Sunday, euro zone growth is set for a strong 2017," warned Bert Colijn, senior economist at ING.Euroskeptic parties are also on the rise in Italy, the euro zone''s third-largest economy, which may hold general elections in the coming months. No date is set, but they would come no later than next May.Eurostat did not break down the components of the GDP growth, but economists expected it was led mostly by domestic consumption and business investment.Weaker domestic demand might reduce the pace of the expansion in the coming quarters as consumer prices rise."There remains the possibility that growth could be hampered by consumers being more reluctant to spend as their purchasing power is squeezed by overall higher inflation and limited wage growth in most countries," Howard Archer, chief European economist at IHS Markit said.First estimates released in April show inflation in the 19-country currency bloc was 1.9 percent year-on-year in April, up from 1.5 percent in March and just short of the four-year high of 2.0 percent recorded in February.But euro zone inflation figures continue to fluctuate. Data on industrial producer prices, also released by Eurostat on Wednesday, showed a marked slowdown in March.Producer prices fell 0.3 percent in March and year-on-year growth slowed to 3.9 percent from February''s 4.5 percent, which was the highest in more than five years."It seems that the slowdown in producer price inflation largely reflected energy effects, which should continue to bear down on producer and consumer price inflation over the rest of the year," said Jack Allen, European economist at Capital Economics, noting that the ambivalent figures are likely to leave the European Central Bank''s stimulus program unchanged this year.(Reporting by Francesco Guarascio @fraguarascio and Philip Blenkinsop, editing by Larry King)File photo of the skyline of the banking district in Frankfurt, September 18, 2014. REUTERS/Kai Pfaffenbach /Files'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-eurozone-economy-gdp-idINKBN17Z0UK'|'2017-05-03T07:44:00.000
'474cefe9f885d1ec5ee173573b3438b37f8a1313'|'Facebook nears ad-only business model as game revenue falls'|'Company News  37pm EDT Facebook nears ad-only business model as game revenue falls By David Ingram - SAN FRANCISCO SAN FRANCISCO May 4 Facebook Inc''s growth into a digital advertising power is showing a flip side: The social network is more dependent than ever on the cyclical ad market, even as its rival Google finds new revenue streams in hardware and software. Facebook reported on Wednesday that 98 percent of its quarterly revenue came from advertising, up from 97 percent a year earlier and 84 percent in 2012. Revenue from non-advertising sources fell to $175 million in the quarter, from $181 million a year earlier. Facebook has warned for some time about declining non-ad revenue. That part of its business consists almost entirely of video game players on desktop computers buying virtual currency, and it has fallen as gaming has moved to smartphones. Facebook takes 30 percent of purchases, with the balance going to companies such as Zynga Inc, maker of the game Farmville. The company''s dependence on advertising is a long-term concern but it has time to find other revenue while building its core ad business, said Clement Thibault, a senior analyst at Investing.com. "We have to remember it''s still a fairly young business. It''s not like they''re an old-fashioned business that needs to move soon," he said. A Facebook spokeswoman declined to comment. Facebook''s share price hit an all-time high of $153.60 on Tuesday before dipping to close at $150.85 on Thursday. The lack of diversification stands in contrast to Google, a unit of Alphabet Inc. Its non-advertising revenue, from sources such as cloud services and Pixel smartphones, posted a 49.4 percent jump to $3.1 billion in the most recent quarter and now represents 13 percent of Google''s total revenue, up from 10 percent a year earlier. Facebook Chief Operating Officer Sheryl Sandberg said during a conference call in February that the company was diversifying revenue by expanding its base of advertisers across geographic regions and industries. Facebook''s non-advertising products, such as its Oculus virtual reality headset and the Workplace office software, currently generate little revenue. Some companies diversify through acquisitions, but most of Facebook''s purchases such as Instagram and WhatsApp have been in adjacent markets. Chief Financial Officer David Wehner said in a conference call for investors on Wednesday that Facebook was not breaking out Instagram revenue as a separate line in financial reports because Instagram ads are sold through the same interface as Facebook ads. (Reporting by David Ingram; Editing by Jonathan Weber and Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/facebook-revenue-idUSL1N1I61BA'|'2017-05-05T06:37:00.000+03:00'
'e5e6a3c2934b27142483b52c278602a301584013'|'Yingde Gases shares suspended, pending delisting from HK exchange'|'HONG KONG May 5 Shares of Yingde Gases were suspended on Friday after the company said it might withdraw its Hong Kong listing in September after China''s largest industrial gases company finalises a privatisation plan.In March, Hong Kong-based private equity firm PAG agreed to buy the 42.1 percent stake of three co-founders of Yingde Gases for $616 million.PAG became its controlling shareholder when it later made a compulsory offer for all outstanding shares it did not already own, giving it a 98.11 percent stake in Yingde, as of May 4. PAG paid just over $1 billion for the over 70 percent stake it did not already own.On completion of the offer, just 1.89 percent of the company''s issued shared capital was held by the public, leaving Yingde Gases unable to fulfil its minimum public float requirement under stock exchange rules.In a statement to the Hong Kong stock exchange on Thursday, Yingde said trading would be suspended until the company''s delisting.Yingde''s main products include oxygen, nitrogen, argon and some specialty gases, which it sells primarily to companies in the steel, iron ore, chemicals and electronics industries.(Reporting By Donny Kwok and Twinnie Siu; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/yingde-gases-suspension-idUSL4N1I71KC'|'2017-05-05T07:51:00.000+03:00'
'57e8aaff0deb27e02d0b29db497b76b69710973c'|'British shop prices fall at slowest rate in 3-1/2 years - BRC'|'Money - Wed May 3, 2017 - 8:48am BST British shop prices fall at slowest rate in three-and-a-half years - BRC Customers shop and an employee works around a chiller aisle at a Sainsbury''s store in northwest London, Britain October 23, 2015. REUTERS/Suzanne Plunkett LONDON Prices in British shops showed the smallest annual decline in nearly three-and-a-half years last month, adding to signs of growing inflation pressure after the Brexit vote caused a fall in the value of the pound, a survey showed on Wednesday. Overall shop prices fell 0.5 percent after a 0.8 percent decline in March, the shallowest rate of deflation since November 2013, the British Retail Consortium (BRC) said. "The rate of deflation has been decelerating month-on month as retailers battle with inflationary pressures resulting from the impact of the weaker pound on input prices," Helen Dickinson, BRC chief executive. "Prices are undoubtedly on an upward trajectory, which we expect to gradually play out over the course of the year." Food prices rose 0.9 percent in the year to April, the BRC said, slowing marginally from March. Inflation hurts the poorest in particular because rising prices for essentials like food and transport take up a bigger share of their disposable income. Bank of England policymakers, who meet next week to set interest rates, are monitoring gauges of inflation closely. Some officials are uneasy about how much inflation might overshoot the central bank''s 2 percent target. Many private economists say the consumer price index will rise above 3 percent this year. (Reporting by Andy Bruce; Editing by William Schomberg) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-retail-prices-idUKKBN17Z001'|'2017-05-03T08:05:00.000+03:00'
'a33d08823068b1d1ffafb7325751d864c48c1117'|'PRESS DIGEST - Wall Street Journal - May 3'|'Market News - Wed May 3, 2017 - 1:13am EDT PRESS DIGEST - Wall Street Journal - May 3 May 3 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Lawmakers on Tuesday warned U.S. airlines they faced more regulation if they didn''t follow through with pledges to improve customer service following the widespread outcry over the treatment of a United Continental Holdings Inc passenger last month. on.wsj.com/2oW5gtG - Apple Inc extended its rebound in the latest quarter with rising profit and revenue, but reported tepid iPhone demand that adds pressure on the technology giant to deliver a hit with its new 10th-anniversary handset later this year. on.wsj.com/2oWbZE4 - North America was the only region where Mondelez International Inc comparable sales fell in the first quarter, as food makers struggle with a turn by U.S. consumers toward fresher foods. on.wsj.com/2oW4Kfu - Aetna Inc will again scale back its presence in the Affordable Care Act exchanges in 2018, saying it expects losses on the business this year despite sharply reduced enrollment in its individual plans. on.wsj.com/2oWlHXc - Etsy Inc is replacing its chief executive and cutting about 8 percent of its workforce after the online marketplace reported a first-quarter loss and what it described as "a challenging February." on.wsj.com/2oWcoGA (Compiled by Abinaya Vijayaraghavan in Bengaluru)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1I51KO'|'2017-05-03T09:13:00.000+03:00'
'0c9dd5c06c5e9abc2934b6efba7345055dee6426'|'Australian insurer QBE to set up new European base due to Brexit'|' 30am BST Australian insurer QBE to set up new European base due to Brexit FILE PHOTO: A man waits in front of a QBE Insurance Group headquarters in central Sydney May 19, 2008. REUTERS/Daniel Munoz By Benjamin Weir - SYDNEY SYDNEY QBE Insurance Group will move its European base from London to the continent because of uncertainty in accessing the European market after Brexit, the chairman of Australia''s largest international insurer said on Wednesday. "We need to prepare our business for this reality, and we are doing so on the assumption the existing access arrangements enjoyed by UK domiciled insurers to the other 27 European Union countries will not be preserved," Marston Becker told shareholders at QBE''s annual general meeting in Sydney. A QBE spokesman said no announcement had been made as to where the company planned to relocate and declined to comment further. The Sydney-based insurer employs over 14,500 people worldwide, including around 1,950 across 16 European countries. Its European division based in London accounted for more than $4 billion in gross written premiums in 2016. Britain''s decision to trigger article 50 of the Lisbon Treaty starting the country''s formal two-year countdown to leave the European Union has caused political and economic uncertainty, with the financial services industry expected to be one of the heaviest hit. Several global banks and other financial services groups have indicated they may leave or curtail operations in Britain. Becker warned that while the impact of Brexit on the British economy was not clear, the company''s move would impact its QBE Insurance Europe Limited business, QBE Reinsurance and its Lloyd''s business operations. "We are well-advanced with our plans and negotiations for the establishment of a new location for our EU business, he said. "We expect to have a solution in place for 2018 renewals." Becker, whose company launched a three-year A$1 billion ($750.6 million) share buy-back initiative in February, said global conditions for the insurance industry seemed more favourable with regards to investment returns in the coming year, as central banks move away from low interest rates and monetary stimulus packages. However, he warned that anti-globalisation and other political upheavals were becoming more of a factor in industry decisions. (Reporting by Benjamin Weir; Editing by Jane Wardell and Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-qbe-ins-grp-eu-brexit-idUKKBN17Z0QN'|'2017-05-03T16:30:00.000+03:00'
'9ccd83eebacb1e6296b51cee71cba669e35c0aaf'|'''Kong'', ''LEGO Batman'' success drives Time Warner''s profit beat'|'Business News - Wed May 3, 2017 - 12:35pm BST ''Kong'', ''LEGO Batman'' success drives Time Warner''s profit beat FILE PHOTO: A Time Warner logo is seen at a Time Warner store in New York City, October 23, 2016. REUTERS/Stephanie Keith/File Photo Time Warner Inc ( TWX.N ), which is being bought by AT&T ( T.N ), reported a better-than-expected quarterly profit, helped by the success of its movies "Kong: Skull Island" and "The LEGO Batman Movie" in the first quarter. Revenue from Warner Bros, which includes the movie business and is the company''s biggest unit by revenue, rose 8.2 percent to $3.37 billion. As of April 30, "Kong: Skull Island" had grossed more than $562 million globally, according to tracking firm Box Office Mojo. "The LEGO Batman Movie" grossed more than $308 million globally, as of April 30, according to Box Office Mojo. Revenue from Home Box Office (HBO), known for its hugely popular show "Game of Thrones", rose 4.1 percent to $1.57 billion. The latest season of Game of Thrones is set to premiere in July this year. Excluding items, the company earned $1.66 per share, beating the average analysts'' estimate of $1.45 per share, according to Thomson Reuters I/B/E/S. Like other media companies, Time Warner has also been struggling to keep its viewers hooked to its channels, at a time when most audience are flocking to online streaming services such as Netflix Inc ( NFLX.O ) and Amazon.com Inc''s ( AMZN.O ) Prime. This has resulted in shorter TV seasons and hurt writers'' earnings, who are paid per episode. Hollywood writers and representatives of movie studios reached a tentative deal on Tuesday, averting a second strike in 10 years. The company''s net income increased to $1.42 billion, or $1.80 per share, in the first quarter ended March 31, from $1.21 billion, or $1.51 per share, a year earlier. Revenue rose to $7.74 billion from $7.31 billion. Time Warner said on Wednesday it was on track to close its merger with AT&T before the end of 2017. U.S. President Donald Trump has, during his election campaign, opposed the $85.4 billion deal. Analysts on an average had expected revenue of $7.67 billion. (Reporting by Rishika Sadam in Bengaluru; Editing by Savio D''Souza and Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-time-warner-results-idUKKBN17Z14W'|'2017-05-03T19:29:00.000+03:00'
'6b641e19145ae38506a1d10bf73859d833edde49'|'Russia says its oil cut exceeds level demanded in OPEC-led pact'|' 44am BST Russia says its oil cut exceeds level demanded in OPEC-led pact FILE PHOTO: Pump jacks are seen at the Lukoil owned Imilorskoye oil field outside the Siberian city of Kogalym, Russia, January 25, 2016. REUTERS/Sergei Karpukhin/File Photo MOSCOW Russia''s oil production on May 1 was 300,790 barrels per day (bpd) below the level in October, meaning it has cut output by more than was demanded under a pact between OPEC and other producers, Russia''s Energy Ministry said on Wednesday. The Organization of the Petroleum Exporting Countries, along with Russia and other non-OPEC producers, pledged to cut output by 1.8 million bpd in the first half of 2017. Under the deal, Russia pledged to reduce its average daily production gradually by 300,000 barrels to 10.947 million bpd from the October level of 11.247 million bpd. With global crude inventories still bulging, investors are now focussed on whether OPEC and others will agree to extend the cuts to the second half of the year. The issue will be discussed by the group of producers at an OPEC meeting on May 25. Russian Energy Minister Alexander Novak has said he would meet managers of key Russian oil producer before the OPEC event to discuss extending the cuts. Industry sources say such a meeting has yet to take place. Novak declined say on Friday on whether Russia would support an extension to the pact. Russia''s Deputy Prime Minister Arkady Dvorkovich also declined to comment when asked on Wednesday. (Reporting by Olesya Astakhova in Moscow and Denis Pinchuk in Sochi; Writing by Dmitry Solovyov; Editing by Maria Kiselyova and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-oil-opec-russia-cuts-idUKKBN17Z11T'|'2017-05-03T18:44:00.000+03:00'
'489c384c169c2caa556bc3db18dc3f02fb2339f0'|'CANADA STOCKS-TSX slips early as banks, miners weigh'|'Company News - Wed May 3, 2017 - 9:39am EDT CANADA STOCKS-TSX slips early as banks, miners weigh TORONTO May 3 Canada''s main stock index slipped in early trade on Wednesday, as lower industrial metal prices weighed on miners and several major banks also helped pull the index down as bond yields fell. The Toronto Stock Exchange''s S&P/TSX composite index was down 27.10 points, or 0.17 percent, at 15,592.55 shortly after the open. (Reporting by Alastair Sharp)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1I50R0'|'2017-05-03T21:39:00.000+03:00'
'fd9291eaa01c50bf49d054995b77405e40a69451'|'StanChart in talks with regulators in Germany over EU subsidiary'|'Business News - Wed May 3, 2017 - 12:36pm BST Standard Chartered favours Frankfurt as EU hub after Brexit FILE PHOTO: A Standard Chartered bank branch in Singapore October 11, 2016. REUTERS/Edgar Su/File Photo By Lawrence White - LONDON LONDON Standard Chartered is in talks with regulators about making Frankfurt its European base to secure market access to the European Union when Britain leaves the bloc. "We are looking at setting up a subsidiary in the EU to ensure we are prepared," Chairman Jose Vinals said on Wednesday at the Asia-focused bank''s annual shareholder meeting in London. "The choice of Frankfurt is very natural as we have a branch there and we do euro clearing there," he said. London-based banks are expected to announce more concrete plans over the next two months for how they will ensure that they can continue serving customers as Britain prepares to negotiate its EU departure. Financial services firms need a regulated subsidiary in an EU country to offer their products across the bloc if Britain no longer has access to the European single market. Bankers say Frankfurt is set to win the most business following a discreet but concerted campaign to promote the financial centre of Europe''s biggest economy. Vinals, in his first appearance in front of shareholders since being appointed chairman, said Standard Chartered is unlikely to see a material impact from Brexit. He said the board had decided it was the bank''s best interest not to declare an ordinary divided for 2016, but said it is committed to resuming dividends as soon as possible. The bank halted its dividend in 2015 to bolster its balance sheet, under a plan to restore profitability after three years of falling profit and strategic missteps. (Reporting By Lawrence White; writing by Andrew MacAskill; editing by Simon Jessop and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-standardchartered-idUKKBN17Z10I'|'2017-05-03T18:34:00.000+03:00'
'25e12a2c8db63821e64b9df53a1bbcd1d0eef861'|'British grocery sales jump on higher inflation and Easter'|'Company News - Wed May 3, 2017 - 3:16am EDT British grocery sales jump on higher inflation and Easter LONDON May 3 Britain''s grocery market grew by 3.7 percent in the 12 weeks to April 23, the fastest rate since September 2013, driven by Britons splashing out on food at Easter and inflation edging higher, industry data showed on Wednesday. Market researcher Kantar Worldpanel said all 10 major retailers were in growth for the first time in three-and-a-half years. Grocery prices jumped 2.6 percent year-on-year in the period, up from the 2.3 percent recorded in the 12 weeks to March 26. Market leader Tesco posted growth of 1.9 percent while Sainsbury''s grew by 1.7 percent, Asda grew by 0.8 percent and Morrisons grew by 2.2 percent. Asda''s growth marked the first year-on-year sales rise since October 2014. The results were boosted by the timing of Easter, which fell later than normal this year. (Reporting by Kate Holton, Editing by Paul Sandle)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-grocers-kantar-idUSL9N1GZ009'|'2017-05-03T15:16:00.000+03:00'
'ab86f36c23b96dedfe4dedaef7e78da6b19c3d1d'|'BlackRock leads first quarter fund sales in Europe: Lipper'|'Business News - Tue May 2, 2017 - 7:13am EDT BlackRock leads first quarter fund sales in Europe: Lipper FILE PHOTO -- The company logo and trading information for BlackRock is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 30, 2017. REUTERS/Brendan McDermid/File Photo LONDON Asset manager BlackRock ( BLK.N ) led peers in Europe with fund sales of 22.1 billion euros ($24.11 billion) during the first-quarter, data from Thomson Reuters Lipper on Tuesday showed. Amundi ( AMUN.PA ), with sales of 20.4 billion euros, and JPMorgan ( JPM.N ), with 12.8 billion euros, rounded out the top three. Total assets under management in the region rose to 10.6 trillion euros from 9.4 trillion in the prior quarter. Bond funds were the best-selling across the region, with 71.3 billion euros of sales, the data showed. (Reporting by Simon Jessop. Editing by Andrew MacAskill)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-europe-funds-lipper-idUSKBN17Y15Y'|'2017-05-02T19:13:00.000+03:00'
'224c2fa6c50a766bca31881b6257689536d0e5d5'|'European shares stride into May as earnings power gains'|'Business News - Tue May 2, 2017 - 8:39am BST European shares stride into May as earnings power gains Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, April 28, 2017. REUTERS/Staff/Remote LONDON European shares kicked off the first trading day of May with gains underpinned by healthy corporate earnings. Financials and energy stocks provided the biggest boost to the pan-European STOXX 600 which was up 0.1 percent. French bluechips held near decade highs while Germany''s DAX hovered near a record. Across Europe, 31 percent of companies had reported results, and 74 percent beat analysts'' estimates while 18 percent missed, according to Thomson Reuters I/B/E/S. British oil major BP gained 2.9 percent after its first-quarter profits tripled, thanks to higher oil prices and production. It fuelled a 0.5 percent rise in Europe''s oil and gas sector index, which handily outperformed other sectors. Banks were up 0.3 percent. Fund manager Aberdeen gained 2.9 percent after its first-half results added to signs of fight back from active fund managers against the passive tracker funds eroding their market share. The pace of outflows from Aberdeen''s funds slowed slightly and revenues rose 10.6 percent thanks to market gains and cost cuts. Shares in online food delivery company Ocado jumped up to 8.9 percent. Traders cited a report of a delivery tie-up with supermarket M&S. Ocado''s shares are among the most-heavily shorted in the UK. Among fallers, Swedish polymer producer Hexpol dropped 7.6 percent after broker Kepler Cheuvreux cut the stock to ''hold'' from ''buy'', saying that after a recent rally the company''s shares now reflected expected growth. Airport retailer Dufry slipped 5 percent after its results. The company reported first-quarter organic growth of 7.2 percent, but traders cited weaker than expected earnings and cash flow. (Reporting by Helen Reid, Editing by Vikram Subhedar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN17Y0M7'|'2017-05-02T15:39:00.000+03:00'
'f9255fdec72d22fe8093e28de8d9775e50aefc68'|'Trump administration set to replace top banking regulator Thomas Curry: WSJ'|'Business News - Mon May 1, 2017 - 11:46pm EDT Trump administration set to replace top banking regulator Thomas Curry: WSJ U.S. Comptroller of the Currency Thomas Curry answers a question during the Reuters Financial Regulation Summit in Washington May 16, 2016. REUTERS/Carlos Barria The Trump administration plans to replace Comptroller of the Currency Thomas Curry as chief overseer of federally chartered banks, the Wall Street Journal reported on Monday. The change, which could happen as soon as this week, could lead to President Donald Trump replacing Curry with an acting head of the agency, WSJ reported, citing people familiar with the matter. on.wsj.com/2oRJcjU The Office of the Comptroller of the Currency (OCC), which oversees the federal banking system, administers hundreds of bank supervisors stationed inside large U.S. financial firms. Curry, appointed by the Obama administration for a five-year term that expired in April, could remain in the role until a new appointment is made. President Trump is considering Joseph Otting, a former banker at OneWest Bank who worked with Treasury Secretary Steven Mnuchin, to take on the responsibility of this office and replace Curry, the paper said. Keith Noreika, a banking lawyer at Simpson Thacher & Bartlett LLP, is being considered as acting comptroller, WSJ said. Noreika was part of Trump''s transition team for Treasury. He also advised Treasury on its $250 billion Troubled Asset Relief Program, or TARP, in 2008. The White House and OCC were not immediately available for comment. Noreika did not immediately respond to an email seeking comment. (Reporting by Shalini Nagarajan in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-banks-curry-idUSKBN17Y098'|'2017-05-02T11:46:00.000+03:00'
'0febb8a8d2a27392e574d97d8e33ed23676aad63'|'Glencore in talks to sell some Peru, other mining royalties - sources'|'Business News - Wed May 3, 2017 - 6:28pm BST Glencore in talks to sell Peru, other mining royalties - sources FILE PHOTO: The logo of Glencore is seen in front of the company''s headquarters in Baar, Switzerland, September 7, 2012. REUTERS/Michael Buholzer/File Photo By Clara Denina and Nicole Mordant - LONDON/VANCOUVER LONDON/VANCOUVER Mining-trading group Glencore Plc ( GLEN.L ) has hired the Bank of Nova Scotia ( BNS.TO ) to sell a portfolio of royalty assets, including one for the Antamina copper-zinc mine in Peru, four people familiar with the process have told Reuters. The Antamina mine royalty makes up the bulk of the value of the package and could fetch up to $250 million (<28>193.5 million), the sources said. The portfolio includes several much smaller royalties from other mines and exploration assets owned by Glencore around the world, they added. It is not clear whether Glencore will sell 100 percent of the royalties, which gives the owner the right to receive a percentage of production from a mining operation, or retain a stake in them. There is no certainty the process will result in a deal, the sources said. The people, whom Reuters spoke to over a period of several days, declined to be named as the talks were confidential. Glencore declined to comment. Bank of Nova Scotia did not have an immediate comment. The London-listed miner owns and operates nickel, zinc, copper and coal mines around the world and also owns royalties on several operations. Glencore is looking to maximize the value of its assets as it moves from cost-cutting to pursuing growth. Following the commodities crash of 2015 and early 2016, the company sold off assets to cut debt after its earnings and shares were pummelled by a commodities downturn. Potential buyers of the royalty portfolio could include mining royalty and streaming companies such as Canada-based Franco-Nevada Corp ( FNV.TO ) and Silver Wheaton Corp ( SLW.TO ), the sources said. Streaming, like royalties, is a type of alternative finance for the mining sector. Franco-Nevada is interested in looking at any royalty being offered, its chief executive officer, David Harquail, said. "It is only a question of price," Harquail said in an emailed response to a question from Reuters. Silver Wheaton declined to comment. Glencore owns a 33.75 percent stake in Antamina and has monetized a portion of the mine''s output. In November 2015, it agreed to sell future silver output from Antamina, a by-product of the mine, to Silver Wheaton for $900 million in cash to reduce debt. Franco-Nevada bought a $500 million precious metals stream from Glencore last year. Glencore''s partners in Antamina are Anglo-Australian miner BHP Billiton Plc ( BHP.AX ) ( BLT.L ) with a 33.75 percent stake, Canadian miner Teck Resources Ltd ( TECKb.TO ), with 22.5 percent and Japan''s Mitsubishi Corp ( 8058.T ) with 10 percent. (Reporting by Clara Denina in London and Nicole Mordant in Vancouver; Additional reporting by John Tilak in Toronto and Barbara Lewis in London; Editing by Denny Thomas, Bill Rigby and Jeffrey Benkoe) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-glencore-royalties-idUKKBN17Z1ZL'|'2017-05-04T00:20:00.000+03:00'
'9807ff2ea93d60d0ea5236130792634be813b566'|'UPDATE 1-Shire delivers first-quarter beat with 14 pct rise in earnings'|'Company News - Tue May 2, 2017 - 7:21am EDT UPDATE 1-Shire delivers first-quarter beat with 14 pct rise in earnings (Adds shares, quote) LONDON May 2 Shire, the pharma group that bought haemophilia specialist Baxalta last year, reported a better-than-expected 14 percent rise in first-quarter earnings, helped by higher sales of rare disease drugs and demand for its new dry eye medicine. The results prompted the shares to jump 2.8 percent to the top of the FTSE 100 Index on Tuesday. The London-listed firm reported non-GAAP diluted earnings per ADS of $3.63, beating analyst forecasts of $3.27, according to Thomson Reuters I/B/E/S. Product sales, which were boosted by the Baxalta deal, rose 110 percent to $3.4 billion. The company reiterated its full-year forecast given in February for product sales to rise to $14.5-14.8 billion this year and earnings per share to increase to $14.60-$15.20. "We are reiterating our full year 2017 guidance and are expecting another strong year for Shire, building on our excellent financial performance in 2016," it said. (Reporting by Paul Sandle; editing by Kate Holton)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/shire-results-idUSL8N1I43N2'|'2017-05-02T19:21:00.000+03:00'
'6245bb87d98e703f38b01a38bbfc273960c58bf2'|'PRESS DIGEST- British Business - May 2'|'May 2 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times* Velocity Composites is set to float on the junior market of the London Stock Exchange. bit.ly/2p2F0dn* Lloyds Banking Group has shrugged off concerns that its practice of booking revenue upfront from customers who have interest-free periods on their credit cards is a "ticking time bomb". bit.ly/2p2CJPaThe Guardian* Philip Green and his wife are among the UK''s richest couples <20> although their wealth has fallen by 433 million pounds ($558.44 million) over the past year following the collapse of BHS, according to an annual wealth ranking. bit.ly/2p2FZu1* The future of Britain''s power supply has been jeopardised by Brexit and the government must act urgently to ensure nuclear power stations stay open, the influential committee for business, energy and industrial strategy has warned. bit.ly/2p2rVAHThe Telegraph* More than two dozen UK organisations, including the British Film Institute, Odeon Cinemas, Sky and the Premier League, have lined up against the European Commission''s planned copyright overhaul. bit.ly/2oR5YbP* Loch Lomond Group, whose brands include Littlemill and Glen Scotia, said the partnership with the state-backed agriculture and food & beverage giant Cofco would pave the way for its whiskies to be sold across China. bit.ly/2oRhunBSky News* Former Tory treasurer Lupton is to become the first chairman of Lloyds Banking Group''s non-ring-fenced bank, according to Sky News. bit.ly/2oRcgIo* Institutional Voting Information Service, which is part of the fund management industry''s leading trade body, has issued a ''red-top'' warning to Bovis investors ahead of shareholder meetings on Tuesday, according to Sky News. bit.ly/2oR5bHQThe Independent* The proportion of UK female high earners has not changed for the past six years, despite initiatives to shrink the pay gap between men and women, according to research from global law firm Clyde & Co. ind.pn/2p2s7zV* Brexit negotiations should not divert the UK government''s attention from the challenges businesses are facing at home, the British Chambers of Commerce has warned. ind.pn/2p2JznQ ($1 = 0.7754 pounds) (Compiled by Parikshit Mishra in Bengaluru; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL1N1I31QJ'|'2017-05-01T21:42:00.000+03:00'
'bdcf8d828e5de1594bfb2c9f845922f3411eb81d'|'Pembina Pipeline to buy Veresen in $9.7 billion deal'|' 48am BST Pembina Pipeline to buy Veresen in $9.7 bilion deal Pembina Pipeline Corp ( PPL.TO ) said it would buy Veresen Inc ( VSN.TO ) in a deal valued at $9.7 billion, including debt, creating a company that will hold oil and gas pipelines, terminal, storage and processing facilities. Pembina said Veresen shareholders could opt to get either 0.4287 of a Pembina share or $18.65 in cash. That is a 22.5 percent premium to Pembina''s last close, the companies said. Pembina said it would pay as much as about $1.52 billion in cash and 99.5 million of its stock. (Reporting by Swetha Gopinath in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-veresen-m-a-pembina-pipe-idUKKBN17X1K2'|'2017-05-01T18:48:00.000+03:00'
'cdfa15d1a035a55d36b327317e02464b89835e60'|'US STOCKS-Wall St opens higher after govt shutdown averted'|'* Consumer spending unchanged in March; inflation subsides* Tribune Media jumps on buyout talks* Trading volume to be light; many Asia, Europe markets shut* Indexes up: Dow 0.06 pct, S&P 0.18 pct, Nasdaq 0.35 pct (Updates to open)By Tanya AgrawalMay 1 Wall Street opened higher on Monday, led by technology and financial stocks, after U.S. Congress negotiators averted a government shutdown later this week by hammering out a federal funding deal late on Sunday.The House of Representatives and Senate must approve the deal before the end of Friday, as must President Donald Trump, to keep the government funded through the end of Sept. 30."We have some renewed optimism that the market strength will continue helped by strong earnings and as a government shutdown was averted," said Andre Bakhos, managing director at Janlyn Capital LLC in Bernardsville, New Jersey."We''re also coming off a weak trading session on Friday, and investors are keeping an eye on the jobs report later this week."At 9:35 a.m. ET (1335 GMT) the Dow Jones Industrial Average was up 13.15 points, or 0.06 percent, at 20,953.66.The S&P 500 was up 4.3 points, or 0.18 percent, at 2,388.5 and the Nasdaq Composite was up 21.15 points, or 0.35 percent, at 6,068.76.Nine of the 11 major S&P 500 sectors were higher, led by identical gains of 0.35 percent in the financial and technology indexes.Apple''s 1.1 percent rise boosted all three indexes.Trading volume is expected to be light, with many markets in Asia and Europe closed for Labor Day, but will pick up through the week as major earnings reports and economic data pour in.A data-heavy week will culminate with the monthly jobs report on Friday. The Federal Reserve''s two-day meeting that starts on Tuesday could shed policymakers'' insights into weak first-quarter economic growth.U.S. consumer spending was unchanged in March for a second straight month and the overall monthly inflation rate fell for the first time in a year. But, inflation-adjusted consumer spending increased after two straight months of decline.Stocks edged lower on Friday due to the weak GDP data, but Wall Street''s major indexes ended with gains for April, helped by strong quarterly earnings.Overall, profit at S&P 500 companies are estimated to have risen 13.6 percent in the first quarter, the most since 2011, according to Thomson Reuters I/B/E/S.Shares of Caterpillar were up 0.66 percent at $102.92. Barron''s said the stock could rise another 20 percent over the next year, helped by Trump''s policies.Dish Network fell 2.22 percent to $63.01 after the satellite TV provider''s quarterly revenue missed expectations.Tribune Media jumped 8.9 percent to $39.82 after Reuters reported Twenty-First Century Fox is in talks with Blackstone to buy the television station operator. Fox shares were down 0.13 percent at $30.50.Advancing issues outnumbered decliners on the NYSE by 1,663 to 857. On the Nasdaq, 1,447 issues rose and 747 fell.The S&P 500 index showed 17 new 52-week highs and three new lows, while the Nasdaq recorded 40 new highs and 14 new lows. (Reporting by Tanya Agrawal in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-stocks-idINL4N1I32KS'|'2017-05-01T11:47:00.000+03:00'
'1044314b786cb32dd7b2ab7e8969cb992948b06d'|'Saudis take 100% control of America''s largest oil refinery - May. 1,'|'Saudi Aramco CEO: IPO still on track for 2018 America''s largest oil refinery is now fully owned by Saudi Arabia. Saudi Aramco, the kingdom''s state-owned oil behemoth, took 100% control of the sprawling Port Arthur refinery in Texas on Monday, completing a deal that was first announced last year. Port Arthur is considered the crown jewel of the US refinery system. The Gulf Coast facility can process 600,000 barrels of oil per day, making it the largest refinery in North America. Aramco previously owned 50% of Port Arthur through a joint venture co-owned with Royal Dutch Shell ( RDSA ) called Motiva Enterprises. But the two oil giants had a rocky relationship and reached a deal in March 2016 to separate their assets. Shell put out a statement on Monday confirming the "completion" of that break-up. In addition to Port Arthur, Aramco is acquiring full ownership of 24 distribution terminals. Aramco also gets the exclusive right to sell Shell-branded gasoline and diesel in Georgia, North Carolina, South Carolina, Virginia, Maryland, the eastern half of Texas and the majority of Florida. Related: Trump''s energy plan isn''t a game-changer Aramco''s deal allows the oil giant to shore up one of its best customers -- the US -- ahead of next year''s planned IPO . Now that it controls the largest American refinery, Aramco can send more Saudi crude into the US for refining to sell to North American drivers. Saudi Arabia is already America''s second-largest source of crude, behind only Canada. The US imported 1.3 million barrels of Saudi crude a day in February, up 32% from last year, according to the Energy Information Administration. Saudi Arabia is hoping the Aramco IPO will be valued at a stunning $2 trillion. The kingdom continues to grapple with low oil prices and a bloated budget , making it critical that the Aramco IPO goes off without a hitch. Saudi Arabia, the largest oil exporter in the world, dramatically slashed taxes on Aramco in March in an effort to quell concern about the oil giant''s valuation. Related: Saudi Arabia reverses pay cuts for state workers Even as Saudi Arabia extends its reach in the US, the Trump administration has pushed for American energy independence by unleashing the domestic energy industry . Trump said in a May 2016 speech that he wants to bring about independence from "our foes and the oil cartels." Trump also threatened before he was elected to halt imports of oil from Saudi Arabia and other Arab countries if they didn''t commit ground troops to fight ISIS. After Trump was elected, Saudi energy minister Khalid al-Falih later warned that blocking the kingdom''s crude could backfire. "Trump will see the benefits and I think the oil industry will also be advising him accordingly that blocking trade in any product is not healthy," Falih told the Financial Times in November. Despite that rhetoric, relations between the US and Saudi Arabia appear to have improved under Trump. Saudi Arabia''s powerful deputy crown prince Mohammed bin Salman met with Trump in the Oval Office in March, a meeting heralded by the kingdom as an "historic turning point" between the two countries. CNNMoney (New York)   1:53 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/05/01/investing/saudi-arabia-buys-largest-oil-refinery-port-arthur/index.html'|'2017-05-01T21:53:00.000+03:00'
'd66c0cc9e89cf56320f2c6e1216b52481b2d3175'|'PRESS DIGEST- Financial Times - May 1'|'Funds News - Sun Apr 30, 2017 - 8:36pm EDT PRESS DIGEST- Financial Times - May 1 May 1 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines on.ft.com/2qn12Zp Overview Twenty-First Century Fox is in talks with Blackstone Group to launch a joint bid for U.S. broadcaster Tribune Media Co, according to two people familiar with the negotiations. Sheikh Ahmad Al-Fahad Al-Ahmed Al-Sabah, the FIFA Council member who also runs the Olympic Council of Asia, said on Sunday he was resigning all his posts in football after being drawn into the latest bribery scandal to hit the game''s governing body. Financial Conduct Authority has hired Vincent Coughlin as its chief criminal counsel, taking over from Claire Lipworth, who has joined law firm Hogan Lovells. (Compiled by Rama Venkat Raman in Bengaluru; Editing by Peter Cooney) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL4N1I303Y'|'2017-05-01T08:36:00.000+03:00'
'4df9cdc2b47988f94c4af85cd2d9f593bb9b1cae'|'U.S. top court throws out ruling allowing Miami predatory lending suit'|'Funds News - Mon May 1, 2017 - 10:22am EDT U.S. top court throws out ruling allowing Miami predatory lending suit WASHINGTON May 1 The U.S. Supreme Court on Monday threw out a lower court ruling that had given Miami the green light to pursue lawsuits accusing major banks of predatory mortgage lending to black and Hispanic home buyers, but gave the city another chance to argue its case. The court ruled 8-0 in tossing out the ruling in favor of Miami by the Atlanta-based 11th U.S. Circuit Court of Appeals. Bank of America Corp and Wells Fargo & Co had challenged the decision to permit the lawsuits by the Florida city against the banks. Three justices said they would have thrown out the lawsuit altogether. Newly appointed Justice Neil Gorsuch did not participate. (Reporting by Lawrence Hurley; Editing by Will Dunham) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-court-discrimination-idUSW1N1GY00E'|'2017-05-01T22:22:00.000+03:00'
'3bed4a0c33f3f4cae0ec70c51631f68606e2d9f8'|'Frankfurt lays claim to Wall Street banks after Brexit'|' 31pm BST Frankfurt lays claim to Wall Street banks after Brexit FILE PHOTO: The famous skyline with its banking district is pictured in early evening next to the Main River in Frankfurt, Germany, January 19, 2016. REUTERS/Kai Pfaffenbach/File Photo By John O''Donnell - FRANKFURT FRANKFURT The five largest U.S. investment banks are set to move hundreds of key staff within two years from London to Frankfurt, the city''s chief lobbyist told Reuters, in a move that could bolster Germany''s role in global finance. Hubertus Vaeth, who has been promoting the city to banks since Britain voted to leave the European Union last year, told Reuters he expected a "significant chunk" of their operations to come to Frankfurt. "That means, in the case of JP Morgan, Morgan Stanley, Goldman Sachs, Citigroup and Bank of America a move of more than 1,000 jobs in total to Frankfurt, which will happen by the end of Brexit talks," said Vaeth, who heads Frankfurt Main Finance. Vaeth''s remarks come as rival centres, chiefly Frankfurt, Dublin, Paris and Luxembourg, make a final push to win banks searching for a foothold in the European Union after Britain''s departure limits their freedom to trade. Frankfurt, which long grappled with an unfavourable backwater image, promotes itself as a stable city for banks seeking to relocate, while the German government and politicians have discreetly welcomed those looking to move. As uncertainty has grown in the wake of a snap election in Britain, and as talks between British Prime Minister Theresa May and her counterparts in Brussels got off to an acrimonious start, Germany''s steady, if sometimes grey, image holds appeal. For executives worried about further political uncertainty in the euro currency bloc, the city''s location in the region''s strongest economy has helped. Vaeth conceded that rival Dublin would also benefit, hosting possibly even more staff from the banks. But he believes they will be primarily in administrative or back-office functions. As in Germany, Ireland''s politicians have taken an active role in the campaign. LOBBYING EFFORTS Irish Prime Minister Enda Kenny met senior Morgan Stanley executives in New York to discuss locating in Ireland during a visit to there to mark St. Patrick''s Day in March, one person familiar with the matter said. "The decisions on moving location have been taken, more or less," said Vaeth. "And it is usually two to three locations that will benefit. "Key operations and decision-makers would come to Frankfurt. Dublin would mainly get middle and back office operations." He said 20 banks were now in advanced talks with the regulators about getting a licence in Germany. Some of the banks, however, have yet to finalise their plans. Citigroup, for example, has said it will decide by the end of June. Morgan Stanley, whose chief executive James Gorman recently visited Frankfurt, and Goldman Sachs prefer Germany''s financial capital as their main base. But JP Morgan has indicated that the split with rival centres may be more even. Bank of America has far closer ties to Dublin, where until recently it booked much of its trading, and where it still has a licence. One of its executives has said the Irish city is its default option as an EU base. Ireland continues to canvass for Dublin and one person with knowledge of the matter said Dublin remained in contention for any operations that Morgan Stanley chooses to move. The banks declined to comment. Paris too, currently distracted by presidential elections, still hopes to win new business. Christian Noyer, the former French central bank chief tasked with promoting Paris to banks, will travel to New York later this month to make the case for doing business there. (Additional reporting by Padraic Halpin in Dublin, Anjuli Davies in London and Maya Nikolaeva in Paris; editing by Andrew Roche)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-banks-frankfurt-idUKKBN
'680ef7104e2f1abd01a5e92a5b855544515d0113'|'BRIEF-Johnson Outdoors Q2 earnings per share $1.39'|'Market News - Fri May 5, 2017 - 6:53am EDT BRIEF-Johnson Outdoors Q2 earnings per share $1.39 May 5 Johnson Outdoors Inc: * Johnson Outdoors posts strong growth in fiscal second quarter * Q2 sales $149.8 million Fed should not follow rules-based approach -Fischer May 5 Fed Vice Chairman Stanley Fischer on Friday issued a firm defense of the U.S. central bank''s decision not to follow a mathematical rule when deciding monetary policy as Republicans in Congress renew efforts to curb the current consensus-based approach. * Graphic: Trade-weighted sterling since Brexit vote http://tmsnrt.rs/2hwV9Hv MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-johnson-outdoors-q2-earnings-per-s-idUSASA09NEQ'|'2017-05-05T18:53:00.000+03:00'
'98ad09dc4fb86a1297be80f8bdd98d5928ae4bb9'|'METALS-Copper heads down as inventory, demand outlook weigh'|'Market News - Fri May 5, 2017 - 3:42am EDT METALS-Copper heads down as inventory, demand outlook weigh (Recasts to show copper lower) By James Regan SYDNEY May 5 Copper prices dropped on Friday, compounding hefty overnight losses amid concerns about rising inventories and weakening consumption. * COPPER: Three-month copper on the London Metal Exchange was down by $4 at $5,546 a tonne, as of 0728 GMT. In the previous session, copper hit a five-month low. * SHANGHAI: The most-traded copper contract on the Shanghai Futures Exchange ended down 1.25 percent to 44,980 yuan ($6,522) a tonne. * LME STOCKS: Inventories in London Metal Exchange (LME) warehouses rose nearly 33,000 tonnes on Wednesday, exchange data showed, bringing this week''s increase to 64,000 tonnes, or 25 percent. * NEGATIVE DATA: The impact of swelling stockpiles of the metal was compounded by data this week showing U.S. factory activity slowed in April while growth in China''s manufacturing sector slowed more than expected. * PHILIPPINES: The Philippine government will move forward with a second review of the country''s mines despite the removal of Regina Lopez as environment minister, a finance official said on Thursday. NICKEL: ShFE nickel dropped 3.3 percent to its lowest price in almost a year. LME nickel slipped 0.83 percent to $8,940 a tonne. * FREEPORT TALKS: Indonesian authorities on Thursday kicked off negotiations with Freeport McMoran Inc. over a contract dispute that has prompted the U.S. mining giant to scale down operations in the eastern province of Papua. * GLENCORE FORECAST: Mining and commodities trading group Glencore has raised its operating profit forecast for the trading division this year by $100 million and said its mining operations were expected to recover from some weather-related disruption at the start of the year. * SHANGHAI ALUMINIUM: ShFE aluminium closed 0.47 percent lower, while LME aluminium was flat at $1,913 a tonne. * MARKETS NEWS: Asian stocks declined for a third consecutive day on Friday as fresh falls in commodities raised concerns about the health of the global economy, though the euro bucked the broad weakness on receding concerns about France''s presidential election. * For the top stories in metals and other news, click or PRICES '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1I725H'|'2017-05-05T15:42:00.000+03:00'
'552e49551236372b94becd63b022ef86e83bd234'|'EU plans to ease derivatives rules in bid to boost economy'|'Business News - Thu May 4, 2017 - 12:02pm BST EU plans to ease derivatives rules in bid to boost economy European Commission Vice-President Jyrki Katainen is interviewed by Reuters on the fringe of a European People Party (EPP) summit in St Julian''s, Malta, March 30, 2017. REUTERS/Darrin Zammit Lupi By Francesco Guarascio and Huw Jones - BRUSSELS/LONDON BRUSSELS/LONDON The European Union has proposed easing its derivatives rules in a move which will save pension funds billions of euros, as it seeks to boost its capital markets union (CMU) after Britain''s decision to leave the bloc. New rules were introduced in 2012 after the then opaque sector accentuated the 2007-09 financial crisis, but policymaker focus has by now shifted to helping the "real economy" create jobs by cutting red tape for companies and investors, though not for big banks. The European Commission proposed a draft law on Thursday to continue shielding pension funds - a sector it sees as critical for investment in infrastructure - from having to clear their derivatives trades for a further three years, saving them billions of euros in collateral requirements. "Our aim is to simplify rules as well as to eliminate disproportionate costs and burdens to small companies in the financial sector, corporates and pension funds," European Commission Vice President Jyrki Katainen, said in a statement. Brussels is trying to encourage companies to use markets to raise funds and wean them off their heavy reliance on bank loans. But CMU has made slow progress, suffering a knock after Britain, by far the EU''s biggest capital market, decided to leave the bloc in 2019. Efforts to revive securitisation, a form of debt security, have also stalled. Thursday''s plans, which need approval from the European Parliament and EU states to become law, are among the first after a root-and-branch review in 2015 of crisis-era financial rules. As reported by Reuters, only one side of a derivatives trade would have to report it, helping to cut compliance costs. The commission said such changes could save market participants, especially energy companies and manufacturers, up to 2.6 billion euros in operational costs and up to 6.9 billion euros in one-off costs. Brexit has also prompted the commission to look again at how derivatives are cleared, a process carried out by a third party to ensure a trade is completed. The commission said it intends to present further legislative proposals before the summer to address "important and emerging" challenges in derivatives clearing. "In this context, it should also ensure effective supervisory arrangements for clearing houses located outside the EU that clear substantial volumes of derivatives denominated in EU currencies and play a key systemic role for EU financial markets." Euro zone policymakers have said that the bulk of clearing of euro-denominated securities like derivatives and bonds should move to the single currency area. The London Stock Exchange''s ( LSE.L ) LCH clearing house clears most euro-denominated trades, but this activity will be outside the bloc''s legal framework after Brexit. (Reporting by Huw Jones; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-derivatives-regulations-idUKKBN1801AC'|'2017-05-04T19:02:00.000+03:00'
'65dbf1eed4842ac77f1efa2d0ae072313c092dd0'|'Alitalia sale process to kick off within 15 days - minister'|'Business   8:15am BST Alitalia sale process to kick off within 15 days - minister FILE PHOTO: An Alitalia airplane takes off at the Fiumicino International airport in Rome, Italy February 12, 2016. REUTERS/Tony Gentile/File Photo ROME The sale process for troubled flagship carrier Alitalia will kick off in the next 15 days, Italy''s Industry Minister said on Wednesday. "The commissioners need to draw up a programme and are expected to start looking at expressions of interest within 15 days," Carlo Calenda said on Italian radio. On Tuesday Alitalia filed to be put under special administration for the second time in less than a decade. The government appointed three commissioners to see whether Alitalia can be restructured, either as a standalone company or through a partial or total sale, or else liquidated. "I think however an alliance with another carrier is needed," Calenda said. (Reporting by Massimiliano Di Giorgio, writing by Stephen Jewkes)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-alitalia-restructuring-minister-idUKKBN17Z0JI'|'2017-05-03T15:15:00.000+03:00'
'74545175fedfe160b8d011523e00fbd772b0b50e'|'BRIEF-Canadian Solar appoints Daul as vice president, americas, energy group'|' 21am EDT BRIEF-Canadian Solar appoints Daul as vice president, americas, energy group May 3 Canadian Solar Inc: * Canadian solar appoints TY Daul as vice president, americas, energy group Source   * Teranga Gold announces effective date of 1 for 5 share consolidation MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-canadian-solar-appoints-daul-as-vi-idUSASA09MEV'|'2017-05-03T19:21:00.000+03:00'
'4821cd11c93a93add507c13c000c1be1f4e020cb'|'UPDATE 1-Standard Chartered favours Frankfurt as EU hub after Brexit'|'Market News  31am EDT UPDATE 1-Standard Chartered favours Frankfurt as EU hub after Brexit * Bank in talks with regulators about setting up subsidiary * Chairman says unlikely to see material impact from Brexit * Lender looking to resume dividends as soon as possible (Adds details) By Lawrence White LONDON, May 3 Standard Chartered is in talks with regulators about making Frankfurt its European base to secure market access to the European Union when Britain leaves the bloc. "We are looking at setting up a subsidiary in the EU to ensure we are prepared," Chairman Jose Vinals said on Wednesday at the Asia-focused bank''s annual shareholder meeting in London. "The choice of Frankfurt is very natural as we have a branch there and we do euro clearing there," he said. London-based banks are expected to announce more concrete plans over the next two months for how they will ensure that they can continue serving customers as Britain prepares to negotiate its EU departure. Financial services firms need a regulated subsidiary in an EU country to offer their products across the bloc if Britain no longer has access to the European single market. Bankers say Frankfurt is set to win the most business following a discreet but concerted campaign to promote the financial centre of Europe''s biggest economy. Vinals, in his first appearance in front of shareholders since being appointed chairman, said Standard Chartered is unlikely to see a material impact from Brexit. He said the board had decided it was the bank''s best interest not to declare an ordinary divided for 2016, but said it is committed to resuming dividends as soon as possible. The bank halted its dividend in 2015 to bolster its balance sheet, under a plan to restore profitability after three years of falling profit and strategic missteps. (Reporting By Lawrence White; writing by Andrew MacAskill; editing by Simon Jessop and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-eu-stanchart-idUSL8N1I53F4'|'2017-05-03T19:31:00.000+03:00'
'f09fed4070545675296b179c03e98256dfc7c998'|'High-end iPhone pushes prices up for Apple, even as sales slow'|'SAN FRANCISCO May 2 Apple Inc sold fewer iPhones than expected in the first three months of the year, but that bare statistic hides an important bright spot for the company. The average selling price of an iPhone grew more than it has since the days of the iPhone 6.Apple does not break out figures for how many of each model it sells, but executives pointed to the premium-priced iPhone 7 Plus, which sells for up to $969 fully loaded, as the key to boosting the amount it gets on average for each phone.The average selling price of iPhones is important to Apple because the smartphone market is maturing and its growth slowing. Apple''s ability to get more cash for each phone sold is critical to growing its profits."One of the things that we did not get right was the mix between the iPhone 7 and the iPhone 7 Plus," Apple Chief Executive Tim Cook told analysts on the company''s earnings conference call on Tuesday, in response to a question about how supply of its top-end phone was constrained during the holiday shopping season."The demand was much stronger for the 7 Plus than we had predicted, and so it took us a little while to adjust all the way back through the supply chain and to bring iPhone 7 Plus into balance, which occurred this past quarter."The popularity of the iPhone 7 Plus model represents a triumph for Apple with a new departure: packing a unique feature into its most expensive iPhone.The iPhone 6 Plus differed from its smaller sibling only in screen size, but the 7 Plus model has a physically different camera that enables what Apple calls "portrait mode" for taking shots with a blurred background - a feature more commonly found on large, expensive digital cameras.It is a strategy Apple could use again. Many analysts believe the company will reserve certain features for the premium-priced model of its next, eagerly awaited iPhone - such as a higher-quality display - that could sell for more than $1,000.So far, customers seem to be willing to pay more for the extra camera in the iPhone 7 Plus, which is one reason that Apple made slightly more revenue selling slightly fewer iPhones in the latest quarter than a year ago, for an average price of $656.That price was 2 percent higher than 12 months ago, the best improvement in a year. During 2016, selling prices even went into a decline, year on year, during the iPhone 6s cycle after soaring on the release of the original iPhone 6 and 6 Plus, which introduced larger screens to the Apple lineup for the first time."The important thing is the average selling price should not fall," said Anil Doradla, a research analyst with William Blair & Co. "I have full confidence that it won''t. Apple just doesn''t cut pricing to gain market share. It''s not in their DNA." (Reporting by Stephen Nellis; Editing by Jonathan Weber and Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/apple-results-iphone-idUSL1N1I428O'|'2017-05-03T09:04:00.000+03:00'
'f20424d14ab54198a21dba5ee70bb111bba9d2c2'|'UPDATE 3-Allianz upbeat on 2017 after first quarter, despite tough market'|'* Sees 2017 operating profit of 10.8 bln euros* Q1 operating profit up 9.4 pct at 2.9 bln euros* Q1 revenues up 2.5 pct, net profit down 15 pct (Updates with details on combined ratio, asset management; fresh share price; wraps in CEO statements on acquisitions)By Tom Sims and J<>rn PoltzMUNICH, May 3 German insurer Allianz is optimistic about its prospects despite a very tough business environment, the German insurer said on Wednesday as it posted a slightly better than expected first-quarter profit."We are looking optimistically to the future, though I will remind you that we are operating in a very, very difficult environment," Chief Executive Oliver Baete told Allianz''s annual general meeting, held on the site of the 1972 Munich Olympics.Allianz also confirmed its forecast for 2017 as it said operating profit had risen 9.4 percent to 2.9 billion euros ($3.2 billion) in the quarter, while revenue was 2.5 percent higher at 36.2 billion euros."The key indicators show that the underlying business is delivering," RBC Capital Markets said. "The highlights provided today suggest that the business segments are performing well."Shares in Allianz were up 0.7 percent at 177.25 euros by 1334 GMT in a flat STOXX Europe insurance index.Allianz and the insurance industry are facing challenges including increased regulation, competition from financial technology startups, uncertain U.S. policy, and questions surrounding Britain''s exit from the European Union.Despite this, the German group affirmed its forecast for 2017 operating profit of 10.8 billion euros ($11.8 billion), plus or minus 500 million euros, barring unforeseen events, crises or natural catastrophes.GOOD START TO 2017"Our first-quarter results were a good start into 2017 and our balance sheet remained strong," Baete said in a statement.But large claims and natural disasters did drag on earnings in the first quarter, when it had to pay out relatively more. Allianz said its combined ratio, a closely-watched measure of expenses to premium income, rose to 95.6 from 93.3 percent.Allianz said net income attributable to shareholders was 1.8 billion euros in the quarter, down 15.3 percent from a year ago, due largely to one-off gains from the sale of financial stakes the previous year.Operating profit was 4 percent and net income 2 percent better than market consensus expectations, according to UBS.Allianz''s asset management business, which includes bond fund manager PIMCO, also showed signs of strength, with third-party assets under management rising to 1.40 trillion euros from 1.36 billion euros a year earlier and Baete told investors that PIMCO was "running splendidly".Baete pointed to property insurance as a sector that was of particular interest for Allianz for acquisitions, but sought to quell concerns from some investors that it would rush into M&A."We will continue to be very careful investing your money," Baete said, noting that market prices are high.Also at the AGM, shareholders formally ratified a proposal naming Michael Diekmann, the company<6E>s former CEO, as the new chairman of the supervisory board. He succeeds Helmut Perlet with effect from May 7. (Editing by Maria Sheahan and Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/allianz-results-idINL8N1I51YM'|'2017-05-03T12:38:00.000+03:00'
'57502ad693241da16b3e2c5498a27b52c8b28682'|'UPDATE 1-Sherritt to cut Madagascar nickel mine stake for debt relief'|'Sumitomo Corp ( 8053.T ) said on Tuesday it and Korea Resources Corp (Kores) [KOREC.UL] will get a larger stake in the Ambatovy nickel project in Madagascar, as part of a debt restructuring deal with partner Sherritt International Corp ( S.TO ).Sherritt''s stake in the project will be reduced to 12 percent from 40 percent in exchange for the elimination of C$1.4 billion ($1.02 billion) of debt owed to Sumitomo and Kores, according to the revised joint venture agreement.The revised terms "removes the largest area of uncertainty for both Ambatovy and Sherritt," Sherritt Chief Executive David Pathe said on Monday.Sumitomo''s stake will increase to 47.7 percent from 32.5 percent and Kores'' share will climb to 40.3 percent from 27.5 percent, Sumitomo said.Toronto-based Sherritt said it will remain the operator of Ambatovy, which consists of a nickel-cobalt mine and processing and refining facilities, until at least 2024.The deal is expected to be finalized by the end of September, a Sumitomo spokeswoman said.Sumitomo''s total exposure to the Ambatovy project was around $1.7 billion, including about $600 million loans to Sherritt.Sumitomo said in February nickel output at Ambatovy reached 42,100 tonnes in 2016, and was expected to rise to 48,000-52,000 tonnes this year.But Sherritt said last month that Ambatovy nickel production in the first quarter of this year was down 14 percent from a year ago, and down 25 percent from the previous quarter.(Reporting by Nicole Mordant in VANCOUVER and Yuka Obayashi in TOKYO; Editing by Leslie Adler, James Dalgleish and Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-sherritt-intl-ambatovy-idUSKBN17X2FR'|'2017-05-02T05:49:00.000+03:00'
'b976c4dcba71dde08568e7fe045ae9502597416b'|'Bike maker Accell Group ends takeover talks with Pon Holdings'|'  7:33am BST Bike maker Accell Group ends takeover talks with Pon Holdings Accell Group, the maker of Dutch bicycle brands Sparta and Batavus, has had ended talks with Pon Holdings regarding takeover bid from the Dutch transportation conglomerate as the offer was not high enough, it said on Tuesday. Accell Group said it was ending the discussions after it decided an improved offer of 33 euros per share (excluding the dividend of 0.72 euro for 2016) did not "sufficiently reflect the future value creation of Accell Group and the expected synergies." The company added that the bid did not have sufficient shareholder support. Accell Group announced Pon''s initial bid of 32.72 euros per share in cash, including the 2016 proposed dividend on April 11, sending its shares up almost 20 percent. A successful merger would have created one of the world''s largest makers of bikes and electric bikes and bring more than a dozen brands together. (Reporting by Alan Charlish, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-accell-group-m-a-ponholdings-idUKKBN17Y0HW'|'2017-05-02T14:33:00.000+03:00'
'dd1aa9fc090ecc44066bd6a9f20ef2a2d3add60b'|'BOJ minutes - Members agreed to closely monitor consumer prices'|' 14am BST BOJ minutes - Members agreed to closely monitor consumer prices A Japanese flag flutters atop the Bank of Japan building in Tokyo, Japan, September 21, 2016. REUTERS/Toru Hanai/File Photo TOKYO Bank of Japan policymakers agreed to closely monitor consumer prices because they currently lack upward momentum, minutes of the central bank''s March 15-16 policy meeting showed on Tuesday. Policymakers said that over time, consumer prices will reach the central bank''s 2 percent inflation target but the BOJ needs to continue with its quantitative easing, according to the minutes. One policymaker said the fact that the BOJ had to significantly boost government debt purchases to contain rising yields in February demonstrated weakness in its yield curve control policy, the minutes showed. The BOJ kept monetary policy on hold at the meeting, and Governor Haruhiko Kuroda dampened expectations that the central bank could start to scale back its quantitative easing. At a subsequent meeting on April 26-27, the BOJ trimmed its consumer price forecast for this fiscal year slightly as inflation expectations have struggled. (Reporting by Stanley White; Editing by Chang-Ran Kim)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-boj-minutes-idUKKBN17Y00L'|'2017-05-02T08:14:00.000+03:00'
'a812f14a17fc3dcb83508a259e2dd967348af9fc'|'UPDATE 1-Noble Energy to sell Marcellus gas assets for $1.23 bln'|'(Adds details, background)May 2 U.S. oil and gas producer Noble Energy Inc said on Tuesday it would sell all its natural gas production assets in the Marcellus shale field for $1.23 billion, as it shifts focus to liquids-rich, higher-margin assets.The company said its interest in CONE Midstream Partners LP , which owns natural gas pipelines, was not part of the deal.Noble did not name the buyer.Oil and gas companies have been pushing into oil-rich basins such as the Permian in West Texas, in a bid to increase exposure to the low-cost drilling, following a more than two year slump in oil prices.Earlier this year, Noble bought smaller rival Clayton Williams Energy Inc for about $2.7 billion to enhance its presence in the Permian.The Marcellus deal comprises an upfront cash payment of $1.13 billion and $100 million more contingent on natural gas prices.Noble said proceeds from the deal will be used to pay down debt it had incurred to buy Clayton Williams.The company expects to close the deal by the end of the second quarter.BofA Merrill Lynch was Noble''s financial adviser while Porter & Hedges provided legal counsel. (Reporting by Sayantani Ghosh in Bengaluru; Editing by Shounak Dasgupta and Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nobleenergy-divestiture-idINL4N1I432S'|'2017-05-02T09:53:00.000+03:00'
'7a743945aa2d39e2127e4b24a5be0f4f69d9fd51'|'Merck''s revenue rises 1.3 pct'|'Company News - Tue May 2, 2017 - 6:52am EDT Merck''s revenue rises 1.3 pct May 2 Merck & Co Inc reported a 1.3 percent rise in quarterly revenue, helped by higher demand for its key immuno-oncology drug Keytruda. Net income attributable to Merck rose to $1.55 billion, or 56 cents per share, in the first quarter, from $1.13 billion, or 40 cents per share, a year earlier. Total revenue climbed to $9.43 billion from $9.31 billion. (Reporting by Natalie Grover; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/merck-co-results-idUSL4N1I42ZP'|'2017-05-02T18:52:00.000+03:00'
'c917020afe87f4417699e598f22817cce27999da'|'Credit Suisse pays $400 mln over toxic mortgages, failed U.S. credit unions'|'By Jonathan Stempel May 3 Credit Suisse Group AG paid $400 million to settle claims that the Swiss bank sold toxic mortgage securities that contributed to the demise of three federal credit unions, a U.S. regulator said on Wednesday.The National Credit Union Administration said the settlement resolves the 19th of 20 lawsuits it filed in the last six years against banks over their underwriting or sale of securities to five credit unions that failed in 2009 and 2010.Including a $445 million accord with UBS Group AG announced on Monday, the NCUA said it has recovered roughly $5.1 billion from the banks from these lawsuits.It said proceeds will be used to pay claims against the Constitution Corporate, Members United Corporate, Southwest Corporate, U.S. Central and Western Corporate credit unions.Credit Suisse''s payment resolves claims that the bank misled Southwest Corporate, U.S. Central and Western Corporate about the risks of $715 million of residential mortgage-backed securities bought from 2005 to 2007, court records show.The payment is separate from a $50.3 million settlement that the bank reached in April 2016 to resolve claims in a separate NCUA lawsuit, the regulator said.Credit Suisse did not admit wrongdoing.A spokeswoman, Nicole Sharp, said the bank was pleased that "another legacy matter has been resolved," and had set aside enough money for the settlement in the first quarter.The NCUA voluntarily dismissed its case against Credit Suisse on Tuesday in connection with the settlement, court records show.It said the 20th case over mortgage securities relates to the now-bankrupt NovaStar Financial Corp.The case is National Credit Union Administration Board v. Credit Suisse Securities (USA) LLC et al, U.S. District Court, District of Kansas, No. 12-02648. (Reporting by Jonathan Stempel in New York; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/credit-suisse-gp-creditunions-idINL1N1I51QW'|'2017-05-03T17:04:00.000+03:00'
'6b634482cfa255f6c56a9d965ed651af0e644638'|'Peugeot gears up with nuTonomy for self-driving car test'|'Technology News - Wed May 3, 2017 - 9:37am IST Peugeot gears up with nuTonomy for self-driving car test The logo of French car maker Peugeot is seen at a dealership in Nice, France, February 23, 2017. REUTERS/Eric Gaillard/Files FRANKFURT French carmaker Peugeot is partnering with Boston, Massachusetts-based tech firm nuTonomy to test self-driving cars in Singapore. NuTonomy''s software, sensors and computing platforms will be installed in Peugeot 3008 models as part of plans to develop the technology needed for large fleets of autonomous cars, PSA and nuTonomy said in a statement on Wednesday. The latest PSA Group project seeks to work on "level 5" autonomous capable vehicles, which require no driver input, and will allow both companies to study how an "on-demand autonomous vehicle mobility service" performs, they said. The combination is the latest between technology and automotive companies after Daimler, which owns Mercedes-Benz, last month unveiled an autonomous cars development partnership with supplier Robert Bosch, while BMW has announced an alliance with chip maker Intel and Israel''s Mobileye. Autonomous driving in urban areas requires a more radical approach to vehicle design, particularly for software and sensors, to help a car navigate inner city obstacles, said Anne Laliron, Head of the Business Lab at PSA Group. "That is the reason we jump on the opportunity to work with nuTonomy," Laliron told Reuters. PSA Group will use the project to learn about what components make sense, and which suppliers are available, Laliron said. Following the initial phase of this partnership, the companies will consider expanding their on-road AV testing initiative to other major cities. nuTonomy, a software company founded by Massachusetts Institute of Technology (MIT) academics and McKinsey management consultants was the first to begin on the road testing of driverless taxi services in Singapore last year. It raised $16 million last May in a funding round led by Highland Capital Partners and has backing from Singapore government authorities and Samsung Ventures, among others. (Reporting by Edward Taylor; Additional reporting by Eric Auchard; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/peugeot-nutonomy-singapore-idINKBN17Z06L'|'2017-05-03T02:07:00.000+03:00'
'6e44cd05d2c94a2417b8ab7128b596a20c9cd586'|'Kings and dragons drive Apple in China, even as iPhone sales stall'|'Cyber Risk - Wed May 3, 2017 - 2:06pm EDT Kings and dragons drive Apple in China, even as iPhone sales stall left right FILE PHOTO: An employee uses the Apple iPhone to demonstrate to reporters how to pay using the Apple Pay service at an Apple store in Beijing, China, February 17, 2016. REUTERS/Damir Sagolj/File Photo 1/2 left right FILE PHOTO: Customers and sales persons are seen at an Apple maintenance service store at a mobile phone market in Shanghai, January 24, 2013. REUTERS/Aly Song/File Photo 2/2 By Cate Cadell - BEIJING BEIJING Apple Inc has a new China growth driver: animated dragons and warring royals. As sales of its iPhones slip in a fiercely competitive market, the U.S. company is seeing stronger growth in its services business - from lucrative app sales to iTunes and digital payments. Driving this growth are online games available through its China App Store, such as current hits "King of Glory", "Fantasy Westward Journey" and "Nest of Dragons". These apps are taking on increasing significance as Apple looks to revive growth ahead of the 10-year anniversary of its first iPhone later this year. Graphic - Apple earnings: tmsnrt.rs/2pFiUil China drove around half the revenue growth for Apple''s App Store last year. Apple posted a surprise dip in iPhone sales in the first quarter, and revenue from Greater China dropped for a fifth straight quarter, by 14.1 percent. The iPhone has lost market share in China under competition from local rivals Oppo, Vivo and Huawei. It ranks fourth with around 10 percent. Services, however, were a bright spot. "We had extremely strong services growth during the quarter in China," CEO Tim Cook told analysts after the results were announced on Tuesday, adding the segment posted "double digit" growth. Revenue from Apple''s China App Store was more last year than that of China''s other app stores combined, according to app analytics firm App Annie. Apple takes a cut of all spending on or within apps via its store. "Most students will spend a few hundred to a few thousand (yuan) on games a year," said a 22-year-old Beijing university student surnamed Ning, who says the iOS (Apple''s operating system) experience feels more genuine than rivals in China. Apple''s China App Store, which draws some 75 percent of its revenue from games including top-grossing titles like "Clash of Clans", raked in $2 billion in the last quarter of 2016, and is seen globally as one of the company''s fastest-growing areas. CONTENT REGULATION But, as services sales rise, Apple faces new risks. China is tightening regulation of cyberspace, including online media, live streaming and gaming. On Tuesday, tighter rules were put in place for online news portals and network providers, the latest step in President Xi Jinping''s push to secure the Internet and maintain strict Communist Party control over content. "You never know what will change in the next year," said Tarun Pathak, director of research firm Counterpoint, referring to the uncertain regulatory environment for new online media. Beijing has ushered in a string of rules in the past year, raising scrutiny on Apple''s services business, and has created new barriers for developers entering the market. In April last year, Apple pulled its iBooks and Movies from China just weeks after they went live, citing regulations. Earlier this year, it also removed the New York Times app from its China App Store after a request from the authorities. Last month, Beijing''s cyber authority said it would call on Apple to answer violations it made in hosting live-streaming apps banned by the government. Apple''s gaming app business has also experienced setbacks due to tightening regulations. Rules introduced last year require a strict and lengthy licensing process for introducing games to Chinese app stores, barring developers outside China who don''t have a local partner. And the same Chinese smartphone makers who have chipped away at iPhone sales could also inc
'b3a26c00b3f2d7c11e002870a0edefde4fe72fd5'|'Swiss stocks - Factors to watch on May 2'|'ZURICH May 2 The following are some of the main factors expected to affect Swiss stocks on Tuesday:UBSThe Swiss bank paid $445 million to settle claims that the Swiss bank sold toxic mortgage securities that helped sink two federal credit unions, a U.S. regulator said.A former UBS banker who as a whistleblower helped U.S. authorities prosecute the Swiss bank for tax fraud, only to spend 2-1/2 years in prison for helping a billionaire client evade taxes, on Monday filed a $20 million libel lawsuit against his former employer.U.S. federal prosecutors subpoenaed several banks last month as part of a criminal investigation into possible manipulation of the U.S. Treasuries market, Bloomberg reported.For more clickGEBERITThe shower toilet and plumbing supplies maker reported a 2.1 percent year-on-year rise in first quarter net profit, helped by what it said was a largely positive environment in the construction industry.For more news, clickCREDIT SUISSEThe bank has deployed 20 robots within the bank, some of which are helping employees answer basic compliance questions, the Swiss bank''s global markets chief executive, Brian Chin, said.For more news, clickSYNGENTAThe group will remain in Switzerland after ChemChina''s $43 billion planned takeover, the Swiss company''s chairman told weekly Sonntagszeitung in an interview published on Sunday.As the Indian regulatory authority made no announcement by March 21, the company assumed that it has Indian approval, Michel Demare said. Syngenta, which will delist from the stock exchange as part of the acquisition, could later hold a new Swiss initial public offering.For more clickCOMPANY STATEMENTS* Celyad granted to Novartis a non-exclusive license for its allogeneic TCR-Deficient CAR-T Cells Patents.* OC Oerlikon Corporation AG Pfaeffikon raised its target of group''s sales and orders for full-year 2017 to around 2.6 billion Swiss francs and operating profitability (EBITDA) to approach 14 percent. First-quarter group orders climbed 21.1 percent to 712 million francs and sales increased 2.7 percent to 608 million francs compared to previous year, the company said.* Dufry said net earnings to equity holders stood at -60.8 million francs in the first quarter of 2017, compared to -85.6 million one year earlier. Its focus for 2017 and 2018 will be on implementing business operating model, which will generate additional efficiencies by end of 2018, the company said, while cash generation and deleveraging are the most important targets in 2017.* Lastminute.Com NV said 2017 revenues are seen slightly growing, with EBITDA in line with last year.* Baloise said it published the definitive interim outcome of its takeover bid for all publicly held registered shares in Pax Anlage AG, with Baloise''s long-term equity investment in Pax standing at 146,224 Pax Anlage Shares, equating to 81.24 percent of the voting rights and the share capital.* Pax Anlage AG said Paul-Henri Guinand is the new CEO, with Franz Rutzer withdrawing from the post.* Santhera said it had signed a distribution and supply agreement for Raxone (idebenone) with Pharmathen for Greece and Cyprus.* Novavest Real Estate said it had acquired the training and education centre of Swiss Federal Railways, SBB.ECONOMYSwiss retail sales increased 2.1 pct year on year in March, according to data published on Monday.Swiss PMI due at 0730 GMT. (Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL8N1I06XU'|'2017-05-02T03:21:00.000+03:00'
'43a18a11803ec6d6c6ae42170bfa0f9b7a304781'|'Asia Graphics-Asia-Pacific equities extend gains in April'|'May 2 Asia-Pacific equities extended gains in April as investors'' risk appetite increased, bolstered by the French elections'' first-round results, easing concerns over North Korea and strong first-quarter earnings posted by major Asian companies.MSCI''s broadest index of Asia-Pacific shares outside Japan , which is up more than 15 percent this year, was trading near a two-year high on Tuesday. The Indian stocks led the region with gains of over 20 percent so far this year, while China bottomed the list with a near 2.5 percent rise.Valuation-wise, New Zealand and Indian equities were the most expensive in the region with forward P/E multiples of over 18, while the South Korean and Hong Kong stocks were the cheapest, trading around 11 times their earnings.Asian markets performance: tmsnrt.rs/2p308Ak Asian markets valuations: tmsnrt.rs/2p3AlYF Asian markets-Analyst revision scores: tmsnrt.rs/2oSAYZa CONTEXT:Samsung Electronics Co Ltd flagged stronger earnings and announced a cancellation of treasury shares after posting a solid first-quarter profit boosted by the memory chip business, sending its shares to a new high.CITIC Securities Co Ltd, China''s biggest brokerage, reported a 40.2 percent rise in first-quarter net profit to 2.3 billion yuan ($333.63 million).TSMC said Q1 net profit up 35 pct to T$87.6 bln.(Reporting by Gaurav S Dogra and Patturaja Murugabooopathy; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/asia-graphics-asia-pacific-equities-exte-idINL4N1I424B'|'2017-05-02T07:19:00.000+03:00'
'68049e4f43bef68a18e8f76985b1d7c4b5cb5cb8'|'Embraer CEO reports strong sales activity in commercial jet unit'|'Company   11:39am EDT Embraer CEO reports strong sales activity in commercial jet unit SAO PAULO May 2 Brazilian planemaker Embraer SA has seen "great activity" in sales campaigns for its commercial aircraft in the United States and elsewhere, Chief Executive Paulo Cesar Silva told analysts on a Tuesday earnings call. Silva also said he was "very confident" that Embraer would get its first order from outside Latin America this year for the KC-390 military cargo jet currently in development. (Reporting by Brad Haynes)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/embraer-results-outlook-idUSE6N1H6002'|'2017-05-02T23:39:00.000+03:00'
'44dc443d0404051e96223b61645ebe0e00908763'|'T-Mobile to roll out 5G in US in 2019'|'Company News - Tue May 2, 2017 - 9:28am EDT T-Mobile to roll out 5G in US in 2019 May 2 T-Mobile US Inc, the No.3 U.S. wireless carrier, said on Tuesday it plans to roll out fifth-generation network (5G) in the United States in 2019. T-Mobile said it was targeting full nationwide 5G coverage by 2020. New 5G networks are expected to provide speeds at least 10 times and up to maybe 100 times faster than today''s 4G networks, with the potential to connect at least 100 billion devices with download speeds that can reach 10 gigabits per second. Bigger rivals Verizon Communications Inc and AT&T Inc are already moving closer to adopting 5G technology. While AT&T launched its 5G customer trial in December, Verizon plans to offer 5G network to certain customers in 11 U.S. cities in the first half of 2017. (Reporting by Supantha Mukherjee in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/t-mobile-us-5g-idUSL4N1I43JQ'|'2017-05-02T21:28:00.000+03:00'
'e6d1320b12c03cc737fc3295f471c7ad390a4716'|'Tesla is most painful stock for short sellers in 2017'|'Business News - Tue May 2, 2017 - 3:30pm EDT Tesla is most painful stock for short sellers in 2017 A Tesla logo is seen on media day at the Paris auto show, in Paris, France, September 30, 2016. REUTERS/Benoit Tessier/File Photo By Noel Randewich - SAN FRANCISCO SAN FRANCISCO Traders short selling Tesla''s ( TSLA.O ) soaring stock have lost $3.7 billion this year, eclipsing the combined losses of traders shorting Apple ( AAPL.O ), Amazon.com ( AMZN.O ) and Netflix ( NFLX.O ). The Palo Alto, California, company''s stock has become a battleground between investors betting Chief Executive Elon Musk will revolutionize the automobile industry and skeptics who question his aggressive production targets. Those conflicting views of the electric-car maker have deepened in recent weeks, with short sellers increasing their exposure even as paper losses mount and Tesla''s stock hits new highs. Short bets against Tesla have grown to $10.1 billion from $8.7 billion at the start of April, and during that time short sellers have racked up paper losses of $1.4 billion, according to S3 Partners, a financial analytics firm. Tesla''s stock has climbed 15 percent in the same period and has surged 50 percent so far in 2017. "You have your momentum guys riding this stock up and making a fantastic return, and the fundamental guys holding onto their shorts and building them and saying ''this can''t continue'' and waiting for the shoe to drop," said Ihor Dusaniwsky, S3 Partners'' head of research. "It''s one of your classic yin and yangs on Wall Street." Overall this year, short sellers betting against Tesla have lost $3.7 billion, far more than has been lost shorting any other U.S. stock, according to S3. The next three most painful stocks for short sellers this year have been Apple, Amazon.com and Netflix. Short sellers have lost $1.5 billion betting against Apple, $1.1 billion betting against Amazon.com and $776 million on Netflix, Dusaniwsky said. In Wednesday''s quarterly report, investors will look for an update on Tesla''s plan to launch its mass-market Model 3 sedan in the second half of 2017 and quickly increase production to a target of 500,000 cars per year in 2018. Last year it sold 76,230 cars, missing its target of at least 80,000 vehicles. "Investors will likely react strongly to any updates to Model 3 timing," UBS analyst Colin Langan wrote in a preview. Tesla in early April overtook General Motors ( GM.N ) as the largest U.S. automaker by market capitalization. On Tuesday, Tesla''s market value was $53 billion, nearly $3 billion larger than GM''s. GM''s stock fell 2.8 percent after it reported a decline in U.S. new vehicle sales for April in a fresh sign a long boom cycle that lifted the American auto industry to record sales last year is losing steam. (Reporting by Noel Randewich; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-tesla-stocks-idUSKBN17Y29O'|'2017-05-03T02:56:00.000+03:00'
'0371dd5230fcf3c9f3c3be48f8411fff445189c8'|'Apollo Global seeks to lower West Corp price tag - sources'|'By Greg Roumeliotis Buyout firm Apollo Global Management LLC ( APO.N ) is seeking to convince U.S. telephone conferencing services provider West Corp ( WSTC.O ) to lower its price expectations and accept a $2 billion acquisition offer, according to people familiar with the matter.Apollo has prevailed in an auction for West Corp and is in advanced negotiations to acquire the company, Reuters reported on Thursday. Since then, West Corp shares have risen 5.6 percent, ending trading on Monday at $26.71.However, Apollo''s latest offer values West Corp at least a couple of dollars per share below that level, the sources said on Monday. Negotiations between the two sides are continuing, as West Corp hopes to conclude these talks by May 9, when it is scheduled to report first-quarter earnings, the sources added.The sources asked not to be identified because the negotiations are confidential. Apollo declined to comment, while West Corp did not respond to a request for comment.West Corp announced last November that it had hired investment bank Centerview Partners LLC and law firm Sidley Austin LLP to help the company explore financial and strategic alternatives. Since then, its shares have risen by a third. It now has a market capitalization of close to $3 billion.However, the company is continuing to grapple with a debt pile of more than $3 billion, and has struggled to keep its conferencing technology competitive amid fierce price competition from its peers.Based in Omaha, Nebraska, West Corp offers technology that allows companies and public safety organizations to launch teleconferencing sessions and manage customer service calls.Private equity firms Thomas H. Lee Partners LP and Quadrangle Group LLC owned 21.5 percent and 4.5 percent of West Corp, respectively, as of March 23, according to a regulatory filing. This is the legacy of their taking the company private in 2006 for $4.1 billion, including debt. They then took West Corp public four years ago and sold down much of their stakes.Thomas H. Lee declined to comment, while Quadrangle Group did not respond to a request for comment.(Reporting by Greg Roumeliotis in New York; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-west-m-a-apollo-global-idINKBN17X2I1'|'2017-05-01T20:45:00.000+03:00'
'bd60d9dad53d4a462ed853dd2c466804019c9654'|'MOVES-Credit Suisse hires IPO banker Walsh from Bank of America'|'By Lauren Hirsch May 3 Credit Suisse Group AG has hired Matt Walsh as a managing director and co-head of its technology, media & telecom (TMT) equity capital markets (ECM) group, according to an internal memo seen by Reuters and confirmed by a spokesman on Wednesday.Walsh, who will start in July and be based in San Francisco, was most recently co-head of TMT ECM at Bank of America Corp . He will work alongside John Kolz, Credit Suisse''s co-head of TMT and healthcare ECM.Prior to joining Merrill Lynch in 2003, Walsh worked at investment banks JPMorgan Chase & Co and Putnam Lovell.Walsh''s past IPO work includes software company MuleSoft Inc earlier this year and business focused social networking company LinkedIn Corp in 2011.Credit Suisse has been on some of the largest technology IPOs in recent years, including Chinese e-commerce company Alibaba Group Holding Ltd in 2014 and disappearing message company Snap Inc earlier this year. (Reporting by Lauren Hirsch in New York; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/moves-walsh-credit-suisse-idINL1N1I51G0'|'2017-05-03T16:54:00.000+03:00'
'5cca4b2f0e346c2aa86af4aa3316b758e4b669c4'|'YouTube CEO Susan Wojcicki: Don''t interrupt me 3,'|'YouTube CEO: My message to President Trump One of the most powerful tech executives in the country hates when she gets interrupted. YouTube CEO Susan Wojcicki said it''s one of the more common microaggressions, or subtle and indirect forms of discrimination, that women and minorities face in the workplace, including her. "Even in a culture where people are well meaning, there are sometimes ''microaggressions.'' People who will just cut you off. You''ll be talking and someone will interrupt you," Wojcicki told Poppy Harlow at the CNNMoney American Opportunity breakfast in New York. "That''s become a big pet peeve of mine." Wojcicki said that while Silicon Valley is a diverse place, with many different opinions, there are bound to be issues in an environment where there''s such a dominant majority group. In this case, white men. Only 26% of all tech jobs in the U.S . are held by women, according to the National Center for Women and Information Technology. "It''s going to be harder for that minority," said Wojcicki, adding that she believes sexism is a "solvable problem." Related: Girls Who Code founder to Ivanka Trump: Don''t use my story In an op-ed that ran in Vanity Fair in March, Wojcicki wrote that she''s "frustrated that an industry so quick to embrace and change the future can''t break free of its regrettable past." Accusations of sexism at tech companies have made headlines in recent years. Wojcicki''s piece came after Susan Fowler, a former engineer at Uber, alleged systemic sexism at the company which included being propositioned for sex. The allegations caused Uber CEO Travis Kalanick to hire former attorney general Eric Holder to lead an investigation into its workforce. "We seek to make Uber a just workplace and there can be absolutely no place for this kind of behavior at Uber -- and anyone who behaves this way or thinks this is OK will be fired," said Kalanick at the time. But some of the company''s investors have questioned why Kalanick didn''t work to fix the company''s culture earlier. To combat sexism and promote more diversity in the workplace, Wojcicki outlined three different factors that she said may "sound straightforward" but may not be happening at Silicon Valley companies. First, she said CEOs and executives need to make it clear that diversity matters. "It really needs to come from the top," said Wojcicki. "You need your entire management team to realize this is important, we are going to be a better, stronger team if we have diversity." Related: Salesforce just spent another $3 million to close its gender pay gap She praised Salesforce CEO Marc Benioff as "an example of a CEO owning the issue." In April, Salesforce announced that it had raised the pay of 11% of its employees in order to close the gender pay gap between male and female staffers around the world. The company conducted a similar review of its employees'' salaries a year earlier, bumping up the pay of 6% of its employees. Moreover, Wojcicki said companies need to support diverse groups by giving them funding and other support, and not just rely on minority members to self-organize. Lastly, she said mentorship is key. Wojcicki said that in addition to hard work, luck, and good business decisions, she has come this far because mentors have helped advocate for her. One of her biggest mentors was the late Bill Campbell. Known as "the Coach," Campbell would make sure Wojcicki was invited to important meetings and events. "You need people on the inside -- those happen to be a lot of men," she said. Related: Silicon Valley mourns the loss of its ''coach'' Wojcicki said she feels the responsibility of being a female leader in tech. Part of that means representing tech "as a really compelling place for women." In January, YouTube''s parent company Google ( GOOG ) was sued by the Department of Labor, after the company repeatedly refused its request to provide names, contact information, job history and salary history details as part of a routine
'61dee00b0626644345e1ef9adf3f7053a0901cba'|'Carlyle results blow past forecasts, aided by stock rally'|'NEW YORK Private equity firm Carlyle Group LP ( CG.O ) posted first quarter earnings that handily beat expectations on Wednesday, in line with its peers, after a buoyant stock market lifted investment returns across the industry.The results are the latest sign that a rally in the S&P 500 .SPX to a record high in the first quarter had served U.S. buyout firms well by bolstering returns. Carlyle''s peers Blackstone Group LP ( BX.N ), KKR & Co LP ( KKR.N ) and Apollo Global Management LLC ( APO.N ) all reported first-quarter earnings that surpassed expectations.Carlyle said it earned an economic net income (ENI) of $364.6 million after taxes, more than six times what it earned a year earlier. That translated into $1.09 of ENI per share after taxes, well above analyst forecasts for 38 cents per share and the second-highest on record since another bumper earnings since the fourth quarter of 2013, it said.ENI is a crucial performance measure for U.S. private equity firms as it accounts for unrealized gains or losses in investments.The Washington D.C.-based firm said its private equity investments appreciated 9 percent in the first three months, better than a 5.5 percent gain in the S&P 500 index in the same period.Holdings in the energy sector, currently the biggest industry Carlyle is invested in, has also fared well as oil prices steadied around $50, Carlyle said. A source close to Carlyle but who declined to be named said Carlyle was most invested in upstream production of energy at the moment.Despite the strong results, Carlyle''s distributable earnings, which show cash available to pay dividends, fell to $55 million from $129 million a year ago.That translated to distributable earnings of 13 cents a share, compared to 35 cents a year earlier.(Reporting by Koh Gui Qing; Editing by Chizu Nomiyama, Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-carlyle-results-idUSKBN17Z159'|'2017-05-03T20:40:00.000+03:00'
'dddd85dbd1b6db833883d8dd752881ab13053f14'|'Swiss stocks - Factors to watch on May 3'|'ZURICH May 3 The following are some of the main factors expected to affect Swiss stocks on Wednesday.SWISSCOMThe Swiss telecommunications company releases first-quarter results. Net profit is seen falling 2.7 percent.For more clickLAFARGEHOLCIMThe biggest maker of building materials reports first-quarter figures. Sales are seen falling nearly 9 percent.For more clickCOMPANY STATEMENTS* Cosmo Pharmaceuticals N.V. said it has launched Eleview for use in gastrointestinal endoscopic procedures in the United States.* Roche said it had received FDA approval for its complementary PD-L1 (SP263) biomarker test in urothelial carcinoma.* Schaffner said its board named a new chief executive officer, Marc Aeschlimann, to start on Nov. 1.* Panalpina said it has acquired a transport company in Kenya that is specialised in flowers and vegetables.ECONOMY(Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL8N1I462E'|'2017-05-03T02:39:00.000+03:00'
'5ed3f07a7c779e8e1a107a08cdeb7e082dc661c0'|'Italy''s Intesa in talks with CRC over 2.5 bln euro bad loan sale-sources'|'FRB  58am EDT Italy''s Intesa in talks with CRC over 2.5 billion euro bad loan sale: sources MILAN Intesa Sanpaolo is in talks to sell 2.5 billion euros ($2.7 billion) in bad loans to a duo comprising U.S. firm Christofferson Robb & Company (CRC) and problem loan manager Bayview Asset Management, three sources close to the matter said on Wednesday. The sources said Intesa had not yet entered into an exclusivity agreement with CRC, which may give other bidders a chance to re-enter the game. Two consortia comprising Apollo Global Management in tandem with Credito Fondiario on one side and Cerberus Capital Management in tandem with Cerved on the other were also in the running for the sale, dubbed "Beyond the clouds". Italian banks are under pressure by European Central Bank supervisors to cut problem loans that amount to nearly one fifth of overall lending on an aggregate basis. Bad loans or "sofferenze" are the worst kind of soured debts, where borrowers have defaulted or are deemed insolvent. Banks are also beginning to tackle so-called unlikely-to-pay loans, to prevent them from turning into bad debts, to comply with ECB''s guidelines. One source said Intesa was working also on a second project involving unlikely-to-pay loans and aimed to join forces with an investor that would help it better manage the portfolio by working on the assets pledged as collateral. A second source said binding bids for this 1.35 billion euro portfolio, dubbed "Project Rep", were due by May 19. The first source said around a dozen international investors had shown an interest as they bet on a recovery in the Italian property market. Bidders are expected to include Fortress, Apollo, Cerberus Capital Management, Pimco in tandem with servicer GWM Capital Advisors, Starwood Capital in tandem with San Francisco-based TPG. All the interested parties declined to comment. (Reporting by Massimo Gaia and Gianluca Semeraro, additional reporting and writing by Valentina Za, editing by Stephen Jewkes)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-italy-banks-intesa-npl-idUSKBN17Z136'|'2017-05-03T18:47:00.000+03:00'
'68b856521420cfb098cd79fd9d21dd742d6f22fd'|'Canadian insurer Intact to buy OneBeacon for $1.7 billion'|'Canadian insurer Intact Financial Corp ( IFC.TO ) said it would buy OneBeacon Insurance Group Ltd ( OB.N ) for $1.7 billion, creating a North American specialty insurance company with over C$2 billion ($1.46 billion) of annual premiums.The $18.10 cash offer represented a 15.3 percent premium to OneBeacon''s Tuesday close.($1 = 1.3710 Canadian dollars)(Corrects annual premiums in paragraph 1 to over C$2 billion, from $2 billion)(Reporting by Arunima Banerjee in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-onebeacon-insur-m-a-intact-financial-idINKBN17Y2GJ'|'2017-05-02T18:54:00.000+03:00'
'8c2032c771826cfaa179a0196c7b8cf04adc4668'|'VW brand profit soars as cost cuts materialize'|'Wed May 3, 2017 - 10:49am BST VW brand profit soars as cost cuts start to pay off A man uses phone under a Volkswagen logo at the Shanghai Auto Show, in Shanghai, China April 20, 2017. REUTERS/Aly Song BERLIN Volkswagen ( VOWG_p.DE ) said profit at its troubled core division soared in the first three months of the year, a sign that long-overdue cost cuts are having an impact as the carmaker seeks to move beyond its diesel emissions crisis. VW, Europe''s biggest carmaker, is aiming to beat rivals for profitability rather than chasing sales volumes through aggressive pricing as it invests billions of euros in electric cars, new mobility services and self-drive technology. First-quarter operating profit at VW''s largest division surged to 869 million euros ($948.9 million) from 73 million a year earlier, the carmaker said on Wednesday, even as its sales slipped 1.3 percent to 1.44 million vehicles. Investors have said a turnaround at the VW brand, which has long been saddled with high fixed and R&D costs, is key to turning the German giant into a more attractive business. Despite the damage to its reputation from the dieselgate scandal, the VW group last year eclipsed Toyota ( 7203.T ) as the world''s biggest selling carmaker. It is facing cash outflows in the "double-digit billion-euro range" this year to pay for costs of the emissions cheating, CFO Frank Witter said. The quarterly profit gain reflects VW''s improving operating performance and will help the carmaker cushion the financial blow from the scandal. VW has to date set aside 22.6 billion euros to cover the costs of dieselgate including fines and compensation payouts. Structural changes since the scandal broke in Sept. 2015 include streamlining vehicle development, cutting material costs by reducing complexity in parts, dropping unprofitable models and shifting more power to brands and regions to respond more quickly to market needs. "Our efforts to improve efficiency and productivity across all areas of the company are also paying off," Chief Executive Matthias Mueller said. Witter backed that up by saying that the quarterly earnings yielded the "first tangible results" of cost savings. NEW MODELS Analysts hope improvements will be sustained as VW renews core models such as the Polo subcompact and Touareg SUV and implements a hard-fought turnaround plan with its unions. "I can see all sorts of reasons suggesting that profit dynamics will stay high," said Bankhaus Metzler analyst Juergen Pieper who has a "Buy" recommendation on the stock. The operating margin at VW''s core brand jumped to 4.6 percent in the January-to-March period from 0.3 percent a year ago, still lagging French rivals PSA Peugeot Citroen ( PEUP.PA ) and Renault ( RENA.PA ) but nearing its long-term 2025 target of 6 percent. Group operating profit jumped 40 percent to 4.37 billion euros in the three months to the end of March, one of the carmaker''s highest-ever quarterly results, even as vehicle sales at the 12-brand group declined. Shares were trading down 1 percent at 143 euros as of 0939 GMT as VW stuck to its outlook despite the robust quarterly showing. The Wolfsburg-based group expects the 2017 return on sales to come in between 6 and 7 percent, after reaching 6.7 percent in 2016, and group revenue to exceed last year''s record 217 billion euros by as much as 4 percent. Quarterly profit at luxury division Audi slipped to 1.2 billion euros from 1.3 billion euros a year earlier as VW''s biggest earnings contributor grapples with falling sales in the core Chinese market while pushing new models and technologies. (Reporting by Andreas Cremer; Editing by Maria Sheahan) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-results-idUKKBN17Z0HB'|'2017-05-03T15:14:00.000+03:00'
'660a8d3975b77407306b168043b4cb7764080260'|'Puerto Rico GO bonds up on federal healthcare aid ahead of deal deadline'|'By Karen Pierog and Daniel Bases - CHICAGO CHICAGO May 1 Benchmark Puerto Rico general obligation bonds rose on Monday, bolstered by promised stopgap federal healthcare spending that would help the financially strapped U.S. territory even as it faces a midnight deadline to reach a restructuring deal on its $70 billion in debt.The healthcare assistance under a deal on federal government spending follows Saturday''s rejection by bondholders of the Puerto Rican government''s debt restructuring offer to repay as much as 77 percent of general obligation (GO) debt and 58 percent of tax-backed bonds.Without an agreement or a move by Puerto Rico to seek an in-court debt workout similar to bankruptcy, bondholders and other creditors are expected to file a wave of litigation over the island''s bond defaults starting at midnight Monday.Bond prices rose in response to Congressional negotiations late Sunday that included a $295 million boost in Medicaid funding for Puerto Rico as part of a budget deal to avoid a U.S. government shutdown.The federal government''s Medicaid help may be buoying Puerto Rico''s bonds by making "participants hopeful there will be potentially some assistance down the road that mitigates the lowball first salvo in the negotiations," said Shaun Burgess, portfolio manager and lead trader for Puerto Rico strategy at Sarasota, Florida-based Cumberland Advisors.Burgess, who is responsible for $150 million of insured Puerto Rican bonds, said the offer was "not even close to a good proposal."The spread for Puerto Rico 30-year GO bonds over Municipal Market Data''s benchmark triple-A yield scale fell to 565 basis points on Monday, after widening to 585 basis points on Friday from 575 basis points on Thursday.Benchmark Puerto Rico bonds due in 2035, and carrying an 8 percent coupon, traded up 1.1 points in price to a bid price of 64.1, up from a record low of 60.05 on March 30.Regardless of the path Puerto Rico takes, the likelihood is for cuts to government services, including healthcare. Thousands of Puerto Rican''s took to the streets on Monday to protest austerity measures that coincided with traditional May Day labor rallies."The money from Washington will get them through their fiscal year, but hard to know if it applies much beyond that," said Joe Rosenblum, director of municipal credit research at AllianceBernstein in New York."I think it was a recognition (on Washington''s part) that they were really in dire straights," he said.DEBT PROTESTSPuerto Rico<63>s fiscal turnaround plan, which has been certified by the federal board overseeing its finances, proposes drastic cuts to debt and government services alike, including cuts to healthcare spending.The island would also cut fringe benefits to some public employees, reduce subsidies to municipalities and the University of Puerto Rico, and cut benefits to pensioners.Thousands protested the austerity measures on Monday in San Juan, the capital, marching from different points toward the city''s financial center, known as the Golden Mile. Some protesters broke windows and scrawled graffiti on buildings.There were also some scuffles with police, but no arrests have been reported by authorities. Traffic throughout metropolitan San Juan was affected throughout the morning.Ramon Rosario, public affairs secretary to Governor Ricardo Rossello, told reporters, <20>We had some incidents of vandalism,<2C> but overall <20>government operations are running mostly normally.<2E>Rosario said most public school and hospital staff reported to work.The government is still considering filing for bankruptcy, known as Title III under PROMESA, if a last-minute deal cannot be reached, he said."If the question is whether we discard Title III, we don<6F>t," Rosario said in Spanish. <20>If creditors remain intransigent, we will go to Title III in defense of Puerto Rico<63>s people.<2E>Ultimately, the decision of whether and when to file a Title III bankruptcy belongs to the oversight board, not the
'333fd20be33a24b78b6d6ce28f8ace3612920a01'|'ProSiebenSat.1, Discovery form JV in mobile, Internet streaming'|'FRANKFURT May 2 German broadcaster ProSiebenSat.1 and Discovery Communications Inc will join forces to stream TV shows via Internet and wireless services in Germany.The two companies said on Tuesday they had created a 50-50 joint venture, which would also be open to other partners.ProSieben will contribute its current mobile TV offering, which includes its flagship channels ProSieben and SAT.1 as well as kabel eins and sixx. Discovery will bring its free-to-air channels DMAX and TLC.The streaming service will be available later this year, the companies said in a statement.At a later stage, sports content will be added, including Germany''s Bundesliga soccer matches and the 2018 Olympic Winter Games, for which Discovery has broadcasting rights.Last year Discovery snatched rights to show some Friday, Sunday and Monday Bundesliga soccer matches for four years starting in the 2017/18 season.Gunnar Wiedenfels started this month as Discovery''s new financial head after working for less than two years in the same position at ProSiebenSat.1 (Reporting by Harro ten Wolde; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/prosieben-media-discovery-commns-jointve-idINL8N1I42J6'|'2017-05-02T08:19:00.000+03:00'
'bcfb3ff5f5a098564982863e432c9e84cbe1f9eb'|'Taking a Toll: How Japan Post''s big global bet unraveled'|'By Thomas Wilson and Byron Kaye - TOKYO/SYDNEY TOKYO/SYDNEY In February 2015, bankers working on Japan''s biggest IPO in three decades woke to news that left them shaken. Their client had just closed a multi-billion dollar deal - but had kept them firmly out of the loop.Just months ahead of its listing, state-owned Japan Post Holdings Co ( 6178.T ) was buying Australian logistics firm Toll Holdings for A$6.5 billion ($4.9 billion), leaving underwriters scrambling to understand the impact on the selldown."My heart skipped a beat when I read the Nikkei (newspaper) that morning," one banker who worked on the deal told Reuters. "Clients have to be honest and at least tell us before making the deal, since it would impact the sale price and business forecasts."They were right to worry. Barely two years after trumpeting the deal, Japan Post last week said a 400 billion yen ($3.6 billion) writedown on Toll would push it to an annual loss in its first year as a listed company.The massive impairment charge has drawn into focus the deal''s rich premium, speed and timing, raising questions over Japan Post''s due diligence and its plan to integrate Toll''s sprawling business into a global conglomerate spanning postal delivery, banking and insurance.Japan Post acknowledged concerns over the due diligence process and its management of the company, but blamed the writedown on worse-than-expected economic pressures."During the acquisition, due diligence was implemented taking into account the opinion of accounting, taxation, legal and financial experts," said Hideo Murata, a spokesman for Japan Post. "Commodity prices fell faster than we had thought, and we couldn''t imagine the direct impact on Toll''s earnings."The saga may further undermine Japanese efforts to persuade investors to believe in its corporate governance reforms which have been shaken by high-profile failures of foreign takeovers by companies including Toshiba Corp ( 6502.T ) and Kirin Holdings Co Ltd ( 2503.T ).For Tokyo, it also comes as the government prepares a second offering of shares in Japan Post. In total, it plans to raise around 4 trillion yen through the privatization.Japan''s Ministry of Finance declined to comment on whether it would investigate the Toll deal.An official overseeing the second offering told Reuters: "As for the timing and the size of the next tranche of Japan Post IPO, we will deal with it appropriately while continuing to monitor market developments,"Investment banks coordinating the 2015 and upcoming share sales declined to comment.HIGH PREMIUMThen-Chief Executive Taizo Nishimuro saw the Toll deal as the crucible in which Japan Post would transform itself into a global logistics powerhouse and lend stardust to its IPO.Toll had excellent growth potential and a balanced portfolio of business, Japan Post said.Under the ambitious Nishimuro - a former chairman of Toshiba and the Tokyo Stock Exchange - Japan Post hired Mizuho Financial Group ( 8411.T ) and Australian boutique firm Gresham Partners as financial advisers. Sydney-based Clayton Utz came on as legal adviser.Mizuho, Gresham and Clayton Utz all declined to comment.The final offer - at a hefty 49 percent premium to Toll''s share price a day earlier - was unanimously accepted by Toll''s board.Though criticized as high by some analysts, a person with direct knowledge of the deal said the premium was in line with other deals in the global logistics industry. The roots of the writedown were in the management of Toll after the takeover, not in the terms of the deal, the person added.Last year, rail-based Australian freight firm Asciano Ltd, bowed to a A$6.8 billion buyout at a 39 percent premium to its pre-bid price after a six-month bidding war, while UK Mail accepted a 242.7 million pound offer by Germany''s Deutsche Post ( DPWGn.DE ) at a 43.1 percent premium.EARLY WARNINGSStill, the divide between the offer and Toll''s challenges became apparent on Feb. 18, just a day after the parties
'2deb16b638919f9302b563928db0d7180d30b628'|'Private-equity firm New Mountain Capital in talks to buy VWR: WSJ'|'Private-equity firm New Mountain Capital LLC is in advanced talks to buy laboratory equipment supplier VWR Corp ( VWR.O ) in a deal that could be valued at nearly $5 billion, the Wall Street Journal reported, citing sources.The talks may yield a deal as soon as this week, people familiar with the matter told the newspaper, assuming they don''t fall apart. on.wsj.com/2pxuCNcShares of VWR were up 26.2 percent at $36.00 in afternoon trading on Wednesday.VWR, which sells laboratory products such as chemicals, reagents, consumables and scientific instruments, had market capitalization of $3.76 billion as of Tuesday''s close, according to Reuters data.Both companies were immediately unavailable for comment.(Reporting by Sruthi Shankar in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vwr-m-a-new-mountain-capital-idINKBN17Z284'|'2017-05-03T15:50:00.000+03:00'
'29de4add4e7fb8e105a6a2161dbbde6b2480c195'|'European steel M&A heats up even for loss-making plants'|'By Maytaal Angel - LONDON LONDON In late 2015, the steel industry - a gauge of the world''s economic health - was on the ropes. Record Chinese exports, excess global capacity and shrinking demand had pushed prices to decade lows, forcing closures, lay-offs and bankruptcies.The picture couldn''t look more different today. Thanks to China''s decision to dramatically cut capacity while boosting infrastructure spending, added to the improved outlook for global growth and increased protectionism, prices have surged some 45 percent since December 2015.A boom in mergers and acquisitions has followed, with investors competing to fork out billions for steel companies once considered nigh on worthless.Germany''s Thyssenkrupp struck a deal in February to sell money-losing Brazilian steel mill CSA to Ternium SA for $1.3 bln. Tata Steel, which threatened to shut its loss-making UK assets last April, is now in talks to merge its UK and European plants with those of Thyssenkrupp.But perhaps the starkest example of the turnaround is in the bidding war for Ilva, in Taranto, southeast Italy.Europe''s largest and most troubled steel plant, Ilva has racked up hundreds of millions of euros worth of losses since coming under government stewardship in 2013.The plant has been dogged by charges of corruption and environmental crime for years. In 2012, Italian authoritiesruled emissions of dust and cancer-causing chemicals from the plant caused hundreds of deaths and abnormal levels of tumours and respiratory disease in the Taranto region.About half the plant''s 11-million-tonne annual steelmaking capacity was eventually mothballed, senior managers and executives were arrested and 8 billion euros of assets were seized from the Riva Group, Ilva''s former owners.Yet two consortiums - one including ArcelorMittal, the world''s top steelmaker, and the other involving Indian steelmaker JSW - are now vying to spend around 4 billion euros buying, upgrading and cleaning the plant, betting that imports into Europe will decline just as the economy picks up.It''s a bet worth making, steel executives say."With reduced import volumes, Ilva''s additional output will be absorbed. The domestic market is not booming but it is growing, and we should continue to see a steady increase in industrial activity in Europe," Tommaso Sandrini, president of Italian steel processors association Assofermet, told Reuters.Renewed M&A activity is expected to lead in turn to capacity cuts which will further boost prices, they say.Of the Tata merger, Thyssenkrupp''s chief financial officer Guido Kerkhoff said: "The most important thing for us is that by a consolidation ... we can address the issues of overcapacity."CHINA CAPACITY CUTSAs with so many sectors of the global economy today, China is the key to the reversal of steel''s fortunes.The world''s top steel maker in early 2016 said it would to cut 100-150 million tonnes of steel capacity by 2020 as part of efforts to tackle pollution and curb excess supply.It cut 60 million tonnes of steel capacity last year alone, according to official figures, and has announced plans to cut another 50 million tonnes this year.The cuts coincide with a 700-billion-dollar stimulus splurge targeted at infrastructure and construction that prompted a 73 percent jump in Chinese steel prices last year and a 3.5 percent fall in Chinese exports.Exports have dropped a further 25 percent this year.Soaring prices have translated into big gains for steel company shares. Global steel equities are up 80 percent since plumbing 12-year lows last January.The World Steel Association expects steel demand in developed economies to grow 0.7 percent this year and 1.2 percent next, with eurozone interest rates and tax policy set to remain on a steady course and the United States seen benefiting from tax cuts and rising infrastructure spending.Factories across the euro zone increased activity in March at the fastest rate in nearly six years, official figures show."We
'7a226ccddf24eced67ec2ae80fffbee3a16965c4'|'Liberty House to add 300 new UK steel jobs, invest 20 million pounds'|'Business News - Tue May 2, 2017 - 10:46am BST Liberty House to add 300 new UK steel jobs, invest 20 million pounds Sanjeev Gupta, executive chairman of Liberty House Group attends the completion of a 330 pound million deal to buy Britain''s last remaining Aluminium smelter in Fort William Lochaber Scotland, Britain December 19, 2016. REUTERS/Russell Cheyne By Maytaal Angel - LONDON LONDON Liberty House, the industrial and commodities group that is buying up steel assets around the world, will add 300 UK jobs at the speciality steels business it bought from Tata Steel this year. The group, which formally completed its 100 million pound purchase on Tuesday, said it would invest 20 million pounds in the business in the first year, and raise production at its electric arc furnaces to more than 1 million tonnes. The UK steel sector is emerging from a crisis that saw some 5,000 jobs or a fifth of the workforce, axed in 2015/16. Privately-owned Liberty House is one of the largest steel and engineering employers in the UK with over 4,500 workers. "We are casting a big vote of confidence in the future of British industry," Liberty House Executive Chairman Sanjeev Gupta said. "With the right business model and an innovative approach, the UK steel and engineering sectors can recover and thrive. The government is now pursuing a new post-Brexit industrial strategy and steel must be at the heart of that strategy," he added. For every new steel job, around three or four jobs are created in related sectors. Liberty House''s speciality steels unit includes five sites across north England and the west Midlands, and is one of the world''s biggest suppliers to the aerospace industry, with customers like Rolls-Royce, Boeing and Airbus. The group, which is considering a partial public listing in London by 2018, said it would explore further downstream investment in engineering firms that use speciality steels in a move that should boost UK manufacturing. Tata Steel, the UK biggest steelmaker with some 8,500 employees, sold its speciality business to Liberty House as part of a drive to restructure its business. It is currently in talks to merge its UK and European steel assets with those of Germany''s Thyssenkrupp. (Reporting by Maytaal Angel; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tata-steel-m-a-liberty-house-idUKKBN17Y0X7'|'2017-05-02T17:46:00.000+03:00'
'3d95e5221cea9055ed825e0b99e1bd235ecd86b7'|'ZJM, CRCI to buy Bosch''s starters and generator unit for $595 million'|'HONG KONG Zhengzhou Coal Mining Machinery Group Co Ltd (ZJM) ( 0564.HK ) has teamed up with private equity firm China Renaissance Capital Investment (CRCI) to buy Robert Bosch''s starters and generators business SG Holding for 545 million euros ($595 million).ZJM, which produces auto components and coal mining machinery, said in a statement to the Hong Kong stock exchange on Tuesday that it valued SG''s technology and research capability, its customer base and established global sales network.The deal is expected to help SG expand its footprint in China, the world''s largest automotive market.ZJM estimated that not more than 440 million euros will be funded through internal resources of ZJM and CRCI while the remainder would be funded through external bank financing.Robert Bosch is a multinational engineering and electronics company and controller of SG Group. CRCI manages investment funds incorporated in the Cayman Islands that invests in businesses focused on greater China.(Reporting by Anne Marie Roantree; editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-r-bosch-m-a-zz-mining-mach-idINKBN17Y145'|'2017-05-02T08:58:00.000+03:00'
'54a202640b36db3f873d1094b3a5ec1931965b4c'|'German union demands end to talks between Thyssenkrupp and Tata'|'Business  19pm BST German union demands end to talks between Thyssenkrupp and Tata FILE PHOTO: A worker controls a tapping of a blast furnace at Europe''s largest steel factory of Germany''s industrial conglomerate ThyssenKrupp AG in Duisburg, Germany December 6, 2012. REUTERS/Ina Fassbender/File Photo/File Photo DORTMUND, Germany German labour union IG Metall demanded on Tuesday that industrial company Thyssenkrupp ( TKAG.DE ) end talks to merge its European steel business with that of India''s Tata Steel ( TISC.NS ). Thyssenkrupp and Tata Steel have been in discussions since July about merging their European steel assets to cut costs and reduce overcapacity, a move that has sparked concerns about job cuts in Germany. "Management should put its merger plans on ice and discuss with us how the group can make progress," said IG Metall''s Detlef Wetzel, who is a member of Thyssenkrupp Steel Europe''s supervisory board. Thyssenkrupp last month unveiled plans to cut costs by 500 million euros (<28>422.4 million) at its steel business. IG Metall has said that could lead to 4,000 out of the 27,000 jobs at Thyssenkrupp Steel Europe being axed. Labour bosses also fear that more cuts could be made at Thyssenkrupp''s German steel sites to make room for Tata''s ailing steel plant in Port Talbot, Wales, where a deal has been struck to protect jobs and investment. The German union will stage a rally on Wednesday in the city of Duisburg, home to the headquarters of Thyssenkrupp Steel Europe, and several thousand workers are expected to attend. "You cannot just say that the UK sites won''t be touched but take the axe to Germany," Wetzel said on Tuesday. (Reporting by Tom Kaeckenhoff; writing by Maria Sheahan; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tata-steel-m-a-thyssenkrupp-idUKKBN17Y1CE'|'2017-05-02T20:19:00.000+03:00'
'7d75b08a65faa0f6e4313368eac3ff4c1777e264'|'German manufacturing growth near six-year high in April: PMI'|'Tue May 2, 2017 - 9:02am BST German manufacturing growth near six-year high in April: PMI FILE PHOTO: Employees of German car manufacturer Mercedes Benz make final adjustments at the end of the Mercedes A class (A-Klasse) production line at the factory in Rastatt, Germany, January 22, 2016. REUTERS/Kai Pfaffenbach/File Photo BERLIN, German manufacturing activity held near a six-year high at the start of the second quarter, a survey showed on Tuesday, suggesting factories will continue to support economic growth in Europe''s biggest economy. Markit''s Purchasing Managers'' Index (PMI) for manufacturing, which accounts for about a fifth of the economy, inched down to 58.2 in April from March''s 71-month high of 58.3. The index has now held above the 50 line separating growth from contraction for 29 months running, the second-longest run of growth in activity in the 21-year history of the survey. The final reading was unchanged from a flash estimate published last month. "Although growth of output, new orders and employment all eased, this was mostly offset by more evidence of supply chain pressures as input delivery times lengthened to the greatest extent in six years," IHS Markit economist Trevor Balchin said. Input price inflation accelerated for a record ninth month running to reach the highest level in nearly six years, the survey showed. Panelists pointed to higher steel costs as a key source of inflationary pressure. "Consequently, manufacturers increased their own prices at one of the fastest rates in six years," IHS Markit said. (Reporting by Michael Nienaber; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-germany-economy-pmi-idUKKBN17Y0NE'|'2017-05-02T16:00:00.000+03:00'
'8624477f007faf212a386031be16f0e5b885f520'|'Greece, lenders reach deal on bailout reforms - finance minister'|'Business News - Tue May 2, 2017 - 4:45pm BST Pledging more austerity, Greece cuts deal with lenders left right FILE PHOTO: A woman waves a Greek flag in front of parliament during a protest against the government''s austerity measures in Athens May 3, 2010. REUTERS/John Kolesidis/File photo 1/5 left right FILE PHOTO: Euro coins are seen in front of a displayed Greece flag in this picture illustration, June 29, 2015. REUTERS/Dado Ruvic/File Photo 2/5 left right FILE PHOTO: A man looks down as a Greek national flag flutters atop one of the bastions of the 17th century fortress of Palamidi under an overcast sky at the southern port city of Nafplio, Greece, February 19. 2017. REUTERS/Alkis Konstantinidis/File Photo 3/5 left right FILE PHOTO: Greek pensioners take part in a demonstration against planned pension cuts in Athens, Greece April 4, 2017. REUTERS/Alkis Konstantinidis/File Photo 4/5 left right FILE PHOTO: An anti-government demonstrator waves a Greek flag outside the parliament during a protest in Athens, Greece June 15, 2016. REUTERS/Yannis Behrakis/File Photo 5/5 By Renee Maltezou - ATHENS ATHENS Promising to cut pensions and give taxpayers fewer breaks, Greece has paved the way for the disbursement of further rescue funds from international lenders and possibly opened the door to reworking its massive debt. Officials from both sides reached a deal early on Tuesday on a package of bailout-mandated reforms, ending six months of staff-level haggling. Greek Finance Minister Euclid Tsakalotos announced it with a term associated with papal elections. "There was white smoke," he told reporters. Greece now needs to legislate the new measures - which also include opening up the energy market to competition - before euro zone finance ministers approve the disbursement of loans, probably at the next scheduled Eurogroup meeting on May 22. Athens needs the funds urgently to repay 7.5 billion euros in debt maturing in July. The main opposition party New Democracy said it would not support the deal, but the government coalition has a small but firm majority and is expected to push it through. Germany, one of the main lenders and a hard-liner in forcing Greek reforms, said the deal was a step forward but noted that work was not yet complete. READ MORE: Rome, Athens look to Macron to help douse anti-EU fires Financial markets welcomed it, however. Greek 10-year bond yields fell 35 basis points to 6.13 percent, their lowest since 2014. The main Athens stock index was up 2.9 percent with banks gaining 9 percent. The Eurogroup meeting, meanwhile, may mark the first formal discussion of debt relief for Greece, an issue that means different things to each side. The International Monetary Fund reckons Greek debt is unsustainable at 179 percent of gross domestic product and is reluctant to participate in further funding without a debt relief agreement. European Union lenders, however, have ruled out forgiving the debt and refused to discuss such things as cutting repayment rates until after a reform-for-cash deal is cut. Both groups of lenders have differed markedly about what Greece''s budget is capable of sustaining. The Greek government, however, hailed Tuesday''s agreement as now allowing the yet-to-be-defined relief go ahead. "The government believes that this road, despite the difficulties, will lead to the country''s exit from bailouts," Interior Minister Panos Skourletis told ERT TV. "What''s important after closing the bailout review is to have a roadmap for debt relief." Skourletis repeated Greece''s mantra that demanding increasing amounts of austerity risks alienating great swathes of EU citizens. "The consequences for every government, including ours, that is obliged to implement bailout measures, is the risk of damaging the relationship with society, particularly the groups that you want to represent," he said. TARGETS As part of the reforms, Athens has promised to cut pensions in 2019 and cut the tax-free thresho
'213d88b4c5e90ae6972855f9d75bdaed787827d2'|'DBS to seek bids for non-life insurance distribution deal - sources'|'Banks - Fri May 5, 2017 - 11:10am BST DBS to seek bids for non-life insurance distribution deal - sources left right FILE PHOTO: A DBS booth is seen at the Singapore Fintech Festival in Singapore November 16, 2016. REUTERS/Edgar Su/File Photo 1/2 A DBS logo on their office building in Singapore, February 22, 2016. REUTERS/Edgar Su 2/2 By Anshuman Daga and Sumeet Chatterjee - SINGAPORE/HONG KONG SINGAPORE/HONG KONG DBS Group ( DBSM.SI ) plans to invite bids from insurers keen to sell general insurance products across the key markets of Southeast Asia''s biggest lender, in a deal potentially worth up to $350 million (270.67 million pounds), sources familiar with the matter said. The move underscores the under-penetrated region''s growing attraction to insurers who see a big opportunity to boost business as rising incomes generate demand for property, motor and travel insurance products. In the last few years, banks such as Standard Chartered ( STAN.L ) and CIMB Group ( CIMB.KL ) have formed partnerships with insurers as they were willing to pay hefty fees for access to lenders'' branch networks and digital platforms. DBS, which has partnerships with subsidiaries of Japanese group MS&AD Insurance Group Holdings Inc ( 8725.T ) since 2005, plans to seek bids from insurers as soon as next month, three sources told Reuters. They declined to be identified as the news is not public. Two of the sources said the 15-year deal is estimated to be valued at up to $350 million, but it could change depending on the deal''s structure and sales assumptions made by the bidders. DBS is expected to pick one or two insurance partners for the deal, which could cover all of its key markets of Singapore, Hong Kong, Indonesia, India, China and Taiwan. MS&AD''s units are expected to participate in the bidding process, which is also likely to draw interest from France''s AXA ( AXAF.PA ), Italy''s Generali ( GASI.MI ) and Australia''s QBE Insurance Group Ltd ( QBE.AX ), the sources said. DBS, AXA, Generali, and QBE declined to comment. There was no immediate comment from MSIG Asia, a subsidiary of Mitsui Sumitomo Insurance Company Ltd to Reuters queries. GOING DIGITAL DBS has more than 7 million customers across its consumer, banking and wealth management businesses spread in 18 markets but the majority of these are from its key markets. The bank has spent billions of dollars in the last few years to digitise its businesses. One source said DBS was likely to leverage general insurance distribution partnership as a value-add offering for its wealth management clients. The sales volume for general insurance products tend to be lower than the mass-market life business. The sources said DBS was likely to complete talks and seal the deal by the end of the year. DBS'' plan to seek partners follows the bank''s move last year to allow Canada''s Manulife insurer ( MFC.TO ) to sell life insurance through its Asia network in a 15-year deal. Reuters reported in March that Citigroup ( C.N ) will seek bids from global insurers keen to sell general insurance products across the U.S. bank''s Asia-Pacific markets, in a deal that could be worth at least $500 million. In January, StanChart and Allianz ( ALVG.DE ) announced a 15-year deal that enabled the German insurer to sell its general insurance products to StanChart''s customers in five Asian markets. (Reporting by Anshuman Daga and Sumeet Chatterjee; Editing by Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-dbs-m-a-insurance-idUKKBN181107'|'2017-05-05T18:10:00.000+03:00'
'b80ba53af34add91bedeff4046419a42472f1b98'|'U.S. job growth rebounds sharply, unemployment rate hits 4.4 percent'|'Central Banks - Fri May 5, 2017 - 1:43pm BST U.S. job growth rebounds sharply, unemployment rate hits 4.4 percent FILE PHOTO: A local pizza restaurant advertises for workers in Encinitas, California, U.S., September 13, 2016. REUTERS/Mike Blake/File Photo By Lucia Mutikani - WASHINGTON WASHINGTON U.S. job growth rebounded sharply in April and the unemployment rate dropped to a near 10-year low of 4.4 percent, signs of a tightening labour market that could seal the case for an interest rate increase next month despite moderate wage growth. Nonfarm payrolls jumped by 211,000 jobs last month, the Labor Department said on Friday, well above the monthly average of 185,000 for this year and a jump from the gain of 79,000 in March. Job gains were driven by a surge in hiring in the leisure and hospitality sector as well as business and professional services. The drop of one-tenth of a percentage point in the unemployment rate took it to its lowest level since May 2007. The decline reflected both an increase in hiring and people leaving the labour force. The labour force participation rate, or the share of working-age Americans who are employed or at least looking for a job, fell to 62.9 percent from an 11-month high of 63 percent. The rebound in hiring supports the Federal Reserve''s contention that the pedestrian 0.7 percent annualised economic growth pace in the first quarter was likely "transitory," and its optimism that economic activity would expand at a "moderate" pace. The Fed on Wednesday kept its benchmark overnight interest rate unchanged and said it expected labour market conditions would "strengthen somewhat further." The U.S. central bank raised its overnight interest rate by a quarter of a percentage point in March and has forecast two more increases this year. Average hourly earnings rose seven cents, or 0.3 percent, last month, partly because of a calendar quirk. While that lowered the year-on-year increase to 2.5 percent, the lowest since August 2016, there are signs that wage growth is accelerating as labour market slack diminishes. A government report last week showed private sector wages recorded their biggest gain in 10 years in the first quarter. NEAR FULL EMPLOYMENT The economy needs to create 75,000 to 100,000 jobs per month to keep up with growth in the working-age population. Job growth averaged 178,000 per month in the first quarter. With the labour market expected to hit a level consistent with full employment this year, payroll gains could slow amid growing anecdotal evidence that firms are struggling to find qualified workers. Construction payrolls rose 5,000 last month and manufacturing employment advanced by 6,000 jobs. Leisure and hospitality payrolls jumped by 55,000 in April. Professional and business services payrolls rose by 39,000. Retail payrolls gained 6,300 after two straight months of declines. Retailers including J.C. Penney Co Inc ( JCP.N ), Macy''s Inc ( M.N ) and Abercrombie & Fitch ( ANF.N ) have announced thousands of layoffs as they shift toward online sales and scale back on brick-and-mortar operations. Government payrolls jumped 17,000 last month. Other labour market measures also showed strength last month. A broad measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they cannot find full-time employment, dropped to 8.6 percent from 8.9 percent in March. The employment-to-population ratio rose one-tenth of percentage point to a fresh eight-year high of 60.2 percent. (This story corrects first paragraph to show unemployment rate near 10-year low, not 17-year low) (Reporting by Lucia Mutikani; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN1810BX'|'2017-05-05T20:34:00.000+03:00'
'380fd9b46eba5c15a107631af5b00d54e7594b16'|'Oil rebounds on Saudi assurances Russia will extend supply cuts'|'Business News - Fri May 5, 2017 - 8:27pm BST Oil rebounds on Saudi assurances Russia will extend supply cuts Workers look at a drilling rig of the Rosneft-owned Prirazlomnoye oil field outside Nefteyugansk, Russia, August 4, 2016. REUTERS/Sergei Karpukhin/File Photo By Scott DiSavino - NEW YORK NEW YORK Oil prices closed 1.5 percent higher on Friday, rebounding from five-month lows, following positive U.S. jobs data and assurances by Saudi Arabia that Russia is ready to join OPEC in extending supply cuts to reduce a persistent glut. The market, however, remained in technically oversold territory with futures trading down as much as 19 percent from highs in mid April, prompting some speculators to exit their long positions. Brent LCOc1 futures gained 72 cents, or 1.5 percent, to settle at $49.10 a barrel, while U.S. West Texas Intermediate crude CLc1 climbed 70 cents, or 1.5 percent, to close at $46.22 per barrel. After falling almost 5 percent on Thursday, both contracts continued to collapse overnight with WTI falling to $43.76, its lowest since Nov. 15, and Brent down to $46.64, its lowest since Nov. 30 when the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut production during the first half of 2017. Both benchmarks pared losses after Saudi Arabia''s OPEC Governor Adeeb Al-Aama told Reuters that OPEC and non-OPEC nations were close to agreeing to extend a deal to curb production by 1.8 million barrels per day (bpd) for six months from Jan. 1. "Based on today''s data, there''s a growing conviction that a six-month extension may be needed to rebalance the market, but the length of the extension is not firm yet," the Saudi official said. OPEC sources said on Thursday that OPEC is likely to extend cuts when it meets on May 25 but that a deeper cut is unlikely. In the United States, meanwhile, job growth rebounded sharply in April and the unemployment rate dropped to 4.4 percent, near a 10-year low, according to government data. "The jobs report is extremely positive for the U.S. economy...and should help boost oil demand," said Mark Watkins, regional investment manager for U.S. Bank<6E>s private client group in Park City, Utah. Despite gains on Friday, both benchmarks declined for a third week in a row - Brent by about 5 percent and WTI by 6 percent - in their longest losing streak since November. "The energy complex is slowly succumbing to an opinion that this year<61>s OPEC production cuts have been ineffective," Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates, said in a note. "We feel that the (OPEC) cartel has come to a fork in the road in which the current agreement will be abandoned or steps will need to be taken to double down on current efforts by increasing production curtailments," Ritterbusch said. Brent traded volumes on Thursday reached a record high of nearly 542,000 contracts, suggesting that hedge funds had accelerated reductions to their long positions. ( tmsnrt.rs/2oSQUu5 ). Pierre Andurand, who runs one of the biggest hedge funds specialising in oil, liquidated his fund''s last long positions in oil last week and is running a very reduced risk at the moment, a market source familiar with the development said. "It is now-or-never for oil bulls," said U.S. commodity analysis firm The Schork Report. "They either put up a defence here or risk further emboldening the bears for a run at the $40 threshold (for WTI)." (Additional eporting by Dmitry Zhdannikov in London and Henning Gloystein, Mark Tay and Roslan Khasawneh in Singapore; Julia Simon in New York; Editing by Marguerita Choy and David Goodman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN18102N'|'2017-05-06T03:27:00.000+03:00'
'6c3135d98e605f1911ccc188810f2594bcd50db9'|'Australian fund Tribeca calls for BHP Billiton CEO''s removal'|'Business News - Fri May 5, 2017 - 2:59am BST Australian fund Tribeca calls for BHP Billiton CEO''s removal Andrew Mackenzie, CEO of BHP Billiton, addresses the audience during the first-deep water contract ceremony between Pemex and BHP Billiton, in Mexico City, Mexico March 3, 2017. REUTERS/Carlos Jasso MELBOURNE Australian fund Tribeca Investment Partners wants BHP Billiton to dump its chief executive, Andrew Mackenzie, saying he was appointed by a board that has overseen a number of bad decisions and wasted $30 billion (23.2 billion pounds) in capital. "The problem with the current CEO is he''s an appointment of the current board. From that perspective we''d be looking at seeing the CEO moving on," Tribeca analyst James Eginton told Reuters after the fund released an eight-page letter calling for strategic changes at the company. (Reporting by Sonali Paul; Editing by Richard Pullin) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bhp-billiton-elliott-tribeca-idUKKBN18105P'|'2017-05-05T09:59:00.000+03:00'
'310b192182ae87604f17ad2500adff69aac7ded1'|'As Japan adapts to China''s rise, ADB wrestles with relevance'|'Business News  04pm BST As Japan adapts to China''s rise, ADB wrestles with relevance Asian Development Bank (ADB) President Takehiko Nakao poses in front of the logo of ADB at its headquarters in Mandaluyong, Metro Manila after a forum with members of the Foreign Correspondents Association of the Philippines January 8, 2016. REUTERS/Erik De Castro By Tetsushi Kajimoto - TOKYO TOKYO The Asian Development Bank''s 50th annual meeting is supposed to be a celebration of Japan''s economic leadership in Asia over the half-century - instead, it takes place in the shadow of China''s bid to increasingly assert itself as the regional powerhouse. The ADB is coming off a record year for lending and is the region''s major financier for development, but its four-day meeting in Yokohama starting on Thursday could quickly fade as attention turns to China''s high-profile "One Belt, One Road" (OBOR) summit the next week. Many OBOR projects are supported by China''s state-owned banks and its fledgling regional lender, the Asia Infrastructure Investment Bank (AIIB), which could become a potential rival of the Manila-based ADB but for now is much smaller. "Politically, the AIIB is a direct challenge to the ADB by providing borrowers an alternative," said Tang Siew Mun, senior fellow at the ISEAS Yusof Ishak Institute in Singapore. "OBOR with AIIB''s deep pockets offers a vision of the region for ''friendly nations'' to participate. In contrast, the ADB lacks a grand plan and focuses on smaller projects." In dealing with the AIIB, which launched operations in January 2016, the ADB has emphasised cooperation rather than competition. A year ago, they signed an agreement setting the stage for joint financing projects. "Infrastructure needs are huge and it''s simply not possible for the Asian Development Bank and the World Bank to fill the gap completely," Bank of Japan Governor Haruhiko Kuroda, a former head of the ADB, said earlier this week. The AIIB is viewed by some as a challenger to both the Western-dominated World Bank and the ADB, which is primarily funded by Japan and the United States. The ADB was established as a Japanese initiative in 1966 to offer development assistance in Asia. All of the ADB heads up until now have been Japanese, including current president Takehiko Nakao. Last year, it extended a record $17.5 billion (<28>13.5 billion) worth of loans to 67 projects, dwarfing the AIIB, which provided loans of about $1.7 billion to just nine projects last year, most of which was through co-financing with other institutions, including the ADB. OUTWARD SUPPORT While outwardly Japan has shown support for China''s initiatives, it remains wary of getting too close, and has not joined the AIIB. "We remain cautious about AIIB and need to examine its transparency even more closely since China plays a dominant role in its governance," Masahiko Shibayama, an adviser to Prime Minister Shinzo Abe, told Reuters. Further complicating matters for Japan, is the sudden friendliness of U.S. President Donald Trump to Beijing and a shift by Southeast Asian nations towards China. The secretary-general of Japan''s ruling Liberal Democratic Party, Toshihiro Nikai, will attend the OBOR summit, a sign Abe wants to improve ties with Beijing. "The unexpected improvement in ties between China and the United States has prompted Japanese government to send...Nikai to the OBOR summit," said Xiao Minjie, senior economist at SMBC Nikko Securities in Tokyo. "Even though bureaucrats in general have an instinctive dislike for China-led AIIB and OBOR." Xiao predicts that the two development banks may fill different roles, with the ADB supporting projects concerning the environment, education and poverty-reduction, while China may focus on the kind of infrastructure-tied loans to developing countries that Japan used to provide in the 1980s. "The ADB will likely shift more towards ''soft'' infrastructure development, as demand for hard infrastructure runs its course
'4636f2a9827450b3cb1c04abf74061d3d0272383'|'UPDATE 1-UK Stocks-Factors to watch on May 3'|'(Adds company news, futures)May 3 Britain''s FTSE 100 index is seen opening 13 points lower on Wednesday, according to financial bookmakers, with futures down 0.10 percent ahead of the cash market open.* BREXIT: Britain will not be paying 100 billion euros to leave the European Union, Brexit minister David Davis said on Wednesday after the Financial Times reported that the EU was preparing to demand that amount.* MITIE: Britain''s Mitie said on Wednesday it expected to writedown 40 million to 50 million pounds ($52 million to $64 million) and might restate its accounts for the year to March 2016 after an accounting review.* DIRECT: British motor and home insurer Direct Line Insurance Group reported a 4.2 percent rise in gross written premiums in the first quarter, boosted by strong performance in its auto business, it said on Wednesday.* JD: British pubs group JD Wetherspoon warned of "significantly higher" costs in the second half of the year and said it remained cautious, while reporting quarterly comparable sales growth of 4 percent.* IMPERIAL: British tobacco company Imperial Brands reported lower half-year revenue and profit on Wednesday, excluding a benefit from the weak pound, as it was hurt by an industry slowdown and an investment programme.* ITV: ITV, Britain''s biggest free-to-air commercial broadcaster, said Chief Executive Adam Crozier was stepping down after seven years in the role.* MARKS: Marks & Spencer said it had appointed Jill McDonald, the boss of Britain''s largest bike seller Halfords, to run its clothing and home business, freeing its chief executive Steve Rowe to focus on the overall group.* SAINSBURY: British supermarket Sainsbury''s on Wednesday reported a third straight year of underlying profit decline, despite the boost to earnings from last year''s purchase of Argos, the general merchandise retailer.* BARCLAYS: Barclays Chief Executive Jes Staley is involved in a dispute with private equity firm KKR & Co KKR.N, which is a client of the bank, the Wall Street Journal reported on Tuesday.* EVRAZ: Evraz Plc, Russia''s No. 2 steelmaker, signed an agreement with Kinder Morgan Inc to supply about 250,000 metric tons of pipe to the U.S. pipeline company for the expansion of the Trans Mountain pipeline.* ITV: Broadcaster ITV bought a majority stake in World Productions, the company behind the popular BBC series Line of Duty, for an undisclosed sum, The Times reported on Wednesday. bit.ly/2oVqI2f* OIL: Crude oil prices bounced back on Wednesday as a decline in U.S. inventories underpinned the market, although a dip in compliance with OPEC efforts to reduce output capped gains.* COPPER: London copper dropped on Wednesday from a three-week high hit the session before as prices consolidated after failing to break technical resistance and given a lack of other drivers, traders said.* GOLD: Gold prices fell to a three-week low on Tuesday, as demand for riskier assets drove stocks higher and the dollar hit a six-week peak against the yen.* The UK blue chip index closed up 0.6 percent at 7,250.05 points on Tuesday, with well-received results from heavyweight BP helping to underpin gains in a positive start to the first trading day of the month.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS> Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Harish Bhaskar; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/britain-stocks-factors-idINL4N1I51WZ'|'2017-05-03T05:04:00.000+03:00'
'd3d5f991ab15aa78f544ced3445c4faa1bbca79f'|'VW first quarter profit jumps 40 percent as brand cost cuts materialize'|' 56am BST VW first quarter profit jumps 40 percent as brand cost cuts materialize FILE PHOTO: The logo of Volkswagen company is seen on a car on an assembly line at the Volkswagen car factory in Palmela, Portugal, December 9, 2016. REUTERS/Rafael Marchante/File Photo BERLIN Volkswagen reported one of its highest-ever quarterly group profits even as vehicle sales declined, a sign that long-overdue cost cuts are materializing as the carmaker pushes to overcome its emissions scandal. First-quarter group operating profit jumped 40 percent to 4.37 billion euros (3.7 billion pounds) from 3.13 billion a year ago, Volkswagen (VW) said on Wednesday, joining rivals Daimler and BMW which have also reported better-than-expected quarterly results. Results were helped by improving cost savings at VW''s troubled core division, the carmaker said, sticking with expectations for the full-year group operating margin to come in between 6 and 7 percent after 6.7 percent in 2016. (Reporting by Andreas Cremer; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-results-idUKKBN17Z0G4'|'2017-05-03T14:56:00.000+03:00'
'3334c89b78e0014c74d92a8b50d80b35531c0dc3'|'CANADA STOCKS-TSX futures trade lower; corporate earnings in focus'|'Company  32am EDT CANADA STOCKS-TSX futures trade lower; corporate earnings in focus May 3 Stock futures pointed to a lower opening for Canada''s main stock index on Wednesday as investors digested quarterly results from a slew of major companies including Loblaw, CGI and Torstar. June futures on the S&P TSX index were down 0.17 percent at 7:15 a.m. ET. Canada''s main stock index rose on Tuesday, helped by gains for several companies whose results exceeded expectations, including e-commerce company Shopify, and by gains for pipeline companies. Dow Jones Industrial Average e-mini futures were down 0.09 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.16 percent and Nasdaq 100 e-mini futures were down 0.28 percent. No major economic releases are scheduled in Canada. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES Canadian grocery and pharmacy retailer Loblaw Cos Ltd reported a higher-than-expected quarterly profit as the company kept a tight lid on expenses and attracted more customers to its stores with discounts. Toronto home prices and new listings surged in April from a year earlier while sales fell, the Toronto Real Estate Board said on Wednesday, suggesting the market may be starting to rebalance after new housing rules were put it place amid fears of a bubble in Canada''s largest city. Canada''s biggest non-bank lender, Home Capital Group Inc , has delayed its first-quarter earnings to after close of market on May 11, the company said in a statement on Tuesday. ANALYST RESEARCH HIGHLIGHTS Kinross Gold Corp: CIBC raises rating to "outperform" from "neutral"; price target C$4.75 Source Energy Services: Morgan Stanley starts coverage with "overweight" rating Westjet Airlines Ltd: CIBC cuts price target to C$24 from C$25 COMMODITIES AT 7:15 a.m. ET Gold futures: $1252.2; -0.23 percent US crude: $47.91; +0.52 percent Brent crude: $50.77; +0.59 percent LME 3-month copper: $5661.5; -2.42 percent U.S. ECONOMIC DATA DUE ON WEDNESDAY 0815 ADP national employment for Apr: Expected 175,000; Prior 263,000 0945 Markit Composite Final PMI for Apr: Prior 52.7 0945 Markit Services PMI Final for Apr: Prior 52.5 1000 ISM N-Manufacturing PMI for Apr: Expected 55.8; Prior 55.2 1000 ISM N-Manufacturing Business Activity for Apr: Expected 58.4; Prior 58.9 1000 ISM N-Manufacturing Employment Index for Apr: Prior 51.6 1000 ISM N-Manufacturing New Orders Index for Apr: Prior 58.9 1000 ISM N-Manufacturing Price Paid Index for Apr: Prior 53.5 1400 Fed funds target rate: Expected 0.875 pct; Prior 0.875 pct FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1= C$1.37) (Reporting by Nikhil Kumar; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL4N1I52WF'|'2017-05-03T19:32:00.000+03:00'
'35419f952b5976f68588977ddd385e3264830d86'|'Irish jobless rate falls to 6.2 percent as full employment nears'|' 09am BST Irish jobless rate falls to 6.2 percent as full employment nears DUBLIN Ireland''s unemployment rate fell to 6.2 percent in April from 6.4 percent the previous month, the state statistics service said on Wednesday. Unemployment has consistently fallen since hitting a peak of 15.1 percent in early 2012 when Ireland was midway through a three-year international bailout and jobs growth has accelerated further in recent months. Ireland''s finance department last month estimated that the jobless rate would dip below 6 percent by the end of this year, meaning the economy could reach full employment next year with the unemployment rate forecast to remain at 5.5 percent from 2018 onwards. (Reporting by Padraic Halpin; Editing by Angus MacSwan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ireland-economy-unemployment-idUKKBN17Z0XU'|'2017-05-03T18:09:00.000+03:00'
'37f46d6ea1c2997918410b5fd2e9300454de8bf9'|'CEE MARKETS-Czech crown regains ground, shakes off political wobbles'|'By Krisztina Than BUDAPEST, May 3 The Czech crown regained ground on Wednesday, a day after Prime Minister Bohuslav Sobotka announced that he would resign along with his government, while other currencies in the region were also steady or slightly firmer. With investors cautious ahead of the U.S. Federal Reserve''s two-day policy meeting, which could give clues regarding rate hikes, stock markets mostly dropped. Budapest led losses, easing 0.7 percent by 0914 GMT. Sunday''s second round of the French presidential election added to global risks. After easing a little on Tuesday after Sobotka said his government would resign by mid-May following a row with finance minister Andrej Babis over Babis''s past business dealings, the Czech crown firmed 0.15 percent on Wednesday to 26.868 per euro. "EURCZK attempted to go slightly weaker at first (yesterday) but quickly reverted ... back to previous levels, and we do not expect any more major reaction as the story is hardly likely to change the economic path of the country," Komercni Banka trader Dalimil Vyskovsky said. Hungary''s forint was flat. Polish markets are closed on Wednesday. Sobotka has said he will seek a meeting with President Milos Zeman to agree timing for the resignation and further steps. He said the coalition could be recreated without Babis, or that an election due in October could be moved forward. Despite the political wobbles, the crown is seen gaining more than 4 percent against the euro in the coming year, lifted by strong economic growth and likely monetary tightening, a Reuters poll published on Wednesday showed. After the Czech central bank''s removal a month ago of the cap which had kept the currency weaker than 27 against the euro since 2013, the crown could outperform regional peers, the poll suggested. Czech bonds have meanwhile been supported by their inclusion in JP Morgan''s emerging markets index, which means index-tracking investors will need to buy them for their portfolios. Central Europe''s economies outperformed western European economies last year and growth is seen strong this year as well, helped by a solid inflow of European Union development funds and loose monetary policies by local central banks. CEE SNAPS AT 1115 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 26.86 26.90 +0.1 0.52% 80 90 5% Hungary 312.2 312.1 -0.01 -1.08 forint 000 800 % % Polish 4.202 4.205 +0.0 4.79% zloty 5 0 6% Romanian 4.550 4.549 -0.01 -0.33 leu 0 4 % % Croatian 7.447 7.455 +0.1 1.44% kuna 5 5 1% Serbian 123.0 123.1 +0.0 0.24% dinar 500 200 6% Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 997.2 1001. -0.48 +8.2 2 98 % 0% Budapest 32680 32902 -0.68 +2.1 .00 .62 % 2% Bucharest 8239. 8220. +0.2 +16. 02 10 3% 29% Ljubljana 778.3 782.3 -0.50 +8.4 8 2 % 7% Zagreb 1894. 1902. -0.43 -5.04 38 57 % % Belgrade <.BELEX15 720.8 720.6 +0.0 +0.4 > 5 4 3% 9% Sofia 666.1 660.5 +0.8 +13. 3 3 5% 59% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.18 -0.15 +055 -16bp > 1 9 bps s 5-year <CZ5YT=RR 0.058 -0.05 +043 -6bps > 4 bps 10-year <CZ10YT=R 0.872 0 +054 +0bp R> bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.33 0.39 0.5 0 PRIBOR=> Hungary < 0.25 0.33 0.45 0.16 BUBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1I52JU'|'2017-05-03T07:40:00.000+03:00'
'a9b63e8b2604f5c590e2f53ee1d77c12e3aa9d3d'|'BRIEF-Energizer raises 2017 adjusted eps outlook'|' 23am EDT BRIEF-Energizer raises 2017 adjusted eps outlook May 3 Energizer Holdings Inc * Energizer Holdings, Inc. announces fiscal 2017 second quarter results and updates financial Outlook for fiscal 2017 * Q2 adjusted earnings per share $0.50 * Q2 earnings per share $0.75 * Q2 earnings per share view $0.34 -- Thomson Reuters I/B/E/S * Sees FY 2017 adjusted earnings per share $2.75 to $2.85 * Q2 revenue $359 million versus I/B/E/S view $366.7 million * Energizer Holdings Inc - raises full year adjusted eps outlook * Energizer Holdings Inc - fiscal year 2017 net sales are expected to be up mid-single digits * Energizer Holdings Inc - incremental impact of auto care acquisition is expected to increase net sales by 5 pct to 6 pct for fiscal year 2017 * Energizer Holdings Inc - unfavorable movements in foreign currencies are expected to reduce net sales by 1.5 pct to 2.5 pct for fiscal year 2017 * Fy2017 earnings per share view $2.77, revenue view $1.75 billion -- Thomson Reuters I/B/E/S * Energizer holdings inc - acquisition and integration costs are expected to be in range of $5 to $10 million for fiscal year 2017 Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-energizer-raises-2017-adjusted-eps-idUSASA09MDV'|'2017-05-03T19:23:00.000+03:00'
'4595b00b89c3858b59ea217f8bee5e821a1de5e0'|'Mnuchin sees U.S. growth reaching 3 percent in time, tax cuts to help'|'Money   10:10pm IST Mnuchin sees U.S. growth reaching 3 percent in time, tax cuts to help Steven Mnuchin, U.S. Treasury Secretary, laughs during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. REUTERS/Lucy Nicholson By Olivia Oran and Svea Herbst-Bayliss - BEVERLY HILLS BEVERLY HILLS U.S. Treasury Secretary Steven Mnuchin said on Monday that economic growth of three percent is achievable in the next two years as the Trump admistration sets out to dramatically cut taxes. Speaking at the Milken Institute Global Conference in Beverly Hills, California, almost a week after he helped unveil plans to cut taxes for many people and corporations to 15 percent, Mnuchin said tax reform and regulatory relief will help spur economic growth. Mnuchin''s comments also come days after government data showed tepid economic growth of 0.7 percent for the last three months. "The tax plan is our version of a jobs bill," Mnuchin said in an onstage interview with journalist Maria Bartoromo. Although the stock market has reacted positively to Trump''s election - with the S&P 500 index up 11 percent since November - critics of the tax plan have said it is ambitious and lacks details. In a light-hearted moment, Mnuchin quipped that many at the conference had him to thank for the surge in bank stocks that have helped lift their portfolios, bringing laughter from the audience. But with few fresh details about Trump''s plans and an uncertain time frame, some at the conference expressed concern that the generally optimistic atmosphere might begin to fade. "I''m concerned that if we don''t see tax or healthcare reform by the end of the year, markets will start to doubt the administration''s ability to deliver it," said Scott Minerd, global chief investment officer at Guggenheim Partners. Mnuchin said he has been working with congressional leaders to push tax reform and he hopes for bi-partisan support. The Trump administration has invited many business leaders into the White House and is listening closely to their concerns and hopes on tax changes, he added. (Reporting by Svea Herbst-Bayliss and Olivia Oran; Editing by Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/milken-conference-usa-mnuchin-idINKBN17X20I'|'2017-05-02T00:40:00.000+03:00'
'c56e2eafc858d58196eb5881e3288bb86731c0e4'|'UPDATE 1-U.S. accuses UnitedHealth of Medicare Advantage fraud'|'(Adds further details on lawsuit, comment from UnitedHealth)By Nate RaymondMay 2 The U.S. Justice Department has accused UnitedHealth Group Inc of obtaining inflated payments from the government based on inaccurate information about the health status of patients enrolled in its largest Medicare Advantage Plan.The complaint, filed in federal court in Los Angeles on Monday, came after the Justice Department earlier this year intervened in two separate whistleblower lawsuits against the country''s largest health insurer."This action sends a warning that our office will continue to scrutinize and hold accountable Medicare Advantage insurers to safeguard the integrity of the Medicare program," Acting U.S. Attorney Sandra Brown in Los Angeles said in a statement.Matthew Burns, a UnitedHealth spokesman, said the company complied with relevant rules and was transparent "about how we interpreted the government''s murky policies.""We reject these claims and will contest them vigorously," he said in a statement.UnitedHealth''s stock was trading down 0.58 percent at $173.57 on the New York Stock Exchange following the Justice Department''s announcement of the case.Medicare Advantage, an alternative to the standard fee-for-service Medicare in which private insurers manage health benefits, is the fastest growing form of government healthcare, with enrollment of 18 million people last year.UnitedHealth is the country''s largest Medicare Advantage organization, receiving billions of dollars from the U.S. Centers for Medicare & Medicaid Services to provide healthcare to people enrolled in its plans, the lawsuit said.The lawsuit said that since at least 2005, UnitedHealth knew many of the diagnosis codes it submitted to the Medicare program for increased payments based on "risk" factors like patient health status were not supported by patients'' medical records.But the company turned a blind eye and funded and encouraged one-sided chart reviews of patients of HealthCare Partners, which provided services to UnitedHealth beneficiaries in California.As a result, UnitedHealth was able to wrongfully retain risk adjustment payments it received from the government, the lawsuit said.The complaint was filed after the Justice Department partially intervened in a whistleblower lawsuit brought by James Swoben, a former employee of Senior Care Action Network Health Plan and a consultant to the risk adjustment industry.The Justice Department said it planned to file a second complaint by May 16 against UnitedHealth after intervening in another whistleblower lawsuit.Both cases were filed under the False Claims Act, which allows whistleblowers to sue on the government''s behalf to recover taxpayer money paid out based on fraudulent claims. If successful, whistleblowers receive a percentage of the recovery.The case is U.S. ex rel Swoben v. Secure Horizons et al, U.S. District Court, Central District of California, No. 09-cv-05013. (Reporting by Nate Raymond in Boston; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/unitedhealth-lawsuit-idINL1N1I40X6'|'2017-05-02T14:52:00.000+03:00'
'7dbf46a82237aba1925601e16eb5e16f2fd8d320'|'OPEC oil output falls in April but compliance weakens - Reuters survey'|'By Alex Lawler and Rania El Gamal - LONDON/DUBAI LONDON/DUBAI OPEC oil output fell for a fourth straight month in April, a Reuters survey found on Tuesday, as top exporter Saudi Arabia kept production below its target while maintenance and unrest cut production in exempt nations Nigeria and Libya.But more oil from Angola and higher UAE output than originally thought helped OPEC compliance with its production-cutting deal slip to 90 percent from a revised 92 percent in March, according to Reuters surveys.The Organization of the Petroleum Exporting Countries pledged to reduce output by about 1.2 million barrels per day (bpd) for six months from Jan. 1 - the first supply cut deal since 2008. Non-OPEC producers are cutting about half as much.OPEC wants to get rid of excess supply that is keeping oil below $52 a barrel, half the level of mid-2014. With the oversupply proving hard to shift, OPEC is expected to prolong the agreement.Compliance of 90 percent is still higher than OPEC achieved in its last cut in 2009, Reuters surveys show. Analysts including those at the International Energy Agency have put adherence in 2017 even higher, with the IEA calling it a record.April''s biggest production gain came from Angola, which scheduled higher exports and where output started at the East Pole field in February. The increase brought Angolan compliance down to 91 percent, from above 100 earlier in the year.Other, small increases came from Kuwait and Saudi Arabia, the survey found, although their compliance was the second-highest and highest respectively in OPEC.Even with April''s increase, the total curb achieved by OPEC''s top producer Saudi Arabia is 574,000 bpd, well above the target cut of 486,000 bpd.Iran''s production rose slightly. Tehran was allowed a small increase in output under the OPEC agreement.These increases offset lower supply in Iraq, which exported less crude from its southern terminals - and Venezuela, where exports also fell month-on-month, according to tanker data and shipping sources.Output in the United Arab Emirates fell, but production in March was higher than originally thought. The UAE, which has been focusing on expanding oil capacity in recent years, has been slower than other Gulf members to trim supply.The UAE says it is complying 100 percent. It has blamed suggestions that it is failing to do so on discrepancies between its own production figures and those estimated by the secondary sources that OPEC uses to track compliance.Lower output in Nigeria and Libya, which are exempt from the curbs, helped bring down overall OPEC production.Maintenance continued at Nigeria''s Bonga field for part of the month and loading delays affected the country''s biggest export stream, Qua Iboe.In Libya, output fell as protests blocking a pipeline prompted the shutdown of the Sharara field. Output there resumed in late April, suggesting May could see higher production if no further unrest emerges.OPEC announced a production target of 32.5 million bpd at its Nov. 30 meeting, which was based on low figures for Libya and Nigeria and included Indonesia, which has since left the group.The Libyan and Nigerian reductions mean OPEC output in April averaged 31.97 million bpd, about 220,000 bpd above its supply target adjusted to remove Indonesia.The Reuters survey is based on shipping data provided by external sources, Thomson Reuters flows data, and information provided by sources at oil companies, OPEC and consulting firms.(Editing by Dale Hudson)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/opec-oil-idINKBN17Y1F9'|'2017-05-02T10:54:00.000+03:00'
'e51239e1be86643f4e7c4b7561b82ce661cdb62d'|'Thyssenkrupp steelworkers protest against Tata merger plan'|'Business News - Wed May 3, 2017 - 5:12pm BST Thyssenkrupp steelworkers protest against Tata merger plan FILE PHOTO: The coking plant and blast furnace of ThyssenKrupp Steel Europe AG are seen in Duisburg in this January 14, 2014 file photo. REUTERS/Ina Fassbender DUISBURG, Germany Thousands of Thyssenkrupp ( TKAG.DE ) steelworkers protested on Wednesday against the German industrial group''s plan to merge its European steel operations with those of India''s Tata Steel ( TISC.NS ). The two companies have been talking since last year about a merger they say would support steel prices and raise efficiency by taking excess capacity out of the market. Trade unions fear large-scale job losses and question the logic of a deal. "I find it intolerable the way that Thyssenkrupp is talking the steel business into the ground," said Detlef Wetzel, the representative of trade union IG Metall on Thyssenkrupp Steel Europe''s supervisory board. "With friends like our management, who needs enemies?" he asked at a demonstration at Thyssenkrupp''s steel headquarters in the German city of Duisburg, IG Metall, which said about 7,500 steelworkers attended the demonstration, fears 4,000 out of the 27,000 jobs at Thyssenkrupp Steel Europe will be lost if the merger goes ahead. Andreas Goss, head of Thyssenkrupp Steel Europe, denied any such plans. He reiterated that the business planned to cut costs by 500 million euros (<28>422.8 million) over the next three years, which he said would help save jobs. "There are no plans for job cuts of this order," he told the Westdeutsche Allgemeine Zeitung. "At the moment, we have no plans to close any sites. But of course we have to negotiate if certain areas show no signs of making a profit long term." Thyssenkrupp, which also builds elevators, submarines and car parts, agreed in February to sell its loss-making Brazilian steel mill CSA to rival Ternium ( TX.N ) for $1.3 billion and took a 900 million euro writedown. Thyssenkrupp''s European steel operations are profitable and considered among the continent''s most efficient but the company, which is 15 percent owned by activist investor Cevian Capital, wants to focus on its capital goods businesses. Talks with Tata have stumbled on the question of who will assume liability for Tata Steel UK''s huge pension fund. Thyssenkrupp has said there are other, unspecified partners with which it could merge its steel business. (Reporting by Tom Kaeckenhoff; writing by Georgina Prodhan; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tata-steel-m-a-thyssenkrupp-protests-idUKKBN17Z1W6'|'2017-05-03T23:51:00.000+03:00'
'd59ae43e236eb12f2221475567fce12b1274eb4e'|'FTSE weighed down by commodity stocks, Sainsbury''s drop'|'Business News - Wed May 3, 2017 - 5:10pm BST Sainsbury''s drop, miners weigh on FTSE A red London bus passes the Stock Exchange in London, Britain, February 9, 2011. REUTERS/Luke MacGregor/File Photo By Danilo Masoni and Kit Rees - LONDON LONDON Britain''s top share index fell on Wednesday, weighed down by weaker commodity stocks, while supermarket Sainsbury''s ( SBRY.L ) dropped after an underwhelming earnings update. The blue chip FTSE 100 .FTSE was down 0.2 percent at 7,234.53 points at its close, broadly in line with weakness seen elsewhere in Europe. Sainsbury''s was the biggest blue chip faller, sinking almost 6 percent after the grocer reported a third straight year of underlying profit decline, despite the boost to earnings from last year''s purchase of Argos, the general merchandise retailer. "Today<61>s results from Sainsbury show some promising early signs from the Argos acquisition set against a difficult trading environment for food retailing,<2C> Simon Gergel, CIO UK Equities at Allianz Global Investors, said. Sainsbury''s, which trails market leader Tesco ( TSCO.L ) in annual sales, cautioned that it saw no let-up in the intensely competitive UK market any time soon. Tesco''s shares also fell 3.4 percent. The biggest sectoral weight to the FTSE were mining stocks, which wiped about 12.5 points from the blue chip index. Heavyweight miners Glencore ( GLEN.L ), Anglo American ( AAL.L ) and Rio Tinto ( RIO.L ) all dropped between 2.7 percent to 3.7 percent, after copper prices fell as the dollar ticked higher on expectations the Federal Reserve will signal a June rate rise later in the session. [MET/L] BP ( BP.L ) was among the biggest individual drags to the index with a 0.7 percent fall following the strong gains it made in the previous session after a better than expected earnings update. Earnings boosted top gainers, however, with accounting software firm Sage Group ( SGE.L ) rising 3.4 percent after reporting first-half earnings and saying it was confident that it would exceed its full year guidance for revenue growth. British equities were little moved by data showing growth in the country''s construction industry accelerated in April, adding to tentative signs that the economy might be recovering a little momentum after a lacklustre start to 2017. British mid caps also continued to trade in the red and ended the session 0.6 percent lower. But Mitie ( MTO.L ) outperformed, up 9.4 percent, after the pest control company reported steady revenues and unveiled the results of a review of its accounts. Construction group Galliford Try ( GFRD.L ) fell 10.7 percent after the company warned on charges for construction business. (Reporting by Kit Rees and Danilo Masoni; Editing by Ken Ferris)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN17Z0V1'|'2017-05-03T17:30:00.000+03:00'
'8fe35c35070b0d3c3e2e76b332e54a6718251b9b'|'UPDATE 1-Britain''s ITV says Chief Executive Adam Crozier to step down'|'LONDON ITV boss Adam Crozier, who has restored the British broadcaster''s fortunes by reducing its reliance on advertising and expanding its production business, will step down next month after seven years in charge, the company said on Wednesday.Finance Director Ian Griffiths will take on additional responsibilities as chief operating officer and will lead the group until a successor is found, ITV said, helped by Chairman Peter Bazalgette, who will become executive chairman in the interim.Crozier, who has grown ITV''s production operations by buying independent producers in Britain and overseas, will leave at the end of June.Having spent 21 years as a chief executive across four varied industries, the 53-year-old Crozier said it was the right time to move to the next stage of his career and to build a "portfolio of roles"."Today ITV is more robust, well balanced and stronger both creatively and financially than ever before, and is well placed for the digital future," Crozier said.Although Crozier''s departure was not a surprise, some analysts questioned why the company had not managed to line up a successor and also underlined the challenges facing the next boss of Britain''s main commercial TV company."Consumption habits are changing at pace and the shift towards streaming media and even towards non-traditional media such as video game streams leaves ITV vulnerable," said Neil Campling, global head of TMT research at Northern Trust Capital Markets.Shares in ITV slipped 0.2 percent to 211 pence on Wednesday morning.TAKEOVER TARGET?ITV said the company''s revenue from sources other than advertising had more than doubled to almost 1.9 billion pounds ($2.5 billion) in 2016, more than half of its total, under Crozier''s tenure.The broadcaster, which makes soap opera Coronation Street, has long been viewed as a takeover target in an industry that is consolidating as viewers increasingly watch content on demand and on different platforms.Speculation has centered on U.S media group Liberty Global, which owns 9.9 percent of the broadcaster, although it has previously said it did not want to buy the group.Citi analysts said ITV had often been talked about as a takeover target, but the market was likely to take Crozier''s departure as a sign that no potential takeover was imminent.ITV last year dropped plans to try to buy Canada''s Entertainment One, the owner of children''s TV character Peppa Pig. Crozier, who was paid 3.4 million pound last year according to ITV''s annual report, started his executive career at advertising group Saatchi & Saatchi in the 1990s, before moving to The Football Association and postal service Royal Mail Group.He joined ITV when the ad market was at a low point and he initiated a restructuring that diversified the business into international production and cut the cost base.It bought a majority stake in World Productions, the maker of hit BBC drama "Line of Duty", on Tuesday, increasing its productions capabilities in scripted drama.Crozier added another non-executive role to his portfolio last month when he joined the board of Costa Coffee to Premier Inn group Whitbread .(Editing by Kate Holton and Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-itv-moves-crozier-idUSKBN17Z0GO'|'2017-05-03T14:58:00.000+03:00'
'eb04f03f4a9bde31d141e216b1b433a17b587de2'|'Slumping oilfield services sector bets on new offshore technology'|'Company News - Thu May 4, 2017 - 12:01am EDT Slumping oilfield services sector bets on new offshore technology By Jessica Resnick-Ault and Liz Hampton - HOUSTON HOUSTON May 4 The oil industry''s top equipment and services suppliers this week are hawking vastly cheaper ways of designing and equipping subsea wells, aiming to slash the cost of offshore projects to compete with the faster-moving shale industry. At the Offshore Technology Conference, the industry''s annual gathering of floating rig and subsea well suppliers, sales pitches this year are all about cost savings and faster time to first production. With U.S. crude priced under $50 a barrel, offshore projects with their typically high costs and long-lead times are now borrowing from leaner shale in the competition for oil company investment. Low oil prices have soured new exploration in the U.S. Gulf of Mexico, for instance, but production volumes there have remained strong due to the long lead times of these projects. Gulf of Mexico producers are expected to add 190,000 barrels per day this year to output now running about 1.76 million bpd. Tool and services companies are offering new technologies that can do several jobs, taking the place of multiple devices or highly-paid consultants. National Oilwell Varco Inc is exhibiting software it touts as performing much like a drilling expert, sorting through vast amounts of data to find ways to speed production and reduce downtime. The new software "takes actions a person would do and runs them automatically. It''s low cost and it''s simple" said David Reid, National Oilwell Varco''s chief marketing officer. Baker Hughes Inc is showing a new tool called DeepFrac that it said eliminates several steps now required to complete underwater wells. That saving pares the price of a well by up to 40 percent, speeding first production and lowering the break-even cost for producers. "This helps sharply cut some of the risk of drilling an offshore oil well and, we believe, sharply reduces costs for our customers," said Jim Sessions, a vice president of technology at Baker Hughes. Graham Hill, an executive vice president at KBR Inc, detailed the construction company''s plan for a cheaper floating production vessel, saying the new vessel fits producers'' tight budgets. KBR can hope to earn more by selling extra features. "This is like ordering a Ford," he said. "There''s a base package, and you can add extras." Richard Morrison, president of BP plc''s Gulf of Mexico region, said the industry has accepted that crude prices will probably stay low, meaning oil producers like BP must work with services providers to reduce the multibillion dollar cost of offshore projects. "That break even point can''t come back to $80 a barrel, so I''ve got to figure out ways to work with my supplier over the long-term to keep that in check," he said during a presentation. Morrison touted BP''s use of new seismic imaging technology that helped identify 1 billion additional barrels of "possible resources" at four of its U.S. Gulf of Mexico offshore fields. The technology enhances existing seismic images to find oil hidden beneath salt structures deep underground. Just weeks away is a coming Vienna meeting of the Organization of the Petroleum Exporting Countries where OPEC and other oil producers are to decide whether to continue production curbs past June. If OPEC fails to continue the curbs, oil prices could fall again, making a difficult market worse, said Charles Cherington, a co-founder of Intervale Capital, a private equity investor in oilfield services. Assuming OPEC continues the existing curbs, Cherington said the best the industry can hope for this year is crude "gets to the low to mid $50s (a barrel)" or half what it fetched at this time three years ago. Few oilfield suppliers are generating steady profits, he said, and "in the short run, we don''t see the market getting much better," he added. Marc Gerard Rex Edwards, chief executiv
'19c4f6ead6f318dc24c3b487391bbc49ce456922'|'CANADA STOCKS-TSX rises, helped by pipelines, earnings wins'|'(Adds portfolio manager comment, updates prices to close)* TSX ends up 44.02 points, or 0.28 percent, at 15,619.65* Seven of the TSX''s 10 main groups move higherBy Alastair SharpTORONTO, May 2 Canada''s main stock index rose on Tuesday, helped by gains for several companies whose financial results exceeded expectations, including e-commerce company Shopify, and by gains for pipeline companies.Enbridge Inc, Canada''s largest pipeline company, added 1.2 percent to C$56.94 and TransCanada Corp, its second-largest, gained 1.4 percent to C$64.25.Pembina Pipeline Corp rose 2.4 percent to C$43.04 after announcing on Monday it would buy smaller rival Veresen Inc in a C$9.7 billion ($7.1 billion) stock-and-cash deal.The broader energy group fell 0.4 percent as oil prices fell to a five-month low.E-commerce software maker Shopify Inc jumped 7.4 percent to C$113.94 after reporting a 75 percent jump in revenue and upping its full-year sales forecast."The earnings were great. It was the high end of guidance, then they raised guidance," Diana Avigdor, portfolio manager and head of trading at Barometer Capital Management said of Shopify. "There''s lots of opportunity for market share growth there."Colliers International Group Inc shares advanced 6.8 percent to C$73.24 after the commercial real estate company posted strong first-quarter results.The Toronto Stock Exchange''s S&P/TSX composite index closed up 44.02 points, or 0.28 percent, at 15,619.65.Seven of the index''s 10 main groups finished in positive territory, with financials and natural resource groups slipping.Valeant Pharmaceuticals International Inc advanced 6.7 percent to C$14.11 after its CEO told shareholders the company is on track to repay $5 billion in debt by early next year.Alternative lender Home Capital Group gained 11.4 percent to C$7.75. The company''s stock has plummeted since a securities regulator last month accused top executives of hiding mortgage broker fraud from investors.WestJet Airlines Ltd declined 3.2 percent to C$22.10 after reporting a 45 percent drop in profit and saying it would buy more jets, raising its capital expenditure. (Reporting by Alastair Sharp; editing by Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1I41VT'|'2017-05-03T05:10:00.000+03:00'
'07e1878074a72d4140a2bd1b0c008549a7c55b80'|'Flotek Industries announces agreement to divest drilling technologies segment'|'May 2 Flotek Industries Inc* Flotek Industries, Inc. announces agreement to divest drilling technologies segment* Flotek Industries Inc - Deal for total consideration of $17.0 million* Flotek Industries - Agreement to divest its drilling technologies segment to National Oilwell Varco, L.P. for a total consideration of $17.0 million* Flotek Industries Inc - In-line with company''s ongoing initiatives, proceeds from deal will go towards reducing outstanding debt on its balance sheet '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-flotek-industries-announces-agreem-idINASA09MAS'|'2017-05-02T20:06:00.000+03:00'
'68c2ab40fd6fc868f39515fe7ab6a14c9fad4583'|'Credit Suisse has deployed 20 robots within bank, markets CEO says'|'Technology News - Tue May 2, 2017 - 12:46am BST Credit Suisse has deployed 20 robots within bank, markets CEO says Switzerland''s national flags fly beside the logo of Swiss bank Credit Suisse in Zurich, Switzerland April 24, 2017. REUTERS/Arnd Wiegmann By Olivia Oran - BEVERLY HILLS, Calif. BEVERLY HILLS, Calif. Credit Suisse AG ( CSGN.S ) has deployed 20 robots within the bank, some of which are helping employees answer basic compliance questions, the Swiss bank''s global markets chief executive, Brian Chin, said on Monday. Chin, speaking at the Milken Institute Global Conference in Beverly Hills, California, said the technology may help reduce the number of calls coming into the bank''s compliance call center by as much as 50 percent. The technology works like Amazon.com Inc''s ( AMZN.O ) Alexa voice system. While Chin called them robots, it was not clear if they had a physical presence or how exactly employees interacted with them. "You ask it questions and it spits out the appropriate regulation, rather than going to a manual or a website," Chin said. "It''s been really good for simple questions." Chin said although technology has allowed Credit Suisse to cut back and middle office staff, headcount has remained flat because the bank has hired a large number of programmers. (Reporting by Olivia Oran; Editing by Sandra Maler and Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-milken-conference-creditsuisse-idUKKBN17X2JC'|'2017-05-02T07:43:00.000+03:00'
'496b5ff0378bc0bc3f6959fb81a851a7304ee0d1'|'Bitcoin soars above $1,400 to all-time high'|'Technology  43am BST Bitcoin soars above $1,400 to all-time high A Bitcoin (virtual currency) paper wallet with QR codes and a coin are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015. REUTERS/Benoit Tessier/File Photo By Jemima Kelly - LONDON LONDON Bitcoin surged to an all-time high above $1,400 on Tuesday, after more than tripling in value over the past year, with its most recent rise attributed to strong demand in Japan, where the digital currency has been deemed a legal means of payment. Cryptocompare, a data website that analyses bitcoin trading across dozens of exchanges globally, said around 50 percent of trading volume over the past 24 hours had been on the bitcoin/Japanese yen exchange rate. "The Japanese have recently warmed their approach towards bitcoin by treating it legally as a form of payment - a ratification and bringing into the regulatory fold," said Charles Hayter, the website''s founder. "China''s clampdown on exchanges can also be seen as a positive move for the industry too," he added. Chinese authorities have increased scrutiny of exchanges this year and have forced them to start charging trading fees, after becoming concerned about bitcoin speculation and its potential use in money laundering. Bitcoin surged as much as 3 percent on Tuesday on the Europe-based Bitstamp exchange, where trading is dollar-denominated, to hit $1,437, its highest since its 2008 launch. That marked a more than 200 percent increase from its price in early May last year. Its current levels put the total value of all bitcoins in circulation - the so-called "market cap" - close to $25 billion, putting its worth on a par with a large-cap company. Bitcoin analysts said the price had also been boosted by a request by the BATS exchange that the U.S. Securities and Exchange Commission review its March decision not to approve a bitcoin-tracking ETF set up by the Winklevoss brothers. (Reporting by Jemima Kelly, editing by Nigel Stephenson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-bitcoin-idUKKBN17Y12R'|'2017-05-02T18:40:00.000+03:00'
'94179e68398092d7c5192cdca9b0b1715b8b7f38'|'BOJ''s Kuroda welcomes expansion of China-led infrastructure bank'|'Business News - Tue May 2, 2017 - 7:21am BST BOJ''s Kuroda welcomes expansion of China-led infrastructure bank Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan April 27, 2017. REUTERS/Kim Kyung-Hoon By Leika Kihara - YOKOHAMA, Japan YOKOHAMA, Japan Bank of Japan Governor Haruhiko Kuroda welcomed on Tuesday the expansion of China-led Asian Infrastructure Investment Bank as positive for the regional economy, urging multinational lenders to cooperate in meeting Asia''s fast-growing infrastructure needs. "Infrastructure needs are huge and it''s simply not possible for the Asian Development Bank and the World Bank to fill the gap completely," Kuroda, who was formerly head of the ADB, told a seminar hosted by an ADB-affiliated think tank. He said healthy competition from Chinese, Indian and Japanese initiatives could be positive for improving infrastructure and boosting economic growth. Kuroda''s remarks are the strongest endorsement to date by a Japanese policymaker for the growing presence of AIIB, which some in Tokyo see as a vehicle to boost China''s regional clout. They also come ahead of the ADB''s 50th annual meeting in Yokohama, eastern Japan, at the weekend, where its 67 members are set to seek ways to differentiate the ADB from rival lenders such as the AIIB. The AIIB has been viewed as a rival to the Western-dominated World Bank and the ADB, which is jointly led by the United States and Japan. The United States initially opposed the AIIB''s creation and is not a member, but many U.S. allies, including Canada, Britain, Germany, Australia and South Korea have joined. HEALTHY COMPETITION Japan, following Washington''s lead under then-U.S. President Barack Obama, did not join the AIIB as well, partly from concern it would conflict with the ADB, the Manila-based institution dominated by Japan and the United States. But Kuroda said the establishment of AIIB and the fact it attracted many members were a "good" thing as they help meet rapidly increasing infrastructure-funding needs in the region. "The ADB has promoted regional cooperation in Asia. It also tried to link regional initiatives with each other. That is the way we should go forward, rather than making a single Asia program or an Asia initiative," he said. "The realistic way is to promote regional initiatives and link them with each other." Kuroda also urged politicians to contain geopolitical conflicts which were "not good for anyone." The ADB, founded in 1966, has by convention been headed by Japanese financial bureaucrats including Kuroda and current president Takehiko Nakao. Vying for influence in the region, China created AIIB in 2015 which now has 70 members including countries awaiting ratification, exceeding those of the ADB. On the surface, the two lenders have cooperated, co-financing several projects under a 2016 agreement that set the stage for joint funding. But many Japanese officials, including premier Shinzo Abe''s aides, are cautious of the AIIB - taking the view that it serves as a vehicle to fund China''s global leadership ambitions. A week after the ADB gathering, leaders from 28 nations will attend China''s New Silk Road summit aimed at expanding links between Asia, Africa and Europe - underpinned by billions of dollars in infrastructure investment. (Reporting by Leika Kihara; Editing by Chris Gallagher and Sam Holmes)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-japan-economy-boj-adb-idUKKBN17Y09I'|'2017-05-02T14:21:00.000+03:00'
'd162ea13efd05f7e1701d1264d3801e748ae3601'|'GM ceases operations in Venezuela after plant takeover'|'Company  23am EDT GM ceases operations in Venezuela after plant takeover May 2 General Motors Co said on Tuesday it has ceased operations at its Venezuela plant and will take up to a $100 million charge after a judge ordered the seizure of its plant last month. The largest U.S. automaker said it is deconsolidating its business in Venezuela. The decision follows the seizure of GM''s Valencia plant in Venezuela on April 18 by judicial authorities, which led the automaker to fire 2,700 workers. The GM plant had not produced a car since the beginning of 2016 because of parts shortages and strict currency controls. GM said executives have expressed a willingness "to talk with government officials and union leaders about the circumstances under which it could be possible to start production and employ some number of workers with a new, viable business model." (Reporting by David Shepardson; Editing by Chizu Nomiyama and Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gm-venezuela-idUSL1N1I40OC'|'2017-05-02T22:23:00.000+03:00'
'2f58f2930f5bd2be40fd0a764760e37c77ccfeb8'|'Google Docs warns customers about spam with malicious links'|' 40pm EDT Google Docs warns customers about spam with malicious links A security guard keeps watch as he walks past a logo of Google in Shanghai, China, April 21, 2016. REUTERS/Aly Song/File Photo Alphabet Inc ( GOOGL.O ) said on Wednesday it was investigating widespread reports about a spam campaign in which recipients received emails from known contacts that asked them to click on a link to review a Google Docs document. "We are investigating a phishing email that appears as Google Docs. We encourage you to not click through & report as phishing within Gmail," the company said on its Google Docs Twitter account. (Reporting by Alastair Sharp and Jim Finkle in Toronto; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-cyber-alphabet-idUSKBN17Z2I6'|'2017-05-04T04:40:00.000+03:00'
'0bc70bb0225fa36957588efddfc69b69fc6a375c'|'Standard Chartered favours Frankfurt as EU hub after Brexit'|'Wed May 3, 2017 - 3:21pm BST Standard Chartered favors Frankfurt as EU hub after Brexit FILE PHOTO: A Standard Chartered bank branch in Singapore October 11, 2016. REUTERS/Edgar Su/File Photo By Lawrence White - LONDON LONDON Standard Chartered ( STAN.L ) is in talks with regulators about making Frankfurt its European base to secure market access to the European Union when Britain leaves the bloc. "We are looking at setting up a subsidiary in the EU to ensure we are prepared," Chairman Jose Vinals said on Wednesday at the Asia-focused bank''s annual shareholder meeting in London. "The choice of Frankfurt is very natural as we have a branch there and we do euro clearing there," he said. London-based banks are expected to announce more concrete plans over the next two months for how they will ensure that they can continue serving customers as Britain prepares to negotiate its EU departure. Financial services firms need a regulated subsidiary in an EU country to offer their products across the bloc if Britain no longer has access to the European single market. Bankers say Frankfurt is set to win the most business following a discreet but concerted campaign to promote the financial center of Europe''s biggest economy. Standard Chartered Germany head Heinz Hilger told Reuters the bank will set up a European subsidiary in Frankfurt and apply for a full banking license, allowing it to continue to carry out its business once passporting from the UK will become impossible. "We currently have about 100 staff in Frankfurt and office space capacity to add another 20," he said. Building a new European hub will be a step-by-step process and it was not yet possible to say how many employees the bank will have in Frankfurt in the end - which will be dependent on whether Brexit will be hard or soft, he added. While the tasks of the bank''s individual European branches will not change, Frankfurt will add some functions including acting as an information hub and maintaining contact with the banking regulator, he said. A company spokesman added that Standard Chartered will hire a small number of staff locally and the impact on UK staff would be minimal. Vinals, in his first appearance in front of shareholders since being appointed chairman, said Standard Chartered is unlikely to see a material impact from Brexit. He said the board had decided it was the bank''s best interest not to declare an ordinary divided for 2016, but said it is committed to resuming dividends as soon as possible. The bank halted its dividend in 2015 to bolster its balance sheet, under a plan to restore profitability after three years of falling profit and strategic missteps. (Additional reporting by Arno Schuetze; writing by Andrew MacAskill; editing by Alexander Smith and David Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-stanchart-idUKKBN17Z1NE'|'2017-05-03T22:04:00.000+03:00'
'ac4261ab738f813604d2de21a55edb1cc1f431ab'|'BNP Paribas'' Q1 profit increase powered by trading rebound'|'By Maya Nikolaeva and Julien Ponthus - PARIS PARIS Profit at BNP Paribas rose by more than forecast in the first quarter, driven by fixed income and equities trading and raising expectations of a similar performance by rivals such as Societe Generale.France''s biggest bank said on Wednesday first-quarter net income rose to 1.89 billion euros ($2.1 billion), beating the average profit estimate of 1.6 billion in a Reuters poll and lifting its shares by 0.5 percent, while SocGen rose 1.3 percent and Credit Agricole 0.9 percent."There was a good performance in the investment banking division and a positive surprise regarding their risk provisions," Benoit de Broissia of Keren Finance, which owns BNP stock, said. The results augured well for those of SocGen, which are due on Thursday, he added.Results from France''s two biggest banks by market capitalisation come just before the May 7 French presidential runoff vote, where centrist Emmanuel Macron is facing far-right rival Marine Le Pen who has vowed to take France out of the euro and European Union if elected.French bank stocks rallied after the first round of the election bolstered investor and opinion poll projections that Macron, seen as a business-friendly candidate, would win, with BNP Paribas shares up around six percent since then.BNP Paribas shares are up by around 10 percent so far in 2017, in line with similar gains on the STOXX Europe 600 Banking index and on France''s benchmark CAC-40.OUTPERFORMING RIVALSBNP Paribas outperformed its European rivals in reporting a 33.1 percent revenue rise in its global markets division that includes debt and equities trading, compared to a 4 percent increase on average at peers such as Deutsche Bank, Credit Suisse, Barclays and UBS, according to Reuters calculations.BNP Paribas cited a "significant pick-up in client business compared to a very challenging market environment" a year ago."The CIB (corporate and institutional bank) rebounded strongly from a low base last year," BNP Paribas chief executive Jean-Laurent Bonnaf<61> said.U.S. and European investment banks have benefited from a jump in markets-related revenue following U.S. rate hikes, as well as from signs of a European economic recovery and some progress in Britain''s plans to leave the EU.Fixed income, currency and commodities trading revenue at BNP Paribas rose 32 percent to 1.17 billion euros, compared to a 24 percent rise across the big five U.S. banks, according to IFR calculations.BNP Paribas also outpaced European and U.S. rivals in equities trading, which rose 36 percent, while its international financial services division was another big contributor, with pre-tax income rising 16 percent to 1.2 billion euros.($1 = 0.9154 euros)(Additional reporting by Sudip Kar-Gupta; editing by Muralikumar Anantharaman and Alexander Smith)FILE PHOTO: The logo of French BNP Paribas bank is seen in central Paris December 15, 2008. REUTERS/Charles Platiau/File Photo'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/bnp-paribas-results-idINKBN17Z0BV'|'2017-05-03T03:37:00.000+03:00'
'256a3c9c6646d741f322739fd1efaa646e6a8d8b'|'UPDATE 2-Mexico''s Pemex posts first quarterly profit in five years'|'Company News  49pm EDT UPDATE 2-Mexico''s Pemex posts first quarterly profit in five years (Adds CFO quote, details on crude prices, export revenue and natural gas output) By David Alire Garcia MEXICO CITY May 3 Mexican state oil company Pemex on Wednesday reported a first quarter net profit of 87.9 billion pesos ($4.7 billion) on higher sales as crude prices rose sharply to make its first quarterly profit since 2012. During the year earlier period, Pemex posted a loss of 62 billion pesos. Revenue at the company officially known as Petroleos Mexicanos was up 55 percent to 349 billion pesos, a filing with the Mexican stock exchange said. The average price of Mexico''s crude export mix in the first quarter was up about 70 percent to reach $44.11 per barrel, compared to just $25.87 per barrel during the same period last year. As a result, export revenue during the quarter grew a whopping 86 percent despite the fact that crude export volumes dipped nearly 4 percent. "Pemex continues taking firm steps in the right direction," said Chief Financial Officer Juan Pablo Newman during a call with analysts after the results were released. First-quarter crude production stood at 2.018 million barrels per day (bpd), down 9.5 percent from average output of 2.23 million bpd during the January-March period last year. Meanwhile, natural gas output fell about 16 percent to 4.367 billion cubic feet per day. Pemex hit peak crude production in 2004 with 3.4 million barrels per day (bpd), but since then the limping giant has seen output drop by more than 1.3 million bpd. Long a major source of tax revenue for the government, Pemex now contributes less than a fifth of federal revenue, down from more than a third a few years ago. The Mexican government continues to implement a sweeping energy reform finalized in 2014. The reform ended the decades-long production monopoly enjoyed by Pemex, and led to the first-ever competitive oil auctions and joint venture partnerships. ($1 = 18.7275 on March 31) (Additional reporting by Adriana Barrera; editing by Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/pemex-results-idUSL1N1I513T'|'2017-05-04T01:49:00.000+03:00'
'c745b94c424c51e064ce43a4d7be857fafed4338'|'Hong Kong''s Fullshare says critical research report ''misleading'''|'Market News - Tue May 2, 2017 - 9:50am EDT Hong Kong''s Fullshare says critical research report ''misleading'' HONG KONG May 2 Hong Kong property and healthcare group Fullshare Holdings Ltd said on Tuesday allegations by Glaucus Research that caused its shares to plunge last week were "misleading and groundless". California-based Glaucus Research Group, in a report last week, queried Fullshare''s stock trading patterns, its valuation and asset disposals. Saying the report comprised "irresponsible speculations," Fullshare said in a filing to the Hong Kong exchange that the company was consulting its legal advisers and would consider taking legal actions against Glaucus. Glaucus, whose website does not have a phone number, did not immediately respond to an email from Reuters seeking comment. Fullshare said it would consider a share repurchase and other measures to protect shareholders'' interests. Glaucus''s report, the latest from an independent researcher questioning corporate practices at a Chinese company, triggered a trading suspension in Fullshare shares on April 25. The company has requested a resumption on May 4. (Reporting by Meg Shen; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/fullshare-hldg-stocks-idUSL4N1I43MO'|'2017-05-02T21:50:00.000+03:00'
'16a96125cb487b467789f70049588c53cb578f08'|'METALS-Potential supply disruptions fuel copper''s rise to 3-week high'|'Company News - Tue May 2, 2017 - 12:25pm EDT METALS-Potential supply disruptions fuel copper''s rise to 3-week high * Premium for cash tin over 3-month jumps * LME/ShFE arb: tmsnrt.rs/2oQ5nm2 (Adds closing prices) By Pratima Desai LONDON, May 2 Copper prices hit a three-week high on Tuesday due to concerns about supply disruptions in Indonesia, but caution over slowing demand in top consumer China capped gains. Benchmark copper on the London Metal Exchange, untraded in the rings, ended up 1.2 percent at $5,735.50 a tonne from an earlier $5,820 a tonne, its highest since April 10. "The news about the strike in Indonesia at Grasberg has lifted prices," said Julius Baer analyst Carsten Menke, adding that slowing activity in China''s manufacturing sector, a major source of demand for industrial metals, was a negative. GRASBERG: Thousands of workers from the Indonesian unit of Freeport McMoRan Inc staged a rally near the Grasberg copper mine on Monday, protesting against layoffs by the miner due to a contract dispute with the government. CHINA: China''s factory sector lost momentum in April, with growth slowing to its weakest pace in seven months as domestic and export demand faltered and commodity prices fell, a private survey showed on Tuesday. LEAD: The price of lead was slightly weaker at $2,248 a tonne, but supported by worries about supplies on the LME market. LEAD STOCKS: Latest data shows lead stocks in LME approved warehouses up 4,150 to 169,425 tonnes MPBSTX-TOTAL, but that total is still 10 percent below the level at the end of March. LEAD WARRANTS: Cancelled warrants -- material earmarked for delivery and so not available to the market -- account for nearly half of total inventories. Traders are also watching a large position holding between 30 and 39 percent of warrants. LEAD SPREADS: The premium, or backwardation, for cash metal over the three-month contract rose to $34.50 a tonne on Friday, its highest since late January MPB0-3. LEAD DEMAND: "On the demand side, offtake remains strong on both sides of the Atlantic, with only limited signs of seasonal weakness," INTL FCStone analyst Edward Meir said. "European battery demand is particularly good on account of strong vehicle sales. However, the Chinese market does not look as inspiring." TIN SPREADS: The premium for cash tin over the three-month rose to $90 a tonne MSN0-3 on Friday, its highest since March 21 as traders fretted about shortages on the LME market. Three-month tin rose 0.3 percent to $19,960 compared with an earlier $20,085, its highest since April 12. TIN STOCKS: Inventories of tin in LME warehouses at 2,865 tonnes are less than half the 5,995 recorded on Feb. 16 and account for less than one percent of global consumption estimated at around 350,000 tonnes this year. PRICES: Aluminium was up 0.9 percent at $1,929.50 and zinc added 1.2 percent to $2,655. Nickel was ended 0.7 percent higher at $9,515 a tonne. (Editing by Jane Merriman and David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1I4230'|'2017-05-02T17:36:00.000+03:00'
'c347d4ad116e200ef4c9fee7312dd8dc85f80837'|'GM, Ford and Toyota all post U.S. sales declines in April'|'Business  26pm EDT Wall Street fears end of boom as automakers'' April U.S. sales drop FILE PHOTO - Cars are seen in a parking lot in Palm Springs, California April 13, 2015. Picture taken April 13, 2015. REUTERS/Lucy Nicholson/File Photo By Nick Carey and Joseph White - DETROIT DETROIT Major automakers on Tuesday posted declines in U.S. new vehicle sales for April in a sign the long boom cycle that lifted the American auto industry to record sales last year is losing steam, sending carmaker stocks down. The drop in sales versus April 2016 came on the heels of a disappointing March, which automakers had shrugged off as just a bad month. But two straight weak months has heightened Wall Street worries the cyclical industry is on a downward swing after a nearly uninterrupted boom since the Great Recession''s end in 2010. Auto sales were a drag on U.S. first-quarter gross domestic product, with the economy growing at an annual rate of just 0.7 percent according to an advance estimate published by the Commerce Department last Friday. Excluding the auto sector the GDP growth rate would have been 1.2 percent. Industry consultant Autodata put the industry''s seasonally adjusted annualized rate of sales at 16.88 million units for April, below the average of 17.2 million units predicted by analysts polled by Reuters. General Motors Co ( GM.N ) shares fell 2.9 percent while Ford Motor Co ( F.N ) slid 4.3 percent and Fiat Chrysler Automobiles NV''s U.S.-traded ( FCHA.MI )( FCAU.N ) shares tumbled 4.2 percent. The U.S. auto industry faces multiple challenges. Sales are slipping and vehicle inventory levels have risen even as carmakers have hiked discounts to lure customers. A flood of used vehicles from the boom cycle are increasingly competing with new cars. The question for automakers: How much and for how long to curtail production this summer, which will result in worker layoffs? To bring down stocks of unsold vehicles, the Detroit automakers need to cut production, and offer more discounts without creating "an incentives war," said Mark Wakefield, head of the North American automotive practice for AlixPartners in Southfield, Michigan. "We see multiple weeks (of production) being taken out on the car side," he said, "and some softness on the truck side." Rival automakers will be watching each other to see if one is cutting prices to gain market share from another, he said, instead of just clearing inventory. INVESTORS DIGEST BAD NEWS Just last week GM reported a record first-quarter profit, but that had almost zero impact on the automaker''s stock. The iconic carmaker, whose own interest was once conflated with that of America''s, has slipped behind luxury carmaker Tesla Inc ( TSLA.O ) in terms of valuation. On Tuesday, Tesla''s market value was $53 billion, nearly $3 billion larger than GM''s. GM said April sales fell 6 percent, but crossovers and trucks continued to see strong growth. Sales at Ford, the No. 2 U.S. automaker by sales after GM, fell 7.2 percent in April, while Toyota ( 7203.T )( TM.N ) recorded a drop of 4.4 percent and FCA sales were off 7 percent. U.S. consumers have increasingly shunned cars in favor of larger crossovers, SUVs and trucks. While automakers posted steep sales declines for cars in April, SUVs, crossovers and trucks were either up or off only slightly. New vehicle sales hit a record 17.55 million units in 2016. But as the consumer appetite for new cars has waned, automakers have leaned more heavily on discounts. GM said its consumer discounts were equivalent to 11.7 percent of the transaction price. The automaker also said its inventory level rose to 100 days of supply at the end of April versus around 70 days at the end of 2016. Recent levels have worried analysts, and GM has promised inventories will be down by the end of 2017. On a conference call Mark LaNeve, Ford''s vice president for U.S. marketing, sales and service, insisted the industry was "relatively constrained" in offering discount
'bbe081d9f238f88c4c2bd62d09cbf60f97040053'|'ECB''s Nouy wants Basel deal on bank rules as quickly as possible'|' 54am BST ECB''s Nouy wants Basel deal on bank rules as quickly as possible Daniele Nouy, chair of the Supervisory Board of the European Central Bank, speaks at a Thomson Reuters newsmaker event at Canary Wharf in London November 28, 2014. REUTERS/Neil Hall FRANKFURT Global regulators should agree "as quickly as possible" on the minimum amount of capital that banks must hold, a so called ''floor'' that has held up the completion of a new rulebook known as Basel III, the European Central Bank''s top supervisor said on Tuesday. "The final design and calibration of the floor are still being discussed, and the intention is to avoid significantly increasing the overall capital requirements for banks," Daniele Nouy, chair of the ECB''s supervisory board, said in Vienna. "It is crucial that an agreement is reached as quickly as possible. We have to finalise the entire Basel III package to ensure that a global standard is in place." (Reporting By Francesco Canepa; Editing by Balazs Koranyi)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-banks-regulation-idUKKBN17Y0J6'|'2017-05-02T14:54:00.000+03:00'
'43ff8993fab4b2959f3e07b4dfff4b4540f365d8'|'Apollo Global seeks to lower West Corp price tag - sources'|'Buyout firm Apollo Global Management LLC ( APO.N ) is seeking to convince U.S. telephone conferencing services provider West Corp ( WSTC.O ) to lower its price expectations and accept a $2 billion acquisition offer, according to people familiar with the matter.Apollo has prevailed in an auction for West Corp and is in advanced negotiations to acquire the company, Reuters reported on Thursday. Since then, West Corp shares have risen 5.6 percent, ending trading on Monday at $26.71.However, Apollo''s latest offer values West Corp at least a couple of dollars per share below that level, the sources said on Monday. Negotiations between the two sides are continuing, as West Corp hopes to conclude these talks by May 9, when it is scheduled to report first-quarter earnings, the sources added.The sources asked not to be identified because the negotiations are confidential. Apollo declined to comment, while West Corp did not respond to a request for comment.West Corp announced last November that it had hired investment bank Centerview Partners LLC and law firm Sidley Austin LLP to help the company explore financial and strategic alternatives. Since then, its shares have risen by a third. It now has a market capitalization of close to $3 billion.However, the company is continuing to grapple with a debt pile of more than $3 billion, and has struggled to keep its conferencing technology competitive amid fierce price competition from its peers.Based in Omaha, Nebraska, West Corp offers technology that allows companies and public safety organizations to launch teleconferencing sessions and manage customer service calls.Private equity firms Thomas H. Lee Partners LP and Quadrangle Group LLC owned 21.5 percent and 4.5 percent of West Corp, respectively, as of March 23, according to a regulatory filing. This is the legacy of their taking the company private in 2006 for $4.1 billion, including debt. They then took West Corp public four years ago and sold down much of their stakes.Thomas H. Lee declined to comment, while Quadrangle Group did not respond to a request for comment.(Reporting by Greg Roumeliotis in New York; Editing by Andrew Hay)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-west-m-a-apollo-global-idUSKBN17X2I1'|'2017-05-02T02:45:00.000+03:00'
'9bd4fb1c9f9bbe93ae5e71269f10c152693108ac'|'Investors expect AT&T to hit debt market'|'By Laura Benitez LONDON, May 2 (IFR) - AT&T is expected to tap the European bond market soon to help finance its US$85.4bn acquisition of Time Warner, according to several market participants.AT&T is holding European meetings for a ''non-deal'' investor update from May 2 via Bank of America Merrill Lynch and BNP Paribas.Those banks said the meetings will only be used to update investors and are not linked to new bond issuance.However, market participants are already speculating that AT&T is getting the ball rolling for a jumbo transaction, expected to be a mix of euro and US dollar debt."Everyone is eyeing up the US$30bn bridge and assuming they''ll address some of that in euros," said one investor due to meet with the company later today.Another investor that met with AT&T earlier on Tuesday told IFR that he expected to see a deal in the near term."Reading into it, yes, they will start to refinance that US$30bn shortly in the bond market."The wireless giant announced that it had agreed to buy Time Warner Inc in October last year, and said it would finance the cash portion of the acquisition with debt and cash on its balance sheet.AT&T has an 18-month bridge loan for US$30bn maturing in May 2018, according to Thomson Reuters data.Companies have typically taken out bridge loans with bonds soon after announcing acquisitions in recent years due to strong market conditions and ultra low interest rates."If the world is still spinning in two/three weeks then we''ll see a euro bond from AT&T," a banker not involved in the meetings said."AT&T typically don''t like doing bond roadshows and they were put off by Honeywell and United Technologies, who saw spreads widen massively after holding roadshows last year."AT&T was last in the European market in February 2015 with a <20>2.5bn dual-tranche deal. The <20>1.25bn Sep 2023 portion was bid at 59bp over mid-swaps on Tuesday, according to Tradeweb, having priced at plus 75bp. The company is rated Baa1/BBB+/A- by Moody''s/S&P/Fitch (all on negative watch).The Time Warner acquisition was approved by the European Commission in March."It''s moving along as expected. The European Commission has approved it. The Department of Justice is now reviewing it, and we''re working closely with them to answer any questions that they may have," Randall L. Stephenson, AT&T''s chairman, CEO and President said on the company''s earnings call in April. (Reporting By Laura Benitez, editing by Alex Chambers and Julian Baker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/investors-expect-att-to-hit-debt-market-idINL8N1I43SV'|'2017-05-02T10:39:00.000+03:00'
'a4d886307eecdb03ac2c349d93793968810c8e9e'|'TREASURIES-Long bonds rally as Treasury keeps issuance unchanged'|'* Long bonds rally, yield curve flattens * Treasury evaluating ultra-long bonds * Fed meeting in focus By Karen Brettell NEW YORK, May 3 U.S. 30-year bond yields fell and the yield curve flattened on Wednesday after the Treasury Department said it was studying the issuance of an ultra-long bond, but did not commit to one. The U.S. Treasury said on Wednesday it will keep coupon auctions steady in the upcoming quarter and that it is studying the possibility of issuing ultra long-term bonds. That came after Treasury Secretary Steven Mnuchin said in an interview with Bloomberg Television on Monday that his department was looking into the issuance of bonds with maturities beyond 30 years. <20>I think a lot of people were expecting the Treasury to commit to an ultra-long issue and they basically said that they<65>re reviewing it but remaining non-committal,<2C> said Gennadiy Goldberg, interest rate strategist at TD Securities in New York. Thirty-year bonds were last up 20/32 in price to yield 2.95 percent, down from 2.99 percent earlier. Benchmark 10-year notes gained 2/32 in price to yield 2.29 percent, down from 2.30 percent on Tuesday. The yield curve between 5-year notes and 30-year bonds flattened to 113 basis points, from 117 basis points earlier on Wednesday. The Treasury also kept the size of its 10-year and 30-year bond sales planned for next week unchanged, after some investors had expected these issues would be increased. The Treasury said it will sell $62 billion in coupon debt next week, including $24 billion in 3-year notes, $23 billion in 10-year notes and $15 billion in 30-year bonds. Investors were focused on the conclusion of the Federal Reserve<76>s two-day meeting later on Wednesday for any new signals on when the U.S. central bank is likely to raise interest rates. The Fed was expected to keep rates steady this month after hiking in March, but investors were waiting to see if it addresses recent economic weakness and whether it indicates that another increase is likely at its June meeting. Friday<61>s U.S. employment report for April was the next major economic focus. Bonds showed little reaction to a report by payrolls processor ADP showing that U.S. private employers added 177,000 jobs in April, slightly above economists'' expectations. (Editing by Meredith Mazzilli) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1I50N1'|'2017-05-03T11:15:00.000+03:00'
'532a3b43118462f55bc7978204588972907aa7b3'|'AstraZeneca boosts early respiratory medicine with Pieris deal'|'Health   8:40am BST AstraZeneca boosts early respiratory medicine with Pieris deal A sign is seen at an AstraZeneca site in Macclesfield, central England May 19, 2014. REUTERS/Phil Noble/File Photo LONDON AstraZeneca boosted its early-stage respiratory medicine pipeline on Wednesday by signing a deal with Pieris Pharmaceuticals to develop novel inhaled drugs that could fight asthma in new ways. Pieris will get upfront and near-term milestone payments of $57.5 million and up to $2.1 billion if the experimental drugs go on to become commercially successful. Pieris will be responsible for advancing its preclinical lead candidate, PRS-060, into initial Phase I clinical trials in 2017, the two companies said. (Reporting by Ben Hirschler)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-astrazeneca-pieris-pharms-idUKKBN17Z0LY'|'2017-05-03T15:12:00.000+03:00'
'5f19b372adfbca1fa7cc971ba39f4af46d94f627'|'Startup Next Insurance raises $29 mln in Munich Re-led funding'|'JERUSALEM May 3 U.S.-Israeli digital insurance company Next Insurance said on Wednesday it raised $29 million in an early funding found led by Munich Re/HSB Ventures.U.S. insurance companies Markel and Nationwide, as well as existing investors, also participated.Next, which offers its services to small and medium-sized businesses through partnerships with various insurance companies, said the financing will go towards building its own insurance products and expanding its offerings to new business sectors.Founded in 2016, Next -- which previously received $13 million in seed funding -- is based in Silicon Valley, with its research and development in Israel. (Reporting by Steven Scheer)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/israel-usa-tech-idUSL8N1I208Y'|'2017-05-03T22:00:00.000+03:00'
'9f82790bce385e0fda482bf391b1fdd3118556e6'|'Israel''s Delek raises stake in Ithaca Energy to 94 pct'|'JERUSALEM, May 4 (Reuters) -* Israel''s Delek Group said on Thursday it has boosted its stake in Ithaca Energy to 94.2 percent following a tender offer that expired on Wednesday.* Delek offered C$1.95 ($1.42 )per share for the North Sea oil producer.* Last month it paid $350 million for 70.23 percent of Ithaca''s issued and common shares to bring its stake to 76 percent.* The deal, announced in February, valued Ithaca Energy''s equity at $646 million, and builds on Delek''s expansion in the North Sea ahead of a planned London listing.* "Delek Group is implementing the strategy it set itself and today has become an international energy group," said Delek CEO Asaf Bartfeld. "Ithaca''s enormous potential and its operational capabilities in drilling, particularly in deep waters, enhance Delek Group''s capabilities and firmly establishes the group''s operational arm." ($1 = 1.3738 Canadian dollars) (Reporting by Steven Scheer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/delek-group-ithaca-energy-idINL8N1I61ZP'|'2017-05-04T05:11:00.000+03:00'
'7b16a300655e2d05c96f571d1a69a328eea028e1'|'UPDATE 1-C919 jet takes off on maiden flight, to test China''s aviation ambitions'|'Market News  43am EDT UPDATE 1-C919 jet takes off on maiden flight, to test China''s aviation ambitions * C919 takes off successfully from Shanghai airport * Plane manned by skeleton crew of five - state TV * Launch a big step for China''s aviation ambitions (Recasts with plane taking off) By Jackie Cai and Adam Jourdan SHANGHAI, May 5 China''s home-grown C919 passenger jet took to the skies on its long-delayed maiden flight on Friday, a major step for Beijing as it looks to raise its profile in the global aviation market and boost high-tech manufacturing at home. The white, green and blue aircraft, with "C919" emblazoned on its tail, sped along the tarmac at Shanghai''s international airport and lifted off under overcast skies in front of thousands of dignitaries, aviation workers and enthusiasts. The narrow-body jet, which will compete with Boeing''s 737 and the Airbus A320, soon disappeared into the clouds carrying its skeleton crew of five pilots and engineers. State broadcaster CCTV sent out live footage from the plane, which had no passenger seats installed for the maiden flight. The jet is a symbol of China''s ambitions to muscle into a global jet market estimated to be worth $2 trillion over the next two decades, as well as Beijing''s broader "Made in China 2025" plan to spur home-made products, from medicines to robots. "The significance is huge, it''s the first ever large-frame aircraft made in China," Xiong Yuexi, a plane design expert at Beihang University in Beijing said ahead of the launch. "It has a great impact for the Chinese people and the domestic market." State television reported the plane''s test flight would last one-and-a-half hours at a height of around 3,000 metres and at a speeds of 290-300 kilometres (180-186 miles) per hour. According to aircraft tracker Flightradar24, the plane flew over the Yangtze River estuary and headed due north. The C919, made by state-owned Commercial Aircraft Corporation of China (COMAC), has seen its test flight pushed back at least twice since 2014 due to production issues, underlining the scale of the task facing Beijing. China first gave the world a glimpse of the plane, which will be able to carry 158-168 passengers, in November 2015 when it rolled it out at a ceremony in Shanghai. Analysts, however, say the C919 will lag technologically behind improved versions of the A320 and 737 which will enter service in the next two years. China Eastern Airlines is the launch customer for the plane, which COMAC says has 570 orders from 23 customers. The plane also relies on an array of overseas technology, with CFM International, a joint venture between General Electric''s aerospace arm and a unit of French firm Safran supplying the engines. Others include Honeywell International Inc, United Technologies Corp subsidiary Goodrich, Rockwell Collins Inc and a unit of Parker-Hannifin Corp. JUST THE START Conceived in 2008, China wants the C919 to eventually take market share from Boeing and Airbus in the lucrative narrow-body market which accounts for more than 50 percent of the aircraft in service worldwide. For a TIMELINE on the C919, click However, the jet likely faces a lengthy journey from first flight to commercial usage. China''s first home-made jet, the regional ARJ-21, received its type certification in December 2014, six years after its first flight and more than 12 years after it was conceived. It made its maiden passenger flight in June last year. Then there is also the daunting task of selling the jet in a global market dominated by Boeing and Airbus. "Aviation is a complex market and you need experience over a long time. Boeing has 100 years, Airbus has over 40 years," said Sinolink Securities analyst Si Jingzhe, adding COMAC still lagged far behind in terms of supply chain know-how. China is pushing for recognition globally of its certification by European and U.S. regulators. Without their certification, China would only be able to se
'f07548fba69fc7452fbcc246f57aed8713d99b22'|'Aramco splits IPO advisory roles, appoints Brunswick'|'LONDON Saudi Aramco has appointed advisory firm Brunswick to join FTI Consulting in running media and investor relations for what is set to be the world''s largest initial public offering (IPO), sources said.The decision to split the role underscores the mammoth task facing Saudi Arabia''s national oil giant which hopes to list in 2018 in several countries around 5 percent of the company in a share sale which could raise $100 billion.Brunswick was recently appointed to run the external and media communications for the IPO while U.S.-based FTI will focus on managing investor relations, according to two sources with knowledge of the matter.A spokeswoman for Brunswick declined to comment, FTI did not respond to a request for comment. Aramco declined to comment.FTI''s appointment was reported by Reuters in March.Aramco will list its shares on the Kingdom''s stock exchange as well as one or more foreign stock exchanges, Deputy Crown Prince Mohammed bin Salman said earlier this week.London, New York and Hong Kong have been named as possible exchanges for the listing.Aramco is courting governments, including China and large institutional investors to buy into the IPO although the full details of the listing, including its size and value, are still unknown.The $100 billion IPO price tag is based on Aramco being valued at $2 trillion, although some analysts believe the ultimate valuation could be much lower.(Reporting by Ron Bousso; Additional reporting by Rania El Gamal; Editing by Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-saudi-aramco-ipo-communications-idINKBN18124U'|'2017-05-05T17:30:00.000+03:00'
'8bea8c2b92dcf51b0b0653ebde1fe5d6bb8202ba'|'ISS backs call for special audit of Deutsche Bank management'|'Company News - Wed May 3, 2017 - 6:54am EDT ISS backs call for special audit of Deutsche Bank management FRANKFURT May 3 Shareholder advisory and proxy voting firm ISS has backed a call for a special audit of Libor-manipulation and Russian money-laundering scandals at Deutsche Bank to probe what role management and supervisory boards may have played. ISS has thrown its weight behind a proposal originally put forward by shareholder Marita Lampatz. Proxy voting firm Glass Lewis has also backed calls for a special audit. ISS said, however, a vote against discharging the German lender''s management and supervisory boards at the annual shareholder meeting on May 18 was "not warranted at this time", and it would not be appropriate to vote against the re-election of Chairman Paul Achleitner. Deutsche Bank declined to comment on ISS''s letter, which was first reported by German daily Handelsblatt and seen by Reuters on Wednesday. (Reporting by Kathrin Jones and Edward Taylor; Editing by Georgina Prodhan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deutsche-bank-audit-iss-idUSL8N1I53EA'|'2017-05-03T18:54:00.000+03:00'
'3525dbcf95efacd44bfee840ff9c915f199fe43b'|'AccorHotels faces AGM battle over double voting rights'|'Wed May 3, 2017 - 12:18pm BST AccorHotels faces AGM battle over double voting rights FILE PHOTO: The logo of French hotel operator AccorHotels is seen on top of the building company''s headquarters in Issy-les-Moulineaux near Paris, France, April 22, 2016. REUTERS/Gonzalo Fuentes/File Photo By Dominique Vidalon - PARIS PARIS AccorHotels ( ACCP.PA ) faces a battle at its annual shareholder meeting on Friday as a group of investors tries to block the granting of double voting rights to some long-term shareholders. Europe''s largest hotel group has seen some big changes in its shareholder base recently, with investors from China, Saudi Arabia and Qatar now holding a combined 29 percent stake. Soon, these shareholders - which include Chinese competitor Shanghai Jin Jiang ( 600754.SS ) - could qualify for double voting rights under rules adopted by the French company. Critics, including French shareholder advisory group Proxinvest, say that would give them more control over the company without having to pay a premium for that advantage. Proxinvest is advising a group of 14 shareholders, led by Paris-based investment firm PhiTrust and representing 2.3 percent of AccorHotels''s capital, which has filed a proposal to block the further granting of double voting rights. Big investor advisory groups Glass Lewis and Institutional Shareholder Services (ISS) have backed that proposal. "Only respecting the ''one share-one vote'' principle could prevent one of the new major shareholders, notably the Chinese competitor Jin Jiang which for the time being is still denied a seat on the board, from weighing in on group decisions without having to launch a takeover bid," said Proxinvest. AccorHotels declined to comment. ONE SHARE, ONE VOTE Jin Jiang is Accor''s biggest investor with 12.58 percent of the shares and 11.22 percent of the voting rights, having built its stake since late 2015. French media reports in June 2016 that the Chinese firm could gradually seek to gain more control over Accor drove President Francois Hollande to state publicly that AccorHotels should retain a diverse group of shareholders. The Qatar Investment Authority (QIA) owns a 10.36 percent stake and Saudi Arabia''s Kingdom Holding a 5.79 percent stake since summer 2016. They also each have a board seat, following Accor''s takeover of luxury hotels group Fairmont Raffles (FRHI). Last month, AccorHotels'' board rejected the Proxinvest group''s proposal to reinstate the ''one share, one vote'' principle - known as ''Proposal A'' - saying it wanted to foster loyalty and stability among shareholders. In protest, Proxinvest has withdrawn its support for resolutions to re-elect Chairman and CEO Sebastien Bazin to the board and to appoint former French President Nicolas Sarkozy as a board member. Proposal A will be submitted to a shareholder vote on May 5, but not as one approved by the company''s board. It needs a two-thirds majority to be approved. (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-accorhotels-agm-voting-rights-idUKKBN17Z14S'|'2017-05-03T19:10:00.000+03:00'
'd1885312491b6cce34b41acb138e730fb24466ce'|'HollyFrontier posts first quarter loss as costs rise'|'Company News - Wed May 3, 2017 - 6:39am EDT HollyFrontier posts first quarter loss as costs rise May 3 U.S. refiner HollyFrontier Corp reported a quarterly loss, compared with a year-ago profit, hurt by a 61 percent rise in operating costs. Net loss attributable to the company''s shareholders was $45.5 million, or 26 cents per share, in the first quarter ended March 31, compared with a profit of $21.3 million, or 12 cents per share, a year earlier. The latest quarter included $12.0 million of one-time charges. (Reporting by Muvija M in Bengaluru; Editing by Arun Koyyur) RPT-Google success in U.S. schools forces Microsoft, Apple to scramble SAN FRANCISCO, May 2 Microsoft Corp''s announcement of a suite of new education products on Tuesday shows the company''s determination to reverse a major shift that has taken place in U.S. classrooms in recent years: for most educators and school districts, Google''s Chromebook is now the computer of choice. May 3 U.S. health insurer Humana Inc reported a higher-than-expected quarterly profit on Wednesday, as it added members in its Medicare Advantage business, which sells plans to the elderly and to people with disabilities. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hollyfrontier-posts-first-quarter-loss-a-idUSL4N1I52QE'|'2017-05-03T18:39:00.000+03:00'
'8316d222f44660660dab09807a3cefd205854b4a'|'Canada''s Loblaw posts 19 pct rise in profit'|'Wed May 3, 2017 - 6:46am EDT Canada''s Loblaw posts 19 percent rise in profit Canadian grocery and pharmacy retailer Loblaw Cos Ltd ( L.TO ) reported a 19.2 percent rise in quarterly profit, helped by lower expenses and as discounting attracted more customers to its stores. Net earnings available to common shareholders rose to C$230 million ($168 million), or 57 Canadian cents per share, in the first quarter ended March 25, from C$193 million, or 47 Canadian cents per share, a year earlier. The latest quarter also included a gain of C$11 million, or 2 Canadian cents per share. Revenue rose marginally to C$10.40 billion from C$10.38 billion last year. (Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-loblaw-results-idUSKBN17Z11X'|'2017-05-03T18:38:00.000+03:00'
'b4ca236244d03e6ee294db6c8e0e600b68be59a8'|'Property deal of former 1MDB unit with China-Malaysia group lapses'|' 47am BST Property deal of former 1MDB unit with China-Malaysia group lapses FILE PHOTO - A construction worker talks on the phone in front of a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia, February 3, 2016. REUTERS/Olivia Harris/File Photo KUALA LUMPUR A deal by a former unit of troubled state fund 1Malaysia Development Berhad (1MDB) to sell its stake in a property development project to a consortium including China''s state-owned China Railway Engineering Corporation (CREC) has lapsed. TRX City Sdn Berhad, a former 1MDB unit which was transferred to Malaysia''s finance ministry, said in a statement that the 2015 deal to sell 60 percent of the issued and paid-up capital of Bandar Malaysia Sdn Bhd lapsed because the buyers "failed to meet the payment obligations". "As a result, the share sale agreement between the parties stands null and void with immediate effect, the statement said. TRX City<74>s sole shareholder, the Ministry of Finance, will now be retaining 100 percent ownership of the site, it said. The company will now immediately invite expressions of interest for the role of master developer of Bandar Malaysia. (Reporting by Praveen Menon and Liz Lee; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-malaysia-scandal-china-idUKKBN17Z126'|'2017-05-03T18:47:00.000+03:00'
'd9541e96cdc0715fc457ecdd393b08decc960c0a'|'TPG-backed Jonah Energy to buy Linn Energy assets for $580 mln'|'May 2 Jonah Energy, a natural gas company backed by investors including private equity firm TPG Capital, has agreed to acquire oil and gas-producing land in Wyoming from Linn Energy for around $580 million, the companies said on Tuesday.The 27,000 net acres to be acquired from Linn complements Jonah''s existing assets in Sublette County, with more than half of the 1,200 producing wells being bought from Linn already operated by Jonah, according to the companies'' statement.Linn Energy filed for Chapter 11 bankruptcy protection in May 2016, one of the largest casualties of the oil-price slump that began in mid-2014. The exploration and production-focused master limited partnership had around $10 billion of debt when it entered the bankruptcy process. It emerged following a debt reorganisation on Feb. 28."The deal was very much strategic, as we''ve been focused on trying to secure this adjacent acreage since 2014. However, the ultimate timing was opportunistic because Linn''s emergence from bankruptcy served as a catalyst," Christopher Ortega, partner at TPG Capital, said in a telephone interview.The acquisition will be funded by equity from Jonah''s investor group, which also includes buyout firm EIG Global Energy Partners and management, as well as an existing debt facility belonging to the company that will be increased in size in light of the deal, the statement said.Jonah''s financial adviser was Evercore Partners, while its legal adviser was Vinson & Elkins LLP. (Reporting by David French in New York)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/linn-enrgy-wyoming-jonahenergy-idINL1N1I424Y'|'2017-05-02T22:46:00.000+03:00'
'5185680be2396baf111c7a8b69e3accb9c4ca9fe'|'Olayan family plans to list its Saudi business: sources'|'By Tom Arnold , Saeed Azhar and Katie Paul - RIYADH RIYADH The Olayan family, which controls one of Saudi Arabia''s largest conglomerates, is considering listing at least 30 percent of its Saudi business in a sale that could value the company at several billion dollars, banking sources say.Olayan Financing Company is working with Banque Saudi Fransi Capital, which has a deep relationship with the firm, on the potential listing on the Saudi stock market but the sources said the process could take at least a year to complete.The company could be valued at $2 billion to $3 billion in an initial public offering (IPO), one of the banking sources said.Olayan and Banque Saudi Fransi officials did not immediately respond to Reuters queries for comment.Established in 1947, Olayan is involved in product distribution, manufacturing, services and investment, often alongside leading multinational such as Coca-Cola Co ( KO.N ) and Colgate-Palmolive Co ( CL.N ).Olayan also has international investments, including a stake of 10.7 percent in Credit Suisse ( CSGN.S ), including options. It has property investments across Europe and the United States and bought 550 Madison Avenue in Manhattan, otherwise known as the Sony Tower, last year in partnership with London-based Chelsfield, according to Olayan''s website.The government has been keen to encourage more family businesses to consider listing as a way to boost investment in capital markets and improve corporate governance.One of the sources said as two of the conglomerate''s senior figures, Lubna and Khaled Olayan, were both close to retirement a listing was a way of ensuring succession planning.A former JPMorgan Chase & Co. analyst, Lubna is the chief executive of Olayan Financing Company, which holds and manages all of the Olayan Group''s businesses and investments in Saudi Arabia and the Middle East.She also wields considerable influence outside the company. In 2004, she became the first woman to be elected to the board of Saudi Hollandi Bank, now called Alawwal Bank 1040.SE. Last year, Lubna was one of four new appointments by government-owned Public Investment Fund (PIF) to the board of Ma''aden 1211.SE, the Gulf''s largest miner, in which PIF owns 49.99 percent. Mining is a sector of strategic importance to the government.The Olayan family also holds 21.76 percent of Alawwal Bank and 16.98 percent in Saudi British Bank (SABB) 1060.SE, Saudi lenders backed by Royal Bank of Scotland ( RBS.L ) and HSBC Holdings ( HSBA.L ) respectively.The Saudi lenders agreed last month to start merger talks.Bloomberg had earlier reported the company''s plans for an IPO.(Additional reporting by Marwa Rashad; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-saudi-olayan-ipo-idINKBN17Z1EE'|'2017-05-03T10:52:00.000+03:00'
'd1ee145cf9ec08948c3b554f81240c42fd25bf4e'|'ABB expands deeper into South Africa with traction transformer plant'|'JOHANNESBURG May 3 Swiss engineering group ABB will supply its first batch of traction transformer units for 240 Bombardier electric locomotives, the company said on Wednesday after opening a production plant in South Africa.The 2,450 square metre plant in Longmeadow, Johannesburg is expected to employ 60 people by the end of 2017, the company said in a statement.In 2014, South Africa announced a 50 billion rand ($3.74 billion) locomotive supply contract, its largest ever, to four companies, including Canada''s Bombardier, in a push to modernise its fleet and support its road-to-rail migration."ABB is proud of this new traction transformer facility in South Africa, reiterating our philosophy of locating manufacturing units close to our customers," ABB Chief Executive Ulrich Spiesshofer said."It reinforces our next level strategy focus on strengthening our presence in Africa and supports our ongoing commitment to sustainable mobility."Traction transformers feed power at safe voltages to essential train functions like traction, brakes, lighting, heating and ventilation, as well as passenger information, signalling and communication.ABB has operations in 23 African countries and employs about 5,000 people across the continent.($1 = 13.3600 rand) (Reporting by Nqobile Dludla; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/abb-safrica-idUSL8N1I54XU'|'2017-05-03T21:17:00.000+03:00'
'97733b165e7e60c6c17e3f403783333fe8d3c903'|'China April data to show solid growth, but high debt poses risks'|'BEIJING A looming flurry of Chinese data is expected to show the world''s second-largest economy maintained solid momentum in April after a surprisingly robust first quarter, but the pace is seen tapering off as Beijing turns the screws on debt risks and a hot property sector.A Reuters poll of indicators from goods trade to industrial output as well as retail sales, loans growth and property investment signaled the Chinese economy was motoring along at a nice clip even as some moderation was evident as demand at home and abroad slackened.The value of exports was seen rising 10.4 percent on-year, and imports up 18.0 percent, below the sizzling 16.4 percent and 20.3 percent growth rates notched in March, partly reflecting a drop in commodity prices.The trade surplus for April was tipped at a solid $35.50 billion, rising from $23.93 billion in March."The economy is turning a bit more than people anticipated," said Julian Evans-Pritchard, an economist at Capital Economics in Singapore, adding that April''s data could surprise on the downside, similar to recent PMI surveys."The main leading indicator is that since last summer, credit growth has been slowing. Often it takes a while for slower credit growth to show up in the data," he said, noting tightening measures currently underway were also putting the brakes on growth.China''s central bank has cautiously shifted to a tightening policy bias in recent months after years of ultra-loose settings led to an explosive build-up of debt, forcing authorities to take steps to defuse bubbles in the economy.Policy makers have continued their efforts to cool the property sector, announcing a range of steps over the past several months.The People''s Bank of China (PBOC) has nudged up short-term interest rates several times already this year and further modest increases are expected, especially if U.S. rates continue to rise, which could risk a resurgence in capital outflows from China.To this extent, investors will be watching to see whether March''s stabilization of foreign reserves will extend into April, which might suggest Chinese authorities had stepped back from FX intervention.The poll tipped China''s foreign exchange reserves to have edged up in April to $3.02 trillion, from $3.009 trillion in March, during which a pause in the dollar''s rally aided Beijing''s efforts to contain capital outflows.In the first quarter, a property boom helped boost the industrial sector and lifted China''s growth to a solid 6.9 percent, though polls for April showed a tempering of the pace.China''s producer price index (PPI), for instance, was seen rising 6.9 percent from a year earlier, slowing from a 7.6 percent rise in March.The PPI cooled for the first time in seven months in March as iron ore and coal prices tumbled, pressured by fears that Chinese steel production is outweighing demand and threatening a glut of the metal later this year.Inflation is also expected to show only a modest pick up, with the consumer price index predicted to rise 1.1 percent in April, after increasing 0.9 percent in March. The milder inflationary pressures suggest policymakers will have room to tighten credit, and reduce risks in the financial system after years of debt-fueled stimulus.Beijing is targeting consumer inflation at 3 percent this year, unchanged from 2016.OUTPUT DATAIndustrial output is expected to rise 7.1 percent in April, slowing from 7.6 percent in March when it rose the fastest on a yearly basis since December 2014.Fixed asset investment probably stayed relatively stable at 9.1 percent in April, from 9.2 percent in March, while retail sales were seen up 10.6 percent, down slightly from 10.9 percent in March.Loan data will be another key indicator watched by markets for signs of whether authorities are sticking to credit-fueled stimulus despite official warnings about the risks from a rapid build-up in debt.The poll predicted Chinese banks had extended 714.0 billion yuan in new loans in A
'07e746b9b641e884218abfe9c95d69ba816e926a'|'Cigna CEO says 2017 Obamacare individual member costs in line'|'Market News - Fri May 5, 2017 - 9:44am EDT Cigna CEO says 2017 Obamacare individual member costs in line NEW YORK May 5 Cigna Corp. CEO David Cordani said on Friday that its growth in 2017 Obamacare customers that boosted individual members to 353,000 was expected and that the new customer medical costs were in line with the company''s expectations. Cordani said it was too soon to discuss the company''s plans for the individual market in 2018, given the changing rules and regulations there. On Thursday, the U.S. House of Representatives passed a bill to repeal many measures in the Affordable Care Act, often called Obamacare, but it faces an uphill battle in the U.S. Senate. (Reporting by Caroline Humer) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cigna-results-ceo-idUSL1N1I70LX'|'2017-05-05T21:44:00.000+03:00'
'7dcc54b97868ae1e4f6b6354595d0f04201cf28b'|'ChemChina clinches $43 bln takeover of Syngenta'|'Deals - Fri May 5, 2017 - 6:41am EDT ChemChina clinches landmark $43 billion takeover of Syngenta left right FILE PHOTO: The company logo of China National Chemical Corp, or ChemChina, is seen at its headquarters in Beijing, China February 3, 2017. REUTERS/Thomas Peter/File Photo 1/4 left right The company logo of China National Chemical Corp, or ChemChina, is seen at its headquarters in Beijing, China February 3, 2017. REUTERS/Thomas Peter - 2/4 left right FILE PHOTO: Agrochemicals maker Syngenta''s logo is pictured during the annual news conference in Zurich February 6, 2009. REUTERS/Christian Hartmann/File Photo 3/4 left right A Syngenta logo is pictured in their office in Singapore, February 12, 2016. REUTERS/Edgar Su/File Photo 4/4 By Michael Shields - ZURICH ZURICH ChemChina [CNCC.UL] has won more than enough support from Syngenta shareholders to clinch its $43 billion takeover of the Swiss pesticides and seeds group, the two companies said on Friday. The deal, announced in February 2016, was prompted by China''s desire to use Syngenta''s portfolio of top-tier chemicals and patent-protected seeds to improve domestic agricultural output. It is China''s biggest foreign takeover to date. It is one of several deals that are remaking the international market for agricultural chemicals, seeds and fertilisers. The other deals in the sector are a $130 billion proposed merger of Dow Chemical and DuPont, and Bayer''s plan to merge with Monsanto. The trend toward market consolidation has triggered fears among farmers that the pipeline for new herbicides and pesticides might slow. Regulators have required some divestments as a condition for approving the Syngenta deal. Based on preliminary numbers, around 80.7 percent of Syngenta shares have been tendered, above the minimum threshold of 67 percent support, the partners said in a joint statement. The agreed offer is for $465 per share. Syngenta shares closed on Thursday at 459 Swiss francs ($464.5), and rose 0.4 percent in early trade on Friday to 461.20 francs. The transaction is set to close on May 18 after the start of an additional acceptance period for shareholders and payment of a special 5-franc dividend to holders of Swiss-listed shares on May 16. Holders of U.S.-listed depositor receipts will get the special dividend in July. Syngenta shares will be delisted from the Swiss bourse and its depository receipts from the New York Stock Exchange. Chief Executive Erik Fyrwald played down the transition from publicly listed group to becoming part of a Chinese state enterprise, stressing that Syngenta would remain a Swiss-based global company while under Chinese ownership. "It is very important to understand that this is a financial transaction," he told broadcaster CNBC in an interview. He saw two major changes: giving Syngenta a long-term shareholder to accompany it during the 12 years it typically takes to discover and launch new products, and helping to overhaul Chinese agriculture, which he called very much behind the global standard. He said he expected the acceptance rate to easily surpass 90 percent, with a squeeze-out of remaining shareholders to follow if needed in June. Funding for the acquisition was clear and irrevocable, while refinancing the company after the transaction closed was still being discussed. "I am very confident we are going to have a strong balance sheet as agreed," he said, with an investment-grade rating that would let it pursue market share growth, investments, capital spending and acquisitions. Syngenta sells its products in more than 90 countries under such brand names as Acuron, Axial, Beacon and Callisto. It sells seeds such as cereals, corn, rice, soybeans and vegetables. (Reporting by Michael Shields; Editing by Randy Fabi/Keith Weir) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-syngenta-ag-m-a-chemchina-idUSKBN1810CU'|'2017-05-05T13:12:00.000+03:00'
'68a8c21ac4597ffd02d67b1844b149c933d7b78b'|'US STOCKS-Futures flat ahead of jobs report; IBM drops'|'Market News - Fri May 5, 2017 - 7:28am EDT US STOCKS-Futures flat ahead of jobs report; IBM drops * Futures: Dow down 7 pts, S&P up 1.5 pts, Nasdaq up 3 pts By Yashaswini Swamynathan May 5 U.S. stock index futures were flat on Friday, with investors on the sidelines ahead of a crucial monthly jobs report that could influence the chances of an interest rate hike next month. * Shares of IBM tumbled 3 percent premarket after Warren Buffett said he had sold about a third of his stake in the company. The stock was the biggest loser among the Dow and S&P companies trading before the bell. * Investors are hoping for a rebound in jobs growth in April, after a sharp slowdown in March, that could pave the way for the Federal Reserve to raise rates in June. * The report from the Labor Department, due at 8:30 a.m. ET (1230 GMT), is expected to show 185,000 jobs were added last month, compared with an underwhelming gain of 98,000 in March. * Traders have priced in 70 percent odds of the Fed raising rates in June, after the central bank earlier this week downplayed weak first-quarter economic growth and emphasized the strength of the labor market. * Despite concerns over economic growth, U.S. companies have generally handed in better-than-expected earnings reports for the quarter. * Overall profits for S&P 500 companies are estimated to have risen 14.8 percent in the first quarter, according to Thomson Reuters I/B/E/S. That is higher than the 10.1 percent growth rate estimated at the start of the earnings season. * Wall Street ended flat on Thursday as a steep fall in oil prices countered some solid earnings reports. * Oil prices are trading near five-month lows, triggering demand for safe-haven assets. Gold is likely to remain in favor ahead of the final round of the French presidential election on Sunday. * Zynga jumped nearly 11 percent to $3.14 after the creator of FarmVille gave a strong current-quarter bookings forecast. * VWR Corp slipped 4.4 percent to $32.55 after a private equity firm said it would buy the lab supplies company at a discount to its Thursday''s close. Futures snapshot at 6:59 a.m. ET: * Dow e-minis were down 7 points, or 0.03 percent, with 15,791 contracts changing hands. * S&P 500 e-minis were up 1.5 points, or 0.06 percent, with 78,359 contracts traded. * Nasdaq 100 e-minis were up 3 points, or 0.05 percent, on volume of 15,463 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D''Souza) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1I72ZY'|'2017-05-05T19:28:00.000+03:00'
'6f42fcc331edf3973a929943eda722aaaf1ae19b'|'Pearson launches new cost-cutting drive, may sell K12 business'|'By Kate Holton - LONDON LONDON Education group Pearson ( PSON.L ) said it would cut more costs and put its U.S. school publishing unit up for sale, sending its shares soaring with the latest attempt to revive a business that has been undermined by the move to digital learning.The 173-year-old British company has been hit by a sharp downturn in its biggest markets, issuing five profit warnings in four years, as students ditch more expensive text books for second-hand copies and digital services.Its shares jumped 15 percent on Friday however when it said it would cut a further 300 million pounds ($388 million) a year by 2020 to help restore earnings growth. However, Chief Executive John Fallon warned there would be no quick fix."For the next year or two we think the negatives will continue to outweigh the positives so we are running the business on the basis that things will not get better any time soon," Chief Executive John Fallon said."But they will get better, there is a point in two or three years time when that pendulum shifts."Employing 35,000 people, the British group provides everything from textbooks to school testing, college courses and online degrees around the world.Having grown rapidly since 2008, it started to lose its way in 2015 when the U.S. economy recovered, encouraging more people to take jobs rather than go into higher education.In 2016 the shift to digital services in the U.S. stepped up a gear, leading to an "unexpected and unprecedented" 14 percent drop in the U.S. higher education teaching materials market.UNCERTAIN FUTUREInvestors are divided between those who think governments will always need to invest in digital learning services, and those who think the industry is facing the same disruption as that already endured by the newspaper and music industries.Fallon, who is under fire for his handling of the downturn, said the company''s move to digital products was helping the company to become more efficient. He has taken out more than 650 million pounds of costs in the last four years.The new savings will come from general and administrative expenses and from North America, it said.Pearson will review its U.S. school courseware publishing business, which it said had been slow to switch to digital. It said the division required high levels of investment and was facing a challenging market environment.Pearson, which had lost a quarter of its market value in the nine months before Friday''s update, said first-quarter trading had been in line with guidance and stuck to full-year targets.Analysts said the new plan should boost earnings as the cost cuts come through."Each 100 million pounds of savings assumed in 2018 would add around 20 percent to consensus earnings per share," analysts at Citi said.However not everyone was convinced by the strategy."Past evidence suggests that extra cost savings at Pearson do not lead to more profits, it just offsets revenue declines," said Ian Whittaker, an analyst at Liberum who has a key "Sell" rating on the stock.The strong share bounce may help Fallon when he appears at the company''s annual meeting later on Friday, facing questions over why he was given a 20 percent pay rise in 2016.He told reporters on Friday he had spent his 2016 bonus on buying new Pearson shares.(Reporting by Kate Holton; Editing by Paul Sandle and Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-pearson-outlook-idINKBN1810IC'|'2017-05-05T04:44:00.000+03:00'
'57a0e4635b81f97911fbe5ff3047a9b4f216a51c'|'Hedge fund Man Group hit by fresh investor rebellion over pay'|'Business News - Fri May 5, 2017 - 3:04pm BST Hedge fund Man Group hit by fresh investor rebellion over pay LONDON The board of Man Group ( EMG.L ), the world''s biggest listed hedge fund, was hit by a fresh revolt over excessive pay at its annual general meeting on Friday, after more than a quarter of investors opposed its 2016 payouts. The company said 27 percent of investors had rejected its remuneration report for 2016, the largest vote against any of the 23 resolutions put to shareholders. Last year 37 percent of votes were cast against the report. (Reporting by Simon Jessop; Editing by Rachel Armstrong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-man-group-agm-idUKKBN1811K8'|'2017-05-05T22:04:00.000+03:00'
'f9d4bb6dea2b4902f8203a00e0200a1ac89b7f8f'|'Sales tax creditors kick off likely wave of lawsuits against Puerto Rico'|'By Nick Brown - NEW YORK NEW YORK May 2 Holders of Puerto Rican sales tax-backed debt sued the U.S. territory in the wee hours of Tuesday morning, alleging its debt-cutting plans violate the U.S. Constitution and kicking off a likely deluge of lawsuits against the ailing island.The complaint, filed in federal court in San Juan, accuses Puerto Rico''s leadership of impairing contractual rights of so-called COFINA bondholders, whose debt is backed by sales tax revenue, and trying to take their property in what they say are violations of the due process clause of the U.S. Constitution.With $70 billion in debt, a 45 percent poverty rate and near-insolvent public health and pension systems, a torrent of litigation could force Puerto Rico into a so-called Title III proceeding - an in-court debt-cutting process similar to U.S. bankruptcy.Midnight Tuesday morning marked the end of a freeze on creditor litigation under last year''s federal rescue law known as PROMESA, designed to encourage Puerto Rico and its federal financial oversight board to negotiate debt-cutting agreements with creditors.With no deals reached, the expiration of the freeze opened the floodgates for stakeholders to take Puerto Rico to court, in hopes of blocking Governor Ricardo Rossello''s plan to impose drastic repayment cuts.The COFINA plaintiffs - which include local COFINA holder Jose Rodriguez Perello, as well as hedge funds like Cyrus Capital Partners LP and Tilden Park Capital Management - accuse Puerto Rico, Rossello and other officials of angling to repurpose the tax revenue earmarked to pay COFINA debt.The plaintiffs accuse Puerto Rico of taking their property "without just compensation or due process in violation of rights protected under the United States and Puerto Rico Constitutions."They cite as evidence a law signed by Rossello on Saturday that would give the government authority to redirect sales tax revenue into Puerto Rico''s general fund as part of a debt restructuring.Puerto Rico "must not be allowed to continue to breach its constitutional and contractual obligations at will," the lawsuit said.The complaint asks the court to block Rossello from implementing a fiscal turnaround blueprint, approved by the oversight board in March, which has been the bane of island creditors.The blueprint forecasts that Puerto Rico will have only $800 million a year to pay its debt, less than a quarter of what it owes, auguring big haircuts for all bondholders.Litigation could spur the oversight board to push Puerto Rico into Title III, created as part of PROMESA. That would protect the island from lawsuits and give it more legal sway to impose the kinds of contractual alterations the COFINA group is accusing it of undertaking illegally out of court.Many experts and people involved in talks see Title III as an eventual certainty, though timing is uncertain.Tuesday''s lawsuit comes on the heels of a restructuring offer from Rossello''s administration on Saturday that would have favored Puerto Rico''s general obligation bondholders, whose debt is guaranteed by the island''s constitution.The plan would have seen GO holders recover as much as 77 cents on the dollar, while COFINA holders would have recouped just 58 cents.Other defendants in the lawsuit include Elias Sanchez, Rossello''s liaison to the oversight board; Gerardo Portela, director of Puerto Rico''s fiscal agent, known as AAFAF; and AAFAF itself. (Reporting by Nick Brown; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-lawsuit-idINL1N1I400J'|'2017-05-02T03:05:00.000+03:00'
'469ecd186982039cd2e3903931750cc623054be2'|'Exclusive - Akzo sees latest PPG bid inadequate, weighs options-sources'|'Business News - Tue May 2, 2017 - 10:01pm BST Exclusive - Akzo sees latest PPG bid inadequate, weighs options-sources Cans of Dulux paint, an Akzo Nobel brand, are seen on the shelves of a hardware store near Manchester, Britain, April 24, 2017. REUTERS/Phil Noble By Greg Roumeliotis Dutch paint maker Akzo Nobel NV''s ( AKZO.AS ) supervisory board is scheduled to meet on Tuesday to discuss how to proceed after deeming PPG Industries Inc''s ( PPG.N ) latest $29 billion offer to be insufficient, people familiar with the matter said. Akzo believes that PPG''s third acquisition bid, which was unveiled on April 24, still does not value the company highly enough, especially in light of Akzo''s plans to unlock value by exploring a spin-off or sale of its speciality chemicals business, and the risks it sees in the potential deal, the sources said. However, Akzo is studying several scenarios about how to move forward, mindful that several of its shareholders want it to engage with PPG in negotiations. Activist hedge fund Elliott Advisors has been trying to oust Akzo''s Chairman Antony Burgmans to put pressure on the company to talk to PPG. Among the options being considered by Akzo is talking to PPG only about some of the issues that would affect the deal, such as antitrust approval risk, or rejecting it outright without any engagement, the sources said. This is because Akzo is concerned that engaging with PPG in comprehensive deal negotiations would weigh on its prospects of getting PPG to improve on its offer much more, according to the sources. No timeline has been set for Akzo''s response to PPG, the sources said, asking not to be identified because the deliberations are confidential. Akzo and PPG did not immediately respond to requests for comment. PPG said last week its latest acquisition proposal was worth 96.75 euros per Akzo share, comprised of 61.50 euros in cash, 0.357 shares of PPG common stock and dividends worth 7.78 euros. That''s a 50 percent premium to Akzo''s closing price of 64.42 on March 8, the day before PPG confirmed it had made a proposal to buy Akzo at 80 euros per share. Akzo has been arguing this premium does not factor in the value of its announced plans to shed its speciality chemicals business. PPG has said it has no plans to break up Akzo following an acquisition. It has also said it plans to submit a formal offer for Akzo to the Dutch financial markets regulator by June 1, regardless of whether Akzo chooses to engage. Elliott has been seeking to call an extraordinary meeting of Akzo shareholders to oust the company''s chairman, a move that Akzo has been resisting. (Additional reporting by Pamela Barbaglia in London)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-akzonobel-m-a-industries-idUKKBN17Y23O'|'2017-05-03T05:01:00.000+03:00'
'e3702541f0a3052dddbd9ed969f5da3225099a75'|'US STOCKS SNAPSHOT-Futures rise slightly after strong jobs data'|'Business  39pm EDT S&P 500 hits record on rebound in U.S. job growth, energy shares Traders work on the floor of the New York Stock Exchange in the Manhattan borough of New York, U.S. May 4, 2017. REUTERS/Brendan McDermid By Lewis Krauskopf Major U.S. stock indexes gained on Friday, with the S&P 500 ending at a record high close, as energy stocks bounced back along with oil prices and U.S. job growth rebounded. U.S. nonfarm payrolls surged by 211,000 jobs last month after a paltry gain of 79,000 in March, and the unemployment rate dropped to 4.4 percent, near a 10-year low. Energy was the best performing sector, rising 1.6 percent, after falling sharply a day earlier. Oil prices rebounded following assurances by Saudi Arabia that Russia is ready to join OPEC in extending supply cuts. "There has been and probably will continue to be a little bit of a fear that perhaps the economy isn<73>t accelerating like people thought it would or want it to...," said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. "So any day where you get a little bit more confirmation that perhaps the economy is OK - and we got that today in the sense of an OK jobs report, oil is up, transports are doing better today - that that probably is something that helped the broader market,<2C> Carlson said. The Dow Jones Industrial Average rose 55.47 points, or 0.26 percent, to 21,006.94, the S&P 500 gained 9.77 points, or 0.41 percent, to 2,399.29 and the Nasdaq Composite added 25.42 points, or 0.42 percent, to 6,100.76. All three indexes posted gains for a third straight week. After seven sessions of not moving more than 0.2 percent in either direction, the S&P 500 eclipsed that range on Friday as stocks strengthened late in the day. The S&P 500 has gained 12.1 percent since President Donald Trump''s Nov. 8 election, fueled by his plans for tax cuts, infrastructure spending and deregulation. But the rally had slowed as some investors questioned Trump''s ability to enact his agenda. The Federal Reserve left interest rates unchanged at its policy meeting this week. The central bank downplayed weak first-quarter economic growth while emphasizing the strong labor market, in a sign it was still on track for two more rate rises this year. Investors are pricing in a 75 percent chance of a hike in June, according to Thomson Reuters data. In corporate news, IBM shares fell 2.5 percent after Warren Buffett said he sold about one-third of Berkshire Hathaway Inc''s stake in the company. Earnings season has come in generally above expectations, encouraging investors. First-quarter profits at S&P 500 companies are estimated to have increased 14.7 percent, the strongest since 2011, according to Thomson Reuters I/B/E/S. Shares of health insurer Cigna and IT services provider Cognizant rose after their respective reports. Advancing issues outnumbered declining ones on the NYSE by a 2.66-to-1 ratio; on Nasdaq, a 1.39-to-1 ratio favored advancers. The S&P 500 posted 55 new 52-week highs and no new lows; the Nasdaq Composite recorded 123 new highs and 67 new lows. About 6.5 billion shares changed hands in U.S. exchanges, just below the 6.6 billion daily average over the last 20 sessions. (Additional reporting by Yashaswini Swamynathan in Bengaluru; Editing by Chizu Nomiyama and Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN18118G'|'2017-05-05T20:36:00.000+03:00'
'66805c1cc0ac34da41387b6048e53b2628c3e791'|'Asian stocks tread water on U.S., commodities concerns'|'Business News - Fri May 5, 2017 - 10:04am EDT Oil spill leaves commodities spinning, safe-havens shine left right Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 4, 2017. REUTERS/Staff/Remote 1/2 left right Investors look at an electronic board showing stock information at a brokerage house in Shanghai, China, March 7, 2016. REUTERS/Aly Song/File Photo 2/2 By Marc Jones - LONDON LONDON A slump in oil prices to the lowest in almost six months rattled markets on Friday, prompting a rally in safe-haven bonds, the yen and gold and taking the shine off a record-breaking week for world stocks. Bourses flinched in both Asia and Europe and Wall Street saw a subdued start [.N] as investors, who had been expecting to spend the day mostly looking at U.S. jobs data - that came in strongly - and ahead to Sunday''s French election, were caught off guard. Both Brent LCOc1 and U.S. CLc1 crude fell more than 3 percent overnight amid record trading volumes on mounting concerns about global oversupply. Things only fully stabilized when Saudi Arabia''s OPEC chief hit the wires in European hours, saying there was a growing consensus among oil pumping countries that they needed to continue to "rebalance" the market. Brent clawed back to $48.40 a barrel almost two dollars better off than its overnight low, but the scars left it 6 percent lower than at the start of the week. "The whole commodity complex has been affected by this and it could have some pretty big implications if it continues for much longer," said Saxo bank''s head of FX strategy John Hardy. "If you look at global risk appetite, equities have been pretty quiet and that feeds into FX as well if carries on and there is a risk switch." Big commodity price drops do not just have have an immediate impact on financial markets either. As was seen during a slump between 2014 and 2016, they cause major headaches for countries that rely on their revenues. They also unleash deflationary forces, but can help energy-importing economies, firms and households by lowering their energy bills. Oil has not been the only commodity that has suffered this week. Chinese iron ore futures DCIOcv1 fell almost 7 percent in Shanghai overnight after tumbling 8 percent on Thursday. Mining giant Rio Tinto ( RIO.L ) hit a six-month low, Glencore ( GLEN.L ) was set for its worst weekly loss in two months and copper miner Antofagasta ( ANTO.L ) since December. The Canadian dollar CAD= , the Australian dollar AUD= and Russia''s rouble RUB= - some of the world''s most commodity- sensitive currencies - were all sent spinning, falling respectively to 14-month, four-month and seven-week lows. They all fought back, though, after the Saudi OPEC governor''s comments to Reuters that: "A six-month extension (to production cuts) may be needed to rebalance the market, but the length of the extension is not firm yet." LE PEN TO THE SWORD? In calmer waters, the euro EUR= touched a six-month high of almost $1.10 ahead of France''s election, in which polls expect centrist Emmanuel Macron to convincingly beat right-wing, anti-euro rival Marine Le Pen. The gap between French and German 10-year government borrowing costs also hit a six-month low and despite the dip on the day, European shares were heading for a healthy 1.2 percent rise for the week. World shares .MIWD PUS are up for a third week and hit a record high on Wednesday. "I think now this election is no longer an issue and the market is already starting to focus on new issues: inflation, the (euro zone) economy, and the U.S. data," said DZ Bank strategist Daniel Lenz. Better-than-expected U.S. non-farm payrolls data showed jobs growth rebounded sharply last month with 211,000 added and the national unemployment rate down to near a 10-year low at 4.4 percent. The dollar .DXY and U.S. government bond yields US10YT=RR barely budged though. Both had been nudged lower by the commodity market worries. It is set
'e91cf9a760f4e9825d39decbc1c4f94f1b844d94'|'UPDATE 1-Mexico''s America Movil gets approval to buy spectrum from Grupo MVS'|' 04am EDT UPDATE 1-Mexico''s America Movil gets approval to buy spectrum from Grupo MVS (Adds background on deal) MEXICO CITY May 4 Mexican billionaire Carlos Slim''s America Movil has received a green light from the telecoms regulator IFT to buy rights to 60 megahertz of spectrum from Grupo MVS, the telecoms giant said on Thursday. The company also said it expects to complete the acquisition, which boosts its offer of high-speed data services, in the second quarter of 2017. In November, America Movil said its wireless subsidiary had agreed to purchase 60 MHz of spectrum in the 2.5 GHz band. It did not disclose the terms of the deal. Mexico''s president, Enrique Pena Nieto, pushed through reforms designed to curb Slim''s dominance of the local telecommunications market. The profit margin of America Movil, Latin America''s largest phone company, has shrunk to less than 30 percent, from more than 45 percent, since the reform. (Reporting by Adriana Barrera and Alexandra Alper; Editing by Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-americamovil-idUSL1N1I7004'|'2017-05-05T12:04:00.000+03:00'
'4d1f55247baf628057700599465fefb72b346042'|'Factbox - Impact on banks from Britain''s vote to leave the EU'|'Banks - Fri May 5, 2017 - 12:59pm BST Factbox - Impact on banks from Britain''s vote to leave the EU FILE PHOTO: Workers walk in the rain at the Canary Wharf business district in London, Britain November 11, 2013. REUTERS/Eddie Keogh/File Photo Global banks have warned they could move thousands of jobs out of Britain to prepare for the expected disruption caused by the country''s exit from the European Union, endangering London''s status as a major financial centre. Financial services firms need a regulated subsidiary in an EU country to offer their products across the bloc, and this could lead some to move jobs out of Britain if it loses access to the European single market. Many of the top financial firms have begun drawing up plans. Following are some details and reports on the subject: STANDARD CHARTERED Standard Chartered ( STAN.L ) is in talks with regulators about making Frankfurt its European base to secure market access to the European Union when Britain leaves the bloc. HSBC Stuart Gulliver, CEO of HSBC ( HSBA.L ), Europe''s biggest bank, said it would relocate staff responsible for generating around a fifth of its UK-based trading revenue, or around 1,000 people, to Paris. Chairman Douglas Flint has told lawmakers that banks without operations elsewhere in the EU will likely trigger migration plans immediately after EU divorce talks begin, estimating "tens of thousands" of jobs are linked to EU "passporting" rights. BARCLAYS Banks in Britain will start shifting some operations to continental Europe reasonably soon to avoid disrupting links with customers after Brexit, Barclays ( BARC.L ) Chief Executive Jes Staley said. He added that obtaining a licence to trade on the continent and changing financial contracts to another jurisdiction took a year to 18 months. The bank is preparing to make Dublin its EU headquarters after Brexit, according to a source familiar with the matter. Staley previously told BBC Radio that Barclays would keep the bulk of its activities in Britain after Brexit and any changes to how the bank operates would be small and manageable. UBS Swiss bank UBS ( UBSG.S ) would have to "move 1,500 people" from London to an EU destination in order to retain full passporting rights across the EU, according to UBS chairman Axel Weber. That would be more than a quarter of its current 5,500 staff in London. Separately, Chief Executive Sergio Ermotti has said UBS has a degree of flexibility if its UK outpost looks set to lose its ability to operate across the EU. The world''s biggest wealth manager has also set up a bank in Frankfurt to consolidate most of its European wealth management operations, after the Brexit vote dashed London''s chances of being the host city. CREDIT SUISSE Credit Suisse''s ( CSGN.S ) Chief Executive Tidjane Thiam said in September his bank was relatively well placed to deal with the impact of Brexit and that only around 15-20 percent of volumes in the investment bank would be impacted. LLOYDS BANKING GROUP Lloyds Banking Group ( LLOY.L ), Britain''s largest mortgage lender and the only major British retail bank without a subsidiary in another EU country, is close to selecting Berlin as a European base to secure market access to the EU after Britain withdraws. GOLDMAN SACHS U.S. bank Goldman Sachs ( GS.N ) is considering moving up to 1,000 staff from London to Frankfurt because of concerns over Brexit, Germany''s Handelsblatt newspaper reported in January, citing financial sources. Goldman Sachs will begin moving hundreds of people out of London before any Brexit deal is struck as part of its contingency plans, the Wall Street firm''s Europe CEO said in March. Three people familiar with the matter told Reuters in November that Goldman Sachs was considering shifting some of its assets and operations from London to Frankfurt. MORGAN STANLEY U.S. bank Morgan Stanley ( MS.N ) has identified many of the roles that will need to be moved from Britain after Brexit, sources involv
'694faab9332d77c6316884922aa9063dce58665b'|'Spanish court to question Santander, BNP bankers in HSBC tax probe'|'Business  28pm BST Spanish court to question Santander, BNP bankers in HSBC tax probe FILE PHOTO: The logo on the building of HSBC''s London headquarters appears through the early morning mist in London''s Canary Wharf financial district, Britain March 28, 2017. REUTERS/Russell Boyce/File Photo By Angus Berwick and Jes<65>s Aguado - MADRID MADRID Spain''s High Court is to question seven current and former Banco Santander bankers, including a current non-executive board member, as part of a probe triggered by leaks of tax information from HSBC''s Swiss private bank. The court said in a ruling published on Wednesday it had decided to summon the bankers after analysing documents provided by Santander and French bank BNP Paribas over the past year, as well as reports from Bank of Spain inspectors. These documents and reports revealed funds were moved between Santander, BNP and HSBC, hidden from tax authorities, which could constitute money laundering, Judge Jose de la Mata said in the ruling on Wednesday. Three current and former bankers from BNP Paribas''s Spanish unit would also be summoned to the hearings which are set to begin on June 12, he added. Representatives for Santander, the euro zone''s largest bank by market value, and BNP Paribas Spain declined to comment, while the bankers named could not immediately be reached. The Spanish investigation is one of many by national tax authorities as a result of the leak in 2008 of client data belonging to HSBC''s private bank by Herve Falciani, a former IT employee at the bank. France, Austria, Belgium and Argentina have launched their own investigations. Falciani, a French citizen, has said he is a whistleblower trying to help governments track down citizens who used Swiss accounts to evade tax. In 2015 a Swiss court sentenced him, in his absence, to five years in prison for aggravated industrial espionage. The High Court said it will question Ignacio Benjumea Cabeza de Vaca, former head of Santander''s analysis and resolution committee and a current non-executive board member; Jose Manuel Araluce Larraz, former head of compliance; and five other current and former senior compliance officials at the Spanish bank. Reuters was not immediately able to contact Benjumea Cabeza de Vaca, while Araluce Larraz did not reply to a message via LinkedIn. The court also said it will question Jose Andres Fernandez Espejel, former head of compliance at BNP Paribas Spain, and two other senior compliance officials. Fernandez Espejel did not reply to a Linkedin message sent by Reuters. Under the Spanish legal system people can be named as formal suspects until a more detailed investigation is carried out. Between 2005 and 2008, HSBC''s Swiss private bank channelled almost 74 million euros (<28>62.5 million) through Santander to pay clients at other banks, according to the court ruling. The transfers had stopped by 2010, after the banks began to request identification from people making and receiving transfers. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hsbc-tax-santander-idUKKBN17Z215'|'2017-05-04T00:37:00.000+03:00'
'54beb5dc2e26bc8f6b19af841b18e5c204f28cbd'|'Saudi Aramco to dilute stake in Sadara Chemicals via IPO -exec'|'ABU DHABI May 3 National oil firm Saudi Aramco plans to cut its stake in Sadara Chemical Co IPO-SACH.SE, a joint venture with U.S. company Dow Chemical, via an initial public offer of shares, Sadara chief executive Ziad al-Labban said on Wednesday."Aramco has a stake of 65 percent in Sadara - they want to become equal with Dow, which has a 35 percent stake. The 30 percent I believe will be IPOed by Saudi Aramco," Labban told reporters on the sidelines of a petrochemical industry conference.He did not give a timeline or other details. Executives first raised the possibility of an IPO for Sadara years ago; a source familiar with the matter told Reuters this year that it would occur after the planned IPO of Aramco itself, which is due to take place in 2018. (Reporting by Stanley Carvalho; Writing by Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sadara-aramco-ipo-idIND5N1FJ01V'|'2017-05-03T04:59:00.000+03:00'
'4d32acfb89cc65e1226ffe2847e7f996b44d6c69'|'ITV says Chief Executive Adam Crozier to step down'|'Entertainment News - Wed May 3, 2017 - 11:59am BST ITV boss Crozier to quit after seven years at the broadcaster left right FILE PHOTO: A company sign is displayed outside an ITV studio in London, Britain, July 27, 2016. REUTERS/Neil Hall/File Photo 1/3 left right FILE PHOTO - The Chief Executive of Royal Mail, Adam Crozier, leaves after appearing before the Business and Enterprise Committee at Portcullis House, in London February 24, 2009. REUTERS/Luke MacGregor/File Photo 2/3 left right A company sign is displayed outside an ITV studio in London, Britain July 27, 2016. REUTERS/Neil Hall/File Photo 3/3 By Paul Sandle - LONDON LONDON ITV boss Adam Crozier, who has restored the British broadcaster''s fortunes by reducing its reliance on advertising and expanding its production business, will step down next month after seven years in charge, the company said on Wednesday. Finance Director Ian Griffiths will take on additional responsibilities as chief operating officer and will lead the group until a successor is found, ITV said, helped by Chairman Peter Bazalgette, who will become executive chairman in the interim. Crozier, who has grown ITV''s production operations by buying independent producers in Britain and overseas, will leave at the end of June. Having spent 21 years as a chief executive across four varied industries, the 53-year-old Crozier said it was the right time to move to the next stage of his career and to build a "portfolio of roles". "Today ITV is more robust, well balanced and stronger both creatively and financially than ever before, and is well placed for the digital future," Crozier said. Although Crozier''s departure was not a surprise, some analysts questioned why the company had not managed to line up a successor and also underlined the challenges facing the next boss of Britain''s main commercial TV company. "Consumption habits are changing at pace and the shift towards streaming media and even towards non-traditional media such as video game streams leaves ITV vulnerable," said Neil Campling, global head of TMT research at Northern Trust Capital Markets. Shares in ITV slipped 0.2 percent to 211 pence on Wednesday morning. TAKEOVER TARGET? ITV said the company''s revenue from sources other than advertising had more than doubled to almost 1.9 billion pounds ($2.5 billion) in 2016, more than half of its total, under Crozier''s tenure. The broadcaster, which makes soap opera Coronation Street, has long been viewed as a takeover target in an industry that is consolidating as viewers increasingly watch content on demand and on different platforms. Speculation has centered on U.S media group Liberty Global, which owns 9.9 percent of the broadcaster, although it has previously said it did not want to buy the group. Citi analysts said ITV had often been talked about as a takeover target, but the market was likely to take Crozier''s departure as a sign that no potential takeover was imminent. ITV last year dropped plans to try to buy Canada''s Entertainment One, the owner of children''s TV character Peppa Pig. Crozier, who was paid 3.4 million pound last year according to ITV''s annual report, started his executive career at advertising group Saatchi & Saatchi in the 1990s, before moving to The Football Association and postal service Royal Mail Group. He joined ITV when the ad market was at a low point and he initiated a restructuring that diversified the business into international production and cut the cost base. It bought a majority stake in World Productions, the maker of hit BBC drama "Line of Duty", on Tuesday, increasing its productions capabilities in scripted drama. Crozier added another non-executive role to his portfolio last month when he joined the board of Costa Coffee to Premier Inn group Whitbread . (Editing by Kate Holton and Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-itv-moves-crozier-idUKKBN17Z0GO'|'2017-05-03T15:02:00.000
'ad3aa65e1616f4e010c131daa7dcba2c5822e6d9'|'US STOCKS-Futures dip as earnings reports disappoint; Fed awaited'|'Business  10pm EDT S&P 500 ends lower as Fed holds on rates left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2017. REUTERS/Brendan McDermid 1/3 left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2017. REUTERS/Brendan McDermid 2/3 left right A trader works inside a booth on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2017. REUTERS/Brendan McDermid 3/3 NEW YORK Wall Street ended slightly lower on Wednesday after the U.S. Federal Reserve held interest rates unchanged following its two-day policy meeting and investors digested another heavy round of earnings reports. The Dow Jones Industrial Average .DJI rose 6.43 points, or 0.03 percent, to 20,956.32, the S&P 500 .SPX lost 3.25 points, or 0.14 percent, to 2,387.92 and the Nasdaq Composite .IXIC dropped 22.82 points, or 0.37 percent, to 6,072.55. (Reporting by Lewis Krauskopf; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN17Z17A'|'2017-05-03T19:34:00.000+03:00'
'021102bd72c364de0f296b989769ac430ba2b526'|'BRIEF-Digital Power Corporation signs agreement to purchase Microphase Corp'|' 20am EDT BRIEF-Digital Power Corporation signs agreement to purchase Microphase Corp May 3 Digital Power Corp * Digital Power Corporation signs definitive agreement to purchase control of Microphase Corporation * Digital Power Corp - entry into an agreement that, upon consummation, will result in acquisition of control of Microphase Corporation * Digital Power Corp- deal includes co acquiring 1.6 million shares of MPC common stock, representing 58 pct of MPC''s issued and outstanding shares * Digital Power Corp- anticipated net income may not match growth in gross revenues and may continue to experience losses through 2017 and 2018 Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-digital-power-corporation-signs-ag-idUSASA09MDU'|'2017-05-03T19:20:00.000+03:00'
'18f732860e5c0aacd88b1a5969a120c811ebc830'|'BRIEF-Piedmont Office Realty Trust reports Q1 EPS of $0.10'|' 19am EDT BRIEF-Piedmont Office Realty Trust reports Q1 EPS of $0.10 May 3 Piedmont Office Realty Trust Inc: * Piedmont Office Realty Trust reports first quarter 2017 results * Q1 earnings per share $0.10 * Q1 core FFO per share $0.45 * Re-authorized company''s stock repurchase plan to permit purchase of shares of common stock of up to $250 million * Authorization supersedes and replaces previously authorized stock repurchase plan * Piedmont office realty trust inc sees 2017 nareit Ffo and core FFO per diluted share $1.70 - $1.80 * Affirms previously issued guidance for full-year 2017 * Q1 FFO per share view $0.44 -- Thomson Reuters I/B/E/S * FY 2017 FFO per share view $1.74 -- Thomson Reuters I/B/E/S Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-piedmont-office-realty-trust-repor-idUSASA09MDO'|'2017-05-03T19:19:00.000+03:00'
'75fe85e6391e99139dc26ca35eb0e409f007c663'|'Alitalia board starts bankruptcy proceedings'|'Business News - Tue May 2, 2017 - 7:30pm BST Alitalia kicks off bankruptcy proceedings, government grants loan FILE PHOTO: An airplane of Alitalia is seen at the Leonardo da Vinci-Fiumicino Airport in Rome, Italy, April 28, 2017. REUTERS/Tony Gentile/File Photo By Alberto Sisto and Agnieszka Flak - ROME/MILAN ROME/MILAN Alitalia filed to be put under special administration for the second time in less than a decade, starting a process that will lead to the loss-making Italian airline being overhauled, sold off or wound up. The company''s board took the formal decision on Tuesday after workers rejected its latest rescue plan last week, making it impossible for the airline to secure funds from shareholders to keep its aircraft flying. The government appointed three commissioners to assess whether Alitalia can be restructured, either as a standalone company or through a partial or total sale, or else liquidated. Rome also threw the airline a short-term lifeline by guaranteeing a bridge loan of 600 million euros ($655 million) for six months to see it through the bankruptcy process. "We wanted to protect ticketed passengers and Alitalia''s workers until a suitable buyer is found to preserve the value of a company that has such a legacy brand and is so important for domestic connections," Transport Minister Graziano Delrio told reporters after a cabinet meeting. The appointed commissioners include Luigi Gubitosi, who was set to become Alitalia chairman if the rescue had gone through, Enrico Laghi, who is also special administrator of troubled steel plant Ilva, and academic and engineer Stefano Paleari. The three now have six months to devise a plan for Alitalia. Justifying its decision to ask for administration, Alitalia''s board cited the airline''s serious economic plight, the unwillingness of its investors to refinance the company and the impossibility of finding a quick alternative. The airline said its flight schedule would remain unchanged. James Hogan, the CEO of Etihad Airways, which bought into Alitalia during the latest restructuring in 2014 and is now its largest single investor with a 49 percent stake, said in a statement the Italian airline required "fundamental and far-reaching restructuring to survive and grow in future." "Without the support of all stakeholders for that restructuring, we are not prepared to continue to invest," he said, adding Etihad would keep working with Alitalia as a commercial partner. Alitalia is losing about 1 million euros a day and without the government loan risked running out of cash by the middle of May, sources said. Rival airlines including Lufthansa ( LHAG.DE ) and Norwegian Air ( NWC.OL ) have shown little interest in buying Alitalia and creditors have refused to lend more money, putting more pressure on the government to find a way to save the flag carrier. The government has ruled out renationalising Alitalia, an airline that was once a symbol of Italy''s post-war economic boom but is now struggling to compete at home against low-cost carriers and has not invested sufficiently in the more profitable long-haul routes. Outraged at repeated bailouts that have cost taxpayers more than 7 billion euros over a decade, many Italians are urging the government to resist the political temptation to rush to its rescue again. But with a general election due by May 2018, few Italians believe the ruling Democratic Party (PD) will stand by and watch Alitalia crash and its 12,500 workers lose their jobs. Former Prime Minister Matteo Renzi, who became PD leader again on Sunday in a primary vote, has said he will have a plan for the airline by mid-May and it should not be broken up. Alitalia was privatised in 2008 after entering administration earlier that year. (Additional reporting by Giuseppe Fonte and Massimiliano di Giorgio in Rome and Alexander Cornwell in Dubai; editing by David Clarke and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.
'de4efbda83eb52dd159a031f090a3ab5bbe9ef2a'|'Hong Kong, Chinese regulators set to unveil ''Bond Connect'' in July: sources'|' 06am BST Hong Kong, Chinese regulators set to unveil ''Bond Connect'' in July: sources HONG KONG Hong Kong and Chinese regulators are set to formally unveil a long-awaited scheme to connect China''s $8 trillion bond market with overseas investors in July, with the launch expected in the Autumn, sources told Reuters. The announcement is planned to coincide with the 20th anniversary of the handover of the former British Colony from British to Chinese rule, which is considered by the Chinese authorities to be an auspicious date, two people briefed on the matter said. Plans for a "Bond Connect" programme have been percolating since Beijing launched a scheme allowing two-way trading between the Hong Kong and Shanghai stock markets in 2014, but the authorities have provided few details on the mechanics or the timeline. (Reporting by Michelle Price; Editing by Sam Holmes)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hongkong-connect-bonds-idUKKBN17Y0O3'|'2017-05-02T16:06:00.000+03:00'
'f51179698bfa4bd1b1d113184cfc378671b264ac'|'Allianz-backed consortium to buy Britain''s Affinity Water'|'Company   4:11am EDT Allianz-backed consortium to buy Britain''s Affinity Water May 2 A three-member consortium that includes German insurer Allianz has agreed to buy Affinity Water Ltd, the largest water-only supply firm in England and Wales by revenue, through two transactions, the group said on Tuesday. The consortium, which also includes London-listed HICL and fund manager DIF, will acquire a 90 percent stake from Morgan Stanley''s infrastructure team and M&G Investments-owned Infracapital for 687 million pounds ($884 million), the selling shareholders said. It will also acquire the remaining 10 percent stake from French water and waste firm Veolia, with both transactions expected to complete in May 2017. "Affinity has made significant progress across all areas of the business over the last five years under our ownership ... We are confident that Affinity will continue to flourish under its new owners," Infracapital co-founder Ed Clarke said in a statement. The deal is the latest high-profile acquisition of British infrastructure by overseas investors, as pension schemes, sovereign wealth funds and others look to tap into stable returns that are often hard to find in other financial markets. Last month, a consortium of Canadian and Kuwaiti investors agreed to buy a minority stake in Thames Water, Britain''s largest water firm, from funds managed by Macquarie. Morgan Stanley and Infracapital formed Affinity Water through the purchase of Veolia Water''s UK water supply operations in June 2012. The company today supplies water to 1.5 million homes and businesses and maintains water supply infrastructure. It had a regulatory capital value - a key industry metric - of 1.156 billion pounds as of March 31. Affinity Water said separately it did not expect the sale to result in any operational changes. British infrastructure investment firm HICL said it would hold a 36.6 percent equity interest in Affinity Water after the deal closes, for which it would pay 269 million pounds. ($1 = 0.7768 pounds) (Reporting by Esha Vaish in Bengaluru; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/awl-ma-allianz-idUSL4N1I420Z'|'2017-05-02T16:11:00.000+03:00'
'36becba6abe12e1d010de50253f32f9ad64c49a8'|'M&S hires Halfords chief to run struggling clothing arm - Business'|'Marks & Spencer has hired the chief executive of bike and car parts business Halfords in an attempt to revive its struggling clothing, beauty and home business.Jill McDonald will have accountability for all aspects of M&S<>s core non-food business, from design and sourcing through to supply chain and logistics, and will report directly to the chief executive, Steve Rowe. The appointment comes after months of searching for a new clothing and homewares boss to replace Rowe, who stepped up to become chief executive last year . M&S had courted former Next product director Christos Angelides, but he signed up as head of the Reiss clothing chain.M&S to trial online food delivery service this autumn Read more The role is important to the future of M&S, which has struggled to increase clothing sales in recent years amid tougher competition from the high street and difficulties with its online service. The chain has started switching space towards its more successful food business and away from fashion. The appointment of McDonald is likely to disappoint the current womenswear, lingerie and beauty head, Jo Jenkins, who will now report to McDonald. However, Jenkins<6E> role has been expanded to all clothing including womenswear, menswear and childrenswear.McDonald will also work with Neal and Mark Lindsey, the veteran rag trade brothers , who have been tasked with sharpening up M&S<>s clothing supply chain over the last few years. She will join M&S in autumn after working out her notice period at Halfords, which ends in October.McDonald joined Halfords in May 2015 from McDonald<6C>s, where she was chief executive of the fast food chain<69>s UK business.Rowe said: <20>I am pleased with the progress we have made in clothing and home over the last year and the time is now right for this appointment. Jill<6C>s first-class customer knowledge and great experience in running dynamic, high-achieving teams make her exactly the right person to lead this all-important part of our business from recovery in to growth.<2E>McDonald said: <20>M&S has a unique, special relationship with its customers and I am very motivated by working closely with customers to drive and shape results. I have long been an M&S customer and professional fan, so working with the brand was a career opportunity that I just couldn<64>t turn down.<2E>David Jeary, a retail analyst at Canaccord Genuity, said: <20>This is an interesting appointment from an M&S perspective, since Jill McDonald, whose prior roles include long stints at McDonald<6C>s and BA, cannot be seen as a clothing expert. <20>What she does bring is considerable experience in marketing and customer relationship management, which have become even greater areas of focus under Steve Rowe<77>s tenure.<2E>Topics Marks & Spencer Retail industry Halfords news     Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/03/marks-and-spencer-halfords-clothing-jill-mcdonald'|'2017-05-03T16:12:00.000+03:00'
'1ab53c6d8e48fc7c6ef322e1df1bd37434756765'|'Puerto Rico bonds trade higher in wake of petition filing'|'May 3 Benchmark Puerto Rico general obligation bonds traded higher on Wednesday in the wake of the U.S. territory''s filing for a form of bankruptcy protection.Bonds due in 2035 with an 8 percent coupon traded at 67 cents on the dollar, up from a high of nearly 65 cents on Tuesday, according to Municipal Securities Rulemaking Board trading data.Puerto Rico filed under Title III of the PROMESA law, which allows an in-court debt restructuring process akin to U.S. bankruptcy protection. The case was filed in U.S. District Court in Puerto Rico.(Reporting By Karen Pierog; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-bankruptcy-bonds-idINL1N1I51AS'|'2017-05-03T14:40:00.000+03:00'
'f6c9a79a23f239af3747710c76534b7f5c907a07'|'Alitalia sale process to kick off within 15 days - minister'|'ROME The sale process for troubled flagship carrier Alitalia will kick off in the next 15 days, Italy''s Industry Minister said on Wednesday."The commissioners need to draw up a program and are expected to start looking at expressions of interest within 15 days," Carlo Calenda said on Italian radio.On Tuesday Alitalia filed to be put under special administration for the second time in less than a decade.The government appointed three commissioners to see whether Alitalia can be restructured, either as a standalone company or through a partial or total sale, or else liquidated."I think however an alliance with another carrier is needed," Calenda said.(Reporting by Massimiliano Di Giorgio, writing by Stephen Jewkes)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alitalia-restructuring-minister-idINKBN17Z0SR'|'2017-05-03T07:01:00.000+03:00'
'e1fc63a9928f6e800a152f73d9d93b3ac95123c9'|'Fed holds interest rates steady, downplays first quarter economic weakness'|'Business News - Wed May 3, 2017 - 7:08pm BST Fed holds interest rates steady, downplays first quarter economic weakness left right The Federal Reserve headquarters in Washington September 16 2015. The Federal Reserve, facing this week its biggest policy decision yet under Chair Janet Yellen, puts its credibility on the line regardless of whether it waits or raises interest rates for the first time in nearly a decade. REUTERS/Kevin Lamarque 1/3 left right U.S. Federal Reserve Board chair Janet Yellen testifies before a Congressional Joint Economic hearing on Capitol Hill in Washington, U.S., November 17, 2016. REUTERS/Gary Cameron 2/3 The Federal Reserve Building stands in Washington April 3, 2012. REUTERS/Joshua Roberts/File Photo 3/3 By Lindsay Dunsmuir and Jason Lange - WASHINGTON WASHINGTON The U.S. Federal Reserve kept interest rates unchanged on Wednesday but downplayed weak first-quarter economic growth and emphasized the strength of the labor market, in a sign it could tighten monetary policy as early as June. In a bullish statement following the end of a two-day policy meeting, the central bank also said consumer spending continued to be solid, business investment had firmed and inflation has been "running close" to the Fed''s target. "The committee views the slowing in growth during the first quarter as likely to be transitory," the Fed said in a unanimous statement. The labor market continued to strengthen even as growth in economic activity slowed and "the fundamentals underpinning the continued growth of consumption remained solid," policymakers added. The Fed raised its benchmark rate by a quarter percentage point at its last meeting in March to a target range of 0.75 percent to 1 percent. Before the meeting most Fed policymakers had made it clear that in contrast to previous years the central bank feels more confident in its forecast of two more rate increases in 2017. The Fed is in its first tightening cycle in more than a decade after it spent years keeping rates near zero to nurse the economy back to health following the 2007-2009 recession. Policymakers have been buoyed by recent economic data that showed a surge in business investment and the fastest wage growth in a decade. The unemployment rate also fell in March to near a 10-year low. However, some officials had also said they wanted more data in hand before taking additional steps to normalize rates. Gross domestic product grew at a sluggish 0.7 percent annual pace in the first quarter as consumer spending almost stalled. Job growth also slowed sharply in March. Economists have largely attributed the weak first-quarter GDP reading to recurring issues with the calculation of growth during the January-March period and linked the pullback in hiring to weather. Policymakers are still awaiting clarity on the size and scope of the tax cuts, infrastructure spending and regulatory changes that the Trump administration will be able to push through Congress. A stimulus package could speed up the pace of rate hikes. Inflation had been edging higher, but the so-called core PCE price index increased 1.6 percent in the 12 months through March, the smallest gain since last July. Core PCE is the Fed''s preferred inflation measure and is below its target. The Fed in its statement showed little concern about a softening in inflation, characterizing it as "running close to the committee''s 2 percent longer-run objective." The rate-setting committee is also gearing up to announce sometime this year when and how the Fed will begin shrinking its $4.5 trillion balance sheet. Wednesday''s statement offered no new details. (Reporting by Lindsay Dunsmuir and Jason Lange; Editing by Paul; Simao)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-fed-idUKKBN17Z28S'|'2017-05-04T02:05:00.000+03:00'
'2ee3c5793b884627b7b2b8a6e2313a0712234c0d'|'Asia stocks ride global momentum, dollar up on June Fed rate hike bets'|'By Chuck Mikolajczak - NEW YORK NEW YORK World stock markets fell on Wednesday as declines in iPhone sales brought about some concern about consumer strength, while the dollar edged higher before a U.S. central bank statement that may hint towards a rate hike next month.Apple Inc ( AAPL.O ) lost 0.9 percent as the biggest drag on the S&P 500 after it reported a surprise fall in iPhone sales in its fiscal second quarter on Tuesday. The drop came on the heels of a decline in sales for U.S. automakers for April and a soft first-quarter reading on U.S. growth last week.Even with the decline, Apple still managed to top earnings estimates in what has been a strong quarter for U.S. companies. Thomson Reuters data shows first-quarter growth is currently expected to be 14.2 percent, the best quarter since 2011, with 357 of S&P 500 companies having reported."Think about the mixed message you had in the first quarter <20> GDP light, monthly auto sales light, iPhone sales light, so you<6F>ve got extraneous negative data," said Art Hogan, chief market strategist at Wunderlich Securities in New York."The first quarter is a blockbuster quarter for earnings on balance, which doesn<73>t necessarily line up with some of the incremental pieces of economic data that we<77>ve seen. That is the hard part to rationalize."A report by payrolls processor ADP said private employers expanded their payrolls by 177,000 jobs last month, the smallest gain since the 62,000 increase last October as they faced increasing difficulty finding qualified workers.Other data indicated the pace of growth in the U.S. economy''s service sector increased in April, led by a jump in new orders, according to an industry report.The Dow Jones Industrial Average .DJI fell 34.45 points, or 0.16 percent, to 20,915.44, the S&P 500 .SPX lost 7.26 points, or 0.30 percent, to 2,383.91 and the Nasdaq Composite .IXIC dropped 30.67 points, or 0.5 percent, to 6,064.70.Europe''s STOXX 600 index lost 0.11 percent to retreat from a 20-month high and MSCI''s gauge of stocks across the globe .MIWD PUS shed 0.26 percent.The U.S. economic data helped push the dollar higher ahead of the Federal Reserve statement.While the central bank is expected to leave rates unchanged later today, investors will look for signs the it may hike in June. Traders are currently pricing in a 70.7-percent chance of a hike of at least a quarter-point next month, according to CME''s FedWatch tool.The dollar index .DXY rose 0.11 percent, with the euro EUR= down 0.13 percent to $1.0913.Benchmark 10-year notes US10YT=RR last rose 1/32 in price to yield 2.2946 percent, from 2.296 percent late on Tuesday.The U.S. Treasury said on Wednesday it is studying the possibility of issuing ultra long-term bonds.Oil prices rebounded from near 2017 lows after preliminary data showed a much larger-than-expected fall in U.S. crude stocks, reviving bullish sentiment about easing oversupply.U.S. crude CLcv1 fell 0.13 percent to $47.60 per barrel and Brent LCOcv1 was last at $50.48, up 0.04 percent on the day.(Reporting by Chuck Mikolajczak; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-markets-idINKBN17Z02E'|'2017-05-03T09:18:00.000+03:00'
'9994857f1b40b5c6c09bd1fb8a80a651a21d3436'|'Canada''s Equitable Group adds lenders to C$2 bln loan syndicate'|'May 3 Canadian mortgage provider Equitable Group Inc said on Wednesday it had added three more banks to a syndicate that would fund its C$2 billion ($1.46 billion) loan commitment.Subprime mortgage lenders in Canada have been racing to shore up confidence in their model as depositors pulled more money out of rival Home Capital Group Inc''s high-interest savings accounts.Lenders have suffered since a securities regulator alleged last month that alternative lender Home Capital hid mortgage broker fraud from investors.Equitable Group said on Wednesday that the syndicate of lenders supporting its two-year loan commitment now also includes Bank of Montreal, Royal Bank of Canada and Bank of Nova Scotia.Earlier this week, Equitable Group said it had received a letter of commitment for the C$2 billion secured funding facility from banks including Toronto-Dominion Bank, Canadian Imperial Bank of Commerce and National Bank of Canada.Equitable Group''s shares were up 1.2 percent at C$46.62 in morning trading. (Reporting by Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/equitable-group-loan-idUSL4N1I53HN'|'2017-05-03T21:54:00.000+03:00'
'abb7a24bd0a7866b29c2bff5110a92e00a4a9e62'|'DX investor Gatemore says deal with Menzies ''grossly undervalues'' firm'|'Business News - Fri May 5, 2017 - 9:00am BST DX investor Gatemore says deal with Menzies ''grossly undervalues'' firm LONDON The biggest investor in UK mail delivery firm DX Group ( DXDX.L ), Gatemore Capital Management, ratcheted up its opposition to a planned reverse takeover deal with John Menzies ( MNZS.L ) on Friday, saying it "grossly undervalued" the firm. In a letter to the board of DX dated May 4, Gatemore said it was confident that more than 50 percent of investors would reject the deal and, citing independent analysis of the deal, said it saw scope for a turnaround plan to boost DX''s shares. Gatemore said it wanted to see significantly improved terms or for the deal to be scrapped. John Menzies did not immediately respond to request for comment. (Reporting by Simon Jessop and Esha Vaish; editing by Carolyn Cohn)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-dx-john-menzies-gatemore-idUKKBN1810PD'|'2017-05-05T16:00:00.000+03:00'
'ab4f0386d5d116c34fd6fe752d9fc1bb5b88a985'|'FX strategists expect Tory landslide in UK vote; no big GBP move - Reuters poll'|'LONDON Britain''s ruling Conservative Party will win June''s election with a landslide, according to almost two-thirds of foreign exchange strategists polled by Reuters who said the result would have little effect on sterling.Having fallen as much as 23 percent after last June''s European Union membership referendum to touch a 31-year low of $1.1491 in October, sterling GBP= is now about 14 percent lower against the dollar, trading at $1.29 earlier on Wednesday.Sterling hit a seven-month high last week as traders closed off heavy bets against the pound. Short positions on the pound were close to record highs, making "short squeezes" -- when traders close out those positions, pushing up the value of the currency -- more likely.Medians in the poll of over 60 strategists, taken in the past week, showed sterling would be worth $1.27 in a month -- just before the general election -- but then weaken to $1.24 in six months before settling at $1.25 a year from now.Predictions for a landslide win are in line with opinion polls and those latest sterling forecasts were little -changed from an April poll. But highlighting uncertainty, the range of 12-month forecasts was $1.11 to $1.39.Against the euro, the pound EURGBP= will follow a similar path. In a month one euro will be worth 85.0 pence, in six months 87.8p and in a year 87.0p. Again, those forecasts were little changed from April.Growth in the currency bloc will be steady but modest in the coming year, an April Reuters poll of economists showed, although that forecast was partly contingent on independent candidate Emmanuel Macron winning the French presidency this weekend. [ECILT/EU]Solid growth, coupled with higher inflation, means pressure is mounting on the European Central Bank to start dialling back its still-aggressive stimulus. But it kept its policy stance steady last week, even leaving the door open to more easing.While markets expect the ECB to tone down the language in June, removing a bias for further easing, ECB President Mario Draghi gave no hint of such moves on Thursday, only venturing to say economic risks have receded.The United States Federal Reserve, which has already tightened policy, is expected to raise interest rates twice more this year. In contrast, the Bank of England is not expected to do anything until 2019 at least. [ECILT/US] [ECILT/GB]As there is so far little clarity on how divorce talks between Britain and the European Union will progress, investors may instead return to looking at monetary policies."Last year, cable fell a long way below the level implied by its formerly close relationship with expectations for the differential between official interest rates in the UK and U.S. over the next two years," said Samuel Tombs at Pantheon Macroeconomics."This decoupling seemed to reflect Brexit fears, which could not be fully encapsulated in short-term interest rate expectations. But last week, this gap closed completely; sterling now is back to the level implied purely by interest rate expectations."MAY''S JUNE LANDSLIDEThirty-two of 52 strategists who answered an extra question predicted a landslide Conservative win on June 8 and 18 a moderate win. Only two predicted a moderate Labour Party victory and none a landslide Labour win or a hung parliament.According to the median forecast of those who answered the extra question, sterling would rally 1.0 percent against the dollar but dip 1.25 percent against the euro in the immediate aftermath of an overwhelming victory for the Conservatives.Three recent opinion polls showed a rise in support for Britain''s opposition Labour Party but Prime Minister Theresa May''s Conservatives maintained a commanding lead ahead of the election, expected to define the terms of the country''s EU exit.May has said she expects divorce talks to be tough after EU leaders agreed stiff terms and voiced alarm at "illusions" in London that may wreck a deal.If opinion polls and the strategists are right
'd5024ad9437576cd852b205d1dfd9789177cd987'|'UPDATE 1-HollyFrontier posts bigger-than-expected loss as costs rise'|'Company  34am EDT UPDATE 1-HollyFrontier posts bigger-than-expected loss as costs rise (Adds details) May 3 U.S. refiner HollyFrontier Corp reported a bigger-than-expected quarterly loss, hurt by a 61 percent rise in operating costs. However, sales and other revenue at the Dallas, Texas-based company rose 52.5 percent to $3.08 billion, as it benefited from higher selling prices. Average sales price per produced barrel rose 43.5 percent to $66.62 per barrel in the quarter. Robust demand for refined products and declining inventories are offering a glimmer of hope to refiners, whose margins fell sharply in 2016 due to a glut of gasoline and diesel. HollyFrontier''s refining margins rose 2 percent to $7.74 per barrel. But costs for refiners have gone up with a rise in oil prices, caused by an OPEC-led production cut and rebounding demand. U.S. crude prices averaged $51.78 per barrel in the first three months of the year, up 54 percent from a year earlier. Total operating costs and expenses at HollyFrontier jumped 61 percent to $3.1 billion in the first quarter. Net loss attributable to the company''s shareholders was $45.5 million, or 26 cents per share, in the first quarter ended March 31, compared with a profit of $21.3 million, or 12 cents per share, a year earlier. Net income for the latest quarter was reduced by $12.0 million due to one-time items. Excluding items, the company posted a net loss of 19 cents per share, according to Thomson Reuters I/B/E/S, bigger than the Street estimate of a loss of 12 cents per share. (Reporting by Muvija M in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL4N1I52RE'|'2017-05-03T19:34:00.000+03:00'
'e511104553ff1fa2e5e61262ab8739462e50cdd2'|'Spirit AeroSystems profit falls 17.4 pct'|'Company  39am EDT Spirit AeroSystems profit falls 17.4 pct May 3 Aircraft parts maker Spirit AeroSystems Holdings Inc reported a 17.4 percent fall in quarterly profit, due to fewer deliveries to Boeing Co, its biggest customer. Net income fell to $141.7 million, or $1.17 per share, in the first quarter ended March 30, from $171.6 million, or $1.29 per share, a year earlier. Total revenue rose to $1.69 billion from $1.68 billion. The company also reiterated its 2017 financial forecasts. (Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/spirit-aerosystm-results-idUSL4N1I5334'|'2017-05-03T19:39:00.000+03:00'
'5c0820eeb07b8fff7f789cbc8590772e1a6ebb2d'|'Liberty Oilfield sees IPO of 20 mln shares priced between $12.00-$13.00 per share'|'May 2 Liberty Oilfield Services Inc* Liberty Oilfield Services Inc sees ipo of 20 million shares of its class a common stock priced between $12.00 and $13.00 per share - sec filing* Liberty Oilfield Services Inc had previously expected ipo of 22.9 million shares of its class a common stock priced between $16.00 and $19.00 per share '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-liberty-oilfield-sees-ipo-of-20-ml-idINFWN1I40VS'|'2017-05-02T19:52:00.000+03:00'
'6e6a1b136543ca4110f137a21cf99cacdc253d1f'|'S&P 500 tech index edges toward $5 trillion while Apple steals spotlight'|'Business News - Thu May 4, 2017 - 7:05am EDT S&P 500 tech index edges toward $5 trillion while Apple steals spotlight FILE PHOTO: The Apple logo is pictured inside the newly opened Omotesando Apple store at a shopping district in Tokyo June 26, 2014. REUTERS/Yuya Shino/File Photo By Rodrigo Campos and Noel Randewich - NEW YORK/SAN FRANCISCO NEW YORK/SAN FRANCISCO While some investors have been waiting for Apple''s market capitalization to reach $1 trillion, those looking for big round numbers might be better off looking to the S&P 500 technology index as a whole, which is approaching the $5 trillion mark. The S&P 500 technology index .SPLRCT, which includes Apple Inc ( AAPL.O ), will hit $5 billion in about two months if its growth of 16 percent so far in 2017 continues at the same pace. Apple is already the world''s most valuable publicly traded company, and its weight within the S&P 500 .SPX in recent decades has been rivaled only by Exxon Mobil ( XOM.N ) and Microsoft ( MSFT.O ). The iPhone maker''s market capitalization recently reached a record $774 billion after increasing 27 percent so far in 2017. If Apple continues to grow at that rate, its market capitalization will hit $1 trillion in October. "Investors see the big numbers, the hoopla surrounding hitting one of these arbitrary levels, said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh. Hitting those milestones often attracts more investors, she added. Apple accounted for as much as 4.9 percent of the S&P 500 in September 2012, but its share of the index has since slipped to 3.8 percent. In comparison, Exxon Mobil accounted for 5.3 percent of the S&P 500 in December 2008, while Microsoft ( MSFT.O ) briefly accounted for 4.9 percent of the index in 2000. Apple recently accounted for 15.1 percent of the S&P 500 technology index, down from a peak of 21.8 percent in 2012. The technology index recently traded at 17.4 times expected earnings, down a little from a month ago but otherwise near highs not seen since 2008, according to Thomson Reuters Datastream. Shares of Apple edged down 0.3 percent on Wednesday after the company reported its March-quarter results on Tuesday and said sales of iPhones fell, surprising investors. Still, at least four analysts raised their share price target for Apple. While global smartphone sales have lost steam in recent years, investors remain optimistic that Apple will mark the 10th anniversary of the iPhone with new models that give a major boost to sales. The median analyst 12-month price target for Apple on Wednesday was $160. Hitting that target implies a 9 percent rise from current levels, which would put Apple''s market capitalization at $836 billion, excluding the effect of potential stock buybacks. Still, analyst price targets are a poor predictor of stock performance, and a stock''s past performance often says little about what it will do in the future. In February, Warren Buffett told CNBC that Apple was likely to hit a $1 trillion market value before his own holding company, Berkshire Hathaway ( BRKa.N ), which has a market value of $410 billion after its stock rose 2 percent so far in 2017. Steep stock gains driven by optimism about upcoming iPhones are unlikely to continue at the same pace, said Shebly Seyrafi, analyst at FBN Securities. But he recommends the stock and even increased his own price target to $160 from $155 following Apple''s quarterly report. "It''s a value play that should be bought at current levels," Seyrafi said. (Reporting by Rodrigo Campos and Noel Randewich) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-stocks-apple-idUSKBN1801AG'|'2017-05-04T19:05:00.000+03:00'
'40ad27780c28dcbf2dd2933bd61e1a9425bb0407'|'Wall Street edges up at open after hawkish Fed'|'By Lewis Krauskopf Wall Street ended flat on Thursday as a steep fall for the energy sector countered some solid earnings reports, with major stock indexes closing little changed after the U.S. House of Representatives passed a healthcare overhaul.The House on Thursday afternoon narrowly voted to repeal major portions of the 2010 Affordable Care Act, known as Obamacare, and replace it with a Republican healthcare plan, sending it to the Senate for consideration.The bill''s passage comes after House Republicans pulled healthcare legislation earlier this year in a setback, raising questions among investors about President Donald Trump''s ability to enact his agenda.The benchmark S&P 500 has gained 11.7 percent since Trump''s election, fueled by his plans for tax cuts, infrastructure spending and deregulation."The real risk in the near term to the so-called Trump rally was a failure to pass it," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey."I don<6F>t know if this market is really that focused on healthcare as the big issue," Meckler said. "I think they<65>re really focused on the tax plan. If they couldn<64>t pass the healthcare, it would bode very poorly for the tax plan."The Dow Jones Industrial Average .DJI fell 6.43 points, or 0.03 percent, to 20,951.47, the S&P 500 .SPX gained 1.39 points, or 0.06 percent, to 2,389.52 and the Nasdaq Composite .IXIC added 2.79 points, or 0.05 percent, to 6,075.34.The energy sector .SPNY dropped 1.9 percent, easily the worst performing group. Exxon Mobil''s ( XOM.N ) 1.3-percent decline and Chevron''s ( CVX.N ) 1.8-percent drop weighed on the S&P.Oil prices tumbled about 5 percent on signs that OPEC and other producing countries would not take more drastic steps to reduce the world''s stubbornly persistent glut of crude.Investors also were digesting the Federal Reserve''s statement on Wednesday. The central bank left rates unchanged but downplayed weak first-quarter economic growth while emphasizing the strong labor market, in a sign it was still on track for two more rate rises this year.Focus was turning to Friday''s U.S. employment report as the next gauge of the economy and labor market. Data on Thursday showed new applications for U.S. jobless benefits fell sharply last week and the number of Americans on unemployment rolls hit a 17-year low."It<49>s going to be particularly important to see if we get the expected rebound in job gains," given that the Fed discounted the first quarter growth weakness because of a projected recovery, said Alan Gayle, director of asset allocation at RidgeWorth Investments in Atlanta."Now the market is going to be watching very carefully to see whether or not they get that confirming data that would mean we will get a June rate increase," Gayle said.In corporate news, Tesla ( TSLA.O ) fell 5 percent after the electric automaker''s quarterly net loss widened.In the healthcare sector, Regeneron ( REGN.O ) rose 6.7 percent and Zoetis ( ZTS.N ) rose 5.9 percent after their respective results.Earnings season has come in generally above expectations, encouraging investors. First-quarter profits at S&P 500 companies are estimated to have increased 14.8 percent, the strongest since 2011, according to Thomson Reuters I/B/E/S.Declining issues outnumbered advancing ones on the NYSE by a 1.79-to-1 ratio; on Nasdaq, a 1.17-to-1 ratio favored decliners.The S&P 500 posted 49 new 52-week highs and 13 new lows; the Nasdaq Composite recorded 104 new highs and 77 new lows.About 7.8 billion shares changed hands in U.S. exchanges, well above the 6.6 billion daily average over the last 20 sessions.(Additional reporting by Herb Lash and Sinead Carew in New York and Tanya Agrawal in Bengaluru; Editing by Savio D''Souza and Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-stocks-idINKBN1801QZ'|'2017-05-04T11:37:00.000+03:00'
'007f409a5315eb4a00a0432e5847dd8f250f9745'|'TV''s got talent: top jobs in UK broadcasting up for grabs - Media'|'ITV<54>s chief executive, Adam Crozier, is stepping down after seven years at the helm of the UK<55>s biggest free-to-air commercial broadcaster.Crozier, who led a turnaround at ITV after the 2009 recession and successfully reduced the broadcaster<65>s reliance on advertising revenue by building up its production arm, will leave to pursue a portfolio of roles at private and publicly listed companies.His departure means both ITV and its nearest rival, Channel 4 , are seeking new chief executives. Scottish broadcaster STV has also just begun the search for a new chief executive; while the top jobs at Sky and the BBC may be up for grabs within the next year.ITV chief executive Adam Crozier steps down after seven years Read more All told, the British TV industry is entering an unprecedented period of senior management upheaval, at a time when traditional broadcasters face ever increasing competition for viewers and revenue from digital interlopers including Netflix, Amazon, Google and Facebook. The next generation of leaders will be polishing their CVs and awaiting the headhunter<65>s call in this latest round of executive suite musical chairs, eying up jobs with annual remuneration ranging from BBC director general Tony Hall<6C>s <20>455,000, to the <20>4.74m taken home by Jeremy Darroch, Sky group chief executive, last year. Crozier was paid <20>3.4m in 2016.Darroch is expected to move on after nearly a decade in the top job at Sky if the 21st Century Fox takeover wins approval later this year. At the BBC Hall, into his fifth year as director general, may also soon be considering his next career move. BBC directors general have traditionally served a five-year term, though Mark Thompson, Hall<6C>s predecessor but one, did the job for eight. The first top TV job to fall vacant is likely to be at ITV , with Crozier departing at the end of June. Finance director Ian Griffiths will step up to chief operating officer and run the company for an interim period, while the chairman, Sir Peter Bazalgette, becomes executive chairman and oversees the recruitment of Crozier<65>s replacement.Channel 4 began its own search for a new chief executive in March, when it was announced that David Abraham was leaving after seven years. The broadcaster is understood to be aiming to appoint his replacement by the end of June, though no firm date for Abraham<61>s departure has been set. So the two recruitment processes are likely to overlap and some candidates may be considered for both jobs. Tamsin Garrity, an analyst at Jefferies, believes that with Crozier successfully setting ITV<54>s post-recession strategic direction <20> boosting digital income and building an international TV production business to reduce its over-reliance on TV advertising <20> a radical candidate is not on the cards. <20>Potential candidates are likely to have a background in production or digital, though ITV is now less likely to be looking for a transformation candidate given the strategy is well established,<2C> she says.Griffiths, highly rated by the City, could be a strong internal contender. Potential external candidates include Simon Fox, chief executive of Daily Mirror publisher Trinity Mirror, who was linked to the ITV job before Crozier was appointed; and Erik Huggers, the former Microsoft, Intel and BBC digital executive now running music video service Vevo.Dame Carolyn McCall, the former Guardian Media Group chief executive now running EasyJet, and Nationwide Building Society boss Joe Garner, a former BT executive, could also enter the fray.At Channel 4, Jay Hunt, the broadcaster<65>s chief creative officer, and sales chief Jonathan Allan have put their hat in the ring to take over from Abraham, who took home <20>855,000 in 2015.Potential external candidates will have to be prepared for a move to Manchester or Birmingham if the government gets its way and relocates Channel 4<>s headquarters from central London.They could include Anne Bulford, Channel 4<>s former chief operating officer, who left in 201
'308535b2117e5fb8a5d4a08a5442b7ada09b12ca'|'Warren Buffett says he sold a third of stake in IBM - CNBC'|'Fri May 5, 2017 - 1:30am BST Warren Buffett says he sold a third of stake in IBM: CNBC Berkshire Hathaway CEO Warren Buffett plays bridge during the Berkshire annual meeting weekend in Omaha, Nebraska May 3, 2015. REUTERS/Rick Wilking Berkshire Hathaway''s ( BRKa.N ) Warren Buffet has sold about a third of his stake in IBM Corp ( IBM.N ) during the first and second quarter of 2017, CNBC reported. "I don''t value IBM the same way that I did 6 years ago when I started buying... I''ve revalued it somewhat downward" Buffett told CNBC during an interview. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-warren-buffet-ibm-stake-idUKKBN18101J'|'2017-05-05T08:24:00.000+03:00'
'fed69f9985274f8b0774fbcbf571b09b1ed8b684'|'IHeartMedia raises going concern doubts'|'May 4 IHeartMedia Inc, the largest owner of U.S. radio stations, said there is substantial doubt about its ability to continue as a going concern.IHeartMedia, which says it has more than a quarter of a billion monthly radio listeners in the United States, is struggling to find a solution that would significantly slash its debt pile outside of bankruptcy court.As of March 31, the company had debt of $20.37 billion and total assets of $12.27 billion. (Reporting by Supantha Mukherjee in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/iheartmedia-restructuring-idINL4N1I63HY'|'2017-05-04T09:08:00.000+03:00'
'22efa72286f95eb97d58979d30679c9d76f88302'|'Toshiba turns down Hitachi/CVC offer for Landis, banks prep buyout debt: sources'|'LONDON/FRANKFURT Toshiba ( 6502.T ) has turned down preemptive bids for its Swiss-based smart meter group Landis+Gyr, hoping for a higher price at auction, for which bankers have begun preparing debt packages of around $1 billion, people familiar with the matter said.Buyout group CVC and Japan''s industrial conglomerate Hitachi ( 6501.T ) several weeks ago offered to buy Landis+Gyr for almost $2 billion, and another private equity group also made an offer earlier this year, but both were declined, the sources said.Toshiba is instead waiting for tentative offers to come in by a May 22 deadline, they said, adding that groups including Advent, AEA, BC Partners, Bain, Blackstone, Carlyle, Cinven, CD&R, Onex and Triton are expected to bid.CVC declined to comment, while Hitachi was not immediately available for comment. The other bidders also either declined to comment or were not immediately available to comment.Toshiba said it considering strategic alternatives, including an IPO for Landis+Gyr, adding nothing concrete has been decided yet.It hired UBS earlier this year on the potential divestment of the group.Some $1 billion of debt equates to around 5-6 times Landis+Gyr''s approximate $200 million in earnings before interest, tax, depreciation and amortization, the sources said.The financing is expected to be denominated in dollars and euros and could either be in the form of leveraged loans or high yield bonds, the sources said.Smart meter makers have seen a wave of M&A activity. CVC is selling German metering and energy management group Ista, which could be worth up to 4 billion euros, while German metering group Techem could be put up for sale later in the year.Toshiba bought Landis+Gyr in 2011 for $2.3 billion jointly with state-backed Innovation Network Corporation of Japan, which holds the remaining 40 percent in the company.Landis+Gyr, in which Toshiba has a 60 percent stake, employs more than 5,700 staff and is active in over 30 countries.(Editing by Christopher Mangham and David Evans)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-landis-loans-idUSKBN1801MK'|'2017-05-04T17:01:00.000+03:00'
'f44a6b90a709ad15a287ca35fadc951c50c87994'|'CIBC sweetens offer for PrivateBancorp with additional cash'|'By Matt Scuffham Canadian Imperial Bank of Commerce ( CM.TO ) increased the cash element of its offer for Chicago-based PrivateBancorp Inc ( PVTB.O ) on Thursday in a final $4.9 billion bid to push the deal through ahead of a May 12 shareholder vote.The cash-and-share offer restored the initial valuation of PrivateBancorp from CIBC''s previous bid, offsetting a drop in the Canadian bank''s shares driven by concerns about its housing market exposure that had eroded the earlier offer''s stock-based component.Canada''s fifth-biggest lender, which is the most exposed to the country''s housing markets, is keen to diversify its revenue stream and reduce reliance on its domestic market amid fears of a housing bubble in Toronto.Pressure on CIBC to increase its offer for a second time intensified on Monday when shareholder advisory firm Institutional Shareholder Services (ISS) recommended PrivateBancorp shareholders vote against it. ISS cited concerns about Canada''s housing market as one factor behind the recommendation.An earlier shareholder vote was postponed in December after some PrivateBancorp investors had indicated they would reject CIBC''s first offer.CIBC has long coveted a major U.S. acquisition and PrivateBancorp looked to tick all the boxes by providing CIBC a platform to expand into the United States and offer U.S. banking services to Canadian clients. Meanwhile, regional U.S. banks have been consolidating in response to tough market conditions.The initial $3.8 billion offer, pitched last June at what was then a healthy premium to PrivateBancorp''s market value, seemed set for smooth passage to completion before Donald Trump''s victory in the U.S. presidential election in November sent U.S. banking shares soaring.Expectations of higher interest rates, lighter banking regulation and a lower corporate tax rate following Trump''s election helped PrivateBancorp shares rise by more than a third, leaving CIBC with no choice but to pay more if it wanted to complete the deal.CIBC raised its takeover offer by 20 percent to about $4.9 billion in March.However, CIBC''s U.S.-listed shares subsequently fell by nearly 10 percent, reducing the value of the share-based component of that offer.CIBC said on Thursday it would offer an additional $3 in cash for each PrivateBancorp share, raising the cash element to $27.20 per share. It left the stock component unchanged at 0.4176 of its shares for each of the U.S. bank''s shares.The Canadian bank also pushed back the cut-off date for shareholders to receive its next quarterly dividend so that PrivateBancorp shareholders will be eligible for the payout, worth $0.39 per PrivateBancorp share, based on the last quarter''s dividend."We believe that this does materially increase the likelihood of success," Barclays analyst John Aiken said.The moves restored the overall value of the offer to $60.43 per share.Shares in CIBC were down 1.2 percent at 11:10 a.m. EST while shares in PrivateBancorp were up 3.6 percent to $59.57, 1.4 percent below the offer price.CIBC said the latest bid was its "best and final offer to the PrivateBancorp stockholders."(Additional reporting by Greg Roumeliotis in New York and Swetha Gopinath in Bengaluru; Editing by Paul Simao and Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-privatebancorp-m-a-cibc-idINKBN1801DN'|'2017-05-04T11:13:00.000+03:00'
'd5aacd1878d01eca7237024687cdb794e3237b92'|'UPDATE 2-Gundlach says U.S. dollar will stay on gentle weakening pattern'|'(Adds Gundlach Quote: s on bond market, gold)By Jennifer AblanNEW YORK May 2 The U.S. dollar has been and will likely continue to be on a gentle weakening pattern, Jeffrey Gundlach, chief executive at DoubleLine Capital, said on an investor webcast late on Tuesday.Gundlach, who oversees more than $100 billion at Los Angeles-based DoubleLine, said the dollar "has not gone up in the past 18 months." Gundlach has said repeatedly the strength in the U.S. dollar after Donald Trump''s presidential victory would reverse itself.Gundlach said about the soft dollar in a follow-up interview with Reuters, "The trend is your friend. The dollar went up 30-plus percent from lows in 2011. That''s a big vote for a currency. Plus, President Trump does not want a stronger dollar."Last month, Goldman Sachs abandoned the two strong dollar plays in its 2017 trading recommendations, pointing to the Trump administration''s concerns over the strength of the currency, along with improvement in growth in rival economies.In a note to clients, Goldman analysts said "a number of fundamentals have changed on the margin, such that the long-Dollar story no longer warrants a place among our ''Top Trades''."As for interest rates, Gundlach said he expected the yield on the 10-year Treasury to move higher. "I would prefer not to take a lot of interest rates risk now," Gundlach said. He also said he is "not a big fan of long duration" securities.Gundlach said he does not see stocks under severe selling pressure with the 10-year yield around 2.25 percent. But if rates rise significantly, that will likely touch off a selloff in stocks during the summer, Gundlach said."I think it''s wrong to characterize the environment as a ''flight to safety''," as the Treasury rally has been weak, Gundlach said. He would characterize the environment as a low volatility one, he added.On gold, Gundlach said he sees "another leg up" in prices and that "it is not a time to give up on gold." (Reporting By Jennifer Ablan; Editing by David Gregorio and Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/funds-doubleline-idINL1N1I41Z0'|'2017-05-02T20:50:00.000+03:00'
'192ac3535c90b98ef9a45db310f13617b263bd0c'|'Analysis - Sterling''s election-led bounce breaks developing spiral'|'Business News - Wed May 3, 2017 - 9:26pm IST Sterling''s election-led bounce breaks developing spiral U.S. dollar and British pound notes are seen in this November 7, 2016 picture illustration. Picture taken November 7. REUTERS/Dado Ruvic/Illustration By Jamie McGeever - LONDON LONDON The lift to sterling given by the prospect of a snap British election next month has, at least temporarily, broken a vicious circle of rapidly rising inflation that threatened to further undermine the economy and paint the central bank into a corner. The currency''s steep fall since June''s Brexit referendum has aggravated inflation to 2.3 percent, above the Bank of England''s 2 percent target, risking a drain on consumers'' real spending power while tying the Bank of England''s hands if further monetary easing were needed. The pound has traded in a range of roughly $1.20 to $1.27 to the dollar for the past six months and many analysts said they thought it was heading back towards the bottom of that range or even lower due to fears the two-year EU exit negotiating process would bring a sharp break with the bloc. British bond yields had been climbing on the inflation picture and the conundrum that would pose for policymakers, driving up the country''s borrowing costs. But after the election announcement on April 18, sterling rose sharply, breaking out of the top of the range to a seven-month high close to $1.30, due to indications from opinion polls that it would result in a bigger majority for Prime Minister Theresa May''s ruling Conservatives. Investors took the view that it would also boost the number of Conservatives seeking a <20>softer<65> Brexit, in which Britain keep some kind of preferential access to the EU single market rather than cutting all ties as some in the party advocate. Few people think the pound will rise much further, but if it levels out, it should help tame inflation and ease the strain on consumers, whose spending accounts for about two thirds of economic output, breaking the "stagflationary" spiral of higher inflation and lower growth. The turnaround has been accompanied by a reversal in bonds. The benchmark 10-year yield recently hit a six-month low close to 1 percent, having topped 1.50 percent in January. "Sterling back to $1.30 and UK yields not moving too high, keeping easy financial conditions in place, is probably the best combination the Bank of England could have hoped for," said Mark Haefele, global chief investment officer for UBS Wealth Management, who oversees around $2 trillion in assets. Sterling is up slightly against the euro this year and nearly 5 percent higher against the dollar. Ten-year gilt yields are 13 basis points lower year to date too. CARRY THAT WEIGHT The British economy is holding up far better than most economists had anticipated, but is beginning to feel the pinch from inflation and Brexit uncertainty. Growth in the first quarter of this year was 0.3 percent, the slowest in a year. Economists at Barclays say the Brexit slowdown has begun, and that interest rates will remain on hold until at least 2019. The BoE will give its prognosis on the economy on May 11 when it releases its latest Quarterly Inflation Report. The Bank halved interest rates to a new record low of 0.25 percent and expanded its quantitative easing bond-buying program shortly after the referendum last year. Only one of the Bank''s nine policymakers, Kristin Forbes, voted for a rate hike at the last MPC meeting. But Michael Saunders has hinted that he may join her, predicting that the "powerful effects" of sterling''s fall since the Brexit referendum could push growth and inflation beyond forecasts. Burkhard Varnholt, deputy global chief investment officer at Credit Suisse, which oversees 1.3 trillion francs of assets under management, notes that sterling has been "underowned and underloved" by international investors. Positioning data from the International Monetary Market on the Chicago Mercantile Exchange at
'a83c804da0aa7579deebf3de2ccd91d09fc36537'|'PRESS DIGEST- British Business - May 3'|'May 3 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times* ITV bought a majority holding in World Productions, the company behind the popular BBC series "Line of Duty," for an undisclosed sum. bit.ly/2oVqI2f* Kohlberg Kravis Roberts, the private equity giant, has expressed anger at Barclays'' CEO Jes Staley''s alleged behaviour relating to a battle it is waging against Jorge Nitzan, the brother of Staley''s wife. bit.ly/2oVAFwCThe Guardian* It will take an extra 15 billion pounds ($19.41 billion) of spending cuts or tax rises to eliminate the budget deficit by the time of the 2022 election, the Institute for Fiscal Studies said as it laid bare the damaging legacy of the financial crisis on UK living standards and public finances. bit.ly/2oVfNp0* Alitalia has filed for administration for the second time in a decade, a move that could see the troubled Italian national carrier restructured, sold or finally wound up. bit.ly/2oVdyCtThe Telegraph* The London Stock Exchange has fired back at Brussels'' proposal to restrict London''s ability to host euro-clearing, warning that any restriction on the clearing of Euro swaps would "damage European issuers, savers, investors, pension funds and intermediaries." bit.ly/2oVzaP5* Morgan Stanley has sold Affinity Water for 1.6 billion pounds to a consortium of investors including FTSE 250 investor HICL Infrastructure and German insurance giant Allianz. bit.ly/2oVujNJSky News* Some 300 jobs are to be created and many more safeguarded in a 100 million pounds deal to sell part of Tata Steel''s operations in the UK. bit.ly/2oVkIWY* Staff at Ineos'' petrochemical plant in Grangemouth have been evacuated due to a gas leak that police have described as a "major incident." Ineos confirmed the leak at the petrochemical plant on Twitter, adding: "Our on-site responders are continuing to manage the incident with support from the emergency services." bit.ly/2oVhvqqThe Independent* Banks stung their customers with a combined 300 million pounds in unarranged overdraft fees last year, often for going only a few pounds over their agreed limit, according to research by price comparison service uSwitch. ind.pn/2oVlxPO* More than half of university students are now forced to pay more than 100 pounds per week for accommodation as rents have soared in recent years, accommodation search engine University Cribs found. ind.pn/2oVfFGp($1 = 0.7730 pounds) (Compiled by Parikshit Mishra in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL1N1I427Z'|'2017-05-02T21:54:00.000+03:00'
'03b923d917997ca032b17f1adb962a060b9b25bc'|'Buyers ready to pounce on Rio Tinto coking coal mines - sources'|' 09am BST Buyers ready to pounce on Rio Tinto coking coal mines - sources The Rio Tinto''s company logo is featured on a TV monitor at the mining company'' annual general meeting in Sydney, Australia, May 4, 2017. REUTERS/Jason Reed By James Regan - SYDNEY SYDNEY The sale of two Rio Tinto ( RIO.AX ) ( RIO.L ) coking coal mines in Australia is attracting scores of interested buyers as private equity and public companies compete for a foothold in one of the year''s hottest commodities, four sources familiar with the matter said on Friday. Rio Tinto is expected to soon begin an official sales process for the Hail Creek and Kestrel mines in coal-rich Queensland state, which is bringing "an unprecedented number of people to the table," said one source, whose company is interested in the assets. Analysts expect each mine to sell for more than $2 billion (1.5 billion pounds) and complete Rio Tinto''s exit from Australian coal mining after it agreed in January to sell its Coal & Allied thermal coal division to China''s Yancoal for $2.45 billion. "There''s a lot of interest in a limited number of opportunities in Australian coking coal and that''s driving the frenzy for Hail Creek and Kestrel," the source said, speaking on condition of anonymity. Rio Tinto has not formally announced the sale, but has said it is exiting coal as its focuses on growth in iron ore, copper and its aluminium division. The company declined to comment on whether it was taking offers on the two Australian mines. Australian coking coal is sold mostly to steel mills in Asia. Prices SCAFc1 jumped to half-decade highs late last year on pinched supplies in China and surged again last month after an Australian cyclone disrupted shipments, underscoring the strong demand for high quality coal. A private equity executive, who has previously bought Australian coal assets, said he expected to face "stiff competition" from other private equity groups for the Rio Tinto mines. Credit Suisse is advising Rio Tinto, a third source said. Credit Suisse declined to comment. Buyers are also looking at mines put up for sale by other companies, including conglomerate Wesfarmers ( WES.AX ), and Peabody Energy ( BTU.N ). Anglo American ( AAL.L ) also said a year-and-a-half ago it would exit coal mining as part of a restructuring to pay off debt, but has yet to announce a formal sale since coal prices staged a recovery. Barry Tudor, a former mining chief executive and head of private equity group Pembroke Resources, said the recovery in prices had removed the urgency of a sale for some companies, with mine owners happy to run their operations for cash. Pembroke last year ago paid A$104 million for three mine tenements from Peabody and was looking for more mines to feed long-term demand from Asia. "We now have a mandate to specifically find more coking coal assets in Australia," said Tudor, although he declined to comment on whether Pembroke would look at the two Rio mines. (Reporting by James Regan; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-australia-coal-m-a-idUKKBN1810K3'|'2017-05-05T15:09:00.000+03:00'
'e395c82fd0754c1212f466fbe2fa9417251d504b'|'Japan proposes expanding bilateral FX swap scheme with ASEAN'|'Money News - Fri May 5, 2017 - 1:37pm IST Japan proposes expanding bilateral FX swap scheme with ASEAN YOKOHAMA, Japan Japan''s Ministry of Finance on Friday proposed launching bilateral foreign exchange swap arrangements of up to 40 billion dollars with Southeast Asian nations to enable Tokyo to provide yen funds to these countries during times of financial crisis. The proposal was made during a meeting between finance ministers and central bank governors from Japan and the members of Association of Southeast Asian Nations (ASEAN) in Japan, the ministry said in a statement. The move is aimed at making yen funds more accessible to Japanese firms increasing their presence in Southeast Asia as well as others in need of the Japanese currency in case of financial stress. The scheme would allow each country to choose either the yen or the dollar in receiving funds under the bilateral arrangements in response to liquidity crisis. Separately on Friday, Japan entered into bilateral currency swap arrangement worth 3 billion dollars with Thailand and agreed to enter a similar arrangement with Malaysia under a current swap framework. (Reporting by Tetsushi Kajimoto; Editing by Sam Holmes)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/adb-asia-currency-idINKBN1810Q4'|'2017-05-05T16:07:00.000+03:00'
'b47c4d9c587f3280864179fabe2d7735d2a4bae6'|'Estee Lauder''s sales rise 7.5 pct on demand for makeup'|'Company News - Wed May 3, 2017 - 6:54am EDT Estee Lauder''s sales rise 7.5 pct on demand for makeup May 3 Cosmetics maker Estee Lauder Cos Inc reported a 7.5 percent jump in quarterly sales, helped by strong demand for its makeup brands, including Tom Ford, Smashbox and La Mer. Net sales rose to $2.86 billion in the third quarter ended March 31, from $2.66 billion a year earlier. Net earnings attributable to Estee Lauder increased to $298 million, or 80 cents per share, from $265 million, or 71 cents per share, a year earlier. (Reporting by Jessica Kuruthukulangara and Richa Naidu in Bengaluru; Editing by Supriya Kurane)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/estee-lauder-results-idUSL4N1FN3KX'|'2017-05-03T18:54:00.000+03:00'
'614e6dff431ae0518fe94f409f1cb62ab325c214'|'British grocery sales jump on higher inflation and Easter'|'Business News - Wed May 3, 2017 - 8:48am BST British grocery sales jump on higher inflation and Easter Trolleys are stacked outside a Tesco store in London, Britain, October 3, 2012. REUTERS/Paul Hackett /File Photo LONDON Britain''s grocery market grew by 3.7 percent in the 12 weeks to April 23, the fastest rate since September 2013, driven by Britons splashing out on food at Easter and inflation edging higher, industry data showed on Wednesday. Market researcher Kantar Worldpanel said all 10 major retailers were in growth for the first time in three-and-a-half years. Grocery prices jumped 2.6 percent year-on-year in the period, up from the 2.3 percent recorded in the 12 weeks to March 26. Market leader Tesco posted growth of 1.9 percent while Sainsbury''s grew by 1.7 percent, Asda grew by 0.8 percent and Morrisons grew by 2.2 percent. Asda''s growth marked the first year-on-year sales rise since October 2014. The results were boosted by the timing of Easter, which fell later than normal this year. (Reporting by Kate Holton, Editing by Paul Sandle) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-grocers-kantar-idUKKBN17Z0KE'|'2017-05-03T15:22:00.000+03:00'
'a279901accaa022a21c9f9f428e6adb7bd6a8427'|'Dollar steady with eyes on Fed for rate clues; kiwi higher'|'Business News - Wed May 3, 2017 - 2:01am BST Dollar steady with eyes on Fed for rate clues; kiwi higher Euro, Hong Kong dollar, U.S. dollar, Japanese yen, pound and Chinese 100 yuan banknotes are seen in this picture illustration, January 21, 2016. REUTERS/Jason Lee/Illustration/File Photo By Masayuki Kitano - SINGAPORE SINGAPORE The dollar traded below a six-week high against the yen on Wednesday, as the market awaited the Federal Reserve''s policy statement for hints on the U.S. interest rate outlook, while the kiwi rose on the back of higher dairy prices. The Federal Reserve is widely expected to keep interest rates unchanged at the end of its two-day policy meeting on Wednesday, but investors will look to see whether the central bank downplays the recent soft patch in the economy to leave the door open for a rate increase in June. The dollar last traded at 112.04 yen JPY= , not very far from Tuesday''s peak of 112.33 yen, the greenback''s strongest level since March 21. With Japanese markets closed for a public holiday on Wednesday and the rest of the week, market liquidity is likely to be thinner than usual. The greenback pulled away from its six-week high after weak U.S. April auto sales data released on Tuesday added to worries that the Fed may eventually take a more dovish-than-expected view on interest rate increases over the remainder of the year. The weak U.S. auto sales figures could make market participants wary of actively buying the dollar against the yen for now, said Satoshi Okagawa, senior global markets analyst for Sumitomo Mitsui Banking Corporation in Singapore. "Concerns about geopolitical risks such as North Korea had weighed on the dollar against the yen recently... But the focus is shifting to whether the (strength) of U.S. economic fundamentals is for real," he said. "There is more data coming up including the jobs data, so those need to be watched closely," Okagawa said, referring to the U.S. nonfarm payrolls report due on Friday. ECONUS The euro inched up 0.1 percent to $1.0934 EUR=EBS , trading within sight of a 5-1/2 month high of $1.0951 scaled last week. The euro saw a relief rally last week, after Emmanuel Macron''s victory against anti-euro nationalist Marine Le Pen in the first round of France''s presidential elections. The runoff vote is on May 7. The New Zealand dollar rose in early Asian trade on Wednesday, after global dairy prices rose for the fourth international auction in a row, a strong indicator that last year''s recovery is back on track. The New Zealand dollar touched a one-week high at $0.6969 and was last trading at $0.6951 NZD=D3 , up 0.2 percent from late U.S. trading on Tuesday. (Reporting by Masayuki Kitano; Editing by Sam Holmes) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-forex-idUKKBN17Z01P'|'2017-05-03T08:54:00.000+03:00'
'688559a1eba2232d28be40cbfcb7fdc7efd7739e'|'Nokia plans to sell its undersea cables division: sources'|'By Gw<47>na<6E>lle Barzic and Mathieu Rosemain - PARIS PARIS Finland''s Nokia plans to sell its undersea cables unit, a business that underpins the global Internet, two union sources and a French government source told Reuters.The division, valued at about 800 million euros ($870 million), is one of the top suppliers of undersea cable networks in the world and was bought by the telecom equipment maker last year as part its 15.6 billion euro ($17 billion) acquisition of French rival Alcatel.The French government deemed the business strategic for the country at the time, as it guarantees high-speed internet connections with overseas territories and African countries.It also plays a key role in cyber-surveillance and national security.Still known as Alcatel Submarine Networks (ASN), the unit employs about 1,000 people, mainly in France and Britain, and produces, deploys and maintains submarine cables.It is managed as a separate business by Nokia and its results are aggregated to those of its parent company."Nokia''s intention to eventually sell ASN was expressed by Nokia on various occasions in talks with the state and relevant stakeholders, including the staff," one of the sources said."ASN isn''t indeed a core business, according to Nokia," the source added.Nokia''s management in France informed staff internally about the group''s intentions, two union sources told Reuters.The Finnish telecoms equipment maker said however that there was no urgency for the deal no potential bidder had yet been identified, the sources added.Nokia declined to comment.The future of ASN has been uncertain since 2014, as Alcatel also once sought to divest the business. Nokia said previously it was considering its strategic options for the business and has mandated audit firm EY to review them for potential sale.Nokia''s division operates seven vessels. It has facilities in Calais, France and Greenwich, Britain, on the site where the world''s first transatlantic cable was manufactured in 1858.ASN''s rivals are Subsea Communications (SubCom), a unit of U.S. company TE Connectivity (formerly known as Tyco Electronics), Japanese companies NEC and Fujitsu, and China''s Huawei.($1 = 0.9163 euros)(Reporting by Gwenaelle Barzic and Mathieu Rosemain in Paris; Additional reporting by Jussi Rosendahl in Helsinki and Eric Auchard in Frankfurt; Editing by GV De Clercq and David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nokia-underseacables-idINKBN17Z22U'|'2017-05-03T15:54:00.000+03:00'
'ea2d7c72c69ddee07db6a9bab3855daef78f9380'|'Weak iPhone sales hit shares of Europe''s Apple suppliers'|'Internet  13am BST Weak iPhone sales hit shares of Europe''s Apple suppliers An Apple iPhone 7 and the company logo are seen in this illustration picture taken in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau By Helen Reid - LONDON LONDON Shares of European suppliers of microchips, sensors and circuitry to Apple fell on Wednesday after the smartphone company''s much-awaited iPhone sales missed expectations in the second quarter. Suppliers rely on strong iPhone sales for part of their profits, and in some cases Apple''s announcement on Tuesday reawakened concerns about excessive exposure to Apple. Shares in Dialog Semiconductor, which provides power management systems for Apple, fell 3 percent, among the top European fallers on the day. The company has been in investors'' focus since mid-April when a research note from German broker Bankhaus Lampe suggested Apple could be developing the capacity to bring its power management components in-house. That report knocked as much as a quarter off of Dialog''s market value on the day. The company gets nearly 75 percent of its revenue from Apple, according to Morgan Stanley estimates. Imagination Technologies, a British designer of graphical processing units used in smartphones, was down 0.5 percent. In April it said Apple, its largest customer, would stop using its technology within 15 to 24 months, causing its stock to lose nearly two thirds of its value in a single day. Swiss company AMS, the maker of optical sensors for iPhones, dropped 2.1 percent and Italy''s STMicro, which provides the phone''s accelerometers, gyroscopes and motion sensors, fell 1.7 percent. Shares in ASML, Europe''s largest supplier to computer chip makers, fell 0.6 percent. The Netherlands-listed company is lower down the Apple supply chain than Dialog and STMicro, supplying to Taiwan Semiconductor Manufacturing Company which in turn serves Apple. Apple said on Tuesday it sold 50.76 million iPhones in the quarter ended April 1, down from 51.19 million a year earlier, indicating that customers may have held back purchases in anticipation of its 10th anniversary edition.. Analysts on average had estimated iPhone sales of 52.27 million, according to financial data and analytics firm FactSet. (Reporting by Helen Reid, Editing by Vikram Subhedar and Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-apple-suppliers-idUKKBN17Z0T3'|'2017-05-03T17:07:00.000+03:00'
'7816d0882f627e14752b3bf26bba1e44b37c71ad'|'European shares slip from 20-month highs, Hugo Boss sinks'|'Business  17am BST European shares slip from 20-month highs, Hugo Boss sinks Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 2, 2017. REUTERS/Staff/Remote LONDON European shares slipped slightly from the 20-month highs they hit in the previous session, as investors locked in some profits following some underwhelming company results. Europe''s STOXX 600 index was down 0.2 percent by 0725 GMT. France''s CAC 40 and Germany''s DAX fell 0.3 and 0.1 percent, retreating from their highs. Hugo Boss shares fell 6 percent, with traders citing like-for-like sales slightly underperforming expectations. The German fashion house added to signs of a pick-up in the luxury sector, reporting a better than expected profit boosted by strong sales in Britain and China. Dialog Semiconductor shares slid 2.9 percent at the open after its main client Apple reported a surprise dip in iPhone sales. They had plummeted 14 percent in April on fears over Apple bringing some of its components in-house. Peer STMicro was a top faller on Italy''s blue-chips, down 1.6 percent. German bluechip automakers Daimler and BMW were also on the backfoot after a disappointing set of April auto sales in the U.S. Daimler shares fell about 1 percent. Gains among healthcare stocks supported the index, with Novo Nordisk and Fresenius both up 4.6 and 2.7 percent respectively after upping 2017 profit forecasts in their first-quarter results. Fresenius shares touched a record high. Finland''s Nokian Tyres was a top faller, down 4.8 percent after it missed on operating profit in its first-quarter results. Overall, first-quarter earnings are expected to increase 10.5 percent from the first quarter of 2016, or 6.2 percent excluding the energy sector, Thomson Reuters data showed. Of 111 companies having reported earnings so far, 70.3 percent exceeded analyst estimates; above the 49.5 percent of beats in a typical quarter. (Reporting by Helen Reid, Editing by Vikram Subhedar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN17Z0U8'|'2017-05-03T17:17:00.000+03:00'
'994abab6db6b4bfa13f4b92a5baebb2a5822c402'|'Buffett to face big crowd as Berkshire grows bigger'|'Money  49pm IST Buffett to face big crowd as Berkshire grows bigger FILE PHOTO - Warren Buffett, chairman and CEO of Berkshire Hathaway, speaks at the Fortune''s Most Powerful Women''s Summit in Washington, DC, U.S. on October 13, 2015. REUTERS/Kevin Lamarque/File Photo By Jonathan Stempel As the United States adapts to the presidency of Donald Trump and faces rising tensions abroad, Berkshire Hathaway Inc shareholders will descend on Omaha, Nebraska this weekend seeking reassurance, from Warren Buffett. The weekend known as "Woodstock for Capitalists" is unique in corporate America, a celebration of the billionaire''s image and success at a conglomerate whose businesses range from Geico insurance to the BNSF railroad to See''s candies to Ginsu knives. Buffett, 86, and vice chairman Charlie Munger, 93, will answer five hours of questions at Saturday''s annual meeting. Many say it reinforces their views about investing and Berkshire, even if it remains unclear how much new they learn. "Watching someone like (Buffett) with strong command on details of the economy and Berkshire''s operations is very impressive," said Meyer Shields, a Keefe, Bruyette & Woods analyst who rates Berkshire "market perform." "But you''re not going to learn a lot about Berkshire Hathaway the company." Last year''s attendance fell to about 37,000 from more than 40,000 a year earlier. But there were also 1.1 million real-time sign-ons to Yahoo Finance, which webcast the meeting for the first time. It will do so again, in English and Mandarin. LARGE, LARGE ORGANIZATION Much of Berkshire''s relative outperformance came decades ago when it was much smaller, and even Buffett has called the company''s huge size an "anchor on investment performance." Buffett has said Berkshire owns 10 businesses big enough to make the Fortune 500 list of large U.S. companies on their own. But details can be thin. For example, aircraft parts maker Precision Castparts, acquired last year for $32.1 billion, merited about a page in Berkshire''s annual report. Precision''s final annual report, in 2015, ran 87 pages. "It''s a large, large organization," said Jeffrey Stacey, founder of Stacey Muirhead Capital Management in Waterloo, Ontario, who is attending his 26th straight meeting. "I am willing to give it the benefit of the doubt because the track record has been so good for so long." Buffett said in February that boosting disclosure could put many Berkshire businesses at a disadvantage, and that "it''s the growth of the Berkshire forest that counts." He also knows the perils of conglomerates, saying in 2015 that dubious accounting, self-promotion and mediocre businesses make them "richly deserve" their "terrible" reputation. Buffett says Berkshire is different, in part because he took Munger''s advice to buy wonderful businesses at fair prices. Shareholders enjoy that focus less than they once did. Berkshire''s share price has slightly lagged the Standard & Poor''s 500 including dividends during the eight-year bull market, but has outperformed since the global financial crisis mushroomed in September 2008. Shields, who is not attending Saturday''s meeting, wants Buffett to reveal more, even if shareholders can "safely assume" his eventual successor as chief executive is top-flight. ISSUES APLENTY While Buffett and Munger do not know in advance the questions they will get from shareholders, journalists and analysts at Saturday''s meeting, they can anticipate many. Buffett may need to review Berkshire''s support of Wells Fargo & Co, in which it holds a roughly 10 percent stake, despite a sales scandal over bogus customer accounts. He may also get questions about his support for 3G Capital, a Brazilian firm known for ruthless cost-cutting. Berkshire controls Kraft Heinz Co with 3G, and recently tried to help 3G buy Unilever NV for $143 billion. Trump is sure to come up. Buffett did not support his election but Berkshire''s book value could swell by $36 billion with his proposed c
'ecfb61ca3ad7d80b3ce0d5ff0f24b12506378b1c'|'Genworth MI Canada posts 20.5 percent rise in profit'|'May 2 Genworth MI Canada Inc, Canada''s largest private residential mortgage insurer, reported a 20.5 percent rise in quarterly profit, as it earned higher premiums and had lower losses on claims.The loss on claims fell to C$26 million ($18.97 million) in the first quarter, down from C$37 million, a year earlier."While our loss ratio was low in the quarter, it comes on the back of strong macroeconomic tailwinds and particularly robust housing markets. We recognize that the current pace of loss development is likely to normalize as housing markets gradually respond to government actions and market forces," the company said in a statement.A cooling in Canada''s housing market was partially triggered by a funding crisis at mortgage lender Home Capital Group Inc , as depositors pulled more money out of its high-interest savings accounts.Genworth''s net income rose to C$106 million, or C$1.15 per share, in the quarter compared with C$88 million, or 96 Canadian cents per share, a year earlier.Genworth MI Canada''s investment portfolio had a market value of C$6.3 billion at the end of the quarter. ($1 = 1.3704 Canadian dollars) (Reporting by Ahmed Farhatha in Bengaluru; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/genworth-mi-results-idINL1N1I427G'|'2017-05-02T21:31:00.000+03:00'
'd5c127a133c62871ee79eaeb9e1bd216ee96ea59'|'UPDATE 1-Mosaic profit misses estimates on lower potash, phosphate prices'|'Tue May 2, 2017 - 7:24am EDT Mosaic profit misses estimates on lower potash, phosphate prices U.S. fertilizer maker Mosaic Co ( MOS.N ) reported a smaller-than-expected quarterly profit, hurt in part by lower phosphate and potash prices. However, the world''s largest producer of finished phosphate products said it expects to see higher realized prices for potash and phosphate in the second quarter and earnings to improve "meaningfully". Mosaic, which agreed to buy Vale SA''s ( VALE5.SA ) fertilizer unit for about $2.5 billion in December, has been coping with a capacity glut and soft crop prices that have pushed potash and phosphate prices to multi-year lows. The company also said first-quarter earnings were hurt by an outage at its Esterhazy K2 potash mine in Saskatchewan and at an ammonia plant. Mosaic reported a net loss attributable to the company of $900,000, in the first quarter ended March 31, compared with a profit of $256.8 million, a year earlier. On a per share basis, the company broke even in the latest quarter, compared with a 73 cents profit last year. Mosaic recorded a $1 million charge in the quarter, compared with a $169 million gain, a year earlier. Excluding items, the company earned 4 cents per share, missing analysts'' average estimate of 19 cents per share, according to Thomson Reuters I/B/E/S. Net sales fell 5.7 percent to $1.58 billion, well below analysts'' average estimate of $1.67 billion. Mosaic''s shares were down 1.9 percent at $26.36 in light premarket trading on Tuesday. (Reporting by Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta and Supriya Kurane)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mosaic-results-idUSKBN17Y17O'|'2017-05-02T19:22:00.000+03:00'
'ad6a74beb2803ee1c75f40eeaba50403b40e2830'|'EMERGING MARKETS-LatAm currencies seesaw ahead of Fed decision, U.S. data'|'Bonds News - Tue May 2, 2017 - 12:05pm EDT EMERGING MARKETS-LatAm currencies seesaw ahead of Fed decision, U.S. data By Bruno Federowski SAO PAULO, May 2 Latin American currencies seesawed on Tuesday as traders stood pat ahead of a Federal Reserve policy decision and key U.S. jobs market data later in the week. The Fed was expected to hold interest rates steady on Wednesday but may hint it was on track for an increase in June, according to a Reuters poll of economists. Higher U.S. rates could dampen the allure of high-yielding emerging market bonds, reducing the value of their currencies. Also providing hints about the path of U.S. monetary policy, the U.S. Labor Department was scheduled to release on Friday April''s nonfarm payrolls report. Analysts have generally been optimistic over the figures, with economists forecasting a 185,000 payroll gain, up from March''s 98,000. The Brazilian real strengthened 0.1 percent following a long weekend, while the Mexican peso was down 0.7 percent. The Chilean peso slipped 0.1 percent, pressured by a decline in prices of copper. Brazil''s benchmark Bovespa stock index rose 2 percent, supported by shares of banks such as Banco Bradesco SA and Ita<74> Unibanco Holding SA. Trading volumes were thin as investors awaited further developments in the government''s efforts to pass wide structural reforms, including a pension system revamp. Bets on stronger-than-expected opposition in Congress have reduced demand for Brazilian assets in recent weeks. Falling shares of planemaker Embraer SA helped to limit gains of the index following a 59 percent drop in first-quarter net income. Key Latin American stock indexes and currencies at 1600 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 988.26 0.87 13.63 MSCI LatAm 2653.13 1.32 11.87 Brazil Bovespa 66521.21 1.71 10.45 Mexico IPC 49590.64 0.67 8.65 Chile IPSA 4855.80 1.27 16.97 Chile IGPA 24363.48 1.14 17.50 Argentina MerVal 21053.41 0.15 24.44 Colombia IGBC 10216.25 0.18 0.87 Venezuela IBC 57972.29 0.49 82.85 Currencies daily % YTD % change change Latest Brazil real 3.1699 0.10 2.50 Mexico peso 18.7870 -0.31 10.42 Chile peso 668 -0.19 0.40 Colombia peso 2945.45 -0.19 1.90 Peru sol 3.249 -0.18 5.08 Argentina peso (interbank) 15.2850 0.75 3.86 Argentina peso (parallel) 15.9 0.57 5.79 (Reporting by Bruno Federowski; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-emergingmarkets-idUSL1N1I40ZK'|'2017-05-03T00:05:00.000+03:00'
'71d25bb8c1cc83bfe9341023761206c42b072ce4'|'ITV says Chief Executive Adam Crozier to step down'|'Business   7:45am BST ITV says Chief Executive Adam Crozier to step down FILE PHOTO - A company sign is displayed outside an ITV studio in London, Britain July 27, 2016. REUTERS/Neil Hall/File Photo LONDON ITV ( ITV.L ), Britain''s biggest free-to-air commercial broadcaster, said its Chief Executive Adam Crozier was stepping down after seven years in the role. The company said Finance Director Ian Griffiths would lead the executive team until it appoints a successor, helped by chairman Peter Bazalgette, who will become executive chairman during that time. Crozier, who has grown ITV''s production operations to reduce its reliance on advertising during his time in charge, will leave on June 30, the broadcaster said on Wednesday. (Reporting by Paul Sandle; editing by Kate Holton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-itv-moves-crozier-idUKKBN17Z0E9'|'2017-05-03T14:21:00.000+03:00'
'40be15043b0fcaa5c68fe7c9ab7bd58b640f1893'|'Chinese conglomerate HNA takes top stake in Deutsche Bank'|'Business News - Wed May 3, 2017 - 9:02am BST Chinese conglomerate HNA takes top stake in Deutsche Bank FILE PHOTO - The headquarters of Germany''s Deutsche Bank is photographed early evening in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo By Alexander H<>bner and Arno Schuetze - FRANKFURT FRANKFURT Chinese conglomerate HNA Group has become Deutsche Bank''s biggest direct shareholder, upping its stake in the flagship lender of Europe''s top economy to just under 10 percent, according to a U.S. regulatory filing. HNA''s buy, which one trader said would lift confidence in the lender''s stock, leaves roughly one fifth of the struggling bank in the hands of investors who may be pursuing strategic interests. It comes at a time of heightened uncertainty at the bank, as it grapples with a strategic turnaround, an uncertain global economy and the impact of Britain''s departure from the European Union. HNA''s stake puts it slightly ahead of Qatari investors. Funds controlled by Qatar''s former Prime Minister Sheikh Hamad bin Jassim al-Thani last year increased their stake, including options, to just under 10 percent. The Chinese group has been on an acquisition spree, expanding from its traditional business of aviation and logistics into financial services, betting on asset managers and consumer finance for growth at home and overseas. It reflects a broader push by China into financial services globally as Beijing encourages its corporate sector to expand overseas, although it faces increased regulatory scrutiny in the United States and Europe. Hefty legal penalties including for the sale of toxic U.S. mortgage debt have hit Deutsche Bank hard and even prompted speculation last year, denied by the bank, that it needed a government bailout. Last month it asked investors to for an 8 billion euro cash injection, the fourth such request since 2010, putting it on track to raise more than its entire market value over roughly seven years. HNA last lifted its stake in Deutsche in March to 4.76 percent. A regulatory filing with the U.S. Securities and Exchange Commission said it had now increased this to 9.9 percent. Fund manager BlackRock owns 6.1 percent. (Writing by John O''Donnell and Emma Thomasson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-bank-hna-idUKKBN17Z0O6'|'2017-05-03T16:02:00.000+03:00'
'ff8a6832fafbfe24e749645ed1eeec66229f1d64'|'The entrepreneur behind a revolutionary 3D-printed robotic hand'|'A round one in every 1,000 people in the UK is an amputee. Losing a limb through an accident, illness or military action is incredibly traumatic, but rehabilitation can also be a challenge. Currently, if you lose your hand, there are two prosthetics the NHS will most commonly provide, both of which are fairly rudimentary.<2E>You can get a hook-type prosthetic, [which is] super primitive, or you can get a gripper prosthetic, which just open and closes. It<49>s a very simple mechanical action,<2C> says Samantha Payne, the 26-year-old woman behind Open Bionics , an award-winning robotics firm changing the world of prosthetics. Bionic hands with multi-grip functionality, she adds, cost up to <20>60,000 from private providers. <20>They<65>re just too expensive for amputees.<2E>Payne met her business partner, Open Bionics co-founder and robotics engineer, Joel Gibbard, in 2013. She was working as a journalist at the time and interviewed Gibbard, then a robotics graduate. <20>His big dream was to make an open-source robotic hand that amputees around the world could take the files and [3D] print their own hands at home,<2C> she says. <20>I thought that was an incredibly inspiring idea.<2E>This will be miles ahead for the NHSSamantha Payne The pair co-founded Open Bionics in Bristol in 2014 and have gone on to win numerous awards, including the James Dyson gong for innovative engineering. The company uses 3D scanning and printing to revolutionise the prosthetic design and fitting process. It estimates the cost for a personalised bionic hand will be under <20>5,000 and take a fraction of the time to build. <20>Prosthetics have to custom fit every individual user and the software also has to work with [them],<2C> Payne says. <20>The big innovation, and how we<77>re saving money, is by changing the materials that prosthetics are made of [and] by using 3D scanning to take the initial fitting. It takes about two minutes, and we can then build the socket in 24 hours.<2E> It<49>s a particularly significant development for those children born without hands. The team has created a bionic hand light and small enough for those as young as eight <20> groundbreaking in the prosthetics field. Older children outgrow their prosthetics quickly, often changing them once or twice a year, which makes a low-cost option appealing. A royalty free agreement between Open Bionics and Disney also means they can choose from bionic hands based on the characters from Iron Man, Frozen and Star Wars. Payne says the feedback they<65>ve received from parents so far has been particularly rewarding.Facebook Twitter Pinterest Open Bionics has created a bionic hand light and small enough for those as young as eight, modelled here by Tilly Lockey. Photograph: Healthcare Heroes, With Love Project <20>They<65>ve been waiting for this since their child was born or gone through an amputation, but had been told it<69>s 20 years down the line. Every time we do any sort of user testing, it reaffirms to the team what we<77>re doing and why we<77>re doing it. It motivates us to push harder and faster.<2E>This month, the company is starting an NHS trial with children and young people living with disability, after winning funding from the Small Business Research Initiatives scheme . The <20>100,000 award will support a six-month trial to demonstrate the feasibility of the technology and product. <20>It was probably our biggest milestone in terms of getting this bionic hand to amputees,<2C> Payne says. <20>If that goes well and does everything we think it will, we<77>ll be offered the chance to apply for <20>1m grant money to roll the product out across all NHS clinics. That<61>s what we<77>re hoping to achieve this year. This will be miles ahead for the NHS.<2E>Technology companies are often backed to the hilt by external investors, but not in this case, despite having <20>some really good investment opportunities<65>. Payne says it was a conscious decision to bootstrap the business and use research grants and competition winnings to fund the necessary research and development. 
'6c8b89bb083e48a4986c6cb0d5241b7ff92ada5d'|'Ita<74> watching trends in riskier Brazil infrastructure loans'|'SAO PAULO May 3 Ita<74> Unibanco Holding SA will continue to monitor the behavior of loans to large infrastructure companies in Brazil that have been severely affected by a three-year recession, a senior executive said on Wednesday.Ita<74>, Brazil''s largest bank by assets, will offer a mix of alternatives to infrastructure borrowers, from offering them longer repayment maturities to demanding faster asset divestitures, so they remain current on their loans, Marcelo Kopel, Ita<74>''s head of investor relations, said at a conference call to discuss first-quarter results. (Reporting by Guillermo Parra-Bernal; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/itau-unibco-hldg-results-outlook-idUSE6N1D201K'|'2017-05-03T21:55:00.000+03:00'
'f9262f1277ebfd7bbcadd0311b056c0d58246e93'|'Activist hedge fund TCI says Zodiac shares now worth even less'|'  2:26pm BST Activist hedge fund TCI says Zodiac shares now worth even less The logo of French aircraft seats and equipment manufacturer Zodiac Aerospace is seen during the company''s first half of the 2015/2016 fiscal year presentation in Paris, France, April 20, 2016. REUTERS/Benoit Tessier LONDON Activist hedge fund TCI Fund Management on Wednesday said Zodiac Aerospace ( ZODC.PA ) shares were now worth 7-10 euros each ($10.92), after the French firm last Friday posted a first-half loss. TCI is campaigning to pressure Zodiac suitor Safran ( SAF.PA ) to drop its bid to buy the firm and had previously valued it at 10 euros a share in a presentation on March 24. The hedge fund manager said in a presentation shared with Reuters on Wednesday that an offer above 10 euros "results in value destruction". TCI credited their revised valuation in part to a reported loss in the first half of 2017 and ''unrealistic'' forecasts of a return to mid-teen margins. (Reporting by Maiya Keidan, editing by Simon Jessop)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-zodiac-m-a-idUKKBN17Z1HU'|'2017-05-03T21:26:00.000+03:00'
'1f47d52674a4029dbcf74c7a0ba771e087fd10e9'|'MOVES-Willis Towers expands political risk and trade credit team'|'Company News - Wed May 3, 2017 - 9:36am EDT MOVES-Willis Towers expands political risk and trade credit team May 3 U.S. advisory services firm Willis Towers Watson Plc hired Claire Simpson and Victoria Padfield to its political risk and trade credit team in London as part of a broader expansion of its financial solutions division. Both Simpson and Padfield held underwriting positions with Hiscox prior to joining Willis Towers. (Reporting by John Benny in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/willis-towers-watson-moves-clairesimpson-idUSL4N1I53I5'|'2017-05-03T21:36:00.000+03:00'
'9dc41058ef13e930e9eb3f36473747e0682121bb'|'ECB''s Nouy worried about ''race'' to lure UK banks after Brexit'|'Business News - Tue May 2, 2017 - 7:32pm BST ECB''s Nouy worried about ''race'' to lure UK banks after Brexit Daniele Nouy, chair of the Supervisory Board of the European Central Bank, speaks at a Thomson Reuters newsmaker event at Canary Wharf in London November 28, 2014. REUTERS/Neil Hall FRANKFURT The European Central Bank is worried about a "race" among European Union countries to ease supervisory standards in order to attract UK banks seeking access to the market after Britain leaves the EU, its top watchdog said on Tuesday. "Incoming banks might exploit these differences and trigger a race to the bottom in terms of supervision," Daniele Nouy, the head of the ECB''s supervisory arm, said on Tuesday. "We are worried about such a scenario <20> particularly in respect of large third-country branches." Nouy repeated her view that such branches should be attached to holding companies, known as "intermediate parent undertakings", and put under European banking supervision. (Reporting By Francesco Canepa)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-banks-britain-idUKKBN17Y1WA'|'2017-05-03T02:32:00.000+03:00'
'7441a36814cfa75971b8e9e98b8f90efafcaf723'|'Super-rich private equity stars rue ''lousy'' reputation, say they are misunderstood'|'Money  39pm IST Super-rich private equity stars rue ''lousy'' reputation, say they are misunderstood Stephen Schwarzman, Chairman, CEO and Co-Founder of Blackstone, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2017. REUTERS/Lucy Nicholson By Lawrence Delevingne - BEVERLY HILLS, Calif. BEVERLY HILLS, Calif. Ultra-wealthy private equity managers lamented their reputation as ''lousy'' corporate profiteers at a plush Beverly Hills hotel on Tuesday, arguing their value to society was greater than the public realized. Stephen Schwarzman, chief executive and co-founder of the Blackstone Group, touted the fact that companies owned by his private equity business employed about 600,000 people and had grown 50 percent faster, on average, than the S&P 500 Index. "The idea that you can do all that and have great success and be perceived at best in a marginal way in terms of contribution to society, you''ve got to really wonder who<68>s doing the PR," Schwarzman said during a panel discussion at the Milken Institute Global Conference at the Beverly Hilton hotel. "People mistake us for financial people. I don<6F>t know exactly why," said Schwarzman - worth some $12 billion, according to Forbes - drawing a distinction between private equity investors which own businesses and mere financiers. "If you had 600,000 employees, you might be a company. A responsible company. And that<61>s what we are." Private equity has been criticized by some for saddling companies with debt only to sell their assets, cut jobs and take out profits. Private equity executives are some of the wealthiest people on Wall Street, deriving most of their income from fees paid by their fund clients, including keeping a cut of investment gains when companies are sold or go public. The founders of most of the biggest firms are billionaires. Jonathan Sokoloff, managing partner of private equity firm Leonard Green & Partners, chimed in with Schwarzman. "We<57>ve been able to deliver returns for 30 years dramatically in excess of the stock market," said Sokoloff on the same panel. "Notwithstanding that, our industry still has a lousy reputation, we are generally viewed negatively by most people who don<6F>t understand us." Sokoloff said the private equity industry employs hundreds of thousands of people, has generally avoided scandal and performed well through the financial crisis of 2008. "We need some better PR and some help in how we market ourselves," Sokoloff said Thomas Barrack, executive chairman of real estate and investment management firm Colony NorthStar Inc, did not miss the chance to commiserate during the same discussion. "People go <20>Oh, you<6F>re in PE, don<6F>t you just go in and buy companies and cut costs and then pray them up and flip them?''" Barrack said. "I say ''No, we<77>ve never done that. We don<6F>t do that at all. We grow businesses. We create value.''" (Reporting by Lawrence Delevingne; Editing by Carmel Crimmins and Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/milken-conference-privateequity-idINKBN17Z0I4'|'2017-05-03T05:09:00.000+03:00'
'aabaf4c6ee9cad84b47862b978d52452f2509ebc'|'Factbox - Berkshire Hathaway, Warren Buffett at a glance'|'Money  44pm IST Factbox - Berkshire Hathaway, Warren Buffett at a glance FILE PHOTO - Berkshire Hathaway CEO Warren Buffett talks to reporters prior to the Berkshire annual meeting in Omaha, Nebraska, U.S. on May 2, 2015. REUTERS/Rick Wilking/File Photo By Jonathan Stempel Warren Buffett, the chairman and chief executive of Berkshire Hathaway Inc, will this weekend welcome thousands of people from around the world to Omaha, Nebraska, for the conglomerate''s annual shareholder gathering, the largest in corporate America. The three-day weekend, which Buffett calls "Woodstock for Capitalists," includes shopping discounts, a five-kilometer run, a cocktail reception that consumes a shopping mall, and Berkshire''s annual meeting on May 6. The meeting will be webcast on Yahoo Finance, in English and Mandarin. BERKSHIRE INFORMATION -Net income: $24.07 billion (2016) -Operating income: $17.58 billion (2016) -Revenue: $223.60 billion (2016) -Cash, equivalents and Treasury bills: $86.4 billion as of Dec. 31, 2016 -Market value: nearly $410 billion as of May 2, 2017 -Stock price: $249,000 per Class A share as of May 2, 2017, roughly 6.5 percent below its $266,390 peak two months earlier. The more widely-held Class B shares are worth about 1/1,500th as much. -Compounded annual changes from 1965-2016: -Book value per share: 19.0 percent -Stock price: 20.8 percent -S&P 500 including dividends: 9.7 percent (pre-tax) -Float (insurance premiums collected before claims are paid, which helps fund investments): $91.6 billion as of year-end -Major stock investments: American Express, Apple, Coca-Cola, IBM, Kraft Heinz, Wells Fargo. Berkshire has also taken big stakes in the four largest U.S. airlines: American, Delta, Southwest and United Continental. It also has a roughly $11.5 billion paper gain from warrants in Bank of America. -Selected business units: Benjamin Moore, Berkshire Hathaway Automotive, Berkshire Hathaway Energy, Berkshire Hathaway Specialty Insurance, BNSF, Borsheim''s Fine Jewelry, Brooks, Business Wire, Clayton Homes, Duracell, Fruit of the Loom, Geico, General Re, HomeServices of America, IMC International Metalworking, International Dairy Queen, Johns Manville, Lubrizol, Marmon, McLane, National Indemnity, Nebraska Furniture Mart, NetJets, Pampered Chef, Precision Castparts, See''s Candies. -Last major acquisition: Precision Castparts, January 2016 -Selected acquisitions (larger amounts rounded to nearest billion): Geico, $2.3 billion (1996); Dairy Queen, $590 million (1998); General Re, $16 billion (1998); NetJets, $725 million (1998); Clayton Homes, $1.7 billion (2003); PacifiCorp, $5 billion (2006); Marmon, $4.5 billion (2008); Burlington Northern Santa Fe, $27 billion (2010); Lubrizol, $9 billion (2011); NV Energy, $6 billion (2013); H.J. Heinz, $12 billion (majority stake, 2013); Van Tuyl, $4.1 billion (2015); Precision Castparts, $32 billion (2016). (Sources: Barclays Capital, Berkshire) -A failed acquisition: Dexter Shoe, $434 million (1993) (Buffett says he used Berkshire stock now worth roughly $6.3 billion to buy a business whose value "promptly went to zero") -Employees at year end: 367,671 -Employees in main office: 25, including Buffett -Succession: Buffett, 86, and Vice Chairman Charlie Munger, 93, have not publicly signaled any plans to retire. Buffett has said Berkshire''s board has a succession plan it could implement in fewer than 24 hours. -Potential successors: Investors view Berkshire insurance executive Ajit Jain and Berkshire Hathaway Energy chief Gregory Abel as top candidates to become chief executive. BNSF Chairman Matthew Rose is also a potential candidate. Buffett''s investing lieutenants Todd Combs and Ted Weschler, who together recently managed $21 billion, may take over as chief investment officer. Buffett''s eldest son Howard is expected to become non-executive chairman, and work to preserve Berkshire''s culture. Buffett prot<6F>g<EFBFBD> Tracy Britt Cool, 32, chairs several Berkshire units and is 
'82a9262b6f942282913bb75b39c9ef6628d7b5a1'|'PRESS DIGEST- Canada - May 3'|'Company News - Wed May 3, 2017 - 6:47am EDT PRESS DIGEST- Canada - May 3 May 3 The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL ** Mortgage lender Home Capital Group Inc delayed the release of financial results on Tuesday as the company recruits new board members in a bid to restore its credibility, stem the bleeding of deposits and find a potential buyer or investor. tgam.ca/2pEQUer ** British Columbia Liberal Leader Christy Clark wants to slap a hefty carbon levy on exports of thermal coal from British Columbian ports, a move that would devastate producers in both the United States and Alberta while sparking a rift over interprovincial trade. tgam.ca/2pEABhI ** Defence Minister Harjit Sajjan, under pressure to deliver a new purchasing plan for big-ticket military goods, is preparing to lower expectations for the amount of cash available by blaming the former Conservative government for leaving the Canadian Armed Forces with a budget shortfall. tgam.ca/2pEwvpP NATIONAL POST ** Negotiators and senior trade officials from 11 Pacific Rim nations gathered in Toronto Tuesday to discuss whether it''s possible to salvage the Trans-Pacific Partnership. bit.ly/2pEAVwW ** WestJet Airlines is expanding its international reach with the purchase of at least 10 Dreamliner aircraft from Boeing Co part of a larger strategy that will see the Calgary-based airline look for growth in both ultra-low-cost and longer-haul segments. bit.ly/2pExiam (Compiled by Vishal Sridhar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-canada-idUSL4N1I52R9'|'2017-05-03T18:47:00.000+03:00'
'd4074344f332450f6f524ef410c41c01d295fbdc'|'Restaurant, retail calorie disclosure rule in flux under Trump'|'LOS ANGELES A much-delayed U.S. rule requiring restaurants and retailers to clearly display food calorie counts has been pushed back again, and could be rewritten or scrapped as the Trump administration rebuffs Obama-era regulations.Notice came shortly after the U.S. Department of Agriculture relaxed some school lunch rules that were part of former first lady Michelle Obama''s signature effort to fight childhood obesity.The Food and Drug Administration late on Monday extended the compliance date for the calorie labeling rule from May 5, 2017, to May 7, 2018, to enable further consideration of ways to cut costs and make requirements more flexible.The rule was designed to help U.S. consumers, who eat and drink about one-third of their calories away from home, battle the bulge. It is part of the Affordable Care Act of 2010, also known as Obamacare, which the Trump administration has vowed to repeal and replace in a bid to slash regulations it considers harmful to business.Health and Human Services Secretary Tom Price, who oversees the FDA, said in a statement his agency believed in promoting sound nutrition and applauded the delay."Imposing burdensome rules that leave business managers and owners worried about harsh potential penalties and less able to serve their customers is unwise and unhelpful," Price said.The rule''s opponents, including Domino''s Pizza Inc, movie theater operators, and convenience and grocery stores, have pushed for delays over the years.But even if the calorie disclosure rule is killed at the federal level, it is unlikely to go away.Chains like Panera Bread Co and McDonald''s Corp, have been displaying such information for years in compliance with rules set by California, New York City and other jurisdictions.Panera in 2010 became the first national chain to post calorie counts for its salads, sandwiches and pastries.Sara Burnett, Panera''s director of food policy and wellness, said customers want to know what is in the food they eat, so the chain will continue to comply with the federal law as it was written."It''s information that helps our guests make informed decisions," Burnett said.(Reporting by Lisa Baertlein in Los Angeles; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-regulation-calories-idUSKBN17Y2MR'|'2017-05-03T06:50:00.000+03:00'
'55b4482308b36e46b468e28a0b19756b3d8c424b'|'PRESS DIGEST - Wall Street Journal - May 4'|'Company News - Thu May 4, 2017 - 1:17am EDT PRESS DIGEST - Wall Street Journal - May 4 May 4 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - The National Football League has struck a deal with Verizon Communications Inc to stream one regular-season game in the coming season, in a bet that distributing the matchup free for consumers over the internet will lure more users and advertising dollars to its platforms. on.wsj.com/2pzYQzt - Facebook Inc continues to sweep digital advertising, alongside rival Google, despite unrest among marketers about how their advertising is handled. Facebook on Wednesday said first-quarter profit surged 76 percent to $3.06 billion. on.wsj.com/2pzGqPk - With just weeks left for Tesla Inc to meet his tight production deadline for its first mass-market vehicle, Chief Executive Elon Musk sounded confident the goal will be met. on.wsj.com/2pzZm03 - Apple Inc plans to create a $1 billion fund to invest in U.S. companies that do advanced manufacturing, Chief Executive Tim Cook said on Wednesday. on.wsj.com/2pA3dKH (Compiled by Abinaya Vijayaraghavan in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1I61YC'|'2017-05-04T13:17:00.000+03:00'
'eeb6f7d63382eb11abf6ee041efdd58a985ea348'|'U.S. prescription drug spending as high as $610 bln by 2021 -report'|'By Bill Berkrot May 4 Spending on prescription medicines in the United States will increase 4-7 percent through 2021, reaching $580 billion to $610 billion, according to a report released by QuintilesIMS Holding on Thursday that lowered its prior long-term forecast.QuintilesIMS, which compiles data for the pharmaceutical industry, had previously forecast average spending growth of 6-9 percent through 2021. It reduced its projections due to fewer new medicines approved in 2016 than prior years and as drugmakers face increasing pricing pressure and competition.Taking likely manufacturer discounts and rebates into account, spending would grow 2-5 percent to $375 billion to $405 billion in 2021, as net price increases for patent-protected branded drugs slows, the report said.Under pressure from politicians and insurers over the cost of many branded medicines, several drugmakers have pledged to limit annual price hikes to under 10 percent."We''re forecasting moderation in pricing reflecting what ... we expect will be a continuing trend of single-digit price increases," said Murray Aitken, executive director of the QuintilesIMS Institute which compiled the report.Some of the expense of new medicines will be offset by expanded use of cheap generics as several big-selling prescription drugs lose patent exclusivity and more biosimilars - less expensive versions of pricey biotech medicines - enter the market.The U.S. Food and Drug Administration approved just 22 new medicines last year, down from 45 in 2015, which will also contribute to lower spending growth this year and next, the report said.That is seen picking up in 2019 and beyond as QuintilesIMS estimates 40 to 45 new brand launches per year through 2021 based on a review of experimental medicines in drugmaker pipelines.The report found more than 2,300 novel products in later stage development, including more than 600 drugs for cancer, which remain able to command very high prices."Numbers (of approvals) are already running well ahead of where they were a year ago," Aitken said.U.S. spending on prescription medicines in 2016 increased by 5.8 percent over 2015 levels to $450 billion based on list prices, and by 4.8 percent to $323 billion when adjusted for discounts and rebates.The biggest drivers of prescription growth came from large chronic therapy areas, such as hypertension and mental health.Overall use of pain medicines declined 1 percent with restrictions on prescribing and dispensing becoming more common as healthcare providers attempt to address the growing epidemic of addiction to opioid pain drugs. (Reporting by Bill Berkrot; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-drugspending-quintilesims-idINL1N1I31NL'|'2017-05-04T02:01:00.000+03:00'
'b1cb2d811dbbe68e49b402d5e28de1862efd2391'|'Mexico, Canada seek U.S. soft spots to bolster NAFTA defense'|'MEXICO CITY/OTTAWA From launching a data-mining drive aiming to find supply-chain pressure points to sending officials to mobilize allies in key U.S. states, Mexico and Canada are bolstering their defenses of a regional trade pact President Donald Trump vows to rewrite.Trump has blamed the North American Free Trade Agreement (NAFTA) for the loss of millions of manufacturing jobs and has threatened to tear it up if he fails to get a better deal.Fearing the massive disruptions a U.S. pullout could cause, the United States'' neighbors and two biggest export markets have focused on sectors most exposed to a breakdown in free trade and with the political clout to influence Washington.That encompasses many of the states that swept Trump to power in November and senior politicians such as Vice President Mike Pence, a former Indiana governor or Wisconsin representative and House Speaker Paul Ryan.Prominent CEOs on Trump''s business councils are also key targets, according to people familiar with the lobbying push.Mexico, for example, has picked out the governors of Texas, Arizona and Indiana as potential allies.Decision makers in Michigan, North Carolina, Minnesota, Illinois, Tennessee, Wisconsin, Ohio, Florida, Pennsylvania, Nebraska, California and New Mexico are also on Mexico''s priority list, according to people involved in talks.Mexican and U.S. officials and executives have had "hundreds" of meetings since Trump took office, said Moises Kalach, foreign trade chief of the Mexican private sector team leading the defense of NAFTA. (Graphic: tmsnrt.rs/2oYClp2 )Canada has drawn up a list of 11 U.S. states, largely overlapping with Mexico''s targets, that stand to lose the most if the trade pact enacted in 1994 unravels.To identify potential allies among U.S. companies and industries, Mexican business lobby Consejo Coordinador Empresarial (CCE) recruited IQOM, a consultancy led by former NAFTA negotiators Herminio Blanco and Jaime Zabludovsky.In one case, the analysis found that in Indiana, one type of engine made up about a fifth of the state''s $5 billion exports to Mexico. Kalach''s team identified one local supplier of the product and put it touch with its main Mexican client."We said: talk to the governor, talk to the members of congress, talk to your ex-governor, Vice President Pence, and explain that if this goes wrong, the company is done," Kalach said. He declined to reveal the name of the company and Reuters could not immediately verify its identity.Trump rattled the two nations last week when his administration said he was considering an executive order to withdraw from the trade pact, which has been in force since 1994. He later said he would try to renegotiate the deal first and Kalach said the lobbying effort deserved much credit for Trump''s u-turn."There was huge mobilization," he said. "I can tell you the phone did not stop ringing in (Commerce Secretary Wilbur) Ross''s office. It did not stop ringing in (National Economic Council Director) Gary Cohn''s office, in the office of (White House Chief of Staff Reince) Priebus. The visits to the White House from pro-NAFTA allies did not stop all afternoon."Among those calling the White House and other senior administration officials were U.S. Chamber of Commerce chief Tom Donohue, officials from the Business Roundtable and CEOs from both lobbies, according to people familiar with the discussions.PRIME TARGETMexico has been the prime target of NAFTA critics, who blame it for lost manufacturing jobs and widening U.S. trade deficits. Canada had managed to keep a lower profile, concentrating on seeking U.S. allies in case of an open conflict.That changed in late April when the Trump administration attacked Ottawa over support for dairy farmers and slapped preliminary duties on softwood lumber imports.Despite an apparently weaker position - Canada and Mexico jointly absorb about a third of U.S. exports, but rely on U.S. demand for three quarters of their own - the t
'05ea4367cd9b29889ddc4bdad716e29257e35adf'|'City of London''s Brexit job losses limited to ''low thousands'': new policy chief'|'Business News - Thu May 4, 2017 - 9:54pm IST City of London''s Brexit job losses limited to ''low thousands'': new policy chief Workers walk to work during the morning rush hour in the financial district of Canary Wharf in London, Britain, January 26, 2017. REUTERS/Eddie Keogh By Huw Jones and Andrew MacAskill - LONDON LONDON A shift in banking jobs from Britain to continental Europe because of Brexit is likely be in the "low thousands", the City of London''s new policy chief said on Thursday - and warned that a "turbulent" few months lay ahead. Catherine McGuinness, 58, was elected on Thursday as the chairman of the City of London''s policy and resources committee, making her the political face of the ancient "Square Mile" financial district. A trained financial lawyer and veteran of many financial institutions, she served as deputy chairman of the committee, she said London would remain the world''s top financial center. This week Standard Chartered ( STAN.L ) and JPMorgan ( JPM.N ) were the latest to ensure they can continue to service its continental customers after Brexit in 2019. "All the signals that we are seeing is that people are just making plans for the minimum necessary to ensure continuity. We are not seeing a great move in the signals," McGuinness told Reuters. "The signals that we are seeing would be in the low thousands. Indeed at the moment, just a couple of thousand." Britain''s finance minister, Philip Hammond, warned on Thursday that attempts by the EU to make a grab for the clearing of euro-denominated securities, an activity London dominates, could disrupt growth and weaken financial stability. It was the latest in a battle of words between London and Brussels as formal "Article 50" EU divorce proceedings get underway. "I think one would expect the next few months to be slightly turbulent as people enter into the spirit of the negotiations. For us it will be a question of carrying on with business as normal, in the background." McGuinness said the financial sector''s priority is to get as much access as possible to the European market, with a system of "mutual recognition" - whereby the EU and Britain accept each other''s systems of regulation - probably the best solution. "Mutual recognition is a work in progress. There are elements within our recommendations that need further work and development." There is no guarantee the EU would agree to such a system, which has never been done before in financial services on the scale envisaged by the City. McGuinness said although ensuring there is a so-called transitional arrangement to stagger Britain''s departure is a priority an announcement of any deal is likely months away because of European elections in France and Germany. "The earlier, the better ... But I have every confidence that it is in everyone''s interest to have some sort of clarity before the Article 50 period runs out." (Reporting by Huw Jones, editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-britain-eu-city-idINKBN180271'|'2017-05-04T14:24:00.000+03:00'
'74197c9bcd30bf4795981b14a8f17655251f0b3c'|'US STOCKS SNAPSHOT-Wall St opens lower as Apple weighs'|'May 3 Wall Street opened lower on Wednesday, weighed down by Apple after the index-heavyweight reported a surprise fall in iPhone sales.The Dow Jones Industrial Average fell 43.29 points, or 0.21 percent, to 20,906.6. The S&P 500 lost 6.52 points, or 0.27 percent, to 2,384.65 and the Nasdaq Composite dropped 21.02 points, or 0.34 percent, to 6,074.34. (Reporting by Tanya Agrawal; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-stocks-idINL4N1I53IH'|'2017-05-03T11:33:00.000+03:00'
'105e11f5645ca56a26fe0d30e63b9be95af429d7'|'Mobileye sees income from maps before self-driving cars launch'|'TEL AVIV Mobileye''s mapping program for self-driving cars will start making money long before fully autonomous vehicles hit the roads, its chairman told Reuters, as carmakers can use the technology for a variety of semi-autonomous driving features.Amnon Shashua, head of the Israeli technology company that is being bought by Intel Corp for $15.3 billion, said Mobileye expected to announce deals with carmakers by the end of 2017 for its high definition (HD) maps, bringing in revenues for both the company and its map-making partners.Fully self-driving vehicles are not expected until at least 2021, but carmakers are already offering a variety of semi-autonomous driver assistance systems, such as Tesla''s Autopilot system. Mobileye thinks its mapping technology will be needed as these systems become more advanced."We can enable hands-free driving to levels that are much higher than with any sensor (alone)," Shashua told Reuters, adding semi-autonomous systems still required drivers to remain alert.The Israeli company also believes its mapping technology will be cheaper and more comprehensive than rival systems because of the way it is created.Whereas traditional HD mapping requires dedicated vehicles with specialized equipment and hired drivers, Mobileye''s RoadBook uses hardware in vehicles to "crowdsource" data.Nissan, Volkswagen ( VOWG_p.DE ) and BMW have already signed up to share data from Mobileye''s camera-equipped advanced driver assistance systems to generate HD maps for self-driving cars, and Shashua said four more manufacturers were in talks about joining the program."We hope to have the majority of these four signed by the end of 2017," he said. "Only car manufacturers can contribute ... because they have the cars. This is something that truly separates the car industry from the tech players."The prospect of self-driving vehicles has attracted Silicon Valley giants Google and Apple as well as carmakers, with Goldman Sachs estimating the market for advanced driver assistance systems and autonomous vehicles could grow to $96 billion in 2025 from just $3 billion in 2015.Based on discussions with automaker and map-maker partners, Mobileye believes revenues from its HD maps will be "quite meaningful," though Shashua said he could not quantify it yet.Once autonomous driving cars are ready, there will be a period of several years where drivers will still be needed for monitoring purposes, Shashua added."If the expectation is for zero accidents that isn''t realistic," he said. He believes society would accept fatalities that are 2-3 orders of magnitude smaller than with people-driven cars, meaning a decline to as few as 35 fatalities annually in the United States from around 35,000 today.(Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-mobiley-autonomous-selfdriving-idUSKBN17Z1CC'|'2017-05-03T20:39:00.000+03:00'
'90d72d1cbc99bc2b47346470e82cc08ecc6f13ba'|'Q4 net jumps but lags estimates'|'By Devidutta Tripathy and Promit Mukherjee - MUMBAI MUMBAI India''s ICICI Bank Ltd expects additions to its bad loans to be "significantly lower" this financial year, its chief executive said on Wednesday, as the lender reported a smaller than expected rise in quarterly profit.India''s third-biggest lender by assets said its standalone net profit nearly tripled to 20.25 billion rupees ($315.7 million) in its fourth quarter to the end of March, though that lagged analysts'' expectations of 22.04 billion rupees.Bad loans at Indian banks have surged in the past year or so after an asset quality review ordered by the central bank as part of a clean-up exercise. It continues to tighten rules around bad assets, which hit a record $150 billion in December.ICICI, which has the highest amount of bad loans among India''s private sector lenders, said additions to its non-performing assets (NPA) in the fourth quarter were "elevated" by one borrower in the cement sector but it expected part of that loan to be upgraded on the conclusion of a pending deal."Going forward for the year FY18, we believe that the NPA additions for the year will be significantly lower than FY17," Chief Executive Chanda Kochhar told reporters, referring to the bank''s financial years that run from April to March."We also expect some of the resolutions to get completed during the year, we also expect some upgrades from NPAs," Kochhar said on a conference call.The amount of bad loans at the Mumbai-based bank rose 335 billion rupees on a gross basis during its last fiscal year. Gross bad loans at the end of March stood at 425.5 billion rupees, or 7.89 percent of total loans, up from 7.2 percent at the end of December and 5.21 percent a year earlier.Kochhar predicted the bank''s domestic loan book would grow by 15 percent to 16 percent in the current financial year, with retail loans increasing by 18 percent to 20 percent.That compares with 14 percent growth in domestic loans in the year to the end of March, driven by a 19 percent rise in retail loans.The bank''s net interest margin for the March quarter was 3.57 percent.ICICI also said it would issue one free share for every 10 held.Shares in the lender, valued at about $25 billion, fell about 1 percent on Wednesday ahead of the results released after the market close.The stock is up 6.8 percent so far in 2017, lagging a 22.7 percent gain in the banking sector index and a 13.8 percent rise in the main market index.($1 = 64.1500 rupees)(Editing by Keith Weir and David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/icici-bank-q4-results-idINKBN17Z1HM'|'2017-05-03T11:22:00.000+03:00'
'312c0cd8f50e3539a42b1b67d42e83ea2cf8e36c'|'Sanofi decides against selling chemical unit Cepia: spokeswoman'|'PARIS Sanofi ( SASY.PA ) has given up on the possibility of selling its chemical unit Cepia, a spokeswoman with the French drugmaker said on Friday."I can confirm we have decided to keep the division within the company," she said, adding that a recent improvement in Cepia''s results, as well as a better outlook for it, was behind this choice.The sale of Cepia, which deals with what Sanofi calls ''third party activities'' such as the supply and production of active pharmaceutical ingredients, was seen fetching up to 1 billion euros ($1.10 billion), banking sources told Reuters last month.(Reporting by Matthias Blamont; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sanofi-chemicals-idINKBN18117Y'|'2017-05-05T09:30:00.000+03:00'
'55ea8d35aeacb39ee92c5b3ccf6d244b22d5750c'|'China opens bond connect scheme applications to market makers - sources'|'Business News - Fri May 5, 2017 - 9:25am BST China opens bond connect scheme applications to market makers - sources SHANGHAI China has started accepting applications from bond market makers seeking clearance to participate in a bond connect scheme with Hong Kong, three sources with direct knowledge of the matter said on Friday. The China Foreign Exchange Trade System (CFETS), which is supervised by the People''s Bank of China, announced the step during a promotional event in Shanghai, the sources said. Reuters reported on Tuesday that Hong Kong and Chinese regulators were set to formally unveil a long-awaited scheme to connect China''s $8 trillion bond market with overseas investors in July, with the launch expected in the Autumn. Plans for a "Bond Connect" programme have been percolating since Beijing launched a scheme allowing two-way trading between the Hong Kong and Shanghai stock markets in 2014. One of the three sources said qualifications for foreign institutional investors to participate in the bond connect scheme would be similar to the rules released by the central bank in February 2016, when China further opened up its domestic interbank bond market to overseas investors. Reuters requested a comment from CFETS on the latest development, but there was no immediate response. (Reporting by Ivy Lv and John Ruwitch; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hongkong-connect-bonds-idUKKBN1810R2'|'2017-05-05T16:25:00.000+03:00'
'bb77ecd90f2997f2704309c283f9c46ea0f6f984'|'EU to cut Greece 2017 growth forecast to around 2 percent'|'Davos - Fri May 5, 2017 - 10:53am BST EU to cut Greece 2017 growth forecast to 2 percent: EU official A man looks down as a Greek national flag flutters atop one of the bastions of the 17th century fortress of Palamidi under an overcast sky at the southern port city of Nafplio, Greece, February 19. 2017. REUTERS/Alkis Konstantinidis BRUSSELS The European Commission will revise down its growth forecast for Greece this year to around 2 percent from a previous 2.7 percent, an EU official said on Friday. The European Commission will release its new forecasts on EU countries'' growth and macro-economic performances next week. The official said the downward revision of the Greek growth forecast was mostly due to uncertainty caused by delays in concluding a new review of Greek reforms under a 86-billion-euro($94.3 billion) bailout. A preliminary deal was reached this week among euro zone lenders and Greek authorities, which could pave the way for a new disbursement of loans to Athens in the coming weeks. ($1 = 0.9125 euros)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-greece-eu-idUKKBN1810YN'|'2017-05-05T18:35:00.000+03:00'
'0e6f5d519d085e713a86e1ee3351a865412eb265'|'Airbus well behind Boeing in January-April orders'|'Business News - Fri May 5, 2017 - 8:41pm BST Airbus well behind Boeing in January-April orders left right The Airbus A320neo (New Engine Option) takes off during its first flight event in Colomiers near Toulouse, southwestern France, September 25, 2014. REUTERS/Regis Duvignau 1/3 left right Boeing Co''s logo is seen above the front doors of its largest jetliner factory in Everett, Washington, U.S. January 13, 2017. REUTERS/Alwyn Scott - RTSVH04 2/3 left right An Airbus A350-900 aircraft performs a flight pass during the Singapore Airshow in Singapore February 11, 2014. REUTERS/Tim Chong 3/3 PARIS Airbus ( AIR.PA ) sold 25 passenger jets in April, bringing total orders for the European planemaker so far this year to 51, well behind its U.S. rival Boeing. Airbus typically makes a slow start to the year as it prefers to use the industry''s main summer air show, held in Paris in June this year, as a focal point for new business. But figures published on Friday underscore fragile demand as airlines digest record new capacity ordered in recent years, while bracing for economic weakness in key markets. Airbus said that after adjustments for cancellations and conversions between different models, net orders stood at 23 aircraft for the year so far. April''s new business included 10 of its new A350-900 aircraft, but the customer was not identified. Boeing this week posted 241 orders for the first four months, or 210 after cancellations. Orders were boosted partly by demand for military derivatives. Airbus delivered 182 aircraft between January and April. Airbus is targeting 700 deliveries for the whole year, though top executives have also issued a more optimistic forecast of 720 deliveries. Boeing is targeting 760-765 deliveries. Airbus expects deliveries once again to be weighted towards the latter half of the year as it faces problems with one brand of engine on its A320neo family, but hopes to avoid the dramatic sprint of December last year following such difficulties. Deliveries so far this year include 36 A320neo-family aircraft including the first A320neo. It is aiming to deliver about 200 of the upgraded medium-haul models this year. It delivered 17 A350 aircraft in the first four months. It delivered no A380 superjumbos in April and has handed over three of the aircraft for the year so far. (Reporting by Tim Hepher; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airbus-orders-idUKKBN18125D'|'2017-05-06T03:41:00.000+03:00'
'b4d0d228630c697912127b6f0a509358136adf88'|'Osram CEO says too soon to raise 2020 targets'|'  3:53am EDT Osram CEO says too soon to raise 2020 targets FRANKFURT May 3 German lighting group Osram said its 2020 targets looked easier to achieve after a strong quarter that led it to raise its full-year targets on Tuesday but it was too early to hike the mid-term goals. "Our 2020 goal is very ambitious," Chief Executive Olaf Berlien told journalists on a conference call on Wednesday. "We are on the right track... but one swallow does not make a summer." Osram is targeting revenue of 5 to 5.5 billion euros ($5.5 to $6 billion), core profit (EBITDA) of 0.9 to 1 billion euros and earnings per share of around 5 euros by 2020. That compares with revenue of 3.8 billion euros, EBITDA of 621 million euros and EPS of 3.83 euros in its fiscal year to end-September 2016. Osram on Tuesday raised its fiscal 2017 targets, saying it now expected revenue growth of 7 to 9 percent, an EBITDA margin of 16.5 to 17.5 percent and diluted EPS of 2.70 to 2.90 euros. Its shares retreated on Wednesday from Tuesday''s record high, trading down 1.4 percent at 61.31 euros by 0750 GMT, against a 0.5 percent-weaker German mid-cap index. ($1 = 0.9162 euros) (Reporting by Georgina Prodhan; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/osram-licht-results-idUSL8N1I51OW'|'2017-05-03T15:53:00.000+03:00'
'691748425f6b6cbe5e09225c5187bca5d8584b27'|'Instacart has no plans for IPO, co-founder says'|'By Angela Moon - NEW ORLEANS NEW ORLEANS May 3 Instacart has no plans to go public, its co-founder said on Wednesday, shutting down speculation that the 5-year-old grocery delivery service may be among tech companies in line for a market debut.San Francisco-based Instacart raised $400 million in its latest financing round in March, boosting the company''s valuation to $3.4 billion as investors showed more enthusiasm for a business model whose viability had long been in question.Some have noted Instacart''s resemblance to the dot-com-era grocery delivery company Webvan, which raised $800 million and went public but then went bankrupt."(IPO) is not even an internal discussion at this point," Instacart co-founder Max Mullen told Reuters at the Collision tech conference in New Orleans."We recently raised a sizeable (financing) round so we are focused on spending that money carefully, responsibly and wisely."Instacart is backed by prominent venture capital firms such as Sequoia Capital, Khosla Ventures, Kleiner Perkins Caufield & Byers and Thrive Capital.The company operates in 45 U.S. markets including San Francisco, Chicago and New York, and plans to add 40 markets in the next quarter."We are going to double the markets (we are in) in the next quarter and drastically increase coverage of Instacart. Overall, we plan to make the service available to 80 percent of U.S. households by 2018," Mullen said.Instacart has deals with about 140 retailers including Whole Foods, Costco, Target and Safeway to deliver groceries to consumers. Customers can order from those stores through the Instacart app, and an Instacart driver delivers the food in as little as an hour.Although Instacart does not disclose revenue, Mullen said the company has been gross margin profitable in the majority of its markets since fall 2016.Instacart also launched advertising for consumer packaged good companies including Pepsi, Unilever and General Mills on its website about 18 months ago, which has become a big portion of revenue."Advertising is the fastest-growing part of our revenue. It''s the difference between being profitable and not being profitable," Mullen said. (Reporting by Angela Moon; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/instacart-ipo-idINL1N1I50T0'|'2017-05-03T12:46:00.000+03:00'
'8878a61de67e460c0388403cb341df07b16f00f2'|'Fed''s Williams pushes new approach to U.S. inflation goal'|'Business News - Fri May 5, 2017 - 2:02pm EDT Fed''s Williams pushes new approach to U.S. inflation goal FILE PHOTO: San Francisco Federal Reserve President John Williams speaks to Reuters in San Francisco, California, U.S. September 27, 2016. REUTERS/Stephen Lam NEW YORK One of the Federal Reserve''s experts on navigating a world of low inflation and economic growth said on Friday the U.S. central bank should seriously consider ditching its old policy framework for a new approach to hitting its price-level goal. In a speech, San Francisco Fed President John Williams did not comment specifically on interest rate hikes or on recent economic activity. Instead he praised the advantages of a so-called price-level targeting regime over the Fed''s current regime of a simple 2-percent target. The central bank''s preferred inflation measure has been below this goal for some five years, though prices have recently edged higher. "I believe that a price-level framework merits very serious consideration for central banks including the Fed," Williams, who does not vote on policy this year under a rotation, said in a speech to the hawkish-leaning Shadow Open Market Committee. As it stands, the central bank sets rates to keep unemployment low and to also hit 2-percent inflation as much as possible, irrespective of how long prices have lingered below or above target. On the other hand, price-level targeting would oblige the Fed to make up for years of excessively low inflation by pushing it above target for a similar period, and vice-versa. "Baked into its very design is a ''lower for longer'' policy prescription in response to sustained low inflation," added Williams, who has floated a handful of new policy approaches over the last year including simply raising the inflation target. Some economists and former Fed officials have also floated price-level targeting, though most central bankers say such a reform would provide little benefit and confuse investors and the public. Williams, a former top advisor to Fed Chair Janet Yellen, has previously said he expects three or four rate hikes in 2017. The Fed has raised rates once so far this year. (Reporting by Jonathan Spicer; Editing by Chizu Nomiyama) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-fed-williams-idUSKBN1811VT'|'2017-05-06T00:53:00.000+03:00'
'924d16c1ed1b651ba15ef58b1e05a256f341992d'|'European markets to benefit most from global upswing -Blackrock''s Hildebrand'|'Market News - Fri May 5, 2017 - 7:28am EDT European markets to benefit most from global upswing -Blackrock''s Hildebrand LUXEMBOURG May 5 The continued global economic expansion offers an "extraordinary window of opportunity" for investors, particularly in European markets that haven''t yet fully priced in the positive outlook, Blackrock vice chairman Philipp Hildebrand said on Friday. Investors are underestimating the positive impact of the synchronised reflation trend that is helping to lift global asset prices, he said, noting that Europe is also benefiting from substantial European Central Bank stimulus. "Europe has more upside potential than perhaps any other region in the world today," Hildebrand told delegates at the International Capital Markets Association annual general meeting in Luxembourg. "Growth has returned and deflation risks have successfully been fought off. It''s an extraordinary window of opportunity." The euro zone economy grew nearly three times faster than the U.S. economy in the first quarter, and consumer and business confidence is surging. Earnings growth is in double-digits and corporate deal-making is near record levels. European equity funds are poised to recoup the $100 billion of investor flows that left the region last year, analysts say. Hildebrand said investors tend to underestimate the strength of synchronised inflation and growth trends, both on the upside and the downside. He said he is hopeful that U.S. capital expenditure and productivity are finally turning the corner after years of sluggish performance - "two missing pieces" that would cement the U.S. recovery and the same globally. That said, investors shouldn''t get carried away, said Hildebrand, vice chairman of the world''s asset manager. Debt levels globally are higher today than they were before the financial crisis, ageing populations are putting a huge strain on government finances in the developed world, and productivity growth in most advanced economies remains weak. "Add all that together ... and it''s hard to see a return to the golden days before the crisis," he said. (Reporting by Jamie McGeever; editing by Mark Heinrich) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-markets-blackrock-idUSL8N1I73EQ'|'2017-05-05T19:28:00.000+03:00'
'af7b4409d5c7cf0a31ee5c281876d247e5c49a51'|'CORRECTED-UPDATE 1-Warren Buffett says he sold a third of stake in IBM -CNBC'|'Market News - Thu May 4, 2017 - 9:27pm EDT CORRECTED-UPDATE 1-Warren Buffett says he sold a third of stake in IBM -CNBC (Refiles to add missing letter in Buffett''s name in paragraph 1) May 4 Berkshire Hathaway''s Warren Buffett has sold "a reasonable amount" of his stake in International Business Machines Corp after the stock crossed $180, CNBC reported. IBM''s stock touched $180 on Feb 14 and reached a high of $182.78 during Feb. 16 trading. It closed on Thursday at $159.05 on the New York Stock Exchange. Berkshire Hathaway and IBM could not be reached for comment outside regular business hours. Buffett owned about 81 million shares of IBM at the end of 2016 and sold about a third in the first and second quarters of 2017, CNBC reported, citing Buffett. "I don''t value IBM the same way that I did six years ago when I started buying ... I''ve revalued it somewhat downward," Buffett told CNBC in an interview. "IBM is a big strong company, but they''ve got big strong competitors, too," he said. Berkshire Hathaway still owns more than 50 million shares of IBM and Buffett said he has stopped selling. In April, IBM reported a bigger-than-expected decline in revenue for the first time in five quarters due to weak demand in its IT services business. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Sandra Maler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/warren-buffet-ibm-stake-idUSL1N1I700O'|'2017-05-05T09:27:00.000+03:00'
'0c56e3ef9827f5c48d191538478d1882c5d52536'|'VW brand targets productivity gains through 2020'|'Autos  14am BST VW brand targets productivity gains through 2020 FILE PHOTO: A worker assembles an e-Golf electric car at the production line of the Transparent Factory of Volkswagen in Dresden, Germany, March 30, 2017. REUTERS/Fabrizio Bensch/File Photo WOLFSBURG, Germany Volkswagen has set itself fixed targets for raising productivity at its troubled core division through 2020 by pushing cost savings, stemming overseas losses and launching more higher-margin cars. Volkswagen''s namesake VW brand is targeting an operating margin at the upper end of a 2.5 to 3.5 percent range this year, with revenue expected to exceed 2016 levels by around 10 percent, the carmaker said on Friday. Europe''s biggest carmaker said it expects its largest division to continue to improve financially over the course of the year after a strong first quarter, and will increase guidance on key targets if necessary. (Reporting by Andreas Cremer; Editing by Georgina Prodhan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-strategy-idUKKBN1810QG'|'2017-05-05T16:14:00.000+03:00'
'09f83d725bce2429dcd686518a4d3cb753896bd2'|'Swiss stocks - Factors to watch on May 4'|'ZURICH May 4 Here are some of the main factors expected to affect Swiss stocks on Thursday.CREDIT SUISSEThe bank paid $400 million to settle claims it sold toxic mortgage securities that contributed to the demise of three federal credit unions, a U.S. regulator said. The National Credit Union Administration said the settlement resolved the 19th of 20 lawsuits it filed in the last six years against banks over their underwriting or sale of securities to five credit unions that failed in 2009 and 2010. Including a $445 million accord with UBS Group AG announced on Monday, the NCUA said it has recovered roughly $5.1 billion from the banks from these lawsuits.For more news seeSWISS REThe world''s second-largest reinsurer reports earnings for a quarter in which analysts expect the group to post a 44 percent drop in net profit on a $350 million blow from Australia''s Cyclone Debbie and continued industry pressure.For more click onLAFARGEHOLCIMChairman Beat Hess hopes to have a new chief executive in place at the world''s largest cement maker by the end of the year, with the successful applicant not necessarily having to come from the building industry.For more click onUBSUBS plans to hire about 100 wealth management client advisors over the next two years in Hong Kong, the biggest wealth hub in Asia-Pacific, to grab a bigger share of the fast-growing mid-tier millionaire segment.COMPANY STATEMENTS* Lalique Group has appointed Alexis Rubinstein its group CFO effective June 1.ECONOMYSwiss consumer confidence for the second quarter due at 0545 GMT (Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL8N1I555A'|'2017-05-04T02:42:00.000+03:00'
'1b1e58ca6a8a60bda871e59c5e64cf47a0796969'|'Ambev''s Paiva pledges to curb expenses, bolster premium brands'|'Company News - Thu May 4, 2017 - 1:12pm EDT Ambev''s Paiva pledges to curb expenses, bolster premium brands SAO PAULO May 4 Ambev SA will continue to keep sales, general and administrative expenses in check while taking steps to grow faster in premium beer brands, as sales volumes at Latin America''s largest beer maker reels from a steep recession in Brazil, Chief Executive Officer Bernardo Paiva said on Thursday. (Reporting by Guillermo Parra-Bernal; Editing by Chris Reese)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ambev-results-outlook-idUSE6N1D201Q'|'2017-05-05T01:12:00.000+03:00'
'a011c102135d14e7d7c3fd554d041e1cfc0250fc'|'Facebook to add 3,000 workers to monitor live video, other posts'|'Technology News - Wed May 3, 2017 - 4:12pm EDT Facebook tries to fix streaming violence problem with 3,000 new workers By David Ingram - SAN FRANCISCO SAN FRANCISCO Facebook Inc ( FB.O ) will hire 3,000 more people over the next year to speed up the removal of videos showing murder, suicide and other violent acts, in its most dramatic move yet to combat the biggest threat to its valuable public image. The hiring spree, announced by Chief Executive Mark Zuckerberg on Wednesday, is an acknowledgement by Facebook that it needs more than automated software to identify and remove offensive posts that have exploded online and made headlines in the traditional news media. The problem has become more pressing since the introduction last year of Facebook Live, a service that allows any of Facebook''s 1.9 billion monthly users to broadcast video, which has been marred by some violent scenes. Some violence on Facebook is inevitable given its size, researchers say, but the company has been attacked for its slow response. UK lawmakers this week accused social media companies including Facebook of doing a "shameful" job removing child abuse and other potentially illegal material. In Germany, the company has been under pressure to be quicker and more accurate in removing illegal hate speech and to clamp down on so-called fake news. German lawmakers have threatened fines if the company cannot remove at least 70 percent of offending posts within 24 hours. So far, Facebook has avoided political fallout from U.S. lawmakers or any significant loss of the advertisers it depends on for revenue. Some in the ad industry have defended Facebook, citing the difficulty of policing material from its many users. Police agencies have said Facebook works well with them. Facebook shares were down slightly on Wednesday, ahead of quarterly earnings after the bell. ARTIFICIAL INTELLIGENCE Zuckerberg, the company''s co-founder, said in a Facebook post the workers will be in addition to the 4,500 people who already review posts that may violate its terms of service. Facebook has 17,000 employees overall, not including contractors. Last week, a father in Thailand broadcast himself killing his daughter on Facebook Live, police said. After more than a day, and 370,000 views, Facebook removed the video. Other videos from places such as Chicago and Cleveland have also shocked viewers with their violence. Zuckerberg said the company would do better: "We''re working to make these videos easier to report so we can take the right action sooner - whether that''s responding quickly when someone needs help or taking a post down." The 3,000 workers will be new positions and will monitor all Facebook content, not just live videos, the company said. The company did not say where the jobs would be located, although Zuckerberg said the team operates around the world. The world''s largest social network has been turning to artificial intelligence to try to automate the process of finding pornography, violence and other potentially offensive material. In March, the company said it planned to use such technology to help spot users with suicidal tendencies and get them assistance. However, Facebook still relies largely on its users to report problematic material. It receives millions of reports from users each week, and like other large Silicon Valley companies, it relies on thousands of human monitors to review the reports. "Despite industry claims to the contrary, I don''t know of any computational mechanism that can adequately, accurately, 100 percent do this work in lieu of humans. We''re just not there yet technologically," said Sarah Roberts, a professor of information studies at UCLA who looks at content monitoring. The workers who monitor material generally work on contract in places such as India and the Philippines, and they face difficult working conditions because of the hours they spend making quick decisions while sifting through traumatic material, Rober
'2454d8c7bf0546a36d9253881ae6cf6cc76c5041'|'Eurozone GDP growth and UK construction reports -- business live'|'The London financial district. Photograph: Tim Robberts/Getty Images Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Graeme Wearden (until 1.45) and Nick Fletcher Wednesday 3 May 2017 17.45 BST First published on Wednesday 3 May 2017 07.54 BST Key events Show 7.47pm BST 19:47 Fed decision: What the experts say 7.17pm BST 19:17 Fed leaves US interest rates on hold 5.45pm BST 17:45 Positive day for most European markets 3.38pm BST 15:38 US crude oil stocks fall less than expected 3.07pm BST 15:07 US service sector shows bigger rise than expected in April 2.40pm BST 14:40 Wall Street opens lower 1.28pm BST 13:28 US job creation hits six-month low Live feed Show 7.47pm BST 19:47 Fed decision: What the experts say Many financial experts are concluding that the Federal Reserve is getting ready to raise interest rates in June, given the language in today<61>s statement .Here<72>s Moody<64>s :MoodysAnalytics ECON (@economics_ma) #Fed is looking through the weakness in first quarter GDP and will likely raise rates in June. #FOMC Analysis: https://t.co/G0hn5imKo8 May 3, 2017 This is Bloomberg<72>s take:Holger Zschaepitz (@Schuldensuehner) BBG runs the best summary of today''s #FOMC decision. pic.twitter.com/LcjWi1iQF0 May 3, 2017 Naeem Aslam of Think Markets writes:The FOMC statement was hawkish and the Fed has clearly given a message to the markets that they think the weakness in the economic data is only temporary.This means that the Fed is more than happy with their current strategy and more rate hikes are coming this year - at least for now.Neil Wilson of ETX Capital predicts that Fed official will start dropping hints of a June rate rise soon - if they<65>re really getting ready, that is....The Fed is in no rush to raise rates too quickly as it<69>s fully aware that rising inflation is less of a threat than tightening too fast, noting that it will stabilise around its 2% target. On the whole, today<61>s decision changes very little in the assessment for monetary policy. All eyes now on the minutes from the meeting and jawboning from officials in the coming weeks.<2E>And Paul Ashworth of Capital Economics points out that the US jobs data (starting on Friday) will be crucial...On balance, we still think that the Fed will hike again in June, although that assumes employment growth rebounds in April and May. The drop off in core inflation is a concern, but the global economic backdrop is much stronger than it was last year. Furthermore, although the Fed hiked rates twice since late last year, financial conditions have actually loosened, with the dollar and bond yields both falling, while stock markets have performed strongly. Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 7.17pm BST 19:17 Fed leaves US interest rates on hold A late newsflash: America<63>s central bank has left interest rates on hold. The Federal Reserve also predicted that the slowdown in the first quarter of 2017 was probably only temporary. That could be a sign that the Fed could raise interest rates in June.The Fed<65>s statement looks quite hawkish, with US policymakers pointing out that the US jobs market looks solid, firms continue to invest, and inflation is close to its target.Here<72>s the key section:Information received since the Federal Open Market Committee met in March indicates that the labor market has continued to strengthen even as growth in economic activity slowed. Job gains were solid, on average, in recent months, and the unemployment rate declined. Household spending rose only modestly, but the fundamentals underpinning the continued growth of consumption remained solid. Business fixed investment firmed. Inflation measured on a 12-month basis recently has been running close to the Committee<65>s 2 percent longer-run objective. Traders on Wall Street like the look of the statement, sending shares up:CNBC 
'bc905ea1efeb236ae99c3d29235a5ce9cb4cacb1'|'M&S appoints Halfords boss to run clothing division'|'Business News - Wed May 3, 2017 - 7:41am BST M&S appoints Halfords boss to run clothing division FILE PHOTO: Clothes are displayed on hangers in a Marks & Spencer shop in London, Britain July 8, 2014. REUTERS/Suzanne Plunkett/File Photo LONDON Marks & Spencer has appointed Jill McDonald, the boss of Britain''s largest bike seller Halfords, to run its underperforming clothing business, freeing up chief executive Steve Rowe to focus on the overall group. Rowe, CEO for just over a year, has recently seen some improvement in the clothing and homewares division after he instigated the latest in a long line of recovery strategies for one of the biggest names on the British high street. A return to quarterly sales growth for the division in nearly two years helped it to soundly beat forecasts for Christmas trading in January. On Wednesday the company said Rowe would relinquish his clothing, home and beauty accountabilities to McDonald, who will join the company in the autumn. "I am pleased with the progress we have made in clothing & home over the last year and the time is now right for this appointment," Rowe said. McDonald joined Halfords in May 2015, having previously run the British arm of fast-food chain McDonalds. (Reporting by Kate Holton, editing by James Davey)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-marks-spencer-moves-idUKKBN17Z0E4'|'2017-05-03T14:41:00.000+03:00'
'7d365b2addab0ed4aac53714d6f28f797996a052'|'UPDATE 2-NZ nixes merger of top 2 publishing groups citing concentration of media power'|'* NZME and Fairfax own 90 pct of New Zealand newspapers* Merger would reduce quality, diversity: regulator* NZME shares slump as much as 16 pct, Fairfax loses up to 3.2 pct (Recasts, adds company and analyst comments)By Charlotte Greenfield and Jamie FreedWELLINGTON/SYDNEY, May 3 New Zealand''s competition regulator blocked the planned merger of the nation''s two largest publishing groups, saying the deal would have led to unprecedented local media influence and built the world''s most concentrated newspaper market outside of China.The decision will force NZME Ltd and Fairfax Media Ltd''s New Zealand unit to find alternative strategies to deal with heavy competitive pressure and the loss of advertising dollars to digital rivals such as Alphabet Inc''s Google and Facebook Inc.NZME and Fairfax control nearly 90 percent of New Zealand''s newspapers and clearance for the deal could have set a precedent for increased concentration in the future in neighbouring Australia, where Rupert Murdoch''s News Corp and Fairfax are the dominant players and are under similar financial stress.New Zealand Commerce Commission (NZCC) Chairman Mark Berry said the planned merger would have concentrated media ownership and influence to an "unprecedented extent" for a well-established modern liberal democracy.<2E>Having reviewed all the evidence, our primary concerns remain that this merger would be likely to reduce both the quality of news produced and the diversity of voices (plurality) available for New Zealanders to consume," he said in a statement on Wednesday.The competition watchdog had twice delayed its final decision as it heard arguments from the two companies on why the increasing media diversity from the growing number of digital operations meant the deal should be allowed to go ahead.NZME owns the Auckland-based New Zealand Herald, the country''s top-selling newspaper, and Fairfax publishes the main papers in the other major cities, Wellington and Christchurch, as well as popular website stuff.co.nz.Under the proposed deal, NZME would have paid NZ$55 million for Fairfax''s New Zealand operations. It would also have issued new shares to allow Fairfax to hold a 41 percent stake in NZME.Combining the assets would have helped to cut costs by up to NZ$200 million ($138.98 million) over five years, the two companies said.Fairfax Chief Executive Greg Hywood said his company would focus on cost cutting in New Zealand after the NZCC decision. "Further publishing frequency changes and consolidation of titles is an inevitability," he said in a statement.NZME Chief Executive Michael Boggs told Radio NZ his company could consider buying some of Fairfax''s smaller papers if they were divested.Daniel Mueller, a senior analyst at Forager Funds Management which owns a 9 percent stake in NZME, said that company was in a stronger position than Fairfax in New Zealand because it also had sizeable radio assets and more potential for online growth."We think they can stabilize earnings for the medium term rather than some other media companies that are in pretty rapid decline," he said.Fairfax and NZME have the option of appealing the NZCC decision to the High Court within 20 business days.NZME shares fell as much as 16 percent on Wednesday, while Fairfax shares were down as much as 3.2 percent.Separately, Fairfax said on Wednesday it would shed another 125 jobs at its Australian newspapers. The union representing journalists at Fairfax in Australia said staff had voted to strike work for seven days as a result of the cuts.A Fairfax spokesman did not respond immediately to a request for comment. ($1 = 1.4391 New Zealand dollars) (Reporting by Charlotte Greenfield and Jamie Freed; Editing by Jonathan Oatis and Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/newzealand-australia-media-idINL4N1I44QS'|'2017-05-03T03:55:00.000+03:00'
'499d38c9760b61a8b8cef5c189e554b848bc9edd'|'China''s C919 narrow-body jet takes off on maiden flight'|'Fri May 5, 2017 - 3:41pm BST With maiden jet flight, China enters dog-fight with Boeing, Airbus left right Spectators take photos as they watch the Comac C919, China''s first large passenger jet, coming in for a landing on its maiden flight at Shanghai''s Pudong airport. REUTERS/Greg Baker/Pool 1/14 left right China''s home-grown C919 passenger jet takes off on its first flight at Pudong International Airport in Shanghai. China Daily/via REUTERS 2/14 left right China''s home-grown C919 passenger jet takes off on its first flight at Pudong International Airport in Shanghai. REUTERS/Stringer 3/14 left right People react during the maiden flight of China''s home-grown C919 passenger at the Pudong International Airport. REUTERS/Aly Song - RTS159E 4/14 left right Members of staff wave as they step out of China''s home-grown C919 passenger jet after following its maiden flight at the Pudong International Airport. REUTERS/Aly Song 5/14 left right Chinese C919 passenger jet takes off from Pudong International Airport on its maiden flight in Shanghai, China May 5, 2017. REUTERS/Greg Baker/Pool 6/14 left right Chinese C919 passenger jet takes off from Pudong International Airport on its maiden flight in Shanghai, China May 5, 2017. REUTERS/Greg Baker/Pool 7/14 left right China''s home-grown C919 passenger jet takes off on its first flight at Pudong International Airport in Shanghai, China May 5, 2017. REUTERS/Stringer 8/14 left right Attendees take photos in front of a Chinese C919 passenger jet after its first flight at Pudong International Airport in Shanghai, Friday, May 5, 2017. REUTERS/Andy Wong/Pool 9/14 left right Members of ground staff stand in front of China''s home-grown C919 passenger jet after it landed on its maiden flight at the Pudong International Airport in Shanghai, China May 5, 2017. REUTERS/Aly Song 10/14 left right A member of staff is congratulated as he steps out of China''s home-grown C919 passenger jet after following its maiden flight at the Pudong International Airport in Shanghai, China May 5, 2017. REUTERS/Aly Song 11/14 left right China''s home-grown C919 passenger jet is seen at the Pudong International Airport ahead of its scheduled maiden flight in Shanghai, China May 5, 2017. REUTERS/Aly Song 12/14 left right A screen shows data as people gather to see the maiden flight of China''s home-grown C919 passenger jet at the Pudong International Airport in Shanghai, China May 5, 2017. REUTERS/Aly Song 13/14 left right China''s home-grown C919 passenger jet takes off on its first flight at Pudong International Airport in Shanghai, Friday, May 5, 2017. China Daily/via REUTERS 14/14 By Jackie Cai and Adam Jourdan - SHANGHAI SHANGHAI China''s home-grown C919 passenger jet completed its long-delayed maiden flight on Friday, a major first step for Beijing as it looks to raise its profile in the global aviation market and boost high-tech manufacturing at home. Under overcast skies, the white, green and blue aircraft, with "C919" emblazoned on its tail, touched down at Shanghai''s international airport after an 80-minute flight to cheers from thousands of dignitaries, aviation workers and enthusiasts. The jet is a symbol of China''s ambitions to muscle into a global jet market estimated to be worth $2 trillion over the next two decades, as well as of Beijing''s broader "Made in China 2025" plan to spur home-made products, from medicines to robots. "Seeing the C919 take off into the sky made me quite emotional. This is a moment we have waited to see for a very long time," Wang Mingfeng, 42, who witnessed the maiden flight at the Shanghai airport, told Reuters. "I believe that in the not too distant future, we will be neck-and-neck with Boeing and Airbus." At the moment, though, Boeing ( BA.N ) and Airbus ( AIR.PA ) remain far ahead in terms of sales, technical know-how and order books. And the C919, whose test flight was pushed back at least twice since 2014 due to production issues, may need years of tests to
'1156ab17aa84a759bb744728c9dbcbccbe48d719'|'VW brand profit soars as cost cuts start to pay off'|'BERLIN Volkswagen said profit at its troubled core division soared in the first three months of the year, a sign that long-overdue cost cuts are having an impact as the carmaker seeks to move beyond its diesel emissions crisis.VW, Europe''s biggest carmaker, is aiming to beat rivals for profitability rather than chasing sales volumes through aggressive pricing as it invests billions of euros in electric cars, new mobility services and self-drive technology.First-quarter operating profit at VW''s largest division surged to 869 million euros ($948.9 million) from 73 million a year earlier, the carmaker said on Wednesday, even as its sales slipped 1.3 percent to 1.44 million vehicles.Investors have said a turnaround at the VW brand, which has long been saddled with high fixed and R&D costs, is key to turning the German giant into a more attractive business.Despite the damage to its reputation from the dieselgate scandal, the VW group last year eclipsed Toyota as the world''s biggest selling carmaker.It is facing cash outflows in the "double-digit billion-euro range" this year to pay for costs of the emissions cheating, CFO Frank Witter said.The quarterly profit gain reflects VW''s improving operating performance and will help the carmaker cushion the financial blow from the scandal. VW has to date set aside 22.6 billion euros to cover the costs of dieselgate including fines and compensation payouts.Structural changes since the scandal broke in Sept. 2015 include streamlining vehicle development, cutting material costs by reducing complexity in parts, dropping unprofitable models and shifting more power to brands and regions to respond more quickly to market needs."Our efforts to improve efficiency and productivity across all areas of the company are also paying off," Chief Executive Matthias Mueller said.Witter backed that up by saying that the quarterly earnings yielded the "first tangible results" of cost savings.NEW MODELSAnalysts hope improvements will be sustained as VW renews core models such as the Polo subcompact and Touareg SUV and implements a hard-fought turnaround plan with its unions."I can see all sorts of reasons suggesting that profit dynamics will stay high," said Bankhaus Metzler analyst Juergen Pieper who has a "Buy" recommendation on the stock.The operating margin at VW''s core brand jumped to 4.6 percent in the January-to-March period from 0.3 percent a year ago, still lagging French rivals PSA Peugeot Citroen and Renault but nearing its long-term 2025 target of 6 percent.Group operating profit jumped 40 percent to 4.37 billion euros in the three months to the end of March, one of the carmaker''s highest-ever quarterly results, even as vehicle sales at the 12-brand group declined.Shares were trading down 1 percent at 143 euros as of 0939 GMT as VW stuck to its outlook despite the robust quarterly showing.The Wolfsburg-based group expects the 2017 return on sales to come in between 6 and 7 percent, after reaching 6.7 percent in 2016, and group revenue to exceed last year''s record 217 billion euros by as much as 4 percent.Quarterly profit at luxury division Audi slipped to 1.2 billion euros from 1.3 billion euros a year earlier as VW''s biggest earnings contributor grapples with falling sales in the core Chinese market while pushing new models and technologies. ($1 = 0.9158 euros)(Reporting by Andreas Cremer; Editing by Maria Sheahan)FILE PHOTO: A Volkswagen (VW) logo is seen on a car''s front at a scrapyard in Fuerstenfeldbruck, Germany, May 21, 2016. REUTERS/Michaela Rehle/File Photo'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/volkswagen-results-idINKBN17Z14G'|'2017-05-03T09:08:00.000+03:00'
'395b8b6056bbb28097079f816ace7fc823437be9'|'BRIEF-Iberdrola to build wind farm for Apple'|'Market News - Wed May 3, 2017 - 6:43am EDT BRIEF-Iberdrola to build wind farm for Apple May 3 Iberdrola SA: * Says that through its US unit, Avangrid Renewables, it has signed an agreement with Apple Energy, a unit of Apple, for long-term energy sale from the Montague wind farm in Oregon, the United States * The 200 MW wind farm will be built between 2018 and 2020 * The planned investment in the facility amounts to $300 million * Iberdrola will be the owner and operator of the wind farm and the energy generated during the next 20 years will be supplied to Apple'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL8N1I53H5'|'2017-05-03T18:43:00.000+03:00'
'b2d5bcbd60f1c77ddce167585634441127f39abf'|'Brazil''s Ita<74> beats profit forecasts as expenses fall'|'Bonds News - Wed May 3, 2017 - 6:28am EDT Brazil''s Ita<74> beats profit forecasts as expenses fall SAO PAULO May 3 Ita<74> Unibanco Holding SA beat first-quarter profit estimates on Wednesday, benefiting from stricter cost and credit risk controls which allowed Brazil''s biggest bank by market value to trim operational expenses and loan-loss provisions. Recurring net income, a measure of profit excluding one-time items, climbed 6 percent to a record 6.176 billion reais ($1.96 billion) from the previous three months, and topped an average analysts consensus estimate of 6.010 billion reais compiled by Thomson Reuters. Management stuck with this year''s operational targets, which were first released in February. ($1 = 3.1532 reais) (Reporting by Guillermo Parra-Bernal. Editing by Jane Merriman) CEE MARKETS-Czech crown regains ground, shakes off political wobbles By Krisztina Than BUDAPEST, May 3 The Czech crown regained ground on Wednesday, a day after Prime Minister Bohuslav Sobotka announced that he would resign along with his government, while other currencies in the region were also steady or slightly firmer. With investors cautious ahead of the U.S. Federal Reserve''s two-day policy meeting, which could give clues regarding rate hikes, stock markets mostly dropped. Budapest led losses, easing 0.7 percent by 0914 GMT. S Le Pen as president would seek French electoral law change -aide PARIS, May 3 Presidential candidate Marine Le Pen would try to change France''s electoral law by referendum if she wins the presidency on Sunday and her National Front (FN) party fails to win a parliamentary majority in June, a senior FN official said. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/itau-unibco-hldg-results-idUSE6N1D201B'|'2017-05-03T18:28:00.000+03:00'
'c872840db26efd0d91a3f18a7354c4839cfb1954'|'U.S. aluminium sector urges Britain, EU to unite against China'|'  2:06pm BST U.S. aluminum sector urges Britain, EU to unite against China FILE PHOTO: An employee checks aluminium ingots for export at the Qingdao Port, Shandong province March 14, 2010. REUTERS/Stringer/File Photo By Barbara Lewis - LONDON LONDON Representatives of the U.S. aluminum industry are speaking to EU counterparts and have written to British Prime Minister Theresa May urging action against what they says are "massive illegal subsidies" in China that threaten Western jobs. Trade lawyers and some governments accuse China of unfairly subsidizing major industries in breach of the rules of the World Trade Organization (WTO), which it joined in 2001. Following European and U.S. action to protect their steel industries from China, the U.S. this year has shifted the focus to aluminum. It has lodged a complaint with the WTO and launched an investigation into whether Chinese imports compromise national security. "The WTO and U.S. and European leaders must act quickly to ensure a fair playing field," Michael Bless, CEO of Century Aluminum Company ( CENX.O ), told a news conference in London on Wednesday. China says it supports the work of the WTO. The aluminum industry, represented by the China Trade Taskforce, has written to May urging her "to actively engage with the WTO on this matter and press for action". "A strong WTO that acts swiftly in situations such as this will be a vital part of securing Britain''s post-Brexit future," the letter seen by Reuters said. The prime minister''s office had no immediate comment. The industry leaders said they were also speaking to Brussels officials and to the Russian sector, which has floated the idea of an OPEC-style body for the aluminum industry. Bless said he could not endorse that, but it was an "acknowledgement of the severity of the issue". When China, the biggest aluminum consumer, joined the WTO it represented just over 10 percent of aluminum production worldwide, the China Trade Taskforce said. Now it is the world leader, accounting for more than 50 percent of global output and China''s Hongqiao ( 1378.HK ) has overtaken Russia''s Rusal ( 0486.HK ) as the biggest producer, while the U.S. and European sectors have shrunk. Industry body European Aluminium said the number of primary European aluminum smelters fell by nearly 40 percent between 2002 and 2015. Trade lawyers say the ascendancy of China''s aluminum sector defies commercial logic as it faces higher bills for energy - the biggest input cost - than the U.S. and Europe. "China has no natural advantages other than illegal state support," Alan Price of Washington law firm Wiley Rein said. Century Aluminum, which is majority-owned by Glencore ( GLEN.L ), reported a first-quarter net loss.Part of the justification for the U.S. investigation into whether Chinese aluminum is a threat is that Century''s smelter in Kentucky is the only producer of high-purity aluminum required for U.S. combat aircraft. In Europe, the main concern is how to maintain smelting capacity as part of a strong value chain, creating thousands of indirect jobs, rather than security, European Aluminium said in an email. EU trade ministers, meeting in Brussels next week, are expected to discuss new rules on dealing with anti-dumping, which are likely to have most impact on Chinese imports. (additional reporting by Philip Blenkinsop in Brussels; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-century-aluminum-china-idUKKBN17Z1FU'|'2017-05-03T20:59:00.000+03:00'
'85f98b9309834cc0f657d8b3163bac11ad07f875'|'YouTube CEO: Trump should make paid parental leave a reality'|'YouTube CEO: Trump should make paid parental leave a reality by Sara Ashley O''Brien @saraashleyo May 3, 2017: 3:30 PM ET YouTube CEO: My message to President Trump Paid parental leave is not only good for business, it would be good for the country. That''s according to YouTube CEO Susan Wojcicki, who named parental leave as the issue she would personally like to see the Trump administration tackle most during an interview with CNN''s Poppy Harlow on Wednesday, Wojcicki, who was the first woman to ever take maternity leave at YouTube''s parent company Google. ( GOOG ) The mother of five has long touted the business benefits of giving parents paid time off. Google, which is now called Alphabet, saw that new mothers were half as likely to quit once the company increased its maternity leave from 12 weeks to 18 weeks in 2007. Still, the U.S. is one of only two countries, out of 185 surveyed by the United Nations'' International Labour Organization , that doesn''t mandate paid leave for new mothers. The other country is Papua New Guinea. And Wojcicki would like to see that change. Related: YouTube CEO Susan Wojcicki: Don''t interrupt me "Paid leave is a not just a mother and child issue, it''s a societal issue we have," Wojcicki said at CNNMoney''s American Opportunity breakfast in New York. The benefits of paid leave include keeping more women in the workforce. It also could help reduce health issues that result from a startling statistic: Nearly 25% of American women go back to work just ten days after giving birth , Wojcicki said. "How can that be good for babies? How can that be good for breastfeeding? We''re paying for it in all these health costs as opposed to just giving women the time to be at home and recover, bond with their babies. It''s a huge issue," said Wojcicki. The executive noted that Google as a company cares about a variety of policies, such as H-1B work visas, patent reform and net neutrality. And while the Trump administration has been trying to foster a working relationship with Silicon Valley, it is unclear whether Wojcicki will get the ear of President Trump anytime soon. Related: Trump creates tech council to ''modernize'' government''s digital services On Monday, President Trump signed an executive order establishing an American Technology Council to help the government "transform and modernize" its digital services. One of its first orders of business will include a "summit" in June; tech leaders will take part in "working sessions" to lend their ideas and expertise, a White House official said. Trump has had a rocky relationship with Silicon Valley leaders, which began in part with a controversial travel ban rejected by many in Silicon Valley. As of Wednesday morning, Wojcicki said she''s "not yet" been asked to attend, adding that it''s possible someone else from Google was invited. When asked whether she''d attend, Wojcicki said, "I would have to hear a bit more about the agenda and what''s being planned." CNNMoney (New York) First published May 3, 2017: 3:04 PM ET '|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/05/03/technology/susan-wojcicki-trump-parental-leave/index.html'|'2017-05-03T23:30:00.000+03:00'
'81033be9db8c5d3a70a6bed4b90b07d9148efbc0'|'ZMJ, CRCI to buy Bosch''s starters and generator unit for $595 million'|'HONG KONG Zhengzhou Coal Mining Machinery Group Co Ltd (ZMJ) ( 0564.HK ) has teamed up with private equity firm China Renaissance Capital Investment (CRCI) to buy Robert Bosch''s starters and generators business SG Holding for 545 million euros ($595 million).ZMJ, which produces auto components and coal mining machinery, said in a statement to the Hong Kong stock exchange on Tuesday that it valued SG''s technology and research capability, its customer base and established global sales network.The deal is expected to help SG expand its footprint in China, the world''s largest automotive market.ZMJ estimated that not more than 440 million euros will be funded through internal resources of ZJM and CRCI while the remainder would be funded through external bank financing.Robert Bosch is a multinational engineering and electronics company and controller of SG Group. CRCI manages investment funds incorporated in the Cayman Islands that invests in businesses focused on greater China.(Corrects acronym for Zhengzhou Coal to ZMJ from ZJM.)(Reporting by Anne Marie Roantree; editing by Susan Thomas)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-r-bosch-m-a-zz-mining-mach-idUSKBN17Y145'|'2017-05-02T16:38:00.000+03:00'
'80cbd6a8e27be39736aafd7142f9537c2b3138e9'|'Italy set to appoint three commissioners to run Alitalia: source'|'ROME Italy''s Industry Minister Carlo Calenda is set to appoint three commissioners to run Alitalia after the airline asked to be placed under special administration, a source close to the matter said on Tuesday.The commissioners will include Luigi Gubitosi, Alitalia''s chairman elect, and Enrico Laghi, who served as one of the special commissioners managing the restructuring of Italian steel plant Ilva, the person added.Alitalia on Tuesday requested to be put under special administration after workers rejected management''s latest revamp plan -- kicking off a process that will lead to the carrier being overhauled, sold off or wound up altogether.(Reporting by Alberto Sisto, writing by Agnieszka Flak, editing by Valentina Za)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-alitalia-restructuring-commissioners-idUSKBN17Y1S7'|'2017-05-02T18:47:00.000+03:00'
'35369327911c547926e483164e0d6029fd7017b3'|'Media mogul Barry Diller''s IAC to buy Angie''s list'|'IAC/InterActiveCorp ( IAC.O ) said on Monday it would buy consumer review website operator Angie''s List Inc ( ANGI.O ) in a $500 million deal that bolsters its online home contractor services.Media mogul Barry Diller''s IAC said it would combine Angie''s with its digital home services marketplace business, HomeAdvisor, and create a publicly traded company called ANGI Homeservices Inc. This will be the 10th public company to emerge from IAC, Diller said in a statement with Angie''s List.IAC had been looking at buying Angie''s list for some time, said HomeAdvisor Chief Executive Officer Chris Terrill. He said talks heated up after Angie''s List announced in November 2016 that it was exploring strategic options."Once their sales process got started, we started really looking at the opportunities of putting our marketplaces together," Terrill said in an interview.IAC in November 2015 made an unsolicited bid to buy Angie''s for about $512 million in cash, after activist investor TCS Capital Management urged the company to combine with an industry player such as HomeAdvisor. ( reut.rs/2pp8gxk )Terrill, who will lead the publicly traded company based in Golden, Colorado, said one his first goal will be to better monetize Angie''s List brand, traffic, loyalty of their customers. The combined company will use both Home Advisor and Angie''s List brands.Investors in Angie''s List would get one Class A common share of the new company, or $8.50 in cash for each share held.The offer represents a premium of 44.3 percent to Angie''s Monday close.Angie''s List shares were up 43.3 percent in after-market trading on Monday, while IAC''s stock was unchanged.IAC, which holds a majority stake in Match Group Inc ( MTCH.O ), owner of Tinder and OKCupid, said the cash portion would be capped at $130 million. The deal is expected to close in the fourth quarter.JPMorgan Chase & Co ( JPM.N ) and Wachtell Lipton Rosen & Katz LLP advised IAC and HomeAdvisor. Allen & Company LLC, Bank of America Corp ( BAC.N ) and Sidley Austin LLP advised Angie<69>s List.(Reporting by Aishwarya Venugopal in Bengaluru and Liana B. Baker in San Francisco; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-angie-s-list-m-a-iac-idUSKBN17X2GK'|'2017-05-02T05:48:00.000+03:00'
'fce5e66e268df0d9990bde2ffc482f28a378f05c'|'CVC taps former Sumitomo executive as Japan president'|'TOKYO CVC Capital Partners [CVC.UL] said on Tuesday it has hired a former executive of Sumitomo Mitsui Financial Group ( 8316.T ) as president of Japan operations.Nobuaki Kurumatani, a former deputy president of Sumitomo Mitsui Financial, was appointed for the role effective Monday, CVC said in a statement.Last month CVC appointed Yoshiaki Fujimori, a former chief executive of LIXIL Group Corp ( 5938.T ), a Japanese provider of bathroom and kitchen equipments, as senior executive adviser for Japan.Japanese companies are seen to be more willing to sell assets to private equity firms as they try to streamline their businesses. Last week Japanese conglomerate Hitachi Ltd ( 6501.T ) sold its chip-making equipment unit to KKR ( KKR.N ).In 2015 CVC hired Atsushi Akaike, a former dealmaker at Japanese buyout firm Advantage Partners, as head of Japan.(Reporting by Junko Fujita; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cvc-cap-prtnrs-moves-smfg-idINKBN17Y07B'|'2017-05-02T00:52:00.000+03:00'
'c1741f8ed4815542c60b7426895d02a3dbc8b752'|'Fed set to leave interest rates unchanged, may hint at June hike'|'Business News - Tue May 2, 2017 - 6:16am BST Fed set to leave interest rates unchanged, may hint at June hike Federal Reserve Chair Janet Yellen in Washington, U.S., March 15, 2017. REUTERS/Yuri Gripas By Lindsay Dunsmuir - WASHINGTON WASHINGTON The U.S. Federal Reserve is expected to hold interest rates steady at its meeting this week as it pauses to parse more economic data but may hint it is on track for an increase in June. The central bank is scheduled to release its policy decision at 2 p.m. EDT (1800 GMT) on Wednesday at the conclusion of its two-day meeting. Fed Chair Janet Yellen is not due to hold a press conference. Most policymakers have already made plain that in contrast to previous years, the Fed feels more confident in its forecast of two more rate increases this year. "The bar to disrupting the Fed''s plans is higher now than it was in previous years," said Michael Gapen, chief economist at Barclays in New York in a note to clients. The Fed is in its first tightening cycle in more than a decade. A quarter percentage point increase last December was followed two meetings later by another hike in March. Economists polled by Reuters see little chance of a move at this week''s meeting. Investors next see an interest rate rise in June, according to Fed futures data compiled by the CME Group. The rate-setting committee also is still waiting to see to what extent Trump administration policies on tax, spending and regulation will be able to get through Congress. A stimulus package could speed up the pace of hikes. LIKELY TO DOWNPLAY WEAKNESS Since the last meeting economic data has been mixed. The economy grew at a sluggish 0.7 percent annual pace in the first quarter as consumer spending almost stalled. However, a surge in business investment and the fastest wage growth in a decade suggest activity will regain momentum as the year progresses. Jobs growth also slowed sharply in March but the unemployment rate dropped to a near 10-year low of 4.5 percent. Economists have largely attributed the weak first-quarter reading to perennial issues with the calculation of growth during the January-March period and the pullback in hiring in March to weather effects. "There won''t be a lot of changes to the policy statement," said Sam Bullard, senior economist at Wells Fargo Securities. "I think they will downplay the soft first-quarter print and focus a little bit more on the labor market." The Fed will have two more employment growth reports to hand before its next meeting. Policymakers are also gearing up to announce sometime this year when and how the Fed will begin shrinking its $4.5 trillion balance sheet, according to minutes from the March meeting. An announcement this week on a concrete timeline is not expected but there could be tweaks to language in the statement to show the matter is an increasing priority for the Fed. (Reporting by Lindsay Dunsmuir; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-fed-idUKKBN17Y0DB'|'2017-05-02T13:02:00.000+03:00'
'89ad3aeb0db976ac5c388c116369133d13bcc344'|'Aberdeen first half revenues, profits boosted by market, currency gains'|'Funds News - Tue May 2, 2017 - 8:22am BST Aberdeen''s first half results boosted by market, currency gains By Simon Jessop - LONDON LONDON Emerging-markets focused fund manager Aberdeen Asset Management said on Tuesday first-half revenues rose 10.6 percent, boosted by market gains and cost cuts, while the pace of outflows from its funds slowed. The performance marks the latest stage of a slow recovery for Aberdeen, which for several years has borne the brunt of investor caution over emerging markets, in addition to broad industry pressures including rising costs and pressure on fees. Revenues over the six months to the end of March were 534.9 million pounds, up from 483.6 million pounds in the year earlier period, while underlying pretax profit rose 19.8 percent to 195.2 million pounds, it said in a statement. The firm''s operating margin over the period rose to 35.3 percent, from 32.2 percent in 2016, helped by the successful conclusion of a plan to cut 70 million pounds of annualised costs, it said. That helped underpin a dividend of 7.5 pence a share, unchanged from a year earlier. Assets under management at the end of March were 308.1 billion pounds, from 312.1 billion at the end of September. Outflows of 13.4 billion pounds from existing funds and 5.7 billion after it restructured parts of its operations were offset by market and currency gains of 15.1 billion pounds. Net client outflows were heaviest in the first quarter, at 10.5 billion pounds, and slowed markedly in the second quarter to 2.9 billion pounds. "These figures reflect improving sentiment towards emerging markets," Aberdeen Chief Executive Martin Gilbert said in the statement, "...(and) together with favourable market conditions and the delivery of 70 million pounds of cost savings have resulted in a healthy rise in revenues and profits." The British fund manager said its 11 billion pound tie-up with Standard Life was on track and expected to complete in the fourth quarter of Aberdeen''s financial year, which ends in September. (Reporting by Simon Jessop; Editing by Rachel Armstrong and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-aberdeen-results-idUKKBN17Y0HY'|'2017-05-02T14:30:00.000+03:00'
'5268b61ce4355a35947ac29baa7c248a2d480f9f'|'Hummingbird Resources subsidiary set to open Mali gold mine this year'|'Business News - Tue May 2, 2017 - 2:42pm BST Hummingbird Resources subsidiary set to open Mali gold mine this year By Tiemoko Diallo - BAMAKO BAMAKO A subsidiary of UK mining firm Hummingbird Resources ( HUMR.L ) is on course to start production at an $88 million (<28>68.1 million) open cast gold mine in Mali this year, its director and Mali''s Minister for Mines told Reuters. The Komana mine south of the capital Bamako is operated by the Soci<63>t<EFBFBD> des Mines de Komana (SMK) and has proven reserves of 700,000 ounces, or around 20 tonnes, in its mine plan and an all-in production cost of $695 per ounce. It is expected to produce 132,000 ounces during the first year of its seven-year life span but Hummingbird business development manager Robert Monro said on Tuesday total resources stood at 2.2 million ounces and there was scope for further development and underground mining. Mali is Africa''s third largest gold producer after South Africa and Ghana and the country produced 50.9 tonnes last year. The commodity contributes around 25 percent of government revenue. "The aim is to mine the first gold in the last third of 2017," said SMK director Saidou Ide. Mines Minister Ti<54>moko Sangar<61> told Reuters on Monday after a visit to Komana that production would start in December. Komana, which is also called the Yanfolila project, is an important project for London-listed Hummingbird, a small miner that founded the Dugbe project in Liberia but decided against developing it because of low gold prices in 2013, Monro said. "It (Komana) is integral to our business, our primary focus. We need to deliver on Komana and continue delivering on it and we will be looking to increase the mine life," he said, adding that the company also envisaged developing Dugbe later, although costs there were higher. Up to 1,300 artisanal miners from Mali work at the Komana site on a seasonal basis and some have been moved from the first pit to a different area after negotiations, he said, adding that the artisanal miners extract up to 2,000 ounces per year. Hummingbird owns 80 percent of the company while the rest is held by the Malian state. Debt finance for the project was agreed last month with Coris Bank International, which is based in Burkina Faso. (Additional reporting and writing by Matthew Mpoke Bigg; Editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hummingbird-mali-idUKKBN17Y1KV'|'2017-05-02T21:42:00.000+03:00'
'8659efac50ab42e74344d1d1bee4d5a3d6c59732'|'UPDATE 2-Low-margin Medicare admissions hold back HCA Holdings'' profit'|'* Q1 earnings $1.74/shr vs est of $1.76/shr* Q1 revenue up 3.5 pct to $10.62 bln vs est of $10.76 bln* Expense ratios suffered from the relative lack of higher-margin insurance revenue - Mizuho analyst (Adds details, analyst comment)May 2 HCA Holdings Inc, the largest U.S. for-profit hospital operator, reported a lower-than-expected quarterly profit on Tuesday, hurt by an increase in low-margin Medicare admissions and higher labor costs.Shares of hospital operators have come under pressure as Republicans persist with their plans to dismantle the Affordable Care Act, popularly known as Obamacare.The stocks had surged after Republicans pulled their initial bill in March, dealing a setback to President Donald Trump''s vow to repeal Obamacare.Investors are concerned that a healthcare overhaul will curtail the benefits hospitals have gained from expanded insurance coverage under Obamacare.Net income attributable fell to $659 million, or $1.74 per share, in the first quarter ended March 31, from $694 million, or $1.69 per share, a year earlier.Analysts on average expected $1.76 per share, according to Thomson Reuters I/B/E/S.The company said salaries and benefits, supplies and other operating expenses totaled $8.63 billion, or 81.2 percent of first-quarter revenue, compared to $8.27 billion, or 80.6 percent of revenue, a year earlier.Mizuho Securities USA analyst Sheryl Skolnick noted that labor, supplies and other operating expense ratios all suffered from the relative lack of higher-margin insurance revenue.Same-facility Medicare admissions comprised 48.1 percent of total first quarter admissions, up from 47.0 percent in the prior-year quarter, the company said last month when it preannounced its first-quarter results.Medicare is the federal health insurance program for people who are 65 or older and is typically a lower-margin business for hospitals.HCA said on Tuesday its equivalent admissions, which include both patients who stay in the hospital overnight and those who are treated on an outpatient basis, rose 1.2 percent in the first quarter.HCA rival Tenet Healthcare Corp reported a smaller-than-expected quarterly loss on Monday while Community Health Systems Inc also posted better-than-expected quarterly results.HCA Holdings said revenue rose 3.5 percent to $10.62 billion, but was below analysts'' average estimate of $10.76 billion.HCA shares were up 2.2 percent at $85.55, a day after it said it would buy five hospitals in Texas, boosting its presence in the state. Rivals Community Health, Tenet Health and LifePoint Health Inc were also trading up. (Reporting by Ankur Banerjee in Bengaluru; Editing by Supriya Kurane)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hca-holdings-results-idINL4N1I43HR'|'2017-05-02T12:11:00.000+03:00'
'4f90d7de51574d02677c0900633afb9e799e60e6'|'UPDATE 1-Emerson Electric Q2 profit meets estimates, raises 2017 outlook again'|' 13am EDT UPDATE 1-Emerson Electric Q2 profit meets estimates, raises 2017 outlook again (Adds details) May 2 Emerson Electric Co on Tuesday reported quarterly profit that met Wall Street estimates, helped by an increase in sales in its commercial and residential solutions business and raised its 2017 earnings forecast for the second time. The company said it now expects earnings per share from continuing operations of $2.55-$2.65 in 2017, up from its earlier forecast of $2.47-$2.62. Analysts on average were expecting 2017 earnings of $2.59 per share, according to Thomson Reuters I/B/E/S. The St. Louis, Missouri-based company also said it now expects full-year net sales to be about flat, compared with its earlier forecast of flat to down 2 percent. The factory automation equipment maker''s earnings from continuing operations rose to $384 million, or 58 cents per share, in the second quarter ended March 31 from $375 million, or 57 cents per share, a year earlier. ( bit.ly/2oSXEIB ) Net sales were little changed at $3.57 billion. Analysts on average were expecting second-quarter earnings of 58 cents per share, on sales of $3.50 billion. (Reporting by Shashwat Awasthi and Ankit Ajmera in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerson-electric-results-idUSL4N1I42ZH'|'2017-05-02T19:13:00.000+03:00'
'7cebea768dbb2cfa4c4d35e9839ab5725c6bf7d1'|'Saudi British Bank could issue dollar bond this month - sources'|'Business  20pm BST Saudi British Bank could issue dollar bond this month - sources By Davide Barbuscia - RIYADH RIYADH HSBC-controlled Saudi British Bank (SABB) is in discussions with lenders over a U.S. dollar-denominated bond issue that could come as early as this month, banking sources familiar with the matter said on Tuesday. The bank has appointed HSBC ( HSBA.L ), which has a 40 percent stake in the lender, as financial adviser for the establishment of a debt programme but no banks have been formally named for the potential issue, said one source close to the situation. An HSBC spokeswoman declined to comment. If the sale goes ahead, SABB would be the first Saudi bank to raise funds internationally since the kingdom raised $17.5 billion (<28>13.5 billion) with its first international bond last year. That issue was seen paving the way for Saudi companies to follow suit. Banks in particular were expected to tap international markets soon after the jumbo sovereign issue, but improved liquidity in the banking system has slowed their plans. Nevertheless, continued regulatory pressures and higher non-performing loan ratios caused by low oil prices are expected to drive Saudi banks and lenders in the Gulf more generally to turn to debt financing, bankers said. It is possible that SABB''s debt sale, which is likely to be a subordinated bond, could be delayed by the lender''s merger talks with Alawwal Bank, which were announced at the end of April, said the sources. SABB is the kingdom''s sixth largest bank by assets. A merger with Alawwal Bank would create an entity with assets worth nearly $80 billion. SABB said at the end of March it planned to establish a sukuk programme of up to $2 billion which could include local currency and dollar-denominated Islamic bonds. It said it would establish the programme in the second quarter. (Editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sabb-bonds-idUKKBN17Y1VF'|'2017-05-02T23:20:00.000+03:00'
'd3e794516688ef36c4725b10755e40224c4fd313'|'Brewer Carlsberg first quarter sales above forecast, maintains 2017 outlook'|'Business News - Thu May 4, 2017 - 9:23am BST Carlsberg beats sales forecasts as drinkers go more upmarket A logo of Carlsberg beer is seen on the entrance of a pub in Brussels, Belgium March 10, 2016. REUTERS/Yves Herman By Stine Jacobsen and Nikolaj Skydsgaard - COPENHAGEN COPENHAGEN Carlsberg stuck to its 2017 profit forecast on Thursday as the Danish brewer reported a 5 percent rise in first quarter sales, with lower overall volumes offset by an improved price mix as drinkers opted for pricier beers. First-quarter sales came in at 13.70 billion Danish crowns (1.56 billion pounds), Carlsberg said, above the 13.48 billion forecast in a Reuters poll of analysts. "Both Eastern Europe and Asia delivered surprisingly strong price-mix-effects in the first quarter, which is a very positive signal to investors. They are already reaping the benefits of their strategy," said Sydbank analyst Morten Imsgard. A higher price mix means the company sold more of its more expensive beers, helping its profit margins. Imsgard said that while Carlsberg might have challenges selling more beer, it was a positive sign that it was "able to guide their customers towards more profitable beer brands". Carlsberg launched a seven-year plan in 2015 to deliver organic sales growth and margin improvements by striking a balance between volume growth and more profitable products. But despite this, Carlsberg saw market volumes in Russia continuing to decline throughout the year. "The 4 percent (Russian market volume) decline in Q1 is largely in line with expectations ... We feel that around 4-5 percent the market could continue to decline mainly as an impact of the PET," chief executive Cees<65>t Hart said. Russian initiatives to discourage drinking have included banning the sale of beer in so-called PET bottles, popular plastic bottles larger than 1.5 litres, which has further hurt sales in Carlsberg''s biggest market. Eastern European volumes fell by 2 percent, while overall volumes were down by 1 percent in the quarter. However, Carlsberg''s price-mix effect grew 4 percent. Carlsberg, which did not disclose earnings figures, said it still expected mid-single-digit organic growth in operating profit this year. It also expects a positive impact from currency exchange of 300 million crowns versus a previously forecast 350 million crowns. Meanwhile, Anheuser-Busch InBev, the world''s largest brewer, reported results on Thursday, posting a lower than expected increase in profit in the first quarter as earnings slipped in the United States and fell sharply in Brazil, its two largest markets. Shares in Carlsberg were up 1.9 percent at 0820 GMT. (Editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-carlsberg-results-idUKKBN1800GR'|'2017-05-04T14:04:00.000+03:00'
'afbed4415fc712610d4dbf9e1951e47788c1fabf'|'UPDATE 1-Adidas outpaces Nike in N.America, China; booms online'|'Thu May 4, 2017 - 2:11am EDT Adidas outpaces Nike in North America, China; booms online An Adidas logo is seen at the new Futurecraft shoe unveiling event in New York City, New York, U.S. April 6, 2017. REUTERS/Joe Penney BERLIN German sportswear firm Adidas ( ADSGn.DE ) reported a bigger-than-expected increase in first-quarter sales and profits on Thursday, as it outpaced arch-rival Nike ( NKE.N ) in North America and China and grew fast online. Adidas also reported a rebound in sales for its struggling Reebok brand, with quarterly growth up 13 percent, compared to just 6 percent in 2016, which Adidas said was driven by the training category and retro styles. Adidas said net profit rose 30 percent to 455 million euros ($495.7 million) on sales up 19 percent to 5.67 billion euros, ahead of average analyst forecasts for 421 million and 5.4 billion respectively, according to a Reuters poll. Adidas said growth was particularly strong in ecommerce, with revenues up 53 percent, and in North America and China, where sales grew 31 percent and 30 percent respectively. Nike reported sales rose just 3 percent in North America in the quarter ended Feb. 28, while they were up 9 percent in Greater China, falling short of double-digit growth for the first time in at least nine quarters. After losing ground to its U.S. rival for years, Adidas launched a big marketing drive in the United States to challenge Nike on its home turf, prompting consumers to snap up its Boost running shoes and retro styles like Superstars. Shares in Adidas have risen 21 percent so far this year. German rival Puma ( PUMG.DE ) has also reported strong demand in the first quarter, prompting it to lift its profit and sales guidance for 2017. New Adidas Chief Executive Kaspar Rorsted has also announced a big push online, in March doubling the ecommerce sales target for 2020 to 4 billion euros out of an expected 25 to 27 billion euro total, and from 1 billion achieved in 2016. (Reporting by Emma Thomasson; Editing by Victoria Bryan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-adidas-results-idUSKBN1800GT'|'2017-05-04T14:10:00.000+03:00'
'1506a5dc5c5363a6446e9418b2e715e6794a715c'|'French bank SocGen settles dispute with Libyan Investment Authority'|'Thu May 4, 2017 - 6:53am BST French bank SocGen settles dispute with Libyan Investment Authority A view shows the logo on the headquarters''s of French bank Societe Generale at the financial and business district of La Defense, west of Paris, France, April 18, 2017. REUTERS/Benoit Tessier PARIS French bank Societe Generale ( SOGN.PA ) and the Libyan Investment Authority (LIA) have signed a confidential agreement to settle a legal dispute regarding a case focused on five trades totaling $2.1 billion, executed between 2007 and 2009. "Societe Generale and the Libyan Investment Authority (LIA) jointly announce that they have signed a confidential settlement agreement that resolves all matters between both parties concerning five financial transactions entered into between 2007 and 2009 that have been the subject of legal action in the English High Court," SocGen said in a statement. "Societe Generale wishes to place on record its regret about the lack of caution of some of its employees. Societe Generale apologizes to the LIA and hopes that the challenges faced at this difficult time in Libya''s development are soon overcome," added the French bank. The Libyan Investment Authority (LIA) had been pursuing SocGen over those five trades, that took place before Colonel Muammar Gaddafi was ousted as Libyan leader. The LIA had claimed the trades were secured as part of a "fraudulent and corrupt scheme" involving the payment of $58.5 million by SocGen to a Panamanian-registered company called Lenaida, controlled at the time by Libyan businessman Walid Giahmi. Lenaida was dissolved in 2010. (Reporting by Sudip Kar-Gupta; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-libya-swf-litigation-idUKKBN1800G3'|'2017-05-04T13:48:00.000+03:00'
'4d5820bfe5694444e11dada237aefd827679c8a5'|'Credit Suisse says tax probe linked to ''historical'' business'|'Business News - Thu May 4, 2017 - 6:31am BST Credit Suisse says tax probe linked to ''historical'' business Switzerland''s national flag flies beside the logo of Swiss bank Credit Suisse in Zurich, Switzerland April 24, 2017. REUTERS/Arnd Wiegmann ZURICH A Dutch-led international tax evasion investigation involving Credit Suisse centres on the Swiss bank''s "historical" private banking business, it said on Thursday. "Credit Suisse offices in various locations have been contacted by regulatory and law enforcement authorities seeking records and information concerning investigations into our historical private banking services on a cross-border basis," it said in its quarterly financial report released on Thursday, adding it was cooperating with the authorities. (Reporting by Joshua Franklin, Editing by Michael Shields)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-credit-suisse-gp-taxevasion-idUKKBN1800EM'|'2017-05-04T13:31:00.000+03:00'
'78243f0ad9b3e832d5a09b960c6e2479b6bfd93a'|'Mexico, Canada seek U.S. soft spots to bolster NAFTA defense'|'By Dave Graham and David Ljunggren - MEXICO CITY/OTTAWA MEXICO CITY/OTTAWA From launching a data-mining drive aiming to find supply-chain pressure points to sending officials to mobilize allies in key U.S. states, Mexico and Canada are bolstering their defenses of a regional trade pact President Donald Trump vows to rewrite.Trump has blamed the North American Free Trade Agreement (NAFTA) for the loss of millions of manufacturing jobs and has threatened to tear it up if he fails to get a better deal.Fearing the massive disruptions a U.S. pullout could cause, the United States'' neighbors and two biggest export markets have focused on sectors most exposed to a breakdown in free trade and with the political clout to influence Washington.That encompasses many of the states that swept Trump to power in November and senior politicians such as Vice President Mike Pence, a former Indiana governor or Wisconsin representative and House Speaker Paul Ryan.Prominent CEOs on Trump''s business councils are also key targets, according to people familiar with the lobbying push.Mexico, for example, has picked out the governors of Texas, Arizona and Indiana as potential allies.Decision makers in Michigan, North Carolina, Minnesota, Illinois, Tennessee, Wisconsin, Ohio, Florida, Pennsylvania, Nebraska, California and New Mexico are also on Mexico''s priority list, according to people involved in talks.Mexican and U.S. officials and executives have had "hundreds" of meetings since Trump took office, said Moises Kalach, foreign trade chief of the Mexican private sector team leading the defense of NAFTA. (Graphic: tmsnrt.rs/2oYClp2 )Canada has drawn up a list of 11 U.S. states, largely overlapping with Mexico''s targets, that stand to lose the most if the trade pact enacted in 1994 unravels.To identify potential allies among U.S. companies and industries, Mexican business lobby Consejo Coordinador Empresarial (CCE) recruited IQOM, a consultancy led by former NAFTA negotiators Herminio Blanco and Jaime Zabludovsky.In one case, the analysis found that in Indiana, one type of engine made up about a fifth of the state''s $5 billion exports to Mexico. Kalach''s team identified one local supplier of the product and put it touch with its main Mexican client."We said: talk to the governor, talk to the members of congress, talk to your ex-governor, Vice President Pence, and explain that if this goes wrong, the company is done," Kalach said. He declined to reveal the name of the company and Reuters could not immediately verify its identity.Trump rattled the two nations last week when his administration said he was considering an executive order to withdraw from the trade pact, which has been in force since 1994. He later said he would try to renegotiate the deal first and Kalach said the lobbying effort deserved much credit for Trump''s u-turn."There was huge mobilization," he said. "I can tell you the phone did not stop ringing in (Commerce Secretary Wilbur) Ross''s office. It did not stop ringing in (National Economic Council Director) Gary Cohn''s office, in the office of (White House Chief of Staff Reince) Priebus. The visits to the White House from pro-NAFTA allies did not stop all afternoon."Among those calling the White House and other senior administration officials were U.S. Chamber of Commerce chief Tom Donohue, officials from the Business Roundtable and CEOs from both lobbies, according to people familiar with the discussions.PRIME TARGETMexico has been the prime target of NAFTA critics, who blame it for lost manufacturing jobs and widening U.S. trade deficits. Canada had managed to keep a lower profile, concentrating on seeking U.S. allies in case of an open conflict.That changed in late April when the Trump administration attacked Ottawa over support for dairy farmers and slapped preliminary duties on softwood lumber imports.Despite an apparently weaker position - Canada and Mexico jointly absorb about a third of U.S. exports, but rel
'32b1a8845233af9621f2611d9f68834c50057696'|'Liberty House''s founder says will list at least one business, probably in 2018'|'Business News -  24am BST Liberty House''s founder says will list at least one business, probably in 2018 FILE PHOTO: Liberty Steel boss Sanjeev Gupta stands outside steel pressing mill in Dalzell after completing its purchase, Scotland, Britain April 8, 2016. REUTERS/Russell Cheyne/File Photo LONDON The founder and chairman of Liberty House, the industrials and commodities group that has been buying up troubled steel businesses around the world, said on Thursday he would definitely list parts of the $6 billion group, probably in 2018. "(It) will happen sooner or later for sure ... 2018 is a soft target," Sanjeev Gupta told Reuters on the sidelines of the CRU World Aluminium Conference in London. "We want at least one if not more of the businesses to be in the public space, like energy for example, maybe steel eventually." (Reporting by Maytaal Angel; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-steel-liberty-uk-idUKKBN1800Y5'|'2017-05-04T17:24:00.000+03:00'
'c640317ba623caf7c7d6a05df335eba2b9197eae'|'WHO to help bring cheap cancer biosimilar drugs to world''s poor'|'Company   4:21am EDT WHO to help bring cheap cancer biosimilar drugs to world''s poor LONDON May 4 The World Health Organization is to launch a pilot project this year to assess cheap so-called biosimilar copies of expensive biotech drugs for cancer, in a bid to make such medicines more widely available in poorer countries. The United Nations health agency said on Thursday it would invite manufacturers in September to submit applications for prequalification of biosimilar versions of two such drugs on its essential medicines list, Roche''s Rituxan and Herceptin. It also plans to explore options for prequalifying biosimilar insulin. (Reporting by Ben Hirschler; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/health-cancer-who-idUSL8N1I62GO'|'2017-05-04T16:21:00.000+03:00'
'3149c342630c093f91f7c332ed82515dc6cb7a54'|'PRESS DIGEST- British Business - May 4'|'May 4 - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times* HNA Group, which began life as a single airline, has become the largest shareholder in Deutsche Bank after doubling its stake in the troubled German lender to just under 10 percent. bit.ly/2oZb1XM* Live Premiership Rugby matches will be shown on terrestrial television for the first time after Viacom signed a seven-figure deal. bit.ly/2oZ6sg8The Guardian* Lidl is on track to overtake Waitrose to become the UK<55>s seventh-biggest grocer as early as this summer as discounters benefit from new store openings and shoppers search out bargains amid a return to food price inflation. bit.ly/2oZ5kJm* Up to 1,000 bankers working for JPMorgan in the City of London are to be relocated to Dublin, Frankfurt and Luxembourg as the U.S. bank becomes the latest to set out Brexit plans. bit.ly/2oZaIvVThe Telegraph* Marks and Spencer has poached the boss of bicycle and car parts retailer Halfords, Jill McDonald, to revive its ailing clothing, home and beauty business. bit.ly/2paoBUc* Britain and Brussels will both be better off if they stop wrangling over an enormous Brexit divorce bill and instead focus on the real prize - a deal to preserve the 600 billion pounds ($771.90 billion) of trade which flows back and forth across the Channel each year, according to the Confederation of British Industry. bit.ly/2pae4brSky News* Britain''s biggest tobacco distributor, Palmer & Harvey, is to be put up for sale just weeks after sealing a financial rescue package led by two of the world''s largest cigarette makers, according to Sky News. bit.ly/2p9M5ZO* Instant messaging service WhatsApp has suffered a major outage across Western Europe, Asia and America. The Facebook -owned instant messaging app began experiencing problems on Wednesday evening. bit.ly/2pa89DhThe Independent* Starbucks is launching two new coffee-based drinks in the UK, as it strives to tap into consumers'' growing appetite for healthy beverages. ind.pn/2papaxi* Standard Chartered has chosen Frankfurt for its main base inside the EU as it prepares for the UK to lose easy access to the single market after Britain exits the trading bloc, the bank''s chairman said. ind.pn/2pa8ENF ($1 = 0.7773 pounds) (Compiled by Parikshit Mishra in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL1N1I52JI'|'2017-05-03T21:43:00.000+03:00'
'4b031ed819f953a6ea5cc4f4ec10290bafce047a'|'OPEC, non-OPEC see need to extend supply-cut pact - Saudi governor'|'Economy News - Fri May 5, 2017 - 11:30am BST OPEC, non-OPEC see need to extend supply-cut pact: Saudi governor A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC''s headquarters in Vienna, Austria December 10, 2016. REUTERS/Heinz-Peter Bader By Rania El Gamal - DUBAI DUBAI OPEC and other countries that agreed to cut crude production are converging on the need to extend the pact beyond June to help to clear a supply glut, Saudi Arabia''s OPEC governor said on Friday. The Organization of the Petroleum Exporting Countries, Russia and other producers agreed last year to curb production by 1.8 million barrels per day (bpd) for six months from Jan. 1. Oil prices have risen but stockpiles are still high and production from countries that have not agreed to the cut, including the United States, has been rising, keeping crude below the $60 level that OPEC kingpin Saudi Arabia and others would like to see. "There''s an emerging consensus among participating countries on the need to extend the production agreement reached last year," Adeeb Al-Aama told Reuters. "Based on today''s data, there''s a growing conviction that a six-month extension may be needed to rebalance the market, but the length of the extension is not firm yet," he said. A formal decision will be made when OPEC ministers and non-OPEC producers meet in Vienna on May 25. The Saudi OPEC governor was speaking by telephone from Vienna where he is attending a meeting of OPEC''s governing board along with his counterparts from the 13-country OPEC - which accounts for a third of global oil production. Such meetings are for informal consultations, but they deal with administrative matters and do not decide policy. Al-Aama said he had accompanied Saudi Energy Minister Khalid Al-Falih on a visit last week to some of the non-OPEC producers that are party to the pact, and "all have expressed their commitment to the deal." Al-Falih was due to visit more countries next week, he said. Compliance with the cuts has been rising every month, reaching "an impressive 98 percent in March", Al-Aama said. This is higher than OPEC achieved during its last cut in 2009. Al-Falih spoke with Russian energy minister Alexander Novak on Thursday to discuss the status of the oil market and their planned meeting in Beijing within 10 days, Al-Aama said. "The two ministers expressed their satisfaction with the market fundamentals evidenced by the gradual drawdown of global inventories and agreed on the need to continue working with all participants to guide oil markets towards rebalancing," he said. Novak has said Russia is inclined to prolong the accord. (Reporting by Rania El Gamal; editing by Susan Thomas and Jane Merriman) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-saudi-opec-oil-idUKKBN1810QM'|'2017-05-05T18:23:00.000+03:00'
'a5541b30b27faf46002b164db87d6a8ecd9ea0bd'|'ConocoPhillips to lay off 300 in pull-back from Canada oil sands'|'Business News - Thu May 4, 2017 - 7:04pm EDT ConocoPhillips to lay off 300 in Canada oil sands pullback FILE PHOTO: Logos of ConocoPhillips are seen in its booth at Gastech, the world''s biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai By Ethan Lou - CALGARY, Alberta CALGARY, Alberta ConocoPhillips ( COP.N ) will lay off 300 Canadian workers after selling most local assets to domestic crude producer Cenovus Energy Inc ( CVE.TO ), the Houston-based company said on Thursday. ConocoPhillips in March agreed to sell oil sands and western natural gas assets to Cenovus for C$17 billion ($12.4 billion), making it the latest international oil major to pull back from a region beset by high costs and low crude prices. Norwegian oil company Statoil ASA ( STL.OL ), which late last year agreed to sell Canadian oil sands assets to local producer Athabasca Oil Corp ( ATH.TO ), has also shed staff, a spokesman said on Thursday, without disclosing the precise number. The resulting layoffs will pile on to the high unemployment rate facing oil-producing Alberta province after the two-year crash in commodity prices. The unemployment rate was 8.4 percent in March, slightly down from months earlier, but still at a level not seen in more than 20 years. The government of Alberta has been publicly firm that the asset sales are good news as buyers have been domestic companies eyeing expansion. But privately, in written advice to Energy Minister Marg McCuaig-Boyd days after the Cenovus deal, a senior civil servant conceded one negative aspect in the "financial and labour impact" of the exodus. "Some energy jobs may be at risk because such mergers and acquisitions yield duplications and redundancies," according to the government briefing note, seen by Reuters under freedom-of-information laws. Asked about the note, Alberta Premier Rachel Notley said job losses are a cost of consolidation, although she does "not necessarily" anticipate more layoffs. The province is working hard to seek export markets for its landlocked energy products to ensure the sector''s long-term stability, she said. ConocoPhillips spokesman Rob Evans said the layoffs will be mostly in the Canada''s oil capital of Calgary, Alberta, and will occur by mid-May. The company had more than 2,000 staff in Canada as of late 2015. Global energy majors have sold off more than $22.5 billion worth of Canadian oil sands assets so far this year to domestic companies. Royal Dutch Shell ( RDSa.L ), which in March agreed to sell most oil sands assets for $8.5 billion to Canadian Natural Resources ( CNQ.TO ), said at the time that layoffs among head office employees and technical staff were possible. Shell spokeswoman Tara Lemay on Thursday declined to provide a precise figure, saying most workers will be kept on and those laid off are eligible to apply for positions within Shell globally. ($1 = 1.3726 Canadian dollars) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-cenovus-energy-conocophillips-layoffs-idUSKBN180234'|'2017-05-05T05:25:00.000+03:00'
'21d907cded324cf3e9c17bfc4927d82ef7084589'|'PRECIOUS-Gold edges up, but set for worst week since Nov'|'Market News - Thu May 4, 2017 - 9:26pm EDT PRECIOUS-Gold edges up, but set for worst week since Nov May 5 Gold inched up on Friday as the euro rose against the dollar, but was on track for its biggest weekly fall since November on receding political risks in France and expectations of a U.S. rate rise as early as June. FUNDAMENTALS * Spot gold rose 0.1 percent to $1,228.31 per ounce as of 0105 GMT, after touching 1,225.20 on Thursday, its lowest since March 17. * Gold was poised to end the week down over 3 percent, the biggest percentage fall since the week ending Nov. 11. * U.S. gold futures were steady at $1,228.60 an ounce. * The euro traded near a six-month high against the dollar on Friday, supported by expectations that centrist Emmanuel Macron will win France''s presidential election. * Asian stocks are set for a third straight day of losses on Friday as a retreat in crude oil and other commodities prices knocked global sentiment. * New applications for U.S. jobless benefits fell sharply last week and the number of Americans on unemployment rolls hit a 17-year low, pointing to a tightening labor market that could allow the Federal Reserve to raise interest rates next month. * Holdings of SPDR Gold Trust , the world''s largest gold-backed exchange-traded fund, fell 0.03 percent to 853.08 tonnes on Thursday. * Central bank gold demand hit its lowest in nearly six years in the first quarter as Chinese buying dried up, the World Gold Council said in a report on Thursday, feeding into an 18 percent year-on-year drop in overall demand. * Gold demand in India could be muted in the second half of 2017, as the rollout of a new national sales tax from July is expected to dent appetite in the world''s second-biggest consumer, the World Gold Council (WGC) said on Thursday. * The Russian central bank increased holdings of gold in its international reserves in 2016, while cutting on share of the euro and the pound, the bank''s data showed late on Wednesday. * Russia produced 31.01 tonnes of gold in January and February this year, down from 33.25 tonnes in the same period last year, the finance ministry said on Thursday. * Randgold Resources reported falls in first-quarter profit and production on Thursday hurt by labour strikes but the miner said it remained on track to meet its annual targets. * South Africa gold and platinum producer Sibanye SGLJ.J said on Thursday its gold production in the first quarter of 2017 fell 9 percent. DATA AHEAD (GMT) 1230 U.S. Nonfarm payrolls April 1230 U.S. Unemployment rate April (Reporting by Swati Verma in Bengaluru; Editing by Richard Pullin) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-precious-idUSL4N1I710K'|'2017-05-05T09:26:00.000+03:00'
'c6ef38829ff0a20b59b32a301bb35a02c561288f'|'Japan proposes expanding bilateral FX swap scheme with ASEAN'|'Economy   3:25am BST Japan proposes expanding bilateral FX swap scheme with ASEAN Light is cast on a Japanese 10,000 yen note as it''s reflected in a plastic board in Tokyo, in this February 28, 2013 picture illustration. REUTERS/Shohei Miyano/Illustration/File Photo YOKOHAMA, Japan Japan''s Ministry of Finance on Friday proposed launching bilateral foreign exchange swap arrangements of up to 40 billion dollars with Southeast Asian nations to enable Tokyo to provide yen funds to these countries during times of financial crisis. The proposal was made during a meeting between finance ministers and central bank governors from Japan and the members of Association of Southeast Asian Nations (ASEAN) in Japan, the ministry said in a statement. The move is aimed at making yen funds more accessible to Japanese firms increasing their presence in Southeast Asia as well as others in need of the Japanese currency in case of financial stress. The scheme would allow each country to choose either the yen or the dollar in receiving funds under the bilateral arrangements in response to liquidity crisis. Separately on Friday, Japan entered into bilateral currency swap arrangement worth 3 billion dollars with Thailand and agreed to enter a similar arrangement with Malaysia under a current swap framework. (Reporting by Tetsushi Kajimoto; Editing by Sam Holmes)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-adb-asia-currency-idUKKBN18106V'|'2017-05-05T10:17:00.000+03:00'
'3ad5876d6cd8c63ea589b984e9abd25da4478ae3'|'Smith & Nephew says M&A ''not at top of agenda'' at the moment'|'LONDON The chief executive of Smith & Nephew ( SN.L ) said on Friday that M&A was not at the top of his agenda, as the focus was on driving growth at the artificial knee and hip maker.A report in the Financial Times in March said Wright Medical ( WMGI.O ), a U.S. company that specialize in surgical implants for extremities like feet and ankles, could be a takeover target for the British company.S&N Chief Executive Olivier Bohuon said M&A was "always on the agenda", and he had previously pointed to extremities as one of a number of areas of interest."But for the moment, this quarter, I am interested in developing my commercial excellence," he said."(M&A) is still high on the agenda, but it''s not a top priority for the time being."(Reporting by Paul Sandle; editing by Kate Holton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-smith-nephew-outlook-m-a-idINKBN1810OR'|'2017-05-05T05:54:00.000+03:00'
'435d22838135f14ff2eee1539ba230537225d47a'|'Swiss pharmacy group Zur Rose says looking at possible IPO'|'ZURICH Swiss mail-order pharmacy Zur Rose Group [ZUROS.UL] has hired investment banks to look at a possible public listing of shares, it said on Friday."The options which are being assessed by UBS ( UBSG.S ) and Berenberg on behalf of Zur Rose Group include an initial public offering with capital increase, further private funding as well as additional debt financing," the Frauenfeld-based company said in a statement.Its board of directors may send out an invitation to an extraordinary general meeting "in the coming weeks", Zur Rose said.An IPO would be the second listing of a Swiss pharmacy group after Galenica Sante ( GALE.S ) raised 1.9 billion Swiss francs ($1.92 billion) last month in Europe''s biggest flotation so far this year.Shares in Zur Rose now trade on Berner Kantonalbank''s OTC-X, Zuercher Kantonalbank''s eKMU-X and Lienhardt & Partners Private Bank Zurich Ltd''s trading platforms.The company has more than 800 employees and generated revenue of 880 million Swiss francs in 2016.(Reporting by Joshua Franklin; Editing by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-zur-rose-group-ipo-idINKBN1810ND'|'2017-05-05T05:35:00.000+03:00'
'251fcccde489111fe821352ad5d10222426587be'|'British Airways owner IAG points to pricing upturn after record first quarter'|'Fri May 5, 2017 - 10:47am BST BA owner IAG points to pricing upturn after record first quarter British Airways logos are seen on tailfins at Heathrow Airport in west London, Britain May 12, 2011. REUTERS/Toby Melville/File Photo By Alistair Smout - LONDON LONDON British Airways owner IAG ( ICAG.L ) joined other European carriers in giving a more upbeat assessment on pricing after it posted record first-quarter results on Friday, helping to boost its shares. Airlines have suffered from years of falling ticket prices, but European carriers are seeing signs of a turnaround as the decline in fares slows. IAG said it expects quarterly revenue per passenger mile flown to register its first year-on-year increase since 2014 in the second quarter. Though that measure of sales relative to flight capacity was down 3.1 percent at constant currency in the first quarter, Chief Executive Willie Walsh said the performance since last year has been encouraging. "What we''re seeing is that trend, which was an issue commented on by a lot of airlines. We''re seeing an improving trend and it''s moving faster than we would have expected," Walsh said. The comments by IAG, which also owns Iberia, Vueling and Aer Lingus, chime with recent assessments by Air France ( AIRF.PA ) and Lufthansa ( LHAG.DE ), which have also said that the pricing environment and bookings are improving heading into the summer. IAG''s first-quarter operating profit before exceptional items came in at 170 million euros ($186.6 million), up 9.7 percent and well ahead of a Reuters forecast of 140.5 million euros. Total revenue fell by 2.8 percent but was slightly ahead of expectations, helped by the improvement in pricing. Profit was also lifted by falling costs. Total unit costs at constant currency were down 2.9 percent and Walsh said the group had been able to control costs within its power while also benefiting from lower fuel prices. Shares in IAG rose 5 percent to their highest since January 2016. Some airlines struggled in 2016, with many Britain-focused carriers giving profit warnings in response to the country''s vote to leave the European Union. IAG, which last year cut its results guidance because of the fall in sterling after the Brexit referendum, said there was again an adverse currency exchange impact of 32 million euros in the quarter from the translation of sterling profit into euros. (Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-iag-results-idUKKBN1810UM'|'2017-05-05T17:05:00.000+03:00'
'af7ab52e0c61e4410abd63665f0a975628d9a403'|'Facebook nears ad-only business model as game revenue falls'|'Business News - Thu May 4, 2017 - 11:44pm BST Facebook nears ad-only business model as game revenue falls The Facebook logo is displayed on their website in an illustration photo taken in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau By David Ingram - SAN FRANCISCO SAN FRANCISCO Facebook Inc''s growth into a digital advertising power is showing a flip side: The social network is more dependent than ever on the cyclical ad market, even as its rival Google finds new revenue streams in hardware and software. Facebook reported on Wednesday that 98 percent of its quarterly revenue came from advertising, up from 97 percent a year earlier and 84 percent in 2012. Revenue from non-advertising sources fell to $175 million (135.4 million pounds) in the quarter, from $181 million a year earlier. Facebook has warned for some time about declining non-ad revenue. That part of its business consists almost entirely of video game players on desktop computers buying virtual currency, and it has fallen as gaming has moved to smartphones. Facebook takes 30 percent of purchases, with the balance going to companies such as Zynga Inc, maker of the game Farmville. The company''s dependence on advertising is a long-term concern but it has time to find other revenue while building its core ad business, said Clement Thibault, a senior analyst at Investing.com. "We have to remember it''s still a fairly young business. It''s not like they''re an old-fashioned business that needs to move soon," he said. A Facebook spokeswoman declined to comment. Facebook''s share price hit an all-time high of $153.60 on Tuesday before dipping to close at $150.85 on Thursday. The lack of diversification stands in contrast to Google, a unit of Alphabet Inc. Its non-advertising revenue, from sources such as cloud services and Pixel smartphones, posted a 49.4 percent jump to $3.1 billion in the most recent quarter and now represents 13 percent of Google''s total revenue, up from 10 percent a year earlier. Facebook Chief Operating Officer Sheryl Sandberg said during a conference call in February that the company was diversifying revenue by expanding its base of advertisers across geographic regions and industries. Facebook''s non-advertising products, such as its Oculus virtual reality headset and the Workplace office software, currently generate little revenue. Some companies diversify through acquisitions, but most of Facebook''s purchases such as Instagram and WhatsApp have been in adjacent markets. Chief Financial Officer David Wehner said in a conference call for investors on Wednesday that Facebook was not breaking out Instagram revenue as a separate line in financial reports because Instagram ads are sold through the same interface as Facebook ads. (Reporting by David Ingram; Editing by Jonathan Weber and Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-facebook-revenue-idUKKBN1802TC'|'2017-05-05T06:44:00.000+03:00'
'dfc133d446a6b3364a3082255d57ce36f230d131'|'European shares pull back as oil drop weighs; Pearson rallies'|'Business News - Fri May 5, 2017 - 8:32am BST European shares pull back as oil drop weighs; Pearson rallies Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 4, 2017. REUTERS/Staff/Remote MILAN A drop in oil prices weighed on European shares on Friday though main regional indexes held near recent highs after a week of gains spurred by easing political worries, strong earnings and supportive macro data. The oil & gas index was the biggest sectoral faller, down 0.9 percent as crude fell further as concerns about global oversupply wiped out all of the price gains since OPEC''s move to cut output. BP, Total and Royal Dutch Shell were the biggest single-stock weights in Europe, dragging the pan-European STOXX 600 index down 0.3 percent by 0714 GMT, while the UK''S FTSE 100 was down 0.2 percent. France''s CAC dropped 0.5 percent ahead of the presidential runoff vote on Sunday pitting centrist Emmanuel Macron as favourite against far-right rival Marine Le Pen. Among outstanding movers, Pearson surged 14 percent after the global education company said it would cut more costs and consider selling its U.S. school courseware business in the latest attempt to restructure. Well-received results lifted shares in Vestas and Smith & Nephew, while Moncler fell following its results late on Thursday. Almost half of European companies have reported their earnings so far with 74 percent beating analyst expectations and 6 percent meeting them, pointing to overall earnings growth of nearly 17 percent in the first quarter of this year, according to Thomson Reuters I/B/E/S data. (Reporting by Danilo Masoni, editing by Kit Rees)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN1810N5'|'2017-05-05T15:32:00.000+03:00'
'20a0478b1554115191a74c59d1dadf54bdc63d97'|'Deals of the day-Mergers and acquisitions'|'Market News -  40pm EDT Deals of the day-Mergers and acquisitions (Adds Linde, Centaur Gaming LLC, Avantor, Sanofi, SBM Holdings; Updates BHP Billiton Ltd, DX Group) May 5 The following bids, mergers, acquisitions and disposals were reported by 1930 GMT on Friday: ** Linde Chairman Wolfgang Reitzle has defended his plan for a $70 billion merger with U.S. rival Praxair , telling a German newspaper it was a good deal for workers and investors. ** Centaur Gaming LLC, a privately owned U.S. casino and horse racing company, is exploring a sale that could value it at more than $1 billion, including debt, according to people familiar with the matter. ** Avantor, owned by private equity firm New Mountain Capital, will buy VWR Corp for about $4.38 billion, creating a laboratory equipment giant supplying everything from test tubes to microscopes to the healthcare and technology industries. ** Sanofi has given up on the possibility of selling its chemical unit Cepia, a spokeswoman with the French drugmaker said. ** Mauritius'' SBM Holdings is bidding to buy a stake in Kenya''s Chase Bank, SBM''s chairman said, which will give it greater presence in the East African economy after acquiring Fidelity Bank last year. ** ChemChina has won more than enough support from Syngenta AG shareholders to clinch its $43 billion takeover of the Swiss pesticides and seeds group, the two companies said. ** Elliott Advisors, the Akzo Nobel shareholder that has been pushing for the company to enter takeover talks with U.S. rival PPG Industries, said Akzo will lose up to 6,400 jobs under the independence plan it has put forward as an alternative. ** A second BHP Billiton Ltd, shareholder has made a public push for changes at the world''s largest miner, with Sydney-based Tribeca Investment Partners pressing the company to sell its U.S. shale assets and overhaul its board. ** Pearson, the global education company battling a downturn in its biggest markets, said it would launch another cost cutting drive and consider selling its U.S. school publishing business in the latest attempt to restructure. ** Banca Popolare di Vicenza will pocket 21.3 million euros ($23 million) from the sale of a stake in Italian packaging company IMA, the lender said. ** The sale of two Rio Tinto, coking coal mines in Australia is attracting scores of interested buyers as private equity and public companies compete for a foothold in one of the year''s hottest commodities, four sources familiar with the matter said. ** The Czech anti-monopoly office has approved a request by China''s CEFC to raise its stake in Czech company J&T Finance Group, CTK news agency reported. ** The biggest investor in UK mail delivery firm DX Group , Gatemore Capital Management, ratcheted up its opposition to a proposed reverse takeover of John Menzies'' distribution arm, saying it "grossly undervalued" the firm. ** Saxo Bank co-founder Lars Seier Christensen has sold his 25.71 percent stake in the online trading platform provider to Geely International Hong Kong, a subsidiary of Zhejiang Geely Holding Group Co, the unlisted Danish firm said. ** Warren Buffett said he has sold about one-third of Berkshire Hathaway Inc''s big stake in IBM Corp, CNBC reported on Thursday, reducing a bet by the famed investor that surprised many and which so far has yet to prove successful. (Compiled by John Benny and Akankshita Mukhopadhyay in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL4N1I72R1'|'2017-05-05T17:57:00.000+03:00'
'857517c9b9b7f0ef7eb397e33f5424e08c817d7d'|'J&J ordered to pay $110 million in talc product liability trial'|'Business News - Thu May 4, 2017 - 10:16pm EDT J&J ordered to pay $110 million in U.S. talc-powder trial A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake By Nate Raymond Johnson & Johnson on Thursday was ordered by a Missouri jury to pay over $110 million to a Virginia woman who says she developed ovarian cancer after decades of using of its talc-based products for feminine hygiene. The verdict in state court in St. Louis was the largest so far to arise out of about 2,400 lawsuits accusing J&J of not adequately warning consumers about the cancer risks of talc-based products including its well-known Johnson''s Baby Powder. Many of those lawsuits are pending in St. Louis, where the J&J has faced four prior trials, three of which resulted in $197 million verdicts against J&J and a talc supplier. Thursday''s verdict came in a lawsuit against J&J and talc supplier Imerys Talc by Lois Slemp, a resident of Virginia who is currently undergoing chemotherapy after her ovarian cancer initially diagnosed in 2012 returned and spread to her liver. Slemp claimed she developed cancer after four decades of using talc-containing products produced by J&J, including J&J''s Baby Powder and Shower to Shower Powder. The jury awarded $5.4 million in compensatory damages and said J&J was 99 percent at fault while Imerys was just 1 percent. It awarded punitive damages of $105 million against J&J and $50,000 against Imerys. Reuters watched the verdict through Courtroom View Network, which broadcast it online. "Once again we''ve shown that these companies ignored the scientific evidence and continue to deny their responsibilities to the women of America," Ted Meadows, a lawyer for Slemp and other plaintiffs, said in a statement. J&J in a statement said it sympathized with women impacted by ovarian cancer but planned to appeal. "We are preparing for additional trials this year and we continue to defend the safety of Johnson''s Baby Powder," J&J said. The verdict came after J&J secured its first trial win in the Missouri litigation, when a jury in March sided with the company in a lawsuit by a Tennessee woman who said she developed cancer after using Baby Powder. That verdict broke a three-trial winning streak by plaintiffs that began with a verdict in February 2016 in which a jury awarded $72 million to the family of a woman who died from ovarian cancer. In May 2016, another jury awarded $55 million to a woman who said J&J''s talc-powder products caused her to develop cancer. A third jury hit J&J and Imerys with a $70 million verdict in October. The case is Slemp v. Johnson & Johnson, 22nd Judicial Circuit of Missouri, No. 1422-CC09326-01. (Reporting by Nate Raymond in Boston; Editing by Sandra Maler and Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-johnson-johnson-cancer-lawsuit-idUSKBN18100F'|'2017-05-05T08:04:00.000+03:00'
'5f264a90299603d036e3633f27a2a36c08ee31d7'|'Fidelity International launches bond fund for wealthy Chinese'|'Business News - Fri May 5, 2017 - 5:43am BST Fidelity International launches bond fund for wealthy Chinese HONG KONG Fidelity International said on Friday it had launched its first onshore Chinese fund for wealthy mainland investors, a key milestone for foreign fund managers wanting to expand in the tricky Chinese market. The asset manager''s first private fund in China, which primarily invests in China''s $9 trillion onshore bond markets, will be available to Chinese institutional and high-net worth investors, the company said in a statement. "Undeniably, the RMB bond markets are the future of Asia''s bond markets and will play in global financial markets for many years to come," Freddy Wong, the fund''s manager, said in a statement. Fidelity International this year became the first global asset manager allowed to launch investment products in China through a wholly-owned local subsidiary, as Beijing further liberalizes its capital markets. The company''s Shanghai-based unit registered with the Asset Management Association of China (AMAC), qualifying it to create onshore investment products for Chinese institutions and wealthy individuals, the company said in January. Previously, foreign asset managers looking to distribute investment products in China had to operate through minority-owned joint ventures with Chinese firms, but Beijing has been gradually loosening the reins. A growing number of foreign financial institutions, including Aberdeen Asset Management, U.S. hedge fund Bridgewater Associates and Vanguard have recently set up wholly foreign-owned enterprises (WFOE) in China. But they still need AMAC registration to launch onshore products. Since 2004, Fidelity has been offering offshore capabilities to Chinese investors through partnering with banks under the Qualified Domestic Institutional Investor (QDII) scheme. Fidelity also owns a quota of $1.2 billion under the Qualified Foreign Institutional Investor (QFII) scheme, which allows foreign institutions to buy Chinese stocks and bonds. (Reporting by Michelle Price; Editing by Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-fidelity-china-fund-idUKKBN1810AV'|'2017-05-05T12:43:00.000+03:00'
'92635d83fb13094752b1a5a957a5403aa90c5537'|'PM Tsipras says Greece has done its bit, now wants debt relief'|'  6:40pm BST PM Tsipras says Greece has done its bit, now wants debt relief left right Greek Prime Minister Alexis Tsipras arrives for a cabinet meeting at the parliament in Athens, Greece May 4, 2017. REUTERS/Costas Baltas 1/2 left right Greek Finance Minister Euclid Tsakalotos arrives for a cabinet meeting at the parliament in Athens, Greece May 4, 2017. REUTERS/Costas Baltas 2/2 By Renee Maltezou - ATHENS ATHENS Prime Minister Alexis Tsipras called on Greece''s international lenders on Thursday to reach an agreement on easing its debt burden by May 22, when euro zone finance ministers meet in Brussels to discuss the bailout progress. Athens and its creditors reached a long-awaited deal this week on a series of bailout reforms Greece needs to unlock loans from its 86-billion euro (<28>73 billion) rescue package, the country''s third since in 2010. The European Union and the International Monetary Fund, which has yet to announce if it will participate in the bailout, have now started negotiations over Greece''s post-bailout fiscal targets, a key element for granting it further debt relief. "Medium-term debt relief measures must be clearly defined by the May 22 Eurogroup meeting," Tsipras told his cabinet on Thursday, referring to the finance ministers. "Greece has done its part and all parties must now fulfil their commitments." An agreement on debt relief measures may help bring the IMF on board. It will also allow Greece to wrap up its formal bailout review after six months of tense talks, help it qualify for inclusion in the European Central Bank''s bond-buying programme, and let it return to bond markets. Greece''s debt stands at 179 percent of gross domestic product. Under discussion are its targets for a primary surplus, which excludes debt servicing cots, over a decade. Tsipras'' leftist-led government aims to legislate the recently-agreed reforms, which include cutting pensions in 2019 and reducing the tax-free threshold in 2020, by May 17. The government, which faces elections in 2019 and is sagging in opinion polls, controls 153 lawmakers in the 300-seat parliament and should succeed. Labour unions have planned a 24-hour anti-austerity strike on the day of the vote. "We decided to complete the process by May 17 in order to deprive the Eurogroup of the right to talk about delays and finding excuses to extend the discussions on debt relief," a government official said after the cabinet meeting. But the official added that euro zone finance ministers may need "a few more days" after May 22 to reach a deal, which includes debt. "We want the medium-term debt relief measures to be specified at the May 22 meeting and this is not only Greece''s but also its lenders'' target and intension," the official said. "But we may need a few more days... after all, this is a discussion which has been going on for seven years." (Editing by Jeremy Gaunt and Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-bailout-idUKKBN1801GH'|'2017-05-05T01:40:00.000+03:00'
'0823bedd247250e2ee3b572dbca89bedc1b6014e'|'UK retailers report weak sales growth in April - survey'|'Economy - Fri May 5, 2017 - 7:40am BST UK retailers report weak sales growth in April - survey A woman shops in a supermarket in London, Britain April 11, 2017. REUTERS/Neil Hall LONDON British retailers reported only weak growth in sales over the Easter holidays, a survey showed on Friday, adding to signs that consumer spending is losing steam as Britain gears up for a national election next month. Retail sales in the five weeks to the end of April were 1.9 percent higher than the same period in 2016 on a like-for-like basis that excludes new store openings, accountants BDO said. BDO said this was weaker than it had expected, despite marking the fastest growth since September 2015, as it had expected more of a rebound from April 2016''s 6.1 percent slump. Easter - which usually gives a boost to sales - fell in April this year, unlike in 2016. READ More: British shop prices fall at slowest rate in three-and-a-half years - BRC "With Easter falling later, retailers would have been expecting a boost in sales in April, so these poor results will be clearly disappointing," Sophie Michael, head of retail and wholesale at BDO, said. BDO''s figures are not the first to record sub-par consumer spending as inflation gathers steam in the wake of sterling''s post-Brexit vote fall, but there had been some expectation of a post-Easter pick-up. Official figures for the first quarter of 2017 showed the sharpest fall in sales volumes since 2010, but figures for early April from the Confederation of British Industry had pointed to a rebound. READ MORE: UK construction growth surprises, hitting four-month high - PMI Inflation is picking up as shops increasingly pass on higher import costs triggered by sterling''s fall after June 2016''s vote to leave the European Union. Higher prices are hurting consumer demand, as well as creeping on to the political agenda before a June 8 election called by   May in a bid to strengthen her mandate as she gears up for almost two years of Brexit talks. On Thursday, fashion chain Next ( NXT.L ), Britain''s most successful in recent years, reported "challenging" conditions for retailers as it lowered its annual profit forecast, citing wage growth falling towards zero in inflation-adjusted terms. A separate survey on Friday from payment card processing company Worldpay ( WPG.L ) also pointed to worsening domestic demand for high street retailers. Spending at clothing stores in the first three months of 2017 was down 4.6 percent on a year earlier, while high-street electronics retailers reported a 4.2 percent decline. Overall spending grew by 1.5 percent, boosted by hefty rises in spending on eating out and drinking, as well as at tourist attractions. Foreign tourists'' spending at department stores and electrical retailers was also up by more than a fifth. Sterling has strengthened about 2.5 percent since   May called the election last month, and topped $1.29 as of Thursday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-retail-idUKKBN1802U5'|'2017-05-05T07:04:00.000+03:00'
'fe56cea0f88eb3ec21611f93e350bc1405d62159'|'Irish services sector growth rebounds to 10-month high - PMI'|'Business News - Thu May 4, 2017 - 6:19am BST Irish services sector growth rebounds to 10-month high - PMI DUBLIN May 4 Ireland''s services sector rebounded to post its strongest growth in 10 months in April on strong new orders and higher prices, a survey showed on Thursday. The Investec Services Purchasing Managers'' Index (PMI)climbed to 61.1 in April from 59.1 in March, its highest level since last June, the month in which neighbouring Britain voted to leave the European Union. The manufacturing PMI for March, released earlier this week, rose to a three-month high of 55.0 as new export orders came in at the fastest pace in almost two years. "Taken together, this week''s reports suggest that economic activity in Ireland picked up at the beginning of Q2," Investec Ireland chief economist Philip O''Sullivan said. Growth in Ireland''s services and manufacturing sectors slowed after the shock Brexit vote, and readings have been volatile since. But Ireland last year remained the best performing economy in the EU for the third year in a row. Services have not fallen below the 50 mark that separates growth from contraction since June 2012, when Ireland was halfway through a three-year international bailout. New orders in the services sector increased in April, but new export orders were the lowest since December, the survey showed. New export orders in the period were driven by Europe and North America, the authors said. "Irish services companies remain strongly optimistic, with more than 10 times as many firms expecting to record growth in activity over the coming 12 months as opposed to those who anticipate a decline," O''Sullivan added. (Reporting by Conor Humphries; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-economy-pmi-idUKKBN1800DS'|'2017-05-04T13:19:00.000+03:00'
'a81488fdc64ea0742c6b0dab34d6383d27ac1784'|'Global air passenger demand rises 6.8 percent in March - IATA'|' 32am BST Global air passenger demand rises 6.8 percent in March: IATA FILE PHOTO: Travelers wait in a security check point line at O''Hare Airport before the busy Thanksgiving Day weekend in Chicago, Illinois, U.S., November 23, 2016. REUTERS/Kamil Krzaczynski Global demand for air travel rose 6.8 percent in March as lower fares and improving economies continued to support growth through the first quarter, the International Air Transport Association (IATA) said on Thursday. The association said that it will have to wait for the April data to see the impact of restrictions on large electronic devices in the cabin on certain direct flights to the U.S. and Britain. The restrictions, on flights from predominantly Middle East countries, were brought in by U.S. and British authorities in late March. However, traffic growth at the Middle East carriers slowed to 4.9 percent in March, against 9.5 percent in February as the low oil price took its toll on demand. "This is related more to developments seen last year, while any impacts from the laptop ban will be visible from April results onward," IATA said in a statement. Globally, capacity measured in available seat kilometers rose 6.1 percent, slower than demand. That meant load factors - a measure of how full planes are - increased 0.5 percentage points to 80.4 percent, which IATA said was a record for the month of March. (Reported by Evangelo Sipsas; Editing by Victoria Bryan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-airlines-iata-passenger-idUKKBN18016E'|'2017-05-04T18:26:00.000+03:00'
'ed085caf2b3693f93ce7b721f29a2cc158f14329'|'FTSE pops higher as Pearson rallies'|'Business News - Fri May 5, 2017 - 5:36pm BST Pearson rally, miners help FTSE surge to strongest week since March FILE PHOTO: A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo By Kit Rees and Helen Reid - LONDON LONDON Robust earnings and strength in resources-linked stocks helped Britain''s top share index rise on Friday, sealing its best week in two months, with Pearson ( PSON.L ) the standout performer. Britain''s blue chip FTSE 100 .FTSE index rose 0.7 percent, reversing earlier losses as the oil price paused its slide, supporting mining firms and energy stocks. A series of well-received updates underpinned gains as the earnings season steamed ahead. Education publisher Pearson ( PSON.L ) was the top riser, soaring 12.4 percent following its first-quarter update. Pearson, which has struggled to keep pace with the rise of digital content, issued five profit warnings in the space of four years. In its first-quarter results, the firm cheered investors with a plan to cut costs and a strategic review of its U.S. division. Pearson''s shares are still down around 9.8 percent year to date, however. "Most of the optimism this morning appears, in our view, to come from the additional cost-saving plan initiative," said Neil Campling, head of TMT research at Northern Trust Capital Markets. "While a positive move in theory, we continue to question why it has taken so long to take action, and why the same will still take almost three years to execute," Campling said, adding that the share price bounce seemed to reflect investors covering short positions on the stock. Among other bright spots, British Airways-owner IAG ( ICAG.L ) jumped 5.5 percent after posting a better-than-expected set of results, helping peer easyJet ( EZJ.L ) also rise 4.1 percent. "IAG has reported solid 1Q earnings ... The main reasons were slightly better passenger yields and lower unit fuel costs," said Rob Byde, transport analyst at Cantor Fitzgerald. "The outlook statement is limited but reiterates that the Group expects profits to improve year-on-year." Marks & Spencer rose 4.7 percent after announcing retail veteran Archie Norman as its new chairman at a critical time for the company tackling weakness in its clothing division. The materials sector added the most points to the index as oil prices edged higher after falling to a five-month low in the previous session on growing concerns about global oversupply. Miners Glencore ( GLEN.L ), Rio Tinto ( RIO.L ) and BHP Billiton ( BLT.L ) rose around 2 percent, while gold miners Fresnillo ( FRES.L ) and Randgold Resources ( RRS.L ) jumped 4 percent and 4.3 percent respectively. BP''s ( BP.L ) shares were up 1.5 percent, while Royal Dutch Shell ( RDSa.L ) was up 2.1 percent. On the mid-caps, satellite communications firm Inmarsat ( ISA.L ) sank 7.7 percent after Barclays and Berenberg downgraded the stock, after its first-quarter results on Thursday. (Reporting by Kit Rees and Helen Reid; Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN1810Z7'|'2017-05-05T17:53:00.000+03:00'
'6d44d68bc9daf816c34abbca6657a8a4b81faf59'|'InterContinental Hotels says first quarter rooms revenue growth up, CEO to retire'|'  InterContinental Hotels says Q1 rooms revenue growth up, CEO to retire The Logo of a Holiday Inn Hotel is pictured in Paris, France, August 8, 2016. REUTERS/Jacky Naegelen InterContinental Hotels Group Plc ( IHG.L ) on Friday reported faster growth in room revenue for the first quarter and said Chief Executive Richard Solomons would retire this year. Revenue per available room (RevPAR) grew 2.7 percent in the three months through March 31, up from 1.5 percent a year earlier and from 1.7 percent in the fourth quarter of last year. The company, which runs hotels under brands such as Crowne Plaza, Holiday Inn and InterContinental, said CEO Solomons would step down from his position on June 30 and be succeeded by Keith Barr, a member of its executive committee who was most recently chief commercial officer. Barr will take up his position on July 1 and Solomons will retire from IHG on August 30, the company said. (Reporting by Esha Vaish in Bengaluru; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-intercontinental-outlook-idUKKBN1810KD'|'2017-05-05T15:00:00.000+03:00'
'a4d31096a3ba014ec7391756b6db13c1b30d22ac'|'Pakistan inflation eases to 4.78 percent in April - statistics bureau'|'ISLAMABAD Pakistan''s inflation rate eased to 4.78 percent year-on-year in April from 4.94 percent a month earlier, the Bureau of Statistics said on Tuesday.On a month-on-month basis, prices rose by 1.40 percent in April, the bureau said.The increase in month-on-month inflation was mostly due to higher prices of food items such as peas, carrots, lemons and oranges.(Reporting by Saad Sayeed; editing by Drazen Jorgic)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/pakistan-inflation-idINKBN17Y13F'|'2017-05-02T08:52:00.000+03:00'
'1900367324c394f0263e2312d6b000d0b5d69388'|'ECB should talk in June about 2018, eventual QE exit - Nowotny'|'Business News - Tue May 2, 2017 - 8:50am BST ECB should talk in June about 2018, eventual QE exit: Nowotny European Central Bank (ECB) Governing Council member Ewald Nowotny addresses a news conference in Vienna, Austria, March 30, 2017. REUTERS/Heinz-Peter Bader VIENNA The European Central Bank will have to hold a discussion next month about its strategy for 2018 and the eventual exit from its ultra easy monetary policy, ECB Governing Council member Ewald Nowotny said in comments published on Tuesday. The ECB last week said that prospects for the euro zone economy have improved but the time to withdraw support has not yet come, resisting pressure from countries like Germany to start winding down its 2.3 trillion euro asset-purchase program. "At the (ECB) meeting in June we will have to discuss the future strategy, the strategy for the beginning of 2018," Nowotny, who heads the Austrian National Bank, told newspaper Die Presse. "It is clear that the (asset-purchasing) program has been and is a success. But on the other hand it is also clear that it must not become a permanent facility... That is the challenge we face," he added. "The longer such a program continues, the more one must think about its consequences." The ECB''s next meeting is on June 8 and most analysts expect a change in the bank''s guidance and possibly the elimination of its bias for more policy easing. But no decision on actual policy steps is likely until September, at the earliest. (Reporting by Francois Murphy and Shadia Nasralla; Editing by Balazs Koranyi) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ecb-policy-nowotny-idUKKBN17Y0MD'|'2017-05-02T15:30:00.000+03:00'
'afa98d042d1027159fb5599e24a89fca2cf1eafd'|'PRESS DIGEST- Financial Times - May 2'|'May 2 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesShine follows Ailes and O''Reilly out of Fox Newson.ft.com/2qmjsMBAxa ousts AllianceBernstein chief Peter Kraus in shake-upon.ft.com/2pBJriqCisco announces intent to buy Viptela for $610 mln in cashon.ft.com/2ppEuZnOverviewBill Shine, co-president of Fox News Channel, has become the latest executive to resign in the wake of a sexual misconduct scandal at the cable channel.The French parent of asset manager AllianceBernstein fired its longtime leader, Peter Kraus, replacing him with a new chief executive and new chairman, and overhauled the firm''s board, according to a filing on Monday that offered little explanation for the unexpected changes.Cisco Systems Inc said on Monday it intended to buy privately held Viptela for $610 million in cash and assumed equity awards. The deal is expected to close in the second half of the year pending regulatory reviews.(Compiled by Rama Venkat Raman in Bengaluru; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL4N1I33WP'|'2017-05-02T07:08:00.000+03:00'
'a268c87c2afedb8e8d5fb3b2279b1e56060c4b8e'|'BRIEF-Solaris Oilfield Infrastructure sees IPO of 10.6 mln shares of class A common stock'|'May 2 Solaris Oilfield Infrastructure Inc:* Solaris Oilfield Infrastructure Inc sees IPO of 10.6 million shares of class A common stock* Solaris Oilfield Infrastructure Inc says IPO price of class a common stock is expected to be between $15.00 and $18.00 per share* Solaris Oilfield Infrastructure Inc says intends to contribute all of ipo net proceeds to Solaris Llc in exchange for Solaris Llc units Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-solaris-oilfield-infrastructure-se-idINFWN1I40DS'|'2017-05-02T09:20:00.000+03:00'
'9ef9f5c62440d4319faa253b3fc081dae80f59c8'|'TREASURIES-Yields rise as Fed plays down slowing growth'|'(Recasts with Fed statement, adds Quote: , updates prices) * Fed sees slowing growth as transitory * Treasury evaluating ultra-long bonds * Long bonds gain, yield curve flattens By Karen Brettell NEW YORK, May 3 Benchmark U.S. Treasury yields rose after the Federal Reserve kept interest rates unchanged and downplayed weak first-quarter economic growth, keeping a rate increase in June on the table. In a bullish statement following the end of a two-day meeting, the central bank emphasized the strength of the labor market and said inflation has been "running close" to the Fed''s target. <20>The Fed doesn<73>t need the economy to excel from where it is now in order to raise rates further,<2C> said Lou Brien, a market strategist at DRW Trading in Chicago. <20>They want to move the rate higher than where it is given the current conditions, and I don<6F>t think they want to take that anticipation off the table just because we<77>ve had some slowing data." Benchmark 10-year notes fell 4/32 in price to yield 2.31 percent, up from 2.30 percent on Tuesday. Futures traders are pricing in a 75 percent chance of a June rate increase, up from 71 percent before the statement, according to the CME Group<75>s FedWatch Tool. U.S. 30-year bond yields fell and the yield curve flattened after the Treasury Department said it was studying the issuance of an ultra-long bond but did not commit to one. That came after Treasury Secretary Steven Mnuchin said on Monday that his department was looking into the issuance of bonds with maturities beyond 30 years. <20>I think a lot of people were expecting the Treasury to commit to an ultra-long issue,<2C> said Gennadiy Goldberg, interest rate strategist at TD Securities in New York. The Treasury Borrowing Advisory Committee (TBAC), a group of banks and investors that advises the Treasury on debt issuance, also expressed reservations about demand for longer-dated bonds. In a presentation released on Wednesday, the TBAC said it does <20>not see evidence of strong or sustainable demand for maturities beyond 30 years." Thirty-year bonds gained 15/32 in price to yield 2.96 percent, down from 2.98 percent on Tuesday. The yield curve between 5-year notes and 30-year bonds flattened to 111 basis points, from 117 basis points on Tuesday. The Treasury also kept the size of its 10-year and 30-year bond sales planned for next week unchanged, after some investors had expected these issues to be increased. The Treasury said it will sell $62 billion in coupon debt next week, including $24 billion in 3-year notes, $23 billion in 10-year notes and $15 billion in 30-year bonds. )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1I51QK'|'2017-05-03T17:05:00.000+03:00'
'61ba3e5ba17c366f95a5e1c765c444f063b35633'|'Super-rich private equity stars rue ''lousy'' reputation, say they are misunderstood'|'By Lawrence Delevingne - BEVERLY HILLS, Calif. BEVERLY HILLS, Calif. May 2 Ultra-wealthy private equity managers lamented their reputation as ''lousy'' corporate profiteers at a plush Beverly Hills hotel on Tuesday, arguing their value to society was greater than the public realized.Stephen Schwarzman, chief executive and co-founder of the Blackstone Group, touted the fact that companies owned by his private equity business employed about 600,000 people and had grown 50 percent faster, on average, than the S&P 500 Index."The idea that you can do all that and have great success and be perceived at best in a marginal way in terms of contribution to society, you''ve got to really wonder who<68>s doing the PR," Schwarzman said during a panel discussion at the Milken Institute Global Conference at the Beverly Hilton hotel."People mistake us for financial people. I don<6F>t know exactly why," said Schwarzman - worth some $12 billion, according to Forbes - drawing a distinction between private equity investors which own businesses and mere financiers. "If you had 600,000 employees, you might be a company. A responsible company. And that<61>s what we are."Private equity has been criticized by some for saddling companies with debt only to sell their assets, cut jobs and take out profits. Private equity executives are some of the wealthiest people on Wall Street, deriving most of their income from fees paid by their fund clients, including keeping a cut of investment gains when companies are sold or go public. The founders of most of the biggest firms are billionaires.Jonathan Sokoloff, managing partner of private equity firm Leonard Green & Partners, chimed in with Schwarzman."We<57>ve been able to deliver returns for 30 years dramatically in excess of the stock market," said Sokoloff on the same panel. "Notwithstanding that, our industry still has a lousy reputation, we are generally viewed negatively by most people who don<6F>t understand us."Sokoloff said the private equity industry employs hundreds of thousands of people, has generally avoided scandal and performed well through the financial crisis of 2008."We need some better PR and some help in how we market ourselves," Sokoloff saidThomas Barrack, executive chairman of real estate and investment management firm Colony NorthStar Inc, did not miss the chance to commiserate during the same discussion."People go <20>Oh, you<6F>re in PE, don<6F>t you just go in and buy companies and cut costs and then pray them up and flip them?''" Barrack said. "I say ''No, we<77>ve never done that. We don<6F>t do that at all. We grow businesses. We create value.''" (Reporting by Lawrence Delevingne; Editing by Carmel Crimmins and Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/milken-conference-privateequity-idINL1N1I41PI'|'2017-05-02T20:49:00.000+03:00'
'a111b6ea8d2350eb70e0e19ecc105abe7cfaed6a'|'UBS pays $445 mln over toxic mortgages, failed U.S. credit unions'|'By Jonathan Stempel May 1 UBS Group AG paid $445 million to settle claims that the Swiss bank sold toxic mortgage securities that helped sink two federal credit unions, a U.S. regulator said on Monday.The National Credit Union Administration said the payment resolves claims that UBS misled the U.S. Central and Western Corporate credit unions about the risks of roughly $1.15 billion of residential mortgage-backed securities bought in 2006 and 2007.UBS'' payment is on top of $79.3 million it paid last year to resolve similar NCUA claims involving two other failed credit unions. The bank did not admit wrongdoing, the NCUA said.Erica Chase, a UBS spokeswoman, in an email said: "With today''s settlement another legacy matter has been resolved."The NCUA said it has recovered nearly $4.8 billion from banks over mortgage securities it said led to the 2009 and 2010 failures of five credit unions.Some lawsuits targeted banks that sold the securities, while others targeted trustees that allegedly failed to monitor loan servicers or require banks to buy back defective loans.The NCUA said it uses sums it recovers to pay claims against the Constitution Corporate, Members United Corporate, Southwest Corporate, U.S. Central and Western Corporate credit unions.Such settlements provide "a measure of accountability for the firms that sold faulty securities," NCUA Acting Board Chairman J Mark McWatters said in a statement.The NCUA voluntarily dismissed its case against UBS last week in connection with the settlement, court records show.The case is National Credit Union Administration Board v. UBS Securities LLC et al, U.S. District Court, District of Kansas, No. 12-02591. (Reporting by Jonathan Stempel in New York; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ubs-creditunions-idINL1N1I3142'|'2017-05-01T17:24:00.000+03:00'
'7397838c40e4fbb7c95cd8d508353e3a3246d02f'|'21st Century Fox in talks to buy television station group Tribune Media - Media'|'21st Century Fox is in talks with private equity giant Blackstone to buy Tribune Media, one of America<63>s largest television station operators, sources familiar with the matter have said.Blackstone would provide the cash while the Rupert Murdoch-controlled Fox, which owns Fox News Channel and other assets, would provide the TV stations for the joint venture, according to one of the sources.Rupert Murdoch''s Sky bid to be investigated by UK regulator Read more Another source, also speaking on condition of anonymity, said bids were due on Thursday.Tribune Media owns a range of television stations across the US, as well as the cable channel WGN. It was created in 2014 when the Tribune company spun off its famous print division <20> home to the Chicago Tribune, LA Times and Baltimore Sun <20> into a separate entity called Tribune Publishing and renamed the remainder company Tribune Media.Representatives for Tribune Media and Blackstone declined to comment. Fox could not immediately be reached for comment. The Financial Times first reported the negotiations.Nexstar Media Group has also been carrying out due diligence on Tribune Media, and was considering a bid this week, according to two sources. Nexstar could not immediately be reached for comment.Sinclair Broadcast Group was also in the running for Tribune, Reuters reported in March.The potential bid from Blackstone and Fox comes less than two weeks after the US federal communications commission voted to reverse a 2016 decision that limited the number of television stations some broadcasters can buy.Topics Media 21st Century Fox Rupert Murdoch news   Share   Reuse this content'|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/media/2017/may/01/21st-century-fox-in-talks-to-buy-television-station-group-tribune-media'|'2017-05-01T14:59:00.000+03:00'
'761694448b515b4d96d4edeeae64efb97d24683b'|'U.S. to probe Japanese, German automakers over alleged patent violations - Reuters'|'Money News - Mon May 1, 2017 - 9:11am IST U.S. to probe Japanese, German automakers over alleged patent violations FILE PHOTO: A BMW logo on a car at the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. REUTERS/Denis Balibouse/File Photo TOKYO The United States will begin an investigation into whether thermoplastic components used in some Japanese and German vehicle models sold in the country violate its patent laws, trade authorities said late last week. The U.S. International Trade Commission (USITC) on Friday listed 25 companies in the probe, including BMW, Honda Motor Co Ltd, Toyota Motor Corp, along with Japanese parts suppliers Aisin Seiki Co Ltd and Denso Corp. The probe was initiated by patent holding firm Intellectual Ventures II, which in March filed a complaint alleging that thermoplastic parts used in motors, water pumps, electronic power steering units and other powertrain parts made by or used in vehicles sold by the companies infringe on its patents. Used in parts which come in contact with high-temperature auto components, thermoplastics are more lightweight and durable compared with other materials used in vehicle powertrains, helping to increase efficiency and improve fuel economy. The complaint affects vehicle models sold in the United States including the 2016 Toyota Camry, 2017 Honda Accord and the 2016 BMW 228i, according to the patent company. The USITC said it would set a target date to complete its investigation within 45 days of starting the probe. Shares in Honda and Toyota were little changed during the Tokyo session on Monday. A Toyota spokeswoman declined to comment on the issue, while officials in Japan at BMW, Honda, Aisin and Denso were not immediately available for comment. (Reporting by Naomi Tajitsu; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/japan-autos-usa-idINKBN17X12Q'|'2017-05-01T01:41:00.000+03:00'
'285d1e75c151f9f3d4b50d5c438666d9e3134fac'|'UBS, BNP, RBS get subpoenas in U.S. Treasuries probe - Bloomberg'|'Money   11:22pm IST UBS, BNP, RBS get subpoenas in U.S. Treasuries probe - Bloomberg left right Switzerland''s national flag flies under the logo of Swiss bank UBS in Zurich, Switzerland April 24, 2017. REUTERS/Arnd Wiegmann/File Photo 1/3 left right FILE PHOTO: The logo of French BNP Paribas bank is seen in central Paris December 15, 2008. REUTERS/Charles Platiau/File Photo 2/3 left right FILE PHOTO: Morning commuters walk past a branch of the Royal Bank of Scotland (RBS) in London, Britain, November 4, 2011. REUTERS/Andrew Winning/File Photo 3/3 U.S. federal prosecutors subpoenaed several banks last month as part of a criminal investigation into possible manipulation of the U.S. Treasuries market, Bloomberg reported on Monday. The banks include UBS Group AG, BNP Paribas SA and Royal Bank of Scotland Plc, Bloomberg reported, citing people familiar with the matter. ( bloom.bg/2p1i268 ) A series of class action lawsuits have accused various banks and brokerages of conspiring to manipulate U.S. Treasury auctions. The lawsuits have alleged that the banks colluded to manipulate Treasury Department auctions and the pricing of Treasury securities, as well as derivative products such as futures, whose value is pegged to the Treasury. UBS has flagged a probe related to U.S. Treasury securities in its earnings reports. "UBS and reportedly other banks are responding to investigations and requests for information from various authorities regarding U.S. Treasury securities and other government bond trading practices," the Swiss bank said in its latest quarterly report last month. UBS, BNP Paribas and the U.S. Justice Department all declined to comment when contacted by Reuters. RBS did not immediately respond to a request for comment. (Reporting by Subrat Patnaik in Bengaluru and Karen Freifeld in New York; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-banks-probe-idINKBN17X25H'|'2017-05-01T15:52:00.000+03:00'
'27146ef2514a18ae802ff9b5f69e01f29fa1e0af'|'EU accepts Amazon e-book commitments to settle antitrust case'|'Company News - Thu May 4, 2017 - 5:49am EDT EU accepts Amazon e-book commitments to settle antitrust case BRUSSELS May 4 The European Commission said on Thursday it had accepted commitments by U.S. online retailer Amazon to alter its e-book contracts with publishers to end an EU antitrust investigation. Amazon, the biggest e-book distributor in Europe, proposed to drop some clauses in its contracts so publishers would not be forced to give it terms as good as those for rivals. Such clauses relate to business models, release dates, catalogues of e-books, features of e-books, promotions, agency prices, agency commissions and wholesale prices. "Today''s decision will open the way for publishers and competitors to develop innovative services for e-books, increasing choice and competition to the benefit of European consumers," EU competition chief Margrethe Vestager said in a statement. "We want to ensure fair competition in Europe''s e-books market worth more than 1 billion euros," she continued. The Commission opened an investigation into the company''s e-books in English and German in June 2015, concerned that such parity clauses made it harder for other e-book retailers to compete with Amazon by developing new and innovative products and services. Amazon made its offer of concessions in January . The commitments apply for five years in Europe. The EU competition enforcer then gave rivals and customers a month to provide feedback before it decides whether to accept the proposal. Under EU antitrust rules, such settlements mean no finding of infringement nor fines which could reach 10 percent of a company''s global turnover. The Commission is also probing Amazon over its arrangement with Luxembourg to minimise its tax bill, part of a crackdown on such deals in the 28-country bloc. (Reporting By Philip Blenkinsop; editing by Robert-Jan Bartunek)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eu-amazoncom-antitrust-idUSB5N1G8008'|'2017-05-04T17:49:00.000+03:00'
'114c63daf8321ed2a01cc911a354c0ca269d1e82'|'G4S makes strong start to 2017, first quarter revenues up 9 percent'|'  7:37am BST G4S makes strong start to 2017, first quarter revenues up 9 percent A G4S security van is parked outside a bank in Loughborough, central England, August 28, 2013. REUTERS/Darren Staples/File Photo EDINBURGH Global security firm G4S reported a strong start to the year on Thursday, with revenues up almost 9 percent thanks to good demand for its services around the world The world''s largest security services company said it was confident it would hit its annual revenue growth target of 4 to 6 percent thanks to new contract wins and its pipeline and broadly the same trends in its business as in 2016. "We have delivered good profitable growth across all the regions except Middle East and India which remains challenged," a spokesman for the company said, adding that its U.S. operations had gained from the rollover of retail cash solution contracts from 2016. The performance of G4S, which provides personnel for security services as well as cash-handling, has been robust while some UK rivals flounder, primarily because it is gradually reducing its exposure to the UK where the market has been under pressure following Britain''s vote to leave the European Union. The United States is now the company''s biggest market, providing 27 percent of full year profit in 2016. (Reporting by Elisabeth O''Leary; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-g4s-results-idUKKBN1800JI'|'2017-05-04T14:37:00.000+03:00'
'1a3007fa84b3283308d21a9e4d63bc0dfdd0fe5e'|'BRIEF-India''s Housing Development Finance Corporation March-qtr profit falls about 22 pct - Reuters'|'May 4 Housing Development Finance Corporation Ltd:* March quarter net profit 20.44 billion rupees* Consensus forecast for March quarter profit was 20.14 rupees* March quarter total income 85.15 billion rupees* Net profit in March quarter last year was 26.07 billion rupees ; total income was 92.26 billion rupees* Recommended final dividend of 15 rupees per share* Says debt-equity ratio as on march 31, 2017 is 7.06 Source text: ( bit.ly/2quYUS0 )'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/brief-indias-housing-development-finance-idINFWN1I609C'|'2017-05-04T07:11:00.000+03:00'
'10acda1c40b60769c6a15ff9840f1ddd8064af83'|'UK services sector surprises with growth pick-up in April - PMI'|'  10:01am BST UK services sector surprises with growth pick-up in April - PMI Workers look at their phones while walking at the Canary Wharf business district in London February 26, 2014. REUTERS/Eddie Keogh LONDON May 4 Britain''s economy appears to have picked up some steam after slowing in early 2017, a survey showed on Thursday, welcome news for Prime Minister Theresa May who has called a national election in just over a month''s time. The Markit/CIPS Services Purchasing Managers'' Index (PMI), a closely watched gauge of Britain''s giant services industry, unexpectedly rose to a four-month high of 55.8 in April, above all the forecasts in a Reuters poll of economists. The reading was the second strongest since mid-2015, a good backdrop for May and her Conservative Party to press their claims to be the best option for voters in the June 8 election. But the survey included some warning signs for the economy, which has so far coped with the shock of last June''s Brexit vote much better than expected by the Bank of England and private economists before the referendum. Prices charged by service firms rose at the fastest pace since July 2008 and company executives reined in their optimism about the year ahead for a third month in a row. Taken with PMIs for manufacturing and construction published this week, the April survey suggested the economy was growing at a quarterly pace of 0.6 percent at the start of the second quarter, Markit said, double the pace of the first quarter. IHS Markit economist Chris Williamson said that kind of momentum was unlikely to last as households feel the pinch from rising inflation. "While we expect consumer spending to slacken in coming months, with the April survey highlighting continued weakness in sectors such as hotels, restaurants and other household-facing businesses, there''s good reason to believe that at least 0.4 percent GDP growth can be achieved in the second quarter as a whole," Williamson said. The Bank of England''s top policymakers will also pay close attention to the PMI surveys as they prepare for next week''s monetary policy announcement. The BoE is widely expected to keep interest rates at their record low throughout this year and possibly until 2019 as it steers the British economy through the uncertainty linked to the exit from the European Union. One rate-setter voted last month for a rate increase, however, and others said they might follow suit soon if there were signs that economy was maintaining its momentum of 2016. (Reporting by William Schomberg; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-pmi-idUKKBN1800TC'|'2017-05-04T16:42:00.000+03:00'
'd1488b8cdab1adcf6965106016510341b2b128f3'|'China April service sector growth slowest in nearly a year - Caixin PMI'|'Business News -  52am BST China April service sector growth slowest in nearly a year - Caixin PMI A basket vendor walks past red lanterns serving as decorations to celebrate the new year outside a shopping mall in Kunming, Yunnan province January 6, 2015. REUTERS/Stringer BEIJING May 4 Growth in China''s services sector cooled to its slowest in almost a year in April as fears of slower economic growth dented business confidence, even as cost pressures eased, a private survey showed on Thursday. The Caixin/Markit services purchasing managers'' index (PMI) fell to 51.5 from March''s 52.2, the fourth monthly decline in a row and suggesting the sector grew at its weakest pace since May 2016. Caixin''s composite manufacturing and services PMI also pointed to a loss of growth momentum for the month, falling to 51.2, its lowest since June 2016, from 52.1 in March. The findings echoed a similar trend of slowing growth seen in China''s official factory and services surveys on Sunday, though the Caixin surveys have a smaller sample size and largely focus on small- and medium-sized firms. Analysts have predicted China''s economy would slowly lose steam in coming months after a strong first quarter, when it expanded by a faster-than-expected 6.9 percent. Momentum is expected to cool as authorities step up their battle to cool the overheated property sector and as the central bank and other regulators tighten credit conditions to rein in rising financial risks. "A turning point in growth appeared to have emerged at the beginning of the second quarter. Investors should be cautious about downward risks in the economy," said Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group in a note accompanying the data. Some business people also have told Reuters recently that they are worried about more limited access to credit and higher borrowing costs this year. BUSINESS LESS OPTIMISTIC Services companies remained generally optimistic that business activity will increase over the next year, according to the Caixin survey. But the degree of positive sentiment slipped to a five-month low and job creation slowed to its lowest so far this year. While the new business sub-component rebounded to 53.0 in April, the survey noted only 13 percent of companies surveyed reported higher new orders. Cost pressures also eased somewhat, as input prices rose at a slower pace and firms continued to pass on some of the costs to customers. China is counting on an increase in domestic consumption and new technologies to diversify its economic growth model from its traditional reliance on heavy industry and investment. (Reporting by Yawen Chen and Nicholas Heath; Editing by Kim Coghill)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-pmi-services-caixin-idUKKBN180061'|'2017-05-04T09:52:00.000+03:00'
'2f7591b09b829d74335e567fa294cd6600523b0d'|'Facebook shares dip from high as investors fret over costs, future profit'|'Money   1:41pm IST Facebook shares dip from high as investors fret over costs, future profit By Rishika Sadam and David Ingram Facebook Inc reported surging quarterly profit and revenue on Wednesday, helped by its fast-growing mobile ad business, but its shares dipped from a record high in after-hours trading as investors showed some nervousness about future earnings. The world''s biggest online social network, which is nearing the five-year anniversary of its initial public offering, is searching for new types of advertising features to supplement its main revenue streams that it expects to cool off this year. Facebook''s shares fell 2.4 percent in after-hours trading to $148.12. They had closed at an all-time high of $153.60 on Tuesday. Chief Financial Officer David Wehner said on a conference call after the company''s earnings announcement that ad revenue growth is expected to come down significantly over the rest of 2017, repeating prior company warnings that it is hitting a limit in "ad load," or the number of ads it can squeeze onto users'' pages before upsetting them. Wehner gave similar warnings about ad load in November and in February, although a slowdown has not materialized. New products, such as ads that play in the middle of videos or appear on Facebook''s Messenger app, could fuel growth, but Wehner and Chief Executive Mark Zuckerberg said on Wednesday those plans were still in early stages. At the same time, the company said expenses would continue at a high level, growing 40 percent to 50 percent this year over 2016 levels and putting a squeeze on future profits. "As we look into 2017 and beyond, there are going to be a number of initiatives we believe are valuable to the community and to the company in the long term that are going to be net negative on our operating margin," Wehner said. Facebook''s spending contributed to the drop in share price after hours, said Josh Olson, an Edward Jones analyst. "Investors were hoping for some indication that we would see some relief as the year progressed, and we still could. I think that expense guidance range, left unchanged, is probably what is weighing on shares," Olson said. GAAP SURPRISE Facebook said quarterly profit in the first three months of 2017 rose 76.6 percent year-over year to $3.06 billion and total revenue went up 49 percent to $8.03 billion. The company caused brief confusion on Wall Street by only issuing numbers conforming to Generally Accepted Accounting Principles (GAAP) without warning. Previously it also issued non-GAAP numbers, which it had said provided greater transparency and were closely watched by investors and analysts. The company is expected to generate $31.94 billion in mobile ad revenue globally in 2017, up 42.1 percent from a year earlier, according to research firm eMarketer. That would give Facebook a 22.6 percent share of the worldwide mobile ad market, with archrival Google of Alphabet Inc projected to be the leader with a 35.1 percent share, according to eMarketer. Facebook continued its march toward the 2 billion user threshold, saying it had some 1.94 billion people using its service monthly as of March 31. That was up 17 percent from a year earlier. Analysts on average had expected monthly active users of 1.91 billion, according to financial data and analytics firm FactSet. Net income attributable to Facebook shareholders rose to $3.06 billion, or $1.04 per share, in the first quarter from $1.73 billion, or 60 cents per share, a year earlier. Mobile ad revenue accounted for about 85 percent of the company''s total advertising revenue of $7.86 billion in the first quarter ended March 31, compared with about 82 percent a year earlier. Analysts on average had expected total ad revenue of $7.68 billion, according to FactSet. Earlier in the day, Zuckerberg said the company would add 3,000 people over the next year to monitor and remove murders, suicides and other inappropriate material from its network, wh
'407e6420c2b201deb1dad196772ce8097456e5ac'|'World Bank calls on Botswana to make large mining contracts public'|'Business News - Thu May 4, 2017 - 8:49pm BST World Bank calls on Botswana to make large mining contracts public left right A worker arrives at the Jwaneng diamond mine,operated by Debswana, a joint venture between Anglo American unit De Beers and the Botswana government outside Gaborone,Botswana, in this picture taken November 25, 2015. REUTERS/Siphiwe Sibeko 1/2 left right A visitor holds a diamond during a visit to the De Beers Global Sightholder Sales (GSS) inGaborone, Botswana November 24, 2015. REUTERS/Siphiwe Sibeko/File Photo 2/2 GABORONE The World Bank on Thursday called on Botswana to make details of its large mining contracts with companies public to improve transparency in the diamond rich country''s business dealings. Botswana earns 89 percent of its foreign exchange income and 30 percent of national revenues from mining, predominantly diamonds. It has various large-scale mining, sales and marketing contracts with Anglo American''s ( AAL.L ) diamond unit, De Beers. World Bank Group consultant Nils Handler said in a report the government<6E>s decision to keep the negotiation process around contracts for diamond mining and large integrated projects confidential was a cause for concern. "A more open process, including published contracts, would assist Botswana in becoming a more transparent and accountable jurisdiction,<2C> he said. The government could not immediately be reached for comment. De Beers and Botswana currently jointly own Debswana and DTC Botswana which are involved in the exploration, mining, manufacturing, and trading of diamonds. (Writing by Tanisha Heiberg; Editing by James Macharia and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-botswana-diamonds-idUKKBN1802LR'|'2017-05-05T03:49:00.000+03:00'
'478d487dd62a20f986d55a460c853f0b8ee2b37c'|'PM Tsipras says Greece has done its bit, now wants debt relief'|'Business  18pm BST PM Tsipras says Greece has done its bit, now wants debt relief left right Greek Prime Minister Alexis Tsipras (C) addresses members of his government during a cabinet meeting at the parliament in Athens, Greece May 4, 2017. REUTERS/Costas Baltas 1/5 left right Greek Prime Minister Alexis Tsipras attends a cabinet meeting at the parliament in Athens, Greece May 4, 2017. REUTERS/Costas Baltas 2/5 left right Greek Prime Minister Alexis Tsipras (4th L) and members of his government attend a cabinet meeting at the parliament in Athens, Greece May 4, 2017. REUTERS/Costas Baltas 3/5 left right Greek Prime Minister Alexis Tsipras arrives for a cabinet meeting at the parliament in Athens, Greece May 4, 2017. REUTERS/Costas Baltas 4/5 left right Greek Finance Minister Euclid Tsakalotos arrives for a cabinet meeting at the parliament in Athens, Greece May 4, 2017. REUTERS/Costas Baltas 5/5 By Renee Maltezou - ATHENS ATHENS Prime Minister Alexis Tsipras called on Greece''s international lenders on Thursday to reach an agreement on easing its debt burden by May 22, when euro zone finance ministers meet in Brussels to discuss the bailout progress. Athens and its creditors reached a long-awaited deal this week on a series of bailout reforms Greece needs to unlock loans from its 86-billion euro rescue package, the country''s third since in 2010. The European Union and the International Monetary Fund, which has yet to announce if it will participate in the bailout, have now started negotiations over Greece''s post-bailout fiscal targets, a key element for granting it further debt relief. "Medium-term debt relief measures must be clearly defined by the May 22 Eurogroup meeting," Tsipras told his cabinet on Thursday, referring to the finance ministers. "Greece has done its part and all parties must now fulfill their commitments." An agreement on debt relief will help Greece wrap up its formal bailout review after six months of tense talks, help it qualify for inclusion in the European Central Bank''s bond-buying program, and let it return to bond markets. Under discussion are the country''s targets for a primary surplus -- which excludes debt servicing cots -- over a decade. Tsipras'' leftist-led government aims to legislate the recently-agreed reforms, which include cutting pensions in 2019 and reducing the tax-free threshold in 2020, by May 17. The government, which faces elections in 2019 and is sagging in opinion polls, controls 153 lawmakers in the 300-seat parliament and should succeed. Labor unions have planned a 24-hour anti-austerity strike on the day of the vote. "We decided to complete the process by May 17 in order to deprive the Eurogroup of the right to talk about delays and finding excuses to extend the discussions on debt relief," a government minister said after the cabinet meeting. (Editing by Jeremy Gaunt and Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-greece-bailout-idUKKBN1801GG'|'2017-05-04T20:13:00.000+03:00'
'9a5e536875e9190940e5ac33590a0a545b10c1a6'|'Google agrees to pay 306 million euros to settle Italy tax dispute'|'Technology News - Thu May 4, 2017 - 12:42pm BST Google agrees to pay $334 million to settle Italy tax dispute FILE PHOTO: People visit Google''s booth at the Global Mobile Internet Conference (GMIC) 2017 in Beijing, China April 28, 2017. REUTERS/Jason Lee MILAN U.S. Internet giant Google has agreed to pay 306 million euros ($334 million) to settle a tax dispute with Italian authorities, a company spokeswoman said, confirming a Reuters report. In a statement, the spokeswoman said the agreement covered the period between 2002 and 2015. "In addition to the taxes already paid in Italy during those years, Google will pay another 306 million euros," the statement said. (Reporting by Manuela D''Alessandro, writing by Stephen Jewkes)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-google-italy-tax-idUKKBN1801CP'|'2017-05-04T19:41:00.000+03:00'
'e20ece12bd77bbb42e037c088d76ed1b70dcc8cf'|'LPC-Banks line up 4 billion euro debt for Unilever spreads sale'|' 36pm BST LPC-Banks line up 4 billion euro debt for Unilever spreads sale FILE PHOTO: The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. REUTERS/Brendan McDermid/File Photo By Claire Ruckin - LONDON LONDON Banks are putting together around 4 billion euro-equivalent of debt financing to back a potential sale of Anglo-Dutch consumer group Unilever<65>s ( ULVR.L ) margarine and spreads business, banking source said. Unilever hired Goldman Sachs and Morgan Stanley on the sale, which could fetch as much as <20>6 billion. It follows a far-reaching review of Unilever''s business prompted by February''s unsolicited $143 billion takeover offer from Kraft Heinz. The sale is expected to attract attention from a number of private equity firms and banks are lining up debt financings to back any of the potential bids. <20>This is a classic transaction where a sponsor can add value as the spreads business is coming out of a huge corporate and a private equity firm can turn it around,<2C> a senior banker said. Some $4 billion of debt financing equates to around 6 times the unit<69>s approximate 650 million euro Ebitda. With adjustments, one banker placed Ebitda as high as 800 million euro. The size of the financing is likely to vary until it is clear what the exact perimeters of the deal are and what is included in the sale. Unilever<65>s spreads business includes brands like Blue Band, Flora and Stork butter. Both leveraged loans and high-yield bonds will be considered, denominated in sterling, euros and dollars. <20>From a financing perspective you can do anything, loans and bonds in sterling, euros and dollars. It is a big business with a lot of liquidity and a global footprint,<2C> the banker said. (Editing by Christopher Mangham)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-unilever-loans-idUKKBN180289'|'2017-05-05T00:36:00.000+03:00'
'030d79ddb4e912a5141419332d512627217c6aae'|'Exclusive - Global grain major ADM eyes cuts to Europe operations: sources'|'Thu May 4, 2017 - 6:10pm BST Exclusive: Global grain major ADM eyes cuts to Europe operations FILE PHOTO: The world''s largest corn mill of global grain company Archer Daniels Midland is pictured in Decatur, Illinois March 16, 2015. REUTERS/Karl Plume By Jonathan Saul and Michael Hogan - LONDON/HAMBRUG LONDON/HAMBRUG U.S. agribusiness Archer Daniels Midland Co ( ADM.N ), reeling from the impact of a global grain glut, is now preparing to scale back its operations in Europe in a bid to boost profits, two sources with knowledge of the matter said. The Chicago-based agribusiness warned on Tuesday that worsening market conditions were making it difficult to turn a profit trading grain internationally, leading to the biggest daily share loss in eight years. ADM''s shares fell about 10 percent over the previous two days before recouping some losses on Thursday, rising about 2 percent from those lows to $42.00 by 1646 GMT (12.46 p.m. ET). Record global stocks of commodities such as corn, soybeans and wheat have thinned margins and limited trading opportunities for ADM and rivals such as Bunge Ltd ( BG.N ), which reported a sharply lower first-quarter profit this week. Together with Cargill Inc [CARG.UL] and Louis Dreyfus Company [AKIRAU.UL], the firms are collectively known as the ABCD and dominate global grain trading. Sources said ADM is actively looking at cuts to a number of its European operations including the United Kingdom, Spain, Ireland and back-office operations in Germany. The measures could also include merging or cutting operations related to former German trading house Alfred C. Toepfer International. "There are moves for more rationalization in Europe to cut costs. The final overlaps between Toepfer and ADM will be ironed out," one European source with knowledge of the situation said. "Streamlining is being prepared in some operations in Britain, Spain and elsewhere. Transport is also being looked at for more savings." A separate European source familiar with ADM''s business said: "The idea is a slimming down. Rationalization is coming." When contacted, an ADM spokeswoman said she could not confirm such plans, adding that the group<75>s strategy included growth through acquisitions and operational improvements such as inventory control and office usage. ADM has already exited energy trading and shed key personnel in recent months. Last month it said would close its South African trading operations, whilst also restructuring its operations in Argentina in a further shake-up. ADM Chief Executive Officer Juan Luciano said on Tuesday the firm would continue to analyze other offices for possible consolidation. "At this point of time I think that probably most of our restructuring has been done, so we wouldn<64>t expect anything further," he added. ADM first took an 80 percent stake in Toepfer in 2002 and bought the rest of the company in 2014. The sources said some of the remaining rump of Toepfer in Germany could also be consolidated. The sources said there were other areas that could be cut or merged in Europe - with operations that could be moved to ADM''s European headquarters and international trading desk in Rolle, Switzerland or its major German hub in Hamburg. "There will probably be more concentration of operations in Rolle or in Hamburg if an EU presence is needed," the first source said. "The group is facing a lot of intense competition from smaller companies which have an aggressive presence in their markets, especially the Black Sea." It was unclear how many jobs could be cut. The sources added that ADM could also look to make further savings by not replacing jobs when people left or migrating them to their headquarters. ADM, one of the world''s top grain traders, reported a higher first-quarter profit this week but said the outlook for its agricultural services segment appeared weaker than it did at the beginning of the year. That segment''s global trading desk suffered its third quarterly
'05ccab3f774329c2b7c1b75491852433bbc8addb'|'U.S. mortgage rates little changed in latest week - Freddie Mac'|'NEW YORK U.S. mortgage rates held steady in line with Treasury yields following a weaker-than-forecast figure on first-quarter U.S. economic growth and amid expectations the Federal Reserve would leave rates unchanged this week, according to mortgage finance agency Freddie Mac ( FMCC.PK ) on Thursday.The borrowing cost on 30-year mortgages, the most widely held type of U.S. home loan, averaged 4.02 percent in the week ended May 4, compared with previous week''s 4.03 percent, it said.(Reporting by Richard Leong)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-mortgages-freddiemac-idUSKBN1801V3'|'2017-05-04T22:21:00.000+03:00'
'd8e0319b1f1d9b233cf90a9f0f3ca8f708d19c43'|'Bank shares briefly drop after Trump breakup comment'|'Money   11:13pm IST Bank shares briefly drop after Trump breakup comment U.S. President Donald Trump talks to a small group onstage after speaking to members of the Independent Community Bankers Association during an event in the Kennedy Garden at the White House in Washington, U.S., May 1, 2017. REUTERS/Jonathan Ernst NEW YORK Shares of bank stocks cut gains sharply on Monday after a report from Bloomberg Television that U.S. President Donald Trump said he was actively considering breaking up big banks. The S&P 500 bank index quickly retreated following the comment from its session high of 288.46, up 1.2 percent, to 285.71, a drop of nearly 1 percent. Shares of JPMorgan Chase & Co, Wells Fargo & Co, Bank of America Corp and Citigroup Inc all experienced a similar decline. The selloff was short lived, however, with bank shares recovering within minutes. The bank index was last up 0.9 percent. Traders attributed the drop and rebound to computer-driven trading, as algorithms scan news headlines and place stock orders. "It was an extreme reaction off algorithms that read the tape," said Mark Kepner, managing director, sales and trading at Themis Trading in Chatham, New Jersey. "It has to be paid attention to, but I wouldn<64>t be making rash decisions on buying or selling securities because of a one-liner that he just said." (Reporting by Chuck Mikolajczak; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-stocks-banks-idINKBN17X250'|'2017-05-01T15:43:00.000+03:00'
'fbfc7769bb30c3e9154b338733499f3f8173ce2f'|'Shell Convent refinery HCU restart stopped due to leak -sources'|'Business News -  55pm BST Shell Convent refinery HCU restart stopped due to leak -sources HOUSTON Royal Dutch Shell Plc ( RDSa.L ) halted the restart of the heavy oil hydrocracking unit (HCU) at its 235,000 barrel per day (bpd) Convent, Louisiana, refinery on Tuesday due to a leak, sources familiar with plant operations said. The refinery began restarting the 45,000 bpd hydrocracker, called the H-Oil Unit, over the weekend. Shell was planning to return the unit to operation by the end of this week. (Reporting by Erwin Seba)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-refinery-operations-shell-convent-idUKKBN17Y1FG'|'2017-05-02T20:55:00.000+03:00'
'eb32badd466f38409d8d026d6c4cb80b23819664'|'Allianz-backed consortium to buy Britain''s Affinity Water'|'May 2 A three-member consortium that includes German insurer Allianz has agreed to buy Affinity Water Ltd, the largest water-only supply firm in England and Wales by revenue, through two transactions, the group said on Tuesday.The consortium, which also includes London-listed HICL and fund manager DIF, will acquire a 90 percent stake from Morgan Stanley''s infrastructure team and M&G Investments-owned Infracapital for 687 million pounds ($884 million), the selling shareholders said.It will also acquire the remaining 10 percent stake from French water and waste firm Veolia, with both transactions expected to complete in May 2017."Affinity has made significant progress across all areas of the business over the last five years under our ownership ... We are confident that Affinity will continue to flourish under its new owners," Infracapital co-founder Ed Clarke said in a statement.The deal is the latest high-profile acquisition of British infrastructure by overseas investors, as pension schemes, sovereign wealth funds and others look to tap into stable returns that are often hard to find in other financial markets.Last month, a consortium of Canadian and Kuwaiti investors agreed to buy a minority stake in Thames Water, Britain''s largest water firm, from funds managed by Macquarie.Morgan Stanley and Infracapital formed Affinity Water through the purchase of Veolia Water''s UK water supply operations in June 2012.The company today supplies water to 1.5 million homes and businesses and maintains water supply infrastructure. It had a regulatory capital value - a key industry metric - of 1.156 billion pounds as of March 31.Affinity Water said separately it did not expect the sale to result in any operational changes.British infrastructure investment firm HICL said it would hold a 36.6 percent equity interest in Affinity Water after the deal closes, for which it would pay 269 million pounds. ($1 = 0.7768 pounds) (Reporting by Esha Vaish in Bengaluru; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/awl-ma-allianz-idINL4N1I420Z'|'2017-05-02T06:11:00.000+03:00'
'5b006d236b01005a320c1c4a6e4513179a6c6367'|'Embraer says Republic to add new jets through leasing deals'|'Company   9:47am EDT Embraer says Republic to add new jets through leasing deals SAO PAULO May 2 U.S. regional jet operator Republic Airways Holdings Inc, the biggest operator of commercial aircraft made by Embraer SA, will expand its fleet this year through leasing arrangements, Embraer''s Chief Financial Officer Jose Filippo said on Tuesday. Republic announced on Monday that it had emerged from Chapter 11 restructuring with a fleet of 170 Embraer E-Jets and it planned to add 18 more by the end of 2017. In November, Embraer said it had transferred an order for 24 E-175 aircraft from Republic to United Airlines. (Reporting by Brad Haynes, Editing by Franklin Paul)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/embraer-results-idUSE6N1H6001'|'2017-05-02T21:47:00.000+03:00'
'1c038967703dbced44284ccb3a98ed6d0b0d04f5'|'EMERGING MARKETS-Brazilian currency, stocks down on political concerns'|'By Bruno Federowski SAO PAULO, May 4 Brazil''s currency and stocks fell on Thursday on bets that President Michel Temer''s government could find it harder than expected to pass key austerity measures in Congress. Temer''s proposal to reform the country''s social security system cleared a committee vote on Wednesday but still faced an uphill battle. Presidential aides said the government was not certain it had secured the two-thirds vote needed to approve the bill in a full vote in the lower house. Traders worried that Temer will have to further dilute the measure, seen as critical to limit the growth of public debt and lift Brazil from its deepest recession on record, to guarantee lawmakers'' support. "The government has already been forced to negotiate intensely at this point and made multiple concessions," said Miriam Tavares, a foreign exchange director at AGK brokerage. The Brazilian real weakened as much as 1 percent, while the benchmark Bovespa stock index fell 1.6 percent. Other Latin American markets also dropped, tracking a decline in prices of commodities. The Colombian peso slumped 1.6 percent as oil futures tumbled. The slide worsened after OPEC delegates said their group and other producing countries were downplaying the chance of a bigger output when the producers meet on May 25, increasing investor concerns over a global supply glut. Iron ore prices also tumbled 8 percent, their biggest daily fall in more than five months, weighing on shares of miners such as Brazil''s Vale SA Key Latin American stock indexes and currencies at 1615 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 979.03 -0.68 14.32 MSCI LatAm 2590.70 -1.96 12.9 Brazil Bovespa 65050.90 -1.58 8.01 Mexico IPC 49075.83 -0.05 7.52 Chile IPSA 4844.24 -0.22 16.69 Chile IGPA 24290.78 -0.24 17.15 Argentina MerVal 21043.70 -0.79 24.39 Colombia IGBC 10202.27 0 0.73 Venezuela IBC 58545.92 0.35 84.66 Currencies daily % YTD % change change Latest Brazil real 3.1862 -0.95 1.98 Mexico peso 19.0370 -0.91 8.97 Chile peso 675.3 -0.90 -0.68 Colombia peso 2974.5 -1.63 0.91 Peru sol 3.271 -0.64 4.37 Argentina peso (interbank) 15.3750 -0.55 3.25 Argentina peso (parallel) 15.87 0.13 5.99 (Reporting by Bruno Federowski; Editing by Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/latam-emergingmarkets-idINL1N1I61B1'|'2017-05-04T14:24:00.000+03:00'
'cd774b4354137323633b71d896c240f0dc839506'|'UPDATE 1-Ita<74>''s Bracher sees guidance feasible as Brazil risks linger'|' 27pm EDT UPDATE 1-Ita<74>''s Bracher sees guidance feasible as Brazil risks linger (Recasts to add details, Bracher''s background, share performance throughout) By Guillermo Parra-Bernal SAO PAULO May 4 Ita<74> Unibanco Holding SA will probably meet operational targets for this year even if uncertainty over an economic and credit market recovery in Brazil persists, Chief Executive Officer Candido Bracher said on Thursday. Bracher, who this week took the helm of Brazil''s No. 1 bank by assets, said in a conference call that loan-loss provisions may end the year around the mid-point of a 14.5 billion reais to 17 billion reais ($4.56 billion to $5.35 billion) goal range first issued in February. Asked if lingering problems in Ita<74>''s corporate loan book would demand ramping up provisions beyond this year''s guidance, Bracher said the bank could make use of additional loan reserves for provisioning purposes while reducing coverage ratios in certain lending segments. A bank''s overall coverage ratio measures its ability to absorb potential losses from a surge in defaulted loans. "There are no signs of significant problematic cases emerging in our large corporate loan book, reinforcing our view that provisions will be at the mid-point of guidance," he told investors on a call to discuss first-quarter results. Bracher''s comments - his first as Ita<74> CEO - suggest that lingering loan quality woes for local banks are taking a backseat after a four-year credit market downturn. Rival lenders have pointed to recovery signs in credit markets enabling them to cut provisions significantly by year-end. Currently, Ita<74>''s coverage ratio is at 231 percent, and it could fall to a "rather comfortable" 200 percent should economic and credit market conditions allow, Bracher said. INFRASTRUCTURE Bracher reaffirmed Ita<74>''s pledge to negotiate longer repayment terms with infrastructure and real estate borrowers on a case-to-case basis, after signs of deteriorating credit quality in the segment arose during the first quarter. Ita<74> has 34 billion reais in outstanding real estate and infrastructure loans. For borrowers facing a rising debt burden and depleting cash, Ita<74> could demand they accelerate asset divestitures, executives said at a Wednesday conference call. Credit risk for infrastructure firms rose last quarter, driving Ita<74>''s 15 day-to-90 day default ratio to a nine-month high. Bracher also saw growth in interest and fee income, non-interest expenses and lending to come in within targeted ranges for the year. Preferred shares, Ita<74>''s most widely traded class of stock, shed 2.2 percent to 38.58 reais in early afternoon trading in S<>o Paulo. The stock is up 9.8 percent this year. This week, Bracher replaced Roberto Setubal, who steered Ita<74> through growth across Brazil and Latin America during his 23-year stint. ($1 = 3.1778 reais) (Reporting by Guillermo Parra-Bernal; Editing by Chizu Nomiyama and Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/itau-unibco-hldg-results-outlook-idUSL1N1I60TE'|'2017-05-05T00:27:00.000+03:00'
'ea3b30cce4246818d067099a0dd2c6af88038206'|'Kremlin - no decision on extending oil output deal with OPEC into second-half'|'  11:02am BST Kremlin - no decision on extending oil output deal with OPEC into second-half FILE PHOTO: A worker checks the valve of an oil pipe at an oil field owned by Russian state-owned oil producer Bashneft near the village of Nikolo-Berezovka, Russia, January 28, 2015. REUTERS/Sergei Karpukhin/File Photo MOSCOW The Kremlin said on Thursday it had not yet decided whether Russia would extend an agreement with OPEC and non-OPEC countries on oil output cuts into the second half of the year. "No decision has been made yet," Kremlin spokesman Dmitry Peskov told a conference call with reporters. The Organization of the Petroleum Exporting Countries, along with Russia and other non-OPEC producers, has pledged to cut output by 1.8 million barrels per day (bpd) in the first half of 2017. Under the deal, Russia pledged to reduce its average daily production gradually by 300,000 barrels to 10.947 million bpd, down from the October level of 11.247 million bpd. Russia''s Energy Ministry said on Wednesday the country''s oil production on May 1 was 300,790 bpd below the October level. (Reporting by Dmitry Solovyov; Editing by Jack Stubbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-oil-opec-russia-cuts-idUKKBN180135'|'2017-05-04T18:02:00.000+03:00'
'900a080f812204d0d211441130e8c0ab65667380'|'Linde chairman defends Praxair deal - paper'|'Business News - Fri May 5, 2017 - 6:15pm BST Linde chairman defends Praxair deal - paper Linde Group headquarters is pictured in Munich, Germany August 15, 2016. REUTERS/Michaela Rehle/File Photo By Georgina Prodhan - FRANKFURT FRANKFURT Linde ( LING.DE ) Chairman Wolfgang Reitzle has defended his plan for a $70 billion merger with U.S. rival Praxair ( PX.N ), telling a German newspaper it was a good deal for workers and investors. The German industrial gases group has faced unexpectedly strong opposition to the planned all-share merger of equals from trade unions who fear a dilution of their influence and large-scale job losses, as well as scepticism from some investors. "The deal is extremely good for shareholders, and the employees get job guarantees for five years," he told the Sueddeutsche Zeitung in an interview released on Friday ahead of publication on Saturday. The merger, which promises $1 billion of synergies, would reunite a global company split by World War One a century ago and create a market leader to rival Air Liquide ( AIRP.PA ). But Linde''s supervisory board, which has to approve the deal, is evenly split between worker representatives who oppose it and shareholder representatives who are in favour. Reitzle could use his casting vote to force it through if necessary. "Of course I would prefer to avoid the casting vote," Reitzle told the paper, adding he would continue to talk to labour representatives to try to win their consent. He had previously told the Financial Times he was prepared to use it. The head of Linde''s works council, who sits on the supervisory board, was unimpressed. "We see no change here," Gernot Hahl told Reuters by telephone after reading the interview. "We are still opposed to the deal." Negotiations to hammer out a final business combination agreement between Linde and Praxair are taking longer than expected, a fact that Linde has put down to "legal complexity". The two companies had hoped to have a plan in place before Linde''s annual shareholder meeting on May 10. A supervisory board meeting that had been scheduled to vote on the agreement last Wednesday was cancelled and no new meeting has yet been called. (Writing by Edward Taylor and Georgina Prodhan; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-linde-m-a-praxair-idUKKBN1811WX'|'2017-05-06T01:15:00.000+03:00'
'adff6e3ce27b3a202c9969e3879a429aba907b55'|'British Airways owner IAG posts operating profit, revenue ahead of expectations'|'Business News -  49am BST British Airways owner IAG posts operating profit, revenue ahead of expectations British Airways aircraft taxi at Heathrow Airport near London, Britain October 11, 2016. REUTERS/Stefan Wermuth/File Photo LONDON British Airways owner IAG reported operating profit and revenue ahead of expectations on Friday, posting a record first-quarter performance in what is usually the weakest part of the year. First-quarter operating profit before exceptional items came in at 170 million euros (144.6 million pounds), up 9.7 percent, well ahead of a Reuters forecast of 140.5 million euros. Total revenue was 4.93 billion euros, down 2.8 percent but again slightly ahead of expectations. "This is a record performance in Q1, traditionally our weakest quarter, with the improving trend in passenger unit revenue continuing," said chief executive Willie Walsh. There was an adverse currency exchange impact of <20>32 million euros in the quarter, due to the translation of sterling profit into euros, the group said. (Reporting by Alistair Smout, Editing by Paul Sandle)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-iag-results-idUKKBN1810HP'|'2017-05-05T14:49:00.000+03:00'
'3ac891008a96f3a8b868f6d20bcd1d524d9da2da'|'PRESS DIGEST- British Business - May 5'|'May 5 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times* The European Commission has embarked on another attempt to claim London''s vast and lucrative euro clearing market in a move that could jeopardise 80,000 jobs. bit.ly/2pF9u80* The British government is reported to be in talks with Tehran about providing export guarantees to ensure aircraft ordered by Iran''s national airline, Iran Air, can be delivered. bit.ly/2pETQcUThe Guardian* The French bank Societe Generale is to pay 963 million euros ($1.06 billion) to settle a legal battle with the Libyan investment fund that dates back to the Gaddafi regime. bit.ly/2pEILZi* Pfizer Inc has said it will make Palbociclib, the breast cancer drug, available free of charge for women in the United Kingdom. bit.ly/2pETxPfThe Telegraph* Activist investor Elliott Advisors will fire the latest salvo in the tug-of-war over Dulux owner Akzo Nobel by claiming the Dutch company''s plan to remain independent could result in four times more job losses than if it was taken over by U.S. rival PPG Industries Inc, according to the Telegraph. bit.ly/2pF0dgj1* Philip Hammond tried to reassure London over its future as a financial hub following threats from Brussels to control euro-clearing, with the Chancellor warning that proposed EU changes could weaken financial stability. bit.ly/2pEx058Sky News* Sky News has learnt that Transline Group, the employment agency whose relationship with Sports Direct International Plc sparked a political outcry, paid more than 1 million pounds ($1.29 million) last year to directors in the form of dividends, loans and a transfer of shares - even as it was facing a funding squeeze after suffering a seven-figure annual loss. bit.ly/2pEHjpN* The Society of Motor Manufacturers and Traders said new car registrations in the United Kingdom slumped by 19.8 percent to 152,076. bit.ly/2pEOU7RThe Independent* Just 1 percent of the public are "strongly opposed" to renewable energy, according to a government survey. ind.pn/2pECrAU* The latest flight-delay verdict from the European Court of Justice has ruled that "a collision between an aircraft and a bird is an extraordinary circumstance". Therefore airlines can reject claims for compensation from passengers delayed by three hours or more by a bird strike. ind.pn/2pEXF1L ($1 = 0.9108 euros) ($1 = 0.7739 pounds) (Compiled by Parikshit Mishra in Bengaluru; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL1N1I62HH'|'2017-05-05T07:31:00.000+03:00'
'e2baadb4c89c2e9137a925a52be2a07b0de24898'|'Union serves ArcelorMittal with strike notice for Quebec mine'|'Market News  19am EDT Union serves ArcelorMittal with strike notice for Quebec mine TORONTO May 5 Unionized workers at ArcelorMittal''s Mont-Wright iron ore mine in northern Quebec gave the steelmaker, the world''s largest, a 72-hour strike notice after rejecting the company''s contract offer, the United Steelworkers union said on Friday. Some 2,000 union members, who work at the large open pit mine, its railroad link to port and a processing plant in Port Cartier, have voted to strike if a new collective agreement is not reached in 72 hours, the union said in a statement. A proposed two-tier pension system would hurt new workers, said union coordination Nicolas Lapierre in a press release. The union also wants ArcelorMittal to return some contracted-out positions to unionized jobs and resolve discrepancies in working conditions between ArcelorMittal<61>s Mont-Wright mine and its Fire Lake mine. ArcelorMittal was not immediately available for comment. (Reporting by Susan Taylor; Editing by Steve Orlofsky)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/arcelormitta-strike-idUSL1N1I70WA'|'2017-05-05T23:19:00.000+03:00'
'3088bec138dbdc655c84a046dd9f205b89ee7f0a'|'BOJ Kuroda: Hitting inflation target "challenging" but won''t abandon efforts'|'By Leika Kihara - YOKOHAMA, Japan YOKOHAMA, Japan Bank of Japan Governor Haruhiko Kuroda on Friday voiced confidence that the country''s inflation rate will accelerate toward his 2 percent target as robust economic growth pushes up wages and helps heighten inflation expectations.Kuroda conceded that inflation expectations were not well anchored in Japan, making it challenging to convince households and companies that a sustained economic recovery will eventually lead to higher inflation and wages.But he said that once inflation rates start to accelerate significantly, that will change public perceptions of future price rises and enable the BOJ to achieve its price target."Since Japan''s economy is growing and will continue to grow well above its potential, the output gap will continue to improve in the coming months and years. That would strengthen pressure on wages and prices," Kuroda told a news conference."It''s challenging for central banks to achieve their price stability targets in a timely manner, but that doesn''t mean we would change our 2 percent target," he added.In an earlier interview with CNBC, Kuroda said the BOJ will maintain its long-term interest rate target for the time being to ensure the economy is sustainably out of deflation."The mindset (of the Japanese public) is still quite cautious about inflation expectations. But I''m quite sure that will change with continuous accommodative monetary policy supported by fiscal policy," Kuroda was Quote: d as saying in the interview.Kuroda is in Yokohama, eastern Japan, to meet financial leaders gathering for the Asian Development Bank''s annual meetings.After more than three years of huge asset purchases failed to accelerate inflation, the BOJ revamped its policy framework last September to one aimed at capping long-term interest rates.Japan''s economy has shown signs of life, as exports rose the most in over two years in March and manufacturers'' confidence hit the highest since the global financial crisis a decade ago.But core consumer prices for March rose just 0.2 percent from a year earlier, well below the BOJ''s target, a sign the Japanese central bank will lag behind its major counterparts in withdrawing monetary stimulus.(Reporting by Leika Kihara; Editing by Jacqueline Wong and Sam Holmes)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-adb-asia-boj-kuroda-idINKBN1810V8'|'2017-05-05T17:09:00.000+03:00'
'274f65466a4555ac7582f73bc1f82b8d8a3737fa'|'Kraft Heinz to cut jobs, shutter factories under integration plan'|'Business News -  56pm BST Kraft Heinz to cut jobs, shutter factories under integration plan FILE PHOTO: Heinz tomato Ketchup is show on display during a preview of a new Walmart Super Center prior to its opening in Compton, California, U.S., January 10, 2017. REUTERS/Mike Blake/File Photo Kraft Heinz Co ( KHC.O ) said on Thursday it would cut about 13 percent of its workforce, close factories and consolidate its distribution network as part of its efforts to merge Kraft Foods and H.J. Heinz. Kraft Heinz said it would incur pre-tax costs of $2 billion (<28>1.5 billion) related to the elimination of 5,150 positions, the shutting of six factories and the streamlining of its distribution. ( bit.ly/2qw1V4T ) The company will also spend an additional $1.3 billion on capital expenditures related to the integration on top of the $995 million it has spent since the merger in 2015. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-kraft-heinz-restructuring-idUKKBN18024I'|'2017-05-04T23:56:00.000+03:00'
'fefc4270d5d89b98aeb31a56d91ba69e2e0a157d'|'Frankfurt lays claim to Wall Street banks after Brexit'|'Business News - Fri May 5, 2017 - 10:12am EDT Frankfurt lays claim to Wall Street banks after Brexit FILE PHOTO: The famous skyline with its banking district is pictured in early evening next to the Main River in Frankfurt, Germany, January 19, 2016. REUTERS/Kai Pfaffenbach/File Photo By John O''Donnell - FRANKFURT FRANKFURT The five largest U.S. investment banks are set to move hundreds of key staff within two years from London to Frankfurt, the city''s chief lobbyist told Reuters, in a move that could bolster Germany''s role in global finance. Hubertus Vaeth, who has been promoting the city to banks since Britain voted to leave the European Union last year, told Reuters he expected a "significant chunk" of their operations to come to Frankfurt. "That means, in the case of JP Morgan ( JPM.N ), Morgan Stanley, Goldman Sachs, Citigroup ( C.N ) and Bank of America ( BAC.N ) a move of more than 1,000 jobs in total to Frankfurt, which will happen by the end of Brexit talks," said Vaeth, who heads Frankfurt Main Finance. Vaeth''s remarks come as rival centers, chiefly Frankfurt, Dublin, Paris and Luxembourg, make a final push to win banks searching for a foothold in the European Union after Britain''s departure limits their freedom to trade. Frankfurt, which long grappled with an unfavorable backwater image, promotes itself as a stable city for banks seeking to relocate, while the German government and politicians have discreetly welcomed those looking to move. As uncertainty has grown in the wake of a snap election in Britain, and as talks between British Prime Minister Theresa May and her counterparts in Brussels got off to an acrimonious start, Germany''s steady, if sometimes gray, image holds appeal. For executives worried about further political uncertainty in the euro currency bloc, the city''s location in the region''s strongest economy has helped. Vaeth conceded that rival Dublin would also benefit, hosting possibly even more staff from the banks. But he believes they will be primarily in administrative or back-office functions. As in Germany, Ireland''s politicians have taken an active role in the campaign. LOBBYING EFFORTS Irish Prime Minister Enda Kenny met senior Morgan Stanley executives in New York to discuss locating in Ireland during a visit to there to mark St. Patrick''s Day in March, one person familiar with the matter said. "The decisions on moving location have been taken, more or less," said Vaeth. "And it is usually two to three locations that will benefit. "Key operations and decision-makers would come to Frankfurt. Dublin would mainly get middle and back office operations." He said 20 banks were now in advanced talks with the regulators about getting a license in Germany. Some of the banks, however, have yet to finalize their plans. Citigroup, for example, has said it will decide by the end of June. Morgan Stanley, whose chief executive James Gorman recently visited Frankfurt, and Goldman Sachs prefer Germany''s financial capital as their main base. But JP Morgan has indicated that the split with rival centers may be more even. Bank of America has far closer ties to Dublin, where until recently it booked much of its trading, and where it still has a license. One of its executives has said the Irish city is its default option as an EU base. Ireland continues to canvass for Dublin and one person with knowledge of the matter said Dublin remained in contention for any operations that Morgan Stanley chooses to move. The banks declined to comment. Paris too, currently distracted by presidential elections, still hopes to win new business. Christian Noyer, the former French central bank chief tasked with promoting Paris to banks, will travel to New York later this month to make the case for doing business there. (Additional reporting by Padraic Halpin in Dublin, Anjuli Davies in London and Maya Nikolaeva in Paris; editing by Andrew Roche) '|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.co
'8b558a9036ff33bfc9f2dff398ae458a81bae0af'|'US STOCKS-Wall St edges up on strong jobs data, IBM caps gains'|'Market News - Fri May 5, 2017 - 9:56am EDT US STOCKS-Wall St edges up on strong jobs data, IBM caps gains * 211,000 jobs added in April vs est. 185,000 * IBM tumbles after Buffett cuts stake by a third * Energy sector up as oil prices recover * Dow down 0.04 pct, S&P up 0.19 pct, Nasdaq up 0.26 pct (Updates to open) By Yashaswini Swamynathan May 5 U.S. stocks rose slightly on Friday after a robust April jobs report reaffirmed the strength of the labor market, but a drop in IBM weighed on the blue-chip Dow index. The technology giant''s shares tumbled 3.3 percent to a six-month low of $153.85 after Warren Buffett said he sold nearly a third of his stake in the company. The stock was the biggest drag on the Dow and the S&P 500. Nonfarm payrolls rose by 211,000 in April, the Labor Department said, well above the monthly average of 185,000 for this year and a sharp acceleration from a gain of 79,000 in March. The unemployment rate fell to a near 10-year low. "The market will like this number because there was some concern that the economy was slowing a little bit," said Michael Arone, chief investment strategist at State Street Global Advisors in Boston. The Federal Reserve was not "giving much credence to some of the slower economic numbers in the first quarter, and this would confirm that view." The odds of a rate hike in June jumped to 75 percent, from 70 percent before the jobs report, according to Thomson Reuters data. At 9:34 a.m. ET (1334 GMT), the Dow Jones Industrial Average was down 9.17 points, or 0.04 percent, at 20,942.3, the S&P 500 was up 4.61 points, or 0.19 percent, at 2,394.13 and the Nasdaq Composite was up 15.56 points, or 0.26 percent, at 6,090.90. All of the 11 major S&P 500 sectors were higher, led by a 0.52 percent gain in utilities. Apple was the top stock on the S&P and the Nasdaq, rising 0.4 percent after two days of losses. The energy index increased 0.4 percent as crude oil prices eked out gains after hitting six-month lows. Among stocks, Cognizant gained 3.4 percent to $62.84 after the IT services provider''s profit beat estimates. Universal Display surged more than 20 percent to $108.50 after the company''s quarterly revenue blew past analysts'' expectations. Advancing issues outnumbered decliners on the NYSE by 1,762 to 685. On the Nasdaq, 1,276 issues rose and 836 fell. The S&P 500 index showed 33 52-week highs and no lows, while the Nasdaq recorded 47 highs and 18 lows. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D''Souza) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1I73R2'|'2017-05-05T17:56:00.000+03:00'
'44e7d0904340b9cf3464a4843c7cf95efd1663ab'|'Moment of truth for the euro as France votes'|'Business News - Fri May 5, 2017 - 10:37am EDT Moment of truth for the euro as France votes FILE PHOTO: Wads of euro banknotes are stacked in a pile at the Money Service Austria company''s headquarters in Vienna, Austria, March 3, 2016. REUTERS/Leonhard Foeger By Jonathan Cable - LONDON LONDON The fate of the European Union and the euro could hang on the outcome of Sunday''s French presidential election. The expected victory of centrist, pro-EU candidate Emmanuel Macron would be taken by markets as a sign that political risk in Europe is receding; a surprise win for far-right candidate Marine Le Pen would raise the risk that the euro zone''s number two economy could abandon the single currency and even leave the EU. Surveys on Friday showed Macron ahead by 62 percent to 38, but investors are wary of opinion polls after recent political shocks such as Donald Trump''s election to the White House and Britain''s decision last year to leave the EU. Le Pen has lately played down her plans to quit the EU and the euro, saying this may not be her top priority. But if she wins, the euro will fall around 5 percent in the immediate aftermath, a Reuters poll found this week. No major survey sees her becoming president, but a victory would increase volatility in financial markets, particularly in European equities, bonds, and currencies. A vote for Macron would retain the status quo. "We expect Macron to win the second round of the French presidential election on Sunday. This outcome should usher in a period of subsiding political risk in the euro zone," said Valentin Marinov at Credit Agricole. Economic growth in the bloc will be steady but modest over the coming year, but that will depend partly on Macron getting the keys to the Elysee Palace, a Reuters poll of economists showed last month. There is no major data due from the currency bloc in the coming week to shed light on how the economy has fared at the start of the second quarter, but numbers on Friday will show how industry rounded out the first quarter. Purchasing manager surveys earlier this week showed euro zone businesses raced into the second quarter, increasing activity at the fastest rate in six years in April, suggesting the bloc''s economic recovery is broad-based and sustainable. STEADY AS SHE GOES Across the Channel in Britain, whose economy has performed surprisingly well since the Brexit vote, the Bank of England meets to decide monetary policy but no surprises are expected. None of 62 economists polled by Reuters expects the bank rate to be adjusted from its record low of 0.25 percent on Thursday. A recent Reuters survey found there would be no change until 2019 at least as the central bank waits to see how EU divorce negotiations pan out. Fractious talks are the biggest risk to the British economy while a smooth running of negotiations would be the most beneficial factor for growth, polls have shown. Having called a snap election for June 8, Prime Minister Theresa May''s Conservative Party has a runaway lead over the opposition so will likely decide Britain''s stance in the talks. If opinion polls are right, May will win a strong new mandate endorsing her vision for Brexit, which sees the country leaving the EU''s single market - a potential negative for growth - in order to win more freedom to set its own laws, control immigration and seek its own trade deals. "Politics is also likely to be a major focus with less than five weeks until the UK''s General Election on 8 June. One potential date to look out for is Monday, where there are tentative reports that the Conservative Party will release its manifesto," noted Investec economists. Adding to the central bank''s deliberations, inflation is above its 2 percent target and will outpace wage growth this year, hitting the shoppers who have been shoring up the economy. The Bank will also publish its Quarterly Inflation Report, while sector detail in the form of industrial production and construction output will be revealed by 
'e527ce1b2cf317c0a0acb081ac50df634b396a03'|'UPDATE 1-Union gives ArcelorMittal strike notice for Quebec mine'|'(Adds comment from union, company, background on talks)By Susan TaylorTORONTO May 5 Unionized workers at ArcelorMittal''s Mont-Wright iron ore mine in northern Quebec gave the steelmaker, the world''s largest, a 72-hour strike notice after rejecting the company''s contract offer, the United Steelworkers union said on Friday.The two sides have since agreed to resume negotiations in Montreal, but some 2,000 workers will walk off the job at noon Monday if outstanding issues are not resolved, said Dominic Lemieux, assistant to the union''s Quebec director.The union has concerns with wages, pensions, sub-contracting and lower pay for workers at the company''s nearby smaller mine, Lemieux said.A strike would affect the large open pit Mont-Wright mine, a railroad link to port, a processing plant in Port Cartier and the smaller Fire Lake mine.The company would not comment on contingency plans for operating the plant during a strike. Last year, Mont-Wright produced some 27 million tonnes of iron ore at a cash production cost of $25 per tonne.ArcelorMittal spokesman Paul Wilson said the company is confident a deal will be reached. "We are still convinced that we are going to get there and that we''re going to get a win-win solution," he said.A week of mediated talks in late April failed to resolve financial issues in the contract, which expired March 1, Lemieux said.Spot iron ore prices .IO62-CNO=MB slid 5.1 percent to $65.20 a tonne on Thursday, according to Metal Bulletin, on worries about slowing construction and infrastructure demand. That is down from an all-time high of about $190 in 2011.Luxembourg-based ArcelorMittal suspended an expansion plan at Mont-Wright last June, citing project costs, "fairly high" mine production costs, low iron ore prices and global competition.In 2013, ArcelorMittal sold a 15 percent stake in Mont-Wright to South Korean steelmaker Posco and Taiwan listed China Steel Corp for $1.1 billion. (Reporting by Susan Taylor; Editing by Steve Orlofsky, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/arcelormitta-strike-idINL1N1I710W'|'2017-05-05T15:24:00.000+03:00'
'074207be946e0507dcc974349c74cadfffa8e7ed'|'CEE MARKETS-MOL stocks rise on earnings, Romania keeps rates on hold'|'Market News - Fri May 5, 2017 - 10:54am EDT CEE MARKETS-MOL stocks rise on earnings, Romania keeps rates on hold * MOL stocks rises on earnings increase, regional peers fall * Regional markets mixed and lack direction * Romanian central bank holds fire, leu eases slightly * Czech PM drops plan to resign, crown firms a bit (Recasts with oil stocks, Romanian interest rate decision) By Sandor Peto BUDAPEST, May 5 Hungarian oil group MOL''s stronger-than-expected earnings boosted its stocks to a six-year high on Friday, while its sector peers in Central Europe retreated after a plunge in crude prices. MOL shares rose 2.5 percent by 1358 GMT after it announced a rise in its earnings in the first-quarter, helped by a jump in crude prices in that period, higher refining and sales volumes and refining margins. But oil prices fell to five-month lows on Friday due to concerns about a persistent glut. Warsaw''s bluechip stock index continued to retreat from Thursday''s 23-month highs, shedding half a percent, pushed down mainly by gas company PGNiG and refiner PKN Orlen . PGN stocks plunged by over 5 percent in a sharp correction after hitting 18-month highs on Thursday. Czech downstream oil group Unipetrol shares dropped 0.8 percent and Romanian OMV Petrom shed half a percent. MOL''s first-quarter results exceeded forecasts, Erste Group analysts said in a note. "We must also note that the sector environment was also very good, while of course MOL has managed to benefit from that," their note added. Regional markets were directionless. Currencies were mixed and changed little, finding now clues in strong U.S. payroll data, after which the euro jumped to roughly 6-month highs against the dollar. Romania''s central bank kept its benchmark interest rate on hold as expected, while it said a rise in inflation could be slower than anticipated. The leu eased 0.1 percent. A rise in inflation across Central Europe since late 2016 is unlikely to trigger monetary policy tightening soon. The Czech central bank (CNB), however, signalled on Thursday that it may need to lift rates if the crown does not firm from 27 against the euro, the level of a cap on the currency, which the bank removed a month ago. The crown strengthened 0.1 percent by late trade to 26.782 versus the euro. CNB Vice-Governor Mojmir Hampl said there was still huge uncertainty over the Czech crown''s exchange rate development but its path had been smooth since the cap was removed. Investors have ignored the twists and turns of a Czech government crisis months before October elections, which a Prague-based trader called a "silly political game". Prime Minister Bohuslav Sobotka on Friday reversed his decision to resign, saying he would instead seek the removal of Finance Minister Andrej Babis, his main political rival. CEE SNAPS AT 1558 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech 26.78 26.80 +0.0 0.84% crown 20 20 7% Hungary 311.9 312.0 +0.0 -1.01 forint 800 400 2% % Polish 4.217 4.214 -0.07 4.43% zloty 0 3 % Romanian 4.551 4.547 -0.08 -0.35 leu 0 3 % % Croatian 7.430 7.436 +0.0 1.68% kuna 0 5 9% Serbian 123.0 123.2 +0.1 0.25% dinar 400 250 5% Note: calculate previ close 1800 daily d from ous at CET change STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 1003. 1001. +0.1 +8.8 34 75 6% 7% Budapest 32768 32289 +1.4 +2.3 .44 .85 8% 9% Warsaw 2368. 2381. -0.54 +21. 19 00 % 58% Bucharest 8292. 8235. +0.6 +17. 48 90 9% 04% Ljubljana 777.1 778.6 -0.20 +8.2 1 3 % 9% Zagreb 1904. 1892. +0.6 -4.55 17 76 0% % Belgrade <.BELEX15 715.3 715.7 -0.06 -0.28 > 4 5 % % Sofia 660.8 663.5 -0.41 +12. 1 4 % 68% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.06 0.109 +061 +8bp > 8 bps s 5-year <CZ5YT=RR 0.033 0.029 +035 +2bp > bps s 10-year <CZ10YT=R 0.818 0 +042 -1bps R> bps Poland 2-year <PL2YT=RR 2.01 -0.00 +269 -3bps > 2 bps 5-year <PL5YT=RR 2.903 -0.01 +322 -
'70be3bf190b35a79d43c2cd20207e0b526546a70'|'Vivendi offers EU concessions over Telecom Italia bid'|'Business News - Fri May 5, 2017 - 10:30am BST Vivendi offers EU concessions over Telecom Italia bid FILE PHOTO: The Vivendi logo at the company''s headquarters in Paris, France, March 10, 2016. REUTERS/Charles Platiau/File Photo BRUSSELS French media group Vivendi ( VIV.PA ) has offered concessions in a bid to address EU antitrust concerns over its bid to acquire control of Telecom Italia ( TLIT.MI ), according to the European Commission. Vivendi submitted the concessions on May 4, a filing on the EU competition website showed on Friday, without providing details. The Commission typically requires operators to provide access to rivals in telecoms deals. The Commission has extended the deadline for it to make a decision to May 30 from May 12. Vivendi, currently with a 24 percent stake in Telecom Italia, aims to build a southern European media empire. (Reporting by Foo Yun Chee; editing by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-telecom-it-m-a-vivendi-eu-idUKKBN1810WB'|'2017-05-05T17:30:00.000+03:00'
'3265d34b544ce7812a11cc4783d6c87ddd9a94db'|'Swiss pharmacy group Zur Rose says looking at possible IPO'|'Deals - Fri May 5, 2017 - 3:35am EDT Swiss pharmacy group Zur Rose says looking at possible IPO ZURICH Swiss mail-order pharmacy Zur Rose Group [ZUROS.UL] has hired investment banks to look at a possible public listing of shares, it said on Friday. "The options which are being assessed by UBS ( UBSG.S ) and Berenberg on behalf of Zur Rose Group include an initial public offering with capital increase, further private funding as well as additional debt financing," the Frauenfeld-based company said in a statement. Its board of directors may send out an invitation to an extraordinary general meeting "in the coming weeks", Zur Rose said. An IPO would be the second listing of a Swiss pharmacy group after Galenica Sante ( GALE.S ) raised 1.9 billion Swiss francs ($1.92 billion) last month in Europe''s biggest flotation so far this year. Shares in Zur Rose now trade on Berner Kantonalbank''s OTC-X, Zuercher Kantonalbank''s eKMU-X and Lienhardt & Partners Private Bank Zurich Ltd''s trading platforms. The company has more than 800 employees and generated revenue of 880 million Swiss francs in 2016. (Reporting by Joshua Franklin; Editing by Michael Shields) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-zur-rose-group-ipo-idUSKBN1810ND'|'2017-05-05T11:35:00.000+03:00'
'25f20778da1c452c0b2cab52ba6189d9a2118188'|'Buffett to face big crowd as Berkshire grows bigger'|'By Jonathan Stempel May 3 As the United States adapts to the presidency of Donald Trump and faces rising tensions abroad, Berkshire Hathaway Inc shareholders will descend on Omaha, Nebraska this weekend seeking reassurance, from Warren Buffett.The weekend known as "Woodstock for Capitalists" is unique in corporate America, a celebration of the billionaire''s image and success at a conglomerate whose businesses range from Geico insurance to the BNSF railroad to See''s candies to Ginsu knives.Buffett, 86, and vice chairman Charlie Munger, 93, will answer five hours of questions at Saturday''s annual meeting.Many say it reinforces their views about investing and Berkshire, even if it remains unclear how much new they learn."Watching someone like (Buffett) with strong command on details of the economy and Berkshire''s operations is very impressive," said Meyer Shields, a Keefe, Bruyette & Woods analyst who rates Berkshire "market perform." "But you''re not going to learn a lot about Berkshire Hathaway the company."Last year''s attendance fell to about 37,000 from more than 40,000 a year earlier.But there were also 1.1 million real-time sign-ons to Yahoo Finance, which webcast the meeting for the first time. It will do so again, in English and Mandarin.LARGE, LARGE ORGANIZATIONMuch of Berkshire''s relative outperformance came decades ago when it was much smaller, and even Buffett has called the company''s huge size an "anchor on investment performance."Buffett has said Berkshire owns 10 businesses big enough to make the Fortune 500 list of large U.S. companies on their own.But details can be thin. For example, aircraft parts maker Precision Castparts, acquired last year for $32.1 billion, merited about a page in Berkshire''s annual report.Precision''s final annual report, in 2015, ran 87 pages."It''s a large, large organization," said Jeffrey Stacey, founder of Stacey Muirhead Capital Management in Waterloo, Ontario, who is attending his 26th straight meeting. "I am willing to give it the benefit of the doubt because the track record has been so good for so long."Buffett said in February that boosting disclosure could put many Berkshire businesses at a disadvantage, and that "it''s the growth of the Berkshire forest that counts."He also knows the perils of conglomerates, saying in 2015 that dubious accounting, self-promotion and mediocre businesses make them "richly deserve" their "terrible" reputation.Buffett says Berkshire is different, in part because he took Munger''s advice to buy wonderful businesses at fair prices.Shareholders enjoy that focus less than they once did.Berkshire''s share price has slightly lagged the Standard & Poor''s 500 including dividends during the eight-year bull market, but has outperformed since the global financial crisis mushroomed in September 2008.Shields, who is not attending Saturday''s meeting, wants Buffett to reveal more, even if shareholders can "safely assume" his eventual successor as chief executive is top-flight.ISSUES APLENTYWhile Buffett and Munger do not know in advance the questions they will get from shareholders, journalists and analysts at Saturday''s meeting, they can anticipate many.Buffett may need to review Berkshire''s support of Wells Fargo & Co, in which it holds a roughly 10 percent stake, despite a sales scandal over bogus customer accounts.He may also get questions about his support for 3G Capital, a Brazilian firm known for ruthless cost-cutting. Berkshire controls Kraft Heinz Co with 3G, and recently tried to help 3G buy Unilever NV for $143 billion.Trump is sure to come up. Buffett did not support his election but Berkshire''s book value could swell by $36 billion with his proposed corporate tax cuts, Barclays Capital said.Buffett may also get questions about his surprise bets on Apple Inc and the four biggest U.S. airlines.Having gone over a year since a big acquisition, Buffett may be asked how he can better deploy the $86.4 billion of cash, equivalents and Treasu
'34312e287462965368ec36abd4634838ce7bf4c7'|'Twenty-First Century Fox in talks with Blackstone to buy Tribune'|'Business News - Mon May 1, 2017 - 1:38am BST Twenty-First Century Fox in talks with Blackstone to buy Tribune left right FILE PHOTO - The 21st Century Fox logo is seen outside the News Corporation headquarters in Manhattan, New York, U.S., April 29, 2016. REUTERS/Brendan McDermid/File Photo GLOBAL BUSINESS WEEK AHEAD PACKAGE - SEARCH ''BUSINESS WEEK AHEAD 6 FEB'' FOR ALL IMAGES - RTX2ZRW7 1/2 left right Rupert Murdoch, Executive Chairman News Corp and Chairman and CEO 21st Century Fox speaks at the WSJD Live conference in Laguna Beach, California October 29, 2014. REUTERS/Lucy Nicholson/File Photo 2/2 NEW YORK Twenty-First Century Fox Inc ( FOXA.O ) is in talks with Blackstone Group LP ( BX.N ) about submitting an acquisition offer for Tribune Media Co( TRCO.N ), according to a source familiar with the matter. Twenty-First Century Fox, Blackstone and Tribune Media could not be immediately reached for comment. The Financial Times first reported the negotiations. (Reporting by Lauren Hirsch in New York and Rama Venkat Raman in Bengaluru; Writing by Dan Freed in New York; Editing by Will Dunham)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-tribune-media-m-a-idUKKBN17X0VV'|'2017-05-01T08:34:00.000+03:00'
'1d4778b9294b0da87cbea6a67caffbf8d3666a45'|'SolarCity performance points to rockier outlook for rooftop solar'|'Business News - Thu May 4, 2017 - 7:34am EDT SolarCity performance points to rockier outlook for rooftop solar A Solar City logo is seen on the side of a company vehicle in San Diego, California, U.S., November 2, 2016. REUTERS/Mike Blake By Nichola Groom Tesla''s ( TSLA.O ) SolarCity reported a drop of nearly 40 percent in solar installations for the first quarter on Wednesday, the latest sign of a reversal in fortunes for the once high-flying residential solar industry. In an earnings report this week, Tesla said it deployed 150 megawatts of solar generation in the first quarter of 2017 compared to 245 MW in the first quarter of last year. The company, which announced last week it was curtailing door-to-door sales, said it had prioritized higher-margin projects that generate cash up front rather than trying to sell as many installations as possible. But the dramatic drop in sales for a company that had consistently delivered double-digit growth puts it in line with a broad trend affecting the rooftop-solar industry. Across the sector, installers report more difficulty finding customers. Subsidies have dwindled or been eliminated in some states, and many of the easiest consumers to sell to - environmentally conscious homeowners with disposable income - have already purchased rooftop systems. "The trendsetters are kind of gone," Tammy Goad, vice president of corporate development for California-based Valley Energy said at a solar industry conference in San Diego on Tuesday. Stiff competition in the industry has pushed some companies out of the market, or forced them to scale back. One of the nation''s biggest rooftop solar companies, Sungevity, filed for bankruptcy earlier this year. "Two years ago I thought I was a brilliant marketer. Today, I''m looking for answers," said Kathi McCalligan, director of marketing for San Diego installer Baker Electric, at the conference. The gathering focused on customer acquisition and was put on by the Solar Energy Industries Association. Rooftop solar, a novelty in many neighborhoods just a few years ago, has enjoyed dramatic growth in recent years, including a 66 percent rise in installations between 2014 and 2015, according to SEIA and research firm GTM Research. That growth rate slipped to 19 percent last year, and the trend has worsened significantly in 2017. Not only did SolarCity post its worst quarterly solar deployments in nearly two years, residential interconnection requests at California''s three investor-owned utilities were down 35 percent in January and February, according to state data. California makes up about half the residential solar market. Heavy rains in those months were likely to blame for some of that decline, but industry insiders say installations have not recovered as much as expected this spring. At the same time, consumer complaints about high-pressure sales tactics are on the rise, according to government and private agencies. They say that aggressive door-to-door soliciting and telemarketing have soured some consumers on solar, as have online ads promising "free solar." Solar-related complaints to the Better Business Bureau, a non-profit that promotes ethical business practices, are up 29 percent nationwide so far this year, Greg Dunn, president of the Hawaii BBB, said during a presentation at the conference. Nearly a quarter of those complaints relate to sales practice issues. In California, the state''s Contractors State License Board said it has received 199 complaints through early April, a level that is on track to exceed the 452 complaints received in 2016. The rise in complaints has prompted the introduction of solar consumer protection bills in Florida and California, and SEIA earlier this year launched a campaign aimed at protecting solar consumers. On Wednesday, the Wall Street Journal reported that federal regulators are probing whether large installers Sunrun Inc ( RUN.O ) and SolarCity have fully disclosed their contract cancella
'504d1828b620420d7a74deaadbb963a4b1faaf96'|'EU mulls relocation of UK clearing after Brexit, but no decision yet'|'Business News - Thu May 4, 2017 - 1:44pm BST EU mulls relocation of UK clearing after Brexit, but no decision yet left right European Commission Vice-President for the Euro and Social Dialogue Valdis Dombrovskis holds a news conference at the European Commission in Brussels, Belgium May 4, 2017. REUTERS/Eric Vidal 1/3 left right European Commission Vice-President for the Euro and Social Dialogue Valdis Dombrovskis holds a news conference at the European Commission in Brussels, Belgium May 4, 2017. REUTERS/Eric Vidal 2/3 left right European Commission Vice-President for the Euro and Social Dialogue Valdis Dombrovskis holds a news conference at the European Commission in Brussels, Belgium May 4, 2017. REUTERS/Eric Vidal 3/3 BRUSSELS The European Commission is considering as a possible option the relocation of a big chunk of derivative clearing from London to the European Union after Britain leaves the bloc, but no decision has been taken yet, a top official said on Thursday. "At this stage we are not jumping to conclusions," Valdis Dombrovskis told a news conference. "What we are saying is we are doing an impact assessment to assess those different options, including enhanced powers of EU supervisory authorities outside the EU and including location policy," he continued, noting that maintaining the current equivalence regime for foreign-based clearing was also an option. (Reporting by Francesco Guarascio @fraguarascio and Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-clearing-idUKKBN1801C4'|'2017-05-04T19:47:00.000+03:00'
'7d291766a3b2c482dc4794857694527005f83fad'|'Euro zone retail sales up for third month despite higher prices'|' 16am BST Euro zone retail sales up for third month despite higher prices Shoppers walk with shopping bags as they take care of their last-minute Christmas holiday gift purchases outside department stores in Paris, France, December 23, 2016. REUTERS/Charles Platiau BRUSSELS The volume of euro zone retail sales increased for the third consecutive month in March and by more than market expectations, showing shoppers have so far not been deterred by rising prices, estimates released on Thursday show. Retail sales in the 19 countries sharing the euro increased by 0.3 percent in March from February, the European Union''s statistics office Eurostat said, more than the average market expectation of a 0.1 percent rise. Year-on-year, the volume of retail sales grew 2.3 percent in March, higher than the 2.1 percent rise forecast by economists polled by Reuters. But the higher-than-expected rise in March was offset by a downward revision of February data. The month-on-month figure for February was revised by Eurostat to 0.5 percent from the previously estimated 0.7 percent, while the year-on-year growth of sales was 1.7 percent instead of 1.8 percent. Month-on-month retail sales rose for the third straight month, a sign that shoppers seem so far to have been unaffected by growing inflation in the bloc. Inflation in the 19-country currency bloc is estimated at 1.9 percent year-on-year in April, up from 1.5 percent in March and just short of the four-year high of 2.0 percent recorded in February. Retail sales increased in the month mostly for electrical goods and furniture which posted a 0.7 percent rise. Consumers also bought more food, drinks and tobacco which grew by 0.2 percent on the month. Shoppers reduced their purchases of car fuel, whose sale volumes went down in March by 0.3 percent on the month. Sales of clothes and footwear also dropped in March by 1.7 percent month-on-month after a 4.2 percent surge in February. Among the largest economies of the euro zone, sales went up by 0.6 percent in the month in both France and Spain. Germany, the bloc''s biggest economy, posted a 0.1 percent rise. March data were not available for Italy. Outside the euro zone, Britain recorded in March a 2.2 percent drop in monthly retail sales, the largest fall in all the 28 countries of the European Union, after Portugal where sales fell by 2.3 percent. (Reporting by Francesco Guarascio @fraguarascio; editing by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-economy-retail-idUKKBN1800XN'|'2017-05-04T17:16:00.000+03:00'
'256d2786df7d99a728b983b4349b6bf606bd3e38'|'UPDATE 1-UK services firms surprise with bounce, homebuyers cautious'|'Company News - Thu May 4, 2017 - 5:23am EDT UPDATE 1-UK services firms surprise with bounce, homebuyers cautious * Services PMI stronger than all forecasts in Reuters poll * Price growth and waning optimism are warning signs * Mortgage approvals fall to 6-month low - BoE * Consumer credit growth weakens over 12 months, rises in March (Combines separate stories) By William Schomberg and David Milliken LONDON, May 4 Britain''s economy picked up some steam in April after slowing in early 2017, a closely-watched survey suggested on Thursday, welcome news for Prime Minister Theresa May ahead of a national election in just over a month''s time. But separate figures from the Bank of England showed caution on the part of house-buyers in March, adding to signs of a slowdown in the housing market as rising inflation squeezes consumers. The Markit/CIPS Purchasing Managers'' Index (PMI) of Britain''s giant services industry unexpectedly rose to a four-month high of 55.8 in April, above all the forecasts in a Reuters poll of economists. The reading was the second strongest since mid-2015, a good backdrop for May and her Conservative Party who are trying to convince voters that the opposition Labour Party cannot be trusted to run the economy after the June 8 election. At the same time, the survey included some warning signs for the economy, which has so far coped with the shock of last June''s Brexit vote much better than expected by the Bank of England and private-sector economists before the referendum. Prices charged by service firms rose at the fastest pace since July 2008 and company executives reined in their optimism about the year ahead for a third month in a row. Taken with PMIs for manufacturing and construction published this week, the April survey suggested the economy was growing at a quarterly pace of 0.6 percent at the start of the second quarter, Markit said, double the pace of the first quarter. IHS Markit economist Chris Williamson said that kind of momentum was unlikely to last as households increasingly felt the pinch from rising inflation. "We expect consumer spending to slacken in coming months, with the April survey highlighting continued weakness in sectors such as hotels, restaurants and other household-facing businesses," Williamson said. However, he said growth of at least 0.4 percent growth was possible for the second quarter as a whole. The BoE data painted a mixed picture of how consumers are coping with the rise in inflation triggered by the fall in the value of the pound since the Brexit vote and by rising global oil prices. Consumer credit in the 12 months to March grew by 10.2 percent, the weakest increase since July of last year. But on the month it picked up a bit up of speed to rise by 1.624 billion pounds ($2.09 billion), more than the increase of 1.3 billion pounds expected by analysts in a Reuters poll. British clothing retailer Next lowered its full-year profit guidance on Thursday after cash-strapped shoppers stayed away from its stores in the first quarter. The Bank of England''s top policymakers will pay close attention to Thursday''s readings of the economy as they prepare for next week''s monetary policy announcement. The BoE is widely expected to keep interest rates at their record low throughout this year and possibly until 2019 as it steers the British economy through the uncertainty linked to the exit from the European Union. One rate-setter voted last month for a rate increase, however, and others said they might follow suit soon if there were signs that economy was maintaining its momentum of 2016. ($1 = 0.7760 pounds) (Writing by William Schomberg)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-economy-pmi-idUSL8N1I62Q0'|'2017-05-04T17:23:00.000+03:00'
'0c07d79b396179301f5dc67e492a8811eee99e1f'|'Infosys plays down cost concerns from U.S. hiring plan'|'Technology Photos - Thu May 4, 2017 - 6:46pm IST Infosys plays down cost concerns from U.S. hiring plan The logo of Infosys is pictured inside the company''s headquarters in Bengaluru, India, April 13, 2017. REUTERS/Abhishek N. Chinnappa By Sankalp Phartiyal and Euan Rocha - MUMBAI MUMBAI Infosys said its plans to hire thousands of workers in the United States would enable faster deployment of staff in areas such as big data and cloud, dismissing concerns about additional labor costs. The Indian IT services firm said on Tuesday it aims to hire 10,000 U.S. staff over the next two years and open four technology centers in the United States, its biggest market. The move comes as U.S. President Donald Trump has accused Indian software firms of displacing U.S. workers'' jobs by flying in foreigners on temporary visas to service U.S. clients. He has pledged to review the visa program. Some analysts have said Infosys''s U.S. expansion will increase its cost burden and squeeze margins, but deputy chief operating officer Ravi Kumar said it would make the company nimbler. "Training in the U.S. is obviously going to be more expensive than training in India, but as we ramp up significantly in the next few months this model is much more agile," Kumar told Reuters in a telephone interview from New York late on Wednesday. "It (hiring locally) gives us agility, it gives us speed and it gives us local cultural alignment," he said, but would not disclose how much Infosys will spend on the plan. The company will offer competitive salaries as it will compete with the likes of Google and Microsoft for campus hires, Kumar said, adding that the impact on margins will only be ascertained after a few quarters. EXTREME AUTOMATION Infosys is keen to automate a big chunk of its legacy business such as routine infrastructure maintenance work for clients, and focus instead on transformational work in areas such as digital services, cloud, data analytics and cyber security that offer much better margins, Kumar said. Its traditional outsourcing business is facing a margin squeeze as clients increasingly demand more work for less money and Kumar said Infosys wants to apply "extreme automation" there to keep costs down. "We want to take capital out of keeping the lights on and divert the money to the transform side of the business," he said, adding transformational business currently enjoys double digit percentage revenue growth versus low-single digit growth in the traditional business. The first tech center will open in Indiana in August, giving Infosys easy access to talent from good universities and colleges across the Midwest, Kumar said. The company has not said where the other there centers will be located. While Infosys will hire from Ivy League schools, it will hire more heavily from lesser known schools and community colleges, as it does in India, he said. The company typically trains Indian staff at its site in Mysore for six months, but is condensing its program for new U.S. recruits to as little as 10 to 12 weeks, Kumar said. "The flavor of how we do it in the U.S. will be different to the flavor of how we do it in India." (Reporting by Sankalp Phartiyal and Euan Rocha; Editing by Muralikumar Anantharaman and Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-infosys-usa-idINKBN180131'|'2017-05-04T08:00:00.000+03:00'
'2fc0c89b560d06702aa5fcec379f5ef1fa2a8e00'|'UBS breaks ranks with push for mid-tier Asian millionaires'|'Thu May 4, 2017 - 2:48am BST UBS breaks ranks with push for mid-tier Asian millionaires A UBS advertisement is displayed on top of a commercial building in Hong Kong, China May 2, 2017. Picture taken May 2, 2017. REUTERS/Bobby Yip By Sumeet Chatterjee - HONG KONG HONG KONG UBS Group AG ( UBSG.S ) plans to hire about 100 wealth management client advisors over the next two years in Hong Kong, the biggest wealth hub in Asia-Pacific, to grab a bigger share of the fast-growing mid-tier millionaire segment. The Swiss bank''s sharpening focus on the middle of the wealth market comes as some global banks including Standard Chartered ( STAN.L ) are raising the threshold for their private banking clients amid growing competition from regional players. "For us, the sweet spot is high-net-worth clients with investable assets of between $2 million and $50 million," Jean-Claude Humair, regional market manager for Hong Kong at UBS, a bank known for its billionaire client list, told Reuters. "We see tremendous untapped opportunity in the entrepreneurs segment in Hong Kong," he said. "The plan is to hire 50 client advisors in Hong Kong every year for the next two years to cater for these HNWIs (high-net-worth individuals)." With $286 billion worth of client assets as of end 2016 and about 1,100 client advisers, UBS is the largest private bank in Asia, followed by Citigroup ( C.N ) and Credit Suisse Group ( CSGN.S ), as per industry tracker Asian Private Banker. During the first quarter, a rebound in markets trading generated record wealth management revenues and profit before tax at the Swiss bank in Asia-Pacific, which has emerged as a key battleground for global wealth managers. With more than five million people boasting at least $1 million in liquid assets, Asia is the fastest-growing wealth region globally, according to data from Capgemini. UBS is shifting focus because the mid-segment is growing faster than the top-tier, or the ultra-high-net worth segment, which the bank classifies as individuals with more than $50 million in investable surplus. BUCKING THE TREND The high-net-worth business offers a better return on assets than that offered by the ultra-rich segment, UBS''s Humair said. The bank already covered three out of five billionaires in the region and almost 90 percent in Hong Kong, he added. With a host of local and regional banks crowding the low-and-mid-segment of the market, many of UBS''s global private banking rivals have raised their minimum wealth thresholds in the last couple of years to jump clear of rivals. Standard Chartered''s private banking business plans to raise the threshold from $2 million to at least $5 million over the next two years to optimize resources, a Standard Chartered spokeswoman said. She added the bank would continue to serve existing clients with assets of $2 million to $5 million. JPMorgan ( JPM.N ) last year doubled its target client segment to at least $10 million in Asia. Meanwhile, regional banks including DBS Group ( DBSM.SI ) have bolstered their presence in the millionaire segment via acquisitions. DBS, Singapore''s biggest lender, on Tuesday reported record first-quarter profit for its wealth management business. "I do believe we continue to gain share," DBS Group CEO Piyush Gupta said. "It''s mostly from smaller players. I don''t think we are gaining market share against UBS, for example. UBS continues to grow as fast, if not faster than we do." According to Capgemini, the ultra rich segment - which it defines as individuals with $30 million or more in assets - make up just 0.7 percent of Asia''s wealthy population, with the rest accounted for by those with $1-$30 million in assets. Total household wealth in Asia Pacific grew by 4.5 percent in 2016 from a year ago, compared to a drop of 1.7 percent in Europe and 2 percent growth in North America, according to Credit Suisse global wealth report. (Reporting by Sumeet Chatterjee; Additional reporting by Anshuman Daga in Singapore
'a0b808aa07f1f61875f1496ca26b96466f871935'|'Asian stocks retreat, dollar holds gains on hawkish Fed statement'|'Business News - Thu May 4, 2017 - 4:39am BST Asian stocks retreat, dollar holds near six-week high on hawkish Fed A man stands in front of electronic boards showing stock prices and exchange rate between Japanese Yen and U.S dollar outside a brokerage in Tokyo, Japan, January 20, 2017. REUTERS/Kim Kyung-Hoon By Nichola Saminather - SINGAPORE SINGAPORE Asian stocks retreated on Thursday, taking their cues from a subdued session on Wall Street, while the dollar retained gains made after the Federal Reserve''s hawkish policy statement. At the end of its two-day meeting, the Fed kept its benchmark interest rate steady as expected, but downplayed weak first-quarter economic growth and emphasized the strength of the labor market, a sign it was still on track for two more rate increases this year. Futures traders are now pricing in a 72 percent chance of a June rate hike, from 63 percent before the Fed''s statement, according to the CME Group''s FedWatch Tool. The dollar was slightly higher at 112.78 yen JPY= , close to the highest since March 20 touched earlier, after surging 0.6 percent on Wednesday to close at the session high. The dollar index .DXY, which tracks the greenback against a basket of trade-weighted peers, climbed 0.1 percent to 99.323, building on Wednesday''s 0.2 percent jump. "The key over the coming weeks will be the economic data from the U.S. but, in addition, the (Fed) will be closely watching Washington and negotiations surrounding the new administration<6F>s tax cut plans," said Lee Ferridge, head of multi-asset strategy for North America at State Street Global Markets. "Should the data hold up (or better still, improve from here), while the chances of a late summer tax cut agreement remain intact, then the market will likely price in a June move." Attention now turns to U.S. non-farm payrolls for March, due on Friday, after separate data showed private employers added 177,000 jobs in April. That was higher than expected but the smallest increase since October. Economists polled by Reuters expect U.S. private payroll employment likely grew by 185,000 jobs in April, up from 89,000 in March. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slid 0.5 percent on Thursday, dragged lower by commodities, energy and financials stocks. Japan is closed for the Golden Week holiday. Chinese stocks .CSI300 were down 0.3 percent, after growth in China''s services sector cooled to its slowest in almost a year in April as fears of slower economic growth dented business confidence. Hong Kong''s Hang Seng .HSI dropped 0.6 percent. Australian shares were 0.3 percent lower. "May is a notoriously cruel month for Asia with foreign exchange, equities and domestic bonds all losing in historical average returns," Bank of America Merrill Lynch strategists led by Claudio Piron wrote in a note. South Korea''s KOSPI .KS11 bucked the weaker trend, jumping 0.6 percent and hovering just a touch below an all-time high hit earlier in the session on strong corporate earnings. Overnight, Wall Street closed flat to lower. The Nasdaq .IXIC fell 0.4 percent as Apple shares slid after reporting lower than expected iPhone sales on Tuesday. Facebook ( FB.O ) and Tesla ( TSLA.O ) also dropped during the session and after hours despite upbeat quarterly results, also weighed on the index. Political concerns, which have taken a backseat recently, may re-emerge, with a U.S. House of Representatives vote on a revised bill to repeal Obamacare due later in the session after two failed attempts to corral enough support to pass the legislation. House Majority Leader Kevin McCarthy said Republican leadership is confident there is enough backing for the bill to pass, after key moderate leaders met with President Donald Trump on Wednesday. Even if the bill passes the House, it could face an uphill battle in the Senate. In Europe, Germany .GDAXI ended higher but Britain .FTSE and France .FCHI closed lower. The pan-European STOX
'cb34a43f69718625cea1e1aa2257e506919972ef'|'Delphi to spin off powertrain unit, eyes developing tech; stock rises'|' 11pm BST Investors cheer Delphi''s bet on electric, connected cars FILE PHOTO: An autonomous car from Delphi departs Treasure Island for a cross-country trip from San Francisco to New York City in San Francisco, California, U.S. on March 22, 2015. REUTERS/Stephen Lam/File Photo By Nick Carey and Edward Taylor - DETROIT DETROIT Automotive supplier Delphi Automotive Plc ( DLPH.N ) on Wednesday said it plans to spin off operations tied to internal combustion engines and focus on technology for electrically powered and self-driving vehicles, boosting its share price and highlighting the challenges for legacy auto industry players. Vehicles driven by humans and powered with petroleum will dominate roads from Shanghai to San Francisco for years to come, but investors who supply the capital to produce such vehicles are signaling a belief that after a century-long run, internal combustion cars are a sunset industry. The most dramatic symbol of this turn is electric luxury car maker Tesla Inc''s ( TSLA.O ) ascent this year to a higher market capitalization than either Ford Motor Co ( F.N ) or General Motors Co ( GM.N ). Despite a recent slump in U.S. sales, the Detroit giants are robustly profitable, while Tesla has yet to earn a full year profit. Tesla reports first-quarter results later Wednesday. Delphi shares rose as much as 12 percent on Wednesday after the company announced its plan to separate into two entities - one dedicated to internal combustion technology and the other focused on electrification and automation. The shares closed at $87.01, up nearly 11 percent, representing about $2 billion in added market value. <20>There<72>s a whole element of the componentry of the car that Wall Street values at a lower level,<2C> Delphi Chief Executive Officer Kevin Clark told Reuters in an interview on Wednesday. Other big auto suppliers are making similar calls. German auto supplier Robert Bosch GmbH [ROBG.UL] earlier this week said it had sold its starters and alternators business to a Chinese mining company. Germany''s Rheinmetall ( RHMG.DE ) also tried to float its Kolbenschmidt Pierburg unit, which is specialized in the development, manufacture and aftermarket supply of pistons, engine blocks, and plain bearings back in 2012. However, it was forced to call off the IPO due to a market slump and a lack of investor enthusiasm for a stock with heavy exposure to combustion engine technology, bankers said. Combustion engines are taking a hit from regulators, particularly those in Europe and China, who want to slash greenhouse gas and smog forming emissions on a fast timetable. That risk was exacerbated by Volkswagen<65>s ( VOWG_p.DE ) diesel emissions scandal. As a result of "Dieselgate," politicians in cities like Stuttgart have discussed banning diesel vehicles from the inner city, leading customers to abandon diesel cars. On Wednesday, German car registration figures provided by Germany<6E>s KBA federal motor authority, showed that demand for diesel engine vehicles plunged by 19.3 percent in April, to a market share of 41.3 percent of overall registrations. Delphi<68>s Clark said he expects diesel production to decline by about 3 percent a year for the next few years. China<6E>s government has also set aggressive targets for electric vehicles that are forcing carmakers to accelerate electric vehicle plans. POWERTRAIN OPERATIONS HAS ROOM TO GROW U.S. auto supplier Visteon ( VC.N ), like Delphi, has shed most of its traditional car parts making operations, and is focused on connected vehicle technology and infotainment. Clark said Delphi''s powertrain business, which has about $4.5 billion in annual revenues and does not yet have a name, has room to grow. The company will have more freedom to invest in that growth as its managers no longer have to compete for capital with opportunities presented by the increasing computerization of cars, Clark said. The powertrain company, which accounted for about 27 percent of Delphi revenues last 
'767b60ae5b9c3222b431b7570f3e55bc7eeb7f3e'|'BRIEF-Accel-KKR announces strategic minority investment by Goldman Sachs'' Petershill Program'|'May 2 (Reuters) -* Accel-KKR announces strategic minority investment by Goldman Sachs asset management''s Petershill Program* Specific terms of transaction are not being disclosed* Investment by Petershill Program is a passive, non-voting stake in accel-KKR that represents less than 10 pct of economic interests of firm Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-accel-kkr-announces-strategic-mino-idINFWN1I40L1'|'2017-05-02T10:39:00.000+03:00'
'a7908d91d8adfcac23d24376dc5967290b13a280'|'Mnuchin sees U.S. growth reaching 3 percent in time, tax cuts to help'|' 15am BST Mnuchin sees U.S. growth reaching 3 percent in time, tax cuts to help Steve Mnuchin, U.S. Treasury Secretary, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. REUTERS/Mike Blake By Olivia Oran and Svea Herbst-Bayliss - BEVERLY HILLS BEVERLY HILLS U.S. Treasury Secretary Steven Mnuchin said on Monday that economic growth of three percent is achievable in the next two years as the Trump administration sets out to dramatically cut taxes. Speaking at the Milken Institute Global Conference in Beverly Hills, California, almost a week after he helped unveil plans to cut taxes for many people and corporations to 15 percent, Mnuchin said tax reform and regulatory relief will help spur economic growth. Mnuchin''s comments also come days after government data showed tepid economic growth of 0.7 percent for the last three months. "The tax plan is our version of a jobs bill," Mnuchin said in an onstage interview with journalist Maria Bartoromo. Although the stock market has reacted positively to Trump''s election - with the S&P 500 index up 11 percent since November - critics of the tax plan have said it is ambitious and lacks details. In a light-hearted moment, Mnuchin quipped that many at the conference had him to thank for the surge in bank stocks that have helped lift their portfolios, bringing laughter from the audience. But with few fresh details about Trump''s plans and an uncertain time frame, some at the conference expressed concern that the generally optimistic atmosphere might begin to fade. "I''m concerned that if we don''t see tax or healthcare reform by the end of the year, markets will start to doubt the administration''s ability to deliver it," said Scott Minerd, global chief investment officer at Guggenheim Partners. Mnuchin said he has been working with congressional leaders to push tax reform and he hopes for bi-partisan support. Mnuchin told CNBC on the sidelines of the conference that the tax proposal was purposely vague so that the administration could work with legislators to craft something that will pass Congress. The Trump administration has invited many business leaders into the White House and is listening closely to their concerns and hopes on tax changes, he added. David Solomon, president and co-chief operating officer of Goldman Sachs, said the great sense of optimism early in Trump''s tenure may be fading some. "This quarter it feels like conviction for tax and regulatory reform is more muted." Solomon''s predecessor at Goldman, Gary Cohn, joined the Trump administration as director of the National Economic Council and one of his primary goals has been to work on tax reform. One concern associated with the Trump tax plan is how the government plans to pay for it. Mnuchin said that there are plenty of other ways to off set the revenue that would be lost through reduced tax receipts. He did not offer many specifics. Indeed many at the conference, including investment managers whose businesses could benefit dramatically from the cut in taxes, were cheering the new administration and its can-do attitude which also includes plans to tackle health care reform. Prospects for growth look to be better around the world, several said. Yet there were also some rumblings of concern that ambitious projects would not be completed and that tensions around the world with other governments would increase. Mohamed El-Erian, chief economic adviser at Allianz, said that optimism is off the charts according to the stock market but geopolitical issues are a real concern. (Reporting by Svea Herbst-Bayliss and Olivia Oran; Editing by Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-milken-conference-usa-mnuchin-idUKKBN17X1XQ'|'2017-05-02T05:31:00.000+03:00'
'1e3e8bb3f66359014ae2755f94c5c52c3b3d42ea'|'RPT-Crushing blow to soy processors as Chinese grow wary on GMO'|'(Repeats Friday story with no changes)* China is world''s biggest consumer of soy oil* Oil mostly made from imported GMO soybeans* Use of soy oil falling while alternatives rise* Crushers struggle to find non-GMO soybeans to compensate* Soy oil futures tumble 18 pct so far in 2017By Dominique PattonBEIJING, April 28 A Chinese consumer backlash against genetically modified (GMO) crops is beginning to dent demand for soy oil, the nation''s main cooking oil, and could spell crisis for the multi-billion-dollar crushing industry, which depends on GMO soybeans from the United States and elsewhere.Soyoil sales account for about 36 percent of cooking oils used in Chinese kitchens, more than three times the next highest, and most of it is made from imported soybeans, which are nearly all genetically modified.The Chinese government says GM foods are as safe as conventional foods, but wealthier urban consumers are replacing soyoil with sunflower, peanut or sesame, all free of biotech raw materials.A Nielsen survey last year showed about 70 percent of consumers in China limited or avoided at least some foods or ingredients, compared with a global average of 64 percent, with 57 percent naming GMOs as undesirable."Everyone says soyoil has GMOs," said Mr Liu, a 70-year-old Beijinger, shopping with his wife in Walmart. "Better not eat too much. Apparently they''re not safe. It''s like those hormones. I''m just as afraid of eating GMOs as hormones."That sentiment is already hurting retail sales. Supermarket sales of soy oil fell 1 percent last year to 35.7 billion yuan ($5.19 billion), data from Euromonitor shows, versus growth of between 2 and 6 percent for alternatives."Non-GMO oil is gradually replacing (soy oil)," said Johnny An, supply chain director at food-service firm Aramark, which serves meals in banks, government offices and schools in more than 60 Chinese cities.A few years ago, 10-20 percent of Aramark''s customers asked for GMO-free oil, he said. Now it''s more than half.The mood is causing headaches for crushers, said Paul Burke, Asia director at the U.S. Soybean Export Council, forcing them to find new markets for their soyoil, though it had not yet had a noticeable impact on bean imports, as demand for soymeal used for animal feed, the larger byproduct of soybean crush, is still robust as China expands its livestock industry.PREMIUM PRODUCTThe Nielsen survey found that more than four in five Chinese shoppers would be prepared to pay more for GMO-free products, and a 5-litre bottle of GM-free soy oil already sells at a 20 percent premium to GMO oil, but that isn''t translating into a boon for the nation''s soybean crushers.China is the world''s top soyoil consumer - it will use 16 million tonnes this year - but the crushers rely on the United States and Brazil, which grow GM-soybeans, for 86 percent of China''s 84 million tonnes of soybean imports.In China, which does not permit planting of GMO soybeans, labour costs are high and productivity low on small farms, making non-GMO beans costly to grow. They sell for a third more than non-GMO beans planted elsewhere.Processors such as China Agri Industries, a unit of food and grains trader COFCO and one of the country''s top crushers, told Reuters it needs to improve its sourcing of non-GMO materials, to meet "escalating market demand".In the meantime, processors are losing money as increased competition with other edible oils and a ballooning glut has pushed soyoil futures in China down 18 percent so far this year to multi-year lows.Some crushers are taking radical steps to find more GMO-free beans.Henan Sunshine Oils and Fats wants to buy as much as 15,000 hectares of land in Ukraine to grow and process crops such as non-GMO soybeans, rapeseed and sunflowers, said Yang Renyi, group vice-president and general manager of the international affairs department.That would be a very large plot; in the United States, the largest farms average around 1,052 hectares.Yang''s t
'bc0f61a7cfa8892e8961f7221c39404d86f84a63'|'United CEO takes responsibility for passenger incident'|'Aerospace & Defense  04pm EDT U.S. lawmakers eye airline legislation, citing ''terrible'' experiences left right United Airlines CEO Oscar Munoz (L) testifies next to UAL President Scott Kirby at a House Transportation and Infrastructure Committee hearing on ''Oversight of U.S. Airline Customer Service,'' in the aftermath of the forced removal on April 9 of a passenger from a UAL Chicago flight, on Capitol Hill in Washington, U.S., May 2, 2017. REUTERS/Kevin Lamarque 1/7 left right Oscar Munoz (L), CEO of United Airlines and Scott Kirby (C), president of United Airlines, testify at a House Transportation and Infrastructure Committee hearing on ''Oversight of U.S. Airline Customer Service,'' in the aftermath of the recent forced removal of a passenger from a Chicago flight at the U.S. Capitol in Washington, D.C., U.S., May 2, 2017. REUTERS/Kevin Lamarque 2/7 left right Senior Vice President of Customer Experience at American Airlines Kerry Philipovitch (R) looks toward Southwest Airlines Executive Vice President and Chief Commercial Officer Bob Jordan (L) as they testify at a House Transportation and Infrastructure Committee hearing on ''Oversight of U.S. Airline Customer Service,'' in the aftermath of the recent forced removal of a passenger from a Chicago flight at the U.S. Capitol in Washington, D.C., U.S., May 2, 2017. REUTERS/Kevin Lamarque 3/7 left right United Airlines CEO Oscar Munoz (L) and UAL President Scott Kirby prepare to testify at a House Transportation and Infrastructure Committee hearing on ''Oversight of U.S. Airline Customer Service,'' in the aftermath of the forced removal on April 9 of a passenger from a UAL Chicago flight, on Capitol Hill in Washington, U.S., May 2, 2017. REUTERS/Kevin Lamarque 4/7 left right Chairman of the House Committee on Transportation and Infrastructure Bill Shuster speaks at a committee hearing on ''Oversight of U.S. Airline Customer Service,'' in the aftermath of the recent forced removal of a passenger from a Chicago flight at the U.S. Capitol in Washington, D.C., U.S., May 2, 2017. REUTERS/Kevin Lamarque 5/7 left right Oscar Munoz, CEO of United Airlines and Scott Kirby, president of United Airlines, testify at a House Transportation and Infrastructure Committee hearing on ''Oversight of U.S. Airline Customer Service,'' in the aftermath of the recent forced removal of a passenger from a Chicago flight at the U.S. Capitol in Washington, D.C., U.S., May 2, 2017. REUTERS/Kevin Lamarque 6/7 left right United Airlines CEO Oscar Munoz pauses while testifying at a House Transportation and Infrastructure Committee hearing on ''Oversight of U.S. Airline Customer Service,'' in the aftermath of the forced removal on April 9 of a passenger from a UAL Chicago flight, on Capitol Hill in Washington, U.S., May 2, 2017. REUTERS/Kevin Lamarque 7/7 By David Shepardson and Alana Wise - WASHINGTON WASHINGTON U.S. lawmakers threatened United Airlines ( UAL.N ) and other U.S. carriers on Tuesday with legislation aimed at improving customer service after a passenger was hauled down the aisle of an overbooked flight last month. The House of Representatives transportation committee held a hearing for top airline executives to testify, and to determine how Congress might respond to policies that can adversely affect passengers. In April, David Dao, 69, was dragged from a United flight at Chicago''s O''Hare International Airport after he refused to give up his seat to make room for crew members. At the hearing, United Chief Executive Oscar Munoz repeatedly apologized for the removal of Dao, with whom the airline reached a settlement last week for an undisclosed sum. "In that moment for our customers and our company we failed, and so as CEO, at the end of the day, that is on me," Munoz said. "This has to be a turning point." Munoz was joined at the hearing by United President Scott Kirby and executives from American Airlines ( AAL.O ), Southwest Airlines ( LUV.N ) and Alaska Airlines ( ALK.N ). Ameri
'8ceb35e4fea483dd3a9d8007386960aaa3c37be9'|'UPDATE 1-Sherritt to cut Madagascar nickel mine stake for debt relief'|'(Adds details on revised plan, background, context)May 1 Sherritt International Corp, Korea Resources Corp (Kores) and Sumitomo Corp, partners in the Ambatovy nickel operation in Madagascar, have agreed in principle to revise their joint venture agreement, Sherritt said on Monday.As a result, Sherritt''s stake in the joint venture will be reduced to 12 percent from 40 percent in exchange for the elimination of $1.4 billion of loans it needed to repay, Sherritt said in a statement.Toronto-based Sherritt will remain as the operator of Ambatovy, which consists of a nickel-cobalt mine and processing and refining facilities, until at least 2024.The revised terms "removes the largest area of uncertainty for both Ambatovy and Sherritt," Sherritt Chief Executive David Pathe said. "With this transaction, we eliminate $1.4 billion in debt from Sherritt''s balance sheet," he said.Sherritt did not reveal the new shareholdings of its partners in Ambatovy. Previously, Sumitomo owned a 32.5 percent stake and Kores 27.5 percent.Nearly half the world''s nickel operations are producing metal at a loss, Pathe told Reuters July 26, following a collapse in the nickel price partly due to overcapacity. (Reporting by Nicole Mordant in Vancouver; Editing by Leslie Adler and James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sherritt-intl-ambatovy-idINL1N1I31KU'|'2017-05-01T19:49:00.000+03:00'
'af54213587c5c5c69d904ae103c91a1228bccfb9'|'Two consortiums lodge final bids for Australia''s Endeavour Energy: sources'|'By Jamie Freed - SYDNEY SYDNEY Australian state-owned power grid Endeavour Energy has attracted final bids from two consortiums comprised of local and foreign investors, and a decision on the expected A$4 billion ($2.99 billion) deal could come within a week, sources said.The offers from consortiums led by Macquarie Group ( MQG.AX ) and Hastings Funds Management for a majority stake in the utility are binding and follow weeks of due diligence, according to two sources involved in the process.Endeavour is being sold by New South Wales state as part of a broader privatization program to fund infrastructure development, at a time when foreign investment in sensitive assets like power grids and ports is facing increased scrutiny on national security grounds.The Australian government in December advised potential bidders that no single foreign investor could own more than half of the stake in Endeavour being sold, while a domestic investor must hold at least 20 percent.A decision on the winning bidder is likely to be made within a week, after the consortiums pitch their respective business plans, a third source said.Three groups had put in non-binding bids for Endeavour in February, but one of them, led by Queensland Investment Corp (QIC), later pulled out, the sources said.Macquarie has teamed with Canada''s British Columbia Investment Management, Australia''s AMP Capital and Qatar Investment Authority.The other group is comprised of the same consortium that paid A$10.3 billion for a controlling stake in electricity grid Transgrid in November 2015. It includes Hastings Funds Management, Spark Infrastructure Group ( SKI.AX ), Canada''s Caisse de depot et placement du Quebec and sovereign wealth funds from Abu Dhabi and Kuwait.Endeavour is expected to fetch 1.4-1.5 times its total regulated asset base of $A6.2 billion, based on other recent transactions in the sector, RBC Capital Markets analysts said on April 19. Only a 50.4 percent stake is for sale.Hastings and Macquarie declined to comment while QIC did not respond to a request for comment.(Reporting by Jamie Freed; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-australia-utilities-privatisation-idINKBN17X0VH'|'2017-04-30T22:43:00.000+03:00'
'25ee71c25735f46a3b7d0befddc88302833956f5'|'Merkel sees EU, Gulf states making progress on free trade deal'|' 52pm BST Merkel sees EU, Gulf states making progress on free trade deal left right Saudi Arabia''s King Salman bin Abdulaziz Al Saud stands next to German Chancellor Angela Merkel during a reception ceremony in Jeddah, Saudi Arabia April 30, 2017. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS 1/2 left right Saudi Crown Prince Mohammed Bin Nayef shakes hands with German Chancellor Angela Merkel during a reception ceremony in Jeddah, Saudi Arabia April 30, 2017. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS 2/2 By Andreas Rinke - ABU DHABI ABU DHABI German Chancellor Angela Merkel said on Monday she hopes the European Union and the six Gulf Cooperation Council (GCC) countries can finally complete a free trade agreement and that she would discuss the issue with Abu Dhabi''s crown prince. Germany, which relies on foreign trade for half its gross domestic product, fears that the protectionism backed by U.S. President Donald Trump and the fallout from Britain''s vote to leave the EU posed global economic risks. "I''ll be talking with Crown Prince Sheikh Mohammed bin Zayed al-Nahyan about this question," Merkel said on Monday before her meeting. "The issue at hand is how to intensify the economic relations between the two regions." On a trip to Saudi Arabia and Abu Dhabi, Merkel told reporters that the economic relations between the two regions needed to be strengthened. She said she had also discussed the issue on Sunday on her visit to Saudi Arabia. "I made it clear that a free trade agreement with the Gulf states would be of great interest from a European point of view," Merkel said during her visit to Jeddah on Sunday. She noted that the EU had made a new offer for an agreement but that the GCC states had not yet responded. Merkel said she had talked to King Salman about the issue on Sunday evening. Trade between the EU and GCC amounted to 138 billion euros (<28>116.5 billion) in 2016, according to the EU. Exports from EU countries to the GCC were worth 100 billion euros and imports to the EU were worth 38 billion. Two-way trade has been growing steadily in the last decade. The EU-GCC talks date back some 20 years. Little progress has been made lately. In response to scepticism about free trade from President Trump, Germany has been urging the EU to speed agreements to open trade. Talks are underway with the GCC, China, India, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam, Australia and New Zealand. In March, Gulf officials said the six GCC states were pressing for an early agreement on free trade with Britain to secure preferential arrangements after Brexit and could have a draft agreement ready within months. GCC states are trying to diversify their economies and boost non-oil trade after more than two years of low global oil prices that have hurt their finances. They export mainly oil, gas and related products to Western economies while importing a wide range of goods and services. (Writing by Erik Kirschbaum)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-trade-gulf-merkel-idUKKBN17X1SF'|'2017-05-01T21:52:00.000+03:00'
'707aeb28a6b2b4278cbc12d4951213cd418de7fe'|'U.S. consumer spending flat; inflation pressures subside'|'  2:49pm BST U.S. consumer spending flat; inflation pressures subside FILE PHOTO: A family shops at the Wal-Mart Supercenter in Springdale, Arkansas June 4, 2015. REUTERS/Rick Wilking/File Photo By Lucia Mutikani - WASHINGTON WASHINGTON U.S. consumer spending was unchanged in March for a second straight month and a key inflation measure recorded its first monthly drop since 2001, but economists still expect an interest rate increase in June as the labour market tightens. The Commerce Department report on Monday come ahead of a two-day meeting by the Federal Reserve''s policy-setting committee. The U.S. central bank is not expected to raise interest rates at the end of the meeting on Wednesday. The weak consumer spending and subsiding inflation pressures did little to change expectations of a rate hike in June. Consumer spending accounts for more than two-thirds of U.S. economic activity. "We don''t expect that will prevent the Fed from hiking interest rates again at the June meeting, at least not as long as employment growth rebounds in April and May," said Paul Ashworth, chief U.S. economist at Capital Economics in Toronto. The Fed lifted its overnight interest rate by a quarter of a percentage point in March and has forecast two more hikes this year. The consumer spending data was included in last Friday''s first-quarter gross domestic product report, which showed consumer spending increasing at a 0.3 percent annual rate - the slowest pace since the fourth quarter of 2009. The economy grew at a 0.7 percent rate in the first quarter, the worst performance in three years. Prices for U.S. government bonds rose on the spending and inflation data, while the dollar fell to a session low against the euro. The personal consumption expenditures (PCE) price index excluding food and energy slipped 0.1 percent, the first and largest drop since September 2001, after increasing 0.2 percent in February. In the 12 months through March, the so-called core PCE price index increased 1.6 percent, the smallest gain since last July, after advancing 1.8 percent in February. The core PCE is the Fed''s preferred inflation measure. The U.S. central bank has a 2 percent target. "We view the drop in the core PCE price index in March as an aberration and we expect the core inflation rate to creep upwards over the coming months," said John Ryding, chief economist RDQ Economics in New York. The overall PCE price index fell 0.2 percent in March. That was the first decline since February 2016 and the biggest drop since January 2015. In the 12 months through March the PCE price index increased 1.8 percent after rising 2.1 percent in February. With price pressures subsiding, inflation-adjusted consumer spending increased 0.3 percent in March, ending two straight months of decline. March''s increase in real consumer spending sets it up for an acceleration in the second quarter. Consumption will likely be supported by a pick-up in wage growth. A report on Friday showed private sector wages recorded their biggest increase in 10 years in the first quarter. Overall consumer spending in March was constrained by a 0.7 percent drop in purchases of long-lasting goods such as automobiles. A cold snap boosted demand for heating, lifting spending on services by 0.4 percent. Personal income gained 0.2 percent in March after rising 0.3 percent in February. Income at the disposal of households after accounting for inflation increased 0.5 percent, the biggest gain since December 2015. Savings increased to a one-year high of $849.1 billion from $819.0 billion in February. (Reporting by Lucia Mutikani; Editing by Andrea Ricci and Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN17X1S1'|'2017-05-01T21:49:00.000+03:00'
'a8b104143e963202c3456c939a157de70e5ae2e9'|'Agricultural trader ADM''s 1st-qtr profit jumps 47 pct'|' 12am EDT Agricultural trader ADM''s 1st-qtr profit jumps 47 pct May 2 U.S. agricultural trader Archer Daniels Midland Co on Tuesday reported a 47 percent jump in first-quarter profit, as higher U.S. exports of corn and soybeans boosted volumes and margins. Net profit attributable to ADM rose to $339 million, or 59 cents per share, in the quarter ended March 31, from $230 million, or 39 cents a share, a year earlier. Revenue rose to $14.99 billion from $14.38 billion. (Reporting by Siddharth Cavale in Bangalore and Karl Plume in Chicago; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/archer-daniels-results-idUSL1N1I3170'|'2017-05-02T19:12:00.000+03:00'
'c18116d6a258bfe16bf71b8f08327c06c754e08b'|'May''s spokesman says reports on London clearing regulation are speculation'|'Business News - Tue May 2, 2017 - 11:45am BST May''s spokesman says reports on London clearing regulation are speculation Britain''s Prime Minister Theresa May delivers a speech to Conservative Party members in Mawdesley village hall, Ormskirk, Britain May 1, 2017. REUTERS/Andrew Yates LONDON Media reports that the European Commission is rushing out proposals to regulate clearing houses in London are speculation, Prime Minister Theresa May''s spokesman said on Tuesday. The European Commission is expected to publish proposals for the regulation of derivatives markets this week, but banking industry officials have said attempts to potentially curb clearing of euro-denominated contracts in Britain after Brexit have been put back to at least the end of June. "This is speculation, it has come up before," the spokesman told reporters after being asked about a report in the Financial Times that the European Commission was trying to regulate clearing houses in the city of London. "London is a global financial capital and it''s in the interests not just of the UK but of the EU that it remains so." (Reporting by Elizabeth Piper, Writing by Kylie MacLellan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-clearing-idUKKBN17Y12X'|'2017-05-02T18:45:00.000+03:00'
'f756a05c9d512e6f6eee42f3d1ed9e626946810c'|'U.S. longer-dated bond net shorts hold at 2-month high before Fed meeting -JPMorgan'|'NEW YORK May 2 The margin of investors who are bearish on longer-dated U.S. Treasuries over those who are bullish held at a two-month high before the Federal Reserve''s two-day policy meeting, J.P. Morgan''s latest Treasury client survey showed on Tuesday.The U.S. central bank was widely expected to leave its interest rate target in a range of 0.75-1.00 percent after it raised it to that level in March.Fed policymakers'' upcoming meeting will end on Wednesday.The share of "short" investors who said they were holding fewer longer-dated U.S. government securities than their portfolio benchmarks rose to 25 percent from 22 percent in the prior week, according to the J.P. Morgan survey.J.P. Morgan surveyed clients including bond fund managers, central banks and sovereign wealth funds.The share of "long" investors who said they were holding more longer-dated Treasuries than their benchmarks rose to 16 percent from 14 percent.Short investors outnumbered long investors by nine points, the most since the week of Feb. 21. A week ago, they were net short by eight points.On Tuesday, the yield on the benchmark 10-year Treasury was 2.313 percent, compared with 2.329 percent a week earlier, according to Reuters data.On the other hand, active clients, which included market makers and hedge funds, remained overall bullish on longer-dated Treasuries for a third straight week, the J.P. Morgan survey showed.Thirty percent of them said they were long, 10 percent said they were short and 60 percent said they were neutral, the same as a week ago. (Reporting by Richard Leong; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/treasuries-jpmorgan-idINL1N1I40R3'|'2017-05-02T12:41:00.000+03:00'
'3c3c588e5f0699860eaaef7198a640cf3947aaf7'|'Temasek, Yunfeng lead $75 mln funding into China genomics firm'|'SHANGHAI Jack Ma''s private equity firm Yunfeng Capital and Singapore''s Temasek have led a $75 million fund-raising round into genomics company WuXi NextCODE, the firm said in a statement on Tuesday, underlining a race for medical data in China.WuXi NextCODE, a contract genomics organization with offices in Shanghai, Iceland and the United States, said it would use the funds to commercialize its products for China, and boost its capabilities in artificial intelligence and deep learning.Chinese firms are increasingly looking to boost capabilities in genomics amid a drive into higher-tech medicines, where understanding and mapping DNA-related data can help develop targeted medicines and treatments."We are building the world''s leading genomics data platform, applying genome sequencing data at a scale to improve human health and wellness around the world," Hannes Smarason, WuXi NextCODE''s chief executive, said in the statement.He added their data would support a drive to develop precision medicines, which China plans to focus on in its latest five-year plan, as well as genome-driven diagnostics.The series B financing round also included Amgen Inc''s ( AMGN.O ) venture capital fund Amgen Ventures and private equity firm 3W Partners, WuXi NextCODE said.(Reporting by Adam Jourdan; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-wuxi-nextcode-fundraising-idUSKBN17Y0B3'|'2017-05-02T12:37:00.000+03:00'
'576c2a0ba78a456cb4d0934b0f564f201ab44c95'|'Calamos-Exin predicts National Insurance bid hard to match'|'By George Georgiopoulos - ATHENS ATHENS An offer for National Bank''s insurance business by Calamos and Exin will be hard to match, partly because of the cultural and commercial links they have with Greece, the investment duo''s chief executives said.The pair are up against three Chinese groups looking to buy at least 75 percent of National Bank''s ( NBGr.AT ) insurance unit as part of a regulator-approved restructuring plan by Greece''s second-largest lender by assets to exit non-banking operations.John Koudounis, CEO of Chicago-based Calamos Investments, reckons a Greek-American background is a major advantage in taking on Chinese groups Fosun ( 0656.HK ), Shanghai-based Gongbao and Wintime to buy National Insurance.Greece''s oldest insurer, which was founded in 1891, provides life and non-life insurance products, had a 16.6 percent share of the market last year and 2015 net profit of 98 million euros.Greek media have reported that the deal, which has to close by year-end, could be worth around 800 million euros. NBG, which is being advised by Goldman Sachs and Morgan Stanley, is likely to make its decision on a buyer well before the deadline."We know the insurance market and we know Greece. We are long-term investors and will be in Greece to stay," Koudounis, whose Calamos fund has $20 billion under management, said."We are very confident that the entire package we bring to the table in this process will be unmatched," he said, adding that the deal is being closely watched by other prominent Greek-American investors who were "ready to pile in" to Greece.MONEY IN, NOT OUTExin Partners, a Netherlands-based investor focused on insurance, reinsurance and asset management, bought insurer AIG-Greece from AIG in December, partnering with founders Canellopoulos Adamantiadis Insurance Agency."We aim to bring investment into the country, not take money out," Matt Fairfield, founder and co-CEO of Exin Partners, said.Mergers and acquisitions picked up in Greece last year, but remained at low levels as several privatizations were delayed, according business consultancy PricewaterhouseCoopers.There were 38 M&A deals in Greece in 2016, nearly tripling in value to 4.4 billion euros from 1.4 billion in 2015, with 75 percent made up of the sales of Greek banks'' non-core assets.Other Greek banks have been divesting non-core assets and foreign subsidiaries. Eurobank ( EURBr.AT ) has sold an 80 percent stake in its insurance unit Eurolife to Canada''s Fairfax Financial Holdings ( FFH.TO ) for 316 million euros.Calamos-Exin is also looking at other sectors in Greece, including real estate, banks and non-performing loans, the CEOs said. They both declined to comment on pricing details due to non-disclosure agreements, but said the acquisition of National Insurance would be funded with equity capital and no debt.Koudounis said now is the right time to be investing in Greece as long-awaited reforms get done, adding that foreign hedge funds had not timed their purchases of Greek banks well and were nursing losses."Even if we are a bit premature, because you can never time the exact bottom, in our model of long-term investing it won''t matter," Koudounis said.(Editing by Jeremy Gaunt and Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-national-insurance-m-a-calamos-exin-idINKBN17Y1JS'|'2017-05-02T11:37:00.000+03:00'
'9b396567df720ffc1b489205681b5b99fce6481d'|'Sales tax creditors kick off likely wave of lawsuits against Puerto Rico'|'Business  50am EDT Sales tax creditors kick off likely wave of lawsuits against Puerto Rico By Nick Brown - NEW YORK NEW YORK Holders of Puerto Rican sales tax-backed debt sued the U.S. territory in the early hours of Tuesday morning, alleging its debt-cutting plans violate the U.S. Constitution and kicking off a likely deluge of lawsuits against the ailing island. The complaint, filed in federal court in San Juan, accuses Puerto Rico''s leadership of impairing contractual rights of so-called COFINA bondholders, whose debt is backed by sales tax revenue, and trying to take their property in what they say are violations of the due process clause of the U.S. Constitution. Ambac Assurance Corp ( AMBC.O ), which insures $1.3 billion of COFINA debt, filed a similar lawsuit in San Juan federal court, alleging its constitutional rights were also violated, and including among its defendants Puerto Rico''s federal financial oversight board and each of the board''s seven members. The board members and others authorities could not be immediately reached for comment as the lawsuits landed before dawn. Puerto Rican officials have already imposed austerity, including cuts to worker benefits and pensions, and have said the debt cuts are needed to spare the already-poor island from even more severe cuts to quality of life. With $70 billion in debt, a 45-percent poverty rate and near-insolvent public health and pension systems, a torrent of litigation could force Puerto Rico into a so-called Title III proceeding - an in-court debt-cutting process similar to U.S. bankruptcy. Midnight, from Monday into Tuesday, marked the end of a freeze on creditor litigation under last year''s federal rescue law known as PROMESA, designed to encourage Puerto Rico and the oversight board to negotiate debt-cutting agreements with creditors. With no deals reached, the expiration of the freeze opened the floodgates for stakeholders to take Puerto Rico to court, in hopes of blocking Governor Ricardo Rossello''s plan to impose drastic repayment cuts. The COFINA plaintiffs - which include a local COFINA holder and hedge funds like Cyrus Capital Partners LP and Tilden Park Capital Management - accuse Puerto Rico, Rossello and other officials of angling to repurpose the tax revenue earmarked to pay COFINA debt. The plaintiffs accuse Puerto Rico of taking their property "without just compensation or due process in violation of rights protected under the United States and Puerto Rico Constitutions." They cite as evidence a law signed by Rossello on Saturday that would give the government authority to redirect sales tax revenue into Puerto Rico''s general fund as part of a debt restructuring. While both complaints ask the court to block Rossello from implementing a fiscal turnaround blueprint that was approved by the oversight board in March, Ambac''s also seeks to prohibit the filing of any Title III bankruptcy that is premised on that blueprint. The fiscal turnaround blueprint has been the bane of island creditors, forecasting that Puerto Rico will have only $800 million a year to pay its debt, less than a quarter of what it owes, auguring big haircuts for all bondholders. <20>Sovereignty confers great power, but it does not authorize lawlessness,<2C> Ambac<61>s complaint alleges, adding that the board exacerbated the island''s abuses by "giving its imprimatur to an ongoing scheme ... that can only be called theft.<2E> Filing a Title III bankruptcy would protect the island from lawsuits and give it more legal sway to impose the kinds of contractual alterations the plaintiffs are accusing it of undertaking illegally out of court. Many experts and people involved in talks see bankruptcy as an eventual certainty, though timing is uncertain. Tuesday''s lawsuits follow a restructuring offer from Rossello''s administration on Saturday that would have favored Puerto Rico''s general obligation bondholders, whose debt is guaranteed by the island''s constitution. The 
'c1df0350903f25c6fdf6e524c879fd7a59e2ac52'|'US STOCKS-Futures flat ahead of start of Fed meeting, Apple results'|' 13am EDT US STOCKS-Futures flat ahead of start of Fed meeting, Apple results * Futures: Dow down 14 pts, S&P down 1.75 pts, Nasdaq up 3.25 pts By Tanya Agrawal May 2 U.S. stock index futures were little changed on Tuesday ahead of the start of the Federal Reserve''s two-day meeting and quarterly corporate results from Apple. * The Fed begins its meeting later in the day and while the central bank is widely expected to stand pat on interest rates, investors will be keeping an eye on its statement, due on Wednesday, for clues regarding the future path of rate hikes. * Shares of Apple were up 0.2 percent at $146.90 in premarket trading, after hitting a record high a day earlier. The iPhone maker is due to report results after the close of market. * Wall Street climbed on Monday, boosted by gains in marquee tech stocks, including Apple, that more than offset weak economic data and pushed the Nasdaq to another record high. * The CBOE Volatility Index, a barometer of expected near-term stock market volatility, closed at its lowest level since February, 2007. * Investors are bracing for another heavy week of corporate reports to see if quarterly earnings will be able to keep on exceeding expectations. * Overall, profits at S&P 500 companies are estimated to have risen 13.6 percent in the first quarter, the most since 2011, according to Thomson Reuters I/B/E/S. * Strong earnings have outweighed concerns about patches of weak economic data. The ISM measure of manufacturing activity undershot forecasts on Monday, coming after a report last week showed the economy grew at its slowest pace in three years in the first quarter. * A heavy week of economic data will culminate in the monthly non-farm payrolls report on Friday. * Pfizer was up 0.3 percent at $33.89, after the drugmaker''s quarterly profit rose, while Merck rose 1.6 percent to $63.40 after the company''s quarterly profit beat expectations. * Advanced Micro Devices tumbled 11.6 percent to $12.04 after the chipmaker''s second-quarter gross margins forecast raised some concerns. * Angie''s List soared 44.3 percent to $8.50 in light premarket trading after IAC/InterActiveCorp said it would buy the consumer review website operator. * Tenet Healthcare rose 15.7 percent to $17.76 after reporting a smaller-than-expected quarterly loss. Futures snapshot at 7:05 a.m. ET (1105 GMT): * Dow e-minis were down 14 points, or 0.07 percent, with 12,101 contracts changing hands. * S&P 500 e-minis were down 1.75 points, or 0.07 percent, with 71,953 contracts traded. * Nasdaq 100 e-minis were up 3.25 points, or 0.06 percent, on volume of 16,344 contracts. (Reporting by Tanya Agrawal in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1I42Y5'|'2017-05-02T19:13:00.000+03:00'
'253b9b0aba482ce5be609f285a9248cb473d1a1c'|'Libyan wealth fund trial against SocGen adjourned until Wednesday'|'Business News - Tue May 2, 2017 - 8:53am BST Libyan wealth fund trial against SocGen adjourned until Wednesday The logo of Societe Generale Private Banking is seen at an office building in Zurich, Switzerland October 13, 2016. REUTERS/Arnd Wiegmann By Claire Milhench - LONDON LONDON The start of a trial brought by Libya''s $67 billion sovereign wealth fund against Societe Generale has been adjourned until Wednesday, a spokesperson for the Libyan Investment Authority (LIA) said. The LIA is pursuing SocGen ( SOGN.PA ) in relation to five trades totalling $2.1 billion (1.63 billion pounds), executed between 2007 and 2009, before Colonel Muammar Gaddafi was ousted as Libyan leader. The trial was originally scheduled to start on Tuesday in London''s High Court, and is expected to run until the end of July. (Reporting by Claire Milhench; Editing by Catherine Evans) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-libya-swf-litigation-idUKKBN17Y0MY'|'2017-05-02T15:53:00.000+03:00'
'a4a20ac7f329199825eda996be0d8414fe242825'|'TREASURIES-Yields rise as jobs data reinforces view of June rate hike'|'(Adds details on healthcare bill, Treasury supply, updates prices) * U.S. jobless claims fall, labor costs rise * Fed seen more likely to hike interest rates in June * Investors renew hopes for Trump''s fiscal agenda By Karen Brettell NEW YORK, May 4 U.S. Treasury yields rose on Thursday after strong labor data reinforced expectations the Federal Reserve was likely to raise interest rates again in June, and as investors waited on Friday''s highly anticipated jobs report for April. New applications for U.S. jobless benefits fell more than expected last week and the number of Americans on unemployment rolls hit a 17-year low. Other data showed a jump in labor costs, raising expectations that wages would continue to increase and help boost inflation to the Fed<65>s 2 percent target. <20>The labor cost number was higher than expected, which is giving people the belief that wages are going up,<2C> said Charles Comiskey, head of Treasuries trading at Bank of Nova Scotia in New York. Benchmark 10-year notes fell 13/32 in price to yield 2.36 percent, their highest since April 10, and up from 2.31 percent late on Wednesday. Bonds held onto price losses after the U.S. House of Representatives narrowly approved legislation to repeal major portions of Obamacare and replace it with a Republican healthcare plan, handing a major legislative victory to President Donald Trump. Passing healthcare reform has boosted investor expectations that the Trump administration will also be able to pass fiscal stimulus aimed at bolstering economic growth. <20>It all falls into the story that the Fed is going to continue to raise rates, that growth is going to pick up with fiscal reform and therefore interest rates have to go higher,<2C> said Comiskey. Expectations of a rate hike in June increased after the Fed on Wednesday downplayed weak first-quarter economic growth as transitory and emphasized solid inflation and the strength of the labor market. Futures traders are pricing in a 79 percent chance of a June rate hike, up from 71 percent before the Fed statement, according to the CME Group''s FedWatch Tool. The next major U.S. economic data release will be Friday<61>s payrolls report for April. Employers are expected to have added 185,000 jobs in the month, according to the median estimate of 101 economists polled by Reuters. Numerous Fed officials including Fed Chair Janet Yellen and Vice Chair Stanley Fischer are also due to speak on Friday. Investors are also preparing for the Treasury Department to sell $62 billion in coupon debt next week, including $24 billion in 3-year notes, $23 billion in 10-year notes and $15 billion in 30-year bonds. (Reporting by Karen Brettell; Editing by Meredith Mazzilli and Andrew Hay) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1I61O2'|'2017-05-04T16:54:00.000+03:00'
'02d1164febdfef31e3b3fbcddb304a6959349c45'|'Retailer Bebe avoids bankruptcy with landlord deals: sources'|'Deals - Thu May 4, 2017 - 4:01pm EDT Retailer Bebe avoids bankruptcy with landlord deals: sources A Bebe store logo is pictured on a building along the Lincoln Road Mall in Miami Beach, Florida March 17, 2016. REUTERS/Carlo Allegri By Jessica DiNapoli Fashion chain Bebe Stores Inc ( BEBE.O ) has clinched deals with its landlords to close its approximately 180 stores, enabling it to avoid filing for bankruptcy and continue to sell merchandise online, people familiar with the matter said on Thursday. Bebe has almost no debt and a significant amount of cash, so the development was rare as many of its peers filed for bankruptcy and closed their doors this year amid intense competition from online retailers and fast-changing consumer tastes. Bebe risked having to file for bankruptcy if its landlords did not accept the deals, the sources said. Retailers often file for bankruptcy to get out of store leases, leaving landlords scrambling to recover their losses in bankruptcy court. However, Bebe was able to offer mall owners, including Simon Property Group Inc ( SPG.N ) and General Growth Properties Inc ( GGP.N ), better deals than what they would have received in a bankruptcy protection filing, said the sources. Bebe plans to continue to operate online, selling its low-cut dresses, off-the-shoulder tops and short shorts without the expense of rent, the sources said. The retailer also has a partnership with licensor Bluestar Alliance LLC to further develop its brand. The sources requested anonymity because the negotiations were private. Bebe, Simon Property and General Growth Properties did not respond to requests for comment. BCBG Max Azria LLC, Wet Seal LLC and American Apparel LLC are just some of the U.S retailers that filed for bankruptcy in the last 12 months. Mall-based retailers in particular are going through a period of immense distress, as foot traffic in malls falls due to the rise in popularity of online shopping. In April, Bebe said that it expected to record a charge of about $20 million related to the store closings, and that liquidators were holding store closing sales in the shops. Bebe does not have any term loans or bonds, and had about $67 million in cash at the end of 2016, according to its financial statements. The company said in March that it had retained investment bank B. Riley & Co to explore strategic options, and a real estate adviser to work on lease negotiations with landlords. Bebe Chief Executive Manny Mashouf founded the company in the 1970s, and the retailer rose to fame in the 1990s and 2000s thanks in part to a fashion line it offered with reality TV stars the Kardashians. Mashouf owns about 58 percent of the company''s shares. (Reporting by Jessica DiNapoli in New York; Editing by Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-bebe-stores-restructuring-idUSKBN1802MA'|'2017-05-05T04:01:00.000+03:00'
'f00ff5d51c117539d445e33f24c9751b31d6078d'|'Latest victim of retail downturn, Revlon tumbles 23 percent'|'Fri May 5, 2017 - 8:36pm BST Latest victim of retail downturn, Revlon tumbles 23 percent FILE PHOTO - A Public Safety officer keeps watch as people stand in front of a billboard owned by Revlon that takes their pictures and displays them in Times Square in the Manhattan borough of New York October 13, 2015. REUTERS/Carlo Allegri By Noel Randewich - SAN FRANCISCO SAN FRANCISCO Shares of Revlon ( REV.N ) slumped 23 percent on Friday and were headed for their biggest one-day drop since the financial crisis after the cosmetics company said declining mall traffic hurt its quarterly sales. The company posted a first-quarter loss and was the latest example of the troubling retail environment facing brick-and-mortar stores as consumer tastes change and spending shifts to the internet. "Most of our U.S. retail partners experienced lesser foot traffic, store closures and shopper channel shifting to online and beauty specialty retail," Chief Executive Fabian Garcia said on a quarterly conference call. "Although beauty remains a growth category in the U.S., where and how consumers shop for beauty is evolving," Garcia said. Revlon said its quarterly revenue rose 34.3 percent to $595 million, helped by the acquisition of Elizabeth Arden last year. But on a pro forma basis, sales dropped 5.8 percent year over year, a major setback for a company that was once a top name in the world of beauty products. Just over 13 percent of U.S. retailers are at the distressed tier of Moody''s ratings spectrum, the highest percentage since the 2008-2009 recession, Moody''s debt rating service said in February. The New York-company''s stock was down 23 percent at $19.40, the lowest level since 2013. The last time Revlon fell more than 23 percent in one day was 2008. (Reporting by Noel Randewich; Editing by Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-revlon-stocks-idUKKBN181245'|'2017-05-06T03:22:00.000+03:00'
'e65e73283cd28b97884708c6bf1f888bc7f0304e'|'LendingClub posts fourth straight quarter of loss'|'Online lending platform operator LendingClub Corp reported its fourth straight quarterly loss as it processed fewer loans, and costs rose.The San Francisco-based company reported a net loss of $29.8 million, or 7 cents per share, for the first quarter ended March 31, compared with a profit of $4.1 million, or 1 cent per share, a year earlier.Net operating revenue fell 18.3 percent to $124.5 million.LendingClub has been on a revival mode since last May when an internal probe found the company had falsified documentation when selling $22 million of loans to an investor, leading to the ouster of its former Chief Executive Renaud Laplanche.(Reporting by Sruthi Shankar in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lendingclub-results-idINKBN1802N0'|'2017-05-04T18:13:00.000+03:00'
'081dbd03caf4990147d6dec5e9404d57c0e24b82'|'Oil eases, near weakest since late March on small U.S. stocks decline'|'  7:16pm BST Oil dives 5 percent; OPEC looks unlikely to deepen output cuts FILE PHOTO: Pump jacks are silhouetted against the rising sun on an oilfield in Baku, Azerbaijan, January 24, 2013. REUTERS/David Mdzinarishvili/File Photo By Julia Simon and Devika Krishna Kumar - NEW YORK NEW YORK Oil prices tumbled about 5 percent on Thursday, breaking below $50 a barrel to the lowest since late November on signs that OPEC and other producing countries would not take more drastic steps to reduce the world''s stubbornly persistent glut of crude. The slide steepened after OPEC delegates downplayed the chance that their group and other producing countries would deepen their output cuts when they meet on May 25. They did say current output cuts were likely to be extended. <20>While the cartel is expected to extend a self-imposed production cap by another six months, it will be a challenge to convince several non-OPEC members to follow suit," said Abhishek Kumar, Senior Energy Analyst at Interfax Energy<67>s Global Gas Analytics, "Persistent growth in US oil production ... will also make extensions of the OPEC cap beyond 2017 unlikely.<2E> There was also a sign of slowing energy demand in China, the world''s largest second largest oil consumer, when a survey showed growth in that country''s services sector was at its slowest in almost a year in April. U.S. crude CLc1 fell $2.33 or 4.9 percent to $45.49 per barrel, by 1:43 p.m. Brent was down $2.33, or 4.6 percent, at $48.43. Both contracts slid during the session to the lowest since Nov. 30, the day OPEC agreed to cut supply. U.S. crude fell as low as $45.39, Brent touched $48.32. Both were on track for their biggest daily percentage declines March 8. Both benchmarks broke below closely watched technical levels, with U.S. crude smashing below $47.23. "It is dangerous to try and pick a bottom in this type of market, it is like trying to catch a falling knife," said Dean Rogers, senior technical analyst at Kase & Company. Rogers said charts showed the next potential stalling points were $44.20 for WTI and $47.20 for Brent. "Sustained closes below this levels would be extremely bearish for the long-term." U.S. stocks also were lower, with losers led by the energy sector .SPNY, which fell 2.24 percent to its lowest level since August. Exxon ( XOM.N ) and Chevron ( CVX.N ) were among the biggest drags on the three major indexes. [.N] Late last year, the Organization of the Petroleum Exporting Countries (OPEC) and other producing countries announced oil output cuts of 1.8 million barrels per day (bpd) for the first six months of this year. Even so, McGillian said, "We still have a near record overhang and signs of increasing production in areas of the world outside the producers that agreed to the cuts." Crude output has surged in the United States, with increasing rig counts for the past 11 months. Russia''s Energy Minister, Alexander Novak, said in written comments on Thursday that his country is inclined to extend its cuts. But many in the market believe steeper cuts are needed to reduce the glut significantly. "At some point, the market should recognize OPEC isn''t the most important player in the market any more," said Commerzbank''s Eugen Weinberg, "That is non-OPEC, and, above all, U.S. shale." (Additional reporting by Amanda Cooper in London, Naveen Thukral in Singapore; editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN18000F'|'2017-05-04T08:02:00.000+03:00'
'4efbbdb314f0a8f9f9f9414854a701c81079dce5'|'EU accepts Amazon e-book commitments to settle antitrust case'|'BRUSSELS The European Commission said on Thursday it had accepted commitments by U.S. online retailer Amazon ( AMZN.O ) to alter its e-book contracts with publishers to end an EU antitrust investigation.Amazon, the biggest e-book distributor in Europe, proposed to drop some clauses in its contracts so publishers would not be forced to give it terms as good as those for rivals.Such clauses relate to business models, release dates, catalogs of e-books, features of e-books, promotions, agency prices, agency commissions and wholesale prices."Today''s decision will open the way for publishers and competitors to develop innovative services for e-books, increasing choice and competition to the benefit of European consumers," EU competition chief Margrethe Vestager said in a statement."We want to ensure fair competition in Europe''s e-books market worth more than 1 billion euros," she continued.Amazon said it was pleased to reach an agreement with the Commission.The Commission opened an investigation into the company''s e-books in English and German in June 2015, concerned that such parity clauses made it harder for other e-book retailers to compete with Amazon by developing new and innovative products and services.Amazon made its offer of concessions in January. The commitments apply for five years in Europe.The EU competition enforcer then gave rivals and customers a month to provide feedback before it decides whether to accept the proposal. Under EU antitrust rules, such settlements mean no finding of infringement nor fines which could reach 10 percent of a company''s global turnover.The Commission is also probing Amazon over its arrangement with Luxembourg to minimize its tax bill, part of a crackdown on such deals in the 28-country bloc.(Reporting By Philip Blenkinsop and Foo Yun Chee; editing by Robert-Jan Bartunek)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-eu-amazon-com-antitrust-idUSKBN180119'|'2017-05-04T17:58:00.000+03:00'
'fd412f679a64c0c484fc7411d492aa8e222186d3'|'Imagination Tech starts dispute process with Apple'|'Company News  16am EDT Imagination Tech starts dispute process with Apple LONDON May 4 Imagination Technologies said it had started a "dispute resolution procedure" with Apple , its biggest customer, after failing to resolve a standoff over licensing between the two companies. Imagination said in April that Apple had notified the British firm it was developing its own graphics chips and would no longer use Imagination''s processing designs in 15 months to two years time. The news sent shares in the British firm down 70 percent on the day. It said on Thursday it had commenced the dispute resolution procedure under the licence agreement with a view to reaching an agreement through a more structured process. It also said it planned to sell two businesses, MIPS and Ensigma. (Reporting by Kate Holton, editing by Paul Sandle)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/imagination-tech-apple-idUSFWN1I517Q'|'2017-05-04T14:16:00.000+03:00'
'eafa6e6948489847627f120155529d21ec90959c'|'UPDATE 2-Drug wholesaler AmerisourceBergen profit beats on cost controls'|'Thu May 4, 2017 - 11:49am EDT Cost controls help drug wholesaler AmerisourceBergen''s profit beat By Ankur Banerjee AmerisourceBergen Corp''s ( ABC.N ) profit beat analysts'' estimates as it reined in costs and the drug wholesaler raised the lower end of its earnings forecast for the fiscal year, allaying concerns that declining generic drug prices would hurt the pharma supply chain. AmerisourceBergen''s shares were up 5.50 percent at $87.22. Shares of AmerisourceBergen''s rivals Cardinal Health Inc ( CAH.N ) and McKesson Corp ( MCK.N ) were also up in late morning trade Thursday. The pharmaceutical supply chain, including pharmacy benefit managers and drug distributors, has come under pressure as scrutiny over soaring drug prices has increased. Drug pricing has become a lightning rod for criticism with several drugmakers facing federal investigations, leading to a fall in the prices of generics and a slowdown in the pace of the increase in branded drug prices. AmerisourceBergen said on Thursday it continues to expect prices of branded drugs to increase 7 percent to 9 percent and generic drug prices to decline 7 percent to 9 percent for fiscal year 2017. Leerink Partners analyst David Larsen said the unchanged drug pricing forecast bodes well for fiscal 2018, adding that operating margins for the quarter have been partly hurt by more rapid brand to generic conversions and not pricing. The company raised the lower end of its adjusted earnings forecast for fiscal 2017 to $5.77 to $5.92 per share from $5.72 to $5.92 earlier. "We feel good about the $5.77. And again, that''s the low end of our range even if generic deflation change a few percent," AmerisourceBergen Chief Executive Steven Collis said on a post-earnings call. In contrast, Cardinal Health said last month it expected full-year adjusted earnings at the lower end of its forecast, citing increased competition and falling generic drug prices. Competition in the generic drug product line, specifically in the independent customer segment, has heated up in the last few months. AmerisourceBergen''s net income fell 32 percent to $411.5 million, or $1.86 per share, in the second quarter ended March 31. Excluding items, the company earned $1.77 per share, beating average analysts'' estimate of $1.68, according to Thomson Reuters I/B/E/S. Baird analyst Eric Coldwell noted that the company appeared to aggressively manage operating expenses to combat continued "environmental headwinds". Revenue rose 4 percent to $37.15 billion but came in below analysts'' estimate of $38.09 billion. AmerisourceBergen said it now expects fiscal 2017 revenue growth in the range of 5.5 percent to 6.5 percent, from 6.5 percent to 8 percent. (Reporting by Ankur Banerjee in Bengaluru; Editing by Supriya Kurane)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-amerisourcebergn-results-idUSKBN18018U'|'2017-05-04T20:30:00.000+03:00'
'16a8926e8020fa79462e1635dbe991ef5b6ab2bd'|'Waymo has ''no smoking gun'' in Uber self driving car case - U.S. judge'|'Technology News - Wed May 3, 2017 - 11:48pm BST Waymo has ''no smoking gun'' in Uber self driving car case -U.S. judge FILE PHOTO: A fleet of Uber''s Ford Fusion self driving cars are shown during a demonstration of self-driving automotive technology in Pittsburgh, Pennsylvania, U.S. on September 13, 2016. REUTERS/Aaron Josefczyk/File Photo By Dan Levine and Alexandria Sage - SAN FRANCISCO SAN FRANCISCO A U.S. judge on Wednesday said he had not seen clear evidence that Uber Technologies Inc had conspired with an engineer on its self driving car program to steal trade secrets from Alphabet Inc''s ( GOOGL.O ) Waymo, and that he was wrestling with whether to issue an injunction against the ride service. At a hearing in San Francisco federal court, U.S. District Judge William Alsup said it was undisputed that the engineer, Anthony Levandowski, downloaded about 14,000 documents shortly before he stopped working for Waymo. If it were proven that Levandowski and Uber conspired in taking Waymo''s information, that could have dire consequences for Uber, say legal and ride-hailing industry experts. Uber''s $68 billion valuation is supported partly by investors'' belief it will be a dominant player in the emerging business of self-driving cars. However, Alsup expressed skepticism over whether Uber actually used any Waymo trade secrets. "I''ve given you lots of discovery, and so far you don''t have any smoking gun" showing that Uber knew Levandowski possessed any Waymo trade secrets, Alsup said. Waymo attorney Charles Verhoeven said the company suspects such evidence exists. Levandowski declined to answer questions during a deposition, citing his constitutional rights against self incrimination. Verhoeven also said Uber was improperly withholding thousands of documents on the grounds that they are confidential legal documents. The judge did not make a ruling from the bench on Wednesday. The hearing is the latest phase in a courtroom battle over trade secrets that threatens to topple a central pillar of Uber''s growth strategy. Autonomous cars promise to change the economics of the ride-hailing business. Among Uber''s biggest expenses is the cost of attracting drivers, who have a high turnover rate. And Uber''s ability to expand into suburban and rural markets, and areas with low vehicle ownership, and continue to offer a ride within three minutes, largely hinges on the availability of a network of self-driving vehicles. Waymo on Wednesday sought to buttress its case by arguing that Levandowski and Uber had conspired against Waymo. It said the engineer was planning to work for Uber while he still was employed at Waymo. Levandowski formed a self-driving trucking company, Otto, after leaving Waymo, and Uber later bought Otto. Waymo attorneys showed a slide of an Uber document showing Levandowski had been promised 5.3 million restricted stock units of Uber. That was worth more than $250 million in January 2016, the lawyer said, without describing in detail the basis of the valuation. An Uber spokesman said the stock award was actually made in connection with Uber<65>s acquisition of Otto in August 2016, and the vesting start date was backdated to late January so that Levandowski''s time at Otto counted for the Uber vesting schedule. Alsup himself did not appear shocked. "So what? That<61>s a lot of money I guess, but why wouldn<64>t he get a lot of money?" he asked. Verhoeven said it was circumstantial evidence of bad intent by Levandowski and Uber. "He<48>s getting awarded stock by Uber when he<68>s supposedly starting his own company," he said. Uber attorney Arturo Gonzalez on Wednesday said that attorneys had spent more than 6,000 hours on document review and had not found any sign of the Waymo documents in Uber''s system. Alsup complimented Uber''s search efforts. However, the judge said that documents Uber has withheld about its acquisition of Otto are "a treasure trove" that will be key to the case. He has not decided whether Ub
'229f1e2e2957f901e06767ad48f97ffada43e824'|'Australia says would bar move of BHP Billiton offshore'|'Business News - Thu May 4, 2017 - 3:15am BST Australia would bar move of BHP Billiton offshore - Treasurer FILE PHOTO: A promotional sign adorns a stage at a BHP Billiton function in Sydney, Australia, August 20, 2013. REUTERS/David Gray/File Photo By Sonali Paul - MELBOURNE MELBOURNE Australia warned on Thursday that a push by activist investor Elliott Management to ditch global miner BHP Billiton''s dual listing may be a criminal offence and was against the national interest. Elliott, led by U.S. financier Paul Singer, wants BHP to spin off its U.S. oil assets, hand back more money to shareholders and scrap dual listings in London and Sydney to consolidate them in the UK. BHP Billiton has vehemently resisted Elliott''s push and Australian Treasurer Scott Morrison backed up Australia''s biggest company on Thursday. "If foreign corporate raiders think they can come in and take the ''Big Australian'' out of Australia, they''ve got another thing coming," Australian Treasurer Scott Morrison said in a video on social media, invoking the 132-year-old company''s nickname. BHP Billiton is required to remain listed on the Australian Securities Exchange under the terms of the government''s approval of the merger of BHP and London-listed Billiton in 2001. "The consequences of seeking to change that involve criminal sanctions, and I won''t step back from instructing our agencies to take every step they need to take to prevent that from happening," he said. Elliott declined to comment on Morrison''s statement. Under the conditions set out by then Treasurer Peter Costello for the merger in 2001, BHP Billiton must also keep its global headquarters in Australia and its chief executive and chief financial officer have to be based in Australia. "The conditions set down by then Treasurer Costello are in Australia''s national interest and remain necessary and appropriate," Morrison said in a statement. He warned that BHP Billiton could also face civil penalties under the country''s foreign takeovers law if it were to carry out Elliott''s proposal and directors could be personally liable. The Treasurer could also block a takeover of BHP''s Australian assets by a London-listed company, he said. Elliott has sent representatives to Australia this week to canvas BHP Billiton shareholders over its proposals. Shareholders said they did not expect the Australian government''s opposition to deter Elliott from at least pursuing an oil spin-off and bigger returns to shareholders, given it has persisted even after BHP said the plans would not benefit investors. "I''m not sure they''re going to go away any time soon. They''re there and they own the stock, so they''re still going to be trying to get some value out of it," said Don Hamson, managing director of Plato Investment Management, whose sixth largest holding is BHP. BHP Billiton is a top holding for most Australian fund managers and households, given it is the country''s second-largest company by market capitalisation, and the largest Australian company when its UK-listed shares are included. BHP''s shares have fallen 10 percent since Elliott showed its hand on April 10, in line with a drop in oil prices. (Reporting by Sonali Paul; Additional reporting by James Regan in Sydney; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bhp-billiton-elliott-australia-idUKKBN17Z2OH'|'2017-05-04T07:26:00.000+03:00'
'407ec25438b1364297105489d7ff2d8d667fa0fa'|'AB InBev suffers another weak quarter in Brazil'|'Business News - Thu May 4, 2017 - 6:21am BST AB InBev suffers another weak quarter in Brazil FILE PHOTO: A man walks past the logo of Anheuser-Busch InBev at the brewer''s headquarters in Leuven, Belgium, February 26, 2014. REUTERS/Francois Lenoir/File photo BRUSSELS Anheuser-Busch InBev, the world''s largest brewer, reported a lower than expected profit in the first quarter as earnings slipped in the United States and fell sharply in Brazil, its two largest markets. The brewer of Budweiser, Stella Artois and Corona, which makes more than a quarter of the world''s beer, said on Thursday its core profit was $4.81 billion (3.74 billion pounds), lower than the $4.88 billion average forecast in a Reuters poll. (Reporting By Philip Blenkinsop; editing by Robert-Jan Bartunek)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-abinbev-results-idUKKBN1800DY'|'2017-05-04T13:21:00.000+03:00'
'45b87f56a29ca3df854d2ec83b53aca9f1614627'|'European shares power ahead as first quarter earnings season gathers pace, HSBC jumps'|' 39am BST European shares power ahead as first quarter earnings season gathers pace, HSBC jumps Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 3, 2017. REUTERS/Staff/Remote LONDON A flurry of well-received earnings updates boosted European shares on Thursday, with a positive print from HSBC supporting financials while oil stocks also rose. The pan-European STOXX 600 index was up 0.3 percent, holding near 20-month highs, while Germany''s benchmark DAX index rose 0.2 percent to hit a fresh all-time high. European banks were top gainers, rising 1.3 percent after lender HSBC jumped 3.4 percent. HSBC posted a better-than-expected first-quarter profit and capital position. Likewise a decision by the U.S. Federal Reserve to keep interest rates on hold also helped the sector, as banks benefit from a higher interest rate environment. Oil & gas stocks were also firmer, up 1.1 percent following robust updates from both Statoil and Royal Dutch Shell, which rose 3 percent and 2.3 percent respectively. Results also boosted shares in brewer AB InBev and Austrian engineer Andritz, which were among top STOXX 600 gainers. British retailer Next was the biggest faller, however, dropping more than 5 percent after cutting the top end of its full-year profit guidance. The first quarter earnings season has been strong for European firms so far, 43 percent of which have reported figures. Of those firms, around 74 percent have beaten earnings expectations, while 82 percent have beaten on revenue according to Thomson Reuters data. (Reporting by Kit Rees, Editing by Helen Reid)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN1800OH'|'2017-05-04T15:39:00.000+03:00'
'5f1380c6627610c553c42d798fcb622d21747665'|'Restoring Saudi allowances to cost about 7 billion riyals in 2017, official tells Arabiya'|'Business News - Thu May 4, 2017 - 1:25pm BST Restoring Saudi allowances to cost about 7 billion riyals in 2017, official tells Arabiya FILE PHOTO: Saudi Arabia''s King Salman poses after receiving an an honorary PhD from International Islamic University Malaysia (IIUM) in Kuala Lumpur, Malaysia February 28, 2017. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS/File Photo DUBAI Restoring financial allowances to civil servants and military personnel will only cost the government about 7 billion riyals (<28>1.45 billion) this year, a senior finance ministry official told Al Arabiya television on Thursday. "Restoring allowances will not have a huge impact on the budget...It will cost about 7 billion riyals this year," said Hindi al-Suhaimi, undersecretary at the ministry of finance. Its budget pressured by low oil prices, the government slashed the allowances last September in order to save money, but announced last month that it would restore them as a way to stimulate economic growth and because its deficit in the first quarter was smaller than expected. The 7 billion riyal figure is smaller than many private economists have been estimating; they have been projecting an annual boost to the economy of between 50 and 80 billion riyals due to the restoration of allowances. Suhaimi did not explain the difference. While it is restoring the allowances, the government may be considerably more careful about awarding them this year, especially for categories such as overtime work. (Reporting by Aziz El Yakoubi and Reem Shamseddine; Writing by Andrew Torchia)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-finance-allowances-idUKKBN1801HI'|'2017-05-04T20:25:00.000+03:00'
'a91f37bde6170725bed55ef0b5c291442279db9c'|'European shares power ahead as Q1 earnings season gathers pace, HSBC jumps'|'* STOXX 600 up 0.3 pct* HSBC leads banks after Q1 beat* Statoil, Shell earnings boost oil stocks* Fingerprint Cards disappoints (Adds detail and Quote: s, updates prices)By Kit ReesLONDON, May 4 A flurry of well-received earnings updates boosted European shares on Thursday, with positive numbers from HSBC supporting financials while oil stocks also rose.The pan-European STOXX 600 index was up 0.3 percent, holding near 20-month highs, while Germany''s benchmark DAX index rose 0.7 percent to hit a fresh all-time high.European banks were top gainers, rising 1.3 percent after lender HSBC jumped more than 3 percent. HSBC posted a better-than-expected first-quarter profit and capital position."Overall we view this as a positive set of results ... with potential to place upward on our own and consensus forecasts," Gary Greenwood, analyst at Shore Capital Markets, said in a note.Likewise a decision by the U.S. Federal Reserve to keep interest rates on hold also helped the sector, as banks benefit from a higher interest rate environment.Oil & gas stocks were also firmer, up 0.9 percent following robust updates from both Statoil and Royal Dutch Shell, which both rose 2.4 percent."We have seen a sharp recovery in profits and strong cash flow from Royal Dutch Shell this quarter," said Simon Gergel, UK equities CIO at Allianz Global Investors."The company has generated sufficient cash to cover capital expenditure and the full cost of dividends ... This provides further reassurance about the benefits of the BG deal to the group<75>s cash flow and the sustainability of the company<6E>s dividends.<2E>Results also boosted shares in brewer AB InBev and Austrian engineer Andritz, which were among top STOXX 600 gainers.European autos was another bright spot, with the sector gaining 0.9 percent, led by a 2.2 jump in Rheinmetall after the German defence and automotive group reported a 61 percent rise in first quarter earnings.Swedish biometric firm Fingerprint Cards was the biggest STOXX faller, however, sinking more than 12 percent after an underwhelming first quarter report.Fingerprint''s operating profit slumped 88 percent, coming in well below expectations, weighed down by excess inventories.British retailer Next was also under pressure, dropping almost 6 percent after cutting the top end of its full-year profit guidance.On a sectoral level, European mining firms saw some weakness as copper, aluminium and gold prices sagged, weighing on shares of aluminium producer Norsk Hydro, Centamin and Anglo American.Overall, the macro picture is looking brighter for Europe - a survey showed that euro zone businesses began the second quarter by turning out their best performance in six years.Likewise the first quarter earnings season has been strong for European firms so far, 43 percent of which have reported figures. Of those firms, around 74 percent have beaten earnings expectations, while 82 percent have beaten on revenue according to Thomson Reuters data. (Reporting by Kit Rees, Editing by Helen Reid and Jon Boyle)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1I628O'|'2017-05-04T17:19:00.000+03:00'
'd447cbb22e8e7a20ca6c726b9cb8c101b780b807'|'Standard Chartered says retail banking business in UAE picking up'|' 28pm BST Standard Chartered says retail banking business in UAE picking up FILE PHOTO - A woman walks down the stairs of the Standard Chartered headquarters in Hong Kong in this October 13, 2010 file photo. REUTERS/Bobby Yip/File Photo By Hadeel Al Sayegh - DUBAI DUBAI Standard Chartered''s [STANB.UL] banking business in the United Arab Emirates is performing much better than last year, helped by growing consumer confidence, the bank''s head of retail clients in the UAE said on Thursday. Banks operating in the oil-producing states of the Gulf Cooperation Council reported sluggish growth in 2016, with some recording lower profits and higher provisions on the back of a slowdown triggered by lower oil prices. This year is "significantly better than last year", Shehzad Hameed told reporters in Dubai. "In the double digits, off the back of mortgages, wealth management and the bank''s card business," he added. "Last year was a tough year, there was hardly any growth in terms of the performance of the business," Hameed said. The bank introduced a new mortgage product on Thursday to be offered by its conventional banking and Islamic banking business, hoping to take advantage of an improvement in the real estate market in the emirate of Dubai. The total value of property transactions in Dubai jumped 45 percent year-on-year in the first quarter to $21 billion, according to the Dubai Land Department. "The first quarter saw an uptick on volumes, both ours and transactions in the market, although margins are compressing," Hameed said. "We were getting feedback from our customers that they wanted greater flexibility using excess cash. Interest rates are expected to increase, so it ties in very well with our launch and enables us to compete with banks that are cutting rates." The U.S. Federal Reserve is expected to hold interest rates steady at its meeting this week but may hint it is on track for an increase in June. The mortgage market in the UAE is worth about $30 billion, in which Standard Chartered holds a 6 percent market share, Hameed said. (Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-emirates-mortgages-idUKKBN1801Q1'|'2017-05-04T21:28:00.000+03:00'
'2ec937f51c46a04adab17e9d5761517fd2bbcec5'|'Euro zone factory activity hits six-year high in April - PMI'|'  9:04am BST Euro zone factory activity hits six-year high in April - PMI FILE PHOTO: Nissan Motor staff work in a manufacturing chain at the Zona Franca Nissan factory near Barcelona May 23, 2012. REUTERS/Albert Gea/File Photo By Jonathan Cable - LONDON LONDON May 2 Euro zone manufacturers began the second quarter at a blistering pace, increasing activity at the fastest rate for six years as demand remained strong despite rising prices, a survey showed on Tuesday. IHS Markit''s Manufacturing Purchasing Managers'' Index for the euro zone jumped to 56.7 in April from March''s 56.2, reaching its highest level since April 2011. The figure was one tick down from a preliminary reading of 56.8. An index measuring output, which feeds into a composite PMI due on Thursday, also climbed further above the 50 mark that separates growth from contraction. It registered a six-year high of 57.9, up from March''s 57.5. "Euro zone manufacturers reported buoyant business conditions in April, signalling an encouragingly solid start to the second quarter," said Chris Williamson, chief business economist at IHS Markit. "The latest survey readings indicate that manufacturing is growing at an annual rate of approximately 4-5 percent, which should make a significant contribution to overall economic growth." Growth in the currency bloc will be steady but modest in the coming year, an April Reuters poll of economists showed, although that forecast was partly contingent on independent candidate Emmanuel Macron winning the French presidency next weekend. Increasing demand came despite factories raising prices at the second-fastest rate in nearly six years. The output price index dipped last month to 55.4 from 55.6. Signs that the years of ultra-loose monetary policy are paying off, with solid growth and inflationary pressures, will be welcomed by the European Central Bank. Official data last week showed inflation rose more than expected in April, returning to the ECB''s target, and a Reuters poll suggested the central bank''s move would be to tighten policy. - Detailed PMI data are only available under licence from Markit and customers need to apply to Markit for a licence. (Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-pmi-idUKKBN17Y0NM'|'2017-05-02T16:04:00.000+03:00'
'68dd5e4421053d213fe1273881359a658c74a072'|'Japan finance minister warns against yen instability on North Korea'|'LOS ANGELES Japanese Finance Minister Taro Aso said the yen is vulnerable to rising political tensions over North Korea''s missile program and development of nuclear weapons, and warned against extreme instability in the currency."We should always think about what the yen would be like if something happens in North Korea," Aso told a forum in Los Angeles on Monday.The Japanese currency has been perceived as a safe-haven asset in recent years, which tends to be bought by global investors at a time of crisis.Asked about such a view at the summit, Aso said while "the yen is said to be a safe-haven currency" the situation in North Korea made it "extremely unstable".Tensions on the Korean peninsula have been high for weeks, driven by concerns that the North might conduct its sixth nuclear test in defiance of pressure from the United States and Pyongyang''s sole major ally, China.The dollar hit a one-month high against the yen, after U.S. Treasury Secretary Steven Mnuchin commented on the possibility of ultra long-term bond issuance. [FRX/]Aso declined to comment on exchange rates, saying that currencies should be set by markets.On trade negotiations with Washington, Aso said Japan and 10 other nations should push ahead with the Trans-Pacific Partnership (TPP) trade deal, excluding the United States."Now that the U.S. has decided to withdraw from TPP, we are thinking that it might be better for the remaining eleven countries to go ahead with TPP," Aso said.While expressing a cautious view on the U.S. stance of shifting towards bilateral trade negotiations, Aso said Washington will eventually find it better to rejoin TPP although it will take some time."Because the twelve countries worked together, concessions were given to the U.S.," he said. "It''s not a fact that the U.S. will be able to gain more from bilateral framework than TPP."(Reporting by Lawrence Delevingne; Writing by Tetsushi Kajimoto; Editing by Sam Holmes)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-japan-economy-aso-idUSKBN17Y0BV'|'2017-05-02T13:05:00.000+03:00'
'63fec322d31ea915c14eaff351fcae0d1dbd6628'|'Greek growth, Greek decline - it''s all in how you look at it'|'Business News - Thu May 4, 2017 - 12:23pm BST Greek growth, Greek decline - it''s all in how you look at it left right FILE PHOTO: A man waits to have his clothes washed by the Ithaca mobile laundry service for the homeless in central Athens, Greece, February 12, 2017. REUTERS/Alkis Konstantinidis/File Photo 1/4 left right FILE PHOTO: A man carries a bag with donated goods after receiving a Christmas meal at an indoor gym hall in Athens, Greece, December 25, 2016. REUTERS/Michalis Karagiannis/File Photo 2/4 left right FILE PHOTO: A man walks past shop shutters with graffiti at a main commercial street at the Monastiraki area in early morning before shops open in central Athens, Greece, February 27, 2017. REUTERS/Michalis Karagiannis/File Photo 3/4 left right FILE PHOTO: A man sits on a bench at Kotzia square in central Athens, Greece, March 22, 2017. REUTERS/Alkis Konstantinidis/File Photo 4/4 By Jeremy Gaunt - ATHENS ATHENS Not far from Athens'' central Syntagma Square, home to the parliament, finance and foreign ministries, and the storied Hotel Grande Bretagne, a man scrabbles around some rubbish bins. He is youngish and not badly dressed. He is looking for scraps of food, clothes or something valuable in the dross. The sight would not be unusual in many global cities, but it was almost unknown in Athens a few years ago. As was sleeping rough, a sign of Greece''s decline evident in many central areas such as Philopappos Hill, where Socrates was gaoled. Discussions about Greece''s economy these days no longer centre on whether it will be thrown out of the euro zone, a real prospect just two years ago. Instead, the focus has turned to such esoterica as primary surpluses, debt repayment schedules and whether the International Monetary Fund will or will not participate financially in the country''s third bailout. Somewhat lost in the shuffle is the pain everyday Greeks are still feeling as the country ever so slowly sees its economy improve. The reason is that some of Greece''s economic numbers do look promising after seven years of bailouts, recession, banking crisis, and bankruptcies. Economic growth, for example, is projected by the IMF at 2.2 percent this year, a stark contrast with its contraction of more than 9 percent in 2012. In a similar vein, Greece''s budget had a primary budget surplus - that is, excluding debt repayments - estimated at as much as 4.2 percent, depending on accounting procedures. It even had a small surplus including debt repayments. There are also signs that Greeks are getting better at paying and collecting taxes. The primary surplus was in part put down to an increase in tax revenues. Some of this can be seen in places like Athens'' Ermou Street, the central shopping thoroughfare where the likes of Zara and Massimo Dutti hold court. On a recent afternoon, it was bustling with shoppers, albeit flanked by walls of angry graffiti and peppered with youths holding signs for watch sales or offering up swatches of perfume. PANTHEON OF PAIN Ranged against this seeming improvement are economic numbers so harsh they have driven more than 425,000 Greeks abroad since 2008. Unemployment is still at 23.5 percent. Youth unemployment -- a particularly damaging indicator for future stability -- is a whopping 48 percent. The impact is seen in changes to the relatively obscure calculation of GDP per capita in terms of purchasing power -- roughly how much people can buy now versus what they could. Ranked against the European Union as a whole, this fell nearly 27 percent between 2008 and 2015 for Greece. For Germany, it rose around six percent. Translation: Germans richer, Greeks poorer. Indeed, the latest figures available suggest more than one in three Greeks are at risk of poverty or social exclusion. Another twist is that Greece''s debt burden has actually got worse. It is at 179 percent of GDP compared with around 109 percent in 2008. The irony is that most of this is the result of austerity-driven r
'5a9870c41e2ad2b9464557282623cb53219c86fd'|'Germany says no debt relief being prepared for Greece'|'Business   9:46pm BST Germany says no debt relief being prepared for Greece left right A piggybank painted in the colours of the Greek flag with a 20 euro banknote in it''s slot, stands amongst various euro coins in this picture illustration taken in Berlin, Germany June 30, 2015. REUTERS/Pawel Kopczynski 1/3 left right FILE PHOTO: A street performer plays with a ball at the Constitution (Syntagma) square near the Parliament building in Athens, Greece July 18, 2015. REUTERS/Ronen Zvulun /File Photo 2/3 left right German Finance Minister Wolfgang Schaeuble attends a lower house of parliament Bundestag session in Berlin, Germany, April 27, 2017. REUTERS/Hannibal Hanschke 3/3 BERLIN No debt relief measures are being readied for Greece, Germany''s Finance Ministry said on Thursday after the Handelsblatt business daily reported measures were under consideration. The implementation of reforms that Greece agreed to in return for aid would help ensure the sustainability of the country''s debt, the ministry said in a statement e-mailed to Reuters. "No debt relief is being prepared," it added. Regarding possible debt measures, a clear agreement was reached in a statement by the Eurogroup of euro zone finance ministers last May. "According to that, after the full implementation of the adjustment programme, there will be an assessment of whether debt measures are necessary. That still applies," it said. Earlier, Handelsblatt reported that Greece''s international lenders were preparing possible debt relief for Athens for discussion by the finance ministers. The European Commission, the ESM euro zone rescue fund, the European Central Bank and the International Monetary Fund (IMF)had prepared various debt measures in a document to be sent to the Eurogroup for further discussion, it said, citing people familiar with the document. One option was for the ESM to take over loans paid out by the IMF. The advantage would be lower interest rates charged by the ESM. Others included extending debt maturities and having the ECB and national central banks send profits made on Greek bonds to Athens through national governments, Handelsblatt reported. An EU source told Reuters the document was originally a paper by the ESM, not all four institutions, and had been modified on the way to the version Handelsblatt saw. "It lays down several options for the restructuring of Greek debt and specifies possibilities which were given by the Eurogroup last May. One of the options still is that ESM would take debt from IMF," the source said. "It is not clear yet if the IMF would agree on that." Separately, German Finance Minister Wolfgang Schaeuble said in Durban, South Africa that the European Union needed to "exert pressure on national governments to implement ... much-needed reforms." "Those countries which received help under European assistance programmes, and therefore had to actually implement unpleasant reforms, and those countries which have kept to the agreed rules are among the most successful countries in the EU today," he said. "The problem is therefore not with the rules, but with the lack of implementation of them." (Reporting by Christian Goetz, Tom Koerkemeier and Michael Nienaber; Writing by Paul Carrel; Editing by Tom Heneghan and editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-debt-idUKKBN18021G'|'2017-05-05T04:46:00.000+03:00'
'343a823fb11c36561c8cb942d917045da8bb376f'|'Strong Adidas quarter driven by North America, ecommerce'|'Thu May 4, 2017 - 7:03am BST Strong Adidas quarter driven by North America, ecommerce An Adidas logo is seen at the new Futurecraft shoe unveiling event in New York City, New York, U.S. April 6, 2017. REUTERS/Joe Penney BERLIN German sportswear firm Adidas ( ADSGn.DE ) reported a bigger-than-expected increase in first-quarter sales and profits on Thursday, helped by strong growth in ecommerce and North America as it keeps up the pressure on arch-rival Nike ( NKE.N ). Adidas said net profit rose 30 percent to 455 million euros ($495.7 million) on sales up 19 percent to 5.67 billion euros, ahead of average analyst forecasts for 421 million and 5.4 billion respectively, according to a Reuters poll. Adidas said growth was particularly strong in ecommerce, with revenues up 53 percent, and in North America, where sales grew 31 percent, adding it was confirming its outlook for 2017, including for sales to rise a currency-neutral 11-13 percent. ($1 = 0.9179 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-adidas-results-idUKKBN1800GT'|'2017-05-04T13:51:00.000+03:00'
'99ccbca9814ee21c52314c8b9f7b677ca9a00799'|'Apple to create $1 billion U.S. advanced manufacturing fund, CEO says'|'  11:55pm BST Apple to create $1 billion U.S. advanced manufacturing fund, CEO says FILE PHOTO: The Apple logo is pictured inside the newly opened Omotesando Apple store at a shopping district in Tokyo June 26, 2014. REUTERS/Yuya Shino/File Photo SAN FRANCISCO Apple Inc Chief Executive Officer Tim Cook said the iPhone maker plans to create a $1 billion fund to invest in advanced manufacturing companies in the United States. Speaking on CNBC, Cook said the Cupertino, California company will announce the first company it plans to invest in later in May. Cook also said Apple plans to fund programs that could include teaching people how to write computer code to create apps, and will release more details about the effort this summer. (Reporting by Stephen Nellis; Editing by Chris Reese)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-apple-fund-idUKKBN17Z2PG'|'2017-05-04T06:55:00.000+03:00'
'52f22bc140990997bb4e36dbfa44cf80bc01bf22'|'United Air to face second congressional grilling at Senate hearing'|'Aerospace & Defense - Thu May 4, 2017 - 1:02pm EDT Airlines ''self-inflicted'' problems under glare of U.S. Senate panel left right FILE PHOTO: A United Airline Airbus A320 aircraft lands at O''Hare International Airport in Chicago, Illinois, U.S. on April 11, 2017. REUTERS/Kamil Krzaczynski/File Photo 1/3 left right FILE PHOTO: U.S. Airways President Scott Kirby speaks at the Reuters Aerospace and Defense Summit in Washington, U.S. on December 5, 2006. REUTERS/Yuri Gripas/File Photo 2/3 left right FILE PHOTO - A United Airlines Boeing 787 taxis as a United Airlines Boeing 767 lands at San Francisco International Airport, San Francisco, California, U.S. on February 7, 2015. REUTERS/Louis Nastro/File Photo 3/3 By David Shepardson and Alana Wise - WASHINGTON WASHINGTON Chicago Aviation Commissioner Ginger Evans on Thursday apologized for the behavior of employees who forcibly removed a United Airlines passenger at a U.S. Senate hearing on the industry''s customer service failures. Evans told a U.S. Senate commerce subcommittee that the April 9 removal of Dr. David Dao was "deeply saddening and personally offensive." The department suspended four employees in the incident and said neither the Chicago Police Department nor airport security officers will go on aircraft to deal with customer service matters including overbooking. The harsh criticism of United ( UAL.N ) extended to the entire airline industry as senators criticized airline fees, customer service flaps and the lack of competition in the heavily consolidated sector. "Here we are, with an industry facing self-inflicted PR problems, sitting before us asking for our forgiveness and to allow them to fix their own problems," Democratic Senator Bill Nelson of Florida said at the hearing of the Subcommittee on Aviation Operation, Safety, and Security. Since Dao was dragged off United Flight 3411 to make room for airline employees, lawmakers have threatened to increase oversight on the largely deregulated industry. United again sought to stop congressional legislation, with its president, Scott Kirby, testifying on Thursday - apologizing again to Dao and his family and promising the airline will improve conditions for customers. United has said it will no longer call security to remove non-threatening passengers from planes and will offer up to $10,000 for volunteers to forfeit their seats on overbooked flights. Republican Senator Roy Blunt of Missouri, the subcommittee chairman, said the panel was trying to determine how much leeway to give to airlines to make changes on their own, versus "what needs to be taken care of in federal law itself." Democratic Senators Richard Blumenthal of Connecticut and Edward Markey of Massachusetts said they planned to introduce a new passenger bill of rights that would place limits on airlines'' ability to impose "ridiculous" fees for baggage, ticket changes and cancellations. Beyond the April 9 incident, the airline industry was repeatedly censured by senators for customer service failures, including cutting leg room by cramming additional seats onto jets. American Airlines''s ( AAL.O ) new Boeing ( BA.N ) jets will add seats, cutting two inches of leg room from some economy seats, it has said. The airline did not send a representative to the hearing on Thursday. (Editing by Chizu Nomiyama and Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-ual-passenger-idUSKBN18013N'|'2017-05-04T18:04:00.000+03:00'
'6e9d803ff791c6bb0f22fb8567f7e9946177a6eb'|'The numbers behind China''s massive aviation market 5,'|'China''s first big passenger jet completes maiden flight China''s first large jetliner took its maiden flight on Friday, performing a series of test maneuvers in hazy skies near Shanghai. The successful first flight is a huge deal for China, and an indication that Boeing ( BA ) and Airbus ( EADSF ) will eventually face a new competitor in a key aviation market. Here''s a look at China''s aviation market by the numbers: 487 million: That''s the number of domestic and international journeys made last year in China, according to data from the Civil Aviation Administration of China (CAAC). Even more impressive is how quickly the market is growing. The number of trips made last year increased by 12% over 2015, according to CAAC. The surge in air travel has been fueled in large part by middle class Chinese who are spending billions on domestic and foreign vacations. With a population of 1.4 billion, the trips add up: Analysts predict that China will surpass the U.S. as the world''s largest commercial aviation market by 2030. Related: China''s 1st big passenger jet completes maiden flight 5,100: Boeing estimates that the country will need a trillion dollars worth of new airplanes over the next two decades, including more than 5,100 of the same size as the C919. Most of that money would have been destined for bank accounts at Boeing and Airbus if not for the C919. Now, there''s a new competitor on the block. With 168 seats, the C919 is expected to go up against the Airbus''s A320 and Boeing''s 737-800. 55: That''s the number of Chinese airlines currently in operation. Domestic airlines expected to be major buyers of the C919. So far, demand for the jet has remained local: orders are almost entirely from Chinese carriers for domestic flying. The jet is one of the final pieces of an aviation ecosystem that has been in development for decades in China. The company that developed the C919, Commercial Aircraft Corporation of China (Comac), is owned by the state. Most domestic airlines are also backed by the government. China Eastern Airlines will be the first carrier to operate the C919 when it completes testing and secures approval from China''s aviation regulator. Related: China to spend $1 trillion on 6,810 new aircraft Eight: China has now joined the small group of nations that have developed large airliners: the U.S., Russia, Brazil, Canada, the U.K., France and Germany. The C919 still faces months or years of grueling certification tests, and meeting safety standards might require design changes. But the maiden flight is a milestone: While China is already an adept designer of military aircraft, it has struggled to catch up to Boeing and Airbus in manufacturing civilian airliners. 1/3: China''s aviation market still has a ways to go. One third of all flights in the country were delayed in 2015, according to the International Air Transport Association. The statistic is a good reminder that developing an aviation industry takes many decades. It''s also an industry where results matter: Comac will need to win the trust of airlines in China and elsewhere by proving the jet can operate efficiently and reliably on scheduled flights. -- Jon Ostrower contributed to this report. CNNMoney (Hong Kong) First published May 5, 2017: 7:49 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/05/05/investing/china-aviation-market-c919/index.html'|'2017-05-05T15:49:00.000+03:00'
'e9d12ae6fa7dac81b7e4d5c6da2809ddbbf7494c'|'Workers at Peru''s Cerro Verde copper mine threaten fresh strike'|'Market News  18am EDT Workers at Peru''s Cerro Verde copper mine threaten fresh strike LIMA May 5 Workers at Freeport-McMoRan''s Cerro Verde copper mine in Peru were evaluating a new strike on Friday, a union spokesman said, if the company continues with what the union says is punishment of those who took part in a previous strike in March. If the company insisted on its plan to suspend workers without pay, then the union would consider a new, indefinite strike, union undersecretary Zenon Mujica told Reuters. The union is also preparing legal protection against the measures, he said. (Reporting by Ursula Scollo, Writing by Rosalba O''Brien)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/peru-copper-idUSC0N1CV02D'|'2017-05-05T23:18:00.000+03:00'
'53d946d9ed8a7bec9cb4fa321fb54df757430208'|'Italy tax chief says close to deal with Google over tax dispute - paper'|'Technology News - Wed May 3, 2017 - 7:40am BST Italy tax chief says close to deal with Google over tax dispute: paper An attendee interacts with an illuminated panel at Google stand during the Mobile World Congress in Barcelona, Spain, March 1, 2017. REUTERS/Paul Hanna MILAN Italy and Alphabet Inc''s Google are close to reaching a deal to settle a tax dispute, the head of the Italian tax authority Rossella Orlandi told Italian newspaper La Repubblica. "We are very close to a solution with Google," Orlandi said. Italy is looking at a proposal from Google to pay between 270 million and 280 million euros to settle a tax dispute, a source close to the matter said in January. Last year Italian tax police alleged that Google had evaded paying taxes worth 227 million euros ($248 million) between 2009 and 2013 in a move which was said could result in heavy punitive fines. In the interview with La Repubblica, Orlandi also said the government is reviewing the business of internet platforms for home rentals such as Airbnb Inc. ($1 = 0.9158 euros)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-google-italy-tax-report-idUKKBN17Z0FT'|'2017-05-03T14:39:00.000+03:00'
'4b46ef1bed0436e33811a9f9d53ee2e2ae05c0a1'|'Imperial Brands could launch heated tobacco product in months if needed'|'Health   11:06am BST Imperial Brands could launch heated tobacco product in months if needed View of a sign outside the Imperial Tobacco Seita cigarette plant in Carquefou, near Nantes, April 15, 2014. REUTERS/Stephane Mahe LONDON Britain''s Imperial Brands, the fourth-largest international tobacco company, remains committed to its pursuit of e-cigarettes as the best alternative to smoking, but could pivot quickly with a heated tobacco product within months if proved wrong, a senior executive said on Wednesday. "Our belief is that the opportunity in e-vapour remains bigger than the opportunity in heated tobacco," said Matthew Phillips, Imperial''s chief development officer. He said Imperial was looking at heated tobacco even though it wasn''t testing a product like Philip Morris, British American Tobacco and Japan Tobacco International. So far Japan is the most developed market for heated tobacco products, as it has stricter rules around the nicotine-laced liquids used in e-cigarettes. "I''m yet to see the kind of traction outside Japan that would make me change that view and start following a heated tobacco strategy more proactively," Phillips said on a conference call with analysts following the company''s half-year results. "If we have to change our mind because it did start getting traction, we would be able to follow with an offering within a number of months." Phillips said recent innovations in "vaping" and marijuana technology in the United States means that heated tobacco products do not need to be in the format in which they are currently sold. Phillips said different consumers were using different products, noting that younger "millennial" consumers tended to use e-cigarettes, while the tobacco-based products appealed to older people. (Reporting by Martinne Geller; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-imperial-brands-vapour-idUKKBN17Z0X6'|'2017-05-03T17:54:00.000+03:00'
'3dccb147019512dc3763c469f2fea9042b105631'|'Deals of the day-Mergers and acquisitions'|'May 3 The following bids, mergers, acquisitions and disposals were reported by 0930 GMT on Wednesday:** Twelve parties, including local and foreign banks, have expressed interest in taking a stake in Kenya''s Chase Bank, the central bank said late on Tuesday.** Turkey''s new sovereign wealth fund has signed a framework agreement with an Islamic Development Bank (IDB) unit to develop Islamic mortgages and different types of cooperation with the bank will be on the agenda, the fund''s head said.** New Zealand''s competition regulator blocked the planned merger of NZME Ltd and Fairfax Media Ltd''s New Zealand unit, saying the deal would have led to unprecedented local media influence and built the world''s most concentrated newspaper market outside of China.** Italian investment fund Palladio Holding Group will buy Slovenian car parts maker Cimos after it pulled out of a similar deal in February, Slovenian daily newspaper Dnevnik reported.** The sale process for troubled flagship carrier Alitalia will kick off in the next 15 days, Italy''s Industry Minister said.** German copper products group Wieland said on Wednesday it has taken over the copper and steel tube business of U.S. company Wolverine Tube Inc, as part of its plans to expand internationally.** Chinese conglomerate HNA Group has become Deutsche Bank''s biggest direct shareholder, upping its stake in the flagship lender of Europe''s top economy to just under 10 percent, according to a U.S. regulatory filing.** An application has been made to Turkey''s competition authority for Austrian logistics company Austrian Post to take over a 50 percent stake in Turkey-based Aras Kargo from other shareholders, the authority said.** State-owned Saudi Arabian Airlines (Saudia) has started the sale of its medical services business in Jeddah, valued at around $500 million, as part of a drive to reduce non-core assets, sources familiar with the matter said.** Delek Group said that Israeli businessman Yonel Cohen will purchase a 130 million shekel ($36 million) stake in insurer Phoenix Holdings as part of a deal with China''s Yango Group Co.** Jonah Energy, a natural gas company backed by investors including private equity firm TPG Capital, has agreed to acquire oil and gas-producing land in Wyoming from Linn Energy for around $580 million, the companies said on Tuesday.** Intact Financial Corp, Canada''s largest property and casualty insurer, said it would buy U.S.-based specialty insurer OneBeacon Insurance Group Ltd for $1.7 billion, creating a specialty insurer focused on small- and mid-sized businesses. (Compiled by John Benny in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1I52EZ'|'2017-05-03T07:47:00.000+03:00'
'8720619c2f72a15ea64815d1cc1f30824e2b4b1d'|'OPEC oil output falls in April but compliance weakens - Reuters survey'|'Global Energy  05pm BST OPEC oil output falls in April but compliance weakens - Reuters survey A general view shows the al-Shuaiba oil refinery in southwest Basra, Iraq April 20, 2017. REUTERS/Essam Al-Sudani By Alex Lawler and Rania El Gamal - LONDON/DUBAI LONDON/DUBAI OPEC oil output fell for a fourth straight month in April, a Reuters survey found on Tuesday, as top exporter Saudi Arabia kept production below its target while maintenance and unrest cut production in exempt nations Nigeria and Libya. But more oil from Angola and higher UAE output than originally thought helped OPEC compliance with its production-cutting deal slip to 90 percent from a revised 92 percent in March, according to Reuters surveys. The Organization of the Petroleum Exporting Countries pledged to reduce output by about 1.2 million barrels per day (bpd) for six months from Jan. 1 - the first supply cut deal since 2008. Non-OPEC producers are cutting about half as much. OPEC wants to get rid of excess supply that is keeping oil LCOc1 below $52 a barrel, half the level of mid-2014. With the oversupply proving hard to shift, OPEC is expected to prolong the agreement. Compliance of 90 percent is still higher than OPEC achieved in its last cut in 2009, Reuters surveys show. Analysts including those at the International Energy Agency have put adherence in 2017 even higher, with the IEA calling it a record. April''s biggest production gain came from Angola, which scheduled higher exports and where output started at the East Pole field in February. The increase brought Angolan compliance down to 91 percent, from above 100 earlier in the year. Other, small increases came from Kuwait and Saudi Arabia, the survey found, although their compliance was the second-highest and highest respectively in OPEC. Even with April''s increase, the total curb achieved by OPEC''s top producer Saudi Arabia is 574,000 bpd, well above the target cut of 486,000 bpd. Iran''s production rose slightly. Tehran was allowed a small increase in output under the OPEC agreement. These increases offset lower supply in Iraq, which exported less crude from its southern terminals - and Venezuela, where exports also fell month-on-month, according to tanker data and shipping sources. Output in the United Arab Emirates fell, but production in March was higher than originally thought. The UAE, which has been focusing on expanding oil capacity in recent years, has been slower than other Gulf members to trim supply. The UAE says it is complying 100 percent. It has blamed suggestions that it is failing to do so on discrepancies between its own production figures and those estimated by the secondary sources that OPEC uses to track compliance. Lower output in Nigeria and Libya, which are exempt from the curbs, helped bring down overall OPEC production. Maintenance continued at Nigeria''s Bonga field for part of the month and loading delays affected the country''s biggest export stream, Qua Iboe. In Libya, output fell as protests blocking a pipeline prompted the shutdown of the Sharara field. Output there resumed in late April, suggesting May could see higher production if no further unrest emerges. OPEC announced a production target of 32.5 million bpd at its Nov. 30 meeting, which was based on low figures for Libya and Nigeria and included Indonesia, which has since left the group. The Libyan and Nigerian reductions mean OPEC output in April averaged 31.97 million bpd, about 220,000 bpd above its supply target adjusted to remove Indonesia. The Reuters survey is based on shipping data provided by external sources, Thomson Reuters flows data, and information provided by sources at oil companies, OPEC and consulting firms. (Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opec-oil-idUKKBN17Y1B9'|'2017-05-02T20:05:00.000+03:00'
'cb7389b3298c7e62e690af2d600e55901951ad19'|'UPDATE 1-Puerto Rico GO bonds up on federal healthcare aid as debt deadline looms'|'(Adds restructuring proposal by Franklin and Oppenheimer; adds Quote: s from governor; updates results of protests)By Karen Pierog and Daniel BasesCHICAGO May 1 Benchmark Puerto Rico general obligation bonds rose on Monday, bolstered by promised stopgap federal healthcare spending that would help the financially strapped U.S. territory even as it faces a midnight deadline to reach a restructuring deal on its $70 billion in debt.The healthcare assistance under a deal on federal government spending follows Saturday''s rejection by bondholders of the Puerto Rican government''s debt restructuring offer to repay as much as 77 percent of general obligation (GO) debt and 58 percent of tax-backed bonds.On Monday, a creditor group led by mutual funds Franklin Advisers and OppenheimerFunds said it had offered a separate restructuring proposal late last month to save $15 billion in debt service relief, but that it was ignored by Puerto Rico''s government.Without a last-minute agreement or a move by Puerto Rico to seek an in-court debt workout similar to bankruptcy, bondholders and other creditors are expected to file a wave of litigation over the island''s bond defaults starting at midnight Monday.Regardless of the path Puerto Rico takes, the likelihood is for cuts to government services, including healthcare. Thousands of Puerto Rican''s took to the streets on Monday to protest austerity measures.The in-court option, known as Title III, is a provision of the 2016 federal rescue law known as PROMESA.Bond prices rose in response to Congressional negotiations late Sunday that included a $295 million boost in Medicaid funding for Puerto Rico as part of a budget deal to avoid a U.S. government shutdown.The federal government''s Medicaid help may be buoying Puerto Rico''s bonds by making "participants hopeful there will be potentially some assistance down the road that mitigates the lowball first salvo in the negotiations," said Shaun Burgess, portfolio manager and lead trader for Puerto Rico strategy at Sarasota, Florida-based Cumberland Advisors.Burgess, who is responsible for $150 million of insured Puerto Rican bonds, said the commonwealth''s offer was "not even close to a good proposal."In a statement on Monday, Stephen Spencer, a financial adviser to the group led by Franklin and Oppenheimer, said it offered two restructuring deals. One would have saved $15 billion in overall debt service relief. The other was specific to sales tax-backed debt, known as COFINA debt, and would have saved $4.2 billion in debt service for that particular credit.The proposals "were essentially ignored," Spencer said.A representative for Governor Ricardo Rossello could not be immediately reached on Monday.Ramon Rosario, Rossello''s public affairs secretary, told reporters that the government is still considering filing for Title III bankruptcy. <20>If creditors remain intransigent, we will go to Title III in defense of Puerto Rico<63>s people,<2C> he said.Ultimately, the decision of whether and when to file a Title III bankruptcy belongs to Puerto Rico''s federal financial oversight board, not the governor, though both sides have said they hoped to work cooperatively.DEBT PROTESTSThe spread of Puerto Rico 30-year GO bonds over Municipal Market Data''s benchmark triple-A yield scale fell to 565 basis points on Monday, after widening to 585 basis points on Friday from 575 basis points on Thursday.Benchmark Puerto Rico bonds due in 2035, and carrying an 8 percent coupon, traded up 1.1 points in price to a bid price of 64.1, up from a record low of 60.05 on March 30.Puerto Rico<63>s fiscal turnaround plan, which has been certified by the oversight board, proposes drastic cuts to debt and government services alike, including to healthcare spending.There would also be cuts in fringe benefits to some public employees, reduced subsidies to municipalities and the University of Puerto Rico, and reduced benefits to pensioners.Thousands protested th
'8b7c6010ae2b927ca7fce494ed5dec6683d00c6e'|'BRIEF-Black-And-White Capital LP urging Etsy to explore strategic alternatives - Bloomberg'|'Company News - Tue May 2, 2017 - 10:02am EDT BRIEF-Black-And-White Capital LP urging Etsy to explore strategic alternatives - Bloomberg May 2 (Reuters) - GM, Ford and Toyota all post U.S. sales declines in April DETROIT, May 2 General Motors Co, Ford Motor Co and Toyota Motor Corp, the top three automakers in the United States, on Tuesday all posted lower new vehicle sales in April in a fresh sign the long boom cycle for the auto industry is losing steam. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-black-and-white-capital-lp-urging-idUSFWN1I40MV'|'2017-05-02T22:02:00.000+03:00'
'fc402569b61c224649227c8ac319eecd4b6c6b49'|'Exclusive - Cerberus, Sycamore Partners wrestle with Staples buyout: sources'|'Deals - Tue May 2, 2017 - 5:04pm BST Exclusive: Cerberus, Sycamore Partners wrestle with Staples buyout FILE PHOTO: A shopping cart is seen outside a Staples office supplies store in the Chicago suburb of Glenview, Illinois, February 4, 2015. REUTERS/Jim Young/File Photo By Lauren Hirsch and Greg Roumeliotis Cerberus Capital Management LP and Sycamore Partners are the two private equity firms actively exploring an acquisition of Staples Inc ( SPLS.O ), the U.S. office supplies retailer, people familiar with the matter said on Tuesday. Staples has held talks with several private equity firms over the last few weeks about a potential deal, the sources said. Cerberus and Sycamore have emerged as the frontrunners, as other prospective buyers have become discouraged by the challenges Staples faces in shifting its business model from serving consumers to catering to companies, the sources added. Clayton Dubilier & Rice LLC , Advent International Corp and Bain Capital LLC are among the private equity firms that have also held discussions with Staples but are now less actively pursuing a deal, according to the sources. A major hurdle for private equity firms in putting together an acquisition plan is foreseeing how they can successfully cash out on their investment a few years down the line, the sources said. While Staples has sufficient cash flow to support a leveraged buyout, many firms struggle to see how they can take the company public or divest it at a significantly higher valuation than what they will pay for it, the sources added. Private equity firms are also troubled by the divergent fortunes of its successful wholesale business and its laggard retail business, according to the sources. Staples still carries the cost burden of 1,255 stores in the United States and 304 stores in Canada. It recently announced plans to sell roughly 60 stores in North America. Staples is continuing to explore a sale, and there is no certainty it will clinch a deal with either Cerberus or Sycamore Partners, the sources said, who asked not to be identified because the deliberations are confidential. Staples, Cerberus, Sycamore Partners, Clayton Dubilier, Advent and Bain all declined to comment. Staples, which made its name selling paper, pens and other supplies in retail stores, has seen the value of its stock stagnate after its previous agreement to merge with peer Office Depot Inc ( ODP.O ) was thwarted by a judge on antitrust grounds a year ago. Staples has the largest market share of office supply stores in the United States at 48 percent, and its share has increased since 2011, according to Euromonitor. Buyout firms have watched many of their investments in retailers sink as debt loads shackle them in the struggle with industry headwinds, including changing spending habits and the popularity of internet shopping. A number of private equity-backed retailers, from Sports Authority Inc to Payless ShoeSource Inc, have filed for bankruptcy in the last two years. As a result, the value of private equity-backed acquisitions of retailers worldwide fell last year to $18 billion, less than one-third of its 2007 peak, according to Thomson Reuters data. Cerberus clinched another deal with Staples just last year, when it acquired a majority stake of Staples'' European business for 50 million euros ($53.65 million). The deal was meant to allow the retailer to focus on its North American operations. (Reporting by Lauren Hirsch and Greg Roumeliotis in New York)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-staples-m-a-exclusive-idUKKBN17Y1Z9'|'2017-05-03T00:03:00.000+03:00'
'd9c508f56c4dc1a34fce974a9ccd587255aa40ab'|'Allianz-backed consortium to buy Britain''s Affinity Water'|'  3:12pm BST Allianz-backed consortium to buy Britain''s Affinity Water By Esha Vaish A consortium that includes German insurer Allianz ( ALVG.DE ) and HICL Infrastructure ( HICL.L ) is to buy Affinity Water Ltd [VIEVW.UL], the largest water-only supply firm in England and Wales by revenue, through two transactions. The consortium will acquire a 90 percent stake from Morgan Stanley Infrastructure ( MS.N ) and M&G Investments'' ( PRU.L ) Infracapital for 687 million pounds, and the rest from water company Veolia ( VIE.PA ), the sellers said. The deal is the latest acquisition of British infrastructure by overseas investors, as pension schemes, sovereign wealth funds and others look to take advantage of stable returns. Last month, a consortium of Canadian and Kuwaiti investors agreed to buy a minority stake in Thames Water, Britain''s largest water firm, from funds managed by Macquarie. Under the terms of Tuesday''s deal, British infrastructure investment firm HICL and Allianz will each take an about 36.6 percent stake in Affinity, while the third member of their consortium, fund manager DIF, will acquire the remaining stake. HICL said it would pay 269 million pounds for its stake, giving the entire deal an equity value of about 735 million pounds. Affinity had net debt of 854.3 million pounds as of Sept. 30, 2016.( bit.ly/2pBgIYN ) Both transactions are expected to complete this month. Morgan Stanley and Infracapital formed Affinity Water through the purchase of Veolia Water''s British water supply operations in June 2012 for 1.1 billion pounds. Affinity''s shareholders began a strategic review of the business on March 14, but no formal auction sales process was launched. HICL said the deal was in line with its strategy to buy low-risk infrastructure investment assets that produce long-term income and would be accretive to its existing portfolio in terms of total returns. Its shares were down 2 percent at 170.8 pence at 1329 GMT, making it one of the top percentage losers on London''s midcap index .FTMC . Affinity supplies water to 1.5 million homes and businesses and maintains water supply infrastructure. It had a regulatory capital value - a key industry metric - of 1.156 billion pounds as of March 31. The company said it did not expect the sale to result in any operational changes. Nomura was adviser to the consortium, while Citi ( C.N ) acted as financial advisor to Infracapital and Morgan Stanley Infrastructure. (Reporting by Esha Vaish in Bengaluru; Editing by Mark Potter and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-awl-m-a-allianz-idUKKBN17Y0PA'|'2017-05-02T16:20:00.000+03:00'
'ae93df44e5348f0c1a0abc7e8d09e1c942c81966'|'Hyundai Motor suffers 64 percent slump in April sales amid political tension - sources'|'Business News - Thu May 4, 2017 - 9:43am BST South Korea carmakers see China sales plummet further amid political tension - sources FILE PHOTO: A man cleans the Hyundai ix35 displayed at the Shanghai Auto Show during its media day, in Shanghai, China April 19, 2017. REUTERS/Aly Song/File Photo SEOUL China vehicle sales for South Korea''s Hyundai Motor and Kia Motors Corp both tumbled more than 60 percent year-on-year in April, two sources briefed on the matter told Reuters, marking the second straight monthly drop due to political tensions. Hyundai Motor Co saw sales skid 64 percent to 35,009 vehicles last month compared to a year earlier, the sources, who declined to be identified as the numbers were not public, said on Thursday. Sales from affiliate Kia Motors Corp dropped 68 percent to 16,050 vehicles. A spokesman representing both companies declined comment. South Korean companies, from automakers to retailers and cosmetics firms, have been hit in China by a nationalist backlash over Seoul''s decision to deploy a U.S. missile defence system, which has a powerful radar capable of penetrating Chinese territory. Chinese state media have reacted with anger and boycott threats, after South Korea''s Lotte Group in late February approved a land swap with the government that allows authorities to deploy the U.S. Terminal High Altitude Area Defense (THAAD) system in response to the North Korean missile threat. In March, Hyundai and Kia saw their combined China sales slump by 52 percent from a year earlier. China accounts for about a quarter of their total sales. With a heavy reliance on sedans and a poor brand image in the world''s largest auto market, Hyundai and Kia have already been losing market share to local Chinese brands that are armed with cheaper SUVs. (Reporting by Hyunjoo Jin; Editing by Clarence Fernandez and Randy Fabi) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hyundai-motor-china-idUKKBN1800PP'|'2017-05-04T15:52:00.000+03:00'
'c69674e556c02af797f7b9c8b53607c7a2ce2b60'|'Citadel''s Griffin says he fantasizes about bank breakups'|'Company News  56pm EDT Citadel''s Griffin says he fantasizes about bank breakups By Lawrence Delevingne - BEVERLY HILLS BEVERLY HILLS May 1 Billionaire hedge fund manager Ken Griffin said he is encouraged by recent comments from U.S. officials that the government could move to break up the country''s biggest banks. "My fantasy is to break up the big banks," Griffin said on Monday at the Milken Institute Global Conference in Beverly Hills. "I wish we would end too big to fail in our banking system." Griffin''s hedge fund and securities firm Citadel LLC, competes against big Wall Street banks in certain businesses. He expressed his view on bank breakups in response to President Donald Trump saying on Monday that he is actively considering such a plan. Other White House officials have said similar things, and some U.S. lawmakers are also supportive of bank breakups. The renewed chatter has created jitters on Wall Street, where banks like JPMorgan Chase & Co, Bank of America Corp and Citigroup Inc have argued that their size and diverse revenue streams are good not just for shareholders and customers but the broader financial system. Sitting on a panel at the conference, Griffin said he is encouraged by Trump''s agenda to reduce taxes and roll back regulations, and believes the president will eventually accomplish his goals despite a failure to do so during his first few months in office. His comments mirrored those of other attendees. "There is a tone from the top that it is a new day in America," Griffin said. "It''s 100 days - it''s not much time. We have another four years of this administration." (Reporting by Lawrence Delevingne in Beverly Hills; Writing by Lauren Tara LaCapra; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/milken-conference-griffin-idUSL1N1I313U'|'2017-05-02T02:56:00.000+03:00'
'67d07a8f68ea5196807cec0e6b79324687728cb0'|'Hollywood writers talks resume as strike deadline looms'|'Hollywood News - Tue May 2, 2017 - 1:03am IST Hollywood writers talks resume as strike deadline looms By Jill Serjeant Hollywood writers and representatives of movie and television conglomerates on Monday resumed contract talks aimed at staving off a strike as early as Tuesday that could black out TV talk shows and soap operas. The 9,000-member Writers Guild of America and the Alliance of Motion Picture and Television Producers (AMPTP) spent much of the weekend in negotiations ahead of a midnight PT (6 a.m. Tuesday GMT) contract expiration deadline, Hollywood trade outlets reported. A source close to the talks, who wished to remain anonymous because he was not authorized to speak to the media, said there had been "significant moves to reach agreement" over the weekend. Variety, quoting sources, said negotiators ended the weekend "with more cautious optimism" about avoiding a strike than previously. The Hollywood Reporter said there could be an extension of the talks beyond midnight on Monday. But if there is no agreement, the WGA is prepared to call for a stoppage and for picketing of the big TV and movie studios as early as Tuesday morning. "T-shirts are printed. Signs are ready to go. Hope we don''t need them," tweeted David Slack, a writer on CBS shows "Person of Interest" and "MacGyver" after a union meeting on Saturday. The two sides have imposed a media blackout on the talks, which are centered on the revolution in the television industry that has seen the arrival of streaming services like Netflix and Amazon, and a decline from around 22 episodes to 8-1O episodes seasons of scripted comedy or drama. The WGA says its members, who are paid per episode, have suffered an average 23 percent drop in earnings in the past three years. Royalties for shows sold on DVDs, streaming platforms and cable TV are also at issue, along with funding for the WGA''s health plan. The AMPTP represents entertainment giants Comcast Corp, Walt Disney Co, CBS Corp, Viacom Inc, Time Warner Inc and Twenty-First Century Fox Inc <FOXA.O., which control TV and movie production in the United States. If a strike is called, audiences would first see the impact on late night talk shows, which use teams of writers to pen topical jokes. Daytime soap operas would be next affected, but most TV network comedy and drama shows due for broadcast in the next 2-3 months have already been written and filmed, network executives have said. The last WGA strike, in 2007/8, went on for 100 days. TV networks broadcast re-runs and more reality shows, while the cost to the California economy was estimated at $2.1 billion, according to the Milken Institute. (Reporting by Jill Serjeant; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-television-strike-idINKBN17X2AO'|'2017-05-01T17:33:00.000+03:00'
'9783f65530175712f1e258058beef04849d55ced'|'Businessman suing RBS over alleged conspiracy faces case dismissal'|'Business News - Fri May 5, 2017 - 4:15pm BST Businessman suing RBS over alleged conspiracy faces case dismissal FILE PHOTO: FILE PHOTO: People walk past a Royal Bank of Scotland office in London, Britain, February 6, 2013. REUTERS/Neil Hall/File Photo By Lawrence White and Andrew MacAskill - LONDON LONDON The former CEO of a software company suing RBS for allegedly conspiring to push the business into administration faced the dismissal of his case on Friday, after a judge ruled it was unlikely to succeed based on an interim hearing in March. Scottish businessman Neil Mitchell was seeking as much as 128 million pounds in damages on claims that Royal Bank of Scotland (RBS) conspired in 2007 with co-defendants KPMG and U.S.-based fund Cerberus Capital Management [CBS.UL] to sell assets of his company, Torex Retail plc, for below their value. A judge said the case should not proceed on the grounds that Mitchell''s claims did not have a real prospect of being proven, according to a court ruling seen by Reuters on Friday. High court Judge Malcolm Davis-White said in his ruling that some of the claims were "confused, imprecise and unclear to such an extent that I consider it vexatious" and said he had "serious doubts as to the truth" of some of his testimony. The ruling followed an interim hearing in March that sought to establish whether the case was likely to succeed at trial and should be allowed to continue. Mitchell told Reuters he planned to appeal the judge''s decision and that he was determined to go to trial. "This interim hearing was unfairly conducted as a mini-trial without the benefits of disclosure, my eight witnesses, whistleblowers or me giving testimony," Mitchell said. Mitchell is one of the most prominent and vocal critics of the bank, and formerly led a large group of customers alleging they were mistreated by RBS''s business restructuring division during and after the 2008 financial crisis. RBS welcomed the ruling. "We have consistently maintained, over a number of years, that Mr Mitchell''s claims are without merit," the bank said in a statement. "We are pleased that the court has reached that same view and has rejected the claims in their entirety." Mitchell alleges RBS pushed Torex Retail into administration - a form of protection from creditors under which external managers from KPMG were brought in - in order to force its sale to Cerberus and so rid its books of a bad loan it was owed by Torex, documents filed at Britain''s High Court of Justice show. Mitchell said that he had sold assets including a house, cars and investments trusts for his children to fund the 10-year pursuit of his claim against the bank. The state-backed bank has admitted some wrongdoing over its handling of small businesses, but has said there was no evidence it pushed companies into bankruptcy. The lender has set aside 400 million pounds in a compensation scheme to reimburse some customers who were affected. (Reporting by Lawrence White and Andrew MacAskill; editing by Susan Thoams) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rbs-lawsuit-idUKKBN1811PP'|'2017-05-05T23:15:00.000+03:00'
'5c4a8b6e305c24a79c0f02b1deb43c4fe6b72631'|'U.S. prescription drug spending as high as $610 bln by 2021 -report'|'Company News - Thu May 4, 2017 - 12:01am EDT U.S. prescription drug spending as high as $610 bln by 2021 -report By Bill Berkrot May 4 Spending on prescription medicines in the United States will increase 4-7 percent through 2021, reaching $580 billion to $610 billion, according to a report released by QuintilesIMS Holding on Thursday that lowered its prior long-term forecast. QuintilesIMS, which compiles data for the pharmaceutical industry, had previously forecast average spending growth of 6-9 percent through 2021. It reduced its projections due to fewer new medicines approved in 2016 than prior years and as drugmakers face increasing pricing pressure and competition. Taking likely manufacturer discounts and rebates into account, spending would grow 2-5 percent to $375 billion to $405 billion in 2021, as net price increases for patent-protected branded drugs slows, the report said. Under pressure from politicians and insurers over the cost of many branded medicines, several drugmakers have pledged to limit annual price hikes to under 10 percent. "We''re forecasting moderation in pricing reflecting what ... we expect will be a continuing trend of single-digit price increases," said Murray Aitken, executive director of the QuintilesIMS Institute which compiled the report. Some of the expense of new medicines will be offset by expanded use of cheap generics as several big-selling prescription drugs lose patent exclusivity and more biosimilars - less expensive versions of pricey biotech medicines - enter the market. The U.S. Food and Drug Administration approved just 22 new medicines last year, down from 45 in 2015, which will also contribute to lower spending growth this year and next, the report said. That is seen picking up in 2019 and beyond as QuintilesIMS estimates 40 to 45 new brand launches per year through 2021 based on a review of experimental medicines in drugmaker pipelines. The report found more than 2,300 novel products in later stage development, including more than 600 drugs for cancer, which remain able to command very high prices. "Numbers (of approvals) are already running well ahead of where they were a year ago," Aitken said. U.S. spending on prescription medicines in 2016 increased by 5.8 percent over 2015 levels to $450 billion based on list prices, and by 4.8 percent to $323 billion when adjusted for discounts and rebates. The biggest drivers of prescription growth came from large chronic therapy areas, such as hypertension and mental health. Overall use of pain medicines declined 1 percent with restrictions on prescribing and dispensing becoming more common as healthcare providers attempt to address the growing epidemic of addiction to opioid pain drugs. (Reporting by Bill Berkrot; Editing by Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-drugspending-quintilesims-idUSL1N1I31NL'|'2017-05-04T12:01:00.000+03:00'
'340b20c1959c811394faa3a3cfc09b89a58be3d1'|'UPDATE 1-Arconic taps two directors ahead of shareholder vote'|'Company News  36am EDT UPDATE 1-Arconic taps two directors ahead of shareholder vote (Adds details from company presentation) By Michael Flaherty May 4 Arconic Inc on Thursday nominated two directors for its board, as it gears up for a shareholder vote later this month that pits the specialty metals maker against activist investor Elliott Management in a fight for direction of the company and control over the board. The $10 billion specialty metals company, which separated from aluminum producer Alcoa Corp last year, has five board seats up for election at the annual meeting, which it said on Thursday will be held on May 25. It was previously slated for May 16. Arconic said its nominees are former Boeing Commercial Airplanes president and chief executive, Jim Albaugh, and Air Force retired General Janet Wolfenbarger. The abrupt resignation of former CEO and Chairman Klaus Kleinfeld last month created a vacancy in one of those five seats. On Thursday, Arconic said Indian businessman Ratan Tata was resigning from the board. With Kleinfeld and Tata off the table, Arconic moved ahead with the nomination for Albaugh and Wolfenbarger. Elliott has nominated four directors for election at the annual meeting. The two sides have been locked in a bruising fight since the beginning of the year - a battle that claimed Kleinfeld last month and forced his resignation after he sent a letter to Elliott founder Paul Singer that Arconic''s board did not authorize. Discussions of a compromise to avoid the proxy fight broke down shortly after Kleinfeld''s resignation. Arconic said on Thursday that if its candidates are elected, nine directors of 13 will have joined the board in the last 16 months. The company''s board will stay at 13 members, the company said, 12 of whom are independent, and three who were nominated by Elliott and appointed to the board last year. On Wednesday, the United Steelworkers, which represent more than 4,700 Arconic employees, said it opposed Elliott''s board nominees. Arconic provides aluminum and titanium alloys used in planes and cars. (Additional reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta, Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/arconic-elliott-idUSL4N1I63ZG'|'2017-05-04T21:36:00.000+03:00'
'fc8856a5b1073d3e48272ee97901087cfe1c960e'|'Buyers ready to pounce on Rio Tinto coking coal mines -sources'|'Market News - Fri May 5, 2017 - 3:04am EDT Buyers ready to pounce on Rio Tinto coking coal mines -sources By James Regan - SYDNEY SYDNEY May 5 The sale of two Rio Tinto coking coal mines in Australia is attracting scores of interested buyers as private equity and public companies compete for a foothold in one of the year''s hottest commodities, four sources familiar with the matter said on Friday. Rio Tinto is expected to soon begin an official sales process for the Hail Creek and Kestrel mines in coal-rich Queensland state, which is bringing "an unprecedented number of people to the table," said one source, whose company is interested in the assets. Analysts expect each mine to sell for more than $2 billion and complete Rio Tinto''s exit from Australian coal mining after it agreed in January to sell its Coal & Allied thermal coal division to China''s Yancoal for $2.45 billion. "There''s a lot of interest in a limited number of opportunities in Australian coking coal and that''s driving the frenzy for Hail Creek and Kestrel," the source said, speaking on condition of anonymity. Rio Tinto has not formally announced the sale, but has said it is exiting coal as its focuses on growth in iron ore, copper and its aluminium division. The company declined to comment on whether it was taking offers on the two Australian mines. Australian coking coal is sold mostly to steel mills in Asia. Prices jumped to half-decade highs late last year on pinched supplies in China and surged again last month after an Australian cyclone disrupted shipments, underscoring the strong demand for high quality coal. A private equity executive, who has previously bought Australian coal assets, said he expected to face "stiff competition" from other private equity groups for the Rio Tinto mines. Credit Suisse is advising Rio Tinto, a third source said. Credit Suisse declined to comment. Buyers are also looking at mines put up for sale by other companies, including conglomerate Wesfarmers, and Peabody Energy. Anglo American also said a year-and-a-half ago it would exit coal mining as part of a restructuring to pay off debt, but has yet to announce a formal sale since coal prices staged a recovery. Barry Tudor, a fomer mining chief executive and head of private equity group Pembroke Resources, said the recovery in prices had removed the urgency of a sale for some companies, with mine owners happy to run their operations for cash. Pembroke last year ago paid A$104 million for three mine tenements from Peabody and was looking for more mines to feed long-term demand from Asia. "We now have a mandate to specifically find more coking coal assets in Australia," said Tudor, although he declined to comment on whether Pembroke would look at the two Rio mines. (Reporting by James Regan; Editing by Richard Pullin) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/australia-coal-ma-idUSL4N1I71WO'|'2017-05-05T15:04:00.000+03:00'
'ecdd36b9f1c3b9782af62503e068721f71818ac5'|'UPDATE 1-UK Stocks-Factors to watch on May 5'|'Market News - Fri May 5, 2017 - 2:40am EDT UPDATE 1-UK Stocks-Factors to watch on May 5 (Adds company news, futures) May 5 Britain''s FTSE 100 index is seen opening down 14-16 points on Friday, according to financial bookmakers, with futures down 0.2 percent ahead of the cash market open. * IAG: British Airways owner IAG reported operating profit and revenue ahead of expectations on Friday, posting a record first-quarter performance in what is usually the weakest part of the year. * PEARSON: Pearson, the global education company battling a downturn in its biggest markets, said it would launch another cost cutting drive and consider selling its U.S. school publishing business in the latest attempt to restructure. * SMITH: Smith & Nephew, Europe''s biggest artificial hip and knee maker, reported a 3 percent rise in underlying revenue in its first quarter, helped by a return to double-digit growth in emerging markets and a solid performance in knee implants. * MARKS: British retailer Marks & Spencer has appointed industry veteran Archie Norman as its new chairman, it said on Friday. * BHP: A second BHP Billiton Ltd shareholder has made a public push for strategic changes at the world''s largest miner, with the Sydney-based Tribeca Global Natural Resources Fund calling for the company to divest U.S. shale assets and to review its board and senior management. * RECKITT: The board of Reckitt Benckiser survived a protest on Thursday that saw nearly 15 percent of shares voted against the reelection of its chairman and nearly 31 percent against the former head of its audit committee. * ANGLO: Anglo American''s diamond unit De Beers is piloting a project to capture carbon in the rock from which diamonds are extracted to offset harmful emissions, the company said. * ROLLS: Britain''s accounting watchdog has opened an investigation into how KPMG checked the books of Rolls-Royce, the aero-engine group that agreed in January to pay 671 million pounds ($862.8 million) to settle a transatlantic bribery probe. * OIL: Oil prices were marooned near five-months lows on Friday after a near 5 percent fall in the previous session on concerns over rising U.S. supply, wiping out all of the price gains since OPEC''s move to curb output. * GOLD: Gold inched up on Friday as the euro rose against the dollar, but was on track for its biggest weekly fall since November on receding political risks in France and expectations of a U.S. rate rise as early as June. * COPPER: Copper fell to five-months lows on Thursday, posting its biggest two-day loss since July 2015, on rising inventories and worries over cooling demand. * The UK blue chip index closed up 0.2 percent on Thursday, with miners falling and retailer Next slumping as a difficult consumer environment bit into its profits. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Harish Bhaskar; Editing by Sherry Jacob-Phillips) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1I71ZQ'|'2017-05-05T14:40:00.000+03:00'
'584555f9be69922a2ca79d7807e812d218ec7cd7'|'VW looks to halt losses in Americas, Russia by 2020'|'Fri May 5, 2017 - 4:04pm BST VW looks to halt losses in Americas, Russia by 2020 left right FILE PHOTO: A man uses phone under a Volkswagen logo at the Shanghai Auto Show, in Shanghai, China April 20, 2017. REUTERS/Aly Song 1/2 left right A Volkswagen logo is seen covered on the Volkswagen stand during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. REUTERS/Denis Balibouse 2/2 By Andreas Cremer - WOLFSBURG, Germany WOLFSBURG, Germany Volkswagen''s ( VOWG_p.DE ) core brand has pledged to end losses in the United States, Latin America and Russia by the end of the decade, counting on cost cuts and higher-margin new models as it tries to move beyond its diesel emissions crisis. Europe''s largest automaker is pursuing efficiency measures to generate billions of euros for investment in electric cars, new mobility services and automated driving to try to reposition the business following the 2015 emissions cheating crisis. VW expects a "significant contribution" at its core division to come by 2020 from the Americas and Russia, which account for almost a fifth of its global sales, brand chief executive Herbert Diess said on Friday. Wolfsburg-based VW launched the seven-seat Atlas and long-wheelbase Tiguan crossovers this year to try to recover ground in the United States, where the diesel crisis began. The Polo subcompact and Virtus saloon, based on the cost-cutting MQB modular platform, will be introduced in Latin America in the second half of the year. "We have been growing (sales) again in the U.S., South America and also in Russia since the start of the year," brand finance chief Arno Antlitz told a news conference. "We expect this positive development to continue over the course of the year." ON THE RIGHT ROAD Investors have said a turnaround at the VW brand, long saddled with high costs, is key to turning the German giant into a more attractive business. Progress at the brand may continue throughout 2017, Diess said, building on a strong rebound in the first quarter when cost cuts helped operating profit to surge to 869 million euros ($953 million) from 73 million a year earlier. Beefing up overseas business will complement measures including a hard-fought deal with unions to cut thousands of jobs through natural attrition and weed out red tape, especially in high-cost Germany, and to increase output of vehicles based on the MQB architecture, according to Diess. VW plans to raise productivity at its German plants by 7.5 percent this year and next, and a further 5 percent in 2019 and 2020, counting on fixed-cost cuts and fine-tuning of R&D, procurement and production operations. The VW brand is targeting an operating margin at the upper end of a 2.5 to 3.5 percent range this year, after 1.8 percent in 2016, with revenue expected to exceed last year''s adjusted result of 74 billion euros by around 10 percent. "The substantial restructuring programs are bearing early fruits," Diess said. "What''s now crucially important is for us to continue along this path and work through our tasks ahead." But analysts voiced frustration as VW kept to meager margin targets of at least 4 percent by 2020 and 6 percent by 2025, after reporting a 4.6 percent profitability benchmark for the first three months. "They''re keeping their cards close to their chest," said Evercore ISI analyst Arndt Ellinghorst who has an "Outperform" rating on the stock. Ellinghorst has repeatedly criticized VW''s 4 percent margin goal as too low. (Reporting by Andreas Cremer; Editing by Georgina Prodhan and Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-emissions-strategy-idUKKBN1810QE'|'2017-05-05T23:00:00.000+03:00'
'e4a41abe3422b549235777a1c68d3ef4f891e32c'|'FEATURE-Athletics-Nike''s African trio target sub-two hour marathon'|'Company News - Tue May 2, 2017 - 6:00am EDT FEATURE-Athletics-Nike''s African trio target sub-two hour marathon By Mitch Phillips - LONDON LONDON May 2 This weekend, aided by a host of technological and environmental advances, three carefully-selected elite African athletes will attempt to run the first sub-two hour marathon. The ''Breaking2'' project is the latest enterprise of American sportswear giant Nike and has split opinion in the world of athletics, not to mention physiology. In one camp are the ''purists'', who claim that the host of benefits being bestowed on the runners, including revolutionary shoes, a pack of interchangeable pacemakers and a non-traditional course, mean the attempt is a marketing gimmick. In some ways this is possibly the worst time to start shouting about fast marathon times with Kenya''s Rio Olympic and London marathon champion Jemima Sumgong<6E>s recent positive doping test landing a body blow to the event. Nike, and others, however, insist projects like ''Breaking 2'' show that a combination of talent, training and technology can produce astounding results without the need for chemical assistance. Many people are intrigued to see just how much difference such a collection of ''marginal gains'' can make and suggest that, at a time when athletics is reeling from relentless bad news, such a quantum leap in human endurance, arguably the greatest in the sport<72>s history, is something to be welcomed and celebrated. Below we look at the key aspects of the project. The current record and its progression Kenyan Dennis Kimetto set the current record of two hours, two minutes, 57 seconds in Berlin in 2014, which is about four minutes faster than it was in 1988. Kimetto<74>s time works out to 4:41.5 minutes per mile; a sub-two would require less than 4:35 per mile <20> an improvement of about seven seconds per mile, or around 2.5 percent. On the face of it, that appears an impossible leap. In 2014 the respected Runners World magazine published a data-driven analysis of more than 10,000 top marathon performances over 50 years that predicted a sub-two under normal race conditions would not happen until 2075. The key to this attempt is that Nike are trying to ensure all the other variables make such an impact that, in theory, the athletes will produce effort levels that equate to a 2.03 time but, boosted by all the extra help, will actually produce sub-2. Maybe the fastest-ever, but not a world record The course will be ratified by the International Association of Athletics Federations (IAAF) and the athletes will satisfy all the usual anti-doping requirements, but the attempt will not be an officially sanctioned world record due to a host of variables, detailed below. Who is running? After extensive physiological research, Nike put together a team of three. Eliud Kipchoge. The 32-year-old Kenyan is the stand-out performer. Last year<61>s Olympic marathon gold medallist and former 5,000 metres world champion has won seven of his eight marathons. His best of 2:03:05 is the third-fastest in history. Zersenay Tadese. The Eritrean is the half-marathon world record holder with 58:23 minutes and, although he has nothing much in his locker over the full distance, Nike<6B>s scientists identified him as having the potential to go much faster. Lelisa Desisa. The 26-year-old Ethiopian has a marathon best of 2:04.45 and is another athlete whose numbers in the area of VO2 max, which measures the maximum rate of oxygen consumption, lactate profile, which provides an indicator of fatigue during exercise, and running economy were second to none. The shoes The 200 gramme Zoom Vaporfly Elite are central to the whole project. Nike says the combination of a new foam and curved carbon insert, which also helps change the angle of the foot, means runners require four percent less energy to go at the same speed in comparison with their previous best shoe. The shoes have been further custom-fitted for the three athletes <20> which s
'641e6aa266fa25c5753f69b640af08408aa95ad0'|'RPT-UPDATE 1-Sales tax creditors kick off likely wave of lawsuits against Puerto Rico'|'(Deletes extraneous word in headline)By Nick BrownNEW YORK May 2 Holders of Puerto Rican sales tax-backed debt sued the U.S. territory in the early hours of Tuesday morning, alleging its debt-cutting plans violate the U.S. Constitution and kicking off a likely deluge of lawsuits against the ailing island.The complaint, filed in federal court in San Juan, accuses Puerto Rico''s leadership of impairing contractual rights of so-called COFINA bondholders, whose debt is backed by sales tax revenue, and trying to take their property in what they say are violations of the due process clause of the U.S. Constitution.Ambac Assurance Corp, which insures $1.3 billion of COFINA debt, filed a similar lawsuit in San Juan federal court, alleging its constitutional rights were also violated, and including among its defendants Puerto Rico''s federal financial oversight board and each of the board''s seven members.The board members and others authorities could not be immediately reached for comment as the lawsuits landed before dawn.Puerto Rican officials have already imposed austerity, including cuts to worker benefits and pensions, and have said the debt cuts are needed to spare the already-poor island from even more severe cuts to quality of life.With $70 billion in debt, a 45-percent poverty rate and near-insolvent public health and pension systems, a torrent of litigation could force Puerto Rico into a so-called Title III proceeding - an in-court debt-cutting process similar to U.S. bankruptcy.Midnight, from Monday into Tuesday, marked the end of a freeze on creditor litigation under last year''s federal rescue law known as PROMESA, designed to encourage Puerto Rico and the oversight board to negotiate debt-cutting agreements with creditors.With no deals reached, the expiration of the freeze opened the floodgates for stakeholders to take Puerto Rico to court, in hopes of blocking Governor Ricardo Rossello''s plan to impose drastic repayment cuts.The COFINA plaintiffs - which include a local COFINA holder and hedge funds like Cyrus Capital Partners LP and Tilden Park Capital Management - accuse Puerto Rico, Rossello and other officials of angling to repurpose the tax revenue earmarked to pay COFINA debt.The plaintiffs accuse Puerto Rico of taking their property "without just compensation or due process in violation of rights protected under the United States and Puerto Rico Constitutions."They cite as evidence a law signed by Rossello on Saturday that would give the government authority to redirect sales tax revenue into Puerto Rico''s general fund as part of a debt restructuring.While both complaints ask the court to block Rossello from implementing a fiscal turnaround blueprint that was approved by the oversight board in March, Ambac''s also seeks to prohibit the filing of any Title III bankruptcy that is premised on that blueprint.The fiscal turnaround blueprint has been the bane of island creditors, forecasting that Puerto Rico will have only $800 million a year to pay its debt, less than a quarter of what it owes, auguring big haircuts for all bondholders.<2E>Sovereignty confers great power, but it does not authorize lawlessness,<2C> Ambac<61>s complaint alleges, adding that the board exacerbated the island''s abuses by "giving its imprimatur to an ongoing scheme ... that can only be called theft.<2E>Filing a Title III bankruptcy would protect the island from lawsuits and give it more legal sway to impose the kinds of contractual alterations the plaintiffs are accusing it of undertaking illegally out of court.Many experts and people involved in talks see bankruptcy as an eventual certainty, though timing is uncertain.Tuesday''s lawsuits follow a restructuring offer from Rossello''s administration on Saturday that would have favored Puerto Rico''s general obligation bondholders, whose debt is guaranteed by the island''s constitution.The plan would have seen GO holders recover as much as 77 cents on the dollar, w
'cf6fa29f8f1bb3e0ded44da5c9947021045d6586'|'Popolare di Vicenza, Veneto Banca close to sell 8-9 billion euros in bad debts-Cerved'|'  3:23pm BST Popolare di Vicenza, Veneto Banca close to sell 8-9 billion euros in bad debts-Cerved left right A Banca Popolare di Vicenza sign is seen in Rome, Italy, March 29, 2017. REUTERS/Alessandro Bianchi 1/2 left right The logo of Veneto Banca bank is seen in Venice, Italy, January 31 2016. REUTERS/Alessandro Bianchi/File Photo 2/2 MILAN Troubled Italian banks Popolare di Vicenza and Veneto Banca are close to finalising the long-mooted sale of 8-9 billion euros in problem loans, the chief executive of bad loan manager Cerved said on Tuesday. "We expect something to happen shortly," CEO Marco Nespolo said in reference to the two Veneto-based lenders'' bad loan sale. Nespolo also told an analyst call that a consortium comprising a fund he did not name and Cerved had been shortlisted to submit a binding bid for a 700 million euro ($762 million) bad loan sale by Banco BMP ( BAMI.MI ). Sources have said Cerved has teamed up with Cerberus in the tender. (Reporting by Massimo Gaia, writing by Valentina Za)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-italy-veneto-banks-npls-idUKKBN17Y1P0'|'2017-05-02T22:23:00.000+03:00'
'5c9b3db3f1d7a962e7691ebde4194d99d3d23169'|'Warren Buffett says he sold a third of stake in IBM - CNBC'|'Warren Buffett said he has sold about one-third of Berkshire Hathaway Inc''s ( BRKa.N ) big stake in IBM Corp ( IBM.N ), CNBC reported on Thursday, reducing a bet by the famed investor that surprised many and which so far has yet to prove successful.IBM''s stock touched $180 on Feb 14 and reached a high of $182.78 during Feb. 16 trading. It closed on Thursday at $159.05 on the New York Stock Exchange.Berkshire and Buffett''s assistant did not immediately respond to telephone and email requests for comment. IBM could not be reached for comment outside regular business hours.Buffett owned about 81 million shares of IBM at the end of 2016 and sold about a third in the first and second quarters of 2017, CNBC reported, citing Buffett."I don''t value IBM the same way that I did six years ago when I started buying ... I''ve revalued it somewhat downward," Buffett told CNBC in an interview.The IBM investment was initially viewed as a surprise, given Berkshire''s longstanding underweighting in the technology sector and Buffett''s resistance to investing in businesses he considered more difficult to understand.The IBM stake had grown to be one of Berkshire''s largest stock investments, along with such companies as American Express ( AXP.N ), Coca-Cola ( COKE.O ), Wells Fargo ( WFC.N ), and more recently Apple ( AAPL.O ) and Kraft Heinz ( KHC.O ).Buffett has long been willing to sell stock investments, as opposed to entire businesses, when they do not pan out or he finds something better."IBM is a big strong company, but they''ve got big strong competitors, too," he said.Berkshire Hathaway still owns over 50 million shares of IBM and Buffett said he has stopped selling.In April, IBM reported a bigger-than-expected decline in revenue for the first time in five quarters due to weak demand in its IT services business.(Reporting by Jonathan Stempel in New York and Ahmed Farhatha in Bengaluru; Editing by Sandra Maler)Berkshire Hathaway CEO Warren Buffett plays bridge during the Berkshire annual meeting weekend in Omaha, Nebraska May 3, 2015. REUTERS/Rick Wilking'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-warren-buffet-ibm-stake-idUSKBN18101J'|'2017-05-05T08:22:00.000+03:00'
'53f23479834b4f2b9c3e4ec4800d960c6e7a5023'|'BHP Billiton under pressure to sell shale, even as oil prices fall'|'By Sonali Paul - MELBOURNE MELBOURNE BHP Billiton ( BHP.AX ) ( BLT.L ) is facing pressure from two activist shareholders over its $20 billion splurge on U.S. shale oil and gas fields, but may resist calls to dump the business just as oil prices are sliding.Investors grumble that while BHP Billiton is a good operator in deepwater oil and gas, its shale business, first acquired in 2011, has been a capital drain and shareholders would be better off with a sale. But now may not be the right time.BHP says it sees petroleum as a core business, including most of the shale operations."The risk is doing it for the wrong reasons - because people are telling you do it - and getting out quickly. We''re at $40 oil. It''s not necessarily the greatest time to be contemplating that," said Brenton Saunders, an analyst at BT Investment Management, which owns BHP shares.Australian boutique manager Tribeca Partners estimated BHP could fetch $10 billion for its shale assets, based on recent deals done in the Permian and Eagle Ford shale regions that implied prices of $30,000 to $40,000 per net acre.However BHP has said it wants to hold on to its Permian acreage, where it has been consolidating its position by picking up high grade acreage and is looking to trade acreage or work with companies with adjoining acreage to boost production.It has also highlighted its success in slashing costs by 64 percent in the Black Hawk region over the past four years."On many measures we''re one of, if not the, lowest-cost operator," BHP CEO Andrew Mackenzie told investors in April, defending its rejection of a proposal by fund manager Elliott Management for the company to spin off its U.S. oil and gas assets.BHP can take comfort in kudos from energy consultants Wood Mackenzie, which said the company has among the lowest breakeven costs among shale operators in one of the richest parts of the Permian Basin, $30.20 a barrel."BHP is active in the swap market, and we expect its operational success to open doors with swap and strategic partners," Wood Mackenzie said in a report, referring to the market for trading acreage with other operators.Its less attractive Fayetteville acreage, valued at $919 million on its books at the end of 2016, is back up for sale.BT''s Saunders said one way BHP could divest shale while retaining exposure to a potential recovery in oil prices would be to vend the shale assets to a well-regarded shale operator in return for an equity stake in that company, which it could sell down the track.Other operators active in areas where BHP holds acreage include ConocoPhillips ( COP.N ), EOG Resources Inc ( EOG.N ), Anadarko Petroleum ( APC.N ), and Marathon Oil Corp ( MRO.N ).(Reporting by Sonali Paul; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bhp-billiton-elliott-shale-idINKBN1810O1'|'2017-05-05T06:32:00.000+03:00'
'8900a21900ade6fc2cbc0e8e3d4de685952f6c23'|'Two-thirds of Pearson shareholders reject remuneration report at AGM'|' 26pm BST Two-thirds of Pearson shareholders reject remuneration report at AGM LONDON Two-thirds of Pearson ( PSON.L ) shareholders symbolically rejected its remuneration report at the publishing firm''s annual general meeting on Friday, making clear their disapproval of the company''s performance in the last year. The education group earlier on Friday said it would cut more costs and put its U.S. school publishing unit up for sale, sending its shares up 12 percent. However, the stock is still down on the year as it battles to revive a business that has been undermined by the move to digital learning. Pearson Chief Executive John Fallon received a 20 percent pay rise in 2016. In all, 66 percent of the shareholder vote rejected the remuneration report in a non-binding poll. In a separate, binding vote, 31.5 percent rejected the remuneration policy. Pearson''s chairman said after the vote he would continue discussions with shareholders. (Reporting by Kate Holton, writing by Alistair Smout, editing by Paul Sandle)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pearson-agm-idUKKBN1811GX'|'2017-05-05T21:26:00.000+03:00'
'db629a05a596ef4d0d090eb7746b9725511821e2'|'Regional bank First Horizon to buy Capital Bank for $2.2 billion'|'By Diptendu Lahiri First Horizon National Corp ( FHN.N ) said it would buy fellow regional bank Capital Bank Financial Corp ( CBF.O ) for $2.2 billion to boost its presence in the fast-growing U.S. southeast market.First Horizon''s offer price of $40.83 per share represents a discount of about 3 percent to Capital Bank''s Wednesday closing.Capital Bank''s shares, which have gained 40 percent in the past year, were trading just shy of the offer at $40.00 before the bell on Thursday.The deal is the latest in a spree of mergers between regional U.S. banks that started last year, spurred by low interest rates, lagging returns on equity and tough regulations.However, U.S. President Donald Trump has ordered reviews of major banking regulations put in place following the 2008 financial crisis. Federal Reserve policymakers have also signaled that a ''liftoff'' of interest rates may finally get underway this year.The combined company will have $40 billion in assets and $32 billion in deposits and will operate more than 300 branches across the Southeast, including Tennessee, South Carolina, Florida and Virginia.First Horizon will offer 1.750 shares and $7.90 in cash for each Capital Bank share - a ratio of 80 percent stock and 20 percent cash.Capital Bank shareholders will own a 29 percent stake in First Horizon after the deal closes.Earlier this year, Sterling Bancorp ( STL.N ) said it would buy Astoria Financial Corp ( AF.N ) in an all-stock deal valued at about $2.2 billion.In February, U.S. regional lender F.N.B. Corp ( FNB.N ) received regulatory clearances for its proposed acquisition of Yadkin Financial Corp ( YDKN.N ).Barclays Capital and Morgan Stanley & Co were financial advisers to First Horizon, while UBS Investment Bank advised Capital Bank.(Reporting by Diptendu Lahiri in Bengaluru; Editing by Supriya Kurane and Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-capitalbank-m-a-idINKBN1801DF'|'2017-05-04T10:40:00.000+03:00'
'9c8e6bcc6211b152875acaada78c21c759444bf6'|'Sensex rises; bank stocks lead gains'|'Money News - Thu May 4, 2017 - 3:51pm IST Sensex rises, ICICI Bank leads gains A broker smiles as he trades on his computer terminal at a stock brokerage firm in Mumbai December 31, 2009. REUTERS/Punit Paranjpe/Files Indian shares ended higher on Thursday as bank stocks climbed on a government move to tackle surging bad loans, while ICICI Bank ( ICBK.NS ) rallied 9 percent after it said additions to non-performing loans would be lower this year. The broader NSE Nifty closed up 0.51 percent, ending at a record closing high of 9,359.90, while the benchmark BSE Sensex ended 0.77 percent higher at 30,126.21. (Reporting by Samantha Kareen Nair in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/india-sensex-nifty-stock-markets-idINKBN1800HN'|'2017-05-04T04:17:00.000+03:00'
'0bc1987a453986137137ce7b62d69351fca6eaf7'|'UK Stocks-Factors to watch on May 4'|'Company News - Thu May 4, 2017 - 1:51am EDT UK Stocks-Factors to watch on May 4 May 4 Britain''s FTSE 100 index is seen opening 16 points higher on Thursday, according to financial bookmakers. * BHP: Australia warned on Thursday that a push by activist investor Elliott Management to ditch global miner BHP Billiton''s dual listing may be a criminal offence and could be subject to civil penalties. * ROYAL BANK: Investor advisory firm Institutional Shareholder Services has advised shareholders in Royal Bank of Scotland to vote against its remuneration policy next week because it is unclear how bonuses will be paid out to senior directors. * ROYAL DUTCH: Royal Dutch Shell Plc resumed on Wednesday afternoon the restart of the heavy oil hydrocracker at its 235,000 barrel per day (bpd) Convent, Louisiana, refinery, said a source familiar with plant operations. * GLENCORE: Miner-trader Glencore Plc has hired the Bank of Nova Scotia to sell a portfolio of royalties, including a royalty on the Antamina copper-zinc mine in Peru, four people familiar with the process told Reuters. * OIL: Oil prices settled slightly higher on Wednesday after a choppy trading session as the market digested U.S. government data showing that while there were signs a crude glut may be receding, inventories remained large with gasoline demand weak. * GOLD: Gold fell to a one-month low as the dollar firmed on Wednesday, after the U.S. Federal Reserve kept interest rates unchanged as expected and the market reduced expectations of a surprise win by France''s far-right presidential candidate. * COPPER: Copper tumbled 3.5 percent on Wednesday after hitting a three-week high in the previous session, as supply fears were eased by a large rise in stocks and worries over Chinese demand pulled down prices of steel and iron ore. * EX-DIVS: Croda, InterContinental Hotels Group, Kingfisher , London Stock Exchange Group, Unilever will trade without entitlement to their latest dividend pay-out on Thursday, trimming 3.1 points off the FTSE 100 according to Reuters calculations. * The UK blue chip index closed down 0.2 percent at 7,234.53 points at its close on Wednesday, weighed down by weaker commodity stocks, while supermarket Sainsbury''s dropped after an underwhelming earnings update. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: G4S PLC Q1 2017 Trading Statement Release Royal Dutch Shell Q1 Earnings Release ConvaTec Group PLC Q1 Trading Statement James Fisher and Sons plc Trading Update TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Harish Bhaskar; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1I6212'|'2017-05-04T13:51:00.000+03:00'
'd1dfa9c2677086ae314bbed244a2faacbd301623'|'U.S. to probe Japanese, German automakers over alleged patent violations'|'Business   10:23am IST U.S. to probe Japanese, German automakers over alleged patent violations left right FILE PHOTO: The Toyota logo seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 6, 2017. REUTERS/Arnd Wiegmann/File Photo 1/3 left right FILE PHOTO: The logo of Honda is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 8, 2017. REUTERS/Arnd Wiegmann/File Photo 2/3 left right FILE PHOTO: BMW logos are seen on an automobile wheel at the 2017 New York International Auto Show in New York City, U.S. April 13, 2017. REUTERS/Lucas Jackson/File Photo 3/3 TOKYO The United States will begin an investigation into whether thermoplastic components used in some Japanese and German vehicle models sold in the country violate its patent laws, trade authorities said late last week. The U.S. International Trade Commission (USITC) on Friday listed 25 companies in the probe, including BMW, Honda Motor Co Ltd, Toyota Motor Corp, along with Japanese parts suppliers Aisin Seiki Co Ltd and Denso Corp. The probe was initiated by patent holding firm Intellectual Ventures II, which in March filed a complaint alleging that thermoplastic parts used in motors, water pumps, electronic power steering units and other powertrain parts made by or used in vehicles sold by the companies infringe on its patents. Used in parts which come in contact with high-temperature auto components, thermoplastics are more lightweight and durable compared with other materials used in vehicle powertrains, helping to increase efficiency and improve fuel economy. The complaint affects vehicle models sold in the United States including the 2016 Toyota Camry, 2017 Honda Accord and the 2016 BMW 228i, according to the patent company. The USITC said it would set a target date to complete its investigation within 45 days of starting the probe. Shares in Honda and Toyota were little changed during the Tokyo session on Monday. A Toyota spokeswoman declined to comment on the issue, while officials in Japan at BMW, Honda, Aisin and Denso were not immediately available for comment. (Reporting by Naomi Tajitsu; Editing by Christopher Cushing)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-japan-autos-usa-idINKBN17X12G'|'2017-05-01T11:41:00.000+03:00'
'2355bc059ceeef95239d6e160868665673b22322'|'Trump says actively considering breaking up big banks: Bloomberg TV'|'Australia dismisses Cable & Wireless appeal for $339 million tax refund SYDNEY The remnants of one of Britain''s oldest communications firms, Cable & Wireless, on Monday lost an appeal in Australia for a $339 million (<28>262 million) tax refund over the 2001 sale of Australian communications group Optus to Singapore Telecommunications Ltd (Singtel) . RBS-backed Saudi bank says has nearly doubled share of retail market RIYADH Saudi Arabia''s Alawwal Bank , partly owned by Royal Bank of Scotland , has roughly doubled its market share within retail banking thanks to its expansion in the last three years, despite a difficult economic environment, its chief executive said on Monday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-banks-idUKKBN17X223'|'2017-05-02T01:01:00.000+03:00'
'65c13f9914f4a3f8a6ecf9bf39f1e77d02af1e39'|'Canada watchdog says monitoring Home Capital''s situation closely'|'Bonds News - Mon May 1, 2017 - 12:45pm EDT Canada watchdog says monitoring Home Capital''s situation closely OTTAWA May 1 Canada''s banking regulator said on Monday it was continuing to monitor Home Capital''s situation closely, though it said it could not discuss the affairs of individual financial institutions. Asked whether the Office of the Superintendent of Financial Institutions (OSFI) had discussed the matter with the federal or provincial government, a spokeswoman said the agency keeps an "ongoing dialogue on various topics" with regulatory agencies. (Reporting by Leah Schnurr) Few surprises for banks, financials in U.S. budget deal By Lisa Lambert WASHINGTON, May 1 The U.S. budget deal Congress is working to pass this week contains few surprises for the financial services industry, according to documents released by the House Appropriations Committee on Monday. Budget bills primarily lay out how government money can flow, but often also include riders - smaller measures attached to the budget so they can become law. During spending negotiations last week, Democrats said many of the riders would lead * Home Capital shares fall as much as 29 pct; Equitable rallies MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/home-cap-grp-stocks-osfi-idUSO8N17202O'|'2017-05-02T00:45:00.000+03:00'
'10ef28a33f6e019c5a95e935a62bf3aaea871101'|'Sanofi decides against selling chemical unit Cepia: spokeswoman'|'Deals - Fri May 5, 2017 - 7:30am EDT Sanofi decides against selling chemical unit Cepia: spokeswoman FILE PHOTO - A logo is seen in front of the entrance at the headquarters French drugmaker Sanofi in Paris October 30, 2014. REUTERS/Christian Hartmann/File Photo PARIS Sanofi ( SASY.PA ) has given up on the possibility of selling its chemical unit Cepia, a spokeswoman with the French drugmaker said on Friday. "I can confirm we have decided to keep the division within the company," she said, adding that a recent improvement in Cepia''s results, as well as a better outlook for it, was behind this choice. The sale of Cepia, which deals with what Sanofi calls ''third party activities'' such as the supply and production of active pharmaceutical ingredients, was seen fetching up to 1 billion euros ($1.10 billion), banking sources told Reuters last month. (Reporting by Matthias Blamont; Editing by Sudip Kar-Gupta) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-sanofi-chemicals-idUSKBN18117Y'|'2017-05-05T15:30:00.000+03:00'
'9951d53f36290b1ad73ca205abecf4ebf19e5a91'|'U.S. economy seen growing at 3.0 pct in second quarter -J.P. Morgan'|'Business News - Fri May 5, 2017 - 10:48am EDT U.S. economy seen growing at 3.0 percent in second quarter: J.P. Morgan FILE PHOTO: Job seekers break out to visit corporate employment personnel at a U.S. Chamber of Commerce Foundation ''''Hiring Our Heroes'''' military job fair in Washington January 8, 2016 REUTERS/Gary Cameron NEW YORK A "nice bounce-back" in U.S. payrolls in April supports a forecast for the U.S. economy to expand at about a 3.0 percent pace in the second quarter and puts the Federal Reserve on track to raise interest rates in June, J.P. Morgan economist Michael Feroli said on Friday. Earlier Friday, the U.S. Labor Department said nonfarm payrolls grew by 211,000 last month, up from a downwardly revised 79,000 increase in March. (Reporting by Richard Leong; Editing by Chizu Nomiyama) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-economy-jpmorgan-idUSKBN1811O0'|'2017-05-05T22:44:00.000+03:00'
'1524f7ff294163d6df98713fee636ff05f30fac2'|'Faurecia, ZF partner to develop ''cockpit of the future'' for self-driving cars'|'Business  29am BST Faurecia, ZF partner to develop ''cockpit of the future'' for self-driving cars The logo of French car parts supplier Faurecia is pictured during the company''s 2016 annual results presentation in Paris, France, February 9, 2017. REUTERS/Philippe Wojazer French car parts supplier Faurecia said it signed a partnership agreement with German company ZF to develop interior and safety technologies for self-driving cars, dubbing it the "cockpit of the future". Global automakers and technology companies ranging from Alphabet''s Waymo to chipmaker Qualcomm are in a crowded race to develop self-driving vehicles. "Together, we can offer complete interior safety features to meet the future challenges which will allow the interior of the future to be safe, connected, versatile and predictive," Faurecia Chief Executive Patrick Koller said. The companies will continue to work independently on current and upcoming projects, they added. Faurecia, which is 46 percent owned by Peugeot, said the partnership would involve no capital exchange. ZF, among the top suppliers in driveline and chassis technology as well as active and passive safety technology for cars and trucks, said in January that it is working with U.S.-based chipmaker Nvidia to develop artificial intelligence (AI) systems for the transportation industry. "Networked ecosystems are not only at home in Silicon Valley," ZF Chief Executive Stefan Sommer said. (Reporting by Thyagaraju Adinarayan in Gdynia; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-faurecia-zf-self-driving-idUKKBN1800IT'|'2017-05-04T14:29:00.000+03:00'
'573e8ae98e7892db18cb06c809df980af5eff0a7'|'African Petroleum says holds Senegal oil block claimed by Total'|'DAKAR May 4 African Petroleum, an oil firm founded by Romanian-Australian businessman Frank Timis, said in a statement it still owns a licence to explore an oil block off the coast of Senegal that French oil major Total said it bought this week.The claim could set up a battle over potentially lucrative exploration licences just as the poor West African country is preparing to begin oil production after a series of promising discoveries."The company reiterates its position that it holds a 90 percent operated position in the ROP (Rufisque Offshore Profoud) production sharing agreement," African Petroleum said in a statement on Wednesday."Under the terms of the ROP Production Sharing Agreement, the block remains active unless and until a termination procedure is enacted by the Republic of Senegal," it added.A Total spokesman declined to comment.Senegal''s government had previously said it cancelled the contract because African Petroleum did not carry out work commitments, without giving details.State oil firm Petrosen, which under both the Total and the African Petroleum deals holds the remaining 10 percent of the block, said on Thursday the contract had been cancelled in April 2016."The company was supposed to do work in compliance with its obligations and that was not done so we cancelled the contract," Petrosen Managing Director Mamadou Faye said.A spokesman for African Petroleum was not immediately available for further comment on Thursday.Another firm owned by Timis called Timis Corp and Petrosen agreed a $400 million deal to cede a portion of the rights in two other Senegal blocks to Kosmos in 2014. (Reporting by Diadie Ba, Emma Farge and Edward McAllister; Additional reporting by Bate Felix in Paris, editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/senegal-oil-idINL8N1I663M'|'2017-05-04T12:44:00.000+03:00'
'71919d020d90b024b37a6d4d7e54192c538dd376'|'As Japan adapts to China''s rise, ADB wrestles with relevance'|'Money News - Thu May 4, 2017 - 3:35am IST As Japan adapts to China''s rise, ADB wrestles with relevance Asian Development Bank (ADB) President Takehiko Nakao poses in front of the logo of ADB at its headquarters in Mandaluyong, Metro Manila after a forum with members of the Foreign Correspondents Association of the Philippines January 8, 2016. REUTERS/Erik De Castro By Tetsushi Kajimoto - TOKYO TOKYO The Asian Development Bank''s 50th annual meeting is supposed to be a celebration of Japan''s economic leadership in Asia over the half-century - instead, it takes place in the shadow of China''s bid to increasingly assert itself as the regional powerhouse. The ADB is coming off a record year for lending and is the region''s major financier for development, but its four-day meeting in Yokohama starting on Thursday could quickly fade as attention turns to China''s high-profile "One Belt, One Road" (OBOR) summit the next week. Many OBOR projects are supported by China''s state-owned banks and its fledgling regional lender, the Asia Infrastructure Investment Bank (AIIB), which could become a potential rival of the Manila-based ADB but for now is much smaller. "Politically, the AIIB is a direct challenge to the ADB by providing borrowers an alternative," said Tang Siew Mun, senior fellow at the ISEAS Yusof Ishak Institute in Singapore. "OBOR with AIIB''s deep pockets offers a vision of the region for ''friendly nations'' to participate. In contrast, the ADB lacks a grand plan and focuses on smaller projects." In dealing with the AIIB, which launched operations in January 2016, the ADB has emphasised cooperation rather than competition. A year ago, they signed an agreement setting the stage for joint financing projects. "Infrastructure needs are huge and it''s simply not possible for the Asian Development Bank and the World Bank to fill the gap completely," Bank of Japan Governor Haruhiko Kuroda, a former head of the ADB, said earlier this week. The AIIB is viewed by some as a challenger to both the Western-dominated World Bank and the ADB, which is primarily funded by Japan and the United States. The ADB was established as a Japanese initiative in 1966 to offer development assistance in Asia. All of the ADB heads up until now have been Japanese, including current president Takehiko Nakao. Last year, it extended a record $17.5 billion worth of loans to 67 projects, dwarfing the AIIB, which provided loans of about $1.7 billion to just nine projects last year, most of which was through co-financing with other institutions, including the ADB. OUTWARD SUPPORT While outwardly Japan has shown support for China''s initiatives, it remains wary of getting too close, and has not joined the AIIB. "We remain cautious about AIIB and need to examine its transparency even more closely since China plays a dominant role in its governance," Masahiko Shibayama, an adviser to Prime Minister Shinzo Abe, told Reuters. Further complicating matters for Japan, is the sudden friendliness of U.S. President Donald Trump to Beijing and a shift by Southeast Asian nations towards China. The secretary-general of Japan''s ruling Liberal Democratic Party, Toshihiro Nikai, will attend the OBOR summit, a sign Abe wants to improve ties with Beijing. "The unexpected improvement in ties between China and the United States has prompted Japanese government to send...Nikai to the OBOR summit," said Xiao Minjie, senior economist at SMBC Nikko Securities in Tokyo. "Even though bureaucrats in general have an instinctive dislike for China-led AIIB and OBOR." Xiao predicts that the two development banks may fill different roles, with the ADB supporting projects concerning the environment, education and poverty-reduction, while China may focus on the kind of infrastructure-tied loans to developing countries that Japan used to provide in the 1980s. "The ADB will likely shift more towards ''soft'' infrastructure development, as demand for hard infrastructure runs its cour
'dafadc4bcd8d8f144d96dd0f44167680bea630a9'|'Australia raises antitrust concerns about $545 million billboard takeover'|'By Byron Kaye - SYDNEY SYDNEY Australia''s antitrust regulator said a plan by the country''s top billboard firm to buy its largest rival may jack up the prices charged to advertisers while cutting service levels, a sign it may block the A$735 million ($545 million) deal.Announcing the all-shares deal in December, APN Outdoor Group Ltd ( APO.AX ) and target firm oOh!Media Ltd ( OML.AX ) said it would cut overhead costs and improve their ability to grow.For shareholders of oOh!Media, the deal, worth A$4.48 per share, represented a more than doubling of its issue price when it listed just two years earlier.Shares of APN fell 4.6 percent while oOh!Media''s stock slid 4 percent to $A4.30 in morning trade.The Australian Competition and Consumer Commission (ACCC), said on Thursday that it took the preliminary view that combining the companies would amount to a "substantial lessening of competition in the supply of out-of-home advertising services".It may also result in less innovation, it added.APN and oOh!Media said they would work with the regulator to address the matters it had raised."We are currently considering next steps, including impacts on the proposed transaction timeline," the companies said in a joint statement.Out-of-home advertising includes advertising on billboards, at bus shelters, train stations, trains, taxis, buses, leisure centers, public toilets, shopping malls and supermarkets.The ACCC is due to make its final ruling on July 6.($1 = 1.3464 Australian dollars)(Reporting by Byron Kaye; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ooh-media-m-a-apn-outdoor-grp-idINKBN18005D'|'2017-05-03T23:33:00.000+03:00'
'691486568dbc07c73502273a5ac26ca279eb0b97'|'Australia raises antitrust concerns about $545 million billboard takeover'|'SYDNEY Australia''s antitrust regulator said a plan by Australia''s top billboard firm to buy its largest rival for A$735 million ($545 million) may jack up the prices charged to advertisers while cutting service levels, a sign it may block the deal.Shares of the target company, oOh!Media Ltd ( OML.AX ), and shares of the company planning to buy it, APN Outdoor Group Ltd ( APO.AX ), both fell as much as 7 percent in early trading on Thursday, in a flat overall market.($1 = 1.3464 Australian dollars)(Reporting by Byron Kaye; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ooh-media-m-a-apn-outdoor-grp-idINKBN18002P'|'2017-05-03T22:45:00.000+03:00'
'e827ab11e1f4922690587ac3e7912f500189ff02'|'After bumper March, UK car sales plunge in April - preliminary data'|'Business News - Thu May 4, 2017 - 5:36am BST After bumper March, UK car sales plunge in April - preliminary data Cars are displayed outside a showroom in west London October 4, 2013. REUTERS/Luke MacGregor LONDON British new car registrations slumped by around 20 percent year-on-year last month following a record high in March when drivers brought forward purchases to avoid a tax hike, according to preliminary data from an industry body. Volumes in April are generally low as they follow on from March, often the top-selling month of the year as it is one of only two occasions when a new licence plate series is issued. This year, sales jumped to a record high in March as some consumers and businesses sought to avoid paying an increase in excise duty that came into force from April 1 for the most polluting vehicles. Sales in Europe''s second-biggest autos market hit a record in 2016 and continue to rise this year despite forecasts that demand would fail to match recent highs and be hit by Britain''s move to leave the European Union. The Society of Motor Manufacturers and Traders is due to publish its final figures at 0800 GMT. (Reporting by Costas Pitas; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-autos-registrations-idUKKBN1800BC'|'2017-05-04T12:36:00.000+03:00'
'a81f05d2f0b210320867c5a22783f6fb6644d4b6'|'Saudi''s SABIC looking at $3 billion-$6 billion acquisition opportunities'|'RIYADH Saudi Basic Industries Corporation 2010.SE (SABIC) is evaluating acquisition opportunities in the range of $3 billion to $6 billion in petrochemicals, specialty chemicals and fertilisers, its chief executive said on Tuesday.Yousef Abdullah al-Benyan told Reuters that SABIC, which is majority state owned, aims to do the first such deal in the fourth quarter of this year.In petrochemicals it is targeting acquisitions in North America and China, and it is also exploring targets in Africa for fertilisers or agricultural nutrients.SABIC is currently the world''s fourth-biggest petrochemicals company, but says acquisitions could push it into the top three behind Dow Chemical Co ( DOW.N ) and BASF ( BASFn.DE )."There are some opportunities, they are in the range of $3-$6 billion," Benyan said in an interview on the sidelines of a conference in Riyadh. "This is basically the starting point."Benyan spoke to Reuters a day after the company reported an 80 percent jump in first quarter net profit.He said SABIC was very positive regarding economic growth in key markets the United States and China, and was putting more focus on Africa and on emerging markets generally in the longer term."Overall, with what''s happening in China right now ... I think we are very positive on 2017, but our view is that the healthy recovery (in key markets) is going to be by end-2019 and beyond."Benyan said SABIC and Saudi Aramco were looking at finalizing technology solutions and will reach "a very important milestone" within a few weeks with regards to their joint oil-to-chemicals (OTC) project, announced last June."The OTC is one of the largest growth (projects), we are going to produce probably more than 18 million tones of materials yearly," he said.(Reporting by Reem Shamseddine, Saeed Azhar and Marwa Rashad; Editing by Susan Fenton)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-sabic-m-a-idUSKBN17Y1HP'|'2017-05-02T17:20:00.000+03:00'
'3c285db49593a81aab03833d3459f68a90fca167'|'EU to rule on $38 billion Qualcomm, NXP deal by June 9'|'BRUSSELS EU regulators will decide by June 9 whether to clear smartphone chipmaker Qualcomm''s ( QCOM.O ) $38 billion takeover of NXP Semiconductors NV ( NXPI.O ), with rivals voicing concerns about continued access to key NXP technology after the deal.Qualcomm, which supplies chips to Android phone makers and Apple Inc ( AAPL.O ), would become the leading supplier to the fast-growing automotive chips market by buying NXP in the biggest semiconductor industry deal to date.Qualcomm sought EU approval on April 28, a filing on the European Commission website showed on Monday.The EU competition enforcer can either approve the deal with or without concessions or it can open an investigation lasting about five months if it has serious concerns.Rivals want regulators to ensure they will still have access to NXP technology known as Mifare which is embedded in access cards for buildings and public transport, as well as mobile phones which double as electronic wallets, people familiar with the matter said.Rival companies also want a pledge on fair licensing practices, the people said.Qualcomm has said the two companies'' businesses have little overlap but will fit together well. The U.S. antitrust watchdog cleared the deal unconditionally last month.(Editing by David Clarke)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-nxp-m-a-qualcomm-eu-idUSKBN17Y0ZZ'|'2017-05-02T20:44:00.000+03:00'
'590158eeaeb222fbef42b6d9882ce8c630ecf45d'|'Saudi prince: Aramco stake sale won''t be far off 5 percent, will happen in 2018'|'RIYADH The planned sale of a stake in national oil giant Saudi Aramco will occur through an initial public offer of shares in 2018, and the stake sold "will be not be very far off 5 percent", Deputy Crown Prince Mohammed bin Salman said on Tuesday.Prince Mohammed was speaking in a nationally televised interview, a year after he launched a series of radical economic reforms including the partial privatization of Aramco."We have two main factors to decide the percentage to be listed...First the demand, whether there will be demand or not. Second, what do we have in terms of investments in the pipeline inside Saudi or outside," Prince Mohammed said, referring to opportunities to invest proceeds of the IPO.The proceeds will be invested by the kingdom''s Public Investment Fund, its top sovereign wealth fund, which will spend more than 500 billion riyals ($133.3 billion) over three years after Aramco''s IPO, Prince Mohammed said.(Reporting by Gulf team; Writing by Rania El Gamal; Editing by Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-saudi-aramco-ipo-idINKBN17Y2AX'|'2017-05-02T17:12:00.000+03:00'
'a0d3ccd53d6ec51abd1895aa4ee7b94f5224deb9'|'UK says PM May to lead Brexit talks, approaching them with "goodwill"'|'LONDON Prime Minister Theresa May will lead Britain''s Brexit talks and is approaching the negotiations with goodwill, her spokesman said on Tuesday, responding to criticism that her government underestimated the complexity of the process."We are clear that we will make a success of Brexit and we will secure a deal that works in the best interest of Britain and the European Union," the spokesman told reporters."All I can say ... is that we approach these talks in a constructive manner and with huge amounts of goodwill."After meeting May at her Downing Street residence on Wednesday, European Commission President Jean-Claude Juncker was reported to have said he was "10 times more sceptical than I was before" about the possibility of sealing a deal.(Reporting by Elizabeth Piper, writing by William James)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-may-idINKBN17Y12P'|'2017-05-02T18:42:00.000+03:00'
'86ab3abc5e6628981624bc4c8cc7a8383128dbd0'|'Agrium posts quarterly loss vs. year-ago profit'|'Agrium Inc ( AGU.TO ) ( AGU.N ), the world''s biggest farm retailer, reported a smaller-than-expected loss on Monday, helped by higher selling prices for potash.The Canadian company sold 636,000 tonnes of wholesale potash in the first quarter ended March 31 at an average of $208 per tonne, compared with 456,000 tonnes at $199 per tonne a year earlier.Agrium''s retail sales fell 2.2 percent to $2.24 billion. Wholesale sales of nitrogen, potash and phosphate were up 4 percent at $675 million.The company''s net loss attributable to shareholders was $11 million, or 8 cents per share, compared with a profit of $2 million, or 2 cents per share, a year earlier.On an adjusted basis, it lost 7 cents per share, while analysts on average had expected a loss of 8 cents, according to Thomson Reuters I/B/E/S.Agrium, which is merging with Potash Corp of Saskatchewan ( POT.TO ) ( POT.N ), said revenue fell marginally to $2.72 billion, missing estimates of $2.77 billion.Last week, Potash Corp reported a bigger-than-expected rise in its first-quarter profit.(Reporting by Ahmed Farhatha in Bengaluru and Rod Nickel in Winnipeg, Manitoba; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-agrium-results-idUSKBN17X2GU'|'2017-05-02T06:01:00.000+03:00'
'd4195de26e1a31555198753910fd2f728f686084'|'Infosys plans to hire 10,000 American workers, open four U.S. tech centres'|'Business News - Tue May 2, 2017 - 5:02am BST Infosys plans to hire 10,000 American workers, open four U.S. tech centres The logo of Infosys is pictured inside the company''s headquarters in Bengaluru, India, April 13, 2017. REUTERS/Abhishek N. Chinnappa By Stephen Nellis - SAN FRANCISCO SAN FRANCISCO India-based IT services firm Infosys Ltd said late on Monday that it plans to hire 10,000 American workers in the next two years and open four technology centres in the United States, starting with a centre this August in Indiana, the home state of Vice President Mike Pence. The move comes at a time when Infosys and some of its Indian peers such as Tata Consultancy Services and Wipro have become political targets in the United States for allegedly displacing jobs of American workers by flying in foreign workers on temporary visas to service their clients in the country. The IT service firms rely heavily on the H1-B visa programme, which President Trump has ordered federal agencies to review. In a telephone interview with Reuters from Indiana, Infosys CEO Vishal Sikka said his company plans to hire American workers in fields such as artificial intelligence. He said the firm has already hired 2,000 American workers as part of a previous effort started in 2014. "When you think about it from a U.S. point of view, obviously creating more American jobs and opportunities is a good thing," Sikka said. (Editing by Euan Rocha and Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-infosys-usa-idUKKBN17Y0A0'|'2017-05-02T12:02:00.000+03:00'
'46d86fb397dc2af4f38fbaaa38613bbaa7b4d78b'|'U.S. Senate votes to proceed with confirmation vote on SEC nominee'|'By Sarah N. Lynch - WASHINGTON WASHINGTON May 1 The U.S. Senate took a procedural vote on Monday to clear the way for confirming Jay Clayton as the next head of the Securities and Exchange Commission.In a 60-36 vote, the Republican-led Senate voted to end debate on Clayton, with some Democrats joining Republicans in support.A final confirmation vote is expected later this week, and the Senate may take up to 30 hours to debate his confirmation prior to the vote. (Reporting by Sarah N. Lynch; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-senate-sec-idINL1N1I31NZ'|'2017-05-01T20:43:00.000+03:00'
'afa0ddbaccd0dc4fb5e2165bfcb6dd4685958867'|'Exclusive - Akzo sees latest PPG bid inadequate, weighs options: sources'|'Deals - Tue May 2, 2017 - 6:14pm BST Exclusive: Akzo sees latest PPG bid inadequate, weighs options left right Cans of Dulux paint, an Akzo Nobel brand, are seen on the shelves of a hardware store near Manchester, Britain, April 24, 2017. REUTERS/Phil Noble 1/2 left right Cans of Dulux paint, an Akzo Nobel brand, are seen on the shelves of a hardware store near Manchester, Britain, April 24, 2017. REUTERS/Phil Noble 2/2 By Greg Roumeliotis Dutch paint maker Akzo Nobel NV''s ( AKZO.AS ) supervisory board is scheduled to meet on Tuesday to discuss how to proceed after deeming PPG Industries Inc''s ( PPG.N ) latest $29 billion offer to be insufficient, people familiar with the matter said. Akzo believes that PPG''s third acquisition bid, which was unveiled on April 24, still does not value the company highly enough, especially in light of Akzo''s plans to unlock value by exploring a spin-off or sale of its specialty chemicals business, and the risks it sees in the potential deal, the sources said. However, Akzo is studying several scenarios about how to move forward, mindful that several of its shareholders want it to engage with PPG in negotiations. Activist hedge fund Elliott Advisors has been trying to oust Akzo''s Chairman Antony Burgmans to put pressure on the company to talk to PPG. Among the options being considered by Akzo is talking to PPG only about some of the issues that would affect the deal, such as antitrust approval risk, or rejecting it outright without any engagement, the sources said. This is because Akzo is concerned that engaging with PPG in comprehensive deal negotiations would weigh on its prospects of getting PPG to improve on its offer much more, according to the sources. No timeline has been set for Akzo''s response to PPG, the sources said, asking not to be identified because the deliberations are confidential. Akzo and PPG did not immediately respond to requests for comment. PPG said last week its latest acquisition proposal was worth 96.75 euros per Akzo share, comprised of 61.50 euros in cash, 0.357 shares of PPG common stock and dividends worth 7.78 euros. That''s a 50 percent premium to Akzo''s closing price of 64.42 on March 8, the day before PPG confirmed it had made a proposal to buy Akzo at 80 euros per share. Akzo has been arguing this premium does not factor in the value of its announced plans to shed its specialty chemicals business. PPG has said it has no plans to break up Akzo following an acquisition. It has also said it plans to submit a formal offer for Akzo to the Dutch financial markets regulator by June 1, regardless of whether Akzo chooses to engage. Elliott has been seeking to call an extraordinary meeting of Akzo shareholders to oust the company''s chairman, a move that Akzo has been resisting. (Reporting by Greg Roumeliotis in New York; Additional reporting by Pamela Barbaglia in London; Editing by Phil Berlowitz)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-akzonobel-m-a-industries-exclusive-idUKKBN17Y23P'|'2017-05-03T01:12:00.000+03:00'
'9d03b9ece0e5b74561150da25573eef7b3bad8df'|'AIG''s investors, awaiting CEO plan, uneasy ahead of results'|'Business News  28pm EDT AIG''s investors, awaiting CEO plan, uneasy ahead of results The AIG logo is seen at its building in New York''s financial district March 19, 2015. REUTERS/Brendan McDermid By Suzanne Barlyn For nearly two months, American International Group Inc ( AIG.N ) has planned to replace its chief executive but a successor has yet to be named, creating a void that has stoked investor concerns about the insurance company''s future. Indeed, analysts and investors say they want to know more about the succession plans of AIG, which reports its first-quarter earnings on Wednesday. Chief Executive Officer Peter Hancock said on March 9 he would depart once the board found a replacement, citing a lack of confidence among directors and investors. But AIG has said little about the board''s progress since then. Chairman Douglas Steenland has said AIG''s board remains committed to the existing turnaround effort. "The board and management team believe strongly that we are on the right strategic path," he said in a letter to shareholders last month. Nonetheless, analysts doubt that a new chief executive would carry out Hancock''s strategy. "We need to know" about the impending choice of CEO, said Sandler O''Neill analyst Paul Newsome. "The lack of a CEO puts the strategy for the company completely in play. There''s a very large chance that with a different CEO, you are going to have a change in the strategy, despite what the board says." An AIG spokeswoman declined to comment. UNEXPECTED LOSS Hancock''s resignation plans were announced shortly after AIG reported an unexpectedly deep loss on Feb. 14, after the company underestimated the value of claims it would have to pay for a variety of insurance products. Wall Street analysts are forecasting brighter results when AIG reports this week. They expect $1.1 billion in quarterly profit, or $1.08 per share, on average, according to Thomson Reuters data, a 37 percent increase from a year earlier. "The bad fourth quarter sets them up for a better start to this year," said Andrew Kohl, a portfolio manager at Alpine Woods Capital, who owns about 4,000 AIG shares in the financial services fund he oversees. Kohl, who sold some AIG stock in January as the insurer''s financial difficulties mounted, started to wade back in following media reports that Brian Duperreault, the current head of Hamilton Insurance Group Ltd, was among those being considered as AIG''s new CEO. An AIG spokesman said the company does not comment on speculation or rumor. Several of AIG''s largest investors, including Capital Research Global Investors, The Vanguard Group and State Street Global Advisors, would not comment for this story. But some, including funds overseen by American Funds, T. Rowe Price, FFAmerican Beacon and Invesco, have been buying AIG shares in recent weeks, according to data provided by Lipper. Even so, as of Monday''s close, the stock was down 2.9 percent since Hancock announced his planned departure. In the year to date, AIG shares have dropped 5.7 percent compared with a 6.7 percent rise in the benchmark S&P 500 stock index. YEARS OF TROUBLE Hancock''s troubles began in 2015, when billionaire activists Carl Icahn and John Paulson began building stakes and later acquired board seats. Icahn, who is AIG''s fourth-largest investor, wanted the insurer to split into three parts. Instead, Hancock embarked on a two-year turnaround plan that involved cutting costs and selling chunks of the company, with the aim of returning $25 billion to shareholders. ( reut.rs/1kp8P4I ) Hancock achieved $14.3 billion of that goal from the start of 2016 through Feb. 14. Experts have said it would be challenging to find someone capable who would want Hancock''s job, given the company''s recent performance, and its board and financial difficulties in the broader insurance sector. Though rising interest rates have helped insurers'' profits, extreme weather claims, lower premiums and weak sales could weigh 
'0ec6cb6445aced118d3d6a61e597a8636bdfc53e'|'Novartis exercises option with Conatus for NASH product'|'ZURICH May 4 Novartis is exercising its option with Conatus Pharmaceuticals for an exclusive license for the global development and commercialization of emricasan for treating liver disease NASH, the Swiss drugmaker said.In December, Novartis said it signed a licensing deal to co-develop the fatty liver disease drug with Conatus, under which the small U.S. company receives $50 million up front.Novartis said on Thursday exercise of the option would take effect upon receipt of all required anti-trust approvals and payment of a $7-million option exercise fee to Conatus. (Reporting by Michael Shields; Editing by Clarence Fernandez)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/novartis-conatus-pharma-idINFWN1I516W'|'2017-05-04T03:51:00.000+03:00'
'5228e318b89605dc8d44cf634c64205917d34962'|'Mexico, Canada seek U.S. soft spots to bolster NAFTA defence'|'Business News - Thu May 4, 2017 - 6:23am BST Mexico, Canada seek U.S. soft spots to bolster NAFTA defense left right Newly assembled vehicles are seen at a stockyard of the automobile plant Toyota Motor Manufacturing of Baja California in Tijuana, Mexico, April 30, 2017. Picture taken April 30, 2017. REUTERS/Jorge Duenes 1/10 left right Newly assembled vehicles are seen at a stockyard of the automobile plant Toyota Motor Manufacturing of Baja California in Tijuana, Mexico, April 30, 2017. Picture taken April 30, 2017. REUTERS/Jorge Duenes 2/10 left right Newly assembled vehicles are seen on transport trucks at a stockyard of the automobile plant Toyota Motor Manufacturing of Baja California in Tijuana, Mexico, April 30, 2017. Picture taken April 30, 2017. REUTERS/Jorge Duenes 3/10 left right Employees work at a wire harness and cable assembly manufacturing company that exports to the U.S. in Ciudad Juarez, Mexico, April 27, 2017. Picture taken April 27, 2017. REUTERS/Jose Luis Gonzalez 4/10 left right Employees work at a wire harness and cable assembly manufacturing company that exports to the U.S. in Ciudad Juarez, Mexico, April 27, 2017. Picture taken April 27, 2017. REUTERS/Jose Luis Gonzalez 5/10 left right Employees work at a wire harness and cable assembly manufacturing company that exports to the U.S. in Ciudad Juarez, Mexico, April 27, 2017. Picture taken April 27, 2017. REUTERS/Jose Luis Gonzalez 6/10 left right An employee works at a wire harness and cable assembly manufacturing company that exports to the U.S. in Ciudad Juarez, Mexico, April 27, 2017. Picture taken April 27, 2017. REUTERS/Jose Luis Gonzalez 7/10 left right Employees work at a wire harness and cable assembly manufacturing company that exports to the U.S. in Ciudad Juarez, Mexico, April 27, 2017. Picture taken April 27, 2017. REUTERS/Jose Luis Gonzalez 8/10 left right FILE PHOTO: Mexico''s President Enrique Pena Nieto (L) speaks during a news conference with Canada''s Prime Minister Justin Trudeau on Parliament Hill in Ottawa, Ontario, Canada on June 28, 2016. REUTERS/Chris Wattie/File Photo 9/10 left right FILE PHOTO: Canada''s Prime Minister Justin Trudeau (R) and Mexico''s President Enrique Pena Nieto arrive at a news conference on Parliament Hill in Ottawa, Ontario, Canada on June 28, 2016. REUTERS/Chris Wattie/File Photo 10/10 By Dave Graham and David Ljunggren - MEXICO CITY/OTTAWA MEXICO CITY/OTTAWA From launching a data-mining drive aiming to find supply-chain pressure points to sending officials to mobilize allies in key U.S. states, Mexico and Canada are bolstering their defenses of a regional trade pact President Donald Trump vows to rewrite. Trump has blamed the North American Free Trade Agreement (NAFTA) for the loss of millions of manufacturing jobs and has threatened to tear it up if he fails to get a better deal. Fearing the massive disruptions a U.S. pullout could cause, the United States'' neighbors and two biggest export markets have focused on sectors most exposed to a breakdown in free trade and with the political clout to influence Washington. That encompasses many of the states that swept Trump to power in November and senior politicians such as Vice President Mike Pence, a former Indiana governor or Wisconsin representative and House Speaker Paul Ryan. Prominent CEOs on Trump''s business councils are also key targets, according to people familiar with the lobbying push. Mexico, for example, has picked out the governors of Texas, Arizona and Indiana as potential allies. Decision makers in Michigan, North Carolina, Minnesota, Illinois, Tennessee, Wisconsin, Ohio, Florida, Pennsylvania, Nebraska, California and New Mexico are also on Mexico''s priority list, according to people involved in talks. Mexican and U.S. officials and executives have had "hundreds" of meetings since Trump took office, said Moises Kalach, foreign trade chief of the Mexican private sector team leading the defense of NAFTA. (Graphic: tmsnrt.rs/2oY
'd9915e6030cbd7b9d1aa63849b58c33331b3f769'|'CANADA FX DEBT-C$ holds near 14-month lows as oil prices decline'|'Bonds News - Mon May 1, 2017 - 9:53am EDT CANADA FX DEBT-C$ holds near 14-month lows as oil prices decline * Canadian dollar at C$1.3654, or 73.24 U.S. cents * Bond prices slightly lower across the yield curve TORONTO, May 1 The Canadian dollar was little changed on Monday against its U.S. counterpart as oil prices fell, with the currency hovering above the 14-month intraday low struck in the previous session. Last week, the loonie fell 1.1 percent pressured by an uncertain outlook for the North American Free Trade Agreement and mortgage market concerns. Home Capital Group Inc , Canada''s biggest non-bank mortgage lender, reported on Monday an initial draw down on a C$2 billion credit line it secured last week. Last month regulators accused the company of making "materially misleading statements" to investors. U.S. crude prices were down 0.81 percent at $48.93 a barrel as rising oil output and drilling in the United States countered Organization of the Petroleum Exporting Countries-led production cuts. Oil is one of Canada''s major exports. At 9:16 a.m. ET (1316 GMT), the Canadian dollar was trading at C$1.3654 to the greenback, or 73.24 U.S. cents, slightly weaker than Friday''s official close of at C$1.3650, or 73.26 U.S. cents. The currency traded in a range of C$1.3640 to C$1.3687. It touched on Friday its weakest since February 2016 at C$1.3697. Data on Friday showed that Canada''s economy stalled in February. But economists say that the economy remains on track for solid growth in the first quarter. Speculators have ramped up bearish bets on the Canadian dollar to the most since February 2016, data from the Commodity Futures Trading Commission and Reuters calculations showed on Friday. Canadian dollar net short positions jumped to 42,642 contracts as of April 25 from 33,252 a week earlier. Canadian government bond prices were slightly lower across the yield curve in sympathy with U.S. Treasuries after a U.S. government shutdown was averted, and U.S. stock index futures gained ground. The two-year price dipped 0.5 Canadian cent to yield 0.725 percent, and the 10-year fell 2 Canadian cents to yield 1.552 percent. Canada''s trade report for March is due on Thursday, and the April employment report is due on Friday. (Reporting by Fergal Smith Editing by W Simon) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-forex-idUSL1N1I30F5'|'2017-05-01T21:53:00.000+03:00'
'7d2b12a8c92707eb243bd71bd57e6d484b1ed60c'|'MOVES-Sands to join Natixis syndicate from Jefferies'|'By Claire Ruckin - LONDON LONDON May 2 Terence Sands is set to join Natixis as part of the leveraged loan and high-yield bond syndication team, banking sources said.Sands is due to join the London office in June, reporting to Jean Dado, EMEA head of leveraged loan and high yield bond syndicate.Dado in turn reports to Christopher Lovgren, head of global high-yield corporate distribution and trading, a newly created job bringing together leveraged loans and high yield bonds.Sands joins from Jefferies, where he was vice president in leveraged credit capital markets, focusing on high yield and leveraged loan syndicate, from June 2014. Prior to that he was an associate in leveraged and acquisition finance at HSBC from 2010.Natixis was not immediately available to comment. (Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/move-natixis-sands-idINL8N1I45PI'|'2017-05-02T13:06:00.000+03:00'
'bbdc45e0cfa8a3f3948ed05af13f423c0c9b493d'|'Pound steady, dismisses Brexit talk and positive data'|'Money News - Wed May 3, 2017 - 10:17pm IST Pound steady, dismisses Brexit talk and positive data An English five pound note and coins are seen at a restaurant in the British overseas territory of Gibraltar, July 21, 2016. REUTERS/Jon Nazca/Files By Ritvik Carvalho - LONDON LONDON Sterling held below seven-month highs versus the dollar on Wednesday, largely brushing off positive construction data and an initial round of posturing by Britain and the European Union over Brexit negotiations. A better-than-expected construction PMI showing growth in Britain''s construction industry touching a four-month high in April failed to have an impact on sterling compared with Tuesday''s manufacturing data, which had given the pound a boost. The pound barely budged after the numbers, trading close to levels seen before the data. Sterling was 0.2 percent lower at $1.2910, not far off a seven-month high of $1.2965 hit on the last trading day of April. "The problem with the construction PMI is it''s always the little brother of the three (monthly PMI surveys) in terms of its importance to the UK economy," said Christopher Beauchamp, market analyst at IG Markets. The most closely watched of the surveys -- covering the services sector, which accounts for nearly 80 percent of Britain''s economic output -- is due on Thursday. Sterling largely brushed off headlines over the size of Britain''s EU exit bill, along with suggestions from both sides that negotiations to exit the bloc would be difficult. Brexit minister David Davis said on Wednesday that Britain would not pay 100 billion euros to leave the European Union, after the Financial Times reported that the bloc was preparing to demand that amount. This came a day after British Prime Minister Theresa May promised EU officials she would be "a bloody difficult woman" in the talks, after being accused of underestimating the complexity of Brexit negotiations and having "illusions" over a deal. The pound briefly dipped about 40 ticks during a speech by May on Wednesday afternoon in which she accused European politicians and officials of seeking to affect the outcome of the June 8 national election by issuing threats over Brexit. But it recovered soon after, steadying to levels seen earlier in the day. "The markets haven''t really shown too much caution on this because it''s still very much sort of empty rhetoric. There''s no actual negotiations begun," said David Cheetham, chief markets analyst at XTB. "I think there''s a kind of concept within the market that both sides are kind of overstating their hand a little bit in order to get a strong opening position in the negotiations. But this will actually have little impact once the negotiations begin in earnest." The pound was 0.1 percent lower at 84.55 pence per euro. (Editing by Catherine Evans and Ed Osmond)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/britain-sterling-open-idINKBN17Z217'|'2017-05-03T14:47:00.000+03:00'
'58afe100d777b8293ddd6ecaf3d687a5c3bb42e8'|'Asia stocks ride global momentum, dollar up on June Fed rate hike bets'|'Business News - Wed May 3, 2017 - 2:27am BST Asia stocks ride global momentum, dollar up on June Fed rate hike bets People are seen in front of an electronic board showing stock prices outside a brokerage at a business district in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon By Nichola Saminather - SINGAPORE SINGAPORE Asian stocks followed global indexes higher on Wednesday, as strong earnings and manufacturing data boosted risk appetite, while expectations that the Federal Reserve will signal a June rate increase later in the session lifted the dollar. Oil prices pulled higher after a sharp fall on Tuesday on technical selling in a market already worried about oversupply and following a rise in output from several members of the Organization of Petroleum Exporting Countries. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.1 percent early on Wednesday, within a hair of a near-two-year high hit on Tuesday. Australian shares slipped 0.1 percent. Hong Kong and South Korea are closed for the Buddha''s birthday, and Japan is shut for the rest of the week for the Golden Week holiday. The MSCI World index .MIWD PUS hit a record high overnight, while the pan-European Stoxx index jumped to its highest level since August 2015 overnight as major European indexes posted gains. Overnight, Wall Street closed higher, although Nasdaq futures fell alongside Apple .AAPL shares in extended trading, after the company reported a surprise fall in iPhone sales for the second quarter. Net income still beat analyst estimates. A decline in U.S. new vehicle sales for April, following a disappointing March is prompting worries that the industry, which has seen a nearly uninterrupted boom since 2010, may be on a downward swing. Markets are awaiting word from the Fed, which concludes its two-day meeting later on Wednesday. With the central bank largely expected to hold interest rates steady, the focus will be on language about future increases. Since the last meeting, economic data has been mixed, with the economy growing at a sluggish 0.7 percent annual pace in the first quarter as consumer spending almost stalled, but a surge in business investment and the fastest wage growth in a decade suggest activity will regain momentum as the year progresses. "Second quarter gross domestic product is already shaping up to be in far better shape and we are seeing calls for economists for growth north of 3 percent," Chris Weston, chief market strategist at IG in Melbourne, wrote in a note. "Clearly, the improvement (in broader financial conditions) has been driven by tighter credit spreads and U.S. equity markets hitting all-time highs or approaching them," he added. "Earnings have been at the heart of this feel-good factor." The dollar was steady at 111.97 yen JPY= early on Wednesday. It touched a six-week high on Tuesday but fell back to close 0.4 percent higher. The dollar index .DXY, which tracks the greenback against a basket of trade-weighted peers, slipped 0.1 percent on Wednesday after earlier climbing as much as 0.25 percent. The euro EUR=EBS was marginally higher at $1.0935, extending Tuesday''s 0.3 percent gain. Sterling GBP= was steady at $1.2938, retaining Tuesday''s 0.4 percent gain. Manufacturing growth for April jumped to six-year highs in Germany and France, and to a three-year high in the U.K., data overnight showed. That followed data from Asian economies including Indonesia, Malaysia, India and Japan that all showed faster manufacturing growth in April. While growth in China eased more than expected, the world''s second-largest economy nevertheless avoided a sharp loss of momentum. In commodities markets, U.S. crude CLc1 recovered 1 percent to $48.11 a barrel, after sliding 2.4 percent on Tuesday to its lowest closing price since March 21. Gold XAU= was flat at $1,256.58 an ounce. (Reporting by Nichola Saminather; Editing by Sam Holmes)'|'reuters.com'|'http://feeds.reuters.com/reuters
'107c7ffec74b4ff69a838aee302d15e1c69f7c9c'|'German unemployment falls more than expected in April'|' 11am BST German unemployment falls more than expected in April BERLIN German unemployment fell more than expected in April, data showed on Wednesday, in a further sign that the robust labour market will continue to boost domestic demand and support growth in Europe''s largest economy. The seasonally adjusted jobless total fell by 15,000 to 2.543 million, the Federal Labour Office said. That was more than the predicted fall of 12,000 in a Reuters poll. The adjusted unemployment rate remained at 5.8 percent, the lowest level since German reunification in 1990. "With the continuing spring recovery, the number of unemployed people again fell significantly in April," Detlef Scheele, head of the Federal Labour Office, said in a statement. "The positive development on the labour market continues." (Reporting by Joseph Nasr; Editing by Madeline Chambers)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-unemployment-idUKKBN17Z0OU'|'2017-05-03T16:11:00.000+03:00'
'84f8cea5fd0aa9a36c482252e87d2cb85c345d1f'|'Pubs operator JD Wetherspoon reports higher sales, warns on costs'|'Business   7:28am BST Pubs operator JD Wetherspoon reports higher sales, warns on costs British pubs group JD Wetherspoon warned of "significantly higher" costs in the second half of the year and said it remained cautious, while reporting quarterly comparable sales growth of 4 percent. The owner and operator of more than 900 pubs in Britain and Ireland said third-quarter like-for-like sales for the 13 weeks to April 23 increased by 4 percent, higher than the 3.8 percent advance seen last year. The company, however, said it expects slightly improved trading outcome for the year compared with previous expectations. (Reporting by Rahul B and Abinaya Vijayaraghavan in Bengaluru; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-j-d-wetherspoon-outlook-idUKKBN17Z0EO'|'2017-05-03T14:28:00.000+03:00'
'13cbf6196d5968096529d24d3e4b7171c94a01d6'|'Hugo Boss stumbles on online sales drop; Apple suppliers under scrutiny - For more see the European equities LiveMarkets blog'|'LONDON May 3 Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarketsSummary:**STOXX 600 slips from 20-month high**Hugo Boss online sales fall 28 pct, drive shares down**Apple suppliers Dialog, AMS, STMicro droop on weaker iPhone sales**Sainsbury''s reels from profit decline, market share loss**Troubled Zodiac bags Deutsche Bank upgrade**Novo Nordisk shares soar on improved outlook, profit beat**Aurelius: positive feedback from capital markets day (Reporting by Helen Reid)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/hugo-boss-stumbles-on-online-sales-drop-idINL8N1I53JP'|'2017-05-03T09:09:00.000+03:00'
'ea2cc157bb0a9151ac3e6a3ec609ca5c941e572a'|'Germany''s Allianz bought into UniCredit''s share issue: spokesman'|'MUNICH Allianz ( ALVG.DE ) has bought into a record 13 billion euro ($14 billion) share sale Italian bank UniCredit ( CRDI.MI ) carried out earlier this year, a spokesman for the German insurer said on Wednesday.He declined to give any further details.Allianz took part in a UniCredit shareholder meeting in January, where the cash call was approved, with a 1.06 percent stake.(Reporting by Joern Poltz, writing by Valentina Za, editing by Francesca Landini)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-unicredit-cash-call-allianz-idINKBN17Z0UM'|'2017-05-03T07:25:00.000+03:00'
'ae5076c5c3890b4fc9b12fefd2e49f61ed6fe910'|'RPT-Buffett to face big crowd as Berkshire grows bigger'|'Company News - Wed May 3, 2017 - 7:00am EDT RPT-Buffett to face big crowd as Berkshire grows bigger (Repeats to widen distribution) By Jonathan Stempel May 3 As the United States adapts to the presidency of Donald Trump and faces rising tensions abroad, Berkshire Hathaway Inc shareholders will descend on Omaha, Nebraska this weekend seeking reassurance, from Warren Buffett. The weekend known as "Woodstock for Capitalists" is unique in corporate America, a celebration of the billionaire''s image and success at a conglomerate whose businesses range from Geico insurance to the BNSF railroad to See''s candies to Ginsu knives. Buffett, 86, and vice chairman Charlie Munger, 93, will answer five hours of questions at Saturday''s annual meeting. Many say it reinforces their views about investing and Berkshire, even if it remains unclear how much new they learn. "Watching someone like (Buffett) with strong command on details of the economy and Berkshire''s operations is very impressive," said Meyer Shields, a Keefe, Bruyette & Woods analyst who rates Berkshire "market perform." "But you''re not going to learn a lot about Berkshire Hathaway the company." Last year''s attendance fell to about 37,000 from more than 40,000 a year earlier. But there were also 1.1 million real-time sign-ons to Yahoo Finance, which webcast the meeting for the first time. It will do so again, in English and Mandarin. LARGE, LARGE ORGANIZATION Much of Berkshire''s relative outperformance came decades ago when it was much smaller, and even Buffett has called the company''s huge size an "anchor on investment performance." Buffett has said Berkshire owns 10 businesses big enough to make the Fortune 500 list of large U.S. companies on their own. But details can be thin. For example, aircraft parts maker Precision Castparts, acquired last year for $32.1 billion, merited about a page in Berkshire''s annual report. Precision''s final annual report, in 2015, ran 87 pages. "It''s a large, large organization," said Jeffrey Stacey, founder of Stacey Muirhead Capital Management in Waterloo, Ontario, who is attending his 26th straight meeting. "I am willing to give it the benefit of the doubt because the track record has been so good for so long." Buffett said in February that boosting disclosure could put many Berkshire businesses at a disadvantage, and that "it''s the growth of the Berkshire forest that counts." He also knows the perils of conglomerates, saying in 2015 that dubious accounting, self-promotion and mediocre businesses make them "richly deserve" their "terrible" reputation. Buffett says Berkshire is different, in part because he took Munger''s advice to buy wonderful businesses at fair prices. Shareholders enjoy that focus less than they once did. Berkshire''s share price has slightly lagged the Standard & Poor''s 500 including dividends during the eight-year bull market, but has outperformed since the global financial crisis mushroomed in September 2008. Shields, who is not attending Saturday''s meeting, wants Buffett to reveal more, even if shareholders can "safely assume" his eventual successor as chief executive is top-flight. ISSUES APLENTY While Buffett and Munger do not know in advance the questions they will get from shareholders, journalists and analysts at Saturday''s meeting, they can anticipate many. Buffett may need to review Berkshire''s support of Wells Fargo & Co, in which it holds a roughly 10 percent stake, despite a sales scandal over bogus customer accounts. He may also get questions about his support for 3G Capital, a Brazilian firm known for ruthless cost-cutting. Berkshire controls Kraft Heinz Co with 3G, and recently tried to help 3G buy Unilever NV for $143 billion. Trump is sure to come up. Buffett did not support his election but Berkshire''s book value could swell by $36 billion with his proposed corporate tax cuts, Barclays Capital said. Buffett may also get questions about his surprise bets on Apple Inc and the four bigges
'c4d9b03120bb2cb50f5759ec86b64006dc840e8f'|'Too soon to call if regulation influencing Brexit moves - Irish central bank'|' 25pm BST Too soon to call if regulation influencing Brexit moves - Irish central bank FILE PHOTO: Philip Lane, Governor of the Central Bank of Ireland speaks in London, Britain, October 28, 2016. REUTERS/Toby Melville/File Photo DUBLIN Many financial firms based in London have yet to decide on where to move operations to as a result of Brexit so it is too early to say if different interpretations of regulatory rules will play a role, Ireland''s central bank governor said on Tuesday. The Irish government in March complained to the European Commission that rival centres were "offering a back door to the EU''s single market" by allowing regulatory arbitrage, a reference to undercutting rivals with lax rules. "My aim has been to make sure that regulatory issues do not play a role in these decisions. I think we''d have to wait for more decisions to get enough of a case load to work out whether that (regulatory arbitrage) is a substantive issue," Governor Philip Lane told a news conference. (Reporting by Padraic Halpin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-ireland-idUKKBN17Z1NQ'|'2017-05-03T22:25:00.000+03:00'
'caca80ddf4e4d21fcdc4739d3e946daa58bc1a86'|'UPDATE 3-Toronto house prices, listings surge in April but sales dip'|'* Toronto home prices up 31.7 pct in April* New listings up 33.6 pct, sales down 3.2 pct* Home Capital shares down 6.5 percent (Adds Home Capital share price)By Andrea Hopkins and Leah SchnurrOTTAWA, May 3 Toronto home prices and new listings surged in April while sales fell, data showed on Wednesday, suggesting the market may be starting to rebalance after new rules were introduced to address fears of a housing bubble in Canada''s largest city.The Toronto Real Estate Board (TREB) said its home price index jumped 31.7 percent in April from a year earlier, while new listings rose 33.6 percent and sales dipped 3.2 percent.Last month, the provincial government introduced a 15 percent tax on property purchases by foreign buyers as part of 16 measures designed to cool Toronto''s red-hot housing market.While TREB said it was too early to say whether the rise in new listings was in response to the new rules or sellers reacting to the recent surge in prices, the market will rebalance if the trend continues."If new listings growth continues to outpace sales growth moving forward, we will start to see more balanced market conditions," said Jason Mercer, TREB''s director of market analysis. "It will likely take a number of months to unwind the substantial pent-up demand that has built over the past two years."Canada''s housing market has been robust in the years since the financial crisis, but the acceleration in prices in Toronto has led to worries that parts of the market are overheating.Canadian subprime mortgage lenders raced to shore up confidence earlier this week as depositors pulled money out of non-bank lenders Home Capital Group Inc and Equitable Group''s high-interest savings accounts.Shares in Home Capital were down 6.5 percent to C$7.25 at 1015 EST on Wednesday. Ratings agency Standard & Poors downgraded the long term credit ratings of the company after the market closed on Tuesday citing factors including funding concerns. Home Capital also delayed its first quarter earnings.Ontario''s securities regulator has accused Home Capital of making misleading statements to investors.The foreign buyers tax should cool demand, economists say, because it shows the Ontario government is determined to slow the market, even though there is little data showing those buyers are a large part of the market.The long looked-for surge in new listings "certainly foreshadows a cool down in price growth," said Sal Guatieri, senior economist at BMO Capital Markets.Guatieri said the uncertainty caused by the new government measures likely prompted buyers to hang back while sellers sped up plans to list their homes. (Additional reporting by Matt Scuffham in Toronto; Editing by Jeffrey Benkoe and Alistair Bell)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-housing-toronto-idINL1N1I50DJ'|'2017-05-03T12:48:00.000+03:00'
'4712b54aaf4ea699ce74f3662672e465d63afed2'|'Australia''s Wesfarmers aims to raise $1.1 billion from Officeworks IPO: broker'|'SYDNEY Australia''s Wesfarmers Ltd ( WES.AX ) is hoping to raise as much as A$1.5 billion ($1.12 billion) by spinning out its Officeworks stationary division in an initial public offering, a broker who saw the float''s marketing materials said on Monday.The valuation - described by James McGlew, executive director of stockbroker Argonaut, as a "bull-market set of numbers" - comes a decade after Wesfarmers purchased the then-struggling office supplies network as part of its A$19.3 billion takeover of supermarket chain Coles.Officeworks'' earnings have nearly doubled in the meantime.Perth-based Wesfarmers, a retail-to-mining conglomerate and Australia''s top company by sales, had said in February it was considering an IPO for Officeworks. But the distribution of research reports to investors on Monday offered the first indication of the company''s price hopes.The reports from bankers JP Morgan, Macquarie and UBS valued the office supplies, stationary and technology retailer at between A$1 billion and A$1.5 billion, McGlew told Reuters.Based on estimated 2018 earnings, the lower end of the range gives a price-to-earnings ratio around 15, which is higher than international peers such as U.S.-listed Staples ( SPLS.O ), which trades at a ratio of 12.6.Wesfarmers was not immediately available for comment."This is a bull-market set of numbers as far as pricing is concerned, but who is to say that that isn<73>t going to continue on?" McGlew said."It is expensive but not outrageous, and clearly prices in the potential for more growth ... it is another good turnaround from Wesfarmers."Macquarie, UBS and JP Morgan spokespeople declined to comment when contacted by Reuters.($1 = 1.3358 Australian dollars)(Reporting by Tom Westbrook; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-wesfarmers-ipo-idINKBN17X0YJ'|'2017-04-30T23:58:00.000+03:00'
'5204954b9630066f7a035834b48ba8d827a8d73f'|'Home Capital''s high-interest accounts balance slumps to C$391 mln'|'May 1 Home Capital Group Inc, Canada''s biggest non-bank mortgage lender, said the balance in its high-interest savings accounts is expected to slump to about C$391 million ($286 million) on Monday, from C$1.4 billion a week ago.The alternative lender said on Friday that about C$290 million was withdrawn from the company''s high-interest savings accounts the previous day, compared to C$472 million on Wednesday.Home Capital has suffered a crisis of confidence since a securities regulator alleged its top executives hid mortgage broker fraud from investors earlier this month, and has hired bankers to advise on funding and strategic options.The company, which secured a C$2 billion credit line from Healthcare of Ontario Pension Plan on Thursday, said its unit expects to receive an initial draw of $1 billion from its $2 billion credit line on Monday.($1 = 1.3651 Canadian dollars) (Reporting by Arathy S Nair in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/home-cap-grp-stocks-idINL4N1I32BT'|'2017-05-01T10:32:00.000+03:00'
'a951ddce2690527b02df43d5fbe007c057123b95'|'CANADA STOCKS-TSX little changed: Veresen soars, Home Capital slumps'|'Market News - Mon May 1, 2017 - 11:28am EDT CANADA STOCKS-TSX little changed: Veresen soars, Home Capital slumps * TSX up 7.53 points, or 0.05 percent, to 15,593.66 * Five of the TSX''s 10 main groups were up * Energy shares down 0.5 percent; financials up 0.3 percent TORONTO, May 1 Canada''s main stock index was little changed on Monday, as a pipeline company''s shares soared on an acquisition announcement, but a major mortgage lender slumped. Shares of Veresen Inc jumped 19.2 percent to C$18.15 on news that it agreed to be acquired in a $C9.7 billion ($7.10 billion) stock-and-cash deal by its larger rival Pembina Pipeline Corp . Pembina shares declined 2.2 percent to C$42.56, and the overall energy group retreated 0.5 percent. The heavily weighted financials group gained 0.3 percent, with Canada''s five biggest banks edging modestly higher. Shares of Home Capital Group Inc, Canada''s biggest non-bank mortgage lender, tumbled 21.4 percent to C$6.32 after the company said its high-interest accounts balance was expected to fall to about C$391 million from C$1.4 billion a week ago. Last month, regulators accused the company of making "materially misleading statements" to investors. At 10:36 a.m. ET (1436 GMT), the Toronto Stock Exchange''s S&P/TSX composite index rose 7.53 points, or 0.05 percent, to 15,593.66. Five of the index''s 10 main groups advanced. Shaw Communications Inc stock rose 1.3 percent to C$29.31 following news late on Friday that the Canadian cable company is looking for a buyer for its U.S. data center company, ViaWest. The overall consumer discretionary group rose 0.4 percent. The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.7 percent. Declining issues outnumbered advancing ones on the TSX by 138 to 102, for a 1.35-to-1 ratio on the downside. (Reporting by Solarina Ho Editing by W Simon) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1I30KM'|'2017-05-01T23:28:00.000+03:00'
'61bb04e04ce4d639a6f44d395882c3cf4c7a51d9'|'U.S. to probe Japanese, German automakers over alleged patent violations'|'Business News - Mon May 1, 2017 - 4:39am BST U.S. to probe Japanese, German automakers over alleged patent violations left right A BMW logo is seen at the 2017 New York International Auto Show in New York City, U.S. April 13, 2017. REUTERS/Lucas Jackson 1/3 left right A logo of Toyota Motor Corp is seen at the company''s showroom in Tokyo, Japan June 14, 2016. REUTERS/Toru Hanai/File Photo 2/3 A logo of Honda Motor Co in Tokyo December 1, 2014. REUTERS/Toru Hanai 3/3 TOKYO The United States will begin an investigation into whether thermoplastic components used in some Japanese and German vehicle models sold in the country violate its patent laws, trade authorities said late last week. The U.S. International Trade Commission (USITC) on Friday listed 25 companies in the probe, including BMW, Honda Motor Co Ltd, Toyota Motor Corp, along with Japanese parts suppliers Aisin Seiki Co Ltd and Denso Corp. The probe was initiated by patent holding firm Intellectual Ventures II, which in March filed a complaint alleging that thermoplastic parts used in motors, water pumps, electronic power steering units and other powertrain parts made by or used in vehicles sold by the companies infringe on its patents. Used in parts which come in contact with high-temperature auto components, thermoplastics are more lightweight and durable compared with other materials used in vehicle powertrains, helping to increase efficiency and improve fuel economy. The complaint affects vehicle models sold in the United States including the 2016 Toyota Camry, 2017 Honda Accord and the 2016 BMW 228i, according to the patent company. The USITC said it would set a target date to complete its investigation within 45 days of starting the probe. Shares in Honda and Toyota were little changed during the Tokyo session on Monday. A Toyota spokeswoman declined to comment on the issue, while officials in Japan at BMW, Honda, Aisin and Denso were not immediately available for comment. (Reporting by Naomi Tajitsu; Editing by Christopher Cushing) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-autos-usa-idUKKBN17X12G'|'2017-05-01T11:28:00.000+03:00'
'886372e494e83839e728348465a5a163cd1e51fb'|'Nikkei edges up, high-tech shares jump on earnings'|'* Tokyo Electron, Murata, Fujitsu jump on earnings* Overall earnings results so far not a big boost* Japan Airlines, Ricoh struggleBy Hideyuki SanoTOKYO, May 1 Japanese stock prices posted modest gains on Monday as high-tech shares such as Tokyo Electron and Murata Manufacturing gained on upbeat earnings in otherwise holiday-lulled trading.The Nikkei rose 0.4 percent to 19,273.87 points, supported for now at its 100-day moving average of 19,131, though lacking momentum to re-test its one-month high of 19,289 touched on Wednesday.The Nikkei rose more than the broader Topix, which gained 0.2 percent to 1,535.00, because of a 13 percent gain in Tokyo Electron, which has a big weighting in the Nikkei."The pessimism we saw last month is ebbing. Investors are picking up companies that have improving earnings outlook," said Takaaki Yoshino, chief quantitative analyst at Daiwa Securities.Tokyo Electron, the second most traded shares by turnover by mid-morning, surged after the manufacturer of chip-making machines said it sees 38.7 percent increase in operating profits in the year to March 2018.Fujitsu gained 8.0 percent as the information technology equipment and service company posted upbeat earnings.Murata Manufacturing, an electronics parts maker and a major Apple supplier, gained 5.2 percent.While these results have underscored the strength of the semi-conductor sector globally, the overall earnings season has so far provided limited catalyst for a further rally, market players said."Japanese companies'' earnings seem to be bottoming out. But the improvement seems to be limited. The return-on-equity will be still little over eight percent," said Shingo Ide, chief equity strategist at NLI Research Institute.Honda Motor, which forecast a 16 percent fall in operating profits for the current year, slightly below analysts'' expectations, rose 0.2 percent.On the other hand, rival Mazda dropped 3.8 percent after its earning estimates fell short of market expectations.Resona Holdings, fell 4.1 percent after the banking group revised down its earnings for the financial year that ended in March.Office machine maker Ricoh dropped 6.8 percent to near six-month lows as it projected a further fall in profits in the year to March due to restructuring costs.Japan Airlines dropped 7.2 percent after the company said it saw a 16.6 percent decline in operating profits due to costs for renewing its computer systems and other investments.Trading is expected to be slow this week due to holidays in many countries.Tokyo financial markets will be closed from Wednesday to Friday for a series of national holidays called the "Golden Week". (Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL4N1I317M'|'2017-05-01T00:19:00.000+03:00'
'c52b651afb9a4ef2eb44d1b14656944dd802501d'|'AccorHotels shareholders stick to double voting rights'|'Fri May 5, 2017 - 6:31pm BST AccorHotels shareholders stick to double voting rights FILE PHOTO: The logo of French hotel operator AccorHotels is seen on top of the company''s headquarters in Issy-les-Moulineaux near Paris, France April 22, 2016. REUTERS/Gonzalo Fuentes/File Photo By Dominique Vidalon - PARIS PARIS The shareholders of AccorHotels ( ACCP.PA ) on Friday granted former French President Nicolas Sarkozy a seat on the board of Europe''s largest hotel group, and rejected a bid to block long-term shareholders from getting more double voting rights. Chairman and CEO Sebastien Bazin reiterated at the annual shareholders meeting that double voting rights were a good way to foster loyalty and stability among shareholders.. "We have a solid and extremely diversified shareholder basis," he said. Europe''s largest hotel group has seen some big changes in its shareholder base recently, with investors from China, Saudi Arabia and Qatar now holding a combined 29 percent stake. Soon, these shareholders - which include Chinese competitor Shanghai Jin Jiang ( 600754.SS ) - could qualify for double voting rights under the company ''s rules. This led critics, including French shareholder advisory group Proxinvest, to say this could give them more control over the company without having to pay a premium for that advantage. Proxinvest had advised a group of 14 shareholders, led by Paris-based investment firm PhiTrust and representing 2.3 percent of AccorHotels''s capital, which had filed a proposal to block the further granting of double voting rights. The proposal needed a two-thirds majority to be approved but received just 52.36 percent of the votes cast at the meeting. Chinese group Jin Jiang is Accor''s biggest investor with 12.58 percent of the shares and 11.22 percent of the voting rights, having built its stake since late 2015. French media reports in June 2016 that the Chinese firm could gradually seek to gain more control over Accor drove President Francois Hollande to state publicly that AccorHotels should retain a diverse group of shareholders. [nL8N18Y2SE) Sarkozy also chairs the newly created international strategy committee of AccorHotels. His board appointment was announced in February. Bazin on Friday quashed speculation that Sarkozy''s nomination could be a way to help limit Jin Jiang''s influence. "Nicolas Sarkozy is not in any way a brake (to Jin Jiang), his nomination is not related to our Chinese shareholder," he said. Sarkozy, who led France for five years from 2007, lost his bid for another presidential term in November after coming third in the primaries of his centre-right party. (Reporting by Dominique Vidalon, Editing by Sarah White)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-accorhotels-agm-sarkozy-idUKKBN1811VJ'|'2017-05-06T01:26:00.000+03:00'
'6c3478f03f016f16055eaa284329cb28067154c0'|'CEE MARKETS-Leu bucks FX easing, Romanian central bank seen holding fire'|'* Leu rebound halts ahead of central bank meeting * Romanian central bank is seen keeping rates on hold * Crown eases, Czech PM reverses decision to resign By Sandor Peto BUDAPEST, May 5 The leu, bucking an easing of other Central European currencies, drifted sideways on Friday ahead of a meeting of the Romanian central bank, which is expected to keep interest rates on hold at record lows. Investors held their breath ahead of U.S. payroll figures due at 1230 GMT, which could influence the closely-watched euro/dollar cross. The leu traded at 4.546 against the euro, not extending its rebound from Wednesday''s one-month lows at 4.5525. Romanian senators on Thursday cancelled a plan to include corruption offences in prison pardons. This was the second time this year that planned legislation to ease rules on corruption was withdrawn after street protests. Another worry for investors is that the leftist government''s drive to boost wages further could lift the budget deficit above the European Union''s ceiling, 3 percent of economic output. Analysts'' consensus forecast for 1.7 percent inflation at the end of the year is in line with the central bank''s projection, but the price index could rise further next year. Some analysts expect the Romanian central bank to start to lift its interest rates before the end of the year, but on Friday no change is expected in its interest rates or rhetoric. "Deficit worries are likely to accentuate as we progress into the year, negatively affecting the EURRON and Romania''s financing costs," UniCredit analysts said in a note. "The EURRON seems to have transitioned to the new (weaker) 4.50-4.60 range since the beginning of 2017," they said. A rise in inflation across Central Europe since late 2016 is unlikely to trigger monetary policy tightening soon. The Czech central bank (CNB), however, signalled on Thursday that it may need to lift rates if the crown does not firm from 27 against the euro, the level of a cap on the currency, which the bank removed a month ago. "(Market interest) rates corrected down a bit after the CNB press conference, however bids returned quickly as the threat of the hike seems serious enough to start getting priced in..." one Prague-based trader said. The crown eased in tandem with the forint and the zloty, shedding 0.1 percent to 26.82. Investors have ignored the twists and turns of a Czech government crisis months before October elections, which the trader called "politics silly game". Prime Minister Bohuslav Sobotka on Friday reversed his decision to resign, saying he would instead seek the removal of Finance Minister Andrej Babis, his main political rival. Elsewhere, the stocks of Polish gas company PGNiG plunged 5.6 percent in a sharp correction after hitting 18-month highs on Thursday when Warsaw''s blue-chip stock index reached a 23-month high. CEE SNAPS AT 1052 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech 26.82 26.80 -0.07 0.69% crown 10 20 % Hungary 312.2 312.0 -0.05 -1.09 forint 100 400 % % Polish 4.219 4.214 -0.11 4.38% zloty 0 3 % Romanian 4.546 4.547 +0.0 -0.24 leu 0 3 3% % Croatian 7.430 7.436 +0.0 1.68% kuna 0 5 9% Serbian 123.1 123.2 +0.1 0.20% dinar 000 250 0% Note: calculate previ close 1800 daily d from ous at CET change STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 997.9 1001. -0.38 +8.2 4 75 % 8% Budapest 32536 32289 +0.7 +1.6 .47 .85 6% 7% Warsaw 2363. 2381. -0.74 +21. 45 00 % 33% Bucharest 8266. 8235. +0.3 +16. 26 90 7% 67% Ljubljana 777.9 778.6 -0.09 +8.4 5 3 % 1% Zagreb 1888. 1892. -0.23 -5.33 49 76 % % Belgrade <.BELEX15 713.9 715.7 -0.25 -0.47 > 8 5 % % Sofia 664.1 663.5 +0.1 +13. 9 4 0% 26% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.16 0.018 +055 +3bp > bps s 5-year <CZ5YT=RR -0.01 0 +033 +3bp > 8 bps s 10-year <CZ10YT=R 0.818 0 +045 +2bp R> bps s Poland 2-year <PL2YT=RR 2.01 -0.00 +272 +1b
'167a8b8506b6d3030fa0380514e8129f84eafd19'|'UK accounting watchdog investigates KPMG over Rolls-Royce audits'|'LONDON Britain''s accounting watchdog has opened an investigation into how KPMG checked the books of Rolls-Royce ( RR.L ), the aero-engine group that agreed in January to pay 671 million pounds ($862.8 million) to settle a transatlantic bribery probe.The Financial Reporting Council, which regulates auditing in Britain, said on Thursday it was looking into KPMG''s audit of Rolls-Royce Group''s financial statements for the year to Dec. 31, 2010 and those of Rolls-Royce Holdings for the years to end December 2011 to 2013.Rolls-Royce and Britain''s Serious Fraud Office (SFO) in January reached a Deferred Prosecution Agreement (DPA) in a deal that allowed the company to avoid prosecution in relation to accusations by prosecutors of persistent criminal conduct over three decades.Rolls-Royce, which has apologized unreservedly, also struck deals in the U.S. and Brazil.KPMG said in a statement: "We are confident in the quality of all the audit work we have completed for Rolls-Royce, including the 2010-2013 period the FRC is considering."The firm, one of the world''s top four global auditors and professional services businesses, said it was important that regulators acting in the public interest should review high profile cases."We will co-operate fully with the FRC''s investigation, which follows the SFO''s investigations into Rolls-Royce," it said in the statement.KPMG will stand down as Rolls-Royce''s auditor this year after 26 years, a KPMG spokesman said. Under new rules, overseen by the FRC, companies are requested to consider changing their auditor every 10 years.The FRC, which has powers to fine accountants and ban them from practicing, is expected to now start gathering evidence before drafting any formal complaint, an FRC spokeswoman said.The regulator declined to comment about whether its investigation would include individuals at KPMG.The SFO has also not charged individuals in the case, although it says its case remains open.(Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-kpmg-rollsroyce-accounts-idUSKBN18010B'|'2017-05-04T17:47:00.000+03:00'
'18dad63db0e54146aab795e2a8ce5bc8afe55d9a'|'Unilever forms Myanmar joint venture for home and personal care products'|' 08am BST Unilever forms Myanmar joint venture for home and personal care products FILE PHOTO: The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. REUTERS/Brendan McDermid/File Photo SINGAPORE Consumer goods maker Unilever ( ULVR.L ) ( UNc.AS ) signed a joint venture deal with Myanmar''s Europe and Asia Commercial Co Ltd (EAC), combining their home and personal care businesses to accelerate sales in a newly emerging market. The joint entity, with annual sales of more than 100 million euros (84.75 million pounds), will provide both companies with a complementary portfolio, better rural reach and economies of scale, said Unilever, which entered the Myanmar market in 2010. The venture has a goal of tripling sales to 300 million euros by 2020, Pier Luigi Sigismondi, Unilever''s president for southeast Asia and Australasia, told Reuters. EAC, whose products include detergent and dishwashing liquid, will also help add to Unilever''s manufacturing capabilities. "We felt that maintaining organic growth alone will take us far, but not as far as joining forces with EAC," he said. "We have a factory there that produces shampoos, haircare products, and we believe that with this joint venture, we will be able to produce the rest of our personal care range in the country," Sigismondi said in an interview at Unilever''s regional headquarters in Singapore. Global companies have lined up to take advantage of an under-penetrated market in Myanmar, buoyed by the growing middle class and a rise in spending. The Asian Development Bank forecast Myanmar''s economy, which has been opening up after decades of military dictatorship, to grow at 7.7 percent this year - the fastest among southeast Asian countries. Sigismondi said Unilever, which sells products such as Clear shampoo, Signal toothpaste and Rexona deodorants in Myanmar, might explore exporting products from the country. (Reporting by Aradhana Aravindan; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-unilever-myanmar-jointventure-idUKKBN1800R7'|'2017-05-04T16:08:00.000+03:00'
'e64e06f11e73c4c4fb39c1449a83c124d872c42d'|'AB InBev suffers again in Brazil, slips in United States'|'Thu May 4, 2017 - 6:57am BST AB InBev suffers again in Brazil, slips in United States A man walks past the logo of Anheuser-Busch InBev at the brewer''s headquarters in Leuven, Belgium February 26, 2014. REUTERS/Francois Lenoir/File photo BRUSSELS Anheuser-Busch InBev ( ABI.BR ), the world''s largest brewer, reported a lower than expected increase in profit in the first quarter as earnings slipped in the United States and fell sharply in Brazil, its two largest markets. The brewer of Budweiser, Stella Artois and Corona, which makes more than a quarter of the world''s beer, said on Thursday its core profit was $4.81 billion, up 5.8 percent on a like-for-like basis, but lower than the $4.88 billion average forecast in a Reuters poll. After two years of falling sales, beer volumes actually picked up in Brazil, but revenue per hectolitre dropped as state tax increases were not fully passed on to customers. AB InBev also took a hit from a near 40 percent decline of the Brazilian real to the dollar, as half of its cost of sales there are dollar-denominated. The company said it remained optimistic about Brazil in the long run, and for 2017 said it would see improved revenue per hectolitre and see cost of sales per hectolitre growth ease to between zero and a low single-digit percentage increase. In the United States, AB InBev saw lower volumes as Bud Light and Budweiser both lost market share. Profit also slipped although the margin increased with strong sales of higher-priced Michelob Ultra, Stella Artois and craft beers. Among the positives were increased volumes and earnings in Mexico, a huge expansion of margins in South Africa, one of its new markets, and a strong start to the year in China. The company, which paid nearly $100 billion to take over SABMiller last year and is now more than double the size globally of nearest rival Heineken ( HEIN.AS ), retained its outlook, including a forecast of accelerated revenue growth this year. (Reporting By Philip Blenkinsop; editing by Robert-Jan Bartunek)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-abinbev-results-idUKKBN1800GN'|'2017-05-04T13:49:00.000+03:00'
'4f16d841c1e187f8c2abcdd1f4ce3d30c6620446'|'Facebook shares dip from high as investors fret over costs, future profit'|'Global Coverage 3 - Thu May 4, 2017 - 9:01am IST Facebook shares dip from high as investors fret over costs, future profit FILE PHOTO: The Facebook logo is displayed on the company''s website in an illustration photo taken in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau/File Photo By Rishika Sadam and David Ingram Facebook Inc ( FB.O ) reported surging quarterly profit and revenue on Wednesday, helped by its fast-growing mobile ad business, but its shares dipped from a record high in after-hours trading as investors showed some nervousness about future earnings. The world''s biggest online social network, which is nearing the five-year anniversary of its initial public offering, is searching for new types of advertising features to supplement its main revenue streams that it expects to cool off this year. Facebook''s shares fell 2.4 percent in after-hours trading to $148.12. They had closed at an all-time high of $153.60 on Tuesday. Chief Financial Officer David Wehner said on a conference call after the company''s earnings announcement that ad revenue growth is expected to come down significantly over the rest of 2017, repeating prior company warnings that it is hitting a limit in "ad load," or the number of ads it can squeeze onto users'' pages before upsetting them. Wehner gave similar warnings about ad load in November and in February, although a slowdown has not materialized. New products, such as ads that play in the middle of videos or appear on Facebook''s Messenger app, could fuel growth, but Wehner and Chief Executive Mark Zuckerberg said on Wednesday those plans were still in early stages. At the same time, the company said expenses would continue at a high level, growing 40 percent to 50 percent this year over 2016 levels and putting a squeeze on future profits. "As we look into 2017 and beyond, there are going to be a number of initiatives we believe are valuable to the community and to the company in the long term that are going to be net negative on our operating margin," Wehner said. Facebook''s spending contributed to the drop in share price after hours, said Josh Olson, an Edward Jones analyst. "Investors were hoping for some indication that we would see some relief as the year progressed, and we still could. I think that expense guidance range, left unchanged, is probably what is weighing on shares," Olson said. GAAP SURPRISE Facebook said quarterly profit in the first three months of 2017 rose 76.6 percent year-over year to $3.06 billion and total revenue went up 49 percent to $8.03 billion. The company caused brief confusion on Wall Street by only issuing numbers conforming to Generally Accepted Accounting Principles (GAAP) without warning. Previously it also issued non-GAAP numbers, which it had said provided greater transparency and were closely watched by investors and analysts. The company is expected to generate $31.94 billion in mobile ad revenue globally in 2017, up 42.1 percent from a year earlier, according to research firm eMarketer. That would give Facebook a 22.6 percent share of the worldwide mobile ad market, with archrival Google of Alphabet Inc ( GOOGL.O ) projected to be the leader with a 35.1 percent share, according to eMarketer. Facebook continued its march toward the 2 billion user threshold, saying it had some 1.94 billion people using its service monthly as of March 31. That was up 17 percent from a year earlier. Analysts on average had expected monthly active users of 1.91 billion, according to financial data and analytics firm FactSet. Net income attributable to Facebook shareholders rose to $3.06 billion, or $1.04 per share, in the first quarter from $1.73 billion, or 60 cents per share, a year earlier. Mobile ad revenue accounted for about 85 percent of the company''s total advertising revenue of $7.86 billion in the first quarter ended March 31, compared with about 82 percent a year earlier. Analysts on average had expected total ad revenue
'60f0450101b2e8ad694b0d9e66b1fe287d5e83be'|'Barclays CEO Staley in dispute with KKR over soured deal: WSJ'|' 09pm BST Barclays CEO Staley in dispute with KKR over soured deal: WSJ FILE PHOTO: Chief executive officer of Barclays, Jes Staley, takes part in the Yahoo Finance All Markets Summit in New York, U.S., February 8, 2017. REUTERS/Lucas Jackson LONDON Barclays ( BARC.L ) Chief Executive Jes Staley is involved in a dispute with private equity firm KKR & Co ( KKR.N ), which is a client of the bank, the Wall Street Journal reported on Tuesday. KKR has complained to Barclays over Staley''s actions on behalf of his brother-in-law after a deal between Jorge Nitzan and the buyout firm went sour, the WSJ said, citing sources familiar with the case. News of the KKR dispute comes at a sensitive time for Staley who faces regulatory scrutiny in the United States and Britain over his attempts to unmask a whistleblower. KKR is unhappy about what it sees as a conflict with its interests as a Barclays client, the newspaper reported. The alleged conflict was brought about by Staley interceding on behalf of his brother-in-law late last year by vouching for him to KKR''s co-investors and helping to try and find a new investor for a Brazilian company called Aceco TI, the WSJ said. The family of Staley''s wife Debora Nitzan Staley and her brother Jorge founded data center company Aceco and sold the bulk of it to KKR in 2014. However, Aceco''s revenues have slumped since the acquisition, which KKR has blamed on wrongdoing by its former owners, alleging they concealed accounting fraud. Nitzan, Aceco''s former chief executive, has denied all allegations of wrongdoing at the company, saying its recent problems have been caused by Brazil''s economic slump and post-acquisition mismanagement. "We have a responsibility to protect the interests of our investors who we believe were defrauded in the sale of Aceco. We would also note that we have been a longtime client of Barclays, which comes with its own responsibilities for Barclays," KKR said in an emailed statement to Reuters. A spokesman for Barclays noted that the bank was not involved in the deal between Aceco and KKR. "Appropriate senior personnel within Barclays have been kept informed about this matter, and in particular regarding any management interactions with the parties concerned," the Barclays spokesman said in an emailed statement. (Reporting by Lawrence White and Dasha Afanasieva; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-barclays-ceo-idUKKBN17Y23J'|'2017-05-03T01:04:00.000+03:00'
'ab93aec51db9f7b5cbf4f0a61c5d7d686c98ad17'|'AstraZeneca immunotherapy wins first approval in bladder cancer'|'Business News - Mon May 1, 2017 - 8:55pm BST AstraZeneca immunotherapy wins first approval in bladder cancer The logo of AstraZeneca is seen on medication packages in a pharmacy in London April 28, 2014. REUTERS/Stefan Wermuth By Ben Hirschler , Divya and Grover U.S. regulators have approved AstraZeneca''s ( AZN.L ) key immunotherapy drug durvalumab as a treatment for bladder cancer, marking the first commercial green light for a product the company hopes will go on to sell billions of dollars. The green light, while expected, marks a milestone for the British company, which believes new cancer drugs can help revive its fortunes following patent losses on older blockbuster products like cholesterol pill Crestor and Nexium for heartburn. Bladder cancer itself is a relatively small initial market, where AstraZeneca is lagging behind rivals such as Bristol-Myers Squibb ( BMY.N ) and Roche ( ROG.S ) whose immunotherapies are already approved for the condition. Durvalumab''s big commercial opportunity lies in previously untreated lung cancer, where key clinical trial results are due in June or July. The U.S. Food and Drug Administration (FDA) said on Monday it granted accelerated approval to AstraZeneca''s drug to treat advanced bladder cancer in patients whose disease had progressed despite chemotherapy. The drug, which will have the brand name Imfinzi, works by helping the body''s immune cells kill cancer, offering an alternative to toxic chemotherapy. While not without side effects, such immuno-oncology treatment has the potential of longer-lasting efficacy, although it comes at a high price. AstraZeneca said the average wholesale acquisition cost of durvalumab would be around $15,000 a month. "This first approval for Imfinzi is an important milestone in our return to growth," said AstraZeneca Chief Executive Pascal Soriot. The drug belongs to a new class of medicines called PD-L1 inhibitors that block a mechanism tumours use to evade detection from the immune system. It was approved by the FDA for use in patients with locally advanced or metastatic urothelial carcinoma, by far the most common form of bladder cancer, regardless of their status for the amount of PD-L1 protein on their cancer cells. Durvalumab won accelerated approval, which enables the use of therapies for serious conditions to fill an unmet medical need based on data the FDA believes is likely to predict a clinical benefit. AstraZeneca is required to conduct trials to confirm actual benefit to patients. ( bit.ly/2oYipOi ) The FDA also approved a complementary diagnostic from Roche that can be used with the drug to assess PD-L1 levels. Studies have shown patients with high PD-L1 are more likely to do well on durvalumab, although such a test is not required for its use. Durvalumab is being tested on its own and also in combination with another immune system-boosting therapy called tremelimumab in various cancers. The medicine is the latest immunotherapy to be approved by the FDA, after nods for treatments developed against various cancers by Bristol-Myers Squibb, Merck & Co ( MRK.N ), Roche, and a collaboration between Germany''s Merck KGaA ( MRCG.DE ) and Pfizer ( PFE.N ). U.S. listed shares of AstraZeneca were up 0.4 percent at $30.38 in afternoon trading in New York. (Reporting by Divya Grover in Bengaluru; Editing by Supriya Kurane and Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-astrazeneca-fda-idUKKBN17X2BY'|'2017-05-02T03:55:00.000+03:00'
'2d59d71c8956402d274703c1a3906445df376f3f'|'U.S. Supreme Court sides with Venezuela over oil rigs claim'|' 54pm BST U.S. Supreme Court sides with Venezuela over oil rigs claim People stand outside the Supreme Court building at Capitol Hill in Washington D.C., February 13, 2016. REUTERS/Carlos Barria By Lawrence Hurley - WASHINGTON WASHINGTON The U.S. Supreme Court on Monday tossed out a lower court''s ruling that had allowed an American oil drilling company to sue Venezuela over the seizure of 11 drilling rigs in 2010 but allowed the business another chance to press its claims. Siding with Venezuela, the justices ruled 8-0 that a lower court that had given the go-ahead for the suit must reconsider whether claims made by Oklahoma-based Helmerich & Payne International Drilling Company ( HP.N ) can proceed. Writing for the court, Justice Stephen Breyer said the U.S. Court of Appeals for the District of Columbia Circuit in 2015 used the wrong standard in denying Venezuela immunity from the lawsuit. Helmerich & Payne shares fell about 2 percent in midday trading after the ruling. The company sued both the Venezuelan government and state-owned oil companies under a U.S. law called the Foreign Sovereign Immunities Act, saying among other things that the property seizure violated international law. The Foreign Sovereign Immunities Act allows for foreign governments to be sued in U.S. courts under certain circumstances, including when private property is seized. On Monday, the justices said the appeals court wrongly allowed claims to move forward merely because a company had presented a "nonfrivolous" case against a foreign government. Breyer called that too low a bar to allow a suit against Venezuela. The lower court must decide whether any property had been taken in violation of international law. "For present purposes, it is important to keep in mind that the Court of Appeals did not decide on the basis of the stipulated facts that the plaintiffs'' allegations are sufficient to show their property was taken in violation of international law," Breyer added. Helmerich & Payne had long provided drilling services for the Venezuelan government. The company disassembled its rigs in 2009 after Venezuela failed to pay $100 million in bills. In response, Venezuela''s government in 2010, assisted by armed soldiers, seized the property. Then-President Hugo Chavez ordered the seizure, saying the rigs could be used by government-owned companies. The company said Venezuela seized the rigs "in substantial part because of the Chavez regime''s pervasive anti-American animus." It noted in court papers that a Venezuelan official had accused domestic opponents of the expropriation of taking orders from the United States and trying to "subsidize the big business transnational corporations, so that they can promote what they know best to do, which is war" led by the military industry of the American "empire and its allies." The legal question before the justices was whether the company''s lawsuit succeeded in meeting the legal criteria that would allow the case to continue. Venezuela, backed in the case by former President Barack Obama''s administration, argued it did not. A U.S. district court previously ruled largely in favour of the drilling company. The appeals court then blocked the company''s separate breach of contract claim while allowing the expropriation claim to proceed. Newly appointed Justice Neil Gorsuch, who was not on the court when it heard arguments in the case in November, did not participate. During the argument, some of the justices appeared wary about the foreign policy implications of making it too easy for foreign governments to be sued in U.S. courts. (Reporting by Lawrence Hurley; Additional reporting by Andrew Chung   Will Dunham)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-court-venezuela-idUKKBN17X28E'|'2017-05-02T02:54:00.000+03:00'
'7b93e27adc7c7af4c04438f126c2978b851f181b'|'How two cutting edge U.S. nuclear projects bankrupted Westinghouse'|'Tue May 2, 2017 - 7:27am BST How two cutting edge U.S. nuclear projects bankrupted Westinghouse left right FILE PHOTO: The Vogtle Unit 3 and 4 site, being constructed by primary contactor Westinghouse, a business unit of Toshiba, near Waynesboro, Georgia, U.S. is seen in an aerial photo taken February 2017. Georgia Power/Handout via REUTERS 1/3 left right FILE PHOTO -- Visitors look at a nuclear power plant station model by American company Westinghouse, in Le Bourget, near Paris October 14, 2014. REUTERS/Benoit Tessier/File Photo 2/3 left right FILE PHOTO: The logo of the American company Westinghouse is pictured at the World Nuclear Exhibition 2014, the trade fair event for the global nuclear energy sector, in Le Bourget, near Paris October 14, 2014. REUTERS/Benoit Tessier/File Photo 3/3 By Tom Hals and Emily Flitter - WILMINGTON, Del./NEW YORK WILMINGTON, Del./NEW YORK In 2012, construction of a Georgia nuclear power plant stalled for eight months as engineers waited for the right signatures and paperwork needed to ship a section of the plant from a factory hundreds of miles away. The delay, which a nuclear specialist monitoring the construction said was longer than the time required to make the section, was emblematic of the problems that plagued Westinghouse Electric Co as it tried an ambitious new approach to building nuclear power plants. The approach - building pre-fabricated sections of the plants before sending them to the construction sites for assembly - was supposed to revolutionize the industry by making it cheaper and safer to build nuclear plants. But Westinghouse miscalculated the time it would take, and the possible pitfalls involved, in rolling out its innovative AP1000 nuclear plants, according to a close examination by Reuters of the projects. Those problems have led to an estimated $13 billion in cost overruns and left in doubt the future of the two plants, the one in Georgia and another in South Carolina. Overwhelmed by the costs of construction, Westinghouse filed for bankruptcy on March 29, while its corporate parent, Japan''s Toshiba Corp ( 6502.T ), is close to financial ruin [L3N1HI4SD]. It has said that controls at Westinghouse were "insufficient." The miscalculations underscore the difficulties facing a global industry that aims to build about 160 reactors and is expected to generate around $740 billion in sales of equipment in services in the coming decade, according to nuclear industry trade groups. The sector''s problems extend well beyond Westinghouse. France''s Areva is being restructured, in part due to delays and huge cost overruns at a nuclear plant the company is building in Finland. Even though Westinghouse''s approach of pre-fabricated plants was untested, the company offered aggressive estimates of the cost and time it would take to build its AP1000 plants in order to win future business from U.S. utility companies. It also misjudged regulatory hurdles and used a construction company that lacked experience with the rigor and demands of nuclear work, according to state and federal regulators'' reports, bankruptcy filings and interviews with current and former employees. "Fundamentally, it was an experimental project but they were under pressure to show it could be a commercially viable project, so they grossly underestimated the time and the cost and the difficulty," said Edwin Lyman, a senior scientist at the Union of Concerned Scientists, who has written and testified about the AP1000 design. Westinghouse spokeswoman Sarah Cassella said the company is "committed to the AP1000 power plant technology", plans to continue construction of AP1000 plants in China and expects to bid for new plants in India and elsewhere. She declined to comment on a detailed list of questions from Reuters. PROBLEMS FROM THE START By early 2017, the Georgia and South Carolina plants were supposed to be producing enough energy to power more than a half a million homes and businesses. Instead, 
'85c086968ad6b5a5e9b13e6288ce61e867e82304'|'BP boosts FTSE, earnings in focus'|' 11am BST BP boosts FTSE, earnings in focus A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo By Kit Rees - LONDON LONDON Britain''s top share index rose on Tuesday, with well-received results from heavyweight BP helping underpin gains in a positive start to the first trading day of the month. The blue chip FTSE 100 index was up 0.4 percent at 7,235.30 points by 0855 GMT, in line with a broadly positive European market. Oil major BP was among standout performers, its shares up 1.8 percent after its profit nearly tripled in the first quarter of 2017. Higher oil prices and production helped BP report a first-quarter underlying replacement cost profit, the company''s definition of net income, of $1.51 billion, beating analysts'' average forecast of $1.26 billion. "The broader theme is that BP is looking in better shape because of the higher oil price, and while oil prices hold their ground, BP, alongside with all of the other oil companies are going to benefit," Jasper Lawler, senior market analyst at London Capital Group, said. "Part of the attraction with BP is that they started the cost cutting before some of the big oil majors because of Deepwater (Horizon), but now as the oil price does continue to hold up, maybe you don''t necessarily want as much cost cutting anymore, you want to start expanding," Lawler added, referring to BP''s deadly Gulf of Mexico oil spill in 2010. Precious metals miners were on the backfoot, however, with both Fresnillo and Randgold Resources dropping 2.6 percent after the price of gold, considered a ''safe haven'' asset, held near three-week lows as equities rallied and the dollar gained. [GOL] Banking stocks Barclays and Standard Chartered were also weaker, as were miners Glencore and Anglo American. Outside of the blue chips, online supermarket Ocado jumped 6.7 percent after a media report said that the company was exploring a delivery tie-up with Marks & Spencer. Earnings also drove shares in Aberdeen Asset Management, which rose 3.4 percent after it reported a 10.6 percent rise in first-half revenues, boosted by market gains and cost cuts. It also saw a slowdown in the pace of outflows from its funds, a boost as the company prepares to merge with blue chip peer Standard Life, whose shares rose 2.4 percent. Just Eat fell more than 4 percent, however, after reporting first quarter results, with UK order growth in particular disappointing. "A tough quarter for (Just Eat), hard comps and some operational issues evident. Given that, a solid outcome, investor sentiment may home in on the UK and +16.5% order growth, consistent with the FY17 guide," David Reynolds, equity analyst at Jefferies, said in a note. (Reporting by Kit Rees; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN17Y0TU'|'2017-05-02T17:11:00.000+03:00'
'08f723aa5abc0484f3c6c632406ede7e158c5038'|'Pacific trade pact nations meet to discuss future without U.S'|'OTTAWA Negotiators from the remaining members of the Trans-Pacific Partnership (TPP) gathered in Canada on Tuesday seeking ways to boost free trade in the region after the United States pulled out of the 12-nation pact.The withdrawal killed off years of negotiations and left the region looking for ways to deepen economic ties without a United States that appears increasingly suspicious of multilateral deals.The two-day meeting of senior officials in Toronto will deliver recommendations in time for an Asian trade ministers'' meeting in Vietnam later this month.Japanese Finance Minister Taro Aso said last month Tokyo would not rule out the option of negotiating a TPP-type agreement without the United States.Joseph Pickerill, chief spokesman for Canadian Trade Minister Francois-Philippe Champagne, said officials will be looking at what kind of free trade arrangement or framework for the region would receive the most support."I wouldn''t characterize it as being TPP part two," he said.Asked about the chances of pressing ahead with "a TPP-minus-one deal," Champagne said on Monday: "We''re going to see, and that''s why we''re meeting next in Vietnam. But what''s important now is to look at all options".President Donald Trump pulled the United States out of the TPP in late January, complaining about "ridiculous trade deals" he said had damaged the U.S. economy.In March, Canadian Foreign Minister Chrystia Freeland said the TPP as originally drawn up could not exist without U.S. ratification, adding that some "sort of other combination of TPP interested countries could happen".(Reporting by David Ljunggren; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/trade-tpp-idINKBN17Y25S'|'2017-05-02T15:52:00.000+03:00'
'9b8a20b62108484374be2daf1972e17220df8a21'|'BRIEF-Blackstone Mortgage Trust prices public offering of convertible senior notes'|'May 1 Blackstone mortgage Trust* Blackstone mortgage trust announces pricing of public offering of convertible senior notes* Notes will pay interest semiannually at a rate of 4.375% per annum and will mature on may 5, 2022* Pricing of underwritten public offering of $250 million aggregate principal amount of 4.375% convertible senior notes due 2022 Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-blackstone-mortgage-trust-prices-p-idINFWN1I30CM'|'2017-05-01T22:37:00.000+03:00'
'1c6222ad9c26e6cca5557df30fe298d8c9509cc3'|'CEE MARKETS-Currencies ease after Fed, Czech central bank seen holding fire'|'Bonds News - Thu May 4, 2017 - 5:51am EDT CEE MARKETS-Currencies ease after Fed, Czech central bank seen holding fire * Currencies ease, bonds mixed on hawkish Fed, reaction is muted * Czech central bank seen keeping rates on hold * Zloty off 20-month high but Polish stocks hit 23-month high * Kuna steady though snap elections are possible in Croatia By Sandor Peto BUDAPEST, May 4 Central European currencies eased slightly on Thursday after hawkish comments from the Federal Reserve and ahead of a likely decision by the Czech central bank to keep interest rates on hold. Central banks in the European Union''s eastern wing have shown no signs that a rebound in inflation since late 2016 could prompt them to start reversing years of interest rate loosening any time soon. The Czech central bank (CNB), however, four weeks ago removed its cap which had kept the crown weaker than 27 against the euro. That could lift the crown by some 4 percent in the coming year according to a Reuters poll, but speculative crown buying positions worth tens of billions of euros built in the past months may keep it volatile in the short term. The crown eased a shade to 26.78 against the euro by 0832 GMT, retreating from two-week highs touched on Wednesday. The Czech coalition government collapsed on Tuesday, but investors continued to ignore politics in the Czech Republic which is regarded as the region''s safe-haven market. Czech 10-year government bond yields have fallen since Friday when JPMorgan added Czech papers to its GBI-EM index. Raiffeisen analyst Gintaras Shlizhyus said in a note that this added weight to their "hypothesis of likely more support for CZK developing". "The government resignation failed to impress financial markets so any volatility from politics (is) unlikely to feed into FX market at this stage," Shlizhyus added. The kuna was steady at 7.4475 even though the Croatian parliament started to discuss a no-confidence motion against the finance minister on Wednesday that could force a snap election. The zloty shed 0.4 percent to 4.2157 against the euro, but dealers said that was a natural correction after a jump to 20-month highs on Wednesday in illiquid international markets, when local exchanges were closed due to a national holiday. The overall sentiment, however, remained positive, indicated by a 1 percent rise in Warsaw''s main equities index to a 23-month high, extending its gains so far this year to 24 percent. Bank and energy stocks lifted the index even though heavyweight copper producer KGHM''s stocks shed 3 percent, with London copper prices stumbling. Major banks in the region -- Czech Komercni and Romanian BRD -- reported a jump in their first-quarter earnings. The leu was steady, but it stays near one-month lows at 4.545 against the euro as investors remain worried over a proposal to widen a draft bill on prison pardons to include corruption offences. CEE SNAPS AT 1032 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 26.78 26.77 -0.02 0.85% 00 55 % Hungary 312.3 311.9 -0.11 -1.11 forint 000 500 % % Polish 4.215 4.200 -0.36 4.46% zloty 7 7 % Romanian 4.545 4.547 +0.0 -0.22 leu 0 4 5% % Croatian 7.447 7.451 +0.0 1.44% kuna 5 5 5% Serbian 123.0 123.1 +0.1 0.28% dinar 000 950 6% Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 1002. 996.2 +0.6 +8.7 52 9 3% 8% Budapest 32263 32077 +0.5 +0.8 .36 .72 8% 1% Warsaw 2414. 2392. +0.9 +23. 80 09 5% 97% Bucharest 8244. 8209. +0.4 +16. 37 88 2% 36% Ljubljana 774.6 777.6 -0.38 +7.9 4 1 % 5% Zagreb 1892. 1890. +0.1 -5.13 47 16 2% % Belgrade <.BELEX15 714.8 719.9 -0.71 -0.35 > 5 7 % % Sofia 668.8 664.7 +0.6 +14. 9 1 3% 06% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.09 0.086 +063 +8bp > 1 bps s 5-year <CZ5YT=RR 0.045 0.002 +039 -2bps > bps 10-year <CZ10YT=R 0.818 -0.0
'0a7956d957a6c490e1d37deddaf3a76943a558f5'|'Next cuts top end of profit guidance in ''challenging'' environment'|'  8:25am BST Next cuts profit range as shoppers feel the pinch Shoppers pass a branch of Next retail in London, Britain, September 15, 2016. REUTERS/Toby Melville/File Photo LONDON British clothing retailer Next lowered its full-year profit guidance on Thursday after cash-strapped shoppers stayed away from its stores in the first quarter, sending its shares down almost 7 percent. Britain''s most successful clothing store chain in recent years, Next said the consumer environment remained challenging with rising prices eroding shoppers'' spending power, forcing them to cut back on clothes and homewares. The value of full-priced goods sold in its stores in the 13 weeks to April 29 was down 8.1 percent. While online sales rose slightly, it was not enough to offset the downward pressure and total sales were down 3 percent in the period. Analysts at Jefferies had expected the store sales to be down around 5 percent. The drop to 8.1 percent also marks a sharp decline on the previous year when they fell by 2.9 percent. As a result, Next said it now expected pretax profit for the year to come in between 680 million pounds and 740 million pounds. Previously the upper end of its guidance was set at 780 million pounds. Its shares, which have fallen 16 percent in the last year, were down 6.7 percent by 0720 GMT. "The UK consumer environment remains challenging, particularly in the clothing and homeware markets, and real wage growth is now close to zero," the group said. "With the first quarter of the year complete, we are now able to narrow our profit guidance range." Next had grown rapidly in the previous 10 years but it started to sound the alarm in 2015 when it said that Britons were spending less on clothes and footwear. That situation has been compounded this year by the squeeze in consumer spending, while the plunge in the pound following the vote to leave the European Union pushes up the price of imported goods. "In our full year results announcement in March we talked about omissions in some of our product ranges," it said. "We said that we expected some improvements from May onwards, but that our ranges would not be where we wanted them to be until the Autumn season in September. "We still believe this to be the case." (Reporting by Paul Sandle and Kate Holton; Editing by William Schomberg and Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-next-uk-outlook-idUKKBN1800ID'|'2017-05-04T14:19:00.000+03:00'
'2a5c9bd5ce25f22d69cfb9a3893b2c216445d572'|'PRESS DIGEST- Financial Times - May 1'|'May 1 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesFox in talks with Blackstone to buy Tribune Mediaon.ft.com/2pkKKloHigh-ranking Fifa official resigns after bribery allegationson.ft.com/2oYwaNSFCA appoints criminal trials veteran as legal chiefon.ft.com/2qn12ZpOverviewTwenty-First Century Fox is in talks with Blackstone Group to launch a joint bid for U.S. broadcaster Tribune Media Co, according to two people familiar with the negotiations.Sheikh Ahmad Al-Fahad Al-Ahmed Al-Sabah, the FIFA Council member who also runs the Olympic Council of Asia, said on Sunday he was resigning all his posts in football after being drawn into the latest bribery scandal to hit the game''s governing body.Financial Conduct Authority has hired Vincent Coughlin as its chief criminal counsel, taking over from Claire Lipworth, who has joined law firm Hogan Lovells.(Compiled by Rama Venkat Raman in Bengaluru; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-ft-idINL4N1I303Y'|'2017-04-30T22:36:00.000+03:00'
'46f74b4d852ad319ca03d7f431481754c1331bf4'|'Nigerian village sues Eni for damages from pipe explosion'|'Global Energy News - Thu May 4, 2017 - 8:23pm BST Nigerian village sues Eni for damages from pipe explosion The logo of oil company Eni-Saipem is pictured at the petrol station in Milan, Italy, February 28, 2016. REUTERS/Stefano Rellandini MILAN A Nigerian village has filed a lawsuit in Milan against Italian oil company Eni demanding compensation for damage caused by an oil pipeline explosion in 2010, an Italian lawyer representing the village said on Thursday. The village of Ikebiri in the Niger Delta is asking Eni for 2 million euros ($2.2 million) in damages along with a commitment to clean up the area covering more than 43 acres (17 hectares), Luca Saltalamacchia told a news conference. "The explosion that happened near a river caused an environmental disaster that polluted water and land," Saltalamacchia said. Mining and energy firms around the world have battled a spate of cases brought in international courts against their subsidiaries in other countries. Anglo-Dutch oil company Royal Dutch Shell successfully fought efforts by one Nigerian community to sue the company in British courts, but it settled another case brought in London by a Nigerian community in 2015. According to Saltalamacchia, Nigerian Agip Oil Company Limited (NAOC), which is controlled by Eni, has claimed it has already carried out cleaning up operations in the area. A spokesman for Eni said NAOC had always acted responsibly and had cleaned up the areas affected by the 2010 oil spill quickly and efficiently, adding an inspection by the relevant authorities had had a positive outcome. "However, some members of the Ikebiri community had already started legal proceedings at the relevant Nigerian court," he said, adding NAOC was providing details to clear up the dispute. He said Eni had been told legal proceedings had also started in Italy. Saltalamacchia, who will be flanked by environmental campaign group Friends of the Earth in the case against Eni, said a first hearing had been set for Dec. 11 at the Milan civil court. Eni has been operating in Nigeria since 1962 and last year produced 117,000 barrels of oil equivalent per day. ($1 = 0.9139 euros)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eni-nigeria-court-idUKKBN1802JX'|'2017-05-05T03:22:00.000+03:00'
'7776b5112e11c7ec20e00a252762f1c0b9cafc1f'|'Japan''s ORIX to buy 22 pct of Israel geothermal energy firm Ormat'|'TEL AVIV Japan''s ORIX Corp ( 8591.T ) will buy a 22.1 percent stake in Israeli geothermal energy producer Ormat Technologies Inc ( ORA.N ) for $627 million from a group led by the FIMI private equity fund, the companies said on Thursday.ORIX will pay $57 for each of the 11 million shares it is buying. The deal is expected to close in the third quarter.Gillon Beck, Ormat''s chairman and a senior partner in FIMI, said the collaboration with ORIX is expected to expand Ormat''s growth opportunities, particularly in Asia."We believe that the geothermal sector has the potential to become an increasingly large component of the world<6C>s overall energy mix," said Yuichi Nishigori, head of energy and eco services business headquarters at ORIX. "Given Ormat<61>s technological leadership and increasingly global portfolio of operations, we believe the company is well positioned to help lead this expansion."Ormat will have exclusive rights to develop, own, operate and provide equipment for ORIX geothermal energy projects in markets outside of Japan and will have certain rights to serve as technical partner and co-invest in ORIX geothermal energy projects in Japan. ORIX will assist Ormat in obtaining project financing from leading providers of renewable energy debt financing.ORIX will have the right to appoint three directors to an expanded nine-person Ormat board and propose a fourth person to be mutually agreed by Ormat and ORIX.(Reporting by Tova Cohen; Editing by Steven Scheer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ormat-tech-orix-m-a-idINKBN1802I9'|'2017-05-04T16:51:00.000+03:00'
'c793c4a49e1777e3cafc689b8836031d8a8841fa'|'MetLife changes hedging strategy after billions in losses'|'By Suzanne Barlyn - NEW YORK NEW YORK May 4 MetLife Inc said it has changed its derivatives trading strategy after two consecutive quarters where losses from wrong-way bets hurt the insurer''s profits.MetLife has altered the "technique and structure" of certain hedges to make the company less sensitive to interest rate movements, Chief Executive Officer Steven Kandarian told analysts on a call to discuss first-quarter results on Thursday.The insurer reported after-tax net losses of $602 million in the first quarter and $3.2 billion in the fourth quarter related to its derivatives portfolio. Other insurers that reported results recently, including American International Group Inc and Prudential Financial Inc, have not had the same issues.On the call, JPMorgan analyst Jamminder Singh Bhullar said he was "a little surprised" by the losses, considering interest rates did not move in a significant way against the type of positions executives described during the first quarter.Kandarian cited several factors in response: a rising U.S. stock market, a decline in 10-year Treasury note prices, higher rates for hedges, accounting standards that treat MetLife''s positions unfavorably, plus general "ineffectiveness" all hurt the company, he said.The "ineffectiveness" alone cost MetLife $139 million, Chief Financial Officer John Hele said.All major financial companies use a type of derivatives known as swaps to offset possible losses from changes in interest rates. However, rates have been at historic lows for a historic amount of time, as the Federal Reserve and other central banks tried to boost economies following the 2008 financial crisis.The Fed began raising rates last year and hiked its key rate target again in March, hurting companies expecting rates to remain low for longer. Changes in market values can cause large swings in earnings related to derivatives because of the way companies must treat them under accounting rules.MetLife''s painful derivatives positions are largely related to a retail insurance business called Brighthouse Financial that it plans to divest. The company is awaiting regulatory approvals for the spinoff, which are unlikely to happen within the first half of the year, Kandarian said.(Reporting by Suzanne Barlyn; Writing by Lauren Tara LaCapra; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/metlife-results-derivatives-idINL1N1I60XZ'|'2017-05-04T13:00:00.000+03:00'
'83249383de38cbe01421a9b1aa07cf14265584b2'|'EMERGING MARKETS-Commodity rout sends emerging FX, stocks to weekly loss'|'Market News - Fri May 5, 2017 - 5:38am EDT EMERGING MARKETS-Commodity rout sends emerging FX, stocks to weekly loss By Karin Strohecker - LONDON LONDON May 5 A sharp sell-off in commodity prices and a rise in U.S. treasury yields put main emerging currencies on track for a weekly loss on Friday, while emerging market stocks hit a 10-day low and looked set to end the week in the red. Tumbling iron ore futures and a plunge in oil prices to five-month lows as OPEC and other producers appeared to rule out deeper supply cuts to reduce the world''s persistent crude glut stoked investors'' fears about the health of the global economy. MSCI''s emerging stocks index fell 0.7 percent in a third day of losses, led by a 1 percent fall in Hong Kong and India. Russian and Polish equities also slipped. Chinese mainland stocks hit fresh three-month lows and were on track for their fourth weekly loss as concerns over tighter regulations added to investors'' woes. "There are clear signs of a softening of the global business cycle, especially in China and the U.S.," said Jakob Christensen, head of emerging market research at Danske Bank. "Typically as we move into this phase of a softer business cycle, risky assets like emerging markets perform poorly and volatility increases, including on emerging market FX." Russia''s rouble, closely tracking oil prices, hit a seven-week low against the dollar before bouncing back and eking out a small gain on the day. The rouble looked on track to weaken 2.5 percent over the week, however, its steepest weekly loss in over six months. Investors have also questioned whether the central bank''s 50 basis point rate cut last week was too bold, said Commerzbank, ahead of a holiday weekend that will keep Russian markets closed until Wednesday. Copper producer South Africa saw the rand chalk up a small daily gain but the currency was on track for a second week of losses as political tensions continued to weigh. The ruling ANC party has urged President Jacob Zuma to appeal a High Court ruling on Thursday which ordered him to explain why he fired former finance minister Pravin Gordhan in a cabinet reshuffle that led to sovereign debt downgrades. The Turkish lira weakened 0.4 percent on the day and was poised for a weekly loss. Investors will also watch developments in Nigeria, where the central bank has said it will release more dollars to ease a liquidity crunch and help unify the parallel exchange rates. Across emerging Europe, currencies were slightly stronger or flat against the euro on the day, with the Polish zloty , the Hungarian forint and the Czech crown all on track for weekly gains. Romania''s central bank will announce its latest interest rate decision with policy makers expected to keep interest rates at record lows. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 974.06 -6.01 -0.61 +12.96 Czech Rep 997.94 -3.81 -0.38 +8.28 Poland 2363.26 -17.74 -0.75 +21.32 Hungary 32536.47 +246.62 +0.76 +1.67 Romania 8266.26 +30.36 +0.37 +16.67 Greece 742.35 -6.57 -0.88 +15.34 Russia 1077.70 -3.52 -0.33 -6.48 South Africa 47031.91 +284.85 +0.61 +7.13 Turkey 93521.71 +483.22 +0.52 +19.69 China 3103.36 -24.01 -0.77 -0.01 India 29913.50 -212.71 -0.71 +12.35 Currencies Latest Prev Local Local close currency currency '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL8N1I726I'|'2017-05-05T17:38:00.000+03:00'
'0ddd2199bb638b2b411c0f3b1a33fdbfaad36288'|'Asian stocks tread water on U.S., commodities concerns'|'Fri May 5, 2017 - 10:42am BST Oil slump triggers rally in safe-haven bonds, yen and gold left right Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 4, 2017. REUTERS/Staff/Remote 1/2 left right Investors look at an electronic board showing stock information at a brokerage house in Shanghai, China, March 7, 2016. REUTERS/Aly Song/File Photo 2/2 By Marc Jones - LONDON LONDON A slump in oil prices to the lowest in almost six months rattled commodity markets on Friday and triggered a rally in safe-haven bonds, the yen and gold. Stocks also flinched both in Asia and Europe, catching investors that had been expecting to spend the day mostly looking ahead to U.S. jobs data and Sunday''s French elections, on the back foot. They had to duck for cover overnight as both Brent LCOc1 and U.S. CLc1 crude prices fell more than 3 percent to below $47 a barrel at one stage on mounting concerns about global oversupply. Things only began to stabilize when Saudi Arabia''s OPEC chief hit the wires in European hours, saying there was a growing consensus among oil pumping countries that they needed to continue to "rebalance" the market. "The whole commodity complex has been affected by this and it could have some pretty big implications if it continues for much longer," said Saxo bank''s head of FX strategy John Hardy. "If you look at global risk appetite, equities have been pretty quiet and that feeds into FX as well if carries on and there is a risk switch." Oil wasn''t the only commodity that suffered. Chinese iron ore futures DCIOcv1 fell almost 7 percent in Shanghai after tumbling 8 percent on Thursday. and The Canadian dollar CAD= , the Australian dollar AUD= and Russia''s rouble RUB= - some of the world''s most commodity- sensitive currencies - were all sent spinning, falling respectively to 14-month, four-month and seven-week lows. They all fought back, though, after the Saudi OPEC governor''s comments that: "A six-month extension (to production cuts) may be needed to rebalance the market, but the length of the extension is not firm yet." The euro EUR= meanwhile touched six-months highs of almost $1.10 ahead of France''s weekend election, in which polls now expect centrist Emmanuel Macron to convincingly beat right-wing and anti-euro rival Marine Le Pen. The gap between French and German 10-year government borrowing costs also hit a six-month low and despite the dip on the day, European shares were heading for a healthy 1.2 percent rise for the week. "I think now this election is no longer an issue and the market is already starting to focus on new issues: inflation, the (euro zone) economy, and the U.S. data," said DZ Bank strategist Daniel Lenz. He was referring to U.S. jobs numbers due out later which are expected to show 185,000 jobs were created in April following March''s underwhelming 98,000 figure. The dollar .DXY and U.S. government bond yields US10YT=RR had both been nudged lower by the commodity market worries. It is set to be the fourth weekly fall on the trot for the greenback which is now at its lowest since November. The yen JPY= and gold XAU= rose in tandem as investors took refuge in safe havens, though the latter remained on track for its biggest weekly decline in nearly six months on bets that U.S. interest rates will rise again in the coming months. "I think the payrolls will be under consensus," said fund manager Hermes chief economist Neil Williams. "It fits with my view that the U.S. is going to peak out at a far lower interest rate than markets expect. The Fed''s dot plots says 3 percent, but I''m going closer to 1.5 percent." (Addition Reporting by Abhinav Ramnarayan in London; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN181022'|'2017-05-05T08:40:00.000+03:00'
'5391eede677d5007d1ee8801953f496b4a11d40e'|'BP says 1 billion additional barrels ''possible'' in Gulf of Mexico hubs'|'Business News - Mon May 1, 2017 - 6:50pm BST BP says 1 billion additional barrels ''possible'' in Gulf of Mexico hubs The logo of BP is on display at a petrol station in Moscow, Russia, July 4, 2016. REUTERS/Sergei Karpukhi/File photo HOUSTON The head of BP''s Gulf of Mexico region said on Monday the oil company''s use of a new seismic imaging technology has identified 1 billion additional barrels of "possible resources" at four of its U.S. offshore fields. Richard Morrison, the BP region president, said at the Offshore Technology Conference in Houston that its "full waveform inversion" imaging technology was applied to data from its Atlantis, Mad Dog, Thunder Horse and Na Kika fields. The technology enhances the clarity of images collected from existing seismic surveys, particularly those involving complex salt structures that were obscured or distorted, the company said. BP last week said its use of the imaging technology had identified 200 million barrels of possible resources at is Atlantis field alone. It plans to apply the technology to other fields in Azerbaijan, Angola, and Trinidad and Tobago, it said. (Reporting by Jessica Resnick-Ault; editing by Gary McWilliams and Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bp-oil-gulf-idUKKBN17X25I'|'2017-05-02T01:50:00.000+03:00'
'c62a5e63fad1bd93c474866e7a99ba849171715f'|'AllianceBernstein abruptly removes CEO Kraus and directors'|'By Ross Kerber and Tim McLaughlin - BOSTON BOSTON May 1 Asset manager AllianceBernstein on Monday fired longtime leader Peter Kraus and replaced him with a new chief executive and a new chairman, but offered little explanation for the unexpected change.The firm, majority-owned by France''s AXA SA, named JPMorgan Asset Management executive Seth Bernstein as its new CEO and Robert Zoellick, previously president of the World Bank and a former Goldman Sachs executive, as chairman.Kraus, who held the CEO and chairman titles since 2008, was "terminated" from his job as CEO, according to a securities filing.AllianceBernstein, with $497.9 billion in assets under management at the end of March, gave no hint of changes in the works when it reported earnings on Thursday.A spokesman declined to comment on the reason for the changes. AllianceBernstein shares fell 2.4 percent to $22.35.Kraus took over as CEO and chairman in 2008, just as the financial crisis gripped Wall Street. He helped shepherd the firm in the difficult years after the crisis, but it has not fully recovered.AllianceBernstein''s assets of $497.9 billion are well below the $800.4 billion it managed at the end of 2007. It is now dwarfed by companies with a stronger lineup of passive investment products such as BlackRock Inc, which ran $5.4 trillion at the end of March.On a conference call on Monday morning, AXA Board Chairman Denis Duverne thanked Kraus for his service as CEO."After eight years, we decided it was time to put in new leadership," Duverne said during the call. Analysts pushed for more detail on the abrupt leadership change, but Duverne declined to say what, if anything, was lacking during Kraus'' watch.Kraus had given no indication of changes ahead. On a conference call after the company''s earnings last week, he said: "We''ve focused for years on rebuilding our presence and regaining relevance with retail clients and are finally where we need to be with the breadth and performance of our offerings."The filing also said that on Friday, an AXA unit removed nine directors from the AllianceBernstein board, including Kraus, and the next day named replacements to fill most of the seats on the board, which now has eight members.Kraus has entered into a "cooperation agreement" with AllianceBernstein, under which he is entitled to termination benefits and salary, according to the filing.(Reporting by Ross Kerber and Tim McLaughlin; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/alliancebernstein-ceo-idINL1N1I30TI'|'2017-05-01T15:02:00.000+03:00'
'06b4c8e800f693fc268899098efa783990e1782c'|'Shire delivers first-quarter beat with 14 percent rise in earnings'|'  Shire delivers first-quarter beat with 14 percent rise in earnings Vitamins made by Shire are displayed at a chemist''s in northwest London, Britain July 11, 2014. REUTERS/Suzanne Plunkett/File Photo LONDON Shire ( SHP.L ), the pharma group that bought haemophilia specialist Baxalta last year, reported a better-than-expected 14 percent rise in first-quarter earnings, helped by higher sales of rare disease drugs and demand for its new dry eye medicine. The results prompted the shares to jump 2.8 percent to the top of the FTSE 100 Index on Tuesday. The London-listed firm reported non-GAAP diluted earnings per ADS of $3.63 (<28>2.8), beating analyst forecasts of $3.27, according to Thomson Reuters I/B/E/S. Product sales, which were boosted by the Baxalta deal, rose 110 percent to $3.4 billion. The company reiterated its full-year forecast given in February for product sales to rise to $14.5-14.8 billion this year and earnings per share to increase to $14.60-$15.20. "We are reiterating our full year 2017 guidance and are expecting another strong year for Shire, building on our excellent financial performance in 2016," it said. (Reporting by Paul Sandle; editing by Kate Holton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shire-results-idUKKBN17Y16K'|'2017-05-02T19:16:00.000+03:00'
'4f226e82fbdbaed045185c69a4cc421019428a9d'|'Five countries sit on 90 percent of cash injected by ECB: study'|'Business News - Tue May 2, 2017 - 1:03pm BST Five countries sit on 90 percent of cash injected by ECB: study FILE PHOTO: The European Central Bank (ECB) headquarters is pictured in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski By Francesco Canepa - FRANKFURT FRANKFURT Roughly 90 percent of the extra cash injected by the European Central Bank to boost the euro zone''s economy is piling up in five of the bloc''s wealthiest countries, an ECB study showed on Tuesday. The paper cites "risk aversion" as one reason why the money is not flowing from Germany, France, the Netherlands, Luxembourg and Finland to the rest of the bloc, where some banks still rely on the ECB for cash. This means banks in cash-rich countries are still reluctant to lend across borders nearly 10 years after the financial crisis broke out and despite ECB efforts to keep the euro zone together and growing. "It seems that, following the financial crisis, a general increase in risk aversion and more conservative internal risk limits among banks may still be limiting factors for cross-border liquidity flows and the broad-based interbank redistribution of liquidity within the euro area," the 14 authors of the paper wrote. The ECB has created some 1.5 trillion euros worth of excess liquidity -- cash that lenders deposit with the central banks minus mandatory reserves -- since 2015 via aggressive bond purchases and cheap long-term loans to banks. For a graphic on excess liquidity, click on reut.rs/1T68P94 But the fact that the money keeps accumulating in the bloc''s richest countries rather than flowing where it is needed the most risks undoing some of the ECB''s efforts and shows the European Union''s objective to create a banking union is still far from reached. The study shows that 60 percent of the money spent by the ECB and national central banks on buying bonds ends up in Germany, where sellers, mainly UK banks, have their accounts. France accounts for a further 20 percent. The authors note that this does not fully explain why the excess liquidity is then accumulating in just five countries. They find this is due to external factors, including healthier banks attracting more depositors and new rules making bank-to-bank lending less attractive. "Feedback from banks and further analysis suggest that regulatory requirements and banks'' business models strongly influence the level of excess liquidity held at the individual bank level," the authors wrote. (Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ecb-banks-cash-idUKKBN17Y1B7'|'2017-05-02T19:50:00.000+03:00'
'60eb578e0248bad23450ad45de17301d4aa586b5'|'UPDATE 1-Neurotrope Alzheimer''s drug data fails to impress; shares plunge'|'Company News - Mon May 1, 2017 - 7:10am EDT UPDATE 1-Neurotrope Alzheimer''s drug data fails to impress; shares plunge (Adds details, shares) May 1 Neurotrope Inc said on Monday the smaller dose of its experimental Alzheimer''s drug met the main goal in a small mid-stage study, but shares tumbled 36 percent in premarket trading as investors were not impressed with the data. In the Neurotrope trial, two doses of Bryostatin-1 were tested against a placebo, in addition to the standard treatment, in 147 patients with moderate-to-severe disease. A total of 113 patients completed the study. Among those, 80 patients on the smaller 20 milligram (mg) dose of the drug achieved a statistically significant improvement in cognition on a scale used to measure severe dementia, the company said. However, in about 90 patients who received the 20 mg dose but did not complete the study, Bryostatin-1 did not bring about a statistically significant improvement, the company added. Neurotrope did not provide details about the performance of the higher 40 mg dose. The drug is designed to address an underlying cause of the disease before the formation of amyloid protein, which turns into plaque in the brains of Alzheimer''s patients. Bryostatin-1, which comes from a marine source, aims to induce the growth of synapses in the brain and prevent cell death. The drug was originally evaluated as a treatment for cancer. After it failed as an oncology treatment, Neurotrope inked a deal with the National Cancer Institute (NCI) to supply the expensive compound. Neurotrope, which has now found a way to synthetically develop the drug, hopes to discuss a path forward with the U.S. health regulator, it said on Monday. Existing treatments only soothe symptoms, and drug developers have suffered crushing disappointments in their efforts to find an effective way to reverse cognitive decline that affects more than 5 million Americans. Researchers are now increasingly focusing on attacking the disease before symptoms take hold. (Reporting by Natalie Grover in Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/neurotrope-study-idUSL4N1I3213'|'2017-05-01T19:10:00.000+03:00'
'45ad3f43788fbe96a0341b1a5fea9f05b254d37a'|'Exclusive: Blackstone''s GSO snaps up J. Crew debt in restructuring gambit'|'By Jessica DiNapoli - NEW YORK NEW YORK GSO Capital Partners, private equity firm Blackstone Group LP''s ( BX.N ) credit arm, is acquiring more of J. Crew Group Inc''s debt, hoping for a profitable trade that could also give the U.S. fashion retailer more time to stave off bankruptcy, people familiar with the matter said.Sales have been declining as J. Crew, whose ballet flats and cashmere cardigans were once a staple of middle-class U.S. wardrobes, struggles to keep abreast of changing tastes and faces fierce competition from cheaper online retailers. It now has $2.1 billion in debt.Most pressing is $567 million in unsecured bonds coming due in 2019. To cut that burden, J. Crew is trying to slash more than half the bonds'' value by placing the intellectual property of its eponymous brand into a new company, but holders of other debt are resisting the move.J. Crew has said it will then offer to exchange the bonds, which are backed by no collateral, for those from the new company backed by the brand. It will also offer equity to those bondholders.Other indebted retailers will be watching the restructuring closely as competition from online rivals like Amazon.com Inc ( AMZN.O ) has driven Aeropostale Inc ( AROPQ.PK ), Payless ShoeSource and other chains into bankruptcy."I imagine a lot of companies that have the ability to do this in their credit agreements are talking to their attorneys and thinking about creative options," Moody''s Investors Service analyst Raya Sokolyanska said.But holders of a $1.53 billion loan to J. Crew, including investment firms Eaton Vance Management and Highland Capital Management LP, have told the company its bond exchange would remove the intellectual property as their collateral, and they would consider that a default, the sources said. Eaton Vance and Highland did not immediately respond to requests for comment.J. Crew has filed a lawsuit in New York State Supreme Court to prevent them from thwarting the exchange.What is more, some J. Crew bondholders have themselves been holding out for a better exchange offer, according to the company''s public disclosures.To try to resolve the impasse and increase its own chances of a profitable outcome, GSO, which owns some of J. Crew''s bonds, has been buying chunks of the company''s loan in the secondary trading market, according to the sources, who requested anonymity because the trade is not public.GSO wants to amass a controlling position in the loan, which would allow it to give J. Crew a waiver to carve out its intellectual property without risk of any legal challenge, the sources said. The Blackstone unit is working with other creditors, including hedge fund Anchorage Capital Group LLC, which focuses on distressed debt.J. Crew, GSO and Anchorage declined to comment.GSO''s plan could determine whether J. Crew manages to avoid bankruptcy. The company cannot afford to pay the bonds at face value when they come due in 2019, and credit rating agencies have warned it could face a liquidity crunch before then.The proposed exchange would push back the maturity of J. Crew''s bonds by two years, to 2021. This could give the company''s private equity owners, TPG Capital LP and Leonard Green & Partners LP, enough time to turn the business around.TPG offered no comment, and Leonard Green did not respond to requests for comment.In return for facilitating the exchange, GSO will ask J. Crew for an improved offer for its bonds, the sources said.Reuters was unable to determine what GSO and Anchorage paid for their J. Crew debt. J. Crew''s bonds trade at about 50 cents on the dollar, and the loan, which matures in 2021, trades at about 66 cents on the dollar, according to Thomson Reuters data.PROS AND CONSGSO and Anchorage may fail to amass a controlling position in the loan, the sources cautioned.While buying J. Crew more time to try to fend off bankruptcy, the carveout would burden the company with sizable licensing payments to use its own bra
'9be4e6917d6beca92bbe53f9074c9c8e30bccf89'|'Morning News Call - India, May 4'|'Market News - Wed May 3, 2017 - 11:15pm EDT Morning News Call - India, May 4 To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 10:00 am: Road Transport Minister Nitin Gadkari, Trade Minister Nirmala Sitharaman and Railways Minister Suresh Prabhu at India Integrated Transport and Logistics Summit in New Delhi. 10:30 am: Heavy Industries Minister Anant Geete at an event in New Delhi. 12:00 pm: DSP BlackRock to release outlook for equity and fixed income markets in Mumbai. 12:30 pm: Power Minister Piyush Goyal to brief media in New Delhi. 2:00 pm: HDFC Ltd. earnings press meet in Mumbai. LIVECHAT CMC Markets'' chief market analyst Michael Hewson joins us at 2:30 pm, for a look at what''s likely to drive direction in the coming month. To join the conversation, click on the link: here INDIA TOP NEWS <20> ICICI Bank sees bad loan additions falling significantly India''s ICICI Bank Ltd expects additions to its bad loans to be "significantly lower" this financial year, its chief executive said on Wednesday, as the lender reported a smaller than expected rise in quarterly profit. <20> India''s cabinet makes local steel mandatory in govt projects India''s cabinet on Wednesday approved a proposal to make the use of local steel mandatory for government''s infrastructure projects, Finance Minister Arun Jaitley said, aimed at boosting the sales of local companies. <20> Adani agrees $54 million steel supply agreement with Arrium India''s Adani Enterprises has agreed a $54 million steel supply agreement with Australia''s Arrium to be used in a rail line for the proposed Carmichael coal mine, a source told Reuters. <20> Mahindra pulls the plug on electric car sales in UK Mahindra & Mahindra has stopped selling electric cars in the United Kingdom due to weak sales and is winding up sales operations there, according to a document seen by Reuters, in a new setback to the Indian automaker''s global ambitions. <20> Thyssenkrupp steelworkers protest against Tata merger plan Thousands of Thyssenkrupp steelworkers protested on Wednesday against the German industrial group''s plan to merge its European steel operations with those of India''s Tata Steel. <20> Ordinary Indians rush into stocks, spurring a rally as well as risks With red-and-white headphones draped around her neck, 22-year-old Indian IT security consultant Abdhija Sharma looks like she would be more at home discussing the latest music or Bollywood movies than compound returns on equity investments. <20> India''s cabinet takes decision on banking sector -finance minister India''s cabinet has taken significant decisions on the country''s banking sector, Finance Minister Arun Jaitley said, declining to give further details, saying it needed a Presidential accord. GLOBAL TOP NEWS <20> Trump gains traction on healthcare bill, vote set for Thursday President Donald Trump''s effort to roll back Obamacare gained momentum on Wednesday as Republican leaders scheduled a vote in the House of Representatives on Thursday on a fresh version of legislation. <20> Squeezed by global powers, South Koreans seek "Korea first" in new leader Frustration - and a growing desire that politicians put "Korea first" - could drive a near-record number of people to the polls in the May 9 election to find a successor for former president Park Geun-hye, ousted in March over corruption charges. <20> Fed holds interest rates steady, downplays economic weakness The U.S. Federal Reserve kept interest rates unchanged on Wednesday and downplayed weak first-quarter economic growth while emphasizing the strength of the labor market, in a sign it was still on track for two more rate rises this year. LOCAL MARKETS OUTLOOK (As reported by NewsRise) <20> The SGX Nifty Futures were trading at 9,326.50, trading down 0.11 pct from its previous close. <20> The Indian rupee will likely open little changed to slightly lower against the dollar, as expectations of a Federal Reserve rate increase
'431989ba2e6f490c828f9c7ebc20e695c3a1dfd8'|'Strong Adidas quarter driven by N. America, ecommerce'|'Company News - Thu May 4, 2017 - 1:43am EDT Strong Adidas quarter driven by N. America, ecommerce BERLIN May 4 German sportswear firm Adidas reported a bigger-than-expected increase in first-quarter sales and profits on Thursday, helped by strong growth in ecommerce and North America as it keeps up the pressure on arch-rival Nike. Adidas said net profit rose 30 percent to 455 million euros ($495.7 million) on sales up 19 percent to 5.67 billion euros, ahead of average analyst forecasts for 421 million and 5.4 billion respectively, according to a Reuters poll. Adidas said growth was particularly strong in ecommerce, with revenues up 53 percent, and in North America, where sales grew 31 percent, adding it was confirming its outlook for 2017, including for sales to rise a currency-neutral 11-13 percent. ($1 = 0.9179 euros) (Reporting by Emma Thomasson; Editing by Victoria Bryan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/adidas-results-idUSFWN1I5170'|'2017-05-04T13:43:00.000+03:00'
'aa0c8fe9ba35f23f3faf3ea66235c4e8dcfff9bb'|'U.S. flour millers scramble for high-protein wheat on quality fears'|'By Michael Hirtzer and Julie Ingwersen - CHICAGO/MANHATTAN, Kan. CHICAGO/MANHATTAN, Kan. May 5 U.S. flour millers were scrambling to find high-protein wheat supplies remaining from last year''s harvest amid fears the developing crop, some of which was hit by snow in Kansas this week, could yield lower-quality grain, buyers said on Friday.Wheat plants in Kansas, where farmers grow the hard red winter variety used primarily for bread, showed signs of nutrient deficiency. The worst-hit fields in the western part of the state could be plowed over due to extensive crop damage.An annual crop tour of the top-growing U.S. wheat state wrapped up on Thursday, predicting better-than-average yields. But some fields in the western half of Kansas were still covered by snow or had plants that were knocked down, making them difficult to assess."There will be fewer bushels around. There are a lot of unknowns, and there is a fear of unknowns," said a milling company employee on the crop tour who was not unauthorized to speak to the media.Millers on the tour included employees from Archer Daniels Midland Co, Bay State Milling Co, and Ardent Mills, a joint venture between Cargill Inc, CHS Inc and ConAgra Foods Inc.The tour estimated Kansas wheat output at 281.78 million bushels, down sharply from the U.S. Department of Agriculture''s estimate in 2016 of 467.4 million bushels. USDA will make its first forecast for U.S. winter wheat production next week.K.C. July HRW wheat futures surged to seven-week high of $4.74-3/4 per bushel after the weekend snowstorm. Prices closed on Friday up 5-1/2 cents at $4.50 per bushel.Protein premiums in the Kansas City cash wheat market soared, allowing holders of wheat containing 12 to 14 percent protein to sell at prices of $5.50 per bushel or more. Premiums for 12-percent wheat on Tuesday gained 53 cents per bushel, the largest such spike in at least nine years, according to CME Group data.Specific protein requirements are demanded by flour makers to ensure consistency in baked goods."I am certainly concerned about protein," said Dave Green, executive vice president of tour organizer Wheat Quality Council.Buyers already were asking for specific protein bids for December, led by international milling demand for shipments out of the U.S. Gulf Coast export market, a Kansas wheat trader said.Existing wheat supplies in U.S. elevators remained robust, and abundant global stocks of lower-quality wheat continued to drag on prices."Everything sitting in warehouses is generally low-protein. So if we have back-to-back years of low-quality HRW wheat, that''s a huge concern," said Tregg Cronin, an analyst at Halo Commodities. (Additional reporting by Theopolis Waters in Chicago; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-wheat-quality-idINL1N1I71BJ'|'2017-05-05T18:11:00.000+03:00'
'642e1b4d1f54963af698e2ebdc7cd7a1d025ca4f'|'Warren Buffett says he sold a third of stake in IBM - CNBC'|'Warren Buffett said he has sold about one-third of Berkshire Hathaway Inc''s big stake in IBM Corp, CNBC reported on Thursday, reducing a bet by the famed investor that surprised many and which so far has yet to prove successful.IBM''s stock touched $180 on Feb 14 and reached a high of $182.78 during Feb. 16 trading. It closed on Thursday at $159.05 on the New York Stock Exchange.Berkshire and Buffett''s assistant did not immediately respond to telephone and email requests for comment. IBM could not be reached for comment outside regular business hours.Buffett owned about 81 million shares of IBM at the end of 2016 and sold about a third in the first and second quarters of 2017, CNBC reported, citing Buffett. ( cnb.cx/2pMBrv7 )"I don''t value IBM the same way that I did six years ago when I started buying ... I''ve revalued it somewhat downward," Buffett told CNBC in an interview.The IBM investment was initially viewed as a surprise, given Berkshire''s longstanding underweighting in the technology sector and Buffett''s resistance to investing in businesses he considered more difficult to understand.The IBM stake had grown to be one of Berkshire''s largest stock investments, along with such companies as American Express, Coca-Cola, Wells Fargo, and more recently Apple and Kraft Heinz.Buffett has long been willing to sell stock investments, as opposed to entire businesses, when they do not pan out or he finds something better."IBM is a big strong company, but they''ve got big strong competitors, too," he said.Berkshire Hathaway still owns over 50 million shares of IBM and Buffett said he has stopped selling.In April, IBM reported a bigger-than-expected decline in revenue for the first time in five quarters due to weak demand in its IT services business.(Reporting by Jonathan Stempel in New York and Ahmed Farhatha in Bengaluru; Editing by Sandra Maler)Berkshire Hathaway CEO Warren Buffett plays bridge during the Berkshire annual meeting weekend in Omaha, Nebraska May 3, 2015. REUTERS/Rick Wilking'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/warren-buffet-ibm-stake-idINKBN18102A'|'2017-05-05T08:43:00.000+03:00'
'f20cf301cf32202921340e806886408b453d99d9'|'J.P. Morgan''s Dimon says biggest fear is bad public policy'|'LOS ANGELES Jamie Dimon, the chief executive officer and chairman of JPMorgan Chase & Co ( JPM.N ), on Monday railed against what he called excessive U.S. regulations and called on Washington to come together to build a more business-friendly economy that supports workers."The real issue I''m worried about is bad public policy," Dimon said, speaking at the annual Milken Institute Global Conference. "We''re leaving a lot of people behind."As a member of the White House''s new Strategic and Policy Forum, Dimon is part of the group of business leaders tasked with finding a way to create more jobs in the United States. Dimon joined the task force despite not supporting President Donald Trump in his campaign - a move he attributed to the need to support "the pilot" flying the airplane.Dimon stressed that technology advancements are not the enemy of job creation."You''d be living in tents, hunting buffalo, and dying at 35," were it not for developments in tech, he said. "Mankind will adjust and find other things to do as robots take their place. If it (technological developments) goes too fast, then we can create policies that make up for it."Dimon, who has led the bank as CEO since December 2005, shrugged off any aspirations for running for office, when asked on stage. He said it was too late for him to live as a civil servant and that he does not want to be a mayor, a senator or governor."You''ve got to start early. President Obama wrote two books about himself before he did anything," Dimon said - a line that prompted laughter and applause from the hundreds of business leaders, financiers and government officials packed into the Beverly Hills Hilton ballroom.Dimon said the government needs to spend more money on programs that provide education and work opportunities for people, particularly those in poor, economically depressed urban neighborhoods."I think there are legitimate complaints about what we didn''t do to help the problems of these folks," Dimon said. "It''s a terrible thing - those inner city kids who may be a Colin Powell, a Barack Obama, Albert Einstein, and we''ll never know because we didn''t give them the opportunity that most of us had."(Reporting by Michael Flaherty; Editing by Jonathan Oatis and Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-milken-conference-dimon-idUSKBN17X2GE'|'2017-05-02T05:48:00.000+03:00'
'bc2018195b41eb01c8a2c1d53c10661dbd0df905'|'Exclusive: Blackstone''s GSO snaps up J. Crew debt in restructuring gambit'|'Business News - Mon May 1, 2017 - 6:15am BST Exclusive: Blackstone''s GSO snaps up J. Crew debt in restructuring gambit By Jessica DiNapoli - NEW YORK NEW YORK May 1 GSO Capital Partners, private equity firm Blackstone Group LP''s credit arm, is acquiring more of J. Crew Group Inc''s debt, hoping for a profitable trade that could also give the U.S. fashion retailer more time to stave off bankruptcy, people familiar with the matter said. Sales have been declining as J. Crew, whose ballet flats and cashmere cardigans were once a staple of middle-class U.S. wardrobes, struggles to keep abreast of changing tastes and faces fierce competition from cheaper online retailers. It now has $2.1 billion in debt. Most pressing is $567 million in unsecured bonds coming due in 2019. To cut that burden, J. Crew is trying to slash more than half the bonds'' value by placing the intellectual property of its eponymous brand into a new company, but holders of other debt are resisting the move. J. Crew has said it will then offer to exchange the bonds, which are backed by no collateral, for those from the new company backed by the brand. It will also offer equity to those bondholders. Other indebted retailers will be watching the restructuring closely as competition from online rivals like Amazon.com Inc has driven Aeropostale Inc, Payless ShoeSource and other chains into bankruptcy. "I imagine a lot of companies that have the ability to do this in their credit agreements are talking to their attorneys and thinking about creative options," Moody''s Investors Service analyst Raya Sokolyanska said. But holders of a $1.53 billion loan to J. Crew, including investment firms Eaton Vance Management and Highland Capital Management LP, have told the company its bond exchange would remove the intellectual property as their collateral, and they would consider that a default, the sources said. Eaton Vance and Highland did not immediately respond to requests for comment. J. Crew has filed a lawsuit in New York State Supreme Court to prevent them from thwarting the exchange. What is more, some J. Crew bondholders have themselves been holding out for a better exchange offer, according to the company''s public disclosures. To try to resolve the impasse and increase its own chances of a profitable outcome, GSO, which owns some of J. Crew''s bonds, has been buying chunks of the company''s loan in the secondary trading market, according to the sources, who requested anonymity because the trade is not public. GSO wants to amass a controlling position in the loan, which would allow it to give J. Crew a waiver to carve out its intellectual property without risk of any legal challenge, the sources said. The Blackstone unit is working with other creditors, including hedge fund Anchorage Capital Group LLC, which focuses on distressed debt. J. Crew, GSO and Anchorage declined to comment. GSO''s plan could determine whether J. Crew manages to avoid bankruptcy. The company cannot afford to pay the bonds at face value when they come due in 2019, and credit rating agencies have warned it could face a liquidity crunch before then. The proposed exchange would push back the maturity of J. Crew''s bonds by two years, to 2021. This could give the company''s private equity owners, TPG Capital LP and Leonard Green & Partners LP, enough time to turn the business around. TPG offered no comment, and Leonard Green did not respond to requests for comment. In return for facilitating the exchange, GSO will ask J. Crew for an improved offer for its bonds, the sources said. Reuters was unable to determine what GSO and Anchorage paid for their J. Crew debt. J. Crew''s bonds trade at about 50 cents on the dollar, and the loan, which matures in 2021, trades at about 66 cents on the dollar, according to Thomson Reuters data. PROS AND CONS GSO and Anchorage may fail to amass a controlling position in the loan, the sources cautioned. While buying J. Crew more time to try 
'0308b9407b146f9b30dd737e6cf83f92672a46c7'|'Mnuchin sees U.S. growth reaching 3 percent in time, tax cuts to help'|'  4:32pm BST Mnuchin sees U.S. growth reaching 3 percent in time, tax cuts to help Steve Mnuchin, U.S. Treasury Secretary, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. REUTERS/Mike Blake BEVERLY HILLS U.S. Secretary of the Treasury Steve Mnuchin said on Monday that it could take up to two years to have economic growth reach three percent and that tax cuts and regulatory relief will help get there. "There are very attractive opportunities," Mnuchin said at the Milken Institute Global Conference, speaking less than one week after the Trump administration unveiled plans for aggressive tax cuts. He said the tax cuts can be paid for by "plenty of other ways". Mnuchin also said he has had weekly meetings with congressional leaders and said "we''d like to see bipartisan support" for tax cuts. (Reporting by Svea Herbst-Bayliss and Olivia Oran; Editing by Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-milken-conference-usa-mnuchin-idUKKBN17X1XR'|'2017-05-01T23:32:00.000+03:00'
'597de4732b2cc1439f3673deea8b3c9bcc541758'|'Wall St. eyes Apple and Facebook to fuel new leg of tech rally'|'Internet   10:22pm IST Wall St. eyes Apple and Facebook to fuel new leg of tech rally FILE PHOTO: An illustration picture shows the log-on screen for the Website Facebook on an Ipad, in Bordeaux, Southwestern France on January 30, 2013. REUTERS/Regis Duvignau/File Photo By Noel Randewich - SAN FRANCISCO SAN FRANCISCO Apple ( AAPL.O ) and Facebook ( FB.O ) may expand their already outsized share of U.S. technology revenue when they report their earnings this week, as investors look for evidence to justify this year''s U.S. stock market rally. The two are the last of the top five U.S. tech companies by market value to release their quarterly results, following reports from Alphabet ( GOOGL.O ), Microsoft ( MSFT.O ) and Amazon.com ( AMZN.O ) last week. Those reports impressed analysts and fueled confidence in the sector, which has so far been the top performer on Wall Street in 2017. "If we look at the lion''s share of the numbers, they''re performing above expectations," said Daniel Morgan, a portfolio manager at Synovus Trust, which owns shares of Apple worth about $41 million and shares of Facebook worth $68 million. "It gives validity to my position, which is that tech is, by far, the most exciting sector," Morgan said. Shares of Facebook and Apple both hit record highs on Tuesday, up 0.53 percent and 0.75 percent respectively. Surges in Apple, Facebook and other Silicon Valley heavyweights have pushed the S&P 500 technology index up by 16 percent this year. And planned measures by President Donald Trump for steep corporate tax cuts and the easing of tax restrictions on profits made abroad would help Apple and other technology companies return more cash to shareholders. The largest five Silicon Valley companies for years have been increasing their share of revenue and profits generated in the technology sector at the expense of smaller competitors. Those five players boosted their share of revenue among technology companies in the benchmark S&P 500 index to 46 percent in 2016, from 38 percent in 2013, according to Thomson Reuters data. Their share of net income increased to 46 percent from 42 percent during the same time. Facebook and Google, which is owned by Alphabet, received 77 percent of gross spending on digital advertising in 2016, compared to 72 percent the year before, according to industry data analyzed by Pivotal Research analyst Brian Wieser. Technology company earnings are expected to have grown 17.7 percent in the latest three months, the strongest quarterly expansion since 2014, according to Thomson Reuters I/B/E/S. Apple is expected by analysts to have boosted its revenue by 4.8 percent when it reports on Tuesday. On Wednesday, Facebook is expected to post a 45.6-percent leap in revenue and a similar increase in earnings per share, according to analysts'' estimates.   David Ingram; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-usa-technology-stocks-idINKBN17Y22D'|'2017-05-02T14:52:00.000+03:00'
'c772470edadfa18d918b38f022ec6efd75c744eb'|'Relief map for Greek debt? Not without a fight or two'|'Business News -  12pm BST Relief map for Greek debt? Not without a fight or two left right FILE PHOTO: The ancient Parthenon temple is illuminated during sunset atop the Acropolis hill in Athens, Greece, April 11, 2017. REUTERS/Alkis Konstantinidis/File Photo/ 1/2 left right FILE PHOTO: A street performer plays with a ball at the Constitution (Syntagma) square near the Parliament building in Athens, Greece July 18, 2015. REUTERS/Ronen Zvulun /File Photo 2/2 By Jeremy Gaunt - ATHENS ATHENS Pretty much everyone agrees that Greece needs debt relief; what they don''t agree on is what debt relief means. Easing Greece''s fiscal path forward is likely to be the next great struggle in the country''s agonising, seven-year, three-package bankruptcy saga now that a bailout pact has opened the door a crack to discussions on relief. Only this time it will not just pit Greece against its lenders, but lender against lender as well. Start with the numbers: At the last count, the Greek government owed 314 billion euros (<28>265.1 billion) despite writing off about 100 billion euros owed to private bondholders in 2012. That''s more than the gross domestic product of South Africa. It''s also equivalent to around 179 percent of GDP, a ratio which despite improvements in Greece''s economic performance goes up every time lenders make a bailout payment to Athens. This is why debt relief is on the agenda -- with Greece perhaps quixotically pushing for something as early as May 22, when the Eurogroup of euro zone finance ministers meets to sign off on Tuesday''s staff-level pact on support for Athens. The battle will be fought on a number of fronts. Firstly, there is the issue of whether the International Monetary Fund will participate financially in the current, third bailout. The IMF says Greece''s debt is unsustainable -- with or without the reform measures taken -- and it doesn''t want to keep throwing money at the problem while that is so. Indeed, it is not allowed to by its charter. "For the IMF to be entering into a programme with Greece would require that the programme can walk on two legs. One leg is the leg of reforms and the other leg is that of debt sustainability," IMF Managing Director Christine Lagarde said last month. The European Union lenders -- the European Commission, European Central Bank and European Stability Mechanism -- want the IMF involved, primarily because it brings in an outside enforcer. But the Europeans themselves have so far refused to say what they plan to do, preferring a general pledge to provide debt relief once certain reform criteria are achieved. Germany, for one, does not want to show this year''s voters it is doing Greece a favour using German taxpayers'' money. That is not enough for the IMF. DETAILS, DETAILS Then there is the question of what kind of debt relief to offer Greece. There is something of an edifice in place here, but so far it is a wall without cement. There is no longer any talk of debt "forgiveness" - simply letting Greece off paying back its debt. The euro zone says there is no provision for that under its rules. But there is less objection to stretching out payments, cutting interest on the EU debt and making repayments flexible enough that they do not amount to more than 15 percent of Greece''s GDP annually. For its part, the IMF cannot legally change its repayment structure, which in turn slightly undermines its demands of the EU. How far to stretch out payments, where to cut interest rates to, and even what part of the debt is included are all issues to be argued over. One more opportunity for a clash is over just how much of a primary budget surplus -- the budget balance excluding debt repayments -- Athens has to run for its debt to be sustainable. The IMF says Greece can hit 2.2 percent in 2018 and aim at 3.5 percent annually in 2019-2021. After that, though, it says it should only be 1.5 percent. Euro zone lenders, however, want Greece to sustain a 3.5 percent primary surplus target
'c2f6b64524a0544391c0a502a97f0c3986a8c623'|'U.S. aluminium sector urges Britain, EU to unite against China'|'LONDON Representatives of the U.S. aluminum industry are speaking to EU counterparts and have written to British Prime Minister Theresa May urging action against what they says are "massive illegal subsidies" in China that threaten Western jobs.Trade lawyers and some governments accuse China of unfairly subsidizing major industries in breach of the rules of the World Trade Organization (WTO), which it joined in 2001.Following European and U.S. action to protect their steel industries from China, the U.S. this year has shifted the focus to aluminum.It has lodged a complaint with the WTO and launched an investigation into whether Chinese imports compromise national security."The WTO and U.S. and European leaders must act quickly to ensure a fair playing field," Michael Bless, CEO of Century Aluminum Company ( CENX.O ), told a news conference in London on Wednesday.China says it supports the work of the WTO.The aluminum industry, represented by the China Trade Taskforce, has written to May urging her "to actively engage with the WTO on this matter and press for action"."A strong WTO that acts swiftly in situations such as this will be a vital part of securing Britain''s post-Brexit future," the letter seen by Reuters said.The prime minister''s office had no immediate comment.The industry leaders said they were also speaking to Brussels officials and to the Russian sector, which has floated the idea of an OPEC-style body for the aluminum industry.Bless said he could not endorse that, but it was an "acknowledgement of the severity of the issue".When China, the biggest aluminum consumer, joined the WTO it represented just over 10 percent of aluminum production worldwide, the China Trade Taskforce said.Now it is the world leader, accounting for more than 50 percent of global output and China''s Hongqiao ( 1378.HK ) has overtaken Russia''s Rusal ( 0486.HK ) as the biggest producer, while the U.S. and European sectors have shrunk.Industry body European Aluminium said the number of primary European aluminum smelters fell by nearly 40 percent between 2002 and 2015.Trade lawyers say the ascendancy of China''s aluminum sector defies commercial logic as it faces higher bills for energy - the biggest input cost - than the U.S. and Europe."China has no natural advantages other than illegal state support," Alan Price of Washington law firm Wiley Rein said.Century Aluminum, which is majority-owned by Glencore ( GLEN.L ), reported a first-quarter net loss.Part of the justification for the U.S. investigation into whether Chinese aluminum is a threat is that Century''s smelter in Kentucky is the only producer of high-purity aluminum required for U.S. combat aircraft.In Europe, the main concern is how to maintain smelting capacity as part of a strong value chain, creating thousands of indirect jobs, rather than security, European Aluminium said in an email.EU trade ministers, meeting in Brussels next week, are expected to discuss new rules on dealing with anti-dumping, which are likely to have most impact on Chinese imports.(additional reporting by Philip Blenkinsop in Brussels; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-century-aluminum-china-idUSKBN17Z1FU'|'2017-05-03T20:55:00.000+03:00'
'a7a0918c46c9e0a2c02916a7cd90ec91a366b8d6'|'Olayan family plans to list its Saudi business: sources'|'RIYADH The Olayan family, which controls one of Saudi Arabia''s largest conglomerates, is considering listing at least 30 percent of its Saudi business in a sale that could value the company at several billion dollars, banking sources say.Olayan Financing Company is working with Banque Saudi Fransi Capital, which has a deep relationship with the firm, on the potential listing on the Saudi stock market but the sources said the process could take at least a year to complete.The company could be valued at $2 billion to $3 billion in an initial public offering (IPO), one of the banking sources said.Olayan and Banque Saudi Fransi officials did not immediately respond to Reuters queries for comment.Established in 1947, Olayan is involved in product distribution, manufacturing, services and investment, often alongside leading multinational such as Coca-Cola Co ( KO.N ) and Colgate-Palmolive Co ( CL.N ).Olayan also has international investments, including a stake of 10.7 percent in Credit Suisse ( CSGN.S ), including options. It has property investments across Europe and the United States and bought 550 Madison Avenue in Manhattan, otherwise known as the Sony Tower, last year in partnership with London-based Chelsfield, according to Olayan''s website.The government has been keen to encourage more family businesses to consider listing as a way to boost investment in capital markets and improve corporate governance.One of the sources said as two of the conglomerate''s senior figures, Lubna and Khaled Olayan, were both close to retirement a listing was a way of ensuring succession planning.A former JPMorgan Chase & Co. analyst, Lubna is the chief executive of Olayan Financing Company, which holds and manages all of the Olayan Group''s businesses and investments in Saudi Arabia and the Middle East.She also wields considerable influence outside the company. In 2004, she became the first woman to be elected to the board of Saudi Hollandi Bank, now called Alawwal Bank 1040.SE. Last year, Lubna was one of four new appointments by government-owned Public Investment Fund (PIF) to the board of Ma''aden 1211.SE, the Gulf''s largest miner, in which PIF owns 49.99 percent. Mining is a sector of strategic importance to the government.The Olayan family also holds 21.76 percent of Alawwal Bank and 16.98 percent in Saudi British Bank (SABB) 1060.SE, Saudi lenders backed by Royal Bank of Scotland ( RBS.L ) and HSBC Holdings ( HSBA.L ) respectively.The Saudi lenders agreed last month to start merger talks.Bloomberg had earlier reported the company''s plans for an IPO.(Additional reporting by Marwa Rashad; editing by David Clarke)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-saudi-olayan-ipo-idUSKBN17Z1EE'|'2017-05-03T16:52:00.000+03:00'
'ce2dada5bb82127f0eb7afd79f76bc604e02a5ce'|'Public investments in Trump-operated hotel set dangerous precedent <20> U.S. senators'|'WASHINGTON U.S. President Donald Trump is flirting with unparalleled violations of the Constitution by not divesting himself from a hotel management company that benefits financially from public pension fund investments, according to two Democratic U.S. senators.Reuters exclusively reported on April 26 that public pension funds in at least seven U.S. states periodically send millions of dollars to an investment fund that owns the Trump SoHo Hotel and Condominium in New York City and pays one of Trump''s companies to run it, according to a Reuters review of public records.The investments could put Trump at risk of violating an obscure constitutional clause that prohibits the president from receiving additional payments beyond his salary from state governments, say several constitutional lawyers. A separate constitutional clause bars the president from receiving payments from foreign governments.Trump is <20>setting an extremely dangerous precedent,<2C> said Ben Cardin, the top Democrat on the Senate Foreign Relations Committee, on Friday. Senator Richard Blumenthal of Connecticut expressed similar concerns.The White House and the Trump Organization did not respond to calls and emails asking for comment.At a January news conference where Trump said he would turn over management of his companies to a trust controlled by his two elder sons, his lawyer, Sheri Dillon, announced that he would donate all profits from foreign government payments made to his hotel to the U.S. Treasury. Dillon said Trump was taking this step even though the Constitution did not require it.Trump still earns revenue from the hotel management company and the other businesses in the Trump Organization. Reuters asked five Republican lawmakers to comment on the public investments in the owner of the Trump-operated hotel, but none responded.Cardin introduced a resolution in March calling on Trump to convert his assets to "conflict-free holdings," turn over control of his businesses to trustees with no relationship to him, or take some other measure to avoid violating the Constitution.That resolution focused on payments from foreign governments, but Cardin said the flow of public U.S. money to Trump from pension funds was also <20>disturbing<6E> and <20>reduced confidence that President Trump is acting in the public interest.<2E>Blumenthal, who is leading efforts among Senate Democrats to hold Trump accountable for payments he receives from foreign and domestic governments, said the public pension fund investments are <20>near the top, if not at the top<6F> of the potential domestic violations he knows about.Blumenthal added that Trump could <20>easily cure<72> the problem by divesting. Dillon said at the January conference that if Trump sold his brand he would still be entitled to royalties for its use, and so divesting would "exacerbate" potential conflicts of interest.The Trump SoHo is owned by a Los Angeles investment group, the CIM Group, through one of its real estate funds. State- and city-run pension funds that have invested in the CIM fund pay it a few million dollars in quarterly fees to manage investments in its portfolio, which includes the Trump SoHo, according to state investment records.In return for marketing and managing the hotel-condo, CIM pays Trump International Hotels Management LLC 5.75 percent of the SoHo''s operating revenues annually.One of the public pension fund managers that invested in the owner of the Trump SoHo, the Montana Board of Investments, said Trump should answer any constitutional concerns about the investments.Since the public pension funds made the investments a decade ago, <20>Mr. Trump<6D>s circumstances obviously have changed: our position is that he or other parties, but not the Board, are rightfully those to address such concerns,<2C> said David Ewer, the board<72>s executive director, in an email to Reuters.Randi Weingarten, president of the 1.6 million-member American Federation of Teachers, which regularly meets with pen
'f368dab71c59e67dc0cba3d90258299b764df0f1'|'BOJ''s Kuroda welcomes expansion of China-led infrastructure bank'|'By Leika Kihara - YOKOHAMA, Japan YOKOHAMA, Japan Bank of Japan Governor Haruhiko Kuroda welcomed on Tuesday the expansion of China-led Asian Infrastructure Investment Bank as positive for the regional economy, urging multinational lenders to cooperate in meeting Asia''s fast-growing infrastructure needs."Infrastructure needs are huge and it''s simply not possible for the Asian Development Bank and the World Bank to fill the gap completely," Kuroda, who was formerly head of the ADB, tolda seminar hosted by an ADB-affiliated think tank.He said healthy competition from Chinese, Indian and Japanese initiatives could be positive for improving infrastructure and boosting economic growth.Kuroda''s remarks are the strongest endorsement to date by a Japanese policymaker for the growing presence of AIIB, which some in Tokyo see as a vehicle to boost China''s regional clout.They also come ahead of the ADB''s 50th annual meeting in Yokohama, eastern Japan, at the weekend, where its 67 members are set to seek ways to differentiate the ADB from rival lenders such as the AIIB.The AIIB has been viewed as a rival to the Western-dominated World Bank and the ADB, which is jointly led by the United States and Japan. The United States initially opposed the AIIB''s creation and is not a member, but many U.S. allies, including Canada, Britain, Germany, Australia and South Korea have joined.HEALTHY COMPETITIONJapan, following Washington''s lead under then-U.S. President Barack Obama, did not join the AIIB as well, partly from concern it would conflict with the ADB, the Manila-based institution dominated by Japan and the United States.But Kuroda said the establishment of AIIB and the fact it attracted many members were a "good" thing as they help meet rapidly increasing infrastructure-funding needs in the region."The ADB has promoted regional cooperation in Asia. It also tried to link regional initiatives with each other. That is the way we should go forward, rather than making a single Asia programme or an Asia initiative," he said."The realistic way is to promote regional initiatives and link them with each other."Kuroda also urged politicians to contain geopolitical conflicts which were "not good for anyone."The ADB, founded in 1966, has by convention been headed by Japanese financial bureaucrats including Kuroda and current president Takehiko Nakao.Vying for influence in the region, China created AIIB in 2015 which now has 70 members including countries awaiting ratification, exceeding those of the ADB.On the surface, the two lenders have cooperated, co-financing several projects under a 2016 agreement that set the stage for joint funding.But many Japanese officials, including premier Shinzo Abe''s aides, are cautious of the AIIB - taking the view that it serves as a vehicle to fund China''s global leadership ambitions.A week after the ADB gathering, leaders from 28 nations will attend China''s New Silk Road summit aimed at expanding links between Asia, Africa and Europe - underpinned by billions of dollars in infrastructure investment.(Reporting by Leika Kihara; Editing by Chris Gallagher and Sam Holmes)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/japan-economy-boj-adb-idINKBN17Y0K4'|'2017-05-02T05:20:00.000+03:00'
'9e4f6c4ea050f1af269919ceb07f7f28d553b661'|'RPT-UPDATE 1-Hold - Sales tax creditors kick off likely wave of lawsuits against Puerto Rico'|'Bonds News - Tue May 2, 2017 - 8:23am EDT RPT-UPDATE 1-Hold - Sales tax creditors kick off likely wave of lawsuits against Puerto Rico (Repeats with no changes to text) By Nick Brown NEW YORK May 2 Holders of Puerto Rican sales tax-backed debt sued the U.S. territory in the early hours of Tuesday morning, alleging its debt-cutting plans violate the U.S. Constitution and kicking off a likely deluge of lawsuits against the ailing island. The complaint, filed in federal court in San Juan, accuses Puerto Rico''s leadership of impairing contractual rights of so-called COFINA bondholders, whose debt is backed by sales tax revenue, and trying to take their property in what they say are violations of the due process clause of the U.S. Constitution. Ambac Assurance Corp, which insures $1.3 billion of COFINA debt, filed a similar lawsuit in San Juan federal court, alleging its constitutional rights were also violated, and including among its defendants Puerto Rico''s federal financial oversight board and each of the board''s seven members. The board members and others authorities could not be immediately reached for comment as the lawsuits landed before dawn. Puerto Rican officials have already imposed austerity, including cuts to worker benefits and pensions, and have said the debt cuts are needed to spare the already-poor island from even more severe cuts to quality of life. With $70 billion in debt, a 45-percent poverty rate and near-insolvent public health and pension systems, a torrent of litigation could force Puerto Rico into a so-called Title III proceeding - an in-court debt-cutting process similar to U.S. bankruptcy. Midnight, from Monday into Tuesday, marked the end of a freeze on creditor litigation under last year''s federal rescue law known as PROMESA, designed to encourage Puerto Rico and the oversight board to negotiate debt-cutting agreements with creditors. With no deals reached, the expiration of the freeze opened the floodgates for stakeholders to take Puerto Rico to court, in hopes of blocking Governor Ricardo Rossello''s plan to impose drastic repayment cuts. The COFINA plaintiffs - which include a local COFINA holder and hedge funds like Cyrus Capital Partners LP and Tilden Park Capital Management - accuse Puerto Rico, Rossello and other officials of angling to repurpose the tax revenue earmarked to pay COFINA debt. The plaintiffs accuse Puerto Rico of taking their property "without just compensation or due process in violation of rights protected under the United States and Puerto Rico Constitutions." They cite as evidence a law signed by Rossello on Saturday that would give the government authority to redirect sales tax revenue into Puerto Rico''s general fund as part of a debt restructuring. While both complaints ask the court to block Rossello from implementing a fiscal turnaround blueprint that was approved by the oversight board in March, Ambac''s also seeks to prohibit the filing of any Title III bankruptcy that is premised on that blueprint. The fiscal turnaround blueprint has been the bane of island creditors, forecasting that Puerto Rico will have only $800 million a year to pay its debt, less than a quarter of what it owes, auguring big haircuts for all bondholders. <20>Sovereignty confers great power, but it does not authorize lawlessness,<2C> Ambac<61>s complaint alleges, adding that the board exacerbated the island''s abuses by "giving its imprimatur to an ongoing scheme ... that can only be called theft.<2E> Filing a Title III bankruptcy would protect the island from lawsuits and give it more legal sway to impose the kinds of contractual alterations the plaintiffs are accusing it of undertaking illegally out of court. Many experts and people involved in talks see bankruptcy as an eventual certainty, though timing is uncertain. Tuesday''s lawsuits follow a restructuring offer from Rossello''s administration on Saturday that would have favored Puerto Rico''s general obl
'd5614577780c7759039bf858e41159b6fb1023be'|'Lloyds names James Lupton as chair of non ring-fenced bank'|'  7:37am BST Lloyds names James Lupton as chair of non ring-fenced bank A man enters a Lloyds Bank branch in central London, Britain February 25, 2016. REUTERS/Paul Hackett LONDON Lloyds Banking Group ( LLOY.L ) said on Tuesday that James Lupton, chairman of investment bank Greenhill''s European arm, will be joining its board. Lupton, who is a member of Britain''s upper parliamentary chamber the House of Lords, is also named as chairman designate of the group''s non-ring-fenced bank - a unit being established as part of industry reforms to separate lenders'' retail divisions from other parts of their businesses. He will take up his role from June 1 and also join the bank''s risk and audit committees. (Reporting by Rachel Armstrong)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lloyds-director-idUKKBN17Y0IC'|'2017-05-02T14:37:00.000+03:00'
'5f0037404ec8fc71e2ce6c884b51362bf7ae1d01'|'Sensex falls; Ambuja Cements leads losers'|'Indian shares posted slight gains on Tuesday, as auto makers such as Maruti Suzuki rallied on strong April sales, but broader gains were capped after Ambuja Cement''s quarterly results raised concerns about corporate earnings.The broader NSE Nifty ended up 0.1 percent at 9,313.80, while the benchmark BSE Sensex closed 0.01 percent higher at 29,921.18. Both indexes ended lower in the previous two sessions.(Reporting By Samantha Kareen Nair in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/india-sensex-nifty-stock-markets-idINKBN17Y0K8'|'2017-05-02T05:18:00.000+03:00'
'8283f37322aa465f03569663ecccd685dc57ddfb'|'Infosys plays down cost concerns from U.S. hiring plan'|'Cyber Risk - Thu May 4, 2017 - 9:16am EDT Infosys plays down cost concerns from U.S. hiring plan The logo of Infosys is pictured inside the company''s headquarters in Bengaluru, India, April 13, 2017. REUTERS/Abhishek N. Chinnappa By Sankalp Phartiyal and Euan Rocha - MUMBAI MUMBAI Infosys said its plans to hire thousands of workers in the United States would enable faster deployment of staff in areas such as big data and cloud, dismissing concerns about additional labor costs. The Indian IT services firm said on Tuesday it aims to hire 10,000 U.S. staff over the next two years and open four technology centers in the United States, its biggest market. The move comes as U.S. President Donald Trump has accused Indian software firms of displacing U.S. workers'' jobs by flying in foreigners on temporary visas to service U.S. clients. He has pledged to review the visa program. Some analysts have said Infosys''s U.S. expansion will increase its cost burden and squeeze margins, but deputy chief operating officer Ravi Kumar said it would make the company nimbler. "Training in the U.S. is obviously going to be more expensive than training in India, but as we ramp up significantly in the next few months this model is much more agile," Kumar told Reuters in a telephone interview from New York late on Wednesday. "It (hiring locally) gives us agility, it gives us speed and it gives us local cultural alignment," he said, but would not disclose how much Infosys will spend on the plan. The company will offer competitive salaries as it will compete with the likes of Google and Microsoft for campus hires, Kumar said, adding that the impact on margins will only be ascertained after a few quarters. EXTREME AUTOMATION Infosys is keen to automate a big chunk of its legacy business such as routine infrastructure maintenance work for clients, and focus instead on transformational work in areas such as digital services, cloud, data analytics and cyber security that offer much better margins, Kumar said. Its traditional outsourcing business is facing a margin squeeze as clients increasingly demand more work for less money and Kumar said Infosys wants to apply "extreme automation" there to keep costs down. "We want to take capital out of keeping the lights on and divert the money to the transform side of the business," he said, adding transformational business currently enjoys double digit percentage revenue growth versus low-single digit growth in the traditional business. The first tech center will open in Indiana in August, giving Infosys easy access to talent from good universities and colleges across the Midwest, Kumar said. The company has not said where the other there centers will be located. While Infosys will hire from Ivy League schools, it will hire more heavily from lesser known schools and community colleges, as it does in India, he said. The company typically trains Indian staff at its site in Mysore for six months, but is condensing its program for new U.S. recruits to as little as 10 to 12 weeks, Kumar said. "The flavor of how we do it in the U.S. will be different to the flavor of how we do it in India." (Reporting by Sankalp Phartiyal and Euan Rocha; Editing by Muralikumar Anantharaman and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-infosys-usa-idUSKBN180131'|'2017-05-04T18:00:00.000+03:00'
'e81d7bd4b2038f43b8b6d5d946f7a5a8b9faae20'|'How drugmakers face global push-back on high prices'|'  10:41am EDT How drugmakers face global push-back on high prices FILE PHOTO: Pharmaceutical tablets and capsules are arranged on a table in a photo illustration shot September 18, 2013. REUTERS/Srdjan Zivulovic/Illustration/File Photo By Ben Hirschler - LONDON LONDON Pharmaceutical companies are under fire around the world as a wave of new treatments for cancer and other serious conditions reach the market at ever rising prices, and the pressure looks set to increase. Next week the debate on drug pricing - a particularly heated topic in the United States - will move to Amsterdam as the Dutch government hosts a forum for World Health Organization (WHO) member states to promote "fair pricing". After Donald Trump earlier this year accused drugmakers of "getting away with murder", shortly before he was inaugurated as U.S. president, the May 11 event underscores the focus on medicine pricing in health ministries from Berlin to Beijing. In Europe, Germany''s tough price negotiators have caused some firms to pull drugs off the market rather than accept price cuts, while Britain last month introduced new budget curbs on pricey products. China and Japan, the two biggest non-Western markets for pharmaceuticals, are also bearing down on costs, and poorer countries find new drugs costing tens of thousands of dollars are simply out of reach, even with preferential pricing deals. "It''s great that we have these treatments but we need to find a way to make them more affordable," Andrew Rintoul, the WHO health economist organizing the drug pricing forum, told Reuters. Drugmakers know they must up their game to save their reputation - even as patients cheer the scientific advances behind their new products - and the industry is fighting to defend its corner more vigorously than ever. A major advertising campaign by the U.S. Pharmaceutical Research and Manufacturers of America trade group, for example, includes accusations that insurers are failing to pass on the benefits of discounts negotiated with manufacturers. This goes to the heart of a thorny issue. On the surface, the cost of medicines may be rising steeply but the picture is distorted by off-invoice discounts and rebates, which in the United States average around 30 percent, according to healthcare information firm QuintilesIMS. In Europe, such rebates amount to roughly 17 percent. "I personally don''t believe in the talk of drug expenditure breaking the system," Thomas Cueni, who recently took over as director-general of the International Federation of Pharmaceutical Manufacturers and Associations, told Reuters. "When you look at the aggregate numbers, drug spending has been pretty stable in most OECD countries at around 10 to 15 percent of healthcare spending." MORE DISCLOSURE Still, the lack of price transparency is a major bugbear for policy experts like the WHO''s Rintoul, who previously negotiated on pharmaceutical prices for the Australian government. Public sector officials see the obscurity surrounding prices as a big obstacle in efforts to negotiate effectively with pharmaceutical companies. There are also growing calls for greater disclosure on companies'' R&D and production costs. Transparency will be high on the agenda in Amsterdam, mirroring efforts by some U.S. states to shine a light on costs. Vermont last year became the first such state to demand that companies justify drug price hikes by detailing factors behind the increase. Companies, however, are reluctant to specify exactly how they come up with drug prices and prefer to stress the value that their medicines bring to patients and society. "The industry has to stand up and argue its value proposition," said Cueni, who admits he is "apprehensive" about the tone of the WHO meeting. "I''m not a big fan of this term ''fairness'' because, let''s face it, fairness is in the eye of the beholder. There''s no objective definition." Drugmakers like Novartis ( NOVN.S ) and Takeda Pharmaceutical ( 4502.T ), which recently
'7af20e0270aea8084162c001cf5a9450c870abef'|'Markets rally ahead of UK service sector report <20> business live - Business - The Guardian'|'The Canary Wharf business district in London. Photograph: Eddie Keogh/REUTERS Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Graeme Wearden Thursday 4 May 2017 14.43 BST First published on Thursday 4 May 2017 08.00 BST Key events Show 2.43pm BST 14:43 Afternoon summary 2.17pm BST 14:17 Oil price hits five-month lows 1.56pm BST 13:56 US trade gap narrows, jobless claims slip too 1.24pm BST 13:24 Euro rallies as traders prepare for French election drama 12.48pm BST 12:48 Greek PM blasts creditors ahead of bailout vote 11.59am BST 11:59 Diesel car sales take a tumble 10.50am BST 10:50 UK mortgage approvals hit six-month low Live feed Show 2.43pm BST 14:43 Afternoon summary Time for a quick recap.1) Britain<69>s economy looks healthier than a few days ago. Growth in the dominant service sector has hit a four-month high this morning, following similar strong data from the manufacturing and construction sector this week.Photograph: Markit 2) The car industry, though, seems to have hit a bump. Sales slumped by 20% last month, after buyers scrambled to buy new cars in March before tax changes hit.UK car registration figures Photograph: SMMT 3) The eurozone recovery looks intact; service sector growth roared to a six-year high last month . Firms reported a rise in demand, encouraging them to take on more staff.4) The euro has strengthened, as have French bonds, as Emmanuel Macron remained the favourite to win Sunday<61>s presidential election . Macron has just picked up an endorsement from Barack Obama, while Le Pen is being backed by former UKIP leader Nigel Farage...Duncan Weldon (@DuncanWeldon) Who''s more popular in France - Obama or Farage?May 4, 2017 5) In the City, shares in Next have fallen sharply after the retailer cut its profit forecasts and warned that conditions are tough . HSBC is having a better day, though, up 3% after beating profit forecasts.Next''s share price over the last two years Next<78>s share price over the last two years 6) Commodity prices are also under pressure, with oil hitting a five-month low today .David Morrison of SpreadCo explains why:There<72>s been no let-up in the rout in crude oil today. The benchmark WTI contract is down close to 2.5% this afternoon while Brent has slumped below $50. Both contracts trading at their lowest levels since late November last year, just after OPEC and other major producers agreed to their 1.8 million barrel per day output cut. Today<61>s sell-off accelerated after Russia said that there<72>s no decision to date on extending the production cut beyond June.David Sheppard (@OilSheppard) #BREAKING Brent crude oil drops through $50 a barrel and hits new low for 2017 of $49.69 #OOTT #OPEC pic.twitter.com/DkyI75MIzZ May 4, 2017 That may be all for today, unless anything huge happens. Thanks for reading and commenting. GW Updated at 2.46pm BST Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 2.37pm BST 14:37 Over in New York, the stock market has opened cautiously as traders await another vote in Congress over healthcare. The Dow Jones industrial average is up just 20 points, or 0.1%.CNBC Now (@CNBCnow) US stocks open slightly higher after strong earnings; Wall Street awaits health care vote https://t.co/cNrRVw9eGR pic.twitter.com/7g6ZWmWknd May 4, 2017 Republicans claim they have enough votes to repeal and replace the Affordable Care Act introduced under President Obama. But it could be close....House Republicans plan Thursday vote on bill to repeal and replace Obamacare Read more Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 2.18pm BST 14:18 Here<72>s more reaction to today<61>s decent UK service sector data , from Kathleen Brooks of City Index: The UK service sector has caught up with the manufacturing sector, and today<61>s PMI data for April suggests that
'f2f77b58fab22a4af7de4e51893508c17738da79'|'DONG Energy settles platform dispute, clears hurdle for oil unit sale'|'COPENHAGEN May 4 DONG Energy said it has reached a settlement with Daewoo Shipbuilding & Marine Engineering and Technip over who bears responsibility for construction errors concerning an offshore platform for the idled Hejre field.The settlement clears a major hurdle for the Danish company''s plans to divest its oil and gas unit to focus on its growing business of developing offshore wind farms.DONG said in a statement that the agreement will reduce the 2.5 billion Danish crowns ($367 million) of provisions it made in relation to the Hejre field ahead of its listing, which was one of the largest in the world last year.It will also have a positive impact of around 900 million crowns on operating profit in DONG''s Discontinued Operations, the company said, a business area not included in its financial guidance for the full year."It is a significantly better deal than what they had dared to hope for when they made the provisions," Sydbank analyst Morten Imsgard said."It is also positive with regards to taking the sale (of the oil and gas unit) further as you don''t have to discuss an additional risk now," Imsgard said.DONG said it was uncertain whether the Hejre project, which was halted more than a year ago, would resume. It estimates the field holds 171 million barrels of oil equivalents."The settlement does not affect the ongoing assessment with Bayerngas on re-development alternatives for the Hejre field," DONG said.DONG reiterated last week that it expects to divest the oil and gas unit this year.Independent oil exploration company Cairn Energy and Danish shipping and oil conglomerate A. P. Moller-Maersk have been mentioned by sources familiar with the matter as being among potential buyers for the oil and gas interests, which could be worth around $2 billion.($1 = 6.8066 Danish crowns) (Reporting by Stine Jacobsen and Teis Jensen; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/dong-energy-denmark-idINL8N1I65R3'|'2017-05-04T11:54:00.000+03:00'
'e2cc7ea6c208fc1dc3b2e7b6e57033aa9e57318f'|'Shell reports sharp rise in first quarter profits, beating forecasts'|'Business   3:23pm BST Shell''s profit surges as oil sector rebounds A logo of Royal Dutch Shell is seen at Gastech, the world''s biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai By Ron Bousso - LONDON LONDON Royal Dutch Shell said net profit more than doubled in the first quarter, joining its peers in beating analyst forecasts as rebounding oil prices and refining margins lifted revenue after a near three-year downturn. A 55 percent rise in oil prices from a year ago and deep cost cuts boosted cash generation, enabling the Anglo-Dutch company to cover spending and dividend payouts, while reducing debt following its $54 billion (<28>41.8 billion) acquisition of BG Group last year. Shell remains on track to hit its $30 billion asset disposal programme by 2018 to finance the BG acquisition, selling around $20 billion since 2016, including a large portfolio in the North Sea and exiting Canada''s oil sands. "This is now the third consecutive quarter of dividend coverage, which coupled with the divestments to be cashed in later in the year, suggests Shell is shaping up to have a much better performance this year," RBC Capital Markets analyst Biraj Borkhataria said in a note after the results on Thursday. Europe''s largest oil and gas company joined rivals BP, Exxon Mobil, Chevron and Total in beating analysts'' quarterly profit forecasts. With oil prices hovering around $50 a barrel, cost cuts are set to remain a high priority. Shell has reduced costs and spending by nearly $30 billion and slashed some 12,500 jobs since 2014, but there was room for further job reductions, Chief Financial Officer Jessica Uhl said in a call with analysts. It generated a cash flow of $9.5 billion in the quarter, up 13 fold from a year earlier, and the strongest among its peers. Free cash flow rose to $5.2 billion from a negative $16.26 billion a year earlier. Shell''s shares were steady at 1418 GMT, broadly in line with London''s FTSE 100 index. Net income attributable to shareholders in the quarter, based on a current cost of supplies (CCS) and excluding exceptional items rose 142 percent to $3.75 billion, compared with a company-provided analysts'' consensus of $3.05 billion. A year ago, net income attributable to shareholders was $1.55 billion. "We saw notable improvements in Upstream and Chemicals, which benefited from improved operational performance and better market conditions," said Chief Executive Ben van Beurden. Oil and gas production, known as upstream, rose 2 percent in the quarter to 3.752 million barrels of oil equivalent from 3.905 million boed in the fourth quarter of 2016 as a number of new fields continued to ramp up in Brazil and Kazakhstan in particular. Shell''s downstream division, which includes refining, marketing and chemicals saw earnings rise by 24 percent to $2.49 billion. Refined oil products sales are expected to decrease by 200,000 barrels per day (bpd) in the second quarter of 2017 following the sale of refineries in Malaysia and Denmark and the splitting of the Motiva Enterprises joint venture with Saudi Aramco in the United States, the company said. Shell''s debt ratio versus company capitalisation, known as gearing, declined in the first quarter to 27.2 percent from 28 percent in the fourth quarter. The company stuck to plans to invest $25 billion this year, at the lower end of the long-term target. (Reporting by Ron Bousso; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shell-results-idUKKBN1800HP'|'2017-05-04T14:14:00.000+03:00'
'363fd8e2633bda80eb6304a6bf62d4a4e61e64ec'|'YL Ventures raises $75 million fund to invest in Israeli startups'|'TEL AVIV California-based YL Ventures, a seed stage venture capital firm that invests in Israel, said on Thursday it has closed its third fund, which at $75 million was 25 percent above its target.The fund will invest in early stage Israeli companies in cybersecurity, enterprise software, autonomous vehicles, drone technologies and virtual reality/augmented reality.YLV III aims to invest in two to three companies per year. Initial seed investments will be $2-$3 million, with YL Ventures leading the rounds. A large portion of the fund is reserved to participate in U.S. VC-led follow-on rounds of its portfolio companies.Managing partner Yoav Leitersdorf will head the fund. YL Ventures is recruiting additional investment professionals to join its Silicon Valley and Tel Aviv offices.Leitersdorf attributed the strong interest in YLV III to soaring cybersecurity spending, expected to exceed $202 billion in 2021, according to research firm MarketsandMarkets.The first two funds have invested in 10 companies, five of which have been acquired. Most recently, FireLayers was acquired by Proofpoint ( PFPT.O ).(Reporting by Tova Cohen)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-tech-ylventures-israel-idUSKBN1801N0'|'2017-05-04T17:02:00.000+03:00'
'ed6f0bb42dd5a882c739e1d64226648a5f1988da'|'EMERGING MARKETS-Hawkish Fed, lower commodities weigh on emerging stocks, FX'|'By Karin Strohecker LONDON, May 4 Hawkish tones from the U.S. Federal Reserve, easing commodity prices and lacklustre Chinese data weighed on emerging market assets on Thursday with stocks extending losses for a second day and currencies weakening. MSCI''s emerging market index fell 0.3 percent as bourses in much of Asia and Turkey lost ground. Stocks in China closed at a three-month low after a survey showed activity in services sector grew at its slowest in almost a year in April, raising concerns over economic risks. The losses came after the Fed kept its benchmark interest rate steady as expected on Wednesday though downplayed weak first-quarter economic growth, emphasising labour market strength and signalling it was still on track for two more rate rises this year. Yet investors expected this to be a temporary soft patch for many emerging assets, with markets closely watching key U.S. employment data out on Friday to show solid increases. "U.S. dollar and U.S. Treasury yields (are) up post-FOMC but not convincingly so with futures almost ''fully'' pricing in a June hike, leaving emerging market assets in a benign space of their own," said Simon Quijano-Evans, emerging market strategist at Legal & General Investment Management. Russian stocks bounced back from the previous days heavy losses when shares in Sistema collapsed after oil major Rosneft filed a $1.9 billion lawsuit against the business conglomerate. Sistema shares gained nearly 10 percent on Thursday. South Korean stocks hit a record high on robust exports, upbeat earnings and rising hopes for economic stimulus as the presidential election approaches. However, the dollar extending the previous session''s gains, crude oil prices trading near their weakest since late March and copper teetering near a four-month low weighed on currencies. South Africa''s rand fell 0.6 percent to its weakest in three weeks as data showed private sector activity contracted for the first time in nine months in April as new export orders continued to decline and growth remained marginal in Africa''s most industrialised economy. Russia''s rouble nearly matched those falls, weakening for a fourth straight session, while Turkey''s lira slipped 0.2 percent. In the Czech Republic, central bank policymakers were expected keep interest rates unchanged until 2018 as they concluded their first meeting since they lifted the cap on the Czech crown. "While no one expects the Bank to hike rates, the focus will be on the CNB''s thinking on real economy developments, strength in the labour market in particular, and the fact that the exit from the FX regime has so far not resulted in a pronounced crown appreciation," Nomura''s Henrik Gullberg wrote in a note to clients. A Reuters poll showed that analysts expected the Czech crown to gain more than 4 percent against the euro in the coming year, lifted by economic growth and anticipated monetary tightening while shrugging off political uncertainty. Venezuela''s dollar-denominated bonds came under pressure as protests against the government escalated further. Security forces battled protesters who lit fires and hurled stones on Wednesday in rage at President Nicolas Maduro''s decree to create an alternative congress, with another fatality taking the death toll to 34 during a month of unrest. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 983.27 -2.47 -0.25 +14.03 Czech Rep 1002.08 +5.79 +0.58 +8.73 Poland 2414.54 +22.45 +0.94 +23.95 Hungary 32175.99 +98.27 +0.31 +0.54 Romania 8238.22 +28.34 +0.35 +16.28 Greece 754.32 +5.71 +0.76 +17.20 Russia 1100.03 +3.68 +0.34 -4.54 South Africa 47005.63 +87.74 +0.19 +7.07 Turkey 93587.82 -274.91 -0.29 +19.77 China 3127.29 -8.06 -0.26 +0.76 India 30136.67 +241.87 +0.81 +13.18 Currenc
'3f7490f701a7be941536df3f385a38df236ca463'|'Apollo, Centerbridge among potential bidders for Canada''s Home Capital: sources'|'By John Tilak and Jessica DiNapoli - TORONTO/NEW YORK TORONTO/NEW YORK Buyout firms Apollo Global Management LLC ( APO.N ), Blackstone Group LP ( BX.N ) and Centerbridge Partners LP are among potential suitors studying bids for Canada''s biggest alternative mortgage lender, Home Capital Group Inc ( HCG.TO ), which sought emergency funding last week, people familiar with the matter told Reuters.Brookfield Asset Management ( BAMa.TO ) and Fairfax Financial Holdings Ltd ( FFH.TO ) are among the other firms interested in buying Home Capital, the people said, speaking on condition of anonymity as the discussions are private.Home Capital said last week it had hired RBC Capital Markets and BMO Capital Markets "to advise on further financing and strategic options" and after securing a high-interest C$2 billion credit line.The stock, up about 7 percent, extended its gains after the Reuters report, rising as much as 16 percent to the day''s high of C$8.07, giving Home Capital a market value of about $378 million.The potential bidders are working with investment banks as they consider their options and are likely to wait until a Canadian regulator holds a hearing on Thursday, the people added. The Ontario Securities Commission has accused Home Capital of making "materially misleading statements" to investors and named its current chief financial officer and two former chief executive officers.Home Capital, Brookfield, Blackstone and Centerbridge declined to comment. Apollo and Fairfax did not immediately respond to requests for comment.Home Capital is expected to sell at a discount to its book value, which is about C$1.6 billion, the people said. Non-bank lenders usually fetch between one to two times book value, they added.Potential buyers are evaluating bids for the whole or part of Home Capital, the people said. Some smaller companies are looking at parts of Home Capital.The loan from the Healthcare of Ontario Pension Plan, which was secured last week, has bought Home Capital some time, so a sale would not have to be rushed, the people said.Some potential buyers believe the asset could be picked up at a good price and may look to unlock value in a turnaround of the company once current issues surrounding the company are resolved, the people said.Home Capital has seen nearly three-fourths of its high interest savings deposits being pulled out. Its shares have shed 72 percent of their value since March 27.On March 27, it lost Chief Executive Martin Reid and last month founder Gerald Soloway agreed to step down from the board.It is not clear yet if Home Capital will sell itself to one buyer or if the assets would be broken up to multiple buyers, the people said.Canada''s six biggest lenders have so far showed little interest in Home Capital, the people said.(Reporting by John Tilak in Toronto and Jessica DiNapoli in New York; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-home-cap-grp-m-a-idINKBN17Y21G'|'2017-05-02T14:42:00.000+03:00'
'7063a5b51e7f049695d73ea7fc1515fb7995f5f5'|'BRIEF-Warren Buffett says he sold a third of his IBM stake in Q1, Q2 2017- CNBC'|'Market News - Thu May 4, 2017 - 8:26pm EDT BRIEF-Warren Buffett says he sold a third of his IBM stake in Q1, Q2 2017- CNBC May 4 (Reuters) - * Warren Buffett says he sold off about a third of his IBM stake in the 1st and 2nd quarters of 2017- CNBC * Warren Buffett to CNBC - "I don''t value IBM the same way that I did 6 years ago when I started buying... I''ve revalued it somewhat downward" * Warren Buffett says about IBM stock, "When it got above $180 we actually sold a reasonable amount of stock." - CNBC '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-warren-buffett-says-he-sold-a-thir-idUSFWN1I614E'|'2017-05-05T08:26:00.000+03:00'
'4c943f2a215fbe30f0913f5e9e66f86615502c83'|'Deals of the day-Mergers and acquisitions'|'Company News - Thu May 4, 2017 - 5:56am EDT Deals of the day-Mergers and acquisitions May 4 The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Thursday: ** Belgian zinc producer Nyrstar said it was committed to pulling out of mining and added it would make small investments to improve its remaining mines in North America and make them more attractive to a potential buyer. ** Belgium has sold a quarter of the stake it holds in France''s biggest listed bank BNP Paribas for around 2 billion euros ($2.2 billion), a bookrunner for the deal said. ** French gene therapy start-up Vivet Therapeutics said on Thursday it had raised 37.5 million euros ($41 million) in an initial financing round, with backing from the venture arms of Swiss drugmakers Novartis and Roche. ** Middle-East focused DNO made an unexpected return to the North Sea by announcing on Thursday an acquisition of privately-held oil firm Origo Exploration with 11 licenses off Norway and Britain. ** Israel''s Delek Group said on Thursday it has boosted its stake in Ithaca Energy, to 94.2 percent following a tender offer that expired on Wednesday. ** Ant Financial Services Group, an affiliate of online shopping giant Alibaba Group, is close to signing a $3.5-billion syndicated loan to help finance its purchase of U.S. money transfer company MoneyGram International, Thomson Reuters Basis Point reported on Thursday. ** Saudi Arabia''s central bank governor Ahmed al-Kholifey said on Thursday that he did not see more bank mergers looming, after Alawwal Bank and Saudi British Bank agreed last week to start talks on a possible merger. (Compiled by John Benny in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL4N1I6352'|'2017-05-04T17:56:00.000+03:00'
'6adcc0419e997cb4ef6a3e8abcb9dfd320678f6b'|'Bernanke calls Trump''s 3% growth goal a ''long shot'' - May. 1, 2017'|'Bernanke calls Trump''s 3% growth goal a ''long shot'' by Matt Egan @mattmegan5 May 1, 2017: 11:21 AM ET Here''s how tax cuts affect the economy On the campaign trail President Trump promised his economic agenda would rev the American economy up to 4% growth . Since taking office, Trump has lowered his growth goal to a more modest 3%. Ben Bernanke thinks Trump is unlikely to deliver even his more conservative target. "I would say it''s a pretty long shot," the former Fed chief told CNBC on Monday. Even if you factor in a bump from dramatic tax cuts Trump has proposed , Bernanke said 3% growth is "probably not" in the cards. He said there''s no "single magic bullet" to speed up growth. Bernanke, who stepped down as Fed chief in 2014, pointed to long-term problems in the US economy, including an aging workforce, low productivity and a global savings glut. "We''re in a slow-growth world now," Bernanke told CNBC. Bernanke cautioned that no one can say for sure how the economy will perform in the future. "You know how good economists are at forecasting, and I am an economist," he joked. Related: Reminder: Tax cuts don''t make economy soar The former Fed chief''s outlook is way more subdued than Wall Street''s, as evidenced by the Trump rally in the stock market. The S&P 500 soared 11.6% between Trump''s election and his 100-day mark, representing the second-best performance over that timeframe since President Kennedy in 1961. A central reason for the market boom is expectations Trump''s policies will speed up the sluggish economy, which grew during the first quarter at the slowest pace since 2014. Two-thirds of investors believe Trump will achieve GDP growth of 3%, according to an early April E*Trade survey of investors with at least $10,000 in a brokerage account. But Bernanke warned that "politically it''s going to be a much slower process -- and a more limited process" than investors may realize. Bernanke said he has not met with Treasury Secretary Steven Mnuchin, but he did meet once with Gary Cohn, Trump''s top economic adviser. Mnuchin said last week that slashing corporate tax rates to 15% is part of the Trump administration''s goal to achieve "sustained growth of 3% or higher." Commerce Secretary Wilbur Ross said last week he''s confident Trump''s 3% growth goal can be met, "if not beat." Related: Wall Street to Trump: Read our lips. Just fix taxes Even though Bernanke was more cautious, he broadly supports "smart policy" like tax reform and infrastructure spending. Both are main pillars of the Trump agenda. Investing in infrastructure to fix roads and bridges would make sense by making the U.S. economy more efficient, Bernanke said. On Trump''s tax plan , Bernanke said it''s too early to say but that the one-page summary released last week "looks like mostly cutting tax rates." He added, "I would like to see some tax reform." Bernanke, who served two terms as Fed chief, took a bit of a victory tour while assessing the current economic environment. He pointed to the creation of 16 million jobs, 4.5% unemployment rate, stable inflation and the health of the stock and housing markets. "All those things are looking good," Bernanke said. "If you''d told me three, four years ago this is where we''d be, I would have been pretty happy." Bernanke also said the Fed''s exit from emergency policies like near-zero interest rates has been better than feared. He noted that the Fed''s critics predicted "all kinds of terrible things" like huge stock market bubbles, hyperinflation and the collapse of the U.S. dollar. "In fact, it''s gone pretty smoothly," Bernanke said. CNNMoney (New York) First published May 1, 2017: 11:15 AM ET '|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/05/01/investing/bernanke-growth-trump-tax-cuts/index.html'|'2017-05-01T19:21:00.000+03:00'
'5cac40ca8c9b5fb2a39827876839ca9d1cccf0d1'|'Twitter partners with Bloomberg for streaming TV news'|'Technology   5:15am BST Twitter partners with Bloomberg for streaming TV news FILE PHOTO: People holding mobile phones are silhouetted against a backdrop projected with the Twitter logo in this illustration picture taken September 27, 2013. REUTERS/Kacper Pempel/Illustration/File Photo Twitter Inc is partnering with Bloomberg Media for a round-the-clock streaming television news service on the social networking platform, the Wall Street Journal reported on Sunday. The channel, which is yet to be named and is expected to begin operations this fall, would be announced Monday, WSJ said. on.wsj.com/2oNTp10 Twitter''s user growth has stalled in the past few quarters and the company has been trying to convince advertisers that it will strengthen its user base. As part of its efforts, it has updated its product offerings including live video broadcasts from its app and launched new features to attract users. Twitter CEO Jack Dorsey said in an internal memo last October one of the company''s missions was defined as being the "people''s news network". Twitter has made a push into news and sports on mobile devices last year and this foray could pique the interest of a media company as an acquirer, analysts have said. (Reporting by Shalini Nagarajan in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-twitter-bloomberg-idUKKBN17X10P'|'2017-05-01T10:57:00.000+03:00'
'26d1161ec04d6f88b2a388bfcf3aff912b32add9'|'RBS-backed Saudi bank says has nearly doubled share of retail market'|' 53pm BST RBS-backed Saudi bank says has nearly doubled share of retail market left right Soren Nikolajsen, Managing Director of Alawwal Bank, attends an interview with Reuters in Riyadh, Saudi Arabia, May 1, 2017. REUTERS/Faisal Al Nasser 1/2 left right Soren Nikolajsen, Managing Director of Alawwal Bank, gestures during an interview with Reuters in Riyadh, Saudi Arabia, May 1, 2017. REUTERS/Faisal Al Nasser 2/2 By Tom Arnold and Saeed Azhar - RIYADH RIYADH Saudi Arabia''s Alawwal Bank 1040.SE, partly owned by Royal Bank of Scotland ( RBS.L ), has roughly doubled its market share within retail banking thanks to its expansion in the last three years, despite a difficult economic environment, its chief executive said on Monday. "Retail banking has been strong throughout," Soren Kring Nikolajsen told Reuters. "Our retail market share is around 3 to 5 percent. We have taken a fair bit of market share." Banks in the kingdom have faced a sluggish economy in the past year or two, with lending slipping by 0.1 percent in March as companies and consumers stall investment decisions in the face of low oil prices and concern over government austerity policy. Despite the difficult operating conditions, Alawwal Bank, which is in merger talks with Saudi British Bank 1060.SE, has expanded its branch network by 50 percent in the past three years to 69 and doubled its number of ATMs. The retail bank now accounts for about 20 percent of the bank''s business, roughly doubling over the same period. Nikolajsen was speaking at the bank''s new digital branch, a windowless open-plan site inside one of Riyadh''s largest shopping malls, where customers can drink coffee while using terminals to conduct their online banking transactions. "You have to find products for a young and tech-savvy population," he said, referring to the fact that around two thirds of the Saudi population is under the age of 30. Internet banking is now used by around two thirds of retail customers, with usage growing by around 30 percent annually. Speaking of the kingdom''s overall banking market, Nikolajsen said flat loan growth for 2017 would be a "decent result." "Activity right now is slower than we would like it to be generally across the board and that''s a follow-through from the lower activity levels we saw at the back end of last year," he said. Alawwal Bank and Saudi British Bank last week agreed to start talks about a merger that could create the kingdom''s third biggest bank with assets of nearly $80 billion. British banks are the biggest shareholders in both lenders with RBS having acquired a 40 percent stake in Alawwal Bank when it bought ABN AMRO in 2007. RBS has been trying sell the holding for a number of years as it retreats from international operations. Meanwhile HSBC Holdings ( HSBA.L ) owns 40 percent of Saudi British Bank (SABB), which is the kingdom''s sixth largest bank by assets. Nikolajsen declined to comment on the merger talks or Alawwal Bank''s outlook for 2017 because of the uncertainty over the negotiations. (Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-alawwal-bank-growth-idUKKBN17X1RZ'|'2017-05-01T21:53:00.000+03:00'
'8960513d2503aff026453c1bddcf76bf7fff735c'|'Cardinal Health quarterly revenue rises 3.8 pct'|'Market News - Mon May 1, 2017 - 7:10am EDT Cardinal Health quarterly revenue rises 3.8 pct May 1 Cardinal Health Inc reported a 3.8 percent rise in quarterly revenue, helped by strength in its pharmaceutical business even as the drug distributor faces declining generic drug prices. Cardinal''s results come nearly two weeks after the drug distributor said it expected full-year adjusted earnings at the lower end of its forecast, underscoring the U.S. drug distribution industry''s struggles with falling generic drug prices. Net earnings attributable to the company fell marginally to $381 million, or $1.20 per share, in the third quarter ended March 31, from $386 million, or $1.17 per share, a year earlier. Revenue rose 3.8 percent to $31.82 billion. (Reporting by Ankur Banerjee in Bengaluru; Editing by Supriya Kurane) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cardinal-health-results-idUSL4N1I324E'|'2017-05-01T19:10:00.000+03:00'
'17b218f23be4c81e08c3fc01d7ef4ade5af42c18'|'Elliott to meet with BHP''s Australian shareholders to push reform plan: sources'|'  8:44am BST Elliott to court BHP''s Australian shareholders on overhaul - sources FILE PHOTO: A promotional sign adorns a stage at a BHP Billiton function in Sydney, Australia, August 20, 2013. REUTERS/David Gray/File Photo SYDNEY Elliott Management will meet with BHP Billiton''s ( BHP.AX ) ( BLT.L ) Australian shareholders this week as the activist investor pushes for strategic changes at the world''s biggest miner, two sources familiar with the matter said on Monday. The sources, who could not be named because they were not authorised to speak publicly about the issue, told Reuters that Elliott was seeking feedback from other investors about its proposed overhaul of BHP. Elliott''s U.S. office did not immediately respond to a request for comment outside regular business hours. Over the past year, Elliott has built up a 4.1 percent stake in BHP''s British arm and last month told the company it had failed to deliver "optimal" value. Elliott, led by U.S. financier Paul Singer, demanded BHP spin off its U.S. oil assets, ditch a corporate structure built on dual listings in London and Sydney and hand back more money to shareholders. BHP swiftly rejected the approach, saying the costs of the changes would outweigh the benefits. But Elliott could be gaining some traction according to investors. Analysts said Elliott would likely push its case for a revamp of BHP''s U.S. oil business, after BHP on April 26 said it was progressing the sale of onshore U.S. petroleum interests at two key fields. BHP said the plan had been in the works prior to Elliott going public with its proposals. "It''s clear they (Elliott) aren''t going to just give up," said Shaw and Partners analyst Peter O''Connor. I''m not surprised they are here, they have been conspicuous in their absence," he added. BHP declined to comment.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bhp-billiton-elliott-idUKKBN17X16L'|'2017-05-01T13:33:00.000+03:00'
'b8d534bace475da64ce83224de68f4e620e607cc'|'Retailer Bebe avoids bankruptcy with landlord deals: sources'|'By Jessica DiNapoli Fashion chain Bebe Stores Inc ( BEBE.O ) has clinched deals with its landlords to close its approximately 180 stores, enabling it to avoid filing for bankruptcy and continue to sell merchandise online, people familiar with the matter said on Thursday.Bebe has almost no debt and a significant amount of cash, so the development was rare as many of its peers filed for bankruptcy and closed their doors this year amid intense competition from online retailers and fast-changing consumer tastes.Bebe risked having to file for bankruptcy if its landlords did not accept the deals, the sources said. Retailers often file for bankruptcy to get out of store leases, leaving landlords scrambling to recover their losses in bankruptcy court.However, Bebe was able to offer mall owners, including Simon Property Group Inc ( SPG.N ) and General Growth Properties Inc ( GGP.N ), better deals than what they would have received in a bankruptcy protection filing, said the sources.Bebe plans to continue to operate online, selling its low-cut dresses, off-the-shoulder tops and short shorts without the expense of rent, the sources said. The retailer also has a partnership with licensor Bluestar Alliance LLC to further develop its brand.The sources requested anonymity because the negotiations were private. Bebe, Simon Property and General Growth Properties did not respond to requests for comment.BCBG Max Azria LLC, Wet Seal LLC and American Apparel LLC are just some of the U.S retailers that filed for bankruptcy in the last 12 months. Mall-based retailers in particular are going through a period of immense distress, as foot traffic in malls falls due to the rise in popularity of online shopping.In April, Bebe said that it expected to record a charge of about $20 million related to the store closings, and that liquidators were holding store closing sales in the shops.Bebe does not have any term loans or bonds, and had about $67 million in cash at the end of 2016, according to its financial statements.The company said in March that it had retained investment bank B. Riley & Co to explore strategic options, and a real estate adviser to work on lease negotiations with landlords.Bebe Chief Executive Manny Mashouf founded the company in the 1970s, and the retailer rose to fame in the 1990s and 2000s thanks in part to a fashion line it offered with reality TV stars the Kardashians. Mashouf owns about 58 percent of the company''s shares.(Reporting by Jessica DiNapoli in New York; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bebe-stores-restructuring-idINKBN1802MA'|'2017-05-04T18:01:00.000+03:00'
'02e19a1708bf3287ca7186ed50abb0a0be8e8757'|'Yingde Gases shares suspended, pending delisting from HK exchange'|'HONG KONG May 5 Shares of Yingde Gases were suspended on Friday after the company said it might withdraw its Hong Kong listing in September after China''s largest industrial gases company finalises a privatisation plan.In March, Hong Kong-based private equity firm PAG agreed to buy the 42.1 percent stake of three co-founders of Yingde Gases for $616 million.PAG became its controlling shareholder when it later made a compulsory offer for all outstanding shares it did not already own, giving it a 98.11 percent stake in Yingde, as of May 4. PAG paid just over $1 billion for the over 70 percent stake it did not already own.On completion of the offer, just 1.89 percent of the company''s issued shared capital was held by the public, leaving Yingde Gases unable to fulfil its minimum public float requirement under stock exchange rules.In a statement to the Hong Kong stock exchange on Thursday, Yingde said trading would be suspended until the company''s delisting.Yingde''s main products include oxygen, nitrogen, argon and some specialty gases, which it sells primarily to companies in the steel, iron ore, chemicals and electronics industries.(Reporting By Donny Kwok and Twinnie Siu; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/yingde-gases-suspension-idINL4N1I71KC'|'2017-05-05T01:51:00.000+03:00'
'e8ac67884759ef3b47adf6d1827f351db7f842c8'|'Sterling climbs back above $1.29 on strong services data'|'Money News - Thu May 4, 2017 - 8:47pm IST Sterling climbs back above $1.29 on strong services data An English ten Pound note is seen in an illustration taken March 16, 2016. REUTERS/Phil Noble/Illustration/Files By Jemima Kelly and Ritvik Carvalho - LONDON LONDON Sterling rose above $1.29 on Thursday after stronger-than-expected data from Britain''s huge services sector, which was seen bolstering the case for the Bank of England to raise interest rates sooner rather than later. The Markit/CIPS Services Purchasing Managers'' Index (PMI), a closely watched gauge of Britain''s services industry, rose to a four-month high of 55.8 in April, above all forecasts in a Reuters poll of economists. The reading was the second strongest since mid-2015 and a boost for Prime Minister Theresa May who is seeking to persuade voters that the opposition Labour Party cannot be trusted to run the economy after a parliamentary election on June 8. Since that snap poll was called last month, the pound has climbed almost 2.5 percent against the dollar, on the view that May''s Conservative party will increase its majority, bringing stability and diluting the influence of eurosceptics who advocate a "hard Brexit". The pound was up 0.4 percent on Thursday at 1.2919 per dollar and approaching a seven-month high of 1.2965 hit last week on market optimism around the election. The services sector PMI followed better-than-expected manufacturing and construction surveys. Taken together, they indicate the economy is growing at a quarterly pace of 0.6 percent at the start of the second quarter, double the pace of the first quarter. "The UK economy scored a hat-trick of good news this week," said Fawad Razaqzada, a market analyst at Forex.com. "The key question was how the dominant services sector performed amid the Brexit uncertainty and ahead of the general elections in June. Well, apparently, very well." The Bank of England - which will have noted this week''s PMI surveys - is expected to keep interest rates at their record low through this year and possibly until 2019, as it steers the economy through the uncertainty of Britain''s exit from the EU. One rate-setter voted last month for a hike, however, and others said they might follow soon if there were signs the economy was maintaining its momentum from 2016. "The strengthening in the pound, in line with the upside surprise to the PMI data, is consistent with the fact that this puts more pressure on the Bank of England next Thursday to be more hawkish," said Sam Lynton-Brown, strategist at BNP Paribas, referring to the Bank''s policy meeting and quarterly inflation report next week. "Although this is a one-off release, having this strong a release ahead of the inflation report is likely to have an outsized impact on sterling over the next few days." Against a broadly stronger euro, however, the pound inched down 0.2 percent to 84.72 pence per euro. (Editing by Richard Lough)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-sterling-idINKBN1801ZV'|'2017-05-04T23:17:00.000+03:00'
'e8188d2cc2eae47e7bffa138bd86ac77783e3c76'|'Parts of ECB''s policy guidance may evolve - Praet'|'Business News - Thu May 4, 2017 - 12:21pm BST Parts of ECB''s policy guidance may evolve - Praet FILE PHOTO -- European Central Bank Executive Board member Peter Praet speaks during a meeting in Madrid, Spain, March 27, 2017. REUTERS/Juan Medina/File Photo FRANKFURT Parts of the European Central Bank''s policy guidance can change over time but not the projected sequence of future steps or their dependence on a sustained rise in inflation, ECB chief economist Peter Praet said on Thursday. "These fundamental features of our forward guidance have a clear logic," Praet said in Brussels. "All other features of our forward guidance are of a parametric nature and can be recalibrated depending on incoming data." He added: "In June, we will be able to draw on a more expanded information set than is available today, organised around new projections and including an updated assessment of the distribution of risks surrounding the economic outlook." (Reporting by Balazs Koranyi; Editing by Francesco Canepa)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-praet-idUKKBN1801BK'|'2017-05-04T19:21:00.000+03:00'
'ffee2d37c91faf8020e95fcd326a23be64a7e409'|'Kraft Heinz to cut jobs, shutter factories under integration plan'|'Kraft Heinz Co ( KHC.O ) said on Thursday it would cut about 13 percent of its workforce, close factories and consolidate its distribution network as part of its efforts to merge Kraft Foods and H.J. Heinz.Kraft Heinz said it would incur pre-tax costs of $2 billion related to the elimination of 5,150 positions, the shutting of six factories and the streamlining of its distribution. ( bit.ly/2qw1V4T )The company will also spend an additional $1.3 billion on capital expenditures related to the integration on top of the $995 million it has spent since the merger in 2015.(Reporting by Gayathree Ganesan in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-kraft-heinz-restructuring-idINKBN180243'|'2017-05-04T13:55:00.000+03:00'
'cdc71013703121be427439b2845f3b8a4fc834aa'|'BRIEF-Impinj Inc Q1 GAAP loss per share $0.11'|'Market News - Thu May 4, 2017 - 6:33pm EDT BRIEF-Impinj Inc Q1 GAAP loss per share $0.11 May 4 Impinj Inc * Announces first quarter 2017 financial results * Expects q2 non-GAAP diluted earnings per share in range of loss of $0.02 to income of $0.05 * Sees q2 2017 revenue $32.4 million to $33.9 million * Q1 revenue $31.7 million versus I/B/E/S view $30.8 million * Q1 non-gaap earnings per share $0.01 including items * Q1 GAAP loss per share $0.11 * Q1 earnings per share view $-0.01 -- Thomson Reuters I/B/E/S * Sees Q2 revenue in range of $32.4 million to $33.9 million * Sees Q2 adjusted EBITDA in range of a loss of $0.6 million to income of $0.9 million * Sees Q2 non-GAAP diluted earnings per share in range of a loss of $0.02 to income of $0.05 * Q2 earnings per share view $0.02, revenue view $33.3 million -- Thomson Reuters I/B/E/S Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-impinj-inc-q1-gaap-loss-per-share-idUSL8N1I6ADG'|'2017-05-05T06:33:00.000+03:00'
'12d3aa89f6ba08ad8f378a1474568a3b45533f90'|'South African video streaming firm to compete with Showmax, Netflix'|'JOHANNESBURG South Africa''s Discover Digital, hoping to capitalize on the rapid uptake of smartphones and improving telecommunications infrastructure on the continent, is starting a video streaming service to rival Netflix and Showmax, it said on Thursday.The firm, which used to operate MTN''s ( MTNJ.J ) streaming service VU before it shut down on May 3, said it will partner with regional telecom companies and businesses.Its Digital Entertainment on Demand (DEOD) service enters a market where not only Naspers ( NPNJn.J ), has a foothold, but also global competitor Netflix ( NFLX.O ) and three other players.Africa''s most advanced country, where a rapid expansion of fiber optic broadband in more affluent neighborhoods has allowed streaming of movies and TV series, is one of the markets DEOD plans to go live in, including others across Africa, which it did not name."As a full-service, video on demand business, we want to use the increased connectivity consumers now have access to, to deliver more entertainment in a number of ways," Discover Digital Managing Director Stephen Watson said in a statement."The opportunity in Africa is to deliver to mobile phones a broad range of digital entertainment <20> from video and TV to music, magazines and radio."Priced from 49 rand ($3.62), to better compete with competitors, DEOD offers global news channels, five world sport channels, series, music videos and movies on-demand."We believe everybody deserves to have access to quality, affordable content and we will continue to challenge the status quo of competitive offerings and expand our DEOD services to merge lifestyle and entertainment to take it to consumers when and how they want it," said Watson.Naspers launched its own Showmax video-on-demand unit in 2015 that has been airing a mix of international and local content to build a base of subscribers, while Netflix launched last year.(Reporting by Nqobile Dludla, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-safrica-videoondemand-idUSKBN1801UR'|'2017-05-04T22:21:00.000+03:00'
'3705259812a05c3445741dbbdd15e32c781fb714'|'House banking panel passes bill to undo U.S. financial crisis rules'|'Business News - Thu May 4, 2017 - 5:54pm BST House banking panel passes bill to undo U.S. financial crisis rules U.S. President Donald Trump gives a thumbs up during a National Day of Prayer event at the Rose Garden of the White House in Washington D.C., U.S., May 4, 2017. REUTERS/Carlos Barria By Pete Schroeder - WASHINGTON WASHINGTON A House banking panel on Thursday passed a controversial bill that would drastically change how the U.S. government regulates the financial sector. With support only from the panel''s Republicans, the bill approved by the House Financial Services Committee would eliminate significant parts of the Dodd-Frank financial reform law and place new restrictions on regulators monitoring Wall Street. The odds of the bill offered by Representative Jeb Hensarling becoming law are long, given staunch opposition by Democrats to many of its central proposals. The bill marks the new Congress'' first attempt to significantly roll back existing financial rules after Republicans made gains in the 2016 election. President Donald Trump has identified easing rules on banks as a key component of his economic agenda and effort to spur lending and grow the economy. Critics of the bill argue that it undoes many of the critical protections enacted following the financial crisis and puts the nation at greater risk of another meltdown. If made law, the bill would repeal regulators'' ability to step in and wind down failing financial institutions. It also would hamstring their ability to identify and more closely regulate firms they believe are critical to the health of the financial system. Under the bill, banks that agree to adopt a 10 percent capital ratio would be allowed to receive an exemption from many of Dodd-Frank''s existing rules. It will also require regulators to get congressional approval on any major new rulemaking project, and overhaul the Consumer Financial Protection Bureau. The powers of that agency, created by Dodd-Frank, would be curtailed, limiting the steps it can take to punish wrongdoing by banks and subjecting it to a number of outside checks on its authority and funding. In addition, the bill significantly changes how the Federal Reserve operates, subjecting its monetary policy decision-making to a stricter rules-based process, while separating its economic policymaking from its financial regulatory work. Hensarling has said he expects the bill will be considered soon by the full House, where it likely would be passed by the Republican majority. However, the Senate Banking Committee will be considering its own proposals to rework financial rules. More modest legislation coming from that committee is more likely to become law, given it will likely be designed to attract necessary support from Democrats. (Reporting by Pete Schroeder; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-banks-doddfrank-idUKKBN18029P'|'2017-05-05T00:54:00.000+03:00'
'e17a8df95b4677e27bc23f20dca0c125c68d8ff4'|'SAFT-ON-WEALTH-Are high profits here to stay?'|'Investors betting that the high level of U.S. corporate profits will revert to the <20>old normal<61> may have a long and costly wait on their hands.The rise and rise of corporate profits in recent years has defied economic theory which holds high profits should bring on investment and competition.S&P 500 index profits on sales are pushing towards 9.0 percent, which would be 80 percent higher than the average before 1997 and about 30 percent higher than what we<77>ve usually seen since.That<61>s helped to push cyclicly-adjusted price/earnings ratios to levels only seen twice before - in 1981 and 1929.U.S. stock prices are high but those who<68>ve tried to stand against the tide are not doing so well.The big questions are why profits are so high, and can it be sustained?Jeremy Grantham, a value investor at GMO, thinks profits have been propped up by a combination of low interest rates, the increasing value of brands due to globalization, and increasing corporate power.Corporations are benefiting from more political and monopoly power in a self-reinforcing cycle that allows them to extract more in profit from their customers.Even if, or as, interest rates rise, this may not end soon.<2E>If you are expecting a quick or explosive market decline in the S&P 500 that will return us to pre-1997 ratios (perhaps because that is the kind of thing that happened in the past), then you should at least be prepared to be frustrated for some considerable further time: until you can feel the process of the real interest rate structure moving back up toward its old level,<2C> Grantham wrote in a note to investors. ( www.gmo.com/ )All of these factors may well have contributed to rising profit margins, but the role of interest rates is puzzling.Low interest rates imply abundant and cheap financing, which in theory should make the job of competing with an incumbent easier.And while low interest rates may make share buy-backs, as opposed to investment in new capacity, more attractive for large firms, this again does nothing to stop competitors from deciding to winnow away margins by expanding.COMPETING THEORIESJames Bessen, of Boston University School of Law, argues in a paper published in 2016 that about half of the rise in profits and valuations since 1980 is traceable to political gamesmanship, involving influencing and arbitraging regulations to inhibit competition. ( here )Bessen found that the more regulated an industry sector was, the more entrenched companies benefit via higher margins.There is a "rent-seeking sector<6F>, according to the study, which captures more than half of the benefit of obstructive regulation, especially in the pharmaceuticals/chemicals, petroleum refining, transportation equipment/defense, utilities, and communications sectors.Even, or especially, in the era of Trump, it is unwise to expect Washington to roll back regulations in a way which really expose large companies to competitive forces.In two papers last year, Thomas Philippon, Germ<72>n Guti<74>rrez and Callum Jones, all of New York University, looked at the puzzle of why investment is so low in the U.S., despite corporate securities trading for such high prices in comparison with the cost of replacing corporate production. Why not invest and make a handsome profit?( here %20Phillipon_Paper.pdf and pages.stern.nyu.edu/ ~tphilipp/papers/QNIK.pdf)They found that the investment gap is driven by firms in sectors with less competition which elect to prioritize financial engineering and share buybacks over investment.Interestingly, these firms tend to be owned by institutional shareholders which shadow the equity indices, and who perhaps prefer short-term management, in line with their own career risk, over long-term investment.As well, this dearth of investment itself is keeping interest rates low. Without this lack of competition the U.S. would have lifted policy interest rates above the zero lower bound in 2010 and rates today would be about 2.0 percent.So it isn<73>t that interest rates have to ri
'f1e871e69be758ee4a145e5af9d746fdf3b2e9a2'|'Asian equities edge up as Japan outperforms, dollar regains traction'|'Business   4:42pm BST Global stocks climb in light May Day trading; oil slips left right FILE PHOTO: Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, April 27, 2017. REUTERS/Staff/Remote 1/2 left right Pedestrians stand in front of an electronic board showing stock and foreign currency markets information outside a brokerage in Tokyo, Japan, December 1, 2016. REUTERS/Kim Kyung-Hoon 2/2 By Rodrigo Campos - NEW YORK NEW YORK Apple shares hit a record high on Monday, lifting U.S. stocks and a gauge of key world equity indexes, while data on U.S. drilling and output kept downward pressure on oil prices. Global trading was expected to be light, with some markets in Europe and Latin America closed for the May Day holiday, while Japan was open overnight during a shortened trading week. Data showed U.S. manufacturing activity slowed in April while consumer spending was unchanged in March and a key inflation measure recorded its first monthly drop since 2001. Despite the soft data, traders continued to see a 7-in-10 chance that the Federal Reserve will hike interest rates in June. On Wall Street, Apple and other large technology companies led the way, sending the Nasdaq Composite to a record high. Apple is due to report its earnings on Tuesday, while Facebook will report on Wednesday. Stocks were supported also as U.S. Congress negotiators agreed on a federal funding deal late on Sunday, removing a hurdle for investor confidence. "We have some renewed optimism that the market strength will continue helped by strong earnings and as a government shutdown was averted," said Andre Bakhos, managing director at Janlyn Capital LLC in Bernardsville, New Jersey. The Dow Jones Industrial Average .DJI rose 20.07 points, or 0.1 percent, to 20,960.58, the S&P 500 .SPX gained 5.84 points, or 0.24 percent, to 2,390.04 and the Nasdaq Composite .IXIC added 30.82 points, or 0.51 percent, to 6,078.43. MSCI''s gauge of stocks across the globe .MIWD PUS gained 0.25 percent. Emerging market stocks rose 0.19 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.33 percent higher, while Japan''s Nikkei .N225 rose 0.59 percent. U.S. drillers added nine oil rigs in the week to April 28, bringing the count to the most since April 2015, energy services company Baker Hughes said on Friday. Crude output in the United States has hit its highest since August 2015, government data shows. "The U.S. rig count indicates that there is plenty more to come," analysts at JBC Energy said in a report, referring to the outlook for U.S. production. U.S. crude CLcv1 fell 1.28 percent to $48.70 per barrel and Brent LCOcv1 was last at $51.37, down 1.31 percent on the day. Crude prices were also pressured by data showing that growth in Chinese manufacturing slowed faster than expected in April. The weak U.S. data initially weighed on the dollar, but moves among major currencies were relatively small. The dollar index .DXY fell 0.1 percent, with the euro EUR= up 0.18 percent at $1.0915. The Japanese yen weakened 0.04 percent versus the greenback to 111.61 per dollar, while sterling GBP= was last trading at $1.2926, down 0.15 percent on the day. Benchmark 10-year notes US10YT=RR last fell 6/32 in price to yield 2.3036 percent, from 2.282 percent late on Friday. Spot gold XAU= dropped 0.3 percent to $1,264.00 an ounce. U.S. gold futures GCcv1 fell 0.25 percent to $1,265.10 an ounce. Copper CMCU3 rose 0.76 percent to $5,735.50 a ton. (Additional reporting by Tanya Agrawal in Bengaluru and Alex Lawler in London; Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN17X0WF'|'2017-05-01T12:58:00.000+03:00'
'6f73df900e83ffdd1efae1b8f4d4cfc24124bd43'|'MOVES-Willis Towers Watson names new head of CRB for Missouri, Kansas'|'Market News - Mon May 1, 2017 - 11:34am EDT MOVES-Willis Towers Watson names new head of CRB for Missouri, Kansas May 1 U.S. advisory services firm Willis Towers Watson named John Puetz head of Corporate Risk and Broking (CRB) for the Missouri and Kansas markets. Puetz, who joined Willis Towers Watson seven years ago, previously ran his own property and casualty insurance broker in Kansas, the company said. (Reporting by Akankshita Mukhopadhyay in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/willis-towers-moves-john-puetz-idUSL4N1I32RN'|'2017-05-01T23:34:00.000+03:00'
'b7bdaca95f8eb214e1f36c8ccaf34cf8685df268'|'UPDATE 2-Guggenheim Investments attract broad fixed-income flows in April'|'(Adds Quote: s from Minerd on Federal Reserve''s unwind of balance sheet)By Jennifer AblanNEW YORK May 1 Guggenheim Investments, overseen by Global Chief Investment Officer Scott Minerd, had positive net flows of more than $944 million into its fixed-income mutual funds and exchange-traded funds in April, the firm said on Monday.Guggenheim''s flagship Total Return Bond Fund, an intermediate-term fund that has outperformed 99 percent of its rivals over one, three, and five years, according to Morningstar, took in $250 million in April, the firm said.The $6.1 billion fund has experienced net inflows for 40 consecutive months, Guggenheim added."I tend to look for big trades and big trades take a long time to play out," Minerd said in a telephone interview. "The big trade we<77>ve been doing...betting on a flattening of the yield curve, has worked pretty well for us.""We''ve been in very high-quality, long duration assets like 30-year Treasury STRIPS," he said, using an acronym for Separate Trading of Registered Interest and Principal of Securities.Meanwhile, the Guggenheim Macro Opportunities Fund, a $5.3 billion non-traditional bond fund that has also outperformed 99 percent of its rivals over five years, took in $250 million in April, the firm said.Guggenheim Limited Duration Fund, a short-term bond fund with $1.5 billion in assets under management, experienced its 41st consecutive month of net inflows since its December 2013 inception. It has outperformed 99 percent of funds in its Morningstar category over three years.Guggenheim said its BulletShares suite of defined maturity ETFs had $138 million in net flows in April, which helped the firm reach an all-time high with $35 billion in ETF assets under management.On the Federal Reserve, Minerd said he has been contacted by the central bank regarding the unwinding of the balance sheet issue."They''re concerned primarily, at this point, with what the market expects. This is my opinion, they don''t want to surprise the market like they did when the ''Taper Tantrum'' occurred. So they really want to avoid, in my opinion, having the market suddenly react badly."Fed staffers are seeking bond fund manager feedback on how the central bank should tailor and communicate its exit from record holdings of Treasuries and mortgage-backed securities. Fed officials are intent on shrinking their crisis-era $4.48 trillion balance sheet in a way that is not disruptive and does not supplant the federal funds rate as the main policy tool.Minerd said he believes the Fed will announce its intention to wind down the balance sheet. (Reporting by Jennifer Ablan; Editing by Bernadette Baum and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/funds-guggenheimtr-bd-idINL1N1I30Y6'|'2017-05-01T16:17:00.000+03:00'
'a20c0471f1154e4fa7321ee0f6491c18d5288204'|'Cognizant profit jumps 26 percent'|'Market News - Fri May 5, 2017 - 6:05am EDT Cognizant profit jumps 26 percent May 5 IT services provider Cognizant Technology Solutions Corp reported a 26 percent rise in quarterly profit, helped by strong demand from its healthcare and financial clients. The company''s net income rose to $557 million, or 92 cents per share, in the first quarter ended March 31 from $441 million, or 72 cents per share, a year earlier. Revenue rose 10.7 percent to $3.55 billion. (Reporting by Rishika Sadam in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cognizant-tech-results-idUSL4N1I72ZF'|'2017-05-05T18:05:00.000+03:00'
'7739e22e8dbdddcb530bb2398b6a7259c711b698'|'General Motors Canadian sales rise 16 percent in April'|'MONTREAL May 2 General Motors Co on Tuesday reported a 16 percent rise in April auto sales for Canada, as demand for crossovers fueled the company''s best April results since 2008.The automaker reported the sale of 30,948 total vehicles in April, an increase of 16 per cent over the same month a year earlier.Fiat Chrysler however reported April sales in Canada of 27,373 vehicles, down 9 per cent, compared with the same month a year earlier.Canadian auto sales hit record highs in 2016 because of consumer demand for pickups and SUVs, despite ending the year on a weaker note that could continue in 2017.(Reporting By Allison Lampert; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-autos-idUSL1N1I40XM'|'2017-05-02T23:50:00.000+03:00'
'f1ef340c4cac8327d2e4c1c18f1033a2249bf72d'|'Shareholders at UK builder Bovis approve new boss'' pay deal'|'Business News - Tue May 2, 2017 - 4:34pm BST Shareholders at UK builder Bovis approve new boss'' pay deal FILE PHOTO: A builder works at a Bovis homes housing development near Bolton, Britain, July 9, 2008. REUTERS/Phil Noble/File Photo LONDON Shareholders at British builder Bovis ( BVS.L ) overwhelmingly backed a pay deal for the firm''s new boss who is charged with turning around the ailing firm which was subject to two failed takeover bids after it issued a profit warning. Chief Executive Greg Fitzgerald''s remuneration package includes a 650,000 pound salary, plus a performance-linked additional portion of his salary over the next few years and a bonus of up to 100 percent in shares. Fitzgerald''s total remuneration at the FTSE 250 company, which is likely to be much less than many of his peers, was backed by over 97 percent of shareholder votes at an annual general meeting on Tuesday, the firm said. Executive pay has become an increasingly hot topic in Britain over recent years with many Britons angry at excessive payouts but investors have had little public success in cutting remuneration deals. Last week, however, WPP ( WPP.L ), the world''s largest advertising agency, said it will reduce the amount it pays its boss Martin Sorrell to no more than 19 million pounds after an investor backlash sparked by previous record payouts. Earlier Bovis said it would take a 2.8 million-pound hit due to a review conducted in February after it failed to build enough homes under Fitzgerald''s predecessor and from failed takeover talks with rivals Redrow ( RDW.L ) and Galliford Try ( GFRD.L ). (Reporting by Costas Pitas; editing by Kate Holton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bovis-pay-idUKKBN17Y1WI'|'2017-05-02T23:34:00.000+03:00'
'4f44f40ae7735b9816f3cc55aea3a4546b904367'|'How two cutting edge U.S. nuclear projects bankrupted Westinghouse'|'Global Energy News - Tue May 2, 2017 - 6:04am BST How two cutting edge U.S. nuclear projects bankrupted Westinghouse FILE PHOTO: The Vogtle Unit 3 and 4 site, being constructed by primary contactor Westinghouse, a business unit of Toshiba, near Waynesboro, Georgia, U.S. is seen in an aerial photo taken February 2017. Georgia Power/Handout via REUTERS By Tom Hals and Emily Flitter - WILMINGTON, Del./NEW YORK WILMINGTON, Del./NEW YORK In 2012, construction of a Georgia nuclear power plant stalled for eight months as engineers waited for the right signatures and paperwork needed to ship a section of the plant from a factory hundreds of miles away. The delay, which a nuclear specialist monitoring the construction said was longer than the time required to make the section, was emblematic of the problems that plagued Westinghouse Electric Co as it tried an ambitious new approach to building nuclear power plants. The approach - building pre-fabricated sections of the plants before sending them to the construction sites for assembly - was supposed to revolutionize the industry by making it cheaper and safer to build nuclear plants. But Westinghouse miscalculated the time it would take, and the possible pitfalls involved, in rolling out its innovative AP1000 nuclear plants, according to a close examination by Reuters of the projects. Those problems have led to an estimated $13 billion in cost overruns and left in doubt the future of the two plants, the one in Georgia and another in South Carolina. Overwhelmed by the costs of construction, Westinghouse filed for bankruptcy on March 29, while its corporate parent, Japan''s Toshiba Corp, is close to financial ruin. It has said that controls at Westinghouse were "insufficient." The miscalculations underscore the difficulties facing a global industry that aims to build about 160 reactors and is expected to generate around $740 billion in sales of equipment in services in the coming decade, according to nuclear industry trade groups. The sector''s problems extend well beyond Westinghouse. France''s Areva is being restructured, in part due to delays and huge cost overruns at a nuclear plant the company is building in Finland. Even though Westinghouse''s approach of pre-fabricated plants was untested, the company offered aggressive estimates of the cost and time it would take to build its AP1000 plants in order to win future business from U.S. utility companies. It also misjudged regulatory hurdles and used a construction company that lacked experience with the rigor and demands of nuclear work, according to state and federal regulators'' reports, bankruptcy filings and interviews with current and former employees. "Fundamentally, it was an experimental project but they were under pressure to show it could be a commercially viable project, so they grossly underestimated the time and the cost and the difficulty," said Edwin Lyman, a senior scientist at the Union of Concerned Scientists, who has written and testified about the AP1000 design. Westinghouse spokeswoman Sarah Cassella said the company is "committed to the AP1000 power plant technology", plans to continue construction of AP1000 plants in China and expects to bid for new plants in India and elsewhere. She declined to comment on a detailed list of questions from Reuters. PROBLEMS FROM THE START By early 2017, the Georgia and South Carolina plants were supposed to be producing enough energy to power more than a half a million homes and businesses. Instead, they stand half-finished. (For a graphic see tmsnrt.rs/2oQEKgE ) Southern Co, which owns nearly half the Georgia project, and SCANA Corp, which owns a majority of the South Carolina project, have said they are evaluating the plants and could abandon the reactors altogether. "We will continue to take every action available to us to hold Westinghouse and Toshiba accountable for their financial responsibilities under the engineering, procurement and construction agreeme
'4931bfe77fc9615288b7837e7b610a96ed22cb33'|'China''s capital controls to hamper yuan internationalisation: Fitch'|'Tue May 2, 2017 - 6:57am BST China''s capital controls to hamper yuan internationalization: Fitch Chinese 100 yuan banknotes are seen on a counter of a branch of a commercial bank in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo BEIJING China''s steps to control capital outflows and lingering expectations of further yuan depreciation are likely to impede the pace of yuan internationalization, which has lost momentum over the last two years, international ratings agency Fitch said. Beijing has announced a string of measures since November to tighten controls on money moving out of the country, including closer scrutiny of outbound investments, large overseas money transfers and individual foreign exchange purchases. "Policies to contain capital outflows and ongoing concerns over currency depreciation are likely to hold back internationalization in the short-term," Fitch Ratings said in a report published on Monday. "Progress toward the Chinese renminbi becoming a more important global currency has lost momentum over the last two years, notwithstanding its landmark inclusion in the IMF''s Special Drawing Rights (SDR) currency basket in late 2016," it said. But a gradual increase in holdings of yuan, also known as the renminbi, by reserve managers could still support China''s rating profile over time, it added. The proportion of international currency payments denominated in the yuan fell to 1.8 percent in March 2017 from 2 percent a year earlier, Fitch said, citing data from SWIFT. Still, highlighting data from the China Central Depository & Clearing Co., the agency noted that the share of external holdings of Chinese government bonds during the same period increased to 3.9 percent from 3 percent. The yuan could be used as a reserve currency over the long term given the global importance and inter-connectedness of China''s economy, Fitch said. Data released by the International Monetary Fund in March showed China''s share of allocated currency reserves, reported by the IMF for the first time, totaled just over 1 percent, or $84.51 billion. Policy stimulus has stabilized the economy, but leverage and financial risks continue to build, Fitch said, adding that investor concerns about medium-term financial stability are likely to dent the yuan''s attractiveness. The yuan CNY=CFXS has stabilized this year, due to curbs on capital outflows and a reversal of the dollar rally, following a fall of 6.5 percent in 2016. Still, it is widely expected to weaken further versus the dollar this year. The Chinese authorities are unlikely to pursue significant capital account liberalization if it poses risks to domestic financial stability, Fitch said. "We therefore expect capital controls to be lifted in an asymmetric way over the next couple of years, with restrictions on inflows relaxed steadily and those on outflows mostly kept in place," it said. (Reporting by Kevin Yao)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-economy-yuan-fitch-idUKKBN17Y0F7'|'2017-05-02T13:40:00.000+03:00'
'fd2d02411078122bdf0d87c4be2c8e8bf7b046b5'|'Nikkei climbs to 6-week high on earnings optimism'|'TOKYO May 2 Japan''s Nikkei share average rose to six-week highs on Tuesday in a holiday-shortened week, getting a lift from robust earnings and gains on Wall Street.The Nikkei finished 0.7 percent higher at 19,445.70, its highest close since March 21.It added 1.3 percent for the week. Tokyo markets will be closed for three days from Wednesday for a string of holidays known as Golden Week.Wall Street climbed on Monday, boosted by gains in Apple and other big technology stocks that more than offset weak U.S. economic data, and pushed the Nasdaq Composite to another record high.The broader Topix added 0.7 percent to 1,550.30, while the JPX-Nikkei Index 400 was up 0.7 percent at 13,849.15. (Reporting by Tokyo markets team; Editing by Sam Holmes)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-close-idINL4N1I41MJ'|'2017-05-02T04:16:00.000+03:00'
'45f692485ee1383421d6a57865b1952a37539e31'|'JGBs track Treasuries lower, moves limited before key events'|'TOKYO May 2 Japanese government bond prices followed a slide by U.S. Treasuries and dipped on Tuesday, with caution ahead of the week''s key events limiting overall movements.The 20-year JGB yield and the 30-year yield both rose half a basis point to 0.560 percent and 0.790 percent, respectively.Super-long JGB yields nudged up after the U.S. Treasury yield curve steepened overnight, with the 30-year U.S. long bond yield spiking to a three-week high, after U.S. Treasury Secretary Steven Mnuchin reiterated his support for ultra long-term debt issuance.Low liquidity constrained JGBs, with investors not inclined to move very much with Tokyo markets closed for three days from Wednesday for the Golden Week holidays.Key events due to occur while the Tokyo markets are closed include the U.S. Federal Reserve''s monetary policy decision on Wednesday, a series of U.S. data releases leading up to Friday''s non-farm payrolls report, and the second round of the French presidential election at the weekend.The benchmark 10-year JGB was untraded, reflecting the prevailing wait-and-see mood. (Reporting by the Tokyo markets team)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL4N1I412W'|'2017-05-02T01:53:00.000+03:00'
'40b51832f517e7fa22e79672252dd6cf10237b9d'|'TABLE-Top 20 selling vehicles in U.S. in April'|'May 2 The following are the 20 top-selling vehicles in the U.S. in April as reported by the automakers and ranked by total units. Top 20 selling vehicles in U.S. in April RANK VEHICLE April 2017 April 2016 PCT CHNG 1 Ford F-Series P/U 70,657 70,774 -0.2 2 Ram P/U 43,321 40,264 +7.6 3 Chevy Silverado-C/K P/U 40,154 49,990 -19.7 4 Honda CR-V 32,671 28,913 +13.0 5 Toyota RAV4 31,757 30,152 +5.3 6 Toyota Camry 31,428 34,039 -7.7 7 Honda Civic 31,211 35,331 -11.7 8 Toyota Corolla 31,104 33,653 -7.6 9 Nissan Rogue 27,386 23,173 +18.2 10 Honda Accord 26,938 31,526 -14.6 11 Ford Escape 25,637 23,920 +7.2 12 Chevrolet Cruze 21,317 14,153 +50.6 13 Chevrolet Equinox 20,655 20,607 +0.2 14 Nissan Altima 20,263 28,484 -28.9 15 Nissan Sentra 20,255 19,145 +5.8 16 Ford Explorer 19,771 20,283 -2.5 17 Jeep Grand Cherokee 18,877 17,768 +6.2 18 Jeep Wrangler 18,841 18,840 +0.0 19 Toyota Highlander 17,981 15,037 +19.6 20 GMC Sierra P/U 17,400 20,531 -15.3 Top 20 selling vehicles in U.S. through April RANK VEHICLE YTD 2017 YTD 2016 PCT CHNG 1 Ford F-Series P/U 275,938 256,895 +7.4 2 Chevy Silverado-C/K P/U 168,621 178,955 -5.8 3 Ram P/U 162,520 153,562 +5.8 4 Nissan Rogue 128,807 92,209 +39.7 5 Honda CR-V 126,728 100,101 +26.6 6 Toyota Camry 114,887 130,284 -11.8 7 Honda Civic 112,865 122,634 -8.0 8 Toyota Corolla 112,539 122,139 -7.9 9 Toyota RAV4 112,290 106,274 +5.7 10 Ford Escape 101,975 95,514 +6.8 11 Honda Accord 96,753 108,599 -10.9 12 Nissan Altima 94,248 113,816 -17.2 13 Chevrolet Equinox 83,364 80,486 +3.6 14 Jeep Grand Cherokee 75,477 65,426 +15.4 15 Chevrolet Cruze 75,240 51,394 +46.4 16 Ford Explorer 74,442 76,168 -2.3 17 Nissan Sentra 71,669 82,089 -12.7 18 Hyundai Elantra 70,548 51,724 +36.4 19 Ford Fusion 67,483 95,724 -29.5 20 GMC Sierra P/U 67,210 71,662 -6.2 (Compiled by Bengaluru Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/autosalesusa-top-idINL4N1I448M'|'2017-05-02T17:29:00.000+03:00'
'c9760c55f4fc8bd6aec8af82df34381dc79e4558'|'RPT-China housing boom drives bulldozer demand - for now'|'(Repeats item first carried on Friday)* Caterpillar, Komatsu, Sany post strong China Q1* Industry sales to rise 21 pct vs 1 pct rise in 2016-forecast* Fast growth in H1 on gov support, slower in H2 - execsBy Adam JourdanSHANGHAI, April 28 Chinese demand for trucks, cranes and diggers is gaining momentum after bottoming out last year, driven by a Beijing-backed infrastructure push, a housing boom and increased investment linked to China''s modern-day "Silk Road".Chinese and global machinery makers, including Caterpillar Inc, Japan''s Komatsu Ltd and Sany Heavy Industry, posted strong profits this week for the first quarter of the year, citing growing strength in the Chinese market after years of decline.The performance was boosted by China''s faster-than-expected economic growth of 6.9 percent in the first quarter, the fastest pace in six quarters. Economists say Chinese policymakers have leaned on property investment and infrastructure spending, including their plan to build a modern "Silk Road" trading route, to help support the economy."The strong demand in China resulted in a reduction in Asia-Pacific dealer inventory, as demand outpaced our sales to dealers," Caterpillar Chief Financial Officer Bradley Halverson told analysts this week."If policy remains supportive we expect strong market conditions in China to continue at least through mid-year," he added. The U.S.-listed firm posted stronger-than-expected first quarter sales on Tuesday.Sales of construction equipment, including dump trucks, excavators and mobile cranes, are set to shoot ahead by 21 percent this year after a slight 1 percent increase last year and 42 percent slump in 2015, forecasts by industry consultant Off-Highway Research, show.Industry revenues peaked in 2011 at $35 billion and then fell as activity slowed down.Investors have been looking hard for signs of a broader economic revival. A team at BlackRock Inc started picking up increased signs of building activity on the ground in China in the second half of last year by using satellite imagery.FAST START, SLOW FINISHRevenues at Zoomlion jumped 74.5 percent in the first quarter, its fastest quarterly growth since the start of 2011. Net profit hit 18.6 million yuan, swinging from a 660 million yuan loss a year earlier.Sany Heavy Industry Co Ltd said on Thursday net profit for the first quarter rose 727 percent to 745.7 million yuan. Sales increased almost 80 percent.Executives and analysts, however, cautioned that the upturn would likely lose pace in the second half of the year as measures to rein in a hot property market take greater effect and there is also no clear policy certainty longer term."In China there is the Communist Party Congress in the autumn, so after that there is some uncertainty about policy," said Mikio Fujitsuka, executive vice president and chief financial officer of Komatsu Ltd.Komatsu has forecast a drop in operating profit this year, but said it had seen signs of improvement in China."We think the first half of the year should be fine but are more cautious about the second half of the year."Shi Yang, a consultant at Off-Highway Research, said the year would be divided by a fast start and a slower second half, and that there were even signs of a bubble."Since the third quarter of last year til now, the recovery has been pretty strong - but it has its limits," he said."The big peaks we saw before are certainly behind us and there are some signs of overheating. In fact, already the market has started to slow."(Reporting by Adam Jourdan; Additional reporting by Maki Shiraki in TOKYO, Brenda Goh in SHANGHAI and SHANGHAI newsroom; Editing by Neil Fullick)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-heavymachinery-idINL4N1I055Z'|'2017-05-01T22:00:00.000+03:00'
'fc4683fb2e87ff2570e82294b12929e4d9740cf1'|'Indian shares fall; Ambuja Cements leads losers'|'* NSE index, BSE index down 0.3 pct each* Ambuja Cements top pct loser on NSE index* Maruti Suzuki hits record high on positive April sales dataBy Samantha Kareen NairMay 2 Indian shares fell on Tuesday, led by Ambuja Cement after its weaker-than-expected quarterly results raised concerns about corporate results, although losses were capped as some auto makers rallied after posting jumps in April sales.Analysts said they expect indexes to trade range-bound as companies continue to report results, though the overall outlook remains hopeful about an economic recovery.A business survey on Tuesday showed that manufacturing activity in the country expanded for a fourth consecutive month in April, helped by stronger growth in new orders although rises in output and employment slowed."Markets are in a consolidation mode as the corporate earnings season unfold," said Rakesh Tarway, head of research, Reliance Securities Ltd. "Till the end of the earnings season, we can only expect to see a day-to-day sector-based or stock-based impact on the indexes based on the earnings performance."The broader NSE index was down 0.3 percent at 9,277.35 as of 0601 GMT.The benchmark BSE index was 0.31 percent lower at 29,826.18Indian markets were closed on Monday for a public holiday.Ambuja Cements fell as much as 4.21 percent after its quarterly profit missed estimates, becoming the main drag on the NSE index.Shares of most Indian auto makers however rose after they reported a jump in April vehicle sales on Monday.Maruti Suzuki gained as much as 2.53 percent to a record high of 6,690 rupees, while Eicher Motors rose 2.61 percent to a record high of 26,747.90 rupees.Oil refiners also rose on hikes in petrol and diesel prices. Bharat Petroleum Corp gained as much as 2.75 percent, Hindustan Petroleum Corp rose as much as 2.40 percent, while Indian Oil Corp climbed as much as 1.87 percent. (Reporting By Samantha Kareen Nair in Bengaluru; Editing by Biju Dwarakanath)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/india-stocks-idINL4N1I41HI'|'2017-05-02T04:16:00.000+03:00'
'02ea19e1d2bc4e795085c422b08b98b497749a75'|'Drugmaker Novo Nordisk beats Q1 operating profit forecast, nudges up FY outlook range'|'* Q1 EBIT above forecast* Raises 2017 sales, operating profit outlookCOPENHAGEN May 3 Denmark''s Novo Nordisk , the world''s biggest diabetes drug maker, reported forecast-beating operating profit for the first quarter and nudged up its 2017 operating profit growth outlook.The firm, grappling with increased price pressure in its key U.S. market, posted an operating profit of 13.5 billion Danish crowns ($1.98 billion) for the January-March period, up 10 percent from a year earlier and above an average 12.0 billion crowns forecast in a Reuters poll of analysts."Sales were driven by our new, innovative products within diabetes and obesity care, and we are seeing the effects of our cost control initiatives," said Chief Executive Officer Lars Fruergaard Jorgensen in a statement.The firm has initiated its first-ever broad savings initiative in a bid to offset the increasing rebates it has to offer in the United States and will work to improve relationship with pharmacy benefit managers.The company narrowed its 2017 forecast to 0 to 3 percent sales growth and -1 to 3 percent operating profit growth from a previous forecast of sales growth of between minus 1 and plus 4 percent, and operating profit of minus 2 percent to plus 3 percent growth, both in local currencies.Growth reported in crowns is expected to be around 1 percentage point higher than the local currency level, it said. ($1 = 6.8052 Danish crowns) (Reporting by Stine Jacobsen; Editing by Subhranshu Sahu)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/novo-nordisk-results-idINL8N1I4310'|'2017-05-03T04:16:00.000+03:00'
'aa0adbe73acadb80ae9f123c2ef6d58042178d5f'|'Imperial Brands could launch heated tobacco product in months if needed'|'LONDON May 3 Britain''s Imperial Brands, the fourth-largest international tobacco company, remains committed to its pursuit of e-cigarettes as the best alternative to smoking, but could pivot quickly with a heated tobacco product within months if proved wrong, a senior executive said on Wednesday."Our belief is that the opportunity in e-vapour remains bigger than the opportunity in heated tobacco," said Matthew Phillips, Imperial''s chief development officer. He said Imperial was looking at heated tobacco even though it wasn''t testing a product like Philip Morris, British American Tobacco and Japan Tobacco International.So far Japan is the most developed market for heated tobacco products, as it has stricter rules around the nicotine-laced liquids used in e-cigarettes."I''m yet to see the kind of traction outside Japan that would make me change that view and start following a heated tobacco strategy more proactively," Phillips said on a conference call with analysts following the company''s half-year results."If we have to change our mind because it did start getting traction, we would be able to follow with an offering within a number of months."Phillips said recent innovations in "vaping" and marijuana technology in the United States means that heated tobacco products do not need to be in the format in which they are currently sold.Phillips said different consumers were using different products, noting that younger "millennial" consumers tended to use e-cigarettes, while the tobacco-based products appealed to older people. (Reporting by Martinne Geller; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/imperial-brands-vapour-idINL9N1D4004'|'2017-05-03T07:52:00.000+03:00'
'e99b8688ca8873183a622682e7a285e884837008'|'UPDATE 1-Ivory Coast selects banks to manage new Eurobond issue - sources'|'(Adds details)ABIDJAN May 3 Ivory Coast has chosen five international banks to manage a Eurobond issue planned for the second quarter of this year, two banking sources familiar with the deal said on Wednesday.The sources did not name the banks involved and it was not initially clear what amount Ivory Coast was targeting for the deal. It last went to international markets in February 2015 with a $1 billion bond that matures in March 2028.Government officials were not immediately available for comment.Ivory Coast, the world''s top cocoa exporter, has emerged from a decade-long political crisis, capped by a 2011 civil war, as Africa''s fastest-growing economy, drawing the interest of international investors.The West African nation is rated Ba3 by Moody''s and B+ by Fitch, both with stable outlooks. However, it has been hit hard by a steep decline in cocoa futures in New York and London.The government was forced to slash 2017 budget spending by around 10 percent last month, and it also faces demands for bonus payments by soldiers and pressure to pay back-wages to civil servants. (Reporting by Joe Bavier and Sudip Roy; Editing by Matthew Mpoke Bigg and Mark Trevelyan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ivorycoast-eurobonds-idINL8N1I54BP'|'2017-05-03T10:14:00.000+03:00'
'1dccf8575cee17c49ccadec37c77f29c62e6234d'|'Buffett to face big crowd as Berkshire grows bigger - Reuters'|'Business News - Wed May 3, 2017 - 10:40am EDT Buffett to face big crowd as Berkshire grows bigger Warren Buffett, chairman and CEO of Berkshire Hathaway, smiles before speaking with Bill Gates (not pictured), at Columbia University in New York, U.S., January 27, 2017. REUTERS/Shannon Stapleton - RTSXPMW By Jonathan Stempel As the United States adapts to the presidency of Donald Trump and faces rising tensions abroad, Berkshire Hathaway Inc ( BRKa.N ) shareholders will descend on Omaha, Nebraska this weekend seeking reassurance, from Warren Buffett. The weekend known as "Woodstock for Capitalists" is unique in corporate America, a celebration of the billionaire''s image and success at a conglomerate whose businesses range from Geico insurance to the BNSF railroad to See''s candies to Ginsu knives. Buffett, 86, and vice chairman Charlie Munger, 93, will answer five hours of questions at Saturday''s annual meeting. Many say it reinforces their views about investing and Berkshire, even if it remains unclear how much new they learn. "Watching someone like (Buffett) with strong command on details of the economy and Berkshire''s operations is very impressive," said Meyer Shields, a Keefe, Bruyette & Woods analyst who rates Berkshire "market perform." "But you''re not going to learn a lot about Berkshire Hathaway the company." Last year''s attendance fell to about 37,000 from more than 40,000 a year earlier. But there were also 1.1 million real-time sign-ons to Yahoo Finance, which webcast the meeting for the first time. It will do so again, in English and Mandarin. LARGE, LARGE ORGANIZATION Much of Berkshire''s relative outperformance came decades ago when it was much smaller, and even Buffett has called the company''s huge size an "anchor on investment performance." Buffett has said Berkshire owns 10 businesses big enough to make the Fortune 500 list of large U.S. companies on their own. But details can be thin. For example, aircraft parts maker Precision Castparts, acquired last year for $32.1 billion, merited about a page in Berkshire''s annual report. Precision''s final annual report, in 2015, ran 87 pages. "It''s a large, large organization," said Jeffrey Stacey, founder of Stacey Muirhead Capital Management in Waterloo, Ontario, who is attending his 26th straight meeting. "I am willing to give it the benefit of the doubt because the track record has been so good for so long." Buffett said in February that boosting disclosure could put many Berkshire businesses at a disadvantage, and that "it''s the growth of the Berkshire forest that counts." He also knows the perils of conglomerates, saying in 2015 that dubious accounting, self-promotion and mediocre businesses make them "richly deserve" their "terrible" reputation. Buffett says Berkshire is different, in part because he took Munger''s advice to buy wonderful businesses at fair prices. Shareholders enjoy that focus less than they once did. Berkshire''s share price has slightly lagged the Standard & Poor''s 500 .SPX including dividends during the eight-year bull market, but has outperformed since the global financial crisis mushroomed in September 2008. Shields, who is not attending Saturday''s meeting, wants Buffett to reveal more, even if shareholders can "safely assume" his eventual successor as chief executive is top-flight. ISSUES APLENTY While Buffett and Munger do not know in advance the questions they will get from shareholders, journalists and analysts at Saturday''s meeting, they can anticipate many. Buffett may need to review Berkshire''s support of Wells Fargo & Co ( WFC.N ), in which it holds a roughly 10 percent stake, despite a sales scandal over bogus customer accounts. He may also get questions about his support for 3G Capital, a Brazilian firm known for ruthless cost-cutting. Berkshire controls Kraft Heinz Co ( KHC.O ) with 3G, and recently tried to help 3G buy Unilever NV ( UNc.AS ) ( ULVR.L ) for $143 billion. Trump is sure to come up. Buffett d
'7ba04791498a993580d49f4d5f1fa07a950c8f99'|'Deals of the day-Mergers and acquisitions'|'Company  00pm EDT Deals of the day-Mergers and acquisitions (Adds PDVSA, New Mountain Capital LLC, Delphi Automotive Plc, Nokia, Telia, Glencore Plc, Thyssenkrupp, Scripps Networks Interactive, Ecoasis) May 3 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday: ** PetroVietnam''s joint venture with Venezuela''s state-run oil company PDVSA remains stalled but the Vietnamese company hopes ongoing talks will lead to reactivation of operations, a top executive for the company told Reuters. ** Private-equity firm New Mountain Capital LLC is in advanced talks to buy laboratory equipment supplier VWR Corp in a deal that could be valued at nearly $5 billion, the Wall Street Journal reported, citing sources. ** Automotive supplier Delphi Automotive Plc said it plans to spin off operations tied to internal combustion engines and focus on technology for electrically powered and self-driving vehicles, boosting its share price and highlighting the challenges for legacy auto industry players. ** Finland''s Nokia plans to sell its undersea cables unit, a business that underpins the global Internet, two union sources and a French government source told Reuters. ** Nordic telecoms firm Telia said it was aiming to sell part of its stake in Turkey''s Turkcell to institutional investors as part of its strategy to focus on its Nordic and Baltic operations. ** Mining-trading group Glencore Plc has hired the Bank of Nova Scotia to sell a portfolio of royalty assets, including one for the Antamina copper-zinc mine in Peru, four people familiar with the process have told Reuters. ** Thousands of Thyssenkrupp steelworkers protested against the German industrial group''s plan to merge its European steel operations with those of India''s Tata Steel . ** Scripps Networks Interactive said it has agreed to buy online food publication Spoon University, a startup it hopes will give its flagship cable channel, the Food Network, a foothold with younger audiences. ** Ecoasis, a Canadian real estate developer, has started a strategic review of the Bear Mountain resort in British Columbia, which could lead to a potential sale, people familiar with the matter told Reuters. ** Twelve parties, including local and foreign banks, have expressed interest in taking a stake in Kenya''s Chase Bank, the central bank said late on Tuesday. ** Turkey''s new sovereign wealth fund has signed a framework agreement with an Islamic Development Bank (IDB) unit to develop Islamic mortgages and different types of cooperation with the bank will be on the agenda, the fund''s head said. ** New Zealand''s competition regulator blocked the planned merger of NZME Ltd and Fairfax Media Ltd''s New Zealand unit, saying the deal would have led to unprecedented local media influence and built the world''s most concentrated newspaper market outside of China. ** Italian investment fund Palladio Holding Group will buy Slovenian car parts maker Cimos after it pulled out of a similar deal in February, Slovenian daily newspaper Dnevnik reported. ** The sale process for troubled flagship carrier Alitalia will kick off in the next 15 days, Italy''s Industry Minister said. ** German copper products group Wieland said on Wednesday it has taken over the copper and steel tube business of U.S. company Wolverine Tube Inc, as part of its plans to expand internationally. ** Chinese conglomerate HNA Group has become Deutsche Bank''s biggest direct shareholder, upping its stake in the flagship lender of Europe''s top economy to just under 10 percent, according to a U.S. regulatory filing. ** An application has been made to Turkey''s competition authority for Austrian logistics company Austrian Post to take over a 50 percent stake in Turkey-based Aras Kargo from other shareholders, the authority said. ** State-owned Saudi Arabian Airlines (Saudia) has started the sale of its medical services business in Jeddah, valued at around $500 million, as part of a drive to reduce non-core
'4820756b2e9d8cd810845aca8b7155f29ad929ae'|'Canada''s Ecoasis mulls sale of Bear Mountain resort - sources'|'By John Tilak - TORONTO TORONTO May 3 Ecoasis, a Canadian real estate developer, has started a strategic review of the Bear Mountain resort in British Columbia, which could lead to a potential sale, people familiar with the matter told Reuters.Any deal would include 772 acres in the resort area, one of the biggest pieces of land that is expected to come up for sale in Canada this year, as well as contracts to run two golf courses, a Westin hotel and a spa, the sources said, declining to be named as the matter is not yet public. The Westin hotel chain is owned by Marriott International.Ecoasis has hired Jones Lang LaSalle, the real estate services firm, as exclusive adviser to explore a sale, the people said.Ecoasis, which has properties in Whistler, Victoria and Hawaii, focuses on acquiring land and developing residential and resort properties.The move comes as foreign buyers show increasing interest in the Canadian real estate market, and the assets are expected to attract interest from both domestic and global players.The project has a gross development value of well over C$1 billion ($729.71 million), the sources said.As the property has been zoned with the necessary permits, a potential buyer would be able to build residential buildings such as single-family and townhouses as well as condominiums, the sources added.Pension funds have also been looking at land and development assets. In 2013, British Columbia Investment Management Corp acquired a Canada Post office site. Earlier this year, BCIMC''s QuadReal Property Group bought Vancouver''s Oakridge Centre, a retail mall with redevelopment potential, in a deal which sources pegged at more than C$1 billion. ($1 = 1.3704 Canadian dollars) (Reporting by John Tilak; Editing by Denny Thomas and Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ecoasis-sale-idINL1N1I5004'|'2017-05-03T10:24:00.000+03:00'
'd43ba10db0fc9e3f423502df4fd0098ff7158829'|'Lafargeholcim CEO admits tensions at company before his decision to quit'|'Business  13am BST Lafargeholcim CEO admits tensions at company before his decision to quit FILE PHOTO: Eric Olsen, CEO of LafargeHolcim attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 19, 2017. REUTERS/Ruben Sprich/File Photo ZURICH Departing LafargeHolcim Chief Executive Eric Olsen said tensions at the company preceded his exit from the world''s largest cement maker, with his decision unconnected to the inquiry that revealed the company paid armed groups in war-torn Syria. Olsen, who is due to leave on the second anniversary of the merger that created the company on July 15, was cleared of involvement in the affair in the report published last week. He said it was true "some tensions" came up over the last period, and he thought it was in the best interests of everyone for him to move on. "It is exactly two years after our start date and I am going to be leaving a group in great shape with clear targets in place," Olsen told reporters. (Reporting by John Revill; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lafargeholcim-ceo-idUKKBN17Z0TY'|'2017-05-03T17:13:00.000+03:00'
'593bff5a3f05a5f58a1833552e590e0b24781dce'|'PRESS DIGEST- New York Times business news - May 3'|'May 3 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Apple Inc said Tuesday that the number of iPhones sold globally fell 1 percent in the first calendar quarter, compared with the same period a year ago, although revenue rose to $52.9 billion as more customers bought the supersized, more expensive iPhone 7 Plus. nyti.ms/2p7gU0W- Dr. Mario Molina, chief executive of the California health insurance company founded by his father, was abruptly removed from his position at Molina Healthcare Inc, according to an announcement by the company on Tuesday. His brother, John, the company''s chief financial officer, was also immediately replaced. nyti.ms/2p7aoY9- Facing new corporate demands and political pressure from a Trump administration that wants to curb immigrant work visas, Infosys Ltd, one of India''s leading tech outsourcing companies, said Tuesday that it will hire up to 10,000 Americans to serve its clients in the United States. nyti.ms/2p6OyUR- The head of President Trump''s re-election campaign accused CNN of "censorship" on Tuesday afternoon after the broadcast network refused to run the group''s latest advertisement. nyti.ms/2p7gfg0- With two days left before an 11-day recess and no vote scheduled, House Republican leaders worked on Tuesday to win votes one at a time for their latest bill to repeal the Affordable Care Act after an influential Republican voice on health care came out against the measure. nyti.ms/2p7bHGB (Compiled by Shalini Nagarajan in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/press-digest-nyt-idINL4N1I51JI'|'2017-05-03T02:38:00.000+03:00'
'7ad177e5d4eaa6f633229e572c2ab3ef4c289ce5'|'LPC-Banks source <20>450m to back Civica sale'|'By Claire Ruckin - LONDON LONDON May 3 Banks are readying around <20>450m of debt financing to back a sale of IT and outsourcing firm Civica as a sale process gets set to kick off shortly, banking sources said on Wednesday.OMERS Private Equity acquired Civica from 3i in 2013 for <20>390m, backed with <20>255m of leveraged loans, according to Thomson Reuters LPC data.It has now decided to sell the company, hiring Goldman Sachs on the process, which is due to attract a number of interested buyers, the sources said.OMERS declined to comment.Some <20>450m of debt financing equates to around 6.5 times Civica<63>s approximate <20>60m Ebitda, the sources said.Civica is the latest sale set to kick off as the number of M&A situations in the market grows.Cash rich lenders will be gunning for buyout firms to win the auction processes, in a bid to put money to work.Civica provides a wide range of specialised software systems and technology-based outsourcing for clients in sectors including the government and national security, housing, healthcare, education and regulated markets such as the police, local councils and law firms.(Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/civica-loans-idINL8N1I557A'|'2017-05-03T11:35:00.000+03:00'
'47aebae79bcfb6c7ad75e31f66beae346af53bed'|'ECB''s Nouy worried about ''race'' to lure UK banks after Brexit'|'Business News - Tue May 2, 2017 - 4:36pm BST ECB''s Nouy worried about ''race'' to lure UK banks after Brexit FILE PHOTO: European Central Bank''s chief supervisor Daniele Nouy speaks during a banking conference in Lisbon, Portugal, May 17, 2016. REUTERS/Rafael Marchante FRANKFURT The European Central Bank is worried about a "race" among European Union countries to ease supervisory standards in order to attract UK banks seeking access to the market after Britain leaves the EU, its top watchdog said on Tuesday. "Incoming banks might exploit these differences and trigger a race to the bottom in terms of supervision," Daniele Nouy, the head of the ECB''s supervisory arm, said on Tuesday. "We are worried about such a scenario <20> particularly in respect of large third-country branches." Nouy repeated her view that such branches should be attached to holding companies, known as "intermediate parent undertakings", and put under European banking supervision. (Reporting By Francesco Canepa)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ecb-banks-britain-idUKKBN17Y1WK'|'2017-05-02T23:32:00.000+03:00'
'd66b452f195332b47e5739f990da51c83eae2114'|'UPDATE 1-Allianz-backed consortium to buy Britain''s Affinity Water'|'Funds News - Tue May 2, 2017 - 10:02am EDT UPDATE 1-Allianz-backed consortium to buy Britain''s Affinity Water (Adds details around the deal, background, advisers) By Esha Vaish May 2 A consortium that includes German insurer Allianz and HICL Infrastructure is to buy Affinity Water Ltd, the largest water-only supply firm in England and Wales by revenue, through two transactions. The consortium will acquire a 90 percent stake from Morgan Stanley Infrastructure and M&G Investments'' Infracapital for 687 million pounds ($884 million), and the rest from water company Veolia, the sellers said. The deal is the latest acquisition of British infrastructure by overseas investors, as pension schemes, sovereign wealth funds and others look to take advantage of stable returns. Last month, a consortium of Canadian and Kuwaiti investors agreed to buy a minority stake in Thames Water, Britain''s largest water firm, from funds managed by Macquarie. Under the terms of Tuesday''s deal, British infrastructure investment firm HICL and Allianz will each take an about 36.6 percent stake in Affinity, while the third member of their consortium, fund manager DIF, will acquire the remaining stake. HICL said it would pay 269 million pounds for its stake, giving the entire deal an equity value of about 735 million pounds. Affinity had net debt of 854.3 million pounds as of Sept. 30, 2016.( bit.ly/2pBgIYN ) Both transactions are expected to complete this month. Morgan Stanley and Infracapital formed Affinity Water through the purchase of Veolia Water''s British water supply operations in June 2012 for 1.1 billion pounds. Affinity''s shareholders began a strategic review of the business on March 14, but no formal auction sales process was launched. HICL said the deal was in line with its strategy to buy low-risk infrastructure investment assets that produce long-term income and would be accretive to its existing portfolio in terms of total returns. Its shares were down 2 percent at 170.8 pence at 1329 GMT, making it one of the top percentage losers on London''s midcap index. Affinity supplies water to 1.5 million homes and businesses and maintains water supply infrastructure. It had a regulatory capital value - a key industry metric - of 1.156 billion pounds as of March 31. The company said it did not expect the sale to result in any operational changes. Nomura was adviser to the consortium, while Citi acted as financial advisor to Infracapital and Morgan Stanley Infrastructure. ($1 = 0.7768 pounds) (Reporting by Esha Vaish in Bengaluru; Editing by Mark Potter and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/awl-ma-allianz-idUSL8N1I44LT'|'2017-05-02T22:02:00.000+03:00'
'8a2769c3249684c9cf52927e0c8d1567b2b87f8c'|'CANADA STOCKS-TSX dips as Pembina, resources, and Home Capital weigh'|'* TSX down 11.13 points, or 0.07 percent, to 15,575* Four of the TSX''s 10 main groups fall* Pembina stock falls 3.3 percent to C$42.05; Veresen up 19 percent to C$18.13* Home Capital Group falls 13.4 percent to C$6.96By Solarina HoTORONTO, May 1 Canada''s main stock index dipped marginally on Monday, pulled lower in part by acquisition news from Pembina Pipeline Corp and broad declines among mining companies.News of Pembina''s C$9.7 billion stock-and-cash deal for Veresen Inc sent shares down 3.3 percent to C$42.05, while smaller rival, Veresen rose 19.0 percent to C$18.13.The overall energy group retreated 0.2 percent.The heavily weighted financials group failed to make headway and remained little changed, as modest gains by Canada''s five biggest banks were offset by another tumble in Home Capital Group Inc, Canada''s biggest non-bank mortgage lender.Shares slumped 13.4 percent to C$6.96 as depositors pulled more money out of the troubled lender. Last month, regulators accused the company of making "materially misleading statements" to investors."Home Capital seems to be in the crosshairs of people who want to short the stock, or short Canada," said Ian Nakamoto, equity specialist at MacDougall, MacDougall & MacTier, a division of Raymond James.The Toronto Stock Exchange''s S&P/TSX composite index dipped 10.5 points, or 0.07 percent, to 15,575.63. Four of the index''s 10 main groups retreated."For Canada, it''s been a very disappointing market for the last little while," said Nakamoto, noting concerns over oil and the overheated housing sector that was spilling into the financial services sector.The materials group, home to precious and base metals miners as well as fertilizer companies, lost close to 1.4 percent. A slew of gold mining firms fell nearly 2 percent or more, tracking bullion prices that fell 1 percent to a three-week low.Barrick Gold Corp was the most influential decliner, falling 1.9 percent to C$22.38, while Eldorado Gold Corp sank 6.2 percent to C$4.68.Shaw Communications stock rose 0.3 percent to C$29.02 following news late on Friday that the Canadian cable company is looking for a buyer for its U.S. data center company, ViaWest. The overall consumer discretionary group rose 0.5 percent.The information technology group ended 1.4 percent higher, while healthcare stocks were up just over 1 percent.Advancing issues outnumbered declining ones on the TSX by 125 to 118, for a 1.06-to-1 ratio on the upside.The index was posting 22 new 52-week highs and 3 new lows. (Reporting by Solarina Ho; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1I31IU'|'2017-05-02T05:17:00.000+03:00'
'964fdeaddf5dc51e3ebdd627e00d044a84dc3abd'|'Shawbrook''s independent directors tell shareholders to reject buyout bid'|'  7:39am BST Shawbrook''s independent directors tell shareholders to reject buyout bid LONDON British bank Shawbrook Group''s ( SHAW.L ) independent directors said on Tuesday that they could not recommend a buyout bid from a consortium of private equity firms. The lender''s independent directors said they unanimously recommended that Shawbrook shareholders take no action in relation to the 842 million pound offer, which was announced on March 31. The bank itself has already spurned the approach from buyout funds Pollen Street Capital and BC Partners. In January, the consortium made an offer of 307 pence per share, which it increased to 330 pence in March. Pollen Street currently owns 38.8 percent of Shawbrook and the joint private equity groups had previously said they have received letters of intent from other shareholders representing 6 percent. Britain''s smaller challenger banks have been increasingly seen as ripe for takeovers in recent months as a prolonged period of low interest rates has squeezed earnings and the pound''s fall has made them cheaper for foreign buyers. (Reporting by Clara Denina; Editing by Rachel Armstrong)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shawbrook-buyout-idUKKBN17Y0II'|'2017-05-02T14:39:00.000+03:00'
'38c767a58f14c239766457516e4b59780804c689'|'Big short position on biofuels generated profit for Icahn''s refiner'|'Company News -  36pm EDT Big short position on biofuels generated profit for Icahn''s refiner By Jarrett Renshaw and Chris Prentice - NEW YORK NEW YORK May 1 Carl Icahn''s big bet on falling prices for biofuels credits generated a rare profit in that area last quarter for the billionaire investor''s refining company CVR Energy, according to public filings. CVR Energy''s refining unit posted a net gain of $6.4 million associated with the credits, a $50 million turnaround from the year-ago period when CVR shelled out $43.1 million, the company said in a U.S. Securities and Exchange Commission (SEC) filing Monday. Such a gain is extremely rare. Normally, independent refiners spend tens of millions of dollars on biofuels credits. But CVR, majority owned by Icahn, delayed the purchase of about $186 million in credits into 2017 and instead sold millions of them, Reuters reported last month, positioning themselves to profit if the price fell. This occurred as the U.S. government weighed an overhaul of its renewable fuels policy. In February, Icahn, an informal advisor to President Donald Trump, delivered a proposal to revamp the program to the White House. The filing suggests the gambit worked, posting a gain that Barclays Capital equity analyst Paul Cheng termed "impossible." "No one has ever done anything like this ... You''re essentially betting that you really believe there''s a strong probability the government will make a change for the (biofuels) program. Most people are uncomfortable making a directional bet like that," he said. Under the Renewable Fuel Standard (RFS) program, the government awards credits to firms that blend biofuels like ethanol in their fuel pool and requires firms that don''t, such as CVR, to buy credits from competitors. Icahn has been among the biggest national critics of the program, arguing it puts merchant refiners at the mercy of speculators operating in an opaque market. He has pushed for shifting the point of obligation, or who pays for the credits. Icahn''s relationship with Trump in part caused RINs prices to slump following Trump''s victory, directly benefiting CVR. Democrats have accused Icahn of self-dealing, which he has denied. Renewable fuel credits in the first quarter averaged about 53 cents, down about a third from the average price in 2016, according to prices compiled by Oil Price Information Service. The company used fair value accounting to mark down its credit liability and post a net gain, or "negative expense," of $6.4 million for the quarter. "The net RINs expense includes the impact of recognizing the Partnership<69>s uncommitted biofuel blending obligation at fair value based on market prices," the company said in its filing. CVR, which declined to comment for this story, said it expects full-year expenses of around $170 million. A Reuters review of CVR''s SEC filings showed it had not previously mentioned the term "negative expense." The gain was first disclosed on the refiner''s earnings call on Thursday, but analysts expressed confusion after the company''s chief financial officer Susan Ball described the "impact" as a "negative $6.4 million" and later described that value as a "negative expense." At the end of the first quarter, CVR''s bill for RINs sat at $180.3 million, the filing said. Given the fall in credit prices, the lingering size of the obligation shows the company extended its bet that prices would continue to fall. Other refiners spent much more in the quarter: Valero Energy spent $146 million, while Marathon Petroleum Corp costs came to $97 million. A Reuters analysis showed CVR built up a large short position in the months leading up to Trump taking office. The outstanding liability has further inflated the amount of cash that CVR has, boosting its refining margins, said Barclays'' Cheng. (Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cvr-energy-biofuels-idUSL1N1I30ZA'
'dacea56264db7cbdeaff9e19d247f9cd391ef279'|'LPC-Banks source <20>450m to back Civica sale'|'LONDON May 3 Banks are readying around <20>450m of debt financing to back a sale of IT and outsourcing firm Civica as a sale process gets set to kick off shortly, banking sources said on Wednesday.OMERS Private Equity acquired Civica from 3i in 2013 for <20>390m, backed with <20>255m of leveraged loans, according to Thomson Reuters LPC data.It has now decided to sell the company, hiring Goldman Sachs on the process, which is due to attract a number of interested buyers, the sources said.OMERS declined to comment.Some <20>450m of debt financing equates to around 6.5 times Civica<63>s approximate <20>60m Ebitda, the sources said.Civica is the latest sale set to kick off as the number of M&A situations in the market grows.Cash rich lenders will be gunning for buyout firms to win the auction processes, in a bid to put money to work.Civica provides a wide range of specialised software systems and technology-based outsourcing for clients in sectors including the government and national security, housing, healthcare, education and regulated markets such as the police, local councils and law firms.(Editing by Christopher Mangham)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/civica-loans-idUSL8N1I557A'|'2017-05-03T17:35:00.000+03:00'
'8fc51fa62acf82ec2d56e403f78c166fcef7f67d'|'UPDATE 1-UK Stocks-Factors to watch on May 3'|'(Adds company news, futures)May 3 Britain''s FTSE 100 index is seen opening 13 points lower on Wednesday, according to financial bookmakers, with futures down 0.10 percent ahead of the cash market open.* BREXIT: Britain will not be paying 100 billion euros to leave the European Union, Brexit minister David Davis said on Wednesday after the Financial Times reported that the EU was preparing to demand that amount.* MITIE: Britain''s Mitie said on Wednesday it expected to writedown 40 million to 50 million pounds ($52 million to $64 million) and might restate its accounts for the year to March 2016 after an accounting review.* DIRECT: British motor and home insurer Direct Line Insurance Group reported a 4.2 percent rise in gross written premiums in the first quarter, boosted by strong performance in its auto business, it said on Wednesday.* JD: British pubs group JD Wetherspoon warned of "significantly higher" costs in the second half of the year and said it remained cautious, while reporting quarterly comparable sales growth of 4 percent.* IMPERIAL: British tobacco company Imperial Brands reported lower half-year revenue and profit on Wednesday, excluding a benefit from the weak pound, as it was hurt by an industry slowdown and an investment programme.* ITV: ITV, Britain''s biggest free-to-air commercial broadcaster, said Chief Executive Adam Crozier was stepping down after seven years in the role.* MARKS: Marks & Spencer said it had appointed Jill McDonald, the boss of Britain''s largest bike seller Halfords, to run its clothing and home business, freeing its chief executive Steve Rowe to focus on the overall group.* SAINSBURY: British supermarket Sainsbury''s on Wednesday reported a third straight year of underlying profit decline, despite the boost to earnings from last year''s purchase of Argos, the general merchandise retailer.* BARCLAYS: Barclays Chief Executive Jes Staley is involved in a dispute with private equity firm KKR & Co KKR.N, which is a client of the bank, the Wall Street Journal reported on Tuesday.* EVRAZ: Evraz Plc, Russia''s No. 2 steelmaker, signed an agreement with Kinder Morgan Inc to supply about 250,000 metric tons of pipe to the U.S. pipeline company for the expansion of the Trans Mountain pipeline.* ITV: Broadcaster ITV bought a majority stake in World Productions, the company behind the popular BBC series Line of Duty, for an undisclosed sum, The Times reported on Wednesday. bit.ly/2oVqI2f* OIL: Crude oil prices bounced back on Wednesday as a decline in U.S. inventories underpinned the market, although a dip in compliance with OPEC efforts to reduce output capped gains.* COPPER: London copper dropped on Wednesday from a three-week high hit the session before as prices consolidated after failing to break technical resistance and given a lack of other drivers, traders said.* GOLD: Gold prices fell to a three-week low on Tuesday, as demand for riskier assets drove stocks higher and the dollar hit a six-week peak against the yen.* The UK blue chip index closed up 0.6 percent at 7,250.05 points on Tuesday, with well-received results from heavyweight BP helping to underpin gains in a positive start to the first trading day of the month.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS> Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Harish Bhaskar; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1I51WZ'|'2017-05-03T15:04:00.000+03:00'
'37d774a3c7c76d33196fd5790c6a7f7928929d01'|'UPDATE 1-U.S. opens probe into tool chest imports from China, Vietnam'|'(Adds background on investigation, cabinets)WASHINGTON May 2 The U.S. Commerce Department said on Tuesday it plans to open investigations into possible dumping and subsidization of imports of tool chests and cabinets from China and Vietnam.It said the decision follows a petition from Missouri-based Waterloo Industries Inc, a subsidiary of Fortune Brands and Home Security Inc.In 2016, imports of tool chests from China and Vietnam totaled $990 million and $77 million, respectively, the department said in a statement.The U.S. International Trade Commission will make a decision by May 26 on whether the imports cause or threaten to cause injury to U.S. producers, and if it does, the investigations will continue, the department said.It said it would expect to make a preliminary anti-dumping decision by July and a preliminary countervailing duty decision, or finding of subsidization, by September.Dumping margins on the products from China are alleged to be 159.99 percent and from Vietnam 21.85 percent, the department said.Tool chests typically have bodies made of carbon, alloy, and/or stainless steel and may include drawers, trim, or other components made of other metal or non-metal materials, the department said. (Reporting by Eric Beech; Writing by Eric Walsh; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trade-toolchests-idINL1N1I41UP'|'2017-05-02T19:08:00.000+03:00'
'76d07a7db2a59db84e97a8e127a8a8b708d0e30f'|'UPDATE 1-Infineon Q2 oper profit slightly below expectations'|'Company News - Thu May 4, 2017 - 2:13am EDT UPDATE 1-Infineon Q2 oper profit slightly below expectations * Q2 oper profit 296 mln eur vs 299 mln avg in Reuters poll * Automotive sales rose by 11 pct to 783 mln euros * Shares indicated to open 1.3 pct lower (Adds CEO comment, details about automotive) By Harro Ten Wolde FRANKFURT, May 4 German chipmaker Infineon on Thursday stuck with its full-year guidance, which it raised in March, after reporting slightly weaker-than-expected quarterly operating profit. The maker of chips that enable cruise control in cars and warn drivers of potential collisions said operating profit excluding special items rose to 296 million euros ($322 million) in the fiscal second quarter. That was slightly below the average forecast for 299 million euros in a Reuters poll, in which individual estimates of 11 analysts ranged from 273 million euros to 303 million. Infineon said it still expected full-year revenue to rise by 8 to 11 percent, with an operating margin of around 17 percent. "The favourable market development we saw in the first quarter of the fiscal year has continued into the second three-month period. Current order situation gives us good reason for optimism," Chief Executive Reinhard Ploss said in a statement. Infineon, whose customers include premium carmakers such as Daimler and Tesla as well as automotive supplier Continental, in March raised its full-year guidance on the back of strong demand from China for its automotive chips. Since that announcement, Infineon''s shares have gained more than 10 percent and hover around a 15-year high. Sales at Infineon''s automotive unit grew by 11 percent to 783 million euros in the second quarter, accounting for 44 percent of group sales. "The increase was attributable to growing demand in all product areas, particularly also for components installed in driver assistance systems as well as hybrid and electric vehicles," the company said. Just like other chipmakers, Infineon is benefiting from a rise in automakers'' spending on electric and self-driving cars as they feel the pressure from new competitors from outside the sector such as Alphabet''s Google and Apple. Earlier STMicroelectronics and Texas Instruments reported a rise in profits on the back of spending on chips which enable all kinds of devices and cars to connect to the Internet. Infineon shares are indicated to open 1.3 percent lower, according to pre-market date of brokerage Lang & Schwarz, at the bottom of the German blue chip index, which is expected to open 0.2 percent higher. ($1 = 0.9179 euros) (Reporting by Harro ten Wolde; Editing by Ludwig Burger)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/infineon-technol-results-idUSL8N1I614T'|'2017-05-04T14:13:00.000+03:00'
'fab7c86cdf509339f59c145a9934601c71eadc07'|'Oil eases, near weakest since late March on small U.S. stocks decline'|'Business   6:47pm IST Oil wipes out OPEC-inspired gains with break below $50/bbl FILE PHOTO: Pump jacks are silhouetted against the rising sun on an oilfield in Baku, Azerbaijan, January 24, 2013. REUTERS/David Mdzinarishvili/File Photo By Amanda Cooper - LONDON LONDON Oil fell to its lowest since late November on Thursday, as concern over rising global supply and stubbornly high inventories effectively wiped out most of the gains made since OPEC announced its first supply cut in eight years. Brent crude oil futures LCOc1 broke below $50 a barrel for the first time since late March, hitting an intraday low of $49.69, the lowest level since Nov. 30. The July contract was down 82 cents on the day at $49.97 by 1252 GMT (8.52 a.m. ET), while U.S. West Texas Intermediate (WTI) futures CLc1 fell 92 cents to $46.90 a barrel. The Organization of the Petroleum Exporting Countries, together with major rivals such as Russia and Oman, announced on Nov. 30 that they would cut oil output for the first six months of this year to eat into a vast global overhang of unused crude. This sparked a 25-percent rally in the price in the month that followed, pushing Brent crude to 18-month highs. Global crude inventories have begun to erode, but fast-growing production outside the signatories to the deal, who pledged to remove 1.8 million bpd in supply from the market, have severely tested investors'' faith in the ability of the world''s largest exporters to tackle the glut. The break below $50 a barrel will likely prove temporary given that OPEC is widely expected to extend its supply deal at its meeting on May 25 beyond the June expiry date, but analysts say more price weakness cannot be ruled out. "I wouldn''t be surprised to see a (price) recovery ... before the meeting. It''s likely to bring prices yet again to $50. Still, the damage is there and I wouldn<64>t be surprised to see lower levels this summer after the meeting," Commerzbank analyst Eugen Weinberg said. "At some point, the market should recognize OPEC isn''t the most important player in the market any more. That is non-OPEC, and, above all, U.S. shale." U.S. data showed crude stocks USOILC=ECI fell 930,000 barrels in the week to April 28, while analysts had been expecting a drop of 2.3 million barrels. Stocks have steadily declined for the last four weeks, but at 527.8 million barrels they are just 7 million barrels off a record high. OPEC oil output fell for a fourth straight month in April, a Reuters survey found on Tuesday, as top exporter Saudi Arabia kept production below its target, which helped offset weaker compliance by other members. "Saudi Arabia is the only country that has fulfilled its obligation every month since January. On one hand, it shows its commitment from OPEC''s kingpin to make the supply cut agreement work. On the other hand, one can only ponder how long they are willing to shoulder the burden of supporting oil prices on their own," PVM Oil Associates analyst Tamas Varga said.   Naveen Thukral in Singapore; editing by David Clarke and Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-global-oil-idINKBN18000F'|'2017-05-03T22:05:00.000+03:00'
'd392b56dea6bb964e06460d92f74cc9300d07964'|'Global air freight demand growth in March strongest in 6-1/2 years -IATA'|'Company News - Wed May 3, 2017 - 6:27am EDT Global air freight demand growth in March strongest in 6-1/2 years -IATA May 3 Global air freight demand in March rose 14 percent, the strongest since October 2010, boosted by an uptick in world trade and strong export orders, the International Air Transport Association (IATA) said on Wednesday. "Optimism is returning to the industry as the business stabilizes after many years in the doldrums. There is, however, still much lost ground to recover while facing the dual headwinds of rising fuel and labor costs," said IATA Director General and CEO Alexandre de Juniac. Air freight demand, measured in freight tonne kilometres, was primarily driven by increased shipment of silicon materials used in high-value consumer electronics devices, such as smartphones. Available capacity rose 4.2 percent in March, meaning that load factors rose by 4.1 percentage points to 47.4 percent. Last week, Germany''s Lufthansa reported its first operating profit since 2008 due to improved demand at its air freight division. (Reported by Evangelo Sipsas; Editing by Thyagaraju Adinarayan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airlines-iata-freight-idUSL8N1I535C'|'2017-05-03T18:27:00.000+03:00'
'46d1f10623ec1e494134228eb80b1721e6dfd0db'|'BRIEF-Russel Metals Q1 EPS C$0.48'|' 22am EDT BRIEF-Russel Metals Q1 EPS C$0.48 May 3 Russel Metals Inc * Russel metals announces strong 2017 first quarter results * Q1 earnings per share c$0.48 * Q1 revenue c$804 million * Q1 earnings per share view c$0.36 -- Thomson Reuters I/B/E/S * Russel metals - stronger pricing environment led to higher gross margins and improved operating profits in all three operating segments in quarter Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-russel-metals-q1-eps-c-idUSASA09MF6'|'2017-05-03T19:22:00.000+03:00'
'3d0ceeb89e8b149a3adc3e682b4a59d7f0666686'|'Carlyle Q1 results blow past forecasts, aided by stock rally'|'NEW YORK May 3 Private equity firm Carlyle Group LP posted first quarter earnings that handily beat expectations on Wednesday, in line with its peers, after a buoyant stock market lifted investment returns across the industry.Carlyle earned an economic net income (ENI) of $364.6 million after taxes, more than six times what it earned a year earlier. That translated into $1.09 of ENI per share after taxes, well above analyst forecasts for 38 cents per share.ENI is a crucial performance measure for U.S. private equity firms as it accounts for unrealized gains or losses in investments. (Reporting by Koh Gui Qing; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/carlyle-results-idINL4N1I45FV'|'2017-05-03T09:14:00.000+03:00'
'78a3fa6e34af18b3ead5fedfc4208ae712e79577'|'China''s Ping An to launch first overseas fintech and healthcare fund of $1 billion'|'  8:19am BST China''s Ping An to launch first overseas fintech and healthcare fund of $1 billion FILE PHOTO: Company logo of Ping An Insurance Group is shown at a news conference following the company''s announcement of its annual results in Hong Kong, China March 16, 2016. REUTERS/Bobby Yip/File Photo By Julie Zhu - HONG KONG HONG KONG Ping An Insurance Group Co of China Ltd, the country''s largest insurer by market value, is launching its first overseas fund to primarily invest in financial and healthcare technology worldwide, underscoring its push beyond its home market. The initial size of the so-called Ping An Global Voyager Fund will be $1 billion, the insurer said in a statement on Thursday. It will be managed from Hong Kong and led by Jonathan Larsen, an 18-year stalwart of Citigroup who joined Ping An as its chief innovation officer. Ping An''s overseas ambitions mirror those of other Chinese firms, including Anbang Insurance Group and Fosun International Ltd, which are spending billions on overseas acquisitions in a bid to reduce their dependence on the slowing Chinese economy and weakening yuan currency. The Shenzhen-based financial group plans to fully invest the Global Voyager Fund in the next three to four years with a focus on early-stage start-ups. Ping An in recent years has been building up its expertise in the fintech and healthcare-related areas, but mostly in mainland China. Its main subsidiary Lufax, China''s biggest peer-to-peer lending and wealth management platform, is also looking to expand into Hong Kong or Singapore, Lufax''s chief executive officer Gregory Gibb told Reuters in an interview. Valued at $18.5 billion when it raised $1.2 billion from a group of investors in January 2016, it is looking to list in Hong Kong to secure more funds to finance its expansion at home and abroad. Ping An Good Doctor, a medical service app backed by the insurer, raised about $500 million in its maiden financing round last year, valuing the fast-growing start-up at $3 billion. Ping An had about 5 percent of its total insurance assets abroad as of December 2016, its chief financial officer, Jason Yao, told Reuters at the time. That was well below the 15 percent cap imposed by China''s insurance regulator, giving it ample room to splurge. It plans to gradually increase its overseas investments to 10 percent over the next three to five years. Before the Global Voyager Fund comes on the scene, the insurer has venture capital firm Ping An Ventures to make early-stage investments mostly in China. Ping An''s overseas push also comes as the country''s insurance regulator was considering relaxing rules to boost the biggest and most solvent firms'' expansion abroad, while smaller, riskier insurers would come under tighter scrutiny, Reuters reported in March. Last year Ping An made its biggest annual profit in more than a decade thanks to growth in its life insurance business. (Reporting by Julie Zhu; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pingan-investment-idUKKBN1800N4'|'2017-05-04T15:19:00.000+03:00'
'5e27ed4c1ce59192f6ac242a2577fd639c7483a1'|'U.S. CEOs say look to military, non-profits for female directors'|'BEVERLY HILLS, Calif. May 2 Three U.S. chief executive officers speaking at a conference on Tuesday pushed back against the view that qualified female directors are scarce, saying that corporate boards need to look harder and wider to diversify.The U.S. military, corporate subsidiaries and non-profit boards were three areas cited as potential launching pads for female directors.The push for more women on boards comes as some large investors make the case that more board diversity leads to stronger corporate performance."Instead of recruiting being episodic, let''s look out over a couple of years and start getting to know some potential candidates," said Denise Morrison, CEO of Campbell Soup Co . Morrison stressed the need to create pipeline of diverse director candidates, and suggested the boards of non-profit companies as an excellent training ground.Morrison was speaking on the "How to accelerate gender diversity on boards" panel at the Milken Institute Global Conference.Women hold 19 percent of board seats in the United States, according to a McKinsey Quarterly report published this year by the consultant, well below the 30 percent they hold in Europe. Equilar, which compiles board data, said in a January study that it will take nearly 40 years for Russell 3000 boards of directors to reach a male-female ratio of 50-50 ( bit.ly/2kTTNZA ).Morrison said that years ago, she began organizing dinners with around 20 entrepreneurial women in cities she visits for work. The group, which focuses on leadership, is now comprised of more than 300 women across 12 U.S. cities, she said.NV Tyagarajan, CEO of business processing company Genpact Ltd, said on the panel that executive recruiting firms - or so-called headhunters - struggle to produce lists of diverse candidates.In response to that perception of scarcity, several databases and lists of diverse director candidates have formed in the last year. California pension funds CalSTRS and CalPERS partnered in the creation of the Diverse Director Datasource in 2016. Entrepreneur Sukhinder Singh Cassidy launched the Boardlist last year to connect boards with 1,000 female candidates."There''s numerous studies out there, including our own work, showing companies that had leadership that included a high proportion of women on boards, high proportion of women in top and senior management just performed better," said panelist Ronald O<>Hanley CEO of State Street Global Advisors (SSGA), the investment manager with $2.6 trillion under management(Reporting by Michael Flaherty; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/milken-conference-diversity-idUSL4N1I44MR'|'2017-05-03T04:48:00.000+03:00'
'b34006f7317f0887f46d57ceb4d0e57d343bd47d'|'U.S. private hiring slows, services growth speeds up in April'|'Business News - Wed May 3, 2017 - 5:01pm BST U.S. private hiring slows, services growth speeds up in April A job seeker holds a ''''We''re Hiring'''' card while talking to a representative from Target at a City of Boston Neighborhood Career Fair on May Day in Boston, Massachusetts, U.S., May 1, 2017. REUTERS/Brian Snyder By Richard Leong U.S. companies hired workers at a slower but still-solid pace in April, while the domestic services sector grew more than expected, supporting the notion the economic expansion remains on track despite a weak first quarter, private data released on Wednesday showed. An improving labor market and faster activity in services industries last month also buttressed traders'' expectations the Federal Reserve would raise interest rates further in the coming months. "In short, more evidence that the underlying trend in growth is not suddenly slowing, as suggested by the GDP data. If anything, the trend appears to be up, not down," High Frequency Economics Chief U.S. Economist Jim O''Sullivan wrote in a research note. Last week, the government said gross domestic product increased 0.7 percent in the first quarter, the weakest pace in three years. Payrolls processor ADP said on Wednesday private employers added 177,000 jobs last month. It was the smallest gain since the 62,000 increase last October but slightly above the 175,000 median forecast among economists polled by Reuters. Private payroll gains for March were revised down to 255,000 from an originally reported 263,000 increase. ADP, which jointly developed its employment report with Moody''s Analytics, said private employers face increasing difficulty finding qualified workers in a tightening labor market. The Federal Open Market Committee is widely expected to leave interest rates unchanged at the current range of 0.75-1.00 percent at its policy meeting that will conclude later Wednesday. Traders expect the Fed''s policy-setting group will hike rates by a quarter point at its next meeting on June 13-14. U.S. financial markets brushed off the latest data as investors await the Fed''s upcoming rate decision. Major stock indexes and U.S. bond yields were lower, while the dollar strengthened slightly. The ADP figures come ahead of the U.S. Labor Department''s more comprehensive non-farm payrolls report at 8:30 a.m. (1230 GMT) on Friday. Economists polled by Reuters expect U.S. private payroll employment likely grew by 185,000 jobs in April, up from 89,000 in March, while the jobless rate likely ticked up to 4.6 percent from the 4.5 percent in March. DEMAND PICK-UP LIFTS SERVICES SECTOR The Institute for Supply Management (ISM) said on Wednesday its index of non-manufacturing activity rose to 57.5 in April from March''s 55.2, which was above analysts'' expectations of 55.8. A reading above 50 indicates expansion in the services sector, which accounts for nearly 80 percent of the U.S. economy. The business activity index rose to 62.4 from 58.9 the month before. That was above a median forecast of 58.4. "Following a run with some softer indicators lately, the firming in the survey data is an encouraging sign for the economy," J.P. Morgan Economist Daniel Silver said. The survey''s new orders index climbed to 63.2, the strongest since August 2005, from 58.9 in March. However, the employment index fell to 51.4, its lowest since August, from March''s 51.6. (Reporting by Richard Leong; Editing by Chizu Nomiyama and Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-economy-adp-idUKKBN17Z1BR'|'2017-05-04T00:01:00.000+03:00'
'316b8d231faeeb3f9f958df3a00921c1f8f8bdde'|'UPDATE 1-Health insurer WellCare tops profit estimates as Medicaid enrolments rise'|'Wed May 3, 2017 - 6:27am EDT Health insurer WellCare tops profit estimates as Medicaid enrolments rise U.S. health insurer WellCare Health Plans Inc ( WCG.N ) reported a better-than-expected first-quarter profit, driven by higher enrolments in its Medicaid plans for low-income families, and the company also raised its full-year profit forecast. The results come during a turbulent period for the U.S. health insurance industry, with President Donald Trump and Republicans vowing to repeal Obamacare, formally known as the Affordable Care Act, but failing to push through legislation. WellCare said its Medicaid memberships increased 10.3 percent to about 2.6 million as of March 31, mainly due to the boost it got from its acquisition of Care1st Arizona and the launch of its Nebraska Medicaid business. The company''s net income surged 78 percent to $67.3 million, or $1.50 per share, in the first quarter ended March 31. Excluding items, it earned $1.61 per share, handily beating Wall Street estimate of $1.18 per share, according to Thomson Reuters I/B/E/S. WellCare''s revenue rose 11.6 percent to $3.95 billion. The amount WellCare spent on medical claims out of the premiums it earned, a key measure of costs known as medical benefits ratio (MBR), improved in the Medicare business. The ratio was 83 percent in the latest quarter, compared with 84.6 percent a year earlier. The lower the ratio, the better for the insurer. The metric deteriorated to 89.4 percent from 86.6 percent in the company''s Medicaid business. Tampa, Florida-based WellCare raised its full-year earnings forecast to $6.55-$6.80 per share from $6.00 to $6.25. (Reporting by Divya Grover in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-wellcare-health-results-idUSKBN17Z0XQ'|'2017-05-03T18:26:00.000+03:00'
'c70c4f7965ec9054bd3051dc8bb74ac2fff09ef6'|'UPDATE 2-Canada''s WestJet beats profit estimates, to buy up to 20 aircraft'|'Canada''s WestJet Airlines Ltd ( WJA.TO ) reported a 45 percent drop in quarterly profit on Tuesday, and said it agreed to buy up to 20 Dreamliner planes from Boeing Co ( BA.N ) as part of a plan to add fuel-efficient aircraft to its fleet.Shares of the Calgary-based carrier fell as much as 5.7 percent to C$21.54 on the Toronto Stock Exchange as the aircraft purchase was seen as expensive."(The order) will result in elevated capex for the next several years," analysts at Cowen & Co wrote in a note, adding that 10 Dreamliner planes will cost WestJet about C$1.85 billion at current exchange rates.WestJet raised its full-year spending target on Tuesday to C$1 billion, up from a prior forecast of C$900 million-C$920 million, party due to the Boeing order.WestJet will fund the aircraft purchase with cash from operations, CEO Gregg Saretsky said on a post-earnings call.The company, Canada''s second largest carrier, said the Boeing deal includes commitments for 10 787-9 Dreamliner aircraft to be delivered between 2019 and 2021, with options to buy 10 more aircraft.The 787-9 planes <20> about 20 percent more fuel-efficient than the 767s WestJet owns <20> will allow the airline to offer new routes in Asia, South America and Europe amid stiff competition from larger rival Air Canada ( AC.TO ).WestJet said in late-April that it planned to launch an ultra-low-cost carrier (ULCC) in Canada.The low-cost carrier would be more of a "separate vehicle", said Bob Cummings, an executive vice president at WestJet who is responsible for the yet-to-be-named ULCC.WestJet flew 5.7 million passengers in the first quarter, up nearly 7 percent from a year earlier, helping the company post a better-than-expected quarterly profit.Excluding items, WestJet earned 56 Canadian cents per share, according to Thomson Reuters I/B/E/S, beating analysts'' average estimate of 50 Canadian cents.However, WestJet''s aircraft fuel costs jumped 41.5 percent to C$235.5 million ($172.3 million) in the quarter ended March 31, contributing to a sharp drop in profit.WestJet''s net earnings fell to C$48.3 million, in the first quarter, from C$87.6 million, a year earlier.The company also forecast a 23 percent to 26 percent rise in fuel costs per liter for the current quarter.Oil prices have nearly doubled from multi-year lows a year ago, weighing on profit margins at several airlines.WestJet''s shares were down 3.8 percent at C$21.97 in afternoon trading.(Reporting by Muvija M and John Benny in Bengaluru; Editing by Sai Sachin Ravikumar and Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-westjet-airlines-results-idUSKBN17Y12Z'|'2017-05-02T21:23:00.000+03:00'
'97426fb517bb3d0cde433ac2cca5359efe682a84'|'Dow and Dupont receive conditional approval from China for proposed merger'|' 14am BST Dow and Dupont receive conditional approval from China for proposed merger The Dow logo is seen on a building in downtown Midland, Michigan, in this May 14, 2015 file photograph. REUTERS/Rebecca Cook BEIJING China has conditionally approved the proposed merger between the Dow Chemical Co and Dupont, the country''s Commerce Ministry said on Tuesday. The merger was approved by EU antitrust regulators in March on the condition the companies divest assets and research and development facilities. Regulators in the United States, Brazil, Australia and Canada are yet to clear the deal. [nL4N1HZ4KT] (Reporting by Beijing Monitoring Desk; Editing by Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-du-pont-m-a-dow-china-idUKKBN17Y0TA'|'2017-05-02T17:04:00.000+03:00'
'4f87329eb17164d7df5f5695c1e277f5c07879b8'|'BRIEF-Grow Condos provides "smoke on the water" advancement update'|'BEIJING, May 2 China has conditionally approved the proposed merger between Dow Chemical Co and Dupont , the country''s Commerce Ministry said on Tuesday, a step forward for the deal whose closing has been repeatedly delayed by regulatory hurdles. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-grow-condos-provides-smoke-on-the-idUSASA09LWN'|'2017-05-02T17:52:00.000+03:00'
'ad15a8da711d620ef31e0b0b4fbbe37a82bc11b2'|'UPDATE 2-Monsanto scraps deal to sell Precision Planting to Deere'|'CHICAGO Monsanto Co ( MON.N ) has terminated an agreement to sell its Precision Planting LLC farm equipment business to machinery maker Deere & Co ( DE.N ), the companies said on Monday, ending a legal fight with antitrust authorities over the deal.The U.S. Department of Justice last August filed a lawsuit to block the sale, arguing the deal could make it more expensive for farmers to use fast, precise planting technology. The planned sale was originally announced in late 2015. Financial terms were not disclosed.Monsanto, the world''s largest seed company, and Deere, the biggest U.S. farm equipment manufacturer, had been preparing to argue the case later this year."We just didn''t see that there was a clear path going forward, that the DOJ was going to approve the transaction. We have a valuable business and people in limbo and it was just time to move on," Michael Stern, CEO of Climate Corporation, the Monsanto subsidiary that runs the Precision Planting business, said in an interview.Monsanto remains committed to selling the business to another buyer and said there has been "significant interest" from other buyers, Stern said.He declined to identify the potential buyers or disclose a timeline for a sale.A digital collaboration agreement between Deere and Climate and a distribution deal with farm data management company Ag Leader will also be terminated, Deere said in a release."We are deeply disappointed in this outcome as we remain confident the acquisition would have benefited customers," John May, Deere''s president of agricultural solutions and chief information officer, said in the release.The Department of Justice hailed the deal''s termination as "a victory for American farmers and consumers."Monsanto shares closed 0.2 percent higher at $116.87. Deere ended up 0.3 percent at $111.97 a share.(Additional reporting by Diane Bartz in Washington; Editing by Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-monsanto-m-a-deere-idUSKBN17X2FZ'|'2017-05-02T06:33:00.000+03:00'
'a6b62560e8d1200a35e2184832a4a5e20db481a2'|'METALS-Firmer copper prices pull most metals higher'|'Company News - Mon May 1, 2017 - 10:02pm EDT METALS-Firmer copper prices pull most metals higher SYDNEY May 2 Copper futures rose sharply on Tuesday as investors returned from a three-day weekend in most of Asia with a renewed appetite for industrial commodities. The near across-the-board gains in both London Metal Exchange and Shanghai Futures Exchange prices were aided by advances in Asian stocks on easing concerns over North Korea, commodities traders said. COPPER: Three-month copper on the London Metal Exchange gained 1.0 percent to $5,790 a tonne by 0155 GMT, building on gains from the last session on Friday. SHANGHAI: The most-traded copper contract on the Shanghai Futures Exchange rose 1.5 percent to 46,940 yuan ($6,813) a tonne. Both exchanges were closed on Monday for Labour Day. GRASBERG PROTEST: Thousands of workers from the Indonesian unit of Freeport McMoRan Inc staged a rally near its Papua mine on Monday, a union leader said, protesting against layoffs by the miner due to a contract dispute with the government. CHILE COPPER RESTART: Anglo American plans to restart production shortly at its El Soldado copper mine in Chile as regulators have approved a new permit plan for the deposit. LEAD: LME lead built on strong gains last week to trade 0.9 percent higher at $2,269 a tonne, reinforced by falling warehouse stocks. Stocks in LME-registered warehouses have fallen 13 percent to 165,275 tonnes over the last 27 days, their lowest in more than a year. MPBSTX-TOTAL ShFE lead also took flight, rising 2.5 percent to 16,690 yuan a tonne. EASING TENSIONS: Worries about tensions over the Korean peninsula eased slightly after U.S. President Donald Trump on Monday opened the door to meeting North Korea''s Kim Jon Un, saying he would be honoured to meet the young leader under the right circumstances. MARKETS NEWS: Asian shares advanced on Tuesday, helped by rising optimism on the technology industry and easing concerns over North Korea, while the dollar edged up to one-month high versus the yen. * For the top stories in metals and other news, click or DATA/EVENTS 0145 China Caixin manufacturing PMI final Apr 0750 France Markit manufacturing PMI Apr 0755 Germany Markit/BME manufacturing PMI Apr 0800 Euro zone Markit manufacturing PMI final Apr 0900 Euro zone Unemployment rate Mar 1345 U.S. ISM-New York index Apr Federal Open Market Committee starts two-day policy meeting PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1I40IB'|'2017-05-02T10:02:00.000+03:00'
'fe93f0a67a6fa95ee79b7f0d3cbfc045a7e3191a'|'Huge crops, record storage signaling more woes for grain merchants'|'Company News - Wed May 3, 2017 - 11:35pm EDT Huge crops, record storage signaling more woes for grain merchants By Karl Plume - CHICAGO CHICAGO May 3 In the face of a global grain glut that is crushing profits and raising questions about their long-term prospects, the world''s big grain merchants maintain they need only a drought or other supply shock to return to the riches of the past. But a two-day rout on Wall Street for two of the industry''s biggest firms - Archer Daniels Midland Co and Bunge Ltd - underscores concerns that poor recent profits may be more than just a leg of a cyclical downturn and instead point to fundamental change. ADM on Tuesday warned investors that it was downgrading its expected return on invested capital <20> a key performance metric <20> by a full percentage point, to a projected 9 percent annual rate of return. On Wednesday, Bunge reported an 82 percent drop in first-quarter earnings and lowered its profit outlook for its unit that trades grain and oilseeds. It also reduced its budget for 2017 capital expenditures by $50 million, roughly a 7 percent cut, prompting concerns about a possible decline in cash flow. Spooked investors sent shares of White Plains, New York-based Bunge down more than 11 percent on the news, the steepest drop in 15 months. The prior day, ADM shares posted their biggest drop in eight years, down 8.9 percent to $41.67 a share, with further losses on Wednesday. Soren Schroder, Bunge''s chief executive, told Reuters the dour outlook is as impermanent as weather. "All we really need for this to change is three weeks of hot and dry weather in the Midwest in July and the same in August and you''re back to markets that don''t have enough. It can change quickly," Schroder said in an interview. But investors are beginning to fear the good times may not return for the global grain giants known as the ABCDs, a group that in addition to ADM and Bunge also includes privately held Cargill Inc and Netherlands-based Louis Dreyfus Corp . All of the ABCDs - which move corn, soybeans and other crops from regions of surplus to areas of tight supply <20> have struggled to profit from their core grain trading businesses lately. With grain busting out of storage bins all around the world, the big grain merchants have fewer opportunities to capitalize on "dislocation" of supplies, the companies say. "Everybody is wondering if there''s some fundamental issue across the board for these grain processors," said Brett Wong, senior research analyst with Piper Jaffray & Co. FARMERS HOLDING TIGHT Grain markets are notoriously cyclical, but some industry participants and observers say some of the changes are more permanent. Farmers have invested heavily in new storage, making them less reliant on the grain elevators operated by the trading houses, and the Internet has empowered farmers with information that makes them much smarter about marketing their grain. Mike Boland, an agricultural economics professor at the University of Minnesota, said farmers increasingly are cutting out the grain handlers altogether, selling directly to ethanol plants and other end users. "The grain trading companies may never get their hands on those bushels to move it along," Boland said. ADM, Bunge and others are caught between farmers who do not want to sell crops at low prices and end users, such as food companies, hunting for bargains amidst global oversupply, said Gary Blumenthal, chief executive for World Perspectives, a Washington-based agricultural consultancy. "The ABCDs are caught in the middle," Blumenthal said. ADM''s agricultural services division, which has seen turnover in the executive ranks, this quarter reported its third quarterly loss in international grain merchandising in five quarters. "We cannot help but wonder if ag services faces a structural challenge with the balance of power shifting to farmers and ADM''s more limited approach to capitalize on intellectual capital in the ag markets," BMO 
'5d87857b7dd3a163d8913c5111fc60dccfcfd06c'|'Infineon Q2 oper profit up 30 pct on auto, industrial demand'|'Company News - Thu May 4, 2017 - 1:49am EDT Infineon Q2 oper profit up 30 pct on auto, industrial demand FRANKFURT May 4 German chipmaker Infineon on Thursday reported a 30 percent rise in second-quarter operating profit helped by its automotive and industrial activities. The maker of chips that enable cruise control in cars and warn drivers of potential collisions said operating profit excluding special items rose to 296 million euros ($322 million). That was slightly below the average prediction of 299 million euros in a Reuters analysts'' poll, with individual estimates of 11 analysts ranging from 273 million euros to 303 million. Infineon confirmed its full-year outlook for revenue to rise between 8 and 11 percent, with an operating margin of around 17 percent. Infineon, whose customers include premium carmakers such as Daimler and Tesla as well as automotive supplier Continental, in March raised its full-year outlook on the back of strong demand from China for its automotive chips. ($1 = 0.9179 euros) (Reporting by Harro ten Wolde; Editing by Ludwig Burger)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/infineon-technol-results-idUSASM000B1E'|'2017-05-04T13:49:00.000+03:00'
'8ba650551b49d3f71ace0fda530a20eff99420ba'|'Hammond warns of risks from moving clearing away from UK'|'Business News - Thu May 4, 2017 - 3:37pm BST Hammond warns of risks from moving clearing away from UK Britain''s Chancellor of the Exchequer Philip Hammond leaves 11 Downing Street in London, April 26, 2017. REUTERS/Toby Melville LONDON Chancellor Philip Hammond warned on Thursday of potential risks if the European Union moves the clearing of euro-denominated securities like derivatives and bonds to within the euro zone after Brexit. "We approach the Brexit negotiations with a spirit of goodwill and we will consider any EU proposal before we leave on its merits," Hammond said. "But we should be careful of any proposals which might disrupt growth, raise the cost of investment in Europe and the UK or weaken financial stability." The London Stock Exchange''s ( LSE.L ) LCH clearing house clears most euro-denominated trades, but this activity will be outside the bloc''s legal framework after Brexit. Earlier on Thursday, European Commission Vice President Valdis Dombrovskis announced the launch of an assessment of new options for the industry - closer supervision of clearing houses outside the EU, and requiring those who clear large amounts of euro-denominated securities to be located inside the bloc. Dombrovskis said the Commission was not jumping to conclusions about the best way forward. (Writing by William Schomberg; Editing by Huw Jones)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-derivatives-regulations-hammond-idUKKBN1801V1'|'2017-05-04T22:25:00.000+03:00'
'cbfbb96ebd0af2e349def1061ea0586ea9836660'|'Ordinary Indians rush into stocks, spurring a rally as well as risks'|'Asia - Thu May 4, 2017 - 4:11pm IST Ordinary Indians rush into stocks, spurring a rally as well as risks left right FILE PHOTO: A man ties a balloon to the horns of a bull statue at the entrance of the Bombay Stock Exchange (BSE) while celebrating the Sensex index rising to over 30,000, in Mumbai, India April 26, 2017. REUTERS/Shailesh Andrade/File Photo 1/2 left right FILE PHOTO: Employees of the Bombay Stock Exchange (BSE) carry a cake outside the building for the celebrations marking the Sensex index rising over 30,000, in Mumbai, India April 26, 2017. REUTERS/Shailesh Andrade/File Photo 2/2 By Rafael Nam and Abhirup Roy - MUMBAI MUMBAI With red-and-white headphones draped around her neck, 22-year-old Indian IT security consultant Abdhija Sharma looks like she would be more at home discussing the latest music or Bollywood movies than compound returns on equity investments. But at an office in a Mumbai suburb one recent Saturday, surrounded by banners urging them to "Create Wealth", she and 60 others listened intently as finance professional Alpa Shah explained terms like "the power of compounding." Tens of thousands of Indians like Sharma are attending presentations promoting mutual funds, such as this one organised jointly by Suresh Rathi and Birla Sun Life, and investing in stocks for the first time, many through monthly plans. Their investments have helped send indexes to record highs; the NSE index is the best performer in Asia this year with gains of around 14 percent. The rally is partly the result of a drive by Prime Minister Narendra Modi''s government to wean people off property and gold and channel savings into stocks through mutual funds. The gains have led to soaring valuations, in particular in the telecoms sector, which some analysts believe are unsustainable and could lead to volatile price swings. Sharma got interested in stocks after hearing her boss boast about how much money he made from the initial public offering of supermarket operator Avenue Supermarts Ltd. That stock has more than doubled since listing in March, and, to the concern of some brokers, become the second most expensive food retailer in the world, according to Thomson Reuters data. But Sharma, who plans to invest 5,000 rupees ($78) a month, believes stocks will beat property and gold in the long run. "There are risks in everything," she said. "Fund managers won''t let millions of people lose money. They will protect our money." Since May 2014, when Modi came to power, Deutsche Bank estimates retail investors ploughed a record $31 billion into Indian equities through mutual funds, more than the estimated $21 billion overall by foreign investors over the same period. As a result, assets under management have more than doubled to 17.55 trillion rupees ($274 billion). Many new investors are buying stocks through monthly plans at mutual funds, or systematic investment plans (SIPs), of as low as 500 rupees per month. "SKIP THE PIZZA" It is part of a push by mutual funds to woo retail investors. Hundreds of presentations are held each month across the country, as well as major marketing campaigns. The government is keen on the idea, as home prices in big cities have become unaffordable to large segments of the population, while imports of bullion, another favourite among savers, have led to persistent current account deficits. "The retail investors should ideally come to the stock market via mutual funds and exchange-traded funds," said a senior finance ministry official of the trend. The Securities and Exchange Board of India (SEBI) has steered investors to mutual funds, strengthening oversight of the sector and warning against Ponzi schemes in TV commercials. Yet the proportion of equity investments as part of total savings remains in the low single digits, compared with around 10 percent in China or 40 percent in the United States. Indian mutual funds promise juicy returns: Suresh Rathi''s brochure says someone investing 5,
'926c9a55beae16d6a9019d67e09f35b810d4f703'|'RPT-Mexico, Canada seek U.S. soft spots to bolster NAFTA defense'|'Company  32am EDT RPT-Mexico, Canada seek U.S. soft spots to bolster NAFTA defense (Repeats to widen distribution) By Dave Graham and David Ljunggren MEXICO CITY/OTTAWA May 4 From launching a data-mining drive aiming to find supply-chain pressure points to sending officials to mobilize allies in key U.S. states, Mexico and Canada are bolstering their defenses of a regional trade pact President Donald Trump vows to rewrite. Trump has blamed the North American Free Trade Agreement (NAFTA) for the loss of millions of manufacturing jobs and has threatened to tear it up if he fails to get a better deal. Fearing the massive disruptions a U.S. pullout could cause, the United States'' neighbors and two biggest export markets have focused on sectors most exposed to a breakdown in free trade and with the political clout to influence Washington. That encompasses many of the states that swept Trump to power in November and senior politicians such as Vice President Mike Pence, a former Indiana governor or Wisconsin representative and House Speaker Paul Ryan. Prominent CEOs on Trump''s business councils are also key targets, according to people familiar with the lobbying push. Mexico, for example, has picked out the governors of Texas, Arizona and Indiana as potential allies. Decision makers in Michigan, North Carolina, Minnesota, Illinois, Tennessee, Wisconsin, Ohio, Florida, Pennsylvania, Nebraska, California and New Mexico are also on Mexico''s priority list, according to people involved in talks. Mexican and U.S. officials and executives have had "hundreds" of meetings since Trump took office, said Moises Kalach, head of the Mexican private sector team leading the defense of NAFTA. (Graphic: tmsnrt.rs/2oYClp2 ) Canada has drawn up a list of 11 U.S. states, largely overlapping with Mexico''s targets, that stand to lose the most if the trade pact enacted in 1994 unravels. To identify potential allies among U.S. companies and industries, Mexican business lobby Consejo Coordinador Empresarial (CCE) recruited IQOM, a consultancy led by former NAFTA negotiators Herminio Blanco and Jaime Zabludovsky. In one case, the analysis found that in Indiana, one type of engine made up about a fifth of the state''s $5 billion exports to Mexico. Kalach''s team identified one local supplier of the product and put it touch with its main Mexican client. "We said: talk to the governor, talk to the members of congress, talk to your ex-governor, Vice President Pence, and explain that if this goes wrong, the company is done," Kalach said. He declined to reveal the name of the company and Reuters could not immediately verify its identity. Trump rattled the two nations last week when his administration said he was considering an executive order to withdraw from the trade pact, which has been in force since 1994. He later said he would try to renegotiate the deal first and Kalach said the lobbying effort deserved much credit for Trump''s u-turn. "There was huge mobilization," he said. "I can tell you the phone did not stop ringing in (Commerce Secretary Wilbur) Ross''s office. It did not stop ringing in (National Economic Council Director) Gary Cohn''s office, in the office of (White House Chief of Staff Reince) Priebus. The visits to the White House from pro-NAFTA allies did not stop all afternoon." Among those calling the White House and other senior administration officials were U.S. Chamber of Commerce chief Tom Donohue, officials from the Business Roundtable and CEOs from both lobbies, according to people familiar with the discussions. PRIME TARGET Mexico has been the prime target of NAFTA critics, who blame it for lost manufacturing jobs and widening U.S. trade deficits. Canada had managed to keep a lower profile, concentrating on seeking U.S. allies in case of an open conflict. That changed in late April when the Trump administration attacked Ottawa over support for dairy farmers and slapped preliminary duties on softwood lumber imports. Desp
'a1c8573b2d131fb9129089b5a05ff2c18dc868a3'|'METALS-London copper near 2-week low on U.S. rate rise expectations'|'Market News - Wed May 3, 2017 - 10:45pm EDT METALS-London copper near 2-week low on U.S. rate rise expectations MELBOURNE, May 4 London copper fell on Thursday after a big build-up in exchange stocks and as traders priced in two U.S. interest rate rises expected this year that could curb interest in dollar-denominated metals. FUNDAMENTALS * LME COPPER: Three-month copper on the London Metal Exchange edged down 0.2 percent to $5,589 a tonne by 0243 GMT, having earlier hit $5,567 a tonne, the weakest since April 20. Prices extended losses from the previous session when they recorded the biggest one day drop in 18 months. * LME STOCKS: LME copper stocks surged by 31,250 tonnes, the most recent data showed, dousing concerns over falling supply. <0#MCUSTX-LOC-GRD> * SHFE COPPER: Shanghai Futures Exchange copper fell 2.6 percent to 45,460 yuan ($6,591) a tonne. * U.S. RATES: The U.S. Federal Reserve kept interest rates unchanged on Wednesday and downplayed weak first-quarter economic growth while emphasising the strength of the labour market, in a sign it was still on track for two more rate rises this year. * CHINA FOREX: China will step up its crackdown on illegal foreign exchange deals this year as authorities boost authenticity and compliance checks on trade and investment, its forex regulator said on Wednesday. * EUROZONE ECONOMY: The euro zone economy started the year with robust growth that outstripped that of the United States and set the stage for a strong 2017, preliminary estimates showed on Wednesday. * BHP: Australia warned on Thursday that a push by activist investor Elliott Management to ditch global miner BHP Billiton''s dual listing may be a criminal offence and could lead to civil penalties. * COPPER: Southern Copper Corp on Wednesday reported net income of $314.4 million for the first quarter, up 70 percent from $185.1 million a year earlier and 82 percent above the $172 million posted in the fourth quarter of 2016. * COPPER: Copper output in Democratic Republic of Congo, Africa''s top producer, hit 274,316 tonnes in the first quarter of 2017, a more than 20 percent increase over the same period last year, the central bank said on Wednesday. * GLENCORE: Mining-trading group Glencore Plc has hired the Bank of Nova Scotia to sell a portfolio of royalty assets, including one for the Antamina copper-zinc mine in Peru, four people familiar with the process have told Reuters. * For the top stories in metals and other news, click or MARKETS NEWS * Asian stocks retreated on Thursday, taking their cues from a subdued session on Wall Street, while the dollar retained gains made after the Federal Reserve delivered a hawkish policy statement. DATA/EVENTS 0750 France Markit services PMI Apr 0755 Germany Markit services PMI Apr 0800 Euro zone Markit services PMI final Apr 0900 Euro zone Retail sales Mar 1230 U.S. International trade Mar 1230 U.S. Weekly jobless claims 1400 U.S. Factory orders Mar BASE METALS PRICES 0043 GMT Three month LME copper 5589 Most active ShFE copper 45440 Three month LME aluminium 1918 Most active ShFE aluminium 13905 Three month LME zinc 2579 Most active ShFE zinc 21550 Three month LME lead 2193 Most active ShFE lead 16120 Three month LME nickel 9250 Most active ShFE nickel 77820 Three month LME tin 19840 Most active ShFE tin 141730 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 442.38 LME/SHFE ALUMINIUM LMESHFALc3 -1425.08 LME/SHFE ZINC LMESHFZNc3 186.43 LME/SHFE LEAD LMESHFPBc3 -2039.97 LME/SHFE NICKEL LMESHFNIc3 2007.68 ($1 = 6.8970 Chinese yuan renminbi) (Reporting by Melanie Burton; Editing by Kenneth Maxwell) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1I61E4'|'2017-05-04T10:45:00.000+03:00'
'928b577ccf12f5c6eff5ea9af2d0498d56b2216f'|'EBRD head sees no thaw in freeze on Russia investments'|'Company   11:53am EDT EBRD head sees no thaw in freeze on Russia investments By Marc Jones - LONDON LONDON May 2 The head of the European Bank for Reconstruction and Development said on Tuesday he expected the bank''s shareholders to reject a renewed bid by Moscow to end a ban on fresh EBRD investments in Russia. The EBRD agreed the freeze on new investments in 2014 over Russia''s involvement in the Ukraine crisis. Moscow wants a discussion of the freeze, which it says breaches the bank''s internal rules, at an annual EBRD meeting in Cyprus next week. EBRD directors rejected a similar push by Russia last year but raising the issue at the annual meeting means it will be discussed by national finance ministers and central bank heads who act as the bank''s ''governors''. "This situation was discussed last year by our board and there was no change then to the guidance (not to invest in Russia)," EBRD head Suma Chakrabarti told reporters. "Let''s see how it goes in Nicosia. I''m not expecting it to be very different." The investment ban followed Western sanctions imposed on Russia following its annexation of Ukraine''s Crimea peninsula. Russia used to be the EBRD''s biggest market, but the near three-year halt in investments there has seen it shrink to around 10 percent - or 3.7 billion euros - of the bank''s overall portfolio. Turkey has replaced Russia as the biggest beneficiary of EBRD investment. The bank has spent more than 7 billion euros ($7.63 billion) in Turkey, including almost 2 billion euros in 2016 alone. But political jitters are also rising in Turkey following a failed military coup last July and President Tayyip Erdogan''s crackdown on suspected supporters of the coup that has led to large-scale sackings and arrests. "What is happening in a political context has affected foreign investor sentiment and some domestic investor sentiment, so the pipeline (for EBRD investments) is not as strong as it was last year, that is for sure," Chakrabarti said. "It is an interesting picture of change in Turkey," he added pointing to ongoing energy and financial market reforms. "But I think it is a wait-and-see (approach) among many foreign investors to see how this political situation plays out." ($1 = 0.9171 euros) (Reporting by Marc Jones; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ebrd-meeting-russia-idUSL8N1I45VS'|'2017-05-02T23:53:00.000+03:00'
'ad07e1603f092341574f62f2df824cb24f483f3a'|'EU regulators to rule on $38 billion Qualcomm, NXP deal by June 9'|'Deals - Tue May 2, 2017 - 11:11am BST EU regulators to rule on $38 billion Qualcomm, NXP deal by June 9 FILE PHOTO: A man visits Qualcomm''s booth at the Global Mobile Internet Conference (GMIC) 2017 in Beijing, China April 28, 2017. REUTERS/Jason Lee BRUSSELS EU antitrust regulators will decide by June 9 whether to clear smartphone chipmaker Qualcomm''s ( QCOM.O ) $38 billion bid for NXP Semiconductors NV ( NXPI.O ), which would make it the leading supplier to the fast-growing automotive chips market. Qualcomm, which provides chips to Android smartphone makers and Apple Inc ( AAPL.O ), sought EU approval for the deal on April 28, a filing on the European Commission website showed on Monday. The EU competition enforcer can either approve the deal with or without concessions or it can open an investigation lasting about five months if it has serious concerns. Qualcomm has said the deal, the biggest ever in the semiconductor industry, is a complementary one. The U.S. antitrust watchdog cleared the deal unconditionally last month. (Reporting by Foo Yun Chee; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-nxp-m-a-qualcomm-eu-idUKKBN17Y0ZZ'|'2017-05-02T18:10:00.000+03:00'
'67170085a3fddbe05335ed1083adb1e51b01b318'|'German union demands end to talks between Thyssenkrupp and Tata'|'DORTMUND, Germany German labour union IG Metall demanded on Tuesday that industrial company Thyssenkrupp end talks to merge its European steel business with that of India''s Tata Steel.Thyssenkrupp and Tata Steel have been in discussions since July about merging their European steel assets to cut costs and reduce overcapacity, a move that has sparked concerns about job cuts in Germany."Management should put its merger plans on ice and discuss with us how the group can make progress," said IG Metall''s Detlef Wetzel, who is a member of Thyssenkrupp Steel Europe''s supervisory board.Thyssenkrupp last month unveiled plans to cut costs by 500 million euros ($545 million) at its steel business. IG Metall has said that could lead to 4,000 out of the 27,000 jobs at Thyssenkrupp Steel Europe being axed.Labour bosses also fear that more cuts could be made at Thyssenkrupp''s German steel sites to make room for Tata''s ailing steel plant in Port Talbot, Wales, where a deal has been struck to protect jobs and investment.The German union will stage a rally on Wednesday in the city of Duisburg, home to the headquarters of Thyssenkrupp Steel Europe, and several thousand workers are expected to attend."You cannot just say that the UK sites won''t be touched but take the axe to Germany," Wetzel said on Tuesday.($1 = 0.9169 euros)(Reporting by Tom Kaeckenhoff; writing by Maria Sheahan; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/tata-steel-m-a-thyssenkrupp-idINKBN17Y1EI'|'2017-05-02T10:49:00.000+03:00'
'd2d11b684b9dcdf6564433e54ea6a8e2fb280ac8'|'Tesla in talks to resolve issues with legacy Grohmann clients'|'Internet News - Thu May 4, 2017 - 9:55pm BST Tesla in talks to resolve issues with legacy Grohmann clients Signage is displayed outside of Tesla Motors before the Tesla Energy Powerwall Home Battery event in Hawthorne, California April 30, 2015. REUTERS/Patrick T. Fallon FRANKFURT Tesla Inc said it is seeking to resolve outstanding issues with legacy customers of its Grohmann engineering unit after a takeover by the Silicon Valley-based carmaker resulted in a shift in management priorities toward Tesla projects. Before being bought by Tesla in November, Grohmann helped clients build highly automated and efficient factories, including battery assembly lines for electric cars. Grohmann''s clients included rival automakers BMW, Volkswagen AG ( VOWG_p.DE ) and Mercedes owner Daimler AG, before Tesla boss Elon Musk ordered the company''s main management resources to be devoted toward pushing expansion of Tesla''s production facilities. "We have been in contact with every client for weeks on this issue and are on the way to finding individual solutions with each of them," Tesla said in a statement on Thursday. The issue of how to deal with Grohmann''s existing clients resulted in the departure of Klaus Grohmann, who was ousted at the end of March, only months after selling his company to Tesla. The electric carmaker is counting on Grohmann Engineering''s automation and engineering expertise to help it ramp up production to 500,000 cars per year by 2018 through the design of ultra efficient factories. Founder Klaus Grohmann disagreed with Musk''s demands to focus management attention on Tesla projects to the detriment of Grohmann Engineering''s legacy clients, which included parts maker Bosch Corp, chip maker Intel Corp, and pharmaceutical firms Abbott Laboratories and Roche Holding AG in addition to the German carmakers. "We believe that Grohmann will honor its contractual obligations toward us in future," BMW said in a statement on Thursday, adding that it had not been formally notified about any changes to the contractual arrangements. Daimler and Volkswagen declined to comment. (Reporting by Edward Taylor and Jan Schwartz; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-tesla-germany-grohmann-idUKKBN1802P8'|'2017-05-05T04:54:00.000+03:00'
'24d1896b2dc35a21d76a6a457d34a9b40281b458'|'Fed should start trimming balance sheet in second half: Bullard'|'Business News - Fri May 5, 2017 - 12:41pm EDT Fed should start trimming balance sheet in second half: Bullard FILE PHOTO: St. Louis Federal Reserve President James Bullard speaks at a public lecture on ''''Slow Normalization or No Normalization'''' in Singapore May 26, 2016. REUTERS/Edgar Su/File Photo By Ann Saphir and Howard Schneider - PALO ALTO, Calif. PALO ALTO, Calif. The Federal Reserve has interest rates right where they should be, but should start trimming its massive balance sheet in the second half of the year, St. Louis Federal Reserve Bank President James Bullard said on Friday. "We''ve delayed a little bit too long in reducing the size of the balance sheet," Bullard said in an interview with Reuters near the Stanford University campus, where he is attending a conference on monetary policy. The Fed should first communicate its approach and then begin allowing the balance sheet to shrink "maybe sometime in the second half of the year," he said, adding that the decision on the timing would be up to Fed Chair Janet Yellen. The Fed has raised rates three times since the Great Recession, but left them unchanged at its meeting earlier this week. Strong jobs growth in April, reported earlier on Friday, has added to investor confidence that the central bank will raise rates again at its next policy-setting meeting in June, a move that Bullard said he would not necessarily oppose. "The current rate is reasonable, given the current situation," Bullard said, noting that the pace of year-over-year jobs growth has actually eased in the last couple of years, and there are no signs that inflation threatens to surge above the Fed''s 2-percent target. Most Fed officials expect the Fed would need to raise its short-term benchmark rate two more times this year, and three times next year. Bullard, who does not have a vote on the Fed''s policy committee this year, said that he would not balk at another rate hike: "If they want to go one more time, that would be fine." But, he added, reiterating an argument he has been making for the past year, "what I do oppose is the idea that we are 200 basis points off... the evidence is just not there." Instead of focusing on raising rates, Bullard said, the central bank needs to make progress on shrinking its $4.5 trillion balance sheet, in part to give it more policy flexibility in the face of a next shock or recession. Fed officials have signaled they may take action at the end of this year or perhaps early next year. Bullard wants the Fed to move faster. "We should have gotten going on this a while ago," he said. (Reporting by Ann Saphir and Howard Schneider; Editing by Chizu Nomiyama) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-fed-bullard-idUSKBN1811V9'|'2017-05-06T00:41:00.000+03:00'
'a2c457d6acf41754b90e342e7c8a1b69f9f2c6aa'|'Fidelity International launches bond fund for wealthy Chinese'|'Economy News - Fri May 5, 2017 - 5:57am BST Fidelity International launches bond fund for wealthy Chinese HONG KONG Fidelity International said on Friday it had launched its first onshore Chinese fund for wealthy mainland investors, a key milestone for foreign fund managers wanting to expand in the tricky Chinese market. The asset manager''s first private fund in China, which primarily invests in China''s $9 trillion onshore bond markets, will be available to Chinese institutional and high-net worth investors, the company said in a statement. "Undeniably, the RMB bond markets are the future of Asia''s bond markets and will play in global financial markets for many years to come," Freddy Wong, the fund''s manager, said in a statement. Fidelity International this year became the first global asset manager allowed to launch investment products in China through a wholly-owned local subsidiary, as Beijing further liberalizes its capital markets. The company''s Shanghai-based unit registered with the Asset Management Association of China (AMAC), qualifying it to create onshore investment products for Chinese institutions and wealthy individuals, the company said in January. Previously, foreign asset managers looking to distribute investment products in China had to operate through minority-owned joint ventures with Chinese firms, but Beijing has been gradually loosening the reins. A growing number of foreign financial institutions, including Aberdeen Asset Management ( ADN.L ), U.S. hedge fund Bridgewater Associates and Vanguard have recently set up wholly foreign-owned enterprises (WFOE) in China. But they still need AMAC registration to launch onshore products. Since 2004, Fidelity has been offering offshore capabilities to Chinese investors through partnering with banks under the Qualified Domestic Institutional Investor (QDII) scheme. Fidelity also owns a quota of $1.2 billion under the Qualified Foreign Institutional Investor (QFII) scheme, which allows foreign institutions to buy Chinese stocks and bonds. (Reporting by Michelle Price; Editing by Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-fidelity-china-fund-idUKKBN1810AR'|'2017-05-05T12:43:00.000+03:00'
'5f91e3b29fd77d06c9357caaa0972cdbc4061aed'|'Competition for gamblers'' money clouds outlook for Paddy Power Betfair'|' 16am BST Competition for gamblers'' money clouds outlook for Paddy Power Betfair By Padraic Halpin - DUBLIN DUBLIN Paddy Power Betfair ( PPB.I ) ( PPB.L ) said it was cautious on revenue growth in its main European market due to a "pretty extreme" level of competition, even as it almost doubled earnings across the group in the first quarter. Competition has intensified among gambling firms seeking to offset higher taxes and tighter regulation with increased revenues, leading to a flurry of mergers including last year''s 6 billion pound tie-up between online betting exchange Betfair and Paddy Power, which operates shops as well as an online business. The ensuing aggressive pricing and promotional activity has made it tougher to win new business, Paddy Power Betfair Chief Executive Breon Corcoran said on Wednesday, meaning the Dublin-headquartered firm was "a little bit behind where we hoped" on increasing its customer numbers in Europe. "The competitive nature of this industry right now is pretty extreme. What we have to remind our shareholders and indeed our competitors is that we have plenty of appetite to compete," Corcoran told an analyst call. "What''s not entirely clear is whether we''re being rational or whether we''re not competing hard enough... If this industry continues to be as competitive as it is, we have to give ourselves the flexibility to increase investment." Shares in the group were 1.8 percent lower at 1000 GMT. Its main competitors include Ladbrokes Coral Group ( LCL.L ), itself the product of a merger, and William Hill ( WMH.L ) which has so far been left off the M&A merry-go-round. Corcoran used the US Masters golf tournament to illustrate the changes in the market where Paddy Power Betfair had expected to be alone in offering customers the chance to win if their pick finished in the top 8 but were among four bookmakers to offer the more generous market. The group''s online revenue in Europe, which accounts for more than half of total revenue, increased by 12 percent on a constant currency basis in the first quarter, driven by improved sports results and growth in the amount of money staked. Overall revenue growth of 15 percent, combined with merger-related cost savings and operational efficiencies helped push underlying core earnings or EBITDA up 87 percent to 111 million pounds. Corcoran said it was too early to give any guidance for the year but that sports results had favoured customers since the end of March and overall gross win margins were weak in April. (Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-paddy-power-results-idUKKBN17Z0YK'|'2017-05-03T18:16:00.000+03:00'
'f02efa6d2c4a9100367edc94b90577ffc4e77177'|'UK''s SFO charges Bertling unit, four people in corruption probe'|'Business News - Tue May 2, 2017 - 4:53pm BST UK''s SFO charges Bertling unit, four people in corruption probe A sign is displayed in an unmarked Serious Fraud Office vehicle parked outside a building, in Mayfair, central London March 9, 2011. REUTERS/Andrew Winning LONDON The UK Serious Fraud Office (SFO) said on Tuesday it had charged logistics company F.H. Bertling Ltd and four people with conspiracy to commit or accept bribery in an investigation into a North Sea oil exploration project known as Jasmine. The SFO alleged that Robert McNally, Georgina Ayres, Giuseppe Morreale, Stephen Emler and F.H. Bertling, the UK-based subsidiary of the German-headquartered Bertling Group, conspired together and with others to win or retain freight forwarding services contracts between January 2010 and May 2013. Representatives for the company and the individuals have been told to appear at Westminster Magistrates<65> Court on May 19. (Reporting by Kirstin Ridley; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bertling-charges-idUKKBN17Y1Y7'|'2017-05-02T23:53:00.000+03:00'
'f15abcedb33df5c22e9c0c01b5af31eca9a5ad28'|'BRIEF-Relevium secures updated terms for BioGanix acquisition'|' 56am EDT BRIEF-Relevium secures updated terms for BioGanix acquisition May 2 Relevium Technologies Inc: * Relevium secures improved terms for BioGanix acquisition and receives commitment letter for secured convertible debenture * Received commitment letter from AIP Asset Management, AIP Private Capital for total of $2.25 million in secured convertible debentures * Aggregate purchase price of US$4.45 million payable by co for acquisition of BioGanix will now consist of US$1.9 million in cash at closing * Due to updated terms of BioGanix definitive agreement, minimum financing required for closing is now $3.5 million instead of $5 million * Secured a "more flexible" structure for definitive asset purchase agreement for BioGanix acquisition * Commitment letter to provide 2 year secured convertible debenture with coupon of 8% plus US libor, conversion strike price of $0.15 * Aggregate purchase price of US$4.45 million payable by co for BioGanix acquisition will now consist of US$500,000 in common shares of co Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-relevium-secures-updated-terms-for-idUSASA09M3W'|'2017-05-02T23:56:00.000+03:00'
'4597cc4c70043445df88659602b9e2e62ae42c24'|'Exclusive - Blackstone''s GSO snaps up J. Crew debt in restructuring gambit'|'  1:39pm BST Exclusive: Blackstone''s GSO snaps up J. Crew debt in restructuring gambit FILE PHOTO: Models pose during a presentation of the J. Crew Spring/Summer 2017 collection during New York Fashion Week in the Manhattan borough of New York, U.S., September 11, 2016. REUTERS/Lucas Jackson By Jessica DiNapoli - NEW YORK NEW YORK GSO Capital Partners, private equity firm Blackstone Group LP''s ( BX.N ) credit arm, is acquiring more of J. Crew Group Inc''s debt, hoping for a profitable trade that could also give the U.S. fashion retailer more time to stave off bankruptcy, people familiar with the matter said. Sales have been declining as J. Crew, whose ballet flats and cashmere cardigans were once a staple of middle-class U.S. wardrobes, struggles to keep abreast of changing tastes and faces fierce competition from cheaper online retailers. It now has $2.1 billion in debt. Most pressing is $567 million in unsecured bonds coming due in 2019. To cut that burden, J. Crew is trying to slash more than half the bonds'' value by placing the intellectual property of its eponymous brand into a new company, but holders of other debt are resisting the move. J. Crew has said it will then offer to exchange the bonds, which are backed by no collateral, for those from the new company backed by the brand. It will also offer equity to those bondholders. Other indebted retailers will be watching the restructuring closely as competition from online rivals like Amazon.com Inc ( AMZN.O ) has driven Aeropostale Inc ( AROPQ.PK ), Payless ShoeSource and other chains into bankruptcy. "I imagine a lot of companies that have the ability to do this in their credit agreements are talking to their attorneys and thinking about creative options," Moody''s Investors Service analyst Raya Sokolyanska said. But holders of a $1.53 billion loan to J. Crew, including investment firms Eaton Vance Management and Highland Capital Management LP, have told the company its bond exchange would remove the intellectual property as their collateral, and they would consider that a default, the sources said. Eaton Vance and Highland did not immediately respond to requests for comment. J. Crew has filed a lawsuit in New York State Supreme Court to prevent them from thwarting the exchange. What is more, some J. Crew bondholders have themselves been holding out for a better exchange offer, according to the company''s public disclosures. To try to resolve the impasse and increase its own chances of a profitable outcome, GSO, which owns some of J. Crew''s bonds, has been buying chunks of the company''s loan in the secondary trading market, according to the sources, who requested anonymity because the trade is not public. GSO wants to amass a controlling position in the loan, which would allow it to give J. Crew a waiver to carve out its intellectual property without risk of any legal challenge, the sources said. The Blackstone unit is working with other creditors, including hedge fund Anchorage Capital Group LLC, which focuses on distressed debt. J. Crew, GSO and Anchorage declined to comment. GSO''s plan could determine whether J. Crew manages to avoid bankruptcy. The company cannot afford to pay the bonds at face value when they come due in 2019, and credit rating agencies have warned it could face a liquidity crunch before then. The proposed exchange would push back the maturity of J. Crew''s bonds by two years, to 2021. This could give the company''s private equity owners, TPG Capital LP and Leonard Green & Partners LP, enough time to turn the business around. TPG offered no comment, and Leonard Green did not respond to requests for comment. In return for facilitating the exchange, GSO will ask J. Crew for an improved offer for its bonds, the sources said. Reuters was unable to determine what GSO and Anchorage paid for their J. Crew debt. J. Crew''s bonds trade at about 50 cents on the dollar, and the loan, which matures in 2021, trades at about 66 c
'ff4f257195339fccfd4083bf3ec7ca5d0e035409'|'Freeport Indonesia workers hold rally at start of planned strike'|'Market News - Mon May 1, 2017 - 4:52am EDT Freeport Indonesia workers hold rally at start of planned strike TIMIKA, Indonesia May 1 Thousands of workers from the Indonesian unit of Freeport McMoRan Inc staged a rally near its Papua mine on Monday, a union leader said, protesting against lay offs by the miner due to a contract dispute with the government. The union representing a third of the 32,000 workforce sent a notice to Freeport on Monday threatening to strike from May 1 to the end of the month at the Grasberg mine, the world''s second-biggest copper mine. Freeport is trying to ramp up output and exports at Grasberg after reaching a temporary deal with the government following a 15-week stoppage linked to new mining rules, but customers are concerned that labour unrest could now hit supply. Freeport has laid off about 10 percent of its workforce and warned it could cut another 5,000 to stem losses, sparking protests from workers. "We are still waiting. We have good intention by opening up in a transparent and fair manner so the problem can be solved. We actually don''t want a strike to happen," said the union leader Aser Gobai, adding that about 8,000 workers had taken part in the rally in Timika, the nearest town to the mine. A spokesman for Freeport Indonesia did not respond to requests for comment. Freeport Chief Executive Richard Adkerson said last month that the company was in talks with union leaders "in an effort to get them back to work", and warned it could punish workers for absenteeism. Up to $40 million-per-month of spending on the Grasberg underground development could be cut if contract matters are not resolved, which could lead to more layoffs, he said. Any delays in resuming exports could also support copper prices, with London Metal Exchange prices currently around $5,735 a tonne. Adding to tensions around Grasberg, several Freeport workers and police were injured in a clash in Papua last month, when officers fired tear gas and rubber bullets at demonstrators in Timika who authorities said had been attempting to free a union leader at a court hearing. New rules in Indonesia require Freeport to obtain a new mining permit, divest a 51 percent stake, build a second copper smelter, relinquish arbitration rights and pay new taxes and royalties. Freeport insists any new permit must have the same fiscal and legal guarantees as under its 30-year mining contract, and in February it served notice to Jakarta, saying it has the right to commence arbitration if no agreement is reached by June 17. (Reporting by Samuel Wanda in TIMIKA; Additional reporting by Nulifar Rizki, Wilda Asmarini and Fergus Jensen in JAKARTA; Editing by Ed Davies & Simon Cameeron-Moore) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/indonesia-freeport-strike-idUSL4N1HY4AG'|'2017-05-01T16:52:00.000+03:00'
'e3a07e9afcb2c9666ec50efcc854f6ec62d17ca4'|'Mnuchin sees U.S. growth reaching 3 percent in time, tax cuts to help'|'Politics - Mon May 1, 2017 - 1:28pm EDT Mnuchin sees U.S. growth reaching 3 percent in time, tax cuts to help Steve Mnuchin, U.S. Treasury Secretary, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. REUTERS/Mike Blake By Olivia Oran and Svea Herbst-Bayliss - BEVERLY HILLS BEVERLY HILLS U.S. Treasury Secretary Steven Mnuchin said on Monday that economic growth of three percent is achievable in the next two years as the Trump administration sets out to dramatically cut taxes. Speaking at the Milken Institute Global Conference in Beverly Hills, California, almost a week after he helped unveil plans to cut taxes for many people and corporations to 15 percent, Mnuchin said tax reform and regulatory relief will help spur economic growth. Mnuchin''s comments also come days after government data showed tepid economic growth of 0.7 percent for the last three months. "The tax plan is our version of a jobs bill," Mnuchin said in an onstage interview with journalist Maria Bartoromo. Although the stock market has reacted positively to Trump''s election - with the S&P 500 index up 11 percent since November - critics of the tax plan have said it is ambitious and lacks details. In a light-hearted moment, Mnuchin quipped that many at the conference had him to thank for the surge in bank stocks that have helped lift their portfolios, bringing laughter from the audience. But with few fresh details about Trump''s plans and an uncertain time frame, some at the conference expressed concern that the generally optimistic atmosphere might begin to fade. "I''m concerned that if we don''t see tax or healthcare reform by the end of the year, markets will start to doubt the administration''s ability to deliver it," said Scott Minerd, global chief investment officer at Guggenheim Partners. Mnuchin said he has been working with congressional leaders to push tax reform and he hopes for bi-partisan support. Mnuchin told CNBC on the sidelines of the conference that the tax proposal was purposely vague so that the administration could work with legislators to craft something that will pass Congress. The Trump administration has invited many business leaders into the White House and is listening closely to their concerns and hopes on tax changes, he added. David Solomon, president and co-chief operating officer of Goldman Sachs, said the great sense of optimism early in Trump''s tenure may be fading some. "This quarter it feels like conviction for tax and regulatory reform is more muted." Solomon''s predecessor at Goldman, Gary Cohn, joined the Trump administration as director of the National Economic Council and one of his primary goals has been to work on tax reform. One concern associated with the Trump tax plan is how the government plans to pay for it. Mnuchin said that there are plenty of other ways to off set the revenue that would be lost through reduced tax receipts. He did not offer many specifics. Indeed many at the conference, including investment managers whose businesses could benefit dramatically from the cut in taxes, were cheering the new administration and its can-do attitude which also includes plans to tackle health care reform. Prospects for growth look to be better around the world, several said. Yet there were also some rumblings of concern that ambitious projects would not be completed and that tensions around the world with other governments would increase. Mohamed El-Erian, chief economic adviser at Allianz, said that optimism is off the charts according to the stock market but geopolitical issues are a real concern. (Refiled to add Solomon''s co-chief operating officer title.) (Reporting by Svea Herbst-Bayliss and Olivia Oran; Editing by Bernard Orr) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-milken-conference-usa-mnuchin-idUSKBN17X1XR'|'2017-05-01T23:35:00.000+03:00'
'3984bd7ddbd968b82143442e29cd937c0d63a9f4'|'UPDATE 1-U.S. SEC approves request to list quadruple-leveraged ETFs'|'Company News - Tue May 2, 2017 - 9:32pm EDT UPDATE 1-U.S. SEC approves request to list quadruple-leveraged ETFs (Adds details on proposed funds) By Trevor Hunnicutt NEW YORK May 2 The Securities and Exchange Commission on Tuesday approved a request to trade quadruple-leveraged exchange-traded funds, marking a first for the growing market for such products in the United States. The request to list ForceShares Daily 4X US Market Futures Long Fund, under the ticker UP, and ForceShares Daily 4X US Market Futures Short Fund, under the ticker DOWN, was filed by Intercontinental Exchange Inc''s NYSE Arca exchange. One of the funds is designed to deliver 400 percent of the daily performance of S&P 500 stock index futures, while another fund will aim to deliver four times the inverse of that benchmark. That means a fund could go up 8 percent on a day the index it tracks falls by 2 percent. ETFs offering three times leverage already trade in the United States, but more reactive products have been limited to listing in Europe. "We''re excited about it," said Sam Masucci, chief executive officer at Exchange Traded Managers Group LLC, which is distributing the product, though he said the product is "not going to be for everybody. "But for those people that are looking for the leveraged exposure to the S&P and they''re not looking to do it by way of a futures product here you have a publicly listed security," Masucci said. Regulators'' move to approve the products comes after a difficult time for sponsors of more exotic ETFs. Last year, the SEC presented draft rules that would restrict the use of derivatives, which was seen crimping some fund managers'' ability to keep highly leveraged products on the market. In March, the agency ruled against an application by investors Cameron and Tyler Winklevoss to bring the first Bitcoin ETF to market, although the SEC recently said it would review that decision. The U.S. Senate voted on Tuesday to confirm attorney Jay Clayton to head the SEC, a change in leadership that could prompt a change in tack by the agency on which investment products come to market. The product sponsor and exchange could not be reached or did not immediately respond to a request for comment. (Reporting by Trevor Hunnicutt; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sec-etfs-idUSL1N1I500R'|'2017-05-03T09:32:00.000+03:00'
'30eac92bd5eb6870dd7345f0adc7c62ac9cfb70e'|'VW resumes U.S. diesel sales after emissions scandal'|'Environment - Wed May 3, 2017 - 8:45pm BST VW resumes U.S. diesel sales after emissions scandal FILE PHOTO: An American flag flies next to a Volkswagen car dealership in San Diego, California September 23, 2015. REUTERS/Mike Blake/File Photo By David Shepardson - WASHINGTON WASHINGTON Volkswagen AG ( VOWG_p.DE ) said on Wednesday it resumed selling diesel cars in the United States last month, and that they accounted for nearly 12 percent of its April sales, a sign consumer demand for such cars had not been dampened by its emissions scandal. The world''s largest automaker by sales was barred by U.S. authorities in September 2015 from selling about 11,000 new 2015 diesel Golf, Beetle and Passat cars after the German automaker admitted to using secret software to exceed emission limits for six years. VW reached a $4.3 billion settlement with the U.S. Justice Department in January, agreed to spend up to $25 billion to address claims from U.S. owners, environmental regulators, states and dealers, and offered to buy back about 500,000 polluting U.S. vehicles. In April, a judge in Detroit sentenced VW to three years'' probation and independent oversight in a plea agreement. Volkswagen resumed sales of the new 2015 diesel vehicles in mid-April, spokeswoman Jeannine Ginivan said on Wednesday, after the automaker won approval for a fix earlier this year. Ginivan said that VW sold 3,196 diesel cars in the United States in April. Overall VW brand U.S. sales rose 1.6 percent last month to 27,557, while industrywide U.S. sales fell 4.7 percent in April. Before the scandal, diesels accounted for about 25 percent of VW brand U.S. sales. In January, the U.S. Environmental Protection Agency and California Air Resources Board approved a fix for 67,000 of the 475,000 2015 VW 2.0-liter diesel models known as "Generation Three." EPA and California are expected to approve additional diesel fixes in the coming weeks, three people briefed on the matter said. They requested anonymity because the approval has not been finalized. VW said in April it bought back nearly 238,000 and repaired 6,200 of the vehicles. VW has not yet begun to resell the repurchased cars. Last month, VW of America Chief Executive Hinrich Woebcken reiterated at a meeting with reporters that the automaker had no plans to introduce new diesel models in the United States and would instead focus on offering more electric vehicles and new SUVs. The EPA and California have been scrutinizing other automakers'' diesel models after the VW scandal. Last week, regulators granted Daimler AG approval to begin selling 2017 diesel Sprinter vans after extensive testing and talks, a company spokesman confirmed on Tuesday. Daimler has not yet won approval to sell 2017 model Mercedes-Benz diesel vehicles in the United States. Last week, Daimler said a U.S. investigation into diesel emissions and auxiliary emission control devices could lead to penalties and vehicle recalls. The U.S. Justice Department, EPA and Stuttgart prosecutor in Germany are investigating Mercedes-Benz diesel emissions. (Reporting by David Shepardson; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-emissions-idUKKBN17Z2ET'|'2017-05-04T03:42:00.000+03:00'
'83afb2dcc9a3664c1f2e6799bcb79123bd29c5ba'|'"Kong", "LEGO Batman" success drives Time Warner''s profit beat'|'Money   9:20pm IST Time Warner beats estimates; sees lower advertising Time Warner Inc reported a better-than-expected quarterly profit, as revenue from box office hits including "The LEGO Batman Movie," and "Kong: Skull Island" helped offset declining ad sales. Revenue from the company''s Warner Bros film studio jumped 8.2 percent to $3.37 billion. ( bit.ly/2mjTDHK ) Excluding items, Time Warner earned $1.66 per share, beating the average analysts'' estimate of $1.45 per share, according to Thomson Reuters I/B/E/S. Revenue rose 5.8 percent to $7.74 billion, surpassing analysts'' expectations of $7.67 billion. Time Warner, which is being bought by AT&T, saw an increase in subscribers in the first quarter at its premium cable channel HBO, making up for a 2 percent decline in ad revenue at its Turner networks. Time Warner said it was on track to close its merger with AT&T before the end of 2017. The company said it expected total advertising revenue for Turner, which includes CNN and Cartoon Network, to be down again this quarter, a challenge that its peers also face. Comcast Corp announced a decline in ad revenue when it released first quarter earnings last week. "Time Warner had a really strong content quarter which is specific to them, but the flip side is that overall trends in television networks look a little soft," said Doug Creutz, an analyst with Cowen and Co. Turner chair and chief executive John Martin said he expected a "healthy" upfront season as advertisers have started to commit more in recent weeks. Like other media companies, Time Warner has been struggling to keep viewers hooked to its channels as they flock to online streaming services such as Netflix Inc and Amazon.com Inc''s Prime. To that end, Time Warner said on its call that it would not offer its library programming on Amazon Prime, opting to keep it for its own online streaming services. "This is a trend I think we are going to continue to see going forward," said John Janedis, an analyst with Jefferies Research, noting that other companies like Viacom have started withholding some content from the streaming video providers. Time Warner''s Home Box Office (HBO) has managed to keep audiences glued to its original shows such as the hugely popular "Game of Thrones." Revenue from HBO rose 4.1 percent to $1.57 billion in the first quarter ended March 31. Shares of Time Warner were up slightly 0.07 percent around $99.28 in morning trading Wednesday. (Reporting by Jessica Toonkel in New York, Rishika Sadam in Bengaluru; Editing by Shounak Dasgupta and Sayantani Ghosh) A Time Warner logo is seen at a Time Warner store in New York City, October 23, 2016. REUTERS/Stephanie Keith/File Photo'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/time-warner-results-idINKBN17Z17T'|'2017-05-03T19:44:00.000+03:00'
'd9f3ab9b0d7ca1ea92655fb2e1d6607737994e20'|'UPDATE 1-Buyers ready to pounce on Rio Tinto coking coal mines -sources'|'* Buyers line up to buy Rio Tinto coal mines-sources* Sales process to start soon-source* Private equity, miners seen bidding* Coal demand comes from Asian steel mills (Adds Wesfarmers, Mt Gibson Quote: s, details)By James ReganSYDNEY, May 5 The sale of two Rio Tinto coking coal mines in Australia is attracting scores of interested buyers as private equity and public companies compete for a foothold in one of the year''s hottest commodities, four sources familiar with the matter said on Friday.Rio Tinto is expected to soon begin an official sales process for the Hail Creek and Kestrel mines in coal-rich Queensland state, which is bringing "an unprecedented number of people to the table," said one source, whose company is interested in the assets.Analysts expect each of the mines to sell for more than $2 billion and complete Rio Tinto''s exit from Australian coal mining after it agreed in January to sell its Coal & Allied thermal coal division to China''s Yancoal Australia for $2.45 billion."There''s a lot of interest in a limited number of opportunities in Australian coking coal and that''s driving the frenzy for Hail Creek and Kestrel," the source said, speaking on condition of anonymity.Rio Tinto has not formally announced the sale, but has said it is exiting coal as its focuses on growth in iron ore, copper and its aluminium division. The company declined to comment on whether it was taking offers on the two Australian mines.Australian coking coal is sold mostly to steel mills in Asia. Prices jumped to half-decade highs late last year on pinched supplies in China and surged again last month after an Australian cyclone disrupted shipments, underscoring the strong demand for high quality coal.A private equity executive, who has previously bought Australian coal assets, said he expected to face "stiff competition" from other private equity groups for the Rio Tinto mines.Credit Suisse is advising Rio Tinto, a third source said. Credit Suisse declined to comment.Buyers are also looking at mines put up for sale by other companies, including conglomerate Wesfarmers, and Peabody Energy. Anglo American also said a year-and-a-half ago it would exit coal mining as part of a restructuring to pay off debt, but has yet to announce a formal sale since coal prices staged a recovery.Barry Tudor, a fomer mining chief executive and head of private equity group Pembroke Resources, said the recovery in prices had removed the urgency of a sale for some companies, with mine owners happy to run their operations for cash.Pembroke last year ago paid A$104 million for three mine tenements from Peabody and was looking for more mines to feed long-term demand from Asia."We now have a mandate to specifically find more coking coal assets in Australia," said Tudor, although he declined to comment on whether Pembroke would look at the two Rio mines.CULLING OFFERSUntil Rio Tinto turned seller, the biggest deal pending was Wesfarmers'' sale of its Curragh mine and its 40 percent interest in the Bengalla mine.Wesfarmers Chief Executive Richard Goyder said last week his company has been culling approaches."We are working through a reduced number of parties on both assets, details of what''s on the table," Goyder said. "The process isn''t simple and it will not be short, if indeed anything comes of it."Offers could also come from mining companies seeking to beef up their coal portfolios or diversify into the sector.Jim Beyer, managing director of iron ore miner Mt Gibson Iron Ltd said this week coking coal mines in Australia would fit his company''s diversification plans into other commodities."Coking coal is a business we have been looking at," Beyer said. "There are quality assets out there, but they are very competitive and limited," he said, adding that Mt Gibson was also looking at base metals and other commodities. (Reporting by James Regan; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.re
'be473209a67d89e357362f6aef905551340795c1'|'Imperial results hurt by slow-down, investment'|'Business   7:23am BST Imperial results hurt by slow-down, investment LONDON British tobacco company Imperial Brands reported lower half-year revenue and profit on Wednesday, excluding a benefit from the weak pound, as it was hurt by an industry slowdown and an investment programme. The maker of cigarette brands including Gauloises, Winston and Kool said it was on track to meet its full-year earnings expectations at constant exchange rates. Imperial said net revenue in its tobacco business was 3.7 billion pounds, up 9.3 percent. However, excluding the impact of exchange rates, revenue fell 5.5 percent. Total adjusted operating profit was 1.7 billion pounds, up 6.3 percent. Excluding the impact of exchange rates, it was down 7.6 percent. (Reporting by Martinne Geller; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-imperial-brands-results-idUKKBN17Z0EH'|'2017-05-03T14:23:00.000+03:00'
'eb25759c2b2785a897416703f4ae726fbf9edfbb'|'LPC: GNC to sweeten loan extension request after lender pushback'|'By Andrew Berlin - NEW YORK NEW YORK May 3 US vitamin and supplement retailer GNC Holdings is expected to offer concessions after a proposal to amend and extend a US$1.2bn covenant-lite loan ran into opposition from lenders concerned that the deal failed to offer adequate compensation for the rising risks of lending to <20>brick-and-mortar<61> retailers.GNC Holdings originally asked lenders to extend the maturity on its existing term loan B by three years to 2022, in return for a coupon of 450bp and a 1% Libor floor with a 100bp consent fee in the form of an Original Issue Discount (OID) of 99. The loan currently pays a coupon of 250bp and a 75bp Libor floor.The extension request came at an inopportune time. Investors have rebuffed a number of opportunistic transactions in recent weeks after margins have tumbled in an aggressive repricing round, and they are distancing themselves from the retail sector, which is facing stiff competition from online retailers.Several lenders are still viewing this as insufficient and loan agent JP Morgan is considering further concessions before Thursday<61>s commitment deadline. These include increasing the coupon to around 650bp over Libor with a 1% floor, upping the amendment fee nearer to 200bp and adding a leverage covenant, two sources said.<2E>At LIB+ 450bp, the deal is dead in the water,<2C> a source said.Those terms would come close to bridging the gap between the original offer and demands by lenders in return for agreeing to the extension. The loan documents also will likely be altered to include a springing maturity tied to the borrower''s US$287.5m 1.5% convertible notes due 2020, the first source said.GNC has published a string of disappointing results. Last month, it reported a 3.8% year-over-year drop in 1Q17 sales on the back of a roughly 5% revenue decline in 2016, filings show. Operating income fell 43% in the quarter, after swinging to a US$173m operating loss in 2016 from a US$393m profit the previous year. Adjusted EBITDA clocked in at US$350m in 2016, down 27% from US$480m in 2015, the first source said."When you<6F>re a retailer that<61>s falling out of bed, a proposal like this is patently offensive," the source said. "This is not a par credit. There<72>s a lot of uncertainty in the business."Before the amendment was launched, GNC<4E>s loan was Quote: d at 89-90.67, according to LPC data, but has since been bid up to a 91.83-93.5 market. Still, the discounted levels indicate that investors have not thrown their support behind a deal, the sources said.Even if the company and lenders agree to new terms, extension restrictions for some funds, such as Collateralized Loan Obligation (CLO) funds, will prevent 100% lender consent. JP Morgan is shopping the loan to new lenders in anticipation of holdouts, and the bank is gaining momentum in building a book, sources added.GNC is also considering transferring its Intellectual Property (IP) to a new subsidiary as a restricted payment in an effort to bait lenders into extending, sources added. In that scenario, consenting lenders would receive a guarantee from the entity holding the assets. The company has around US$300m of restricted payments capacity at its disposal, but that amount is less than the IP is likely worth, one of the sources noted. That means in order to carry out the dividend, GNC would need to petition lenders to increase the restricted payments basket through an amendment, which it stands a reasonable chance of obtaining since it would only require approval from a simple majority of holders, the source said.Distressed apparel retailer J Crew also took advantage of the flexibility in its credit agreement last year to move its IP to an unrestricted subsidiary, using a guarantee as a carrot to initiate a bond exchange. The controversial maneuver spurred the threat of legal action from lenders, which claimed that the value of the assets exceeded restricted payments availability. The company preempted lenders with a lawsuit asser
'4aa7a06327c9b7d906b7481fb64af79ff4155f69'|'German services sector growth remains solid in April - PMI'|' 06am BST German services sector growth remains solid in April - PMI BERLIN May 4 Growth in Germany''s services sector fell slightly but remained strong in April, a survey showed on Thursday, suggesting Europe''s largest economy will post healthy growth in the first quarter. Markit''s final services Purchasing Managers'' Index (PMI) fell to a two-month low of 55.4 from 55.6 in March but beat a flash estimate and remained well above the 50.0 mark that separates growth from contraction. The final composite Purchasing Managers'' Index (PMI), which tracks activity in manufacturing and services that together account for more than two-thirds of the German economy, slipped to 56.7 from March''s 70-month high of 57.1. Markit''s final PMI for manufacturing on Tuesday showed growth in the sector held near a six-year high at the start of the second quarter. (Full Story) The survey compiler said the figures suggest German economic growth will remain strong in the second quarter and it expects output to accelerate to 0.7 percent in the first quarter. Markit economist Trevor Balchin said details of the services sector PMI suggest the German growth outlook should be treated with a degree of caution, however. "New business growth slowed to a three-month low, outstanding business declined and expectations for activity moderated," he wrote. "Cost pressures remained strong in April, although the rate of input price inflation eased for the first time since August 2016. "This reflected the trend in the service sector economy, while manufacturing purchase price inflation accelerated for the ninth month in a row to the highest since May 2011," Balchin added. As growth of new business moderated, service providers were able to clear their backlogs, which fell for the first time since January, although at a moderate pace. Improving demand and increased staffing kept business sentiment in positive territory as service providers anticipate growth over the next 12 months, although the overall strength of expectations eased to a three-month low. Detailed PMI data are only available under licence from Markit and customers need to apply to Markit for a licence. To subscribe to the full data, click on the link below: www.markit.com/Contact-Us For further information, please phone Markit on +44 20 7260 2454 or email economics@markit.com (Reporting by Joseph Nasr; Editing by Catherine Evans; ((joseph.nasr@thomsonreuters.com; +49 30 2888 5085; Reuters; Messaging: joseph.nasr.reuters.com@reuters.net)))'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-pmi-idUKKBN1800QX'|'2017-05-04T16:06:00.000+03:00'
'a2f1df115fb2f345d3c3489c5143f8a75ecfb84b'|'China April service sector growth slowest in nearly a year - Caixin PMI'|'Business News - Thu May 4, 2017 - 3:33am BST China April service sector growth slowest in nearly a year: Caixin PMI BEIJING Growth in China''s services sector cooled to its slowest in almost a year in April as fears of slower economic growth dented business confidence, even as cost pressures eased, a private survey showed on Thursday. The Caixin/Markit services purchasing managers'' index (PMI) fell to 51.5 from March''s 52.2, the fourth monthly decline in a row and suggesting the sector grew at its weakest pace since May 2016. Caixin''s composite manufacturing and services PMI also pointed to a loss of growth momentum for the month, falling to 51.2, its lowest since June 2016, from 52.1 in March. The findings echoed a similar trend of slowing growth seen in China''s official factory and services surveys on Sunday, though the Caixin surveys have a smaller sample size and largely focus on small- and medium-sized firms. Analysts have predicted China''s economy would slowly lose steam in coming months after a strong first quarter, when it expanded by a faster-than-expected 6.9 percent. Momentum is expected to cool as authorities step up their battle to cool the overheated property sector and as the central bank and other regulators tighten credit conditions to rein in rising financial risks. "A turning point in growth appeared to have emerged at the beginning of the second quarter. Investors should be cautious about downward risks in the economy," said Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group in a note accompanying the data. Some business people also have told Reuters recently that they are worried about more limited access to credit and higher borrowing costs this year. BUSINESS LESS OPTIMISTIC Services companies remained generally optimistic that business activity will increase over the next year, according to the Caixin survey. But the degree of positive sentiment slipped to a five-month low and job creation slowed to its lowest so far this year. While the new business sub-component rebounded to 53.0 in April, the survey noted only 13 percent of companies surveyed reported higher new orders. Cost pressures also eased somewhat, as input prices rose at a slower pace and firms continued to pass on some of the costs to customers. China is counting on an increase in domestic consumption and new technologies to diversify its economic growth model from its traditional reliance on heavy industry and investment. (Reporting by Yawen Chen and Nicholas Heath; Editing by Kim Coghill)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-economy-pmi-services-caixin-idUKKBN180072'|'2017-05-04T09:52:00.000+03:00'
'7f68dc694921512bbe78a5e81d75d4d2487398f0'|'Exclusive: UAE delays launch of first nuclear power reactor -source'|'By Jane Chung and Geert De Clercq - SEOUL/PARIS SEOUL/PARIS The commercial start-up of the first of four nuclear reactors that South Korea''s KEPCO is building in United Arab Emirates is set to be delayed because the local operating company is not ready to run the reactors, a nuclear industry source said.Barakah is one of the world''s few major nuclear newbuildcontracts, which Korea Electric Power Corporation(KEPCO) won in 2009, beating a rival consortium ledby more established French reactor maker Areva.Since then, the four reactors have been built on time and onschedule, a rare feat in a nuclear industry plagued by costoverruns and multi-year delays, with the first of the four onscheduled to be completed this month.But a source familiar with the situation said that Nawah - the joint venture between the Emirates Nuclear Energy Corporation (ENEC) and KEPCO that will operate the plant - is struggling to get an operating licence, which could delay the start-up of the first plant by several months, possibly to the end of this year.When the deal was negotiated in 2008-09, the APR1400 reactor model that KEPCO offered in Abu Dhabi existed on paper, but the first model of the new series was set to go online at South Korea''s Shin Kori nuclear station in 2013, well ahead of the planned startup of the Barakah station in UAE in 2017.This would have given Nawah a few years to monitor the Korean plant, start training staff and getting a licence. But construction of Shin Kori No.3 reactor was delayed three years due to a safety scandal in late 2012, and the reactor only became operational in December 2016.A source with direct knowledge of the situation told Reuters that because of the delay on Shin Kori No.3, UAE nuclear regulator FANR was not ready to give Nawah its operating licence and wanted to postpone this "regardless of the construction schedule.""It''s like you have ordered 100 cars to start a taxi company and all of them were delivered to you but the problem is you are not fully ready just because your drivers-to-be and engineers don''t have a licence to operate and maintain," the source said.Low oil prices are also making the start-up of the plant less urgent from the UAE perspective, the source added.ENEC and Nawah did not respond to several requests for comment. KEPCO declined to comment.A second source in the nuclear industry who is not directly involved in the Barakah project, said nuclear fuel had been shipped to UAE but was not being loaded into the reactor as Nawah does not yet have a licence.For years, Nawah has been training staff in power plant operation, but to get an operating licence it needs to demonstrate it has the necessary management skills and can master all the systems needed to operate the reactors."It is not a simple undertaking. There will be some Korean staff, but they can only be in the back seat, not the front seat. The reactor has to be operated by the licensee''sstaff," the industry source said.For KEPCO, a delay of the project increases its indirect costs, as it will force it to keep its staff of about 21,000 in the UAE for longer, the first source said.Following Nawah''s first board meeting on Tuesday, acting CEO Mohammed Sahoo AlSuwaidi said in a statement the company fully recognises the challenges ahead."We are focused on achieving operational readiness in line with the expectations of our regulator FANR," he said.He said with the support of KEPCO''s experts, Nawah will train UAE nationals to be future operators of the plant and from 2020 onwards Nawah will fully operate the four nuclear reactors.(Reporting by Jane Chung in Seoul, Geert De Clercq in Paris and Stanley Carvalho in Abu Dhabi; Writing by Geert De Clercq, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/kepco-emirates-nuclearpower-idINKBN18022K'|'2017-05-04T23:34:00.000+03:00'
'61c2096a332788d20fdd5e81f285a9c76c537d89'|'How drugmakers face global push-back on high prices'|'Money News - Thu May 4, 2017 - 11:06pm IST How drugmakers face global push-back on high prices Pharmaceutical tablets and capsules are arranged on a table in a photo illustration shot September 18, 2013. REUTERS/Srdjan Zivulovic/Illustration/Files By Ben Hirschler - LONDON LONDON Pharmaceutical companies are under fire around the world as a wave of new treatments for cancer and other serious conditions reach the market at ever rising prices, and the pressure looks set to increase. Next week the debate on drug pricing - a particularly heated topic in the United States - will move to Amsterdam as the Dutch government hosts a forum for World Health Organization (WHO) member states to promote "fair pricing". After Donald Trump earlier this year accused drugmakers of "getting away with murder", shortly before he was inaugurated as U.S. president, the May 11 event underscores the focus on medicine pricing in health ministries from Berlin to Beijing. In Europe, Germany''s tough price negotiators have caused some firms to pull drugs off the market rather than accept price cuts, while Britain last month introduced new budget curbs on pricey products. China and Japan, the two biggest non-Western markets for pharmaceuticals, are also bearing down on costs, and poorer countries find new drugs costing tens of thousands of dollars are simply out of reach, even with preferential pricing deals. "It''s great that we have these treatments but we need to find a way to make them more affordable," Andrew Rintoul, the WHO health economist organising the drug pricing forum, told Reuters. Drugmakers know they must up their game to save their reputation - even as patients cheer the scientific advances behind their new products - and the industry is fighting to defend its corner more vigorously than ever. A major advertising campaign by the U.S. Pharmaceutical Research and Manufacturers of America trade group, for example, includes accusations that insurers are failing to pass on the benefits of discounts negotiated with manufacturers. This goes to the heart of a thorny issue. On the surface, the cost of medicines may be rising steeply but the picture is distorted by off-invoice discounts and rebates, which in the United States average around 30 percent, according to healthcare information firm QuintilesIMS. In Europe, such rebates amount to roughly 17 percent. "I personally don''t believe in the talk of drug expenditure breaking the system," Thomas Cueni, who recently took over as director-general of the International Federation of Pharmaceutical Manufacturers and Associations, told Reuters. "When you look at the aggregate numbers, drug spending has been pretty stable in most OECD countries at around 10 to 15 percent of healthcare spending." MORE DISCLOSURE Still, the lack of price transparency is a major bugbear for policy experts like the WHO''s Rintoul, who previously negotiated on pharmaceutical prices for the Australian government. Public sector officials see the obscurity surrounding prices as a big obstacle in efforts to negotiate effectively with pharmaceutical companies. There are also growing calls for greater disclosure on companies'' R&D and production costs. Transparency will be high on the agenda in Amsterdam, mirroring efforts by some U.S. states to shine a light on costs. Vermont last year became the first such state to demand that companies justify drug price hikes by detailing factors behind the increase. Companies, however, are reluctant to specify exactly how they come up with drug prices and prefer to stress the value that their medicines bring to patients and society. "The industry has to stand up and argue its value proposition," said Cueni, who admits he is "apprehensive" about the tone of the WHO meeting. "I''m not a big fan of this term ''fairness'' because, let''s face it, fairness is in the eye of the beholder. There''s no objective definition." Drugmakers like Novartis and Takeda Pharmaceutical, which recently joined wi
'08778dc5441dd4ebd31e1fc708c12b16a42eacf8'|'Industry body shelves reform of Euribor rate on fear of excessive market impact'|' 22pm BST Industry body shelves reform of Euribor rate on fear of excessive market impact BRUSSELS The Euribor rate will continue to be set under the existing methodology based on banks'' quotes, the body that sets the reference rate said on Thursday after it discarded planned reforms citing current market conditions. The plan to overhaul the Euro Interbank Offered Rate (Euribor) began after several financial institutions were fined as part of an inquiry into how the rate is set. The Euribor determines rates on loans and financial contracts. The European Money Market Institute (EMMI), which publishes the daily reference rate, aimed to develop a different methodology based on actual transactions instead of on quotes provided by the banks. But after testing the impact on the market of the new setting, the EMMI said in a report: "The current market conditions do not allow for a methodology which relies exclusively on transactions." Its analysis of the market showed that the new transaction-based methodology would have had an excessive impact on rate levels, volatility and transaction volumes, the EMMI said. Despite discarding the plan, the EMMI said it would continue in the coming months to explore the possibility of developing an alternative "hybrid" methodology "supported by transactions whenever available and relying on other prices when necessary". European money market futures had risen on Wednesday after analysts said a possible replacement of the quote-based methodology could lead to lower daily fixings and higher volatility. (Reporting by Francesco Guarascio; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-moneymarket-idUKKBN18025V'|'2017-05-05T00:22:00.000+03:00'
'2f903dff34a7341fea99e19110a40f853c856cc8'|'VW in talks with Exxon, Gazprom on gas-powered cars -Mueller on ORF'|'VIENNA Volkswagen ( VOWG_p.DE ) is in talks with Exxon Mobil Corp ( XOM.N ) and Gazprom ( GAZP.MM ) to back its efforts to promote cars running on natural gas, Chief Executive Matthias Mueller told Austria''s ORF radio.Europe''s biggest carmaker is working on a shift towards electric cars and fuel-saving technologies as it looks to lower its fleet-wide carbon dioxide (CO2) emissions and to overcome its diesel emissions scandal."We are now really trying to think out of the box and find solutions that can be helpful at least in this transition period of 10 to 20 years," Mueller said in the interview aired on Wednesday.Separately, Mueller reiterated his opposition to offering payments to European customers affected by VW''s emissions cheating.In the United States, VW has agreed to pay billions of dollars in fines and compensation payouts since admitting in September 2015 to cheating on federal diesel emissions tests."This is a system-relevant company and it''s my task to ensure that this will continue to be the case," Mueller said. "I will do nothing that disregards legal framework conditions and jeopardizes the company."Regarding divestments, two people familiar with the matter told Reuters last week that VW is considering a possible sale of Italian motorcycle maker Ducati.In a separate comments in Austria''s Kurier newspaper, Mueller sidestepped the Ducati question, saying a company like VW must always review its portfolio and that includes acquisitions as well as sales.(Reporting by Andreas Cremer in Frankfurt, Shadia Nasralla in Vienna; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-volkswagen-exxon-mobil-gazprom-idUSKBN17Z0F5'|'2017-05-03T14:28:00.000+03:00'
'3564b7ad7c18635767cb6addc277bb58ae6574dd'|'Britain''s ITV says Chief Executive Adam Crozier to step down'|'Hollywood   4:29pm IST ITV boss Crozier to quit after seven years at the broadcaster left right FILE PHOTO: A company sign is displayed outside an ITV studio in London, Britain, July 27, 2016. REUTERS/Neil Hall/File Photo 1/3 left right FILE PHOTO - The Chief Executive of Royal Mail, Adam Crozier, leaves after appearing before the Business and Enterprise Committee at Portcullis House, in London February 24, 2009. REUTERS/Luke MacGregor/File Photo 2/3 left right A company sign is displayed outside an ITV studio in London, Britain July 27, 2016. REUTERS/Neil Hall/File Photo 3/3 By Paul Sandle - LONDON LONDON ITV boss Adam Crozier, who has restored the British broadcaster''s fortunes by reducing its reliance on advertising and expanding its production business, will step down next month after seven years in charge, the company said on Wednesday. Finance Director Ian Griffiths will take on additional responsibilities as chief operating officer and will lead the group until a successor is found, ITV said, helped by Chairman Peter Bazalgette, who will become executive chairman in the interim. Crozier, who has grown ITV''s production operations by buying independent producers in Britain and overseas, will leave at the end of June. Having spent 21 years as a chief executive across four varied industries, the 53-year-old Crozier said it was the right time to move to the next stage of his career and to build a "portfolio of roles". "Today ITV is more robust, well balanced and stronger both creatively and financially than ever before, and is well placed for the digital future," Crozier said. Although Crozier''s departure was not a surprise, some analysts questioned why the company had not managed to line up a successor and also underlined the challenges facing the next boss of Britain''s main commercial TV company. "Consumption habits are changing at pace and the shift towards streaming media and even towards non-traditional media such as video game streams leaves ITV vulnerable," said Neil Campling, global head of TMT research at Northern Trust Capital Markets. Shares in ITV slipped 0.2 percent to 211 pence on Wednesday morning. TAKEOVER TARGET? ITV said the company''s revenue from sources other than advertising had more than doubled to almost 1.9 billion pounds ($2.5 billion) in 2016, more than half of its total, under Crozier''s tenure. The broadcaster, which makes soap opera Coronation Street, has long been viewed as a takeover target in an industry that is consolidating as viewers increasingly watch content on demand and on different platforms. Speculation has centered on U.S media group Liberty Global, which owns 9.9 percent of the broadcaster, although it has previously said it did not want to buy the group. Citi analysts said ITV had often been talked about as a takeover target, but the market was likely to take Crozier''s departure as a sign that no potential takeover was imminent. ITV last year dropped plans to try to buy Canada''s Entertainment One, the owner of children''s TV character Peppa Pig. Crozier, who was paid 3.4 million pound last year according to ITV''s annual report, started his executive career at advertising group Saatchi & Saatchi in the 1990s, before moving to The Football Association and postal service Royal Mail Group. He joined ITV when the ad market was at a low point and he initiated a restructuring that diversified the business into international production and cut the cost base. It bought a majority stake in World Productions, the maker of hit BBC drama "Line of Duty", on Tuesday, increasing its productions capabilities in scripted drama. Crozier added another non-executive role to his portfolio last month when he joined the board of Costa Coffee to Premier Inn group Whitbread . (Editing by Kate Holton and Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-itv-moves-crozier-idINKBN17Z0GO'|'2017-05-03T05:07:00.000+03:00'
'079402aa6076b57340ebac0013a645d87d716721'|'Scripps Networks to buy Spoon University in online push'|'SAN FRANCISCO Scripps Networks Interactive ( SNI.O ) said it has agreed to buy online food publication Spoon University, a startup it hopes will give its flagship cable channel, the Food Network, a foothold with younger audiences.Media companies and cable network owners such as Scripps have been searching for some time for ways to reach and hold onto younger audiences who spend most of their time online and do not watch traditional television.Comcast Corp CMCSCA.O, for example, has invested hundreds of millions in media startups such as Buzzfeed and Vox Media, while Univision bought Gawker and The Onion last year.Spoon University is being valued at roughly $10 million in the deal, according to a source familiar with the matter, who asked not to be named because terms of the deal were not publicly disclosed.Scripps said in a statement that the acquisition will help its goal of generating more revenue on emerging digital platforms. Spoon University will be kept as a separate division and report to Vikki Neil who runs the Scripps Lifestyle Studio, a unit focused on digital content for advertisers.Spoon University was founded in 2013 as a print publication at Northwestern University in Evanston, Illinois by two students, Mackenzie Barth and Sarah Adler looking to learn how to cook. The founders raised a few thousand dollars on crowd-funding website Kickstarter to pay for the first issue.The now online only publication has spread to hundreds of colleges campus and features recipes, restaurant reviews and articles catered toward college students, such as "11 unusual ways to use your microwave."The New York-based company has since branched out into selling meal kits with Chef''D, a Blue Apron competitor, and creating branded content for advertisers.Spoon University had already been working with Scripps to provide content for Food Network''s Snapchat channel.Kathleen Finch, Scripps'' chief content, programming & brand officer, said Spoon University "captures the grassroots passion for food and community that is so important to millennials."Spoon University had previously raised more than $2 million in funding from investors such as SoftTech VC and Lerer Hippeau Ventures.(Reporting by Liana B. Baker in San Francisco; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-spoonuniversity-m-a-scrippsnetworks-idUSKBN17Z1II'|'2017-05-03T21:30:00.000+03:00'
'12d968664131db0510ce3e4e8f1522c8638a7916'|'Imperial Brands could launch heated tobacco product in months if needed'|'LONDON Britain''s Imperial Brands, the fourth-largest international tobacco company, remains committed to its pursuit of e-cigarettes as the best alternative to smoking, but could pivot quickly with a heated tobacco product within months if proved wrong, a senior executive said on Wednesday."Our belief is that the opportunity in e-vapour remains bigger than the opportunity in heated tobacco," said Matthew Phillips, Imperial''s chief development officer. He said Imperial was looking at heated tobacco even though it wasn''t testing a product like Philip Morris, British American Tobacco and Japan Tobacco International.So far Japan is the most developed market for heated tobacco products, as it has stricter rules around the nicotine-laced liquids used in e-cigarettes."I''m yet to see the kind of traction outside Japan that would make me change that view and start following a heated tobacco strategy more proactively," Phillips said on a conference call with analysts following the company''s half-year results."If we have to change our mind because it did start getting traction, we would be able to follow with an offering within a number of months."Phillips said recent innovations in "vaping" and marijuana technology in the United States means that heated tobacco products do not need to be in the format in which they are currently sold.Phillips said different consumers were using different products, noting that younger "millennial" consumers tended to use e-cigarettes, while the tobacco-based products appealed to older people.(Reporting by Martinne Geller; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-imperial-brands-vapour-idUSKBN17Z0X6'|'2017-05-03T17:52:00.000+03:00'
'1f214ab514f6f3fb34df2eee0a2b3873bbf08750'|'Trump says actively considering breaking up big banks - Bloomberg TV'|'Business   6:33pm BST Trump says actively considering breaking up big banks: Bloomberg TV U.S. President Donald Trump (L), flanked by Vice President Mike Pence (R), takes the stage to deliver remarks to members of the Independent Community Bankers Association in the Kennedy Garden at the White House in Washington, U.S., May 1, 2017. REUTERS/Jonathan Ernst WASHINGTON U.S. President Donald Trump said he was actively considering breaking up big banks, Bloomberg Television reported on Monday. Trump''s comments could give a push to efforts to revive the Depression-era Glass-Steagall law that separated commercial lending from investment banking. Reviving such a law would require an act by Congress. "I<>m looking at that right now,<2C> Trump said on Monday in an interview with Bloomberg News in the Oval Office. <20>There<72>s some people that want to go back to the old system, right? So we<77>re going to look at that.<2E> While campaigning for president, Trump had expressed support on the campaign trail for a "21st-century Glass-Steagall." One of Trump''s top economic advisers, Gary Cohn, director of the National Economic Council, reiterated Trump''s support for the concept during a private meeting with lawmakers on April 6, a White House spokesperson told Reuters. U.S. stocks sharply pared gains on Monday after Trump''s comments and the S&P 500 bank index dropped nearly 1 percent before rebounding. (Reporting by Timothy Ahmann and Doina Chiacu; Editing by Chizu Nomiyama and Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-banks-idUKKBN17X22G'|'2017-05-02T01:18:00.000+03:00'
'25ea0756a2f903d29ad3939fe4eb0e1ce35bd151'|'UPDATE 4-Dish revenue misses estimates, loses more subscribers than expected'|'* First-quarter rev $3.68 bln vs est. $3.78 bln* EPS 76 cents vs est. 69 cents* Shares down 1 pct (Adds comments from earnings conference call)By Anjali AthavaleyMay 1 Dish Network Corp would consider various options for its wireless airwaves, its chief executive said on Monday, after the U.S. satellite TV provider reported quarterly revenue that missed analysts'' estimates as it lost more subscribers than expected.Dish has been buying up spectrum, or radio frequencies that carry the data flowing through devices, making it a potential acquisition target for a U.S. wireless carriers such as Verizon Communications Inc and T-Mobile US Inc , according to industry analysts.Dish was the second-largest winner in the U.S. Federal Communications Commission auction of broadcaster airwaves this year, bidding $6.2 billion to increase its spectrum holdings.Companies taking part in the auction were restrained from holding merger talks for over a year until the ban ended last week. On the company''s post-earnings conference call, Dish Chief Executive Charlie Ergen declined to comment on whether it had been approached by other companies.But when asked whether Dish would prefer to sell or leasing its spectrum as opposed to keeping it, he said that the company was open to options that would ultimately increase shareholder value."At least today, we think that means someone looking at the wireless world in a disruptive manner," Ergen said.He also acknowledged that there could be more consolidation in the wireless industry, including a merger between T-Mobile and rival Sprint Corp, and said Dish would look to see if such a deal hurt competition.The company said it lost about 143,000 net pay-TV subscribers in its first quarter through March 31, after losing 23,000 a year earlier. The number was roughly double analysts'' average estimate of a loss of 72,000 subscribers, according to financial data and analytics firm FactSet.Churn, or the rate of customer defections among pay-TV subscribers, rose to 1.69 percent in the quarter, from 1.63 percent a year earlier.Net income attributable to Dish fell to $376 million, or 76 cents a share, in the quarter, from $400 million, or 86 cents a share, a year earlier.Revenue fell 3.9 pct to $3.68 billion from $3.83 billion.Analysts, on average, were expecting earnings of 69 cents per share on revenue of $3.78 billion, according to Thomson Reuters I/B/E/S.The company''s shares were down 0.9 percent at $63.85 in afternoon trading on Monday.Dish''s shares have surged more than 26 percent in the past 12 months. (Additional reporting by Amy Caren Daniel and Laharee Chatterjee in Bengaluru; Editing by Marguerita Choy and Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/dish-network-results-idINL4N1I320D'|'2017-05-01T16:53:00.000+03:00'
'c17035b3fc5f5a8e422f04b80a5d0c42e87fb71e'|'Twitter partners with Bloomberg for streaming TV news'|'Technology News - Mon May 1, 2017 - 6:10am EDT Twitter partners with Bloomberg for streaming TV news: WSJ FILE PHOTO: People holding mobile phones are silhouetted against a backdrop projected with the Twitter logo in this illustration picture taken September 27, 2013. REUTERS/Kacper Pempel/Illustration/File Photo (Corrects April 30 story to add news source in headline) Twitter Inc is partnering with Bloomberg Media for a round-the-clock streaming television news service on the social networking platform, the Wall Street Journal reported on Sunday. The channel, which is yet to be named and is expected to begin operations this fall, would be announced Monday, WSJ said. Twitter''s user growth has stalled in the past few quarters and the company has been trying to convince advertisers that it will strengthen its user base. As part of its efforts, it has updated its product offerings including live video broadcasts from its app and launched new features to attract users. Twitter CEO Jack Dorsey said in an internal memo last October one of the company''s missions was defined as being the "people''s news network". Twitter has made a push into news and sports on mobile devices last year and this foray could pique the interest of a media company as an acquirer, analysts have said. (Reporting by Shalini Nagarajan in Bengaluru; Editing by Gopakumar Warrier) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-twitter-bloomberg-idUSKBN17X10P'|'2017-05-01T10:55:00.000+03:00'
'c8181352ef4c99ef98b84c1a829c20ee962eb1db'|'Hollywood writers talks resume as strike deadline looms'|'Entertainment News - Mon May 1, 2017 - 4:04pm EDT Hollywood writers talks resume as strike deadline looms FILE PHOTO: A view shows the ''''iconic ''''Hollywood'''' sign overlooking Southern California''s film-and-television hub in the Hollywood Hills in Los Angeles, California, U.S. January 1, 2017. REUTERS/Kevork Djansezian By Jill Serjeant Hollywood writers and representatives of movie and television conglomerates on Monday resumed contract talks aimed at staving off a strike as early as Tuesday that could black out TV talk shows and soap operas. The 9,000-member Writers Guild of America and the Alliance of Motion Picture and Television Producers (AMPTP) spent much of the weekend in negotiations ahead of a midnight PT (6 a.m. Tuesday GMT) contract expiration deadline, Hollywood trade outlets reported. A source close to the talks, who wished to remain anonymous because he was not authorized to speak to the media, said there had been "significant moves to reach agreement" over the weekend. Variety, quoting sources, said negotiators ended the weekend "with more cautious optimism" about avoiding a strike than previously. The Hollywood Reporter said there could be an extension of the talks beyond midnight on Monday. But if there is no agreement, the WGA is prepared to call for a stoppage and for picketing of the big TV and movie studios as early as Tuesday morning. "T-shirts are printed. Signs are ready to go. Hope we don''t need them," tweeted David Slack, a writer on CBS shows "Person of Interest" and "MacGyver" after a union meeting on Saturday. The two sides have imposed a media blackout on the talks, which are centered on the revolution in the television industry that has seen the arrival of streaming services like Netflix and Amazon, and a decline from around 22 episodes to 8-1O episodes seasons of scripted comedy or drama. The WGA says its members, who are paid per episode, have suffered an average 23 percent drop in earnings in the past three years. Royalties for shows sold on DVDs, streaming platforms and cable TV are also at issue, along with funding for the WGA''s health plan. The AMPTP represents entertainment giants Comcast Corp, Walt Disney Co, CBS Corp, Viacom Inc, Time Warner Inc and Twenty-First Century Fox Inc <FOXA.O., which control TV and movie production in the United States. If a strike is called, audiences would first see the impact on late night talk shows, which use teams of writers to pen topical jokes. Daytime soap operas would be next affected, but most TV network comedy and drama shows due for broadcast in the next 2-3 months have already been written and filmed, network executives have said. The last WGA strike, in 2007/8, went on for 100 days. TV networks broadcast re-runs and more reality shows, while the cost to the California economy was estimated at $2.1 billion, according to the Milken Institute. (Reporting by Jill Serjeant; Editing by Dan Grebler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-television-strike-idUSKBN17X2AO'|'2017-05-02T03:31:00.000+03:00'
'b31b724fa801517b5cccfceabed4bc17e8d91a20'|'Home improvement app Houzz launches 3D augmented reality shopping 3,'|'Shop for furniture in AR Trying to figure out if that couch you saw online would actually look good in your living room? Now you can see for yourself -- with some help from augmented reality. A new feature in Houzz''s iOS app lets shoppers virtually preview more than 300,000 furniture and decor products in 3D in their own homes before deciding to buy. Houzz, a home renovation and design platform, launched the feature Wednesday. To use the feature, tap the "View in My Room 3D" button on a product page for any 3D-enabled item, which launches the iPhone or iPad camera. Hold the camera up to show the room and the product will appear in 3D on the screen. The feature makes use of augmented reality, which shows digital images on top of real-life objects when you look at them on a smartphone or tablet. You can move items around and see them at different angles. The 3D models on the app also show materials and textures, so that users can see realistic surfaces rather than just shapes. "It''s about helping people overcome the imagination gap when it comes to purchasing furniture online," Sally Huang, head of visual technologies at Houzz, told CNNTech. Shoppers can buy the product within the app, or capture what''s on their screen and create a sketch to be shared with friends or home professionals (the app also connects users with pros like interior designers and general contractors). Related: Facebook finally makes a virtual reality world "We really think that this is the first true step toward mass-market AR [augmented reality]," Huang said. Houzz launched a similar but two-dimensional feature last year. Since that time, the company said, 50% of Houzz app shoppers used the preview-a-product feature and they ultimately spent three times longer on the app. Related: Snapchat unveils new 3D filters Online home furnishings company Wayfair ( W ) has a similar AR app that lets you see furniture in your home in 3D. But WayfairView is only available on devices that use Tango -- an AR computing platform developed by Google ( GOOG ) -- which so far includes Lenovo Phab 2 Pro and Asus ZenFone AR phones. Other retail AR programs include Amazon ( AMZN , Tech30 ) Product Preview -- which is limited to previewing TVs in your room''s space. Overall, Huang sees AR as the future of shopping: "We at Houzz don''t want to be just another shopping platform." CNNMoney (New York)   11:01 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/05/03/technology/houzz-3d-augmented-reality-shopping/index.html'|'2017-05-03T19:01:00.000+03:00'
'44a7e5d65eb0d5bfca1283a110c9b6966d954bac'|'Oil rebounds on U.S. stocks drawdown, declining OPEC compliance weighs'|'By Julia Simon - NEW YORK NEW YORK Oil prices edged lower Wednesday after U.S. government data showed a smaller-than-expected decline in domestic crude inventories and weak demand for gasoline, feeding concerns about a supply glut.U.S. West Texas Intermediate (WTI) crude was down 18 cents at $47.48 a barrel at 11:33 EST (1633 GMT). Benchmark Brent crude was down 8 cents at $50.38 a barrel.The U.S. Energy Information Administration (EIA) said weekly crude stocks fell by 930,000 barrels to 527.8 million, less than half the 2.3 million-barrel draw that had been forecast."U.S. domestic production rose again, and continues its steady climb," said John Kilduff, partner at energy hedge fund Again Capital in New York. He noted that a sharp decline in imports turned what would have been an increase in stocks into a small drawdown.EIA data also showed gasoline stocks rose by 191,000 barrels, which was much less than the 1.3 million-barrel gain that had been forecast. However, gasoline demand slipped 2.7 percent over the last four weeks from the same period a year ago."This is continuing a trend since the beginning of the year in which sales have been lower and that is casting a shadow on the market and pressuring crude oil prices," said Andrew Lipow, president of Lipow Oil Associates in Houston,"Gasoline demand is going to be the story going forward."While the market remains fixated on U.S. production, oil investors continue to watch whether producing countries have been complying with their 2016 deal to cut output around 1.8 million barrels per day (bpd) by the middle of the year.Russia, contributing the largest production cut outside OPEC, said that as of May 1, it had curbed output by more than 300,000 bpd since hitting peak production in October.This means Russia has achieved its reduction target a month ahead of schedule, just as the latest Reuters survey of OPEC production showed the group''s compliance had fallen slightly.More oil from Angola and higher UAE output than originally thought meant OPEC compliance with its production-cutting deal slipped to 90 percent in April from a revised 92 percent in March, the Reuters survey showed."Although OPEC is expected to extend a self-imposed output cap by another six months, it would be a challenge convincing several non-OPEC members to join the endeavour,<2C> said Abhishek Kumar, senior energy analyst at Interfax Energy<67>s Global Gas Analytics in London.(Additional reporting by Karolin Schaps in London and Naveen Thukral in Singapore; Editing by Dale Hudson and David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-oil-idINKBN17Z011'|'2017-05-03T02:50:00.000+03:00'
'776eda58b09bf8600035bf5e847e42bcf48cc7d4'|'Indian automaker Mahindra pulls the plug on electric car sales in UK'|'Business   10:57am BST Indian automaker Mahindra pulls the plug on electric car sales in UK The badge of a Mahindra e2o electric car is seen in London, Britain April 15, 2016. REUTERS/Stefan Wermuth/File Photo LONDON/NEW DELHI Mahindra & Mahindra ( MAHM.NS ) has stopped selling its electric car in the United Kingdom due to meagre sales and is winding up operations there, according to a document seen by Reuters, in a setback for the Indian automaker''s global ambitions. Mahindra''s exit from the UK comes less than a year after it launched the e2o car in a market it considered a launch-pad for selling electric cars in Europe, especially to countries like Norway, Sweden and the Netherlands. "The level of e2o sales achieved is at an untenable level for us to maintain the investment required, hence our decision to cease trading at Mahindra UK with immediate effect and retract from the UK marketplace," Mahindra said in an April letter addressed to one of its buyers in the country. "The Indian EV market is poised for a take-off and given that scenario, we are primarily focusing on the Indian market," said a Mahindra spokesman, in response to a Reuters query for comment. "We''ll reconsider the UK market at an opportune time." (Reporting by Carolyn Cohn in LONDON and Aditi Shah in NEW DELHI; Editing by Euan Rocha and Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mahindra-britain-autos-idUKKBN17Z0WS'|'2017-05-03T17:57:00.000+03:00'
'3fe5cc18294c53949e9329cc412eebbbe2c6af43'|'Oil rebounds on U.S. stocks drawdown, declining OPEC compliance weighs'|'Business News - Wed May 3, 2017 - 11:37am BST Oil rebounds from near 2017 lows on falling U.S. crude stocks FILE PHOTO: A worker walks past a pump jack on an oil field owned by the Bashneft company near Nikolo-Berezovka, Bashkortostan, Russia , January 28, 2015. REUTERS/Sergei Karpukhin/File Photo By Karolin Schaps - LONDON LONDON Oil prices rebounded from near 2017 lows on Wednesday after preliminary data showed a much larger-than-expected fall in U.S. crude stocks, reviving bullish sentiment about easing oversupply. Benchmark Brent crude LCOc1 was up 35 cents at $50.81 a barrel at 1010 GMT. On Tuesday the futures had settled at their lowest since Nov. 30, when the Organization of the Petroleum Exporting Countries decided to cut oil supply. U.S. West Texas Intermediate (WTI) crude CLc1 traded at $47.94 a barrel, up 28 cents. WTI had slid 2.4 percent on Tuesday on concerns about falling OPEC compliance with its production-curbing deal. Data from the American Petroleum Institute (API) assessing closely watched U.S. oil inventories showed late on Tuesday that crude stocks had fallen last week by 4.2 million barrels, nearly double the drop expected by analysts polled by Reuters. "The API statistics are helping the market recover, but the underlying sentiment is still bearish," said Tamas Varga, analyst at London brokerage PVM Oil Associates. The U.S. government releases official inventory data from the Energy Information Administration on Wednesday at 1430 GMT (6.30 a.m. ET). The data will also provide an update on growth in U.S. oil production, a key factor that has kept a lid on price gains driven by output cuts elsewhere. "(U.S.) production growth has slowed during the past couple of weeks. If continued today it may also add some glimmer of hope for the bulls, who increasingly have been losing patience," said Ole Hansen, head of commodities strategy at Saxo Bank. Oil investors continue to eye producing countries'' compliance with their pledge made in late 2016 to cut production by around 1.8 million barrels per day (bpd) by the middle of the year. Russia, contributing the largest production cut outside OPEC, said on Wednesday that as of May 1, it had curbed output by more than 300,000 bpd since hitting peak production in October. Its largest oil producer, Rosneft, said it had contributed just over 70,000 bpd to Russia''s cuts. This means Russia has achieved its reduction target a month ahead of schedule, just as the latest Reuters survey of OPEC production showed compliance had fallen slightly. More oil from Angola and higher UAE output than originally thought meant OPEC compliance with its production-cutting deal slipped to 90 percent from a revised 92 percent in March, the Reuters survey showed. (Additional reporting by Naveen Thukral in Singapore; Editing by Dale Hudson) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN17Z01J'|'2017-05-03T08:48:00.000+03:00'
'9470acbaaacfcc3f334b1c8057195710662d7a5e'|'Thyssenkrupp steelworkers protest against Tata merger plan'|'Money  18pm IST Thyssenkrupp steelworkers protest against Tata merger plan DUISBURG, Germany Thousands of Thyssenkrupp steelworkers protested on Wednesday against the German industrial group''s plan to merge its European steel operations with those of India''s Tata Steel. The two companies have been talking since last year about a merger they say would support steel prices and raise efficiency by taking excess capacity out of the market. Trade unions fear large-scale job losses and question the logic of a deal. "I find it intolerable the way that Thyssenkrupp is talking the steel business into the ground," said Detlef Wetzel, the representative of trade union IG Metall on Thyssenkrupp Steel Europe''s supervisory board. "With friends like our management, who needs enemies?" he asked at a demonstration at Thyssenkrupp''s steel headquarters in the German city of Duisburg, IG Metall, which said about 7,500 steelworkers attended the demonstration, fears 4,000 out of the 27,000 jobs at Thyssenkrupp Steel Europe will be lost if the merger goes ahead. Andreas Goss, head of Thyssenkrupp Steel Europe, denied any such plans. He reiterated that the business planned to cut costs by 500 million euros ($545 million) over the next three years, which he said would help save jobs. "There are no plans for job cuts of this order," he told the Westdeutsche Allgemeine Zeitung. "At the moment, we have no plans to close any sites. But of course we have to negotiate if certain areas show no signs of making a profit long term." Thyssenkrupp, which also builds elevators, submarines and car parts, agreed in February to sell its loss-making Brazilian steel mill CSA to rival Ternium for $1.3 billion and took a 900 million euro writedown. Thyssenkrupp''s European steel operations are profitable and considered among the continent''s most efficient but the company, which is 15 percent owned by activist investor Cevian Capital, wants to focus on its capital goods businesses. Talks with Tata have stumbled on the question of who will assume liability for Tata Steel UK''s huge pension fund. Thyssenkrupp has said there are other, unspecified partners with which it could merge its steel business. ($1 = 0.9169 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/tata-steel-m-a-thyssenkrupp-protests-idINKBN17Z1W4'|'2017-05-03T23:48:00.000+03:00'
'9011abe7960a96d83ae8405fc57635e1f17a0902'|'British grocery sales jump on higher inflation and Easter'|'LONDON May 3 Britain''s grocery market grew by 3.7 percent in the 12 weeks to April 23, the fastest rate since September 2013, driven by Britons splashing out on food at Easter and inflation edging higher, industry data showed on Wednesday.Market researcher Kantar Worldpanel said all 10 major retailers were in growth for the first time in three-and-a-half years. Grocery prices jumped 2.6 percent year-on-year in the period, up from the 2.3 percent recorded in the 12 weeks to March 26.Market leader Tesco posted growth of 1.9 percent while Sainsbury''s grew by 1.7 percent, Asda grew by 0.8 percent and Morrisons grew by 2.2 percent. Asda''s growth marked the first year-on-year sales rise since October 2014.The results were boosted by the timing of Easter, which fell later than normal this year.(Reporting by Kate Holton, Editing by Paul Sandle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-grocers-kantar-idINL9N1GZ009'|'2017-05-03T05:16:00.000+03:00'
'9dfce00d885db4688b50f4cbde325a6be392777e'|'UPDATE 1-Carlyle results blow past forecasts, aided by stock rally'|'(Adds details on quarter, context)NEW YORK May 3 Private equity firm Carlyle Group LP posted first quarter earnings that handily beat expectations on Wednesday, in line with its peers, after a buoyant stock market lifted investment returns across the industry.The results are the latest sign that a rally in the S&P 500 to a record high in the first quarter had served U.S. buyout firms well by bolstering returns. Carlyle''s peers Blackstone Group LP, KKR & Co LP and Apollo Global Management LLC all reported first-quarter earnings that surpassed expectations.Carlyle said it earned an economic net income (ENI) of $364.6 million after taxes, more than six times what it earned a year earlier. That translated into $1.09 of ENI per share after taxes, well above analyst forecasts for 38 cents per share and the second-highest on record since another bumper earnings since the fourth quarter of 2013, it said.ENI is a crucial performance measure for U.S. private equity firms as it accounts for unrealized gains or losses in investments.The Washington D.C.-based firm said its private equity investments appreciated 9 percent in the first three months, better than a 5.5 percent gain in the S&P 500 index in the same period.Holdings in the energy sector, currently the biggest industry Carlyle is invested in, has also fared well as oil prices steadied around $50, Carlyle said. A source close to Carlyle but who declined to be named said Carlyle was most invested in upstream production of energy at the moment.Despite the strong results, Carlyle''s distributable earnings, which show cash available to pay dividends, fell to $55 million from $129 million a year ago.That translated to distributable earnings of 13 cents a share, compared to 35 cents a year earlier. (Reporting by Koh Gui Qing; Editing by Chizu Nomiyama, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/carlyle-results-idINL1N1I50GG'|'2017-05-03T10:19:00.000+03:00'
'f0f9a4a50a0a6064b90154c0a9b4b9bb40397ef8'|'Ultra-loose monetary policy raises risks, Germany''s Schaeuble says'|'Business News -  51pm BST Ultra-loose monetary policy raises risks, Germany''s Schaeuble says FILE PHOTO: German Finance Minister Wolfgang Schaeuble presents draft budget for 2018 and mid-term plans for state spending until 2021 during a news conference in Berlin, Germany, March 15, 2017. REUTERS/Fabrizio Bensch/File Photo BERLIN The ultra-loose monetary policy environment raises new risks for the world economy, which is still feeling the effects of the 2008 financial crisis, German Finance Minister Wolfgang Schaeuble said on Tuesday, urging a timely exit strategy. Speaking at a G20 sponsored business conference in the German capital, Schaeuble rejected accusations that Germany was manipulating the euro to boost exports and rejected any form of protectionism as damaging to the world economy. "If we have learnt anything from the past, it is that nationalism and protectionism are never the right answer," he said. "We have to make our economies more robust. I am confused by those who say that Germany is unfairly manipulating monetary policy." Schaeuble warned that failure to shield the world economy from future financial shocks could spell turbulence. (Reporting by Joseph Nasr and Paul Carrel)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-g20-germany-economy-idUKKBN17Y1F2'|'2017-05-02T20:51:00.000+03:00'
'6e42aeeda4a64d621e086d58312bd7f63b09962c'|'European shares slip from 20-month highs, Apple suppliers slip'|'* Apple suppliers fall on weak iPhone sales* Novo Nordisk jumps on profit beat* Profit outlook rosier for Fresenius* Hugo Boss drops as online sales disappoint* Miners at four-month low (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets)By Helen ReidLONDON, May 3 European shares slipped slightly from the 20-month highs they hit in the previous session, as investors locked in some profits following some underwhelming company results.Europe''s STOXX 600 index was down 0.14 percent by 0925 GMT. France''s CAC 40 and Germany''s DAX fell 0.3 and 0.2 percent, retreating from their highs.Shares in several Apple suppliers fell after the smartphone giant reported a surprise dip in sales of its flagship iPhone.Dialog Semiconductor shares slid 2.9 percent at the open. They had plummeted 14 percent in April on fears over Apple bringing some of its components in-house."Dialog has been trying to diversify for a number of years to different sources, but unfortunately if your key relationship is with Apple and that''s because you have got great products, there''s risk and opportunity very closely aligned in that," said Neil Campling, technology analyst at Northern Trust.Peers AMS and STMicro also fell 2 and 1.7 percent respectively.Shares in German luxury retailer Hugo Boss dropped 6 percent, set for their worst day in nearly six months after online sales fell 27 percent due to fewer visitors to its website.German bluechip automakers Daimler and BMW were also on the backfoot after a disappointing set of April auto sales in the U.S. Daimler shares fell about 1 percent.Gains among healthcare stocks supported the index.Fresenius touched a record high, up 3.3 percent, after it raised its 2017 profit forecast after demand for its generic infusion drugs boosted first-quarter income 28 percent."We do not believe investors were anticipating another guidance raise and will be relieved by the Kabi strength," said UBS analysts, referring to the company''s infusion segment.Danish drugmaker Novo Nordisk jumped to the top of the STOXX 600 table, up 7 percent after it beat estimates for first-quarter profit and nudged up its full-year outlook.Elsewhere, underwhelming results weighed on Finland''s Nokian Tyres, down 4.8 percent after it missed estimates for operating profit.Temporary power supplier Aggreko fell 3.5 percent after Morgan Stanley downgraded the stock, saying the company''s diversification into new fuel types and technologies was ''unproven''.Elsewhere, Centamin fell 4.4 percent after posting a 28 percent fall in first-quarter pretax profit. It dragged Europe''s miners down 1.7 percent to a four-month low.First-quarter earnings are expected to increase 10.5 percent from the first quarter of 2016, or 6.2 percent excluding the energy sector, Thomson Reuters data showed.Of 111 companies having reported earnings so far, 70.3 percent exceeded analyst estimates; above the 49.5 percent of beats in a typical quarter. (Reporting by Helen Reid, Editing by Vikram Subhedar)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/europe-stocks-idINL8N1I5289'|'2017-05-03T07:30:00.000+03:00'
'055d6b2eafbdca3b683b86822a0deaa3fdc9fce1'|'EU probing if EDF, Areva deal will hit competition, innovation - source'|'Deals  19pm BST EU probing if EDF, Areva deal will hit competition, innovation: source FILE PHOTO: An EDF worker is seen on the construction site of the third-generation European Pressurised Water nuclear reactor (EPR) in Flamanville, France, November 16, 2016. REUTERS/Benoit Tessier By Foo Yun Chee - BRUSSELS BRUSSELS EU antitrust regulators are investigating whether French utility EDF''s ( EDF.PA ) bid for a majority stake in Areva''s nuclear arm would hit competition and innovation in the nuclear services market, a person familiar with the matter said on Wednesday. The European Commission is currently examining a deal that would see state-controlled EDF acquire 51 to 75 percent of Areva NP, which designs, makes and services nuclear reactors. The sale is part of loss-making Areva''s rescue plan. The EU competition enforcer will rule by May 29 whether to clear the deal with or without conditions, or whether to open a full-scale, four-month investigation. The Commission has asked rivals and customers how the deal will affect prices, innovation and quality, the source said, speaking on condition of anonymity due to the sensitivity of the matter. Innovation has become a key focus for regulators seeking to ensure the pipeline of key products and technologies will continue to flow after companies are snapped up by rivals. Regulators also want to know if other suppliers would be able to step in in the event New Areva NP decides only to provide services to EDF once the deal is completed, the source said. They are also looking at whether other suppliers would have enough customers in the EU should EDF decide to use only New Areva NP for nuclear services for nuclear steam supply systems. The regulators, which see Areva competing with Toshiba Corp''s ( 6502.T ) Westinghouse, Italy''s Ansaldo Energia, Spain''s Equipos Nucleares SA (ENSA), South Korea''s Doosan and Russia''s Rosatom, want to know too whether there would be enough suppliers to meet demand in Europe after the merger. The Commission has told respondents to provide feedback early this week. (Reporting by Foo Yun Chee; Editing by Jan Strupczewski and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-areva-restructuring-eu-idUKKBN17Z1Z1'|'2017-05-04T00:16:00.000+03:00'
'f54324761ae972cfe178cf9982a174710ddec547'|'Saudi Aramco to dilute stake in Sadara Chemicals via IPO -exec'|'Company   2:59am EDT Saudi Aramco to dilute stake in Sadara Chemicals via IPO -exec ABU DHABI May 3 National oil firm Saudi Aramco plans to cut its stake in Sadara Chemical Co IPO-SACH.SE, a joint venture with U.S. company Dow Chemical, via an initial public offer of shares, Sadara chief executive Ziad al-Labban said on Wednesday. "Aramco has a stake of 65 percent in Sadara - they want to become equal with Dow, which has a 35 percent stake. The 30 percent I believe will be IPOed by Saudi Aramco," Labban told reporters on the sidelines of a petrochemical industry conference. He did not give a timeline or other details. Executives first raised the possibility of an IPO for Sadara years ago; a source familiar with the matter told Reuters this year that it would occur after the planned IPO of Aramco itself, which is due to take place in 2018. (Reporting by Stanley Carvalho; Writing by Andrew Torchia)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sadara-aramco-ipo-idUSD5N1FJ01V'|'2017-05-03T14:59:00.000+03:00'
'cd47894c66309c51b0cd91f471fe8618b63bdf28'|'Apple posts surprise fall in iPhone sales'|'  10:11pm BST Apple posts surprise fall in iPhone sales left right An Apple iPhone 7 and the company logo are seen in this illustration picture taken in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau 1/2 left right FILE PHOTO: An Apple logo is seen in a store in Los Angeles, California, U.S., March 24, 2017. REUTERS/Lucy Nicholson/File Photo 2/2 Apple Inc reported a surprise fall in iPhone sales for the second quarter on Tuesday, indicating that customers had held back purchases in anticipation of the 10th-anniversary edition launch of the company''s most important product. Shares of the world''s most valuable listed company were down 1.2 percent at $145.78 in after-hours trading. The company boosted its capital return programme by $50 billion, increasing its share repurchase authorization by $35 billion and raising its quarterly dividend by 10.5 percent. Apple sold 50.76 million iPhones in its fiscal second quarter ended April 1, down from 51.19 million a year earlier. Analysts on average had estimated iPhone sales of 52.27 million, according to financial data and analytics firm FactSet. However, revenue from the smartphones rose 1.2 percent in the quarter. Expectations are building ahead of Apple''s 10th-anniversary iPhone range this fall, with investors hoping that the launch would help bolster sales. Apple typically launches its new iPhones in September. A big jump in sales usually follows in the holiday quarter, before demand tapers over the next few quarters as customers hold back ahead of the next launch. Apple''s 10th-anniversary iPhone range might sport features such as wireless charging, 3-D facial recognition and a curved display. The company forecast total revenue of between $43.5 billion and $45.5 billion for the current quarter, while analysts on average were expecting $45.60 billion, according to Thomson Reuters I/B/E/S. Analysts on average expect the company to sell 42.31 million iPhones in the current quarter, according to FactSet. The company''s net income rose to $11.03 billion, or $2.10 per share, in the second quarter, from $10.52 billion, or $1.90 per share, a year earlier. Analysts on average had expected $2.02 per share, according to Thomson Reuters I/B/E/S. Revenue rose 4.6 percent to $52.90 billion in the quarter, compared with analysts'' average estimate of $53.02 billion. Apple''s revenue from the Greater China region fell 14.1 percent to $10.73 billion in the quarter, as cheaper rivals in the region chip away at sales. A 17.5 percent jump in the company''s services business - which includes the App Store, Apple Pay and iCloud - to $7.04 billion boosted revenue. (Reporting by Anya George Tharakan in Bengaluru and Stephen Nellis in San Francisco; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-apple-results-idUKKBN17Y2GF'|'2017-05-03T04:55:00.000+03:00'
'e1f8e6573c174412ed9d50875e351d50a211b14d'|'LPC<50>Bankers prep 400 million pound financing for NGA sale'|' 35pm BST LPC<50>Bankers prep 400 million pound financing for NGA sale By Claire Ruckin - LONDON LONDON Bankers are working on debt financings totalling around <20>400 million to back a potential sale of UK human resources software company NGA Human Resources as a sale process kicks off, banking sources said on Wednesday. Former lenders Goldman Sachs and Park Square took control of NGA, formerly known as Northgate Information Solutions, from owner KKR in a debt for equity swap late in 2015, backed with a <20>320m leveraged loan financing, according to Thomson Reuters LPC. They have now decided to sell the business, hiring Goldman Sachs as advisers on the process, which is expected to see first round bids submitted by the end of May, the sources said. A bank education process took place yesterday, following a meeting with lenders some weeks prior, the sources said. Goldman Sachs, NGA and Park Square were not immediately available to comment. Some <20>400m of debt financing equates to around 5.0 times Northgate<74>s approximate <20>70m Ebitda, the sources said. Debt is expected to be in the form of either leveraged loans or high-yield bonds, mainly denominated in sterling, the sources said. Bonds might be preferable as a covenant-lite loan could be a hard sell to investors, due to the company<6E>s chequered past. High-yield bonds automatically come without maintenance covenants. The business consists of two units, a UK mid-market business that is performing well and an enterprise business serving larger corporates, which is more of a turnaround story, sources said. The preference will be to sell the company as a whole, but the sellers may accept bids for the units separately, the sources added. KKR took Northgate private in 2008, in a deal that valued the company at <20>593m plus existing debt. KKR subsequently sold divisions including Northgate Public Services to Cinven for <20>320m in December 2014 and the managed services division to outsourcing group Capita for <20>65m in 2013 <20> leaving only NGA Human Resources. NGA Human Resources helps organizations pioneer digital HR, master payroll, ensure compliance, unlock workforce data and deliver best-in-class HR operations, according to its website. (Editing by Christopher Mangham)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nga-loans-idUKKBN17Z1CG'|'2017-05-03T20:35:00.000+03:00'
'da73a05632e41966a68fb1ad51540e2881d05597'|'GM expands car-sharing program Maven to get a bite of ''gig'' economy'|'Wed May 3, 2017 - 5:11pm BST GM expands car-sharing program Maven to get a bite of ''gig'' economy FILE PHOTO: Julia Steyn, VP, General Motors Urban Mobility, speaks about GM''s new Maven ride services unit, Maven, during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. REUTERS/Brendan McDermid By Arunima Banerjee and Ankit Ajmera General Motors Co ( GM.N ) said on Wednesday it would expand its car-sharing operation, Maven, in the U.S. ride services market as the automaker looks to benefit from a growing ''gig'' or freelance economy. GM''s Maven Gig program will help drivers rent a car on demand for independent gigs such as package delivery, food or grocery delivery, and ridesharing, at a time when more people are expected to take up freelance work. GM said it expects about 43 percent of the U.S. workforce to work freelance by 2020. Currently about 35 percent of the workforce in the United States are freelancers, according to Freelancers Union, a non-profit organization. Maven Gig, currently operational in San Diego, will be launched in San Francisco and Los Angeles later this year, GM said. The automaker aims to have 100 vehicles as part of the Maven Gig fleet in San Diego, starting with its Chevrolet Bolt electric cars, and plans to scale up based on demand. GM is testing more than 50 Chevrolet Bolt electric vehicles with self-driving technology on public roads in San Francisco, the Detroit metropolitan area and Scottsdale, Arizona. Maven Gig has partnered with online food order and delivery company GrubHub ( GRUB.N ), online grocer Instacart and app-based delivery service Roadie. Maven, launched in January 2016, currently provides vehicles for ridesharing in 11 markets in the United States. (Reporting by Arunima Banerjee and Ankit Ajmera in Bengaluru; Editing by Supriya Kurane)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-gm-carsharing-idUKKBN17Z1XQ'|'2017-05-04T00:03:00.000+03:00'
'8b335792135a0e8ae3614b46b186b42e0fc09e78'|'Uber in U.S. court reckoning on possible shutdown of self-driving program'|' 46pm EDT Waymo has ''no smoking gun'' in Uber self driving car case: U.S. judge A Uber sign is seen during a news conference in Taipei, Taiwan April 13, 2017. REUTERS/Tyrone Siu By Dan Levine and Alexandria Sage - SAN FRANCISCO SAN FRANCISCO A U.S. judge on Wednesday said he had not seen clear evidence that Uber Technologies Inc had conspired with an engineer on its self driving car program to steal trade secrets from Alphabet Inc''s ( GOOGL.O ) Waymo, and that he was wrestling with whether to issue an injunction against the ride service. At a hearing in San Francisco federal court, U.S. District Judge William Alsup said it was undisputed that the engineer, Anthony Levandowski, downloaded about 14,000 documents shortly before he stopped working for Waymo. If it were proven that Levandowski and Uber conspired in taking Waymo''s information, that could have dire consequences for Uber, say legal and ride-hailing industry experts. Uber''s $68 billion valuation is supported partly by investors'' belief it will be a dominant player in the emerging business of self-driving cars. However, Alsup expressed skepticism over whether Uber actually used any Waymo trade secrets. "I''ve given you lots of discovery, and so far you don''t have any smoking gun" showing that Uber knew Levandowski possessed any Waymo trade secrets, Alsup said. Waymo attorney Charles Verhoeven said the company suspects such evidence exists. Levandowski declined to answer questions during a deposition, citing his constitutional rights against self incrimination. Verhoeven also said Uber was improperly withholding thousands of documents on the grounds that they are confidential legal documents. The judge did not make a ruling from the bench on Wednesday. The hearing is the latest phase in a courtroom battle over trade secrets that threatens to topple a central pillar of Uber''s growth strategy. Autonomous cars promise to change the economics of the ride-hailing business. Among Uber''s biggest expenses is the cost of attracting drivers, who have a high turnover rate. And Uber''s ability to expand into suburban and rural markets, and areas with low vehicle ownership, and continue to offer a ride within three minutes, largely hinges on the availability of a network of self-driving vehicles. Waymo on Wednesday sought to buttress its case by arguing that Levandowski and Uber had conspired against Waymo. It said the engineer was planning to work for Uber while he still was employed at Waymo. Levandowski formed a self-driving trucking company, Otto, after leaving Waymo, and Uber later bought Otto. Waymo attorneys showed a slide of an Uber document showing Levandowski had been promised 5.3 million restricted stock units of Uber. That was worth more than $250 million in January 2016, the lawyer said, without describing in detail the basis of the valuation. An Uber spokesman said the stock award was actually made in connection with Uber<65>s acquisition of Otto in August 2016, and the vesting start date was backdated to late January so that Levandowski''s time at Otto counted for the Uber vesting schedule. Alsup himself did not appear shocked. "So what? That<61>s a lot of money I guess, but why wouldn<64>t he get a lot of money?" he asked. Verhoeven said it was circumstantial evidence of bad intent by Levandowski and Uber. "He<48>s getting awarded stock by Uber when he<68>s supposedly starting his own company," he said. Uber attorney Arturo Gonzalez on Wednesday said that attorneys had spent more than 6,000 hours on document review and had not found any sign of the Waymo documents in Uber''s system. Alsup complimented Uber''s search efforts. However, the judge said that documents Uber has withheld about its acquisition of Otto are "a treasure trove" that will be key to the case. He has not decided wither Uber has properly shielded those documents. The judge also said he was still considering whether to send Waymo''s trade secret claims to arbitration, which would not
'05d6dacbd9d03ad19bdc92f65779b33e3a549429'|'Impact on insurers from Britain''s vote to leave the EU'|' 23pm BST Impact on insurers from Britain''s vote to leave the EU European Council President Donald Tusk shows British Prime Minister Theresa May''s Brexit letter in notice of the UK''s intention to leave the bloc under Article 50 of the EU''s Lisbon Treaty, at the end of a news conference in Brussels, Belgium March 29, 2017. REUTERS/Yves Herman U.S. commercial property insurer FM Global is planning to have a hub in Luxembourg following Britain''s decision to leave the European Union, the head of its European division told Reuters last week. This follows recent announcements by Lloyd''s of London, the world''s largest speciality insurance market, and U.S. insurer AIG ( AIG.N ) that they have picked Brussels and Luxembourg respectively for their EU operations. Below are plans for EU subsidiaries proposed by insurers: ADMIRAL British motor insurer Admiral Group Plc ( ADML.L ) said last year it could move its European business to Ireland or another country. It said earlier this year it was looking at a large number of locations and expected to make a decision within two months. AIG U.S. insurer AIG ( AIG.N ) said in March it will set up a European subsidiary in Luxembourg, in addition to its European headquarters in London. BEAZLEY Lloyd''s of London insurer Beazley Plc BEZG.L said last year it had filed an application with the Central Bank of Ireland to get approval for its Irish reinsurance business to become a European insurance company. CHESNARA Chesnara Plc ( CSN.L ), an insurance-focused takeover specialist, already has an insurance company in the Netherlands but could move its headquarters there, depending on the regulatory environment in Britain after negotiations to leave the EU. FM GLOBAL U.S. commercial property insurer FM Global is planning a European hub in Luxembourg following Britain''s decision to leave the bloc. HISCOX Lloyd''s of London underwriter Hiscox Ltd ( HSX.L ) said earlier this year it was in talks with regulators in Luxembourg and Malta over setting up a new insurance base to serve EU clients. LLOYD''S OF LONDON Lloyd''s of London, an integral part of the British business scene since the 17th century, has chosen Brussels as the site for its EU subsidiary, it said in March. MS AMLIN Japanese-owned insurer MS Amlin operates under the "Societas Europaea" structure. That makes it relatively easy to move to a different EU jurisdiction if needed, subject to regulatory approval. ROYAL LONDON British life insurer Royal London Mutual Insurance Society plans to turn its Irish business into a regulated subsidiary, it said in March. XL CATLIN Bermuda-domiciled insurer XL Catlin ( XL.N ) said its UK business XL Insurance Company SE has branches across Europe and also operates under the "Societas Europaea" structure. (Compiled by Carolyn Cohn and Noor Zainab Hussain; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-insurance-factbox-idUKKBN17Z1NM'|'2017-05-03T22:23:00.000+03:00'
'd9deebc86e8d2a871f0bfa70e52787891c963b25'|'Germany''s Allianz bought into UniCredit''s share issue: spokesman'|'MUNICH Allianz ( ALVG.DE ) has bought into a record 13 billion euro ($14 billion) share sale Italian bank UniCredit ( CRDI.MI ) carried out earlier this year, a spokesman for the German insurer said on Wednesday.He declined to give any further details.Allianz took part in a UniCredit shareholder meeting in January, where the cash call was approved, with a 1.06 percent stake.(Reporting by Joern Poltz, writing by Valentina Za, editing by Francesca Landini)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-unicredit-cash-call-allianz-idUSKBN17Z0UM'|'2017-05-03T13:25:00.000+03:00'
'0e71cac006a9477f98155c2e303d68460f981c4d'|'Sanofi decides against selling chemical unit Cepia - spokeswoman'|'Deals - Fri May 5, 2017 - 12:30pm BST Sanofi decides against selling chemical unit Cepia: spokeswoman FILE PHOTO - A logo is seen in front of the entrance at the headquarters French drugmaker Sanofi in Paris October 30, 2014. REUTERS/Christian Hartmann/File Photo PARIS Sanofi ( SASY.PA ) has given up on the possibility of selling its chemical unit Cepia, a spokeswoman with the French drugmaker said on Friday. "I can confirm we have decided to keep the division within the company," she said, adding that a recent improvement in Cepia''s results, as well as a better outlook for it, was behind this choice. The sale of Cepia, which deals with what Sanofi calls ''third party activities'' such as the supply and production of active pharmaceutical ingredients, was seen fetching up to 1 billion euros ($1.10 billion), banking sources told Reuters last month. (Reporting by Matthias Blamont; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-sanofi-chemicals-idUKKBN18117Y'|'2017-05-05T19:29:00.000+03:00'
'8dae686b75509bcba2a607aee618d8e4e51204a2'|'New Mountain Capital''s Avantor to buy lab supplies company VWR'|'By Divya Grover Avantor, owned by private equity firm New Mountain Capital, will buy VWR Corp ( VWR.O ) for about $4.38 billion, creating a laboratory equipment giant supplying everything from test tubes to microscopes to the healthcare and technology industries.The deal combines Avantor''s strength in manufacturing and its presence in emerging markets with VWR''s distribution network in the Americas and Europe, the companies said.Avantor''s offer of $33.25 per share in cash represents a discount of 2.3 percent to VWR''s Thursday close. VWR''s shares fell as much as 2.9 percent to $33.07 in early trading on Friday.The company''s shares had risen 19.4 percent since May 2, the day before the Wall Street Journal first reported the companies were nearing a deal.Avantor, formed in August 2010 when New Mountain Capital purchased the business from Covidien Inc, manufactures materials and chemicals for the biopharma industry.VWR, a company that traces its roots to the California Gold Rush in the 1850s, was bought by Madison Dearborn Partners in 2007 and went public in October 2014.For New Mountain Capital, the deal adds heft to its healthcare portfolio, which includes companies ranging from contact lens supplier ABB Optical to medical data firm Ciox Health."This may be a strategic acquisition for New Mountain, in line with a "deep dive" strategy where it aims to build a portfolio presence in a few niche sectors, including healthcare," William Blair''s Amanda Murphy wrote in a client note on Thursday.The companies said the deal reflects an enterprise value of about $6.4 billion.Cowen and Co analysts said a higher price could have been justified but was likely weighed down by factors including the potential outcome of contract negotiations with Merck KGaA ( MRCG.DE ), one of VWR''s largest suppliers.The deal is expected to close in the third quarter. Some analysts said a competing bid was unlikely.Avantor Chief executive Michael Stubblefield will lead the combined company, while New Mountain Capital will continue to be the lead shareholder, the companies said on Friday.Goldman Sachs, Jefferies and Barclays are the financial advisers to Avantor, while Simpson Thacher & Bartlett LLP is the legal adviser.BofA Merrill Lynch advised VWR, while Kirkland & Ellis LLP was the legal adviser.(Reporting by Ankit Ajmera and Divya Grover in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vwr-m-a-avantor-idINKBN18112U'|'2017-05-05T08:54:00.000+03:00'
'16995636092f9c46f7d108bce65c3183c180da7d'|'Asian stocks sluggish after weak U.S. GDP, dollar dips'|'  4:25pm BST Global stocks climb in light May Day trading; oil slips Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 1, 2017. REUTERS/Brendan McDermid By Rodrigo Campos - NEW YORK NEW YORK Apple shares hit a record high on Monday, lifting U.S. stocks and a gauge of key world equity indexes, while data on U.S. drilling and output kept downward pressure on oil prices. Global trading was expected to be light, with some markets in Europe and Latin America closed for the May Day holiday, while Japan was open overnight during a shortened trading week. Data showed U.S. manufacturing activity slowed in April while consumer spending was unchanged in March and a key inflation measure recorded its first monthly drop since 2001. Despite the soft data, traders continued to see a 7-in-10 chance that the Federal Reserve will hike interest rates in June. On Wall Street, Apple and other large technology companies led the way, sending the Nasdaq Composite to a record high. Apple is due to report its earnings on Tuesday, while Facebook will report on Wednesday. Stocks were supported also as U.S. Congress negotiators agreed on a federal funding deal late on Sunday, removing a hurdle for investor confidence. "We have some renewed optimism that the market strength will continue helped by strong earnings and as a government shutdown was averted," said Andre Bakhos, managing director at Janlyn Capital LLC in Bernardsville, New Jersey. The Dow Jones Industrial Average rose 20.07 points, or 0.1 percent, to 20,960.58, the S&P 500 gained 5.84 points, or 0.24 percent, to 2,390.04 and the Nasdaq Composite added 30.82 points, or 0.51 percent, to 6,078.43. MSCI''s gauge of stocks across the globe gained 0.25 percent. Emerging market stocks rose 0.19 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan closed 0.33 percent higher, while Japan''s Nikkei rose 0.59 percent. U.S. drillers added nine oil rigs in the week to April 28, bringing the count to the most since April 2015, energy services company Baker Hughes said on Friday. Crude output in the United States has hit its highest since August 2015, government data shows. "The U.S. rig count indicates that there is plenty more to come," analysts at JBC Energy said in a report, referring to the outlook for U.S. production. U.S. crude fell 1.28 percent to $48.70 per barrel and Brent was last at $51.37, down 1.31 percent on the day. Crude prices were also pressured by data showing that growth in Chinese manufacturing slowed faster than expected in April. The weak U.S. data initially weighed on the dollar, but moves among major currencies were relatively small. The dollar index fell 0.1 percent, with the euro up 0.18 percent at $1.0915. The Japanese yen weakened 0.04 percent versus the greenback to 111.61 per dollar, while sterling was last trading at $1.2926, down 0.15 percent on the day. Benchmark 10-year notes last fell 6/32 in price to yield 2.3036 percent, from 2.282 percent late on Friday. Spot gold dropped 0.3 percent to $1,264.00 an ounce. U.S. gold futures fell 0.25 percent to $1,265.10 an ounce. Copper rose 0.76 percent to $5,735.50 a tonne. (Additional reporting by Tanya Agrawal in Bengaluru and Alex Lawler in London; Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN17X0WH'|'2017-05-01T08:42:00.000+03:00'
'5a8b099290717076530fc192fecd4b2017b9af0a'|'SpaceX rocket lifts off on first launch for U.S. military'|'Science News - Mon May 1, 2017 - 8:47am EDT SpaceX rocket lifts off on first launch for U.S. military A SpaceX Falcon 9 rocket lifts off on a supply mission to the International Space Station from historic launch pad 39A at the Kennedy Space Center in Cape Canaveral, Florida, U.S., February 19, 2017. REUTERS/Joe Skipper By Irene Klotz - CAPE CANAVERAL, Fla. CAPE CANAVERAL, Fla. A SpaceX Falcon 9 rocket lifted off from Florida on Monday, carrying the company''s first satellite for the U.S. military, and breaking a 10-year monopoly held by a partnership of Lockheed Martin and Boeing. The 23-story tall rocket took off from its seaside launch pad at Kennedy Space Center at 7:15 a.m. EDT (1115 GMT.) It will put into orbit a classified satellite for the U.S. National Reconnaissance Office, an agency within the Defense Department that operates the nation''s spy satellites. Nine minutes after takeoff, the rocket''s main section touched down on a landing pad at Cape Canaveral Air Force Station, just south of NASA''s spaceport. Last month, Space Exploration Technologies Corp flew its first recovered booster on a second mission, a key step in company founder Elon Musk''s quest to cut launch costs. The National Reconnaissance Office bought SpaceX''s launch services via a contract with Ball Aerospace, a Colorado-based satellite and instrument builder. The terms of the contract were not disclosed. Musk battled for years to break the monopoly on the military''s launch business held by United Launch Alliance, a partnership of Lockheed Martin and Boeing. SpaceX sued the U.S. Air Force in 2014 over its exclusive multibillion-dollar contract with United Launch Alliance. The company later dropped the suit after the military agreed to open more launch contacts to competitive bidding. SpaceX has since won two launch contracts from the Air Force to send up Global Positioning System satellites in 2018 and 2019. Monday''s launch was the 34th mission for SpaceX and the fifth of more than 20 flights planned for this year. The privately owned firm, based in Hawthorne, California, has a backlog of more than 70 missions, worth about $10 billion. (Editing by Daniel Wallis and Bernadette Baum) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-space-spacex-launch-idUSKBN17X1PI'|'2017-05-01T20:44:00.000+03:00'
'759eb958179d279a89e3132df980c17e92b78c44'|'Nikkei edges up, high-tech shares jump on earnings'|'Market News - Sun Apr 30, 2017 - 10:19pm EDT Nikkei edges up, high-tech shares jump on earnings * Tokyo Electron, Murata, Fujitsu jump on earnings * Overall earnings results so far not a big boost * Japan Airlines, Ricoh struggle By Hideyuki Sano TOKYO, May 1 Japanese stock prices posted modest gains on Monday as high-tech shares such as Tokyo Electron and Murata Manufacturing gained on upbeat earnings in otherwise holiday-lulled trading. The Nikkei rose 0.4 percent to 19,273.87 points, supported for now at its 100-day moving average of 19,131, though lacking momentum to re-test its one-month high of 19,289 touched on Wednesday. The Nikkei rose more than the broader Topix, which gained 0.2 percent to 1,535.00, because of a 13 percent gain in Tokyo Electron, which has a big weighting in the Nikkei. "The pessimism we saw last month is ebbing. Investors are picking up companies that have improving earnings outlook," said Takaaki Yoshino, chief quantitative analyst at Daiwa Securities. Tokyo Electron, the second most traded shares by turnover by mid-morning, surged after the manufacturer of chip-making machines said it sees 38.7 percent increase in operating profits in the year to March 2018. Fujitsu gained 8.0 percent as the information technology equipment and service company posted upbeat earnings. Murata Manufacturing, an electronics parts maker and a major Apple supplier, gained 5.2 percent. While these results have underscored the strength of the semi-conductor sector globally, the overall earnings season has so far provided limited catalyst for a further rally, market players said. "Japanese companies'' earnings seem to be bottoming out. But the improvement seems to be limited. The return-on-equity will be still little over eight percent," said Shingo Ide, chief equity strategist at NLI Research Institute. Honda Motor, which forecast a 16 percent fall in operating profits for the current year, slightly below analysts'' expectations, rose 0.2 percent. On the other hand, rival Mazda dropped 3.8 percent after its earning estimates fell short of market expectations. Resona Holdings, fell 4.1 percent after the banking group revised down its earnings for the financial year that ended in March. Office machine maker Ricoh dropped 6.8 percent to near six-month lows as it projected a further fall in profits in the year to March due to restructuring costs. Japan Airlines dropped 7.2 percent after the company said it saw a 16.6 percent decline in operating profits due to costs for renewing its computer systems and other investments. Trading is expected to be slow this week due to holidays in many countries. Tokyo financial markets will be closed from Wednesday to Friday for a series of national holidays called the "Golden Week". (Editing by Kim Coghill) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL4N1I317M'|'2017-05-01T10:19:00.000+03:00'
'099a82cdd44d43659310a24e2bf16e1f50a42854'|'Oil prices inch down as oversupply concerns fester'|'  5:23pm BST Oil slips 1 percent as rising output faces weak demand worries Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford By David Gaffen - NEW YORK NEW YORK Oil edged slipped more than 1 percent on Monday, as rising crude output with Libya hitting its highest production since 2014 and increased U.S. drilling countered OPEC-led production cuts aimed at clearing a supply glut. Signs of slower-than-expected growth in manufacturing in China and a weaker figure for U.S. manufacturing sentiment also weighed on expectations for oil demand and the market. Global benchmark Brent crude LCOc1 for July was down 54 cents at $51.51 a barrel by 11:50 a.m. EDT. U.S. crude for June CLc1 dropped 53 cents, or 1.1 percent, to $48.81 a barrel. "The market continues to hunt for a bottom," said Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut. U.S. crude has lost nearly 9 percent since April 11, weighed down by the market''s impatience with the slow pace of inventory drawdown around the world even after major oil producers agreed late last year to cut production by 1.8 million barrels per day for the first half of 2017. The Organization of the Petroleum Exporting Countries and participating non-OPEC countries meet on May 25 to discuss whether to extend that reduction. Given that inventories remain high and prices are half their mid-2014 level, OPEC members including top exporter Saudi Arabia support prolonging the curbs. Libya''s National Oil Company said production has risen above 760,000 bpd, highest since December 2014, with plans to keep boosting production. That OPEC member had been excluded from production cut estimates because armed conflict had sapped overall production. Despite OPEC''s efforts, the oil glut has been slow to shift. "With four months of the cutting in effect we haven''t seen a sizable reduction in global oil fuel inventories," Tradition''s McGillian said. "It''s not sizable enough to see some proof, and the market is having trouble holding most of its gains since 2016." Iran''s oil minister said on Saturday that OPEC and non-OPEC producers had given positive signals for an extension of output cuts, which Tehran would back. U.S. drillers added nine oil rigs last week, bringing the count to the most since April 2015, energy services company Baker Hughes said on Friday. Crude output C-OUT-T-EIA in the United States is at its highest since August 2015. (Additional reporting by Alex Lawler in London; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN17X0X1'|'2017-05-01T08:54:00.000+03:00'
'74e6f2d0aa39169b46087ac14d9988984c7c29bc'|'Macau gambling revenue rises 16.3 percent in April'|'HONG KONG Revenue at the world''s biggest casino hub of Macau rose 16.3 percent in April, as new resorts helped draw high rollers and casual gamblers to the country''s only legal casino hub.Gambling revenue in the southern Chinese territory in April was 20.2 billion patacas ($2.52 billion), government data showed on Monday.Analysts were expecting 13-17 percent growth.Chinese President Xi Jinping''s campaign against shows of wealth by public officials in 2014 had dried up the stream of VIP spenders from the mainland.Analysts however remain cautious on the sustainability of revenues though they have called a bottom to Macau''s over two-year slump.(Reporting by Clare Jim, writing by Farah Master; Editing by Vyas Mohan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-macau-gambling-revenues-idINKBN17X176'|'2017-05-01T04:10:00.000+03:00'
'8e8429b58b91fb5e345536d094b89d6541dffec1'|'CORRECTED (OFFICIAL)-Icahn''s oil refiner reports rare net gain on biofuels compliance'|'(In April 27 item, company corrects information from conference call in first, fourth paragraphs to show it booked a net gain, or "negative expense," instead of an expense)By Jarrett Renshaw and Chris PrenticeNEW YORK, April 27 CVR Energy''s refining unit booked a rare net gain on biofuels compliance in the first quarter, the company said on Thursday, as the U.S. government weighs an overhaul of its renewable fuels policy.The cost of compliance credits required by the Renewable Fuel Standard (RFS) have fallen sharply in recent months, driven in part by a proposal to alter the regulation by shifting the blending burden away from refiners to fuel terminals.The proposal was made in February by Carl Icahn, the majority owner of CVR Energy and an informal adviser to President Donald Trump on regulation. The White House is considering it.CVR booked a "negative expense," or net gain, of $6.4 million on the compliance credits in the quarter, the company said. That compared with an expense of $43.1 million during the same period in 2016, the company said on a conference call with investors to discuss quarterly earnings. CVR attributed the decline in part to lower prices.Renewable fuel credit prices averaged about 53 cents in the first three months of 2017, about one-third lower than the prior-year, Oil Price Information Service data show. CVR declined to explain in greater detail the full reasons for the sharp reduction."We don''t discuss our market activity," Chief Executive Officer Jack Lipinski said, when asked by an analyst on the call about how to square the low first-quarter expenses with CVR''s projections of a full-year cost of $170 million.CVR positioned itself to slash regulatory costs by deferring the purchase of some $186 million worth of credits it needed to satisfy its biofuels requirements at the end of 2016, the company said in filings in February.Lipinski and Icahn have argued that the U.S. renewable fuels program unfairly punishes independent refiners by pushing them into a highly speculative credit market.Democratic lawmakers have accused Icahn of self-dealing in his proposal to alter the 12-year-old RFS regulation. Icahn has said his proposal is not self-interested because it would help CVR as well as many of CVR''s competitors.The credit market was created under the RFS, which makes refining companies responsible for blending increasing volumes of biofuels like corn-based ethanol into gasoline and diesel each year. Companies without facilities to blend the fuels, like CVR, must purchase credits from those who do.The law aimed to cut greenhouse gas emissions and reduce dependence on foreign oil, while giving a boost to farmers who grow corn for ethanol production. (Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cvr-energy-biofuels-idINL1N1I30RA'|'2017-05-01T13:53:00.000+03:00'
'fc5ee2636674762e2633676f335856c4b7d98b2d'|'Analysis - Greek growth, Greek decline: it''s all in how you look at it'|'Business News - Thu May 4, 2017 - 4:53pm IST Greek growth, Greek decline: it''s all in how you look at it left right FILE PHOTO: A man walks past shop shutters with graffiti at a main commercial street at the Monastiraki area in early morning before shops open in central Athens, Greece, February 27, 2017. REUTERS/Michalis Karagiannis/File Photo 1/4 left right FILE PHOTO: A man sits on a bench at Kotzia square in central Athens, Greece, March 22, 2017. REUTERS/Alkis Konstantinidis/File Photo 2/4 left right FILE PHOTO: A man waits to have his clothes washed by the Ithaca mobile laundry service for the homeless in central Athens, Greece, February 12, 2017. REUTERS/Alkis Konstantinidis/File Photo 3/4 left right FILE PHOTO: A man carries a bag with donated goods after receiving a Christmas meal at an indoor gym hall in Athens, Greece, December 25, 2016. REUTERS/Michalis Karagiannis/File Photo 4/4 By Jeremy Gaunt - ATHENS ATHENS Not far from Athens'' central Syntagma Square, home to the parliament, finance and foreign ministries, and the storied Hotel Grande Bretagne, a man scrabbles around some rubbish bins. He is youngish and not badly dressed. He is looking for scraps of food, clothes or something valuable in the dross. The sight would not be unusual in many global cities, but it was almost unknown in Athens a few years ago. As was sleeping rough, a sign of Greece''s decline evident in many central areas such as Philopappos Hill, where Socrates was gaoled. Discussions about Greece''s economy these days no longer center on whether it will be thrown out of the euro zone, a real prospect just two years ago. Instead, the focus has turned to such esoterica as primary surpluses, debt repayment schedules and whether the International Monetary Fund will or will not participate financially in the country''s third bailout. Somewhat lost in the shuffle is the pain everyday Greeks are still feeling as the country ever so slowly sees its economy improve. The reason is that some of Greece''s economic numbers do look promising after seven years of bailouts, recession, banking crisis, and bankruptcies. Economic growth, for example, is projected by the IMF at 2.2 percent this year, a stark contrast with its contraction of more than 9 percent in 2012. In a similar vein, Greece''s budget had a primary budget surplus - that is, excluding debt repayments - estimated at as much as 4.2 percent, depending on accounting procedures. It even had a small surplus including debt repayments. There are also signs that Greeks are getting better at paying and collecting taxes. The primary surplus was in part put down to an increase in tax revenues. Some of this can be seen in places like Athens'' Ermou Street, the central shopping thoroughfare where the likes of Zara and Massimo Dutti hold court. On a recent afternoon, it was bustling with shoppers, albeit flanked by walls of angry graffiti and peppered with youths holding signs for watch sales or offering up swatches of perfume. PANTHEON OF PAIN Ranged against this seeming improvement are economic numbers so harsh they have driven more than 425,000 Greeks abroad since 2008. Unemployment is still at 23.5 percent. Youth unemployment -- a particularly damaging indicator for future stability -- is a whopping 48 percent. The impact is seen in changes to the relatively obscure calculation of GDP per capita in terms of purchasing power -- roughly how much people can buy now versus what they could. Ranked against the European Union as a whole, this fell nearly 27 percent between 2008 and 2015 for Greece. For Germany, it rose around six percent. Translation: Germans richer, Greeks poorer. Indeed, the latest figures available suggest more than one in three Greeks are at risk of poverty or social exclusion. Another twist is that Greece''s debt burden has actually got worse. It is at 179 percent of GDP compared with around 109 percent in 2008. The irony is that most of this is the result of austerity-
'fa4605d8ec5674a3b8da79c92a61bb25eee27386'|'Hyundai Motor suffers 64 percent slump in April sales amid political tension - sources'|'SEOUL South Korea''s Hyundai Motor saw its China sales skid 64 percent to 35,009 vehicles in April from a year earlier amid political tension, two sources with direct knowledge of the matter told Reuters.Affiliate Kia Motors saw China sales skid 68 percent to 16,050 vehicles, added the sources, who declined to be identified, as the numbers are not made public.(Reporting by Hyunjoo Jin; Editing by Clarence Fernandez)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/hyundai-motor-china-idINKBN1800QG'|'2017-05-04T05:57:00.000+03:00'
'4c8645fab2130445efcb3c7c8e99c24ba401b015'|'BRIEF-Fluor Corp sets quarterly cash dividend of $0.21 per share'|'Market News - Wed May 3, 2017 - 7:09pm EDT BRIEF-Fluor Corp sets quarterly cash dividend of $0.21 per share May 3 Fluor Corp Mexico, Canada seek U.S. soft spots to bolster NAFTA defense MEXICO CITY/OTTAWA, May 4 From launching a data-mining drive aiming to find supply-chain pressure points to sending officials to mobilize allies in key U.S. states, Mexico and Canada are bolstering their defenses of a regional trade pact President Donald Trump vows to rewrite. * Aussie dollar touches lowest in nearly 4 months (Updates prices, adds analyst comments) MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-fluor-corp-sets-quarterly-cash-div-idUSFWN1I50ZU'|'2017-05-04T07:09:00.000+03:00'
'31c328fc769b71f09c7610fcd41fdfd8c8522ef3'|'China foreign trade to stabilise and improve - commerce ministry'|' 07am BST China foreign trade to stabilise and improve - commerce ministry A truck carrying shipping containers travels at a port in Qingdao, Shandong province, China, October 13, 2015. REUTERS/Stringer BEIJING China''s imports and exports are expected to stabilise and improve in the near future, the Ministry of Commerce said in its quarterly report on trends in the country''s foreign trade. With uncertainties and unstable factors in foreign trade expected to remain, each region and government department should effectively implement policies to support the development of foreign trade, the commerce ministry report said. China''s exports in the first quarter of the year rose 8.2 percent from the same period last year, while imports surged by 24.0 percent. China''s foreign trade development is expected to face a better environment in 2017 compared to the past two years, said the commerce ministry report. (Reporting by Beijing Monitoring Desk; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-trade-idUKKBN180141'|'2017-05-04T18:07:00.000+03:00'
'6748e06b31ce40a5dc8252860a4f9a764a617454'|'Starbucks expands rewards program at grocery stores'|'Starbucks Corp ( SBUX.O ) said on Thursday it would expand its loyalty rewards program at grocery stores to include more products, as it seeks to win more customers amid a soft retail and restaurant environment in the United States.The coffee chain''s move to more than triple the number of products it sells under the rewards program comes following customer backlash after Starbucks overhauled an existing program last year.Companies have been tweaking their rewards programs in recent years to make them less-generous to consumers.Seattle-based Starbucks, which launched its rewards program in 2009, made changes to it last year, which irked some customers and caused a furor on social media.Under the changes, customers earn two "stars" for every $1 spent and need 125 stars to get a free food or drink item, which meant that some customers would have to spend more money to get free items.Customers earlier used to receive one star per purchase and could redeem 12 stars for an item.Starbucks said on Thursday its U.S. customers could now earn stars on a wider range of products, sold mainly at grocery stores, including its K-Cup packs, packaged roast & ground coffee and multi-serve chilled coffee.The move from the world''s biggest coffee chain also comes after its warning last month that full-year revenue growth would be at the lower end of a previously forecast range amid stalling growth in its U.S. business.(Reporting by Subrat Patnaik in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-starbucks-rewards-idUSKBN1801ZB'|'2017-05-04T23:15:00.000+03:00'
'fa3e0c59c8d892dd085c6d15f2e2b6864178faf2'|'Illinois'' Central Grocers files for bankruptcy as winds down business'|'By Tracy Rucinski - CHICAGO CHICAGO Central Grocers Inc, a wholesale grocery cooperative in the Chicago area, filed for bankruptcy on Thursday as it tried to close or sell businesses after struggling to adapt to consumer shifts to online and gourmet shopping and "big box" stores.Central Grocers, with about $2 billion in annual sales, said it had a plan to close its distribution business, which supplies local independent supermarket retailers, and sell its Strack & Van Til grocery stores in Illinois and Indiana.The Joliet, Illinois-based group said the sale process was the "lynchpin" of its Chapter 11 strategy and "critical to maximizing recoveries for all creditors and preserving thousands of jobs.""We are using this court-supervised sale process to provide us the time and flexibility to conduct an orderly sale of the Strack & Van Til stores, while we work to sell the warehouse in Joliet and wind down our wholesale distribution operations," CEO Ken Nemeth said in a news release.The group calls itself the seventh-largest grocery store cooperative in the United States serving 500 supermarkets.Strack, which added juice bars and more organic and prepared meals to its stores in recent years, is the largest employer in Northern Indiana with about 4,250 employees, according to a filing with the U.S. Bankruptcy Court in Delaware.Central Grocers listed $262 million in total assets and $232 million in total liabilities for the group in a court filing.The petition followed a filing in Chicago by a group of food suppliers including Coca-Cola ( KO.N ), General Mills ( GIS.N ), Mars Financial and Post Consumer Brands seeking $1.8 million they said they were owed by Central Grocers.The cooperative said it would ask for the Chicago proceeding to be dismissed.Supermarkets'' razor-thin margins have been hit by falling food prices and growing competition from big box stores including Wal-Mart Stores Inc ( WMT.N ) and online options such as Amazon.com Inc ( AMZN.O ).In the past two years, both the operator of New York-area supermarket chain Fairway Markets and West Coast regional grocer Haggen have filed for bankruptcy.Also contributing to Central Grocers'' bankruptcy filing were tightening trade terms among vendors, it said. A recent migration by its co-op members - independent grocery stores in the Midwest - to other suppliers also hurt, a source with knowledge of the matter said.Reuters reported on April 20 that Central Grocers was considering bankruptcy as it struggled with debt.(Additional reporting by Jessica DiNapoli in New York)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-central-grocers-bankruptcy-idINKBN1802FX'|'2017-05-04T16:25:00.000+03:00'
'5529e6124a7845ad150ddb1fb4e317e7c443c3db'|'TREASURIES-Yield curve flattens as jobs data keeps June rate hike open'|'(Adds details on Fed officials'' speeches, updates prices) * Employers add 211,000 jobs in April * Yield curve flattens as June rate hike seen likely * Fed''s Yellen, Fischer to speak on Friday By Karen Brettell NEW YORK, May 5 The U.S. Treasury yield curve flattened on Friday after jobs growth in April rebounded and the unemployment rate fell to a near 10-year low, reinforcing the view that the Federal Reserve is likely to raise interest rates again in June. Nonfarm payrolls jumped by 211,000 jobs last month, the Labor Department said on Friday, well above the monthly average of 185,000 for this year and a jump from the gain of 79,000 in March. The drop of one-tenth of a percentage point in the unemployment rate took it to its lowest level since May 2007. The decline reflected both an increase in hiring and people leaving the labor force. The jobs gains beat economists'' expectations of 185,000 additions, though a downward revision for March offset some of the increase. <20>The two-month change in payrolls was negligible,<2C> said Aaron Kohli, an interest rate strategist at BMO Capital Markets in New York. <20>It marginally makes the Fed more likely to hike in June," Kohli said. "The curve tends to flatten when the Fed gets more hawkish.<2E> Benchmark 10-year notes gained 2/32 in price to yield 2.35 percent, down from 2.36 percent on Thursday. The yield curve between two-year notes and 10-year notes flattened to 103 basis points, from 105 basis points before the data. Expectations of a rate hike in June increased after the Fed on Wednesday downplayed weak first-quarter economic growth as transitory and emphasized solid inflation and the strength of the labor market. Futures traders are pricing in an 81 percent chance of a June rate hike, up from 79 percent before the jobs data, according to the CME Group''s FedWatch Tool. Fed Chair Janet Yellen spoke on challenges for women in the workplace on Friday but did not address monetary policy. St. Louis Federal Reserve Bank President James Bullard said that the U.S. central bank has interest rates right where they should be, but should start trimming its massive balance sheet in the second half of the year. Investors are also preparing for the Treasury Department to sell $62 billion in coupon debt next week, including $24 billion in 3-year notes, $23 billion in 10-year notes and $15 billion in 30-year bonds. (Editing by Frances Kerry and Cynthia Osterman) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1I71CI'|'2017-05-05T16:35:00.000+03:00'
'77ab536b1aff5129d541951eb49b9dbd44dbc724'|'Elliot Advisors says Akzo to lose four times as many jobs without PPG takeover'|'AMSTERDAM Elliott Advisors, the Akzo Nobel ( AKZO.AS ) shareholder that has been pushing for the company to enter takeover talks with U.S. rival PPG Industries ( PPG.N ), said on Friday Akzo will lose up to 6,400 jobs under the independence plan it has put forward as an alternative.Elliott, an activist shareholder holding a 3.25 percent stake in Akzo, commissioned a study that argues the job losses required by Akzo''s independence plan, which involves selling or floating its chemicals division, would be four times greater than what it would be if PPG and Akzo were to combine.Akzo has twice rejected takeover proposals from PPG and is weighing whether to enter talks on a third worth 26.2 billion euros ($28.8 billion) at current prices.Akzo spokesman Leslie McGibbon described the Elliott report as an "imaginative work of fiction." He said Akzo has in recent years cut costs "through process allowances, with little or no impact on jobs," a trend which the company expects to continue after it splits off the chemicals division, which represents around a third of the company''s sales and profits.It is not possible to evaluate using publicly available information which plan would be better for employees.Akzo has declined to specifically say how many jobs would be lost by splitting specialty chemicals. PPG has said it would not cut any jobs at specialty chemicals if it were to buy Akzo. However, it intends to achieve $750 million euros in ''synergies'' by combining the companies'' paints and coatings businesses, implying some job losses.Akzo has said that under its independence plan it will cut 200 million euros in costs per year in the coming years. Of that, 150 million euros will be at its paints and coatings businesses and 50 million euros at its chemicals businesses.Akzo''s Dutch labor unions have said they cannot weigh competing claims by the two companies and have signaled their willingness to talk to PPG.McGibbon said the company is still considering whether to engage in takeover talks with PPG and would inform markets "in due course."In recent years PPG''s employee base has grown, mostly due to acquisitions, while Akzo Nobel''s has shrunk as CEO Ton Buechner cut costs and sold the company''s American decorative paint operations -- to PPG.(Reporting by Toby Sterling; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-akzo-nobel-m-a-elliott-idINKBN1810HA'|'2017-05-05T04:54:00.000+03:00'
'd3673d3b8f69fe35b73d977b95049cb3468e31d2'|'Husky Energy posts profit on higher oil prices'|'Oil Insight - Fri May 5, 2017 - 11:53am EDT Husky posts profit, will wait on reinstating dividend By Nia Williams - CALGARY, Alberta CALGARY, Alberta Canadian oil and gas producer Husky Energy Inc ( HSE.TO ) reported a first-quarter profit on Friday that slightly beat analyst forecasts, but said it would wait before deciding whether to reinstate its dividend given the instability in the oil market. Calgary-based Husky scrapped its dividend in January 2016 as benchmark U.S. crude plummeted to less than $30 a barrel on concerns about global oversupply. Prices started to rise late last year but have been volatile in recent weeks, hitting a five-month low of $43.76 on Friday. "The market looks fairly uncertain still and what we would like to do is get another quarter under our belt so we are confident that a full year''s results will support a sustainable dividend for the long haul," Husky Chief Executive Officer Rob Peabody said on the company''s first-quarter earnings call. Husky''s board of directors will meet to evaluate the dividend before the end of July, he added. The company, controlled by the Hong Kong billionaire Li Ka-Shing, reported a quarterly profit on Friday that edged past analysts'' estimates, helped by higher oil prices. Husky posted a profit of C$71 million ($52 million), or 6 Canadian cents per share, for the first quarter ended March 31, compared with a loss of C$458 million, or 47 Canadian cents per share, a year earlier. Excluding items, Husky earned 6 Canadian cents per share, narrowly beating average analysts'' estimate of 5 Canadian cents per share, according to Thomson Reuters data. Husky realized C$41.58 per barrel of oil equivalent (boe) in the first quarter, up from C$25.02 per boe a year earlier. The higher prices helped make up for a dip in production, which fell 2.1 percent to an average of 334,000 boe per day. Average realized U.S. refining margins at Husky, which owns one refinery in Ohio and holds a 50 percent joint venture partnership on another with BP Plc ( BP.L ), more than doubled to C$8.33 per barrel in the quarter. The two companies also share ownership of the Sunrise oil sands project in northern Alberta. The plant has been ramping up to full production capacity at a slower rate than initially expected, but Husky said volumes are currently 40,000 barrels per day, in line with the most recent forecasts. Husky shares were last up 1.8 percent on the Toronto Stock Exchange at $15.86. (Additional reporting by Muvija.M in Bengaluru; Editing by Arun Koyyur and David Gregorio) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-husky-energy-results-idUSKBN18111B'|'2017-05-05T18:10:00.000+03:00'
'70f0b46c91dc932508deb1334f63c2b691aa3ce7'|'Oil prices fall amid fears for the global outlook - business live'|'Workers build bed frames at the Hollywood Bed Frame Company factory in Commerce, California. Photograph: Robyn Beck/AFP/Getty Images   View more sharing options Share   Close Nick Fletcher and Angela Monaghan Friday 5 May 2017 18.14 BST First published on Friday 5 May 2017 07.51 BST Key events Show 6.14pm BST 18:14 US rig numbers rise again 5.07pm BST 17:07 European markets close higher 4.22pm BST 16:22 Oil bounces back 4.07pm BST 16:07 Tsipras says end of Greek austerity in sight 2.45pm BST 14:45 Mixed start for Wall Street 2.04pm BST 14:04 US jobs figures: reaction 1.31pm BST 13:31 US jobs beat expectations Live feed Show 6.14pm BST 18:14 US rig numbers rise again US drillers added oil rigs last week for the sixteenth week in a row.The Baker Hughes rig count showed 6 oil rigs added to give a total of 703, the largest number since April 2015. Two gas rigs were added to give 173.The figures give an indication of the growing production from the US, although the pace of additions has slowed in recent weeks as the crude price held below $50 a barrel.Following the release of the Baker Hughes figures, oil prices edged higher with Brent crude up 1.5% at $49.15, up from a 1% increase.On that note, it<69>s time to close for the evening. Thanks for all your comments, and we<77>ll be back on Monday. Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 5.07pm BST 17:07 European markets close higher Ahead of the French election, investors seemed to be betting the more-market friendly Emmanuel Macron was likely to win the day, and pushed European markets higher. The moves came despite the better than expected US jobs figures doing little for the American market. On the French elections, Oliver Jones at Capital Economics said:Investors breathed a sigh of relief after Emmanuel Macron claimed the largest share of the vote in the first round of the French presidential election, and there is scope for a further rally if, as opinion polls suggest, he wins Sunday<61>s run-off handsomely.[But]we are not convinced that French bonds and the euro would stay strong for very long. For one thing, political risk will linger ahead of June<6E>s National Assembly elections, especially if Macron doesn<73>t win the run-off by the wide margin that the polls suggest. A relatively narrow victory would increase the chances that Macron<6F>s party, En Marche!, fails to secure a majority in those elections, which in turn would damage the prospects for his market-friendly labour reforms. But ahead of all that, the final scores on stock markets showed:The FTSE 100 climbed 49.33 points or 0.68% at 7297.43 Germany<6E>s Dax rose 0.55% to a record high of 12,716.89 France<63>s Cac closed up 1.12% at a nine and a half year high of 5432.40 Italy<6C>s FTSE MIB finished up 1.48% at 21,483.86 Spain<69>s Ibex ended 1.11% better at 11,135.4 In Greece, the Athens market added 0.68% to 753.99 On Wall Street the Dow Jones Industrial Average is currently down 10 points or 0.05%.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 4.22pm BST 16:22 Oil bounces back After the recent falls on worries about oversupply and the (lack of) effect of the producers<72> attempts to cap suppliers, oil prices are heading higher again.Brent crude is now up 1.9% at $49.32 a barrel having fallen as low as $46.64. Chris Beauchamp, chief market analyst at IG, said:Oil prices have bounced this afternoon, recovering a significant portion of yesterday<61>s heavy losses, but other than a snap-back rally in an overstretched market there is little sign of a firm fundamental reason.One piece of news was that China<6E>s crude oil production was down 6.5% in the first quarter, but investors will be keen to see the latest Baker Hughes rig count this evening for an update on US production.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 4.07pm BST 16:07 Tsipras says end of Greek austerity in sight Helena SmithOver to Greece now. Wit
'a22e2ebb5128d3d98dad75c8beca3864775524f6'|'RBS investors urged to reject CEO pay award'|'Business News - Wed May 3, 2017 - 4:49pm BST RBS investors urged to reject CEO pay award Royal Bank of Scotland chief executive Ross McEwan speaks during an interview with Reuters at Canary Wharf in London, Britain July 7, 2015. REUTERS/Neil Hall LONDON Investor advisory firm Institutional Shareholder Services has advised shareholders in Royal Bank of Scotland ( RBS.L ) to vote against its remuneration policy next week because it is unclear how bonuses will be paid out to senior directors. The group, which advises institutional investors, raised concerns about what will qualify Chief Executive Ross McEwan and Chief Financial Officer Ewen Stevenson to earn payouts even though the size of potential bonuses are being cut. The firm said that the reduction in bonuses available to McEwan and Stevenson was not enough to offset "uncertainty around how performance will be assessed." RBS will hold its annual general meeting in Edinburgh on May 11. (Reporting By Andrew MacAskill, Editing by Lawrence White)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rbs-pay-idUKKBN17Z1W8'|'2017-05-03T23:49:00.000+03:00'
'16d0e272b21213869e1200ff7e128bef343ef450'|'Direct Line posts 4.2 percent rise in first quarter gross written premiums'|'Business News - Wed May 3, 2017 - 7:38am BST Direct Line posts 4.2 percent rise in first quarter gross written premiums A photo illustration shows insurance renewal notices from Direct Line in London October 10, 2012. REUTERS/Suzanne Plunkett LONDON British motor and home insurer Direct Line Insurance Group reported a 4.2 percent rise in gross written premiums in the first quarter, boosted by strong performance in its auto business, it said on Wednesday. Gross written premiums rose to 810 million pounds, in line with a forecast by analysts KBW. Direct Line, whose brands include Churchill, Green Flag and Privilege, said in a statement it continued to target a 2017 combined operating ratio in a 93-95 percent range for continuing operations. Combined ratio is a measure of underwriting profitability in which a level below 100 percent indicates a profit. However, performance in home insurance was "challenging", Direct Line said, due to a rise in claims costs. Gross written premiums fell 3.9 percent in home insurance from a year earlier, compared with an 8.9 percent rise in motor gross written premium. (Reporting by Carolyn Cohn; Editing by Rachel Armstrong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-direct-line-results-idUKKBN17Z0FQ'|'2017-05-03T14:38:00.000+03:00'
'f0b78cb1a157ade9cd799fc747cd398817bf36e6'|'UPDATE 1-E-commerce site Etsy to replace CEO, cut staff as earnings miss'|'Etsy Inc ( ETSY.O ), an e-commerce site for handmade goods, on Tuesday said its chief executive would step down as it reported first-quarter profit below expectations and faced investor pressure to change course.Shares nosedived 17 percent in after-hours trading.Etsy said Chief Executive Chad Dickerson, who shepherded the company through its initial public offering two years ago, would be replaced by board member and former eBay Inc ( EBAY.O ) executive Josh Silverman this week.The company also said it would cut about 80 jobs, or 8 percent of its workforce.While Etsy continues to ride the wave of commerce shifting online, growth has slowed of gross merchandise sales, the value of items sold on its site and a key metric. Amazon.com Inc ( AMZN.O ) has opened a marketplace for handmade goods, too, though Etsy has claimed its wider selection of artisanal goods is keeping the e-commerce juggernaut at bay.Etsy said it failed to sell to as many visitors to its website as anticipated in the first quarter. Revenue of $96.9 million, up 18 percent from the year prior, came in below the $98.4 million analysts were expecting on average, according to Thomson Reuters I/B/E/S.Etsy cited slower consumer spending growth, but said its analysis of why February sales were soft was not yet complete. The company said it was not offering a routine financial forecast this week because of the management transition."That<61>s creating a level of uncertainly that the market<65>s uncomfortable with," said Maxim Group analyst Tom Forte.Costs jumped as a percentage of revenue due to a brand campaign and higher employee expenses, Etsy said.Incoming chief Silverman said on a call with analysts that marketing would continue to be an important investment going forward.Including $2.1 million in interest expense and other non-cash charges associated with Etsy''s new headquarters, the company lost $421,000 in the first quarter after earning $1.2 million a year prior. Analysts on average had expected earnings per share of 1 cent.Etsy said long-time director Fred Wilson will take over the board''s chairmanship from Dickerson. One of the company''s shareholders, black-and-white capital LP, earlier on Tuesday called on Etsy to explore a sale and to separate the roles of chairman and CEO.Among other criticisms by black-and-white, which said it owns 2 percent of Etsy, is that the website''s search functionality is poor. Etsy said on Tuesday it is working to improve this.(Reporting by Jeffrey Dastin in San Francisco; Editing by James Dalgleish and Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-etsy-ceo-idUSKBN17Y2H7'|'2017-05-03T06:47:00.000+03:00'
'cd38bdea4bf0813d483973fc69671161894a014a'|'China''s HNA raises Deutsche Bank stake to nearly 10 percent - source'|'FRANKFURT Chinese conglomerate HNA Group ( 0521.HK ) has raised its stake in Deutsche Bank ( DBKGn.DE ) to 9.9 percent, a source close to Germany''s flagship lender said on Tuesday.The move would make HNA, which holds the stake via investment vehicle C-Quadrat, the bank''s biggest shareholder ahead of Qatar, which has close to 10 percent of stock and options, and BlackRock ( BLK.N ), which owns 6.1 percent.HNA last lifted its stake in Deutsche in March to 4.76 percent. A regulatory filing on the increase is expected in the coming days, two sources close to the bank said.Deutsche, which is in the midst of an 8 billion euro ($8.74 billion) capital increase, declined to comment. C-Quadrat also declined to comment. The move was first reported by Bloomberg on Tuesday.The Chinese group has been on a acquisition spree that has seen it expand from its traditional business of aviation and logistics into financial services, betting on asset managers and consumer finance for growth at home and overseas.The moves reflect a broader push by China into financial services globally as Beijing encourages its corporate sector to expand overseas, although it faces increased regulatory scrutiny in the United States and Europe.($1 = 0.9156 euros)(Reporting by Alexander Huebner, writing by Emma Thomasson. Editing by Katrin Jones and Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deutsche-bank-hna-idINKBN17Y2E1'|'2017-05-02T17:58:00.000+03:00'
'87c87a9f3e51cb8f8ff5438a55ddaf52197c6741'|'Mexico''s Pemex says March crude oil exports hit record low'|'  1:33pm EDT Mexico''s Pemex says March crude oil exports hit record low MEXICO CITY May 5 Mexican national oil company Pemex said on Friday that March crude exports fell to a record low of just above 1 million barrels per day (bpd), while oil output for the month also dipped. Pemex''s March crude shipments averaged 1.001 million bpd, the lowest level of monthly exports going back to at least 1990 when records began. March exports were down nearly 6 percent compared with the same month last year. Meanwhile, crude production during the month fell 9 percent to average 2.018 million bpd. Pemex''s oil output hit a peak of 3.38 million bpd in 2004, but since then has steadily declined. A four-year-old energy overhaul that ended Pemex''s decades-long monopoly on production led to the first-ever competitive oil auctions and joint venture partnerships, but fresh output streams from new entrants in the market are not expected for several years. On Wednesday, despite lower oil production, Pemex reported its first quarterly profit in five years on higher sales and rising prices, gaining some $4.7 billion during the January-March period. (Reporting by David Alire Garcia; Editing by Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-pemex-idUSL1N1I7162'|'2017-05-06T01:33:00.000+03:00'
'eb0ccb9c71bd2e19e044044561af0f8bf4696e70'|'Exclusive - Health benefits manager eviCore explores sale, IPO: sources'|'By Carl O''Donnell U.S. specialty healthcare benefits manager eviCore is exploring a sale of the company or an initial public offering, hoping for a valuation of more than $4 billion, including debt, people familiar with the matter said on Thursday.General Atlantic LLC, the investment firm which acquired a controlling stake in eviCore in 2014, is hoping an auction for the company will attract some of the large U.S. health insurers that are seeking to diversify their business, the sources said.EviCore has hired investment banks to handle the sale process, and also to arrange an IPO in case any acquisition offers do not meet its valuation expectations, the sources said.The company has 12-month earnings before interest, taxes, depreciation and amortization of around $300 million, the sources added.General Atlantic and eviCore did not respond to requests for comment.Based in Bluffton, South Carolina, eviCore provides healthcare benefits management and administrative services on behalf of clients consisting primarily of commercial health insurers and other third-party payers, including Medicaid Managed Care and Medicare Advantage plans.It helps manage the benefits of more than 100 million people, in treatment areas ranging from specialty drugs and radiology, to cancer care.Insurers turn to companies such as eviCore to help keep benefit costs down.EviCore''s predecessor, MedSolutions Inc, was founded in 1992 as an owner and operator of diagnostics images center. It later divested its dialysis business and merged with benefits manager CareCore National.The company has been growing rapidly in recent years, in part due to a series of acquisitions, including of health technology company QPID Health and clinical decision support company HealthFortis.Since the planned $34 billion merger of health insurers Aetna Inc and Humana Inc and the $45 billion merger of Cigna Corp and Anthem Inc were shot down on antitrust concerns, analysts and investors have speculated that health insurers would turn to niche areas, such as benefits management, in a bid for growth.'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/evicore-healthcare-m-a-idINKBN1802S9'|'2017-05-04T19:57:00.000+03:00'
'10d52d56061ab30c9e2945046f40ece5c68be353'|'Wal-Mart files patent for Amazon Dash rival'|'Business News - Thu May 4, 2017 - 4:25pm EDT Wal-Mart files patent for Amazon Dash rival Shopping carts are seen outside a new Wal-Mart Express store in Chicago July 26, 2011. Wal-Mart Stores Inc reporterd a higher-than-expected quarterly profit May 19, 2106, as sales in the U.S. market rose, sending the retailer''s shares up nearly 10 percent. REUTERS/John Gress/Files Wal-Mart Stores Inc ( WMT.N ) has applied for a patent to compete with Amazon.com Inc''s ( AMZN.O ) wifi-connected, one-button ordering device, Amazon Dash, according to data provider CB Insights. The patent, filed in October, would be the first of Wal-Mart''s more than 800 patents and applications to focus on Internet of Things (IoT) and branches into shoppers'' homes, CB Insights said. Wal-Mart''s system would require less effort than Amazon''s, a CB Insights blog post said. "While Dash buttons still require users to press a physical button separate from the product, Wal-Mart aims to integrate IoT into the products themselves for automatic re-ordering with no user input at all," the blog post said. (Reporting by Nandita Bose in Chicago and Gayathree Ganesan in Bengaluru; Editing by Maju Samuel) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-walmart-patent-idUSKBN1802O1'|'2017-05-05T04:25:00.000+03:00'
'bbdbdd814bf2fa2f4acaf17db1f85e9052001aa7'|'Swiss bank account ''spy thriller'' case may deepen, says German official'|' 33pm BST Swiss bank account ''spy thriller'' case may deepen, says German official BERLIN A German state minister expressed alarm on Thursday at reports Switzerland had a spy in the regional finance ministry to find out how it obtained details of secret Swiss bank accounts, saying it threatened to compound a scandal that broke last week. The Sueddeutsche Zeitung newspaper and broadcasters NDR and WDR reported that the Swiss Federal Intelligence Service (FSI) had planted a mole in the North Rhine-Westphalia (NRW) finance ministry to get details of German tax investigators. Last Friday, German police arrested a 54-year old man suspected of trying to find out how German states had obtained CDs with details of secret Swiss bank accounts set up by Germans to evade tax. "If the Swiss spy did not just collect data himself, but also placed informants in our financial administration, the scandal takes on a new dimension," said Norbert Walter-Borjans, NRW finance minister. "You could hardly imagine a spy thriller like this taking place not on the big screen but on our doorstep," he said, adding the case showed how strongly protected is the Swiss system that allows tax evasion. The case could be embarrassing for Switzerland which has increased transparency in its financial system in the last few years to stop international tax dodgers abusing its secrecy rules. "We are giving all support to the investigating authorities to unmask the spies and we will not be intimidated in our efforts towards tax justice," said the minister. NRW has for years irritated Switzerland by buying data as part of a crack down on tax evasion by Germans stashing away cash in secret accounts. The state has bought 11 CDS of data since 2010 and paid 17.9 million euros (<28>15.2 million) to informants. It has recovered nearly 7 billion euros in tax revenue which would have been lost. The FIS declined to comment on the case but earlier this week, its defence minister, who oversees the agency, said it must protect its methods and sources. German Foreign Minister Sigmar Gabriel spoke to his Swiss counterpart on Wednesday about the case, the German foreign ministry said, declining to give further details. (Reporting by Matthias Inverardi and Andrea Shalal and Oliver Hirt; Writing by Madeline Chambers; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-swiss-security-germany-idUKKBN18028N'|'2017-05-05T00:33:00.000+03:00'
'ff605b9cfd64caeb8469af5cf176573afdb06f87'|'Shell reports sharp rise in Q1 profits, beating forecasts'|'LONDON Royal Dutch Shell said net profit more than doubled in the first quarter, joining its peers in beating analyst forecasts as rebounding oil prices and refining margins lifted revenue after a near three-year downturn.A 55 percent rise in oil prices from a year ago and deep cost cuts boosted cash generation, enabling the Anglo-Dutch company to cover spending and dividend payouts, while reducing debt following its $54 billion acquisition of BG Group last year.Shell remains on track to hit its $30 billion asset disposal program by 2018 to finance the BG acquisition, selling around $20 billion since 2016, including a large portfolio in the North Sea and exiting Canada''s oil sands."This is now the third consecutive quarter of dividend coverage, which coupled with the divestments to be cashed in later in the year, suggests Shell is shaping up to have a much better performance this year," RBC Capital Markets analyst Biraj Borkhataria said in a note after the results on Thursday.Europe''s largest oil and gas company joined rivals BP, Exxon Mobil, Chevron and Total in beating analysts'' quarterly profit forecasts.With oil prices hovering around $50 a barrel, cost cuts are set to remain a high priority.Shell has reduced costs and spending by nearly $30 billion and slashed some 12,500 jobs since 2014, but there was room for further job reductions, Chief Financial Officer Jessica Uhl said in a call with analysts.It generated a cash flow of $9.5 billion in the quarter, up 13 fold from a year earlier, and the strongest among its peers. Free cash flow rose to $5.2 billion from a negative $16.26 billion a year earlier.Shell''s shares were steady at 1418 GMT, broadly in line with London''s FTSE 100 index.Net income attributable to shareholders in the quarter, based on a current cost of supplies (CCS) and excluding exceptional items rose 142 percent to $3.75 billion, compared with a company-provided analysts'' consensus of $3.05 billion.A year ago, net income attributable to shareholders was $1.55 billion."We saw notable improvements in Upstream and Chemicals, which benefited from improved operational performance and better market conditions," said Chief Executive Ben van Beurden.Oil and gas production, known as upstream, rose 2 percent in the quarter to 3.752 million barrels of oil equivalent from 3.905 million boed in the fourth quarter of 2016 as a number of new fields continued to ramp up in Brazil and Kazakhstan in particular.Shell''s downstream division, which includes refining, marketing and chemicals saw earnings rise by 24 percent to $2.49 billion.Refined oil products sales are expected to decrease by 200,000 barrels per day (bpd) in the second quarter of 2017 following the sale of refineries in Malaysia and Denmark and the splitting of the Motiva Enterprises joint venture with Saudi Aramco in the United States, the company said.Shell''s debt ratio versus company capitalization, known as gearing, declined in the first quarter to 27.2 percent from 28 percent in the fourth quarter.The company stuck to plans to invest $25 billion this year, at the lower end of the long-term target.(Reporting by Ron Bousso; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-shell-results-idUSKBN1800HL'|'2017-05-04T14:11:00.000+03:00'
'f80a088fd781cb1efe2d9d7ef69c86a150ee24a3'|'UPDATE 1-Goldman''s Blankfein says London could stall due to Brexit - BBC'|'(Adds more details, background)LONDON May 5 London''s progress as a financial centre could stall because of the upheaval Brexit will bring to the industry, Goldman Sachs Chief Executive Officer Lloyd Blankfein was Quote: d as saying by the BBC.When asked whether London''s long-term expansion over the past three decades would go into reverse, Blankfein said: "I don''t think it will totally reverse.""It will stall, it might backtrack a bit, it just depends on a lot of things about which we are uncertain and I know there isn''t certainty at the moment," Blankfein said, according to a report on the BBC website.Most of the European Union''s financial markets are currently run out of London, but banks have warned some of that business and the jobs that come with it will have to move if they lose access to the bloc''s single market.Goldman''s CEO said he would like to see an implementation period of at least "a couple of years" once the British exit deal is agreed, so that banks can have time to adapt.The bank has "contingency plans" to move people depending on the outcome of the negotiations, he said.The head of Goldman''s international business, Richard Gnodde, warned on March 21 that the bank would begin moving hundreds of people out of London before any Brexit deal is struck between Britain and the EU.Blankfein said the bank wants to avoid cutting as many jobs as it can, adding that in 10 years'' time it was likely that London would remain its largest European office by a substantial margin."I would say that it is our hope that we will be able to conduct our business as close as we can to the way we conduct it today," he said."That is, we could have German nationals marketing German securities to German investors from the UK."And be resident in the UK and accomplish that. I would like and it is my hope that we can do as much of that as possible".The European Union is expected to publish a draft law next month that could be the prelude to forcing the clearing of euro-denominated securities out of Britain.Currently vast swathes of euro transactions are processed by clearing houses in London due to its status as a global financial centre. The euro zone has long wanted more control of that business, and Britain''s decision to leave the EU has provided a new impetus.Blankfein told the BBC it was important to guard against any rapid changes or fragmentation of financial activity, saying it could risk the safety and security of the financial system. (Reporting by Guy Faulconbridge and Pamela Barbaglia; editing by Rachel Armstrong and Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-eu-goldman-sachs-idINL4N1I7222'|'2017-05-05T05:08:00.000+03:00'
'49780ac93fdd84608814d1ea253f921dd1696033'|'Credit Suisse hires Walsh as co-head of TMT ECM'|'By Philip Scipio NEW YORK, May 4 (IFR) - Credit Suisse has hired Matt Walsh as a managing director and co-head of technology, media and telecom to work alongside John Kolz in its equity capital markets group.Walsh will be based in San Francisco and report to David Hermer, global head of ECM.He joins Credit Suisse from Bank of America Merrill Lynch, where he was co-head of its TMT ECM. Prior to joining Merrill in 2003, he worked at JP Morgan. (Reporting by Philip Scipio; Editing by Marc Carnegie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/moves-credit-suisse-walsh-idINL1N1I52C2'|'2017-05-04T10:46:00.000+03:00'
'0738ab52a69fd6a0ec61131d4310ffbd36f1084c'|'Tim Cook: Apple creating $1B fund to bring manufacturing jobs to the U.S. - May. 3, 2017'|'Apple''s renewed focus on U.S. jobs Apple CEO Tim Cook said Apple is putting $1 billion into a fund aimed at bringing advanced manufacturing jobs to the United States. Speaking on C NBC''s Mad Money on Wednesday, Cook boasted that Apple has already created two million jobs in America and said the company has plans to hire "thousands more employees in the future." But Apple ( AAPL , Tech30 ) is searching for ways to do more, Cook said. He called the $1 billion an "initial" donation to the fund and said he''s already spoken with one company that he plans to invest in. Apple declined to provide any additional details but Cook said it would announce more about the fund later this month. Related: Should Apple buy Disney? Tesla? The Raiders? "By doing that we can be the ripple in the pond," Cook said. "If we can create many manufacturing jobs, those manufacturing jobs create more jobs around them because you have a service industry that builds up around them." Cook also said Apple plans to put money into programs that will train "the next generation" of app developers, and he plans to announce more about that this summer. "You can see, we''re really looking at this thing deeply. How do we grow our employee base? How do we grow our developer base? And how do we grow manufacturing?" Cook said. "And you will see us bring things to market in all of those areas across this year." CNNMoney (New York) First published May 3, 2017: 7:25 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/05/03/technology/apple-tim-cook-advanced-manufacturing/index.html'|'2017-05-04T03:32:00.000+03:00'
'6a90a869c4cc94c52e69a6e3524ddeb842711c54'|'China leverage rising at ''alarming pace'' - central bank official'|'Business   9:15am BST China leverage rising at ''alarming pace'' - central bank official FILE PHOTO: A woman walks out of the headquarters of the People''s Bank of China (PBOC), the central bank, in Beijing November 20, 2013. REUTERS/Jason Lee/File Photo SHANGHAI China''s level of leverage is rising at an "alarming pace", particularly in the finance sector, a senior central bank official said in a commentary, amid growing concern by the country''s senior leaders over financial security. The official Xinhua news agency on Monday cited Xu Zhong, head of the People''s Bank of China''s (PBOC) research bureau, as saying the country needed to deleverage at a "proper pace" to reduce financial sector debt and avoid systemic financial risk. "China''s overall leverage level is reasonable but is rising at an alarming pace, especially in the financial sector," Xu said. The original commentary was published in business journal Caijing Magazine. Xu said high levels of stimulus spending from government paired with poor corporate management and financial supervision were key factors causing rising levels of leverage, Xinhua said. He added the government should stick to "prudent and neutral" monetary policy, reduce emphasis on economic growth targets, and improve corporate governance so authorities did not have to step in so frequently to help companies out. "Financial security is achieved via reforms, not bail-outs," Xinhua reported Xu as saying. Last week President Xi Jinping called for increased efforts to ward off systemic risks and help maintain financial security. Analysts say financial risk and asset bubbles pose a threat to the world''s second-largest economy if not handed well. Former Chinese finance minister Lou Jiwei also said last month that high leverage was the biggest risk facing China''s economy because debt has piled up despite government efforts to deleverage. The Bank for International Settlements warned last year that excessive credit growth in China is signalling an increasing risk of a banking crisis in the next three years. China watchers have generally expected another modest increase in short-term interest rates by the central bank around June, following similar moves earlier this year, but see no aggressive or politically sensitive tightening moves ahead of a major leadership transition in the country later in the year. Still, the People''s Bank of China (PBOC) and other regulators have ramped up the pressure on a number of fronts as they look to contain financial risks after years of debt-fuelled stimulus. In particular, regulators are targeting riskier forms of financing which often interconnect the official and shadow banking sectors and other financial firms such as brokerages and trust companies. Local governments have also rolled out a series of measures to cool heated housing markets, with mixed results so far. But again, tapping the brakes too hard risks a blow to economic growth. (Reporting by Adam Jourdan; Editing by Kim Coghill)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-debt-idUKKBN17X1BL'|'2017-05-01T16:15:00.000+03:00'
'838ccfe15f7e136af32160a1d8ca3bd904d84e55'|'UPDATE 2-Home Capital draws down credit line as deposits decline'|'* Balance in high-interest savings accounts falls to C$391 mln* Reiterates it will miss financial targets* Shares fall as much as 29 pct (Adds shares, analyst comment, details)May 1 Home Capital Group Inc, Canada''s biggest non-bank mortgage lender, said it expected to draw down half of a C$2 billion ($1.46 billion) credit line on Monday, as it seeks to offset the impact of a steep fall in savings accounts deposits.Home Capital''s shares slumped as much as 29 percent to C$5.75 in early trading, after the company on Monday also reiterated it would miss its financial targets.The company, which has hired bankers to help it secure additional funding and assess options, has suffered a crisis of confidence since a securities regulator last month alleged its top executives hid mortgage broker fraud from investors.Depositors have been withdrawing more cash from savings accounts that help fund Home Capital''s mortgage book.The company also said the balance in its high-interest savings accounts (HISAs) was expected to slump to about C$391 million on Monday, from C$521 million on Friday. The balance was C$1.4 billion a week ago."While the pace of withdrawals does appear to be slowing, funding is expected to remain a material constraint," Raymond James analysts wrote in a client note.Home Capital said on Friday that about C$290 million had been withdrawn from its HISAs the previous day, compared to C$472 million on Wednesday.The company on Thursday said Healthcare of Ontario Pension Plan had agreed to provide a C$2 billion credit line to its Home Trust unit.Total deposits in Home Capital''s less-liquid Guaranteed Investment Certificates stood at C$12.86 billion as of April 28, marginally lower than the C$12.97 billion, as of April 26.The alternative lender is expected to report fist-quarter results later this week.($1 = 1.3651 Canadian dollars) (Reporting by Swetha Gopinath and Arathy S Nair in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/home-cap-grp-stocks-idINL4N1I32P2'|'2017-05-01T12:45:00.000+03:00'
'ef16b67c66235d53f25a129b0f864b0259556ce9'|'Australia dismisses Cable & Wireless appeal for $339 million tax refund'|' 32am BST Australia dismisses Cable & Wireless appeal for $339 million tax refund SYDNEY The remnants of one of Britain''s oldest communications firms, Cable & Wireless, on Monday lost an appeal in Australia for a $339 million tax refund over the 2001 sale of Australian communications group Optus to Singapore Telecommunications Ltd (Singtel) ( STEL.SI ). The Australian Tax Office (ATO) has increased scrutiny over how much tax multinational companies operating in Australia pay. In December, it said it was pursuing seven global businesses for over A$2 billion ($1.50 billion) in unpaid tax. Cable & Wireless Australia, whose British parent was split up in 2010, took the ATO to the Federal Court in 2015 claiming it should have only paid A$134.5 million in tax, and seeking a $452.45 million refund plus legal costs. Under a deal that enabled Singtel to acquire Optus - since renamed Singtel Optus Pty Ltd - Cable & Wireless sold its 82 percent stake in Optus for $A6.2 billion, paying A$586.9 million in tax. Almost A$4 billion of the funds received from Singtel was treated as a dividend payment that was taxed at 15 percent. Cable & Wireless argued the transaction should have been treated as a capital gain because of the way the deal was structured. Australia''s Full Federal Court dismissed Cable & Wireless'' claim, saying the company was unable to satisfy the court that it was entitled to request a refund. Cable & Wireless was formed more than 140 years ago, initially establishing a telegraph cable service between London and Dublin. It split in 2010, with its international division de-merging to form Cable & Wireless Communications. The remainder became Cable & Wireless Worldwide and was acquired by Vodafone Group PLC ( VOD.L ) in 2012. (Reporting by James Regan; Editing by Christopher Cushing)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-australia-telecom-tax-idUKKBN17X1J6'|'2017-05-01T18:25:00.000+03:00'
'9a27994f803c7cc432167266aa6498929f4721cb'|'BP says Caspian gas pipeline''s Georgia section ready by mid-2018'|'Global Energy News - Mon May 1, 2017 - 9:51am BST BP says Caspian gas pipeline''s Georgia section ready by mid-2018 FILE PHOTO: A BP logo is seen at a new petrol station on the outskirts of Mexico City, Mexico March 9, 2017. REUTERS/Carlos Jasso/File Photo By Margarita Antidze - TBILISI TBILISI BP plans to complete by mid-2018 the Georgian section of a $40-billion strategic pipeline bringing Caspian gas from Azerbaijan into Europe, the British energy company''s country manager for Georgia said. The so-called southern gas corridor, which is meant to reduce the European Union''s dependence on Russian energy, will start at Azerbaijan''s Shah Deniz II gas field and cross through Georgia, Turkey, Greece, Albania and Italy. It is the largest attempt so far to bring new supply sources to Europe. Around 10 billion cubic metres (bcm) per year of Azeri gas should reach Europe by 2020 through the Trans Adriatic Pipeline, with another 6 bcm destined for Georgia through the South Caucasus Pipeline and Turkey through the Trans-Anatolian Pipeline. "All of the project''s components are ... on schedule as far as their intended delivery day for when commercial operations are due to begin in the middle to the later part of the next year," Chris Schlueter told Reuters, referring to the Georgian section. The Georgian part of the project includes the construction of two compressor stations, a 65-km pipeline and a metering station near the Turkish border. Schlueter said work on the pipeline had finished, with one compressor station 95 percent ready and the other compressor station 55 percent complete. Construction of the metering station was under way, he said, without giving specifics. "Later this year we''ll start to introduce the gas to the pipeline in order to get it ready for operations," he said. Schlueter said the project''s capital expenditure in 2016 was $550 million. In the first quarter of this year the figure was around $100 million, slightly less than in the same quarter of 2016. "Peak spending was last year and we will start to slow down (in terms of investment) this year," he said. Schlueter said peak production from the Shah Deniz II field was expected to occur several years after 2020. (Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bp-energy-idUKKBN17X1DN'|'2017-05-01T16:51:00.000+03:00'
'04c24f1dd094abcf90e91cfe1a84b47ad8cd6f2f'|'Exclusive - London tries to lure Saudi Aramco with new listing structure: sources'|'Deals - Wed May 3, 2017 - 6:34pm BST Exclusive: London tries to lure Saudi Aramco with new listing structure FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo By Dasha Afanasieva and Michelle Price - LONDON/HONG KONG LONDON/HONG KONG The London Stock Exchange ( LSE.L ) is working on a new type of listing structure that would make it more attractive for oil giant Saudi Aramco to join the bourse, sources familiar with the discussions said. Exchanges around the world are vying for a piece of Saudi Aramco''s initial public offering (IPO), expected to be the largest in history. The company is expected to list on the Riyadh exchange, the Tadawul, and at least one major international stock market. The LSE is seen as one of the front-runners to win part of the IPO and has been pushing hard to land it. LSE chief executive Xavier Rolet travelled with British Prime Minister Theresa May earlier this month to Saudi Arabia, with the pair meeting the kingdom''s sovereign wealth fund, which is expected to be a major decision-maker in the listing process. But none of the exchange''s current listing structures are likely to appeal to Aramco. It is working on a new model that would allow it to avoid the most onerous corporate governance requirements of a primary listing, without being seen as second class. Such an approach could leave the British stock market open to criticism that it is changing the rules in order to attract large state-backed companies which are reluctant to meet more stringent corporate governance requirements. Currently most companies on the LSE have a "premium listing", which is required if they are to be included in the FTSE index. That requires firms to list at least 25 percent of their shares in a free float, unless regulator Financial Conduct Authority (FCA) makes an exception, and be subject to corporate governance rules which include giving minority shareholders extra voting power on issues such as independent directors. But Saudi Aramco, which estimates its total value to be around $2 trillion, has so far indicated it wants to list no more than 5 percent of its shares, leaving private investors with little chance to influence the company. RETAINING CONTROL The existing alternative is for Aramco to opt for a "standard listing" which has less onerous corporate governance requirements, especially in relation to the issue of controlling shareholders. Standard listings are however generally seen as less attractive to investors and have connotations of being second best. Advisers often tell companies not to pursue this option. "By listing as premium or standard, big pension funds and asset managers know where they sit in terms of governance," said Russell Holden, corporate partner at international law firm Taylor Wessing. Instead, sources said the LSE and the UK Listing Authority, which is part of the Financial Conduct Authority, are discussing a new category of listings for large international companies which may fail to meet the premium listing standards but is more prestigious and more appealing to investors than the "standard" category. In a recent discussion paper, the FCA said a proposed international segment "may be attractive to companies where there is a founding family or government that wishes to retain control rights that are incompatible with a conventional premium listing". While the paper discussed general listing rules, sources familiar with negotiations said the new segment was being devised specifically with Aramco in mind. They said both the LSE and government were putting pressure on the FCA to help them come up with a workable structure of this kind in order to clinch the deal. An FCA spokesman declined to comment on an individual company''s listing arrangements but said it aimed to ensure markets functioned well: "Our recent work considers som
'7c0efa5abd373ba032f7311f103c5e2aabd1ae8b'|'PRESS DIGEST- British Business - May 5'|'May 5 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times* The European Commission has embarked on another attempt to claim London''s vast and lucrative euro clearing market in a move that could jeopardise 80,000 jobs. bit.ly/2pF9u80* The British government is reported to be in talks with Tehran about providing export guarantees to ensure aircraft ordered by Iran''s national airline, Iran Air, can be delivered. bit.ly/2pETQcUThe Guardian* The French bank Societe Generale is to pay 963 million euros ($1.06 billion) to settle a legal battle with the Libyan investment fund that dates back to the Gaddafi regime. bit.ly/2pEILZi* Pfizer Inc has said it will make Palbociclib, the breast cancer drug, available free of charge for women in the United Kingdom. bit.ly/2pETxPfThe Telegraph* Activist investor Elliott Advisors will fire the latest salvo in the tug-of-war over Dulux owner Akzo Nobel by claiming the Dutch company''s plan to remain independent could result in four times more job losses than if it was taken over by U.S. rival PPG Industries Inc, according to the Telegraph. bit.ly/2pF0dgj1* Philip Hammond tried to reassure London over its future as a financial hub following threats from Brussels to control euro-clearing, with the Chancellor warning that proposed EU changes could weaken financial stability. bit.ly/2pEx058Sky News* Sky News has learnt that Transline Group, the employment agency whose relationship with Sports Direct International Plc sparked a political outcry, paid more than 1 million pounds ($1.29 million) last year to directors in the form of dividends, loans and a transfer of shares - even as it was facing a funding squeeze after suffering a seven-figure annual loss. bit.ly/2pEHjpN* The Society of Motor Manufacturers and Traders said new car registrations in the United Kingdom slumped by 19.8 percent to 152,076. bit.ly/2pEOU7RThe Independent* Just 1 percent of the public are "strongly opposed" to renewable energy, according to a government survey. ind.pn/2pECrAU* The latest flight-delay verdict from the European Court of Justice has ruled that "a collision between an aircraft and a bird is an extraordinary circumstance". Therefore airlines can reject claims for compensation from passengers delayed by three hours or more by a bird strike. ind.pn/2pEXF1L ($1 = 0.9108 euros) ($1 = 0.7739 pounds) (Compiled by Parikshit Mishra in Bengaluru; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL1N1I62HH'|'2017-05-04T21:31:00.000+03:00'
'f382eab583786c7fa42bf231b12143bd573e4cd7'|'EURO DEBT SUPPLY-Five euro zone countries to sell bonds next week'|'LONDON May 5 The Netherlands, Austria, Germany, Portugal and Italy are scheduled to hold bond auctions in the week ahead.* On Tuesday, the Netherlands will sell 2 to 3 billion euros of five-year government bonds.* On the same day, Germany auctions 500 million euros of a 30-year inflation-linked bond, while Austria is scheduled to sell 1.1 billion euros in bonds by reopening 2047 and 2027 issues.* Germany comes to the market again on Wednesday, with a 3 billion euro sale of five-year bonds.* Also on Wednesday, Portugal is to offer up to 1.25 billion euros of bonds maturing in 2022 and 2027.* Italy is scheduled to sell medium and long-term bonds on Thursday. The auction details are yet to be released.(Reporting by Dhara Ranasinghe, Editing by Abhinav Ramnarayan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-outlook-idINL8N1I72VP'|'2017-05-05T10:22:00.000+03:00'
'72f2a7bc11e0e10aa3f8c484ff1fde02482d1db8'|'VW eyes productivity increases at core brand - executive in paper'|'BERLIN Volkswagen ( VOWG_p.DE ) wants to increase the productivity of its plants at its core brand to catch up with rivals, the head of the VW brand told a German newspaper."There''s no avoiding it, the plants have to become much more productive in the coming years because we are not making enough money with our cars at the moment," Herbert Diess was Quote: d as saying by tne Sueddeutsche Zeitung in an interview published on Thursday.His comments came after first-quarter operating profit at VW''s largest division surged to 869 million euros ($948.9 million) from 73 million a year earlier.Investors have said a turnaround at the VW brand, which has long been saddled with high fixed and R&D costs, is key to turning the German giant into a more attractive business."We need to catch up urgently," Diess said, saying it was not easy to get the message across.(Reporting by Victoria Bryan; Editing by Tom Heneghan)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-volkswagen-productivity-idUSKBN17Z2NJ'|'2017-05-04T06:06:00.000+03:00'
'e5c0e9892c7994867527617b04e4535f5447b962'|'Insurer RSA first quarter premiums up 14 percent, operating profit strong'|'  8:29am BST Insurer RSA''s first quarter premiums up 14 percent, operating profit strong A logo of RSA insurance company is pictured outside its office in London December 13, 2013. REUTERS/Toby Melville LONDON London-listed insurer RSA reported a 14 percent rise in first-quarter net written premiums on Thursday and said operating profits were ahead of plan, sending its shares higher. Best known in Britain for its More Than brand, RSA has been selling businesses and cutting costs under Chief Executive Stephen Hester, former boss of RBS, who joined in 2014 to overhaul the motor and home insurer. "We''ve made a very good start to the year," Hester said on a media call, though the company did not disclose profit numbers in a shortened first-quarter statement. "The company has returned to growth after three years of restructuring." Group net written premiums rose to 1.71 billion pounds, up 14 percent on a reported basis and up 4 percent on a constant currency basis. Its Canadian business saw the biggest rise in premiums, a 28 percent gain on a reported basis. Volume increases accounted for half of the premium growth on a constant currency basis and rate increases for the other half, RSA said. Low weather-related losses helped underwriting performance, RSA said in a trading statement. "Weather experience was relatively benign across the group, with the exception of Canada which saw the impact of windstorms across Newfoundland and Ontario in March." The firm took a further 40 million pound charge, however, due to changes to the UK discount rate used to calculate lump sum payments in personal injury claims, which have pushed up the size of the payments. This follows a 45 million pound charge in the firm''s 2016 results. RSA''s shares were up 2.4 percent to 619 pence at 0702 GMT, compared with a 0.5 percent rise in the FTSE 100 index. Barclays analysts reiterated their overweight rating on the stock, saying premiums came in ahead of its estimates, and that the company''s "stretched 2018 ambitions are looking increasingly achievable". (Reporting by Carolyn Cohn; editing by Greg Mahlich and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rsa-results-idUKKBN1800K8'|'2017-05-04T14:46:00.000+03:00'
'5486555e5e2926cab36820e0af77c54b180f8cdf'|'UK to streamline payments to boost bank competition'|'Business News - Thu May 4, 2017 - 1:07pm BST UK to streamline payments to boost bank competition A sign for Bank Street and high rise offices are seen in the financial district in Canary Wharf in London, Britain, October 21, 2010. REUTERS/Luke Macgregor/File Photo By Huw Jones - LONDON LONDON Britain''s multi-trillion pound system for shuffling payments and cheques will be streamlined under plans announced on Thursday to help newcomers compete more easily with long established banks and improve services to customers. Britain is keen to increase competition in banking, a sector dominated by the "Big Four" lenders - Lloyds, HSBC, Barclays and RBS. Any new banks have to use existing payments systems, largely set up by the big lenders, for a fee. A group created by the Payment Systems Regulator (PSR) and Bank of England recommended on Thursday that the three retail payment systems, Bacs, Cheque and Credit Clearing Company, and Faster Payments Scheme be consolidated under one roof. That would mean new banks will only have to make one application to use all the three systems, thereby speeding up the process and cutting costs. "The consolidation would be an important first step towards a generational change in UK payments," PSR Managing Director, Hannah Nixon, said in a statement. "Consumers will also benefit from new entrants coming into the market and offering users of payment services new, innovative products." Although only a recommendation, in practise the three payments firms have little choice but to accept the proposal by the regulator and the BoE. The PSR has powers to force through changes. "We welcome the report, and look forward to seeing its recommendations taken forward in a way which promotes an orderly and smooth transition," said David Bailey, the Bank''s director for financial market infrastructure. It is expected that the consolidation will be substantially completed by the end of 2017, the PSR said. "While good progress has been made, support from across the industry is vital and significant collaborative work still needs to be done if the plan is to be delivered successfully and the benefits of the consolidation unlocked," said Robert Stansbury, who chairs the joint BoE, regulator, delivery group. (Reporting by Huw Jones; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-banks-regulations-idUKKBN1801DJ'|'2017-05-04T19:49:00.000+03:00'
'fcfbbc61d67dbe8d5e020932b4bf8072ed531d96'|'Morrisons'' sales rise for sixth straight quarter'|'Business News - Thu May 4, 2017 - 7:22am BST Morrisons'' sales rise for sixth straight quarter Shoppers walk past a branch of the food retailer Morrisons in west London, Britain, January 7, 2017. REUTERS/Toby Melville LONDON Morrisons beat forecasts as Britain''s fourth biggest supermarket operator reported a sixth consecutive quarter of underlying sales growth. The company, based in Bradford, England, also said on Thursday that its expectations and guidance for the 2017-18 year were unchanged. Morrisons said sales at stores open over a year, excluding fuel, rose 3.4 percent in the 13 weeks to April 30, its fiscal first quarter. That topped the 1.8 percent growth expected by analysts on average and growth of 2.5 percent achieved in the previous quarter. Sales, excluding fuel, rose by 2.8 percent. <20>Our new financial year has started well," said Chief Executive David Potts. Former Tesco executive Potts joined Morrisons in 2015 tasked with reviving the group after it was damaged by the rise of discounters Aldi and Lidl in its northern England heartland. Potts has delivered a steady improvement in trading, helped by more competitive prices, improved product ranges and availability and better customer service, resulting in a 25 percent rise in the company''s shares over the last year. Prior to Thursday''s update, analysts'' average forecast for 2017-18 underlying pretax profit was 371 million pounds, up from 337 million in 2016-17, which marked the first rise in five years. The stock closed at 239 pence on Wednesday, valuing the business at 5.6 billion pounds. (Reporting by James Davey; editing by Susan Fenton and Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-morrisons-outlook-idUKKBN1800HV'|'2017-05-04T14:16:00.000+03:00'
'6274c9e2ee310b0210d9fd28f41a559a1d0bdf51'|'Nissan''s in-car Faraday Cage could prevent distracted driving 3,'|'These cities have the worst rush hour traffic Nissan is using old school technology to try to stop distracted driving. On Monday, the company announced Signal Shield, an armrest outfitted as a Faraday Cage. Created in 1838, Faraday Cages block electric fields. If your phone is inside one, it can''t connect to cellular signals, data, WiFi or Bluetooth.Nissan''s Signal Shield prototype fits between the two front seats of the Nissan Juke and is designed to keep your phone silent while you drive. With the lid closed, your phone won''t receive texts, calls or notifications that might distract you. But when you open it, your phone will work like normal.According to the National Highway Traffic Safety Administration, eight people are killed and over 1,000 are injured each day in the U.S. in accidents involving distracted drivers. And mobile devices are a major distraction in vehicles.Related: Smartphones may be to blame for unprecedented spike in pedestrian deathsExperts have also said mobile phones are partly to blame for the rise in pedestrian fatalities -- in 2016, 6,000 pedestrians were killed.Nissan ( NSANF ) told CNNTech its concept is better than just turning off your phone, because you can still listen to music through a plugged in USB or auxiliary connection while your phone is in the compartment. (Though you''d be able to do that on airplane mode, too.)Further, drivers can make phone calls via Bluetooth without touching their phones if they just open the compartment, Dominic Vizor, a spokesman for Nissan, said.While the Faraday Cage armrest is still a prototype, it''s already possible to get the tech in your car. Faraday Bags are frequently used by privacy-conscious people to prevent hackers from accessing their devices. They''re easy to buy online and you can take them anywhere.CNNMoney (San Francisco) First published May 3, 2017: 1:29 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/05/03/technology/nissan-faraday-cage-arm-rest/index.html'|'2017-05-03T21:29:00.000+03:00'
'582c8264c40341c01330adb23e0ddb2f7d34cb91'|'BRIEF-Humana Inc says "initial indications of Medicare premium levels are also encouraging"'|'UPDATE 2-Toronto house prices, listings surge in April but sales dip OTTAWA, May 3 Toronto home prices and new listings surged in April while sales fell, data showed on Wednesday, suggesting the market may be starting to rebalance after new housing rules were put it place amid fears of a bubble in Canada''s largest city. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-humana-inc-says-initial-indication-idUSFWN1I50SG'|'2017-05-03T21:27:00.000+03:00'
'1ffcf81c41fc96d6044f71cd9b694c54ad22fca7'|'Pembina Pipeline to buy Veresen in $9.7 bilion deal'|'Commodities - Mon May 1, 2017 - 2:23pm EDT Pembina buys Veresen for $7.1 billion as pipeline sector consolidates By Swetha Gopinath and Ethan Lou Pembina Pipeline Corp ( PPL.TO ) will buy smaller rival Veresen Inc ( VSN.TO ) in a C$9.7 billion ($7.10 billion) stock-and-cash deal, the expanding Canadian company said on Monday, the latest deal in a sector that has been consolidating in the face of low commodity prices and high costs. With prices slow to rebound from a two-year slump, pipeline companies have been under pressure to merge as they grapple with overcapacity and sliding tariffs. Investors have doubted the sector''s ability to generate returns, with no major projects on the horizon beyond a few currently approved ones. The combined company boasts a market capitalization of C$22.7 billion, pushing third-place Pembina further ahead of smaller rivals and closer to the realm of giants C$91.4 billion Enbridge Inc ( ENB.TO ) and C$54.7 billion TransCanada Corp ( TRP.TO ). The new company would be better positioned to finance Veresen''s larger-scale growth projects, such as the $7.5 billion Jordan Cove liquefied natural gas project and the C$8 billion-C$10 billion twinning of the Alliance pipeline, said National Bank of Canada analyst Patrick Kenny. The deal also gives Pembina access to Veresen''s natural gas pipelines and processing infrastructure, granting it a stronger position in the Western Canadian Sedimentary Basin, home to major gas plays such as the Montney. Pembina Chief Executive Officer Michael Dilger said on a conference call that regarding Montney, "we get a do-over there" with the deal. The offer represents a 22.5 percent premium to Veresen''s last close, the companies said. Pembina''s shares were down about 4.1 percent at C$41.72. Veresen shares jumped more than 18 percent to C$18.12. After the deal, Pembina will own about 5.8 billion cubic feet per day of gas processing infrastructure across Western Canada by 2018. The combined company will have about 3 million barrels of oil equivalent per day of pipeline capacity. "When we combine with Veresen who is...68 percent pipelines, we put the P back in pipelines in our name," Dilger said. At present, pipelines account for about 46 percent of the margins of Pembina. "VSN''s deep inventory of well-head oriented expansions should pair nicely with Pembina''s role as liquids aggregator across the (Western Canadian Sedimentary Basin)," analysts at Tudor, Pickering, Holt & Co said. The deal is the latest in a wave of consolidation in the industry. In September, Enbridge announced a $28 billion acquisition of Spectra Energy. That followed TransCanada''s $10 billion purchase of Columbia Pipeline Group in March last year. Pembina said it would pay as much as about C$1.52 billion in cash and 99.5 million in shares. CIBC World Markets Inc is Pembina''s financial adviser, while Scotiabank is advising Veresen. ($1 = 1.3668 Canadian dollars) (Reporting by Swetha Gopinath in Bengaluru and Ethan Lou in Calgary, Alberta; editing by Shounak Dasgupta and David Gregorio) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-veresen-m-a-pembina-pipe-idUSKBN17X1K2'|'2017-05-01T14:48:00.000+03:00'
'35a31579e3dccfa02b69bfd7f74b320fbc9019b5'|'U.S. consumer spending flat; inflation pressures subside'|'Business News - Mon May 1, 2017 - 3:40pm BST U.S. factory activity slows; inflation pressures subside FILE PHOTO: An H&M store has sale signs in the window in New York City, U.S., August 11, 2016. REUTERS/Joe White By Lucia Mutikani - WASHINGTON WASHINGTON U.S. factory activity slowed in April while consumer spending was unchanged in March and a key inflation measure recorded its first monthly drop since 2001, but economists still expect an interest rate increase in June as the labor market tightens. The weak reports on Monday came ahead of the Federal Reserve''s two-day policy meeting on Tuesday. The U.S. central bank is not expected to raise interest rates at the end of the meeting on Wednesday. The reports did little to change expectations of a rate hike in June. "We don''t expect that will prevent the Fed from hiking interest rates again at the June meeting, at least not as long as employment growth rebounds in April and May," said Paul Ashworth, chief U.S. economist at Capital Economics in Toronto. The Institute for Supply Management (ISM) said its index of national factory activity dropped to a reading of 54.8 last month, the weakest reading since December, from 57.2 in March. A reading above 50 indicates an expansion in manufacturing, which accounts for about 12 percent of the U.S. economy. The ISM index had risen since last November, scaling a 2-1/2-year high in February, amid optimism over President Donald Trump''s pro-business policy proposals. It has declined in the last two months and some economists say the retreat probably reflects caution among business as they await implementation of the proposals. The Trump administration last week proposed a tax plan that includes cutting the corporate income tax rate to 15 percent from 35 percent, but offered no details. The manufacturing recovery is being supported by the energy sector as steady increases in crude oil prices boost drilling activity. The government reported on Friday that spending on mining exploration, wells and shafts surged at a record rate of 449 percent in the first quarter. Last month, the ISM survey''s new orders sub-index fell to its lowest level since November and a measure of factory employment fell to a six-month low. Prices for U.S. government bonds were trading lower, while the dollar was marginally lower. U.S. stocks were little changed. MONTHLY INFLATION FALLS The Fed lifted its overnight interest rate by a quarter of a percentage point in March and has forecast two more hikes this year. The consumer spending data was included in last Friday''s first-quarter gross domestic product report, which showed consumer spending increasing at a 0.3 percent annual rate - the slowest pace since the fourth quarter of 2009. Consumer spending accounts for more than two-thirds of U.S. economic activity. The economy grew at a 0.7 percent rate in the first quarter, the worst performance in three years. The personal consumption expenditures (PCE) price index excluding food and energy slipped 0.1 percent, the first and largest drop since September 2001, after increasing 0.2 percent in February. In the 12 months through March, the so-called core PCE price index increased 1.6 percent, the smallest gain since last July, after advancing 1.8 percent in February. The core PCE is the Fed''s preferred inflation measure. The U.S. central bank has a 2 percent target. "We view the drop in the core PCE price index in March as an aberration and we expect the core inflation rate to creep upwards over the coming months," said John Ryding, chief economist at RDQ Economics in New York. The overall PCE price index fell 0.2 percent in March. That was the first decline since February 2016 and the biggest drop since January 2015. In the 12 months through March the PCE price index increased 1.8 percent after rising 2.1 percent in February. With price pressures subsiding, inflation-adjusted consumer spending increased 0.3 percent in March, ending two straight months of decline.
'4fb035dc36045a318ed869312deef0f49703b05e'|'Australia dismisses Cable & Wireless appeal for $339 million tax refund'|'SYDNEY The remnants of one of Britain''s oldest communications firms, Cable & Wireless, on Monday lost an appeal in Australia for a $339 million tax refund over the 2001 sale of Australian communications group Optus to Singapore Telecommunications Ltd (Singtel) ( STEL.SI ).The Australian Tax Office (ATO) has increased scrutiny over how much tax multinational companies operating in Australia pay. In December, it said it was pursuing seven global businesses for over A$2 billion ($1.50 billion) in unpaid tax.Cable & Wireless Australia, whose British parent was split up in 2010, took the ATO to the Federal Court in 2015 claiming it should have only paid A$134.5 million in tax, and seeking a $452.45 million refund plus legal costs.Under a deal that enabled Singtel to acquire Optus - since renamed Singtel Optus Pty Ltd - Cable & Wireless sold its 82 percent stake in Optus for $A6.2 billion, paying A$586.9 million in tax.Almost A$4 billion of the funds received from Singtel was treated as a dividend payment that was taxed at 15 percent. Cable & Wireless argued the transaction should have been treated as a capital gain because of the way the deal was structured.Australia''s Full Federal Court dismissed Cable & Wireless'' claim, saying the company was unable to satisfy the court that it was entitled to request a refund.Cable & Wireless was formed more than 140 years ago, initially establishing a telegraph cable service between London and Dublin.It split in 2010, with its international division de-merging to form Cable & Wireless Communications. The remainder became Cable & Wireless Worldwide and was acquired by Vodafone Group PLC ( VOD.L ) in 2012.(Reporting by James Regan; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-australia-telecom-tax-idINKBN17X1J6'|'2017-05-01T08:32:00.000+03:00'
'3f038ee984155e5576bd2eee7a0be8a065b911fc'|'Siemens, SAP sign cooperation deals with Saudi Arabia - officials'|'Business News - Sun Apr 30, 2017 - 5:01pm BST Siemens, SAP sign cooperation deals with Saudi Arabia - officials left right Saudi Arabia''s King Salman bin Abdulaziz Al Saud stands next to German Chancellor Angela Merkel during a reception ceremony in Jeddah, Saudi Arabia April 30, 2017. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS 1/5 left right Saudi Arabia''s King Salman bin Abdulaziz Al Saud stands next to German Chancellor Angela Merkel during a reception ceremony in Jeddah, Saudi Arabia April 30, 2017. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS 2/5 left right Saudi Crown Prince Mohammed Bin Nayef shakes hands with German Chancellor Angela Merkel during a reception ceremony in Jeddah, Saudi Arabia April 30, 2017. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS 3/5 left right Saudi Arabia''s King Salman bin Abdulaziz Al Saud meets with German Chancellor Angela Merkel in Jeddah, Saudi Arabia April 30, 2017. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS 4/5 left right Saudi Arabia''s King Salman bin Abdulaziz Al Saud and German Chancellor Angela Merkel (back) attend a deal signing ceremony in Jeddah, Saudi Arabia April 30, 2017. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS 5/5 JEDDAH Saudi Arabia wants German companies Siemens and SAP to play an important role in furthering the kingdom''s "digital transformation", company officials said on Sunday during German Chancellor Angela Merkel''s visit to the country. Top executives at the engineering conglomerate and the business software company who were travelling with Merkel signed declarations of intent to work with the Saudi authorities, the officials said. Saudi Arabia is pushing a long-term economic transformation dubbed "Vision 2030" to reduce the country''s reliance on oil, attract investment and improve the lives of its citizens. Siemens signed a framework agreement with the Saudi National Industrial Clusters Development Program (NICDP) which the German group said could lead to equipping infrastructure projects worth at least a billion euros. The company also wants to provide vocational training in Saudi Arabia, while SAP has agreed with the Saudi Ministry of Planning to cooperate on the country''s digitisation efforts, officials said. The German business delegation travelling with Merkel on her Gulf visit also includes the chief executives of Lufthansa, national railway operator Deutsche Bahn [DBN.UL] and industrial services group Bilfinger. (Reporting by Andreas Rinke; Writing by Andreas Cremer; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-germany-merkel-business-idUKKBN17W0KN'|'2017-05-01T00:01:00.000+03:00'
'd2699289480aa945171d7d8127588672c832d746'|'Twenty-First Century Fox in talks with Blackstone to buy Tribune'|'Funds News - Sun Apr 30, 2017 - 8:29pm EDT Twenty-First Century Fox in talks with Blackstone to buy Tribune NEW YORK, April 30 Twenty-First Century Fox Inc is in talks with Blackstone Group LP about submitting an acquisition offer for Tribune Media Co, according to a source familiar with the matter. Twenty-First Century Fox, Blackstone and Tribune Media could not be immediately reached for comment. The Financial Times first reported the negotiations. (Reporting by Lauren Hirsch in New York and Rama Venkat Raman in Bengaluru; Writing by Dan Freed in New York; Editing by Will Dunham) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tribune-media-ma-idUSL4N1I302A'|'2017-05-01T04:29:00.000+03:00'
'e4a158b745d71a2cded8518e33ceaf48688cb68b'|'Olayan family plans to list its Saudi business - sources'|' 24pm BST Olayan family plans to list its Saudi business - sources Lubna S. Olayan, Chief Executive Officer and Deputy Chairperson, Olayan Financing Company attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 18, 2017. REUTERS/Ruben Sprich By Tom Arnold , Saeed Azhar and Katie Paul - RIYADH RIYADH The Olayan family, which controls one of Saudi Arabia''s largest conglomerates, is considering listing at least 30 percent of its Saudi business in a sale that could value the company at several billion dollars, banking sources say. Olayan Financing Company is working with Banque Saudi Fransi Capital, which has a deep relationship with the firm, on the potential listing on the Saudi stock market but the sources said the process could take at least a year to complete. The company could be valued at $2 billion to $3 billion (<28>1.5 billion to <20>2.3 billion) in an initial public offering (IPO), one of the banking sources said. Olayan and Banque Saudi Fransi officials did not immediately respond to Reuters queries for comment. Established in 1947, Olayan is involved in product distribution, manufacturing, services and investment, often alongside leading multinational such as Coca-Cola Co ( KO.N ) and Colgate-Palmolive Co ( CL.N ). Olayan also has international investments, including a stake of 10.7 percent in Credit Suisse ( CSGN.S ), including options. It has property investments across Europe and the United States and bought 550 Madison Avenue in Manhattan, otherwise known as the Sony Tower, last year in partnership with London-based Chelsfield, according to Olayan''s website. The government has been keen to encourage more family businesses to consider listing as a way to boost investment in capital markets and improve corporate governance. One of the sources said as two of the conglomerate''s senior figures, Lubna and Khaled Olayan, were both close to retirement a listing was a way of ensuring succession planning. A former JPMorgan Chase & Co. analyst, Lubna is the chief executive of Olayan Financing Company, which holds and manages all of the Olayan Group''s businesses and investments in Saudi Arabia and the Middle East. She also wields considerable influence outside the company. In 2004, she became the first woman to be elected to the board of Saudi Hollandi Bank, now called Alawwal Bank 1040.SE. Last year, Lubna was one of four new appointments by government-owned Public Investment Fund (PIF) to the board of Ma''aden 1211.SE, the Gulf''s largest miner, in which PIF owns 49.99 percent. Mining is a sector of strategic importance to the government. The Olayan family also holds 21.76 percent of Alawwal Bank and 16.98 percent in Saudi British Bank (SABB) 1060.SE, Saudi lenders backed by Royal Bank of Scotland ( RBS.L ) and HSBC Holdings ( HSBA.L ) respectively. The Saudi lenders agreed last month to start merger talks. Bloomberg had earlier reported the company''s plans for an IPO. (Additional reporting by Marwa Rashad; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-olayan-ipo-idUKKBN17Z1BH'|'2017-05-03T20:24:00.000+03:00'
'87ee05c732b9079db29b9a7dc5e62cb74fdd683b'|'Asia stocks ride global momentum, dollar up on June Fed rate hike bets'|'Business   11:49am EDT Apple weighs on equities, dollar up before Fed decision left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 1, 2017. REUTERS/Brendan McDermid 1/4 left right A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo 2/4 left right Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 2, 2017. REUTERS/Staff/Remote 3/4 left right People are seen in front of an electronic board showing stock prices outside a brokerage at a business district in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon 4/4 By Chuck Mikolajczak - NEW YORK NEW YORK World stock markets fell on Wednesday as declines in iPhone sales brought about some concern about consumer strength, while the dollar edged higher before a U.S. central bank statement that may hint towards a rate hike next month. Apple Inc ( AAPL.O ) lost 0.9 percent as the biggest drag on the S&P 500 after it reported a surprise fall in iPhone sales in its fiscal second quarter on Tuesday. The drop came on the heels of a decline in sales for U.S. automakers for April and a soft first-quarter reading on U.S. growth last week. Even with the decline, Apple still managed to top earnings estimates in what has been a strong quarter for U.S. companies. Thomson Reuters data shows first-quarter growth is currently expected to be 14.2 percent, the best quarter since 2011, with 357 of S&P 500 companies having reported. "Think about the mixed message you had in the first quarter <20> GDP light, monthly auto sales light, iPhone sales light, so you<6F>ve got extraneous negative data," said Art Hogan, chief market strategist at Wunderlich Securities in New York. "The first quarter is a blockbuster quarter for earnings on balance, which doesn<73>t necessarily line up with some of the incremental pieces of economic data that we<77>ve seen. That is the hard part to rationalize." A report by payrolls processor ADP said private employers expanded their payrolls by 177,000 jobs last month, the smallest gain since the 62,000 increase last October as they faced increasing difficulty finding qualified workers. Other data indicated the pace of growth in the U.S. economy''s service sector increased in April, led by a jump in new orders, according to an industry report. The Dow Jones Industrial Average .DJI fell 34.45 points, or 0.16 percent, to 20,915.44, the S&P 500 .SPX lost 7.26 points, or 0.30 percent, to 2,383.91 and the Nasdaq Composite .IXIC dropped 30.67 points, or 0.5 percent, to 6,064.70. Europe''s STOXX 600 index lost 0.11 percent to retreat from a 20-month high and MSCI''s gauge of stocks across the globe .MIWD PUS shed 0.26 percent. The U.S. economic data helped push the dollar higher ahead of the Federal Reserve statement. While the central bank is expected to leave rates unchanged later today, investors will look for signs the it may hike in June. Traders are currently pricing in a 70.7-percent chance of a hike of at least a quarter-point next month, according to CME''s FedWatch tool. The dollar index .DXY rose 0.11 percent, with the euro EUR= down 0.13 percent to $1.0913. Benchmark 10-year notes US10YT=RR last rose 1/32 in price to yield 2.2946 percent, from 2.296 percent late on Tuesday. The U.S. Treasury said on Wednesday it is studying the possibility of issuing ultra long-term bonds. Oil prices rebounded from near 2017 lows after preliminary data showed a much larger-than-expected fall in U.S. crude stocks, reviving bullish sentiment about easing oversupply. U.S. crude CLcv1 fell 0.13 percent to $47.60 per barrel and Brent LCOcv1 was last at $50.48, up 0.04 percent on the day. (Reporting by Chuck Mikolajczak; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/artic
'fb5e7bad4bbc937198fa81eac0fcf79dea5ea536'|'Brazil auto production falls in April on strike, holidays'|'Market News - Fri May 5, 2017 - 10:43am EDT Brazil auto production falls in April on strike, holidays SAO PAULO May 5 Automobile production in Brazil fell 18.8 percent and sales dropped 17.1 percent in April from March, the national automakers'' association said on Friday. Automakers in Brazil produced just over 191,000 new cars and trucks last month, while sales totaled nearly 157,000 vehicles, according to data released by industry group Anfavea. Compared with a year ago, auto output rose 11.4 percent and sales slipped 3.7 percent. April had five fewer working days than March and a strike that hurt car output in Sao Paulo state. (Reporting by Alberto Alerigi Jr.; Writing by Brad Haynes; Editing by Dan Grebler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-autos-idUSE6N1H6007'|'2017-05-05T22:43:00.000+03:00'
'8edf07e064f86c5457533afbc769187806bd6b9d'|'BRIEF-Russia''s Metalloinvest says agrees to borrow at least $1.05 bln'|'Financials - Fri May 5, 2017 - 6:00am EDT BRIEF-Russia''s Metalloinvest says agrees to borrow at least $1.05 bln May 5 Russian metals producer Metalloinvest says: * Agrees with a syndicate of banks to borrow at least $1.05 billion * Will raise funds from 17 lenders, including banks from Europe, U.S., China, Japan and Russia * The loan, designed to finance the company''s pre-exports, is divided into two tranches: $800 million for five years with a three-year grace period, and $250 million for seven years with a five-year grace period * The loan facility could be extended by up to $450 million * Tranches have floating rate linked to one-month LIBOR (Reporting by Moscow newsroom) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/russia-metalloinvest-loans-idUSR4N1HZ01U'|'2017-05-05T14:00:00.000+03:00'
'7c6f8fff731c4a8762128c5ae7643f2a0f48a166'|'No in-depth probe into meter groups needed - German cartel office'|'FRANKFURT May 4 Germany''s cartel office has decided against an in-depth investigation into the market for meter reading, it said on Thursday, paving the way for the sale of market leaders Ista and Techem.The watchdog, however, urged lawmakers to come up with legislation to increase competition in the meter reading market, where Ista and Techem together have a share of around a half.Techem is owned by Australian infrastructure investor Macquarie, while Ista belongs to buyout group CVC . Both owners plan to sell the respective businesses, people familiar with the matter have said.CVC has already started the auction of Ista, while Techem is expected to go on sale late in 2016, they added."Increased competition can result in lower costs for consumers. In our report, we have made proposals for legal measures to that effect," Andreas Mundt, president of the cartel office, said in a statement.The regulator said it would "reserve the right to closely examine behaviour by vendors to seal off the market", adding any potential attempts by meter companies to merge would be subject to a critical review.Ista said it welcomed the result of the two-year review, including proposals to increase transparency in the metering market such as standard deadlines for meter calibration. (Reporting by Christoph Steitz and Matthias Inverardi; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/germany-meterreading-idINL8N1I64QG'|'2017-05-04T10:26:00.000+03:00'
'b0212afa62776f0ae073a2c9279b7036940cce2d'|'Illinois'' Central Grocers files for bankruptcy as winds down business'|'Deals - Thu May 4, 2017 - 2:25pm EDT Illinois'' Central Grocers files for bankruptcy as winds down business By Tracy Rucinski - CHICAGO CHICAGO Central Grocers Inc, a wholesale grocery cooperative in the Chicago area, filed for bankruptcy on Thursday as it tried to close or sell businesses after struggling to adapt to consumer shifts to online and gourmet shopping and "big box" stores. Central Grocers, with about $2 billion in annual sales, said it had a plan to close its distribution business, which supplies local independent supermarket retailers, and sell its Strack & Van Til grocery stores in Illinois and Indiana. The Joliet, Illinois-based group said the sale process was the "lynchpin" of its Chapter 11 strategy and "critical to maximizing recoveries for all creditors and preserving thousands of jobs." "We are using this court-supervised sale process to provide us the time and flexibility to conduct an orderly sale of the Strack & Van Til stores, while we work to sell the warehouse in Joliet and wind down our wholesale distribution operations," CEO Ken Nemeth said in a news release. The group calls itself the seventh-largest grocery store cooperative in the United States serving 500 supermarkets. Strack, which added juice bars and more organic and prepared meals to its stores in recent years, is the largest employer in Northern Indiana with about 4,250 employees, according to a filing with the U.S. Bankruptcy Court in Delaware. Central Grocers listed $262 million in total assets and $232 million in total liabilities for the group in a court filing. The petition followed a filing in Chicago by a group of food suppliers including Coca-Cola ( KO.N ), General Mills ( GIS.N ), Mars Financial and Post Consumer Brands seeking $1.8 million they said they were owed by Central Grocers. The cooperative said it would ask for the Chicago proceeding to be dismissed. Supermarkets'' razor-thin margins have been hit by falling food prices and growing competition from big box stores including Wal-Mart Stores Inc ( WMT.N ) and online options such as Amazon.com Inc ( AMZN.O ). In the past two years, both the operator of New York-area supermarket chain Fairway Markets and West Coast regional grocer Haggen have filed for bankruptcy. Also contributing to Central Grocers'' bankruptcy filing were tightening trade terms among vendors, it said. A recent migration by its co-op members - independent grocery stores in the Midwest - to other suppliers also hurt, a source with knowledge of the matter said. Reuters reported on April 20 that Central Grocers was considering bankruptcy as it struggled with debt. (Additional reporting by Jessica DiNapoli in New York)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-central-grocers-bankruptcy-idUSKBN1802FX'|'2017-05-05T02:21:00.000+03:00'
'6fabfaf5b36527c224bcb592cf25acb176232b4a'|'METALS-London copper near 2-week low on U.S. rate rise expectations'|'MELBOURNE, May 4 London copper fell on Thursday after a big build-up in exchange stocks and as traders priced in two U.S. interest rate rises expected this year that could curb interest in dollar-denominated metals. FUNDAMENTALS * LME COPPER: Three-month copper on the London Metal Exchange edged down 0.2 percent to $5,589 a tonne by 0243 GMT, having earlier hit $5,567 a tonne, the weakest since April 20. Prices extended losses from the previous session when they recorded the biggest one day drop in 18 months. * LME STOCKS: LME copper stocks surged by 31,250 tonnes, the most recent data showed, dousing concerns over falling supply. <0#MCUSTX-LOC-GRD> * SHFE COPPER: Shanghai Futures Exchange copper fell 2.6 percent to 45,460 yuan ($6,591) a tonne. * U.S. RATES: The U.S. Federal Reserve kept interest rates unchanged on Wednesday and downplayed weak first-quarter economic growth while emphasising the strength of the labour market, in a sign it was still on track for two more rate rises this year. * CHINA FOREX: China will step up its crackdown on illegal foreign exchange deals this year as authorities boost authenticity and compliance checks on trade and investment, its forex regulator said on Wednesday. * EUROZONE ECONOMY: The euro zone economy started the year with robust growth that outstripped that of the United States and set the stage for a strong 2017, preliminary estimates showed on Wednesday. * BHP: Australia warned on Thursday that a push by activist investor Elliott Management to ditch global miner BHP Billiton''s dual listing may be a criminal offence and could lead to civil penalties. * COPPER: Southern Copper Corp on Wednesday reported net income of $314.4 million for the first quarter, up 70 percent from $185.1 million a year earlier and 82 percent above the $172 million posted in the fourth quarter of 2016. * COPPER: Copper output in Democratic Republic of Congo, Africa''s top producer, hit 274,316 tonnes in the first quarter of 2017, a more than 20 percent increase over the same period last year, the central bank said on Wednesday. * GLENCORE: Mining-trading group Glencore Plc has hired the Bank of Nova Scotia to sell a portfolio of royalty assets, including one for the Antamina copper-zinc mine in Peru, four people familiar with the process have told Reuters. * For the top stories in metals and other news, click or MARKETS NEWS * Asian stocks retreated on Thursday, taking their cues from a subdued session on Wall Street, while the dollar retained gains made after the Federal Reserve delivered a hawkish policy statement. DATA/EVENTS 0750 France Markit services PMI Apr 0755 Germany Markit services PMI Apr 0800 Euro zone Markit services PMI final Apr 0900 Euro zone Retail sales Mar 1230 U.S. International trade Mar 1230 U.S. Weekly jobless claims 1400 U.S. Factory orders Mar BASE METALS PRICES 0043 GMT Three month LME copper 5589 Most active ShFE copper 45440 Three month LME aluminium 1918 Most active ShFE aluminium 13905 Three month LME zinc 2579 Most active ShFE zinc 21550 Three month LME lead 2193 Most active ShFE lead 16120 Three month LME nickel 9250 Most active ShFE nickel 77820 Three month LME tin 19840 Most active ShFE tin 141730 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 442.38 LME/SHFE ALUMINIUM LMESHFALc3 -1425.08 LME/SHFE ZINC LMESHFZNc3 186.43 LME/SHFE LEAD LMESHFPBc3 -2039.97 LME/SHFE NICKEL LMESHFNIc3 2007.68 ($1 = 6.8970 Chinese yuan renminbi) (Reporting by Melanie Burton; Editing by Kenneth Maxwell)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-metals-idINL4N1I61E4'|'2017-05-04T00:45:00.000+03:00'
'5ba2c4c2e462fecf158518567a7b91ff2ef00d0a'|'U.S. government says it needs more time in MetLife ''too-big-to-fail'' case'|'  10:33pm BST U.S. government says it needs more time in MetLife ''too-big-to-fail" case The MetLife building is seen in New York, March 8, 2010. REUTERS/Shannon Stapleton By Lisa Lambert - WASHINGTON WASHINGTON The U.S. government on Thursday requested a 60-day pause in a case involving MetLife Inc ( MET.N ), the country''s largest life insurer, and how regulators designate certain companies as "too big to fail," a major reform arising from the 2007-09 financial crisis. MetLife had asked for a delay in the case last month, saying the court should wait until President Donald Trump''s administration finishes its financial regulation review. The Republican president has ordered Treasury Secretary Steven Mnuchin to look into the designations and the 2010 Dodd-Frank Wall Street reform law that established how to identify "systemically important" firms so big they could devastate the financial system if they failed. The Financial Stability Oversight Council, chaired by Mnuchin, said in a court filing it did not take a position on waiting until Treasury reports the review''s findings. It said, however, that council members, including Federal Reserve Chair Janet Yellen and new Securities and Exchange Commission Chair Jay Clayton, needed "additional time for deliberation." The council will delve into the designation process and Trump''s review at a meeting next Monday, according to a notice from Treasury. In March 2016, U.S. District Judge Rosemary Collyer struck down the FSOC''s designation of MetLife as "systemically important," saying it was "arbitrary and capricious." The administration of former Democratic President Barack Obama appealed and the two sides squared off in court last October, with a decision expected this month. Some companies are wary of the "too-big-to-fail" designation because it forces them to hold on to capital and creates extra oversight they say is burdensome. The only two nonbanks now carrying the label are American International Group ( AIG.N ), which received a $182 billion bailout during the crisis, and Prudential Insurance ( PRU.N ). MetLife is not considered designated during the appeal. Critics of the designations have said the Trump administration should be able to withdraw the appeal or the court should at least consider the new president''s views and his review''s findings, which are expected to call for changes to designations. (Reporting by Lisa Lambert; Editing by Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-metlife-court-idUKKBN1802QN'|'2017-05-05T05:29:00.000+03:00'
'e2e05c405abae56930987fef6e9a3b4b2be1a553'|'Deals of the day-Mergers and acquisitions'|'(Adds Linde, Centaur Gaming LLC, Avantor, Sanofi, SBM Holdings; Updates BHP Billiton Ltd, DX Group)May 5 The following bids, mergers, acquisitions and disposals were reported by 1930 GMT on Friday:** Linde Chairman Wolfgang Reitzle has defended his plan for a $70 billion merger with U.S. rival Praxair , telling a German newspaper it was a good deal for workers and investors.** Centaur Gaming LLC, a privately owned U.S. casino and horse racing company, is exploring a sale that could value it at more than $1 billion, including debt, according to people familiar with the matter.** Avantor, owned by private equity firm New Mountain Capital, will buy VWR Corp for about $4.38 billion, creating a laboratory equipment giant supplying everything from test tubes to microscopes to the healthcare and technology industries.** Sanofi has given up on the possibility of selling its chemical unit Cepia, a spokeswoman with the French drugmaker said.** Mauritius'' SBM Holdings is bidding to buy a stake in Kenya''s Chase Bank, SBM''s chairman said, which will give it greater presence in the East African economy after acquiring Fidelity Bank last year.** ChemChina has won more than enough support from Syngenta AG shareholders to clinch its $43 billion takeover of the Swiss pesticides and seeds group, the two companies said.** Elliott Advisors, the Akzo Nobel shareholder that has been pushing for the company to enter takeover talks with U.S. rival PPG Industries, said Akzo will lose up to 6,400 jobs under the independence plan it has put forward as an alternative.** A second BHP Billiton Ltd, shareholder has made a public push for changes at the world''s largest miner, with Sydney-based Tribeca Investment Partners pressing the company to sell its U.S. shale assets and overhaul its board.** Pearson, the global education company battling a downturn in its biggest markets, said it would launch another cost cutting drive and consider selling its U.S. school publishing business in the latest attempt to restructure.** Banca Popolare di Vicenza will pocket 21.3 million euros ($23 million) from the sale of a stake in Italian packaging company IMA, the lender said.** The sale of two Rio Tinto, coking coal mines in Australia is attracting scores of interested buyers as private equity and public companies compete for a foothold in one of the year''s hottest commodities, four sources familiar with the matter said.** The Czech anti-monopoly office has approved a request by China''s CEFC to raise its stake in Czech company J&T Finance Group, CTK news agency reported.** The biggest investor in UK mail delivery firm DX Group , Gatemore Capital Management, ratcheted up its opposition to a proposed reverse takeover of John Menzies'' distribution arm, saying it "grossly undervalued" the firm.** Saxo Bank co-founder Lars Seier Christensen has sold his 25.71 percent stake in the online trading platform provider to Geely International Hong Kong, a subsidiary of Zhejiang Geely Holding Group Co, the unlisted Danish firm said.** Warren Buffett said he has sold about one-third of Berkshire Hathaway Inc''s big stake in IBM Corp, CNBC reported on Thursday, reducing a bet by the famed investor that surprised many and which so far has yet to prove successful. (Compiled by John Benny and Akankshita Mukhopadhyay in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1I72R1'|'2017-05-05T17:40:00.000+03:00'
'71481ad42081c2d7ec28772f30dc7c0ca7761fca'|'Pearson launches new cost cutting drive, may sell K12 business'|'Business News - Fri May 5, 2017 - 7:20am BST Pearson launches new cost cutting drive, may sell K12 business LONDON Pearson ( PSON.L ), the global education company battling a downturn in its biggest markets, said it would launch another cost cutting drive and consider selling its U.S. school publishing business in the latest attempt to restructure. Pearson, which has issued five profit warnings in four years after students in the United States started renting rather than buying text books, said it would cut its cost base by the end of 2019 by 300 million pounds a year. It said first quarter trading had been in line with its guidance and it reiterated its full-year target. (Reporting by Kate Holton, Editing by Paul Sandle)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pearson-outlook-idUKKBN1810G2'|'2017-05-05T14:20:00.000+03:00'
'6047f28ce6e2fbcc532de3193511f3516f42c918'|'BHP investor Tribeca calls for sale of U.S. shale assets, board shake-up'|'Business  14pm BST BHP investor Tribeca calls for sale of U.S. shale assets, board shake-up FILE PHOTO: A promotional sign adorns a stage at a BHP Billiton function in central Sydney August 20, 2013. REUTERS/David Gray/File Photo By Sonali Paul and Jamie Freed - MELBOURNE/SYDNEY MELBOURNE/SYDNEY A second BHP Billiton Ltd ( BHP.AX ) BHP.L shareholder has made a public push for changes at the world''s largest miner, with Sydney-based Tribeca Investment Partners pressing the company to sell its U.S. shale assets and overhaul its board. Tribeca, a boutique Australian hedge fund, joined calls by U.S. activist investor Elliott Management for an exit from shale to free up capital, saying BHP could reap $10 billion. Elliott last month urged BHP to unlock value by scrapping its dual-corporate structure, spinning off its entire U.S. oil business, and boosting capital returns. Tribeca, greeting Elliott''s debate as "great to see", sent an eight-page letter to its investors on Thursday titled "Making BHP Great Again". It called for a sale of shale assets, return of capital, and a board and management revamp. "We fear elements of the existing path could leave the company susceptible to ongoing underperformance and may ultimately result in this once great global mining force being considerably diminished," Tribeca said in the letter. The fund, which says it has received "a lot of inbound comment" in support of its move, said it was not looking for "a quibbling debate", but expected the miner known as the Big Australian to respond. Tribeca''s Global Natural Resources Fund analyst James Eginton said on Friday the fund had spoken to BHP since releasing the letter and had lined up a meeting with the company in May. BHP is expected to address investors at an investment bank conference in Barcelona later this month. BHP has so far rejected Elliott''s plan. More broadly, the U.S. fund has received a generally tepid reaction from shareholders, and Australian Treasurer Scott Morrison said on Thursday he would not allow BHP to move its primary listing to London as Elliott had proposed. Tribeca, which has about A$2.5 billion (1.43 billion pounds) in funds under management, has spoken to some major Australian shareholders about its ideas, and hoped to talk to Elliott next week. But a wide range of investors do not see BHP as a long-term holder of the shale assets, Eginton said. BT Investment Management analyst Brenton Saunders agreed the assets did not fit with BHP''s portfolio - even if current oil prices make them tough to sell. "I don''t think they''re particularly good at managing it. It''s a really sore point for a lot of people. But at the same time you don''t want them to give it away," said Saunders, whose fund owns BHP shares. BHP, which said last month it would pursue the sale of some, but not all, of its onshore U.S. oil and gas assets, had no immediate comment on Tribeca''s letter. Tribeca also called for BHP to shake up its board in light of the planned retirement of long-serving Chairman Jac Nasser: a "critical opportunity to reset the culture" to focus on shareholder returns and capital efficiency. Eginton also said Chief Executive Andrew Mackenzie should go. "The problem with the current CEO is he''s an appointment of the current board," he said. Tribeca criticised the board for having overseen the destruction of $30 billion in shareholder capital in recent years with the shale acquisitions, failed deals, scrapped projects, and an investment in potash. On energy, it called for BHP to position itself for long-term change by expanding in materials used in making batteries such as lithium, graphite and cobalt. Tribeca declined to say how big a stake it has in BHP, but it holds both Australian and UK-listed shares. It is not among the top 20 shareholders,   data. (Reporting by Jamie Freed and Sonali Paul; Editing by Richard Pullin and Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?forma
'f4b5c061e2f7276bdac1e45aea3584420189ef22'|'Exclusive: Billionaire investor Draper to participate in blockchain token sale for first time'|'Technology   3:37pm EDT Exclusive: Billionaire investor Draper to participate in blockchain token sale for first time Venture capital investor Tim Draper speaks at a panel in Beverly Hills, California August 5, 2015. REUTERS/Danny Moloshok By Gertrude Chavez-Dreyfuss - NEW YORK NEW YORK Billionaire venture capitalist Tim Draper soon plans to take a step that even he, a long-time bitcoin aficionado, has eschewed to now: buying a new digital currency offered by a technology startup. Draper, an early supporter of bitcoin and its underlying blockchain financial ledger technology, told Reuters in an interview he will for the first time participate in a so-called "initial coin offering" (ICO) of Tezos slated later this month. Tezos, a new blockchain platform launched by a husband and wife team with extensive Wall Street and in hedge fund backgrounds, will launch the ICO on May 22. Draper will also invest in U.S.-based Dynamic Ledger Solutions Inc, the creator of Tezos, but did not disclose details. Draper, who scored big as an early backer of Skype and Baidu, becomes the first prominent venture capitalist to openly embrace initial coin offerings. This would be a significant stamp of approval for this new financing mode of blockchain start-ups. Some investors have expressed concern about lack of regulatory oversight for ICOs. Over the last year, blockchain start-ups have been raising cash by creating and selling their own currencies or tokens in unregulated offerings that bypass banks or venture capital firms as intermediaries. Interest in these deals has been stoked by the run-away performance of the original cyber currency, bitcoin, which has surged more than 67 percent in the last six weeks to hit a record high. "The best thing I can do is lead by example," said Draper, on his plan to participate in Tezos'' token offering. "Over time, I actually feel that some of these tokens are going to improve the world, and I want to make sure those tokens get promoted as well. I think Tezos is one of those tokens." Most traditional venture capital firms are prohibited by agreements with investors from deploying cash into such high-risk assets as digital currencies. But Draper said the contract terms with his investors allow investing in pretty much any vehicle. "I think most investor contracts did not anticipate something like an ICO," said Draper. "But we did anticipate that certain things are going to happen and finance is going to be transformed." Draper said his firm has specifically carved out money for non-traditional investments. Tezos is similar to bitcoin and other blockchain platforms, but its design allows for decentralized and automated upgrades. Most software platforms provide for automated updates, but blockchains remain notable exceptions because update procedures are typically centralized. Tezos touts itself as the first blockchain platform to overcome that hurdle. Tezos was created over a span of three years by Kathleen and Arthur Breitman. Arthur Breitman had worked at the high frequency trading desk at Goldman Sachs and was an options market maker at Morgan Stanley, while Kathleen Breitman is a former management associate at Bridgewater Associates, the world''s largest hedge fund. Unlike previous ICOs, Kathleen Breitman said Tezos'' deal would not be capped by a set number of tokens to be created. "What we''re going to do is allow as many people who want to buy into the crowdsale over a two-week period," she said. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Dan Burns and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-tezos-blockchain-draper-idUSKBN181250'|'2017-05-06T03:37:00.000+03:00'
'28d91f0d131941a31a867e407b8e151d97ecf63d'|'ChemChina clinches $43 billion takeover of Syngenta'|'Deals - Fri May 5, 2017 - 11:41am BST ChemChina clinches landmark $43 billion takeover of Syngenta left right FILE PHOTO: The company logo of China National Chemical Corp, or ChemChina, is seen at its headquarters in Beijing, China February 3, 2017. REUTERS/Thomas Peter/File Photo 1/4 left right The company logo of China National Chemical Corp, or ChemChina, is seen at its headquarters in Beijing, China February 3, 2017. REUTERS/Thomas Peter - 2/4 left right FILE PHOTO: Agrochemicals maker Syngenta''s logo is pictured during the annual news conference in Zurich February 6, 2009. REUTERS/Christian Hartmann/File Photo 3/4 left right A Syngenta logo is pictured in their office in Singapore, February 12, 2016. REUTERS/Edgar Su/File Photo 4/4 By Michael Shields - ZURICH ZURICH ChemChina [CNCC.UL] has won more than enough support from Syngenta shareholders to clinch its $43 billion takeover of the Swiss pesticides and seeds group, the two companies said on Friday. The deal, announced in February 2016, was prompted by China''s desire to use Syngenta''s portfolio of top-tier chemicals and patent-protected seeds to improve domestic agricultural output. It is China''s biggest foreign takeover to date. It is one of several deals that are remaking the international market for agricultural chemicals, seeds and fertilisers. The other deals in the sector are a $130 billion proposed merger of Dow Chemical and DuPont, and Bayer''s plan to merge with Monsanto. The trend toward market consolidation has triggered fears among farmers that the pipeline for new herbicides and pesticides might slow. Regulators have required some divestments as a condition for approving the Syngenta deal. Based on preliminary numbers, around 80.7 percent of Syngenta shares have been tendered, above the minimum threshold of 67 percent support, the partners said in a joint statement. The agreed offer is for $465 per share. Syngenta shares closed on Thursday at 459 Swiss francs ($464.5), and rose 0.4 percent in early trade on Friday to 461.20 francs. The transaction is set to close on May 18 after the start of an additional acceptance period for shareholders and payment of a special 5-franc dividend to holders of Swiss-listed shares on May 16. Holders of U.S.-listed depositor receipts will get the special dividend in July. Syngenta shares will be delisted from the Swiss bourse and its depository receipts from the New York Stock Exchange. Chief Executive Erik Fyrwald played down the transition from publicly listed group to becoming part of a Chinese state enterprise, stressing that Syngenta would remain a Swiss-based global company while under Chinese ownership. "It is very important to understand that this is a financial transaction," he told broadcaster CNBC in an interview. He saw two major changes: giving Syngenta a long-term shareholder to accompany it during the 12 years it typically takes to discover and launch new products, and helping to overhaul Chinese agriculture, which he called very much behind the global standard. He said he expected the acceptance rate to easily surpass 90 percent, with a squeeze-out of remaining shareholders to follow if needed in June. Funding for the acquisition was clear and irrevocable, while refinancing the company after the transaction closed was still being discussed. "I am very confident we are going to have a strong balance sheet as agreed," he said, with an investment-grade rating that would let it pursue market share growth, investments, capital spending and acquisitions. Syngenta sells its products in more than 90 countries under such brand names as Acuron, Axial, Beacon and Callisto. It sells seeds such as cereals, corn, rice, soybeans and vegetables. (Reporting by Michael Shields; Editing by Randy Fabi/Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-syngenta-ag-m-a-chemchina-idUKKBN1810CU'|'2017-05-05T13:16:00.000+03:00'
'58b9307f158ee896b7ecc647debbeeb47234135a'|'Greece''s Tsipras talks up bailout deal with lawmakers'|'Business News - Fri May 5, 2017 - 12:30pm BST Greece''s Tsipras talks up bailout deal with lawmakers left right Greek Prime Minister Alexis Tsipras addresses his lawmakers during a session of the ruling Syriza party parliamentary group at the parliament in Athens, Greece May 5, 2017. REUTERS/Alkis Konstantinidis 1/8 left right Greek Prime Minister Alexis Tsipras addresses his lawmakers during a session of the ruling Syriza party parliamentary group at the parliament in Athens, Greece May 5, 2017. REUTERS/Alkis Konstantinidis 2/8 left right Greek Prime Minister Alexis Tsipras addresses his lawmakers during a session of the ruling Syriza party parliamentary group at the parliament in Athens, Greece May 5, 2017. REUTERS/Alkis Konstantinidis 3/8 left right Greek Prime Minister Alexis Tsipras addresses his lawmakers during a session of the ruling Syriza party parliamentary group at the parliament in Athens, Greece May 5, 2017. REUTERS/Alkis Konstantinidis 4/8 left right Greek Prime Minister Alexis Tsipras arrives for a session of the ruling Syriza party parliamentary group at the parliament in Athens, Greece May 5, 2017. REUTERS/Alkis Konstantinidis 5/8 left right Greek Prime Minister Alexis Tsipras gestures during a session of the ruling Syriza party parliamentary group at the parliament in Athens, Greece May 5, 2017. REUTERS/Alkis Konstantinidis 6/8 left right Greek Prime Minister Alexis Tsipras addresses his lawmakers during a session of the ruling Syriza party parliamentary group at the parliament in Athens, Greece May 5, 2017. REUTERS/Alkis Konstantinidis 7/8 left right Greek Prime Minister Alexis Tsipras attends a cabinet meeting at the parliament in Athens, Greece May 4, 2017. REUTERS/Costas Baltas 8/8 ATHENS Greek Prime Minister Alexis Tsipras sought on Friday to bring his leftist Syriza party on board to approve a deal reached with international lenders, sweetening the pot by saying any above-target savings this year would go to the Greek people. He also repeated his mantra that Greece has done its bit with austerity and reforms and that it is now time for the lenders -- the European Union and International Monetary Fund -- to meet their promises to consider debt relief. "After five years of promises ... our lenders are faced with the obligation to immediately adopt substantial measures to reduce the debt," Tsipras told his party lawmakers. Tsipras was speaking following Tuesday''s initial deal on a package of reforms -- including such unpopular moves as cutting pensions -- between creditors and the government The agreement ends six months of staff-level haggling and will pave the way for the disbursement of further rescue funds if approved first by the Greek parliament and then by euro zone finance ministers. (Reporting by Renee Maltezou Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-syriza-idUKKBN18116F'|'2017-05-05T19:11:00.000+03:00'
'da58af4eb466f39773063e235f1c31178e06cb35'|'Goldman''s Blankfein says London could stall due to Brexit - BBC'|'Fri May 5, 2017 - 7:24am BST Goldman''s Blankfein says London could stall due to Brexit: BBC CEO of Goldman Sachs Lloyd Blankfein in the Manhattan borough of New York September 29, 2014. REUTERS/Carlo Allegri LONDON Goldman Sachs ( GS.N ) Chief Executive Officer Lloyd Blankfein said London''s financial center could stall due to the upheaval Brexit will inflict on financial services companies, the BBC reported. When asked by the BBC whether London''s long-term expansion over the past three decades would reverse, Blankfein said: "I don''t think it will totally reverse." "It will stall, it might backtrack a bit, it just depends on a lot of things about which we are uncertain and I know there isn''t certainty at the moment," Blankfein was quoted as saying. Goldman wants an implementation period of at least "a couple of years" once the British exit deal is agreed, he said. Goldman has "contingency plans" to move people depending on the outcome of the negotiations, he said. (Reporting by Guy Faulconbridge; editing by Costas Pitas)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-goldman-sachs-idUKKBN1810GF'|'2017-05-05T14:17:00.000+03:00'
'9f519867900c8aba236bf9851b06d7bbe57992bf'|'Australia dismisses Cable & Wireless appeal for $339 million tax refund'|'Deals - Mon May 1, 2017 - 6:32am EDT Australia dismisses Cable & Wireless appeal for $339 million tax refund SYDNEY The remnants of one of Britain''s oldest communications firms, Cable & Wireless, on Monday lost an appeal in Australia for a $339 million tax refund over the 2001 sale of Australian communications group Optus to Singapore Telecommunications Ltd (Singtel) ( STEL.SI ). The Australian Tax Office (ATO) has increased scrutiny over how much tax multinational companies operating in Australia pay. In December, it said it was pursuing seven global businesses for over A$2 billion ($1.50 billion) in unpaid tax. Cable & Wireless Australia, whose British parent was split up in 2010, took the ATO to the Federal Court in 2015 claiming it should have only paid A$134.5 million in tax, and seeking a $452.45 million refund plus legal costs. Under a deal that enabled Singtel to acquire Optus - since renamed Singtel Optus Pty Ltd - Cable & Wireless sold its 82 percent stake in Optus for $A6.2 billion, paying A$586.9 million in tax. Almost A$4 billion of the funds received from Singtel was treated as a dividend payment that was taxed at 15 percent. Cable & Wireless argued the transaction should have been treated as a capital gain because of the way the deal was structured. Australia''s Full Federal Court dismissed Cable & Wireless'' claim, saying the company was unable to satisfy the court that it was entitled to request a refund. Cable & Wireless was formed more than 140 years ago, initially establishing a telegraph cable service between London and Dublin. It split in 2010, with its international division de-merging to form Cable & Wireless Communications. The remainder became Cable & Wireless Worldwide and was acquired by Vodafone Group PLC ( VOD.L ) in 2012. (Reporting by James Regan; Editing by Christopher Cushing) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-australia-telecom-tax-idUSKBN17X1J6'|'2017-05-01T14:32:00.000+03:00'
'755ee4476a1e0d4f314f179941460b1d78478a20'|'U.S. Commerce Secretary Ross says stronger growth possible'|'BEVERLY HILLS May 1 U.S. Commerce Secretary Wilbur Ross said on Monday that there is no reason that the U.S. economy cannnot grow more robustly if the Trump administration is successful in rolling back a number of regulations.Speaking at the Milken Institute''s Global Conference, Ross said he would be extremely disappointed if the economy were growing only between 2 percent and 2.5 percent. He also said he hopes tax reform can be done this year."If we can undo the shackles put on by regualtions, there is no reason the economy can''t do much better than it''s been doing," Ross told David Rubenstein, co-chief executive officer of private equity company The Carlyle Group. (Reporting by Lawrence Delevingne and Svea Herbst-Bayliss; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/milken-conference-ross-idINL1N1I31DD'|'2017-05-01T18:35:00.000+03:00'
'a4a2acef2f7ac92db2e01752f0b1120e37cda8ea'|'BRIEF-Hill International expects to complete sale of construction claims group to Bridgepoint "in near future"'|'Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-hill-international-expects-to-comp-idUSFWN1I302I'|'2017-05-01T20:26:00.000+03:00'
'36007912507886342256a8d199efd24ff971815d'|'Buyers ready to pounce on Rio Tinto coking coal mines -sources'|'By James Regan - SYDNEY SYDNEY May 5 The sale of two Rio Tinto coking coal mines in Australia is attracting scores of interested buyers as private equity and public companies compete for a foothold in one of the year''s hottest commodities, four sources familiar with the matter said on Friday.Rio Tinto is expected to soon begin an official sales process for the Hail Creek and Kestrel mines in coal-rich Queensland state, which is bringing "an unprecedented number of people to the table," said one source, whose company is interested in the assets.Analysts expect each mine to sell for more than $2 billion and complete Rio Tinto''s exit from Australian coal mining after it agreed in January to sell its Coal & Allied thermal coal division to China''s Yancoal for $2.45 billion."There''s a lot of interest in a limited number of opportunities in Australian coking coal and that''s driving the frenzy for Hail Creek and Kestrel," the source said, speaking on condition of anonymity.Rio Tinto has not formally announced the sale, but has said it is exiting coal as its focuses on growth in iron ore, copper and its aluminium division. The company declined to comment on whether it was taking offers on the two Australian mines.Australian coking coal is sold mostly to steel mills in Asia. Prices jumped to half-decade highs late last year on pinched supplies in China and surged again last month after an Australian cyclone disrupted shipments, underscoring the strong demand for high quality coal.A private equity executive, who has previously bought Australian coal assets, said he expected to face "stiff competition" from other private equity groups for the Rio Tinto mines.Credit Suisse is advising Rio Tinto, a third source said. Credit Suisse declined to comment.Buyers are also looking at mines put up for sale by other companies, including conglomerate Wesfarmers, and Peabody Energy. Anglo American also said a year-and-a-half ago it would exit coal mining as part of a restructuring to pay off debt, but has yet to announce a formal sale since coal prices staged a recovery.Barry Tudor, a fomer mining chief executive and head of private equity group Pembroke Resources, said the recovery in prices had removed the urgency of a sale for some companies, with mine owners happy to run their operations for cash.Pembroke last year ago paid A$104 million for three mine tenements from Peabody and was looking for more mines to feed long-term demand from Asia."We now have a mandate to specifically find more coking coal assets in Australia," said Tudor, although he declined to comment on whether Pembroke would look at the two Rio mines.(Reporting by James Regan; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/australia-coal-ma-idINL4N1I71WO'|'2017-05-05T05:04:00.000+03:00'
'8643b077c573e5ac7371a18ac47ba41f3b977ebc'|'CEE MARKETS-MOL stocks rise on earnings, Romania keeps rates on hold'|'* MOL stocks rises on earnings increase, regional peers fall * Regional markets mixed and lack direction * Romanian central bank holds fire, leu eases slightly * Czech PM drops plan to resign, crown firms a bit (Recasts with oil stocks, Romanian interest rate decision) By Sandor Peto BUDAPEST, May 5 Hungarian oil group MOL''s stronger-than-expected earnings boosted its stocks to a six-year high on Friday, while its sector peers in Central Europe retreated after a plunge in crude prices. MOL shares rose 2.5 percent by 1358 GMT after it announced a rise in its earnings in the first-quarter, helped by a jump in crude prices in that period, higher refining and sales volumes and refining margins. But oil prices fell to five-month lows on Friday due to concerns about a persistent glut. Warsaw''s bluechip stock index continued to retreat from Thursday''s 23-month highs, shedding half a percent, pushed down mainly by gas company PGNiG and refiner PKN Orlen . PGN stocks plunged by over 5 percent in a sharp correction after hitting 18-month highs on Thursday. Czech downstream oil group Unipetrol shares dropped 0.8 percent and Romanian OMV Petrom shed half a percent. MOL''s first-quarter results exceeded forecasts, Erste Group analysts said in a note. "We must also note that the sector environment was also very good, while of course MOL has managed to benefit from that," their note added. Regional markets were directionless. Currencies were mixed and changed little, finding now clues in strong U.S. payroll data, after which the euro jumped to roughly 6-month highs against the dollar. Romania''s central bank kept its benchmark interest rate on hold as expected, while it said a rise in inflation could be slower than anticipated. The leu eased 0.1 percent. A rise in inflation across Central Europe since late 2016 is unlikely to trigger monetary policy tightening soon. The Czech central bank (CNB), however, signalled on Thursday that it may need to lift rates if the crown does not firm from 27 against the euro, the level of a cap on the currency, which the bank removed a month ago. The crown strengthened 0.1 percent by late trade to 26.782 versus the euro. CNB Vice-Governor Mojmir Hampl said there was still huge uncertainty over the Czech crown''s exchange rate development but its path had been smooth since the cap was removed. Investors have ignored the twists and turns of a Czech government crisis months before October elections, which a Prague-based trader called a "silly political game". Prime Minister Bohuslav Sobotka on Friday reversed his decision to resign, saying he would instead seek the removal of Finance Minister Andrej Babis, his main political rival. CEE SNAPS AT 1558 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech 26.78 26.80 +0.0 0.84% crown 20 20 7% Hungary 311.9 312.0 +0.0 -1.01 forint 800 400 2% % Polish 4.217 4.214 -0.07 4.43% zloty 0 3 % Romanian 4.551 4.547 -0.08 -0.35 leu 0 3 % % Croatian 7.430 7.436 +0.0 1.68% kuna 0 5 9% Serbian 123.0 123.2 +0.1 0.25% dinar 400 250 5% Note: calculate previ close 1800 daily d from ous at CET change STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 1003. 1001. +0.1 +8.8 34 75 6% 7% Budapest 32768 32289 +1.4 +2.3 .44 .85 8% 9% Warsaw 2368. 2381. -0.54 +21. 19 00 % 58% Bucharest 8292. 8235. +0.6 +17. 48 90 9% 04% Ljubljana 777.1 778.6 -0.20 +8.2 1 3 % 9% Zagreb 1904. 1892. +0.6 -4.55 17 76 0% % Belgrade <.BELEX15 715.3 715.7 -0.06 -0.28 > 4 5 % % Sofia 660.8 663.5 -0.41 +12. 1 4 % 68% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.06 0.109 +061 +8bp > 8 bps s 5-year <CZ5YT=RR 0.033 0.029 +035 +2bp > bps s 10-year <CZ10YT=R 0.818 0 +042 -1bps R> bps Poland 2-year <PL2YT=RR 2.01 -0.00 +269 -3bps > 2 bps 5-year <PL5YT=RR 2.903 -0.01 +322 -2bps > 5 bps 10-year <PL10YT=R 3.472 0.003 +307 -1bps R> bps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Cz
'f5afa77e66bd0e86a36956e4f1e0fc5d8d45b9fd'|'HSBC, Shell drive FTSE gains, Next sinks as UK consumer squeezed'|'  6:02pm BST British stocks lag Europe as miners, retailer Next sink People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo By Helen Reid and Danilo Masoni - LONDON LONDON British blue-chip stocks rose slightly on Thursday but lagged European peers, with miners falling and retailer Next slumping as a difficult consumer environment bit into its profits. The FTSE .FTSE inched up 0.2 percent, while the main German and French indexes both rose more and hit fresh highs. The British index was supported by gains among financial stocks which were led higher by a 2.8 percent surge in HSBC ( HSBA.L ) after profits at the major bank beat expectations and its capital position improved. The bank''s common equity tier 1 ratio, a measure of financial strength, was 14.22 percent, up from 11.9 percent in the same period last year. "The stronger CET1 print leaves the group in a stronger position to absorb any regulatory headwinds," said KBW analyst Richard Smith. Royal Dutch Shell ( RDSa.L ) shares inched up 0.3 percent, paring earlier gains driven by a solid earnings update, as oil prices fell to their lowest since November. Concern over rising global crude supply and high inventories effectively wiped out most of the gains made since OPEC announced its first supply cut in eight years. [O/R] Shell more than doubled first-quarter profits as higher crude prices gave a helping hand and refining margins improved. A difficult environment for UK consumers weighed on clothing and homeware retailer Next, the biggest faller on the FTSE. Its shares sank 5.1 percent, scoring their worst day since its January profit warning, after it further trimmed its 2017 profit guidance, saying shoppers were cutting back on spending. "This shows just how tough the high street is," said Andrew Jackson, manager of Miton UK Value Opportunities fund. "Disposable incomes are being squeezed, and even the mighty Next has no way of countering these headwinds." The results had a ripple effect on peers Marks & Spencer ( MKS.L ) and Sainsbury ( SBRY.L ), which fell 2.5 and 1.6 percent respectively. Next adds to growing concerns over a consumer squeeze which also hit carpet retailer Carpetright ( CPRC.L ) and Costa coffee owner Whitbread''s ( WTB.L ) results last week. Materials sector stocks were the biggest drag to the FTSE, with miners Antofagasta( ANTO.L ), Anglo American ( AAL.L ) and Glencore ( GLEN.L ) all down more than 3 percent as copper fell to five-months lows on rising inventories and worries over demand. [MET/L] Precious metal miner Randgold Resources ( RRS.L ) inched higher after reporting a 33 percent rise in first-quarter profit, though it said production fell due to labour strikes at two of its mines. Mid-cap bookmaker Ladbrokes Coral ( LCL.L ) slipped 4.3 percent after full-year results revealed weaker UK trading. Retail net revenue, the majority of its business, fell 2 percent. Insurer RSA ( RSA.L ) jumped to a 5-1/2-year high after it reported premiums rose 14 percent in the first quarter. (Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN1800XG'|'2017-05-04T17:13:00.000+03:00'
'f68b733da14030e881f42aa05cafc67c29a47147'|'SNC-Lavalin CEO says Elliott''s stake in WS Atkins not an obstacle to deal'|'MONTREAL SNC-Lavalin ( SNC.TO ) CEO Neil Bruce said on Thursday activist investor Elliott Capital''s stake in WS Atkins ( ATKW.L ) "is not an obstacle" to buying the firm.Last month Elliott Capital disclosed a 6.8 percent stake in WS Atkins after the British engineering and construction consultancy firm agreed to the be bought by the Canadian company..Bruce was speaking to reporters after SNC''s annual general meeting in Montreal.(Reporting by Allison Lampert; Editing by)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-snc-lavalin-elliott-idINKBN1802A1'|'2017-05-04T14:58:00.000+03:00'
'e8853f837b66eca7bf2112649a541958aa0bb825'|'Macy''s, Tailored Brands to end tuxedo rental partnership'|'Business News - Wed May 3, 2017 - 6:01pm EDT Macy''s, Tailored Brands to end tuxedo rental partnership A customer exits the Macy''s flagship department store in midtown Manhattan in New York City, November 11, 2015. REUTERS/Brendan McDermid Department store operator Macy''s Inc ( M.N ) and Tailored Brands Inc ( TLRD.N ) have agreed to wind down operations of a tuxedo rental license agreement, the companies said on Wednesday. Reservations at The Tuxedo Shops at Macy''s will continue until June 1 and the operations will wind down by July 14, the companies said. The initiative did not generate the revenue that both companies had envisioned, Tailored Brands Chief Executive Officer Doug Ewert said in a statement. The agreement was signed between Macy''s and Men''s Wearhouse on June 9, 2015. Men''s Wearhouse said last year it would become Tailored Brands, a holding company that also includes brands such as Jos. A. Bank and K&G. Tailored Brands, which had flagged concerns with the performance of the Macy''s tuxedo business in its fourth-quarter earnings, said on Wednesday that it would record one-time charges of about $17 million related to the winding down, of which $2.5 million would be non-cash costs. The company had recorded an asset impairment charge of $14 million in the fourth quarter related to fixed assets in the Macy''s stores. (Reporting by Karina Dsouza in Bengaluru; Editing by Sriraj Kalluvila) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-macy-s-tailored-brands-idUSKBN17Z2MU'|'2017-05-04T06:01:00.000+03:00'
'c4bff25a65c353e021e30f29d1ec6800563cb2e2'|'World food prices fall for third straight month in April'|'ROME World food prices fell for the third month in a row in April as values declined for all agricultural commodities except meat, the United Nations food agency said on Thursday.The Food and Agriculture Organization''s (FAO) food price index has been falling for five years due to ample supply, a slowing global economy and a strong U.S. dollar.Food on international markets was still 10 percent more expensive than in April last year, the FAO said, after rising cereals prices drove it to a two-year high in February.The index measures monthly changes for a basket of products including cereals, oilseeds, dairy products and sugar.April''s reading of 168 points was down 1.8 percent from March.Pig meat prices were boosted by strong demand in the European Union and higher sales to China and South Korea, while seasonal demand pushed up the cost of ovine meat.Sugar led the decline in all other farmed commodity prices, slumping 9.1 percent as expectations for large export supplies from Brazil coincided with weak global demand for imports.The FAO marginally raised its forecast for global cereals output in the 2017-18 season, to 2.599 billion tonnes. Global wheat production is expected to hit 740 million tonnes, short of last year''s record harvest.(Reporting by Isla Binnie; Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-economy-food-idINKBN1800X7'|'2017-05-04T17:11:00.000+03:00'
'a7c2ddd00ecf393b409d50a1d6238104a9f0a27f'|'UBS whistleblower Birkenfeld sues bank for libel'|' 43pm BST UBS whistleblower Birkenfeld sues bank for libel FILE PHOTO: Bradley Birkenfeld makes remarks before surrendering to authorities at the Schuylkill County Federal Correctional Institution in Minersville, Pennsylvania, January 8, 2010. REUTERS/Tim Shaffer By Jonathan Stempel - NEW YORK NEW YORK A former UBS Group AG ( UBSG.S ) banker who as a whistleblower helped U.S. authorities prosecute the Swiss bank for tax fraud, only to spend 2-1/2 years in prison for helping a billionaire client evade taxes, on Monday filed a $20 million libel lawsuit against his former employer. Bradley Birkenfeld, who in 2012 got a record $104 million award from an Internal Revenue Service whistleblower programme, faulted UBS over statements published last November and this month by the New York Post and Bloomberg BNA Daily Tax Report. Birkenfeld said UBS acted with actual malice by referring to his "often unsubstantiated" recollections in a recent book and having been "convicted in the U.S. for, among other things, having lied to the U.S. authorities." He said UBS did this as part of an international campaign to impede his effort to expose its "decades-long wrongdoing," and undercut the credibility and sales of his book "Lucifer''s Banker: The Untold Story of How I Destroyed Swiss Bank Secrecy." UBS had no immediate comment on the lawsuit, which was filed in a New York state court in Manhattan and seeks $10 million of both compensatory and punitive damages. Birkenfeld also named Peter Stack, UBS'' head of media relations in the Americas, as a defendant. The New York Post and Bloomberg are not defendants. In an interview, Birkenfeld, the subject of a 2010 profile on CBS'' "60 Minutes," said he sued "to hold UBS accountable." His lawyer did not immediately respond to requests for comment. Birkenfeld provided tips that led UBS in 2010 to pay a $780 million U.S. fine for helping about 19,000 wealthy Americans hide up to $20 billion in secret bank accounts. More recently, Birkenfeld testified in a similar probe involving the bank in France. He went to prison after pleading guilty in 2008 to a charge of conspiring to defraud the United States in connection with his client Igor Olenicoff, a real estate developer. Olenicoff had pleaded guilty in 2007 to filing a false tax return but did not serve prison time. Birkenfeld''s lawsuit noted that the Post clarified its article to show he was "never charged with or convicted of perjury or lying to U.S. investigatory authorities." Now 52, Birkenfeld said in the interview he now works with whistleblowers "so they can get their message out and eradicate waste, fraud and corruption in government, as well as corporations." The case is Birkenfeld v UBS AG et al, New York State Supreme Court, New York County. (Reporting by Jonathan Stempel   Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ubs-group-birkenfield-idUKKBN17X27N'|'2017-05-02T02:43:00.000+03:00'
'69c627ccbbc2a81b79cf320da0c3c8446e16e9af'|'EU plans to ease derivatives rules in bid to boost economy'|' 19pm BST EU plans to ease derivatives rules in bid to boost economy By Francesco Guarascio and Huw Jones - BRUSSELS/LONDON BRUSSELS/LONDON The European Union has proposed easing its derivatives rules in a move which will save pension funds billions of euros, as it seeks to boost its capital markets union (CMU) after Britain''s decision to leave the bloc. New rules were introduced in 2012 after the then opaque sector accentuated the 2007-09 financial crisis, but policymaker focus has by now shifted to helping the "real economy" create jobs by cutting red tape for companies and investors, though not for big banks. The European Commission proposed a draft law on Thursday to continue shielding pension funds - a sector it sees as critical for investment in infrastructure - from having to clear their derivatives trades for a further three years, saving them billions of euros in collateral requirements. "Our aim is to simplify rules as well as to eliminate disproportionate costs and burdens to small companies in the financial sector, corporates and pension funds," European Commission Vice President Jyrki Katainen, said in a statement. Brussels is trying to encourage companies to use markets to raise funds and wean them off their heavy reliance on bank loans. But CMU has made slow progress, suffering a knock after Britain, by far the EU''s biggest capital market, decided to leave the bloc in 2019. Efforts to revive securitization, a form of debt security, have also stalled. Thursday''s plans, which need approval from the European Parliament and EU states to become law, are among the first after a root-and-branch review in 2015 of crisis-era financial rules. As reported by Reuters, only one side of a derivatives trade would have to report it, helping to cut compliance costs. The commission said such changes could save market participants, especially energy companies and manufacturers, up to 2.6 billion euros in operational costs and up to 6.9 billion euros in one-off costs. Brexit has also prompted the commission to look again at how derivatives are cleared, a process carried out by a third party to ensure a trade is completed. The commission said it intends to present further legislative proposals before the summer to address "important and emerging" challenges in derivatives clearing. "In this context, it should also ensure effective supervisory arrangements for clearing houses located outside the EU that clear substantial volumes of derivatives denominated in EU currencies and play a key systemic role for EU financial markets." Euro zone policymakers have said that the bulk of clearing of euro-denominated securities like derivatives and bonds should move to the single currency area. The London Stock Exchange''s ( LSE.L ) LCH clearing house clears most euro-denominated trades, but this activity will be outside the bloc''s legal framework after Brexit. (Reporting by Huw Jones; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eu-derivatives-regulations-idUKKBN1801BF'|'2017-05-04T19:02:00.000+03:00'
'9a25fa68e285426df7fdb879b9dbe1591bf2c8b4'|'WhatsApp faces worldwide outage, says is fixing it'|'WhatsApp, a popular messaging service owned by Facebook Inc, suffered a widespread global outage on Wednesday that lasted for several hours before being resolved, the company said."Earlier today, WhatsApp users in all parts of the world were unable to access WhatsApp for a few hours. We have now fixed the issue and apologize for the inconvenience," WhatsApp said in an email late Wednesday afternoon.WhatsApp was down in parts of India, Canada, the United States and Brazil, according to Reuters journalists. It affected people who use the service on Apple Inc''s iOS operating system, Alphabet Inc''s Android and Microsoft Corp''s Windows mobile OS.In Brazil, where the professional class relies heavily on the messaging service, WhatsApp was down for about two and a half hours. Many users switched to rival system Telegram, which has picked up millions of customers in Brazil after two previous WhatsApp outages resulting from court orders.WhatsApp''s is used by more than 1.2 billion people around the world and is a key tool for communications and commerce in many countries. The service was acquired by Facebook in 2014 for $19 billion.(Reporting by Sangameswaran S and Ismail Shakil in Bengaluru; Additional reporting by David Ingram and Jonathan Weber in San Francisco and Anthony Broadle in Brasilia; Editing by Richard Chang and Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-whatsapp-outages-idUSKBN17Z2QF'|'2017-05-04T07:08:00.000+03:00'
'343e9ef74c2a56eb03a3b7ccd7de2e15fecf23e2'|'Colombia''s Ecopetrol, Anadarko find gas in deep Caribbean waters'|'Commodities  15pm EDT Colombia''s Ecopetrol, Anadarko make biggest gas find in 28 years BOGOTA Colombian state oil company Ecopetrol said on Wednesday it has discovered gas at an exploratory well it shares with U.S.-based Anadarko Petroleum Corp in deep waters in the Caribbean Sea, creating the possibility of developing a production cluster. President Juan Manuel Santos said it was the biggest gas find in Colombia in 28 years and will allow the Andean nation to be energy self-sufficient for the coming decades. Ecopetrol and Anadarko made the discovery in areas located between 3,675 and 4,415 meters below sea level in the south Caribbean Sea, close to the Kronos-1 and Purple Angel-1 wells in adjacent blocks. "The presence of a set of gas fields in the area opens the possibility for Colombia to develop a cluster specialized in gas production, which would allow sharing of facilities and improve the profitability and efficiency of the projects," Ecopetrol said in a filing with the financial regulator. The Gorgon-1 exploratory well is part of the Purple Angel block. Ecopetrol said the three projects cover an area of about 14,000 square kilometers. "This discovery allows us to further expand the Colombian market for natural gas, an economic and environmentally friendly fuel," Santos said in a televised address. Ecopetrol is among the top four oil companies in Latin America, with operations in Colombia, Brazil, Peru, and the United States in the Gulf of Mexico. (Reporting by Nelson Bocanegra and Helen Murphy; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-colombia-ecopetrol-idUSKBN17Z1K9'|'2017-05-03T21:49:00.000+03:00'
'fecd1ae75fc4803ae7bd70900d4127798a96ad4a'|'Yum Brands'' quarterly profit beats estimates'|'Business News - Wed May 3, 2017 - 12:24pm EDT Taco Bell Naked Chicken Chalupas, lower taxes boost Yum''s profit left right FILE PHOTO: A Taco Bell fast food restaurant, which is owned by Yum Brands Inc, is pictured ahead of their company results in Pasadena, California, U.S., July 11, 2016. REUTERS/Mario Anzuoni 1/2 left right FILE PHOTO: The sign at a Pizza Hut location, which is owned by Yum Brands Inc, is pictured ahead of their company results in Pasadena, California U.S., July 11, 2016. REUTERS/Mario Anzuoni/File Photo 2/2 Yum Brands Inc ( YUM.N ) posted a better-than-expected quarterly profit, helped by lower taxes, vigorous sales of Taco Bell''s Naked Chicken Chalupas and lower costs at KFC restaurants. Shares of the company were up 2.7 percent at $68.13 in midday trading on Wednesday. Sales rose 8 percent at Taco Bell restaurants open for more than a year, topping the 3.7 percent growth expected by analysts polled by research firm Consensus Metrix. That sales figure at the company''s "cult brand" was boosted by $1 Double Stacked Tacos, the return of the Triple Double Crunchwrap and the sale of more than 25 million Naked Chicken Chalupas, which are tacos in a fried chicken shell. Taco Bell traffic rose 5 percent during the first quarter, bucking a stubborn restaurant industry slump that is nagging major brands including McDonald''s Corp ( MCD.N ). Yum Brands Chief Executive Officer Greg Creed promised to sell more Naked products, saying "we''d be crazy not to," with soon-to-be launched Naked Chicken Chips that will be served with nacho cheese dipping sauce. KFC''s same-store sales growth of 2 percent missed analysts'' estimates, while its operating profit jumped 12 percent on lower costs resulting from restaurant sales to franchisees. The fried chicken chain, which contributes almost half of Yum''s operating profit, recently debuted actor Rob Lowe as its new Colonel Sanders mascot. It is also catching up with rivals by switching to chicken raised without medically important antibiotics. Pizza Hut continued to struggle, reporting a 3 percent drop in same-store sales, its third straight quarterly decline, even as rival Domino''s Pizza Inc ( DPZ.N ) last week reported domestic growth of 10.2 percent. Yum and Pizza Hut franchisees this month struck a deal that includes $130 million in corporate marketing and technology investments. Yum Brands'' income from continuing operations rose 24 percent to $280 million, or 77 cents per share, for the latest quarter. Excluding items, the company earned 65 cents per share, beating the average analyst estimate of 60 cents, according to Thomson Reuters I/B/E/S. Yum adopted new accounting standards that lowered taxes during the quarter, when its effective tax rate was 19.4 percent and its effective tax rate excluding special items was 12.5 percent. The company''s 2016 effective tax rate was 24.6 percent. It was 26.3 percent excluding special items, according to regulatory filings. Total revenue fell 1.8 percent to $1.42 billion as it sold more restaurants to franchisees but managed to beat Wall Street''s target of $1.35 billion. (Reporting by Sruthi Ramakrishnan in Bengaluru and Lisa Baertlein in Los Angeles; Editing by Saumyadeb Chakrabarty, Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-yum-brands-results-idUSKBN17Z15J'|'2017-05-03T19:19:00.000+03:00'
'553125c421aa90e717d0e24cce340438f1176c44'|'Deals of the day-Mergers and acquisitions'|'(Updates Public Power Corp; Adds Qualcomm, Apollo Global Management, ECOM, Zhengzhou Coal Mining Machinery Group, Vitol, Noble Energy, ProSiebenSat.1, Dow Chemical)May 2 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Tuesday:** Managers at Italian motorway group Atlantia and Spanish peer Abertis will meet this week in Italy to discuss plans for a tie up, two sources close to the matter said.** EU regulators will decide by June 9 whether to clear smartphone chipmaker Qualcomm''s $38 billion takeover of NXP Semiconductors NV, with rivals voicing concerns about continued access to key NXP technology after the deal.** Buyout firms Apollo Global Management LLC, Blackstone Group LP and Centerbridge Partners LP are among potential suitors studying bids for Canada''s biggest alternative mortgage lender, Home Capital Group Inc, which sought emergency funding last week, people familiar with the matter told Reuters.** Swiss commodities trading group ECOM has received approval from German cartel authorities to purchase German cocoa grinder Euromar Commodities GmbH, which declared insolvency in December, Euromar''s insolvency administrator said.** Zhengzhou Coal Mining Machinery Group Co Ltd (ZMJ) has teamed up with private equity firm China Renaissance Capital Investment (CRCI) to buy Robert Bosch''s starters and generators business SG Holding for 545 million euros ($595 million).** Commodities trader Vitol has agreed to buy an 85,000 barrel per day (bpd) condensate splitter in the Netherlands from Koch Supply and Trading, a subsidiary of U.S. conglomerate Koch Industries, Vitol said in a statement.** U.S. oil and gas producer Noble Energy Inc said it would sell all its natural gas production assets in the Marcellus shale field for $1.23 billion, as it shifts focus to liquids-rich, higher-margin assets.** German broadcaster ProSiebenSat.1 and Discovery Communications Inc will join forces to stream TV shows via Internet and wireless services in Germany.** China has conditionally approved the proposed merger between Dow Chemical Co and Dupont, the country''s Commerce Ministry said, a step forward for the deal whose closing has been repeatedly delayed by regulatory hurdles.** Jack Ma''s private equity firm Yunfeng Capital and Singapore''s Temasek have led a $75 million fund-raising round into genomics company WuXi NextCODE, the firm said in a statement, underlining a race for medical data in China.** British housebuilder Bovis, which was subject to two failed buyout bids earlier this year, said it would take a 2.8 million-pound hit from the talks and a review conducted in February after the firm warned on profits.** Accell Group, the maker of Dutch bicycle brands Sparta and Batavus, has had ended talks with Pon Holdings regarding takeover bid from the Dutch transportation conglomerate as the offer was not high enough, it said.** British bank Shawbrook Group''s independent directors said they could not recommend a buyout bid from a consortium of private equity firms.** Greece has agreed to sell coal-fired plants and coal mines equal to about 40 percent of its dominant power utility Public Power Corp''s coal-fired capacity, to help open up its electricity market, the energy ministry said.** A three-member consortium that includes German insurer Allianz has agreed to buy Affinity Water Ltd , the largest water-only supply firm in England and Wales by revenue, through two transactions, the group said.** Sumitomo Corp said it and Korea Resources Corp (Kores) will get a larger stake in the Ambatovy nickel project in Madagascar, as part of a debt restructuring deal with partner Sherritt International Corp.** IAC/InterActiveCorp said on Monday it would buy consumer review website operator Angie''s List Inc in a $500 million deal that bolsters its online home contractor services.** Monsanto Co has terminated an agreement to sell its Precision Planting LLC farm equipment business to machinery maker Deere & Co, the compani
'01b975bba35f2e32030201ac08f0dc13648621c8'|'Canadian Natural posts first-quarter profit, evaluating acquisitions'|'By Nia Williams - CALGARY, Alberta CALGARY, Alberta Canadian Natural Resources Ltd ( CNQ.TO ), the country''s largest independent petroleum producer, said on Thursday it continues to evaluate any assets for sale within its core areas of operation in western Canada.However, the Calgary-based company added that it was focused on its recently announced acquisition of a majority stake in the Athabasca Oil Sands Project in northern Alberta, which is set to close in the second quarter of this year.Canadian Natural will pay C$12.74 billion ($9.28 billion) for assets belonging to Royal Dutch Shell ( RDSa.L ) and Marathon Oil Corp ( MRO.N ), making it one of the three major Canadian oil sands operators, along with Suncor Energy ( SU.TO ) and Cenovus Energy ( CVE.TO ), that have been stepping in as foreign oil majors exit the region."We have got lots on our plate but that will not stop us from evaluating everything that goes through our core area," president Steve Laut said on a first-quarter earnings call.Canadian Natural, which operates in western Canada, the North Sea and offshore West Africa, reported a first-quarter profit on Thursday helped by an uptick in crude prices and increased output from its Horizon oil sands project in Alberta.Oil prices CLc1 LCOc1 began to rise late last year after a two-year slump, and are now trading within a $45-$50 a barrel range as an OPEC-led production cut and rebounding demand slowly erode a global glut.Canadian Natural posted a net profit of C$245 million, or 22 Canadian cents per share, for the quarter ended March 31, swinging to a profit after reporting a loss of C$105 million, or 10 Canadian cents per share, in the year-earlier quarter.The company said production rose nearly 4 percent to 876,907 barrels of oil equivalent per day (boepd) in the latest quarter.Cash flow from operations, a key indicator of a company''s ability to pay for new projects and drilling, surged nearly 150 percent to C$1.64 billion, or C$1.46 per share.The free cash flow was largely used to reduce debt levels by C$500 million, the company said.Production from Horizon, the company''s flagship oil sands facility, hit a record 192,000 bpd in the first quarter, up 50 percent year-on-year. Phase 3 of the project is scheduled to start up by the end of 2017, adding 80,000 bpd of capacity.(Reporting by John Benny in Bengaluru; Editing by Savio D''Souza and James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cdn-natural-rsc-results-idINKBN1800XM'|'2017-05-04T15:36:00.000+03:00'
'488f549d49c4bace58d94daa2e53366c1831233f'|'EMERGING MARKETS-Brazilian currency, stocks down on political concerns'|' 24pm EDT EMERGING MARKETS-Brazilian currency, stocks down on political concerns By Bruno Federowski SAO PAULO, May 4 Brazil''s currency and stocks fell on Thursday on bets that President Michel Temer''s government could find it harder than expected to pass key austerity measures in Congress. Temer''s proposal to reform the country''s social security system cleared a committee vote on Wednesday but still faced an uphill battle. Presidential aides said the government was not certain it had secured the two-thirds vote needed to approve the bill in a full vote in the lower house. Traders worried that Temer will have to further dilute the measure, seen as critical to limit the growth of public debt and lift Brazil from its deepest recession on record, to guarantee lawmakers'' support. "The government has already been forced to negotiate intensely at this point and made multiple concessions," said Miriam Tavares, a foreign exchange director at AGK brokerage. The Brazilian real weakened as much as 1 percent, while the benchmark Bovespa stock index fell 1.6 percent. Other Latin American markets also dropped, tracking a decline in prices of commodities. The Colombian peso slumped 1.6 percent as oil futures tumbled. The slide worsened after OPEC delegates said their group and other producing countries were downplaying the chance of a bigger output when the producers meet on May 25, increasing investor concerns over a global supply glut. Iron ore prices also tumbled 8 percent, their biggest daily fall in more than five months, weighing on shares of miners such as Brazil''s Vale SA Key Latin American stock indexes and currencies at 1615 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 979.03 -0.68 14.32 MSCI LatAm 2590.70 -1.96 12.9 Brazil Bovespa 65050.90 -1.58 8.01 Mexico IPC 49075.83 -0.05 7.52 Chile IPSA 4844.24 -0.22 16.69 Chile IGPA 24290.78 -0.24 17.15 Argentina MerVal 21043.70 -0.79 24.39 Colombia IGBC 10202.27 0 0.73 Venezuela IBC 58545.92 0.35 84.66 Currencies daily % YTD % change change Latest Brazil real 3.1862 -0.95 1.98 Mexico peso 19.0370 -0.91 8.97 Chile peso 675.3 -0.90 -0.68 Colombia peso 2974.5 -1.63 0.91 Peru sol 3.271 -0.64 4.37 Argentina peso (interbank) 15.3750 -0.55 3.25 Argentina peso (parallel) 15.87 0.13 5.99 (Reporting by Bruno Federowski; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-emergingmarkets-idUSL1N1I61B1'|'2017-05-05T00:24:00.000+03:00'
'a29db17c08e6ee6f8e5a43ad6df744f60e5a714b'|'UBS''s Blessing says Swiss banking employment to continue shrinking'|'  3:02pm BST UBS''s Blessing says Swiss banking employment to continue shrinking ST. GALLEN, Switzerland UBS''s ( UBSG.S ) Swiss boss Martin Blessing said on Thursday the number of Swiss banking industry employees was likely to continue to shrink over the next decade as demand for repetitive, face-to-face services wanes. The Swiss banking industry employed 103,041 people in 2015, according to figures from the Swiss Bankers Association, compared with 105,735 two years earlier and more than 108,000 in 2007, before the financial crisis. "My guess would be that the number will go down over the next 10 years, I don''t know the percentage," Blessing said at a university conference in Switzerland. "We see that clients are coming less frequently to our branches," he told attendees at the St. Gallen Symposium. Blessing, an ex-Commerzbank ( CBKG.DE ) boss whom UBS recruited last year to head its domestic business, added that some banking activities, in particular those that occur less frequently or which are perceived to have higher value including those for deep-pocketed clients, will continue to require employees to conduct personalised transactions. "In transactions that don''t happen that often, where you don''t have a repetitive learning experience and really need trust, a lot of people still want to see the human person they are dealing with," he said. "That happens if you do a mortgage - you do a mortgage only once or twice in your life - or it happens when you basically want to invest significantly for your future, or you are a wealthy client." UBS has high hopes for its core wealth management business, as the unit''s first-quarter turnaround helped the bank late last month report its second-best start to a year since the financial crisis. (Reporting by John Miller; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ubs-swiss-employment-idUKKBN1801SY'|'2017-05-04T22:02:00.000+03:00'
'267c3e4309cb86863df5faf0ad7c2835c5f3dc0d'|'Devon Energy plans to divest $1 billion in non-core assets'|'U.S. oil producer Devon Energy Corp ( DVN.N ) said it would divest about $1 billion of its assets, and also reported a quarterly profit that beat analysts'' estimates.The assets include certain portions of its Barnett shale properties focused around Johnson County, Texas."This divestiture program ... supports our capital program and places us firmly on track to achieve our production growth targets in 2017 and 2018," Chief Executive Dave Hager said in a statement.Net earnings attributable to Devon was $565 million, or $1.07 per share, in the first quarter ended March 31, compared with a loss of $3.06 billion, or $6.44 per share, a year earlier.The year-ago quarter included an asset impairment charge of $3.04 billion and restructuring and transaction costs of $247 million.On an adjusted basis, Devon earned 41 cents per share, while analysts on average had expected 40 cents, according to Thomson Reuters I/B/E/S.The company said its total operating expenses nearly halved to $2.84 billion.Devon, like other oil and gas companies, has been keeping a tight leash on costs since a slide in global crude oil prices started in mid-2014.Revenue jumped 67 percent to $3.55 billion. However, total production, net of royalties, fell 17.8 percent to 563,000 barrels of oil equivalent per day.Shares of the company rose 2.8 percent to $39.97 in after-hours trading on Tuesday.(Corrects paragraph 2 to say Johnson County is in Texas, not Kansas)(Reporting by Sruthi Shankar and John Benny in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-devon-energy-results-divestiture-idINKBN17Y2FT'|'2017-05-02T18:26:00.000+03:00'
'bde2b7a56230042e44faa9a5c8f3c6bdbe2b71bb'|'Austrian construction firms Strabag, Porr say offices raided over suspected price fixing'|'Business News - Fri May 5, 2017 - 11:39am BST Austrian construction firms Strabag, Porr say offices raided over suspected price fixing left right FILE PHOTO: The headquarters building of Austrian construction firm Strabag is pictured in Vienna, Austria February 22, 2016. REUTERS/Heinz-Peter Bader/File Photo 1/4 left right FILE PHOTO: The logo of Austrian construction company Porr is pictured in front of the company''s headquarters building in Vienna, Austria March 8, 2016. REUTERS/Heinz-Peter Bader/File Photo 2/4 left right FILE PHOTO: The logo of Austrian construction company Porr is pictured in front of the company''s headquarters building in Vienna, Austria March 8, 2016. REUTERS/Heinz-Peter Bader/File Photo 3/4 left right FILE PHOTO: The logo of Austrian constructon firm Strabag SE is pictured at its headquarters in Vienna, Austria April 29, 2015. REUTERS/Heinz-Peter Bader/File Photo 4/4 VIENNA Austrian construction companies Strabag ( STRV.VI ) and Porr ( ABGV.VI ) said several of their offices had been raided over suspected price-fixing, confirming earlier media reports, and sending their shares to the lowest levels in months. Anti-corruption prosecutors are investigating alleged price agreements regarding road construction projects in the provinces of Carinthia and Styria as well as renovation works on motorways and federal roads between 2008 and 2014, daily Der Standard reported on Friday. A spokesman for the Austrian anti-corruption prosecutors'' office said it had carried out raids at different locations in the country, declining to elaborate. The national competition authority confirmed that several construction companies had been raided over allegations of price fixing. Contracting parties could have suffered damages of at least 100 million euros ($110 million), Der Standard and daily Kurier said, both citing a search warrant. Strabag, one of Europe''s largest construction companies, said offices in Vienna and in Carinthia had been raided on Wednesday. A Strabag spokeswoman said there would be an internal review and she would not comment further. Strabag shares fell as much as 7.7 percent to a two-month-low of 34.80 euros. They were 3.4 percent lower at 1024 GMT. Porr said offices at four of its locations including offices of its Teerag-Asdag unit had been raided over allegations of unlawful agreements on Wednesday. "We have initiated an internal review and cooperate fully with the authorities," a spokeswoman said. Porr shares lost as much as 10.7 percent to 29.20 euros, it''s lowest in eight months. They were down 6.9 percent at 1024 GMT. Austrian media said that many companies, including supplier firms, were suspected of having taken part in the price fixings. More than 20 road-building projects were involved. ($1 = 0.9125 euros)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-austria-crime-construction-idUKKBN18113J'|'2017-05-05T18:39:00.000+03:00'
'2f417875f95a5abb58d56d681de36f9fa9dcd993'|'Oil prices inch down on China economy worries, but OPEC cuts support'|'Business   9:32am BST Oil prices inch down on China economy worries, but OPEC cuts support FILE PHOTO: A worker walks past a pump jack on an oil field owned by the Bashneft company near Nikolo-Berezovka, Bashkortostan, Russia , January 28, 2015. REUTERS/Sergei Karpukhin/File Photo By Aaron Sheldrick - TOKYO TOKYO Oil prices edged down on Monday as a disappointing Chinese economic survey clouded the outlook for demand, although talk that OPEC-led crude output cuts could be extended continued to offer support. NYMEX crude for June delivery was down 12 cents at $49.21 a barrel by 0619 GMT. London Brent crude for new front-month delivery in July was down 15 cents at $51.90. A faster-than-expected slowdown of growth in China''s manufacturing sector in April weighed on prices. An official survey showed on Sunday that producer price inflation cooled and policymakers'' efforts to curtail financial risks in the economy weighed on demand. "The moderation in the China PMI could see commodity prices come under some modest pressure," ANZ said in a note. The price declines mark the third consecutive week that oil has started with a drop, with high inventories also dragging on markets that have been grappling with a global supply glut for the last few years. Iran''s oil minister said on Saturday that OPEC and non-OPEC countries had given positive signals for an extension of output cuts, which Tehran would also back. The Organization of the Petroleum Exporting Countries (OPEC)meets this month to discuss oil supply policy. If OPEC agrees to extend the cuts, then bloated global inventories could drain by the end of the year, a Reuters poll of economists and analysts showed. Saudi Arabia''s Energy Minister Khalid al-Falih said on Saturday there was consensus with Central Asia over oil markets and production levels.. Money managers cut their net long U.S. crude futures and options positions for the first time in four weeks in the week to April 25, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. U.S. President Donald Trump on Sunday stepped up contacts with allies in Asia to secure their cooperation to pressure North Korea over its nuclear and missile programs. Trump''s calls to the two Asian leaders came after North Korea test-launched another missile that Washington and Seoul said was unsuccessful but which drew widespread international condemnation. (Reporting by Aaron Sheldrick; Editing by Joseph Radford)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN17X0WZ'|'2017-05-01T16:09:00.000+03:00'
'5b87e1b355305cfdfc149d955b43ca280f006f5d'|'RPT-Norway races Australia to fulfil Japan''s hydrogen society dream'|'(Repeats item first issued late Friday)* Norway may provide cleanly produced hydrogen to Japan* Australia hopes to export the fuel extracted from brown coal* Japan bets heavily on hydrogen as fuel of the future* However, technology remains expensive, difficult* GRAPHIC - Hydrogen fuel production tmsnrt.rs/2oOIfVLBy Lefteris Karagiannopoulos, Sonali Paul and Aaron SheldrickOSLO/MELBOURNE/TOKYO, April 28 Norway and Australia are racing each other to show they can supply Japan with hydrogen, hoping to fulfil its ambition to become the first nation significantly fuelled by the super-clean energy source.While Australia has planned to derive liquid hydrogen from brown coal for some time, Norway could steal a march if a pilot project producing the fuel using renewable energy - a climate-friendly method more in keeping with Japan''s aims - is cheaper.Japan is betting heavily on becoming a "hydrogen society" despite the high costs and technical difficulties which have generally slowed its adoption as a carbon-free fuel.Prime Minister Shinzo Abe is pushing his vision of vehicles, houses and power stations using hydrogen to end Japan''s energy crisis since the 2011 Fukushima disaster, which led to a dramatic drop in electricity production from its nuclear plants.The country''s annual hydrogen and fuel cell market is forecast to hit 1 trillion yen ($9 billion) in 2030 and 8 trillion yen in 2050, according to the industry ministry.Kawasaki Heavy Industries (KHI) is developing a supply chain to back Abe''s initiative, which will be showcased when Tokyo hosts the 2020 Olympic games.KHI has been looking at using brown coal from the Australian state of Victoria, where supplies are plentiful. However, it is hedging its bets with a project in Norway to derive hydrogen using power from hydroelectric dams and eventually wind farms.Using Australian coal requires removing its climate-changing carbon and burying it in old oil or gas wells there.In Norway, KHI has teamed up with Nel Hydrogen, a maker of hydrogen plants, with backers including Japan''s Mitsubishi Corp and Norway''s Statoil. The project aims to demonstrate that liquefied hydrogen (LH2) can be produced using renewables and delivered to Japan on tankers.Nel Hydrogen''s market development vice-president Bjorn Simonsen told Reuters the company aims to deliver liquefied hydrogen to Japan for a minimum 24 yen per normal cubic metre (Nm3). A study on the scheme is due to be completed in 2019.KHI estimates that hydrogen from Australia costs about 29.8 yen/nm3 and the company plans to establish a global LH2 supply chain like that for liquefied natural gas, KHI''s spokesman Keisuke Murakami told Reuters by email."If Norway commercial (production) goes rapidly it might be earlier than Australian commercial," he said.STUDY AWAITEDBoth projects still have a long way to go before they could start commercial production.Under the Australian plan, coal would be converted to gas for processing to remove sulphur, mercury and carbon dioxide, leaving hydrogen. The Norwegian system would use renewable power for high-temperature electrolysis to split water into hydrogen and oxygen, which would be released into the atmosphere. In both cases, the hydrogen would be liquefied for shipment to Japan.In Australia, a small demonstration ship is being built and KHI plans to build bigger tankers in the 2020s. The firm is also seeking support from the Victorian and federal (Commonwealth) governments, Murakami said.A hydrogen plant would "contribute to job creation and the acquisition of foreign currencies," he said, adding that a pilot project in Australia is scheduled to start before 2020.Victoria is looking at the project due to the decline of brown coal mining and power stations burning the polluting fuel."The Victorian and Commonwealth Governments have been working with KHI on an engineering study into the possible production of hydrogen from Victorian brown coal," the state''s resources minister
'6160e22b930c84e39d158026a6858d4af43823ac'|'South Korean IPOs charge ahead despite tensions - Reuters'|'Global Energy News - Thu May 4, 2017 - 4:33am IST South Korean IPOs charge ahead despite tensions A currency dealer works in front of electronic boards showing the Korea Composite Stock Price Index (KOSPI) (C), the exchange rates between the Chinese yuan and South Korean won (L), and tthe exchange rate between U.S. dollar and South Korean won (R), at a dealing room of a... REUTERS/Kim Hong-Ji By Elzio Barreto and Joyce Lee - HONG KONG/SEOUL HONG KONG/SEOUL South Korea has emerged as an unusual hot spot for initial public offerings this year, shooting up to the third most-active market in the world despite political upheaval and tensions with its neighbours. Investors have spent $3.7 billion in South Korea so far in 2017, behind U.S. IPOs of $13.5 billion and Chinese listings of $11.1 billion, Thomson Reuters data shows. IPOs of $974 million from ING Life Insurance Korea and $2.3 billion from mobile games maker Netmarble Games Corp last week have been the driving force behind the Korean IPO splurge. The pipeline is set to continue in coming months with budget airline Jin Air Co Ltd, Kyobo Life Insurance and Celltrion Healthcare among those expected to go public. "Most of the Korean corporates as well as investors are more comfortable with the recent political issues, so that they''re ready to do something," said June Won, head of capital market origination Korea at Citigroup, which helped manage the Netmarble IPO. "Investors are taking it in stride. If you look at the Korean currency, which is getting stronger, and bond trading numbers, all these indicate Korea is quite stable even though there is some noise," he said, referring to Korean tensions. The impeachment and ousting from office of President Park Geun-hye cleared the way for an election next week and put an end to a political crisis that had lasted for months. Investors are also seeing through tensions with North Korea as the United States, its allies and China, increase pressure on Pyongyang to rein in its nuclear weapons ambitions. They see conflict as unlikely. Healthy exports and stronger-than-expected GDP figures for the first quarter have boosted confidence in the economy. That has translated into stronger financial markets. The won KRW= is the second-best performing major Asian currency against the U.S. dollar in 2017, up 6.8 percent. Stocks are up about 9.5 percent and at six-year highs. South Korea''s IPO market this year is more than seven times bigger than at the same time last year. It''s ranking is all the more surprising because the global market is also much stronger, with IPOs so far this year of $49.8 billion more than double the year-earlier level. UP NEXT ING Life debuts in Seoul on May 11 and Netmarble the following day. Jin Air said last week it wanted to list by the end of 2017, but it did not disclose how much it aims to raise. Celltrion Healthcare, the marketing affiliate of biosimilar drugs firm Celltrion Inc ( 068270.KQ ), plans to raise up to 1 trillion won ($886 million) in an IPO. Kyobo Life, South Korea''s third-largest life insurer by assets, said in March it plans to raise funds to boost its capital, but gave no fundraising target, local media said. ING Life is about a third of the size of Kyobo Life by assets. Even Hotel Lotte Co Ltd, which shelved a $4.5 billion IPO last year amid an investigation of parent Lotte Group from prosecutors, could revive the listing in 2017. Bankers said deal activity is also being boosted by new rules introduced at the start of the year that allow high-growth startups yet to be profitable to seek a public listing. Only companies with a profit record were permitted to list previously. South Korea''s largest mobile-commerce company Coupang could be among tech companies set to go public under the new rules, local media reports have said. Repeated calls to a Coupang spokesman went unanswered. The new rules also put underwriters on the line if newly listed companies tumble, demanding they guarantee tha
'ac1691c6d14eb55abb6e92977ad27984ec398b6d'|'Belgium sells part of its stake in BNP Paribas for two billion euros: bookrunner'|'PARIS Belgium has sold a quarter of the stake it holds in France''s biggest listed bank BNP Paribas ( BNPP.PA ) for around 2 billion euros ($2.2 billion), a bookrunner for the deal said.The country, which acquired the stake in 2008 as a result of a bailout of Belgian financial group Fortis, said the deal would result in Belgium trimming back its stake in BNP Paribas to 7.8 percent from 10.3 percent previously.Belgium is keen to keep a strategic share in BNP Paribas, the country''s finance ministry said on Wednesday.($1 = 0.9183 euros)(Reporting by Arno Schuetze; Writing by Maya Nikolaeva; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bnp-paribas-belgium-idINKBN1800JW'|'2017-05-04T04:41:00.000+03:00'
'e70e51dbb88c7af50ffec48ae08df7311b2898b9'|'Euro zone businesses blow into second quarter on six-year high - PMI'|' 17am BST Euro zone businesses blow into second quarter on six-year high - PMI A picture illustration taken with the multiple exposure function of the camera shows a one Euro coin and a map of Europe, January 9, 2013. REUTERS/Kai Pfaffenbach By Jonathan Cable - LONDON LONDON May 4 Euro zone businesses started the second quarter by turning out their best performance in six years, according to a survey on Thursday which suggested the bloc''s economic recovery is broadly based and sustainable. Activity expanded slightly faster than earlier predicted and survey compiler IHS Markit said the data was consistent with a GDP growth rate of 0.7 percent. Official numbers on Friday showed the bloc far outpaced the United States last quarter. IHS Markit''s final Composite Purchasing Managers'' Index (PMI), regarded as a good guide to growth, rose to a six-year high of 56.8 in April from March''s 56.4. An earlier flash reading had suggested a shallower rise to 56.7. "The PMI surveys portray an economy that is growing at an encouragingly robust pace and that risks are moving from the downside to a more balanced situation," said Chris Williamson, chief business economist at IHS Markit. Earlier PMI surveys covering the bloc''s four biggest economies showed growth remained strong in Germany and France and accelerated in Spain and Italy. Pointing to continued solid expansion this month, new business growth in April was only slightly weaker than the six-year high set in March. The euro zone composite sub-index dipped to 55.9 from 56.2. Matching an impressive performance reported by manufacturers earlier this week, firms in the bloc''s dominant service industry also said growth was at a six-year high. The services PMI rose to 56.4 from 56.0. That beat the flash estimate of 56.2 and was the highest since April 2011. The increase in activity came despite firms raising prices again, albeit at a weaker rate than in March. The services output price sub-index dipped to 51.7 from 52.2, which was a near six-year high. Official data on Friday showed inflation rose more than expected in April, returning to the European Central Bank''s target, but the ECB kept its policy stance steady last week, even leaving the door open to more easing. But with growth and inflation stronger, pressure is mounting on the ECB to start dialling back its lavish stimulus. "The encouraging picture from the survey data is likely to help raise many forecasters'' expectations of euro zone economic growth in 2017, and will also no doubt add to speculation that ECB rhetoric will turn increasingly hawkish," Williamson said. (Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-economy-pmi-idUKKBN1800RE'|'2017-05-04T16:17:00.000+03:00'
'7826915699b09354e33563b0cb2d1ace8285ae2f'|'Burberry to move about 300 roles to Leeds from London'|'Business  06pm BST Burberry to move about 300 roles to Leeds from London FILE PHOTO: An atomiser is seen on a Burberry Brit Rhythm glass bottle displayed at a perfume shop in Paris, November 15, 2013. REUTERS/Christian Hartmann/File Photo British luxury brand Burberry ( BRBY.L ) plans to move around 300 jobs from London to a new office in Leeds, northern England, to consolidate its back-office operations and cut costs. The company said on Thursday the new office would open in October and help to cut costs because it would be able to reduce office space in London. The company will keep its headquarters in London. The move comes a fortnight after the fashion house, led by designer Christopher Bailey, posted a slowdown in quarterly sales growth. (Reporting by Rahul B in Bengaluru; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-burberry-group-office-idUKKBN1801YR'|'2017-05-04T23:06:00.000+03:00'
'300b404fbd59623d3c589438f7fc995eb4f80cdc'|'Leading advisory firms urge BP shareholders to support revised pay scheme'|'Business  50pm BST Leading advisory firms urge BP shareholders to support revised pay scheme FILE PHOTO: A BP logo is seen at a petrol station in London, Britain, January 15, 2015. REUTERS/Luke MacGregor/File Photo LONDON Two leading investor proxy advisories have recommended BP ( BP.L ) shareholders vote in favour of a new remuneration policy after the oil and gas company lowered Chief Executive Bob Dudley''s pay scheme, according to notes to clients seen by Reuters. ISS and the Local authority Pension Fund Forum joined a third major advisory, Glass Lewis, in the recommendation while Pensions & Investment Research Consultants (PIRC) urged shareholders to vote against the new policy. (Reporting by Ron Bousso; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bp-pay-idUKKBN1801DV'|'2017-05-04T19:50:00.000+03:00'
'6b0ea54348d83d429c73ceb2c721a90a7f2a7dfa'|'LPC-Banks line up <20>4bn debt for Unilever spreads sale'|'By Claire Ruckin - LONDON LONDON May 4 Banks are putting together around <20>4bn-equivalent of debt financing to back a potential sale of Anglo-Dutch consumer group Unilever<65>s margarine and spreads business, banking source said.Unilever hired Goldman Sachs and Morgan Stanley on the sale, which could fetch as much as <20>6bn. It follows a far-reaching review of Unilever''s business prompted by February''s unsolicited US$143bn takeover offer from Kraft Heinz.The sale is expected to attract attention from a number of private equity firms and banks are lining up debt financings to back any of the potential bids.<2E>This is a classic transaction where a sponsor can add value as the spreads business is coming out of a huge corporate and a private equity firm can turn it around,<2C> a senior banker said.Some US$4bn of debt financing equates to around 6 times the unit<69>s approximate <20>650m Ebitda. With adjustments, one banker placed Ebitda as high as <20>800m.The size of the financing is likely to vary until it is clear what the exact perimeters of the deal are and what is included in the sale. Unilever<65>s spreads business includes brands like Blue Band, Flora and Stork butter.Both leveraged loans and high-yield bonds will be considered, denominated in sterling, euros and dollars.<2E>From a financing perspective you can do anything, loans and bonds in sterling, euros and dollars. It is a big business with a lot of liquidity and a global footprint,<2C> the banker said.(Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/unilever-loans-idINL8N1I67SM'|'2017-05-04T14:27:00.000+03:00'
'b3d5bc0cf33ea67e92b31c81a07d6ba431710f55'|'Smith & Nephew says M&A ''not at top of agenda'' at the moment'|'Deals - Fri May 5, 2017 - 8:54am BST Smith & Nephew says M&A ''not at top of agenda'' at the moment LONDON The chief executive of Smith & Nephew ( SN.L ) said on Friday that M&A was not at the top of his agenda, as the focus was on driving growth at the artificial knee and hip maker. A report in the Financial Times in March said Wright Medical ( WMGI.O ), a U.S. company that specialize in surgical implants for extremities like feet and ankles, could be a takeover target for the British company. S&N Chief Executive Olivier Bohuon said M&A was "always on the agenda", and he had previously pointed to extremities as one of a number of areas of interest. "But for the moment, this quarter, I am interested in developing my commercial excellence," he said. "(M&A) is still high on the agenda, but it''s not a top priority for the time being." (Reporting by Paul Sandle; editing by Kate Holton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-smith-nephew-outlook-m-a-idUKKBN1810OR'|'2017-05-05T15:47:00.000+03:00'
'17c21c3c489fbd47518346380d76b3ae86536222'|'Elliot Advisors says Akzo will lose four times as many jobs without PPG takeover'|'Business News  22am BST Elliot Advisors says Akzo will lose four times as many jobs without PPG takeover FILE PHOTO: A view of AkzoNobel''s headquarters in Amsterdam, February 6, 2014. REUTERS/Toussaint Kluiters/United Photos/File Photo AMSTERDAM Elliott Advisors, the Akzo Nobel shareholder that has been pushing for the company to enter takeover talks with U.S. rival PPG Industries, said on Friday Akzo will lose up to 6,400 jobs under the independence plan it has put forward as an alternative. Elliott put forward a study arguing that the job losses required by Akzo''s independence plan, which involves selling or floating its chemicals division, would be four times greater than what it would be if the two companies were to combine. Akzo has twice rejected takeover proposals from PPG and is weighing whether to enter talks on a third worth 26.9 billion euros (22.8 billion pounds). The company said Friday it would respond to Elliott''s remarks shortly. (Reporting by Toby Sterling; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-akzo-nobel-m-a-elliott-idUKKBN1810D0'|'2017-05-05T13:22:00.000+03:00'
'92dcbed74df16e18f99bacecedad5766a2185a1c'|'Alitalia board starts bankruptcy proceedings'|'Deals - Tue May 2, 2017 - 12:17pm BST Alitalia board decides to ask for special administration left right FILE PHOTO: An Alitalia plane approaches to land at Fiumicino international airport in Rome, Italy, October 14, 2013. REUTERS/Max Rossi/File Photo 1/3 left right FILE PHOTO: An Alitalia airplane takes off at the Fiumicino International airport in Rome, Italy February 12, 2016. REUTERS/Tony Gentile/File Photo 2/3 left right FILE PHOTO: An airplane of Alitalia is seen at the Leonardo da Vinci-Fiumicino Airport in Rome, Italy, April 28, 2017. REUTERS/Tony Gentile/File Photo 3/3 ROME Alitalia said on Tuesday its board had decided to formally ask the government for the carrier to be put under special administration after workers rejected its latest rescue plan meant to unlock much-needed financing. The majority of the company''s workers last week voted against a restructuring plan that envisaged cuts to jobs and salaries, making it impossible for the loss-making airline to secure funds to keep its aircraft flying. The airline added its flight schedule would remain unchanged. Once Alitalia is put under administration, the Rome government will appoint one or several commissioners who will assess whether it can be overhauled - either as a standalone company or through a partial or total sale - or should be wound up. (Reporting by Alberto Sisto, writing by Agnieszka Flak)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-alitalia-restructuring-idUKKBN17Y115'|'2017-05-02T19:58:00.000+03:00'
'eda0ed6a1a415b4992acba001812c1f602efcb5e'|'Shawbrook''s independent directors tell shareholders to reject buyout bid'|'LONDON May 2 British bank Shawbrook Group''s independent directors said on Tuesday that they could not recommend a buyout bid from a consortium of private equity firms.The lender''s independent directors said they unanimously recommendeded that Shawbrook shareholders take no action in relation to the 842 million pound ($1.09 billion) offer, which was announced on March 31.The bank itself has already spurned the approach from buyout funds Pollen Street Capital and BC Partners.In January, the consortium made an offer of 307 pence per share, which it increased to 330 pence in March.Pollen Street currently owns 38.8 percent of Shawbrook and the joint private equity groups had previously said they have received letters of intent from other shareholders representing 6 percent.Britain''s smaller challenger banks have been increasingly seen as ripe for takeovers in recent months as a prolonged period of low interest rates has squeezed earnings and the pound''s fall has made them cheaper for foreign buyers. ($1 = 0.7757 pounds) (Reporting by Clara Denina; Editing by Rachel Armstrong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/shawbrook-buyout-idINL8N1I4147'|'2017-05-02T04:34:00.000+03:00'
'7383c05c8a632f4ed2b38ebdd56dd71d51e7950d'|'Liberty House''s Gupta predicts no fall in China steel output despite cuts'|'By Maytaal Angel (Corrects headline and lead to refer to capacity not production)By Maytaal AngelLONDON Liberty House, the industrials and commodities group that has been buying troubled steel plants, does not expect China''s net steel capacity to fall, despite Beijing''s capacity cut targets.China produces about half the world''s steel and pledged last year to cut 100-150 million tonnes of capacity by 2020, which along with infrastructure spending helped prices soar.The world''s second largest economy cut 60 million tonnes of capacity last year and has targeted another 50 million tonnes this year, but Liberty chairman Sanjeev Gupta said China was also adding capacity."I understand (the Chinese) have put a cap on (steel) capacity, which means larger plants can increase capacity and have more efficient capacity, and less efficient capacity will be taken out of the system," Gupta told Reuters on Thursday on the sidelines of the CRU World Aluminium Conference in London."If anything it makes it worse (for rival steelmakers) because its makes (China) more efficient, more competitive."Gupta, who was bullish on steel even during the crisis in 2015, said there are still distressed plants that offer value, even though steel company shares globally have risen by 80 percent since early January 2015.In the U.S., Gupta is betting anti-dumping moves under President Donald Trump will hurt the much larger manufacturing base in the long term.The Trump administration last month invoked a seldom-used provision of law to launch a probe into whether imports of Chinese and other foreign-made steel are a U.S. national security risk.It currently has around 150 anti-dumping and anti-subsidy duties in place on steel imports, while the European Union has 39 such measures in place on steel."I''m not a supporter of protectionism. I encourage the general move in the U.S. for investment in industry, but protectionism ... long term ... makes (industry) more inefficient and kills downstream (businesses)."Gupta''s ''greensteel'' model is based on using renewable energy to fire furnaces that recycle locally sourced scrap and feed the finished steel to his manufacturing businesses that make high value-added goods.The model puts Liberty''s steel plants low down the cost curve, where they are less impacted by policy decisions.Liberty''s move into steelmaking, aluminium smelting and engineering, which started late in 2015, helped operating profit jump 74 percent to $99 million in 2016, while turnover soared 82 percent to $6.8 billion.PARTIAL LISTINGGupta, who launched Liberty House 25 years ago while studying at Cambridge University, plans to list some of its multibillion-dollar businesses, probably in 2018.Liberty and SIMEC, which operate under the $9.4 billion Gupta Family Group (GFG) Alliance, has assets spanning steelmaking, aluminium smelting, engineering, energy, commodities trading, shipping, property and finance.Gupta hit the headlines last year when it offered to rescue steel plants owned by Tata Steel UK (TISC.NS>. He has spent around $630 million on acquisitions in the past year."(Listing) will happen sooner or later for sure ... 2018 is a soft target," said Gupta."We want at least one if not more of the businesses to be in the public space, like energy for example, maybe steel eventually, but I''m not sure the UK is the right place for it, maybe the U.S."Gupta previously told Reuters he was considering a partial listing in London but that a firm decision had yet to be made.He said on Thursday that the energy business listing would probably be in London, but not steel.(Editing by Greg Mahlich/David Goodman/Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/steel-liberty-uk-idINKBN1801XR'|'2017-05-04T22:53:00.000+03:00'
'66ad2801a5b298a5be8021a9b0db70d0a7f73939'|'U.S. muni bond sales next week total $9.6 bln led by Hawaii'|'By Robin Respaut - SAN FRANCISCO SAN FRANCISCO May 5 The state of Hawaii is among the top deals scheduled to hit the U.S. municipal bond market next week, when an estimated $9.6 billion of new bonds and notes are expected to sell, according to preliminary Thomson Reuters data.Hawaii, which recently received an improved outlook from Fitch Ratings, plans to sell $856 million of general obligation bonds to fund various public improvement projects for schools, community colleges, universities, libraries and parks.Fitch in April revised its Hawaii rating outlook to positive from stable, citing improvements to the state''s long-term liabilities, strong financial flexibility as the state implements pension and other post-employment benefits reforms, and a resilient economy.Other top deals scheduled to sell next week on the municipal market are $915 million of hospital revenue bonds from Ohio''s Cuyahoga County for the Metrohealth System, and $838 million of limited tax schoolhouse and refunding bonds from Texas''s Houston Independent School District.Next week''s expected total sales of $9.58 billion compares to the weekly average of $6.7 billion thus far in 2017. Next week''s deals are made up of $7.9 billion from the negotiated calendar and $1.7 billion from the competitive calendar, according to preliminary Thomson Reuters data. (Reporting by Robin Respaut; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-municipals-deals-idINL1N1I700R'|'2017-05-05T14:25:00.000+03:00'
'1a69fc830792a9502129b12356e4fccc893def98'|'Marks & Spencer names Archie Norman as new chairman'|'  2:02pm EDT M&S picks retail veteran Archie Norman as chairman, lifting shares Archie Norman in London March 16, 2011. REUTERS/Paul Hackett By James Davey - LONDON LONDON Marks & Spencer ( MKS.L ) named Archie Norman as its new chairman on Friday, with the 63-year-old retail veteran''s appointment lifting the clothing and food retailer''s shares. Norman, who helped to revive food retailer Asda ( WMT.N ) in the 1990s, will join M&S at a critical time. The company''s food business is thriving, but its clothing division has struggled to deliver growth for more than a decade. "I''m under no illusions about the extent of the challenge facing the business," Norman told Reuters. M&S shares rose as much as 6 percent as investors welcomed the appointment of Norman, whose CV is packed with UK and international experience, including an extensive track record in the retail industry. M&S said Norman would become non-executive chairman on Sept. 1, succeeding Robert Swannell, who will retire from the board having served six years in the job. Norman will receive an annual salary of 600,000 pounds ($776,040) for the chairmanship, which although part-time is one of the most prestigious in corporate Britain. Analysts said Norman''s turnaround experience could be highly valuable to M&S. "The combination of Norman and (CEO Steve) Rowe should be a force for good for M&S ... we welcome this appointment," said Shore Capital analyst Clive Black, who has a "hold" rating on the stock. Others, however, said there was a danger Norman could go beyond the chairman''s brief of running the M&S board and keeping investors onside. "It will be interesting to see how much of a ''back-seat driver'' Archie Norman is to CEO Steve Rowe," independent retail analyst Nick Bubb said. Norman was a member of a three-strong team that established and built general merchandise retailer Kingfisher ( KGF.L ) in the 1980s. When Norman joined Asda as CEO in 1991, the supermarket was on its knees, but he transformed the business and then sold it to Wal-Mart in 1999 for a multiple of eight times its starting share price. He has also chaired broadcaster ITV ( ITV.L ) and been deputy chairman of Australian retailer Coles. He currently chairs investment bank Lazard ( LAZ.N ) in London and craft retailer Hobbycraft and is an advisor to Wesfarmers ( WES.AX ). He worked for management consultants McKinsey before joining Kingfisher. Norman is also well-connected politically, having served for eight years as a member of Britain''s lower house of parliament, representing the Conservative Party in Tunbridge Wells, southern England. "Having conducted a very rigorous appointment process, it was clear to us that Archie was the best person to be chairman," said Vindi Banga, M&S'' senior independent director. On Wednesday, M&S said it had hired Halfords ( HFD.L ) boss Jill McDonald to head the clothing division, freeing up Rowe to concentrate on running the overall company. McDonald will also join in the autumn. Swannell will leave M&S having steered a smooth succession for the chairman''s job. Shares in M&S were up 4.9 percent at 17.6 pence at 1053 GMT (06:53 a.m. EDT), valuing the business at 6.1 billion pounds ($7.9 billion). ($1 = 0.7732 pounds) (This version of the story has been refiled to change headline) (Editing by Alexander Smith and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-m-s-moves-idUSKBN1810GW'|'2017-05-05T14:29:00.000+03:00'
'6975df18fe61f47790cf14a06daca9e27ce2916b'|'UBS, BNP, RBS get subpoenas in U.S. treasuries probe - Bloomberg'|'  4:58pm BST UBS, BNP, RBS get subpoenas in U.S. treasuries probe - Bloomberg left right Switzerland''s national flag flies under the logo of Swiss bank UBS in Zurich, Switzerland April 24, 2017. REUTERS/Arnd Wiegmann 1/3 left right FILE PHOTO: The logo of French BNP Paribas bank is seen in central Paris December 15, 2008. REUTERS/Charles Platiau/File Photo 2/3 left right FILE PHOTO: People walk past a Royal Bank of Scotland office in London, Britain, February 6, 2013. REUTERS/Neil Hall/File Photo 3/3 U.S. federal prosecutors have subpoenaed several banks as part of a criminal investigation into possible manipulation of the U.S. Treasuries market, Bloomberg reported on Monday. The banks include UBS Group AG ( UBSG.S ), BNP Paribas SA ( BNPP.PA ) and Royal Bank of Scotland Plc ( RBS.L ), Bloomberg reported, citing people familiar with the matter. ( bloom.bg/2p1i268 ) (Reporting by Subrat Patnaik in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-banks-probe-idUKKBN17X1YD'|'2017-05-01T23:58:00.000+03:00'
'67c3d30dd5cbd433e12cfc5f86815767979d11cc'|'Twitter partners with Bloomberg for streaming TV news'|'(Corrects April 30 story to add news source in headline)Twitter Inc is partnering with Bloomberg Media for a round-the-clock streaming television news service on the social networking platform, the Wall Street Journal reported on Sunday.The channel, which is yet to be named and is expected to begin operations this fall, would be announced Monday, WSJ said.Twitter''s user growth has stalled in the past few quarters and the company has been trying to convince advertisers that it will strengthen its user base.As part of its efforts, it has updated its product offerings including live video broadcasts from its app and launched new features to attract users.Twitter CEO Jack Dorsey said in an internal memo last October one of the company''s missions was defined as being the "people''s news network".Twitter has made a push into news and sports on mobile devices last year and this foray could pique the interest of a media company as an acquirer, analysts have said.(Reporting by Shalini Nagarajan in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-twitter-bloomberg-idINKBN17X10P'|'2017-05-01T01:03:00.000+03:00'
'8584a95b128b42ece18276be791b7d1ff40da1ae'|'EU mergers and takeovers (May 4)'|'BRUSSELS May 4 The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS-- Canada Pension Plan Investment Board and Canada''s Public Sector Pension Investment Board (PSPIB) to jointly acquire a portfolio of office and retail properties in New Zealand which is now solely controlled by PSPIB (approved May 3)-- German conglomerate Peter Cremer Holding to acquire 50 percent of Koenig Transportgesellschaft from German logistics company HaGe Logistik GmbH (approved May 3)-- Finnish pension fund ELO Mutual Pension Insurance Company and Swedish peer Forsta AP-fonden to jointly acquire several Finnish property portfolio (approved May 3)-- Banking services platform Pillarstone to acquire holding company Famar which has activities in the pharmaceutical industry (approved May 3)NEW LISTINGS-- Private equity firm Hellman & Friedman to acquire Spanish logistics platform Allfunds Bank (notified April 28/deadline June 9/simplified)EXTENSIONS AND OTHER CHANGESNoneFIRST-STAGE REVIEWS BY DEADLINEMAY 10-- Toyota Industries Europe to acquire Vive, the parent company of Dutch industrial company Vanderlande Industries Holding B.V (notified March 29/deadline May 10/simplified)MAY 12-- Taiwan''s Ennoconn, which is part of electronics maker Foxconn, to increase its stake in Austrian IT group S&T (notified March 31/deadline May 12)-- French media group Vivendi to acquire de facto sole control of Italy''s Telecom Italia (notified March 31/deadline May 12)-- U.S. chemicals group Riechhold and Black Diamond Capital to acquire Italian polymers maker Polynt which is owned by Italian private equity group Investindustrial (notified March 17/deadline May 12/commitments offered March 17)-- Singapore-based tech communications company Broadcom to acquire U.S. networking switches and software maker Brocade (notified March 17/ deadline extended to May 12 from April 26)MAY 15-- Private equity firm KKR and Spanish telecoms provider Telefonica tp acquire joint control of Spanish telecoms infrastructure provider Telxius (notified April 3/deadline May 15/simplified)MAY 16-- Volkswagen Financial Services to acquire 50.98 percent of German tank and service cards provide Logpay Transport Services from Logpay Financial Services (notified April 4/deadline May 16/simplified)MAY 18-- French insurer Axa and French state-owned bank Caisse des Depots et Consignations to jointly acquire two commerical lots in a shopping centre (notified April 6/deadline May 18/simplified)MAY 19-- Italian cinema operator The Space Cinema, which is controlled by Vue International Holdco Ltd, and Italian peer UCI Italian S.p.A. which is part of Chinese conglomerate Dalian Wanda Group, to set up a joint venture (notified April 7/deadline May 19)-- German industrial gas producer Linde and Russian power generation equipment maker PJSC Power Machines to set up a joint venture (notified April 7/deadline May 19/simplified)-- U.S. packaging company WestRock to acquire U.S. peer Multi Packaging Solutions (notified April 7/deadline May 19)-- Asset manager Ares Management L.P. and investment firm The Baupost Group to jointly acquire German shopping mall operator Prejan Enerprises Ltd (notified April 7/deadline May 19/simplified)MAY 22-- Investment firms Cinven Capital Management and Canada Pension Plan Investment Board to acquire joint control of Travel Holdings Parent Corporation (notified April 10/deadline May 22)May 23-- Private equity company KKR & Co. and Caisse de Depot et Placement du Quebec to acquire Onex Corp''s USI Insurance Services (notified April 11/deadline May 23/sinplified)MAY 24-- Japan-based Zen-Noh to acquire a 33 percent stake in a Brazilian joint venture between French commodities trader Louis Dreyfus Company and Brazilian soy processor-exporter Amaggi (notified April 12/deadline May 24/simplified)-- American healthcare company Johnson & Johnson to acquire Swiss biotech company Actelion (notified April 12/deadline May 24)-- Inves
'30d1c4fdd8e39b93ec1d8b5fe5d4e6c1df8b375b'|'OPEC heads for rollover, bigger oil cut unlikely - delegates'|'  4:03pm BST OPEC heads for rollover, bigger oil cut unlikely: delegates left right FILE PHOTO: A general view shows the al-Shuaiba oil refinery in southwest Basra, Iraq April 20, 2017. REUTERS/Essam Al-Sudani 1/2 left right FILE PHOTO: A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC''s headquarters in Vienna, Austria December 10, 2016. REUTERS/Heinz-Peter Bader/File Photo 2/2 By Alex Lawler and Rania El Gamal - LONDON/DUBAI LONDON/DUBAI OPEC and non-OPEC oil producers look likely to extend their agreement to limit supplies beyond its June expiry to help clear a glut, three OPEC delegates said on Thursday, downplaying the chance of additional steps such as a bigger cut. The Organization of the Petroleum Exporting Countries, Russia and other producers originally agreed to curb production by 1.8 million barrels per day (bpd) for six months from Jan. 1 to support the market. Oil prices LCOc1 have gained support but stockpiles are still high and production from non-participating countries such as the United States has been rising, keeping crude below the $60 level that OPEC kingpin Saudi Arabia would like to see. However, OPEC officials generally believe the agreement is helping to bring the market closer to balance between supply and demand and that it should be extended into the second half of the year with the same numbers. "The willingness to extend the current understanding is strong among OPEC and non-OPEC participants," an OPEC delegate said, declining to be identified by name. "I have doubts that more cuts will be discussed as the current agreement is yielding a positive outcome." Officials from the 13-country OPEC - which accounts for a third of global oil production - are in Vienna on Thursday and Friday to attend a meeting of the group''s governing board. Such meetings provide an occasion to chat informally, but they deal with administrative matters and do not decide policy. "A rollover with the same numbers," another OPEC delegate said on Thursday, asked about the chance of a larger cut being agreed when OPEC and non-OPEC ministers meet on May 25. To be sure, some OPEC delegates have raised the possibility of a larger supply cut and others have said the existing agreement could be tweaked. But another official familiar with the supply deal said an increase in the size of the reduction was not likely. "I don''t expect any surprises," this official said. "Especially now almost everyone is complying reasonably well." OPEC members including top exporter Saudi Arabia have voiced support for extending the deal. Russian Energy Minister Alexander Novak made Moscow''s position clearer on Thursday, saying Russia was inclined to prolong the accord. Compliance by OPEC and non-OPEC with pledged cutbacks stood at 98 percent in March, OPEC said <20> higher than the organization achieved during its last cut in 2009. (Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-opec-oil-idUKKBN1801YB'|'2017-05-04T23:00:00.000+03:00'
'e8eb6ca06227ee56c9b36a21af8850bb376774a8'|'UK accounting watchdog investigates KPMG over Rolls-Royce audits'|' 37pm BST British accounting watchdog investigates KPMG over Rolls-Royce audits FILE PHOTO: Logos of KPMG are seen in its booth at Gastech, the world''s biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai By Kirstin Ridley and Huw Jones - LONDON LONDON Britain''s accounting watchdog has opened an investigation into how KPMG checked the books of Rolls-Royce ( RR.L ), the aero-engine group that agreed in January to pay 671 million pounds ($862.8 million) to settle a transatlantic bribery probe. The Financial Reporting Council, which regulates auditing in Britain, said on Thursday it was looking into KPMG''s audit of Rolls-Royce Group''s financial statements for the year to Dec. 31, 2010 and those of Rolls-Royce Holdings for the years to end December 2011 to 2013. Rolls-Royce and Britain''s Serious Fraud Office (SFO) in January reached a Deferred Prosecution Agreement (DPA) in a deal that allowed the company to avoid prosecution in relation to accusations by prosecutors of persistent criminal conduct over three decades. Rolls-Royce, which has apologized unreservedly, also struck deals in the U.S. and Brazil. KPMG said in a statement: "We are confident in the quality of all the audit work we have completed for Rolls-Royce, including the 2010-2013 period the FRC is considering." The firm, one of the world''s top four global auditors and professional services businesses, said it was important that regulators acting in the public interest should review high profile cases. "We will co-operate fully with the FRC''s investigation, which follows the SFO''s investigations into Rolls-Royce," it said in the statement. KPMG will stand down as Rolls-Royce''s auditor this year after 26 years, a KPMG spokesman said. Under new rules, overseen by the FRC, companies are requested to consider changing their auditor every 10 years. The FRC, which has powers to fine accountants and ban them from practicing, is expected to now start gathering evidence before drafting any formal complaint, an FRC spokeswoman said. The regulator declined to comment about whether its investigation would include individuals at KPMG. The SFO has also not charged individuals in the case, although it says its case remains open. (Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-kpmg-rollsroyce-accounts-idUKKBN18010B'|'2017-05-04T17:40:00.000+03:00'
'5ed2e8d4ac2c0ff13747021d234b8678dfd695e2'|'Vivendi''s Canal Plus confirms extension of Formula One rights in France'|'Television News  56pm EDT Vivendi''s Canal Plus confirms extension of Formula One rights in France A logo is seen over the main entrance of the entertainment-to-telecoms conglomerate Vivendi''s headquarters in Paris April 8, 2015 REUTERS/Gonzalo Fuentes PARIS Vivendi''s pay-TV network Canal Plus confirmed on Thursday it had won an extension of rights to broadcast Formula One motor-racing in France for the 2018, 2019 and 2020 seasons. Sources told Reuters earlier that the French broadcaster had retained the rights. Canal Plus currently pays about $40 million a year to broadcast Formula One through a 2013 contract that expires this year. The pay-TV operator did not disclose the value of the new contract. (Reporting by Mathieu Rosemain; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-vivendi-formule-idUSKBN18029Z'|'2017-05-05T00:44:00.000+03:00'
'9e38cc08877bfc10fc6659e91cfaf08ee6d61ab3'|'Storage wars: New U.S. potash player K+S faces warehouse squeeze'|'By Rod Nickel - WINNIPEG, Manitoba WINNIPEG, Manitoba May 1 Germany''s K+S AG will crack into the U.S. fertilizer market this spring when it opens the first new western Canadian potash mine in nearly five decades.But the fifth-largest global potash seller faces a stiff challenge before it makes a single delivery: where to store the pink granular nutrient until farmers need it.The U.S. market for potash - a key type of fertilizer used to grow corn and wheat - is already dominated by Potash Corp of Saskatchewan, Agrium Inc and Mosaic. It''s also saturated: potash prices are near nine-year lows.Not only do these market leaders have an ample supply of potash, they also boast a string of warehouses built strategically across the Midwest where they can quickly distribute their product to U.S. farmers, who have a narrow window every spring to fertilize.K+S, which will open its Legacy mine on Tuesday in Saskatchewan, told Reuters it is still in "planning phase" of a warehouse network with Koch Industries Inc, which will sell K+S'' potash in the United States under a marketing agreement.K+S spokesman Michael Wudonig added the company is confident it will find sufficient storage. Koch spokesman Rob Carlton declined to comment.Investors don''t have a clear understanding of K+S'' missing warehouse link as it opens Legacy, according to analyst Charles Neivert, who covers the fertilizer industry at Cowen.<2E>How are they going to get into a U.S. market that effectively is grossly over-supplied already and isn<73>t growing? Where are they going to find room to put the (potash)?" Neivert asked.K+S'' success in distributing potash has big market implications, given there is already a glut of global capacity. Even more potash from Legacy will threaten a modest price recovery seen so far this year. For a graphic, click tmsnrt.rs/2oMvk6GSince K+S broke ground on Legacy, U.S. potash prices have fallen roughly in half, to around $250 per tonne, according to data published by BMO.K+S plans to sell up to 500,000 tonnes of potash annually in the United States, accounting for some 7 percent of U.S. demand, according to industry estimates. Legacy will also answer a longer-term supply issue K+S faces, as potash at its other mines is depleted.WAREHOUSES ALREADY OCCUPIEDPotash Corp, Agrium and other potash players dominate the U.S. market by leveraging their own warehouses and longtime leases with others to position potash for just-in-time application by farmers.The alternative is relying on the 10- to 14-day railway trip for potash to move from mines in Saskatchewan to buyers in the Midwest and northern Plains."Many of the large warehouses already have space consigned, so (K+S'') opportunity to get placed in the large facilities could be difficult," said Gary Halvorson, vice-president of retail agronomy at U.S. farm cooperative CHS Inc."That is a very key piece of supply chain," Halvorson added. "For any manufacturer of dry fertilizer, they really need to put their back into having tonnes close enough to end users."CHS has nearly 500 U.S. farm retail stores along with warehouse space that it leases to potash suppliers. It has not leased space to K+S, the company said."That''s the challenge K+S faces to break into the market," said Joe Dillier, director of supply and merchandising at Growmark, an Illinois-based farm cooperative and distributor that leases some storage space to potash miners.K+S partner Koch could store some of K+S'' potash in its own fertilizer warehouses, and K+S has said it will take until year end to reach Legacy''s full annual output pace of 2 million tonnes. Three-quarters of production will be sold to industrial users or off-shore buyers.Legacy is opening as farmers plan to sow less corn, a fertilizer-intensive crop, making crop nutrient sales a bigger challenge.To break in, Koch may need to cut prices to sway U.S. buyers, since K+S'' logistics will not be as smooth as for established players, said industry consultant Kelvi
'321803a65550f080950f1e8a798cb0044af75689'|'IHeartMedia raises ''going concern'' doubts'|'IHeartMedia Inc ( IHRT.PK ), the largest owner of U.S. radio stations, said there is substantial doubt about its ability to continue as a going concern.IHeartMedia, which says it has more than a quarter of a billion monthly radio listeners in the United States, is struggling to find a solution that would significantly slash its debt pile outside of bankruptcy court.As of March 31, the company had debt of $20.37 billion and total assets of $12.27 billion. It had $365 million of cash and cash equivalents on its balance sheet as of March 31.IHeartMedia indicated in a regulatory filing on April 20 that it would issue a going concern warning.IHeart, formerly known as Clear Channel Communications Inc, was taken over by private equity firms BainCapital LLC and Thomas H. Lee Partners through a leveraged buyout in 2008 for $26.7 billion, piling up the company with huge debts.The company hosts syndicated radio shows of celebrities such as Steve Harvey, Ryan Seacrest and Rush Limbaugh.Separately, the company reported a first-quarter net loss of $388.2 million, compared with $88.5 million a year earlier.(Reporting by Supantha Mukherjee in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-iheartmedia-restructuring-idINKBN1801SD'|'2017-05-04T11:54:00.000+03:00'
'91ce4b1503db42546fe5a14522c9010081fedfda'|'Health insurer Cigna posts 15 pct rise in quarterly profit'|'Fri May 5, 2017 - 12:24pm EDT Cigna boosts first-quarter profit as Anthem deal heads to U.S. top court Health insurer Cigna Corp ( CI.N ), which is trying to ditch a takeover bid by Anthem Inc, said on Friday that first-quarter profit rose and it added hundreds of thousands of new members in its Obamacare individual business. Cigna shares rose 1.3 percent in mid-day trading amid as broadly flat market. Obamacare, often called the Affordable Care Act, has been a money-losing proposition for many insurers and some of Cigna''s largest competitors, including Aetna Inc ( AET.N ), have largely left the market. Anthem ( ANTM.N ) said on Friday it will take the matter to the U.S. Supreme Court after an appeals court last week ruled against the proposed tie-up, the latest in a series of legal losses. Analysts said they do not expect the Supreme Court to take up the case, but that the high court''s schedule might prevent it from deciding to take up the matter until next year. The odds of Anthem succeeding seem quite low, said Evercore ISI analyst Michael Newshel, who still expects a merger deal to fall apart. Hanging in the balance is a $1.8 billion termination fee to which Cigna believes it is entitled. Cigna tried to walk away after the U.S. Department of Justice blocked it on antitrust grounds. Anthem sued in U.S. district court, where a judge backed up the government''s decision. Last week, the appeals court upheld the ruling. The companies have a hearing scheduled in a separate lawsuit by Cigna that is pending in Delaware business court. In that case, Cigna sued to terminate the deal and Anthem won a temporary restraining order to block that move while it pursued its appeal. OBAMACARE ROLLS SURGE Cigna Chief Executive Officer David Cordani declined on a conference call with analysts to discuss the legal cases. Obamacare rolls rose to 353,000 members in the quarter from 193,000 a year ago. The growth was expected, he said, adding that new members'' medical costs are not outside of expectations. Cordani said it was too soon to talk about whether the company will participate next year in the individual insurance market, in which the government subsidizes healthcare costs based on income. Insurers need to decide in the next few months but are waiting to see if Republicans fund the program''s government subsidies as they push to replace Obamacare starting in 2019. The U.S. House of Representatives narrowly approved a healthcare bill on Thursday. The Obamacare replacement measure heads to the Senate, where it faces an uphill battle. Cigna manages large corporate and government health plans and has a small individual insurance business. The company raised its 2017 forecast for adjusted income from operations to $9.25 to $9.75 per share, from $9.00 to $9.50. Wall Street expects $9.53 per share. Net income rose to $598 million, or $2.30 per share, in the first quarter, from $519 million, or $2.00 per share, a year earlier. Excluding items, the company earned $2.77 per share, above the average analyst estimate of $2.45, according to Thomson Reuters I/B/E/S. Cigna shares rose $2.08 to $158.81. (Reporting by Caroline Humer in New York and Ankur Banerjee in Bengaluru; Editing by Shounak Dasgupta and Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cigna-results-idUSKBN18110I'|'2017-05-05T18:07:00.000+03:00'
'e3c8b117417e1cd4e0bcb6b845f253842cf486a9'|'Air Canada reports loss in 1st-qtr versus year-ago profit'|'Fri May 5, 2017 - 11:33am EDT Air Canada says has capability to compete with rival Westjet FILE PHOTO: An Air Canada Boeing 767-300ER, with Tail Number C-GEOU, lands at San Francisco International Airport, San Francisco, California, April 16, 2015. REUTERS/Louis Nastro By Allison Lampert Air Canada ( AC.TO ) has the means to compete with a new ultra low-cost carrier planned by smaller rival WestJet Airlines ( WJA.TO ) and has not ruled out expanding its own discounted offering, a company executive said on Friday. Air Canada will use its existing low-cost Rouge service, among other tools to "compete effectively in the domestic market," president, passenger airlines Benjamin Smith told analysts, after the country''s largest carrier reported a quarterly loss that was much smaller than expected. WestJet said it would launch an ultra low-cost carrier and buy up to 20 Dreamliner planes from Boeing Co ( BA.N ) that will enable it to offer new routes in Asia, South America and Europe. Smith told analysts Air Canada would watch the evolution of ultra low-cost service both in Canada and in the United States when considering a lower-fare label. "We have that capability. We have not chosen to do that, and we''ll be watching very closely how that plays out in the U.S. domestic market and whether that ever makes sense to go down that path in Canada," he said. Smith also said he does not expect new Canadian passenger legislation to have "a material impact" on Air Canada''s operations. Canada was planning to announce a "bill of rights" this spring, even before a U.S. passenger was thrown off a United Airlines flight in April, generating a flurry of negative headlines. "My expectation is that legislation is not made based on yesterday''s headline in the United States," added Air Canada Chief Executive Calin Rovinescu on the call. Passenger revenue at Air Canada rose 8.1 percent to C$3.1 billion ($2.3 billion) in the first quarter ended March 31, as passenger traffic rose 14 percent. The company said adjusted cost per available seat mile (CASM) <20> a measure of how much an airline spends to fly a passenger <20> fell 5.7 percent in the quarter. Air Canada said it expects adjusted CASM to fall 3-5 percent this year. Fuel costs jumped 48 percent on comparatively higher oil prices. Air Canada said its net loss was C$37 million, or 14 Canadian cents per share, in the quarter, compared with net income of C$101 million, or 35 Canadian cents per share, a year earlier. Excluding one-time items, the company lost 32 Canadian cents per share. Analysts on average had expected a loss of 61 Canadian cents per share, according to Thomson Reuters I/B/E/S. (Reporting by John Benny in Bengaluru; Editing by Sai Sachin Ravikumar, Bernard Orr) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-air-canada-results-idUSKBN18111I'|'2017-05-05T18:11:00.000+03:00'
'859dbf10508291a36341b5da7dd2f3ffdb820586'|'METALS-Copper edges up after overnight loss, still vulnerable'|'Market News - Thu May 4, 2017 - 10:03pm EDT METALS-Copper edges up after overnight loss, still vulnerable SYDNEY May 5 London copper edged higher on Friday after a second session of losses, but remained vulnerable to further sell downs amid concerns about rising inventories and weakening consumption. * COPPER: Three-month copper on the London Metal Exchange gained 0.3 percent to $5,560.5 a tonne by 0155 GMT, modestly reversing losses from the previous session that swept copper to a five-month low * SHANGHAI: The most-traded copper contract on the Shanghai Futures Exchange slipped 0.7 percent to 45,220 yuan ($6,557.42) a tonne. * LME STOCKS: Inventories in London Metal Exchange (LME) warehouses rose nearly 33,000 tonnes on Wednesday, exchange data showed, bringing this week''s increase to 64,000 tonnes, or 25 percent. * NEGATIVE DATA: The impact of swelling stockpiles of the metal was compounded by data this week showing U.S. factory activity slowed in April while growth in China''s manufacturing sector slowed more than expected. * PHILIPPINES: The Philippine government will move forward with a second review of the country''s mines despite the removal of Regina Lopez as environment minister, a finance official said on Thursday. * FREEPORT TALKS: Indonesian authorities on Thursday kicked off negotiations with Freeport McMoran Inc. over a contract dispute that has prompted the U.S. mining giant to scale down operations in the eastern province of Papua. * GLENCORE FORECAST: Mining and commodities trading group Glencore has raised its operating profit forecast for the trading division this year by $100 million and said its mining operations were expected to recover from some weather-related disruption at the start of the year. * SHANGHAI NICKEL: ShFE nickel was down 2.6 percent, hurt by weaker steel prices in China, where ShFE rebar was also trading 2.6 percent lower. * SHANGHAI ALUMINIUM: ShFE aluminium was 0.43 percent higher, while LME aluminium was up 0.2 percent at $1,916 a tonne. * MARKETS NEWS: Asian stocks are set for a third straight day of losses on Friday as a retreat in crude oil and other commodities prices knocked global sentiment, although receding concerns about France''s presidential election kept the euro near six-month highs. * For the top stories in metals and other news, click or DATA/EVENTS 1230 U.S. Nonfarm payrolls Apr 1230 U.S. Unemployment rate Apr PRICES '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1I717F'|'2017-05-05T10:03:00.000+03:00'
'6ad6d7f139d2512285ca430df51f580d9b807919'|'Greece''s lenders ready debt relief options for discussion - report'|'Money News - Thu May 4, 2017 - 11:10pm IST Greece''s lenders ready debt relief options for discussion - report Greek Prime Minister Alexis Tsipras (4th L) and members of his government attend a cabinet meeting at the parliament in Athens, Greece May 4, 2017. REUTERS/Costas Baltas BERLIN Greece''s international lenders are preparing possible debt relief measures for Athens for discussion by euro zone finance ministers, the German business daily Handelsblatt reported on Thursday. The European Commission, the ESM euro zone rescue fund, the European Central Bank and the International Monetary Fund (IMF)have prepared various debt measures in a document to be sent to the Eurogroup of euro zone finance ministers for further discussion, it said, citing people familiar with the document. One option in the document was for the ESM to take over loans paid out by the IMF. The advantage would be lower interest rates charged by the ESM. Other options included extending debt maturities and having the ECB and national central banks send profits made on Greek bonds to Athens through national governments, Handelsblatt reported. An EU source told Reuters the document was originally a paper by the ESM, not all four institutions, and had been modified on the way to the version Handelsblatt saw. "It lays down several options for the restructuring of Greek debt and specifies possibilities which were given by the Eurogroup last May. One of the options still is that ESM would take debt from IMF," the source said. "It is not clear yet if the IMF would agree on that." Separately, German Finance Minister Wolfgang Schaeuble said in Durban, South Africa that the European Union needed to "exert pressure on national governments to implement ... much-needed reforms." "Those countries which received help under European assistance programmes, and therefore had to actually implement unpleasant reforms, and those countries which have kept to the agreed rules are among the most successful countries in the EU today," he said. "The problem is therefore not with the rules, but with the lack of implementation of them," added Schaeuble. (Reporting by Tom Koerkemeier and Michael Nienaber; Writing by Paul Carrel; Editing by Michelle Martin and Tom Heneghan)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/eurozone-greece-debt-idINKBN1802DC'|'2017-05-04T15:40:00.000+03:00'
'5c6a9e58c231b0f545abfc428f2eacb3743f7e51'|'Sports Direct''s only female director resigns'|'Business News - Thu May 4, 2017 - 1:19pm BST Sports Direct''s only female director resigns A company logo is seen outside a Sports Direct store in Vienna, Austria, April 28, 2016. REUTERS/Leonhard Foeger LONDON The only female director of Sports Direct ( SPD.L ) has quit, dealing another blow to the British sportswear retailer''s corporate governance. The firm, controlled by founder and chief executive Mike Ashley, said on Thursday Claire Jenkins had resigned with immediate effect from her position as a non-executive director. Sports Direct''s statement to the Stock Exchange gave no reason for her abrupt departure and the firm did not immediately respond to enquiries. Her exit leaves Sports Direct with just three independent non-executive directors, aside from Chairman Keith Hellawell, according to the company''s website. Sports Direct has faced multiple challenges in the past two years. British lawmakers condemned what they called its poor working conditions and investors have criticised its corporate governance. It has also traded poorly. Last month Sports Direct entered the U.S. market by buying two loss-making chains for $101 million, drawing criticism from analysts who said the firm should keep its focus at home. Shares in Sports Direct, down 18 percent over the last year, were down 0.3 percent at 309 pence at 1207 GMT, valuing the business at 1.75 billion pounds. (Reporting by James Davey, Editing by Paul Sandle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sports-direct-moves-idUKKBN1801H1'|'2017-05-04T20:19:00.000+03:00'
'54249224c61a07250ac93566298889e15a43e720'|'Japan''s ORIX to buy 22 pct of Israel geothermal energy firm Ormat'|'Company News - Thu May 4, 2017 - 2:22pm EDT Japan''s ORIX to buy 22 pct of Israel geothermal energy firm Ormat TEL AVIV May 4 Japan''s ORIX Corp will buy a 22.1 percent stake in Israeli geothermal energy producer Ormat Technologies Inc for $627 million from a group led by the FIMI private equity fund, the companies said on Thursday. ORIX will pay $57 for each of the 11 million shares it is buying. The deal is expected to close in the third quarter. Gillon Beck, Ormat''s chairman and a senior partner in FIMI, said the collaboration with ORIX is expected to expand Ormat''s growth opportunities, particularly in Asia. "We believe that the geothermal sector has the potential to become an increasingly large component of the world<6C>s overall energy mix," said Yuichi Nishigori, head of energy and eco services business headquarters at ORIX. "Given Ormat<61>s technological leadership and increasingly global portfolio of operations, we believe the company is well positioned to help lead this expansion." Ormat will have exclusive rights to develop, own, operate and provide equipment for ORIX geothermal energy projects in markets outside of Japan and will have certain rights to serve as technical partner and co-invest in ORIX geothermal energy projects in Japan. ORIX will assist Ormat in obtaining project financing from leading providers of renewable energy debt financing. ORIX will have the right to appoint three directors to an expanded nine-person Ormat board and propose a fourth person to be mutually agreed by Ormat and ORIX. (Reporting by Tova Cohen; Editing by Steven Scheer)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ormat-tech-orix-ma-idUSL8N1I68AI'|'2017-05-05T02:22:00.000+03:00'
'a0762db0dcfe3492f00d5c23a77c1b3078658601'|'Advisory firms urge BP shareholders to back revised pay scheme'|'LONDON Three investor advisories have recommended BP ( BP.L ) shareholders vote in favor of a new remuneration policy after the oil and gas company lowered Chief Executive Bob Dudley''s pay scheme, according to notes to clients seen by Reuters.ISS and the Local Authority Pension Fund Forum (LAPFF) joined a third advisory, Glass Lewis, in the recommendation to back a remuneration policy that will run from 2017 onwards.Another advisory, Pensions & Investment Research Consultants (PIRC), urged shareholders to oppose the policy.Executive remuneration has become a major source of friction between companies and investors after the collapse in oil prices in 2014 which led to a sharp drop in profits. BP recorded its largest loss in 20 years in 2016."We have worked closely with our major shareholders to develop a new remuneration policy," a BP spokesman said. <20>We are pleased to see that the three largest proxy advisors have all reacted positively to the new policy and remuneration report."ISS also recommended the approval of Dudley''s $11.6 million salary in 2016 after it was slashed by 40 percent following an investor uproar last year. The non-binding vote on that issue will be held at BP''s May 17 annual general meeting."The company engaged with shareholders since then and has put forward remuneration proposals with many positive amendments over the previous structure and approved policy," ISS said in a note calling for a vote backing the 2017 remuneration policy.LAPFF did not provide any recommendation on the 2016 remuneration.(Reporting by Ron Bousso; Editing by David Goodman and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-bp-pay-idUSKBN1801M0'|'2017-05-04T20:58:00.000+03:00'
'01420910b0beb3cca28dabcbd4862072c5812573'|'METALS-London copper near 2-week low on U.S. rate rise expectations'|'Company News - Thu May 4, 2017 - 3:58am EDT METALS-London copper teeters near 4-month low as stocks rise (Adds comment, detail, updates prices) By Melanie Burton MELBOURNE, May 4 London copper stumbled towards its lowest this year on Thursday on what traders said was China-based selling after a big build-up in exchange stocks and on expectations two U.S. rate rises this year could curb interest in dollar-denominated metals. London Metal Exchange copper stocks jumped by more than 30,000 tonnes, the most recent data showed, with another large increase anticipated. "The LME delivery triggered the sell-off yesterday and I heard that some Chinese entered on the short side yesterday. I heard there is more to come today," a Shanghai-based trader said. "But Chinese consumption at the moment is actually quite good." Concerns that heat is evaporating from China''s economy have added to downside pressure on metals, exacerbated by China''s weaker Caixin PMI numbers, said Kingdom Futures in a report. "Later today there is a mass of U.S. data including key employment numbers, durable goods and factory orders and if these also fall below expectations it would be reasonable to expect another wave of afternoon selling." FUNDAMENTALS * LME COPPER: LME copper fell half a percent to $5,574.50 a tonne by 0735 GMT, having earlier hit $5,542 a tonne, its lowest since April 20 when it hit $5,530, which was its weakest since early January. Prices on Wednesday recorded the biggest one day drop in 18 months. * LME STOCKS: LME copper stocks surged by 31,250 tonnes data on Wednesday showed, raising concerns over weak demand. <0#MCUSTX-LOC-GRD> * SHFE COPPER: Shanghai Futures Exchange copper fell 3.2 percent to 45,180 yuan ($6,551) a tonne. * CHINA STEEL: Shanghai zinc and nickel were also hit hard, falling 3 percent and more than 4 percent respectively and tracking weakness in China steel. * CHINA ECONOMY: Growth in China''s services sector cooled to its slowest in almost a year in April as fears of slower economic growth dented business confidence, even as cost pressures eased, a private survey showed on Thursday. * U.S. RATES: The U.S. Federal Reserve kept interest rates unchanged on Wednesday and downplayed weak first-quarter economic growth while emphasising the strength of the labour market, in a sign it was still on track for two more rate rises this year. * COPPER: Copper output in Democratic Republic of Congo, Africa''s top producer, hit 274,316 tonnes in the first quarter of 2017, a more than 20 percent increase over the same period last year, the central bank said on Wednesday. * GLENCORE: Mining-trading group Glencore Plc has hired the Bank of Nova Scotia to sell a portfolio of royalty assets, including one for the Antamina copper-zinc mine in Peru, four people familiar with the process told Reuters. BASE METALS PRICES 0739 GMT Three month LME copper 5578.5 Most active ShFE copper 45170 Three month LME aluminium 1913 Most active ShFE aluminium 13885 Three month LME zinc 2557.5 Most active ShFE zinc 21380 Three month LME lead 2173.5 Most active ShFE lead 15995 Three month LME nickel 9100 Most active ShFE nickel 76270 Three month LME tin 19780 Most active ShFE tin 141400 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 304.58 LME/SHFE ALUMINIUM LMESHFALc3 -1399.29 LME/SHFE ZINC LMESHFZNc3 205.46 LME/SHFE LEAD LMESHFPBc3 -2006.48 LME/SHFE NICKEL LMESHFNIc3 1300.01 ($1 = 6.8967 Chinese yuan renminbi) (Reporting by Melanie Burton; Editing by Kenneth Maxwell and Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1I61YV'|'2017-05-04T13:40:00.000+03:00'
'4592243c50fdd24063001adf6eb8f6da203044fd'|'UPDATE 1-U.S. SEC approves request to list quadruple-leveraged ETFs'|'(Adds details on proposed funds)By Trevor HunnicuttNEW YORK May 2 The Securities and Exchange Commission on Tuesday approved a request to trade quadruple-leveraged exchange-traded funds, marking a first for the growing market for such products in the United States.The request to list ForceShares Daily 4X US Market Futures Long Fund, under the ticker UP, and ForceShares Daily 4X US Market Futures Short Fund, under the ticker DOWN, was filed by Intercontinental Exchange Inc''s NYSE Arca exchange.One of the funds is designed to deliver 400 percent of the daily performance of S&P 500 stock index futures, while another fund will aim to deliver four times the inverse of that benchmark. That means a fund could go up 8 percent on a day the index it tracks falls by 2 percent.ETFs offering three times leverage already trade in the United States, but more reactive products have been limited to listing in Europe."We''re excited about it," said Sam Masucci, chief executive officer at Exchange Traded Managers Group LLC, which is distributing the product, though he said the product is "not going to be for everybody."But for those people that are looking for the leveraged exposure to the S&P and they''re not looking to do it by way of a futures product here you have a publicly listed security," Masucci said.Regulators'' move to approve the products comes after a difficult time for sponsors of more exotic ETFs.Last year, the SEC presented draft rules that would restrict the use of derivatives, which was seen crimping some fund managers'' ability to keep highly leveraged products on the market.In March, the agency ruled against an application by investors Cameron and Tyler Winklevoss to bring the first Bitcoin ETF to market, although the SEC recently said it would review that decision.The U.S. Senate voted on Tuesday to confirm attorney Jay Clayton to head the SEC, a change in leadership that could prompt a change in tack by the agency on which investment products come to market.The product sponsor and exchange could not be reached or did not immediately respond to a request for comment. (Reporting by Trevor Hunnicutt; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sec-etfs-idINL1N1I500R'|'2017-05-02T23:32:00.000+03:00'
'f616ce59e13dc185ed98c79ae3bf36cdf4d3f62b'|'Arrow Energy wins Australian gas pipeline license, but plan on hold'|'Business News - Mon May 1, 2017 - 5:00am BST Arrow Energy wins Australian gas pipeline license, but plan on hold MELBOURNE Arrow Energy, owned by Royal Dutch Shell ( RDSa.L ) and PetroChina ( 601857.SS ), has been granted a license to build a natural gas pipeline in Australia''s Queensland state that could contribute to easing the country''s gas supply crunch. Queensland issued the pipeline license last Friday, a spokesman for the state''s Department of Natural Resources and Mines said on Monday. The 420-km (260-mile) pipeline is designed to carry gas from a coal seam gas project in Queensland''s Bowen Basin to the Gladstone area. There has been no final decision yet on the pipeline because the coal seam project has not been developed. Arrow is working on overcoming challenges with coal seam gas production in the Bowen Basin and does not know what impact that will have on the overall project''s schedule, an Arrow spokeswoman said. The Bowen project was originally going to supply a liquefied natural gas (LNG) export project, which would have been the fourth on Queensland''s east coast, but Shell and PetroChina shelved that plan more than two years ago. Instead, Arrow''s gas could help ease a looming gas shortfall in Australia''s eastern market by supplying rival LNG projects, which have been blamed for taking gas out of the domestic market to help meet export contracts. Higher gas demand from the three LNG plants in Queensland have stoked a rise in local gas and power prices and led Australia''s energy market operator to warn of a looming gas shortfall within the next two years, alarming miners and manufacturers. To help avert a shortage, the government last week announced a radical plan to limit LNG exports from Queensland. Commodities giant Glencore Plc ( GLEN.L ), which has a copper refinery and smelter in the state that are some of the company''s most energy-consuming operations, warned on Monday it may hold back on future investments due to high energy costs. "If electricity prices continue to rise, Glencore will be forced to consider the future of our copper processing assets across North Queensland," Glencore''s chief operating officer for copper in Australia, Mike Westerman, told Prime Minister Malcolm Turnbull on a visit to its Townsville refinery. (Reporting by Sonali Paul; Additional reporting by James Regan in Sydney; Editing by Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-australia-gas-pipeline-idUKKBN17X13S'|'2017-05-01T12:00:00.000+03:00'
'fcbe9c06b9f9ebf20fac71977234407339c79f07'|'CORRECTED-UPDATE 1-PerkinElmer raises full-year profit view after first-quarter results'|'Thu May 4, 2017 - 5:58pm EDT PerkinElmer raises full-year profit view after first-quarter results By Bill Berkrot Scientific instruments maker PerkinElmer Inc ( PKI.N ) on Thursday raised its full-year earnings forecast range with the new midpoint ahead of Wall Street estimates and reported slightly higher-than-expected first-quarter profit and revenue as the company rebounded from successive disappointing quarters. PerkinElmer said it now expects 2017 adjusted earnings of $2.80 to $2.90 per share, up from its prior forecast of $2.75 to $2.85 per share. Analysts on average were looking for $2.82, according to Thomson Reuters I/B/E/S. "We come out of the quarter feeling very good," Chief Executive Officer Robert Friel said in a telephone interview. "I''m fairly confident we''ll make some real progress this year increasing the long-term growth trajectory of the company." PerkinElmer, which also makes food safety and environmental testing equipment, said profit from continuing operations fell to $36 million, or 33 cents per share, from $41.7 million, or 38 cents a share, a year ago due to restructuring costs. Excluding special items, the company said it had adjusted earnings of 55 cents per share. Analysts on average expected 54 cents. Revenue for the quarter rose 3 percent to $514 million, edging past Wall Street estimates of $506 million. Sales rose 1 percent to $361.8 million in the discovery and analytical solutions division. Sales of the diagnostics unit rose 8 percent to $152.4 million with particular strength from newborn screening in China and emerging markets. After engaging in a reorganization toward the end of last year and the sale of its medical imaging business, PerkinElmer is back on the hunt for deals to grow the company. "We''re quite excited about a robust pipeline of potential acquisition opportunities," Friel said. "With the closing of the divestiture of medical imaging we''ve got a very strong balance sheet now." (Corrects diagnostics unit sales to $152.4 million in eighth paragraph, not $142.4 million) (Reporting by Bill Berkrot; Editing by Alistair Bell and Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-perkinelmer-results-idUSKBN1802OC'|'2017-05-05T05:54:00.000+03:00'
'3dcf0442d49d08c67429bc274e0bbf5aa6a1d7b5'|'Pearson launches new cost cutting drive, may sell K12 business'|'Market News - Fri May 5, 2017 - 2:14am EDT Pearson launches new cost cutting drive, may sell K12 business LONDON May 5 Pearson, the global education company battling a downturn in its biggest markets, said it would launch another cost cutting drive and consider selling its U.S. school publishing business in the latest attempt to restructure. Pearson, which has issued five profit warnings in four years after students in the United States started renting rather than buying text books, said it would cut its cost base by the end of 2019 by 300 million pounds ($388 million) a year. It said first quarter trading had been in line with its guidance and it reiterated its full-year target. ($1 = 0.7737 pounds) (Reporting by Kate Holton, Editing by Paul Sandle) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/pearson-outlook-idUSFWN1I7015'|'2017-05-05T14:14:00.000+03:00'
'45687311a517bf3432736998eb75512ca2a23407'|'Negative emissions tech: can more trees, carbon capture or biochar solve our CO2 problem? - Guardian Sustainable Business'|'I n the 2015 Paris climate agreement, 195 nations committed to limit global warming to two degrees above pre-industrial levels. But some, like Eelco Rohling, professor of ocean and climate change at the Australian National University<74>s research school of earth sciences, now argue that this target cannot be achieved unless ways to remove huge amounts of carbon dioxide from the atmosphere are found, and emissions are slashed.This is where negative emissions technologies come in. The term covers everything from reforestation projects to seeding the stratosphere with sulphates or fertilising the ocean with iron fillings. It<49>s controversial <20> not least because of the chequered history of geoengineering-type projects, but also because of concerns it will grant governments and industry a licence to continue with business as usual. But many argue we no longer have a choice.<2E>Most things are not applied yet on larger scales but we have a pretty good feeling of things that will work and we can quantify roughly how much carbon we should be able to remove from the atmosphere with them,<2C> says Rohling. The scale of the task is staggering, says Dr Pep Canadell, from the global carbon project at CSIRO. Naval power: Mauritius looks to Perth base for renewable energy solutions Read more <20>The models are basically asking for removing carbon dioxide from the atmosphere which will be equivalent of one-quarter of all carbon emissions at present,<2C> he says.This amounts to about 10 billion tonnes of carbon dioxide removed from the atmosphere and disposed of each year.The least controversial method of doing this is deceptively simple: plant more trees. <20>We have lost a lot of density of carbon in the landscapes because of deforestation and degradation. We have depleted carbon in the soils in all the problem areas of the world,<2C> Canadell says. <20>What are the opportunities to bring some of this carbon back?<3F>Again, the scale of reforestation efforts needed to make a dent in atmospheric carbon dioxide is substantial. <20>We would need as many as three Indias worth of land globally <20> and good quality land, not marginal land,<2C> Canadell says. Reforestation also needs enough water, and needs to be done in such a way that it enriches the soil and ecosystems, not deplete them.The fact that so many soils are carbon-depleted by intensive agriculture offers a way to tackle two environment challenges at the same time. Biochar is a form of charcoal produced by heating plant material in the absence of oxygen. Agricultural waste, which would otherwise be a major source of greenhouse gas emissions if burnt, could instead be turned into a biochar <20> a process that produces more energy than it consumes <20> and the biochar could then be used to enrich agricultural soils with carbon. Research suggests that biochars not only boost crop yields , but could lock away carbon for several thousand years . Another approach designed to lock away carbon while also helping depleted soils is enhanced weathering. Salt, silicon or graphite: energy storage goes beyond lithium ion batteries Read more Olivine refers to a group of silicate minerals that react with carbon dioxide to form other compounds. Enhanced weathering aims to amplify this chemical interaction by mining huge quantities of olivine <20> which is widespread and relatively abundant <20> and pulverising it to maximise its exposure to the air, then spreading it over areas such as agricultural fields to add carbon to the soils. Rohling believes enhanced weathering is very promising, but it does have some significant downsides. <20>It<49>s not one of the most expensive approaches but it does require large-scale mining, which we do for everything else anyway,<2C> he says. The mining would also consume significant amounts of energy, which reduces the efficiency of the process by up to one-third.The oceans are of particular interest for negative emissions because of their enormous cap
'faee5667f20d3e10536784e1b0a4aef65aad0ccf'|'Euro zone retail sales up for third month despite higher prices'|'Business News  33am BST Euro zone retail sales up for third month despite higher prices The LP12 Mall of Berlin shopping mall is pictured in Berlin, Germany, March 3, 2017. REUTERS/Fabrizio Bensch BRUSSELS The volume of euro zone retail sales increased for the third consecutive month in March and by more than market expectations, showing shoppers have so far not been deterred by rising prices, estimates released on Thursday show. Retail sales in the 19 countries sharing the euro increased by 0.3 percent in March from February, the European Union''s statistics office Eurostat said, more than the average market expectation of a 0.1 percent rise. Year-on-year, the volume of retail sales grew 2.3 percent in March, higher than the 2.1 percent rise forecast by economists polled by Reuters. But the higher-than-expected rise in March was offset by a downward revision of February data. The month-on-month figure for February was revised by Eurostat to 0.5 percent from the previously estimated 0.7 percent, while the year-on-year growth of sales was 1.7 percent instead of 1.8 percent. Month-on-month retail sales rose for the third straight month, a sign that shoppers seem so far to have been unaffected by growing inflation in the bloc. Inflation in the 19-country currency bloc is estimated at 1.9 percent year-on-year in April, up from 1.5 percent in March and just short of the four-year high of 2.0 percent recorded in February. Retail sales increased in the month mostly for electrical goods and furniture which posted a 0.7 percent rise. Consumers also bought more food, drinks and tobacco which grew by 0.2 percent on the month. Shoppers reduced their purchases of car fuel, whose sale volumes went down in March by 0.3 percent on the month. Sales of clothes and footwear also dropped in March by 1.7 percent month-on-month after a 4.2 percent surge in February. Among the largest economies of the euro zone, sales went up by 0.6 percent in the month in both France and Spain. Germany, the bloc''s biggest economy, posted a 0.1 percent rise. March data were not available for Italy. Outside the euro zone, Britain recorded in March a 2.2 percent drop in monthly retail sales, the largest fall in all the 28 countries of the European Union, after Portugal where sales fell by 2.3 percent. (Reporting by Francesco Guarascio @fraguarascio; editing by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-economy-retail-idUKKBN1800Z1'|'2017-05-04T17:16:00.000+03:00'
'b77b6ac58b294b069ee78a4c993e59bb5ba759a9'|'Surging mortgage demand adds to Irish house price pressure'|'Business News - Thu May 4, 2017 - 1:12pm BST Surging mortgage demand adds to Irish house price pressure FILE PHOTO: A crane is seen behind a row of residential properties in the Capital Dock area of Dublin, Ireland, December 5, 2016. REUTERS/Clodagh Kilcoyne/File Photo DUBLIN The value of mortgage drawdowns in Ireland grew 40 percent year-on-year in the first quarter, data showed on Thursday, with surging demand likely to put further pressure on house prices currently posting double-digit growth. Irish mortgage lending collapsed following the bursting of a property bubble in 2007 and a recovery over the last three years that has picked up significantly in recent months has coincided with a chronic housing shortage throughout the country. House prices, which had stabilised at an annual growth rate of 4 to 5 percent last year following an initial rebound, have since accelerated above 10 percent as an easing of central bank lending rules and a new government subsidy for first-time home buyers added to the recovery. Mortgage approvals also far outstripped drawdowns in the first three months, with year-on-year growth of 78 percent to 2 billion euros pointing to further pent up demand among buyers in the European Union''s fastest growing economy. "The biggest issue in terms of these approvals translating into drawdowns is the low level of new supply," Goodbody chief economist Dermot O''Leary said. "Approvals for new entrants is substantially more than the amount of new properties coming to the market thus the obvious conclusion is that prices will continue to be bid up. Price inflation is likely to continue to accelerate from here." O''Leary said of the 20,000 mortgages approved for first time buyers and investors in the past 12 months, only 10,000 would be met by new supply available for sale with self-builds set to account for almost half of the 18,500 homes forecast to be completed in 2017. House prices remain 31 percent below the 2007 peak and Irish Central Bank governor Philip Lane said on Wednesday that he did not think the market was showing the same dynamic as a decade ago. He said the bank''s rules limiting mortgages to 3.5 times a borrower''s income would act as self-correcting brake to prices. Analysts also say the mortgage market is still shy of the 10 billion euros of lending a year that would be considered a normalised rate. Davy Stockbrokers increased its forecast for lending this year to 7.5 billion from 6.9 billion euros following Thursday''s date and both Goodbody and Investec said there was clear upside risk to their forecasts of 7 billion euros. (Reporting by Padraic Halpin; Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-economy-mortgageapplications-idUKKBN1801G7'|'2017-05-04T20:12:00.000+03:00'
'12b4b695565abfae9bfe7c1876844b43fc35ef13'|'Novartis exercises option with Conatus for NASH product'|'Company News - Thu May 4, 2017 - 1:51am EDT Novartis exercises option with Conatus for NASH product ZURICH May 4 Novartis is exercising its option with Conatus Pharmaceuticals for an exclusive license for the global development and commercialization of emricasan for treating liver disease NASH, the Swiss drugmaker said. In December, Novartis said it signed a licensing deal to co-develop the fatty liver disease drug with Conatus, under which the small U.S. company receives $50 million up front. Novartis said on Thursday exercise of the option would take effect upon receipt of all required anti-trust approvals and payment of a $7-million option exercise fee to Conatus. (Reporting by Michael Shields; Editing by Clarence Fernandez)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/novartis-conatus-pharma-idUSFWN1I516W'|'2017-05-04T13:51:00.000+03:00'
'7d08258db02281f92030e3733bcd1e06fce3c2f4'|'SocGen to pay 963 million euros in settlement with Libyan wealth fund'|'  6:54am BST SocGen to pay 963 million euros in settlement with Libyan wealth fund A view shows the logo on the headquarters''s of French bank Societe Generale at the financial and business district of La Defense, west of Paris, France, April 18, 2017. REUTERS/Benoit Tessier PARIS Societe Generale reported a 19 percent fall in quarterly net income after it set aside more money in litigation provisions, with the French bank also paying 963 million euros (814.7 million pounds) to settle a dispute with the Libyan Investment Authority. SocGen said on Thursday in a separate statement that it had signed a confidential settlement agreement with the Libyan Investment Authority regarding a dispute between them that related to transactions dating back to 2007. "Given notably the additional provision for disputes booked in Q1 17 for 350 million euros, the impact of this settlement in full-year group net income is fully covered as from Q1 2017," the bank said in a statement. A spokeswoman for SocGen in Paris said SocGen was paying 963 million euros as part of the Libyan settlement. First-quarter net income fell to 747 million euros from 924 million euros a year earlier. This came below the average of four analyst estimates of 975 million euros in a Reuters poll. Revenues rose 4.8 percent to 6.5 billion euros, above the poll average of 6.38 billion, boosted by its retail activities outside France, financial services to companies such as fleet management, and stronger results at its investment bank. SocGen''s results came a day after rival BNP Paribas, France''s biggest bank by market capitalisation, posted higher first quarter profits that beat expectations. (Reporting by Maya Nikolaeva and Julien Ponthus; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ste-generale-results-idUKKBN1800GH'|'2017-05-04T13:54:00.000+03:00'
'33c72847be8362071db9f6c478c79d364cd11cb4'|'Mexican miner Penoles posts surge in Q1 profit on metals prices'|'MEXICO CITY May 3 Mexican miner and metals processor Industrias Penoles on Wednesday posted a 444 percent year-on-year rise in its first-quarter net profit to 2.196 billion pesos ($117.26 million) thanks to rebounding metals prices.The company, which runs the world''s largest primary silver producer, Fresnillo, made 404 million pesos in net profit during the same period last year.($1 = 18.7275 pesos on March 31) (Reporting by Adriana Barrera)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/penoles-results-idUSE1N1H002F'|'2017-05-04T06:37:00.000+03:00'
'0c42ea945d7b0048bd3cc0cc987c62711ff2f389'|'Asian stocks retreat, dollar holds near six-week high on hawkish Fed'|'  6:33am BST Asian stocks retreat, dollar holds near six-week high on hawkish Fed A man stands in front of electronic boards showing stock prices and exchange rate between Japanese Yen and U.S dollar outside a brokerage in Tokyo, Japan, January 20, 2017. REUTERS/Kim Kyung-Hoon By Nichola Saminather - SINGAPORE SINGAPORE Asian stocks retreated on Thursday, taking their cues from a subdued session on Wall Street, while the dollar retained gains made after the Federal Reserve''s hawkish policy statement. European markets looked more positive, with financial spreadbetters expecting Britain''s FTSE 100 and Germany''s DAX to open 0.2 percent higher and France''s CAC 40 to start the day up 0.1 percent. At the end of its two-day meeting, the Fed kept its benchmark interest rate steady, as expected, but downplayed weak first-quarter economic growth and emphasised the strength of the labour market, a sign it was still on track for two more rate increases this year. Futures traders are now pricing in a 72 percent chance of a June rate hike, from 63 percent before the Fed''s statement, according to the CME Group''s FedWatch Tool. The dollar stood at 112.765 yen, slightly higher than Wednesday and at its strongest level since March 20. The dollar index, which tracks the greenback against a basket of trade-weighted peers, climbed 0.1 percent to 99.309, building on Wednesday''s 0.2 percent jump. "The key over the coming weeks will be the economic data from the U.S. but, in addition, the (Fed) will be closely watching Washington and negotiations surrounding the new administration<6F>s tax cut plans," said Lee Ferridge, head of multi-asset strategy for North America at State Street Global Markets. "Should the data hold up (or better still, improve from here), while the chances of a late summer tax cut agreement remain intact, then the market will likely price in a June move." Attention now turns to U.S. non-farm payrolls for March, due on Friday, after separate data showed private employers added 177,000 jobs in April. That was higher than expected but the smallest increase since October. Economists polled by Reuters expect U.S. private payroll employment likely grew by 185,000 jobs in April, up from 89,000 in March. MSCI''s broadest index of Asia-Pacific shares outside Japan slid 0.4 percent on Thursday, dragged lower by commodities, energy and financials stocks. Japan is closed for the Golden Week holiday. Chinese stocks pared earlier losses to trade flat, as gains in small-caps offset a cooling in China''s services sector growth to its slowest in almost a year in April as fears of slower economic growth dented business confidence. Hong Kong''s Hang Seng dropped 0.4 percent. Australian shares were also 0.4 percent lower. "May is a notoriously cruel month for Asia with foreign exchange, equities and domestic bonds all losing in historical average returns," Bank of America Merrill Lynch strategists led by Claudio Piron wrote in a note. South Korea''s KOSPI bucked the weaker trend, jumping 0.7 percent and hovering just a touch below an all-time high hit earlier in the session on strong corporate earnings. Rising exports point to continued profit growth in the second quarter, with sentiment supported by hopes for economic stimulus from a new president. Overnight, Wall Street closed flat to lower. The Nasdaq fell 0.4 percent as Apple shares slid after reporting lower than expected iPhone sales on Tuesday. Facebook and Tesla also dropped during the session and after hours despite upbeat quarterly results, also weighed on the index. Political concerns, which have taken a backseat recently, may re-emerge, with a U.S. House of Representatives vote on a revised bill to repeal Obamacare due later in the session after two failed attempts to corral enough support to pass the legislation. House Majority Leader Kevin McCarthy said Republican leadership is confident there is enough backing for the bill to pass, after key moderate leaders me
'7064b75a3e962537d915c511dc98503b7db4f5b1'|'Brazil prosecutor says much work still needed to rid Petrobras of corruption'|'Company News - Thu May 4, 2017 - 9:59am EDT Brazil prosecutor says much work still needed to rid Petrobras of corruption RIO DE JANEIRO May 4 Brazil''s state-run oil company Petrobras still has a lot of work to do to root out corruption, a top federal prosecutor said on Thursday. Prosecutor Carlos Lima made the statement during a press conference detailing the Thursday arrests of executives who allegedly used a government amnesty program for foreign assets to bring in money paid to them by construction firms as bribes in return for winning lucrative contracts. (Reporting by Pedro Fonseca; Writing by Brad Brooks; Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-petrobras-investigatio-idUSE6N1H6004'|'2017-05-04T21:59:00.000+03:00'
'2421ae12cf2ba6e7948eb0d187c8df6cfb9071c2'|'Imagination Tech starts dispute process with Apple'|'  8:16am BST Imagination Tech starts dispute process with Apple FILE PHOTO: The Apple logo is pictured inside the newly opened Omotesando Apple store at a shopping district in Tokyo June 26, 2014. REUTERS/Yuya Shino/File Photo LONDON Imagination Technologies said it had started a "dispute resolution procedure" with Apple, its biggest customer, after failing to resolve a standoff over licensing between the two companies. Imagination said in April that Apple had notified the British firm it was developing its own graphics chips and would no longer use Imagination''s processing designs in 15 months to two years time. The potential loss of Apple, which accounts for about half of the British firm''s revenue, sent its shares down 70 percent on the day, and the stock has barely recovered. It has also sent shudders through other Apple suppliers. Apple has used Imagination''s technology in its products from the time of the iPod, and it receives royalties from every sale of an Apple device containing its designs, including the iPhone and iPad. Imagination said in April that it doubted Apple could go it alone without violating its patents, and analysts said legal battles could lie ahead. It said on Thursday it had been unable to make satisfactory progress with Apple on an alternative commercial arrangements for the current licence and royalty agreement. "Imagination has therefore commenced the dispute resolution procedure under the licence agreement with a view to reaching an agreement through a more structured process," it said. Imagination also said it planned to sell two businesses, its embedded processor technology MIPS and mobile connectivity unit Ensigma. (Reporting by Paul Sandle, editing by Kate Holton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-imagination-tech-apple-idUKKBN1800IH'|'2017-05-04T15:16:00.000+03:00'
'79358767c3bb983b5c27abffc0990744a925fb1f'|'Toshiba turns down Hitachi/CVC offer for Landis, banks prep buyout debt: sources'|'By Claire Ruckin , Arno Schuetze and Christoph Steitz - LONDON/FRANKFURT LONDON/FRANKFURT Toshiba ( 6502.T ) has turned down preemptive bids for its Swiss-based smart meter group Landis+Gyr, hoping for a higher price at auction, for which bankers have begun preparing debt packages of around $1 billion, people familiar with the matter said.Buyout group CVC and Japan''s industrial conglomerate Hitachi ( 6501.T ) several weeks ago offered to buy Landis+Gyr for almost $2 billion, and another private equity group also made an offer earlier this year, but both were declined, the sources said.Toshiba is instead waiting for tentative offers to come in by a May 22 deadline, they said, adding that groups including Advent, AEA, BC Partners, Bain, Blackstone, Carlyle, Cinven, CD&R, Onex and Triton are expected to bid.CVC declined to comment, while Hitachi was not immediately available for comment. The other bidders also either declined to comment or were not immediately available to comment.Toshiba said it considering strategic alternatives, including an IPO for Landis+Gyr, adding nothing concrete has been decided yet.It hired UBS earlier this year on the potential divestment of the group.Some $1 billion of debt equates to around 5-6 times Landis+Gyr''s approximate $200 million in earnings before interest, tax, depreciation and amortization, the sources said.The financing is expected to be denominated in dollars and euros and could either be in the form of leveraged loans or high yield bonds, the sources said.Smart meter makers have seen a wave of M&A activity. CVC is selling German metering and energy management group Ista, which could be worth up to 4 billion euros, while German metering group Techem could be put up for sale later in the year.Toshiba bought Landis+Gyr in 2011 for $2.3 billion jointly with state-backed Innovation Network Corporation of Japan, which holds the remaining 40 percent in the company.Landis+Gyr, in which Toshiba has a 60 percent stake, employs more than 5,700 staff and is active in over 30 countries.(Editing by Christopher Mangham and David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-landis-loans-idINKBN1801MK'|'2017-05-04T11:01:00.000+03:00'
'87571235aad8b5ea624ec8641169e296e682259f'|'Europe''s banks keep up fight in trading battle with Wall St.'|'  2:17pm BST Europe''s banks keep up fight in trading battle with Wall St. U.S. dollar and Euro notes are seen in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration By Jamie McGeever and Anjuli Davies - LONDON LONDON European banks had mixed fortunes in fixed income, currency and commodity (FICC) trading in the first quarter, but aggregate results reveal the big players were not far behind U.S. rivals. While total FICC revenue at Wall Street''s top five banks rose by almost a quarter in the period, seven of Europe''s top banks together delivered 20 percent growth, data compiled by Reuters shows. This was in large part thanks to BNP Paribas ( BNPP.PA ) and Societe Generale ( SOGN.PA ), which reported FICC gains of 32 percent and 13 percent respectively. "The willingness to deploy leverage exposure into CIB/Global Markets is paying dividends," Barclays analysts wrote in a note on BNP Paribas, adding that the French bank''s revenue performance showed it was delivering market share gains. HSBC ( HSBA.L ) posted a drop in foreign exchange income, but said its rates revenues rose by 53 percent and credit revenues more than doubled. However, the European average is inflated by a 59 percent surge at Credit Suisse ( CSGN.S ) which was in large part due to the low base the Swiss bank started from after making dramatic cuts to its FICC business in recent years. And Deutsche Bank AG ( DBKGn.DE ), another of Europe''s big trading houses, saw revenue from bond dealing rise by just 11 percent, once again from an extremely low starting point. "As a result of our business mix and the business parameter decisions we have taken, including, in particular, the downsizing of securitized trading, we believe we benefited less in this quarter from spreads tightening as our market making inventories are smaller than those of U.S. peers," Marcus Schenck, Deutsche Bank''s CFO said following its results. While Britain''s Barclays ( BARC.L ) missed the party with a 14 percent slump in income from its macro trading business, the average rise in FICC trading among the top five U.S. banks was 24 percent, even with a 1 percent rise at Goldman Sachs ( GS.N ). "Obviously we would have liked to have done better," Barclays chief executive Jes Staley said last week, adding that volumes were reasonable in the U.S. rates business, but the bank "just didn''t trade as well as we would like to". INVESTMENT NEEDED The first three months of 2017 should have been an active and lucrative period for FICC trading desks, but European banks struggle unless they are willing or able to use more capital. The global ''reflation'' trade propelled markets in January on expectations new U.S. president Donald Trump would cut taxes, deregulate the banks and boost fiscal spending. That trade started to deflate as doubts crept in about Trump''s ability to deliver, prompting bond yields and the dollar to fall. And as economic data softened, expectations of how high U.S. interest rates will rise this year were pared back. Rising inflation also brought forward bets on when the European Central Bank and the Bank of England might raise rates. All of this was set against the volatile political backdrop of Trump''s first 100 days, a U.S. attack on Syria, deepening tensions with North Korea, the start of Britain''s two-year negotiation to leave the European Union and a heavy election calendar in Europe. For European banks to do better, they need to invest again in FICC trading, some analysts say. "European banks have been retrenching in FICC, so investing in some more talent and better technology would certainly help," Jasper Lawler at London Capital Group said. "The real or perceived higher counterparty risk when dealing with European banks means they are unlikely to bridge the gap with the U.S.," he added (Additional reporting by Maya Nikolaeva in Paris; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk
'01e2dbc26b1b043b5c3697935fa3e0eee50edea3'|'Dow merger with DuPont gets positive antitrust review in Brazil'|'Market News - Fri May 5, 2017 - 10:42am EDT Dow merger with DuPont gets positive antitrust review in Brazil SAO PAULO May 5 The planned merger of Dow Chemical Co and DuPont received a recommendation for a conditional approval by Cade, Brazil''s antitrust regulator, after a finding that proposed asset sales would be enough to address competitive concerns, the regulator said in an emailed statement on Friday. Following the review by the office of Cade''s superintendent, the regulator''s board will vote on the $130 billion merger between the U.S. chemical giants, which clinched approval from the European Union in March after they agreed to sell substantial assets. On Tuesday, China conditionally approved the deal, which is also pending regulatory approval in the United States, Australia and Canada. In addition to DuPont selling part of its global insecticide and herbicide business and Dow selling its acid co-polymer and ionomers business, the superintendent''s office at Cade said Dow had offered to sell much of its corn seed business in Brazil. (Reporting by Brad Haynes and Alberto Alerigi Jr.; Editing by Phil Berlowitz) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/du-pont-ma-dow-brazil-idUSL1N1I70Q4'|'2017-05-05T22:42:00.000+03:00'
'1d28629858a4f037871696d8138e1e2ae68103a6'|'UPDATE 1-Canadian Natural posts Q1 profit as crude prices stabilize'|'(Adds CEO comment, more details on earnings)By Nia WilliamsCALGARY, Alberta May 4 Canadian Natural Resources Ltd, the country''s largest independent petroleum producer, said on Thursday it continues to evaluate any assets for sale within its core areas of operation in western Canada.However, the Calgary-based company added that it was focused on its recently announced acquisition of a majority stake in the Athabasca Oil Sands Project in northern Alberta, which is set to close in the second quarter of this year.Canadian Natural will pay C$12.74 billion ($9.28 billion) for assets belonging to Royal Dutch Shell and Marathon Oil Corp, making it one of the three major Canadian oil sands operators, along with Suncor Energy and Cenovus Energy, that have been stepping in as foreign oil majors exit the region."We have got lots on our plate but that will not stop us from evaluating everything that goes through our core area," president Steve Laut said on a first-quarter earnings call.Canadian Natural, which operates in western Canada, the North Sea and offshore West Africa, reported a first-quarter profit on Thursday helped by an uptick in crude prices and increased output from its Horizon oil sands project in Alberta.Oil prices began to rise late last year after a two-year slump, and are now trading within a $45-$50 a barrel range as an OPEC-led production cut and rebounding demand slowly erode a global glut.Canadian Natural posted a net profit of C$245 million, or 22 Canadian cents per share, for the quarter ended March 31, swinging to a profit after reporting a loss of C$105 million, or 10 Canadian cents per share, in the year-earlier quarter.The company said production rose nearly 4 percent to 876,907 barrels of oil equivalent per day (boepd) in the latest quarter.Cash flow from operations, a key indicator of a company''s ability to pay for new projects and drilling, surged nearly 150 percent to C$1.64 billion, or C$1.46 per share.The free cash flow was largely used to reduce debt levels by C$500 million, the company said.Production from Horizon, the company''s flagship oil sands facility, hit a record 192,000 bpd in the first quarter, up 50 percent year-on-year. Phase 3 of the project is scheduled to start up by the end of 2017, adding 80,000 bpd of capacity. ($1 = 1.3722 Canadian dollars) (Reporting by John Benny in Bengaluru; Editing by Savio D''Souza and James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cdn-natural-rsc-results-idINL4N1I62Z9'|'2017-05-04T07:50:00.000+03:00'
'2d1c7c57179914abb1af061c50c4ad6c93acd732'|'Spanish court to question former HSBC executives in Falciani tax probe'|'Business News - Thu May 4, 2017 - 12:04pm BST Spanish court to question former HSBC executives in Falciani tax probe Former HSBC employee Herve Falciani pauses during a news conference in Divonne-les-Bains, France October 28, 2015. REUTERS/Denis Balibouse MADRID Spain''s High Court is to question seven former HSBC ( HSBA.L ) executives as part of a probe triggered by leaks of tax information from HSBC''s ( HSBA.L ) Swiss private bank, according to a ruling published on Thursday. The court said that it had extended an investigation into alleged tax fraud and money laundering linked to HSBC, Banco Santander ( SAN.MC ) and BNP Paribas ( BNPP.PA ). On Wednesday it said it would investigate seven current and former Santander bankers. HSBC declined to comment. The Spanish investigation is one of many by national tax authorities as a result of the leak in 2008 of client data belonging to HSBC''s private bank by Herve Falciani, a former IT employee at the bank. France, Austria, Belgium and Argentina have launched their own investigations. (Reporting By Jes<65>s Aguado and Paul Day; Editing by Angus Berwick)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hsbc-tax-idUKKBN1801AE'|'2017-05-04T19:04:00.000+03:00'
'b18ae8735956e1fde5ff3b5d4b6e517d963fce24'|'Antero Midstream GP raises $875 million in U.S. IPO'|'By Lauren Hirsch and David French Antero Midstream GP LP, a partial owner of Antero Resources Corp''s ( AR.N ) pipeline business, said on Wednesday it raised $875 million in an initial public offering (IPO).Antero is the largest midstream IPO of the last two years, as oil price volatility and pushback against new pipeline projects have driven down listing activity.Antero Resources is the second-largest natural gas and largest natural gas liquids (NGL) producer in Appalachian region and the eighth-largest natural gas producer in North America, based on fourth-quarter 2016 production volumes, according to the IPO prospectus.Antero Midstream GP will begin trading on Thursday on the New York Stock Exchange under the symbol "AMGP" after pricing 37.3 million shares at $23.50, it said in a statement. The previously indicated price range had been given as $22 to $25.The IPO was in stark contrast to another oil and gas IPO expected to complete Wednesday night. Fracker Liberty Oilfield Services delayed pricing by a day and slashed the prospective number of shares being sold and the price range to combat weak investor demand.Oil service companies such as Liberty have proven less able to take advantage of the rebound in oil prices, with their profitability subdued because the oil producers, who they rely on for work, continue to focus on cost cutting.Midstream companies, meanwhile, have proven quicker to feel the benefits. The only other midstream-related offering in 2017 - Hess Midstream Partners ( HESM.N ) - continues to trade above it offer price.SENTIMENTA drop in oil prices from mid-2014 had led oil explorers to cut back on investment in drilling, curtailing the need for new midstream infrastructure.In addition, former President Barack Obama pushed back against two high profile pipeline projects, the $3.8 billion Dakota Access Pipeline and TransCanada Corp''s ( TRP.TO ) C$8 billion ($5.83 billion) Keystone XL project.Proceeds from IPOs of master limited partnerships (MLPs), the structure used by most energy firms to house their midstream assets that ship and store oil and gas, dropped to $323 million last year from $4.9 billion in 2015, according to Thomson Reuters data.The election of U.S. President Donald Trump with promises of significant infrastructure investment and support for both projects, as well as the recovering in oil prices from their 2016 nadir, has bolstered the pipelines sector.Shares of midstream MLPs such as Valero Energy Partners LP ( VLP.N ) and Phillips 66 Partners LP ( PSXP.N ) have risen steadily since Trump''s Nov. 8 election, as much as 26 percent and 33 percent respectively.Investment banks Morgan Stanley, Barclays and J.P. Morgan are the lead IPO underwriters.($1 = 1.3728 Canadian dollars)(Reporting by Lauren Hirsch and David French in New York; Editing by Sandra Maler and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-antero-ipo-idINKBN18003F'|'2017-05-03T23:07:00.000+03:00'
'709cbc6b14ef434c3f1358e34421bd8fc09d334d'|'YL Ventures raises $75 million fund to invest in Israeli startups'|'TEL AVIV California-based YL Ventures, a seed stage venture capital firm that invests in Israel, said on Thursday it has closed its third fund, which at $75 million was 25 percent above its target.The fund will invest in early stage Israeli companies in cybersecurity, enterprise software, autonomous vehicles, drone technologies and virtual reality/augmented reality.YLV III aims to invest in two to three companies per year. Initial seed investments will be $2-$3 million, with YL Ventures leading the rounds. A large portion of the fund is reserved to participate in U.S. VC-led follow-on rounds of its portfolio companies.Managing partner Yoav Leitersdorf will head the fund. YL Ventures is recruiting additional investment professionals to join its Silicon Valley and Tel Aviv offices.Leitersdorf attributed the strong interest in YLV III to soaring cybersecurity spending, expected to exceed $202 billion in 2021, according to research firm MarketsandMarkets.The first two funds have invested in 10 companies, five of which have been acquired. Most recently, FireLayers was acquired by Proofpoint ( PFPT.O ).(Reporting by Tova Cohen)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tech-ylventures-israel-idINKBN1801N0'|'2017-05-04T11:02:00.000+03:00'
'23784b6dddb30ad635b99ba69e76a657e0d33fbc'|'UPDATE 1-Arconic taps two directors ahead of shareholder vote'|'(Adds details from company presentation)By Michael FlahertyMay 4 Arconic Inc on Thursday nominated two directors for its board, as it gears up for a shareholder vote later this month that pits the specialty metals maker against activist investor Elliott Management in a fight for direction of the company and control over the board.The $10 billion specialty metals company, which separated from aluminum producer Alcoa Corp last year, has five board seats up for election at the annual meeting, which it said on Thursday will be held on May 25. It was previously slated for May 16.Arconic said its nominees are former Boeing Commercial Airplanes president and chief executive, Jim Albaugh, and Air Force retired General Janet Wolfenbarger.The abrupt resignation of former CEO and Chairman Klaus Kleinfeld last month created a vacancy in one of those five seats. On Thursday, Arconic said Indian businessman Ratan Tata was resigning from the board.With Kleinfeld and Tata off the table, Arconic moved ahead with the nomination for Albaugh and Wolfenbarger.Elliott has nominated four directors for election at the annual meeting.The two sides have been locked in a bruising fight since the beginning of the year - a battle that claimed Kleinfeld last month and forced his resignation after he sent a letter to Elliott founder Paul Singer that Arconic''s board did not authorize.Discussions of a compromise to avoid the proxy fight broke down shortly after Kleinfeld''s resignation.Arconic said on Thursday that if its candidates are elected, nine directors of 13 will have joined the board in the last 16 months. The company''s board will stay at 13 members, the company said, 12 of whom are independent, and three who were nominated by Elliott and appointed to the board last year.On Wednesday, the United Steelworkers, which represent more than 4,700 Arconic employees, said it opposed Elliott''s board nominees. Arconic provides aluminum and titanium alloys used in planes and cars. (Additional reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/arconic-elliott-idINL4N1I63ZG'|'2017-05-04T11:36:00.000+03:00'
'b792485c722db5812993a6b4e64005ab2691331b'|'China''s Ant Financial set to ink $3.5 loan to help fund MoneyGram bid - Basis Point'|'HONG KONG China''s Ant Financial, an affiliate of online shopping giant Alibaba Group ( BABA.N ), is close to signing a $3.5 billion loan a part of which will help fund its purchase of U.S. money transfer company MoneyGram International ( MGI.O ), Thomson Reuters Basis Point reported.Fourteen banks, including Australia and New Zealand Banking Group ( ANZ.AX ), Citigroup ( C.N ), Credit Suisse ( CSGN.S ), Goldman Sachs ( GS.N ), HSBC ( HSBA.L ), Morgan Stanley ( MS.N ) and JPMorgan ( JPM.N ), have committed to the loan, Basis Point reported.The three-year syndicated term loan will replace a bridge facility that backed Ant Financial''s bid for MoneyGram, it reported on Thursday, adding documentation of the loan is in progress, with signing expected within the next few days.Ant, valued at about $60 billion after a $4.5-billion funding round in April 2016, is set for an initial public offering (IPO), though it has not specified a timeframe or listing venue.Ant Financial declined to comment. Representatives for ANZ, Citi, JPMorgan and HSBC also declined to comment, while Goldman Sachs, Credit Suisse and Morgan Stanley did not immediately respond to an emailed request for comment.For global banks, the loan is an opportunity to jostle for position ahead of the IPO, a strategy that has paid off for banks such as HSBC which was appointed a bookrunner on the bumper Aramco IPO after gaining an advisory role on the Saudi oil company''s first ever sukuk issuance.Reuters reported in February that Ant Financial, China''s most valuable online finance company, is in early stage talks with banks to raise between $2 billion to $3 billion in debt to fund acquisitions and foreign investments.The loan size is being increased from $3 billion after the Chinese online finance firm sweetened its bid for MoneyGram by over a third, beating a rival offer from U.S.-based Euronet Worldwide ( EEFT.O ) to gain approval from MoneyGram''s board.Ant hiked its bid for MoneyGram by 36 percent to $18 per share in cash, valuing the target at around $1.2 billion and beating Euronet''s offer last month of $15.20 per share.MoneyGram''s global remittance channels for sending money overseas would help Ant build a cross-border network after a string of recent investments in Asia. But the deal must first obtain approval from the Committee on Foreign Investment in the United States.(Additional reporting by Catherine Cadell and Sumeet Chatterjee; Writing by Michelle Price; Editing by Clarence Fernandez and Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-moneygram-intl-ant-financial-loans-idUSKBN1800T4'|'2017-05-04T16:01:00.000+03:00'
'60a7f899efebfa3ea2a94f045e560a651489e81d'|'Nokia plans to cut up to 200 jobs in Finland'|'Company   4:34am EDT Nokia plans to cut up to 200 jobs in Finland HELSINKI May 4 Finnish network equipment maker Nokia said on Thursday it plans to continue job cuts in Finland and remove up to 200 positions in Finland in a bid to protect profitability amid falling demand in the global network market. "In order to succeed in this market environment we must continue to streamline our cost structure and increasing efficiency," Nokia country manager Tommi Uitto said in a statement. Last year, Nokia cut around 1,000 jobs in Finland as part of its global cost-cutting programme following its acquisition of Franco-American rival Alcatel-Lucent. Nokia has not given a global number for its cuts, but unions have estimated a total reduction of 10,000-15,000 jobs. (Reporting by Jussi Rosendahl, editing by Terje Solsvik)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nokia-redundancies-idUSFWN1I60BU'|'2017-05-04T16:34:00.000+03:00'
'3864934502192231a83698b16707fcc35735477a'|'Slumping oilfield services sector bets on new offshore technology'|'Business News - Thu May 4, 2017 - 5:43am BST Slumping oilfield services sector bets on new offshore technology FILE PHOTO: An offshore oil platform is seen in Huntington Beach, California September 28, 2014. REUTERS/Lucy Nicholson/File Photo By Jessica Resnick-Ault and Liz Hampton - HOUSTON HOUSTON The oil industry''s top equipment and services suppliers this week are hawking vastly cheaper ways of designing and equipping subsea wells, aiming to slash the cost of offshore projects to compete with the faster-moving shale industry. At the Offshore Technology Conference, the industry''s annual gathering of floating rig and subsea well suppliers, sales pitches this year are all about cost savings and faster time to first production. With U.S. crude priced CLc1 under $50 a barrel, offshore projects with their typically high costs and long-lead times are now borrowing from leaner shale in the competition for oil company investment. Low oil prices have soured new exploration in the U.S. Gulf of Mexico, for instance, but production volumes there have remained strong due to the long lead times of these projects. Gulf of Mexico producers are expected to add 190,000 barrels per day this year to output now running about 1.76 million bpd. Tool and services companies are offering new technologies that can do several jobs, taking the place of multiple devices or highly-paid consultants. National Oilwell Varco Inc ( NOV.N ) is exhibiting software it touts as performing much like a drilling expert, sorting through vast amounts of data to find ways to speed production and reduce downtime. The new software "takes actions a person would do and runs them automatically. It''s low cost and it''s simple" said David Reid, National Oilwell Varco''s chief marketing officer. Baker Hughes Inc ( BHI.N ) is showing a new tool called DeepFrac that it said eliminates several steps now required to complete underwater wells. That saving pares the price of a well by up to 40 percent, speeding first production and lowering the break-even cost for producers. "This helps sharply cut some of the risk of drilling an offshore oil well and, we believe, sharply reduces costs for our customers," said Jim Sessions, a vice president of technology at Baker Hughes. Graham Hill, an executive vice president at KBR Inc ( KBR.N ), detailed the construction company''s plan for a cheaper floating production vessel, saying the new vessel fits producers'' tight budgets. KBR can hope to earn more by selling extra features. "This is like ordering a Ford," he said. "There''s a base package, and you can add extras." Richard Morrison, president of BP plc ( BP.L )''s Gulf of Mexico region, said the industry has accepted that crude prices will probably stay low, meaning oil producers like BP must work with services providers to reduce the multibillion dollar cost of offshore projects. "That break even point can''t come back to $80 a barrel, so I''ve got to figure out ways to work with my supplier over the long-term to keep that in check," he said during a presentation. Morrison touted BP''s use of new seismic imaging technology that helped identify 1 billion additional barrels of "possible resources" at four of its U.S. Gulf of Mexico offshore fields. The technology enhances existing seismic images to find oil hidden beneath salt structures deep underground. Just weeks away is a coming Vienna meeting of the Organization of the Petroleum Exporting Countries where OPEC and other oil producers are to decide whether to continue production curbs past June. If OPEC fails to continue the curbs, oil prices could fall again, making a difficult market worse, said Charles Cherington, a co-founder of Intervale Capital, a private equity investor in oilfield services. Assuming OPEC continues the existing curbs, Cherington said the best the industry can hope for this year is crude "gets to the low to mid $50s (a barrel)" or half what it fetched at this time three years ago. Few oilfield 
'91035b03ceed3781f5cd6a2a54c2dfef2051832f'|'Pembina adds natgas infrastructure with C$9.7 billion Veresen buy'|'Global Energy   12:18pm BST Pembina adds natgas infrastructure with C$9.7 billion Veresen buy Pembina Pipeline Corp ( PPL.TO ) said it would buy Veresen Inc ( VSN.TO ) in a deal valued at C$9.7 billion (<28>5.5 billion), including debt, adding natural gas pipelines and processing infrastructure to its oil and natural gas liquids-heavy portfolio. The combined company will have a strong position in the Western Canadian Sedimentary Basin, home to the world''s third largest crude reserves. After the deal with Veresen, Pembina will own about 5.8 billion cubic feet per day of gas processing infrastructure across the region by 2018. Pembina said Veresen shareholders could opt to get either 0.4287 of a Pembina share or C$18.65 in cash. That is a 22.5 percent premium to Pembina''s last close, the companies said. Pembina said it would pay as much as about C$1.52 billion in cash and 99.5 million of its stock. Pembina also said it would increase its dividend by 5.9 percent upon close of the deal - expected late in the third quarter or early in the fourth quarter. CIBC World Markets Inc is Pembina''s financial adviser. Blake, Cassels & Graydon LLP and Bracewell LLP are its legal advisers. Scotiabank is advising Veresen, while Osler, Hoskin & Harcourt LLP is providing legal counsel. (Reporting by Swetha Gopinath in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-veresen-m-a-pembina-pipe-idUKKBN17X1JY'|'2017-05-01T19:18:00.000+03:00'
'd92a8d84b6b5821b5768d665f14773303767861e'|'RPT-Storage wars: New U.S. potash player K+S faces warehouse squeeze'|'WINNIPEG, Manitoba Germany''s K+S AG will crack into the U.S. fertilizer market this spring when it opens the first new western Canadian potash mine in nearly five decades.But the fifth-largest global potash seller faces a stiff challenge before it makes a single delivery: where to store the pink granular nutrient until farmers need it.The U.S. market for potash - a key type of fertilizer used to grow corn and wheat - is already dominated by Potash Corp of Saskatchewan, Agrium Inc and Mosaic. It''s also saturated: potash prices are near nine-year lows.Not only do these market leaders have an ample supply of potash, they also boast a string of warehouses built strategically across the Midwest where they can quickly distribute their product to U.S. farmers, who have a narrow window every spring to fertilize.K+S, which will open its Legacy mine on Tuesday in Saskatchewan, told Reuters it is still in "planning phase" of a warehouse network with Koch Industries Inc [KCHIN.UL], which will sell K+S'' potash in the United States under a marketing agreement.K+S spokesman Michael Wudonig added the company is confident it will find sufficient storage. Koch spokesman Rob Carlton declined to comment.Investors don''t have a clear understanding of K+S'' missing warehouse link as it opens Legacy, according to analyst Charles Neivert, who covers the fertilizer industry at Cowen.<2E>How are they going to get into a U.S. market that effectively is grossly over-supplied already and isn<73>t growing? Where are they going to find room to put the (potash)?" Neivert asked.K+S'' success in distributing potash has big market implications, given there is already a glut of global capacity. Even more potash from Legacy will threaten a modest price recovery seen so far this year. For a graphic, click: tmsnrt.rs/2oMvk6GSince K+S broke ground on Legacy, U.S. potash prices have fallen roughly in half, to around $250 per ton, according to data published by BMO.K+S plans to sell up to 500,000 tons of potash annually in the United States, accounting for some 7 percent of U.S. demand, according to industry estimates. Legacy will also answer a longer-term supply issue K+S faces, as potash at its other mines is depleted.WAREHOUSES ALREADY OCCUPIEDPotash Corp, Agrium and other potash players dominate the U.S. market by leveraging their own warehouses and longtime leases with others to position potash for just-in-time application by farmers.The alternative is relying on the 10- to 14-day railway trip for potash to move from mines in Saskatchewan to buyers in the Midwest and northern Plains."Many of the large warehouses already have space consigned, so (K+S'') opportunity to get placed in the large facilities could be difficult," said Gary Halvorson, vice-president of retail agronomy at U.S. farm cooperative CHS Inc."That is a very key piece of supply chain," Halvorson added. "For any manufacturer of dry fertilizer, they really need to put their back into having tonnes close enough to end users."CHS has nearly 500 U.S. farm retail stores along with warehouse space that it leases to potash suppliers. It has not leased space to K+S, the company said."That''s the challenge K+S faces to break into the market," said Joe Dillier, director of supply and merchandising at Growmark, an Illinois-based farm cooperative and distributor that leases some storage space to potash miners.K+S partner Koch could store some of K+S'' potash in its own fertilizer warehouses, and K+S has said it will take until year end to reach Legacy''s full annual output pace of 2 million tonnes. Three-quarters of production will be sold to industrial users or off-shore buyers.Legacy is opening as farmers plan to sow less corn, a fertilizer-intensive crop, making crop nutrient sales a bigger challenge.To break in, Koch may need to cut prices to sway U.S. buyers, since K+S'' logistics will not be as smooth as for established players, said industry consultant Kelvin Feist."There is no easy way
'0e25eb734b747699ba874034b2fbcef9c7a45d6a'|'US STOCKS-Futures higher after government shutdown averted'|'Business News - Mon May 1, 2017 - 4:31pm EDT Apple, tech lift Wall Street as Nasdaq sets record Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 1, 2017. REUTERS/Brendan McDermid By Lewis Krauskopf Wall Street climbed on Monday, boosted by gains in Apple and other big tech stocks that more than offset weak economic data and pushed the Nasdaq Composite to another record high. Apple shares ( AAPL.O ) jumped 2 percent and set a record high, supporting the three major Wall Street indexes. The iPhone maker is due to report its results on Tuesday. The S&P 500 technology index .SPLRCT, the best performing major group this year, gained 0.9 percent, with big tech names including Microsoft ( MSFT.O ), Alphabet ( GOOGL.O ) and Facebook ( FB.O ) hitting records. Investors braced for another heavy week of quarterly corporate results in an earnings season that has exceeded expectations. Overall, profits at S&P 500 companies are estimated to have risen 13.6 percent in the first quarter, the most since 2011, according to Thomson Reuters I/B/E/S. Market watchers have been looking for results to help justify stock valuations, as the S&P 500 has been trading about 20 percent above its long-term average, based on forward earnings estimates. "This is shaping up to be the strongest earnings season in several years," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. "That has kind of got people gravitating back to equities and gravitating to the equities that are doing well.<2E> The S&P 500 .SPX gained 4.13 points, or 0.17 percent, to 2,388.33 and the Nasdaq Composite .IXIC added 44.00 points, or 0.73 percent, to 6,091.60, a record closing high. The Dow Jones Industrial Average .DJI fell 27.05 points, or 0.13 percent, to 20,913.46, after notching its best weekly performance of 2017 last week. The CBOE Volatility Index .VIX, a barometer of expected near-term stock market volatility, closed at its lowest level since Feb 2007. Financials rose 0.6 percent despite volatility caused by President Donald Trump''s comments that he was actively considering breaking up big banks. U.S. Secretary of the Treasury Steve Mnuchin said that economic growth of 3 percent is achievable in the next two years as the Trump administration sets out to dramatically cut taxes. Stock gains may have been muted by a series of tepid U.S. economic reports. U.S. factory activity slowed in April, consumer spending was unchanged in March and a key inflation measure recorded its first monthly drop since 2001. Investors girded for more data later in the week, including Friday''s employment report, as well as for the two-day U.S. Federal Reserve meeting starting on Tuesday. "The economic data today is causing some investor nervousness ahead of the jobs report this Friday," said Matt Miskin, senior capital markets research analyst at John Hancock Investments in Boston. Advancing issues outnumbered declining ones on the NYSE by a 1.32-to-1 ratio; on Nasdaq, a 1.37-to-1 ratio favored advancers. The S&P 500 posted 42 new 52-week highs and 12 new lows; the Nasdaq Composite recorded 145 new highs and 55 new lows. About 6 billion shares changed hands in U.S. exchanges, below the 6.5 billion daily average over the last 20 sessions. (Additional reporting by Tanya Agrawal in Bengaluru; Editing by Savio D''Souza and Nick Zieminski) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN17X1L5'|'2017-05-01T19:08:00.000+03:00'
'6126b6e651326db088da9f267cf2930c20a998a2'|'UPDATE 1-AB InBev suffers again in Brazil, slips in United States'|'Thu May 4, 2017 - 1:57am EDT AB InBev suffers again in Brazil, slips in United States A man walks past the logo of Anheuser-Busch InBev at the brewer''s headquarters in Leuven, Belgium February 26, 2014. REUTERS/Francois Lenoir/File photo BRUSSELS Anheuser-Busch InBev ( ABI.BR ), the world''s largest brewer, reported a lower than expected increase in profit in the first quarter as earnings slipped in the United States and fell sharply in Brazil, its two largest markets. The brewer of Budweiser, Stella Artois and Corona, which makes more than a quarter of the world''s beer, said on Thursday its core profit was $4.81 billion, up 5.8 percent on a like-for-like basis, but lower than the $4.88 billion average forecast in a Reuters poll. After two years of falling sales, beer volumes actually picked up in Brazil, but revenue per hectolitre dropped as state tax increases were not fully passed on to customers. AB InBev also took a hit from a near 40 percent decline of the Brazilian real to the dollar, as half of its cost of sales there are dollar-denominated. The company said it remained optimistic about Brazil in the long run, and for 2017 said it would see improved revenue per hectolitre and see cost of sales per hectolitre growth ease to between zero and a low single-digit percentage increase. In the United States, AB InBev saw lower volumes as Bud Light and Budweiser both lost market share. Profit also slipped although the margin increased with strong sales of higher-priced Michelob Ultra, Stella Artois and craft beers. Among the positives were increased volumes and earnings in Mexico, a huge expansion of margins in South Africa, one of its new markets, and a strong start to the year in China. The company, which paid nearly $100 billion to take over SABMiller last year and is now more than double the size globally of nearest rival Heineken ( HEIN.AS ), retained its outlook, including a forecast of accelerated revenue growth this year. (Reporting By Philip Blenkinsop; editing by Robert-Jan Bartunek)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-abinbev-results-idUSKBN1800GN'|'2017-05-04T13:43:00.000+03:00'
'de889df8b04195319a18a852474b97bd05c930d7'|'PRESS DIGEST- New York Times business news - May 4'|'May 4 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Apple Inc, the world''s most valuable public company, said it planned to dedicate resources to American job creation with a $1 billion fund to invest in advanced manufacturing in the United States. The company said it would announce the first investment from its new fund later this month. nyti.ms/2paGdPU- On Wednesday afternoon, Facebook Inc reported another quarter of huge growth, with nearly 2 billion people actively using the service. Revenue was up 49 percent in the first quarter compared with a year ago. nyti.ms/2paGhiC- Electric-car maker Tesla Inc said on Wednesday that its losses had widened in the first quarter, but that sales and revenues had grown rapidly as the company prepared for the critical launch of a mass-market model. nyti.ms/2paWB2X- Staff members at The Sydney Morning Herald and The Age, among the most powerful voices in the Australian news media, began a weeklong strike on Wednesday over job cuts at Fairfax Media Ltd. nyti.ms/2paWGn1- With its creditors at its heels and its coffers depleted, Puerto Rico sought what is essentially bankruptcy relief in federal court on Wednesday, the first time in history that an American state or territory had taken the extraordinary measure. nyti.ms/2paGwdw- House Republican leaders planned to hold a showdown vote Thursday on their bill to repeal and replace large portions of the Affordable Care Act after adding $8 billion to the measure to help cover insurance costs for people with pre-existing conditions. nyti.ms/2paZBfq (Compiled by Shalini Nagarajan in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL4N1I61RR'|'2017-05-04T02:18:00.000+03:00'
'18fa2168b4eff418c0624072d91ea25992bf5bae'|'Facebook profit surges 76.6 percent as ad sales jump'|' 03pm BST Facebook profit surges 76.6 percent as ad sales jump FILE PHOTO: The Facebook logo is displayed on the company''s website in an illustration photo taken in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau/File Photo Facebook Inc reported a 76.6 percent surge in quarterly profit on Wednesday, fueled by robust growth in its mobile ad business. The company''s shares were down slightly in choppy after-market trading. Facebook said about 1.94 billion people were using its service monthly as of March 31, up 17 percent from a year earlier. Analysts on average had expected monthly active users of 1.91 billion, according to financial data and analytics firm FactSet. Mobile ad revenue accounted for about 85 percent of the company''s total advertising revenue of $7.86 billion in the first quarter ended March 31, compared with about 82 percent a year earlier. Analysts on average had expected total ad revenue of $7.68 billion, according to FactSet. The social media giant is expected to generate $31.94 billion in mobile ad revenue globally in 2017, up 42.1 percent from a year earlier, according to research firm eMarketer. That would give Facebook a 22.6 percent share of the worldwide mobile ad market, with arch-rival Google projected to be the leader with a 35.1 percent share, according to eMarketer. Facebook has been updating its offerings and launching new features to keep users hooked. Earlier in the day, the company said it would add 3,000 people over the next year to monitor reports of inappropriate material on its network and removing videos such as murders and suicides. The move comes after videos of a fatal shooting in Cleveland and of a father in Thailand killing his daughter on Facebook Live were uploaded on the network, drawing widespread criticism. Net income attributable to Facebook shareholders rose to $3.06 billion, or $1.04 per share, in the first quarter from $1.73 billion, or 60 cents per share, a year earlier. Total revenue rose to $8.03 billion from $5.38 billion. Facebook said it would no longer report non-GAAP expenses, income, tax rate, and earnings per share. Facebook is also stepping up efforts to combat fake news, which emerged as a major issue in last year''s U.S. presidential election. Apart from the core Facebook network, which contributes a lion''s share to the overall revenue, the company''s photo-sharing app Instagram and messaging service Whatsapp also have a huge user base. Facebook is the last of the top five U.S. tech companies to report quarterly earnings. (Reporting by Rishika Sadam in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-facebook-results-idUKKBN17Z2GY'|'2017-05-04T04:37:00.000+03:00'
'ef4a2b2a2332379e3f28a444f849ef672d7ebab9'|'Carl Icahn may have broken trading laws: Senators - May. 9, 2017'|'Trump adviser Icahn may have broken trading laws: Senators by Matt Egan @mattmegan5 May 9, 2017: 4:07 PM ET Icahn: I''m against the stupidity of some regulations Democratic Senators want federal authorities to investigate whether President Trump''s special adviser, Carl Icahn, violated trading laws. The lawmakers sent a letter on Tuesday to the SEC and two other regulators pointing to "troubling" evidence, including "massive" profits Icahn reportedly reaped in the market for renewable fuel credits. "Publicly available evidence raises serious questions about Mr. Icahn''s conduct," eight Senate Democrats led by Senators Elizabeth Warren and Sherrod Brown wrote in the letter. They argue that these profits warrant a probe into whether Icahn, who has retained control of his vast business empire despite being named by Trump a special adviser on regulatory reform , violated insider trading, anti-market manipulation or other laws. Additionally, the Democrats want SEC chair Jay Clayton and EPA administrator Scott Pruitt to consider recusing themselves from this matter. Why? Because Icahn was involved in the vetting practice for both positions in the Trump administration and even met with Pruitt before his nomination . Icahn did not immediately respond to a request for comment. However, in March the billionaire investor dismissed conflict-of-interest allegations in an interview with CNNMoney as "absurd" and "completely ridiculous." He added, "I don''t talk to Donald that often." Related: Trump adviser Icahn is betting against the Trump rally The crux of the controversy is linked to Icahn''s continued 82% ownership stake in CVR Energy ( CVI ) , a small oil refinery. CVR has been hurt by EPA regulations that require oil refiners to either blend their oil with renewable fuels or buy credits. Not surprisingly, Icahn has been a vocal opponent of these EPA rules, telling CNN''s Poppy Harlow they are "natural stupidity" and could cost CVR $200 million in 2017. Senate Democrats note that Icahn may have benefited from a collapse in the market for these biofuel credits that he helped cause. According to Reuters , CVR Energy, which is majority controlled by Icahn, generated an "extremely rare profit" on biofuels credits by betting against them in the months before Trump took office. Biofuel credit prices plunged after Icahn became a special adviser to Trump. They took another hit after Bloomberg News revealed that Icahn and a trade group presented the White House with a deal to revamp the renewable fuel standard. The collapse in biofuel credit prices allowed CVR to post a net gain of $6.4 million last quarter, a $50 million reversal from last year -- according to Reuters. Senate Democrats want regulators to investigate whether Icahn''s conduct violated any laws. They also asked regulators to investigate the "precise nature and extent" of Icahn''s communications with Trump officials, including the president himself. The White House didn''t respond to a request for comment. A spokesperson for the administration in a previous statement emphasized that Icahn does not have a formal position with the administration. Icahn is "simply a private citizen whose opinion the President respects and whom the President speaks with from time to time."   4:07 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/05/09/investing/icahn-investigation-trump-elizabeth-warren/index.html'|'2017-05-10T00:07:00.000+03:00'
'33ef74991231d29b00b9e319dc1098e2b044601d'|'Brazil plans changes to bankruptcy law to bolster recovery, paper says'|'SAO PAULO May 9 The Brazilian government plans to change the bankruptcy law to help indebted firms emerge faster from creditor protection, Finance Minister Henrique Meirelles told a newspaper.The changes would reduce the average length of bankruptcy protection to two years, compared to between seven and eight years currently, he said in an interview published on Tuesday in the O Estado de S.Paulo newspaper.Bankers and lawyers expect bankruptcies to set a record in 2017, with tight credit and the lingering recession forcing a growing number of large Brazilian companies to seek protection from creditors.The bill, which will be submitted to Congress in June, would make it easier for companies under creditor protection to maintain operations and borrow funds, according to the article.It would also grant creditors stronger power in the discussions, Meirelles added, without providing further details.That is the latest in a wide series of microeconomic reforms proposed by President Michel Temer''s administration to lift Latin America''s largest economy from its deepest recession in decades and secure steady growth from then on.Together with ongoing plans to streamline the social security system, reform labor laws and other efforts, those changes would allow Brazil''s gross domestic product (GDP) to expand at a 3.5 percent to 4 percent annual pace without accelerating inflation, Meirelles said.Currently, so-called potential growth stands at between 2 percent and 2.25 percent, he said.Press representatives from the Finance Ministry were not immediately available to comment on the report.Major firms, such as wireless carrier Oi SA and homebuilder PDG Realty SA, have been ensnared in thorny debt renegotiation talks after filing for protection from creditors as years of robust economic growth faded away. (Reporting by Bruno Federowski; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-economy-bankruptcy-idINL1N1IB0AR'|'2017-05-09T09:56:00.000+03:00'
'00177089cfe4b2066ebb0fb69e986897b44eb6a7'|'Norway''s sovereign wealth fund backs RBS new remuneration policy'|'OSLO May 9 Norway''s $938-billion sovereign wealth fund, the world''s largest, will vote in favour of Royal Bank of Scotland''s new remuneration policy, the fund said on Tuesday.The bank plans to simplify the executive compensation framework and to reduce maximum award levels, in line with the wealth fund''s broader policy on remuneration."We commend the (RBS''s) Board''s willingness to challenge conventional thinking on remuneration," the fund said in a statement. (Reporting by Camilla Knudsen, editing by Nerijus Adomaitis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/norway-swf-idINO9N18Y002'|'2017-05-09T06:33:00.000+03:00'
'3b11c935c26b72e58fa7993810d81c82e6661319'|'On Gatsby<62>s North Shore, Chinese luxury home buyers pause as curbs bite'|'Business News -  11am BST On Gatsby<62>s North Shore, Chinese luxury home buyers pause as curbs bite left right Models of residential buildings are seen during an overseas property exposition in Beijing, April 13, 2017. REUTERS/Stringer 1/2 People visit an overseas property exposition in Beijing, April 13, 2017. REUTERS/Stringer 2/2 By Koh Gui Qing and Elias Glenn - JERICHO, N.Y./BEIJING JERICHO, N.Y./BEIJING Among the sprawling colonial homes and well-tended lawns on the north shore of New York''s Long Island, there are signs that Chinese policies crafted 11,000 kilometers away are taking a toll. In the past year, there has been a slowdown in the stream of affluent Chinese looking for luxury homes in the area <20> widely thought to have been the setting for F. Scott Fitzgerald<6C>s 1925 novel <20>The Great Gatsby<62> - property brokers said. Over the past eight months, the Chinese authorities have introduced a series of measures to make it more difficult for Chinese to move capital out of the country as they seek to keep the Chinese currency, the yuan, from falling. At the end of last year, for example, disclosure rules were tightened to try to prevent individuals from using any of the maximum $50,000 they are allowed to buy in foreign currency in any one year to purchase overseas property and other overseas investments. Those who violate the rules can face stiff fines. Any slowdown in flows from China can have a big impact in real estate around the globe. In the U.S. alone, Chinese buyers, including people from Taiwan and Hong Kong, bought $27.3 billion in residential property in the year to March 2016, more than three times the next biggest foreign buyers, the Canadians, according to the National Association of Realtors. After three decades of blistering economic growth, China has created a class of nouveau riche, many of whom want to move their families abroad, attracted by places with cleaner air and fewer food safety issues than back home, as well as the prospects of a Western education for their children. This has inflated home prices around the world, as thousands of Chinese buy property in favored cities such as Sydney, Los Angeles, New York, and Vancouver. Now, though, the increased controls on currency outflows are having an impact in some markets. In the past couple of months, Chinese developer Country Garden has inside China stopped marketing apartments in its massive Forest City project in Iskandar, southern Malaysia, and disclosed that some home buyers want to cancel purchases because of the capital controls. Still, the party hasn<73>t ended in some other markets. In Sydney, Australia, home prices have risen at a blistering 16 percent in the past year, thanks in part to Chinese demand. On and close to Long Island<6E>s so-called <20>Gold Coast<73> the drop off in interest is apparent to some in the industry. "The money suddenly dried up last year," said Lois Kirschenbaum, a broker specializing in luxury homes on Long Island''s north shore, an area favored by Chinese partly because of its reputation for having good schools. "We used to get vans of Chinese buyers each month one or two years ago during the buying season in Spring. We haven<65>t seen any vans this year," she said. Kirschenbaum, who estimates half of her buyers are Chinese, said prices of homes in the neighborhood costing more than $2 million have fallen about 10 percent in the past year. In the first quarter of this year, the average price for home sales on Nassau County<74>s North Shore <20> which includes the Gold Coast and nearby towns - was $984,357, down 9.7 percent from the previous quarter and 2 percent lower than the first quarter in 2016, according to a report from Douglas Elliman Real Estate. The number of sales was down 14.8 percent from the fourth quarter but up 5.6 percent from a year earlier. FEWER AT OPEN HOUSES At a recent open house for a $3.25 million five-bedroom home in Brookville that has a bar, a heated pool, a sports court and a license to 
'ff520e232af63da069ebb1d24f91d49a03e3e986'|'UPDATE 1-Buffett assails Wells Fargo, defends 3G at wide-ranging meeting'|'Market News - Sat May 6, 2017 - 4:50pm EDT UPDATE 1-Buffett assails Wells Fargo, defends 3G at wide-ranging meeting (Adds graphic link) By Jonathan Stempel OMAHA, Neb. May 6 Warren Buffett, the chairman of Berkshire Hathaway Inc, on Saturday faulted Wells Fargo & Co for failing to stop employees from signing up customers for bogus accounts even after learning it was happening, causing a scandal. Wells Fargo, whose largest shareholder is Berkshire with a 10-percent stake worth roughly $27 billion, gave employees too much autonomy to engage in "cross-selling" multiple products to meet sales goals, Buffett said. This "incentivized the wrong type of behavior," and former Chief Executive John Stumpf, who lost his job over the scandal, was too slow to fix the problem, Buffett said. Wells Fargo was among many topics discussed at Berkshire''s annual meeting in Omaha, where Buffett, 86, and Vice Chairman Charlie Munger, 93, fielded dozens of questions from shareholders, journalists and analysts. "If there''s a major problem, the CEO will get wind of it. At that moment, that''s the key to everything. The CEO has to act," Buffett said. "The main problem was they didn''t act when they learned about it." Still, Buffett''s support of current management and board was key to ensuring the reelection of the entire board last month. Wells Fargo spokesman Mark Folk said "we agree" with Buffett''s comments, and have taken "decisive actions" to fix the problems and "make things right for customers." Buffett likened the situation to Salomon Brothers Inc, where in 1991 he was installed as chairman to clean up a mess after the former chief executive failed to tell regulators a trader was submitting fake bids at Treasury auctions. Asked whether Berkshire''s decentralized structure could lead to a similar scandal, Buffett said "as we sit here, somebody is doing something wrong at Berkshire," whose units employ 367,000 people. But he said Berkshire has an internal "hotline" to flag possible misbehavior, and which gets 4,000 calls a year. SUCCESSION, DIVIDENDS The meeting also included discussions about Berkshire''s succession plans, its controversial partnership with Brazilian firm 3G Capital, and whether it will start paying dividends or make a monster acquisition. Buffett has said Berkshire could have a new chief executive within 24 hours if he died or could not continue, and that nothing had changed just because he praised fewer managers than usual in his February shareholder letter. He said it may have been harder to single people out because "we have never had more good managers." But he also said it would be a "terrible mistake" if capital allocation were not the "main talent" of his successor. Buffett did lavish much praise on top insurance executive Ajit Jain, who some investors believe could be that successor, saying "nobody could possibly replace Ajit. You can''t come close." On 3G, with which Berkshire controls Kraft Heinz Co and tried to merge it with Unilever NV, Buffett acknowledged a dislike for the cost-cutting for which the Brazilian firm is known. But, he said, "it is absolutely essential to America that we become more productive, and 3G was "very good at making a business productive with fewer people." Buffett also raised the possibility Berkshire could pay its first dividend since 1967, if "reasonably soon, even while I''m around," the company had too much cash it could not reasonably deploy. "It could be repurchases, it could be dividends," he said. Berkshire ended March with more than $96 billion of cash and cash-like instruments, and Munger said it could do a "$150 billion" acquisition now if it wanted. AIRLINES, IBM Buffett defended Berkshire''s foray into airlines, where it is a top investor in American Airlines Group Inc, Delta Air Lines Inc, Southwest Airlines Co and United Continental Holdings Inc. He had long disdained the industry, which had gone through many bankruptcies, but said he is confident it 
'faacac8f3e25dd4c4612795af76a44c7b3524b73'|'French champagne house Taittinger plants first vines in English soil - Business'|'French champagne house Taittinger plants first vines in English soil Prestigious producer begins operations at vineyard in Kent aimed at producing sparkling wine by 2023 The local, the church and a cottage in Chilham, outside of which Taittinger has chosen for the site for its English venture. Photograph: Adam McCulloch French champagne house Taittinger plants first vines in English soil Prestigious producer begins operations at vineyard in Kent aimed at producing sparkling wine by 2023 View more sharing options Sunday 7 May 2017 18.34 BST Last modified on Sunday 7 May 2017 18.47 BST One of France<63>s most prestigious champagne brands is hoping to capitalise on Britain<69>s wine boom after planting its first vines on English soil last week. Taittinger has chosen a vineyard near the Kent village of Chilham as the site for its venture into English sparkling wine, with the first bottle due to be drunk in 2023. It is the first time a grande marque champagne house has planted a vineyard in the UK with the aim of producing a top quality English sparkling wine. The wine will be called Domaine Evremond, named after Charles de Saint-<2D>vremond, the French writer who is credited with helping introduce 17th-century London to the habit of quaffing champagne. The move comes as figures in April revealed that wine producers in the UK will plant a record 1m vines over the next 12 months, allowing growers to produce 2 million more bottles of wine a year in the south of a country not historically known for its viticulture . Taittinger acquired the Kent farmland, in the heart of the so-called Garden of England, in the autumn of 2015. The vineyard is a joint venture between Taittinger, which has a 55% share, its UK agency and importer Hatch Mansfield, and an army of optimistic and deep-pocketed friends and investors. The project is expected to be a multimillion pound investment over the next 10 years. Taittinger non-vintage champagne. Photograph: Brendan Smialowski/Getty Images Taittinger considered sites in Sussex and Hampshire but chose the Kent location because it met its stringent benchmarks <20> that the land is no more than 100 metres above sea level, south facing, on chalk and in a sheltered position. The land was bought from the Gaskain family, who are long-established Kent fruit farmers <20> and investors in the venture <20> who will continue to grow apples, pears and plums alongside the fledgling vines. <20>We were very impressed by the quality of English sparkling wine already produced here,<2C> said Pierre-Emmanuel Taittinger, the champagne house<73>s president, who helped plant the vines at a ceremony last week. <20>We believe the combination of chalk soils, climate and topography of our site in Kent are ideal for producing quality sparkling wine. We are aiming to create a wine with a taste that is something truly exceptional. These attributes are perfect for grape growing, and are very similar to the terroir in Champagne. For us it was a natural step.<2E> In colour-coded tubs <20> determining the grape variety <20> were bundles of spindly, red-wax-topped roots that had crossed the Channel for planting. The first 20 hectares (50 acres) of chardonnay, pinot noir and pinot meunier grapes <20> the three classic champagne varieties <20> were planted this week, with plans to plant nearly 40 hectares over the next two to three years. After some ceremonial planting by hand, the thousands of remaining vines were put into the soil by a German-made GPS planting machine. <20>Ultimately we will be aiming to produce 300,000 bottles per year of premium English sparkling wine,<2C> said Patrick McGrath, managing director of Hatch Mansfield. <20>But this will not be for six years or more as the vines will take time to reach the stage where they are producing the quantity of quality fruit required. It will be a gradual process.<2E> The partnership is in line with Taittinger<65>s joint venture in California<69>s Napa Valley called Domaine Carneros. The project will be managed by Ta
'1c3029b1a1327dfd2f0ba8e66929300a1c2e4fb7'|'India''s Bharti Infratel Q4 profit falls 17 pct, misses estimates'|'May 8 Indian telecom tower company Bharti Infratel Ltd posted a 17 percent drop in its fourth-quarter consolidated net profit, missing analysts'' estimate, hurt by higher expenses.Consolidated net profit came in at 5.97 billion rupees ($92.83 million) in the quarter ended March 31, compared with 7.18 billion rupees a year earlier, the company said in a statement on Monday. ( bit.ly/2qhoevm )Analysts on average had expected a consolidated net profit of 6.99 billion rupees, according to Thomson Reuters data.Consolidated expenses rose about 8.5 percent to 11.33 billion rupees. ($1 = 64.3100 Indian rupees) (Reporting by Samantha Kareen Nair; Editing by Subhranshu Sahu)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/bharti-infratel-results-idINL4N1IA4I3'|'2017-05-08T10:52:00.000+03:00'
'd1f319f0b291d8fdc12b2a2a99f1eb5f6f74603f'|'Israeli chipmaker TowerJazz Q1 profit beats estimates'|'TEL AVIV May 8 Israeli chipmaker TowerJazz reported quarterly net profit that beat estimates and forecast record revenue in the second quarter, boosted by robust demand from high margin businesses such as image sensors.TowerJazz said on Monday it earned 45 cents per diluted share in the first quarter, down from 69 cents a share a year earlier, when the company reported a $41 million gain from the acquisition of a plant in Texas. Excluding one-time items, EPS rose to 49 cents from 31 cents.Revenue grew 19 percent to $330 million.The company was forecast to earn 43 cents a share ex-items on revenue of $330 million, according to Thomson Reuters I/B/E/S.It projects second-quarter revenue of $345 million, plus or minus 4 percent, for a 13 percent annual gain. (Reporting by Tova Cohen; Editing by Steven Scheer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/towerjazz-results-idINL8N1IA1BQ'|'2017-05-08T08:21:00.000+03:00'
'8da310ff718932d877edbf3b7c6b9341b040d782'|'Shareholder advisors challenge SAP board in row over pay'|'Sat May 6, 2017 - 2:22pm BST Shareholder advisors challenge SAP board in row over pay SAP logo at SAP headquarters in Walldorf, Germany, January 24, 2017. REUTERS/Ralph Orlowski FRANKFURT Leading shareholder advisors have called on SAP ( SAPG.DE ) investors to oppose the supervisory board of Europe''s largest technology company in a dispute over management pay. Institutional Shareholder Services (ISS) took issue with the supervisory board''s unwillingness to acknowledge any need to improve its remuneration system despite shareholder dissent. The move comes ahead of SAP''s annual meeting on Wednesday and follows successes that ISS has had recently in lobbying against excessive management pay. Last month, shareholders rejected German reinsurance group Munich Re''s ( MUVGn.DE ) pay policy, and energy group BP ( BP.L ) cut its CEO''s 2016 pay package by 40 percent after a shareholder revolt. ISS said in a note to SAP shareholders that a vote against signing off the actions of the supervisory board was "warranted due to the clear lack of oversight and good governance exercised". The payout to Bill McDermott, SAP''s American CEO - 15.6 million euros ($17 million) for 2016 - ranks at the top end of German corporate pay, but does not stand out alongside SAP''s main U.S. competitors. With the help of stock options, McDermott''s maximum annual pay could, however, reach a maximum of 41 million euros. Maximum executive pay levels were inappropriately high, said Hans-Christoph Hirt, head of investor and governance advisor Hermes EOS. "We will vote against the approval of the supervisory board because we have significant concerns about the remuneration system and these have been ignored by the supervisory board," he told German weekly Der Spiegel. Votes to ratify the decisions by company bosses are customary in Germany and are an opportunity for shareholders to express confidence in their leadership. But such votes do not free individuals from liability for their actions. Many investment funds from the United States and Britain follow the recommendation of advisory firms such as Hermes and ISS at shareholder meetings. SAP, the most highly valued stock on the German blue-chip index DAX, said in a statement on Saturday that its executive pay was geared to the company''s size, its financial situation and rivals. "SAP''s remuneration system is in accord with that of DAX companies and international competitors," the company said, adding it would address shareholder criticism on pay at the annual meeting on Wednesday.. ($1 = 0.9096 euros) (Reporting by Arno Schuetze; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-sap-shareholders-idUKKBN1820FA'|'2017-05-06T21:21:00.000+03:00'
'315189ed3ff7868289459ca3b7f6696c5aab2631'|'Athletics-Kipchoge on pace for sub-two hour marathon'|'MONZA, Italy May 6 Kenyan Eliud Kipchoge was on pace to run the first marathon in under two hours on Saturday, part of an unofficial effort at a Formula 1 track in Italy sponsored by sportswear group Nike to break through one of the greatest barriers in sport.The 32-year-old Olympic champion broke away from the only other competitors, Eritrean Zersenay Tadese and Ethiopian Lelisa Desisa, near the halfway mark and was running at pace that would see him finish a few seconds inside two hours.He was running behind an arrow-head of six pacemakers, to reduce drag, and a pace car beaming a green line on the surface of the Monza track behind it to show the speed needed to break the barrier.The world record is 2 hours 2 minutes and 57 seconds, set by Kenyan Dennis Kimetto in Berlin in 2014, and it will stand no matter the time Kipchoge achieves on Saturday, largely because of the pace-setting arrangement. (Reporting by Mark Bendeich, editing by Nick Mulvenney)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/athletics-marathon-breaking2-halfway-idUSL4N1I803N'|'2017-05-06T13:08:00.000+03:00'
'532bceb153fefc14d32dc486ba3c7947b1428b50'|'UPDATE 1-Stricken Alitalia debts totalled $3.3 bln at end of February'|'(Adds context)MILAN May 6 Loss-making airline Alitalia, which asked to be put under special administration on Tuesday, had debts of around 3 billion euros ($3.3 billion) as of the end of February, Italy''s government said on Saturday.In a document marking the opening of the special administration process and the appointment of three commissioners to run the airline, the government said Alitalia had current liabilities of around 2.3 billion euros and assets worth 921 million.Alitalia, 49 percent owned by Abu Dhabi''s Etihad Airways, has filed to be put under special administration for the second time in less than a decade after workers rejected its latest rescue plan.Rome has ruled out renationalising Alitalia, an airline that was once a symbol of Italy''s post-war economic boom but is now struggling to compete at home against low-cost carriers and high speed trains, and has not invested sufficiently in the higher-margin long-haul routes to get back to profit.The airline''s balance sheet will be scrutinised by the three commissioners who have been given six months to assess whether it can be restructured, either as a standalone company or through a partial or total sale, or else liquidated.One of them, Luigi Gubitosi, has already said that the airline''s costs - especially for leasing, fuel and maintenance - were above market rates and will have to be slashed to make Alitalia attractive for any potential buyers.The Italian government has thrown the airline a short-term lifeline with a bridge loan of 600 million euros to see it through the process.Sources have said the airline is losing at least a million euros a day and risked running out of cash by the middle of this month without the handout.Rival airlines including Lufthansa and Norwegian Air have shown little interest in buying Alitalia and creditors have refused to lend more money, putting more pressure on the government to find a way to save the flag carrier.Qatar Airways has been cited by local media as one of the few rivals potentially having any interest in buying Alitalia, but the Gulf carrier declined to comment on the speculation.No potential buyer will be willing to take on Alitalia''s debts, and may only be interested in a scaled-down version of the airline, which now employs 12,500 staff, or only some individual assets, analysts have said. ($1 = 0.9096 euros) (Reporting by Agnieszka Flak and Alberto Sisto; editing by Alexander Smith/Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/alitalia-debts-idINL8N1I80D6'|'2017-05-06T13:07:00.000+03:00'
'987f0f9badbfa8c9f13f4030c54997be9a3fd8d8'|'UPDATE 1-WHO to help bring cheap biosimilar cancer drugs to poor'|'Company News - Thu May 4, 2017 - 4:53am EDT UPDATE 1-WHO to help bring cheap biosimilar cancer drugs to poor (Adds further detail on WHO programme, quote from WHO official) LONDON May 4 The World Health Organization (WHO) is to launch a pilot project this year to assess cheap copies of expensive biotech cancer drugs in a bid to make such medicines more widely available in poorer countries. The U.N. agency said on Thursday it would invite drugmakers in September to submit applications for prequalification of so-called biosimilar versions of two such drugs on its essential medicines list, Roche''s Rituxan and Herceptin. WHO also plans to explore options for prequalifying biosimilar insulin. The move is a boost for biosimilars which are expected to account for a growing proportion of treatments, particularly for cancer, as patents on the original branded products expire. The WHO plays a critical role in monitoring drug quality in poorer countries through its prequalification programme, which ensures that treatments supplied by U.N. agencies such as UNICEF are of acceptable quality. The programme is also used by many governments to guide the bulk purchase of medicines. "Innovator biotherapeutic products are often too expensive for many countries, so biosimilars are a good opportunity to expand access and support countries to regulate and use these medicines," said WHO Assistant Director General Marie-Paule Kieny. Roche''s Rituxan, known generically as rituximab, is used principally to treat blood cancers, while Herceptin, or trastuzumab, is a treatment for breast cancer. The complex nature of biological medicines, which are made inside living cells, means copies can never be exactly the same as the original. But a growing number of such drugs have been approved as similar enough to do the job in several markets. (Reporting by Ben Hirschler; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/health-cancer-who-idUSL8N1I62LP'|'2017-05-04T16:53:00.000+03:00'
'05e2a71df8942c3a6551e60bbea8ff383e8f89e9'|'Regeneron shares poised for rebound - Barron''s'|'May 7 Shares of Regeneron Pharmaceuticals Inc , which tumbled 32 percent in 2016, are poised for a rebound, the financial newspaper Barron''s said.A better-than-expected launch of Regeneron''s skin treatment Dupixent caused shares to soar last week, the paper reported in its May 8 edition. If Dupixent usage grows faster than expected, it could take pressure off Regeneron''s other drugs, including eye drug Eylea, Barron''s said.Regeneron said that 900 prescriptions had been written for Dupixent and that the number of doctors prescribing the drug had jumped by nearly 50 percent. (Reporting by Olivia Oran; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/regeneron-pharms-barrons-idINL1N1I90C3'|'2017-05-07T15:01:00.000+03:00'
'31c221bbd6da8784eb2186907fe80b4cdd9163e7'|'Gold up, but holds near six-week low on Fed rate hike worries'|'By Pratima Desai - LONDON LONDON Gold prices tumbled to six-week lows on Thursday, pressured by a stronger dollar on expectations of further U.S. interest rate rises this year and receding political uncertainty in Europe.Spot gold was down 1 percent at $1,225.56 an ounce by 1352 GMT after touching $1,225.20, its lowest since March 17. U.S. gold futures slid 1.8 percent to $1,226.00.Traders said the sell-off accelerated after New York opened.The dollar strengthened after the U.S. Federal Reserve played down any threats to this year''s planned rate rises, supporting forecasts of another move in June. [FRX/]A rising U.S. currency makes dollar-denominated commodities more expensive for holders of other currencies, potentially subduing demand for gold.Expectations that centrist Emmanuel Macron would win the French presidential election on Sunday were reinforced after a TV debate with the far-right''s Marine Le Pen."Since the first round (April 23) of the French election we have seen gold come under pressure," said ING commodities strategist Warren Patterson.Investors breathed a sigh of relief after Macron won the first round of the election on April 23, seeing his victory as the best of all possible outcomes.Gold fell 1.5 percent on Wednesday for its worst single-day drop since Nov. 23, breaching both its 50-day and 200-day moving averages. The next support comes in around $1,221, the 100-day moving average."In the very near term we continue to expect that gold will trade moderately lower -- our three-month target is $1,200/oz, as a number of bearish catalysts have yet to fully play out," Goldman Sachs analysts said in a note.Goldman said near-term downside risks for gold included more U.S. rate rises than the market is expecting and the Fed starting to shrink its balance sheet on the back of possible U.S. tax cuts and solid U.S. and global economic growth.Higher U.S. interest rates are a negative for gold, which earns nothing and costs money to insure and store.The focus is now shifting to Friday''s U.S. non-farm payrolls report for April, which could reinforce perceptions of higher U.S. interest rates in June.Silver lost 1.2 percent to $16.20, having hit a four-month low of $16.17. It has fallen more than 10 percent since reaching a five-month high of $18.65 in mid-April.Platinum gained 0.4 percent to $895.4, after touching $889.10, its lowest since December.Palladium dipped by 1.3 percent to $789.20. It touched $831.50 on Wednesday, its highest since March 2015, on expectations of robust demand from carmakers.(Additional reporting By Nallur Sethuraman in Bengaluru; Editing by Edmund Blair and Dale Hudson)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/global-precious-idINKBN18009I'|'2017-05-04T01:43:00.000+03:00'
'a609e0b84807ea9f7026707d186bf2e0117fdf60'|'Occidental reports bigger quarterly profit on oil price rise'|'Commodities - Thu May 4, 2017 - 1:13pm EDT Occidental profit beats; shares fall on weak output forecast The North Dakota regional headquarters of oil producer Occidental Petroleum Corp is seen in Dickinson, North Dakota in this October 14, 2015 photo. REUTERS/Ernest Scheyder Occidental Petroleum Corp''s quarterly profit beat estimates on Thursday but the company''s shares fell to a near eight-year low as the oil and gas producer forecast lower-than-expected production for the current quarter. Chesapeake Energy Corp''s shares also fell, after the company posted a bigger-than-expected decline in production, even as it spent more than analysts estimated. The fall in the companies'' shares came amid a selloff in the broader industry, triggered by a more than 4 percent fall in global oil prices. Occidental expects full-year capital spending to be toward the high end of $3 billion-$3.6 billion it had forecast earlier in the year, Christopher Stavros, the company''s chief financial officer, said on a post-earning call. Stavros cited a ramp up in activity in Texas'' Permian Basin - the focus of Occidental''s oil and gas operations. The company plans to deploy 11-13 rigs in the prolific shale field this year. The company, which recently sold natural gas assets in South Texas to fund Permian drilling, hinted at disposing some non-core acreage in the Permian basin. "The tail of our portfolio includes Permian Resources acreage that is not strategic to us, but synergistic and valuable to others," Occidental''s Chief Executive Vicki Hollub said on the call. "This will be done as needed and opportunistically." The South Texas sale led to a reduction in Occidental''s 2017 production target. The company now expects to produce 595,000-615,000 barrels of oil equivalent per day (boe/d) this year, lower than a prior estimate of 625,000-645,000 boe/d. Occidental forecast current quarter output of 580,000<30>595,000 boe/d. But the midpoint of that estimate fell short of the 633,000 boe/d analysts were expecting. The company''s worldwide production declined 11 percent to 584,000 boe/d on average in the first quarter. But higher oil prices during the quarter helped make up for the fall. The Houston, Texas-based company said it realized $49.04 per barrel of oil in the quarter, up from $29.42, a year earlier. Occidental''s profit rose 50 percent to $117 million, or 15 cents per share, in the latest quarter. Excluding an asset impairment charge, Occidental''s profit was 16 cents per share, according to Thomson Reuters I/B/E/S, higher than the analysts'' average estimate of 7 cents. The company shares fell as much as 3.8 percent to $57.91 on the New York Stock Exchange. (Reporting by Swetha Gopinath in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-occidental-results-idUSKBN1801BZ'|'2017-05-04T15:41:00.000+03:00'
'44b26db1dfb6ca7878feb3d0ac01483c3a91915a'|'CANADA STOCKS-TSX falls nearly 1 pct, weighed by drop in resource stocks'|'Market News - Thu May 4, 2017 - 5:24pm EDT CANADA STOCKS-TSX falls nearly 1 pct, weighed by drop in resource stocks (Adds portfolio manager comment, updates prices to close) * TSX ends down 146.44 points, or 0.94 percent, at 15,396.70. * Seven of the TSX''s 10 main groups fall * Energy stocks down 3 pct, materials stocks off 2.3 pct By Alastair Sharp TORONTO, May 4 Canada''s main stock index fell almost 1 percent on Thursday as the country''s heavyweight energy and mining sectors lost ground amid a drop in commodity prices and as investors digested a string of corporate earnings. Oil prices dove 5 percent to their lowest level since a November OPEC deal, on signs the group and other major producing countries will not take more drastic steps to reduce the world''s persistent glut of crude. Canada''s energy group, which accounts for more than a fifth of the index''s weight, retreated 3 percent. Colum McKinley, portfolio manager at CIBC Asset Management, said that with Canadian energy stocks already battered he would use days like today "as an opportunity to add to existing positions" in the likes of Canadian Natural Resources, Suncor Energy Inc and pipeline stocks Enbridge Inc and TransCanada Corp. Canadian Natural, the country''s largest independent petroleum producer, fell 4.2 percent to C$41.43 after reporting a first-quarter profit, compared with a loss a year earlier. TransCanada Corp fell 2.1 percent to C$62.65 after saying it would sell stakes in two pipelines, which McKinley said "provides investors with a better line of sight on how to think about the value of the company." The Toronto Stock Exchange''s S&P/TSX composite index ended down 146.44 points, or 0.94 percent, at 15,396.70. Seven of its 10 main groups fell, with the materials sector, another major weight which includes precious and base metals miners and fertilizer companies, losing 1.9 percent. Gold hit a six-week low and copper a five-month low a day after its biggest one-day drop in 20 months. Teck Resources Ltd lost 6.3 percent to C$24.95 after Deutsche Bank lowered its price target in the stock, while Hudbay Minerals fell 5.4 percent to C$7.41 after reporting an unexpected quarterly loss. The financials group slipped 0.4 percent, with Canadian Imperial Bank of Commerce down 1.6 percent to C$107.37 after raising its offer for PrivateBancorp. Manulife Financial Corp rose 1.3 percent to C$24.44 after the life insurer beat earnings expectations with strong sales in Asia. Home Capital Group Inc fell 12.1 percent to C$6.01 as a regulatory hearing to investigate claims the mortgage lender and three of its long-time executives had misled investors was adjourned until next month. Empire Company Ltd, parent of Sobeys grocery chain, gained 4.2 percent to C$21.29 after announcing a restructuring plan it says would deliver C$500 million of savings a year by 2020. (Reporting by Alastair Sharp; Editing by Bernadette Baum and Sandra Maler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1I627B'|'2017-05-05T05:24:00.000+03:00'
'8866534378054b1df077874e69af73da51eff980'|'U.S. sale of missiles to Saudi Arabia advancing -foreign minister'|'WASHINGTON Saudi Arabia''s foreign minister said on Thursday that an upcoming visit to the kingdom by U.S. President Donald Trump would enhance cooperation between the United States and Muslim countries in the fight against extremism.Speaking to reporters after the Trump administration said the president would visit Riyadh as well as Israel later this month, Adel al-Jubeir said Trump had a high probability of succeeding in his efforts to secure a peace deal with Israelis and Palestinians because of his "fresh" approach.Saudi Arabia, the birthplace of Islam, will be Trump''s initial stop on his first international trip as president. The move signifies the new administration''s intent to reinforce a relationship with a top ally in the Middle East, where the United States is leading a coalition against Islamic State and seeking to counter Iranian influence. Saudi Arabia is part of that coalition.Describing the visit as historic, Jubeir said Trump''s visit to Saudi Arabia would include a bilateral summit, a meeting with Arab Gulf leaders and another with leaders of Arab and Muslim countries."It<49>s a clear and powerful message that the U.S. harbors no ill will<6C> toward the Arab and Muslim world, he said. "It also lays to rest the notion that America is anti-Muslim. ... It''s a very clear message to the world that the U.S. and the Arab Muslim countries can form a partnership."The Republican president has been criticized for immigration policies that have been characterized as anti-Muslim."It will lead to, we believe, enhanced cooperation between the U.S. and Arab and Islamic countries in combating terrorism and extremism, and it will change the conversation with regards to America''s relationship with the Arab and Islamic world," Jubeir said.Riyadh and Washington had a testier relationship under former Democratic President Barack Obama''s administration, which Saudi Arabia felt placed less importance on the Saudi-U.S. relationship than on securing a nuclear deal with Iran.Jubeir also said the Trump administration had taken steps to advance the sale of precision-guided munitions, which had been suspended by the previous U.S. administration over concerns about civilian casualties in the conflict in Yemen. "The administration has released them and they''re in the process now of working on the notification to the U.S. Congress," Jubeir said. The sale is expected to include more than $1 billion worth of the munitions made by Raytheon Co, people familiar with the talks have said, including armor-piercing Penetrator warheads and Paveway laser-guided bombs.A U.S. administration official said the proposed sale was "undergoing interagency review."And while we hope to move forward in the near future, it has not, as yet, moved forward toward a congressional notification."Another Trump administration official said the administration had not signed off on the proposed sale.The Saudi-led coalition was formed in 2015 to fight the Houthis and troops loyal to former Yemeni President Ali Abdullah Saleh who have fired missiles into neighboring Saudi Arabia."The Trump administration, as you heard from (Secretary of Defense Jim) Mattis, wants to be supportive of the coalition in Yemen because they understand that this is a ... conflict that involves Iran.""FRESH APPROACH"Trump has also vowed to do "whatever is necessary" to broker peace between Israel and the Palestinians, a feat successive U.S. presidents have failed to achieve.Jubeir said traditional diplomacy had failed in brokering peace and that therefore a "fresh approach" by Trump, who had never held public office before becoming president, could have a high chance of succeeding.Trump has faced deep skepticism at home and abroad over the chances for him to make any quick breakthrough, not least because his administration has yet to articulate a cohesive strategy for restarting the moribund peace process."I believe that, given his creative thinking and given his unconventional approa
'4f728880b85f8d3eb03274bd9f1656b803a1ed52'|'Mitie to writedown up to 50 million pounds after account review'|' 04am BST UK''s Mitie announces writedown, but steady revenues lift shares Britain''s services firm Mitie ( MTO.L ) announced on Wednesday a new writedown costing as much as 50 million pounds and said it might restate accounts to March 2016, but its shares climbed more than 7 percent as it reported steady revenues. The provider of pest control, property cleaning, security and ancillary healthcare undertook a review of its accounts after issuing three profit warnings in a year, blaming uncertainty surrounding Brexit and rising costs. The company, which previously announced a 14 million pound one-off charge, said it would write down an additional 40 million to 50 million pounds as its auditor had found the way it booked work-in-progress on long-term contracts and costs relating to contracts was less conservative than rivals. It said only 6 million pounds of the writedown would be cash outflows in the year to March 2018. The rest would be asset writedowns that would not hit future profitability. "Whilst clearly Mitie was in a mess, the key ... is that trading is in line ... and the balance sheet review has been completed without any significant negative cashflow or ongoing impacts," RBC analyst Andrew Brooke wrote in a note. Mitie said revenue for the year to March 2017 was flat compared to year ago and that trading performance was largely in line with previous expectations. Mitie has fared worse than rivals as its margins on long-running contracts have been squeezed by higher labour costs. Its greater exposure to catering and other discretionary budget services also left it vulnerable to cutbacks by clients. Mitie''s shares, which have lost 22 percent over the past year, were up 7.8 percent to 228 pence at 0914 GMT, making it the top FTSE midcap gainer .FTMC . The stock was trading at 269 pence before its first profit warning in September 2016. CEO Phil Bentley, who overhauled the management since starting in December, said Mitie had set clear "measurements" for costs and people, and the underlying business would not be undermined by the accounting adjustments. "We have appointed a new executive leadership team - with a new way of working and we are confident the business will generate significant shareholder returns over the forthcoming years," he said. Canaccord Genuity said Mitie''s management had been quick to address balance sheet concerns hanging over the company. Mitie said it was starting talks with lenders to change its banking arrangement and would hold an investor meeting on June 12 to seek investor approval to raise its borrowing limits to 1.5 billion pounds. The firm had been due to issue its full-year results in May, but said on Wednesday it would delay results till June. (Reporting by Esha Vaish in Bengaluru; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mitie-group-accounts-idUKKBN17Z0GG'|'2017-05-03T14:50:00.000+03:00'
'9a01b95abe74cc87b57bd463c5c9543dbc5c6e30'|'UPDATE 1-Brazil''s Cielo beats estimates despite revenue decline'|'(Adds details, background throughout)By Guillermo Parra-Bernal and Alberto Alerigi JrSAO PAULO May 2 Cielo SA beat first-quarter profit estimates on Tuesday as rising financial gains helped offset declining revenue and income from receivable prepayments at Brazil''s biggest payment solutions firm.Net income at Barueri, Brazil-based Cielo totaled 1.045 billion reais ($332 million) last quarter, down 1.7 percent from the fourth quarter. The result slightly beat an average consensus profit estimate of 1.039 billion reais compiled by Thomson Reuters.Lower equipment rental fees and falling proceeds from the capturing and settlement of financial transactions drove revenue down for the first time in three years, Cielo said in a statement. Income from receivable prepayments felt the pinch of the central bank''s drive to slash borrowing costs in Latin America''s largest economy.Revenue from financial investments climbed 34 percent in the quarter, helping bolster profit.Still, net revenue tumbled 10.2 percent to 2.801 billion reais from the prior quarter, the steepest quarterly drop since at least 2009. The cost of rendered services plus operational expenses slumped a combined 12.4 percent in the same period.Prepayment of receivables, through which Cielo helps retailers settle their commercial bills more rapidly, slipped for a third straight quarter to 648.6 million reais - the lowest since the third quarter of 2015.Management will discuss results on a conference call with investors early on Wednesday.Earnings before interest, tax, depreciation and amortization, a gauge of operational profit known as EBITDA, fell 5.3 percent to 1.322 billion reais, well below the consensus estimate of 1.727 billion reais.At the same time, Cielo''s local processing unit posted 3.7 percent growth in financial transaction volume last quarter, slightly below a target of 4 percent to 6 percent. Costs and expenses shrank more than expected in the first quarter, while capital spending on new processing equipment equaled one-eighth of the 400 million reais budgeted for this year.Chief Executive Eduardo Campozana Gouveia has focused on strict expense controls to stem the impact of aggressive competition and changes to Brazil''s payment industry rules.($1 = 3.1505 reais) (Reporting by Guillermo Parra-Bernal; Editing by Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cielo-results-idUSL1N1I425I'|'2017-05-03T07:21:00.000+03:00'
'9653a3980764f8f9d8cbc72b38c8a932a9faf44a'|'China will step up checks on trade, investment in 2017'|'BEIJING China will step up its crackdown on illegal foreign exchange deals this year as authorities boost authenticity and compliance checks on trade and investment, its forex regulator said on Wednesday.Beijing has announced a series of measures since November to tighten capital outflow curbs, including closer scrutiny of outbound investments and individual foreign exchange purchases, to support the yuan and preserve its foreign exchange reserves.The State Administration of Foreign Exchange (SAFE) said in its annual report that it will "strengthen authenticity and compliance checks on trade and investment, intensify checks and punishment of illegal foreign exchange activities".Authorities will also improve macro-prudential management on cross-border flows to ward off potential risks and "optimize" diversification of foreign exchange reserves to serve China''s strategic goals, SAFE said.China was likely to maintain a current account surplus and a deficit in capital and financial accounts in 2017, and cross-border capital flows would become more balanced, it said."On the one hand, the international environment is unstable, there are many uncertain factors that could cause market sentiment changes and cause fluctuations in China''s cross-border capital flows," the regulator said."On the other hand, some factors are conducive to balanced cross-border capital outflows and inflows," it said, pointing to favourable factors including China''s economic stabilisation and government policies to boost foreign investment inflows.Moves to control capital outflows and concerns over a potential further depreciation of the yuan were likely to impede the internationalisation of the yuan, Fitch credit rating agency said.China''s overseas investment yields would likely increase this year, SAFE said.From 2005 to 2016, China''s foreign financial assets had an average annual investment return of 3.3 percent, lower than average annual rate of return of 6.4 percent enjoyed by foreign investment in China, it added.The current account surplus, which was equivalent to 1.8 percent of gross domestic product (GDP) in 2016, was likely to be kept within a "reasonable range" this year, the SAFE said. The ratio was down from as high as 10 percent in 2007.China would also push forward with its market-based yuan exchange rate reform and increase the yuan''s flexibility in 2017, the regulator said.The yuan has stabilised this year, due to curbs on capital outflows and a reversal of the dollar rally, following a fall of 6.5 percent in 2016. Still, it is widely expected to weaken further versus the dollar this year.(Reporting by Beijing Monitoring Desk and Kevin Yao; Editing by Jacqueline Wong and Nick Macfie)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-forex-idINKBN17Z113'|'2017-05-03T18:40:00.000+03:00'
'90e1c28fdae823fbcd01af916e20886ab2ae7ef1'|'Moment of truth for the euro as France votes'|'Central Banks - Fri May 5, 2017 - 8:37pm BST Moment of truth for the euro as France votes Detail of a European map, including Great Britain, is seen on the face of a Euro coin in London, Britain, January 31, 2016. REUTERS/Toby Melville By Jonathan Cable - LONDON LONDON The fate of the European Union and the euro could hang on the outcome of Sunday''s French presidential election. The expected victory of centrist, pro-EU candidate Emmanuel Macron would be taken by markets as a sign that political risk in Europe is receding; a surprise win for far-right candidate Marine Le Pen would raise the risk that the euro zone''s number two economy could abandon the single currency and even leave the EU. Surveys on Friday showed Macron ahead by 62 percent to 38, but investors are wary of opinion polls after recent political shocks such as Donald Trump''s election to the White House and Britain''s decision last year to leave the EU. Le Pen has lately played down her plans to quit the EU and the euro, saying this may not be her top priority. But if she wins, the euro will fall around 5 percent in the immediate aftermath, a Reuters poll found this week. [EUR/POLL] No major survey sees her becoming president, but a victory would increase volatility in financial markets, particularly in European equities, bonds, and currencies. A vote for Macron would retain the status quo. "We expect Macron to win the second round of the French presidential election on Sunday. This outcome should usher in a period of subsiding political risk in the euro zone," said Valentin Marinov at Credit Agricole. Economic growth in the bloc will be steady but modest over the coming year, but that will depend partly on Macron getting the keys to the Elysee Palace, a Reuters poll of economists showed last month. [ECILT/EU] There is no major data due from the currency bloc in the coming week to shed light on how the economy has fared at the start of the second quarter, but numbers on Friday will show how industry rounded out the first quarter. Purchasing manager surveys earlier this week showed euro zone businesses raced into the second quarter, increasing activity at the fastest rate in six years in April, suggesting the bloc''s economic recovery is broad-based and sustainable. [EUR/PMIS] STEADY AS SHE GOES Across the Channel in Britain, whose economy has performed surprisingly well since the Brexit vote, the Bank of England meets to decide monetary policy but no surprises are expected. None of 62 economists polled by Reuters expects the bank rate to be adjusted from its record low of 0.25 percent on Thursday. A recent Reuters survey found there would be no change until 2019 at least as the central bank waits to see how EU divorce negotiations pan out. [ECILT/GB] Fractious talks are the biggest risk to the British economy while a smooth running of negotiations would be the most beneficial factor for growth, polls have shown. Having called a snap election for June 8, Prime Minister Theresa May''s Conservative Party has a runaway lead over the opposition so will likely decide Britain''s stance in the talks. If opinion polls are right, May will win a strong new mandate endorsing her vision for Brexit, which sees the country leaving the EU''s single market - a potential negative for growth - in order to win more freedom to set its own laws, control immigration and seek its own trade deals. "Politics is also likely to be a major focus with less than five weeks until the UK''s General Election on 8 June. One potential date to look out for is Monday, where there are tentative reports that the Conservative Party will release its manifesto," noted Investec economists. Adding to the central bank''s deliberations, inflation is above its 2 percent target and will outpace wage growth this year, hitting the shoppers who have been shoring up the economy. The Bank will also publish its Quarterly Inflation Report, while sector detail in the form of industrial production and construction output 
'f70f62742519940896d651bf41fc0db64053b99e'|'U.S. employment growth seen rebounding, wages increasing'|'Fri May 5, 2017 - 2:05pm BST U.S. job growth rebounds sharply, unemployment rate hits 4.4 percent A job seeker fills out an application at the King Soopers grocery store table at a job fair at the Denver Workforce Center in Denver, Colorado, U.S. February 15, 2017. REUTERS/Rick Wilking By Lucia Mutikani - WASHINGTON WASHINGTON U.S. job growth rebounded sharply in April and the unemployment rate dropped to a near 10-year low of 4.4 percent, signs of a tightening labor market that could seal the case for an interest rate increase next month despite moderate wage growth. Nonfarm payrolls jumped by 211,000 jobs last month, the Labor Department said on Friday, well above the monthly average of 185,000 for this year and a jump from the gain of 79,000 in March. Job gains were driven by a surge in hiring in the leisure and hospitality sector as well as business and professional services. The drop of one-tenth of a percentage point in the unemployment rate took it to its lowest level since May 2007. The decline reflected both an increase in hiring and people leaving the labor force. The labor force participation rate, or the share of working-age Americans who are employed or at least looking for a job, fell to 62.9 percent from an 11-month high of 63 percent. The rebound in hiring supports the Federal Reserve''s contention that the pedestrian 0.7 percent annualized economic growth pace in the first quarter was likely "transitory," and its optimism that economic activity would expand at a "moderate" pace. The Fed on Wednesday kept its benchmark overnight interest rate unchanged and said it expected labor market conditions would "strengthen somewhat further." The U.S. central bank raised its overnight interest rate by a quarter of a percentage point in March and has forecast two more increases this year. Average hourly earnings rose seven cents, or 0.3 percent, last month, partly because of a calendar quirk. While that lowered the year-on-year increase to 2.5 percent, the lowest since August 2016, there are signs that wage growth is accelerating as labor market slack diminishes. A government report last week showed private sector wages recorded their biggest gain in 10 years in the first quarter. NEAR FULL EMPLOYMENT The economy needs to create 75,000 to 100,000 jobs per month to keep up with growth in the working-age population. Job growth averaged 178,000 per month in the first quarter. With the labor market expected to hit a level consistent with full employment this year, payroll gains could slow amid growing anecdotal evidence that firms are struggling to find qualified workers. Construction payrolls rose 5,000 last month and manufacturing employment advanced by 6,000 jobs. Leisure and hospitality payrolls jumped by 55,000 in April. Professional and business services payrolls rose by 39,000. Retail payrolls gained 6,300 after two straight months of declines. Retailers including J.C. Penney Co Inc ( JCP.N ), Macy''s Inc ( M.N ) and Abercrombie & Fitch ( ANF.N ) have announced thousands of layoffs as they shift toward online sales and scale back on brick-and-mortar operations. Government payrolls jumped 17,000 last month. Other labor market measures also showed strength last month. A broad measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they cannot find full-time employment, dropped to 8.6 percent from 8.9 percent in March. The employment-to-population ratio rose one-tenth of percentage point to a fresh eight-year high of 60.2 percent. (Corrects first paragraph to show unemployment rate near 10-year low, not 17-year low.) (Reporting by Lucia Mutikani; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-economy-idUKKBN1810BZ'|'2017-05-05T13:05:00.000+03:00'
'561585a52852e527c8f80b5418b907eb8f197734'|'China finmin skips summit with Japan, Korea to attend emergency meeting'|'By Leika Kihara and Stanley White - YOKOHAMA, Japan YOKOHAMA, Japan Chinese Finance Minister Xiao Jie skipped a trilateral conference with his Japanese and South Korean counterparts on Friday to attend an emergency domestic meeting, a senior Japanese finance ministry official said.The Japanese official told reporters at a ministry press briefing that Xiao''s absence was not related to any diplomatic matters, adding that Xiao was expected to attend the Japan-China finance dialogue in Japan scheduled for Saturday. He did not elaborate on the nature of the minister''s emergency meeting.The Chinese-minister''s non-attendance came as commodity prices took a beating, and Chinese stocks fell to three-month lows as concerns about tighter financial regulations weighed on banking shares.At the trilateral meeting, the finance leaders agreed to resist all forms of protectionism, taking a stronger stand than G20 major economies against the protectionist policies advocated by U.S. President Donald Trump.The senior Japanese finance official said he did not see any diplomatic implications from Xiao''s absence, saying the minister was likely to arrive in Yokohama Friday evening."I don''t think this is rude," the official said, when asked about Xiao''s absence."I heard an emergency meeting was called and the Chinese finance minister had to attend," he said. "We can understand the situation. We don''t see any deeper diplomatic meaning to this."Xiao will join a bilateral Japan-China finance dialogue scheduled for Saturday, in which the two sides are expected to discuss their economic cooperation, Japanese Finance Minister Taro Aso said earlier on Friday.An official in the news department of China''s Ministry of Finance confirmed to Reuters that Xiao had missed the trilateral meeting, which took place on Friday morning, but that he had departed for Japan in the afternoon. The ministry official did not say why Xiao missed the meeting.Officials at South Korea''s finance ministry could not be reached for comment on Friday.RESISTING PROTECTIONISMThe trilateral meeting was held on the sidelines of the Asian Development Bank''s annual gathering in Yokohama, eastern Japan. China''s increasing presence in infrastructure finance and the threat that poses to Japan''s economic influence in the area are expected to be a topic of debate at the conference.A Japanese Ministry of Finance official said the Chinese delegation was represented by its deputy finance minister and a senior official from the Chinese central bank at the trilateral summit where finance officials from the three countries met and pledged to resist protectionism.In an attempt to reduce the region''s vulnerability to dollar swings, Japan also proposed forming $40 billion in bilateral currency swap arrangements with Southeast Asian nations that would allow it to provide yen funds in times of financial stress."We agree that trade is one of the most important engines of economic growth and development, which contribute to productivity improvements and job creations," the finance leaders and central bank governors of the three nations said in a communique issued after their meeting."We will resist all forms of protectionism," the communique said, keeping a line that was removed - under pressure from Washington - from a G20 communique in March when the group''s finance leaders met in Germany.The talks came amid escalating tensions in North Korea, which moderated some of the optimism policymakers held over Asia''s economic outlook.While the meeting''s communique said Asian economies were expected to maintain "relatively robust growth," it warned remaining downside risks meant policymakers would require all necessary tools to achieve strong growth.China has positioned itself as a supporter of free trade in the wake of Trump''s calls to put America''s interest first and pull out of multilateral trade agreements.Japan has taken a more accommodative stance toward Washington''s arg
'8e98f8c64e126178e356b3f7068e6b6c9f0b04b8'|'China hopes ADB will boost ties with ''One Belt One Road'' initiatives'|'Business News - Sat May 6, 2017 - 7:51am BST China hopes ADB will boost ties with ''One Belt One Road'' initiatives left right Chinese Finance Minister Xiao Jie attends the first business session at Asian Development Bank (ADB)''s annual meeting in Yokohama, south of Tokyo, Japan May 6, 2017. REUTERS/Issei Kato 1/3 left right A huge screen shows Chinese Finance Minister Xiao Jie as he delivers a speech during first business session at Asian Development Bank (ADB)''s annual meeting in Yokohama, south of Tokyo, Japan May 6, 2017. REUTERS/Issei Kato 2/3 left right Finance ministers and central bank governors including Chinese Finance Minister Xiao Jie attend a photo session at Asian Development Bank (ADB)''s annual meeting in Yokohama, south of Tokyo, Japan May 6, 2017. REUTERS/Issei Kato 3/3 YOKOHAMA, Japan Chinese Finance Minister Xiao Jie said on Saturday he hopes the Asian Development Bank will strengthen strategic ties with his country''s "One Belt One Road" initiative to support development in Asia. "China hopes the ADB ... strengthens the strategic ties between its programmes and the One Belt One Road initiative to maximise synergy effects and promote Asia''s further development," Xiao said at the ADB''s annual gathering in Yokohama, eastern Japan. (Reporting by Tetsushi Kajimoto; Editing by Nick Macfie) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-adb-asia-china-belt-idUKKBN18205X'|'2017-05-06T14:51:00.000+03:00'
'2080cc76ca8a9c0b4e902e5b254bb92ff0434757'|'UPDATE 1-Workers seal contract deal at Collahuasi copper mine in Chile'|'(Adds details on contract, statement by mine president, context)SANTIAGO May 5 Workers at the Collahuasi copper mine in Chile, owned by Anglo American and Glencore , have sealed a new contract with management that runs until 2020, the two parties said in a statement released on Friday.Under the terms of the agreement, workers in Collahuasi''s main 1,485-member union will receive no wage raise, but each will score a significant one-time bonus of 11 million pesos ($16,400). The workers, 70 percent of whom voted in favor of the agreement, will also be offered a three-million-peso loan at zero interest.The deal "reflects the willingness of all of us who are part of Collahuasi to reach mutually beneficial agreements, with a focus on security, productivity and sustainability," Jorge Gomez, the president of the Collahuasi mine, said in the statement.The agreement at Collahuasi, which starts when the current contract expires at the end of October and will last for three years, may help assuage fears of prolonged strikes at a number of Chile''s copper mines in the coming years.In February, workers at BHP Billiton''s Escondida copper mine in Chile, the world''s largest, walked off the job for a month and a half, putting a dent in Chile''s economy and sending global prices for the red metal soaring.Slumping copper prices have led mining companies to approach workers with offers that are seen as more austere than in years past. In 2013, Collahuasi''s workers signed a wage agreement that included a bonus and no-interest loan package of a whopping $38,000 per worker.Collahuasi produced 506,500 tonnes of copper in 2016, making it one of Chile''s largest mines in terms of output. That represented an uptick from years past, as the mine has been able to overcome several technical and labor-related issues. ($1=671.80 Chilean pesos) (Reporting by Fabian Cambero, writing by Gram Slattery; editing by Chris Reese, G Crosse)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/chile-copper-collahuasi-idUSL1N1I71TC'|'2017-05-06T05:58:00.000+03:00'
'25e851606fdf878522776050e56365026d3d6586'|'Casino and horse racing operator Centaur Gaming explores sale: sources'|'By Carl O''Donnell and Liana B. Baker Centaur Gaming LLC, a privately owned U.S. casino and horse racing company, is exploring a sale that could value it at more than $1 billion, including debt, according to people familiar with the matter.Casino operators have been consolidating in recent years, partly in response to a decline in revenue as gamblers age. Scale gives them more resources to invest in their facilities and become more appealing to a younger demographic.Indianapolis-based Centaur is working with investment bank Deutsche Bank AG ( DBKGn.DE ) on the sale process, the sources said this week, asking not to be named because the discussions are private. There is no certainty that the process will lead to a deal, the sources added.Centaur did not immediately respond to a request for comment, while Deutsche Bank declined to comment.Centaur Gaming was founded in 1993 and operates two properties in Indiana, Hoosier Park Racing & Casino and Indiana Grand Racing & Casino, which it considers "central Indiana<6E>s premier entertainment destinations."It also operates offtrack betting properties that allow gamers to bet on horse races taking place throughout the world.Centaur acquired the Indiana Grand Racing & Casino in 2013 with the help of Canadian private equity firm Clairvest Group Inc.Each of the properties includes more than 2,000 slot machines and table games, as well as dining outlets and horse racing tracks.In recent years, the U.S. gambling industry has faced a shake-up as a result of the legalization of gaming in states that used to prohibit it. States that have recently opened themselves to casinos include Maine, Ohio, Kansas and Maryland.In the last example of dealmaking in the sector, Eldorado Resorts Inc completed this week its purchase of Isle of Capri Casinos in a cash and stock deal worth around $1.7 billion.(Reporting by Carl O''Donnell in New York and Liana B. Baker in San Francisco; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-centaur-gaming-m-a-idINKBN18122L'|'2017-05-05T16:49:00.000+03:00'
'99652a0bc18b83f8089a71d7b0d0ac3b6b1a7abc'|'Cognizant profit narrowly beats estimates'|'Technology   8:47pm IST Cognizant to boost hiring in U.S. this year Workers are seen at their workstations on the floor of an outsourcing centre in Bangalore, February 29, 2012. REUTERS/Vivek Prakash/Files By Rishika Sadam Cognizant Technology Solutions Corp reported a higher-than-expected quarterly profit and said it would beef up hiring in the United States, a move that comes amid U.S. President Donald Trump''s tough stance on the H1-B visa rules. Cognizant gets more than 75 percent of its revenue from North America and relies heavily on workers on H1-B visas to provide IT services to clients. H1-B visas are non-immigrant visas that allow U.S. companies to temporarily employ foreign workers. The majority of Teaneck, New Jersey-based Cognizant''s roughly 260,000 employees are based in India. Trump has ordered a review of the U.S. visa program that brings high-skilled foreign workers into the country, potentially affecting hiring plans of technology firms and outsourcing companies. Cognizant plans to hire significantly more in the United States, expand delivery centers and reduce its dependence on H1-B visas, President Rajeev Mehta said on a call with analysts. "We applied for less than half the number of visas we saw last year and we expect to further reduce our need for these visas going forward," Mehta said. Cognizant said it hired 4,000 people in the United States last year. The company, however, down played concerns about pressure on costs and margins due to U.S. hiring. "I do not anticipate any significant increase in costs as a result of training and re-training," Chief Executive Francisco D''Souza told Reuters. "I do not see training having a substantial impact on our margins going forward." Indian IT firms have also been hit hard with Trump''s visa review. Infosys Ltd said earlier this month it plans to hire 10,000 U.S. workers in the next two years and open four technology centers in the United States. Wipro Ltd is also looking to hire more people in the United States. Both companies have reduced H1-B visa applications this year. Cognizant said it expected current-quarter revenue in the range of $3.63 billion to $3.68 billion. Analysts on average had expected revenue of $3.65 billion, according to Thomson Reuters I/B/E/S. Last year, The company cut its forecast thrice amid a tight cap on spending by its clients, especially in the financial and healthcare sectors. The company sees promising demand from the sectors in 2017, D''Souza said. Cognizant''s profit rose 26.3 percent to $557 million, while revenue rose 10.7 percent to $3.55 billion. Excluding items, the company earned 84 cents per share. Analysts'' were expecting 83 cents. Cognizant''s shares were up 2.2 percent at $62.12. (Reporting by Rishika Sadam in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/cognizant-tech-results-idINKBN181132'|'2017-05-05T18:39:00.000+03:00'
'fa9940332cfe12cc3237bae37924ed85b9829c42'|'Airbus well behind Boeing in January-April orders'|'Business News - Fri May 5, 2017 - 3:39pm EDT Airbus well behind Boeing in January-April orders The logo of Airbus Group is seen on the company''s headquarters building in Toulouse, Southwestern France, April 18, 2017. REUTERS/Regis Duvignau PARIS Airbus ( AIR.PA ) sold 25 passenger jets in April, bringing total orders for the European planemaker so far this year to 51, well behind its U.S. rival Boeing. Airbus typically makes a slow start to the year as it prefers to use the industry''s main summer air show, held in Paris in June this year, as a focal point for new business. But figures published on Friday underscore fragile demand as airlines digest record new capacity ordered in recent years, while bracing for economic weakness in key markets. Airbus said that after adjustments for cancellations and conversions between different models, net orders stood at 23 aircraft for the year so far. April''s new business included 10 of its new A350-900 aircraft, but the customer was not identified. Boeing this week posted 241 orders for the first four months, or 210 after cancellations. Orders were boosted partly by demand for military derivatives. Airbus delivered 182 aircraft between January and April. Airbus is targeting 700 deliveries for the whole year, though top executives have also issued a more optimistic forecast of 720 deliveries. Boeing is targeting 760-765 deliveries. Airbus expects deliveries once again to be weighted towards the latter half of the year as it faces problems with one brand of engine on its A320neo family, but hopes to avoid the dramatic sprint of December last year following such difficulties. Deliveries so far this year include 36 A320neo-family aircraft including the first A320neo. It is aiming to deliver about 200 of the upgraded medium-haul models this year. It delivered 17 A350 aircraft in the first four months. It delivered no A380 superjumbos in April and has handed over three of the aircraft for the year so far. (Reporting by Tim Hepher; editing by David Clarke) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-airbus-orders-idUSKBN18125J'|'2017-05-06T03:39:00.000+03:00'
'4fcca6e46c0b6d8f087ef7e24d7b31ff22807940'|'Bird strike may excuse airlines from paying for delays - EU court'|'  10:41am BST Bird strike may excuse airlines from paying for delays - EU court FILE PHOTO: A plane flies as a flock of starlings fills the dusk sky over Rome, Italy December 15, 2015. REUTERS/Tony Gentile BRUSSELS Airlines might not have to pay compensation for flight delays if an aircraft is held up as a result of a bird strike, Europe''s top court said on Thursday, calling such an event an "extraordinary circumstance". The case was brought to the European Court of Justice after a complaint by Czech passengers who argued they should have been paid compensation under EU rules when their plane was more than five hours late because of a bird strike. "A collision between an aircraft and a bird is an extraordinary circumstance within the meaning of the regulation," the court said. Under EU law passengers are entitled to compensation if their flights are delayed by three hours or more. However, the court noted that the overall delay in the Czech case was extended because the airline insisted that a second check be carried out by an inspector, calling this check unnecessary. If a delay is the sum of such an extraordinary event and another delay, such as a technical problem, it must be deducted from the total delay to assess whether compensation is due, the court added. (Reporting by Robert-Jan Bartunek; Editing by Philip Blenkinsop, Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-airlines-court-bird-idUKKBN1800ZR'|'2017-05-04T17:41:00.000+03:00'
'77d17d594ebde2ce400522ce29714ddaffa3319c'|'French Bordeaux vineyards could lose half of harvest due to frost'|'Business News - Sat May 6, 2017 - 12:44pm BST French Bordeaux vineyards could lose half of harvest due to frost left right Water covered vineyards are seen early in the morning as water is sprayed to protect them frost damage outside Chablis, France April 28, 2017. REUTERS/Christian Hartmann 1/2 left right Water-covered vineyards are seen early in the morning, as water is sprayed, to protect them frost damage outside Chablis, France. REUTERS/Christian Hartmann 2/2 BORDEAUX, France Bordeaux vineyards in southwest France could lose about half of their harvest this year after two nights of frost damaged the crop at the end of April, a wine industry official said on Saturday. Wines from the Cognac, Bergerac, and Lot-et-Garonne regions had also been affected, Bernard Farges, head of the Syndicat des vins Bordeaux et Bordeaux Sup<75>rieur, told Reuters. "For Bordeaux wines...we estimate that the impact will be a loss of about 50 percent, depend on how many buds can regrow," he said. Including lost earnings at wine industry subcontrators, the total damage is estimated at one to two billion euros ($1.1- $2.2 billion), with wine production set to fall by about 350 million bottles. Frost damage varied widely depending on the precise area, with some owners expected to lose only 15 to 30 percent of their grape harvest, but others at risk of seeing their entire production wiped out. Growers have resorted to using candles, heaters and even the down-draught from helicopters to try to save crops. France''s total wine output fell 10 percent last year due to adverse weather conditions. Champagne was the worst hit, with the harvest down more than 20 percent on the previous year due to spring frosts followed by other problems such as mildew. (Reporting by Claude Canellas; Writing by Geert De Clercq; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-wine-bordeaux-idUKKBN1820CS'|'2017-05-06T19:44:00.000+03:00'
'b8061f56170c36cffd505389aff0c183ac6ce179'|'Macron to take time reforming economy in divided France'|'Sun May 7, 2017 - 7:33pm BST Macron to take time reforming economy in divided France French presidential election candidate Emmanuel Macron (L), head of the political movement En Marche !, or Onwards ! and his wife Brigitte Trogneux hold hands after voting at a polling station during the the second round of 2017 French presidential election, in Le Touquet,... REUTERS/Philippe Wojazer By Noah Barkin and Leigh Thomas - BERLIN/PARIS BERLIN/PARIS After a decade of slow growth, rising unemployment and dwindling competitiveness, France elected a president on Sunday who says he has a plan to pull the country out of its economic malaise. Emmanuel Macron, a former investment banker who quit the government of Francois Hollande twice out of frustration with the slow pace of reforms, is promising to overhaul the labor market, simplify the tax and pension systems, while paring back regulations he says hamper innovation. But as he gets set to enter the Elysee Palace following his defeat of far-right candidate Marine Le Pen, the 39-year-old former economy minister faces daunting obstacles. He will be trying to push through his reform agenda at a time when France is more divided than ever over how to respond to the disruptive forces of globalization. The election campaign showed that nearly half the country would prefer a dirigiste approach to the economy in which the role of the French state is expanded rather than shrunk, as Macron proposes. In order to have a chance to implement his plans he will have to secure parliamentary backing. That will depend on how his uproven new party, En Marche! (Onwards!), does in legislative elections next month. And even if he does get the majority he needs, it is likely that many of his reforms could take months, or even years, to produce results. Delays could expose Macron and his government to the same political backlash that ultimately pushed Gerhard Schroeder, the chancellor responsible for Germany''s "Agenda 2010" reform drive, out of office a dozen years ago. "Macron is promising an incremental approach whose success will depend on negotiations with the unions," said Gilles Moec, chief European economist at Bank of America Merrill Lynch. "I understand the strategy, but it is not one that will deliver immediate results. It will take time to bed down." GRADUAL APPROACH Macron''s economic program, put together by Jean-Pisani Ferry, the former head of Brussels-based think tank Bruegel, eschews the "shock-and-awe" approach of his defeated center-right rival Francois Fillon, which included radical public sector job cuts and an extension of the statutory working week. Instead he is charting a more nuanced course that his advisers say is better suited to addressing the root causes of France''s economic troubles. Many independent economists agree. Macron will not scrap the controversial 35-hour workweek, as Fillon promised. Instead he plans to get around it by allowing firms to negotiate in-house deals with their employees on working hours and pay. He has signaled that he could fast-track his labor reforms through parliament via executive order. On pensions, Macron has no plans to hike the official retirement age of 62. Instead he wants to unify France''s confusing web of pension plans over time by moving to a Swedish-style points system in which payouts are tied to contributions people pay in during their working lives. Macron''s approach to reducing the size of the French state is also measured. He wants to save 60 billion euros over five years compared to 100 billion in Fillon''s plan. A cut in corporate tax rates to 25 percent from 33 percent would be phased in gradually. Sylvie Goulard, a member of the European parliament who has advised Macron during the campaign, likens the approach to someone who does half an hour of sports every day. "It may not seem like a lot, but if you are disciplined about it, if you do it right, then it pays off. And it''s better for you than running a marathon," she said
'31027618301beb6ec93f53d8e2b9bda90f4f72a8'|'Insurance dampens Berkshire results before annual meeting'|'Fri May 5, 2017 - 10:44pm BST Insurance dampens Berkshire results before annual meeting Warren Buffett, chairman and CEO of Berkshire Hathaway, speaks at the Fortune''s Most Powerful Women''s Summit in Washington October 13, 2015. REUTERS/Kevin Lamarque/File Photo By Jonathan Stempel - OMAHA, Neb. OMAHA, Neb. Berkshire Hathaway Inc ( BRKa.N ), the conglomerate run by billionaire investor Warren Buffett, on Friday reported a 27 percent decline in first-quarter profit, and said a loss from insurance underwriting contributed to operating results that fell short of forecasts. The results were released one day before Berkshire''s annual meeting in Omaha, Nebraska, where Buffett, 86, and Berkshire Vice Chairman Charlie Munger, 93, will answer five hours of questions from shareholders, journalists and analysts. That meeting is part of a weekend of events throughout Omaha expected to draw more than 37,000 shareholders. Net income fell to $4.06 billion, or $2,469 per Class A share, from $5.59 billion, or $3,401, a year earlier. Operating profit, which excludes investment and derivative gains and losses, fell 5 percent to $3.56 billion, or $2,163 per Class A share, from $3.74 billion, or $2,274. Analysts on average expected operating profit of about $2,666 per Class A share, according to Thomson Reuters I/B/E/S. Last year''s results, meanwhile, included a $1.9 billion gain when Berkshire exchanged most of its Procter & Gamble Co ( PG.N ) stock for that company''s Duracell battery business, plus cash. Buffett believes Berkshire''s investment and derivative gains in any given quarter are often meaningless, but accounting rules require Berkshire to report them in its earnings statements. His preferred measure of growth for Berkshire, book value per Class A share, or assets minus liabilities, rose 3.5 percent from the end of the year to $178,073. Berkshire has more than 90 operating units in insurance, chemical, energy, food and clothing, railroad and other sectors, and also has large investments in stocks of companies such as Apple Inc ( AAPL.O ) and Wells Fargo & Co ( WFC.N ). Berkshire said its insurance businesses swung to a $267 million underwriting loss from a year-earlier profit of $213 million. It said this reflected higher losses from catastrophes in 2017, including an Australian cyclone in March, and unexpectedly high losses related to hurricanes and earthquakes in 2016. Berkshire said the loss also reflected the amortization of deferred charges related to its January agreement to take on many long-term risks in American International Group Inc''s ( AIG.N ) property and casualty portfolio, in exchange for a $10.2 billion upfront payment. That payment helped push float, or the amount of insurance premiums collected before claims are paid and which help funds Berkshire''s growth, up to about $105 billion from $91 billion at the end of 2016, Berkshire said. (Reporting by Jonathan Stempel in Omaha, Nebraska; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-berkshire-hatha-results-idUKKBN18129B'|'2017-05-06T05:42:00.000+03:00'
'e2e7979cece7cd05dd37240d6c730374ff0357db'|'Shell testing Nigeria''s Forcados oil pipeline for restart -sources'|' 47am BST Shell testing Nigeria''s Forcados oil pipeline for restart -sources FILE PHOTO: Fire burns on the Shell Petroleum Development Company Trans Niger pipeline (TNP) at Mogho, Gokana, Rivers state, Nigeria, January 5, 2017. REUTERS/Afolabi Sotunde/File Photo LONDON Shell ( RDSa.L ) is testing Nigeria''s Trans Forcados crude export pipeline for a potential restart with the Astro Perseus tanker expected to load the first cargo by the weekend, sources told Reuters on Tuesday. The pipeline has been mostly shut since it was bombed by militants in February 2016. After repairs, exports briefly resumed in October until a new attack forced another shutdown in early November. A spokeswoman for Shell declined to comment. Before the attacks, the Forcados stream accounted for 200,000-240,000 barrels per day (bpd). No loading programme is expected to be issued until the pipeline is fully tested. Companies producing oil that feeds into the Forcados stream have already been working around the long-term pipeline outage, exporting oil via barges at the Warri refinery, but this has been limited to roughly 20,000 bpd. Seplat said it was aiming to bypass the often-attacked Trans Forcados pipeline with the Amukpe to Escravos pipeline, which is expected to be completed this year. A full resumption of Forcados would come at a difficult time for the Organization of the Petroleum Exporting Countries, which has seen benchmark oil prices fall substantially despite a pact with other oil-producing nations to cut output, as Libya has also ramped up production. [O/R] Libya and Nigeria were exempt from the original cuts. The group meets later this month to determine whether to extend the cuts beyond June, or potentially deepen them. Nigerian Oil Minister Emmanuel Ibe Kachikwu said his country would voluntarily join the cuts if its production reached 1.8 million bpd. Forcados is the last major oil stream yet to resume exporting. (Reporting by Libby George and Julia Payne; editing by Jason Neely and David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nigeria-oil-idUKKBN18514X'|'2017-05-09T18:47:00.000+03:00'
'de5b9c04e54cf08749ab0bd884f1255e7114a520'|'EU watchdog urges tougher euro clearing oversight after Brexit'|'LONDON A draft European Union law on tightening supervision of euro clearing houses in Britain after Brexit would better protect the bloc''s financial system, a top EU markets regulator said.The London Stock Exchange''s ( LSE.L ) LCH clears the bulk of euro-denominated swaps, an activity that will be outside EU jurisdiction from 2019 after Britain leaves the bloc.Steven Maijoor, chairman of the European Securities and Markets Authority, said on Tuesday that tighter supervision of clearing houses outside the EU was needed to ensure that any risks they pose do not threaten financial stability.Clearing houses like LCH ( LSE.L ), Eurex Clearing ( DB1Gn.DE ) and ICE Clear ( ICE.N ) stand between two sides of a trade, ensuring its completion even if one side goes bust and clearing trillions of euros worth of derivatives."We need to have a mechanism in the EU where there is a possibility to supervise third country entities," Maijoor told the annual meeting of global derivatives industry body ISDA."This is not at all duplicating the work of foreign regulators, but it''s especially needed in those areas where you need to be sure that the risks created in the EU are properly addressed by the foreign market participants."Prompted by Brexit, the EU''s European Commission said last week it would make legislative proposals before the summer, and is looking at options such as closer supervision of non-EU or third country clearing houses.Another option could be to force non-EU clearing houses that clear large amounts of euro-denominated instruments like derivatives to be located in the EU, a radical step that could be difficult to impose in a timely way.Maijoor emphasized the need for the EU to have adequate supervision of third country clearing houses and maintain the global nature of derivatives markets, making no comment on potential forced relocation of clearing.ISDA Chief Executive Scott O''Malia, a former senior U.S. derivatives regulator, warned that forced re-location of clearing could have massive implications for efficient cross-border flows and increase "costs, risk and operational complexity for derivatives users".ESMA''s Maijoor reiterated a warning to national regulators in the EU not to undercut their peers to attract financial firms looking to shift business from London to the continent.He said ESMA''s board has discussed "intensively" the potential risks of new "letter box" companies springing up in the EU and delegating key operations to parents in London.ESMA will publish guidelines for national regulators on this before the summer.(Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-eu-derivatives-idUSKBN1851CM'|'2017-05-09T19:50:00.000+03:00'
'6aa752245af7ee63b46e2266f28f1ba81dc0c443'|'EMERGING MARKETS-LatAm currencies down on profit-taking after Macron win'|'(Updates prices) SAO PAULO, May 8 Latin American currencies weakened on Monday, tracking a decline in the euro on profit-taking following Emmanuel Macron''s victory in France''s presidential elections. Macron''s overwhelming win on Sunday briefly pushed the euro to a six-month peak on investor relief over the defeat of nationalist Marine Le Pen, who had threatened to take France out of the European Union. The currency soon reversed direction, dragging along assets from riskier markets. Currencies of Brazil, Mexico , Chile and Colombia weakened between 0.6 percent and 1.2 percent. Lower prices of commodities also weighed on Latin American assets, with China-listed iron ore futures extending last week''s losses as supply in the country''s ports rose to near a 13-year high. Shares of Vale SA, the world''s largest iron ore miner, fell 0.80 percent, weighing on Brazil''s benchmark Bovespa stock index. Still, rising shares of financial firms helped limit the decline of the index after insurance company BB Seguridade Participa<70><61>es SA posted higher-than-expected first-quarter profits. Key Latin American stock indexes and currencies at 2134 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 983.75 0.56 13.45 MSCI LatAm 2598.46 -0.79 11.9 Brazil Bovespa 65490.45 -0.33 8.74 Mexico IPC 49506.48 0.04 8.46 Chile IPSA 4823.33 -0.42 16.19 Chile IGPA 24204.98 -0.38 16.74 Argentina MerVal 21077.31 -0.43 24.59 Colombia IGBC 10440.97 1.29 3.09 Venezuela IBC 59450.29 0.58 87.51 Currencies daily % YTD % change change Latest Brazil real 3.1954 -0.67 1.68 Mexico peso 19.1555 -0.80 8.29 Chile peso 678.8 -1.15 -1.19 Colombia peso 2961.6 -0.63 1.35 Peru sol 3.286 -0.55 3.90 Argentina peso (interbank) 15.4600 -0.55 2.68 Argentina peso (parallel) 15.96 -0.31 5.39 (Reporting by Bruno Federowski; Editing by Dan Grebler and Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1IA1L7'|'2017-05-09T05:56:00.000+03:00'
'e262cd3f3e5bf7bdc990be8b8cac902494ba1a2e'|'Verizon does not feel pressure to do big deal - CEO'|'Technology News - Mon May 8, 2017 - 11:40pm BST Verizon does not feel pressure to do big deal: CEO left right The Verizon logo is seen on the side of a truck in New York City, U.S., October 13, 2016. REUTERS/Brendan McDermid 1/2 left right FILE PHOTO - Lowell McAdam, Verizon''s chief executive officer (CEO), speaks at the closing first day keynote at the Consumer Electronics Show (CES) in Las Vegas January 8, 2013. REUTERS/Rick Wilking 2/2 By Anjali Athavaley - NEW YORK NEW YORK Verizon Communications Inc ( VZ.N ) does not see an urgent need to undertake a big strategic merger or acquisition, its chief executive said on Monday, as some Wall Street analysts have urged the wireless company to do. Some analysts believe Verizon needs a more transformative acquisition than its $4.48 billion deal for Yahoo Inc''s ( YHOO.O ) core business to diversify away from the slow-growth wireless industry as it battles smaller rivals in an oversaturated market for U.S. mobile phone service. Verizon, the No. 1 U.S. wireless carrier, last month reported its first-ever quarterly loss in subscribers who pay a monthly bill, its most valuable customers. After saying he was referring to M&A speculation, Chief Executive Lowell McAdam told a meeting with analysts, "We don''t feel the urgency that seems to be out there in the analyst community, the banking community and the media." Verizon''s main competitor, AT&T Inc ( T.N ), is planning an $85.4 billion acquisition of Time Warner Inc ( TWX.N ), which would give it control of cable TV channels like HBO and other coveted media assets. Cable provider Charter Communications Inc ( CHTR.O ) was at one time considered a possible target for Verizon. In January, Reuters reported Verizon was interested in exploring a combination with Charter among a long list of potential acquisition targets. But an agreement between Charter and rival cable provider Comcast Corp ( CMCSA.O ) announced on Monday would prohibit a Verizon-Charter combination. The agreement, which aims to cut costs and speed up the cable companies'' entry into the wireless market, also bars Comcast and Charter from entering into a material transaction for a year without the other company''s consent. That would prevent either company from tying up with a wireless carrier on its own. At the meeting, McAdam said the agreement does not change the companies'' relationships with Verizon. Both companies will launch wireless services using Verizon''s airwaves. "Frankly, we encouraged them to work together because dealing with one customer is a lot better than dealing with multiple customers," he said. (Reporting by Anjali Athavaley; Editing by Cynthia Osterman) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-verizon-m-a-idUKKBN1842ET'|'2017-05-09T06:36:00.000+03:00'
'edc1f0cbd0cf61ced61bf0df42cc2bf52d6626c1'|'Japan''s top bank regulator warns of over-reliance on monetary policy'|'Central Banks  39am BST Japan''s top bank regulator warns of over-reliance on monetary policy Men walk toward a sign of Japan''s Financial Services Agency in Tokyo August 7, 2014. REUTERS/Toru Hanai/File Photo TOKYO Policymakers must seek ways to put the wall of money printed by central banks to better use to foster growth, such as prompting financial institutions to lend more to innovative industries with potential, Japan''s top financial regulator said on Tuesday. Nobuchika Mori, commissioner or Japan''s Financial Services Agency, also warned against over-reliance on regulation in mitigating the risk of another financial crisis, saying that policymakers must now focus more on bank supervision. "If we are to rely solely on regulations and require banks to hold buffers which can withstand every possible tail event, such would stifle banks'' intermediary functions," Mori said in a speech to a meeting of the Institute of International Finance. Mori, considered to be among candidates who could succeed Haruhiko Kuroda as BOJ governor, said years of aggressive monetary stimulus by central banks have failed to revitalise advanced economies. "We have fully stepped on the gas pedal of monetary policy. Credit has grown accordingly. Nevertheless, we have not seen buoyant growth of business activities," he said. "Perhaps funds are not being provided in ways that really contribute to economic growth." Policymakers should reduce over-reliance on monetary policy, and seek ways to nudge financial institutions into boosting lending to new industries and borrowers that are innovative, Mori said. After more than three years of huge asset purchases that have failed to accelerate inflation, the BOJ revamped its policy framework last September to one aimed at capping long-term interest rates. Some analysts say Kuroda will be reappointed when his five-year term ends in April 2018, though others say candidates such as Mori could fill the post. (Reporting by Leika Kihara; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-fsa-idUKKBN1850JQ'|'2017-05-09T14:39:00.000+03:00'
'93e2f61bd6cbed7d13ceac2e9fb5eacd64022112'|'Bayer to sell Liberty crop protection brands to get Monsanto deal passed'|'Business  28pm BST Bayer to sell Liberty crop protection brands to get Monsanto deal passed FILE PHOTO: The logo of Bayer AG is pictured at the Bayer Healthcare subgroup production plant in Wuppertal, Germany February 24, 2014. REUTERS/Ina Fassbender/File Photo FRANKFURT Bayer has agreed to sell its Liberty herbicide and LibertyLink-branded seeds businesses to win antitrust approval for its acquisition of Monsanto, it said on Monday. The divestment of the two global brands, a requirement imposed by South Africa''s Competition Commission on Sunday, will account for the bulk of asset sales worth about $2.5 billion (1.93 billion pounds) which need to be made to satisfy competition regulators looking at the $66 million Monsanto deal, sources close to the matter have said. "Bayer has agreed to these conditions and is evaluating how best to execute the imposed divestiture," the German group said in its statement. It would not comment on revenues, number of affected staff or the value of the assets. While South Africa is a relatively small market for the two global agricultural supplies giants, the move marks the first time for Bayer to acknowledge it has to sell the two related Liberty brands, which compete with Monsanto''s Roundup weed killer and Roundup Ready seeds. The planned divestitures are also widely expected to be required by competition regulators in larger jurisdictions, such as the United States, where approval has been requested, and the European Union, where an application for approval has yet to be made. "Bayer will continue working with regulators globally with a view to receiving approval of the proposed transaction by the end of 2017," the company said, reaffirming an earlier goal. LibertyLink seeds, mainly used by soy, cotton and canola growers, are an important alternative to Roundup Ready seeds for farmers suffering from weeds that have developed resistance to the Roundup herbicide, also known as glyphosate. The spread of Roundup-resistant weeds in North America has been a major driver behind Liberty sales. Monsanto, for its part, has responded by combining Roundup with older weed killer dicamba to finish off the Roundup-resistant weeds, while selling farm crops that withstand the plant-killing effects of both compounds. As part of a global investment drive worth hundreds of millions of euros to double the global output capacity of Liberty since 2013, Bayer has built a production plant in Mobile, Alabama, to complement an existing facility in Frankfurt, Germany. (Reporting by Ludwig Burger; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-monsanto-m-a-bayer-antitrust-idUKKBN184245'|'2017-05-09T02:28:00.000+03:00'
'1be98846648762555e358b0ced841336761574ee'|'Teck continues to mine parts of waterlogged Highland Valley pits'|'Market News  26pm EDT Teck continues to mine parts of waterlogged Highland Valley pits VANCOUVER May 8 Teck Resources Ltd is still mining some parts of the Lornex and Valley pits of its Highland Valley Copper operation in Western Canada after water inflow resulted in a suspension of some work in those areas, it said on Monday. The Vancouver-based company is expecting to shift some mining activity to Highland Valley''s Highmont pit in the short term, a spokesman said. Teck said in a statement late on Sunday that unusual spring weather and rapidly melting snow had caused water to flow into two pits at its Highland Valley site near Kamloops in British Columbia. The company is assessing the impact on production and looking at ways to remove the water. It expects the assessment to take a few days. Highland Valley accounts for 35 percent of Teck''s copper production and 6 percent of the company''s total revenue, RBC analyst Stephen Walker said in a note to clients. Highland Valley is expected this year to produce between 95,000 and 100,000 tonnes of copper and approximately 9 million to 9.5 million pounds of molybdenum, a metallic element used to toughen steel, contained in concentrate. The Teck spokesman said water inflow of this kind had not happened before. Shares in Teck, which also produces zinc, coal and precious metals, were down 1.9 percent at C$24.82 on the Toronto Stock Exchange, in line with other miners as the price of copper hit a four-month low. (Reporting by Nicole Mordant in Vancouver; Editing by Lisa Von Ahn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/teck-res-highland-valley-idUSL1N1IA0WD'|'2017-05-09T00:26:00.000+03:00'
'4ada120fd5051de3e0811eacfb4cd13f2e15d78f'|'Nikkei hits 17-month high as foreign investors buy cyclical shares'|'* Turnover, volume both heavy* Short-term hedge funds seen covering short positions - analyst* Steel shares underperform after U.S. anti-dumping probeBy Ayai TomisawaTOKYO, May 8 Japanese shares hit levels not seen in more than 17 months on Monday in heavy trade as the yen stayed weak after Emmanuel Macron was elected president of France, as a business-friendly vision of European integration helped boost investor confidence.The Nikkei share average soared 2.3 percent to 19,895.70, the highest closing level since early December 2015. It was the biggest daily percentage gain since mid-February.Macron''s resounding victory over a nationalist, who had threatened to take France out of the European Union, brought relief to investors who had feared another populist upheaval after Britain''s vote to exit the European Union last year.Traders said long-term foreign investors such as pension funds and mutual funds had chased the market higher last month by buying Japanese stocks with robust earnings. But on Monday, short-term foreign investors such as hedge fund managers who were seen shorting Japanese stocks on geopolitical risks in late March to early April were seen covering their short positions."Political risks in Europe were one of the biggest risks of the year, but with Macron winning French election, such risks have receded so they are seen buying back," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.He said foreigners were seen buying cyclical stocks and companies with strong growth such as Keyence Corp, which ended 4 percent higher.All of the Topix''s 33 subsectors were in positive territory, and turnover was 3.4 trillion yen, the biggest since early December.On the other hand, steel shares underperformed after U.S. trade officials on Friday said their anti-dumping and subsidy probe found carbon and steel cut-to-length plate from eight other countries harms American producers, locking in duties on the imports for five years.JFE Holdings and Nippon Steel and Sumitomo Metal Corp fell about 0.3 percent each.The broader Topix rose 2.3 percent to 1,585.86, with 2.408 billion shares changing hands, the highest since mid December.The JPX-Nikkei Index 400 advanced 2.3 percent to 14,168.72. (Reporting by Ayai Tomisawa; Editing by Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL4N1IA2IP'|'2017-05-08T14:47:00.000+03:00'
'aaaac98a83b003aa1be827fc62aeceb87bf00f09'|'Morning News Call - India, May 8'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 4:30 pm: Union Bank of India earnings press meet in Mumbai. FX Buzz analyst Jeremy Boulton analyses G7 currencies at 3:30 pm. To join the conversation, click on the link: here INDIA TOP NEWS <20> India''s green car plan prioritises electric vehicles over hybrids India''s most influential government think-tank has recommended lowering taxes and interest rates for loans on electric vehicles, while capping sales of conventional cars, signalling a dramatic shift in policy in one of the world''s fastest growing auto markets. <20> Under Patel, Indian cenbank zooms in on 4 pct inflation target Under governor Urjit Patel, India''s central bank will target inflation of 4 percent, three officials familiar with its thinking said, adopting a narrower reading of its mandate than markets in a bid to stamp out rampant price rises of the past. <20> Japan''s SoftBank takes driving seat in Indian online shake-up After ploughing about $2 billion into minority stakes in Indian e-commerce businesses over the past few years, Japan''s SoftBank is upping the stakes, looking to play consolidator and take a more active role at a trio of leading start-ups. <20> India moves resolution of $150 bln bad debt problem into cenbank''s court India on Friday tweaked its laws to help tackle a record $150 billion in troubled bank debts, giving its central bank greater power to identify and enforce resolution on specific soured loans. <20> Norway''s wealth fund excludes India''s Bharat Heavy Electricals from investments India''s Bharat Heavy Electricals has been excluded from the investment portfolio of Norway''s $935-billion sovereign wealth fund, the world''s largest, the Norwegian central bank said on Friday. <20> Ambuja Cements to study merits of merger with ACC India''s Ambuja Cements Ltd said on Friday it was considering the merits of a merger with its subsidiary ACC Ltd. <20> India names new bosses for seven state-run banks India named new chief executives for seven state-run banks on Friday, at a time when regulators are trying to clean up record bad loans in the sector. <20> India''s IRB InvIT Fund $782 mln IPO subscribed 8.6 times An initial public offering of shares in India''s IRB InvIT Fund to raise 50.33 billion rupees ($782 million) was subscribed 8.6 times on the closing day of the sale on Friday, in what was the country''s first infrastructure investment fund IPO. GLOBAL TOP NEWS <20> Macron wins French presidency, to sighs of relief in Europe Emmanuel Macron was elected French president on Sunday with a business-friendly vision of European integration, defeating Marine Le Pen, a far-right nationalist who threatened to take France out of the European Union. <20> China''s April FX reserves rise, beating market expectations China''s foreign exchange reserves rose in April for a third straight month, beating market expectations, as capital controls and a pause in the dollar''s rally helped staunch capital outflows. <20> U.S. Democrats criticize Senate''s all-male healthcare group U.S. Democrats on Sunday criticized the lack of women on a working group in the Republican-led Senate that will craft a plan to pass legislation to repeal and replace Obamacare. LOCAL MARKETS OUTLOOK (As reported by NewsRise) <20> The SGX Nifty Futures were trading at 9,337.00, up 0.26 pct from its previous close. <20> The Indian rupee will likely edge higher against the dollar in early trade on improved investor sentiment as independent centrist Emmanuel Macron<6F>s win at the French presidential election eases fears over France<63>s future with the European Union. <20> Indian government bonds will likely edge higher, as pro-European Union Emmanuel Macron won the French presidential election, spurring global risk appetite. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.92 pct - 6.97 pct band today. GLOBAL MARKETS <20> U.S. equity index futures edged higher on
'9e0b257750a9234e3569e76c5e1fa798c2a198b7'|'Centrica first-quarter energy supply profitability impacted by warmer weather, weaker prices'|'Business News - Mon May 8, 2017 - 8:17am BST Centrica first-quarter energy supply profitability impacted by warmer weather, weaker prices LONDON Britain''s largest energy supplier, Centrica ( CNA.L ), said on Monday that warmer than usual weather and weaker energy prices in Britain had impacted profit margins in its core energy supply business in the first quarter. The utility, which owns household energy supplier British Gas, also said it lost 261,000 customers since the start of the year. The utility stuck to its full-year targets for adjusted operating cash flow, debt and investments. (Corrects customer losses to period since start of 2017, not past year in second paragraph)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-centrica-outlook-idUKKBN1840JL'|'2017-05-08T15:17:00.000+03:00'
'f27cda83836b04c17d2016d0de5488aae6fe7ad4'|'Top China official urges economic diversification for Macau gaming hub'|'Business News - Mon May 8, 2017 - 8:10am BST Top China official urges economic diversification for Macau gaming hub left right A general view of Macau peninsula, China October 8, 2015. Picture taken October 8, 2015. REUTERS/Bobby Yip 1/2 left right A general view of Macau peninsula, China October 8, 2015. Picture taken October 8, 2015. REUTERS/Bobby Yip 2/2 HONG KONG China''s number three official Zhang Dejiang emphasised the need for Macau, the world''s largest gambling hub, to diversify its economy as he arrived on Monday for a three-day visit to inspect various industries and meet lawmakers. The former Portuguese colony has been governed under a "one country, two systems" arrangement since it was handed to China in 1999. Speaking on the tarmac next to children waving flowers and a red banner welcoming his arrival, Zhang, who is chairman of China''s National People''s Congress said Macau has made "brilliant achievements" since the handover. "But now Macau faces an important stage as it makes a transition in its development," Zhang said, adding the Central Government has strengthened its support for the special administrative region this year. He did not specifically address the gaming industry during his five minute speech, but China''s government has previously stated policy goals for Macau which include becoming an international leisure centre and a platform between Portuguese speaking countries and China. New casinos being built on a reclaimed land patch designed as Macau''s Las Vegas-styled Cotai casino strip, have been forced by authorities to include significant non-gaming amenities to try and shift away from gambling. Macau''s economy is highly reliant on the gambling industry, accounting for over 80 percent of the government''s revenues. The tiny territory, home to 600,000 people, saw revenues plummet to five year lows after President Xi Jinping announced an anti-graft campaign which sapped sentiment in gambling. Ahead of Zhang''s visit Macau authorities announced new measures to monitor withdrawals at ATMs with facial recognition technology, as the Chinese territory seeks to further tighten restrictions on cash flows out of the mainland. Zhang is scheduled to meet members of Macau''s legislative assembly, according to the Macau government. Macau is due to hold a Legislative Assembly election in September. (Reporting by Venus Wu and Farah Master; Editing by Michael Perry)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-macau-china-economy-idUKKBN1840KH'|'2017-05-08T15:10:00.000+03:00'
'd8ea42585db39832af12ecf41dcbb2fd15e969d3'|'MIDEAST STOCKS - Factors to watch - May 8'|'DUBAI May 8 Here are some factors that may affect Middle East stock markets on Monday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Euro hits 6-month high, Asian shares firm after French election* MIDEAST STOCKS-Dubai''s DSI slumps on more write-offs, oil below $50 sours sentiment* Oil prices rise on expectation of output cut extension* PRECIOUS-Gold up on buying, euro strength after Macr on''s win in France* Syrian army advances despite deal to cut violence, monitor says* Islamic State mounts fierce resistance on new Mosul front* Iraq''s oil exports average 3.252 million bpd in April -ministry* Iran minister warns Saudi Arabia after "battle" comments-Tasnim* Iranian supreme leader critical of ''Western-influenced'' Rouhani education plan* Morocco''s Attijariwafa paid twice book value for Barclays Egypt acquisition* Bill to declare Israel a Jewish state back on national agendaEGYPT* Egypt passes delayed investment law to smooth business, attract dollars* Egypt plans new Eurobond issue end May or early June - finance minister* Egypt expects second instalment of IMF loan in second half of June* Egypt to issue $1 bln one-year treasury-bill -central bankSAUDI ARABIA* Saudi city of Jeddah talks with banks about transport network finance* Saudi''s SWCC signs Yanbu water plant deal with Chinese Sepco III* Saudi Arabia''s Falih says Brunei ready for global oil agreement extension* Saudi Telecom signs fibre optic broadband agreement* Saudi''s Ma''aden posts 41.9 pct profit riseUNITED ARAB EMIRATES* Air Arabia''s first quarter profit drops 10 pctQATAR* Qatar Airways signs World Cup sponsorship deal with FIFA (Reporting By Dubai Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL8N1I90S6'|'2017-05-08T01:08:00.000+03:00'
'f95544f0de8e7117ad204196f206ad99133be64b'|'Mine the gap: Transport for London hopes to profit from licensing its brand overseas'|'Nothing says London like the Routemaster bus, tube roundel logo or Harry Beck<63>s schematic underground network map. Now the capital<61>s transport authority is seeking to generate cash to reinvest in its tube, train and bus services, using these design classics to sell branded products overseas.Transport for London (TfL) has struck its first global licensing deal, aiming to create a <20>100m a year branding business. From designer chairs using tube seat patterns and lamps inspired by bus headlights to London underground map tea towels, its own fashion brand and limited edition sets of Scrabble, TfL plans to take its successful UK licensing programme to global markets.<2E>We have been chuntering along quite happily for a number of years and built a great foundation in the UK,<2C> said David Ellis, head of intellectual property development for TfL. <20>Since slightly before the London 2012 Olympics, there has been an energy behind London. We are now hoping to really drive this internationally. It is time to push the brand in key territories across the global market.<2E>Top of the target list are Japan, China, North America and <20> closer to home <20> Europe, said Ellis.He cites the success of a pop-up shop opened in a Tokyo station in the Ginza shopping district last year as an example of the overseas sales potential. Among items on sale was a trainer made in partnership with Nike, patterned with the font used in all London underground maps, signs, logos, leaflets and on social media. This typeface, Johnston100, is an updated version of the original font, introduced in 1916 by calligrapher Edward Johnston.<2E>It was way over-subscribed and was a huge success,<2C> Ellis said. <20>We are now talking to a major Japanese trading company about how to take that forward. If you can build a strong licensing programme in fashion that can lead to accessories. And homewares is where we have also done well in terms of previous licences, such as our collaboration with Aga cookers.<2E>Previous licensing deals have been done with online furniture store Made.com, games maker Mattel and Kirkby Design, whose cushions based on the tube<62>s retro seat patterns are stocked in outlets including John Lewis. TfL even has its own fashion brand, Roundel London, launched in 2013.Facebook Twitter Pinterest Some of TfL<66>s <20>lifestyle products<74>. TfL would not elaborate on targets for the international programme but licensing industry sources believe it could be a <20>100m a year brand in terms of retail sales, or <20>50m of wholesale value. The organisation would typically expect to retain about 10% of the wholesale figure, meaning the global branding push could generate <20>5m a year to reinvest in the London transport network if it all goes to plan.<2E>We are not competing against Disney or other character brands selling merchandise,<2C> said Ellis. <20>We are a corporate brand which takes longer to build. We are certainly not going to use huge amounts of public money to advertise. It has to be low-risk commercial income; this is low-margin but high-profit.<2E>He said sales were likely to fluctuate as London<6F>s popularity waxed and waned. <20>Our brand is synonymous with London. You can see our brand rise and fall with London<6F>s popularity and presence in the global market. There is great potential and it could earn significant income and we are confident it can. But we also go with the ups and downs of the capital city.<2E>The international expansion is partly designed to protect its brands from makers of fake products. Ellis said that TfL currently had more than 90 trademark infringement cases globally, and it gets <20>six or seven warnings a week<65> from authorities warning of attempts to register TfL trademarks.<2E>We must stop other people trying to benefit from our trademark and assets,<2C> he said. <20>Also, when you trademark a sign or mark you must use them in those classes or cateogries or you could lose rights to them for not trading. We have spent over 100 years building our assets, we have
'db84c5964c4437916b7604aedf3609dfefc6aa67'|'More bucks for Bang: Netmarble founder urges South Korea to support start-ups'|'By Joyce Lee - SEOUL SEOUL When mobile gaming firm Netmarble Games 251270.KS debuts on Friday, its founder Bang Jun-hyuk will be the only billionaire in South Korea''s top-10 wealthiest stock holders with no ties to the chaebol, the mainly family-owned industrial conglomerates that dominate Asia''s fourth-largest economy.Bang''s is a rare Korean rags-to-riches story, and the high-school dropout with two business failures on his resume wants the state to revive support for start-up companies and nurture a new crop of businesses as an alternative to the economy''s dependence on the industrial might of groups including Samsung and Hyundai.Leading candidates in the run-up to Tuesday''s presidential election have pledged to reform the powerful chaebol."If you look at start-ups these days, they''re predominantly about fried chicken delivery, which is worrying," Netmarble''s founder and chairman told Reuters. "We need start-ups that will serve as a conduit for new business areas for our future."Bang, 48, owns 24.5 percent of Netmarble, which priced its $2.3 billion initial public offering at the top of the range. That would make him worth around $2.9 billion and rank him sixth in South Korea''s richest stock holders, according to data provider FnGuide.Bang is part of a generation of South Korean technology entrepreneurs that founded start-ups from the late 1990s when state investment helped create one of the world''s most wired nations. Non-chaebol companies founded around then include internet portal Naver ( 035420.KS ) and game developer NCSOFT ( 036570.KS )."When people of my generation founded start-ups, it wasn''t because we were talented, but because the ground was prepared," Bang said."The government had a very clear vision of growing Korea into an IT superpower and sowed the seeds of a good start-up ecosystem. We got new infrastructure, state-driven venture capital and rules like exceptions to mandatory military service, which drove talent into start-ups.""It''s regrettable such support has become fainter in the last few years."DROPOUT TO SUCCESSBorn into a relatively poor family, Bang dropped out of high school and unsuccessfully founded two start-ups, one of which was an online movie streaming business similar to Netflix ( NFLX.O )."Looking back, there were many new businesses like movie streaming where Korea was ahead of others, and they were spun out of high-speed internet and other infrastructure we had," he said. "But it was very difficult to succeed as there were not many people who were betting on such future businesses at the time.""When you fail twice, there''s nothing left. You''ve hit bottom not only economically, but mentally... You start thinking, am I stupid? Is this all I am?"With just $90,000 in seed money from acquaintances, Bang founded Netmarble in 2000 with eight employees. The firm is now worth 13.3 trillion won ($11.8 billion) and its 3,000 employees generate 1.5 trillion won in annual sales.Netmarble aims to be among the world''s top five games companies by 2020, with 5 trillion won in annual revenue, partly through acquisitions.Even this start-up, though, struggled to break through.Netmarble was the country''s first to distribute other firms'' computer games and offer free-to-play games. In 2004, Bang sold a majority stake to conglomerate CJ Group, and stepped down from operations in 2006 due to health issues.Five years later, CJ asked him to come back as the company was floundering with a series of 19 failed games - 11 flops and eight that never made it to the market - and an operating loss of 2.1 billion won.SMARTPHONE VISIONBang had already been preparing a mobile games start-up before the call. He had seen how many phone manufacturers were shifting production lines to smartphones, which then accounted for only a tenth of the mobile market, and he saw the smartphone''s potential as a hand-held computing device.Long-time employees at Netmarble were skeptical when Bang to
'24424e83ebbf6e1a294c53936dce24f18faa431e'|'Brokers, funds add up research bill before new EU rules'|'Business News - Fri May 5, 2017 - 7:18pm BST Brokers, funds add up research bill before new EU rules Flags in front of the European Central Bank (ECB) before a news conference at the ECB headquarters in Frankfurt, Germany, April 27, 2017. REUTERS/Kai Pfaffenbach By Simon Jessop and Vikram Subhedar - LONDON LONDON Brokers operating in the European Union have only a few months to comply with new rules requiring them to set a separate price for the investment research they have been bundling with the trading services they sell to fund managers. Talks about a pricing have dragged on, with fund managers taking time to figure how much they are willing to spend and brokers worried about losing revenues and big clients. The changes could lead to job cuts for research analysts and some fund managers may lose access to research if they are not prepared to pay up. Many brokers use access to research as a way to draw in trading business. The EU says these two services must now be priced separately so customers can decide if the bill for research is worth paying and to prevent conflicts of interest. Regulators elsewhere are expected to adopt similar rules, adding to pressure on fund managers as they compete with lower-cost funds that track a particular index. "Historically, research has been a bit of a commodity; everybody has been producing it, oodles and oodles of it, in equities, fixed income, macro research, etc," said Matthieu Duncan, CEO at Natixis Asset Management. "That was all fine, but now we have to quantify this, the bar from asset managers is going to be a lot more selective, in one way, shape or form." Spending on research is inferred as a cut of total commissions paid by fund managers to brokers for all their services. Consultancy Greenwich Associates says this is worth around $1.6 billion (1.23 billion pounds) a year in Europe, around 44 percent of overall commissions. This figure could fall by $100 million over the next 12 months, according to a survey of asset managers by Greenwich. "The greatest concern for research providers both large and small is that (the legislation) will prompt a substantial decrease in buy-side research spend," said William Llamas, associate director at Greenwich. "When asked about how firms'' overall research budget will be affected, close to 40 percent of respondents predict a decrease." Just under three quarters of fund managers surveyed said they expected to cut the number of brokers they use. FLAT FEE OR LIMITED ACCESS Brokers are looking at several new pricing models to ensure they keep as much business as possible. Some plan to move smaller customers onto a model that would give access to written research only but no contact with the analysts, for as little as 5,000 pounds per person per year, fund managers and analysts said. They could charge more to small groups of clients for better access. Others are looking at a flat fee per fund firm that could cost millions of pounds a year, they said. A survey of French asset managers by broker ITG found that most were in talks with brokers about the research rule but eight percent had yet to start talks. The rule is part of the EU''s MiFID II legislation which updates securities regulations to apply lessons from the financial crisis, such as the need for more transparency, better protection for consumers and to adapt to new trading technology. Despite Brexit, Britain''s Financial Conduct Authority has stressed the need for firms operating in the UK to comply in full with MiFID II from next year. Without such compliance, it would be harder for the UK to agree a new financial trading agreement with the bloc after Brexit. Under the new rule, fund managers will be able to choose between paying for research or charging it to clients, which would then involve tracking how the research is used to make sure they are billed fairly. A fund will have to set up a research payment account, funded by specific research charges agreed in advance with client
'927fa33b4a22a0ceabb6564d72206b7ff09327b2'|'HIGHLIGHTS-Comments by Berkshire''s Warren Buffett, the ''Oracle of Omaha'''|'(Adds comments on capital allocation, pay consultants)May 6 Billionaire investor Warren Buffett and Berkshire Hathaway Vice Chairman Charlie Munger are answering five hours of questions from shareholders, journalists and analysts at Berkshire''s 52nd annual meeting in Omaha, Nebraska.The weekend known as "Woodstock for Capitalists" is unique in corporate America, a celebration of the billionaire''s image and success at a conglomerate whose businesses range from Geico insurance to the BNSF railroad to See''s candies to Ginsu knives.Below are a few of the comments from Buffett, the "Oracle of Omaha," on topics ranging from Wells Fargo to celebrating a pioneer of index funds.ON FUTURE ACQUISITIONS"Charlie and I really do not discuss sectors much ... we''re really opportunistic. We''re looking at all kinds of businesses all of the time. We''re hoping, we get a call ... and we know in the first five minutes whether (a deal) has a reasonable chance of happening.""We (like) companies where consumer behavior can be (predicted) further off.""We don''t really say we''ll go after companies in this field or that field.""If you''re (primarily) interested in getting the highest price for your business, we''re not a good call (to make)."ON BOARDS'' STOCK HOLDINGS"I looked at a company the other day and seven of the directors had never bought a share of stock ... They''ve been given a lot of stock.""What you want is a system that works well in spite of human nature.""American business overall has done very well for Americans."ON A BERKSHIRE CEO''S SKILLS"You need a sensible capital allocator in the job of being CEO of Berkshire. And we will have one.""Capital allocation probably should be close to their main talent.""Berkshire would not do well if someone was put in with skills in other areas but didn''t have the ability for capital allocation.""We certainly don''t want somebody if they lack a ''money mind.''"ON PAY CONSULTANTS"If the board hires a compensation consultant after I go, I will come back."ON HOW HIS SUCCESSOR MIGHT BE COMPENSATED"I would actually hope that we would have somebody A) That''s already very rich, which they should be. Working a long time and really not motivated by whether they have 10 times as much money ... and they might even wish to set an example by engaging for something far lower."ON HEDGE FUNDS"We''ve got two guys in the office managing ($20 billion) ... we pay them $1 million a year plus (more based on) the amount by which they beat the S&P ... How many hedge funds managers say, I only want to get paid if I do something for you? ... It just doesn''t happen."ON COAL"Over time, coal is essentially certain to decline as a percentage of the revenue of the (BNSF) railroad. We are looking for other sources of growth (besides) coal.""In my mind, we''re going to be shipping less coal 10 or 20 years from now. The coal aspect (of the business) is going to diminish."ON EATING JUNK FOOD"I don''t mind having 500-600 calories for dessert. I''ll let someone else have the broccoli."ON RUNNING A HANDS-OFF CONGLOMERATE"I think our hands-off style actually can add significant value to many companies. We free up at least 20 percent of the time for a CEO (compared to running) a public company.""I think we bring something to the party."ON TECHNOLOGY HOLDINGS IBM AND APPLE"When I bought IBM six years ago, I thought it would do better in the six years ... than it has. Apple is much more of a consumer products business. In terms of analyzing moats around it, consumer behavior ... they are two different types of decisions. I was wrong on the first one, and we''ll find out whether I was right on the second.""I could be making two mistakes on IBM. It''s harder to predict in my view ... how much price competition will enter in something like cloud services.""We missed (Amazon.com) entirely. We''ve never owned a share."ON AIRLINES"It''s a fiercely competitive industry. The question is if it''s a suicidally compe
'9d0b0f749ce45e0067dc0b4cb739b51f6e65ba50'|'AllianzGI CEO on wave of populism: ''More worried than I''ve ever been'''|'Fri May 5, 2017 - 12:12pm BST AllianzGI CEO on wave of populism: ''More worried than I''ve ever been'' FILE PHOTO: Allianz Global Investors'' global chief information officer, Andreas Utermann, speaks during the Reuters Global Investment Outlook 2013 Summit in London November 28, 2012. REUTERS/Benjamin Beavan/File Photo By Jamie McGeever - LUXEMBOURG LUXEMBOURG The explosion of populism that swept Donald Trump into the White House and triggered Brexit has made for the most worrying political climate in decades and greatly increased uncertainty for investors, the CEO of Allianz Global Investors said. Yet market volatility is historically low and asset prices are rising because the short-term outlook is positive thanks to ample central bank liquidity and the hunt for yield forcing investors to take on risk, Andreas Utermann told Reuters. Still, "I''m more worried now than I ever have been in my adult life, about us losing the liberal values I grew up with and passionately believe in," Utermann told Reuters on the sidelines of a capital markets conference in Luxembourg. "Do we have a neutral press in the UK or the U.S.? No, of course we don''t. This constant need for equivalence (of viewpoints) is wrong, so wrong," said Utermann, whose firm has $480 billion of assets under management. He said markets are unable to discount several years into the future, and so naturally focus on the short term. Central banks are still pumping stimulus into the financial system even though the Federal Reserve is raising interest rates and the European Central Bank may soon consider when it will taper its bond purchases. Bond buying so far this year has amounted to a "liquidity supernova" of more than $1 trillion, according to Bank of America Merrill Lynch. But Utermann said that hasn''t prevented pockets of illiquidity in certain parts of the currency and fixed income markets, a trend exacerbated by the proliferation of trading platforms, increased regulation, and central bank asset purchases drying up the pool of available assets. RATIONAL MINDS VERSUS BREXIT POLITICS He said the uncertainty created by Britain''s vote last year to leave the European Union is unambiguously bad, but that it''s too early to say which sectors will be losers or emerge relatively unscathed. "Uncertainty means it''s not a good thing, but you can''t do anything about it because we don''t know where the road is headed." AllianzGI wants its London operation to maintain access to the European single market, which would allow it to retain access to talent and clients across the continent. It is making the case to regulators and authorities that the asset management industry is a vital one. "We feel that whatever they come up with in respect of the asset management business we can cope with. We assume there will be some cost and that''s obviously not good for our business, but there''s nothing much we can do about that," he said. "Rational minds will want the outcome that maximizes the economic benefits for all, and that is the status quo. But the politics of Brexit might get in the way of that," Utermann said. Despite the lack of clarity about what Brexit will ultimately mean for financial assets, markets and his industry, Utermann said AllianzGI hasn''t made any significant changes to its UK trading positions since the referendum in June last year. AllianzGI''s London operation has grown in recent years and it has opened a new floor in its office in the city. Until there is more clarity on the terms of Brexit, AllianzGI is more likely to hire and expand in London rather than shift staff to its "For now, it''s business as usual," he said. (Reporting by Jamie McGeever; editing by Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-markets-allianz-politics-idUKKBN18116O'|'2017-05-05T19:10:00.000+03:00'
'9aae806163e4db83c2baa56294adc784e507e9d6'|'Lufthansa CEO says next move in Air Berlin talks up to Abu Dhabi'|'HAMBURG, Germany Lufthansa ( LHAG.DE ) has held talks with Abu Dhabi about the future of loss-making Air Berlin ( AB1.DE ), its chief executive said on Friday, but debt, costs and anti-trust issues remain obstacles to taking over the rest of its smaller rival.Air Berlin, 29 percent owned by Abu Dhabi state-owned carrier Etihad, already leases 38 planes and crews to Lufthansa."The debt problem can only be resolved by the government of Abu Dhabi," Carsten Spohr told journalists on the sidelines of the group''s annual shareholder meeting.Spohr earlier this week traveled to Abu Dhabi as part of a business delegation accompanying German chancellor Angela Merkel.He also said he was optimistic for bookings for the coming months, echoing comments from rival Air France-KLM ( AIRF.PA ) this week.Earlier on Friday, IAG ( ICAG.L ), the owner of British Airways, Iberia, Vueling and Aer Lingus, posted record first- quarter operating profit, and said a turnaround in pricing was happening faster than expected.(Reporting by Peter Maushagen; Writing by Victoria Bryan; Editing by Georgina Prodhan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lufthansa-agm-idINKBN1810Z5'|'2017-05-05T07:52:00.000+03:00'
'dc7885a36e3212d4e7c01c3f0eb1f1c7ad2c6698'|'S&P 500 futures rise as Macron wins French election'|'U.S. equity index futures edged higher on Sunday in the wake of a victory by the centrist candidate in the closely watched presidential French election, suggesting the benchmark S&P 500 may push further into record territory when trading reopens on Monday morning.S&P 500 emini futures ESv1 were last up fractionally after electronic trading reopened for the week late on Sunday afternoon. Futures initially ticked about 0.2 percent higher but have since pared some of the gain.The move came after independent centrist Emmanuel Macron, who favors keeping France inside the European Union, was elected the country''s president, easily beating back a challenge from EU critic Marine Le Pen.On Friday the S&P 500 .SPX marked a record-high close, as energy stocks bounced back along with oil prices and the government reported U.S. job growth had rebounded in April.Macron''s victory was seen as a supporting factor for global equity markets that have had some concern about the tide of nationalism and protectionism in recent political contests on both sides of the Atlantic."It''s a win for Europe, and it''s a win for global markets," Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey."We didn''t see a strong risk-off market going into today''s runoff. That said, there was always trepidation that perhaps this time the pollsters would have it wrong."Macron had secured more than 65 percent of the vote to Le Pen''s 34.5 percent with 45 million ballots counted out of 47 million registered French voters.(Additional reporting by Olivia Oran; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-stocks-idINKBN18314E'|'2017-05-07T20:12:00.000+03:00'
'83194c4665652a197fc1f630fa1494bb376eb0b1'|'BRIEF-Honeywell Transportation Systems says changes brand name of Garrett Replacement and Performance Aftermarket Turbochargers'|'  2:04pm EDT BRIEF-Honeywell Transportation Systems says changes brand name of Garrett Replacement and Performance Aftermarket Turbochargers May 8 Honeywell Transportation Systems: * Changed brand name of its Garrett Replacement and Performance Aftermarket Turbochargers to Honeywell Garrett Source text for Eikon:   Banks are tightening commercial real estate loan standards - Fed WASHINGTON, May 8 Loan officers at U.S. banks reported tightening their lending standards for commercial real estate loans over the last year, the Federal Reserve said on Monday in a report that could heighten concerns about the outlook for commercial real estate. * United Airlines increases service between San Francisco and 18 destinations MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-honeywell-transportation-systems-s-idUSFWN1IA0VT'|'2017-05-09T02:04:00.000+03:00'
'c05fc7886007b74bb4456af2881a0aa9089b088b'|'Sinclair Broadcast to buy Tribune Media for about $3.9 billion'|'Business News - Mon May 8, 2017 - 2:11pm BST Sinclair Broadcast to buy Tribune Media for about $3.9 billion Broadcaster Sinclair Broadcast Group Inc ( SBGI.O ) said on Monday it would buy Tribune Media Co ( TRCO.N ) for about $3.9 billion (<28>3 billion) cash and stock and assume about $2.7 billion in debt. The $43.50 per share offer represents a nearly 8 percent premium to Tribune''s Friday close. Reuters reported on Sunday saying the companies were close to a deal. The deal comes weeks after the U.S. Federal Communications Commission voted to reverse a 2016 decision that limited the number of television stations some broadcasters can buy. (Reporting by Rishika Sadam in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tribune-media-m-a-sinclair-idUKKBN1841HO'|'2017-05-08T21:11:00.000+03:00'
'e60baea448acc85ed97152d7457c3457b53453b0'|'Goldman Sachs to sell 2.1 pct of DONG Energy'|'Market News  34am EDT Goldman Sachs to sell 2.1 pct of DONG Energy COPENHAGEN May 8 Goldman Sachs has launched an accelerated bookbuilt offering to institutional investors of 8.8 million existing shares in Danish utility and offshore wind farm developer Dong Energy, the U.S investment bank said on Monday. The shares are equivalent to 2.1 percent of the existing shares in Dong Energy and are owned by New Energy Investment, which is indirectly owned by Goldman Sachs. Goldman Sachs and Danske Bank are acting as joint global coordinators and reserve the right to close the books at any time. Dong will not receive any proceeds from the transaction. The state-controlled company became one of the biggest IPOs last year when a group of investors including the Danish state, Goldman Sachs and Danish pension funds sold shares on the Copenhagen stock exchange. (Reporting by Teis Jensen, editing by Julie Astrid Thomsen)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/dong-energy-stocks-idUSL8N1IA4VV'|'2017-05-08T23:34:00.000+03:00'
'81227dd65c63c60651d48561055daf97a6f57bad'|'Japan, China, South Korea pledge to resist protectionism'|'Economy News - Fri May 5, 2017 - 11:57am BST China finance minister skips summit with Japan, Korea to attend emergency meeting left right Finance ministers and central bank governors pose during a photo session at ASEAN+3 Finance Ministers and Central Bank Governors'' Meeting on the sideline of Asian Development Bank (ADB)''s annual meeting in Yokohama, south of Tokyo, Japan May 5, 2017. REUTERS/Issei Kato 1/9 left right Ministers and central bank governors including Japanese Finance Minister Taro Aso (3rd L), Bank of Japan Governor Haruhiko Kuroda (4th L), Chinese Vice-Minister of Finance Shi Yaobin (2nd R) leave from podium after a photo session at ASEAN+3 Finance Ministers and Central Bank Governors'' Meeting on the sideline of Asian Development Bank (ADB)''s annual meeting in Yokohama, south of Tokyo, Japan May 5, 2017. REUTERS/Issei Kato - 2/9 left right Ministers and central bank governors including Bank of Japan Governor Haruhiko Kuroda (front L), Chinese Vice-Minister of Finance Shi Yaobin (front 4th R) leave from podium after a photo session at ASEAN+3 Finance Ministers and Central Bank Governors'' Meeting on the sideline of Asian Development Bank (ADB)''s annual meeting in Yokohama, south of Tokyo, Japan May 5, 2017. REUTERS/Issei Kato - RTS1594A 3/9 left right (L-R) Bank of Japan Governor Haruhiko Kuroda, Japanese Finance Minister Taro Aso, South Korean Finance Minister Yoo Il-ho, Bank of Korea Governor Lee Ju-yeol pose for a photograph with Chinese Vice-Minister of Finance Yaobin Shi and an unidentified Chinese delegate (not in picture) before their trilateral meeting on the sideline of Asian Development Bank (ADB)''s annual general meeting in Yokohama, south of Tokyo, Japan May 5, 2017. REUTERS/Issei Kato - RTS158CN 4/9 left right (L-R) Bank of Japan Governor Haruhiko Kuroda, Japanese Finance Minister Taro Aso, South Korean Finance Minister Yoo Il-ho, Bank of Korea Governor Lee Ju-yeol, Chinese Vice-Minister of Finance Yaobin Shi and an unidentified Chinese delegate pose for a photograph before their trilateral meeting on the sideline of Asian Development Bank (ADB)''s annual general meeting in Yokohama, south of Tokyo, Japan May 5, 2017. REUTERS/Issei Kato 5/9 left right Ministers and central bank governors including Malaysia''s Bank Negara Governor Muhammad Ibrahim (C) attend a photo session at ASEAN+3 Finance Ministers and Central Bank Governors'' Meeting on the sideline of Asian Development Bank (ADB)''s annual meeting in Yokohama, south of Tokyo, Japan May 5, 2017. REUTERS/Issei Kato 6/9 left right Asian Development Bank (ADB) President Takehiko Nakao holds an opening news conference at ADB annual general meeting in Yokohama, south of Tokyo, Japan May 4, 2017. REUTERS/Issei Kato 7/9 left right Bank of Japan Governor Haruhiko Kuroda speaks to media at the Asian Development Bank (ADB)''s annual general meeting in Yokohama, south of Tokyo, Japan May 4, 2017. REUTERS/Issei Kato 8/9 left right Asian Development Bank (ADB) President Takehiko Nakao (C) attends an opening news conference at ADB annual general meeting in Yokohama, south of Tokyo, Japan May 4, 2017. REUTERS/Issei Kato 9/9 By Leika Kihara and Stanley White - YOKOHAMA, Japan YOKOHAMA, Japan Chinese Finance Minister Xiao Jie skipped a trilateral conference with his Japanese and South Korean counterparts on Friday to attend an emergency domestic meeting, a senior Japanese finance ministry official said. The Japanese official told reporters at a ministry press briefing that Xiao''s absence was not related to any diplomatic matters, adding that Xiao was expected to attend the Japan-China finance dialogue in Japan scheduled for Saturday. He did not elaborate on the nature of the minister''s emergency meeting. The Chinese-minister''s non-attendance came as commodity prices took a beating, and Chinese stocks fell to three-month lows as concerns about tighter financial regulations weighed on banking shares. At the trilateral meeting, the finance leaders 
'60705187a353ac907af15af9f6d845388091e454'|'Total and Erg get four bids for Italy petrol stations -sources'|'By Giancarlo Navach and Stephen Jewkes - MILAN MILAN May 5 Total and energy group Erg have received four bids for the Italian petrol station network they jointly own, three sources close to the matter said.The bidders, which include Italian refiner API Anonima Petroli, have asked for additional information, two of the sources said, adding that details on how the sale will be structured would likely be announced by the end of May.Bidding closed at the end of April.France''s Total and Italy''s Erg jointly control TotalErg which operates close to 2,600 service stations in Italy with a market share of around 11 percent.But the joint venture also holds other assets including a quarter of Italian refinery Sarpom, controlled by ExxonMobil''s Esso unit, which is proving a stumbling block."The sale has not been wrapped up yet because the bidders have asked more questions," one of the sources said, adding it was not clear if the assets would be sold as a single block or would be broken up.TotalErg, 51 percent owned by Erg, has appointed HSBC and Rothschild to sell a business which sources have said could be worth more than 600 million euros ($657 million).A person close to the deal said that in addition to API the bidders included a foreign industrial player and private equity firms.Italian financial daily Il Sole 24 Ore reported this week that Terra Firma, TRC Capital, and Glencore had made bids.Another source said API, which already owns 2,600 stations of its own, was in talks with private equity group Advent to back its bid but added clinching a deal had been tough."It''s not clear if Advent is still on board," the source said.A deal with API would create Italy''s biggest service station operator, ahead of Eni and Kuwait Petroleum International which last year bought a network from Royal Dutch Shell.API, Erg and Advent declined to comment.($1 = 0.9127 euros) (Editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/erg-ma-idINL8N1I72CT'|'2017-05-05T10:38:00.000+03:00'
'6e17c7ecb938e907df24dfbc4139a1b2446919f8'|'PRESS DIGEST - Wall Street Journal - May 5'|'May 5 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Federal prosecutors have begun a criminal investigation into Uber Technologies Inc''s use of software as part of a company program known as "Greyball" that helped drivers avoid local regulators, according to a person familiar with the investigation. on.wsj.com/2pfbSiV- Federal authorities have interviewed current and former Fox News employees and on-air talent in a widening inquiry into the nature of sexual-harassment settlements and alleged intimidation tactics at the network. on.wsj.com/2peYvzD- Rolls-Royce Holdings PLC doesn''t expect to take a hit from the investigation into the company''s audits, according to finance chief Stephen Daintith. on.wsj.com/2pfgbe9- Berkshire Hathaway Inc sold about a third of its shares in International Business Machines Corp this year, Berkshire Chairman Warren Buffett told CNBC. on.wsj.com/2pfaop1(Compiled by Abinaya Vijayaraghavan in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1I71SO'|'2017-05-05T03:10:00.000+03:00'
'edde1617cfe9ae7aef0d66e1afa6920817acab82'|'Community bankers<72> political capital soars in Washington'|'Business   5:33pm EDT Community bankers<72> political capital soars in Washington A member of the Independent Community Bankers Association listens to remarks from U.S. President Donald Trump in the Kennedy Garden at the White House in Washington, U.S., May 1, 2017. REUTERS/Jonathan Ernst By Pete Schroeder - WASHINGTON WASHINGTON Main Street lenders emerged from a meeting with U.S. President Donald Trump this week confident that his vision for an overhaul of banking regulation would set up a favorable environment for their industry. Reducing lending rules for the industry, a key source of credit for small businesses and farmers that has been shrinking and struggling under post-financial crisis regulation, is one of the few things both political parties as well as the president can agree on. "They understand our business model, and have an appreciation for the fact that community banks are unique," Rebeca Romero-Rainey, chief executive of Centinel Bank of Taos, New Mexico, said of the administration. Trump has suggested resurrecting a form of the Depression-era Glass-Steagall law to separate capital markets operations from traditional lending. He has not consistently defined what that would look like but has floated the idea of an actual breakup of large banks, a prospect that bosses of Wall Street lenders have downplayed. Signs have emerged however that at the very least Trump and his team are interested in creating a system that involves fewer rules for smaller banks. "The President<6E>s pro-growth agenda, including instituting what he has called a ''21st century Glass-Steagall,'' will allow these banks to spend less time complying with unnecessary requirements, many of which were designed to police much larger entities, and more time, infusing their communities and local small businesses with capital," White House spokesman Sean Spicer said this week. The influence of the industry was on display this week when Trump and his senior lieutenants feted community bankers at the White House ahead of their annual conference on Monday, a show of access and acceptance not seen in recent administrations. More than 1,600 community banks, or a quarter of the industry, have disappeared since the enactment of the Dodd-Frank financial reform law in 2010, data from the Federal Deposit Insurance Corporation showed. Bipartisan support to arrest that trend is unsurprising. While community banks may not have the lobbying firepower of Wall Street, they are a powerful political force given their presence in every congressional district across the country. "Democrats and Republicans have long agreed that small, well-managed banks shouldn''t be bogged down with needless red tape," said Senator Sherrod Brown, the top Democrat on the Senate Banking Committee in a statement to Reuters. "Democrats are ready and able to continue working with Republicans to tailor the rules where it makes sense, but not if it means hurting consumers or resurrecting risky Wall Street behavior." A bill to neutralize much of the post-crisis legislation designed to rein in Wall Street that community bankers say saddled them with outsized regulations is expected to fail amid opposition from Democrats. That measure, from Republican Representative Jeb Hensarling, is expected to pass the House sometime this summer, but is unlikely to gain momentum in the Senate where Democrats'' votes are necessary to pass. But more modest proposals to ease the regulatory burden on community banks could be successful. Senate Banking Chairman Mike Crapo, a Republican who will play a key role in shepherding any changes to financial rules through Congress, has said he would like to focus on community banks as a key part of his panel''s agenda. "They<65>re looking for a system that<61>s just proportionate," said Romero-Rainey, who will take over as head of the Independent Community Bankers of America trade group in May 2018. FED ADVOCATE Community banks, typically privately owned institutions with less 
'eefe0ff31970a53582942856d49c865190e3d831'|'Smith & Nephew says M&A ''not at top of agenda'' at the moment'|'Deals - Fri May 5, 2017 - 3:54am EDT Smith & Nephew says M&A ''not at top of agenda'' at the moment LONDON The chief executive of Smith & Nephew ( SN.L ) said on Friday that M&A was not at the top of his agenda, as the focus was on driving growth at the artificial knee and hip maker. A report in the Financial Times in March said Wright Medical ( WMGI.O ), a U.S. company that specialize in surgical implants for extremities like feet and ankles, could be a takeover target for the British company. S&N Chief Executive Olivier Bohuon said M&A was "always on the agenda", and he had previously pointed to extremities as one of a number of areas of interest. "But for the moment, this quarter, I am interested in developing my commercial excellence," he said. "(M&A) is still high on the agenda, but it''s not a top priority for the time being." (Reporting by Paul Sandle; editing by Kate Holton) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-smith-nephew-outlook-m-a-idUSKBN1810OR'|'2017-05-05T15:39:00.000+03:00'
'5d0bae4492056ea447c919e541451126e11125af'|'Marks & Spencer names Archie Norman as new chairman'|'Business News - Fri May 5, 2017 - 7:18pm BST M&S picks retail veteran Archie Norman as chairman, lifting shares left right FILE PHOTO: Archie Norman speaks at the Retail Week conference in London, BRITAIN 2011. REUTERS/Paul Hackett/File Photo 1/2 left right FILE PHOTO: Archie Norman, the chairman of broadcaster ITV, speaks at the Retail Week conference in London March 16, 2011. REUTERS/Paul Hackett 2/2 By James Davey - LONDON LONDON Marks & Spencer ( MKS.L ) named Archie Norman as its new chairman on Friday, with the 63-year-old retail veteran''s appointment lifting the clothing and food retailer''s shares. Norman, who helped to revive food retailer Asda ( WMT.N ) in the 1990s, will join M&S at a critical time. The company''s food business is thriving, but its clothing division has struggled to deliver growth for more than a decade. "I''m under no illusions about the extent of the challenge facing the business," Norman told Reuters. M&S shares rose as much as 6 percent as investors welcomed the appointment of Norman, whose CV is packed with UK and international experience, including an extensive track record in the retail industry. M&S said Norman would become non-executive chairman on Sept. 1, succeeding Robert Swannell, who will retire from the board having served six years in the job. Norman will receive an annual salary of 600,000 pounds for the chairmanship, which although part-time is one of the most prestigious in corporate Britain. Analysts said Norman''s turnaround experience could be highly valuable to M&S. "The combination of Norman and (CEO Steve) Rowe should be a force for good for M&S ... we welcome this appointment," said Shore Capital analyst Clive Black, who has a "hold" rating on the stock. Others, however, said there was a danger Norman could go beyond the chairman''s brief of running the M&S board and keeping investors onside. "It will be interesting to see how much of a ''back-seat driver'' Archie Norman is to CEO Steve Rowe," independent retail analyst Nick Bubb said. Norman was a member of a three-strong team that established and built general merchandise retailer Kingfisher ( KGF.L ) in the 1980s. When Norman joined Asda as CEO in 1991, the supermarket was on its knees, but he transformed the business and then sold it to Wal-Mart in 1999 for a multiple of eight times its starting share price. He has also chaired broadcaster ITV ( ITV.L ) and been deputy chairman of Australian retailer Coles. He currently chairs investment bank Lazard ( LAZ.N ) in London and craft retailer Hobbycraft and is an advisor to Wesfarmers ( WES.AX ). He worked for management consultants McKinsey before joining Kingfisher. Norman is also well-connected politically, having served for eight years as a member of Britain''s lower house of parliament, representing the Conservative Party in Tunbridge Wells, southern England. "Having conducted a very rigorous appointment process, it was clear to us that Archie was the best person to be chairman," said Vindi Banga, M&S'' senior independent director. On Wednesday, M&S said it had hired Halfords ( HFD.L ) boss Jill McDonald to head the clothing division, freeing up Rowe to concentrate on running the overall company. McDonald will also join in the autumn. Swannell will leave M&S having steered a smooth succession for the chairman''s job. Shares in M&S were up 4.9 percent at 17.6 pence at 1053 GMT, valuing the business at 6.1 billion pounds. (This version of the story changes the headline from an earlier version) (Editing by Alexander Smith and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-m-s-moves-idUKKBN1810FQ'|'2017-05-05T14:19:00.000+03:00'
'f63626e544018fbaf0610c3ca70139ac25f705a0'|'METALS-Copper edges up after overnight loss, still vulnerable'|'SYDNEY May 5 London copper edged higher on Friday after a second session of losses, but remained vulnerable to further sell downs amid concerns about rising inventories and weakening consumption.* COPPER: Three-month copper on the London Metal Exchange gained 0.3 percent to $5,560.5 a tonne by 0155 GMT, modestly reversing losses from the previous session that swept copper to a five-month low* SHANGHAI: The most-traded copper contract on the Shanghai Futures Exchange slipped 0.7 percent to 45,220 yuan ($6,557.42) a tonne.* LME STOCKS: Inventories in London Metal Exchange (LME) warehouses rose nearly 33,000 tonnes on Wednesday, exchange data showed, bringing this week''s increase to 64,000 tonnes, or 25 percent.* NEGATIVE DATA: The impact of swelling stockpiles of the metal was compounded by data this week showing U.S. factory activity slowed in April while growth in China''s manufacturing sector slowed more than expected.* PHILIPPINES: The Philippine government will move forward with a second review of the country''s mines despite the removal of Regina Lopez as environment minister, a finance official said on Thursday.* FREEPORT TALKS: Indonesian authorities on Thursday kicked off negotiations with Freeport McMoran Inc. over a contract dispute that has prompted the U.S. mining giant to scale down operations in the eastern province of Papua.* GLENCORE FORECAST: Mining and commodities trading group Glencore has raised its operating profit forecast for the trading division this year by $100 million and said its mining operations were expected to recover from some weather-related disruption at the start of the year.* SHANGHAI NICKEL: ShFE nickel was down 2.6 percent, hurt by weaker steel prices in China, where ShFE rebar was also trading 2.6 percent lower.* SHANGHAI ALUMINIUM: ShFE aluminium was 0.43 percent higher, while LME aluminium was up 0.2 percent at $1,916 a tonne.* MARKETS NEWS: Asian stocks are set for a third straight day of losses on Friday as a retreat in crude oil and other commodities prices knocked global sentiment, although receding concerns about France''s presidential election kept the euro near six-month highs.* For the top stories in metals and other news, click orDATA/EVENTS 1230 U.S. Nonfarm payrolls Apr 1230 U.S. Unemployment rate AprPRICESThree month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.8960 Chinese yuan renminbi)(Reporting by James Regan; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-metals-idINL4N1I717F'|'2017-05-05T00:03:00.000+03:00'
'685fd6a92e94c49fcf78c8540a19a9da44dc0e07'|'Shareholder adviser challenges Linde board over merger with Praxair'|'Deals - Sat May 6, 2017 - 5:09pm EDT Shareholder adviser challenges Linde board over merger with Praxair Linde Group logo is seen at a company building in Munich-Pullach, Germany August 16, 2016. REUTERS/Michaela Rehle FRANKFURT Shareholder adviser Ivox Glass Lewis has called on Linde ( LING.DE ) investors to vote against signing off on the actions of its management and supervisory board due to problems in the handling of a planned merger with peer Praxair ( PX.N ). The all-share merger of equals would reunite a global industrial gases company that split in World War One and would create a market leader to rival Air Liquide ( AIRP.PA ). But the $65 billion deal has faced unexpectedly strong opposition from trade unions, who fear a dilution of their influence and large-scale job losses, as well as scepticism from investors. Hasty management changes during the negotiations with Praxair last year, a row with some shareholders over the lack of a vote on the merger, and strong opposition from the labor side to the deal have raised doubts about best governance, Ivox Glass Lewis said. It therefore advised shareholders against ratifying the decisions by the company''s bosses and its supervisors. Such votes on mergers are customary in Germany and are an opportunity for shareholders to express confidence in their leadership. But such votes do not free individuals from liability for their actions. Many investment funds from the United States and Britain follow the recommendations of advisory firms such as Ivox Glass Lewis at shareholder meetings. Fund manager Ingo Speich from Union Investment, one of Linde''s top 15 investors, said that he would not ratify the moves by the company''s management. "We do not call the industrial logic of the merger into question. But we criticize deficits in corporate governance and capital markets communication," he told Frankfurter Allgemeine Sonntagszeitung. "(Chairman) Wolfgang Reitzle seems to be the driving force of the merger. But he acts in an intransparent way. We miss a clear distinction of the roles of management and supervisors," he added. The two companies had hoped to have a plan in place before Linde''s annual shareholder meeting on May 10. But the deal has fallen behind schedule over the Linde management''s inability to strike a deal with the employees. (Reporting by Arno Schuetze; Editing by Hugh Lawson) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-linde-shareholders-idUSKBN1820PP'|'2017-05-07T05:02:00.000+03:00'
'976854de91d46b8f99e6c396ddc9a8f69268ea04'|'Shareholder adviser challenges Linde board over merger with Praxair'|'FRANKFURT May 6 Shareholder adviser Ivox Glass Lewis has called on Linde investors to vote against signing off on the actions of its management and supervisory board due to problems in the handling of a planned merger with peer Praxair.The all-share merger of equals would reunite a global industrial gases company that split in World War One and would create a market leader to rival Air Liquide.But the $65 billion deal has faced unexpectedly strong opposition from trade unions, who fear a dilution of their influence and large-scale job losses, as well as scepticism from investors.Hasty management changes during the negotiations with Praxair last year, a row with some shareholders over the lack of a vote on the merger, and strong opposition from the labour side to the deal have raised doubts about best governance, Ivox Glass Lewis said.It therefore advised shareholders against ratifying the decisions by the company''s bosses and its supervisors.Such votes on mergers are customary in Germany and are an opportunity for shareholders to express confidence in their leadership. But such votes do not free individuals from liability for their actions.Many investment funds from the United States and Britain follow the recommendations of advisory firms such as Ivox Glass Lewis at shareholder meetings.Fund manager Ingo Speich from Union Investment, one of Linde''s top 15 investors, said that he would not ratify the moves by the company''s management."We do not call the industrial logic of the merger into question. But we criticise deficits in corporate governance and capital markets communication," he told Frankfurter Allgemeine Sonntagszeitung."(Chairman) Wolfgang Reitzle seems to be the driving force of the merger. But he acts in an intransparent way. We miss a clear distinction of the roles of management and supervisors," he added.The two companies had hoped to have a plan in place before Linde''s annual shareholder meeting on May 10. But the deal has fallen behind schedule over the Linde management''s inability to strike a deal with the employees. (Reporting by Arno Schuetze; Editing by Hugh Lawson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/linde-shareholders-idINL8N1I80KK'|'2017-05-06T19:02:00.000+03:00'
'16f7bb1fc1cd59401613f4205c2f3911aaebdefd'|'Egypt plans new Eurobond issue end May or early June - finance minister'|'CAIRO May 7 Egypt plans to issue a new Eurobond at the end of May or start of June, Finance Minister Amr El Garhy said on Sunday, after finding strong investor appetite for its $4 billion issuance in January.Garhy said at the end of April that Egypt was considering a $1.5-$2 billion Eurobond offering in the coming weeks.Egypt sold $4 billion of Eurobonds in three tranches in January, raising twice a much as targeted and at lower yields than expected.(Reporting by Abdel Rahman Adel,; Writing by Lin Noueihed,; Editing by Giles Elgood)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/egypt-economy-eurobonds-idINC6N1EF003'|'2017-05-07T07:37:00.000+03:00'
'56c6adf5cdd0a596f0350b61adcceced59aea4bb'|'Philippine finance minister points to imminent central bank governor decision'|'Central Banks - Sun May 7, 2017 - 9:53am BST Philippine finance minister points to imminent central bank governor decision Philippine Finance Secretary Carlos Dominguez gestures as he listen to a questions during a ''''Dutertenomics'''' (President Rodrigo Duterte Economic) forum in a hotel in Pasay city, metro Manila, Philippines April 18, 2017. REUTERS/Romeo Ranoco By Stanley White - YOKOHAMA, Japan YOKOHAMA, Japan Philippine President Rodrigo Duterte will announce his choice for the next central bank governor soon, giving his administration its biggest chance yet to shape the fast-growing country''s economic future, the finance secretary said on Sunday. Finance Secretary Carlos Dominguez also laid out an ambitious tax reform agenda that would raise fuel taxes, lower corporate taxes, discourage tax evasion, and generate more revenue for the government''s infrastructure spending programme. "I told the president this is probably the most important appointment you are going to make and I told him the things he should consider," Dominguez said in an interview with Reuters at an Asian Development Bank meeting. "I''m sure the president will make the decision in good time." Diwa Guinigundo, currently one of the central bank''s deputy governors, is one leading candidate for the top post, and his appointment would send a strong signal of policy continuity. Nestor Espenilla, the Philippines Central Bank''s second deputy governor, and Peter Favila, a former trade secretary and monetary board member, are also considered candidates. If Duterte surprises investors with an unconventional choice, the central bank''s ability to manage inflation and currency fluctuations could be called into doubt. The Philippines is among the world''s fastest growing economies and inflation is currently well within the central bank''s range for its inflation target. However, the threat of capital flight from emerging markets like the Philippines makes the central bank''s job more difficult. To ensure the economy continues to grow, the Duterte administration plans to increase infrastructure spending to as much as 7 percent of gross domestic product (GDP) by the end of its six-year term in 2022 from 5.2 percent of GDP this year. To fund the plan, the government has asked Congress to approve a package of tax measures to raise funds. Dominguez said he broke up the tax plan into several parts because he wanted to tackle difficult issues first, like raising fuel taxes. The government also wants to lower the top income tax rate, and simplify the tax code for income on bank deposits, Dominguez said. Another plan is to introduce an amnesty on inheritance tax, because many people are holding property in their relatives'' names to avoid paying the tax, Dominguez said. This would be different from a tax amnesty offered recently in Indonesia, because their policy was designed to encourage repatriation from overseas. The Philippines also plans to raise $200 million (<28>154 million) from a maiden panda bond issue in September and that the Bank of China would likely take a leading role in the issue, Dominguez said. Panda bonds are yuan-denominated debt sold in China by foreign firms or governments. (Reporting by Stanley White; Editing by Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-adb-asia-philippines-idUKKBN18309M'|'2017-05-07T16:53:00.000+03:00'
'8d4322132164a1f416ae97613ef28980c3d374bc'|'Brazil''s Meirelles eyes veto to tax relief plan, Estado says'|'Economy News - Sun May 7, 2017 - 5:22pm BST Brazil''s Meirelles eyes veto to tax relief plan, Estado says Brazil''s Finance Minister Henrique Meireles speaks during a Seminar ''''The ways for the pension reform'''' in Brasilia, Brazil April 17, 2017. REUTERS/Ueslei Marcelino SAO PAULO Brazilian Finance Minister Henrique Meirelles would recommend a presidential veto to a revised plan allowing reductions in the principal of corporate tax debts after lawmakers introduced unwanted changes to the original proposal, he told O Estado de S. Paulo newspaper in an interview published on Sunday. Under the plan, tax deadlines for corporations would be extended and interest payments would be stretched out. Last week, a congressional committee passed a watered down version of an executive decree of the plan which originally envisioned no relief on the value of the principal owed. The changes cut potential revenues from the so-called Refis program to 2 billion reais ($630 million) from up to 8 billion reais. In the interview, Meirelles said President Michel Temer''s support base in Congress had been directed to vote for the original plan. If the new proposal were approved in a congressional plenary vote, Meirelles would recommend that Temer veto it, because of the reduction in federal revenues. Calls to the ministry''s press office to confirm Meirelles'' comments were not immediately answered. According to Meirelles, he does not want to anticipate his recommendation because the matter is still subject to negotiations. The situation underscores the pressure facing Temer''s coalition as it seeks to muster enough support to pass vastly unpopular pension and labor reforms. Analysts have said the committee''s decision to water down the Refis decree might be a tactic to bargain the government''s support to approve the reform agenda. Meirelles denied such claims, telling Estado that the Refis is not part of the legislative agenda that the government is discussing with lawmakers to win their support for the reforms. Overhauling pensions is a contentious issue in Brazil, which has one of the world''s most generous social security systems, allowing retirement on average at the age of 54 with almost full benefits, compared with 72 years in Mexico. ($1 = 3.1744 reais)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-brazil-economy-meirelles-idUKKBN1830P5'|'2017-05-08T00:20:00.000+03:00'
'91d36a9032fb894e81e9e046fc32f026e91710a1'|'Alitalia had debts of $3.3 bln at the end of Feb -govt'|'MILAN May 6 Loss-making airline Alitalia, which asked to be put under special administration on Tuesday, had debts of around 3 billion euros ($3.3 billion) as of Feb. 28, Italy''s government said.In a document marking the opening of the special administration process and the appointment of three commissioners that will run the airline from now on, the government said on Saturday Alitalia had current liabilities of around 2.3 billion euros and assets worth 921 million.Alitalia, 49 percent owned by Etihad Airways, has filed to be put under special administration for the second time in less than a decade after workers rejected its latest rescue plan, starting a process that will lead to the carrier being overhauled, sold off or wound up. Agnieszka Flak and Alberto Sisto; editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/alitalia-debts-idINL8N1I80B8'|'2017-05-06T11:26:00.000+03:00'
'cbad02869328846105dd15be5c3dfed29476cb33'|'Berkshire profit falls as investment gains tumble'|'Market   4:53pm EDT Berkshire profit falls as investment gains tumble OMAHA, Neb. May 5 Berkshire Hathaway Inc , the conglomerate run by billionaire investor Warren Buffett, on Friday said first-quarter profit fell 27 percent, reflecting a big decline in investment gains. Net income fell to $4.06 billion, or $2,469 per Class A share, from $5.59 billion, or $3,401, a year earlier. Operating profit, which excludes investment and derivative gains and losses, fell 5 percent to $3.56 billion, or $2,163 per Class A share, from $3.74 billion, or $2,274. Buffett believes Berkshire''s investment and derivative gains in any given quarter are often meaningless, but accounting rules require Berkshire to report them in its earnings statements. (Reporting by Jonathan Stempel in Omaha, Nebraska; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/berkshire-hatha-results-idUSL1N1I50LH'|'2017-05-06T04:53:00.000+03:00'
'0caf973f023a91968a1c72786e4b62fe27c624f5'|'Investors rush to develop rental housing as Chinese home prices surge'|'Economy News - Fri May 5, 2017 - 9:56am BST Investors rush to develop rental housing as Chinese home prices surge left right A 25-square-metre unit is seen at a so-called youth apartment by Chinese developer China Vanke in Shenzhen, China April 26, 2017. Picture taken April 26, 2017. REUTERS/Bobby Yip 1/10 left right The exterior of a building inside an area with so-called youth apartments by Chinese developer China Vanke in Shenzhen, China April 26, 2017. Picture taken April 26, 2017. REUTERS/Bobby Yip 2/10 left right The exterior of a building with so-called youth apartments by Chinese developer China Vanke is seen in Shenzhen, China April 26, 2017. Picture taken April 26, 2017. REUTERS/Bobby Yip 3/10 left right A unit with a loft is seen at a so-called youth apartment by Chinese developer China Vanke in Shenzhen, China April 26, 2017. Picture taken April 26, 2017. REUTERS/Bobby Yip 4/10 left right A common leisure corner is seen at a so-called youth apartment by Chinese developer China Vanke in Shenzhen, China April 26, 2017. Picture taken April 26, 2017. REUTERS/Bobby Yip 5/10 left right An advertisement is displayed at the entrance of a so-called youth apartment by Chinese developer Longfor Properties in Shenzhen, China April 26, 2017. Picture taken April 26, 2017. REUTERS/Bobby Yip 6/10 left right A unit is seen at a so-called youth apartment by Chinese developer Longfor Properties in Shenzhen, China April 26, 2017. Picture taken April 26, 2017. REUTERS/Bobby Yip 7/10 left right A unit is seen at a so-called youth apartment by Chinese developer Longfor Properties in Shenzhen, China April 26, 2017. Picture taken April 26, 2017. REUTERS/Bobby Yip 8/10 left right A corridor is seen at a so-called youth apartment by Chinese developer China Vanke in Shenzhen, China April 26, 2017. Picture taken April 26, 2017. REUTERS/Bobby Yip 9/10 left right The exterior of a building with so-called youth apartments by Chinese developer China Vanke is seen in Shenzhen, China April 26, 2017. Picture taken April 26, 2017. REUTERS/Bobby Yip 10/10 By Clare Jim - HONG KONG HONG KONG China''s sky-high apartment prices and its footloose generation of millennials are fuelling demand for rental apartments, driving investment by foreign private equity funds and Chinese real estate developers. The country has been very much a home-owner<65>s market since opening up to the outside world in the 1980s and its home ownership ratio is now one of the highest in the world at about 90 percent. But that is beginning to change as home price gains far outpace income growth, making the prospects of buying a home an increasingly distant dream for many young Chinese. Newer generations of tech-savvy workers also want to be able to move quickly without being tied down by a property if a better job opportunity opens up in another city.A typical two-bedroom new home in Beijing costs around 6 million yuan ($870,000), about 69 times the average per capita disposable income in the city, much higher than the ratio of less than 25 times for New York City. It is a similar tale in many of the largest Chinese cities, such as Shanghai and Shenzhen. U.S. private equity firm Warburg Pincus is among the foreign investors who have taken note. It has invested $500 million with China''s Avic Trust in so-called "white-collar apartment" manager Mofang, which started its business in 2010 and now operates 30,000 rental units across the country. Another rental apartment platform, Mogoroom, has attracted investment from South Korean venture capital firm KTB Network. Also Greystar Real Estate Partners LLC, the largest apartment manager in the United States, says it is looking for opportunities in major Chinese cities. Chinese developers China Vanke ( 2.SZ ) and Longfor Properties ( 0960.HK ) are betting big on the so-called youth apartment market, which is aimed primarily at 20-40 year-olds. Vanke aims to add 150,000 rental units to the market in the coming two years, whil
'a1cbe83c75f398df51836e94d88b23e78843aed7'|'EU executive acts against Slovenia over ECB data incident'|'Business News - Fri May 5, 2017 - 11:26am BST EU executive acts against Slovenia over ECB data incident FILE PHOTO: The headquarters of the European Central Bank (ECB) are illuminated with a giant euro sign at the start of the ''''Luminale, light and building'''' event in Frankfurt, Germany, March 12, 2016. EUTERS/Kai Pfaffenbach/File Photo BRUSSELS The European Commission launched an infringement procedure against Slovenia on Friday over its seizure of European Central Bank data last year after Slovenian authorities failed to provide a satisfactory response to its query about the incident. Slovenian authorities seized both ECB documents and computer hardware on July 6 last year as part of a national investigation against central bank officials. The ECB had not given prior authoritisation for the Slovenian action. The Commission subsequently asked for a clarification. "The Commission was not satisfied with the response provided by the authorities and, without questioning the powers of national authorities under national procedures, decided to open an infringement procedure," the EU executive said in a statement. It gave Slovenia two months to reply to its letter. (Reporting by Foo Yun Chee)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-slovenia-ecb-idUKKBN181120'|'2017-05-05T18:26:00.000+03:00'
'1241a276ba8b62f22131cb161dfa4180bbd055aa'|'UPDATE 1-New York judge halts request in Avianca Airlines shareholder spat'|'(Adds Quote: from judge''s ruling, additional information on lawsuit, clarifies involved parties)May 9 A judge has frozen an information request by Avianca Airlines'' No. 2 shareholder, ruling against one piece of its push to stop negotiations by top shareholder Synergy Group with United Continental Holdings Inc .New York Supreme Court Judge Anil C. Singh denied the discovery request filed by No. 2 shareholder Kingsland Holdings Ltd in its push to have talks between Avianca and United halted. Kingsland had previously said it wanted all proceedings stopped until shareholders vote on whether to appoint an auditor to examine transactions between the airline and its controlling shareholder.Singh ruled that Kingsland had "failed to show the imminent harm it may incur should expedited discovery be denied."The decision was the latest development in a legal fight between the top two shareholders at Colombia''s largest airline."Avianca is pleased with today''s outcome and looks forward to the court''s consideration of its motion to dismiss Kingsland<6E>s lawsuit," the airline said in a statement. "Avianca believes the lawsuit is entirely baseless and without merit."Avianca''s two largest shareholders are suing one another over an attempt by Avianca to forge an alliance with United. Kingsland has called the deal "egregiously one-sided" and said it represents a bad deal for Avianca''s other shareholders.Kingsland sued Avianca and Synergy to halt the negotiations, and Avianca countersued Kingsland, seeking to dismiss its lawsuit filed in New York State Supreme Court in late February.The cases will not move forward with an exchange of evidence until the court rules on Avianca''s motion to dismiss Kingsland''s lawsuit or until an agreement is struck between Avianca and United.Synergy is controlled by investor German Efromovich, who along with Avianca is being sued by Kingsland for allegedly negotiating an $800 million loan and strategic alliance behind the backs of other shareholders.Synergy holds 78 percent of Avianca voting shares. Kingsland holds about 22 percent of Avianca''s voting shares and 14 percent of total shares.A Kingsland representative said the judge''s decision to stay its discovery request did not address the merits of its lawsuit. However, the representative said Kingsland was pleased it had exposed talks between United, Synergy and Efromovich, "which will be the subject of scrutiny by the court and the public if a definitive agreement is announced." (Reporting by Dion Rabouin; editing by Andrew Hay and Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/colombia-avianca-holding-idINL1N1IB23M'|'2017-05-09T20:54:00.000+03:00'
'0b9ac79c74c028e3fb3fe25d32277d4a49a61392'|'Top Indian telco Bharti Airtel posts smallest quarterly profit in four years on competition - Reuters'|'By Sankalp Phartiyal - MUMBAI MUMBAI Bharti Airtel, India''s largest mobile telecoms network operator, reported its smallest quarterly profit in more than four years on Tuesday, as free services offered by upstart rival Jio sparked a price war which has eroded sales and margins.The results highlight the turmoil in the world''s second-biggest cellphone market following the entry late last year of Reliance Industries'' new network operator Jio, which has forced Bharti and others to slash rates to retain customers.Bharti Airtel said its net profit plunged nearly 72 percent from a year earlier to 3.73 billion rupees ($57.7 million) in the three months ended March 31, its fiscal fourth quarter, missing analysts'' forecasts of 5.28 billion rupees.It was the company''s smallest quarterly profit since the December quarter of 2012, according to Thomson Reuters data.Revenue from operations fell 12 percent to 219.35 billion rupees."The sustained predatory pricing by the new operator has led to a decline in revenue growth for the second quarter in a row," Bharti Airtel Chief Executive Gopal Vittal said in a statement.Jio began charging for its services in April, but analysts say low tariffs will continue to pressure industry revenues.Bharti Airtel''s average revenue per user for mobile services in India fell 8 to 158 rupees.Bharti Airtel, which operates in 17 countries across Asia and Africa, said its revenue from African operations rose 2.6 percent on the same period last year at constant currencies.Jio''s onslaught has triggered consolidation in India''s ultra-competitive telecoms sector.Vodafone Group Plc''s Indian subsidiary and Idea Cellular have agreed a $23 billion merger that will create the market''s biggest carrier, overtaking Bharti Airtel.Meanwhile Bharti has taken over Norwegian Telenor''s operations in six states.(Reporting by Sankalp Phartiyal; Abhirup Roy in Mumbai; Editing by David Clarke, Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-bharti-airtel-results-idINKBN1851TK'|'2017-05-09T14:30:00.000+03:00'
'a48521682ca401d6e98606e05c0c19befd6ff8bd'|'UK needs post Brexit deals with Turkey, South Africa, not just EU - Ford'|' 22am BST UK needs post Brexit deals with Turkey, South Africa, not just EU: Ford Jim Farley in Geneva, Switzerland, March 1, 2016. REUTERS/Denis Balibouse LONDON Britain needs to strike a trade deal with Turkey and South Africa as well as with the remainder of the European Union when the country leaves the bloc, Ford''s Europe chief said on Wednesday. "For Ford, it''s not only important for the UK''s agreement with the 27 countries but equally important are countries like Turkey and South Africa which hasn''t really been talked about," Ford of Europe CEO Jim Farley told a London conference. U.S carmaker Ford, which is Britain''s biggest automotive engine builder, makes vans in Turkey, which is not part of the EU but is in the EU customs union. Farley also said it was looking at how to maintain the free movement of goods and people which could be inhibited under a hard Brexit deal involving tariffs. "We are spending a lot of time thinking and talking about how we need to change our operations and what support we need from the government and other entities not only in the UK to make sure friction doesn''t get created," he said. (Reporting by Costas Pitas; editing by Kate Holton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-ford-motor-idUKKBN186121'|'2017-05-10T17:14:00.000+03:00'
'b294f2776374f5fce1aeeb51b2049d3ce615b4a6'|'Buyers ready to pounce on Rio Tinto coking coal mines -sources'|'By James Regan - SYDNEY SYDNEY The sale of two Rio Tinto ( RIO.AX ) ( RIO.L ) coking coal mines in Australia is attracting scores of interested buyers as private equity and public companies compete for a foothold in one of the year''s hottest commodities, four sources familiar with the matter said on Friday.Rio Tinto is expected to soon begin an official sales process for the Hail Creek and Kestrel mines in coal-rich Queensland state, which is bringing "an unprecedented number of people to the table," said one source, whose company is interested in the assets.Analysts expect each of the mines to sell for more than $2 billion and complete Rio Tinto''s exit from Australian coal mining after it agreed in January to sell its Coal & Allied thermal coal division to China''s Yancoal Australia ( YAL.AX ) for $2.45 billion. [nL4N1FE31V]"There''s a lot of interest in a limited number of opportunities in Australian coking coal and that''s driving the frenzy for Hail Creek and Kestrel," the source said, speaking on condition of anonymity.Rio Tinto has not formally announced the sale, but has said it is exiting coal as its focuses on growth in iron ore, copper and its aluminum division. The company declined to comment on whether it was taking offers on the two Australian mines.Australian coking coal is sold mostly to steel mills in Asia. Prices SCAFc1 jumped to half-decade highs late last year on pinched supplies in China and surged again last month after an Australian cyclone disrupted shipments, underscoring the strong demand for high quality coal.A private equity executive, who has previously bought Australian coal assets, said he expected to face "stiff competition" from other private equity groups for the Rio Tinto mines.Credit Suisse is advising Rio Tinto, a third source said. Credit Suisse declined to comment.Buyers are also looking at mines put up for sale by other companies, including conglomerate Wesfarmers ( WES.AX ), and Peabody Energy ( BTU.N ). Anglo American ( AAL.L ) also said a year-and-a-half ago it would exit coal mining as part of a restructuring to pay off debt, but has yet to announce a formal sale since coal prices staged a recovery.Barry Tudor, a former mining chief executive and head of private equity group Pembroke Resources, said the recovery in prices had removed the urgency of a sale for some companies, with mine owners happy to run their operations for cash.Pembroke last year ago paid A$104 million for three mine tenements from Peabody and was looking for more mines to feed long-term demand from Asia."We now have a mandate to specifically find more coking coal assets in Australia," said Tudor, although he declined to comment on whether Pembroke would look at the two Rio mines.CULLING OFFERSUntil Rio Tinto turned seller, the biggest deal pending was Wesfarmers'' sale of its Curragh mine and its 40 percent interest in the Bengalla mine.Wesfarmers Chief Executive Richard Goyder said last week his company has been culling approaches."We are working through a reduced number of parties on both assets, details of what''s on the table," Goyder said. "The process isn''t simple and it will not be short, if indeed anything comes of it."Offers could also come from mining companies seeking to beef up their coal portfolios or diversify into the sector.Jim Beyer, managing director of iron ore miner Mt Gibson Iron Ltd ( MGX.AX ) said this week coking coal mines in Australia would fit his company''s diversification plans into other commodities."Coking coal is a business we have been looking at," Beyer said. "There are quality assets out there, but they are very competitive and limited," he said, adding that Mt Gibson was also looking at base metals and other commodities.(Reporting by James Regan; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-australia-coal-m-a-idINKBN1810UC'|'2017-05-05T08:03:00.000+03:00'
'5b7e69bf51d6202c574271f2bace1a1a1c8fe7e7'|'European markets to benefit most from global upswing - Blackrock''s Hildebrand'|'Business News - Fri May 5, 2017 - 12:33pm BST European markets to benefit most from global upswing - Blackrock''s Hildebrand Philipp Hildebrand, Vice Chairman of BlackRock Inc. participates in Flagship: The Future of Finance panel discussion during the IMF-World Bank annual meetings in Washington October 12, 2014. REUTERS/Yuri Gripas LUXEMBOURG The continued global economic expansion offers an "extraordinary window of opportunity" for investors, particularly in European markets that haven''t yet fully priced in the positive outlook, Blackrock vice chairman Philipp Hildebrand said on Friday. Investors are underestimating the positive impact of the synchronised reflation trend that is helping to lift global asset prices, he said, noting that Europe is also benefiting from substantial European Central Bank stimulus. "Europe has more upside potential than perhaps any other region in the world today," Hildebrand told delegates at the International Capital Markets Association annual general meeting in Luxembourg. "Growth has returned and deflation risks have successfully been fought off. It''s an extraordinary window of opportunity." The euro zone economy grew nearly three times faster than the U.S. economy in the first quarter, and consumer and business confidence is surging. Earnings growth is in double-digits and corporate deal-making is near record levels. European equity funds are poised to recoup the $100 billion of investor flows that left the region last year, analysts say. Hildebrand said investors tend to underestimate the strength of synchronised inflation and growth trends, both on the upside and the downside. He said he is hopeful that U.S. capital expenditure and productivity are finally turning the corner after years of sluggish performance - "two missing pieces" that would cement the U.S. recovery and the same globally. That said, investors shouldn''t get carried away, said Hildebrand, vice chairman of the world''s asset manager. Debt levels globally are higher today than they were before the financial crisis, ageing populations are putting a huge strain on government finances in the developed world, and productivity growth in most advanced economies remains weak. "Add all that together ... and it''s hard to see a return to the golden days before the crisis," he said. (Reporting by Jamie McGeever; editing by Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-markets-blackrock-idUKKBN18118J'|'2017-05-05T19:33:00.000+03:00'
'5a7c80e9849f7e056c7b178166d01d2f320a6a40'|'IAG expects Alitalia troubles to mean faster Vueling growth in Italy'|'Deals - Fri May 5, 2017 - 5:38am EDT IAG expects Alitalia troubles to mean faster Vueling growth in Italy Willie Walsh, CEO of International Airlines Group in Dublin, Ireland June 3, 2016. REUTERS/Clodagh Kilcoyne LONDON IAG ( ICAG.L ) expects Alitalia''s [CAITLA.UL] problems to help it grow its budget carrier Vueling in Italy, but the British Airways owner is not interested in a takeover of the struggling Italian flag carrier, IAG''s chief executive said on Friday. Alitalia filed to be put under special administration this week for the second time in less than a decade, starting a process that will lead to the loss-making Italian airline being overhauled, sold off or wound up. "We clearly see some organic growth opportunities in Italy. We will look to see if there''s an opprtunity to speed up growth... focused on Vueling," Willie Walsh told analysts after the group reported first quarter results, but added IAG had "no interest whatsoever" in Alitalia. Rivals Lufthansa ( LHAG.DE ) and Norwegian ( NWC.OL ) have also shown little interest in Alitalia and creditors have refused to lend it any more money. (Reporting by Alistair Smout; Writing by Victoria Bryan; Editing by Alexander Smith) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-iag-results-m-a-idUSKBN1810XG'|'2017-05-05T13:38:00.000+03:00'
'235f29dedcebc383f2e22e2cf232b386c0b04bcb'|'Asian stocks tread water on U.S., commodities concerns'|'By Saikat Chatterjee - HONG KONG HONG KONG Asian stocks declined for a third consecutive day on Friday as fresh falls in commodities raised concerns about the health of the global economy, though the euro bucked the broad weakness on receding concerns about France''s presidential election.Chinese stocks led regional losers, falling to a three-month low as concerns about tighter financial regulations weighed on banking shares while oil plays such as Petrochina and Sinopec tumbled on oil''s retreat below the $45 per barrel mark.In the latest attempts by Beijing to reduce leverage in the nation''s banking system, regulators are turning their attention to capital rotation, breaches of arbitrage rules and illegal transactions, the official Shanghai Securities News reported on Friday, citing bank sources."Obviously regulations are tightening and a large number of regulatory measures will come in the second half of the year, thus hurting sentiment," said Zhu Qibing, an analyst with BOCI Securities.While regulatory enforcement sprees are not new to China, investors fear there may be no let up in a new wave of tightening soon after President Xi Jinping last week made a rare speech on financial stability.Xi called for increased efforts to ward off systemic risks to help maintain financial security, the official Xinhua news agency said.MSCI''s broadest index of Asia-Pacific shares outside Japan extended its decline to be down 0.8 percent on Friday and was trading at its lowest level since April 25.European stock markets are set to follow in Asia''s wake with key indices likely to open between 0.2 to 0.4 percent lower.Other commodity-related plays such as the Australian stock market also fell with a benchmark index declining 0.8 percent. Big miners such as Rio Tinto Ltd, BHP Billiton Ltd and Fortescue Metals Group Ltd fell between 2.7 to 3 percent."The falls in commodities prices definitely tell us there is some kind of a moderation under way in the global economy and I would advise taking some money off the table at these levels," said Cliff Tan, East Asia head of global markets research at Bank of Tokyo Mitsubishi UFJ in Hong Kong.On Friday, Chinese iron ore futures fell nearly 7 percent in opening trades after tumbling 8 percent on Thursday on concerns that global commodity demand may fall sharply in the face of record supplies. andOil plunged to five-month lows on Thursday amid record trading volume in Brent crude, as OPEC and other producers appeared to rule out deeper supply cuts to reduce the world''s persistent glut of crude.U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $44.14 per barrel at 0335 GMT, down $1.39 or 3 percent, after a more than 4 percent drop the previous session."The rout in markets is unlikely to turn around quickly," ANZ strategists wrote in a daily note. "Oil markets face further potentially bearish data, with the U.S. rig count likely to add to the bearishness."The weakness in commodities washed over to stocks, countering some fairly solid earnings reports and some cautious optimism about U.S. President Donald Trump''s reform plans after the U.S. House of Representatives passed a healthcare overhaul.Traders also remained cautious ahead of Friday''s U.S. government payrolls report, following March''s underwhelming 98,000 figure. Economists on average expect 185,000 jobs were created in April.Futures traders are pricing in a 79 percent chance of a June rate hike, up from 68 percent a week earlier, according to the CME Group''s FedWatch Tool.That hurt U.S. Treasury notes with yields on benchmark 10-year notes yielding 2.35 percent, near its highest since April 10, and up from 2.31 percent late on Wednesday.The euro settled near a six-month high against the U.S. dollar hit in the previous session at $1.09850 after centrist Emmanuel Macron consolidated his position to win France''s presidential race against anti-EU candidate Marine Le Pen.Beyond Sunday''s vote, traders will be looki
'9cf1c40c6b65811bcedafe3861247d5a612f03d1'|'TPG pulls out of SriLankan Airlines bid talks - airline chairman'|'By Ranga Sirilal - COLOMBO COLOMBO U.S. private equity firm TPG, one of three bidders short-listed to buy a 49 percent stake in state-owned SriLankan Airlines, has pulled out of talks about the potential acquisition, the chairman of the national carrier said.Sri Lanka has been looking to sell the minority stake in the airline along with management control, part of a broader move to reduce its holdings in state-owned firms and cut debt."After completing the due diligence process, regrettably TPG have informed us they will not pursue a potential investment in SriLankan Airlines," Ajith Dias, chairman of the carrier said in an internal memo to employees seen by Reuters on Friday."It is their opinion that allocating the human and financial resources to make the airline profitable will not realise sufficient returns, compared to the many other investment opportunities that are available to them," he said.Officials from TPG were not immediately available for comment.TPG, Sri Lanka-based Peace Air and a Maldivian company had been short-listed from about nine bids for the 49 percent stake, including from U.S. investment manager BlackRock Inc ( BLK.N ).The government called for bids in July and had expected to award the restructuring process by end 2016 but it said in February the bids from the three short-listed companies were too low.Dias also said the government was pursuing other options to find a partner and the airline should continue on the path of improving its financial and operational performance.The national carrier is struggling with colossal debt and decided to sell four new Airbus A350s after cancelling an order for four of the aircraft. It has also stopped some loss-making destinations to the Europe.SriLankan Airlines was a profitable joint venture with Gulf carrier Emirates for a decade until the pair split in 2008. Subsequent mismanagement left the airline saddled with debt of about $3.25 billion, according to the Prime Minister Ranil Wickremesinghe.SriLankan Airlines has attractive routes to India and analysts have said potential investors could be drawn to the prospect of turning around the carrier, which has about 21 leased Airbus planes.The airline which has 7,000 staff, reported a net loss of 16.33 billion rupees for the year to March 31, narrower than its 31.4 billion loss a year earlier, thanks to lower oil prices.It last made a profit in 2009, a year after Emirates sold its stake.(Writing by Shihar Aneez; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sri-lanka-airlines-idINKBN18120W'|'2017-05-05T16:17:00.000+03:00'
'82f39a18f590200d8fee10e9fc6649b38077d030'|'Oil prices rise on expectation of output cut extension'|'Business  50pm EDT Oil slips despite talk of supply cuts being extended into 2018 A worker looks on at the Bashneft-Ufaneftekhim oil refinery outside Ufa, Bashkortostan, Russia January 29, 2015. REUTERS/Sergei Karpukhin/File Photo By Julia Simon - NEW YORK NEW YORK Oil prices edged down in a volatile trade on Monday despite Saudi Arabia''s oil minister saying that he expected OPEC and its partners to consider extending their deal to cut supply possibly into next year to end a global glut. Growing U.S. drilling and production have played a role in undermining the efforts of the Organization of the Petroleum Exporting Countries and non-OPEC producers, such as Russia, to reduce global oil inventories with an output cut of 1.8 million barrels per day (bpd) during the first half the year. Saudi Energy Minister Khalid al-Falih said oil producers would "do whatever it takes" to rebalance the market and that he expected a global deal on cutting crude output to be extended through all of 2017 and possibly into next year. News that the curbs may be extended into 2018 fueled a short-lived rally in the market, but oil gave up the gains quickly amid pessimism on how long it will take to drain brimming oil inventories. Brent crude was down 8 cents at $49.02 a barrel at 1:45 p.m. EDT (1745 GMT). U.S. light crude was down 6 cents at $46.16 a barrel. "The market is getting tired of hearing from OPEC how good they are, how compliant (with supply curbs) they are and especially how all their projections for inventories falling seemed to be moved into the future," said Eugen Weinberg, head of commodity research at Commerzbank. "Those claims do not withstand the reality check with the inventories staying stubbornly high and non-OPEC production rising strongly." Russia also said it was discussing prolonging cuts with other producers beyond 2017. OPEC will review the cuts at a meeting in Vienna on May 25. If the supply curbs are extended, then OPEC will likely struggle to keep its members adhering to the their output targets, Weinberg said. "Compliance rates, in my opinion, will not be as high as they were in past months." The Saudi oil minister said recent price falls had been caused by seasonal low demand and refinery maintenance, as well as by non-OPEC production growth, especially in the United States. U.S. energy companies last week extended a recovery in oil drilling into a 12th month, energy services firm Baker Hughes Inc said on Friday. Since a low point in May 2016, U.S. producers have added 387 oil rigs, growing about 123 percent, Goldman Sachs said. U.S. oil production has soared more than 10 percent since mid-2016 to 9.3 million bpd, its highest since August 2015 and close to the levels of top producers Russia and Saudi Arabia. Many analysts now see U.S. crude output heading toward 10 million bpd over the next year. "It''s all about inventories and U.S. shale versus OPEC," said Hussein Sayed of brokerage FXTM. "OPEC members have no choice but to talk up prices by signaling an extension to the production cuts agreement." In the week to May 2, investors cut their bullish bets on Brent to the lowest level since late November, while hedge funds and money mangers also cut gross long positions in U.S. crude futures for the second straight week, to the lowest since early November. (Additional reporting by Christopher Johnson and Karolin Schaps in London, Henning Gloystein in Singapore; Editing by Marguerita Choy and Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-oil-idUSKBN18401Z'|'2017-05-08T08:36:00.000+03:00'
'6f0f53cd8cf2c64fb4aa014f1988a960e428e187'|'TPG-backed consortium bids for Fairfax Media assets, Australian firm says'|'SYDNEY A consortium led by U.S. private equity firm TPG Capital made an indicative proposal on Friday to acquire Fairfax Media Ltd''s ( FXJ.AX ) metropolitan newspapers and Domain real estate classifieds unit for cash, the CEO of the Australian media firm said in a memo to staff on Sunday evening.The Sydney Morning Herald, owned by Fairfax, reported the TPG proposal valued the metro newspapers and real estate classified assets at A$2.2 billion ($1.63 billion).The proposal would involve shareholders retaining scrip exposure to the company''s regional and New Zealand newspaper assets as well as its radio and digital streaming divisions, said the memo to staff seen by Reuters.Fairfax Chief Executive Greg Hywood said the board would consider the TPG proposal."There is no certainty that the indicative proposal will result in an offer for Fairfax, what the terms of any offer would be, or whether there will be a recommendation by the Fairfax board," he said.A Fairfax spokesman declined to comment. TPG could not be reached immediately for comment.(Reporting by Jamie Freed; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fairfax-media-m-a-tpg-idINKBN18313Y'|'2017-05-07T19:54:00.000+03:00'
'f42edb6b1b1aadc2c4b2df403ce30f510733b3cb'|'Saudi energy minister says oil output cuts likely to be extended'|'  3:52pm BST Saudi Arabia says will ''do whatever it takes'' to balance oil market Khalid al-Falih Saudi energy minister attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 19, 2017. REUTERS/Ruben Sprich By Florence Tan and A. Ananthalakshmi - KUALA LUMPUR KUALA LUMPUR Saudi Energy Minister Khalid al-Falih said on Monday that oil producers would "do whatever it takes" to rebalance the market and that he expected a global deal on cutting crude output to be extended through all of 2017. The Organization of the Petroleum Exporting Countries, of which Saudi Arabia is the de-facto leader, and other producers including Russia pledged to cut output by 1.8 million barrels per day (bpd) in the first half of the year to boost the market. But global inventories remain high, pulling crude oil prices back below $50 per barrel LCOc1 CLc1 and putting pressure on OPEC to extend the cuts to the rest of the year. "Based on consultations that I''ve had with participating members, I am confident the agreement will be extended into the second half of the year and possibly beyond," Falih said at an industry event in Kuala Lumpur. "The producer coalition is determined to do whatever it takes to achieve our target of bringing stock levels back to the five-year average," he said. Falih said recent price falls had been caused by seasonal low demand and refinery maintenance, as well as by non-OPEC production growth, especially in the United States. U.S. oil production C-OUT-T-EIA has gained more than 10 percent since mid-2016 to 9.3 million bpd, close to the levels of top producers Russia and Saudi Arabia. Despite this, Falih said markets had improved from last year''s lows, when crude prices fell below $30 per barrel. "I believe the worst is now behind us with multiple leading indicators showing that supply-demand balances are in deficit and the market is moving towards rebalancing," he said. "We should expect healthier markets going forward." He said he expected global oil demand to grow at a rate close to last year. In China, oil demand growth should match last year''s due to a robust transport sector, while India should record healthy growth, he said. The chairman of energy consultancy FGE Fereidun Fesharaki said: "They (OPEC) are looking at (extending) for nine to 12 months. Six months is not enough as we''ll still be well above five years average of stocks." ASIA DRIVES LONG-TERM GROWTH Almost all expected oil demand growth over the next 25 years is likely to originate from Asia as the region''s population grows, with countries such as Vietnam and the Philippines rising to become included in the top 20 global economies, Falih said. Asia will also account for nearly two-thirds of global gas demand by that time, he said. Global investments in exploration and production have also fallen behind, potentially creating a big supply-demand gap in the next few years, he said. "Conservative estimates predict that we will need to offset 20 million barrels per day in combined demand growth and natural decline over the next five years," Falih said. "That is why I fear ... we are heading into a future of supply-demand imbalances." To help meet this demand, state oil company Saudi Aramco will invest $7 billion in a refinery-petrochemical project with Malaysia''s Petronas. Also, Saudi Aramco''s project with Indonesia''s Pertamina to expand the Cilacap refinery will enter front-end engineering design in the second half of this year, Falih said. Falih shrugged off talk that the rise of alternative energy could reduce fossil fuel consumption, saying renewables still face hurdles such as affordability. (Reporting by Florence Tan, A. Ananthalakshmi and Emily Chow; Additional reporting by Reem Shamseddine in KHOBAR, Saudi Arabia; Writing by Henning Gloystein; Editing by Tom Hogue and Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-oil-production-s
'1c168df243858d98009030e71cbdbb414dbc9682'|'European shares slip from highs as Macron win seen priced in - Reuters'|'  1:55pm IST European shares slip from highs as Macron win seen priced in General view of the Frankfurt stock exchange, Germany, June 29, 2015. REUTERS/Ralph Orlowski/Files MILAN European shares briefly hit fresh highs in early deals on Monday before dipping into the red, pulled lower by banks and resources-related stocks, as the widely anticipated result of the French presidential vote spurred some profit-taking. The pan-European STOXX 600 index was down 0.2 percent, while France''s CAC fell 0.4 percent after hitting its highest levels in more than 9 years and the German DAX was flat, holding near record highs. Centrist Emmanuel Macron was elected French president with a business-friendly vision of European integration, defeating Marine Le Pen, a far-right nationalist who threatened to take France out of the European Union. "Because it is broadly in line with recent polls, this result has already been largely anticipated by market participants and therefore we would expect the extent of any new ''relief rally'' to be more modest than what we experienced after the first round," said Julien Lafargue, European equities strategist at JP Morgan Private Bank. Banks, which are more sensitive than other sectors to political factors, also turned negative. The euro zone bank index was down fell 0.7 percent after earlier hitting its highest since November 2015. French banks BNP Paribas and Societe General fell more than 1 percent. Some market participants have speculated that a Macron win could be the last piece of the puzzle for the European Central Bank''s Mario Draghi to begin rolling back from its ultra-loose monetary policies. (Reporting by Danilo Masoni, Editing by Vikram Subhedar)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/europe-stocks-idINKBN1840QV'|'2017-05-08T06:25:00.000+03:00'
'cb83f648c98ae5532aefcc56a83ffe9b0f62d7fe'|'Singapore FX reserves rise to $260.7 bln in April'|'SINGAPORE, May 8 here The Monetary Authority of Singapore (MAS) on Monday issued the following foreign reserves data for April. April March February Official foreign reserves 260.7 259.6 253.3 (US$ bln) Official reserves (S$ bln) 364.4 362.8 354.2 of which gold and forex 361.7 360.1 351.5 For detailed reserves data, see the Monetary Authority of Singapore''s website: www.mas.gov.sg (Reporting by Fathin Ungku; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/singapore-economy-forex-reserves-idUSS7N1FZ00W'|'2017-05-08T17:07:00.000+03:00'
'180e7777eeb5d1c2ab72b3a50d8d1a2157ec732e'|'RPT-Australian push may open more doors for batteries on power grids'|'(Repeats item with no change to text)By Sonali PaulMELBOURNE May 7 Battery makers worldwide are watching to see whether Australia''s most wind power-dependent state can keep the lights on by installing grid-scale batteries by December, which could help drive the growth of renewable energy across Australia and Asia.A decade-long political stalemate in Australia over energy and climate policy has effectively led to power and gas shortages and soaring energy prices threatening industry and households.If batteries help solve Australia''s problems by storing surplus electricity generated by wind and solar power, countries like Indonesia, the Philippines and Chile, could follow suit."I call South Australia the ''perfect storm'' opportunity for energy storage," said Ismario Gonzalez, global sales director for AES Energy Storage, an arm of U.S. firm AES Corp, which has installed or is working on battery projects in seven countries, including Australia.The more dependent the grid is on intermittent sources like wind and solar, the more flexible the back-up sources need to be. That''s the appeal of battery storage. It can be switched on and off easily, responding faster than a gas peaking plant.The state of South Australia, where wind and rooftop solar make up 44 percent of power sources, urgently needs to install big batteries after suffering blackouts over the past year.It has little back-up as coal-fired power plants in the state have shut due to the rapid expansion of renewable energy. That has made it more dependent on power from neighbouring Victoria, its only link to Australia''s national electricity market.The state government plans to spend A$150 million ($115 million) supporting the installation of 100 megawatt hours of battery capacity this year, which would be the world''s second-largest battery system behind one installed by AES for California''s San Diego Gas & Electric Co in February.South Australia has yet to name a shortlist of bidders, after having received 90 expressions of interest from more than 10 countries. So by the time it signs contracts, the winner or winners will have only six months to meet a December deadline. [factbox: L4N1I51XB]At the same time, the state of Victoria is tendering to support construction of 100 MWh of battery capacity to be delivered in two stages by 2018.AES says lessons learned in South Australia could be applied in Victoria, which is facing the loss some coal-fired power, and elsewhere, like Chile, where solar power is growing rapidly and will need to be combined with energy storage to avoid outages.COSTS DROPPING FASTStiff competition for the two state battery projects, with all the big makers like South Korea''s Samsung SDI and LG Chem, Elon Musk''s Tesla Inc and U.S. firm Greensmith Energy in the running, will help drive down prices for energy storage, another factor that should speed the spread of batteries along with wind and utility-scale solar."Combined renewable energy generation and storage solutions are becoming genuine competitors with fossil fuel base load generation. This will be the real game changer," said Josh Carmody, head of Australia for Equis Energy.Equis Energy, a fund set up by former Macquarie bankers to invest in renewable energy projects around Asia, is building a large-scale solar farm in South Australia and is seeking state funding for batteries at the project.Carmody said safety and performance problems as well as cost had limited the use of batteries in the energy supply system to date, but those challenges were being overcome rapidly.For battery providers, the money making opportunity will come not only from energy storage but crucial extra services to manage voltage and frequency on grids, several energy storage executives said."Projects such as those in South Australia and California demonstrate that there is now significant growth to come in the grid support sector," said Bruce Cole, East Penn''s senior vice president, industrial sale
'1259d124bb586ad57be3c0912062143330f58808'|'Dell combines venture capital units after EMC merger'|'By Stephen Nellis - SAN FRANCISCO SAN FRANCISCO Dell Technologies Inc said on Monday it has combined the venture capital operations from its two predecessor companies, computer maker Dell Inc and data storage firm EMC Corp, and said it plans to invest about $100 million a year in startups.Dell also revealed a portfolio of 70 existing and prior investments made by both operations, some of which, like Arista Networks Inc, which went public in 2014, had not been previously disclosed.Dell Technologies, run by Dell founder and PC pioneer Michael Dell, is the result of the $67 billion merger between the two companies in 2015, which created the largest privately held technology company in the world.Before the deal, both companies maintained venture capital operations, called Dell Ventures and EMC Ventures. Most large Silicon Valley firms run venture capital arms as a way of keeping in touch with emerging tech companies.The two groups in question operated differently and had different structures, according to Dell Technologies.EMC Ventures, headed by Scott Darling, invested capital held on EMC''s balance sheet. Dell Ventures, headed by Jim Lussier invested from specifically created funds - a $60 million fund aimed at storage startups launched in 2012 and a broader $300 million fund aimed at later-stage startups like Dropbox in 2013 - in which the parent company was the only limited partner.The newly combined unit, called Dell Technologies Capital, will operate along similar lines to EMC''s venture capital operation, investing average sums of $3 million to $10 million in both early- and late-stage startups from the parent''s $118.2 billion balance sheet, the company said.The unit is headed by Darling, previously at EMC. Lussier left Dell in August 2016, according to his LinkedIn profile. Lussier did not immediately respond to a request for comment.Darling said the new fund''s investments will consist of companies that Dell Technologies might eventually want to acquire and startups that help the broader data center ecosystem.Dell''s new venture group disclosed that its portfolio includes Barefoot Networks, which has also received an investment from Dell''s rival Hewlett Packard Enterprise Co, and Ontonomo, an Israeli firm that makes technology for internet-connected vehicles and has received an investment from Delphi Automotive Plc.Dell also revealed prior investments in companies that have since gone public or been sold, such as Arista and Anobit, which Apple Inc acquired in 2012."We ran the group in stealth mode for five years, which gave us greater latitude," Darling said of the firm''s private investments.(Reporting by Stephen Nellis; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-dell-venture-idINKBN1841WS'|'2017-05-08T14:47:00.000+03:00'
'710e0c887abff51c14e57203aaea0d9c88570a2c'|'Imagination Tech starts dispute process with Apple'|'Technology  31am BST Imagination Tech starts dispute process with Apple An Apple logo is seen in a store in Los Angeles, California, U.S., March 24, 2017. REUTERS/Lucy Nicholson LONDON Imagination Technologies said it had started a "dispute resolution procedure" with Apple, its biggest customer, after failing to resolve a standoff over licensing between the two companies. Imagination said in April that Apple had notified the British firm it was developing its own graphics chips and would no longer use Imagination''s processing designs in 15 months to two years time. The news sent shares in the British firm down 70 percent on the day. It said on Thursday it had commenced the dispute resolution procedure under the license agreement with a view to reaching an agreement through a more structured process. It also said it planned to sell two businesses, MIPS and Ensigma. (Reporting by Kate Holton, editing by Paul Sandle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-imagination-tech-apple-idUKKBN1800IB'|'2017-05-04T14:21:00.000+03:00'
'8633e6116ae0714ce5183716e3c95cfc09b6fa83'|'Canadian Natural Resources'' profit jumps on higher crude prices'|'Thu May 4, 2017 - 11:52am EDT Canadian Natural posts first-quarter profit, evaluating acquisitions Facilities at Canadian Natural Resources Limited''s (CNRL) Primrose Lake oil sands project is seen near Cold Lake, Alberta August 8, 2013. REUTERS/Dan Riedlhuber By Nia Williams - CALGARY, Alberta CALGARY, Alberta Canadian Natural Resources Ltd ( CNQ.TO ), the country''s largest independent petroleum producer, said on Thursday it continues to evaluate any assets for sale within its core areas of operation in western Canada. However, the Calgary-based company added that it was focused on its recently announced acquisition of a majority stake in the Athabasca Oil Sands Project in northern Alberta, which is set to close in the second quarter of this year. Canadian Natural will pay C$12.74 billion ($9.28 billion) for assets belonging to Royal Dutch Shell ( RDSa.L ) and Marathon Oil Corp ( MRO.N ), making it one of the three major Canadian oil sands operators, along with Suncor Energy ( SU.TO ) and Cenovus Energy ( CVE.TO ), that have been stepping in as foreign oil majors exit the region. "We have got lots on our plate but that will not stop us from evaluating everything that goes through our core area," president Steve Laut said on a first-quarter earnings call. Canadian Natural, which operates in western Canada, the North Sea and offshore West Africa, reported a first-quarter profit on Thursday helped by an uptick in crude prices and increased output from its Horizon oil sands project in Alberta. Oil prices CLc1 LCOc1 began to rise late last year after a two-year slump, and are now trading within a $45-$50 a barrel range as an OPEC-led production cut and rebounding demand slowly erode a global glut. Canadian Natural posted a net profit of C$245 million, or 22 Canadian cents per share, for the quarter ended March 31, swinging to a profit after reporting a loss of C$105 million, or 10 Canadian cents per share, in the year-earlier quarter. The company said production rose nearly 4 percent to 876,907 barrels of oil equivalent per day (boepd) in the latest quarter. Cash flow from operations, a key indicator of a company''s ability to pay for new projects and drilling, surged nearly 150 percent to C$1.64 billion, or C$1.46 per share. The free cash flow was largely used to reduce debt levels by C$500 million, the company said. Production from Horizon, the company''s flagship oil sands facility, hit a record 192,000 bpd in the first quarter, up 50 percent year-on-year. Phase 3 of the project is scheduled to start up by the end of 2017, adding 80,000 bpd of capacity. (Reporting by John Benny in Bengaluru; Editing by Savio D''Souza and James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cdn-natural-rsc-results-idUSKBN1800XM'|'2017-05-04T17:12:00.000+03:00'
'86cb3588966b572ba2258767f547c61a49572484'|'UPDATE 2-IHeartMedia raises going concern doubts'|'(Adds Breakingviews link)May 4 IHeartMedia Inc, the largest owner of U.S. radio stations, said there was substantial doubt about its ability to continue as a going concern.IHeartMedia, which said it has more than a quarter of a billion monthly radio listeners in the United States, is struggling to find a solution that would significantly slash its debt pile outside of bankruptcy court.As of March 31, the company had debt of $20.37 billion and total assets of $12.27 billion. It had $365 million of cash and cash equivalents on its balance sheet as of March 31.IHeartMedia indicated in a regulatory filing on April 20 that it would issue a going concern warning.IHeart, formerly known as Clear Channel Communications Inc, was taken over by private equity firms BainCapital LLC and Thomas H. Lee Partners through a leveraged buyout in 2008 for $26.7 billion, piling up the company with huge debts.The company hosts syndicated radio shows of celebrities such as Steve Harvey, Ryan Seacrest and Rush Limbaugh.Separately, the company reported a first-quarter net loss of $388.2 million, compared with $88.5 million a year earlier.(Reporting by Supantha Mukherjee in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/iheartmedia-restructuring-idINL4N1I65FJ'|'2017-05-04T18:33:00.000+03:00'
'bd6c9560cb13cdbcc6c263d1917c3f8422c6f95f'|'Faurecia, ZF partner to develop ''cockpit of the future'' for self-driving cars'|'Company News - Thu May 4, 2017 - 2:24am EDT Faurecia, ZF partner to develop ''cockpit of the future'' for self-driving cars May 4 French car parts supplier Faurecia said it signed a partnership agreement with German company ZF to develop interior and safety technologies for self-driving cars, dubbing it the "cockpit of the future". Global automakers and technology companies ranging from Alphabet''s Waymo to chipmaker Qualcomm are in a crowded race to develop self-driving vehicles. "Together, we can offer complete interior safety features to meet the future challenges which will allow the interior of the future to be safe, connected, versatile and predictive," Faurecia Chief Executive Patrick Koller said. The companies will continue to work independently on current and upcoming projects, they added. Faurecia, which is 46 percent owned by Peugeot, said the partnership would involve no capital exchange. ZF, among the top suppliers in driveline and chassis technology as well as active and passive safety technology for cars and trucks, said in January that it is working with U.S.-based chipmaker Nvidia to develop artificial intelligence (AI) systems for the transportation industry. "Networked ecosystems are not only at home in Silicon Valley," ZF Chief Executive Stefan Sommer said. (Reporting by Thyagaraju Adinarayan in Gdynia; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/faurecia-zf-self-driving-idUSL8N1I61K7'|'2017-05-04T14:24:00.000+03:00'
'a532220aecfa19d1faf09ca1ea4cf6cc7febc0d5'|'RPT-Wall St Weekahead-Old-guard retail back in the cross hairs'|'(Repeats Friday story with no changes)By Chuck MikolajczakNEW YORK May 5 A glance at the U.S. stock market''s main measure for the health of retailers suggests all is well among those companies in the business of peddling stuff directly to consumers.After all, the $1.16 trillion S&P 500 retail index has climbed nearly 13 percent this year to a record high, roughly double the 7 percent gain by the full S&P 500.That stalwart performance, however, has been delivered almost entirely by a clutch of new ''retailers'' that now account for more than half of the value of the index: Amazon.com Inc , Netflix Inc and Priceline Group Inc. Moreover, it masks a broad slump in shares of traditional retailers having their lunch eaten by disrupters like Amazon in particular.In fact, when the retail index''s big three gainers are excluded, the group''s aggregate value has gained a lackluster 1.3 percent this year and is some 8 percent shy of its high-water mark two years ago.Against that backdrop, next week brings a fresh look at how that old guard of retail is holding up and whether a turn-around in their flagging share performance might be in the offing.First-quarter earnings reports from Macy''s Inc, Nordstrom Inc, Kohl''s Corp and JCPenney Co Inc are expected to be sobering, but could shed some light on whether wrenching turn-around plans launched by some of them, including thousands of layoffs, are starting to bear fruit.Overall corporate earnings for the first quarter have been strong, with growth for the entire S&P 500 pegged at 14.7 percent from a year earlier, the best since 2011, according to Thomson Reuters data. But the consumer discretionary sector , which includes the department stores, is expected to show just 3.9 percent growth, albeit that is up from an estimated 1.4 percent a month ago."The consumer for the most part seems OK. Not everywhere," said Tobias Levkovich, chief U.S. equity strategist at Citigroup.But sales are expected to be middling for the department store chain names. Analysts caution, however, that traditional retailers may no longer be a true measure of consumer health as people have new ways to spend."There will probably be a knee-jerk reaction the wrong way when we hear some of those larger retailers come out and say foot traffic in the mall is terrible," said Art Hogan, chief market strategist at Wunderlich Securities in New York."Hopefully we don''t start assuming that because people aren''t going to Macy''s the consumer is dead."Far from it. The government''s main measure of the health of consumer spending, the monthly retail sales report due out Friday, is expected to show overall retail sales snapped back in April after two straight declines.Of the big four retail names set to report next week, only Nordstrom is forecast to post an increase in earnings per share, and that by just 2.8 percent, according to estimates from Thomson Reuters I/B/E/S.Macy''s profit per share is seen sliding 13.5 percent and Kohl''s is expected to drop 6.4 percent. JCPenney, which posted its first quarterly profit in three years in last year''s fourth quarter, is seen sliding back to a loss."There''s a lot of headline risk attached to retailers so we''re not a big fan of owning a lot of the brick and mortar mass retailers right now," said Nathan Thooft, senior managing director, at Manulife Asset Management in Boston.Indeed, all four of those reporting next week have lagged both their own peer group and the wider market so far this year. While Nordstrom is at least in the black with a modest 2 percent gain, Macy''s and Kohl''s have both tumbled about 19 percent. JCPenney, no longer a member of the S&P 500 retail group, has plunged 34 percent.As Manulife''s Thooft puts it: "The valuations are starting to get interesting, but at the same time you can''t dismiss the fact you have the Amazons of the world and the shift of the consumer to be able to purchase more and more items online."(Additional reporting by Sinead Car
'a808a718c1e829b00f661ce434066b4432bf33a8'|'Citi lists Netflix, Tesla as potential takeover targets for Apple'|'Technology News - Fri May 5, 2017 - 3:29pm BST Citi lists Netflix, Tesla as potential takeover targets for Apple left right A Tesla store is shown at a shopping mall in San Diego, California, U.S., April 28, 2017. REUTERS/Mike Blake 1/2 left right FILE PHOTO: The Netflix logo is shown in this illustration photograph in Encinitas, California, U.S., on October 14, 2014. REUTERS/Mike Blake/File Photo 2/2 Citigroup listed seven companies as potential takeover targets for Apple Inc ( AAPL.O ), including Netflix ( NFLX.O ), Walt Disney ( DIS.N ) and Tesla Inc ( TSLA.O ), as a way to put its cash hoard of more than $250 billion to work. With over 90 percent of its cash sitting overseas, a one-time 10 percent repatriation tax would give Apple $220 billion for acquisitions or buybacks, Citigroup analyst Jim Suva said in a note to clients. U.S. President Donald Trump''s tax blueprint, which was unveiled last month, proposes allowing multinationals to bring in overseas profits at a tax rate of 10 percent versus 35 percent now. "Since one of the new administration''s top priorities is to allow US companies to repatriate overseas cash at a lower tax rate, Apple may have a more acute need to put this cash to use," Suva said. The analyst is rated three out of five stars for his recommendations on Apple, according to Thomson Reuters StarMine. The other potential acquisition targets include video game developers Activision Blizzard ( ATVI.O ), Electronic Arts ( EA.O ) and Take Two Interactive Software ( TTWO.O ) as well as video streaming service Hulu. The analyst said the targets were screened considering five criteria - strategic fit, global scale, transaction size, few non-strategic assets and likely impact on Apple''s share price. Under pressure from shareholders to hand over more of its cash hoard, Apple recently boosted its capital return program by $50 billion, increased its share buyback program by $35 billion and raised its quarterly dividend by 10.5 percent. (Reporting by Derek Francis in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-apple-research-idUKKBN1811LX'|'2017-05-05T22:29:00.000+03:00'
'c8593a09c59b4b7e1000c317ffbddb090b42b2e8'|'U.S. regulation of fintech companies should not prompt a turf war -OCC''s Curry'|'Money - Thu May 4, 2017 - 5:55pm EDT U.S. regulation of fintech companies should not prompt a turf war - OCC''s Curry U.S. Comptroller of the Currency Thomas Curry answers a question during the Reuters Financial Regulation Summit in Washington May 16, 2016. REUTERS/Carlos Barria WASHINGTON Start-up lenders that reach customers online should be able to choose between a federal or state banking license as they grow, a leading U.S. banking regulator said on Thursday as he prepares to step aside. Consumers increasingly go online to manage their money and some financial services start-ups, so-called "fintech" companies, would like a national license for that business. The Office of the Comptroller of the Currency, the leading regulator for national banks, has promised to offer a fintech charter. But state authorities have argued that is their job and are suing the OCC. The question of who will regulate the fintech business should not hinder the industry, said Thomas Curry, the outgoing head of the OCC. "I don''t think this is about turf," said Curry, who steps down on Friday. "I think this is really about the strategic direction of the banking industry." Fintech companies do not lend from customer savings and their money-managing tools are sometimes ahead of traditional banks''. Regulators have scrambled to keep pace with the development of online lenders and payment companies, which act like banks but do not take in deposits. Last week, an alliance of state banking regulators took its case to federal court and asked that a judge block the OCC from developing a federal charter. The Conference of State Bank Supervisors said in a statement that the OCC plan "is an unprecedented, unlawful expansion of the chartering authority given to it by Congress." Curry was appointed by former President Barack Obama and completed his five-year term in early April. Keith Noreika, a partner at law firm Simpson Thacher & Bartlett LLP, will run the OCC on an interim basis starting Friday. [L1N1I522F] The OCC drew fire in September when Wells Fargo & Co announced that rogue bank employees opened as many as 2 million bank accounts without customer agreement. Curry has said his agency should have detected that fraud earlier. He has also said the agency''s money-laundering controls must be carefully calibrated. In recent months, the OCC has told bank examiners to clamp down on illegal transfers but not halt legal money transfers - particularly to and from immigrant communities. [nL2N1GV0DX] "I don''t think we''re struggling with this," Curry said of recent memos, phone calls and speeches on anti-money laundering policy. "Where we explain what our policies are and what our approach is, the better off we are." (Reporting by Patrick Rucker; Editing by Dan Grebler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-banks-occ-idUSKBN1802QK'|'2017-05-05T05:25:00.000+03:00'
'4bffff5ccf8ba3cb040d3630eac92ffcfb97a514'|'Saudi Arabia''s Falih says Brunei ready for global oil agreement extension'|'  5:05pm BST Saudi Arabia''s Falih says Brunei ready for global oil agreement extension Khalid al-Falih Saudi energy minister attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 19, 2017. REUTERS/Ruben Sprich Saudi Arabia''s energy minister Khalid al-Falih said in comments posted on social media on Sunday that Brunei has expressed readiness to extend the global oil cut agreement between OPEC and non-OPEC countries to support oil markets. Falih said that, during a visit to Bandar Seri Begawan, he conveyed to Brunei''s energy minister the kingdom''s keen interest in fostering cooperation with Brunei on all levels. "His Excellency expressed Brunei''s willingness to extend the oil reduction agreement to support the stability of the oil market," Falih said in a message on his Twitter account, referring to Brunei''s energy minister Mohammad Yasmin Umar. Three OPEC delegates said last week that producers from inside and outside the organisation look likely to extend their agreement to limit supplies beyond June to help clear a glut, downplaying the chances of additional steps such as a bigger cut. (Reporting by Reem Shamseddinel; Editing by Sami Aboudi and Andrew Bolton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-saudi-brunei-energy-idUKKBN1830NW'|'2017-05-08T00:05:00.000+03:00'
'dfbf6398c1c9f65ac6697532b14a299e5481afd1'|'Athletics-Kipchoge on pace for sub-two hour marathon - Reuters'|'MONZA, Italy May 6 Kenyan Eliud Kipchoge was on pace to run the first marathon in under two hours on Saturday, part of an unofficial effort at a Formula 1 track in Italy sponsored by sportswear group Nike to break through one of the greatest barriers in sport.The 32-year-old Olympic champion broke away from the only other competitors, Eritrean Zersenay Tadese and Ethiopian Lelisa Desisa, near the halfway mark and was running at pace that would see him finish a few seconds inside two hours.He was running behind an arrow-head of six pacemakers, to reduce drag, and a pace car beaming a green line on the surface of the Monza track behind it to show the speed needed to break the barrier.The world record is 2 hours 2 minutes and 57 seconds, set by Kenyan Dennis Kimetto in Berlin in 2014, and it will stand no matter the time Kipchoge achieves on Saturday, largely because of the pace-setting arrangement. (Reporting by Mark Bendeich, editing by Nick Mulvenney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/athletics-marathon-breaking2-halfway-idINL4N1I803N'|'2017-05-06T03:08:00.000+03:00'
'c2d228688d54703a768edc848f2938787ad2af12'|'Australian media shakeup could provide huge M&A opportunity'|'Business  09am BST Australian media shakeup could provide huge M&A opportunity A woman picks up a copy of the Sydney Morning Herald newspaper, a Fairfax Media publication, in Sydney June 18, 2012. REUTERS/Daniel Munoz By Peter Gosnell - SYDNEY SYDNEY Australia proposed scrapping media ownership restraints on Saturday which could raise huge interest among moguls looking for acquisitions, especially in its ailing, third-largest free-to-air television network, Ten Network Holdings ( TEN.AX ). Federal Communications Minister Mitch Fifield told reporters that restraints on media asset ownership would go under the new proposals that have to be approved by parliament. The decades-old 75 per cent reach rule and the two-out-of-three laws prohibiting a media proprietor from reaching more than 75 per cent of a free-to-air broadcast audience in any area or owning print, radio and free-air assets in the same city, would be scrapped. "The idea behind the abolition of the two out of three rule is to give Australian media organisations the opportunity to configure themselves in the way that best supports their viability," Fifield said in Melbourne. "I am agnostic when it comes to which organisations look to partner with other organisations. "They are commercial matters for them. But what we are told, repeatedly, by Fairfax, by News Ltd, by Ten, is that the abolition of that rule will create real opportunity for media organisations to better configure themselves." The Sydney Morning Herald said the reforms, if passed, "will open the door for a major round of mergers and acquisitions". Rupert Murdoch last month edged a step closer to taking full control of Sky PLC in Britain after the European Commission said it had no issues with an $14.5 billion bid made by Murdoch''s Twenty First Century Fox ( FOXA.O ). All three of Australia''s free-to-air television networks are under pressure as consumers increasingly view content online through streaming services like Netflix ( NFLX.O ) and Amazon.com Inc''s ( AMZN.O ) Amazon Prime. But with a small market share and modest advertising revenue, Ten is in the weakest position. Free TV Australia, the industry group that represents free-to-air networks, has argued that the proposed changes are necessary to enable the industry to compete against encroaching foreign tech giants including Facebook and Google. Ten''s operations are wholly reliant its key shareholders guaranteeing a $250 million credit facility due to expire in December. Those guarantors are Australian television mogul Bruce Gordon, Crown Resorts ( CWN.AX ) casino magnate James Packer and Murdoch''s son, Lachlan, who has a 7.7 per cent direct interest in Ten. Further enhancing the appeal of owning a free-to-air television network is Fifield''s proposal to abolish the existing television licence fee structure which earns the government $130 million a year. Fifield said this would be replaced with a more modest annual fee for the broadcast spectrum which would save free-to-air networks $414 million over five years. He said the government would make up the lost revenue through other budgetary measures. (Editing by Nick Macfie)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-australia-media-idUKKBN1820AU'|'2017-05-06T18:09:00.000+03:00'
'2fe280f9ecf538d5e427622282fc81f69f9b7a92'|'UPDATE 1-Paul Singer''s Elliott Management raises $5 bln in 24 hrs -letter'|'(Recasts lead with additional details from Elliott''s letter; adds Quote: s from Elliott and from a hedge fund investor, details from letter, background)By Lawrence DelevingneNEW YORK May 5 Paul Singer''s hedge fund firm Elliott Management Corp raised more than $5 billion in about 24 hours this week, citing a major potential investment opportunity at a time when Singer said financial markets could face a disruption after being distorted by years of economic stimulus.Singer, in an email to investors on Wednesday announcing the offering of up to $5 billion, said that the funds would be used toward the "possibly large opportunity set that could emerge when investor confidence is impaired, recent correlations and assumptions don<6F>t work, and prices are changing rapidly."In a separate note sent out to clients on Friday, and seen by Reuters, Elliott said that more than $5 billion had been raised as of Thursday.New York-based Elliott manages $32.8 billion. That does not include the fresh $5 billion, which is set up to be drawn from investors over the next several years.A spokesman for Elliott declined to comment."It is of no surprise that such a talented hedge fund manager can raise $5 billion," said Arthur Salzer, chief investment officer of Northland Wealth Management in Markham, Ontario. "In a world of management fee compression for many funds due to poor performance, there are always the standouts."Singer, a conservative billionaire known for his pessimistic views on the financial markets, said in his pitch to investors, "We are at an extraordinary juncture in markets and in the prospects for trading and investing."He likened markets to a "coiled spring," distorted by more than eight years of economic stimulus programs by central banks in the United States and other developed countries.The new fund, Singer said, will let Elliott pounce when and if that spring uncoils."The nature of modern markets is that rich opportunity sets seem to be ephemeral, providing surprising volatility, bargains and dislocations for only brief periods of time before governments, aware of the politically destructive effects of extreme volatility, rally to take stern actions to keep the balls up in the air," Singer wrote.Elliott, according to the letter, has recently focused on investing in securities of distressed companies, especially those in the energy sector, and stocks using a corporate activism approach.Elliott''s current activist bets include BHP Billiton Ltd , Akzo Nobel and Arconic Inc. (Reporting by Lawrence Delevingne; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hedgefunds-elliott-idINL1N1I71OG'|'2017-05-05T19:13:00.000+03:00'
'286614abcec9b0a61d8a51aed8c0fd4dcb3b87f5'|'China''s April producer inflation slows more than expected'|'Central Banks - Wed May 10, 2017 - 5:12am BST China''s factory prices slow further as manufacturing, commodities cool left right FILE PHOTO: A woman works at Tongfa shoe factory in Santai town of Anxin county, one part of the new special economic zone Xiong''an New Area, Hebei province, China, April 6, 2017. REUTERS/Jason Lee/File Photo 1/3 left right FILE PHOTO: A fruit and vegetable stall owner uses a calculator to work out prices for a customer at a small market in central Beijing, China July 7, 2011. REUTERS/David Gray/File Photo 2/3 left right FILE PHOTO: A street food vendor prepares food for customers as heavy smog blankets Shengfang, in Hebei province, on an extremely polluted day with red alert issued, China December 19, 2016. REUTERS/Damir Sagolj/File Photo 3/3 By Elias Glenn - BEIJING BEIJING China''s April producer price inflation cooled more than expected in a sign manufacturing activity may be losing momentum along with other sectors of the economy as domestic demand remains muted and the government cracks down on financial risks. Prices for raw materials fell in April from the previous month, pressured by fears that domestic demand will not be strong enough to absorb surging factory output that rose the most in more than two years in March. A renaissance in China''s steel industry has been a major driver of the world''s second-largest economy in recent quarters, helping generate the strongest profit growth in years and adding to a reflationary pulse across the global manufacturing sector. But China''s reflation cycle in producer prices has probably peaked, and will trend down further, which could drag on China''s economic growth in the second half of the year, said Betty Wang, senior China economist for ANZ in Hong Kong. "The recovery momentum in the economy that emerged in the second half of last year was mainly driven by producer price inflation rather than any changes from a fundamental perspective," Wang said. The soft April inflation data, combined with slightly slower growth in manufacturing activity, reinforces analysts'' views that China''s economic expansion remains solid but is starting to moderate after a surprisingly strong start to the year. First-quarter economic growth came in at a faster-than-expected 6.9 percent, which could give the economy enough of a tailwind to hit Beijing''s full-year target even if growth starts to fade in coming quarters as many analysts expect. With growth comfortably above this year''s target of around 6.5 percent, Chinese policymakers have shifted focus to reining in financial risks, which ANZ''s Wang said will not change based on trends in producer and consumer prices. "Deleveraging remains the policy focus, regardless of the PPI or CPI trend. We don''t think PPI or CPI will have any significant impact on the current policy direction," said Wang. The producer price index (PPI) in April rose 6.4 percent from a year earlier, the National Bureau of Statistics said on Wednesday - cooling for the second month in a row. It was slower than economists'' expectations for a 6.9 percent rise and easing further from the previous month''s gain of 7.6 percent. Analysts said the rally in producer prices may have peaked as a torrid rally in China''s commodities markets showed signs of correcting. Iron ore and steel hit multi-month lows on China''s future markets in April amid concern over rising inventories. Capital Economics said in a report that producer prices were set to fall again in May given that the rout in industrial commodity prices had deepened. "Further ahead, producer price inflation should continue to wane as policy tightening weighs on economic activity...hopes for a sustained reflation in China are fading." On a month-on-month basis, producer prices fell 0.4 percent in April, the first drop since June, led by declines in iron and steel smelting and processing. Iron and steel processing prices fell 3.1 percent month-on-month in April, compared with a 2.3 perc
'7927e55311c5b274095ff8e03da9b0f6b0137d1a'|'Smith & Nephew first quarter revenue rises 3 percent on underlying basis'|'Business News - Fri May 5, 2017 - 7:18am BST Smith & Nephew first quarter revenue rises 3 percent on underlying basis LONDON Smith & Nephew ( SN.L ), Europe''s biggest artificial hip and knee maker, reported a 3 percent rise in underlying revenue in its first quarter, helped by a return to double-digit growth in emerging markets and a solid performance in knee implants. The company said it expected to see progress through the rest of the year after reporting revenue of $1.14 billion, broadly in line with expectations. (Reporting by Paul Sandle, editing by James Davey)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-smith-nephew-outlook-idUKKBN1810FW'|'2017-05-05T14:18:00.000+03:00'
'29bb3b4ae6e385f9cbe21d4ece05e4693d57ac1a'|'The burghers rise up: America<63>s food-truck revolution stalls in some cities'|'IT WAS in 2008 that an out-of-work chef named Roy Choi began selling $2 Korean barbecue tacos from a roaming kitchen on wheels, tweeting to customers as he drove the streets of Los Angeles. Mr Choi<6F>s gourmet food truck has since inspired a reality-TV programme and a hit Hollywood film, and helped jumpstart a $1.2bn industry.Within the food industry, the food-truck business, built on unique dishes, low prices and clever use of social media, is the fastest-growing segment. Restaurants fret about an army of trucks stealing customers but such concerns are unwarranted. According to the Bureau of Labour Statistics, counties that have experienced higher growth in mobile-food services have also had quicker growth in their restaurant and catering businesses. 3 Although many cities have treated food trucks as a fad, a nuisance, or a threat to existing businesses, others have actively promoted them. Portland, Oregon, known for its vibrant culinary scene, has had small food carts on its streets for decades. After a study in 2008 by researchers at Portland State University concluded that the carts benefited residents, the city began encouraging the use of vacant land for food-truck clusters or <20>pods<64>. Today, Food Carts Portland, a website, reckons the city has over 500 carts and trucks.Yet government figures suggest the revolution has stalled in several of the country<72>s biggest cities (see chart). The sector is subject to a patchwork of state and local regulations. In few places are these stricter than in Chicago. Influenced by a powerful restaurant industry, the city prohibits food trucks from setting up shop within 200 feet of a bricks-and-mortar eatery or from parking in any one location for more than two hours. Vendors are required to carry GPS devices that record their whereabouts every five minutes, on pain of heavy fines. Such restrictions have stifled the industry<72>s growth. Despite being home to more than 7,000 restaurants and 144 craft breweries, Chicago has just 70 licensed food trucks.The Windy City may be the least food-truck-friendly place in America but New York and Boston are little better. In Boston vendors must compete for space on public roads at specified places and times through an annual lottery. In New York a vendor must obtain a two-year government permit, which requires sitting through a 15-year waiting list or shelling out as much as $25,000 to rent one on the black market. Adam Sobel, owner of Cinnamon Snail, a popular vegan food truck, shut down his operations in 2015 because of rising costs. <20>You kind of have to be crazy to have a food truck in New York,<2C> he says.Fortunately, truck operators can drive to more welcoming cities, such as Minneapolis and Philadelphia. Once there, and no matter how cosy they get with policymakers, truck owners still want to cultivate their underdog image. <20>It used to be the restaurants and their chefs that had all the power,<2C> says Han Hwang, the chef and owner of Portland<6E>s Kim Jong Grillin<69>. <20>Now it<69>s the people. That<61>s the revolution that<61>s happening right now.<2E>This article appeared in the Business section of the print edition under the headline "Rules of the road"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21721699-chicago-and-new-york-try-protect-bricks-and-mortar-restaurants-americas-food-truck-revolution?fsrc=rss'|'2017-05-04T22:54:00.000+03:00'
'b77e76470bd700285233c3841b50683e1d3c18c4'|'Insurer Cigna beats profit estimates, boosts earnings forecast - Reuters'|'Cigna Corp reported a higher-than-expected quarterly profit on Friday, helped by strength in its commercial business and raised its adjusted earnings forecast for the year.The U.S. House of Representatives on Thursday narrowly approved a bill to repeal and replace Obamacare, handing Republican President Donald Trump a victory that could prove short-lived as the healthcare legislation heads for a likely battle in the Senate.Cigna''s results come at a time when health insurers are deciding how to price their premiums and the markets they can afford to be in next year.Last week, a U.S. appeals court blocked Anthem Inc''s bid to merge with Cigna, upholding a lower court''s decision that the $54 billion deal should not be allowed because it would lead to higher prices for healthcare.Anthem said on Friday it was filing a petition with the United States Supreme Court to review the appeals court decision.Evercore ISI analyst Michael Newshel said the odds for Anthem''s success seem quite low and still expects the merger to break.Cigna, which manages large corporate and government health plans and has a small individual insurance business, raised its 2017 adjusted income from operation forecast to $9.25 to $9.75 per share, up from its previous estimate of $9.00 to $9.50.Newshel noted that the increased guidance appears conservative and still does not include future share repurchases.Cigna''s net income rose to $598 million, or $2.30 per share, in the first quarter ended March 31, from $519 million, or $2.00 per share, a year earlier.Excluding items, the company earned $2.77 per share, well above the analysts'' average estimate of $2.45, according to Thomson Reuters I/B/E/S.Medical customers totaled 15.7 million at the end of the first quarter, an increase of 4 percent, driven by organic growth in Cigna''s commercial unit.Consolidated operating revenue rose 5 percent to $10.34 billion, ahead of estimates of about $10.10 billion.(Reporting by Ankur Banerjee in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/cigna-results-idINKBN1811GV'|'2017-05-05T11:23:00.000+03:00'
'bee62830d3f12a2055354bc12a92ea1b16ea8d72'|'Exclusive - German report raises concerns over A400M military readiness'|'Mon May 8, 2017 - 3:30pm BST Exclusive: German report raises concerns over A400M military readiness FILE PHOTO: An Airbus A400M military aircraft participates in a flying display during the 51st Paris Air Show at Le Bourget airport near Paris, France, June 16, 2015. REUTERS/Pascal Rossignol/File Photo BERLIN A confidential report by the German Defence Ministry has warned that technical challenges and contractual wrangling with Airbus ( AIR.PA ) could impair full operational use of Europe''s A400M military transport plane. "Given the under-financing of the program and the expected demands for delay-related damages, Airbus will not make the needed investments to carry out required improvements," said the report, seen by Reuters. "The operational use of the plane is therefore in jeopardy." The report said Airbus could ask for delays of 12-18 months to resolve those issues, such as defensive measures and the ability to deploy paratroopers, as part of its latest negotiations with seven NATO countries involved in the 20-billion-euro ($21.9 billion) project, Europe''s largest defense venture. Asked about the report, an Airbus spokesman said the A400M program had made significant progress over the last year. (Reporting by Sabine Siebold; writing by Andrea Shalal; editing by Tim Hepher and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-airbus-a400m-exclusive-idUKKBN1841NY'|'2017-05-08T22:30:00.000+03:00'
'ed19be2fcca532e7cf68b9f567943a9eb0506ec1'|'TREASURIES-U.S. bond yields rise ahead of supply'|'* U.S. to sell $62 billion in bonds at quarterly refunding * Macron''s French presidential win pares bonds'' safe-haven appeal * Fed''s Bullard sees little need for Fed to hike rates further * Fed''s Mester sees need for more rate increases as economy grows By Richard Leong NEW YORK, May 8 U.S. Treasury yields rose on Monday in advance of $62 billion in bond supply at this week''s quarterly refunding and following centrist Emmanuel Macron''s victory in the French presidential run-off on Sunday. Macron''s win revived appetite for stocks, propelling the S&P 500 and Nasdaq to record highs, and reduced safe-haven demand for bonds. Some traders heading into Sunday''s vote had feared a possible upset by his anti-European Union rival Marine Le Pen. With the closely watched French election in the rear view, this week''s domestic data and demand at the quarterly refunding will determine the near-term direction on bond yields, analysts said. "It''s a fairly heavy week with data and supply," said Ellis Phifer, senior market strategist at Raymond James at Memphis, Tennessee. The week''s key reports will be those on producer and consumer prices as well as retail sales later this week, analysts said. The Treasury Department will kick off its latest refunding, where it will repay $49.7 billion to investors on maturing bonds, on Tuesday with a $24 billion sale of three-year notes . It will sell $23 billion in 10-year Treasuries on Wednesday and $15 billion in 30-year bonds on Thursday. In early Monday trading, the benchmark 10-year note yield was up more than 2 basis points at 2.378 percent but short of the near four-week high set on Friday following a solid U.S. payrolls report for April. The yield on 30-year bonds was more than 2 basis points higher at 3.016 percent, while the two-year yield was up 1.6 basis points at 1.334 percent. Possible demand for this week''s Treasury supply was based partly on investors'' perception on further rate increases from the Federal Reserve, analysts said. Interest rate futures implied traders saw an 88 percent chance the central bank would raise rates by a quarter point to 1.00-1.25 percent at its June 13-14 policy meeting, up from 79 percent late on Friday, CME Group''s FedWatch program showed. Earlier on Monday, St. Louis Fed President James Bullard said strong bond demand and sluggish workforce growth would keep a lid on rates in the forseeable future, which would allow the Fed to keep rates at current levels. At a separate event, Cleveland Fed chief Loretta Mester said further rate increases are warranted as the economy has reached the Fed''s employment goal and is closing in on its 2 percent inflation target. May 8 Monday 10:39AM New York / 1439 GMT Price US T BONDS JUN7 151-6/32 -0-20/32 10YR TNotes JUN7 125-16/256 -0-40/25 6 Price Current Net Yield % Change (bps) Three-month bills 0.8925 0.9068 0.015 Six-month bills 1.0025 1.0215 0.005 Two-year note 99-214/256 1.3344 0.016 Three-year note 99-234/256 1.5299 0.022 Five-year note 99-222/256 1.9031 0.020 Seven-year note 98-204/256 2.1869 0.022 10-year note 98-228/256 2.3777 0.026 30-year bond 99-176/256 3.0158 0.027 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 28.50 -0.75 spread U.S. 3-year dollar swap 24.75 -1.25 spread U.S. 5-year dollar swap 9.25 0.00 spread U.S. 10-year dollar swap -6.25 0.00 spread U.S. 30-year dollar swap -45.25 0.25 spread (Reporting by Richard Leong; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1IA0OT'|'2017-05-08T12:51:00.000+03:00'
'c16fabce004cf160c007cf89c4bbb5615334bdf3'|'Sinclair Broadcast nears deal for Tribune Media'|'Business News - Mon May 8, 2017 - 2:50am BST Sinclair Broadcast nears deal for Tribune Media By Liana B. Baker and Jessica Toonkel Sinclair Broadcast Group Inc ( SBGI.O ) is nearing a deal to acquire Tribune Media Co ( TRCO.N ) for close to $4 billion after prevailing in an auction for one of the largest U.S. television station operators, according to people familiar with the matter. A potential deal for Tribune, first reported by Reuters, could come as soon as Monday, just weeks after the U.S. Federal Communications Commission voted to reverse a 2016 decision that limits the number of television stations some broadcasters can buy. FCC Chairman Ajit Pai, named by President Donald Trump in January, is planning to take a new look at the current overall limit on companies owning stations serving no more than 39 percent of U.S. television households. Still, a combined Tribune and Sinclair could surpass this cap and face some regulatory challenges which could result in divestitures, analysts said. The combination of Sinclair and Tribune would be a competitive blow to Fox because the added scale would give Sinclair more leverage in negotiations to carry Twenty-First Century Fox Inc''s ( FOXA.O ) local networks. Together the companies would own a large chunk of Fox broadcast affiliates around the country. Fox Networks Group Chairman Peter Rice said at the Milken Institute Global Conference last week that Fox was looking to buy Tribune Media because "having more scale and more control of distribution is important." Twenty-First Century Fox was in talks with Blackstone Group LP ( BX.N ) last week about submitting an offer to buy Tribune Media, sources said at the time. Nexstar Media Group Inc also considered an acquisition of Tribune Media, sources have previously said. Fox never submitted a bid, according to a source familiar with the matter. Representatives for Fox and Blackstone both declined to comment. Sinclair''s offer values Tribune Media at around $44 per share, the sources said on Sunday. That would represent a premium of close to 30 percent of the price of Tribune Media shares on Feb. 28, the day before Reuters broke the news that Sinclair had approached Tribune Media to discuss an acquisition. Tribune Media shares ended trading on Friday at $40.29 (31.10 pounds), giving it a market capitalisation of $3.5 billion. Negotiations between Sinclair and Tribune Media have not yet been finalized, and there is still a possibility the deal will not be reached, the sources cautioned. The sources asked not to be identified because the deliberations are confidential. Tribune Media declined to comment. Sinclair did not respond for comment. Tribune Media has 42 owned or operated broadcast stations, as well as cable network WGN America, Tribune Studios and WGN-Radio. Sinclair, which has a market capitalisation of $3.36 billion, owns, operates or provides services to 173 television stations in 81 markets. Sinclair branched out into cable networks last year when it bought the Tennis Channel for $350 million. Tribune Media said last year it was working with financial advisers Moelis & Co and Guggenheim Securities on a strategic review. It subsequently sold its media data unit Gracenote to Nielsen Holdings Plc for $560 million. Activist investor Starboard Value LP, led by Jeffrey Smith, cut its stake in March to 4.4 percent from 6.6 percent. Tribune CEO Peter Liguori, who joined Tribune in 2013, stepped down in March and a permanent replacement has not yet been named. (Reporting by Liana B. Baker in San Francisco and Jessica Toonkel in New York; Additional reporting by Olivia Oran in New York; Editing by Phil Berlowitz and Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tribune-media-m-a-sinclair-exclusive-idUKKBN1830Q9'|'2017-05-08T09:50:00.000+03:00'
'49ff4abe8826bedb81093f5efbcd42a31ece9c35'|'Exclusive: Sinclair Broadcast nears deal for Tribune Media - sources'|'Deals - Sun May 7, 2017 - 2:42pm EDT Exclusive: Sinclair Broadcast nears deal for Tribune Media - sources By Liana B. Baker and Jessica Toonkel Sinclair Broadcast Group Inc ( SBGI.O ) is nearing a deal to acquire Tribune Media Co ( TRCO.N ) for close to $4 billion after prevailing in an auction for one of the largest U.S. television station operators, according to people familiar with the matter. A potential deal for Tribune comes just weeks after the U.S. Federal Communications Commission voted to reverse a 2016 decision that limits the number of television stations some broadcasters can buy. FCC Chairman Ajit Pai, named by President Donald Trump in January, is planning to take a new look at the current overall limit on companies owning stations serving no more than 39 percent of U.S. television households. Sinclair''s deal for Tribune Media also represents a blow to Rupert Murdoch''s ambitions to expand Twenty-First Century Fox Inc''s ( FOXA.O ) broadcast assets. Fox Networks Group chairman Peter Rice confirmed at the Milken Institute Global Conference last week that Fox was looking to buy Tribune Media because "having more scale and more control of distribution is important." Sinclair''s offer values Tribune Media at around $44 per share, the sources said on Sunday. That would represent a premium of close to 30 percent of the price of Tribune Media shares on Feb. 28, the day before Reuters broke the news that Sinclair had approached Tribune Media to discuss an acquisition. Tribune Media shares ended trading on Friday at $40.29, giving it a market capitalization of $3.5 billion. Negotiations between Sinclair and Tribune Media have not yet been finalized, and there is still a possibility the deal will not be reached, the sources cautioned. The sources asked not to be identified because the deliberations are confidential. Tribune Media declined to comment. Sinclair did not immediately respond to requests for comment. Tribune Media has 42 owned or operated broadcast stations, as well as cable network WGN America, Tribune Studios and WGN-Radio. Sinclair, which has a market capitalization of $3.36 billion, owns, operates or provides services to 173 television stations in 81 markets. Sinclair branched out into cable networks last year when it bought the Tennis Channel for $350 million. Tribune Media said last year it was working with financial advisers Moelis & Co and Guggenheim Securities on a strategic review. It subsequently sold its media data unit Gracenote to Nielsen Holdings Plc for $560 million. Twenty-First Century Fox was in talks with Blackstone Group LP ( BX.N ) last week about submitting an offer to buy Tribune Media, sources said at the time. Nexstar Media Group Inc also considered an acquisition of Tribune Media, sources have previously said. Fox never submitted a bid, according to a source familiar with the matter. (Reporting by Liana B. Baker in San Francisco and Jessica Toonkel in New York; Editing by Phil Berlowitz) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-tribune-media-m-a-sinclair-exclusive-idUSKBN1830QH'|'2017-05-08T01:01:00.000+03:00'
'28ae9fdf3c797ec4e75ffec89cb4a77908f41edc'|'Oil rout driven by China, inventories and funds'|'Business News - Fri May 5, 2017 - 11:52pm BST Oil rout driven by China, inventories and funds A gas station attendant pumps fuel into a customer''s car at PetroChina''s petrol station in Beijing, China, March 21, 2016. REUTERS/Kim Kyung-Hoon By Catherine Ngai - NEW YORK NEW YORK The plunge in crude oil markets this week to a six-month low was likely driven by worries about Chinese economic growth, persistently high inventories and fund positioning. U.S. crude oil CLc1 slumped by 5.0 percent to a low of $45.29 a barrel on Thursday, the lowest since November, when the Organization of Petroleum Exporting Countries agreed to curb production by 1.8 million barrels per day for six months from Jan. 1. However, Friday saw a 1.5 percent bounce helped by assurances by Saudi Arabia that Russia is ready to join OPEC in extending supply cuts to reduce a persistent glut. "People often reverse-engineer an explanation. But, I think the velocity of the move this week stems from China and its liquidity tightening. That spooked the market across all commodities," said Michael Tran, director of global energy strategy at RBC Capital Markets. "It''s a commodities story rather than oil-specific." Chinese manufacturing surveys this week triggered worries that the economic growth in the world''s second largest economy may have peaked in the first quarter and China''s central bank has moved to tighten credit leading to a fall in stock prices for the fourth straight week.Doubts that the OPEC-led supply cut of the past few months are deep enough to draw down bloated storage levels around the world are also weighing on prices. U.S. crude stockpiles fell less than expected last week as rising U.S. production offset reduced supply from OPEC. As a result, oil traders may have finally given up on an early rebalancing of inventories in the crude market by OPEC. FUNDS A FACTOR One dominant group appeared to rush into the selling: managed futures firms, or Commodity Trading Advisors (CTAs), which manage about $340 billion in assets, according to BarclayHedge, a fund research group in Fairfield, Iowa. These funds advise others on buying or selling futures, futures options, and foreign-exchange forward contracts. They often look at macro-economic trends across asset classes and trade dozens of markets using models to detect the start and end of moves. For such firms, multiple signs of a trend change were clear this week: a nose-dive in Chinese iron ore futures DCIOcv1, big losses in gold and copper prices, and persistently high oil inventories that spooked crude oil traders. Those fears appeared to be heightened by a note from J.P. Morgan analysts Thursday, citing increasing risk that Saudi Arabia would reverse its cuts and pump more crude. J.P. Morgan did not respond to requests for comment. Even though oil prices have weakened since mid-March, speculators have maintained long positions, putting them in danger of a reversal like Thursday''s sell-off. "There are definitely some new shorts in the crude oil market. The systematic CTAs, the ones not trading fundamentals and purely technical, were definitely sellers," Nick Gentile, managing partner of commodity trading advisor NickJen Capital in New York, said. As prices continued to fall, liquidation of timespreads added to the move, according to a note from Goldman Sachs. Hedge funds are also losing faith that OPEC can accelerate the rebalancing of the oil market even if the group agrees to extend output cuts when it meets later this month. The speed and direction of the selling this week was enough to cause the December 2017 crude contract price to fall below the December 2018 contract CLZ7-Z8, an indication of increasing worries about the overhang of supply. Volumes spiked Thursday, with more than 940,000 front-month U.S. crude contracts changing hands, compared to the daily average of 535,000 contracts. "The obvious thing is that the market was massively long. When it''s a crowded trade, things tend to do the oppo
'3ee0bcc6b10aa20cf4af6c3651965db8b30d992c'|'Japan to provide $40 million to ADB to back high-level technology'|'Business   5:26am BST Japan to provide $40 million to ADB to back high-level technology left right Japan''s Crown Prince Naruhito attends at opening session of the ADB annual meeting in Yokohama, south of Tokyo, Japan May 6, 2017. REUTERS/Issei Kato 1/2 left right Japanese Deputy Prime Minister and Finance Minister Taro Aso attends at opening session of the ADB annual meeting in Yokohama, south of Tokyo, Japan May 6, 2017. REUTERS/Issei Kato 2/2 YOKOHAMA, Japan Japan will provide $40 million to the Asian Development Bank to promote high-level technology as part of efforts to boost quality infrastructure in Asia, Finance Minister Taro Aso said on Saturday. "Japan has been promoting quality infrastructure in Asia in close collaboration with the bank," Aso told the ADB''s annual gathering in Yokohama. "Enhancing quality of infrastructure in terms of lifecycle cost and environmental and social considerations is important." The money will be provided over a two-year period to a newly created fund of the ADB, he said. Aso''s remarks came as China''s increasing presence in infrastructure finance has alarmed some Japanese policymakers, who worry that Beijing-led Asian Infrastructure Investment Bank (AIIB) may overshadow the Japan-U.S.-led ADB. The AIIB is viewed by some as a challenger to both the Western-dominated World Bank and the ADB, which is primarily funded by Japan and the United States. Partly to differentiate itself, the ADB has broadened its activities beyond infrastructure such as financing of steps for poverty reduction, healthcare and education. ADB President Takehiko Nakao told the annual gathering that investment in infrastructure would remain a priority. "Asia will need $1.7 trillion per year in investments in power, transport, telecommunications and water through 2030," he said on Saturday. On Thursday, Nakao said the ADB would cooperate with China''s development finance and infrastructure plans under its "One Belt, One Road" initiative, shrugging off the view Japan and China are competing for influence through development finance. [nL4N1I61X3] (Reporting by Tetsushi Kajimoto; Editing by Nick Macfie)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-adb-asia-japan-fund-idUKKBN18204C'|'2017-05-06T12:26:00.000+03:00'
'9d0969839faaf9dd5d934275860f604b1fb7a0b8'|'China stresses ''steady'' planning for new economic zone'|'Business   10:29am BST China stresses ''steady'' planning for new economic zone A worker packs pipelines onto a truck at a local plastic pipe factory in Donghegang village on the outskirts of Xiongxian county, one part of the new special economic zone Xiong''an New Area, Hebei province, China, April 6, 2017. REUTERS/Jason Lee BEIJING Chinese Vice Premier Zhang Gaoli has stressed the need for "steady" planning in an ambitious new economic zone the government has touted as a driver of growth in northern China, state news agency Xinhua said on Sunday. The zone, in Hebei province''s Xiongan around 100 km (60 miles) southwest of Beijing, will house some of Beijing''s relocated "non-capital functions". It is currently 100 sq km (39 sq miles) in area but will eventually be expanded to 2,000 sq km. News last month of the scheme to set up the zone that would be modelled on the Shenzhen Special Economic Zone that helped kickstart China''s economic reforms in 1980 sent land prices soaring and prompted government warnings against speculation. Visiting the Xiongan New Area on Saturday, Zhang said the government should "plan well before taking action and make steady efforts in planning construction", Xinhua reported. Zhang "stressed tight control of land, property development and neighbouring regions as well as protecting historical and cultural heritage and the ecological environment", the report added. Zhang called for "world vision, international standards, Chinese characteristics and high goals" in planning and building new area, Xinhua said. Green development will be given priority when selecting industries to move into the new area, with the high-tech and service sectors encouraged, Zhang said. China is currently implementing a plan aimed at integrating the economies of Hebei, Beijing and Tianjin, a heavily polluted region known as Jing-Jin-Ji. The development of separate "fortress economies" in the region was blamed for widening income disparities and causing a "race to the bottom" when it came to environmental law enforcement. Beijing, home to 22 million people, is trying to curb population growth and relocate industries and other "non-capital functions" to Hebei in the coming years as part of its efforts to curb pollution and congestion. (Reporting by Ben Blanchard; Editing by Nick Macfie and Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-xiongan-idUKKBN18307D'|'2017-05-07T15:33:00.000+03:00'
'a538f912fa851ebdd88f4c90a59e03abd6a73c62'|'Morocco''s Attijariwafa paid twice book value for Barclays Egypt acquisition'|'Deals - Sun May 7, 2017 - 5:19pm BST Morocco''s Attijariwafa paid twice book value for Barclays Egypt acquisition The logo of Barclays is seen on the top of one of its branch in Madrid, Spain, March 22, 2016. REUTERS/Sergio Perez/File Photo CAIRO Morocco''s Attijariwafa Bank ( ATW.CS ) paid twice book value to acquire Barclays'' Egyptian business and hopes the acquisition will enable it to increase its market share in Egypt to 5 percent within five years, the Moroccan bank''s CEO said. The bank plans to rename the unit Attijari Bank Egypt and raise its profile in Egypt, CEO Mohamed El Kettani said. Britain''s Barclays ( BARC.L ) reached a deal last year to sell its Egyptian banking unit to Attijariwafa Bank, one of Morocco''s largest banks, but the value of the deal, which closed this month, has not been disclosed by either side. Kettani, speaking to Reuters on Sunday, would not put an exact dollar figure on the acquisition but said it was twice Barclays Egypt''s 2016 book value or about seven times its expected net profit for 2017. Sources had told Reuters previously that the Barclays Egypt business was valued at around $400 million (308 million pounds). Kettani expects the cost of the deal to be recovered in five to seven years. Attijariwafa hopes the acquisition will enable it to increase its market share in Egypt to 5 percent within five years, from about 1-1.5 percent currently, and it plans to add new services such as leasing and insurance, said Kettani. In the next few days the bank will choose an international consulting firm to develop a five-year strategy for its Egypt operations. "Attijari Bank Egypt will be the group''s entryway to Gulf states and East Africa," Kettani said. (Reporting by Ehab Farouk; Writing by Eric Knecht; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-barclays-attijariwafa-bnk-egypt-idUKKBN1830P3'|'2017-05-08T00:10:00.000+03:00'
'd2c8eefa323b72a5ce32b3df087b0c7ea4df91c1'|'U.S. far-right activists, WikiLeaks and bots help amplify Macron leaks: researchers'|'By Dustin Volz - WASHINGTON WASHINGTON U.S. far-right activists helped amplify a leak of hacked emails belonging to leading French presidential candidate Emmanuel Macron''s campaign, some researchers said on Saturday, with automated bots and the Twitter account of WikiLeaks also propelling a leak that came two days before France''s presidential vote.The rapid spread on Twitter, Facebook and the messaging forum 4chan of emails and other campaign documents that Macron''s campaign said on Friday had been stolen recalled the effort by right-wing activists and Russian state media to promote hacked documents embarrassing to Democratic U.S. presidential candidate Hillary Clinton last year.It also renewed questions whether social media companies have done enough to limit fake accounts or spammed content on their platforms and how media organizations should report on hacked information.Twitter declined to comment on whether it had taken any specific action in response to the Macron leak. Facebook did not respond to a request for comment.Analysis conducted by The Atlantic Council''s Digital Forensic Research Lab published on Saturday found that the hashtag #MacronLeaks reached 47,000 tweets in three and a half hours after it was first used by Jack Posobiec, a writer in Washington for the far-right news organization The Rebel. Posobiec''s online biography said he coordinated grassroots organizing for a group that supported U.S. President Donald Trump''s campaign.Posobiec''s initial tweet on the Macron documents was retweeted fifteen times within one minute and 87 times in five minutes, Atlantic Council senior fellow Ben Nimmo wrote in a blog published on Medium.Posobiec is prolific on Twitter, where he has a large following of more than 100,000 accounts. Contacted by Reuters, Posobiec said he did not operate bots and that he used his account to share a post he saw on 4chan.Bots helped move the hashtag from the United States to France, according to Nimmo, where surveys show far-right leader Marine Le Pen trailing Macron by more than 20 points heading into Sunday''s election.French electoral law forbids candidates from commenting during Saturday and until polling stations close on Sunday.WikiLeaks, the anti-secrecy group that published hacked emails belonging to Democrats during the 2016 presidential election, provided the largest boost of attention on Twitter to the Macron emails, Nimmo said.The group did not publish the information itself but tweeted about the leak at least 15 times."As the dominant publication in the field we were hours ahead of all other major outlets," WikiLeaks said in a private Twitter message to a Reuters reporter. "That''s what our readers expect."DIFFICULT TO ATTRIBUTESome researchers also observed the use of identical phrasing in blogs about the leaks, which they alleged was aimed at driving Alphabet Inc''s Google search result rankings. Google did not immediately respond to a request for comment.About nine gigabytes of data purporting to be documents from the Macron campaign were posted on Pastebin, a site that allows anonymous document sharing.Other recent high-profile political leaks, including those during the U.S. presidential election, have often been dumped by WikiLeaks, which has a sizeable online following and international recognition."There is a noticeable lack of a persona taking credit for this," said John Hultquist, a cyber researcher at FireEye, adding that such an absence made attribution more difficult.The U.S. cyber intelligence firm Flashpoint told Reuters late Friday that an initial review of the Macron leaks indicated that APT 28, a group tied to the GRU, the Russian military intelligence unit, may be behind the leak, though evidence was not yet conclusive. Among other indicators, the firm said metadata contained in one of the leaked files showed it had been modified by someone who works in the technology industry in Moscow.But other cyber researchers said 
'15ecd7f760c9027ab965cbf2fc205e5c516be0f0'|'Iran says $55 oil price suitable, sees supply cut extension'|'Business News - Sat May 6, 2017 - 3:55pm BST Iran says $55 oil price suitable, sees supply cut extension A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran, July 25, 2005. REUTERS/Raheb Homavandi/File Photo DUBAI Iran sees $55 per barrel as a suitable price for crude oil, and believes that OPEC and non-OPEC producers are likely to extend output curbs to support prices, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Saturday. "The price range of $55 per barrel would be suitable for oil," Zanganeh said, according to the oil ministry''s news website SHANA. Oil prices closed higher on Friday, rebounding from five-month lows, following positive U.S. jobs data and assurances by Saudi Arabia that Russia is ready to join OPEC in extending supply cuts to reduce a persistent glut. Brent LCOc1 futures gained 72 cents, or 1.5 percent, to settle at $49.10 a barrel. Zanganeh said members of the Organization of the Petroleum Exporting Countries (OPEC) have signalled that they are leaning towards extending the supply cuts, SHANA reported. "I think non-OPEC oil producers will also second (an) extension of the plan," said Zanganeh, speaking on the sidelines of an energy fair in Tehran. OPEC and non-OPEC ministers are due to meet on May 25. They appear likely to extend their agreement to limit supplies beyond its June expiry to help clear a glut, three OPEC delegates said on Thursday, downplaying the chance of additional steps such as a bigger cut. (Reporting by Dubai newsroom; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-iran-opec-oil-idUKKBN1820I3'|'2017-05-06T22:55:00.000+03:00'
'd623e5240f9b0bfe0494ecda2f851d48dcab391c'|'UPDATE 1-U.S. agency finds harm from imported carbon and steel plate'|'WASHINGTON U.S. trade officials on Friday said their anti-dumping and subsidy probe found carbon and alloy steel cut-to-length plate from eight foreign producers harms American manufacturers, locking in duties on the imports for five years.The U.S. International Trade Commission''s finding applies to cut-to-length plate from Austria, Belgium, France, Germany, Italy, Japan, South Korea and Taiwan, it said in a statement on its website.In March, the U.S. Commerce Department said anti-dumping duties ranging from 3.62 percent to 148 percent would be imposed on products from the eight producers, while imports from South Korea would also face a countervailing duty of 4.31 percent.Cut-to-length steel is used in a wide range of applications, including buildings and bridgework; agricultural, construction and mining equipment; machine parts and tooling; ships, rail cars, tankers and barges; and large-diameter pipe.The findings followed an investigation prompted by a petition from Nucor Corp and U.S. subsidiaries of ArcelorMittal SA and SSAB AB.(Writing by Susan Heavey and Eric Walsh; Editing by James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-steel-plate-idUSKBN1811R3'|'2017-05-06T07:01:00.000+03:00'
'7157923aadcab9a99e8b09eb334daae8cb53c470'|'Vivendi offers EU concessions over Telecom Italia bid'|'BRUSSELS French media group Vivendi has offered concessions in a bid to address EU antitrust concerns over its bid to acquire control of Telecom Italia, according to the European Commission.Vivendi submitted the concessions on May 4, a filing on the EU competition website showed on Friday, without providing details. The Commission typically requires operators to provide access to rivals in telecoms deals.The Commission has extended the deadline for it to make a decision to May 30 from May 12.Vivendi, currently with a 24 percent stake in Telecom Italia, aims to build a southern European media empire.(Reporting by Foo Yun Chee; editing by Philip Blenkinsop)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-telecom-it-m-a-vivendi-eu-idINKBN1810WU'|'2017-05-05T07:43:00.000+03:00'
'9efd04a42057126d44f170dc7ce5c065ce009d8c'|'Exclusive - Uber faces criminal probe over software used to evade authorities'|'Business News - Fri May 5, 2017 - 12:07am BST Exclusive - Uber faces criminal probe over software used to evade authorities The logo of Uber is seen on an iPad, during a news conference to announce Uber resumes ride-hailing service, in Taipei, Taiwan April 13, 2017. REUTERS/Tyrone Siu By Dan Levine and Joseph Menn - SAN FRANCISCO SAN FRANCISCO The U.S. Department of Justice has begun a criminal investigation into Uber Technologies Inc''s [UBER.UL] use of a software tool that helped its drivers evade local transportation regulators, two sources familiar with the situation said. Uber has acknowledged the software, known as "Greyball," helped it identify and circumvent government officials who were trying to clamp down on Uber in areas where its service had not yet been approved, such as Portland, Oregon. The company prohibited the use of Greyball for this purpose shortly after the New York Times revealed its existence in March, saying the programme was created to check ride requests to prevent fraud and safeguard drivers. The Times report triggered a barrage of negative publicity for the company. The criminal probe could become a significant problem facing the company that is already struggling with an array of recent business and legal issues. An Uber spokesman and the Justice Department declined to comment. Uber lawyers said in letters to Portland authorities, which Portland made public in a report last week, that the Greyball technology was used <20>exceedingly sparingly<6C> in that city, before the service was approved there in 2015. The nature of any potential federal criminal violation, and the likelihood of anyone being charged, is unclear. The investigation is still in its early stages, the sources said. Bloomberg news service reported the existence of a federal probe last week, but did not identify it as criminal. AGGRESSIVE STARTUP Uber received a subpoena from a Northern California grand jury seeking documents concerning how the software tool functioned and where it was deployed, one person familiar with the request said. That indicates a criminal investigation is underway. The second source confirmed that was the case. A subpoena from a grand jury is a formal request for documents or testimony concerning a potential crime. It does not, in itself, indicate wrongdoing or mean charges will be brought. The ride services company''s board has retained an outside law firm, Shearman & Sterling LLP, to conduct its own internal investigation into what transpired, those two sources and a third said. A Shearman spokeswoman did not return a message seeking comment. Uber, a venture capital-backed firm most recently valued at $68 billion, has long had a reputation as an aggressive startup. It has been battered with multiple controversies over the last few months that have raised questions about Chief Executive Travis Kalanick and led him to say he needed "leadership help." MINING CREDIT CARD INFO The technology at issue in the criminal probe helped Uber tag some users so that they saw a different version of its standard app, the company said in a blog post in March. Uber said Greyball obscured the real location of Uber cars in various circumstances, including the possibility of physical threats or merely to test new features. The programme was part of a broader Uber system, called Violation of Terms of Service, that analysed credit card, device identification, location data and other factors to predict whether a request for a ride was legitimate, current and former employees said. The technology was used partly to prevent fraud and protect drivers from harm, the company blog post said. If a ride request was deemed illegitimate, Uber''s app showed bogus information and the requester would not be picked up, the employees told Reuters. However, the Greyball technique was also used against suspected local officials who could have been looking to fine drivers, impound cars or otherwise prevent Uber from operating,
'733c94073aef8f1224a765033db7ff697da3b309'|'Fed should not follow rules-based approach: Fischer'|'Business News - Fri May 5, 2017 - 12:43pm EDT Fed should not follow rules-based approach: Fischer left right FILE PHOTO: U.S. Federal Reserve Vice Chair Stanley Fischer addresses The Economic Club of New York in New York, U.S. on March 23, 2015. REUTERS/Brendan McDermid/File Photo 1/3 left right FILE PHOTO: U.S. Federal Reserve Vice Chair Stanley Fischer addresses The Economic Club of New York in New York, U.S. on March 23, 2015. REUTERS/Brendan McDermid/File Photo 2/3 left right FILE PHOTO: Federal Reserve Vice Chairman Stanley Fischer attends a televised interview during the Federal Reserve Bank of Kansas City''s annual Jackson Hole Economic Policy Symposium in Jackson Hole, Wyoming August 28, 2015. REUTERS/Jonathan Crosby 3/3 By Lindsay Dunsmuir Fed Vice Chairman Stanley Fischer on Friday issued a firm defense of the U.S. central bank''s decision not to follow a mathematical rule when deciding monetary policy as Republicans in Congress renew efforts to curb the current consensus-based approach. "Adherence to a simple policy rule is not the most appropriate means of achieving macroeconomic goals," Fischer said in prepared remarks to an economics conference at Stanford University in California. Republican lawmakers in Congress have been pushing to make the Federal Reserve set interest rate policy using a mathematical rule. Under the proposal, the Fed would commit to moving interest rates up or down according to changes in the jobless rate and inflation. The rule adopted would be made public and any deviation from it would lead to a congressional audit. The Fed has said such a rule would harm the economy and impinge on the Fed''s independence. In his remarks Fischer noted that policymakers can - and do - consult prescriptions of policy rules as part of a wider exercise in which they also gather perspectives and economic factors such rules cannot include. He also warned that just because rules may have worked well in the past does not mean they can adequately predict the future. "Emphasis on a single rule as the basis for monetary policy implies that the truth has been found, despite the record over time of major shifts in monetary policy," Fischer noted. "We should not make our monetary policy decisions based on that assumption." The differing perspectives of the Fed''s rate-setting committee, currently nine strong, which blends regional inputs was the best way to be predict structural changes in the economy and to note changes that may otherwise fly under the radar, Fischer added. The central bank has raised interest rates twice in the last six months and despite standing pat at its latest meeting this week appeared bullish on the prospects of two more rate increases in 2017. Job growth rebounded sharply in April and the unemployment rate dropped to its lowest in nearly 10 years, data on Friday showed, bolstering expectations the Fed will resume tightening at its next meeting in June. [nL1N1I520N] (Reporting by Lindsay Dunsmuir; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-fed-fischer-idUSKBN1811SS'|'2017-05-06T00:06:00.000+03:00'
'9b5344a2a800c21c8fcc312982662836752b520f'|'Facebook nears ad-only business model as game revenue falls'|'Internet  05am BST Facebook nears ad-only business model as game revenue falls The Facebook logo is displayed on their website in an illustration photo taken in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau By David Ingram - SAN FRANCISCO SAN FRANCISCO Facebook Inc''s growth into a digital advertising power is showing a flip side: The social network is more dependent than ever on the cyclical ad market, even as its rival Google finds new revenue streams in hardware and software. Facebook reported on Wednesday that 98 percent of its quarterly revenue came from advertising, up from 97 percent a year earlier and 84 percent in 2012. Revenue from non-advertising sources fell to $175 million in the quarter, from $181 million a year earlier. Facebook has warned for some time about declining non-ad revenue. That part of its business consists almost entirely of video game players on desktop computers buying virtual currency, and it has fallen as gaming has moved to smartphones. Facebook takes 30 percent of purchases, with the balance going to companies such as Zynga Inc, maker of the game Farmville. The company''s dependence on advertising is a long-term concern but it has time to find other revenue while building its core ad business, said Clement Thibault, a senior analyst at Investing.com. "We have to remember it''s still a fairly young business. It''s not like they''re an old-fashioned business that needs to move soon," he said. A Facebook spokeswoman declined to comment. Facebook''s share price hit an all-time high of $153.60 on Tuesday before dipping to close at $150.85 on Thursday. The lack of diversification stands in contrast to Google, a unit of Alphabet Inc. Its non-advertising revenue, from sources such as cloud services and Pixel smartphones, posted a 49.4 percent jump to $3.1 billion in the most recent quarter and now represents 13 percent of Google''s total revenue, up from 10 percent a year earlier. Facebook Chief Operating Officer Sheryl Sandberg said during a conference call in February that the company was diversifying revenue by expanding its base of advertisers across geographic regions and industries. Facebook''s non-advertising products, such as its Oculus virtual reality headset and the Workplace office software, currently generate little revenue. Some companies diversify through acquisitions, but most of Facebook''s purchases such as Instagram and WhatsApp have been in adjacent markets. Chief Financial Officer David Wehner said in a conference call for investors on Wednesday that Facebook was not breaking out Instagram revenue as a separate line in financial reports because Instagram ads are sold through the same interface as Facebook ads. (Reporting by David Ingram; Editing by Jonathan Weber and Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-facebook-revenue-idUKKBN1802U7'|'2017-05-05T06:44:00.000+03:00'
'd0ca2ea5ca8f3fb81e551671aa2d42e4e9f479d5'|'Trump rebukes Rexnord again for moving jobs to Mexico'|'WASHINGTON President Donald Trump took aim again on Sunday at Rexnord Corp ( RXN.N ) for the industrial supplier''s decision to move jobs to Mexico from Indiana.Milwaukee-based Rexnord announced plans in October to move a bearing plant and its 300 jobs from Indianapolis, employees told the Indianapolis Star at the time."Rexnord of Indiana made a deal during the Obama Administration to move to Mexico. Fired their employees," Trump tweeted on Sunday.The Republican president also tweeted in December about Rexnord''s decision, saying he would stop jobs from being lost to countries with lower labor costs. "No more!" he tweeted at the time.Rexnord did not immediately respond to a telephone call on Sunday seeking comment outside of normal business hours.Trump, who campaigned on the promise to put American workers first, has tweeted at other companies that attracted his ire - including Lockheed Martin ( LMT.N ) in December for the high cost of the F-35 fighter jet program, General Motors Co ( GM.N ) in January for its manufacturing in Mexico, and retailer Nordstrom ( JWN.N ) in February for dropping his daughter Ivanka''s clothing line.(Reporting by Diane Bartz; Editing by Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-rexnord-idUSKBN18403V'|'2017-05-08T09:41:00.000+03:00'
'3bdce7b986f5ab35ecbd8fe83c15f576853fd7d8'|'Smooth Brexit should allow solid UK growth, BoE''s Carney says'|'By Andy Bruce and David Milliken - LONDON LONDON Britain should enjoy solid growth if Brexit goes smoothly, but in the short run households are likely to be hit by inflation prompted by the decision to leave the European Union, the Bank of England said on Thursday.Governor Mark Carney, speaking a month before a national election, said the economy was still growing and employing a record number of people, playing down recent signs of weakness.Britain''s economy was one of the best performing major advanced economies last year, wrongfooting the BoE and most other forecasters who predicted that voting to leave the EU would send the economy into a tailspin.The Bank''s two previous sets of quarterly forecasts brought big upward revisions to the growth outlook and on Thursday it only softened its short-term outlook a fraction, despite recent data showing that growth is now slowing sharply.It trimmed its forecast for growth this year to 1.9 percent from 2.0 percent, but nudged up forecasts for 2018 and 2019 to 1.7 percent and 1.8 percent. Last year Britain''s economy grew 1.8 percent.The forecast hinged on a "smooth" transition to Brexit, as well as a big pick-up in wage growth and stronger exports and investment -- things the central bank has predicted before, but which have largely not materialised.Carney said the BoE had not tried to forecast what would happen if there was a "disorderly Brexit" where Britain crashes out of the EU without an agreement on future trade relations.While not visibly concerned about the economic outlook, Carney did say that sterling weakness caused by the Brexit vote left British consumers with less spare cash."This is going to be a more challenging time for British households," Carney told a news conference, highlighting that inflation would peak at nearly 3 percent this year.Economic growth slowed to just 0.3 percent in the first quarter, less than half its rate at the end of 2016. While the BoE expects this to be revised up, official data earlier on Thursday showed industrial output was in fact weaker than originally thought."There''s a lot resting on the assumption that the sustainability of growth and pick-up in wages will be aided by a smooth Brexit," said Tim Graf, head of European macro strategy at State Street Global Markets."It doesn''t take much for the uncertainty around Brexit to (lead to) lower investment and a weaker labour market."RATES ON HOLD UNTIL 2019The BoE said it could only do so much to offset a Brexit hit to the economy, and Carney said the two-year process of leaving the EU did not mean its hands were tied over monetary policy."Monetary policy could need to be tightened by a somewhat greater extent over the forecast horizon than the very gently rising path implied by the market yield curve at the time of the forecast," Carney said.This could mean a rate rise around the time Britain leaves the EU at the end of March 2019.The financial market instruments which the BoE uses to construct its economic forecasts fully priced in an interest rate rise only in the final three months of 2019, nine months later than in the last set of forecasts in February.But these market assumptions were based on average prices in the two weeks to May 3. Since then, markets have moved to price an earlier rate hike by the BoE and sterling has strengthened, which should help to push down on inflation.The BoE also said on Thursday that its Monetary Policy Committee (MPC) voted 7-1 in favour of keeping rates on hold at their record low 0.25 percent, as expected in a Reuters poll.U.S. academic Kristin Forbes, who leaves the MPC at the end of June, again voted to raise rates to 0.5 percent. It would not take much news on increased growth and inflation for some other policymakers to join Forbes, the BoE said, echoing language from March''s meeting.Sterling slipped after the Bank''s announcement, which some investors had expected to show a deeper split among policymakers about the need for higher i
'8172e0652bb72b541bae240d6d14bb0ec617c94e'|'It''s not what you say, it''s how quickly you trademark it'|'Business News - Thu May 11, 2017 - 12:01pm EDT It''s not what you say, it''s how quickly you trademark it left right FILE PHOTO: Bob Bland, CEO and founder of Manufacture NY and nastywoman.co examines her first T-shirt with the words ''Nasty Women Vote'' at the Gowanus Print Lab in the Brooklyn borough of New York City, U.S., on October 24, 2016. REUTERS/Brendan McDermid/File Photo 1/5 left right FILE PHOTO: A film that reads ''Nasty Women Vote'' is set out to make the screen for T-shirts and totes at the Gowanus Print Lab in the Brooklyn borough of New York City, U.S., on October 24, 2016. REUTERS/Brendan McDermid/File Photo 2/5 left right FILE PHOTO: More than 500 Sailors and Marines assemble on the flight deck of the USS Belleau Wood to commemorate the one-year anniversary of the September 11 attacks on the United States by spelling out the now famous quote from Mr. Todd Beamer, ''Let''s Roll'' on September 6, 2002. Steven L. Cooke/U.S. Navy/Handout via REUTERS/File Photo 3/5 left right FILE PHOTO: Paris Hilton''s autograph reading ''That''s Hot!'' is seen on a clothes dryer at the 25th annual Sundance film festival in Park City, Utah, U.S., on January 23, 2006. REUTERS/Rick Wilking/File Photo 4/5 left right FILE PHOTO: Paris Hilton accepts the Big Catch Phrase of ''04 award for ''That''s Hot'' during the taping of VH1 Big in ''04 at the Shrine Auditorium in Los Angeles, California, U.S. on December 1, 2004. REUTERS/Jim Ruymen/File Photo 5/5 By Barbara Goldberg Ideas were flying at a brainstorming session to create a slogan for North Carolina county Democrats when Catherine Cloud blurted out a phrase that made a colleague''s eyes light up: "Because this is America." The words were quickly scrawled on a notepad and the New Hanover County Democratic Party in Wilmington, North Carolina, began its scramble to own the phrase - applying just days later for a trademark with the United States Patent and Trademark Office. From President Donald Trump''s dash to own "Keep America Great" for his 2020 re-election campaign even before he took office to a rush by a foundation for the victims of the Sept. 11 attacks to claim "Let''s Roll" just days after New York''s Twin Towers were reduced to rubble, Americans rushing to trademark catchy phrases. There were 391,837 trademark applications filed last year, with the number growing an average of 5 percent annually, government reports show. The USPTO does not break out how many of those applications were for phrases. The upsurge is the result of headline-grabbing cases like socialite Paris Hilton''s winning settlement of a lawsuit over her trademarked catch-phrase "That''s Hot" from her former television reality show, said trademark attorney Howard Hogan of Washington. "It can''t help but inspire others," Hogan said. "It feels good to get recognition of something you feel you have created." OWN A POWERFUL MESSAGE Trademarks can mean cash from everything from bumper stickers to thongs printed with the protected phrase. More importantly for some, however, is claiming ownership of a powerful message. "''Because this is America'' is a rallying cry that focuses on what we have in common, rather than what divides us," Cloud said. The phrase is the tagline in a commercial set for online release on Thursday about the New Hanover Democrats'' key issues: "Clean water. Because this is America," "Quality education for every child. Because this is America," "No matter your ethnicity, you are welcome here. Because this is America." Mindful that the slogan that could easily be employed by rival Republicans, the county Democratic committee filed to trademark it just 18 days after Cloud''s saying it. RUSH TO TRADEMARK Two days before Trump''s inauguration on Jan. 20, Donald J. Trump for President Inc applied to trademark the phrase he said he intends to use for his 2020 re-election campaign: "Keep America Great," both with and without an exclamation point. The campaign committee already owns the trad
'2eb7f53386ec45c36f2154d3b7420c6eaff349f5'|'IMF spokesman says no deal reached on Greek debt'|'Business News   3:32pm BST IMF spokesman says no deal reached on Greek debt FILE PHOTO: Euro coins are seen in front of a displayed Greece flag in this picture illustration, June 29, 2015. REUTERS/Dado Ruvic/File Photo WASHINGTON The International Monetary Fund''s discussions on Greece''s debt are ongoing and no deal has been reached, IMF spokesman William Murray said on Thursday. On Wednesday Slovakia''s finance minister, Peter Kazimir, said the IMF was likely to take part in the financing of Greece''s third bailout. Greece agreed earlier this month on further spending cuts to qualify for funding. In return, it wants measures to ease the strain of its debt, which now stands at 179 percent of gross domestic product. "Discussions on the debt side of the equation have only just started, so it''s really early," Murray told a regular news briefing. "Our position hasn''t changed." The IMF backs debt relief and is reluctant to take part in the financing of Greece''s bailout without agreement on a debt burden it views as unsustainable. Murray added that while the IMF welcomed progress on the economic policy package, it would have to go hand in hand with a credible strategy on debt. He also said that no deal had been reached on Greece''s primary surplus. The lenders want Greece to maintain a 3.5 percent of GDP primary surplus for up to four years, according to draft documents seen by Reuters. "We''re still in discussions on that and of course the debt discussions affect the primary surplus over the horizon, so until these things fall into place, I can''t really comment," he said. There would likely be further discussions on Greece at the G7 meeting of finance officials and central bank governors this week in Bari, Italy, despite it not being on the official agenda, Murray said. (Reporting by Lindsay Dunsmuir; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-greece-imf-idUKKBN1871ZV'|'2017-05-11T22:32:00.000+03:00'
'768fd6c2f7d61dcb494334db7765e08dc6084468'|'Azeri''s IBA top lender starts proceedings for liabilities restructuring'|'BAKU May 11 The International Bank of Azerbaijan (IBA), the largest bank in the ex-Soviet country, said on Thursday it has started proceedings for voluntary restructuring of its liabilities.State-owned IBA is now being reorganised after the International Monetary Fund proposal and President Ilham Aliyev''s order to clean up its balance sheet."The proceedings for voluntary restructuring of obligations of OJSC International Bank of Azerbaijan were commenced in the Republic of Azerbaijan in accordance with the law of the Republic of Azerbaijan on banks," the bank said in a statement.It said that proceedings followed the order of the Nasimi District Court in the capital Baku dated May 4, 2017. (Reporting by Nailia Bagirova; writing by Margarita Antidze; editing by Vladimir Soldatkin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/azerbaijan-iba-idINL8N1ID7AW'|'2017-05-11T12:53:00.000+03:00'
'5fa1221553060bb835b33af3ed7d1716436814e9'|'Sovereign investors hunt for ''unicorns'' in Silicon Valley'|'  3:18pm BST Sovereign investors hunt for ''unicorns'' in Silicon Valley By Claire Milhench - LONDON LONDON Sovereign investors are sinking more money into tech start-ups and opening offices in Silicon Valley in the hope of bagging a "unicorn" - the rare private firm that grows in value to over $1 billion. Sovereign wealth funds (SWFs), which run over $6.59 trillion in assets, hope that investing at an early stage will yield outsize returns if the firms enjoy dizzying growth. But such start-ups can also offer a useful hedge in case SWF holdings in mature sectors come under threat from digital disrupters, just as global hotel chains have been undercut by online room rentals business Airbnb - itself a unicorn. SWFs made 12 investments last year in U.S. start-ups, worth $12.4 billion, up from four investments in 2012 worth $202 million, according to data compiled by research firm PitchBook. Globally, there were 42 deals involving SWFs and start-ups last year valued at some $16.2 billion, according to the Sovereign Wealth Lab research center at Madrid''s IE Business School. The creation of the $100 billion technology-focused Vision Fund suggests these numbers will grow. The fund is a venture between Japan''s SoftBank and Saudi''s PIF, the latter''s appetite whetted by its $3.5 billion investment in ride-hailing app Uber. Last year''s deals with SWF participation included multi-billion dollar funding rounds for companies such as China Internet Plus and Ant Financial Services, an affiliate of China''s Alibaba. SCOUTING FOR UNICORNS How the funds scout out these opportunities varies. Some SWFs have dedicated venture capital units such as Temasek''s Vertex Ventures, Kuwait''s Impulse and Canada''s OMERS Ventures. But more are opening offices in San Francisco''s Silicon Valley - a hub for tech start-ups - with Qatar Investment Authority (QIA) the latest to announce plans. "There are a lot of these unicorns growing at a clip here faster than anywhere else," said Babak Nikravesh, an SF-based partner at law firm Hogan Lovells, who represents sovereign investors. "The returns are outsized returns <20> and that''s what''s driving a number of sovereigns to open here." According to Fortune, the United States accounted for 101 unicorns in 2016, with China hosting 36, the United Kingdom eight, and India seven. GIC and Malaysia''s Khazanah already have offices in San Francisco, while Temasek opened an office in late 2016, and in January made an $800 million investment in healthcare tech firm Verily Life Sciences.. "We''ve been stepping up investments in tech, life sciences and healthcare, and having a presence in San Francisco helps us get closer to the companies in these sectors," Paul Ewing-Chow, an associate director at Temasek, told Reuters by e-mail. London is also attracting some funds. Khazanah set up in London last May to target European tech ventures. GIC, a shareholder in UK-based tech and healthcare incubator Allied Minds ALM.L, also has an office in London. FINDING WINNERS With fierce competition for the best opportunities, some SWFs work closely with third-party venture capitalists who spotlight promising companies. Recently, Australia''s $130 billion Future Fund co-invested with venture capital firm NEA in Fugue, a start-up working in cloud computing, and California-based Radiology Partners. The Australian fund was also among those canny enough to gain early exposure to unicorns such as Uber, Pinterest, Airbnb and Snapchat, earning annual returns of well over 20 percent net of fees from its venture program. "Venture is very important to us as it gives us access to the current innovation and disruption trend," the fund''s chief investment officer Raphael Arndt told a conference in Melbourne last September. With digital disruptors continuing to erode the market share of less innovative old sector companies, from taxi firms to car-makers, start-ups are an ideal portfolio hedge. "In banking, (SWFs) invest a lot in fintech, in t
'f90517045ba20809c974f3195bbeb6ffda92ba27'|'Panasonic expects auto focus to boost annual profit by 21 percent'|'Business News  57am BST Panasonic expects auto focus to boost annual profit by 21 percent Panasonic Corp''s logo is pictured at Panasonic Center in Tokyo, Japan, February 2, 2017. REUTERS/Kim Kyung-Hoon TOKYO Panasonic Corp said on Thursday it expects operating profit to rise by one-fifth year-on-year this financial year as investments in advanced automotive parts begin to pay off. Panasonic forecasts operating profit to increase to 335 billion yen (2.3 billion pounds) in the year to March 2018 from 276.8 billion yen a year ago. The outlook is slightly lower than the 346.28 yen average estimate compiled by Thomson Reuters. Panasonic, which marks its 100th anniversary next year, is shifting its focus to corporate clients such as automakers to escape price competition in lower-margin consumer electronics. To bolster its push into the automotive field, Panasonic this year decided to take control of Spanish automotive mirror manufacturer Ficosa International and began mass production of battery cells with Tesla Motors at the electric car maker''s $5 billion "Gigafactory". Signs of a steady profit from the automotive business would give a vote of confidence to Chief Executive Officer Kazuhiro Tsuga, who embarked on a drastic business overhaul when he took the helm of the sprawling conglomerate five years ago. Panasonic expects its automotive and industrial division to reap sales of 2.66 trillion yen in the current business year, up 10 percent from a year prior, as it begins to ship advanced infotainment systems that incorporate electronic mirrors and other safety features. (Reporting by Makiko Yamazaki; Editing by Miral Fahmy)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-panasonic-outlook-idUKKBN1870R9'|'2017-05-11T15:57:00.000+03:00'
'a9b2e0316b9fbebbd787085565b31c5abb488bce'|'Reckitt Benckiser board sees off protest over safety scandal'|'Business News - Thu May 4, 2017 - 8:09pm BST Reckitt Benckiser board sees off protest over safety scandal left right Protestors who claim that a sterilising hygiene product made by Reckitt Benckiser has led to deaths in South Korea, demonstrate ahead of the company''s annual general meeting in London, Britain May 5, 2016. REUTERS/Toby Melville 1/2 left right Products produced by Reckitt Benckiser; Vanish, Finish, Dettol and Harpic, are seen in London February 12, 2008. REUTERS/Stephen Hird/File Photo 2/2 LONDON The board of Reckitt Benckiser ( RB.L ) survived a protest on Thursday that saw nearly 15 percent of shares voted against the reelection of its chairman and nearly 31 percent against the former head of its audit committee. The British consumer goods company, which is trying to move on from a South Korean safety scandal, said 85.3 percent of shares were voted in support of Chairman Adrian Bellamy, while 14.7 percent were against. Shareholder advisory firm Institutional Shareholder Services (ISS) had recommended abstaining in the vote on Reckitt''s long-standing chairman, saying last month he bore ultimate responsibility for the governance of the company and the effectiveness of its board. "Events in South Korea with Oxy RB raise important questions on both these fronts," ISS said in a report. The South Korean government has said that 92 people were believed to have died from lung injuries related to humidifier sterilisers once sold there by Reckitt''s unit, Oxy RB, and others. ISS also recommended voting against the reelection as a director of Kenneth Hydon, who was chair of the audit committee during the period in question. Reckitt said late on Thursday that 30.8 percent of shares were voted against Hydon, while 69.2 percent were voted in support. The directors'' remuneration report saw 12.6 percent of shares voted in opposition. The company had cut the 2016 pay package of Chief Executive Rakesh Kapoor in light of the scandal. (Reporting by Martinne Geller; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-reckitt-agm-idUKKBN1802J9'|'2017-05-05T03:09:00.000+03:00'
'1a4e713140e82682c87b245c257365b190f71474'|'U.S. labour market tightening; productivity weakens in first-quarter'|'  3:34pm BST U.S. labor market tightening; productivity weakens in first-quarter left right FIEL PHOTO: Job seeker Tony Harris (top) shakes hands with a representative from Verizon at a City of Boston Neighborhood Career Fair in Boston, Massachusetts, U.S., May 1, 2017. REUTERS/Brian Snyder 1/3 left right FILE PHOTO: Shipping containers sit at the ports of Los Angeles and Long Beach, California, U.S. on February 6, 2015. REUTERS/Bob Riha, Jr./File Photo 2/3 left right FILE PHOTO -- Construction workers build a single family home in San Diego, California, U.S. on February 15, 2017. REUTERS/Mike Blake/File Photo 3/3 By Lucia Mutikani - WASHINGTON WASHINGTON New applications for U.S. jobless benefits fell sharply last week and the number of Americans on unemployment rolls hit a 17-year low, pointing to a tightening labor market that could allow the Federal Reserve to raise interest rates next month. While other data on Thursday showed worker productivity fell in the first quarter, the overall trend is improving. Initial claims for state unemployment benefits dropped 19,000 to a seasonally adjusted 238,000 for the week ended April 29, the Labor Department said. The decline unwound most of the prior two weeks'' increases, which economists had blamed on volatility arising from the different timings of the Easter holidays and spring breaks. "Firms remain extremely reluctant to lay off labor. There is nothing here that changes our views and the labor market data remain supportive of a further rate increase in June," said John Ryding, chief economist at RDQ Economics in New York. The Fed on Wednesday kept its benchmark overnight interest rate unchanged and said it expected labor market conditions would "strengthen somewhat further." Officials at the U.S. central bank also viewed the pedestrian 0.7 percent annualized economic growth pace in the first quarter as likely "transitory" and expected economic activity to expand at a "moderate" pace. Jobless claims have now been below 300,000, a threshold associated with a healthy labor market, for 113 straight weeks. That is the longest such stretch since 1970, when the labor market was smaller. The labor market is close to full employment, with the unemployment rate at a near 10-year low of 4.5 percent. Economists had forecast first-time applications for jobless benefits falling to 247,000 last week. The number of people still receiving benefits after an initial week of aid declined 23,000 to 1.96 million in the week ended April 22, the lowest level since April 2000. The dollar fell slightly against a basket of currencies. Prices for U.S. Treasuries fell as did stocks on Wall Street. PAYROLLS REBOUND EXPECTED Last week''s claims report has no bearing on April''s employment report, which is scheduled for release on Friday, as it falls outside the survey period. Filings for unemployment benefits were low in April compared to March. A separate report from global outplacement consultancy Challenger, Gray & Christmas on Thursday showed U.S.-based employers announced 36,602 job cuts in April, down 15 percent from March. The layoffs were concentrated in the retail sector, which has been hit by store closures amid stiff competition from online retailers. According to a Reuters survey of economists, job growth likely rebounded 185,000 following March''s paltry 98,000 gain, which was the smallest in 10 months. In another report, the Labor Department said nonfarm productivity, which measures hourly output per worker, decreased at a 0.6 percent annualized rate in the first quarter, the weakest in a year. Productivity increased at a 1.8 percent pace in the fourth quarter. Compared to the first quarter of 2016, productivity increased at a 1.1 percent rate, suggesting a gradual improvement in the productivity trend. Productivity has increased at an average annual rate of 0.6 percent over the last five years, well below its long-term rate of 2.1 percent from 1947 to 2016. "The trend in pr
'cabef9154251ec869d9bc912b7a14b1559b2a517'|'PRESS DIGEST- New York Times business news - May 4'|'Funds News - Thu May 4, 2017 - 12:18am EDT PRESS DIGEST- New York Times business news - May 4 May 4 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Apple Inc, the world''s most valuable public company, said it planned to dedicate resources to American job creation with a $1 billion fund to invest in advanced manufacturing in the United States. The company said it would announce the first investment from its new fund later this month. nyti.ms/2paGdPU - On Wednesday afternoon, Facebook Inc reported another quarter of huge growth, with nearly 2 billion people actively using the service. Revenue was up 49 percent in the first quarter compared with a year ago. nyti.ms/2paGhiC - Electric-car maker Tesla Inc said on Wednesday that its losses had widened in the first quarter, but that sales and revenues had grown rapidly as the company prepared for the critical launch of a mass-market model. nyti.ms/2paWB2X - Staff members at The Sydney Morning Herald and The Age, among the most powerful voices in the Australian news media, began a weeklong strike on Wednesday over job cuts at Fairfax Media Ltd. nyti.ms/2paWGn1 - With its creditors at its heels and its coffers depleted, Puerto Rico sought what is essentially bankruptcy relief in federal court on Wednesday, the first time in history that an American state or territory had taken the extraordinary measure. nyti.ms/2paGwdw - House Republican leaders planned to hold a showdown vote Thursday on their bill to repeal and replace large portions of the Affordable Care Act after adding $8 billion to the measure to help cover insurance costs for people with pre-existing conditions. nyti.ms/2paZBfq (Compiled by Shalini Nagarajan in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL4N1I61RR'|'2017-05-04T12:18:00.000+03:00'
'219093597935843bf931ae5eac84b60d81053321'|'De Beers pilots plan to store carbon dioxide in diamond-bearing rock'|'Environment - Thu May 4, 2017 - 5:01pm BST De Beers pilots plan to store carbon dioxide in diamond-bearing rock left right A truck drives amongst workings at the De Beers Voorspoed Diamond mine near Kroonstad, South Africa May 3, 2017. Picture taken May 3, 2017. REUTERS/James Oatway 1/2 left right A truck drives amongst workings at the De Beers Voorspoed Diamond mine near Kroonstad, South Africa May 3, 2017. Picture taken May 3, 2017. REUTERS/James Oatway 2/2 By Tanisha Heiberg - KROONSTAD, South Africa KROONSTAD, South Africa Anglo American''s diamond unit De Beers is piloting a project to capture carbon in the rock from which diamonds are extracted to offset harmful emissions, the company said. As planet-warming carbon emissions rise globally, many countries have adopted or proposed a form of tax on emissions and companies in the mining and manufacturing sector are concerned that this will hit their future profits. South Africa proposed a tax of 120 rand ($9) per tonne on carbon emissions in 2012 but postponed it on worries that it would hurt profits already eroded due to a global commodities slump and higher electricity tariffs. De Beers said it aimed to remove as much carbon as it emits within five to ten years, and will select one of its mines for the project due to start in 2019. "This project offers huge potential to completely offset the carbon emissions of De Beers<72> diamond mining operations," project leader and geologist Evelyn Mervine said. De Beers wants to store carbon dioxide in the kimberlite rock once all the diamonds have been removed. The kimberlite turns into a solid compound when mixed with carbon dioxide. Mervine said the carbon dioxide can be locked away in the kimberlite "for thousands to millions of years." Currently, carbon dioxide can be stored deep underground. But environmental activists say there are uncertainties over the long-term implications of underground or submarine storage and there is still the risk CO2 might leak into the atmosphere. De Beers estimates it would cost $10 to $20 per tonne of carbon dioxide, which could reduce with new technology compared with carbonation plants, which cost around $50 to $100 per tonne of carbon dioxide. The project aims to accelerate the process and offset man-made emissions through different technologies including breaking up the rocks to increase the surface area and using special microbes, Mervine said. "This is likely to be one of the easiest and least costly methods of carbon dioxide disposal," Stuart Haszeldine, professor of carbon capture and storage at Edinburgh University said. However, Haszeldine said difficulties could include safeguarding against toxic effluent and ensuring that all of the kimberlite stored in vast tailings dams are able to react with the carbon dioxide. De Beers launched initial studies on the project in 2016 at its Voorspoed mine in South Africa''s Free State province. If successful, De Beers plans to roll out the technology to its other operations. "This project could play a major role in changing the way not only the diamond industry, but also the broader mining industry addresses the challenge of reducing its carbon footprint," De Beers Chief Executive Bruce Cleaver said. (Additional reporting by Barbara Lewis in London; Editing by James Macharia)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-anglo-american-debeers-carboncapture-idUKKBN18024T'|'2017-05-05T00:01:00.000+03:00'
'c81d942dcd1bd011805072d06467c8c0a7cdf88a'|'Russia suspends LPG exports to Ukraine again - traders'|' 23pm BST Russia suspends LPG exports to Ukraine again - traders MOSCOW Russian exporters have suspended liquefied petroleum gas (LPG) exports to Ukraine for the second time in a month because Russia''s regulator has not given clearance for the shipments, traders said on Thursday. Russia restricted LPG exports to Ukraine in early April for a few days citing concerns it could be used for military purposes. Russian railway statistics, seen by Reuters, also showed there had been no LNG exports to Ukraine from Russia since May 1. Relations between Kiev and Moscow plummeted after Russia annexed the Crimean peninsula in March 2014 and separatist fighting erupted in Ukraine''s eastern Donbass region. Traders said the Russian regulator, the Federal Service for Technical and Export Control (FSTEC), had not given clearance for the LPG shipments. The FSTEC was not immediately available to comment. LPG, or propane and butane, is usually cheaper than many other kinds of fuel, such as gasoline. It can be used in cars, household utilities or to produce electric power. Ukraine is Russia''s second-largest LPG market after Poland. Last year, Russia shipped 800,000 tonnes of the fuel to Ukraine. (Reporting by Damir Khalmetov; Writing by Vladimir Soldatkin; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-ukraine-lpg-idUKKBN180279'|'2017-05-05T00:23:00.000+03:00'
'585223b0b6218ce6e746e14215202d80caf39f76'|'Japan''s SoftBank takes driving seat in Indian online shake-up'|'By Sankalp Phartiyal - MUMBAI MUMBAI After plowing about $2 billion into minority stakes in Indian e-commerce businesses over the past few years, Japan''s SoftBank is upping the stakes, looking to play consolidator and take a more active role at a trio of leading start-ups.According to sources with direct knowledge of the matter, the solar-to-tech conglomerate is seeking to secure a piece of India''s industry leaders in everything from payment systems to online shopping and groceries, in a series of deals that would shake up the $65 billion sector.Among the most high-profile plans is SoftBank''s push to engineer a merger between Snapdeal, the No. 3 player in one of the world''s most competitive online markets and one of its biggest Indian investments to date, and market leader Flipkart.The deal could be finalised as soon as next week, one of the sources said.SoftBank has poured roughly $1 billion into Snapdeal since 2014, but competition in e-commerce has risen dramatically with U.S. giant Amazon cranking up its presence and taking the No. 2 spot from Snapdeal.Besides Snapdeal, SoftBank is also close to finalizing a cash infusion of more than $1 billion into Alibaba-backed digital payments firm Paytm - another leader in a highly competitive sector - giving it a more direct say in that group too, according to one source familiar with discussions.Media reports have separately linked SoftBank to a tie-up between grocery delivery group Grofers, in which it has invested roughly $70 million, and market leader and rival BigBasket.SoftBank, Snapdeal, Paytm and BigBasket did not respond to requests for comment. A spokesman for Grofers said the company did not comment on merger speculation."LAND OF OPPORTUNITY"At the heart of the push is the charismatic Masayoshi Son, SoftBank''s founder and chairman, the sources said. Son has taken a more active role in the group globally since last year, when he pushed aside his heir apparent, Nikesh Arora.SoftBank is best-known for its hugely lucrative early stage bet in Chinese e-commerce giant Alibaba Group, in which it is still the single largest investor.But it has also been a long-time supporter of India - and with some success."Son is thinking India is the place where he will create one or two Alibabas," said one of the sources familiar with SoftBank ambitions, adding Son sees the country right now as the "land of golden opportunity".SoftBank is the biggest investor in India''s leading ride-share player Ola, which competes with Uber, and its top hotel aggregator Oyo. Son and other partners have also pledged to pour $20 billion into solar projects in the energy-hungry South Asian nation."They are getting into sectors where the big differentiator, firstly, is going to be technology, of course," said the same source."Secondly, also sectors that need large amounts of capital, so you can browbeat or elbow out people with your capital."A Flipkart-Snapdeal combination would create just such a e-commerce behemoth.Flipkart, though battling Amazon, has maintained its pole position and last month it raised $1.4 billion from a trio of cash-rich and tech savvy players that include eBay, Tencent and Microsoft.It also bought eBay''s Indian operations as part of the deal.Meanwhile, SoftBank poured cash into Snapdeal, but Son began to lose patience as it was outpaced by Amazon, said a source at Snapdeal and the source familiar with SoftBank''s aspirations.SoftBank has already begun talks with Flipkart''s largest investor, Tiger Global, to buy a stake, the two sources said.To push through the tie-up, SoftBank was likely to invest about $1 billion in Flipkart, both via a direct cash infusion and by buying equity stakes in investors such as Tiger Global, another source said, adding that Snapdeal investors were expected to get one Flipkart share for every 10 Snapdeal shares.Flipkart did not respond to requests for comment, while a spokeswoman for Tiger Global said the hedge fund did not speak to the m
'383fd8a6313a8904246eec41f64f03b9bfe24c54'|'UPDATE 1-Petroperu, Canada''s Pacific consider developing Amazon oilfield'|'Commodities - Fri May 5, 2017 - 4:56pm EDT Petroperu and Canada''s Pacific consider developing Amazon oilfield LIMA Peru state-run oil company Petroperu is considering a partnership with Canada''s Pacific Exploration & Production Corp ( PEN.TO ) to develop a dormant oilfield in Peru''s Amazon region, a Petroperu executive said on Friday. Pacific''s Peru general manager, Ivan Arevalo, recently expressed an interest in boosting the company''s investment in oil lot 192, near the Ecuador border, which has been idle since last year due to pipeline ruptures, Petroperu Chief Executive Luis Garcia Rosell told journalists. However, since its concession will go to Petroperu when it expires in 18 months, Pacific is looking to partner with the state-run company to guarantee access to the field for a long enough time to justify increasing its investment in the relatively small oil-producing country, Garcia Rosell said. "We''re very enthusiastic about this," he said. "Pacific will not make larger investments if they don''t see a possibility of extending the term. But if we participate...the situation would change and they would begin to make investments." Garcia Rosell pointed to Petroperu''s recent deal to take a 25 percent stake and become Santiago-based GeoPark Ltd''s ( GPRK.N ) junior partner in another Amazon oilfield without investing its own funds as a model the Pacific deal could follow. He said Pacific would present its proposal to Petroperu next Friday. Petroperu, which has been absent from exploration and production for years, would likely not have any operational role. Representatives of Pacific, which won a two-year concession to operate the 500,000 hectare (1,931 square mile) field in 2015, did not immediately respond to requests for comment. The field produced 10,000-12,000 barrels per day before it stopped output last year after Petroperu closed its 1,106-kilometer (687-mile) pipeline after the first of what would become a dozen oil spills in 2016. The spills have frayed Petroperu''s relations with nearby indigenous communities. Last week, about 600 locals in the Amazon region took control of lot 192 and demanded payment for use of their land. Pacific had said no payment was due at the time. On Friday, Garcia Rosell said the pipeline should resume operations in July after repairs to its three segments are complete. The company is planning to begin issuing $3 billion in bonds in the coming months to help finance a $5.4 billion expansion of its Talara refinery, which could boost capacity to 95,000 barrels-per-day by 2021, up from 65,000 currently. Garcia Rosell said banks have indicated that there is substantial market demand for the bonds. (Reporting by Luc Cohen and Teresa Cespedes; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-petroperu-pacific-e-p-idUSKBN181291'|'2017-05-06T05:54:00.000+03:00'
'4c37ae36780b515b7250d64f625bf94995e08895'|'Old-guard retail back in the cross hairs - Reuters'|'By Chuck Mikolajczak - NEW YORK NEW YORK A glance at the U.S. stock market''s main measure for the health of retailers suggests all is well among those companies in the business of peddling stuff directly to consumers.After all, the $1.16 trillion S&P 500 retail index .SPXRT has climbed nearly 13 percent this year to a record high, roughly double the 7 percent gain by the full S&P 500 .SPX .That stalwart performance, however, has been delivered almost entirely by a clutch of new ''retailers'' that now account for more than half of the value of the index: Amazon.com Inc ( AMZN.O ), Netflix Inc ( NFLX.O ) and Priceline Group Inc ( PCLN.O ). Moreover, it masks a broad slump in shares of traditional retailers having their lunch eaten by disrupters like Amazon in particular.In fact, when the retail index''s big three gainers are excluded, the group''s aggregate value has gained a lacklustre 1.3 percent this year and is some 8 percent shy of its high-water mark two years ago.Against that backdrop, next week brings a fresh look at how that old guard of retail is holding up and whether a turn-around in their flagging share performance might be in the offing.First-quarter earnings reports from Macy''s Inc ( M.N ), Nordstrom Inc ( JWN.N ), Kohl''s Corp ( KSS.N ) and JCPenney Co Inc ( JCP.N ) are expected to be sobering, but could shed some light on whether wrenching turn-around plans launched by some of them, including thousands of layoffs, are starting to bear fruit.Overall corporate earnings for the first quarter have been strong, with growth for the entire S&P 500 pegged at 14.7 percent from a year earlier, the best since 2011, according to Thomson Reuters data. But the consumer discretionary sector .SPLRCD, which includes the department stores, is expected to show just 3.9 percent growth, albeit that is up from an estimated 1.4 percent a month ago."The consumer for the most part seems OK. Not everywhere," said Tobias Levkovich, chief U.S. equity strategist at Citigroup.But sales are expected to be middling for the department store chain names. Analysts caution, however, that traditional retailers may no longer be a true measure of consumer health as people have new ways to spend."There will probably be a knee-jerk reaction the wrong way when we hear some of those larger retailers come out and say foot traffic in the mall is terrible," said Art Hogan, chief market strategist at Wunderlich Securities in New York."Hopefully we don''t start assuming that because people aren''t going to Macy''s the consumer is dead."Far from it. The government''s main measure of the health of consumer spending, the monthly retail sales report due out Friday, is expected to show overall retail sales snapped back in April after two straight declines.Of the big four retail names set to report next week, only Nordstrom is forecast to post an increase in earnings per share, and that by just 2.8 percent, according to estimates from Thomson Reuters I/B/E/S.Macy''s profit per share is seen sliding 13.5 percent and Kohl''s is expected to drop 6.4 percent. JCPenney, which posted its first quarterly profit in three years in last year''s fourth quarter, is seen sliding back to a loss."There''s a lot of headline risk attached to retailers so we''re not a big fan of owning a lot of the brick and mortar mass retailers right now," said Nathan Thooft, senior managing director, at Manulife Asset Management in Boston.Indeed, all four of those reporting next week have lagged both their own peer group and the wider market so far this year. While Nordstrom is at least in the black with a modest 2 percent gain, Macy''s and Kohl''s have both tumbled about 19 percent. JCPenney, no longer a member of the S&P 500 retail group, has plunged 34 percent.As Manulife''s Thooft puts it: "The valuations are starting to get interesting, but at the same time you can''t dismiss the fact you have the Amazons of the world and the shift of the consumer to be able to purchase more and more ite
'2a123bf88b843c8308c639f3d3b0d7607bba0798'|'US STOCKS SNAPSHOT-S&P, Nasdaq open higher, IBM weighs down Dow'|'Market News - Fri May 5, 2017 - 9:32am EDT US STOCKS SNAPSHOT-S&P, Nasdaq open higher, IBM weighs down Dow May 5 The S&P 500 and the Nasdaq Composite opened higher on Friday after a report showed U.S. job growth accelerated sharply last month, but a drop in IBM kept the Dow in negative territory. The Dow Jones Industrial Average was down 7.14 points, or 0.03 percent, at 20,944.33. The S&P was up 5.14 points, or 0.22 percent, at 2,394.66 and the Nasdaq was up 16.51 points, or 0.27 percent, at 6,091.84. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D''Souza) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1I73S6'|'2017-05-05T17:32:00.000+03:00'
'2a4716692bc9e4d1027b7a3c7b47024d01995f27'|'Exclusive - Uber faces criminal probe over software used to evade authorities'|'Technology News - Fri May 5, 2017 - 12:20am BST Exclusive: Uber faces criminal probe over software used to evade authorities The logo of Uber is seen on an iPad, during a news conference to announce Uber resumes ride-hailing service, in Taipei, Taiwan April 13, 2017. REUTERS/Tyrone Siu By Dan Levine and Joseph Menn - SAN FRANCISCO SAN FRANCISCO The U.S. Department of Justice has begun a criminal investigation into Uber Technologies Inc''s use of a software tool that helped its drivers evade local transportation regulators, two sources familiar with the situation said. Uber has acknowledged the software, known as "Greyball," helped it identify and circumvent government officials who were trying to clamp down on Uber in areas where its service had not yet been approved, such as Portland, Oregon. The company prohibited the use of Greyball for this purpose shortly after the New York Times revealed its existence in March, saying the program was created to check ride requests to prevent fraud and safeguard drivers. The Times report triggered a barrage of negative publicity for the company. The criminal probe could become a significant problem facing the company that is already struggling with an array of recent business and legal issues. An Uber spokesman and the Justice Department declined to comment. Uber lawyers said in letters to Portland authorities, which Portland made public in a report last week, that the Greyball technology was used <20>exceedingly sparingly<6C> in that city, before the service was approved there in 2015. The nature of any potential federal criminal violation, and the likelihood of anyone being charged, is unclear. The investigation is still in its early stages, the sources said. Bloomberg news service reported the existence of a federal probe last week, but did not identify it as criminal. AGGRESSIVE STARTUP Uber received a subpoena from a Northern California grand jury seeking documents concerning how the software tool functioned and where it was deployed, one person familiar with the request said. That indicates a criminal investigation is underway. The second source confirmed that was the case. A subpoena from a grand jury is a formal request for documents or testimony concerning a potential crime. It does not, in itself, indicate wrongdoing or mean charges will be brought. The ride services company''s board has retained an outside law firm, Shearman & Sterling LLP, to conduct its own internal investigation into what transpired, those two sources and a third said. A Shearman spokeswoman did not return a message seeking comment. Uber, a venture capital-backed firm most recently valued at $68 billion, has long had a reputation as an aggressive startup. It has been battered with multiple controversies over the last few months that have raised questions about Chief Executive Travis Kalanick and led him to say he needed "leadership help." MINING CREDIT CARD INFO The technology at issue in the criminal probe helped Uber tag some users so that they saw a different version of its standard app, the company said in a blog post in March. Uber said Greyball obscured the real location of Uber cars in various circumstances, including the possibility of physical threats or merely to test new features. The program was part of a broader Uber system, called Violation of Terms of Service, that analyzed credit card, device identification, location data and other factors to predict whether a request for a ride was legitimate, current and former employees said. The technology was used partly to prevent fraud and protect drivers from harm, the company blog post said. If a ride request was deemed illegitimate, Uber''s app showed bogus information and the requester would not be picked up, the employees told Reuters. However, the Greyball technique was also used against suspected local officials who could have been looking to fine drivers, impound cars or otherwise prevent Uber from operating, the employee
'2aa30e53305f63e25eabbc92a18264da23b92692'|'Canadian non-bank lenders race to shore up confidence as deposits withdrawn'|'Business   5:46pm BST Canadian non-bank lenders race to shore up confidence as deposits withdrawn FILE PHOTO: A sign shows the logos of Home Capital Group''s subsidiaries Home Trust and Oaken Financial in front of their headquarters in an office tower in the financial district of Toronto, Ontario, Canada April 26, 2017. REUTERS/Chris Helgren/File Photo TORONTO Canadian non-bank mortgage lenders raced to shore up confidence in their model on Monday as depositors pulled more money out of Home Capital Group Inc''s ( HCG.TO ) high-interest savings accounts while a second lender lined up C$2 billion (<28>1.1 billion) in emergency funding. Canada''s No. 2 listed alternative lender Equitable Group ( EQB.TO ) said it has taken steps to reinforce its liquidity position on Monday after it experienced a quickened pace of withdrawals late last week. Meanwhile, Home Capital, Canada''s biggest alternative lender, said it expected to draw down half of a C$2 billion ($1.46 billion) credit line that it secured last week, as it seeks to offset the impact of a steep fall in high-interest savings accounts (HISA) deposits. Withdrawals from Home Capital''s HISA accelerated last week after its founder joined the ranks of recent executive exits tied to a securities regulator probe. The troubles at Home Capital, which provides subprime mortgages and has seen a 73-percent decline in HISA deposits since March 30, has raised fears it may be the first sign of a crack in Canada''s red-hot housing market, which some have called a bubble. In Toronto alone, house prices surged 33 percent in March from a year ago, prompting authorities to take a series of measures, including a 15-percent foreign buyers'' tax, last month. Equitable said it got the C$2.0 billion funding facility from a syndicate of Canadian banks on Monday.. "We are confident in the fundamentals of our business and our funding model, but owing to these recent events we have taken steps to reinforce our liquidity position," it said in a statement. Equitable shares were up 32 percent at C$47.87 in Monday late morning trade. Home Capital''s shares slumped as much as 29 percent to C$5.75 in early trading, after the company on Monday also reiterated it would miss its financial targets. The lender, which has hired bankers to help it secure additional funding and assess options, has seen its shares plummet since a securities regulator last month alleged its top executives hid mortgage broker fraud from investors. "It''s a blow for the nonbanking mortgage lending sector," said David Cockfield, managing director and portfolio manager at Northland Wealth Management. "Anything that diminishes the scope of the mortgage market will leave people high and dry. It has an economic impact." MUTED IMPACT? However, Home Capital has low delinquency rates and services less than 1 percent of the Canadian housing market, Karl Schamotta, director of global product and market strategy at Cambridge Global Payments, said in a briefing note. "In contrast with the meltdown that triggered the global financial crisis almost a decade ago, Home Capital''s problems do not relate to underperformance in the underlying loan portfolio - and are likely too small to generate real systemic risk." Depositors have been withdrawing more cash from savings accounts that help fund Home Capital''s mortgage book. The company said the balance in its high-interest savings accounts (HISAs) was expected to slump to about C$391 million on Monday, from C$521 million on Friday. The balance was C$1.4 billion a week ago. "While the pace of withdrawals does appear to be slowing, funding is expected to remain a material constraint," Raymond James analysts wrote in a client note. Home Capital said Friday about C$290 million had been withdrawn from its HISAs the previous day, compared to C$472 million on Wednesday. The company on Thursday said Healthcare of Ontario Pension Plan had agreed to provide a C$2 billion credit line to its H
'6c664f2e167030cf9d0496486933bf23456ec65b'|'UPDATE 1-Pembina adds natgas infrastructure with C$9.7 bln Veresen buy'|'Market News - Mon May 1, 2017 - 2:03pm EDT CORRECTED-UPDATE 3-Pembina adds natgas infrastructure with $7.1 bln Veresen buy (Corrects paragraph 14 to say the offer is at a 22.5 percent premium to the last close of Veresen, not Pembina. The error also appeared in previous versions of the story) * Pembina to pay as much as C$1.52 bln in cash, 99.5 mln in shares * Offer at 22.5 pct premium to Veresen''s last close * To pay either 0.4287 of a Pembina share or C$18.65 in cash By Swetha Gopinath May 1 Pembina Pipeline Corp said it would buy smaller rival Veresen Inc in a stock-and-cash deal valued at C$9.7 billion ($7.10 billion), including debt, giving the Canadian pipeline operator access to natural gas pipelines and processing infrastructure. The combined company will have a strong position in the Western Canadian Sedimentary Basin, home to the world''s third largest crude reserves. A rebound in oil prices from a two-year slump and prospects of friendlier regulatory and tax policies in the United States are stoking consolidation in the pipeline industry. Pembina''s deal for Veresen comes in the wake of Enbridge Inc''s $28 billion acquisition of Spectra Energy, announced in September, and TransCanada Corp''s $10 billion purchase of Columbia Pipeline Group in March last year. After the deal with Veresen, Pembina will own about 5.8 billion cubic feet per day of gas processing infrastructure across Western Canada by 2018. "VSN''s deep inventory of well-head oriented expansions should pair nicely with Pembina''s role as liquids aggregator across the (Western Canadian Sedimentary Basin)," analysts at Tudor, Pickering, Holt & Co said. The combined company will have about 3 million barrels of oil equivalent per day of pipeline capacity. "When we combine with Veresen who is...68 percent pipelines, we put the P back in pipelines in our name," Pembina''s Chief Executive Michael Dilger said on a conference call, speaking of the breakup of Veresen''s operating margins. At present, pipelines account for about 46 percent of Pembina''s margins. Veresen has a stake in a pipeline delivering crude from Alberta, British Columbia and North Dakota to Midwest United States. It also holds interest in a 680-mile natural gas pipeline extending from Wyoming to Oregon, and owns the Alberta Ethane Gathering System, which is made up of three interconnected pipelines. Pembina said Veresen shareholders could opt to get either 0.4287 of a Pembina share or C$18.65 in cash. Veresen shares jumped to as much as C$18.29. Pembina''s shares were down about 2.4 percent at C$42.40. The offer is at a 22.5 percent premium to Veresen''s last close, the companies said. Pembina said it would pay as much as about C$1.52 billion in cash and 99.5 million in shares. The company also said it would increase its dividend by 5.9 percent upon deal close - expected late third quarter or early fourth quarter. CIBC World Markets Inc is Pembina''s financial adviser, while Scotiabank is advising Veresen. ($1 = 1.3668 Canadian dollars) (Reporting by Swetha Gopinath in Bengaluru; Editing by Shounak Dasgupta) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/veresen-ma-pembina-pipe-idUSL4N1I322L'|'2017-05-01T19:10:00.000+03:00'
'd11a3343563bff48f84eefc888578ead2c719a10'|'brags of good job news, blames Obama for weak growth - May. 1,'|'Trump''s job creation, 100 days in President Trump takes credit for the new US jobs added in 2017. "We''ve created over 600,000 jobs already over a very short period of time and it''s going to really start catching on now," Trump said on April 11 . The White House later revised that down to 500,000. Even that claim is a stretch: The job gains under Trump are closer to 317,000 . But when weak economic growth figures published Friday, Trump took no credit for them. "That''s really a left over from -- in all fairness, I just got here," Trump told Bloomberg in an interview that aired published on Monday. The data covered the same three months of this year. The US economy grew at an annual pace of just 0.7% between January and March. It was the worst quarter of growth in three years. "So you''re growing at 1% or less, so we need a stimulus," said the president. Related: Trump takes credit for 500k jobs. That''s a stretch In truth, there''s a ceaseless debate about how much credit a president deserves for job gains or economic growth. Several factors outside a president''s control affect both -- from the value of the US dollar to the health of the global economy. Some economists say Trump doesn''t deserve credit or blame for the first quarter numbers on jobs and growth. But if he''s going to take responsibility for one, then the others belong to him too, they argue. "I suppose if you''re going to take credit fro the jobs data, you have to take credit for the GDP data too," Paul Ashworth, chief US economist at Capital Economics, a research firm, said last week. Related: US economy has weakest quarter of growth in 3 years Dodging responsibility for bad economic numbers isn''t new for US presidents. President Obama often slammed the Bush administration during his early years in office when the economy was grappling with its worst recession in decades. But when the economy turned around years later, Obama took credit for the good news. The distinction between Trump and Obama is that Obama didn''t take credit for one number and not another at the same time. Trump is choosing which numbers he owns over the same period of time. Trump''s next big economic news comes Friday with the release of the April jobs report. The White House said that the jobs and stock markets have had "great growth...in the wake of the President''s ambitious economic agenda. At the same time, the GDP figures show that there''s still work to do, and we''re ready to do it."   May 1, 2017: 2:49 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/05/01/news/economy/trump-jobs-gdp/index.html'|'2017-05-01T22:58:00.000+03:00'
'bf3e4a48aa62be6195bafd526bbdc63000a2ad2d'|'Fox News co-president Bill Shine resigns'|'Business News - Mon May 1, 2017 - 4:38pm EDT Fox News co-president Bill Shine resigns, Scott and Wallace promoted FILE PHOTO - Fox News President Bill Shine departs after meeting with U.S. President-elect Donald Trump at Trump Tower in the Manhattan borough of New York, U.S., November 21, 2016. REUTERS/Lucas Jackson By Jessica Toonkel Bill Shine, co-president of Fox News Channel, has become the latest executive to resign in the wake of a sexual misconduct scandal at the cable channel, and will be partly replaced by Fox''s highest-ranking female executive. The exit of Shine, who has been with Twenty-First Century Fox Inc''s Fox News since its inception over 20 years ago, marks an important step in the attempt by Rupert Murdoch and his sons, who run the company, to clean house at Fox after a series of embarrassing revelations. Chairman Roger Ailes resigned in July following sexual harassment allegations, and top-rated news host Bill O''Reilly left last month after a report that Fox and O''Reilly had paid out $13 million to settle harassment claims by five women. Star anchor Megyn Kelly left Fox in January to join NBC News. Kelly was one of Ailes'' accusers and detailed his behavior in her best-selling book, "Settle for More." Ailes has denied the allegations. Shine has been named in a number of lawsuits alleging sexual misconduct at the company, and was blamed for not doing more to prevent it. Last month, Julie Roginsky, a Democratic political consultant and Fox News contributor, sued the network and Ailes, accusing them of denying her a permanent hosting job after she rebuffed Ailes'' sexual advances. At the time, she also sued Shine, asserting that he failed to investigate her claims. Shine and Jack Abernethy were appointed co-presidents in August to lead Fox News in the wake of Ailes'' departure. Abernethy remains co-president of Fox News and chief executive of Fox Television stations. Shine has been replaced by Suzanne Scott, head of Fox News'' programming, and Jay Wallace, head of news, the company said. Shine will leave the company after helping a transition over the next few weeks, the cable channel said on Monday. "Bill has played a huge role in building Fox News to its present position as the nation''s biggest and most important cable channel in the history of the industry," Rupert Murdoch, co-executive chairman of Twenty-First Century Fox, said in a statement announcing Shine''s resignation. "His contribution to our channel and our country will resonate for many years." After talk of Shine''s departure started last week, Fox News host Sean Hannity tweeted that Shine''s departure would be "the total end" of Fox News Channel and started a hashtag #Istandwithshine. (Reporting by Jessica Toonkel in New York and Narottam Medhora in Bengaluru; Editing by Maju Samuel and Bill Rigby) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-fox-shine-idUSKBN17X296'|'2017-05-02T03:08:00.000+03:00'
'4f6d8a7b64cc89f20b83bb644c6743466fa5059a'|'UBS pays $445 mln over toxic mortgages, failed U.S. credit unions'|'Business News - Mon May 1, 2017 - 3:30pm EDT UBS pays $445 million over toxic mortgages, failed U.S. credit unions The logo of Swiss bank UBS is seen at an office building in Zurich July 27, 2015. REUTERS/Arnd Wiegmann By Jonathan Stempel UBS Group AG ( UBSG.S ) paid $445 million to settle claims that the Swiss bank sold toxic mortgage securities that helped sink two federal credit unions, a U.S. regulator said on Monday. The National Credit Union Administration said the payment resolves claims that UBS misled the U.S. Central and Western Corporate credit unions about the risks of roughly $1.15 billion of residential mortgage-backed securities bought in 2006 and 2007. UBS'' payment is on top of $79.3 million it paid last year to resolve similar NCUA claims involving two other failed credit unions. The bank did not admit wrongdoing, the NCUA said. Erica Chase, a UBS spokeswoman, in an email said: "With today''s settlement another legacy matter has been resolved." The NCUA said it has recovered nearly $4.8 billion from banks over mortgage securities it said led to the 2009 and 2010 failures of five credit unions. Some lawsuits targeted banks that sold the securities, while others targeted trustees that allegedly failed to monitor loan servicers or require banks to buy back defective loans. The NCUA said it uses sums it recovers to pay claims against the Constitution Corporate, Members United Corporate, Southwest Corporate, U.S. Central and Western Corporate credit unions. Such settlements provide "a measure of accountability for the firms that sold faulty securities," NCUA Acting Board Chairman J Mark McWatters said in a statement. The NCUA voluntarily dismissed its case against UBS last week in connection with the settlement, court records show. The case is National Credit Union Administration Board v. UBS Securities LLC et al, U.S. District Court, District of Kansas, No. 12-02591. (Reporting by Jonathan Stempel in New York; Editing by Bernard Orr) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ubs-creditunions-idUSKBN17X2AE'|'2017-05-02T03:24:00.000+03:00'
'c76e7649a0684a16d05cf631d794986a89e106ca'|'Latest victim of retail downturn, Revlon tumbles 23 percent'|'Business News - Fri May 5, 2017 - 3:36pm EDT Latest victim of retail downturn, Revlon tumbles 23 percent FILE PHOTO - A Public Safety officer keeps watch as people stand in front of a billboard owned by Revlon that takes their pictures and displays them in Times Square in the Manhattan borough of New York October 13, 2015. REUTERS/Carlo Allegri By Noel Randewich - SAN FRANCISCO SAN FRANCISCO Shares of Revlon ( REV.N ) slumped 23 percent on Friday and were headed for their biggest one-day drop since the financial crisis after the cosmetics company said declining mall traffic hurt its quarterly sales. The company posted a first-quarter loss and was the latest example of the troubling retail environment facing brick-and-mortar stores as consumer tastes change and spending shifts to the internet. "Most of our U.S. retail partners experienced lesser foot traffic, store closures and shopper channel shifting to online and beauty specialty retail," Chief Executive Fabian Garcia said on a quarterly conference call. "Although beauty remains a growth category in the U.S., where and how consumers shop for beauty is evolving," Garcia said. Revlon said its quarterly revenue rose 34.3 percent to $595 million, helped by the acquisition of Elizabeth Arden last year. But on a pro forma basis, sales dropped 5.8 percent year over year, a major setback for a company that was once a top name in the world of beauty products. Just over 13 percent of U.S. retailers are at the distressed tier of Moody''s ratings spectrum, the highest percentage since the 2008-2009 recession, Moody''s debt rating service said in February. The New York-company''s stock was down 23 percent at $19.40, the lowest level since 2013. The last time Revlon fell more than 23 percent in one day was 2008. (Reporting by Noel Randewich; Editing by Bernard Orr) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-revlon-stocks-idUSKBN181245'|'2017-05-06T03:21:00.000+03:00'
'3d2098900d33058721cebd9dc183093e6fb6d2a2'|'Bank of England sets out bailout bond requirements for UK banks'|'Economy News - Fri May 5, 2017 - 4:42pm BST Bank of England sets out bailout bond requirements for UK banks FILE PHOTO: Pedestrians walk past the Bank of England in the City of London, Britain April 19, 2017. REUTERS/Hannah McKay By Huw Jones - LONDON LONDON The Bank of England on Friday made public for the first time how many special loss-absorbing bonds British-based banks must issue to prevent taxpayers having to pay for bank bailouts in the future. The bonds, known as MREL, are aimed at ending "too big to fail" banks, which means banks will have enough resources to draw on in a crisis without going cap in hand to taxpayers. MREL bonds convert into equity capital once a bank''s main capital reserves are burnt through. The MREL requirements come under European Union law and form the final leg of reforms introduced since the 2007-09 financial crisis. The BoE said that from 2022, MREL would range from 21.6 percent of total value of exposures for Standard Chartered ( STAN.L ) to 25.9 percent for Santander UK ( SAN.MC ). The central bank also gave an average indicative figure of 22 percent for a group of eight smaller banks, including the Co-operative Bank, Metro Bank, Tesco Bank and Virgin Money. The BoE previously said how it planned to calculate this on Nov. 8. Banks also face an interim MREL target which applies from 2020. The central bank had already told the banks what their individual MREL requirements would be, but the BoE has now published them to increase transparency. On previous occasions when such bank capital or liquidity targets have been agreed, markets have put pressure on banks to comply sooner than the formal deadline in a bid to quash any doubts about solvency. "It will bring pressure to be ''in the pack''," Rob Moulton, a financial services lawyer at Latham & Watkins, said. Regulators have raised concerns about the ability of markets to absorb the number of bonds that banks across the EU will need to issue to comply with the MREL deadline. This has been estimated at 276 billion euros ($303.10 billion) for EU banks. The world''s 30 biggest banks, which include Britain''s HSBC ( BARC.L ), Barclays ( BARC.L ), Standard Chartered ( STAN.L ) and RBS ( RBS.L ), must also comply with a tougher global equivalent of MREL, known as TLAC, over a similar time period. "It would be very helpful if the Bank of England and authorities around the world were very clear that there is a transition period to getting to the TLAC end state, and that they are not expecting banks to get there more quickly," Simon Hills, an executive director at the British Bankers'' Association, said. (Additional reporting by William Schomberg, editing by David Milliken and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-boe-banks-idUKKBN1810XR'|'2017-05-05T23:28:00.000+03:00'
'6034988affda63c75e9ef5fb0d720a9e2a501606'|'Brazil Treasury tells Banco do Brasil to sell sovereign fund shares - Reuters'|'BRASILIA May 5 The Brazilian Treasury has told Banco do Brasil SA subsidiary BB DTVM to redeem shares in the Investment and Stabilization Fund (FFIE), which will require selling the shares over 24 months, the bank said on Friday.In a securities filing, state-controlled Banco do Brasil, Latin America''s largest bank, said the extended sales program would be carried out subject to market conditions.The sole shareholder of the FFIE is the Brazil Sovereign Fund (FSB).The Treasury instructed BB DTVM to "engage its best efforts to trade BB''s shares in the most neutral possible way in terms of asset price impact, in order to ensure liquidity in its portfolio," the filing by the bank''s CFO Alberto Monteiro de Queiroz said.Separately, the Finance Ministry said the recommendation was in line with its announcement in May last year that the sale of shares in the Brazil Sovereign Fund would go ahead over the next few years according to market conditions to get the best prices.Banco do Brasil shares closed 2.32 percent higher on Friday, at 33.11 reais a share.The FFIE fund groups controlling shareholders of the bank and has a 3.67 percent stake, or 105,024,600 shares. (Reporting by Paula Arend Laier and Anthony Boadle; editing by Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/banco-do-brasil-sovereign-idINL1N1I71TE'|'2017-05-05T20:34:00.000+03:00'
'd0059715698438148dbe2917ddc12761665e7e1d'|'Kipchoge runs fastest marathon but misses sub-2 hour goal - Reuters'|'By Mark Bendeich - MONZA, Italy MONZA, Italy Eliud Kipchoge ran the quickest recorded marathon on Saturday, crossing the line at the Monza Formula One track in two hours and 25 seconds but missing out on an ambitious attempt to break the two-hour barrier.The 32-year-old''s time smashed the official mark of 2:02:57 set by fellow Kenyan Dennis Kimetto in Berlin in 2014 but will not enter the record books largely due to a non-compliant system of pacemaking."The is not the end of the attempt of runners on two hours," the Olympic champion said after the race, likening the challenge to climbing a tree. "When you step on the branches... immediately you go to the next one."Kipchoge rated it as the finest performance in a career that includes a gold medal at the Rio Games last year and a personal best official time of 2:03:05, the third-fastest in history."This journey has been good, it has been hard, it has been seven months hard preparation. It has been history in the world of sport," he added.Kipchoge and the only other competitors, Eritrean Zersenay Tadese and Ethiopian Lelisa Desisa, ran behind an arrow-head formation of pacemakers, to reduce drag, and a car beaming a green line on the road behind it to show the required speed for the sub-two hour target.Amid deep scepticism, Nike pitched the attempt as sport''s "moon shot", with a keen eye on sales of its running shoes. It designed a lightweight shoe, Zoom Vaporfly Elite, with a carbon-fibre insole as part of the meticulous preparations.Nike''s arch rival, German firm adidas, also has its own ''Sub2'' project, also with a new shoe.30 PACEMAKERSIn 2014, "Runners World" magazine predicted a sub-two under normal race conditions would not happen until 2075, based on analysis of more than 10,000 top marathon performances.The race began in pre-dawn gloom at a brutal speed behind pacemakers, who were world class runners in their own right, including former world champion middle distance runner Bernard Lagat of the United States.A total of 30 pacemakers split into groups of six, taking turns to set a tempo in a race run 63 years to the day after Briton Roger Bannister became the first man to run a mile in less than four minutes.The Monza track was chosen for its wide, sweeping curves, lack of undulation and cool, low-wind environment. The runners were also delivered essential fluids on the move by moped in order to prevent them slowing down at feeding stations.The sub-two hour mark required a pace below four minutes and 35 seconds per mile, which the determined Kipchoge managed to match until falling behind the pace car in the last two laps of the 2.4 km circuit.Kipchoge completed the first half of the race in 59:57, just one and a half minutes off the official half-marathon world record set by Saturday''s second-place finisher, Tadese.The 35-year-old Eritrean, the oldest competitor on Saturday, finished in 2:06:51, followed by the youngest, 26-year-old Desisa, in 2:14:10.(Editing by John O''Brien)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/athletics-marathon-breaking2-halfway-idINKBN18206S'|'2017-05-06T05:33:00.000+03:00'
'92130f1da7f31322fd56c1e3b0f3c1588138e108'|'Buffett says Trump tax proposal won''t fundamentally change Berkshire - Reuters'|'By Jennifer Ablan and Jonathan Stempel May 6 U.S. President Donald Trump''s plan to cut the corporate tax rate to 15 percent would be a tailwind for profitability at Warren Buffett''s Berkshire Hathaway Inc , but won''t fundamentally change how its business units operate, Buffett said.<2E>The deferred taxes that are applicable to unrealized gains on securities would all be applicable to us," Buffett said during Berkshire''s annual shareholders meeting on Saturday. "We have $90 or $95 billion in gains, and our owners, dollar for dollar, will participate in that ... If the rate were to drop 10 percent, that $9.5 billion is real."Buffett, a Democrat who vocally supported Hillary Clinton''s unsuccessful White House candidacy, added that the impact of lower corporate taxes would not translate into higher profits across all of Berkshire''s many dozens of businesses.Regulated utility units, for example, are not likely to enjoy lower tax rates as savings, in Buffett<74>s view, would be passed onto customers. He also said that a lot of the benefits of lower corporate taxes would likely be competed away.Buffett, 86, said: <20>We<57>ve had a lot of (tax cuts) in our lifetimes <20> it<69>s certain that some of a lower corporate rate would be competed away, and it''s sure that some of it would inure to the benefit of shareholders."In February, Barclays analyst Jay Gelb said cutting the corporate tax rate even to 20 percent could boost Berkshire''s book value by $27 billion because of a decline in its deferred tax liability. A cut to 15 percent could boost book value by $36 billion, he said."I can''t recall sending anything out to our managers saying, ''Let''s do this because the tax law is going to change,''" Buffett said.Berkshire Vice Chairman Charlie Munger, who was also answering shareholder questions during the annual meeting, agreed with the assessment."We''re not going to change anything at the railroad just for some little tax jiggle," Munger said, referring to Berkshire''s BNSF unit.(Reporting By Jennifer Ablan and Jonathan Stempel; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/berkshire-buffett-taxes-idINL1N1I80EQ'|'2017-05-06T16:28:00.000+03:00'
'c5333ee5e09ee3f71425eb5756b719a4c5b98fd9'|'Auction houses see signs of art market uptick ahead of New York sales'|'By Chris Michaud - NEW YORK NEW YORK As auction powerhouses Christie''s and Sotheby''s ( BID.N ) gear up for their New York spring sales, hopes are high that a host of major works the likes of which have not hit the block for several seasons will reap strong, even record, prices.After years of gangbuster results marked by soaring prices, both auction houses staged relatively modest sales last year, owing largely, they say, to hesitancy on the part of consignors in an unsettled global market.No works carried estimates much beyond $40 million, in contrast to recent seasons when many pieces broke the $100 million barrier. Executives resorted to employing such terms as discerning, measured and selective to characterize both the market, and some flabby results.But collectors'' hunger for top-tier works also drove heavy spending in the fall, said Brook Hazelton, president of Christie''s Americas, citing its Claude Monet record in November."Those successes gave a tremendous boost to seller confidence, and since that time we have seen a meaningful increase in supply," Hazelton told Reuters."We have witnessed strong demand for breakthrough masterpieces," said Simon Shaw, co-head of Impressionist and modern art at rival Sotheby''s, citing one of its star offerings, Egon Schiele''s, "Dana<6E>," as just one example.Painted when the artist was just 19, the work which Impressionist and Modern Art Evening Sale head Jeremiah Evarts called "without doubt the most important early work that''s ever come to auction" is expected to fetch as much as $40 million, not including commission, which would set a new Schiele record.Traditionally the auction houses'' largest, the spring sales in New York kick off on May 15 as Christie''s features Pablo Picasso''s 1939 portrait of muse Dora Maar, "Femme assise, robe bleue," estimated between $35 million and $50 million, at its Impressionist and Modern Art sale.Other highlights of the week-long sales include Cy Twombly''s "Leda and the Swan," carrying a $55 million high estimate, and Francis Bacon''s "Three Studies for a Portrait of George Dyer," both at Christie''s.Bacon''s 1963 triptych of his lover, once owned by Roald Dahl, is expected to sell for $50 million to $70 million.Works by Andy Warhol -- one of his iconic Campbell''s soup cans -- and Roy Lichtenstein are each estimated to fetch $25 million to $35 million.At Sotheby''s, Jean-Michel Basquiat''s untitled work from 1982, last auctioned in 1984 for a mere $19,000, is now expected to reap more than $60 million, making it among the week''s highest-estimated works and setting it up to break the artist''s $57.3 million record set just a year ago.(Reporting by Chris Michaud; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/art-auction-preview-idINKBN1812CU'|'2017-05-05T22:32:00.000+03:00'
'2e59ac35b8e4ad0bfe229d22fed112501894e7df'|'ALS treatment gets U.S. FDA approval'|'Market   4:53pm EDT ALS treatment gets U.S. FDA approval By Natalie Grover May 5 The Food and Drug Administration on Friday cleared a treatment for fatal neurological disorder amyotrophic lateral sclerosis (ALS), marking the first such U.S. regulatory approval in more than two decades. The drug, known chemically as edaravone, is already sold by Japanese pharmaceutical company Mitsubishi Tanabe Pharma Corp (MTPC) in Japan and South Korea. In the United States, the only other approved ALS medicine, generic riluzole, modestly slows the progression of the disease in some people. After six months of treatment with edaravone on top of standard-of-care, data showed the intravenous drug reduced the rate of functional decline in patients by about a third, Dr Jean Hubble, VP of medical affairs, at MTPC''s U.S. unit MT Pharma America (MTPA), said. ALS, whose cause is largely unknown, garnered international attention when New York Yankees player Lou Gehrig abruptly retired from baseball in 1939, after being diagnosed with the disease. In 2014, ALS returned to the spotlight with the "Ice Bucket Challenge," which involved people pouring ice-cold water over their heads, posting a video on social media, and donating funds for research on the condition, whose sufferers include British physicist Stephen Hawking. The rare progressive condition attacks nerve cells located in the brain and spinal cord responsible for controlling voluntary muscles. Eventually, the brain''s ability to start and control voluntary movement is lost, and the patient succumbs to the disease - usually three to five years from the onset of symptoms. The FDA was expected to make its decision on edaravone by June 16. To be sold under the brand name Radicava, the drug should be available in the United States by August, MTPA Chief Commercial Officer Tom Larson said. He declined to disclose edaravone sales data from Japan and South Korea in an interview with Reuters in anticipation of the FDA announcement. Another promising drug for ALS is being developed by French drugmaker AB Science SA, which in March reported positive late-stage data on its drug, masitinib. The drug is now under European review. More than 6,000 people in the United States are diagnosed with ALS each year, according to the ALS Association. (Reporting by Natalie Grover in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/als-fda-idUSL4N1I73W9'|'2017-05-06T04:53:00.000+03:00'
'5aa318c4b0b1e3d51c685bf4b8d301303b586d4f'|'Insurance dampens Berkshire results before annual meeting'|'Business News - Fri May 5, 2017 - 11:45pm BST Insurance dampens Berkshire results before annual meeting left right Berkshire Hathaway shareholders walks by a photo of CEO Warren Buffett at the shareholder shopping day, as part of the Berkshire Hathaway annual meeting weekend in Omaha, Nebraska, May 5, 2017. REUTERS/Rick Wilking 1/4 left right Berkshire Hathaway shareholders shop for shoes at the shareholder shopping day as part of the Berkshire Hathaway annual meeting weekend in Omaha, Nebraska, May 5, 2017. REUTERS/Rick Wilking 2/4 left right Berkshire Hathaway vice chairman Charlie Munger visits the shareholder shopping day in a golf cart as part of the Berkshire Hathaway annual meeting weekend in Omaha, Nebraska, May 5, 2017. REUTERS/Rick Wilking 3/4 left right Dolls of Berkshire Hathaway CEO Warren Buffett are sale at the shareholder shopping day as part of the Berkshire Hathaway annual meeting weekend in Omaha, Nebraska, May 5, 2017. REUTERS/Rick Wilking 4/4 By Jonathan Stempel - OMAHA, Neb. OMAHA, Neb. Berkshire Hathaway Inc ( BRKa.N ), the conglomerate run by billionaire investor Warren Buffett, reported a 27 percent decline in first-quarter profit on Friday, and said a loss from insurance underwriting contributed to operating results that fell short of forecasts. The results were released one day before Berkshire''s annual meeting in Omaha, Nebraska, where Buffett, 86, and Berkshire Vice Chairman Charlie Munger, 93, will answer five hours of questions from shareholders, journalists and analysts. That meeting is the centrepiece of a festive weekend of events throughout Omaha expected to draw more than 37,000 shareholders. Net income fell to $4.06 billion (3.13 billion pounds), or $2,469 per Class A share, from $5.59 billion, or $3,401, a year earlier, when Berkshire had a $1.9 billion gain from its swap of its Procter & Gamble Co ( PG.N ) stock for the Duracell battery business. Quarterly operating profit, which excludes investment and derivative gains and losses, fell 5 percent to a three-year low of $3.56 billion, or $2,163 per Class A share, from $3.74 billion, or $2,274. Analysts on average expected operating profit of about $2,666 per Class A share, according to Thomson Reuters I/B/E/S. Buffett believes Berkshire''s investment and derivative gains in any given quarter are often meaningless, but accounting rules require Berkshire to report them in its earnings statements. Despite the earnings shortfall, Buffett''s preferred measure of growth for Berkshire, book value per Class A share, or assets minus liabilities, rose 3.5 percent in the quarter to $178,073. The conglomerate also ended the quarter with roughly $96.5 billion of cash, equivalents and Treasury bills, a record sum and enough for one or more major acquisitions. Berkshire has more than 90 operating units in insurance, chemical, energy, food and clothing, railroad and other sectors, and also has large investments in stocks of companies such as Apple Inc ( AAPL.O ) and Wells Fargo & Co ( WFC.N ). Many Berkshire units are selling their wares at discounted prices at the annual meeting, while others offer memorabilia such as "Berky" boxers and bras, talking Warren Buffett dolls, and rubber ducks that look like Buffett and Munger for $5 a pair. Buffett has led Berkshire since 1965. AIG DEAL WEIGHS, BNSF GAINS Berkshire said its insurance businesses swung to a $267 million underwriting loss from a year-earlier profit of $213 million. This reflected higher losses from catastrophes in 2017, including an Australian cyclone in March; unexpectedly high losses related to hurricanes and earthquakes in 2016, and weaker results at the auto insurer Geico and the reinsurer General Re. It also reflected the amortization of deferred charges from Berkshire''s January agreement to take on many long-term risks in American International Group Inc''s ( AIG.N ) property and casualty portfolio, in exchange for $10.2 billion upfront. That payment helped boost float, or the 
'5df308b2161e8439d74e4c00fa3bb9ec9dc997e7'|'FBI warns of surge in wire-transfer fraud via spoofed emails'|'Business News - Fri May 5, 2017 - 10:08pm BST FBI warns of surge in wire-transfer fraud via spoofed emails A computer keyboard is seen in this picture illustration taken in Bordeaux, Southwestern France, August 22, 2016. REUTERS/Regis Duvignau By Alastair Sharp Attempts at cyber wire fraud globally, via emails purporting to be from trusted business associates, surged in the last seven months of 2016, the U.S. Federal Bureau of Investigation said in a warning to businesses. Fraudsters sought to steal $5.3 billion (4.08 billion pounds) through schemes known as business email compromise from October 2013 through December, the FBI said in a report released Thursday by its Internet Crime Complaint Center.( bit.ly/2qAEVBE ) The figure is up sharply from the FBI''s previous report which said thieves attempted to steal $3.1 billion from October 2013 through May 2016, according to a survey of cases from law enforcement agencies around the world. The number of business-email compromise cases, in which cyber criminals request wire transfers in emails that look like they are from senior corporate executives or business suppliers who regularly request payments, almost doubled from May to December of last year, rising to 40,203 from 22,143, the FBI said. The survey does not track how much money was actually lost to criminals. Robert Holmes, who studies business email compromise for security firm Proofpoint Inc ( PFPT.O ), estimated the incidents collated by the FBI represent just 20 percent of the total, and that total actual losses could be as much as double the figures reported by the FBI. The losses are growing as scammers become more sophisticated, delving deeper into corporate finance departments to find susceptible targets, he said. "This is not a volume play; it''s a carefully researched play," he said. The United States is by far the biggest target market, though fraudsters have started to expand in other developed countries, including Australia, Britain, France and Germany, Holmes said. The FBI has said that about one in four U.S. victims respond by wiring money to fraudsters. In some of those cases, authorities have been able to identify the crimes in time to help victims recover the funds from banks before the criminals pulled them out of the system. The U.S. Department of Justice said in March that it had charged a Lithuanian man with orchestrating a fraudulent email scheme that had tricked agents and employees of two U.S.-based internet companies into wiring more than $100 million to overseas bank accounts. Fraudsters have also used spoofed emails to trick corporate workers into releasing sensitive data, including wage and tax reports, according to the advisory. (Reporting by Alastair Sharp in Toronto; Editing by Bernadette Baum and Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-cyber-fraud-email-idUKKBN1811QT'|'2017-05-06T05:08:00.000+03:00'
'3f90edd2240a5db6d5f18209104306c7cf185013'|'French vote calls time on ''populist meltdown'' trade'|'Mon May 8, 2017 - 1:16pm BST French vote calls time on ''populist meltdown'' trade Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 8, 2017. REUTERS/Pawel Kopczynski By Patrick Graham - LONDON LONDON In December, one of the trades of 2017 for investors who play on global political and economic risk was the spread of populism in Europe and the threat that might pose to the future of the euro. Six months and two elections on, and with only a relatively traditional policy fight in prospect for Germany''s vote in September, the risks have receded and the "meltdown trade" looks over. Emmanuel Macron<6F>s victory on Sunday night follows defeat for Geert Wilders'' Party for Freedom in the Netherlands and heads off Marine Le Pen<65>s promises to pull Paris out of the euro and potentially the European Union. Looking threatened six weeks ago by Martin Schulz<6C>s reboot of Germany<6E>s Social Democrats (SPD), Angela Merkel is again 6-8 points ahead in the polls and, after a regional win on Sunday, perhaps worrying chiefly about the shape of her next coalition. Even if he recovers, major global investors say the worst they expect of a Schulz-led government is it might borrow and spend more - as many mainstream economists and its international partners have been saying Berlin should for a decade. Support for the anti-euro Alternative for Germany has faded to just 5 percent of the vote. "For this year for sure it is the end of political risk for Europe," said Timothy Graf, head of European macro strategy with State Street Global Investors in London. "The risk for the rest of the year, if anything, is not euro downside, it is euro upside." According to Citi''s equity strategy team, Europe''s political risk premium made up half of the overall equity risk premium of 6 percent earlier this year. But the Dutch and French elections have changed that, and Macron''s win will release the "political handbrake" which has had a major impact on investor, corporate and policymaker behavior. "We expect lower political risk to show in a lower PRP and ERP. A significant ''risk off'' surge has been avoided," they wrote in a note to clients on Monday, reiterating conviction in their MEGA trade - "Making Europe Great Again". The details of Monday''s reaction on global financial markets suggest many came to this conclusion weeks ago and are moving back to other concerns - about China, global commodities or the shape of U.S. and European monetary policy for the next year. The euro hit a roughly six-month high when Macron beat Le Pen and another anti-euro candidate, Jean-Luc Melenchon, in the first round last month. By the time European traders got to their desks on Monday any new boost had largely dissipated. European stock markets also looked firmly in profit-taking mood, down around half a percent after a year which has seen them gain more than a fifth in value. MERKEL''S RIVAL DISAPPOINTED President of the European Parliament until January, Schulz''s decision in January to return to domestic politics forced global investors to face the risk of the removal this year of Merkel - a key political constant through years of euro zone turbulence. A decisive victory in Germany''s northern state of Schleswig-Holstein on Sunday, however, boosted Merkel''s prospects of winning the national election in September and left Schulz admitting bluntly he was "disappointed". It follows another win for Merkel in the western state of Saarland. In both she has increased her share of the vote while that for the SPD has fallen. A third regional vote, in the western state of North Rhine-Westphalia (NRW) next Sunday, offers Merkel''s conservatives a chance to defeat the incumbent SPD again and build momentum in her bid to win a fourth term in office. "These state elections will have a signal effect on what will happen," said Martin Lueck, Chief Investment Strategist for Germany with giant global asset manager Blackrock. 5-STA
'e82133398dc5fbadb3630e0e13c54a64b3f520b0'|'Goldman names Lemkau, Nachmann to co-head investment banking'|'Business News - Mon May 8, 2017 - 12:12pm EDT Goldman names Lemkau, Nachmann to co-head investment banking FILE PHOTO: A sign is displayed in the reception of the Sydney offices of Goldman Sachs in Australia, May 18, 2016. REUTERS/David Gray/File Photo By Olivia Oran Goldman Sachs Group Inc ( GS.N ) named M&A co-head Gregg Lemkau and financing group chief Marc Nachmann as co-heads of the firm''s global investment banking division, according to an internal memo on Monday. Lemkau and Nachmann join John Waldron as leaders of the business, which includes advising companies on mergers and equity and debt underwriting. The changes come after Goldman last year elevated former banking co-head David Solomon to the firm''s No. 2 position alongside Chief Financial Officer Harvey Schwartz, following the departure of Gary Cohn who moved to the Trump administration. Richard Gnodde, Goldman''s banking head in London, will leave his role and focus on leading the firm across Europe as chief executive officer of Goldman Sachs International. A Goldman spokeswoman confirmed the contents of the memo. Lemkau was named co-head of global M&A in 2013. He was previously head of M&A for the bank''s European and Asia-Pacific regions. Nachmann was named co-head of the firm''s financing group in 2014, and two years later also took on the role of Latin American head. (Reporting by Olivia Oran; Editing by Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-goldman-sachs-banking-idUSKBN1841R5'|'2017-05-08T19:12:00.000+03:00'
'4909126ccf6fd24796afeebf0b9b8a7a67850b4c'|'Oil price bull Andurand closes bet on rally: source'|'Economy News - Fri May 5, 2017 - 5:44pm BST Oil price bull Andurand closes bet on rally: source By Dmitry Zhdannikov and Catherine Ngai - LONDON/NEW YORK LONDON/NEW YORK Pierre Andurand, who runs one of the biggest hedge funds specializing in oil, liquidated the fund''s last long positions in oil last week and is running a very reduced risk at the moment, a market source familiar with the development said. The fund, Andurand Capital, is a renowned oil price bull but has been reducing its bullish positions gradually over the course of 2017, the source said. The $1.5 billion fund lost 15.4 percent through the first four months of the year, according to data from HSBC. It fell 4.3 percent in April. The losses were incurred even as oil prices remained relatively steady during January-February, which also saw record low volatility levels, undercutting many hedge funds. However, in March and April oil prices began a steep slide as the market lost confidence in the ability of oil producing countries to quickly eradicate a market glut with output cuts. Oil prices are now down 17 percent year-to-date but the source said Andurand Capital did not switch its long positions into shorts as it remained "fundamentally bullish on oil". Andurand, who shot to fame in 2008 by correctly predicting the spike and subsequent fall in the oil price from a record $147 a barrel, forecast late last year that Brent LCOc1 would trade around $60 a barrel by the end of 2016 and rise toward $70 by this summer. On Friday, Brent edged up from its five-month lows to trade near $49 per barrel. In late 2015, Andurand correctly forecast the oil price would trade close to $25 in the first quarter of 2016. Brent hit a low of $27 a barrel in January that year. (Reporting by Dmitry Zhdannikov and Catherine Ngai; Editing by Alexander Smith, Edmund Blair and Frances Kerry)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-oil-price-andurand-idUKKBN1811LN'|'2017-05-05T22:22:00.000+03:00'
'a6a3fae9e35e37f1f3dab5e52e8e816275ca2ce3'|'Linde chairman defends Praxair deal - paper'|'By Georgina Prodhan - FRANKFURT FRANKFURT May 5 Linde Chairman Wolfgang Reitzle has defended his plan for a $70 billion merger with U.S. rival Praxair, telling a German newspaper it was a good deal for workers and investors.The German industrial gases group has faced unexpectedly strong opposition to the planned all-share merger of equals from trade unions who fear a dilution of their influence and large-scale job losses, as well as scepticism from some investors."The deal is extremely good for shareholders, and the employees get job guarantees for five years," he told the Sueddeutsche Zeitung in an interview released on Friday ahead of publication on Saturday.The merger, which promises $1 billion of synergies, would reunite a global company split by World War One a century ago and create a market leader to rival Air Liquide.But Linde''s supervisory board, which has to approve the deal, is evenly split between worker representatives who oppose it and shareholder representatives who are in favour. Reitzle could use his casting vote to force it through if necessary."Of course I would prefer to avoid the casting vote," Reitzle told the paper, adding he would continue to talk to labour representatives to try to win their consent. He had previously told the Financial Times he was prepared to use it.The head of Linde''s works council, who sits on the supervisory board, was unimpressed."We see no change here," Gernot Hahl told Reuters by telephone after reading the interview. "We are still opposed to the deal."Negotiations to hammer out a final business combination agreement between Linde and Praxair are taking longer than expected, a fact that Linde has put down to "legal complexity".The two companies had hoped to have a plan in place before Linde''s annual shareholder meeting on May 10.A supervisory board meeting that had been scheduled to vote on the agreement last Wednesday was cancelled and no new meeting has yet been called. (Writing by Edward Taylor and Georgina Prodhan; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/linde-ma-praxair-idINL8N1I75AM'|'2017-05-05T15:11:00.000+03:00'
'19cb2b964946241c3e78e69b9db19e2e6d3abf87'|'French vote calls time on ''populist meltdown'' trade'|'By Patrick Graham - LONDON LONDON In December, one of the trades of 2017 for the big financial investors who play on global political and economic risk was the spread of populism in Europe and the threat that might pose to the future of the euro.Six months and two elections on, and with only a relatively traditional policy fight in prospect for Germany''s vote in September, the risks have receded.Emmanuel Macron<6F>s victory on Sunday night follows defeat for Geert Wilders'' Party for Freedom in the Netherlands and heads off Marine Le Pen<65>s promises to pull Paris out of the euro and potentially the European Union.Looking threatened six weeks ago by Martin Schulz<6C>s reboot of Germany<6E>s Social Democrats (SPD), Angela Merkel is again 6-8 points ahead in the polls and, after a regional win on Sunday, perhaps worrying chiefly about the shape of her next coalition.Even if he recovers, major global investors say the worst they expect of a Schulz-led government is it might borrow and spend more - as many mainstream economists and its international partners have been saying Berlin should for a decade.Support for the anti-euro Alternative for Germany has faded to just 5 percent of the vote."For this year for sure it is the end of political risk for Europe," said Timothy Graf, head of European macro strategy with State Street Global Investors in London."The risk for the rest of the year, if anything, is not euro downside, it is euro upside."According to Citi''s equity strategy team, Europe''s political risk premium made up half of the overall equity risk premium of 6 percent earlier this year.But the Dutch and French elections have changed that, and Macron''s win will release the "political handbrake" which has had a major impact on investor, corporate and policymaker behavior."We expect lower political risk to show in a lower PRP and ERP. A significant ''risk off'' surge has been avoided," they wrote in a note to clients on Monday, reiterating conviction in their MEGA trade - "Making Europe Great Again".The details of Monday''s reaction on global financial markets suggest many came to this conclusion weeks ago and are moving back to other concerns - about China, global commodities or the shape of U.S. and European monetary policy for the next year.The euro hit a roughly six-month high when Macron beat Le Pen and another anti-euro candidate, Jean-Luc Melenchon, in the first round last month. By the time European traders got to their desks on Monday any new boost had largely dissipated.European stock markets also looked firmly in profit-taking mood, down around half a percent after a year which has seen them gain more than a fifth in value."This marks an important shift in the narrative around European politics: not all popular discontent in Europe can be channeled as anti-EU or purely nationalistic," said Steven Andrew, macro fund manager at M&G Investments."Euro Area equities, currently attractively priced, could deliver substantial investment returns in the period ahead."MERKEL''S RIVAL DISAPPOINTEDPresident of the European Parliament until January, Schulz''s decision in January to return to domestic politics forced global investors to face the risk of the removal this year of Merkel - a key political constant through years of euro zone turbulence.A decisive victory in Germany''s northern state of Schleswig-Holstein on Sunday, however, boosted Merkel''s prospects of winning the national election in September and left Schulz admitting bluntly he was "disappointed".It follows another win for Merkel in the western state of Saarland. In both she has increased her share of the vote while that for the SPD has fallen.A third regional vote, in the western state of North Rhine-Westphalia (NRW) next Sunday, offers Merkel''s conservatives a chance to defeat the incumbent SPD again and build momentum in her bid to win a fourth term in office."These state elections will have a signal effect on what will happen," said Martin Lueck, Chief Investment
'342a8c65a8f56ef3ab7a499ea60788319ada2f74'|'EMERGING MARKETS-LatAm currencies down on profit-taking after Macron win'|' 39am EDT EMERGING MARKETS-LatAm currencies down on profit-taking after Macron win SAO PAULO, May 8 Latin American currencies weakened on Monday, tracking a decline in the euro on profit-taking following Emmanuel Macron''s widely expected victory in France''s presidential elections. Macron''s overwhelming win on Sunday briefly pushed the euro to a six-month peak on investor relief over the defeat of nationalist Marine Le Pen, who had threatened to take France out of the European Union. The currency soon reversed direction, dragging along assets from riskier markets. Currencies of Brazil, Mexico , Chile and Colombia weakened between 0.5 percent and 0.9 percent. Lower prices of commodities also weighed on Latin American assets, with China-listed iron ore futures extending last week''s losses as supply in the country''s ports rose to near a 13-year high. Shares of Vale SA, the world''s largest iron ore miner, fell 1.5 percent, subtracting the most points from Brazil''s benchmark Bovespa stock index. Still, rising shares of financial firms helped limit the decline of the index in the wake of higher-than-expected first-quarter profits by insurance company BB Seguridade Participa<70><61>es SA. BB Seguridade, the insurance unit of Banco do Brasil SA , underwrote more dental insurance premiums, which helped to offset lower investment income amid a harsh recession. Key Latin American stock indexes and currencies at 1530 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 983.55 0.54 13.45 MSCI LatAm 2599.84 -0.74 11.9 Brazil Bovespa 65468.16 -0.37 8.70 Mexico IPC 49468.02 -0.04 8.38 Chile IPSA 4844.20 0.01 16.69 Chile IGPA 24305.36 0.03 17.22 Argentina MerVal 21145.33 -0.11 24.99 Colombia IGBC 10393.17 0.82 2.62 Venezuela IBC 59146.56 0.06 86.55 Currencies daily % YTD % change change Latest Brazil real 3.1963 -0.69 1.66 Mexico peso 19.1110 -0.57 8.54 Chile peso 677.05 -0.89 -0.94 Colombia peso 2957.45 -0.49 1.49 Peru sol 3.285 -0.52 3.93 Argentina peso (interbank) 15.3700 0.03 3.29 Argentina peso (parallel) 15.86 0.32 6.05 (Reporting by Bruno Federowski; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1IA0TK'|'2017-05-08T23:39:00.000+03:00'
'923985ee6970657d1ba8bbc424b32eb7ef6461a4'|'Banks planning to move 9,000 jobs from Britain because of Brexit'|'Mon May 8, 2017 - 6:25pm BST Banks planning to move 9,000 jobs from Britain because of Brexit   City workers cross the River Thames with the City of London financial district seen behind them, in Britain October 27,     A man walks past the head office of Standard Chartered bank in the City of London February 27, 2015. REUTERS/Eddie Keogh 2/2 By Anjuli Davies and Andrew MacAskill - LONDON LONDON The largest global banks in London plan to move about 9,000 jobs to the continent in the next two years, public statements and information from sources shows, as the exodus of finance jobs starts to take shape. Last week Standard Chartered ( STAN.L ) and JPMorgan ( JPM.N ) were the latest global banks to outline plans for their European operations after Brexit. They are among a growing number of lenders pushing ahead with plans to move operations from London. Goldman Sachs ( GS.N ) chief executive Lloyd Blankfein said in an interview on Friday that London''s growth as a financial center could "stall" as a result of the upheaval caused by Brexit. Thirteen major banks including Goldman Sachs, UBS ( UBSG.S ), and Citigroup ( C.N ) have given an indication of how they would bulk up their operations in Europe to secure market access to the European Union''s single market when Britain leaves the bloc. Graphic: tmsnrt.rs/2qRZIxW Talks with financial authorities in Europe have been underway for several months, but banks are increasingly firming up plans to move staff and operations. "It''s full speed ahead. We are in full motion with our contingency planning," said the head of investment banking at one global bank in London. "There''s no waiting." Although the moves would represent about 2 percent of London''s finance jobs, Britain''s tax revenues could be hit if it loses rich taxpayers working in financial services. The Institute for Fiscal Studies - a think tank focused on budget issues - said in a report on Thursday the rest of the population will have to pay more if top earners move. The exact number of jobs to leave will depend on the deal the British government strikes with the EU. Some politicians say bankers have exaggerated the threat to the economy from Brexit. The plans of large banks such as Credit Suisse and Bank of America and many smaller banks are still unknown. Frankfurt and Dublin are emerging as the biggest winners from the relocation plans. Six of the 13 banks favor opening a new office or moving the bulk their operations to Frankfurt. Three of the banks will look to expand in Dublin. Deutsche Bank ( DBKGn.DE ) said on Apr. 26 up to 4,000 UK jobs could be moved to Frankfurt and other locations in the EU as a result of Brexit - the largest potential move of any bank. JPMorgan last week announced plans to move hundreds of roles to three European cities in the next two years. This is still significantly lower than the 4,000 figure JPMorgan CEO Jamie Dimon first estimated before the vote. Estimates for possible finance-related job losses from Brexit are on a broad range from 4,000 to 232,000, according to separate reports by Oliver Wyman and Ernst & Young. Banks are treading carefully, enacting two-stage contingency plans, to avoid losing nervous London-based staff as they work out how many jobs will have to eventually move. This suggests that the numbers could potentially rise further depending on what deal is eventually negotiated between the EU and Britain. This first phase involves small numbers to make sure the requisite licenses, technology and infrastructure are in place, while the next will depend on the longer term strategy of a bank''s European business. The Bank of England has given finance companies until July 14 to set out their plans. One senior bank executive at a large British bank said forcing companies to make a plan makes it more likely that they will follow through. "It is an unintended consequence, but the more and more preparation you do the more likely you are to execute those plans," the 
'5f297f46275e9bd3d6ee8c66c633a939dd1609d8'|'Fox News complainant meets UK regulator over Sky-Fox deal'|'Deals - Mon May 8, 2017 - 1:40pm EDT Fox News complainant meets UK regulator over Sky-Fox deal Lawyer Lisa Bloom and regular Fox TV guest Wendy Walsh arrive at the office of Ofcom in London, Britain May 8, 2017. REUTERS/Neil Hall LONDON A woman who accused former Fox News presenter Bill O''Reilly of sexual harassment in the United States called on Britain on Monday to block Fox''s owner Rupert Murdoch from taking full control of Britain''s pay-TV group Sky ( SKYB.L ). Wendy Walsh, a former regular guest on Fox''s "The O''Reilly Factor" TV show who made the claim against O''Reilly last month, met officials at the British media regulator Ofcom on Monday with her lawyer Lisa Bloom, a representative said. Ofcom declined to comment on the visit. The British government has asked Ofcom to assess whether it is in the public interest to allow Murdoch''s Twenty First Century Fox ( FOXA.O ) to buy the near 61 percent of London-listed Sky which it does not already own for $14.5 billion. The deal was cleared by the European Commission last month. But the takeover is politically sensitive in Britain where a previous attempt to take full control of Sky in 2011 was derailed by a phone hacking scandal at one of Murdoch''s British newspapers, revealing close ties between politicians, police and the media. As part of the new investigation, Ofcom is examining whether Fox would be a "fit and proper" owner of Sky, making any criticism of its conduct in other parts of its business relevant to the case in Britain. O''Reilly parted company with Fox last month after the company said it had given "a thorough and careful review" of allegations of sexual harassment. Earlier in the month The New York Times had said Fox and O''Reilly paid five women a total of $13 million to settle harassment claims. O''Reilly said in a statement at the time that he had been unfairly targeted because of his public prominence. "The company''s management has taken prompt and decisive action to address reports of sexual harassment and workplace issues at Fox News," a spokesman for 21st Century Fox said on Monday. "These actions have led to an overhaul of Fox News Channel''s leadership, management and reporting structure, and have driven fundamental changes to the channel''s on-air talent and primetime programming line-up." Douglas Wigdor, a New York City lawyer who represents 20 current and former Fox News employees who are suing the network for alleged racial and sexual bias, said last week that he had been invited to meet with Ofcom officials on Thursday. In a letter to Ofcom Wigdor said last week Fox had shown poor corporate governance by ignoring numerous complaints of discrimination and harassment. (Reporting by Kate Holton in London and Daniel Wiessner in New York; Editing by Greg Mahlich) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-sky-m-a-fox-idUSKBN18420S'|'2017-05-09T01:40:00.000+03:00'
'a3751f0b497cfaf053437b571629757989551abd'|'A step for India''s banks, but no giant leap for bad debt'|'Economy News - Mon May 8, 2017 - 5:15pm BST A step for India''s banks, but no giant leap for bad debt FILE PHOTO: The Reserve Bank of India (RBI) Governor Urjit Patel attends a news conference after the bi-monthly monetary policy review in Mumbai, India April 6, 2017. REUTERS/Shailesh Andrade/File photo By Devidutta Tripathy and Arnab Paul - MUMBAI/BENGALURU MUMBAI/BENGALURU India''s move to strengthen the hand of its central bank will help it push reluctant lenders toward writedowns and errant borrowers into insolvency, bankers said, but the country is far from drawing a line under its $150 billion of sour debts. India''s bad loan problem is choking off new credit and dampening economic growth, and the government of Prime Minister Narendra Modi knows it needs to act. Friday''s changes to legislation governing India''s banks - the most significant since the passage of bankruptcy reforms last year - authorize the Reserve Bank of India (RBI) to push more lenders to start insolvency proceedings. The RBI, meanwhile, lowered the number of creditors who need to agree for a decision to be reached on a loan. That in itself is a major step in a system where large numbers of lenders are behind a single loan - syndicates of 20 or even 30 lenders are not infrequent in India - and matters often end in deadlock when things go wrong. But while bankers and industry officials said the moves would help prevent smaller lenders holding an entire syndicate hostage - for them a single writedown can be a significant blow - bankers and analysts labeled Friday''s moves as incremental. The changes did not do enough to resolve the complex insolvency process or a much-needed bank recapitalization, they said. "The latest move is not a silver bullet, but it''s better than nothing," said Varun Khandelwal, managing director, Bullero Capital. "Its primary benefit will be to break log-jams in the Joint Lender Forums where sometimes consensus could be not reached due to a few members being unwilling to take a hit on their balance sheets," he added. The bulk of India''s problem debt is with state-run banks, where chief executives do not typically serve for beyond three years. As civil servants, some fear that bad decisions will come back to haunt them - cases of former bank heads being arrested over loan defaults spark fear - and so fail to move at all. The changes ensure the RBI can offer cover. "The good part is that now you cannot blame a bank managing director, or executive director for a (haircut) decision taken during his tenure," said a senior state-run bank official. "He can now say ''I did that because RBI told me to''." Loans to sectors like infrastructure, power, iron and steel account for the biggest share of non-performing assets in India. Struggling projects and weaker prices are among the factors that have curtailed loan repayments in these sectors. Some will recover but others will not, making the proposed changes key. MIND THE (FUNDING) GAP Several financial sector executives said they had expected more after hopes built up in the market ahead of the announcement, with rumors even of a so-called bad bank to absorb toxic loans as had been mooted by some top advisers and officials. India''s Nifty Bank Index has surged this year and touched a lifetime high on Friday, before pulling back slightly after the government''s changes were announced. Despite the disappointment, some hoped the new measures would help trigger action from banks that have long dragged their feet, even if questions remained over the RBI''s new powers and whether it was better equipped to tackle bad debt than commercial banks. "At the end of the day, the RBI will name some retired bankers to these oversight committees, but will they give them actual powers?" said one senior banking sector lawyer. Bigger challenges remain, including ensuring a newly minted bankruptcy code can function - it is caught up in red tape and a judicial backlog - and re-capitalizing the country'
'4746b16b5f5d5605bfee056ede1a0aba125e9d27'|'Ophir to borrow $1.2 billion from Chinese banks for Fortuna floating LNG'|'Business News - Mon May 8, 2017 - 8:07pm BST Ophir to borrow $1.2 billion from Chinese banks for Fortuna floating LNG AMSTERDAM British oil and gas explorer Ophir Energy plans to borrow $1.2 billion from Chinese banks to back the development of its Fortuna floating liquefied natural gas (FLNG) export project in Equatorial Guinea. The project is set to be cleared at the end of June, while the buyer of the LNG and the financial structure underpinning the scheme should be announced by the end of this month, Ophir Energy CEO Nick Cooper said on Monday. The choice of Chinese banks reflected the unwillingness of Western institutions to back African oil and gas projects, Cooper told Cooper an industry conference in Amsterdam.. "We''re close to closing that out," he said in reference to the loan deals. Fortuna FLNG will be Africa''s first deepwater floating liquefaction facility, with production capacity of 2.2 million tonnes per year and an estimated start-up in 2020. Italian oil and gas group Eni is advancing its own FLNG project, Coral, in waters off Mozambique. Eni expects to approve the investment imminently after a breakthrough in convincing its Chinese partner, CNPC, which had previously withheld its blessing, to back the scheme, industry sources said. The two African FLNG projects are expected to be the only multi-billion-dollar LNG projects to be given the go-ahead globally this year, as low oil and gas prices make companies rethink investment plans. Ophir''s Cooper said Fortuna FLNG was highly competitive against rival producers, which have heavier capital investments, allowing it to deliver supply to Europe more cheaply than even new projects in the United States. While Ophir has not announced the identity of the buyer of output from its facility, industry sources have said the majority of interest has come from European players, including utilities. Shipping company Golar LNG, also a partner in Fortuna FLNG with oil services firm Schlumberger via a joint venture, will build, own and deliver the FLNG vessel, which is called the Gimi. The Gimi is an LNG tanker which Golar is fitting out with liquefaction technology. Conversions like these are highly price competitive against traditional and more costly onshore liquefaction plants, said Chris Holmes, managing director of gas and LNG at IHS. Malaysia''s Petronas brought on stream the world''s first FLNG project this year, called PFLNG 1. On the other end of the spectrum, the world''s biggest FLNG project, the giant Prelude plant being specially built by Royal Dutch Shell for deployment off the coast of Australia, staggers in at a cost of $12 billion. It is due to start next year. By the end of the decade, 14 million tonnes of FLNG production is expected to come online, Holmes said. (Reporting by Oleg Vukmanovic; editing by Louise Heavens and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ophir-africa-lng-idUKKBN18425Y'|'2017-05-09T03:07:00.000+03:00'
'bc80b161867f78ff78d03a11f5a760e523cf0928'|'PRESS DIGEST- Financial Times - May 8'|'May 8 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.Headlines3G Capital to seek only friendly dealson.ft.com/2pQMxi2Akzo Nobel set to reject 26.9 billion euro PPG bidon.ft.com/2pp6CtcU.S. owner puts Aspen Healthcare up for saleon.ft.com/2pQOBqzSinclair Broadcast nears deal to buy Tribune Mediaon.ft.com/2pR5nG5Overview3G Capital, the buyout group behind Kraft Heinz Co, has ruled out making hostile bids following the failure of its $143 billion Unilever offer, saying it will seek only friendly deals in future.Akzo Nobel NV, the Dutch paints and coatings group, is set to reject a takeover offer by its U.S. rival PPG Industries Inc as soon as early this week, according to people close to the process.Tenet Healthcare Corp is putting Aspen Healthcare, one of Britain''s biggest private hospital providers, up for sale.Sinclair Broadcast Group Inc is nearing a deal to acquire Tribune Media Co for just under $44 a share, according to people familiar with the matter, valuing Tribune at about $3.8 billion. (Compiled by Subrat Patnaik in Bengaluru; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-ft-idINL4N1I90FQ'|'2017-05-07T21:25:00.000+03:00'
'8774d6de32e4282120e619f8b1fb1cdd2f826c7c'|'Brazil''s Triunfo eyes creditor deal to sell assets, sources say'|'  4:00am EDT Brazil''s Triunfo eyes creditor deal to sell assets, sources say By Guillermo Parra-Bernal - SAO PAULO SAO PAULO May 11 TPI Triunfo Participa<70><61>es & Investimentos SA and creditors are discussing terms of a restructuring plan allowing the debt-laden Brazilian infrastructure firm to retain cash from potential asset sales while it downsizes further, three people familiar with the situation said. Triunfo''s sale of a 50 percent stake in a port to partner MSC Mediterranean Shipping Co SA is ready, one source said. An announcement hinges on whether state development bank BNDES and other Triunfo creditors agree not to use proceeds from the sale to get their loans repaid immediately, the person said. Triunfo is negotiating terms of the restructuring proposal with creditors individually, two of the people said this week. While there is no exact timetable for presentation of a definitive plan, odds that it could happen over the next two weeks or so are rising, the same people added. Neither Triunfo nor banks want the highway, airport and port operator to file for bankruptcy protection, the people said. Triunfo has struggled with the impact of Brazil''s three-year recession and a 3.5 billion-real ($1.11 billion) debt burden. The situation reflects how Brazilian debt restructurings have gained in complexity in recent months, as banks ask more corporate borrowers to put themselves up for sale or dispose of assets as a condition to rework their loans. Such a tack has slowed merger announcements in Brazil. A spokeswoman for S<>o Paulo-based Triunfo declined to comment. The media office of BNDES did not immediately comment. One key goal of the plan is convincing BNDES to suspend the foreclosure of an 800 million-real loan to Triunfo, which the company defaulted on late last year, two of the people said. Ita<74> Unibanco Holding SA, Banco Santander Brasil SA and state-controlled Banco do Brasil SA are among Triunfo''s creditors. Others include Banco Votorantim SA and Banco Pine SA. PORTONAVE Triunfo borrowed aggressively at the start of the decade to fuel expansion in toll roads, electricity and airports. Still, Brazil''s worst-ever recession has eroded profitability at the company and at least 1 billion reais of Triunfo''s debt will mature by the end of next year. Without an agreement with creditors, Triunfo could risk the completion of future asset sales, including stakes in an airport and several toll roads. An exit from the port known as Terminal Portu<74>rio de Navegantes SA would speed up Triunfo''s downsizing, analysts at Eleven Financial Research said recently. Reuters reported on March 27 that MSC was likely to exercise a right of first refusal to buy Triunfo''s stake in the port terminal known as PortoNave for an equivalent of 12 times expected operational earnings. The Geneva-based media office of MSC did not immediately reply to a request for comment. Apart from PortoNave, Triunfo is looking to sell stakes in companies running Brazil''s Viracopos international airport and a hydropower dam. While news of the PortoNave sale drove Triunfo''s shares to an 11-month high in early April, the stock has since suffered amid a selloff. Shares are down 29 percent since April 4, when they hit an intraday high of 5.04 reais. ($1 = 3.1563 reais) (Reporting by Guillermo Parra-Bernal; Editing by Daniel Flynn and Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tpi-triunfo-part-restructuring-idUSL1N1IA1VN'|'2017-05-11T12:00:00.000+03:00'
'129d87c586b6c8364bcc314ee702dfb46e223dc9'|'BRIEF-Wildhorse Resource Development qtrly earnings per share $0.22'|' 25am EDT BRIEF-Wildhorse Resource Development qtrly earnings per share $0.22 May 11 Wildhorse Resource Development Corp * Wildhorse resource development corporation announces first quarter 2017 results * Q1 revenue $54.3 million versus i/b/e/s view $54.6 million * Wildhorse resource development corp - raised estimated full-year 2017 production guidance range to 27.0 - 31.0 mboe/d * Wildhorse resource development corp qtrly net production increased 18% year-over-year to 17.6 mboe/d for q1 2017 compared to 14.9 mboe/d for q1 2016 * Wildhorse resource development corp - updated 2017 capex guidance has been increased to $550 million - $675 million * Qtrly earnings per share $ 0.22 * Wildhorse resource development corp - drilling program has also increased by 10 gross wells to between 100 - 120 gross spuds in 2017 * Q1 earnings per share view $0.06, revenue view $54.6 million -- Thomson Reuters I/B/E/S * Wildhorse resource development corp - in q2 of 2017, wrd expects to bring online a total of 16 to 20 wells * Wildhorse resource development-expects available borrowings to provide sufficient liquidity to finance anticipated working capital, capex requirements    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-wildhorse-resource-development-qtr-idUSASA09OZZ'|'2017-05-11T18:25:00.000+03:00'
'9516afb3441ea028d8a71076ddc4145e3bb74292'|'UK peer-to-peer lender Zopa gets full licence, eyes banking'|' 26pm BST UK peer-to-peer lender Zopa gets full licence, eyes banking By Huw Jones - LONDON LONDON Britain''s oldest peer-to-peer lending platform Zopa has obtained full authorisation as the markets watchdog works its way through a backlog of licence applications. Zopa, founded in 2005, said it will now ask for permission from the government to manage savings products that invest in new technology start-ups - and apply for a banking licence. P2P platform brings together individual borrowers and lenders without a bank being involved. It can be a cheaper form of raising funds, or an alternative source of funds for those turned down by a bank. A flurry of companies operating under interim licences have queued up for full authorisation by the Financial Conduct Authority (FCA) to operate as P2P platforms. Full authorisation is needed to offer the new Innovative Finance ISA savings product the government launched in April 2016 - and reassure customers that certain standards are being met in what is still a fledgling sector. "Zopa, both individually and as a founder member of the Peer-to-Peer Finance Association (P2PFA), has campaigned for peer-to-peer lending to be a regulated activity for a number of years," Giles Andrews, co-founder and chairman of Zopa, said in a statement. The FCA confirmed it has given Zopa a full licence. The watchdog had to warn in March last year that a bottleneck in P2P licence applications meant that few platforms would be able to offer the new ISA on launch day as full authorisation would be needed to sell them. It has fully authorised 35 P2P platforms, but still has another 44 in the works. Zopa, along with Funding Circle and RateSetter comprise the bulk of Britain''s P2P sector, the latter two still waiting for full authorisation. "In addition, we are also working towards applying for a banking licence which will allow us to offer great customer choice whether you are spending, borrowing, saving or investing," Zopa chief executive Jaidev Janardana said. The UK government and regulators are encouraging more banking start-ups to take on the "Big Four", HSBC, RBS, Lloyds and Barclays, who dominate high street lending. (Editing by Ed Osmond)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-zopa-regulator-licence-idUKKBN1871EW'|'2017-05-11T19:26:00.000+03:00'
'4c4c52a390eb27e6361e268a3d5c7cb66c665047'|'Generali to buy portfolio management assets to boost profits'|'MILAN Italy''s biggest insurer Generali ( GASI.MI ) said on Thursday it was ready to buy portfolio management assets to beef up its fee-based business and help lift group profits.The insurer said in a statement it was targeting a net profit for its asset management business of 300 million euros ($326 million) by the end of 2020 to lift the group''s profits by 150 million euros.The asset management division aims to have 500 billion euros of assets under management by the end of 2020, it said.(Reporting by Stephen Jewkes; editing by Agnieszka Flak)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-generali-results-assetmanagement-idINKBN1870IL'|'2017-05-11T04:13:00.000+03:00'
'7319922057973a0e3aa07f3f47f1ce9b69f368ab'|'Elliott willing to back BHP board candidate as next chairman: source'|'By James Regan - SYDNEY SYDNEY Elliott Management is willing to back a board member of BHP Billiton ( BHP.AX ) ( BLT.L ) to be its chairman upon the retirement of Jac Nasser despite deep reservations about its top management, a source close to the activist shareholder said on Thursday.Elliott, founded by billionaire Paul Singer, is pushing for a $46 billion overhaul at BHP that includes spin offs, dismantling a corporate structure built on dual listings in London and Sydney and returning more money to shareholders. The Anglo-Australian miner has rejected the demands.The activist investor blames Nasser and BHP''s top management for what it sees as bad investments by the world''s biggest mining house, particularly in U.S. shale gas, the source said.But Elliott believes "there are personalities on the board that are talented and capable", with the "potential for someone to be selected from the existing board", the source said.It is unclear what impact Elliott''s backing or opposition to a particular candidate will have on the chairman''s appointment.Elliott has been meeting with major BHP shareholders since going public with its restructuring proposals on April 10 to gauge support for change at the company.Australian media have reported that Westpac Bank ( WBC.AX ) chairman Lindsay Maxsted, former investment banker Carolyn Hewson, Orica ( ORI.AX ) chairman Malcolm Broomhead and former Origin Energy ( ORG.AX ) managing director Grant King are among the potential frontrunners to succeed Nasser.The source declined to name any preferred candidates from inside BHP, saying this could be "the kiss of death" for their chances.BHP has not commented on the potential candidates for succession. It did not immediately comment when contacted on Thursday about the source''s observations on Elliott.Elliott holds just over 4 percent of the London-listed shares, short of the 5 percent needed to call a shareholders'' meeting.Nasser, a former chief executive of Ford Motor Co ( F.N ) who has led BHP<48>s board since 2010, has labeled Elliott''s plan "flawed." He announced in September he would not seek re-election at the next shareholders'' meeting.Sydney-based Tribeca Investment Partners last week became the second BHP shareholder to push publicly for changes, calling for an overhaul of its board and for Chief Executive Andrew Mackenzie to be fired.Elliott says adopting its approach could unlock as much as $46 billion in additional value for BHP shareholders. Demerging BHP<48>s U.S. petroleum business could release up to $15 billion, it says, with share buybacks and the use of tax credits to deliver the rest."If you look at this trend of under performance over the past seven or eight years, it does correlate fairly well with the chairman, the CEO and the CFO," the source said. "This is not to say they are the entire reason, but leadership starts and ends at the top."The source said Elliott was unlikely to initiate legal action anytime soon against the current board over perceived deficiencies in their management, despite the company''s long history of courtroom battles with adversaries, choosing instead to win over BHP shareholders to its strategy.(Reporting by James Regan; Additional reporting by Jamie Freed and Sonali Paul; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bhp-billiton-elliott-chairman-idINKBN18717S'|'2017-05-11T08:43:00.000+03:00'
'85191f9add787baa86aac5cefd0a68c34df9806b'|'BT to cut 4,000 jobs in restructuring after ''challenging year'''|'Thu May 11, 2017 - 2:07pm BST BT to cut 4,000 jobs in restructuring after ''challenging year'' The company logo for BT is seen on the BT Tower in London, Britain, January 24, 2017. REUTERS/Toby Melville - By Paul Sandle - LONDON LONDON BT ( BT.L ) will cut 4,000 jobs and replace the boss of its global services business in a plan to tackle the source of an Italian accounting scandal that stunned Britain''s biggest telecoms group in January. A restructuring of the unit, which employs 18,500 people, is part of Chief Executive Gavin Patterson''s attempt to recover from the scandal and a profit warning caused by a slowdown in government work that together wiped 8 billion pounds ($10.3 billion) from the company''s value. Seeking to draw a line under the difficult year, Patterson did not get a bonus, meaning his total pay package fell in the 2016/17 financial year to 1.3 million pounds, down by 4 million pounds on the year before. The company said it would also claw back previous awards worth around 338,000 pounds. "This has been a challenging year for BT," Patterson said. "We''ve faced headwinds in the UK public sector and international corporate markets and must learn from what we found in our Italian business," he added. Setting out its plan for Global Services, the company said it no longer needed to own local networks outside Britain to serve its multinational and government customers, and could instead use new network technology and partnerships. Luis Alvarez, the boss of global services for the last five years, would be replaced by Bas Burger, who was most recently president of BT in the Americas, the company said. "We wanted to make sure we had clear leadership to take us through this next period of the journey (and) we felt it was the right thing to do to make a change," Patterson told reporters. The discovery of a 530-million-pound black hole in its Italian accounts had stunned the market and forced BT to cut forecasts for the next two years. As it scrambled to assert control, it appointed Alvarez to take direct responsibility for the European business. DIVIDEND GROWTH TO SLOW BT reported broadly flat underlying revenue for the year to the end of March of 24.1 billion pounds and underlying earnings of 7.65 billion pounds, in line with guidance it cut in January. For the current 2017-18 year, BT forecast that underlying revenue would again be broadly flat and core earnings would decline to a level between 7.5 and 7.6 billion pounds. It increased its dividend by 10 percent, but it said its dividend would not grow at the same rate next year. The shares, which have barely recovered from January''s plunge, fell 3 percent on Thursday, as analysts noted a lack of longer-term earnings guidance, breaking with past practice. Richard Marwood, senior fund manager at shareholder Royal London Asset Management, told Reuters he welcomed the move on executive pay and the fresh scrutiny of Global Services, a division that has sparked profit warnings in the past. "BT is still a business that is generating a lot of cash flow, it''s just that the demands on that cash flow have proved to be quite high" he said. "The dividend is the disappointment in today''s statements." Patterson said he needed more clarity on changes regulator Ofcom has proposed to the pricing of some of the most popular superfast broadband services before he could offer a view on 2018/19. He also needed a clearer picture on any additional investment in fiber to the home. BT has said it will connect 2 million homes with full-fiber by 2020, but it still lags many other countries in Europe. (Additional reporting by Kate Holton; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-bt-group-results-idUKKBN1870LB'|'2017-05-11T14:53:00.000+03:00'
'e9e2006ea76dd30a17e69986d9668e83aea390ea'|'Colombia''s Biotoscana files for Brazil listing debut'|'Market News - Wed May 10, 2017 - 6:46pm EDT Colombia''s Biotoscana files for Brazil listing debut SAO PAULO May 10 Colombian pharmaceutical firm Biotoscana Investments SA and some shareholders filed a request to list depositary receipts in Brazil, adding to the busiest wave of equity offerings in four years in Latin America''s largest economy. Biotoscana plans to offer new stock in the offering of so-called BDRs, according to documentation filed with Brazil''s securities industry watchdog CVM. Shareholders including funds run by U.S. buyout firm Advent International Corp as well as individuals Robert Friedlander and Roberto Luiz Guttmann have also filed to sell Biotoscana BDRs in the offering, the document said. Biotoscana hired the investment-banking units of JPMorgan Chase & Co, Ita<74> Unibanco Holding SA and Grupo BTG Pactual SA to lead the transaction. (Reporting by Guillermo Parra-Bernal; Editing by Chris Reese)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/grupo-biotoscana-ipo-idUSL1N1IC2CK'|'2017-05-11T06:46:00.000+03:00'
'ea4478f513ec55a3a84b5dc632caf6da46d9f955'|'UPDATE 1-Delta delays delivery of Airbus''s wide-body aircraft'|'Market News - Thu May 11, 2017 - 9:57am EDT UPDATE 1-Delta delays delivery of Airbus''s wide-body aircraft (Adds details, background) May 11 Delta Air Lines Inc said on Thursday it was delaying taking delivery of Airbus SE''s wide-body A350-900 jets, putting another question mark over their demand, even as the no. 2 U.S. airline placed a fresh order for 30 smaller A321-200s. Delta''s decision comes weeks after larger U.S. rival American Airlines Group Inc said in April that it had also deferred delivery of several wide-body Boeing Co and Airbus jets. An oversupply in the market of long-distance wide-body aircraft has led to deliveries being postponed. Delta said it would delay deliveries of 10 of the 25 A350-900 aircraft by about two to three years. The aircraft are to be delivered by 2019-20. However AerCap Holdings NV, the world''s largest independent aircraft leasing company, on Wednesday played down concerns about weakening demand for wide-body jets, saying there was still "good solid demand" for the aircraft globally. Delta said on Thursday delivery schedule for its A350-900 aircraft was in place, and it plans to operate its first A350 flight in the fourth quarter of 2017. The company plans to take delivery of five A350s in 2017. (Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/delta-air-orders-idUSL4N1ID50T'|'2017-05-11T21:57:00.000+03:00'
'2d44ae64b9665e73c0f75d1369cb7353e4179174'|'BRIEF-East Africa Metals receives approval of mine permit application'|' 44am EDT BRIEF-East Africa Metals receives approval of mine permit application May 11 East Africa Metals Inc * East Africa Metals receives approval of mine permit application for Terakimti oxide gold project * Currently reviewing agreement and expects to respond to ministry in coming days * Has engaged SENET of Johannesburg South Africa to initiate detailed engineering for project Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-east-africa-metals-receives-approv-idUSFWN1ID0C4'|'2017-05-11T16:44:00.000+03:00'
'691f9b76f9d61dd3173972bd3773ba480283bdc4'|'UPDATE 1-Brazil''s Ambev misses estimates as cost pressure bites'|'Company News  40am EDT UPDATE 2-Brazil''s Ambev misses estimates as cost pressure bites (Adds share performance, comments in paragraphs 4-5) By Guillermo Parra-Bernal and Paula Arend Laier SAO PAULO May 4 Ambev SA, the Latin American unit of Anheuser Busch Inbev NV, missed first-quarter profit estimates on Thursday as rapid growth in costs offset higher volumes in Brazil. Ambev''s adjusted net income totaled 2.316 billion reais ($732.1 million), below the consensus estimate of 2.795 billion reais, as compiled by Thomson Reuters. Profit fell 20.1 percent between January and March from a year earlier, the steepest decline in three quarters. The cost of goods sold climbed 26.4 percent on an annual basis, reflecting a weaker currency in Brazil and other South American countries. Costs per hectoliter jumped 23.1 percent, a sign Ambev failed again to fully pass along repressed cost inflation to consumers, especially in Brazil. Earlier in the day, parent AB Inbev said Ambev''s costs per hectoliter in Brazil could grow by double-digits in percentage terms during the first half of the year but should decline more pronouncedly between July and December. Half of S<>o Paulo-based Ambev''s sales costs in the country are pegged to the U.S. dollar. While some indicators pointed to a gradual recovery in margins and volumes, shares seesawed on concerns that the consensus estimate may have to be cut more. The stock rose 1 percent. "In spite of the expected sequential improvement, consensus numbers still need a downward revision ... so it could be challenging to argue for attractive upside here," said Antonio Gonz<6E>lez, an analyst with Credit Suisse Securities in Mexico City. The situation underscores the hurdles facing Chief Executive Officer Bernardo Paiva, who is wrestling with Brazil''s harshest recession on record, mounting competition and consumer indifference. He says 2017 is a transition year for Ambev as it tries to focus on premium products and costs. Management plans to discuss results at several conference calls later in the day. Consolidated volumes rose 3.4 percent, helping to attenuate a 2.8 percent drop in net revenue to 11.242 billion reais. Both revenue and costs, which totaled a higher-than-expected 4.523 billion reais last quarter, missed consensus estimates. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) slumped 17.3 percent to 4.356 billion reais, well below an estimate of 4.932 billion reais. Due to the rising costs and still-weak volumes, EBITDA was 38.7 percent of sales, almost seven percentage points below the 45.5 percent EBITDA margin reported a year earlier. ($1 = 3.1635 reais) (Editing by Jason Neely, Chizu Nomiyama and Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ambev-results-idUSL1N1I60CA'|'2017-05-04T15:27:00.000+03:00'
'7a8731e2820dfadc12685e2c77898ebd5e306792'|'Athletics-Kipchoge runs quickest marathon in just over two hours'|'MONZA, Italy May 6 Kenyan Eliud Kipchoge ran the quickest recorded marathon time at the Monza circuit in Italy on Saturday, crossing the line in two hours and 24 seconds but missing out on an attempt to break the two-hour barrier.The 32-year-old Kipchoge''s time, set on a Formula 1 track, smashed the official mark of 2:02.57 set by Kenyan Dennis Kimetto in Berlin in 2014, but will not enter the record books largely due to a non-compliant system of pacemaking.The race involved just three competitors and was sponsored by sportswear group Nike in an athletics cum marketing project, Breaking2, which caught the imagination of sports fans and runners worldwide.Nike had pitched it as sport''s "moon shot".Eritrean Zersenay Tadese and Ethiopian Lelisa Desisa, the other two main runners, both dropped off the pace and were out of the running by the halfway mark. (Reporting by Mark Bendeich, Editing by John O''Brien)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/athletics-marathon-breaking-idINL4N1I8035'|'2017-05-06T03:54:00.000+03:00'
'c125e27adc67385567ce7a7872e561826eb70343'|'BOJ''s Kuroda says monetary policy only one factor affecting capital flows'|'Economy News - Sat May 6, 2017 - 12:53pm BST Kuroda says BOJ facing ''challenging'' situation amid low inflation left right Bank of Japan Governor Haruhiko Kuroda speaks to media at the Asian Development Bank (ADB)''s annual general meeting in Yokohama, south of Tokyo, Japan May 4, 2017. REUTERS/Issei Kato 1/4 left right Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan April 27, 2017. REUTERS/Kim Kyung-Hoon 2/4 left right Bank of Japan Governor Haruhiko Kuroda speaks to media at the Asian Development Bank (ADB)''s annual general meeting in Yokohama, south of Tokyo, Japan May 4, 2017. REUTERS/Issei Kato 3/4 left right Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan April 27, 2017. REUTERS/Kim Kyung-Hoon 4/4 By Leika Kihara - YOKOHAMA, Japan YOKOHAMA, Japan The Bank of Japan is facing big challenges as inflation holds well below its 2 percent target, underscoring the importance for Japan''s central bank to maintain its massive stimulus program, BOJ Governor Haruhiko Kuroda said on Saturday. Japan''s economy has shown signs of life with a pick-up in global demand boosting exports and factory output. But inflation remains subdued despite four years of aggressive money printing since Kuroda became governor in 2013, as slow wage growth dampens household spending. "After four years ... our inflation rate is still close to zero. This is certainly a very challenging situation for central bank governors and central bankers in Japan," Kuroda told a seminar held on the sidelines of the Asian Development Bank''s annual meeting in Yokohama, eastern Japan. While growth and price conditions have "greatly improved," with inflation still well below target, the bank will continue "strong" monetary easing to anchor inflation expectations around 2 percent, he said. "I won''t say I''m struggling, but I''m making my best effort to achieve the 2 percent inflation target," he said. Kuroda also said the yen''s depreciation against other currencies has not led to an increase in the country''s exports in recent years, as more companies now produce goods overseas. Instead, the weak yen has pushed up corporate profits, which should lead to higher wages and capital expenditure, he said. "Textbooks say that when your exchange rate depreciates, your exports will increase and improve your trade balance," Kuroda said. "In the case of Japan, exchange rates are affecting not much the trade balance but the corporate profit situation, through which domestic demand will fluctuate," he said. After more than three years of huge asset purchases failed to accelerate inflation, the BOJ revamped its policy framework last September to one aimed at capping long-term interest rates. But it has kept a pledge to increase its government bond holdings at a pace of around 80 trillion yen ($710 billion) per year, as part of efforts to cap long-term rates. Most analysts polled by Reuters expect the BOJ''s next move to be a tightening of monetary policy, though many do not expect it to happen until next year at the earliest. A senior International Monetary Fund official said Japan''s economy still needs support from ultra-easy policy despite budding signs of recovery, stressing that it was premature for the bank to withdraw stimulus any time soon. ($1 = 112.7100 yen) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-adb-asia-boj-idUKKBN18207J'|'2017-05-06T15:56:00.000+03:00'
'9b9a1626ca667375d8e934680f8c215f723e7bff'|'Indonesia sues Thailand''s PTT, PTTEP for $2 billion over oil spill'|'Business News - Sat May 6, 2017 - 8:13am BST Indonesia sues Thailand''s PTT, PTTEP for $2 billion over oil spill The logo of PTT is pictured at the 38th Bangkok International Motor Show in Bangkok, Thailand March 28, 2017. REUTERS/Athit Perawongmetha JAKARTA/BANGKOK The Indonesian government is suing Thailand''s state-owned PTT ( PTT.BK ) and PTT Exploration and Production ( PTTEP.BK ) for around $2 billion for alleged damage to the environment from an oil spill in the Timor Sea eight years ago. The Montara wellhead operated by subsidiary PTTEP Australasia caught fire in 2009, leaking hundreds of thousands of litres of oil off the northern coast of Western Australia, according to media reports at the time. The incident was considered one of Australia''s worst oil disasters, and PTTEP was fined A$510,000 ($394,000, <20>303,474) by a Darwin court after pleading guilty in 2011 to charges related to workplace health and safety and failure to maintain good oilfield practice. Indonesia alleges, however, that the oil spill also fouled seawater and coastal areas in the nation''s East Nusa Tenggara province, and filed a lawsuit on Wednesday in a Jakarta court against PTT, PTTEP and PTTEP Australasia, seeking 27.5 trillion rupiah ($2.1 billion) for damages and restoration costs. PTTEP Australasia "has not shown good intention in resolving the pollution problem of the Montara oil spill," Indonesia''s maritime coordinating ministry said in a statement on Friday. Besides polluting seawater, the incident also damaged mangrove forests, coral reefs and seagrass fields in East Nusa Tenggara province, the ministry said. PTTEP said in an emailed statement that it was aware of reports about Indonesia''s lawsuit, but that it "has not been served with proceedings and has not received any notification of the substance or extent of the claim." PTTEP has always acted cooperatively and "in good faith" in its past discussions with the Indonesian government, and will continue to do so, it said. PTTEP Australasia maintains its position that "no oil from Montara reached the shores of Indonesia and that no long-term damage was done to the environment in the Timor Sea," the company said. In a separate class action suit, around 15,000 Indonesian seaweed farmers are seeking more than A$200 million ($152 million) from PTTEP Australasia to cover damages from the spill. The next hearing in the class action suit is due to take place at the end of this month, according to their legal team. [ bit.ly/2nUe2Uc ] (Reporting by Agustinus Beo Da Costa in JAKARTA, and Panarat Thepgumpanat and Patpicha Tanakasempipat in BANGKOK; Writing by Eveline Danubrata; Editing by Tom Hogue) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-indonesia-thailand-oil-idUKKBN182068'|'2017-05-06T15:13:00.000+03:00'
'bb23603ef06f23b8635da2b28291cdb79311e99f'|'Japan to provide $40 million to ADB to back high-level technology'|'Technology News - Sat May 6, 2017 - 11:50am IST Japan to provide $40 million to ADB to back high-level technology left right Japanese Deputy Prime Minister and Finance Minister Taro Aso attends at opening session of the ADB annual meeting in Yokohama, south of Tokyo, Japan May 6, 2017. REUTERS/Issei Kato 1/2 left right Finance ministers and central bank governors including Chinese Finance Minister Xiao Jie (front R), Japanese Deputy Prime Minister and Finance Minister Taro Aso (front 6th R) and Asian Development Bank (ADB) President Takehiko Nakao (5th R) attend a photo session at ADB annual meeting in Yokohama, south of Tokyo, Japan May 6, 2017. REUTERS/Issei Kato 2/2 YOKOHAMA, Japan Japan will provide $40 million to the Asian Development Bank to promote high-level technology as part of efforts to boost quality infrastructure in Asia, Finance Minister Taro Aso said on Saturday. "Japan has been promoting quality infrastructure in Asia in close collaboration with the bank," Aso told the ADB''s annual gathering in Yokohama. "Enhancing quality of infrastructure in terms of lifecycle cost and environmental and social considerations is important." The money will be provided over a two-year period to a newly created fund of the ADB, he said. Aso''s remarks came as China''s increasing presence in infrastructure finance has alarmed some Japanese policymakers, who worry that Beijing-led Asian Infrastructure Investment Bank (AIIB) may overshadow the Japan-U.S.-led ADB. The AIIB is viewed by some as a challenger to both the Western-dominated World Bank and the ADB, which is primarily funded by Japan and the United States. Partly to differentiate itself, the ADB has broadened its activities beyond infrastructure such as financing of steps for poverty reduction, healthcare and education. ADB President Takehiko Nakao told the annual gathering that investment in infrastructure would remain a priority. "Asia will need $1.7 trillion per year in investments in power, transport, telecommunications and water through 2030," he said on Saturday. On Thursday, Nakao said the ADB would cooperate with China''s development finance and infrastructure plans under its "One Belt, One Road" initiative, shrugging off the view Japan and China are competing for influence through development finance. (Reporting by Tetsushi Kajimoto; Editing by Nick Macfie) '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/adb-asia-japan-fund-idINKBN18205J'|'2017-05-06T14:20:00.000+03:00'
'8ac2d546397ec3d7fb82c646b6d6bfd8c272db48'|'M&S puts faith in fashion novice from Halfords and retail veteran - Business - The Guardian'|'The latest Marks & Spencer advert closes on a Thelma & Louise style montage as two glamorous women disappear into the sunset in their open-topped sports car.The image is designed to encapsulate M&S<>s new motto <20>spend it well<6C> <20> a clarion call for Britons to buy better knickers or wine because <20>life<66>s too short<72> not to. But, as we all know, Thelma & Louise ends with the trapped duo driving off a cliff so it<69>s a powerful metaphor for investors worried about M&S<>s ability to dig itself out of a hole.The cavalry arrived last week is the shape of retail veteran Archie Norman , who is to be its new chairman, and rising star Jill McDonald , poached from car parts and bike retailer Halfords, to oversee a clothing business which <20> despite its long-running problems <20> clings on to the title of being the UK<55>s biggest. The appointments complete a changing of the management guard at the retailer, which began a year ago when Steve Rowe succeeded Marc Bolland as chief executive.Veteran retail analyst Tony Shiret said Norman was the best candidate for a tough job given the challenges facing legacy retailers like M&S, who are saddled with too many stores in the internet age. <20>Archie is fantastic, but I<>m not sure even he<68>s has got the magic sauce to turnaround UK in-store retail,<2C> said Shiret. <20>The problems are still the problems. M&S has got to give people a reason to to buy its clothing again and that<61>s a complex issue.<2E>High street clothing chains are struggling as Britons prioritise spending cash on eating out or holidays rather than on updating their wardrobe each season. Also, after a relatively benign period, consumers are starting to feel the pinch as the weakness of sterling since the Brexit vote pushes up living costs. The internet is not going away either as shoppers reach for their smartphones rather than spend the day browsing in their local shops <20> a trend underlined by Next, which last week revealed that store sales had tumbled 8.1% over the past three months as purchases were transferred to its Directory home shopping business.During the six-year tenure of M&S<>s current chairman Robert Swannell a lot has changed behind the scenes. He worked with Bolland on an expensive overhaul of the warehousing and IT system that is the backbone of stores, and also launched a new website that promises to be key to its future success. But analysts say he failed to tackle the thorny issue of the retailer<65>s clothing arm, which has been losing ground to rivals including Next, Zara and Primark for most of the decade.This is reflected in the performance of M&S<>s shares. When Swannell joined they were changing hands for 370p and on Friday they closed at 375p, after gaining 18p on the back of Norman<61>s appointment. The former investment banker inherited a business the delivered profits <20>780m in 2011 but is handing over one expected to make just shy of <20>600m when it delivers its annual results later this month.Insiders say Norman and Rowe have established a rapport and that the 63-year-old City grandee would not have taken the job if he did not have confidence in his chief executive, who began his retail career aged 15 as a Saturday boy at M&S<>s Croydon store in south London. Norman, who is feted for turnarounds including at Asda and ITV, is said to beaware of the challenges M&S faces as it grapples with a 130-year high street legacy that includes more than 300 clothing stores and a food business that is showing early signs of losing momentum.<2E>Archie Norman is an excellent choice because he understands retail and quite frankly the company has drifted under Swannell,<2C> said one former M&S director. <20>I think history will say the Swannell years were a time when the company went backwards rather than forwards.<2E>M&S<>s food halls have prospered as Britons<6E> eating habits increasingly favour the convenience of its ready meals and treats. But selling clothing has only got harder, which makes the appointment of a fashion no
'7b3888b0de247c0f8f1aba909d5cc279fd9c1d4c'|'IMF''s Furusawa says premature for BOJ to withdraw stimulus'|'Economy News - Sat May 6, 2017 - 4:21am BST IMF''s Furusawa says premature for BOJ to withdraw stimulus left right IMF Deputy Managing Director Mitsuhiro Furusawa speaks during an interview with Reuters at Asian Development Bank (ADB)''s annual meeting in Yokohama, south of Tokyo, Japan May 5, 2017. REUTERS/Issei Kato 1/3 left right IMF Deputy Managing Director Mitsuhiro Furusawa speaks during an interview with Reuters at Asian Development Bank (ADB)''s annual meeting in Yokohama, south of Tokyo, Japan May 5, 2017. REUTERS/Issei Kato 2/3 left right IMF Deputy Managing Director Mitsuhiro Furusawa speaks during an interview with Reuters at Asian Development Bank (ADB)''s annual meeting in Yokohama, south of Tokyo, Japan May 5, 2017. REUTERS/Issei Kato 3/3 By Leika Kihara - YOKOHAMA, Japan YOKOHAMA, Japan Japan''s economy still needs support from ultra-loose monetary policy despite budding signs of recovery, a senior IMF official said, stressing that it was premature for the central bank to consider withdrawing stimulus any time soon. Mitsuhiro Furusawa, the International Monetary Fund''s deputy managing director, said Japan should proceed with gradual increases in the sales tax to rein in its huge public debt as its economy benefits from a rebound in global demand. But Japan''s economy has not strengthened enough to pull the plug on monetary support, Furusawa said, adding that continued ultra-loose policy was crucial to make the recovery sustainable. "I don''t think we''ve reached that time yet," Furusawa told Reuters on Friday, when asked whether the time is ripe for the BOJ to consider withdrawing its monetary stimulus. "As a whole, it''s a good thing that easy monetary policy continues in Japan," he said on the sidelines of the Asian Development Bank''s annual meeting in Yokohama, eastern Japan. Japan''s economy has shown signs of life, as exports rose the most in over two years in March and manufacturers'' confidence hit the highest since the global financial crisis a decade ago. BOJ Governor Haruhiko Kuroda told a CNBC interview on Friday that he was confident inflation will accelerate "significantly" with massive monetary stimulus and fiscal support. With the economy out of the doldrums, many analysts polled by Reuters expect the BOJ''s next move to be a tightening, rather than a further easing, of monetary policy. But core consumer prices for March rose just 0.2 percent from a year earlier, well below the BOJ''s 2 percent target, a sign the Japanese central bank will lag behind its major counterparts in withdrawing monetary stimulus. On fiscal policy, Furusawa said Japan should proceed with gradual increases in the sales tax, so that it can avoid being forced to hike sharply and abruptly, to rein in its debt. "Considering Japan''s fiscal state, it''s desirable to gradually raise the tax rate. There''s no doubt Japan should pursue fiscal consolidation given the size of its public debt," he said, when asked whether Japan should proceed with a scheduled increase in the sales tax hike in October 2019. Japan''s government has twice delayed a plan to raise the sales tax to 10 percent from 8 percent, after an earlier hike from 5 percent hurt consumption and growth. Prime Minister Shinzo Abe has said he will proceed with the tax hike in October 2019, though some analysts say he may scrap the plan to prioritize growth over fiscal discipline. Tax hikes and spending cuts are considered crucial to curb Japan''s huge public debt which, at twice the size of its economy, is the worst among advanced economies. On China, Furusawa said a gradual slowdown in growth wasn''t a problem because the economy is undergoing structural changes. "The fact that credit growth is accelerating at a pace exceeding that of GDP is worrying. But Chinese authorities are well aware of this issue, so I think the situation is manageable," he said. (Additional reporting by Takashi Umekawa; Editing by Simon Cameron-Moore) '|'reuters.com'|'http://feeds.r
'858a4b9eddad7323142ed1fb1a197cf0dfa7f8e5'|'Alitalia had debts of $3.3 billion at the end of February - government'|'Sat May 6, 2017 - 2:29pm BST Alitalia had debts of $3.3 billion at the end of Feb: government left right An airplane of Alitalia approaches to land at Fiumicino international airport in Rome, central Italy, May 3, 2017. REUTERS/Max Rossi 1/2 left right FILE PHOTO: An Alitalia plane approaches to land at Fiumicino international airport in Rome, Italy, October 14, 2013. REUTERS/Max Rossi/File Photo 2/2 MILAN Loss-making airline Alitalia, which asked to be put under special administration on Tuesday, had debts of around 3 billion euros ($3.3 billion) as of Feb. 28, Italy''s government said. In a document marking the opening of the special administration process and the appointment of three commissioners that will run the airline from now on, the government said on Saturday Alitalia had current liabilities of around 2.3 billion euros and assets worth 921 million. Alitalia, 49 percent owned by Etihad Airways, has filed to be put under special administration for the second time in less than a decade after workers rejected its latest rescue plan, starting a process that will lead to the carrier being overhauled, sold off or wound up. ($1 = 0.9096 euros)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-alitalia-debts-idUKKBN1820FI'|'2017-05-06T21:29:00.000+03:00'
'f89a749eed686812b8215cf090a970a69f287f91'|'Drop in diesel car demand could put brakes on autos finance boom'|'Autos - Fri May 5, 2017 - 1:51pm BST Drop in diesel car demand could put brakes on autos finance boom left right FILE PHOTO: A diesel pump is seen at a privately operated fuel station in Gasse near Lake Tegernsee, January 9, 2015. REUTERS/Michael Dalder/File Photo 1/4 left right FILE PHOTO: A Volkswagon diesel tank cap is seen in London, Britain September 23, 2015. REUTERS/Suzanne Plunkett/File Photo 2/4 left right FILE PHOTO: A Volkswagen Passat TDI diesel engine is seen in London, Britain September 30, 2015. REUTERS/Stefan Wermuth/File Photo 3/4 left right FILE PHOTO: A fuel nozzle is seen at a gas station in Berlin April 3, 2012. REUTERS/Tobias Schwarz 4/4 By Costas Pitas and Edward Taylor - LONDON/FRANKFURT LONDON/FRANKFURT A plunge in sales of diesel cars in Europe''s two biggest markets is helping to drive down the value of used vehicles, posing a risk to the lucrative financing plans used by major automakers to sell millions of cars. After Volkswagen''s ( VOWG_p.DE ) emissions test cheating scandal, authorities across Europe are looking to raise taxes on diesel vehicles that are more polluting than originally thought, and ban or restrict their use in some cities. That is starting to hit demand hard, with new diesel car registrations in April dropping 19 percent in Germany and 27 percent in Britain, according to data this week. This is turn is beginning to weigh on used car prices. Graphic - Diesel cars in western Europe: tmsnrt.rs/2qzZUEz With regulators also looking to encourage a shift to cleaner vehicles, there seems little prospect of a recovery soon. The outlook is particularly uncertain in Britain, where car sales hit a record high last year fuelled by finance packages that now account for nearly 90 percent of sales versus around a half ten years ago, according to Exane BNP Paribas analysts. Under the "personal contract plans," customers pay a small deposit towards a new car and then make monthly payments for two to three years. After that, they can either buy the car outright or return it to be sold second hand and use the equity to take on a new car, beginning the cycle of monthly payments again. How much they can borrow depends on what the finance company believes the vehicle will be worth after the 24 or 36-month period. If residual values fall more than expected, customers will have less money to buy a new car - potentially hitting demand for all new vehicles, petrol as well as diesel. "It''s a big potential problem if that carries on because it reduces the affordability of vehicles potentially quite significantly," said Exane BNP Paribas analyst Stuart Pearson. "The question is how fast those residuals go down. In the U.S. we''ve seen them come down almost 20 percent now, so the UK may have only just begun." SLIDING VALUES The United States has seen a sharp fall in residual values in recent years as demand - which recovered much more quickly than in Europe in the wake of the financial crisis - has stalled and automakers have slashed prices to try to shore it up. A similar fall in Europe would hit carmakers that have become increasingly reliant on their financing businesses. Operating profit at Volkswagen Financial Services leapt 10 percent to 2.1 billion euros (1.78 billion pounds) last year, compared with group underlying operating profit of 14.6 billion euros. Residual values in Britain have fallen around 3 percent over the past two years, with diesel vehicles particularly affected, and the trend has been seen in other European countries too, according to some analysts. Leasing and finance contracts are both generally priced using an assumption of stable residual values. A sharp fall in used car prices could trigger a spike in leasing prices, which could further dampen demand and increase defaults. According to Evercore ISI analysts, the cost for eight major European and U.S. carmakers of a 5 percent cut in residual values in Europe could reach a combined 1.6 billion euros. The big three Ge
'c312f099e09547d2e7a7356cdd3df5e54f85a374'|'BHP investor Tribeca calls for sale of U.S. shale assets, board shake-up'|'By Sonali Paul and Jamie Freed - MELBOURNE/SYDNEY MELBOURNE/SYDNEY A second BHP Billiton Ltd ( BHP.AX ) BHP.L shareholder has made a public push for changes at the world''s largest miner, with Sydney-based Tribeca Investment Partners pressing the company to sell its U.S. shale assets and dump its chief executive.Tribeca, a boutique Australian hedge fund, joined calls by U.S. activist investor Elliott Management for an exit from shale to free up capital, saying BHP could fetch $10 billion for the assets.Elliott last month urged BHP to unlock value by scrapping its dual-corporate structure, spinning off its entire U.S. oil business, and boosting capital returns.Tribeca sent an eight-page letter to its investors on Thursday titled "Making BHP Great Again". It called for a sale of shale assets, return of capital, and a board and management overhaul."We fear elements of the existing path could leave the company susceptible to ongoing underperformance and may ultimately result in this once great global mining force being considerably diminished," Tribeca said in the letter.Tribeca''s Global Natural Resources Fund analyst James Eginton said on Friday the fund has spoken to BHP since releasing the letter and has lined up a meeting with the company.BHP has rejected Elliott''s plan. The U.S. fund has received a generally tepid reaction from shareholders, and Australian Treasurer Scott Morrison on Thursday said he would not allow BHP to move its primary listing to London as Elliott had proposed.Tribeca, which has about A$2.5 billion ($1.9 billion) in funds under management, has spoken to some major Australian shareholders about its ideas, and hoped to talk to Elliott next week, but a wide range of investors do not see BHP as a long term holder of the shale assets, Eginton said.BT Investment Management analyst Brenton Saunders said the assets did not fit with BHP''s portfolio."I don''t think they''re particularly good at managing it. It''s a really sore point for a lot of people. But at the same time you don''t want them to give it away," said Saunders, whose fund owns BHP shares.BHP, which said last month it would pursue the sale of some, but not all, of its onshore U.S. oil and gas assets, had no immediate comment on Tribeca''s letter.Tribeca also called for BHP to shake up its board in light of the planned retirement of long-serving Chairman Jac Nasser, and Eginton said Chief Executive Andrew Mackenzie should go."The problem with the current CEO is he''s an appointment of the current board," he said.Tribeca criticized the board for having overseen the destruction of $30 billion in shareholder capital in recent years with the shale acquisitions, failed deals, scrapped projects, and an investment in potash.On energy, it called for BHP to position itself for long term change by expanding in materials used in making batteries such as lithium, graphite and cobalt.Tribeca declined to say how big a stake it has in BHP, but it holds both Australian and UK-listed shares. It is not among the top 20 shareholders, according to Thomson Reuters data.(Reporting by Jamie Freed and Sonali Paul; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bhp-billiton-elliott-shareholders-idINKBN1802UX'|'2017-05-05T06:32:00.000+03:00'
'a489066aa736ef4e03b243efa779dcd10e47fa1a'|'Mexican engineers flood Tesla hiring event in Monterrey'|'Business News - Sat May 6, 2017 - 9:25pm BST Mexican engineers flood Tesla hiring event in Monterrey left right A security employee (L) looks on as a recruiter from Tesla (C) talks to a job seeker at the hotel where the electric vehicle maker is holding a recruiting event for its California factory, in the municipality of San Pedro Garza, neighbouring Monterrey, May 5, 2017. REUTERS/Daniel Becerril 1/3 left right People sit in the lobby of a hotel where the electric vehicle maker Tesla is holding a recruiting event for its California factory, in the municipality of San Pedro Garza, neighbouring Monterrey, May 5, 2017. REUTERS/Daniel Becerril 2/3 left right A job seeker (C) talks to a recruiter from Tesla (2nd R) at the hotel where the electric vehicle maker is holding a recruiting event for its California factory, in the municipality of San Pedro Garza, neighbouring Monterrey, May 5, 2017. REUTERS/Daniel Becerril 3/3 By Anthony Esposito - MONTERREY, Mexico MONTERREY, Mexico Engineers from across Mexico streamed into a cramped hotel lobby in the industrial city of Monterrey for a chance of a job with the U.S. electric vehicle maker Tesla Inc ( TSLA.O ), which is looking south of the border for talent in short supply at home. The fair was held at a delicate time for American firms hiring abroad as President Donald Trump reviews immigration rules for bringing high-skilled foreign workers to the United States, part of a "buy American, hire American" policy. Tesla, which prides itself on its "Made in America" credentials, had scheduled interviews with an unknown number of Mexican candidates on Friday and was slated to screen other prospective employees over the weekend at the closed-door event. The Silicon Valley automaker is recruiting in the United States'' neighbour for work on robotics and other automated equipment at its Fremont, California factory, where it aims to build 500,000 cars a year by 2018, a six-fold increase from 2016. The factory will build Tesla''s upcoming Model 3. Mexico boasts a substantial pool of experienced manufacturing engineers, with 19 automotive plants owned by global automakers including General Motors Co ( GM.N ), Ford Motor Co ( F.N ), Fiat Chrysler Automobiles ( FCHA.MI ) and Volkswagen ( VOWG_p.DE ). A steady tide of hopefuls showed up at the event unannounced and without an appointment, some having travelled hundreds of kilometres, mistakenly thinking it was an open recruiting fair. Several dozen were turned away. Tesla gave them a brief explanation about the mix-up, said those being interviewed were often already weeks into their application processes, and directed them to email their resumes, according to more than a dozen mechanical, mechatronic, electrical and chemical engineers that Reuters spoke with outside the event. Representatives from Tesla headquarters in California and recruiters in Monterrey declined to comment on the event or the company''s hiring plans in Mexico. Reporters were escorted off the premises by security. ''THE FUTURE OF MOBILITY'' The call from a top U.S. company to Mexican engineers contrasts with the White House''s cooler stance toward both Mexico and high-skilled immigrants. In his first days in office, Trump pressured U.S. companies to stop moving manufacturing and jobs to lower cost Mexico. He also wants to overhaul a visa system that he says replaces Americans with workers from other countries, but shortages of engineers make it hard for technology companies to hire only Americans. Tesla Chief Executive Elon Musk is himself an immigrant from South Africa who sits on Trump''s business advisory council. Tesla has been actively hiring in the past few months for assembly-line jobs at its Fremont plant, but has found that manufacturing engineers are in even shorter supply than software engineers in Silicon Valley. Despite being turned away at the Monterrey event, most of the engineers, some with 20 years of experience under their belts, other fresh out of colle
'fb89c507e2f7ca0be69921008e00d437c58c412e'|'Poland''s KGHM Q1 net rises to $104 mln'|'Market News  17am EDT Poland''s KGHM Q1 net rises to $104 mln WARSAW May 5 Polish KGHM, one of the world''s biggest copper producers, reported on Friday a 147-percent rise in its first quarter consolidated net profit boosted by metal prices and weaker zloty. The state-run miner posted a consolidated net profit of 398 million zlotys ($103.81 million) compared to 161 million zlotys the company reported a year ago. At a stand-alone level, on which KGHM''s dividends are based and which reflects the company''s operations in Poland, the miner booked a net profit of 805 million zlotys compared with 370 million zlotys a year earlier. ($1 = 3.8340 zlotys) (Reporting by Marcin Goclowski; Editing by Pawel Florkiewicz)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/poland-kghm-polska-results-idUSFWN1I713T'|'2017-05-05T23:17:00.000+03:00'
'b1aeee9ac9962ff9175ba96e4b3bf2670e7b30fc'|'Brazil Treasury tells Banco do Brasil to sell sovereign fund shares'|'BRASILIA May 5 The Brazilian Treasury has told Banco do Brasil SA subsidiary BB DTVM to redeem shares in the Investment and Stabilization Fund (FFIE), which will require selling the shares over 24 months, the bank said on Friday.In a securities filing, state-controlled Banco do Brasil, Latin America''s largest bank, said the extended sales program would be carried out subject to market conditions.The sole shareholder of the FFIE is the Brazil Sovereign Fund (FSB).The Treasury instructed BB DTVM to "engage its best efforts to trade BB''s shares in the most neutral possible way in terms of asset price impact, in order to ensure liquidity in its portfolio," the filing by the bank''s CFO Alberto Monteiro de Queiroz said.Separately, the Finance Ministry said the recommendation was in line with its announcement in May last year that the sale of shares in the Brazil Sovereign Fund would go ahead over the next few years according to market conditions to get the best prices.Banco do Brasil shares closed 2.32 percent higher on Friday, at 33.11 reais a share.The FFIE fund groups controlling shareholders of the bank and has a 3.67 percent stake, or 105,024,600 shares. (Reporting by Paula Arend Laier and Anthony Boadle; editing by Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/banco-do-brasil-sovereign-idUSL1N1I71TE'|'2017-05-06T06:34:00.000+03:00'
'63d81a012e001d817c59cd8244ee0612741985f3'|'U.S. to probe Japanese, German automakers over alleged patent violations'|'Business   9:30am BST U.S. to probe Japanese, German automakers over alleged patent violations left right FILE PHOTO: A BMW logo on a car at the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. REUTERS/Denis Balibouse/File Photo 1/2 left right FILE PHOTO - The Honda logo is seen during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Brendan McDermid/File Photo 2/2 TOKYO The United States will begin an investigation into whether thermoplastic components used in some Japanese and German vehicle models sold in the country violate its patent laws, trade authorities said late last week. The U.S. International Trade Commission (USITC) on Friday listed 25 companies in the probe, including BMW, Honda Motor Co Ltd, Toyota Motor Corp, along with Japanese parts suppliers Aisin Seiki Co Ltd and Denso Corp. The probe was initiated by patent holding firm Intellectual Ventures II, which in March filed a complaint alleging that thermoplastic parts used in motors, water pumps, electronic power steering units and other powertrain parts made by or used in vehicles sold by the companies infringe on its patents. Used in parts which come in contact with high-temperature auto components, thermoplastics are more lightweight and durable compared with other materials used in vehicle powertrains, helping to increase efficiency and improve fuel economy. The complaint affects vehicle models sold in the United States including the 2016 Toyota Camry, 2017 Honda Accord and the 2016 BMW 228i, according to the patent company. The USITC said it would set a target date to complete its investigation within 45 days of starting the probe. Shares in Honda and Toyota were little changed during the Tokyo session on Monday. A Toyota spokeswoman declined to comment on the issue, while officials in Japan at BMW, Honda, Aisin and Denso were not immediately available for comment. (Reporting by Naomi Tajitsu; Editing by Christopher Cushing)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-autos-usa-idUKKBN17X12K'|'2017-05-01T16:30:00.000+03:00'
'ed7910a5a9fcbe05eb2002de7861dc41514711e7'|'European day-ahead power prices jump on increased demand'|'Business News - Mon May 8, 2017 - 9:03am BST European day-ahead power prices jump on increased demand PARIS European spot electricity prices for day-ahead delivery rose on Monday, boosted by a forecast rise in demand and a sharp fall in German wind power production. The baseload German electricity price for Tuesday delivery TRDEBD1 added 7.4 euros to reach 39 euros (<28>33) per megawatt-hour (MWh) compared with the price paid on Friday for Monday delivery. The French spot price for Tuesday TRFRBD1 rose 8 euros to 41.5 euros/MWh, compared with the price paid on Friday. Electricity demand in Germany is expected to rise by 1.7 gigawatts (GW) day-on-day on Tuesday to 68.5 GW, with the average temperature forecast to fall by 2 degrees Celsius, according to Thomson Reuters data. In France, consumption will jump by nearly 7 GW on Tuesday to 50.6 GW as businesses resume after a public holiday on Monday. ($1 = 0.9102 euros) (Reporting by Bate Felix; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-power-idUKKBN1840PB'|'2017-05-08T16:03:00.000+03:00'
'21920508211b6746946cc843487363cb11f7a0c6'|'UPDATE 1-Newell''s profit beats, helped by Graco strollers, Sharpie pens'|'Mon May 8, 2017 - 9:38am EDT Newell''s profit beats, helped by Graco strollers, Sharpie pens Newell Brands Inc ( NWL.N ) reported a better-than-expected quarterly profit on Monday, helped by strong demand for Rubbermaid food containers, Sharpie pens and baby products. Shares of the U.S. consumer goods company jumped 11.2 percent to $51.51 in early trading after Newell also raised its profit forecast for the year and boosted its dividend payout. Newell said it now expects full-year adjusted profit of $3-$3.20 per share, up from a prior forecast of $2.95-$3.15 per share. The company''s results reflect the more than 100 brands added to its product line following its $15 billion purchase of Jarden Corp last year. Newell said sales in its "Live" unit <20> its biggest business by sales - more than tripled to $1.1 billion in the first quarter ended March 31, helped by strong demand for Sunbeam appliances, food storage containers and Graco-branded baby products. On a pro-forma basis, sales in the "Live" business rose 2.7 percent. Newell''s "Learn" business, which sells writing products, reported pro-forma sales growth of 7.6 percent, helped by higher sales in memorabilia brand Jostens and as the company sold Sharpie pens in more markets. Newell, which has been streamlining its business after the Jarden purchase, said it had nearly completed the sale of 10 percent of its brand portfolio that would allow a sharper focus on its core business. The company also said it was on track to achieve its debt reduction goals for the year. Newell said it expects to pay down about $1.8 billion of debt this year and $3.9 billion in total since it bought Jarden. Adjusted net income jumped 52 percent to $164 million or 34 cents per share in the quarter. Core sales rose 2.5 percent to $3.27 billion. Analysts on average had expected earnings of 29 cents per share and revenue of $3.22 billion, according to Thomson Reuters I/B/E/S. Overall, sales more than doubled and net income soared to $639 million from $40.5 million a year earlier, largely reflecting the Jarden deal. Newell set its quarterly dividend at 23 cents per share, up 21 percent from the earlier payout. (Reporting by Karina Dsouza in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-newell-brands-results-idUSKBN1841JU'|'2017-05-08T21:36:00.000+03:00'
'27a6ce0b88a2f1ff802632ed78731509de0519dc'|'China April exports rise 8.0 percent, missing forecasts'|'Business News - Mon May 8, 2017 - 4:59am BST China April exports rise 8.0 percent, missing forecasts Containers are seen at the Yangshan Deep Water Port, part of the Shanghai Free Trade Zone, in Shanghai, China February 13, 2017. REUTERS/Aly Song BEIJING China''s April exports rose 8.0 percent from a year earlier, missing analysts'' expectations, while imports expanded 11.9 percent, official data showed on Monday. That left the country with a trade surplus of $38.05 billion (29.37 billion pounds) for the month, the General Administration of Customs said. Analysts polled by Reuters had expected April shipments from the world''s largest exporter to have risen 10.4 percent. Exports rose 16.4 percent on-year in March. Imports were expected to have climbed 18 percent, after rising 20.3 percent in March. Analysts were expecting China''s trade surplus to have widened to $35.50 billion in April from March''s $23.93 billion. (Reporting by Beijing Monitoring Desk; Editing by Sam Holmes)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-trade-idUKKBN1840AJ'|'2017-05-08T11:59:00.000+03:00'
'3ea2abb8e4e155e43254643ac73a2ecdaaba10cd'|'Coach to buy rival Kate Spade for $2.4 billion'|'Business News  15pm BST With eye on millennials, Coach buys Kate Spade left right FILE PHOTO: A model presents a creation from the Kate Spade Spring/Summer 2014 collection during New York Fashion Week September 6, 2013. REUTERS/Eric Thayer/File Photo 1/3 left right FILE PHOTO: Nail polish bottles are seen before the Kate Spade Spring/Summer 2014 collection presentation during New York Fashion Week September 6, 2013. REUTERS/Eric Thayer/File Photo 2/3 left right A man walks past a Coach store on Madison Avenue in New York, January 23, 2013. REUTERS/Carlo Allegri 3/3 By Sruthi Ramakrishnan Handbag maker Coach Inc said it would buy Kate Spade & Co for $2.4 billion (1.85 billion pounds) as it looks to tap the popularity of its smaller rival''s quirky satchels and totes among millennials. The $18.50 per share offer in cash represents a premium of 9 percent to Kate Spade''s Friday close. Kate Spade''s stock was trading at $18.36 on Monday, while Coach''s shares were up 5 percent at $44.80. Kate Spade''s shares have risen 17 percent since Dec. 27, a day before reports emerged that the company was looking to sell itself. Kate Spade''s handbags have struck a chord with millennials due to their subtle logos and quirky and colourful designs, including bags shaped like cats and cars. But the company, like other luxury handbag makers including Coach, has struggled to live up to market expectations amid fierce competition and a drop in traffic to department stores. Coach Chief Executive Victor Luis downplayed the slowdown in the handbag market. "Our strongest belief is that middle class will in Europe, in (the) U.S. and especially in developing markets provide us tremendous opportunity," Luis told Reuters. He is banking on Kate Spade''s appeal with millennials. "We are very excited that Kate Spade has strength with the millennial consumer, we see that not only through their sales but their online engagement." About 60 percent of Kate Spade''s customers are millennials, Coach said. Kate Spade gets about 15 percent of its sales from outside North America. In tune with Coach''s turnaround strategy, which includes limiting discounts and distribution to regain its brand cachet, the company will cut back Kate Spade''s sales to department stores and curb online flash sales while expanding the brand''s presence in Asia and Europe. Analysts called Kate Spade a good fit for Coach. "We like the complementary product assortments, complementary customer bases, potential for synergies," Robert W. Baird & Co analyst Mark Altschwager wrote in a note. Coach is obtaining a powerful brand at a reasonable price, Cowen & Co analyst Oliver Chen said. COACH IN THE MARKET Coach, which has been looking for an acquisition for months, said it expects $50 million in savings within three years of the closing the deal. The deal comes two months after Kate Spade said it was exploring strategic options. Hedge fund Caerus Investors had urged the company in November to sell itself, citing the management''s inability to achieve profit margins comparable to industry peers. Last month, Reuters reported that Kate Spade would need more time to negotiate a sale after receiving an offer from Coach. The deal, which is not subject to any financing condition, is expected to close in the third quarter of 2017 and add to adjusted earnings in fiscal 2018. Coach''s financial adviser was Evercore Group and its legal adviser was Fried, Frank, Harris, Shriver & Jacobson LLP. Kate Spade was advised by Perella Weinberg Partners LP, while Paul, Weiss, Rifkind, Wharton & Garrison LLP was its legal adviser. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Saumyadeb Chakrabarty and Maju Samuel)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-kate-spade-co-m-a-coach-idUKKBN18414H'|'2017-05-08T18:53:00.000+03:00'
'554a1d4ebdf2e0f6120bcc7bdb439f82c0f717ef'|'OPEC, non-OPEC discuss extending supply cut by nine months or more - sources'|'Mon May 8, 2017 - 2:26pm BST OPEC, non-OPEC discuss extending supply cut by nine months or more: sources FILE PHOTO: Pump jacks are seen at the Lukoil owned Imilorskoye oil field outside the Siberian city of Kogalym, Russia, January 25, 2016. REUTERS/Sergei Karpukhin/File Photo By Rania El Gamal and Alex Lawler - DUBAI/LONDON DUBAI/LONDON OPEC and non-member oil producers are considering extending a global supply cut for nine months or more to avoid a price-sapping output increase in the first quarter of next year, when demand is expected to be weak, OPEC and industry sources said. The Organization of the Petroleum Exporting Countries, Russia and other producers agreed last year to curb production by 1.8 million barrels per day for six months from Jan. 1. Oil prices have gained support but global inventories remain high, pulling crude LCOc1 back below $50 a barrel and putting pressure on OPEC to extend the cuts through the rest of 2017. Production from countries not participating in the deal, such as the United States, has also been rising, keeping crude below the $60 level that OPEC kingpin Saudi Arabia and others would like to see. OPEC countries including core Gulf members are discussing internally whether an extension of nine months or longer is needed to give the market more time to rebalance, the sources said. One industry source familiar with the talks said there had been discussions about extending curbs until the end of the first quarter of 2018, when crude demand should be seasonally weak. "To increase production in those months may have a negative impact (on prices). So we may ask for an extension until the end of Q1 of 2018," the source said. An OPEC source said other ideas and scenarios could be discussed, adding that core Gulf OPEC producers had talked about an extension beyond six months. Another OPEC source said it would be tough to get a consensus on prolonging curbs for more than six months but "anything can happen". A third source said an extension of up to one year could be an option. Saudi Energy Minister Khalid al-Falih said on Monday the OPEC-led production cut could be extended beyond 2017. "Based on consultations that I''ve had with participating members, I am confident the agreement will be extended into the second half of the year and possibly beyond," Falih said at an industry event in Kuala Lumpur. Russian Energy Minister Alexander Novak on Monday backed extending oil output curbs, saying it would help speed up a return to a healthier market. Novak did not mention for how long he thought curbs should be prolonged. OPEC officials generally believe the agreement is helping to bring the market closer to balance and that it should be extended into the second half of this year. OPEC sources told Reuters last week that a bigger cut was unlikely. A formal decision will be taken by OPEC on May 25. (Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-oil-opec-idUKKBN1841IN'|'2017-05-08T21:24:00.000+03:00'
'e7a64db8ff85f7cce53ff5fc5f51597fd9e66144'|'Etihad Airways names temporary replacement for veteran CEO James Hogan'|' 48am EDT Etihad Airways names temporary replacement for veteran CEO James Hogan FILE PHOTO: Etihad Aviation Group CEO James Hogan attends a joint news conference with Carsten Spohr, Chief Executive Officer of Lufthansa, in Abu Dhabi, United Arab Emirates February 1, 2017. REUTERS/Stringer/File Photo DUBAI Etihad Airways said on Monday it had appointed temporary replacements for its long-serving president and chief executive James Hogan and chief financial officer James Rigney, who are to leave on July 1. The company, which had announced in January only that the two Australians were leaving some time in the second half of the year, said it had appointed insiders Ray Gammell as interim group chief executive and Ricky Thirion as interim group financial officer. The temporary replacements come less than a week after Italy''s Alitalia [CAITLA.UL], 49 percent owned by Etihad, filed for special administration for the second time in less than a decade after workers rejected its latest rescue plan. Alitalia was one of Etihad''s key investments as it raced to catch up with fast-growing rivals Emirates [EMIRA.UL] and Qatar Airways by buying into several foreign carriers, including the Italian carrier and Air Berlin ( AB1.DE ), but the Abu Dhabi-owned airline said last week it was not willing to invest further in Alitalia. Gammell is to continue with a strategic review begun last year though a permanent group CEO is expected to be announced in the "next few weeks", Chairman Mohamed Mubarak Fadhel al-Mazrouei said in a statement. Gulf airlines have seen growth slow over the past two years against a more challenging economic backdrop. Lower fuel prices dented demand for high-margin premium cabins as Middle East travel budgets tightened. Whilst East to West traffic, an important route for Gulf carriers, diminished after a wave of militant attacks in Europe and Turkey. Gammell, who joined the Abu Dhabi airline in 2009, currently serves as the group''s Chief People & Performance Officer and is a member of the Executive Leadership. Thirion, who joined the airline in 2007, currently serves as Senior Vice President, Group Treasurer. An Etihad spokesman said that Thirion had also been appointed on an interim basis without saying when a permanent replacement for Rigney would be made. (Reporting by Alexander Cornwell; Editing by Louise Heavens, Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-etihad-airways-ceo-idUSKBN1841A9'|'2017-05-08T19:48:00.000+03:00'
'd3fbee2e505e4b0d5022939e34e24e578d887db7'|'IAG expects Alitalia troubles to mean faster Vueling growth in Italy'|'Business News - Fri May 5, 2017 - 10:13am BST IAG expects Alitalia troubles to mean faster Vueling growth in Italy An airplane of Alitalia approaches to land at Fiumicino international airport in Rome, central Italy, May 3, 2017. REUTERS/Max Rossi LONDON IAG ( ICAG.L ) expects Alitalia''s [CAITLA.UL] problems to help it grow its budget carrier Vueling in Italy, but the British Airways owner is not interested in a takeover of the struggling Italian flag carrier, IAG''s chief executive said on Friday. Alitalia filed to be put under special administration this week for the second time in less than a decade, starting a process that will lead to the loss-making Italian airline being overhauled, sold off or wound up. "We clearly see some organic growth opportunities in Italy. We will look to see if there''s an opportunity to speed up growth... focused on Vueling," Willie Walsh told analysts after the group reported first quarter results, but added IAG had "no interest whatsoever" in Alitalia. Rivals Lufthansa ( LHAG.DE ) and Norwegian ( NWC.OL ) have also shown little interest in Alitalia and creditors have refused to lend it any more money. (Reporting by Alistair Smout; Writing by Victoria Bryan; Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-iag-results-m-a-idUKKBN1810UQ'|'2017-05-05T17:13:00.000+03:00'
'814d588d652b90dab888fc0c8ce87a38d1966b67'|'Rosneft files lawsuit against Sistema after Bashneft deal - news agencies'|'MOSCOW Russian oil major Rosneft ( ROSN.MM ) filed a lawsuit on Tuesday seeking 106.6 billion roubles ($1.87 billion) from business conglomerate Sistema ( AFKS.MM ) over assets Rosneft says were removed from oil company Bashneft ( BANE.MM ), Russian news agencies reported.Rosneft bought a controlling stake in Bashneft last year from the Russian government in a multibillion-dollar deal.Bashneft had been controlled by Sistema, but the government seized Sistema''s stake in Bashneft in 2014 because it said Bashneft''s privatization had been illegal.Rosneft spokesman Mikhail Leontyev told Interfax on Tuesday that Rosneft and Bashneft had together filed the case against Sistema because assets had been removed from Bashneft.Russian news agencies said the case had been filed in Moscow''s arbitration court on Tuesday.Sistema said it could not comment as it had not seen the court documents submitted by Rosneft and Bashneft. Rosneft was not immediately available to comment.($1 = 57.1051 roubles)(Reporting by Alexander Winning and Anastasia Teterevleva. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-russia-rosneft-sistema-idINKBN17Y2A2'|'2017-05-02T17:01:00.000+03:00'
'3668c9aef52979c18512174a2e946396603545c6'|'U.S. lawmakers to grill United Airlines on passenger removal'|'WASHINGTON/NEW YORK United Airlines Inc executives will visit Capitol Hill on Tuesday to face lawmakers'' questions about the forcible removal of a passenger on an overbooked flight last month, an incident that provoked international outrage.United Chief Executive Oscar Munoz''s appearance before the U.S. House Transportation and Infrastructure Committee will test how the Republican-led Congress addresses company misconduct at a time of sweeping deregulation in Washington. Republicans largely back President Donald Trump''s push to undo industry rules and regulations they say hamper business growth.Joining Munoz at the hearing will be United President Scott Kirby as well as executives from American Airlines, Southwest Airlines, Alaska Airlines and a consumers'' union consultant.The executives will be grilled on the growing consumer anger directed at airlines, which came to a head when Dr. David Dao was dragged from a United flight at a Chicago airport on April 9 to make room for crew members on the aircraft.It is the chance to learn "what is being done to improve service for the flying public," Committee Chairman Bill Shuster, a Republican, said in a statement.Representative Rick Larsen, the top Democrat on the House panel''s aviation subcommittee, told Reuters he expected it to be "very pointed" and that executives should anticipate "pretty rough" questions.United last week reached a settlement with the 69-year-old Dao, whose removal prompted intense public backlash when fellow passengers released video online showing aviation police dragging him down the aisle as passengers cried out and gasped at his bloodied face.United also changed its policies by offering passengers who give up their seats up to $10,000 and by reducing overbooked flights. The airline has promised to no longer call on law enforcement officers to deny ticketed passengers their seats.Southwest said last week it would end overbooking altogether.Airline executives are expected at Tuesday''s hearing to outline specific actions they have taken or will take to try to prevent future incidents such as the one on the United flight, congressional aides said.A U.S. Senate panel will hold a separate hearing on Thursday.RELAXING AIRLINE REGULATIONSWhite House spokesman Sean Spicer said the president would not, at this point, weigh in on whether new airline regulations are needed."I''ll leave it up to Congress to decide whether it''s appropriate to address this legislatively. Once there was a piece of legislation, then we could have an opportunity to weigh in," Spicer said on Monday.But it is unclear how any new legislation would square with Trump''s deregulatory push. Shortly after he took office, Trump directed federal agencies to do away with two old regulations for every new one. He asked airline executives in February to identify regulatory hurdles. The Trump administration in March halted public comment on a Obama-era move to probe some airlines'' prevention of various travel websites from showing their fares and whether to require greater transparency about baggage fees along with quoted fares.The administration is also extending the compliance date by one year for a new regulation requiring reporting of data for mishandled baggage and wheelchairs in aircraft cargo compartments.Transportation Secretary Elaine Chao, through a spokeswoman, declined to comment on whether the United incident would prompt any regulatory changes. Her department said earlier this month it was investigating the matter.Congressman Peter DeFazio, the top Democrat on the House committee holding Tuesday''s hearing, said it was "way too early" to know if the voluntary policy changes announced by United are permanent.Larsen said new airline regulations were not yet under discussion but that if carriers did not make a firm commitment to improve customer service, then "the options for legislation open."(Reporting by David Shepardson in Washington and Alana Wise in New York; additional
'eb49defc2c361fafb5431eac202df2a258602a42'|'UPDATE 1-Pearson launches new cost-cutting drive, may sell K12 business'|'Deals - Fri May 5, 2017 - 11:35am EDT Pearson shares jump on new cost-cuts, investors rebel at AGM By Kate Holton - LONDON LONDON Investors in education group Pearson ( PSON.L ) delivered a rebuke to Chief Executive John Fallon on Friday hours after he set out a new cost-cutting plan to try to revive a business hit by the rapid move to digital learning. Plans to cut costs by 300 million pounds annually by 2020 helped to send Pearson shares up as much as 15 percent but Fallon warned of a long road ahead. Investor anger was evident at the company''s annual meeting where nearly 70 percent of shareholders voted against its remuneration report in a symbolic protest over the company''s performance under Fallon. The 173-year-old British company has been hit by a sharp downturn in its biggest markets, issuing five profit warnings in four years, as students ditch more expensive text books for second-hand copies and digital services. "For the next year or two we think the negatives will continue to outweigh the positives so we are running the business on the basis that things will not get better any time soon," Fallon told reporters. "But they will get better, there is a point in two or three years time when that pendulum shifts." Employing 35,000 people, the British group provides everything from textbooks to school testing, college courses and online degrees around the world. Having grown rapidly since 2008, it started to lose its way in 2015 when the U.S. economy recovered, encouraging more people to take jobs rather than go into higher education. In 2016 the shift to digital services in the U.S. stepped up a gear, leading to an "unexpected and unprecedented" 14 percent drop in the U.S. higher education teaching materials market. UNCERTAIN FUTURE Investors are divided between those who think governments will always need to invest in digital learning services, and those who think the industry is facing the same disruption as that already endured by the newspaper and music industries. Fallon, who is under fire for his handling of the downturn, said the company''s move to digital products was helping the company to become more efficient. He has taken out more than 650 million pounds of costs in the last four years. Pearson will review its U.S. school courseware publishing business, which it said had been slow to switch to digital. It said the division required high levels of investment and was facing a challenging market environment. Pearson, which had lost a quarter of its market value in the nine months before Friday''s update, said first-quarter trading had been in line with guidance and stuck to full-year targets. Analysts said the new plan should boost earnings. "Each 100 million pounds of savings assumed in 2018 would add around 20 percent to consensus earnings per share," analysts at Citi said. However not everyone was convinced. "Past evidence suggests that extra cost savings at Pearson do not lead to more profits, it just offsets revenue declines," said Ian Whittaker, an analyst at Liberum who has a key "Sell" rating on the stock. The strong share bounce failed to soften the blow when Fallon appeared at the company''s annual meeting on Friday, with 66 percent of investors rejecting the non-binding remuneration report, which assigned Fallon a 20 percent pay rise in 2016. Private investors asked the board whether they were "asleep on the job" and "paying for failure". Chairman Sidney Taurel said Fallon had inherited a very complex business when he took over in 2013 and noted he had spent his bonus on new shares. (Reporting by Kate Holton; Editing by Paul Sandle and Keith Weir) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-pearson-outlook-idUSKBN1810IC'|'2017-05-05T14:38:00.000+03:00'
'6f978ff5a6e155a9e1e5e8ef8fe39ce2bd4ea5e7'|'We need to track more than GDP to understand how automation is transforming work - Guardian Sustainable Business'|'A new report by the US-based National Academies of Science Engineering and Medicine suggests that not only has the automation of work barely begun but that the ways in which we measure the effects of technology on employment are inadequate to the task.The authors argue that to understand how automation is transforming our workplaces, we need better ways of tracking technological change. Put simply, they are saying that if we are what we measure <20> that is, if policy is driven by the information we collect <20> then we are collecting the wrong information.<2E>Data on many of these trends are elusive, reflecting [the] changing nature of society and the economy, and gaps in [the] statistical infrastructure,<2C> the report says.It points out, for instance, that we don<6F>t have a regular source of information about workers in part-time and other sorts of casual employment. Nor do we have good information about investment in computer technology at either the level of the company or of any given occupation.Also lacking is long-term information about the way in which skills within particular jobs are changing, as well as data on how effective educational practices are in preparing people for work. Such information gaps undermine our ability to respond appropriately to technological change and its effects on employment.This is a huge wake-up call for governments and businesses around the world who are proving slow to engage with the changing nature of work and who have tended to hide behind the mantra of <20>jobs and growth<74>, as if that will take care of everything. It is a reminder to all of us that we are long way from understanding what the future of work really looks like.Cybersecurity: is the office coffee machine watching you? Read moreThe authors call for three new indices to be developed, tools that can be used to plug holes in conventional measures such as GDP, productivity and the unemployment rate <20> a technology progress index, an artificial intelligence progress index and an organisational change and technology diffusion index.They set out the parameters of each in some detail and, in so doing, open up a much-needed discussion about the data used to help form public policy.We tend to think of measures like GDP and productivity as eternal truths of economics and, indeed, they have proved their worth over time. Nonetheless, some of them are not only reasonably recent inventions, dating from around the second world war, but are designed to measure activity in an economy of mass manufacturing, a sector increasingly being displaced by the information economy as the primary source of global wealth. This means the measures themselves are also increasingly irrelevant.As the economics professor Richard Holden wrote : <20>The IMF model suggests Australian unemployment falling to 5.2% <20> in 2017 and to 5.1% in 2018. But that is a pre-2008 model of how the labour market and macroeconomy interrelate. Maybe that<61>s still the right model but I wouldn<64>t bet on it.<2E>As the entrepreneur and founder of Wired Magazine Kevin Kelly has said on the subject of productivity : <20>Productivity is for robots. Humans excel at wasting time, experimenting, playing, creating and exploring. None of these fare well under the scrutiny of productivity. That is why science and art are so hard to fund. But they are also the foundation of long-term growth.<2E>To help understand the point Kelly is making, consider that a quarter of Britain<69>s top actors have been kept in work over the last decade by Harry Potter films . So although JK Rowling may be a billion-dollar industry, her value as a contributor to national wealth does not improve by subjecting her to a stopwatch and increased output to improve her productivity.What Kelly is saying is that, if you can measure a job<6F>s productivity, you can probably replace that job with a machine, so that when it comes to humans in the workplace we should be measuring different things. <20>
'1e1cfd248b55caf2e99429abe55ce43b90007768'|'UK car sales fall 20 percent in April after bumper March'|'Business News - Thu May 4, 2017 - 10:02am BST UK car sales tumble 20 percent in April after bumper March Cars are displayed outside a showroom in west London October 4, 2013. REUTERS/Luke MacGregor By Costas Pitas - LONDON LONDON British new car registrations slumped by 20 percent in April, the biggest year-on-year drop for over six years after record demand in March, when customers brought forward purchases to avoid a tax increase, an industry body said on Thursday. Sales fell 19.8 percent to 152,076 vehicles last month, traditionally a period when fewer vehicles are sold after a new licence plate series is issued in March, the Society of Motor Manufacturers and Traders said. Demand in March was at a record high as individuals and businesses in Europe''s second biggest autos market sought to avoid paying an increase in excise duty that came into force from April 1 for the most polluting vehicles. Registrations so far this year are up 1.1 percent, despite forecasts that demand would fall by at least 5 percent this year due to the uncertainties around Brexit and after consecutive record performances. Following an 8.4 percent rise in March and a slump in April, also hit by fewer selling days due to Easter, the SMMT said it foresaw less erratic swings in the months ahead. "We ... expect demand to stabilise over the year as the turbulence created by these tax changes decreases," SMMT Chief Executive Mike Hawes said. But the industry faces a number of challenges ahead including new levies and tighter rules on the most polluting vehicles, which appear to be already dampening demand for diesel vehicles. Demand for diesel fell 27 percent last month, which compared with a fall of 13 percent for gasoline-powered vehicles, as the government prepares plans to tackle air pollution which could be announced as soon as Friday. Britain''s Financial Conduct Authority also said last month it would be launching a review into finance packages offered to customers buying cars due to concerns that there might be "irresponsible lending in the motor finance industry." Cheap finance has been key to the success of the sector in recent years with up to 90 percent of cars sold using personal contract plans, whereby customers effectively rent a new car for two to three years by making monthly payments before often trading in for a new model. (Editing by Andy Bruce, Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-autos-registrations-f-idUKKBN1800RK'|'2017-05-04T16:19:00.000+03:00'
'b6598c7a50eaa40abeb352b4f37ea1fb7fcf38e5'|'Wall Street earnings strength enliven investors, industrials a surprise'|'Business News - Thu May 4, 2017 - 3:40pm BST Wall Street earnings strength enliven investors, industrials a surprise Traders work on the floor of the New York Stock Exchange in the Manhattan borough of New York, U.S. May 4, 2017. REUTERS/Brendan McDermid By Caroline Valetkevitch and Megan Davies - NEW YORK NEW YORK U.S. companies are reporting their strongest profit and sales growth in more than five years this earnings season, with more beating expectations and particular strength in the industrial sector. The results strengthen arguments from some investors that the lofty valuations U.S. equities are commanding are justified, and provide optimism that the eight-year bull run in stocks will keep rolling along. The S&P 500 is trading at about 17.7 times projected earnings, well above its long-term average of 15. Earnings were expected to be good especially in energy, which has rebounded sharply on higher oil prices from a year ago. Still, results are markedly better than expected. "The bears will say the comparisons were easy," said Bob Doll, chief equity strategist at Nuveen Asset Management in Princeton, New Jersey. "All of that is accurate, but the truth is a wide swath of companies is beating expectations." With results in from about 70 percent of the S&P 500 companies, projected earnings growth for the first quarter is now at 14.2 percent while sales are forecast up 7.2 percent, on track to be the best since 2011, Thomson Reuters data showed. The reports have pushed the estimated projected earnings growth for the quarter from 10.2 percent at the start of April. Expectations for the full year have risen as well. Analysts typically are still taking down full-year numbers at this time, said Jill Carey Hall, equity and quant strategist at Bank of America-Merrill Lynch. The bank''s data shows it is the first time they are rising during first-quarter reports since 2012. So far, 75 percent have beaten analysts'' profit expectations for the quarter, compared to the 71 percent average of recent quarters and the long-term average of 64 percent. Since the start of April, forecasts for every sector except telecommunications have improved - but energy, financials, technology and materials are expected to have the biggest year-over-year gains. Earnings for industrials, which on April 1 were projected to have fallen 5.4 percent, are now forecast up 3 percent, the data showed, giving it the biggest improvement so far of any sector aside from energy. "Everything we''re seeing so far from the industrial space is confirming a big bounce in growth as we progress to the back half of ''17," said Patrick Palfrey, senior equity strategist at RBC Capital Markets. Caterpillar Inc ( CAT.N ) stood out in the space, with its stock jumping sharply after its results, though United Technologies Corp ( UTX.N ), Cummins ( CMI.N ) and 3M Co ( MMM.N ) also beat expectations. "What we''re picking up is the industrial economy is better," said Tobias Levkovich, Citigroup''s chief U.S. equity strategist. "Traditional industrial companies are saying things like energy is better, transportation is better, Asia is stronger." Along with aerospace and defense, results from the construction machinery and heavy trucks space contributed the most to gains in the industrial sector. Many of those companies also rallied after the Nov. 8 election, fueled by optimism over potential increased defense and infrastructure spending under President Donald Trump. However, Jason Ware, chief investment officer at Albion Financial in Utah, said the divergence of actual results versus those beating investor projections likely meant that "analyst estimates were just far too low for industrials going into the quarter" and did not signify particular economic "strength" in the sector. Ware pointed to materials, technology, energy and financials as driving the quarter''s profit growth. Tech companies are beating analysts'' expectations by 84 percent. Reports from Alph
'cc4835e0bb43884dce61e732301a64f6cdad2a9a'|'Trump signs spending bill, averting government shutdown'|'Business News - Fri May 5, 2017 - 2:08pm EDT Trump signs spending bill, averting government shutdown U.S. President Donald Trump arrives aboard Air Force One at JFK International Airport in New York, U.S. May 4, 2017. REUTERS/Jonathan Ernst WASHINGTON President Donald Trump on Friday signed a $1.2 trillion spending bill approved by Congress, averting a government shutdown that would have begun at midnight. White House spokeswoman Sarah Huckabee Sanders, speaking to reporters at a regular media briefing, confirmed the president had signed the bill. (Reporting by Roberta Rampton; Writing by Tim Ahmann; Editing by Chris Reese)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-budget-trump-idUSKBN1811ZW'|'2017-05-06T02:08:00.000+03:00'
'f84852bfc38e26e60d3066326451ec288e87bb4c'|'Corvex''s Meister says fund owns 5.5 pct of CenturyLink'|'Market News - Mon May 8, 2017 - 12:51pm EDT Corvex''s Meister says fund owns 5.5 pct of CenturyLink NEW YORK May 8 Corvex Management is betting on telecom infrastructure company CenturyLink Inc, predicting a 43 percent upside to its stock, the managing partner of the hedge fund said on Monday. Keith Meister, who founded Corvex and is also its chief investment officer, was speaking at the Sohn Conference in New York. (Reporting by Michael Flaherty and David Randall; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/funds-sohn-corvex-idUSL1N1IA0YQ'|'2017-05-09T00:51:00.000+03:00'
'e79d6f55e57b2cf17fd245dbaee6a23ba1bb135e'|'RPT-Oil tanker firm DHT Holdings rejects another bid by rival Frontline'|'(Repeats from Sunday)OSLO May 7 Tanker firm DHT Holdings rejected on Sunday a fifth takeover proposal from shipping tycoon John Fredriksen''s Frontline, calling the $500 million all-share bid "woefully inadequate".Frontline''s plan to form the world''s largest private oil tanker group was first revealed in January when DHT said it had received an unsolicited offer, which it later rejected.The initial bid, offering to issue 0.725 Frontline shares in exchange for each share of DHT, was eventually raised to a ratio of 0.8, but was again turned down."The bottom line is that Frontline''s proposed takeover of DHT is so woefully inadequate that we do not believe further engagement will result in a fair offer for the DHT franchise," the U.S.-listed company said in a statement on Sunday.Frontline holds a 14.5 percent stake in DHT.While DHT''s assets would contribute almost half the net asset value of a combined company and more than 45 percent of 2018 earnings, the takeover offer would only give DHT''s shareholders a 40 percent stake, the board argued."We have consistently told you that the starting point for any discussion is a fair and balanced analysis of fleet value. Payment of a control premium would come on top of such a fundamental and intrinsic analysis," DHT said.In late March, DHT struck a defensive deal with privately owned oil and gas shipping firm BW Group to buy 11 crude tankers, allowing BW to become its biggest shareholder with a stake of up to 45 percent.Calling the deal unfair, Frontline has sought legal injunctions and said last week that the high court in the Marshall Islands, where DHT is incorporated, had agreed to hear its complaint on May 17.Frontline was not immediately available for comment. (Reporting by Terje Solsvik; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/dht-holdings-ma-frontline-idUSL8N1I915T'|'2017-05-08T12:01:00.000+03:00'
'a36626e4d62259d45b5726787facb6bdee9b750c'|'Macau says to monitor ATM withdrawals as casino revenues rebound'|'Business News - Mon May 8, 2017 - 9:29am BST Macau monitors ATM withdrawals, raids casinos as top official visits FILE PHOTO - Chinese visitors walk past a sign for China UnionPay outside a pawnshop in Macau, in this picture taken November 20, 2013. Picture taken November 20, 2013. REUTERS/Tyrone Siu/File Photo HONG KONG Macau plans to add security features to ATMs to monitor withdrawals, authorities in the world''s largest gambling hub said as the Chinese territory seeks to tighten restrictions on cash flows out of the mainland. Macau is a special administrative region of China and the announcement of the plan coincides with a visit by Zhang Dejiang, the head of China''s parliament and its third-most powerful leader. The new measures announced for China''s UnionPay bank card means users will have to scan their identity card at automated teller machines (ATMs), which will use facial recognition technology to verify the user, the government said in a statement. The government did not say when the changes would be implemented, but specifically mentioned ATMs around casinos. Zhang is visiting Macau from May 8-10, and over the past nine months, Macau''s gambling revenues have rebounded as more mainlanders take advantage of an easing of President Xi Jinping''s campaign against shows of wealth by public officials. Ahead of his visit, police in the former Portuguese colony raided casinos, cafes and bars, investigating a total of 790 people, to "purify the environment in the community and do the best to maintain safety and stability", the Judiciary Police said in a statement on Monday. Those being investigated were suspected of various offences including illegal residence in Macau, human trafficking and illegal business operations. In a bid to support the yuan, China''s government has since late-2016 put in place capital controls that make it harder for individuals and companies to move money out of China. A 2014 Reuters investigation found that many mainland Chinese use state-backed UnionPay cards to circumvent cash withdrawal limits of 20,000 yuan (<28>2,233) a day, and either use that money to gamble or transfer it abroad. Customers open multiple bank accounts, and then withdraw cash from each, or use pawn shops in Macau to make fake purchases, the investigation found. The planned ATM measures come as Macau is proposing changes to its anti-money laundering laws which will strengthen current regulations. The gaming authority is also conducting additional audits on the lucrative VIP gambling sector and more vetting of individual junket operators. (Reporting by Farah Master; additional reporting by Katy Wong; Editing by Miral Fahmy, Robert Birsel)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-macau-regulation-idUKKBN1840CL'|'2017-05-08T12:54:00.000+03:00'
'a7c227f045d55c38a7a1000571ee1e59ae5f65af'|'More bucks for Bang: Netmarble founder urges South Korea to support start-ups'|'SEOUL When mobile gaming firm Netmarble Games ( 251270.KS ) debuts on Friday, its founder Bang Jun-hyuk will be the only billionaire in South Korea''s top-10 wealthiest stock holders with no ties to the chaebol, the mainly family-owned industrial conglomerates that dominate Asia''s fourth-largest economy.Bang''s is a rare Korean rags-to-riches story, and the high-school dropout with two business failures on his resume wants the state to revive support for start-up companies and nurture a new crop of businesses as an alternative to the economy''s dependence on the industrial might of groups including Samsung and Hyundai.Leading candidates in the run-up to Tuesday''s presidential election have pledged to reform the powerful chaebol."If you look at start-ups these days, they''re predominantly about fried chicken delivery, which is worrying," Netmarble''s founder and chairman told Reuters. "We need start-ups that will serve as a conduit for new business areas for our future."Bang, 48, owns 24.5 percent of Netmarble, which priced its $2.3 billion initial public offering at the top of the range. That would make him worth around $2.9 billion and rank him sixth in South Korea''s richest stock holders, according to data provider FnGuide.Bang is part of a generation of South Korean technology entrepreneurs that founded start-ups from the late 1990s when state investment helped create one of the world''s most wired nations. Non-chaebol companies founded around then include internet portal Naver ( 035420.KS ) and game developer NCSOFT ( 036570.KS )."When people of my generation founded start-ups, it wasn''t because we were talented, but because the ground was prepared," Bang said."The government had a very clear vision of growing Korea into an IT superpower and sowed the seeds of a good start-up ecosystem. We got new infrastructure, state-driven venture capital and rules like exceptions to mandatory military service, which drove talent into start-ups.""It''s regrettable such support has become fainter in the last few years."DROPOUT TO SUCCESSBorn into a relatively poor family, Bang dropped out of high school and unsuccessfully founded two start-ups, one of which was an online movie streaming business similar to Netflix ( NFLX.O )."Looking back, there were many new businesses like movie streaming where Korea was ahead of others, and they were spun out of high-speed internet and other infrastructure we had," he said. "But it was very difficult to succeed as there were not many people who were betting on such future businesses at the time.""When you fail twice, there''s nothing left. You''ve hit bottom not only economically, but mentally... You start thinking, am I stupid? Is this all I am?"With just $90,000 in seed money from acquaintances, Bang founded Netmarble in 2000 with eight employees. The firm is now worth 13.3 trillion won ($11.8 billion) and its 3,000 employees generate 1.5 trillion won in annual sales.Netmarble aims to be among the world''s top five games companies by 2020, with 5 trillion won in annual revenue, partly through acquisitions.Even this start-up, though, struggled to break through.Netmarble was the country''s first to distribute other firms'' computer games and offer free-to-play games. In 2004, Bang sold a majority stake to conglomerate CJ Group, and stepped down from operations in 2006 due to health issues.Five years later, CJ asked him to come back as the company was floundering with a series of 19 failed games - 11 flops and eight that never made it to the market - and an operating loss of 2.1 billion won.SMARTPHONE VISIONBang had already been preparing a mobile games start-up before the call. He had seen how many phone manufacturers were shifting production lines to smartphones, which then accounted for only a tenth of the mobile market, and he saw the smartphone''s potential as a hand-held computing device.Long-time employees at Netmarble were skeptical when Bang told them the compa
'675bfe479de1c9bd7e810f0728c828fdb2d9521b'|'Barclays names new head of European equity research as MiFID II looms'|'Business News - Mon May 8, 2017 - 10:40am BST Barclays names new head of European equity research as MiFID II looms A Barclays sign is seen outside a branch of the bank in London, Britain, February 23, 2017. REUTERS/Stefan Wermuth LONDON Barclays ( BARC.L ) has named former Morgan Stanley ( MS.N ) analyst Rupert Jones as its head of European equity research, the British bank said on Monday. Jones was involved in briefing Morgan Stanley''s customers about the impact of a major regulatory overhaul of the securities trading industry that goes into effect next January, Barclays said in the statement. The new rules, known as the Markets in Financial Instruments Directive, or MiFID II, aim to make European securities markets more transparent. Under the new rules investment banks must charge fund managers an explicit fee for research rather than bundling the cost into trading commissions charged to clients, as at present. "As we head into MiFID II, Research is all the more central to the success of our overall European equities business," Barclays said in the statement. (Reporting by Lawrence White; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-moves-barclays-jones-idUKKBN1840XE'|'2017-05-08T17:40:00.000+03:00'
'a11151244621f544075253daf64a5148b4c51613'|'U.S. job growth rebounds sharply, unemployment rate hits 4.4 percent'|'By Lucia Mutikani - WASHINGTON WASHINGTON U.S. job growth rebounded sharply in April and the unemployment rate dropped to 4.4 percent, near a 10-year low, pointing to a tightening labor market that could seal the case for an interest rate increase next month despite moderate wage growth.Nonfarm payrolls surged by 211,000 jobs last month, the Labor Department said on Friday, well above the monthly average of 185,000 this year and a jump from the gain of 79,000 in March.The job gains were broad-based, with hefty increases in leisure and hospitality, healthcare and social assistance as well as business and professional services.The drop of one-tenth of a percentage point in the unemployment rate took it to its lowest level since May 2007. The decline reflected both an increase in hiring and people leaving the labor force."With continued solid job growth, the U.S. economic expansion will continue throughout 2017. The Fed will raise the federal funds rate again in mid-June as the economy is approaching full employment," said Gus Faucher, chief economist at PNC Financial in Pittsburgh.The rebound in hiring supports the Federal Reserve''s contention that the pedestrian 0.7 percent annualized economic growth pace in the first quarter was likely "transitory," and its optimism that economic activity would expand at a "moderate" pace.The U.S. central bank on Wednesday kept its benchmark overnight interest rate, or federal funds rate, unchanged and said it expected labor market conditions would "strengthen somewhat further."The Fed raised rates by a quarter of a percentage point in March and has forecast two more increases this year.Prices of U.S. government debt fell after the employment data while U.S. stock index futures rose. The U.S. dollar initially gained against a basket of currencies before turning flat.Average hourly earnings rose seven cents, or 0.3 percent, last month, partly because of a calendar quirk. While that lowered the year-on-year increase to 2.5 percent, the smallest since August 2016, there are signs that wage growth is accelerating as labor market slack diminishes.Average hourly earnings increased 2.6 percent in March. A government report last week showed private sector wages recorded their biggest gain in 10 years in the first quarter.FULL EMPLOYMENTWith the labor market expected to hit a level consistent with full employment this year, payroll gains could slow amid growing anecdotal evidence that firms are struggling to find qualified workers. That could also push up wages.The economy needs to create 75,000 to 100,000 jobs per month to keep up with growth in the working-age population. Job growth averaged 178,000 per month in the first quarter.Construction payrolls rose 5,000 last month and manufacturing employment advanced by 6,000 jobs. Leisure and hospitality payrolls jumped by 55,000 in April. Professional and business services payrolls rose by 39,000. Healthcare and social assistance employment increased by 36,800 jobs.Retail payrolls gained 6,300 after two straight months of declines. Retailers including J.C. Penney Co Inc, Macy''s Inc and Abercrombie & Fitch have announced thousands of layoffs as they shift toward online sales and scale back on brick-and-mortar operations.Government payrolls jumped 17,000 last month as an increase in hiring by local governments offset a decline in federal government employment.Other labor market measures also showed strength last month.A broad measure of unemployment, which includes people whowant to work but have given up searching and those workingpart-time because they cannot find full-time employment, dropped three-tenths of a percentage point to 8.6 percent, the lowest level since November 2007.The employment-to-population ratio rose one-tenth of percentage point to a fresh eight-year high of 60.2 percent.(Reporting by Lucia Mutikani; Editing by Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-econ
'e3df57b0824dfb5d4af70695b29123441aeed1d3'|'UPDATE 1-UK Stocks-Factors to watch on May 8'|'(Adds company news, futures)May 8 Britain''s FTSE 100 index is seen opening up 30 points at 7,327 on Monday, according to financial bookmakers, with futures up 0.2 percent ahead of the cash market open.* LLOYDS: British bank Lloyds plans to hand the reins to its finance director if the bank''s chief executive quits for another job, The Times reported on Monday. ( bit.ly/2poVDjB )* CENTRICA: Britain''s largest energy supplier, Centrica, said on Monday that warmer than usual weather and weaker energy prices in Britain had impacted profit margins in its core energy supply business in the first quarter.* OIL: Oil prices closed 1.5 percent higher on Friday, rebounding from five-month lows, following positive U.S. jobs data and assurances by Saudi Arabia that Russia is ready to join OPEC in extending supply cuts to reduce a persistent glut.* GOLD: Gold pared gains on Friday after data showed U.S. job growth rebounded in April and stayed on track for its biggest weekly loss in six months as expectations for a U.S. interest rate hike in June grew and euro zone political risk receded.* COPPER: Copper recovered on Friday from a five-month low as mine workers in Peru considered launching a new strike and some investors regarded the lower prices as good value.* The UK blue chip index rose 0.7 percent on Friday, due to robust earnings and strength in resources-linked stocks.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS> Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Harish Bhaskar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1IA2KN'|'2017-05-08T14:41:00.000+03:00'
'd5547948dfcb4cca02907d59e6525df427bfc7e9'|'ADB agrees to lend $500 million to Azeri gas project'|'Business News - Sun May 7, 2017 - 2:23pm BST ADB agrees to lend $500 million to Azeri gas project Asian Development Bank (ADB) President Takehiko Nakao attends an opening news conference at ADB annual general meeting in Yokohama, south of Tokyo, Japan May 4, 2017. REUTERS/Issei Kato BAKU The Asian Development Bank (ADB) has agreed to provide a $500 million (385 million pounds) loan to Azerbaijan''s Shah Deniz 2 project, the Azeri finance ministry said on Sunday. The ADB said earlier this year it was considering lending money to Azerbaijan to help fund the second stage of development of the Shah Deniz natural gas project in the Caspian Sea. On Sunday, the ADB and representatives of Azerbaijan signed an agreement in Yokohama, Japan, under which the Southern Gas Corridor will receive funds to develop Shah Deniz 2, the ministry said in a message sent to Reuters. It was unclear when the loan would be made. Shah Deniz is part of the Southern Gas Corridor project which involves expansion of the Southern Caucasus Pipeline and construction of the Trans Adriatic (TAP) and Trans Anatolian (TANAP) pipelines. Plans call for piping gas from the Shah Deniz gas field to Europe via Georgia and Turkey. Shah Deniz 2 is expected to add 16 billion cubic metres (bcm) of natural gas a year beginning in 2019-2020, 10 bcm earmarked for Europe and 6 bcm for Turkey, to the 9 bcm produced by the first stage of Shah Deniz. The second stage of development includes 26 subsea wells, two offshore platforms, gas and condensate subsea pipelines and the expansion of the Sangachal terminal near the Azeri capital Baku and the South Caucasus Pipeline. It is estimated to cost $28 billion. (Reporting by Nailia Bagirova; writing by Andrey Ostroukh; editing by Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-azerbaijan-adb-loans-idUKKBN1830IN'|'2017-05-07T21:23:00.000+03:00'
'a16bcc07cc1574dfc257a81a44979effed4d549a'|'Morocco''s Attijariwafa paid twice book value for Barclays Egypt acquisition'|'CAIRO Morocco''s Attijariwafa Bank ( ATW.CS ) paid twice book value to acquire Barclays'' Egyptian business and hopes the acquisition will enable it to increase its market share in Egypt to 5 percent within five years, the Moroccan bank''s CEO said.The bank plans to rename the unit Attijari Bank Egypt and raise its profile in Egypt, CEO Mohamed El Kettani said.Britain''s Barclays ( BARC.L ) reached a deal last year to sell its Egyptian banking unit to Attijariwafa Bank, one of Morocco''s largest banks, but the value of the deal, which closed this month, has not been disclosed by either side.Kettani, speaking to Reuters on Sunday, would not put an exact dollar figure on the acquisition but said it was twice Barclays Egypt''s 2016 book value or about seven times its expected net profit for 2017.Sources had told Reuters previously that the Barclays Egypt business was valued at around $400 million (308 million pounds).Kettani expects the cost of the deal to be recovered in five to seven years.Attijariwafa hopes the acquisition will enable it to increase its market share in Egypt to 5 percent within five years, from about 1-1.5 percent currently, and it plans to add new services such as leasing and insurance, said Kettani.In the next few days the bank will choose an international consulting firm to develop a five-year strategy for its Egypt operations."Attijari Bank Egypt will be the group''s entryway to Gulf states and East Africa," Kettani said.(Reporting by Ehab Farouk; Writing by Eric Knecht; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-barclays-attijariwafa-bnk-egypt-idINKBN1830P3'|'2017-05-07T14:19:00.000+03:00'
'7a1136a8b2bb6eb0240825e144ef0a44db3b067c'|'RPT-Wall St Weekahead-Old-guard retail back in the cross hairs'|'Market News - Sun May 7, 2017 - 1:00pm EDT RPT-Wall St Weekahead-Old-guard retail back in the cross hairs (Repeats Friday story with no changes) By Chuck Mikolajczak NEW YORK May 5 A glance at the U.S. stock market''s main measure for the health of retailers suggests all is well among those companies in the business of peddling stuff directly to consumers. After all, the $1.16 trillion S&P 500 retail index has climbed nearly 13 percent this year to a record high, roughly double the 7 percent gain by the full S&P 500. That stalwart performance, however, has been delivered almost entirely by a clutch of new ''retailers'' that now account for more than half of the value of the index: Amazon.com Inc , Netflix Inc and Priceline Group Inc. Moreover, it masks a broad slump in shares of traditional retailers having their lunch eaten by disrupters like Amazon in particular. In fact, when the retail index''s big three gainers are excluded, the group''s aggregate value has gained a lackluster 1.3 percent this year and is some 8 percent shy of its high-water mark two years ago. Against that backdrop, next week brings a fresh look at how that old guard of retail is holding up and whether a turn-around in their flagging share performance might be in the offing. First-quarter earnings reports from Macy''s Inc, Nordstrom Inc, Kohl''s Corp and JCPenney Co Inc are expected to be sobering, but could shed some light on whether wrenching turn-around plans launched by some of them, including thousands of layoffs, are starting to bear fruit. Overall corporate earnings for the first quarter have been strong, with growth for the entire S&P 500 pegged at 14.7 percent from a year earlier, the best since 2011, according to Thomson Reuters data. But the consumer discretionary sector , which includes the department stores, is expected to show just 3.9 percent growth, albeit that is up from an estimated 1.4 percent a month ago. "The consumer for the most part seems OK. Not everywhere," said Tobias Levkovich, chief U.S. equity strategist at Citigroup. But sales are expected to be middling for the department store chain names. Analysts caution, however, that traditional retailers may no longer be a true measure of consumer health as people have new ways to spend. "There will probably be a knee-jerk reaction the wrong way when we hear some of those larger retailers come out and say foot traffic in the mall is terrible," said Art Hogan, chief market strategist at Wunderlich Securities in New York. "Hopefully we don''t start assuming that because people aren''t going to Macy''s the consumer is dead." Far from it. The government''s main measure of the health of consumer spending, the monthly retail sales report due out Friday, is expected to show overall retail sales snapped back in April after two straight declines. Of the big four retail names set to report next week, only Nordstrom is forecast to post an increase in earnings per share, and that by just 2.8 percent, according to estimates from Thomson Reuters I/B/E/S. Macy''s profit per share is seen sliding 13.5 percent and Kohl''s is expected to drop 6.4 percent. JCPenney, which posted its first quarterly profit in three years in last year''s fourth quarter, is seen sliding back to a loss. "There''s a lot of headline risk attached to retailers so we''re not a big fan of owning a lot of the brick and mortar mass retailers right now," said Nathan Thooft, senior managing director, at Manulife Asset Management in Boston. Indeed, all four of those reporting next week have lagged both their own peer group and the wider market so far this year. While Nordstrom is at least in the black with a modest 2 percent gain, Macy''s and Kohl''s have both tumbled about 19 percent. JCPenney, no longer a member of the S&P 500 retail group, has plunged 34 percent. As Manulife''s Thooft puts it: "The valuations are starting to get interesting, but at the same time you can''t dismiss the fact you have the Amazons of th
'87c50b8ee2145164a3a9250bde1482800c5f0ef8'|'UPDATE 1-Peru mine workers vote to approve June nationwide strike'|'(Adds comment from Cerro Verde union leader, Quote: from Federation leader, background)By Teresa Cespedes and Marco AquinoLIMA May 5 Peruvian miners voted on Friday to approve a national strike in June to protest "anti-labor" government proposals, Ricardo Juarez, secretary general of the National Federation of Miners, Metallurgists and Steelworkers, told Reuters.Members of the federation, an umbrella group for hundreds of unions representing workers at some of the country''s largest mines, had met in the country''s capital, Lima, to vote on the measure. Peru is the world''s second-largest producer of copper, zinc and silver, and the sixth-largest producer of gold.The strike is a protest "against the new labor rules that reduce workers'' rights that the government is trying to impose," Juarez said.The group - whose members work at mines owned by companies including Barrick Gold Corp, BHP Billiton PLC and Newmont Mining Corp - will meet again in the first week of June to set a definitive date for the strike, Juarez said.The national strike would be the first under President Pedro Pablo Kuczynski, a former investment banker and free-markets proponent who has sought to attract investment since taking office last year. Representatives of Peru''s Labor Ministry were not immediately available for comment.A nationwide strike two years ago had little impact on production as companies had contingency plans in place.Peru has boasted some of the highest growth rates in the region in recent years, but its economy remains dependent on mining, and conflicts between mining companies and organized labor, as well as indigenous communities, are common.Zenon Mujica, secretary general of the union representing workers at Freeport-McMoRan Inc''s Cerro Verde copper mine - Peru''s largest - said members had decided to adhere to the planned strike.Earlier on Friday, Mujica had said Cerro Verde workers were evaluating whether to strike after the union said the company had threatened punishment for a previous work stoppage. The workers'' three-week strike in March hit output at the mine.Last week, workers at Southern Copper Corp''s Toquepala and Cuajone mines and the Ilo refinery returned to work after a two-week strike, which the company said reduced production by just 1,418 tonnes. The two mines together produced 310,000 tonnes of copper last year, according to government data. (Reporting by Teresa Cespedes and Marco Aquino; Writing by Luc Cohen; Editing by James Dalgleish and Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/peru-mining-strike-idINL1N1I71Y8'|'2017-05-05T21:40:00.000+03:00'
'a2c4bf596d5e835580c6454cb1fdfb4de3fc1d09'|'Taking a Toll - How Japan Post''s big global bet unravelled'|'  Taking a Toll: How Japan Post''s big global bet unraveled left right FILE PHOTO: Japan Post''s logo is seen at its headquarters in Tokyo, Japan, January 30, 2017. REUTERS/Kim Kyung-Hoon/File Photo 1/2 left right FILE PHOTO: A woman walks past an advertisement board of Japan Post at its headquarters in Tokyo, Japan January 30, 2017. REUTERS/Kim Kyung-Hoon/File Photo 2/2 By Thomas Wilson and Byron Kaye - TOKYO/SYDNEY TOKYO/SYDNEY In February 2015, bankers working on Japan''s biggest IPO in three decades woke to news that left them shaken. Their client had just closed a multi-billion dollar deal - but had kept them firmly out of the loop. Just months ahead of its listing, state-owned Japan Post Holdings Co ( 6178.T ) was buying Australian logistics firm Toll Holdings for A$6.5 billion ($4.9 billion), leaving underwriters scrambling to understand the impact on the selldown. "My heart skipped a beat when I read the Nikkei (newspaper) that morning," one banker who worked on the deal told Reuters. "Clients have to be honest and at least tell us before making the deal, since it would impact the sale price and business forecasts." They were right to worry. Barely two years after trumpeting the deal, Japan Post last week said a 400 billion yen ($3.6 billion) writedown on Toll would push it to an annual loss in its first year as a listed company. The massive impairment charge has drawn into focus the deal''s rich premium, speed and timing, raising questions over Japan Post''s due diligence and its plan to integrate Toll''s sprawling business into a global conglomerate spanning postal delivery, banking and insurance. Japan Post acknowledged concerns over the due diligence process and its management of the company, but blamed the writedown on worse-than-expected economic pressures. "During the acquisition, due diligence was implemented taking into account the opinion of accounting, taxation, legal and financial experts," said Hideo Murata, a spokesman for Japan Post. "Commodity prices fell faster than we had thought, and we couldn''t imagine the direct impact on Toll''s earnings." The saga may further undermine Japanese efforts to persuade investors to believe in its corporate governance reforms which have been shaken by high-profile failures of foreign takeovers by companies including Toshiba Corp ( 6502.T ) and Kirin Holdings Co Ltd ( 2503.T ). For Tokyo, it also comes as the government prepares a second offering of shares in Japan Post. In total, it plans to raise around 4 trillion yen through the privatization. Japan''s Ministry of Finance declined to comment on whether it would investigate the Toll deal. An official overseeing the second offering told Reuters: "As for the timing and the size of the next tranche of Japan Post IPO, we will deal with it appropriately while continuing to monitor market developments," Investment banks coordinating the 2015 and upcoming share sales declined to comment. HIGH PREMIUM Then-Chief Executive Taizo Nishimuro saw the Toll deal as the crucible in which Japan Post would transform itself into a global logistics powerhouse and lend stardust to its IPO. Toll had excellent growth potential and a balanced portfolio of business, Japan Post said. Under the ambitious Nishimuro - a former chairman of Toshiba and the Tokyo Stock Exchange - Japan Post hired Mizuho Financial Group ( 8411.T ) and Australian boutique firm Gresham Partners as financial advisers. Sydney-based Clayton Utz came on as legal adviser. Mizuho, Gresham and Clayton Utz all declined to comment. The final offer - at a hefty 49 percent premium to Toll''s share price a day earlier - was unanimously accepted by Toll''s board. Though criticized as high by some analysts, a person with direct knowledge of the deal said the premium was in line with other deals in the global logistics industry. The roots of the writedown were in the management of Toll after the takeover, not in the terms of the deal, the person added. Last year, rail-bas
'16f147bd9f93ca94d170b4010545e5338b97cc73'|'Exclusive: Akzo sees latest PPG bid inadequate, weighs options'|'By Greg Roumeliotis Dutch paint maker Akzo Nobel NV''s ( AKZO.AS ) supervisory board is scheduled to meet on Tuesday to discuss how to proceed after deeming PPG Industries Inc''s ( PPG.N ) latest $29 billion offer to be insufficient, people familiar with the matter said.Akzo believes that PPG''s third acquisition bid, which was unveiled on April 24, still does not value the company highly enough, especially in light of Akzo''s plans to unlock value by exploring a spin-off or sale of its specialty chemicals business, and the risks it sees in the potential deal, the sources said.However, Akzo is studying several scenarios about how to move forward, mindful that several of its shareholders want it to engage with PPG in negotiations. Activist hedge fund Elliott Advisors has been trying to oust Akzo''s Chairman Antony Burgmans to put pressure on the company to talk to PPG.Among the options being considered by Akzo is talking to PPG only about some of the issues that would affect the deal, such as antitrust approval risk, or rejecting it outright without any engagement, the sources said.This is because Akzo is concerned that engaging with PPG in comprehensive deal negotiations would weigh on its prospects of getting PPG to improve on its offer much more, according to the sources.No timeline has been set for Akzo''s response to PPG, the sources said, asking not to be identified because the deliberations are confidential.Akzo and PPG did not immediately respond to requests for comment.PPG said last week its latest acquisition proposal was worth 96.75 euros per Akzo share, comprised of 61.50 euros in cash, 0.357 shares of PPG common stock and dividends worth 7.78 euros.That''s a 50 percent premium to Akzo''s closing price of 64.42 on March 8, the day before PPG confirmed it had made a proposal to buy Akzo at 80 euros per share. Akzo has been arguing this premium does not factor in the value of its announced plans to shed its specialty chemicals business.PPG has said it has no plans to break up Akzo following an acquisition. It has also said it plans to submit a formal offer for Akzo to the Dutch financial markets regulator by June 1, regardless of whether Akzo chooses to engage.Elliott has been seeking to call an extraordinary meeting of Akzo shareholders to oust the company''s chairman, a move that Akzo has been resisting.(Reporting by Greg Roumeliotis in New York; Additional reporting by Pamela Barbaglia in London; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-akzonobel-m-a-industries-exclusive-idINKBN17Y23P'|'2017-05-02T15:14:00.000+03:00'
'381d03fefcb61f41417619f40b0644eb322696ae'|'Hedge fund pushes online crafts retailer Etsy to explore sale'|'Technology   8:49pm IST Hedge fund pushes online crafts retailer Etsy to explore sale A sign advertising the online seller Etsy Inc. is seen outside the Nasdaq market site in Times Square following Etsy''s initial public offering (IPO) on the Nasdaq in New York April 16, 2015. REUTERS/Mike Segar/File Photo Hedge fund Black-and-White Capital LP on Tuesday called on Etsy Inc, an online retailer of handmade goods, to explore a sale, saying the U.S. company''s sales growth had slowed while costs had increased. Shares of New York City-based Etsy rose 2.4 percent to $11.32 in morning trading. Black-and-White owns about 2 percent of Etsy, the activist hedge fund said. Etsy''s intrinsic value could reach $30 per share with operational improvements, and the company could be valued at $15.50 per share if sold immediately, Black-and-White said. The hedge fund also said Etsy should separate the roles of chairman and chief executive, which are currently held by Chad Dickerson. Black-and-White said growth in Etsy''s gross merchandise sales <20> the dollar value of items sold in its online markets <20> had slowed due to flaws in its search algorithm. Etsy''s shares have fallen more than 30 percent since their initial public offering two years ago. Etsy did not immediately respond to a request for comment. (Reporting by Rishika Sadam in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/etsy-m-a-idINKBN17Y1VA'|'2017-05-02T13:19:00.000+03:00'
'b7791886bc7aa4b4aaf78ccb2df3449f7b2fcb98'|'Gold near three-week lows on surging stocks, dollar strength'|'By Peter Hobson - LONDON LONDON Gold prices fell on Tuesday to a new three-week low, bringing losses since the start of the week to more than one percent, as demand for riskier assets drove stocks higher and the dollar hit a six-week peak against the yen."Risk appetite is back," said Societe Generale analyst Robin Bhar.Rising share prices increase the opportunity cost of holding non-yielding bullion, while a stronger dollar makes gold more expensive for holders of other currencies.Spot gold was down 0.2 percent at $1,254.01 an ounce at 1433 GMT, having earlier hit $1,251.37 an ounce, the lowest since April 10. U.S. gold futures were flat at $1,255.60 an ounce.Gold on Monday fell 0.9 percent after U.S. lawmakers agreed on a spending package to avert a U.S. government shutdown and the Nasdaq share index reached a record high.The market''s so-called fear gauge, the VIX volatility index, has meanwhile fallen to its lowest since 2007.Gold has slipped 3 percent since a mid-April high and is hovering just above its 200-day moving average, currently at around $1,252 an ounce.Analysts said a move below that key technical level would unleash selling as fund investors reduced a long position that has risen to the largest in 5 1/2 months.Gold was likely to move towards its 400-day moving average of $1,224, technical analysts at ScotiaMocatta said in a note.Investors were looking ahead to the outcome of a two-day U.S. Federal Reserve policy meeting to be announced at 2 p.m. EDT (1800 GMT) on Wednesday and employment data that will indicate the speed of U.S. economic growth."If the Fed signals further rate increases and shrinking of the balance sheet tomorrow and then we get a good jobs number on Friday we should certainly end the week below $1,250, and maybe closer to $1,240," said Societe Generale''s Bhar.Higher interest rates would cause U.S. bond yields to rise, making non-yielding gold less attractive.In other precious metals, silver was down 0.3 percent at $16.78 an ounce, after earlier touching $16.76, its lowest since Jan. 27.Platinum was 0.3 percent lower at $921.55, near four-month lows.Palladium was up 0.2 percent at $816.35. The metal used in the automotive industry for emission-controlling catalytic converters is near a two-year high, but car sales are too weak to sustain it, said Julius Baer analyst Carsten Menke."Prices have decoupled from fundamentally justified levels and it is time to sell the rally," Menke said, predicting that prices could fall to $700 over the next three months.(Additional reporting by Swati Verma in Bengaluru; Editing by Susan Fenton and Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/global-precious-idINKBN17Y0EN'|'2017-05-02T04:16:00.000+03:00'
'db833aceb146dc23e02ff96c9e5aca49932f67e1'|'Nikkei hits 17-month high after Macron wins French presidency'|'* Nikkei trades 5 pct above 25-day moving average* Steel shares underperform after U.S. anti-dumping probe* Olympus dives after profit forecast undershoots expectationBy Ayai TomisawaTOKYO, May 8 Japan''s Nikkei share average hit a level not seen in nearly 17 months on Monday morning as the yen stayed weak after Emmanuel Macron was elected president of France, as a business-friendly vision of European integration helped boost investor confidence.The Nikkei soared 1.8 percent to 19,804.20, the highest since December 2015.Macron''s resounding defeat of a nationalist who had threatened to take France out of the European Union brought relief to investors who had feared another populist upheaval after Britain''s vote to exit the European Union last year."Investors are buying back cyclical shares as they are relieved," said Hikaru Sato, a senior technical analyst at Daiwa Securities.But he added that as the Nikkei has gained sharply over the past few weeks on earnings optimism and the market was starting to show signs of being technically overbought.As of Monday, the Nikkei traded 5 percent above its 25-day moving average of 18,849.82.The dollar was steady on the day at 112.79 yen, after jumping to a seven-week high of 113.14 yen in early trade.Financial stocks were helped by rising risk sentiment. Mitsubishi UFJ Financial Group surged 2.1 percent, Mizuho Financial Group soared 1.4 percent and Nomura Holdings jumped 3.0 percent.Exporters gained ground, with Panasonic Corp rising 2.4 percent and Canon Inc gaining 1.3 percent.On the other hand, steel shares underperformed after U.S. trade officials on Friday said their anti-dumping and subsidy probe found carbon and steel cut-to-length plate from eight other countries harms American producers, locking in duties on the imports for five years.JFE Holdings and Nippon Steel and Sumitomo Metal Corp both fell 1.0 percent.Elsewhere, Olympus Corp tumbled more than 8 percent after the firm said it expected an operating profit of 79 billion yen for the year through March 2018. That was below market expectations of 90 billion yen, the median forecast by 18 analysts polled by Thomson Reuters.The broader Topix rose 1.9 percent to 1,579.78 and the JPX-Nikkei Index 400 advanced 1.9 percent to 14,113.77. (Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL4N1IA03D'|'2017-05-08T10:49:00.000+03:00'
'7260ec7e998e475231683fac32734a3068934984'|'Euro zone investor morale up as political uncertainty seen waning'|'  9:56am BST Euro zone investor morale up as political uncertainty seen waning Euro coins are seen in front of displayed France flag in this picture illustration taken May 7, 2017. REUTERS/Dado Ruvic/Illustration - BERLIN, Investor sentiment in the euro zone hit its highest level in almost a decade in May, improving more than expected thanks to a strong assessment of the current economic situation and expectations that political uncertainty will diminish. The Frankfurt-based Sentix research group''s euro zone index rose to 27.4 points, its highest level since July 2007, from 23.9 points in April. The May reading surpassed the mid-range forecast of 25.0 in a Reuters poll of analysts. "Investors are obviously expecting a decrease in political uncertainties in the euro zone," Sentix said in a statement, adding that investors were taking a more upbeat view ahead of Sunday''s second round of the French   Sentix said the current conditions sub-index for the euro zone rose to 34.5 points in May from 28.8, hitting its highest level since January 2008. A euro zone expectations index rose to 20.5 points from 19.3 points in April, reaching its highest level since August 2015. An index for Germany hit its highest level since March 2015. "The German economy remains in excellent shape," Sentix said. By contrast, an index for the United States fell as investors were turned off by U.S. President Donald Trump. "The ''attractiveness'' of Trump''s policy is becoming increasingly smaller," Sentix said. Sentix polled 1,063 investors from May 4 to May 6. (Writing by Paul Carrel; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-economy-sentix-idUKKBN1840R7'|'2017-05-08T16:56:00.000+03:00'
'dded465784fcef3babdeb8c1ad07ed180b54a56f'|'RPT-Australian push may open more doors for batteries on power grids - Reuters'|'(Repeats item with no change to text)By Sonali PaulMELBOURNE May 7 Battery makers worldwide are watching to see whether Australia''s most wind power-dependent state can keep the lights on by installing grid-scale batteries by December, which could help drive the growth of renewable energy across Australia and Asia.A decade-long political stalemate in Australia over energy and climate policy has effectively led to power and gas shortages and soaring energy prices threatening industry and households.If batteries help solve Australia''s problems by storing surplus electricity generated by wind and solar power, countries like Indonesia, the Philippines and Chile, could follow suit."I call South Australia the ''perfect storm'' opportunity for energy storage," said Ismario Gonzalez, global sales director for AES Energy Storage, an arm of U.S. firm AES Corp, which has installed or is working on battery projects in seven countries, including Australia.The more dependent the grid is on intermittent sources like wind and solar, the more flexible the back-up sources need to be. That''s the appeal of battery storage. It can be switched on and off easily, responding faster than a gas peaking plant.The state of South Australia, where wind and rooftop solar make up 44 percent of power sources, urgently needs to install big batteries after suffering blackouts over the past year.It has little back-up as coal-fired power plants in the state have shut due to the rapid expansion of renewable energy. That has made it more dependent on power from neighbouring Victoria, its only link to Australia''s national electricity market.The state government plans to spend A$150 million ($115 million) supporting the installation of 100 megawatt hours of battery capacity this year, which would be the world''s second-largest battery system behind one installed by AES for California''s San Diego Gas & Electric Co in February.South Australia has yet to name a shortlist of bidders, after having received 90 expressions of interest from more than 10 countries. So by the time it signs contracts, the winner or winners will have only six months to meet a December deadline. [factbox: L4N1I51XB]At the same time, the state of Victoria is tendering to support construction of 100 MWh of battery capacity to be delivered in two stages by 2018.AES says lessons learned in South Australia could be applied in Victoria, which is facing the loss some coal-fired power, and elsewhere, like Chile, where solar power is growing rapidly and will need to be combined with energy storage to avoid outages.COSTS DROPPING FASTStiff competition for the two state battery projects, with all the big makers like South Korea''s Samsung SDI and LG Chem, Elon Musk''s Tesla Inc and U.S. firm Greensmith Energy in the running, will help drive down prices for energy storage, another factor that should speed the spread of batteries along with wind and utility-scale solar."Combined renewable energy generation and storage solutions are becoming genuine competitors with fossil fuel base load generation. This will be the real game changer," said Josh Carmody, head of Australia for Equis Energy.Equis Energy, a fund set up by former Macquarie bankers to invest in renewable energy projects around Asia, is building a large-scale solar farm in South Australia and is seeking state funding for batteries at the project.Carmody said safety and performance problems as well as cost had limited the use of batteries in the energy supply system to date, but those challenges were being overcome rapidly.For battery providers, the money making opportunity will come not only from energy storage but crucial extra services to manage voltage and frequency on grids, several energy storage executives said."Projects such as those in South Australia and California demonstrate that there is now significant growth to come in the grid support sector," said Bruce Cole, East Penn''s senior vice president, indus
'031e5a9c28308ec0514148173e9b858dc3469d22'|'Australia''s retail slugout adds to worry over weak inflation'|'Market   7:00pm EDT Australia''s retail slugout adds to worry over weak inflation * Retail price war may halt modest pick-up in inflation * Households seen cutting back on discretionary spending * Amazon''s entry set to worsen retailers'' woes, keep prices down * Foreign retailers enticed by high margins in Australia By Swati Pandey SYDNEY, May 8 A fierce price war among retailers is threatening to keep a lid on improving inflation in Australia, compounding the problems of policymakers struggling to support still-weak domestic demand. An uptick in consumer inflation has lowered the chance of another rate cut this year, but competition from global retailers such as Amazon.com Inc is set to keep prices under pressure - good news for shoppers but worrying for the central bank. The country''s biggest retailers are suffering from a long spell of deflation that is unlikely to subside soon. Amazon and German supermarket chain Kaufland want to fortify their global presence Down Under and will join recent entrants such as H&M , Uniqlo and Aldi. The Reserve Bank of Australia (RBA) said on Friday that "heightened competitive pressures" in the retail sector were among key factors keeping inflation subdued. "The arrival of further new foreign retailers will be an important influence on final retail prices over the next few years," the RBA said in its quarterly statement on monetary policy in which it expects underlying inflation may only fully return to its 2-3 percent target band by mid-2019. Worried about deflation risks, the RBA slashed rates twice last year to a record low 1.50 percent. It is widely expected to hold rates until mid-2018 but subdued consumer prices could become a trigger for a move lower, and push the Australian dollar weaker. "While consumers will benefit from lower prices, ongoing weakness in retail inflation is a key factor weighing on the broader inflation outlook," said ANZ economist Jo Masters. There was some relief headline consumer prices rose in the first quarter, taking the annual pace to its fastest since 2014 at 2.1 percent. But five of 11 sectors - about 30 percent of the CPI basket - saw price falls. Prices for women''s clothing, for example, were at their cheapest on record. A study by Capital Economics shows price increase in what it classifies as ''luxuries'' - clothing, alcohol and recreation - halved to 0.6 percent from 1.2 since the start of last year. Inflation in ''essentials'' - food, electricity and insurance - accelerated to 3.4 percent from 1 percent. "In other words, it now costs much more to live, but not much more to have fun," said economist Paul Dales, adding that this situation was hitting household spending on discretionary items. "It implies that consumption growth will be a little bit weaker." Clothing and homeware prices have fallen due to cut-throat competition among major retailers, which only intensified with the arrival of foreign chains to Australia. While there are few details on how Amazon will position itself, the retail giant''s expected entry this year will worsen the pain of a retail industry that has been largely insulated by a housing boom and pick-up in global growth, analysts said. Jefferies expects Amazon to capture between A$3 billion to A$8 billion ($2.25-$6 billion) of sales in Australia - about 30 percent of current online retail sales. WHO MOVED MY CHEESE? Amazon will "eat all our breakfasts, lunches and dinners", said Wesfarmers group managing director, Richard Goyder last year, although he has since softened his stance. "I''m less worried about Amazon in food," he said, after the company''s quarterly sales results last month which showed its Coles supermarket chain has suffered 24 consecutive quarters of price deflation. "There are plenty of disrupters and plenty of competition around at the moment." Gerry Harvey, founder of Australia''s top electronics and homewares retailer Harvey Norman, has vowed to "match or beat" Amazon''s aggressive pricing. 
'aa55f1a0d3f4160311ff0137da7ddb0c7f4178dd'|'From two would-be Fed leaders, the central bank needs to change'|'Fri May 5, 2017 - 11:10pm BST From two would-be Fed leaders, the central bank needs to change left right FILE PHOTO - Kevin Warsh, addresses the Shadow Open Market Committee during a symposium in New York March 26, 2010. REUTERS/Lucas Jackson 1/2 left right FILE PHOTO - Taylor delivers a speech during a plenary session of the annual meeting of the IADB in Ginowan. REUTERS/Issei Kato 2/2 By Howard Schneider and Ann Saphir - PALO ALTO, Calif. PALO ALTO, Calif. Unemployment is at a decade low, the American economy is growing, and inflation is nowhere in sight, yet for two leading candidates to head the Federal Reserve, the central bank needs shaking up. The Fed is credited by most economists for its rapid response to the 2008 financial crisis. Under Chair Janet Yellen whose term expires next year, it has been able to shift into post-crisis mode, ceasing to add to its balance sheet and embarking on a series of rate hikes that will take interest rates back to "normal". For former Wall Street banker Kevin Warsh, who served as a Fed governor at the time of the financial crisis, the economic recovery is characterized by bloated central bank balance sheets, financial risks, and a hidebound institution that needs new approaches. "We should not allow a failure of imagination, a failure of courage," to impede changes to how the Fed is run, Warsh said in remarks at the Hoover Institution, an intellectual home of conservative economics where he is a visiting fellow. While he did not refer to a potential candidacy for the Fed Chair job, Warsh''s speech struck some in the audience as an audition. Warsh and Stanford University economics professor John Taylor have emerged as potential frontrunners to succeed Yellen whose term ends in February 2018. Warsh, a Wall Street lawyer by training rather than one of the Phd economists who have come to dominate monetary policy in recent years, called for "fresh air from the real side of the economy, fresh air from the markets," in revamping the Fed. He says the central bank has left the public confused, lacks a long-term strategy, and is too beholden to short-term stock market and other events. Warsh, who was consulted frequently by former chair Ben Bernanke when at the Fed, was speaking at the Hoover Institution, a center of conservative thinking on monetary policy that has in recent years tried to amp up its profile in the Washington policy debate. Along with being close to Bernanke, Warsh has family connections to President Donald Trump, and is on one of the president''s White House advisory panels - advantages some feel put him on any short list for consideration. IF TRUMP WANTS RULES, THERE IS TAYLOR Hoover is also Taylor''s intellectual base. Taylor is a favorite among Republicans who feel the Fed should be held closely to a formula, a "Taylor rule", for setting interest rates and give up some of the discretion policymakers currently enjoy. The list of possible chairs is a long one for a president who has surrounded himself with a not always coherent set of economic advisers -- from trade skeptics and gold standard advocates to Wall Street insiders. At this point Trump has not indicated whether he thinks the Fed needs fundamental reform. He has not taken much interest in the nuances of monetary policy and has three open vacancies on the Fed''s seven-member board of governors. Trump, who is skeptical of the statistics that are the current Fed''s stock-in-trade, also has not indicated whether he is inclined to stick with an economist like Taylor to run the central bank or will turn to a Wall Street figure like Warsh, as he has done for other top economic appointments While attending a two-day conference, neither Warsh nor Taylor referred publicly to whether they want to be Fed chair. But neither were shy in saying they think the Fed and monetary policy needs to change. In a speech on Thursday night, Taylor compared current times to the situation Paul Volcker faced in the 1970s when he w
'70d8908447beb7953782ed92c9d0dbd11b7cb3a5'|'Dutch trust company operator TMF again eying IPO -report'|'AMSTERDAM May 5 TMF Group, the Dutch operator of trust companies, is considering an initial public offering of shares after the summer, the newspaper Het Financieele Dagblad reported on Friday.Owner DH Private Equity Partners has hired Goldman Sachs and HSBC to lead the offering, the newspaper said, citing sources close to the company.On March 30 the company issued a statement saying it had appointed unnamed advisers to help it "with assessing its strategic and financial options, including the possibility of conducting an initial public offering of TMF Group".The company issued a similar statement in 2016 naming Goldman Sachs as adviser, but an IPO never materialised.DH Private Equity and TMF could not be reached for immediate comment.The company reported 2016 adjusted earnings before interest, taxes, depreciation and amortisation (EBITA) of 138 million euros on revenue of 529 million.(Reporting by Toby Sterling; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tmf-group-ipo-idINL8N1I71CZ'|'2017-05-05T05:13:00.000+03:00'
'cd46b32d4d8322cb190dc031f7bbb1b6da92a8b0'|'IAG expects Alitalia troubles to mean faster Vueling growth in Italy'|'LONDON IAG ( ICAG.L ) expects Alitalia''s [CAITLA.UL] problems to help it grow its budget carrier Vueling in Italy, but the British Airways owner is not interested in a takeover of the struggling Italian flag carrier, IAG''s chief executive said on Friday.Alitalia filed to be put under special administration this week for the second time in less than a decade, starting a process that will lead to the loss-making Italian airline being overhauled, sold off or wound up."We clearly see some organic growth opportunities in Italy. We will look to see if there''s an opprtunity to speed up growth... focused on Vueling," Willie Walsh told analysts after the group reported first quarter results, but added IAG had "no interest whatsoever" in Alitalia.Rivals Lufthansa ( LHAG.DE ) and Norwegian ( NWC.OL ) have also shown little interest in Alitalia and creditors have refused to lend it any more money.(Reporting by Alistair Smout; Writing by Victoria Bryan; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-iag-results-m-a-idINKBN1810XG'|'2017-05-05T07:37:00.000+03:00'
'2f324d1320ec1b7ed2c15af2feea7ef080380a52'|'Fitch says tax hike delay alone won''t trigger Japan rating downgrade'|'Business News - Thu May 4, 2017 - 5:33am BST Fitch says tax hike delay alone won''t trigger Japan rating downgrade FILE PHOTO: A worker cycles near a factory at the Keihin industrial zone in Kawasaki, Japan February 28, 2017. REUTERS/Issei Kato/File Photo By Leika Kihara - YOKOHAMA, Japan YOKOHAMA, Japan A third delay in Japan''s scheduled sales tax hike alone won''t trigger a downgrade of the country''s sovereign debt rating as long as the government forms a credible fiscal consolidation plan, Fitch Ratings director Mervyn Tang said on Thursday. Tang also said the Bank of Japan''s next move will likely be to tighten monetary policy, though it will not come for at least another two years given subdued inflation and wage growth. "Consumption tax is one measure for tightening fiscal policy, but there are also social security expenditures to be managed. There are a number of other measures the government can take," Tang told Reuters on the sidelines of the Asian Development Bank''s annual meeting in Yokohoma, eastern Japan. "What we care about ultimately is that the fiscal consolidation strategy Japan comes up with is credible." Japan''s government has twice delayed a plan to raise the sales tax to 10 percent from 8 percent, after an earlier hike from 5 percent hurt consumption and growth. Prime Minister Shinzo Abe has said he will proceed with the tax hike in October 2019, though some analysts say he may scrap the plan to prioritise growth over fiscal discipline. Tax hikes and spending cuts are considered crucial to curb Japan''s huge public debt which, at twice the size of its economy, is the worst among advanced economies. Tang said the government faces a difficult balancing act of achieving long-term fiscal consolidation while spurring economic growth and eradicating Japan''s deflationary mindset. The key to Fitch''s rating for Japanese sovereign debt was whether the economy can shift to a self-sustained recovery cycle after support from fiscal stimulus dissipates. "One of the argument the government has for fiscal stimulus is that it wants growth to become self-sustaining and lead to increases in wages, consumption and business confidence. That''s what we need to see," he said. "The risk is that there is no inherent self-sustained recovery," he said, adding that Fitch may review its ratings outlook if growth in wages, inflation expectations and consumption turn out to be weaker than expected. Fitch last month revised its outlook on Japan''s single A sovereign debt rating to stable from negative, citing an improving economic outlook driven by robust exports, a tightening labour market and higher public investment. The revision also reflected the diminishing risk of the BOJ being forced to deploy extreme monetary easing steps, such as direct bank-rolling of government debt, it said. Tang said Japanese policymakers are making some progress in boosting public confidence in the economy and generating a tight labour market that should eventually feed through to wages. "The problem with confidence is it''s inherently quite fragile, and it gets more fragile the longer the economy remains weak," Tang said. After three years of heavy asset buying failed to boost inflation, the BOJ shifted to a policy better suited for a long-term battle against deflation that targets interest rates rather than the pace of money printing. (Reporting by Leika Kihara; Editing by Sam Holmes)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-adb-asia-japan-fitch-idUKKBN1800B8'|'2017-05-04T12:33:00.000+03:00'
'a8aeaf220a16cbae4d9d58d80a0f1d6085c11761'|'BRIEF-SendR SE signed a sale and transfer agreement with Orchard Enterprises Entertainment'|'Market News - Wed May 3, 2017 - 4:50pm EDT BRIEF-SendR SE signed a sale and transfer agreement with Orchard Enterprises Entertainment May 3 SendR Se * Signed a sale and transfer agreement with Orchard Enterprises Entertainment GmbH as purchaser and sony music entertainment * Purchase price for shares is not a fixed amount * Board will soon call a general assembly to which approval will be proposed * Estimates purchase price for shares will probably be in a range between 19,6 million euros and 21,6 million euros Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-sendr-se-signed-a-sale-and-transfe-idUSFWN1I50Z3'|'2017-05-04T04:50:00.000+03:00'
'e6c831d4f08fd7b99de3a17a4f14025dc18223b3'|'Euro hits one-year high vs. yen, tops $1.10 on French election relief'|'Business News - Sun May 7, 2017 - 3:31pm EDT Euro hits one-year high vs. yen, tops $1.10 on French election relief U.S. dollar and Euro notes are seen in this November 7, 2016 picture illustration. Picture taken November 7. REUTERS/Dado Ruvic/Illustration LONDON The euro topped $1.10 for the first time since the U.S. elections on Sunday and climbed to a one-year high against the safe-haven yen on relief that Emmanuel Macron had beaten the far-right Marine Le Pen to clinch the French presidency. Early projections showed the market-friendly, pro-EU candidate Macron had been voted in with about 65 percent of the vote, comfortably defeating Le Pen, a nationalist who threatened to take France out of the European Union. While a victory for Macron had been widely forecast by polls, bookmakers and prediction markets alike, investors nevertheless were relieved that he had won so emphatically. In early trading in Asia, Europe''s common currency rose about 0.2 percent to hit $1.1023 EUR=EBS , its highest since Nov. 9. The euro also climbed as much as half a percent against the yen -- which investors tend to flock to when they perceive high levels of risk -- to hit a one-year high of 124.58 yen EURJPY=EBS. The dollar climbed against the Japanese currency as well, hitting a seven-week high of 113.14 yen JPY=EBS . (Reporting by Jemima Kelly; Editing by Angus MacSwan) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-france-election-reaction-forex-idUSKBN1830YR'|'2017-05-08T03:31:00.000+03:00'
'8e9caa7e9aa7bb92a1b9f2d3a8d40ab5661c2f6a'|'UPDATE 3-OnDeck sees slower growth this year; shares fall'|'(Adds details from earnings call, share drop, context)By Anna Irrera and Nikhil SubbaMay 8 On Deck Capital Inc shares fell 8 percent on Monday after the online lender said it was tightening credit requirements that it expects will lead to profitability in the long term but slow its growth this year.Like it peers, OnDeck has been facing concerns from investors over the quality of its loans and its ability to sustain a fast pace of growth. It reported a slightly bigger-than-expected quarterly loss on Monday.Chief Financial Officer Howard Katzenberg said on a Monday conference call to discuss the financial results that the stricter credit requirements would lead to a 20 percent drop in originations in the second quarter from the previous three months.OnDeck also expects origination volumes to be lower this year than in 2016, Chief Executive Officer Noah Breslow said on the call."We have made the strategic decision to shift the company''s near-term focus from growing loans under management to achieving profitability," Breslow said.Reflecting the changes, the company lowered its full-year net revenue outlook to a range of $342 million to $352 million. It previously had forecast $377 million to $387 million.Shares of OnDeck were down 8 percent at $4.27.OnDeck is also aiming to slash annual costs by an additional $25 million, primarily by cutting staff by about 27 percent from levels at the end of 2016.In February, the New York-based company, which runs a website that allows small businesses to secure loans from investors, had announced a plan to reduce costs by $20 million annually.OnDeck also said on Monday that it would shift further toward funding more loans itself.It expects loans funded by outside entities to account for only 5 percent of its originations this year, a change that means the company will have to set more money aside for potential losses, Katzenberg said.OnDeck reported a first-quarter loss of 11 cents per share, excluding special items. Analysts on average were expecting a 10-cent loss, according to Thomson Reuters I/B/E/S.Gross revenue rose 48.4 percent to $92.89 million on higher net interest income, beating analysts'' estimates of $90.38 million.Provisions for losses jumped 82 percent to $46.18 million, while funding costs nearly doubled to $11.28 million. Operating expenses rose about 5 percent to $46.68 million. (Reporting by Anna Irrera in New York and Nikhil Subba in Bengaluru; Editing by Arun Koyyur and Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ondeck-cap-results-idINL4N1IA3YW'|'2017-05-08T12:49:00.000+03:00'
'44008d7d898cf4202846774013f9d7ec6430f6fa'|'Ackman pitches Howard Hughes, citing management and real estate locations'|'Business News - Mon May 8, 2017 - 7:53pm BST Ackman pitches Howard Hughes, citing management and real estate locations left right William ''Bill'' Ackman, CEO and Portfolio Manager of Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. REUTERS/Brendan McDermid 1/3 left right William ''Bill'' Ackman, CEO and Portfolio Manager of Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. REUTERS/Brendan McDermid 2/3 left right William ''Bill'' Ackman, CEO and Portfolio Manager of Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. REUTERS/Brendan McDermid 3/3 NEW YORK Billionaire investor William Ackman discussed real estate development company Howard Hughes Corp at the Sohn Investment Conference on Monday, citing its strong management and desirable locations as reasons why it should become more valuable over time. Ackman''s $11 billion (8.49 billion pounds) Pershing Square Capital Management, which has owned the company since 2010, owns 8.85 percent of Howard Hughes and ranks as its biggest shareholder. Ackman serves as the board''s chairman. Ackman touted the company''s prime locations, including Manhattan''s South Street Seaport, the Woodlands in Houston, Texas and Summerlin in Las Vegas, The company''s stock price swung from a loss on the day to gains as Ackman spoke without notes and without looking at the slides behind him. But investors in the room were slightly surprised that he had selected a long-term investment in his concentrated portfolio, having murmured that he might discuss Chipotle Mexican Grill Inc, which he added last year. Ackman also praised Howard Hughes'' management team, including chief executive officer David Weinreb, saying he was properly incentivised to help the company''s stock price climb. (Reporting by Svea Herbst-Bayliss and Lawrence Delevingne; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-funds-sohn-ackman-idUKKBN184251'|'2017-05-09T02:53:00.000+03:00'
'05ab8773fd813fdbae2c22e4bd9c163d03214b56'|'CORRECTED-Elliott Management reports 15.3 pct stake in Gigamon'|'Market  25am EDT CORRECTED-Elliott Management reports 15.3 pct stake in Gigamon (Corrects from "Elliot" to "Elliott" throughout) May 8 Activist investor Elliott Management has taken a 15.3 percent stake in Gigamon Inc, which makes software to manage traffic online, according to a regulatory filing. Elliott said the company''s shares are significantly undervalued and represent an attractive investment opportunity. The activist investor also plans to discuss with Gigamon''s board opportunities to maximize shareholder value, according to the filing. ( bit.ly/2qhlQ7H ) (Reporting by Laharee Chatterjee in Bengaluru; Editing by Savio D''Souza) Emerging market CDS volume hits highest level in 3 years -EMTA May 8 Trading volume for emerging market credit default swaps rose to $404 billion in the first quarter of 2017, up 11 percent from the corresponding period last year and 32 percent higher than the fourth quarter of 2016, according to a survey of 13 major dealers released on Monday. CANADA FX DEBT-C$ pares some of Friday''s rally as metal prices fall * Canadian dollar at C$1.3691, or 73.04 U.S. cents * Bond prices lower across the yield curve TORONTO, May 8 The Canadian dollar weakened on Monday against its U.S. counterpart, paring some of Friday''s gains as weaker-than-expected Chinese trade data reinvigorated a recent selloff in metals, offsetting higher oil prices. The loonie had rebounded on Friday from a 14-month low as U.S. oil prices bounced back from levels not seen in five months. Canada is a major produc May 8 Tyson Foods Inc said on Monday quarterly profit fell 21 percent, hurt by fires at two chicken plants, and that Florida''s attorney general was seeking information from the company regarding possible anticompetitive conduct. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gigamon-inc-elliot-management-idUSL4N1IA4LC'|'2017-05-08T22:25:00.000+03:00'
'ccb0e8768ad0e3c0543bbbdc0de76289c93dde14'|'ISS urges PrivateBancorp shareholders to reject $4.9 billion CIBC takeover'|'Banks -  17pm BST ISS urges PrivateBancorp shareholders to reject $4.9 billion CIBC takeover FILE PHOTO: A Canadian Imperial Bank of Commerce (CIBC) sign is seen outside of a branch in Ottawa, Ontario, Canada on May 26, 2016. REUTERS/Chris Wattie/File Photo NEW YORK Institutional Shareholder Services urged PrivateBancorp ( PVTB.O ) stockholders to reject Canadian Imperial Bank of Commerce''s ( CM.TO ) latest takeover offer, citing possible Canadian housing market contagion that could undermine the $4.9 billion (<28>3.7 billion) cash-and-stock bid. The shareholder advisory firm flagged uncertainty around the outlook for the Canadian housing market and its possible impact on the country''s banking shares as among the reasons for its recommendation in a note dated May 6. CIBC raised the cash element of its offer for Chicago-based PrivateBancorp on Thursday in what it called its "best and final offer," aiming to offset a drop in its share price that had eroded the value of an earlier bid. ISS had recommended shareholders vote against CIBC''s original offer, made in June 2016, as well as a revision from the Canadian bank in March. Home Capital Group ( HCG.TO ) is facing a run on deposits as confidence in the alternative mortgage lender has fallen following allegations from a securities regulator that executives hid mortgage broker fraud from investors, raising fears as the Canadian housing market is showing signs of price correction after a long boom. The ISS recommendation came ahead of a vote by PrivateBancorp shareholders on the takeover scheduled for Friday. Both banks reiterated on Monday that the vote would go ahead as planned. While the potential impact of Home Capital''s problems on Canadian bank stocks is difficult to gauge, ISS said, heightened investor concern would undermine shares in CIBC, which appears to have greater exposure to the residential housing market than its peers. Meanwhile PrivateBancorp''s shares could receive a boost from a possible overhaul of U.S. tax and banking regulation, the note said. In a separate report released on Monday, brokerage Stephens said PrivateBancorp shareholders needed to consider how much further value from an improved U.S. banking environment could be added to the bank''s share price after a more than 25 percent surge since the election of President Donald Trump in November. "If you are bullish on rates, regulations, and the economy, here is your chance to vote ''no''. If not, take what''s in your hand," the brokerage said. CIBC has offered $27.20 per share, as well as a stock component of 0.4176 of its shares for each of the U.S. bank''s shares, in a takeover offer effectively worth $60.43 per PrivateBancorp share. PrivateBancorp shares were down 1.2 percent at $58.95, while CIBC shares were up 0.3 percent at C$108.98 (<28>61.4). (Reporting by David French; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-privatebancorp-m-a-cibc-idUKKBN1841V8'|'2017-05-09T00:17:00.000+03:00'
'c3bc4c0fa061aa314194af948b3c37faf154ba91'|'BP, Kosmos make major gas find off coast of Senegal'|' 02pm BST BP, Kosmos make major gas find off coast of Senegal FILE PHOTO: A BP logo is seen at a new petrol station on the outskirts of Mexico City, Mexico March 9, 2017. REUTERS/Carlos Jasso/File Photo DAKAR BP ( BP.L ) and joint venture partner Kosmos Energy ( KOS.N ) revealed a major gas discovery off Senegal on Monday, adding to other recent finds off the West African coast. Oil majors including BP and Total ( TOTF.PA ) are investing in the waters of Senegal and Mauritania in the hope of repeating the recent exploration success of smaller players. "Yakaar-1...further confirms our belief that offshore Senegal and Mauritania is a world-class hydrocarbon basin," Bernard Looney, BP Upstream chief executive officer, said. New York-listed Kosmos in 2015 discovered a gas pool in the Tortue 1 exploration well, part of the Greater Tortue Complex spanning Senegal and Mauritania, which contained more than 15 trillion cubic feet of gas. Since then, BP has formulated plans to acquire a 30 percent interest in the two offshore blocks called Saint-Louis Profond that includes the Senegalese sector of the Tortue field and Cayar Profond. BP has also agreed to buy a stake of close to 60 percent in Kosmos'' Mauritania exploration blocks. Gas from the Tortue field is due to begin flowing in 2021 and is set to be exported from a liquefied natural gas (LNG) facility. The two firms said on Thursday that the Yakaar-1 find contained sufficient reserves to warrant another LNG project. Kosmos spokesman Thomas Golembeski, declined to give further details on the nature or timing of the project, adding that further appraisal work was planned. (Reporting by Emma Farge; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-senegal-oil-idUKKBN1841GT'|'2017-05-08T21:02:00.000+03:00'
'95e66c011baed9f6e48e011441d6c08249866e16'|'Saudi''s Kingdom Holding Q1 profit rises 12.7 pct - Reuters'|'DUBAI May 7 Saudi Arabia''s Kingdom Holding , the investment firm owned by billionaire Prince Alwaleed bin Talal, posted a 12.7 percent rise in first-quarter net profit on Sunday from higher income and gains on investments.* Net profit of 129.1 million riyals in the three months ending Mar. 31, versus 114.5 million riyals a year earlier, according to a bourse filing.* The investment firm has minority stakes in some of the world''s top companies. Aside from being one of the largest shareholders in Citigroup , it owns stakes in Rupert Murdoch''s News Corp and microblogging site Twitter .* Like other Saudi companies, Kingdom Holding began reporting its results under international IFRS accounting standards this year, so some of its figures for last year were restated. (Reporting by Hadeel Al Sayegh)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/kingdom-holding-results-idINL8N1I903C'|'2017-05-07T04:33:00.000+03:00'
'359bb46af5f8f0afc64f9eca974ecd1bae34031a'|'EU regulators to rule on $38 billion Qualcomm, NXP deal by June 9'|'BRUSSELS EU antitrust regulators will decide by June 9 whether to clear smartphone chipmaker Qualcomm''s ( QCOM.O ) $38 billion bid for NXP Semiconductors NV ( NXPI.O ), which would make it the leading supplier to the fast-growing automotive chips market.Qualcomm, which provides chips to Android smartphone makers and Apple Inc ( AAPL.O ), sought EU approval for the deal on April 28, a filing on the European Commission website showed on Monday.The EU competition enforcer can either approve the deal with or without concessions or it can open an investigation lasting about five months if it has serious concerns.Qualcomm has said the deal, the biggest ever in the semiconductor industry, is a complementary one. The U.S. antitrust watchdog cleared the deal unconditionally last month.(Reporting by Foo Yun Chee; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nxp-m-a-qualcomm-eu-idINKBN17Y0ZZ'|'2017-05-02T08:11:00.000+03:00'
'e34573cf502cb5c0cdb46d57a712fdbb1cb37321'|'Akzo Nobel declines third takeover proposal from PPG'|'  9:37am EDT Akzo Nobel rejects third takeover proposal from PPG By Toby Sterling - AMSTERDAM AMSTERDAM Dutch paint maker Akzo Nobel ( AKZO.AS ) on Monday rejected a third takeover proposal from PPG Industries ( PPG.N ), leaving its larger U.S. rival to decide whether to make a formal bid without the support of Akzo''s board, or throw in the towel. PPG''s third offer values Akzo at 26.3 billion euros ($28.8 billion) including debt but the Dutch firm, which makes Dulux paint, said it was too low, faced antitrust risks and failed to address concerns such as "cultural differences". PPG has significant support among Akzo shareholders. But opposition from its boards, Dutch politicians and many of its Dutch staff present difficulties PPG will have to weigh before a June 1 deadline to bid or walk away for at least six months. The deal would combine the world''s two biggest makers of paints and coatings and PPG reckons it can achieve savings of $750 million thanks to factors such as economies of scale on production and lowering input costs. A group of Akzo Nobel shareholders led by hedge fund Elliott Advisors has been pushing for it to discuss a merger with PPG but Akzo said on Monday it would not engage in discussions with the U.S. firm about the current offer. "The PPG proposal undervalues AkzoNobel, contains significant risks and uncertainties, makes no substantive commitments to stakeholders and demonstrates a lack of cultural understanding," Akzo Nobel CEO Ton Buechner said in a statement. Reuters reported on Tuesday that Akzo was poised to reject PPG''s latest offer, made on April 24. Buechner told reporters he and Akzo Chairman Antony Burgmans met PPG Chief Executive Michael McGarry on Saturday but would not give details of what was discussed, saying only that it was "cordial and respectful". PPG said it was "disappointed" with the rejection of its third proposal, saying the meeting "lasted less than 90 minutes" and Akzo Nobel officials made clear at the outset they would only discuss PPG''s offer and not negotiate. "They also did not share any concerns regarding PPG''s proposal, or analysis or comparison of their new standalone strategy versus PPG''s proposal," PPG said in a statement, adding it would study Akzo''s response before commenting further. SHARES FALL PPG''s latest offer in cash and shares values Akzo''s stock at about 96.75 euros per share, or a 50 percent premium to the price before PPG''s interest became known on March 9. Akzo''s shares fell 3 percent to 77 euros per share on Monday. "We think the shares are likely to fall to the mid-70s this morning, as the market adjusts to a lower probability of a successful transaction," Morgan Stanley said in a note. "However, much will depend on PPG''s response." Buechner reiterated that Akzo intends to pursue an alternative plan that it has developed to fend off PPG, which includes paying 1.6 billion euros in extra dividends to investors this year. Akzo Nobel also plans to sell or list its chemicals business, which accounts for about a third of its sales and profits, within 12 months. At Akzo Nobel''s annual shareholders meeting on April 25, institutional shareholders and Dutch shareholder groups voiced dissent about Akzo''s failure to at least talk with PPG, but there was no vote on the matter. About 93 percent of Akzo''s shareholder base is non-Dutch, as are most of its employees. But at the April meeting, Dutch shareholders cheered calls for Akzo to remain independent and jeered an Elliott representative who spoke. During voting at the meeting, about a third of shareholders opposed a resolution allowing management to issue shares this year. Support for the routine measure would normally be virtually unanimous, so the outcome could be seen as a sign of shareholder dissatisfaction. DIFFICULT DECISION Most analysts say Akzo''s independence plan cannot match a PPG takeover in terms of financial value but Buechner and Burgmans have said it is difficult to objectively mea
'7bc2c8ecf370ffe51ab074f3d749044980c0bc45'|'Fidelity International launches bond fund for wealthy Chinese'|'HONG KONG Fidelity International said on Friday it had launched its first onshore Chinese fund for wealthy mainland investors, a key milestone for foreign fund managers wanting to expand in the tricky Chinese market.The asset manager''s first private fund in China, which primarily invests in China''s $9 trillion onshore bond markets, will be available to Chinese institutional and high-net worth investors, the company said in a statement."Undeniably, the RMB bond markets are the future of Asia''s bond markets and will play in global financial markets for many years to come," Freddy Wong, the fund''s manager, said in a statement.Fidelity International this year became the first global asset manager allowed to launch investment products in China through a wholly-owned local subsidiary, as Beijing further liberalizes its capital markets.The company''s Shanghai-based unit registered with the Asset Management Association of China (AMAC), qualifying it to create onshore investment products for Chinese institutions and wealthy individuals, the company said in January.Previously, foreign asset managers looking to distribute investment products in China had to operate through minority-owned joint ventures with Chinese firms, but Beijing has been gradually loosening the reins.A growing number of foreign financial institutions, including Aberdeen Asset Management ( ADN.L ), U.S. hedge fund Bridgewater Associates and Vanguard have recently set up wholly foreign-owned enterprises (WFOE) in China. But they still need AMAC registration to launch onshore products.Since 2004, Fidelity has been offering offshore capabilities to Chinese investors through partnering with banks under the Qualified Domestic Institutional Investor (QDII) scheme. Fidelity also owns a quota of $1.2 billion under the Qualified Foreign Institutional Investor (QFII) scheme, which allows foreign institutions to buy Chinese stocks and bonds.(Reporting by Michelle Price; Editing by Randy Fabi)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fidelity-china-fund-idINKBN1810AR'|'2017-05-05T02:57:00.000+03:00'
'e2656848d0b7797cb2f5f016020a416dd6c24322'|'LPC-Buyouts fuel Europe''s leveraged loan pipeline'|'By Claire Ruckin - LONDON LONDON May 5 Over <20>20bn of leveraged loans from 25 deals could hit Europe<70>s leveraged loan market in the coming months as the pipeline of buyouts gathers pace, offering bankers the lucrative underwriting they<65>ve been waiting for and investors the chance to put new money to work.Europe<70>s leveraged loan market has had some new issuance of late, including deals for UK software companies Misys and Micro Focus, but this has done little to satisfy the appetites of bankers and investors who have been desperate for event-driven financings after a splurge of repricings and refinancings since September 2016.With so much liquidity and demand for new paper, bankers are feeling fairly confident on imminent syndications. These include a <20>1.95bn term loan B backing the buyout of German drugmaker Stada; <20>393m equivalent of term loans backing UK-based Element Materials Technology<67>s acquisition of British laboratory-based testing firm Exova Group, which forms part of a wider US$1.5bn financing; and a euro portion of a <20>2.5bn-equivalent leveraged loan financing for Hong Kong-based international schools operator Nord Anglia Education.And more buyout loans are on the horizon as bankers prepare staple financings for a number of auction processes, promising more lending activity if private equity firms win out.<2E>It is a bit nerve-racking but it is also exciting. The pipeline is pretty full with lots of deals that could happen and the market is ready for them,<2C> a senior banker said.Some of the larger deals could include around <20>3bn for German metering group Ista; over <20>4bn for Anglo-Dutch consumer group Unilever<65>s margarine and spreads business; <20>1.2bn for French drug maker Sanofi<66>s generic drugs business; <20>1bn for French nursing home company DomusVi; US$1bn for Swiss-based smart meter group Landis+Gyr; and US$1.5bn for US herbal supplement maker Nature<72>s Bounty.PLENTY TO GO AROUND A number of the financings could start to hit the market in June and despite the large sums of cash needed to back the buyouts, there is a consensus among lenders that the leveraged loan market has the capacity.While the large number of deals is unlikely to reverse the technical dynamic of supply/demand imbalance, it is possible they will slow down the non-event-driven transactions as sponsors turn their attentions away from improving the debt of portfolio companies and investors focus their energy on the new paper in the market.<2E>The market is pretty constructive: if all the buyouts come to fruition, a steady flow of deals will attract more funds to the market and they will get sold,<2C> a second senior banker said.A third banker added: <20>Investors will have more confidence to push back on refinancings and repricings if new deals continue to come to the market. If they get yanked from existing deals, they will just have more money to invest in new paper.<2E>Bankers are also working on financings under <20>1bn for the potential sales of cleaning services company Safetykleen Europe; Sanofi<66>s European contract manufacturer business Cepia; Danish packaging group Faerch Plast; IT and outsourcing firm Civica; UK human resources software company NGA Human Resources; Deutsche Post<73>s British outsourcing subsidiary Williams Lea; and British retailer The Body Shop, among a number of others. (Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/buyouts-leveraged-loans-idINL8N1I73DX'|'2017-05-05T09:16:00.000+03:00'
'caad286fbdcc51ccf85dca3969ce0fa009221b14'|'Malaysia''s Petronas targets new markets for LNG'|'By A. Ananthalakshmi and Emily Chow - KUALA LUMPUR KUALA LUMPUR Malaysian oil company Petronas is looking to tap new markets to sell liquefied natural gas, including as fuel for ships, the head of its upstream operations told Reuters on Monday.State-owned Petroliam Nasional Berhad, known as Petronas, also sees significant growth potential for LNG in India, Pakistan, Bangladesh and some parts of Southeast Asia, its upstream CEO Mohd Anuar Taib said."The key for us in the LNG business is to figure out a way to broaden and expand the customer base," Anuar said, adding that lower prices have opened up new markets that had previously been unable to afford LNG.Asian spot LNG prices have dropped by more than 70 percent since 2014, with production growing faster than demand. Spot prices for June delivery stood at about $5.70 per million British thermal units (mmBtu) on Friday, compared with $20-plus in 2014.Malaysia is the world''s third-biggest LNG exporter behind Qatar and Australia. The top destinations for its LNG are Japan, South Korea and China, but Petronas is broadening its horizons and the first cargo from its floating LNG facility was shipped to India last month."We are making good inroads. We are working towards closing sales supply agreements with some of the countries around the region," Anuar said, adding that Petronas is also in preliminary talks with partners over the sale of LNG as shipping fuel.OIL PRICEAnuar said that Petronas is working on an oil price assumption of $45 to $55 a barrel for the next three to four years. Brent crude was trading at about $48 on Monday."We tend to plan in a more prudent manner," he said, adding that Petronas is not looking to increase capital expenditure. Global upstream capex is expected to be about 30 billion ringgit ($6.92 billion) a year, he said. In 2015 upstream capex was 48.7 billion ringgit, according to its last available annual report."(That) is quite sufficient for us for maintaining our production and also some growth," Anuar said of the capex forecast.Like other oil majors, Petronas has taken a hit from lower crude prices. Benchmark Brent crude prices have more than halved since mid-2014.Malaysia relies on its only Fortune 500 company for nearly a third of its oil and gas-related revenue.Though reduced operating expenses helped Petronas to post a 12 percent rise in full-year net profit in March, the company gave a cautious outlook for 2017.($1 = 4.3350 ringgit)(Additional reporting by Florence Tan; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/malaysia-petronas-upstream-idINKBN1841KP'|'2017-05-08T21:50:00.000+03:00'
'e0b79355f26194fe919bf96a9ddb3f439819ba9d'|'Barclays to pay $97 million to settle charges it overcharged clients'|'Business  12pm BST Barclays to pay $97 million to settle charges it overcharged clients FILE PHOTO: A Barclays bank office is seen at Canary Wharf in London, Britain May 19, 2015. REUTERS/Suzanne Plunkett/File Photo By Sarah N. Lynch   Barclays will pay more than $97 million (<28>75 million) to settle civil charges, after U.S. regulators said Wednesday the company overcharged clients from its asset management business by millions of dollars. The Securities and Exchange Commission said that Barclays settled the matter without admitting or denying the charges, which allege that it collected excess mutual fund sales charges, charged fees for services that were not properly rendered and made numerous other billing errors. (Reporting by Sarah N. Lynch)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-sec-barclays-idUKKBN18629U'|'2017-05-11T00:12:00.000+03:00'
'de1cb5ebd0ebe919cf1538ee4867bdfe425bf4b7'|'Italy seeks pasta labels, Canada worries about durum sales'|'Business News -  24pm BST Italy seeks pasta labels, Canada worries about durum sales Different type of Gragnano''s artisan pasta are seen at the 50th Vinitaly international wine and spirits exhibition in Verona, northern Italy, April 12, 2016. REUTERS/Stefano Rellandini By Rod Nickel and Isla Binnie - WINNIPEG, Manitoba/ROME WINNIPEG, Manitoba/ROME Italy has formally asked the European Commission to allow it to require country of origin labels on pasta sold there, raising alarm for Canadian durum wheat exporters who fear the move will dampen sales. Italian Agriculture Minister Maurizio Martina tweeted on Monday that Italy had sent a decree to Brussels spelling out proposals to label pasta and rice packets to show the origin of the raw materials. Rome had send a draft decree of its intent in December, but had not until now taken the formal step. Italy is proposing that pasta packets show where the wheat was grown and where it was milled. Canadian exporters and farmers fear the move would depress prices in Canada, the biggest global durum exporter, as it would require Italian pasta makers to segregate supplies by country. Italy''s move comes as a Canada-Europe free trade deal moves to its final stages of approval. "It''s something that causes us significant concern because it will increase the cost of moving durum into Italy," said Cam Dahl, president of industry group Cereals Canada, whose members include grain traders Cargill Ltd, Richardson International and Louis Dreyfus Corp. Italy is Canada''s second-biggest foreign durum buyer so far in 2016-17, purchasing 522,000 tonnes from August through March, according to Canadian government data. Annual Canadian sales to Italy are worth some C$248 million (<28>140.3 million), based on average export volumes and International Grains Council price data. The European Commission said it had not yet received official notification from Italy and that it would then have three months to make observations. If there are no observations, the member state is free to go ahead with its plans. European lawmakers have shown an increasing appetite for labelling due to consumer demands for information about food, and Italy has also said labelling would help its pasta industry better compete with foreign competition. Canadian durum farmers last year grew their biggest-ever crop. They are expected to sow less durum this spring after disease downgraded quality last year. Cereals Canada will travel to Italy late this month to meet with pasta industry groups and to Brussels to meet with European Union officials. Canadian Agriculture Minister Lawrence MacAulay could not be immediately reached for comment. Canada and Mexico won a similar labelling fight over United States meat labels in late 2015. India and Thailand are the biggest global rice exporters. (Additional reporting by Philip Blenkinsop in Brussels; Editing by Chris Reese)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-italy-durum-canada-idUKKBN1862BM'|'2017-05-11T00:24:00.000+03:00'
'b6e37f4a6e410e26f548a405c60f846c266ec692'|'BUZZ-India''s InterGlobe Aviation falls on lower quarterly profit'|'** Shares of InterGlobe Aviation Ltd, owner of the country''s largest airline, IndiGo, fall as much as 3.4 pct** Co posts nearly 25 pct fall in quarterly profit on Tuesday, hurt by rising fuel costs** "IndiGo posted weak Q4 results as yields failed to offset the cost pressures," Morgan Stanley analysts write** Co posts biggest intraday pct fall since April 21'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/buzz-indias-interglobe-aviation-falls-on-idINL4N1IC1VM'|'2017-05-10T02:35:00.000+03:00'
'726e6e70d90433272ebce0ef151ba08ff1d7890b'|'Exclusive: Caribbean resort operator Sandals explores sale'|'By Carl O''Donnell Sandals Resorts International, a privately held Caribbean resort operator that caters to couples, is exploring strategic alternatives including a potential sale of the company, according to people familiar with the matter.A sale would mark the first change in ownership for the company since it was founded 36 years ago by Gordon "Butch" Stewart, who built it into the largest non-government employer in Jamaica and created resorts across the Caribbean.Sandals has hired investment bank Deutsche Bank AG ( DBKGn.DE ) to explore several options, including a sale of a majority stake in the company, the people said, asking not to be identified because the deliberations are confidential.The valuation of the company could not be learned, but the sources said it could be worth well over $1 billion, including debt. There is no certainty the move will result in any deal, the sources added.Sandals did not immediately respond to a request for comment, while Deutsche Bank declined to comment.The company, which became famous for its commercials that feature couples lounging in its tropical resorts, owns 24 vacation properties in seven Caribbean countries, including Jamaica, the Bahamas, Grenada and Barbados.Although Sandals caters primarily to couples, prohibiting children at most of its properties, it also operates a subsidiary called Beaches Resorts that welcomes singles and families.Stewart began his career as a sales manager at Curacao Trading Company, before leaving in 1968 to found his first company, Appliance Traders Ltd, which distributed and serviced air conditioners.When Stewart founded Sandals in 1981, the company began as a single hotel near one of the largest beaches on Jamaica''s Montego Bay.He sought to differentiate it from competing resorts by emphasizing "all-inclusive" packages, which feature a single flat fee for lodging, meals and drinks.Sandals targets middle-income vacationers, offering some all-inclusive resort packages for less than $200 per person, per night.In the early 2000s, Sandals attracted controversy because its couples-only resorts prohibited same-sex couples. It retracted the policy in 2004, after the London Underground banned Sandals advertisements in response to complaints from gay-rights activists.The leisure sector has been an active arena for dealmaking. Last month, ski-resort operator Intrawest Resorts Holdings ( SNOW.N ) agreed to be sold to buyout firm KSL Capital Partners LLC and Aspen Skiing Co for around $1.5 billion.(Reporting by Carl O''Donnell in New York; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sandals-m-a-exclusive-idINKBN186213'|'2017-05-10T12:46:00.000+03:00'
'612bc5f6a35d573ae1f6f686125c9aa627538de9'|'UPDATE 1-Troubled auto parts maker Takata reports 3rd consecutive annual loss'|'(adds background)TOKYO May 10 Japan''s Takata Corp on Wednesday reported a full-year net loss of 79.6 billion yen ($699.04 million) - its third consecutive annual loss - as the embattled auto parts maker faces bankruptcy over costs related to the recall of its potentially deadly air bag inflators.Even as it faces the auto industry''s biggest-ever recall, Takata forecast a net profit of 5 billion yen in the year to March.The company is seeking a financial sponsor to help pay for the recall-related liabilities. U.S. auto components maker Key Safety Systems (KSS) and private equity fund Bain Capital are trying to strike a rescue deal worth around 200 billion yen with Takata''s steering committee and its automaker customers in the coming weeks, more than a year after the search began for a financial suitor.Takata last month acknowledged that KSS was a front-runner in the bidding.The world''s second largest air bag maker is struggling to produce enough air bag inflator replacement parts after around 100 million of the components were deemed defective by global transportation safety authorities.Takata''s faulty inflators have been linked with at least 16 deaths globally, mainly in the United States, and many of its automaker clients have said they would stop using inflators made by the company in their new models.The supplier is also facing a bill for the recalls, which began around 2008 and which industry experts have estimated to cost as much as $10 billion.To date, the majority of recall costs has been footed by automaker clients including Honda Motor Co, Volkswagen AG and Toyota Motor Corp.In February, Takata pleaded guilty to a U.S. felony charge related to the recalls, as part of a $1 billion settlement which includes compensation funds for automakers and victims of its faulty air bag inflators.Talks to find a sponsor have dragged on since February 2016, as potential bidders try to identify and ring-fence Takata''s liabilities, sources with knowledge of the talks have told Reuters.Restructuring the company is also a sticking point, the sources said. Takata''s founding family, which owns an around 60 percent stake, has insisted on a privately organised restructuring which could the company producing replacement parts and also preserve some share value.Meanwhile, automaker clients support a court-ordered process which would guarantee more transparency, although it could leave Takata''s suppliers on the hook with unsettled bills. ($1 = 113.8700 yen) (Reporting by Naomi Tajitsu and Sam Nussey; Editing by Miral Fahmy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/takata-results-idINL4N1IC2JT'|'2017-05-10T04:47:00.000+03:00'
'7576750fff0045e6c6148d27c593c7f6f08582bc'|'Four banks in bridge loan pool to fund Atlantia bid on Abertis: sources'|'MILAN Four banks are organizing the bridge loan of around 11 billion euros ($12 billion) that Italy''s Atlantia ( ATL.MI ) will use to help fund its bid on Spanish rival Abertis ( ABE.MC ), three sources close to the matter said on Wednesday.The sources said the banks were BNP Paribas ( BNPP.PA ), Credit Suisse ( CSGN.S ), UniCredit ( CRDI.MI ) and Intesa Sanpaolo ( ISP.MI ).Atlantia, controlled by the Benetton family, is expected to submit a takeover bid for Abertis within days, possibly as early as this week, sources said on Tuesday.The deal would create Europe''s largest toll road operator.(Reporting by Paola Arosio and Stephen Jewkes, writing by Stephen Jewkes)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-abertis-m-a-atlantia-banks-idINKBN18613H'|'2017-05-10T07:35:00.000+03:00'
'b726b254119a6a363684012967a250ed20db8315'|'Hudson''s Bay taps debt adviser amid Neiman Marcus bid challenges: sources'|'By Jessica DiNapoli and Lauren Hirsch Canada''s Hudson''s Bay Co has hired a debt restructuring adviser to review potential options for combining its business with debt-laden U.S. department store operator Neiman Marcus Group, according to people familiar with the matter.The move is the clearest indication yet that Neiman Marcus'' $4.7 billion debt pile poses significant challenges to a merger between Hudson''s Bay, owner of the Lord & Taylor and Saks Fifth Avenue retail chains, and private equity-owned Neiman Marcus.Hudson''s Bay Executive Chairman Richard Baker set his sights on Neiman Marcus, operator of 42 eponymous stores across the United States and two Bergdorf Goodman stores in Manhattan, two months ago, after larger U.S. peer Macy''s Inc spurned his acquisition overtures.Since then, deal talks between Hudson''s Bay and Neiman Marcus have made little progress, the sources said.Hudson''s Bay has now tapped investment bank Evercore Partners Inc, and has asked it to come up with ways that the two companies can combine without Hudson''s Bay assuming the full burden of Neiman Marcus'' debt, the sources said, asking not to be identified because the matter is confidential.Hudson''s Bay and Neiman Marcus did not respond to requests for comment. Evercore declined to comment.Neiman Marcus'' $2.8 billion loan and $1.6 billion in bonds are trading at deep discounts to their face value, indicating that creditors do not expect to get paid in full, as the company grapples with consumers'' changing spending habits, weak mall traffic, and the increased price transparency brought about by the rise of internet shopping.An acquisition of Neiman Marcus would normally require its acquirer to assume its debt at its face value. Hudson''s Bay, which already carries about $2.4 billion in debt on a market capitalization of $1.5 billion, would essentially triple its debt load by doing so.As a result, Hudson''s Bay does not want to repay Neiman Marcus'' creditors in full, the sources said. While the terms of Neiman Marcus'' bonds allow their transfer to a publicly listed acquirer, Hudson''s Bay is reluctant to take them on at full value, the sources added.Any acquisition offer that would be accompanied by a debt haircut would pit Hudson''s Bay against several hedge funds and investment firms that have acquired Neiman Marcus'' debt and are poised to drive a hard bargain.These include Oaktree Capital Group LLC, Canyon Partners LLC and Capital Group Companies, which have acquired Neiman Marcus bonds, and H/2 Capital Partners, Eaton Vance Management, and GSO Capital Partners, which have invested in Neiman Marcus'' loan, the sources said.Oaktree, GSO, and Capital Group declined to comment. Canyon, H/2 and Eaton Vance did not return requests for comment.PAYING NEIMAN MARCUS OWNERSAdding to the challenges of a deal are Neiman Marcus'' owners, Ares Management LP and the Canada Pension Plan Investment Board (CPPIB). They acquired Neiman Marcus in 2013 for $6 billion, including debt, and expect to be paid for selling the company, according to the sources, even though the debt markets currently assign little value to their equity.Neiman Marcus does not face any significant debt maturities until 2020, when its loan comes due, so Ares and CPPIB still have three more years to try to turn the business around.To convince Ares and CPPIB to let go of any hope of recovering the value of their equity on their own, Hudson''s Bay will have to offer them some kind of payment, the sources said. This puts Hudson''s Bay in a bind, because Neiman Marcus'' creditors will be less inclined to accept a haircut if they see Ares and CPPIB receive such a payment, the sources said.Complicating negotiations further is a confidentiality agreement between Neiman Marcus'' owners and Hudson''s Bay that has so far prevented the latter from communicating directly with Neiman Marcus'' creditors over a potential haircut, the sources said.Ares and CPPIB declined to 
'd2ef7219d1a797ad63632839b020165b309c73a4'|'Emerging market CDS volume hits highest level in 3 years -EMTA'|'Market  11am EDT Emerging market CDS volume hits highest level in 3 years -EMTA By Dion Rabouin May 8 Trading volume for emerging market credit default swaps rose to $404 billion in the first quarter of 2017, up 11 percent from the corresponding period last year and 32 percent higher than the fourth quarter of 2016, according to a survey of 13 major dealers released on Monday. The largest CDS volumes during the quarter were those on Brazil at $51 billion, following by Turkey at $48 billion and Mexico at $40 billion. Brazil''s state-controlled oil company Petrobras and Venezuela''s national oil company PDVSA had the highest of the survey''s nine corporate CDS contracts, with approximately $1.7 billion each. EMTA, the emerging markets debt trading and investment industry trade association, said emerging market CDS volume was the highest reported in three years. EMTA collected data from 13 large international banks and broker-dealers on emerging market CDS contracts. Participants were asked to report their CDS volumes on 21 emerging market countries and nine emerging market corporate issuers. (Reporting by Dion Rabouin; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-cds-idUSL1N1IA0KV'|'2017-05-08T22:11:00.000+03:00'
'53f68378f4d56b78d3de5dd5bbca61032b520a0e'|'Chinese bank payment networks surge as Western lenders cut ties - study'|'Business News - Mon May 8, 2017 - 8:57am BST Chinese bank payment networks surge as Western lenders cut ties - study People enter a branch of the ICBC bank in Beijing, China, January 3, 2017. REUTERS/Thomas Peter By Michelle Price - HONG KONG HONG KONG Chinese banks have dramatically expanded their overseas payment and trade networks since the global financial crisis, exploiting a growing vacuum created by Western lenders which are retreating from higher-risk jurisdictions, new data shows. The number of so-called "correspondent" or bank-to-bank relationships operated by Chinese banks surged more than 3,300 percent - from 65 in 2009 to 2,246 in 2016 - according to data published by U.S.-based payment and compliance technology company Accuity on Monday. This contrasts with a 25 percent drop in the number of correspondent banking relationships globally during the same period, largely caused by U.S. and European banks cutting ties with smaller bank clients in regions such as Asia and Africa. Correspondent banking describes bank-to-bank relationships that allow individuals and companies to move money around the world, facilitating global trade. Although Chinese correspondent banking relationships have grown from a low base and still account for a small proportion of such relationships globally, the huge jump underscores how Chinese lenders - such as ICBC and Bank of China - are fast-globalising to support Chinese companies as they push overseas. "These contrasting trends suggest that Chinese banks recognise the opportunity to facilitate China''s international trade, possibly at the expense of EU and USA global banks who are concerned with the higher risks and costs associated with providing these correspondent banking services," said Henry Balani, Global Head of Strategic Affairs at Accuity. Accuity compiled the data, which is extracted from standard settlement instructions, from an average of 29,000 banks in 238 countries or territories across the world. Global banks are under intense regulatory pressure to guard against money laundering and terrorist financing by closely screening the source of funds they handle. U.S. watchdogs have dished out more than $16 billion (<28>12 billion) in fines for antimoney laundering (AML) compliance failings since the end of 2009, while banks globally spent an estimated $12 billion on AML compliance programmes last year, according to data compiled by Hong Kong consultancy Quinlan & Associates. This ballooning compliance bill has made it more cost-effective in many cases for big banks to simply cut off smaller banking clients in higher-risk geographies. Correspondent banking relationships in Malaysia, which has been rocked by a money laundering scandal involving the country''s 1MBD sovereign wealth fund, for example, fell from 1595 in 2014 to 621 last year, the data shows. The U.S. regulatory crackdown may also be making it more attractive for banks to transact in the yuan rather than the U.S. dollar because dollar transactions are subject to U.S. regulations regardless of where they take place, Balani said. "The U.S. dollar dominates world trade, but there is a trend towards a decline in the use of the U.S. dollar and an increase in the use of the renmimbi," he said. (Reporting by Michelle Price; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-banks-idUKKBN1840MX'|'2017-05-08T15:57:00.000+03:00'
'9b3934d0768c141ec55099a8344b9bbeffa8c5aa'|'Reporters barred from China event seeking investment in Kushner project'|'Business News - Sun May 7, 2017 - 1:08pm BST Reporters barred from China event seeking investment in Kushner project A poster for an event is seen at a hotel in Shanghai, China May 7, 2017. REUTERS/Aly Song By John Ruwitch - SHANGHAI SHANGHAI Organisers barred journalists on Sunday from a publicly advertised event in Shanghai that offered Chinese investors the chance to get U.S. immigrant visas if they put money in a real estate project linked to the family of President Donald Trump''s son-in-law. The two-tower luxury apartment complex in New Jersey, One Journal Square, is being developed by KABR Group and the Kushner Companies, which until recently was headed by senior White House advisor Jared Kushner, the husband of Trump''s daughter Ivanka. The developers are seeking to raise $150 million (115 million pounds), or 15.4 percent of funding for the project, from investors through the EB-5 visa programme, according to marketing materials posted by the event''s organiser, immigration agency Qiaowai. The controversial EB-5 programme allows wealthy foreigners to, in effect, buy U.S. immigration visas for themselves and families by investing at least $500,000 in certain development projects. "Sorry, this is a private event," said a man stopping journalists from entering a function room on Sunday afternoon at the Four Seasons Hotel in Shanghai. Guests at the event said Kushner''s sister, Nicole Kushner Meyer, spoke for about 10 minutes, including about her family''s humble roots. According to the New York Times, Meyer attended a similar event in Beijing on Saturday and told the audience of about 100 people the project "means a lot to me and my entire family". Jared Kushner, whose White House portfolio includes relations with China, sold his stake in Kushner Companies to a family trust early this year. His lawyer said in a statement in March that Kushner was fully complying with ethics rules, removing himself from active participation in his prior businesses and divesting assets. A Kushner Companies spokeswoman declined to comment in a New York Times article about the Beijing event published on Saturday. The Times story said Meyer did not respond when asked if she was concerned about possible conflicts of interest facing her brother. Journalists from the Times and Washington Post were removed from Saturday''s Beijing event, the newspapers reported. POPULAR WITH WEALTHY CHINESE One potential investor, Sophie Xing, said a "very important" factor in her decision to attend Sunday''s event was the fact that the project was a Kushner Companies investment and that Trump''s son-in-law''s sister would be showing up in Shanghai. "Actually I really don''t know how close they are but I felt that this was a pretty good project," she said. In a promotional text message seen by Reuters, Qiaowai made note of Meyer''s relationship to Trump and called her the event''s "heavyweight honoured guest". Bi Ting, 34, who as also at the Shanghai event, said Qiaowai had told her husband that a relative of Trump would be present. Qiaowei representatives at the event declined to answer questions from journalists, and calls to its listed phone number went unanswered. Qiaowei is also known as QWOS. Its promotional materials for the project, which it also calls Kushner1, advertise the prospect of putting money in under the federal EB-5 programme. The programme is popular among wealthy Chinese looking to shift assets abroad or move overseas, but it has come under fire in the United States. Some U.S. lawmakers have called for changing or abolishing the EB-5 programme, but the scheme was recently renewed by Congress until Sept. 30. Potential investor Xing said a Kushner representative who spoke on Sunday stressed that EB-5 rules could change after September to raise the minimum required investment. Another person who attended Sunday''s event, Liu Guoqi, was mindful of the potential rule change. Liu said he had been to previous pitches for EB-5 i
'2bbea8c1db67ba31ef51c5b597fa68e9b6f624b8'|'Euro zone lenders, IMF to discuss Greek debt relief on Friday'|'Central Banks - Thu May 11, 2017 - 8:24pm BST Euro zone lenders, IMF to discuss Greek debt relief on Friday FILE PHOTO: A Greek flag flutters in the wind as tourists visit the archaeological site of the Acropolis hill in Athens, Greece July 26, 2015. REUTERS/Ronen Zvulun/File Photo By Jan Strupczewski - BARI, Italy BARI, Italy Top euro zone and International Monetary Fund officials will discuss debt relief for Greece early on Friday, on the sidelines of a meeting of G7 finance ministers and central bankers in the Italian city of Bari, officials said. The meeting is to help determine how euro zone lenders, who hold half of Greek public debt, should firm up their conditional promise of debt relief for Greece from last year to satisfy the International Monetary Fund. The IMF has made debt relief for Greece a condition for its participation in the latest bailout for Athens, the third one since 2010. Several euro zone governments, led by Berlin, want the IMF to participate for credibility reasons even though they disagree with some of the IMF recommendations on Greece. While Greece is not on the official agenda of the G7 financial leaders meeting, it will be discussed on the sidelines because all the main players needed for a deal will be present, officials said on Thursday. German Finance Minister Wolfgang Schaeuble, the chairman of euro zone finance ministers Jeroen Dijsselbloem, Economic Affairs Commissioner Pierre Moscovici, French Finance Minister Michel Sapin and the heads of the IMF, the euro zone bailout fund and the European Central Bank will all take part. "Of course Greece will be discussed, all the key players are here," said one official. The official agenda of France''s Sapin showed the meeting is due to start at 0500 GMT. Euro zone lenders promised in May 2016 that if Greece delivers on all reforms pledged under its bailout, they would extend the maturities and grace periods on loans so that Greek gross financing needs are below 15 percent of GDP after 2018 for the medium term, and below 20 percent of GDP later. They also said they could consider replacing more costly IMF loans to Greece with cheaper euro zone credit and transfer the profits made from a portfolio of Greek bonds bought by euro zone national central banks back to Athens. But all this could happen only if Greece delivers on its reforms by mid-2018 and only if a debt sustainability analysis shows Athens needs the debt relief to make its debt sustainable. The IMF believes that debt relief, or at least a clear promise of it, is needed to restore investor confidence in Greece, especially if the country, which has public debt of 180 percent of GDP, is to return to market financing next year. Germany and other northern European countries say that if Greece keeps a high primary surplus for long enough, it may not need any further debt relief, especially given that the existing very cheap euro zone loans are already saving the country''s government eight billion euros a year, or 4.5 percent of GDP. The final decision on how to phrase the debt relief promise for Greece is to be taken at the next meeting of all euro zone finance ministers on May 22. When implemented in full, the debt relief measures should lead to a cumulative reduction of Greece<63>s debt-to-GDP ratio of around 20 percentage points until 2060, according to estimates of the euro zone bailout fund. They would also cut Greece<63>s gross financing needs by almost five percentage points over the same time horizon. (Additional reporting by Silvia Aloisi in Bari; Editing by Andrew Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-debt-g-idUKKBN1872QO'|'2017-05-12T03:24:00.000+03:00'
'5075b40dc31cf34aa51a72c2b518ce9fe385559b'|'New Etihad boss to rethink strategy after Alitalia dream fails'|'Deals - Thu May 11, 2017 - 5:39pm BST New Etihad boss to rethink strategy after Alitalia dream fails left right FILE PHOTO: Alitalia employees hold a banner reading ''Alitalia precarious workers'' as they take part in a protest at Rome''s Fiumicino international airport in Rome, Italy February 23, 2017. REUTERS/Remo Casilli/File Photo 1/10 left right FILE PHOTO: Alitalia''s flight attendants are seen at the Leonardo da Vinci-Fiumicino Airport in Rome, Italy, April 28, 2017. REUTERS/Tony Gentile/File Photo 2/10 left right FILE PHOTO: An Alitalia aircraft flies in to land at Heathrow Airport in London, Britain October 14, 2012. REUTERS/Toby Melville/File Photo 3/10 left right FILE PHOTO: An Alitalia plane approaches to land at Fiumicino international airport in Rome, Italy October 14, 2013. REUTERS/Max Rossi/File Photo 4/10 left right FILE PHOTO: An Italian flag flutters as an Alitalia airplane approaches to land at Fiumicino airport in Rome, Italy July 31, 2014. REUTERS/Max Rossi/File Photo 5/10 left right FILE PHOTO: Alitalia President Roberto Colaninno (L) poses with Etihad CEO James Hogan at Malpensa Airport near Milan, Italy October 20, 2014. REUTERS/Alessandro Garofalo/File Photo 6/10 left right FILE PHOTO: An airplane of Alitalia approaches to land at Fiumicino international airport in Rome, Italy, May 3, 2017. REUTERS/Max Rossi/File Photo 7/10 left right FILE PHOTO: An Alitalia hostess looks at a model of Airbus A330 before a news conference at Malpensa Airport near Milan, Italy October 20, 2014. REUTERS/Alessandro Garofalo/File Photo 8/10 left right FILE PHOTO: People walk in the Alitalia departure hall during a strike by Italy''s national airline Alitalia workers at Fiumicino international airport in Rome, Italy July 24, 2015. REUTERS/Max Rossi/File Photo 9/10 left right FILE PHOTO: Scale models of Alitalia airplanes are displayed at a shop selling models of vehicles in Rome, Italy October 31, 2013. REUTERS/Alessandro Bianchi/File Photo 10/10 By Alexander Cornwell , Agnieszka Flak and Tim Hepher - DUBAI/MILAN/PARIS DUBAI/MILAN/PARIS The naming of a new boss at Etihad Airways presents the Gulf carrier with an opportunity to rethink its aggressive expansion strategy after the failure of minority-owned Alitalia underlined the big barriers to global growth. Ray Gammell was appointed interim CEO this week, days after Alitalia sought bankruptcy protection with $3.3 billion of debt. He replaces veteran boss James Hogan. Hogan''s strategy was to buy up minority stakes in myriad airlines but the struggles of that strategy, most recently with Alitalia, are emblematic of a quandary peculiar to the industry. The path to growth for airlines often lies in gaining access to rivals'' routes. Yet in the European Union, which mainly operates as one nation in aviation, foreigners cannot majority-own an airline. At Alitalia, the lack of full control meant that Etihad could not deal effectively with labor problems. Since 2011, Abu Dhabi state-owned Etihad has spent billions of dollars buying minority stakes from Europe to Australia as it races to catch up with regional rivals Emirates and Qatar Airways. Alitalia was Etihad''s eighth and most high-profile bet. But the 560-million-euro ($609 million) investment lies in tatters, placing Hogan''s wider strategy under the microscope, after staff overwhelmingly rejected its latest restructuring plans. Now the future of Etihad''s other leading investment, in Air Berlin, is also in doubt as the Gulf carrier pursues a strategy review that began last year. Like Alitalia, the German carrier has made big losses and it said two weeks ago it was seeking a new partner, which could include a new investor. An Etihad spokesman said its review was ongoing but declined to comment on how its strategy might change or the impact of Alitalia''s failure on its global plans. But a senior source at the Gulf carrier said lessons would be learned from the Italian investment and they would play a role in 
'65e9cfe972d73c72a257c3622aba32eab7c9d9c4'|'Regeneron shares poised for rebound - Barron''s'|'Market News - Sun May 7, 2017 - 1:01pm EDT Regeneron shares poised for rebound - Barron''s May 7 Shares of Regeneron Pharmaceuticals Inc , which tumbled 32 percent in 2016, are poised for a rebound, the financial newspaper Barron''s said. A better-than-expected launch of Regeneron''s skin treatment Dupixent caused shares to soar last week, the paper reported in its May 8 edition. If Dupixent usage grows faster than expected, it could take pressure off Regeneron''s other drugs, including eye drug Eylea, Barron''s said. Regeneron said that 900 prescriptions had been written for Dupixent and that the number of doctors prescribing the drug had jumped by nearly 50 percent. (Reporting by Olivia Oran; Editing by Phil Berlowitz)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/regeneron-pharms-barrons-idUSL1N1I90C3'|'2017-05-08T01:01:00.000+03:00'
'f17ec086d931b02d59222025bd0b6d8b1edcf2d7'|'Euro, shares rally on relief as Macron wins French presidency'|'Mon May 8, 2017 - 8:46am BST Euro hits 6-month high, Asia shares firm after French vote relief A man looks at an electronic board showing the stock market indices of various countries outside a brokerage in Tokyo, Japan, November 16, 2016. REUTERS/Toru Hanai By Hideyuki Sano - TOKYO TOKYO The euro hit a six-month high against the dollar on Monday while Asian shares gained and U.S. stock futures briefly touched a record high, on investor relief after centrist Emmanuel Macron comfortably won the French presidential election. Macron''s emphatic victory brought comfort to investors and European allies alike, who had been nervous about the risk of another populist upheaval, following Britain''s vote to quit the EU and Donald Trump''s election as U.S. president - neither of which had been predicted by pollsters or bookmakers. European shares look set to advance, with financial spread betters expecting a 0.9 percent gain in France''s CAC, up 0.8 percent in Germany''s DAX and 0.4 percent higher in Britain''s FTSE. "Looking ahead towards the end of month, there appear to be few potential risk factors. ''Sell in May'' may not happen this year," said Hirokazu Kabeya, chief global strategist at Daiwa Securities. The common currency gave up gains later, with some market participants citing uncertainties on whether Macron''s, rebranded La Republique En Marche, can get a parliamentary majority in elections in June, as a factor. "We expect the focus to shift to French legislative elections in June. These will be crucial for determining Macron''s ability to implement his economic program, which includes labor market reforms that would make it easier for French businesses to hire and fire," said analysts at BlackRock in a note. Still, the relief of the centrist''s victory was palpable. The euro rose to as high as $1.1024, its highest in about six months, before stepping back to $1.0984, 0.1 percent below late U.S. levels last week. "The uncertainty had been low in the first place so we are seeing some buy-on-rumor-sell-on-facts type of trading. But fundamentally, I don''t see any changes in the euro''s uptrend," said Kazushige Kaida, head of foreign exchange at State Street in Tokyo. Earlier the common currency hit a one-year high of 124.58 yen and a five-month high of 1.08865 Swiss franc. Easing risk aversion helped the dollar rise to a seven-week high 113.14 yen. MSCI''s broadest index of Asia-Pacific shares outside Japan added 0.8 percent, snapping a three-day losing streak. Japan''s Nikkei gained 2.3 percent to hit a near 1 1/2-year high after a five-day weekend due to the Golden Week holidays. The S&P 500 mini futures gained 0.2 percent to hit a record high of 2,403.75 in early trade before giving up the gains to trade flat. "Political risk in Europe has been considered as a major market theme this year. But in the Netherlands (anti-EU party leader Geert) Wilders lost in March. The French election is now out of the way," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. "And in Germany the ruling Christian Democrats are recovering. The political risks in Europe have receded," he said. Chancellor Angela Merkel''s conservatives won a decisive victory in a vote in Germany''s northern state of Schleswig-Holstein on Sunday, boosting her prospects of winning a national election in September. FULL EMPLOYMENT IN U.S. Stock markets had a welcome surprise on Friday from solid U.S. employment numbers. Nonfarm payrolls surged by 211,000 last month after a paltry gain of 79,000 in March, and the unemployment rate dropped to 4.4 percent, near a 10-year low and well below the most recent Federal Reserve median forecast for full employment. The hiring rebound supports the U.S. central bank''s contention that the pedestrian 0.7 percent annualized economic growth in the first quarter was likely "transitory," and its optimism that economic activity would expand at a "moderate" pace. The 10-year Treas
'076d30c6e010297a0cce4ec72e6fc851ef7d2fc7'|'Praising Macron, Merkel says Germany''s hands tied on trade surplus'|' 23pm BST Praising Macron, Merkel says Germany''s hands tied on trade surplus German Chancellor Angela Merkel attends a news conference after the EU summit in Brussels, Belgium, April 29, 2017. REUTERS/Christian Hartmann/File Photo BERLIN Germany wants to help President-elect Emmanuel Macron tackle French unemployment, Chancellor Angela Merkel said on Monday, but rejected suggestions that her country should do more to support Europe''s economy by cutting its trade surplus. Merkel congratulated Macron on Sunday''s "spectacular" election victory and said he "carried the hopes of millions" in France and Germany and elsewhere in Europe. "He ran a courageous pro-European campaign, stands for openness to the world and is committed decisively to a social market economy," she told a news conference. She welcomed his commitment to continued economic reforms and said bilateral cooperation remained a cornerstone of German foreign policy. "I''d like to help, especially with lowering the unemployment rate in France," she said. But reducing Germany''s persistently high trade surplus was more problematical. "A part of the export surplus is linked to the quality of our products," Merkel said when asked about suggestions made during the French presidential campaign that Germany needed to help Europe''s economic laggards by importing more. "Another part of it is linked to the policies of the European Central Bank which we can''t influence," Merkel added. "Wage increases are now exceeding productivity growth and if you look at the forecasts, the ...surplus will fall slightly in coming years." Merkel said Macron was expected to visit Germany quite soon and she would wait to hear his proposals for how to strengthen France''s role in Europe. (Reporting By Thomas Escritt; Editing by Andrea Shalal and John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-france-merkel-idUKKBN18418U'|'2017-05-08T20:59:00.000+03:00'
'38e25df8c4abc9b2858395002254d1ed0effa131'|'US STOCKS SNAPSHOT-Wall St opens little changed'|'Market News - Mon May 8, 2017 - 9:31am EDT US STOCKS SNAPSHOT-Wall St opens little changed May 8 U.S. stocks open little changed on Monday as investors looked for fresh catalysts following centrist Emmanuel Macron''s widely expected victory in the French presidential election. The Dow Jones industrial average was down 11.38 points, or 0.05 percent, at 20,995.56, the S&P 500 was up 0.23 points, or 0.01 percent, at 2,399.52 and the Nasdaq composite was up 0.21 points at 6,100.97. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1IA4PL'|'2017-05-08T21:31:00.000+03:00'
'029abb3a23de18dff701fc80ad4a63aeab7151e2'|'TABLE-Hedge fund managers'' investment picks from Sohn conference'|' 16pm EDT TABLE-Hedge fund managers'' investment picks from Sohn conference NEW YORK, May 8 Hedge fund investor Keith Meister of Corvex Management LP on Monday kicked off the year''s most prominent investment conference by laying out the case for CenturyLink Inc shares, which he believes have an upside of 43 percent. Fine Capital Partners founder Debra Fine said she sees the fair value of DHX Media''s shares at C$20 to C$30 and the company''s EBITDA more than doubling in four years because children<65>s content is valuable and in demand. She said that the market has ignored the value of DHX<48>s tax position and undervalued the track record of its management team. Below is a table listing some of the hedge fund managers who have spoken, or will speak, at the Sohn Investment Conference in New York, in order of appearance, and the investment ideas they presented to the audience: INVESTOR FIRM STOCK/BOND/CU NOTES RRENCY Keith Meister Corvex Bullish on Said Management CenturyLink CenturyLink/Level 3 LP Inc merger is "game changing," revealed Corvex owns 5.5 percent of CenturyLink. Debra Fine Fine Long DHX Pegged DHX Media''s Capital Media Ltd fair value at Partners LP C$20-C$30. Bill Ackman Pershing Pitched long Ackman has owned Square investment in HHC shares for some Capital Howard Hughes years. Said South Management Corp Street Seaport is LP highly valuable. Cited great management team, tax efficiency, excellent locations in United States. Chamath Social Palihapitiya Capital LP Davide Serra Algebris Investments Cliff Robbins Blue Harbour Group LP David Einhorn Greenlight Capital Inc Jeff Gundlach DoubleLine Capital LP Brad Gerstner Altimeter Capital Josh Resnick Jericho Capital Asset Management LP Larry Robbins Glenview Capital Management LLC (Compiled by Jennifer Ablan; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/funds-sohn-table-idUSL1N1IA14Y'|'2017-05-09T02:16:00.000+03:00'
'0901ce08573a476e3da8577c303494ff7a03a467'|'Alfa Financial Software plans to list in London in June'|'By Esha Vaish Alfa Financial, which provides software for the asset finance industry, plans to list on the London Stock Exchange next month, it said on Monday.A source familiar with the matter said the company, which counts Bank of America and Mercedes-Benz as customers, was aiming for a valuation of over 800 million pounds ($1 billion) after the initial public offering (IPO).Based on proceeds of over $250 million if a minimum 25 percent stake is floated, that would be the biggest technology IPO in London since the late 2015 listing of software reseller Softcat ( SCTS.L ), according to Thomson Reuters data.London-based Alfa, which made adjusted earnings before interest and tax of 32.8 million pounds in 2016, said in a statement it hoped the listing would help it win market share by attracting new customers looking to replace legacy or in-house systems that have failed to keep up with evolving regulations.Uncertainty around Britain''s future outside of the EU single market has dampened investor confidence: funds raised by British firms holding IPOs fell 28 percent in the first quarter from a year ago, according to Thomson Reuters data.In October, Misys scrapped what would have been one of the biggest technology IPOs London has ever seen, blaming market volatility and adding to a series of cancellations.Alfa, however, said Brexit had not affected its listing plans as the underlying asset finance market continued to grow strongly."The asset finance market is an incredibly robust mart and has shown growth through all sorts of political and economic turbulence. So whatever is going on ... we''re very confident in our constituent market," CEO Andrew Denton told Reuters in a phone interview.The asset finance market globally was estimated to be worth about $5.4 trillion by 2015, with $2.6 trillion of this relating to new business volumes, according to PwC.Alfa said it expected to float at least 25 percent of its shares, including the sale of shares by investor CHP Software and Consulting Ltd, which is 89.7 percent owned by Executive Chairman Andrew Page and 10.3 percent by Denton.Alfa''s business is split between the United States and Europe and it said funds from its highly cash-generative business would cover potential growth plans, which include growing its newly launched cloud-based service and rolling out upgrades for its existing platform.Barclays and Numis are acting as joint bookrunners for the IPO, while Rothschild is acting as financial adviser.(Reporting by Esha Vaish in Bengaluru; Additional reporting by Dasha Afanasieva; Editing by Susan Fenton and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alfa-financial-ipo-idINKBN1841PL'|'2017-05-08T12:43:00.000+03:00'
'724d6ec0b2a054267160d4fe82e6346253dba57f'|'Gun maker stocks drop ahead of Sturm Ruger''s quarterly report'|'Market  51pm EDT Gun maker stocks drop ahead of Sturm Ruger''s quarterly report By Noel Randewich - SAN FRANCISCO SAN FRANCISCO May 8 Shares of Sturm Ruger & Company fell 3.7 percent on Monday ahead of its quarterly report, which will offer a glimpse of the health of gun makers following a steep drop in demand after the election of Donald Trump as president. American Outdoor Brands, which owns the Smith & Wesson brand, was down 1.8 percent, while gun and ammunition seller Vista Outdoor Inc dipped 1.7 percent ahead of Sturm Ruger''s quarterly report, expected after the bell. The November election of Republican candidate Trump, who opposes regulations on gun ownership, abruptly undercut demand for guns as people became less worried the government would curtail their ability to purchase firearms. In its previous quarterly conference call in February, Sturm Ruger President and Chief Operating Officer Chris Killoy said Trump''s unexpected election had led to increased inventories at gun stores and a decrease in demand, leading to a "challenging sell-through environment." But demand is showing hints of stabilization, according to data on background checks carried out by the Federal Bureau of Investigation. After dropping sharply in the months after the election, background checks in April were flat compared with April 2016, according to the National Shooting Sports Foundation, or NSSF. Sturm Ruger''s stock has recovered about 20 percent since a post-election sell-off hit bottom in mid-March. It remains down 10 percent from before the election. Short bets against Sturm Ruger grew rapidly after the election and remained high at 33 percent of its outstanding shares in mid-April, according to Thomson Reuters data. Background checks are the best proxy for data on monthly gun sales, which manufacturers do not release publicly. The NSSF strips the data of applications for conceal-carry permits - typically made by people who already own guns - to give a better reflection of actual purchases. (Reporting by Noel Randewich; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-firearms-stocks-idUSL1N1IA12O'|'2017-05-09T01:51:00.000+03:00'
'bfa63be766026221a7f777a31c877af5057156cc'|'Macron win could revive joint euro bond plan, scheme''s architect says'|'Credit RSS - Mon May 8, 2017 - 1:32pm BST Macron win could revive joint euro bond plan, scheme''s architect says A supporter holds a campaign poster of Emmanuel Macron and European Union flags after results were announced in the second round of 2017 French presidential election at the campaign headquarters in Paris, France, May 7, 2017. REUTERS/Gonzalo Fuentes By John Geddie - LONDON LONDON Emmanuel Macron''s victory in France''s presidential election is the biggest step yet in pursuit of pushing the idea of joint euro zone bonds past robust German opposition, the author of one of the first proposals for such a scheme told Reuters. In a year when a populist upsurge in elections in the euro zone was to be its biggest test since the 2011/2012 debt crisis, Sunday''s clear win for the pro-European Macron over far-right nationalist Marine Le Pen has sowed expectations for greater financial and economic integration in the bloc. This view is shared by Jacques Delpla, who told Reuters this impulse could revive a joint borrowing plan he helped devise in 2010 that aims to prevent debt crises in weak member states. "When I first launched it I knew it was a long-term idea. After with (former French president Francois) Hollande and the likes they managed to freeze everything," Delpla said. "Now we have a combination of a liberal in France who is willing to push for such an agenda and then growth, which will help a lot." While Macron''s position on euro bonds is not clear-cut, a source close to the president-elect told Reuters he favored the creation of a bloc-wide euro zone budget, which would provide for joint borrowing. Macron outlined this position in June 2015 with Sigmar Gabriel, now Germany''s foreign minister, in a joint column for Britain''s The Guardian newspaper. Delpla''s concept for these "euro bonds" is one of many. EU institutions are examining another, which envisages a trans-national synthetic "safe" bond backed by debt from euro zone states. GERMAN OPPOSITION Macron''s victory was applauded in Germany and some believe he may be able to soften German opposition to euro bonds, which could anyway be about to change. Martin Schulz - the Social Democrat contender in Germany''s Federal elections in September - repeatedly advocated euro bonds during the debt crisis but recently backed off the plan, which does not play well with frugal German voters. Schulz has lost two regional elections to Chancellor Angela Merkel''s conservatives this year, and faces another test in populous North-Rhine-Westphalia on Sunday. But even in defeat, Schulz''s socialists could barter for control of the finance ministry in coalition talks. A euro zone official told Reuters that in this case, German opposition to euro bonds may become less categorical, or there could be highly conditional support. Germans, who have paid the lion''s share of bailouts to Greece, Portugal and Ireland, have long opposed joint borrowing as they fear it would cost them more and remove the incentive for struggling states to reform their economies. But Berlin does want to tackle the problem of regional banks holding too much of their own government''s debt, the so-called "doom loop" which can threaten both in a crisis. This has brought to the fore the idea of a "safe" bond, which does not require joint guarantees like Delpla''s euro bond but creates a proxy euro wide synthetic asset that could diversify bank holdings of sovereign debt. Frederik Ducrozet, a senior economist at Pictet, said greater trust between France and Germany could be more important than details of the bonds. "There is a window of opportunity after the German election, especially with Macron as the next French president," he said. "It would be perhaps negotiating tactics that you discuss all options including euro bonds with the idea that you can get a deal in between... perhaps something like safe bonds." ALREADY EXIST? In some senses euro-wide bonds already exist. An emergency bailou
'5782712e664c6ad5be825b1fb0b4b1c87c53e7f5'|'MOVES-JPMorgan names new real estate banking heads'|' 46am EDT MOVES-JPMorgan names new real estate banking heads May 8 JPMorgan Chase & Co said it made three promotions in its commercial real estate business. Priscilla Almodovar and Chad Tredway will co-lead the real estate banking business, and Alice Carr will lead community development banking, JPMorgan said on Monday. Almodovar, who joined the firm in 2010, has led its community development banking team in lending and investing in various housing projects. Tredway, who joined JPMorgan in 2008, has overseen real estate banking''s sales strategy and led the commercial term lending business in the U.S. East region. Carr, who has managed the community development real estate teams in Chase''s West and Southwest regions, joined the bank in 2011. (Reporting by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/jpmorgan-moves-realestate-idUSL4N1IA4ZL'|'2017-05-08T23:46:00.000+03:00'
'5f3e6189826b968d3a2f2f45a35ad76c8341f075'|'Southeast Asian e-commerce firm Garena raises $550 mln, rebrands as Sea'|'SINGAPORE May 8 Southeast Asia-focused e-commerce startup Garena Interactive Holding Ltd renamed itself Sea Ltd on Monday and said it had raised $550 million to expand in key markets such as Indonesia.The fundraising by Sea comes amid a flurry of similar deals in the region as competition for a share of Southeast Asia''s biggest e-commerce market Indonesia intensifies, with more people in the 250-million strong nation gaining access to the Internet.Sea, which also provides digital payments and online gaming services, said most of the new capital would be used to grow its e-commerce platform Shopee.Shopee has more than doubled in size in the past nine months and now has an annualised gross merchandise value of over $3.0 billion, it added.Investors in Sea''s fundraising round included Farallon Capital Management, Hillhouse Capital, Indonesia''s GDP Venture and Philippine conglomerate JG Summit Holdings Inc, the company said. An investment arm of Taiwanese food conglomerate Uni-President Enterprises Corp and Cathay Financial Holding Co also took part.Sea did not disclose its current valuation, but was valued at $3.75 billion in a March 2016 funding round.In one of the biggest bets on e-commerce in Southeast Asia, Alibaba Group Holding Ltd bought a controlling stake in Southeast Asian online retailer Lazada Group for about $1 billion last year.Indonesia''s online marketplace Tokopedia is also in talks with China''s JD.Com Inc for possible fund raising, a source familiar with the matter told Reuters last week.Sea counts SeaTown Holdings, a subsidiary of Singapore state investor Temasek Holdings, and Malaysian state investor Khazanah Nasional Bhd among its investors. It also plans a $1 billion initial public offering, IFR, a Thomson Reuters publication, reported in January.On Monday, Sea also named former Singapore foreign minister George Yeo, former Indonesia minister of trade Mari Pangestu and Pandu Sjahrir, a director of Indonesian coal PT Toba Bara Sejahtra Tbk, as senior advisors. (Reporting by Aradhana Aravindan; Editing by Miral Fahmy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sea-fundraising-idUSL4N1IA1QP'|'2017-05-08T17:31:00.000+03:00'
'590e51f65cbf38a2d32294a91214478f1a0b467c'|'Reporters barred from China event seeking investment in Kushner project'|'Sun May 7, 2017 - 3:49pm BST Reporters barred from Kushner Companies'' visa-for-investment event in China A poster for an event is seen at a hotel in Shanghai, China May 7, 2017. REUTERS/Aly Song By John Ruwitch - SHANGHAI SHANGHAI Organizers barred journalists on Sunday from a publicly advertised event in Shanghai that offered Chinese investors the chance to get U.S. immigrant visas if they put money in a real estate project linked to the family of President Donald Trump''s son-in-law. The two-tower luxury apartment complex in New Jersey, One Journal Square, is being developed by KABR Group and the Kushner Companies, which until recently was headed by senior White House advisor Jared Kushner, the husband of Trump''s daughter Ivanka. The developers are seeking to raise $150 million, or 15.4 percent of funding for the project, from investors through the EB-5 visa program, according to marketing materials posted by the event''s organizer, immigration agency Qiaowai. The controversial EB-5 program allows wealthy foreigners to, in effect, buy U.S. immigration visas for themselves and families by investing at least $500,000 in certain development projects. "Sorry, this is a private event," said a man stopping journalists from entering a function room at the Four Seasons Hotel in Shanghai. Guests at the event said Kushner''s sister, Nicole Kushner Meyer, spoke for about 10 minutes, including about her family''s humble roots. According to the New York Times, Meyer attended a similar event in Beijing on Saturday and told the audience of about 100 people the project "means a lot to me and my entire family". Jared Kushner, whose White House portfolio includes relations with China, sold his stake in Kushner Companies to a family trust early this year. "Mr. Kushner has no involvement in the operation of Kushner Companies and divested his interests in the One Journal Square project by selling them to a family trust that he, his wife, and his children are not beneficiaries of, a mechanism suggested by the Office of Government Ethics," his lawyer, Blake Roberts of WilmerHale law firm, said in a statement emailed to Reuters by the White House. "As previously stated, he will recuse from particular matters concerning the EB-5 visa program." A Kushner Companies spokeswoman declined to comment in a New York Times article about the Beijing event published on Saturday. The Times story said Meyer did not respond when asked if she was concerned about possible conflicts of interest facing her brother. Journalists from the Times and Washington Post were removed from Saturday''s Beijing event, the newspapers reported. POPULAR WITH WEALTHY CHINESE One potential investor, Sophie Xing, said a "very important" factor in her decision to attend Sunday''s event was the fact the project was a Kushner Companies investment and that Trump''s son-in-law''s sister would be in Shanghai. "Actually I really don''t know how close they are but I felt that this was a pretty good project," she said. In a promotional text message seen by Reuters, Qiaowai made note of Meyer''s relationship to Trump and called her the event''s "heavyweight honored guest". Qiaowei representatives at the event declined to answer questions from journalists, and calls to its listed phone number went unanswered. Qiaowei is also known as QWOS. Its promotional materials for the project, which it also calls Kushner1, advertise the prospect of putting money in under the federal EB-5 program. The program is popular among wealthy Chinese looking to shift assets abroad or move overseas, but it has come under fire in the United States. Some U.S. lawmakers have called for changing or abolishing the EB-5 program, but the scheme was recently renewed by Congress until Sept. 30. Potential investor Xing said a Kushner representative who spoke on Sunday stressed that EB-5 rules could change after September to raise the minimum required investment. Another person who attended Sunday''s even
'4a5cf3a8c343eebce9b0d93b4d8232af3533309a'|'Trump rebukes Rexnord again for moving jobs to Mexico'|'Money News  12am IST Trump rebukes Rexnord again for moving jobs to Mexico U.S. President Donald Trump returns from a weekend at his New Jersey golf estate home via Air Force One at Joint Base Andrews, Maryland, U.S. May 7, 2017. REUTERS/Jonathan Ernst WASHINGTON President Donald Trump took aim again on Sunday at Rexnord Corp for the industrial supplier''s decision to move jobs to Mexico from Indiana. Milwaukee-based Rexnord announced plans in October to move a bearing plant and its 300 jobs from Indianapolis, employees told the Indianapolis Star at the time. "Rexnord of Indiana made a deal during the Obama Administration to move to Mexico. Fired their employees," Trump tweeted on Sunday. The Republican president also tweeted in December about Rexnord''s decision, saying he would stop jobs from being lost to countries with lower labor costs. "No more!" he tweeted at the time. Rexnord did not immediately respond to a telephone call on Sunday seeking comment outside of normal business hours. Trump, who campaigned on the promise to put American workers first, has tweeted at other companies that attracted his ire - including Lockheed Martin in December for the high cost of the F-35 fighter jet program, General Motors Co in January for its manufacturing in Mexico, and retailer Nordstrom in February for dropping his daughter Ivanka''s clothing line. (Reporting by Diane Bartz; Editing by Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-trump-rexnord-idINKBN18406L'|'2017-05-08T10:42:00.000+03:00'
'3c346ae560f5bec5b22c64bc1d8f080133b031b3'|'Nikkei hits 17-month high as foreign investors buy cyclical shares'|'* Turnover, volume both heavy* Short-term hedge funds seen covering short positions - analyst* Steel shares underperform after U.S. anti-dumping probeBy Ayai TomisawaTOKYO, May 8 Japanese shares hit levels not seen in more than 17 months on Monday in heavy trade as the yen stayed weak after Emmanuel Macron was elected president of France, as a business-friendly vision of European integration helped boost investor confidence.The Nikkei share average soared 2.3 percent to 19,895.70, the highest closing level since early December 2015. It was the biggest daily percentage gain since mid-February.Macron''s resounding victory over a nationalist, who had threatened to take France out of the European Union, brought relief to investors who had feared another populist upheaval after Britain''s vote to exit the European Union last year.Traders said long-term foreign investors such as pension funds and mutual funds had chased the market higher last month by buying Japanese stocks with robust earnings. But on Monday, short-term foreign investors such as hedge fund managers who were seen shorting Japanese stocks on geopolitical risks in late March to early April were seen covering their short positions."Political risks in Europe were one of the biggest risks of the year, but with Macron winning French election, such risks have receded so they are seen buying back," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.He said foreigners were seen buying cyclical stocks and companies with strong growth such as Keyence Corp, which ended 4 percent higher.All of the Topix''s 33 subsectors were in positive territory, and turnover was 3.4 trillion yen, the biggest since early December.On the other hand, steel shares underperformed after U.S. trade officials on Friday said their anti-dumping and subsidy probe found carbon and steel cut-to-length plate from eight other countries harms American producers, locking in duties on the imports for five years.JFE Holdings and Nippon Steel and Sumitomo Metal Corp fell about 0.3 percent each.The broader Topix rose 2.3 percent to 1,585.86, with 2.408 billion shares changing hands, the highest since mid December.The JPX-Nikkei Index 400 advanced 2.3 percent to 14,168.72. (Reporting by Ayai Tomisawa; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-close-idINL4N1IA2IP'|'2017-05-08T04:47:00.000+03:00'
'6f7b25b2a357177037fcf209368b3fbe1f2ae1e9'|'Music application Smule raises $54 million in Tencent-led round as it eyes IPO'|'By Lauren Hirsch Social media music company Smule has raised $54 million in a financing round led by Chinese technology giant Tencent Holdings Ltd, which it will use to fuel international growth, the company said on Monday.The deal will help San Francisco-based Smule expand its foothold in Asia and puts it on course for an initial public offering that could come as soon as within the next year and a half. Only a third of its users are in North America."We''ve seen significant growth in Southeast Asia in the past few years," said Smule Chief Executive Jeffrey Smith. "(The region) is very important to the future of the internet, and we want to leverage some of the work that Tencent has done in China."Tencent was joined by existing investors Adams Street Partners and Bessemer Ventures in the fundraising round, which gave Smule a valuation of $604 million, a source familiar with the situation said, requesting anonymity as the company''s finances are private.Tencent, best known for its WeChat mobile app, has pointed to growing its digital music business as a key strategic initiative. Last year, it took a majority stake in a new venture that combined its digital music business with China Music Corporation, China''s leading music-streaming business."We are confident that our investment in Smule will further strengthen our position to capture the promising potential in the digital music market," Poshu Yeung, Tencent<6E>s vice president of international business, said in a statement.Tencent''s Southeast Asian network will be key as Smule looks to increase its share of the growing mobile user base in the region, already home to 40 percent of Smule''s users. Smule will use the funds from the round for marketing and to build out its international infrastructure, including data centers.Some of Smule''s largest competitors are based in Asia, such as China''s ChangBa and Tencent''s own WeSing.Smule, which had $101 million in revenue last year, has 52 million monthly active users.The application allows users to record and layer on duets with singers such Ed Sheeran through its flagship app Sing! Karaoke. Artists upload their audio onto the platform to interact with fans and promote their music.After artist Luke Bryan posted a Smule video duet with fellow singer Jason Derulo of the song "Want To Want Me," it doubled its sales for the week.(Reporting by Lauren Hirsch in New York; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fundraising-smule-idINKBN1840ZO'|'2017-05-08T08:01:00.000+03:00'
'39e12212f1582ac944c9780377a0fad00b51b7a3'|'UK house price growth remains at near four-year low - Halifax'|'Economy - Mon May 8, 2017 - 9:10am BST UK house price growth remains at near four-year low - Halifax A row of houses are seen in London, Britain June 3, 2015. REUTERS/Suzanne Plunkett LONDON British house price growth remains at its weakest level for nearly four years, mortgage lender Halifax said on Monday, echoing other signs of a slowdown in the housing market amid uncertainty about the impact of Brexit on the economy. House prices rose 3.8 percent in the three months to April compared with the same period a year ago, the same pace as in March which was the weakest increase since May 2013. Economists taking part in a Reuters poll had expected the pace of house price growth to slow to 3.6 percent. Prices fell by 0.1 percent between March and April, the first monthly decline since January, and were down 0.2 percent in the three months to April compared with the previous three months, the first such fall since 2012, Halifax said. Martin Ellis, an economist with Halifax, said the slowdown reflected the strong increase in prices between 2014 and 2016 as well as the squeeze on household finances caused by rising inflation and a weakening in the labour market. Rival mortgage lender Nationwide has said British house prices fell for a second month in a row in April and the Bank of England said last week number of mortgages approved in March was its lowest in six months. (Writing by William Schomberg; editing by Michael Holden)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-houseprices-halifax-idUKKBN1840P2'|'2017-05-08T16:00:00.000+03:00'
'9ff3988a81345d5287b8c8dc7bc71b6e632fe569'|'ISS urges PrivateBancorp shareholders to reject $4.9 billion CIBC takeover'|'NEW YORK Institutional Shareholder Services urged PrivateBancorp ( PVTB.O ) stockholders to reject Canadian Imperial Bank of Commerce''s ( CM.TO ) latest takeover offer, citing possible Canadian housing market contagion that could undermine the $4.9 billion cash-and-stock bid.The shareholder advisory firm flagged uncertainty around the outlook for the Canadian housing market and its possible impact on the country''s banking shares as among the reasons for its recommendation in a note dated May 6.CIBC raised the cash element of its offer for Chicago-based PrivateBancorp on Thursday in what it called its "best and final offer," aiming to offset a drop in its share price that had eroded the value of an earlier bid.ISS had recommended shareholders vote against CIBC''s original offer, made in June 2016, as well as a revision from the Canadian bank in March.Home Capital Group ( HCG.TO ) is facing a run on deposits as confidence in the alternative mortgage lender has fallen following allegations from a securities regulator that executives hid mortgage broker fraud from investors, raising fears as the Canadian housing market is showing signs of price correction after a long boom.The ISS recommendation came ahead of a vote by PrivateBancorp shareholders on the takeover scheduled for Friday. Both banks reiterated on Monday that the vote would go ahead as planned.While the potential impact of Home Capital''s problems on Canadian bank stocks is difficult to gauge, ISS said, heightened investor concern would undermine shares in CIBC, which appears to have greater exposure to the residential housing market than its peers.Meanwhile PrivateBancorp''s shares could receive a boost from a possible overhaul of U.S. tax and banking regulation, the note said.In a separate report released on Monday, brokerage Stephens said PrivateBancorp shareholders needed to consider how much further value from an improved U.S. banking environment could be added to the bank''s share price after a more than 25 percent surge since the election of President Donald Trump in November."If you are bullish on rates, regulations, and the economy, here is your chance to vote ''no''. If not, take what''s in your hand," the brokerage said.CIBC has offered $27.20 per share, as well as a stock component of 0.4176 of its shares for each of the U.S. bank''s shares, in a takeover offer effectively worth $60.43 per PrivateBancorp share.PrivateBancorp shares were down 1.2 percent at $58.95, while CIBC shares were up 0.3 percent at C$108.98 ($79.46).(Reporting by David French; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-privatebancorp-m-a-cibc-idINKBN1841VV'|'2017-05-08T14:31:00.000+03:00'
'69cf9ca774042b09c6f338eae408d5bb83ac9279'|'UK Stocks-Factors to watch on May 8'|'May 8 Britain''s FTSE 100 index is seen opening up 30 points at 7,327 on Monday, according to financial bookmakers. * LLOYDS: British bank Lloyds plans to hand the reins to its finance director if the bank''s chief executive quits for another job, The Times reported on Monday. ( bit.ly/2poVDjB ) * OIL: Oil prices closed 1.5 percent higher on Friday, rebounding from five-month lows, following positive U.S. jobs data and assurances by Saudi Arabia that Russia is ready to join OPEC in extending supply cuts to reduce a persistent glut. * GOLD: Gold pared gains on Friday after data showed U.S. job growth rebounded in April and stayed on track for its biggest weekly loss in six months as expectations for a U.S. interest rate hike in June grew and euro zone political risk receded. * COPPER: Copper recovered on Friday from a five-month low as mine workers in Peru considered launching a new strike and some investors regarded the lower prices as good value. * The UK blue chip index rose 0.7 percent on Friday, due to robust earnings and strength in resources-linked stocks. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Numis Corporation Plc Half Year 2017 Earnings Release Centrica Plc Q1 2017 Trading Statement Release Baring Emerging Europe Plc Half Year 2017 Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Harish Bhaskar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1IA2EA'|'2017-05-08T13:52:00.000+03:00'
'4a8f238d9cc65884d030cc949bced0b811a4178c'|'Alfa Financial Software plans to list in London next month'|' 11am BST Alfa Financial Software plans to list in London next month By Esha Vaish Alfa Financial, which provides software for the asset finance industry, said it plans to list on the London stock exchange next month. The company, which counts Bank of America and Barclays as customers, would be aiming for a valuation of over 800 million pounds after the initial public offering (IPO), a person familiar with the matter said. London-based Alfa said in a statement that it hopes the listing will help it grab a larger chunk of the asset finance market by attracting new customers looking to replace legacy or in-house systems that have failed to keep up with evolving regulations. Uncertainty around Britain''s future outside of the EU single market has dampened sentiment for floating on the London market, with the amount raised from London IPOs falling 28 percent in the first quarter from a year ago. Alfa, however, said Brexit uncertainty had not affected its listing plans as the underlying asset finance market continued to grow strongly. "The asset finance market is an incredibly robust mart and has shown growth through all sorts of political and economic turbulence. So whatever is going on ... we''re very confident in our constituent market," Chief Executive Andrew Denton told Reuters in a phone interview. "(The listing) will be good for us to be more widely known. We believe that will greatly increase our market breakup." The asset finance market globally was estimated to be worth about $5.4 trillion (<28>4.16 trillion) by 2015, with $2.6 trillion of this relating to new business volumes, according to PwC. Alfa said that it expected to float at least 25 percent of its shares, including the sale of shares by investor CHP Software and Consulting Ltd, which is 89.7 percent owned by Executive Chairman Andrew Page and 10.3 percent by Denton. Alfa''s business is split between the United States and Europe and funds from its highly cash-generative business would cover potential growth plans, which include growing its newly launched cloud-based service and rolling out upgrades for its existing platform. "The key thing for us is to be on the market for all of the good things that brings us, rather than raising money," Denton said. Barclays and Numis are acting as joint bookrunners for the IPO, while Rothschild is acting as financial adviser. (Reporting by Esha Vaish in Bengaluru; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-alfa-financial-ipo-idUKKBN18410E'|'2017-05-08T18:11:00.000+03:00'
'33e13427b698d9ecab8c3edca9ea082b48fdd5ca'|'European markets set for only modest relief rally after well-flagged Macron win'|'Money News  30am IST European markets set for only modest relief rally after well-flagged Macron win French President elect Emmanuel Macron and his wife Brigitte Trogneux celebrate on the stage at his victory rally near the Louvre in Paris, France May 7, 2017. REUTERS/Christian Hartmann By Jemima Kelly - LONDON LONDON European markets were set for some additional relief on Monday after Emmanuel Macron''s election as French president, though gains were expected to be limited, given the sizeable moves already seen over the past two weeks as polls pointed to his victory. The euro topped $1.10 in early Asian trading for the first time since Donald Trump''s U.S. election win, but it had slipped back to just below that level by 2220 GMT, and even its earlier peak of $1.1024 represented just a 0.2 percent rise -- a tenth of the size of the move seen in the wake of the first round of the election two weeks ago. With French political risks -- and the wider threat to the euro zone that came with them -- dissipating, global investors reckon the focus will now switch to the details of Macron''s programme and his ability to command workable support for his en Marche! (Onwards!) party in June''s assembly elections. And more immediately important for European markets is the underlying buoyancy of the euro zone economy and the prospects for the European Central Bank further reducing is massive bond-buying stimulus. "The focus of investors is turning away from political risks, back to the ECB, what will be its next action, when will it start to unwind its accommodative policy," Michala Marcussen, chief economist at Societe Generale CIB, told Reuters. State Street''s head of investments for Europe, the Middle East and Africa, Bill Street, said the result -- along with a preliminary debt agreement for Greece last week -- would provide a relief rally, though only a short-term one. If Macron "gets a working parliament and builds a partnership with Germany to launch meaningful reforms", Street said -- which he called the "Goldilocks scenario" -- that would mean further gains for markets by year-end, as that outcome had not yet been priced in. For now, though, market moves were expected to be modest. The euro recorded its biggest one-day rise since last June after the first round on April 23, and has climbed almost 3 percent since, so fresh drivers are seen as needed for further substantial gains. Many analysts have said that $1.10 marks roughly the top of where the euro should be trading, given that the ECB is still pumping 60 billion euros into the economy every month, while the U.S. Federal Reserve moves in the opposite direction by tightening policy. The spread between French 10-year government bond yields and their German equivalent -- a key barometer of risk sentiment over the French election over the past few months, had already narrowed before Sunday''s results, with the spread reaching its tightest in six months on Friday. [GVD/EUR] London-based Jupiter Asset Management fund manager Stephen Mitchell, among others, said that spread should narrow further on Monday, as well as the spread between Italian and German bonds, while equities should also react positively. But he added that any market reactions were likely to be modest, with investors waiting for June''s legislative elections and Macron''s pick for prime minister before becoming too elated. EUROPEAN RECOVERY CYCLE Erin Browne, head of macro investments at UBS O''Connor, a New York-based hedge fund manager, said despite the fact that Macron''s victory had been widely expected, it would nevertheless spur further gains in European stocks. "Moving past this hurdle will encourage inflows into European risk assets," she said. "The European economic and profits recovery cycle is at a much earlier stage than in the United States, and offers better valuation and upside potential." Pollsters'' projections gave the market-friendly, pro-Europe Macron a winning margi
'708ae1756ae60de5be1b9542ec6c60aa5bbd5ab1'|'PRESS DIGEST - Wall Street Journal - May 8 - Reuters'|'May 8 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Emmanuel Macron was elected president of France Sunday in a victory for a political newcomer who campaigned on promises to reform France''s heavily regulated economy and fight a tide of nationalism sweeping the European Union. ( on.wsj.com/2ppIOFu )- TV station giant Sinclair Broadcast Group Inc is close to a deal to acquire Tribune Media Co for close to $4 billion, a person familiar with the matter said. ( on.wsj.com/2ppIvKQ )- New York property developer Kushner Cos, owned by the family of Trump administration senior adviser Jared Kushner, launched a weekend marketing campaign for a New Jersey development, targeting major Chinese cities for wealthy individuals to invest a combined $150 million for the chance to secure U.S. immigration rights. ( on.wsj.com/2ppGzSF )- Comcast Corp and Charter Communications Inc are striking a wireless partnership, people familiar with the matter said, as the cable giants look to get a piece of the cutthroat business. ( on.wsj.com/2pps7Ku )- President Donald Trump is preparing to turn to the nomination of a slate of conservatives for judgeships to the lower federal courts. Trump as soon as Monday will announce a batch of picks for 10 judicial posts, including five nominees for the powerful federal appeals courts, according to a person familiar with the matter. on.wsj.com/2ppE038- Eighty-two of the nearly 300 Chibok schoolgirls seized three years ago by Boko Haram were freed on Sunday in exchange for detained members of the militant group, the biggest breakthrough in the effort to recover the insurgency''s most-famous captives. on.wsj.com/2ppzmSx (Compiled by Ismail Shakil in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1IA24B'|'2017-05-08T03:00:00.000+03:00'
'03438ed891914438d1711fb6929ce0a4f63a8deb'|'Big investors urge Trump to stick with Paris climate accord'|'Business News - Mon May 8, 2017 - 12:13am BST Big investors urge Trump to stick with Paris climate accord U.S. President Donald Trump delivers remarks at an event with veterans and Australia''s Prime Minister Malcolm Turnbull commemorating the 75th anniversary of the Battle of the Coral Sea, aboard the USS Intrepid Sea, Air and Space Museum in New York, U.S. May 4, 2017. REUTERS/Jonathan Ernst OSLO Investors with more than $15 trillion of assets under management urged governments led by the United States to implement the Paris climate accord to fight climate change despite U.S. President Donald Trump''s threats to pull out. "As long-term institutional investors, we believe that the mitigation of climate change is essential for the safeguarding of our investments," according to the letter signed by 214 institutional investors and published on Monday. "We urge all nations to stand by their commitments to the Agreement," it said. Signatories of the letter included the California Public Employees Retirement System and other pension funds from Sweden to Australia. The letter was addressed to governments of the Group of Seven, before a summit in Italy on May 25-26, and to leaders of the Group of 20 who will meet in Germany in July. Trump is due to announce in coming days whether he will carry out a campaign threat to "cancel" the 2015 Paris Agreement, which aims to limit a rise in temperatures by phasing out use of fossil fuels. The European Union has been scrambling to persuade Trump, who wants to bolster the U.S. coal industry, to stick with the accord. His advisers have warned of legal problem if Washington stays but waters down its climate commitments. "Climate change action must be an urgent priority in the G20 countries, especially the United States, whose commitment is in question," Mindy Lubber, head of the non-profit organisation Ceres, which helped coordinate the letter, said in a statement. Stephanie Pfeifer, CEO of the Institutional Investors Group on Climate Change in Europe, which also coordinated the letter, said nations should shift to a low-carbon economy "regardless of what the U.S. administration does". Separately, senior government officials from almost 200 nations will meet in Bonn from May 8-18 to work on detailed rules for the Paris Agreement. (Reporting By Alister Doyle; Editing by Susan Fenton) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-climatechange-investors-idUKKBN183164'|'2017-05-08T07:13:00.000+03:00'
'5aa66e0ff554a8a9aa2852d23d6fe4d2f82e691a'|'Standard Life and Aberdeen merger likely to mean 10% job losses - Business - The Guardian'|'Standard Life and Aberdeen Asset Management expect to cut 800 jobs, nearly 10% of the firms<6D> total workforce, within three years of their looming merger, Standard Life said after announcing on Tuesday that the combined group will be named Standard Life Aberdeen.The Scottish companies agreed in March on an <20>11bn ($14.2bn) all-share deal they said is expected to bring <20>200m in annual cost savings.Insurer and asset manager Standard Life and rival asset manager Aberdeen are facing competition from passive index-tracking funds which charge lower fees. The sector is also coming under increasing regulatory scrutiny, sparking a number of mergers and expectations of more to follow.Standard Life and Aberdeen seek to tie in key staff in <20>11bn merger Read more The combined firm<72>s 16-member board will be headed by Gerry Grimstone, current Standard Life chairman, while Standard Life and Aberdeen chief executives Keith Skeoch and Martin Gilbert will be co-chief executives of the new firm, a structure which some investors have criticised.Standard Life also gave a trading update, saying it has <20>made further progress<73> in the first three months of 2017, with net investment inflows of <20>3.1bn ($4.01bn), excluding its Global Absolute Return Strategies (GARS), which saw outflows of <20>2.8bn.GARS was a flagship investment product for Standard Life, but it has seen weaker performance in recent quarters.Shareholders of both firms will vote on the merger at extraordinary general meetings on 19 June, with the deal expected to complete by mid-August.Topics Standard Life Aberdeen Asset Management Insurance industry news     Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/09/ten-percent-of-jobs-to-be-lost-in-standard-life-and-aberdeen-merger'|'2017-05-10T07:19:00.000+03:00'
'c2b7405bcd784bb89da0ded78ecd4f607bb518ff'|'EU to tackle complaints over unfair trading practices by tech companies'|'Innovation and Intellectual Property - Wed May 10, 2017 - 10:06am EDT EU to tackle complaints over tech companies'' trading practices left right European Commission Vice-President Andrus Ansip addresses a news conference on Digital Single Market at the EU Commission headquarters in Brussels, Belgium May 10, 2017. REUTERS/Francois Lenoir 1/2 left right European Commission Vice-President Andrus Ansip addresses a news conference on Digital Single Market at the EU Commission headquarters in Brussels, Belgium May 10, 2017. REUTERS/Francois Lenoir 2/2 By Julia Fioretti - BRUSSELS BRUSSELS The European Union''s executive is planning a possible law to deal with complaints about unfair trading practices by leading online players such as Apple ( AAPL.O ) and Google ( GOOGL.O ). The European Commission said on Wednesday in a mid-term review of its digital strategy that it would prepare an initiative by the end of the year to address unfair contractual clauses and trading practices in relations between platforms and businesses, prompting strong criticism from the tech industry. This follows on from EU proposals to remove barriers in online services to improve European companies'' chances of competing against U.S. tech giants like Google, Apple and Facebook ( FB.O ). European companies such as Spotify, Rocket Internet ( RKET.DE ) and Deezer ( DZR.PA ) have complained that online platforms - such as search engines and app stores - abuse their position as gateways to customers to promote their own services or impose imbalanced terms and conditions. The Commission said that initial findings of an investigation launched last year showed platforms were delisting products or services without due notice, restricting access to data or not making search result rankings transparent enough. The Commission wants to establish fair practice criteria, measures to improve transparency and a system to help to resolve disputes. Spotify hit out at Apple last year after it rejected an updated app for the Swedish music streaming service on iPhones, saying it diminished its competitiveness on Apple''s iOS software. EDiMA, which represents the main online platforms like Amazon ( AMZN.O ), Apple, Google and Facebook, said it was "disappointed and astounded" at the announcement. "Considering online platforms <20>key gatekeepers<72> deviates greatly from the progressive thoughts put forward by the Commission in its platform communication in 2016," EDiMA said in a statement. James Waterworth, vice president of lobby group CCIA Europe which includes Google, Facebook and eBay ( EBAY.O ), said the Commission should use "flexible tools like competition law to resolve any problems on a case by case basis." However, some in the music industry welcomed the initiative, saying unfair trading practices had become commonplace in the online environment. "There is a <20>power gap<61> that distorts competition <20> it needs to be addressed and we hope the Commission<6F>s upcoming proposals in this area will be up to the task," said Helen Smith of IMPALA, the Independent Music Companies Association. HATE SPEECH The Commission''s mid-term review also looked at the issue of hate speech on social media. It said it would coordinate more effectively on existing initiatives - such as a code of conduct with the main social media companies - and provide guidance on dealing with illegal content to avoid overly zealous removals. An earlier draft of the Commission''s mid-term review of its digital single market strategy showed it was considering legislation on how companies should take down hate speech and incitement to violence, but that idea has been scrapped. The German parliament is discussing a law to fine social media networks up to 50 million euros ($54 million) if they fail to remove hate speech postings quickly. To encourage social media companies to be more proactive, the Commission said it would provide guidance on a "good Samaritan" principle whereby companies would not be h
'fd0e4109f05a7565067ec6a63c124565279c6169'|'Brexit will leave <20>a business support black hole,'' says report - Guardian Small Business Network - The Guardian'|'Eight in 10 SMEs have sought business support services over the past 12 months, according to a report from the Federation of Small Businesses (FSB). With <20>3.6bn of dedicated small business support coming from the EU (between 2014 and 2020) the UK must fill the shortfall to prevent economic slowdown after Brexit.In addition, the UK government has not budgeted for a regional development fund beyond 2021. Mike Cherry, national chair of the FSB, said: <20>Small businesses across the country are staring into a business support black hole from 2021. This is a particularly pressing issue for the many small firms with growth ambitions and those in less economically developed regions.<2E>Theresa May''s industrial strategy: what took them so long? Read more The government<6E>s commitment to an industrial strategy that supports all regions cannot be delivered without new ways of supporting regional economic growth, says the report, Reformed Business Funding: what small firms want from Brexit .Businesses in Northern Ireland (32%), Wales (26%) and Yorkshire (25%) were most likely to apply for EU-funded schemes, according to the report. Most applicants (68%) said that EU funding had a positive impact on their business, and (64%) said it had a positive impact on the local area.There is a strong link between firms<6D> growth ambitions and their decision to apply for funding. Of those that applied, 89% were looking to grow the business by 20% or more.The report highlights that funding to UK regions has varied according to economic need. It says: <20>EU funds provide a vital support structure for comparatively disadvantaged areas of the UK, such as Wales , the north east and Cornwall.<2E>The FSB recommends that the devolved governments of Scotland, Wales and Northern Ireland continue to control the allocation of funding in their respective regions after Brexit. As the Local Growth Fund spending round also comes to an end in 2021 it is particularly important that the regional split of (future) funds is <20>maintained on the basis of need in the period after we leave the EU,<2C> says the report.Despite the level of EU funding, the FSB report finds a gap in small firms<6D> knowledge of EU-funded programmes. Of those that had not applied for EU funds, 44% said they were unaware of the opportunity.What does Brexit mean for business funding in Wales? Read more While EU funding only makes up part of the UK<55>s business support and finance landscape, it is vital in regions where infrastructure is less developed. The FSB suggests that more small businesses have benefitted from EU funds than research suggests since much comes through intermediary sources. However, those that knowingly applied for EU schemes were frustrated by the process. The most common complaints among EU funding applicants were the amount of information required (59%) the length of the application process (47%) and the level of reporting requirements once funds were granted (44%). As such, the FSB proposes a reduction in bureaucracy in business funding post-Brexit.Cherry said: <20>Brexit marks an unprecedented opportunity for fundamental reform. LEPs [local enterprise partnerships] and Growth Hubs must be empowered to tailor and simplify support according to local requirements. Ensuring that all small firms are aware of business support schemes should be a top priority.<2E> He added: <20>The new government must prioritise the development of a Growth Fund for England pre-Brexit or risk a slowdown in the economy.<2E>The FSB report included a survey of 1,659 FSB members in December 2016 and interviews and focus groups with FSB members across the UK.Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics Guardian Small Business Network Entrepreneurs EU referendum and Brexit Yorkshire Wales Northern Ireland news   Share   Reuse this content'|'theguardian.com'|'http://feeds.guardian
'f158d74190c794329679ec70dc6d9c4a0a91aa5c'|'Brimming U.S. oil storage tanks to feel OPEC cuts last'|'NEW YORK The energy industry scrutinizes U.S. oil stockpile data every week for evidence that OPEC supply cuts are ending a global crude glut, but growing domestic output means the world''s largest oil consumer may be the last place to feel the cuts.Stubbornly high U.S. inventory levels have shaken market confidence that a deal by the Organization of the Petroleum Exporting Countries (OPEC), Russia and other top producers to cut 1.8 million barrels per day (bpd) from supply will end the two-year glut.This week, benchmark Brent crude prices slipped below $50 a barrel. Brent has given up all the gains made since the supply cuts were agreed late last year. [O/R]U.S. inventories are a trusted barometer for the health of global oil markets because of the transparency of the data and their location in the country that consumes around a fifth of the world''s oil.But U.S. crude inventories have only grown since the supply cuts took effect. The initial spike in oil prices after the deal reinforced already resurgent production from the U.S. shale industry.The rush back into the fields boosted U.S. shale output to an estimated 5.2 million bpd in May from 4.5 million at the end of 2016. The increase of 700,000 bpd in U.S. supply has replaced much of the output cuts delivered under the OPEC-led agreement.Offshore production in the Gulf of Mexico has also hit a record, bringing total U.S. output to 9.3 million barrels a day, its highest since August 2015.That has helped keep U.S. stockpiles full."As long as U.S. producers are able to pump oil at a profit then the rebalancing in the U.S. is going to take time," said Mark Watkins, regional investment manager at U.S. Bank."It''s going to be an extended period of time still. I would look to at least the end of the year."In addition, producer countries that pumped a lot of their own oil into storage at home have recently been exporting from those tanks to consumer countries such as the United States.OPEC members typically do not disclose their stock levels. So even though the export of stored oil is part of the effort to draw down global inventories, it also has pushed previously invisible inventories into global storage data.Those OPEC shipments may now be easing. Thomson Reuters shipping data shows crude exports from the group dropped from March to April by about 50 million barrels to 741.2 million barrels.U.S. STOCKPILES RISEU.S. crude inventories hit records earlier this year, and remain up 10 percent since the OPEC-led supply cuts took effect on Jan. 1.U.S. crude stocks stand at 527.8 million barrels, nearly 30 percent higher than the average of the past five years, according to government data.Exports from the United States have been steadily rising and have also regularly reached records this year. If markets tighten elsewhere, U.S. exports will increase and this should drain domestic inventories more quickly."What you''re going to have to see is global supply across the world drop and U.S. crude ship out before you start to see a meaningful drop in U.S. inventories," said Watkins."And that''s something that''s started a little bit, but it''s pretty marginal."Despite the high domestic output, there are some signs that efforts to reduce the global glut may be having an impact in the United States.A recent four-week run of U.S. inventory draws has been larger than the 2011-2016 average for this time of year, said Credit Suisse in a note on Friday.IMPACT ELSEWHEREMore tangible impacts on inventories can be seen elsewhere, some analysts said; inventories simply need more time to return to average levels.There have been some signs of drawdowns in global inventories, particularly in floating storage, when oil is stored in a tanker anchored offshore. According to Clipperdata this type of storage has been falling near the refining hub of Singapore.Singapore "acts as such a parking lot for tankers and should we see Singapore floating storage be drawn down materially that would indicate that 
'd0099786c5aebf88bb6db69c3504ee3dda6b70ca'|'EU pollutant limits threaten large coal power plants - research'|'Business News - Mon May 8, 2017 - 6:09am BST EU pollutant limits threaten large coal power plants - research A view of the coal-fired power station of the Public Power Corporation (PPC) near the northern town of Ptolemaida, Greece, April 2, 2017. Picture taken April 2, 2017. REUTERS/Alexandros Avramidis By Nina Chestney - LONDON LONDON Stricter European Union pollutant limits could lead to costly upgrades or the closure of one third of Europe''s large-scale coal power plant capacity, a report by the Institute for Energy Economics and Financial Analysis (IEEFA) showed on Monday. On April 28, EU member states approved stricter limits on pollutants such as sulphur oxides (SOx) and nitrogen oxides (NOx) from large combustion plants in Europe which can cause air pollution and respiratory diseases. To comply with the new rules by 2021, utilities will either have to invest in new technology to retrofit coal plants, restrict operating hours to under 1,500 a year or close the facilities, the IEEFA said. "The cost of compliance will be prohibitive for many of these installations, given the market outlook and other headwinds," said Gerard Wynn, consultant to IEEFA and co-author of the report. Europe''s coal power fleet is already struggling to remain profitable due to low wholesale power prices, weak energy demand and growth of renewables. A record 10 gigawatts (GW) of capacity closed in Europe last year and several EU governments have promised to phase out coal next decade. To meet EU emissions targets under a global climate pact, the Paris Agreement, a quarter of current EU coal capacity needs to shut by 2020 and all of it by 2030, the Climate Analytics think-tank said this year. Energy and environment economic research organisation IEEFA analysed around 600 installations in Europe which burn coal, lignite and biomass. It found that 108 of those, totalling 56 GW of electrical capacity and a third of EU coal-fired generation capacity, are responsible for the most SOx and NOx emissions and are at least 40 percent above the EU limits. Polish power companies PGE and Tauron, Italy''s Enel, Spain''s Endesa, France''s EDF, Czech Republic''s CEZ, Britain''s Drax and Greece''s PPC operate more than half of those plants. These operators will have to use NOx abatement technology which would add 2-4 euros per megawatt hour to the cost of power generation and/or SOx abatement which would add 6-7 euros/MWh. When plants exceed both NOx and SOx limits, retrofitting could add 8-11 euros/MWh to generation costs. "These costs range from 5 to 30 percent of expected European wholesale power prices in 2021 (40 euros), a highly significant burden," the report said. "We conclude that in the case of older power plants particularly, these costs are prohibitive, and that it would be more rational to close the installations," it added. (Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-coal-closure-idUKKBN18315X'|'2017-05-08T13:09:00.000+03:00'
'a17eafdec581abd77bebb21072a4a780ddaedbf1'|'UPDATE 1-TPG-backed consortium makes $1.6 bln offer for Fairfax metro newspapers, real estate arm'|'SYDNEY A consortium led by U.S. private equity firm TPG Capital made a A$2.2 billion ($1.63 billion) cash proposal to acquire Fairfax Media Ltd''s ( FXJ.AX ) metropolitan newspapers and Domain real estate classifieds unit, the Australian media group said on Monday.The proposal would involve shareholders retaining scrip exposure to the company''s regional and New Zealand newspaper assets as well as its radio and digital streaming divisions, Fairfax said in an statement.Fairfax, owner of The Sydney Morning Herald and The Australian Financial Review, said its board of directors was reviewing the proposal from the TPG-led consortium, which also included the Ontario Teachers'' Pension Plan Board."The Fairfax board notes that there is no certainty that the indicative proposal is capable of being implemented given the complexity involved in splitting the businesses," the company said. "This proposed split of businesses may not optimize shareholder value."The consortium is offering A$0.95 a share cash for the metropolitan newspapers and real estate classified assets, which compares with Fairfax''s closing price of A$1.06 a share on Friday.TPG could not be reached immediately for comment.Fairfax had been planning to demerge its Domain real estate classifieds unit, Australia''s second-biggest property listings website, later this year.The media company''s proposal to merge its New Zealand newspaper assets with those of NZME Ltd ( NZM.NZ ) was rejected last week by regulators in that country on the grounds it would lead to unprecedented local media influence.Many of Fairfax''s Australian newspaper journalists are on strike until Wednesday in protest of plans to cut 125 jobs, or about one-quarter of its editorial staff.(Reporting by Jamie Freed; Editing by Sandra Maler and Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-fairfax-media-m-a-tpg-idUSKBN18313Y'|'2017-05-08T06:18:00.000+03:00'
'c240678effa88cde43c1c41ac43a8fd32f16cf49'|'Activist investor Elliot takes 15.3 percent stake in software maker Gigamon'|'Activist investor Elliot Management reported a 15.3 percent stake in Gigamon Inc, making it the software maker''s top shareholder, and called the shares "significantly undervalued."Gigamon shares jumped 10.3 percent to $38.60 in early trading on Monday.Elliot plans to discuss with Gigamon''s board opportunities to maximize shareholder value, according to the filing, according to a according to a regulatory filing. ( bit.ly/2qhlQ7H )The Paul Singer-led hedge fund said it may develop plans and proposals suggesting potential changes in the company''s operations and management, among other possible moves.The activist investor becomes the top shareholder in the network specialist, followed by The Vanguard Group Inc, which has a 7.64 percent stake, according to Thomson Reuters data.Two weeks back, Gigamon reported a loss of $2.23 million for the first quarter, compared with profit of $2.97 million a year earlier.Dougherty & Co analyst Catharine Trebnick said after the results that Gigamon had multiple red flags, including weakness in its enterprise business and no acceleration in customer additions.The company''s stock had fallen about 23 percent this year through Friday.(Reporting by Laharee Chatterjee in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-gigamon-inc-elliot-management-idINKBN1841HW'|'2017-05-08T12:03:00.000+03:00'
'89812ec33b687305ca035b771464af124c506d82'|'US STOCKS-S&P 500 futures rise Macron wins French election'|'U.S. equity index futures edged higher on Sunday in the wake of a victory by the centrist candidate in the closely watched presidential French election, suggesting the benchmark S&P 500 may push further into record territory when trading reopens on Monday morning.S&P 500 emini futures ESv1 were last up fractionally after electronic trading reopened for the week late on Sunday afternoon. Futures initially ticked about 0.2 percent higher but have since pared some of the gain.The move came after independent centrist Emmanuel Macron, who favors keeping France inside the European Union, was elected the country''s president, easily beating back a challenge from EU critic Marine Le Pen.On Friday the S&P 500 .SPX marked a record-high close, as energy stocks bounced back along with oil prices and the government reported U.S. job growth had rebounded in April.Macron''s victory was seen as a supporting factor for global equity markets that have had some concern about the tide of nationalism and protectionism in recent political contests on both sides of the Atlantic."It''s a win for Europe, and it''s a win for global markets," Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey."We didn''t see a strong risk-off market going into today''s runoff. That said, there was always trepidation that perhaps this time the pollsters would have it wrong."Macron had secured more than 65 percent of the vote to Le Pen''s 34.5 percent with 45 million ballots counted out of 47 million registered French voters.(Additional reporting by Olivia Oran; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN18314E'|'2017-05-08T06:06:00.000+03:00'
'9eb3f6fbba914cdddfa69651edf7747950e26ac9'|'Recent weak growth, inflation data should concern Fed - Bullard'|'Economy News - Mon May 8, 2017 - 4:49pm BST Recent weak growth, inflation data should concern Fed: Bullard FILE PHOTO - James Bullard, President of the St. Louis Federal Reserve Bank, speaks during an interview with Reuters in Boston, Massachusetts, U.S. on August 2, 2013. REUTERS/Brian Snyder/File Photo AMELIA ISLAND, Fla. The economy''s weak performance at the start of the year should slow Federal Reserve plans for further rate increases, now broadly expected to resume at the central bank''s June meeting, St. Louis Federal Reserve bank president James Bullard said on Monday. "The first-quarter GDP growth was disappointing and it means we are starting the year in an inauspicious way...It was consumption growth that was weaker and that is a concern because consumption has been a strong point," said Bullard, who feels in the current low-growth economic climate the Fed may need at most one more rate increase. "On inflation the numbers were disappointing. We have been telling a story that we are trending back towards 2 percent and we went the other way," away from the Fed''s formal target. Given the data, he said continuing to increase rates would raise concerns the Fed was being guided more by the calendar, with market expectations aligned strongly behind a June rate increase, than by the economy. <20>I worry we get back into calendar-based policy...and not paying attention to what is happening in the data,<2C> said Bullard. Bullard''s view is in the minority among a group of policymakers who feel increasingly confident the Fed can raise rates steadily over the next couple of years. In remarks at an Atlanta Federal Reserve bank conference here, Bullard elaborated on his view that, to the contrary, low rates may be here to stay. Continued strong global demand for safe assets along with sluggish growth in the U.S. workforce, he said, will hold down U.S. interest rates for the foreseeable future. In particular, he said that has lowered the "natural" rate of interest that serves as a rough estimate of where the federal funds target rate would come to rest over the long term. Bullard has argued since last year that in a low-growth, low-productivity, low-inflation "regime," the appropriate federal funds rate is less than one percent - about where it is now following the Fed''s most recent rate hike in March. He said there is no reason to expect any of those dynamics to change soon, and no reason for the Fed to march rates steadily higher. "The natural rate of interest, and hence the appropriate policy rate, is low and unlikely to change very much," said Bullard. "The policy rate is approximately at an appropriate setting today." (Reporting by Howard Schneider; Editing by Chizu Nomiyama and Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-fed-bullard-idUKKBN1841FX'|'2017-05-08T23:48:00.000+03:00'
'95fc3424a27f3157d8fb16f90441747057dff60d'|'Supreme Court exempts farm, construction vehicles from Euro-IV order - TV'|'NEW DELHI The Supreme Court has exempted farm and construction vehicles from its Euro IV order, local TV channels reported on Monday, a move that could help tractor makers like Mahindra and Mahindra ( MAHM.NS ) and Escorts Ltd ( ESCO.NS ).The government is finalising new emission norms for tractors, the reports said.India has already banned sales of vehicles running on older Euro III compliant fuel technology from April 1.(Reporting by Nidhi Verma; Editing by Malini Menon)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/india-supremecourt-vehicles-euro-iv-idINKBN1840LZ'|'2017-05-08T05:18:00.000+03:00'
'f6e829d556658409447dfb4fb9a854658c015800'|'MOVES-Willis Towers Watson hires Midwest financial institutions industry head'|'Market News  24pm EDT MOVES-Willis Towers Watson hires Midwest financial institutions industry head May 8 Advisory services firm Willis Towers Watson Plc said it appointed Thomas Zacharopoulos as head of its financial institutions industry group in the U.S. Midwest. Zacharopoulos, who has 30 years of experience in the insurance and risk management industry, worked most recently as head of market relations at Integro Insurance Brokers. Based in Chicago, he will report to Michael O''Connell, financial institutions industry head, North America. (Reporting by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/willis-towers-moves-thomas-zacharopoulos-idUSL4N1IA53Z'|'2017-05-09T00:24:00.000+03:00'
'0a294d06b3af6d2c7015e7f6145d1fd663c749ac'|'Agribusiness ADM to expand in Europe amid global shake up: company'|'Business News - Thu May 4, 2017 - 10:51pm EDT Agribusiness ADM to expand in Europe amid global shake up: company FILE PHOTO: The world''s largest corn mill of global grain company Archer Daniels Midland is pictured in Decatur, Illinois March 16, 2015. REUTERS/Karl Plume By Jonathan Saul and Michael Hogan - LONDON/HAMBURG LONDON/HAMBURG U.S. agribusiness Archer Daniels Midland Co ( ADM.N ) said on Thursday that its operations would expand overall in Europe this year, even as the company restructures parts of its global trading operation. The Chicago-based agribusiness had said on Tuesday that worsening market conditions were making it difficult to turn a profit trading grain internationally, leading to the biggest daily share loss in eight years. In the global shake up, ADM has revamped its Argentina operation and closed its South Africa trading desk. Trade sources told Reuters earlier on Thursday that the company was preparing to reduce operations in Europe in a bid to boost profits, but spokeswoman Jackie Anderson said the company would expand in Europe in 2017 through acquisitions. "We have no current plans to scale back our European operations," Anderson said. "Our strategic plan encompasses growth through acquisition and expansions." The growth included the acquisition of French sweetener and starch producer Chamtor, Anderson said. Anderson said there were no plans to cut operations in the United Kingdom, Spain, Ireland and back-office operations in Germany. Trade sources had earlier said those could be cut and that measures could also include merging or reducing operations related to former German trading house Alfred C. Toepfer International. The firm has completed most of its planned consolidation but would analyze other offices where cuts made sense, Chief Executive Officer Juan Luciano said in a conference call on Tuesday. Trade sources said there were other areas that could be cut or merged in Europe - with operations that could be moved to ADM''s European headquarters and international trading desk in Rolle, Switzerland or its major German hub in Hamburg. "There will probably be more concentration of operations in Rolle or in Hamburg if an EU presence is needed," one of the sources said. "The group is facing a lot of intense competition from smaller companies which have an aggressive presence in their markets, especially the Black Sea." ADM, one of the world''s top grain traders, reported a higher first-quarter profit this week but said the outlook for its agricultural services segment appeared weaker than it did at the beginning of the year. The firm has exited energy trading and shed personnel in recent months. The agricultural services segment''s global trading desk suffered its third quarterly loss in the past five quarters. The segment, ADM''s largest in terms of revenue, is responsible for buying, selling, storing, shipping and trading grains and oilseeds. ADM opened a global trading desk in Switzerland in 2015 to oversee its supply network. The desk is now trying to reduce the cost per tonne of materials traded because of lower margins, ADM said this week. Record global stocks of commodities such as corn, soybeans and wheat have thinned margins and limited trading opportunities for ADM and rivals such as Bunge Ltd ( BG.N ), which reported a sharply lower first-quarter profit this week. Together with Cargill Inc and Louis Dreyfus Company, the firms are collectively known as the ABCD and dominate global grain trading. ADM''s shares fell about 10 percent over the previous two days before recouping some losses on Thursday, rising over 2.6 percent to $42.40. (Additional reporting by Nigel Hunt; editing by Veronica Brown, Philippa Fletcher and Grant McCool) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-archerdaniels-europe-business-idUSKBN1802B2'|'2017-05-05T04:01:00.000+03:00'
'35326ac2842c55e4d52c36a5b8fd97e54cad88ec'|'More bucks for Bang: Netmarble founder urges South Korea to support start-ups'|'* Bang urges new govt to revive start-up momentum* Top billionaire with no chaebol connection* High-school dropout, founded Netmarble after two failures* Tencent investment in Netmarble has quadrupled to $2 blnBy Joyce LeeSEOUL, May 8 When mobile gaming firm Netmarble Games debuts on Friday, its founder Bang Jun-hyuk will be the only billionaire in South Korea''s top-10 wealthiest stock holders with no ties to the chaebol, the mainly family-owned industrial conglomerates that dominate Asia''s fourth-largest economy.Bang''s is a rare Korean rags-to-riches story, and the high-school dropout with two business failures on his resume wants the state to revive support for start-up companies and nurture a new crop of businesses as an alternative to the economy''s dependence on the industrial might of groups including Samsung and Hyundai.Leading candidates in the run-up to Tuesday''s presidential election have pledged to reform the powerful chaebol."If you look at start-ups these days, they''re predominantly about fried chicken delivery, which is worrying," Netmarble''s founder and chairman told Reuters. "We need start-ups that will serve as a conduit for new business areas for our future."Bang, 48, owns 24.5 percent of Netmarble, which priced its $2.3 billion initial public offering at the top of the range. That would make him worth around $2.9 billion and rank him sixth in South Korea''s richest stock holders, according to data provider FnGuide.Bang is part of a generation of South Korean technology entrepreneurs that founded start-ups from the late 1990s when state investment helped create one of the world''s most wired nations. Non-chaebol companies founded around then include internet portal Naver and game developer NCSOFT ."When people of my generation founded start-ups, it wasn''t because we were talented, but because the ground was prepared," Bang said."The government had a very clear vision of growing Korea into an IT superpower and sowed the seeds of a good start-up ecosystem. We got new infrastructure, state-driven venture capital and rules like exceptions to mandatory military service, which drove talent into start-ups.""It''s regrettable such support has become fainter in the last few years."DROPOUT TO SUCCESSBorn into a relatively poor family, Bang dropped out of high school and unsuccessfully founded two start-ups, one of which was an online movie streaming business similar to Netflix ."Looking back, there were many new businesses like movie streaming where Korea was ahead of others, and they were spun out of high-speed internet and other infrastructure we had," he said. "But it was very difficult to succeed as there were not many people who were betting on such future businesses at the time.""When you fail twice, there''s nothing left. You''ve hit bottom not only economically, but mentally... You start thinking, am I stupid? Is this all I am?"With just $90,000 in seed money from acquaintances, Bang founded Netmarble in 2000 with eight employees. The firm is now worth 13.3 trillion won ($11.8 billion) and its 3,000 employees generate 1.5 trillion won in annual sales.Netmarble aims to be among the world''s top five games companies by 2020, with 5 trillion won in annual revenue, partly through acquisitions.Even this start-up, though, struggled to break through.Netmarble was the country''s first to distribute other firms'' computer games and offer free-to-play games. In 2004, Bang sold a majority stake to conglomerate CJ Group, and stepped down from operations in 2006 due to health issues.Five years later, CJ asked him to come back as the company was floundering with a series of 19 failed games - 11 flops and eight that never made it to the market - and an operating loss of 2.1 billion won.SMARTPHONE VISIONBang had already been preparing a mobile games start-up before the call. He had seen how many phone manufacturers were shifting production lines to smartphones, which then accounted for only 
'71f4884a1966b4d328bd6517524c8ca54ccc1ebf'|'Rolls-Royce, Turkey''s Kale Group to set up aircraft engine JV'|'Business News - Mon May 8, 2017 - 8:26am BST Turkey''s Kale Group says to set up JV with UK''s Rolls-Royce ISTANBUL Turkey''s Kale Group will set up a joint venture company with UK-based engineering firm Rolls-Royce to develop aircraft engines, the company said on Monday. Kale will hold 51 percent stake in the joint venture, while Rolls-Royce will have the rest. Kale Group is a provider of structural components, assemblies and kits to the aerospace industry, according to its web site. (Reporting by Can Sezer; Writing by Humeyra Pamuk; Editing by David Dolan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-turkey-kale-rollsroyce-idUKKBN1840MV'|'2017-05-08T15:59:00.000+03:00'
'dbbf77ee441805f77f2ec455a456bb336d96e81b'|'China''s April trade growth slows as commodities, electronics demand cools'|'Business News - Mon May 8, 2017 - 8:04am BST China''s April trade growth slows as commodities, electronics demand cools left right FILE PHOTO: Trucks drive inside an iron ore dump site at the Huanggang Terminal of Qingdao Port, in Qingdao, Shandong province June 7, 2014. REUTERS/Fayen Wong/File Photo 1/2 left right FILE PHOTO: A woman walks past containers at a port in Shanghai January 13, 2009. REUTERS/Aly Song/File Photo 2/2 By Elias Glenn - Beijing Beijing China''s import growth slowed faster than expected in April, as inbound shipments of commodities such as iron ore and copper weakened, while export growth more than halved, in line with a general cooling in demand for electronic gadgets. China''s April imports rose 11.9 percent, cooling from March''s 20.3 percent rise, official data showed on Monday, and missing analysts'' expectations for an 18 percent rise. Exports rose 8.0 percent from a year earlier, slowing from a 16.4 percent rise in the previous month and short of expectations of 10.4 percent. While the data shows trade remained robust at the beginning of the second quarter, analysts say the spurt in China''s economic growth seen in the first three months of the year may be as good as it gets as policymakers seek to tighten speculative investment, especially in the property sector. "Looking ahead, we expect export growth to hold up well given the relatively bright outlook for the global economy this year," Capital Economics China economist Julian Evans-Pritchard said in a note. "Growth in inbound shipments will continue to face headwinds, however. In particular, policy tightening will further weigh on domestic demand in coming quarters." April''s numbers left the country with a trade surplus of $38.05 billion, (<28>29 billion) which compared with forecasts for $35.50 billion, and above $23.93 billion in March. The April trade figures are preliminary, with revised data due on May 23. China''s imports of crude oil, iron ore and copper all fell by volume compared with March, with the data in line with a recent survey of purchasing managers in the manufacturing sector showing April expansion was the slowest in six months. Despite the slowdown, imports year-to-date are still up 20.8 percent by value, compared with 8.1 percent growth for exports over the first four months, though analysts say imports could slow further this year. While China''s economy grew faster than expected in the first quarter, policymakers have moved to reduce financial risks in the economy and stamp out speculative activity in the property market. Commodity imports have also been hit by falling prices, with iron ore and steel hitting multi-month lows on China''s future markets in April amid concern over rising inventories. China''s producer price inflation slowed in March for the first time in seven months, with price gains expected to continue to cool. Exports of electronics and machinery products increased 2 percent year-on-year in April, customs data showed, slowing from 12.3 percent growth in March. FRICTION China''s surplus with the United States widened in April, meaning pressure from the U.S. for action on the trade imbalance is not likely to go away anytime soon. The surplus with the U.S. was $21.34 billion in April, up from $17.74 billion in March and higher than the year-ago period, according to data from China''s customs bureau. Exports to the United States, China''s largest export market, rose 11.7 percent in April from a year earlier while imports from the U.S. rose 1.5 percent. China''s large trade surplus with the United States has drawn criticism from U.S. President Donald Trump. While the U.S. Treasury Department did not label China a currency manipulator in its most recent report on currency manipulation, the Trump administration has sought other fronts in which to tackle its large trade deficit with Beijing. Last month, Trump launched a trade probe against China and other exporters of cheap steel into the 
'0555a43afce091259314f136aa8c2eb3f5e6317d'|'Praising Macron, Merkel says Germany''s hands tied on trade surplus'|'Economy News - Mon May 8, 2017 - 2:01pm BST Praising Macron, Merkel says Germany''s hands tied on trade surplus German Chancellor Angela Merkel addresses a news conference after the Schleswig-Holstein regional state elections, in Berlin, Germany, May 8, 2017. REUTERS/Fabrizio Bensch BERLIN Germany wants to help President-elect Emmanuel Macron tackle French unemployment, Chancellor Angela Merkel said on Monday, but rejected suggestions that her country should do more to support Europe''s economy by cutting its trade surplus. Merkel congratulated Macron on Sunday''s "spectacular" election victory and said he "carried the hopes of millions" in France and Germany and elsewhere in Europe. "He ran a courageous pro-European campaign, stands for openness to the world and is committed decisively to a social market economy," she told a news conference. She welcomed his commitment to continued economic reforms and said bilateral cooperation remained a cornerstone of German foreign policy. "I''d like to help, especially with lowering the unemployment rate in France," she said. But reducing Germany''s persistently high trade surplus was more problematical. "A part of the export surplus is linked to the quality of our products," Merkel said when asked about suggestions made during the French presidential campaign that Germany needed to help Europe''s economic laggards by importing more. "Another part of it is linked to the policies of the European Central Bank which we can''t influence," Merkel added. "Wage increases are now exceeding productivity growth and if you look at the forecasts, the ...surplus will fall slightly in coming years." Merkel said Macron was expected to visit Germany quite soon and she would wait to hear his proposals for how to strengthen France''s role in Europe. (Reporting By Thomas Escritt; Editing by Andrea Shalal and John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-germany-france-merkel-idUKKBN184190'|'2017-05-08T20:59:00.000+03:00'
'20d887ab2e581a266ea89d8591a21579049d7338'|'Apple buys Finnish sleep tracking app maker Beddit'|'Market News - Wed May 10, 2017 - 4:25am EDT Apple buys Finnish sleep tracking app maker Beddit HELSINKI May 10 Apple has acquired a sleep tracking app and hardware maker Beddit, the Finnish startup said on its website. The terms of the deal were not disclosed and neither of the companies were immediately available for a comment. "Beddit has been acquired by Apple. Your personal data will be collected, used and disclosed in accordance with the Apple Privacy Policy," the company said. Beddit manufactures a monitoring device which tracks heart rate, breathing and sleep time when placed on a bed. The monitor, which sells for $149.95 in Apple''s online store, transfers the data to Beddit''s iPhone app for analysis. (Reporting by Tuomas Forsell, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/beddit-ma-apple-idUSL8N1IC2HB'|'2017-05-10T16:25:00.000+03:00'
'fd03db8772717298202d6ecd3135a79b20d68518'|'Global stocks fall, gold and yen rise amid political uncertainty'|'Business News - Thu May 11, 2017 - 7:33pm BST Global stocks fall, gold and yen rise amid political uncertainty Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 10, 2017. REUTERS/Brendan McDermid By Dion Rabouin - NEW YORK NEW YORK U.S. and European stocks fell on Thursday, along with the U.S. dollar, while U.S. Treasury yields reversed earlier declines, as political uncertainty in the United States sent investors in search of safer investments like gold and the Japanese yen. Investors were concerned about developments relating to the firing of FBI Director James Comey late on Tuesday by U.S. President Donald Trump. White House officials told Reuters Trump''s decision had been building for months, but a turning point came when Comey refused to preview for top Trump officials his planned testimony to a Senate panel, a decision considered an act of subordination by Trump and his aides. "The market has continued to get a little bit ahead of itself and it<69>s just looking for any sort of a reason to have a pullback," said Catherine Avery, president of Catherine Avery Investment Management in New Canaan, Connecticut. "Part of it is worry the distraction that we<77>ve had with Comey is going to take people<6C>s eyes off the tax reform and health care reform." U.S. stocks trimmed losses, but the benchmark S&P 500 was still on track for its largest one-day percentage fall in four weeks. A disappointing profit report by Macy''s and ensuing 15.4-percent drop in its shares took a toll on the U.S. consumer discretionary sector. The Dow Jones Industrial Average fell 17.31 points, or 0.08 percent, to 20,925.8, the S&P 500 lost 4.83 points, or 0.20 percent, to 2,394.8 and the Nasdaq Composite dropped 10.54 points, or 0.17 percent, to 6,118.60. A gauge of global stock markets was down 0.2 percent. Wall Street''s losses pushed U.S. Treasury yields lower after touching their highest levels since March. Further selling of Treasuries was limited by a weak 30-year auction. The pan-European STOXX 600 index fell 0.52 percent, weighed by financials. Asia-Pacific shares outside Japan rose 0.6 percent and Japan''s Nikkei rose 0.31 percent on Thursday. MSCI''s emerging markets index continued to shine, boosted by a second day of strong oil price gains, and was headed towards its highest level in two years. The index has gained 15.4 percent year to date, more than doubling the 2017 gains of the S&P. "We are seeing relief with commodity prices trading higher," said Piotr Matys, emerging markets FX strategist at Rabobank. But he added these were likely to be short-term gains as commodity prices could weaken again. Iron ore futures in China dipped to a four-month low on Wednesday before recovering at the close. Brent crude futures rose 1 percent, extending Wednesday''s 3 percent gains on the back of the biggest one-week drop in U.S. inventories so far this year and the decision by Iraq and Algeria to join Saudi Arabia in supporting an extension to supply cuts by the Organization of the Petroleum Exporting Countries. In recent days, major producers have voiced support for extending last year''s deal from OPEC and other producers to cut supply. Bank of England policymakers kept rates unchanged and indicated that interest rates were unlikely to rise until late 2019. Sterling fell more than half a percent to a one-week low of $1.2847. The dollar was last down 0.3 percent against the yen, after four days of gains. Earlier, the New Zealand dollar sank as much as 1.5 percent after the country''s central bank kept to a neutral bias, warning markets they were reading the outlook wrongly and expressing approval of the currency''s declines this year. Gold prices rose 0.45 percent to $1224 per ounce, while copper touched its highest in a week. (Additional reporting by Claire Milhench in London; Editing by Bernadette Baum and Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.
'5c5b4967ff0e769c2487c2e9e8fdff44b6904817'|'Coach to buy rival Kate Spade for $2.4 billion'|'Deals  24pm BST Coach to buy rival Kate Spade for $2.4 billion FILE PHOTO: Handbags are pictured through a window of a Coach store in Pasadena, California, January 26, 2015. REUTERS/Mario Anzuoni Handbag maker Coach Inc ( COH.N ) said it would buy Kate Spade & Co ( KATE.N ) for $2.4 billion as it looks tap the smaller rival''s popularity among millennials. The $18.50 per share cash offer represents a premium of 9 percent to Kate Spade''s Friday close. Kate Spade''s stock was trading above the offer price at $18.95 premarket on Monday. The stock has risen 17 percent since Dec. 27, a day before the Wall Street Journal reported the company was looking to sell itself. The deal is expected to close in the third quarter of 2017 and add to adjusted earnings in fiscal 2018, Coach said. Reuters reported in April, citing sources, that Kate Spade would need a few more weeks negotiating a sale of the company after receiving an offer from Coach. Coach expects to have a run rate of about $50 million in savings within three years of the closing of the deal. Coach''s financial adviser was Evercore Group L.L.C. and its legal adviser was Fried, Frank, Harris, Shriver & Jacobson LLP. Kate Spade & Co''s financial adviser was Perella Weinberg Partners LP and its legal adviser was Paul, Weiss, Rifkind, Wharton & Garrison LLP. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-kate-spade-co-m-a-coach-idUKKBN18417M'|'2017-05-08T19:10:00.000+03:00'
'2309007351c269a4a928c04716c6bc5d6ebf56fc'|'French vote calls time on ''populist meltdown'' trade'|'Business News - Mon May 8, 2017 - 7:39am EDT French vote calls time on ''populist meltdown'' trade Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 8, 2017. REUTERS/Pawel Kopczynski By Patrick Graham - LONDON LONDON In December, one of the trades of 2017 for investors who play on global political and economic risk was the spread of populism in Europe and the threat that might pose to the future of the euro. Six months and two elections on, and with only a relatively traditional policy fight in prospect for Germany''s vote in September, the risks have receded and the "meltdown trade" looks over. Emmanuel Macron<6F>s victory on Sunday night follows defeat for Geert Wilders'' Party for Freedom   heads off Marine Le Pen<65>s promises to pull Paris out of the euro and potentially the European Union. Looking threatened six weeks ago by Martin Schulz<6C>s reboot of Germany<6E>s Social Democrats (SPD), Angela Merkel is again 6-8 points ahead in the polls and, after a regional win on Sunday, perhaps worrying chiefly about the shape of her next coalition. Even if he recovers, major global investors say the worst they expect of a Schulz-led government is it might borrow and spend more - as many mainstream economists and its international partners have been saying Berlin should for a decade. Support for the anti-euro Alternative for Germany has faded to just 5 percent of the vote. "For this year for sure it is the end of political risk for Europe," said Timothy Graf, head of European macro strategy with State Street Global Investors in London. "The risk for the rest of the year, if anything, is not euro downside, it is euro upside." According to Citi''s equity strategy team, Europe''s political risk premium made up half of the overall equity risk premium of 6 percent earlier this year. But the Dutch and French elections have changed that, and Macron''s win will release the "political handbrake" which has had a major impact on investor, corporate and policymaker behavior. "We expect lower political risk to show in a lower PRP and ERP. A significant ''risk off'' surge has been avoided," they wrote in a note to clients on Monday, reiterating conviction in their MEGA trade - "Making Europe Great Again". The details of Monday''s reaction on global financial markets suggest many came to this conclusion weeks ago and are moving back to other concerns - about China, global commodities or the shape of U.S. and European monetary policy for the next year. The euro hit a roughly six-month high when Macron beat Le Pen and another anti-euro candidate, Jean-Luc Melenchon, in the first round last month. By the time European traders got to their desks on Monday any new boost had largely dissipated. European stock markets also looked firmly in profit-taking mood, down around half a percent after a year which has seen them gain more than a fifth in value. MERKEL''S RIVAL DISAPPOINTED President of the European Parliament until January, Schulz''s decision in January to return to domestic politics forced global investors to face the risk of the removal this year of Merkel - a key political constant through years of euro zone turbulence. A decisive victory in Germany''s northern state of Schleswig-Holstein on Sunday, however, boosted Merkel''s prospects of winning the national election in September and left Schulz admitting bluntly he was "disappointed". It follows another win for Merkel in the western state of Saarland. In both she has increased her share of the vote while that for the SPD has fallen. A third regional vote, in the western state of North Rhine-Westphalia (NRW) next Sunday, offers Merkel''s conservatives a chance to defeat the incumbent SPD again and build momentum in her bid to win a fourth term in office. "These state elections will have a signal effect on what will happen," said Martin Lueck, Chief Investment Strategist for Germany with giant global asset manager Blackrock. 5-STAR Ita
'7227f5c6d751801bbff68932f6baa0f71fead98a'|'Akzo Nobel declines third takeover proposal from PPG'|'Business News - Mon May 8, 2017 - 6:11pm BST Akzo Nobel rejects third takeover proposal from PPG By Toby Sterling - AMSTERDAM AMSTERDAM Dutch paint maker Akzo Nobel ( AKZO.AS ) on Monday rejected a third takeover proposal from PPG Industries ( PPG.N ), leaving its larger U.S. rival to decide whether to make a formal bid without the support of Akzo''s board, or throw in the towel. PPG''s latest offer values Akzo at 26.3 billion euros (<28>22.2 billion) including debt but the Dutch firm, which makes Dulux paint, said it was too low, faced antitrust risks and failed to address concerns such as "cultural differences." PPG has significant support among Akzo shareholders. But opposition from its boards, Dutch politicians and many of its Dutch staff present difficulties PPG will have to weigh before a June 1 deadline to bid or walk away for at least six months. The deal would combine the world''s two biggest makers of paints and coatings and PPG reckons it can achieve savings of $750 million thanks to factors such as economies of scale on production and lowering input costs. A group of Akzo Nobel shareholders led by hedge fund Elliott Advisors has been pushing for it to discuss a merger with PPG but Akzo said on Monday it would not engage in discussions with the U.S. firm about the current offer. "The PPG proposal undervalues AkzoNobel, contains significant risks and uncertainties, makes no substantive commitments to stakeholders and demonstrates a lack of cultural understanding," Akzo Nobel CEO Ton Buechner said in a statement. Reuters reported on Tuesday that Akzo was poised to reject PPG''s latest offer, made on April 24. Buechner told reporters he and Akzo Chairman Antony Burgmans met PPG Chief Executive Michael McGarry on Saturday but would not give details of what was discussed, saying only that it was "cordial and respectful". PPG said it was "disappointed" with the rejection of its third proposal, saying the meeting "lasted less than 90 minutes" and Akzo Nobel officials made clear at the outset they would only discuss PPG''s offer and not negotiate. "They also did not share any concerns regarding PPG''s proposal, or analysis or comparison of their new standalone strategy versus PPG''s proposal," PPG said in a statement, adding it would study Akzo''s response before commenting further. SHARES FALL PPG''s latest offer in cash and shares values Akzo''s stock at about 96.75 euros per share, or a 50 percent premium to the price before PPG''s interest became known on March 9. Akzo''s shares fell 3.1 percent to 76.85 euros on Monday. "We think the shares are likely to fall to the mid-70s this morning, as the market adjusts to a lower probability of a successful transaction," Morgan Stanley said in a note. "However, much will depend on PPG''s response." Buechner reiterated that Akzo intends to pursue an alternative plan that it has developed to fend off PPG, which includes paying 1.6 billion euros in extra dividends to investors this year. Akzo Nobel also plans to sell or list its chemicals business, which accounts for about a third of its sales and profits, within 12 months. At Akzo Nobel''s annual shareholders meeting on April 25, institutional shareholders and Dutch shareholder groups voiced dissent about Akzo''s failure to at least talk with PPG, but there was no vote on the matter. About 93 percent of Akzo''s shareholder base is non-Dutch, as are most of its employees. But at the April meeting, Dutch shareholders cheered calls for Akzo to remain independent and jeered an Elliott representative who spoke. During voting at the meeting, about a third of shareholders opposed a resolution allowing management to issue shares this year. Support for the routine measure would normally be virtually unanimous, so the outcome could be seen as a sign of shareholder dissatisfaction. DIFFICULT DECISION Most analysts say Akzo''s independence plan cannot match a PPG takeover in terms of financial value but Buechner and Burgmans have said it is 
'4b9a9e4fb3639604a3db1f6564c2b28a08825ea0'|'Adidas appoints new head of global operations'|' 21pm BST Adidas appoints new head of global operations FILE PHOTO: An Adidas logo is seen at the new Futurecraft shoe unveiling event in New York City, New York, U.S. April 6, 2017. REUTERS/Joe Penney/File Photo BERLIN Adidas ( ADSGn.DE ) has appointed its Western Europe head Gil Steyaert as new global operations chief, responsible for the German sportswear firm''s sourcing, and has also elevated human resources head Karen Parkin to the executive board. The moves are the latest changes since Kaspar Rorsted took over as chief executive in October. In March, he appointed Harm Ohlmeyer as new finance chief, replacing Robin Stalker, who served alongside former boss Herbert Hainer for 16 years. Steyaert, a 54-year-old French national, replaces Glenn Bennett, who had been on the executive board for 20 years, Adidas said in a statement on Wednesday. (Reporting by Emma Thomasson; Editing by Arno Schuetze)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-adidas-executives-idUKKBN1862AR'|'2017-05-11T00:17:00.000+03:00'
'8cbda544f46937bac4ad2b529e8503810266f09e'|'Iraq supports extension of OPEC-led oil output cut for further six months - source'|'Business News - Wed May 10, 2017 - 4:29pm BST Iraq supports extension of OPEC-led oil output cut for further six months - source FILE PHOTO: A view shows the al-Shuaiba oil refinery in Basra, Iraq, April 20, 2017. REUTERS/Essam Al-Sudani/File Photo BAGHDAD Iraq supports the extension of an OPEC-led oil output cut for a further six months, said an Iraqi oil source after the country''s oil minister met with his Algerian counterpart to discuss the matter. "Iraq is on board with extending the deal in the next OPEC meeting to help stabilise oil prices and balance the market." said the source. (Reporting by Ahmed Rasheed; Writing by Isabel Coles; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-iraq-oil-output-idUKKBN18625R'|'2017-05-10T23:29:00.000+03:00'
'5adeaa5199914e4af58adeda739e660d9b726eae'|'Homes with concierge - Money'|'Homes with concierge View more sharing options Share CloseFrom five-star hotel facilities including spa and gym, to one where your front door opens to the greatest glories of VeniceAnna TimsWednesday 10 May 2017 07.00 BSTHome: Arora Tower, London SE10This part of north Greenwich still has the air of an outpost as its transformation continues. But despite the rawness, residents of this tower share the facilities of the attached five-star hotel, including the pool, spa, gym and concierge. They can borrow room service and flower supplies, get discount in the restaurants and priority pre-release tickets at the O2. River taxis, the tube and London City airport are nearby. When home, full-height windows exploit river views and there<72>s a wine fridge in the kitchen. From <20>557,000. House Capital , 020 7205 4625 Facebook Twitter PinterestHome: Imperial Point, Salford QuaysThis block rides atop Galleria Outlet Shopping and a cinema complex, and a door from the concierge reception delivers you to a Virgin Active Leisure complex with a gym and a pool, although you have to pay for membership. You also have to pay to rent a parking space in the basement, but given the location you could dispense with the car. The living room and balcony give you consoling views over the ship canal. You can<61>t move straight in as the two-bedroom apartment is let until October. Asking price: <20>239,950. On the Market , 0161 937 6198 Facebook Twitter PinterestHome: Warley, EssexThe complex was built in the 1850s as a hospital. Now the buildings have been converted into flats served by a concierge and residents share what remains of the lawned grounds. This two-bedroom portion, accessed by curly hedged paths, has wooden floors, tall shuttered windows and a secure parking place. It<49>s half a mile to the Brentwood mainline station, soon to gain Crossrail links, and a 15-minute walk to the high street. Sadly, only the second bedroom has decent views over the gardens. Yours for <20>399,995. Beresfords , 01277 888624 Facebook Twitter PinterestHome: Kingsley Court, BrightonThe dual aspect living room takes in the sea from both angles, and you awake in the larger of the two bedrooms to views of the beach and ruined West Pier. It<49>s a 1980s block doing its best to respect the Regency architecture along the Brighton seafront, but the interior has been overhauled to mirror millennial glamour. Residents share a garden to the front and an underground parking space, but the concierge tends them only six mornings a week. Asking price: <20>625,000. Fine & Country , 01273 739911 Facebook Twitter PinterestAway: VeniceMarcel Proust marvelled to discover that when he went to Venice his dream became his address. Such a miracle requires big money now. For a berth in the 15th-century Palazzo Molin you need at least <20>755,794. That will buy you a one-bedroom flat at this junction of canals close to the opera house. It<49>d take more than <20>1m for a view over passing gondolas, but the city<74>s greatest glories surround you when you emerge through the crested front door. The conversion has its own private water gate, garden and concierge, all unusual for Venice. Sotheby<62>s Realty , 00 39 041 522 0093 Facebook Twitter PinterestTopics Property Home and away Buying property abroad Homes'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/gallery/2017/may/10/homes-with-concierge'|'2017-05-10T15:00:00.000+03:00'
'8a534fd3fc677d02e49c7fb47df92239a0144572'|'Shadow banking activity continues to grow - FSB report'|'  11:14am BST Shadow banking activity continues to grow - FSB report A woman walks past a board showing the length and annual yield rates of finance products, outside a shop in Shanghai, China, November 18, 2015. REUTERS/Aly Song By Huw Jones - LONDON LONDON Growth in global bond, real estate and money market funds continues to swell the world''s "shadow banking" sector, which provides credit outside the regulated banking system and plugged a market gap opened up by euro zone banks cutting back on their lending, according to the global Financial Stability Board. The FSB, which coordinates financial regulation for the Group of 20 Economies (G20), said its "narrow" measure of shadow banking activities that could pose a threat to stability, rose 3.2 percent to $34.2 trillion (<28>26.4 trillion) in 2015, the latest year for which figures have been collated. Apart from debt investment funds, the measure of shadow banking also includes the repurchase or repo and debt securitisation markets as well as hedge funds involved in credit. Some of the sector''s growth was in the euro area where credit was reduced by banks, saddled with bad loans and tougher regulation, the FSB said in its 94-page annual monitoring report. The measure has risen from 60 percent of economic output of countries monitored in 2011, to 69 percent in 2015, outpacing growth generally. Shadow banking accounts for about 13 percent of financial system assets. The 2007-09 financial crisis prompted the FSB to monitor and recommend rules to mitigate risks in the sector. "This helps to inform our judgement on appropriate policy responses as we transform shadow banking into resilient market-based finance," FSB Chairman Mark Carney said in a statement. The FSB will publish a broader review for G20 leaders in July, saying whether additional rules might be needed. Figures from the Cayman Islands, a key hedge fund centre, are included for the first time in the latest report and Luxembourg may be included from next year. But detailed analysis for China, which has a growing shadow banking sector, was received too late to be included in the narrow measure. Increases in the narrow measure of shadow banking can also be put down to better reporting and not just an acceleration in activity. YIELD HUNGRY PENSION FUNDS Some 65 percent of the $34 trillion is made up of open-ended fixed income funds, real estate funds and money market funds which have grown about 10 percent on average over the past four years. In the meantime, secured funding from broker dealers and securitisations has fallen. The latest data shows that in a hunt for yield, pension funds and insurance funds in countries like Belgium, Brazil, India and the Netherlands are investing heavily in shadow banks. The authorities could consider exploring such activity by insurers and pension funds in more depth, the FSB report said. In some cases the pension and insurance-funded shadow banks in turn provide short-term funding for banks, a chain that could bring risks if markets turn bad. But a weakening of the still extensive funding links between banks and shadow banks is seen as a positive for financial stability, though they are still above pre-crisis levels. The FSB has already set out proposals for closer supervision of how asset managers deal with mass redemptions in stressed markets. IOSCO, the global securities regulatory body, is also due to consult on proposals for managing such "liquidity mismatch" risks. (Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-g20-shadowbanks-fsb-idUKKBN18616R'|'2017-05-10T18:14:00.000+03:00'
'433ddb8c3cd3c36cae4c458b769f28c180cd038b'|'Gasp! Budget finally admits ''revenue problem'', but attacks on welfare are the same old spin - Business'|'T he budget has destroyed one of the biggest lies told by the Coalition over the past three years and in the time it was in opposition <20> that there was no revenue problem. But the budget papers themselves reveal another lie that also deserves to be consigned to the bin <20> the one that suggests those on welfare are bludgers deserving to be bashed.If one were churlish one could just highlight the times in the past members of this current government decried the type of budget that it has just delivered.For example, in 2015 the finance minister, Mathias Corman, scoffed at suggestions the government needed to raise revenue. He told reporters: <20>We have a spending problem, not a revenue problem.<2E> He also scorned the calls for more taxes, saying: <20>There<72>s plenty of people out there who want to raise taxes and have a new idea for a tax every single day of the week.<2E>Every Liberal MP knows the budget was about shoring up Malcolm Turnbull, for better or worse - Katharine Murphy Read more Well clearly one of those people with a new idea is Scott Morrison, whose idea for a bank levy, and raising the Medicare levy, will increase revenue by $14bn over the next four years. But just because the Liberal party has finally realised what everyone else has known for nearly a decade, it doesn<73>t mean we should fall over ourselves labelling this as a progressive budget. Yes there are measures that are somewhat progressive. The bank levy, for example, is fine as far as it goes. But when put against the context of the company tax cuts, it appears more about targeting a specific style of company that is generally disliked by voters, than about being progressive. After all an easier way to raise money would have been to put off the company tax cuts themselves <20> which are clearly worth a stonking amount of money.In Thursday<61>s question time, the government was forced to admit that the company tax cuts will cost $65.4bn over 10 years <20> up from the previous estimate of $48.7bn. The issue is not that is a <20>blowout<75> <20> which it isn<73>t <20> but that it highlights just how costly are those tax cuts. The reason for the increase is that the original $48.7bn estimate was over 10 years from July 2016 and the new $65.4bn one is 10 years from July 2017. The original figures thus goes to 2027, whereas the new amount goes to 2028 and includes a full year with all companies <20> on a rate 25%. The price of drug-testing welfare recipients: ''Pushing people to utter desperation'' Read more So massive are the tax cuts that merely shifting the time period to include the 2027-28 financial year increases the total 10-year cost of the tax cuts by a third. That one extra year adds $16.7bn to the cost. Now keep that amount in your head. For while there were progressive measures in the budget, the government also could not resist returning to its conservative impulse to attack those on welfare <20> especially the unemployed. But, perhaps unintentionally, what the budget really shows is that all the talk about bludgers on the dole is really just that . The budget figures implicitly reveal that rather than a bloated level of welfare, our support for the unemployed is actually incredibly thin.I<>m not even talking about the stupid trials for drug testing of those on welfare <20> that is just a failed policy borrowed from the USA which has nothing to do with budget savings. No, the big welfare measure in the budget was the introduction of a three strikes <20>intensive compliance phase<73> for those on Newstart. This was the measure that received the front-page splash on tabloids on budget day under the guise of the government getting tough on <20>shirkers<72> and <20>bludgers<72>. The government suggests that <20>around 40,000 people appear to be wilfully and systemically gaming the welfare system with no intention of working<6E>. As a result it intends to introduce a demerit system of three strikes. For a first strike of not complying with the obligations of Newstart, p
'9292fa0e4916116259e906d3ef72f46a1672c5fb'|'Brazil broker XP Investimentos files for IPO'|'SAO PAULO May 10 Brazilian brokerage firm XP Investimentos SA filed on Wednesday with securities regulator CVM for an initial public offering that will include secondary share offerings.According to the filing, XP has hired JPMorgan Chase & Co. as leading underwriter, alongside the investment banking units of Ita<74> Unibanco Holding SA, Morgan Stanley , Banco do Brasil SA, Grupo BTG Pactual , Bank of America Corp, Banco Bradesco SA , Goldman Sachs Group Inc and J. Safra. SA.Proceeds from the primary portion of the IPO will be used to launch new credit products, finance expansion and pay for the acquisition of Brazilian broker Rico Corretora, XP said. (Reporting by Aluisio Pereira; Writing by Tatiana Bautzer; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/xp-investimentos-ipo-idINE6N1H600I'|'2017-05-10T18:05:00.000+03:00'
'fc0a415b15b0093bd7503dfc05cc13c5741e2789'|'Kazakhstan to sell Air Astana, KazMunaiGas, Kazatomprom stakes by 2019 -FinMin'|'NICOSIA May 10 Kazakhstan will privatise its flag carrier Air Astana, state oil and gas company KazMunaiGas and state nuclear firm Kazatomprom by 2019 at the latest, the country''s Finance Bakhyt Sultanov said on Wednesday.Stakes in the three companies will be sold through initial public offerings, Sultanov told Reuters on the sidelines of the annual meeting of the European Bank for Reconstruction and Development in Cyprus.Central Asia''s biggest economy has sold more than 120 small and mid-sized firms in its privatisation drive, and has been preparing larger firms for sale. (Reporting by George Georgiopoulos, writing by Karin Strohecker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ebrd-meeting-kazakhstan-idINL9N1CD013'|'2017-05-10T08:37:00.000+03:00'
'cd8b73afd849e696b89a71e470d77d6117cc1855'|'ChemChina gets around 82 percent of Syngenta in $43 billion deal'|' 55am BST ChemChina gets around 82 percent of Syngenta in $43 billion deal left right FILE PHOTO: Agrochemicals maker Syngenta''s logo is pictured during the annual news conference in Zurich February 6, 2009. REUTERS/Christian Hartmann/File Photo 1/4 left right FILE PHOTO: People smoke outside the headquarters of the China National Chemical Corp, or ChemChina, in Beijing, China February 3, 2017. REUTERS/Thomas Peter/File Photo 2/4 left right FILE PHOTO: A Syngenta logo is pictured in their office in Singapore, February 12, 2016. REUTERS/Edgar Su/File Photo 3/4 left right FILE PHOTO: The company logo of China National Chemical Corp, or ChemChina, is seen at its headquarters in Beijing, China February 3, 2017. REUTERS/Thomas Peter/File Photo 4/4 ZURICH ChemChina has won around 82 percent support from Syngenta shareholders for its $43 billion (33.2 billion pounds) takeover of the Swiss pesticides and seeds group, China''s biggest foreign acquisition to date, the two companies said on Wednesday. Definitive interim results of the tender showed around 82.2 percent of Syngenta shares and depository receipts had been offered, slightly above the level the partners had announced last week when ChemChina clinched the deal. An additional acceptance period starts on Thursday. The takeover announced in February 2016 was prompted by China''s desire to use Syngenta''s portfolio of top-tier chemicals and patent-protected seeds to improve domestic agricultural output. (Reporting by Michael Shields; Editing by Brenna Hughes Neghaiwi)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-syngenta-ag-m-a-chemchina-idUKKBN1860H7'|'2017-05-10T13:55:00.000+03:00'
'7c4bf8efdeb1c086bc23d0620e94912a63baf0c8'|'Greek court warns state against planned pension cuts'|'Business News - Wed May 10, 2017 - 4:26pm BST Greek court warns state against planned pension cuts FILE PHOTO: Greek pensioners take part in a demonstration against planned pension cuts in Athens, Greece April 4, 2017. REUTERS/Alkis Konstantinidis/File Photo ATHENS A Greek court says the government should not legislate new pension cuts for 2019 over the next few weeks, a measure Athens has agreed with its foreign creditors, because it may be against Greek and European Union law, court officials said on Wednesday. While the Court of Audit has an advisory role only in this case, its warning spells potential legal challenges for the leftist-led government which struggled for months to wrap up talks with the EU/IMF lenders and is behind in opinion polls. Greece must legislate the measure and other agreed reforms before euro zone finance ministers meet on May 22 to assess Greece''s bailout progress. It would not be the first time the courts have become involved in bailout. The Council of State, one of Greece''s three top courts, has ruled that pension cuts imposed in 2012 were unconstitutional, forcing the state to compensate those affected. The country''s lenders have recently called on Greek authorities to seek legal advice on whether the agreed reforms are in line with Greek law and the constitution, according to a draft document seen by Reuters. Greek government officials said the government would consider the court''s advice and make amendments where possible. The bill is likely to be submitted to parliament next week, while the vote is expected by May 18. Greece and its creditors -- the European Union and the International Monetary Fund -- reached a deal last week on a set of measures, including pension cuts, it must implement to qualify for more bailout aid which helps it stay afloat. They agreed that Athens will reduce pension spending by 1 percent of gross domestic product in 2019, one year after its current bailout expires, and reduce the tax-free threshold to raise another 1 percent of GDP in 2020. The court said that an actuarial study justifying the pension cuts - up to 18 percent - was also needed, the officials said. (Reporting by Constantinos Georgizas; Writing by Renee Maltezou Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-court-idUKKBN18625F'|'2017-05-10T23:26:00.000+03:00'
'6712ebf9491f06fddbd3b0aeeb8ee50b4f2afd2e'|'Linde chairman survives protest vote over Praxair merger'|'Deals  17pm BST Linde chairman survives protest vote over Praxair merger FILE PHOTO: Linde Group logo is seen at company''s plant in Munich-Pullach, Germany, August 16, 2016. REUTERS/Michaela Rehle/File Photo By Georgina Prodhan and J<>rn Poltz - MUNICH MUNICH The chairman of German industrial gases group Linde ( LING.DE ) got an effective green light on Wednesday for his long-desired $70 billion merger with U.S. peer Praxair despite a protest vote by shareholders dismayed at the way he is pushing it through. Wolfgang Reitzle was endorsed by 94.47 percent of shareholders at Linde''s annual meeting, a poor result by German standards and the second-lowest showing among the company''s executives and directors after fired finance chief Georg Denoke. "And now, the bogeyman," Reitzle quipped as he read out the vote for himself at the end of a seven-hour meeting attended by about 2,500 shareholders, an unusually high number. The vote has only symbolic significance. Reitzle has complained that he is being demonised by trade unions who oppose the planned all-share merger of equals. He argues it will bring benefits for all concerned by strengthening Linde''s global presence and making it more competitive. "It''s a super successful international company that will now be number one in the world," he told the AGM. "We won''t suddenly become a cold-hearted firm just because we have an American chief executive." Under the terms of the merger to create the world''s biggest industrial gases group, which are still being finalised, the new Linde will be run out of Danbury, Connecticut by Praxair''s CEO Steve Angel, with Reitzle as chairman. The headquarters of the new holding company will probably be in Ireland, Linde CEO Aldo Belloni said on Wednesday. "PUPPET MASTER" Labor representatives fiercely oppose the planned merger, mainly because the moving of the headquarters outside Germany will dilute their influence, which currently under German law gives them an effective veto over strategic decisions. Reitzle may have to use his casting vote to outgun labor representatives when it comes to a vote on the merger by Linde''s supervisory board. He reiterated he was prepared to do so. Some shareholders expressed concern that the strife over the merger was distracting Linde management from day-to-day operations, and that a discontented workforce would not make for a successful new merged entity. Others criticized Reitzle, a former CEO of Linde, for exceeding the bounds of his non-executive role, while many are upset that there will be no shareholder meeting called to vote on the merger. Instead, investors will be individually invited to tender their shares. "One gets the impression that you are taking the whole company out of the hands of the management board," said fund manager Winfried Mathes of Deka Investment, which owns 0.8 percent of Linde shares. He compared Reitzle to a puppet-master. Reitzle took up talks with Praxair soon after returning to the German company as chairman last year after a two-year cooling off period which he spent steering cement maker Holcim''s mega-merger with Lafarge ( LHN.S ). The talks failed the first time around, leading to the departure of Linde''s CEO and CFO, the installation of retired company veteran Belloni as the new CEO, and a second run at merger talks soon afterwards. Linde''s share price was volatile during those turbulent months. It is now close to an 18 month high. "Seldom has a company been plunged into such chaos as Linde through its strived-for merger with Praxair," fund manager Ingo Speich of Union Investment, the 12th largest shareholder in Linde with just under 1 percent of shares, told the meeting. "We want the merger, but not at any price," he said. (Reporting by Georgina Prodhan;   Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-linde-shareholders-idUKKBN1860WJ'|'2017-05-11T02:15:00.000+03:00'
'8fb33112a6c6d98fe22db7210a911c66aa57f56a'|'ISS urges PrivateBancorp shareholders to reject $4.9 billion CIBC takeover'|'Deals - Mon May 8, 2017 - 5:31pm BST ISS urges PrivateBancorp shareholders to reject $4.9 billion CIBC takeover FILE PHOTO: A Canadian Imperial Bank of Commerce (CIBC) sign is seen outside of a branch in Ottawa, Ontario, Canada on May 26, 2016. REUTERS/Chris Wattie/File Photo NEW YORK Institutional Shareholder Services urged PrivateBancorp ( PVTB.O ) stockholders to reject Canadian Imperial Bank of Commerce''s ( CM.TO ) latest takeover offer, citing possible Canadian housing market contagion that could undermine the $4.9 billion cash-and-stock bid. The shareholder advisory firm flagged uncertainty around the outlook for the Canadian housing market and its possible impact on the country''s banking shares as among the reasons for its recommendation in a note dated May 6. CIBC raised the cash element of its offer for Chicago-based PrivateBancorp on Thursday in what it called its "best and final offer," aiming to offset a drop in its share price that had eroded the value of an earlier bid. ISS had recommended shareholders vote against CIBC''s original offer, made in June 2016, as well as a revision from the Canadian bank in March. Home Capital Group ( HCG.TO ) is facing a run on deposits as confidence in the alternative mortgage lender has fallen following allegations from a securities regulator that executives hid mortgage broker fraud from investors, raising fears as the Canadian housing market is showing signs of price correction after a long boom. The ISS recommendation came ahead of a vote by PrivateBancorp shareholders on the takeover scheduled for Friday. Both banks reiterated on Monday that the vote would go ahead as planned. While the potential impact of Home Capital''s problems on Canadian bank stocks is difficult to gauge, ISS said, heightened investor concern would undermine shares in CIBC, which appears to have greater exposure to the residential housing market than its peers. Meanwhile PrivateBancorp''s shares could receive a boost from a possible overhaul of U.S. tax and banking regulation, the note said. In a separate report released on Monday, brokerage Stephens said PrivateBancorp shareholders needed to consider how much further value from an improved U.S. banking environment could be added to the bank''s share price after a more than 25 percent surge since the election of President Donald Trump in November. "If you are bullish on rates, regulations, and the economy, here is your chance to vote ''no''. If not, take what''s in your hand," the brokerage said. CIBC has offered $27.20 per share, as well as a stock component of 0.4176 of its shares for each of the U.S. bank''s shares, in a takeover offer effectively worth $60.43 per PrivateBancorp share. PrivateBancorp shares were down 1.2 percent at $58.95, while CIBC shares were up 0.3 percent at C$108.98 ($79.46). (Reporting by David French; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-privatebancorp-m-a-cibc-idUKKBN1841VV'|'2017-05-09T00:17:00.000+03:00'
'83ddea44a93d655c0ed38377f07d70217869921e'|'BRIEF-Elliott Management reports 15.3 pct stake in Gigamon'|'May 8 Elliott Associates L.P.:* Says Elliott, Elliott International and EICA have combined economic exposure in Gigamon Inc of about 15.3 percent of shares outstanding* Reports a 2.3 percent stake in Gigamon Inc as of April 28 - SEC filing* Believe securities of Gigamon Inc are "significantly undervalued and represent an attractive investment opportunity"* Seek to engage in a dialogue with Gigamon''s board of directors regarding opportunities to maximize shareholder value* May develop plans and/or make proposals with respect to, or with respect to potential changes in operations, management, among other things Source text - ( bit.ly/2pcAFZa )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-elliott-management-reports-153-pct-idINL8N1IA416'|'2017-05-08T11:26:00.000+03:00'
'c095cf5cdbb2cf6519e8a702dcae2586b590440c'|'Dell combines venture capital units after EMC merger'|'Technology News  47pm EDT Dell combines venture capital units after EMC merger FILE PHOTO: Dell''s logo is seen during Mobile World Congress in Barcelona, Spain, February 27, 2017. REUTERS/Eric Gaillard By Stephen Nellis - SAN FRANCISCO SAN FRANCISCO Dell Technologies Inc said on Monday it has combined the venture capital operations from its two predecessor companies, computer maker Dell Inc and data storage firm EMC Corp, and said it plans to invest about $100 million a year in startups. Dell also revealed a portfolio of 70 existing and prior investments made by both operations, some of which, like Arista Networks Inc, which went public in 2014, had not been previously disclosed. Dell Technologies, run by Dell founder and PC pioneer Michael Dell, is the result of the $67 billion merger between the two companies in 2015, which created the largest privately held technology company in the world. Before the deal, both companies maintained venture capital operations, called Dell Ventures and EMC Ventures. Most large Silicon Valley firms run venture capital arms as a way of keeping in touch with emerging tech companies. The two groups in question operated differently and had different structures, according to Dell Technologies. EMC Ventures, headed by Scott Darling, invested capital held on EMC''s balance sheet. Dell Ventures, headed by Jim Lussier invested from specifically created funds - a $60 million fund aimed at storage startups launched in 2012 and a broader $300 million fund aimed at later-stage startups like Dropbox in 2013 - in which the parent company was the only limited partner. The newly combined unit, called Dell Technologies Capital, will operate along similar lines to EMC''s venture capital operation, investing average sums of $3 million to $10 million in both early- and late-stage startups from the parent''s $118.2 billion balance sheet, the company said. The unit is headed by Darling, previously at EMC. Lussier left Dell in August 2016, according to his LinkedIn profile. Lussier did not immediately respond to a request for comment. Darling said the new fund''s investments will consist of companies that Dell Technologies might eventually want to acquire and startups that help the broader data center ecosystem. Dell''s new venture group disclosed that its portfolio includes Barefoot Networks, which has also received an investment from Dell''s rival Hewlett Packard Enterprise Co, and Ontonomo, an Israeli firm that makes technology for internet-connected vehicles and has received an investment from Delphi Automotive Plc. Dell also revealed prior investments in companies that have since gone public or been sold, such as Arista and Anobit, which Apple Inc acquired in 2012. "We ran the group in stealth mode for five years, which gave us greater latitude," Darling said of the firm''s private investments. (Reporting by Stephen Nellis; Editing by Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-dell-venture-idUSKBN1841WS'|'2017-05-09T00:47:00.000+03:00'
'68c750884dfa4ab3bada80f76bd3383db3a03254'|'Deals of the day-Mergers and acquisitions'|'(Adds Parexel International, Private Bancorp and Goldman Sachs)May 8 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday:** Canada''s Hudson''s Bay Co has hired a debt restructuring adviser to review potential options for combining its business with debt-laden U.S. department store operator Neiman Marcus Group, according to people familiar with the matter.** Contract drug research firm Parexel International Corp is exploring a sale, sources familiar with the matter told Reuters on Monday.** Dutch paint maker Akzo Nobel rejected a third takeover proposal from PPG Industries, leaving its larger U.S. rival to decide whether to make a formal bid without the support of Akzo''s board, or throw in the towel.** South Africa''s Murray and Roberts will exit the Middle East as part of a 314 million rand ($23 million) disposal of its infrastructure and building business, it said after flagging lower full-year earnings.** Coca-Cola South Africa said it had sold a 17.5 percent stake in carbonated fruit juice brand Appletiser to investment holding company African Pioneer Group, as part of a merger agreement with SABMiller.** Tanker firm DHT Holdings rejected on Sunday a fifth takeover proposal from shipping tycoon John Fredriksen''s Frontline, calling the $500 million all-share bid "woefully inadequate".** Handbag maker Coach Inc said it would buy Kate Spade & Co for $2.4 billion as it looks to tap the popularity of its smaller rival''s quirky satchels and totes among millennials.** Billionaire venture capitalist Tim Draper soon plans to take a step that even he, a long-time bitcoin aficionado, has eschewed to now: buying a new digital currency offered by a technology startup.** TPG Growth, the growth capital arm of U.S private equity firm TPG Global, has agreed to acquire Medical Solutions, a U.S. medical staffing company, for around $500 million, people familiar with the matter said.** Institutional Shareholder Services urged PrivateBancorp stockholders to reject Canadian Imperial Bank of Commerce''s latest takeover offer, citing possible Canadian housing market contagion that could undermine the $4.9 billion cash-and-stock bid.** Goldman Sachs has launched an accelerated bookbuilt offering to institutional investors of 8.8 million existing shares in Danish utility and offshore wind farm developer Dong Energy, the U.S investment bank said on Monday.** Durect Corp said it signed an up to $293 million deal with Swiss drugmaker Novartis AG''s Sandoz unit to develop and market Durect''s experimental non-opioid pain relief therapy, posimir, in the United States.** Straight Path Communications Inc said an unnamed telecommunications company had raised its offer to buy the wireless spectrum holder, in the latest move in a bidding war with AT&T Inc.** Comcast Corp and Charter Communications Inc announced a wireless partnership, as the cable providers seek to add more services in a bid to reduce customer churn.** Archer Daniels Midland Co, one of the world''s largest agricultural merchants, said it agreed to buy a controlling stake in an Israeli grain trader, as it seeks to expand markets to boost profits that have been hampered by a global oversupply.** U.S. broadcaster Sinclair Broadcast Group Inc said it would buy Tribune Media Co, one of the largest U.S. television station operators, for about $3.9 billion cash and stock, and assume about $2.7 billion in debt. (Compiled by Divya Grover and Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1IA3U9'|'2017-05-08T12:43:00.000+03:00'
'4dee8f04253571184b1fa814091a966b38a632d3'|'TABLE-Hedge fund managers'' investment picks from Sohn conference'|'NEW YORK, May 8 Hedge fund investor Keith Meister of Corvex Management LP on Monday kicked off the year''s most prominent investment conference by laying out the case for CenturyLink Inc shares, which he believes have an upside of 43 percent. Fine Capital Partners founder Debra Fine said she sees the fair value of DHX Media''s shares at C$20 to C$30 and the company''s EBITDA more than doubling in four years because children<65>s content is valuable and in demand. She said that the market has ignored the value of DHX<48>s tax position and undervalued the track record of its management team. Below is a table listing some of the hedge fund managers who have spoken, or will speak, at the Sohn Investment Conference in New York, in order of appearance, and the investment ideas they presented to the audience: INVESTOR FIRM STOCK/BOND/CU NOTES RRENCY Keith Meister Corvex Bullish on Said Management CenturyLink CenturyLink/Level 3 LP Inc merger is "game changing," revealed Corvex owns 5.5 percent of CenturyLink. Debra Fine Fine Long DHX Pegged DHX Media''s Capital Media Ltd fair value at Partners LP C$20-C$30. Bill Ackman Pershing Pitched long Ackman has owned Square investment in HHC shares for some Capital Howard Hughes years. Said South Management Corp Street Seaport is LP highly valuable. Cited great management team, tax efficiency, excellent locations in United States. Chamath Social Palihapitiya Capital LP Davide Serra Algebris Investments Cliff Robbins Blue Harbour Group LP David Einhorn Greenlight Capital Inc Jeff Gundlach DoubleLine Capital LP Brad Gerstner Altimeter Capital Josh Resnick Jericho Capital Asset Management LP Larry Robbins Glenview Capital Management LLC (Compiled by Jennifer Ablan; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/funds-sohn-table-idINL1N1IA14Y'|'2017-05-08T16:16:00.000+03:00'
'63c0ab5bf108411661f88978a102c11cd2b0c8ab'|'Under Patel, Indian cenbank zooms in on 4 percent inflation target'|'Economy News - Mon May 8, 2017 - 1:33am BST Under Patel, Indian central bank zooms in on 4 percent inflation target left right FILE PHOTO: The Reserve Bank of India (RBI) Governor Urjit Patel attends a news conference after the bimonthly monetary policy review in Mumbai, India December 7, 2016. REUTERS/Danish Siddiqui/File photo 1/2 left right FILE PHOTO: The Reserve Bank of India (RBI) Governor Urjit Patel attends a news conference after the bi-monthly monetary policy review in Mumbai, India April 6, 2017. REUTERS/Shailesh Andrade/File photo 2/2 By Suvashree Choudhury - MUMBAI MUMBAI Under governor Urjit Patel, India''s central bank will target inflation of 4 percent, three officials familiar with its thinking said, adopting a narrower reading of its mandate than markets in a bid to stamp out rampant price rises of the past. The differing interpretations of amendments to last year''s Reserve Bank of India (RBI) Act reflect sometimes strained relations between the market and the central bank, and are proving a test for Patel some eight months into his tenure. The amendments were part of landmark changes to India''s monetary policy pushed by Patel, then deputy governor, and his predecessor as governor, Raghuram Rajan, and require the RBI "to contain inflation within the specified target level" of 4 percent, but within a tolerated band of 2-6 percent. Markets have interpreted that as the range of 2-6 percent, arguing that pursuing a specific 4 percent target takes away the flexibility needed in an economy that must grow by at least 8 percent a year to allow for full employment. But the RBI is determined to chase the 4 percent figure, the officials said, as Patel and the other five members of his monetary policy committee (MPC) seek to defend the RBI''s credibility on inflation. "Markets should read the Act carefully and think as if they are a member of the MPC, and then think: how would they conduct policy?" said one of the officials. "The Act clearly says 4 percent is the target and the 2-6 percent band has been given only to absorb temporary or one-time shocks." All three officials spoke on condition of anonymity, because they were not authorized to speak to the press on sensitive policy issues. The RBI did not give official comment. Such a stance could open the prospect of earlier interest rate hikes than expected by markets, should prices start to move higher unexpectedly and remain there for some time. The officials stressed, however, that the RBI was also mindful of growth, in line with an Act that tasks the MPC with "maintaining price stability, while keeping in mind the objective of growth." Consumer inflation INCPIY=ECI stood at 3.81 percent in March, but weaker-than-expected monsoon rains and planned hikes to government employee salaries could easily see the 4 percent target under threat. But any move to hike the repo rate INREPO=ECI of 6.25 percent would need to be balanced by concerns among market participants that the economy is weaker than the 7.0 percent growth in the October-December quarter, as India''s move last year to ban higher-valued bank notes continues to reverberate. "So far as the 4 percent target goes, the MPC has to decide how to go ahead in a calibrated way, balancing out the costs associated with that stance," said the second of the three officials. RBI VERSUS MARKETS The pursuit of the 4 percent target will likely continue to remain a source of disagreement between the RBI and some market players, even as investors begin to adjust to a more hawkish monetary policy. A Reuters poll last month showed only seven out of 38 economists expected a rate cut this year, down from 21 out of 36 earlier. However, Indranil Sengupta, economist and co-head of India Research at Bank of America Merrill Lynch, said inflation was "a long, long way" from becoming an issue since the economy has yet to accelerate meaningfully. "In our opinion there is a case for a 25 bps rate cut in August," he said. The
'd7e92e4e6c04425b9f20556442a01ce3d28163d1'|'PRESS DIGEST - Wall Street Journal - May 8'|'Market News - Mon May 8, 2017 - 1:00am EDT PRESS DIGEST - Wall Street Journal - May 8 May 8 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Emmanuel Macron was elected president of France Sunday in a victory for a political newcomer who campaigned on promises to reform France''s heavily regulated economy and fight a tide of nationalism sweeping the European Union. ( on.wsj.com/2ppIOFu ) - TV station giant Sinclair Broadcast Group Inc is close to a deal to acquire Tribune Media Co for close to $4 billion, a person familiar with the matter said. ( on.wsj.com/2ppIvKQ ) - New York property developer Kushner Cos, owned by the family of Trump administration senior adviser Jared Kushner, launched a weekend marketing campaign for a New Jersey development, targeting major Chinese cities for wealthy individuals to invest a combined $150 million for the chance to secure U.S. immigration rights. ( on.wsj.com/2ppGzSF ) - Comcast Corp and Charter Communications Inc are striking a wireless partnership, people familiar with the matter said, as the cable giants look to get a piece of the cutthroat business. ( on.wsj.com/2pps7Ku ) - President Donald Trump is preparing to turn to the nomination of a slate of conservatives for judgeships to the lower federal courts. Trump as soon as Monday will announce a batch of picks for 10 judicial posts, including five nominees for the powerful federal appeals courts, according to a person familiar with the matter. on.wsj.com/2ppE038 - Eighty-two of the nearly 300 Chibok schoolgirls seized three years ago by Boko Haram were freed on Sunday in exchange for detained members of the militant group, the biggest breakthrough in the effort to recover the insurgency''s most-famous captives. on.wsj.com/2ppzmSx (Compiled by Ismail Shakil in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1IA24B'|'2017-05-08T13:00:00.000+03:00'
'eafe2627f8a59f3d75043b12a25222e739e13a80'|'ECB close to declaring growth risk balanced: Mersch'|'Central Banks - Mon May 8, 2017 - 7:51am BST ECB should adjust guidance as risks to growth more balanced - Mersch Yves Mersch at the headquarters of the European Central Bank (ECB) in Frankfurt, January 13, 2014. REUTERS/Ralph Orlowski FRANKFURT The European Central Bank is close to replacing its negative view on whether the euro zone economy will reach growth targets with a neutral one, and should adjust its policy guidance accordingly, board member Yves Mersch said on Monday. As growth picks up and labour markets tighten, inflation should also rebound, eventually leading to a discussion about normalising monetary policy, Mersch said in Tokyo. Nevertheless, there should be no deviation from the super-easy policy stance the bank has already agreed on, he added. Hoping to revive inflation and growth after fighting off the threat of deflation, the ECB has set base interest rates below zero and is buying 60 billion euros worth of bonds each month - a policy approach it has said it will maintain at least until the end of this year. But growth is on its best run in a decade and inflation is rising, leading critics - particularly in Germany, the euro zone<6E>s biggest economy - to demand for an exit from stimulus. <20>The recovery in the euro area is gaining more and more traction. The confirmation of a broadly balanced risk outlook for growth is within reach,<2C> Mersch said. <20>Our forward guidance needs to be aligned with an evolving assessment to underpin both the consistency and credibility of our communication.<2E> The ECB now guides for rates to stay at current or lower levels well beyond the end of its asset purchases. It also stipulates that asset buys could be increased if the outlook worsens. While the ECB is fully expected to declare the growth outlook balanced at its June meeting, dropping the reference to further rate cuts or more asset purchases - its easing bias - is not seen as a done deal as underlying inflation is still weak. Mersch nevertheless argued that higher growth and falling unemployment should support inflation and there are already signs of early inflationary pressures stemming from higher producer prices. "If the euro area economy recovers and inflation proceeds further on its path towards the ECB''s inflation aim in a sustained manner, a discussion on policy normalisation becomes warranted in the future," he added. The ECB was for the time being convinced of the need to stick with its accommodative monetary policy stance without deviation from announced measures. But it nevertheless needed to examine how its policy measures functioned under more balanced economic prospects, as opposed to the environment of deflationary risk that prevailed at the time of their introduction, Mersch said. (Reporting by Balazs Koranyi and Leika Kihara; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-mersch-idUKKBN1840HZ'|'2017-05-08T14:00:00.000+03:00'
'1fcd2268b1546f0119adbc67370ff6dc0fe34100'|'Japan''s Daiwa mulls moving some UK staff to Frankfurt ahead of Brexit - CEO'|'Business News - Mon May 8, 2017 - 4:02pm BST Japan''s Daiwa mulls moving some UK staff to Frankfurt ahead of Brexit - CEO left right Daiwa Securities Group''s new Chief Executive Officer Seiji Nakata attends a news conference in Tokyo, Japan January 30, 2017. REUTERS/Kim Kyung-Hoon 1/2 left right Daiwa Securities Group''s logo is pictured at its headquarters in Tokyo, Japan January 30, 2017. REUTERS/Kim Kyung-Hoon 2/2 By Thomas Wilson and Emi Emoto - TOKYO TOKYO Daiwa Securities Group Inc ( 8601.T ), Japan''s No. 2 brokerage firm, may decide as early as mid-June to move dozens of London-based staff to Frankfurt or another European city, ahead of Britain''s exit from the European Union, its chief executive said. The German city is Daiwa''s favoured destination, as London-based staff can easily be transferred to its investment banking branch in Frankfurt, Seiji Nakata told Reuters in a recent interview. "We''re looking at Frankfurt as the leading candidate," he said. "The move will be in the dozens of staff, even including management, and can be done without much time or cost." Daiwa said it would keep staff in London even after Brexit, but declined to say how many. It currently employs around 450 people in the EU, mostly in the British capital. UK-based financial services firms doing business in the EU rely on the "passporting" system to sell across the region. But their UK operations are expected to lose this access after Brexit, prompting firms to consider moving staff or operations to other European cities. Other investment banks were also favouring Frankfurt for some of their UK-based staff, beating out contenders such as Paris and Dublin. Frankfurt''s chief lobbyist expects U.S. investment banks to move hundreds of key staff to the city within two years, while Standard Chartered ( STAN.L ) looks to base its European operations there. OVERSEAS M&A PUSH Daiwa''s overseas business accounted for 10 percent of total pretax profit of 136 billion yen (<28>932 million) in the year ended March, driven mainly by mergers and acquisition business in Europe, Asia and Oceania. To capture a greater share of Japanese deal-making in the United States, Daiwa is looking to hire more M&A bankers in sectors including technology, media and telecoms, Nakata said. "(Japanese companies'') M&A needs will be booming worldwide for several years to come," he said. "But the problem in America is that our number of bankers is small compared to the size of the market." Daiwa may also increase its stake in New York-based boutique Sagent Advisors or invest in a separate advisory firm, Nakata said. Nomura Holdings Inc ( 8604.T ), Japan''s largest brokerage firm, said last month it will boost coverage of cross-border deals at its U.S. arm. (Reporting by Thomas Wilson and Emi Emoto; Editing by Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-daiwa-strategy-idUKKBN1841QD'|'2017-05-08T23:02:00.000+03:00'
'8c26d16a4d370a566abab2197f5c4eb593fc35c2'|'Axel Springer confirms 2017 targets after first quarter profit rise'|' 48am BST Axel Springer confirms 2017 targets after first quarter profit rise FILE PHOTO: The logo of German publisher Axel Springer is pictured in front of the company''s headquarters in Berlin July 25, 2013. REUTERS/Fabrizio Bensch/File Photo BERLIN German publisher Axel Springer reported a 17 percent rise in first quarter core profit, helped by its online classified ads, which more than compensated for declines in its classical paper and magazines business. The publisher of Europe''s best-selling tabloid Bild, said it still expected 2017 sales to rise by a medium single-digit percentage, while adjusted EBITDA is expected to rise by a medium to high single-digit percentage. First quarter earnings before interest, tax, depreciation and amortisation (EBITDA), excluding special items, rose 17 percent to 147.2 million euros (123.8 million pounds), against the average forecast for 146 million in a Reuters poll. Sales rose 6.7 percent to 836.2 million euros, which was below expectations for 843 million. (Reporting by Victoria Bryan and Harro ten Wolde; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-axel-sprngr-results-idUKKBN1860HB'|'2017-05-10T13:48:00.000+03:00'
'9eb70c03aaa09765e7c723ec9cdf1d363b0743a1'|'U.S. PPG says could walk away from bid for Dutch firm Akzo Nobel'|'AMSTERDAM Paint maker PPG Industries ( PPG.N ) said on Wednesday it could walk away from its pursuit of Dutch peer Akzo Nobel ( AKZO.AS ), which has rejected three takeover bids from the U.S. firm.Reacting to Akzo''s rejection of PPG''s latest proposal on May 8, PPG repeated that it believed the deal would be in the best interests of both companies.PPG has significant support among Akzo shareholders. But opposition from its boards, Dutch politicians and many of its Dutch staff present difficulties that PPG will have to weigh before a June 1 deadline to file bidding papers with the Dutch authorities or walk away for at least six months."PPG remains willing to meet with Akzo Nobel to engage in meaningful discussions," PPG said in a statement. "But without productive engagement, PPG will assess and decide whether or not to pursue an offer for Akzo Nobel."Shares in Akzo fell 1.4 percent to 75.95 euros, far below PPG''s cash-and-shares takeover proposal, which is worth or 94.39 euros per Akzo share, valuing the Dutch firm at 25.6 billion euros ($27.82 billion) including debt.Under Dutch takeover rules, PPG must decide by June 1 whether it will submit papers to the Dutch Financial Markets Authority (AFM) showing it has financing in place and is serious about launching a formal takeover bid for Akzo.Otherwise PPG would have to refrain from making further attempts to pursue Akzo during a six-month cooling off period.If PPG does file with the AFM, it would still have a final chance to walk away without further costs before launching a formal bid.(Reporting by Toby Sterling; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-akzo-nobel-m-a-ppg-inds-idUSKBN186271'|'2017-05-10T23:49:00.000+03:00'
'1136dc181a45458b49c50ec56bda928bbeb535db'|'Energy stocks underpin FTSE though miners, Centrica fall'|'Business News - Mon May 8, 2017 - 11:20am BST Energy stocks underpin FTSE though miners, Centrica fall A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain August 24, 2015. REUTERS/Suzanne Plunkett By Kit Rees - LONDON LONDON Gains among oil and gas stocks helped Britain''s top share index edge higher on Monday, bucking broader weakness among European markets following a widely expected win for centrist Emmanuel Macron in the French presidential election. The blue chip FTSE 100 index was up 0.1 percent at 7,307.22 points by 0826 GMT. European equities initially opened higher after Macron defeated far-right candidate Marine Le Pen, though gave up early gains to trade flat to slightly negative. European markets have seen a relief rally since Macron won the first round of the French election, reducing the risk of a result which would shock markets, with the FTSE 100 also up around 2.5 percent over the past fortnight. Analysts said that as a Macron victory had largely been expected, it was not surprising that the market reaction to the final result was subdued. "Markets were pricing in the Macron victory ahead of it actually happening, so when it ... happens you don''t get too much movement, because markets were pretty certain it was going to happen," Laith Khalaf, senior market analyst at Hargreaves Lansdown, said. Gains among British banking stocks and oil and gas firms underpinned the UK market, with Barclays and HSBC up 1.1 percent and 0.6 percent respectively. The energy sector was supported by gains in the oil price, which rallied on the prospect of an extension to an OPEC-led production cut. [O/R] At the single-stock level, utility Centrica, which owns British Gas, was down 0.9 percent after reporting a disappointing set of results for the first quarter. Centrica blamed warmer weather and weaker energy prices for hitting its profit margins. It also said that it had lost 261,000 customers since the start of the year. "Reiteration of targets is positive but commodities have been weak, credit ratings remain a risk, and we expect trading to be dominated by UK policy risks until uncertainty over any potential market intervention is clarified," analysts at UBS said in a note. A fall among miners was the biggest sectoral weight. Shares in Rio Tinto, BHP Billiton, Antofagasta and Anglo American all fell between 1 percent to 1.6 percent, taking nearly 7 points off the FTSE 100. A drop in copper prices weighed on the sector, following disappointing data from China, the world''s biggest consumer of metals, showing that import growth in China slowed faster than expected in April. [MET/L] (Reporting by Kit Rees; Editing by Alison Williams)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN1840SM'|'2017-05-08T17:01:00.000+03:00'
'6291c6a4bfc9cf603f8764e38b5127ef5404497e'|'Tyson Foods profit falls as plant fires hurt production'|'Business News - Mon May 8, 2017 - 12:35pm EDT Tyson Foods profit slumps, Florida seeks info in pricing probe FILE PHOTO: Fog shrouds the Tyson slaughterhouse in Burbank, Washington December 26, 2013. REUTERS/Ross Courtney/File Photo Tyson Foods Inc ( TSN.N ) said on Monday quarterly profit fell 21 percent, hurt by fires at two chicken plants, and that Florida''s attorney general was seeking information from the company regarding a probe into possible anticompetitive behavior. Shares of Tyson, the No. 1 U.S. meat processor, fell 6 percent to $59.56. Lower sales at its prepared foods segment also weighed on the quarter, as Tyson has tried to increase profits by selling more prepared and value-added items, such as pre-seasoned products and heat-and-serve meals. Those products command higher margins than basic meats. Last month, Tyson said it would buy packaged sandwich supplier AdvancePierre Foods Holdings Inc ( APFH.N ) for about $3.2 billion to expand its portfolio of prepared food brands. "Between turning this business around and adding Advance Pierre to it, management has its hands full at the moment," JP Morgan analyst Ken Goldman said. Net income attributable to Tyson declined to $340 million in the quarter ended April 1 from $432 million a year earlier. Excluding items, the company earned $1.01 per share, missing analysts'' estimates by one cent. Operating income at Tyson''s chicken unit declined by nearly a third, dragging total operating income down by about 19 percent. Fires at plants in Georgia and Mississippi in February reduced sales volumes, according to the company. "We had a really good quarter, but for the fires," Chief Executive Tom Hayes told analysts. The U.S. chicken sector, which is dominated by Tyson and a few other large companies, has come under increased scrutiny over the past year as customers and farmers have alleged antitrust violations relating to pricing, production and compensation. Tyson also said on Monday that Florida''s attorney general had requested information primarily related to possible anticompetitive conduct in connection with the Georgia Dock, a pricing index for chicken products formerly published by the Georgia Department of Agriculture. State officials suspended the index amid concerns chicken companies could manipulate it. Tyson''s general counsel, David Van Bebber, declined to provide details on Florida''s request, known as a civil investigative demand. Hayes said a small portion of its customers used the index. In February, Tyson said it received a subpoena from the Securities and Exchange Commission the company believed was related to allegations of price fixing. Pivotal Research Group analyst Timothy Ramey said "the risk of a major finding of industry collusion is top of mind" due to the probes. Florida has also asked Sanderson Farms Inc ( SAFM.O ) for information relating to the index. The attorney general''s office did not immediately respond to a request for comment. (Additional reporting by Sruthi Ramakrishnan and Richa Naidu in Bengaluru; Editing by Savio D''Souza, Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-tyson-foods-results-idUSKBN18419V'|'2017-05-08T19:45:00.000+03:00'
'9fa31100c767b4c17c8be4aaf1c409cacf7f4c24'|'Airbus looks to upgrades to counter Boeing''s new mid-market jet'|'Business News - Tue May 9, 2017 - 9:55am BST Airbus looks to upgrades to counter Boeing''s new mid-market jet left right FILE PHOTO: An Airbus A320neo ''quiet jet'' comes in to land at the ILA Berlin Air Show in Schoenefeld, south of Berlin, Germany, June 4, 2016. REUTERS/Hannibal Hanschke - File Photo 1/4 left right FILE PHOTO: An Airbus A320neo ''quiet jet'' taxis along the runway at the ILA Berlin Air Show in Schoenefeld, south of Berlin, Germany, June 4, 2016. REUTERS/Hannibal Hanschke - File Photo 2/4 left right FILE PHOTO: An Airbus logo is pictured on an engine during the delivery of the first series-production LEAP-1A propulsion systems by Aircelle for the A320neo aircraft Airbus family in Colomiers near Toulouse, Southwestern France, April 15, 2016. REUTERS/Regis Duvignau - File Photo 3/4 left right FILE PHOTO: Two undelivered Airbus A320neo seen parked at Toulouse Airport, Southwestern France, April 15, 2016. REUTERS/Regis Duvignau - File Photo 4/4 By Tim Hepher - PARIS PARIS Europe''s Airbus is examining a series of step-by-step improvements to its A320neo family as it prepares to defend its main cash cow against Boeing''s plans to compete in a narrow part of the aircraft market between large and small jets. Weeks after delivering its first A321neo, upgraded with new engines, the planemaker has already begun talking to suppliers about enhanced versions called A321neo-plus and, most recently, A321neo-plus-plus, people familiar with the matter said. The clunky working titles deliberately shed little light on what changes are planned, but underscore Airbus''s preference for upgrades to existing designs rather than investing in a costly new project at this stage. After a series of major developments, planemakers are mainly focusing on gradual changes and conserving cash, helping to lift their shares. But Boeing is threatening to roll the dice one more time with an all-new plane in the middle of the market. Airbus''s so-called A321neo-plus-plus would be rolled out if Boeing does go ahead with plans for an all-new plane seating 220-260 passengers. It would involve a new carbon-composite wing to make the biggest Airbus single-aisle jet cheaper to fly. The 189-seat A321neo has been outselling existing Boeing models by four to one, hurting sales of the Boeing 737 family and replacing some of Boeing''s out-of-production 757s. Boeing hopes a new mid-market jet would not only recapture business served by the 757 but address a wider gap between single-aisle jets that seat up to 200 people and twin-aisle jets that start at around 250 seats. Its new design offers the space of a twin-aisle jet in the cabin, sitting on top of a compact cargo area resembling that of a single-aisle jet to reduce drag and operating costs. Industry sources say it is expected to start offering the lightweight twin-aisle airplane to airlines next year and could launch it in 2019 for an entry to service in 2024 or 2025. MIDDLE OF MARKET Airbus has dismissed the threat of such a jet, saying any market gap is well covered by its A321neo, which can seat up to 240 people in high-density configurations. It says its own A310 several decades ago proved that twin-aisle jets can''t easily compete in that part of the market. But internally it is working on a series of improvements to the A321neo to try to thwart Boeing''s grab for the middle of the market, where thousands of potential sales could be at stake. Three industry sources said the plans include an A321neo-plus-plus with a new wing. Analysts say such makeovers cost $1-2 billion against $15 billion for a new jet. Two sources suggested Airbus could also fine-tune its smallest twin-aisle jet, the A330, in a pincer movement against the Boeing model. But after numerous refinements since it was launched in 1987 that aeroplane is said to have limited growth. One industry strategist said Airbus would at least study the option of waiting for Boeing to show its hand in the middle of the market and the
'6657daffcea5bba1b817315fa5d96210cf536058'|'PRESS DIGEST- New York Times business news - May 9'|'Market News - Tue May 9, 2017 - 2:04am EDT PRESS DIGEST- New York Times business news - May 9 May 9 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Facebook published a series of advertisements in British newspapers, advising millions of users in the country on how to spot misinformation online. nyti.ms/2pWrryN - Sinclair, the largest owner of local television stations in the United States, said it agreed to buy Tribune Media for $3.9 billion, beating other suitors including Nexstar and 21st Century Fox. nyti.ms/2pWaAMS - Nearly five years after the collapse of Dewey & LeBoeuf, a jury in Manhattan convicted the law firm''s former CFO Joel Sanders, on three criminal counts on what prosecutors said was a scheme to hide the firm''s failing finances from financial backers. nyti.ms/2pWwdMS - Express Scripts, one of the biggest pharmacy benefit managers in the drug world, said it would begin offering a group of frequently used drugs for a lower price to people without health insurance, or to those in plans with high deductibles that made their medications unaffordable. nyti.ms/2pWtIu6 (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL4N1IB2C0'|'2017-05-09T14:04:00.000+03:00'
'ef10fbc99b2c0b5ccdf3e6080cf6f8d381b1b795'|'Indian court rules liquor baron Vijay Mallya guilty of contempt of court - TV'|'Business News - Tue May 9, 2017 - 10:40am BST Indian court rules liquor baron Vijay Mallya guilty of contempt of court - TV FILE PHOTO: Force India team principal Vijay Mallya talks to the media in the paddock during the third practice session of the Indian F1 Grand Prix at the Buddh International Circuit in Greater Noida, on the outskirts of New Delhi, October 27, 2012. REUTERS/Ahmad Masood NEW DELHI India''s top court on Tuesday held liquor baron Vijay Mallya guilty of contempt of court in a case moved by banks to recover funds owed by him, television channels reported. The Supreme Court directed Mallya to appear on July 10, CNBC TV18 said. Mallya moved to Britain last March after banks sued to recover about $1.4 billion the Indian authorities say is owed by Kingfisher, now a defunct airline. Mallya has denied the charges against him. (Reporting by Malini Menon; Writing by Aditya Kalra; Editing by Sanjeev Miglani)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-india-mallya-idUKKBN1850DR'|'2017-05-09T13:24:00.000+03:00'
'62c78bd1b0edacc3ebca0e2480bcfdef5c57e943'|'Once tainted, Portugal''s cork industry fights back'|'LISBON A decade ago, shares in the world''s largest cork producer, Corticeira Amorim ( CORA.LS ), didn''t look like a great bet.Its biggest customer, the wine industry, was flirting with cheaper products that threatened cork''s dominance: screw tops and plastic stoppers. Many premium wine-makers had spurned cork, blaming it for occasionally tainting wines with a moldy taste.That was then. The cork industry has since staged a comeback: Lisbon-listed Amorim''s share price has soared almost six-fold and cork exports from Portugal, the world''s dominant producer, have just regained their peaks of 15 years ago."When you go back 12, 15 years, the forecast for cork was anything but optimistic. Where we are today is a completely different territory from what most people thought possible then," said Carlos de Jesus, Amorim marketing director.Sales of plastic stoppers shaped like a cork and aluminum screw caps, made by firms such as Australia''s Amcor ( AMC.AX ), surged to account for almost half of the U.S. market, the world''s largest consumer of wine, in 2009, according to the U.S.-based Cork Quality Council.Screw tops took over the Australian market, and are now used to seal most bottles produced in South Africa and Chile too.However, cork has rallied, partly by investing in research to eliminate cork taint - a dank, moldy smell sometimes caused by microscopic fungi found in cork-tree bark - and persuading some wine-makers to ditch aluminum and plastic.Cork has raised its U.S. market share to around 60 percent, and its share of the global market, which Amorim estimates is worth about $1.3 billion a year, stands closer to 70 percent.But the battle for market share has only just begun.China is emerging as a huge new market as its middle class of more than 100 million people develops a taste for wine. Cork and its rivals are engaged in a battle for the hearts and minds of China''s wine lovers - and for now cork seems to be winning."It is a tradition. It represents prestige," said Matthew Gong, Shanghai-based spokesman for major Chinese wine importer ASC Fine Wines.However, he added, Chinese consumers would become less sensitive to the question of cork or screw cap as the market grew, especially younger people drinking cheaper wines."More and more consumers don''t mind as much whether the closure is a cork or a screw cap," he said. "But for top wines, clearly cork is preferred."Cork exports to China jumped 22 percent in 2016, according to cork makers'' association APCOR. As the biggest buyer of Australian wines, China also has the potential power to influence how producers seal their bottles in that predominantly screw-top market.Amcor did not respond to a Reuters request for comment. However, The Winemakers'' Federation of Australia denied cork makers were making inroads. "It''s definitely not a move in Australia or New Zealand. We are still very much screwcap for its convenience," said Chief Executive Tony Battaglene.He said about 90 percent of bottles produced in Australia are sealed via screw top.LASERS & ROBOTSIn the war with screw tops and plastic, Amorim has recruited robots, lasers and a battery of chromatographic analysis machines which can detect the almost invisible signature of taint - the chemical compound TCA - in a few parts per trillion, or equivalent to one drop in enough water to fill 20 Olympic swimming pools.Bark is carefully stripped from cork oak trees in Portugal''s central-south Alentejo region. Then at Amorim factories near the northern city of Porto, equipment processes it into slabs that are steam-treated, cut into smaller pieces and fed by robotic arms into machines that punch out stoppers. These are sorted and polished using lasers.The finest-quality stoppers are still punched by hand before passing through the humming rows of chromatographic analyzers.Amorim''s NDTech process is among the technologies that sprang from more than 700 million euros ($766 million) invested by the Portuguese industry in new e
'b0e7af59f5c4c7254ab4ab8ca9a2819809483ee8'|'TREASURIES-U.S. bond yields flat as weak auction offsets FBI Comey''s ouster'|'* Comey firing raises worries about Trump''s economic agenda * Treasuries bids diminish after poor 10-year note sale * U.S. 10-year yield retests 5-week high * Fed''s Rosengren sees possibly three more rate hikes in 2017 (Updates market action, adds Quote: ) By Richard Leong NEW YORK, May 10 U.S. Treasury yields were little changed on Wednesday as a weak 10-year note auction offset concerns about a political storm over U.S. President Donald Trump''s firing of the FBI director that could hinder his economic agenda. U.S. bond yields fell overnight in reaction to Trump''s abrupt dismissal of FBI Director James Comey late Tuesday. It drew a storm of criticism, mostly from Democrats, that the move was aimed at blunting the agency''s probe into the Trump presidential campaign''s possible collusion with Russia to sway last year''s election. The yield drop faded following below-average investor demand at a $23 billion 10-year note sale, the second leg of $62 billion quarterly refunding supply this week with benchmark yields retesting a five-week high reached on Tuesday. "It''s all taken in stride at this point," Bill Northey, chief investment officer at the private client group of U.S. Bank in Helena, Montana, said of Comey''s firing. "This is about the Fed and inflation levels." Boston Fed President Eric Rosengren said on Wednesday the central bank should raise rates three more times in 2017 and start reducing its $4.5 trillion balance sheet. Interest rates futures implied traders saw an 83 percent chance that the Fed would raise its benchmark overnight rate by a quarter of a percentage point to a range of 1.00 percent to 1.25 percent at its June 13-14 policy meeting, compared with 88 percent on Tuesday, according to CME Group''s FedWatch program. Earlier Wednesday, the Labor Department said U.S. import prices grew 0.5 percent in April, which was above forecast and marked a fifth straight month of increases. Competition from a growing pipeline of higher-yielding corporate bonds also put upward pressure on Treasury yields. Companies have raised more than $23 billion with investment-grade bonds so far this week, according to IFR, a Thomson Reuters unit. The benchmark 10-year Treasury yield touched 2.416 percent, a five-week high already struck on Tuesday. It was last at 2.407 percent, little changed on the day. The 30-year bond yield declined 1 basis point to 3.031 percent. It was below 3.047 percent set on Tuesday, which was its highest level since March 31. May 10 Wednesday 2:12PM New York / 1812 GMT Price US T BONDS JUN7 150-20/32 -0-4/32 10YR TNotes JUN7 124-212/256 0 Price Current Net Yield % Change (bps) Three-month bills 0.885 0.8993 -0.016 Six-month bills 1.0175 1.037 0.003 Two-year note 99-204/256 1.3548 0.000 Three-year note 99-206/256 1.5669 -0.003 Five-year note 99-184/256 1.9346 0.000 Seven-year note 98-152/256 2.2188 0.000 10-year note 98-160/256 2.4087 0.002 30-year bond 99-80/256 3.0351 -0.004 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 25.00 -2.00 spread U.S. 3-year dollar swap 20.25 -3.50 spread U.S. 5-year dollar swap 6.25 -1.75 spread U.S. 10-year dollar swap -8.75 -1.50 spread U.S. 30-year dollar swap -46.50 -1.25 spread (Reporting by Richard Leong; Editing by Nick Zieminski and Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1IC1FR'|'2017-05-10T16:38:00.000+03:00'
'7ba71f302a3f2b55db435c043767851c8ac9f948'|'Contract medical research firm INC to buy inVentiv in $4.6 billion deal'|'By Divya Grover and Carl O''Donnell INC Research Holdings Inc ( INCR.O ) said on Wednesday it would merge with private equity-owned inVentiv Health Inc, a fellow contract research services provider, in a $4.6 billion all-stock deal to help it win contracts with large pharma companies.The deal is the latest in the contract research space, which has benefited in recent years from pharmaceutical companies'' drive to cut costs, reduce clinical trial times and expand their research and development presence globally.INC mainly caters to small and mid-sized pharma companies, while InVentiv <20> equally owned by private equity firms Advent International and Thomas H. Lee Partners <20> works with larger firms, including the top 20 biopharmaceutical companies.The combined company''s services will range from running clinical trials to advising on drug pricing, with its annual revenue growth rate of 9 percent expected to outpace the roughly 6 percent growth in the broader contract research market.William Blair analyst John Kreger said INC''s lack of inroads with large pharma clients was a weakness and that the new company would be the third- or fourth-largest by clinical revenue.INC''s shares shot up about 19 percent to $52 and were set for their biggest one-day percent gain ever. INC shareholders will own about 53 percent of the new company, with the rest held by Advent International and Thomas H. Lee Partners.The deal also highlights INC''s aim to boost its ability to produce commercialization data and insights to help guide its drug development and marketing efforts, amid an increasingly challenging pricing environment."If you look at the M&A activity over the past year or two in the sector, you see a lot of contract research organizations reaching out for various types of commercial data," inVentiv Chief Executive Michael Bell said in an interview."We very much see it as a trend."That trend has seen British company Chiltern International Ltd, as well as Pharmaceutical Product Development LLC and Parexel International Corp ( PRXL.O ) seeking a sale, among deals Reuters has reported in the past two months.Thomas H. Lee Partners acquired inVentiv in 2010 for about $1.1 billion. Advent offered to buy inVentiv last July, when the company was seeking to go public at a valuation of over $4 billion including debt, Reuters had reported.Advent ultimately invested in the company in November, valuing it at $3.8 billion on a cash-free, debt-free basis.INC Chief Executive Alistair Macdonald will lead the new company and Bell will be board chairman. The new company will have an enterprise value of about $7.4 billion and net revenue of more than $3.2 billion.Centerview Partners LLC is INC''s financial adviser and Sullivan & Cromwell LLP is its legal counsel. Credit Suisse is inVentiv''s financial adviser and Weil, Gotshal & Manges LLP gave legal advice.(Reporting by Divya Grover in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-inventiv-m-a-inc-research-idINKBN18619H'|'2017-05-10T08:45:00.000+03:00'
'720de9d112220c3e3ef31e3d0b4f443f3b85d0a9'|'Hannover Re CEO plays down Brexit impact on its business'|'Business News   12:59pm BST Hannover Re CEO plays down Brexit impact on its business HANOVER, Germany Hannover Re ( HNRGn.DE ), the world''s third-largest reinsurer, does not expect Britain''s departure from the European Union to have a dramatic impact on its reinsurance business. "We expect that even with a hard Brexit we will still be able to underwrite our British business," Chief Executive Officer Ulrich Wallin said on Wednesday at the company''s annual general meeting. "We expect that Brexit will have no substantial influence on the demand for reinsurance from primary insurance companies." The German reinsurer operates a branch in Britain where it underwrites property, casualty, life and health reinsurance. Wallin said there was a chance in the event of a hard Brexit, in which Britain loses full access to the EU common market, that Hannover Re would have to capitalise its office in Britain, just as it has done in Canada and Australia. Hannover Re is the world''s third-largest reinsurer after Munich Re ( MUVGn.DE ) and Swiss Re ( SRENH.S ). (Reporting by Tom Sims; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-hannover-rueck-idUKKBN1861K9'|'2017-05-10T19:59:00.000+03:00'
'af742b0e435f3e1ad5e2da8e42f0611dedd25ea1'|'British investors wary of Aramco as London courts listing'|'Business News - Wed May 10, 2017 - 3:02pm BST British investors wary of Aramco as London courts listing FILE PHOTO: A Saudi Aramco employee sits in the company stand at the Middle East Petrotech 2016, an exhibition and conference for the refining and petrochemical industries, in Manama, Bahrain, September 27, 2016. REUTERS/Hamad I Mohammed/File Photo By Simon Jessop - LONDON LONDON While Britain''s stock exchange pulls out all the stops to woo Saudi Aramco, some leading British fund managers who would be among potential investors have expressed reservations about the oil titan''s corporate governance and valuation. The Saudi government values the state firm at $2 trillion (<28>1.55 trillion) and plans to sell a stake of around 5 percent next year in what is expected to be the largest stock market listing in history. Global financial centres from London to New York and Hong Kong are vying for a piece of the action. Sources told Reuters last week that the London Stock Exchange (LSE) was working on a new type of listing structure that would be more attractive for Aramco by allowing it to avoid the most onerous corporate governance requirements of a primary listing, without being seen as second class. But even should the LSE win an Aramco listing, active fund managers based in London who would be among potential buyers of shares said their participation was far from guaranteed, with many expressing concerns about the level of influence investors could command as well as corporate transparency. Trevor Green, head of UK equities at Aviva Investors, the fund arm of British insurer Aviva ( AV.L ), cited "very big governance issues" around how much independently verified data about the company''s oil reserves would be given, its board structure and the small portion of the company being listed. "At this stage we would struggle (to take part)... governance is a key part of our process and this is going to break it in a lot of ways," Green said. Clive Beagles, fund manager at JO Hambro, said he would likely look at the Aramco listing but doubted he would participate "because of those issues about being such a minority investor relative to people that you''d have very little influence over". Saudi Aramco declined to comment for this story. The oil giant has brought in investment banks, auditors, lawyers and management consultants as well as investor and public relations firms to help it restructure, go over its accounts and advise on changes it needs to make to its corporate governance to become a publicly listed company. Governance is an increasingly important issue for asset managers as investors such as pension schemes and insurance companies are increasingly pushing them to hold companies to account more and prevent bad decision-making. PREMIUM LISTING Companies looking to list on LSE with a "premium" listing need to float at least 25 percent of their equity. A "standard" listing allows a company to list under less-strict governance rules, although it is not then eligible for inclusion in the FTSE index and is considered a second-tier listing, something that would be less attractive to Aramco. Given that, sources have told Reuters the exchange is working on a new type of listing structure to allow Aramco to float less than 25 percent without being classified as a standard listing. British asset management industry body the Investment Association said while it wanted to see more high-quality companies brought to public markets, good governance and liquidity were "critical". "IA members believe that 25 percent should be the minimum free float level for any premium listed company in the UK and that this should be preserved in all cases to protect the integrity and standard of the UK premium market," said Galina Dimitrova, director of capital markets. "Saudi Aramco is no exception." DIFFERING VALUATIONS Aramco is expected to list on the Riyadh exchange, the Tadawul, and at least one major international stock market. It may not need 
'414dd1e423913d811854ab980fa3346bf28c6f7d'|'ECB''s Draghi says too early to declare victory in boosting prices'|'Davos - Wed May 10, 2017 - 1:02pm BST ECB''s Draghi says too early to declare victory in boosting prices FILE PHOTO: European Central Bank (ECB) President Mario Draghi gives a speech after receiving the Gold Medal of the Jean Monnet Fondation for Europe in Lausanne, Switzerland May 4, 2017. REUTERS/Denis Balibouse By Balazs Koranyi - THE HAGUE THE HAGUE It is too early for the European Central Bank to declare victory in its quest to boost euro zone inflation despite signs that the bloc''s economic recovery is strengthening, ECB President Mario Draghi said on Thursday. His comments confirm the ECB is in no rush to wind down his ultra-easy monetary policy of negative interest rates and aggressive bond purchases despite insistence from richer euro zone countries such as the Netherlands, where Draghi was speaking on Thursday, and Germany. "Incoming data confirm that the cyclical recovery of the euro area economy is becoming increasingly solid and that downside risks have further diminished," he told a hearing of the Dutch parliament. "Nevertheless, it is too early to declare success. Underlying inflation pressures continue to remain subdued and have yet to show a convincing upward trend." The ECB is expected to tweak its policy message next month to reflect an improved economic situation but keep policy on hold. Draghi said the benefits of the ECB''s monetary policy were outweighing its side effects, but acknowledged rising property prices and high household debt in some countries, including the Netherlands. "We do not currently see compelling evidence of overstretched asset valuations at the euro area level, but we do see that real estate dynamics or high household debt levels in some countries signal the risk of increasing imbalances," Draghi said. "Such risks also exist in the Netherlands." (Additional reporting by Andreas Framke in Frankfurt; Writing by Francesco Canepa; editing by Ken Ferris)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ecb-policy-draghi-idUKKBN1861FL'|'2017-05-10T19:35:00.000+03:00'
'e6e05499071540457a388973569d49e632bbdb23'|'UPDATE 1-France''s SFR to pay 350 mln euros a year for Champions League rights -sources'|' 19am EDT UPDATE 1-France''s SFR to pay 350 mln euros a year for Champions League rights -sources * SFR beat Canal Plus and beIN Sports for rights * SFR to also show Europa League * Altice is SFR''s parent company (Recasts story, adds details) By Gw<47>na<6E>lle Barzic and Mathieu Rosemain PARIS, May 11 French telecoms operator SFR Group has beaten Vivendi''s pay-TV Canal Plus and Qatari-controlled beIN Sports channels in gaining the rights to broadcast Champions League soccer matches until 2021 in France. SFR agreed to pay 350 million euros ($381 million) per year for the rights, two sources close to the matter told Reuters. SFR is also getting the rights in France for the Europa League soccer tournament, which ranks below the main Champions League. The loss of the rights for Europe''s biggest soccer competition, which is also one of the world''s most popular sports events, puts further pressure on Canal Plus in France, which has lost many customers in the face of new competition from Netflix and beIN Sports. It also presents a blow for beIN Sports, which gained many customers via its coverage of the Champions League. The price SFR agreed to pay is two times bigger than the one paid by Canal Plus and beIN Sports for the 2015-2018 period, during which the two groups shared the TV rights for the Champions League. The price jump highlights the growing appetite of deep-pocketed telecoms operators for exclusive TV content. In Britain, BT has beaten arch-rival Sky to retain the rights to broadcast Champions League soccer matches until 2021, agreeing to pay 1.2 billion pounds -- nearly a third more than last time. In France, SFR Group''s parent Altice repeatedly said it was ready to invest heavily in its content offering to lure more customers to its broadband and TV bundles. It also bought the English Premier League''s soccer rights for the three seasons starting in 2016, paying more than 300 million euros for them. Such investments are weighing on SFR''s margins and it remains difficult to evaluate their impact on customers'' choices. ($1 = 0.9188 euros) (Editing by Jean-Michel Belot and Mathieu Rosemain)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sfr-group-champions-idUSL8N1ID2KN'|'2017-05-11T16:19:00.000+03:00'
'6666cb6af601b82c3f661239cf86edff42fb8a57'|'Williams Cos CEO says asset sales done for now after year of dealmaking'|'By David French and Scott DiSavino - NEW YORK NEW YORK Williams Companies Inc ( WMB.N ) does not expect further acquisitions or asset sales in the near term after divesting its olefins plant in Louisiana to focus on its natural gas business, its chief executive told Reuters on Wednesday.Dealmaking has dominated the pipeline operator''s recent past, most notably the collapse of a more-than-$20 billion takeover by Energy Transfer Equity LP ( ETE.N ) in June 2016 which resulted in a failed attempt by some of the board to oust Chief Executive Alan Armstrong.Williams, which agreed the $2.1 billion plant sale to Nova Chemicals last month, also completed offloading its Canadian business in September for C$1.38 billion ($1.01 billion) and a swap deal in March with multiple parties relating to assets in the Marcellus shale formation and the Delaware Basin."From a strategic standpoint, I would tell you that we''ve probably accomplished what we need to," Armstrong said in an interview, noting the sales had helped reduce its debt to "a more comfortable level."From the perspective of the company doing a deal, he added: "It''s hard for us to imagine anything that is better in terms of value creation than what we have before us right now, and we''re going to stay focused on that."Armstrong believed there would be significant growth in the U.S. natural gas sector going forward because of demand for the energy source from industrial and power-generating companies, despite opposition from politicians and environmentalists to oil and gas pipelines in some areas of the country.Construction of its Constitution pipeline from Pennsylvania to New York, a joint venture with parties including Cabot Oil & Gas ( COG.N ), has been held up by legal challenges and a failure to secure a necessary water permit from New York state authorities for over a year.Armstrong also said Williams was exploring a number of angles to overcome the documentation issue, including getting the U.S. Army Corps of Engineers to provide certification that could bypass the need to secure the outstanding state-level permit.A timetable for when the pipeline would be operational was unclear because of the delays, he added.($1 = 1.3653 Canadian dollars)(Editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-williams-strategy-idINKBN18700P'|'2017-05-10T22:11:00.000+03:00'
'a45f98012869043023156d39adf7ca79549c7ab7'|'Russian energy minister backs extending oil output curbs'|'Business News -  28am BST Russian energy minister backs extending oil output curbs FILE PHOTO: Russian Energy Minister Alexander Novak attends the National Oil and Gas Forum in Moscow, Russia, April 20, 2016. REUTERS/Sergei Karpukhin/File Photo By Vladimir Soldatkin - MOSCOW MOSCOW Russian Energy Minister Alexander Novak on Monday backed extending oil output curbs by leading producers, saying it would help speed up a return to a healthier market. Novak did not mention for how long he thought curbs should be extended in comments sent by the Russian energy ministry. A ministry spokeswoman, however, said one option being discussed by Russia was extending the cuts beyond the end of the year. Saudi Energy Minister Khalid al-Falih said on Monday he was confident that OPEC and non-OPEC producers would extend cuts into the second half of the year and "possibly beyond". The Russian energy ministry spokeswoman said she could not confirm that Russia backed prolonging output cuts into 2018. The Organization of the Petroleum Exporting Countries and other producers including Russia pledged to cut output by 1.8 million barrels per day during the first half of this year to prop up the oil market. "Russia expresses its full solidarity with the efforts of our partners aimed at rebalancing the global oil market and believes that joint efforts to date have been very effective," Novak said in the comments sent by his ministry. "We are discussing a number of scenarios and believe extension for a longer period will help speed up market rebalancing." Novak said he thought rising oil demand would make the output cuts more effective in coming months and that he saw compliance with the OPEC/non-OPEC output pact at 100 percent. (Reporting by Vladimir Soldatkin; Writing by Alexander Winning; Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-oil-opec-idUKKBN18411L'|'2017-05-08T18:28:00.000+03:00'
'60c6064739963e507b59f81e23a8302608c7ba37'|'Akzo Nobel declines third takeover proposal from PPG'|'By Toby Sterling - AMSTERDAM AMSTERDAM Dutch paint maker Akzo Nobel ( AKZO.AS ) on Monday rejected a third takeover proposal from PPG Industries ( PPG.N ), leaving its larger U.S. rival to decide whether to make a formal bid without the support of Akzo''s board, or throw in the towel.PPG''s third offer values Akzo at 26.3 billion euros ($28.8 billion) including debt but the Dutch firm, which makes Dulux paint, said it was too low, faced antitrust risks and failed to address concerns such as "cultural differences".PPG has significant support among Akzo shareholders. But opposition from its boards, Dutch politicians and many of its Dutch staff present difficulties PPG will have to weigh before a June 1 deadline to bid or walk away for at least six months.The deal would combine the world''s two biggest makers of paints and coatings and PPG reckons it can achieve savings of $750 million thanks to factors such as economies of scale on production and lowering input costs.A group of Akzo Nobel shareholders led by hedge fund Elliott Advisors has been pushing for it to discuss a merger with PPG but Akzo said on Monday it would not engage in discussions with the U.S. firm about the current offer."The PPG proposal undervalues AkzoNobel, contains significant risks and uncertainties, makes no substantive commitments to stakeholders and demonstrates a lack of cultural understanding," Akzo Nobel CEO Ton Buechner said in a statement.Reuters reported on Tuesday that Akzo was poised to reject PPG''s latest offer, made on April 24.Buechner told reporters he and Akzo Chairman Antony Burgmans met PPG Chief Executive Michael McGarry on Saturday but would not give details of what was discussed, saying only that it was "cordial and respectful".PPG said it was "disappointed" with the rejection of its third proposal, saying the meeting "lasted less than 90 minutes" and Akzo Nobel officials made clear at the outset they would only discuss PPG''s offer and not negotiate."They also did not share any concerns regarding PPG''s proposal, or analysis or comparison of their new standalone strategy versus PPG''s proposal," PPG said in a statement, adding it would study Akzo''s response before commenting further.SHARES FALLPPG''s latest offer in cash and shares values Akzo''s stock at about 96.75 euros per share, or a 50 percent premium to the price before PPG''s interest became known on March 9. Akzo''s shares fell 3 percent to 77 euros per share on Monday."We think the shares are likely to fall to the mid-70s this morning, as the market adjusts to a lower probability of a successful transaction," Morgan Stanley said in a note. "However, much will depend on PPG''s response."Buechner reiterated that Akzo intends to pursue an alternative plan that it has developed to fend off PPG, which includes paying 1.6 billion euros in extra dividends to investors this year.Akzo Nobel also plans to sell or list its chemicals business, which accounts for about a third of its sales and profits, within 12 months.At Akzo Nobel''s annual shareholders meeting on April 25, institutional shareholders and Dutch shareholder groups voiced dissent about Akzo''s failure to at least talk with PPG, but there was no vote on the matter.About 93 percent of Akzo''s shareholder base is non-Dutch, as are most of its employees. But at the April meeting, Dutch shareholders cheered calls for Akzo to remain independent and jeered an Elliott representative who spoke.During voting at the meeting, about a third of shareholders opposed a resolution allowing management to issue shares this year. Support for the routine measure would normally be virtually unanimous, so the outcome could be seen as a sign of shareholder dissatisfaction.DIFFICULT DECISIONMost analysts say Akzo''s independence plan cannot match a PPG takeover in terms of financial value but Buechner and Burgmans have said it is difficult to objectively measure other stakeholder interests.Akzo addressed those less tangible interests in mor
'4135a648835da5fafae0b3fa03e0c964c3dad567'|'Slowing economy likely to ruffle Bank of England''s hawks'' feathers'|'Central Banks - Mon May 8, 2017 - 12:20pm BST Slowing economy likely to ruffle Bank of England''s hawks'' feathers Pedestrians walk past the Bank of England in the City of London, Britain April 19, 2017. Sterling basked in the glow of a six-month high following Tuesday''s surprise news of a snap UK election. REUTERS/Hannah McKay By Andy Bruce - LONDON LONDON "Not yet" is likely to be the main message this week from Bank of England officials pondering when to start signalling an interest rate hike despite a sharp slowdown rekindling doubt about Britain''s economy ahead of Brexit. Most BoE rate-setters, who were wrong-footed by the resilience of Britain''s consumers in 2016 following the European Union referendum shock, want more time to see how the economy copes before considering a change in record-low rates. All economists taking part in a Reuters poll predicted there will be no deepening of the split within the ranks of the Monetary Policy Committee when it announces its interest rate decision on Thursday. [ECILT/GB] Increasing inflation, fuelled by rising energy costs and the pound''s post-Brexit vote plunge, has strained the Bank consensus recently and prompted some investors to speculate that a first rate hike in nearly a decade might come sooner than expected. Michael Saunders, who left Citi to join the Monetary Policy Committee in August, hinted in April he might side with U.S. academic Kristin Forbes, so far the sole supporter on the MPC for raising rates from their current level of 0.25 percent. That was before official data showed Britain''s economy lost a lot of its momentum in the first three months of 2017 when it expanded at a quarterly pace of 0.3 percent, half the Bank''s forecast. Household spending, the economy''s main driver, is starting to wilt as inflation pushes past the Bank''s 2 percent target. And while there are tentative signs that growth in exports might pick up some of the slack, opinions differ over how much. The Reuters poll, however, suggests Forbes will remain in her minority of one, resulting in a 7-1 vote in favour of keeping rates at their record low. The MPC is temporarily down to eight members following the resignation of Charlotte Hogg as BoE deputy governor after claims she overlooked a conflict of interest. Economists also say the Bank is likely to trim its forecast for economic growth of 2.0 percent this year after the weak start to the year, even if some private-sector surveys have suggested a bit of a recovery in April. TWISTS AND TURNS Governor Mark Carney''s words will be scrutinised for any shift in his views. In February he said Britain''s economy faced "twists and turns" on its road to Brexit, suggesting he remained in no hurry to consider higher interest rates. He will probably strike a similar tone this week. "The key message is likely to be that all options are open. The Bank retains an implicit bias to hike, but is not in a great hurry to deliver," said Alan Clarke, head of European fixed income strategy at Scotiabank. Sterling''s recent appreciation -- which ought to help reduce inflation pressures in future -- has probably made it easier for Carney to push this view. The pound has climbed above $1.29 since Prime Minister Theresa May called a national election for June 8, although foreign exchange strategists polled by Reuters expect it will slide back again towards $1.25 in the coming months. [GBP/] The election itself will have little bearing on the Bank''s new forecasts and Carney is likely to remind investors and the British public that the next move in rates is likely to be up. Since February, Carney and his deputy Ben Broadbent have both highlighted the fact that the Bank''s forecasts are based on a gradual increase in interest rates over the next few years - something that is not yet reflected in financial markets. Carney could draw attention to this if the MPC has become uneasy about market expectations for interest rates, said JPMorgan economist
'92b695addb0e0245661baaeea55947c9b8dc7155'|'MOVES-JP Morgan Asset Management names new client advisor for EMEA sales team'|'May 8 J.P. Morgan Asset Management, a unit of JP Morgan Chase & Co, appointed Tatyana Dachyshyn as an executive director and client advisor on the global liquidity EMEA sales team, effective immediately.Based in London, Dachyshyn will report to Jim Fuell, head of global liquidity sales, international, at J.P. Morgan Asset Management.Dachyshyn will be responsible for business development in Germany and Austria, the firm said.She was most recently director in global client development in securities finance at Commerzbank London. (Reporting by Divya Grover in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/jpmorganasset-moves-tatyana-dachyshyn-idUSL4N1IA3K7'|'2017-05-08T18:01:00.000+03:00'
'1f2d7b007f02b946722fdea8a1bc6a57e6c86f1d'|'Straight Path gets higher offer from unnamed bidder'|'Straight Path Communications Inc ( STRP.A ) said on Monday an unnamed telecommunications company had raised its offer to buy the wireless spectrum holder, in the latest move in a bidding war with AT&T Inc ( T.N ).The unnamed company is Verizon Communications Inc ( VZ.N ), sources familiar with the matter told Reuters.The all-stock offer of $184 per share represents an enterprise value of about $3.1 billion, Straight Path said.The offer reflects an equity value of about $2.3 billion, according to Reuters calculations.That tops AT&T Inc''s ( T.N ) offer of $95.63 per share or $1.25 billion, which was announced last month.Straight Path''s shares jumped nearly 26.3 percent to $204 in premarket trading on Monday. Shares of Verizon and AT&T were largely unchanged.Straight Path, which holds a large trove of 28 GHz and 39 GHz millimeter wave spectrum used in mobile communications, would give a new owner an advantage in 5G development.Verizon and AT&T are seeking to gain an edge in the race to develop a fifth-generation network (5G) that would offer faster downloads and boost internet-reliant products such as self-driving cars.Straight Path also reiterated that the unnamed bidder would cover the termination fee of $38 million that Straight Path would be required to pay AT&T if Straight Path picked another buyer.The unnamed company had last week offered $135.96 per share for Straight Path and Monday''s bid tops that offer, Straight Path said.(Reporting by Narottam Medhora in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-straight-path-m-a-idINKBN18418Y'|'2017-05-08T09:42:00.000+03:00'
'bd178e22ad69f19d10c57a8f238da6555ed6cacf'|'MOVE-Simpson-Orlebar joins Marlborough Partners'|'By Claire Ruckin - LONDON LONDON May 8 Aubrey Simpson-Orlebar has joined Marlborough Partners as a senior adviser, the debt advisory firm announced on Monday.Simpson-Orlebar has joined the corporate debt advisory team led by Tim Metzgen and will be based in London.He will focus on advising UK corporate borrowers in relation to issues including debt raising, refinancing and restructuring.Prior to Marlborough, Simpson-Orlebar was an independent consultant from 2013, with 30 years of debt market experience.Before that, he headed up the debt private placements team at Lloyds Banking Group and founded its fixed income business ahead of managing and restructuring a major portfolio of stressed corporate real estate and trading businesses. He was also an Executive Committee member of the bank<6E>s capital markets team and subsequently of its corporate restructuring group.Before Lloyds, Simpson-Orlebar worked at BNP Paribas, where he was one of the geography heads of debt and equity capital markets and then head of special situations in London and New York. (Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/move-marlborough-simpson-orlebar-idINL8N1IA2YG'|'2017-05-08T09:25:00.000+03:00'
'64edbb29f111a45d98b36652b599b571a9149cf8'|'Sale of Engie E&P unit to Neptune imminent: source'|'By Geert De Clercq and Ron Bousso - PARIS/LONDON PARIS/LONDON Neptune Oil & Gas has agreed to acquire a majority stake in French utility Engie''s ( ENGIE.PA ) exploration and production business for $3.9 billion, the latest private equity-backed firm to enter the international energy sector.For Engie, the sale marks a key step in its shift away from oil and gas to more regulated businesses such as power grids that allow more stable returns.The deal, expected to close in the first quarter of 2018, includes several fields in the UK and Norwegian North Sea and assets in Germany, Algeria, Egypt and Asia, producing more than 150,000 barrels per day of oil and gas equivalent.Neptune, set up in 2015 and headed by former Centrica boss Sam Laidlaw, is backed by private equity funds The Carlyle Group ( CG.O ) and CVC Capital Partners."Our ambition is to create a leading international independent E&P company within the next 5 years," Laidlaw said in a statement.Neptune joins other private equity-backed firms such as Chrysaor and Siccar Point which have acquired oil and gas assets from large firms such as Royal Dutch Shell ( RDSa.L ) and Austria''s OMV ( OMVV.VI ).Engie said in a statement it had received a firm and binding offer from Neptune for its exploration and production unit based on a total valuation of 4.7 billion euros ($5.11 billion), which includes 1.1 billion euros of decommissioning liabilities.The deal is expected to reduce Engie''s consolidated net financial debt by 2.4 billion euros when the deal is closed.Engie Chief Financial Officer Judith Hartmann told reporters that, besides the decommissioning provisions, Neptune would also take over about 200 million euros of pension provisions.The deal was reached after Neptune agreed to increase China Investment Corporation''s (CIC) stake in EPI to 49 percent from 30 percent, sources told Reuters last month. CIC had bought its 30 percent stake in 2011.Neptune did not mention CIC in its statement.Engie previously said it planned to sell 15 billion euros worth of assets between 2016 and 2018 to focus on contracted and regulated businesses such as energy services and grids. It has said it could realize 85 percent of the planned sales by the end of 2017.(Editing by Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-engie-m-a-neptune-idINKBN1870Y7'|'2017-05-11T06:56:00.000+03:00'
'2b35c8887b5201e316b2a90f7b19d465f407ae72'|'UPDATE 1-As Italy seeks pasta labels, Canada worries about durum sales'|'Market News  34pm EDT UPDATE 1-As Italy seeks pasta labels, Canada worries about durum sales (Adds comment from Canadian minister) By Rod Nickel and Isla Binnie WINNIPEG, Manitoba/ROME May 10 Italy has this week formally asked the European Commission to allow it to require country of origin labels on pasta sold there, raising alarms for Canadian durum wheat exporters who fear the move will dampen sales. Italian Agriculture Minister Maurizio Martina said on Twitter on Monday that Italy had sent a decree to Brussels spelling out proposals to label pasta and rice to show the origin of the raw materials. Rome had send a draft decree of its intent in December, but had not taken the formal step until now. Italy is proposing that pasta packaging show where the wheat was grown and milled. Canadian exporters and farmers fear the move would depress prices in Canada, the biggest global durum exporter, as it would require Italian pasta makers to segregate supplies by country. Italy''s move comes as a Canada-Europe free trade deal moves to final stages of approval. "It''s something that causes us significant concern because it will increase the cost of moving durum into Italy," Cam Dahl, president of industry group Cereals Canada, whose members include Cargill Ltd and Louis Dreyfus Corp , said on Tuesday. Italy is Canada''s second-biggest foreign buyer of durum so far in the 2016-17 crop year, purchasing 522,000 tonnes from August through March, according to Canadian government data. Annual Canadian sales to Italy are worth an estimated C$248 million ($181.46 million), based on average export volumes and International Grains Council price data. The European Commission said it had not yet received official notification from Italy and that it would then have three months to make observations. If there are none, Italy would be free to proceed with its plans. European lawmakers have shown an increasing appetite for labeling due to consumer demands for information about food. Italy has also said labeling would help its pasta industry compete with foreign competition. Canadian Agriculture Minister Lawrence MacAulay said in a statement on Wednesday that he was assessing the potential impact of the measure, and has raised concerns with members of the European Commission. Canadian durum farmers last year grew their biggest-ever crop but are expected to sow less durum this spring after disease downgraded quality. Representatives of Cereals Canada will visit Italy later this month to meet with pasta groups and Brussels to meet with European Union officials. Canada and Mexico won a similar fight over United States meat labels in late 2015. India and Thailand are the biggest global rice exporters. ($1 = 1.3667 Canadian dollars) (Additional reporting by Philip Blenkinsop in Brussels; editing by Chris Reese, G Crosse)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/italy-durum-canada-idUSL1N1IC17L'|'2017-05-11T01:34:00.000+03:00'
'd79e81d62b705cb1b861bb0bae23f1f4630009b6'|'Mexico retail group ANTAD says same-store sales up 6 pct in April'|'Market News  40pm EDT Mexico retail group ANTAD says same-store sales up 6 pct in April MEXICO CITY May 10 Mexico''s retailers'' association said on Wednesday that sales at stores open at least a year rose 6.0 percent in April compared to same month a year earlier. The association, known as ANTAD, includes retail chains Walmex and Soriana as well as other department stores. Total sales grew 9.1 percent compared to April 2016, the group said. (Reporting by Mexico City newsroom) U.S. fund investors accelerate rotation to foreign stocks -ICI By Trevor Hunnicutt NEW YORK, May 10 U.S. fund investors charged into international stocks at the fastest pace in nearly two years, betting on a continued fillip for the global economy, Investment Company Institute data for the latest week showed on Wednesday. Investors added $7.8 billion to U.S.-based mutual and exchange-traded funds invested in stocks abroad, the 22nd straight week of inflows and largest since July 2015, the trade group''s data showed. There were $4.3 bi MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-retail-antad-idUSL1N1IC1EV'|'2017-05-11T01:40:00.000+03:00'
'1537cf73b8d8b1f9634e757b69097a587927eeee'|'BRIEF-Legrand, North and Central America acquires Afco Systems'|'Market News - Wed May 10, 2017 - 6:35am EDT BRIEF-Legrand, North and Central America acquires Afco Systems May 10 LEGRAND SA * LEGRAND, NORTH AND CENTRAL AMERICA EXPANDS DATA CENTER CAPABILITIES WITH THE ACQUISITION OF AFCO SYSTEMS SOURCE TEXT FOR EIKON: FURTHER COMPANY COVERAGE: (Gdynia Newsroom:) UPDATE 3-Bid to revoke Obama methane rule fails in surprise U.S. Senate vote WASHINGTON, May 10 The U.S. Senate on Wednesday rejected a resolution to revoke an Obama-era rule to limit methane emissions from oil and gas production on federal lands, dealing a blow to President Donald Trump''s efforts to free the drilling industry from what he sees as excessive environmental regulation. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-legrand-north-and-central-america-idUSASA09OJ4'|'2017-05-10T18:35:00.000+03:00'
'70115a42fa5e9d052900ab2ea191c303c7362274'|'EBRD rejects Russian challenge on investment freeze'|'Business News - Wed May 10, 2017 - 9:55am EDT EBRD rejects Russian challenge on lending freeze EBRD President Suma Chakrabarti speaks during the Annual Meeting and Business Forum of European Bank for Reconstruction and Development''s (EBRD) in Nicosia, Cyprus May 10,2017. REUTERS/Yiannis Kourtoglou By Marc Jones - NICOSIA NICOSIA The European Bank for Reconstruction and Development on Wednesday rejected a Russian complaint about the bank''s investment freeze, prompting criticism from Moscow that the development bank was a ''tool'' of Western foreign policy. EBRD shareholders, who are dominated by Group of Seven governments, "overwhelmingly" rejected what the EBRD said was Russia''s claim that the ban on Russian investments brought in at the height of the Ukraine crisis in 2014, had breached EBRD rules. EBRD President Suma Chakrabarti said the decision was "final and binding" and that there had been no discussion at the meeting about what it would require for it to restart investments in Russia. Russia''s economy minister, Maxim Oreshkin, responded by saying the move had set an "extremely dangerous precedent". "We saw the EBRD became a tool of foreign policy and not a fair and open institution," he said. The EBRD was set up in 1991 to help ex-Soviet economies make the transition to free market capitalism. Russia was for a long time its biggest lending destination, but the near three-year freeze has shrunk its portfolio there to around 3.7 billion euros, although that is still roughly 10 percent of the bank''s overall portfolio. (Reporting by Marc Jones; editing by Sujata Rao/Jeremy Gauunt) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-ebrd-meeting-russia-idUSKBN1861OX'|'2017-05-10T20:48:00.000+03:00'
'bc2729a98c2d7fcb06543eb46a2f9fe82e44648e'|'Brazil''s Ita<74> bids 6 billion reais for stake in broker XP -magazine'|'Big Story 10 - Tue May 9, 2017 - 11:06pm EDT Brazil''s Ita<74> bids six billion reais for stake in broker XP: magazine SAO PAULO Ita<74> Unibanco Holding SA, Brazil''s largest private lender, has offered 6 billion reais ($1.9 billion) for a minority stake in securities firm XP Holding Investimentos SA, Brazilian magazine Exame reported on its website on Tuesday. Exame said Ita<74> is proposing to buy 49.5 percent of XP, without saying how it got the information. According to the report, some current shareholders led by founder Guilherme Benchimol would keep control of the broker after the stake sale and continue to manage it separately from Ita<74>. XP was expected to file for an initial public offering that could value the company between 12 billion and 20 billion reais, Reuters reported on March 17. The investment banking units of Morgan Stanley, Grupo BTG Pactual SA, JPMorgan Chase & Co and Ita<74> Unibanco Holding SA were hired to lead the offering''s underwriting. One of the securities firm''s largest shareholders is U.S. buyout firm General Atlantic LLC, that had been considering selling part of its stake in a private placement before the IPO. Ita<74> and XP did not have immediate comment on Exame''s report. (Reporting by Tatiana Bautzer) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-xp-investimentos-m-a-idUSKBN18609B'|'2017-05-10T09:52:00.000+03:00'
'168bef09b4ec84b12ba4397b6339144787844e42'|'BRIEF-Penske Automotive sets quarterly cash dividend of $0.31 per share'|'Market News - Wed May 10, 2017 - 8:16am EDT BRIEF-Penske Automotive sets quarterly cash dividend of $0.31 per share May 10 Penske Automotive Group Inc * Penske automotive increases dividend UPDATE 3-Bid to revoke Obama methane rule fails in surprise U.S. Senate vote WASHINGTON, May 10 The U.S. Senate on Wednesday rejected a resolution to revoke an Obama-era rule to limit methane emissions from oil and gas production on federal lands, dealing a blow to President Donald Trump''s efforts to free the drilling industry from what he sees as excessive environmental regulation. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-penske-automotive-sets-quarterly-c-idUSFWN1IC0T4'|'2017-05-10T20:16:00.000+03:00'
'49f949b7702d1be3b0ac4d923ff5f804f5c82471'|'Insurer AXA plans to float stake in its U.S. operations in 2018'|'By Maya Nikolaeva and Matthieu Protard - PARIS PARIS AXA Chief Executive Thomas Buberl plans to overhaul the group''s U.S. operations, proposing to float its American life insurance and asset management businesses in the first half of 2018 in order to free up capital.The listing of a minority stake in AXA''s U.S. operations follows similar plans by rivals, such as Metlife ( MET.N ), which aims to spin off its life insurance business.The move could allay some investors'' concerns about whether it is necessary for AXA to retain two separate asset managers - AXA IM which is focused on Europe and AXA AB, which operates in the United States."We are convinced our U.S. operations would be better positioned as a listed company in the U.S., operating on a level-playing field under local regulatory rules," said Buberl, who took over as CEO of Europe''s second largest asset manager last year.He has ruled out major acquisitions and pledged to improve profitability through higher prices and cost-cutting.The proceeds of the IPO would be reinvested in its main business lines such as health, savings products that do not tie up too much capital, property and casualty insurance for businesses. Some of the cash could be returned to shareholders, AXA said.The U.S. business, which includes AXA AllianceBernstein, represented around 1.1 billion euros ($1.20 billion), or 19 percent of AXA''s underlying earnings in 2016, analysts at Barclays said."While we regard this as a capital management/portfolio management exercise <20> and as such positive - some may speculate the action is taken in an effort to build a war chest for potential big M&A," they said in a note, calling it a surprise announcement.Shares in AXA opened 2 percent higher.AXA said the move would bring it "significant additional financial flexibility", while it would reduce its exposure to financial risks and strengthen its economic capital position.AXA faces uncertainty over U.S. regulation as well as taxation, after President Donald Trump ordered a review of the Department of Labor''s new rule that permits consumers to sue advisers if they do not think they have met their fiduciary obligations.The life insurance industry has not been supportive of the rule, citing potentially lower sales and high costs of compliance that could drive smaller players out of business.The insurer also said that ahead of the IPO it planned to convert about 1 billion euros of outstanding debt owned by AXA U.S. to boost the capitalization of the business.AXA also reported that first quarter revenue dipped 0.1 percent from last year to 31.6 billion euros, with a stronger performance at its property and casualty premiums arm slightly offsetting weaker life insurance results.(Reporting by Maya Nikolaeva and Matthieu Protard, additional reporting by Carolyn Cohn in London; Editing by Sudip Kar-Gupta and Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-axa-results-idINKBN1860HZ'|'2017-05-10T04:05:00.000+03:00'
'e89c45e2cb2519a8f0116c1d71737690480de587'|'Not thinking now about how to change BOJ''s policy mix - BOJ Kuroda'|'U.S. Democratic senators seek probe into Icahn<68>s biofuel credit dealings WASHINGTON Eight Democratic senators asked U.S. regulators on Tuesday to launch an investigation into billionaire Carl Icahn<68>s activities in the U.S. biofuels blending credit market, saying the activist investor may have violated trading laws since becoming an adviser to President Donald Trump. U.S. Senate finance panel unlikely to support import tax: chairman WASHINGTON A 20 percent import tax, backed by Republican leaders in the House of Representatives, is unlikely to win enough support from the Senate Finance Committee to be part of any Senate tax reform bill, the panel''s Republican chairman said on Tuesday. A federal appeals court threw out a ruling that the U.S. government illegally bailed out insurer American International Group Inc during the 2008 financial crisis, in a defeat for former chief executive officer Maurice "Hank" Greenberg. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-economy-kuroda-idUKKBN186049'|'2017-05-10T09:04:00.000+03:00'
'bff987774d5fa4b14ebaf79ab3dd96452469843c'|'Co-op Bank investors braced for losses as it tries to raise <20>750m - Business'|'Bondholders in the Co-operative Bank are braced to take losses as the troubled lender scrambles to find <20>750m to boost its financial strength.The bank is expected to update investors as soon as this week about its attempts to find a buyer, amid speculation that it is struggling to attract an offer and that bondholders will be forced to step in.Even if a bidder is found, bondholders still face losses as part of the Co-op bank<6E>s requirement to meet the Bank of England<6E>s requests for more capital. The Co-op Bank has warned bondholders that potential bidders have sought <20>some form of liability management exercise<73> <20> which could see investors take losses in return for equity stakes.Co-op boss shrugs off <20>130m loss to focus on group''s ''stellar progress'' Read moreThe LME could boost the bank<6E>s capital by <20>450m, which would leave another <20>300m to be raised in fresh funds. This would require Co-op Bank to convince existing investors to stump up more cash or seek more backers. Among those flagged as potential new investors are Virgin Money, TSB and buyout houses JC Flowers and Cerberus.The Bank of England is reported to have Co-op under <20>intensive supervision<6F> . The Manchester-based bank has endured five consecutive years of losses since its problems started to emerge in 2013, which have sapped its ability to rebuild its capital.But the Co-op Bank<6E>s management hopes to attract a buyer because of its 4 million customers who are attracted by its ethical approach to doing business.Co-op Bank, which refused to comment on Tuesday, insisted l ast month that it had <20>received a number of non-binding proposals from strategic and financial parties<65> and <20>selected several parties to enter a further phase<73> of talks.The bank put itself up for sale in February , four years after its near-collapse which sparked its rescue by hedge funds.The hedge funds have been left owning 80% of the bank, which until then had been 100% owned by the Co-operative Group of supermarkets and funeral homes. But the mutual is unlikely to be ready to put more cash into the bank after writing down the value of its 20% stake to nil last month . At the time, the Co-op Group finance director, Ian Ellis expressed hope that the bank<6E>s sale would be successful and that the group expected <20>to get some value from the sale<6C>.However, the Co-op Group may also demand a solution to pension scheme it shares with the bank, which is due for revaluation in July, and could be a potential barrier to any buyer.An institution that once had bold ambitions to merge with TSB, the Co-op Bank has been dramatically scaled back over the past years, from nearly 300 branches to just 95.Topics Co-operative Group Banking news '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/may/09/co-op-bank-investors-bondholders-buyer'|'2017-05-10T03:16:00.000+03:00'
'd3023e98c1f40a52f9b86a892c3a5985975d8586'|'BRIEF-Amazon.com launches new touchscreen device Echo Show'|'UPDATE 1-Atlantia to submit takeover bid for Abertis within days - sources LONDON/MILAN/MADRID, May 9 Italian toll road operator Atlantia is planning to submit a takeover bid for Spanish rival Abertis within days, two sources familiar with the situation said on Tuesday, hoping to bridge differences over price that have held up negotiations in the past few weeks.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-amazoncom-launches-new-touchscreen-idUSFWN1IB0QA'|'2017-05-09T22:14:00.000+03:00'
'2f82ad24a6acd8b23f29c7de6fa930d638a5dd7c'|'European shares hold at 21-month highs, Micro Focus slides'|'Business   8:55am BST European shares hold at 21-month highs, Micro Focus slides Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 8, 2017. REUTERS/Pawel Kopczynski LONDON A raft of well-received updates and a recovery in resources stocks helped European shares rebound early on Tuesday from the previous session''s slight losses, although shares in Micro Focus dropped. The pan-European STOXX 600 index was up 0.3 percent, holding at 21-month highs, while France''s CAC 40 index gained 0.4 percent, recouping some of its losses from Monday following centrist Emmanuel Macron''s French presidential election victory. Britain''s Micro Focus was the biggest STOXX faller, slumping more than 12 percent after saying that revenue at Hewlett-Packard Enterprise, the U.S. company it is buying, dropped around 10 percent in the last quarter. Elsewhere company results were in focus, with shares in Denmark''s Nets rising 2.7 percent following its first quarter earnings, and potash miner K+S also up 2 percent after its update. A rebound in basic resources stocks and gains among energy firms also helped support the market, with miners up after a rise in the underlying price of copper. Glencore was the biggest gainer, up 3.3 percent. (Reporting by Kit Rees; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN1850PC'|'2017-05-09T15:55:00.000+03:00'
'3ff7570064a2090394078c37a5d1adadfee8f256'|'John Lewis sets aside 36 million pounds for possible breach of wage rules'|'Tue May 9, 2017 - 2:07pm BST UK''s John Lewis sets aside $47 million for possible breach of wage rules left right FILE PHOTO: John Lewis and Waitrose employees wait for the announcement of their 2015 bonus in central London, March 12, 2015. REUTERS/Neil Hall/File Photo 1/2 left right FILE PHOTO: Pedestrians walk past a John Lewis store on Oxford Street in central London December 15, 2013. REUTERS/Neil Hall/File Photo 2/2 LONDON British retailer John Lewis said it has set aside 36 million pounds ($47 million) to cover possible costs as it may have breached UK wage rules, a potential embarrassment for a company lauded for the way it treats its staff. The John Lewis Partnership, owner of the John Lewis department store chain and upmarket Waitrose supermarkets, said on Tuesday that while its contractual hourly rates of pay have never been below the national minimum wage (NMW), it plans to work with Britain''s revenue and customs department to see if all its arrangements meet the specific criteria of the complex regulations. Last year the government announced a series of increases in the minimum wage, which will make it 13 percent higher than it would otherwise have been by 2020. The John Lewis Partnership [JLP.UL] [JLPLC.UL] is often held up in Britain as an exemplary employer. It calls its staff partners and its employee-owned business model has been praised by government. It said it is specifically looking at its practice of "pay averaging" which aims to smooth out a partner''s pay over a year to ensure a consistent amount is paid to them each month in respect of their basic pay. "This arrangement was implemented to support partners with a steady and reliable monthly income, but we now believe this arrangement may not meet the strict timing requirements for calculating compliance with the NMW regulations," it said. The company said that once it has completed a review, it will make any retrospective payments required to current and former partners. Since there is a wide range of potential outcomes it said it has made the 36 million pounds an exceptional charge in its financial year to Jan. 28 2017. The provision was detailed in the partnership''s annual report and accounts for 2016-17. They also revealed that Chairman Charlie Mayfield has waived his bonus for 2016-17, which would have been 66,000 pounds. That decision reflected the performance of the group in the period. Mayfield''s total reward fell by 7.4 percent to 1.41 million pounds. In March the group reported a fall in the trading profits of both Waitrose and John Lewis department stores for 2016-17. It also cut its staff bonus to 6 percent, the lowest percentage payout since 1954, saying it needed to preserve cash to brace for difficult times ahead. In April the department store business said it would cut hundreds of jobs in a reorganization of its soft furnishings business and changes to the way it operates its in-store restaurants. (Reporting by James Davey; Editing by Alistair Smout and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-john-lewis-pay-idUKKBN1851I6'|'2017-05-09T20:44:00.000+03:00'
'c2fc9ba1a7c61961b0eec0bab11c90ef2f784a1d'|'Theresa May is creating an epidemic of poverty. Don<6F>t give her a free hand - Gordon Brown - Opinion'|'I n 1974, when Edward Heath attempted a single-issue election, he put a simple question to the voters: <20>Who governs Britain?<3F> The answer he got was equally simple: <20>Not you.<2E> Heath was reminded of an age-old lesson of politics: that British elections are always about jobs, the NHS, tax, public spending, fairness and security. It<49>s never about a single theme, not even one a prime minister seeks to impose on it.Like Heath, Theresa May also wants the election she has called to be about a single issue. In her case that issue is, to put it crudely, standing up to foreigners. She asks that we strengthen her hand in negotiations with Europe . But because she won<6F>t say in detail what that hand is, it<69>s clear that what she really seeks is a free hand to do as her party wants.By rejecting TV debates <20> which should now be an essential element of any democracy <20> and speaking only to handpicked party cheerleaders, May wants to get through the campaign with scarcely a moment of scrutiny <20> and then secure a five-year parliament with minimal accountability.Theresa May will cause more poverty than Thatcher, Gordon Brown warns Read more But she<68>s asking for more than a blank cheque for Brexit. She intends to claim the result as a mandate for much else. And Britain cannot afford to give her carte blanche on the parlous state of the NHS , the biting cuts in education , the threats to civil liberties and our rising inequality. And one astonishing, but little-known fact demonstrates conclusively why: there will soon be more people in poverty in May<61>s Britain <20> 15.7 million citizens <20> than ever there were in Margaret Thatcher<65>s Britain. And this new epidemic of poverty means almost 1 million more children condemned to poverty than even in the darkest days of Thatcher-Major rule .Take a moment to absorb the numbers. Overall poverty, which hit 12.5 million people in the 80s and 14 million in the mid-90s, is, according to a study by the Institute for Fiscal Studies and Rowntree, set to reach a new high of 14.1 million this year, climbing fast to over 15 million by the end of the coming parliament.In the early 90s, pensioner poverty affected one in three older Britons. That rate was falling to nearly one in 10 by the time Labour left office. But those numbers will start deteriorating again, with 400,000 more elderly poor by 2022: a sure sign that a pensions lock and generous pension tax credits are a necessary bulwark against hardship in old age.But the biggest single group in poverty <20> one third of May<61>s new poor <20> are our youngest and most vulnerable, those who don<6F>t have a vote but certainly need a voice. Child poverty peaked at 4.3 million in the Thatcher-Major years and, mainly because of child tax credits, fell significantly under Labour. But it is rising again, from 4 million a year ago to 4.2 million this year, and, as calculated by IFS/Rowntree, will afflict 5.1 million by 2022.Think about that: one in every three boys and girls condemned to a childhood of poverty, every one of those children denied the necessities of life, the fundamental means of fulfilling their potential. That fact alone blows apart any Conservative claim to be the party of the many.Despite a 35% rise in prices this decade, child benefit will have risen by only 2% and the working tax credit by only 4%. Housing benefit no longer covers the rent, heating allowances fail to cover the cost of fuel, and crisis loans that used to cover cookers or beds have been dramatically slashed.We are learning the hard way that social progress cannot be assumed, but has to be fought for decade by decadeBut here<72>s the most shocking fact of all. Two-thirds of the children now in poverty are from families where someone is working . Forget all the rancid Tory talk of <20>skivers<72> and <20>shirkers<72> : these are men and women working hard, but on breadline wages <20> with their lifeline, tax credits, being systematically pulled away from them.May says she wa
'df9cdc9f5a239bd911f76a7aee061be9e290b5de'|'Nikkei eases off 17-month high as firmer yen triggers futures selling'|'TOKYO May 12 Japanese shares slipped from near 17-month highs on Friday, as a slightly stronger yen triggered selling in futures markets while investors focused on a slew of corporate earnings such as from automaker Nissan on a surprise hike in dividend.The Nikkei share average dropped 0.4 percent to 19,883.90. The index gained 2.3 percent for the week, racking up its fourth week of gains helped by easing worries over European politics and tensions in the Korean peninsula.The broader Topix dropped 0.4 percent to 1,580.71.The JPX-Nikkei Index 400 declined 0.4 percent to 14,111.69.Bucking the trend, Nissan Motor surged 3.0 percent on its plan to hike dividends although it forecast an unexpected fall in profits and its guidance was lower than analyst expectations. (Reporting by the Tokyo markets team; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL4N1IE2O2'|'2017-05-12T14:58:00.000+03:00'
'bdea1d40576ac44185002ba020f30c4ba2d2809f'|'Microsoft adds detection, protection against global cyberattack -statement'|'Market News - Fri May 12, 2017 - 3:54pm EDT Microsoft adds detection, protection against global cyberattack -statement WASHINGTON May 12 Microsoft said on Friday its engineers had added detection and protection against a ransomware attack that had disrupted hospitals in England and infected computers in dozens of other countries around the world. "Today our engineers added detection and protection against new malicious software known as Ransom:Win32.WannaCrypt," a Microsoft spokesman said in a statement. It said the company was working with its customers to provide additional assistance. (Reporting by Dustin Volz; editing by Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-security-hospitals-microsoft-idUSL1N1IE1SB'|'2017-05-13T03:54:00.000+03:00'
'de156eb1f341e774e2327f1c2abb1941824e6eb8'|'Apollo Global to buy West Corp for $23.50 per share in cash'|'U.S. telephone conferencing services provider West Corp ( WSTC.O ) said it had entered into an agreement to be acquired by buyout firm Apollo Global Management LLC ( APO.N ) for about $2 billion in cash.The $23.50 per share offer represented a premium of about 17.5 percent over West Corp''s closing price on November 1, 2016, the company said on Tuesday.West Corp announced last November that it had hired investment bank Centerview Partners LLC and law firm Sidley Austin LLP to help the company explore financial and strategic alternatives.The deal has an enterprise value of about $5.1 billion, including net debt, the company said in a statement.Apollo Global was seeking to convince West Corp to lower its price expectations and accept a $2 billion acquisition offer, Reuters reported earlier this week.The company has grappled with a debt pile of more than $3 billion and struggled to keep its conferencing technology competitive amid fierce price competition from its peers."We believe this transaction achieves our goal of maximizing value for West stockholders and positions the Company for continued success.," Tom Barker, chairman and chief executive officer of West Corp, said in the statement.The deal marks the second time West Corp has become a private company in little more than a decade.Omaha, Nebraska-based West Corp offers technology that allows companies and public safety organizations to launch teleconferencing sessions and manage customer service calls.<2E>West is the leader in global conferencing and collaboration services, and is well-positioned to capitalize on customer migration to cloud-based solutions," Matthew Nord, Senior Partner at Apollo, said in the statement.West Corp has decided to suspend payment of its quarterly dividend as a condition of the merger agreement.The deal is expected to close in the second half of the year and has been unanimously approved by the company''s board, West Corp said.(Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-west-m-a-apollo-global-idINKBN1852RN'|'2017-05-09T21:55:00.000+03:00'
'8016c489df7d4bc437cc1c1b5da7016e36e74c16'|'Germany''s Schaeuble warns of cracks in EU over Brexit'|'Business News - Wed May 10, 2017 - 4:30pm BST Germany''s Schaeuble warns of cracks in EU over Brexit FILE PHOTO: German Finance Minister Wolfgang Schaeuble attends a lower house of parliament Bundestag session in Berlin, Germany, April 27, 2017. REUTERS/Hannibal Hanschke/File Photo FRANKFURT ODER, Germany The European Union''s remaining 27 members have managed to hold the project together since Britain voted to leave the bloc, "but the pendulum is swinging back", German Finance Minister Wolfgang Schaeuble said on Wednesday. Speaking at an university in the east German city of Frankfurt Oder, Schaeuble said Germany had an interest in a prosperous Britain and a strong financial hub in London, but added that there would be some movement on this front. (Reporting by Gernot Heller; Writing by Paul Carrel) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-germany-idUKKBN186257'|'2017-05-10T23:24:00.000+03:00'
'dafae620eef8d1e9c3cfad03811f7ce87e31ebb4'|'Oil prices rise on expectation of output cut extension'|'Business News - Mon May 8, 2017 - 8:01am BST Oil rises on prospect that output cut could extend beyond 2017 A worker looks on at the Bashneft-Ufaneftekhim oil refinery outside Ufa, Bashkortostan, Russia January 29, 2015. REUTERS/Sergei Karpukhin/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil prices rose on Monday as Saudi Arabia''s energy minister said an OPEC-led production cut scheduled to end in June would likely be extended to cover all of the year, or even into 2018, although another increase in U.S. drilling capped gains. Brent crude futures LCOc1 were at $49.48 per barrel at 0652 GMT, up 38 cents, or 0.75 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $46.52 per barrel, up 30 cents, or 0.7 percent. Saudi Arabia''s energy minister Khalid Al-Falih said on Monday oil markets were rebalancing after years of oversupply, but that he still expected the OPEC-led deal to cut output during the first half of the year to be extended. "Based on the consultations I have had with participating members, I am rather confident the agreement will be extended into the second half of the year and possibly beyond," said Falih, Saudi Minister of Energy, Industry and Mineral Resources, during an industry event in Malaysia''s capital Kuala Lumpur on Monday. The Organization of the Petroleum Exporting Countries (OPEC), of which Saudi Arabia is the de-facto leader, as well as other producers including Russia, pledged to cut output by almost 1.8 million barrels per day (bpd) during the first half of the year to prop up the market. The comments from Falih and rising prices came after steep falls last week due to ample supply in countries that aren''t participating in the cuts, including the United States where output C-OUT-T-EIA is soaring. A decision on whether to continue the production cuts is expected at OPEC''s next official meeting on May 25. "Oil may have seen the worst of the selloff for now, as the market turns its attention to the OPEC meeting at the end of the month," said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore. Some traders said the victory of Emmanuel Macron in the French presidential election against far-right Marine Le Pen also supported oil prices as it raised hopes of a more stable European economy. Still, both Brent and WTI crude are holding below $50 amid ample supplies. U.S. drilling continued to pick up last week, with the rig count climbing by 6 to 703. Since a low point in May 2016, U.S. producers have added 387 oil rigs, or about 123 percent, Goldman Sachs said. On the demand side, China''s crude oil imports in April eased by almost 9 percent from March to 8.37 million bpd, although this was largely due to refinery maintenance. China''s April crude imports were up 5.5 percent versus a year ago. (Reporting by Henning Gloystein; Editing by Richard Pullin and Tom Hogue)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN18401X'|'2017-05-08T08:38:00.000+03:00'
'368f54bd12b5c13e9d23cd0c7a78db418b3f5c82'|'G7 finance ministers won''t discuss trade at Italy meeting - Italian officials'|'Central Banks - Mon May 8, 2017 - 5:06pm BST G7 finance ministers won''t discuss trade at Italy meeting - Italian officials Italian Police patrol in front of a church in the Sicilian town, where leaders from the world''s major Western powers will hold their annual summit in Taormina Italy May 2, 2017. REUTERS/Antonio Parrinello ROME Trade will not be on the agenda of a meeting of finance ministers and central bankers from the Group of Seven rich nations in Italy this week, officials from the Italian Treasury said on Monday. The officials said at a briefing ahead of the May 11-13 meeting in the southern city of Bari that trade would instead be discussed by G7 leaders at a meeting in Taormina, Sicily at the end of this month. The decision to leave it off the agenda in Bari follows a meeting of the larger Group of 20 financial leaders in Baden Baden, Germany, in March, when ministers dropped their traditional pledge to keep global free trade open, acquiescing to an increasingly protectionist United States. The Bari G7 will focus on issues including international taxation, cyber security, better coordination of global financial institutions and ways to fight inequality, said the officials, who asked not to be named or quoted directly. There will also be a broad discussion of the state of the global economy and a formal joint statement will be issued at the end of the meeting, they said. The statement will make reference to exchange rates and there has already been an agreement to maintain the language used by the G20 in Baden Baden, they said. That G20 statement read as follows: "We reiterate that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability. We will consult closely on exchange markets. We reaffirm our previous exchange rate commitments, including that we will refrain from competitive devaluations and we will not target our exchange rates for competitive purposes." (Reporting by Gavin Jones and Giuseppe Fonte)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-g7-italy-idUKKBN1841UC'|'2017-05-09T00:06:00.000+03:00'
'a4ece99a3366ed412b6646aaa9d77b7353a2a03f'|'TalkTalk cuts final dividend in drive to grow customer base'|' 27am BST TalkTalk cuts final dividend in drive to grow customer base FILE PHOTO: People walk past a company logo outside a TalkTalk building in London, Britain, October 23, 2015. REUTERS/Stefan Wermuth/File Photo LONDON British broadband company TalkTalk''s cut its dividend on Wednesday as founder Charles Dunstone, who became executive chairman earlier this month, said he would focus on returning the business to customer growth. The company, which competes with BT, Virgin Media and Sky, reported full-year earnings of 304 million pounds, up 17 percent but short of its own 320-360 million guidance. The group cut its final dividend to 5.0 pence from 10.58 pence a year ago. "My focus for the company is growth, cash generation and profit <20> in that order," Dunstone said on Wednesday. (Reporting by Paul Sandle; editing by Costas Pitas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-talktalk-tlcm-gp-results-idUKKBN1860KJ'|'2017-05-10T14:27:00.000+03:00'
'2362892b02442dcd522e458f4178def39bba64cb'|'Primary dealers buy most U.S. 10-year notes since December'|'NEW YORK May 10 U.S. primary dealers, or Wall Street''s top 23 firms that do business directly with the Federal Reserve, on Wednesday purchased their largest share of 10-year Treasury notes at an auction so far in 2017, according to Treasury data.The U.S. Treasury Department awarded them 34.22 percent of the $23 billion in a 10-year government note issue it offered, which was the second leg of this week''s $62 billion supply from this week''s quarterly refunding. This was primary dealers'' largest allotment since the 36.50 percent at the 10-year auction in December. (Reporting by Richard Leong; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-10year-idINL1N1IC1CU'|'2017-05-10T15:19:00.000+03:00'
'99a5b1d6d59c5f6ae143c0dd618d55f8717839bb'|'ChemChina gets around 82 percent of Syngenta in $43 billion deal - Reuters'|'Business News - Wed May 10, 2017 - 11:24am IST ChemChina gets around 82 percent of Syngenta in $43 billion deal left right A picture shows the headquarters of the China National Chemical Corp, or ChemChina, in Beijing, China February 3, 2017. REUTERS/Thomas Peter 1/4 left right The logo of Swiss agrochemicals maker Syngenta is seen at its headquarters in Basel, Switzerland July 22, 2016. REUTERS/Arnd Wiegmann/File Photo 2/4 left right FILE PHOTO: People smoke outside the headquarters of the China National Chemical Corp, or ChemChina, in Beijing, China February 3, 2017. REUTERS/Thomas Peter/File Photo 3/4 left right FILE PHOTO: Agrochemicals maker Syngenta''s logo is pictured during the annual news conference in Zurich February 6, 2009. REUTERS/Christian Hartmann/File Photo 4/4 ZURICH ChemChina [CNCC.UL] has won around 82 percent support from Syngenta shareholders for its $43 billion takeover of the Swiss pesticides and seeds group, China''s biggest foreign acquisition to date, the two companies said on Wednesday. Definitive interim results of the tender showed around 82.2 percent of Syngenta shares and depository receipts had been offered, slightly above the level the partners had announced last week when ChemChina clinched the deal. An additional acceptance period starts on Thursday. The takeover announced in February 2016 was prompted by China''s desire to use Syngenta''s portfolio of top-tier chemicals and patent-protected seeds to improve domestic agricultural output. (Reporting by Michael Shields; Editing by Brenna Hughes Neghaiwi) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-syngenta-ag-m-a-chemchina-idINKBN1860GT'|'2017-05-10T03:45:00.000+03:00'
'76bb28e1240889a0066f5ab3c3e5f6284bf7cc67'|'Qatar has not asked to raise Deutsche Bank stake - sources'|'Business   12:01pm BST Qatar has not asked to raise Deutsche Bank stake - sources FILE PHOTO: The headquarters of Germany''s Deutsche Bank is seen early evening in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo FRANKFURT Qatar has not asked German financial watchdog Bafin for approval to raise its stake in Deutsche Bank ( DBKGn.DE ), two financial sources told Reuters on Wednesday. Shares in Deutsche Bank earlier spiked higher briefly, with a trader citing a Bloomberg report saying Qatar had asked German regulators to lift its stake in the bank to over 10 percent. Deutsche Bank and Bafin both declined to comment on the Bloomberg report. (Reporting by Andreas Kroener; Writing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-bank-stake-regulator-idUKKBN1861E5'|'2017-05-10T19:01:00.000+03:00'
'41bfc735b559fc5f3739f487d2c5ea2b56393831'|'Dutch court sets May 22 date to hear complaint against Akzo Nobel'|'Market News - Wed May 10, 2017 - 10:10am EDT Dutch court sets May 22 date to hear complaint against Akzo Nobel AMSTERDAM May 10 A Dutch court said on Wednesday it will convene on May 22 to hear hedge fund Elliott Advisors'' request for an investigation into possible mismanagement at Dutch paint-maker Akzo Nobel. Elliott, which holds a 3.25 percent stake in Akzo, leads a group of institutional shareholders dissatisfied with the company''s boards'' rejection of a 26.3 billion euro ($29 billion) takeover offer from U.S. rival PPG Industries. As part of its suit, Elliott will ask the court for preliminary measures including ordering an extraordinary meeting of shareholders to debate the dismissal of Chairman Antony Burgmans. Akzo earlier refused a request from Elliott to hold such a meeting, saying it supports Burgmans. Akzo said Tuesday it was disappointed in Elliott''s move to file a lawsuit. (Reporting by Toby Sterling; Editing by Elaine Hardcastle) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/akzo-nobel-ma-elliott-idUSA5N1F901Z'|'2017-05-10T22:10:00.000+03:00'
'1bd9b1eeb5c6b73d522f4c156d576982191d32aa'|'On Gatsby<62>s North Shore, Chinese luxury home buyers pause as curbs bite'|'Economy   10:13am BST On Gatsby<62>s North Shore, Chinese luxury home buyers pause as curbs bite left right People visit an overseas property exposition in Beijing, April 13, 2017. Picture taken April 13, 2017. REUTERS/Stringer 1/2 left right Models of residential buildings are seen during an overseas property exposition in Beijing, April 13, 2017. Picture taken April 13, 2017. REUTERS/Stringer 2/2 By Koh Gui Qing and Elias Glenn - JERICHO, N.Y./BEIJING JERICHO, N.Y./BEIJING Among the sprawling colonial homes and well-tended lawns on the north shore of New York''s Long Island, there are signs that Chinese policies crafted 11,000 kilometers away are taking a toll. In the past year, there has been a slowdown in the stream of affluent Chinese looking for luxury homes in the area <20> widely thought to have been the setting for F. Scott Fitzgerald<6C>s 1925 novel <20>The Great Gatsby<62> - property brokers said. Over the past eight months, the Chinese authorities have introduced a series of measures to make it more difficult for Chinese to move capital out of the country as they seek to keep the Chinese currency, the yuan, from falling. At the end of last year, for example, disclosure rules were tightened to try to prevent individuals from using any of the maximum $50,000 they are allowed to buy in foreign currency in any one year to purchase overseas property and other overseas investments. Those who violate the rules can face stiff fines. Any slowdown in flows from China can have a big impact in real estate around the globe. In the U.S. alone, Chinese buyers, including people from Taiwan and Hong Kong, bought $27.3 billion in residential property in the year to March 2016, more than three times the next biggest foreign buyers, the Canadians, according to the National Association of Realtors. After three decades of blistering economic growth, China has created a class of nouveau riche, many of whom want to move their families abroad, attracted by places with cleaner air and fewer food safety issues than back home, as well as the prospects of a Western education for their children. This has inflated home prices around the world, as thousands of Chinese buy property in favored cities such as Sydney, Los Angeles, New York, and Vancouver. Now, though, the increased controls on currency outflows are having an impact in some markets. In the past couple of months, Chinese developer Country Garden ( 2007.HK ) has inside China stopped marketing apartments in its massive Forest City project in Iskandar, southern Malaysia, and disclosed that some home buyers want to cancel purchases because of the capital controls. Still, the party hasn<73>t ended in some other markets. In Sydney, Australia, home prices have risen at a blistering 16 percent in the past year, thanks in part to Chinese demand. On and close to Long Island<6E>s so-called <20>Gold Coast<73> the drop off in interest is apparent to some in the industry. "The money suddenly dried up last year," said Lois Kirschenbaum, a broker specializing in luxury homes on Long Island''s north shore, an area favored by Chinese partly because of its reputation for having good schools. "We used to get vans of Chinese buyers each month one or two years ago during the buying season in Spring. We haven<65>t seen any vans this year," she said. Kirschenbaum, who estimates half of her buyers are Chinese, said prices of homes in the neighborhood costing more than $2 million have fallen about 10 percent in the past year. In the first quarter of this year, the average price for home sales on Nassau County<74>s North Shore <20> which includes the Gold Coast and nearby towns - was $984,357, down 9.7 percent from the previous quarter and 2 percent lower than the first quarter in 2016, according to a report from Douglas Elliman Real Estate. The number of sales was down 14.8 percent from the fourth quarter but up 5.6 percent from a year earlier. FEWER AT OPEN HOUSES At a recent open house for a $3.25 million five-bedroom hom
'2fd3fd1214ba794f15d97117bfd5b0d0a6d6b619'|'IMF says Asia facing risks from rise in protectionism'|' 10am BST IMF says Asia facing risks from rise in protectionism SINGAPORE The International Monetary Fund said Asia''s economic outlook faces "significant" uncertainty and downside growth risks from any sudden tightening in global financial conditions or rise in protectionist trade policies. The IMF, which in April raised its 2017 Asia-Pacific growth forecast to 5.5 percent from its previous October forecast of 5.4 percent, said loose monetary and fiscal policies across most of the region would underpin domestic demand. "However, the near-term outlook is clouded with significant uncertainty, and risks, on balance, remain slanted to the downside," the IMF said in its Asia-Pacific regional economic outlook released on Tuesday. In April, the IMF kept the region''s 2018 growth forecast unchanged at 5.4 percent. Asia-Pacific recorded 5.3 percent growth in 2016. The report comes at a time when policymakers around the region are wrestling with the challenge of how to navigate rising risks of protectionism under U.S. President Donald Trump, and a potential increase in funding costs as the Federal Reserve steps up the pace of rate hikes. Continued tightening of global financial conditions could trigger volatility in capital flows, and the region could see large spillovers if China''s shift to a more consumption-driven economy proves bumpier than expected, the IMF said. "A possible shift toward protectionism in major trading partners also represents a substantial risk to the region. Asia is particularly vulnerable to a decline in global trade because the region has a high trade openness ratio, with significant participation in global supply chains," it said. The IMF said exchange rate flexibility should remain the "main shock absorber" against a sudden tightening in global financial conditions or shift toward protectionism. It added, however, that "judicious" foreign exchange intervention might be called for in certain cases, such as when disorderly market conditions or rapid exchange rate movements threaten financial or corporate stability. The IMF emphasized that foreign exchange intervention should not be used to resist currency moves that reflect changes in fundamentals including in the global trade environment or as a substitute for macroeconomic policy adjustments. Ageing demographics and a slowdown in productivity growth since the global financial crisis pose medium-term headwinds to the region''s economic growth, the IMF said, adding that parts of Asia risk "becoming old before becoming rich". [L4N1IA20P] "Adapting to aging could be especially challenging for Asia, as populations living at relatively low per capita income levels in many parts of the region are rapidly becoming old," it said. The IMF said monetary policy should generally remain accommodative in the region since inflation is below target and there is slack in most Asian economies. If growth weakens further, some regional central banks such as those in Malaysia and Thailand, may have room to cut interest rates as long as external stability is not compromised, while others in India, Indonesia, and Vietnam should be ready to raise interest rates if inflationary pressures strengthen, the IMF said. (Reporting by Masayuki Kitano; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-imf-asia-growth-idUKKBN18503N'|'2017-05-09T09:10:00.000+03:00'
'1823eb6f6fe150ccd0ba65180abe945df84c83ca'|'Verizon does not feel pressure to do big deal: CEO'|'NEW YORK Verizon Communications Inc ( VZ.N ) does not see an urgent need to undertake a big strategic merger or acquisition, its chief executive said on Monday, as some Wall Street analysts have urged the wireless company to do.Some analysts believe Verizon needs a more transformative acquisition than its $4.48 billion deal for Yahoo Inc''s ( YHOO.O ) core business to diversify away from the slow-growth wireless industry as it battles smaller rivals in an oversaturated market for U.S. mobile phone service.Verizon, the No. 1 U.S. wireless carrier, last month reported its first-ever quarterly loss in subscribers who pay a monthly bill, its most valuable customers.After saying he was referring to M&A speculation, Chief Executive Lowell McAdam told a meeting with analysts, "We don''t feel the urgency that seems to be out there in the analyst community, the banking community and the media."Verizon''s main competitor, AT&T Inc ( T.N ), is planning an $85.4 billion acquisition of Time Warner Inc ( TWX.N ), which would give it control of cable TV channels like HBO and other coveted media assets.Cable provider Charter Communications Inc ( CHTR.O ) was at one time considered a possible target for Verizon. In January, Reuters reported Verizon was interested in exploring a combination with Charter among a long list of potential acquisition targets.But an agreement between Charter and rival cable provider Comcast Corp ( CMCSA.O ) announced on Monday would prohibit a Verizon-Charter combination.The agreement, which aims to cut costs and speed up the cable companies'' entry into the wireless market, also bars Comcast and Charter from entering into a material transaction for a year without the other company''s consent. That would prevent either company from tying up with a wireless carrier on its own.At the meeting, McAdam said the agreement does not change the companies'' relationships with Verizon. Both companies will launch wireless services using Verizon''s airwaves."Frankly, we encouraged them to work together because dealing with one customer is a lot better than dealing with multiple customers," he said.(Reporting by Anjali Athavaley; Editing by Cynthia Osterman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-verizon-m-a-idUSKBN1842ET'|'2017-05-09T02:38:00.000+03:00'
'ec977f33097037b9807060afac2e8b4df767520f'|'Slovakia wants to ''get foot in the door'' in U.S. Steel plant sale'|'By Tatiana Jancarikova - BRATISLAVA BRATISLAVA Slovakia will seek a symbolic share or another form of involvement in the country''s biggest steel works if United States Steel Corp ( X.N ) goes ahead with the sale of the firm to the Hesteel Group 000709.SZ of China, Slovak Economy Minister Peter Ziga said on Thursday.The minister told Reuters in an interview the deal was expected to be closed in coming weeks but refused to give details given that the state currently does not have any control over the privately-owned company or the sale negotiations.Slovak and Austrian media have reported in past weeks the 1.4 billion euro ($1.52 billion) deal was imminent.A spokesman for U.S. Steel Kosice declined to comment on Thursday."If the sale comes through we want to negotiate with the new owner, we want to get our foot in the door," the minister said."We are interested in signing an agreement or a memorandum with the new investor, I don''t rule out buying a symbolic share in the company so that we are informed and have a say in talks about its strategic plans, issues regarding its workforce, investments, environment," he said.Ziga said in May 2016, when rumors of the sale first arose, the government may seek to buy a stake to prevent its closure if it were a "non-standard owner".Speaking to Reuters on Thursday, he made clear that did not apply to Hesteel, which had also bought a Serbian steel mill Zelezara Smederevo from the Serbian government in 2015.But the state would still like to have at least some control over the company to ensure its almost 12,000 employees don''t have to worry about their jobs, Ziga added.U.S. Steel Kosice is the second biggest private employer in the country of 5.4 million people. It is based in the country''s east where the unemployment rate is higher than the national average of 8.0 percent.The U.S. company had considered a sale four years ago before the Slovak state offered annual incentives worth up to 15 million euros for 15 years.In its latest available financial results, for the year of 2016, U.S. Steel Kosice raised its profit to 271 million euros last year from 43 million euros in 2015.(Reporting By Tatiana Jancarikova; Editing by Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-slovakia-steel-idINKBN1872KR'|'2017-05-11T15:33:00.000+03:00'
'362afc2cab8de2d8f09c1817d281f8d040d95cc6'|'BRIEF-Nanthealth Q1 adjusted non-gaap loss per share $0.24'|' 13pm EDT BRIEF-Nanthealth Q1 adjusted non-gaap loss per share $0.24 May 10 Nanthealth Inc: * Nanthealth reports 16% increase in 2017 first quarter total net revenue; saas revenue rose 11% and gps adoption continues to climb * Q1 adjusted non-gaap loss per share $0.24 * Q1 loss per share $0.34 * Q1 revenue rose 16 percent to $22.5 million * Q1 revenue view $29.1 million -- Thomson Reuters I/B/E/S * Q1 earnings per share view $-0.20 -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-nanthealth-q1-adjusted-non-gaap-lo-idUSASA09OTS'|'2017-05-11T05:13:00.000+03:00'
'62ebbc5661958347256b91962de65765d9c392cb'|'BRIEF-Veon Q1 revenue rose 13 percent to $2.3 billion'|' 48am EDT BRIEF-Veon Q1 revenue rose 13 percent to $2.3 billion May 11 Veon Ltd : * Veon reports double digit revenue and ebitda growth and nearly usd 200 million in underlying equity free cash flow in q1 2017; fy 2017 guidance confirmed * Q1 revenue rose 13 percent to $2.3 billion * Qtrly loss attributable to veon shareholders $4 million versus profit of $187 million Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-veon-q1-revenue-rose-13-percent-to-idUSASA09OYX'|'2017-05-11T16:48:00.000+03:00'
'34f6b1ac56525ac712b5dda163c91e9d92ff0d9a'|'SuperGroup gets sales boost from weaker pound'|'Business News -  40am BST SuperGroup gets sales boost from weaker pound People leave a Superdry store in central London, Britain July 9, 2015. REUTERS/Paul Hackett LONDON SuperGroup, the British company behind the Superdry fashion brand, forecast full-year profit in line with expectations and said trading in its latest quarter continued to benefit from the weak pound. The firm, whose trademark jackets, hooded tops and joggingbottoms are popular with teenagers and twenty-somethings at home and overseas, said on Thursday currency changes accounted for about one third of the annual revenue growth in both its retail and wholesale channels. Group revenue for its year to April 29 increased 27.2 percent to 750.6 million pounds. Retail sales increased 20.6 percent, while wholesale revenue was up 42.9 percent, with the firm also benefiting from improved product ranges and the introduction of new categories. SuperGroup, which trades from 555 stores globally and also has an e-commerce business, forecast a 2016-17 underling pretax profit of 86-87 million pounds, up from the 73.5 million pounds made in 2015-16. "We remain confident in the continued delivery of sustainable revenue and profit growth," said Chief Executive Euan Sutherland. Shares in SuperGroup, up 31 percent over the last year, closed Wednesday at 1,651 pence, valuing the business at 1.34 billion pounds. (Reporting by James Davey; editing by Kate Holton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-supergroup-outlook-idUKKBN1870KP'|'2017-05-11T14:40:00.000+03:00'
'c48a69f25db0fd3344a2df522486f14ea89d0d30'|'UPDATE 1-Altice-SFR performance gap widens in first quarter'|'* Altice core profit up 9.5 pct; SFR''s down 5.1 pct* SFR margin lowest since Drahi acquisition in 2014* Deals with NBCUniversal, Discovery weigh on SFR profits (Adds shares reaction, analyst note, details)By Mathieu Rosemain and Gw<47>na<6E>lle BarzicPARIS, May 11 The performance gap between telecoms and cable group Altice NV and its listed SFR Group division widened in the first quarter, underscoring SFR''s difficulties in attracting customers despite heavy investments in infrastructure and content.The holding company, founded by Franco-Israeli tycoon Patrick Drahi, said on Thursday that its quarterly profits in the United States grew ahead of a planned initial public offering (IPO) while those of SFR in France dropped, along with the number of customers in the country.Altice''s core operating profit rose by 9.5 percent over the first three months of year to 2.24 billion euros ($2.43 billion), in line with a Reuters poll.SFR''s contribution to that amount was 820 million euros, down by 5.1 percent from a year earlier. That figure compares with the 896 million euro core operating profit yielded by Altice USA over the same period, representing an increase of 31.2 percent.Drahi is betting on the convergence of content providers and telecommunications operators to increase margins and compete better against newcomers such as Netflix and Amazon . He saw the announcement of AT&T Inc''s $85 billion acquisition of Time Warner Inc as an additional proof of this trend.In France, SFR bought the English Premier League''s football rights for the three seasons starting in 2016, paying more than 300 million euros for them.SFR also won the TV rights for soccer''s European Champions League for the period 2018-2021 period for an annual cost of 350 million euros, a source told Reuters on Thursday.Still, evaluating the impact of such investments on customers'' choices remains difficult and recent spending on exclusive distribution agreements with NBCUniversal and Discovery weigh on SFR margins."Yes, we believe that content has an impact on our figures," Altice''s chief executive Michel Combes said in a call with reporters. "It answers customers expectations, it clearly supports our pricing strategy," he added.SFR lost 351,000 mobile customers and 213,000 broadband customers in the first quarter compared with the same period a year ago.The French unit''s quarterly core operating margin at 30.3 percent is the worst on record since Drahi bought SFR in November 2014, and far from an initial target of 45 percent."SFR''s fundamentals will likely remain difficult in 2017, as cost savings from headcount reductions are totally reinvested in content costs," analysts for Raymond James said in a note to clients."The possible positive impact of the content strategy on customer trends remains unclear," they added. ($1 = 0.9202 euro) (Reporting by Mathieu Rosemain and Gwenaelle Barzic; Editing by G Crosse and GV De Clercq)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/altice-results-sfr-group-idUSL8N1ID1SK'|'2017-05-11T15:27:00.000+03:00'
'ed0a3e2151443d82a0b8d6502c818ecfd45dd569'|'Canada''s Suncor prepares oil sands growth as global majors exit'|'CALGARY, Alberta Even as the world''s largest energy companies exit Canada''s high-cost oil sands the country''s top producer Suncor Energy is lining up its next phase of growth in the world''s third largest crude reserves.The preliminary plans for new projects in remote northern Alberta follow a stream of multi-billion dollar deals in which international oil majors sold off oil sands assets to Canadian producers, who are betting technology and economies of scale will make the region competitive with other plays globally.Suncor said on Monday it will file a regulatory application for its 160,000 barrel-per-day Lewis project later this year, and in March received approval for the 80,000 bpd Meadow Creek East plant. It also plans to file an application for the 40,000 bpd Meadow Creek West project later this year.The company has not yet taken a final investment decision on any of the projects but if sanctioned they would boost the company''s current output of 680,000-720,000 bpd by more than a third. In total, Canada produces around 4 million bpd.Calgary-based Suncor cemented its position as the largest oil sands operator last year when it bought Canadian Oil Sands Ltd and Murphy Oil''s stake in the giant Syncrude mining and upgrading project in two deals worth over C$5 billion ($3.66 billion).Its strategy for future growth relies on building identical smaller thermal plants to help cut costs. This is how future development across the industry is expected to look, as the exit of the majors has drawn a line for now under the megaprojects that drove the industry''s rapid expansion over the past 15 years.Suncor will add new plants able to produce between 30,000-40,000 barrels per day every 12-18 months, chief executive Steve Williams said on a quarterly earnings call last month."We''re working with contractors about how do we design this once and build it many times so we get that benefit of replication ... almost like a manufacturing plant," Williams said.While it is encouraging to see companies thinking about future projects, it is still not a given that the economics will necessarily work or that Suncor will build them to full capacity, said Wood Mackenzie analyst Mark Oberstoetter.The modular approach is a far cry from Suncor''s giant Fort Hills mining plant, due to be finished later this year, which will produce 194,000 bpd at a capital intensity of C$84,000 per flowing barrel of bitumen, or around C$16.5 billion in total.Thermal projects usually cost around C$45,000-C$50,000 per flowing barrel and using the replication strategy should bring costs at Lewis and Meadow Creek East even lower, AltaCorp Capital analyst Nick Lupick said."They are effectively designing and building one version of a plant, and using it like a cookie-cutter," he said. "It shows how they are focused on changing strategy to lower costs."Suncor has not released cost estimates for the projects and does not plan to start building until the 2020s, but estimates it could squeeze up to 400,000 bpd of additional capacity through this kind of expansion.Oil sands producer MEG Energy also has plans to grow its 80,000 bpd Christina Lake plant by adding a series of 10,000-20,000 bpd projects that will cost C$20,000-C$30,000 per flowing barrel, eventually hitting output of 210,000 bpd.Lower costs and smaller projects are crucial for oil sands producers as they struggle to remain competitive with cheaper and faster U.S. shale plays.In addition to replicating thermal plants a number of companies including Suncor, MEG, Cenovus Energy and Imperial Oil are looking at new ways to improve bitumen extraction by using solvents as well as steam.Typically, thermal projects involve drilling a pair of wells into an oil sands reservoir and pumping steam through the upper well to liquefy bitumen so it can flow out of the lower well.The industry is only now is a position where plant replications will work, said Doug Hollies, an engineer with consultancy Codeco Oilsand
'71786a72ed8209aebe69f13200fa5031459eba82'|'Greek cement maker Titan narrows losses helped by U.S.'|'Thu May 11, 2017 - 5:28am EDT Greek cement maker Titan narrows losses helped by U.S ATHENS Greece''s largest cement maker Titan ( TTNr.AT ) said on Thursday first-quarter net loss narrowed helped by robust growth in the United States. Titan reported a net loss of 3.9 million euros ($4.25 million) versus a loss of 18.6 million a year earlier. Sales rose 7.1 percent to 361.8 million euros due to strong demand for building materials and continued investment in the United States. Titan has spent more than 200 million euros to expand in the United States over the last three years to offset slowed demand in crisis-hit Greece. The U.S. business, which accounts for half of the company''s turnover, will remain a driver of growth this year as well, Titan said, adding that prospects for the year were still positive. (Reporting by Angeliki Koutantou)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-titan-cement-results-idUSKBN187127'|'2017-05-11T16:59:00.000+03:00'
'2eef01eba44773a8739a3ebc56e8ae226a0bc683'|'Elliott willing to back BHP board candidate as next chairman - source'|' 21am BST Elliott willing to back BHP board candidate as next chairman: source FILE PHOTO: BHP Chairman Jac Nasser sits before the company''s Australian annual general meeting in Sydney, Australia November 29, 2012. REUTERS/Tim Wimborne/File Photo By James Regan - SYDNEY SYDNEY Elliott Management is willing to back a board member of BHP Billiton ( BHP.AX ) ( BLT.L ) to be its chairman upon the retirement of Jac Nasser despite deep reservations about its top management, a source close to the activist shareholder said on Thursday. Elliott, founded by billionaire Paul Singer, is pushing for a $46 billion overhaul at BHP that includes spin offs, dismantling a corporate structure built on dual listings in London and Sydney and returning more money to shareholders. The Anglo-Australian miner has rejected the demands. The activist investor blames Nasser and BHP''s top management for what it sees as bad investments by the world''s biggest mining house, particularly in U.S. shale gas, the source said. But Elliott believes "there are personalities on the board that are talented and capable", with the "potential for someone to be selected from the existing board", the source said. It is unclear what impact Elliott''s backing or opposition to a particular candidate will have on the chairman''s appointment. Elliott has been meeting with major BHP shareholders since going public with its restructuring proposals on April 10 to gauge support for change at the company. Australian media have reported that Westpac Bank ( WBC.AX ) chairman Lindsay Maxsted, former investment banker Carolyn Hewson, Orica ( ORI.AX ) chairman Malcolm Broomhead and former Origin Energy ( ORG.AX ) managing director Grant King are among the potential frontrunners to succeed Nasser. The source declined to name any preferred candidates from inside BHP, saying this could be "the kiss of death" for their chances. BHP has not commented on the potential candidates for succession. It did not immediately comment when contacted on Thursday about the source''s observations on Elliott. Elliott holds just over 4 percent of the London-listed shares, short of the 5 percent needed to call a shareholders'' meeting. Nasser, a former chief executive of Ford Motor Co ( F.N ) who has led BHP<48>s board since 2010, has labeled Elliott''s plan "flawed." He announced in September he would not seek re-election at the next shareholders'' meeting. Sydney-based Tribeca Investment Partners last week became the second BHP shareholder to push publicly for changes, calling for an overhaul of its board and for Chief Executive Andrew Mackenzie to be fired. Elliott says adopting its approach could unlock as much as $46 billion in additional value for BHP shareholders. Demerging BHP<48>s U.S. petroleum business could release up to $15 billion, it says, with share buybacks and the use of tax credits to deliver the rest. "If you look at this trend of under performance over the past seven or eight years, it does correlate fairly well with the chairman, the CEO and the CFO," the source said. "This is not to say they are the entire reason, but leadership starts and ends at the top." The source said Elliott was unlikely to initiate legal action anytime soon against the current board over perceived deficiencies in their management, despite the company''s long history of courtroom battles with adversaries, choosing instead to win over BHP shareholders to its strategy. (Reporting by James Regan; Additional reporting by Jamie Freed and Sonali Paul; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-bhp-billiton-elliott-chairman-idUKKBN18717S'|'2017-05-11T18:20:00.000+03:00'
'f60622820f012bfb1f8f5dab4b178768a54cca90'|'Tracker rates for energy? French firm brings ''new innovation'' to UK - Business'|'A French power company has promised to restore trust in the energy market with a new tracker tariff linked to wholesale prices, days after big suppliers were found to be making record profit margins from their customers. Engie, which describes itself as the biggest new entrant to the UK domestic energy market in 15 years, said it was the right time for the company to launch in Britain, despite both the Tories and Labour planning price caps on energy bills .<2E>We invest because regardless of any political context, this is something that makes sense,<2C> said Wilfrid Petrie, Engie<69>s UK chief executive.The company, formerly known as GDF Suez, arrives in the UK this week alongside two small new energy companies, taking the total of domestic suppliers to a record 52. The number is set to keep rising: regulator Ofgem said it expected to grant licences for a further six suppliers in June and July.Engie hopes to stand out by offering scale, transparency, green credentials and additional services, such as installing smart thermostats in people<6C>s homes.Thousands face energy bill hikes of more than <20>400 this month Read more Unusually, the supplier promises that when its fixed tariffs come to an end, customers will be moved to its cheapest deal, rather than following the industry practice of rolling people on to pricier default tariffs.Petrie said he hoped to attract a few hundred thousand customers, but refused to put a timeline on the goal, adding: <20>There are no hard targets we set ourselves.<2E> Engie has gained 15,000 domestic customers since a soft launch in December.Petrie insisted the company was committed to the UK despite the threat of price regulation and said it could carve out a niche. <20>[The UK is] highly scrutinised, the players are criticised and the image is not particularly good, and there is a market with a lot of competition,<2C> he said.Alongside conventional fixed deals, the cheapest of which costs <20>880 a year, Engie will launch a tracker tariff this summer that goes up or down each month depending on the cost of wholesale gas and electricity. The company said 40% of the tariff paid by consumers would be made up of wholesale costs, with the rest of the tariff comprising costs from government policy, the transmission network and profits.Tory MPs plot to water down Theresa May''s energy price cap pledge Read more <20>Those wholesale price changes are passed on. Unfortunately, it<69>s the good and the bad <20> they could go up, they could go down,<2C> said Paul Rawson, the firm<72>s head of energy solutions. <20>I think it<69>s a new innovation, and a new ability for customers to get real price transparency and restore a bit of trust in the industry.<2E>The tracker follows a similar wholesale tracker tariff launched on Monday by Octopus Energy , another relatively new challenger supplier that signed up 90,000 customers in its first year.Engie will also be competing with a pair of new entrants that launched this week, including Pure Planet, which claims it will be the cheapest supplier of renewable energy on the market, with a single tariff of around <20>900. BP owns a quarter of the company, set up by four friends who founded Virgin Mobile in 1999, and is also the producer of the wind, solar and hydro power that the company is buying.The other new entrant is People<6C>s Energy, which raised <20>450,000 via a crowdfunding campaign and pledges to return 75% of its profits to customers each year in an annual rebate.Topics Energy industry Energy bills Consumer affairs Household bills Utilities news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/11/engie-power-energy-tracker-tariff-uk-market-gas-electricity'|'2017-05-11T23:26:00.000+03:00'
'5d9da71f9c92df618629b9438bb6788071f89c59'|'Starboard buys 5.7 percent stake in Parexel, joining other activists'|'By Michael Flaherty Activist investor Starboard Value LP reported a 5.7 percent stake in Parexel International Corp ( PRXL.O ) on Thursday, saying the U.S. contract research firm''s shares were "undervalued" and represented an attractive investment opportunity.Starboard is the third activist hedge fund to buy into Parexel''s stock and the move places added pressure on Parexel to complete a successful sale of its business to a rival or a private equity firm.Corvex Management LP, another prominent activist investor, owns a significant stake in Parexel as well, according to people familiar with the matter, and also believes the company should sell itself. Corvex declined to comment.Jana Partners is the third activist fund invested in the company, owning a $49 million stake as of Dec. 31, according to its quarterly filing. Jana, which is the company''s 17th largest shareholder as of last quarter, has yet to speak about the stake publicly.Parexel said its board and management team is committed to serving the best interests of the company and its shareholders."The board and management regularly consider the strategic direction of the company," said Katelyn Villany, a spokeswoman for the company.Reuters reported on Monday that Parexel, which had a market value of about $3.8 billion as of Wednesday, is pursuing the sale of the company.Starboard in its filing said there would be "significant strategic and financial buyer interest," referring to rival companies and private equity firm suitors. ( bit.ly/2q6bDKd )The activist move into shares of Parexel comes amid a surge in deal-making across the contract research industry.INC Research Holdings Inc ( INCR.O ) on Wednesday said it would merge with fellow contract research services provider inVentiv Health Inc in a $4.6 billion deal.Contract research organizations (CROs), which have benefited in recent years from pharmaceutical companies'' drive to cut costs, reduce clinical trial times and expand their research and development presence globally, are exploring opportunities to sell themselves.William Blair analyst John Kreger said on Monday a sale would be logical for Parexel, adding that the company was struggling to achieve its longer-term revenue targets.Kreger also said there would be "no shortage" of parties interested in buying Parexel.The company''s shares were marginally higher at $74.81 in afternoon trading on Thursday.(Reporting by Michael Flaherty in New York; Additional reporting by Ankur Banerjee and Divya Grover in Bengaluru; Editing by Savio D''Souza and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-parexel-intl-m-a-idINKBN1872QY'|'2017-05-11T16:58:00.000+03:00'
'4769165ba27be420bf9d92462969c2cce765f1bb'|'Debt-ridden Vivarte sells Pataugas shoe brand to Hopps Group'|'PARIS Private-equity backed French clothing retailer Vivarte, which is aiming to restructure more than 1.3 billion euros ($1.4 billion) of debt, has agreed to sell its Pataugas shoe brand to Hopps Group, the companies said on Wednesday.Financial terms of the acquisition were not disclosed.Vivarte, whose brands include Kookai, La Halle, Caroll, Minelli and Chevignon, has been owned since 2014 by a group led by investment funds Alcentra, Babson, Oaktree and GLG Partners.The company, whose profits and sales have fallen amid competition from larger clothing retail chains such as H&M ( HMb.ST ), Kiabi and Primark, has been trying to restructure its business for several years.Pataugas had last reported annual sales of 14 million euros.($1 = 0.9184 euros)(Reporting by Sudip Kar-Gupta; Editing by Matthias Blamont)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vivarte-debt-idINKBN1860SK'|'2017-05-10T05:56:00.000+03:00'
'9c48659968e16952c56134838322367e4c65d4c8'|'Gol says airline price competition subsided since April'|'SAO PAULO May 10 Brazilian airline Gol Linhas Aereas Inteligentes SA has seen price competition subsiding since April after a spike in March, Chief Financial Officer Richard Lark told analysts on a Wednesday conference call.Demand in Brazil''s travel market has been stable, and there is no sign of an inflection point leading to growth, he added. (Reporting by Brad Haynes; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/gol-linhas-ae-results-outlook-idINE6N1H600H'|'2017-05-10T16:34:00.000+03:00'
'2415edacfe604815a502b0a99604511da747a997'|'Protectionism off the agenda but high in minds at G7 finance meeting'|'  9:44pm IST Protectionism off the agenda but high in minds at G7 finance meeting By Gavin Jones - ROME ROME Europe, Japan and Canada hope a G7 meeting in Italy this week will give them a better picture of U.S. President Donald Trump''s direction on key policies that he has yet to spell out. The official agenda for Group of Seven finance ministers and central bankers in the city of Bari from Thursday to Saturday focuses on inequality, international tax rules, cyber security and blocking the funding of terrorism. However, many participants will be looking to Treasury Secretary Steven Mnuchin to gauge U.S. intentions on issues where Trump has threatened to upset the group''s consensus: protectionism and climate change. "It will be another chance to learn what the U.S. government is thinking and planning," said a G7 official at one of several briefings by national delegations this week. At a meeting of the larger Group of 20 financial chiefs in Germany in March, ministers dropped their traditional pledge to keep global free trade open, acquiescing to an increasingly protectionist United States. Trump will decide whether to quit the global Paris agreement on climate change - a campaign promise - after meeting leaders at a G7 summit on May 26-27, the White House has said. "The important thing is that Mnuchin will be there, with a clearer picture of U.S. policies than was available in previous weeks and months," said another G7 official who also asked not to be named. Reflecting tensions over Trump''s attitude to protectionism, there will be no formal discussion of trade in Bari, Italian Treasury officials said. The subject will be tackled at the summit, in Taormina, Sicily, at the end of May. "Everyone is concerned about the U.S. attitude towards protectionism," said the second G7 official, who called Trump''s focus on bilateral trade surpluses or deficits a "poisonous" notion of what fair trade policy should entail. NOTHING NEW ON FOREX The closing statement from Bari will reiterate a warning against competitive devaluations, Italian officials said, as March''s G20 did, allaying fears that the new U.S. administration might weaken the G20''s united front on global currency policy. While not on the official agenda, sources said there will also be discussion of debt relief for Greece ahead of a May 22 meeting of euro zone finance ministers on the disbursement of new loans for Athens. Greece''s creditors, including the European Central Bank and the International Monetary Fund, will be in Bari. The IMF is pushing for rapid debt relief measures for Greece, but euro zone governments say this is still premature. On taxation, G7 ministers will sign the Bari Declaration for Fighting Tax Crimes and Other Illicit Financial Flows and promise to seek more effective ways to tackle money laundering, international tax evasion and financing of terrorism. Italian Economy Minister Pier Carlo Padoan said last week Italy would "do everything we can" to push for more effective international rules on the taxation of global internet companies, but he admitted to "different positions within the G7" on the issue, which was likely to hinder progress. Italy, which is one of the world''s most sluggish economies and has seen a sharp rise in poverty and income inequality over the last decade, was keen to make "inclusive growth" the main focus of the meeting. However, the "Bari Policy Agenda" to be signed there will not commit to specific measures but suggest approaches for countries to tackle inequality depending on their circumstances, officials said. (additional reporting by Jan Strupczewski, Gernot Heller and Tetsushi Kajimoto; Editing by Robin Pomeroy)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/g7-ministers-idINKBN1862A4'|'2017-05-11T00:14:00.000+03:00'
'cc7e99cfeda1a53e386be1e787d4336ed0f19a07'|'AstraZeneca''s asthma drug fails in study'|'Health News - Wed May 10, 2017 - 7:44am BST AstraZeneca''s asthma drug fails in study A sign is seen at an AstraZeneca site in Macclesfield, central England May 19, 2014. REUTERS/Phil Noble Drugmaker AstraZeneca Plc said its asthma drug failed to meet the main goal of significantly reducing the annual asthma exacerbation rate in a late-stage study. The drug, tralokinumab, failed against placebo, the company said, adding that it would now await the results from a second round of late-stage trial of the drug in the second half of the year. Asthma affects about 315 million people worldwide, with about 10 percent suffering from severe asthma, the company said. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-astrazeneca-asthma-idUKKBN1860M3'|'2017-05-10T14:39:00.000+03:00'
'd7110d0f6aba99cc86d555df00627c85722c109a'|'US STOCKS-Futures fall after FBI Chief Comey sacked'|'Business   3:12pm EDT Wall Street mixed after Trump fires FBI head By Noel Randewich U.S. stocks wavered on Wednesday as investors digested a batch of weak corporate earnings and President Donald Trump''s dismissal of his FBI chief. Trump said he fired Federal Bureau of Investigation Director James Comey over his handling of an email scandal involving then-Democratic presidential nominee Hillary Clinton. However, Comey had also been leading an investigation into whether Trump''s 2016 presidential campaign colluded with Russia. Wall Street viewed the turmoil in Washington as the latest of several distractions from Trump''s promises to cut taxes and boost spending on infrastructure. The stock market has surged to record highs under Trump due to expectations he will stimulate the economy and boost corporate earnings. "We were not expecting to see a quick succession of moving toward the administration''s agenda, and this certainly is not reducing that contentious environment," said Eric Wiegand, a New York-based senior portfolio manager at the Private Client Reserve at U.S. Bank. At 1:59 p.m. (1759 GMT), the Dow Jones Industrial Average .DJI was down 0.16 percent to 20,942.13 points while the S&P 500 .SPX had gained or 0.06 percent to 2,398.44. The Nasdaq Composite .IXIC added 0.12 percent, to 6,127.98. Six of the 11 major S&P 500 sectors rose, with energy .SPNY jumping 1.1 percent, helped by a 3.5-percent jump in oil prices CLc1 LCOc1. Consumer discretionary .SPLRCD lost 0.41 percent and industrials .SPLRCI dropped 0.43 percent. Nvidia ( NVDA.O ) surged 17 percent after the chipmaker reported a better-than-expected jump in quarterly revenue. Shares of rival AMD ( AMD.O ) rose 5 percent. Disney ( DIS.N ) fell 2.6 percent and was the top drag on the Dow after the media company reported lower-than-expected quarterly revenue and a decline in the number of ESPN subscribers. Allergan ( AGN.N ) dropped 3.2 percent after the Botox-maker posted a quarterly loss as it took a writedown on the value of its stake in Teva Pharmaceutical ( TEVA.TA ). Priceline ( PCLN.O ) tumbled 4.8 percent after the travel website operator forecast current-quarter earnings below analysts'' expectations. Advancing issues outnumbered declining ones on the NYSE by a 1.82-to-1 ratio; on Nasdaq, a 1.30-to-1 ratio favored advancers. The S&P 500 posted 25 new 52-week highs and two new lows; the Nasdaq Composite recorded 114 new highs and 62 new lows. (Additional reporting by Yashaswini Swamynathan in Bengaluru and Rodrigo Campos in New York; Editing by James Dalgleish) Traders work on the floor of the New York Stock Exchange in the Manhattan borough of New York, U.S., May 10, 2017. REUTERS/Brendan McDermid'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN1861HA'|'2017-05-10T19:32:00.000+03:00'
'8a26b9ebaba3166065cb4d4f09f4b2c1b0eb3591'|'EU raises euro zone growth forecasts, sees unemployment to drop'|'Business News  19am BST EU raises euro zone growth forecasts, sees unemployment to drop A picture illustration taken with the multiple exposure function of the camera shows a one Euro coin and a map of Europe, January 9, 2013. REUTERS/Kai Pfaffenbach By Francesco Guarascio - BRUSSELS BRUSSELS The European Commission revised upward its forecasts of euro zone economic growth this year and projected a lower unemployment rate, in new signs that the bloc''s recovery is gathering pace, data released on Thursday showed. The 19-country currency bloc is expected to expand by 1.7 percent this year and 1.8 percent in 2018, the EU executive said, slightly raising its previous estimate for euro zone growth of 1.6 percent this year, while leaving unchanged the 2018 projection. The forecasts, published three times a year, confirm all euro zone countries will grow this year and next, with Germany, the bloc''s largest economy, accelerating to 1.9 percent in 2018, and Spain and Portugal expanding more than previously expected. Outside the euro zone, the Commission revised upward its forecast of Britain''s growth to 1.8 percent this year, from a previously estimated 1.5 percent, and to 1.3 percent in 2018 from 1.2 percent, in a sign that the British economy will be hit less than expected by Britain''s decision to leave the EU. Britain''s growth has however slowed down from 2.2 percent in 2015. Brexit remains also one of the main risks for the bloc''s growth in the coming months, the Commission said. It cited also as possible drags risks caused by the uncertainty surrounding future United States'' economic and trade policy, China''s economic adjustment and broader geopolitical tensions. Europe''s ailing banking sector is also seen as a concern. Euro zone unemployment is expected to remain high but will go significantly down to 9.4 percent this year from 10.0 percent in 2016, before falling further down in 2018 to 8.9 percent, a bigger fall than previously estimated. Inflation is expected to slow to 1.3 percent next year from a downwardly revised 1.6 percent this year, the Commission said, predicting a lower inflation than European Central Bank''s estimates of a 1.7 percent rate this year. The state of public finances in euro zone countries is improving, as the Commission expects debts and deficits to go down as a proportion of the bloc''s gross domestic product (GDP). Italy''s debt, the bloc''s highest after Greece, is forecast to grow slightly this year to 133.1 percent of GDP from 132.6 percent last year before falling to 132.5 in 2018, the Commission said, reducing its estimates of the Italian debt from its previous forecast. France will instead have a deficit higher than previously predicted this year and in 2018, and above the threshold set by EU rules, the commission estimated, a possible reason of conflict with the new French President Emmanuel Macron. France''s deficit will be 3 percent of GDP this year, from 2.9 percent previously forecast, and 3.2 percent in 2018 from the previous forecast of 3.1 percent. EU rules say countries should keep their deficits below 3 percent of GDP. Germany''s trade surplus, an indicator that has often caused conflicts with Brussels for being excessive, will slow to 8.0 percent of GDP this year from 8.5 percent in 2016, and is predicted to go further down to 7.6 percent next year. (Reporting by Francesco Guarascio @fraguarascio; editing by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-economy-forecasts-idUKKBN1870UM'|'2017-05-11T16:19:00.000+03:00'
'a9c73cc646dc3fe7245ce3717876848df86b5a70'|'Less than picture perfect: Snap slumps on slowing user growth'|'Technology News - Thu May 11, 2017 - 2:05pm BST Less than picture perfect: Snap slumps on slowing user growth FILE PHOTO: A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, NY, U.S. March 2, 2017. REUTERS/Lucas Jackson/File Photo By Narottam Medhora Snap Inc shares slumped 22 percent in premarket trading on Thursday after the owner of the wildly popular Snapchat app''s user growth and revenue numbers failed to show that it was adequately dealing with rising competition from Facebook. Snap, which calls itself a camera company, posted its debut quarterly scorecard following its hugely successful IPO in March, reporting slowing user growth and widely missing Wall Street''s revenue expectations. Snap shares plunged to $17.88, just above their initial public offering price of $17. If the stock opens at that price, nearly $6 billion of Snap''s market value will be wiped off. "The 7 million daily active users net-adds were not strong enough to disprove the ''Facebook is crushing Snapchat'' thesis," which we think will persist for a while," Barclays analyst Ross Sandler wrote in a client note. Analysts, including Sandler, on Thursday revised their expectations for the stock with at least seven brokerages lowering their price targets. The median price target on the stock is $24. Facebook Inc had also plunged after posting results for the first time in 2012, but has since ensconced itself as a Wall Street darling by transforming the company into an advertising giant. Snapchat is battling Facebook for users on multiple fronts. Instagram, owned by Facebook, has more than 200 million people a day using its Stories while WhatsApp Status, launched in February, has more than 175 million daily active users. Both applications mimic Snapchat, allowing users to post a string of photos and videos that disappear after 24 hours. Facebook also allow users to tweak photos on their smartphones with visual details like a rainbow or a beard of glitter, also similar to Snapchat. Facebook itself had some 1.94 billion people using its service monthly as of March 31. Snap''s daily active users (DAUs), on the other hand, rose 36.1 percent to 166 million in the first quarter from a year earlier, marking a slowdown from the 47.7 percent rise for the fourth quarter and 62.8 percent jump for the third quarter. Questions about the company''s ability to monetize its product - a hit with millennials - remained as well. Average revenue per user (ARPU) was 90 cents in the first quarter, up from 33 cents the same quarter a year earlier, but below the $1.05 per user in the fourth quarter of 2016. "Snap came to the public markets just as its user and monetization growth were both starting to meaningfully slow. It now faces incrementally fierce competition from deeper-pocketed rivals including Facebook," Instinet LLC analyst Anthony DiClemente said. (Reporting by Narottam Medhora in Bengaluru; Editing by Sayantani Ghosh)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-snap-results-stocks-idUKKBN1871PT'|'2017-05-11T21:04:00.000+03:00'
'2fe1573a2b614bf778170b86362ca9286bab29ec'|'LPC: Hearty demand baked in to US$3bn loan for Panera buy'|'Market News  31pm EDT LPC: Hearty demand baked in to US$3bn loan for Panera buy By Jonathan Schwarzberg and Lynn Adler - NEW YORK NEW YORK May 10 A US$3bn loan backing the US$7.2bn takeover of bakery chain Panera Bread Co by JAB Holding Co, owned by Germany''s billionaire Reimann family, is being arranged by a bank group led by JP Morgan and meeting solid demand, several bankers said. JAB, which last year bought coffee maker Keurig Green Mountain Inc and breakfast sweets specialist Krispy Kreme Doughnuts, announced the deal with Panera on April 5. <20>JAB owns coffee, donuts, bagels and now is expanding into lunch by buying Panera Bread,<2C> a banker said. The pro rata financing includes a US$2.25bn term loan A and a US$750m revolving credit facility. The loans have already been syndicated successfully to the top-tier banks, another banker said. The deal included nine banks with three top leads. The debt will later be more broadly syndicated, though some banks are expected to keep their pieces. <20>A lot of those banks will want to hold it,<2C> said a third banker. <20>There<72>s a big appetite for regional and foreign banks to own those assets as almost a strategy and they get ancillary capital markets business as a result.<2E> Pricing on the debt will be tied to a leverage-based grid and opens at 200bp over Libor, the second banker said. Pro rata deals are typically sold to banks as opposed to the broader institutional market and include more stringent terms than term loan Bs. Term loan As generally have shorter maturities than term loan Bs and amortize more quickly but are less expensive and offer a way for issuers to lower the cost of capital. The Panera financing is not expected to include a term loan B portion, according to two of the bankers. FOLLOWING PATTERN The financing follows a path that JAB has previously used when purchasing companies. The firm has typically utilized a pro rata component and placed the debt on the target<65>s books in a similar way to leveraged buyouts, which has led to the deals being leveraged as opposed to carrying the investment grade rating that JAB holds. JAB is rated Baa1/BBB+. Panera is currently unrated. JAB opted to only tap the pro rata market in June 2016 when it last financed a deal. At that time, it lined up a US$350m term loan A and a US$150m revolving credit facility to finance its US$1.35bn purchase of Krispy Kreme, according to Thomson Reuters LPC data. Both tranches priced at 275bp over Libor. JAB increased the size of the term loan A backing its acquisition of Keurig in January 2016 to US$3.075bn from US$2.95bn. That loan, along with a US$500m revolving credit facility, priced at 200bp over Libor, as well. However, in addition to the pro rata debt, JAB opted to arrange a US$1.875bn term loan B and a <20>842m term loan B to back the larger Keurig deal. The dollar-denominated loan priced at 450bp over Libor while the euro-denominated loan priced at 425bp over Euribor. JP Morgan declined comment. A spokesperson for JAB Holdings did not immediately return request for comment. (Additional reporting by Kristen Haunss) (Reporting by Jonathan Schwarzberg and Lynn Adler; Editing By Jon Methven)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/panera-financing-idUSL1N1IC15B'|'2017-05-11T01:31:00.000+03:00'
'93071287738b4245445773bbcc31732c8b413f88'|'Earnings, resources stocks help European shares hold at 21-month highs'|'Market News - Tue May 9, 2017 - 12:08pm EDT Earnings, resources stocks help European shares hold at 21-month highs * STOXX 600 up 0.45 pct * Miners, oil stocks lend support * Results buoy Davide Campari, Nets * Micro Focus down after buyout target''s weak update (Adds closing prices) By Kit Rees and Danilo Masoni LONDON, May 9 A raft of well-received updates and a recovery in resources stocks helped European shares rebound on Tuesday from the previous session''s slight losses, ending at fresh 21-month highs. The pan-European STOXX 600 index rose 0.45 percent while France''s CAC 40 index gained 0.3 percent, recouping some of its losses from Monday following centrist Emmanuel Macron''s French presidential election victory. "Yesterday was almost a realisation that, OK, we''ve cleared one hurdle but it''s not like it''s plain sailing from here ... But today it''s looking good - the weak euro vs. the dollar is helping the DAX," Mike van Dulken, head of research at Accendo Markets, said, referring to Germany''s index, which rose 0.4 percent to a record high. Company results were in focus, with shares in Italy''s David Campari jumping 4.4 percent after the spirits maker reported first-quarter earnings boosted by high-margin brands. Denmark''s payment services provider Nets rose 2.9 percent following its first-quarter earnings, which saw strong organic growth. More than halfway into the first-quarter results season, earnings for European firms have been strong overall, with major euro zone blue chip firms seeing average earnings growth of around 20 percent, according to Thomson Reuters I/B/E/S data. Elsewhere a rebound in basic resources stocks and gains among energy firms also helped support the market, with miners up after a rise in the underlying price of copper. Shares in Belgian materials group Umicore rose 3.3 percent, supported by a positive broker note from Berenberg whose analysts also upped their target price for the stock. Likewise Henderson''s shares gained 2.3 percent after UBS upgraded the asset management firm to "buy" from "neutral", citing its planned merger with U.S. fund firm Janus Capital . "Significantly enhanced scale, distribution and diversification see (Henderson) better equipped to deal with ongoing headwinds from a gradual global shift to passive and rising regulatory costs," analysts at UBS said in a note. Shares in jewellery maker Pandora gave up early gains to end down 6.6 percent lower after its update, while Apple supplier Dialog Semiconductor retreated 0.2 percent with analysts pointing to the chipmaker''s weaker guidance for the second quarter in which it expects to see a dip in revenues. Britain''s Micro Focus slumped 5.6 percent after saying that revenue at Hewlett-Packard Enterprise, the U.S. company it is buying, dropped around 10 percent in the last quarter. British utility Centrica came under pressure after Prime Minister Theresa May pledged to cap energy prices if she is re-elected in June''s general election. Centrica''s shares fell 1.2 percent. (Reporting by Kit Rees and Danilo Masoni; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1IB5ZQ'|'2017-05-10T00:08:00.000+03:00'
'c68291d54beb09be08bf2902930a31ca6569e1cc'|'Apple tops $800 billion market cap for first time'|' 29pm BST Apple tops $800 billion market cap for first time FILE PHOTO: The Apple Inc. logo is shown outside the company''s 2016 Worldwide Developers Conference in San Francisco, California, U.S. June 13, 2016. REUTERS/Stephen Lam By Chuck Mikolajczak - NEW YORK NEW YORK Apple Inc became the first U.S. company to top the $800 billion (618 billion pounds) mark in market capitalisation on Tuesday, slightly more than two years after it crossed the $700 billion threshold. The iPhone maker''s shares have gained 33 percent this year and almost 50 percent since the U.S. election in November, and the company now represents about 4 percent of the $21.7 trillion that makes up the entire S&P 500 index. "It''s just reflective of how powerful a franchise it is. It may be the most powerful franchise in the country today," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey, whose firm does not own the stock. "Considering that it has a limited number of products, it has really dominated that market in a way that few companies have, and it''s been able to retain margins despite lots of competitors." Stock buybacks have also bolstered Apple shares, with the company reducing its actual share count by 20.9 percent and the average diluted shares outstanding by 20.5 percent over the past four years, according to Standard & Poor''s data. The closing market cap of $802.8 billion was larger than the economies of 45 of the 50 U.S. states, topped only by Illinois, Florida, New York, Texas and California. Billionaire Warren Buffett, whose Berkshire Hathaway has disclosed a stake of roughly $20 billion in Apple, said on Monday he had grown more fond of the company because he could "very easily determine" the iPhone maker''s competitive position "and who is trying to chase them." (Additional reporting by Caroline Valetkevitch; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-stocks-apple-idUKKBN1852GH'|'2017-05-10T04:29:00.000+03:00'
'845cfc76f4cd1e61da0e98b733133b8f556cd700'|'U.S. PPG says could walk away from bid for Dutch firm Akzo Nobel'|'AMSTERDAM Paint maker PPG Industries ( PPG.N ) said on Wednesday it could walk away from its pursuit of Dutch peer Akzo Nobel ( AKZO.AS ), which has rejected three takeover bids from the U.S. firm.Reacting to Akzo''s rejection of PPG''s latest proposal on May 8, PPG repeated that it believed the deal would be in the best interests of both companies.PPG has significant support among Akzo shareholders. But opposition from its boards, Dutch politicians and many of its Dutch staff present difficulties that PPG will have to weigh before a June 1 deadline to file bidding papers with the Dutch authorities or walk away for at least six months."PPG remains willing to meet with Akzo Nobel to engage in meaningful discussions," PPG said in a statement. "But without productive engagement, PPG will assess and decide whether or not to pursue an offer for Akzo Nobel."Shares in Akzo fell 1.4 percent to 75.95 euros, far below PPG''s cash-and-shares takeover proposal, which is worth or 94.39 euros per Akzo share, valuing the Dutch firm at 25.6 billion euros ($27.82 billion) including debt.Under Dutch takeover rules, PPG must decide by June 1 whether it will submit papers to the Dutch Financial Markets Authority (AFM) showing it has financing in place and is serious about launching a formal takeover bid for Akzo.Otherwise PPG would have to refrain from making further attempts to pursue Akzo during a six-month cooling off period.If PPG does file with the AFM, it would still have a final chance to walk away without further costs before launching a formal bid.(Reporting by Toby Sterling; Editing by Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-akzo-nobel-m-a-ppg-inds-idINKBN186271'|'2017-05-10T13:49:00.000+03:00'
'7a9390c1776a2b603e2d8c1a7c28efbe7c2c5b46'|'LVMH boosts digital profile with multiple brands website'|'Technology  46pm BST LVMH boosts digital profile with multiple brands website left right Delivery boxes of the new ''24 Sevres'' website are displayed May 5, 2017 in Paris, France. REUTERS/Gonzalo Fuentes 1/5 left right Delivery boxes of the new ''24 Sevres'' website are displayed May 5, 2017 in Paris, France. REUTERS/Gonzalo Fuentes 2/5 left right Delivery boxes of the new ''24 Sevres'' website are displayed May 5, 2017 in Paris, France. REUTERS/Gonzalo Fuentes 3/5 left right A delivery box of the new ''24 Sevres'' website are displayed May 5, 2017 in Paris, France. REUTERS/Gonzalo Fuentes 4/5 left right FILE PHOTO: A woman walks past a store of the Louis Vuitton brand in Paris, France, March 3, 2017. REUTERS/Regis Duvignau 5/5 By Pascale Denis - PARIS PARIS LVMH ( LVMH.PA ) is launching a multi-brand e-commerce website inspired by its exclusive Parisian department store Le Bon Marche, as the world''s biggest luxury goods group steps up the digital side of its business. The new website, named "24 Sevres" after the Rue de Sevres location of Le Bon Marche in the chic 7th arrondissement, will offer fashion, cosmetics and luggage products from LVMH''s own portfolio as well as brands from outside the group. Overall more than 150 labels, including 20 of LVMH''s own stable such as Louis Vuitton, Dior, or Fendi, will be featured. The size of the investment amounted to several million euros and marks the biggest digital initiative taken by LVMH since it hired former Apple ( AAPL.O ) music executive Ian Rogers in 2015 to craft its digital strategy and capitalise on the luxury sector''s online sales expansion. LVMH, controlled by French billionaire Bernard Arnault, said the new site would go live on June 6 in more than 70 countries. Competing with established rivals such as Yoox Net-a-Porter ( YNAP.MI ), MyTheresa, Matchesfashion.com or LuisaViaRoma, it echoes the high-end positioning of the Le Bon Marche store. It will give international clients "very Parisian choices" in the selection of exclusive products, Rogers told Reuters. "The idea is to be attractive with unique products, not necessarily have a huge offering," said Rogers. E-commerce is still a relatively small part of the global luxury goods market, representing 7 percent of industry sales, but this is expected to rise to 12 percent of industry sales by 2020, according to the Boston Consulting Group. Luxury goods companies face a dilemma over trying to reach young Internet-savvy shoppers while preserving the sense of exclusivity that drives up the value of their products. LVMH has already tapped into the increasing importance of online social media by setting up LVMH Luxury Ventures to invest in start-up luxury goods projects. Until now each LVMH brand has had its own separate digital strategy, with some brands such Fendi and Kenzo putting significant resources into this area while other brands such as Celine had no E-commerce website of their own. The new website will complement the offering available on the respective websites of the LVMH brands, Rogers said. Big fashion brands such as Prada ( 1913.HK ), Gucci or Valentino will be sold on the site as well as Maison Margiela, seen as a more cutting-edge label, or others such as Kitsune or APC. LVMH''s online sales of 2 billion euros ($2.2 billion) last year equated to 5.3 percent of overall group revenues. (Writing by Dominique Vidalon; Editing by Sudip Kar-Gupta/Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-lvmh-digital-idUKKBN186267'|'2017-05-10T23:34:00.000+03:00'
'dbe574f9d6fa45bec9a4cbb0b3de0ba2e8f91d9f'|'UK needs post Brexit deals with Turkey, South Africa, not just EU-Ford'|'Market News  04am EDT UK needs post Brexit deals with Turkey, South Africa, not just EU-Ford LONDON May 10 Britain needs to strike a trade deal with Turkey and South Africa as well as with the remainder of the European Union when the country leaves the bloc, Ford''s Europe chief said on Wednesday. "For Ford, it''s not only important for the UK''s agreement with the 27 countries but equally important are countries like Turkey and South Africa which hasn''t really been talked about," Ford of Europe CEO Jim Farley told a London conference. U.S carmaker Ford, which is Britain''s biggest automotive engine builder, makes vans in Turkey, which is not part of the EU but is in the EU customs union. Farley also said it was looking at how to maintain the free movement of goods and people which could be inhibited under a hard Brexit deal involving tariffs. "We are spending a lot of time thinking and talking about how we need to change our operations and what support we need from the government and other entities not only in the UK to make sure friction doesn''t get created," he said. (Reporting by Costas Pitas; editing by Kate Holton)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-eu-ford-motor-idUSL8N1IB26G'|'2017-05-10T17:04:00.000+03:00'
'8cd3ab467b9e3218443174c4c74142c5ba2e7e81'|'Labour corporation tax hike could help schools but dent economy, says IFS - Business'|'Labour<75>s plan to fund higher school spending through increases in corporation tax could boost educational performance but would risk damaging the economy<6D>s long-term growth prospects, the Institute for Fiscal Studies has said.The thinktank<6E>s analysis of one of Jeremy Corbyn<79>s flagship policies shows that reversing the government<6E>s planned cuts to schools<6C> budgets would be comfortably paid for by the extra revenue raised by increasing the main rate of corporation tax to 26%.Under current Conservative plans, spending per pupil in England will be cut by 6.5% between 2015-16 and 2019-20 <20> the first real-terms fall since the mid-1990s. The IFS said higher pension costs meant schools<6C> budgets were likely to face an 8% reduction in total.Labour has proposed to reverse all real-terms cuts to date and then to maintain school spending per pupil in real terms at this new higher level. This would boost spending on schools by <20>4.8bn as part of an education package worth <20>8.4bn. Labour has previously pledged to provide free school meals for all primary school children , which the IFS has estimated will cost between <20>700m and <20>900m. Luke Sibieta, a research fellow at the IFS, said: <20>These commitments would represent a significant increase in education spending and would leave the school sector insulated from cuts made to most other areas of public service spending. If this extra cash is used well, then it could make a positive difference to educational attainment.<2E>Labour has said it would scrap government plans to cut corporation tax from 19% to 17% and instead raise the levy on profits for larger companies to 26% by 2020.The IFS said this would raise <20>19bn in the short term , but <20>substantially less<73> in the medium to long run because companies would respond to the higher tax rate by investing less in the UK.Helen Miller, the associate director of the IFS, said: <20>Cuts to corporation tax have been one of the largest and most expensive policy changes since 2010. They have bought the UK a more competitive tax rate and are likely to boost economic activity in the medium to long run. Seventeen per cent <20> the rate due to be in place in 2020 under current plans <20> is not a magic number and raising corporation tax can bring in substantial sums in the short run.<2E>But, as always, there are trade-offs. Were rates to be increased, the benefits of additional revenue would need to be weighed against any long-run effects on growth. We should always remember that all taxes are paid by people and that workers can feel the effect of corporation tax indirectly though lower wages.<2E>The IFS said there was a very high degree of uncertainty about the impact of higher corporation tax on growth, jobs and wages but said it could be <20>substantial<61>.Topics Institute for Fiscal Studies Economics Thinktanks Schools School meals School funding news   Share   Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/10/labour-corporation-tax-schools-economy-ifs-jeremy-corbyn'|'2017-05-10T20:06:00.000+03:00'
'baae517b524bdb537659469a738742dd786ed9dd'|'Hudson''s Bay taps debt adviser amid Neiman Marcus bid challenges: sources'|'Canada''s Hudson''s Bay Co has hired a debt restructuring adviser to review potential options for combining its business with debt-laden U.S. department store operator Neiman Marcus Group, according to people familiar with the matter.The move is the clearest indication yet that Neiman Marcus'' $4.7 billion debt pile poses significant challenges to a merger between Hudson''s Bay, owner of the Lord & Taylor and Saks Fifth Avenue retail chains, and private equity-owned Neiman Marcus.Hudson''s Bay Executive Chairman Richard Baker set his sights on Neiman Marcus, operator of 42 eponymous stores across the United States and two Bergdorf Goodman stores in Manhattan, two months ago, after larger U.S. peer Macy''s Inc spurned his acquisition overtures.Since then, deal talks between Hudson''s Bay and Neiman Marcus have made little progress, the sources said.Hudson''s Bay has now tapped investment bank Evercore Partners Inc, and has asked it to come up with ways that the two companies can combine without Hudson''s Bay assuming the full burden of Neiman Marcus'' debt, the sources said, asking not to be identified because the matter is confidential.Hudson''s Bay and Neiman Marcus did not respond to requests for comment. Evercore declined to comment.Neiman Marcus'' $2.8 billion loan and $1.6 billion in bonds are trading at deep discounts to their face value, indicating that creditors do not expect to get paid in full, as the company grapples with consumers'' changing spending habits, weak mall traffic, and the increased price transparency brought about by the rise of internet shopping.An acquisition of Neiman Marcus would normally require its acquirer to assume its debt at its face value. Hudson''s Bay, which already carries about $2.4 billion in debt on a market capitalization of $1.5 billion, would essentially triple its debt load by doing so.As a result, Hudson''s Bay does not want to repay Neiman Marcus'' creditors in full, the sources said. While the terms of Neiman Marcus'' bonds allow their transfer to a publicly listed acquirer, Hudson''s Bay is reluctant to take them on at full value, the sources added.Any acquisition offer that would be accompanied by a debt haircut would pit Hudson''s Bay against several hedge funds and investment firms that have acquired Neiman Marcus'' debt and are poised to drive a hard bargain.These include Oaktree Capital Group LLC, Canyon Partners LLC and Capital Group Companies, which have acquired Neiman Marcus bonds, and H/2 Capital Partners, Eaton Vance Management, and GSO Capital Partners, which have invested in Neiman Marcus'' loan, the sources said.Oaktree, GSO, and Capital Group declined to comment. Canyon, H/2 and Eaton Vance did not return requests for comment.PAYING NEIMAN MARCUS OWNERSAdding to the challenges of a deal are Neiman Marcus'' owners, Ares Management LP and the Canada Pension Plan Investment Board (CPPIB). They acquired Neiman Marcus in 2013 for $6 billion, including debt, and expect to be paid for selling the company, according to the sources, even though the debt markets currently assign little value to their equity.Neiman Marcus does not face any significant debt maturities until 2020, when its loan comes due, so Ares and CPPIB still have three more years to try to turn the business around.To convince Ares and CPPIB to let go of any hope of recovering the value of their equity on their own, Hudson''s Bay will have to offer them some kind of payment, the sources said. This puts Hudson''s Bay in a bind, because Neiman Marcus'' creditors will be less inclined to accept a haircut if they see Ares and CPPIB receive such a payment, the sources said.Complicating negotiations further is a confidentiality agreement between Neiman Marcus'' owners and Hudson''s Bay that has so far prevented the latter from communicating directly with Neiman Marcus'' creditors over a potential haircut, the sources said.Ares and CPPIB declined to comment.COMPLEX DEALAnother possibilit
'bf470b0323c12bf0988373391619d42f6ac81139'|'German industrial orders rise as expected in March'|'Business News - Mon May 8, 2017 - 8:09am BST German industrial orders rise as expected in March An employee of German car manufacturer Mercedes Benz works on the interior of a GLA model at their production line at the factory in Rastatt, Germany, January 22, 2016. REUTERS/Kai Pfaffenbach/File Photo - BERLIN German industrial orders rose as expected in March, data showed on Monday, suggesting factories will contribute to overall growth in Europe''s largest economy in coming months. Contracts for ''Made in Germany'' goods were up by 1 percent on the month, the Economy Ministry said. That was on par with the Reuters consensus forecast and followed an upwardly revised rise of 3.5 percent in February. A breakdown of the March data showed domestic demand fell by 3.8 percent and foreign orders were up by 4.8 percent, with bookings from euro zone countries rising by 6.8 percent. "Activity in the industrial sector remains very lively and has increased in the last two months," the ministry said in a statement. "The industrial sector is in a favourable economic situation." (Reporting by Joseph Nasr; Editing by Andrea Shalal)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-orders-idUKKBN1840LE'|'2017-05-08T15:09:00.000+03:00'
'4e98b804e03f59658b8862f44ef1539662257ab3'|'European shares seen hitting fresh highs after French vote - spreadbetters'|'Business News - Mon May 8, 2017 - 7:06am BST European shares seen hitting fresh highs after French vote - spreadbetters Stock index price for France''s CAC 40 and company stock price information are displayed on screens as they hang above the Paris stock exchange, operated by Euronext NV, in La Defense business district in Paris, France, December 14, 2016. REUTERS/Benoit Tessier MILAN European shares are set to open higher on Monday, surging to fresh highs after Emmanuel Macron was elected French president with a business-friendly vision of European integration. According to financial spreadbetters, the Euro zone STOXX 50 index .STOXX50E is seen up 0.8 percent, France''s CAC 40 .FCHI up 0.9 percent and Germany''S DAX .GDAXI up 0.8 percent, while Britain''s FTSE .FTSE is called up 0.4 percent. Last week the CAC ended at a fresh 9-1/2 year high and the DAX at a new all-time high. Macron defeated Marine Le Pen, a far-right nationalist who threatened to take France out of the European Union. [nL8N1I902V] "Despite the uncertainty related to government formation and a potential implementation of reforms, the election result is a positive for Europe..." Credit Suisse''s global CIO Michael Strobaek said in a note. "Equity markets, too, are very likely to continue to attract investors, with financials expected to do particularly well." (Reporting by Danilo Masoni)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN1840IB'|'2017-05-08T14:06:00.000+03:00'
'0a587a47e4b2c52d24925edd228f4841c6b40001'|'Made in North Korea - As tougher sanctions loom, more local goods in stores'|'Business News - Mon May 8, 2017 - 6:07am BST Made in North Korea - As tougher sanctions loom, more local goods in stores left right FILE PHOTO: A vendor adjusts cans of soft drinks made by Air Koryo, at the airport in Pyongyang, North Korea April 11, 2017. REUTERS/Damir Sagolj/File Photo 1/7 left right FILE PHOTO: A woman sells snacks in central Pyongyang, North Korea April 16, 2017. REUTERS/Damir Sagolj/File Photo 2/7 left right Products are displayed in a shop in a newly constructed residential complex after its opening ceremony in Ryomyong street in Pyongyang, North Korea April 13, 2017. Picture taken April 13, 2017. REUTERS/Sue-Lin Wong 3/7 left right A vendor is pictured in a shop in a newly constructed residential complex after its opening ceremony in Ryomyong street in Pyongyang, North Korea April 13, 2017. Picture taken April 13, 2017. REUTERS/Damir Sagolj 4/7 left right FILE PHOTO: People check shoes in a shop in a newly constructed residential complex after its opening ceremony in Ryomyong street in Pyongyang, North Korea April 13, 2017. REUTERS/Damir Sagolj/File Photo 5/7 left right A vendor is pictured in a shop in a newly constructed residential complex after its opening ceremony in Ryomyong street in Pyongyang, North Korea April 13, 2017. Picture taken April 13, 2017. REUTERS/Damir Sagolj 6/7 left right FILE PHOTO: A vendor is pictured in a shop in newly constructed residential complex after its opening ceremony in Ryomyong street in Pyongyang, North Korea April 13, 2017. REUTERS/Damir Sagolj/File Photo 7/7 By Sue-Lin Wong and James Pearson - PYONGYANG/SEOUL PYONGYANG/SEOUL From carrot-flavoured toothpaste and charcoal facemasks to motorcycles and solar panels, visitors to North Korea say they are seeing more and more locally made products in the isolated country''s shops and supermarkets, replacing mostly Chinese imports. As the Trump administration considers tougher economic sanctions to push the isolated country towards dismantling its weapons programmes, North Korea is pursuing a dual strategy of developing both its military and economy. The majority of consumer products in North Korea still come from China. But under leader Kim Jong Un, there''s been an attempt to sell more domestically made goods, to avoid any outflow of currency and to reinforce the national ideology of juche, or self-reliance, visiting businessmen say. There is no available data to show how much is being produced domestically. Export data from countries like China and Malaysia, which sell consumer goods to North Korea, may not be an accurate reflection. China''s commerce ministry declined to comment when asked whether China''s exports to North Korea were decreasing due to an increase in locally-made products. Visitors say that with the impetus from the top, large North Korean companies like military-controlled Air Koryo, the operator of the national airline, and the Naegohyang conglomerate have diversified into manufacturing consumer goods including cigarettes and sports clothing. North Korea is one of the most insular countries in the world and visits by foreigners are highly regulated. A Reuters team that was in the capital Pyongyang last month was allowed to go to a grocery store, accompanied by government minders, where shelves were filled with locally made drinks, biscuits and other basic food items. Other visitors have seen locally made canned goods, coffee, liquor, toothpaste, cosmetics, soap, bicycles and other goods on sale in the city. "As new factories open, the branding, packaging and ingredients of our food products have improved," said shop assistant Rhee Kyong-sook, 33. Kim Chul-ung, a 39-year old physical education teacher visiting the store, said: "I can taste real fruit in the drinks that are made in North Korea, compared to drinks from other countries." Visitors say locally made consumer goods are becoming increasingly sophisticated and QR or matrix barcodes can been found on a wide range of p
'dd47ed63c3e225622a80d5ade03981b1e0069a86'|'Japan''s Nikkei loses momentum after strong rally, Sony climbs'|'* Nikkei loses steam after rallying to 17-mth highs on Monday* Index still seen well positioned to top 20,000 threshold* Sony shares extend gains, hits highest since September 2008By Shinichi SaoshiroTOKYO, May 9 Japanese equities dipped on Tuesday as the market ran out of puff after rallying to a 17-month high the previous day, though it was supported well by a confluence of factors like the significantly weaker yen.The Nikkei share average edged down 0.1 percent to 19,875.89. The index remained in reach of 19,929.48, its highest level since December 2015 reached on Monday when Emmanuel Macron was elected president of France, improving investor risk sentiment.In addition to support from an ebb in geopolitical concerns, the Nikkei was seen to be well placed to eventually top the 20,000 threshold thanks to both fundamental and microeconomic factors."The dollar is firmly above 113 yen now, providing a significant tailwind to equities," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management."The environment surrounding the broader equity market is also improving. Many corporations had previously set their dollar/yen exchange rate assumptions around 105-110 yen, and we can now expect many of them to revise up their earnings forecasts as the yen as depreciated."Sony Corp shares gained as much as 2.2 percent to reach their highest level since September 2008. Already on a bullish footing after last week''s upbeat earnings report, the electronics maker added to gains after a report that it was relaunching organic light-emitting diode (OLED) TVs.Showa Shell added 2.6 percent and Idemitsu Kosan advanced 1.2 percent after the refiners announced they will hold a news conference later on Tuesday regarding their joint business. Opposition from Idemitsu''s founding family had delayed a merger between the two rivals initially planned for April 2017.Shares of Don Quijote Holdings Co gained as much as 4.9 percent after the discount store operator revised up its net profit forecast to 31.5 billion yen ($278.22 million) for the year through June 2017 from 27.5 billion yen. The company expects to book a special profit from fixed asset sales.Insecticide maker Earth Chemical slumped more than 6 percent after the company announced that its net profit for the first quarter fell 4.2 percent to 2.04 billion yen, with expenses offsetting brisk product sales.The broader Topix shed 0.2 percent to 1,582.82 and the JPX-Nikkei Index 400 fell 0.25 percent to 14,132.85.Of Tokyo''s 33 sub-indexes, 20 were in the red. ($1 = 113.2200 yen) (Reporting by Shinichi Saoshiro; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL4N1IB1EJ'|'2017-05-09T00:26:00.000+03:00'
'd55170bb9b6ef49d01e877b3cce6274938abd5bf'|'Trump review of Wall Street rules to be done in stages - sources'|'Tue May 9, 2017 - 12:38am BST Trump review of Wall Street rules to be done in stages: sources left right U.S. President Donald Trump signs an executive order rolling back regulations from the 2010 Dodd-Frank law on Wall Street reform at the White House in Washington, U.S. February 3, 2017. REUTERS/Kevin Lamarque 1/2 left right A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew Kelly 2/2 By Olivia Oran and Pete Schroeder - NEW YORK/WASHINGTON NEW YORK/WASHINGTON The U.S. government''s review of a landmark 2010 financial reform law will not be complete by early June as originally targeted, and officials will now report findings piece-by-piece, with priority given to banking regulations, sources familiar with the matter said on Monday. President Donald Trump has pledged to do a "big number" on the Dodd-Frank financial overhaul law, which raised banks'' capital requirements, restricted their ability to make speculative bets with customers'' money and created consumer protections in the wake of the financial crisis. In February, Trump ordered Treasury Secretary Steven Mnuchin to review the law and report back within 120 days, saying his administration expected to be cutting large parts of it. But the Treasury Department is still filling vacancies after the transition from the Obama administration and there are not enough officials to get the full review done by early June, three sources said. A Treasury spokesperson dismissed the idea the report that would be broken up because the department is short-handed, saying the reach of the project could require several separate reports, as permitted under the executive order. "Treasury has an entire team dedicated to reviewing the financial regulatory rules and will begin reporting our findings to the president in June," the department spokesperson said. "Given the volume and scope of the issues we are reviewing that involve potential changes to the financial regulatory system, we are carefully considering the best options to begin rolling them out in the most effective and responsible manner," the spokesperson said. The Treasury Department will first report back on what banking rules could be changed, including capital requirements, restrictions on leverage and speculative trading. Examinations of capital markets, clearing houses and derivatives as well as the insurance and asset management industries and financial innovation and banking technology will come later, the sources said. It could be several months until these other stages of the financial reform review are completed, some of the sources said. The piecemeal approach could create challenges for some sectors if parts of the report are significantly delayed. The report has been highly anticipated, as it marks the new administration''s most detailed foray into outlining what it wants to do with financial rules. Trump previously has spoken only in broad terms about easing regulation surrounding lending. Any efforts to rework existing regulations or craft new legislation will be a lengthy and contentious process, something that banking lobbyists have said will make any delay to the administration''s initial findings costly for businesses eager for regulatory relief. Former BlackRock Inc executive Craig Phillips is leading the administration''s plan for financial deregulation. Alongside other Treasury officials, he is soliciting feedback from banking industry groups and executives for how banking policy should be shaped. The change in the timing of the Treasury report comes after Trump ordered a separate review of some key planks of the Dodd-Frank financial reform law. In April, Trump signed a pair of executive orders directing a review of two additional regulatory powers - orderly liquidation authority, which allows regulators to step in and wind down a failing financial institution, and systemic designation, in which cer
'9e0c45d014a6baf6badb677de3ba0721e1567b42'|'UPDATE 1-Fed official warns Fannie-Freddie reforms could cause shocks'|'* Rosengren highlights huge footprint in multi-family market* Cites risk of sharp U.S. unemployment drop (Recasts to focus on GSE reform, adds)By Jonathan Spicer and Herbert LashNEW YORK, May 9 A Federal Reserve official warned U.S. lawmakers on Tuesday that any reforms that reduce the massive lending presence of mortgage giants Fannie Mae and Freddie Mac in the multi-family real estate market could shock that sector of the economy.Members of Congress and the Trump administration have signaled they will overhaul the two government-sponsored enterprises (GSEs), which the government took over during the 2008 financial crisis, after they suffered massive losses on bad mortgages.Boston Fed President Eric Rosengren, who also used a speech to warn about the inflationary pressures if U.S. unemployment were to drop much further, said the agencies hold or guarantee some 44 percent of multi-family loans."Policymakers looking to reform the GSEs might look at the GSEs'' large and growing footprint in the market and ask whether this level of government-sponsored exposure is safe, and whether that level of government support is appropriate," he said at New York University Stern School of Business."A potential and significant shock to this sector of the commercial real estate market could occur if proposals require the GSEs to reduce their holdings of multi-family loans."Treasury Secretary Steve Mnuchin has said Fannie and Freddie, which guarantee U.S. home loans and repackage them into securities for sale to investors, cannot be left as is for the next four years.Several reform ideas have been floated in recent years, ranging from turning the GSEs into public companies to phasing them out completely.It was at least the third time in recent months that Rosengren, an influential regional Fed president, raised concerns about high U.S. real estate prices and how that might exacerbate any future economic downturn.Scott Crowe, chief investment strategist at CenterSquare Investment Management, a real asset investment arm of BNY Mellon, said the Fed has closely examined multi-family apartment supply in gateway cities such as New York and San Francisco.The Fed''s focus has tightened credit-lending standards significantly the past six to eight months, he added."We haven''t built new apartments or any real estate asset type to the point where you''re seeing significant rent reductions, bankruptcies or people losing a lot of money," he said.The Fed has raised rates twice since December in part due to the strong labor market.Rosengren said U.S. unemployment at 4.4 percent has dropped below its natural equilibrium and could overheat the economy and prompt faster interest-rate hikes if it were to drop below 4 percent. He estimates the "natural employment" level - or the lowest possible level before wage pressures push inflation too high - is roughly 4.7 percent.He cited a survey in which private economists give a 10 percent chance of unemployment falling below 4 percent."Such an overheated economy would likely be accompanied by higher inflation, which in turn would likely elicit higher interest rates," he said at a commercial real estate conference. (Reporting by Jonathan Spicer; Editing by Chizu Nomiyama and Alistair Bell)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-fed-rosengren-idINL1N1IB148'|'2017-05-09T15:58:00.000+03:00'
'3c93b13a5a63cacc90f52e0fad6ed1f84f031db9'|'Emboldened by new data, Diageo steps up marketing spend'|'LONDON May 9 Diageo, the world''s largest spirits company, is stepping up its marketing in the United States, starting in the second half of this year and again next year, armed with a new programme of data analysis that lets it spend more smartly.Diageo is working hard to improve performance in the United States, its biggest profit centre, particularly around Smirnoff vodka, which is still losing market share despite improving sales."The United States is very important for Diageo ... and one of the first priorities for reinvestment," Chief Executive Ivan Menezes told reporters on Tuesday after meetings with analysts and investors.A new method of gathering and analysing data is giving Diageo a better idea of the returns it is making on various investments, allowing the company to switch money around more quickly."That better data and information really gives us much greater confidence in where we should be upweighting our spend," said Chief Financial Officer Kathryn Mikells. "And candidly where we would look to cut back our spend."The increased marketing will be concentrated on its main brands, including Smirnoff vodka, Johnnie Walker whisky and Captain Morgan rum. Next year the company will also spend more on marketing Scotch whisky, its biggest product category.The company said it achieved about 80 million pounds ($103.4 million) of savings last year in procurement, including by reducing the number of advertising agencies it works with in Europe from 36 to two. The company expects to increase procurement savings this year.Menezes also said that performance in the company''s beer business would improve this year, recovering after first-half problems in Nigeria and a tax change in Kenya. ($1 = 0.7738 pounds)(Reporting by Martinne Geller; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/diageo-presentation-idINL1N1IA0VI'|'2017-05-09T17:17:00.000+03:00'
'4a4b51ec3356fcd6c51cff7d00961c468199d532'|'U.S. longer-dated bond net shorts hit 3-month high -JPMorgan'|'NEW YORK May 9 The margin of investors who are bearish on longer-dated U.S. Treasuries over those who are bullish grew to its widest in more than three months following the French presidential run-off on Sunday, J.P. Morgan''s latest Treasury client survey showed on Tuesday.Centrist Emmanuel Macron''s widely expected win over anti-European Union rival Marine Le Pen caused investors to reduce their safe-haven holdings of government bonds, propelling benchmark U.S. yields to a five-week high on Tuesday.Uncertainty over the demand for this week''s $62 billion bond supply for the May quarterly refunding also weighed on investor sentiment on longer-dated Treasuries, analysts said.The share of "short" investors who said they were holding fewer longer-dated U.S. government securities than their portfolio benchmarks rose to 27 percent from 25 percent in the prior week, according to the J.P. Morgan survey.J.P. Morgan surveyed clients including bond fund managers, central banks and sovereign wealth funds.The share of "long" investors who said they were holding more longer-dated Treasuries than their benchmarks held at 16 percent for a second week.Short investors outnumbered long investors by 11 points, the most since the week of Jan. 30. A week ago, they were net short by nine points.On Tuesday, the yield on the benchmark 10-year Treasury was 2.405 percent, compared with 2.296 percent a week ago, according to Reuters data.Active clients, which included market makers and hedge funds, reduced their bullishness on longer-dated Treasuries in the latest week, the J.P. Morgan survey showed.Thirty percent of those clients said they were long, but 20 percent said they were short, up from 10 percent a week ago, while 50 percent said they were neutral, down from 60 percent a week ago. (Reporting by Richard Leong; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/treasuries-jpmorgan-idINL1N1IB0NH'|'2017-05-09T12:26:00.000+03:00'
'a18213de81f066ece304545b5a26e1d4dde64d34'|'Pakistan signs nearly $500 million in China deals at Silk Road summit'|'Technology   3:04pm BST Pakistan signs nearly $500 million in China deals at Silk Road summit left right Pakistani Prime Minister Nawaz Sharif meets Chinese President Xi Jinping ahead of the Belt and Road Forum in Beijing, China May 13, 2017. REUTERS/Jason Lee 1/6 left right Pakistani Prime Minister Nawaz Sharif meets Chinese President Xi Jinping ahead of the Belt and Road Forum in Beijing, China May 13, 2017. REUTERS/Jason Lee 2/6 left right Chinese Premier Li Keqiang and Pakistani Prime Minister Nawaz Sharif attend a signing ceremony at the Great Hall of the People in Beijing, China, May 13, 2017. REUTERS/Thomas Peter 3/6 left right Chinese Premier Li Keqiang and Pakistani Prime Minister Nawaz Sharif attend a signing ceremony at the Great Hall of the People in Beijing, China, May 13, 2017. REUTERS/Thomas Peter 4/6 left right Chinese Premier Li Keqiang and Pakistani Prime Minister Nawaz Sharif attend a signing ceremony at the Great Hall of the People in Beijing, China, May 13, 2017. REUTERS/Thomas Peter 5/6 left right Chinese Premier Li Keqiang meets Pakistani Prime Minister Nawaz Sharif and Pakistani officials at the Great Hall of the People in Beijing, China, May 13, 2017. REUTERS/Thomas Peter 6/6 By Kay Johnson - ISLAMABAD ISLAMABAD Pakistan signed new deals with China on Saturday worth nearly $500 million (387.9 million pounds) ahead of Beijing''s international forum on its "Silk Road" trade and infrastructure initiative for Asia, Africa and Europe, the Pakistani government said. The memorandums of understanding add to $57 billion already pledged for the China-Pakistan Economic Corridor (CPEC), a network of rail, road and energy infrastructure that is part of the wider Chinese project also known as One Belt-One Road. The deals came as Pakistani Prime Minister Nawaz Sharif met Chinese President Xi Jinping ahead of the Beijing summit expected to be attended by leaders from at least 29 countries to promote Xi''s vision of expanding trade links. Delegates in Beijing will hold a series of sessions on Sunday to discuss the plan in more detail, including trade and finance. Proposed in 2013 by Xi, the project is broad on ambition but still short on specifics. Pakistan has been a flagship country and one of the most enthusiastic supporters of the One Belt-One Road initiative, in part because many projects are for power plants to alleviate the country''s decade-long energy-shortage crisis that sees frequent blackouts. "China-Pakistan Economic Corridor is a core component of your visionary initiative of the "One Belt-One Road," Sharif told Xi when they met at the Great Hall of China on Saturday, according to the Associated Press of Pakistan. PROJECTS Xi called for a swift completion of projects involving Gwadar Port and special economic and industrial parks along the corridor, state Xinhua news service reported. Among the 3.4 billion RMB($493 million) in deals Sharif''s office said were signed on Saturday were: * Two cooperation agreements worth 2.3 billion RMB ($333 million) for an airport in the southwestern town of Gwadar, site of a deep-water port that is to provide an outlet to the Arabian Sea from the far western Chinese province of Xinjiang. * Establishment of the Havelian Dry Port in Pakistan. * Agreement on economic and technical cooperation (1.1 billion RMB) ($160 million) for the East Bay Expressway linking Gwadar to Pakistan''s existing highway system. China says that between 2014 and 2016, its businesses signed projects worth $304.9 billion in Belt and Road countries. Some of the projects could be in development for years. Some countries are wary of the debt burden that the Chinese financing could create. Pakistan, however, has expressed an optimistic view, with the government''s chief economist telling Reuters this week that the repayments will peak at around $5 billion in 2022, but will be more than offset by transit fees charged on the new transport corridor. (Writing by Kay Johnson; Editing by G
'0882216735ad73ebb385d2cea0d774c0b5a3ad75'|'RPT-Wall St Week Ahead-Technicals stand out amid a quiet market'|'By Rodrigo Campos and Terence Gabriel - NEW YORK NEW YORK May 12 As the strongest earnings season since 2011 draws to a close, and with the S&P 500 and Nasdaq Composite hovering near record highs, the biggest concern for some market analysts is, well, the lack of concern.The largest daily move on the S&P 500 in almost three weeks was only 0.4 percent. The small daily moves are partly the reason for a more than 20-year closing low hit this week on the CBOE Volatility index, a measure of investor anxiety."Most of what you<6F>ll find that is outright negative will have to do with sentiment," said Marc Pado, president at DowBull.com in San Francisco."People worried about the market on a technical basis are worried because there is too much complacency or optimism, but not on an indication that there is some kind of top."The S&P 500 posted record closing highs twice this week, but both were lower than the intraday high set March 1, just below 2,401. The intraday record high set Tuesday, near 2,404, doesn''t signal a breakout from the resistance level set some 11 weeks ago.Precisely because of the sideways move, momentum has not mirrored what was seen in early March. The 14-day momentum measure of the S&P peaked this year on March 1. On Friday it closed at its weakest level in nearly three weeks."The bigger risk now (to the stock market) would be overbought conditions, even more overseas than in the U.S.," said Katie Stockton, chief technical strategist at BTIG in New York."If momentum doesn<73>t stay strong enough, which I think it will, that would be a risk to the market. It<49>s a matter of momentum remaining strong enough."BREADTH THINNINGThe Nasdaq Composite, which closed Friday almost 4 percent above its March 1 close and set intraday and closing records this week, is showing a particularly damning pattern in terms of breadth.The 50-day average of advancing names on Nasdaq peaked this year in mid-January and is in a clear trend lower. It hit its lowest level this year on May 5, and the spread with the 50-day average of decliners has been in and out of negative territory since early March.Waning breadth suggests the market advances on less than solid ground as fewer and fewer stocks participate to the upside.On the S&P 500 the 50-day advancers average is at its lowest level since the Nov. 8 U.S. presidential election. However, with the index trading basically sideways since the March record, the signal can be misleading."In every one of the (previous) legs higher we saw internal breadth indicators confirming the new high. We haven<65>t seen that over the last week but the high was marginal only," said Paul Hickey, co-founder of research firm Bespoke Investment Group in Harrison, New York, who remains with a positive view of the market."We see this as the continuation of a consolidation period the markets have been in since March 1."The case is even darker for the 30-component Dow industrials, where the 50-day average of advancers is also near the lowest level since November. Apple Inc alone is responsible for 25 percent of the Dow''s year-to-date advance, even if the index is not market-cap weighted.There''s more bad news for Dow followers. The Dow Transport Average, which peaked with the industrials on March 1, is more than 6 percent below its high, while the industrials are just 1 percent below their record.A record on the industrials without the confirmation of the transports would be another bad omen for stocks. Timing can be blunt, but there was divergence present between these two averages at major tops in 2000, 2007 and 2015.(Reporting by Rodrigo Campos and Terence Gabriel; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-stocks-weekahead-idINL1N1IE2B1'|'2017-05-14T15:00:00.000+03:00'
'09b2010833a77651e732c920a28c983b1d5630f0'|'Theresa May to promise price cap on energy bills in Tory manifesto - Money - The Guardian'|'Theresa May will promise a cap on rip-off energy bills in the Conservative manifesto, arguing that she is ready to intervene in markets if they are thought to be failing ordinary families.The prime minister will set out plans for an <20>absolute price cap<61> on standard variable tariffs to save households up to <20>100 a year after a government-backed study found customers had collectively been forced to pay <20>1.4bn a year in <20>excessive prices<65> .The rate would be set by the regulator Ofgem every six months in order to prevent it from limiting competition in the market. It would target people who are less likely to switch, including elderly and disabled customers, and who find themselves on over-priced rates as a result.May referred to the policy at a campaign event in Harrow West on Monday where she argued that <20>capping energy prices to support working families<65> was in the national interest.It came after five of the big six energy companies announced price increases for their standard tariffs <20> often the more expensive rates that 70% of people are on.The move is likely to draw fierce criticism from opposition parties after the Conservatives criticised Ed Miliband<6E>s energy price freeze pledge in 2015 as evidence that he was living in a <20>Marxist universe<73> .The defence secretary, Michael Fallon, has said Labour<75>s price freeze was different to a cap because it would have prevented prices from dropping. But Miliband hit back, claiming Fallon was <20>talking garbage<67> and making clear that Labour<75>s policy was to ensure that bills <20>can fall but not rise<73>. In a tweet he asked: Ed Miliband (@Ed_Miliband) Where were these people for last 4 years since I proposed cap?Defending a broken energy market that ripped people off.Let''s see small print. https://t.co/iSBUc1Mob1 April 23, 2017 May<61>s policy marks a shift in emphasis for the Conservative party towards a more interventionist approach, after her government also proposed a ban on letting agent fees . However, it could place her on a collision course with energy companies.British Gas owner Centrica claimed a cap on bills would push up average prices, as the company haemorrhaged customers at a rate that would see it lose a million by the end of the year .Although it was the only one of the big six energy suppliers not to put up its tariffs this winter , Britain<69>s biggest energy firm still lost 261,000 customers to competitors in the first quarter of 2017.The fall came on top of the 400,000 customers British Gas lost last year, taking it below 14 million UK residential customers for the first time since the 1970s.In a trading statement published on Monday, the company referred to the suggestion that the Conservatives would introduce a cap. <20>Centrica does not believe in any form of price regulation. Evidence from other countries would suggest this will lead to reduced competition and choice, and potentially higher average prices,<2C> it said.However, it insisted its focus on policies such as competitive pricing, cost efficiency and rewarding loyalty meant it was well-positioned to cope with change. <20>We have had a regular and constructive dialogue with the government and have proposed alternative ways to improve the market further and address their concerns, without resorting to price regulation.<2E>The company<6E>s chief executive, Iain Conn, has previously hit out at the plans, claiming there were <20>some at the heart of the government who just don<6F>t believe in free markets<74>.The business secretary, Greg Clark, said he wanted the energy market to treat people in a <20>fair and reasonable<6C> manner, arguing that the Competition and Markets Authority finding that people had overpaid by <20>1.4bn a year and recent price hikes by companies showed the need to intervene. The idea of a cap has been supported by key figures at Citizens Advice, where James Plunkett has argued that the policy need not hit competition. His analysis suggested some consumers lose as much as <20>300 a year because
'60e7fe7495d823dcdaef3c09e709fc243c3da147'|'UPDATE 1-Tunisian president orders army deployment to protect energy resources'|'Middle East & North Africa  21pm EDT Tunisian president orders army to protect oil and gasfields left right Tunisian President Beji Caid Essebsi delivers a speech in Tunis, Tunisia May 10, 2017. REUTERS/Zoubeir Souissi 1/7 left right Tunisian President Beji Caid Essebsi delivers a speech in Tunis, Tunisia May 10, 2017. REUTERS/Zoubeir Souissi 2/7 left right Tunisian President Beji Caid Essebsi delivers a speech in Tunis, Tunisia May 10, 2017. REUTERS/Zoubeir Souissi 3/7 left right Tunisian President Beji Caid Essebsi delivers a speech, in Tunis, Tunisia May 10, 2017. REUTERS/Zoubeir Souissi 4/7 left right Tunisian President Beji Caid Essebsi delivers a speech in Tunis, Tunisia May 10, 2017. REUTERS/Zoubeir Souissi 5/7 left right Tunisian President Beji Caid Essebsi delivers a speech, in Tunis, Tunisia May 10, 2017. REUTERS/Zoubeir Souissi 6/7 left right Tunisia''s President Beji Caid Essebsi speaks during a news conference with German Chancellor Angela Merkel in Tunis, Tunisia, March 3, 2017. REUTERS/Zoubeir Souissi 7/7 By Tarek Amara - TUNIS TUNIS Tunisia''s President Beji Caid Essebsi on Wednesday ordered the army to protect phosphate, gas and oil production facilities after protests aimed at disrupting output broke out in the south of the country. It is the first time troops in Tunisia will be deployed to protect industrial installations vital to Tunisia''s economy. Protests, sit-ins and strikes in recent years have cost the state billions of dollars. For several weeks, about 1,000 protesters in Tatouine province, where Italy''s ENI and Austria''s OMV have gas operations, have been demanding jobs and a share in revenue from the area''s natural resources. Protests have also broken out in another southern province, Kebili, and on Wednesday police fired tear gas to break up rioting in a town west of Tunis after a fruit seller set himself on fire in protest against the police. In an incident similar to the self-immolation in 2011 that sparked the uprising that toppled autocrat Zine El-Abidine Ben Ali, the vendor in Tebourba poured gasoline over himself and set it ablaze. He was hospitalized and rioting erupted. Six years after the uprising, Tunisia is trying to enact sensitive reforms to help growth, but many unemployed youth in the marginalized south still feel they have gained few opportunities. The military deployment will take place immediately, Essebsi said. "It is a serious decision, but it must be applied to protect our resources," he said in a speech to the nation. "Our democratic path has become threatened and law must be applied but we will respect freedoms." A local resident in the southern Metaloui region - the heartland of Tunisia''s phosphate production - said troops arrived in trucks on Wednesday and started setting up barbed wire barricades around facilities. OMV has taken out around 700 non-essential staff and contractors from its operations in the south as a precaution, and Perenco and Canada-based Serinus Energy have either halted some production or closed gasfields. Tunisia is a small oil and gas producer compared to its OPEC neighbors Libya and Algeria, with production around 44,000 barrels per day. Protests that have hit the phosphate sector in past years cost the country more than $2 billion, according to officials. But production has returned to the highest levels since 2010 after officials negotiated deals with protesters. The government expects to double its phosphate production to 6.5 million tonnes in 2017. (Writing by Patrick Markey; Editing by Robin Pomeroy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-tunisia-economy-idUSKBN1861DN'|'2017-05-10T19:30:00.000+03:00'
'467aa1fd53ba03afb9956bc486a27893d4fadc1f'|'Noel Edmonds demands <20>50m compensation over HBOS fraud - Business'|'Noel Edmonds has demanded <20>73m in compensation from Lloyds Banking Group for what he claims was the destruction of his business empire together with public humiliation and damage to his reputation caused by the fraudulent activities of the bank<6E>s HBOS Reading arm.In a letter to the Lloyds chief executive, Ant<6E>nio Horta-Os<4F>rio , lawyers for the TV presenter allege that he <20>suffered immense economic loss as well as (to put it very mildly) <20>distress and inconvenience<63> at the hands of your bank as a direct result of the actions<6E> of the individuals involved in the fraud at the Berkshire branch.Six people were jailed in February after a jury heard they spent the proceeds of their fraudulent activities on superyachts and sex parties, while destroying businesses they had lent money to. Among them was the former HBOS banker Mark Dobson, who was sentenced to four-and-a-half years in prison and is referred to in the letter sent to Horta-Os<4F>rio by Edmonds<64> lawyer Jonathan Coad at Keystone Law.Lloyds expects payouts to HBOS fraud victims to total <20>100m Read more The letter said: <20>These individuals were fraudsters whose corrupt activities also resulted in losses to my client of tens of millions of pounds, along with his suffering deep distress and public humiliation.<2E>Lloyds has set aside <20>100m to compensate 64 victims of the HBOS Reading fraud, although this sum may need to be increased if Edmonds is successful in his claim against the bank for fraudulent activities that took place between 2003 and 2007.Former DJ and children<65>s TV presenter Edmonds, who presented Deal or No Deal from 2005 to 2016, said: <20>I confirm my lawyers have sent a detailed claim letter seeking compensation from Lloyds for the losses that I suffered as a result of fraud committed against me by one of its managers.The biggest part of the claim is <20>50m to cover the losses he incurred when his business, Unique Group, collapsed. Edmonds says the bankers<72> actions destroyed the entertainment firm and robbed him of future growth.He is also claiming <20>12m for loss of speaking fees, <20>100,000 for <20>pain, suffering and damage<67> to his reputation and <20>750,000 in legal fees.<2E>I am now trusting that Mr Horta-Os<4F>rio is true to his word and ensures that I am <20>fairly, swiftly and appropriately<6C> compensated for both the destruction of my businesses and the significant damage to my reputation. If he is not, then I will pursue my claim against Lloyds via the courts.<2E>Dobson worked for Lynden Scourfield, a former HBOS banker who pleaded guilty to charges relating to his role in the fraud and was jailed along with his business associate David Mills.The court heard that Scourfield gave inappropriate loans to businesses, which allowed Mills and his associates to profit from high consultancy fees, while the banker was rewarded with foreign cruises and sex parties.Edmonds<64> move comes as Horta-Os<4F>rio prepares for Lloyds<64> annual general meeting on Thursday, days before the government will be able to claim that the 43% shareholding bought by taxpayers to rescue the bank in 2008 has been entirely sold off.The HBOS fraud predates the rescue by Lloyds during the financial crisis, but an investigation is under way into whether Lloyds looked into the problems in Reading and reported them to authorities when it took over HBOS.Edmonds claims that Dobson effectively became a shadow director of one his businesses, Unique, which was involved in a wide range of activities including Proms in the Park. The former Noel<65>s House Party host claims HBOS prevented him from selling shares in another business, UBC, which would have helped repay a loan to HBOS. <20>Had the sale of shares in UBC not been blocked, then the Unique bank accounts would have been in the black to the tune of about <20>1m,<2C> Edmonds<64> lawyer said.<2E>This figure is substantially more than the sum then claimed by HBOS, which in turn led to our client being the subject of legal proceedings based on the personal guarantee that had been demanded 
'78f4966df59fc6a17f926aa47b0323da3307cc28'|'Rickmers schedules new bondholder vote on revamp plan'|'FRANKFURT May 11 German shipping group Rickmers said:* Only 17.4 percent of Rickmers'' bondholders took part in a vote on the company''s restructuring plan on Wednesday, fewer than the minimum required. Of those present, a majority voted in favour of the plan* At the next vote on the revamp plan in early June, at least 25 percent of bondholders must be present* Under the proposed revamp plan, the equity stake of owner Bertram Rickmers would be reduced to 24.9 percent from 100 percent. Bondholders, HSH Nordbank and potentially another bank would hold 75.1 percent* Rickmers'' loss more than doubled to 341 million euros in 2016, on sales of 483 million euros, due to overcapacity in the market and decreasing freight rates Some bondholders had criticised the proposed restructuring scheme as disadvantageous for bondholders (Reporting by Arno Schuetze; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/rickmers-restructuring-idINL8N1ID7AA'|'2017-05-11T13:24:00.000+03:00'
'96af5424817b639e8d01d63ef1580ff5bbb5c9e3'|'French tycoon Bollore seeks to merge Vivendi and Havas'|'By Mathieu Rosemain and Gw<47>na<6E>lle Barzic - PARIS PARIS French tycoon Vincent Bollore took a first step on Thursday in his attempt to merge media giant Vivendi ( VIV.PA ) and advertising company Havas ( HAVA.PA ), two groups he controls through his family-run conglomerate.Vivendi ( VIV.PA ) said that it was offering to buy the 60 percent stake owned by Group Bollore ( BOLL.PA ) in advertising group Havas ( HAVA.PA ) at a price of 9.25 euros a share.The offer reflects a premium of 8.8 percent over the closing price for Havas on Wednesday, Vivendi said in a statement.It values Bollore''s stake in Havas at 2.36 billion euros ($2.56 billion), Group Bollore said in a separate statement, adding that its board welcomed the offer.Bollore, Vivendi''s chairman and controlling shareholder with a 20.65 percent stake, has pledged to turn the group into an integrated European media powerhouse and has launched a spree of acquisitions, including in Telecom Italia ( TLIT.MI ) and Italian broadcaster Mediaset ( MS.MI ).Havas, led by Bollore''s son Yannick, was one of the two top targeted businesses in Vivendi''s next expansion phase, two sources close to the matter said last month.Vivendi said it aimed to reach a binding agreement with Groupe Bollore "as soon as possible."Upon completion of the acquisition Vivendi plans to launch a simplified public tender offer on the remaining Havas shares at the same price, without seeking to delist the Havas shares.(Reporting by Mathieu Rosemain and Gwenaelle Barzic, Editing by Dominique Vidalon)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-havas-m-a-vivendi-idINKBN1872EC'|'2017-05-11T14:27:00.000+03:00'
'c64e7f7fe79532fdd3ac0b8d83e16c89eb1eb474'|'New York''s Vullo says regulation not a ''curse word'''|'NEW YORK Regulation should not be considered a "curse word" and is needed more than ever to head off financial threats, despite President Donald Trump''s attacks on government red tape, New York''s financial services regulator said on Thursday.Maria Vullo, superintendent of New York''s Department of Financial Services, made the argument in a speech to white collar crime lawyers, saying states like New York had to step in to protect markets and consumers."At a time when regulation seems to be a curse word, I say, quite to the contrary," Vullo said. "The rule of law and regulations are not only appropriate, they are absolutely necessary to address the risks that we face."Trump has moved against regulation of all kinds, saying it is killing jobs and driving companies out of the country. In January, he signed an executive order requiring two regulations be discarded for every new one. Last month, he said his administration was working on changes to the 2010 Dodd-Frank Wall Street reform law. Vullo, speaking at the New York City Bar''s 6th Annual White Collar Crime Institute, said it was wrong for the government to step aside and let the market handle things. "We''ve been there before and know what happens when government fails to act," she said. She said Trump''s executive order on regulation did not address threats."Deregulation in a climate of change cannot mean that regulators must hang up their hats...for the sake of a signing ceremony," she said.Vullo touted a cybersecurity regulation her agency put into effect in March, and one that took effect in January that required banks ensure their monitoring programs were designed to help prevent money laundering and terrorism financing. Vullo''s department regulates state-licensed financial institutions and insurers, including foreign bank branches in New York. It has reached settlements with numerous institutions over misconduct in recent years. In January, for instance, Deutsche Bank AG agreed to pay $425 million over a "mirror-trading" scheme that moved $10 billion out of Russia between 2011 and 2015.(Reporting by Karen Freifeld; Editing by Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-new-york-regulator-vullo-idUSKBN1872UN'|'2017-05-12T04:04:00.000+03:00'
'b715072aaf4e73b09bc18f37aefa031e967b7489'|'Toshiba ups ante in chip unit sale with attack on Western Digital'|'Business News - Tue May 9, 2017 - 11:01pm BST Toshiba ups ante in chip unit sale with attack on Western Digital FILE PHOTO: The logo of Toshiba Corp is seen as window cleaners work on the company''s headquarters in Tokyo, Japan, February 14, 2017. REUTERS/Toru Hanai/File Photo By Makiko Yamazaki - TOKYO TOKYO Toshiba Corp ( 6502.T ) has told Western Digital Corp ( WDC.O ) not to interfere in the sale of its prized chip unit, rejecting claims it has breached a joint venture contract and threatening legal action. The clash between Toshiba and Western Digital - both its business partner and one of the bidders for the chip unit - risks delaying or even quashing an auction that the Japanese conglomerate is depending on to plug a $9 billion (6.95 billion pounds) hole in its accounts. Although the two companies jointly operate Toshiba''s main semiconductor plant, Western Digital is not seen as a favoured bidder for the world''s second biggest NAND chip producer, having put in a much lower offer than other suitors, sources with knowledge of the matter have said. The U.S. firm has argued the Japanese company is violating their contract by transferring their joint venture''s rights to the newly formed unit and has asked for exclusive negotiating rights. Chief Executive Steve Milligan is currently visiting Japan to press its case. But in a May 3 letter sent by Toshiba''s lawyers, the TVs-to-nuclear conglomerate disputed Western Digital''s argument and said it would pursue all available remedies if it saw continued interference in the sale process. Western Digital''s "campaign constitutes intentional interference with Toshiba''s prospective economic advantage and current contracts. It is improper, and it must stop," the letter, which was seen by Reuters on Tuesday, said. In a separate letter, also dated May 3, the general manager of Toshiba''s legal affairs accused Western Digital of failing to sign some joint venture agreements. If Western Digital refuses to sign by May 15, the chip unit would protect its intellectual property rights by suspending Western Digital employees'' access to all of the unit''s facilities, networks and databases, the letter said. A Western Digital spokeswoman in Japan declined to make immediate comment. For some analysts, Western Digital has the upper hand. "From a commonsense standpoint, it''s hard to buy Toshiba''s argument that it doesn''t need approval from its JV partner because it''s almost a 50-50 joint venture," said Masahiko Ishino, an analyst at Tokai Tokyo Research Center. Toshiba in its letter says that under the joint venture agreement neither party can block a change of control by the other partner, stating that Western Digital itself acquired the joint venture interest when it bought SanDisk and never sought or received Toshiba<62>s approval. SEEKING SUITABLE SUITORS Toshiba believes that a consortium of U.S. private equity firm KKR & Co LP ( KKR.N ) and Japanese government-backed investors would be the most feasible solution, a source familiar with the matter said this week. Such a sale could eventually allow the chip unit - which Toshiba values at at least 2 trillion yen ($17.6 billion)- to aim for an IPO and keep the technology in Japan, the source said. KKR and state-backed Japan Innovation Network Corp are expected to submit a joint offer in the second round of bidding. Other suitors are Taiwan-based Foxconn ( 2317.TW ), U.S. chipmaker Broadcom Ltd ( AVGO.O ), which has partnered with private equity firm Silver Lake Partners LP, as well as South Korea''s SK Hynix Inc ( 000660.KS ). But Western Digital has vehemently said it is opposed to a deal with Broadcom. Other suitors could also be blocked by the Japanese government which has vowed to prevent any deal that could allow the transfer of sensitive technologies and represent a risk to national security. The source also said that Toshiba plans to report full-year results this month without an endorsement from its auditor - its se
'0ecbc65197032c215eac59bccc3c2ad6b49c9954'|'Deals of the day-Mergers and acquisitions'|'Market News - Wed May 10, 2017 - 6:00am EDT Deals of the day-Mergers and acquisitions May 10 The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Wednesday: ** ChemChina has won around 82 percent support from Syngenta shareholders for its $43 billion takeover of the Swiss pesticides and seeds group, China''s biggest foreign acquisition to date, the two companies said. ** Private-equity backed French clothing retailer Vivarte, which is aiming to restructure more than 1.3 billion euros ($1.4 billion) of debt, has agreed to sell its Pataugas shoe brand to Hopps Group, the companies said. ** German energy group E.ON plans to quickly sell its remaining stake in Uniper, the power plant and trading unit it spun off last year in what marked the group''s most far-reaching restructuring to date. ** Chinese conglomerate HNA Group will not submit a bid for German shipping finance provider HSH Nordbank , German daily Handelsblatt reported, citing a spokesman for HNA. ** Standard Life and Aberdeen Asset Management expect to cut 800 jobs, nearly 10 percent of the firms'' combined workforce, as part of a merger to create Britain''s biggest listed investment manager. ** Apple has acquired a sleep tracking app and hardware maker Beddit, the Finnish startup said on its website. ** German industrial gases group Linde expects to complete its planned $70 billion merger of equals with U.S. peer Praxair in 2018 if negotiations are successfully completed, Chief Executive Aldo Belloni told shareholder. ** Norilsk Nickel Africa will press ahead with a lawsuit against Botswana over a failed $271 million deal to sell a 50 percent stake in its Nkomati Nickel Mine even though the government is still trying to raise the funds, its chief executive has told Reuters. ** Four banks are organising the bridge loan of around 11 billion euros ($12 billion) that Italy''s Atlantia will use to help fund its bid on Spanish rival Abertis, three sources close to the matter said. (Compiled by Divya Grover in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL4N1IC3E0'|'2017-05-10T18:00:00.000+03:00'
'd909dba52ce0cd4bc40ae6a6aff6e781790181ce'|'UPDATE 1-Sale of Engie E&P unit to Neptune imminent - source'|'(Adds details)PARIS May 11 Engie is in advanced talks with Neptune Oil & Gas about the sale of its oil and gas exploration and production unit and a deal is imminent, a source familiar with the situation told Reuters on Thursday.Confirming a report in French financial daily Les Echos published late on Wednesday, the source said the talks were going well and could be concluded soon.The paper said a board meeting had been held about the planned sale on Wednesday and that board members had approved the sale but that some details still had to be agreed upon.The report added that Engie plans to announce it will start exclusive talks with Neptune for the sale of its 70 percent stake in Engie E&P for about 3.3 billion euros ($3.6 billion), valuing the unit at 4.7 billion euros.The talks had been complicated by rising oil prices and by China Investment Corporation''s (CIC) desire to increase its stake in Engie E&P, the report also said.Engie declined to comment.Banking and industry sources told Reuters last month that Neptune, set up in 2015 by private equity funds Carlyle Group and CVC to build a North Sea E&P company led by former Centrica CEO Sam Laidlaw, was set to announce the acquisition of a majority stake in Engie E&P within weeks.They also said that CIC wanted to increase its stake in Engie E&P to 49 percent, after buying the initial 30 percent in 2011 for 2.3 billion euros.ENGIE E&P''s upstream assets span from the UK to Norway and Germany, Algeria, Egypt and Asia but its portfolio consists mainly of licenses in the North Sea area. The company has proven and probable ("2P") reserves of 672.4 million barrels of oil equivalent (9Mboe) and produced 56.3 Mboe last year.Engie is more than halfway through a three-year 2016-18 plan to sell 15 billion euros worth of assets in a drive to orient the company more towards contracted and regulated businesses such as energy services and grids.Engie CFO Judith Hartmann said in March that Engie was in advanced talks with potential buyers of its E&P unit and that the company was confident in its ability to achieve 85 percent of its planned assets sales by the end of 2017.($1 = 0.9192 euros) (Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta and Jean-Michel Belot)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/engie-ma-neptune-idINL8N1ID244'|'2017-05-11T05:18:00.000+03:00'
'3059b2756f74b4e66a7eb5f5a6922597ec511531'|'Wealth manager Rathbone Brothers gets first quarter market boost'|'Business News  18am BST Wealth manager Rathbone Brothers gets first quarter market boost By Simon Jessop - LONDON LONDON British wealth manager Rathbone Brothers reported a 4.7 percent rise in first-quarter funds under management on Thursday, boosted by investment gains. Rathbone, in the process of expanding its distribution and private client activities, joins rival asset and wealth managers which have been generally supported by rising equity markets in the first quarter, helping to attract new money from clients. Funds at the end of March stood at 35.8 billion pounds, Rathbone said in a statement, buoyed by 427 million pounds in net inflows and 1.2 billion pounds of market gains. That in turn helped drive a 22 percent rise in fee income from the same period a year earlier to 46 million pounds. "Our investment businesses continue to perform well and activity is high across the group as we continue to progress towards our strategic goals," Chairman Mark Nicholls said. "We continue to seek further growth opportunities, but remain mindful of continuing political and economic uncertainties." Total net growth of funds under management in its investment management unit was 318 million pounds, Rathbone said, with net organic growth of 248 million pounds and acquired inflows of 70 million pounds. Funds under management in its unit trusts, meanwhile, rose 10 percent to 4.4 billion pounds. Over the same period, the FTSE 100 rose 2.6 percent, it said. KBW analyst Jonathan Richards said the growth in funds was 1 percent ahead of expectations. "Given the growth profile and established brand we continue to believe Rathbone''s is an excellent company," he wrote in a note to clients. "That said, the current rich valuation level shows the market agrees with our thesis; and thus we rate Rathbones a ''Market Perform''." Shares in Rathbone were flat at 2,403 pence at 0713 GMT, in line with the broader FTSE mid-cap index. Peel Hunt analyst Stuart Duncan said in a note to clients that Rathbone''s organic growth in the period of 3.3 percent was an improvement, flagging a ''add'' rating and 2,450 pence price target. (Reporting by Simon Jessop; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rathbones-trading-idUKKBN1870R1'|'2017-05-11T15:38:00.000+03:00'
'a600f89bd65ece4166102534ea9e8fdefcb45496'|'Panasonic expects 21 pct annual profit rise as auto focus pays off'|'TOKYO Panasonic Corp said on Thursday it expects operating profit to rise by one-fifth year-on-year this financial year as investments in advanced automotive parts begin to pay off.Panasonic forecasts operating profit to increase to 335 billion yen ($2.93 billion) in the year to March 2018 from 276.8 billion yen a year ago. The outlook is slightly lower than the 346.28 yen average estimate compiled by Thomson Reuters.Panasonic, which marks its 100th anniversary next year, is shifting its focus to corporate clients such as automakers to escape price competition in lower-margin consumer electronics.To bolster its push into the automotive field, Panasonic this year decided to take control of Spanish automotive mirror manufacturer Ficosa International and began mass production of battery cells with Tesla Motors at the electric car maker''s $5 billion "Gigafactory".Signs of a steady profit from the automotive business would give a vote of confidence to Chief Executive Officer Kazuhiro Tsuga, who embarked on a drastic business overhaul when he took the helm of the sprawling conglomerate five years ago.Panasonic expects its automotive and industrial division to reap sales of 2.66 trillion yen in the current business year, up 10 percent from a year prior, as it begins to ship advanced infotainment systems that incorporate electronic mirrors and other safety features.($1 = 114.1400 yen)(Reporting by Makiko Yamazaki; Editing by Miral Fahmy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/panasonic-outlook-idINKBN1870RD'|'2017-05-11T05:42:00.000+03:00'
'c75942f2da93a4d9bc2ef58a6f74937ce7199a1d'|'South Africa''s Gigaba tones down ''radical'' talk amid investor unease'|'Business News   10:58am BST South Africa''s Gigaba tones down ''radical'' talk amid investor unease left right South Africa''s Finance Minister Malusi Gigaba speaks at the World Economic Forum on Africa 2017 meeting in Durban, South Africa, May 4, 2017. REUTERS/Rogan Ward 1/2 left right FILE PHOTO: South African Finance Minister Malusi Gigaba speaks to journalists at the World Economic Forum on Africa 2017 meeting in Durban, South Africa, May 3, 2017. REUTERS/Rogan Ward/File Photo 2/2 By Olivia Kumwenda-Mtambo - JOHANNESBURG JOHANNESBURG South Africa''s finance minister has sought to allay investor fears over his pledge of "radical economic transformation", toning down the rhetoric just over a month into the job to talk more of "inclusive growth". Malusi Gigaba, appointed after President Jacob Zuma sacked his predecessor Pravin Gordhan in a move that rattled markets, has backed Zuma''s aim of redistributing wealth to poor blacks. While investors want the ruling African National Congress (ANC) to explain what is meant by radical transformation, Gigaba has in recent speeches used language that appears aimed to calm nerves, without specifying any concrete policies. Gigaba dismissed calls from one adviser to nationalise banks and mines and he told parliament''s finance committee on Tuesday the objective was to help poor blacks, whether the transformation was "called accelerated growth, radical economic transformation or inclusive growth". "His view is that investors in business should not be fearful when they hear the word radical and think that it means there is going to be some irresponsible approach to government programmes," Gigaba''s spokesman, Mayihlome Tshwete, said. "And on the other side those who hear inclusive growth should not feel that it''s a business term that doesn''t relate to the masses of the people." BNP Paribas Securities South Africa economist Jeffrey Schultz noted the change in rhetoric. "He is trying to calm fears...that it doesn''t necessary mean there is going to be far-reaching changes in the way fiscal policy is conducted," Schultz said. "Radical economic transformation sounds so alarming to the investment community and the term inclusive growth seems on the face of it a little bit more palatable." South Africa''s credit rating was cut to "junk" after Zuma sacked Gordhan. Lower ratings typically make it more expensive to borrow and risk deterring the foreign investors on whom South Africa relies to finance its big budget deficits. In a country where unemployment is 26.5 percent, hundreds of people in townships protested this week over housing and jobs, piling pressure on Zuma who has faced calls to step down since the reshuffle. Some analysts said talk of "transformation" was meant to appease ANC supporters after the party lost key cities - including the capital Pretoria and economic hub Johannesburg - at local elections last year. "I think that it is the rhetoric of desperation when you have a hollow buzz phrase like that without any substantive detail," said Martyn Davies of Deloitte. But a cabinet minister said transformation was at the heart of the ANC''s policies. Minister in the Presidency Jeff Radebe told reporters on Tuesday that "radical socio-economic transformation is not an invention of 2017. This matter arose in 2012 at the ruling party conference...and is in the national development plan." (Additional reporting by Mfuneko Toyana and Joe Brock; Editing by James Macharia and Robin Pomeroy)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-safrica-economy-idUKKBN18714Q'|'2017-05-11T17:58:00.000+03:00'
'f967a23fcd6a98bcfd57346d73dacd25e04880fe'|'EU states give green light for U.S. talks over leasing of crewed planes'|'Business News -  27am BST EU states give green light for U.S. talks over leasing of crewed planes By Julia Fioretti - BRUSSELS BRUSSELS European Union member states on Thursday gave the green light for the start of talks with the United States to scrap restrictions on EU airlines leasing planes and crew from U.S. carriers. The leasing of crewed planes from another airline - known as wet leasing - is a common practise in the industry to boost flexibility in meeting demand, and the 10-year-old EU-U.S. Open Skies aviation services agreement envisaged a liberal regime. But a dispute arose after the EU separately in 2008 imposed a seven-month duration limit, renewable once, on European airlines wet leasing from non-EU carriers, prompting retaliatory action from Washington. The European Commission will now be able to initiate talks with the United States to remove any time limit on airlines'' wet leasing deals. "The wet lease agreement with the United States will create new business opportunities and improve services on both sides of the Atlantic," said Joe Mizzi, the minister for transport and infrastructure in Malta, which holds the rotating EU presidency. Following the imposition of the EU time limit, the United States began imposing similar duration limits on EU carriers wet leasing from other EU carriers on their routes to and from the United States, making it hard for European airlines to plan routes as they would not know if the wet leased crews and planes would have permission to fly. The prospect of an unrestricted wet leasing deal with the United States had worried some countries and pilot associations that airlines could use wet leasing as a way to operate regular services with cheaper crews, or that it could set a precedent for similar deals with other countries. But the Council of the EU - representing member states - said the new agreement would be specific to the United States and did not imply there would be similar agreements with other non-EU countries. Low-cost airline Norwegian Air Shuttle ( NWC.OL ) has faced criticism for employing crew from Thailand, although it has made an effort recently to employ more Europeans. Critics of the liberalisation effort had asked for the Commission to ensure national regulators would be able to subject wet leasing deals to a public interest test to protect jobs, much like the United States does. (Reporting by Julia Fioretti; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-aviation-leasing-usa-idUKKBN18718E'|'2017-05-11T18:27:00.000+03:00'
'2222a1b61c9f60234571510771beeadc185aa3f8'|'French bank Credit Agricole''s first quarter profits surge higher'|'Banks - Thu May 11, 2017 - 6:35am BST French bank Credit Agricole''s first quarter profits surge higher Logos are pictured on a Credit Agricole bank branch in Paris, France, February 15, 2017. REUTERS/Charles Platiau By Maya Nikolaeva and Julien Ponthus - PARIS PARIS French bank Credit Agricole reported a near fourfold increase in first-quarter profit, as it moved on from a complex revamp of shareholding ties with its parent group and benefited from a surge in trading activity. Credit Agricole, whose asset management arm Amundi is buying rival Pioneer Investments from Unicredit for 3.6 billion euros (3 billion pounds), said net income rose to 845 million euros from 227 million last year, when results were hit by restructuring costs. Its revenue rose 24 percent to 4.7 billion euros, driven by a bumper quarter for capital market activities that rose 17 percent and a rebound in French retail banking. Credit Agricole''s retail bank LCL also had an 8 percent rise in revenue, driven by high volumes of loan restructuring fees and stronger loan growth. "Globally, we should be able to have for the whole year revenue (at LCL) that would be more or less stable," chief financial officer Jerome Grivet told journalists. The bank said that the group''s stronger revenue growth reflected "an improvement in economic activity in the group''s core European markets, but above all, the robustness of the universal customer-focused banking model. Credit Agricole''s higher profits echoed a similar performance at other rival French banks this quarter, with BNP Paribas and Natixis posting higher earnings, although legal costs contributed to SocGen reporting lower profits. (Reporting by Maya Nikolaeva and Julien Ponthus; Editing by Sudip Kar-Gupta) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-credit-agricole-results-idUKKBN1870F7'|'2017-05-11T13:35:00.000+03:00'
'5d6e3829907f881bf3483dcde703a753abf4f869'|'U.S. weekly jobless filings fall; producer prices rebound strongly'|'Thu May 11, 2017 - 1:36pm BST U.S. jobless claims fall; continuing claims lowest since 1988 FILE PHOTO: A ''''Now Hiring'''' sign hangs on the door to the Urban Outfitters store at Quincy Market in Boston, Massachusetts September 5, 2014. REUTERS/Brian Snyder WASHINGTON - New applications for U.S. jobless benefits unexpectedly fell last week and the number of Americans on unemployment rolls hit a 28-1/2-year low, pointing to a rapidly tightening labor market that could encourage the Federal Reserve to raise interest rates in June. Initial claims for state unemployment benefits dropped 2,000 to a seasonally adjusted 236,000 for the week ended May 6, the Labor Department said on Thursday. Claims for the prior week were unrevised. Economists polled by Reuters had forecast first-time applications for jobless benefits rising to 245,000. Claims have now been below 300,000, a threshold associated with a healthy labor market, for 114 straight weeks. That is the longest such stretch since 1970, when the labor market was smaller. The labor market is close to full employment, with the unemployment rate at a near 10-year low of 4.4 percent. Labor market strength, also marked by a sharp rebound in job growth in April, has left financial markets anticipating further monetary policy tightening from the Fed in June. The U.S. central bank increased its benchmark overnight interest rate by 25 basis points in March and has forecast two more rate hikes this year. The economy created 211,000 job in April after adding only 79,000 positions in March. A Labor Department official said there were no special factors influencing last week''s data and only claims for Louisiana had been estimated. The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, rose 500 to 243,500 last week. Thursday''s claims report also showed the number of people still receiving benefits after an initial week of aid tumbled 61,000 to 1.92 million in the week ended April 29, the lowest level since November 1988. The four-week moving average of the so-called continuing claims fell 27,500 to 1.97 million, the lowest level since February 1974. ((Reporting By Lucia Mutikani; Editing by Andrea Ricci))'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-economy-unemployment-idUKKBN1871LW'|'2017-05-11T21:11:00.000+03:00'
'9f8b046ac0c1d6b987ecc5a2a910f47d21e22762'|'BT to cut 4,000 jobs in restructuring after ''challenging year'''|'LONDON BT ( BT.L ) will cut 4,000 jobs and replace the boss of its global services business in a plan to tackle the source of an Italian accounting scandal that stunned Britain''s biggest telecoms group in January.A restructuring of the unit, which employs 18,500 people, is part of Chief Executive Gavin Patterson''s attempt to recover from the scandal and a profit warning caused by a slowdown in government work that together wiped 8 billion pounds ($10.3 billion) from the company''s value.Seeking to draw a line under the difficult year, Patterson did not get a bonus, meaning his total pay package fell in the 2016/17 financial year to 1.3 million pounds, down by 4 million pounds on the year before.The company said it would also claw back previous awards worth around 338,000 pounds."This has been a challenging year for BT," Patterson said."We''ve faced headwinds in the UK public sector and international corporate markets and must learn from what we found in our Italian business," he added.Setting out its plan for Global Services, the company said it no longer needed to own local networks outside Britain to serve its multinational and government customers, and could instead use new network technology and partnerships.Luis Alvarez, the boss of global services for the last five years, would be replaced by Bas Burger, who was most recently president of BT in the Americas, the company said."We wanted to make sure we had clear leadership to take us through this next period of the journey (and) we felt it was the right thing to do to make a change," Patterson told reporters.The discovery of a 530-million-pound black hole in its Italian accounts had stunned the market and forced BT to cut forecasts for the next two years. As it scrambled to assert control, it appointed Alvarez to take direct responsibility for the European business.DIVIDEND GROWTH TO SLOWBT reported broadly flat underlying revenue for the year to the end of March of 24.1 billion pounds and underlying earnings of 7.65 billion pounds, in line with guidance it cut in January.For the current 2017-18 year, BT forecast that underlying revenue would again be broadly flat and core earnings would decline to a level between 7.5 and 7.6 billion pounds.It increased its dividend by 10 percent, but it said its dividend would not grow at the same rate next year.The shares, which have barely recovered from January''s plunge, fell 3 percent on Thursday, as analysts noted a lack of longer-term earnings guidance, breaking with past practice.Richard Marwood, senior fund manager at shareholder Royal London Asset Management, told Reuters he welcomed the move on executive pay and the fresh scrutiny of Global Services, a division that has sparked profit warnings in the past."BT is still a business that is generating a lot of cash flow, it''s just that the demands on that cash flow have proved to be quite high" he said."The dividend is the disappointment in today''s statements."Patterson said he needed more clarity on changes regulator Ofcom has proposed to the pricing of some of the most popular superfast broadband services before he could offer a view on 2018/19.He also needed a clearer picture on any additional investment in fiber to the home. BT has said it will connect 2 million homes with full-fiber by 2020, but it still lags many other countries in Europe.(Additional reporting by Kate Holton; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-bt-group-results-idUSKBN1870LB'|'2017-05-11T14:59:00.000+03:00'
'e3a74362b63fb9f273f29cc785a085d9aa7a6f35'|'Nikkei steady in choppy trade; Toyota falls on weak forecast'|'* To rise past 20,000, Nikkei needs to attract new money - analyst* Shares of Toyota Motor fall after disappointing profit outlook* Takeda Pharma soars on solid forecastBy Ayai TomisawaTOKYO, May 11 Japanese stocks were flat in choppy trade on Thursday morning as optimism from the weakening yen offset mixed performances in U.S. shares overnight, while Toyota Motor declined after its forecast undershot analyst expectations.The Nikkei share average rose 0.1 percent to 19,922.78 points in midmorning trade, while the broader Topix fell 0.1 percent to 1,583.78 points.Toyota Motor Corp fell nearly 2 percent, after the automaker forecast operating profit to decline 20 percent on the year to 1.6 trillion yen ($14.06 billion) for this fiscal year to March.The dollar was slightly up on the day at 114.31 yen after earlier rising as high as 114.37, its highest since March 15.Traders said investors were cautious with the Nikkei benchmark index near the key resistance line of 20,000 points."Most of the recent rallies were due to short-covering by foreign investors who had sold in March and April on geopolitical concerns before such concerns receded," said Yutaka Miura, a senior technical analyst at Mizuho Securities.Foreign investors sold a total of 1.6 trillion yen of Japanese stocks and futures between mid-March and mid-April, according to data from the Japan Exchange Group, the operator of Tokyo Stock Exchange.In the last week of April, foreign investors bought 569.65 billion yen in Japanese stocks."Short-covering seems to be continuing and will likely run its course shortly," Miura said. "In order for new money to come in, we need to see solid gains in U.S. markets first as it''s an indicator of investors'' appetites."In Japan, eyes were also on corporate earnings.Takeda Pharmaceutical soared 2 percent after the drugmaker expected a 16 percent rise in its operating profit for the year through March.Conversely, TDK Corp dropped 2 percent after forecasting a 62 percent decline in its net profit for this fiscal year.The JPX-Nikkei Index 400 was flat at 14,145.18 points. (Editing by Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL4N1ID1IT'|'2017-05-11T10:54:00.000+03:00'
'fd09a7b9572edadf2aa13b21cce65f819418911d'|'Banco do Brasil''s Caffarelli sees defaults stabilizing by year-end'|'Market News - Thu May 11, 2017 - 9:57am EDT Banco do Brasil''s Caffarelli sees defaults stabilizing by year-end SAO PAULO May 11 Default indicators at state-controlled lender Banco do Brasil SA will fluctuate this quarter in light of loan book quality problems, and start stabilizing in the second half of this year, Chief Executive Officer Paulo Caffarelli said on Thursday. (Reporting by Alu<6C>sio Alves; Writing by Guillermo Parra-Bernal; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/banco-do-brasil-results-outlook-idUSE6N1D2022'|'2017-05-11T21:57:00.000+03:00'
'9a7e25f135e4d1b0de67c1cc8d84d3a650a50205'|'Uber says being deemed a transport firm will not change much'|' 26am EDT Uber says being deemed a transport firm will not change much BRUSSELS May 11 Ride-hailing app Uber said on Thursday that being deemed a transportation company would not change the way it is regulated in most European Union countries, in response to an EU top court opinion. An adviser to the Court of Justice of the European Union (ECJ) rejected the company''s argument that it is merely a digital enabler. "Being considered a transportation company would not change the way we are regulated in most EU countries as that is already the situation today," an Uber spokeswoman said in a statement. "It will, however, undermine the much needed reform of outdated laws which prevent millions of Europeans from accessing a reliable ride at the tap of a button," the spokeswoman said. She said Uber would await the final ruling later this year. (Reporting by Julia Fioretti; Editing by Alissa de Carbonnel)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/uber-tech-court-reaction-idUSL8N1ID322'|'2017-05-11T16:26:00.000+03:00'
'29a69704a9336e5c254da6efb84123f633e4d113'|'Australia slaps new levy on major banks; boosts funding for regulator'|'Business  24pm BST Australia slaps new levy on major banks; boosts funding for regulator left right Australia''s Treasurer Scott Morrison speaks during a media conference held before he delivers the federal budget at Parliament House in Canberra, Australia, May 9, 2017. AAP/Lukas Coch/via REUTERS 1/2 left right Australia''s Treasurer Scott Morrison (R) delivers the federal budget in the House of Representatives at Parliament House in Canberra, Australia, May 9, 2017. AAP/Mick Tsikas/via REUTERS 2/2 By Swati Pandey - CANBERRA CANBERRA The Australian government announced a six basis-point levy on the deposits of the country''s five biggest banks in its annual budget on Tuesday, a measure that will deliver A$6.2 billion (<28>3.5 billion) through to 2020/21 as it aims to get its finances back into the black. Australia''s largest banks - Commonwealth Bank of Australia ( CBA.AX ), Westpac Banking Corp ( WBC.AX ), ANZ Banking Group ( ANZ.AX ), National Australia Bank ( NAB.AX ) and Macquarie Group ( MQG.AX ) - will pay the charge on their liabilities including corporate bonds, commercial paper, certificate of deposits and tier-2 capital instruments. Deposits by individuals and businesses are excluded. "The levy is similar to measures imposed in other advanced countries," Treasurer Scott Morrison said in his budget speech. "By reducing Australia''s largest banks'' funding cost advantages, the levy will also contribute to a more level playing field for smaller banks and non-bank competitors." Australia''s so called "Big Four" banks - CBA, Westpac, ANZ and NAB - together control 80 percent of the country''s lending market and are extremely profitable. The four reported a combined half-yearly profit of A$15.2 billion, up 6.2 percent from a year ago, in the latest round of financial results, with their average return on equity at nearly 14 percent - one of the best in the developed world. "This new tax is not a well thought out policy response to a public interest issue, it is a political tax grab to cover a budget black hole," said Anna Bligh, chief executive of the Australian Bankers'' Association. "It is naive and misguided and has already sent the wrong signals to global financial markets about the strength and stability of our banking sector." The banks also face headwinds including regulatory pressure to slow lending to speculative property investors amid worries about the risk of a debt-fuelled bubble in the market. Mortgages are a key source of profit for the "Big Four". Aside from the levy, the government announced a reform package to strengthen accountability in the country''s financial system. This is on top of Monday''s announcement to initiate an inquiry into competition in the sector. The moves are aimed at alleviating public concerns about the dominance of the big banks following a series of scandals in the banking sector and public allegations of abuse of market power. Treasurer Morrison gave more ammunition to the banking regulator - Australian Prudential Regulation Authority (APRA) - to penalise banks and senior executives for misconduct. APRA will get A$4.2 million in additional funding over four years and an annual A$1 million for a fund to enforce breaches where banks fail to meet expected standards. The government has also asked Australia''s competition watchdog to undertake an inquiry on residential mortgage pricing until June 30, 2018. "I wouldn''t want to be a CEO of the "Big Four" banks tonight. This is a budget that is bad for banks which means it is a budget which is good for consumers," said Alan Kirkland, CEO of consumer advocacy group CHOICE. The government has announced a number of measures over the past year to protect consumers and boost transparency in the banking sector, including beefing up the corporate watchdog''s powers. Australian banks have themselves promised unprecedented reforms, including reviewing sales commissions, supporting whistle-blowers and black-listing individuals fo
'88e816cc0c841c29355076f46369ef8f46584d48'|'Global default risks mostly receded in past year - StanChart'|'Banks - Tue May 9, 2017 - 9:49am BST Global default risks mostly receded in past year - StanChart LONDON Risk perception for most of the world''s countries have improved in the past year, according to a Standard Chartered analysis of credit default swaps (CDS), contrasting with deterioration in France, Italy, the United States and Germany. CDS are derivatives used by investors to hedge against a default or restructuring of debt. The higher the risk of default, the higher the CDS spread. StanChart said in a report on Tuesday that the CDS spreads of 35 countries showed Venezuela, Greece and Ukraine are still perceived as the sovereigns most at risk of default, with Venezuela trading with spreads of more than 3,000 basis points. But 31 of the countries, including the above, saw spreads tighten since March 2016, it said, attributing the gains to oil''s price rise and improving economic growth across the developing world. "The main message <20> of an improving global picture <20> is in line with our own global GDP forecast: we see real GDP growth edging up markedly by 0.5 percentage point to 3.6 percent in 2017 ... This would be the strongest acceleration of global output since 2010," the bank told clients. But it said a packed election calendar had driven a sharp rise in French and Italian CDS, with the former having widened as much as 65 percent on fears that the right-wing Marine le Pen could win presidential elections held in April-May 2017. That possibility was done away last weekend as centrist Emmanuel Macron scored a decisive second-round win over Le Pen. French CDS have since fallen to around 30 bps, according to IHS Markit, after surging above 60 bps in February. CDS for Italy, which goes to the polls early next year with a plethora of eurosceptic parties in the running, rose by 42 percent in the past year, according to StanChart. U.S. CDS meanwhile widened by 13 percent over a year marked by the election of Donald Trump as President on a anti-globalisation, anti-immigration platform. German CDS widened five percent, which StanChart attributed to "perceived contagion effects for the country, reflecting its role as the engine of the euro area". (Reporting by Sujata Rao, editing by Larry King)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-stanchart-cds-risks-idUKKBN1850UP'|'2017-05-09T16:49:00.000+03:00'
'0f440f074624988455a6eab84b56259cc5781b7c'|'European banks warn of London exodus if told to convert branches to subsidiaries'|'Central Banks - Tue May 9, 2017 - 12:36pm BST European banks warn of London exodus if told to convert branches to subsidiaries A tourist boat travels along the River Thames in front of St Paul''s Cathedral and the City of London financial district in central London, Britain, May 7, 2017. REUTERS/Hannah McKay By Maya Nikolaeva and Anjuli Davies - PARIS/LONDON PARIS/LONDON European banks are privately warning they will have to shift thousands of people out of Britain if Brexit negotiations push the Bank of England to demand that they reinforce London operations with fresh capital, executives have told Reuters. These capital demands, which could amount to an estimated 40 billion euros (33.8 billion pounds), threaten to accelerate an exodus of bankers from the City of London that has been triggered by Britain''s vote to leave the European Union. Three big European banks - Deustche Bank, BNP Paribas and Societe Generale - currently operate some of their sizeable activities in Britain through a branch structure, which requires lower capital requirements. British regulators have been comfortable with this situation with Britain as part of the EU, but once Britain leaves they will want these banks have enough capital to support their business and ensure that British taxpayers are not left footing the bill in a crisis. The regulators have said European banks should be ready to set up full-blown subsidiaries in Britain and submit to Bank of England regulation if Britain and the EU cannot reach a Brexit deal. A report from Boston Consulting has estimated the switch to a full subsidiary structure could cost European banks around 40 billion euros in extra capital. Several European banks base the bulk of their investment banking activities, such as sales and trading, in London, which Bank of England Governor Mark Carney has dubbed the "investment banker of Europe." Deutsche Bank has 9,000 staff based in Britain, BNP Paribas has around 6,500 staff in the country, where it bases the bulk of its investment banking business and Societe Generale has some 4,000 staff in Britain. U.S. banks have until now been at the centre of speculation about the impact of Brexit. Many of them have already warned of the need to potentially move thousands of staff out of London to maintain EU access after Britain leaves the EU. But attention has shifted to the European banks following comments in April by British regulators that European banks which operate in London using EU "passports", which give EU-wide market access, should set up separately capitalised subsidiaries in Britain if Britain and the EU cannot reach a deal on financial services. EU passports enable banks to operate throughout the bloc but be regulated mainly by just one member country. But passporting between the rest of the EU and Britain may be lost once Britain leaves EU in two years'' time. "If Carney (BoE governor) decides to make EU banks create subsidiaries ... I will buy a one way train ticket out of London and take everyone with me," one senior executive at a European bank told Reuters, speaking anonymously due to the sensitive nature of the topic. Germany''s flagship bank Deutsche Bank has already said it is considering whether it needs to move thousands of staff from London to Frankfurt following Britain''s decision to leave the European Union, if it can no longer access the single market from London. BRANCH VERSUS SUBSIDIARY A senior executive at another European bank said: "We would have to reassess our options here in London in that case," referring to the potential demand to set up a subsidiary. "In the U.S., the Federal Reserve takes a lot more ownership over branch structures, it''s a lot more intrusive. It''s therefore natural for the PRA (Prudential Regulatory Authority) to become more intrusive. Maybe they would have to force more supervision." Investment banking activities in particular carry a lot of risk and large balance sheets, meaning regu
'43a19aae21c73d073df3501bfc460378a8390942'|'VW rejects calls to publish dieselgate probe findings'|'Autos - Wed May 10, 2017 - 7:44pm BST Volkswagen investors demand faster progress in dieselgate reforms left right Volkswagen CEO Matthias Mueller (L) and Hans Dieter Poetsch, chairman of the supervisory board attend the start of the annual shareholder meeting in Hanover, Germany May 10, 2017. REUTERS/Fabian Bimmer 1/5 left right Volkswagen shareholders look at a Bentley Bentayga car at the annual shareholder meeting in Hanover, Germany May 10, 2017. REUTERS/Fabian Bimmer 2/5 left right Volkswagen''s Hans Dieter Poetsch, chairman of the supervisory board, delivers his speech at the annual shareholder meeting in Hanover, Germany May 10, 2017. REUTERS/Fabian Bimmer 3/5 left right Volkswagen CEO Matthias Mueller delivers his speech at the annual shareholder meeting in Hanover, Germany May 10, 2017. REUTERS/Fabian Bimmer 4/5 left right Volkswagen''s shareholders wait in a row at the annual shareholder meeting in Hanover, Germany May 10, 2017. REUTERS/Fabian Bimmer 5/5 By Andreas Cremer - HANOVER, Germany HANOVER, Germany Volkswagen ( VOWG_p.DE ) needs to do more to regain the confidence of investors in the wake of its emissions scandal, despite a swift recovery in earnings, several shareholders told the German carmaker at its annual meeting on Wednesday. The world''s largest automaker reported better-than-expected first-quarter profits and has announced a raft of plans to recover from the biggest business crisis in its history, including cost cuts and investment in cleaner cars. But some shareholders said its emissions test cheating on diesel engines would continue to haunt it for years if it did not publish the results of an investigation into the scandal, address outstanding claims and improve corporate governance. "I am shocked and speechless, that was the case at the time and it still is today," said Gerd Kuhlmeyer, head of staff shareholders group Community of VW, referring to a scandal that broke 20 months ago. "An end of ongoing investigation proceedings and possible further effects is not in sight." Volkswagen (VW) has agreed to spend up to $25 billion (<28>19.3 billion) in the United States to address claims from owners, environmental regulators, states and dealers and offered to buy back about 500,000 polluting U.S. vehicles. But it still faces billions of euros in claims from about 3,500 customer lawsuits and about 2,000 investor suits globally. The German group, which is tightly controlled by its founding families and home state of Lower Saxony, rejected calls by Kuhlmeyer and other investors for it to publish the results of a company-commissioned investigation by U.S. law firm Jones Day into the scandal, saying it couldn''t for legal reasons. "There is no written concluding report by Jones Day and there will not be one," VW Chairman Hans Dieter Poetsch said. "I ask for your understanding that VW for legal reasons is prevented from publishing such a final report," he told the gathering of about 3,000 shareholders. TRUST The carmaker initially pledged to inform shareholders about the findings of the Jones Day report which was used as the basis for a $4.3 billion settlement with the U.S. Justice Department, but has since abandoned this plan. It says the report was incorporated in the "statement of facts" published by the Justice Department, and that as part of the settlement deal it cannot publish separate findings. But some shareholders criticized this explanation. "Your reference to the statement of facts agreed in the U.S. is completely insufficient and almost insulting to all those who are interested in complete clarification of responsibilities," said Christian Strenger, supervisory board member at DWS Deutsche Asset Management GmbH. Hermes EOS, representing large institutional investors, called on VW to seek agreement with U.S. authorities to be allowed to publish at least a summary of Jones Day''s findings. "That''s the only way to regain lost trust with investors and to win back customers," Hans-Christoph Hirt,
'74f0f59776f1a7e180dd1e5c6d6c1c052959929f'|'Vale''s top shareholder unveils definitive terms for reorganization'|'SAO PAULO The controlling shareholder of Vale SA proposed on Thursday a definitive swap ratio of 0.9342 common share per preferred stock as part of a plan to transform the world''s No. 1 iron ore producer into a company with dispersed share ownership.As part of the proposal, the shareholder formally known as Valepar SA would be incorporated by Vale in a mechanism that would grant bonus shares to Valepar partners, according to a securities filing. The proposal needs to be approved by 54.09 percent of preferred shareholders, the filing said.(Reporting by Bruno Federowski; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vale-sa-equity-agreement-idINKBN18720L'|'2017-05-11T12:44:00.000+03:00'
'c0b5db5f4cdd60be0d06b6b1fc8e3e1425b0b6e4'|'Bank of England: interest rates may need to rise before late 2019'|' 03pm IST Bank of England: interest rates may need to rise before late 2019 A plaque depicting Britannia is seen on the outside of the Bank of England in the City of London February 4, 2010. REUTERS/Toby Melville/Files By Andy Bruce and David Milliken - LONDON LONDON The Bank of England said on Thursday that it may need to raise interest rates before the late 2019 date that markets had been expecting, assuming Britain can leave the European Union smoothly in two years'' time. With only a month until a national election, the BoE said the short-term squeeze on households from inflation since June''s Brexit vote would be more severe than it predicted in February, with price growth peaking at over 2.8 percent late this year. Britain''s economy shrugged off expectations of a recession after last year''s referendum, and chalked up one of the fastest growth rates among major rich economies. But official data has soured since the start of the year. Data published on Thursday showed industrial production disappointed in the first quarter, and little boost for exporters from the fall in the pound since the Brexit vote. Many economists expect tougher times ahead as Prime Minister Theresa May starts two years of fraught Brexit talks before the country leaves the European Union at the end of March 2019. The BoE policymakers said on Thursday they could only do so much to offset the Brexit hit to the economy. "Monetary policy cannot prevent either the necessary real adjustment as the United Kingdom moves towards its new international trading arrangements or the weaker real income growth that is likely to accompany that adjustment over the next few years," the Bank said in a summary of its meeting. However, the BoE said it expected a pick-up in foreign trade and investment would offset a shortfall in domestic demand this year, and then saw a sharp pick-up in hitherto lacklustre wage growth as unemployment fell to its lowest in a generation. "Monetary policy could need to be tightened by a somewhat greater extent over the forecast period than the very gently rising path implied by the market yield curve underlying the May projections," the BoE said on Thursday. This could imply the BoE will raise rates for the first time since 2007 just as Britain leaves the EU. Sterling slipped after the Bank''s announcement which some investors had expected to show a deepening split among policymakers about the need for higher interest rates now, something that did not materialise. "The Monetary Policy Committee remained in wait-and-see mode this month," Confederation of British Industry chief economist Rain Newton-Smith said. "Any changes to monetary policy are unlikely in the near future, particularly amid ongoing uncertainty over the impact and outcomes of EU negotiations." BOE ASSUMES SMOOTH BREXIT The financial market instruments which the Bank of England uses to construct its economic forecasts have fully priced in an interest rate rise only in the final three months of 2019, nine months later than in the last set of forecasts in February. These market assumptions were based on average prices in the two weeks to May 3. Since then, markets have moved to price an earlier rate hike by the Bank of England and sterling has strengthened, which should help to push down on inflation. The BoE said its latest forecasts assumed "that the adjustment to the United Kingdom''s new relationship with the European Union is smooth". In February BoE Governor Mark Carney warned of "twists and turns" on the road to Brexit. The BoE''s Monetary Policy Committee (MPC) voted 7-1 in favour of keeping interest rates on hold at their record low 0.25 percent this month, as expected in a Reuters poll of economists. American academic Kristin Forbes, who leaves the MPC at the end of June, again voted to raise rates to 0.5 percent and warned that the overshoot in inflation could become more protracted without tightening policy now. Echoing language from the last policy
'4ea28e3dd28796f75d1d5f30dbecc7092cbcb82b'|'Nippon Steel calls for command to alternate at Brazil''s Usiminas'|'By Alberto Alerigi Jr - SAO PAULO SAO PAULO Nippon Steel & Sumitomo Metal Corp ( 5401.T ) wants to implement a system to alternate command at Brazilian steelmaker Usinas Sider<65>rgicas de Minas Gerais SA ( USIM5.SA ) with fellow controlling shareholder Ternium SA, a senior executive said on Tuesday.Almost three years of boardroom battles between Ternium and Nippon Steel for control of Usiminas have distracted management and hampered efforts to buffer Brazil''s largest listed maker of flat steel from the country''s worst recession on record. Both Nippon Steel and Ternium have tried to secure power over the debt-laden steelmaker through court decisions.An agreement with Ternium on how to alternate power at Usiminas without having an option to buy out one another needs to be reached quickly, said Kazuhiro Egawa, Nippon Steel''s newly sworn-in head of operations for the Americas.In a phone interview, Egawa said a March decision by the board of Usiminas to replace a Nippon Steel-backed executive as chief executive officer was illegal. He rebuffed Ternium''s call for the implementation of an exit clause in their shareholder accord, noting that Nippon Steel has no intentions to leave Brazil or Usiminas."We have had all type of joint ventures around the world, but the only place where we''ve had problems is Brazil," Egawa said. "Usiminas remains our main concern in the Americas."Egawa declined to list alternatives to end the conflict with Ternium but cited a rotating command as a feasible option. He will focus on convincing Usiminas board members who represent the steelmaker''s employees to endorse such a mechanism.(Writing by Tatiana Bautzer; Editing by Guillermo Parra-Bernal and Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nippon-steel-usiminas-idINKBN18602T'|'2017-05-09T22:44:00.000+03:00'
'd4acf229378f40d02db8281c7572606fc27cf2b5'|'Debt-ridden Vivarte sells Pataugas shoe brand to Hopps Group'|'  8:10am BST Debt-ridden Vivarte sells Pataugas shoe brand to Hopps Group PARIS Private-equity backed French clothing retailer Vivarte, which is aiming to restructure more than 1.3 billion euros (1.08 billion pounds) of debt, has agreed to sell its Pataugas shoe brand to Hopps Group, the companies said on Wednesday. Financial terms of the acquisition were not disclosed. Vivarte, whose brands include Kookai, La Halle, Caroll, Minelli and Chevignon, has been owned since 2014 by a group led by investment funds Alcentra, Babson, Oaktree and GLG Partners. The company, whose profits and sales have fallen amid competition from larger clothing retail chains such as H&M, Kiabi and Primark, has been trying to restructure its business for several years. Pataugas had last reported annual sales of 14 million euros. (Reporting by Sudip Kar-Gupta; Editing by Matthias Blamont)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-vivarte-debt-idUKKBN1860NY'|'2017-05-10T15:10:00.000+03:00'
'37362c977d3e19d9a40965452a17e76c317cefa8'|'MOVES-JLT Re makes new appointments to its aviation team'|'Market News - Wed May 10, 2017 - 8:54am EDT MOVES-JLT Re makes new appointments to its aviation team May 10 JLT Re, the reinsurance arm of Jardine Lloyd Thompson Group Plc, said it hired Graham Barden and Jon Warner to its aviation team as partners. Prior to joining JLT, Barden was managing partner of aviation at Lockton LLP, while Warner was a senior vice president of the aviation team at Lockton. They will both be based in London. (Reporting by Laharee Chatterjee in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/jlt-moves-barden-idUSL4N1IC4A0'|'2017-05-10T20:54:00.000+03:00'
'f97c67feddd7897b8aa7e2ff6858ef3e4630eb92'|'PRESS DIGEST- Canada- May 10'|'Market News - Wed May 10, 2017 - 7:25am EDT PRESS DIGEST- Canada- May 10 May 10 The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL ** Ontario Teachers Pension Plan became the latest Bombardier shareholder to call for governance changes at the Canadian aerospace manufacturer, confirming Tuesday it has cast votes opposing Bombardier''s executive compensation plan. tgam.ca/2q0Emjo ** The Trump administration may tear up the North American free-trade agreement and negotiate separate deals with Canada and Mexico, Commerce Secretary Wilbur Ross warned on Tuesday. tgam.ca/2qYVpjJ ** U.S. President Donald Trump fired James Comey, the director of the Federal Bureau of Investigation and the man responsible for leading a criminal investigation into possible collusion between Trump''s election campaign and Russia. tgam.ca/2qQ8lvF NATIONAL POST ** Canadian companies are facing an increasing number of cyber attacks, says Travis Reese, president of the U.S. cybersecurity firm FireEye Inc. bit.ly/2r0VjZo ** One of Canada''s top labor law firms, Cavalluzzo Shilton McIntyre Cornish LLP is facing strike action by its clerical employees, who say it underpays staff relative to competitors. bit.ly/2r1ks6o ** The Canadian government made a billion dollar change to how much it was willing to spend on its new search-and-rescue aircraft fleet, but did not inform the bidders trying to win the contract to build the planes of the change in budget. bit.ly/2q402cQ (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-canada-idUSL4N1IC3OV'|'2017-05-10T19:25:00.000+03:00'
'370ad49f3debdc75a44738f95ada7ac925002a3b'|'TABLE-Mexico''s Pemex sets June Maya price for international buyers'|'Market News - Wed May 10, 2017 - 12:34pm EDT TABLE-Mexico''s Pemex sets June Maya price for international buyers MEXICO CITY, May 10 Mexican state-owned oil company Pemex revised its June term pricing formulas for crude oil shipped to international buyers, the company said on Wednesday. The following table lists the adjustments to price constants in the Americas, the U.S. West Coast, Europe and the Far East: DESTINATION MAY CONSTANT JUNE CONSTANT AMERICAS Maya crude -1.60 -1.60 Isthmus crude +2.40 +2.40 Olmeca crude +2.90 +2.90 U.S WEST COAST Maya crude -5.15 -5.15 Isthmus crude -1.50 -1.50 EUROPE Maya crude -2.95 -2.45 Isthmus crude -1.40 -1.40 Olmeca crude -1.20 -1.20 FAR EAST Maya crude -9.40 -9.40 Isthmus crude -2.70 -3.10 FORMULAS (K IS PEMEX CONSTANT): MAYA: 0.40 (West Texas Sour + Fuel Oil 3%) + 0.10 (Louisiana Light Sweet + Brent dated) + K ISTHMUS: 0.40 (West Texas Sour + Louisiana Light Sweet) +0.20 (Brent dated) + K OLMECA: 0.333 (West Texas Sour + Louisiana Light Sweet+Brent dated) + K OLMECA EUROPE: Brent Dated + K MAYA W. COAST: 0.333 (West Texas Intermediate + Alaskan North Slope + Kern River) + K (Reporting by David Alire Garcia)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-pemex-idUSL1N1IC17A'|'2017-05-11T00:34:00.000+03:00'
'a2a49554790fd92077348336f1773978bf00103a'|'Snap''s first earnings to shed light on battle with Facebook, Twitter'|'Technology   12:29pm EDT Snap''s first earnings to shed light on battle with Facebook, Twitter FILE PHOTO: The logo of messaging app Snapchat is seen at a booth at TechFair LA, a technology job fair, in Los Angeles, California, U.S., January 26, 2017. REUTERS/Lucy Nicholson By Angela Moon and Saqib Iqbal Ahmed - NEW YORK NEW YORK Snap Inc ( SNAP.N ) has many similarities with archrivals Facebook Inc ( FB.O ) and Twitter Inc ( TWTR.N ), but shareholders are eager to avoid one in particular when the social media company reports earnings on Wednesday for the first time since its initial public offering: a plunging stock price. Investors delivered a stern message of disappointment to Facebook and Twitter when they posted debut quarterly scorecards following their IPOs. Twitter shares cratered 24 percent the following day, while Facebook''s tumbled 11 percent, drops that stand to this day as the biggest one-day losses for both. While Facebook''s shares recovered from the drubbing within two quarters and trade at nearly four times their $38 IPO price, Twitter<65>s shares never completely regained lost ground and currently trade down nearly a third from their $26 IPO price. The options market is already positioned for a double-digit swing in Snap shares by the end of this week. One key to Snap, the owner of the wildly popular Snapchat messaging app, dodging a similar reception from the market rests on whether its user growth and engagement measures meet investors'' expectations as Facebook aggressively copies its most successful features. The earnings report and subsequent conference call after the bell "will be make it or break it" for Snap, said Eric Kim, co-founder and managing partner at Goodwater Capital. The stock, which started trading in March in the largest tech IPO since Facebook''s in 2012, jumped 44 percent on its debut, but has since fallen 5.5 percent from that day''s closing price. On Wednesday, the shares were down 1.11 percent to $23.06. FOCUS ON USER GROWTH Wall Street expects Snap to post a quarterly loss of 19 cents per share, according to Thomson Reuters I/B/E/S. Analysts expect revenue of close to $158 million, roughly four times the $38.8 million figure from a year earlier, but down about 5 percent from $165.7 million for the fourth quarter of last year. But investors will focus on Snapchat''s user numbers and how the service is holding up against encroachments by rivals. In recent months, Facebook has launched Facebook Stories, a near-identical clone of Snapchat''s most popular feature, also called Stories. The feature lets users post a string of videos and photos that disappear after 24 hours and is also available on other Facebook services, including Instagram and WhatsApp. "Much of the call should be around Stories as it represents the bulk of Snap''s future value given the importance of video advertising to the company''s relatively nascent business model," Goodwater''s Kim said. Facebook recently announced that Instagram Stories alone had reached 200 million daily active users (DAU), eclipsing Snapchat''s year-end overall DAU count of around 161 million. JPMorgan expects Snap''s first-quarter DAU to grow to 169 million, while Monness, Crespi, Hardt & Co Inc is targeting 173 million. Snap still may have an edge over Facebook with its active user base aged between 18 and 34, many of whom visit more than 18 times a day and are a highly coveted group for advertisers. "Our favorable outlook on Snap stems not only from the company''s ability to innovate and cater to millennials in high value markets, but also capture publisher content and consumer mindshare as video consumption grows on digital," said James Cakmak, an analyst at Monness, Crespi. A POPULAR SHORT Despite a modest rally in Snap shares in recent weeks, short sellers - who aim to make a profit by selling borrowed shares and buying them back at a lower price later - have not let up in placing bearish bets, according to Ihor Dusaniws
'1cd452a201fc869877ff70db68d4df20767500f9'|'UPDATE 1-Ukraine central bank post in political limbo as Gontareva leaves'|'Business News - Wed May 10, 2017 - 6:34am EDT Ukraine central bank post in political limbo as Gontareva leaves left right Ukraine''s Central Bank Governor Valeria Gontareva and First Deputy Governor Yakiv Smoliy attend a news conference in Kiev, Ukraine, April 10, 2017. REUTERS/Valentyn Ogirenko 1/4 left right Ukraine''s Central Bank First Deputy Governor Yakiv Smoliy attends a news conference in Kiev, Ukraine, April 10, 2017. REUTERS/Valentyn Ogirenko 2/4 left right FILE PHOTO: Ukraine''s Central Bank Governor Valeria Gontareva leaves after attending a news conference in Kiev, Ukraine, April 21, 2016. REUTERS/Valentyn Ogirenko/File Photo 3/4 left right FILE PHOTO: Ukraine''s Central Bank Governor Valeria Gontareva attends a news conference in Kiev, Ukraine, April 10, 2017. REUTERS/Valentyn Ogirenko/File Photo 4/4 By Natalia Zinets - KIEV KIEV Ukrainian Central Bank Governor Valeria Gontareva will leave her job on Thursday, leaving her deputy in charge, the central bank said, setting the stage for potentially protracted negotiations between president and parliament on her replacement. Praised by the International Monetary Fund and some investors for her reforms of the banking system, Gontareva, a former investment banker and business partner of President Petro Poroshenko, tendered her resignation a month ago after a sustained campaign against her from protesters and lawmakers. But Poroshenko has not yet accepted her resignation or nominated a candidate to replace her. Some names have been doing the rounds and the European Bank for Reconstruction and Development has backed Volodymyr Lavrenchuk, head of Raiffeisen''s ( RBIV.VI ) Ukrainian unit, for the job. Deputy Governor Yakiv Smoliy will take charge until a new governor is found, the central bank said in its statement. "Valeria Gontareva is ceasing all official business at the central bank and going on compulsory leave until (parliament) ... approves her resignation," it said. "... Yakiv Smoliy will act as chairman of the National Bank of Ukraine until the appointment of a new chairman." Parliament is in recess from April until mid-May, meaning Poroshenko has not consulted lawmakers about Gontareva''s replacement, Iryna Lutsenko, a lawmaker and the president''s representative in parliament, told 112 TV on Tuesday. "The president will determine his nominee after political consultations with parliament," she said. Gontareva tendered her resignation on April 10 and, in a parting shot, warned that the political pressure on her position would increase after her departure. She took charge of the central bank nearly three years ago, after Russia''s annexation of Crimea and with Ukraine in the throes of a pro-Russian separatist uprising. Her departure leaves Poroshenko with one fewer ally in power at a time when lenders are already questioning Ukraine''s ability to follow through on promised reforms. It nearly completes an exodus of reformers who were appointed after Poroshenko''s pro-Western administration took charge following the Maidan street protests in 2013-2014. The IMF, which is supporting Ukraine with a $17.5 billion bailout program that began in 2015, has urged Kiev to appoint a governor with the kind of independence that will allow him or her to build on Gontareva''s reforms. These include shutting down half Ukraine''s lenders and switching to a flexible exchange rate. She also nationalized PrivatBank, an oligarch-owned lender of systemic importance, which she said lent all its corporate loans to parties related to its owners. (Writing by Matthias Williams; Editing by Kevin Liffey) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ukraine-cenbank-idUSKBN1860YK'|'2017-05-10T16:56:00.000+03:00'
'e147e1d2498bcc8de022dde3fb53a1ab565fbc42'|'TREASURIES-U.S. bond yields fall after FBI Comey''s ouster'|'* Comey firing raises worries about Trump''s economic agenda * U.S. to sell $23 bln 10-year notes at 1 p.m. (1700 GMT) By Richard Leong NEW YORK, May 10 U.S. Treasury benchmark yields retreated from a five-week peak on Wednesday as President Donald Trump''s firing of his FBI director spurred some concerns about a political storm that could hinder Trump''s economic agenda. Trump''s abrupt dismissal of FBI Director James Comey drew a storm of criticism that the move was intended to blunt the agency''s probe into his presidential campaign''s possible collusion with Russia to sway last year''s election. "Anything that could dent his economic agenda from passing would give investors pause," said Craig Dismuke, chief economist at Vining Sparks in Memphis. The drop in U.S. yields was limited by some investors selling to prepare for the $23-billion auction of 10-year Treasury notes at 1 p.m. (1700 GMT), the second leg of this week''s $62 billion in supply from the May refunding. Competition from a growing pipeline of higher-yielding corporate bonds also stemmed a further decline in Treasury yields. Companies have raised more than $23 billion with investment-grade bonds so far this week, according to IFR, a Thomson Reuters unit. On the data front, the Labor Department said U.S. import prices grew 0.5 percent in April, which was above forecast and marked a fifth straight month of increase. The benchmark 10-year Treasury yield slipped 3 basis points to 2.376 percent, below a five-week high of 2.416 percent reached on Tuesday. The 30-year bond yield declined 3 basis points to 3.009 percent, retreating from the 3.047 percent struck on Tuesday, which was its highest level since March 31. With revived demand for Treasuries, analysts expected the 10-year auction to fare better than the $24 billion three-year note sale on Tuesday which was hurt by growing conviction the Federal Reserve will likely raise interest rates at its next policy meeting in June. In "when-issued" activity, traders expected the upcoming 10-year note to sell at a yield of 2.367 percent , compared with 2.332 percent at the prior 10-year auction in April, Tradeweb data showed. "Seasonals are strong and the 10-year is more insulated than the front-end from a hawkish Fed," BMO Capital Markets interest rates strategist Aaron Kohli wrote in a research note. Interest rates futures implied traders saw an 88 percent that the Fed would raise its benchmark overnight rate by a quarter of a percentage point to a range of 1.00 percent to 1.25 percent at its June 13-14 policy meeting, little changed from Tuesday, according to CME Group''s FedWatch tool. May 10 Wednesday 10:17AM New York / 1417 GMT Price US T BONDS JUN7 151-8/32 0-16/32 10YR TNotes JUN7 125-32/256 0-76/256 Price Current Net Yield % Change (bps) Three-month bills 0.8925 0.9069 -0.008 Six-month bills 1.015 1.0344 0.000 Two-year note 99-212/256 1.3386 -0.016 Three-year note 99-226/256 1.5401 -0.030 Five-year note 99-226/256 1.8998 -0.035 Seven-year note 98-212/256 2.1821 -0.037 10-year note 98-236/256 2.3742 -0.033 30-year bond 99-220/256 3.007 -0.032 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 25.50 -1.50 spread U.S. 3-year dollar swap 21.25 -2.50 spread U.S. 5-year dollar swap 7.25 -0.75 spread U.S. 10-year dollar swap -8.00 -0.75 spread U.S. 30-year dollar swap -46.00 -0.75 spread (Reporting by Richard Leong; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1IC0S1'|'2017-05-10T12:28:00.000+03:00'
'b6efc91c7063de4e8325362ff8a437af5fe0428d'|'Barclays boss Staley apologises at shareholders'' meeting'|'Wed May 10, 2017 - 12:39pm BST Barclays boss Staley faces shareholder fury over whistleblower left right FILE PHOTO: Chief executive officer of Barclays, Jes Staley, takes part in the Yahoo Finance All Markets Summit in New York, U.S., February 8, 2017. REUTERS/Lucas Jackson/File Photo 1/3 left right FILE PHOTO: Jes Staley, CEO of Barclays bank, attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 20, 2017. REUTERS/Ruben Sprich/File Photo 2/3 left right FILE PHOTO: The logo of Barclays is seen on the top of a branch in Madrid, Spain, March 22, 2016. REUTERS/Sergio Perez/File Photo 3/3 By Lawrence White and Andrew MacAskill - LONDON LONDON Barclays Chief Executive Jes Staley apologized to shareholders on Wednesday for his attempts to unmask a whistleblower, but faced calls from individual shareholders to resign over his conduct. "Will you act now with integrity and honor and resign," shareholder Michael Mason-Mahon, a frequent activist at major British banks'' annual general meetings, asked Staley at Barclays'' own AGM. But Barclays Chairman John McFarlane said that he was standing by the chief executive. "You know me, if I thought he should go he would have gone," McFarlane told shareholders. Barclays last month said it had reprimanded Staley and would cut his bonus after he twice attempted to identify the author of a letter that revealed "concerns of a personal nature" about an unnamed senior employee. "I made a mistake in becoming involved in an issue which I should have left to the business to deal with," Staley said. Another investor said it ''beggars belief'' that Staley was not aware of the bank''s policies on not trying to identify whistleblowers. ISS, a shareholder proxy firm, last month advised shareholders to abstain from voting to reelect Staley to the bank''s board. Staley also told the AGM that he did not see a need for Barclays to shift jobs or significant operations out of Britain as a result of the country''s vote last June to leave the European Union, regardless of how the exit negotiations pan out. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-barclays-agm-idUKKBN18619N'|'2017-05-10T18:24:00.000+03:00'
'09e64c46a5de91bcc8abd3faf3d3bf935ab416d6'|'Financials a bright spot in rare sluggish day for European earnings'|'Business  52am BST Financials a bright spot in rare sluggish day for European earnings Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 4, 2017. REUTERS/Staff/Remote LONDON European shares fell in early deals on Wednesday, slipping from 21-month highs reached in the previous session, as disappointing results weighed on individual stocks, though index losses were capped by strength in financials. The pan-European STOXX 600 index was down 0.2 percent, slipping from a 21-month high reached in the previous session. Most European benchmarks eased with the DAX and France''s CAC 40 coming off record highs. Britain''s FTSE 100 which traded flat. More broadly, construction and materials stocks were the biggest sectoral fallers, led lower by a drop in HeidelbergCement after reporting that first-quarter operating profit slipped 3 percent. Energy stocks were also slightly weaker after results weighed on seismic surveyor TGS NOPEC while chemicals distributor Brenntag dropped more than 4 percent after its first-quarter results missed expectations. Financials stood out, with Dutch bank ING gaining 2.7 percent after its first-quarter underling pretax profit came in ahead of expectations. French insurer AXA also gained more than 2 percent after it said that it planned to float its U.S. businesses in 2018 to free up capital. A positive trading statement from UK housebuilder Barratt Developments lifted its shares 3.3 percent, as it said that it expected 2016/17 pre-tax profit to meet the top end of market expectations. Well-received earnings boosted shares in French energy firm Rubis, which jumped 5.7 percent to hit their highest ever levels. (Reporting by Kit Rees, Editing by Vikram Subhedar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN1860SA'|'2017-05-10T15:52:00.000+03:00'
'775ec5efdaecf5e2c6a70666c5914147152db707'|'EBRD rejects Russian challenge on lending freeze'|' 58pm BST EBRD rejects Russian challenge on lending freeze left right EBRD President Suma Chakrabarti speaks during the Annual Meeting and Business Forum of European Bank for Reconstruction and Development''s (EBRD) in Nicosia, Cyprus May 10,2017. REUTERS/Yiannis Kourtoglou 1/2 left right Russian Minister of Economic Development, Maxim Oreshkin speaks during the Annual Meeting and Business Forum of the European Bank for Reconstruction and Development''s (EBRD) in Nicosia, Cyprus May 10,2017. REUTERS/Yiannis Kourtoglou 2/2 By Marc Jones - NICOSIA NICOSIA The European Bank for Reconstruction and Development on Wednesday rejected a Russian complaint about the bank''s investment freeze, prompting criticism from Moscow that the development bank was a ''tool'' of Western foreign policy. EBRD shareholders, who are dominated by Group of Seven governments, "overwhelmingly" rejected what the EBRD said was Russia''s claim that the ban on Russian investments brought in at the height of the Ukraine crisis in 2014, had breached EBRD rules. EBRD President Suma Chakrabarti said the decision was "final and binding" and that there had been no discussion at the meeting about what it would require for it to restart investments in Russia. Russia''s economy minister, Maxim Oreshkin, responded by saying the move had set an "extremely dangerous precedent". "We saw the EBRD became a tool of foreign policy and not a fair and open institution," he said. The EBRD was set up in 1991 to help ex-Soviet economies make the transition to free market capitalism. Russia was for a long time its biggest lending destination, but the near three-year freeze has shrunk its portfolio there to around 3.7 billion euros (<28>3.1 billion), although that is still roughly 10 percent of the bank''s overall portfolio. (Reporting by Marc Jones; editing by Sujata Rao/Jeremy Gauunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ebrd-meeting-russia-idUKKBN1861Q1'|'2017-05-10T20:58:00.000+03:00'
'72fb8bec69ad483caf5ed4fc1434dffa270fcd62'|'Mexico''s Grupo Axo to launch delayed three billion peso IPO plan: sources'|'By Noe Torres and Alexandra Alper - MEXICO CITY MEXICO CITY Mexican retail brand manager Grupo Axo has revived plans for an initial public offering of up to 3 billion pesos ($158 million) that was put on ice in November over fears of the fallout from Donald Trump''s U.S. presidential win, sources said on Wednesday.Mexico''s Grupo Axo, an apparel and home goods franchiser that markets brands like Tommy Hilfiger and Victoria''s Secret, should launch the IPO toward the end of May, four people familiar with the matter said.The offer will be underwritten by brokerages GBM and Actinver as well as investment bank Credit Suisse, two sources said. The shares on offer will include part of a stake owned by Mexican restaurant operator Alsea ( ALSEA.MX ), the two said.Grupo Axo was not immediately available for comment.(Editing by Frank Jack Daniel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mexico-axo-ipo-idINKBN1862MV'|'2017-05-10T16:33:00.000+03:00'
'2d0b5eb456a183b953316dc0fa144c4b81a582db'|'Exclusive - Caribbean resort operator Sandals explores sale: sources'|'Business News  46pm BST Exclusive - Caribbean resort operator Sandals explores sale: sources By Carl O''Donnell Sandals Resorts International, a privately held Caribbean resort operator that caters to couples, is exploring strategic alternatives including a potential sale of the company, according to people familiar with the matter. A sale would mark the first change in ownership for the company since it was founded 36 years ago by Gordon "Butch" Stewart, who built it into the largest non-government employer in Jamaica and created resorts across the Caribbean. Sandals has hired investment bank Deutsche Bank AG ( DBKGn.DE ) to explore several options, including a sale of a majority stake in the company, the people said, asking not to be identified because the deliberations are confidential. The valuation of the company could not be learned, but the sources said it could be worth well over $1 billion (<28>773.1 million), including debt. There is no certainty the move will result in any deal, the sources added. Sandals did not immediately respond to a request for comment, while Deutsche Bank declined to comment. The company, which became famous for its commercials that feature couples lounging in its tropical resorts, owns 24 vacation properties in seven Caribbean countries, including Jamaica, the Bahamas, Grenada and Barbados. Although Sandals caters primarily to couples, prohibiting children at most of its properties, it also operates a subsidiary called Beaches Resorts that welcomes singles and families. Stewart began his career as a sales manager at Curacao Trading Company, before leaving in 1968 to found his first company, Appliance Traders Ltd, which distributed and serviced air conditioners. When Stewart founded Sandals in 1981, the company began as a single hotel near one of the largest beaches on Jamaica''s Montego Bay. He sought to differentiate it from competing resorts by emphasizing "all-inclusive" packages, which feature a single flat fee for lodging, meals and drinks. Sandals targets middle-income vacationers, offering some all-inclusive resort packages for less than $200 per person, per night. In the early 2000s, Sandals attracted controversy because its couples-only resorts prohibited same-sex couples. It retracted the policy in 2004, after the London Underground banned Sandals advertisements in response to complaints from gay-rights activists. The leisure sector has been an active arena for dealmaking. Last month, ski-resort operator Intrawest Resorts Holdings ( SNOW.N ) agreed to be sold to buyout firm KSL Capital Partners LLC and Aspen Skiing Co for around $1.5 billion. (Reporting by Carl O''Donnell in New York; Editing by Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sandals-m-a-idUKKBN186211'|'2017-05-10T22:46:00.000+03:00'
'6896d506b4998ebf3180dc89e46bd897f8f5b0f7'|'Germany''s Schaeuble says Macron faces ''terribly difficult'' decisions'|'Economy  13pm BST Germany''s Schaeuble says Macron faces ''terribly difficult'' decisions FILE PHOTO: German Finance Minister Wolfgang Schaeuble presents draft budget for 2018 and mid-term plans for state spending until 2021 during a news conference in Berlin, Germany, March 15, 2017. REUTERS/Fabrizio Bensch/File Photo FRANKFURT ODER, Germany German Finance Minister Wolfgang Schaeuble said on Wednesday France''s president-elect Emmanuel Macron was facing "terribly difficult" decisions and his proposals, including for a joint euro zone budget, would require changes to the EU treaties. Speaking at an university in the east German city of Frankfurt Oder, Schaeuble added: "France is so big and strong that its first thoughts need not be about who can help it." Schaeuble said Macron''s proposals for a euro zone finance minister and a joint euro zone budget were unlikely to happen due to the required treaty changes. He had therefore suggested, as the second-best option, the further development of the euro zone''s European Stability Mechanism (ESM) rescue fund into a European monetary fund. Turning to the European Central Bank''s monetary policy, Schaeuble said: "For the competitiveness of the German economy, the ECB''s monetary policy currently is maybe a little bit too loose. For other euro zone countries, it''s not too loose." (Reporting by Gernot Heller; Writing Michael Nienaber; Editing by Paul Carrel)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-france-idUKKBN18623Z'|'2017-05-10T23:09:00.000+03:00'
'ce07476a7eb761e89b495fc175565f9cbcbc2ed5'|'MOVES-Markel International names new marine underwriter in Dubai'|'Market News - Wed May 10, 2017 - 5:53am EDT MOVES-Markel International names new marine underwriter in Dubai May 10 Specialist insurer Markel International, a unit of U.S.-based Markel Corp, appointed Amer Ibrahim as marine underwriter in Dubai. Ibrahim will join Markel''s Lloyd''s-platform in the Dubai International Financial Centre led by Leroy Almeida, senior executive officer and head of trade credit and political risks, Middle East. He will report to Jason Page, head of hull and war. (Reporting by Divya Grover in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markel-moves-amer-ibrahim-idUSL4N1IC38J'|'2017-05-10T17:53:00.000+03:00'
'ff7158aab3927f4cdb8edb8fb691bb13d24e9581'|'BOJ governor expects to meet price target with current monetary easing'|'Business   6:20am IST BOJ governor expects to meet price target with current monetary easing Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan April 27, 2017. REUTERS/Kim Kyung-Hoon By Stanley White - TOKYO TOKYO Bank of Japan Governor Haruhiko Kuroda said on Tuesday he expects to meet the central bank''s 2 percent inflation target around next fiscal year if the BOJ continues with its current monetary easing. Speaking in the lower house fiscal and monetary policy committee, Kuroda said that the BOJ would adjust policy if needed, but that the central bank had recently upgraded Japan''s economic outlook and the global economy was growing stronger. "Japan''s output gap is improving rapidly and the labor market is tight," Kuroda said. "If we continue our current aggressive monetary easing I think inflation will reach 2 percent around fiscal 2018. However, we have delayed the target, so I want to watch inflation expectations and respond quickly if needed." The BOJ offered its most optimistic assessment of the economy in nine years at its policy meeting last month, but Kuroda said inflation expectations remain subdued, suggesting the central bank''s quantitative easing will remain in place for some time. The BOJ maintained its short-term interest rate target at minus 0.1 percent and a pledge to guide 10-year government bond yields around zero percent at the meeting. It also kept intact a loose pledge to buy government bonds so its holdings increase at an annual pace of 80 trillion yen at the meeting. Since then, the BOJ has said it will reduce its monthly government debt purchases in May, showing the central bank is stepping back from the 80 trillion yen target. Prior to the meeting, a Reuters poll showed economists expected the BOJ''s next move would be to tighten monetary policy, though many do not expect it to happen until next year at the earliest. However, some economists argue that this will be difficult because consumer prices are currently around zero and this is to distant from the BOJ''s 2 percent price target to make monetary policy less accommodative. (Editing by Chang-Ran Kim and Sam Holmes)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/us-japan-economy-kuroda-idINKBN18501K'|'2017-05-08T22:50:00.000+03:00'
'c603827d43e713587dfcbee0b673f9560d54f6ea'|'Buffett''s fledgling biBERK pursues online insurance ''experiment'''|'Market   1:49pm EDT Buffett''s fledgling biBERK pursues online insurance ''experiment'' By Jonathan Stempel - OMAHA, Neb. OMAHA, Neb. May 9 It has been decades since anyone thought of Warren Buffett''s Berkshire Hathaway Inc , or even its insurance operations, as "very, very small." But that''s how a senior executive describes biBERK, a unit that lets owners of small businesses shop online for commercial vehicle, general liability, property, workers'' compensation and eventually professional liability insurance. The biBERK chief operating officer, Rakesh Gupta, said the year-old operation, known as "Cover Your Business" until a March name change that could benefit from Berkshire''s cachet, was the brainchild of Ajit Jain, Berkshire''s top insurance executive. Jain wanted a hassle-free way for small business owners to bypass insurance agents, often getting quotes within five minutes after completing short questionnaires. "Amazon.com can deliver something to you in four hours," Gupta, who grew up in New Delhi and specialized in "big data" before joining biBERK, said in a recent interview. "If people can buy paper towels on the internet, why not insurance?" Sales data are confidential, but Gupta said biBERK, or Business Insurance Berkshire Hathaway, is signing up twice as many customers as a year ago. The business reflects none of Omaha-based Berkshire''s appetite for assuming huge insurance risks, such as major catastrophes or American International Group property and casualty claims, in exchange for upfront payments Buffett can invest. Gupta said business insurance could follow the trajectory of auto insurance, where Berkshire''s Geico unit, as well as rivals Progressive and USAA, won market share from State Farm and Allstate by driving underwriting costs, and premiums, down. "If that happens, we want to be at the forefront," he said. In workers'' compensation, biBERK typically provides instant quotes to 60 percent of applicants, denies 20 percent, and asks 20 percent to speak with representatives. Improvements to the sign-up process now permit 50 percent of customers to buy without human help, up from 10 percent a year ago. Gupta said biBERK sometimes holds what it calls "hatchet" meetings to assess risks and red flags the questionnaires might not address. Still, biBERK can afford the occasional mistake. Its parent Berkshire Hathaway Direct Insurance Co has $118 million of surplus capital, plus reinsurance support from Berkshire''s National Indemnity Co unit. Gupta said insurers have been slow to adopt online technology in part because of state regulatory burdens. He hopes biBERK will attract more younger, more technology-savvy people going into business for themselves. "It''s still very, very small," he said. "In the scheme of Berkshire, it''s an interesting experiment." (Reporting by Jonathan Stempel; Editing by Phil Berlowitz)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/berkshire-biberk-idUSL1N1IB0XM'|'2017-05-10T01:49:00.000+03:00'
'e038fe7692b50b988a9b068605af35931d7488a6'|'French outbound M&A driven to decade high by big deals'|'Deals - Tue May 9, 2017 - 12:44pm EDT French outbound M&A driven to decade high by big deals FILE PHOTO - The Luxottica name is reflected in a pair of sunglasses in this photo illustration taken in Rome February 4, 2016. REUTERS/Alessandro Bianchi/File Photo TPX IMAGES OF THE DAY - RTSVNYB LONDON French companies have spent more on overseas acquisitions so far this year than in the same period over the past decade, marking a sharp rebound from 2016 when political uncertainty limited their appetite for doing major deals, Thomson Reuters data shows. Outbound merger and acquisition activity by French firms has reached $40.8 billion so far in 2017, up from less than $5 billion over the same period in 2016 when there were 243 deals, compared with 213 in 2017, the data released on Tuesday showed. The activity was dominated by Essilor International''s ( ESSI.PA ) $25.2 billion all-share acquisition of Italian eyewear group Luxottica ( LUX.MI ) in January. In the second biggest overseas deal by a French company so far this year, an investor group which included French waste and water group Suez ( SEVI.PA ) bought GE Water ( GE.N ) for 3.2 billion euros ($3.48 billion). On Sunday France elected Emmanuel Macron as president with a business-friendly vision of European integration which could stoke European cross-border transactions. U.S. investment bank Citigroup ( C.N ) leads the league table of advisers so far this year for deals involving outbound French M&A, advising on deals worth $30.8 billion, giving it a 75.4 percent share of the market. (Reporting by Dasha Afanasieva; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-france-m-a-idUSKBN185200'|'2017-05-10T00:16:00.000+03:00'
'9ab05723f6aa8156f0b0c3c627fd8a91afc17921'|'How do we know we can trust the latest polls? - Brief letters - Business'|'Drs Mellon and Prosser explain ( Letters , 6 May) why the opinion polls were wrong at the last general election <20> a failure to obtain representative samples. Specifically, pollsters did not contact enough people from hard-to-reach groups that do not vote in elections. What I want to know is, has this mistake been eliminated in the current polls, which are being respectfully reported, on voting intentions? Are the pollsters now doing the job properly? Can we trust these polls?Oliver Williams London <20> I agree with Chris Birch ( Letters , 9 May). Subtitles flash on and off, cover translations, appear at different places on the screen and sometimes continue over the following programme. Theresa May gabbles, Jeremy Corbyn has a beard, both impossible for lip-readers. It<49>s no wonder we retire to bed, exhausted.Jean Jackson Seer Green, Buckinghamshire <20> I don<6F>t find it at all strange that a teenager would have Margaret Thatcher<65>s picture on his bedroom wall ( G2 , 9 May). Our son had her picture on his dartboard.Barbara Freeman Leicester <20> Richard Carden ( Letters , 8 May) perhaps misses the point when he attributes English councils<6C> democratic deficit to first past the post. Since 2001, every council without an elected mayor has by law had a quasi-mayor (the leader) making almost all the decisions. In effect that<61>s one-person rule (give or take a small sofa cabinet chosen by the leader) irrespective of the council<69>s political balance.Nick Beale Exeter <20> The correspondence regarding grandparents ( Letters, passim ) reminds me of a very old joke: My grandparents were called Pearl and Dean but we knew them as Grandma and Grandpapapapapapapapapapapa.Steve Vanstone Wolverhampton <20> A friend of mine used to refer to his daughters<72> long-term unmarried partners as his <20>sons-in-love<76> ( Letters, passim ).Dr Brigid Purcell Norwich <20> Join the debate <20> email guardian.letters@theguardian.com <20> Read more Guardian letters <20> click here to visit gu.com/letters Topics Rich lists Brief letters NHS Television Deafness and hearing impairment Disability Health letters  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/09/how-do-we-know-we-can-trust-the-latest-polls'|'2017-05-10T03:03:00.000+03:00'
'288634c509868e6d43bd96bda9bd3eef253f314a'|'Puerto Rico benchmark GO debt price drops to record low'|'By Daniel Bases - NEW YORK NEW YORK Puerto Rico''s benchmark general obligation debt price fell to a record low on Tuesday in light trading as the prospect of a drawn-out restructuring of the island''s $70 billion debt load spurred selling.The financially strapped U.S. territory filed on May 3 for the largest U.S. municipal bankruptcy in the history of the $3.8 trillion market.The unprecedented filing was made under Title III, a provision of the 2016 federal rescue law known as PROMESA, which serves as an in-court debt restructuring process akin to U.S. bankruptcy.On Tuesday, a mixture of small odd-lot trades, combined with a few larger block trades, left the price on the defaulted benchmark 2035 GO bonds below a bid price of 60, its lowest price since the $3.5 billion issue was sold in March 2014, according to Thomson Reuters data. 74514LE86=MSRBThe bid price on the bonds, which were sold with an 8 percent coupon, fell as low as 58.45 points before settling around 59.41 late on Tuesday. The larger block trades, which mixed in between the odd-lot trades, briefly lifted bid prices into the 61.75/62 range before settling lower."The longer (Puerto Rico) draws out, the lower prices could end up going down because of the extending timeline," said Shaun Burgess, portfolio manager and lead trader for Puerto Rico strategy at Sarasota, Florida-based Cumberland Advisors."This is not going to be a fast process and market participants are coming to that realization and adjusting positions to newer estimated recovery time lines," he said.Puerto Rico''s bankruptcy dwarfs the prior record of $18 billion in 2013 that was held by Detroit. It took roughly 17 months to resolve Detroit''s case.On Friday, U.S. Chief Justice John Roberts appointed a U.S. District Judge Laura Taylor Swain of the Southern District of New York to oversee the case.It remains unclear how much of the case will be handled in New York and how much will occur in San Juan. The judge''s chambers declined to comment.The federally appointed financial oversight and management board certified a 10-year fiscal turnaround plan that covers a quarter of the debt service required."And while the board is responsible for filing a restructuring plan, it will likely allow the government to craft the initial proposal. This puts creditors at a disadvantage because they may not propose alternative plans," said Sean McCarthy, head of municipal credit at PIMCO.(Reporting By Daniel Bases; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-puertorico-debt-idINKBN1852HJ'|'2017-05-09T18:42:00.000+03:00'
'6b14250071b89bad39de506551ba7a3c600e7c86'|'Hermes urges VW shareholders to not discharge management, supervisory board'|'Business   10:03am BST Hermes urges VW shareholders to not discharge management, supervisory board FILE PHOTO: The logo of Volkswagen company is seen on a car on an assembly line at the Volkswagen car factory in Palmela, Portugal, December 9, 2016. REUTERS/Rafael Marchante/File Photo BERLIN Investment advisory firm Hermes EOS has urged Volkswagen ( VOWG_p.DE ) shareholders not to clear the carmaker''s management and supervisory boards from responsibility for actions taken in 2016, citing VW''s failure to resolve long-standing corporate governance and transparency issues. A day before VW''s annual shareholder meeting in Hanover, Germany, Hermes called on VW to publish key findings of its investigation into the emissions scandal, criticized the carmaker''s efforts to improve corporate culture and demanded an independent review of its supervisory board. "We think that Volkswagen has failed to systematically address those problems to date," Hermes, which represents large institutional investors, said on Tuesday in an emailed statement. (Reporting by Andreas Cremer; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-hermes-idUKKBN1850WC'|'2017-05-09T17:03:00.000+03:00'
'48d61d737ce19d50d4021308217125ee593b3573'|'PRESS DIGEST- British Business - May 10'|'May 10 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The TimesTowergate will merge with four other insurance businesses to boost its size as Britain''s largest independent broker. The move comes after a turbulent period for Towergate that includes a dramatic refinancing and cleaning up of its business in the past two years. bit.ly/2qoOJPtBAE Systems Plc, Barclays Plc, ITV and the Prudential Plc have been slammed by Pirc for paying their bosses too much, not attaching sufficiently testing performance criteria for long-term awards, and failing to provide enough information on how bonuses are determined. bit.ly/2q0bmrXThe GuardianAmazon.com Inc is moving into the live music business in the United Kingdom, running and promoting its own gigs starting with Blondie later this month. Amazon, which started selling tickets for shows, gigs and events for the first time two years ago, is once again using the United Kingdom to expand its music strategy with the launch of a new business called Prime Live Events. bit.ly/2qVf6ZAPoverty reduction in the world''s poorest countries risks being diluted by the government''s increasing tendency to devote a bigger slice of Britain''s aid budget to pursuing the national interest, the Institute for Fiscal Studies has warned. bit.ly/2pUJNAdThe TelegraphGerman energy giant Eon has warned the Conservative Party''s proposed price cap on standard energy tariffs could "really ruin things" for its business in the United Kingdom amid warnings investors could be put off should the policy become law. bit.ly/2qoIkUnActivist investor Elliott Advisors has begun legal proceedings to oust the chairman of Akzo Nobel over its continued resistance to a takeover bid from U.S. rival PPG Industries Inc. bit.ly/2phDKHgSky NewsThe planned 11 billion pound ($14.24 billion) merger between Standard Life Plc and Aberdeen Asset Management Plc will result in 800 job cuts, it has been disclosed. bit.ly/2pi15c6The American hedge funds which helped to rescue the Co-operative Bank Plc from collapse four years ago have tabled a secret proposal to restructure the beleaguered lender''s finances. A group of bondholders and shareholders advised by PJT Partners Inc lodged an offer with the Co-op Bank''s board and its advisers late last week. bit.ly/2pwveAwThe IndependentThe John Lewis Partnership has set aside 36 million pounds to cover potential back payments to staff after admitting it may have breached national minimum wage rules. ind.pn/2pvD8tXUK insurer Hiscox Ltd has announced it will set up a new European subsidiary in Luxembourg as it prepares for life after Brexit. ind.pn/2qlIR9v($1 = 0.7727 pounds) (Compiled by Bengaluru newsroom; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL4N1IB6O6'|'2017-05-09T21:25:00.000+03:00'
'edbc4f899e86fdad88d3519d0fee3bb624d08f49'|'Fortescue says bond raising upsized to $1.5 bln on strong demand'|'SYDNEY May 10 Australian miner Fortescue Metals Group said on Wednesday it had raised $1.5 billion in a high-yield bond offering, $500 million more than originally sought, due to strong investor demand.The unsecured debt, which will be used to refinance existing facilities as iron ore prices are falling, was also priced more favourably than marketing materials had indicated."This outcome recognises Fortescue''s significant achievements across all of our operations, including safety performance, consistent production, sustained productivity and efficiency gains, together with the continued strength of our balance sheet," Fortescue Chief Executive Nev Power said.A $750 million tranche of five-year notes will carry an annual interest rate of 4.75 percent, less than the estimated 5 to 5.25 percent. A $750 million tranche of seven-year notes was priced at 5.125 percent.Fitch Ratings said on Tuesday the notes were expected to carry a rating of BB+, one notch below the lowest investment grade rating.Fortescue Chief Financial Officer Elizabeth Gaines said the issuance had extended the miner''s nearest term maturity to 2022 on improved terms and conditions. (Reporting by Jamie Freed; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/fortescue-bond-idINL4N1IB6KJ'|'2017-05-09T20:55:00.000+03:00'
'f1afd5a4d80e44a9860db714488fb43faf417c7b'|'China''s Xi says free trade important engine for development'|'Business News - Sun May 14, 2017 - 3:51am BST China''s Xi says free trade important engine for development Chinese President Xi Jinping meets Greek Prime Minister Alexis Tsipras (not pictured) ahead of the Belt and Road Forum in Beijing, China May 13, 2017. REUTERS/Jason Lee BEIJING Chinese President Xi Jinping said on Sunday that free trade is an important engine for development as he opened a summit on China''s new Silk Road plan. The world economy needs new drivers for development, Xi added. (Reporting by Brenda Goh and Yawen Chen; Writing by Ben Blanchard; Editing by Randy Fabi) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-silkroad-idUKKBN18A01N'|'2017-05-14T10:13:00.000+03:00'
'89b8e59c23d54f4495312dd7063f8f4645e00204'|'Brazil''s Ita<74> says did not sign agreement yet to buy stake in XP'|'SAO PAULO May 11 Ita<74> Unibanco Holding SA said it is still in talks to acquire a stake in Brazilian broker XP Investimentos SA, adding that no definitive agreement has been signed.In a securities filing on Thursday, Brazil<69>s largest lender by assets denied a report by O Estado de S. Paulo newspaper that a deal had already been struck. XP Investimentos SA filed a request on Wednesday with Brazilian securities industry watchdog CVM for an initial public offering. (Reporting by Tatiana Bautzer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/xp-investimentos-ma-idINL1N1ID145'|'2017-05-11T13:53:00.000+03:00'
'df21dff3a993d31c4b0fa4712d19a576b63e60df'|'Results, downgrades keep FTSE under pressure'|'Business News - Thu May 11, 2017 - 5:16pm BST Results, downgrades keep FTSE under pressure People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo By Kit Rees - LONDON LONDON Britain''s top-share index steadied at one-month highs on Thursday after five straight sessions of gains as disappointing results and downgrades weighed, as well as a slump in Hikma''s ( HIK.L ) shares after a setback to one of its drugs. The blue chip FTSE 100 .FTSE index ended flat at 7,386.63 points, having risen for 5 straight sessions, while the mid caps .FTMC fell 0.4 percent. The Bank of England''s inflation report that showed interest rates were unlikely to rise within the next two years and that its Monetary Policy Committee voted 7-1 in favour of keeping rates on hold this month had little impact on British stocks. "(There was) no hawkish surprise from the Bank of England," said ETX Capital analyst Neil Wilson. Pharma firm Hikma ( HIK.L ) sunk 8.2 percent and hit its lowest level in around 5 months after U.S. regulators decided not to approve its generic copy of GlaxoSmithKline''s ( GSK.L ) blockbuster lung drug Advair. Hikma also said that the likelihood of an approval this year was now low. Shares in Hikma''s mid-cap partner Vectura ( VEC.L ) plunged 8.9 percent. Results also weighed, with BT ( BT.L ) falling 4.5 percent after reporting fourth-quarter results. The telecoms group said it would cut 4,000 jobs in its Global Services unit and scale back its dividend growth ambitions in a bid to recover from an accounting scandal and a profit warning. "Given the challenges that BT is facing at the moment, including lots of competition, the regulatory issues, and the debt that it took on to fund the purchase of EE, and the pension scheme revaluation coming around this year, it''s probably in the business'' longer-term interests to be prudent," Laith Khalaf, senior market analyst at Hargreaves Lansdown, said. Likewise South Africa-exposed paper and packaging firm Mondi ( MNDI.L ) dropped 1.7 percent after its first-quarter profit fell due to lower selling prices and inflationary cost pressures. Energy supplier Centrica ( CNA.L ) was another sizeable faller, down 5.4 percent after J.P. Morgan cut its rating on the stock to "underweight" from "overweight". J.P. Morgan analysts pointed to concerns around the impact of regulation of Centrica''s ''Standard Variable Tariff'' customer base, and around the potential emergence of a price war. Adding to the pressure, Centrica''s shares also went ex-dividend on Thursday, and it was joined by Admiral Group ( ADML.L ) and Sainsbury ( SBRY.L ) which also traded without entitlement to their latest dividend payment. A rally among mining stocks provided some relief to the losses, though, with precious metals miner Fresnillo ( FRES.L ), copper miner Antofagasta ( ANTO.L ) and Anglo American ( AAL.L ) among the top gainers, all up between 1 percent to 5 percent as the underlying prices of gold and copper rose. [MET/L] [GOL] (Additional reporting by Danilo Masoni,; Editing by Ed Osmond)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN18714A'|'2017-05-11T17:43:00.000+03:00'
'408136be874ac4d97e25e13f83524cad5b5f8bd2'|'Altice-SFR performance gap widens in first quarter'|'By Mathieu Rosemain and Gw<47>na<6E>lle Barzic - PARIS PARIS May 11 The performance gap between telecoms and cable group Altice NV and its listed SFR Group division widened in the first quarter, underscoring SFR''s difficulties in attracting customers despite heavy investments in infrastructure and content.The holding company, founded by Franco-Israeli tycoon Patrick Drahi, said on Thursday that its quarterly profits in the United States grew ahead of a planned initial public offering (IPO) while those of SFR in France dropped, along with the number of customers in the country.Altice''s core operating profit rose by 9.5 percent over the first three months of year to 2.24 billion euros ($2.43 billion), in line with a Reuters poll.SFR''s contribution to that amount was 820 million euros, down by 5.1 percent from a year earlier. That figure compares with the 896-million-euro core operating profit yielded by Altice USA over the same period, representing an increase of 31.2 percent.In both countries, Drahi is betting on the convergence of content providers and telecommunications operators. He saw the announcement of AT&T Inc''s $85 billion acquisition of Time Warner Inc as an additional proof of this trend.In France, SFR bought the English Premier League''s football rights for the three seasons starting in 2016, paying more than 300 million euros for them.SFR is also considered as one of the three biggest contenders France for the TV rights of European soccer''s Champions League, along with Vivendi''s pay-TV Canal Plus and Qatari-controlled beIN Sports."We have conducted a few private transactions over the past few months with shareholders who were keen on exchanging their SFR shares against Altice shares. And in this field, we will remain opportunistic," Altice''s Chief Executive Michel Combes said.Still, evaluating the impact of such investments on customers'' choices remains difficult."Yes, we believe that content has an impact on our figures," Combes said in a call with reporters. "It answers customers expectations, it clearly supports our pricing strategy," he added.SFR, France''s second-biggest telecoms operator after Orange , lost 351,000 mobile customers and 213,000 broadband customers in the first quarter compared with the same period a year ago.SFR''s first-quarter core operating margin at 30.3 percent is the worst on record since Drahi bought SFR in November 2014.On the other side of the Atlantic, Altice USA, the cable operator put together by the acquisitions of Cablevision and Suddenlink Communications, filed for an IPO last month, seeking to raise $1 billion to $2 billion, a source familiar with the matter said.The division''s chief executive declined to provide additional details on the project."The number of shares to be offered and the price range for the offering have yet to be determined," Dexter Goei, Altice USA''s chief executive, said in a conference call with reporters.The group is expecting to receive comments from the U.S. markets watchdog "sometime in May," Goei added.Altice also reiterated its group targets for 2017, including a revenue stabilization for SFR. ($1 = 0.9202 euro) (Reporting by Mathieu Rosemain and Gwenaelle Barzic, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/altice-results-sfr-group-idINL8N1IC9AQ'|'2017-05-11T02:00:00.000+03:00'
'8dcb36c5af0ac9c9ade3010f152b196e48a307af'|'Uber says to partner with taxis in Myanmar expansion drive'|'Technology News - Thu May 11, 2017 - 6:01am BST Uber says to partner with taxis in Myanmar expansion drive A man arrives at the Uber offices in Queens, New York, U.S., February 2, 2017. REUTERS/Brendan McDermid - By Yimou Lee - YANGON YANGON Uber Technologies Inc [UBER.UL] is only hiring government-accredited taxi drivers in Myanmar, a regional executive said, a move that allows it to avoid the legal hurdles that have dogged it across Asia in one of the region''s last frontier markets. This partnership with local taxi drivers and their unions is unique to Myanmar, Sam Bool, Uber''s expansion general manager for South East Asia, told Reuters as services began on Thursday in the small but potentially lucrative market where Southeast Asian rival Grab Taxi and local service providers are already going strong. "Having the government support from day one is pretty powerful," Bool said. "Drivers know we are fully compliant with existing regulations. That does grease the wheels." Uber, which in many parts of the world signs on any one with a car as a driver, appears to be following Grab''s operating model in Myanmar, a country of more than 50 million people emerging from decades of military rule. During its March launch, Grab said it was working with a small group of taxi drivers in Yangon and would increase its scale gradually. Uber has long had a reputation as an aggressive and unapologetic startup. The San Francisco-based firm is in conflict with the taxi industry all over the world, and its services have been halted in several countries over a raft of regulatory concerns. While Indonesia is Southeast Asia''s biggest ride services market, the growth in Myanmar''s mobile services market is too good to ignore. Internet penetration has exploded from next to nothing a few years ago to nearly 90 percent now, with more people turning to apps and mobile services. Competition is also strong: in addition to Grab, there are at least two ride-hailing start-ups - Hello Cabs and Oway Ride. Many people in Myanmar still do not have credit cards, so to get around that, Bool said Uber drivers would accept cash or local bank transfers. In many other markets, Uber users pay via a credit card linked to the app. Bool declined to say how much Uber was investing or what it hoped to make in Myanmar, but said the company could help the government upgrade Yangon''s 70,000 taxis, many of which are not equipped with seat belts or do not have air conditioning. "We can move millions of people in Yangon without adding a single car," he added. Uber''s expansion into Myanmar coincides with a push by the authorities work to revamp public transport, starting with the bus network in Yangon. Uber was working with the Yangon government to integrate its services to the bus network, Bool said, with plans to provide services to commuters in areas where public transport is not well-developed. (Editing by Miral Fahmy) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-uber-tech-myanmar-idUKKBN1870DT'|'2017-05-11T12:50:00.000+03:00'
'9a757a71895d2d3a15ffee391a9a0dad8bff660d'|'Gold near 7-week low as safe-haven demand fades after French election'|'By Swati Verma - BENGALURU BENGALURU Gold prices inched up on Tuesday, but remained near seven-week lows hit in the previous session as safe-haven demand ebbed in the wake of France''s presidential election.Spot gold was up 0.2 percent at $1,228.20 per ounce at 0320 GMT, after touching a seven-week low of $1,224.86 the day before, just above its 100-day moving average.U.S. gold futures advanced 0.1 percent to $1,228.20 an ounce."Overall sentiment has been turning from risk aversion to normalized risk tolerance levels, so we can see that demand for gold has been decreasing," said Mark To, head of research at Hong Kong''s Wing Fung Financial Group.Sunday''s vote in France saw the market favourite, centrist Emmanuel Macron, elected president.Investor sentiment in the euro zone hit its highest level in almost a decade in May, improving more than expected, thanks to a strong assessment of the current economic situation and expectations that political uncertainty will diminish.Elsewhere, Wall Street''s volatility index, which measures implied volatility of stock options and is often seen as an investor fear gauge, closed at 9.77 on Monday, its lowest since December 1993."The fall of the volatility index further hollows out the safe-haven bid that has underpinned gold for most of 2017. Should volatility remain becalmed, gold may find itself on the losing end of a deeper correction to the downside," said Jeffrey Halley, senior market analyst at OANDA.The U.S. economy''s weak performance at the start of the year should slow Federal Reserve plans for further rate increases, St. Louis Federal Reserve bank president James Bullard said on Monday."Even though there may be some slowdown in economic recovery for a very short time, Fed officials still think that this does not impact the rate hike decision," To said."Market participants have made their bets and bond yields are moving up and the gold price moving down." [US/]Gold, which is priced in dollars, could see demand take a hit from higher rates as it pays no interest.Holdings of SPDR Gold Trust fell 0.14 percent to 851.89 tonnes on Monday. Holdings have fallen over 8 tonnes in the past two weeks. [GOL/ETF]Spot silver gained 0.1 percent to $16.25 an ounce.Platinum fell 0.3 percent to $913.75 and palladium was steady at $807.(Reporting by Swati Verma in Bengaluru; Editing by Richard Pullin and Joseph Radford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-precious-idINKBN18503J'|'2017-05-08T23:05:00.000+03:00'
'7a9f3dacd8397027255e104dc326d949db38fa70'|'E.ON looks to turn around troubled British energy unit'|'Business News - Tue May 9, 2017 - 1:22pm BST E.ON looks to turn around troubled British energy unit FILE PHOTO: E.ON headquarters in Essen, Germany, March 15, 2017. REUTERS/Thilo Schmuelgen/File Photo By Christoph Steitz - FRANKFURT FRANKFURT German energy company E.ON ( EONGn.DE ) is increasing efforts to win customers in Britain, it said on Tuesday, hoping to reverse a drop in profits in its toughest retail market where a looming cap on prices risks adding to its headaches. Accounting for 16 percent of its adjusted operating earnings (EBIT), E.ON saw profits at its British retail business plunge by 43 percent to 161 million euros (<28>135.7 million). Some traders said the decline could put its credit outlook at risk. The main energy suppliers face growing competition in Britain and Prime Minister Theresa May has vowed to introduce a cap on domestic prices if she wins an election on June 8 after bills doubled over the past decade. Higher procurement costs and a weaker pound following the Brexit vote last June also took their toll, E.ON said, adding that it moderately raised prices and cut costs to try to grow profits at the business. "We''re also ramping up our sales activities in an effort to acquire new customers by offering attractive products and services," Chief Financial Officer Marc Spieker told journalists on Tuesday. "But the United Kingdom will remain a challenging market, as we have to expect additional interventionist policies." Data from energy regulator Ofgem showed the big six suppliers, including E.ON, had 85 percent of Britain''s retail electricity market in the last three months of 2016, down from around 99 percent five years ago. The industry has argued that introducing a price cap at this point would reduce competition and damage investment in the industry. "We have more than 50 suppliers in that arena, with churn rate of up to 20 percent, I mean tell me a sector which is more competitive," Spieker told analysts. E.ON shares were up 3 percent at the top of the DAX index, with traders and analysts pointing to relief over the group''s confirmed outlook for adjusted EBIT of 2.8-3.1 billion euros and adjusted net income of 1.2-1.45 billion in 2017. "We wouldn''t see the guidance as risk-free," one equity trader said, also pointing to prolonged maintenance at E.ON''s 1,480 megawatt Brokdorf nuclear reactor, which went offline in February and is currently expected to restart later this month. [POWER/DE] Hit by a persistent industry downturn, E.ON is emerging from its largest-ever corporate restructuring that saw it spin off its ailing power plant and energy trading units, instead focusing on networks, renewables and retail operations. Germany''s second-largest energy group after Innogy ( IGY.DE ) said its first-quarter adjusted operating profit (EBIT) fell by more than a third to 1.04 billion euros, below the 1.07 billion analyst average in a Reuters poll. Adjusted EBIT at the group''s customer solutions unit, which is in charge of the group''s retail business, fell 44 percent in the first quarter to 330 million euros, hit by higher network fees, lower gas prices and costs to acquire new clients. (Additional reporting by Vera Eckert, Andrea Lentz; and Karolin Schaps; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-e-on-results-idUKKBN1851FA'|'2017-05-09T20:22:00.000+03:00'
'4e32f9ff54b15d4acc3473ed6db64b783a6abe6f'|'CORRECTED-BRIEF-Investment firms HPS, MDP to combine UK insurance assets'|'(Removes extraneous ''3'' in second bullet point)May 9 (Reuters) -* HPS Investment Partners, Madison Dearborn Partners announce plan to bring together their UK regional network of businesses together.* HPS and MDP also announce that Price Forbes will join group; all companies to operate under single holding company, KIRS.* KIRS agrees buy Nevada, holding company for Autonet and Price Forbes businesses, for 254.9 million pounds.* HPS and MDP say intend to explore options to consolidate and optimise group''s capital structure in loan and bond markets, including debt refinancing. (Reporting By Simon Jessop)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINFWN1IB048'|'2017-05-09T07:18:00.000+03:00'
'98a5b7470443f9f9de2a70034a2584accbf3b0e8'|'Russia set to play awkward guest at EBRD party'|'Economy   1:07pm BST Russia set to play awkward guest at EBRD party FILE PHOTO: Russian Economy Minister Maxim Oreshkin delivers a speech during the congress of the Russian Union of Industrialists and Entrepreneurs (RSPP) in Moscow, Russia March 16, 2017. REUTERS/Sergei Karpukhin By Marc Jones - NICOSIA NICOSIA Prickly relations with Russia and lagging reforms in Ukraine risk souring the mood for the European Bank for Reconstruction and Development as it holds its annual meeting this week against a mostly cheerful background of quickening global growth. Doubts persist over Ukraine''s progress in tackling corruption and cleaning up its tax and customs services - important priorities for the EBRD, which is the country''s biggest foreign investor. In Turkey, now the biggest recipient of EBRD funds, the outlook is clouded by concerns at the increasing concentration of power in the hands of President Tayyip Erdogan, who has carried out a vast purge of the army and public servants since a failed coup attempt last July. And Russia, once the bank''s biggest lending destination, will again challenge a ban on new investments that the EBRD imposed after Moscow annexed Crimea from Ukraine in 2014. Russian Economy Minister Maxim Oreshkin will address the bank on Wednesday to argue that the freeze breached internal EBRD rules. But his stance will almost certainly be rejected by shareholders at the meeting in Cyprus.. "This situation was discussed last year by our board and there was no change then to the guidance," EBRD President Suma Chakrabarti said. "I''m not expecting it to be very different (in Nicosia)." Oreshkin may point out that the freeze leaves the EBRD with a shrinking 3.7 billion-euro portfolio in Russia''s recovering economy. That may become a worry for bank profits if Ukraine''s reforms stumble and Turkey''s growth slows. SPRING IN THE AIR On the bright side, the EBRD, created in 1991 to invest in former Soviet-bloc states, starts the summit with expectations of accelerating growth in the 36 countries where it provides loans, equity investments and trade guarantees. The International Monetary Fund recently lifted 2017 world growth forecasts to 3.5 percent. "I think there is something to what (IMF head) Christine Lagarde said about spring being in the air," Chakrabarti said. "Broadly speaking, most of our countries are heading in the right direction." Growth and robust financial markets boost the EBRD''s own bottom line. In euro terms, Polish and Greek stocks are up over 20 percent and Turkey, where the EBRD invested 2 billion euros in 2016, is up a similar amount. Even crisis-hit economies such as Egypt, one of four Arab countries where the EBRD operates, are recovering. Chakrabarti is keen to highlight the EBRD made one billion euros in profit last year and rarely makes a loss. That is important because the new administration of U.S. President Donald Trump has not clarified its position on funding development banks. Washington, the EBRD''s biggest shareholder, has not appointed a director to the board after the previous director''s departure. "I don''t know what the (U.S.) view is yet, nor do any of us because we haven''t got a team to talk to yet. It will be an interesting discussion when we do," Chakrabarti said. Proponents of the bank see it a force for improving transparency and the rule of law, a role that goes well beyond the provision of funds. "The EBRD should be greatly commended in taking an activist approach, in a reform area which has various cross wires <20> to energy policy, public finances plus also corporate governance, anti-corruption and graft," said Timothy Ash, a strategist at BlueBay Asset Management. Officials from Uzbekistan will attend this week, for the first time in almost a decade, as the Central Asian state begins to repair ties with the West. The EBRD may also announce an investment fund targeting the West Bank. But Chakrabarti has signaled caution about further expansion. "I would certainly counsel (
'6bcf1292a2d59c970529788e04b6303d6961eee8'|'Oil a bright spot in subdued markets as investors seek next catalyst'|' 47am BST Oil a bright spot in subdued markets as investors seek next catalyst A man passes a stock index board showing Wilmar International losing 6.03 percent at the Singapore Exchange in the central business district August 24, 2015. REUTERS/Edgar Su By Nichola Saminather - SINGAPORE SINGAPORE Asian stock markets were subdued on Tuesday, taking their cue from a flat Wall Street, as investors searched for the next catalyst following France''s presidential election, while oil inched higher on expectations OPEC supply cuts will be extended. The South Korean market is closed for Tuesday''s presidential election, in which liberal Moon Jae-in is widely expected to win the presidency, following months of leadership vacuum since former President Park Geun-hye was removed in March on charges of bribery and abuse of power. The polls opened at 6 a.m. (2100 GMT on Monday) and will close at 8 p.m. (1100 GMT). The winner is expected to be sworn in on Wednesday after the Election Commission releases the official result. Allies and neighbours are closely watching the election amid escalating tensions over North Korea''s accelerating development of weapons since it conducted its fourth nuclear test in January last year. It conducted a fifth test in September and is believed ready for another. North Korea would be keen to see a Moon victory. Its official Rodong Sinmun newspaper said in a commentary on Monday the time had come to put confrontation behind the Koreas by ending conservative rule in the South. The Korean won KRW= was slightly lower on Tuesday, with the dollar buying 1,132.08 won. South Korean stocks closed at a record high on Monday. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slipped 0.1 percent early on Tuesday. Japan''s Nikkei .N225 was fractionally lower. The MSCI World index .MIWD PUS, which touched a record high overnight, edged lower. The dollar was also little changed at 113.23 yen JPY= , retaining most of Monday''s 0.4 percent gain. The dollar index .DXY was slightly higher at 99.095. The euro EUR=EBS crawled up 0.1 percent to $1.09305 after tumbling 0.7 percent on Monday. "The interesting and almost predictable price action we saw overnight was the classic ''buy the rumour, sell the fact'' scenario playing out in French and EUR-denominated assets," Chris Weston, chief market strategist at IG in Melbourne, wrote in a note. French stocks .FCHI slumped 0.9 percent overnight, as investors took profits following strong gains in the run-up to Sunday''s vote that saw the market favourite, centrist Emmanuel Macron, elected president. Germany''s DAX .GDAXI closed 0.2 percent lower, while Britain''s FTSE .FTSE was marginally higher. On Wall Street, all three major indexes closed flat, holding near recent all-time highs. The CBOE Volatility Index .VIX closed at 9.77, its lowest since December 1993. "We remain largely constructive of the equity market and view that the path of least resistance is higher," said Bill Northey, chief investment officer at U.S. Bank''s Private Client Group. In commodities, U.S. crude edged up from a near-six-month low hit last week, lifted by statements from major oil producing countries that supply cuts could be extended into 2018. U.S. crude advanced 0.3 percent to $46.54 a barrel in early trade. Gold recovered from a seven-week trough touched on Friday as risk assets took a breather. Spot gold XAU= rose 0.2 percent to $1,227.98 an ounce. (Reporting by Nichola Saminather; Additional reporting by Noel Randewich; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/global-markets-idUKKBN18502H'|'2017-05-09T08:41:00.000+03:00'
'ce802cbf577ca05d544e6579e79cd4d406a1d524'|'UPDATE 1-Golf operator ClubCorp nearing deal with activist FrontFour- sources'|'(Adds details on agreement, background on ClubCorp)By Carl O''Donnell and Michael FlahertyMay 9 ClubCorp Holdings Inc is in advanced talks with activist investor FrontFour Capital Group LLC over a deal that would give it two directors on the U.S. golf club operator''s board, according to people familiar with the matter.FrontFour, which owns around 3 percent of ClubCorp''s stock, has put public pressure on the company since September to turn around its performance.As part of the deal with FrontFour, ClubCorp will expand its board to 10 directors from eight, adding one independent director to the company''s slate for the next two years, people familiar with the matter said.Under the accord, FrontFour and ClubCorp must agree on the individuals named to fill the new director seats.ClubCorp has a staggered board, meaning only three directors are up for election this year. One of the mutually agreed upon directors will be added to that slate, and the other added to next year''s, one of the sources said.Reuters could not confirm names of new directors that FrontFour and the company have agreed to add to the board.The sources asked not to be identified because the deliberations are confidential. ClubCorp and FrontFour did not immediately respond to requests for comment.ClubCorp has not filed its proxy materials, and no annual shareholders meeting date has been scheduled.The agreement could be finalized in the coming days, although there is always a possibility that the talks could end unsuccessfully, the sources added.Dallas-based ClubCorp, with a market value of $841 million, announced in April that its chief executive, Eric Affeldt, was stepping down, releasing the news on the same day it decided not to pursue strategic alternatives after a three-month process.Last year, FrontFour published a letter highlighting ClubCorp''s low valuation compared with leisure industry peers such as Six Flags Entertainment Corp. ClubCorp''s stock has dipped from $14 to $12.90 per share since September, while Six Flags has risen 30 percent to $62.72 in the same period.FrontFour at the time also questioned some of its business decisions, such as ClubCorp''s model to pour money into refurbishing its golf course acquisitions.ClubCorp, founded in 1957, operates more than 200 properties, including golf and country clubs, business clubs and sports clubs across the United States, Mexico and China.FrontFour, based in Greenwich, Conn., was co-founded by David Lorber, who previously served as a director at hedge fund Pirate Capital.(Reporting by Carl O''Donnell and Michael Flaherty; additional reporting by Greg Roumeliotis in New York; Editing by Steve Orlofsky and Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/clubcorp-frontfourcapital-idINL1N1IB1VZ'|'2017-05-09T19:14:00.000+03:00'
'b956308bb2a1ea2f4e2584ad33776f7deaba8cec'|'Canada''s CPPIB pension fund studies bid for Dominion Diamond: sources'|'By Susan Taylor and Nicole Mordant - TORONTO/VANCOUVER TORONTO/VANCOUVER The Canada Pension Plan Investment Board (CPPIB)), the country''s biggest public pension fund, is considering a bid for Dominion Diamond Corp ( DDC.TO )( DDC.N ) and is studying the miner''s books, people familiar with the process told Reuters.The move comes after Dominion, the world''s third largest diamond producer by market value, put itself up for sale in late March, following an unsolicited $1.1 billion approach from U.S. billionaire Dennis Washington.Shares of Dominion Diamond rose as much as 6.1 percent in Toronto trading and as much as 8.1 percent in New York.CPPIB, with assets of C$298 billion ($217 billion) under management, and Dominion both declined to comment.The sources, whom Reuters spoke to over a period of several days, declined to be named as the talks are confidential.It is unlikely that CPPIB will make an offer for Dominion on its own, and if CPPIB decides to proceed with a bid, it may financially back a partner with mine operation expertise, the sources said.CPPIB is one of more than five parties that have signed an agreement with Dominion to get access to its confidential data, one source said.Canadian small producer Stornoway Diamond Corp ( SWY.TO ) held merger talks with Dominion earlier this year, Reuters reported, but it is unclear if it will make a formal bid. Stornoway declined to comment.Stornoway declined to comment.There is no certainty that CPPIB, which manages Canada''s national pension fund and invests on behalf of 20 million Canadians, will submit a bid, said the sources.The pension fund also looked at Dominion''s books in 2015, two sources said, when the company worked with investment bank Rothschild & Co to find ways to boost shareholder value, including a potential sale.Completing due diligence on Dominion, which owns a majority stake in the Ekati mine and a minority share of the Diavik mine, both in Canada''s Northwest Territories, will likely take four to six weeks, one source said.Interested parties, including Washington, signed confidentiality agreements to get access to company data, Dominion said on May 1. It said there was no timetable for its review of strategic alternatives.Washington, whose privately held company has interests in mining, marine and rail transportation and heavy equipment distribution, was not immediately available for comment.Dominion has already rebuffed a $13.50 a share takeover proposal from Montana-based Washington that it called an "opportunistic" bid that undervalued the company.Dominion, which hired Toronto-Dominion Bank ( TD.TO ) to run the sales process, holds its annual meeting in Toronto on June 13.There has been ongoing market speculation that offers may come from global miners Rio Tinto ( RIO.L )( RIO.AX ) and Anglo American''s ( AAL.L ) De Beers unit.Rio and Anglo declined to comment on Thursday.Rio holds a 60 percent stake and operates in Diavik, while De Beers operates the Gahcho Kue diamond mine in the same territory with Mountain Province Diamonds Inc ( MPVD.TO ).Rio is not expected to move quickly on Dominion, two sources said, and will likely decide its strategy after other companies have announced their plans.(Additional reporting by John Tilak and Matt Scuffham in Toronto, and Barbara Lewis in London; Editing by Denny Thomas and Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-dominion-diamond-m-a-idINKBN18722Q'|'2017-05-11T12:58:00.000+03:00'
'd3363c8cc271b673e2ee81341463713b3e86d39d'|'Exclusive: Aldi raises stakes in U.S. price war with Wal-Mart'|'Business News - Thu May 11, 2017 - 6:21am EDT Exclusive: Aldi raises stakes in U.S. price war with Wal-Mart left right A lady shops at Aldi, a retail grocery store chain in Wheaton, Illinois, U.S., April 13, 2017. REUTERS/Nandita Bose 1/5 left right The interior of Aldi, a retail grocery store chain is pictured in Wheaton, Illinois, U.S., April 13, 2017. REUTERS/Nandita Bose 2/5 left right Scott Patton, Vice President, Corporate Buying of Aldi is seen at Aldi store in Wheaton, Illinois, U.S., April 13, 2017. REUTERS/Nandita Bose 3/5 left right Shoppers are pictured at Aldi, a retail grocery store chain in Wheaton, Illinois, U.S., April 13, 2017. REUTERS/Nandita Bose 4/5 left right A shopper is pictured at Aldi, a retail grocery store chain in Wheaton, Illinois, U.S., April 13, 2017. REUTERS/Nandita Bose 5/5 By Nandita Bose - WHEATON, Ill. WHEATON, Ill. German grocery chain Aldi Inc is trying to beat the world''s biggest retailer at its own game: low prices. Already with 1,600 U.S. stores, Aldi<64>s internal studies show its prices are 21 percent lower than its lowest-priced rivals, including Wal-Mart Stores Inc ( WMT.N ), according to Chief Executive Jason Hart. He plans to maintain that gap going forward. His strategy, previously unreported, centers on adding more private-label goods, which are a retailer''s in-house brands, to win over price-sensitive customers, and a massive expansion to further disrupt a U.S. grocery sector that has seen 18 companies go bankrupt since 2014. Hart''s plan calls for spending $1.6 billion to expand and remodel 1,300 U.S. stores, and open 400 new stores mainly in Florida, Texas and on both coasts by end of 2018. He also pledged Aldi will be willing to change prices more frequently to respond to rivals if needed. "We are re-merchandising, remodeling, enhancing our product range and are focused on gaining volume so more customers start their shopping at Aldi and we are able to complete their shopping lists moreso than we have in the past," said Hart, who added Aldi''s U.S. sales have doubled in five years. Though it only accounts for only about 1.5 percent of the U.S. grocery market, Aldi is growing at 15 percent a year, whereas Wal-Mart currently controls about 22 percent of the market and its U.S. sales are estimated to grow about 2 percent this year, according to analysts. Aldi''s growth potential has competitors taking notice. Reuters reported in February that Wal-Mart is running price tests in 11 states, pushing vendors to undercut Aldi and other rivals by 15 percent and is expected to spend about $6 billion to regain its title as the low-price leader. Price wars are roiling the entire retail sector - from department stores to discount chains - but it is nowhere as intense as in the grocery sector. Beyond Wal-Mart''s move to match Aldi on price, German discount chain Lidl plans to open up to a 100 U.S. stores in a year, and Amazon.com Inc ( AMZN.O ) is aggressively testing out various brick-and-mortar grocery formats along with growing Amazon Fresh, its grocery delivery service. Infographic ID: ''2qRbNT9'' "We have not seen anything like this in the grocery sector in the United States before," said Scott Mushkin, managing director of Wolfe Research and a leading pricing analyst. Such heated competition risks a dangerous race to the bottom that could result in more retailers shutting their doors. "Given Aldi''s expansion, Lidl''s entry, Wal-Mart''s response and Amazon''s growing ambitions in this space, it is fair to expect a significant acceleration in the bankruptcy and liquidation cycle in this sector over the next few years," said Burt Flickinger, managing director at retail consultancy Strategic Resource Group. For more on Wal-Mart''s stock performance vs Amazon, click [L1N1IC270] GOAL: EVERYDAY LOW PRICING Aldi, has a simple strategy to win more customers: everyday low pricing, according to Hart. "We don''t confuse our customers with yo-yo discounts, sales, coupons and loyalty
'c23c5126221d492515276f29a558b35756127d08'|'Exclusive: Home Capital plans sale of C$2 billion in commercial, consumer finance assets'|'Business News - Thu May 11, 2017 - 11:10am EDT Exclusive: Home Capital plans C$2 billion in asset sales to ease loan burden FILE PHOTO: The entry to the Home Capital Group''s headquarters is seen at an office tower in the financial district of Toronto, Ontario, Canada on May 1, 2017. Picture taken using a wide angle lens. REUTERS/Chris Helgren/File Photo By John Tilak and Matt Scuffham - TORONTO TORONTO Home Capital Group, Canada''s biggest non-bank lender, is in talks to divest about C$2 billion in assets to help pay down a high-interest loan and delay a potential sale of the entire company, according to people familiar with the situation. The company wants to sell all or part of its commercial mortgage portfolio, its consumer finance business and a small portion of its traditional residential mortgage portfolio to raise the C$2 billion, the people said. U.S. buyout firms Cerberus Capital Management L.P., Fortress Investment Group LLC and Apollo Global Management LLC are among those in active talks with Home Capital about buying some of its assets, the people said, declining to be named as the matter is not public. Home Capital and Cerberus declined comment. Fortress and Apollo did not respond to requests for comment. Toronto-based Home Capital expects the proceeds of the sales to help repay a C$2 billion loan from Healthcare of Ontario Pension Plan, which provided a high-interest line of credit last month, the people said. Home Capital has said it plans to secure a loan on more favorable terms. Caisse de depot et placement du Quebec, as well as other pension funds and some private equity firms, are in talks with Home Capital about providing an alternative loan, the people said. Caisse did not immediately respond to a request for comment. Depositors have withdrawn more than 90 percent of funds from Home Capital''s high-interest savings accounts since March 27, when the company terminated the employment of former Chief Executive Martin Reid. The withdrawals accelerated after April 19, when Canada''s biggest securities regulator, the Ontario Securities Commission, accused Home Capital of making misleading statements to investors about its mortgage underwriting business. The company has said the accusations are without merit. The pace of decline of withdrawals has slowed down, recent data shows.. The sale of assets, if successful, is likely to delay the sale of the entire company, the people said. Home Capital''s commercial mortgage business, which includes both residential and non-residential mortgages targeting higher-quality borrowers, may be worth about C$2 billion, the people said. The consumer finance business includes secured and unsecured credit cards and could be worth about C$400 million, the people said. Home Capital could also sell as much as C$1 billion in single-family residential mortgages, the people said. Reuters reported last week that buyout firms Apollo and Blackstone Group LP are among potential suitors studying bids for Home Capital. Home Capital shares were trading up 17 percent at C$10.27 in Toronto. (Reporting by John Tilak and Matt Scuffham; Editing by Amran Abocar and Nick Zieminski) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-home-cap-grp-divestiture-exclusive-idUSKBN187228'|'2017-05-11T22:54:00.000+03:00'
'c03f959777b445bb49b8e86bde85d04dea931bc5'|'TREASURIES-U.S. yields flat, gains pared on equity market losses'|'Market News - Thu May 11, 2017 - 10:04am EDT TREASURIES-U.S. yields flat, gains pared on equity market losses NEW YORK May 11 U.S. Treasury yields turned flat on Thursday, paring their earlier gains as a drop in the U.S. stock market amid weakness in retail shares revived some safe-haven demand for low-yielding government debt. At 10 a.m. (1400 GMT), benchmark 10-year Treasury yield was at 2.405 percent, down half a basis point from Wednesday''s close and retreating from a near six-week peak set earlier Thursday. (Reporting by Richard Leong; Editing by Bernadette Baum) GRAPHIC-Greek stocks on best run in two decades LONDON, May 11 Greek stocks are on track for 13 straight days of gains, their longest winning streak in at least 20 years, as hopes of a potential deal with lenders, a banking system clean-up and a broad euro zone recovery bring the beaten-down market back on to investors'' radars. EU demands urgent talks with Washington over airline laptop ban BRUSSELS, May 11 The European Union has demanded urgent talks with the United States over a possible extension of a ban on passengers taking laptops into the cabins of commercial aircraft to include some European countries, saying any threats faced are common. May 11 HSBC Global Private Banking, a unit of HSBC Holdings Plc, named Joe Abruzzo as head of Americas. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-bonds-stocks-idUSL1N1ID0RI'|'2017-05-11T22:04:00.000+03:00'
'6fe4ae824de0c6d6d1bfeaf4af2fa0e9090b2472'|'BRIEF-Samson Resources II to market East Texas, North Louisiana assets as part of strategic review outcome'|'May 8 Samson Resources:* Samson Resources II, LLC to market East Texas and North Louisiana assets as part of strategic review outcome* Samson Resources II LLC - owns about 210,000 net acres in East Texas and North Louisiana Areas with an 86% working interest in leasehold* Samson Resources II LLC - emerged from chapter 11 on march 1, 2017 with improved financial position after discharging approximately $4 billion in debt Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-samson-resources-ii-to-market-east-idINASA09NYV'|'2017-05-08T20:18:00.000+03:00'
'969cdc8bfc81f61a2cc04af85d67f0b2de91a2ef'|'Commerce''s Ross: China''s plans threaten U.S. semiconductor dominance'|'Technology News - Thu May 11, 2017 - 12:14pm EDT Commerce''s Ross: China''s plans threaten U.S. semiconductor dominance U.S. Commerce Secretary Wilbur Ross sits for a portrait after an interview in his office in Washington, U.S. May 9, 2017. REUTERS/Jonathan Ernst By David Lawder - WASHINGTON WASHINGTON U.S. Commerce Secretary Wilbur Ross sees the U.S. semiconductor industry as still dominant globally but said he is worried that it will be threatened by China<6E>s planned investment binge to build up its own chipmaking industry. Ross told Reuters in an interview this week that his agency is considering a national security review of semiconductors under a 1962 trade law because of their <20>huge defense implications<6E> including their use in military hardware and proliferation in devices throughout the economy. He has launched similar "Section 232" reviews of the U.S. steel and aluminum sectors, where a flood of imports especially from China has depressed prices, threatening the industries<65> long-term health. The probes could lead to broad import restrictions on the metals, and the Trump administration could potentially take similar actions based on the findings of a semiconductor investigation. "Semiconductors are one of our shining industries, but they have gone from substantial surplus to the beginnings of a deficit," Ross told Reuters. "China has a $150 billion program to take that much further between now and 2025. That is scary." The 79-year-old billionaire investor was referring to China<6E>s plans for massive state-directed investments in semiconductor manufacturing capacity under its "Made in China 2025" program, which aims to replace mostly imported semiconductors with domestic products. Ross<73> predecessor at Commerce, Penny Pritzker, warned last November about looming market distortions if China builds too much semiconductor capacity. Ross added that while he understands Beijing''s logic in developing its domestic chip industry, "that<61>s going to be a struggle" from a U.S. trade standpoint. INDUSTRY VIEW U.S. semiconductor makers, meanwhile, have other ideas about how to secure their future. Their major trade group, the Semiconductor Industry Association (SIA), advocates open trade and increased access to international markets, which now buy 80 percent of U.S.-made semiconductors. U.S. chipmakers also depend on a complex global supply chain and have nearly half their production capacity located overseas. "So while we fully support efforts to ensure trade in semiconductors is fair and market-based, we do not believe a Section 232 investigation is the right tool to be applied to our industry" SIA President John Neuffer told Reuters. One area where there appear to be some differences is how to define the industry<72>s trade balance. Commerce Department trade data showed that "Semiconductors and related device manufacturing<6E> had a trade deficit of $2.4 billion in 2016, with exports of $43.1 billion and imports of $45.6 billion. But that category includes rapidly growing imports of non-semiconductor devices including solar cells and light-emitting diodes (LEDs) as well as some raw materials. In a new submission late on Wednesday to Commerce for a study on trade deficits, SIA said that excluding the non-semiconductor products shows the sector had a $6.4 billion trade surplus last year, with exports of $41.3 billion and imports of $34.9 billion. Neuffer said the industry was ready to work with the Trump administration to find ways to persuade China to allow its semiconductor industry to develop in a market-driven way and not discriminate against foreign firms. He added the government could make the United States a more competitive environment for semiconductor output through tax reform that does not penalize overseas earnings, immigration reform that allows the industry to attract new talent, improvements to U.S. education and more spending on basic research. "The Chinese are determined to build a semiconductor industr
'e1e5e21ff7955dde20600cbc8ead650bd547853b'|'CEE MARKETS-Crown slides as Czech, Hungarian inflation slows'|'* Crown reverses firming after bigger-than-expected CPI slowdown * Hungarian data confirm that inflation retreated in CEE * Hungarian debt yields drop, mainly at long end of curve By Sandor Peto and Jason Hovet BUDAPEST/PRAGUE, May 10 The Czech crown reversed an early strengthening and Hungarian government bonds firmed on Wednesday after the two countries released lower than anticipated inflation figures for April. Slower inflation in the region reduces the odds that central bank monetary tightening could start any time soon after years of interest rate cuts and measures to boost market liquidity. The prospect of tightening could support currencies and possibly push government debt prices lower. After a year of almost unbroken rising, Czech annual inflation dropped to the central bank''s (CNB) 2 percent target in April. It was below the analysts'' consensus forecast, just like Hungary''s figure, which dropped to 2.2 percent from 2.7 percent in March. A retreat of volatile fuel and food prices caused the slowdown already indicated by Polish data released earlier. The crown firmed to a one-month high of 26.565 against the euro in early trade, but after the inflation data it sharply retreated. At 0838 GMT, it traded at 26.677, weaker by 0.14 percent. "(The data) is an argument for the central bank to not be in a dramatic hurry to hike interest rates in the upcoming months and to stay in the wait-and-see mode for a longer period," Patria Finance economist Jan Bures said. The slowdown did not affect the core components of inflation, and signs of a pick-up in them in the Czech Republic mean that the CNB will not look at the drop in the headline figure as an unfavourable event, said Radomir Jac, chief economist at General Investments CEE. "The chance of raising rates in the second half of the year will stay for the CNB board a relevant topic, especially if the crown does not firm from current levels," he said. The bank said earlier that the likelihood of rate hikes will rise if the crown does not firm from 27, the level of a cap removed by the CNB 5 weeks ago. The forint ignored the inflation data and firmed 0.1 percent to 311.29. A dealer said it was likely to stay in its recent narrow ranges of 311-312. Hungarian government bond yields, however, dropped, mainly at the long end of the curve, with 10-year papers trading at 3.08 percent, down 7 basis points from Tuesday''s fixing. "If inflation remains low, it is possible that the central bank rate hikes expected for next year will be delayed to 2019," one trader said. Economic activity indicators released in the region recently have been robust. Data released on Wednesday showed 10.9 percent annual surge in Czech industrial output in March, and 0.8 percent rise in Slovenia. CEE SNAPS AT 1038 MARKETS HOT CET CURRENCIES Lates Previ Daily Change t ous bid close chang in e 2017 Czech 26.67 26.64 -0.14 1.24% crown 70 00 % Hungary 311.2 311.4 +0.0 -0.79% forint 900 600 5% Polish 4.219 4.226 +0.1 4.38% zloty 0 7 8% Romanian 4.547 4.549 +0.0 -0.27% leu 5 9 5% Croatian 7.423 7.418 -0.07 1.77% kuna 5 5 % Serbian 123.0 123.1 +0.0 0.21% dinar 900 350 4% Note: calculate previ close 1800 daily d from ous at CET change STOCK S Lates Previ Daily Change t ous close chang in e 2017 Prague 1011. 1010. +0.0 +9.76 57 96 6% % Budapest 33584 33509 +0.2 +4.94 .75 .99 2% % Warsaw 2404. 2413. -0.39 +23.4 14 53 % 2% Bucharest 8322. 8315. +0.0 +17.4 76 70 8% 7% Ljubljana 777.7 780.6 -0.37 +8.39 7 3 % % Zagreb 1896. 1897. -0.02 -4.91% 81 23 % Belgrade <.BELEX15 719.2 715.0 +0.5 +0.26 > 3 4 9% % Sofia 658.9 659.8 -0.15 +12.3 1 9 % 6% BONDS Yield Yield Sprea Daily d (bid) chang vs change e Bund in Czech spread Republic 2-year <CZ2YT=RR -0.09 0.041 +058 +4bps > 2 bps 5-year <CZ5YT=RR 0.028 -0.00 +034 +1bps > 2 bps 10-year <CZ10YT=R 0.818 0 +040 +1bps R> bps Poland 2-year <PL2YT=RR 2.003 0.019 +268 +2bps > bps 5-year <PL5YT=RR 2.893 -0.01 +320 +0bps > 1 bps 10-year <PL10YT=R 3.448 -0.00 +303 +0bps R> 6 b
'4f74e8ce6e5dbb79e9f1210c4da66a577eadd449'|'Barratt sees profits at top of range despite flat completions'|'Business News - Wed May 10, 2017 - 8:42am BST Barratt sees profits at top of range FILE PHOTO - A sold sign hangs on a new house on a Barratt Homes building site in Nuneaton, Britain, March 20, 2014. REUTERS/Darren Staples/File Photo LONDON Britain''s biggest builder Barratt said on Wednesday it expected 2016/17 pretax profit to reach the top end of market expectations despite building barely any more homes than in the previous financial year. The firm said it anticipated profit would reach up to 733 million pounds in the 12 months to the end of June, the highest figure in analysts'' expectations according to a Thomson Reuters poll. It would represent a 7 percent increase on 2015/16. But the builder said it would complete only around 30 more homes to reach a total of 17,350 units, despite concerted government efforts to boost housebuilding and deal with a chronic shortage which has pushed up rents and house prices. Shares in the company rose 3 percent by 0715 GMT. Rising house prices, cheap mortgages and government schemes designed to help younger people get on to the housing market have helped Barratt and most of its peers book bumper profits over the last few years. Whilst the company foresees small volume increases over the next few years, it said it would build fewer properties in London next year after an around 20 percent decrease this year, as rising city centre land prices have pushed it increasingly into the suburbs. "If you look at completion volumes, we will some further reduction in London completions as we go into the year to June 2018," Chief Executive David Thomas told Reuters. "We''ve been very successful in terms of securing sites in zones three to six so we''ve got sites coming through," he said, referring to the areas further out from the city centre. Parts of central London have also become less attractive to developers as sales prices fall and demand slumps due to an increased stamp duty property tax on top-end properties and Brexit deterring some foreign investors. (Reporting by Costas Pitas; editing by Kate Holton/Keith Weir) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-barratt-results-idUKKBN1860K1'|'2017-05-10T14:21:00.000+03:00'
'085b44636e9c695911c68011563602068d684b4a'|'Ex-Barclays banker del Missier opens hedge fund to external capital'|'* Financials-focused hedge fund made 9.4 pct in year to end-April* Founder del Missier ran fund internally with $100 mln* Firm now employs 12 peopleBy Maiya Keidan and Anjuli DaviesLONDON, May 9 A hedge fund firm run by the former co-CEO of Barclays investment bank Jerry del Missier and focused on the financial services industry has opened to external capital, del Missier told Reuters.Del Missier started Copper Street Capital with $100 million of internal capital in 2015, running it out of an office in Maidenhead, a town 30 miles (50 km) west of London. He resigned from Barclays in July 2012, shortly after chief executive Bob Diamond left the bank.Del Missier worked at Barclays for 15 years, helping Diamond to build up the bank''s investment banking franchise before briefly becoming the lender''s chief operating officer in June 2012.Copper Street, which was up 9.4 percent in value in the year to April 30, is now seeking to take its assets to more than $500 million, said del Missier.The fund looks to profit from anomalies and misperceptions in the financials market.Hedge funds are broadly moving back into bank stocks after an eight-year hiatus following double-digit returns from a bull market between 2005 and 2007 and shorts positions on banks between 2007 and 2009.The firm made a number of hires last year, including Deutsche Bank''s financial institutions analyst Rudi Facchini, a former financials institutions group director at Deutsche Bank, Massimo Araldi and Beatriz Carrillo from Comac Capital.Copper Street also added portfolio manager Bruno Duarte from Claren Road Asset Management in 2016.It employs 12 people, including in a private equity arm of its business. ($1 = 0.7726 pounds) (Reporting by Maiya Keidan, additional reporting by Rachel Armstrong; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hedgefunds-launch-idINL8N1IB68S'|'2017-05-10T11:55:00.000+03:00'
'14f81e7e1f85b1e2eeaaabcbae40d0adf0040600'|'Pie in the sky as Australia''s Qantas boss gets just dessert'|'Business News - Tue May 9, 2017 - 8:27am BST Pie in the sky as Australia''s Qantas boss gets just dessert A man is detained by security after throwing a pie at Qantas CEO Alan Joyce during a speech at a business breakfast at a hotel in Perth, Western Australia, May 9, 2017. AAP/Gregory Roberts/via REUTERS By Benjamin Weir - SYDNEY SYDNEY Qantas Airways Ltd ( QAN.AX ) Chief Executive Alan Joyce proved he was no cream puff on Tuesday, keeping his cool after a man smeared a cream pie in his face during a business breakfast in Australia''s west. Joyce, the head of Australia''s flag carrier, was speaking at the event in Perth, capital of Western Australia state, when a man in a business suit walked onto the stage, reached around to rub the pie in his face, and calmly walked away, 7 News television showed. The unidentified man''s motive was unclear but he was soon apprehended by security guards. State police later confirmed that officers had been called to an assault at a Perth hotel and that one person was in custody. Joyce at first appeared stunned by the incident but quickly regained his composure to tell the audience he did not know why he had been targeted, Australian media reported, before leaving the stage to clean up. He later told reporters he had been unable to identify what flavour pie he had been hit with. "My issue is I need a good dry cleaner before I leave Perth, so if you have one, please recommend it to me," he said. Long a slapstick comedy favourite, the pie-in-the-face routine has also developed as a form of political protest. News Corp ( NWSA.O ) boss Rupert Murdoch was famously hit in the face with a pie while he testified before a British parliamentary inquiry into a phone-hacking scandal in 2011. (Reporting by Benjamin Weir; Editing by Paul Tait) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-qantas-ceo-idUKKBN1850FM'|'2017-05-09T15:26:00.000+03:00'
'a6eed0d1daaa7326e4ea559267e74a05175ba735'|'French outbound M&A driven to decade high by big deals'|'LONDON French companies have spent more on overseas acquisitions so far this year than in the past decade, marking a sharp rebound from 2016 when political uncertainty limited their appetite for doing major deals, Thomson Reuters data shows.Outbound merger and acquisition activity by French firms has reached $40.8 billion so far in 2017, up from less than $5 billion over the same period in 2016 when there were 243 deals, compared with 213 in 2017, the data released on Tuesday showed.The activity was dominated by Essilor International''s ( ESSI.PA ) all-share acquisition of Italian eyewear group Luxottica ( LUX.MI ) in January.In the second biggest overseas deal by a French company so far this year, an investor group which included French waste and water group Suez ( SEVI.PA ) bought GE Water ( GE.N ) for 3.2 billion euros ($3.48 billion).On Sunday France elected Emmanuel Macron as president with a business-friendly vision of European integration which could stoke European cross-border transactions.U.S. investment bank Citigroup ( C.N ) leads the league table of advisers so far this year for deals involving outbound French M&A, advising on deals worth $30.8 billion, giving it a 75.4 percent share of the market.(Reporting by Dasha Afanasieva; editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-france-m-a-idINKBN185200'|'2017-05-09T14:44:00.000+03:00'
'5d94489c2f4a709138e4e8076077c32cd9dfe59b'|'Trump review of Wall Street rules to be done in stages - sources'|'  8:24am IST Trump review of Wall Street rules to be done in stages - sources FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew Kelly By Olivia Oran and Pete Schroeder - NEW YORK/WASHINGTON NEW YORK/WASHINGTON The U.S. government''s review of a landmark 2010 financial reform law will not be complete by early June as originally targeted, and officials will now report findings piece-by-piece, with priority given to banking regulations, sources familiar with the matter said on Monday. President Donald Trump has pledged to do a "big number" on the Dodd-Frank financial overhaul law, which raised banks'' capital requirements, restricted their ability to make speculative bets with customers'' money and created consumer protections in the wake of the financial crisis. In February, Trump ordered Treasury Secretary Steven Mnuchin to review the law and report back within 120 days, saying his administration expected to be cutting large parts of it. But the Treasury Department is still filling vacancies after the transition from the Obama administration and there are not enough officials to get the full review done by early June, three sources said. A Treasury spokesperson dismissed the idea the report that would be broken up because the department is short-handed, saying the reach of the project could require several separate reports, as permitted under the executive order. "Treasury has an entire team dedicated to reviewing the financial regulatory rules and will begin reporting our findings to the president in June," the department spokesperson said. "Given the volume and scope of the issues we are reviewing that involve potential changes to the financial regulatory system, we are carefully considering the best options to begin rolling them out in the most effective and responsible manner," the spokesperson said. The Treasury Department will first report back on what banking rules could be changed, including capital requirements, restrictions on leverage and speculative trading. Examinations of capital markets, clearing houses and derivatives as well as the insurance and asset management industries and financial innovation and banking technology will come later, the sources said. It could be several months until these other stages of the financial reform review are completed, some of the sources said. The piecemeal approach could create challenges for some sectors if parts of the report are significantly delayed. The report has been highly anticipated, as it marks the new administration''s most detailed foray into outlining what it wants to do with financial rules. Trump previously has spoken only in broad terms about easing regulation surrounding lending. Any efforts to rework existing regulations or craft new legislation will be a lengthy and contentious process, something that banking lobbyists have said will make any delay to the administration''s initial findings costly for businesses eager for regulatory relief. Former BlackRock Inc executive Craig Phillips is leading the administration''s plan for financial deregulation. Alongside other Treasury officials, he is soliciting feedback from banking industry groups and executives for how banking policy should be shaped. The change in the timing of the Treasury report comes after Trump ordered a separate review of some key planks of the Dodd-Frank financial reform law. In April, Trump signed a pair of executive orders directing a review of two additional regulatory powers - orderly liquidation authority, which allows regulators to step in and wind down a failing financial institution, and systemic designation, in which certain large firms may be deemed critical to the overall health of the financial system, meriting stricter oversight. The findings from those reviews are not expected until October.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews
'fc500c0ef35a70da80efb31810cc032c63035092'|'The strange calm in financial markets: On China, commodities, credit and complacency'|'THERE is a familiar scene in westerns where the cavalry is riding through the mountain pass and the captain says <20>I don<6F>t like it. It<49>s quiet. Too quiet.<2E> Seconds later, a soldier gets an arrow in his chest and all hell breaks loose. Some people feel that about markets at the moment. Deutsche Bank reckons the S&P 500 has had 10 out of 11 days with a move of less than 0.2%, the quietest period since 1927 . The volatility index, or Vix, fell to a 23-year low after the French election result. This calmness is in striking contrast to the political turmoil that has followed the election of the Trump administration; the tensions over North Korea, the firing of the FBI director and the trade policies that have pushed Citibank to issue a regular <20>US protectionism round-up<75>. Is it all a sign of complacency?  There certainly have been occasions in the past when a low Vix has preceded trouble. The previous low, in December 1993, was followed by a great bond sell-off after the Federal Reserve started to tighten policy in January 1994. But what does the Vix measure? It is the price, as derived from the options market, that investors are willing to pay to insure themselves against a sharp move in asset prices. As Eric Lonergan writes in his Philosophy of Money blogImplied volatility, as derived by options markets or indices such as the Vix, is predominantly determined by realised volatility. So when people say <20>markets are complacent because the Vix is low<6F>, it is worth remembering that all they are observing is that prices have not moved very much in the last 30 days or so. There is no <20>view<65> embedded in the Vix.The intellectual battle is between those who believe that the <20>reflation trade<64> which preceded, but was much bolstered by, the election of Donald Trump, has still plenty of momentum behind it, and those who believe there is trouble ahead. The latter focus on signs that the tide may have turned. Commodity prices have fallen 7.3% since their recent high in February and that may point to a slowdown in the Chinese economy. Goldman Sachs<68>s current activity indicator for China slowed to 6.4% annualised in April from 7.6% in March on the back of higher interest rates, and slower growth in credit and the money supply. The risk, as seen before, is that Chinese growth shows up in slower commodity demand (which hits emerging markets) and a weaker currency (which hits manufacturers in developed economies).But there are plenty of people who take the opposite view. Mark Tinker of Axa investment Managers thinks there has beena misplaced emphasis on short-term indicators and particularly on measure such as debt to GDPAt UBS, Bhanu Nweja says that, while Chinese depreciation is a serious deflationary risk for the global economy, the authoeruties seem to have gone to great length to prevent capital from flowing out of the country and triggering a sell-off. And Chetan Ahya at Morgan Stanley points out that, this time, the Chinese are tightening at a time of accelerating global growth.The key reason why this cycle should be different is that the external demand environment has improved significantly. Indeed, we expect 2017 to be the best year for exports growth for China since 2013Other sign of growth remain healthy. Capital Economics shows that emerging market export growth reached 13.9% in March, the fastest increase since 2012. While that is largely a value effect, volumes are up 3.2% year-on-year. There is no sign of distress in the corporate bond market which many, including David Ranson of HCWE Economics, see as an early-warning indicator. The global default rate for speculative bonds over the last 12 months fell to 3.6%, according to Moody<64>s; a year ago, it was 4.3%. In America, the default rate is down to 3.8%, from 5.1% at the end of 2016. The spread or excess interest rate, paid by junk borrowers is 428 basis points, up slightly from 405bp at the start of the year, but a long way below the 805bp of Februar
'f935fca2d7cce65b0be2b0942218caf9721e76a0'|'RBS sets out new pay proposals to shrink bonuses for top executives'|'Thu May 11, 2017 - 5:23pm BST RBS defends directors'' bonuses in response to criticism FILE PHOTO: The Royal Bank of Scotland is seen in the High Street Melrose in the Scottish Borders, Scotland, Britain April 27, 2017. REUTERS/Russell Cheyne By Andrew MacAskill and Lawrence White - EDINBURGH/LONDON EDINBURGH/LONDON Royal Bank of Scotland ( RBS.L ) Thursday defended its new executive pay plan at its annual shareholder meeting on Thursday after some investors criticized the policy for still being too generous. A number of firms have faced investor rebellions in recent years over excessive payouts to company bosses and a broader social backlash has prompted the British government to consider changing the rules around corporate governance. Despite the voices of dissent in Edinburgh where the state-controlled lender held its AGM, shareholders voted overwhelmingly to back the bank''s executive pay plan, with over 96 percent approving the proposals. RBS said it had recognized that its pay policies had become too complex and the new plan would reduce excessive risk-taking. "The time is right for a new, simpler approach, developed specifically to align with RBS''s culture and our thinking on pay," Sandy Crombie, the chairman of RBS''s remuneration committee, said. Pensions and Investment Research Consultants (PIRC) and Institutional Shareholder Services (ISS), two leading advisory groups, had urged shareholders to vote against the pay policy. ISS said while the overall size of potential bonuses are being cut for Ross McEwan, its chief executive, and Ewen Stevenson, its finance director, the plan makes it easier to pay out. PIRC said executives should only be rewarded for the period they serve the company and not receive any payout when they leave. "We disagree with the conclusions reached in these reports and strongly challenged the view from ISS that the level of discount was insufficient," Crombie said. The board faced a barrage of questions from irate shareholders throughout the meeting, ranging from handling of past scandals to branch closures. Shareholders also criticized the bank''s decision to reject demands for greater powers for ordinary shareholders to have a say on issues such as executive pay, company strategy and director appointments. Chairman Howard Davies rebuffed criticism of the more than 100 million pounds RBS has spent defending itself against investors suing the bank over a cash call at the height of the financial crisis. RBS was criticized earlier this month for the "staggering" costs it has spent on its "Rolls-Royce" legal team by the judge overseeing its battle with investors over the firm''s then record 12 billion pound rights issue in 2008. "The costs we are having to meet are high because of the extraordinary breadth and complexity of the case," Davies said. The civil lawsuit has been brought by thousands of investors who bought shares in 2008 and lost most of their money when the bank collapsed a few months later, resulting in a 45.5 billion pound ($58.6 billion) government bailout. The case is due to begin later this month and disgraced former RBS chief executive Fred Goodwin is scheduled to appear in court early next month. (Reporting By Andrew MacAskill, Lawrence White and Simon Jessop; Editing by Jane Merriman and Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-rbs-agm-idUKKBN1871RP'|'2017-05-11T21:21:00.000+03:00'
'69539ff1b099cde1cbe5005fee77fbc9c53fb1ff'|'Exclusive: Russian Rosneft''s $12.9 billion Essar Oil deal held up over debt issues'|'Deals - Thu May 11, 2017 - 1:17pm EDT Exclusive: Rosneft''s $12.9 billion Essar Oil deal held up over debt issues FILE PHOTO: The shadow of a worker is seen next to a logo of Russia''s Rosneft oil company at the central processing facility of the Rosneft-owned Priobskoye oil field outside Nefteyugansk, Russia, August 4, 2016. REUTERS/Sergei Karpukhin/File Photo By Nidhi Verma , Vladimir Soldatkin and Julia Payne - NEW DELHI/MOSCOW/LONDON NEW DELHI/MOSCOW/LONDON Russian state oil firm Rosneft ( ROSN.MM ) is struggling to close its $12.9 billion acquisition of India''s Essar Oil Ltd because six of Essar''s Indian creditors have yet to approve the deal, sources close to the talks said. The state-run banks and financial institutions that are delaying Rosneft''s biggest foreign acquisition hold about $500 million of Essar''s debt, five industry and banking sources told Reuters. Kremlin-controlled Rosneft, which sees the deal as vital to expanding in Asia''s fastest growing energy market, had aimed to close the deal at the end of 2016. Now a June target for completion may be in doubt. "Tensions between Rosneft and Essar are running high," said one of the industry sources, who like others asked not to be named. The sources said the acquisition was still expected to go through, but one of them said Rosneft had written to Essar threatening to change the terms of the deal, including to pay a lower price, if the dispute over debt was protracted. "The completion of the transaction was conditional upon receiving requisite approvals and satisfaction of customary conditions. The parties are working towards obtaining the requisite approvals to complete the transaction," an Essar spokesman said. "We are hopeful that the deal will be completed in the upcoming few weeks," he added. Rosneft Chief Financial Officer Pavel Fedorov told a conference call on Wednesday that the purchase was now expected to be completed by the end of June. The six institutions holding up the transaction are IDBI Bank ( IDBI.NS ), Punjab National Bank ( PNBK.NS ), Syndicate Bank ( SBNK.NS ), Indian Overseas Bank ( IOBK.NS ), Life Insurance Corp of India and non-bank financier IFCI Ltd ( IFCI.NS ), the sources said. The six lenders gave no official comment when contacted by Reuters. Another industry source said Rosneft had wanted to finalize the deal in early June at the St Petersburg Economic Forum, where Indian Prime Minister Narendra Modi is due to meet Russian President Vladimir Putin. But he said those hopes have now faded. Rosneft won a bidding war to buy Essar against Saudi Aramco, its biggest competitor in the oil export market. The deal will give Rosneft a 49 percent stake, with a further 49 percent split between Swiss commodities trader Trafigura [TRAFGF.UL] and Russian fund United Capital Partners. The billionaire Ruia brothers will retain a 2 percent stake. Russia''s VTB bank is acting as advisor on the transaction. It declined to comment on the hold up. "The process of closing the deal is in its final stages and is expected to conclude soon," a spokesman for Trafigura said, while UCP declined to comment. CLEARING BAD DEBTS The deal is also valuable for Modi''s government, as it seeks to clear India''s $150 billion in bad debt. Essar Oil India owed about $5.5 billion to almost 30 Indian lenders. Apart from six, others have approved Essar''s transfer of ownership to Rosneft from its current owners Indian brothers Ravi and Shashi Ruia, banking sources said. The State Bank of India ( SBI.NS ), the country''s biggest lender, has given its no-objection to the deal, the sources said. Among the six institutions blocking the deal, Syndicate Bank was expected to clear the deal with its board in 10 to 15 days, one banking source said. A senior source at Indian Overseas Bank said a no-objection certificate was being processed. The sources said debt talks were complicated by the fact that some lenders were also owed money by Essar''s par
'2faf5b465897457e317b891b62d9f81c0b63eff7'|'RPT-UPDATE 3-Boeing suspends 737 MAX flights due to engine issue'|'Market News  54pm EDT RPT-UPDATE 3-Boeing suspends 737 MAX flights due to engine issue (Repeats to show that pictures are available; no changes to text or headline) By Alwyn Scott SEATTLE May 10 Boeing Co said on Wednesday it had temporarily halted test flights of its new 737 MAX aircraft due to an issue with the engine, which is jointly made by General Electric Co and Safran SA of France. The grounding comes days before Boeing was due to deliver its first 737 MAX to an airline and marks a high-profile delay in a program that Boeing had said was ahead of schedule. It poses no safety concerns for travelers because no airlines are yet flying the 737 MAX but it could mean a costly disruption if the problem persists. Timely delivery is important to planemakers as they get most of the payment for a plane when it is handed to the buyer. Boeing and engine maker CFM said they do not know how long the delay will last. Boeing shares fell 1.3 percent to $183.15 in afternoon trading on the New York Stock Exchange. GE shares were down 0.9 percent at $28.67. The 737 MAX replaces an older version of Boeing''s best-selling single-aisle aircraft, a key moneymaker for the aerospace company. The 737 MAX 8, the first version of the plane to be built, seats 162 passengers in a typical two-class configuration. It carries a list price of $110 million but airlines typically receive steep discounts. A delay in getting aircraft to customers likely would cause a build up in Boeing''s inventory, "as planes essentially sit waiting for engines," said analyst Rob Stallard at Vertical Research Partners. "Investors are acutely focused" on the risks of speeding up production of the new engine, known as the LEAP-1B, he said. Separately, Airbus said it was continuing flights with its A320neo, which is powered by the similar LEAP-1A engine and is flying customers. The 737 MAX grounding likely will mean a delay for Malindo Air, a Malaysian carrier that had been expected to receive the first 737 MAX delivery as early as Monday. Norwegian Air Shuttle ASA, which was due to receive its first 737 MAX near the end of May, said it expected a "a few days'' delay." "This will, however, not delay the launch of our upcoming trans-Atlantic routes from the United States to Edinburgh,<2C> spokesman Anders Lindstrom said in an email. Southwest Airlines Co, the initial customer for the 737 MAX, said Boeing had not warned it of any delays to its delivery schedule. Southwest is expected to begin receiving the jet later in the year after it retires some older 737s. American Airlines Group Inc, which has 100 737 MAX jets on order, declined to comment. The issue arose late last week when Safran found a quality problem in a large metal disc used in the low-pressure turbine at the rear of the engine, said Jamie Jewell, a spokesman for the engine maker, CFM International. CFM notified Boeing, which immediately grounded the fleet of about 21 planes. GE spokesman Rick Kennedy said the disc that prompted the concern had not been installed in an engine. "There have been no issues whatsoever with engines in the field," Jewell said. All of the 30 to 40 engines that have been built so far will be sent either to Lafayette, Indiana, or Villaroche, France, for inspection, Kennedy said. Many will need to be removed from aircraft and shipped, Jewell said. It was not clear how long the inspections would take to complete. Safran received the disc from a supplier but there are other suppliers of that part so production of the engine was continuing, Kennedy said. (Additional reporting by Alana Wise; Editing by Bill Rigby and Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/boeing-737max-engine-idUSL1N1IC2GG'|'2017-05-11T07:54:00.000+03:00'
'c6c2d2aabb7c9cec44c4d829bc0addcfb2f12da2'|'UPDATE 1-Brazil''s XP files for IPO amid talks to sell stake to Ita<74>'|'(Adds talks to sell a minority stake in XP to Ita<74> before the IPO)SAO PAULO May 10 Brokerage firm XP Investimentos SA, which is discussing a minority stake sale to Brazil''s largest bank, is filing for an initial public offering that could be the first listing of an independent broker in Latin America''s largest economy.According to a documentation filed with securities industry watchdog CVM, XP and several shareholders will sell an unspecified number of units in the transaction, a blend of XP''s common and preferred shares. Details on the suggested price tag for the units or a timetable for the deal were not unveiled.Under terms of the IPO, XP will sell new shares to fund expansion and pay for a recent acquisition. Founder and Chief Executive Officer Guilherme Benchimol, 238 XP partners and U.S. buyout firm General Atlantic LLC are among shareholders selling XP''s stock in a so-called secondary offering, the document said.XP has acknowledged that Ita<74> Unibanco Holding SA has made a proposal to acquire a minority stake. Exame Magazine reported on Tuesday that Ita<74> offered to pay up to 6 billion reais ($1.9 billion) for a 49.5 percent of XP.Ita<74>''s bid values XP at the lower end of range at which the brokerage would seek to be priced, between 12 billion reais and 21 billion reais. Reuters reported on March 17 that shareholders of XP could still negotiate a stake sale to an investor prior to the IPO.Founded in 2000, XP Holding has successfully challenged banks for a significant share of Brazil''s market for brokerage services for retail investors. The company boasts low transaction fees and an extensive network of autonomous dealers. In recent years XP has grown into asset management, and is now seeking a banking license in Brazil and set up wealth management advisory points in the United States and Switzerland.JPMorgan Chase & Co has been hired as leading underwriter, alongside Ita<74>, Morgan Stanley & Co, Banco do Brasil SA, Grupo BTG Pactual SA, Bank of America Merrill Lynch, Banco Bradesco SA, Goldman Sachs Group Inc and J. Safra Corretora SA.XP''s securities unit will also work as underwriter in the IPO, the document said.($1 = 3.1672 reais) (Reporting by Bruno Federowski, Tatiana Bautzer and Aluisio Pereira; Editing by Guillermo Parra-Bernal, Sandra Maler and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/xp-investimentos-ipo-idUSL1N1IC1YS'|'2017-05-11T05:57:00.000+03:00'
'0f8cbc6df862dc3d88e7e9d88c3cb08602c274ec'|'UPDATE 1-Starboard reports 5.7 pct stake in contract research firm Parexel'|'(Adds background, analyst comment)May 11 Activist investor Starboard Value LP reported a 5.7 percent stake in Parexel International Corp on Thursday, calling the U.S. contract research firm''s shares "undervalued" and that it represented an attractive investment opportunity.Parexel is considering selling itself, sources familiar with the matter told Reuters on Monday.There would be "significant strategic and financial buyer interest," in Parexel, Starboard said in a regulatory filing. ( bit.ly/2q6bDKd )Starboard''s move comes amid increased deal-making in the contract research industry.INC Research Holdings Inc on Wednesday said it would merge with fellow contract research services provider inVentiv Health Inc in a $4.6 billion deal.Contract research organizations, which have benefited in recent years from pharmaceutical companies'' drive to cut costs, reduce clinical trial times and expand their research and development presence globally, are exploring opportunities to sell themselves.Parexel, which had a market value of about $3.8 billion as of Wednesday, did not immediately respond to a request for comment.William Blair analyst John Kreger said on Monday a sale would be logical for Parexel, adding that the company was struggling to achieve its longer-term revenue targets.Kreger also said there would be "no shortage" of parties interested in buying Parexel. (Reporting by Ankur Banerjee and Divya Grover in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/parexel-intl-ma-idINL4N1ID41I'|'2017-05-11T09:03:00.000+03:00'
'd6eca1c195a88dab0df89bf821e694c9e7bf1eee'|'EMERGING MARKETS-LatAm currencies gain after Trump fires FBI chief'|'(Adds closing market prices) SAO PAULO, May 11 Mexico''s and Brazil''s currencies closed stronger on Wednesday after U.S. President Donald Trump unexpectedly fired FBI director James Comey, fueling expectations of delays in the implementation of the government''s economic agenda. Trump has pledged to spend heavily on infrastructure and cut taxes, fostering bets on additional inflationary pressures that could force the Federal Reserve to increase interest rates faster than expected. A slower pace of rate hikes would bolster the allure of emerging market assets, which offer higher yields than their developed peers. The currencies of Brazil and Mexico gained by more than 0.5 percent, boosted by higher oil prices that helped lift the shares of Brazilian state-controlled oil company Petroleo Brasileiro SA, or Petrobras. Brazil''s Bovespa stock index rose 1.62 percent on Wednesday to a more than two-month high as markets were optimistic about pension reform passing Congress. Shares of Telefonica Brasil SA also helped drive gains in Bovespa after the telecommunications carrier posted a 13 percent increase in recurring net income. Key Latin American stock indexes and currencies at market close: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 998.82 0.39 15.4 MSCI LatAm 2676.35 1.7 14.34 Brazil Bovespa 67349.73 1.62 11.83 Mexico IPC 49930.54 -0.02 9.39 Chile IPSA 4825.49 0.37 16.24 Chile IGPA 24203.18 0.31 16.73 Argentina MerVal 21510.00 1.74 27.14 Colombia IGBC 10541.79 0.6 4.08 Venezuela IBC 60656.97 2.16 91.32 Currencies daily % YTD % change change Latest Brazil real 3.1668 0.57 2.54 Mexico peso 19.0150 0.81 8.33 Chile peso 672.0 0.00 -0.19 Colombia peso 2940.41 0.02 2.08 Peru sol 3.293 0.00 3.67 Argentina peso (interbank) 15.500 0.16 2.42 Argentina peso (parallel) 15.89 0.38 5.85 (Reporting by Bruno Federowski and Mitra Taj; Editing by Tom Brown and Biju Dwarakanath)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1ID02V'|'2017-05-11T11:25:00.000+03:00'
'3142ec72e3085b32853d322fbec0bc589b6fa41b'|'Australian banks lick wounds after tax hit, investors brace for impact'|'Economy  47am BST Australian banks lick wounds after tax hit, investors brace for impact Australian Prime Minister Malcolm Turnbull (R) and Australian Treasurer Scott Morrison walk into the House of Representatives at Parliament House in Canberra, Australia, May 10, 2017. AAP/Lukas Coch/via REUTERS By Jamie Freed and Jonathan Barrett - SYDNEY SYDNEY Australia''s big banks will likely swallow a surprise new A$6.2 billion ($4.56 billion) federal tax, industry and political sources said on Wednesday, given a lack of public support for an oligopoly that has reaped years of record profits. The tax on liabilities unveiled in Tuesday''s federal budget caught banks, which had previously enjoyed the support of the ruling center-right government, unawares and was strongly criticized by bank executives. "We didn''t get a chance to engage; it was a snatch and grab and that''s that," one senior source at a major bank told Reuters. The announcement was seen by political analysts as payback for the government''s efforts to block opposition calls for a wide-ranging inquiry into misconduct in the banking sector. Treasurer Scott Morrison justified the tax as necessary to get the budget back into the black and also tapped into popular opinion, saying the charge was just a small portion of the banks'' profits. He cautioned the so-called Big Five - Commonwealth Bank of Australia ( CBA.AX ), Westpac Banking Corp ( WBC.AX ), Australia and New Zealand Banking Group Ltd ( ANZ.AX ), National Australia Bank Ltd ( NAB.AX ) and Macquarie Group Ltd ( MQG.AX ) - against passing the costs on to consumers. The tax resembles a charge imposed on big mining companies in 2010 that was ultimately re-designed after an industry advertising campaign which helped unseat the then Labor prime minister, Kevin Rudd. Banking sources said they had little leverage to mount a similar campaign due to modest support within parliament. "It is a done deal, I don''t think you can put a wedge in that," said another representative of the Big Five. NO ''MAGIC PUDDING'' The affected banks all came under immediate share price pressure late on Tuesday and again on Wednesday morning, before some of their losses were pared. Westpac Chief Executive Brian Hartzer said on Wednesday the government''s reforms ran counter to the prudential regulator''s objective of making bank balance sheets "unquestionably strong". "Higher taxes reduce the banks'' ability to generate capital that supports lending and stability in times of stress," Hartzer said in a statement. "There is no ''magic pudding''. The cost of any new tax is ultimately borne by shareholders, borrowers, depositors and employees." Bank chiefs received a phone call roughly one hour before Morrison revealed the budget measure on Tuesday evening, four sources said, catching them unawares. The sources, from banks and political offices, declined to be identified because they were not authorized to speak publicly. The tax is designed to prevent the banks from passing the cost on to lending customers, targeting liabilities such as corporate bonds, commercial paper, certificates of deposit and tier-2 capital instruments, rather than mortgage books. Commonwealth Bank Chief Executive Ian Narev indicated the bulk of the cost could be passed to customers, likely through interest rate changes, and to shareholders through lower dividends. The alternative, according to Morgan Stanley analysts, is an estimated 4.5 percent cut to the banks'' annual earnings. "As every business owner or employee knows, every extra cost needs to be borne by customers or shareholders, or a combination of both," Narev said in a statement. NAB Chief Executive Andrew Thorburn said the tax would affect 10 million customers as well as shareholders. ANZ and Macquarie said the impact was unclear. The tax lifted stock prices of smaller lenders as investors bet it would crimp the big banks'' competitiveness. Shares in Bendigo and Adelaide Bank Ltd ( BEN.AX ) r
'862e5c4375ba9fcc1aa579201fcf7a6db6fab50b'|'UPDATE 2-Shell proposes adding Russian oil to Brent benchmark'|'Commodities - Wed May 10, 2017 - 5:40am EDT Shell proposes adding Russian oil to Brent benchmark A Shell logo is seen reflected in a car''s side mirror at a petrol station in west London, Britain, January 29, 2015. Picture taken January 29, 2015. REUTERS/Toby Melville/File Photo LONDON Royal Dutch Shell on Wednesday urged oil pricing agency S&P Global Platts to protect the dated Brent crude benchmark from declining North Sea supply by including other grades, such as Russian Urals, in its price-setting process. The suggestion marks a shift from two years ago when Shell said adding Urals would not be "worth the trouble". The benchmark, based on light North Sea crude grades, is used to price about two-thirds of the world''s oil but a decline in North Sea output has led to concerns that physical volumes could become too thin and prone to large price swings. Platts announced it would add a fifth grade, Troll, to the benchmark slate from January 2018 but Shell says more must be added in the next two to three years and considers Russian medium sour Urals as a top candidate. The benchmark is now made up of Brent, Forties, Oseberg, and Ekofisk, known as BFOE. "A good benchmark need not only be representative of what the region produces ... If you had to pick one grade of crude, Urals is the one which northwest European refineries should be designed to run optimally," Mike Muller, vice president of crude trading and supply at Shell, told the Platts Crude Summit in London. Muller also suggested the price of dated Brent be derived from the average price of a basket of crudes, rather than by using the lowest priced of the four BFOE crudes on any given day. This would simplify the price-setting process, he said. Two years ago, Muller said European refineries were already free to buy Urals - a crude stream that dwarfs North Sea streams in volume - as a substitute to the North Sea Forties grades as they are similar in quality. Muller also called for the formation of a committee of independent experts to consult with Platts and the wider industry on future changes to the benchmark in order to ensure the views of all market players were represented. Shell is one of the world''s largest crude traders and one of the most active players in both the North Sea and Urals markets. Shell<6C>s North Sea production is set to drop by more than half to about 110,000 barrels per day after the sale of a large package of North Sea assets to private equity-backed Chrysaor last year. But Shell will market Chrysaor<6F>s volumes for several more years. (Reporting by Julia Payne and Amanda Cooper; Editing by Jason Neely and Edmund Blair) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-oil-brent-shell-idUSKBN1860XA'|'2017-05-10T17:38:00.000+03:00'
'437a0031c19d19dc90e36b1352081b8e9a1b65d1'|'Solarworld files for insolvency'|'FRANKFURT May 10 Germany''s Solarworld has filed for insolvency proceedings, defeated by Chinese competition which has flooded the market with cheap solar panels."Due to the ongoing price erosion and the development of the business, the company no longer has a positive going concern prognosis, is therefore over-indebted and thus obliged to file for insolvency proceedings," Solarworld said in a statement on Wednesday.It added that it was assessing if affiliated companies would also have to file for insolvency.Earlier this year Solarworld announced staff cuts after reporting increased losses.It was one of the few German solar power equipment companies to survive a severe downturn at the turn of the decade caused by a glut in production that led prices to fall rapidly.SolarWorld, once Germany''s largest solar panel maker by sales, was forced to restructure after generous government subsidies for generating solar power led to a glut in component supplies, throwing a large number of local companies including Q-Cells, Conergy and Solon into insolvency. (Reporting by Arno Schuetze; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/solarworld-bankruptcy-idINASM000BDH'|'2017-05-10T14:45:00.000+03:00'
'72dc135f20e4a31e8abc3752655a681a7139d4c5'|'Canadian pension investment manager to expand London operations'|'* To grow office to 40 people from 28 within 12 months* To raise European investments by 20-30 pct over 5 years* London a leading financial centre despite Brexit - CEOBy Simon JessopLONDON, May 10 The Public Sector Pension Investment Board, one of Canada''s largest pension investment managers, said on Wednesday it planned to expand its London operations, hiring staff and boosting investments.PSP, which manages C$125.8 billion ($92 billion) across a range of markets, said it would increase staffing in London to 40 from 28 over the next 12 months. It opened the office in 2015.The team will focus on private equity, private debt, infrastructure and real estate, PSP said, and help it to boost investments across Europe by 20-30 percent over the next five years.The move comes despite uncertainty in the City since Britain''s vote last year to leave the European Union, and which prompted some banks, insurers and funds to look at opening or bulking up operations elsewhere in the region.Andr<64> Bourbonnais, President and CEO of PSP Investments said London had a number of enduring strengths, including its talent pool, legal system and financial infrastructure. "London has a proven record that it can adapt to the future which means it continues to be a global centre of finance.""Our own approach is to invest for the long term so while there may be uncertainty in the short term we believe in the long term the UK will remain an important global financial hub."PSP''s previous investments in Europe include a private equity investment in clinical pathology laboratory company Cerba HealthCare; a real estate joint venture with insurer Aviva; and its wholly owned airport infrastructure company AviAlliance.The group said it also planned to develop strategic partnerships in the region. It has previously joined forces with peers including BC Partners, Permira and CVC Capital Partners.Established in 1999, Ottawa-based PSP Investments manages retirement money for employees of Canada''s federal Public Service, the Canadian Armed Forces, the Royal Canadian Mounted Police and the Reserve Force.($1 = 1.3679 Canadian dollars) (Reporting by Simon Jessop, editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-pensions-london-psp-idINL8N1IB34P'|'2017-05-09T22:01:00.000+03:00'
'0a920951ef72d0990bddd2af72531b4976430889'|'Whole Foods names new CFO, directors'|'Business News - Wed May 10, 2017 - 4:21pm EDT Whole Foods names new CFO, directors Customers leave the Whole Foods Market in Boulder, Colorado May 10, 2017. REUTERS/Rick Wilking Whole Foods Market Inc ( WFM.O ) on Wednesday said it appointed Kohl<68>s Corp ( KSS.N ) executive Keith Manbeck as its chief financial officer, effective May 17 and named five new independent directors to its board. The company, which reported its seventh straight quarterly same-store sales decline, named Gabrielle Sulzberger as the new chairman of the board. For the second quarter, the company reported an 2.8 percent fall in sales at stores open at least 13 months, better than the 3.1 percent expected by analysts polled by Consensus Metrix. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Meredith Mazzilli) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-whole-foods-results-idUSKBN1862SW'|'2017-05-11T04:21:00.000+03:00'
'97b30107279eb7f47308da75a6b374e52079dcac'|'Wal-Mart close to settlement with U.S. over alleged bribery: report'|'Business News - Tue May 9, 2017 - 5:05pm EDT Wal-Mart close to settlement with U.S. over alleged bribery: report FILE PHOTO - Shopping carts are seen outside a new Wal-Mart Express store in Chicago July 26, 2011. REUTERS/John Gress/Files CHICAGO Wal-Mart Stores Inc ( WMT.N ) is preparing to pay about $300 million to settle a probe of bribery by its employees in markets including Mexico, India and China, Bloomberg reported on Tuesday, citing people familiar with the matter. The deal, which would mark a significant concession by the U.S. government, was being finalized and could change, the Bloomberg report said. In October 2016, Wal-Mart rebuffed a proposal by U.S. prosecutors to pay at least $600 million to settle the same corruption probe. Wal-Mart spokesman Greg Hitt declined to comment on the story. Last week , Wal-Mart told Reuters it was considering getting certified under a new international program that could help companies defend themselves against isolated cases of corruption or poor business practices. The proposed resolution would require a guilty plea by at least one Wal-Mart subsidiary, but the parent company would not be charged, the report said. The U.S. Department of Justice has been conducting a long-running investigation into potential misconduct by Wal-Mart in some overseas markets, including China, Brazil, India and Mexico. Wal-Mart''s ethics and compliance system came into focus after the New York Times reported in 2012 that Wal-Mart had engaged in a multi-year bribery campaign to build its Wal-Mart de Mexico business. So far Wal-Mart has spent more than $800 million on legal fees and an internal investigation into the alleged payments and to revamp its compliance systems around the world. (Reporting by Nandita Bose in Chicago; Editing by Steve Orlofsky) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-corruption-walmart-idUSKBN1852IS'|'2017-05-10T05:05:00.000+03:00'
'aa2b3365e4ba887b68102b89bedab4da16ca987d'|'EMERGING MARKETS-LatAm currencies up after Trump fires FBI chief'|'By Bruno Federowski SAO PAULO, May 10 Latin American currencies strengthened on Wednesday after U.S. President Donald Trump unexpectedly fired FBI director James Comey, fueling expectations of delays in the implementation of the government''s economic agenda. Trump has pledged to spend heavily on infrastructure and cut taxes, fostering bets on additional inflationary pressures that could force the Federal Reserve to increase interest rates faster than expected. A slower pace of rate hikes would bolster the allure of emerging market assets, which offer higher yields than their developed peers. The currencies of Brazil, Chile, Mexico and Colombia all strengthened about 1 percent, also boosted by higher prices for basic products such as iron ore, copper and oil. Crude futures rose as U.S. inventories posted their biggest weekly decline this year and on hopes of a potential output cut extension, lifting shares of Brazilian state-controlled oil company Petr<74>leo Brasileiro SA. Petrobras, as the company is known, proposed adding a Texas refinery and a stake in an African oil exploration venture to a list of assets that it has put up for sale by the end of next year. The stock added the most points to Brazil''s benchmark Bovespa stock index, which rose 1.4 percent. Shares of Telef<65>nica Brasil SA also ranked among the biggest gainers after the telecommunications carrier posted a 13 percent increase in recurring net income. Key Latin American stock indexes and currencies at 1605 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 995.47 0.49 14.88 MSCI LatAm 2676.57 1.7 12.43 Brazil Bovespa 67265.95 1.49 11.69 Mexico IPC 49968.30 0.06 9.48 Chile IPSA 4826.23 0.39 16.26 Chile IGPA 24207.66 0.33 16.75 Argentina MerVal 21468.99 1.55 26.90 Colombia IGBC 10490.78 0.12 3.58 Venezuela IBC 60525.53 1.94 90.90 Currencies daily % YTD % change change Latest Brazil real 3.1543 0.93 3.01 Mexico peso 18.9735 1.04 9.33 Chile peso 671.8 1.00 -0.16 Colombia peso 2944.43 1.07 1.94 Peru sol 3.288 0.06 3.83 Argentina peso (interbank) 15.5500 -0.16 2.09 Argentina peso (parallel) 15.86 0.57 6.05 (Reporting by Bruno Federowski; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-markets-latam-idINL1N1IC15K'|'2017-05-10T14:15:00.000+03:00'
'2c7a2ce6795833fdb33ed7a89302aa6102e2325d'|'EBRD sees moderate pick-up in region''s growth, cautious on global backdrop'|'Business News - Wed May 10, 2017 - 8:03am EDT EBRD sees moderate pick-up in region''s growth, cautious on global backdrop left right (L-R) EBRD Secretary General Enzo Quattrociocche, Minister of Finance for Luxembourg Pierre Gramegna, Cypriot President Nicos Anastasiades, EBRD President Suma Chakrabarti and Cyprus'' Finance Minister Harris Georgiades, pose for a family photo during the European Bank for Reconstruction and Development''s (EBRD) 2017 Annual Meeting and Business Forum in Nicosia, Cyprus May 10,2017. REUTERS/Yiannis Kourtoglou 1/5 left right EBRD President Suma Chakrabarti speaks during the Annual Meeting and Business Forum of European Bank for Reconstruction and Development''s (EBRD) in Nicosia, Cyprus May 10,2017. REUTERS/Yiannis Kourtoglou 2/5 left right Russian Minister of Economic Development, Maxim Oreshkin speaks during the Annual Meeting and Business Forum of the European Bank for Reconstruction and Development''s (EBRD) in Nicosia, Cyprus May 10,2017. REUTERS/Yiannis Kourtoglou 3/5 left right EBRD President Suma Chakrabarti (L) and Cypriot President Nicos Anastasiades attend the European Bank for Reconstruction and Development''s (EBRD) 2017 Annual Meeting and Business Forum in Nicosia, Cyprus May 10, 2017. REUTERS/Yiannis Kourtoglou 4/5 left right Cypriot President Nicos Anastasiades addresses an audience during the European Bank for Reconstruction and Development''s (EBRD) 2017 Annual Meeting and Business Forum in Nicosia, Cyprus May 10,2017. REUTERS/Yiannis Kourtoglou 5/5 By Karin Strohecker - LONDON LONDON The European Bank for Reconstruction and Development (EBRD) predicted on Wednesday that its region''s growth would pick up moderately as stable commodity prices supporting Russia and surrounding countries offset headwinds in Turkey. The EBRD - which operates in 36 countries from eastern Europe to Morocco and Mongolia - trimmed the projections from its last round of forecasts in November, striking a cautiously positive tone though warning of increasing economic and political uncertainties ahead. "As oil prices have stabilized at levels well above those seen in the first half of 2016 and the Russian economy has emerged from a two-year recession, growth in the east of the region is projected to pick up gradually," the EBRD said in its biannual economic report. "The outlook for Turkey and Southern and Eastern Mediterranean has weakened somewhat reflecting, in part, security and geopolitical risks and a resulting drop in tourism receipts and investment." The EBRD predicted growth across its region would rise from 1.8 percent in 2016 to average 2.4 percent in 2017 and 2.8 percent next year. In November, the bank had forecast 2017 growth at 2.5 percent. While the acceleration was broad based, it fell short of both the world average growth as projected by the International Monetary Fund and the EBRD''s own region long-term average growth, it added. DOWNGRADE The EBRD slashed Turkey''s growth outlook by 0.4 percentage points to 2.6 percent this year after slow growth in 2016 due to factors including a credit rating downgrade to ''junk'', the state of emergency since the failed coup and the lira TRY= weakening by 17 percent against the dollar in 2016 which pushed inflation to double digits for the first time in five years in February. "Turkey''s external situation remains a challenge," it said. "Gross external financing needs are almost 25 percent of GDP, leaving the country exposed to global liquidity conditions." For Russia, the EBRD confirmed its previous 2017 growth forecast of 1.2 percent and predicted 1.4 percent in 2018. "Growth is also expected to pick up slightly in Central Asia and Eastern Europe and the Caucasus, reflecting a stabilization of commodity prices and resumed growth in Russia," it said. Central Asia and the Southern and Eastern Mediterranean retained their places as the bank''s two fastest growing regions, but both saw their forecasts trimmed back from Novembe
'b078a5b703a8f8d6aaacb7edbe4cb500f8898927'|'Gold inches up from eight-week low as dollar slides'|'By Jan Harvey - LONDON LONDON Gold edged off the previous day''s eight-week low on Wednesday as U.S. President Trump''s abrupt firing of FBI chief James Comey weighed on U.S. stocks, though gains were capped by expectations of further interest rate increases.European shares retreated from 21-month highs in earlier trade and the dollar initially slipped on concerns that Trump''s dismissal of his FBI chief could make it harder for him to push through tax reform plans. [MKTS/GLOB]Spot gold was up 0.2 percent at $1,223.42 an ounce by 1405 GMT, while U.S. gold futures for June delivery gained $7.20 to $1,223.40.The metal has slipped sharply in the past week as concerns about this month''s French elections and North Korea''s nuclear programme faded, slipping to its lowest since mid-March at $1,213.81 on Tuesday."(This) looks like an attempt at stabilisation today after the sharp losses in the preceding days," Commerzbank analyst Carsten Fritsch said. "Trump''s firing of FBI Chief Comey adds new uncertainty, (and) stock markets seem to pause."Trump attributed his decision to sack Comey, who had been leading an investigation into the Trump campaign''s possible collusion with Russia during the 2016 election, to the FBI chief''s handling of an investigation into presidential nominee Hillary Clinton''s emails.Rival Democrats said that Trump had political motives for the move.In addition to jitters over Comey''s ousting, rekindled fears that North Korea could be gearing up for another weapons test fed into risk aversion in the broader markets, taking some pressure off gold."The unpredictability of both Trump and North Korea has been a reminder that geo-risk has not disappeared but temporarily gone into hibernation," said Saxo Bank''s head of commodity research, Ole Hansen."Initially (the Comey sacking) has had only a limited impact but it highlights that there are other drivers out there. It can turn on a plate if one of the two escalates, especially North Korea."Gains in gold remained muted as expectations for further U.S. monetary policy tightening next month underpinned the dollar and weighed on bullion.The metal is highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced.Among other precious metals, silver was up 0.6 percent at $16.24 an ounce after sliding to its weakest since Jan. 3 at $16.01 on Tuesday. Platinum was up 0.7 percent at $907.60 and palladium rose 0.6 percent to $801.05.(Additional reporting by Swati Verma in Bengaluru; Editing by Edmund Blair and David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN1860RC'|'2017-05-10T15:41:00.000+03:00'
'c81548d295d96c07357be5fcf97d04576717d3bf'|'Ireland''s PTSB sees new mortgage lending momentum continuing'|' 17pm BST Ireland''s PTSB sees new mortgage lending momentum continuing DUBLIN Ireland''s permanent tsb ( IL0A.I ) hopes to keep increasing new mortgage lending throughout 2017 as momentum continued into the second quarter after a 63 percent year-on-year rise in the first three months, its chief executive said on Wednesday. PTSB increased its share of Ireland''s fast recovering mortgage market to 10.4 percent in the first quarter, moving it back towards the 13-17 percent level it targeted to capture by the end of 2018 when it re-floated on the stock exchange two years ago. "We''re making good strides and I''d hope to maintain that performance throughout the year," Jeremy Masding told reporters, adding that its market share would not reach the 13 percent mark this year.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-permanent-tsb-results-mortgages-idUKKBN1861S1'|'2017-05-10T21:17:00.000+03:00'
'd0f633f0e12add9abf43a376d42b4490afbb609f'|'UPDATE 2-Value meals drive Wendy''s profit, sales beat; shares soar'|'* Q1 same-restaurant sales up 1.6 pct vs. est. 1.1 pct* Says no impact from McDonald''s fresh beef test* Shares hit near 10-yr high at $16.12 (Adds details from conference call, updates shares)May 10 Wendy''s Co reported quarterly same-restaurant sales and profit that topped estimates, driven by the popularity of its value meals and lower costs, sending its shares to their highest in nearly a decade in morning trading on Wednesday.The U.S. burger chain has been promoting its value meals such as "4 for $4" to attract diners, as grocery prices have fallen in recent months, encouraging more people to cook at home.Wendy''s in January added the Double Stack cheeseburger, which includes a burger, chicken nuggets, a small serving of fries and a drink, to its "4 for $4" value meals.The company brought back its popular North Pacific Cod sandwich and also promoted its Ranch Chicken Club sandwich more in the first quarter, which helped push up same-restaurant sales to 1.6 percent, beating the 1.1 percent growth expected by analysts polled by research firm Consensus Metrix.Consumers continue to spend less and save more despite higher discretionary income, leading Wendy''s and rivals to increase promotions on their value offerings, Wendy''s Chief Financial Officer Gunther Plosch said on a conference call.The company said it did not see any material impact from McDonald''s Corp testing "Quarter Pounder" hamburgers made with fresh beef in Dallas.McDonald''s announced the test in March, a move that was expected to give competition to Wendy''s promise of "fresh never frozen beef", but would require restaurant operators to make changes to cooking routines that could slow service.Wendy''s said it would continue to offer more value-oriented products such as its 50 cent Frosty.General and administrative expenses fell 19 percent to $52.4 million in the first quarter ended April 2, due to lower professional fees, lesser incentive compensation payout and as the company sold more restaurants to franchisees.Net income fell to $22.3 million from $25.4 million in the quarter.On a per share basis, the company''s profit remained unchanged at 9 cents per share, due to fewer outstanding shares from a year earlier.Revenue fell 24.5 percent to $285.8 million from a year earlier, mainly because the company sold more restaurants to franchisees.Analysts on average had expected earnings of 8 cents per share on revenue of $282.6 million, according to Thomson Reuters I/B/E/S.Wendy''s shares rose as much as 6.8 percent to $16.12 in morning trading on Wednesday. Up to Tuesday''s close, the stock has risen about 12 percent since the start of the year. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/wendys-results-idINL4N1IC3XR'|'2017-05-10T12:48:00.000+03:00'
'040ac50c458d290137cf6163a3bfe0384bb7e553'|'Toyota forecasts 20 percent FY operating profit drop on higher marketing expenses'|'Autos - Wed May 10, 2017 - 7:32am BST Toyota forecasts 20 percent FY operating profit drop on higher marketing expenses A woman walks past Toyota Motor Corp''s C-HR model which is displayed at its headquarters in Tokyo, Japan, February 6, 2017. REUTERS/Kim Kyung-Hoon TOKYO Toyota Motor Corp forecast on Wednesday a 20 percent fall in operating profit this year as the world''s second largest automaker expects global vehicle sales to remain largely flat while it expects increased expenses from marketing activities. Toyota expects operating profit to come in at 1.6 trillion yen (10.8 billion pounds) in the year to March, below an average estimate of 2.3 trillion yen from 25 analysts polled by Thomson Reuters I/B/E/S, and less than the 1.99 trillion yen profit posted in the year just ended. Toyota''s forecast is based on a projection that the yen will average around 105 yen to the U.S. dollar in the year through March, compared with 108 yen in the year just ended. The automaker also said it would buy back up to 1.65 percent of its own shares, worth 250 billion yen. (Reporting by Naomi Tajitsu; Editing by Miral Fahmy and Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toyota-results-idUKKBN1860L1'|'2017-05-10T14:32:00.000+03:00'
'e3984261abf6e7ce204e0946bd6be7fc369f13d1'|'Insurer Aviva exits three Spanish JVs in hunt for higher profits'|'Deals -  37am BST Insurer Aviva exits three Spanish JVs in hunt for higher profits By Simon Jessop - LONDON LONDON British insurer Aviva ( AV.L ) has sold its stake in three Spanish joint ventures for 475 million euros ($517.23 million), it said on Wednesday, as part of efforts to focus on more profitable markets. Aviva has already sold part of its French business this year, and is conducting a strategic review of its operations in Taiwan. Its core markets include Britain and Canada. The sale of a 50 percent stake in life insurance and pension joint ventures Unicorp Vida and Caja Espa<70>a Vida, and retail life insurance business Aviva Vida y Pensiones, were all to Santaluc<75>a, Aviva said in a statement. The deal, part of a strategic review of its Spanish operations, was done at an attractive price and was "a strong outcome for Aviva", Chief Executive Mark Wilson said. "It highlights our absolute focus on allocating capital effectively across the group and further strengthens our capital and liquidity position," he said. The deal price was roughly 1.5 times Aviva''s share of the 2016 IFRS net asset value of the businesses, and 12 times its share of 2016 earnings after tax, Aviva said. It remains subject to regulatory approvals and should close in the fourth quarter. It leaves Aviva''s Spanish unit with stakes in life insurance joint ventures with Caja Granada and Cajamurcia, both part of Banco Mare Nostrum, and Pelayo Group. "Following today''s announcement, Aviva is left with a couple of JVs in Spain that make operating earnings of 25 million to 30 million pounds, pre minorities and pretax," JPMorgan analyst Ashik Musaddi said in a note to clients. "This, in our view, is in line with market speculation that (the) Spanish businesses could be worth around 700 million euros in total," he added, reaffirming an ''overweight'' rating and 536 pence price target. At 0839 GMT, shares in Aviva were up 0.7 percent at 539.3 pence a share, outperforming a flat FTSE 100 .FTSE index. Panmure Gordon analyst Barrie Cornes said in a note to clients the deal should be welcomed by shareholders, flagging a ''buy'' rating on the stock and 592 pence price target. "We believe that a combination of Aviva''s self-help program, current valuation and attractive dividend yield should see the share price rise in the short to medium term." (Additional reporting by Rachel Armstrong; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-aviva-m-a-spain-idUKKBN186139'|'2017-05-10T17:23:00.000+03:00'
'2769a53b6a318169ea08aefe302e71d058b90911'|'Lemonade sweetens U.S. insurance rollout plans with California license'|'Technology News - Wed May 10, 2017 - 8:07am EDT Lemonade sweetens U.S. insurance rollout plans with California license By Suzanne Barlyn Lemonade Inc, a tech-driven insurance startup that promises renters and homeowners insurance in as little as 90 seconds and payment of claims in 3 minutes, has won approval from California regulators to sell policies in the state, the company said. The insurer''s foray into California, the most populous U.S. state, comes amid the company''s push to become licensed nationwide, less than a year after launching in New York. Last month, Lemonade, which sells policies directly to consumers through its website and smartphone app, expanded into Illinois. Lemonade, whose policies become available in California on Wednesday, is seen by the industry as a "disruptor," or a company that stands to upend how consumers have traditionally done business. The insurer is part of a broader movement among financial and technology or "fintech" companies that are trying to disrupt longstanding business models. Fintech ventures typically leverage technology, such as cloud data storage or smartphones, to provide cheap and easy-to-access services such as loans, insurance, payments, money transfers, stock trading. In the first quarter this year, venture-backed fintech companies in the United States raised $1.1 billion, an 8 percent drop from the previous quarter and down 39 percent from the same period a year ago, according to venture capital database CB Insights. "This is huge for us," said Lemonade Chief Executive Officer Daniel Schreiber. "California is one of the biggest prizes." The state is the third-largest U.S. market for homeowners coverage, with insurers collecting $7.46 billion in premiums for 2015, according to the Insurance Information Institute (III). Florida is the largest homeowners insurance market with $8.77 billion in premiums collected, followed by Texas ($7.99 billion), according to III. Schreiber declined to comment on the amount of premiums Lemonade has written to date. Lemonade has raised a total of $60 million in capital during its first year, including a new investment from Sound Ventures, the investment firm of actor Ashton Kutcher and talent manager Guy Oseary. Last month, Allianz SE said it was also backing the company but declined to disclose the amount of its stake. Other backers include Sequoia Capital, GV, General Catalyst and Aleph. (Reporting by Suzanne Barlyn in New York; Editing by Matthew Lewis) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-lemonade-california-idUSKBN1861LN'|'2017-05-10T20:00:00.000+03:00'
'6d3f4146edcad4bae13dec18200e0e5c7b6e63e1'|'Australia banks could make customers pay for surprise tax - analysts'|'Business News - Wed May 10, 2017 - 4:41am BST Australia banks could make customers pay for surprise tax - analysts left right FILE PHOTO: A customer walks out of a Westpac Banking Corp branch as pedestrians holding umbrellas walk past in central Sydney, Australia, March 30, 2017. REUTERS/David Gray/File Photo 1/2 left right FILE PHOTO: A woman looks at her iPhone as she walks past a sign announcing a new branch of the Australia and New Zealand Banking Group Ltd (ANZ) in central Sydney, Australia, April 27, 2016. REUTERS/David Gray/File Photo 2/2 By Jamie Freed - SYDNEY SYDNEY Australia''s biggest banks are likely to pass on the bulk of a surprise A$6.2 billion (3.5 billion pounds) tax to their customers in the form of higher interest rates rather than accept an earnings cut, fund managers and analysts said on Wednesday. The government on Tuesday announced a six basis points levy on bank liabilities in a bid to raise about A$1.5 billion a year from the five biggest banks - Commonwealth Bank of Australia, Westpac Banking Corp, Australia and New Zealand Banking Group, National Australia Bank and Macquarie Group - over the next four years. The measure, which also aims to help smaller rivals compete with the banking oligopoly, comes into effect July 1 and was introduced by a centre-right government that has been defending the banks against calls for a wide-ranging inquiry into their practices. Morgan Stanley analysts said the levy would reduce the annual earnings of the big five banks by an average of 4.5 percent. Westpac said the financial impact of the levy was not immediately clear while representatives of CBA and NAB declined to comment. ANZ and Macquarie did not respond immediately to requests for comment. "It is clear it is a tax on earnings," Karara Capital investment manager Rohan Walsh said. "I think (the banks) will make efforts to maintain the level of profitability and returns on assets." Australian Bankers'' Association Chief Executive Anna Bligh called the tax a "not a well thought out policy response to a public interest issue." "It is a political tax grab to cover a budget black hole," she said in a statement. Shares in the big banks fell by as much as 3 percent on Wednesday, having also declined on Tuesday. The broader S&P/ASX 200 index was up 0.5 percent in early afternoon trading. Analysts said the banks could charge customers more to offset the tax costs. The banks may also try and overturn the measure: in 2010, the mining sector funded a campaign against a Labor government over a new resources tax that ultimately helped unseat Kevin Rudd, the prime minister at the time. Treasurer Scott Morrison on Wednesday said the banks would be "offending their customers" if they raised mortgages because the levy was only imposed on liabilities such as corporate bonds, commercial paper, certificates of deposit and tier-2 capital instruments. Arnhem Investment Management portfolio manager Mark Nathan said the banks did not view their funding sources as discreet cost pools in that way, which meant they were likely to raise rates on all customers. "In so far that banks were able to hold their dividends prior to this I don''t think that is going to be the straw that breaks the camel''s back because they will pass most of it on," he added. (This version of the story corrects names throughout the copy that were changed by a technical error) (Additional reporting by Jonathan Barrett; Editing by Miral Fahmy)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-australia-budget-banking-idUKKBN18609R'|'2017-05-10T11:41:00.000+03:00'
'7bfdd8b9c3d2f398937ced08502962c7521a6aec'|'UPDATE 1-Marriott profit beats on higher occupancy'|'Retail - Mon May 8, 2017 - 5:05pm EDT Marriott profit beats on higher occupancy A Marriott flag hangs at the entrance of the New York Marriott Downtown hotel in Manhattan, New York November 16, 2015. REUTERS/Andrew Kelly Marriott International Inc ( MAR.O ), the world''s largest hotel chain, reported a higher-than-expected quarterly profit, driven by higher room rates and occupancy. Shares of the company were up 4.1 percent in extended trading on Monday. The hotel chain, which owns the Ritz-Carlton and St. Regis luxury hotel brands, said it expects revenue per available room (revPAR), a key metric that measures hotel health, to rise 1-3 percent this year, up from its previous forecast of 0.5 to 2.5 percent. RevPAR is calculated by multiplying a hotel''s average daily room rate by its occupancy rate. "RevPAR exceeded our expectations in North America and Europe due to stronger group attendance and higher-rated business transient demand," Chief Executive Arne Sorenson said in a statement. Marriott''s North American and worldwide systemwide RevPAR rose 3.1 percent, in the first quarter ended March 31. The company, whose brands also include the JW Marriott, Autograph and Courtyard, said its room rates edged up 0.6 percent while occupancy increased 1.7 percent. Net income rose to $365 million, or 94 cents per share, in the quarter, from $219 million, or 85 cents per share, a year earlier. On an adjusted basis, the company earned $1.01 per share, beating estimates of 91 cents, according to Thomson Reuters I/B/E/S. Total revenue for the company rose 47.4 percent to $5.56 billion. Up to Monday''s close, shares of the Bethesda, Maryland-based company had risen 16.6 percent this year. (Reporting by Arunima Banerjee in Bengaluru; Editing by Shounak Dasgupta) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-marriott-intnl-results-idUSKBN1842AD'|'2017-05-09T05:02:00.000+03:00'
'52988b323fdb2c751a2ab1cebffd47207c8ce28a'|'Power producer Calpine exploring a sale: WSJ'|'Power producer Calpine Corp ( CPN.N ) is exploring a sale, the Wall Street Journal reported on Wednesday.The company is working with investment bankers at Lazard Ltd ( LAZ.N ) to find possible buyers, the Journal reported.Shares of Calpine were up 12.8 percent at $11.36 in late afternoon trading.Calpine declined to comment.Up to Tuesday''s close, the company had a market capitalization of $3.63 billion.(Reporting by Arunima Banerjee in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-calpine-m-a-idINKBN1862PM'|'2017-05-10T17:25:00.000+03:00'
'32a5c7aac8db29f7c34f5e2b9ac178dbfe5267d7'|'UPDATE 2-Whole Foods in board shake-up amid investor pressure -source'|'(Adds detail on Jana''s nominee slate, background, annual meeting)By Michael Flaherty and Lauren HirschNEW YORK May 10 More than half of the directors on Whole Foods Market Inc''s board will step down, a person familiar with the matter said on Wednesday, in a dramatic shake-up at the grocery chain as it grapples with a sagging stock price and frustrated investors.The company is expected to announce the departure of five directors, including Chairman John Elstrott, when it reports earnings on Wednesday, the person said, with two more due to leave later this year.Whole Foods, whose board currently has 12 directors, will also announce the appointment of four new directors on Wednesday, the person said. Final details were still being worked out and could change ahead of the earnings release, the person said.The move comes after Jana Partners took an 8.3 percent stake in the company and nominated four directors to serve on the board. Mutual fund firm Neuberger Berman, which owns a 2.7 percent stake, has also pressured the company to take steps to improve its stock price, which has fallen steadily since peaking in 2013.Whole Foods has been losing shoppers to rivals as the natural and organic category it pioneered has gone mainstream at retailers including Kroger Co and Wal-Mart Stores Inc as well as newer competitors like Amazon.com Inc and meal kit provider Blue Apron.Whole Foods has not struck a standstill agreement with Jana, the source said, meaning the hedge fund can continue to pressure the company to turn around performance. So-called standstill agreements usually offer an activist hedge fund representation on the company''s board in exchange for support and silence for at least the next year.Jana Partners and a spokesman for Whole Foods were not immediately available for comment.In a filing in April, Jana said it was frustrated with Whole Foods'' lack of engagement regarding its strategic review, noting its "apparent unwillingness to engage in discussions with third parties regarding such alternatives."Jana has nominated four directors to serve on the company''s board, among them former Gap Inc Chief Executive Glenn Murphy, former Harris Teeter Supermarkets CEO Thomas "Tad" Dickson and former Barclays stock analyst Meredith Adler.Jana can still nominate that slate at the next Whole Foods annual meeting, which is expected to be held in February.Late last year, Whole Foods returned co-founder John Mackey to the role of solo CEO after six years of splitting the job with Walter Robb, who focused on operations, betting that Mackey would be best to lead a turnaround.After Jana disclosed its stake, acquisition speculation swirled around the company, though a suitor has yet to emerge.The Wall Street Journal was first to report the Whole Foods board departures.(Reporting by Michael Flaherty; Editing by Paul Simao and Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/whole-foods-jana-idINL1N1IC1HS'|'2017-05-10T17:51:00.000+03:00'
'4c9781b4cef3f14035b4473fa2771f4976b9ce4d'|'UK Stocks-Factors to watch on May 10'|'Market News - Wed May 10, 2017 - 1:41am EDT UK Stocks-Factors to watch on May 10 May 10 Britain''s FTSE 100 index is seen opening 2 points lower on Wednesday, according to financial bookmakers. * BHP BILLITON: BHP Billiton, said it had started a sales process to potentially divest its Cerro Colorado copper mine in Chile. * STANDARD LIFE/ABERDEEN: Standard Life and Aberdeen Asset Management expect to cut 800 jobs, nearly 10 percent of the firms'' total workforce, within three years of their looming merger, Standard Life said after announcing on Tuesday that the combined group will be named Standard Life Aberdeen. * OIL: Oil futures rose in Asian trading on Wednesday after Reuters reported that Saudi Arabia would cut supplies to the region as OPEC battles against rising U.S. production that is threatening to derail its attempts to end a sustained global glut in crude. * GOLD: Gold edged up on Wednesday from an eight-week low hit the session before, with the dollar slipping after U.S. President Donald Trump abruptly dismissed FBI Director James Comey. * The UK blue chip index closed up 0.6 percent on Tuesday, after British Prime Minister Theresa May vowed to cap energy prices if she was re-elected in June. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Novae Group Plc Q1 2017 Trading Statement Release National Express Group Q1 2017 Interim Management Statement Release Plc Barratt Developments Trading Statement Release Plc Compass Group Plc Half Year 2017 Earnings Release ITV Plc Q1 2017 Trading Statement Release Talktalk Telecom Group Preliminary FY 2017 Earnings Release Plc GW Pharmaceuticals Plc <GWP.L^L Half Year 2017 Earnings Release 16> Vesuvius Plc Q1 2017 Trading Statement Release BGEO Group Plc Q1 2017 Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Harish Bhaskar) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1IC295'|'2017-05-10T13:41:00.000+03:00'
'297109feba337fa0a76b6788f84424ad82a7e786'|'Adidas sells golf business Taylormade to buyout group KPS'|'Business News  40pm BST Adidas sells golf business Taylormade to buyout group KPS A golf ball is shown next to a 15-inch cup on a putting green at the TaylorMade golf facility in Carlsbad, California May 9, 2014. REUTERS/Mike Blake FRANKFURT German sportswear maker Adidas is selling its golf equipment and clothing brands TaylorMade, Adams Golf and Ashworth to private equity firm KPS Capital Partners, taking a hit to its earnings. Adidas will get $425 million, around half of which will be paid in cash and the rest in secured notes and contingent considerations, the company said in a statement on Wednesday. It had put the loss-making business up for sale last year to focus on shoes and clothing. After peaking around 2000, when Tiger Woods was in his prime, the number of people playing golf in the United States, which accounts for half the global golf market, has fallen sharply. Adidas also said that following the sale it will book a charge in the high double-digit to low triple-digit millions of euros range. (This story has been refiled to modify the headline) (Reporting by Arno Schuetze; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-adidas-sale-idUKKBN1862IC'|'2017-05-11T01:29:00.000+03:00'
'92953536cfbadec35314f8c61114a9e07ba4a6fc'|'China''s Li visits Apple supplier Foxconn after CEO''s White House trip'|'Business  59am BST China''s Li visits Apple supplier Foxconn after CEO''s White House trip left right China''s Premier Li Keqiang inspects a Foxconn Technology Group plant, in Zhengzhou, Henan province, China, May 9, 2017. Picture taken May 9, 2017. China Daily/via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. EDITORIAL USE ONLY. CHINA OUT. NO COMMERCIAL OR EDITORIAL SALES IN CHINA. 1/2 left right China''s Premier Li Keqiang inspects a Foxconn Technology Group plant accompanied by Terry Gou, founder and chairman of the company (L), in Zhengzhou, Henan province, China, May 9, 2017. Picture taken May 9, 2017. China Daily/via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. EDITORIAL USE ONLY. CHINA OUT. NO COMMERCIAL OR EDITORIAL SALES IN CHINA. 2/2 TAIPEI China is the best place for expanding manufacturing and investment, the country''s premier told the world''s largest contract electronics maker Foxconn less than two weeks after its chief executive Terry Gou went to the White House to discuss increasing investment in the United States. "We will continue to expand our development, and optimise the business environment. China has a huge market and lots of talent, it is the best investment place for expanding manufacturing," Li Keqiang was reported as saying on the State Council''s official website, which carried pictures of Li''s visit on Tuesday to Foxconn''s sprawling manufacturing facility in Zhengzhou, Henan province. The pictures showed Li being escorted by Gou around the facilities. The State Council statement said Li had encouraged Gou to further invest in high-end research and development as well as in supply chain production in China. Despite the recent rapprochement between U.S. President Donald Trump and China President Xi Jinping over North Korea issues, China remains a competitor to the United States under Trump''s "America first" agenda. Li''s visit comes weeks after Gou and other senior Foxconn executives discussed significant investments in the United States at the White House. At the time, Gou told Reuters that Foxconn was planning "capital-intensive" investments in America. On Wednesday, a person familiar with the matter told Reuters Foxconn plans to begin construction on a U.S. plant in the second half of this year. No other details were provided. When contacted about the matter, Foxconn, formally known as Hon Hai Precision Industry Co, declined to comment. Analysts have said that Gou treads a fine line in balancing his business empire that straddles both the United States and China. Foxconn is a major supplier to Apple Inc. China is the base for its assembly of Apple''s iconic iPhones, and where Foxconn employs about a million people. Foxconn is also in the running as a suitor for Toshiba Corp''s chip business. People familiar with the deal have told Reuters that Foxconn is considered a U.S. security risk due to ties with China. Reuters earlier reported that Japanese display maker Sharp Corp may start building a $7 billion plant in the United States in the first half of 2017, taking the lead on a project initially outlined by its Taiwanese parent Foxconn. (Reporting by Taipei newsroom; Writing by Jess Macy Yu; Editing by Michael Perry and Miral Fahmy)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-foxconn-china-idUKKBN1860DW'|'2017-05-10T15:59:00.000+03:00'
'00329b11bbb2ca02595d9ed1a50404ec0f099b77'|'Puerto Rico benchmark GO debt price drops to record low'|'Business News - Tue May 9, 2017 - 4:42pm EDT Puerto Rico benchmark GO debt price drops to record low The flags of the U.S. and Puerto Rico fly outside the Capitol building in San Juan, Puerto Rico May 4, 2017. REUTERS/ Alvin Baez By Daniel Bases - NEW YORK NEW YORK Puerto Rico''s benchmark general obligation debt price fell to a record low on Tuesday in light trading as the prospect of a drawn-out restructuring of the island''s $70 billion debt load spurred selling. The financially strapped U.S. territory filed on May 3 for the largest U.S. municipal bankruptcy in the history of the $3.8 trillion market. The unprecedented filing was made under Title III, a provision of the 2016 federal rescue law known as PROMESA, which serves as an in-court debt restructuring process akin to U.S. bankruptcy. On Tuesday, a mixture of small odd-lot trades, combined with a few larger block trades, left the price on the defaulted benchmark 2035 GO bonds below a bid price of 60, its lowest price since the $3.5 billion issue was sold in March 2014, according to Thomson Reuters data. 74514LE86=MSRB The bid price on the bonds, which were sold with an 8 percent coupon, fell as low as 58.45 points before settling around 59.41 late on Tuesday. The larger block trades, which mixed in between the odd-lot trades, briefly lifted bid prices into the 61.75/62 range before settling lower. "The longer (Puerto Rico) draws out, the lower prices could end up going down because of the extending timeline," said Shaun Burgess, portfolio manager and lead trader for Puerto Rico strategy at Sarasota, Florida-based Cumberland Advisors. "This is not going to be a fast process and market participants are coming to that realization and adjusting positions to newer estimated recovery time lines," he said. Puerto Rico''s bankruptcy dwarfs the prior record of $18 billion in 2013 that was held by Detroit. It took roughly 17 months to resolve Detroit''s case. On Friday, U.S. Chief Justice John Roberts appointed a U.S. District Judge Laura Taylor Swain of the Southern District of New York to oversee the case. It remains unclear how much of the case will be handled in New York and how much will occur in San Juan. The judge''s chambers declined to comment. The federally appointed financial oversight and management board certified a 10-year fiscal turnaround plan that covers a quarter of the debt service required. "And while the board is responsible for filing a restructuring plan, it will likely allow the government to craft the initial proposal. This puts creditors at a disadvantage because they may not propose alternative plans," said Sean McCarthy, head of municipal credit at PIMCO. (Reporting By Daniel Bases; Editing by Cynthia Osterman) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-puertorico-debt-idUSKBN1852HJ'|'2017-05-10T00:42:00.000+03:00'
'e9ce04482cc84ed51bb729676d1978ae30464131'|'Chinese Premier Li Keqiang visits Foxconn, after CEO goes to White House'|'Business News - Wed May 10, 2017 - 1:42pm IST China''s Li visits Apple supplier Foxconn after CEO''s White House trip left right China''s Premier Li Keqiang inspects a Foxconn Technology Group plant, in Zhengzhou, Henan province, China, May 9, 2017. Picture taken May 9, 2017. China Daily/via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. EDITORIAL USE ONLY. CHINA OUT. NO COMMERCIAL OR EDITORIAL SALES IN CHINA. 1/2 left right China''s Premier Li Keqiang inspects a Foxconn Technology Group plant accompanied by Terry Gou, founder and chairman of the company (L), in Zhengzhou, Henan province, China, May 9, 2017. Picture taken May 9, 2017. China Daily/via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. EDITORIAL USE ONLY. CHINA OUT. NO COMMERCIAL OR EDITORIAL SALES IN CHINA. 2/2 TAIPEI China is the best place for expanding manufacturing and investment, the country''s premier told the world''s largest contract electronics maker Foxconn less than two weeks after its chief executive Terry Gou went to the White House to discuss increasing investment in the United States. "We will continue to expand our development, and optimize the business environment. China has a huge market and lots of talent, it is the best investment place for expanding manufacturing," Li Keqiang was reported as saying on the State Council''s official website, which carried pictures of Li''s visit on Tuesday to Foxconn''s sprawling manufacturing facility in Zhengzhou, Henan province. The pictures showed Li being escorted by Gou around the facilities. The State Council statement said Li had encouraged Gou to further invest in high-end research and development as well as in supply chain production in China. Despite the recent rapprochement between U.S. President Donald Trump and China President Xi Jinping over North Korea issues, China remains a competitor to the United States under Trump''s "America first" agenda. Li''s visit comes weeks after Gou and other senior Foxconn executives discussed significant investments in the United States at the White House. At the time, Gou told Reuters that Foxconn was planning "capital-intensive" investments in America. On Wednesday, a person familiar with the matter told Reuters Foxconn plans to begin construction on a U.S. plant in the second half of this year. No other details were provided. When contacted about the matter, Foxconn, formally known as Hon Hai Precision Industry Co ( 2317.TW ), declined to comment. Analysts have said that Gou treads a fine line in balancing his business empire that straddles both the United States and China. Foxconn is a major supplier to Apple Inc ( AAPL.O ). China is the base for its assembly of Apple''s iconic iPhones, and where Foxconn employs about a million people. Foxconn is also in the running as a suitor for Toshiba Corp''s ( 6502.T ) chip business. People familiar with the deal have told Reuters that Foxconn is considered a U.S. security risk due to ties with China. Reuters earlier reported that Japanese display maker Sharp Corp ( 6753.T ) may start building a $7 billion plant in the United States in the first half of 2017, taking the lead on a project initially outlined by its Taiwanese parent Foxconn. (Reporting by Taipei newsroom; Writing by Jess Macy Yu; Editing by Michael Perry and Miral Fahmy) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-foxconn-china-idINKBN1860DS'|'2017-05-10T02:49:00.000+03:00'
'c0152e80eefdb3793574869eca9ac2e13622a485'|'EU regrets Swiss decision to limit Bulgarian, Romanian access to labour market'|'Business News - Wed May 10, 2017 - 4:48pm BST EU regrets Swiss decision to limit Bulgarian, Romanian access to labour market BRUSSELS The European Commission said on Wednesday it regretted the decision by Switzerland to limit Bulgarian and Romanian citizens'' access to the labour market for the next 12 months. "Today the Federal Council decided to invoke the clause allowing for quantitative limitation of the free movement of persons with respect to the new long term residence permits for the citizens of Bulgaria and Romania," a spokeswoman said. "The Protocol to the Agreement foresees the possibility to use the clause for a period of 10 years after the entry into force of the Protocol, as was done in the past for other Member States. The Commission regrets this decision in light of the overall decreasing trend in the number of requested residence permissions by EU citizens," she said. Free movement of workers between Switzerland and the European Union is largely guaranteed through bilateral agreements, although a so-called "safeguard clause" allows for limits like those being adopted by Switzerland if the number of people arriving exceeds certain levels. (Reporting By Jan Strupczewski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-swiss-eu-commission-idUKKBN18627K'|'2017-05-10T23:48:00.000+03:00'
'6befe110ab016f6338bd3b2ab896f47df86be48a'|'UPDATE 2-Brazil''s Triunfo eyes creditor deal to sell assets, sources say'|'(Adds share performance, results in paragraph 10-11)By Guillermo Parra-BernalSAO PAULO May 11 TPI Triunfo Participa<70><61>es & Investimentos SA and its creditors are discussing a restructuring plan allowing the indebted Brazilian infrastructure company to retain cash from potential asset sales while it downsizes further, three people familiar with the situation said.Triunfo''s sale of a 50 percent stake in a port to partner MSC Mediterranean Shipping Co SA is ready, one source said. An announcement hinges on whether state development bank BNDES and other Triunfo creditors agree not to use proceeds from the sale to get their loans repaid immediately, the person said.Without an agreement with creditors, Triunfo could risk the completion of future asset sales, including stakes in an airport and several toll roads. An exit from the port known as Terminal Portu<74>rio de Navegantes SA would speed up the company''s downsizing, analysts at Eleven Financial Research said recently.Triunfo is negotiating the restructuring proposal with creditors individually, two of the people said this week. While there is no timetable for presenting a definitive plan, the likelihood of that happening over the next two weeks or so is increasing, they added.Neither Triunfo nor the banks want the highway, airport and port operator to file for bankruptcy protection, the sources said. Triunfo has struggled with the impact of Brazil''s three-year recession and a 3.5 billion-real ($1.11 billion) debt burden.Brazilian corporate debt restructurings have become more complex in recent months as banks impose conditions such as sales of assets or even entire companies. This has slowed merger announcements in the country.A spokeswoman for S<>o Paulo-based Triunfo declined to comment. BNDES''s media office did not immediately comment.One major goal of the plan is convincing BNDES to suspend the foreclosure of an 800 million-real loan that Triunfo defaulted on late last year, two of the people said.Ita<74> Unibanco Holding SA, Banco Santander Brasil SA and state-controlled Banco do Brasil SA are among Triunfo''s creditors. Others include Banco Votorantim SA and Banco Pine SA.LARGER LOSSESTriunfo''s shares fell 2.4 percent on Thursday to 3.68 reais.After markets closed, the company reported a net loss of 100 million reais in the first quarter, four times the size of its loss a year earlier, due to the rising cost of servicing debt.In a Wednesday securities filing, Triunfo tapped Luiz Alberto K<>ster as senior vice president of a recently created new-business division.Triunfo borrowed heavily at the start of the decade to fund expansion in toll roads, electricity and airports. Still, Brazil''s worst-ever recession has eroded profitability at the company, and at least 1 billion reais of its debt will mature by the end of next year.Reuters reported on March 27 that MSC Mediterranean Shipping was likely to exercise a right of first refusal to buy Triunfo''s stake in the PortoNave port terminal for an equivalent of 12 times expected operational earnings.The Geneva-based media office of MSC did not immediately respond to a request for comment.Apart from PortoNave, Triunfo is looking to sell stakes in companies running Brazil''s Viracopos international airport and a hydropower dam.News of the PortoNave sale drove Triunfo''s shares to an 11-month high of 5.04 reais on April 4, but they have since fallen 29 percent.($1 = 3.1563 reais) (Reporting by Guillermo Parra-Bernal; Editing by Lisa Von Ahn and Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tpi-triunfo-part-restructuring-idINL1N1ID0EK'|'2017-05-11T21:49:00.000+03:00'
'0a6f0b32f3736c49187a5c8d93b7737d9fa73e5b'|'UPDATE 1-U.S. FDA approves Merck immunotherapy/chemo combo for lung cancer'|'Market   5:55pm EDT UPDATE 1-U.S. FDA approves Merck immunotherapy/chemo combo for lung cancer (Adds company comment, share move, background) By Bill Berkrot May 10 Merck & Co said on Wednesday U.S. health regulators approved its Keytruda in combination with chemotherapy for previously untreated advanced lung cancer, solidifying the drugmaker''s lead position in the field of medicines that help the immune system fight cancer. Lung cancer is by far the largest oncology market and the approval significantly expands the number of patients available for Keytruda therapy. Merck shares rose 3.4 percent to $66.15 after the approval announcement. The accelerated approval for the combination therapy was based on data from a study of 123 previously untreated patients with metastatic non-squamous non-small cell lung cancer (NSCLC). "It was a small trial but the results were really quite striking," said Roy Baynes, head of global clinical development for Merck Research Labs. The Food and Drug Administration approved Keytruda in combination with Eli Lilly''s Alimta, the chemotherapy drug used in the study that led to the agency''s decision. Keytruda alone was already approved as an initial, or first-line, therapy for advanced NSCLC in patients whose cancer cells have a high level of the PD-L1 protein the drug targets. The combination approval allows for treatment regardless of level of PD-L1. Merck scored a coup last year, when Keytruda extended patient survival in a first-line lung cancer trial, supplanting Bristol-Myers Squibb as the perceived leader in the field. Bristol''s rival drug Opdivo surprisingly failed to show a survival benefit compared with chemotherapy in a similar study. Both drugs and a rival medicine from Roche were already approved for lung cancer once a prior treatment fails or stops working. The medicines belong to a new class of cancer drugs, called PD-1 or PD-L1 inhibitors, that block a mechanism tumors use to evade detection by the immune system. There are now five approved for a variety of cancers, but all companies involved are aiming for a slice of the lung cancer market. Bristol-Myers is testing Opdivo with its other immunotherapy, Yervoy, as a first-line NSCLC treatment, but did not seek accelerated approval. AstraZeneca is also testing an all immuno-oncology combination with highly anticipated data expected mid-year. The original Keytruda first-line approval allowed for treatment of about 30 percent of NSCLC cases. The combination could be used on all patients with non-squamous NSCLC, which accounts for about 75 percent of lung cancer cases. There are hundreds of studies testing Keytruda with all manner of cancer treatments with the hope of increasing duration of response and the percentage of patients who benefit. (Reporting by Bill Berkrot; Editing by James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/merck-co-lungcancer-idUSL1N1IC28N'|'2017-05-11T05:55:00.000+03:00'
'e8f871c036b3e76d8be7fb9c7ab1d8664c38b091'|'Eurofer expects EU to rule in favour of final duties on hot rolled steel'|'Business News - Thu May 11, 2017 - 12:32pm BST Eurofer expects EU to rule in favour of final duties on hot rolled steel A Chinese worker operates a machine for hot-rolled steel at Baosteel factory in Shanghai February 25, 2005. REUTERS/Claro Cortes IV By Maytaal Angel - BRUSSELS BRUSSELS European steel body Eurofer said it expects the European Union to rule in favour of final duties on hot rolled steel from Brazil, Iran, Russia, Serbia and Ukraine, having decided in April not to apply provisional duties on the five countries. The European steel sector is slowly emerging from a crisis that saw prices plunge in 2015, but Eurofer says it still faces risks from unfairly traded steel from China and elsewhere. "I expect to (see final) measures, but to what extent, which countries and how high, that is another question," Geert Van Poelvoorde, Eurofer president, told Reuters on the sidelines of the European Steel Day conference in Brussels on Wednesday. A Commission spokesman said the Commission does not comment on ongoing investigations. The Commission, the EU executive, decides whether to impose provisional duties on unfairly traded or "dumped" products, while EU member states decide on final duties. Van Poelvoorde, who is also CEO of ArcelorMittal Europe Flat Steel Products ( ISPA.AS ), said many member states had been in favour of provisional duties, so he was optimistic that final tariffs would be imposed. The EU currently has 39 anti-dumping and anti-subsidy measures in place on steel, 17 of which involve China. Its attention has only recently shifted to non-Chinese steel as the impact of its barriers on China take hold. Steel is the second largest industry in the world after oil and gas. G20 governments pledged in September to address the serious problem of excess capacity that has punished the industry for years with low prices. Van Poelvoorde said there had been a rapid increase in imports of unfairly traded steel from Brazil, Iran, Russia, Serbia and Ukraine following the Commission decision not to impose provisional duties. "The Commission report showed there was dumping, showed there was injury. Evidence (was) overruled in favour of a political decision," he said. A decision on final duties is due by October 6. EU steel imports rose 9 percent in 2016 to hit a multi-year peak, according to Eurofer. By the second half of the year, a quarter of the 156 million tonnes of steel consumed in the bloc was accounted for by imports, Eurofer data shows. The European steel industry has a turnover of around 170 billion euros (<28>143.3 billion) and directly employs 320,000 people, producing on average 170 million tonnes of steel per year, versus a global total of 1.6 billion tonnes. (Additional reporting by Philip Blenkinsop, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-steel-duties-idUKKBN1871F7'|'2017-05-11T19:32:00.000+03:00'
'f5abb4d2374ab6e4069fa3a124a6bba53fca2c60'|'Industrial output falls again, trade gap widens sharply as economy slows'|'Economy   1:25pm BST Industrial output falls again, trade gap widens sharply as economy slows A man walks past a car scrap yard in east London January 25, 2013. REUTERS/Paul Hackett LONDON British industrial output shrank for a third month in a row in March, official data showed on Thursday, underscoring how the impact of last year''s Brexit vote has begun to weigh on the economy. The Office for National Statistics also said Britain''s trade deficit widened by more than expected, a further setback for hopes that the fall in the value of the pound since the European Union membership referendum would help rebalance the economy. Industrial output fell by a monthly 0.5 percent - a sharper decline than expected by economists taking part in a Reuters poll - and output in February was revised lower. The manufacturing sector, which is part of overall industrial output, saw output fall by 0.6 percent, compared with economists'' expectations of no change. For the first quarter as a whole, industrial output only inched up by 0.1 percent and manufacturing growth slowed to 0.3 percent. Britain''s economy has slowed this year after it initially withstood the shock of the decision by voters to leave the European Union in a referendum in June. The slowdown and uncertainty about Britain''s future relationship with the EU have added to expectations that the Bank of England will keep interest rates at their record low possibly for another two years. The BoE is due to announce its latest thinking on Britain''s economy at 1100 GMT on Thursday. Consumers, who are the main drivers of growth, have reined in their spending as inflation rises quickly, pushed up by the post-Brexit vote fall in the value of the pound. Some surveys have suggested that manufacturers started the year well, potentially offsetting some of the slowdown in consumer spending. But that optimism has not yet been reflected in official data. The ONS said Thursday''s figures implied no change to its preliminary estimate that Britain''s economy grew by 0.3 percent in the first quarter, less than half the pace of growth at the end of 2016. Despite the weaker start to the year for the economy, British Prime Minister Theresa May is widely expected to win comfortably a national election she has called for June 8. Separate data from the ONS showed Britain''s goods trade deficit with the rest of the world widened to 13.441 billion pounds, bigger than the median forecast of 11.8 billion pounds in the Reuters poll of economists. That took the total trade deficit - including Britain''s surplus in services - for the first quarter to 10.540 billion pounds, more than double the shortfall in the fourth quarter. Growth in exports of goods, measured in volume terms, slowed to 0.2 percent in the first quarter while import volumes jumped by 3.3 percent. An ONS official said the widening deficit was fuelled by imports of machinery and cars and by rising oil imports. The ONS also released figures for construction output in March, which fell 0.7 percent on the month and rose 2.4 percent on the year. The Reuters poll had pointed to growth of 0.3 percent and 2.8 percent respectively. (Reporting by William Schomberg and Alistair Smout; ((uk.economics@reuters.com, Tel: +44 207 542 7778)))'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-idUKKBN1870WF'|'2017-05-11T16:42:00.000+03:00'
'6e6a250f86023573bb573449253c7e7e1f04bcd4'|'UPDATE 2-Teva Q1 profit tops estimates, revenue up on Actavis deal'|'Thu May 11, 2017 - 9:49am EDT Teva first-quarter profit tops estimates, revenue up on Actavis deal FILE PHOTO: An employee of Teva Pharmaceutical Industries wears a shirt bearing the company''s logo at its Jerusalem oral solid dosage plant (OSD) December 21, 2011. REUTERS/Ronen Zvulun/File Photo By Tova Cohen - TEL AVIV TEL AVIV Israel-based Teva Pharmaceutical Industries ( TEVA.TA ) reported a smaller-than-expected fall in first-quarter profit on Thursday, with sales boosted by its $40.5 billion acquisition last year of generics drug business Actavis. Teva was left without a permanent chief executive in February after Erez Vigodman stepped down, leaving new management to try to restore confidence in the world''s biggest generic drugmaker after a series of missteps. Its chief financial officer (CFO) Eyal Desheh also said he was resigning at the end of June. Teva on Thursday named Michael McClellan as interim CFO, effective July 1. For the last two years he has been CFO of Teva''s speciality medicines division and before that he was the U.S. CFO at French rival Sanofi ( SASY.PA ). Chairman Sol Barer said a number of "excellent candidates" had been interviewed for the CEO post. "The board will take the time it needs to find the best candidate but I am pleased with progress we have made," he told a conference call. When asked whether Teva might waive its requirement for the CEO to be based in Israel, he said: "We are looking around the world for the best candidate. We are committed once we find that candidate to do what it takes to bring that candidate to Teva." First-quarter earnings per share (EPS) slipped to $1.06 excluding exceptional items from $1.20 a year earlier, but revenue was up 17 percent at $5.63 billion. Analysts had on average forecast underlying earnings of $1.03 on revenue of $5.68 billion, according to Thomson Reuters I/B/E/S Estimates. Teva''s shares were up 3.4 percent at 114.10 shekels in late Tel Aviv trading. Global sales of Teva''s best-selling multiple sclerosis drugCopaxone fell 4 percent in the quarter to $970 million. "Given the absence of a generic competitor it''s surprising that Copaxone didn''t beat expectations," Goldman Sachs analyst Jami Rubin said. Analysts were expecting $985 million in sales. Teva reaffirmed its 2017 forecast for EPS of $4.90-$5.30 on revenue of $23.8-$24.5 billion. The company said it expected synergies and cost reduction benefits related to Actavis to total $1.5 billion by the end of 2017, up $200 million from its previous forecast. "While we have several challenges facing us, including the U.S. generics market dynamics and greater instability in the Venezuela market, we are very confident that the global business we have built will allow Teva to thrive in the future," interim CEO Yitzhak Peterburg said. Changes in exchange rates for the Venezuelan bolivar and inflation-driven price increases in Venezuela cut revenue by $217 million. Peterburg said the situation in Venezuela continued to deteriorate, which could hit Teva''s production capabilities. The company is looking to sell its women''s health business and its oncology and pain business in Europe to pay down debt. Teva will pay an unchanged quarterly dividend of 34 cents per ordinary share and $17.50 per mandatory convertible preferred share. (Additional reporting by Steven Scheer; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-teva-pharm-ind-results-idUSKBN1871ER'|'2017-05-11T21:46:00.000+03:00'
'b720ee6188b408968549c6b6c65b90281d8dcaf1'|'Vale''s top shareholder unveils definitive terms for reorganization'|'Deals  44am EDT Vale''s top shareholder unveils definitive terms for reorganization FILE PHOTO: A view shows the company logo of Brazilian mining company Vale SA at its headquarters in downtown Rio de Janeiro August 20, 2014. REUTERS/Pilar Olivares/File Photo SAO PAULO The controlling shareholder of Vale SA proposed on Thursday a definitive swap ratio of 0.9342 common share per preferred stock as part of a plan to transform the world''s No. 1 iron ore producer into a company with dispersed share ownership. As part of the proposal, the shareholder formally known as Valepar SA would be incorporated by Vale in a mechanism that would grant bonus shares to Valepar partners, according to a securities filing. The proposal needs to be approved by 54.09 percent of preferred shareholders, the filing said. (Reporting by Bruno Federowski; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-vale-sa-equity-agreement-idUSKBN18720L'|'2017-05-11T22:39:00.000+03:00'
'6a2ce2fa72643403d7323c76249db1ac320db4da'|'Exclusive - Russian Rosneft''s $12.9 billion Essar Oil deal held up over debt issues'|'Deals - Thu May 11, 2017 - 2:48pm BST Exclusive: Russian Rosneft''s $12.9 billion Essar Oil deal held up over debt issues FILE PHOTO: The shadow of a worker is seen next to a logo of Russia''s Rosneft oil company at the central processing facility of the Rosneft-owned Priobskoye oil field outside Nefteyugansk, Russia, August 4, 2016. REUTERS/Sergei Karpukhin/File Photo By Nidhi Verma , Vladimir Soldatkin and Julia Payne - NEW DELHI/MOSCOW/LONDON NEW DELHI/MOSCOW/LONDON Russian state oil firm Rosneft is struggling to close its $12.9 billion acquisition of India''s Essar Oil Ltd because six of Essar''s Indian creditors have yet to approve the deal, sources close to the talks said. The state-run banks and financial institutions that are delaying Rosneft''s biggest foreign acquisition hold about $500 million of Essar''s debt, five industry and banking sources told Reuters. Kremlin-controlled Rosneft, which sees the deal as vital to expanding in Asia''s fastest growing energy market, had aimed to close the deal at the end of 2016. Now a June target for completion may be in doubt. "Tensions between Rosneft and Essar are running high," said one of the industry sources, who like others asked not to be named. The sources said the acquisition was still expected to go through, but one of them said Rosneft had written to Essar threatening to change the terms of the deal, including to pay a lower price, if the dispute over debt was protracted. "The parties are working towards obtaining the approvals," an Essar spokesman said, without giving details about any delays or the creditors involved. "We are hopeful that the deal will be completed in the upcoming few weeks." Rosneft Chief Financial Officer Pavel Fedorov told a conference call on Wednesday that the purchase was now expected to be completed by the end of June. The six institutions holding up the transaction are IDBI Bank, Punjab National Bank, Syndicate Bank, Indian Overseas Bank, Life Insurance Corp of India and non-bank financier IFCI Ltd, the sources said. The six lenders gave no official comment when contacted by Reuters. Another industry source said Rosneft had wanted to finalize the deal in early June at the St Petersburg Economic Forum, where Indian Prime Minister Narendra Modi is due to meet Russian President Vladimir Putin. But he said those hopes have now faded. Rosneft won a bidding war to buy Essar against Saudi Aramco, its biggest competitor in the oil export market. The deal will give Rosneft a 49 percent stake, with a further 49 percent split between Swiss commodities trader Trafigura [TRAFGF.UL] and Russian fund United Capital Partners. The billionaire Ruia brothers will retain a 2 percent stake. Russia''s VTB bank is acting as advisor on the transaction. It declined to comment on the hold up. "The process of closing the deal is in its final stages and is expected to conclude soon," a spokesman for Trafigura said, while UCP declined to comment. CLEARING BAD DEBTS The deal is also valuable for Modi''s government, as it seeks to clear India''s $150 billion in bad debt. Essar Oil India owed about $5.5 billion to almost 30 Indian lenders. Apart from six, others have approved Essar''s transfer of ownership to Rosneft from its current owners Indian brothers Ravi and Shashi Ruia, banking sources said. The State Bank of India, the country''s biggest lender, has given its no-objection to the deal, the sources said. Among the six institutions blocking the deal, Syndicate Bank was expected to clear the deal with its board in 10 to 15 days, one banking source said. A senior source at Indian Overseas Bank said a no-objection certificate was being processed. The sources said debt talks were complicated by the fact that some lenders were also owed money by Essar''s parent, Essar Global Fund Ltd, or subsidiaries of the conglomerate that has a portfolio ranging from steel to power generation. Sources said some lenders might be seeking to gain conces
'8085a369a8ec290f684971b2b5eeb9bae96abce2'|'UPDATE 1-ETP says U.S. drilling ban unlikely to delay Ohio gas pipeline'|'Commodities  54pm EDT ETP says U.S. drilling ban unlikely to delay Ohio gas pipeline Completion of the Rover pipeline, the biggest natural gas pipe under construction in the United States, is not expected to be delayed by a U.S. federal order to stop new drilling to install pipe, Energy Transfer Partners LP said on Thursday. The company spilled more than 2 million gallons of drilling fluid - mostly water and clay - in Ohio wetlands in April during construction of Rover, prompting regulators to halt drilling in certain areas. The line, once finished, will have the ability to carry enough gas to supply 15 million U.S. and Canadian homes. It is one of a network of pipelines being built to boost production in the Marcellus and Utica shale regions located largely in Pennsylvania and Ohio, the biggest source of U.S. gas that comes from fracking. "We need to slow down the rush to build new pipelines and consider what safety really means," said Lynda Farrell, executive director of the Pipeline Safety Coalition, a Pennsylvania-based nonprofit that advises landowners on how to make informed decisions on pipeline projects. She noting ETP has had 18 incidents involving mud spills since starting construction of Rover in March. ETP is best known as the operator of the Dakota Access crude pipeline from North Dakota to Illinois, the object of stiff opposition from the Standing Rock Sioux tribe. Dakota Access, which suffered a small leak in April, is expected to enter service in June. The drilling ban will remain in place until U.S. Federal Energy Regulatory Commission (FERC) staff authorizes the company to start again. It does not prevent ETP from finishing drilling activities already started or other non-drilling construction. ETP said it does not expect FERC''s action to affect the project timeline. "At this time, we do not anticipate this will change our in-service dates, and we do not have any updates in the total project cost to report," Alexis Daniel, a spokeswoman for ETP said in an email. ETP has said the $4.2 billion pipeline, which stretches from Pennsylvania to Ontario, Canada, will have the capacity to transport 3.25 billion cubic feet of gas. It was scheduled to enter service in two phases in July and November. One billion cubic feet is enough gas for about 5 million U.S. homes. Concern that the ban could delay the start of the pipeline helped lift natural gas futures by about 2 percent on both Wednesday and Thursday, traders said. FERC said in a letter to ETP that it has serious concerns regarding the magnitude of the wetlands incident, its environmental impacts, the lack of clarity regarding the underlying reasons for its occurrence and the possibility of future problems. FERC said ETP cannot conduct any new horizontal directional drilling activities until it complies with certain measures to help prevent spills. ETP''s Daniel said construction continues along the route except for the specific drilling sites specified by FERC. Analysts at FBR, an investment bank, said in a note that FERC''s additional requirements should be manageable but tend to lead to higher costs and more frequent delays. The spill occurred during drilling under the Tuscarawas River in Stark County, Ohio, and covered about 6.5 acres of wetlands. The Ohio Environmental Protection Agency last week fined ETP $431,000 to resolve numerous water and air pollution violations, including what the state called the release of "several million gallons of bentonite slurry" into a wetland. "Energy Transfer (Rover) has repeatedly violated Ohio''s environmental laws and standards as it relates to inadvertent returns, discharges to waters of the state, storm water issues, and open burning regulations," said James Lee, spokesman for the Ohio EPA. FERC said it was requiring Rover to immediately obtain independent third-party contractor proposals to further analyze all drilling activity at the Tuscarawas River drilling site. (Reporting by Scott DiSavino;
'3727bf3136bbe9a1469cf264b0c74df18ce2f167'|'MOVES-Colliers names head of corporate finance, capital markets in Denmark'|'  MOVES-Colliers names head of corporate finance, capital markets in Denmark May 9 Real estate services firm Colliers International Group Inc appointed Niels Schiander as head of corporate finance and capital markets in Denmark. Schiander will be based in Copenhagen and joins Colliers from EY Mergers & Acquisitions, where he was director. (Reporting by Divya Grover in Bengaluru) * Graphic: Trade-weighted sterling since Brexit vote http://tmsnrt.rs/2hwV9Hv MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/colliers-intl-gr-moves-niels-schiander-idUSL4N1IB3FW'|'2017-05-09T17:41:00.000+03:00'
'020df833d4aa9b84b660abce51c31a98e8eb8da4'|'Pentair to spin off its electrical business'|'Business   1:02pm BST Pentair to spin off its electrical business UK-based pump manufacturer Pentair Plc ( PNR.N ) said on Tuesday it would spin off its electrical business into a separate publicly traded company, as it focuses on its core business, which makes water treatment equipment. Pentair''s electrical business makes stainless steel, aluminium and non-metallic enclosures that guard sensitive electrical and electronic equipment, and reported sales of $2.1 billion (<28>1.6 billion) in 2016. This company, to be separated in a tax-free spin-off to Pentair shareholders, would be named at a later date, Pentair said. Pentair would be left with its water business, which reported sales of $2.8 billion in 2016. The separation is expected to close in the second quarter of 2018, Pentair said. Goldman Sachs & Co LLC served as financial adviser to Pentair, while Foley & Lardner LLP acted as legal adviser. (Reporting by Ankit Ajmera in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pent-plc-divestiture-idUKKBN1851D2'|'2017-05-09T20:02:00.000+03:00'
'8674615fbac0bbefad154d3d3e30e275313e4085'|'Micro Focus Intl says HPE''s software revenue fell 10 percent in last quarter'|'Business News - Tue May 9, 2017 - 8:56am BST Micro Focus Intl says HPE''s software revenue fell 10 percent in last quarter FILE PHOTO: Signs stand outside the offices of Micro Focus after they and Hewlett Packard Enterprise Co announced that Hewlett Packard Enterprise Co will spin off and merge its non-core software assets with Britain''s Micro Focus International in a deal worth $8.8 billion, in... REUTERS/Eddie Keogh LONDON Micro Focus Intl said software revenue at Hewlett-Packard Enterprise, the U.S. company it is buying, fell around 10 percent in the last quarter, which it said was disappointing but not unusual given the degree of change in the business. The British company struck a deal to buy HPE''s software business for $8.8 billion (6.8 billion pounds) in September, catapulting it into the top tier of European tech companies. Executive chairman Kevin Loosemore said he was encouraged by the early progress that HPE Software''s management were making on implementing operational efficiencies. "Whilst the short term decline in licence is disappointing it is not unusual given the level of change being undertaken," he said on Tuesday. Micro Focus said it would convene a general meeting to request approval of the transaction shortly, and shareholders will also be asked to approve a $500 million return of value, approximately $2.09 per share. Micro Focus said its revenue for the year to end-April was expected to be within its guidance of flat to down 2 percent on a pro-forma constant currency basis. (Reporting by Paul Sandle; Editing by Alistair Smout)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-micro-focus-inte-outlook-idUKKBN1850J1'|'2017-05-09T15:56:00.000+03:00'
'c98190f1a83e1a3413c313fbdb876ec53f4efea5'|'BRIEF-Western Union says activated its 40th wu.com transactional website'|'UPDATE 3-Bid to revoke Obama methane rule fails in surprise U.S. Senate vote WASHINGTON, May 10 The U.S. Senate on Wednesday rejected a resolution to revoke an Obama-era rule to limit methane emissions from oil and gas production on federal lands, dealing a blow to President Donald Trump''s efforts to free the drilling industry from what he sees as excessive environmental regulation. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-western-union-says-activated-its-idUSFWN1IC0TN'|'2017-05-10T23:46:00.000+03:00'
'e92f796e9c4e6e0ff7348b33a0ae38fb73811a6f'|'EBRD sees moderate pick-up in region''s growth, cautious on global backdrop'|'Economy News - Wed May 10, 2017 - 9:26am BST EBRD sees moderate pick-up in region''s growth, cautious on global backdrop The headquarter of the European Bank for Reconstruction and Development (EBRD) is seen in London, Britain, November 22, Britain 2016. REUTERS/Stefan Wermuth By Karin Strohecker - LONDON LONDON The European Bank for Reconstruction and Development (EBRD) predicted on Wednesday that its region''s growth would pick up moderately as stable commodity prices supporting Russia and surrounding countries offset headwinds in Turkey. The EBRD - which operates in 36 countries from eastern Europe to Morocco and Mongolia - trimmed the projections from its last round of forecasts in November, striking a cautiously positive tone though warning of increasing economic and political uncertainties ahead. "As oil prices have stabilized at levels well above those seen in the first half of 2016 and the Russian economy has emerged from a two-year recession, growth in the east of the region is projected to pick up gradually," the EBRD said in its biannual economic report. "The outlook for Turkey and Southern and Eastern Mediterranean has weakened somewhat reflecting, in part, security and geopolitical risks and a resulting drop in tourism receipts and investment." The EBRD predicted growth across its region would rise from 1.8 percent in 2016 to average 2.4 percent in 2017 and 2.8 percent next year. In November, the bank had forecast 2017 growth at 2.5 percent. While the acceleration was broad based, it fell short of both the world average growth as projected by the International Monetary Fund and the EBRD''s own region long-term average growth, it added. DOWNGRADE The EBRD slashed Turkey''s growth outlook by 0.4 percentage points to 2.6 percent this year after slow growth in 2016 due to factors including a credit rating downgrade to ''junk'', the state of emergency since the failed coup and the lira TRY= weakening by 17 percent against the dollar in 2016 which pushed inflation to double digits for the first time in five years in February. "Turkey''s external situation remains a challenge," it said. "Gross external financing needs are almost 25 percent of GDP, leaving the country exposed to global liquidity conditions." For Russia, the EBRD confirmed its previous 2017 growth forecast of 1.2 percent and predicted 1.4 percent in 2018. "Growth is also expected to pick up slightly in Central Asia and Eastern Europe and the Caucasus, reflecting a stabilization of commodity prices and resumed growth in Russia," it said. Central Asia and the Southern and Eastern Mediterranean retained their places as the bank''s two fastest growing regions, but both saw their forecasts trimmed back from November. Central Asia was expected to grow 3.8 percent this year with foreign direct investment from China as part of its One Belt One Road initiative lifting most of the region''s economies. Southern and Eastern Mediterranean countries followed on the heels at 3.7 percent. However, all countries in this category - Egypt, Jordan, Morocco and Tunisia - saw growth forecasts trimmed due to factors such as rising inflation hampering consumption and regional turmoil weighing on tourism. Overall, the report pointed out that forecasts were subject to major geopolitical tensions in and around its region as well as economic policy uncertainty in major developed economies following Donald Trump''s election as president of the United States and Britain''s vote to leave the European Union. "In addition, the global environment is characterized by increased political uncertainty and a number of conundrums, notably the substantial improvement in economic confidence indicators that have not been reflected in hard economic data." Capital flows to emerging markets and also the EBRD region, including bond and equity flows, strengthened in the first months of 2017, the bank noted. Russia had been one of the main beneficiaries of that trend, the EBRD 
'51e5880195241ccda943fbe45d501c34c94a765c'|'BT to restructure Global Services after ''challenging year'''|'Business News - Thu May 11, 2017 - 6:33pm BST BT to restructure Global Services after ''challenging year'' LONDON BT, Britain''s biggest telecoms group, said it would shake up its global service division that serves multinationals and scale back its dividend growth ambitions as it recovers from an accounting scandal in Italy and a profit warning. Reporting fourth-quarter revenue of 6.12 billion pounds, up 10 percent, and adjusted earnings of 2.07 billion pounds, up 2 percent and broadly in line with forecasts, the company said it had had a "challenging year". It said it would cut 4,000 jobs from its Global Services unit, group functions and technology operations, taking a restructuring charge of 300 million pounds. It paid a final dividend of 10.55 pence, up 10 percent, but said dividend growth in 2017/18 would be lower than the 10 percent it had previously targeted. (The story was refiled to correct the third paragraph to show job cuts will be in group functions as well as Global Services) (Reporting by Paul Sandle; editing by Kate Holton) FILE PHOTO: The logo for the British Telecom group is seen outside of offices in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville/File Photo'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bt-group-results-idUKKBN1870J9'|'2017-05-11T14:25:00.000+03:00'
'a72586ca61033be37b8da7dd35a2f59733b50ae4'|'Asian stocks set on edge by Comey dismissal, North Korea tensions'|'By Dion Rabouin - NEW YORK NEW YORK Oil prices rebounded on Wednesday after the largest one-week drop in U.S. crude inventories this year, helping fuel a modest rise on Wall Street, while European stocks closed near their highest in nearly two years.European full-year earnings forecasts, set to be their best since 2010, and centrist Emmanuel Macron''s victory in France''s presidential election over the weekend have steadied European bourses so far this week.The pan-European FTSEurofirst 300 index rose 0.19 percent and MSCI''s gauge of stocks across the globe gained 0.11 percent.Oil prices rose after Iraq and Algeria joined Saudi Arabia in supporting an extension to OPEC supply cuts and U.S. inventories fell more than expected.U.S. crude rose 3.99 percent to $47.71 per barrel and Brent was last at $50.55, up 3.73 percent on the day.In the United States, disappointing results from Dow component Walt Disney dragged the index of 30 securities, and President Donald Trump''s firing of FBI Director James Comey gave equities some pause in early trading, but stocks inched higher.Trump said he fired Comey, who had been leading an investigation into the Trump 2016 campaign''s possible collusion with Russia, over his handling of the email scandal."The market has been unusually stable for a long period; we<77>ve had a long stretch of not many big moves up or down," said Giri Cherukuri, head trader at OakBrook Investments LLC in Lisle, Illinois."The market has been able to absorb a lot of geopolitical news, but one of these days we<77>ll have a big geopolitical event and we<77>ll have a big reaction to that."The Dow Jones Industrial Average fell 32.2 points, or 0.15 percent, to 20,943.58, the S&P 500 gained 1.79 points, or 0.07 percent, to 2,398.71 and the Nasdaq Composite added 7.95 points, or 0.13 percent, to 6,128.54.Traders said Comey''s firing could lead to serious complications for the administration, but without a "smoking gun" that showed Comey''s firing was motivated by something other than the director''s handling of a probe into then-Democratic presidential nominee Hillary Clinton, there was likely to be limited market reaction."What<61>s the biggest concern is how much of a distraction does it have from the White House<73>s and the Congress<73> goals," said Jeffrey Carbone, senior partner, Cornerstone Financial Partners, in Huntersville, North Carolina."How much does this distract from tax reform, repeal of (the Affordable Care Act), repatriation of assets, infrastructure spending?"Measures of market volatility are at rock-bottom. The U.S. VIX index was just a hair above its lowest level since 2006 touched on Tuesday.The dollar was flat against a basket of major currencies after slipping on the view that political uncertainty could derail Trump''s tax reform plans.The yen, often sought in times of market uncertainty, reversed its earlier gains against the greenback. The dollar was 0.25 percent higher against the Japanese currency, touching an eight-week high. The dollar also reversed earlier losses against the safe-haven Swiss franc, which had risen to a nearly one-month high.A weak 10-year note auction sunk demand for U.S. government debt as the prices on benchmark 10-year notes erased earlier gains to trade flat. Yields had touched a five-week high on Tuesday.Gold fell 0.13 percent to $1,219 an ounce.Greek 10-year yields on Wednesday fell to their lowest since its debt was restructured in 2012. Greek stocks rose for a twelfth straight session, the longest streak since 1991, as Athens looked set to clinch vital bailout loans.(Reporting by Dion Rabouin; Additional reporting by Nigel Stephenson in London; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-markets-idINKBN18603T'|'2017-05-10T08:58:00.000+03:00'
'215422f822672b4d204838dacf16268774b8b683'|'REFILE-MIDEAST STOCKS - Factors to watch - May 10'|'(removes ''hold'' from headline)DUBAI May 9 Here are some factors that may affect Middle East stock markets on Wednesday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Asia stocks rise for 3rd day on earnings; dlr stalls on Comey sacking* MIDEAST STOCKS-Markets creep higher, Saudi gets boost from Jarir''s strong Q1 results* Oil prices rise in Asia in expectation of Aramco supply cut* PRECIOUS-Gold inches up from 8-week low as dollar slides* Bomb threat causes panic on Saudi airliner* Saudi signals first cut in crude supplies to Asian customer-refinery source* Trump to meet with Abu Dhabi crown prince on May 15 -White House* Lebanon election uncertainty no risk to oil, gas tenders-minister, oil body* Libya''s oil output nears 800,000 bpd, helped by restarted fields* Libya''s Al-Bayda oil field reopens after four-year stoppage, pumping 10,000 bpd* Iraq trade ministry authorised to make direct wheat and rice purchases* Islamic State says it beheads Russian officer in Syria-SITE* Algeria energy minister to visit Iraq, backs supply cut extension - source* Qatar says Syria "de-escalation" plan not an alternative to political transition* If London were Aleppo - Buckingham Palace destroyed, 4.3 million dead or displacedEGYPT* Egypt aims to raise wheat silo storage capacity to 3.13 mln tonnes in 2017/18* Egypt has procured over 1 mln tonnes of wheat since start of harvestSAUDI ARABIA* Abdullah Al Othaim Markets reports Q1 profit of 60.2 mln riyals* Saudi''s Sipchem reports Q1 profit of 91.7 mln riyals* Saudi''s Yanbu Cement reports Q1 profit of 124 mln riyalsUNITED ARAB EMIRATES* Dubai Financial Market Q1 profit rises* Abu Dhabi''s Aldar Properties Q1 net profit flat, beats estimates* UAE''s Tabreed Q1 profit rises* Abu Dhabi Islamic Bank Egypt Q1 profit falls* Etisalat Nigeria loan talks stall as banks try to avoid provisionsKUWAIT* Kuwait''s Asiya Capital Investments posts Q1 profit* Kuwait''s National Investments Q1 profit risesOMAN* Oman raising US$3.6bn from Chinese banks (Reporting By Dubai Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL8N1IB4PC'|'2017-05-10T02:10:00.000+03:00'
'f563d858ff696c3036d48f6c9ef728c4f0fa0555'|'Compass proposes $1.3 billion special dividend after strong profit growth'|' 28am BST Compass proposes $1.3 billion special dividend after strong profit growth Compass Group Plc, the world''s biggest catering firm, proposed a 1 billion-pound ($1.3 billion) special dividend, after reporting higher first-half profit on the back of strong trading in North America and improving trends in Europe. Compass, which serves about 5 billion meals each year, said underlying operating profit grew 5.2 percent at constant currency to 894 million pounds in the six months ended March 31. Organic revenue rose 3.6 percent at constant currency to 11.6 billion pounds. This marks an acceleration in revenue growth from the first quarter, when comparable revenue grew by 2.8 percent. (Reporting by Esha Vaish in Bengaluru. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-compass-group-results-idUKKBN1860KR'|'2017-05-10T14:28:00.000+03:00'
'52f5ebfb14e2a66911745ff0c26484540f7fb50a'|'Head of Hong Kong bourse says LME fee increases ''largely behind us'''|'Wed May 10, 2017 - 3:53am BST Head of Hong Kong bourse says LME fee increases ''largely behind us'' Hong Kong Exchanges and Clearing Chief Executive Charles Li speaks during a news conference at the Hong Kong Exchanges in Hong Kong August 16, 2016. REUTERS/Bobby Yip HONG KONG The head of Hong Kong Exchanges and Clearing (HKEx) on Wednesday said that fee hikes at the London Metal Exchange were "largely behind us", while acknowledging the challenges the bourse had faced since buying the LME five years ago. After purchasing the LME, the world''s oldest and biggest metal market, the HKEx implemented sweeping reforms aimed at boosting profits, including ramping up transaction costs. "In the history of the LME ... the past five years is pretty short, but it feels very, very long," Charles Li said in some of his most candid public comments about the obstacles of buying the 140-year-old exchange. Li was speaking at the LMEWeek Asia conference in Hong Kong. (Reporting by Josephine Mason and Melanie Burton; Editing by Joseph Radford)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-lmeweek-asia-lme-fees-idUKKBN18608J'|'2017-05-10T10:38:00.000+03:00'
'd52d570b76c026011d8c6640a6fd0faac43f311b'|'''Ice age'' looms for China''s outbound investment - study'|'Deals   11:53am BST ''Ice age'' looms for China''s outbound investment: study FILE PHOTO: Dalian Wanda Group''s Wanda Plaza building is pictured in Beijing, China, May 17, 2016. REUTERS/Kim Kyung-Hoon/File Photo BEIJING China saw a rapid acceleration of outbound direct investment in services and industrial deals in 2016, a study showed in Thursday, but an investment "ice age" is looming in 2017 as authorities crack down on capital outflows. Beijing announced a string of measures late last year to tighten controls on money moving out of the country and rein in risks from "irrational" outbound investment in property, entertainment and sports. "You can see over the past four months there have been almost no big transactions," Andre Loesekrug-Pietri, founder and managing partner of A Capital, a private equity fund specializing in Chinese outbound investments, said last month. It also compiles the Dragon Index which tracks Chinese ODI. Loesekrug-Pietri doubted if 2017 could match the $170 billion worth of Chinese investments made overseas last year. "I feel we are entering an ice age with difficult years ahead." For the first three months of this year, China''s non-financial outbound direct investment (ODI) tumbled 48.8 percent to $20.52 billion from the same period the previous year. China''s Dalian Wanda Group''s offer to buy Dick Clark Productions Inc for $1 billion collapsed in March over problems getting currency out of China. Last year Chinese internet and gaming giant Tencent acquired a majority stake in Supercell, a Finnish mobile game maker for $8.6 billion. "The importance of this transaction cannot be underestimated," a statement from A Capital said. This is the largest deal ever by a private Chinese company in the services industry, an indicator of China''s transition away from heavy industry toward services, the statement said. Larger deals have been completed by state-owned enterprises in recent years including ChemChina''s $43 billion takeover of Syngenta and China''s CNOOC purchase of Canada''s Nexen Energy for $15 billion. The data shows private companies are gaining ground on state-owned enterprises, and represented 43 percent of outbound deals in 2016, up from 36 percent the previous year. Investments by private firms tripled to $61.3 billion in 2016 from $21 billion in 2015. China''s surging ODI primarily went to developed countries, with $50.4 billion going to the United States and $51.7 billion to Europe in 2016, according to the Dragon Index. China''s outbound investment hit $170.1 billion in 2016, up 44.1 percent from 2015. Data from China''s commerce ministry showed the country''s non-financial ODI in countries involved in China''s Belt and Road Initiative - announced by China''s President Xi Jinping in September 2013 - totaled $45.95 billion between 2014 and the first quarter of 2017. The A Capital Dragon Index measures the growth rate of outbound investment stock relative to GDP. The index, started in 2010, collects information on confirmed deals exceeding $5 million which yield a stake of more than 10 percent in an asset. (Reporting by Sue-Lin Wong and Kevin Yao; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-odi-idUKKBN1871AW'|'2017-05-11T18:46:00.000+03:00'
'eed4977093bd8d36c6bd3ced97bb4b18475d63da'|'MOVES-Swiss bank Julius Baer hires new market head for Italy'|'Market   10:59am EDT MOVES-Swiss bank Julius Baer hires new market head for Italy May 11 Swiss private bank Julius Baer said on Monday that Luca Venturini would succeed Beda Kraehenmann as market head for Italy. Venturini joins from Edmond de Rothschild (Suisse) where he has held different senior management positions during the past six years. He will be based in Lugano and report to Stephen Kamp, head of southern Europe and Israel. Kraehenmann said he wanted to reduce his managerial responsibilities after 43 years in the banking industry. After the transition, he will concentrate on servicing key clients as Team Head in Market Italy. (Reporting by Divya Grover in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/julius-baer-moves-luca-venturini-idUSL4N1ID5AX'|'2017-05-11T22:59:00.000+03:00'
'3d6e1fe5d6b6f6e9ca6c9a952d39afc17e2a39d7'|'China''s tech money heads for Israel as U.S. welcome wanes'|'Deals - Americas   2:27pm IST China''s tech money heads for Israel as U.S. welcome wanes left right FILE PHOTO: Logos of Tencent are displayed at a news conference in Hong Kong, China March 22, 2017. REUTERS/Tyrone Siu/File Photo 1/4 left right FILE PHOTO: People ride a double bicycle past a logo of The Alibaba Group at the company''s headquarters on the outskirts of Hangzhou, Zhejiang province November 10, 2014. REUTERS/Aly Song/File Photo 2/4 left right FILE PHOTO: The company logos of China Everbright International are displayed at a news conference on the company''s annual results in Hong Kong, China March 23, 2016. REUTERS/Bobby Yip/File Photo 3/4 left right FILE PHOTO: A company logo of Fosun International is seen at the Fosun Fair held alongside the annual general meeting of the Chinese conglomerate in Hong Kong, China May 28, 2015. REUTERS/Bobby Yip/File Photo 4/4 By Julie Zhu and Tova Cohen - HONG KONG/TEL AVIV HONG KONG/TEL AVIV Struggling to seal deals in the United States as regulatory scrutiny tightens, Chinese companies looking to invest in promising technology are finding a warmer welcome for their cash in Israel. Chinese firms have long hunted in the United States for deals to develop their technological know-how and open up new markets, but their quarry has become more elusive since late 2016 due to increased U.S. protectionism and a tougher regulatory stance. Last year, Chinese investment into Israel jumped more than tenfold to a record $16.5 billion, with money flooding into the country''s buzzing internet, cyber-security and medical device start-ups. These investments surged in the third quarter just as the U.S. regulatory crackdown began to bite, Thomson Reuters data shows. In contrast, Chinese bidders scrapped a record $26.3 billion worth of previously announced deals from the United States in 2016, the data shows. Speaking on the sidelines of a Hong Kong conference last month, TCL Corp chairman Li Dongsheng told Reuters the review of one target company, which he declined to name, had been frozen following the appointment of President Donald Trump, who has championed a protectionist agenda. Li''s phones-to-fridges group is scouting in Israel instead. "I''m flying to Israel in May where we''ve selected more than 10 potential targets," Li said, adding the group was interested in technology companies dealing in smart manufacturing, new materials, big data and internet applications. China Everbright Limited (CEL), the Hong Kong investment arm of state-owned China Everbright Group, is also looking to Israel, said Chen Shuang, CEL''s chief executive. "Our Israel-focused fund has already invested in four local firms there, and we plan to invest in another three to four within this year." HURDLES The Committee on Foreign Investment in the United States (CFIUS), which screens for national security risks, has become a major stumbling block for China-linked deals; China-backed Canyon Bridge Capital Partners has struggled with its $1.3 billion takeover of Lattice Semiconductor after members of Congress raised security concerns. "The review has always been rigorous, but now it will be even more so (due to) a combination of increasingly strategic transactions from China and a new administration worried about certain Chinese actions," said Miriam Sapiro, a former deputy U.S. Trade Representative who served as a CFIUS member during the administration of former President Barack Obama. With Israel being a close U.S. ally, however, Chinese investment in sensitive tech there could also raise eyebrows, sources familiar with the CFIUS process say. "China<6E>s international surge of state-driven investments in emerging technologies should put the United States and our allies on notice," said Representative Robert Pittenger, a Republican from North Carolina who said he was campaigning to improve information sharing on the issue with U.S. allies. Late last year, the United States blocked the takeover of German chip equipme
'beef9dddb9be8a93013f012a56dd7b6ead23581d'|'CFM says Boeing has engines for 737 MAX that are cleared to fly'|'Thu May 11, 2017 - 7:03pm BST CFM says Boeing has engines for 737 MAX that are cleared to fly Ground crew members escort a Boeing 737 MAX as it returns from a flight test at Boeing Field in Seattle, Washington January 29, 2016. REUTERS/Jason Redmond By Alwyn Scott - SEATTLE SEATTLE Aircraft engine maker CFM International said on Thursday that Boeing Co ( BA.N ) has engines in stock for its grounded 737 MAX that are cleared to fly. The engines could be installed in short order to allow Boeing to meet its schedule for delivering the first 737 MAX aircraft this month, CFM spokeswoman Jamie Jewell told Reuters. Boeing said on Wednesday it had suspended flights of the new jet due to a quality issue with some engines made by CFM, a joint venture between General Electric Co ( GE.N ) and Safran SA ( SAF.PA ) of France. "They do have engines that are cleared to fly," Jewell said. "It''s a matter of installation and check out." Boeing had been set to deliver the first 737 MAX on Monday to Malindo Air of Malaysia. But that plan was scotched when a manufacturing flaw was found in a low-pressure turbine disc that could lead to cracks, Jewell said. As many as 40 "suspect engines" will be shipped to CFM facilities in the U.S. and France for inspection and possible repair, Jewell said. Those engines contain discs from one of two suppliers. Engines with discs from the other supplier are not affected, she added. Safran said earlier Thursday that it expected inspections to be completed within a few weeks. "We are doing everything to ensure that the first delivery can go ahead in May," Safran Aircraft Engines'' Chief Executive Olivier Andries told reporters. Boeing said it still plans to meet its deadline of delivering the first 737 MAX in May and "we think that''s going to happen," Jewell said. The first delivery is a crucial step since Boeing receives the bulk of its payment when it turns over the aircraft keys and airlines fly their new planes home from the factory. Boeing has built up an inventory of planes outside its Renton, Washington, factory, and at a nearby Seattle airport known as Boeing Field. Reuters counted 23 Boeing 737 MAX airplanes at the facilities this week, excluding test aircraft. The single-aisle 737 MAX 8 carries a list price of $110 million but typically sells at a steep discount. (Additional reporting by Tim Hepher; Editing by Phil Berlowitz)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-boeing-737max-cfm-idUKKBN1872LS'|'2017-05-12T01:49:00.000+03:00'
'1583fc7559e0b54d7874872b61e08377d7f64a55'|'Union workers ratify ArcelorMittal Quebec mine contract'|'Market News  40pm EDT Union workers ratify ArcelorMittal Quebec mine contract TORONTO May 11 Union workers at ArcelorMittal''s Mont-Wright iron ore mine in northern Quebec have ratified a new four-year contract with the steelmaker, the world''s largest, the United Steelworkers union said on Thursday. The 2,000 members voted on a contract that maintains the pension plan for all employees and provides pay parity for workers at the company''s smaller, nearby Fire Lake mine, the union said. Last week, the union gave a 72-hour strike notice after rejecting the company''s offer over concerns about wages, pensions, sub-contracting and pay disparity. Union workers operate the large open pit Mont-Wright mine in Quebec, a railroad link to port, a processing plant in Port Cartier and Fire Lake mine. Last year, Mont-Wright produced some 27 million tonnes of iron ore at a cash production cost of $25 per tonne. In 2013, ArcelorMittal sold a 15 percent stake in Mont-Wright to South Korean steelmaker Posco and Taiwan-listed China Steel Corp for $1.1 billion. (Reporting by Susan Taylor; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/arcelormitta-contract-idUSL1N1ID1RE'|'2017-05-12T03:40:00.000+03:00'
'568c7ce8824b42649ac9d1342393b1b12349824f'|'French outbound M&A driven to decade high by big deals'|'Deals  30pm BST French outbound M&A driven to decade high by big deals FILE PHOTO - The Luxottica name is reflected in a pair of sunglasses in this photo illustration taken in Rome February 4, 2016. REUTERS/Alessandro Bianchi/File Photo TPX IMAGES OF THE DAY - RTSVNYB LONDON French companies have spent more on overseas acquisitions so far this year than in the same period over the past decade, marking a sharp rebound from 2016 when political uncertainty limited their appetite for doing major deals, Thomson Reuters data shows. Outbound merger and acquisition activity by French firms has reached $40.8 billion so far in 2017, up from less than $5 billion over the same period in 2016 when there were 243 deals, compared with 213 in 2017, the data released on Tuesday showed. The activity was dominated by Essilor International''s ( ESSI.PA ) all-share acquisition of Italian eyewear group Luxottica ( LUX.MI ) in January. In the second biggest overseas deal by a French company so far this year, an investor group which included French waste and water group Suez ( SEVI.PA ) bought GE Water ( GE.N ) for 3.2 billion euros ($3.48 billion). On Sunday France elected Emmanuel Macron as president with a business-friendly vision of European integration which could stoke European cross-border transactions. U.S. investment bank Citigroup ( C.N ) leads the league table of advisers so far this year for deals involving outbound French M&A, advising on deals worth $30.8 billion, giving it a 75.4 percent share of the market. (Refiles to adds dropped words in lead.) (Reporting by Dasha Afanasieva; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-france-m-a-idUKKBN185200'|'2017-05-10T00:19:00.000+03:00'
'24567aa33abd3779d71e310e4345bcf20c7af1e7'|'PRESS DIGEST- Financial Times - May 9'|'May 9 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesSinclair Broadcast strikes $3.9 bln Tribune Media dealon.ft.com/2pR5nG5Coach hints at further deals after bagging Kate Spade for $2.4 blnon.ft.com/2psQKpLChemChina and Sinochem plan mergeron.ft.com/2psd17eGoldman shakes up investment bank leadershipon.ft.com/2psA1TAOverviewSinclair Broadcast Group Inc, the biggest U.S. local television station owner, said on Monday it would buy Tribune Media Co, one of the largest U.S. television station operators, for about $3.9 billion.Luxury handbag maker Coach Inc said it would buy Kate Spade & Co for $2.4 billion.ChemChina and Sinochem are planning to merge next year, according to several senior bankers in Asia. The merger will create the world''s largest chemicals group with $100 billion of revenues.Goldman Sachs Group Inc reshuffled the leadership of its investment banking arm, a shake-up touched off by the departure to Washington last year of Gary Cohn.(Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-ft-idINL4N1IA5W6'|'2017-05-08T21:48:00.000+03:00'
'86b7e3daab4599f1c52d1de0dc35addc90ee630c'|'Palm oil: what do consumers know and do brands care? <20> event - Guardian Sustainable Business'|'  15.09 BST Last modified on   15.55 BST From biscuits to lipstick to toothpaste, it is estimated that 50% of packaged items in our supermarkets contain palm oil. But, while the commodity might be ubiquitous, consumers are often unaware of it, far less of the impact its production can have on biodiversity and local communities . Join us for a seminar on 12 June 2017, 9.30am-12 noon (BST) , to explore the role of consumers in the palm oil debate and what impact brands can have on improving the commodity<74>s sustainability. We<57>ll discuss This seminar will bring together an expert panel to explore the role consumers and brands can play in improving the sustainability of the palm oil industry. Topics for consideration will include: From rainforest to your cupboard: the real story of palm oil - interactive Read more How does consumer awareness of and behaviour towards the issues surrounding palm oil vary around the world? What impact does this have on driving corporate responsibility? How do consumers<72> palm oil concerns fit into awareness of palm oil alternatives such as soybean and rapeseed oil? Why do consumers boycott palm oil and how else can they make their voices heard? How do companies engage with the concerns of consumers and how do they prioritise these alongside their own CSR initiatives? Can brands drive measurable improvements in the palm oil supply chain and is this ever as a result of consumer pressure? Our panel Chair <20> Laura Paddison , editor, Guardian Sustainable Business Farwiza Farhan, chair, Yayasan HAkA, an Indonesian NGO working to protect Sumatra<72>s Leuser Ecosystem Jonathan Horrell , director of sustainability, Mondelez International Fiona Wheatley , sustainable development manager, Marks and Spencer More panellists to be confirmed Event information Monday 12 June 2017, 9.30am-12 noon (BST) The Guardian, Kings Place, 90 York Way, London, N1 9GU To attend this seminar, please register your interest by filling in the below form. While this is a free event, please be aware that space is limited and priority will be given to individuals with relevant professional experience. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/may/11/palm-oil-what-do-consumers-know-and-do-brands-care-event'|'2017-05-11T23:09:00.000+03:00'
'dcb7268d4c4d8b88242c37719910ffdfea01001c'|'China''s tech money heads for Israel as U.S. welcome wanes'|'Business News - Thu May 11, 2017 - 3:42am BST China''s tech money heads for Israel as U.S. welcome wanes left right FILE PHOTO: People ride a double bicycle past a logo of The Alibaba Group at the company''s headquarters on the outskirts of Hangzhou, Zhejiang province November 10, 2014. REUTERS/Aly Song/File Photo 1/4 left right FILE PHOTO: Logos of Tencent are displayed at a news conference in Hong Kong, China March 22, 2017. REUTERS/Tyrone Siu/File Photo 2/4 left right FILE PHOTO: A company logo of Fosun International is seen at the Fosun Fair held alongside the annual general meeting of the Chinese conglomerate in Hong Kong, China May 28, 2015. REUTERS/Bobby Yip/File Photo 3/4 left right FILE PHOTO: The company logos of China Everbright International are displayed at a news conference on the company''s annual results in Hong Kong, China March 23, 2016. REUTERS/Bobby Yip/File Photo 4/4 By Julie Zhu and Tova Cohen - HONG KONG/TEL AVIV HONG KONG/TEL AVIV Struggling to seal deals in the United States as regulatory scrutiny tightens, Chinese companies looking to invest in promising technology are finding a warmer welcome for their cash in Israel. Chinese firms have long hunted in the United States for deals to develop their technological know-how and open up new markets, but their quarry has become more elusive since late 2016 due to increased U.S. protectionism and a tougher regulatory stance. Last year, Chinese investment into Israel jumped more than tenfold to a record $16.5 billion (12.7 billion pounds), with money flooding into the country''s buzzing internet, cyber-security and medical device start-ups. These investments surged in the third quarter just as the U.S. regulatory crackdown began to bite, Thomson Reuters data shows. In contrast, Chinese bidders scrapped a record $26.3 billion worth of previously announced deals from the United States in 2016, the data shows. Speaking on the sidelines of a Hong Kong conference last month, TCL Corp chairman Li Dongsheng told Reuters the review of one target company, which he declined to name, had been frozen following the appointment of President Donald Trump, who has championed a protectionist agenda. Li''s phones-to-fridges group is scouting in Israel instead. "I''m flying to Israel in May where we''ve selected more than 10 potential targets," Li said, adding the group was interested in technology companies dealing in smart manufacturing, new materials, big data and internet applications. For a graphic on Chinese investment into Israel, click here China Everbright Limited (CEL), the Hong Kong investment arm of state-owned China Everbright Group, is also looking to Israel, said Chen Shuang, CEL''s chief executive. "Our Israel-focused fund has already invested in four local firms there, and we plan to invest in another three to four within this year." HURDLES The Committee on Foreign Investment in the United States (CFIUS), which screens for national security risks, has become a major stumbling block for China-linked deals; China-backed Canyon Bridge Capital Partners has struggled with its $1.3 billion takeover of Lattice Semiconductor after members of Congress raised security concerns. "The review has always been rigorous, but now it will be even more so (due to) a combination of increasingly strategic transactions from China and a new administration worried about certain Chinese actions," said Miriam Sapiro, a former deputy U.S. Trade Representative who served as a CFIUS member during the administration of former President Barack Obama. With Israel being a close U.S. ally, however, Chinese investment in sensitive tech there could also raise eyebrows, sources familiar with the CFIUS process say. "China<6E>s international surge of state-driven investments in emerging technologies should put the United States and our allies on notice," said Representative Robert Pittenger, a Republican from North Carolina who said he was campaigning to improve information sharing on the iss
'f01ab0850139ce7f821434ec6f26532a49f6c65f'|'Exxon Mobil buys Singapore petrochemical plant, boost output in Asia'|'Market News - Wed May 10, 2017 - 11:11pm EDT Exxon Mobil buys Singapore petrochemical plant, boost output in Asia SINGAPORE May 11 Exxon Mobil Corp said on Thursday it has reached an agreement to buy a refining and petrochemical plant owned by Jurong Aromatics in Singapore which will boost its output in Asia. The company expects to complete the transaction in the second half of 2017 which will boost its aromatics production in Singapore to more than 3.5 million tonnes per year. (Reporting by Florence Tan and Seng Li Peng; Editing by Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/singapore-exxon-mobil-idUSL4N1ID1OJ'|'2017-05-11T11:11:00.000+03:00'
'0b58feff9c73d8f529c5c8b5af4dcf87adc783c4'|'UPDATE 1-Deutsche Telekom Q1 core profit beats expectations'|'Market News   1:22am EDT UPDATE 1-Deutsche Telekom Q1 core profit beats expectations * Q1 core profit 5.55 bln vs 5.48 bln avg in Reuters poll * Confirms 2017 outlook for adjusted EBITDA of 22.2 bln eur * German mobile service revenues up 1.4 pct excluding regulation (Adds CEO comment, background, details) FRANKFURT, May 11 Deutsche Telekom reported a better-than-expected 7.5-percent rise first-quarter core profit and sales on Thursday, helped by growth in Germany and the United States. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) excluding special items rose to 5.55 billion euros ($6.03 billion), above the average estimate of 5.48 billion euros in a Reuters poll. Revenues rose by 5.8 percent to 18.65 billion euros, in line with expectations. "The positive trends remain unbroken: We are growing in the United States and have recently returned to growth in Germany," Deutsche Telekom''s Chief Executive Tim Hoettges said in a statement. German mobile service revenues, excluding the effects of new regulations on roaming and termination rates, rose by 1.4 percent, underpinning overall sales growth in Germany of 0.2 percent to 5.4 billion euros. Last month, T-Mobile US which is 64-percent controlled by Deutsche Telekom, added more than 1 million customers for the 16th quarter in a row, at the cost of big competitors AT&T and Verizon. Deutsche Telekom confirmed its 2017 outlook for adjusted EBITDA of around 22.2 billion euros and free cash flow of 5.5 billion. ($1 = 0.9201 euros) (Reporting by Harro ten Wolde; Editing by Georgina Prodhan)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/deutsche-telekom-results-idUSL8N1ID0UJ'|'2017-05-11T09:22:00.000+03:00'
'c3416374a5f7765049de593588140a8a66b8f603'|'Boeing suspends 737 MAX flights due to engine issue'|'By Alwyn Scott - SEATTLE SEATTLE Boeing Co said on Wednesday it temporarily halted flights of its new 737 MAX aircraft due to an issue with the engine, which is jointly made by General Electric Co and Safran SA of France.The grounding comes days before Boeing was due to deliver its first 737 MAX to an airline, and marks a high-profile delay in a programme that Boeing had said was ahead of schedule.It poses no safety concerns for travellers because no airlines are yet flying the 737 MAX, but it could mean a costly disruption if the problem persists. Timely delivery is important to planemakers as they get most of the payment for a plane when it is handed to the buyer.Boeing shares fell 1.3 percent to $183.15 in afternoon trading on the New York Stock Exchange. GE shares were down 0.9 percent at $28.67.Boeing said it still expects to deliver the first 737 MAX aircraft this month, and that production of both the MAX and current generation 737 will continue.Safran found a quality problem in a disc used in the low-pressure turbine at the rear of the engine and notified Boeing over the weekend, Rick Kennedy, a spokesman for GE, said.The 737 MAX replaces an older version of Boeing''s best-selling single-aisle aircraft, a key moneymaker for the aerospace company.Kennedy said the disc that prompted the concern had not been installed in an engine, but the discovery prompted Boeing to halt flights until engines could be inspected.Safran received the disc from a supplier, but there are other suppliers of that part so production of the engine, known as the LEAP 1-B, was continuing, Kennedy said.American Airlines Group Inc , which has 100 737 MAX jets on order, declined to comment and referred questions to Boeing. Southwest Airlines Co , the launch customer for the new aircraft, did not immediately respond to a request for comment.(Additional reporting by Alana Wise; Editing by Chris Reese, Leslie Adler and Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/boeing-737max-engine-idINKBN1862XY'|'2017-05-11T05:40:00.000+03:00'
'f633cb0bf0c5716242f655521b61b8d0ea47ec1c'|'China says Silk Road plan is not tied to presidency'|'Business News  11pm BST China says Silk Road plan is not tied to presidency left right Staff members prepare for the Belt and Road Forum to be held in Beijing, China, May 10, 2017. REUTERS/Stringer 1/6 left right A man takes pictures of a flower display set up ahead of the Belt and Road Forum in central Beijing, China, May 10, 2017. REUTERS/Thomas Peter 2/6 left right A woman takes pictures in front of a flower display set up ahead of the Belt and Road Forum in central Beijing, China, May 10, 2017. REUTERS/Thomas Peter 3/6 left right Workers set up a flower display ahead of the the Belt and Road Forum in Beijing, China, May 10, 2017. REUTERS/Thomas Peter 4/6 left right A woman walks past a flower display set up ahead of the Belt and Road Forum in central Beijing, China, May 10, 2017. REUTERS/Thomas Peter 5/6 left right A worker sets up a flower display ahead of the Belt and Road Forum in Beijing, China, May 10, 2017. REUTERS/Thomas Peter 6/6 BEIJING China''s President Xi Jinping initiated the ambitious "Belt and Road" development plan but it has become a world plan not tied to his presidency, the Commerce Ministry said on Wednesday, days before Xi hosts a global forum on the initiative. The forum in Beijing next week will draw heads of state to discuss Xi''s plan to expand trade links between Asia, Africa and Europe through billions of dollars in infrastructure investment. Representatives from more than 100 countries will attend China''s biggest diplomatic event of the year, though only one leader from the Group of Seven (G7) industrialised nations, Italian Prime Minister Paolo Gentiloni, is set to join. China says between 2014 and 2016, its businesses signed projects worth $304.9 billion (<28>235.5 billion) along inland and maritime corridors of the plan, also known as the New Silk Road. But some of the projects could be in development for years. Judging by recent precedent in China''s political system, Xi is slated to step down from the presidency in early 2023 at the end of his second five-year term. Asked what guarantee the world had that the initiative would go on after Xi''s second term, Vice Minister of Commerce Qian Keming told a news briefing that its vitality lay in countries'' hopes for development and not in the idea of "who proposed it or what term in office there is later". "The Belt and Road initiative was proposed by President Xi in 2013, but this initiative is not an individual proposal, or merely left at a proposal level. Rather it is an initiative that has been widely received by the whole world. It is jointly owned by everyone," Qian said. China has repeatedly rebuffed concern that the plan is part of a grand strategy to expand its economic interests for selfish gain and to seek global dominance, saying that anyone can join the plan to boost common prosperity. Xi has used the initiative to help portray China as an open economy, distinct from a rising wave of global protectionism. However, the government has faced criticism from foreign business groups and governments alike, who say it has done little to remove discriminatory policies and market barriers that favour Chinese companies. Foreign business groups have questioned whether multinational companies would be able to compete with Chinese firms through the plan in transparent bidding processes. Zhang Xingfu, an official from the Commerce Ministry''s cooperation department, played down such concerns. "Chinese enterprises conducting investment and cooperative business in countries along the Belt and Road initiative will ... actively participate in project bidding, and cooperate and compete with international enterprises in the same industries on the same platform," Zhang said. (Reporting by Michael Martina; Editing by Robert Birsel)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-silkroad-summit-politics-idUKKBN1861EY'|'2017-05-10T19:11:00.000+03:00'
'b608f1803a8d02a89e71a29e1beee7bc34cbeda6'|'Chinese Premier Li Keqiang visits Foxconn, after CEO goes to White House'|'Economy News - Wed May 10, 2017 - 5:54am BST Chinese Premier Li Keqiang visits Foxconn, after CEO goes to White House left right The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company''s headquarters in New Taipei City, Taiwan March 29, 2016. REUTERS/Tyrone Siu/File Photo 1/2 left right Foxconn Chairman Terry Gou talks to reporters as he exits the White House following a second day of meetings in Washington, U.S., April 28, 2017. REUTERS/Jim Bourg 2/2 TAIPEI China is the best place for expanding manufacturing and investment, the country''s premier told Foxconn, the world''s largest contract electronics maker, less than two weeks after its chief executive Terry Gou went to the White House to discuss increasing investment in the United States. "We will continue to expand our development, and optimize the business environment. China has a huge market and lots of talent, it is the best investment place for expanding manufacturing," Li Keqiang was summarized as saying on the State Council''s official website, which carried pictures of Li''s visit on Tuesday to Foxconn''s sprawling manufacturing facility in Zhengzhou, Henan province. The pictures showed Li being escorted by Gou around the facilities and the State Council statement saying that Li encouraged Gou to further invest in its high-end research and development as well as in supply chain production in China. Despite the recent rapprochement between U.S. President Donald Trump and China President Xi Jinping over North Korea issues, China remains a competitor to the United States under Trump''s "America first" agenda. Analysts have said that Gou treads a fine line in balancing his business empire that straddles both the United States and China. Foxconn, formally known as Hon Hai Precision Industry Co ( 2317.TW ), is a major supplier to Apple Inc ( AAPL.O ). China is the base for its assembly of Apple''s iconic iPhones, and where Foxconn employs about a million people. Li''s visit comes after Gou visited the White House with senior Foxconn executives to discuss significant investments in the U.S. in late April. At the time, Gou told Reuters when he emerged from meetings at the White House for a second day that Foxconn was planning "capital-intensive" investments in America and that details could be announced in a few weeks. "After we select the location, the White House will make an announcement," Gou said. Foxconn is also in the running as a suitor for Toshiba Corp''s ( 6502.T ) chip business. People familiar with the deal have told Reuters that Foxconn is considered a U.S. security risk due to ties with China. (Reporting by Jess Macy Yu; Editing by Michael Perry)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-foxconn-china-idUKKBN1860DS'|'2017-05-10T12:54:00.000+03:00'
'ffef304c1fe81ed81cab1da1980797842d2e3882'|'Glass Lewis says pay, performance misaligned for BlackRock CEO'|'Market News - Tue May 9, 2017 - 10:09pm EDT Glass Lewis says pay, performance misaligned for BlackRock CEO NEW YORK May 9 Proxy adviser Glass Lewis on Tuesday recommended that BlackRock Inc shareholders vote down a non-binding measure on executive compensation, saying CEO Larry Fink was paid "significantly more than the median CEO compensation" of the world''s largest asset manager''s peers. BlackRock cut total compensation for Fink by 1 percent to $25.5 million in 2016, according to a filing last month based on a calculation of his pay in line with U.S. Securities and Exchange Commission guidelines. "The Company has been deficient in aligning pay with performance," Glass Lewis said in the report. (Reporting by Trevor Hunnicutt; Editing by Michael Perry) TREASURIES-U.S. bond yields fall after FBI Comey''s ouster * Comey firing raises worries about Trump''s economic agenda * U.S. to sell $23 bln 10-year notes at 1 p.m. (1700 GMT) By Richard Leong NEW YORK, May 10 U.S. Treasury benchmark yields retreated from a five-week peak on Wednesday as President Donald Trump''s firing of his FBI director spurred some concerns about a political storm that could hinder Trump''s economic agenda. Trump''s abrupt dismissal of FBI Director James Comey drew a storm of criticism that the move wa ABUJA, May 10 Nigeria will enter negotiations with General Electric over a railway project in the West African country, transport minister Rotimi Amaechi said on Wednesday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/blackrock-pay-glasslewis-idUSFWN1IC00B'|'2017-05-10T10:09:00.000+03:00'
'bbabc91024744ec4592397ddc3c9d44cc737b639'|'Brazil''s JBS mulls delaying international unit IPO: sources'|'By Tatiana Bautzer - SAO PAULO SAO PAULO JBS SA ( JBSS3.SA ), the world''s largest meat processor, may postpone the New York listing of a global food processing unit originally expected for the second quarter because of lukewarm investor feedback after a scandal in Brazil, two people with knowledge of the situation said.Executives at S<>o Paulo-based JBS were worried by the impact that the probe into alleged bribery of Brazilian health officials had on investors, the sources said.The "Weak Flesh" probe named JBS alongside dozens of peers in a scheme that involved alleged payments to inspectors to overlook food safety procedures.The investigation led to temporary bans on Brazilian meat exports by several countries. JBS has repeatedly denied any wrongdoing and insisted there that there was no problem with product quality.The scandal broke weeks before JBS was due to launch the initial public offering of JBS Foods International BV, which could have raised about $1 billion and help accelerate expansion outside Brazil.The IPO could be put on hold until the impact of the probe on JBS Foods International can be better gauged, the source said. JBS has kept Barclays Plc ( BARC.L ) as a leading underwriter for the transaction, the sources added.The media office of JBS declined to comment.The delay is another blow in JBS''s efforts to implement a reorganization plan aimed at transforming it into a global food processor. The JBS Foods International IPO plan was announced last December.Previously, JBS was forced to scrap a plan to relocate international operations to Ireland after the investment arm of Brazil''s state development bank BNDES balked at it. Over two-thirds of JBS'' revenue come from operations outside Brazil.Reuters reported on March 22, days after the investigation was launched, that JBS would press ahead with the IPO while seeking to shore up investor confidence with a campaign arguing the police probe misstated facts.At the time, JBS or advisors saw no pushback from potential investors.Since then, JBS has resumed slaughtering at most of the 10 beef processing units that were shut down in the wake of the Weak Flesh probe. Import suspensions on Brazilian meats from countries in Asia, Europe and Latin America lasted a week or so.(Editing by Guillermo Parra-Bernal)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-jbs-ipo-idINKBN1860LH'|'2017-05-10T04:37:00.000+03:00'
'463d5908efca516ab1c687201676bf3bf5015647'|'Wienerberger cautiously optimistic on residential construction in UK'|'Business News - Wed May 10, 2017 - 7:44am BST Wienerberger cautiously optimistic on residential construction in UK Logos of Wienerberger, the world''s biggest brick maker, are pictured at its headquarters in Hennersdorf, Austria, February 9, 2016. REUTERS/Heinz-Peter Bader VIENNA Austrian brickmaker Wienerberger said its expects a slightly positive development of residential construction in Britain to continue in the second half of the year. "From today''s perspective we anticipate that residential construction in Britain will be slightly above the previous year''s level (in the second half of the year)," the group said in its first-quarter earnings report published on Wednesday. Rising demand in Britain is currently supported by government aid programs for new housing construction, the group said. Britain is Wienerberger''s largest single market, contributing around 10 percent of annual group sales. Last year, revenue in the country fell 5.1 percent, strongly influenced by the fall of the pound after Britain voted to leave the European Union. (Reporting by Kirsti Knolle; editing by Francois Murphy)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-wienerberger-results-britain-idUKKBN1860M1'|'2017-05-10T14:44:00.000+03:00'
'f5b498994ada11438f09c3b59509c0451f3f1519'|'Sterling''s bounce should help limit UK inflation overshoot - NIESR'|'LONDON Sterling''s rise since Prime Minister Theresa May called a snap election last month should to help limit a surge in British inflation this year although it will still sail far over the Bank of England''s target, a think tank said on Wednesday.The National Institute of Economic and Social Research said annual consumer price inflation was likely to peak at 3.4 percent at around the end of this year, lower than a forecast of 3.7 percent it made in February.READ: May vows energy price cap if re-electedBritish consumer prices are rising fast, fuelled by higher global energy prices and the pound''s plunge following last June''s vote to leave the European Union.The pound has recovered some ground over the last month to strike a seven-month high near $1.30, reflecting investors'' belief that May''s Conservative Party will gain a large majority in the June 8 election - something that could give her more leeway to strike compromises with the EU in Brexit talks.RECOMMENDED: British exporters see few long-term gains from sterling windfallNIESR''s projections will be noted by Bank of England policymakers who are meeting this week to set interest rates and produce their own quarterly economic outlook.The BoE''s most recent forecasts made in February suggested inflation will rise as high as 2.75 percent early next year, above its 2 percent target although by less than NIESR expects.The consensus of economists polled by Reuters suggests inflation will likely peak at around 3.0 percent this year.The BoE is widely expected to keep interest rates on hold this week and possibly not touch them until 2019 as it waits to see the Brexit impact on the economy.NIESR stuck to its view that Britain''s economy will expand by 1.7 percent this year and 1.9 percent next year.(Reporting by Andy Bruce; Editing by William Schomberg)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-niesr-idUKKBN1852QF'|'2017-05-10T07:11:00.000+03:00'
'985f936f5d63308f6b060f642b14e116350aa525'|'Wal-Mart close to settlement with U.S. over alleged bribery -report'|'Company  56pm EDT Wal-Mart close to settlement with U.S. over alleged bribery -report CHICAGO May 9 Wal-Mart Stores Inc is preparing to pay about $300 million to settle a probe of bribery by its employees in markets including Mexico, India and China, Bloomberg reported on Tuesday, citing people familiar with the matter. The deal, which would mark a significant concession by the U.S. government, was being finalized and could change, the Bloomberg report said. In October 2016, Wal-Mart rebuffed a proposal by U.S. prosecutors to pay at least $600 million to settle the same corruption probe. Wal-Mart spokesman Greg Hitt declined to comment on the story. Last week , Wal-Mart told Reuters it was considering getting certified under a new international program that could help companies defend themselves against isolated cases of corruption or poor business practices. The proposed resolution would require a guilty plea by at least one Wal-Mart subsidiary, but the parent company would not be charged, the report said. The U.S. Department of Justice has been conducting a long-running investigation into potential misconduct by Wal-Mart in some overseas markets, including China, Brazil, India and Mexico. Wal-Mart''s ethics and compliance system came into focus after the New York Times reported in 2012 that Wal-Mart had engaged in a multi-year bribery campaign to build its Wal-Mart de Mexico business. So far Wal-Mart has spent more than $800 million on legal fees and an internal investigation into the alleged payments and to revamp its compliance systems around the world. (Reporting by Nandita Bose in Chicago; Editing by Steve Orlofsky)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-corruption-walmart-idUSL1N1IB1QB'|'2017-05-10T04:56:00.000+03:00'
'48a9bf84b42ba5f116b3de0d23984f84c9880269'|'Nikkei edges up to 17-month high, markets cautious on global tensions'|'* Comey dismissal, North Korea unnerve investors* Minebea jumps on strong forecastBy Ayai TomisawaTOKYO, May 10 Japanese stocks edged up to hover at 17-month highs as a weak yen trend supported sentiment, but gains were by limited by fears arising from U.S. President Donald Trump''s sacking of his FBI director and North Korea''s nuclear programme.The Nikkei share average rose 0.5 percent to 19,938.53 in mid-morning trade, the highest since December 2015, after it dipped 0.3 percent on the previous day.The dollar is down 0.2 percent against the yen to 113.77 yen , below its overnight high of 114.325, but traders said that investors are comfortable with that level as the dollar is well above its recent lows.Analysts said that the Nikkei was seen as well placed to eventually top the 20,000 threshold thanks to the weak yen which would push up Japanese exporters'' earnings.But at the same time, with Japanese stocks gaining sharply in a short period of time, investors have become cautious about chasing the market higher, they said.Also making investors nervous was news that U.S. President Donald Trump abruptly fired FBI Director James Comey.Comey had been leading his agency''s investigation into alleged Russian meddling in the 2016 U.S. presidential campaign and possible collusion with Trump''s campaign. Democrats immediately accused Trump of acting out of political motives.Rekindled fears that North Korea could be gearing up for another weapons test also sent investors to the sidelines."This news could trigger yen buying, but for now, as the dollar-yen is stable, there is a limited direct impact on the Japanese market," said Seiki Orimi, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.North Korea''s ambassador to Britain, Choe Il, set a defiant tone in an interview with Sky News, saying his country would continue with its nuclear and missile programmes and conduct its sixth nuclear test "at the place and time as decided by our supreme leader, Kim Jong Un."Companies with strong earnings and forecasts gained. Minebea Mitsumi Inc jumped 11 percent after saying it expected a 14 percent rise in its operating profit for the year through March 2018.Mitsubishi Motors Corp surged 7 percent after forecasting a near 14-fold rise in operating profit for this fiscal year.Toyota Motor Corp and SoftBank Group are expected to release results after the market close.The broader Topix rose 0.3 percent to 1,586.02 and the JPX-Nikkei Index 400 gained 0.2 percent to 14,159.38.'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL4N1IC1G0'|'2017-05-10T00:21:00.000+03:00'
'565dc6c4fbeb9b7406723ec90f0733ba60ed567f'|'Deutsche Bank shares see short-lived bump on report Qatar seeks higher stake'|'Business  46am BST Deutsche Bank shares see short-lived bump on report Qatar seeks higher stake FILE PHOTO: The headquarters of Germany''s Deutsche Bank is seen early evening in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo MILAN Deutsche Bank shares spiked higher briefly on Wednesday with a trader citing a Bloomberg report saying Qatar had asked German regulators to lift its stake in the bank to over 10 percent. According to people familiar with the matter cited by the report, the request was made several months ago and no final decision as to whether lift the stake had been made. Contacted by Reuters, Deutsche Bank declined to comment. Shares in Deutsche Bank rose as much as 1.8 percent after the report was published but later they erased gains. By 0940 GMT the stock was down 0.2 percent. (Reporting by Danilo Masoni and Kathrin Jones)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-bank-stake-idUKKBN186157'|'2017-05-10T17:46:00.000+03:00'
'732ecf3163d8d5ab8131d83e675a888b30197b7a'|'China''s Ant set to ink $3.5 billion loan to help fund MoneyGram bid - Basis Point'|'Business News - Thu May 4, 2017 - 10:01am BST China''s Ant set to ink $3.5 billion loan to help fund MoneyGram bid - Basis Point FILE PHOTO: A logo of Ant Financial is displayed at an event of the company in Hong Kong, China November 1, 2016. REUTERS/Bobby Yip/File Photo By Carol Zhong and Prakash Chakravarti - HONG KONG HONG KONG China''s Ant Financial, an affiliate of online shopping giant Alibaba Group, is close to signing a $3.5 billion (2.7 billion pounds) loan a part of which will help fund its purchase of U.S. money transfer company MoneyGram International, Thomson Reuters Basis Point reported. Fourteen banks, including Australia and New Zealand Banking Group, Citigroup, Credit Suisse, Goldman Sachs, HSBC, Morgan Stanley and JPMorgan, have committed to the loan, Basis Point reported. The three-year syndicated term loan will replace a bridge facility that backed Ant Financial''s bid for MoneyGram, it reported on Thursday, adding documentation of the loan is in progress, with signing expected within the next few days. Ant, valued at about $60 billion after a $4.5-billion funding round in April 2016, is set for an initial public offering (IPO), though it has not specified a timeframe or listing venue. Ant Financial declined to comment. Representatives for ANZ, Citi, JPMorgan and HSBC also declined to comment, while Goldman Sachs, Credit Suisse and Morgan Stanley did not immediately respond to an emailed request for comment. For global banks, the loan is an opportunity to jostle for position ahead of the IPO, a strategy that has paid off for banks such as HSBC which was appointed a bookrunner on the bumper Aramco IPO after gaining an advisory role on the Saudi oil company''s first ever sukuk issuance. Reuters reported in February that Ant Financial, China''s most valuable online finance company, is in early stage talks with banks to raise between $2 billion to $3 billion in debt to fund acquisitions and foreign investments. The loan size is being increased from $3 billion after the Chinese online finance firm sweetened its bid for MoneyGram by over a third, beating a rival offer from U.S.-based Euronet Worldwide to gain approval from MoneyGram''s board. Ant hiked its bid for MoneyGram by 36 percent to $18 per share in cash, valuing the target at around $1.2 billion and beating Euronet''s offer last month of $15.20 per share. MoneyGram''s global remittance channels for sending money overseas would help Ant build a cross-border network after a string of recent investments in Asia. But the deal must first obtain approval from the Committee on Foreign Investment in the United States. (Additional reporting by Catherine Cadell and Sumeet Chatterjee; Writing by Michelle Price; Editing by Clarence Fernandez and Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-moneygram-intl-ant-financial-loans-idUKKBN1800VY'|'2017-05-04T17:01:00.000+03:00'
'c384099fc84e4ff4eb32a81aa3dda7a2d8da1f89'|'Kotak Mahindra Bank to price share offer at top of range, raising $901 million'|'Money News   8:54am IST Kotak Mahindra Bank to price share offer at top of range, raising $901 million A man looks at a screen across the road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai February 6, 2014. REUTERS/Mansi Thapliyal/Files HONG KONG Kotak Mahindra Bank Ltd ( KTKM.NS ), the fourth biggest Indian lender by market capitalisation, is set to price a share offering at the top end of an indicative range, raising $901 million to bolster its balance sheet, IFR reported on Friday, citing a person close to the deal. The bank is pricing about 62 million new shares at 936 rupees each after earlier setting a 930-936 rupees indicative range, putting the total deal at 58 billion rupees ($901 million), said IFR, a Thomson Reuters publication. Kotak Mahindra Bank didn''t immediately reply to a Reuters request for comment on the share offering pricing. ($1 = 64.3900 Indian rupees)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/kotak-mahindra-bank-shareissue-idINKBN18809B'|'2017-05-12T01:24:00.000+03:00'
'd91d5f4389fedaeda199e97f5c8edb448ef8c50b'|'Risks to euro zone economy still not balanced - ECB''s Lane'|'Davos  05am BST Risks to euro zone economy still not balanced: ECB''s Lane Governor of the Central Bank of Ireland Philip R. Lane speaks at open the new Central Bank of Ireland offices in Dublin, Ireland April 24, 2017. REUTERS/Clodagh Kilcoyne By John Geddie and Padraic Halpin - DUBLIN DUBLIN Risks to the euro zone economy are still not balanced and the European Central Bank needs to see evidence that wage pressures are feeding into inflation before it shifts its policy stance, governing council member Philip Lane said on Friday. The euro zone economy has been on its best run for a decade and headline inflation has recently met the ECB''s near 2 percent target, fuelling calls from some quarters to start winding down the ECB''s 2.3 trillion euro bond-buying stimulus programme. But Lane told Reuters that there was still some way to go before the central bank can feel comfortable about tweaks to its ultra-easy monetary policy stance. "There is still downside but the tail risk... is fading and the momentum is back towards balance," said Lane. "So still below balance but moving towards balance." Lane said the "key substantive debate" at the central bank is where inflation is headed over the medium-term given doubts around wage pressures in the bloc. "We need to see evidence that wage inflation is actually on its way to a level consistent with the target," said Lane. "The fact we are seeing reasonably good data on output and unemployment, that is nice, it is helpful, but the core of it is how much of it is going to map into sustainable inflation. "For underlying inflation to go towards target, a significant part of that will be: where is wage inflation going?" The ECB has committed to buying 60 billion euros worth of bonds every month until December, despite already facing self-imposed limits in certain countries, and to keeping rates at ultra-low levels until well after that. Sources on and close to the bank''s Governing Council told Reuters last month that the bank may send a small signal about reducing monetary stimulus at its next meeting in June, while others have said autumn may be a more appropriate time. Asked about the timeline for future monetary policy decisions, Lane said: "Something has to happen in the rest of this year given there needs to be a plan in 2018." The debate around limits to the bond programme was "secondary", he added. "Central banks have a range of instruments and I don''t think that discussion should deflect from the ability of the ECB to deliver its inflation target. We have the range of instruments that can deliver the inflation target," said Lane, who is Ireland''s central bank governor. Lane is spearheading a European Union proposal to create synthetic "safe" assets backed by euro zone sovereign bonds that would help break the link between banks and governments that exacerbated the financial crisis. It is designed to provide banks with a safe asset to use as collateral so they can reduce their exposure to their own governments'' debt. But Germany has already criticised the idea and it remains uncertain whether the European Commission will reference in its paper on the future of the euro zone at the end of the month. "The task force is making good progress but it is purely a technical exercise. There are a wider set of issues in thinking about the potential role of these instruments in the wider European architecture," said Lane. "The European Commission paper and the views of various national authorities will evaluate this idea in the context about every other idea about the future of the euro zone. I hope it will be a helpful ingredient for the European system to think about how to make the euro area more robust in the future." (Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/ecb-policy-lane-idUKKBN188198'|'2017-05-12T18:02:00.000+03:00'
'158883a1d11e6f761582295612619dba8330ca14'|'German economy grew by 0.6 percent in first quarter of 2017'|' 04am BST German economy grew by 0.6 percent in first quarter of 2017 FILE PHOTO: FILE PHOTO: Employees of German car manufacturer Mercedes Benz make final adjustments at the end of the Mercedes A class (A-Klasse) production line at the factory in Rastatt, Germany, January 22, 2016. REUTERS/Kai Pfaffenbach/File Photo BERLIN The German economy grew by 0.6 percent in the first quarter of 2017, driven by higher investment in construction, machinery and equipment, robust household and state spending as well as strong exports, the Federal Statistics Office   GDP growth figure for the first three months of the year was in line with the consensus forecast in a Reuters poll. Unadjusted data showed the economy grew by 1.7 percent on the year in the first quarter, also in line with the consensus forecast. The quarterly growth rate for the fourth quarter was confirmed at 0.4 percent. (Reporting by Michael Nienaber; Editing by Joseph Nasr)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-gdp-idUKKBN1880IV'|'2017-05-12T14:04:00.000+03:00'
'62cbc38b209e884d79542819fb8f1bf4e7e6c4f6'|'China fails to win tougher ruling against US in WTO dumping case'|'Business News  24pm BST China fails to win tougher ruling against US in WTO dumping case Labourers upload steel pipes onto a vehicle at a steel market in Hefei, Anhui province November 6, 2009. REUTERS/Stringer GENEVA China failed on Thursday in a bid to win a tougher ruling against U.S. anti-dumping rules at the World Trade Organization, where appeals judges left China''s earlier victory in the dispute largely unchanged. China complained to the WTO in 2013 about the way Washington calculates anti-dumping duties on Chinese products, and it won the bulk of its case last October. The United States did not appeal against that ruling, but China did, aiming to score some more points against U.S. trade policy with a limited and technical appeal. But the WTO''s Appellate Body rejected most of China''s arguments. (Reporting by Tom Miles, editing by Stephanie Nebehay)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-usa-wto-idUKKBN18726O'|'2017-05-11T23:24:00.000+03:00'
'b763b73dc5d4d202cf219ec43ec3e44b357d0d4d'|'Macquarie-led consortium buys Australia''s Endeavour Energy power grid: source'|'By Byron Kaye and Jamie Freed - SYDNEY SYDNEY The Australian state of New South Wales on Thursday said it has sold power grid Endeavour Energy to a consortium led by Macquarie Group Ltd ( MQG.AX ) for A$7.62 billion ($5.61 billion), relegating foreign bidders to a minority stake.The sale to a group led by Macquarie, Australia''s biggest investment bank, and top pension fund manager AMP Ltd ( AMP.AX ) was politically sensitive due to opposition to foreign infrastructure purchases since NSW launched an energy privatization program in 2015.The federal government in December signaled that any single foreign investor would not be allowed to own more than half of the 50.4 percent stake being sold in the state''s third-biggest energy grid.But the restrictions do not appear to have cost the NSW government, with the Australia-dominated consortium paying a multiple of 1.6 times the grid''s regulated asset base (RAB) for its controlling stake.That was in line with the sale of Transgrid for A$10.3 billion to mostly foreign interests, and more than the amount paid for Ausgrid, which sold for 1.4 times RAB after local pension funds bought it.The Transgrid sale in 2015 met little political resistance, but the federal government subsequently blocked the sale of Ausgrid to State Grid Corp of China and Hong Kong''s Cheung Kong Infrastructure ( 1038.HK ) citing national security concerns.Macquarie has a 30 percent stake in the consortium, while AMP has 25 percent. Canada''s British Columbia Investment Management Corporation also has a quarter, and the Qatar Investment Authority owns a fifth.The group would refinance all the company''s more than A$5 billion debt under the deal conditions, said two sources involved in the transaction.The sale allows NSW, home to a third of Australia''s 24 million people, to cut debt and bankroll new infrastructure like motorways and rail lines through the middle of Sydney.It raised net proceeds of A$2.9 billion, taking the total net proceeds of NSW asset sales to A$23 billion, beating a target of A$20 billion, state Premier Gladys Berejiklian told reporters."We''ve exceeded our personal goals. It allows us to accelerate a number of projects," she said.($1 = 1.3622 Australian dollars)(Reporting by Byron Kaye and Jamie Freed; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-australia-utilities-privatisation-idINKBN18700T'|'2017-05-10T22:15:00.000+03:00'
'64dfda6a5a6ff10584b9631f0b829fe60a52ba9d'|'Wife of ESPN sportscaster Chris Berman killed in car wreck'|' 29pm EDT Wife of ESPN sportscaster Chris Berman killed in car wreck May 10 ESPN sportscaster Chris Berman''s wife of 34 years was killed in a car crash in the couple''s home state of Connecticut, authorities said on Wednesday. Katherine Berman was driving on Tuesday when her car struck a sport utility vehicle in Woodbury, causing her car to roll down an embankment and overturn, according to an accident report from Connecticut State Police. She and the occupant of the other car, an 87-year-old man, both were killed, officials said. The cause of the collision was under investigation. Katherine Berman''s death came one day before Chris Berman''s 62nd birthday on Wednesday. Berman has long been one of the biggest stars on ESPN, which is owned by the Walt Disney Co and is one of the most watched networks on cable television. "This is a devastating tragedy and difficult to comprehend," ESPN President John Skipper said in a statement on Katherine''s death. "Chris is beloved by all his ESPN colleagues and for good reason: He has a huge heart and has given so much to so many over the years." Berman, nicknamed "Boomer," for years anchored "SportsCenter," the network''s flagship show, and hosted its "Sunday NFL Countdown" program. He has won the National Sportscaster of the Year award six times. Berman, who joined ESPN in 1979, announced in a January interview with Sports Business Daily that he was reducing his role at ESPN in a new contract with the network. Berman met Katherine, who was then a grade-school teacher, on a roadway by pretending to have car trouble and asking her out when she stopped to check on him, according to a 1993 article in People magazine. The couple married in 1983 and had two children, Meredith and Douglas. (Reporting by Alex Dobuzinskis in Los Angeles)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/people-berman-idUSL1N1IC24R'|'2017-05-11T06:29:00.000+03:00'
'26eebd8d8bf353778a134631dd5e3a20b75f30a7'|'Exxon Mobil buys Singapore petrochemical plant, boost output in Asia'|'Money News  32am IST Exxon Mobil buys Singapore petrochemical plant, boosts output in Asia FILE PHOTO: An airplane comes in for a landing above an Exxon sign at a gas station in the Chicago suburb of Norridge, Illinois, U.S., October 27, 2016. REUTERS/Jim Young/File Photo SINGAPORE Exxon Mobil Corp ( XOM.N ) said on Thursday it has reached an agreement to buy a refining and petrochemical plant owned by Jurong Aromatics in Singapore which will boost its output in Asia. The company expects to complete the transaction in the second half of 2017 which will boost its aromatics production in Singapore to more than 3.5 million tonnes per year. (Reporting by Florence Tan and Seng Li Peng; Editing by Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/singapore-exxon-mobil-idINKBN1870AC'|'2017-05-11T11:25:00.000+03:00'
'a8839c2302755b9a9e14fd28f7b0d286d1492ae3'|'Volkswagen has no plans to sell Bentley or Bugatti brands - executive'|'Autos  10pm BST Volkswagen has no plans to sell Bentley or Bugatti brands - executive Volkswagen shareholders look at a Bentley Bentayga car at the annual shareholder meeting in Hanover, Germany May 10, 2017. REUTERS/Fabian Bimmer STUTTGART Volkswagen ( VOWG_p.DE ) has no plans to sell its Bentley or Bugatti brands, the head the carmaker''s luxury brands said on Thursday. "There are no considerations to sell anything," said Oliver Blume, who is also the head of VW''s sportscar maker Porsche. He added that cooperation between Porsche and Bentley has reaped more than the originally targeted 100 million euros in annual synergies. Speculation about Bentley and Bugatti had come up after Volkswagen decided to evaluate options including a possible sale of Italian motorcycle maker Ducati to help fund a strategic overhaul following its emissions scandal. (Reporting by Ilona Wissenbach; writing by Arno Schuetze; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-divestiture-idUKKBN1871CN'|'2017-05-11T19:10:00.000+03:00'
'763b1b6d4f243be6ad89b863ace664891a65517b'|'Brexit opens door for Swiss-UK banking deal - Julius Baer CEO'|'Thu May 11, 2017 - 10:36am BST Brexit opens door for Swiss-UK banking deal: Julius Baer CEO Boris Collardi, Chief Executive of Swiss private bank Julius Baer in Zurich, Switzerland February 1, 2017. REUTERS/Arnd Wiegmann By Joshua Franklin - ZURICH ZURICH Britain''s planned departure from the European Union opens the door for a UK-Swiss deal covering financial services, the head of one of Switzerland''s biggest private banks said on Thursday. Following a clamp-down on tax evasion which has eroded the impact of Switzerland''s bank secrecy laws, Swiss private banks are increasingly setting up branches abroad to attract new clients. Boris Collardi, chief executive at Julius Baer, Switzerland''s third-biggest private bank behind UBS ( UBSG.S ) and Credit Suisse ( CSGN.S ), said Brexit could be a catalyst for deal covering Swiss and UK financials firms. "It is imaginable that Brexit represents a chance for improved mutual market access between Switzerland and Britain in financial matters," Collardi, speaking as chairman of the Association of Swiss Asset and Wealth Management Banks, said in a speech. Non-EU member Switzerland trades with the EU through a web of more than 100 sectoral agreements, although this does not include financial services. Switzerland''s banking sector has been battling for more than half a decade to win full access to the EU market. Collardi said a UK-Swiss deal could set a positive precedent for Swiss-EU relations. Diplomats say Swiss talks with Britain continue under Bern''s strategy of bolstering direct ties with London, but British elections in June and its continuing EU membership until formal Brexit are holding up any substantial progress. No deal is likely until after Britain leaves the EU. (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-swiss-banks-idUKKBN187136'|'2017-05-11T17:21:00.000+03:00'
'efebdb7a5608a88d0c7030f66dff1f47ba05d55a'|'Snap shares plummet as investors mark down first earnings report'|'Technology News - Thu May 11, 2017 - 4:39am BST Snap shares plummet as investors mark down first earnings report left right Traders gather at the post where Snap Inc. is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 6, 2017. REUTERS/Brendan McDermid 1/2 left right A woman photographs a banner for Snap Inc. on the facade of the New York Stock Exchange (NYSE) on the morning of the company''s IPO in New York City, NY, U.S. March 2, 2017. REUTERS/Brendan McDermid 2/2 By Anya George Tharakan and David Ingram Snap Inc shares plunged on Wednesday after the owner of Snapchat reported slowing user growth and revenue in its first earnings report as a public company, missing some Wall Street estimates as it competes with copycat messaging apps. Shares tumbled 23 percent in after-hours trading to wipe some $6 billion from Snap''s market value, a reversal for the company after a red-hot March initial public offering that was the biggest for a U.S. tech company since Facebook Inc''s 2012 debut. The stock fell to $17.66, just above its IPO price of $17. Some investors were hoping Snap would surprise them with big numbers in its first quarterly report, BTIG analyst Richard Greenfield said. "The fact that they failed to live up to expectations, let alone exceed them, disappointed people," he said. The performance echoed slides in Facebook and Twitter after they posted debut scorecards following their IPOs. Twitter shares cratered 24 percent the next day, while Facebook''s tumbled 11 percent, still the biggest-ever one-day losses for both. Snap Chief Executive Evan Spiegel sought to reassure investors during an earnings call, fielding a dozen questions that ranged from strategy to how it would deal with competitors. He also did not shy away from one query that allowed him to take a feisty jab at Facebook. "If you want to be a creative company, you''ve got to get comfortable with and enjoy the fact that people are going to copy your product if you make great stuff," he said. Making a comparison to the search industry, Spiegel added: "Just because Yahoo has a search box doesn''t mean they''re Google." Snap said its daily active users (DAUs) rose 36.1 percent to 166 million in the first quarter from a year earlier, marking a slowdown from the 47.7 percent rise for the fourth quarter and 62.8 percent jump for the third quarter that the company reported in its IPO filing. The slowing rate of growth was in line with an estimate from JPMorgan, which accurately expected 166 million DAUs for the first quarter. Monness, Crespi, Hardt & Co Inc had pegged them even higher at 173 million. Snap''s March IPO priced above the company''s target range as investors put aside concerns about a lack of profits and voting rights to get a piece of the action. The IPO raised $3.4 billion and gave the company a market valuation of roughly $24 billion, and shares surged 44 percent in their first day of trading. Facebook, which made a $3 billion bid for Snapchat in 2013, has upped the ante by offering camera-related features similar to Snap on its platforms, including Instagram and WhatsApp. The company said in April that Instagram Stories alone had reached 200 million daily active users. Snapchat''s growth was faster than Facebook, however, which said its overall daily user base grew 18 percent year-over-year in the first quarter, as well as Twitter, which reported growth of 14 percent in DAUs from a year earlier. REVENUE DISAPPOINTMENT Like many other Silicon Valley businesses, Snap is closely tied to its young founders. Spiegel, who received a stock-based bonus worth nearly $600 million for taking the company public, is 26, and co-founder and Chief Technology Officer Bobby Murphy is 28. The company, though, has brought on others with more experience, including Chairman Michael Lynton, former chief executive of Sony Corp''s movie and music businesses. A lot is riding on Spiegel to build products that delight people, s
'005ea254db6f084c5ebe5107f2f3b7985711ab95'|'SoftBank annual profit up 13 pct on better performance by Sprint'|'Business News - Wed May 10, 2017 - 6:38am EDT SoftBank logs second-best annual profit, talks up T-Mobile deal potential FILE PHOTO: A man looks at the logo of SoftBank Group Corp at the company''s headquarters in Tokyo, June 30, 2016. REUTERS/Toru Hanai/File Photo By Makiko Yamazaki - TOKYO TOKYO Japan''s SoftBank Group Corp ( 9984.T ) said it had notched up its second-best annual profit on cost cuts and a rise in subscribers at Sprint Corp ( S.N ), adding that it was eager to discuss potential M&A for the loss-making U.S. wireless unit. Chief Executive Masayoshi Son also said the internet and telecoms giant company was close to launching a planned $100 billion Vision fund that aims to make it the "Berkshire Hathaway of the tech industry" as telecoms services markets mature. Two and a half years ago, SoftBank abandoned talks to acquire rival T-Mobile US Inc ( TMUS.O ) for Sprint amid opposition from U.S. antitrust regulators but a potential merger is still close to Son''s heart. "Of all potential partners, T-Mobile is the one that would yield the most synergies, the most orthodox choice and we''d sincerely love to begin talks," he told a news conference, adding that the current U.S. administration is far more open to the possibility of a deal. Since the previous talks, T-Mobile has overtaken its rival to become the No. 3 U.S. wireless carrier and SoftBank is now prepared to cede control to clinch a deal, people familiar with the matter told Reuters in February. Son also said, however, that he was willing to discuss other possible deals for Sprint if there were better offers. SoftBank''s operating profit for the year to end-March climbed 13 percent to 1.03 trillion yen ($9 billion) on flat revenue growth. That was below an average analyst estimate of 1.15 trillion yen from 20 analysts. SoftBank''s numerous business including its own domestic telecoms unit, recently acquired UK chipmaker Arm as well as a vast array of investments in companies like China''s Alibaba ( BABA.N ) make estimating its earnings difficult. For the fourth quarter, operating profit dropped 7.2 percent on unfavorable exchange rates. SoftBank expects to invest at least $25 billion over the next five years in its tech fund, which would be one of the world''s largest private equity investors. Son said that talks had already begun with about 30 companies on potential investments. "I want to think big," he said. "The fund is designed to tap the coming gold rush era" when every industry is redefined by artificial intelligence, he added. Asked about a possibility of investing in Toshiba Corp''s ( 6502.T ) flash memory chip unit, Son said SoftBank would not be a main player but flagged that Taiwan''s Foxconn ( 2317.TW ) may be considering a bid with Apple Inc ( AAPL.O ). He added that he had been consulted by Foxconn founder Terry Gou on the matter but declined to elaborate further. Foxconn, formally known as Hon Hai Precision Industry Co, is trying to woo Apple and other clients for a joint bid, sources have said. Gou and Son, both among Asia''s richest men, have done business together for years. Toshiba, hit by a crisis at nuclear unit Westinghouse, is selling the majority - or all - of its marquee flash-memory chip business - the world''s second-biggest the second-biggest NAND chip producer - and has attracted a range of suitors. SoftBank did not release a forecast for the current business year, saying there were too many uncertain factors. (Reporting by Makiko Yamazaki; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-softbank-results-idUSKBN1860LT'|'2017-05-10T14:17:00.000+03:00'
'e380803356b0479c3eda1582757e6f1f4aaace1d'|'Falling costs, new revenues fuel Britain''s big battery boom'|'Technology   11:52am BST Falling costs, new revenues fuel Britain''s big battery boom left right FILE PHOTO: BMW''s first all-electric car, i3, is unveiled at a ceremony in Beijing, China July 29, 2013. REUTERS/Kim Kyung-Hoon/File Photo 1/2 left right FILE PHOTO: A model poses beside a BMW i3 during a media presentation during the 36th Bangkok International Motor Show in Bangkok, Thailand March 24, 2015. REUTERS/Chaiwat Subprasom/File photo 2/2 By Susanna Twidale - LONDON LONDON Britain is emerging as a hotbed for utility-scale battery development, with two of Europe''s three biggest projects under way there and several companies joining a race that could shake up the energy market. Rapid growth of solar and wind energy means power supplies depend increasingly on whether the wind is blowing or the sun shining. As a result, utilities are looking for new ways to store renewable energy for release into the grid when supplies are low. In the UK the challenge is especially acute because the buffer between supply and demand is tighter than in other European countries as old fossil fuel plants close, while Britain lacks Germany''s supply lines to import power and maintain grid frequency - the change in direction of the electrical current - when local supplies drop. "(Renewables) intermittency means the frequency on the grid changes more quickly than before so we need faster technology which can react to that," said Cathy McClay, commercial head at the British National Grid system operator. Last year, National Grid held one of the world''s first tenders to supply rapid grid balancing services on four-year contracts. "The National Grid tender required such a fast response it almost exclusively created a market for batteries, which isn''t something we have seen elsewhere in Europe," said Andy Houston, senior analyst at UK-based consultancy Poyry. Swedish utility Vattenfall [VATN.UL] is developing battery projects in the Netherlands and Germany but chose Britain for its largest -- 22 megawatts (MW) -- at the Pen y Cymoedd wind farm in Wales after winning a National Grid contract. "Britain''s National Grid tender is one of the best opportunities for batteries," said Sebastian Gerhard, Vattenfall<6C>s head of battery projects. Vattenfall is using lithium ion batteries purchased from German car manufacturer BMW ( BMWG.DE ), the same as those used in its i3 electric cars, stacked together in portacabin-sized units. Vattenfall estimates the drive to create commercially viable electric cars has sent battery costs tumbling by around 40 percent since 2010. Energy trader Vitol [VITOLV.UL] is building two battery plants in Cumbria and Kent through subsidiary VPI Immingham after winning two National Grid contracts with joint venture partner Low Carbon, and aims to hook them up to the grid by the end of the year. The projects, part of a 250 million pound ($322 million) investment program, are partly an effort to build expertise in markets beyond Vitol<6F>s gasoline distribution business. Global electric vehicle market: tmsnrt.rs/2pyCSdB ''BIG BENEFIT'' Vitol operates around 5,000 petrol stations globally, "so in the longer term electric vehicles could have a material impact on our business," said Simon Hale, director at VPI Immingham. "Building up our knowledge and experience of battery systems now will have a big benefit for us." British utility Centrica ( CNA.L ) is building a 49 MW battery project on the site of its former Roosecote power station in northwest England which was demolished in 2015, part of a 180 million pound investment in storage and flexible power plants in Britain. The site is unlikely to create many local jobs <20> the battery units are expected to be operated remotely <20> but Centrica said it will help the company build the knowledge it needs to sell battery units to customers. "The real prize for us is unlocking the customer market," said Mark Futyan, Centrica''s merchant power director. "Some customers want battery solution
'bd2cce1d03fb3b9705be6091b4d07bafa2e941cd'|'UPDATE 1-Glass Lewis says BlackRock CEO''s pay, performance misaligned'|'(Adds details on BlackRock performance, Glass Lewis report)By Trevor HunnicuttNEW YORK May 9 Proxy adviser Glass Lewis recommended on Tuesday that BlackRock Inc shareholders "express their concern" regarding the world''s largest asset manager''s pay of its top executives, including CEO Larry Fink.Fink made $25.5 million in 2016, based on a calculation of his pay in line with U.S. Securities and Exchange Commission guidelines, according to a filing last month.That figure represented a 1 percent cut from the year before but remains one of the richest public company CEO pay packages in finance.BlackRock did not immediately respond to a request for comment outside normal business hours.The company had outlined its compensation practices in a 27-page section of its proxy documents last month. Among other things, it said Fink''s leadership helped BlackRock attract $202 billion in new cash from clients last year with a growth rate above peers. He also reduced BlackRock''s own costs, including cutting some jobs, as investors moved to lower-fee funds, it said.BlackRock''s stock rose 11.8 percent in price terms and returned 14.6 percent last year, compared with a 2.1 percent decline in price terms for its global peers measured by Thomson Reuters.Fink is sought by political figures and corporate CEOs for his views on the markets, and is listed among "The World''s Best CEOs" by the newspaper Barron''s.As an asset manager with $5.4 trillion under management, BlackRock is a top shareholder in many of the world''s largest companies and wields power voting on their corporate governance and compensation practices.Now it faces questions on its own practices ahead of its annual shareholder meeting on May 25 where the advisory group has recommended a vote against a non-binding proposal on the company''s executive compensation.Fink was paid "significantly more" than a peer median, Glass Lewis said, but "performed moderately worse", citing figures such as the company''s earnings per share growth."The company has been deficient in aligning pay with performance," Glass Lewis said in the report, which recommended electing the company''s full slate of board members, including Fink, its chairman and one of its founders. (Reporting by Trevor Hunnicutt; Editing by Michael Perry and Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/blackrock-pay-glasslewis-idINL1N1IC037'|'2017-05-10T01:33:00.000+03:00'
'87fc53857318070fcfd5415442da65ec07cdd519'|'Amazon trounces rivals in battle of the shopping ''bots'''|' 26am BST Amazon trounces rivals in battle of the shopping ''bots'' FILE PHOTO: A zoomed illustration image of a man looking at a computer monitor showing the logo of Amazon is seen in Vienna, Austria, on November 26, 2012. REUTERS/Leonhard Foeger/File Photo By Jeffrey Dastin - SAN FRANCISCO SAN FRANCISCO Earlier this year, engineers at Wal-Mart Stores Inc ( WMT.N ) who track rivals'' prices online got a rude surprise: the technology they were using to check Amazon.com several million times a day suddenly stopped working. Losing access to Amazon.com Inc''s ( AMZN.O ) data was no small matter. Like most big retailers, Wal-Mart relies on computer programs that scan prices on competitors'' websites so it can adjust its listings accordingly. A difference of even 50 cents can mean losing a sale. But a new tactic by Amazon to block these programs - known commonly as robots or bots - thwarted the Bentonville, Arkansas-based retailer. Its technology unit, @WalmartLabs, was unable to work around the blockade for weeks, forcing it to retrieve Amazon''s data through a secondary source, according to a person familiar with the matter who was not authorized to speak publicly. The previously unreported incident offers a case study in how Amazon''s technological prowess is helping it dominate the retail competition. Now the largest online retailer in the world, Amazon is best known by consumers for its fast delivery, huge product catalogue and ambitious moves into areas like original TV programming. But its mastery of the complex, behind-the-scenes technologies that power modern e-commerce is just as important to its success. Dexterity with bots allows Amazon not only to see what its rivals are doing, but increasingly to keep them in the dark when it undercuts them on price or is quietly charging more. "Benchmarking against Amazon is going to become hard," said Guru Hariharan, a former Amazon manager who now sells pricing software to retailers as chief executive of Mountain View, California-based Boomerang Commerce. A Wal-Mart spokesman declined to discuss the January episode but said the company improves its technology regularly and has multiple tools for tracking items. He said the company offers value not only through pricing but from discounts for in-store pickup and other benefits. A spokeswoman for Amazon said the company is aware of competitors using bots to check its listings and denied any "campaign" to stop them. "Nothing has changed recently in how we manage bots on our site," she said. Still, she said, "we prioritize humans over bots as needed." Bots can slow down a website, a big motivator for retailers to block them. Reuters interviewed 21 people familiar with bots and how they are deployed, including current and former Wal-Mart employees, former Amazon employees and outside specialists. Many spoke only on condition of anonymity because they were not authorized to discuss the issues publicly. Most pointed to Amazon''s leadership in the burgeoning bot wars. [For graphic - click tmsnrt.rs/2qXbYfT ] The company''s technological edge has been good for its profit margin, and it''s proving a winning formula for investors. Shares of the internet powerhouse have risen about 15-fold since the market''s bottom in March 2009, while the S&P 500 has more than tripled in value. Amazon hit $100 billion in annual sales in 2015 - faster than any company in history, it said. BRAVE NEW WORLD Bot-driven pricing has represented a massive change for the retail industry since Amazon helped pioneer the practice more than a decade ago. Traditionally, brick-and-mortar stores changed prices no more than weekly because of the time and expense needed to swap labels by hand. In the world of e-commerce, though, retailers update prices with ease, sometimes multiple times a day, helped by algorithms that consider inventory levels, sales forecasts and rivals'' pricing data. To stay in the game, companies such as online wholesaler Boxed, based in New Yor
'26a146703a2a3f82de982b21a1e4655e4a0d4254'|'Kinder Morgan to raise up to C$1.75 billion in Canadian IPO'|'TORONTO U.S. pipeline giant Kinder Morgan Inc''s ( KMI.N ) Canadian unit is looking to raise up to C$1.75 billion ($1.28 billion) in an initial public offering in Toronto, Kinder Morgan Canada said in a regulatory filing on Wednesday.The company plans to offer between 79.5 million and 92.1 million restricted voting shares, at C$19 to C$21 per share, it said.(Reporting by John Tilak)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-kinder-morgan-de-ipo-idINKBN1862CP'|'2017-05-10T14:40:00.000+03:00'
'e771438e65d3fcef633bf81d8366f1d77ca63f0f'|'Linde CEO sees new company after Praxair merger based in Ireland'|'Business News - Wed May 10, 2017 - 2:22pm BST Linde CEO sees new company after Praxair merger based in Ireland Linde Group headquarters is pictured in Munich, Germany August 15, 2016. REUTERS/Michaela Rehle/File Photo MUNICH The new company formed from the planned $70 billion (<28>54.1 billion) merger of Linde ( LING.DE ) and Praxair ( PX.N ) will likely be based in Ireland with a tax domicile in Britain, its chief executive told shareholders on Wednesday. "The new holding company should be a PLC (public limited company) under Irish law," Aldo Belloni said at the annual shareholder meeting of German industrial gases group Linde. The German and Irish rivals had said they planned to put the headquarters of their new holding company in a European country outside Germany. Operations are set to be run from Praxair''s headquarters in Danbury, Connecticut, although Belloni said Linde''s current home city of Munich would be bigger in terms of headcount. (Reporting by Georgina Prodhan; Editing by Edward Taylor)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-linde-shareholders-ireland-idUKKBN1861SW'|'2017-05-10T21:22:00.000+03:00'
'56dfb0b3137642c4bbcd55f80ad86b918843eb51'|'U.S. consumer prices rebound on rising gasoline, rental costs'|'WASHINGTON - U.S. consumer prices rebounded in April amid increases in the cost of gasoline, food and rents, pointing to steadily rising inflation that could keep the Federal Reserve on track to raise interest rates next month.The Labor Department said on Friday its Consumer Price Index rose 0.2 percent after dropping 0.3 percent in March.The rise in prices suggested that March''s drop, which was the first in 13 months, was an aberration.In the 12 months through April, the CPI increased 2.2 percent.While that was a slowdown from March''s 2.4 percent increase, the year-on-year gain in the CPI was still larger than the 1.7 percent average annual increase over the past 10 years.Economists polled by Reuters had forecast the CPI rising 0.2 percent last month and advancing 2.3 percent from a year ago.The so-called core CPI, which strips out food and energy costs, edged up 0.1 percent last month after slipping 0.1 percent in March. The monthly core CPI was restrained by declines in the price of wireless phone services, medical care, motor vehicles and apparel.The core CPI increased 1.9 percent year-on-year after rising 2.0 percent in March. April''s increase was above the 1.8 percentaverage annual increase over the past decade.The Fed has a 2 percent inflation target and tracks an inflation measure which is currently at 1.6 percent.Still, April''s increase in consumer prices added to a tightening labor market and rising producer inflation in suggesting that the U.S. central bank could raise borrowing costs at its June 13-14 policy meeting.The Fed increased its benchmark overnight interest rate by 25 basis points in March and has forecast two more rate hikesfor this year.In April, rental costs increased 0.3 percent after a similar gain in March. Owners'' equivalent rent of primary residence rose0.2 percent, matching March''s increase.Gasoline prices jumped 1.2 percent after falling 6.2 percent in March. Food prices rose 0.2 percent, with the cost of food consumed at home increasing 0.2 percent amid a surge in prices of fresh vegetables.The medical care index fell 0.2 percent last month.The price of motor vehicle insurance fell 0.4 percent in April, ending a streak of 17 consecutive monthly increases.Apparel prices fell 0.3 percent.((Reporting by Lucia Mutikani; Editing by Paul Simao))'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-usa-economy-inflation-idINKBN1881PS'|'2017-05-12T10:59:00.000+03:00'
'f0abe221780486959183c598e0b27473618ea82a'|'Australia''s Big Four banks look to cut costs as challenges rise'|'Economy News - Tue May 9, 2017 - 3:45am BST Australia''s Big Four banks look to cut costs as challenges rise left right Customers withdraw money from National Australia Bank (NAB) Automatic Teller Machines (ATMs) in central Sydney, Australia, July 24, 2015. REUTERS/David Gray/File photo 1/4 left right A Commonwealth Bank of Australia logo adorns the wall of a branch in Sydney, Australia, November 5, 2015. REUTERS/David Gray/File Photo 2/4 left right Westpac Banking Corp logo is displayed on a wall during a 2012 full year results announcement media briefing in Sydney November 5, 2012. REUTERS/Tim Wimborne/File Photo 3/4 left right A man walks past a branch of the Australia and New Zealand Banking Group Ltd (ANZ) in Sydney October 29, 2013. REUTERS/David Gray/File Photo 4/4 By Jamie Freed - SYDNEY SYDNEY Australia''s ''Big Four'' banks say they are working hard to cut costs to maintain earnings momentum as they combat rising challenges from regulatory action, a fresh government inquiry and a possible new levy on their institutional businesses. In the first half of the financial year, the cash earnings of Commonwealth Bank of Australia (CBA) ( CBA.AX ), Westpac Banking Corp ( WBC.AX ), National Australia Bank Ltd (NAB) ( NAB.AX ) and Australia and New Zealand Banking Group Ltd (ANZ) ( ANZ.AX ) rose by an average of 6.2 percent to a combined A$15.6 billion ($11.53 billion) on flat revenue, according to a KPMG report. With the exception of ANZ, which is shrinking as it sells low-returning assets, analysts forecast the banks will report record cash profits this financial year and all are expected to report further rises next year. CBA''s financial year ends on June 30, but the others use a Sept. 30 year-end. As revenue stagnates and the mortgage business struggles with regulations designed to cool red-hot housing markets in Sydney and Melbourne, the banks'' profit growth increasingly depends on cost-cutting and boosting margins.. During the latest round of financial results ending Tuesday with CBA''s A$2.4 billion third-quarter profit, bank executives told analysts they were cutting jobs, closing branches and investing in technology to keep a lid on costs. The four major banks'' average cost to income ratio on a cash basis fell 160 basis points to 43.41 percent in the first half, which is very low compared with an industry median of 66 percent in the United States and 75 percent in Britain. Australian lenders have relatively low cost-to-earnings ratios in part because they rely less on higher cost investment banking. Still, ANZ Chief Executive Shayne Elliott believes there is more fat to trim. "I believe we are entering a lower-growth environment and our response to that is to be really, really tight with the way that we allocate capital and then the same with costs," Elliott said last week. TEST OF STRENGTH The headwinds faced by the banks are many. The Australian Prudential Regulation Authority has indicated they will need to hold additional capital to be considered "unquestionably strong", although the exact amount has yet to be revealed. As compliance costs rise, there also has been political pressure for a far-reaching judicial inquiry into financial sector malpractice following a series of scandals. While fending off those calls, the government has announced a number of measures since last year aimed at alleviating public concerns about the power of the big banks. On Monday it promised a probe into competition in the industry, which is widely expected to target the banks'' wealth divisions. There has also been unconfirmed media speculation that the government intends to impose a transactions tax on institutional lending to raise $6 billion over four years. Treasurer Scott Morrison was not immediately available for comment. (Reporting by Jamie Freed; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-australia-banks-idUKKBN185074'|'2017-
'1f634c9b9e58b5117eb7309b8a92a39751ff9c8f'|'Grid infra investment trust''s $348 million IPO to open May 17'|'Money   4:34pm IST Grid infra investment trust''s $348 million IPO to open May 17 A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, February 26, 2016. REUTERS/Shailesh Andrade/Files MUMBAI India Grid Trust''s initial public offering of up to 22.5 billion rupees ($348 million) will be open from May 17-19, according to a regulatory filing, in what would be the country''s second listing by a infrastructure investment trust. India Grid Trust has set a price range of 98 rupees to 100 rupees per share for the IPO, IFR, a Thomson Reuters publication, separately reported on Tuesday. InvITs, or Infrastructure Investment Trusts, are entities that control revenue-generating infrastructure assets and offer regular returns to investors. India Grid Trust, sponsored by power transmission company Sterlite Power Grid Ventures, owns two revenue-generating transmission assets in central India, according to its filing. Morgan Stanley, Citigroup and Edelweiss are managing the IPO. IRB InvIT Fund became the first IPO by an infrastructure investment trust in India after raising 50.33 billion rupees last week. ($1 = 64.6650 Indian rupees)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/india-grid-ipo-idINKBN18516R'|'2017-05-09T09:04:00.000+03:00'
'4a30229f623389ca49d7140b55a39d1fa1c3c2fc'|'Germany''s Bafin talking with financial firms on move to Frankfurt amid Brexit'|'Economy  00pm BST Germany''s Bafin talking with financial firms on move to Frankfurt amid Brexit FILE PHOTO: The logo of Germany''s Federal Financial Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) is pictured outside the former finance ministry building in Bonn, Germany, Germany, April 5, 2016. REUTERS/Wolfgang Rattay FRANKFURT German financial regulator BaFin said that the watchdog was in talks with a number of financial institutions applying for licenses in Germany in light of Great Britain''s decision to leave the European Union. Raimund Roeseler, who oversees banking regulation at BaFin, did not name an exact number of institutions but said it was a double-digit figure, speaking at the body''s annual press conference in Frankfurt on Tuesday. The indication is that these institutions would move operations to Frankfurt, he added. Felix Hufeld, president of BaFin, added that the regulator has been in talks with nearly all major banks, most of whom aim to shift business to two or three sites within the European Union. Hufeld said he was not necessarily in favor of moving euro clearing to the Continent as a result of Brexit. He said however this was not the decision of BaFin. (Reporting by Tom Sims, Andreas Kroener and John O''Donnell)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-bafin-brexit-idUKKBN18515N'|'2017-05-09T18:48:00.000+03:00'
'50f8feccc99e427f6b373d7d5f14cca6191f801b'|'UK''s Sun ousts Murdoch protege who likened soccer star to gorilla -FT'|'LONDON Britain''s top-selling newspaper The Sun is to oust Kelvin MacKenzie, a provocative columnist and long-time favorite of owner Rupert Murdoch, over an article widely criticized as racist, the Financial Times reported on Tuesday.The ouster of MacKenzie, who as editor of The Sun from 1981 to 1994 ran some of its most memorable front pages, comes at a time when Murdoch''s U.S. TV business is struggling to contain a sexual harassment scandal at Fox News.The Sun had suspended MacKenzie as a columnist last month after he likened soccer player Ross Barkley of the Liverpool-based club Everton, who has a Nigerian grandfather, to a gorilla at the zoo. MacKenzie denied that was racist.The Sun withdrew the column, which its publisher News UK called "wrong, unfunny and not the view of the newspaper".Citing unnamed sources with knowledge of the discussions, the Financial Times said The Sun was negotiating exit terms with MacKenzie.It presented his ouster as part of a clear-out of Murdoch''s old guard and linked it to the possible impact of the Fox News scandal in Britain, where its parent company Twenty First Century Fox is bidding to take full control of pay-TV group Sky.British regulators examining whether Fox would be a fit and proper owner of Sky have met one of the women who have made harassment claims against ousted Fox News star presenter Bill O''Reilly.MacKenzie did not answer several phone calls from Reuters to his mobile number. A spokesman for The Sun said he remained suspended and declined further comment.The reputation of Murdoch''s British newspaper business has been damaged in recent years by a huge scandal over phone-hacking by some reporters. It led Murdoch to close The Sun''s sister Sunday newspaper, The News of the World, in 2011.MacKenzie''s column insulting Barkley also suggested that the only people in Liverpool who could earn as much as soccer stars were drug dealers.This was particularly incendiary given MacKenzie was in charge of The Sun when its coverage of the 1989 Hillsborough stadium disaster, which killed 96 Liverpool soccer fans, caused revulsion in the city which endures to this day.The Sun carried false police claims that drunken Liverpool fans had caused the disaster and pick-pocketed the dead, under the headline "THE TRUTH".MacKenzie''s departure would mark the end of an era for the irreverent tabloid, which during his editorship sold over 3.5 million copies a day and is now down to 1.6 million.As editor, he was responsible for The Sun reporting the sinking of the Argentine warship General Belgrano during the Falklands War in 1982 under the banner headline "GOTCHA". More than 300 lives were lost in the sinking.MacKenzie also signed off on "UP YOURS DELORS", a 1990 headline attacking the then president of the European Commission, Jacques Delors.He was also at the helm when The Sun claimed credit for Conservative Prime Minister John Major''s surprise victory in the 1992 election by stating "IT''S THE SUN WOT WON IT".(Reporting by Paul Sandle and Estelle Shirbon; editing by Stephen Addison)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-sun-mackenzie-idUSKBN18515L'|'2017-05-09T18:50:00.000+03:00'
'8af8b6d4425490c35e3f1ac2363b3556a12f2590'|'Germany promises tax cuts as revises up revenue estimates'|'Business News - Thu May 11, 2017 - 2:02pm BST Germany promises tax cuts as revises up revenue estimates FILE PHOTO: German Finance Minister Wolfgang Schaeuble presents draft budget for 2018 and mid-term plans for state spending until 2021 during a news conference in Berlin, Germany, March 15, 2017. REUTERS/Fabrizio Bensch/File Photo BERLIN Germany has raised its overall tax revenue estimates for this year by 7.9 billion euros (<28>6.6 billion), Finance Minster Wolfgang Schaeuble said on Thursday and promised to cut taxes thanks to an economic upswing and record-high employment. "The federal government has delivered on its fiscal promises. First we balanced the federal budget, then we made additional funds for investments available," Schaeuble said. "Now tax cuts can follow in the next legislative period," said Schaeuble, a senior member of Chancellor Angela Merkel''s conservatives, less than five months before a federal election. He reiterated he saw scope to lower taxes by 0.5 percent of Germany''s gross domestic product, which would come to roughly 15 billion euros. The finance ministry''s panel of tax experts put this year''s total tax take - including Germany''s federal, state, municipal and EU revenues - at 732.4 billion euros, up from the last estimate of 724.5 billion euros in November. For the longer 2017-21 period, the German state is projected to have a higher tax take of 54.1 billion euros compared to the previous estimate. (Reporting by Michael Nienaber and Joseph Nasr; Editing by Madeline Chambers)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-budget-taxes-idUKKBN1871PD'|'2017-05-11T21:02:00.000+03:00'
'9d3cec826b1d73192e6c336f1b547ee648d47892'|'Bombardier reports smaller quarterly loss'|'May 11 Canadian plane and train maker Bombardier Inc reported a smaller quarterly loss and said its Executive Chairman Pierre Beaudoin would step down.Bombardier said Beaudoin will continue to serve as non-executive chairman.Net loss narrowed to $31 million, or 2 cents per share, in the first quarter ended March 31, from $138 million, or 7 cents per share, a year earlier.Montreal-headquartered Bombardier, which is in the midst of a five-year turnaround plan to improve results, reported an 8.6 percent fall in revenue to $3.58 billion. (Reporting by Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bombardier-results-idINL4N1ID3OX'|'2017-05-11T08:04:00.000+03:00'
'0e04d68fb966d9e00423cecc88c040dd6db7fa2f'|'Lloyds Bank says Britain to make at least $645 million from bailout'|'By Andrew MacAskill - EDINBURGH EDINBURGH The British government will make at least a 500 million pound ($645 million) profit from its bailout of Lloyds Banking Group ( LLOY.L ), the lender''s chief executive Antonio Horta-Osorio said on Thursday.The government''s stake in Lloyds is down to just 0.25 percent, its chairman Norman Blackwell earlier told shareholders at the lender''s annual meeting in Edinburgh, Scotland, putting the bank on track to be in full private ownership within ''days''."We take great pride in the fact that the government has already received more than its original investment of 20.3 billion pounds," Horta-Osorio said.The estimated 500 million pound profit is higher than the 100 million pounds the bank forecast in March, and contrasts sharply with the similar bailout of Royal Bank of Scotland ( RBS.L ) which is projected to make a loss.UK Financial Investments Limited (UKFI), which manages the government''s stake, resumed Lloyds share sales in October, having halted them for almost a year due to market turbulence.Britain spent more than 20.3 billion pounds rescuing Lloyds during the global financial crisis of 2007-9, leaving the government with a 43 percent shareholding, which has gradually been sold back into the market over the last five years."Looking at the group now it is perhaps easy to lose sight of the fact that just six years ago this was a bank in crisis," Horta-Osorio said.(Reporting By Andrew MacAskill, writing by Lawrence White; Editing by Rachel Armstrong/Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lloyds-agm-idINKBN1871BL'|'2017-05-11T09:01:00.000+03:00'
'd3a7d59e92e373be49806e1ae17309ccf6437f8c'|'Company climate risk disclosure would distort markets - IHS Markit'|'Business News - Thu May 11, 2017 - 5:05am BST Company climate risk disclosure would distort markets - IHS Markit By Nina Chestney - LONDON LONDON Proposals by a G20-backed task force for companies to disclose how they manage climate risks would mislead investors and distort markets, according to research by analytics and data provider IHS Markit on Thursday. Last year, the Task Force on Climate-Related Financial Disclosure (TCFD), set up by the G20''s Financial Stability Board, proposed that companies disclose in their public financial findings how they identify and manage risks to their business from climate change. Although the measures are voluntary, some of the task force''s members argue they should become mandatory. The TCFD was set up due to growing concerns among the financial community that assets are being mispriced because the full extent of climate risk is not being factored in and increased calls for company transparency. IHS Markit said some of the TCFD''s proposals could help investors better understand how firms manage potential climate risks but others would actually undermine the aim of improving capital allocation decisions and financial market functioning. Climate risk disclosure could lead to unintended consequences, such as investors downgrading other risks which might have similar financial impacts but do not have to be disclosed in the same way, the research said. "The task force''s proposals are useful in terms of heightening the discussion around climate risk but eight decades of understanding of the materiality concept would be changed by this initiative," Daniel Yergin, IHS Markit vice chairman and co-author of the report, told Reuters. "The use of scenarios and metrics is misleading; there are issues around confidentiality and why should we single out just one risk?" IHS Markit said its report was financed by oil firms BP, Chevron, ConocoPhillips and Total, which are in one of the sectors most exposed to climate-related financial impacts, but its conclusions were its own. Proposals for disclosing the financial impact of long-term scenarios and using metrics to quantify climate risk could be misleading, the report said. Not only are scenarios based on a large number of assumptions, the assumptions will vary according to different companies and sources and are not comparable, IHS Markit added. A TCFD recommendation that oil and gas firms disclose information related to the cost of supply for current and future projects could undermine their competitive positions. Such costs change constantly due to market and technology changes. Companies could also face potential litigation if their future costs do not match the projected costs in their disclosures, the report said. After a public consultation, the TCFD is expected to bring its final recommendations to the G20 at its meeting in Germany in July. The TCFD has 32 members from large banks, insurance companies, asset management companies, pension funds, credit rating agencies and accounting and consulting firms. (Reporting by Nina Chestney, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-climatechange-financials-markets-idUKKBN1870C9'|'2017-05-11T12:05:00.000+03:00'
'40fbc3a0f1a887fa465d2d44c0fcd97dba8fb12c'|'BRIEF-Caledonia Mining says Q1 adjusted EPS 5.3 cents'|' 46am EDT BRIEF-Caledonia Mining says Q1 adjusted EPS 5.3 cents May 11 Caledonia Mining Corporation Plc * Caledonia Mining Corporation Plc: results for the first quarter of 2017 * Qtrly adjusted earnings per share of 5.3 cents * Caledonia says on track to achieve production target of 80,000 ounces by 2021 at its Zimbabwean subsidiary, blanket mine * Caledonia says revised production target for 2017 is between 52,000 and 57,000 ounces of gold * Dividend of 5.5 United States cents per annum will be maintained. Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-caledonia-mining-says-q1-adjusted-idUSASA09OZ1'|'2017-05-11T16:46:00.000+03:00'
'74f57f015b3ed5c22a95dc0658c89521ffb2a709'|'Exxon Mobil buys Singapore petrochemical plant, boost output in Asia'|'Deals - Thu May 11, 2017 - 4:48am BST Exxon Mobil buys Singapore petrochemical plant, boost output in Asia An Exxon sign is seen at a gas station in the Chicago suburb of Norridge, Illinois, U.S., October 27, 2016. REUTERS/Jim Young SINGAPORE Exxon Mobil Corp ( XOM.N ) said on Thursday it has reached an agreement to buy a refining and petrochemical plant owned by Jurong Aromatics in Singapore which will boost its output in Asia. The company expects to complete the transaction in the second half of 2017 which will boost its aromatic production in Singapore to more than 3.5 million tonnes per year. (Reporting by Florence Tan and Seng Li Peng; Editing by Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-singapore-exxon-mobil-idUKKBN1870A6'|'2017-05-11T11:17:00.000+03:00'
'76b2a088ae881ec3f8c75cdd4df95133ecc9b66b'|'Should Halfords replace my faulty four-year-old bicycle? - Money'|'I bought a bike from Halfords<64> Edinburgh Hermiston Gait store four years ago and no longer have proof of purchase. But from day one the bike was never right and I believe it was never assembled properly <20> the handlebars kept coming loose, for example. About a year after buying it I took it back into to Halfords , but even after that it still wasn<73>t right and I now realise I should have asked for my money back. I only paid <20>200, which these days isn<73>t a lot for a bike, but the least I would expect is that it would be put together properly. I took it into an independent bike shop and after assessing the state of the bike the guy in the shop said I don<6F>t have a bike, just a frame. Almost all the other parts are having to be replaced, the frame is the only part that doesn<73>t have anything wrong with it. The cost of getting this done has turned out to be more than what I paid for it, but I know that they will do a good, professional job and that I<>ll more or less be getting a brand new bike. I thought I<>d get in touch as Halfords should not be getting away with such poor service. There<72>s also a safety issue at stake here, because if something failed when I was going at speed I could have got a serious injury. The total cost of fixing the bike was <20>223 and the bike only cost <20>200. Please help. MMcK, Edinburgh Sorry, but if you really thought your bike was dangerous then you should have taken it back to the shop and asked for your money back. Under the old Sale of Goods Act, which applied to goods and services bought on or before 30 September 2015 and has since been replaced by the Consumer Rights Act, all goods sold must be fit for purpose and of reasonable quality, and it sounds as though your bike did not match these. To get a refund on a faulty item bought on or before 30 September 2015 you need to return it within a reasonable time after purchase. What a <20>reasonable time<6D> is will depend on the specific circumstances, but four years would be rather stretching it in our view.Halfords has been in touch with you to offer you a free service <20> checking your bicycle over to make sure it is safe <20> which we think you should take up. A spokesperson said: <20>Halfords has been building and selling bikes for well over 100 years and our colleagues follow a clear process to ensure these are built safely and correctly. If MMcK had brought the bike in four years ago we would have happily dealt with his issues and resolved them to his satisfaction. It is difficult to do this four years after the event. However, we are happy to offer a free bike service as a gesture of good We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number Topics Halfords Consumer champions Consumer affairs Cycling Consumer rights features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/may/09/halfords-bicycle-faulty-four-years-old'|'2017-05-09T15:00:00.000+03:00'
'8a49eb4a6610bf36c79a138bf125b6c4a9b4693c'|'General Electric says engine issue grounds Boeing 737 max flights'|' 13pm EDT Boeing suspends 737 MAX flights due to engine issue A Boeing 737 MAX sits outside the hangar during a media tour of the Boeing 737 MAX at the Boeing plant in Renton, Washington December 8, 2015. REUTERS/Matt Mills McKnight By Alwyn Scott - SEATTLE SEATTLE General Electric Co ( GE.N ) said on Wednesday that Boeing ( BA.N ) had temporarily halted flights of its new 737 MAX aircraft due to an issue with the engine, which is jointly made by GE and Safran SA ( SAF.PA ) of France. The grounding comes days before Boeing was due to deliver its first 737 MAX to an airline, and marks a high-profile delay in a program that Boeing had said was ahead of schedule. Safran found a quality problem in a disk used in the low-pressure turbine at the rear of the engine and notified Boeing over the weekend, Rick Kennedy, a spokesman for GE, said. Though the grounding posed no safety concerns for travelers because no airlines are currently flying the 737 MAX, it could represent a costly disruption to Boeing if the problem persists. The 737 MAX replaces an older version of Boeing''s best-selling 737 aircraft, a key money maker for the aerospace company. Kennedy said the disk that prompted the concern had not been installed in an engine, but the discovery prompted Boeing to halt flights until engines could be inspected. Safran received the disk from a supplier, but there are other suppliers of that part so production of the engine, known as the LEAP 1-B, was continuing, Kennedy said. Boeing did not respond to requests for comment. (Reporting by Alwyn Scott; Editing by Chris Reese and Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-boeing-737max-engine-idUSKBN1862O9'|'2017-05-11T02:58:00.000+03:00'
'b6281efe03cd4dc4d47c9144421e8e3ff52068bd'|'AstraZeneca''s asthma drug fails in study'|'Health News - Wed May 10, 2017 - 3:37am EDT AstraZeneca asthma drug fails, after similar setback at Roche A sign is seen at an AstraZeneca site in Macclesfield, central England May 19, 2014. REUTERS/Phil Noble An experimental biotech drug for severe asthma from AstraZeneca failed to meet its goal of significantly reducing attacks in a late-stage study, dealing a blow to an approach that had already run into problems at Roche . AstraZeneca said on Wednesday it would now await the results from a second Phase III of tralokinumab in the second half of the year to see if the drug might help a sub-group of patients. Tralokinumab had been viewed as a risky project after Roche reported disappointing results with its similar medicine lebrikizumab last year. Both drugs block a protein called interleukin-13. AstraZeneca also has another experimental drug for severe asthma called benralizumab that works in a different way and is currently awaiting regulatory approval. It will compete with other recently approved treatments such as GlaxoSmithKline''s Nucala. Shares in AstraZeneca were little changed on the tralokinumab news, with investors focused on upcoming results from the so-called MYSTIC trial of two immunotherapy drugs in lung cancer, which are due mid-year. Asthma affects about 315 million people worldwide, with about 10 percent suffering from severe asthma. (Reporting by Ben Hirschler and Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri and Louise Heavens) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-astrazeneca-asthma-idUSKBN1860M3'|'2017-05-10T14:37:00.000+03:00'
'15c80e8a7ab890c471d715b29b923b49e35b8369'|'Detroit revival spurs JPMorgan to make fresh $50 million pledge'|'Banks - Wed May 10, 2017 - 12:18am EDT Detroit revival spurs JPMorgan to make fresh $50 million pledge A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/Files By David Henry and David Shepardson - NEW YORK/WASHINGTON NEW YORK/WASHINGTON JPMorgan Chase & Co ( JPM.N ) is investing another $50 million in Detroit amid what city officials and bank executives describe as encouraging signs for urban renewal through public-private partnerships. JPMorgan''s latest investment, which it plans to announce on Wednesday, comes on top of a $100 million, five-year commitment the largest U.S. bank made to Detroit in 2014. At the time, the city was bankrupt due to the near-collapse of the U.S. auto industry and six decades of economic decline and population exodus. The bank has put up $107 million so far, funding blight removal, commercial and residential redevelopment, job skills training and loans to small businesses. Now it plans to reinvest $13 million from early loan repayments, and commit an additional $30 million, Peter Scher, the bank''s head of corporate responsibility, said in an interview. "There''s been a much more vibrant comeback in the small business sector in Detroit than anyone expected," he said. The $150 million commitment is tiny compared with the bank''s $2.5 trillion balance sheet, but JPMorgan is the biggest bank in Detroit, aligning its interests with the city''s. Chief Executive Jamie Dimon has made it a personal mission to improve Detroit, visiting at least six times to check on the initiative. Dimon has met with contractors who needed working capital to repair homes and with food entrepreneurs who needed shared commercial kitchens for bread baking and sausage-making. The bank has worked with Detroit Mayor Mike Duggan to focus its efforts on neighborhoods with the most promise and city support. "Detroit''s resurgence is a model for what can be accomplished when leaders work together to create economic growth and opportunity,<2C> Dimon said in a statement provided to Reuters. JPMorgan has followed other private investors. Billionaire Dan Gilbert, founder of Quicken Loans Inc, and his companies control more than 90 properties downtown in a redevelopment push. Detroit was once the fifth largest U.S. city with 1.85 million people. It now ranks below the top 20 and has its smallest population since 1850. But in July 2015, by the most recent Census Bureau estimate, Detroit''s 677,116 residents were just 0.5 percent fewer than the year before, the smallest drop in decades. The bureau will release 2016 figures later this month. Local officials hope to see gains. "It will validate all the work that is going on here," said Carmine Palombo, deputy executive director of the Southeast Michigan Council of Governments. Still, the city''s unemployment rate was 10.9 percent in 2016, the highest among the 50 largest U.S. cities. Nearly 40 percent of residents live in poverty and Detroit had the second-highest violent crime rate in 2016 among major U.S. cities. (Reporting by David Henry in New York and David Shepardson in Washington; editing by Lauren Tara LaCapra) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-jpmorgan-detroit-idUSKBN1860C7'|'2017-05-10T12:18:00.000+03:00'
'b96e24378506dd24342c6f2fd261d4a06eeb66ea'|'Britain''s Moneycorp targets U.S. market with Commonwealth FX purchase'|'By Esha Vaish Moneycorp, a British foreign exchange provider, said on Wednesday it had agreed to buy U.S.-based corporate payments business Commonwealth Foreign Exchange to extend the reach of its payments platform and help it win new customers.The British firm has pushing into a number of overseas markets and last year introduced a corporate offering in Spain, launched a full branch in Romania and signed a commercial partnership with global news firm CNN.Moneycorp, which had revenues of about $140 million in 2016, did not disclose the terms of the deal.Chief financial and operations officer Nick Haslehurst told Reuters that the firm would fund 20 percent of the deal using cash on hand, while 80 percent would be backed by external financing.Providence, Rhode Island headquartered Commonwealth had revenues of about $20 million last year and serves over 4,000 customers in the United States, enabling the movement of over 3 billion dollars across the world.Moneycorp said the Commonwealth acquisition would allow it to add small- and medium-sized U.S. customers by rolling out its specialist forex technology and platform through Commonwealth''s network."I think, in the United States, the provision of cross-border banking, payments and FX services by the big mainstream banks doesn''t service that SME and midcap market in the U.S. particularly well," Haslehurst said."Having acquired Commonwealth the ability to leverage their licensing structure and sales team to roll out Moneycorp''s transparent, fast, efficient service provision, we believe will give us a big advantage for customer acquisition."Moneycorp, which offers telephone and online payments, traded 25 billion pounds worth of currencies and handled over 7 million transactions in 2016.The deal, which requires regulatory clearance in the United States, is expected to close around September or October.KPMG was financial adviser to Moneycorp, while Holland & Knight and Shearman & Sterling were legal advisers. Raymond James advised Commonwealth.Haslehurst said that Moneycorp was keen to strike one more deal in 2017, with a preference to buy in the Americas, but did not intend to overpay.(Reporting by Esha Vaish in Bengaluru; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-commonwealth-fx-m-a-moneycorp-idINKBN18614X'|'2017-05-10T07:45:00.000+03:00'
'20274109f144acf48761fb6bd39bda1f04032a16'|'As China''s banks swap corporates for retail borrowers, risks rise'|'Banks  10am BST As China''s banks swap corporates for retail borrowers, risks rise left right FILE PHOTO: Houses under demolition a seem at Xintiandi area, one of the most expensive per square meter of Shanghai September 10, 2014. REUTERS/Carlos Barria/File Photo 1/2 left right FILE PHOTO: A customer takes her bankbook from a smart banking machine at a branch of ICBC bank in Beijing, China, April 13, 2016. REUTERS/Kim Kyung-Hoon/File Photo 2/2 By Engen Tham - SHANGHAI SHANGHAI China''s lenders are swapping struggling corporates for more promising retail borrowers - restructuring branches, teams and even overhauling bankers'' commissions in an unprecedented push that is fuelling a record jump in home loans. Yet the speed of the switch, the pressure to pull in more borrowers and soaring house prices are also worrying loan officers, analysts and regulators, with the central bank governor among those sounding a note of caution. Corporate lending has long made up the bulk of many Chinese banks'' loan books: the deals are larger and loans have more attractive rates. But with firms faltering, economic growth slowing for key sectors and banks under pressure to deleverage, lenders are eyeing other options. While retail lending also includes credit cards and consumer loans, mortgage lending has been a focus for China''s big five banks since the push began in earnest last year. Mortgage lending was up around 30 percent for the big five in 2016, the fastest growth in five years, while property lending in China accounted for 40.4 percent of new loans in the first quarter, data from the People''s Bank of China (PBOC) showed. Mortgages in China are among the safest loans - they are secured, of course, and conservative borrowing also means loan-to-value ratios (LTV) as low as under 40 percent. However, bankers, investors and analysts say the latest retail push has seen unprecedented pressure, tough targets and hard-hitting sales tactics - with some drawing comparisons to the pre-financial crisis years in the United States. "There was quite a lot of (skirting mortgage rules) last year," said Chen Shujin, a banking analyst from Huatai Securities. "We do think this will have an impact on the quality of mortgages and bank assets." Mortgage growth is also set to slow this year, credit analysts say. Many cities have introduced a raft of measures to cool property prices that have surged beyond the reach of many Chinese, posing growing financial risks. China''s central bank did not respond to requests for comment, though governor Zhou Xiaochuan has cautioned on the need for "balance" as mortgages jump, according to local media. The China Banking Regulatory Commission also did not respond to requests for comment. MORE LOANS, MORE TROUBLE? Among the concerns is the pressure on bankers to radically accelerate the number of loans they push through. "It doesn<73>t matter whether you were from the corporate team, or SME team, now 50 percent of your targets are retail borrowing targets," said one banker at Ping An Bank. Ping An increased its retail assets under management by 13.6 percent in the first quarter alone as part of a major strategic shift in focus from corporate to retail. At one branch, many bankers now have to open 60 retail accounts a year, two Ping An bankers said. Bankers with retail experience have been promoted to head many of the lender''s sub-branches, they added. To incentivize bankers, Ping An is providing higher commissions for retail wins. Bankers who don''t hit their targets for the sale of an unpopular product face penalties, according to the Ping An bankers. There was no suggestion bankers at Ping An had skirted mortgage rules. Ping An said it disputed some elements of the bankers'' account, without clarifying which parts. But similar accounts emerge across the sector. Rival lender CITIC Bank has changed its sub-branches from handling both corporate and retail lending to just focusing on one or the other, with more i
'2c487a210d20a68d571865cb7d3e83cc3fbfafa4'|'STM CFO sees 2017 revs growing 14 pct to around $8 billion'|'Market News - Thu May 11, 2017 - 4:53am EDT STM CFO sees 2017 revs growing 14 pct to around $8 billion FRANKFURT May 11 STMicroelectronics expects 2017 revenue to grow about 14 percent from last year to around $8 billion, plus or minus 1.5 percent, chief financial officer Carlo Ferro said on Thursday. Speaking to investors at the semiconductor maker''s annual capital markets day in London, he also said the company is making steady progress in reaching its long-promised, often-delayed target of achieving 10 percent operating margins. "We wanted to share with you our determination to meet and to beat in the second half of this year that target," said Ferro. (Reporting by Eric Auchard; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/stmicroelectron-outlook-idUSL8N1ID2YQ'|'2017-05-11T16:53:00.000+03:00'
'1882c0e92fd707dc4492e1672f2cb204fb25d00b'|'UPDATE 1-Canada''s MEG Energy posts smaller-than-expected loss on higher prices, lower costs'|'Commodities   5:34am EDT Canada''s MEG Energy posts smaller-than-expected loss on higher prices, lower costs Canadian oil sands producer MEG Energy Corp reported a smaller-than-expected quarterly loss, helped by higher bitumen prices and lower production costs. MEG, whose key operations are in the Athabasca oil sands region in Alberta, said average realized price for bitumen rose to C$37.93 in the first quarter, from C$11.43, a year earlier. The company''s net operating costs fell 1.2 percent to C$8.43 per barrel in the three months ended March 31. Non-energy operating costs also fell 19.4 percent to C$5.20 per barrel in the latest quarter. Bitumen production rose marginally to 77,245 barrels per day (bpd) from 76,640 bpd. However, MEG''s net profit shrank to C$1.59 million ($1.16 million) or 1 Canadian cent per share, from C$130.8 million, or 58 Canadian cents per share, a year earlier. The latest quarter included more than C$98 million in gains, while the year-ago quarter had gains of more than C$335 million, primarily related to foreign exchange and commodity risk management. Excluding items, the Calgary, Alberta-based company lost 29 Canadian cents per share, according to Thomson Reuters I/B/E/S. Analysts on average had expected a loss of 33 Canadian cents. Revenue nearly doubled to C$560 million, beating analysts'' estimate of C$517.1 million. ($1 = 1.3707 Canadian dollars)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-meg-energy-results-idUSKBN187134'|'2017-05-11T17:31:00.000+03:00'
'ef3130bc06493621962f320b62b30b13eda87a27'|'UPDATE 1-Corporaci<63>n Am<41>rica eyes stake sales for Brazil airports -paper'|'Market News - Wed May 10, 2017 - 6:46pm EDT UPDATE 1-Corporaci<63>n Am<41>rica eyes stake sales for Brazil airports -paper (Adds comment from Corporaci<63>n Am<41>rica) SAO PAULO May 10 Argentina''s Corporaci<63>n Am<41>rica SA will take bids for minority stakes in both its Brazilian airports by the end of May as it seeks funds to expand in the country, newspaper Valor Econ<6F>mico said on Wednesday. Corporaci<63>n Am<41>rica confirmed in an emailed statement that it was looking for "new partners to consolidate its growth in the country in the short and long term." According to the report in Valor, the company has hired Ita<74> Unibanco Holding SA''s investment banking unit to explore a sale of up to 49 percent of stakes held by Infram<61>rica Participa<70><61>es SA in each of the international airports serving Bras<61>lia and Natal. Valor did not specify how it obtained the information about the stake sale plans. Corporaci<63>n Am<41>rica said it intends to continue expanding in Brazil, making additional investments in the two airports and participating in future opportunities presented by the government. Corporaci<63>n Am<41>rica said it has not reached a final deal and did not comment on the terms of potential partnerships. The plans underscore increased appetite for Brazilian airports after a successful auction earlier this year kicked off President Michel Temer''s ambitious privatization program. The government has said it could sell off operating licenses for at least 10 more airports as soon as next year. (Writing by Bruno Federowski; Editing by Lisa Von Ahn and Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/corporacion-america-divestiture-idUSL1N1IC2BL'|'2017-05-11T06:46:00.000+03:00'
'2d76fe4be86ca9dcafc95b77465c2a8131961aef'|'Lloyds Bank says Britain to make at least 500 million pounds from bailout'|'Deals   12:01pm BST Lloyds Bank says Britain to make at least $645 million from bailout A pedestrian is seen passing the head office of the Lloyds Banking Group in central London in this August 5, 2009 file photograph. REUTERS/Stefan Wermuth/Files By Andrew MacAskill - EDINBURGH EDINBURGH The British government will make at least a 500 million pound ($645 million) profit from its bailout of Lloyds Banking Group ( LLOY.L ), the lender''s chief executive Antonio Horta-Osorio said on Thursday. The government''s stake in Lloyds is down to just 0.25 percent, its chairman Norman Blackwell earlier told shareholders at the lender''s annual meeting in Edinburgh, Scotland, putting the bank on track to be in full private ownership within ''days''. "We take great pride in the fact that the government has already received more than its original investment of 20.3 billion pounds," Horta-Osorio said. The estimated 500 million pound profit is higher than the 100 million pounds the bank forecast in March, and contrasts sharply with the similar bailout of Royal Bank of Scotland ( RBS.L ) which is projected to make a loss. UK Financial Investments Limited (UKFI), which manages the government''s stake, resumed Lloyds share sales in October, having halted them for almost a year due to market turbulence. Britain spent more than 20.3 billion pounds rescuing Lloyds during the global financial crisis of 2007-9, leaving the government with a 43 percent shareholding, which has gradually been sold back into the market over the last five years. "Looking at the group now it is perhaps easy to lose sight of the fact that just six years ago this was a bank in crisis," Horta-Osorio said. (Reporting By Andrew MacAskill, writing by Lawrence White; Editing by Rachel Armstrong/Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-lloyds-agm-idUKKBN1871BL'|'2017-05-11T18:56:00.000+03:00'
'04853a397860d992e5f9a0fd33222135c5af2581'|'Kotak Mahindra to raise up to $901 million via QIP - IFR'|'MUMBAI India''s Kotak Mahindra Bank Ltd is selling new shares worth as much as 58 billion Indian rupees ($900 million) to boost its capital strength and raise funds for potential acquisitions.The fund-raising comes amid speculation Kotak Mahindra is looking to buy a bigger rival and the issue of new shares will also dilute the almost 32 percent stake held by the bank''s founder Uday Kotak.The billionaire has been ordered by the central bank to cut his stake in the lender, which has a market value of nearly $27 billion, to 30 percent by the end of June and to 20 percent by December 2018.Kotak Mahindra, the fourth biggest Indian bank by market capitalisation, is selling up to 62 million new shares with a price range of 930 rupees to 936 rupees apiece, according to a deal term sheet.The price range offers just a 0.1 percent to 0.7 percent discount to the stock''s closing price of 936.80 rupees on the National Stock Exchange on Thursday.In a regulatory filing, the bank said it intended to use the net proceeds to boost its Tier 1 capital ratio, which stood at 15.9 percent at the end of March, and for possible acquisitions."The funds raised would enable the bank to capitalise on inorganic opportunities, including acquisition and resolution of stressed assets through, amongst others, potentially participating in a ''Bad Bank''," Kotak Mahindra said in the filing.Morgan Stanley, Bank of America Merrill Lynch and Kotak Mahindra''s investment banking division are the bankers for the placement of shares with qualified institutions. The sale will close early on Friday.($1 = 64.4080 Indian rupees)(Reporting by Anuradha Subramanyan of IFR and Devidutta Tripathy; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/kotak-mah-bk-shareissue-idINKBN1871CV'|'2017-05-11T09:14:00.000+03:00'
'c0bedf234bc1558e4ceff8bc22392f49c0a7dc85'|'G7 finance chiefs in Italy try to gauge Trump''s policy plans'|'Davos - Fri May 12, 2017 - 12:06am BST G7 finance chiefs in Italy try to gauge Trump''s policy plans left right U.S. Secretary of the Treasury Steven Mnuchin arrives at the G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi 1/12 left right U.S. Federal Reserve Chair Janet Yellen (C) arrives at the Petruzzelli Theatre during a G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi 2/12 left right Canadian Finance Minister William F. Morneau (L) arrives at the Petruzzelli Theatre during a G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi 3/12 left right Britain''s Chancellor of the Exchequer Philip Hammond arrives at the Petruzzelli Theatre during a G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi 4/12 left right Governor of the Bank of France Francois Villeroy de Galhau arrives at the Petruzzelli Theatre during a G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi 5/12 left right Eurogroup President Jeroen Dijsselbloem arrives at the Petruzzelli Theatre during a G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi 6/12 left right Governor of the Bank of Canada Stephen S. Poloz (R) arrives at the Petruzzelli Theatre during a G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi 7/12 left right European Commissioner Pierre Moscovici (R) arrives at the Petruzzelli Theatre during a G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi 8/12 left right International Monetary Fund Managing Director Christine Lagarde arrives at the Petruzzelli Theatre during a G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi 9/12 left right France''s Finance Minister Michel Sapin (L) arrives at the Petruzzelli Theatre during a G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi 10/12 left right Italy''s Finance Minister Pier Carlo Padoan and his wife arrive at the Petruzzelli Theatre during a G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi 11/12 left right European Central Bank President Mario Draghi smiles as his wife adjusts his hair at the Petruzzelli Theatre during a G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi 12/12 By David Lawder and Silvia Aloisi - BARI, Italy BARI, Italy Finance chiefs from the G7 begin a two-day meeting in Italy on Friday, with Europe, Japan and Canada hoping to come away with a clearer picture of U.S. President Donald Trump''s direction on important policies that he has yet to spell out. The official agenda for Group of Seven finance ministers and central bankers who arrived in the Adriatic port city of Bari on Thursday focuses on inequality, international tax rules, cyber security and blocking the funding of terrorism. However, many participants will be looking to U.S. Treasury Secretary Steven Mnuchin to gauge U.S. intentions on issues where Trump has threatened to upset the group''s consensus: protectionism and climate change. "It will be another chance to learn what the U.S. government is thinking and planning," said a G7 official at one of several briefings by national delegations this week. At a meeting of the larger Group of 20 finance ministers in Germany in March, ministers dropped their traditional pledge to keep global free trade open, bowing to an increasingly protectionist United States. Trump will decide whether to quit the global Paris agreement on climate change - a campaign pro
'f1a9744df925e25d4ed91774ac96e84bf49ee91f'|'Ransomware cyber attack hits Telefonica, other Spanish firms'|'Technology News  58pm BST Ransomware cyber attack hits Telefonica, other Spanish firms A padlock is displayed at the Alert Logic booth during the 2016 Black Hat cyber-security conference in Las Vegas, Nevada, U.S. August 3, 2016. REUTERS/David Becker MADRID Spain''s government warned on Friday that a large number of companies had been attacked by cyber criminals who infected computers with malicious software known as <20>ransomware<72> that locks up computers and demands ransoms to restore access. The victims included Telefonica ( TEF.MC ), the nation<6F>s biggest telecommunications firm, while other Spanish firms such as power company Iberdrola ( IBE.MC ) and utility Gas Natural ( GAS.MC ) took preventive measures. "There has been an alert relating to a massive ransomware attack on various organisations, which is affecting their Windows systems," Spain''s National Cryptology Centre said in a statement. The ransomware is a version of the WannaCry virus, which encrypts sensitive user data, the National Cryptology Centre said. Spain is the latest nation to warn of a global surge in ransomware. Hacks have disrupted services provided by hospitals, police departments, public transportation systems and utilities in the United States and Europe. In Britain on Friday, hospitals were hit by large-scale cyber attacks, the Guardian newspaper reported. It was not immediately clear how many Spanish organizations had been compromised by the attacks, if any critical services had been interrupted or whether victims had paid cyber criminals to regain access to their networks. Telefonica said in a statement it had detected a "cybersecurity incident" that was limited to some of its employees'' computers on its internal network and it had not affected its clients or services. The cyber attack involved a window appearing on employees'' computer screens that demanded payment with the virtual currency bitcoin in order to gain access to files, a Telefonica spokesman said. "News (of this attack) has been exaggerated and our colleagues are working on it right now," Telefonica Chief Data Officer Chema Alonso, a well-known cyber security expert, said on Twitter. Iberdrola ( IBE.MC ) and Gas Natural ( GAS.MC ), along with Vodafone''s unit in Spain ( VOD.L ), asked staff to turn off computers or cut off internet access in case they had been compromised, representatives from the firms said. The cyber attack had not affected the provision of the companies'' services or the operation of their networks and the national cybersecurity institute was working to resolve it as soon as possible, the Spanish government said in a statement. (Reporting by Carlos Ruano and Jose Rodriguez in Madrid; Writing by Sarah White and Angus Berwick; Editing by Elaine Hardcastle and Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-spain-cyber-idUKKBN1881TJ'|'2017-05-12T22:36:00.000+03:00'
'00925683a3474515ec296b8c2e11e3a33aea6fe6'|'UK insurer Liverpool Victoria Friendly Society says received approaches over general insurance unit'|'Business News   5:36pm BST UK insurer Liverpool Victoria Friendly Society says received approaches over general insurance unit British insurer Liverpool Victoria Friendly Society Ltd (LV=) said on Friday it had received approaches from several possible buyers about a deal involving its general insurance division. "Discussions are at a very early stage, no decisions have been made as to the nature of any transaction(s) and there can be no certainty that any transaction will be agreed or with whom," LV= said in a statement, without naming any of the potential bidders. Sky News reported earlier on Friday that LV= was in talks with Germany''s Allianz ( ALVG.DE ) over the sale of a minority stake in its general insurance division. Allianz ( ALVG.DE ) declined to comment. (Reporting by Rahul B in Bengaluru and Tom Sims in Frankfurt; editing by Carolyn Cohn)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-liverpool-vctr-m-a-allianz-idUKKBN1882DH'|'2017-05-13T00:36:00.000+03:00'
'6335401eb1c6be982fa8fb5b3a0339b8568c0f6c'|'Missed connection: The super-connector airlines face a world of troubles'|'WHEN a video of a passenger being dragged off a United Airlines flight went viral last month, the American carrier<65>s Middle Eastern rivals were quick to mock its customer service. Qatar Airways updated its smartphone app to say it <20>doesn<73>t support drag and drop<6F>. The ribbing was justified. Over a decade of expansion, Qatar Airways, along with Emirates of Dubai, the world<6C>s largest airline by international passenger miles travelled, and Etihad Airways of Abu Dhabi, wowed customers with superior service and better-value fares.Passengers joined them in droves, abandoning hub airports in America and Europe as well as the airlines that use them. Over the past decade the big three Gulf carriers and Turkish Airlines trebled their passenger numbers, to 155m in 2015 (see chart). They went a long way to dominating long-haul routes between Europe and Asia. Most international airlines rely on travellers going from or to their home countries, but customers of the four <20>super-connectors<72>, as they are known, mostly just change planes at the carriers<72> hub airports en route to somewhere else.  an hour ago How   an hour ago A   3   10   A slowing of this spectacular growth was at some point inevitable. But it has been exacerbated by several things. First, the airlines have been deeply affected by the halving of the oil price since 2014, which has reduced their customers<72> spending power and sharply cut demand for air travel from the Middle East itself. In particular, energy companies, responsible for 29% of GDP in the Gulf states, are slashing travel in business class, the most profitable cabin in airlines<65> fleets.Second, geography has turned sharply against them. When Sir Tim Clark, president of Emirates, helped Dubai<61>s government to set up the airline in 1985, he was quick to spot that a third of the world<6C>s population lives within four hours<72> flight of Dubai, and two-thirds within eight. <20>They were in the right place at the right time,<2C> says Andrew Charlton of Aviation Advocacy, a consultancy. <20>But now they<65>ve been caught in the wrong place at the wrong time.<2E> A series of terror attacks in the region and a coup in Turkey last July has prompted many passengers to shun airports in the Middle East and to go elsewhere to change planes. The latest figure (from March) for capacity utilisation for Middle Eastern airlines was just 73%, the lowest since 2006 and worse than at the height of the financial crisis in 2008-09.The third, and latest, blow has been a set of travel restrictions introduced by the Trump administration. Since January Mr Trump has made efforts to ban the citizens of several Middle Eastern countries from entering America. Despite various legal challenges, those efforts have hit inbound traffic. In March America also banned electronic devices larger than a smartphone, chiefly laptops, from the cabins of planes flying between eight Middle Eastern countries and its own airports (Britain also introduced similar restrictions). The issuance of entry visas to America has been cut and security vetting increased.After the first travel ban, demand fell by 35% on Emirates<65> American routes. The banning of laptops has had an even worse effect on the Gulf carriers. Many passengers, particularly accountants, consultants and lawyers who are paid by the hour, are now choosing to fly via European hubs on other airlines, says Greeley Koch of the Association of Corporate Travel Executives, a trade group. The airlines have started lending their own devices to business-class passengers, but demand is still tumbling. In April Emirates cut flights to America by a fifth, a severe reversal after three years of rapid expansion there. For a network airline a drop in demand from one destination means falls on all the routes that connect with them.Even Sir Tim, normally upbeat, admits that it has been a <20>testing<6E> time. Emirates said on May 11th that airline profits fell by 82% in the past year. Results for Etihad, expected this month, ar
'f25dd489168285f829aa6123e44d87f2a9005749'|'UPDATE 1-Dr Reddy''s Q4 profit misses estimates as U.S. sales slump'|'* Q4 profit 3.38 bln rupees vs 4.27 bln expectation* Q4 North America sales down 19 percent (Adds details from press statement)MUMBAI May 12 India''s Dr Reddy''s Laboratories Ltd reported a fourth-quarter profit that was below analysts'' estimates as increased competition and regulatory hurdles hit business in its largest market, North America.The country''s second-largest drugmaker by sales posted a January-March net income of 3.38 billion rupees ($52.56 million), missing forecasts of 4.27 billion rupees, according to Thomson Reuters I/B/E/S.This was, however, significantly higher than the 1.23 billion rupee net income the company had reported a year earlier, when it was hit by a charge related to loss of payments in Venezuela."FY17 has been a challenging year due to lack of new product approvals for the U.S. market," Chief Executive G.V. Prasad said in a statement to exchanges on Friday.Revenue from North America slumped 19 percent from a year earlier, overshadowing a rise in revenues from Europe, India, emerging and other markets. Total revenue fell 5 percent.At least four of Dr Reddy''s plants that supply drugs to the United States are under scrutiny by the U.S. Food and Drug Administration.Last month, the FDA issued a notice of concerns over the company''s Bachupally facility in southern India, which accounts for nearly 65 percent of Dr Reddy''s U.S. revenue, according to analysts.The problems have increased costs and crippled the company''s ability to maintain a steady supply of drugs to the United States, and chances of getting approvals for new drugs.($1 = 64.3050 Indian rupees) (Reporting by Zeba Siddiqui; Editing by Miral Fahmy and Subhranshu Sahu)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/dr-reddys-results-idINL4N1IE37D'|'2017-05-12T06:33:00.000+03:00'
'ea219768cc25fa5b7752020a3e013b1f5e7dec1f'|'Top-10 Glaxo investor Woodford sells out, fires broadside at board'|'Fri May 12, 2017 - 12:29pm BST Top-10 Glaxo investor Woodford sells out, fires broadside at board FILE PHOTO: Signage for GlaxoSmithKline is seen on its offices in London, Britain, March 30, 2016. REUTERS/Toby Melville/File Photo LONDON High-profile British fund manager Neil Woodford said on Friday he had sold out of pharmaceutical company GlaxoSmithKline ( GSK.L ) after holding shares in the company for more than 15 years. In a strongly worded blog post on the firm''s website entitled ''Glaxit'', Woodford said the firm had a weak pipeline of new drugs and a lack of strategic options, which made him less convinced that the dividend was sustainable. While he had spoke to management regularly over the years and argued for a break-up of the company into separate, more specialized business units, he said the prospect "now looks more remote than ever". (Reporting by Simon Jessop; editing by Carolyn Cohn)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-gsk-woodford-stake-idUKKBN1881J3'|'2017-05-12T19:28:00.000+03:00'
'1d6ffe92902690c74c0c464546a70db21304b475'|'RPT-UPDATE 2-Azeri bank IBA says debt to be restructured totals $3.3 billion'|'Market   12:47pm EDT UPDATE 3-Azeri bank IBA says debt to be restructured totals $3.3 billion * Azerbaijan''s economy hit by low oil prices * Bank laden with bad debts * It is to suspend repayment on debt * Creditors likely to face "haircut" - analyst (Adds fund manager comment) By Nailia Bagirova and Margarita Antidze BAKU/TBILISI, May 12 International Bank of Azerbaijan, the energy exporting country''s biggest lender, said on Friday it needed to restructure more than $3 billion of its debt, most owed to foreign creditors, to tackle bad loans left over from the slump in oil prices. The state-controlled bank announced on Thursday it was suspending payments on some liabilities and seeking creditors'' support for restructuring. The news sent IBA''s dollar-denominated bond tumbling to its lowest level in over a year. The bank''s problems show how Azerbaijan is still wrestling with the fallout of a prolonged slump on the global oil market, even though prices recovered some lost ground in early to mid-2016. An economic slowdown caused by the oil prices - which remain around half 2014 levels - left many of the bank''s creditors unable to repay their loans. That built up non-performing debts that a previous government rescue package failed to fix. The bank published on Friday what it said was its proposed restructuring plan. According to this, the total level of debt subject to restructuring stood at $3.34 billion as of April 18. This included debt owed to entities including commodities trader Cargill, Italian lender Intesa Sanpaolo, Germany''s Commerzbank and Bayerische Landesbank, and France''s Societe Generale. The debt the bank wants to restructure include the $500 million Eurobond due on June 11, 2019. FACTBOX - IBA''s debts under restructuring plan The plan did not set out the size of the "haircut" that creditors will be asked to take under the restructuring. Typically, creditors are asked to agree to accept a sum less than they are owed by the debtor. In the preliminary restructuring plan, the bank said it plans to exchange at least some of the bank''s liabilities for Azeri sovereign debt. Azerbaijan''s Finance Minister, Samir Sharifov, has said he will meet the bank''s creditors in London on May 23 to seek their approval for the plan. Commerzbank, Bayerische Landesbank and SocGen declined to comment about how they viewed the bank''s proposal. Lazard Fr<46>res and White & Case, hired by IBA to handle the restructuring, also declined comment. People familiar with the views of several creditor institutions, who did not want to be identified, said the institutions will participate in the restructuring talks and try to minimise any losses. Pavel Mamai, a portfolio manager at UK hedge fund Promeritum Investment Management, said IBA''s creditors would be hard-pressed to resist whatever terms Azerbaijan offers because $1 billion of the debt earmarked for restructuring is held by state sovereign wealth fund SOFAZ. With SOFAZ already on board, IBA will be able to get the approval of the required two-thirds of creditors, especially with the help of trade finance firms, Mamai predicted. "Creditors will be told either accept the deal or we declare bankruptcy," he added. "I don''t think creditors will have a lot of choice." However the blow will be softened if creditors receive sovereign bonds in the exchange, leaving them with a better-quality asset, said Richard Segal, emerging debt strategist at Manulife Asset Management. "But they will have to take a haircut, that''s just burden sharing," he said. FINANCIAL CUSHION The bank''s $500 million bond fell by more than 17 cents to 82.6 cents as trade opened on Friday. But prices later recovered to 89 cents while Azerbaijan''s manat currency was largely unmoved. Investors said Azerbaijan had enough of a financial cushion to prevent contagion into the wider economy. "The government still has plenty of money available in its sovereign wealth fund, it still has a lot of a
'9848c807a373a9a051368489f844d634456056a2'|'Nissan forecasts unexpected 7.7 percent profit drop on higher raw material costs'|'Autos   8:21am BST Nissan forecasts unexpected 7.7 percent profit drop on higher raw material costs Employee work on the assembly line of the Nissan Micra at the Renault SA car factory in Flins, near Paris, France, February 23, 2017. REUTERS/Benoit Tessier TOKYO Nissan Motor Co forecast on Thursday an unexpected 7.7 percent fall in operating profit this year as it sees higher raw material costs and a negative currency impact weighing on its bottomline. Japan''s second-largest automaker expects operating profit to come in at 685 billion yen (4.6 billion pounds) in the year to March, lower than an average estimate of 778.4 billion yen from 21 analysts polled by Thomson Reuters I/B/E/S, and down from a 742.2 billion yen profit posted in the year just ended. Nissan''s forecast is based on a projection that the yen will average 108.0 yen to the U.S. dollar in the year through March, compared with 108.3 yen in the year just ended. Nissan, which has an 18-year alliance and cross-shareholdings with France''s Renault, forecast global retail vehicle sales for the year ending in March 2018 of 5.83 million vehicles, compared to 5.63 million in the year just ended. In North America, its largest market, it forecast sales of 2.14 million vehicles, up 0.5 percent, even as a strong run of U.S. demand for cars in recent years shows signs of petering out. In the past year or so, strong U.S. demand for SUVs and other larger models has boosted sales of Nissan''s Rogue crossover model, prompting the automaker to import vehicles from Japan and South Korea as local production struggled to keep up with demand. But industry data last week showed that U.S. new vehicle sales in April declined on the year for the second consecutive month, suggesting a possible easing in full-year sales from record highs hit in 2016. Slowing U.S. sales are prompting automakers to push harder to sell their products, raising concerns among industry experts about rising inventory levels and consumer discounts. A pricing war in the market could undermine automakers'' profits. On Wednesday, Toyota Motor Corp, Japan''s biggest automaker, forecast operating profit for the current year to slide by a fifth due to increased spending to push sales in the U.S. market and the lingering impact from a stronger yen. (Reporting by Naomi Tajitsu; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nissan-results-idUKKBN1870LZ'|'2017-05-11T15:21:00.000+03:00'
'1798bd7251c911144ae9be713b16fda9bee2202e'|'Sega Sammy says to seek majority stake in Japan casino resort'|'By Thomas Wilson - TOKYO TOKYO Slot machine maker Sega Sammy Holdings Inc ( 6460.T ) said on Thursday it would seek a majority stake in any Japanese casino project, one of a few domestic firms to detail plans for a sector already drawing intense interest from global gambling companies.Japan legalized casinos in December, attracting international operators including Las Vegas Sands ( LVS.N ), Galaxy Entertainment Corp ( GALE.BO ) and MGM Resorts International ( MGM.N ).But few Japanese companies have spoken publicly about their plans for the sector amid widespread public opposition to the introduction of casinos."We definitely want to take a bigger stake in Japan - not just the entertainment part, but the whole (casino) resort," President and Chief Operating Officer Haruki Satomi told reporters on the sidelines of a conference in Tokyo."We hope (to take a majority stake). We are preparing for that," he said.Tokyo-based Sega Sammy holds a 45 percent stake in a resort in South Korea, which opened last month, and provides entertainment content. Paradise Co Ltd ( 034230.KQ ), the country''s biggest casino operator, is the majority shareholder.Foreign casinos operators are courting real estate, construction and transportation firms in Japan to form operating consortia, and have expressed flexibility as to the size of their equity involvement.Galaxy has said it would not insist on a majority stake. Hard Rock Cafe International has also said it was seeking equity of between 40 and 60 percent.Japan is now preparing legislation, due by December, to lay out rules on selecting hosts and operators for the casino resorts. It is widely expected to grant licenses to three locations initially, with Osaka and Yokohama seen as front-runners.(Reporting by Thomas Wilson; Editing by Miral Fahmy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-japan-casinos-sega-sammy-hldg-idINKBN18716N'|'2017-05-11T08:12:00.000+03:00'
'850afc5255dba58a927f4f926b5d885e23ab7d32'|'Coca-Cola HBC sales up as Russia rebounds'|'Business News -  31am BST Coca-Cola HBC sales up as Russia rebounds LONDON Soft drink bottler Coca-Cola HBC reported higher first-quarter revenue and sales volume on Thursday, helped by improving trends in Russia and other markets. The company, which bottles and sells Coca-Cola drinks in 28 countries, said sales revenue rose 4.5 percent to 1.38 billion euros in the quarter, despite a late Easter pushing some sales into the second quarter. The company only saw a 0.7 percent increase in the amount of drinks sold, but its revenue per case, excluding currency fluctuations, rose 4.5 percent. Volume fell 3.6 percent in developing markets, but rose 4 percent in emerging markets, with Russia growing for the first time in eight quarters. The company had forecast that better economic conditions would support volume growth in 2017. Chief Executive Dimitris Lois said in Thursday''s statement that the company''s "commercial initiatives continue to deliver good results and add to our confidence going into the remainder of the year." (Reporting by Martinne Geller; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-coca-cola-results-idUKKBN1870JL'|'2017-05-11T14:48:00.000+03:00'
'a60902be73978e846506a57bc2bc990e3ef35a74'|'Toronto Exchange ''legitimate contender'' for Aramco IPO, CEO says - Bloomberg'|' 29pm EDT Toronto Exchange ''legitimate contender'' for Aramco IPO, CEO says - Bloomberg May 10 The Toronto Stock Exchange is still in the running for part of the listing of Saudi Arabian Oil Co, known as Saudi Aramco, which could be the world''s largest initial public offering, Bloomberg reported on Wednesday. "Yes, we''re still in conversations, and yes, it''s still a possibility," Lou Eccleston, chief executive of TMX Group Ltd, which owns the exchange, said in an interview, according to Bloomberg. ( bloom.bg/2pAQu8j ) TMX did not respond immediately to requests for comment on Eccleston''s remarks. While Britain''s stock exchange pulls out all the stops to woo Saudi Aramco, some leading British fund managers who would be among potential investors have expressed reservations about the oil titan''s corporate governance and valuation. The Saudi government values the state firm at $2 trillion and plans to sell a stake of around 5 percent next year in what is expected to be the largest stock market listing in history. Global financial centers from London to New York and Hong Kong are vying for a piece of the action. Sources told Reuters last week that the London Stock Exchange was working on a new type of listing structure that would be more attractive for Aramco by allowing it to avoid the most onerous corporate governance requirements of a primary listing, without being seen as second class. Aramco is expected to list on the Riyadh exchange, the Tadawul, and at least one major international stock market. (Reporting by Alastair Sharp in Toronto and Akankshita Mukhopadhyay in Bengaluru; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/investors-aramco-ipo-idUSL4N1IC68M'|'2017-05-11T07:29:00.000+03:00'
'462d537fa91b21b458ce7062c425e8da940bb546'|'Number of zero-hours contracts stalls at ''staggering'' 1.7m - UK news'|'Growth in zero-hours contracts has stalled in the UK, according to the latest official figures, but campaigners have warned that insecure work is still a problem in Britain.There were 1.7m zero-hours contracts in the UK in November 2016, representing 6% of all employment contracts <20> unchanged from a year earlier. The Office for National Statistics said the number of firms using zero-hours contracts had fallen.Employees on zero-hours contracts are not guaranteed a minimum number of hours in any given week. The contracts have been widely used by retailers, restaurants, leisure companies and hotels, including Sports Direct and McDonald<6C>s , and tend to be most commonly used at larger firms.Labour party pledges to outlaw all zero-hours contracts Read more The Resolution Foundation thinktank said there could be a number of reasons why the use of such contracts had stalled, including the bad press received by firms using them and the record employment rate , which could mean companies were struggling to attract workers if they did not guarantee hours of work.<2E>Today<61>s figures provide more evidence that the rapid rise in zero-hours contract use looks to have come to an end. It<49>s likely that this reflects a combination of workers seeking alternatives in a healthier jobs market and firms recognising that they don<6F>t always represent an appropriate option,<2C> said Conor D<>Arcy, policy analyst at the foundation.He said the figures were not necessarily an indication that insecure work was becoming less of a problem in Britain. <20>Agency work, short-hours contracts and self-employment have all grown substantially in recent years, increasing the number of people in <20>atypical<61> work,<2C> he added.A record 905,000 people were employed on zero-hours contracts in the final three months of 2016 <20> about 100,000 or 13% more than a year earlier. Some people have more than one job.McDonald<6C>s offers fixed contracts to 115,000 UK zero-hours workers Read more Frances O<>Grady , general secretary of the Trades Union Congress (TUC), said the latest figures were no cause for celebration and that firms were finding other ways to employ people on insecure terms. <20>While it<69>s good that some companies are moving away from using them, there are a staggering 1.7m zero-hours contracts still in use.<2E>Let<65>s not pretend that life at the sharp end of the labour market is getting easier. There is growing evidence of firms employing staff on short-hours contracts to avoid the bad PR associated with zero-hours jobs. These contracts guarantee as little as one hour a week and, like zero-hours contracts, leave workers at the beck and call of their bosses.<2E>O<EFBFBD>Grady said every party manifesto in the run-up to the general election should include a commitment to crack down on zero-hours contracts and other forms of insecure work.People on zero-hours contracts are more likely to be young, part-time, women or in full-time education. Around a third would like to work more hours than they are offered, compared with 9% of people in employment who are not on zero-hours contracts.Topics Zero-hours contracts Gig economy Work & careers Trade unions TUC Frances O''Grady news   Share   Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/uk-news/2017/may/11/number-of-zero-hours-contracts-stalls-at-staggering-1-7-million'|'2017-05-11T21:31:00.000+03:00'
'b9ad2131d954ef19324daa37b69f20ce65085b42'|'EXCLUSIVE: Russian Rosneft''s $12.9 billion Essar Oil deal held up over debt issues'|'Asia - Thu May 11, 2017 - 10:47pm IST Exclusive: Rosneft''s $12.9 billion Essar Oil deal held up over debt issues FILE PHOTO: The shadow of a worker is seen next to a logo of Russia''s Rosneft oil company at the central processing facility of the Rosneft-owned Priobskoye oil field outside Nefteyugansk, Russia, August 4, 2016. REUTERS/Sergei Karpukhin/File Photo By Nidhi Verma , Vladimir Soldatkin and Julia Payne - NEW DELHI/MOSCOW/LONDON NEW DELHI/MOSCOW/LONDON Russian state oil firm Rosneft ( ROSN.MM ) is struggling to close its $12.9 billion acquisition of India''s Essar Oil Ltd because six of Essar''s Indian creditors have yet to approve the deal, sources close to the talks said. The state-run banks and financial institutions that are delaying Rosneft''s biggest foreign acquisition hold about $500 million of Essar''s debt, five industry and banking sources told Reuters. Kremlin-controlled Rosneft, which sees the deal as vital to expanding in Asia''s fastest growing energy market, had aimed to close the deal at the end of 2016. Now a June target for completion may be in doubt. "Tensions between Rosneft and Essar are running high," said one of the industry sources, who like others asked not to be named. The sources said the acquisition was still expected to go through, but one of them said Rosneft had written to Essar threatening to change the terms of the deal, including to pay a lower price, if the dispute over debt was protracted. "The completion of the transaction was conditional upon receiving requisite approvals and satisfaction of customary conditions. The parties are working towards obtaining the requisite approvals to complete the transaction," an Essar spokesman said. "We are hopeful that the deal will be completed in the upcoming few weeks," he added. Rosneft Chief Financial Officer Pavel Fedorov told a conference call on Wednesday that the purchase was now expected to be completed by the end of June. The six institutions holding up the transaction are IDBI Bank ( IDBI.NS ), Punjab National Bank ( PNBK.NS ), Syndicate Bank ( SBNK.NS ), Indian Overseas Bank ( IOBK.NS ), Life Insurance Corp of India and non-bank financier IFCI Ltd ( IFCI.NS ), the sources said. The six lenders gave no official comment when contacted by Reuters. Another industry source said Rosneft had wanted to finalize the deal in early June at the St Petersburg Economic Forum, where Indian Prime Minister Narendra Modi is due to meet Russian President Vladimir Putin. But he said those hopes have now faded. Rosneft won a bidding war to buy Essar against Saudi Aramco, its biggest competitor in the oil export market. The deal will give Rosneft a 49 percent stake, with a further 49 percent split between Swiss commodities trader Trafigura [TRAFGF.UL] and Russian fund United Capital Partners. The billionaire Ruia brothers will retain a 2 percent stake. Russia''s VTB bank is acting as advisor on the transaction. It declined to comment on the hold up. "The process of closing the deal is in its final stages and is expected to conclude soon," a spokesman for Trafigura said, while UCP declined to comment. CLEARING BAD DEBTS The deal is also valuable for Modi''s government, as it seeks to clear India''s $150 billion in bad debt. Essar Oil India owed about $5.5 billion to almost 30 Indian lenders. Apart from six, others have approved Essar''s transfer of ownership to Rosneft from its current owners Indian brothers Ravi and Shashi Ruia, banking sources said. The State Bank of India ( SBI.NS ), the country''s biggest lender, has given its no-objection to the deal, the sources said. Among the six institutions blocking the deal, Syndicate Bank was expected to clear the deal with its board in 10 to 15 days, one banking source said. A senior source at Indian Overseas Bank said a no-objection certificate was being processed. The sources said debt talks were complicated by the fact that some lenders were also owed money by Essar''s par
'3603f922815c1ad93f0454a317fd8b07135f8d02'|'CEE MARKETS-Bucharest stocks hit 9-year high, Hungary lifts bond auction sale'|'* Stocks rise, earnings reports have been positive * Bucharest stocks at 9-year high, partly on Digi IPO * Romanian inflation rises, leu underperforms * Bond yields decline, Hungary sells more bond than planned (Adds bond markets) By Sandor Peto BUDAPEST, May 11 Stocks hit a nine-year high in Bucharest and a 20-month high in Prague on Thursday as Central European equities were buoyed by corporate earnings reports and a major IPO in Romania. Cable and internet provider Digi Communication N.V. closed one of the biggest initial public offerings (IPO) in the history of the Bucharest bourse on Wednesday. The index gained 0.6 percent, helped by rises in OMV Petrom, Romania''s top oil and gas firm, and gas producer Romgaz. Both firms reported a jump in first-quarter net profits. Earnings reports and company outlooks in the region have so far exceeded expectations, partly helping the index of Warsaw-listed banks hit a 2-year high earlier this week. Warsaw''s blue-chip index rose 0.3 percent, driven by power utility PGE which will release its earnings report after the market closes. The shares were up 5.2 percent. A number of blue chips around the region have risen ahead of their earnings announcements as investors anticipate solid results. Prague''s index hit a 20-month high despite turmoil in the Czech government, after a batch of upbeat earning reports from firms including energy group CEZ and Moneta Bank . Slovenia''s Krka, one of the region''s biggest drug makers, gained 1.4 percent after reporting a rise in first-quarter net profits. Currencies mostly firmed slightly in the region, with the Czech crown and the forint trading near one-month highs. Government bonds were mixed, with Hungary''s 10-year yields touching and the corresponding Polish yield approaching 5-month lows. Hungarian bond yields fell 4 to 6 basis points along the curve, still helped by lower-than-expected April inflation figures released on Wednesday. "Some risk appetite has returned (helping regional bond markets), now that the French elections have passed," one Budapest-based trader said. The government sold bonds worth 68.4 billion forints at its auctions on Thursday, 23 billion forints more than planned. Romania''s debt auctions have also drawn healthy demand in recent weeks. The country''s 10-year bond yield, bid at 3.92 percent, remains well above Hungary''s 3.06 percent. The leu has been clearly underperforming regional peers in the past weeks due to worries that a government drive to lift wages could boost the budget deficit and inflation. It traded slightly firmer at 4.5465 against the euro, still near 6-week lows touched on Wednesday. Romanian inflation is still low in regional terms, but a rebound to an annual rate of 0.6 percent in April, reported on Thursday, "suggests that inflationary pressures are starting to become more visible", ING analysts said in a note. CEE SNAPS AT 1516 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech 26.56 26.57 +0.0 1.68% crown 00 50 6% Hungary 310.3 310.6 +0.0 -0.50 forint 800 650 9% % Polish 4.219 4.216 -0.09 4.36% zloty 9 3 % Romanian 4.546 4.551 +0.1 -0.25 leu 5 1 0% % Croatian 7.420 7.418 -0.03 1.81% kuna 6 5 % Serbian 123.0 123.1 +0.0 0.24% dinar 500 550 9% Note: calculate previ close 1800 daily d from ous at CET change STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 1013. 1010. +0.3 +9.9 30 02 2% 5% Budapest 33836 33666 +0.5 +5.7 .29 .28 0% 3% Warsaw 2386. 2380. +0.2 +22. 95 25 8% 54% Bucharest 8371. 8319. +0.6 +18. 35 66 2% 16% Ljubljana 789.1 781.6 +0.9 +9.9 1 1 6% 7% Zagreb 1888. 1897. -0.47 -5.35 09 07 % % Belgrade <.BELEX15 729.1 724.8 +0.5 +1.6 > 3 8 9% 4% Sofia 655.3 658.0 -0.41 +11. 6 6 % 75% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.02 0.11 +063 +10b > 3 bps ps 5-year <CZ5YT=RR 0.012 0.019 +029 +0bp > bps s 10-year <CZ10YT=R 0.818 0 +037 -4bps R> bps 
'e23f1d5fbd037f79e298fdd5d6d8eb68580ec936'|'Sony taps Vinciquerra to lead Sony film, TV studio'|'Film News - Thu May 11, 2017 - 6:20pm BST Sony taps Vinciquerra to lead Sony film, TV studio Sony Pictures movie titles on a screen are seen next to Sony Corp''s logo at its executives'' news conference at its headquarters in Tokyo, Japan, February 2, 2017. REUTERS/Kim Kyung-Hoon LOS ANGELES Sony Corp on Thursday named former Fox television executive Anthony Vinciquerra as chairman and chief executive of Sony Pictures Entertainment, effective June 1. He will replace Michael Lynton, who announced in January that he would step down in the spring, Sony said in a statement. Vinciquerra, a senior adviser at TPG Capital, will oversee Sony''s film and television studio and its worldwide networks division. He had previously served as chairman and CEO of Fox Networks Group when it was the largest operating unit of News Corp. Fox is now a unit of 21st Century Fox. Sony''s TV studio has found success with hits such as "Breaking Bad" and "The Blacklist." The movie studio struggled with a devastating cyber attack in 2014 and a lack of big hits. The Japanese company took a roughly $1 billion writedown on its movie business in January. (Reporting by Lisa Richwine; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-sony-film-idUKKBN1872J5'|'2017-05-12T01:08:00.000+03:00'
'ae5a9164205238f69b5206de37246e17e582e607'|'Sensex extends record-breaking run; autos, banks rally'|'Indian shares edged up at the close of trade on Thursday after retreating from record highs earlier in the day, with auto stocks boosted by expectations interest rates will fall after an official forecast of a better monsoon eased inflation fears.The Nifty closed up 0.16 percent at 9,422.40, while the Sensex ended marginally higher at 30,250.98.The NSE Auto index rose 1.04 percent, led by gains in Eicher Motors, which closed up 5.7 percent.(Reporting by Samantha Kareen Nair in Bengaluru; Editing by Biju Dwarakanath)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/india-sensex-nifty-stock-markets-idINKBN1870Q2'|'2017-05-11T05:31:00.000+03:00'
'bcc6a3c101a6fcbd0cdd885e5f46f9cff455efbb'|'Deals of the day-Mergers and acquisitions'|'Market  00pm EDT Deals of the day-Mergers and acquisitions (Adds CPPIB, Home Capital, Rosneft, Ita<74> Unibanco, Omnia Holdings, Enbridge and PGE; Updates Engie) May 11 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Thursday: ** Exxon Mobil Corp said it has reached an agreement to buy a refining and petrochemical plant owned by Jurong Aromatics (JAC) in Singapore that will boost its output and meet demand in Asia. ** The Canada Pension Plan Investment Board (CPPIB), the country''s biggest public pension fund, is considering a bid for Dominion Diamond Corp and is studying the miner''s books, people familiar with the process told Reuters. ** Home Capital Group, Canada''s biggest non-bank lender, is in talks to divest about C$2 billion in assets to help pay down a high-interest loan and delay a potential sale of the entire company, according to people familiar with the situation. ** Russian state oil firm Rosneft is struggling to close its $12.9 billion acquisition of India''s Essar Oil Ltd because six of Essar''s Indian creditors have yet to approve the deal, sources close to the talks said. ** The Australian state of New South Wales said it has sold power grid Endeavour Energy to a consortium led by Macquarie Group Ltd for A$7.62 billion ($5.61 billion), relegating foreign bidders to a minority stake. ** French engineering services group Assystem has made an offer for a 5 percent stake in the new Areva NP reactor unit being formed from the broader restructuring of Areva . ** Ita<74> Unibanco Holding SA said it is still in talks to acquire a stake in Brazilian broker XP Investimentos SA, adding that no definitive agreement has been signed. ** South African fertiliser and mining explosives maker Omnia Holdings said on Thursday it had agreed to acquire an oil products and lubricants supplier as part of its strategy to expand its chemical business. ** Enbridge Inc,, Canada''s largest pipeline company, said it may acquire more assets and forecast a rise in adjusted earnings before interest and taxes this year following its purchase of Spectra Energy Corp. ** Poland''s biggest power group PGE said it has signed a conditional agreement to buy EDF''s Polish power and heating assets. ** Generali is looking to buy portfolio management teams to expand its asset management operations and its fee-based business after reporting a 9 percent fall in first-quarter profit. ** Engie said it had received a binding offer from Neptune Energy for its 70 percent stake in its oil and gas exploration unit based on a value of 4.7 billion euros ($5.1 billion) for 100 percent of the unit. ** TPI Triunfo Participa<70><61>es & Investimentos SA TPIS3.SA and its creditors are discussing a restructuring plan allowing the indebted Brazilian infrastructure company to retain cash from potential asset sales while it downsizes further, three people familiar with the situation said. ** Fireproof industrial materials maker RHI, which is taking over Brazilian rival Magnesita, said it plans to keep the dividend payout at around $33 million in 2017 and 2018, cutting the amount per share for the enlarged group. ** Britain''s planned departure from the European Union opens the door for a UK-Swiss deal covering financial services, the head of one of Switzerland''s biggest private banks said. ** Liberty Global''s John Malone says he is open to doing separate deals with Vodafone and British broadcaster ITV, but has yet to make the valuations work. ** Founders of Indian online marketplace Snapdeal and one of its early investors, Nexus, have reached an agreement with SoftBank Group that would allow the Japanese firm to move ahead with its plan to sell Snapdeal to bigger rival Flipkart, ET Now reported, citing sources. ** T-Mobile US will very likely be part of merger talks in the United States and its strong position there should give it time to find the best fit, its parent Deutsche Telekom said. ** Slot machine maker Sega Sammy Holdings Inc said it would se
'45dcd6dd9858ca061b0f51bde7cd87f720c50c05'|'Goldman Sachs to launch new ''dark pool'' for stocks on Friday'|'Market  28am EDT Goldman Sachs to launch new ''dark pool'' for stocks on Friday By John McCrank - NEW YORK NEW YORK May 11 Goldman Sachs Group Inc will launch a new private stock-trading venue, known as a "dark pool," on Friday, that is run by exchange operator Nasdaq Inc , according to a note to clients obtained by Reuters. Goldman has been refreshing its trading technology to become more competitive in its electronic stock execution business, and hired Nasdaq last year to revamp its dark pool, known as Sigma X. The new dark pool, called Sigma X2, will ramp up gradually, with two stock symbols trading on the first day, and the rest migrated over the course of a month as the old dark pool is phased out, according to the note sent to clients on Thursday. A spokeswoman for the investment bank confirmed the contents of the note. Nearly every major bank has a dark pool, a trading venue that does not have to provide information such as trade sizes or prices to the public prior to trades taking place, with the aim of getting large orders done with minimal price movement. Dark pools have historically had less of a regulatory burden than public exchanges, but in recent years, they have come under increasing regulatory pressure, driving up legal, compliance, and technology costs for the firms that run them. Sigma X2 will be the first dark pool hosted by Nasdaq, using the exchange operator''s technology, operations, and compliance monitoring. Nasdaq said last year it was in negotiations with several brokers to host and run their dark pools, within its data center, under a white label product called "Ocean." Sigma X2 will differ Sigma X in that Goldman clients will eventually be able to interact with the bank''s principle trading flow if they choose, the note said. The new trading venue will also allow clients that place orders a better choice of what type of counterparts they match up with inside the pool. There are nearly 40 broker-run dark pools in the United States that compete with 13 public exchanges, including Nasdaq and Intercontinental Exchange Inc''s New York Stock Exchange. (Editing by Bernadette Baum) Our Standards: The Thomson Reuters Trust Principles Next In Market News'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/goldman-sachs-stocks-darkpool-idUSL1N1ID0TT'|'2017-05-11T18:28:00.000+03:00'
'031158b1e62986dd5c5521dae4a7cd2f16efb6c3'|'EU top court adviser says Uber is transport service, may need licences'|'Innovation and Intellectual Property - Thu May 11, 2017 - 2:31pm EDT Setback for Uber as European court advised to treat it as transport firm By Julia Fioretti and Michele Sinner - BRUSSELS/LUXEMBOURG BRUSSELS/LUXEMBOURG Uber faces the biggest challenge yet to its European roll-out after the region''s top court was advised to rule that the U.S. ride-hailing firm is actually a transport service not an app. Although the opinion of the Court of Justice of the European Union''s (ECJ) Advocate General Maciej Szpunar is non-binding, its judges usually follow such advice and are likely to reach a final ruling in the landmark case in the coming months. If the ECJ does rule that Uber is a transport service, this is likely to have an impact on the Silicon Valley firm''s operations in Estonia, Poland, Czech Republic, and Finland where it still runs UberPOP, using amateur drivers to pick up riders. The ECJ''s final ruling cannot be appealed by Uber, the world<6C>s most valuable venture-backed company, which is also struggling with a wave of executive departures and criticism of its work culture. The case was brought by Barcelona taxi drivers who argued that UberPOP engaged in unfair competition by using unlicensed drivers and the ECJ''s ruling will bind the referring court in Barcelona, which will then hand down the decision. A spokeswoman for Uber said it would await the ECJ''s final ruling, but added it "would not change the way we are regulated in most EU countries as that is already the situation today". And a ruling against it would "undermine the much needed reform of outdated laws which prevent millions of Europeans from accessing a reliable ride at the tap of a button," she added. NO RELIEF IN SIGHT Europe has proved to be one of Uber<65>s toughest markets, where it already faces restrictions in several large countries and major cities, forcing it to withdraw or curtail services that depend on non-licensed taxi drivers. As a result, it is unlikely to be required to scale back its services by any ruling, although the opinion appears to block one of the company<6E>s best hopes for EU-wide regulatory relief. Uber, which allows passengers to summon a ride through an app on their smartphones, expanded into Europe five years ago but has been challenged in the courts because it is not bound by the same strict licensing and safety rules as some competitors. Szpunar upheld the view that the same rules should be applied to Uber, saying that its drivers "do not pursue an autonomous activity that is independent of the platform. On the contrary, that activity exists solely because of the platform, without which it would have no sense." And Uber could not be seen as a mere intermediary between drivers and passengers because it controlled economically important aspects of the urban transport service, Szpunar said Uber, which was last valued at $68 billion, no longer operates UberPOP in Spain and introduced a licensed version of its service in Madrid and Berlin last year. First known as UberCab when it was founded in 2009, the firm faced bruising regulatory battles with local taxi firms and municipal authorities, starting with its headquarters city, San Francisco where it officially launched services in 2011. Expanding rapidly across the United States and then internationally, it developed a reputation for launching first and dealing with regulators later. The rapid growth and take-no-prisoners approach quickly turned Uber''s name into a verb for disruptive start-up firms that cannibalize existing industries. Uber now operates in just under 600 cities around the world, although it withdrew from China last year in the face of stiff local competition from Didi, which then acquired its assets. Nearly half of the cities Uber operates in are in North America, while it is active in around 100 cities in three other major regions, Central and South America, Europe and Asia. LANDMARK The Luxembourg court case is seen as a landmark in the so-c
'503e617e003b452763b437b8f9327382a00f3559'|'Deutsche Bank reorganises macro, electronic trading units'|'Banks   6:00pm BST Deutsche Bank reorganises macro, electronic trading units FILE PHOTO: The logo of Germany''s Deutsche Bank is reflected in the windows of a skyscraper in Frankfurt, Germany, October 5, 2016. REUTERS/Kai Pfaffenbach/File Photo By Patrick Graham - LONDON LONDON Deutsche Bank is reorganising its electronic, currency and rates businesses to bring together electronic trading across all asset classes under a new head, who will report direct to the bank''s management board, the company said in an internal memo on Thursday. A senior source at the German bank said the move was aimed at aligning operations with those of its U.S. rivals and would funnel additional resources into unifying its electronic offering to clients. The memo, provided to Reuters by a Deutsche spokesman, puts the German bank''s previous head of foreign exchange, David Wayne, in charge of the bank''s electronic trading capabilities across all asset classes, reporting to global markets chief Garth Ritchie. He will also head the new Strategic Analytics team. Russell Lascala and Jonathan Tinker, previously the head of FX spot and derivatives trading will become Co-Heads of FX, while Kemal Askar has been made Head of Rates, all reporting to the head of a newly aligned rates and FX business, Sam Wisnia. That follows the bank''s unveiling of a new structure for its markets business in March, when it announced an 8 billion euro capital hike. It is merging its trading division back with its corporate finance unit, saying the business will now focus predominantly on serving corporate clients and less on institutional ones such as pension and hedge funds. The German lender''s markets business has lost ground to Wall Street rivals in recent years, but chief executive John Cryan said in March that the bank would now be investing in it, even as he continues to cut costs and legacy assets. Cryan has taken personal charge of Deutsche''s U.S. business, and wants the bank to rank in the top five globally for FICC (fixed income, currencies and commodities). "This is not a cost-cutting measure," a source at the bank said. "There will be an increase in the net investment in etrading." (Reporting by Patrick Graham; Editing by Rachel Armstrong)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-trading-idUKKBN1872HT'|'2017-05-12T01:00:00.000+03:00'
'47ed3ae05424f561004b5192fbd71fe90d977316'|'BHP starts process to sell its Cerro Colorado copper mine'|'SYDNEY BHP Billiton ( BHP.AX ) ( BLT.L ) said on Wednesday it has started a sales process to potentially divest its Cerro Colorado copper mine in Chile, one of its smaller operations in South America."The evaluation is at an early stage, no final decisions have been made and there is no guarantee that a transaction will result," BHP said in a statement emailed to Reuters.Cerro Colorado is located in Chile''s Tarapac<61> Region and yielded 77,000 tonnes of copper in fiscal 2016.BHP''s flagship mine, Escondida, also in Chile, yields more than 10 times that amount annually.Banking sources have named Chile''s Empresas Copec SA COP.SN, a conglomerate that has voiced interest in diversifying into copper, and Canadian companies such as Lundin Mining Corp ( LUN.TO ), as possible buyers.BHP has earmarked large long-life copper mining as a key growth sector in years to come as expansion work in its iron ore mining business in Australia slows down.Citibank is advising BHP on the sale.(Reporting by James Regan; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bhp-billiton-chile-idINKBN18607L'|'2017-05-10T00:28:00.000+03:00'
'02f1f04185452de1811756d4dd64dab36767d71a'|'EBRD sees moderate pick-up in region''s growth, cautious on global backdrop'|'By Karin Strohecker LONDON, May 10 The European Bank for Reconstruction and Development (EBRD) predicted on Wednesday that its region''s growth would pick up moderately as stable commodity prices supporting Russia and surrounding countries offset headwinds in Turkey. The EBRD - which operates in 36 countries from eastern Europe to Morocco and Mongolia - trimmed the projections from its last round of forecasts in November, striking a cautiously positive tone though warning of increasing economic and political uncertainties ahead. "As oil prices have stabilized at levels well above those seen in the first half of 2016 and the Russian economy has emerged from a two-year recession, growth in the east of the region is projected to pick up gradually," the EBRD said in its biannual economic report. "The outlook for Turkey and Southern and Eastern Mediterranean has weakened somewhat reflecting, in part, security and geopolitical risks and a resulting drop in tourism receipts and investment." The EBRD predicted growth across its region would rise from 1.8 percent in 2016 to average 2.4 percent in 2017 and 2.8 percent next year. In November, the bank had forecast 2017 growth at 2.5 percent. While the acceleration was broad based, it fell short of both the world average growth as projected by the International Monetary Fund and the EBRD''s own region long-term average growth, it added. DOWNGRADE The EBRD slashed Turkey''s growth outlook by 0.4 percentage points to 2.6 percent this year after slow growth in 2016 due to factors including a credit rating downgrade to ''junk'', the state of emergency since the failed coup and the lira weakening by 17 percent against the dollar in 2016 which pushed inflation to double digits for the first time in five years in February. "Turkey''s external situation remains a challenge," it said. "Gross external financing needs are almost 25 percent of GDP, leaving the country exposed to global liquidity conditions." For Russia, the EBRD confirmed its previous 2017 growth forecast of 1.2 percent and predicted 1.4 percent in 2018. "Growth is also expected to pick up slightly in Central Asia and Eastern Europe and the Caucasus, reflecting a stabilisation of commodity prices and resumed growth in Russia," it said. Central Asia and the Southern and Eastern Mediterranean retained their places as the bank''s two fastest growing regions, but both saw their forecasts trimmed back from November. Central Asia was expected to grow 3.8 percent this year with foreign direct investment from China as part of its One Belt One Road initiative lifting most of the region''s economies. Southern and Eastern Mediterranean countries followed on the heels at 3.7 percent. However, all countries in this category - Egypt, Jordan, Morocco and Tunisia - saw growth forecasts trimmed due to factors such as rising inflation hampering consumption and regional turmoil weighing on tourism. Overall, the report pointed out that forecasts were subject to major geopolitical tensions in and around its region as well as economic policy uncertainty in major developed economies following Donald Trump''s election as president of the United States and Britain''s vote to leave the European Union. "In addition, the global environment is characterized by increased political uncertainty and a number of conundrums, notably the substantial improvement in economic confidence indicators that have not been reflected in hard economic data." Capital flows to emerging markets and also the EBRD region, including bond and equity flows, strengthened in the first months of 2017, the bank noted. Russia had been one of the main beneficiaries of that trend, the EBRD added. Actual Estimate Current Forecast Forecasts Nov 2015 2016 2017 2018 2017 change Nov-May EBRD Region 1 1.3 1.8 2.4 2.8 2.5 -0.1 Central Europe 3.4 2.6 3.1 3.1 3 0.1 and the Baltic states Croatia 1.6 2.9 2.9 2.6 2 0.9 Estonia 1.4 1.6 2.4 2.7 2.4 0 Hungary 3.1 2 3 3 2.4 0.6 Latvia
'71cad03748dd706b24f36cc8e28f715bc1d07f84'|'UPDATE 1-TCI calls on Safran to drop Zodiac deal and fix engines'|'* Letter latest step in campaign to nix takeover* Follows problems with new LEAP engine* Founder Chris Hohn wants deal scrapped ''immediately'' (Adds detail from letter, background, bullet points)By Simon Jessop and Cyril AltmeyerLONDON/PARIS, May 12 Activist investor TCI Fund Management has called on the board of French aerospace firm Safran to cancel a takeover of Zodiac Aerospace immediately and instead focus on fixing design problems with a new engine.The move is the latest attempt by TCI to stop Safran''s $9 billion deal with struggling Zodiac, which the British hedge fund considered too expensive even before the latest profit warning from the maker of aircraft seats.In a letter to the Safran board dated May 12, TCI said instead of pursuing the takeover, which would take up a lot of management time and focus, it should instead look to fix a problem with its new LEAP engine.Boeing suspended some flights this week due to a problem with the design of Safran''s LEAP-1B engine, which powers its 737 MAX jets."Due to the extreme pressure that Safran is under to ramp up production of the LEAP engine, the board should immediately cancel the agreement to buy Zodiac Aerospace," TCI founder Christopher Hohn wrote in the letter."Safran management currently has no capacity to integrate Zodiac or to execute the complex restructuring that will be required. At this critical time the company should be focused solely on the ramp up of the LEAP."A spokeswoman for Safran declined to comment.Boeing says it has identified a problem with some of the low pressure turbine discs in the LEAP engine, which is made by a CFM International, a joint venture between General Electric Co and Safran.Safran, though, said on Thursday there was no design fault and that checks would be completed in a few weeks.It said production of the engines would not be affected because a second supplier for the same part was boosting its supplies. CFM aims to deliver "as close as possible to 500" in total for Boeing, Airbus and China''s COMAC.Safran recently reported forecast-beating first-quarter revenue and reaffirmed its 2017 outlook, which includes plans to boost production of the LEAP engine to 2,000 units a year during the next three years.While Hohn said he backed Safran as it was structured now, trying to hit that target while also fixing problems at Zodiac would be a "considerable and unnecessary distraction"."It would consume management time and demand a reallocation of talented Safran employees to run Zodiac''s troubled business. This would significantly increase the risk of the LEAP program developing expensive and damaging problems." (Additional reporting by Tim Hepher; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/safran-tci-letter-idINL8N1IE268'|'2017-05-12T07:39:00.000+03:00'
'220ab1e4516ce3a3b6462fa027a9f053a669d201'|'Boeing resumes 737 MAX test flights'|'Fri May 12, 2017 - 9:03pm BST Boeing resumes 737 MAX test flights Various models of the Boeing 737 sit parked on the tarmac at Boeing Field after coming off the production line in Seattle, Washington, May 9, 2017. Picture taken May 9, 2017. REUTERS/Jason Redmond Boeing Co ( BA.N ) said on Friday it resumed test flights of its $110-million 737 MAX 8 jetliner, just two days after saying it had grounded the entire fleet to address an engine problem. The resumption of flights, which Boeing said was backed by air safety regulators, is good news for the plane maker and engine-maker CFM International, a joint venture between General Electric Co ( GE.N ) and Safran SA ( SAF.PA ) of France. CFM had said flaws in the forging of a disc inside the engine could have led to cracks. Boeing grounded the fleet late last week, and announced it on Wednesday, just days before it planned to deliver its first 737 MAX 8 to an airline. Inability to fly the plane could have threatened Boeing''s ability to deliver the new jetliners on time. Boeing said a 737 MAX 8 took off around 12:15 pm Pacific Time on Friday. "Our plan remains to start deliveries this month," Boeing spokesman Doug Alder said. "Regulatory agencies support this action." Boeing''s shares were trading nearly unchanged at $183.26. (Reporting by Alwyn Scott in Seattle and Arunima Banerjee in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-boeing-737max-engine-idUKKBN1882RX'|'2017-05-13T04:01:00.000+03:00'
'5c5da2b4e645d29180588db731e4b62322c9ab82'|'IMF sees significant negative Brexit impact on Irish economy'|'Business   4:35pm BST IMF sees significant negative Brexit impact on Irish economy Statues depicting the Irish famine are seen in the Irish Financial Services Centre in Dublin, Ireland April 24, 2017. REUTERS/Clodagh Kilcoyne DUBLIN The Irish economy faces a significant negative hit from Britain''s decision to leave the European Union as barriers to trade damage traditional sectors, the International Monetary Fund said in a report on Friday. Ireland, whose economy has been the best performing in the EU for the last three years, is widely considered the most vulnerable among the bloc''s 27 remaining members to Brexit due to its close trading links with its nearest neighbor. "While the impact to date has been modest, the overall effects over the medium term are expected to be negative and significant," the IMF said in an annual report on the Irish economy. "Risks are most acute for traditional sectors that depend on trade with the UK, with potentially sizable consequences for activity and employment outside of the main urban centers." The report also said that as one of Europe''s most open economies with one of its lowest corporate tax rates, Ireland faces uncertainty due to planned tax reforms in the United States and European Union. The country should continue efforts to broaden its tax base, it said. The government should avoid using temporary revenue gains, such as a recent surge in taxes paid by U.S. technology multinationals to justify long-term tax cuts or spending increases, it said. (Reporting by Conor Humphries; Editing by Andrew Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ireland-economy-imf-idUKKBN18827O'|'2017-05-12T23:33:00.000+03:00'
'afdb4b080027f826bd894796d1856c8c60200d3e'|'Deals of the day-Mergers and acquisitions'|'Market  34am EDT Deals of the day-Mergers and acquisitions (Adds FamilyMart and Atlantia) May 9 The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Tuesday: ** Toshiba Corp has told Western Digital Corp not to interfere in the sale of its prized chip unit, rejecting claims it has breached a joint venture contract and threatening legal action. ** Elliott Advisors, the hedge fund that has been pushing Dutch paint maker Akzo Nobel to enter takeover talks with U.S. peer PPG Industries, said it had launched legal action to try to oust Akzo chairman Antony Burgmans. ** Japanese oil refiners Idemitsu Kosan Co Ltd and Showa Shell Sekiyu KK said they have signed a deal to form a business alliance ahead of Idemitsu''s stalled merger with Showa Shell. ** China Poly Group, a real estate developer, said it has transferred its main energy unit to China Coal Group as required by the state asset supervisor. ** FamilyMart UNY Holdings, Japan''s second-largest convenience store chain, is considering partnering on new business with China''s CITIC Ltd and Thailand''s Charoen Pokphand Group, its president told Reuters. ** Italian toll road group Atlantia could present a takeover bid on Spanish rival Abertis within days, two sources close to the matter said. ** Atlantia''s possible cash and share bid for Spanish rival Abertis is likely to be priced at between 16 and 17 euros per share, three sources close to the matter said. ** Pandora Media Inc said late on Monday that KKR & Co LP has agreed to invest $150 million in the music streaming service, while the company explores strategic alternatives, including a sale. ** Verizon Communications Inc does not see an urgent need to undertake a big strategic merger or acquisition, its chief executive said on Monday, as some Wall Street analysts have urged the wireless company to do. ** Brazilian state oil company Petroleo Brasileiro SA said on Monday a federal court had thrown out a lawsuit seeking to block its divestment of distribution arm BR Distribuidora. ** Health insurer Anthem Inc asked a Delaware judge on Monday to give it more time to try to win approval for a merger with rival Cigna Corp, which is seeking to end the deal and collect a $1.85 billion break-up fee. (Compiled by Divya Grover and Rishika Sadam in Bengaluru)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/deals-day-idUSL4N1IB3J5'|'2017-05-09T17:34:00.000+03:00'
'60b355f60106f832a448a8eeb06621bfa306e04c'|'BRIEF-Southcross Energy Partners LP qtrly basic and diluted loss per common unit $ 0.19'|' 20am EDT BRIEF-Southcross Energy Partners LP qtrly basic and diluted loss per common unit $ 0.19 May 9 Southcross Energy Partners Lp: * Southcross Energy Partners L.P. Reports first quarter results * Southcross Energy Partners LP - processed gas volumes during quarter averaged 256 mmcf/d, down 25pct compared to 343 mmcf/d for same period in prior year * Southcross Energy Partners LP - expects that capital expenditures for full-year 2017 will be in range of $15 million to $20 million * Qtrly total revenues $155.2 million versus $119.7 million * Qtrly basic and diluted loss per common unit $ 0.19 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-southcross-energy-partners-lp-qtrl-idUSASA09O0K'|'2017-05-09T18:20:00.000+03:00'
'0b7a29810e7f1c6684ce8ebd9cc81a443e817046'|'Engie to sell E&P unit to Neptune, deal to raise 2.4 bln euros for Engie'|'Deals - Thu May 11, 2017 - 12:19pm EDT Private equity-backed Neptune agrees to buy Engie oil and gas unit The logo of French gas and power group Engie is seen at the CRIGEN, the Engie Group research and operational expertise center, in Saint-Denis near Paris, France, Saint-Denis, France, February 29, 2016. REUTERS/Jacky Naegelen/File Photo By Geert De Clercq and Ron Bousso - PARIS/LONDON PARIS/LONDON Neptune Oil & Gas has agreed to acquire a majority stake in French utility Engie''s ( ENGIE.PA ) exploration and production business for $3.9 billion, the latest private equity-backed firm to enter the international energy sector. For Engie, the sale marks a key step in its shift away from oil and gas to more regulated businesses such as power grids that allow more stable returns. The deal, expected to close in the first quarter of 2018, includes several fields in the UK and Norwegian North Sea and assets in Germany, Algeria, Egypt and Asia, producing more than 150,000 barrels per day of oil and gas equivalent. Neptune, set up in 2015 and headed by former Centrica boss Sam Laidlaw, is backed by private equity funds The Carlyle Group ( CG.O ) and CVC Capital Partners. "Our ambition is to create a leading international independent E&P company within the next 5 years," Laidlaw said in a statement. Neptune joins other private equity-backed firms such as Chrysaor and Siccar Point which have acquired oil and gas assets from large firms such as Royal Dutch Shell ( RDSa.L ) and Austria''s OMV ( OMVV.VI ). Engie said in a statement it had received a firm and binding offer from Neptune for its exploration and production unit based on a total valuation of 4.7 billion euros ($5.11 billion), which includes 1.1 billion euros of decommissioning liabilities. The deal is expected to reduce Engie''s consolidated net financial debt by 2.4 billion euros when the deal is closed. Engie Chief Financial Officer Judith Hartmann told reporters that, besides the decommissioning provisions, Neptune would also take over about 200 million euros of pension provisions. The deal was reached after Neptune agreed to increase China Investment Corporation''s (CIC) stake in EPI to 49 percent from 30 percent, sources told Reuters last month. CIC had bought its 30 percent stake in 2011. Neptune did not mention CIC in its statement. Engie previously said it planned to sell 15 billion euros worth of assets between 2016 and 2018 to focus on contracted and regulated businesses such as energy services and grids. It has said it could realize 85 percent of the planned sales by the end of 2017. (Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-engie-m-a-neptune-idUSKBN1870Y7'|'2017-05-11T21:37:00.000+03:00'
'a3d24d7dac39beb7e4fc01c09dde590804b47f1f'|'BRIEF-Pandora is confident of deal within 30 days- CNBC, citing sources'|'Market News  11pm EDT BRIEF-Pandora is confident of deal within 30 days- CNBC, citing sources May 9 (Reuters) - * CROWN CAPITAL PARTNERS ANNOUNCES FINANCIAL RESULTS FOR Q1 2017 MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-pandora-is-confident-of-deal-withi-idUSFWN1IB0W6'|'2017-05-10T00:11:00.000+03:00'
'831a1d67c7458bd36df943192120ab5d2b744dca'|'AerCap still sees good demand for most popular wide-body jets'|' 19pm BST AerCap still sees good demand for most popular wide-body jets FILE PHOTO: Aengus Kelly, CEO and Executive Director of AerCap, speaks at the 2016 International Air Transport Association (IATA) Annual General Meeting (AGM) and World Air Transport Summit in Dublin, Ireland June 1, 2016. REUTERS/Clodagh Kilcoyne PARIS The world''s largest independent aircraft leasing company, AerCap said on Tuesday there was "good solid demand" for the wide-body jets, after concerns surfaced in the U.S. about weak demand for the most widely traded types of jets. American Airlines and Delta Air Lines have announced plans to defer deliveries of long-haul passenger planes, amid reports of a looming glut of capacity of such aircraft as planemakers bring out various new models while still upgrading old ones. AerCap Chief Executive Aengus Kelly said, after the company reported higher quarterly earnings, that such discussions were typical across the world. He added that planemakers were prepared to absorb market disruption by building a spare buffer into their order books to offset their exposure to high fixed costs. "The only way they can do it is to over-commit all the time and that is why the order books of these guys have to be padded with inevitable deferral requests," he said. "And so what is happening with the U.S. airlines is nothing unusual. It has just got more publicity, but discussions like this are ongoing all over the world continually." He also told reporters AerCap was studying a proposed larger new version of Boeing''s single-aisle jet family, the 737-10, which industry sources expect to be launched in June. "We are looking at the aircraft and we''ll continue to evaluate it," he said. AerCap meanwhile has an unspecified number of mainly single-aisle Airbus aircraft at Italy''s Alitalia, which has gone into administration. It said these represent below one percent of its own portfolio. "We are observing what is happening down there and speaking with the airline," Kelly said. Asked whether AerCap would lose money in placing them elsewhere, he said: "We would have to make sure that if there were any difference in the lease rental that we got from Alitalia and what we could get from the new lessee, we would do our best to be adequately compensated from the estate of Alitalia." (Reporting by Tim Hepher; Editing by Sudip Kar-Gupta and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aercap-aircraft-idUKKBN1852CF'|'2017-05-10T03:19:00.000+03:00'
'b8a699ebadc6a040c34d107c0ca0d608822659e4'|'German court refers publishers'' case vs Google to European court'|'Business News - Tue May 9, 2017 - 3:55pm BST German court refers publishers'' case vs Google to European court The Google logo adorns the entrance of Google Germany headquarters in Hamburg, Germany July 11, 2016. Picture taken July 11, 2016. REUTERS/Morris Mac Matzen BERLIN A court in Berlin on Tuesday referred to the European Court of Justice a dispute in which German publishers want search engine providers such as Google ( GOOGL.O ) to pay them for displaying parts of their newspaper articles online. Germany''s biggest newspaper publisher Axel Springer ( SPRGn.DE ) and 40 other publishers have accused Alphabet Inc''s Google of copyright infringement in the case. The European Court of Justice will now have to look into whether a German media law dealing with copyright issues is in line with European principles. It must decide whether the German government should have presented its draft Leistungsschutzrecht law to the European Commission, the executive body of the European Union, before it took effect in 2013, judge Peter Scholz said. "We think that the complaint is at least partially justified," Scholz said in his ruling, without giving details. But he said the European Court of Justice should review the matter, a process that could take around a year, according to a lawyer for the publishers. If the court finds the German government should have had its law reviewed by the EU, that could remove the legal basis for the publishers'' complaint, experts said. A German Justice Ministry spokesman said the government had not seen any reason to present the draft law to the European Commission and get approval. A Google spokesman said the company remained convinced that it would prevail, saying Tuesday''s ruling showed the German copyright law was full of contradictions and open-ended questions. (Reporting by Klaus Lauer; Writing by Michael Nienaber; Editing by Janet Lawrence)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-google-media-germany-idUKKBN18514I'|'2017-05-09T22:55:00.000+03:00'
'f5dd3b89bf03fbad5d988111ac868470db7ef263'|'REFILE-BRIEF-Tribune Media to pay Sinclair $135.5 mln if merger terminates'|' 17am EDT REFILE-BRIEF-Tribune Media to pay Sinclair $135.5 mln if merger terminates (Corrects to add dropped word "pay" in headline) May 9 Sinclair Broadcast Group Inc: * Tribune Media says if merger is terminated under certain circumstances, termination fee payable by Tribune to Sinclair will be $135.5 million * Tribune-If merger is terminated as required stockholder vote is not obtained, termination fee payable by co to be $38.5 million plus Sinclair<69>S costs & expenses Source text: ( bit.ly/2qVoT1H )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1IB0DG'|'2017-05-09T19:17:00.000+03:00'
'215eece0d73aa23db0c6e16c617e471e5f12a570'|'China''s securities regulator launches inspection on brokerages'' fund business - sources'|'  11:06am BST China''s securities regulator launches inspection on brokerages'' fund business - sources SHANGHAI China''s securities watchdog has launched a nation-wide inspection on brokerages'' asset management business, sources said on Tuesday, the latest move in China''s regulatory crackdown of risky investments and shadow banking. Brokerages, along with trust firms and fund houses, have been used by banks as a channel to guide deposits into risky investments and skirt capital rules, helping boost the size of China''s shadow banking to nearly $10 trillion (<28>7.73 trillion), according to Moody''s estimate. The China Securities Regulatory Commission (CSRC) on Monday held meetings with executives in charge of brokerages'' asset management business, urging them to take corrective action if products were launched in violations of rules, according to three sources familiar with the meetings. CSRC declined to comment. Separately, CSRC''s Shenzhen branch recently issued notices urging brokerages to strictly control the size and investment scope of their asset management business. The CSRC''s move comes as China''s banking and insurance regulators have also launched crackdown on risky investments, as Beijing steps up efforts to ward off risks and reduce leverage in the financial system ahead of a key Communist Party congress in the second half of the year. (Reporting by Shanghai newsroom; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-csrc-check-idUKKBN18511L'|'2017-05-09T18:06:00.000+03:00'
'162cce268b7a00a280f061e411a33be715f4b1b0'|'Behind Kushner Companies, a Chinese agency skirts visa-for-investment rules'|'Business News - Fri May 12, 2017 - 1:42pm EDT Behind Kushner Companies, a Chinese agency skirts visa-for-investment rules left right A man stands next to a poster of immigration agency Qiaowai Group at the lobby to its office, in Beijing, China May 10, 2017. REUTERS/Jason Lee 1/3 left right A sign of Qiaowai Group (bottom) is pictured at the lobby to its office in Beijing, China May 10, 2017. REUTERS/Jason Lee 2/3 left right Jared Kushner, Senior Advisor to the President, arrives prior to U.S. President Donald Trump holding a joint news conference with Italian Prime Minister Paolo Gentiloni at the White House in Washington, U.S., April 20, 2017. REUTERS/Aaron P. Bernstein 3/3 By Alexandra Harney - SHANGHAI SHANGHAI While Jared Kushner''s family company apologized this week for mentioning the White House adviser''s name when wooing Chinese investors to fund a New Jersey real estate project, one Chinese immigration agency was touting its role in the deal. For Beijing-based Qiaowai, which organized the roadshow for Kushner Companies'' One Journal Square project, the pitch was a chance to highlight its U.S. political connections. Shortly into the roadshow, the company posted photos on social media saying the events had prompted a "buying rush". Migration agencies like Qiaowai have built lucrative businesses helping U.S. developers raise money through the controversial EB-5 program, which grants foreigners - mostly Chinese - a U.S. green card in exchange for investing $500,000 or more in a qualified project. Under the rules of the program, promoters should never promise green cards to investors or guarantee that their investments will pay off. However, an examination by Reuters of some of Qiaowai''s online marketing materials show the firm has skirted those rules. Qiaowai declined to answer written questions or comment for this article. Jupiter, Florida-based U.S. Immigration Fund (USIF), which is working with Kushner Companies and private equity fund KABR Group on One Journal Square, said it believes both the firm and Qiaowai fully complied with all laws. The EB-5 program has come under fire from politicians who point to repeated fraud and abuse, and to the fact that a scheme originally intended to bring jobs to high-unemployment areas often has been used to fund projects in wealthy neighborhoods. In addition, agents can make more than $100,000 per EB-5 client, lawyers and advisors involved in the program say, but investors typically aren''t told how much money the agent is earning on a transaction. Despite these concerns, Congress last week extended the EB-5 program until September 30. Kushner Companies apologized for Nicole Kushner Meyer''s reference to her brother, President Donald Trump''s son-in-law, when pitching One Journal Square last weekend. It stressed that Jared Kushner was only mentioned in order to make clear to potential investors that he was not involved with the project. A company spokesman said on Thursday that Kushner Companies will skip road show events in China this weekend. In a sector where investors are wary of failing projects and policy changes that would jeopardize their visas, Qiaowai and other Chinese migration agencies emphasize their contacts with U.S. politicians in order to reassure potential investors their EB-5 projects will be successful, industry executives say. In a promotional text message seen by Reuters, Qiaowai made note of Meyer''s relationship to Trump and called her the event''s "heavyweight honored guest". In January, Qiaowai noted on its website that its founder and president, Ding Ying, had attended President Trump<6D>s inauguration, meeting with the President and members of his family and cabinet. "The fact that Ms Ding has once again been invited to attend a presidential inauguration shows that the U.S. Congress values and approves of the Qiaowai group," it wrote. The White House did not immediately respond to a request for comment about whether Trump had me
'06dd0b63652febf44cef1bae2c53fca43c4736ff'|'Spotify to go public as direct listing on NYSE - source'|' 39am EDT Spotify to go public as direct listing on NYSE - source May 12 Music streaming service Spotify will be a direct listing on the New York Stock Exchange when it goes public later this year or early next year, a source familiar with the situation said on Friday. Spotify is valued at $13 billion, the source said. The New York Stock Exchange was not immediately available for comment. Spotify declined to comment. (Reporting by Pallavi Dewan in Bengaluru; Editing by Sai Sachin Ravikumar)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/spotify-ipo-idUSL4N1IE54G'|'2017-05-12T22:39:00.000+03:00'
'873cea23e4d1a055ade5b90e8f23199101ce9402'|'Greece''s Copelouzos teams up with China''s Shenhua in green energy'|'ATHENS Greek energy group Copelouzos signed a deal with China''s Shenhua Group [SHGRP.UL] to cooperate in green energy and upgrade power units in Greece and other countries, Copelouzos said on Friday.The deal involves total investment of 3 billion euros, it said, without providing further details.Copelouzos has built a number of energy projects in Greece, including wind parks and small hydroelectric plants.(Reporting by Angeliki Koutantou)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-greece-shenhua-group-copelouzos-idINKBN1881W6'|'2017-05-12T11:46:00.000+03:00'
'1f19ef9f1091c7993067be93737250f965415ecc'|'U.S., China reach deals on access for beef, financial services'|' 19am BST U.S., China reach deals on access for beef, financial services U.S. Commerce Secretary Wilbur Ross sits for an interview in his office in Washington, U.S. May 9, 2017. REUTERS/Jonathan Ernst By Ayesha Rascoe and Michael Martina - WASHINGTON/BEIJING WASHINGTON/BEIJING The United States and China will expand trade in beef and chicken and increase access for financial firms, as part of a plan to reduce the massive U.S. trade deficit with Beijing, U.S. Commerce Secretary Wilbur Ross said on Thursday. The deals are the first tangible results of the 100 days of trade talks that began last month after U.S. President Donald Trump and Chinese President Xi Jinping met in Florida to discuss cooperation between the world''s two largest economies. The countries have agreed that China will allow U.S. imports of beef by no later than July 16. By that same deadline, the United States said it would issue a proposed rule to allow Chinese cooked poultry to enter U.S. markets, Ross told reporters at a briefing. Beijing also agreed to issue guidelines by then to allow U.S.-owned card payment services "to begin the licensing process" in a sector where China''s UnionPay system has had a near monopoly. Foreign-owned firms in China will also be able to provide credit rating services. The talks with China are latest in a series of actions since Trump took office in January aimed at remaking U.S. international trade relations. Trump had pledged during his presidential campaign that he would stop trade practices by China and other countries that he deemed unfair to the United States. His tough talk had fueled fears of a potential trade war with Beijing. "This will help us to bring down the deficit for sure," Ross said. "You watch and you''ll see." Ross said there should be an impact on China''s trade surplus with the United States by the end of the year. The United States also signaled that it was eager to export more liquefied natural gas (LNG), saying China could negotiate any type of contract, including long-term contracts, with U.S. suppliers. It is unclear exactly how much these new deals will increase trade between the two countries. "We believe that Sino-U.S. economic cooperation is the trend of the times. ... We will continue to move forward," Chinese Vice Finance Minister Zhu Guangyao told a Beijing press briefing on Friday. When asked if China-U.S. cooperation over North Korea''s nuclear and missile programs had played a role in the outcomes of the talks, Zhu said: "Economic issues should not be politicized." Trump said he had told Xi that Beijing would get a better trade deal if it worked to rein in North Korea, a statement Ross later rowed back on, saying the president did not intend to trade U.S. jobs for help with Pyongyang. "FULL AND PROMPT MARKET ACCESS" China had conditionally lifted its longstanding import ban on American beef last year, but few purchases have been made. The ban was imposed in 2003 due to a case of bovine spongiform encephalopathy (BSE), or mad cow disease, in Washington state. China''s Premier Li Keqiang, days after the Xi-Trump summit, suggested that restoring U.S. beef imports could be linked to a U.S. opening for Chinese chicken exports. U.S. credit card operators Visa Inc ( V.N ) and MasterCard Inc ( MA.N ) have yet to be independently licensed to clear transactions in China, despite a 2012 WTO ruling mandating that Beijing open the sector. Visa said in an emailed statement that it looked forward to submitting an application for a bank-card clearing institution license, which, "once granted", would allow it to support economic development in China. Mastercard said: "We welcome today''s announcement and look forward to having full and prompt market access in China." U.S. business groups had wanted the Trump administration to act against Beijing on market imbalances, but not push the two countries toward a trade war. Nonetheless, more vociferous complaints about Chinese market restrictions by 
'212f0d51355472ab8c1ef7e0e32f3de200b005d4'|'FTSE heads for third straight week of gains as AstraZeneca rises'|'Business News -  20am BST FTSE heads for third straight week of gains as AstraZeneca rises People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo By Kit Rees - LONDON LONDON Britain''s top share index rose on Friday, on track for its third successive week of gains as pharmaceutical stock AstraZeneca rose after a positive drug trial and broker upgrades buoyed individual firms. The blue chip FTSE 100 index was up 0.2 percent at 7,0402.40 points by 0854 GMT, hitting its highest level in seven weeks. AstraZeneca was the biggest gainer, jumping 4.5 percent after its key immunotherapy drug durvalumab was shown to reduce the risk of death from lung cancer in a trial. The hope is that the drug, which offers an alternative to chemotherapy, will become a blockbuster drug for AstraZeneca. "Their pacific lung cancer trial ... has been taken very well as it''s seen as being quite positive for the upcoming readouts of the MYSTIC trial, which is what really we''re waiting on from them," Dafydd Davies, partner at Charles Hanover Investments, said, referring to another of AstraZeneca''s cancer drug trials. "As the generic drugs have started to bite into some of their profitability, (it) is very key these new drugs that are in the pipeline do start making some significant progress, which is what we are starting to see." Shares in peer Shire also rose 1.4 percent. Broker upgrades also helped support gains in companies such as British Airways owner IAG, which was up 1.3 percent after Kepler Cheuvreux upped the stock to a "buy" from "hold". "Despite the weaker start to the year, we expect IAG to outperform in terms of RASK over the coming quarters, based on its network exposure (higher exposure to Americas) and lower share of transfer traffic," Ruxandra Haradau-Doser, head of airports and airlines at Kepler Cheuvreux, said, referring to unit revenue per available seat kilometre. Likewise shares in Standard Life also rose 1.3 percent after RBC raised its rating on the insurer to "outperform". RBC analysts said that, following the release of the prospectus for Standard Life''s merger with Aberdeen Asset Management, they had greater conviction that the insurance business will be sold, which they expect would unlock value. Healthcare firm Hikma was among the weakest blue chip performers, however, down at a five-month low and taking losses to nearly 10 percent over the past two sessions after U.S. approval for its generic drug Advair was delayed on Thursday. Brokers J.P. Morgan and Stifel both reduced their target prices for the stock. Outside the blue chips, moves were fairly muted among British mid caps, with the FTSE 250 trading flat in percentage terms. (Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN18812F'|'2017-05-12T17:20:00.000+03:00'
'ff4d3b997d448be8e6412214cbdd7aa97033bfb9'|'Bombardier reports smaller quarterly loss'|'Business News  07am EDT Bombardier scion giving up executive chairman job; shares jump left right Bombardier Inc.''s Pierre Beaudoin (R), who will be stepping down from his role as executive chairman and Alain Bellemare, president and chief executive officer, arrive for their annual general meeting in Montreal, Quebec, Canada May 11, 2017. REUTERS/Christinne Muschi 1/9 left right Protesters stand outside Bombardier Inc.''s annual general meeting location in Montreal, Quebec, Canada May 11, 2017. REUTERS/Christinne Muschi 2/9 left right Bombardier Inc.''s Alain Bellemare, president and chief executive officer, arrives for the annual general meeting in Montreal, Quebec, Canada May 11, 2017. REUTERS/Christinne Muschi 3/9 left right Protesters stand outside Bombardier Inc.''s annual general meeting location in Montreal, Quebec, Canada May 11, 2017. REUTERS/Christinne Muschi 4/9 left right Protesters stand outside Bombardier Inc.''s annual general meeting location in Montreal, Quebec, Canada May 11, 2017. REUTERS/Christinne Muschi 5/9 left right Bombardier Inc.''s Pierre Beaudoin (R), who will be stepping down from his role as executive chairman and Alain Bellemare, president and chief executive officer, arrive for their annual general meeting in Montreal, Quebec, Canada May 11, 2017. REUTERS/Christinne Muschi 6/9 left right The fuselage of a Bombardier 350 Challenger jet is seen on display for attendees to view at the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2017. REUTERS/Mike Blake 7/9 left right Bombardier Inc.''s Laurent Beaudoin, chairman emeritus, attends their annual general meeting in Montreal, Quebec, Canada May 11, 2017. REUTERS/Christinne Muschi 8/9 left right FILE PHOTO: Pierre Beaudoin, Executive Chairman of Bombardier Inc., speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S. on May 2, 2016. REUTERS/Lucy Nicholson/File Photo 9/9 By Allison Lampert Bombardier Inc Executive Chairman Pierre Beaudoin is giving up management responsibilities after an outcry over compensation, but will continue to lead the board, the company said on Thursday as it reported a smaller-than-expected quarterly loss, sending its shares up about 9 percent. Beaudoin, a scion of Bombardier''s founding family which control the company through a dual class share structure, will continue as non-executive chairman, despite calls from several key shareholders for an independent director at the helm. Canada Pension Plan Investment Board (CPPIB), and Caisse de depot et placement du Quebec, Ontario Teachers Pension Plan (OTPP), joined other large Canadian funds this week in withholding their votes for Beaudoin''s re-election at Bombardier''s annual meeting on Thursday. CPPIB, OTPP and declined to comment on Beaudoin''s decision. On Thursday, shareholders approved Beaudoin as board chairman, with 92 percent voting in favor. "In our view, this decision will likely be perceived positively by investors," wrote Desjardins analyst Benoit Poirier in a note to clients. Bombardier''s decision in March to award its top five executives and chairman with raises of up to 50 percent a few months after announcing thousands of layoffs and receiving more than $1 billion in government funding sparked widespread protests and a dressing down by Canadian Prime Minister Justin Trudeau. Beaudoin later agreed to forgo his raise while other executives deferred them. Earlier in the week, shareholders like Caisse, reiterated their support for Bombardier Chief Executive Officer Alain Bellemare, who is leading a five-year turnaround plan. "This change reflects the very successful transition of Bombardier''s executive leadership to Alain over the past two years," Beaudoin said in a statement about stepping down as executive chairman. Even without the raise, Beaudoin''s 2016 executive chairman compensation of $3.8 million was questioned by a family member, arguing he should focus solely on leading the board, and benchmark his 
'98396886d971009faff53499952e8b82a5e3b3d5'|'Options bulls betting on U.S. energy stocks after oil rebound'|'Commodities  58pm EDT Options bulls betting on U.S. energy stocks after oil rebound By Saqib Iqbal Ahmed - NEW YORK NEW YORK Some U.S. equity options traders are betting that the recent rebound in the price of crude oil spells good news for the battered energy sector. The S&P energy index is still down about 9.9 percent this year, making it the second worst-performing sector among S&P''s tracking indexes. That contrasts against the broad benchmark S&P 500 stock index, which is up 6.9 percent for the year. Recent trading in the options market, however, shows traders putting on bullish bets in both options on exchange traded funds exposed to the energy market and individual stocks. "The commodity has sort of turned and bounced off the low around $46 and with that you''ve had an obvious bid to the upside," said Jim Strugger, MKM Partners derivatives strategist said about the price for a barrel of crude oil. Brent, which fell to a five-month low of $46.64 last week amid concern over slowing demand, a rising U.S. dollar and increasing U.S. crude output, has recovered some ground. Large drawdowns in U.S. inventories and growing support for continued output cuts by the Organization of the Petroleum Exporting Countries boosted confidence that a seemingly insurmountable glut might finally diminish. Strugger pointed to the United States Oil Fund LP, VanEck Vectors Oil Services ETF and Energy Select Sector SPDR Fund, as energy-related funds where the options market was showing a bullish bias. For the United States Oil Fund, there are 1.1 calls open for every open put, the most since late March, highlighting traders'' bullish bias, according to data from options analytics firm Trade Alert. "If oil rises to the top end of its recent range or even stabilizes within this range, the energy sector could do a little bit better," Strugger said. Bullish options on individual stocks have also been in demand. Ensco Plc, Nabors Industries Ltd, Patterson-UTI Energy Inc, Encana Corp, Diamond Offshore Drilling Inc and Superior Energy Services Inc are some stocks that have drawn near-term upside positioning, Christopher Jacobson, derivatives strategist at Susquehanna Financial Group, said in a note on Thursday. "There are a lot of incredibly burned-out energy names that could be good for a real bounce," MKM''s Strugger said. The Organization of the Petroleum Exporting Countries meets on May 25 and will discuss extending its agreement forged with a number of its rivals, including Russia, late last year to cut output by 1.8 million barrels per day in the first half of 2017. (Reporting by Saqib Iqbal Ahmed; Editing by Daniel Bases and Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-options-energy-idUSKBN1872TX'|'2017-05-12T03:51:00.000+03:00'
'1824af8aa2eff05039a71b1bec7c5b9eebe4b1fc'|'Citadel Securities, XTX Markets join blockchain FX venture Cobalt'|'LONDON Electronic trading houses Citadel Securities and XTX have joined top global banks in signing up to blockchain currency settlement venture Cobalt, they said on Thursday, in what could be one of the first large-scale financial market uses of the technology.London-based Cobalt, set up by two former bankers, wants to use blockchain, the underlying technology behind bitcoin, to reduce post-trade costs in currency trading, and to speed up the time in which transactions are settled.It said it will go live with its spot currency trading system in the third quarter of this year.Citadel and XTX Markets, both leading electronic market-makers, join a handful of top banks in committing to be clients of the system when it launches, though Cobalt declined to say what their financial commitment amounted to."We<57>ve got significant endorsement from two of the largest institutional FX trading participants in the market, who are leaders in technology," Adrian Patten, Cobalt''s chairman and co-founder and a former foreign exchange trader at UBS and Deutsche Bank, told Reuters.Blockchain, also known as distributed ledger technology, works as a web-based transaction-processing and settlement system. It creates a "golden record" of any given set of data that is automatically replicated for all parties in a secure network, eliminating any need for third-party verification.Post-trade processing costs banks tens of millions of dollars each year, so blockchain technology which is cheaper and quicker is attractive. But many people believe blockchain is still at least five to ten years away from large-scale adoption.Foreign exchange trades currently need multiple records for buyer, seller, broker, clearer and third parties and then reconciliation across multiple systems, at a significant cost.Patten said it could provide savings for banks and other market-makers like Citadel and XTX of as much as 80 percent on their post-trade spend."We are delighted to be part of the Cobalt initiative to reduce risk and cost in post-trade FX, and we look forward to working with them and other members of the network to transform the landscape," said Zar Amrolia, co-chief executive of XTX.Citi ( C.N ) has invested in Cobalt and is a launch client, Cobalt has said. Other top currency trading banks UBS ( UBSG.S ) and Deutsche Bank ( DBKGn.DE ) have also committed to be clients, according to media reports."Our goal is to be the ledger for the post-trade FX market. What we<77>re trying to do is to have a one-time reconciliation for FX transactions - a golden record - and post that transaction and cashflow information onto one distributed ledger," said Patten.Cobalt has also secured investment from venture capital firm Digital Currency Group and consultancy First Derivatives, though it declined to say how much.(Corrects surname of chairman in 5th paragraph, removes reference to bank names in 11th paragraph.)(Reporting by Jemima Kelly, editing by Nigel Stephenson)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-forex-cobalt-idUSKBN18631L'|'2017-05-11T07:00:00.000+03:00'
'4a8aef068db96fe664ffc6ce650532a2df0a3ef3'|'BRIEF-BROADVISION QTRLY LOSS PER SHARE $0.52'|' 16pm EDT BRIEF-BROADVISION QTRLY LOSS PER SHARE $0.52 May 10 Broadvision Inc * BROADVISION ANNOUNCES FIRST QUARTER 2017 RESULTS * Q1 REVENUE $1.8 MILLION VERSUS $2.0 MILLION * BROADVISION INC - QTRLY LOSS PER SHARE $ 0.52   * Papa Murphy''s Holdings Inc - Reiterates full-year ebitda outlook/increases full-year cash-flow outlook MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-broadvision-qtrly-loss-per-share-idUSASA09OUM'|'2017-05-11T05:16:00.000+03:00'
'16fad4bb0931a60962a181ec064801a90c6ff355'|'BRIEF-Deutsche Telekom CEO says not excluding anything in U.S.'|' 39am EDT BRIEF-Deutsche Telekom CEO says not excluding anything in U.S. May 11 Deutsche Telekom * CEO says not excluding anything in u.s. Market * CEO says still believes stake in bt is valuable asset despite impairments   (Frankfurt Newsroom) KKR''s Pillarstone granted license to manage bad loans in Greece NICOSIA, May 11 Greece''s central bank has granted a license to Pillarstone, the platform set up by private equity firm KKR, to provide long-term capital to large Greek corporate borrowers and manage non-performing exposures for Greek banks, Eurobank said on Thursday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-deutsche-telekom-ceo-says-not-excl-idUSL8N1ID357'|'2017-05-11T16:39:00.000+03:00'
'c94a13ba85f4489e5abbf581a9e649db87d79355'|'PRESS DIGEST- Financial Times - May 8'|' 25pm EDT PRESS DIGEST- Financial Times - May 8 May 8 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines on.ft.com/2pR5nG5 Overview 3G Capital, the buyout group behind Kraft Heinz Co, has ruled out making hostile bids following the failure of its $143 billion Unilever offer, saying it will seek only friendly deals in future. Akzo Nobel NV, the Dutch paints and coatings group, is set to reject a takeover offer by its U.S. rival PPG Industries Inc as soon as early this week, according to people close to the process. Tenet Healthcare Corp is putting Aspen Healthcare, one of Britain''s biggest private hospital providers, up for sale. Sinclair Broadcast Group Inc is nearing a deal to acquire Tribune Media Co for just under $44 a share, according to people familiar with the matter, valuing Tribune at about $3.8 billion. (Compiled by Subrat Patnaik in Bengaluru; Editing by Peter Cooney)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/britain-press-ft-idUSL4N1I90FQ'|'2017-05-08T03:25:00.000+03:00'
'a7467af3400d16d32d0f3d44eff26155a8f10b70'|'UPDATE 1-FDA rejects TherapeuticsMD''s vaginal pain drug; shares slump'|' 48am EDT UPDATE 1-FDA rejects TherapeuticsMD''s vaginal pain drug; shares slump (Adds details, shares) May 8 Women''s healthcare company TherapeuticsMD Inc said the U.S. Food and Drug Administration had rejected its application to market its drug to treat vaginal pain, sending its shares down about 13 percent in premarket trading on Monday. The FDA had identified issues related to long-term safety data, the company said. "We... respectfully disagree with the FDA''s decision," TherapeuticsMD''s Chief Executive Robert Finizio said, adding that there are multiple paths forward to address the concerns. The drug, TX-004HR, is being developed to treat moderate-to-severe vaginal pain during sexual intercourse in post-menopausal women. Last month, the company said it received a letter from the FDA identifying deficiencies in the drug''s application, but did not mention them. Shares of the Boca Raton, Florida-based company were down 13.3 percent at $4.05 before the bell. Up to Friday''s close, the stock had fallen 41 percent in the last 12 months. (Reporting by Divya Grover in Bengaluru; Editing by Sai Sachin Ravikumar and Martina D''Couto)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/therapeuticsmd-fda-idUSL4N1IA4AJ'|'2017-05-08T20:48:00.000+03:00'
'a7e66c900582b4f6717d8902d2af9f28e267a773'|'Akzo Nobel declines third takeover proposal from PPG'|'Deals - Mon May 8, 2017 - 6:30am BST Akzo Nobel declines third takeover proposal from PPG FILE PHOTO: A view of AkzoNobel''s headquarters in Amsterdam, February 6, 2014. REUTERS/Toussaint Kluiters/United Photos/File Photo AMSTERDAM Dutch paint maker Akzo Nobel ( AKZO.AS ) on Monday rejected a third takeover proposal from larger U.S. rival PPG valued at 26.9 billion euros ($29.51 billion)saying it undervalues the company, faces antitrust risks, and does not address other stakeholder concerns such as "cultural differences." A group of the company''s shareholders who support a merger of the two companies have been pushing for talks, but Akzo said in a statement it would not engage in discussions with the U.S. company. [nA5N1F901R][nL8N1HW2QJ] PPG must now decide whether it will move to a formal bid ahead of a June 1 deadline under Dutch securities laws without support of Akzo''s boards. (Reporting by Toby Sterling; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-akzo-nobel-m-a-ppg-inds-idUKKBN1840GF'|'2017-05-08T13:44:00.000+03:00'
'4f724e1bf4148c27797fc07e6b7007261c0112bf'|'Markets set for relief rally after Macron''s French election win'|'(Recasts, adds new Quote: s, updates market moves)By Jemima KellyLONDON May 7 European markets were set for some additional relief on Monday after Emmanuel Macron''s election as French president, though gains were expected to be limited, given the sizeable moves already seen over the past two weeks as polls pointed to his victory.The euro topped $1.10 in early Asian trading for the first time since Donald Trump''s U.S. election win, but it had slipped back to just below that level by 2220 GMT, and even its earlier peak of $1.1024 represented just a 0.2 percent rise -- a tenth of the size of the move seen in the wake of the first round of the election two weeks ago.With French political risks -- and the wider threat to the euro zone that came with them -- dissipating, global investors reckon the focus will now switch to the details of Macron''s programme and his ability to command workable support for his en Marche! (Onwards!) party in June''s assembly elections.And more immediately important for European markets is the underlying buoyancy of the euro zone economy and the prospects for the European Central Bank further reducing is massive bond-buying stimulus."The focus of investors is turning away from political risks, back to the ECB, what will be its next action, when will it start to unwind its accommodative policy," Michala Marcussen, chief economist at Societe Generale CIB, told Reuters.State Street''s head of investments for Europe, the Middle East and Africa, Bill Street, said the result -- along with a preliminary debt agreement for Greece last week -- would provide a relief rally, though only a short-term one.If Macron "gets a working parliament and builds a partnership with Germany to launch meaningful reforms", Street said -- which he called the "Goldilocks scenario" -- that would mean further gains for markets by year-end, as that outcome had not yet been priced in.For now, though, market moves were expected to be modest. The euro recorded its biggest one-day rise since last June after the first round on April 23, and has climbed almost 3 percent since, so fresh drivers are seen as needed for further substantial gains.Many analysts have said that $1.10 marks roughly the top of where the euro should be trading, given that the ECB is still pumping 60 billion euros into the economy every month, while the U.S. Federal Reserve moves in the opposite direction by tightening policy.The spread between French 10-year government bond yields and their German equivalent -- a key barometer of risk sentiment over the French election over the past few months, had already narrowed before Sunday''s results, with the spread reaching its tightest in six months on Friday.London-based Jupiter Asset Management fund manager Stephen Mitchell, among others, said that spread should narrow further on Monday, as well as the spread between Italian and German bonds, while equities should also react positively.But he added that any market reactions were likely to be modest, with investors waiting for June''s legislative elections and Macron''s pick for prime minister before becoming too elated.EUROPEAN RECOVERY CYCLEErin Browne, head of macro investments at UBS O''Connor, a New York-based hedge fund manager, said despite the fact that Macron''s victory had been widely expected, it would nevertheless spur further gains in European stocks."Moving past this hurdle will encourage inflows into European risk assets," she said. "The European economic and profits recovery cycle is at a much earlier stage than in the United States, and offers better valuation and upside potential."Pollsters'' projections gave the market-friendly, pro-Europe Macron a winning margin of around 65 percent, easily defeating the far-right Marine Le Pen, a nationalist who had threatened to take France out of the European Union.The centrist''s emphatic victory brought comfort to investors and European allies alike, who had been nervous of the risk of another popul
'7424d868065f042968a84a3f6e04b4afee1a18cb'|'U.S. settles Russian money laundering case'|'By Joel Schectman and Nathan Layne - WASHINGTON WASHINGTON A Russian-owned group of companies has agreed to pay nearly $6 million to settle U.S. civil allegations that the firms laundered proceeds of a $230 million tax fraud, ending a politically charged case days before it was set to go to trial.Federal prosecutors in New York announced late Friday the surprise settlement between the U.S. government and Russian businessman Denis Katsyv, the owner of Prevezon Holdings, as both sides were preparing to bring the three-year case to trial next week.<2E>We will not allow the U.S. financial system to be used to launder the proceeds of crimes committed anywhere <20> here in the U.S., in Russia, or anywhere else," Acting Manhattan U.S. Attorney Joon H. Kim said in a statement.But Katsyv''s attorney, Faith Gay of Quinn Emanuel Urquhart & Sullivan LLP, described the outcome as a striking defeat for the government. "It''s almost an admission that they shouldn''t have brought the case," she said. "The settlement is the amount it would have cost to try the case."U.S. authorities had sought to seize more than $20 million in Manhattan condos and bank accounts from Prevezon and related companies prosecutors had claimed were used to launder money stolen by corrupt Russian tax officials. Under the settlement, none of the companies admitted wrongdoing.The settlement brings an end to a case that raised many of the elements of distrust between Moscow and Washington, such as economic sanctions and allegations of political corruption.U.S. authorities said the elaborate tax fraud and money laundering allegations were first uncovered by Sergei Magnitsky, Russian accountant for investment firm Hermitage Capital.After accusing Russian officials of the $230 million tax fraud, he was arrested on tax evasion charges and died in prison a year later, prosecutors said.The Kremlin''s human rights council found that Magnitsky likely died from a beating delivered by guards and medical neglect. Russian authorities have said Magnitsky death was caused by heart failure, not foul play.In 2012, at the urging of Magnitsky''s former employer, Hermitage Capital CEO William Browder, Washington passed a law freezing any U.S. assets of Russian investigators and prosecutors said to have been involved in the accountant''s detention. In retaliation, Moscow barred Americans from adopting Russian childrenIn the settlement agreement, prosecutors stated that none of the defendants had a role in the death of Magnitsky.Katsyv''s attorney Gay said the current controversy over allegations of Russian meddling in U.S. elections had likely motivated both sides to settle before trial. "It''s such a heated political environment right now," she said. "I''m sure that was a factor."(Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-crime-prevezon-idINKBN18904O'|'2017-05-13T17:05:00.000+03:00'
'885d7ef659001366ca13f275be365a0446388da7'|'U.S. prevails over ex-AIG CEO Greenberg over insurer''s bailout'|'May 9 A federal appeals court on Tuesday said the U.S. government did not commit an "illegal exaction" harming American International Group Inc shareholders led by former Chief Executive Maurice "Hank" Greenberg when it bailed out the insurer in 2008.The Federal Circuit Court of Appeals in Washington, D.C. also said Greenberg''s Starr International Co did not have legal standing to pursue claims over the government''s acquisition of AIG stock, because those claims belonged exclusively to AIG.Tuesday''s decision vacated part of a lower court ruling that the U.S. Federal Reserve exceeded its authority in engineering the buyout. No damages had been awarded in that ruling. (Reporting by Jonathan Stempel in New York)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/aig-bailout-idINL1N1IB0LD'|'2017-05-09T12:03:00.000+03:00'
'6eedb8108da416ac36212f139096c4132731f071'|'SFR seeks $2.6 billion in damages from Orange in antitrust litigation'|'Technology News - Tue May 9, 2017 - 7:18pm BST SFR seeks $2.6 billion in damages from Orange in antitrust litigation FILE PHOTO: The logo of French telecoms operator SFR is pictured in Paris, France, August 8, 2016. REUTERS/Jacky Naegelen PARIS France''s second-biggest telecoms operator SFR is seeking 2.4 billion euros ($2.6 billion) in damages from bigger rival Orange in an antitrust litigation tied to the corporate market in the country. SFR''s claim is detailed in Orange''s 2016 annual registration document and was first reported by French news magazine L''Express. "SFR has accustomed us to prohibitive demands in the past that were not put into effect," a spokesman for Orange said. SFR   SFR''s initial estimates for the damages amounted to 512 million euros, Orange said in its registration document. Verizon and BT, which also provide services for the corporate sector in France, are respectively claiming 215 million and 150 million euros respectively, Orange said. The two telecoms groups were not immediately available for comment. The three legal actions against Orange are brought before the Paris Commercial Court, Orange said. These financial claims follow a 2015 decision by the French competition authority that fined Orange 350 million euros for abusing its dominant position to hold back competition in the corporate sector. ($1 = 0.9194 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-orange-sfr-litigation-idUKKBN18528V'|'2017-05-10T01:56:00.000+03:00'
'337bc25b451eb11c857571584b73ed471ef153a2'|'Macy''s in-store Backstage off-price unit risks harming margins'|'Market News - Thu May 11, 2017 - 3:46pm EDT Macy''s in-store Backstage off-price unit risks harming margins By Nandita Bose and Sruthi Ramakrishnan May 11 Macy''s year-old strategy of opening its Backstage off-price chain within its existing department stores drives traffic into the main store, the retailer said on Thursday, but analysts said the move confuses customers and could hurt Macy''s longer-term results. Macy''s reported a bigger-than-expected fall in quarterly profit and sales, hurt by sluggish demand for discretionary items like apparel and an inability to retain shoppers who are moving online. Despite the poor performance, the retailer doubled down on its in-store discounting plans and said it will open 19 more Backstage stores within existing Macy''s stores to drive traffic and sales. Macy''s has so far combined 26 such stores. Backstage discount stores sell excess and off-season inventory at steep discounts and compete with the likes of Nordstrom Inc''s Nordstrom Rack and TJX Cos. Macy''s said 70 percent of millennial and two-thirds of their best customers shop off-price items on a monthly basis. These core customers like the opportunity to find merchandise that offers a "deep value" within existing locations, it said. "We are encouraged by the performance of these combined stores, where the total store sales are being lifted," Chief Financial Officer Karen Hoguet said on the company''s conference call. Macy''s also assured investors it is careful not to add merchandise in the discount format that would hurt sales in the full-price section. Despite the assurances, analysts said the strategy risks undercutting full-price sales in the longer term, a development that puts Macy<63>s higher-margin sales at risk. "As much as we can see the logic for this from the perspective of trying to make space more productive, we believe the strategy will ultimately fall short," said Neil Saunders, managing director of research firm GlobalData. Saunders said customer data shows evidence that such moves send confusing messages to shoppers about the Macy''s brand. Ken Perkins, founder of research firm Retail Metrics, said he is skeptical the move will make consumers buy full-price at such locations, especially as they get used to finding bargains. "Traffic is obviously going to come at lower average unit retail and smaller transaction prices and those consumers are unlikely to gravitate to the other part of the store." Steep discounts have hurt margins of department store operators, resulting in weaker quarterly results and bleaker forecasts. But Macy''s is confident the move will offer it the distinct competitive advantage of tapping into shopping mall foot traffic. "Most of our ferocious off-price competitors are off mall right now," Chief Executive Jeff Gennette said. "We do hope that we will have a viable off-price concept that is on mall... that millions of American consumers come to each and every day." (Reporting by Nandita Bose in Chicago and Sruthi Ramakrishnan in Bengaluru, Edited by David Greising and Dan Grebler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-retail-macys-idUSL4N1ID5N8'|'2017-05-12T03:46:00.000+03:00'
'7bf0bd967d290f49fb871ab881367bc3bf17fd22'|'Brazil''s Mato Grosso leads push for GM-free soy'|'By Ana Mano CUIAB<41>, Brazil, May 11 A movement to replace genetically modified soybeans with conventional seeds is gaining traction in Brazil''s largest soy- producing state of Mato Grosso as farmers anticipate growing demand from Asia and Europe.Brazil was an early adopter of transgenic crops and more than 96 percent of its soy harvest is of GM varieties, which helped to transform the country into the world''s largest soy exporter.Biotech crops, such as corn, soybeans and cotton, are genetically modified to resist pests or disease, tolerate drought or withstand sprayings of weed killers like glyphosate, the active ingredient in Monsanto Co''s Roundup herbicide.Wininton Mendes, coordinator of a program to promote use of conventional seeds run by Mato Grosso growers and the government agricultural research agency Embrapa, said doubts related to the impact of GM food on human health is one driver behind demand for conventional raw materials.Proponents of biotech crops say the technology lowers the cost of food and helps farmers to manage pests and diseases more safely. But some consumers and environmental groups argue that GM crops boost pesticide use and pose threats to the environment and human health.Mendes said that Mato Grosso''s drive to plant more conventional soy is backed by three trading firms - including Amaggi SA, owned by the family of Agriculture Minister Blairo Maggi - which pay a premium. The other two traders are Imcopa International SA and Caramuru Alimentos SA.The average premium stood at 12 reais per 60-kilogram bag of GM-free soy this season, he told Reuters.Reintroduction of conventional soy creates a niche market for farmers with deep pockets, since non-GM crops require strict controls to avoid contamination during production and shipping, which may raise costs.Encouraged by the premia paid this season, farmers may plant more non-GM soy in the next cycle, according to Daniel Ferreira, the superintendent of agricultural research agency Imea.FARMERS SHIFTINGEndrigo Dalcin, who planted 1,500 hectares (3,700 acres) of GM-free soy this harvest, plans to almost double that in the 2017/18 crop."Some farmers in Mato Grosso are already planting 100 percent GM-free thanks to the premium and international demand," Dalcin said.However, for many farmers the difficulty remains the availability of seeds.An estimated 13.6 percent of the 2016/17 soybean harvest in Mato Grosso was conventional, according to agricultural research agency Imea. This was down slightly from 15 percent previously as Brazil''s conventional seeds supply remains low, said Mendes, the conventional seed program coordinator.Mato Grosso''s program aims to give farmers "a choice," he said.Monsanto''s RR and Intacta technology account for all the transgenic soy in Brazil, data sampled this season by consultant Agroconsult show.Soy demand from China, a major factor in Brazil''s agricultural expansion, remains strong. However, a Chinese consumer backlash against GM crops is beginning to dent demand for soy oil, its main cooking oil, and could spell trouble for the crushing industry, which relies on GM soybeans from Brazil and the United States.China, which does not grow GM soy, needs 11 million tonnes of conventional soybeans for food production per year, Lin Tan, an executive at Hopefull Grain & Oil Group, told Reuters.Local farmers cannot supply at least 3 million tonnes of demand from crushers, he said."China has a market gap and the additional grains must come from somewhere," Tan said.A group of 14 European Union countries imported about 2.7 million tonnes of non-GM soybean meal equivalent, according to a 2015 report, and there is potential demand from India, Mendes said.Maggi, whose family''s Amaggi is a partner in Mato Grosso''s GM-free soy program, told Reuters Brazil needs to step up research to develop conventional seeds for mass production."I am an enthusiast," he said. But he cautioned that the government has no funds to promote GM-free soy produ
'ef9729214d07de74b85a781f3c25b58020c36ef4'|'RPT-Wife of ESPN sportscaster Chris Berman killed in car wreck'|'ESPN sportscaster Chris Berman''s wife of 34 years was killed in a car crash in the couple''s home state of Connecticut, authorities said on Wednesday.Katherine Berman was driving on Tuesday when her car struck a sport utility vehicle in Woodbury, causing her car to roll down an embankment and overturn, according to an accident report from Connecticut State Police. She and the occupant of the other car, an 87-year-old man, both were killed, officials said. The cause of the collision was under investigation.Katherine Berman''s death came one day before Chris Berman''s 62nd birthday on Wednesday.Berman has long been one of the biggest stars on ESPN, which is owned by the Walt Disney Co and is one of the most watched networks on cable television."This is a devastating tragedy and difficult to comprehend," ESPN President John Skipper said in a statement on Katherine''s death. "Chris is beloved by all his ESPN colleagues and for good reason: He has a huge heart and has given so much to so many over the years."Berman, nicknamed "Boomer," for years anchored "SportsCenter," the network''s flagship show, and hosted its "Sunday NFL Countdown" program. He has won the National Sportscaster of the Year award six times.Berman, who joined ESPN in 1979, announced in a January interview with Sports Business Daily that he was reducing his role at ESPN in a new contract with the network. Berman met Katherine, who was then a grade-school teacher, on a roadway by pretending to have car trouble and asking her out when she stopped to check on him, according to a 1993 article in People magazine. The couple married in 1983 and had two children, Meredith and Douglas.(Reporting by Alex Dobuzinskis in Los Angeles)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-people-berman-idUSKBN1862ZR'|'2017-05-11T06:35:00.000+03:00'
'8f03de50efd09d9364fad2f748dacd9a526b838c'|'Exclusive - Home Capital plans sale of C$2 billion in commercial, consumer finance assets: source'|'Business News   4:13pm BST Exclusive - Home Capital plans C$2 billion in asset sales to ease loan burden: sources The entry to the Home Capital Group''s headquarters is seen at an office tower in the financial district of Toronto, Ontario, Canada May 1, 2017. REUTERS/Chris Helgren By John Tilak and Matt Scuffham - TORONTO TORONTO Home Capital Group ( HCG.TO ), Canada''s biggest non-bank lender, is in talks to divest about C$2 billion (<28>1.1 billion) in assets to help pay down a high-interest loan and delay a potential sale of the entire company, according to people familiar with the situation. The company wants to sell all or part of its commercial mortgage portfolio, its consumer finance business and a small portion of its traditional residential mortgage portfolio to raise the C$2 billion, the people said. U.S. buyout firms Cerberus Capital Management L.P., Fortress Investment Group LLC ( FIG.N ) and Apollo Global Management LLC ( APO.N ) are among those in active talks with Home Capital about buying some of its assets, the people said, declining to be named as the matter is not public. Home Capital and Cerberus declined comment. Fortress and Apollo did not respond to requests for comment. Toronto-based Home Capital expects the proceeds of the sales to help repay a C$2 billion loan from Healthcare of Ontario Pension Plan, which provided a high-interest line of credit last month, the people said. Home Capital has said it plans to secure a loan on more favourable terms. Caisse de depot et placement du Quebec, as well as other pension funds and some private equity firms, are in talks with Home Capital about providing an alternative loan, the people said. Caisse did not immediately respond to a request for comment. Depositors have withdrawn more than 90 percent of funds from Home Capital''s high-interest savings accounts since March 27, when the company terminated the employment of former Chief Executive Martin Reid. The withdrawals accelerated after April 19, when Canada''s biggest securities regulator, the Ontario Securities Commission, accused Home Capital of making misleading statements to investors about its mortgage underwriting business. The company has said the accusations are without merit. The pace of decline of withdrawals has slowed down, recent data shows.. The sale of assets, if successful, is likely to delay the sale of the entire company, the people said. Home Capital''s commercial mortgage business, which includes both residential and non-residential mortgages targeting higher-quality borrowers, may be worth about C$2 billion, the people said. The consumer finance business includes secured and unsecured credit cards and could be worth about C$400 million, the people said. Home Capital could also sell as much as C$1 billion in single-family residential mortgages, the people said. Reuters reported last week that buyout firms Apollo and Blackstone Group LP ( BX.N ) are among potential suitors studying bids for Home Capital. Home Capital shares were trading up 17 percent at C$10.27 in Toronto. (Reporting by John Tilak and Matt Scuffham; Editing by Amran Abocar and Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-home-cap-grp-divestiture-idUKKBN187224'|'2017-05-11T22:54:00.000+03:00'
'c0d93475c7e23cd469f44bdf7d433034dcd0cb2e'|'Workers briefly block access to BHP''s Cerro Colorado mine in Chile'|'Business News - Wed May 10, 2017 - 1:59pm BST Workers briefly block access to BHP''s Cerro Colorado mine in Chile SANTIAGO Workers at BHP Billiton''s ( BHP.AX ) ( BLT.L ) Cerro Colorado copper mine in Chile temporarily blocked a road leading to the facility on Wednesday, protesting a series of layoffs and what it calls the company''s hostile attitude, the main union told Reuters. The protest came roughly a month and a half after a fractious 43-day strike at BHP''s much larger Escondida copper mine in Chile. By midmorning the protest had ended, and it was not clear if there had been any impact on production. The company could not be reached immediately for comment, but union president Marcelo Franco told Reuters that workers were scheduled to meet with the mine''s manager today. "We''ve established that the company has maintained a hostile attitude toward the workers," the union said in a statement. The protest occurred just hours after BHP officially started a sales process for the mine, one of its smaller operations in South America. Cerro Colorado, which together with the Spence mine forms BHP''s Pampa Norte division, produced 74,000 tonnes of copper in 2016. Banking sources have named Chile''s Empresas Copec SA COP.SN and Canadian companies such as Lundin Mining Corp ( LUN.TO ) as possible buyers for the deposit. (Reporting by Fabian Cambero; Writing by Gram Slattery; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-chile-copper-idUKKBN1861QB'|'2017-05-10T20:59:00.000+03:00'
'6acbcdf169e03330ccc12eb4155ab11d934f0b5f'|'Naspers'' PayU invests $119 million in German fintech firm'|'JOHANNESBURG South Africa''s Naspers'' ( NPNJn.J ) PayU unit has invested 110 million euros ($119 million) in a German financial technology company with the aim of bringing credit services to underbanked markets around the world, it said on Wednesday.The announcement follows a pilot program managed by Germany''s Kreditech and PayU, which offered Polish consumers improved access to credit in a real-time online process, Naspers said in a statement.As part of the deal, PayU also bought a significant minority stake in Kreditech, it said, without disclosing the size.The investment is part of PayU''s plan to become a leading financial technology provider in high growth markets, it added."At PayU we believe in the enormous potential of technology to unlock credit and financial services for under-served populations," said PayU Chief Executive Laurent le Moal."This latest investment in Kreditech fits perfectly with this vision."Kreditech, headquartered in Hamburg, Germany is an online lender which offers loans to individuals.(Reporting by Nqobile Dludla, editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-naspers-m-a-kreditech-idINKBN18623D'|'2017-05-10T13:07:00.000+03:00'
'7ebbb1e6c41bc251dbd913b1bb02f11311d9a360'|'Japan March current account surplus beats forecasts, Trump trade policies in focus'|'Business   3:23am BST Japan March current account surplus beats forecasts, Trump trade policies in focus A cargo ship is seen behind Japan''s national flag at an industrial port in Tokyo March 8, 2012. REUTERS/Kim Kyung-Hoon By Minami Funakoshi - TOKYO TOKYO Japan''s current account balance posted a stronger-than-expected surplus in March on solid income from overseas investments, maintaining a run of uninterrupted monthly surpluses that has continued for almost three years. The surplus of 2.91 trillion yen (19.7 billion pounds) marked the 33rd straight month in the black, finance ministry data showed on Thursday, and beat the median forecast for a surplus of 2.643 trillion yen in a Reuters poll of economists. Export-reliant Japan''s persistent current account surpluses could elevate the thorny issue of trade imbalances with U.S. President Donald Trump''s administration, which has pledged to rework the United States'' current agreements with its major trading partners. "Usually, the current account balance shouldn''t have that big of an impact, but you just never know with Trump," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute. "It''s hard to read what, if any, effect this might have on Trump''s policies (with Japan)." The trade surplus shrank in March to 865.5 billion yen, but logged the second straight month in the black. Income from overseas investment, boosted by a pick-up in overseas economy, also helped support the current account surplus. The primary income balance in March stood at 2.2 trillion yen on increased profits from foreign direct investment. Japan''s trade and current account surpluses have taken on critical importance as Trump pursues an "America First" platform, via which he has pledged to shrink the U.S. trade deficit with big exporters such as Japan. A strong current account surplus and a large trade surplus with the United States kept Japan on the U.S. Treasury''s currency watchlist released last month. U.S. Commerce Secretary Wilbur Ross said that Washington could no longer sustain inflated trade deficits with its trading partners, according to a statement issued last week by the department. However, Japan''s finance minister has said he had no discussion on trade deficits when he spoke with Ross last week. Japan''s economy has sustained a modest recovery that kicked off when Prime Minister Shinzo Abe took power in late 2012 and launched his "Abenomics" package of aggressive monetary, fiscal stimulus measures and structural reforms. A recent rebound in overseas demand has helped boost exports and output, pushing up business confidence to its highest in a year and a half. Japan''s March trade data showed exports rose at the fastest pace in more than two years as increased shipments of car parts and steel signalled that expanding overseas demand could help boost the country''s notoriously slow economic growth. (Reporting by Minami Funakoshi; Editing by Eric Meijer and Sam Holmes)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-currentaccount-idUKKBN18701B'|'2017-05-11T10:23:00.000+03:00'
'e1733d4e7173ce0ca0eae85a3687673987e9323d'|'SoftBank''s OneWeb merger with Intelsat teeters - sources'|'Business News - Thu May 11, 2017 - 4:45am BST SoftBank''s OneWeb merger with Intelsat teeters - sources FILE PHOTO: A man looks at the logo of SoftBank Group Corp at the company''s headquarters in Tokyo, June 30, 2016. REUTERS/Toru Hanai/File Photo By Jessica DiNapoli SoftBank''s bid to merge its satellite technology startup with Intelsat SA teetered on Wednesday, as some Intelsat creditors held up the deal and a few made a last-minute offer to rescue it, people familiar with the matter said. The merger is contingent upon an offer to Intelsat creditors to accept a $3.6 billion haircut on their bonds, which is set to expire on Thursday. Enough bondholders oppose the size of the haircut to block the deal, the sources said. Late on Wednesday, a handful of Intelsat bondholders who were previously resisting the deal were putting together a counter proposal that would see them accept a haircut on their holdings, albeit smaller that what Intelsat and OneWeb had proposed, according to one of the sources. It is unclear if this effort will salvage the deal. OneWeb and Intelsat will announce on Thursday if they are willing to extend their offer to Intelsat creditors any further or amend it, the sources said. OneWeb could decide to walk away from the deal and pursue another acquisition target, the sources added. The sources asked not to be identified because the deliberations are confidential. SoftBank and OneWeb declined to comment, while Intelsat did not respond to requests for comment. Luxembourg-based satellite operator Intelsat faces a deadline of May 29 to get its bondholders to trim some of the value of its $15 billion pile, under the terms of its original agreement with OneWeb in February. Intelsat would have to launch an improved swap to its debt investors by next week to meet this deadline. It has already agreed to extend the offer to the creditors once before. The offer was previously due to expire April 20. To be successful in consummating a deal with OneWeb, the company needs holders of at least 85 percent of the total face value of each series of Intelsat bonds to participate in the exchanges. As part of the current deal, SoftBank will buy voting and non-voting shares in the combined company for $1.7 billion in cash and take a 39.9 percent voting stake. Shares that the Japanese conglomerate will buy in the combined company will be purchased for $5 per share. OneWeb is among a handful of startups planning to build, launch and operate thousands of small satellites to provide internet access worldwide. A merger of OneWeb and Intelsat, a satellite pioneer which broadcast Neil Armstrong''s moon walk, could create a combined network of hundreds or even thousands of satellites in high and low altitudes around Earth. (Reporting by Jessica DiNapoli in New York; Editing by Miral Fahmy)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-intelsat-m-a-oneweb-idUKKBN1870BF'|'2017-05-11T11:45:00.000+03:00'
'78b86d2feaa67d8e51faeb0e1f50c5c33e068bce'|'Verizon beats AT&T to buy spectrum holder Straight Path'|'By Anjali Athavaley and Rishika Sadam Verizon Communications Inc ( VZ.N ) snapped up wireless spectrum holder Straight Path Communications Inc ( STRP.A ) in a $3.1 billion deal, roughly double rival AT&T''s ( T.N ) initial offer, as Verizon seeks an advantage in the race toward a 5G network.The $184 per share all-stock offer represents a discount of 17.8 percent to Straight Path''s close on Wednesday and an equity value of $2.3 billion. The stock had surged nearly five-fold since April 7, a day before AT&T made the first move with a $95.63 per share offer.Straight Path is one of the largest holders of millimeter wave spectrum, which is expected to play a large role in 5G. In general, 5G is expected to boast higher speeds, shorter response times and more capacity.The spectrum is particularly important for 5G broadband services that AT&T and Verizon hope to launch to better compete with high-speed Internet offerings from cable companies.<2E>Verizon now has all of the pieces in place to quickly accelerate the deployment of 5G,<2C> Hans Vestberg, president of global network and technology at Verizon, said in a statement.AT&T did not immediately respond to a request for comment.In April, AT&T said it would buy Straight Path for $1.25 billion in an all stock deal.Straight Path said later that it received a bid from an unnamed bidder that Reuters reported was Verizon, citing sources.The transaction "positions Verizon well ahead of peers in access to high frequency spectrum holdings suitable for 5G," analysts at Jefferies said in a note.But shares of Straight Path slumped 20 percent in midday trading to $178 as news of the deal dashed investor hopes of a bidding war between the two largest U.S. wireless carriers.The frenzy around Straight Path started after an anonymous short-seller tipped off regulators in November 2015 that the company had not built communications systems as it had claimed, leading to an investigation by the U.S. Federal Communication Commission.The company settled with the FCC and put itself on the block in January.Verizon will pay, on behalf of Straight Path, a termination fee of $38 million to AT&T. The deal is expected to close within nine months, pending review by the FCC. As part of the earlier settlement with FCC, Straight Path will pay the U.S. government a 20 percent cut from the sale of its spectrum licenses.Evercore was financial adviser to Straight Path and Weil, and Gotshal & Manges served as company counsel on the deal.Debevoise & Plimpton LLP served as counsel to Verizon.(Additional reporting by Liana Baker in San Francisco; Editing by Saumyadeb Chakrabarty and Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-straight-path-m-a-verizon-idINKBN1871HT'|'2017-05-11T15:14:00.000+03:00'
'b21ebd97a917565f11b9e7e02a6a7eaebe68d500'|'BT to cut 4,000 jobs in restructuring after challenging year'|'LONDON BT, Britain''s biggest telecoms group, said it would shake up its global service division that serves multinationals and scale back its dividend growth ambitions as it recovers from an accounting scandal in Italy and a profit warning.Reporting fourth-quarter revenue of 6.12 billion pounds, up 10 percent, and adjusted earnings of 2.07 billion pounds, up 2 percent and broadly in line with forecasts, the company said it had had a "challenging year".It said it would cut 4,000 jobs from its Global Services unit, group functions and technology operations, taking a restructuring charge of 300 million pounds.It paid a final dividend of 10.55 pence, up 10 percent, but said dividend growth in 2017/18 would be lower than the 10 percent it had previously targeted.(Reporting by Paul Sandle; editing by Kate Holton)FILE PHOTO: The logo of BT is seen outside the headquarters in Milan, Italy January 24, 2017. REUTERS/Stefano Rellandini/File Photo'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/bt-group-results-idINKBN18715A'|'2017-05-11T07:52:00.000+03:00'
'07bcb3b16a470e71b36fe8f982882ff111faaa4e'|'Markets await Bank of England interest rate decision and inflation report <20> business live'|'Real wages are going down Bank of England Governor Mark Carney (R) listens to Deputy Governor for Monetary Policy Ben Broadbent at today<61>s press conference. Photograph: Adrian Dennis/AFP/Getty Images Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Graeme Wearden (until 2pm) and Nick Fletcher Thursday 11 May 2017 17.51 BST First published on Thursday 11 May 2017 08.12 BST Key events Show 5.51pm BST 17:51 European markets close lower 2.38pm BST 14:38 Wall Street opens lower, Snap loses 23% 2.29pm BST 14:29 US weekly jobless claims in surprise fall 1.54pm BST 13:54 TUC: Wages must become an election priority 1.49pm BST 13:49 Bank of England: What the media say 1.33pm BST 13:33 Carney: Volatility can''t stay this low forever 1.03pm BST 13:03 Carney defends leaving rates at record lows Live feed Show 5.51pm BST 17:51 European markets close lower Weak UK data and a less hawkish than expected outlook from the Bank of England left sterling weaker but the FTSE 100 virtually unchanged by the close. But with the euro edging higher, European markets slipped back, while on Wall Street the Dow Jones Industrial Average was on course for its worst daily performance for nearly a month, not helped by poor figures from Macy<63>s. The final scores showed:The FTSE 100 finished up 1.39 points or 0.02% at 7386.63 Germany<6E>s Dax dropped 0.36% at 12,711.06 France<63>s Cac closed down 0.32% at 5383.42 Italy<6C>s FTSE MIB fell 0.33% to 21,482.52 Spain<69>s Ibex ended down 1.57% at 10,861.4 But in Greece, the Athens market added 0.66% to 797.16 On Wall Street, the Dow is currently down 44 points or 0.2%.On that note, it<69>s time to close for the evening. Thanks for all your comments, and we<77>ll be back tomorrow. Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 4.46pm BST 16:46 Helena SmithOver in Athens, Greek finance minister Euclid Tsakalotos has felt the full force of protests today with communist-aligned demonstrators occupying his office ahead of next week<65>s vote on yet more austerity measures demanded by creditors in return for fresh bailout funds to avert default. Helena Smith reports:Barging their way into the finance ministry on Syntagma Square, scores of communist-aligned protestors hung a massive banner from the building<6E>s fa<66>ade exhorting Greeks to <20>rise up<75> and participate in the general strike that will coincide with parliament legislating further cuts and tax increases in exchange for emergency bailout loans next week. The protest, which kicks off a week of work stoppages, strikes and street demonstrations ahead of the vote, kept Tsakalotos locked out of his sixth-floor office for most of the day.Photograph: Helena Smith Standing in front of the finance ministry, Yannis Hiotelis, a retired bank employee said his pension had been already been cut 60 percent. <20>How do they expect us to survive?<3F> he asked of prime minister Alexis Tsipras<61> leftist-led government. <20>Austerity only leads to unhappiness, disillusionment, bitterness and ultimately friction. We are talking about outright pillage. This government has made a mockery of its own so called leftist politics.<2E> The protest came as the International Monetary Fund appeared to roll back on speculation that it would sign up to the Greek bailout programme before a comprehensive debt deal had been found for the debt-stricken country. Greece is expected to be the focus of talks when the G7 meet over the next few days.Photograph: Helena Smith The above photo shows Yannis Hiotelis, retired bank ermployee, right, holding banner outside the Greek finance ministry in Syntagma square on Thursday. It reads: <20>Pensioners rise up! All on the street. All to battle.<2E> Updated at 4.47pm BST Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 4.26pm BST 16:26 Joshua Mahony, market analyst at IG,
'cbe0a4db217e9ad662d7032ea7667aca316249cf'|'Hedge fund manager Odey sticks with bearish bet despite ''awful'' 2016'|'Business News - Thu May 11, 2017 - 2:57pm BST Hedge fund manager Odey sticks with bearish bet despite ''awful'' 2016 LONDON British hedge fund manager Crispin Odey said on Thursday he continued to bet on a global downturn despite an "awful" 2016 in which his main fund shed nearly half its assets. Odey - whose fund Odey Asset Management racked up losses of almost 50 percent last year - said the weak performance was in part down to Chinese efforts to shore up their economy, he told the Guernsey Funds Forum in London. "I don''t think I expected or understood how aggressive they were going to be, and in a way how successful," he said. However, Odey said a year later, China is finding it very difficult to maintain its growth rate. Odey said he remained negative on the global economy, citing rising inventories globally across various industries and a three-fold increase in sub-prime lending since 2008. "For me, everything is now starting to point to a weakening global economy," he said. (Reporting by Maiya Keidan; editing by Simon Jessop)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hedgefunds-odey-idUKKBN1871VE'|'2017-05-11T21:57:00.000+03:00'
'cb1a9cc17c26377aa93f264d087f3416add334a8'|'India''s April retail inflation seen easing to three-month low'|'Economic  10am IST India''s April retail inflation seen easing to three-month low Customers buy grocery at a food superstore in Ahmedabad, India October 13, 2016. REUTERS/Amit Dave By Manoj Kumar - NEW DELHI NEW DELHI India''s consumer inflation is expected to have eased to a three-month low in April, helped by smaller rises in food prices, but with a summer rebound in prospect the Reserve Bank of India (RBI) is likely to keep interest rates on hold. The RBI''s Monetary Policy Committee (MPC), which has a mid-term inflation target of 4 percent, maintained its hawkish stance on inflation, with most members expressing concern over upside risks to core inflation. Consumer prices, the RBI''s main policy target, likely rose 3.49 percent in April, according to a Reuters poll of economists, compared with an increase of 3.81 percent in March. Data on the consumer price index, wholesale price index and industrial output will be released around 1200 GMT Friday. Economists expect the central bank to keep its policy rate unchanged this year. "RBI is not likely to cut interest rates at least for six months as inflationary pressures are building up," said N.R. Bhanumurthy, an economist at the National Institute of Public Finance and Policy, a Delhi-based think tank. Economists predict 1.5 percent annual growth in industrial output in March, bouncing from February''s 1.2 percent contraction. Wholesale price inflation is expected to have slowed last month to 4.79 percent from 5.70 percent in March, according to the poll. In Asia, China''s annual consumer inflation edged up to 1.2 percent in April from March''s 0.9 percent, while quickening in Indonesia to a 13-month high of 4.17 percent. CHANGE IN BASE YEAR On Friday, India will release a new series of industrial output and wholesale inflation data, revising the base year to 2011/12 from 2004/05. India changed the base year for the country''s gross domestic product (GDP) and Consumer Price Index based inflation data about two years ago while continuing with the old base year for other macro indicators. The delay in revising the base year has often confused the markets and policy makers who have struggled to analyse the discrepancies between the volume growth record by the IIP and value-added numbers reflected in GDP. The base year reset is expected to bring in more accuracy in measuring the level of economic activity as well the national income, said Bhanumurthy. The new IIP series will cover a new basket of commodities and assign new weights to them, removing obsolete items like typewriters and floppy disks, said G.C. Manna, former head of the Central Statistics Organisation. Ideally, they should move in the same range, as value addition at constant prices could address the price factors and broadly reflect physical growth. But the IIP series for first 11-months of 2016/17 showed a major divergence, with a contraction of 0.3 percent in manufacturing output compared with 7.7 percent growth noted in the gross value added data of GDP for the whole year. (Editing by Douglas Busvine & Shri Navaratnam)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/india-economy-inflation-idINKBN1880CB'|'2017-05-12T02:40:00.000+03:00'
'1969f16f250fd0344df6987ad0c754d1fbb54bad'|'Anthem tells Cigna the deal is off, refuses to pay break-up fee'|'NEW YORK Anthem Inc ( ANTM.N ) said on Friday it notified Cigna Corp ( CI.N ) that the $54 billion merger deal was off after it lost a Delaware business court ruling on Thursday and also said it would not pay Cigna the $1.85 billion merger break-up fee.Anthem and Cigna have been in legal disputes since the U.S. Justice Department won its case to block the merger of the two health insurers on antitrust grounds. Cigna was suing in Delaware to terminate the merger while Anthem pursued appeals of the antitrust decision."Cigna<6E>s repeated willful breaches of the merger agreement and its successful sabotage of the transaction has caused Anthem to suffer massive damages," Anthem said in a statement.(Reporting by Caroline Humer; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cigna-m-a-anthem-idINKBN1882DO'|'2017-05-12T14:38:00.000+03:00'
'67bf5c682e5bbd7e8be453b710d5f18371c83f3d'|'Germany''s Schaeuble calls for euro zone parliament - La Repubblica'|' 30pm BST Germany''s Schaeuble calls for euro zone parliament - La Repubblica German Finance Minister Wolfgang Schaeuble attends the weekly cabinet meeting at the Chancellery in Berlin, Germany April 12, 2017. REUTERS/Hannibal Hanschke ROME German Finance Minister Wolfgang Schaeuble wants to increase in integration of euro zone countries by creating a parliament for the currency bloc. Schaeuble said in an interview published on Thursday in Italy''s La Repubblica that he discussed the idea, which would go hand in hand with his favoured plan to create a continental bailout fund, with French President-elect Emanuel Macron. "We could strengthen the mechanisms," he told the newspaper. "We could create a euro zone parliament made up of members of the European Parliament, which could have consultative powers over the European Stability Mechanism." German parties are squabbling over how to respond to Macron''s proposals for closer European integration, which include a shared budget and finance minister for the bloc. Macron''s plans would require changes to European Union treaties, and Schaeuble said it was "unrealistic" they would get the necessary unanimous approval from all governments, some of whom would hold referendums on it. But he signalled openness to discuss finding ways to strengthen European integration and reduce reliance on the European Central Bank, which is pumping tens of billions of euros every month into the economy. (Reporting by Isla Binnie Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-future-schaeuble-idUKKBN1871FD'|'2017-05-11T19:30:00.000+03:00'
'dd301dc29d45aa91d798deaa3ff8e0d905e12f23'|'UPDATE 1-UniCredit''s Q1 net profit tops forecasts as turnaround gathers pace'|'(Recasts with comments)MILAN May 11 UniCredit beat expectations with a jump in first-quarter net profit to 907 million euros ($986 million) on Thursday as new boss Jean Pierre Mustier leads a turnaround at Italy''s biggest bank by assets.Net income came in well above an average forecast of 612 million euros in an analyst consensus provided by the bank and rose 41 percent from a year-earlier quarter that was hurt by account restructuring costs.UniCredit shares were up 4.9 percent at 0713 GMT, outperforming the sector."Strong headlines across the board on asset quality, capital and profit recovery should all support continued re-rating of the stock," broker Jefferies said in a note.Revenue rose 3.4 percent to 4.8 billion euros on to higher fees and a sharp increase in trading income. Net interest income improved on a quarterly basis.UniCredit''s result matched that of rival heavyweight Intesa Sanpaolo which last week reported a first-quarter net profit of 901 million euros supported by a strong asset management business."UniCredit is a very interesting restructuring story that could better suit investors with less risk aversion," Santander wrote in a recent note.A 13 billion euro share issue completed this year lifted UniCredit''s best-quality CET1 capital ratio to 11.45 percent in March, which analysts said was better than expected.UniCredit said it its CET1 capital would top 12 percent this year, benefitting from the agreed sales of asset manager Pioneer and Polish unit Bank Pekao.UniCredit hired 56-year-old French banker Jean Pierre Mustier in mid-2016 to address concerns over weak capital and to tackle a large bad loan pile.He started selling assets and embarked on a balance-sheet clean-up that led to a 2016 loss of 12 billion euros.In the first quarter, loan writedowns fell 12 percent from a year earlier and were down 55 percent from the last quarter of 2016.Soured debts that rose to nearly one fifth of total loans following a deep recession are the focus of market concerns over Italian banks as they curb their already weak profitability.UniCredit said it had sold 700 million euros in problem loans so far this year and a project to spin-off 17.7 billion euros in bad debts was on track.Dubbed FINO (Failure Is Not an Option), the plan entails selling a majority stake in a bad loan vehicle to investment funds PIMCO and Fortress and gradually offloading the bad debts repackaged as securities. (1 = 0.9204 euros) (Reporting by Valentina Za; editing by Mark Bendeich and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/unicredit-results-idUSL8N1ID1PG'|'2017-05-11T15:57:00.000+03:00'
'4b0eeb3f0c68d73316160a0d57a035264d893947'|'Oil price jump on U.S. inventories slide boosts stocks'|'Thu May 11, 2017 - 9:58am BST Oil bounces, world stocks hold near all-time highs left right Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 10, 2017. REUTERS/Staff/Remote 1/2 left right People are seen behind an electronic board showing stock prices at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon 2/2 LONDON World stocks held near all-time highs on Thursday, helped by a rebound in energy shares as oil prices rose after U.S. fuel inventories declined and Saudi Arabia cut supplies of crude to Asia more than expected. MSCI''s gauge of global stock markets was up 0.1 percent, bringing their gains for the year to nearly 10 percent. European shares underperformed as investors looked to lock in gains after their strong run so far this year. Government bond yields rose as rising oil prices reinforced expectations inflation would pick up. Signs that prices would rise might encourage the European Central Bank to step back from its ultra-loose monetary policy in coming months. Those expectations also underpinned the euro, which rose 0.2 percent against the dollar to $1.0883. Sterling hovered below its seven-month highs against the dollar before a Bank of England interest rate decision and inflation report due later in the day. No change is expected in bank policies. Oil prices stood out in an otherwise relatively quiet day across financial markets. Brent crude rose another 1.3 percent following a 3 percent gain in the previous session. The advance helped Brent regain the $50 level and reverse all of last week''s losses. "We saw the biggest draw in (U.S.) inventories for the year last week with stockpiles down more than 5 million barrels, and it looks like OPEC''s production cut is finally biting," said Greg McKenna, chief market strategist at brokerage AxiTrader. The Organization of the Petroleum Exporting Countries and other producers, including Russia, have agreed to cut output by almost 1.8 million barrels per day during the first half of the year to try to reduce a global fuel glut. The dollar weakened against a basket of major currencies, though most major currency pairs were all holding in tight ranges. Earlier in the Asian day, the New Zealand dollar sank as much as 1.5 percent after the country''s central bank stuck with a neutral bias on policy, warning markets they were reading the outlook wrong and expressing approval of the currency''s declines this year. The U.S. dollar came under pressure after U.S. President Donald Trump''s abrupt dismissal of FBI Director James Comey raised fears that political turmoil would derail U.S. stimulus steps and tax reform. But with markets pricing in around a 90 percent chance that the economy is strong enough for the Federal Reserve to raise interest rates at its meeting next month, investors did not lose sight of fundamentals. (Additional reporting by Christopher Johnson, editing by Larry King)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN18603T'|'2017-05-11T09:23:00.000+03:00'
'7b4d47898d26e8d5786ec6db552e7670875e0953'|'Trump''s climate stance looms over Arctic meeting'|'Environment  44pm EDT Trump''s climate stance casts shadow over Arctic meeting FILE PHOTO: U.S. Secretary of State Rex Tillerson delivers remarks to the employees at the State Department in Washington, U.S., May 3, 2017. REUTERS/Yuri Gripas/File Photo By Timothy Gardner - FAIRBANKS, Alaska FAIRBANKS, Alaska U.S. Secretary of State Rex Tillerson hosted foreign ministers from Arctic nations at a meeting in Alaska on Thursday, where President Donald Trump''s reluctance to fight climate change cast a shadow over talks. The Arctic Council, which includes the United States, Russia, Canada and five other countries, meets every two years to tackle problems in the region, which is warming at a faster pace than any other part of the world. Unlike former President Barack Obama, Trump has expressed doubts about whether human activity has a significant role in climate change, and is mulling whether to pull the United States out of the 2015 Paris Agreement to fight it. Tillerson told the council that the Trump administration was reviewing how it will approach climate change but was not going to rush to make a decision. "We are appreciative that each of you has an important point of view," said Tillerson, the former chief executive of Exxon Mobil. "We are going to make the right decision for the United States," he said. Trump is expected to decide whether Washington will leave the Paris pact, or stay in with reduced commitments, after a Group of Seven summit at the end of this month. Canada and the Nordic countries have stressed the importance of staying in the Paris agreement. Finland''s Foreign Minister Timo Soini, whose country will chair the council for the next two years, praised U.S. leadership in the Arctic Council but added that the Paris pact is an important tool in fighting climate change. The council, which operates on a consensus basis, signed an agreement late on Wednesday that only had a passing reference to Paris. It noted "entry into force" of the pact "and its implementation," and called for global action to reduce greenhouse gas pollution. It was unclear how much influence the Arctic agreement would influence Trump''s decision. Arctic warming is thawing permafrost and melting sea ice, causing damage to infrastructure but also opening up new oil reserves, shipping routes and access to fisheries - intensifying a decades-long race for Arctic resources. Adding pressure on the Trump administration, scientists from the United States and other Arctic nations issued a report ahead of the meeting warning that warming in the region could lead to trillions of dollars worth of damage to buildings, roads and other infrastructure this century.. The council also signed an agreement on sharing science and data on the Arctic, an effort led by Russia and the United States, and addressed Arctic search and rescue and communications. Trump''s administration has already reversed Obama-era bans on offshore drilling in certain parts of the Arctic, a turn that could intensify competition for resources in the region with major oil producer Russia. Russia has beefed up its military presence in the Arctic to levels not seen since the fall of the Soviet Union, as global interest in the region''s oil, gas and rare earth metals heats up. (Reporting by Timothy Gardner; Editing by James Dalgleish and Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-arctic-summit-idUSKBN1870FT'|'2017-05-11T13:00:00.000+03:00'
'5b9247237f133ae634f2174abebc8136526d55cb'|'Boeing suspends 737 MAX flights due to engine issue - Reuters'|'By Alwyn Scott - SEATTLE SEATTLE Boeing Co ( BA.N ) must get the go-ahead from the U.S. aviation regulator in order to put its 737 MAX jetliner back into the air after the planemaker announced on Wednesday it had grounded the new aircraft due to an engine problem, just as it was set to start deliveries.The regulatory hurdle could push back the resumption of 737 MAX flights, a potentially serious issue for Boeing if it delays the scheduled first deliveries of the $110 million plane to airlines this month.The delivery of a plane is a crucial step for Boeing since it receives the bulk of its payment when it turns over the aircraft keys and airlines fly their new planes home from the factory.Boeing and engine maker CFM International must submit data to the U.S. Federal Aviation Administration and the FAA has to "review it and determine that those engines can be cleared for flight," said Jamie Jewell a spokesman for CFM, a joint venture between General Electric Co ( GE.N ) and Safran SA ( SAF.PA ) of France.It was not immediately clear how long that process might take. The FAA spokeswoman said she was checking on the matter.Boeing said it still plans to deliver the first of the planes to customers this month. It said on Wednesday it had suspended 737 MAX test flights due to a quality issue with some of the low-pressure turbine discs in the engine, known as the LEAP-1B.The nickel-based alloy discs had a flaw from forging that could make them prone to cracking, Jewell said, adding that discs from a second supplier were not affected.However, the FAA review applies to all LEAP-1B engines, Jewell said, not just the 30 to 40 with suspected bad parts."In their mind, all LEAP-1B engines are equal," she said.KEY MONEYMAKERBoeing has engines at the factory without the suspected parts, but CFM and Boeing "have to demonstrate to the FAA''s satisfaction that the issue is not present," Jewell said.The engines could be installed in short order once approval is granted, Jewell said.The "suspect engines" will be shipped to CFM facilities in the United States and France for inspection and possible repair.Safran said earlier Thursday that it expected inspections to be completed within a few weeks. "We are doing everything to ensure that the first delivery can go ahead in May," Safran Aircraft Engines'' Chief Executive Olivier Andries told reporters.The 737 MAX replaces an older version of Boeing''s best-selling single-aisle aircraft, a key moneymaker for the aerospace company. The 737 MAX 8, the first version of the plane to be built, seats 162 passengers in a typical two-class configuration.Boeing had been set to deliver the first 737 MAX on Monday to Malindo Air of Malaysia.Boeing has built up an inventory of planes outside its Renton, Washington, factory, and at a nearby Seattle airport known as Boeing Field. Reuters counted 23 Boeing 737 MAX airplanes at the facilities this week, excluding test aircraft.The 737 MAX 8 carries a list price of $110 million but typically sells at a steep discount.(Additional reporting by Tim Hepher; Editing by Phil Berlowitz and Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/boeing-737max-engine-idINKBN1870IN'|'2017-05-11T04:14:00.000+03:00'
'8b4eb4804966478c6a5d6f6cf2774c9983a730ac'|'UK''s Dyson wins appeal in vacuum cleaner energy labelling'|'Business News  10pm BST UK''s Dyson wins appeal in vacuum cleaner energy labelling A Dyson employee shows a Dyson 360 Eye robot vacuum cleaner during the IFA Electronics show in Berlin September 4, 2014. REUTERS/Hannibal Hanschke BRUSSELS British vacuum cleaner maker Dyson won an appeal on Thursday at the top EU court, allowing it to relaunch its challenge to EU rules on energy efficiency labelling. All vacuum cleaners sold in the European Union have been subject to energy labelling since September 2014, with rules fixed by the European Commission. Dyson brought a legal challenge over the way in which tests were carried out. Dyson argued that the test, conducted on cleaners with empty dust bags, placed its models at a disadvantage because its cleaners do not use bags. Cleaners using bags become less efficient when the bags are full, Dyson said. The General Court of the European Union ruled against Dyson in November 2015, saying that it had not shown a laboratory test could be reproduced with dust-loaded bags. Dyson promptly appealed to the higher European Court of Justice. That court sent the case back to the General Court for a reassessment, saying the earlier ruling had failed to show the test could not be reproduced and noted that the EU law was designed to guide consumers on energy consumption while a machine is actually in use. Dyson''s billionaire inventor James Dyson was among British business leaders who before last year''s referendum backed Britain''s exit from the European Union. (Reporting by Philip Blenkinsop, editing by Ed Osmond)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-court-vacuum-dyson-idUKKBN1871K3'|'2017-05-11T20:10:00.000+03:00'
'f3fc670e1b45797289eae625f8cf5b74435909d7'|'Australia''s Crown Resorts quits Macau as Packer sells Melco stake'|'SYDNEY Australian billionaire James Packer''s casino group Crown Resorts Ltd ( CWN.AX ) has agreed to sell its remaining stake in Macau-focused Melco Resorts and Entertainment Ltd ( MLCO.O ) for $1.16 billion, ending its exposure to the Asian gaming hub.Crown and Packer, its biggest shareholder with 48 percent, are cashing out of investments from Macau to Hollywood and Las Vegas to pay down debt and focus on its Australian businesses.The retreat from Asia began last December and comes after a Chinese crackdown on graft and capital flight hit casino profits there. Crown was also rocked late last year by the arrest of 18 of its staff for "gambling crimes" in China.Melco said in a statement it would buy back Crown''s 11.2 percent stake in the company, while Crown said separately the agreement was expected to be completed on May 15.Crown said it would sell 165.3 million shares for $7.04 each and would initially use the proceeds to cut debt.Packer, the heir of one of Australia''s most prominent business families, is selling out of several other overseas investments.He has moved to quit his stake in Hollywood film studio Ratpac and open talks with Australian jobs website Seek Ltd ( SEK.AX ) to sell down his holding in their Chinese subsidiary, Zhaopin Ltd ( ZPIN.N ).($1 = 1.3532 Australian dollars)(Reporting by Tom Westbrook; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/crown-resorts-melco-resorts-equity-idINKBN18502O'|'2017-05-08T22:53:00.000+03:00'
'ac720a5fc026bf89c09e950aea2918c4dc796946'|'Home Capital says unnamed party plans to buy $1.10 billion in mortgages'|'Business News - Tue May 9, 2017 - 4:28pm EDT Home Capital to sell C$1.5 billion worth of mortgages FILE PHOTO: The entry to the Home Capital Group''s headquarters is seen at an office tower in the financial district of Toronto, Ontario, Canada on May 1, 2017. REUTERS/Chris Helgren/File Photo By Alastair Sharp and Matt Scuffham Canada''s biggest non-bank lender Home Capital Group Inc ( HCG.TO ), said an unnamed buyer intends to purchase up to C$1.5 billion ($1.1 billion) worth of its mortgages, helping its shares rise by 30 percent on Tuesday. Shares in the company, which had lost more than 80 percent of their value since the start of the year, have risen by 50 percent this week as investors digested moves to strengthen its board and stem a flow of customer withdrawals. "This is another step forward in the company''s efforts to restore confidence in our operations," said newly-appointed Home Capital Chair Brenda Eprile. The potential buyer has said it could purchase C$1 billion of uninsured mortgages and accept commitments or purchase up to C$500 million of insured mortgages, Home Capital said. "It gives them breathing room," said Norman Levine, managing director at Portfolio Management Corp, which oversees C$625 million but does not hold the stock. "They can still originate mortgages and make money doing that, but that they don''t need the same amount of capital." Depositors have withdrawn more than 90 percent of funds from Home Capital''s high-interest savings accounts since March 27, when the company terminated the employment of former Chief Executive Martin Reid. The withdrawals accelerated after April 19, when Canada''s biggest securities regulator, the Ontario Securities Commission, accused Home Capital of making misleading statements to investors about its mortgage underwriting business. The company has said the accusations are without merit. Home Capital said its high-interest savings deposits were expected to have fallen to about C$146 million following completion of Monday''s settlements from just under C$2 billion on March 27. Last month, the company agreed to receive C$2 billion in emergency funding from the Healthcare of Ontario Pension Plan (HOOPP). Home Capital provides loans to borrowers, such as self-employed workers or newcomers to Canada, who may not meet the strict criteria of the country''s biggest banks. Its problems have coincided with the introduction of measures to cool Toronto''s red-hot housing market, including a tax on speculative buyers, and sparked worries it could trigger a broader housing market collapse. The lender said it will continue to offer mortgages in most of its product categories, but at lower volumes. The company also plans to tighten lending criteria and reduce some broker incentive programs. On Monday, the company named three Bay Street professionals to its new board and a new chairwoman. ($1 = C$1.37)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-home-cap-grp-mortgages-idUSKBN1851D8'|'2017-05-09T20:35:00.000+03:00'
'988b1a1647d80e24b06ce59530a09931757ecf5f'|'Under Patel, RBI zooms in on 4 percent inflation target'|'By Suvashree Choudhury - MUMBAI MUMBAI Under Governor Urjit Patel, the Reserve Bank of India (RBI) will target inflation of 4 percent, three officials familiar with its thinking said, adopting a narrower reading of its mandate than markets in a bid to stamp out rampant price rises of the past.The differing interpretations of amendments to last year''s RBI Act reflect sometimes strained relations between the market and the central bank, and are proving a test for Patel some eight months into his tenure.The amendments were part of landmark changes to India''s monetary policy pushed by Patel, then deputy governor, and his predecessor as governor, Raghuram Rajan, and require the RBI "to contain inflation within the specified target level" of 4 percent, but within a tolerated band of 2-6 percent.Markets have interpreted that as the range of 2-6 percent, arguing that pursuing a specific 4 percent target takes away the flexibility needed in an economy that must grow by at least 8 percent a year to allow for full employment.But the RBI is determined to chase the 4 percent figure, the officials said, as Patel and the other five members of his monetary policy committee (MPC) seek to defend the RBI''s credibility on inflation."Markets should read the Act carefully and think as if they are a member of the MPC, and then think: how would they conduct policy?" said one of the officials."The Act clearly says 4 percent is the target and the 2-6 percent band has been given only to absorb temporary or one-time shocks."All three officials spoke on condition of anonymity, because they were not authorised to speak to the press on sensitive policy issues.The RBI did not give official comment.Such a stance could open the prospect of earlier interest rate hikes than expected by markets, should prices start to move higher unexpectedly and remain there for some time.The officials stressed, however, that the RBI was also mindful of growth, in line with an Act that tasks the MPC with "maintaining price stability, while keeping in mind the objective of growth."Consumer inflation stood at 3.81 percent in March, but weaker-than-expected monsoon rains and planned hikes to government employee salaries could easily see the 4 percent target under threat.But any move to hike the repo rate of 6.25 percent would need to be balanced by concerns among market participants that the economy is weaker than the 7.0 percent growth in the October-December quarter, as India''s move last year to ban higher-valued bank notes continues to reverberate."So far as the 4 percent target goes, the MPC has to decide how to go ahead in a calibrated way, balancing out the costs associated with that stance," said the second of the three officials.RBI VERSUS MARKETSThe pursuit of the 4 percent target will likely continue to remain a source of disagreement between the RBI and some market players, even as investors begin to adjust to a more hawkish monetary policy.A Reuters poll last month showed only seven out of 38 economists expected a rate cut this year, down from 21 out of 36 earlier.However, Indranil Sengupta, economist and co-head of India Research at Bank of America Merrill Lynch, said inflation was "a long, long way" from becoming an issue since the economy has yet to accelerate meaningfully."In our opinion there is a case for a 25 bps rate cut in August," he said.The differing views reflect how markets are still adjusting to the changes to the monetary policy framework over the past two years in a country with a history of volatile and double-digit inflation.Patel started his tenure by cutting rates in October, priming investors to believe he would soften his focus on inflation, only to then stun investors by changing the monetary policy stance to "neutral" from "accommodative" in February and adopting a much more hawkish tone.Since then, the 10-year benchmark government bond yield has risen about 50 basis points.The officials defended the actions as consistent with the RBI
'd1da347f6103da4df3aa1049580981f4cbe594c2'|'OPEC nearly killed this US oil company. Now it''s back'|'OPEC tried to put this US shale oil driller out of business. It ''backfired'' by Matt Egan @mattmegan5 May 12, 2017: 10:47 AM ET Trump signs oil pipeline executive actions Saudi Arabia-led OPEC launched a price war in late 2014 that sent oil prices spiraling lower, forcing dozens of American shale companies into bankruptcy. Lilis Energy, a tiny shale driller that took on too much debt during the boom years, quickly ran out of money and nearly went out of business, too. The company laid off almost its entire work force, ceased drilling and its stock plunged so low that it was kicked off the Nasdaq. "We got caught up in the oil storm and were nearly dead," Lilis CEO Avi Mirman told CNNMoney. Now, Lilis and many other US shale producers are on the comeback trail , creating serious headaches for OPEC at a time when the cartel is trying to balance overflowing oil markets. In the span of less than a year, Lilis ( LLEX ) has gone from a nearly-bankrupt penny stock to returning to the Nasdaq and this week being listed on the New York Stock Exchange. Thanks to raising gobs of cash, Lilis was able to merge with another distressed oil company and fix both of their balance sheets. "It''s been a hard, long road back. But this team sweated it out and made it," said Mirman, who along with a few other senior Lilis execs didn''t take a paycheck for several months during the downturn. Lilis''s turnaround is symbolic of how OPEC''s price war has failed to crush or even sideline US shale. In fact, OPEC''s strategy has flushed out the weaker players. Many drillers in Texas, the Dakotas and elsewhere either flirted with bankruptcy or actually filed for Chapter 11 and some are still struggling. A New Orleans-based oil services firm, Tidewater ( TDW ) , warned on Friday it expects to file for bankruptcy next week. But overall, US shale has come back, more resilient than ever. Nowhere is that more evident than the Permian Basin, the shale hotbed in Texas and New Mexico where Lillis has refocused its business. Cash is pouring into the Permian , lured by a unique geology that allows frackers to hit multiple layers of oil as they drill into the ground, making it lucrative to drill in the Permian even in today''s low prices. OPEC tried to "smoke out the weak," Mirman said. "It''s totally backfired. Assets have been put in the hands of the strong and those who can withstand the storms." Related: OPEC to US: Please don''t pump so much oil! Even ExxonMobil ( XOM ) , which was late to the shale game , is taking notice. Earlier this year Exxon doubled its presence in the Permian in a $5.6 billion acquisition that marked the oil giant''s biggest deal since 2010. The Permian is the reason why US government forecasters are predicting domestic oi production will fully recover from the OPEC-fueled dip and hit a new record next year. "US shale players have been able to hunker down and survive much better than anyone expected," said Matt Smith, director of commodity research at ClipperData. OPEC seems to realize it has a problem, one that it can''t control on its own. The oil cartel issued an unusual plea this week asking the US to pump less oil, saying in its monthly report that balancing the market requires the "collective efforts of all oil producers." Related: Saudis take 100% control of America''s largest refinery One of the hidden keys behind the resurgence of US shale is the renewed availability of financing. Credit markets were all but closed to smaller, bloated shale companies when oil prices crashed as low as $26 a barrel in early 2016. But Lilis''s comeback shows that these shale players can now raise lots of money to fund their expansion, at least to drill in the Permian. Lilis raised $20 million in June 2016 to pay for its acquisition of Brushy Resources, a Permian driller that was drowning in debt. Last month, Lilis raised another $140 million to fund drilling, leasing and acquisitions. "There''s so much more cash available than elsewhere. That''s
'a46e3a841fc0d249bcd6954b4417d4b8cf6a30e6'|'MIDEAST STOCKS - Factors to watch - May 11'|'DUBAI May 11 Here are some factors that may affect Middle East stock markets on Thursday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Oil price jump on U.S. inventories slide boosts stocks* MIDEAST STOCKS-Saudi near flat on varying Q1 results, Qatar rebounds in otherwise quiet region* Oil prices rise on falling US crude stocks, Saudi supply cut to Asia* PRECIOUS-Gold steadies above 8-week low as dollar, stocks gain* Iraq, Algeria favour extending OPEC-led output cut for six months* Russia''s Rosneft says to abide by possible oil cuts extension deal* Wintershall says in talks with Libya to resolve oil export dispute* Iran''s Azadegan oilfield tender to open within a month -oil official to Mehr News* U.S.-backed Syria militias say Tabqa, dam captured from Islamic State* Jordanian air force brings down drone near border with Syria -statement* * Russian foreign minister: Trump team are people of action* Turkey warns U.S. of blowback from decision to arm Kurdish fighters in Syria* U.S. could distribute equipment to Syrian Kurds ''very quickly'' -spokesman* Turkey, Pakistan sign warship, training plane deals* Turkey needs to sort out price issues with Russia on S-400 missiles, defence minister says* Monitor says air strikes kill 11 people north of Syria''s Raqqa* Civilians in Mosul''s Old City face "stark choices" for survival - ICRC* Iran''s Supreme Leader warns against disrupting presidential vote* Charismatic Tehran mayor defies establishment to stay in presidential race* Tunisian president orders army to protect oil and gasfields* Tunisian vendor sets himself on fire, sparking clashes with police -residents* Tunisia starts preparatory work for debut sukuk issuance* Leading Hamas official says no softened stance towards Israel* Development bank EBRD to invest in West Bank and Gaza* Arab coalition says preparing alternatives to Yemen port for urgent aid* Senior British official to be named U.N. aid chief: diplomats* Libyan coastguard turns back nearly 500 migrants after altercation with NGO ship* Italy investigating some migrant aid workers for people smuggling* U.S. likely to expand airline laptop ban to Europe -government officials* Police carry out anti-IS raids across GermanyEGYPT* BP''s Alexandria output to lift Egypt gas production to 5.1 bln cubic feet/day* Egypt''s inflation hits three-decade high* Foreign investments in Egyptian government securities reach 103.6 bln EGP* Egypt''s Suez Canal revenue $853.7 million in April and March - statement* Egypt''s annual urban consumer price inflation rises to 31.5 pct in April- CAPMASSAUDI ARABIA* British investors wary of Aramco as London courts listing* NYSE executives to woo Aramco IPO in upcoming Saudi visit* Several injured in Saudi raid on Shi''ite district-activists* Saudi Electricity swings to Q1 profit after municipality fee exemption* Saudi contractor Khodari swings to Q1 net loss as revenues halveUNITED ARAB EMIRATES* Etisalat Nigeria says has made progress on talks to restructure $1.2 bln loan* UAE''s Mashreq expects profit growth of around 5 percent in 2017QATAR* Qatar raises crude prices in April -document* Qatar has not asked to raise Deutsche Bank stake - sourcesBAHRAIN* Bahrain to try two civilians in military court - state media (Reporting By Dubai Newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-factors-idUSL8N1ID07O'|'2017-05-11T11:04:00.000+03:00'
'7982003514230b8b3f3fada0677c68e886bb767d'|'OPEC sees much higher oil supply from rivals in 2017'|' 21pm BST OPEC sees much higher oil supply from rivals in 2017 A general view shows the al-Shuaiba oil refinery in southwest Basra, Iraq April 20, 2017. REUTERS/Essam Al-Sudani LONDON OPEC on Thursday raised its forecast for oil supplies from non-member countries in 2017 as higher prices - partly as a result of OPEC supply cuts - encourage U.S. shale drillers to pump more, reducing demand for OPEC''s oil this year. In a monthly report, the Organization of the Petroleum Exporting Countries revised up its estimate of oil supply growth from producers outside the group this year to 950,000 barrels per day (bpd), up from a previous forecast of 580,000 bpd. (Reporting by Alex Lawler; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opec-oil-idUKKBN1871DZ'|'2017-05-11T19:21:00.000+03:00'
'9a525609c110e801cfae5d3e02190ddb3eeac7fb'|'SoftBank''s OneWeb merger with Intelsat teeters: sources'|'By Jessica DiNapoli SoftBank''s ( 9984.T ) bid to merge its satellite technology startup with Intelsat SA ( I.N ) teetered on Wednesday, as some Intelsat creditors held up the deal and a few made a last-minute offer to rescue it, people familiar with the matter said.The merger is contingent upon an offer to Intelsat creditors to accept a $3.6 billion haircut on their bonds, which is set to expire on Thursday. Enough bondholders oppose the size of the haircut to block the deal, the sources said.Late on Wednesday, a handful of Intelsat bondholders who were previously resisting the deal were putting together a counter proposal that would see them accept a haircut on their holdings, albeit smaller that what Intelsat and OneWeb had proposed, according to one of the sources.It is unclear if this effort will salvage the deal. OneWeb and Intelsat will announce on Thursday if they are willing to extend their offer to Intelsat creditors any further or amend it, the sources said. OneWeb could decide to walk away from the deal and pursue another acquisition target, the sources added.The sources asked not to be identified because the deliberations are confidential. SoftBank and OneWeb declined to comment, while Intelsat did not respond to requests for comment.Luxembourg-based satellite operator Intelsat faces a deadline of May 29 to get its bondholders to trim some of the value of its $15 billion pile, under the terms of its original agreement with OneWeb in February.Intelsat would have to launch an improved swap to its debt investors by next week to meet this deadline. It has already agreed to extend the offer to the creditors once before. The offer was previously due to expire April 20.To be successful in consummating a deal with OneWeb, the company needs holders of at least 85 percent of the total face value of each series of Intelsat bonds to participate in the exchanges.As part of the current deal, SoftBank will buy voting and non-voting shares in the combined company for $1.7 billion in cash and take a 39.9 percent voting stake. Shares that the Japanese conglomerate will buy in the combined company will be purchased for $5 per share.OneWeb is among a handful of startups planning to build, launch and operate thousands of small satellites to provide internet access worldwide.A merger of OneWeb and Intelsat, a satellite pioneer which broadcast Neil Armstrong''s moon walk, could create a combined network of hundreds or even thousands of satellites in high and low altitudes around Earth.(Reporting by Jessica DiNapoli in New York; Editing by Miral Fahmy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-intelsat-m-a-oneweb-idINKBN1870DF'|'2017-05-11T02:33:00.000+03:00'
'46071d862dc20af5e5a4d83b16762722904baf4a'|'Twenty-First Century Fox revenue misses as cable, film units drag'|'Business News - Thu May 11, 2017 - 4:15am BST Twenty-First Century Fox misses Wall St. sales target FILE PHOTO - The 21st Century Fox logo is seen outside the News Corporation headquarters in Manhattan, New York, U.S. on April 29, 2016. REUTERS/Brendan McDermid/File Photo By Jessica Toonkel and Aishwarya Venugopal Twenty-First Century Fox Inc, the television and film company controlled by Rupert Murdoch, reported quarterly revenue below Wall Street''s expectations on Wednesday, weighed down by weaker box office results. Its shares initially dipped in after-hours trading, but then regained ground to where they ended regular trading, at $27.90. Sales at the company''s film division fell nearly 3 percent to $2.26 billion in the fiscal third quarter as releases like "Logan", grossed less than the 2016 hit "Deadpool" did in the same quarter last year. The television side of Fox''s business fared better, posting an increase in both advertising and U.S. cable, even as many of its peers have reported declines in both areas. Fox''s ad sales jumped 16 percent, helped by spending on the Super Bowl, which Fox aired this year. Chief Executive James Murdoch, Rupert''s son, told analysts on a post-earnings call that all of its networks except National Geographic showed advertising growth. Still, some analysts hoped for more. "The cable business is more of a recurring business than film," said Telsey Advisory Group analyst Thomas Eagan. "People were expecting higher domestic affiliate growth and higher ad growth." U.S. subscribers were up 0.5 percent, but there were declines for its most widely distributed networks, which include Fox News, of about 1.5 percent year over year, James Murdoch said on the analyst call. Sexual harassment claims and lawsuits at Fox News, which have led to the departures of its former chair Roger Ailes, network co-president Bill Shine and star anchor Bill O''Reilly, have some investors concerned about the future of the unit. To settle litigation following the July 2016 resignation of Ailes, the company incurred costs to the tune of $10 million in the quarter, bringing such costs to a total of $45 million (34.8 million pounds) in the nine months to March 31, a regulatory filing showed. James Murdoch expressed confidence to investors on the earnings call that Fox News would continue its ratings dominance. The British government has asked the UK media regulator Ofcom to assess whether Twenty First Century Fox''s $14.5 billion bid to buy the nearly 61 percent of UK-based pay-TV group Sky Plc <SKYB.L that it does not already own is in the public interest. Excluding some items, Fox earned 54 cents per share for the quarter ended March 31. Analysts on average had expected a profit of 48 cents per share. Total revenue rose 4.6 percent to $7.56 billion but missed analysts'' average estimate of $7.63 billion, according to Thomson Reuters I/B/E/S. (Reporting by Aishwarya Venugopal in Bengaluru; Additional reporting by Shalini Nagarajan; Editing by Sriraj Kalluvila and Bill Rigby and Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-fox-results-idUKKBN1862UG'|'2017-05-11T05:17:00.000+03:00'
'6b09bc30c8ac9e98101b06bc7c7bef4c875e0f33'|'European shares ease, Unicredit boosts Italian banks'|'Banks   8:49am BST European shares ease, Unicredit boosts Italian banks Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 10, 2017. REUTERS/Staff/Remote LONDON Italian banks shone in lacklustre European trading on Thursday after results led by Unicredit whose results indicated its turnaround was gathering pace. Europe''s STOXX 600 slipped 0.1 percent while both the eurozone''s broader stocks and the blue chip index fell 0.2 percent. Financials were a bright spot on the benchmarks for the second day running, with Unicredit up 4.4 percent after rising revenues and lower loan losses boosted it to better than expected first-quarter profits. Italy''s banking index tested its highest levels in more than a year as Mediobanca, Ubi Banca, and Banco BPM rose 1.8 to 3.5 percent in concert. Telecoms stocks were among the worst-performing with BT down 1.7 percent after it announced 4,000 job cuts in a restructuring plan to recover from a year it said was ''challenging''. Shares in Britain''s biggest telecoms company have not recovered from a 20 percent drop after it revealed accounting malpractices in Italy in January. Spain''s Telefonica also fell 1.7 percent after its results. A setback in its generic drug Advair''s approval by the U.S. Food and Drug Administration sent Hikma shares down more than 8 percent, the worst-performing European stock. Broker downgrades weighed on some of the top fallers. Centrica fell 5.8 percent after JP Morgan cut it to ''underweight'' from ''overweight'', while a rating cut from Citigroup sent Hannover Re down 5 percent. (Reporting by Helen Reid, Editing by Vikram Subhedar)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN1870RZ'|'2017-05-11T15:49:00.000+03:00'
'e008b2b343bd265bff4f18f182addd2a979f1672'|'Colombia''s Biotoscana files for Brazil listing debut'|'SAO PAULO May 10 Colombian pharmaceutical firm Biotoscana Investments SA and some shareholders filed a request to list depositary receipts in Brazil, adding to the busiest wave of equity offerings in four years in Latin America''s largest economy.Biotoscana plans to offer new stock in the offering of so-called BDRs, according to documentation filed with Brazil''s securities industry watchdog CVM. Shareholders including funds run by U.S. buyout firm Advent International Corp as well as individuals Robert Friedlander and Roberto Luiz Guttmann have also filed to sell Biotoscana BDRs in the offering, the document said.Biotoscana hired the investment-banking units of JPMorgan Chase & Co, Ita<74> Unibanco Holding SA and Grupo BTG Pactual SA to lead the transaction. (Reporting by Guillermo Parra-Bernal; Editing by Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/grupo-biotoscana-ipo-idINL1N1IC2CK'|'2017-05-10T20:46:00.000+03:00'
'aff118639ccb5f403a2f6d33d921838a06d19e4e'|'Bollore makes first step to merge Vivendi and Havas with 2.4 billion euro deal'|'Business News - Thu May 11, 2017 - 8:41pm BST Bollore makes first step to merge Vivendi and Havas with 2.4 billion euro deal Vincent Bollore, Chairman of media group Vivendi attends the company''s shareholders meeting in Paris, France, April 25, 2017. REUTERS/Jean-Paul Pelissier By Mathieu Rosemain and Gw<47>na<6E>lle Barzic - PARIS PARIS French tycoon Vincent Bollore took a first step on Thursday in his attempt to merge media giant Vivendi and advertising company Havas, two groups he controls through his family-run conglomerate. Vivendi said it was making an offer to buy Group Bollore''s 60 percent stake in advertising group Havas for 9.25 euros a share, a premium of 8.8 percent over Wednesday''s closing price, in a 2.36 billion euro (2.01 billion pounds) deal. The combined entity would represent more than 13 billion euros in annual revenues and add a new business to the Vivendi group, which owns Universal Music Group (UMG), one of the top three world record labels, and France''s number one pay-TV Canal Plus. The offer values Havas''s total equity at 3.9 billion euros. If Bollore''s conglomerate agrees to sell its stake in the ad company, Vivendi plans to launch a simplified public tender offer on the remaining 40 percent of Havas at the same price, without seeking to delist the company, it said. Vivendi said a merger with Havas would strongly increase its group margins but did not provide details on the potential synergies between the two groups. It said it aimed to close it by the end of June, beginning of July. Vincent Bollore, Vivendi''s chairman and controlling shareholder with a 20.65 percent stake, has pledged to turn the group into an integrated European media powerhouse and has launched a spree of acquisitions, including in Telecom Italia and Italian broadcaster Mediaset. Havas, led by Bollore''s son Yannick, was one of the two top targeted businesses in Vivendi''s next expansion phase, two sources close to the matter said last month. "Our groups evolve in a common world, some of our teams already know each other and our cultures look alike and complete each other," the Havas CEO said in an internal email obtained by Reuters. Separately, Vivendi said its first-quarter core operating profit plummeted by 34 percent from a year earlier at constant currency and like for like sales to 149 million euros, as UMG''s soaring results did not offset operating losses at Canal Plus'' French channels. That missed a Reuters poll average of 165 million euros. Pay-TV company Canal Plus said it expected an improvement of its French activities in the second half. The Vivendi unit has set an earnings before interest, tax and amortisation (EBITA) target for the year of 350 million euros. Canal Plus suffered a blow earlier on Thursday when it was beaten by telecoms and cable holding company Altice in securing the rights to broadcast European Champions League soccer matches until 2021 in France. Vivendi also confirmed its full-year targets, which include a 5 percent increase in its revenues and a 25 percent rise in its EBITA. ($1 = 0.9204 euros)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-havas-m-a-vivendi-idUKKBN1872E4'|'2017-05-12T03:41:00.000+03:00'
'689a80111d16b83a0cefb5775c1b1ef007df025a'|'TREASURIES-U.S. bond yields rise ahead of supply from Treasury refunding'|'* U.S. Treasury to sell $62 bln in bonds at quarterly refunding * Macron''s French presidential win pares bonds'' safe-haven appeal * Fed''s Bullard sees little need for Fed to hike rates further * Fed''s Mester sees need for more rate increases as economy grows (Updates market action, adds Quote: ) By Richard Leong NEW YORK, May 8 U.S. Treasury yields rose on Monday with benchmark yields hitting a four-week high in advance of the sale of $62 billion in bond supply at this week''s quarterly refunding and following centrist Emmanuel Macron''s victory in the French presidential run-off. Macron''s win on Sunday revived appetite for stocks, propelling the S&P 500 and Nasdaq briefly to record highs. It also reduced safe-haven demand for bonds as some traders had feared a possible upset by his anti-European Union rival Marine Le Pen. With the closely watched French election in the rear view mirror, traders will focus on this week''s domestic data and demand at the quarterly refunding, analysts said. "It has to do with supply later this week. It''s setting for the auctions," said Subadra Rajappa, head of U.S. rates strategy at SG The week''s key reports will be those on producer and consumer prices as well as retail sales, analysts said. The Treasury Department on Tuesday will kick off its refunding with a $24 billion sale of three-year notes, and it will repay $49.7 billion to investors on maturing bonds . It will sell $23 billion in 10-year Treasuries on Wednesday and $15 billion in 30-year bonds on Thursday. The benchmark 10-year note yield was up 2 basis points at 2.374 percent after touching 2.390 percent earlier Monday which was the highest since April 10. The yield on 30-year bonds was 2 basis points higher at 3.011 percent, while the two-year yield was up 1 basis point at 1.330 percent. Demand for this week''s Treasury supply will be based partly on investors'' perception of further rate increases from the Federal Reserve, analysts said. Interest rate futures implied traders saw an 83 percent chance the central bank would raise rates by a quarter point to 1.00-1.25 percent at its June 13-14 policy meeting, up from 79 percent late on Friday, CME Group''s FedWatch program showed. Earlier on Monday, St. Louis Fed President James Bullard said strong bond demand and sluggish workforce growth would keep a lid on rates for the forseeable future, which would allow the Fed to keep rates at current levels. At a separate event, Cleveland Fed chief Loretta Mester said further rate increases are warranted as the economy has reached the Fed''s employment goal and is closing in on its 2 percent inflation target. May 8 Monday 2:44PM New York / 1844 GMT Price US T BONDS JUN7 151-12/32 -0-14/32 10YR TNotes JUN7 125-20/256 -0-36/25 6 Price Current Net Yield % Change (bps) Three-month bills 0.8825 0.8966 0.005 Six-month bills 1.0075 1.0266 0.011 Two-year note 99-216/256 1.3303 0.012 Three-year note 99-238/256 1.5245 0.016 Five-year note 99-226/256 1.8998 0.017 Seven-year note 98-208/256 2.1844 0.019 10-year note 98-236/256 2.3741 0.022 30-year bond 99-204/256 3.0102 0.021 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 28.50 -0.75 spread U.S. 3-year dollar swap 24.75 -1.25 spread U.S. 5-year dollar swap 9.25 0.00 spread U.S. 10-year dollar swap -6.25 0.00 spread U.S. 30-year dollar swap -45.00 0.50 spread (Reporting by Richard Leong; Editing by Meredith Mazzilli and Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1IA15O'|'2017-05-08T17:04:00.000+03:00'
'00e2fcce29e83776478653ff703bc2003b9504f2'|'Goldman names Lemkau, Nachmann to co-head investment banking'|'Business News - Mon May 8, 2017 - 4:13pm BST Goldman names Lemkau, Nachmann to co-head investment banking A sign is displayed in the reception of Goldman Sachs in Sydney, Australia, May 18, 2016. REUTERS/David Gray/File Photo Goldman Sachs Group Inc ( GS.N ) named M&A co-head Gregg Lemkau and financing group chief Marc Nachmann as co-heads of the firm''s global investment banking division, according to an internal memo on Monday. Lemkau and Nachmann join John Waldron as leaders of the business, which includes advising companies on mergers and equity and debt underwriting. A Goldman spokeswoman confirmed the contents of the memo. (Reporting by Olivia Oran)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-goldman-sachs-banking-idUKKBN1841R1'|'2017-05-08T23:13:00.000+03:00'
'c72ec88f286b45634266798fa030a4c548d88869'|'Coca-Cola South Africa sells stake in Appletiser'|'JOHANNESBURG May 8 Coca-Cola South Africa (CCBSA) said on Monday it had sold a 17.5 percent stake in carbonated fruit juice brand Appletiser to investment holding company African Pioneer Group, as part of a merger agreement with SABMiller.CCBS also sold a 4 percent stake to Sipho Excellent Madlala, a manager at CCBS, as part of merger conditions stipulating it should sell 20 percent of Appletiser to a black economic empowerment holding.Appletiser, a fruit juice based drink, was previously owned by SABMiller which merged its African soft drink operations with Coca-Cola to become the continent''s biggest Coke drinks bottler.The agreement handed 20 brands including Appletiser, whose fruit juice concentrate is sourced from South African producers, to Coke.SABMiller was acquired by the world''s largest brewer, Anheuser-Busch InBev, in a $100 billion plus deal last year in one of the largest corporate mergers in history which takes the company into Africa for the first time.The sale of the shares will give a seat on the board of Appletiser to APG and Madlala. Madlala will retain his role in the company following the transaction, Coca-Cola said.African Pioneer Group is a holding company with interests in fishing, gaming, beverages and mining, engineering & energy. (Reporting by Tanisha Heiberg. Editing by Jane Merriman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/sabmiller-cocoacola-safricacoca-cola-idUSL8N1IA1UK'|'2017-05-08T14:28:00.000+03:00'
'327c42cdb50ae4e565d191f8f2463796bd381173'|'PPG is disappointed that Akzo Nobel has again refused to enter into negotiation'|'May 8 Ppg Industries Inc* PPG issues statement* Is "disappointed" that Akzonobel has once again refused to enter into a negotiation regarding a combination of two companies* "Akzonobel chairs stated up front that they did not have intent nor authority to negotiate"* Akzonobel chairs did not share any concerns regarding PPG''s proposal* Will review full details of Akzonobel''s response issued today* Can confirm CEO and lead independent director met chairman of supervisory board of Akzonobel and CEO and chairman of board of management of Akzonobel '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-ppg-says-is-disappointed-that-akzo-idINFWN1IA066'|'2017-05-08T05:33:00.000+03:00'
'a4580f590e94cc70e357b04fdd8761451d8c9774'|'Nomad Foods CEO lines up further deals'|'By Martinne Geller - LONDON LONDON With sales in its core business growing after six years of declines and 600 million euros ($655 million) at its disposal, Nomad Foods ( NOMD.N ) is finally in a good position to make acquisitions, its chief executive told Reuters on Friday.The company was formed in 2014 as a vehicle to consolidate Europe''s slow-growth 25 billion euro frozen food market. Its anchor deal, Iglo, closed in June 2015 and the follow-on acquisition of Findus Group''s European business closed in November 2015.Since then, the group has focused on turning around declining sales of its brands, which include Iglo, Birds Eye and Findus."The first two years were fully dedicated to making sure our fundamentals were sound. We''re starting to get there," CEO Stefan Descheemaeker said in an interview. "That was the key."Nomad''s sales trends have improved sequentially, helped by its focus on "must-win battles" and Descheemaeker said like-for-like sales in the first quarter had finally grown. He declined to quantify the growth, as Nomad will report first-quarter results on May 25.The overall European frozen food market has grown by about 1 percent for the past five years."When you''re getting out of a turnaround, it''s initially difficult to see where you''re going to be. So we''re starting to discover this interesting world of positive growth," said Descheemaeker, who used to oversee mergers and acquisitions at the predecessor to brewer Anheuser-Busch InBev ( ABI.BR ).He reiterated the view that like-for-like sales will be positive for the full year.Nomad, formed by serial dealmakers Martin Franklin and Noam Gottesman, is Europe''s leading seller of frozen fish, vegetables, poultry and prepared meals.Its first priority for acquisitions is within European frozen food, where there remain pockets of room to grow, such as frozen poultry in Norway, Sweden and Finland. But Descheemaeker pointed out that there are other areas of frozen food, such as pizza and desserts.After that, the company might look at European non-frozen foods or non-European foods.Descheemaeker, who also served as CFO of one of the predecessor companies of Ahold Delhaize ( AD.AS ), said Nomad could afford mid-sized acquisitions of up to 600 million euros."For the categories we''re in, that''s fine. We don''t need more than that," Descheemaeker said."When you want to venture outside the mid-sized deals then you will need something bigger, you will have to go to your shareholders. But we''re not there yet."He said Nomad was not interested in buying Picard, the French frozen food retailer that could be sold by Lion Capital and Aryzta ( ARYN.S ) and that he could not comment on the food business being sold by Reckitt Benckiser ( RB.L ), which sources estimate could be worth several billion pounds.(Editing by David Goodman/Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nomad-foods-strategy-idINKBN1881VE'|'2017-05-12T11:39:00.000+03:00'
'ef21a50d0f11e4897b2a4eeae13fb89b982c6d82'|'Tesco boss''s bonus cut despite first sales growth in seven years - Business'|'The boss of Tesco , Dave Lewis, saw his pay package shrink last year despite leading the company to its first year of sales growth in seven years . The chief executive of Britain<69>s biggest supermarket chain received <20>4.15m last year, 10% less than his <20>4.63m package a year earlier .Tesco<63>s annual report, published on Friday, showed the fall was driven by a smaller bonus payout of <20>2.4m for 2016-17, compared with <20>3m in 2015-16. Lewis<69>s annual salary remained at <20>1.25m, and stays the same for the year ahead.Aldi plans to open up to eight stores in some UK towns Read more The retailer<65>s remuneration committee, which decides how much top executives should be paid, said the level of bonus paid to Lewis was based on how far he had met the <20>stretching<6E> targets set for the year. The <20>2.4m bonus was equivalent to 75.6% of his maximum annual bonus.Deanna Oppenheimer, chair of the remuneration committee, said Tesco had performed well in a tough year for retailers: <20>Tesco has had a year of strong progress, delivering against the three turnaround priorities of improving competitiveness in the UK, a more secure balance sheet and rebuilding trust, which were set in 2014.<2E>A stable platform has been established and a strong performance delivered in spite of significant external challenges, which made 2016-17 another challenging year for retailers.<2E>Tesco<63>s finance director, Alan Stewart, was paid <20>2.24m last year, 14% less than his <20>2.6m pay package a year earlier. His salary was flat at 750,000 but his bonus fell to <20>1.25m from <20>1.6m in 2015-16.The annual report also revealed that Tesco paid <20>142,000 in stamp duty and legal feels to help Lewis buy a house closer to the company<6E>s headquarters in Hertfordshire.For much of the past decade Tesco has been losing customers to discount grocers Aldi and Lidl, but in the 112 months to the end of February, it managed its first full year of sales growth since 2009-10, with like-for-like sale up by 0.9%. Lewis was parachuted in to lead a turnaround of the supermarket giant in September 2014.Speaking as the annual report was published, Lewis said Tesco had made <20>very strong progress<73> but there was still a lot of work to do. <20>Over the last two and a half years we<77>ve done a lot at Tesco, and I<>m personally very pleased with the progress that the team and the business is making. But we<77>re also very clear that there<72>s much much more that we want and can do to improve the business yet further.<2E>Supermarkets including Tesco are braced for a choppy year ahead, as the sharp fall in the value of the pound since the Brexit vote pushes up the price of imported foods and ingredients. Retailers will have to judge to what extent they are able to pass on the price rises to customers without damaging business.Daniel Ekstein, food retail analyst at UBS, said Tesco shoppers were seeing the lowest price inflation among its competitors. Inflation at the UK<55>s major supermarkets was 1% year-on-year in April, according to UBS<42>s regular pricing monitor. Tesco<63>s basket of products tracked by UBS fell in price by 2.1%.Topics Tesco Retail industry Supermarkets Executive pay and bonuses news   Share   Reuse this content'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/may/12/tesco-bosss-bonus-cut-sales-dave-lewis'|'2017-05-12T03:00:00.000+03:00'
'c665b4c0321408b2c44713ddd2968e78582857e9'|'UPDATE 1-Commodity trader Cargill expects grain glut to last long time'|'* Says global grain glut won''t be cleared in near future* Says worries over protectionism not hitting Cargill trade flows* Expects U.S, S.Korea to keep supporting bilateral trade (Adds comment, detail)By Jane ChungSEOUL, May 12 Cargill Inc expects international grain markets to remain oversupplied for a long time due to bountiful harvests and a rise in storage, the head of the global commodity trader said on Friday.Bumper crops have flooded many markets, dragging on prices for grains such as wheat and corn, hitting profits at agribusiness giants including Cargill, Bunge, ADM and Louis Dreyfus."There''s been several strong seasons of growth and almost near perfect weather conditions both in North America and South America," Cargill Chief Executive Officer David MacLennan told a media briefing in Seoul."There are a plenty of supplies in storage, and Brazilian farmers are holding on to their products in the hopes of better prices ... but I don''t see the clearing of excess supply or much volatility to up commodity and grain prices in the near future."The Minneapolis-based company has been simplifying its operations to shift its focus to higher margin-businesses such as food ingredients. In late April, it said it would exit its U.S. cattle business.When asked about the possibility of making company acquisitions, MacLennan said Cargill was always looking for growth opportunities.He added that the firm had no intention of going public in the near future.MacLennan also said that growing international worries over trade protectionism after Donald Trump became U.S. president had not affected Cargill''s business."It is the early days of the new U.S. administration, so far we have not seen any impact on trade flows and I''m optimistic that would continue to be the case," he said.He was also optimistic on trade between South Korea and the United States, saying the two governments would continue to support trade with each other.His comments come as Trump said in a recent interview with Reuters that his administration would renegotiate or scrap a "horrible" deal with South Korea to protect U.S. trade.Cargill also plans to keep boosting business in South Korea, he said.Cargill Agri Purina, a South Korean unit of the company, plans to increase its feed production to 2.7 million tonnes per year (tpy) by 2025.(Reporting by Jane Chung; Editing by Joseph Radford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cargill-trade-southkorea-idINL4N1IE0I9'|'2017-05-12T00:14:00.000+03:00'
'27fd62853458de8ab0fa2501c9142d6a77cbb578'|'Savills expects UK election to hit housing sales in next few weeks'|'  11:10am BST Savills expects UK election to hit housing sales in next few weeks FILE PHOTO - A builder assembles scaffolding as he works on new homes being built for private sale on a council housing estate, in south London June 3, 2014. REUTERS/Andrew Winning/File Photo LONDON International estate agency Savills ( SVS.L ) said it anticipated housing sales in Britain will be hit by a June 8 general election, but that its overall performance this year will be in line with expectations. Some Britons tend to put off major purchases due to the uncertainty created by an election although several builders reported that demand was not dented by 2015 polls, the last time a new government was elected. "The period leading up to the UK general election is expected to have a short-term adverse impact on residential transaction activity over the next few weeks," Savills said in a statement on Tuesday. The firm, which operates across Europe, North America, Asia and Australasia, said its overall performance in the first four months of the year was ahead of the same period last year and it would meet market expectations despite increased global political and economic uncertainty. (Reporting by Costas Pitas, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-election-savills-idUKKBN185120'|'2017-05-09T18:10:00.000+03:00'
'0f2247b68358db15bb8ddef09c8e89fc59db2b93'|'Amazon adds video calling with Echo Show'|'Technology News - Tue May 9, 2017 - 4:33pm BST Amazon adds video calling with Echo Show FILE PHOTO: Amazon boxes are seen stacked for delivery in Manhattan, New York, U.S., on January 29, 2016. REUTERS/Mike Segar/File Photo Amazon.com Inc launched Echo Show, a touchscreen device that will allow users to video call and watch clips from CNN, the latest in the company''s series of popular Echo voice-controlled speakers. The device, which will go on sale in June for about $230, will feature Alexa, Amazon''s voice-controlled aide, that can be used to play music, order an Uber or turn on the house lights. The Echo Show will allow video conferencing between users having an Echo device or the Alexa app. The device is the first to support the feature, which is absent in similar devices offered by rivals such as Alphabet Inc''s unit Google. The launch of the Echo Show is Amazon''s latest effort to make Alexa a key part of its customers'' lives and dominate the nascent voice-powered computing market. A study by research firm eMarketer earlier this week showed that Amazon Echo and Echo Dot devices will claim a 70.6 percent share of the U.S. market this year, well ahead of Google Home''s 23.8 percent share. Amazon unveiled a voice-controlled camera, the Echo Look, last month alongside an app that recommends outfits for users. The launch comes a day after Microsoft Corp said it was developing a voice-activated speaker in collaboration with Samsung Electronics Co Ltd''s unit Harman Kardon. (Reporting by Narottam Medhora in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-amazon-com-echo-show-idUKKBN1851VT'|'2017-05-09T23:32:00.000+03:00'
'1f6632e299b5206dcee88f117e67bf77387e2c7f'|'German regulator welcomes Chinese interest in nation''s banks'|'FRANKFURT May 9 Germany top financial regulator BaFin welcomes Chinese interest in German financial institutions, its president said Tuesday.The Chinese tourism and finance company HNA and the Chinese insurer Anbang have expressed interest in buying stakes in the ailing HSH Nordbank of Germany.Felix Hufeld, president of BaFin, said he welcomed foreign investment from abroad, including China. He was asked about the issue at an annual news conference in Frankfurt. (Reporting by Tom Sims; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bafin-regulation-china-idINL8N1IB2EU'|'2017-05-09T07:41:00.000+03:00'
'748e41b4f5ed2e3ce84c8be554d7e1ca69738e74'|'IMF says Asia facing risks from rise in protectionism'|'Business News -  33am BST IMF says Asia facing risks from rise in protectionism SINGAPORE The International Monetary Fund said Asia''s economic outlook faces "significant" uncertainty and downside growth risks from any sudden tightening in global financial conditions or rise in protectionist trade policies. The IMF, which in April raised its 2017 Asia-Pacific growth forecast to 5.5 percent from its previous October forecast of 5.4 percent, said loose monetary and fiscal policies across most of the region would underpin domestic demand. "However, the near-term outlook is clouded with significant uncertainty, and risks, on balance, remain slanted to the downside," the IMF said in its Asia-Pacific regional economic outlook released on Tuesday. In April, the IMF kept the region''s 2018 growth forecast unchanged at 5.4 percent. Asia-Pacific recorded 5.3 percent growth in 2016. The report comes at a time when policymakers around the region are wrestling with the challenge of how to navigate rising risks of protectionism under U.S. President Donald Trump, and a potential increase in funding costs as the Federal Reserve steps up the pace of rate hikes. Continued tightening of global financial conditions could trigger volatility in capital flows, and the region could see large spillovers if China''s shift to a more consumption-driven economy proves bumpier than expected, the IMF said. "A possible shift towards protectionism in major trading partners also represents a substantial risk to the region. Asia is particularly vulnerable to a decline in global trade because the region has a high trade openness ratio, with significant participation in global supply chains," it said. The IMF said exchange rate flexibility should remain the "main shock absorber" against a sudden tightening in global financial conditions or shift toward protectionism. It added, however, that "judicious" foreign exchange intervention might be called for in certain cases, such as when disorderly market conditions or rapid exchange rate movements threaten financial or corporate stability. The IMF emphasised that foreign exchange intervention should not be used to resist currency moves that reflect changes in fundamentals including in the global trade environment or as a substitute for macroeconomic policy adjustments. Ageing demographics and a slowdown in productivity growth since the global financial crisis pose medium-term headwinds to the region''s economic growth, the IMF said, adding that parts of Asia risk "becoming old before becoming rich". "Adapting to aging could be especially challenging for Asia, as populations living at relatively low per capita income levels in many parts of the region are rapidly becoming old," it said. The IMF said monetary policy should generally remain accommodative in the region since inflation is below target and there is slack in most Asian economies. If growth weakens further, some regional central banks such as those in Malaysia and Thailand, may have room to cut interest rates as long as external stability is not compromised, while others in India, Indonesia, and Vietnam should be ready to raise interest rates if inflationary pressures strengthen, the IMF said. (Reporting by Masayuki Kitano; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-imf-asia-growth-idUKKBN185039'|'2017-05-09T09:10:00.000+03:00'
'f74816f3d139b5a23ec185e2205069cb3cf23b39'|'China concerned by inclusion on U.S. intellectual property watchlist'|'Economy   4:04am BST China concerned by inclusion on U.S. intellectual property watchlist BEIJING China is seriously concerned by the United States putting it on an intellectual property watchlist, China''s commerce ministry said on Thursday. China urged the United States to fulfill promises to evaluate China''s efforts on IP protection fairly and objectively, ministry spokesman Sun Jiwen said in a press conference in Beijing. China is willing to strengthen communication on IP issues with the U.S. to create a better legal environment for bilateral trade, Sun added. (Reporting by Yawen Chen and Beijing Monitoring Desk; Editing by SImon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-trade-ip-china-idUKKBN18709O'|'2017-05-11T10:56:00.000+03:00'
'cf8a5ea704c2f58e4b492aa4d657173ac2990c54'|'Exclusive: Aldi raises stakes in U.S. price war with Wal-Mart'|' 24am BST Exclusive: Aldi raises stakes in U.S. price war with Wal-Mart left right A lady shops at Aldi, a retail grocery store chain in Wheaton, Illinois, U.S., April 13, 2017. REUTERS/Nandita Bose 1/5 left right The interior of Aldi, a retail grocery store chain is pictured in Wheaton, Illinois, U.S., April 13, 2017. REUTERS/Nandita Bose 2/5 left right Scott Patton, Vice President, Corporate Buying of Aldi is seen at Aldi store in Wheaton, Illinois, U.S., April 13, 2017. REUTERS/Nandita Bose 3/5 left right Shoppers are pictured at Aldi, a retail grocery store chain in Wheaton, Illinois, U.S., April 13, 2017. REUTERS/Nandita Bose 4/5 left right A shopper is pictured at Aldi, a retail grocery store chain in Wheaton, Illinois, U.S., April 13, 2017. REUTERS/Nandita Bose 5/5 By Nandita Bose - WHEATON, Ill. WHEATON, Ill. German grocery chain Aldi Inc is trying to beat the world''s biggest retailer at its own game: low prices. Already with 1,600 U.S. stores, Aldi<64>s internal studies show its prices are 21 percent lower than its lowest-priced rivals, including Wal-Mart Stores Inc ( WMT.N ), according to Chief Executive Jason Hart. He plans to maintain that gap going forward. His strategy, previously unreported, centers on adding more private-label goods, which are a retailer''s in-house brands, to win over price-sensitive customers, and a massive expansion to further disrupt a U.S. grocery sector that has seen 18 companies go bankrupt since 2014. Hart''s plan calls for spending $1.6 billion to expand and remodel 1,300 U.S. stores, and open 400 new stores mainly in Florida, Texas and on both coasts by end of 2018. He also pledged Aldi will be willing to change prices more frequently to respond to rivals if needed. "We are re-merchandising, remodeling, enhancing our product range and are focused on gaining volume so more customers start their shopping at Aldi and we are able to complete their shopping lists moreso than we have in the past," said Hart, who added Aldi''s U.S. sales have doubled in five years. Though it only accounts for only about 1.5 percent of the U.S. grocery market, Aldi is growing at 15 percent a year, whereas Wal-Mart currently controls about 22 percent of the market and its U.S. sales are estimated to grow about 2 percent this year, according to analysts. Aldi''s growth potential has competitors taking notice. Reuters reported in February that Wal-Mart is running price tests in 11 states, pushing vendors to undercut Aldi and other rivals by 15 percent and is expected to spend about $6 billion to regain its title as the low-price leader. For a graphic, click tmsnrt.rs/2le6v0Y Price wars are roiling the entire retail sector - from department stores to discount chains - but it is nowhere as intense as in the grocery sector. Beyond Wal-Mart''s move to match Aldi on price, German discount chain Lidl plans to open up to a 100 U.S. stores in a year, and Amazon.com Inc ( AMZN.O ) is aggressively testing out various brick-and-mortar grocery formats along with growing Amazon Fresh, its grocery delivery service. For a graphic, click tmsnrt.rs/2qRbNT9 "We have not seen anything like this in the grocery sector in the United States before," said Scott Mushkin, managing director of Wolfe Research and a leading pricing analyst. Such heated competition risks a dangerous race to the bottom that could result in more retailers shutting their doors. "Given Aldi''s expansion, Lidl''s entry, Wal-Mart''s response and Amazon''s growing ambitions in this space, it is fair to expect a significant acceleration in the bankruptcy and liquidation cycle in this sector over the next few years," said Burt Flickinger, managing director at retail consultancy Strategic Resource Group. For more on Wal-Mart''s stock performance vs Amazon, click [L1N1IC270] GOAL: EVERYDAY LOW PRICING Aldi, has a simple strategy to win more customers: everyday low pricing, according to Hart. "We don''t confuse our customers with yo-yo discounts, sales, coupo
'c16152088c9364c49a7874ab5b6353a5233d9307'|'House of Fraser names Alex Williamson as new CEO'|'Business News - Thu May 11, 2017 - 10:00am BST House of Fraser names Alex Williamson as new CEO People walk past a House of Fraser store in central London, Britain January 11, 2017. REUTERS/Stefan Wermuth LONDON British department store chain House of Fraser has appointed Alex Williamson, the current boss of the Goodwood Estate, as its new chief executive, it said on Thursday. Williamson has been CEO of Goodwood since 2012 and prior to that was head of finance for TUI Travel and worked for Ernst & Young. He will start his new job on July 31. The 168-year-old House of Fraser business trades from 59 stores in the UK and Ireland. Since 2014 it has been owned by China''s Nanjing Cenbest. (Reporting by James Davey; editing by Costas Pitas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-house-of-fraser-moves-idUKKBN1870YN'|'2017-05-11T17:00:00.000+03:00'
'77d5a6bda8141365cde4d3d453a96dffbfee041b'|'Siemens to slash 1,700 jobs in Germany in efficiency drive'|'Business News  18am BST Siemens to slash 1,700 jobs in Germany in efficiency drive Siemens AG logo is seen during official opening of the headquarters in Munich, Germany, June 24, 2016. REUTERS/Michaela Rehle/File Photo FRANKFURT German engineering group Siemens ( SIEGn.DE ) announced plans on Thursday to cut 1,700 jobs in Germany over several years and transfer another 1,000 positions as part of an efficiency drive. Among other, it plans to reshuffle its enterprise IT business, consolidate storage sites at its Digital Factory division, cut jobs at its Mobility business and bundle its training centres, it said in a statement. It said it also planned to hire around 9,000 new employees in Germany over the same period as the cuts, and would make efforts to retrain as many of the affected employees as possible. (Reporting by Maria Sheahan; Editing by Christoph Steitz)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-siemens-restructuring-idUKKBN1870UI'|'2017-05-11T16:18:00.000+03:00'
'2eab2c1534be2706899a238da24bcff65c04a6a1'|'Japanese oil refiners Idemitsu, Showa Shell sign alliance deal'|'TOKYO Japanese oil refiners Idemitsu Kosan Co Ltd and Showa Shell Sekiyu KK said on Tuesday that they have signed a deal to form a business alliance ahead of Idemitsu''s takeover of Showa Shell.Under the deal, the companies will cooperate more closely on crude purchases and transportation as well as production plans, they said in a statement.The closer cooperation will result in cost savings of at least 25 billion yen ($220.59 million) within three years.The companies said they will still achieve costs savings of 50 billion within five year of the full integration of the two business. The full merger has been delayed indefinitely due to opposition from Idemitsu''s founding family.($1 = 113.3300 yen)(Reporting by Osamu Tsukimori; Editing by Christian Schmollinger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-japan-refiners-announcement-idINKBN1850NM'|'2017-05-09T05:55:00.000+03:00'
'c0d02f88389ba3fec84318cc791dba8f50236b33'|'Iceland''s last capital controls may be gone by year-end'|'Business  18pm BST Iceland''s last capital controls may be gone by year-end FILE PHOTO: People look on as fumes come out of the ground near Reykjahlid, Iceland, September 19, 2015. REUTERS/Lefteris Karagiannopoulos/File Photo By Marc Jones - LONDON LONDON Iceland''s remaining capital controls should be ended by the end of the year, a top finance official said, dovetailing with a potentially radical overhaul of monetary policy that may include a peg. The country''s recovery from its crippling 2008 banking crisis was confirmed this year when it relaxed most of the restrictions that had been preventing its population, businesses and investors from moving money abroad. But the government kept a small restriction in place as a precaution, mainly affecting U.S. investment funds. Having seen its currency soar and coaxed some of the funds with cash-for-bonds swaps, the final controls are not seen lasting long. "The remainder (of the money restricted by the capital controls) is something we have to deal with," Gudrun Thorleifsdottir, director general of Iceland''s ministry of finance and economic affairs, told Reuters. "It will be necessary to alter the law to release, so to speak, the rest. But most likely the government will announce something about this later this year." Around $2 billion (<28>1.5 billion) of foreign money had been frozen as result of the capital controls, most of which belonged to four U.S.-based funds -- Autonomy Capital, Eaton Vance, Loomis Sayles and Discovery Capital Management. At least two of those funds, Autonomy and Eaton Vance, have just taken up a cash-for-bonds swap offer from the central bank, and others have until mid-June to accept the same deal. The offer is at a crown-to-euro exchange rate that is well below the current open market rate and Loomis Sayles has said that it at least won''t sign up until it gets the live rate. It may, and if it does the current rate would effectively give it over 15 percent more than the other funds got when they accepted their deal a couple of months ago. "Nothing has been decided," Thorleifsdottir said. "But it is obvious that if the value of the remaining assets is very low it is harder to argue that releasing them would create instability." PEG THE CROWN? There may be radical changes coming around the same time. Iceland has set up a group of experts to look at options for a complete overhaul of the way it runs monetary policy. The most dramatic of those would be pegging the crown to the euro or the pound to prevent a sharp rise and fall wreaking havoc on the economy further down the line. Finance Minister Benedikt Johannesson, who belongs to a junior party in the country''s coalition government, has said the status quo is not sustainable. But it won''t be just his decision. "This is a big issue that needs a broad political support," Thorleifsdottir said. "To be clear, no decision on pegging has been made, but he (Johannesson) is a very sensible guy and I think he would support the most beneficial solution for the Icelandic Economy." On top of that Reykjavik is also looking at starting a sovereign wealth fund which could use some of the profits from the country''s geothermal-driven power firm and some of currency reserves stockpiled by the central bank. In another attempt to cool its currency and improve its finances it is also planning to hike value added tax next year on the booming tourist sector -- on everything from hotels to volcano or whale watching tours. "There are concerns about the recent appreciation of our currency," Thorleifsdottir said. "The main cause of the appreciation is favourable external conditions: tourism is booming and currently the inflow of capital is much more than the outflow." (Reporting by Marc Jones; editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-iceland-currency-idUKKBN18518M'|'2017-05-09T19:18:00.000+03:00'
'3f47d3e1b62771b187ed705d809fbc4d3c70e8a6'|'BMW to raise production capacity to 3 million cars by 2020 - Handelsblatt'|'Tue May 9, 2017 - 6:25pm BST BMW to raise production capacity to 3 million cars by 2020: Handelsblatt FILE PHOTO: A BMW logo is pictured before the annual news conference of German premium automaker BMW in Munich March 19, 2014. REUTERS/Michaela Rehle/File Photo FRANKFURT German luxury carmaker BMW Group ( BMWG.DE ) will raise its annual production capacity to 3 million cars by 2020 and plans to build its X5 offroader in China, German daily Handelsblatt said, citing company sources familiar with the plans. BMW Group, which includes the Mini and Rolls-Royce brands, and built 2.37 million cars last year, plans to double its production capacity in China to 600,000 cars, Handelsblatt said. In North America and Mexico, production capacity will be increased to 750,000 vehicles from 410,000, the paper said, adding that BMW brand wants to overtake rival Mercedes-Benz, which is owned by Daimler ( DAIGn.DE ), to reclaim the volume sales crown for premium carmakers. BMW declined to comment on the Handelsblatt report. (Reporting by Edward Taylor; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-bmw-production-3million-idUKKBN18524A'|'2017-05-10T01:07:00.000+03:00'
'6f90948db27da8821db1c75b2087bfe21389f2ee'|'CANADA STOCKS-TSX falls as energy stocks, Open Text weigh'|'Market  48am EDT CANADA STOCKS-TSX falls as energy stocks, Open Text weigh (Adds details on specific stocks, updates prices) * TSX down 91 points, or 0.58 percent, to 15,561.08 * Seven of the TSX''s 10 main groups move lower TORONTO, May 9 Canada''s main stock index fell on Tuesday as energy stocks weighed with lower oil prices and as software company Open Text Corp lost ground after its quarterly profit missed expectations. Those losses offset a sharp gain for Valeant Pharmaceuticals International Inc, up 12.9 percent to C$15.08, after reporting its first quarterly profit in six quarters and raising its earnings outlook. Home Capital Group also spiked, up 18.6 percent to C$8.10 after the alternative lender announced a plan to sell up to C$1.5 billion of its mortgage book. At 10:30 a.m. ET (1430 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was down 91 points, or 0.58 percent, to 15,561.08. Seven of the index''s 10 main groups were in negative territory, with the heavyweight energy group retreating 1.2 percent as oil prices buckled on concern about slowing demand and rising U.S. output. Canadian Natural Resources Ltd fell 1.9 percent to C$42.23 and Suncor Energy Inc declined 0.9 percent to C$42.85. Pipeline companies also fell, with Enbridge Inc down 0.7 percent to C$56.57 and TransCanada Corp off 0.5 percent to C$64.19. The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.7 percent. Open Text fell 6.5 percent to C$44.55 after the business software maker reported a lower-than-expected quarterly profit after the bell on Monday as it works to integrate Dell-EMC''s enterprise content division, a purchase it completed in January. The financials group fell 0.9 percent, with the country''s largest lender, Royal Bank of Canada, down 1.2 percent at C$93.10. Toronto-Dominion Bank fell 0.9 percent to C$63.57. Air Canada hit its highest level so far this year, adding to gains since it reported a smaller-than-expected loss on Friday. It was last up 2.2 percent at C$14.40. The value of Canadian building permits unexpectedly declined in March for the second month in a row as there were fewer plans to build apartments in the provinces of Ontario and British Columbia, data from Statistics Canada showed on Tuesday. (Reporting by Alastair Sharp; Editing by Alistair Bell)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1IB0P7'|'2017-05-09T22:48:00.000+03:00'
'30084996391c6b94beebe49ca3f83e94687b4b57'|'Loss-making Europcar ''cautious'' on Britain as EU talks loom'|'Economy  06pm BST Loss-making Europcar ''cautious'' on Britain as EU talks loom FILE PHOTO: A logo of French car rental company Europcar is seen at Bordeaux Airport in Merignac, Southwestern France, February 4, 2016. REUTERS/Regis Duvignau By Manon Jacob Europcar Groupe ( EUCAR.PA ) is "cautious" about the British car rental market as it monitors developments in the UK''s negotiations to leave the European Union, although it has yet to see any impact on its 2017 results. "We confirm our 2017 guidance, with our cautious view on Britain," Chief Executive Caroline Parot said on Tuesday of Europcar''s second biggest market. Travel and tourism industry associations have been pushing to secure visa-free travel between Britain and the EU after Brexit to limit disruption to the industry. Britain''s vote last year to quit the bloc has already had an impact Europcar and Avis Budget Group ( CAR.O ) which in the second-half of last year saw a negative impact from the pound''s slump following the EU referendum. Kepler Cheuvreux analyst David Cerdan said if the UK economy deteriorates it will have an impact on the car rental market, as the UK is primarily a business market and corporations will hire cars less often. Europcar reported a wider adjusted EBITDA loss of 6.2 million euros ($6.8 million) in the first quarter, hurt by additional investments in its digitalization program and losses incurred in its new mobility division, which includes businesses like car sharing. The company is targeting organic revenue growth of more than 3 percent and an increase in its adjusted EBITDA margin, excluding new mobility, for 2017. The group also announced on Tuesday the acquisition of Danish franchisee, Europcar Denmark. This follows a number of deals in 2016 in countries such as Ireland, Italy and Spain. (Additional reporting by Alan Charlish in Gdynia; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-europcar-brexit-idUKKBN18516Z'|'2017-05-09T19:05:00.000+03:00'
'314d9bdcdc61287ebed5ffa98288599ce748e95e'|'Snapchat must prove its users aren''t disappearing'|'Is Facebook turning into Snapchat? Snapchat parent Snap Inc. will release its first earnings report as a public company after the closing bell on Wednesday. But unfortunately for its fans, there are more investors wearing bear face filters than bull ones. Shares of Snap ( SNAP ) surged 44% in their debut on the New York Stock Exchange and hit a high of $29.44 -- 73% above their offering price of $17 -- on their second day. But it''s been all downhill, since then. Optimism about the stock, like the disappearing Snapchat message, seems to have a short shelf life. Snap stock is now trading at around $23 -- more than 20% below its peak price. Snapchat fans could point out that Facebook ( FB , Tech30 ) also endured a rocky few months immediately after its initial public offering while Twitter ( TWTR , Tech30 ) surged after its IPO. We all know what happened next. Facebook is now worth nearly $440 billion. Twitter isn''t. Snapchat needs to prove to a skeptical Wall Street that it can continue to grow -- even while Facebook and its Instagram photo sharing subsidiary seem intent on stealing away young users from Snapchat with many copycat features. Snapchat is still a niche social media company -- and there are concerns that its popularity may already be peaking. Analysts are expecting Snap will report a loss for the quarter. It has yet to post a profit. And Wall Street thinks revenue came in at $158 million. That would be a four-fold jump in sales from a year ago -- but it''s down from the fourth quarter. Not a good sign. Snapchat also had just 161 million daily active users at the end of the fourth quarter. Facebook said in its most recent earnings report that it finished the first quarter with 1.28 billion daily active users. Related: Facebook''s global domination -- it continues to add more and more users Instagram''s newish Stories feature has quickly become very popular. Like Snapchat, Stories allows users to add fun images and text to the photos and present them in a slideshow format as well. Let''s be honest. Adding bunny ears to a photo isn''t the most groundbreaking technology. It could be relatively easy for Facebook and Instagram to keep watching Snapchat and then just copy some of that social network''s most popular new bells and whistles. Sure, Snapchat executives will likely gush about engagement -- i.e. how much time users spend on the Snapchat app, not CEO Evan Spiegel''s upcoming marriage to supermodel Miranda Kerr. But Matt Britton, CEO of Crowdtap, a marketing software firm, said that many celebrities are migrating more to Instagram from Snapchat. That means that advertisers will likely follow too. "Snapchat needs to innovate to find new ways to compete more effectively with Instagram," Britton said, adding that the company''s augmented reality Spectacles could give the company a leg up against competition. Related: Snapchats no longer have to disappear after 10 seconds But he noted that Facebook had an easier time rising to dominance because it was up against a competitor in decline -- MySpace. Snap isn''t dealing with a weak rival. It''s dealing with Facebook at its prime. DJ Kang, a former hedge fund analyst who is now head of Asia for consumer research firm ValuePenguin, agrees. He thinks that Snapchat stock is overvalued mainly because of the continued threat from Facebook and Instagram. "Snapchat''s growth is being cannibalized by Instagram Stories in literally every single market in the world," Kang wrote in a report , adding it''s possible that Snapchat could even report a decline in users from the fourth quarter when it reports first quarter results. Related: Facebook continues its transformation into Snapchat There are also concerns that Snapchat could have a tough time gaining a big foothold in Asia since there already is a similar social network named Snow that is popular there. Kang recommends that investors buy Facebook and short Snap (i.e. bet against the stock -- the process involves borrowing the
'85b124fe178b79bd8fcb683ed1278529126438c2'|'Deals of the day-Mergers and acquisitions'|'May 11 The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Thursday:** Exxon Mobil Corp said it has reached an agreement to buy a refining and petrochemical plant owned by Jurong Aromatics (JAC) in Singapore that will boost its output and meet demand in Asia.** The Australian state of New South Wales said it has sold power grid Endeavour Energy to a consortium led by Macquarie Group Ltd for A$7.62 billion ($5.61 billion), relegating foreign bidders to a minority stake.** French engineering services group Assystem has made an offer for a 5 percent stake in the new Areva NP reactor unit being formed from the broader restructuring of Areva .** Generali is looking to buy portfolio management teams to expand its asset management operations and its fee-based business after reporting a 9 percent fall in first-quarter profit.** Engie is in advanced talks with Neptune Oil & Gas about the sale of its oil and gas exploration and production unit and a deal is imminent, a source familiar with the situation told Reuters.** TPI Triunfo Participa<70><61>es & Investimentos SA and creditors are discussing terms of a restructuring plan allowing the debt-laden Brazilian infrastructure firm to retain cash from potential asset sales while it downsizes further, three people familiar with the situation said.** Fireproof industrial materials maker RHI, which is taking over Brazilian rival Magnesita, said it plans to keep the dividend payout at around $33 million in 2017 and 2018, cutting the amount per share for the enlarged group.** Britain''s planned departure from the European Union opens the door for a UK-Swiss deal covering financial services, the head of one of Switzerland''s biggest private banks said.** Liberty Global''s John Malone says he is open to doing separate deals with Vodafone and British broadcaster ITV, but has yet to make the valuations work.** Founders of Indian online marketplace Snapdeal and one of its early investors, Nexus, have reached an agreement with SoftBank Group that would allow the Japanese firm to move ahead with its plan to sell Snapdeal to bigger rival Flipkart, ET Now reported, citing sources. (Compiled by Divya Grover in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1ID3P0'|'2017-05-11T08:00:00.000+03:00'
'633b5714dffb14c0263c217477adace768ed99ea'|'Trust office operator Intertrust: Blackstone holds 23.39 percent stake'|'AMSTERDAM Intertrust ( INTER.AS ), the Dutch trust company operator, said on Thursday a subsidiary of Blackstone Group ( BX.N ) now owns a 23.39 percent stake in the company following a transaction in which it placed 10 million Intertrust shares with institutional investors.(Reporting by Toby Sterling; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-intertrust-blackstone-group-idINKBN1870GI'|'2017-05-11T03:39:00.000+03:00'
'2639dd7bb44cb14cab6b4ab4e41d8aa1da3df6dd'|'Canada''s MEG Energy reports smaller quarterly profit'|'Market News - Thu May 11, 2017 - 5:16am EDT Canada''s MEG Energy reports smaller quarterly profit May 11 Canadian oil sands producer MEG Energy Corp reported a smaller quarterly profit compared with a year earlier, when the company recorded higher gains related to foreign exchange and commodity risk management. The Calgary, Alberta-based MEG''s net profit fell to C$1.59 million ($1.16 million) or 1 Canadian cent per share, for the three months ended March 31, from C$130.8 million, or 58 Canadian cents per share, a year earlier. The latest quarter included more than C$98 million in gains, primarily related to foreign exchange and commodity risk management. The company recorded gains of C$320.3 million related to foreign exchange and C$17 million related to commodity risk management in the year-ago quarter. Revenue nearly doubled to C$560 million, with bitumen production rising marginally to 77,245 barrels per day. ($1 = 1.3707 Canadian dollars) (Reporting by Arathy S Nair in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/meg-energy-results-idUSL4N1ID3GO'|'2017-05-11T17:16:00.000+03:00'
'5debd60a8fc0badba3a95569131e53922532e1fe'|'Moody''s downgrades six Canadian banks citing tough operating environment'|'Market News   8:09pm EDT Moody''s downgrades six Canadian banks citing tough operating environment May 10 Moody''s investor service on Wednesday downgraded the long-term ratings for six Canadian banks, citing a more challenging operating environment for Canadian banks for 2017 and beyond. Moody''s said the six downgraded banks are Toronto-Dominion Bank, Bank of Montreal, Bank of Nova Scotia , Canadian Imperial Bank of Commerce, National Bank of Canada and Royal Bank of Canada. The ratings agency also downgraded ratings for the affiliates of the six banks. ( bit.ly/2pAsPox ) (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Leslie Adler) PRECIOUS-Gold steadies above 8-week low as dollar, stocks gain May 11 Gold was steady early on Thursday, holding just above eight-week lows hit earlier this week, as the U.S. dollar and stocks firmed amid expectations of imminent interest rate rises. FUNDAMENTALS * Spot gold was unchanged at $1,218.81 per ounce by 0102 GMT. It hit an eight-week low of $1,213.81 an ounce on Tuesday, its lowest since March 15. * U.S. gold futures were also steady at $1,219.10 an ounce. * Asian stocks rose early on Thursday, gett * Oil prices retain gains after biggest one-day surge since Dec. 1 MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-banks-moodys-idUSL4N1IC6DI'|'2017-05-11T08:09:00.000+03:00'
'082cdd8eb839bedbb5ec58e64c96e1f5eb597bcf'|'Even with trade pact, U.S. payment networks uncertain on China operations'|'Business News - Fri May 12, 2017 - 12:56pm BST Even with trade pact, U.S. payment networks uncertain on China operations An ATM machine with types of credit cards accepted is seen inside the Bank of China Tower in Hong Kong, China November 12, 2015. REUTERS/Bobby Yip By Sumeet Chatterjee - HONG KONG HONG KONG The prospects for global payment network operators including Visa Inc ( V.N ) and MasterCard Inc ( MA.N ) at last entering the Chinese market remain uncertain, even after the United States and China moved towards starting a licensing process for them. As part of a plan to reduce a massive U.S. trade deficit with China, the world''s two largest economies have agreed to expand trade in some sectors and increase access to China for financial firms. Under a framework announced on Friday, China is likely to issue further "necessary guidelines" by July 16 for the launch of local operations by U.S. payment network operators, leading to "full and prompt market access". Foreign operators have been lobbying for more than a decade for direct access to a Chinese market set to become the world''s largest bank card market by 2020. In 2012, the World Trade Organisation (WTO) found China was discriminating against foreign card companies. Industry insiders said the foreign firms were likely only to submit license applications if Chinese regulators address their concerns on issues including onshore data protection and the near monopoly of state-backed China UnionPay Co Ltd. "We have been expecting this for a while now. We are not sure how much of those issues will be resolved now," said a senior executive at a U.S.-based payment network operator, who didn''t want to be named due to the sensitivity of the matter. Any license application would likely take 6-7 months to be approved by Chinese regulators, the executive said, adding it could take another 12-18 months to set up all the infrastructure and start local operations. While the U.S. firms have been waiting to offer yuan-denominated cards since the WTO ruling, UnionPay has expanded well beyond China. Set up in 2002 by China''s central bank and State Council, UnionPay had a 55 percent share in the global debit card market in 2015, compared to 15 percent for Visa and 10 percent for MasterCard, according to Euromonitor International. In the global credit card market, UnionPay''s share rose to 25 percent in 2015 from 13 percent in 2010, drawing level with MasterCard but lagging Visa''s more than one-third market share. With UnionPay now in more than 160 countries, some industry officials say its card has become a key tool for China to manage the flow of cash outside the country. One of the biggest concerns for U.S. payment operators is whether they would have a level-playing field while competing with UnionPay, where former Chinese central bank officials fill several of its top jobs. "No one expects to get 15-20 percent (China) market share in the foreseeable future, but we hope there won''t be barriers in our efforts to get even low, single-digit market share to justify the investments," the company executive said. In response to Reuters request for comment, MasterCard said it looked forward to having "full and prompt" access to the Chinese market. Visa said it looked forward to submitting an application and building its business for the long-term. (Reporting by Sumeet Chatterjee, additional reporting by Matthew Miller; Editing by Ian Geoghegan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-china-trade-payments-idUKKBN1881L2'|'2017-05-12T19:56:00.000+03:00'
'19c818d0ff2c90b806bf3db6be7e6c72df82da4d'|'Fed''s Evans: Could be okay with just one more rate hike in 2017'|'DUBLIN The chief of the Federal Reserve Bank of Chicago said Friday that risks to the U.S. economic outlook from fiscal policy are positive as long as it is not overly stimulative, and said he believes that global risks to U.S. growth have receded. "The U.S. economy has sound fundamentals right now so, I mean, it''s difficult to come up with very many downside risks there," Evans told Bloomberg TV in an interview after a talk in Dublin. "If anything the fiscal policy would be upside risks, in terms of growth and pushing unemployment even further down, which could have its benefits as I said before, but you can overdo that." "I think the global environment is much more sound now, actually," he added. "I''ve been nervous about that, but I just can''t discount the reports any more from business contacts that say that Europe is doing better."(Reporting by Ann Saphir in San Francisco; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-fed-evans-idUSKBN18820Y'|'2017-05-12T22:36:00.000+03:00'
'213a9797dbf92e8e1569fb2994c7f7006ca015f2'|'Ransomware cyber attack hits Telefonica, other Spanish firms'|'Business News   3:52pm BST Ransomware cyber attack hits Telefonica, other Spanish firms An illustration picture shows a projection of binary code on a man holding a laptop computer, in an office in Warsaw June 24, 2013. REUTERS/Kacper Pempel MADRID Spain''s government warned on Friday that a large number of companies had been attacked by cyber criminals who infected computers with malicious software known as <20>ransomware<72> that locks up computers and demands ransoms to restore access. The victims included Telefonica ( TEF.MC ), the nation<6F>s biggest telecommunications firm, while other Spanish firms such as power company Iberdrola ( IBE.MC ) and utility Gas Natural ( GAS.MC ) took preventive measures. "There has been an alert relating to a massive ransomware attack on various organisations, which is affecting their Windows systems," Spain''s National Cryptology Centre said in a statement. The ransomware is a version of the WannaCry virus, which encrypts sensitive user data, the National Cryptology Centre said. Spain is the latest nation to warn of a global surge in ransomware. Hacks have disrupted services provided by hospitals, police departments, public transportation systems and utilities in the United States and Europe. In Britain on Friday, hospitals were hit by large-scale cyber attacks, the Guardian newspaper reported. It was not immediately clear how many Spanish organizations had been compromised by the attacks, if any critical services had been interrupted or whether victims had paid cyber criminals to regain access to their networks. Telefonica said in a statement it had detected a "cybersecurity incident" that was limited to some of its employees'' computers on its internal network and it had not affected its clients or services. The cyber attack involved a window appearing on employees'' computer screens that demanded payment with the virtual currency bitcoin in order to gain access to files, a Telefonica spokesman said. "News (of this attack) has been exaggerated and our colleagues are working on it right now," Telefonica Chief Data Officer Chema Alonso, a well-known cyber security expert, said on Twitter. Iberdrola ( IBE.MC ) and Gas Natural ( GAS.MC ), along with Vodafone''s unit in Spain ( VOD.L ), asked staff to turn off computers or cut off internet access in case they had been compromised, representatives from the firms said. The cyber attack had not affected the provision of the companies'' services or the operation of their networks and the national cybersecurity institute was working to resolve it as soon as possible, the Spanish government said in a statement. (Reporting by Carlos Ruano and Jose Rodriguez in Madrid; Writing by Sarah White and Angus Berwick; Editing by Elaine Hardcastle and Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-spain-cyber-idUKKBN1881TI'|'2017-05-12T22:36:00.000+03:00'
'ab5baca9d14ef74c7f7c4008c2715e9bd6cbdcb2'|'CEE MARKETS-Stocks rise on earnings, FX off highs despite upbeat data'|'* Earnings reports lift some Hungarian, Polish shares * Hungary, Czechs report good trade, retail figures * Currencies trade off highs as French impact fades By Sandor Peto BUDAPEST, May 9 Central European stocks mostly rose on Tuesday as attention shifted to local factors after pro-European Union centrist Emmanuel Macron won Sunday''s French presidential election. Earnings reports that showed profits rose in the first quarter helped stocks gain in Hungary and Poland. Budapest led gains by the region''s main stock indices. "Whether the new EU leaders will put more pressure on (Central Europe) over migration and other things, that is a long-term question with no impact right now," one Budapest-based dealer said. The main Budapest index was up 0.7 percent by 0853 GMT, even though heavyweight oil group MOL was trading ex-dividend and fell 1.6 percent. Drugmaker Richter rose 0.8 percent after it reported higher first-quarter net profits and raised forecasts for 2017. OTP Bank''s stock, which fell below the key 8,000-forint ($28.02) level last week, rebounded to rise 0.6 percent to 7,970 forints before it reports earnings on Friday. The shares of Hungary''s FHB gained 1.9 percent after Moody''s raised its rating for the bank''s deposits. Architecture-design software maker Graphisoft jumped 3.7 percent on increased earnings. In Warsaw, shares of Alior rose 2 percent after the bank reported an increase in its first-quarter profits. Regional currencies weakened, trading off their multi-week highs - or in the case of the zloty, a 20-month high - of the past days. The Czech crown slipped 0.1 percent to 26.69 against the euro and the forint also weakened, even though both countries reported higher-than-expected trade surpluses for March and Czech retail sales continued to surge. Other Czech data showed that the Czech central bank bought almost 20 billion euros ($21.82 billion) in March before lifting its cap on the value of the crown, which had kept the currency weaker than 27 to the euro since 2013. CEE SNAPS AT 1053 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech 26.69 26.66 -0.09 1.19% crown 00 70 % Hungary 311.8 311.6 -0.07 -0.97 forint 500 200 % % Polish 4.225 4.225 -0.01 4.22% zloty 6 3 % Romanian 4.551 4.549 -0.04 -0.36 leu 5 7 % % Croatian 7.424 7.420 -0.05 1.77% kuna 0 5 % Serbian 122.9 123.0 +0.1 0.33% dinar 500 950 2% Note: calculate previ close 1800 daily d from ous at CET change STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 1009. 1005. +0.3 +9.5 52 94 6% 4% Budapest 33088 32844 +0.7 +3.3 .67 .67 4% 9% Warsaw 2389. 2374. +0.6 +22. 58 23 5% 67% Bucharest 8313. 8297. +0.1 +17. 08 29 9% 33% Ljubljana 778.0 778.2 -0.03 +8.4 0 0 % 2% Zagreb 1900. 1905. -0.23 -4.72 60 02 % % Belgrade <.BELEX15 715.9 715.7 +0.0 -0.20 > 2 5 2% % Sofia 664.6 660.8 +0.5 +13. 8 1 9% 34% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR 0 0.178 +066 +17b > bps ps 5-year <CZ5YT=RR 0.026 0.002 +031 -2bps > bps 10-year <CZ10YT=R 0.818 0 +038 -2bps R> bps Poland 2-year <PL2YT=RR 2.005 0.008 +266 +0bp > bps s 5-year <PL5YT=RR 2.917 0.02 +320 +0bp > bps s 10-year <PL10YT=R 3.479 0.005 +304 -2bps R> bps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.35 0.42 0.51 0 PRIBOR=> Hungary < 0.26 0.35 0.45 0.16 BUBOR=> Poland < 1.77 1.805 1.85 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1IB2GV'|'2017-05-09T08:18:00.000+03:00'
'e2ed348510ffcbc55e89e4301b30650bd93496bf'|'U.S. wholesale inventories rise in March, sales flat'|'WASHINGTON - U.S. wholesale inventories increased in March amid flat sales, confounding the government''s initial estimate of a modest dip.The Commerce Department said on Tuesday wholesale inventories rose 0.2 percent after increasing 0.3 percent in February. The department reported last month that wholesaleinventories slipped 0.1 percent in March.Auto inventories increased 1.9 percent. Wholesale stocks of electrical goods surged 2.3 percent, the biggest gain since January 2015. Professional equipment inventories rose 1.0 percent in March.The component of wholesale inventories that goes into the calculation of gross domestic product - wholesale stocks excluding autos - were unchanged in March.A report last week showed inventories at factories were flat in March after rising 0.2 percent in February.Inventory investment subtracted 0.93 percentage point from GDP in the first quarter, helping to hold down the economy to a 0.7 percent annualized growth pace, the weakest performance in three years. Inventories had contributed to GDP growth for twostraight quarters.Sales at wholesalers were unchanged in March after climbing 0.7 percent in February. Sales of electrical goods fell 0.3 percent while those of professional equipment tumbled 1.8 percent.At March''s sales pace it would take wholesalers 1.28 months to clear shelves, unchanged from February. The ratio has declined from 1.36 months in January and February last year, which was the highest since January 2009.((Reporting by Lucia Mutikani; Editing by Andrea Ricci))'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-economy-idUSKBN1851OA'|'2017-05-09T22:05:00.000+03:00'
'c123dc9040668287f8d027338eeda85ee8ddafb4'|'Williams Cos CEO says asset sales done for now after year of dealmaking'|'* Expects no more buying, selling after Louisiana deal - CEO* Offloaded Canadian, Delaware basin assets since September* Energy Transfer takeover collapsed last June* Seeking ways around NY permit issue for Constitution pipeBy David French and Scott DiSavinoNEW YORK, May 10 Williams Companies Inc does not expect further acquisitions or asset sales in the near term after divesting its olefins plant in Louisiana to focus on its natural gas business, its chief executive told Reuters on Wednesday.Dealmaking has dominated the pipeline operator''s recent past, most notably the collapse of a more-than-$20 billion takeover by Energy Transfer Equity LP in June 2016 which resulted in a failed attempt by some of the board to oust Chief Executive Alan Armstrong.Williams, which agreed the $2.1 billion plant sale to Nova Chemicals last month, also completed offloading its Canadian business in September for C$1.38 billion ($1.01 billion) and a swap deal in March with multiple parties relating to assets in the Marcellus shale formation and the Delaware Basin."From a strategic standpoint, I would tell you that we''ve probably accomplished what we need to," Armstrong said in an interview, noting the sales had helped reduce its debt to "a more comfortable level."From the perspective of the company doing a deal, he added: "It''s hard for us to imagine anything that is better in terms of value creation than what we have before us right now, and we''re going to stay focused on that."Armstrong believed there would be significant growth in the U.S. natural gas sector going forward because of demand for the energy source from industrial and power-generating companies, despite opposition from politicians and environmentalists to oil and gas pipelines in some areas of the country.Construction of its Constitution pipeline from Pennsylvania to New York, a joint venture with parties including Cabot Oil & Gas, has been held up by legal challenges and a failure to secure a necessary water permit from New York state authorities for over a year.Armstrong also said Williams was exploring a number of angles to overcome the documentation issue, including getting the U.S. Army Corps of Engineers to provide certification that could bypass the need to secure the outstanding state-level permit.A timetable for when the pipeline would be operational was unclear because of the delays, he added. ($1 = 1.3653 Canadian dollars) (Editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/williams-strategy-idINL8N1IC9KF'|'2017-05-10T21:46:00.000+03:00'
'3591a01c0a646c4aa92ca546099e2fc98d28fa7a'|'China preliminary first-quarter current account surplus $19 billion - FX regulator'|' 16am BST China preliminary first-quarter current account surplus $19 billion - FX regulator BEIJING China posted a preliminary current account surplus of $19 billion (<28>15 billion) in the first quarter of this year and a deficit of $19 billion on its capital and financial account, the country''s foreign exchange regulator said on Monday. The State Administration of Foreign Exchange (SAFE) also said in a statement that the current account surplus remained within a reasonable range in the first three months of the year. (Reporting by Beijing Monitoring Desk; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-currentaccount-idUKKBN1840PN'|'2017-05-08T16:16:00.000+03:00'
'1cbab92ef2d35b464276f9234617ab01dab2459f'|'Diageo sticks to medium-term outlook, year progressing well'|'Mon May 8, 2017 - 5:04pm BST Diageo sticks to medium-term outlook, year progressing well FILE PHOTO: A worker looks at bottles of Johnnie Walker whisky on the production line at the Diageo owned Shieldhall bottling plant in Glasgow, Scotland, in this March 24, 2011 file photo. REUTERS/David Moir LONDON Diageo ( DGE.L ), the world''s largest spirits company, stood by its medium-term sales and profit targets on Monday, saying the year has progressed well. The maker of Smirnoff vodka and Johnnie Walker Scotch said it still expected mid-single digit revenue growth and a 100 basis point improvement in its operating margin, excluding any impact of acquisitions or divestitures, in the three years ending fiscal 2019. The comments came ahead of an investor conference the company will host in London on Tuesday. (Reporting by Martinne Geller; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-diageo-outlook-idUKKBN1841U4'|'2017-05-09T00:02:00.000+03:00'
'bd048bb049ad4d546478951d57a9be0beecfb0c9'|'More bucks for Bang: Netmarble founder urges South Korea to support start-ups'|'* Bang urges new govt to revive start-up momentum* Top billionaire with no chaebol connection* High-school dropout, founded Netmarble after two failures* Tencent investment in Netmarble has quadrupled to $2 blnBy Joyce LeeSEOUL, May 8 When mobile gaming firm Netmarble Games debuts on Friday, its founder Bang Jun-hyuk will be the only billionaire in South Korea''s top-10 wealthiest stock holders with no ties to the chaebol, the mainly family-owned industrial conglomerates that dominate Asia''s fourth-largest economy.Bang''s is a rare Korean rags-to-riches story, and the high-school dropout with two business failures on his resume wants the state to revive support for start-up companies and nurture a new crop of businesses as an alternative to the economy''s dependence on the industrial might of groups including Samsung and Hyundai.Leading candidates in the run-up to Tuesday''s presidential election have pledged to reform the powerful chaebol."If you look at start-ups these days, they''re predominantly about fried chicken delivery, which is worrying," Netmarble''s founder and chairman told Reuters. "We need start-ups that will serve as a conduit for new business areas for our future."Bang, 48, owns 24.5 percent of Netmarble, which priced its $2.3 billion initial public offering at the top of the range. That would make him worth around $2.9 billion and rank him sixth in South Korea''s richest stock holders, according to data provider FnGuide.Bang is part of a generation of South Korean technology entrepreneurs that founded start-ups from the late 1990s when state investment helped create one of the world''s most wired nations. Non-chaebol companies founded around then include internet portal Naver and game developer NCSOFT ."When people of my generation founded start-ups, it wasn''t because we were talented, but because the ground was prepared," Bang said."The government had a very clear vision of growing Korea into an IT superpower and sowed the seeds of a good start-up ecosystem. We got new infrastructure, state-driven venture capital and rules like exceptions to mandatory military service, which drove talent into start-ups.""It''s regrettable such support has become fainter in the last few years."DROPOUT TO SUCCESSBorn into a relatively poor family, Bang dropped out of high school and unsuccessfully founded two start-ups, one of which was an online movie streaming business similar to Netflix ."Looking back, there were many new businesses like movie streaming where Korea was ahead of others, and they were spun out of high-speed internet and other infrastructure we had," he said. "But it was very difficult to succeed as there were not many people who were betting on such future businesses at the time.""When you fail twice, there''s nothing left. You''ve hit bottom not only economically, but mentally... You start thinking, am I stupid? Is this all I am?"With just $90,000 in seed money from acquaintances, Bang founded Netmarble in 2000 with eight employees. The firm is now worth 13.3 trillion won ($11.8 billion) and its 3,000 employees generate 1.5 trillion won in annual sales.Netmarble aims to be among the world''s top five games companies by 2020, with 5 trillion won in annual revenue, partly through acquisitions.Even this start-up, though, struggled to break through.Netmarble was the country''s first to distribute other firms'' computer games and offer free-to-play games. In 2004, Bang sold a majority stake to conglomerate CJ Group, and stepped down from operations in 2006 due to health issues.Five years later, CJ asked him to come back as the company was floundering with a series of 19 failed games - 11 flops and eight that never made it to the market - and an operating loss of 2.1 billion won.SMARTPHONE VISIONBang had already been preparing a mobile games start-up before the call. He had seen how many phone manufacturers were shifting production lines to smartphones, which then accounted for only 
'cbde4278f04f773a39442a66adba20fe7154e54a'|'UPDATE 1-Corvex''s Meister reveals 5.5 pct stake in CenturyLink'|' 29pm EDT UPDATE 1-Corvex''s Meister reveals 5.5 pct stake in CenturyLink (Adds details from Meister''s presentation) By Michael Flaherty and David Randall NEW YORK May 8 Activist investor Keith Meister revealed his fund''s newest investment on Monday, detailing a bet on CenturyLink Inc and describing the telecom infrastructure company''s pending purchase of Level 3 Communications Inc as "game changing" for the industry. Meister, speaking at the Sohn Conference in New York, said Corvex Management LP owns a 5.5 percent stake in the company. The fund had not previously disclosed that bet, and Meister said it would disclose a formal securities filing detailing the stake later on Monday. Shares in CenturyLink, which expects to close its $24 billion acquisition of Level 3 in the third quarter of this year, jumped by more than 4 percent after Meister''s revelation. Meister said CenturyLink, which has a $13 billion market value, could see its shares rise more than 40 percent. Key to the success of the company, Meister said, was ensuring that two executives remain working together at the combined entity: former Level 3 Chief Executive Jeff Storey and CenturyLink CEO Glen Post. "We are counting on the board to get Jeff and Glenn on the field at the same time" said Meister, who previously worked for investor Carl Icahn and whose fund manages around $6 billion. Even if the company faces headwinds, Meister said, its 9 percent dividend yield will serve as protection for investors. (Reporting by Michael Flaherty and David Randall; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/funds-sohn-corvex-idUSL1N1IA0ZT'|'2017-05-09T01:29:00.000+03:00'
'3c4965bff6969d429f0f01a66186d7c48022f29c'|'Paris to redouble efforts to attract Brexit banks after Macron win'|'Business News - Mon May 8, 2017 - 11:25am BST Paris to redouble efforts to attract Brexit banks after Macron win FILE PHOTO: General view of the skyline of La Defense business district with its Arche behind Paris'' landmark, the Arc de Triomphe and the Champs Elysees Avenue in Paris, France, January 13, 2016. REUTERS/Charles Platiau/File Photo By Anjuli Davies and Maya Nikolaeva - LONDON/PARIS LONDON/PARIS Emmanuel Macron''s victory in the French presidential election and his plans to swiftly implement structural reforms is a boon for Paris in its efforts to attract banks and other financial service companies seeking to move operations out of Britain, the head of lobbying group Paris Europlace said on Monday. Britain''s decision to leave the European Union has opened up fierce competition among financial centres elsewhere in the bloc, including Paris, Frankfurt, Dublin and Luxembourg, to attract banks and other financial companies seeking to secure continued access to the single market once Britain leaves. Hitherto bankers have been sceptical that France can attract much of the UK financial industry, with high labour costs and a frequently changing tax system seen as major deterrents. "Macron''s win is a sign that France is on the road to implement more structural reforms that are needed," Arnaud de Bresson, chief executive of Paris Europlace, told Reuters, estimating that Paris could attract 20,000 workers from Britain. "Macron will personally make it his mission to convince the international banks as well as investors of the benefits of Paris," he added. The new president is promising to overhaul the labour market and simplify the French tax and pension systems, while paring back regulations he says hamper innovation. But there is a lot of uncertainty about the likely pace of reforms, which could take months or even years to implement. "Macron''s victory will spur a redoubling in the sales pitch for Paris. They are going to go all out," a banking source at an international bank said. A delegation from Paris Europlace, together with Christian Noyer, the former French central bank governor, will travel to the United States on May 22 and May 23 to try to persuade the financial industry there to choose Paris as their European base. Europlace had already held about 100 meetings with large international banks as well as asset management, investment, insurance and fintech companies in London, New York, Shanghai and Tokyo, it said in March. "Lots of banks have been waiting for the results of the election before making a decision on relocation plans and Macron''s election will give a boost for the choice of Paris," said de Bresson. He added French regulators were offering fast-track solutions to banks and asset management firms seeking the required licences and that Macron has pledged to implement labour law reforms within his first 100 days in office. UGLY FIGHT Nearly a year on from the Brexit vote, most banks and asset managers have already started to implement their contingency plans, including deciding on a European City from which to base their EU operations. The five largest U.S. investment banks are set to move hundreds of key staff within two years from London to Frankfurt, the city''s chief lobbyist told Reuters on May 5. So far, only HSBC, Europe''s biggest bank, has said it could move some of its operations to Paris where it has a subsidiary that holds most of the licences needed by an investment bank thanks to its purchase of CCF in 2000. Before the vote on Sunday, Valerie Pecresse, the head of the wider Paris region, said on Twitter that London-based firms were effectively waiting for a Macron victory to pull the trigger on relocation plans to Paris. "If Marine Le Pen is elected 30 London-based companies ready to relocate to the Paris region have told us they would give up their plans." Paris has a network of international law firms and asset managers and the city is also home to the European markets a
'f877c557c46c7bc1a62d74a6d172263702c21091'|'Anthem argues for 60 days to save merger with balky Cigna'|'By Tom Hals and Diane Bartz - WILMINGTON, Del./WASHINGTON WILMINGTON, Del./WASHINGTON Health insurer Anthem Inc ( ANTM.N ) asked a Delaware judge on Monday to give it more time to try to win approval for a merger with rival Cigna Corp ( CI.N ), which is seeking to end the deal and collect a $1.85 billion break-up fee.Anthem asked Vice Chancellor Travis Laster of Delaware''s Court of Chancery to grant a 60-day preliminary injunction that would prevent Cigna from terminating the $54 billion deal that would create the largest U.S. health insurer.Laster said after about five hours of arguments that he would rule as soon as possible.The U.S. Justice Department and 11 states sued to stop the proposed transaction and won in both district court and an appeals court. Anthem wants the injunction while it pursues an appeal to the U.S. Supreme Court.Anthem attorney Glenn Kurtz of White & Case told the Delaware court on Monday that he hoped the U.S. Supreme Court would decide before July if it would take the case.Kurtz also said that Anthem would try to negotiate a solution with the Justice Department''s Antitrust Division once the Trump administration''s officials were in place.Laster expressed reservations about allowing the deal to be terminated but said it was "a long shot" for Anthem to succeed in winning merger approval.Kurtz presented documents that he said showed Cigna, including Chief Executive David Cordani, failed to help close the deal as required. Kurtz said Cigna refused to help craft a divestiture package to allay antitrust concerns and was unhelpful in the district court fight."If this case is not a breach of best efforts, then I''m not sure that ''best efforts'' has any meaning at all," said Kurtz, who called Cigna''s actions "unprecedented."Cigna''s attorney argued that it was Anthem that had breached the merger agreement by pursuing a failing antitrust strategy."Anthem drove this transaction into a regulatory ditch and had Cigna tied up in the back seat," said William Savitt of Wachtell, Lipton, Rosen & Katz.Regardless of Laster''s ruling on the injunction, litigation will continue over the $1.85 billion breakup fee. Kurtz said Anthem believes Cigna owes it for damages.The fight takes place as Republicans seek to repeal and replace the Affordable Care Act, often called Obamacare, which had brought big changes in the insurance business.Many insurers have lost money on Obamacare, and some of Cigna''s largest competitors, including Aetna Inc ( AET.N ), have largely left the market.(Reporting by Diane Bartz; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cigna-m-a-anthem-idINKBN1842DA'|'2017-05-08T19:54:00.000+03:00'
'dec1ab3b0cf01bd3f0a95cbf2ece864d523ab7de'|'Wal-Mart CEO to be questioned in U.S. lawsuit over Mexican bribery'|'Business News   4:23pm EDT Wal-Mart CEO to be questioned in U.S. lawsuit over Mexican bribery President and CEO of Walmart Doug McMillon takes part in a strategic and policy CEO discussion with U.S. President Donald Trump in the Eisenhower Execution Office Building in Washington, U.S., April 11, 2017. REUTERS/Joshua Roberts By Jonathan Stempel A federal judge on Thursday ordered Wal-Mart Stores Inc ( WMT.N ) Chief Executive Douglas McMillon to submit to questioning in a lawsuit by shareholders hoping to learn what he knows about suspected bribery by the world''s largest retailer in Mexico. U.S. District Judge Susan Hickey in Fayetteville, Arkansas, said McMillon''s "direct and personal involvement" in matters underlying a class-action lawsuit justified requiring him to sit for a deposition by the shareholders'' lawyers. McMillon had been president of Wal-Mart International during a period when shareholders led by a Michigan pension fund said the retailer concealed suspected bribery by its Wal-Mart de Mexico unit to government officials, to speed up store openings. The Bentonville, Arkansas-based retailer had argued that McMillon lacked the "unique or special knowledge" to justify burdening him with a deposition. But the judge said McMillon, who became chief executive in February 2014, took part in several meetings, saw dozens of communications, and had certified many public statements by Wal-Mart about the alleged bribery. "It appears to the court that McMillon has unique knowledge of relevant issues in this litigation that only he can explain," Hickey wrote. A deposition could last four hours, she added. Wal-Mart had no immediate comment. Jason Forge, a lawyer for the lead plaintiff City of Pontiac General Employees'' Retirement System, said in an email: "We''re determined to try this case in court." Wal-Mart''s market value slid $17 billion over three days in April 2012 after the New York Times reported the alleged bribery and said it had been first discovered internally in 2005. Shareholders accused Wal-Mart and Mike Duke, who preceded McMillon as chief executive, of downplaying the scheme even after learning about the Times'' investigation. The class period runs from Dec. 8, 2011 to April 20, 2012. Earlier this week, Bloomberg News said Wal-Mart may pay about $300 million to settle a U.S. government probe into suspected bribery in Mexico, India and China, citing people familiar with the matter. A $300 million payment would represent about one week of profit for Wal-Mart. The case is City of Pontiac General Employees'' Retirement System v. Wal-Mart Stores Inc et al, U.S. District Court, Western District of Arkansas, No. 12-05162. (Reporting by Jonathan Stempel in New York; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-walmart-mexico-ceo-idUSKBN1872VF'|'2017-05-12T04:23:00.000+03:00'
'5ee0bf72ad079ba605b8ffeac3c9046f4d3f047e'|'Bank of England warns on living standards as interest rates stay steady - Business'|'The Bank of England has warned households that living standards will fall this year as the effect of the Brexit vote works its way through to higher prices and meagre pay deals.Presenting a sober assessment of the economic outlook just weeks before the general election on 8 June, the Bank<6E>s governor Mark Carney predicted living standards could start to recover in 2018 but , in the meantime, inflation would be higher than pay growth this year making it a <20>more challenging time<6D> for households.He said inflation, already at its highest for more than three years, was expected to continue rising in 2017 as the pound<6E>s weakness since the Brexit vote raised import costs. As the UK embarks on talks to leave the EU, he also highlighted the uncertainty weighing on businesses as they hesitate over awarding pay rises.<2E>Uncertainty for companies about the outlook may also have made them unwilling to raise wages at a faster pace until they have more clarity about future costs and market access,<2C> Carney said at a news conference to present the Bank<6E>s quarterly inflation report.Brexit slowdown fears as industrial output falls and trade deficit grows Read more Against the backdrop of political uncertainty, slowing economic growth and rising inflation, the Bank left interest rates on hold at their record low of 0.25%. But it hinted that they may need to rise sooner than investors were anticipating if inflation continued to overshoot its target and as long as the Brexit process was <20>smooth<74>.The monetary policy committee was split for its second meeting running over the rates decision, with Kristin Forbes again voting against the other seven members and calling for an immediate rise to 0.5% to keep rising inflation in check. One seat on the committee was empty <20> the result of resignation by the Bank<6E>s deputy governor, Charlotte Hogg, when it emerged she had breached the Bank<6E>s code of conduct .The forecasts published alongside the interest rate decision were for economic growth to edge up to 1.9% this year from 1.8% in 2016. That 2017 forecast was little changed from a 2% prediction made in February and followed official figures showing GDP growth slowed markedly in the opening months of this year .Growth was predicted to slow next year to 1.7%, little changed from February<72>s 1.6% prediction.The bigger changes were on the inflation forecast after faster price rises than the Bank expected. The Bank now forecasts inflation will be 2.7% this quarter, up from the 2.4% rate it was forecasting in February and a stark contrast to inflation of just 0.3% a year ago.It said inflation, on the consumer prices index, would continue to rise further above its 2% target in the coming months, <20>peaking a little below 3% in the fourth quarter.<2E> But then inflation would ease back in 2018 and the following year.At the same time, the Bank slashed its forecast for average earnings growth for this year to 2% from 3% pencilled in back in February. It expects wage growth to recover in 2018 as unemployment remains low.Once adjusted for inflation, the Bank<6E>s outlook for this year translated into a 0.8% drop in average pay, according to the Resolution Foundation thinktank. Its analysis found average pay was now expected to be <20>320 lower this year than predicted in the Bank<6E>s February inflation report and <20>915 lower than it forecast in the May 2016 report that preceded the referendum.The squeeze on household budgets will have repercussions for an economy that is highly reliant on consumer spending to drive growth. But the Bank<6E>s policymakers said weaker consumer spending would be offset by rising business investment and an improving trade performance as the weak pound and solid overseas demand boost exports.Explaining its rates decision, the Bank hinted that financial markets<74> recent expectations were on the low side and that a rate rise could come sooner than many investors expected. However, that statement was based on the market view over t
'16f12360ab7da3ac5a55da95677538de7f540c83'|'Boeing suspends 737 MAX flights due to engine issue'|'Business News - Wed May 10, 2017 - 10:58pm BST Boeing suspends 737 MAX flights due to engine issue A Boeing 737 MAX sits outside the hangar during a media tour of the Boeing 737 MAX at the Boeing plant in Renton, Washington December 8, 2015. REUTERS/Matt Mills McKnight By Alwyn Scott - SEATTLE SEATTLE Boeing Co said on Wednesday it had temporarily halted test flights of its new 737 MAX aircraft due to an issue with the engine, which is jointly made by General Electric Co and Safran SA of France. The grounding comes days before Boeing was due to deliver its first 737 MAX to an airline and marks a high-profile delay in a program that Boeing had said was ahead of schedule. It poses no safety concerns for travelers because no airlines are yet flying the 737 MAX but it could mean a costly disruption if the problem persists. Timely delivery is important to planemakers as they get most of the payment for a plane when it is handed to the buyer. Boeing and engine maker CFM said they do not know how long the delay will last. Boeing shares fell 1.3 percent to $183.15 in afternoon trading on the New York Stock Exchange. GE shares were down 0.9 percent at $28.67. The 737 MAX replaces an older version of Boeing''s best-selling single-aisle aircraft, a key moneymaker for the aerospace company. The 737 MAX 8, the first version of the plane to be built, seats 162 passengers in a typical two-class configuration. It carries a list price of $110 million but airlines typically receive steep discounts. A delay in getting aircraft to customers likely would cause a build up in Boeing''s inventory, "as planes essentially sit waiting for engines," said analyst Rob Stallard at Vertical Research Partners. "Investors are acutely focused" on the risks of speeding up production of the new engine, known as the LEAP-1B, he said. Separately, Airbus said it was continuing flights with its A320neo, which is powered by the similar LEAP-1A engine and is flying customers. The 737 MAX grounding likely will mean a delay for Malindo Air, a Malaysian carrier that had been expected to receive the first 737 MAX delivery as early as Monday. Norwegian Air Shuttle ASA, which was due to receive its first 737 MAX near the end of May, said it expected a "a few days'' delay." "This will, however, not delay the launch of our upcoming trans-Atlantic routes from the United States to Edinburgh,<2C> spokesman Anders Lindstrom said in an email. Southwest Airlines Co, the initial customer for the 737 MAX, said Boeing had not warned it of any delays to its delivery schedule. Southwest is expected to begin receiving the jet later in the year after it retires some older 737s. American Airlines Group Inc, which has 100 737 MAX jets on order, declined to comment. The issue arose late last week when Safran found a quality problem in a large metal disc used in the low-pressure turbine at the rear of the engine, said Jamie Jewell, a spokesman for the engine maker, CFM International. CFM notified Boeing, which immediately grounded the fleet of about 21 planes. GE spokesman Rick Kennedy said the disc that prompted the concern had not been installed in an engine. "There have been no issues whatsoever with engines in the field," Jewell said. All of the 30 to 40 engines that have been built so far will be sent either to Lafayette, Indiana, or Villaroche, France, for inspection, Kennedy said. Many will need to be removed from aircraft and shipped, Jewell said. It was not clear how long the inspections would take to complete. Safran received the disc from a supplier but there are other suppliers of that part so production of the engine was continuing, Kennedy said. (Additional reporting by Alana Wise; Editing by Bill Rigby and Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-boeing-737max-engine-idUKKBN1862WF'|'2017-05-11T11:47:00.000+03:00'
'd476f0f52899a8d81d6197fa797f07ea620dd290'|'HKEx head says to develop futures trading for mainland commodity platform'|'Business News - Thu May 11, 2017 - 5:33am BST HKEx head says to develop futures trading for mainland commodity platform Hong Kong Exchanges and Clearing Ltd (HKEX) Chief Executive Charles Li looks on before an event celebrating the 16th anniversary of HKEX in Hong Kong, China June 28, 2016. REUTERS/Bobby Yip QIANHAI, China The head of Hong Kong Exchanges and Clearing (HKEx) ( 0388.HK ) said the bourse''s upcoming commodity platform in mainland China would eventually offer trading in futures contracts "Our strategy is to (first) develop the physical market. Without laying a solid foundation in the physical market, you cannot build a good futures market," HKEx Chief Executive Officer Charles Li said on Thursday. He made the comment on a visit to the site of the upcoming platform in Qianhai, just 50 km (30 miles) from Hong Kong, where it hopes to replicate the LME''s success. It remains unclear when the platform will start operating. (Reporting by Melanie Burton; Writing by Joseph Radford; Editing by Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lmeweek-asia-qianhai-idUKKBN1870DD'|'2017-05-11T12:33:00.000+03:00'
'699bd3fdac732c6e95e757936bd6c77252572712'|'PRESS DIGEST- British Business - May 11'|'May 11 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The TimesTweedy, Browne, another top shareholder in Akzo Nobel , has launched a damning assault on the Dulux paints owner for its refusal to support a 27 billion euros ($29.34 billion) takeover of the group. bit.ly/2r3OEO7The outgoing boss of ITV Plc, Adam Crozier, urged the group to stick with the strategy of expanding its production business amid a drop in advertising revenue. bit.ly/2r1GdlwThe GuardianJes Staley, the chief executive of Barclays Plc under fire for his attempts to unmask a whistleblower, has admitted to hundreds of shareholders that he made a mistake and has issued a personal apology for his behaviour. bit.ly/2r1jTJ4Just Eat Plc''s proposed takeover of Hungryhouse is facing an in-depth investigation by the competition watchdog over fears restaurants could end up with a worse deal. bit.ly/2q4xodgThe TelegraphMurdoch-owned Twenty-First Century Fox said it is confident that its proposed 11.7 billion pound merger with Sky Plc will receive approval by the end of 2017. bit.ly/2pyg78YParis-based investment firm AEW is to float a new UK real estate business on the London Stock Exchange, with plans to raise up to 150 million pounds. bit.ly/2r3hzlzSky NewsThe chief executive and former finance director of BT Group Plc will miss out on annual bonuses worth more than 3 million pounds following the accounting scandal in Italy which helped wipe billions from the company''s stock market value earlier this year. bit.ly/2q6SWEoBroadband firm TalkTalk''s shares have fallen sharply after it cut its dividend as part of its efforts to invest in growing its customer base. The dividend was cut for the year to March to 10.29p from 15.83p and will be lowered to 7.5p this year. bit.ly/2plgFUqThe IndependentAfter a decade presenting Deal or No Deal, Noel Edmonds is finally taking on the banker himself by presenting Lloyds Banking Group Plc with a 100 million pounds proposition of his own. Edmonds has written to Lloyds Banking Group chief executive Antonio Horta-Osorio demanding millions in compensation from his former lender, HBOS. ind.pn/2r0zR69City of London analysts are divided over what message the Bank of England will likely send to financial markets on Thursday about the future path of interest rates in the face of rising inflation, but also signs that the economy is slowing down in the face of a flagging British consumer. ind.pn/2q49LBO($1 = 0.9202 euros) (Compiled by Bengaluru newsroom; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL4N1IC6AM'|'2017-05-10T21:54:00.000+03:00'
'970388330b9f82131af02c0da298d33064051d7d'|'Sprint, SoftBank start early deal talks over T-Mobile: BBG'|'FRANKFURT Sprint and its controlling shareholder SoftBank have started preliminary conversations to merge with T-Mobile US, Bloomberg reported on Friday, citing people familiar with the matter.The U.S. Federal Communications Commission had barred merger talks among telecommunications companies for more than a year as it conducted a $19.8 billion auction of airwaves from broadcasters for wireless use.Reuters reported in February that SoftBank was positioning itself for deal talks with Deutsche Telekom, which owns 64 percent of T-Mobile, once the auction was out of the way.Deutsche Telekom, which shares rose as much as 3.5 percent on Friday on the news to a 17-month high of 17.30 euros, declined to comment on the report.Sprint, SoftBank and T-Mobile US were not immediately available for comment outside regular business hours.(Reporting by Maria Sheahan; Additional reporting by Peter Maushagen; Editing by Harro ten Wolde)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sprint-corp-m-a-t-mobile-idINKBN18815Y'|'2017-05-12T07:42:00.000+03:00'
'3b64e2ceb9cd606b1a5398b3fbfc92e129d58f86'|'ShareAction urges investors to reject BP, Shell pay policies'|'Business News - Tue May 9, 2017 - 10:43am BST ShareAction urges investors to reject BP, Shell pay policies left right FILE PHOTO: A BP logo is seen at a petrol station in London, Britain, January 15, 2015. REUTERS/Luke MacGregor/File Photo 1/2 left right A passenger plane flies over a Shell logo at a petrol station in west London, January 29, 2015. REUTERS/Toby Melville/File Photo 2/2 LONDON Campaign group ShareAction on Tuesday called for investors to oppose remuneration policies at oil majors BP and Royal Dutch Shell as the policies were not tied closely enough to targets to reduce carbon emissions. ShareAction said this meant both companies'' plans were misaligned with the interests of long-term shareholders. ShareAction said it had contacted shareholders at both companies and was helping pension savers to write to their funds about voting down the remuneration policies. BP and Shell were not immediately available for comment when contacted by Reuters. (Reporting by Simon Jessop and Ron Bousso; editing by Carolyn Cohn) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bp-shell-agm-shareaction-idUKKBN185102'|'2017-05-09T17:43:00.000+03:00'
'2ae1a43942c89c4ac9eae6a412a2375366da02bc'|'UPDATE 1-GLOBAL-MARKETS-Asia stocks, dollar subdued after French relief, S.Korea vote eyed'|'* Asia ex-Japan slips, Nikkei slightly lower in lacklustre market* European markets expected to open flat* Investors expect liberal Moon to be elected S. Korea president* Dollar drifts; euro flat after Monday''s sell-off* Oil sentiment swings between OPEC cut hopes, U.S. glut concerns (.)By Nichola SaminatherSINGAPORE, May 9 Asian stock markets edged down on Tuesday following a flat close on Wall Street, as investors searched for the next catalyst following France''s presidential election, while oil inched higher on expectations OPEC supply cuts will be extended.Financial spreadbetters expect Britain''s FTSE 100, Germany''s DAX and France''s CAC 40 to all open flat.The South Korean stock market, which finished at a record high on Monday, is closed for Tuesday''s presidential election.Liberal Moon Jae-in is widely expected to win the presidency, following months of leadership vacuum after former President Park Geun-hye was removed on charges of bribery and abuse of power.The polls opened at 6 a.m. (2100 GMT on Monday) and will close at 8 p.m. (1100 GMT). The winner is expected to be sworn in on Wednesday after the Election Commission releases the official result.Allies and neighbours are closely watching the election amid escalating tensions over North Korea''s accelerating development of weapons since it conducted its fourth nuclear test in January last year. It conducted a fifth test in September and is believed ready for another.North Korea would be keen to see a Moon victory. Its official Rodong Sinmun newspaper said in a commentary on Monday the time had come to put confrontation behind the Koreas by ending conservative rule in the South."South Korean markets had not registered significant risk-off sentiment similar to other economies pre-elections, and this is no surprise," Jingyi Pan, market strategist at IG in Singapore, wrote in a note."The largely similar stance on policies by the Presidential candidates provides little chance of surprise as compared to last week''s French election. Meanwhile, the filling of the political vacuum could go a long way to benefitting the economy."The Korean won weakened 0.25 percent on Tuesday, with the dollar buying 1,135.52 won.MSCI''s broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent on Tuesday.Japan''s Nikkei was slightly lower.China''s CSI 300 index retreated 0.3 percent in its sixth straight session of losses amid concerns over tighter financial regulations. Hong Kong''s Hang Seng reversed earlier losses to trade up 0.35 percent.Taiwan stocks pulled back to trade 0.25 percent lower on profit taking after earlier surpassing the 10,000-point mark to hit a two-year high.The MSCI World index, which touched a record high overnight, dropped about 0.1 percent.The dollar was flat at 113.285 yen, retaining most of Monday''s 0.4 percent gain.The dollar index was also steady at 99.11.The euro was steady at $1.0927 after tumbling 0.7 percent on Monday."The euro''s retreat was driven solely by profit-taking. I think it is going to regain momentum over time," said Yukio Ishizuki, senior currency analyst at Daiwa Securities.French stocks slumped 0.9 percent overnight, their biggest one-day loss in almost three weeks, as investors took profits following strong gains in the run-up to Sunday''s vote that saw the market favourite, centrist Emmanuel Macron, elected president.Germany''s DAX closed 0.2 percent lower, while Britain''s FTSE was marginally higher.On Wall Street, all three major indexes closed flat, holding near recent all-time highs. The CBOE Volatility Index closed at 9.77, its lowest since December 1993.In commodities, oil market sentiment swung between optimism over statements from major oil-producing countries that supply cuts could be extended into 2018 and lingering concerns over slowing demand and a rise in U.S. crude output.U.S. crude inched up 0.1 percent to $46.47 a barrel.Global benchmark Brent also rose 0.1 percent 
'175c921d7801c37ee46685ba1d64792a1062fb6c'|'BRIEF-Atkore International Group Inc qtrly adjusted diluted EPS $0.35'|' 24am EDT BRIEF-Atkore International Group Inc qtrly adjusted diluted EPS $0.35 May 9 Atkore International Group Inc: * Atkore international group inc - full-year adjusted EPS guidance range tightened to $1.55 - $1.65 * Atkore International Group Inc qtrly adjusted diluted EPS $0.35 * Atkore International Group Inc - "seeing some momentum in our early-cycle products and stabilization within general industrial market" Source text: ( bit.ly/2pg6S1J )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-atkore-international-group-inc-qtr-idUSFWN1IB0DO'|'2017-05-09T18:24:00.000+03:00'
'd4085ff149cc63d73e9716c0bc57798d4bae69e7'|'Fed''s goals largely met, U.S. rate hikes on track: Mester'|'CHICAGO The U.S. Federal Reserve has now met its employment goal and is nearing its inflation goal, despite some weak recent economic data, so it should continue raising interest rates, Cleveland Fed President Loretta Mester said on Monday.In a speech that largely reinforced her upbeat view of the U.S. economy, Mester, a hawkish Fed policymaker, said that while risks are "roughly balanced" the central bank should not delay further policy tightening until its two key mandates are fully met."We have met the maximum employment part of our mandate and inflation is nearing our 2 percent goal," Mester, who regains a vote on the Fed''s policy committee next year under a rotation, said at the Chicago Council on Global Affairs."Although we live in a high-frequency world, we cannot overreact to transitory movements in incoming data," she said in prepared remarks.The comments reinforced the expectation among most investors and Fed officials that the central bank will likely raise rates another notch in June, after having tightened twice since December, and do so yet again before year end.Mester also repeated she would back starting the process later this year of shedding some of the $4.5 trillion in bonds in the Fed''s portfolio. She largely dismissed a weak inflation reading in March and soft overall economic growth in the first quarter as one-off events.U.S. unemployment was 4.4 percent in April.(Reporting by Mark Weinraub in Chicago; Writing by Jonathan Spicer; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-fed-mester-idUSKBN1841FT'|'2017-05-08T20:49:00.000+03:00'
'15cf8279ff4e85b944915b95f3403cfeebd48379'|'Portland, Oregon to demand controversial Uber software tool'|'Internet News - Sat May 6, 2017 - 12:04am BST Portland, Oregon to demand controversial Uber software tool A photo illustration shows the Uber app logo displayed on a mobile telephone, as it is held up for a posed photograph in central London, Britain October 28, 2016. REUTERS/Toby Melville/Illustration By Dan Levine and Joseph Menn The city of Portland, Oregon plans to subpoena Uber Technologies Inc to force it to disclose software that helped its drivers evade local transportation regulators, a city official said on Friday. Uber has acknowledged using the software, known as Greyball, to circumvent government officials who were trying to clamp down on Uber in areas where its service had not yet been approved, including Portland. It has since stopped the use of the software for that purpose, saying the program was created to check ride requests to prevent fraud and safeguard drivers Reuters reported on Thursday that the U.S. Department of Justice has begun a criminal investigation into Uber''s Greyball program, and that a Northern California grand jury had issued a subpoena to Uber concerning how the software tool functioned and where it was deployed. Portland began its own investigation of Greyball after the New York Times revealed its existence in March. Uber has shared some information with the city but has not turned over the Greyball software itself. In an interview on Friday, Portland Commissioner Dan Saltzman, who oversees the city''s transportation department, said his colleagues on the city council have pledged to support a subpoena against Uber, which will be voted on next week. If Uber does not comply, Portland could ultimately review its ability to operate in the city, Saltzman said. "We are not ready to go there yet," Saltzman said. In a statement, Uber''s general manager for Oregon Bryce Bennett said the company has "fully cooperated" with Portland and provided relevant information to its investigation. The city said it found no evidence Uber used Greyball to avoid inspectors since Uber was allowed to operate there in 2015. Portland received its own subpoena from the Northern California grand jury for records relating to Uber''s activities, including emails between the city and the company or its representatives, according to a copy of the document reviewed by Reuters. The subpoena to Portland was issued on March 10, a week after the New York Times report. The Portland subpoena does not indicate what criminal laws are at issue in the probe. Likewise, Uber''s grand jury subpoena does not list any federal statutes that may have been violated, a source familiar with the document said. A subpoena from a grand jury is a request for documents or testimony concerning a potential crime. It does not, in itself, indicate wrongdoing or mean charges will be brought. In a statement, Saltzman said the city supports the federal investigation. (Reporting by Dan Levine in San Francisco, editing by Peter Henderson and Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-uber-tech-crime-idUKKBN1812F7'|'2017-05-06T07:04:00.000+03:00'
'396150848d5f6b06450095ab19a0862ce9b6ed06'|'U.S. retail sales rise broadly; consumer prices rebound'|'Central Banks   2:28pm BST U.S. retail sales rise broadly; consumer prices rebound FILE PHOTO: A family shops at the Wal-Mart Supercenter in Springdale, Arkansas June 4, 2015. REUTERS/Rick Wilking/File Photo By Lucia Mutikani - WASHINGTON WASHINGTON U.S. retail sales increased broadly in April while consumer prices rebounded, pointing to an acceleration in economic growth and steadily rising inflation that could keep the Federal Reserve on track to raise interest rates next month. The reports on Friday added to data on the labour market in suggesting that economic activity picked up at the start of the second quarter after almost stalling in the first three months of the year. The Commerce Department said retail sales rose 0.4 percent last month after an upwardly revised 0.1 percent gain in March. Sales rose 4.5 percent in April on a year-on-year basis. Economists had forecast overall retail sales increasing 0.6 percent last month. Excluding automobiles, gasoline, building materials and food services, retail sales gained 0.2 percent after advancing 0.7 percent in March. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. Prices of U.S. Treasuries extended gains after the data, while U.S. stock index futures slightly added to losses. The dollar .DXY was weaker against a basket of currencies. Fed funds futures show traders see a 78.5 percent chance of a rate hike at the Fed''s June 13-14 policy meeting. But the likelihood that the U.S. central bank will raise rates twice before the end of the year fell after Friday''s data. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased at a 0.3 percent annualised rate in the first quarter, the weakest pace since the fourth quarter of 2009. That contributed to holding down first-quarter GDP growth to a 0.7 percent rate. In a separate report on Friday, the Labor Department said its Consumer Price Index rose 0.2 percent after dropping 0.3 percent in March. The rise in prices suggested that March''s drop, which was the first in 13 months, was an aberration. In the 12 months through April, the CPI increased 2.2 percent. While that was a slowdown from March''s 2.4 percent increase, it still exceeded the 1.7 percent average annual increase over the past 10 years. Gasoline prices jumped 1.2 percent after falling 6.2 percent in March. Food prices rose 0.2 percent, with the cost of food consumed at home increasing 0.2 percent amid a surge in prices of fresh vegetables. The so-called core CPI, which strips out food and energy costs, edged up 0.1 percent last month, reversing March''s 0.1 percent dip. The monthly core CPI was restrained by declines in the prices of wireless phone services, medical care, motor vehicles and apparel. TIGHTENING LABOUR MARKET In April, rental costs increased 0.3 percent after a similar gain in March. Owners'' equivalent rent of primary residence rose 0.2 percent, matching March''s increase. Signs of firming economic growth could bolster expectations of a Fed rate hike next month. Consumer spending is being supported by a tightening labour market, marked by an unemployment rate at a 10-year low of 4.4 percent. The core CPI increased 1.9 percent year-on-year, the smallest gain since October 2015, after rising 2.0 percent in March. Still, April''s increase was above the 1.8 percent average annual increase over the past decade. Motor vehicle sales increased 0.7 percent in April after declining 0.5 percent in March. Sales at building material stores rebounded 1.2 percent last month after slumping 1.7 percent in March. Receipts at electronics and appliance stores increased 1.3 percent, adding to March''s 2.2 percent jump. But sales at clothing stores fell 0.5 percent. Department store retailers have been hurt by declining traffic in shopping malls and increased competition from online retailers, led by Amazon.com ( AMZN.O ). Retail giant Macy''s Inc ( M.N ) o
'14c7a41a6068040b9f2e8907a1a0661be9c678f4'|'More UK cars bought on credit - data'|'Autos  14pm BST More UK cars bought on credit - data FILE PHOTO: New Mini cars parked outside a Mini dealership in Brighton in southern England August 6, 2013. REUTERS/Luke MacGregor/File Photo LONDON The proportion of cars being bought in Britain on credit is rising, according to data released on Friday, as a regulator begins a review into how finance plans are sold due to fears of irresponsible lending. In the 12 months to March, 86.5 percent of new private cars were bought by consumers using finance supplied by members of the Finance and Leasing Association (FLA), up from 82.7 percent in the same period in 2016, the industry group said. The total value of consumer car finance provided in March rose by an annual 13 percent to a record 3.6 billion pounds, as buyers brought forward sales to avoid a tax hike which came into effect on April 1. Since Britain began recovering from the global financial crisis at the start of the decade, most sales have been made using personal contract plans (PCP), where a buyer puts down a deposit and then rents the vehicle for two to three years. At the end of the period they have to decide whether to buy the car outright or switch to a new model and continue making monthly payments, helping to propel car sales to record levels in 2015 and 2016. Last month, Britain''s Financial Conduct Authority said it will conduct a review into motor finance, warning there may be a "lack of transparency, potential conflicts of interest and irresponsible lending." The total number of new cars sold using finance rose 4 percent to 1.05 million vehicles with an 8 percent increase in used car sales on credit to 1.27 million. The FLA''s Head of Research and Chief Economist Geraldine Kilkelly said the level of new car finance in the first quarter was in line with the industry''s expectations. A plunge in sales of diesel cars in recent months because of anti-pollution levies could, however, put the lucrative credit model at risk by driving down the value of used vehicles which are sold second-hand. (Reporting by Costas Pitas; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-autos-finance-idUKKBN1882AX'|'2017-05-13T00:14:00.000+03:00'
'2ffe44c7e568923df95fdbd6bf881be7fc2744ef'|'Odebrecht O&G nears $5 billion debt restructuring deal -sources'|'Deals - Fri May 12, 2017 - 6:00pm EDT Odebrecht O&G nears $5 billion debt restructuring deal -sources The corporate logo of Odebrecht is seen inside of one of its offices in Mexico City, Mexico May 4, 2017. Picture taken on May 4, 2017. REUTERS/Carlos Jasso SAO PAULO Odebrecht <20>leo & G<>s SA, the offshore oil drilling firm owned by Brazil''s Odebrecht SA, has obtained support from more than 60 percent of its creditors for a restructuring of about $5 billion in debt, two sources with knowledge of the matter said on Friday. The sources, who asked for anonymity because discussions are private, told Reuters the out-of-court restructuring could be announced as early as next week. OOG, as the company is known, said in a statement to Reuters that it was "in final stages of talks held with creditors since 2015 to restructure its debt." The company did not elaborate on a time frame or terms of the restructuring. According to documents seen by Reuters, the company could change its name once the restructuring deal is in place. In March, Reuters reported an out-of-court workout could help OOG bind minority creditors to restructuring terms already accepted by a relevant majority of banks, bondholders and suppliers. The company has had difficulty contacting hundreds of individual bondholders. OOG is among Odebrecht SA subsidiaries struggling with a widespread slowdown in Latin America and restricted access to credit in the wake of a huge corruption scandal. Odebrecht SA has been accused of colluding to overcharge state firms for contracts, then using part of that to channel donations and bribes to Brazil''s biggest political parties. (Reporting by Aluisio Alves; Writing by Tatiana Bautzer; Editing by Sandra Maler and Tom Brown) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-odebrecht-oil-restructuring-idUSKBN18830B'|'2017-05-13T02:00:00.000+03:00'
'2442591eb696b27b386dd7c2f10bde1260a3c307'|'US SEC taps IPO legal guru for Corporation Finance unit'|'By Sarah N. Lynch - WASHINGTON WASHINGTON May 9 U.S. Securities and Exchange Commission Chairman Jay Clayton unveiled his first major personnel decision on Tuesday, saying he had hired an attorney who worked on prominent initial public offerings to lead the SEC''s division that oversees public company filings.The SEC said that William Hinman, a retired partner at the Silicon Valley office of the law firm Simpson Thacher & Bartlett, will serve as director of the Division of Corporation Finance.According to his old law firm biography, Hinman worked on many high-profile IPOs, including those of Facebook, Google and Alibaba - an IPO that Clayton also worked on while he was a partner at Sullivan & Cromwell.(Reporting by Sarah N. Lynch; Editing by Steve Orlofsky)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-sec-hinman-idINEMN1IRY32'|'2017-05-09T18:28:00.000+03:00'
'1913ad3dcc105e5931db8bf5d072ba1fe3710805'|'Insys in talks with U.S. to resolve probe of opioid spray'|'Regulatory News - Americas  16pm EDT Insys in talks with U.S. to resolve probe of opioid spray By Nate Raymond - BOSTON BOSTON May 9 Insys Therapeutics Inc''s chief executive said on Tuesday it was working to resolve a U.S. Justice Department probe, after prosecutors accused several former executives of leading a scheme to bribe doctors to prescribe a fentanyl-based pain medication. Saeed Motahari, who took over as the Arizona-based drugmaker''s CEO just over three weeks ago, told analysts on an earnings call that Insys has been working to improve its compliance practices and was focused on resolving the probe. "We continue to engage in discussions with the DOJ and remain highly committed to resolving this matter," Motahari said. Motahari''s comments came as Insys reported a 40.4 percent decline in quarterly revenue, which was hurt by a fall in demand for Subsys, an under-the-tongue spray containing the synthetic opioid fentanyl that is the subject of the probe. As U.S. authorities have sought to combat opioid abuse, Subsys has become the subject of several federal and state investigations amid allegations that the drug was marketed and sold to non-cancer patients. Insys said net revenue totaled $36 million for the first quarter ending March 31, compared with $60.4 million for the same period in 2016. The drop came amid a 32 percent decline in prescriptions for Subsys since the fourth quarter. Darryl Baker, the company''s chief financial officer, attributed the decline to "ongoing and heightened publicity" given to the national opioid epidemic, as well as the investigations related to Subsys. Federal prosecutors in Boston in December announced charges against several former Insys executives and managers, including former CEO Michael Babich, in connection with a scheme to bribe doctors to prescribe Subsys. Babich and his five co-defendants have all pleaded not guilty. Besides that case, federal charges have also been filed in four states against at least five other ex-Insys employees. Insys has also faced investigations by several state attorneys general. In August, Illinois'' attorney general sued Insys, accusing it of deceptively marketing and selling Subsys to doctors for off-label uses. That lawsuit followed a $1.1 million settlement with Oregon''s attorney general resolving similar claims in August 2015. More recently, Insys in January agreed to pay $3.4 million to resolve an investigation by New Hampshire''s attorney general. In announcing earnings on Tuesday, Insys reported a net loss of $6.5 million or 9 cents per share in the first quarter, compared with a profit of $2.3 million or 3 cents per share a year earlier. (Reporting by Nate Raymond in Boston; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/insys-results-idUSL1N1IB0X4'|'2017-05-10T00:16:00.000+03:00'
'8e83194481c85b2e5ef7aecf879f8ef4fcba9a11'|'Micro Focus Intl says HPE''s software revenue fell 10 pct in last quarter'|'Market News - Tue May 9, 2017 - 2:26am EDT Micro Focus Intl says HPE''s software revenue fell 10 pct in last quarter LONDON May 9 Micro Focus Intl said software revenue at Hewlett-Packard Enterprise, the U.S. company it is buying, fell around 10 percent in the last quarter, which it said was disappointing but not unusual given the degree of change in the business. The British company struck a deal to buy HPE''s software business for $8.8 billion in September, catapulting it into the top tier of European tech companies. Executive chairman Kevin Loosemore said he was encouraged by the early progress that HPE Software''s management were making on implementing operational efficiencies. "Whilst the short term decline in licence is disappointing it is not unusual given the level of change being undertaken," he said on Tuesday. Micro Focus said it would convene a general meeting to request approval of the transaction shortly, and shareholders will also be asked to approve a $500 million return of value, approximately $2.09 per share. Micro Focus said its revenue for the year to end-April was expected to be within its guidance of flat to down 2 percent on a pro-forma constant currency basis. (Reporting by Paul Sandle; Editing by Alistair Smout) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/micro-focus-inte-outlook-idUSFWN1IB042'|'2017-05-09T14:26:00.000+03:00'
'68a9c3e8964c8c94bd953d8ebe11839c3e1178c4'|'MOVES-Russell Investments hires new UK consultant relations director'|' 45am EDT MOVES-Russell Investments hires new UK consultant relations director May 9 Russell Investments, a wholly owned global asset management unit of London Stock Exchange Group Plc , appointed Julian Brown as director of its UK consultant relations team. Based in London, he will report to Jim Leggate, head of the UK Institutional and Middle East businesses. Previously, Brown worked at BlackRock Inc, where he was head of consultant relations for UK. (Reporting by Divya Grover in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/russell-investments-moves-julian-brown-idUSL4N1IB523'|'2017-05-09T23:45:00.000+03:00'
'6abda2b8bdea14a405eace43cb028e0d36550ad3'|'Fox News complainant meets UK regulator over Sky-Fox deal'|'LONDON A woman who accused former Fox News presenter Bill O''Reilly of sexual harassment in the United States called on Britain on Monday to block Fox''s owner Rupert Murdoch from taking full control of Britain''s pay-TV group Sky ( SKYB.L ).Wendy Walsh, a former regular guest on Fox''s "The O''Reilly Factor" TV show who made the claim against O''Reilly last month, met officials at the British media regulator Ofcom on Monday with her lawyer Lisa Bloom, a representative said.Ofcom declined to comment on the visit.The British government has asked Ofcom to assess whether it is in the public interest to allow Murdoch''s Twenty First Century Fox ( FOXA.O ) to buy the near 61 percent of London-listed Sky which it does not already own for $14.5 billion.The deal was cleared by the European Commission last month. But the takeover is politically sensitive in Britain where a previous attempt to take full control of Sky in 2011 was derailed by a phone hacking scandal at one of Murdoch''s British newspapers, revealing close ties between politicians, police and the media.As part of the new investigation, Ofcom is examining whether Fox would be a "fit and proper" owner of Sky, making any criticism of its conduct in other parts of its business relevant to the case in Britain.O''Reilly parted company with Fox last month after the company said it had given "a thorough and careful review" of allegations of sexual harassment. Earlier in the month The New York Times had said Fox and O''Reilly paid five women a total of $13 million to settle harassment claims.O''Reilly said in a statement at the time that he had been unfairly targeted because of his public prominence."The company''s management has taken prompt and decisive action to address reports of sexual harassment and workplace issues at Fox News," a spokesman for 21st Century Fox said on Monday."These actions have led to an overhaul of Fox News Channel''s leadership, management and reporting structure, and have driven fundamental changes to the channel''s on-air talent and primetime programming line-up."Douglas Wigdor, a New York City lawyer who represents 20 current and former Fox News employees who are suing the network for alleged racial and sexual bias, said last week that he had been invited to meet with Ofcom officials on Thursday.In a letter to Ofcom Wigdor said last week Fox had shown poor corporate governance by ignoring numerous complaints of discrimination and harassment.(Reporting by Kate Holton in London and Daniel Wiessner in New York; Editing by Greg Mahlich)Lawyer Lisa Bloom and regular Fox TV guest Wendy Walsh arrive at the office of Ofcom in London, Britain May 8, 2017. REUTERS/Neil Hall'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sky-m-a-fox-idINKBN18420S'|'2017-05-09T11:31:00.000+03:00'
'8bdcb36fbdc40e1ac049b793009f7138113a157b'|'Pandora Media says positioned to evaluate strategic alternatives'|'Pandora Media Inc ( P.N ) said on Monday that KKR & Co LP ( KKR.N ) has agreed to invest $150 million in the music streaming service, while the company explores strategic alternatives, including a sale.The company''s shares were up 3.4 percent at $10.75 in extended trading.Pandora said Richard Sarnoff, KKR''s head of media & communications private equity investing in the Americas, will join its board."... We have positioned the company to evaluate any potential strategic alternatives, including a sale, in the 30 days before the financing is set to close," board member James Feuille said in a statement.Pandora has been urged to explore a sale by hedge fund Corvex Management LP, run by activist investor Keith Meister, after it disclosed a 9.9 percent stake in Pandora in May last year.Pandora also said that Feuille and Peter Gotcher will resign from the board, which is forming an independent committee to identify and appoint new directors.KKR will purchase $150 million in a new designated Series A convertible preferred stock of Pandora. The offering, which is not expected to close earlier than June 8, may be upsized to a total of $250 million.Pandora faces stiff competition from services such as Sweden''s Spotify, Apple Inc''s ( AAPL.O ) Apple Music, Google''s ( GOOGL.O ) Play Music and Amazon.com Inc''s ( AMZN.O ) Amazon Music Unlimited, which dominate the on-demand music service market.Centerview Partners LLC and Morgan Stanley will continue to advise the board regarding its review of strategic alternatives, Pandora said.(Reporting by Anya George Tharakan in Bengaluru; Editing by Shounak Dasgupta and Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-pandora-media-strategic-alternatives-idINKBN1842CW'|'2017-05-08T19:38:00.000+03:00'
'591544048ba15cd5fca790f11204e473f1ea8d67'|'RPT-INSIGHT-On Gatsby<62>s North Shore, Chinese luxury home buyers pause as curbs bite'|'Market News - Tue May 9, 2017 - 10:24am EDT RPT-INSIGHT-On Gatsby<62>s North Shore, Chinese luxury home buyers pause as curbs bite (Repeating to additional subscribers without changes to content) * Currency controls rein-in Chinese home-buying on Long Island * Brokers in the area seeing fewer prospective buyers from China * Many Chinese still enquiring about buying homes overseas * More Chinese interested in lower-priced homes than before * Interest in homes in Thailand has surged in first quarter By Koh Gui Qing and Elias Glenn JERICHO, N.Y./BEIJING, May 9 Among the sprawling colonial homes and well-tended lawns on the north shore of New York''s Long Island, there are signs that Chinese policies crafted 11,000 kilometers away are taking a toll. In the past year, there has been a slowdown in the stream of affluent Chinese looking for luxury homes in the area <20> widely thought to have been the setting for F. Scott Fitzgerald<6C>s 1925 novel <20>The Great Gatsby<62> - property brokers said. Over the past eight months, the Chinese authorities have introduced a series of measures to make it more difficult for Chinese to move capital out of the country as they seek to keep the Chinese currency, the yuan, from falling. At the end of last year, for example, disclosure rules were tightened to try to prevent individuals from using any of the maximum $50,000 they are allowed to buy in foreign currency in any one year to purchase overseas property and other overseas investments. Those who violate the rules can face stiff fines. Any slowdown in flows from China can have a big impact in real estate around the globe. In the U.S. alone, Chinese buyers, including people from Taiwan and Hong Kong, bought $27.3 billion in residential property in the year to March 2016, more than three times the next biggest foreign buyers, the Canadians, according to the National Association of Realtors. After three decades of blistering economic growth, China has created a class of nouveau riche, many of whom want to move their families abroad, attracted by places with cleaner air and fewer food safety issues than back home, as well as the prospects of a Western education for their children. This has inflated home prices around the world, as thousands of Chinese buy property in favored cities such as Sydney, Los Angeles, New York, and Vancouver. Now, though, the increased controls on currency outflows are having an impact in some markets. In the past couple of months, Chinese developer Country Garden has inside China stopped marketing apartments in its massive Forest City project in Iskandar, southern Malaysia, and disclosed that some home buyers want to cancel purchases because of the capital controls. Still, the party hasn<73>t ended in some other markets. In Sydney, Australia, home prices have risen at a blistering 16 percent in the past year, thanks in part to Chinese demand. On and close to Long Island<6E>s so-called <20>Gold Coast<73> the drop off in interest is apparent to some in the industry. "The money suddenly dried up last year," said Lois Kirschenbaum, a broker specializing in luxury homes on Long Island''s north shore, an area favored by Chinese partly because of its reputation for having good schools. "We used to get vans of Chinese buyers each month one or two years ago during the buying season in Spring. We haven<65>t seen any vans this year," she said. Kirschenbaum, who estimates half of her buyers are Chinese, said prices of homes in the neighborhood costing more than $2 million have fallen about 10 percent in the past year. In the first quarter of this year, the average price for home sales on Nassau County<74>s North Shore <20> which includes the Gold Coast and nearby towns - was $984,357, down 9.7 percent from the previous quarter and 2 percent lower than the first quarter in 2016, according to a report from Douglas Elliman Real Estate. The number of sales was down 14.8 percent from the fourth quarter but up 5.6 percent from a year earli
'4756c4ea2198501671262da5cadce35a2d28156d'|'BRIEF-Rocky Mountain Dealerships Inc Q1 earnings per share $0.04'|' 18am EDT BRIEF-Rocky Mountain Dealerships Inc Q1 earnings per share $0.04 May 9 Rocky Mountain Dealerships Inc * Rocky Mountain Dealerships Inc. Reports 2017 first quarter results * Q1 sales c$209.9 million versus I/B/E/S view c$202 million * Rocky Mountain Dealerships Inc- qtrly earnings per share $0.04 * Rocky Mountain Dealerships Inc- inventory increased by $22.5 million or 5.1% to $465.3 million as at Q1-end Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-rocky-mountain-dealerships-inc-q-idUSASA09O2R'|'2017-05-09T19:18:00.000+03:00'
'0f4c72df8e26733c5f2f0cc8a2a17a6fa90426ad'|'BRIEF-GCP Applied Technologies reports Q1 adj loss per share of $0.06'|' 24am EDT BRIEF-GCP Applied Technologies reports Q1 adj loss per share of $0.06 May 9 Gcp Applied Technologies Inc * GCP Applied Technologies reports first quarter 2017 results * Q1 adjusted loss per share $0.06 * Q1 loss per share $0.35 from continuing operations * Q1 earnings per share view $0.18 -- Thomson Reuters I/B/E/S * Qtrly sales $225.3 million versus. $237.7 million * Sees FY 2017 net sales constant currency growth of 5 pct to 8 pct * Sees FY 2017 adjusted EBIT $145 million to $160 million * Sees FY 2017 adjusted EPS $0.71 to $0.88 * Sees FY 2017 adjusted free cash flow $40 million to $50 million * FY2017 earnings per share view $1.53 -- Thomson Reuters I/B/E/S * FY2017 revenue view $1.33 billion -- Thomson Reuters I/B/E/S Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-gcp-applied-technologies-reports-q-idUSASA09O0A'|'2017-05-09T18:24:00.000+03:00'
'b18e353bcbec8a31ffc90ec3c44ef6981174ed63'|'SocGen, JP Morgan, Credit Suisse to lead ALD Automotive IPO: sources'|'PARIS Societe Generale, JP Morgan and Credit Suisse have been appointed as global coordinators for the initial public offering of ALD Automotive, three sources familiar with the matter said.The car leasing business, which is owned by France''s second-biggest listed bank Societe Generale ( SOGN.PA ), could be valued at between 6 billion euros and 9 billion euros ($9.8 billion) in the IPO, the sources told Reuters on Tuesday.SocGen plans to sell a 20-25 percent stake in ALD toward the middle of this year, while retaining a majority holding in the company, which manages a worldwide fleet of 1.4 million vehicles.Two of the sources said that ALD may issue its intention to float (ITF) in May, "depending on market conditions". An IPO usually takes place four weeks after an ITF publication.SocGen, Credit Suisse and JP Morgan declined to comment.(Reporting by Matthieu Protard, Maya Nikolaeva, Julien Ponthus in Paris and Arno Schuetze in Frankfurt; Additional reporting by Dasha Afanasieva in London; editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-socgen-ald-ipo-idINKBN185250'|'2017-05-09T15:30:00.000+03:00'
'38f27bd397b907fd084322f2fdd1e1ddb2b731d9'|'HNA won''t submit bid for Germany''s HSH Nordbank: Handelsblatt'|'FRANKFURT Chinese conglomerate HNA Group ( 0521.HK ) will not submit a bid for German shipping finance provider HSH Nordbank [HSH.UL], German daily Handelsblatt reported, citing a spokesman for HNA."Neither the HNA Group nor its units will make an offer," the paper Quote: d the spokesman as saying on Wednesday.Sources had told Reuters that both HNA and Chinese insurer Anbang had made inquiries about HSH.HNA was not immediately available for comment.(Reporting by Maria Sheahan; Editing by Victoria Bryan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hsh-nordbank-privatisation-hna-idINKBN18610G'|'2017-05-10T07:09:00.000+03:00'
'b0fc2c01df345a6cd172d32a641bb10c673014bd'|'U.S. gun stocks surge, Sturm Ruger results give bulls fresh ammo'|'Business News - Tue May 9, 2017 - 2:34pm EDT U.S. gun stocks surge, Sturm Ruger results give bulls fresh ammo Rifles are seen at the Sturm, Ruger & Co., Inc. gun factory in Newport, New Hampshire January 6, 2012. REUTERS/Eric Thayer By Noel Randewich - SAN FRANCISCO SAN FRANCISCO Shares of gun makers surged on Tuesday after Sturm Ruger & Company Inc''s ( RGR.N ) quarterly results suggested demand is recovering following a steep sales drop after the election of Donald Trump as president. Sturm Ruger shares jumped as much as 16 percent and were still up 10 percent at $63.15 in afternoon trading. Shares of Smith & Wesson''s owner, American Outdoor Brands Corp ( AOBC.O ), were up 4.4 percent at $21.95. Vista Outdoor Inc ( VSTO.N ), which reports results for the March quarter on Thursday, were up 1.4 percent at $19.35. The November election of Republican Trump, who opposes regulations on gun ownership, abruptly undercut demand for guns as people became less worried the government would curtail their ability to purchase firearms. Sturm Ruger''s report late on Monday provided fresh ammunition for investors arguing the industry is already on the mend. Its stock has recovered about 30 percent since a post-election sell-off hit bottom in mid-March, and Sturm Ruger remains down just 2 percent from before the election. "The prevailing sentiment at the moment appears to be that industry sell-through patterns and retailer inventory destocking trends should largely normalize by fall 2017," wrote Wunderlich analyst Rommel Dionisio in a note following Sturm Ruger''s report. He raised his price target for Sturm Ruger to $62 from $51. The company''s first-quarter revenue dipped 3 percent to $167.4 million, better than some analysts expected. Earnings per share were flat at $1.21. Recent data on firearm background checks also hints at stabilization. After a sharp post-election drop, background checks in April were flat compared with April 2016, according to the National Shooting Sports Foundation. Sell-through of firearms from Sturm Ruger''s distributors to retailers fell 7 percent during the quarter, but at a lower rate than the 11 percent drop in background checks during the quarter, suggesting that Sturm Ruger gained market share. Data on background checks is collected by the Federal Bureau of Investigation and the NSSF adjusts it to remove checks for conceal-carry permits so that it better reflects actual gun purchases. In addition to guns and ammunition, Vista Outdoor sells archery gear, bicycle helmets, scopes and other sports products. It has been slammed by a wave of retail bankruptcies including Sports Authority and Gander Mountain, which sold many of its products. Vista Outdoor''s shares have fallen by half since Jan. 11, when it warned it expected an impairment charge due to a soft retail environment. (Editing by Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-guns-stocks-idUSKBN1852A1'|'2017-05-10T02:34:00.000+03:00'
'e982c594fa2ecc837bb4c413e5d304ad971e3ad1'|'UPDATE 2-Endo profit tops estimates on strong sales of new generic drugs'|'Tue May 9, 2017 - 8:15am EDT Endo profit tops estimates on strong sales of new generic drugs Endo International Plc ( ENDP.O ) reported an adjusted quarterly profit that topped analysts'' estimates as strong demand for the company''s newly launched generic drugs offset declining sales of older generics. The company''s shares jumped 6.5 percent in premarket trading on Tuesday. Endo has come under heightened political and regulatory scrutiny over suspected price collusion. The drugmaker, along with many of its peers, is being investigated by U.S. federal regulators for price-fixing of generic drugs. Endo had warned in November of increasing pressure this year on its generic business, which accounted for about half of its revenue in 2016. The company said total U.S. sales of generic drugs increased about 24 percent to $722 million in the first quarter ended March 31. The sales were mainly driven by the launch of the company''s anti-psychotic drug quetiapine and cholesterol treatment ezetimibe. Overall, sales of newly launched drugs, including quetiapine and ezetimibe, nearly tripled. However, excluding these new drugs and Endo''s sterile injectables business, sales in the U.S. generic business dropped 32 percent, mainly as the company stopped selling some drugs and as competition hits sales. Net loss attributable to Endo shareholders widened to $173.8 million, or 78 cents per share, from $133.9 million, or 60 cents per share, a year earlier. The latest quarter included an asset impairment charge of about $204 million, compared with a charge of about $130 million a year earlier. Excluding items, Endo earned $1.23 per share, well above the average analysts estimate of $1.10 per share, according to Thomson Reuters I/B/E/S. Total revenue rose 7.7 percent to $1.04 billion, narrowly beating estimates of $1.02 billion. The Dublin, Ireland-based drugmaker also reaffirmed its full-year adjusted profit forecast from continuing operations of $3.45 per share to $3.75 per share, on revenue of $3.45 billion to $3.60 billion. (Reporting by Divya Grover in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-endo-intl-results-idUSKBN18514Z'|'2017-05-09T20:12:00.000+03:00'
'a5b74066157da2893072551f55f11481d5311b3e'|'GLOBAL MARKETS-Asia stocks, dollar subdued as market seeks next catalyst, oil rises'|'Business News  28pm EDT U.S., European stocks touch record highs as calm backs risk rally left right FILE PHOTO: A trader works on the floor of the New York Stock Exchange in the Manhattan borough of New York, U.S. May 4, 2017. REUTERS/Brendan McDermid 1/3 left right Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 3, 2017. REUTERS/Staff/Remote 2/3 left right A man looks at an electronic board showing the stock market indices of various countries outside a brokerage in Tokyo, Japan, November 16, 2016. REUTERS/Toru Hanai 3/3 By Dion Rabouin - NEW YORK NEW YORK Stock markets touched record highs on Tuesday, with the S&P 500 and Nasdaq hitting all-time intraday peaks, tracking European stocks and global bond yields with investor sentiment bolstered by historically low U.S. equity volatility, the French presidential election result and solid corporate earnings. The S&P 500 opened at a record-high 2,401 points and the VIX index of implied volatility - known as the Wall Street "fear gauge" - fell to 9.56, the lowest since late 2006. While the market appeared buoyant, analysts urged caution against investor complacency, especially after the market''s strong run since Donald Trump''s election as U.S. president. "In the short term, investors can enjoy this run, but they should start to hedge their positions and look for safety," said Christian Magoon, chief executive at Amplify ETFs in Chicago, Illinois. "Given world events, common sense would say there should be at least average volatility in daily price movement on the S&P 500. The index seems to be very lethargic." In early afternoon U.S. trading, the Dow Jones Industrial Average was off 13.51 points, or 0.06 percent, to 20,998.77, the S&P 500 lost 0.67 point, or 0.03 percent, to 2,398.71 and the Nasdaq Composite added 21.00 points, or 0.34 percent, to 6,123.66. Europe''s index of leading 300 shares rose to a near-two-year high, Germany''s DAX hit a record high, and Britain''s FTSE 100 closed up 0.57 percent. The benchmark 10-year U.S. Treasury note yield rose to its highest in five weeks with German 10-year yields rising and the 10-year British gilt yield up around 6 basis points from late Monday. "It''s calm sailing today for stock markets," ETX Capital senior markets analyst Neil Wilson said. Victory for business-friendly centrist Emmanuel Macron in France and earnings were also supportive for equities, he said, adding: "So far, there is precious little to halt the rotation from bonds to stocks." Fed funds futures pricing shows investors are almost universally expecting the Federal Reserve to raise U.S. overnight interest rates at its next meeting, with close to a 90 percent perceived chance of an increase next month. Yields on U.S. two-year notes, the tenor most sensitive to rate-hike expectations, also advanced on Tuesday, climbing to eight-week highs. "While the U.S. economy saw a marked deceleration in the first quarter, the overall outlook remains solid and the Fed is still widely expected to raise U.S. lending rates in June and likely again in September," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington. The positive sentiment and rising U.S. Treasury yields also boosted the dollar. The dollar index, which tracks the greenback''s value against six major currencies, rose to a three-week high, in line with the gains in yields. It was last up 0.54 percent. Oil prices fell, surrendering earlier gains, rattled by concern over slowing demand and rising U.S. crude output that has shaken investors'' faith in the ability of the Organization of the Petroleum Exporting Countries to rebalance the market. Brent crude futures were last down 1.8 percent at $48.47 a barrel while West Texas Intermediate was off 1.8 percent at $45.58. Copper bounced from a four-month low touched on Monday after data showed a sharp drop on imports by China, the world''s big
'b6599e372e272384bbdd03c9b5b677107f6540be'|'Linde chairman expects Praxair merger agreement in weeks'|' 21pm BST Linde chairman expects Praxair merger agreement in weeks FILE PHOTO: Linde Group headquarters is pictured in Munich, Germany August 15, 2016. REUTERS/Michaela Rehle/File Photo By Georgina Prodhan and J<>rn Poltz - MUNICH, Germany MUNICH, Germany The chairman of German industrial gases group Linde expects its merger agreement with U.S. peer Praxair to be finalised within weeks, he told Reuters, reiterating his determination to get the deal done despite union opposition. Negotiations to create a global leader with a market value of about $70 billion (54.15 billion pounds) have made slower progress than hoped, owing to what Linde has characterised as "legal complexity" in the face of unexpected resistance from trade unions and other labour representatives. Investors and workers are equally represented on Linde''s supervisory board, which must approve the agreement once it is ready. Linde had originally hoped to have it completed before Wednesday''s annual general meeting (AGM). Speaking on the eve of what is expected to be a stormy AGM, Wolfgang Reitzle said he would be reluctant but prepared to use his casting vote as chairman in the event of a stalemate with labour representatives. "The casting vote that was instituted by lawmakers when co-determination was brought in was exactly for such cases. Shareholder rights should not be able to be overridden," he said. Asked how much longer it would take, Reitzle answered: "It''s a case of weeks rather than months." Non-executive Chairman Reitzle, who saw off Linde''s former chief executive and finance chief after a first round of talks with Praxair failed last year, is seen as the driving force behind the merger. Reitzle, however, told Reuters on Tuesday: "Management is driving this vision forward. I support it out of conviction." He added that former CEO Wolfgang Buechele, who was replaced by Aldo Belloni, had also advocated the all-share merger of equals. A veteran dealmaker, Reitzle was the architect of Linde''s 8 billion pound agreement to take over Britain''s BOC in 2006 and a driving force behind the $50 billion Lafarge-Holcim building materials merger in 2015, stepping in as Holcim chairman after the previous incumbent quit. He then returned to Linde, two years after stepping down as CEO. Reitzle spoke passionately about the merits of the latest deal, which would reunite a global group forcibly split by the First World War a century ago and create a market leader, also called "Linde", that would overtake rival Air Liquide. He said it would strengthen Linde''s geographical presence, especially in the United States, allow it better to exploit growth trends and take a leading role in technology, bring financial stability and establish a genuine "performance culture". The latter is something that German unions fear, seeing it as code for importing an American management style from the more profitable Praxair, whose chief executive Steve Angel would become CEO of the new company while Reitzle would be chairman. And with plans to base the new holding company in a "neutral" EU country, most likely Ireland, the unions also oppose the loss of their uniquely German co-determination rights that give them an equal say over all strategic group decisions. Reitzle said: "There''s no other country in the world that has adopted the German co-determination model in this form, but you can''t blame that on us." (Editing by Edward Taylor and David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-linde-m-a-praxair-chairman-idUKKBN1852C0'|'2017-05-10T03:21:00.000+03:00'
'ebd8ed2889a131e712c492304f0d066e7ac802e6'|'Emboldened by new data, Diageo steps up marketing spend'|' 22pm BST Emboldened by new data, Diageo steps up marketing spend FILE PHOTO: Bottles of Johnnie Walker whisky move along on the production line at the Diageo owned Shieldhall bottling plant in Glasgow, Scotland March 24, 2011. REUTERS/David Moir/File Photo LONDON Diageo, the world''s largest spirits company, is stepping up its marketing in the United States, starting in the second half of this year and again next year, armed with a new programme of data analysis that lets it spend more smartly. Diageo is working hard to improve performance in the United States, its biggest profit centre, particularly around Smirnoff vodka, which is still losing market share despite improving sales. "The United States is very important for Diageo ... and one of the first priorities for reinvestment," Chief Executive Ivan Menezes told reporters on Tuesday after meetings with analysts and investors. A new method of gathering and analysing data is giving Diageo a better idea of the returns it is making on various investments, allowing the company to switch money around more quickly. "That better data and information really gives us much greater confidence in where we should be upweighting our spend," said Chief Financial Officer Kathryn Mikells. "And candidly where we would look to cut back our spend." The increased marketing will be concentrated on its main brands, including Smirnoff vodka, Johnnie Walker whisky and Captain Morgan rum. Next year the company will also spend more on marketing Scotch whisky, its biggest product category. The company said it achieved about 80 million pounds of savings last year in procurement, including by reducing the number of advertising agencies it works with in Europe from 36 to two. The company expects to increase procurement savings this year. Menezes also said that performance in the company''s beer business would improve this year, recovering after first-half problems in Nigeria and a tax change in Kenya. (Reporting by Martinne Geller; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-diageo-presentation-idUKKBN1852CJ'|'2017-05-10T03:22:00.000+03:00'
'348ed4a9aeff85450cc63857abbfd2b40c3053be'|'EMERGING MARKETS-Brazil real, Mexican peso rebound from lows; U.S. rates eyed'|'Market News  11pm EDT EMERGING MARKETS-Brazil real, Mexican peso rebound from lows; U.S. rates eyed By Bruno Federowski SAO PAULO, May 9 The Brazilian and Mexican currencies inched higher on Tuesday, rebounding from the previous day''s declines as investors awaited further clues on the future pace of U.S. interest rate hikes. The Brazilian real strengthened 0.4 percent after hitting the weakest in four months the day before, while the Mexican peso rebounded from a two-week low. Emerging market currencies fell on Monday on profit-taking following Emmanuel Macron''s widely expected defeat of far-right Marine Le Pen in the French presidential elections. Traders focused their attention on incoming issues including U.S. monetary policy. Bets on a June rate increase by the Federal Reserve have mounted in recent weeks but the pace of tightening from then on remains a question mark due to mixed economic figures for the beginning of the year. A slower path of rate increases would spell good news for emerging market assets, which offer relatively high yields that lure foreign investors. Stock markets also rose, with Brazil''s benchmark Bovespa stock index the best performer. Shares of toll road operator Ecorodovias SA were the biggest gainers after the company said profit jumped more than expected in the first quarter. Shares of power utility Cia Energ<72>tica Paranaense also rose sharply after regulators set a compensation for the early renewal of transmission contracts. Key Latin American stock indexes and currencies at 1600 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 989.71 0.47 14.25 MSCI LatAm 2636.22 1.23 11.26 Brazil Bovespa 66493.96 1.48 10.41 Mexico IPC 49978.93 0.96 9.50 Chile IPSA 4813.77 -0.2 15.96 Chile IGPA 24165.12 -0.16 16.55 Argentina MerVal 21126.39 0.23 24.88 Colombia IGBC 10473.01 0.31 3.41 Venezuela IBC 59982.02 0.89 89.19 Currencies daily % YTD % change change Latest Brazil real 3.1820 0.42 2.11 Mexico peso 19.1240 0.45 8.47 Chile peso 677.2 0.22 -0.96 Colombia peso 2964.03 -0.08 1.26 Peru sol 3.286 0.00 3.90 Argentina peso (interbank) 15.5500 -0.32 2.09 Argentina peso (parallel) 15.98 0.19 5.26 (Reporting by Bruno Federowski; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1IB0XV'|'2017-05-10T00:11:00.000+03:00'
'a801585900a28cbe8c75744b1ff83587d4ada83e'|'Saudi to cut June oil supply to Asia as local demand rises - source'|'Business News  07pm BST Saudi to cut June oil supply to Asia as local demand rises - source FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo By Nidhi Verma - NEW DELHI NEW DELHI Saudi Aramco will reduce oil supplies to Asia by about 7 million barrels in June, a source said on Tuesday, as the oil giant cuts output as part of global supply pact and trims exports to meet rising domestic demand for power during hot summer months. An OPEC-led agreement to cut global oil supplies is currently due to end in June, although Saudi Arabia and other producers in the group of OPEC and non-OPEC states have indicated curbs could be extended to the end of 2017 or beyond. OPEC and other producers are expected to discuss an extension at a meeting on May 25. When OPEC announced the cuts, Saudi Arabia was quick to tell its customers in Europe and the United States that they would receive lower volumes but shielded most of Asia from the cuts. However, summer is a peak period for power demand in the desert kingdom, as citizens turn up air conditioners to keep homes and offices cool, pushing up domestic oil consumption. This year is likely to see an earlier spike in demand as the Muslim fasting month of Ramadan starts sooner, beginning in late May. The traditional big evening meals with family and friends to break the fast tend to create a surge in power demand. As a result, Asia will now also face heavier cuts from the world''s top oil exporter in June. According to the June nomination plans, Aramco will cut supplies by 1 million barrels each to Southeast Asia, China and South Korea, a source, who has knowledge of the nominations but did not wish to be identified, told Reuters. A separate industry source said the action in June did not mean Saudi Arabia was preparing to deepen cuts to Asia in the rest of 2017. The kingdom will cut supplies by a little more than 3 million barrels for India and slightly less than 1 million barrels for Japan, the source with knowledge of the nominations said. In total, the cuts should be equivalent to about 233,000-234,000 barrels per day (bpd). Under the global supply pact, OPEC states, Russia and other major producers agreed to cut output by about 1.8 million bpd from Jan. 1 until June 30. Saudi Arabia accounts for about 40 percent of the cuts pledged by OPEC. It has reduced output by more than 500,000 bpd so its total production now runs slightly below 10 million bpd, mostly involving cuts in output of medium and heavy oil grades. Industry sources told Reuters in April that higher domestic demand for oil in the summer would weigh on exports especially if Saudi Arabia kept output at about 10 million bpd. Saudi Arabia usually burns about 700,000 bpd of oil for power generation to keep the nation cool in the hottest months from May to August. This summer, the kingdom is planning to raise energy prices and use more natural gas in power stations to reduce oil usage. Those measures are expected to cut consumption by about 200,000 bpd, industry sources said. (Reporting by Nidhi Verma; Writing by Rania El Gamal; Editing by Dale Hudson and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aramco-oil-idUKKBN1851ZG'|'2017-05-10T00:07:00.000+03:00'
'6a6a0776a3719652b12b86b17baf56fb6f4d33fd'|'Market conditions encouraging for Allied Irish IPO - minister'|' 28pm BST Market conditions encouraging for Allied Irish IPO - minister FILE PHOTO: Irish Minister for Finance Michael Noonan takes part in a euro zone finance ministers meeting in Brussels, Belgium March 20, 2017. REUTERS/Yves Herman/File Photo DUBLIN Ireland''s finance minister will decide in the coming weeks whether to press ahead with a long-awaited initial public offering (IPO) of state-owned Allied Irish Banks (AIB), he said on Tuesday, adding that market conditions are encouraging. The Irish government has appointed several banks to act as bookrunners and global coordinators for the potential sale of a 25 percent stake in AIB and Michael Noonan has said the nearest window to sell the shares runs from mid-May to early July. "As we look at stock markets today, conditions are encouraging, with bank stocks generally trading positively and my officials inform me that the Irish macroeconomic story is resonating well with international investors," Noonan told parliament. "However, we have made no decision yet to proceed, and I will make this call in the coming weeks, based on advice from my officials, our banking syndicate and our independent financial adviser Rothschild." (Reporting by Padraic Halpin; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aib-ipo-idUKKBN1852CL'|'2017-05-10T03:28:00.000+03:00'
'b1803d0e98ad6b5fe5a4f39dbcba5eb89696684e'|'Conservative energy price pledge ''not same as Labour''s botched plan'' - Politics'|'Theresa May has said she still believes in free markets despite pledging to cap energy prices, after it was pointed out her party had dismissed a similar plan put forward by Ed Miliband as <20>Marxist<73>.The Conservatives are proposing a price cap on standard variable tariffs , to be set by the energy regulator, Ofgem. The policy follows a recommendation from a minority report by the Competition and Markets Authority (CMA), which found that customers had collectively been forced to pay <20>1.4bn a year in <20>excessive prices<65>.When Labour proposed a policy to freeze prices for 20 months in 2013, David Cameron accused Miliband, then the party<74>s leader, of wanting to live in a <20>Marxist universe<73>.Speaking at a campaign event in the Labour-held seat of York Central on Tuesday, May denied she wanted to live in that universe. <20>First of all, we are Conservatives,<2C> she said to a hall of Tory candidates and activists.<2E>We believe in free markets and competition, but we want to see competition working. The competition authority has shown that customers at the six largest energy suppliers in a year are paying <20>1.4bn more than they would do if it was a truly competitive market.<2E>She added: <20>Ed Miliband didn<64>t propose a cap on energy prices. Ed Miliband suggested a freeze on energy prices that would have frozen them so people paying above the odds would have continued to pay above the odds, and crucially prices could not have gone down. Under our cap prices will go down.<2E> She played down reports that the business secretary, Greg Clark , had opposed the energy cap. May said: <20>I think under [the] circumstances, it<69>s right, as does everybody sitting around the cabinet table, for governments to take action to support working families.<2E>Talking later to factory workers in Leeds she refused to rule out bills going up under the plan. <20>I don<6F>t think any government can ever promise that no bill is going to go up year on year,<2C> the prime minister said. Earlier Clark had said the Conservative plans to control energy prices were not the same as those proposed by Miliband.Graphic Asked by BBC Breakfast whether the idea was an admission that Miliband<6E>s policy was correct, Clark said: <20>No, that was a botched policy. They talked about a freeze, they even advertised it in a block of ice, and what happened after that was that the wholesale price of gas and electricity fell, and so if it had been introduced then people would have paid more than needed.<2E>The confirmation of the price cap sparked an industry backlash and further falls in the share prices of energy companies.On BBC Radio 4<>s Today programme, it was pointed out to Clark that Labour eventually adapted its policy to a price cap but still faced Tory charges that energy supplies would be put at risk.Clark said: <20>Labour<75>s was a very crude policy. It was to directly intervene by politicians setting the tariffs. What we have responded to is a two-year investigation by the CMA that there is <20>1.4bn a year on average of over-charging.<2E>In response to the point that the CMA only recommended a price cap for those paying through meters, Clark said: <20>They were in two minds about whether that should be extended beyond that. The minority report felt this was not going to remove that detriment to consumers quickly enough. We are taking the same approach that the CMA [did] to prepayment meters, but doing what the minority report said.<2E>Clark conceded that the level of the cap would rise if wholesale gas prices increased.<2E>If the price of gas goes up in world markets then of course you would expect that [the cap] to increase. If the price goes down, then you would expect the price to go down. That is why it is sensible to put it in the hands <20> and this is what the competition authority recommended for prepayment meters <20> of the regulator.<2E>Tweeting following initial reports that the a price cap policy would be included in the Conservative party manifesto last month, Miliband criticised the Tories fo
'4d16ab4c7bb7fe6c3470baba2e9d43c62715b3a3'|'Bank of England to set out plans to open up interbank payments in coming months'|' 39am BST Bank of England to set out plans to open up interbank payments in coming months A bus passes the Bank of England in the City of London, Britain April 19, 2017. Sterling basked in the glow of a six-month high following Tuesday''s surprise news of a snap UK election. REUTERS/Hannah McKay LONDON The Bank of England said on Tuesday it will set out plans by the middle of this year to widen access to Britain''s interbank payment system, part of efforts to boost the country''s financial infrastructure over the next few years. The BoE wants to open up the payments system to allow a variety of financial firms to compete with the major high street banks that currently have access to the high-speed payments system, which handles 500 billion pounds ($647 billion) a day. The central bank also confirmed the new system would be designed so it can link in future with distributed ledger technology, which underpins digital currencies like Bitcoin. The new system will be designed to operate five days a week and almost 24 hours a day, and could be upgraded to 24/7 operation if there is demand. The BoE said it aimed to roll out most of the upgrades by the end of 2020. ($1 = 0.7729 pounds)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-boe-payments-idUKKBN1850ZU'|'2017-05-09T17:14:00.000+03:00'
'd97b961be64276770bdfbb379aad6e27c6de1c48'|'UPDATE 2-JD.com reports record Q1, warns growth to weaken future profits'|'* JD.com revenue up 41 pct vs 36 pct expected by analysts* JD Finance spinoff expected in Q2* JD annual active customer accounts up 40 pct (Adds details from CFO interview, context)By Cate CadellBEIJING, May 9 JD.com Inc logged the first profit since its 2014 listing as an expanded product line-up lured more active users, but China''s second largest e-commerce company cautioned the cost of expanding at home and abroad could crimp future income growth.Diversifying into data, cloud and artificial intelligence services amid fierce competition in China and Southeast Asia, JD has separated its logistics unit, made new investments overseas and laid out plans to spin off it financial unit this year.The cost of some of these investments, as well as an increasingly tough domestic market, is likely to weaken quarterly profits this year, Chief Financial Officer Sidney Huang told Reuters on Tuesday.JD plans to set up a logistics network in Southeast Asia''s biggest e-commerce market Indonesia, which currently accounts for almost all its entire overseas business."The e-commerce sector in particular is very competitive... we are constantly looking for new innovations and we have to stay on top," Huang said, without elaborating.JD reported a net profit of 355.7 million yuan ($51.5 million) for the first quarter, compared with a loss of 867.3 million yuan for the same period a year earlier.Quarterly revenue came in at 76.2 billion yuan, 41 percent higher than the same 2016 period and topping the average estimate of 73.5 billion yuan from 14 analysts surveyed by Thomson Reuters. Active customer accounts increased by 40 percent to 237 million in the year ended March, the company said, without giving a quarterly breakdown.Revenue from new businesses, including its overseas operations for the quarter, stood at 281 million yuan.JD''s push into Indonesia coincides with a similar drive by rival Alibaba Group Holding Ltd, which last year bought a controlling stake in Southeast Asian online retailer Lazada group for about $1 billion. Alibaba''s payment affiliate Ant Financial is also in talks to launch a payment venture in Indonesia.Asked about the Indonesia plans, Huang said JD is replicating the direct-sale model it uses in China, where brands make use of an extensive warehouse network, compared to the marketplace model favoured by Alibaba."We will build that infrastructure over the next 3-5 years," he added.JD also said it expects the spinoff of its financial arm to be completed in the second quarter.The firm said in November that it would seek to split off the unit to make it a fully Chinese-owned entity, allowing it to apply for licenses that Chinese laws forbid foreign-listed firms from holding, including mutual funds and securities.JD expects second-quarter revenue at between 86.6 million and 89.1 million yuan excluding JD Finance, a growth of 33-37 percent, in line with analyst predictions of 36 percent.It made a net profit of 0.17 yuan per American Depository Share in the first quarter, compared with a loss of 0.66 yuan a year earlier. ($1 = 6.9071 Chinese yuan) (Reporting by Cate Cadell in Beijing and Ismail Shakil in Bengaluru; Editing by Edwina Gibbs and Miral Fahmy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/jdcom-results-idINL4N1IA363'|'2017-05-09T04:32:00.000+03:00'
'510002c8177242114dd712cc6c1d3bd692b8a1c4'|'Airbus looks to upgrades to counter Boeing''s new mid-market jet'|'By Tim Hepher - PARIS PARIS Europe''s Airbus ( AIR.PA ) is examining a series of step-by-step improvements to its A320neo family as it prepares to defend its main cash cow against Boeing''s plans to compete in a narrow part of the aircraft market between large and small jets.Weeks after delivering its first A321neo, upgraded with new engines, the planemaker has already begun talking to suppliers about enhanced versions called A321neo-plus and, most recently, A321neo-plus-plus, people familiar with the matter said.The clunky working titles deliberately shed little light on what changes are planned, but underscore Airbus''s preference for upgrades to existing designs rather than investing in a costly new project at this stage.After a series of major developments, planemakers are mainly focusing on gradual changes and conserving cash, helping to lift their shares. But Boeing ( BA.N ) is threatening to roll the dice one more time with an all-new plane in the middle of the market.Airbus''s so-called A321neo-plus-plus would be rolled out if Boeing does go ahead with plans for an all-new plane seating 220-260 passengers. It would involve a new carbon-composite wing to make the biggest Airbus single-aisle jet cheaper to fly.The 189-seat A321neo has been outselling existing Boeing models by four to one, hurting sales of the Boeing 737 family and replacing some of Boeing''s out-of-production 757s.Boeing hopes a new mid-market jet would not only recapture business served by the 757 but address a wider gap between single-aisle jets that seat up to 200 people and twin-aisle jets that start at around 250 seats.Its new design offers the space of a twin-aisle jet in the cabin, sitting on top of a compact cargo area resembling that of a single-aisle jet to reduce drag and operating costs.Industry sources say it is expected to start offering the lightweight twin-aisle airplane to airlines next year and could launch it in 2019 for an entry to service in 2024 or 2025.MIDDLE OF MARKETAirbus has dismissed the threat of such a jet, saying any market gap is well covered by its A321neo, which can seat up to 240 people in high-density configurations. It says its own A310 several decades ago proved that twin-aisle jets can''t easily compete in that part of the market.But internally it is working on a series of improvements to the A321neo to try to thwart Boeing''s grab for the middle of the market, where thousands of potential sales could be at stake.Three industry sources said the plans include an A321neo-plus-plus with a new wing. Analysts say such makeovers cost $1-2 billion against $15 billion for a new jet.Two sources suggested Airbus could also fine-tune its smallest twin-aisle jet, the A330, in a pincer movement against the Boeing model. But after numerous refinements since it was launched in 1987 that aeroplane is said to have limited growth.One industry strategist said Airbus would at least study the option of waiting for Boeing to show its hand in the middle of the market and then accelerating development of an all-new single-aisle family by 2030, depending on engine technology."How both companies behave now may set their course for the next 10-15 years," he said, asking not to be named.Airbus declined to comment.As an interim tactical move, Boeing is gearing up to add a larger model to its single-aisle 737 family by launching a 190-230-seat 737-10 version at the Paris Airshow in June.The project took a step forward when Boeing solved a tricky problem regarding the design of the 737-10''s landing gear, which needs to be larger than before but fold into the same space.In an interview with Aviation Week, a senior Boeing executive confirmed the breakthrough, first reported by Reuters.(Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-airbus-aircraft-idINKBN185101'|'2017-05-09T17:05:00.000+03:00'
'18ec38b87eeb6a863c0dbba69f1f472676885a87'|'''American Idol'' to make comeback on ABC TV in 2018'|'Entertainment News - Tue May 9, 2017 - 11:55am EDT ''American Idol'' to make comeback on ABC TV in 2018 Confetti is released during the conclusion of the American Idol Grand Finale in Hollywood, California April 7, 2016. REUTERS/Mario Anzuoni By Melissa Fares - NEW YORK NEW YORK "American Idol," the most popular music reality show in U.S. television history, will return to the screen on ABC in 2018, the network announced on Tuesday. The show, which was canceled by Fox Television last year after 15 seasons, was once a ratings powerhouse, watched by more than 30 million viewers at its peak in 2005-2007. The glitzy talent show that launched the careers of Kelly Clarkson, Adam Lambert, Jennifer Hudson and others - spiced with celebrity judges who alternately feuded and fawned - eventually fell victim to declining ratings. "Very exciting announcement," ABC television host Robin Roberts said on "Good Morning America" on Tuesday. "We can reveal right here for the first time ABC is bringing ''American Idol'' back!" A spinoff of British music competition "Pop Idol," which aired from 2001 to 2003, the American version''s success led to replications of that format around the world, including Australian, Latin American and Indian "Idols." Within the United States, the "American Idol" phenomenon spawned a host of competing shows such as NBC''s "The Voice," CBS''s "Rock Star", and Fox''s "The X Factor." Following Tuesday''s announcement, "American Idol" became a top-trending topic on Twitter, with social media users expressing mixed views. "American Idol is already coming back," tweeted Andrea Marie (@andrea_mariexx). "I don''t think anyone had any time to miss it." "Man, ''member American Idol?" tweeted Ian Fortey (@IanFortey). "The world was so different. Donald Trump was running for President. Game of Thrones was only in season 6." ABC did not name a host or reveal the judges, leading many people to question whether long-time host Ryan Seacrest might make a comeback on the new version. "I''m so happy to wake up to the news that American Idol is returning!!" wrote @MendesDNCEArmy. "Now the question is... is Ryan Seacrest returning?!?!" (Editing by Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-television-american-idol-idUSKBN1851XV'|'2017-05-09T23:49:00.000+03:00'
'e8af0aea15085b005e118a7ebb06fd5a5ca46531'|'VolkerWessels raises 575 million euros in IPO'|'AMSTERDAM Dutch construction company VolkerWessels said its owner Reggeborgh Holding had raised 575 million euros ($625 million) by selling a 31.25 percent stake to investors in an initial public offering of shares.The offer price of 23 euros per share values the company at around 1.85 billion euros. The shares are due to begin trading on Amsterdam''s Euronext exchange Friday morning.(Reporting by Toby Sterling; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-volkerwessels-ipo-idINKBN1880HD'|'2017-05-12T03:53:00.000+03:00'
'ce2f1fa11a7de8ceb2a57cde50a0806ab731c921'|'UPDATE 1-UK tech start-up Improbable breaks $1 bln valuation with SoftBank deal'|'Market News - Fri May 12, 2017 - 8:41am EDT UPDATE 1-UK tech start-up Improbable breaks $1 bln valuation with SoftBank deal * $502 mln investment values firm at over $1 bln * SoftBank investment follows its ARM deal * Company founded 5 yrs ago by Cambridge, Imperial graduates * CEO warns UK needs foreign talent after Brexit (Adds details, CEO quotes) By Kate Holton and James Davey LONDON, May 12 Improbable, a British tech simulation company dreamt up at Cambridge University, has raised $502 million in a funding round led by Japan''s SoftBank , valuing it at over $1 billion and propelling it into the top ranks of the European industry. Britain has a thriving tech start-up scene but few companies secure the large investments they need to become fully-fledged businesses, meaning many list in the United States or sell out to American giants such as Google or Microsoft. Improbable was founded only five years ago by three friends, two of whom met while studying computer science at Cambridge and the other who went to Imperial College in London. It uses cloud-based computing to digitally simulate complex real-world locations. The software can be used in hyper-realistic gaming but also to design infrastructure and scenarios for self-driving vehicles. "This is only just the beginning of where we need to go," 29-year-old Improbable CEO Herman Narula told Reuters. The $502 million marks the biggest ever early stage investment for a venture-backed European company and comes from SoftBank CEO Masayoshi Son who is building a $100 billion tech fund in his drive to become the Warren Buffett of the industry. SoftBank bought Britain''s largest tech company ARM for 24.3 billion pounds last year, its largest takeover. Narula and his co-founders have not disclosed how much their own share of the company is now worth but will be sitting on fortunes -- at least on paper. The computer science graduate founded Improbable with fellow Cambridge student Rob Whitehead, 26, after they met at a dissertation review. They later moved to London and joined forces with Goldman Sachs employee Peter Lipka, 28 who had studied for a masters in engineering in computing at Imperial. BUILDING UP THE BUSINESS Employing nearly 200 people, Improbable distributes computing power across thousands of servers to create highly detailed digital models, functioning like a vast supercomputer. The size of the investment puts it on a par with the few world renowned tech startups to come out of Europe in recent years, including Skype and Spotify, and will help the company to invest in the platform and recruit more staff. The investment gives SoftBank a non-controlling stake and a seat on the board for Deep Nishar, its managing director. "Along with Machine Learning and Internet of Things, Improbable''s distributed computation technology represents a critical next frontier in computing," he said. Martin Garner, SVP at market research group CCS Insight, said Improbable now needed lots of developers using the platform to build momentum. It could then become attractive for a wider set of applications and users, such as city planners, electricity grid owners or transport systems to map designs. "That is the prize," he said. "They need scale as a platform and then there is lots of potential." BREXIT WARNING Improbable''s Narula said the deal showed that Britain remained an attractive destination for foreign investment, but he warned that could change if it takes the vote to leave the European Union as a reason to clamp down on immigration. "Many of my early co-founders were foreign nationals that came to study in places like Cambridge and Oxford," said Narula, who was born in India but moved to Britain aged three. "As long as the UK remains somewhere that is open to talent from all over the world .. I don''t think it will be a concern. "But if those things cease to be true, or if the country ceases being a welcoming place, then I think it will impact, and may
'bb197b351be255479e116bdf5a84693a0113ae08'|'Irish house prices grow 9.6 percent year-on-year in March'|'Business News  22am BST Irish house prices grow 9.6 percent year-on-year in March A construction worker carries a set of stepladders at ''The Cedars'' housing development site in the town of Swords situated on the outskirts of Dublin November 4, 2013. REUTERS/Cathal McNaughton DUBLIN Irish residential property prices rose by 0.1 percent month-on-month in March, but that was still enough to record the highest annual increase in almost two years after the previous month''s data was revised lower, data showed on Friday. House price growth has begun to accelerate again in the fast-growing economy amid a chronic lack of supply and a surge in demand for mortgages following an easing of central bank lending rules and the introduction of a new government subsidy. Prices nationally were 9.6 percent higher in March compared with growth of 9.4 percent in February that was originally seen above 10 percent. Dublin prices were up 0.5 percent month-on-month while in the rest of the country they fell 0.2 percent, the Central Statistics Office said. (Reporting by Padraic Halpin; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ireland-economy-houseprices-idUKKBN1881B4'|'2017-05-12T18:22:00.000+03:00'
'2c937d8db46075bbafd869635c4120e5f3eadbc9'|'White House weeks away from naming anyone to Fed - official'|'Economy News - Thu May 11, 2017 - 9:10pm BST White House weeks away from naming anyone to Fed: official A police officer keeps watch in front of the U.S. Federal Reserve building in Washington, DC, U.S. on October 12, 2016. REUTERS/Kevin Lamarque/File Photo By Jeff Mason and Olivia Oran U.S. President Donald Trump is weeks away from naming anyone to the board of the Federal Reserve, a White House official said, meaning it could be the fall before three currently empty seats are filled. The vacancies on the Fed''s seven member Board of Governors include the position of vice chair in charge of banking oversight, a critical role in Trump''s plan to revamp financial rules. The White House wants to get all nominees vetted by the Federal Bureau of Investigation and the Office of Government Ethics before they name them publicly and that process can take months, according to people familiar with the matter. If the vetting drags on, it runs the risk of delaying those people from taking their jobs until sometime this fall, complicating Trump''s plan to reshape regulation of Wall Street. The Fed positions require confirmation by the Senate and could be delayed further by a five-week congressional recess from the end of July to the beginning of September. Randal Quarles, a veteran of the George W. Bush administration, is expected to be Trump''s pick for the Fed''s top bank regulator, Reuters has previously reported. Trump met him late last month, according to sources familiar with the matter. Quarles, who worked as a partner at private equity firm the Carlyle Group, currently runs a private investment firm, the Cynosure Group, from Salt Lake City, Utah. He also served in the Treasury Department under Bush and was the U.S. executive director of the International Monetary Fund. Quarles did not immediately respond to a request for comment on Thursday. A spokesman for the Federal Reserve declined to comment. The vice chair for supervision and regulation and another seat that governs community banking were created as part of the 2010 Dodd-Frank financial reform law but were never filled by President Barack Obama. Former Fed governor Daniel Tarullo had stepped in to fill the supervision void before leaving the central bank in April. The White House would like to name all three regulatory positions at the Fed at the same time, according to people familiar with the matter. But Treasury Secretary Steven Mnuchin dismissed that idea publicly last month, saying, <20>I don<6F>t think we<77>re going to do that.<2E> In addition to the three current vacancies, one of which must be filled by someone with community banking experience, Chair Janet Yellen and Stanley Fischer, the vice chairman, could step down when their terms expire next year. Trump could therefore fill as many as five of the board<72>s seven seats within the next year, giving him the opportunity to nominate a block of people who will have a big say in the direction of interest rates. (Additional reporting by Pete Schroeder; Editing by Carmel Crimmins and Chris Reese)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-fed-appointments-idUKKBN1872UD'|'2017-05-12T04:05:00.000+03:00'
'6c982acc743123914aa906a2bad69a48e27244f4'|'Spain''s Banco Popular denies it is looking for rapid sale'|'Banks - Thu May 11, 2017 - 9:25pm BST Spain''s Banco Popular denies it is looking for rapid sale FILE PHOTO: Spain''s Banco Popular logo is seen during the bank''s results presentation in Madrid, Spain, July 29, 2016. REUTERS/Juan Medina/File Photo MADRID Spain''s struggling Banco Popular denied on Thursday it was urgently seeking to be taken over, after a Spanish news site reported it had hired JPMorgan and Lazard to find a buyer. Popular, which is still burdened with a large exposure to Spain''s property market nine years after a real estate collapse, said in a statement that its strategy had not changed and that it was exploring a series of options, including a possible capital increase. New Chairman Emilio Saracho, brought in earlier this year to try and draw a line under the bank''s troubles, had already said in April that Popular may consider raising more capital or a merger deal. The bank said on Thursday that it was touch with various advisors in this context. It did not name them. Online newspaper El Confidencial earlier in the day reported that Saracho mandated JPMorgan and Lazard last week to advise Popular on a rapid sale. It said the bank had reached out to rival Spanish lenders, telling them it urgently needed funds - which Popular said it "categorically denied". Lazard and JP Morgan declined to comment. "The bank''s strategy ... has not changed, and the bank is working on its development, which could include a potential capital hike or a corporate deal," Popular said. The lender is straining to clean up its balance sheet after a property market collapse in 2008 which hit Spain''s banks and caused steep losses for many. The financial sector has largely recovered but Popular still has the biggest exposure to property assets among Spain''s main listed banks. It has undergone three leadership shake-ups since last July and reported a 3.6 billion euro ($3.9 bln) loss for 2016, its biggest ever. Saracho was formerly at JPMorgan, and joined Popular in February. The bank also hired a new chief executive in April, Ignacio Sanchez-Asiain. The two have outlined plans to sell off non-strategic assets, including Popular''s Wizink credit card business, after Popular raised 2.5 billion euros in a capital increase last year. In the lender''s first earnings under Saracho, Popular booked a 137 million euro loss in the first quarter as it battled to clean up 37 billion euros of toxic real estate assets. Popular shares closed down 6.6 percent on Thursday after surging 27 percent over the previous five days. They have been the worst performers on the European STOXX banking index in the last year, tumbling 57 percent. (Reporting by Jesus Aguado, Carlos Ruano and Sarah White, Writing by Sarah White; editing by Susan Thomas and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-banco-popular-es-m-a-idUKKBN1872V9'|'2017-05-12T04:25:00.000+03:00'
'2535cfd8ddda6e62f907e76e9edeeaad7700d314'|'BMW to raise production capacity to 3 mln cars by 2020 - Handelsblatt'|'Autos - Tue May 9, 2017 - 1:25pm EDT BMW to raise production capacity to 3 million cars by 2020: Handelsblatt FILE PHOTO: A BMW logo is pictured before the annual news conference of German premium automaker BMW in Munich March 19, 2014. REUTERS/Michaela Rehle/File Photo FRANKFURT German luxury carmaker BMW Group ( BMWG.DE ) will raise its annual production capacity to 3 million cars by 2020 and plans to build its X5 offroader in China, German daily Handelsblatt said, citing company sources familiar with the plans. BMW Group, which includes the Mini and Rolls-Royce brands, and built 2.37 million cars last year, plans to double its production capacity in China to 600,000 cars, Handelsblatt said. In North America and Mexico, production capacity will be increased to 750,000 vehicles from 410,000, the paper said, adding that BMW brand wants to overtake rival Mercedes-Benz, which is owned by Daimler ( DAIGn.DE ), to reclaim the volume sales crown for premium carmakers. BMW declined to comment on the Handelsblatt report. (Reporting by Edward Taylor; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bmw-production-3million-idUSKBN18524A'|'2017-05-10T01:05:00.000+03:00'
'bfefe4f75c8d5853e42cf9b16d90c95a39e28648'|'Brokers, funds add up research bill before new EU rules'|'Fri May 5, 2017 - 3:58pm BST Brokers, funds add up research bill before new EU rules FILE PHOTO: Traders work at their desks in a trading room at the stock market operator Euronext headquarters in La Defense business and financial district in Courbevoie near Paris, June 8, 2016. REUTERS/Gonzalo Fuentes By Simon Jessop and Vikram Subhedar - LONDON LONDON Brokers operating in the European Union have only a few months to comply with new rules requiring them to set a separate price for the investment research they have been bundling with the trading services they sell to fund managers. Talks about a pricing have dragged on, with fund managers taking time to figure how much they are willing to spend and brokers worried about losing revenues and big clients. The changes could lead to job cuts for research analysts and some fund managers may lose access to research if they are not prepared to pay up. Many brokers use access to research as a way to draw in trading business. The EU says these two services must now be priced separately so customers can decide if the bill for research is worth paying and to prevent conflicts of interest. Regulators elsewhere are expected to adopt similar rules, adding to pressure on fund managers as they compete with lower-cost funds that track a particular index. "Historically, research has been a bit of a commodity; everybody has been producing it, oodles and oodles of it, in equities, fixed income, macro research, etc," said Matthieu Duncan, CEO at Natixis Asset Management. "That was all fine, but now we have to quantify this, the bar from asset managers is going to be a lot more selective, in one way, shape or form." Spending on research is inferred as a cut of total commissions paid by fund managers to brokers for all their services. Consultancy Greenwich Associates says this is worth around $1.6 billion a year in Europe, around 44 percent of overall commissions. This figure could fall by $100 million over the next 12 months, according to a survey of asset managers by Greenwich. "The greatest concern for research providers both large and small is that (the legislation) will prompt a substantial decrease in buy-side research spend," said William Llamas, associate director at Greenwich. "When asked about how firms'' overall research budget will be affected, close to 40 percent of respondents predict a decrease." Just under three quarters of fund managers surveyed said they expected to cut the number of brokers they use. FLAT FEE OR LIMITED ACCESS Brokers are looking at several new pricing models to ensure they keep as much business as possible. Some plan to move smaller customers onto a model that would give access to written research only but no contact with the analysts, for as little as 5,000 pounds per person per year, fund managers and analysts said. They could charge more to small groups of clients for better access. Others are looking at a flat fee per fund firm that could cost millions of pounds a year, they said. A survey of French asset managers by broker ITG found that most were in talks with brokers about the research rule but eight percent had yet to start talks. The rule is part of the EU''s MiFID II legislation which updates securities regulations to apply lessons from the financial crisis, such as the need for more transparency, better protection for consumers and to adapt to new trading technology. Despite Brexit, Britain''s Financial Conduct Authority has stressed the need for firms operating in the UK to comply in full with MiFID II from next year. Without such compliance, it would be harder for the UK to agree a new financial trading agreement with the bloc after Brexit. Under the new rule, fund managers will be able to choose between paying for research or charging it to clients, which would then involve tracking how the research is used to make sure they are billed fairly. A fund will have to set up a research payment account, funded by specific research charges agreed in 
'd9613567dd3bcb552a8dc87748a1a1774737584e'|'Soccer-Brazilian club players sue over video game image rights'|'Market News - Fri May 5, 2017 - 10:40am EDT Soccer-Brazilian club players sue over video game image rights By Andrew Downie - SAO PAULO SAO PAULO May 5 More than 20 Brazil-based footballers have won damages from the makers of top-selling video games and another 80 are lining up with similar suits that allege they are owed money for image rights, a lawyer for the players said on Friday. The players, all of whom play in the Brazilian leagues, are suing EA Sports and Konami for money they say they are owed from as far back as 2007. "We''ve won 20 cases so far in the first instance and haven''t lost any," the players'' lawyer Joaquin Mina told Reuters, adding that the average settlement awarded so far is around 80,000 reais ($25,200). "I have more than 100 cases ongoing." EA Sports did not answer requests for comment and Konami could not be reached. Among those suing are Santos goalkeeper Vanderlei, former Brazil full back Kleber, and Maxi Biancucchi, Lionel Messi''s cousin who plays for Bahia. Mina said the case revolves around image rights legislation. Thousands of players are featured in the massively popular games and are paid a fee in return for their name and image. In most countries that payment is made to FIFPro, the players'' group that negotiates a collective bargaining agreement with games'' manufacturers. FIFPro usually passes the money to national players'' unions to pay the players in that country. However, Mina argued that arrangement does not apply in Brazil, where, he said, the law states each player must personally sign an authorisation form. FIFPro confirmed the legislative differences and said it was aware of the court cases and was "working hard to find a definitive and long-lasting solution for the Brazilian market." The situation is a continuation of the legal wrangle that prompted games manufacturers to temporarily drop Brazilian teams from their games in 2014. The clubs were later reinstated after an agreement was reached and the companies signed up some players individually, Mina said. However, many of the figures represented today at Brazil-based clubs are generic, he added. ($1 = 3.1753 reais) (Editing by Toby Chopra) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/soccer-brazil-videogames-idUSL1N1I70P7'|'2017-05-05T22:40:00.000+03:00'
'7c88d0d64652669cd8988ca00cbbd2b14e965d25'|'Let''s hold Apple and Walmart to their big environmental promises - Guardian Sustainable Business'|'Call them the <20>moon shot<6F> promises. The big, bold corporate sustainability targets that take your breath away, and may scramble your trust as well.Can Apple really cease to depend on mining for any of the metal in its products, a goal it announced (pdf) in April? Surely Walmart<72>s Project Gigaton to eliminate a billion tonnes of carbon dioxide from its supply chain by 2030 is a pipe-dream? And who is Unilever kidding when one of the world<6C>s biggest purveyors of palm oil products says it will stop causing net deforestation by 2020?It is easy to be cynical. Apple admits it doesn<73>t yet know how to cut the mining cord. Unilever<65>s charismatic CEO Paul Polman has been caveating that deforestation promise (pdf) as 2020 approaches.Warnings over children''s health as recycled e-waste comes back as plastic toys Read more And as for Walmart , since farmers, processors and manufacturers are responsible for most of the emissions in its supply chain, the retailer<65>s climate goal <20> the equivalent of eliminating the annual emissions of Germany <20> depends overwhelmingly on putting the squeeze on them.Glimpsing the future But we all need a star to steer by. Aspiration is good even when the route is unclear. The prospect of achieving these goals will be helped by the fact that many global megatrends are already moving in the same direction. Three-quarters of the world<6C>s aluminium is already recycled, so Apple<6C>s promise to reach 100% in its own operations is not so far-fetched. And in the past three years, the global economy has grown 9% without any rise in CO2 emissions . In 2015 the world invested twice as much (pdf) in renewables as in new coal and gas power generation. Whether corporations are the driving force, or simply hitching a ride, is open to question. But some at least have glimpsed a new future of low-carbon energy, resource-efficient agriculture and closed-loop recycling of resources. Ford reckons it can cut water used in vehicle manufacturing by 72% by 2020 without damaging the bottom line, by adopting water-saving technologies in tasks like vehicle painting. H&M claimed (pdf) recently to have cut carbon emissions from operating its 4,300 stores by 47% in just 12 months. Apple now claims to get 96% of its energy from renewable sources. Replicating Apple<6C>s achievement would make Walmart<72>s gigatonne target very doable since, according to Elizabeth Sturcken from the Environmental Defense Fund in the US, electricity is the biggest activity that contributes to emissions in the US retail supply chain. Can H&M be <20>climate positive<76> by 2040 as it promises? Yes. With energy saving, renewable energy and some offsetting with forest protection, it could deliver negative emissions. Too much facile PR For companies to meet their pledges two key things need to happen. First, they must genuinely believe that they need to change their business model in order to succeed in future, by prioritising recycling and reduced resource use as well as the bottom line. And second, noisy activists must hold directors<72> feet to the fire when they falter, so concerned consumers and shareholders can make informed choices.M&S and Unilever promise plastic redesign to cut waste Read more There is still too much facile PR and wishful thinking in boardrooms and press offices. One example from my in-tray: Swedish textile and furnishing brands, including suppliers to H&M and Ikea, boasted in March that they had <20>saved almost 7bn litres of water <20> enough for the daily needs of 134 million people.<2E> Sorry to be picky, but that is nonsense. The water saving was made over four years; you can<61>t compare that with daily needs. The saving was equivalent to the basic water needs of just 92,000 people over that time. And Nestl<74> says it is <20>committed to being responsible stewards of water<65>, but has continued to pump water for bottling from beneath the California desert during the region<6F>s worst drought for centuries.Even the largest compa
'c2fb9c787fc23adc5ea1217ec37934c0900ca07e'|'Thermo Fisher to buy Patheon for about $5.2 billion'|'Thermo Fisher Scientific Inc ( TMO.N ) said on Monday it would buy Patheon NV ( PTHN.N ), a Dutch manufacturer of drugs for clinical trials, for $5.2 billion as it seeks to complement its offerings in production and services for the biopharma industry.The offer price of $35 per share represents a premium of about 35 percent to Patheon''s Friday close. Thermo will also assume $2 billion in net debt, putting the cost of the deal at about $7.2 billion for Patheon, which generated $1.9 billion in revenue last year.Thermo Fisher, the world''s largest maker of scientific instruments, also supplies raw materials used in formulating experimental drugs and had been doing business with Patheon.Thermo Fisher Chief Executive Marc Casper, in a telephone interview, called the deal a "hand in glove fit to ... our fastest growing part of the business."As drugmakers increasingly vie to shave costs from clinical trials, Patheon''s drug manufacturing capabilities will help Thermo Fisher grab a bigger slice of the fragmented contract development and manufacturing market, which the company estimates to be about $40 billion.Patheon has manufactured more products that won U.S. approval than any peer.The deal, which is expected to be completed by year end, will add to Thermo Fisher''s adjusted profit by 30 cents a share in the first full year after close."This deal could help solidify Thermo Fisher''s multi-year core growth reacceleration," said Evercore ISI analyst Ross Muken, who called the forecast conservative and sees it adding 35-40 cents a share to earnings."We put out numbers that we feel incredibly high confidence in our ability to achieve," said Casper, adding that he will update the forecast once the deal closes.The CEO sees greater growth potential longer-term."There are very interesting opportunities to build out their footprint in Asia-Pacific, where they have not yet really penetrated," Casper said.Thermo Fisher has reached agreements with JLL Partners and Royal DSM to tender their holdings representing about 73 percent of Patheon shares. That puts the company well on the way to securing 80 percent required under Dutch tender rules.Thermo Fisher said it expects to realize cost-saving synergies of about $120 million by year three following the deal''s close as there is little direct overlap in the two companies.There has been a wave of consolidation in the contract research space recently including INC Research Holdings Inc''s ( INCR.O ) agreement last week to merge with inVentiv Health Inc in a $4.6 billion deal.Thermo Fisher shares were up 0.5 percent at $172.41 on Monday afternoon, while Patheon shares were up 33.2 percent at $34.64, just shy of the offer price.Goldman Sachs & Co is acting as financial adviser to Thermo Fisher, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel.Morgan Stanley & Co is Patheon''s financial adviser, and Skadden, Arps, Slate, Meagher & Flom LLP is its legal counsel.(Reporting by Bill Berkrot in New York and Natalie Grover and Ankur Banerjee in Bengaluru; Editing by Martina D''Couto and Matthew Lewis)FILE PHOTO: Floor governor Rudy Mass (L) closes the price to begin trading of Patheon NV, during the company''s IPO on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 21, 2016. REUTERS/Brendan McDermid'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-patheon-m-a-thermo-fisher-idUSKCN18B1C4'|'2017-05-15T19:26:00.000+03:00'
'29906079ef0102f6ab838f6a885d406f96711e35'|'MIDEAST STOCKS - Factors to watch - May 15'|'Market News - Mon May 15, 2017 - 12:23am EDT MIDEAST STOCKS - Factors to watch - May 15 DUBAI May 15 Here are some factors that may affect Middle East stock markets on Monday. Reuters has not verified the press reports and does not vouch for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Asia stocks shrug off cyberattack, N. Korea threats to hit 2-yr high, oil jumps * MIDEAST STOCKS-Gulf slips as Q1 loss hits PetroRabigh; IMF agreement fails to lift Egypt * Oil jumps after Saudis, Russia say supply cut to be extended to March 2018 * PRECIOUS-Gold firm on weak U.S. data, N. Korea concerns * U.S. nears $100 bln arms deal for Saudi Arabia -White House official * Russia, Saudi Arabia agree to extend oil output cuts until March 2018 * More disruptions feared from cyber attack; Microsoft slams gov''t secrecy * Over 2,000 rebels, families evacuate Damascus district - state media * Iraqi forces attack Islamic State in Mosul as battle approaches endgame * Iran''s Rouhani lashes out at hardliners in blistering final debate before vote * Trump to back Palestinian "self-determination" on Mideast trip -aide * Erdogan sees "new beginning" in Turkish-U.S. ties despite Kurdish arms move * Yemen declares state of emergency in Sanaa over cholera * Palestinians hold local elections in West Bank but not Gaza * Thousands of Tunisians march against corruption amnesty law * Western envoys shun Qatar event attended by Sudan''s Bashir EGYPT * Egypt''s CIB agrees to sell 13.7 pct of CI Capital stake * Egypt uncovers chamber of mummies, sees life for tourism * Egyptian colonel killed in bomb attack on armoured vehicle * Yields rise on Egypt''s three-month and nine-month T-bills * BRIEF-Qalaa Holdings unit completes sale of 100 pct stake in ASEC Algeria Cement SAUDI ARABIA * Saudi-based IDB to provide $453 mln of funding across region * Saudi Telecom denies systems affected by WannaCry ransomware * BUZZ-Saudi''s Bupa Arabia jumps on parent''s plan to boost stake UNITED ARAB EMIRATES * INTERVIEW-UAE non-oil growth to rebound this year as austerity slows -IMF * Dubai government secures $3 billion financing for airports expansion * Dubai''s Emaar Properties posts 15 pct jump in first-quarter profit * BUZZ-Dubai''s Amlak drops on Q1 earnings plunge QATAR * Qatar to sell al-Shaheen crude through JV with Total from July - document KUWAIT * TABLE-Kuwait bank lending growth accelerates in March OMAN '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-factors-idUSL8N1IH0BI'|'2017-05-15T12:23:00.000+03:00'
'f3fbd5e06e26db226fac5d17c1b34752ad58413a'|'BRIEF-Greenlight Capital takes share stake in Alere, Micron Technology'|' 23pm EDT BRIEF-Greenlight Capital takes share stake in Alere, Micron Technology May 15 Greenlight Capital Inc * Greenlight Capital Inc takes share stake of 1.0 million shares in Alere Inc * Greenlight Capital Inc takes share stake of 1.6 million shares in Micron Technology Inc * Greenlight Capital Inc cuts share stake in Fmc Corp by 53.7 percent to 332,987 sharesSource text for quarter ended March 31, 2017 ( bit.ly/2qKIyFF ) Source text for quarter ended Dec. 31, 2016: ( bit.ly/2rj5c45 )'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-greenlight-capital-takes-share-sta-idUSFWN1IH16R'|'2017-05-16T04:23:00.000+03:00'
'64269727ceb5cf79ffc81cd79d0307ec34f25369'|'German industrial output falls less than expected in March'|'Business News  22am BST German industrial output falls less than expected in March FILE PHOTO: Steel rolls are pictured at the plant of German steel company Salzgitter AG in Salzgitter, Lower Saxony, Germany March 3, 2016. REUTERS/Fabian Bimmer/File Photo BERLIN German industrial production fell by less than expected in March and trade proved resilient, data showed on Tuesday, supporting expectations for a robust performance of Europe''s biggest economy in the first quarter. Industrial output edged down by 0.4 percent on the month, data from the Economy Ministry showed. This was better than the consensus forecast in a Reuters poll for a drop of 0.6 percent. The decline was driven by a 2.5 percent fall in energy output. Manufacturing production was down 0.5 percent while construction output rose 1.5 percent. The February reading was revised down to a rise of 1.8 percent from a previously reported increase of 2.2 percent. In January, industrial production rose by 1.3 percent. In the first quarter as a whole, industrial production rose 1.4 percent on the quarter, the ministry said. Separate data released from the Federal Statistics Office showed that seasonally adjusted exports rose by 0.4 percent on the month. This came in better than the consensus forecast in a Reuters poll for a rise of 0.2 percent. Imports jumped by 2.4 percent -- much stronger than a predicted increase of 1.0 percent. The seasonally adjusted trade surplus narrowed to 19.6 billion euros (16.5 billion pounds) from a revised 21.2 billion euros in February, below the Reuters consensus forecast of 20.9 billion euros. (Reporting by Michael Nienaber)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-output-idUKKBN1850HQ'|'2017-05-09T14:22:00.000+03:00'
'6fdb0687a5446317e98130004dbb689eb86de2fb'|'UPDATE 1-German court refers publishers'' case vs Google to European court'|'Market News - Tue May 9, 2017 - 10:47am EDT UPDATE 1-German court refers publishers'' case vs Google to European court (Adds judge''s comment, ruling) BERLIN May 9 A court in Berlin on Tuesday referred to the European Court of Justice a dispute in which German publishers want search engine providers such as Google to pay them for displaying parts of their newspaper articles online. Germany''s biggest newspaper publisher Axel Springer and 40 other publishers have accused Alphabet Inc''s Google of copyright infringement in the case. The European Court of Justice will now have to look into whether a German media law dealing with copyright issues is in line with European principles. It must decide whether the German government should have presented its draft Leistungsschutzrecht law to the European Commission, the executive body of the European Union, before it took effect in 2013, judge Peter Scholz said. "We think that the complaint is at least partially justified," Scholz said in his ruling, without giving details. But he said the European Court of Justice should review the matter, a process that could take around a year, according to a lawyer for the publishers. If the court finds the German government should have had its law reviewed by the EU, that could remove the legal basis for the publishers'' complaint, experts said. A German Justice Ministry spokesman said the government had not seen any reason to present the draft law to the European Commission and get approval. A Google spokesman said the company remained convinced that it would prevail, saying Tuesday''s ruling showed the German copyright law was full of contradictions and open-ended questions. (Reporting by Klaus Lauer; Writing by Michael Nienaber; Editing by Janet Lawrence)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/google-media-germany-idUSL8N1IB4LX'|'2017-05-09T22:47:00.000+03:00'
'059b4ec0e47799e6852eb726c5edffe504e8ddc6'|'Mitsubishi Motors sees profit surge on higher Asia sales, cost savings'|'  8:08am BST Mitsubishi Motors sees profit surge on higher Asia sales, cost savings FILE PHOTO: Mitsubishi Motors Corp''s logo on a car and its company headquarters are seen in Tokyo, Japan, August 2, 2016. REUTERS/Kim Kyung-Hoon/File Photo TOKYO Japan''s Mitsubishi Motors Corp on Tuesday forecast a near 14-fold rise in operating profit this year, as higher sales and cost savings from its alliance with Nissan Motor Co helps it draw a line under last year''s mileage cheating scandal. The brighter outlook reflects the automaker''s recovery from last year''s scandal in which it overstated the fuel economy on some of its Japanese models, and led to Nissan taking a controlling stake in the company. Japan''s sixth-largest carmaker anticipates an operating profit of 70 billion yen (476.8 million pounds) in the year to March, up significantly from 5.1 billion yen the previous year. But the outlook was below estimates for around 89 billion yen from 11 analysts polled by Thomson Reuters I/B/E/S. Mitsubishi Motors anticipates a net profit of 68.0 billion yen in the year to March. That''s a turnaround from a net loss of 198.5 billion yen last year, when the automaker was hit by falling domestic sales and compensation costs. The automaker has reorganised the engineering division involved in the mileage manipulation scandal and has improved testing processes and compliance procedures to prevent another incident. It forecasts global vehicle sales will hit 1.03 million vehicles this year, up 11 percent from last year. Much of the growth will be driven by a 23 percent jump in sales expected in Asia, the automaker''s largest market, where it sells around one-third of its global production. Mitsubishi Motors has been expanding its market share in the region, as it focuses on selling SUVs and pick-up trucks to households with rising incomes. The automaker is assuming an average U.S. dollar rate of 105 yen, anticipating the yen will strengthen from its trading level against the U.S. currency of around 113 yen on Tuesday. (Reporting by Naomi Tajitsu; Editing by Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mitsubishimotors-results-idUKKBN1850LN'|'2017-05-09T15:08:00.000+03:00'
'019d7bc2c3b474893017f6465439ae5b217c6c19'|'Towergate''s owners to create new UK insurance broking group'|' 18am BST Towergate''s owners to create new UK insurance broking group By Simon Jessop and Carolyn Cohn - LONDON LONDON The majority owners of insurance broker Towergate, which restructured its debt two years ago, said on Tuesday they planned to bring together their various UK broking businesses into a new holding company which may issue new debt. HPS Investment Partners became Towergate''s largest shareholder in 2015 after Towergate sold itself to its senior secured creditors as part of a deal to slash its debt pile. Madison Dearborn Partners [MDPRT.UL] became the firm''s second largest shareholder last year. The two private equity firms said in a statement they would look to consolidate the group''s capital structure in the loan and bond markets, including through refinancing existing debt. They said they would give more details of the plans in the third quarter. Joining Towergate under the new structure would be Autonet, a van insurance broker, private medical insurance broker Chase Templeton, and general insurance broker Ryan Direct Group. All would operate independently under existing management. A fifth company, Lloyd''s Of London speciality insurance broker Price Forbes, would also join the new holding company, they added. The new holding company, called KIRS, would be renamed in the third quarter. KIRS is buying Nevada, the holding group for Autonet and Price Forbes, for 250 million pounds, the investment groups said. Investment firms KKR ( KKR.N ) and Bain Capital are also minority shareholders in Towergate and are expected to remain invested in the new group, a spokeswoman said. The investment groups said John Tiner, Towergate''s chairman, had been appointed chairman of the new enlarged group with its chief executive David Ross taking the same role at the new group. "Today''s announcement demonstrates the tremendous confidence our major shareholders have in the businesses we are bringing together and the opportunities for further expansion," Tiner said in the statement. (Editing by Lawrence White, Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-towergate-restructuring-idUKKBN1850M5'|'2017-05-09T18:18:00.000+03:00'
'04cb48de7414b8c535f820573c7dfae6b73b597b'|'U.S. longer-dated bond net shorts hit 3-month high -JPMorgan'|'Market  26am EDT U.S. longer-dated bond net shorts hit 3-month high -JPMorgan NEW YORK May 9 The margin of investors who are bearish on longer-dated U.S. Treasuries over those who are bullish grew to its widest in more than three months following the French presidential run-off on Sunday, J.P. Morgan''s latest Treasury client survey showed on Tuesday. Centrist Emmanuel Macron''s widely expected win over anti-European Union rival Marine Le Pen caused investors to reduce their safe-haven holdings of government bonds, propelling benchmark U.S. yields to a five-week high on Tuesday. Uncertainty over the demand for this week''s $62 billion bond supply for the May quarterly refunding also weighed on investor sentiment on longer-dated Treasuries, analysts said. The share of "short" investors who said they were holding fewer longer-dated U.S. government securities than their portfolio benchmarks rose to 27 percent from 25 percent in the prior week, according to the J.P. Morgan survey. J.P. Morgan surveyed clients including bond fund managers, central banks and sovereign wealth funds. The share of "long" investors who said they were holding more longer-dated Treasuries than their benchmarks held at 16 percent for a second week. Short investors outnumbered long investors by 11 points, the most since the week of Jan. 30. A week ago, they were net short by nine points. On Tuesday, the yield on the benchmark 10-year Treasury was 2.405 percent, compared with 2.296 percent a week ago, according to Reuters data. Active clients, which included market makers and hedge funds, reduced their bullishness on longer-dated Treasuries in the latest week, the J.P. Morgan survey showed. Thirty percent of those clients said they were long, but 20 percent said they were short, up from 10 percent a week ago, while 50 percent said they were neutral, down from 60 percent a week ago. (Reporting by Richard Leong; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/treasuries-jpmorgan-idUSL1N1IB0NH'|'2017-05-09T22:26:00.000+03:00'
'd9fa35de25ddc04a5f51e7562bf578f1c8b5031e'|'Germany welcomes Chinese investment in financial firms'|'Banks  44pm BST Germany welcomes Chinese investment in financial firms The Brandenburger Tor gate is pictured before Earth Hour in Berlin March 29, 2014. REUTERS/Fabrizio Bensch FRANKFURT China is welcome to invest in German financial firms, Germany''s top market watchdog said after Chinese conglomerate HNA Group ( 0521.HK ) raised its stake in Deutsche Bank ( DBKGn.DE ). An acquisition spree by HNA reflects a broader Chinese push into financial services as Beijing encourages its corporate sector to expand overseas, although such moves have faced increased regulatory scrutiny in the United States and Europe. "We believe it is fundamentally positive that capital is being invested in German banks. This of course includes foreign capital and of course Chinese capital," BaFin President Felix Hufeld said on Tuesday. "There is no black list of countries that are not allowed to invest with us. In this regard, this is a welcome development," he said at the regulator''s annual press conference. Last year, BaFin gave a green light to China''s Fosun ( 0656.HK ) to take over the small private bank Hauck & Aufh<66>user. HNA''s investment in Deutsche Bank, which it revealed last week had risen to just below 10 percent, comes at a time of heightened uncertainty for the bank. Germany''s largest lender is grappling with a strategic turnaround, an uncertain global economy and the impact of Britain''s departure from the European Union. The disclosure in a U.S. regulatory filing showed that HNA had become Deutsche Bank''s biggest direct shareholder, slightly ahead of funds controlled by Qatar''s former Prime Minister Sheikh Hamad bin Jassim al-Thani who last year increased their stake, including options, to just under 10 percent. Deutsche Bank sees the HNA and Qatari stakes as a vote of confidence that should encourage other investors, big and small. Chinese investors are also said to have shown some interest in buying a stake in the troubled HSH Nordbank. HNA and Chinese insurer Anbang have both made inquiries about Nordbank, two financial sources have told Reuters. (Reporting by Tom Sims, Andreas Kroener and John O''Donnell; Editing by Maria Sheahan and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bafin-regulation-china-idUKKBN18520Y'|'2017-05-10T00:44:00.000+03:00'
'5e57a2792e905d14dbf19c7c04548160a27bf1cb'|'Exclusive - EU regulators to approve $5.5 billion Broadcom, Brocade deal: sources'|'Business News - Tue May 9, 2017 - 6:09pm BST Exclusive - EU regulators to approve $5.5 billion Broadcom, Brocade deal: sources FILE PHOTO: Broadcom Limited company logo is pictured on an office building in Rancho Bernardo, California May 12, 2016. REUTERS/Mike Blake/File Photo BRUSSELS EU antitrust regulators are set to approve chipmaker Broadcom''s $5.5 billion (<28>4.2 billion) bid for Brocade after it agreed to concessions making it easier for customers and rivals to use their products and competing ones, three people familiar with the matter said on Tuesday. The concession on interoperability means that clients can use whatever brand of switches on their network independent of the supplier, the people said. Broadcom also pledged to set up Chinese walls between technical teams developing components and others developing and marketing competing devices to ensure confidentiality, they said. The European Commission, which subsequently sought feedback from third parties, is expected to clear the deal by its scheduled May 12 deadline, according to the sources. The EU competition enforcer declined to comment. (Reporting by Foo Yun Chee, editing by Julia Fioretti)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brocade-commns-m-a-broadcom-eu-idUKKBN185230'|'2017-05-10T01:09:00.000+03:00'
'acde85df5f34bc889ce441fc40e3deec740d9556'|'Banks prepare debt financing as IK launches Schenck sale: sources'|'FRANKFURT Buyout group IK Investment Partners has launched the sale of German measuring technology group Schenck Process, a potential 800-900 million euro deal, people close to the matter said.Several rival private equity groups are preparing to submit offers for the company next month, the sources said.They also said that bankers were working on debt financing of about 500 million euros ($545 million), equating to 5.5 times Schenck''s expected 2017 earnings before interest, tax, depreciation and amortization of 85 million euros, including undrawn facilities. Potential buyers would have access to this financing.IK declined to comment.The private equity group, which acquired Schenck at the height of the buyout boom in 2007 from rival HgCapital for 450 million euros, is hoping to achieve a valuation of around 10 times Schenck''s core earnings, the sources said.After unsuccessful attempts to sell Schenck over the last couple of years, IK is now working with investment bank Lazard ( LAZ.N ), which is advising the sale. Information packages have been sent to prospective bidders in recent weeks.Other private equity groups including Blackstone ( BX.N ), KKR ( KKR.N ), Pamplona and Triton are considering making a bid, the sources said. They also said that IK also hoped to kindle interest from strategic bidders such as Metso ( METSO.HE ) and Sandvik ( SAND.ST ).Schenck, a former unit of German automotive supplier Duerr AG ( DUEG.DE ), makes factory gear to weigh, filter or dose substances, catering to industries such as mining, construction, chemicals and food processing. It expects to report sales of 550 million euros this year.Since the IK''s acquisition of Schenck, which has its roots in a 19th century maker of cranes and scales, it has bought six smaller rivals.(Reporting by Arno Schuetze and Claire Ruckin. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-schenck-m-a-sale-idINKBN1851WC'|'2017-05-09T13:42:00.000+03:00'
'f953e5fa8333c636906af1e84f3b6f013d2a03b2'|'Norway''s sovereign wealth fund backs RBS new remuneration policy'|'OSLO May 9 Norway''s $938-billion sovereign wealth fund, the world''s largest, will vote in favour of Royal Bank of Scotland''s new remuneration policy, the fund said on Tuesday.The bank plans to simplify the executive compensation framework and to reduce maximum award levels, in line with the wealth fund''s broader policy on remuneration."We commend the (RBS''s) Board''s willingness to challenge conventional thinking on remuneration," the fund said in a statement. (Reporting by Camilla Knudsen, editing by Nerijus Adomaitis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/norway-swf-idUSO9N18Y002'|'2017-05-09T16:33:00.000+03:00'
'df874e70d3ebc833c4b19732793b0e9dee34962f'|'Atlantia to submit takeover bid for Abertis within days - sources'|'Deals - Tue May 9, 2017 - 2:58pm BST Atlantia to submit takeover bid for Abertis within days: sources FILE PHOTO: Abertis''s logo is seen during a news conference in Barcelona, Spain, April 12, 2016. REUTERS/Albert Gea/File Photo By Pamela Barbaglia , Paola Arosio and Robert Hetz - LONDON/MILAN/MADRID LONDON/MILAN/MADRID Italian toll road operator Atlantia ( ATL.MI ) is planning to submit a takeover bid for Spanish rival Abertis ( ABE.MC ) within days, two sources familiar with the situation said on Tuesday, hoping to bridge differences over price that have held up negotiations in the past few weeks. A merger between Atlantia and Abertis would create Europe''s biggest toll road group, with a combined market value of more than 36 billion euros ($39.21 billion). It would also speed up Atlantia''s plans to diversify away from its home market, with the combined group generating around 60 percent of its core profit outside Italy. Atlantia, controlled by the Benetton family, confirmed last month it was considering a deal with Abertis providing it was friendly and created shareholder value. "It''s a matter of days. The offer could come toward the end of this week or early next week," one of the sources said, adding that the two parties were keen to reach a friendly agreement. Representatives at Atlantia were not immediately available for comment, while Abertis declined to comment. The Rome-base group has yet to hammer out the final terms of the deal, the sources said, and plug differences over Abertis'' valuation. Two of the sources said Atlantia had initially approached Abertis with a 16 euro-a-share bid but Abertis''s main shareholder, La Caixa, had asked for 17 euros per share, valuing the Barcelona-based business at around 16.8 billion euros, slightly above its market value of 16.6 billion euros. A third source said the Spaniards wanted a valuation above 16 euros per share. "The final price is likely to be somewhere in the middle. I don''t think the Benettons will pull out due to a relatively minor valuation difference," one of the sources said. Abertis shares were trading at 16.28 euros at 1304 GMT (9.04 a.m. ET). The sources said Atlantia has secured a financing package worth around 11 billion euros to back a cash and share bid. Reuters previously reported that Atlantia''s advisers Credit Suisse ( CSGN.S ) and Mediobanca ( MDBI.MI ) and Abertis'' adviser Citi ( C.N ) had committed to provide financing for the deal. The pool of lending banks will also include Italian lenders UniCredit ( CRDI.MI ) and Intesa Sanpaolo ( ISP.MI ) and France''s BNP Paribas ( BNPP.PA ) and Societe Generale ( SOGN.PA ) among others. Atlantia will hold a board meeting on Friday to discuss its first-quarter results and may try to formalize its bid for Abertis, the sources said, although a final decision had yet to be taken. Atlantia, which operates Rome''s two airports and around 5,000 km of toll motorways, has long been trying to lure its Spanish rival to the negotiating table, the sources said. But Abertis, considered one of Catalonia''s "crown jewels", has only recently started contemplating the possibility of a sale to enable the business to cope with domestic challenges including a series of concessions that will soon expire, the sources said. (Additional reporting by Francesca Landini and Stephen Jewkes in Milan. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-abertis-m-a-atlantia-idUKKBN1851NY'|'2017-05-09T21:58:00.000+03:00'
'56ba84a2dd94314ffdb238e3a9a385a6d9fa6011'|'Bharti Airtel quarterly profit falls 69 percent, misses estimates'|'Money News - Tue May 9, 2017 - 8:35pm IST Bharti Airtel quarterly profit falls 69 percent, misses estimates A Bharti Airtel office building is pictured in Gurugram, previously known as Gurgaon, on the outskirts of New Delhi, April 21, 2016. REUTERS/Adnan Abidi/Files MUMBAI Bharti Airtel Ltd, India''s biggest telecoms operator, reported a 69 percent drop in quarterly profit, missing market expectations as a price war launched by a rival carrier last year weighed on its earnings. Consolidated net profit fell to 4.71 billion Indian rupees ($72.8 million) in the three months to March 31 from 15.29 billion rupees a year ago, Bharti said in a statement on Tuesday. That was below a mean estimate of 5.28 billion rupees from seven analysts, according to Thomson Reuters data. Net sales dropped 12 percent to 219.35 billion rupees. ($1 = 64.6340 Indian rupees)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bharti-airtel-results-idINKBN1851TL'|'2017-05-09T13:05:00.000+03:00'
'181b7dd6ce0440fd93a5db8e9fc53e2930e75edc'|'Towergate owners to create new diversified UK insurance group'|'By Simon Jessop - LONDON LONDON May 9 The majority owners of insurance broking platform Towergate said on Tuesday they planned to bring together their UK insurance assets into a new holding company, to create one of Britain''s biggest diversified insurance groups.HPS Investment Partners and Madison Dearborn Partners said in a statement they would then look to consolidate the group''s capital structure in the loan and bond markets, including through refinancing existing debt.Joining Towergate under the new structure would be Autonet, a van insurance broker, private medical insurance broker Chase Templeton, and general insurance broker Ryan Direct Group. All would operate independently under existing management.A fifth company, Lloyd''s Of London speciality insurance broker Price Forbes, would also join the new holding company, they added. The new holding company, KIRS, would be renamed in the third quarter, when more details would be released.The investment groups said John Tiner had been appointed chairman of the newly enlarged Group, with David Ross as chief executive and Mike Donegan, leader of the International Specialty business, as an executive director."Today''s announcement demonstrates the tremendous confidence our major shareholders have in the businesses we are bringing together and the opportunities for further expansion," Tiner said in the statement. (Reporting by Simon Jessop, Editing by Lawrence White)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/towergate-restructuring-idINL8N1IB1I5'|'2017-05-09T05:10:00.000+03:00'
'6228ed838b6cde91cab360f0e1f9ddfece61afe9'|'Japan''s Idemitsu, Showa Shell to brief on joint business'|'Business News - Tue May 9, 2017 - 2:51am BST Japan''s Idemitsu, Showa Shell to brief on joint business FILE PHOTO: A man walks behind a signboard of Showa Shell Sekiyu at its gas station in Tokyo, Japan, November 11, 2015. REUTERS/Yuya Shino/File Photo TOKYO Japanese oil refiners Idemitsu Kosan Co Ltd and Showa Shell Sekiyu KK said they would brief on a joint business at 2:30 p.m. (0530 GMT) on Tuesday. Idemitsu Kosan completed the purchase of just under a third of Showa Shell last December, but their goal of a full merger has been delayed indefinitely due to opposition from Idemitsu''s founding family. (Reporting by Osamu Tsukimori; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-refiners-idUKKBN185051'|'2017-05-09T09:51:00.000+03:00'
'348ce6af5d3654038e900a9945f6dc1110d9896c'|'UK, Italy weigh on EDF first quarter sales, 2017 outlook confirmed'|'Tue May 9, 2017 - 5:22pm BST UK, Italy weigh on EDF first-quarter sales, 2017 outlook confirmed FILE PHOTO: The logo of France''s state-owned electricity company EDF is seen on the company''s headquarters in Paris, France, November 24, 2016. REUTERS/Charles Platiau PARIS The weaker pound and a lower sales volumes in Italy contributed to a 1.5 percent slide in French utility EDF''s first-quarter sales, the company said on Tuesday. Corrected from foreign-exchange and scope impact, first-quarter sales were unchanged at 21.13 billion euros ($23 billion). UK sales were down 12.3 percent to 2.57 billion euros, while Italian sales were down 10.3 percent to 2.80 billion euros. French sales from generation and supply were up 1.7 percent to 11.35 billion euros, while French sales from regulated activities were up 1.6 percent to 4.86 billion euros. The company confirmed its 2017 targets for nuclear output of 390 to 400 terrawatthours and core earnings before interest, tax, depreciation and amortisation (EBITDA) between 13.7 and 14.3 billion euros. (Reporting by Geert De Clercq; Editing by Mathieu Rosemain)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-edf-results-idUKKBN185204'|'2017-05-10T00:02:00.000+03:00'
'5d3cdee39252e8e933717265613d945e035384ff'|'Platform FAB Partners buys stake in hedge fund Halkin - letter'|'Business News  33pm BST Platform FAB Partners buys stake in hedge fund Halkin - letter LONDON Platform FAB Partners on Tuesday said it had acquired a majority stake in London-based equities hedge fund manager Halkin Asset Management, a letter to investors seen by Reuters showed. Global alternative investment platform FAB completed the deal at the end of April, the letter showed, without specifying the size of stake taken or the price paid. "FAB''s capital injection allows Halkin to expand its onshore asset management capability and to grow its corporate finance advisory business," the letter said. A spokesman at Halkin declined to comment while representatives from FAB did not immediately respond to requests for comment. FAB last summer acquired New York-based $14 billion (<28>10.8 billion) private debt manager CIFC for about $333 million, its website showed. (Reporting by Maiya Keidan; editing by Simon Jessop)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hedgefunds-acquisition-idUKKBN18520K'|'2017-05-10T00:33:00.000+03:00'
'156d6e43271c156e58844569b5cd4d0bf44aa1de'|'BOJ governor expects to meet price target with current monetary easing'|'Economy News -  28am BST BOJ Kuroda: Expect to meet price target with current monetary easing Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan April 27, 2017. REUTERS/Kim Kyung-Hoon TOKYO Bank of Japan Governor Haruhiko Kuroda said on Tuesday he expects to meet the central bank''s 2 percent inflation target around next fiscal year if the BOJ continues with its current monetary easing. Speaking in the lower house fiscal and monetary policy committee, Kuroda said that the BOJ would adjust policy if needed, but that the central bank had recently upgraded Japan''s economic outlook and the global economy was growing stronger. (Reporting by Stanley White; Editing by Chang-Ran Kim)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-japan-economy-kuroda-idUKKBN18501K'|'2017-05-09T08:50:00.000+03:00'
'c19c7aabc4435b6236da795141afc50b9d6f0f4b'|'Brazil plans changes to bankruptcy law to bolster recovery, paper says'|'SAO PAULO May 9 The Brazilian government plans to change the bankruptcy law to help indebted firms emerge faster from creditor protection, Finance Minister Henrique Meirelles told a newspaper.The changes would reduce the average length of bankruptcy protection to two years, compared to between seven and eight years currently, he said in an interview published on Tuesday in the O Estado de S.Paulo newspaper.Bankers and lawyers expect bankruptcies to set a record in 2017, with tight credit and the lingering recession forcing a growing number of large Brazilian companies to seek protection from creditors.The bill, which will be submitted to Congress in June, would make it easier for companies under creditor protection to maintain operations and borrow funds, according to the article.It would also grant creditors stronger power in the discussions, Meirelles added, without providing further details.That is the latest in a wide series of microeconomic reforms proposed by President Michel Temer''s administration to lift Latin America''s largest economy from its deepest recession in decades and secure steady growth from then on.Together with ongoing plans to streamline the social security system, reform labor laws and other efforts, those changes would allow Brazil''s gross domestic product (GDP) to expand at a 3.5 percent to 4 percent annual pace without accelerating inflation, Meirelles said.Currently, so-called potential growth stands at between 2 percent and 2.25 percent, he said.Press representatives from the Finance Ministry were not immediately available to comment on the report.Major firms, such as wireless carrier Oi SA and homebuilder PDG Realty SA, have been ensnared in thorny debt renegotiation talks after filing for protection from creditors as years of robust economic growth faded away. (Reporting by Bruno Federowski; Editing by Bernadette Baum)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/brazil-economy-bankruptcy-idUSL1N1IB0AR'|'2017-05-09T15:56:00.000+03:00'
'a26a9e5d1bbbf72ff8ca65a8ed914eea1837afe1'|'Linde chairman sees Praxair merger agreement within weeks'|'By Georgina Prodhan and J<>rn Poltz - MUNICH, Germany MUNICH, Germany The chairman of German industrial gases group Linde ( LING.DE ) expects a business combination agreement with U.S. peer Praxair ( PX.N ) to be finalised within weeks, he told Reuters, reiterating his determination to get the deal done despite union opposition.Speaking on the eve of what is expected to be a stormy annual shareholder meeting, Wolfgang Reitzle said he would be reluctant to use his casting vote as chairman in the event of a stalemate with labor representatives on the supervisory board.But he said he would be failing in his duty toward shareholders if he allowed the labor side to hinder the planned $70 billion deal, which he said would equip both companies for future challenges although it was not an urgent need for Linde."The casting vote was instituted by lawmakers when co-determination was brought in for such cases. Shareholder rights should not be able to be overridden," Reitzle said.(Reporting by Georgina Prodhan; Editing by Edward Taylor)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-linde-m-a-praxair-chairman-idINKBN185240'|'2017-05-09T15:22:00.000+03:00'
'd5438b456b8645194b173401938cc8216c7e080c'|'Europe''s ATR signs provisional order for $1.3 billion IndiGo plane deal'|'Business   5:03pm IST Europe''s ATR signs provisional order for $1.3 billion IndiGo plane deal Passengers stand at the ticket counter of Indigo Airlines at the airport on the outskirts of Agartala, capital of India''s northeastern state of Tripura, October 16, 2014. REUTERS/Jayanta Dey PARIS European turboprop maker ATR has signed a provisional order to sell 50 ATR 72-600 aircraft, worth more than $1.3 billion at list price, to Indian airline IndiGo, the companies said on Tuesday. ATR, which is jointly owned by Airbus ( AIR.PA ) and Italian company Leonardo ( LDOF.MI ), said the aircraft were set to start operations by the end of 2017. If completed, the IndiGo plane deal would mark the biggest order for ATR, whose rivals include Bombardier ( BBDb.TO ), in at least a decade. "Their decision further proves that our aircraft is the right tool to link communities and develop business throughout India," said ATR Chief Executive Christian Scherer, commenting on the provisional order with IndiGo. IndiGo, which also reported a drop in quarterly profits on Tuesday, currently flies the Airbus A320-family jets and is one of the European planemaker''s biggest customers. (Reporting by Tim Hepher and Sudip Kar-Gupta; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-atr-indigo-idINKBN18517X'|'2017-05-09T09:24:00.000+03:00'
'5b11fcd6096b9d61890664943c30c0eb4c12f8ad'|'Oil prices edge up in anticipation of extended crude output cut'|'Tue May 9, 2017 - 8:44pm BST Oil falls as concern grows over battle of OPEC vs U.S. shale A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, Oklahoma September 15, 2015. REUTERS/Nick Oxford By Scott DiSavino - NEW YORK NEW YORK Oil prices fell on Tuesday, rattled by concern over slowing demand, a rising U.S. dollar and increasing U.S. crude output that has shaken investors'' faith in the ability of OPEC to rebalance the market. Brent futures LCOc1 lost 61 cents, or 1.2 percent, to settle at $48.73 a barrel, while U.S. West Texas Intermediate crude CLc1 fell 55 cents, or 1.2 percent, to $45.88. That was the lowest close for both futures since May 4 and the second lowest since Nov. 29 - the day before the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut production during the first half of 2017. The U.S. dollar .DXY, meanwhile, gained 1 percent against a basket of currencies so far this week as it rose to its highest since April 21, pressuring greenback-denominated oil. Weekly U.S. data on crude production and inventories, plus monthly reports on supply and demand from OPEC and the U.S. Energy Information Administration (EIA) this week, should provide a more detailed picture of how quickly global crude inventories are falling. Analysts forecast U.S. crude stocks declined for a fifth week in a row, falling 1.8 million barrels during the week ended May 5, since hitting an all-time high over 535.5 million barrels at the end of March, according to a Reuters poll. "We really need to see some of the data starting to support the idea that global inventory levels are coming down," Saxo Bank senior manager Ole Hansen said, noting there have also been signs of wavering in terms of demand growth. High U.S. gasoline stocks have fed concern about demand in the United States, where consumer spending expectations hit a three-year low last month and vehicle sales have fallen year-on-year for four months in a row. Coupled with that is faltering manufacturing activity and a drop in commodity imports in China, the world''s second-largest economy and biggest raw materials consumer. Top oil exporter Saudi Arabia said Monday it would "do whatever it takes" to rebalance a market that has been dogged by oversupply for over two years. Saudi Aramco will curb oil supplies to Asia by about 7 million barrels in June, a source with direct knowledge of the matter said. "Although OPEC is apparently putting on a renewed push to support values, this looks like the only significant bullish consideration currently available to the energy complex," Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates, said in a note. Even though OPEC has stuck to its pledge to cut production, U.S. output C-OUT-T-EIA has risen by more than 10 percent since mid-2016 to 9.3 million barrels per day in 2017 and a forecast all-time annual high of almost 10 million barrels in 2018, boosted by the shale sector and near the output of Russia and Saudi Arabia. "U.S. oil production surpassed expectations in terms of an early bottoming and swift uptick, and is set to expand further based on the latest drilling momentum," said Norbert Ruecker, head of macro and commodity research at Julius Baer. "We see prices between $45-50 per barrel as fundamentally justified. Consequently, we have raised our view to neutral from bearish and closed our short position. An extension of the supply deal beyond June looks likely but its effectiveness will remain questioned." (Additional reporting by Amanda Cooper in London and Henning Gloystein in Singapore; Editing by Marguerita Choy, Jason Neely and Chris Reese)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN185033'|'2017-05-09T09:00:00.000+03:00'
'd81ecc981041474e68d633a417d64d6ecc1f8067'|'PIRC recommends Prudential shareholders vote against pay, chairman'|'Business  03pm BST PIRC recommends Prudential shareholders vote against pay, chairman A man leaves the Prudential offices in central London May 13 2010. REUTERS/Paul Hackett LONDON Governance adviser PIRC recommended on Tuesday that Prudential ( PRU.L ) shareholders oppose the insurer''s pay policy and report, and the re-election of chairman Paul Manduca at the company''s annual general meeting next week. Prudential''s remuneration policy, which sets out future executive pay awards, has a maximum potential award for Chief Executive Mike Wells of 600 percent of salary, which PIRC said was "excessive". The maximum award for the chief executive of M&G, Anne Richards, is 1,050 percent of salary, which PIRC said in a report was "not acceptable". PIRC also recommended opposing Prudential''s remuneration report for 2016, saying Wells'' total bonus pay of 432 percent of salary was excessive, while the total bonus of 638 percent of salary for the firm''s Asia business head, Barry Stowe, was "highly excessive". It recommended opposing the re-election of Chairman Paul Manduca, citing the lack of a target to increase the number of women on the company''s board. Prudential holds its AGM on May 18. (Reporting by Carolyn Cohn; editing by Simon Jessop)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-prudential-agm-pirc-idUKKBN18516D'|'2017-05-09T19:03:00.000+03:00'
'4a16b51c1dece1544519f88b54907ba53af89cd4'|'Dismantling nuclear: German power firms sell new skills'|'Business News  16am BST Dismantling nuclear: German power firms sell new skills left right FILE PHOTO: Scaffolding surrounds the site where the reactor vessel used to be in the former Wuergassen nuclear energy plant near Beverungen June 27, 2012. REUTERS/Tom Kaeckenhoff/File Photo 1/5 left right FILE PHOTO: A combination of file pictures shows aerial views of the German nuclear power plants (top L to Bottom R) of Neckarwestheim, Brunsbuettel, Isar, Biblis A and B, Philippsburg and Unterweser. REUTERS/Staff/File Photo 2/5 left right FILE PHOTO: The cooling tower and the nuclear powerplants ''Isar 1+2'' in Eschenbach near Landshut are pictured August 25, 2010. REUTERS/Michael Dalder/File Photo 3/5 left right FILE PHOTO: An image taken with a thermal camera shows the shut down nuclear power plant in Biblis, southwest Germany, in this March 22, 2011 file photo. The picture does not show any temperature difference outside the power plant. REUTERS/Kai Pfaffenbach/File Photo 4/5 left right FILE PHOTO: A combination of files pictures shows German nuclear power plants (top L to bottom right) in Brunsbuettel, Unterweser, Brokdorf, Kruemmel, Emsland, Grohnde, Biblis A, Biblis B, Grafenrheinfeld, Philippsburg, Neckarwestheim and Isar 1 and 2. REUTERS/Staff/File Photo 5/5 By Christoph Steitz - FRANKFURT FRANKFURT Energy groups E.ON and EnBW are tearing down their nuclear plants at massive cost following Germany''s decision to abandon nuclear power by 2022, but they are seeking to turn a burden into business by exporting their newfound dismantling skills. Germany is the only country in the world to dump the technology as a direct consequence of Japan''s Fukushima disaster in 2011, a decision that came as a major blow to the two energy firms which owned most of Germany''s 17 operational nuclear stations. E.ON and EnBW have already shut down five plants between them and must close another five by 2022. Not only are they losing a major profit driver - a station could earn 1 million euros (849,950 pounds) a day - but are also facing combined decommissioning costs of around 17 billion euros. This tough new reality has nonetheless forced them to rapidly acquire expertise in the lengthy and complex process of dismantling nuclear plants - presenting an unlikely but potentially lucrative business opportunity in a world where dozens of reactors are set to be closed over the next 25 years. They say their skills are attracting the interest of international customers. "We are increasingly getting requests from countries where the decommissioning of nuclear plants is an issue or will become one," said a spokeswoman for E.ON''s PreussenElektra division, which was formed last year to wind down the company''s nuclear business and operate the plants in the interim period. The unit, which employs about 650 decommissioning staff, said it was seeing particularly strong demand for its know-how in Japan, where 12 reactors are set to be closed down, adding that Mitsubishi Heavy Industries (MHI) was among its clients. EnBW formed its plant decommissioning division following the Fukushima disaster and it has about 500 staff. More recently, the division launched a consultancy service aimed at pitching for external work, including internationally. It said it had won contracts with operators, research institutes and nuclear regulators in Germany and Europe, but declined to give names. A source familiar with the matter said that the group had advised all three Swiss nuclear plants operators - BKW Energie, Axpo and Alpiq - in dismantling projects last year and was still actively working for one of them. MHI, Axpo and Alpiq all declined to comment. BKW said it was in contact with several firms active in dismantling, including EnBW. E.ON and EnBW, which both regard decommissioning as a growth business, did not give figures for their decommissioning division''s financial performance or targets, saying they did not break them out from the wider group. WESTINGHOUSE E.O
'f30c9d9c5ad1f57f67997ee70439b7352beb998e'|'Anthem argues for 60 days to save merger with balky Cigna'|'WILMINGTON, Del./WASHINGTON Health insurer Anthem Inc ( ANTM.N ) asked a Delaware judge on Monday to give it more time to try to win approval for a merger with rival Cigna Corp ( CI.N ), which is seeking to end the deal and collect a $1.85 billion break-up fee.Anthem asked Vice Chancellor Travis Laster of Delaware''s Court of Chancery to grant a 60-day preliminary injunction that would prevent Cigna from terminating the $54 billion deal that would create the largest U.S. health insurer.Laster said after about five hours of arguments that he would rule as soon as possible.The U.S. Justice Department and 11 states sued to stop the proposed transaction and won in both district court and an appeals court. Anthem wants the injunction while it pursues an appeal to the U.S. Supreme Court.Anthem attorney Glenn Kurtz of White & Case told the Delaware court on Monday that he hoped the U.S. Supreme Court would decide before July if it would take the case.Kurtz also said that Anthem would try to negotiate a solution with the Justice Department''s Antitrust Division once the Trump administration''s officials were in place.Laster expressed reservations about allowing the deal to be terminated but said it was "a long shot" for Anthem to succeed in winning merger approval.Kurtz presented documents that he said showed Cigna, including Chief Executive David Cordani, failed to help close the deal as required. Kurtz said Cigna refused to help craft a divestiture package to allay antitrust concerns and was unhelpful in the district court fight."If this case is not a breach of best efforts, then I''m not sure that ''best efforts'' has any meaning at all," said Kurtz, who called Cigna''s actions "unprecedented."Cigna''s attorney argued that it was Anthem that had breached the merger agreement by pursuing a failing antitrust strategy."Anthem drove this transaction into a regulatory ditch and had Cigna tied up in the back seat," said William Savitt of Wachtell, Lipton, Rosen & Katz.Regardless of Laster''s ruling on the injunction, litigation will continue over the $1.85 billion breakup fee. Kurtz said Anthem believes Cigna owes it for damages.The fight takes place as Republicans seek to repeal and replace the Affordable Care Act, often called Obamacare, which had brought big changes in the insurance business.Many insurers have lost money on Obamacare, and some of Cigna''s largest competitors, including Aetna Inc ( AET.N ), have largely left the market.(Reporting by Diane Bartz; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-cigna-m-a-anthem-idUSKBN1842DA'|'2017-05-09T05:54:00.000+03:00'
'f7a80ecebc3a4de610b25cac90b5f223c5226a90'|'ADM buys Israeli grains trader, eying new customers'|'CHICAGO Archer Daniels Midland Co ( ADM.N ), one of the world''s largest agricultural merchants, said on Monday it agreed to buy a controlling stake in an Israeli grain trader, as it seeks to expand markets to boost profits that have been hampered by a global oversupply.Chicago-based ADM plans to close the deal for privately held Industries Centers in the coming months, pending Israeli regulatory approval, according to a statement. The purchase will allow ADM to reach new customers and deliver products more directly to customers, it said in a statement. Terms were not disclosed.ADM and other major traders that move corn, soybeans and other crops from regions of surplus to areas of tight supply have struggled to profit from their core grain trading businesses lately.With grain busting out of storage bins all around the world the big grain merchants have fewer opportunities to capitalize on "dislocation" of supplies, companies say.Industries Centers, founded in 1993, trades corn byproducts and other grain products, according to ADM.(Reporting by Tom Polansek; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-global-grains-traders-idINKBN1841GR'|'2017-05-08T11:02:00.000+03:00'
'5ccf0c8b8e5c5381645ff22ca8ae5f537df0b36b'|'CANADA STOCKS-TSX opens higher as financials lead, Home Capital slumps'|'Market News - Mon May 8, 2017 - 9:41am EDT CANADA STOCKS-TSX opens higher as financials lead, Home Capital slumps TORONTO May 8 Canada''s main stock index opened higher on Monday in broad gains helped in part by financial stocks, but Home Capital Group shares fell sharply on news its account balance halved and said it had suspended its dividend. The Toronto Stock Exchange''s S&P/TSX composite index rose 23.74 points, or 0.15 percent, to 15,605.78 shortly after the open. Materials were the only group among the index''s 10 key sectors to retreat. (Reporting by Solarina Ho; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1IA0JM'|'2017-05-08T21:41:00.000+03:00'
'22a19a2d940d54f84334d21fcf1cdf215140a3d7'|'Coca-Cola South Africa sells stake in Appletiser'|'JOHANNESBURG Coca-Cola South Africa (CCBSA) said on Monday it had sold a 17.5 percent stake in carbonated fruit juice brand Appletiser to investment holding company African Pioneer Group, as part of a merger agreement with SABMiller SAB.L.CCBS also sold a 4 percent stake to Sipho Excellent Madlala, a manager at CCBS, as part of merger conditions stipulating it should sell 20 percent of Appletiser to a black economic empowerment holding.Appletiser, a fruit juice based drink, was previously owned by SABMiller which merged its African soft drink operations with Coca-Cola ( KO.N ) to become the continent''s biggest Coke drinks bottler.The agreement handed 20 brands including Appletiser, whose fruit juice concentrate is sourced from South African producers, to Coke.SABMiller was acquired by the world''s largest brewer, Anheuser-Busch InBev ( ABI.BR ), in a $100 billion plus deal last year in one of the largest corporate mergers in history which takes the company into Africa for the first time.The sale of the shares will give a seat on the board of Appletiser to APG and Madlala. Madlala will retain his role in the company following the transaction, Coca-Cola said.African Pioneer Group is a holding company with interests in fishing, gaming, beverages and mining, engineering & energy.(Reporting by Tanisha Heiberg. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sabmiller-cocoacola-safricacoca-cola-idINKBN18412Q'|'2017-05-08T08:35:00.000+03:00'
'8ad7dff2cd92dacafab9de090f16a32ebec9faba'|'Fox News complainant meets UK regulator over Sky-Fox deal'|'Business News - Mon May 8, 2017 - 6:50pm BST Fox News complainant meets UK regulator over Sky-Fox deal Lawyer Lisa Bloom and regular Fox TV guest Wendy Walsh arrive at the office of Ofcom in London, Britain May 8, 2017. REUTERS/Neil Hall LONDON A woman who accused former Fox News presenter Bill O''Reilly of sexual harassment in the United States called on Britain on Monday to block Fox''s owner Rupert Murdoch from taking full control of Britain''s pay-TV group Sky. Wendy Walsh, a former regular guest on Fox''s "The O''Reilly Factor" TV show who made the claim against O''Reilly last month, met officials at the British media regulator Ofcom on Monday with her lawyer Lisa Bloom, a representative said. Ofcom declined to comment on the visit. The British government has asked Ofcom to assess whether it is in the public interest to allow Murdoch''s Twenty First Century Fox to buy the near 61 percent of London-listed Sky which it does not already own for $14.5 billion (11.2 billion pounds). The deal was cleared by the European Commission last month. But the takeover is politically sensitive in Britain where a previous attempt to take full control of Sky in 2011 was derailed by a phone hacking scandal at one of Murdoch''s British newspapers, revealing close ties between politicians, police and the media. As part of the new investigation, Ofcom is examining whether Fox would be a "fit and proper" owner of Sky, making any criticism of its conduct in other parts of its business relevant to the case in Britain. O''Reilly parted company with Fox last month after the company said it had given "a thorough and careful review" of allegations of sexual harassment. Earlier in the month The New York Times had said Fox and O''Reilly paid five women a total of $13 million to settle harassment claims. O''Reilly said in a statement at the time that he had been unfairly targeted because of his public prominence. "The company''s management has taken prompt and decisive action to address reports of sexual harassment and workplace issues at Fox News," a spokesman for 21st Century Fox said on Monday. "These actions have led to an overhaul of Fox News Channel''s leadership, management and reporting structure, and have driven fundamental changes to the channel''s on-air talent and primetime programming line-up." Douglas Wigdor, a New York City lawyer who represents 20 current and former Fox News employees who are suing the network for alleged racial and sexual bias, said last week that he had been invited to meet with Ofcom officials on Thursday. In a letter to Ofcom Wigdor said last week Fox had shown poor corporate governance by ignoring numerous complaints of discrimination and harassment. (Reporting by Kate Holton in London and Daniel Wiessner in New York; Editing by Greg Mahlich) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sky-m-a-fox-idUKKBN18420Y'|'2017-05-09T01:50:00.000+03:00'
'136605385c5927286fa5b7e9c161ad55aa08160d'|'Buffett says deal partner 3G follows ''standard capitalist formula''- CNBC'|' 29pm BST Buffett says deal partner 3G follows ''standard capitalist formula'': CNBC Berkshire Hathaway CEO Warren Buffett waits to play table tennis during the Berkshire Hathaway annual meeting weekend in Omaha, Nebraska, U.S. May 7, 2017. REUTERS/Rick Wilking Warren Buffett said on Monday 3G Capital, its controversial partner on multiple transactions, follows a "standard capitalist formula" when it sweeps away thousands of jobs and imposes deep expense cuts to make the companies it buys more efficient. Speaking on CNBC television, Buffett said, "It''s a defect of mine" that he doesn''t focus as closely on the efficiency of business units at Berkshire Hathaway Inc ( BRKa.N ), the conglomerate he has run since 1965. Berkshire and 3G control Kraft Heinz Co ( KHC.O ) and recently tried to merge it with Unilever NV ( ULVR.L ) UNc.AS> for $143 billion, but was rebuffed. The Brazilian firm is known for "zero-based budgeting," where it requires managers to periodically defend all of their expenses, and cuts waste where possible. "They have followed the standard capitalist formula ... of trying to do the same business with fewer people," Buffett said. "People live better when there is more output per capita." Nonetheless, he acknowledged that cutting jobs can be a "painful process." Separately, Buffett expressed regret over his failure to invest early in Internet search company Google, now part of Alphabet Inc ( GOOGL.O ), saying "I should have some insight into" what became an "extraordinary business" with attributes of a monopoly. He said he was more comfortable buying shares of Apple Inc ( AAPL.O ), in which Berkshire has disclosed a 133 million share stake, worth close to $20 billion on Friday. Buffett noted that many iPhone purchasers are repeat customers who know a new phone will be introduced regularly, or buy them for such occasions as graduations. "I can very easily determine the competitive position of Apple now and who is trying to chase them," he said. He said "the shares, when we bought them, were much more reasonable" in price. Asked if he had stopped buying Apple, Buffett said: "Maybe, may not." Buffett said he was not bothered by initial U.S. data showing the economy grew at just 0.7 percent in the first quarter, saying it was "more or less" growing at 2 percent a year. He said some of Berkshire''s industrial units saw upticks in business this year, as have credit card companies such as Visa Inc ( V.N ) and American Express Co ( AXP.N ), a longtime Berkshire investment. "Credit cards will tell you a lot about the consumer, what their attitude is," he said. (Reporting by Jonathan Stempel in New York; Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-berkshire-buffett-idUKKBN184185'|'2017-05-08T19:26:00.000+03:00'
'0f0ca634f81710a1673381a1c2105e43a9a7ce1a'|'Bookmakers William Hill says made a positive start to 2017'|'Business News  44am BST Bookmakers William Hill says made a positive start to 2017 FILE PHOTO: A branded sign is displayed outside a William Hill betting shop in London, Britain, July 25, 2016. REUTERS/Neil Hall/File Photo British bookmaker William Hill Plc ( WMH.L ), which in March named a new chief executive and finance head, on Tuesday reported a 16 percent rise in online net revenue for the 17 weeks to April 25 after product and interface improvements drew more customers. Group total net revenue was up 9 percent, with the strongest increase coming from Australia. Retail and U.S. total net revenue grew by 1 percent and 19 percent respectively, William Hill said. "Overall, we are in line with market expectations for 2017," the bookmaker said. (Reporting by Rahul B in Bengaluru; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-william-hill-outlook-idUKKBN1850JY'|'2017-05-09T14:44:00.000+03:00'
'983db4e295dd6bb4af89c2fef926baf722c368e3'|'BRIEF-Aquinox Pharmaceuticals says Q1 loss per share $0.36'|' 25am EDT BRIEF-Aquinox Pharmaceuticals says Q1 loss per share $0.36 May 9 Aquinox Pharmaceuticals Inc: * Says Q1 net loss $8.3 million * Aquinox Pharmaceuticals says plans to provide guidance on top line data availability from leadership 301 trial in early August * Says top line data from leadership 301 trial is anticipated in 2018 * Q1 loss per share $0.36 Source text:( bit.ly/2pZqDtp )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-aquinox-pharmaceuticals-says-q1-lo-idUSFWN1IB0DW'|'2017-05-09T18:25:00.000+03:00'
'885a6e4852d85bb71c61f3b8bccdf4a9f2e8f344'|'Ex-Barclays banker del Missier opens hedge fund to external capital'|'Banks  00pm BST Ex-Barclays banker del Missier opens hedge fund to external capital FILE PHOTO - Jerry del Missier, Co-Chief Executive of Barclays Capital, speaks during the Reuters Future Face of Finance Summit in New York March 2, 2011. REUTERS/Brendan McDermid By Maiya Keidan and Anjuli Davies - LONDON LONDON A hedge fund firm run by the former co-CEO of Barclays investment bank Jerry del Missier and focussed on the financial services industry has opened to external capital, del Missier told Reuters. Del Missier started Copper Street Capital with $100 million (77.34 million pounds) of internal capital in 2015, running it out of an office in Maidenhead, a town 30 miles (50 km) west of London. He resigned from Barclays in July 2012, shortly after chief executive Bob Diamond left the bank. Del Missier worked at Barclays for 15 years, helping Diamond to build up the bank''s investment banking franchise before briefly becoming the lender''s chief operating officer in June 2012. Copper Street, which was up 9.4 percent in value in the year to April 30, is now seeking to take its assets to more than $500 million, said del Missier. The fund looks to profit from anomalies and misperceptions in the financials market. Hedge funds are broadly moving back into bank stocks after an eight-year hiatus following double-digit returns from a bull market between 2005 and 2007 and shorts positions on banks between 2007 and 2009. The firm made a number of hires last year, including Deutsche Bank''s financial institutions analyst Rudi Facchini, a former financials institutions group director at Deutsche Bank, Massimo Araldi and Beatriz Carrillo from Comac Capital. Copper Street also added portfolio manager Bruno Duarte from Claren Road Asset Management in 2016. It employs 12 people, including in a private equity arm of its business. (Reporting by Maiya Keidan, additional reporting by Rachel Armstrong; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hedgefunds-launch-idUKKBN1861X4'|'2017-05-10T22:00:00.000+03:00'
'f6e26098b1984d4578dfe1b745ea5a4e1bf44257'|'UPDATE 1-Petrobras eyes adding Texas, African assets to asset sale plan'|'Deals - Wed May 10, 2017 - 11:39am EDT Petrobras eyes adding Texas, African assets to asset sale plan FILE PHOTO: A man walks past the Brazil''s state-run Petrobras oil company headquarters in Rio de Janeiro, Brazil April 13, 2017. REUTERS/Ricardo Moraes By Bruno Federowski - SAO PAULO SAO PAULO Petr<74>leo Brasileiro SA ( PETR4.SA ) proposed including a Texas refinery and a stake in an African oil exploration venture into a list of assets that Brazil''s state-controlled oil company has put up for sale by the end of next year. In a securities filing, Petrobras said management agreed to modify the list to include its 50 percent stake in Petrobras Oil & Gas BV, commonly known as Petrobras Africa. It may also add the Pasadena refinery, whose purchase a decade ago has been the subject of criminal investigations. The new additions will still be submitted individually to full approval by management, the filing added, without specifying a date. Earlier this year, Petrobras unveiled a two-year, $21 billion asset sale and partnership program, a key component of Chief Executive Officer Pedro Parente''s plan to revive the highly indebted oil company. In March, the list was updated with five assets including fuel distribution unit BR Distribuidora and offshore fields. Petrobras has turned to divestitures and joint ventures as a way to downsize and reduce a debt burden of about $100 billion - the largest of any major global oil player. Bloomberg News reported earlier this week Petrobras could raise less than $200 million with the sale of the Pasadena refinery, down from the $1.2 billion it originally paid for the asset. Federal prosecutors are investigating whether Petrobras overpaid for the refinery and whether bribery was involved. Preferred shares ( PETR4.SA ) rose 4 percent on Wednesday to a one-month high. The stock more than doubled in value last year on expectations that reduced state meddling on the company''s strategy would accelerate an operational turnaround. (Additional reporting by Luciano Costa; Editing by Guillermo Parra-Bernal and David Gregorio) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-petrobras-divestiture-idUSKBN18626N'|'2017-05-10T23:36:00.000+03:00'
'a938d83a29947d26004fb15bdccd41202e2e16a7'|'Sears CEO Lampert blames company''s woes on ''irresponsible'' media'|'By Tracy Rucinski - HOFFMAN ESTATES, Ill. HOFFMAN ESTATES, Ill. May 10 Sears Holdings Corp Chief Executive Officer Edward Lampert blasted the media on Wednesday for "unfairly singling out" the company over the past decade and blamed "irresponsible" coverage for the retailer''s woes.Sears, once the largest U.S. retailer, warned investors in March there was a chance it may not be able to continue as a going concern after years of losses and declining sales.Lampert, a hedge fund investor who is rarely seen in public, kicked off his appearance at an annual shareholders'' meeting at Sears'' headquarters in Hoffman Estates with a slideshow of headlines about the company''s financial distress, dating back to 2008."You''d think it was from a month ago, but it''s literally been going on for a decade," Lampert told about 70 people in attendance.The company has not reported a profit for six years, which Lampert compared to Amazon.com Inc''s early unprofitable growth. He predicted people will look back and wonder how they missed the Sears'' turnaround, which he said would be driven by the Shop Your Way loyalty program.Last year Sears teamed up with ride-services company Uber Technologies to give members loyalty points for trips. Lampert said he was trying to strike more such partnerships to boost overall sales."We do believe that the more points people accumulate, the more they''ll shop with us," Lampert said.The bulk of Lampert''s 90-minute appearance focused on news coverage, which he said had been "deliberately unfair."Media coverage was "meant to scare our vendors" who then tried to negotiate better terms with the company."It''s irresponsible and it''s been irresponsible for too damn long. We''re just looking for a fair chance," Lampert said of the media. "Excuse my rant but a lot of what we''re doing deserves a chance to see the light of day."Five journalists in attendance were not allowed to speak with Lampert or ask questions.Since its warning to investors in March, Sears has said that it was increasing its annual cost savings target to $1.25 billion from $1 billion while enhancing its customer loyalty program and maximizing value from its real estate.Part of the cost savings have already come through the closure of 150 unprofitable Sears and Kmart stores this year.Six shareholders questioned Lampert. One, who said he had sold men''s clothing at a Sears store many years ago, asked if Lampert was in denial about the company''s losses.Lampert said his reluctance to close more stores was not about denial, but about caring."I''ll fight like hell" to fix stores, he said, adding: "We don''t want to destroy value, we want to create value." (Reporting by Tracy Rucinski; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sears-shareholders-idINL1N1IC18S'|'2017-05-10T17:38:00.000+03:00'
'83e73b8c2091b1f8267e975752719cfaadc87f48'|'Toyota forecasts 20 percent profit drop on higher U.S. sales cost, yen gain'|'TOKYO Toyota Motor Corp forecast operating profit for the current year to slide by a fifth as Japan''s biggest automaker expects a hit from increased spending to push sales in its key U.S. market and from a stronger yen.Toyota, the world''s second largest automaker, sees operating profit at 1.6 trillion yen ($14.06 billion) in the year to March, below an average estimate of 2.3 trillion yen from 25 analysts polled by Thomson Reuters I/B/E/S, and less than the 1.99 trillion yen profit posted in the year just ended.Toyota and its group companies aim to sell 10.25 million vehicles globally in the year to March, largely unchanged from last year. Sales in North America, its single biggest market where it sells around 28 percent of its global vehicle sales, are seen easing 0.6 percent to 2.82 million.Toyota''s U.S. sales have been bolstered by brisk demand for its RAV4 SUV crossover and Highlander SUV models, although sales for sedans including the Corolla, Camry and gasoline hybrid Prius have slowed as historically low gasoline prices in North America lifted sales of larger, gas-guzzling models.In Asia, Toyota targets selling 1.6 million vehicles, slightly higher than 1.59 million in the year that just ended in March.Toyota''s tepid global sales forecast comes as a run of strong U.S. demand for cars since the global financial crisis shows signs of petering out. Last week, industry data showed that U.S. new vehicle sales in April declined on the year for the second consecutive month, suggesting a possible easing in full-year sales from record highs hit in 2016.Slowing sales are prompting automakers to push harder to sell their products, raising concerns among industry experts about rising inventory levels and consumer discounts. A pricing war in the market could undermine automakers'' profits.Toyota''s profit projections are based on a forecast for the yen to trade at 105 yen to the U.S. dollar and 115 yen to the euro, compared with 108 yen and 119 yen in the year ended March.The automaker also said it would buy back up to 1.65 percent of its own shares, worth 250 billion yen.($1 = 113.7700 yen)(Reporting by Naomi Tajitsu; Editing by Miral Fahmy and Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/toyota-results-idINKBN1860QE'|'2017-05-10T15:36:00.000+03:00'
'88cc51dbe6b7de2916157c5ffee19191bee3fc2d'|'Not the cruellest month: A mixed April for United Airlines'|'UNITED AIRLINES has just had a great month. Of course, there was the odd hiccup. First, the video of a bloodied United passenger being dragged off an overbooked flight for the crime of wanting to stay in the seat he had paid for. Then there was the giant rabbit , en route from London to Chicago to compete for the title of world<6C>s largest bunny, who died in United custody with lawyers alleging the airline put the live beast in a freezer for 16 hours. Then there was the airline<6E>s apology to the Paris-bound passenger who ended up in San Francisco instead. And the flyer whose trip was cancelled after he taped an argument with a United employee.Yet despite this month of PR disasters, United is doing fine. Better than fine, in fact. The airline announced this week that it had its best month of the year in April, beating all of its main rivals in key metrics. 32 3 The airline flew 7.6% more passengers in April than a year ago. It posted bigger gains in revenue passenger miles (ie, how far it flew paying customers) than in any of the previous three months. Its shares, which had dropped from $70.88 to $67.75 following the dragging incident, rebounded (and then some) to $78.55 at the end of trading on the May 9th. And, in a month in which horrified passengers might have been expected to shelve their trips, United had the fewest cancellations in its history, and fewer than any of its main competitors.It wasn<73>t supposed to be like this. A survey last month found that among respondents familiar with the dragging incident, more than half said they would choose to fly American Airlines over United even if it meant paying an extra $66, and nearly half would fly American if it meant paying that amount and having a layover that would add three hours to the itinerary. That seemed to imply that the incident had damaged United<65>s reputation so badly as to upend the iron rule of aviation: passengers almost always make their flight decisions on the basis of cost and convenience, not quality of service.It turns out that iron rule still holds. Presented with these hypothetical options, survey respondents of course wanted to punish United for its misdeeds. But when people actually had to pull out their credit cards and book flights, they continued to go with United as often as ever.It is possible that there will be a delayed reaction<6F>that most April flyers had already booked their travel before the incident and were not inclined to pay the hefty cancellation fees. Maybe May will show a drop-off. But Wall Street certainly does not seem to think so. After all, outraged travellers have short memories. New incidents tend to displace old ones. Just two weeks after United<65>s dragging incident, for example, Delta generated its own viral video when a family was kicked off a flight and apparently threatened with jail time for confusion over a toddler<65>s seat.At a Senate hearing last week, Scott Kirby, United<65>s president, attributed the airline<6E>s high share price to policy reforms undertaken in the wake of the incident. <20>I would like to think our stock recovered because we truly are going to fix the airline,<2C> he said. But Roger Wicker, a Republican senator from Mississippi, had a different explanation: <20>There<72>s not enough competition in the industry.<2E>That fact, and United<65>s incredible rebound, ought to hearten other airlines with PR problems. Spirit Airlines, like low-cost rivals, has done well despite rampant passenger complaints. On Monday, police detained angry travellers at a Florida airport as chaos broke out after Spirit cancelled several flights. If United<65>s example is any indication, it could be in for a record month.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/05/not-cruellest-month?fsrc=rss'|'2017-05-10T19:19:00.000+03:00'
'adf2318ced78592758c10540f88295494451de83'|'PRESS DIGEST- Financial Times - May 9'|'Market News - Mon May 8, 2017 - 7:48pm EDT PRESS DIGEST- Financial Times - May 9 May 9 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines on.ft.com/2psA1TA Overview Sinclair Broadcast Group Inc, the biggest U.S. local television station owner, said on Monday it would buy Tribune Media Co, one of the largest U.S. television station operators, for about $3.9 billion. Luxury handbag maker Coach Inc said it would buy Kate Spade & Co for $2.4 billion. ChemChina and Sinochem are planning to merge next year, according to several senior bankers in Asia. The merger will create the world''s largest chemicals group with $100 billion of revenues. Goldman Sachs Group Inc reshuffled the leadership of its investment banking arm, a shake-up touched off by the departure to Washington last year of Gary Cohn. (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL4N1IA5W6'|'2017-05-09T07:48:00.000+03:00'
'32e5261d80c25ad89b0bd321d729a2ab5c5938d1'|'CEE MARKETS-Banks lead stocks higher, FX off highs despite upbeat data'|'* Earnings reports, recommendations help bank stocks * Hungary, Czechs report good trade, retail figures * Currencies trade off highs as French impact fades * Serbian cbank buys euros to drive dinar off 5-month high (Recasts with jump in bank stocks and its causes) By Sandor Peto and Bartosz Chmielewski BUDAPEST/WARSAW, May 9 Banks led Central European shares higher on Tuesday, helped by earnings and stock recommendations, as attention shifted to local factors following the French presidential election. Earnings reports showing profits rose in the first quarter helped gains in most bank stocks and other equities across the region, with further positive results expected. "Whether the new EU leaders will put more pressure on (Central Europe) over migration and other things, that is a long-term question ..." one Budapest-based dealer said. Warsaw''s bluechip stock index had risen 1.2 percent by 1259 GMT, mainly driven by a 3.1 percent rise in the shares of PKO BP bank and a 4.1 percent jump in Pekao, which is due to publish its first quarter earnings on Wednesday. Investors were optimistic over bank stocks after Alior reported an increase in its first-quarter profits, which lifted its shares by as much as 2 percent. Sentiment also improved because JP Morgan raised its target price for three Polish banks: Alior, Bank Millennium and MBank. Budapest''s main stock index jumped 1.6 percent, even though heavyweight oil group MOL was trading ex-dividend and fell 1 percent. The index was lifted mainly by a 2.7 percent gain in OTP Bank which will report earnings on Friday. The stock traded at 8,135 forints ($28.41). Technical factors may boost the shares if they can stay above the 8,000-forint line, said Zoltan Varga, analyst of Equilor brokerage. Shares in Hungary''s FHB gained 1.4 percent after Moody''s raised its rating for the bank''s deposits. Architecture-design software maker Graphisoft jumped 3.4 percent on increased earnings, while Czech Komercni Banka shares firmed 1.5 percent. Regional currencies mostly eased slightly, trading off their multi-week highs - or in the case of the zloty, a 20-month high - of the past days. The Czech crown was flat at 26.668 against the euro and the forint shed 0.1 percent, even though both countries reported higher-than-expected trade surpluses for March and Czech retail sales continued to surge. Other Czech data showed that the Czech central bank bought almost 20 billion euros ($21.8 billion) in March before lifting its cap on the value of the crown, which had kept the currency weaker than 27 to the euro since 2013. The dinar eased a shade to 123.15 against the euro after the Serbian central bank bought euros in the market to weaken the dinar from 5-month highs. CEE SNAPS AT 1459 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech 26.66 26.66 +0.0 1.27% crown 80 70 0% Hungary 311.9 311.6 -0.11 -1.01 forint 700 200 % % Polish 4.227 4.225 -0.04 4.19% zloty 0 3 % Romanian 4.550 4.549 -0.02 -0.35 leu 8 7 % % Croatian 7.422 7.420 -0.02 1.79% kuna 0 5 % Serbian 123.1 123.0 -0.04 0.16% dinar 500 950 % Note: calculate previ close 1800 daily d from ous at CET change STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 1011. 1005. +0.5 +9.7 51 94 5% 5% Budapest 33379 32844 +1.6 +4.3 .16 .67 3% 0% Warsaw 2403. 2374. +1.2 +23. 38 23 3% 38% Bucharest 8329. 8297. +0.3 +17. 40 29 9% 56% Ljubljana 780.6 778.2 +0.3 +8.7 3 0 1% 8% Zagreb 1894. 1905. -0.53 -5.01 92 02 % % Belgrade <.BELEX15 715.0 715.7 -0.10 -0.32 > 4 5 % % Sofia 662.0 660.8 +0.1 +12. 0 1 8% 89% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.13 0.041 +053 +4bp > 7 bps s 5-year <CZ5YT=RR 0.026 0.002 +032 +0bp > bps s 10-year <CZ10YT=R 0.818 0 +039 -1bps R> bps Poland 2-year <PL2YT=RR 1.989 -0.00 +266 +0bp > 3 bps s 5-year <PL5YT=RR 2.903 0.007 +320 +0bp > bps s 10-year <PL10YT=R 3.468 -0.00 +304 -2bps R> 6 bps FORW
'eddd54aa69cebb113818a52a8bdb72d3b6bd9261'|'UPDATE 1-Amazon adds video calling with Echo Show'|' 07pm EDT UPDATE 1-Amazon adds video calling with Echo Show (Adds analyst comment) May 9 Amazon.com Inc launched Echo Show, a touchscreen device that will allow users to video call and watch clips from CNN, the latest in the company''s series of popular Echo voice-controlled speakers. The device, which will go on sale in June for about $230, will feature Alexa, Amazon''s voice-controlled aide, that can be used to play music, order an Uber or turn on the house lights. ( amzn.to/2qn14Ue ) Echo Show will allow video conferencing between users having an Echo device or the Alexa app. It is the first to support the feature, which is absent in similar devices offered by rivals such as Alphabet Inc''s unit Google. "Putting a semi-permanent ambient device in the home that can make and receive video calls is an interesting evolution which should prove compelling," said Jackdaw Research analyst Jan Dawson. Tuesday''s launch of the Echo Show is Amazon''s latest effort to make Alexa a key part of its customers'' lives and dominate the nascent voice-powered computing market. "What we''re seeing is Amazon using its smart original foray into and early dominance of this space as a beachhead to spread into lots of other areas," Dawson said. A study by research firm eMarketer showed that Amazon Echo and Echo Dot devices will claim a 70.6 percent share of the U.S. market this year, well ahead of Google Home''s 23.8 percent share. Amazon unveiled a voice-controlled camera, the Echo Look, last month alongside an app that recommends outfits for users. The launch comes a day after Microsoft Corp said it was developing a voice-activated speaker in collaboration with Samsung Electronics Co Ltd''s unit Harman Kardon. (Reporting by Narottam Medhora in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/amazoncom-echo-show-idUSL4N1IB5AJ'|'2017-05-10T02:07:00.000+03:00'
'099319f183f7606c37f1a82378a38b9ccc26e558'|'Pandora Media says positioned to evaluate strategic alternatives'|'Deals - Mon May 8, 2017 - 6:31pm EDT Pandora gets KKR investment; explores strategic alternatives Pandora Media Inc ( P.N ) said on Monday that KKR & Co LP ( KKR.N ) has agreed to invest $150 million in the music streaming service, while the company explores strategic alternatives, including a sale. The company''s shares were up 3.4 percent at $10.75 in extended trading. Pandora said Richard Sarnoff, KKR''s head of media & communications private equity investing in the Americas, will join its board. "... We have positioned the company to evaluate any potential strategic alternatives, including a sale, in the 30 days before the financing is set to close," board member James Feuille said in a statement. Pandora has been urged to explore a sale by hedge fund Corvex Management LP, run by activist investor Keith Meister, after it disclosed a 9.9 percent stake in Pandora in May last year. Pandora also said that Feuille and Peter Gotcher will resign from the board, which is forming an independent committee to identify and appoint new directors. KKR will purchase $150 million in a new designated Series A convertible preferred stock of Pandora. The offering, which is not expected to close earlier than June 8, may be upsized to a total of $250 million. Pandora faces stiff competition from services such as Sweden''s Spotify, Apple Inc''s ( AAPL.O ) Apple Music, Google''s ( GOOGL.O ) Play Music and Amazon.com Inc''s ( AMZN.O ) Amazon Music Unlimited, which dominate the on-demand music service market. Centerview Partners LLC and Morgan Stanley will continue to advise the board regarding its review of strategic alternatives, Pandora said. (Reporting by Anya George Tharakan in Bengaluru; Editing by Shounak Dasgupta and Maju Samuel) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-pandora-media-strategic-alternatives-idUSKBN1842CW'|'2017-05-09T05:35:00.000+03:00'
'c9c4b1e61fe1ecca1117feb4d971c31b4a74f7de'|'New fund group to be called Standard Life Aberdeen post merger'|'The combination of Standard Life Plc ( SL.L ) and Aberdeen Asset Management Plc ( ADN.L ) will be called Standard Life Aberdeen plc when the two fund groups complete their merger, Standard Life said on Tuesday."The board will comprise the Chairman, four executive directors and eleven non-executive directors," Standard Life added in a statement.Britain''s Standard Life said in March it had reached an agreement to buy Aberdeen Asset Management in an 11 billion-pound ($14.2 billion) all-share deal.($1 = 0.7733 pounds)(Reporting by Subrat Patnaik in Bengaluru; editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-aberdeen-asset-m-a-standard-life-idINKBN1852BL'|'2017-05-09T17:04:00.000+03:00'
'6ac0f72eb3b88656c8ce9e7b097ca594d2c81afc'|'London losing ground in global reinsurance market - report'|'Business News - Tue May 9, 2017 - 2:17pm BST London losing ground in global reinsurance market - report Workers walk to work during the morning rush hour in the financial district of Canary Wharf in London, Britain, January 26, 2017. REUTERS/Eddie Keogh LONDON London''s share of the global reinsurance market is falling as rivals such as Bermuda and Singapore take more business and the British capital is also missing out on insurance business from emerging markets, a report said on Tuesday. Lloyd''s of London and other insurance companies operating in the city made up 12.3 percent of the $165 billion (<28>127.8 billion) global reinsurance market in 2015, down from 13.4 percent in 2013, Boston Consulting and London Market Group said in the report. London''s share of insurance markets in Africa, Asia and Latin America was 3.3 percent, 2.7 percent and 8.1 percent respectively, all lower than in 2013 even though the markets themselves have grown. "Tough market conditions continue and London is still facing challenges in reinsurance and emerging markets," the report said. "The London Market brand does not resonate in emerging markets." London was facing strong competition in reinsurance from emerging markets as well as from centres such as Bermuda that have focused on catastrophe bonds and other alternatives to reinsurance, the report said. In emerging market insurance, companies have preferred to buy insurance locally and London market players have also sometimes been reluctant to take on emerging market risk, the report said. Britain''s vote to leave the European Union has provided a further headache for insurers, with Lloyd''s of London planning a subsidiary in Brussels to compensate for a potential loss of access to the bloc. London Market Group, an insurance industry lobby group, said it was working to make the London market an easier place to do business, with a more diverse workforce. The report said London had, nevertheless, increased its market share in specialist insurance such as aviation, energy and marine. Overall, London''s share of the $800 billion global commercial insurance market was unchanged at 5.8 percent. (Reporting by Carolyn Cohn; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-reinsurance-london-idUKKBN1851HY'|'2017-05-09T20:53:00.000+03:00'
'05074bef10d80f708c6e644ce866535e45975fb6'|'Japan''s FamilyMart considering CITIC and CP Group partnerships'|'Business News - Tue May 9, 2017 - 1:24pm BST Japan''s FamilyMart considering CITIC and CP Group partnerships A man walks past a signboard of FamilyMart convenience store in Tokyo March 6, 2015. REUTERS/Toru Hanai By Sam Nussey and Ritsuko Shimizu - TOKYO TOKYO Japan''s FamilyMart UNY Holdings ( 8028.T ), Japan''s second largest convenience store chain, is considering partnering on new business with China''s CITIC Ltd ( 0267.HK ) and Thailand''s Charoen Pokphand Group, its president told Reuters. The companies are looking at a range of opportunities beyond convenience stores, said Koji Takayanagi, previously head of the food division at trading house Itochu Corp ( 8001.T ). FamilyMart UNY Holdings, formed from the merger with Uny Group to become the second biggest convenience store chain behind Seven & i Holdings Co ( 3382.T ), has forecast operating profit to grow to more than double to 1,000 billion yen (<28>6.8 billion) in four years from 412 billion yen in the current fiscal year. This will be driven by converting its Circle K and Sunkus stores into more profitable FamilyMart ones, increasing stores sales by 10-15 percent, Takayanagi said. "There is plenty of room for growth," he said of the company, which also runs supermarkets and general stores. While FamilyMart is profitable in Taiwan and China, it is reviewing its loss-making businesses in Thailand, Vietnam and Indonesia. "If we can get them to rally we will, but we cannot continue to pour in resources," Takayanagi said. While its rival Seven & i Holdings, which owns Japan''s largest convenience store chain 7-Eleven, expands overseas, most recently in the United States, FamilyMart will remain focused on the domestic market, Takayanagi said. "It is easier to achieve results domestically and we know what we need to do," he said. Japan''s worsening labour shortage, which is leaving convenience stores scrambling to find workers to man tills and stack shelves, will force companies to adapt and innovate, he said. Even the country''s declining birthrate and aging population does not phase Takayanagi. "Even if the amount an individual eats declines... if we offer items with added value people will buy them." (Reporting by Sam Nussey and Ritsuko Shimizu, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-familymart-strategy-idUKKBN1851FK'|'2017-05-09T20:24:00.000+03:00'
'7fc33f52445673cad56234a87cbefe53de45e57d'|'Secret aid worker: why don<6F>t we practise what we preach about gender inequality? - Global Development Professionals Network'|'I work at a UN agency where the middle management is full of intelligent, fiery and outspoken women, who no doubt should be promoted to senior management within a few years. But part of me wonders how many will actually get there?With only a handful of senior positions at my agency currently filled by women, I struggle to see what career progression there is for women at the top of their game here.It<49>s not just my agency. In 2016, while women made up the majority of entry level staff at the UN, their representation as a percentage of the workforce continued to drop steadily the more senior the role. Less than one in three director level positions were occupied by women, and only one in five assistant director generals or undersecretary generals were women. This is despite the fact that almost 20 years ago, the UN made a commitment to achieving gender parity in managerial and decision-making roles (pdf) by the year 2000. Those at the top have repeatedly promised change, but these words rarely translate into action. Take former secretary general Ban Ki-moon<6F>s regular assertions of progress in appointing women to high office that were then refuted by data that showed 84% of his appointments to top posts in 2015 were male . If progress in appointing women to the most senior positions continues at its current rate, one writer predicted it would take 112 years to reach gender parity.Secret aid worker: Men have as many issues as women, we just don<6F>t know what they are Read more This is not due to a lack of competent female leaders. Just look at the five highly qualified women who ran for UN secretary general last year, and Ban even made a statement saying his replacement should be a woman.I<>m sure I<>m not alone when I say I was disappointed but not surprised when we were saddled with yet another man. To his credit, the new secretary general Ant<6E>nio Guterres immediately pledged gender parity in senior appointments across the UN. But as with Ban<61>s statement, this begs another question: why is it that we still need male endorsement for women to be considered equally worthy to men?Campaigns such as #HeForShe are valuable in garnering male support but reiterate this sense of female inferiority. Much like the failure of trickle-down economics, <20>trickle-down gender<65> doesn<73>t work.At the UN, we consistently advocate for gender equality to governments and populations worldwide. But hypocritically, we ourselves are riddled with loud, incompetent men in senior positions. I am beyond frustrated, for example, when I consider our head of agency <20> a lovely and kind man but one who is totally unaware of the office-wide breakdown his leadership has created, where zero collaboration between departments has become the norm. What we need is a real manager <20> not someone whose strengths are schmoozing and giving self-congratulatory presentations. While men are still able to coast to the top, any woman in a management position is always held to a higher standard and would not be able to get away with this kind of poor management.I have struggled to prove myself as a woman of colour in development. Being undermined and undervalued, even when consistently producing quality work, means I am often in a state of constant anxiety at work. Even less qualified and newly hired men are provided with more assumed respect from the get-go. As women, and especially as women of colour, we have to work twice as hard to be thought of as half as good.Secret aid worker: NGOs can be efficient, if it involves sacrificing staff Read more During my time in this sector, I have had younger, male (usually white) volunteers questioning my authority, because they weren<65>t able to accept my seniority. Despite having several years of experience on my just graduated colleague, we are treated equally by my manager, rendering my years of hard work and expertise in-country irrelevant. According to a Harvard Business R
'b97a77fa69eb9be10f38ccc735132ff59bd85773'|'New fund group to be called Standard Life Aberdeen post merger'|'Business News - Tue May 9, 2017 - 8:09pm BST New fund group to be called Standard Life Aberdeen post merger The combination of Standard Life Plc ( SL.L ) and Aberdeen Asset Management Plc ( ADN.L ) will be called Standard Life Aberdeen plc when the two fund groups complete their merger, Standard Life said on Tuesday. "The board will comprise the Chairman, four executive directors and eleven non-executive directors," Standard Life added in a statement. Britain''s Standard Life said in March it had reached an agreement to buy Aberdeen Asset Management in an 11 billion-pound all-share deal. (Reporting by Subrat Patnaik in Bengaluru; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aberdeen-asset-m-a-standard-life-idUKKBN1852BR'|'2017-05-10T03:09:00.000+03:00'
'c31f467688c8a9ecde319a2366f3dbf895e4a19b'|'Zurich on track despite profit dent from British payouts rule'|'Business News   11:58am BST Zurich on track despite profit dent from British payouts rule The logo of Zurich insurance company is seen on the roof of an office building in Vienna, Austria, September 4, 2016. REUTERS/Heinz-Peter Bader/File Photo By Brenna Hughes Neghaiwi - ZURICH ZURICH Zurich Insurance ( ZURN.S ) expects to deliver on its 2017-2019 targets after a strong start to the year, despite a larger-than-expected fall in first quarter net profit due to a change to British claims rules. A more than 3 percent change to Britain''s Ogden rate, a tool for calculating personal injury and accident claims, dampened Zurich''s core property and casualty business in the quarter. But Zurich said on Thursday its core general insurance unit had made "significant progress" in underwriting profitability and the $289 million (<28>223.6 million) hit to operating profit from the Ogden change was below previous guidance. "This is a good start to the year with strong performance from all of our businesses," Chief Financial Officer George Quinn said in a statement. "This ... puts us on solid footing to deliver on our 2017-2019 financial targets." German rival Allianz last week posted a 9.5 percent rise in first-quarter operating profit and said it was optimistic despite a very tough business environment. Italian insurer Generali''s ( GASI.MI ) net profit in the first three months fell 9 percent due to lower capital gains and higher taxes and impairments. Zurich''s management increased its cost-cutting goals in November to generate net savings of $1.5 billion by 2019 versus 2015, while trimming its main profitability goal. Quinn said the programme, which generated $400 million in net savings through the end of the first quarter, was on track. While analysts had questioned whether the target was too ambitious, Quinn told reporters the savings goal was "absolutely achievable". Shares in Zurich fell 0.4 percent, outperforming the European insurance index, which was down 0.9 percent. .SXIP Excluding the change to the discount rate, business operating profit rose 14 percent year-on-year to $1.218 billion, although net profit dropped almost a third to $607 million following the Ogden impact, missing market expectations. Zurich''s P&C combined ratio of 100.7 percent -- a level below 100 indicates it took in more in premiums than it paid out in claims -- missed analyst estimates for 99.9 percent in a Reuters poll. On a like-for-like basis excluding the British regulatory change, the unit increased underwriting profitability as its combined ratio fell to 97.2 percent. Bernstein analysts called the results "a mixed bag", adding: "There was a small beat on the operating result, a miss on net income and a large beat on capital." (Editing by Michael Shields and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-zurich-ins-group-results-idUKKBN1871BC'|'2017-05-11T18:58:00.000+03:00'
'627c919afb69445d3023edb90cb4d8c6f8ec2003'|'France''s Engie launches UK home energy business'|'Business News  12pm BST France''s Engie launches UK home energy business FILE PHOTO: The logo of French gas and power group Engie is seen at the CRIGEN, the Engie Group research and operational expertise center, in Saint-Denis near Paris, France, Saint-Denis, France, February 29, 2016. REUTERS/Jacky Naegelen/File Photo LONDON French utility Engie ( ENGIE.PA ) is challenging Britain''s big six energy providers by launching a new home energy business that will automatically put customers on the cheapest tariffs at the end of fixed deals. The move comes as Britain''s energy suppliers are under scrutiny after British Prime Minister Theresa May on Tuesday pledged to cap household energy prices if she is re-elected on June 8. Five of the country''s main energy suppliers have raised prices this year. Engie said it would offer a rollover promise, which commits to switch customers to the cheapest tariff available once fixed term contracts run out. "Our Rate Rollover Promise takes the onus away from the customer to switch tariff to get a better deal," Paul Rawson, CEO of energy solutions at Engie UK said in a statement on Thursday. An investigation by Britain''s competition watchdog in 2016 said households had overpaid 1.4 billion pounds a year in the previous three years due to uncompetitive standard tariffs, which around 70 percent of customers are on, and which become a default tariff once fixed price contracts end. Engie said launching a home energy business in Britain is a natural extension of its existing operations. Engie already supplies electricity and gas to industrial and commercial customers in Britain and operates gas, coal and renewable power plants in the country which make up around 6 percent of Britain''s electricity generation capacity. Britain''s big six energy providers are Centrica ( CNA.L ), SSE ( SSE.L ), Scottish Power ( IBE.MC ), Npower ( IGY.DE ), E.ON ( EONGn.DE ) and EDF Energy ( EDF.PA ). (Reporting By Susanna Twidale Editing by Jeremy Gaunt.)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-engie-britain-energy-idUKKBN1871D7'|'2017-05-11T19:12:00.000+03:00'
'062550a9e05574e059ce5435c6130f3654cf092d'|'Walmart looking into note found recounting forced labor in China'|'Market  06pm EDT Walmart looking into note found recounting forced labor in China By Sebastien Malo NEW YORK, May 10 (Thomson Reuters Foundation) - Giant U.S. retailer Wal-Mart Stores Inc said on Wednesday it is looking into the origins of a note describing forced labor conditions in China that a customer claimed to find in a purse bought at a store in Arizona. The note detailed long hours, beatings and malnourishment of workers at a prison in the Chinese region of Guangxi, according to the customer''s family who contacted local media. Similar notes found by customers in imported merchandise have raised questions about forced labor used in supply chains making brands sold at major retail stores. Globally, nearly 21 million people are estimated to be victims of forced labor, according to the International Labour Organization. Wal-Mart on Wednesday said it was investigating. "We''re making contact with the customer and appreciate her bringing this to our attention. With the information we have, we are looking into what happened so we can take the appropriate actions," Ragan Dickens, a Wal-Mart spokesman, said in an e-mail to the Thomson Reuters Foundation. The customer told local media late last month that the note was hand-written in Chinese but she had it translated into English three times. According to KVOA.com News in Tucson, Arizona, the note read, in part: "Inmates in the Yingshan Prison in Guangxi, China are working 14 hours daily with no break/rest at noon, continue working overtime until 12 midnight, and whoever doesn''t finish his work will be beaten. Prisoners are treated worse than "horse cow goat pig dog," it read. Wal-Mart''s website details the company''s efforts to keep its supply chains free of forced labor and human trafficking. "We are working to improve transparency, empower workers and drive compliance," it says. In a similar case, in 2014 a woman found a message in a Saks Fifth Avenue shopping bag from a man saying he was forced to work long hours at a Chinese prison factory. The worker was tracked down, and the note deemed legitimate. He was later released. In 2012 a Kmart shopper reported finding a letter at his local U.S. store from a worker also describing harrowing work conditions in China. (Reporting by Sebastien Malo @sebastienmalo, Editing by Ellen Wulfhorst. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women''s rights, trafficking, property rights, climate change and resilience. Visit news.trust.org ) Our Standards: The Thomson Reuters Trust Principles Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trafficking-walmart-idUSL1N1IC1X6'|'2017-05-11T06:06:00.000+03:00'
'c145e748bf0e57d2dffeed5ebe88021931c0c4c4'|'Panasonic expects 21 pct annual profit rise as auto focus pays off'|'TOKYO May 11 Panasonic Corp said on Thursday it expects operating profit to rise 21 percent in the financial year through March as investments in advanced automotive parts begin to pay off.Panasonic forecasts operating profit to increase to 335 billion yen ($2.93 billion) from 276.8 billion yen a year prior.The outlook compares with the 346.28 yen average estimates compiled by Thomson Reuters.Panasonic, which mark its 100th anniversary next year, is shifting its focus to corporate clients such as automakers to escape price competition in lower-margin consumer electronics. ($1 = 114.1400 yen) (Reporting by Makiko Yamazaki; Editing by Miral Fahmy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/panasonic-outlook-idUSL4N1IC4BK'|'2017-05-11T15:36:00.000+03:00'
'b5987793d7c2ac640d5b0f316cf83b2c6ebf1813'|'EU top court adviser says Uber is transport service, may need licences'|'  1:03pm BST EU advised to rank Uber as transport, challenging business model left right FILE PHOTO: An illustration picture shows the logo of car-sharing service app Uber on a smartphone next to the picture of an official German taxi sign, September 15, 2014. REUTERS/Kai Pfaffenbach/Illustration/File Photo 1/2 left right A man exits the Uber offices in Queens, New York, U.S., February 2, 2017. REUTERS/Brendan McDermid - 2/2 By Michele Sinner and Julia Fioretti - LUXEMBOURG/BRUSSELS LUXEMBOURG/BRUSSELS Uber provides a transport service and must be licensed, an adviser to the European Union''s top court said on Thursday, in a potential blow to the U.S. firm which says it is merely a digital enabler. The non-binding opinion means the smartphone app can be regulated by European countries as a transport service, subjecting it to local licensing regulations which could have been considered disproportionate under EU law had it been deemed an "information society service". "The Uber electronic platform, whilst innovative, falls within the field of transport: Uber can thus be required to obtain the necessary licenses and authorizations under national law," the statement from the Court of Justice of the European Union (ECJ) said. While the opinion of Advocate General Maciej Szpunar is non-binding, the court''s judges follow it in most cases. The case was brought by an association of Barcelona taxi drivers who argued that Uber engaged in unfair competition with its UberPOP service - which used unlicensed drivers. Uber, which no longer operates UberPOP in Spain, said it would await a final ruling later this year, but added that even if it is considered a transportation company, this "would not change the way we are regulated in most EU countries as that is already the situation today". However, such a ruling would "undermine the much needed reform of outdated laws which prevent millions of Europeans from accessing a reliable ride at the tap of a button," an Uber spokeswoman said in a statement. Uber, which allows passengers to summon a ride through an app on their smartphones, expanded into Europe five years ago. But it has been challenged in the courts by established taxi companies and some EU countries because it is not bound by strict local licensing and safety rules which apply to some of its competitors. Valued at $68 billion, Uber reintroduced a licensed version of its service in Madrid and Berlin last year. However, UberPOP is still operated in Estonia, Poland, Czech Republic, Norway, Finland and Switzerland. LANDMARK CASE The case before the Luxembourg court is seen as a landmark case in the so-called sharing economy and could have knock-on effects on other start-ups such as Airbnb and food delivery company Deliveroo. The court battles come as Uber struggles with a wave of executive departures and criticism of its work culture. Szpunar said in the statement that Uber drivers "do not pursue an autonomous activity that is independent of the platform. On the contrary, that activity exists solely because of the platform, without which it would have no sense." Uber could not be regarded as a mere intermediary between drivers and passengers because it controlled economically important aspects of the urban transport service, Szpunar said. In his opinion, Szpunar said that Uber''s argument that it merely matches supply and demand was a "simplistic view of its role." "In effect, Uber does much more than link supply and demand: it created this demand itself," Szpunar wrote. The service provided by Uber amounts to the "organization and management of a comprehensive system for on-demand urban transport," the ECJ statement said. (Editing by Philip Blenkinsop and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-uber-tech-court-idUKKBN1870SO'|'2017-05-11T16:06:00.000+03:00'
'b7445fcef3e1f6e9960d41ccd9747f40c54852a1'|'Saudi signals first cut in crude supplies to Asian customers - sources'|'Business News - Wed May 10, 2017 - 10:13am BST Saudi signals first cut in crude supplies to Asian customers - sources FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo By Osamu Tsukimori and Jane Chung - TOKYO TOKYO Saudi Arabia, the world''s biggest oil exporter, has notified at least two Asian refiners of its first cuts in crude allocations for regional buyers since an OPEC output reduction took effect in January, two refining sources told Reuters on Wednesday. State-owned Saudi Aramco has told Asian buyers it is curtailing supplies for June to meet its commitments for the output cut, one of the sources at a refiner in South Korea said. "Saudi is adjusting supplies because it has somewhat supplied full volumes or even more in the previous months," the source said, declining to give specific details on the cuts. The notification of the reductions in June allocations signals added urgency among members of the Organization of the Petroleum Exporting Countries as evidence mounts that the output cut has so far failed to rein in a global glut in crude. OPEC has previously kept supplies to clients in high-growth Asian markets steady, while cutting allocations to Europe and the United States. Reuters reported on Tuesday that state-owned Saudi Aramco will reduce oil supplies to Asian customers by about 7 million barrels in June, as it keeps to the production agreement and trims exports to meet rising domestic demand for power during the summer. Seven million barrels is roughly two days of oil imports into Japan, the world''s fourth-biggest importer. Aramco and other producers typically issue monthly notices to refineries and other buyers with contracted supplies outlining their intended allocations to each customer. Usually they keep volumes at previously agreed levels but sometimes will reduce or increase the supplies depending on market conditions. The second refining source that received a notice of a cut had earlier requested that Aramco provide higher supplies than it was allocated but was told instead it would be cut. After discussions with Aramco, the company will keep its volumes unchanged in June, the source said. A third Asian refiner is getting contracted volumes for June, steady from the previous month, a separate industry source said. A fourth refiner said it had not received any notifications by Wednesday. (Reporting by Osamu Tsukimori; Writing by Aaron Sheldrick; Editing by Richard Pullin and Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-supply-idUKKBN18610Q'|'2017-05-10T17:13:00.000+03:00'
'ed434526c79b93530ef3c386105f7276179986ce'|'Euro zone lenders, IMF to discuss Greek debt relief on Friday'|'Thu May 11, 2017 - 7:54pm BST Euro zone lenders, IMF to discuss Greek debt relief on Friday A man looks down as a Greek national flag flutters atop one of the bastions of the 17th century fortress of Palamidi under an overcast sky at the southern port city of Nafplio, Greece, February 19. 2017. REUTERS/Alkis Konstantinidis By Jan Strupczewski - BARI, Italy BARI, Italy Top euro zone and International Monetary Fund officials will discuss debt relief for Greece early on Friday, on the sidelines of a meeting of G7 finance ministers and central bankers in the Italian city of Bari, officials said. The meeting is to help determine how euro zone lenders, who hold half of Greek public debt, should firm up their conditional promise of debt relief for Greece from last year to satisfy the International Monetary Fund. The IMF has made debt relief for Greece a condition for its participation in the latest bailout for Athens, the third one since 2010. Several euro zone governments, led by Berlin, want the IMF to participate for credibility reasons even though they disagree with some of the IMF recommendations on Greece. While Greece is not on the official agenda of the G7 financial leaders meeting, it will be discussed on the sidelines because all the main players needed for a deal will be present, officials said on Thursday. German Finance Minister Wolfgang Schaeuble, the chairman of euro zone finance ministers Jeroen Dijsselbloem, Economic Affairs Commissioner Pierre Moscovici, French Finance Minister Michel Sapin and the heads of the IMF, the euro zone bailout fund and the European Central Bank will all take part. "Of course Greece will be discussed, all the key players are here," said one official. The official agenda of France''s Sapin showed the meeting is due to start at 0500 GMT. Euro zone lenders promised in May 2016 that if Greece delivers on all reforms pledged under its bailout, they would extend the maturities and grace periods on loans so that Greek gross financing needs are below 15 percent of GDP after 2018 for the medium term, and below 20 percent of GDP later. They also said they could consider replacing more costly IMF loans to Greece with cheaper euro zone credit and transfer the profits made from a portfolio of Greek bonds bought by euro zone national central banks back to Athens. But all this could happen only if Greece delivers on its reforms by mid-2018 and only if a debt sustainability analysis shows Athens needs the debt relief to make its debt sustainable. The IMF believes that debt relief, or at least a clear promise of it, is needed to restore investor confidence in Greece, especially if the country, which has public debt of 180 percent of GDP, is to return to market financing next year. Germany and other northern European countries say that if Greece keeps a high primary surplus for long enough, it may not need any further debt relief, especially given that the existing very cheap euro zone loans are already saving the country''s government eight billion euros a year, or 4.5 percent of GDP. The final decision on how to phrase the debt relief promise for Greece is to be taken at the next meeting of all euro zone finance ministers on May 22. When implemented in full, the debt relief measures should lead to a cumulative reduction of Greece<63>s debt-to-GDP ratio of around 20 percentage points until 2060, according to estimates of the euro zone bailout fund. They would also cut Greece<63>s gross financing needs by almost five percentage points over the same time horizon. (Additional reporting by Silvia Aloisi in Bari; Editing by Andrew Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-greece-debt-g-idUKKBN1872QQ'|'2017-05-12T02:54:00.000+03:00'
'e652f17e09d59047f9846a7aa5e85022370f87aa'|'FTSE at one-month high, Tory energy pledge hits Centrica, SSE'|'Business News  25pm BST FTSE ends at one-month high but May''s energy pledge hits Centrica, SSE A man walks past the London Stock Exchange in the City of London October 11, 2013. REUTERS/Stefan Wermuth By Helen Reid Energy companies Centrica and SSE were among the worst-performing stocks on FTSE on Tuesday, after Prime Minister Theresa May vowed to cap energy prices if she was re-elected in June. While the blue-chip index .FTSE ended up 0.6 percent at its highest level since early April, big declines stole the limelight. May pledged to introduce a ceiling on domestic energy prices that would cut tariffs for around 17 million families. She said energy regulator Ofgem would be ordered to cap the costs of standard variable tariffs, the package used by two-thirds of customers in Britain. Centrica ( CNA.L ) and SSE ( SSE.L ) both fell 1.2 percent, continuing a decline that began when the Conservatives first hinted at the policy, which could erode the firms'' margins. "The government has stated that two-thirds of customers are on the higher ''standard'' rates, and clearly if the cap is below this level this will hit margins directly," said Edward Park, director of the investment committee at Brooks Macdonald. "But the government will need to be careful not to cause excessive pressure on the energy market as capex in areas such as ''smart meters'' are also viewed as helping retail customers make informed decisions," he added. The cap could cost Centrica up to 200 million pounds, Neil Wilson of ETX Capital estimated. Micro Focus ( MCRO.L ) fell 5.6 percent to the bottom of the FTSE after it flagged a 10 percent revenue drop at Hewlett Packard Enterprise ( HPE.N ), the company it''s in the process of acquiring for $8.8 billion. Mining companies Glencore ( GLEN.L ) and BHP Billiton ( BLT.L ) both rose more than 2 percent as the price of copper edged up from sharp overnight losses. Ferrexpo ( FXPO.L ) and Kaz Minerals ( KAZ.L ) led gains on the mid-caps as well, up 4.9 and 2.7 percent respectively. Asset manager Henderson ( HGGH.L ) benefited from a UBS upgrade and rose to join the top mid-cap gainers, up 2.3 percent and on track for its best day in six months. UBS analysts see its acquisition of U.S. fund manager Janus as "transformational" for the firm. "Significantly enhanced scale, distribution and diversification see it better equipped to deal with ongoing headwinds from a gradual global shift to passive (management) and rising regulatory costs," they said in a note. Meanwhile the broker''s downgrade of Card Factory ( CARDC.L ) to "neutral" after the shares rallied weighed on the stock, down 1.2 percent. (Reporting by Helen Reid and Danilo Masoni; Editing by Mark Trevelyan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN1850ZG'|'2017-05-09T17:35:00.000+03:00'
'178ae7cc2f249a447746cf9df54519a6d27e52a1'|'UPDATE 1-Atlantia to submit takeover bid for Abertis within days - sources'|'LONDON/MILAN/MADRID Italian toll road operator Atlantia ( ATL.MI ) is planning to submit a takeover bid for Spanish rival Abertis ( ABE.MC ) within days, two sources familiar with the situation said on Tuesday, hoping to bridge differences over price that have held up negotiations in the past few weeks.A merger between Atlantia and Abertis would create Europe''s biggest toll road group, with a combined market value of more than 36 billion euros ($39.21 billion).It would also speed up Atlantia''s plans to diversify away from its home market, with the combined group generating around 60 percent of its core profit outside Italy.Atlantia, controlled by the Benetton family, confirmed last month it was considering a deal with Abertis providing it was friendly and created shareholder value. "It''s a matter of days. The offer could come toward the end of this week or early next week," one of the sources said, adding that the two parties were keen to reach a friendly agreement. Representatives at Atlantia were not immediately available for comment, while Abertis declined to comment.The Rome-base group has yet to hammer out the final terms of the deal, the sources said, and plug differences over Abertis'' valuation.Two of the sources said Atlantia had initially approached Abertis with a 16 euro-a-share bid but Abertis''s main shareholder, La Caixa, had asked for 17 euros per share, valuing the Barcelona-based business at around 16.8 billion euros, slightly above its market value of 16.6 billion euros.A third source said the Spaniards wanted a valuation above 16 euros per share."The final price is likely to be somewhere in the middle. I don''t think the Benettons will pull out due to a relatively minor valuation difference," one of the sources said.Abertis shares were trading at 16.28 euros at 1304 GMT (9.04 a.m. ET).The sources said Atlantia has secured a financing package worth around 11 billion euros to back a cash and share bid.Reuters previously reported that Atlantia''s advisers Credit Suisse ( CSGN.S ) and Mediobanca ( MDBI.MI ) and Abertis'' adviser Citi ( C.N ) had committed to provide financing for the deal.The pool of lending banks will also include Italian lenders UniCredit ( CRDI.MI ) and Intesa Sanpaolo ( ISP.MI ) and France''s BNP Paribas ( BNPP.PA ) and Societe Generale ( SOGN.PA ) among others.Atlantia will hold a board meeting on Friday to discuss its first-quarter results and may try to formalize its bid for Abertis, the sources said, although a final decision had yet to be taken.Atlantia, which operates Rome''s two airports and around 5,000 km of toll motorways, has long been trying to lure its Spanish rival to the negotiating table, the sources said.But Abertis, considered one of Catalonia''s "crown jewels", has only recently started contemplating the possibility of a sale to enable the business to cope with domestic challenges including a series of concessions that will soon expire, the sources said.(Additional reporting by Francesca Landini and Stephen Jewkes in Milan. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-abertis-m-a-atlantia-idUSKBN1851NY'|'2017-05-09T21:56:00.000+03:00'
'c882293192fd265d4625c8373edcf5b6c8aa736e'|'Trump review of Wall Street rules to be done in stages: sources'|'NEW YORK/WASHINGTON The U.S. government''s review of a landmark 2010 financial reform law will not be complete by early June as originally targeted, and officials will now report findings piece-by-piece, with priority given to banking regulations, sources familiar with the matter said on Monday.President Donald Trump has pledged to do a "big number" on the Dodd-Frank financial overhaul law, which raised banks'' capital requirements, restricted their ability to make speculative bets with customers'' money and created consumer protections in the wake of the financial crisis.In February, Trump ordered Treasury Secretary Steven Mnuchin to review the law and report back within 120 days, saying his administration expected to be cutting large parts of it.But the Treasury Department is still filling vacancies after the transition from the Obama administration and there are not enough officials to get the full review done by early June, three sources said.A Treasury spokesperson dismissed the idea the report that would be broken up because the department is short-handed, saying the reach of the project could require several separate reports, as permitted under the executive order."Treasury has an entire team dedicated to reviewing the financial regulatory rules and will begin reporting our findings to the president in June," the department spokesperson said."Given the volume and scope of the issues we are reviewing that involve potential changes to the financial regulatory system, we are carefully considering the best options to begin rolling them out in the most effective and responsible manner," the spokesperson said.The Treasury Department will first report back on what banking rules could be changed, including capital requirements, restrictions on leverage and speculative trading.Examinations of capital markets, clearing houses and derivatives as well as the insurance and asset management industries and financial innovation and banking technology will come later, the sources said.It could be several months until these other stages of the financial reform review are completed, some of the sources said.The piecemeal approach could create challenges for some sectors if parts of the report are significantly delayed. The report has been highly anticipated, as it marks the new administration''s most detailed foray into outlining what it wants to do with financial rules.Trump previously has spoken only in broad terms about easing regulation surrounding lending.Any efforts to rework existing regulations or craft new legislation will be a lengthy and contentious process, something that banking lobbyists have said will make any delay to the administration''s initial findings costly for businesses eager for regulatory relief.Former BlackRock Inc executive Craig Phillips is leading the administration''s plan for financial deregulation. Alongside other Treasury officials, he is soliciting feedback from banking industry groups and executives for how banking policy should be shaped.The change in the timing of the Treasury report comes after Trump ordered a separate review of some key planks of the Dodd-Frank financial reform law.In April, Trump signed a pair of executive orders directing a review of two additional regulatory powers - orderly liquidation authority, which allows regulators to step in and wind down a failing financial institution, and systemic designation, in which certain large firms may be deemed critical to the overall health of the financial system, meriting stricter oversight.The findings from those reviews are not expected until October.(Editing by Carmel Crimmins and Leslie Adler)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-wall-street-trump-idUSKBN1842DW'|'2017-05-09T02:11:00.000+03:00'
'0bef10a89563d09260b388b2129bd462b605473b'|'China to further tighten its internet controls'|'BEIJING China will further tighten its internet regulations with a pledge on Sunday to strengthen controls over search engines and online news portals, the latest step in President Xi Jinping''s push to maintain strict Communist Party control over content.Xi has made China''s "cyber sovereignty" a top priority in his sweeping campaign to bolster security. He has also reasserted the ruling Communist Party''s role in limiting and guiding online discussion.The five-year cultural development and reform plan released by the party and State Council, or Cabinet, calls for a "perfecting" of laws and rules related to the internet.That includes a qualification system for people working in online news, according to the plan, carried by the official Xinhua news agency."Strike hard against online rumors, harmful information, fake news, news extortion, fake media and fake reporters," it said, without giving details.Xi has been explicit that media must follow the party line, uphold the correct guidance on public opinion and promote "positive propaganda".The plan comes on top of existing tight internet controls, which includes the blocking of popular foreign websites such as Google and Facebook.The government last week issued tighter rules for online news portals and network providers.Regulators say such controls are necessary in the face of growing security threats, and are done in accordance with the law.Speaking more broadly about the country''s cultural sector, the plan calls for efforts to reinforce and improve "positive propaganda"."Strengthen and improve supervision over public opinion," it added.The plan also calls for more effort to be put into promoting China''s point of view and cultural soft power globally, though without giving details.(Reporting by Ben Blanchard; Editing by Christian Schmollinger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-china-internet-idINKBN1830AG'|'2017-05-07T07:23:00.000+03:00'
'ecbfbb668a4291652a2934e7ba7111d5db462cb9'|'Financial broker NEX flags subdued activity since the start of the year'|' 25am BST Financial broker NEX flags subdued activity since the start of the year UK-based financial broker NEX Group reported higher profit for the year to March, but said that trading activity since the start of the year had remained subdued due to low volatility. NEX, which was known as ICAP before it sold its voice broking business to TP ICAP last year, said its trading operating profit from continuing operations rose 4 percent to 145 million pounds in the year ended March 31. Revenue from continuing operations increased by 18 percent to 543 million pounds, said Nex, which matches buyers and sellers of bonds, swaps and currencies. "Our performance remains strong in a tough market environment," Chief Executive Michael Spencer said in a statement. Financial market volatility has fallen to historic lows in recent months, despite global and political uncertainty, which Nex said was translating into relatively light trading volumes. (Reporting by Esha Vaish in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nex-group-results-idUKKCN18B0JH'|'2017-05-15T14:25:00.000+03:00'
'c7b9f6c1127ee988ab43abddf3a0d572c1543290'|'Chinese city sets limits on how far home prices can rise'|'  9:21am BST Chinese city sets limits on how far home prices can rise BEIJING A small Chinese city said on Monday its property price growth must not exceed 5 percent in the next six months, and 10 percent in one year, in a rare move to openly dictate how far prices can rise. The Kaifeng Municipal city government of China''s central Henan province, a city of 5 million people about 80 km east of provincial capital Zhengzhou, issued measures to rein in its property market, including introducing price caps over new units and tightening pre-sale rules to regulate market irregularities. It also said home buyers who buy newly built properties are not allowed to sell before holding them for three years, according to a notice on its website. "Kaifeng''s policy change today signals some buying demand is spilling over to Kaifeng after Zhengzhou introduced property curbs," said Yan Yujin, an analyst with E-House China R&D Institute. China''s smaller centres, usually referred to as Tier-3 and Tier-4 cities, appeared to have benefited from curbs in nearby bigger cities as it resulted in spill-over of demand that has helped reduce a overhang of unsold properties. Home prices in many smaller cities with no purchase restrictions picked up most visibly in March, according to data from the Statistics Bureau. Clearance of the housing overhang in many of China''s smaller cities is likely to persist, a senior economic planner said in late April. (Reporting by Beijing Monitoring Desk and Yawen Chen; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-property-idUKKCN18B0TB'|'2017-05-15T16:21:00.000+03:00'
'30a7fbca9139d6f89f06867a0918c96b9bd29efc'|'Blowing the whistle in South Korea: Hyundai Man takes on chaebol culture'|'Autos - Mon May 15, 2017 - 7:55am EDT Blowing the whistle in South Korea: Hyundai Man takes on chaebol culture left right Kim Gwang-ho speaks as he checks his Hyundai Motor''s car during an interview with Reuters in Yongin, South Korea, April 19, 2017. Picture taken on April 19, 2017. REUTERS/Kim Hong-Ji 1/5 left right Kim Gwang-ho checks his Hyundai Motor''s car during an interview with Reuters in Yongin, South Korea, April 19, 2017. Picture taken on April 19, 2017. REUTERS/Kim Hong-Ji 2/5 left right Kim Gwang-ho speaks during an interview with Reuters in Yongin, South Korea, April 19, 2017. Picture taken on April 19, 2017. REUTERS/Kim Hong-Ji 3/5 left right Kim Gwang-ho checks his Hyundai Motor''s car during an interview with Reuters in Yongin, South Korea, April 19, 2017. Picture taken on April 19, 2017. REUTERS/Kim Hong-Ji 4/5 left right Kim Gwang-ho speaks during an interview with Reuters in Yongin, South Korea, April 19, 2017. Picture taken on April 19, 2017. REUTERS/Kim Hong-Ji 5/5 By Hyunjoo Jin - YONGIN, South Korea YONGIN, South Korea South Korean engineer Kim Gwang-ho flew 7,000 miles to Washington last year to do something he never dreamed he would: he reported alleged safety lapses at Hyundai Motor Co - his employer of 26 years - to U.S. regulators. Citing an internal report from Hyundai''s quality strategy team to management, Kim told the U.S. National Highway Traffic Safety Administration (NHTSA) the company was not taking enough action to address an engine fault that increased the risk of crashes. Hyundai ( 005380.KS ) denies the allegations. The company promotes openness and transparency in all safety-related operations, and its decisions on recalls comply with both global regulators and stringent internal processes, Hyundai told Reuters in an emailed statement. Reuters was unable to review the internal report cited by Kim due to a court injunction filed by Hyundai. In a culture which values corporate loyalty, Kim was moving against the tide when he handed the NHTSA 250 pages of internal documents on the alleged defect and nine other faults. South Korea has been buffeted by corporate scandals, many within its family-run conglomerates or chaebol, but has seen few whistleblowers. A high proportion are sacked or ostracized, despite legislation to protect them, according to advocacy groups. Kim, fired in November for allegedly leaking trade secrets about the company''s technology and sales to media, has since been reinstated by Hyundai after a ruling by a South Korean government body under whistleblower protection laws. Hyundai has filed a complaint disputing the decision. "I will be the first and last whistleblower in South Korea''s auto industry. There are just too many things to lose," Kim said in an interview at a bakery cafe run by his eldest daughter. "I had a normal life and was better off, but now I''m fighting against a big conglomerate." Corruption at chaebols is at the forefront of the political agenda for newly elected president Moon Jae-in, voted in after a bribery scandal involving Samsung chief Jay Y. Lee and former President Park Geun-hye. LOYAL SALARY MAN On Friday, Hyundai and associate Kia Motors Corp ( 000270.KS ) said they would recall a further 240,000 vehicles in South Korea after the transport ministry issued a rare compulsory recall order over defects flagged by Kim. Kim, now 55, says he did not start off intending to blow the whistle. A loyal salary man, he studied precision mechanics and joined Hyundai in 1991, working on engine testing and planning. In 2015, Kim transferred to the Quality Strategy team, which decides recall issues. That same year, Hyundai announced a U.S. recall of half a million Sonata sedans due to manufacturing flaws that could result in engine stalling. Citing the report by the Quality Strategy team, Kim argues Hyundai knew the issue was more serious and widespread, affecting more models and the South Korean market. The problem was not just w
'86543b092d561a0df16bb214619e209a3ed352de'|'UPDATE 1-Turkish jeans retailer Mavi intends to list on Borsa Istanbul'|'Market News - Mon May 15, 2017 - 9:48am EDT UPDATE 2-Turkish jeans retailer Mavi to list on Istanbul bourse (Adds context, chief executive) By Dasha Afanasieva and Ezgi Erkoyun LONDON/ISTANBUL May 15 Turkish clothing retailer Mavi Giyim plans to list on Istanbul''s stock exchange, the company said on Monday, in what will be a test for the exchange 10 months after a coup attempt shook investor confidence in the region. Chief Executive Officer Cuneyt Yavuz said 82 percent of Mavi''s business comes from Turkey, which has a growing and young population but in July the government resisted a dramatic coup attempt and a resulting crackdown has left tens of thousands of people sacked or arrested and unnerved markets. The Istanbul Stock Exchange has seen a sharp decline in listings: $14.3 million have been raised in IPOs so far this year, compared with $119.9 million in the same period last year, according to Thomson Reuters data. Yavuz said there had been more alarming news out of Turkey than expected, but added: "Our company has come out to be very resilient in terms of the ups and downs of the Turkish market." Last year Mavi, which was founded in Istanbul in 1991 and has become one of Turkey''s best known clothing brands abroad, gained over a million new customers in Turkey and 30 percent of those were under the age of 24, Yavuz said. It achieved a consolidated revenue of 1.31 billion lira ($368.11 million) and an EBITDA - earnings before interest, tax, depreciation and amoritisation - of 170.2 million lira in the 2016 financial year. Yavuz declined to disclose the target valuation but said the company viewed Inditex and H&M as comparable, as well as local players. H&M is trading at enterprise value to EBITDA ratio of 8.6 for the next 12 months, while Inditex is at 17.6. Mavi has nearly 400 shops and a presence in some 35 countries. Yavuz said Mavi is opening up bigger stores and growing the existing stores while expanding its foothold in the United States, Canada, Germany, Russia. The offering will see 50 percent of the company sold by the founding Akarlilar family and Turkven, a private equity fund which invested in Mavi in 2008. They may also sell up to an additional 15 percent, Mavi said. Turkven also holds investments in shoe retailer Flo and fast fashion chain Koton. Mavi shares will be offered to international institutional investors, and domestic retail and institutional investors, Mavi said. Goldman Sachs is acting as global coordinator and, together with Bank of America Corp''s Merrill Lynch, as joint international bookrunners. Turkey''s Is Yatirim is acting as domestic coordinator and bookrunner for the global offering. ($1 = 3.5587 liras) (Editing by David Dolan and David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/turkey-mavi-ipo-idUSL8N1IH1DU'|'2017-05-15T16:10:00.000+03:00'
'32728d7a0ebebf4dbf2a768e6c8ce0e91228daf3'|'Nissan resumes production at UK plant hit by cyber attack'|'Autos - Mon May 15, 2017 - 11:57am BST Nissan resumes production at UK plant hit by cyber attack FILE PHOTO - Nissan technicians work on a Qashqai car on the production line at the company''s plant in Sunderland, Britain November 9, 2011. REUTERS/Nigel Roddis/File Photo TOKYO Production at Nissan''s manufacturing plant in Britain resumed as scheduled on Monday, following a stoppage on Friday evening when operations were affected by a cyber attack, the Japanese automaker said. The day shift at the plant located in Sunderland, northeast England, began as usual earlier on Monday, the company said in an email, adding that there had been no production scheduled at the plant on Saturday or Sunday. "While our teams are addressing some localized issues, it''s business as usual today," a spokesman at the company''s headquarters in Yokohama said in the email. The WannaCry ransomware worm erupted on Friday, locking up hundreds of thousands of computers in more than 150 countries, and hitting factories, hospitals, shops and schools worldwide. Earlier on Monday, businesses and governments in Asia reported some disruption, and while the effect appeared less severe than anticipated, industry professionals flagged lingering risks of the attacks, most of which arrived via email. (Reporting by Naomi Tajitsu, editing by David Evans) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-cyber-attack-nissan-idUKKCN18B19Y'|'2017-05-15T18:57:00.000+03:00'
'b2bfa41a4cd17c2c8c91bef347101874544732af'|'Protectionism off the agenda but high in minds at G7 finance meeting'|'Davos - Wed May 10, 2017 - 4:53pm BST Protectionism off the agenda but high in minds at G7 finance meeting FILE PHOTO: Steven Mnuchin, U.S. Treasury Secretary, laughs during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. REUTERS/Lucy Nicholson/File Photo By Gavin Jones - ROME ROME Europe, Japan and Canada hope a G7 meeting in Italy this week will give them a better picture of U.S. President Donald Trump''s direction on key policies that he has yet to spell out. The official agenda for Group of Seven finance ministers and central bankers in the city of Bari from Thursday to Saturday focuses on inequality, international tax rules, cyber security and blocking the funding of terrorism. However, many participants will be looking to Treasury Secretary Steven Mnuchin to gauge U.S. intentions on issues where Trump has threatened to upset the group''s consensus: protectionism and climate change. "It will be another chance to learn what the U.S. government is thinking and planning," said a G7 official at one of several briefings by national delegations this week. At a meeting of the larger Group of 20 financial chiefs in Germany in March, ministers dropped their traditional pledge to keep global free trade open, acquiescing to an increasingly protectionist United States. Trump will decide whether to quit the global Paris agreement on climate change - a campaign promise - after meeting leaders at a G7 summit on May 26-27, the White House has said. "The important thing is that Mnuchin will be there, with a clearer picture of U.S. policies than was available in previous weeks and months," said another G7 official who also asked not to be named. Reflecting tensions over Trump''s attitude to protectionism, there will be no formal discussion of trade in Bari, Italian Treasury officials said. The subject will be tackled at the summit, in Taormina, Sicily, at the end of May. "Everyone is concerned about the U.S. attitude towards protectionism," said the second G7 official, who called Trump''s focus on bilateral trade surpluses or deficits a "poisonous" notion of what fair trade policy should entail. NOTHING NEW ON FOREX The closing statement from Bari will reiterate a warning against competitive devaluations, Italian officials said, as March''s G20 did, allaying fears that the new U.S. administration might weaken the G20''s united front on global currency policy. While not on the official agenda, sources said there will also be discussion of debt relief for Greece ahead of a May 22 meeting of euro zone finance ministers on the disbursement of new loans for Athens. Greece''s creditors, including the European Central Bank and the International Monetary Fund, will be in Bari. The IMF is pushing for rapid debt relief measures for Greece, but euro zone governments say this is still premature. On taxation, G7 ministers will sign the Bari Declaration for Fighting Tax Crimes and Other Illicit Financial Flows and promise to seek more effective ways to tackle money laundering, international tax evasion and financing of terrorism. Italian Economy Minister Pier Carlo Padoan said last week Italy would "do everything we can" to push for more effective international rules on the taxation of global internet companies, but he admitted to "different positions within the G7" on the issue, which was likely to hinder progress. Italy, which is one of the world''s most sluggish economies and has seen a sharp rise in poverty and income inequality over the last decade, was keen to make "inclusive growth" the main focus of the meeting. However, the "Bari Policy Agenda" to be signed there will not commit to specific measures but suggest approaches for countries to tackle inequality depending on their circumstances, officials said. (additional reporting by Jan Strupczewski, Gernot Heller and Tetsushi Kajimoto; Editing by Robin Pomeroy)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.
'9c94454ec8591f820f061797302a8b07992d99aa'|'Profit at BTG Pactual rises as trading income soars'|'SAO PAULO May 9 Profit at Grupo BTG Pactual SA rose in the first quarter as sales and trading income more than doubled, helping Latin America''s largest investment banking firm offset the impact of rising bonus expenses and lower interest income.In a Tuesday securities filing, S<>o Paulo-based BTG Pactual said net income totaled 720 million reais ($226 million) last quarter, up 10 percent from the prior three months. Return on equity climbed to 18.7 percent, the highest in a year, the filing said.($1 = 3.1898 reais) (Reporting by Guillermo Parra-Bernal; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/btg-pactual-sa-results-idINE6N1D201V'|'2017-05-09T22:14:00.000+03:00'
'89b878bb3b8e4ac8ab1101842c0800bf0ab8a946'|'BRIEF-U.S. FDA grants accelerated approval to Avelumab for Urothelial Carcinoma'|' 22pm EDT BRIEF-U.S. FDA grants accelerated approval to Avelumab for Urothelial Carcinoma May 9 U.S. FDA: * U.S. Food and Drug Administration grants accelerated approval to avelumab for urothelial carcinoma Source text ( bit.ly/2pgHp8q )   REFILE-French outbound M&A driven to decade high by big deals LONDON, May 9 French companies have spent more on overseas acquisitions so far this year than in the same period over the past decade, marking a sharp rebound from 2016 when political uncertainty limited their appetite for doing major deals, Thomson Reuters data shows.  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-us-fda-grants-accelerated-approval-idUSFWN1IB0W8'|'2017-05-10T00:22:00.000+03:00'
'5d74ecf6194bbf9ff77f699f45b7241b88af92d9'|'Ex-AIG CEO Greenberg loses appeal over 2008 bailout'|' 27pm BST Ex-AIG CEO Greenberg loses appeal over 2008 bailout FILE PHOTO: Maurice ''''Hank'''' Greenberg, former chairman of American International Group Inc., (AIG) arrives at the New York State Supreme Courthouse in Manhattan, New York City, U.S., on September 29, 2016. REUTERS/Brendan McDermid/File Photo By Jonathan Stempel A federal appeals court threw out a ruling that the U.S. government illegally bailed out insurer American International Group Inc during the 2008 financial crisis, in a defeat for former chief executive officer Maurice "Hank" Greenberg. The Federal Circuit Court of Appeals in Washington said Greenberg''s Starr International Co had no legal right to challenge the bailout because that right belonged to AIG, which chose not to sue. Tuesday''s decision by a three-judge panel was a victory for the government in a lawsuit testing its power to bail out companies, including those deemed "too big to fail." David Boies, Starr''s lawyer, said "we respectfully disagree" with the decision and they would appeal to the U.S. Supreme Court. The Department of Justice had no immediate comment. AIG was rescued in September 2008 after running up huge losses from insurance on shoddy mortgage securities. Starr said the government harmed shareholders through an unconstitutional "exaction," by taking a 79.9 percent stake in the stricken insurer in exchange for a high-interest $85 billion (65.71 billion pounds) loan from the Federal Reserve Bank of New York. "While punitive measures against a corporation may ultimately be borne by its shareholders, a finding that those measures targeted shareholders directly is a wholly different matter," Chief Judge Sharon Prost wrote for the appeals court. "The alleged injuries to Starr are merely incidental to injuries to AIG, and any remedy would go to AIG, not Starr," she added. Starr had been New York-based AIG''s largest shareholder, with a 12 percent stake. It sought more than $40 billion of damages for shareholders. In June 2015, Court of Federal Claims Judge Thomas Wheeler agreed with Starr that the New York Fed overstepped its authority in arranging the $85 billion loan, but he refused to award damages because AIG would have gone bankrupt without it. The judge also rejected damages for a subsequent reverse stock split. Wheeler ruled after a trial featuring testimony from former Fed chairman Ben Bernanke, and former Treasury secretaries Henry "Hank" Paulson and Tim Geithner. Greenberg appealed Wheeler''s damages ruling. The government appealed his standing and exaction rulings. Dennis Kelleher, CEO of nonprofit Better Markets, in an interview welcomed the decision, saying the case may help regulators address future financial system shocks "without worrying about courts second-guessing them years later." AIG''s bailout eventually totalled $182.3 billion but was repaid, leaving taxpayers with nearly $23 billion of profit. Greenberg, 92, led AIG for nearly four decades before being ousted in March 2005. The case is Starr International Co v U.S., Federal Circuit Court of Appeals, Nos. 2015-5103, 2015-5133. (Reporting by Jonathan Stempel in New York; Editing by Lisa Von Ahn and Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aig-bailout-idUKKBN1852G7'|'2017-05-10T04:27:00.000+03:00'
'3b591d2e52793f1d477a03326e174d7b05c74f5b'|'German trade hits record high as markets look beyond Macron victory <20> business live - Business'|'Germany<6E>s Chancellor Angela Merkel greeting outgoing French President Francois Hollande in Berlin last night. Photograph: GUIDO BERGMANN / GERMAN FEDERAL GOVERNMENT / HANDOUT/EPA Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Graeme Wearden (until 2.10) and Nick Fletcher Tuesday 9 May 2017 18.02 BST First published on Tuesday 9 May 2017 08.35 BST Key events Show 6.02pm BST 18:02 European markets end higher 4.13pm BST 16:13 Gold slips to eight week low 3.06pm BST 15:06 Apple shares hit new record 2.42pm BST 14:42 Wall Street opens higher with S&P and Nasdaq at new records 11.39am BST 11:39 FTSE hits one-month high 10.59am BST 10:59 Euro falls back through $1.09 10.29am BST 10:29 Investec: Italian politics will bring fresh volatility Live feed Show 6.02pm BST 18:02 European markets end higher The belated relief over Emmanuel Macron<6F>s victory in the weekend<6E>s French presidential election, along with strong German trade figures and a recovery in resource stocks all helped to give European stock markets a boost. Germany<6E>s Dax reached a new closing high, while the FTSE 100 ended at its best level since the middle of April. In the US, both the Nasdaq Composite and S&P 500 hit new intra-day highs. The final scores showed:The FTSE 100 finished up 41.35 points or 0.57% at 7342.21 Germany<6E>s Dax rose 0.43% at 12,749.12 France<63>s Cac closed 0.28% higher at 5398.01 Italy<6C>s FTSE MIB ended 0.27% better at 21,486.95 But Spain<69>s Ibex slipped 0.42% to 11,049.2 In Greece, the Athens market added 1.96% to 778.37 On Wall Street, the Dow Jones Industrial Average has reversed its early gain and is currently down around 9 points or 0.05%.On that note, it<69>s time to close for the evening. Thanks for all your comments, and we\ll be back tomorrow. Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 4.56pm BST 16:56 Many analysts believe another US interest rate rise is on the cards when the Federal Reserve gets together for its regular meeting in June. And in a speech in California, Kansas City Fed president Esther George has added to that impression. Indicating she believed the US economy was strong enough for further hikes, she said:The economy continues to expand as sustained job growth and solid gains in household spending <20> the weak first quarter notwithstanding <20> are mutually reinforcing. The international backdrop poses less downside risks today, further supporting growth at home. In this environment, the role for monetary policy is to support the sustainability of the expansion. Therefore, as labor markets continue to tighten, continuing the gradual removal of monetary accommodation is the appropriate course for the FOMC. And that does not just mean rate rises:Removing policy accommodation goes beyond increasing the level of the federal funds rate. The Federal Open Markets Committee also must begin to adjust the size and composition of its securities holdings. The Federal Reserve<76>s balance sheet is currently about $4.5 trillion, or almost 25 percent of GDP compared to 6 percent of GDP 10 years ago. ...My own view is that the process should begin sometime this year by reducing reinvestments in mortgage-backed securities (MBS) and long-term Treasury securities. Once it begins, however, the runoff in the portfolio should be on autopilot and not reconsidered at each subsequent FOMC meeting. Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 4.26pm BST 16:26 Those expecting a market sell-off from the current highs could be disappointed, says Chris Beauchamp, chief market analyst at IG:Despite a lacklustre open, the S&P 500 and the Nasdaq 100 have already notched up record highs, while European markets have put in healthy gains.We have a market with no news, and no volatility, and this leaves us wondering what the ne
'02d21260ca79b50954136ac9ad9c3435bf49f7c8'|'Exclusive - EU regulators to approve $5.5 billion Broadcom, Brocade deal: sources'|'Deals - Tue May 9, 2017 - 6:32pm BST Exclusive: EU regulators to approve $5.5 billion Broadcom, Brocade deal FILE PHOTO: Broadcom Limited company logo is pictured on an office building in Rancho Bernardo, California May 12, 2016. REUTERS/Mike Blake By Foo Yun Chee - BRUSSELS BRUSSELS Chipmaker Broadcom ( AVGO.O ) is set to win EU antitrust approval for its $5.5 billion bid for Brocade ( BRCD.O ) after agreeing to modest concessions in the latest deal in the chip sector, three people familiar with the matter said on Tuesday. Singapore-based Broadcom, formerly Avago Technologies, is known for its connectivity chips used in products ranging from mobile devices to servers, while California-based Brocade makes networking switches, software and storage products. The sector has seen a wave of consolidation in recent years as chipmakers scale up in response to the growing market in connected devices and cars. Broadcom, which wants to grab a larger share of the data center products market via the deal, offered concessions last month in a bid to address the European Commission''s concerns. Brocade   Broadcom shares gained after the Reuters story and were trading 1.6 percent higher at $228.7 in early trade while Brocade was up 0.39 percent at $12.64. The people said Broadcom had made concessions on interoperability so clients can use whatever brand of switches on their network, independent of the supplier. Broadcom also pledged to set up Chinese walls between technical teams developing components and others developing and marketing competing devices to ensure confidentiality, they said. The Commission, which sought feedback from third parties, is expected to clear the deal by its scheduled May 12 deadline, according to the sources. The EU competition enforcer   (Additional reporting by Liana Baker in San Francisco; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-brocade-commns-m-a-broadcom-eu-exclus-idUKKBN185233'|'2017-05-10T01:32:00.000+03:00'
'465f6a29967127a23f8f187976f5a2c217e143c4'|'EU to tackle complaints over unfair trading practices by tech companies'|'Internet  48am BST EU to tackle complaints over unfair trading practices by tech companies FILE PHOTO: An Apple logo is seen at the Apple store in Munich, Germany, January 27, 2016. REUTERS/Michaela Rehle By Julia Fioretti - BRUSSELS BRUSSELS The European Union executive is planning a law to target unfair practices by leading online players such as Apple ( AAPL.O ) and Google ( GOOGL.O ) that smaller European competitors say is an abuse of their market positions. The European Commission said on Wednesday it would prepare an initiative by the end of the year to address unfair contractual clauses and trading practices in relations between platforms and businesses. This follows proposals to remove barriers in online services to improve European companies'' chances of competing against U.S. tech giants like Google, Apple and Facebook ( FB.O ). European companies such as Spotify, Rocket Internet ( RKET.DE ) and Deezer ( DZR.PA ) have complained that online platforms - such as search engines and app stores - abuse their position as gateways to customers to promote their own services or impose imbalanced terms and conditions. The Commission said on Wednesday that initial findings of an investigation launched last year showed platforms were delisting products or services without due notice, restricting access to data or not making search result rankings transparent enough. The Commission wants to establish fair practice criteria, measures to improve transparency and a system to help resolve disputes. Spotify hit out at Apple last year after it rejected an updated app for the Swedish music streaming service on iPhones, saying it diminished its competitiveness on iOS. (Reporting by Julia Fioretti; editing by Philip Blenkinsop and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-digital-idUKKBN18614K'|'2017-05-10T17:37:00.000+03:00'
'689df28d8e4a24150c7d92ddb976f4a4ae2dc263'|'LME head says pleased with level of feedback on reform plans'|'  10:54am BST LME head says pleased with level of feedback on reform plans Men walk past the London Metal Exchange (LME) in London, July 22, 2011. REUTERS/Paul Hackett/File Photo HONG KONG The new head of the London Metal Exchange on Wednesday said he was pleased with the level of early responses to a paper released last month discussing plans to reform parts of the bourse to fight sliding volumes. The 57-page document included proposals to change the structure of the exchange''s contracts and fees, as well as allowing metal to be used as collateral for margin trading. "We know that these are controversial topics," Matthew Chamberlain said on the sidelines of the LMEWeek Asia conference in Hong Kong. "On many of them, we have heard views from one end of the spectrum to the other. That''s what we expected ... I personally am very pleased as to the level of engagement." A perceived lack of strategy and falling volumes led to the departure of CEO Garry Jones early this year. The LME dominates the trading of metals such as aluminium, copper and zinc, but incursions into its territory from rivals such as the Shanghai Futures Exchange (ShFE) and CME Group ( CME.O ) have seen its share of overall copper trading fall to nearly 60 percent from 80 percent in 2008. The paper also included a list of products the LME is aiming to launch such as platinum and palladium futures contracts that would be added to its LMEprecious platform due to start in July. "From what I hear, the most positive feedback around the new initiatives is for example on the physical platform - I think there is very strong buy in for that and precious," said Chamberlain. The head of Hong Kong Exchanges and Clearing (HKEx) ( 0388.HK ) earlier in the day rebuffed criticism of the bourse''s handling of the LME. In his first speech since a management reshuffle last month, Charles Li reinforced his message that a major overhaul was needed at the LME when the Hong Kong bourse bought it five years ago, but acknowledged that upset among physical users had hurt turnover. (Reporting by Melanie Burton; Editing by Joseph Radford)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lmeweek-asia-reform-idUKKBN18615Z'|'2017-05-10T17:54:00.000+03:00'
'17707d53859da028eed2bcb8084ef493dbc2bc9f'|'Asian stocks set on edge by Comey dismissal, North Korea tensions'|'  6:27am BST Asia stocks rise for third day on earnings; dollar stalls on Comey sacking FILE PHOTO: A woman takes pictures of a display showing market indices outside a brokerage in Tokyo, Japan, February 10, 2016. REUTERS/Thomas Peter By Saikat Chatterjee - HONG KONG HONG KONG Asian stocks edged higher for a third consecutive day on Wednesday as investors focused on strong corporate earnings and the dollar gave back some of its recent gains. U.S. President Donald Trump''s abrupt dismissal of FBI Director James Comey prompted some unwinding of risky bets in early Asian trading but strategists said investors were cheered by a strong slate of corporate earnings, reflecting the cyclical rebound in the first quarter of 2017 was still in place. European stocks are set to follow Asia''s example, with major indices set for a broadly flat start according to index futures. "Markets are setting aside the many policy changes seen from the Trump administration and focusing on the improvement in corporate performance and that should support sentiment," said Tai Hui, chief Asia market strategist at JPMorgan Asset Management in Hong Kong. With results in for the majority of the companies on the S&P 500, estimated Q1 earnings growth is now at 14.5 percent, highest since Q3 of 2011, Thomson Reuters data shows with roughly 75 pct of companies are beating analysts'' expectations. That has helped Asia as well, with 12-month forward earnings per share for the MSCI index of Asia-Pacific shares outside Japan rising to its highest level in more than three years. "Strong corporate earnings are supporting risk sentiment in the Asian equity markets, said Fan Cheuk Wan, head of investment strategy and advisory at HSBC Private Banking. MSCI''s Asia ex Japan index rose 0.3 percent after posting modest gains in the previous session. It hit a two-year high last week. South Korean stocks led losers as investors took profits after liberal leader Moon Jae-in was elected president, while losses in Australia''s big banks weighed on the broader market after the government levied taxes on the lenders to help balance the budget. and Chinese stocks edged higher, shrugging off news that showed April''s producer price inflation cooled more than expected, with investors stepping into the market to scoop up bargains after a recent fall. Markets were also relieved when U.S. Commerce Secretary Wilbur Ross signalled the Trump administration would attempt to use existing tools to aggressively enforce trade rules and insist on fairer treatment for U.S. goods, rather than adopt the slash-and-burn approach Trump promoted on the campaign trail in 2016. In currencies, the dollar index, which tracks the greenback against a basket of six major currencies, was flat at 99.435, moving away from a three-week high of 99.688. Rising U.S. yields propped up the dollar to its strongest level against the Japanese yen in two months at 114.32 in the previous session but it gave back some of those gains after Trump fired FBI Director Comey in a move that shocked Washington. It was last changing hands at 113.76 per dollar, while yields on benchmark 10-year U.S. Treasury notes were lurking near their highest levels since end-March at 2.39 percent. But some market analysts pointed out with market volatility indicators hitting record lows -- the VIX indicator fell overnight to 9.56, its lowest since late 2006 -- the likelihood of a large move in financial markets has grown. "Geopolitics and the divergence of policy have not gone away," Marc Chandler, global head of FX strategy wrote in a daily note. "It is a reminder that we are often lulled into complacency just before being shocked by how treacherous things really are." Fed funds futures pricing showed investors almost universally expect the Federal Reserve to raise U.S. overnight interest rates at its next meeting, with close to a 90 percent perceived chance of an increase next month. Brent crude futures rose more than 0.5 perce
'3a19c22e5a3f4dd50e0c4391dfcff98519d83e1f'|'PRESS DIGEST- New York Times business news - May 10'|'Market News - Wed May 10, 2017 - 1:34am EDT PRESS DIGEST- New York Times business news - May 10 May 10 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Eight Democratic senators led by Elizabeth Warren of Massachusetts called for a federal investigation into whether billionaire activist investor Carl Icahn violated laws against insider trading and market manipulation in his role as a special adviser to President Trump. nyti.ms/2q19MWR - Walt Disney reported better-than-expected quarterly earnings on Tuesday, with theme park profits up 20 percent and movie income increasing by 21 percent. nyti.ms/2q1oux9 - Amazon introduced the latest model in its expanding family of Echo products, the Echo Show, which has a seven-inch touch screen and a video camera that let people place video or voice calls over Wi-Fi. Amazon also said it would release a free software update this week that brings voice-calling features to existing Echo devices. nyti.ms/2q12Itc - President Trump fired FBI director James Comey, abruptly terminating the top official leading a criminal investigation into whether Trump''s advisers colluded with the Russian government to steer the outcome of the 2016 presidential election. nyti.ms/2q1136V (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL4N1IC27X'|'2017-05-10T13:34:00.000+03:00'
'e556624db11d0a1d8e1d9fff983522c462a9bac9'|'China April producer prices rise 6.4 percent, consumer prices up 1.2 percent'|'Business News - Wed May 10, 2017 - 2:52am BST China April producer prices rise 6.4 percent, consumer prices up 1.2 percent FILE PHOTO: A street food vendor prepares food for customers as heavy smog blankets Shengfang, in Hebei province, on an extremely polluted day with red alert issued, China December 19, 2016. REUTERS/Damir Sagolj/File Photo BEIJING China''s April producer price inflation cooled for a second straight month as iron ore and coal prices tumbled further, pressured by fears that domestic demand will not be strong enough to absorb surging supplies of steel. The producer price index (PPI) rose 6.4 percent from a year earlier, missing economists'' expectations for a 6.9 percent rise and easing further from the previous month''s gain of 7.6 percent. In March, China''s PPI cooled for the first time in seven months as iron ore and coal prices tumbled after rising sharply on a construction boom that drove China''s strongest economic growth since 2015. China''s consumer price index (CPI) rose 1.2 percent from a year earlier, edging up from March''s 0.9 percent and above analysts'' forecasts, the National Bureau of Statistics said on Wednesday. Analysts polled by Reuters had predicted April consumer price inflation would edge up to 1.1 percent but remain well within the central bank''s comfort zone, giving it room to continue with a gradual pace of monetary policy tightening without hurting economic growth. (Reporting by Beijing Monitoring Desk; Editing by Sam Holmes)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-economy-inflation-idUKKBN18605X'|'2017-05-10T09:52:00.000+03:00'
'0e7caa4069e86f4887e2a3963cffb79736af26f6'|'UPDATE 1-AerCap still sees good demand for most popular wide-body jets'|'(Adds Quote: s)PARIS May 9 The world''s largest independent aircraft leasing company, AerCap said on Tuesday there was "good solid demand" for the wide-body jets, after concerns surfaced in the U.S. about weak demand for the most widely traded types of jets.American Airlines and Delta Air Lines have announced plans to defer deliveries of long-haul passenger planes, amid reports of a looming glut of capacity of such aircraft as planemakers bring out various new models while still upgrading old ones.AerCap Chief Executive Aengus Kelly said, after the company reported higher quarterly earnings, that such discussions were typical across the world.He added that planemakers were prepared to absorb market disruption by building a spare buffer into their order books to offset their exposure to high fixed costs."The only way they can do it is to over-commit all the time and that is why the order books of these guys have to be padded with inevitable deferral requests," he said."And so what is happening with the U.S. airlines is nothing unusual. It has just got more publicity, but discussions like this are ongoing all over the world continually."He also told reporters AerCap was studying a proposed larger new version of Boeing''s single-aisle jet family, the 737-10, which industry sources expect to be launched in June."We are looking at the aircraft and we''ll continue to evaluate it," he said.AerCap meanwhile has an unspecified number of mainly single-aisle Airbus aircraft at Italy''s Alitalia, which has gone into administration. It said these represent below one percent of its own portfolio."We are observing what is happening down there and speaking with the airline," Kelly said.Asked whether AerCap would lose money in placing them elsewhere, he said: "We would have to make sure that if there were any difference in the lease rental that we got from Alitalia and what we could get from the new lessee, we would do our best to be adequately compensated from the estate of Alitalia." (Reporting by Tim Hepher; Editing by Sudip Kar-Gupta and Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/aercap-aircraft-idINL8N1IB6VE'|'2017-05-09T17:12:00.000+03:00'
'19741d850ec49d03e512dd8f77d9e27f45c92186'|'Advisor PIRC backs oppose votes at ITV meet over pay, chairman'|'Business News - Tue May 9, 2017 - 9:10am BST Advisor PIRC backs oppose votes at ITV meet over pay, chairman FILE PHOTO: A company sign is displayed outside an ITV studio in London, Britain, July 27, 2016. REUTERS/Neil Hall/File Photo LONDON A leading advisor to institutional investors said on Tuesday shareholders should oppose the board of British broadcaster ITV over pay and the re-election of the company''s chairman at its annual general meeting. Pensions & Investment Research Consultants, which advises investors such as pension funds on corporate governance issues, said it baked ''oppose'' votes for ITV''s remuneration report, which it considered "excessive". "The CEO''s total realised variable pay is considered excessive at 239 percent of salary," it wrote in a report to clients, while the estimated ratio of CEO to average employee pay, at 46:1, was considered "inappropriate". PIRC also opposed the remuneration policy, which sets out pay plans for the next three years. ITV has said it had no plans to make major changes, PIRC said, but the advisor considered the maximum incentive awards excessive, at 550 percent of salary. The advisor also recommended investors oppose the re-election of Group Chairman and Nomination Committee Chairman Peter Bazalgette as the number of women on the board was not adequate, and no target had been set to increase the number. (Reporting by Simon Jessop)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-itv-agm-pirc-idUKKBN1850QO'|'2017-05-09T16:10:00.000+03:00'
'd00bfe274516de495bf0e86f9350beb31929c398'|'Asia stocks, dollar subdued after French relief, South Korea vote eyed'|'  6:56am BST Asia stocks, dollar subdued after French relief, South Korea vote eyed FILE PHOTO: Men are refelcted in a screen displaying market indices outside a brokerage in Tokyo, Japan April 19, 2016. REUTERS/Thomas Peter By Nichola Saminather - SINGAPORE SINGAPORE Asian stock markets edged down on Tuesday following a flat close on Wall Street, as investors searched for the next catalyst following France''s presidential election, while oil inched higher on expectations OPEC supply cuts will be extended. Financial spreadbetters expect Britain''s FTSE 100, Germany''s DAX and France''s CAC 40 to all open flat. The South Korean stock market, which finished at a record high on Monday, is closed for Tuesday''s presidential election. Liberal Moon Jae-in is widely expected to win the presidency, following months of leadership vacuum after former President Park Geun-hye was removed on charges of bribery and abuse of power. The polls opened at 6 a.m. (2100 GMT on Monday) and will close at 8 p.m. (1100 GMT). The winner is expected to be sworn in on Wednesday after the Election Commission releases the official result. Allies and neighbours are closely watching the election amid escalating tensions over North Korea''s accelerating development of weapons since it conducted its fourth nuclear test in January last year. It conducted a fifth test in September and is believed ready for another. North Korea would be keen to see a Moon victory. Its official Rodong Sinmun newspaper said in a commentary on Monday the time had come to put confrontation behind the Koreas by ending conservative rule in the South. "South Korean markets had not registered significant risk-off sentiment similar to other economies pre-elections, and this is no surprise," Jingyi Pan, market strategist at IG in Singapore, wrote in a note. "The largely similar stance on policies by the Presidential candidates provides little chance of surprise as compared to last week''s French election. Meanwhile, the filling of the political vacuum could go a long way to benefiting the economy." The Korean won weakened 0.25 percent on Tuesday, with the dollar buying 1,135.52 won. MSCI''s broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent on Tuesday. Japan''s Nikkei was slightly lower. China''s CSI 300 index retreated 0.3 percent in its sixth straight session of losses amid concerns over tighter financial regulations. Hong Kong''s Hang Seng reversed earlier losses to trade up 0.35 percent. Taiwan stocks pulled back to trade 0.25 percent lower on profit taking after earlier surpassing the 10,000-point mark to hit a two-year high. The MSCI World index, which touched a record high overnight, dropped about 0.1 percent. The dollar was flat at 113.285 yen, retaining most of Monday''s 0.4 percent gain. The dollar index was also steady at 99.11. The euro was steady at $1.0927 after tumbling 0.7 percent on Monday. "The euro''s retreat was driven solely by profit-taking. I think it is going to regain momentum over time," said Yukio Ishizuki, senior currency analyst at Daiwa Securities. French stocks slumped 0.9 percent overnight, their biggest one-day loss in almost three weeks, as investors took profits following strong gains in the run-up to Sunday''s vote that saw the market favourite, centrist Emmanuel Macron, elected president. Germany''s DAX closed 0.2 percent lower, while Britain''s FTSE was marginally higher. On Wall Street, all three major indexes closed flat, holding near recent all-time highs. The CBOE Volatility Index closed at 9.77, its lowest since December 1993. In commodities, oil market sentiment swung between optimism over statements from major oil-producing countries that supply cuts could be extended into 2018 and lingering concerns over slowing demand and a rise in U.S. crude output. U.S. crude inched up 0.1 percent to $46.47 a barrel. Global benchmark Brent also rose 0.1 percent to $49.39. Copper remained close to the four-month low 
'e46b7d1a02915ccd3a7093f65dfca01aac48f0df'|'After Brexit, underwriter Hiscox picks Luxembourg as EU base'|'Business News  23am BST After Brexit, underwriter Hiscox picks Luxembourg as EU base Lloyd''s of London underwriter Hiscox has decided to establish a new EU subsidiary in Luxembourg to underwrite its retail business in Europe following Britain''s vote to leave the European Union, it said on Tuesday. Hiscox, which underwrites a range of risks from oil refineries to kidnappings, said the process of establishing the subsidiary would begin immediately and that it expected to complete the restructuring well in advance of March 2019. "Luxembourg was selected for its pro-business position, strong financial services experience and well-respected regulator, and is close to many of our major markets," Hiscox said in a statement. The company had told Reuters in February that it was in talks with regulators in Luxembourg and Malta over setting up a new insurance base to service EU clients after Britain leaves the bloc. (Reporting by Esha Vaish in Bengaluru; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-hiscox-idUKKBN1850HY'|'2017-05-09T14:23:00.000+03:00'
'5e50d442dbb32004f336941c322ee31ee8e6ad8f'|'Agbots, next gen farming and how they can teach us about the future of work - Guardian Sustainable Business'|'T echnological unemployment is old news for farming. For hundreds, if not thousands, of years, people have left the land under the pressure of technological advance. Given the increased discussion about the future of work, the agricultural sector could offer some insight into what happens when machines take jobs.This is even more true given the sector stands on the verge of another technological revolution, with artificial intelligence, algorithms, robots and other forms of automation set to realign its social and economic foundations. As with any change of this nature, there is likely to be unease but it is difficult to see the downside of these developments. The job losses have already happened so the benefits are much more apparent.The biggest advantage of this tech revolution is that, with pressure on food supplies likely to mount in coming decades as the world<6C>s population increases, and with the full force of climate change beating down, anything that allows farmers to produce more food in a more environmentally friendly way has to be seen as a good thing.The new technologies could also help to overcome the worst excesses of industrial-scale agriculture. They are likely to allow more productive use of small plots of land, mitigating the tendency of the recent past for larger, more industrialised practices. Smaller and smarter is the catchcry.Can the CSIRO, WWF and technology fix the Australian cotton industry? Read more The scale of change that has already occurred, and the jobs losses in the sector, can seem pretty devastating. The MIT economist David Autor points out that, in the US in 1900, 41% of the US workforce was employed in agriculture but that, by 2000, that had fallen to 2%, mostly thanks to automation. Since the second world war, employment in the sector has declined by 4% per decade.In Australia in the 1960s, agriculture accounted for about 9% of the workforce but that has halved. Even between 1981 and 2011, the number of farmers in the country decreased by 40%. At the same time, productivity has skyrocketed and the price of goods produced has plummeted. Autor speaks of <20>spectacular productivity improvements<74> in the US that <20>have been accompanied by declines in the share of household income spent on food<6F>.Similarly, in Australia, although the contribution of agricultural to the economy has declined in relative terms <20> from 14% of GDP in the 1960s to 5% now <20> efficiency has never been higher. Australia has led the world in technological uptake in the sector and we are one of only 11 countries who are net exporters of food . With the new technologies, this is only likely to increase.At a recent Falling Walls conference in Berlin, Salah Sukkarieh, professor of robotics and intelligent systems at the University of Sydney, discussed how digital data will affect food production.The new technology he highlighted includes robots the size of lawnmowers trundling along rows of crops, monitoring water levels, soil types and collecting data that can be stored and analysed to help farmers make decisions about harvesting, replanting and pesticide use. There are robots that can <20>see<65> that there are bugs on one leaf of a plant but not on another leaf of the same plant and so apply pesticide only to the affected leaf. And there are robots that can detect weeds in a line of crops <20> that is, can tell the difference between the weed and the young plant <20> and that can then deploy a small mechanical hand to pull out the weed. No pesticides needed.Facebook Twitter Pinterest A farming robot from SwarmFarm. Their lightweight intelligent machines have sensors that plant crops and then wander through them, monitoring and predicting the potential yield, removing weeds, killing parasites and ultimately harvesting them. Photograph: SwamFarm Furthermore there are robots trained to recognise not only each particular tree in an orchard but the individual fruit on each. Algorithms ca
'41ae3bfa4043fa537dc2b64622be58e46fabdd45'|'gives up earlier gains as rising U.S. output, China concerns weigh'|'Money News - Tue May 9, 2017 - 5:52pm IST Oil steadies but rattled by concern about OPEC''s clout Site of an oil field is seen at sunset in Karamay, Xinjiang Uighur Autonomous Region, China, May 7, 2017. Picture taken May 7, 2017. REUTERS/Stringer By Amanda Cooper - LONDON LONDON Oil rose on Tuesday but faced headwinds from concern over slowing demand and the rise in U.S. crude output that has shaken investors'' faith in the ability of OPEC to rebalance the market. Brent crude futures were up 9 cents at $49.43 per barrel at 1110 GMT, above a session low of $49.18, while U.S. West Texas Intermediate futures were up 11 cents at $46.54 per barrel. Weekly U.S. data on crude production and inventories, plus monthly reports on supply and demand from the Organization of the Petroleum Exporting Countries and the U.S. Energy Information Administration this week, should provide a detailed picture of how quickly global crude inventories are falling. "We really need to see some of the data starting to support the idea that global inventory levels are coming down," Saxo Bank senior manager Ole Hansen said. "Almost as importantly, there have been some signs that there has been some wavering in terms of demand growth." High U.S. gasoline stocks have fed some concern about demand in the United States, where consumer spending expectations hit a three-year low last month and vehicle sales have fallen year-on-year for four months in a row. Coupled with that is faltering manufacturing activity and a drop in commodity imports in China, the world''s second-largest economy and biggest raw materials consumer. Even though OPEC has stuck to its pledge to cut production, U.S. output has risen by more than 10 percent since mid-2016 to 9.3 million barrels per day, close to the output of Russia and Saudi Arabia. "U.S. oil production surpassed expectations in terms of an early bottoming and swift uptick, and is set to expand further based on the latest drilling momentum," said Norbert Ruecker, head of macro and commodity research at Julius Baer. "We see prices between $45-50 per barrel as fundamentally justified. Consequently, we have raised our view to neutral from bearish and closed our short position. An extension of the supply deal beyond June looks likely but its effectiveness will remain questioned." Bank of America Merrill Lynch said slowing demand was also suppressing oil prices. "Oil demand growth this year is underwhelming, in part explaining why crude oil prices and refining margins have sold off sharply recently," it said. On the physical markets, barrels of North Sea crude changed hands at their lowest levels since late 2015 on Monday. [CRU/E] Top exporter Saudi Arabia said on Monday it would "do whatever it takes" to rebalance a market that has been dogged by oversupply for over two years. (Additional reporting by Henning Gloystein in Singapore; editing by Dale Hudson and Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/global-oil-idINKBN185031'|'2017-05-09T05:00:00.000+03:00'
'aba68098e65f6380ad37e13af4735f808f639a2e'|'BAE Systems says new financial year has started well'|' 24am BST BAE Systems says new financial year has started well A replica of a Lightning fighter jet stands outside the main gate of the BAE Systems facility at Salmesbury, near Preston, northern England March 10, 2016. REUTERS/Phil Noble LONDON BAE Systems, the world''s third-largest defence contractor, has started its new financial year well, with trading consistent with expectations, it said on Wednesday. The firm said its outlook remains unchanged with 2017 underlying earnings per share expected to be approximately 5 percent to 10 percent higher than the 40.3 pence made in 2016. "Our strategy is well defined, we have a large order backlog, long-term programme positions and a well balanced portfolio," said Chief Executive Ian King. "With an improving outlook for defence budgets in a number of our markets, in 2017 and beyond we are well placed to continue to generate attractive returns for shareholders." The update was released ahead of BAE''s annual shareholder meeting. King will retire from the group at the end of June. He will be succeeded as CEO by Charles Woodburn, the current chief operating officer. (Reporting by James Davey; editing by Kate Holton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bae-systems-outlook-idUKKBN1860K7'|'2017-05-10T14:24:00.000+03:00'
'919d74f1cb70f1e7b824abf7da299ff578a1abbc'|'Greek stocks outperform Europe with longest winning run since 1991'|'Market  16pm EDT Greek stocks outperform Europe with longest winning run since 1991 * STOXX 600 ends up 0.2 pct, euro zone index flat * Greek stocks rise for 12 straight days * Well-received updates help Rubis, Ontex, A2A * Banks mixed: Italy''s BPER drops on capital worries * Dutch lender ING rises after profit beat (Recasts, adds details, closing prices) By Danilo Masoni MILAN, May 10 Greek stocks rose for a 12th straight day on Wednesday, the longest run of gains since 1991, outperforming broadly flat European markets as Athens looked set to clinch vital bailout loans. While the pan-European STOXX 600 index edged up 0.2 percent and the euro zone STOXX index closed flat, Greek''s main equity index rose 1.8 percent. The gains brought Athens'' benchmark index close to erasing all the losses it made after reopening following an emergency five-week bourse closure in the summer of 2015. The biggest risers were refiner Motor Oil and National Bank of Greece, up 4.8 and 2.4 percent respectively. The increases came as Greek government borrowing costs hit their lowest level in more than five year. Elsewhere in Europe, some solid earnings updates and gains among commodity-related stocks on the back of rising crude oil prices provided support. With the European earnings season more than halfway through, financials are among the strongest performers so far, with almost 70 percent of those financial firms which have reported beating expectations, according to Thomson Reuters I/B/E/S data. Overall, more than 71 percent of European firms have beaten earnings expectations. Shares in Belgian hygiene products maker Ontex rose 3.6 percent after the firm reported higher revenue in all of its five divisions. Well-received earnings boosted shares in French energy firm Rubis, which jumped 6.3 percent to hit a record high. A better than expected earnings update at A2A lifted shares in Italy''s biggest regional utility up 5.4 percent, But HeidelbergCement fell 1.2 percent after the cement maker reported its first-quarter operating profit slipped 3 percent as a decline in emerging markets failed to offset a significant rise in Europe and North America. Banks were mixed with BPER Banca falling 5.7 percent after its first-quarter net profit halved as a result of the writedown of its stake in Italian bank rescue fund Atlante. "The main share price driver for BPER remains excess capital... and its use. Little has changed on this front with this set of results as there was no news on strategy," analysts at UBS said in a note. Traders cited worries BPER might may end up buying fellow Italian lender Unipol Banca, hurting its core capital. ING rose 1.5 percent after its first-quarter underlying pre-tax profit came in ahead of expectations. Deutsche Bank rose 0.9 percent with a trader citing a Bloomberg report saying Qatar had asked German regulators to allow it to lift its stake in the bank above 10 percent. Two financial sources denied the report. (Reporting by Danilo Masoni and Kit Rees; Editing by Ken Ferris)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1IC6WX'|'2017-05-11T01:16:00.000+03:00'
'db13d2ee216e9b64fc54b9bb6da6e6d2dcdf6420'|'Adidas sells golf business Taylormade to buyout group KPS'|'Deals - Wed May 10, 2017 - 6:29pm BST Adidas sells golf business Taylormade to buyout group KPS FILE PHOTO: An Adidas logo is seen at the new Futurecraft shoe unveiling event in New York City, New York, U.S. April 6, 2017. REUTERS/Joe Penney/File Photo FRANKFURT German sportswear maker Adidas ( ADSGn.DE ) is selling its golf equipment and clothing brands TaylorMade, Adams Golf and Ashworth to private equity firm KPS Capital Partners, taking a hit to its earnings. Adidas will get $425 million, around half of which will be paid in cash and the rest in secured notes and contingent considerations, the company said in a statement on Wednesday. It had put the loss-making business up for sale last year to focus on shoes and clothing. After peaking around 2000, when Tiger Woods was in his prime, the number of people playing golf in the United States, which accounts for half the global golf market, has fallen sharply. Adidas also said that following the sale it will book a charge in the high double-digit to low triple-digit millions of euros range. (Reporting by Arno Schuetze; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-adidas-sale-idUKKBN1862I9'|'2017-05-11T01:29:00.000+03:00'
'879e3c5148340396681a6b863a1792496c3c156b'|'Tribune reports 1st-qtr loss versus year-ago profit'|'Market News - Wed May 10, 2017 - 7:28am EDT Tribune reports 1st-qtr loss versus year-ago profit May 10 U.S. broadcaster Tribune Media Co , which agreed to be bought by Sinclair Broadcast Group Inc, reported a loss in the first quarter, compared to a profit a year earlier, hurt partly by lower ad revenue from its TV and entertainment business. The company said net loss was $85.6 million, or 99 cents per share in the first quarter ended March 31, compared with a net income of $11.1 million, or 12 cents per share, a year earlier. Tribune said it recorded an impairment charge of $122 million in the quarter. Operating revenue fell to $439.9 million from $468.5 million. Sinclair on Monday said it would buy Tribune for about $3.9 billion, giving Sinclair a greater foothold in big broadcast markets like New York and Chicago. (Reporting by Pushkala A and Rishika Sadam in Bengaluru; Editing by Sai Sachin Ravikumar) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tribune-media-results-idUSL4N1IC3UR'|'2017-05-10T19:28:00.000+03:00'
'4ce72c1eb8dbd9f1739e0dec7e80937752f4aec5'|'It''s not just the VIX - low volatility is everywhere'|'Davos  50pm BST It''s not just the VIX - low volatility is everywhere A trader works on the floor of the New York Stock Exchange. REUTERS/Brendan McDermid By Jamie McGeever and Vikram Subhedar - LONDON LONDON The current slump in expectations of market volatility is not just a stock market phenomenon -- it is the lowest it''s been for years across fixed income, currency and commodity markets around the world. It shows little sign of reversing, which means market players are essentially not expecting much in the way of shocks or sharp movements any time soon. It''s an environment in which asset prices can continue rising and bond spreads narrow further. The improving global economy, robust corporate profitability, ample central bank stimulus even as U.S. interest rates are rising, and some fading political risk from elections have all contributed to create a backdrop of relative calm. There is little evidence of investors hedging -- or seeking to protect themselves -- from adverse conditions. It is most notably seen in the VIX index of implied volatility on the U.S. S&P 500 stock index, the so-called "fear index". But implied volatility across the G10 major currencies is its lowest in three years, and U.S. Treasury market volatility its lowest in 18 months and close to record lows. The VIX, meanwhile, has dipped to lows not seen since December 2006, is posting its lowest closing levels since 1993, and is on a record run of closes below 11. By comparison, it was at almost 90 at the height of the financial crisis. Not much current "fear", then. Implied volatility is an options market measure of investors'' expectation of how much a certain asset or market will rise or fall over a given period of time in the future. It and actual volatility can quickly become entwined in a spiral lower because investors are less inclined to pay up for "put" options -- effectively a bet on prices falling -- when the market is rising. If a shock does come the cost of these "puts" would shoot higher as investors scramble to buy them. Surging volatility is invariably associated with steep market drawdowns. According to Deutsche Bank''s Torsten Slok, an investor betting a year ago that the VIX would fall -- shorting the index -- would have gained around 160 percent today. Conversely, an investor buying the VIX a year ago assuming it would rise would have lost 75 percent. None of the huge political surprises of the past 12-18 months -- from Brexit to Donald Trump -- have managed to puncture the steady gain in risky assets, pushing actual volatility ever lower. This phenomenon is playing out in major stock markets and the ripple effects are being felt in all asset classes. (Graphics by Vikram Subhedar; Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-volatility-idUKKBN1861N6'|'2017-05-10T20:38:00.000+03:00'
'b172b5f9ccaffdaf4b95faffbca1ad3d7bf1d2aa'|'BP launches two new gas fields in Egypt'|'Business News -  04pm BST BP launches two new gas fields in Egypt FILE PHOTO: A BP logo is seen at a fuel station of British oil company BP in St. Petersburg, October 18, 2012. REUTERS/Alexander Demianchuk/File Photo By Ron Bousso - LONDON LONDON BP ( BP.L ) has started gas production from two fields in its West Nile Delta development off Egypt''s coast, the second of seven projects the oil and gas company plans to launch this year. The Taurus and Libra fields, commissioned eight months ahead of schedule and under budget, are currently producing 700 million standard cubic feet of gas a day to the Egyptian national gas grid, BP said in a statement. The West Nile Delta development includes five offshore gas fields which are planned to have in 2019 a combined production of up to almost 1.5 billion cubic feet a day (bcf/d), equivalent to about 30 per cent of Egypt''s current gas production. All the gas produced will be fed into the national gas grid. London-based BP is set to start up seven projects this year, including in Oman, the North Sea and Azerbaijan, the largest number in a single year in BP''s history. It hopes to add 800,000 barrels per day (bpd) of new production by the end of the decade. (Reporting by Ron Bousso; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bp-egypt-idUKKBN186235'|'2017-05-10T23:04:00.000+03:00'
'fc5abafe9ccc250a6c1ec41d987786265d2a1567'|'SFR seeks $2.6 billion in damages from Orange in antitrust litigation'|'Business News - Tue May 9, 2017 - 6:56pm BST SFR seeks $2.6 billion in damages from Orange in antitrust litigation FILE PHOTO: The logo of French telecoms operator SFR is pictured in Paris, France, August 8, 2016. REUTERS/Jacky Naegelen PARIS France''s second-biggest telecoms operator SFR ( SFRGR.PA ) is seeking 2.4 billion euros (2 billion pounds) in damages from bigger rival Orange ( ORAN.PA ) in an antitrust litigation tied to the corporate market in the country. SFR''s claim is detailed in Orange''s 2016 annual registration document and was first reported by French news magazine L''Express. "SFR has accustomed us to prohibitive demands in the past that were not put into effect," a spokesman for Orange said. SFR declined to comment. SFR''s initial estimates for the damages amounted to 512 million euros, Orange said in its registration document. Verizon ( VZ.N ) and BT ( BT.L ), which also provide services for the corporate sector in France, are respectively claiming 215 million and 150 million euros respectively, Orange said. The two telecoms groups were not immediately available for comment. The three legal actions against Orange are brought before the Paris Commercial Court, Orange said. These financial claims follow a 2015 decision by the French competition authority that fined Orange 350 million euros for abusing its dominant position to hold back competition in the corporate sector. (Reporting by Mathieu Rosemain and Gwenaelle Barzic; editing by John Irish)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-orange-sfr-litigation-idUKKBN18526O'|'2017-05-10T01:56:00.000+03:00'
'b436cebc7fc78597cf94aeb90249825991afba4e'|'Goldman Sachs says US border tax would "blow out" Brent/WTI crude spread'|'Business News - Wed May 10, 2017 - 6:45am EDT Goldman Sachs says U.S. border tax would ''blow out'' Brent/WTI crude spread A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson LONDON Goldman Sachs commodity strategist Jeff Currie said on Wednesday if the U.S. government were to introduce a border tax adjustment on crude oil imports, the spread between Brent and U.S. futures would widen dramatically. The principal impact of a border tax adjustment would be to raise the price of domestic crude compared with international grades such as Brent. "It would blow out the Brent/WTI spread. You could see WTI trade $15 above Brent," Currie told the S&P Global Platts Crude conference. The premium of Brent crude futures over West Texas Intermediate (WTI) futures is currently around $2.81 a barrel. The government of President Donald Trump has considered a Republican proposal for a border tax adjustment system that would levy a 20 percent tax on all imports while exempting exports. Domestic U.S. crude prices would automatically rise, pushing up the cost of anything from gasoline to plastics. Border tax advocates claim the impact of higher import costs and perceived subsidy for exports would be a rise in the real exchange rate of the U.S. dollar. "For every non-commodity, the dollar does all the work so that the consumer does not pay the price ... oil does not have that leverage," Currie said. (Reporting by Julia Payne and Amanda Cooper, editing by Louise Heavens) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-oil-prices-idUSKBN18614R'|'2017-05-10T17:38:00.000+03:00'
'a758f76921c1694fb26eb7b3e31c3956e6371c8b'|'U.S. candymakers band together to reduce calories'|' 39am IST U.S. candymakers band together to reduce calories FILE PHOTO - Nestle candy products are displayed the company''s news conference in New York October 22, 2010. REUTERS/Brendan McDermid By Marcy Nicholson - NEW YORK NEW YORK Five major chocolate and candy companies announced a joint commitment on Thursday to reduce calories in many sweets sold on the U.S. market, a rare example of cooperation in a competitive industry and testament to a rising consumer distaste for sugar. The United States is the world''s largest consumer of sweeteners and obesity, diabetes and heart disease rank among leading health concerns in the country. The U.S. Food and Drug Administration overhauled packaged foods labeling last year and required all manufacturers to list added sugars on labels by 2018. Companies including Mars Chocolate North America LLC, Nestle USA, WM Wrigley Jr Co and Lindt & Spruengli, said they had committed to ensuring that half of their individually wrapped products sold in the United States contain no more than 200 calories within the next five years. "There''s going to be less sugar and less calories in the food that consumers are going to be eating," said Larry Soler, president and chief executive for Partnership for a Healthier America (PHA). The commitment by the group of companies, which includes clearly stating the calorie count on 90 percent of their best-selling products, will be monitored for five years by PHA and the Hudson Institute, a Washington-based think tank. "They want to make sure that they meet the consumers where the consumers want to be met," said John Downs, National Confectioners Association president and chief executive. The companies, which include the makers of M&M''s and Jaw Busters, could cut calories by reducing package sizing or reformulating recipes, as well as launching new products. Confectionery pricing was not part of the commitment, Soler said. Nestle, the maker of Butterfinger and Crunch, said in December it had devised a new technology that has the potential to reduce sugar in some of its confectionery products by up to 40 percent without affecting the taste. Mars Chocolate North America has launched its Snickers Crisper, a package of two 100-calorie pieces that feature crisped rice. At present, over 60 percent of the companies'' individually wrapped products contain less than 250 calories each. Soda companies, such as Coca-Cola and PepsiCo Inc, have also targeted consumers who want lower calorie drinks by offering products in smaller cans. The firms make larger margins on those sales than for sodas sold in traditional-sized cans. CUTTING DOWN Consumers have already cut down on candy. The volume of U.S. retail sales of packaged confectionery declined 1.9 percent to 2.47 million tonnes in 2016 from 2011, while sales of savory snacks rose 9.5 percent to 4.26 million tonnes, Euromonitor International data shows. Euromonitor forecasts that confectionery sales will rise to 2.5 million tonnes by 2021, however. Retailers are adapting to changing consumer preferences. CVS Pharmacy, for instance, announced a new store design last month to drive growth in sales of what it described as "healthier choices" in candy, snacks and other foods. Hershey Co was not part of Thursday''s commitment by candymakers to cut calories. But the firm has branched out from its mainstream chocolate brands over the past two years, buying jerky maker Krave Pure Foods Inc and Barkthins Snacking Chocolate, made of dark chocolate that contains less sugar than milk chocolate. (Additional reporting by Chris Prentice; Editing by Simon Webb and Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sugar-candy-usa-idINKBN1872RQ'|'2017-05-11T17:09:00.000+03:00'
'0b8f62ec740b8ef708465092afd9c65c7f2e378b'|'Toshiba tells Western Digital not to interfere with chip unit sale'|'Technology News - Tue May 9, 2017 - 5:39am BST Toshiba tells Western Digital not to interfere with chip unit sale left right FILE PHOTO: The logo of Toshiba Corp is seen behind a traffic light at the company''s headquarters in Tokyo, Japan March 29, 2017. REUTERS/Issei Kato/File Photo 1/2 left right A Western Digital office building under construction is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake 2/2 TOKYO Toshiba Corp ( 6502.T ) has told its memory chip partner Western Digital Corp ( WDC.O ) not to interfere with the sale of the Japanese company''s prized chip unit. In a May 3 letter sent by Toshiba''s lawyers, Toshiba disputed Western Digital''s argument that the Japanese firm had breached their joint contract by transferring their joint venture''s rights to the chip unit. Toshiba also said it would pursue all available remedies if Western Digital continues to interfere with the sale process. (Reporting by Makiko Yamazaki; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toshiba-accounting-idUKKBN1850B9'|'2017-05-09T12:33:00.000+03:00'
'e2f2315175176c02e97b024ceb2803179eddaa80'|'Shareholder advisors challenge SAP board in row over pay'|'FRANKFURT May 6 Leading shareholder advisors have called on SAP investors to oppose the supervisory board of Europe''s largest technology company in a dispute over management pay.Institutional Shareholder Services (ISS) took issue with the supervisory board''s unwillingness to acknowledge any need to improve its remuneration system despite shareholder dissent.The move comes ahead of SAP''s annual meeting on Wednesday and follows successes that ISS has had recently in lobbying against excessive management pay.Last month, shareholders rejected German reinsurance group Munich Re''s pay policy, and energy group BP cut its CEO''s 2016 pay package by 40 percent after a shareholder revolt.ISS said in a note to SAP shareholders that a vote against signing off the actions of the supervisory board was "warranted due to the clear lack of oversight and good governance exercised".The payout to Bill McDermott, SAP''s American CEO - 15.6 million euros ($17 million) for 2016 - ranks at the top end of German corporate pay, but does not stand out alongside SAP''s main U.S. competitors.With the help of stock options, McDermott''s maximum annual pay could, however, reach a maximum of 41 million euros.Maximum executive pay levels were inappropriately high, said Hans-Christoph Hirt, head of investor and governance advisor Hermes EOS."We will vote against the approval of the supervisory board because we have significant concerns about the remuneration system and these have been ignored by the supervisory board," he told German weekly Der Spiegel.Votes to ratify the decisions by company bosses are customary in Germany and are an opportunity for shareholders to express confidence in their leadership. But such votes do not free individuals from liability for their actions.Many investment funds from the United States and Britain follow the recommendation of advisory firms such as Hermes and ISS at shareholder meetings.SAP, the most highly valued stock on the German blue-chip index DAX, said in a statement on Saturday that its executive pay was geared to the company''s size, its financial situation and rivals."SAP''s remuneration system is in accord with that of DAX companies and international competitors," the company said, adding it would address shareholder criticism on pay at the annual meeting on Wednesday.. Arno Schuetze; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sap-shareholders-idINL8N1I806Z'|'2017-05-06T11:17:00.000+03:00'
'323eb10c7f12bd0eba483601cb7eacf2ef6aed6f'|'Brazil''s BR Malls plans $536 mln offering, source says'|'By Tatiana Bautzer - SAO PAULO SAO PAULO May 5 BR Malls Participa<70><61>es, Brazil''s largest mall operator, has hired banks to sell 1.7 billion reais ($536 million) worth of new shares in an offering as early as next week, a person with direct knowledge of the matter said on Friday.Rio de Janeiro-based BR Malls has hired the investment-banking units of Banco Bradesco SA, Ita<74> Unibanco Holding SA, JPMorgan Chase & Co, Banco Santander Brasil SA and Morgan Stanley & Co to underwrite the so-called restricted-efforts offering, which is limited to qualified investors, said the person.BR Malls declined to comment. The banks did not have an immediate comment on the primary offering in which all proceeds from the transaction go to the company''s coffers.The person asked to remain anonymous, because the transaction remains private.The move comes as several mall companies raise cash to buy cash-strapped rivals or undertake new projects as domestic borrowing costs approach single-digits levels. Commercial real estate firms benefit from lower interest rates, which make their projects and investments more profitable over time.More than 10 billion reais have been raised through stock sales in Brazil this year, making this the best start for domestic equity offerings for any year since 2013. Government efforts to rebalance fiscal accounts are drawing money back into Brazil, even though the country is struggling with a recession that is entering a third year.Public offerings with restricted efforts differ from standard equity offerings in that a company does not have to request registration of the plan with securities industry watchdog CVM. Only qualified investors can participate in such offerings, and the deals cannot be marketed through road shows or the media.Common shares rose 5.6 percent to 12.67 reais on Friday, extending this year''s gains to 22 percent.The financial news service of O Estado de S. Paulo newspaper reported the news earlier in the day.($1 = 3.1740 reais) (Reporting by Tatiana Bautzer; Additional reporting by Alberto Alerigi Jr and Paula Arend Laier in S<>o Paulo; Editing by Guillermo Parra-Bernal)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/br-malls-newissues-idINL1N1I71KT'|'2017-05-05T19:18:00.000+03:00'
'f4477f2786a4c63ed6daace7e61123092384844b'|'Blowing the whistle in South Korea: Hyundai Man takes on chaebol culture'|'Autos   7:04am BST Blowing the whistle in South Korea: Hyundai Man takes on chaebol culture left right Kim Gwang-ho speaks as he checks his Hyundai Motor''s car during an interview with Reuters in Yongin, South Korea, April 19, 2017. REUTERS/Kim Hong-Ji 1/5 left right Kim Gwang-ho speaks during an interview with Reuters in Yongin, South Korea, April 19, 2017. REUTERS/Kim Hong-Ji 2/5 left right Kim Gwang-ho checks his Hyundai Motor''s car during an interview with Reuters in Yongin, South Korea, April 19, 2017. REUTERS/Kim Hong-Ji 3/5 left right Kim Gwang-ho checks his Hyundai Motor''s car during an interview with Reuters in Yongin, South Korea, April 19, 2017. REUTERS/Kim Hong-Ji 4/5 left right Kim Gwang-ho speaks during an interview with Reuters in Yongin, South Korea, April 19, 2017. REUTERS/Kim Hong-Ji 5/5 By Hyunjoo Jin - YONGIN, South Korea YONGIN, South Korea South Korean engineer Kim Gwang-ho flew 11,000 km (7,000 miles) to Washington last year to do something he never dreamed he would: he reported alleged safety lapses at Hyundai Motor Co - his employer of 26 years - to U.S. regulators. Citing an internal report from Hyundai''s quality strategy team to management, Kim told the U.S. National Highway Traffic Safety Administration (NHTSA) the company was not taking enough action to address an engine fault that increased the risk of crashes. Hyundai denies the allegations. The company promotes openness and transparency in all safety-related operations, and its decisions on recalls comply with both global regulators and stringent internal processes, Hyundai told Reuters in an emailed statement. Reuters was unable to review the internal report cited by Kim due to a court injunction filed by Hyundai. In a culture which values corporate loyalty, Kim was moving against the tide when he handed the NHTSA 250 pages of internal documents on the alleged defect and nine other faults. South Korea has been buffeted by corporate scandals, many within its family-run conglomerates or chaebol, but has seen few whistleblowers. A high proportion are sacked or ostracised, despite legislation to protect them, according to advocacy groups. Kim, fired in November for allegedly leaking trade secrets about the company''s technology and sales to media, has since been reinstated by Hyundai after a ruling by a South Korean government body under whistleblower protection laws. Hyundai has filed a complaint disputing the decision. "I will be the first and last whistleblower in South Korea''s auto industry. There are just too many things to lose," Kim said in an interview at a bakery cafe run by his eldest daughter. "I had a normal life and was better off, but now I''m fighting against a big conglomerate." Corruption at chaebols is at the forefront of the political agenda for newly elected president Moon Jae-in, voted in after a bribery scandal involving Samsung chief Jay Y. Lee and former President Park Geun-hye. LOYAL SALARY MAN On Friday, Hyundai and associate Kia Motors Corp said they would recall a further 240,000 vehicles in South Korea after the transport ministry issued a rare compulsory recall order over defects flagged by Kim. Kim, now 55, says he did not start off intending to blow the whistle. A loyal salary man, he studied precision mechanics and joined Hyundai in 1991, working on engine testing and planning. In 2015, Kim transferred to the Quality Strategy team, which decides recall issues. That same year, Hyundai announced a U.S. recall of half a million Sonata sedans due to manufacturing flaws that could result in engine stalling. Citing the report by the Quality Strategy team, Kim argues Hyundai knew the issue was more serious and widespread, affecting more models and the South Korean market. The problem was not just with the manufacturing process but also engine design, meaning Hyundai would need to fix engine in all the affected cars, at a steep cost, he said. Hyundai rejected those claims, saying it was closely 
'c52d479ffcda950a98bd06d8b138fc76a878a37b'|'EMERGING MARKETS-Latam markets rise as commodities track oil higher'|'Market News - Mon May 15, 2017 - 12:24pm EDT EMERGING MARKETS-Latam markets rise as commodities track oil higher By Bruno Federowski SAO PAULO, May 15 Latin American currencies and stocks posted gains on Monday as talks of extended production cuts lifted crude oil futures, triggering a rally across commodity markets. Oil jumped more than 2 percent to the highest in more than three weeks after officials from Saudi Arabia and Russia said supply cuts need to last into 2018. Currencies of oil exporters in the region, Mexico and Colombia, were the biggest gainers. Other currencies in the region also strengthened, tracking increases in prices of raw materials including iron ore, copper and aluminum. Demand for high-yielding emerging market currencies has picked up following mixed U.S. economic data on Friday, which cooled expectations of a rapid pace of Federal Reserve interest rate increases in the coming months. "The setback clouds the near-term outlook," analysts at Brown Brothers Harriman wrote in a note to clients. MSCI''s 23-country emerging market stock index touched its highest since May 2015, on track for a sixth straight session of gains for the first time since August. Shares of state-controlled oil company Petr<74>leo Brasileiro SA, or Petrobras, added the most to Brazil''s benchmark Bovespa stock index. Miners and steelmakers, such as Usinas Sider<65>rgicas de Minas Gerais SA and Gerdau SA, ranked among the biggest gainers. A drop in shares of food processor BRF SA, however, curbed the market''s advance as traders booked profits on the stock after it closed near a three-month high. BRF reported a net loss last quarter, but some analysts said the figures may have bottomed out as domestic performance surpassed analysts'' expectations. Key Latin American stock indexes and currencies at 1600 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 1,011.58 0.92 16.25 MSCI LatAm 2,747.77 1.11 16.11 Brazil Bovespa 68,328.11 0.16 13.45 Mexico IPC 49,711.23 0.58 8.91 Chile IPSA 4,865.20 0.27 17.19 Chile IGPA 24,393.32 0.25 17.65 Argentina MerVal 21,581.91 0.36 27.57 Colombia IGBC 10,880.48 1.15 7.43 Venezuela IBC 61,403.47 1.23 93.67 Currencies Latest Daily YTD pct pct change change Brazil real 3.1050 0.59 4.64 Mexico peso 18.6625 0.80 11.15 Chile peso 667.62 0.54 0.46 Colombia peso 2,885 1.21 4.04 Peru sol 3.262 0.21 4.66 Argentina peso (interbank) 15.5050 -0.42 2.39 Argentina peso (parallel) 15.91 0.13 5.72 (Reporting by Bruno Federowski) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL2N1IH0TE'|'2017-05-16T00:24:00.000+03:00'
'd20c239e36ad42734b11bcdc1b4aba1a9634c545'|'Peugeot''s Tavares sees Opel racking up more losses in 2017'|'PARIS PSA Group ( PEUP.PA ) expects Opel to lose more money in 2017 as the French carmaker acquires the business from General Motors ( GM.N ), Chief Executive Carlos Tavares said on Wednesday."A certain number of good achievements have been made under General Motors'' leadership," Tavares told shareholders at PSA''s annual general meeting in Paris, highlighting sales growth and reduced losses at the GM brand."But we must recognize that the losses are real and probably will be again in 2017."(Reporting by Laurence Frost and Gilles Guillaume, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opel-m-a-peugeot-idINKBN18614O'|'2017-05-10T07:41:00.000+03:00'
'8011865ef573cef7a2cbf8736277bc5ada441aff'|'Exclusive: Abercrombie & Fitch fields takeover interest - sources'|'Deals - Tue May 9, 2017 - 10:48pm EDT Exclusive: Abercrombie & Fitch fields takeover interest - sources left right FILE PHOTO: Signage is seen at the Abercrombie & Fitch store on Fifth Avenue in Manhattan, New York City, U.S., February 27, 2017. REUTERS/Andrew Kelly/File Photo 1/3 left right FILE PHOTO: Signage is seen at the Abercrombie & Fitch store on Fifth Avenue in Manhattan, New York City, U.S., February 27, 2017. REUTERS/Andrew Kelly/File Photo 2/3 left right Signage is seen at the Abercrombie & Fitch store on Fifth Avenue in Manhattan, New York City, U.S., February 27, 2017. REUTERS/Andrew Kelly 3/3 By Lauren Hirsch and Greg Roumeliotis U.S. teen apparel retailer company Abercrombie & Fitch Co ( ANF.N ) is working with an investment bank to field takeover interest from other retailers, people familiar with the situation said on Tuesday. Abercrombie''s shares are trading at a 17-year low, making it a vulnerable acquisition target. The company has struggled as its logo-stamped t-shirts and sweaters, once popular among teenagers, have lost their fashion appeal. Abercrombie has hired investment bank Perella Weinberg Partners to handle the takeover approaches, the two sources said, asking not to be identified because the matter is confidential. There is no certainty that any deal will occur, the sources added. Abercrombie and Perella Weinberg declined to comment. Based in New Albany, Ohio, Abercrombie has a market capitalization of $862 million. It operated 709 stores in the United States and 189 stores outside the United States as of the end of January. The company''s operating income shrunk from $72.8 million in 2015 to $15.2 million last year, as fast-fashion competitors and competition from online retailers weighed on its profitability. Many of Abercrombie''s peers, which also rely on mall traffic for their sales, have faced financial pressure. Aeropostale Inc, Wet Seal and BCBG Max Azria Group LLC are among the retailers that have filed for bankruptcy over the past two years. While Abercrombie made its mark in the 1990s with its risque advertising and its large logo on apparel, millennial shoppers have more recently eschewed such heavy branding in favor of more independent style. It redesigned its logo in 2014 to renew its image. Abercrombie has been pinning much of its turnaround hopes on its surfwear-inspired brand Hollister. While the company''s overall sales are down, the Hollister brand has recorded two years of flat same-store sales performance. Abercrombie has been seeking to cut costs and downsize its retail footprint. It announced earlier this year that it would let the leases of approximately 60 U.S. stores expire, on top of several other locations it has already closed. Abercrombie has also made an electronic commerce push, partnering with Asian online retailer Zalora to sell its Abercrombie and Hollister brands. In 2014, Abercrombie split the roles of chairman and chief executive officer. It also added four independent directors to its board after settling a proxy contest with activist hedge fund Engaged Capital. Earlier this year, Abercrombie named its merchandising head Fran Horowitz as its new CEO. (Reporting by Lauren Hirsch and Greg Roumeliotis in New York; Editing by Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-abercrombie-m-a-idUSKBN18601I'|'2017-05-10T08:24:00.000+03:00'
'4927d1a6cada60598fb064639911f5d2726b1392'|'Oil prices rise in Asia in expectation of Aramco supply cut'|'  1:47am BST Oil prices rise in Asia in expectation of Aramco supply cut A worker checks an oil pipe at the Lukoil-owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, in this January 25, 2016 file photo. REUTERS/Sergei Karpukhin TOKYO Oil futures rose in Asian trading on Wednesday after Reuters reported that Saudi Arabia would cut supplies to the region as OPEC battles against rising U.S. production that is threatening to derail its attempts to end a sustained global glut in crude. State-owned Saudi Aramco will reduce oil supplies to Asian customers by about 7 million barrels in June, a source told Reuters, as part of OPEC''s agreement to reduce production and as it trims exports to meet rising domestic demand for power during the summer. Seven million barrels is roughly two days worth of oil imports into Japan, the world''s fourth biggest importer. Aramco had previously been maintaining supplies to its important Asian customers. Global benchmark Brent futures were up 25 cents, or 0.5 percent, at $48.98 a barrel at 0028 GMT. On Tuesday they fell 1.2 percent. U.S. West Texas Intermediate crude was up 29 cents, or 0.6 percent, at $46.17 a barrel. It also fell 1.2 percent the previous session and the closing price for both contracts on Tuesday was the second lowest since Nov. 29, the day before the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut production during the first half of 2017. While prices surged immediately after the agreement, in recent weeks they have come under sustained pressure as U.S. production has ramped up. Many are now pushing back the expected timing when the oil market will come into balance after prices began slumping nearly three years ago. Saudi Arabia''s oil minister Khalid al-Falih said on Monday that he expected the output deal to be extended to the end of the year or possibly longer. OPEC meets later this month. Higher crude output from the United States should limit any upside to global oil prices through the end of 2018, the U.S. government said on Tuesday. U.S. crude production is expected to rise by more than previously expected in 2017 to 9.31 million barrels per day from 8.87 million bpd in 2016, a 440,000 bpd increase, the U.S. Energy Information Administration said. (Reporting by Aaron Sheldrick; Editing by Joseph Radford)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN186033'|'2017-05-10T08:47:00.000+03:00'
'7f6ed18c2d5eb0bdffcedc37021e6fbddd95dac4'|'UPDATE 1-Apple tops $800 billion market cap for first time'|'Market  55pm EDT UPDATE 1-Apple tops $800 billion market cap for first time (Adds graphic, data on Apple size) By Chuck Mikolajczak NEW YORK May 9 Apple Inc became the first U.S. company to top the $800 billion mark in market capitalization on Tuesday, slightly more than two years after it crossed the $700 billion threshold. The iPhone maker''s shares have gained 33 percent this year and almost 50 percent since the U.S. election in November. The company represents about 4 percent of the $21.7 trillion that makes up the entire S&P 500 index. Apple accounted for as much as 4.9 percent of the S&P 500 in September 2012 but is a smaller percentage now as the index as a whole has rallied more than 7 percent this year. "It''s just reflective of how powerful a franchise it is. It may be the most powerful franchise in the country today," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey, whose firm does not own the stock. "Considering that it has a limited number of products, it has really dominated that market in a way that few companies have, and it''s been able to retain margins despite lots of competitors." If Apple continues on its growth path, the company will top the $1 trillion market cap level later this year. Stock buybacks have also bolstered Apple shares, with the company reducing its actual share count by 20.9 percent and the average diluted shares outstanding by 20.5 percent over the past four years, according to Standard & Poor''s data. The median price target on Apple is $160, up from the $140 median three months ago. Shares closed at $153.99 on Tuesday. The closing market cap of $802.8 billion was larger than the economies of 45 of the 50 U.S. states, topped only by Illinois, Florida, New York, Texas and California. Billionaire Warren Buffett, whose Berkshire Hathaway has disclosed a stake of roughly $20 billion in Apple, said on Monday he had grown more fond of the company because he could "very easily determine" the iPhone maker''s competitive position "and who is trying to chase them." (Additional reporting by Caroline Valetkevitch; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-apple-idUSL1N1IB1PD'|'2017-05-10T04:55:00.000+03:00'
'7859315efa78351794a397b7a6ea72b880447109'|'Dell<6C>s <20>720 charge doesn<73>t compute <20> we hadn<64>t even placed an order - Money'|'My company made several purchases from Dell computers a couple of years back, so it had our payment details on its system.Last year our credit card statement showed a <20>720 payment to Dell even though we hadn<64>t ordered anything. Dell says the money was never received at its end and that it knows nothing about it.After a year of phoning and emailing the firm<72>s customer support it appears that service exists in name only: Dell<6C>s policy is to grind people down by a complete lack of action and hope they go away.Do we really live in an age where a company can take <20>720 and get away with it? BR, LondonThis is a mystifying case. Dell insists it has no record of any payment even though you<6F>ve sent screenshots of the transaction. Your bank, however, has confirmed that the money did indeed go to Dell.Unless you have been the victim of fraud <20> and your bank has found no evidence of this <20> Dell appears to have thoroughly inadequate accounting systems.Only after The Observer gets in touch does it agree to refund the money plus <20>100, and throw in a computer monitor worth <20>170. Although it still won<6F>t admit liability.If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number.Topics Consumer affairs Your problems with Anna Tims Dell Computing Consumer rights features Share Reuse this content'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/may/10/dell-charge-hadnt-placed-order-no-refund'|'2017-05-10T03:00:00.000+03:00'
'3ba66babc45ab3a9eb92868e2e53369b79bacd6b'|'SoftBank logs second-best annual profit, talks up T-Mobile deal potential'|'By Makiko Yamazaki - TOKYO TOKYO Japan''s SoftBank Group Corp said it had notched up its second-best annual profit on cost cuts and a rise in subscribers at Sprint Corp, adding that it was eager to discuss potential M&A for the loss-making U.S. wireless unit.Chief Executive Masayoshi Son also said the internet and telecoms giant company was close to launching a planned $100 billion Vision fund that aims to make it the "Berkshire Hathaway of the tech industry" as telecoms services markets mature.Two and a half years ago, SoftBank abandoned talks to acquire rival T-Mobile US Inc for Sprint amid opposition from U.S. antitrust regulators but a potential merger is still close to Son''s heart."Of all potential partners, T-Mobile is the one that would yield the most synergies, the most orthodox choice and we''d sincerely love to begin talks," he told a news conference, adding that the current U.S. administration is far more open to the possibility of a deal.Since the previous talks, T-Mobile has overtaken its rival to become the No. 3 U.S. wireless carrier and SoftBank is now prepared to cede control to clinch a deal, people familiar with the matter told Reuters in February.Son also said, however, that he was willing to discuss other possible deals for Sprint if there were better offers.SoftBank''s operating profit for the year to end-March climbed 13 percent to 1.03 trillion yen ($9 billion) on flat revenue growth.That was below an average analyst estimate of 1.15 trillion yen from 20 analysts. SoftBank''s numerous business including its own domestic telecoms unit, recently acquired UK chipmaker Arm as well as a vast array of investments in companies like China''s Alibaba make estimating its earnings difficult.For the fourth quarter, operating profit dropped 7.2 percent on unfavourable exchange rates.SoftBank expects to invest at least $25 billion over the next five years in its tech fund, which would be one of the world''s largest private equity investors. Son said that talks had already begun with about 30 companies on potential investments."I want to think big," he said. "The fund is designed to tap the coming gold rush era" when every industry is redefined by artificial intelligence, he added.Asked about a possibility of investing in Toshiba Corp''s flash memory chip unit, Son said SoftBank would not be a main player but flagged that Taiwan''s Foxconn may be considering a bid with Apple Inc.He added that he had been consulted by Foxconn founder Terry Gou on the matter but declined to elaborate further.Foxconn, formally known as Hon Hai Precision Industry Co, is trying to woo Apple and other clients for a joint bid, sources have said. Gou and Son, both among Asia''s richest men, have done business together for years.Toshiba, hit by a crisis at nuclear unit Westinghouse, is selling the majority - or all - of its marquee flash-memory chip business - the world''s second-biggest the second-biggest NAND chip producer - and has attracted a range of suitors.SoftBank did not release a forecast for the current business year, saying there were too many uncertain factors.($1 = 113.8800 yen)(Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/softbank-results-idINKBN1861GZ'|'2017-05-10T19:36:00.000+03:00'
'0ee2e2c310cbff00564489abbf1bec0fc2cacf75'|'BHP starts process to sell its Cerro Colorado copper mine'|'Deals - Wed May 10, 2017 - 3:28am BST BHP starts process to sell its Cerro Colorado copper mine FILE PHOTO: A promotional sign adorns a stage at a BHP Billiton function in central Sydney August 20, 2013. REUTERS/David Gray/File Photo SYDNEY BHP Billiton ( BHP.AX ) ( BLT.L ) said on Wednesday it has started a sales process to potentially divest its Cerro Colorado copper mine in Chile, one of its smaller operations in South America. "The evaluation is at an early stage, no final decisions have been made and there is no guarantee that a transaction will result," BHP said in a statement emailed to Reuters. Cerro Colorado is located in Chile''s Tarapac<61> Region and yielded 77,000 tonnes of copper in fiscal 2016. BHP''s flagship mine, Escondida, also in Chile, yields more than 10 times that amount annually. Banking sources have named Chile''s Empresas Copec SA COP.SN, a conglomerate that has voiced interest in diversifying into copper, and Canadian companies such as Lundin Mining Corp ( LUN.TO ), as possible buyers. BHP has earmarked large long-life copper mining as a key growth sector in years to come as expansion work in its iron ore mining business in Australia slows down. Citibank is advising BHP on the sale. (Reporting by James Regan; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-bhp-billiton-chile-idUKKBN18607L'|'2017-05-10T10:22:00.000+03:00'
'6cb52dc32af69082b5e028c0dff416a33edb1568'|'Talks to sell Urenco not dead yet - E.ON CEO'|'Business News  26pm BST Talks to sell Urenco not dead yet - E.ON CEO German police officers stand guard outside the German uranium enrichment plant of URENCO Ltd. during an anti-nuclear protest march through the western German town of Gronau close to the Dutch/German border in North-Rhine Westphalia March 11, 2012. Reuters/Wolfgang Rattay ESSEN, Germany Efforts to sell uranium enrichment company Urenco, in which E.ON ( EONGn.DE ) holds a 16.7 percent stake, have not failed, E.ON''s Chief Executive Johannes Teyssen said, but warned the process remained challenging due to the asset''s complex ownership. "The sale has not failed. Of course, talks are challenging," Johannes Teyssen told shareholders at the group''s annual general meeting on Wednesday, pointing to the involvement of several owners, including RWE ( RWEG.DE ), which also holds 16.7 percent. With a total value seen at about 10 billion euros (<28>8.4 billion), even a sale of a stake in Urenco -- in which the British and Dutch governments also hold a third each -- could be lucrative. Talks to divest the asset have been going on for at least half a decade. (Reporting by Christoph Steitz; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-e-on-agm-urenco-idUKKBN1861N4'|'2017-05-10T20:26:00.000+03:00'
'96acadd5ce378445b78bf7d261ce026088d34a65'|'Barclays boss Staley apologises at shareholders'' meeting'|'Banks   4:31pm BST Barclays boss Staley feels shareholder ire over whistleblower left right FILE PHOTO: Chief executive officer of Barclays, Jes Staley, takes part in the Yahoo Finance All Markets Summit in New York, U.S., February 8, 2017. REUTERS/Lucas Jackson/File Photo 1/3 left right Chief executive officer of Barclays, Jes Staley, takes part in the Yahoo Finance All Markets Summit in New York, U.S., February 8, 2017. REUTERS/Lucas Jackson 2/3 left right FILE PHOTO: The logo of Barclays is seen on the top of a branch in Madrid, Spain, March 22, 2016. REUTERS/Sergio Perez/File Photo 3/3 By Lawrence White and Andrew MacAskill - LONDON LONDON Barclays Chief Executive Jes Staley faced calls from individual shareholders to resign and received lukewarm backing in a vote to reappoint him at the bank''s annual general meeting, following his attempts to unmask a whistleblower. The British bank said last month it had reprimanded Staley and would cut his bonus after he twice attempted to identify the author of a letter that revealed "concerns of a personal nature" about an unnamed senior employee. Staley faced much higher than usual abstentions at the Barclays annual general meeting on Wednesday, with only 62 percent of possible votes cast. This compared with more than 70 percent for the lender''s other board members in a sign of investor concerns after ISS, a shareholder proxy firm, last month advised them to abstain on Staley''s board re-election. However, of those votes that were cast rather than withheld, 97 percent were in favour of Staley''s reappointment and he got a public endorsement from Chairman John McFarlane, who said that he was standing by the chief executive. "You know me, if I thought he should go he would have gone," McFarlane told investors. Shareholders questioned how Staley could not have been aware of the lender''s policies prohibiting such attempts to unmask whistleblowers, and said his actions brought shame on the bank. "Will you act now with integrity and honour and resign," shareholder Michael Mason-Mahon, a frequent activist at major British banks'' annual general meetings, asked Staley at Barclays'' own AGM in London''s Royal Festival Hall. "I made a mistake in becoming involved in an issue which I should have left to the business to deal with," Staley said. McFarlane said Staley made a mistake but not one that should cost him his career. "The action of going through a red light is not that you lose your licence," McFarlane said. McFarlane told reporters after the meeting that Staley had the backing of the bank''s entire board, after they discussed how to handle his attempts to find out who was sending the letters criticising a Barclays executive. Staley also did nothing wrong in relation to a dispute with private equity firm KKR & Co and Staley''s brother-in-law, McFarlane said. That dispute, another headache for the Barclays CEO, revolves around Staley''s actions on behalf of his brother-in-law Jorge Nitzan after a deal between him and the buyout firm went sour. Staley told the AGM that he did not see a need for Barclays to shift jobs or significant operations out of Britain as a result of the country''s vote last June to leave the European Union, regardless of how the exit negotiations pan out. Barclays shares were 2 percent higher by 1452 GMT, the third best performer in the STOXX Europe 600 banks index. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-barclays-agm-idUKKBN18619X'|'2017-05-10T18:24:00.000+03:00'
'90f9d1cfde444ea8d806631f4823bd5dcf7644e2'|'Russia''s Rosneft says to abide by possible oil cuts extension deal'|'  7:44pm IST Russia''s Rosneft says to abide by possible oil cuts extension deal Workers stand next to a logo of Russia''s Rosneft oil company at the central processing facility of the Rosneft-owned Priobskoye oil field outside Nefteyugansk, Russia, August 4, 2016. REUTERS/Sergei Karpukhin/File Photo MOSCOW Russia''s largest oil producer Rosneft will fulfil obligation to further cut oil production if such an agreement would be achieved, Rosneft''s chief financial officer Pavel Fedorov said during a conference call on Wednesday. He also said it was premature to "speculate" on possible scale and time frame of the deal. OPEC and industry sources told Reuters that the group and non-member oil producers were considering extending the global supply cut for nine months or more to avoid a price-sapping output increase in the first quarter of next year, when demand is expected to be weak. (Reporting by Vladimir Soldatkin; editing by Polina Devitt)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/russia-rosneft-oil-opec-idINKBN1861YA'|'2017-05-10T12:14:00.000+03:00'
'5758c539bd9c162c5fccc2e51fd6f143878aa606'|'Shareholders should get a bigger say on executive pay, says IoD'|'The government should give investors a bigger say in executive pay in the UK<55>s biggest companies, directors have urged.The Institute of Directors said that if 30% of investors oppose a directors<72> remuneration report at an annual meeting, the company should have another look at its pay policy and allow shareholders a second vote.The IoD said that despite some high profile rebellions in recent months , executive pay is still usually waved through at annual shareholder meetings.There could be further pay rebellions at the ITV, Barclays and Aviva annual general meetings on Wednesday and at the Prudential<61>s meeting next week.Pearson shareholders reject chief executive''s <20>1.5m pay package Read more The next government should take action to force stock market listed firms to give shareholders a second vote if a significant minority rejected a pay report, said the IoD.Oliver Parry, the head of corporate governance at the IoD, said: <20>UK company boards have been put under unprecedented scrutiny in recent months, with the government and the House of Commons business committee suggesting reforms to executive pay and the governance of private companies.<2E>UK corporate governance is highly regarded across the world, but there is still a pressing need to rebuild public trust in big business to work in the long-term interests of investors and employees, rather than the short-term interests of managers.<2E>Education group Pearson was the latest firm to suffer a pay rebellion. Last week more than two-thirds of investors voted against the group<75>s pay report after the company paid a bonus of <20>343,000 to chief executive John Fallon despite the business posting the biggest loss in its history. There have also been rebellions at Crest Nicholson, AstraZeneca, Thomas Cook and Ladbrokes Coral earlier this year. The Commons business, energy and industrial strategy select committee is calling for a crackdown on excessive remuneration as part of a widespread review of corporate governance. A report by the committee , published last month, said executive pay had been <20>ratcheted up<75> to the point where there is no credible link between earnings and performance. It said faith in corporate governance had been shaken in the wake of scandals such as that involving Sir Philip Green and the BHS pension fund , and has called for businesses to simplify the structure of executive pay and put an end to long-term incentive plans. Their recommendations include workers on remuneration committees and for the chairs of these committees to be expected to resign if shareholders reject their proposed pay policy. The committee has also backed publishing pay ratios annually.Topics Executive pay and bonuses Institute of Directors Barclays ITV Aviva ITV News news   Share   Reuse this content'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/may/10/shareholders-executive-pay-iod-barclays-itv-aviva-agms'|'2017-05-10T03:00:00.000+03:00'
'7be185517177cb096a3adc81be55f6d5f1276f23'|'Emerging market CDS volume hits highest level in 3 years -EMTA'|'By Dion Rabouin May 8 Trading volume for emerging market credit default swaps rose to $404 billion in the first quarter of 2017, up 11 percent from the corresponding period last year and 32 percent higher than the fourth quarter of 2016, according to a survey of 13 major dealers released on Monday.The largest CDS volumes during the quarter were those on Brazil at $51 billion, following by Turkey at $48 billion and Mexico at $40 billion.Brazil''s state-controlled oil company Petrobras and Venezuela''s national oil company PDVSA had the highest of the survey''s nine corporate CDS contracts, with approximately $1.7 billion each.EMTA, the emerging markets debt trading and investment industry trade association, said emerging market CDS volume was the highest reported in three years.EMTA collected data from 13 large international banks and broker-dealers on emerging market CDS contracts. Participants were asked to report their CDS volumes on 21 emerging market countries and nine emerging market corporate issuers. (Reporting by Dion Rabouin; Editing by Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-cds-idINL1N1IA0KV'|'2017-05-08T12:11:00.000+03:00'
'1b5e6550df5da30edc2edb2dca3832fe52f35591'|'Goldman Sachs to sell 2.1 pct of DONG Energy'|'COPENHAGEN May 8 Goldman Sachs has launched an accelerated bookbuilt offering to institutional investors of 8.8 million existing shares in Danish utility and offshore wind farm developer Dong Energy, the U.S investment bank said on Monday.The shares are equivalent to 2.1 percent of the existing shares in Dong Energy and are owned by New Energy Investment, which is indirectly owned by Goldman Sachs.Goldman Sachs and Danske Bank are acting as joint global coordinators and reserve the right to close the books at any time. Dong will not receive any proceeds from the transaction.The state-controlled company became one of the biggest IPOs last year when a group of investors including the Danish state, Goldman Sachs and Danish pension funds sold shares on the Copenhagen stock exchange. (Reporting by Teis Jensen, editing by Julie Astrid Thomsen)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/dong-energy-stocks-idINL8N1IA4VV'|'2017-05-08T13:34:00.000+03:00'
'bafa2ba5c9427dfbd18682ff2ca3d2cb2291ee75'|'Exxon Mobil buys Singapore petrochemical plant, boost output in Asia'|'Business News - Thu May 11, 2017 - 4:17am BST Exxon Mobil buys Singapore petrochemical plant, boost output in Asia FILE PHOTO - The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, New York, U.S. December 30, 2015. REUTERS/Lucas Jackson/File Photo SINGAPORE Exxon Mobil Corp said on Thursday it has reached an agreement to buy a refining and petrochemical plant owned by Jurong Aromatics in Singapore which will boost its output in Asia. The company expects to complete the transaction in the second half of 2017 which will boost its aromatics production in Singapore to more than 3.5 million tonnes per year. (Reporting by Florence Tan and Seng Li Peng; Editing by Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-singapore-exxon-mobil-idUKKBN1870A2'|'2017-05-11T11:17:00.000+03:00'
'3eaafea3b9d81dc1f71909506598e4cbc212ebe0'|'Diageo to pay HMRC <20>107m in ''Google tax'' crackdown - Business'|'Diageo, the drinks company behind Johnnie Walker, Smirnoff and Guinness, is to pay HMRC <20>107m under the <20> Google tax <20> crackdown aimed at multinationals.The FTSE 100 business said HMRC was preparing to demand additional tax and interest of <20>107m for 2015 and 2016.The firm said it would challenge the assessments from HMRC when they are received in the next 30 days. <20>Diageo does not believe that it falls within the scope of the new diverted profits tax regime,<2C> it said in a statement.The dispute relates to profits that have been moved between the UK and the Netherlands, where Diageo employs 220 people. Diageo said it would have to pay the full amount up front and would then work to resolve the matter with HMRC over the next 12 months. A resolution is not expected until the third quarter of next year. The firm will not make a provision to cover the payment.The multinational tax legislation was introduced by the former chancellor, George Osborne, and came into law in April 2015. It imposes a 25% charge on taxable profits that have been diverted from the UK and was swiftly dubbed the Google tax, although Osborne did not mention the internet search giant by name when he announced the new regime. However, the rule acquired its moniker following a furore over the tech firm<72>s tax arrangements, which saw it divert its UK revenues through its European headquarters in Ireland. Last year, Google agreed a deal with British tax authorities to pay <20>130m in back taxes and bear a greater tax burden in future. The company paid overall tax, in multiple countries including the UK, of <20>466m last year on pre-tax profits of <20>2.9bn. The UK tax charge last year was <20>95m, but Diageo may have paid less if one-off items were deducted. It did not disclose the actual tax paid.There has been a clampdown on tax avoidance by multinationals in Europe by national governments and the EU commission, the executive arm of the European Union.Last year Google agreed a deal with the British tax authorities to pay <20>130m in back taxes and increase its future tax burden. But the tax deal was criticised by parliament<6E>s public spending watchdog for being secretive and <20>disproportionately small when compared with the size of Google<6C>s business in the UK<55>. Osborne described the Google tax deal as a <20>major success<73>, but was accused of being too soft on multinationals and the agreement has drawn close attention from Brussels.The European commission ordered Apple to pay a record <20>13bn (<28>11bn) in back taxes to Ireland last August, after a three-year investigation into Apple<6C>s complex tax dealings. European competition commissioner Margrethe Vestager said a sweetheart tax deal between Apple and the Irish tax authorities amounted to illegal state aid. Apple and Ireland said they would challenge the ruling.A week ago, Google reached a tax settlement in Italy, when it agreed to pay <20>306m in back taxes. Italy has aggressively pursued tech giants, and struck a deal with Apple in late 2015 whereby the company would pay <20>318m in back taxes.Topics Diageo HMRC Food & drink industry Tax and spending news   Share   Reuse this content'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/may/10/diageo-to-pay-revenue-107m-in-google-tax-crackdown'|'2017-05-11T03:54:00.000+03:00'
'd29fbca9bdb93d30bf0f9f5c09ebe5cc730ee2c9'|'U.S. fund investors accelerate rotation to foreign stocks -ICI'|'Money - Wed May 10, 2017 - 1:49pm EDT U.S. fund investors accelerate rotation to foreign stocks: ICI By Trevor Hunnicutt - NEW YORK NEW YORK U.S. fund investors charged into international stocks at the fastest pace in nearly two years, betting on a continued fillip for the global economy, Investment Company Institute data for the latest week showed on Wednesday. Investors added $7.8 billion to U.S.-based mutual and exchange-traded funds invested in stocks abroad, the 22nd straight week of inflows and largest since July 2015, the trade group''s data showed. There were $4.3 billion withdrawals from domestic equity funds for the week. High-flying domestic equities are giving U.S. investors sticker shock after an eight-year bull market and upward run following the U.S. presidential election last year. "Part of it is the U.S. is expensive, but there are genuinely good opportunities which are presenting themselves elsewhere," said Atul Lele, chief investment officer of Deltec International Group, citing Japan''s equity markets as one of the best opportunities he sees in the world. He said economic momentum in the United States is slowing, while global data improves. "The U.S. expansion we saw from a few years ago is starting to expand out to the rest of the world," Lele said. The money came into foreign funds during the seven days ended May 3, as anxious markets awaited a presidential runoff in France on Sunday that pitted centrist Emmanuel Macron''s business-friendly vision of European integration against euroskeptic Marine Le Pen. Macron won. U.S.-based bond funds pulled in $7.2 billion during the week, continuing a strong year for the funds and marking their 19th consecutive week of inflows, ICI said. (Reporting by Trevor Hunnicutt; editing by Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-mutualfunds-ici-idUSKBN1862JS'|'2017-05-11T01:47:00.000+03:00'
'a3775c5778a058ef2a3a185bce88aa39efc06aab'|'Euro zone unemployment higher than data show, capping wages: ECB study'|'FRANKFURT Euro zone unemployment is higher than official data suggest, continuing to keep wage growth muted, a European Central Bank study showed on Wednesday, raising fresh doubts about whether the bank can start rolling back its stimulus measures soon.Wage growth has been unexpectedly weak for a bloc that is enjoying its best economic run in a decade and the ECB has argued that better wage dynamics are needed for the inflation rebound to become sustainable, a key condition for cutting back stimulus.Explaining the apparent disconnect between the rapid unemployment drop and weak growth in pay, the ECB said headline jobless figures exclude people who fail to meet strict statistical criteria and also exclude part time workers seeking more hours, even though both groups add to labor market slack.Once adjusted for these categories, the labor market slack is around 15 percent, well above the official 9.5 percent unemployment rate and only Germany appears to be displaying signs of labor market tightness."In France and Italy, broader measures of labor market slack have continued to increase throughout the recovery, while in Spain and in the other euro area economies, they have recorded some recent declines, but remain well above pre-crisis estimates," the ECB bulletin article said."The level of the broader indicator of labor underutilization is still high, and this is likely to continue to contain wage dynamics," it added.Labor market reforms, championed in part by the ECB, has fueled the rise of part time work, which has given employers greater flexibility. As a result, companies are hiring more part time or temporary workers instead of giving current employees more work.Indeed, part time and temporary employment has risen by nearly 4 million since the financial crisis even though total employment has not increased, a potential drag on wages.Critics of the ECB policy argue that solid economic growth and inflation already support the case for lowering stimulus but the ECB has repeatedly pointed to wages as a source of concern.The ECB estimates that about 3.5 percent of the working age population is considered statistically as inactive, even though they could rejoin the workforce quickly. Another 3 percent is underemployed, or working fewer hours than would like to.That puts the broader slack 3 percentage points above its pre-crisis level, the ECB data indicate, suggesting that unemployment has some way to fall for significant labor market tightness.Another headache for the ECB is that the majority of new jobs created are in the services sector, where productivity gains are inherently lower, capping the potential for wage increases.(Reporting by Balazs Koranyi, editing by Pritha Sarkar)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-eurozone-unemployment-ecb-idINKBN1860UU'|'2017-05-10T16:10:00.000+03:00'
'3584aedef97632b9004f3c0c70e40d95575666d2'|'Australia hits banks with higher taxes to bring budget back into black'|'By Swati Pandey and Jane Wardell - CANBERRA CANBERRA The Australian government pledged to deliver a small budget surplus in 2020-21, slapping big banks with new taxes to end more than a decade of deficits that have threatened its prized triple-A credit rating.Flagging in the polls, the Liberal Party-led coalition conservative government, also promised to fast track major rail and road projects and delivered some sweeteners for home buyers in an overheated property market in its annual budget on Tuesday.Treasurer Scott Morrison said the country''s profitable banks, which have been under fire in recent months amid a series of misconduct scandals, would bear the brunt of a budget "re-set" as he abandoned so-called "zombie savings" worth some A$13 billion.Those savings, including welfare reforms, had artificially reduced the red ink in the budget after they were blocked by opposition lawmakers in a hostile Senate where the government has a wafer-thin majority.The backflip resulted in a bigger A$29.4 billion deficit for 2017-18 than the A$28.7 billion forecast at the mid-year review in December. But the budget forecast a A$7.4 billion surplus in 2020-21, an improvement on A$1.08 billion at the mid-year review.Australia<69>s A$1.7 trillion economy has outperformed many of its rich world peers since the global financial crisis, but it has in more recent years struggled to manage the end of a mining investment boom that underpinned much of its wealth."We must live within our means and this is an honest budget," Morrison said, adding that a new six-basis point levy on big banks'' liabilities, to kick in on July 1, would raise A$6.2 billion over the next four years.Morrison described the measure, along with a A$8.2 billion income tax increase on workers, as "basically a Senate tax" to get the budget back into balance as demanded by ratings agencies or risk losing its triple-A credit rating.Marie Diron, associate managing director of Moody''s Investors Service, said the agency assessed Australia''s fiscal strength as "very high, a key support to the government''s triple-A raiting and stable outlook" after the budget. Diron added that the removal of the zombie measures "enhances the transparency and predictability of budget outcomes, a credit positive."Mervyn Tang, director of Asia-Pacific sovereigns at Fitch Ratings, said the new revenue measures in the budget implied a faster reduction in the government deficit. He said Fitch would look closer at new policy measures on the economy and housing market, "factors we have identified as rating sensitivities in our previous review."Standard & Poor''s did not immediately comment on the budget.But Australian Bankers'' Association Chief Executive Anna Bligh criticised the new tax, which Morrison warned banks against passing on to consumers."Contrary to the government''s claim that the tax will only be levied on banking liabilities, the reality is that it will affect the entire banking system," Bligh said in a statement. "This new tax is not a well thought out policy response to a public interest issue, it is a political tax grab to cover a budget black hole."HOUSING AFFORDABILITYWith the latest Newspoll showing the government trailing the opposition Labor Party at 52 points to 48 points, the budget contained measures to appease an electorate angry that a surging property market means they are unlikely to achieve the great Australian dream of owning their home.Morrison said the government will establish a A$1 billion National Housing Infrastructure Facility and allow first time home buyers to save extra funds into their pension accounts to use for a purchase deposit.The Reserve Bank of Australia (RBA) last week held interest rates at a record low 1.50 percent, citing concern about fuelling more borrowing in the country''s red-hot property market.Another A$1.2 billion will be raised over the next four years by imposing a levy on foreign workers, another issue that has been heavil
'e50e582bb1f6350734b56da52ef963efa3b61d20'|'NYSE executives to woo Aramco IPO in upcoming Saudi visit'|'By Katie Paul and Rania El Gamal - RIYADH/DUBAI RIYADH/DUBAI A New York Stock Exchange (NYSE) delegation will visit Saudi Arabia in late May to try to lure a listing by state oil giant Saudi Aramco, industry sources familiar with the matter said.The visit will follow a similar trip to Riyadh last month by London Stock Exchange (LSE) CEO Xavier Rolet, as top exchanges around the world vie to win slices of Aramco''s initial public offering, expected to be the largest in history.Aramco plans to list about 5 percent of its shares, mostly on the Saudi stock market, the Tadawul, and the rest likely on one, two or even three international exchanges, industry sources have previously said.Saudi officials have said the IPO, planned for 2018, will be worth about $100 billion.Both Aramco and the NYSE, which is owned by Intercontinental Exchange Inc, declined to comment.The NYSE delegation will come to Saudi Arabia shortly after a visit by U.S. President Donald Trump, the sources told Reuters, although they said the two trips were scheduled independently and would occur separately.Trump is expected to begin his maiden international trip in Riyadh on May 19 before traveling to Israel, the Vatican, Brussels and Sicily. He will focus on building support for the fight against Islamic State.REGULATORY COMPETITIONThe NYSE is the world''s largest stock market and counts oil majors like Chevron and Exxon Mobil among its listings, but faces competition from other exchanges offering regulatory flexibility and access to Asian investors.New York, London, Hong Kong, Singapore, Tokyo and Toronto are all seeking pieces of the offering, with Hong Kong currently the frontrunner among bourses in Asia because of its strategic links to key Saudi oil importer China.The LSE''s Rolet traveled with British Prime Minister Theresa May during her visit to Riyadh in April and joined her in meetings with Saudi economic officials in a bid to boost London''s chances.The LSE is tweaking its rules to become more attractive, creating a new listing model that would allow large state-owned firms like Aramco to avoid the most onerous corporate governance requirements of a "premier" listing without being seen as second class.London''s "premier" rules require firms to list at least 25 percent of their shares, while Aramco has so far indicated it will list no more than 5 percent.The NYSE does not have a minimum percentage float requirement, but companies must comply with strict rules on financial disclosure and reporting methods.No decision has been made on the venue of the listing abroad yet, but industry sources told Reuters that Saudi Arabia is now leaning more towards listing in London and Hong Kong and possibly Tokyo as favored options rather than New York.Strict regulations by the NYSE and legal threats after the U.S. Congress voted to allow relatives of victims of the Sept. 11 attacks to sue Saudi Arabia has created unease in Riyadh, the sources said.(Reporting by Katie Paul in Riyadh and Rania El Gamal in Dubai; additional reporting by Reem Shamseddine in Khobar and John McCrank in New York; Editing by Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-saudi-aramco-ipo-nyse-idINKBN1861QZ'|'2017-05-10T11:08:00.000+03:00'
'4a1bb7f450deb21d857d423611392ca52030293f'|'BRIEF-Stornoway announces Q1 sales C$48.5 million'|'Market News - Tue May 9, 2017 - 5:45pm EDT BRIEF-Stornoway announces Q1 sales C$48.5 million May 9 Stornoway Diamond Corp * Stornoway announces fy2017 first quarter results * Q1 sales C$48.5 million TABLE-Mexico''s Pemex sets June Maya price for international buyers MEXICO CITY, May 10 Mexican state-owned oil company Pemex revised its June term pricing formulas for crude oil shipped to international buyers, the company said on Wednesday. The following table lists the adjustments to price constants in the Americas, the U.S. West Coast, Europe and the Far East: DESTINATION MAY CONSTANT JUNE CONSTANT AMERICAS Maya MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-stornoway-announces-q1-sales-c-idUSASA09ODK'|'2017-05-10T05:45:00.000+03:00'
'85a16dcf6ecfd56a664dcaf8c29c59e2aa0a2768'|'News Corp quarterly revenue beats estimates'|' 20pm BST News Corp quarterly revenue beats estimates FILE PHOTO - News Corp CEO Rupert Murdoch delivers remarks at an event commemorating the 75th anniversary of the Battle of the Coral Sea, aboard the USS Intrepid Sea, Air and Space Museum in New York, U.S. May 4, 2017. REUTERS/Jonathan Ernst News Corp ( NWSA.O ) reported better-than-expected quarterly revenue as the owner of the Dow Jones Newswires and the Wall Street Journal saw an uptick in its news and information unit and its digital real estate business. Shares of the company, controlled by media mogul Rupert Murdoch, were up 2.2 percent in extended trading on Tuesday. The company, whose newspapers include the New York Post, the Times in London and the Australian, has been transforming its business and moving away from its dependency on ads from its traditional media business toward the digital real estate services business. Revenue in the company''s news and information division, which accounts for over 60 percent of total revenue, rose 2.6 percent as the transition to digital platforms pays off. Advertising revenue of the company, which owns book publisher HarperCollins, rose 5.1 percent to $705 million. News Corp said revenue in its high-growth digital real-estate business jumped nearly 13 percent to $219 million. The business includes REA Group Ltd ( REA.AX ), an Australian company which advertises property and property-related services on websites and mobile apps, and Move Inc, which operates Realtor.com in the United States and other countries. Digital real estate services are "well on their way" to becoming News Corp''s largest profit-driver, Chief Executive Robert Thomson had said in the company''s second quarter earnings statement. Net loss available to shareholders narrowed to $5 million, or 1 cent per share, in the third quarter ended March 31, from $149 million, or 26 cents per share, a year earlier. Excluding items, the company earned 7 cents per share. News Corp''s revenue rose 4.6 percent to $1.98 billion. Analysts on average had expected earnings of 5 cents per share on a revenue of $1.86 billion, according to Thomson Reuters I/B/E/S. Thomson Reuters ( TRI.N ) ( TRI.TO ), the parent of Reuters News, competes with Dow Jones Newswires. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-news-corp-results-idUKKBN1852IG'|'2017-05-10T05:20:00.000+03:00'
'ada51c16415dc010adb88266e6d67cdc91ee5a1c'|'Israel''s Wix.com raises 2017 outlook, Q1 loss narrows'|'Market News - Wed May 10, 2017 - 2:34am EDT Israel''s Wix.com raises 2017 outlook, Q1 loss narrows JERUSALEM May 10 Wix.com, which helps small businesses build and operate websites, reported on Wednesday a jump in revenue and a narrower loss for the first quarter, and raised its outlook for 2017. It reported a quarterly loss of 18 cents a share excluding one-time items, compared to a 30 cents per share loss a year earlier. Revenue grew 50 percent to $92.5 million. It was forecast to lose 14 cents a share excluding items on revenue of $90.1 million, according to Thomson Reuters I/B/E/S. Israel-based Wix offers free basic features for setting up websites but users must pay for extra services such as shopping carts, individual web addresses and site traffic analysis. During the quarter it added 5.9 million registered users for a total of 103 million. Of that, it added 208,000 paid subscribers to reach 2.7 million. Wix raised its 2017 revenue outlook to $421-$423 million, from an estimate of $417-419 million for a rise of 45-46 percent on the year. For the second quarter its expects revenue of $101-102 million, up 47-48 percent. (Reporting by Ari Rabinovitch; editing by Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/wixcom-results-idUSL8N1IC1MU'|'2017-05-10T14:34:00.000+03:00'
'1db33990bcb1ca73797e2da58d80e52d8fade2ea'|'In Trump''s shadow, Fed official says trade barriers a ''dead end'''|' 24am BST In Trump''s shadow, Fed official says trade barriers a ''dead end'' William C. Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York speaks during a panel discussion at The Bank of England in London, Britain, March 21, 2017. REUTERS/Kirsty Wigglesworth/Pool By Suvashree Choudhury and Jonathan Spicer - MUMBAI/NEW YORK MUMBAI/NEW YORK Trade protectionism is a "dead end" that may score political points but will ultimately hurt the U.S. economy, one of the most influential Federal Reserve officials said on Thursday in the central bank''s strongest defense yet of open borders in the face of a skeptical Trump Administration. William Dudley, head of the New York Fed, did not mention U.S. President Donald Trump by name in a speech at the Bombay Stock Exchange. But he gave a full-throated economic and even political argument for resisting trade barriers that he said would hurt growth and living standards in both the United States and around the world. "Protectionism can have a siren-like appeal," said Dudley, a close ally of Fed Chair Janet Yellen and a key decision-maker on U.S. interest-rate policy. "Viewed narrowly, it may be potentially rewarding to particular segments of the economy in the short term," he said in prepared remarks. "Viewed more broadly, it would almost certainly be destructive to the economy overall in the long term." The Fed is independent but answerable to Congress, and its governors are appointed by the White House and confirmed by the Senate. While Fed officials usually avoid recommending fiscal policies, several have highlighted the benefits of open borders since Trump was elected on an "America First" platform of revamping or ripping up trade deals. Dudley said he was speaking out because "we are at a particularly important juncture" in which trade issues could imperil the long-term health and productivity of the economy and "the economic opportunities available to our people." Barriers to trade are very costly, he said, because they blunt export opportunities, make everyday goods more expensive, and they can often "backfire" by harming workers who can no longer compete in a global economy. "There are many approaches to dealing with the costs of globalization, but protectionism is a dead end," said Dudley, a former Goldman Sachs partner who joined the New York Fed in 2007 and became its president in the depths of the financial crisis in early 2009. "Trying to achieve a high standard of living by following a policy of economic isolationism will fail," he said in Mumbai. The unusually pointed speech comes after the New York Fed published research in recent months that warned against a Republican proposal for a border-adjustment tax and Trump threat to ditch the North American Free Trade Agreement. Both the Republicans and Trump have since largely backed down from those positions. The U.S. central bank has hiked interest rates twice since December and expects to tighten policy about two more times this year as the economy carries on a roughly 2-percent growth track, and as unemployment at 4.4 percent remains low. Dudley, who did not comment on rates in the speech, in the past has said the Fed would adapt its approach as tax, spending and trade policies emerge from Washington. (Additional reporting by Rafael Nam in Mumbai; Writing by Jonathan Spicer; editing by Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-fed-dudley-idUKKBN187184'|'2017-05-11T18:24:00.000+03:00'
'e2357da4159e3e13afd744960cc41be979f026a9'|'Liberty''s interest in Vodafone, ITV thwarted by valuations - Malone'|' 41am BST Liberty''s interest in Vodafone, ITV thwarted by valuations - Malone FILE PHOTO: Liberty Media Corp. chairman John Malone arrives at the annual Allen and Co. conference at the Sun Valley, Idaho Resort July 12, 2013. REUTERS/Rick Wilking LONDON Liberty Global''s John Malone says he is open to doing separate deals with Vodafone and British broadcaster ITV, but has yet to make the valuations work. Malone told the Financial Times in an interview that Liberty "just couldn''t quite get there on valuation," with Vodafone. "The door is always open and the telephone number is published," Malone told the FT. "Vittorio (Colao, Vodafone''s CEO) is a fine fellow and they''re a great company but sometimes it''s difficult where you see the synergy." Europe''s leading cable operator has been one of the most acquisitive in recent years and has long been linked with Vodafone, the world''s second largest mobile operator, and ITV. Liberty and Vodafone have held talks in the past but have so far only announced a joint venture in the Netherlands. Malone was quoted by the FT on Thursday as saying he would love to do a deal with ITV, Britain''s biggest free-to-air commercial broadcaster in which Liberty already has a 10 percent stake, but that it did not work at today''s price. "Would I love Liberty Global to own ITV? Sure. Do I think that the price it trades at it makes any economic sense? Today, no." ITV, which owns an international production arm and a British broadcast business, has been seen as a potential takeover target for some time, and its shares fell sharply when Britain voted to leave the European Union last June. Malone said the group, which has a market value of 7.8 billion pounds, had effectively "been in play" for a couple of years. "They trade at a pretty full valuation today and there are uncertainties going forward. How will they be affected by over-the-top streaming?" he said, of the offerings provided by the likes of Netflix and Amazon. ITV trades on a price to earnings ratio for the next 12 months of 12.04 according to Reuters data, below European peers such as Prosiebensat, TF1 and Mediaset. (Reporting by Kate Holton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-liberty-global-vodafone-itv-idUKKBN18713R'|'2017-05-11T17:41:00.000+03:00'
'94b0d3f06f70c4b5982c5a178a1cd812b3d05766'|'JPMorgan to add bankers in Saudi Arabia to reflect market growth'|'Business News  37pm BST JPMorgan to add bankers in Saudi Arabia to reflect market growth View shows the King Abdullah Financial District, north of Riyadh, Saudi Arabia, March 1, 2017. REUTERS/Faisal Al Nasser By Saeed Azhar and Tom Arnold - DUBAI DUBAI JPMorgan ( JPM.N ) will increase the number of bankers it has in Saudi Arabia to around 80 by the end of the year to capitalise on the increase in equity market activity and mergers and acquisitions in the kingdom, a senior executive said. Saudi Arabia has unveiled about $200 billion (<28>155.5 billion) of privatisation of state-owned companies over the next few years, selling stakes in everything from hospitals to airports. The kingdom is also listing oil company Saudi Aramco, which it expects will raise another $100 billion. "We''re invested in investment banking and our equities brokerage capabilities as we expect more activity in the equity market with all the changes that are going on," Sjoerd Leenart, head of JPMorgan''s Middle East and North Africa (MENA) region, told Reuters on Thursday. "We have about 70 people now and will go to around 80 at year end." Leenart said the bank can also draw on expertise from outside the region. "There''s a very important balance to maintain between having expertise on the ground and drawing on industry expertise sitting in the U.S. or UK," he said. JPMorgan, which sources have told Reuters has been appointed as a financial adviser to help in the listing of Aramco, has been in kingdom for more than 80 years. JPMorgan has declined to comment on its advisory role. "From 2018 onwards, we expect a busy agenda in terms of IPO listings and trade sales to strategic and financial buyers," Leenart said. The bank has had an active year so far in 2017, advising on M&A transactions and the sale of the sovereign''s $9 billion sukuk. Credit Agricole ( CAGR.PA ) picked it to advise it on a potential sale of the French bank''s 31 percent stake in Banque Saudi Fransi 1050.SE, valued at nearly $2.4 billion, sources told Reuters on March 8. JPMorgan is also advising Riyadh-based ACWA Power on a move by Saudi Arabia''s sovereign wealth fund, the Public Investment Fund (PIF), to buy a stake, sources close to the matter told Reuters in November. Leenart said the firm is also investing in its Saudi custody business, but did not give specific details. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-jpmorgan-saudi-idUKKBN1871MS'|'2017-05-11T20:37:00.000+03:00'
'b74dcd7359af4251cf144337e336a2e3b4c8efc0'|'Norwegian firms Yara, Kongsberg to build self-steering container ship'|' 09pm EDT Norwegian firms Yara, Kongsberg to build self-steering container ship OSLO May 9 Norwegian fertilizer producer Yara and maritime technology firm Kongsberg Gruppe are teaming up to build what they said would be the world''s first fully electric and self-steering container ship. "The new zero-emission vessel will be a game-changer for global maritime transport contributing to meet the United Nations sustainability goals," the companies said on Tuesday. Automobile makers and technology companies are already working working on the development of self-driving cars and trucks, as well as electric vehicles. The planned autonomous container feeder will cut emissions from road transport when it starts shipping products from Yara''s Porsgrunn plant to Norway''s Brevik and Larvik ports for global deliveries in 2018, the companies said. Brevik and Larvik ports are about 14 km and 26 km away from Porsgrunn respectively by road. The ship is expected to operate initially as a manned vessel, moving to remote-controlled operation in 2019 and to fully autonomous mode from 2020. (Reporting by Nerijus Adomaitis; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/yara-kongsberg-gruppe-vessel-idUSL8N1IB6Q0'|'2017-05-10T02:09:00.000+03:00'
'aa07b7fb85c9bae1d2b2176711dca212f754a8c1'|'Suncor to apply to build new oil sands project in northern Alberta'|'Commodities  35pm EDT Suncor to apply to build new oil sands project in northern Alberta FILE PHOTO: A Suncor refinery is seen in Sherwood Park, near Edmonton, Alberta, Canada November 13, 2016. REUTERS/Chris Helgren By Nia Williams - CALGARY, Alberta CALGARY, Alberta Suncor Energy Inc ( SU.TO ), Canada''s largest oil and gas producer, said on Monday it plans to submit an application to regulators for a new thermal oil sands project later this year, which could eventually produce up 160,000 barrels per day. The Lewis project, located approximately 25 kilometers (15.5 miles) northeast of Fort McMurray in northern Alberta, will be developed in stages and produce for an estimated 25-40 years. Suncor said it has not yet formally sanctioned the project, but if it goes ahead, construction could begin in 2024, with first steam being pumped into the reservoir to liquefy and extract tarry bitumen in 2027. The Calgary-based company also said it is exploring new technologies to develop the Lewis resource, such as using solvents or electromagnetic heating instead of steam for bitumen extraction. Chris Cox, an analyst with Raymond James in Calgary said Lewis fits in with Suncor''s strategy of modular growth in the oil sands, and would be very similar to its recently approved 80,000 bpd Meadow Creek East project. "Long-term growth is predicated on almost doing a manufacturing process in (thermal) projects with standardized plant designs," Cox said. Canada''s oil sands are home to the world''s third-largest crude reserves but also carry some of the world''s highest operating costs globally due to their remote location and energy-intensive production methods. The region was hard hit by the global oil price crash that started in mid-2014, with a number of producers deferring or cancelling around 20 oil sands projects. Since then however, companies have reduced costs by around 30 percent making some plants viable even with oil prices CLc1 hovering around $50 a barrel. Meadow Creek East, also in northern Alberta, received regulatory approval in March and other companies such as Cenovus Energy ( CVE.TO ) and Canadian Natural Resources Ltd ( CNQ.TO ) have restarted deferred projects in recent months. Company spokeswoman Erin Rees said Suncor anticipates applying for regulatory approval on its 40,000 bpd Meadow Creek West thermal project later this year. (Reporting by Nia Williams; Editing by Matthew Lewis and Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-suncor-energy-oil-sands-idUSKBN1841SW'|'2017-05-08T23:34:00.000+03:00'
'6f22dd78adb59ebd29b94a51db3a5a701257e8ab'|'U.S. jobless claims fall; continuing claims lowest since 1988'|'Business News  37am EDT U.S. labor market tightening; inflation pressures building FILE PHOTO: A ''''Now Hiring'''' sign hangs on the door to the Urban Outfitters store at Quincy Market in Boston, Massachusetts September 5, 2014. REUTERS/Brian Snyder By Lucia Mutikani - WASHINGTON WASHINGTON New applications for U.S. jobless benefits unexpectedly fell last week while producer prices rebounded strongly in April, pointing to a tightening labor market and rising inflation that could spur the Federal Reserve to raise interest rates in June. Labor market strength was also underscored by a sharp drop in the number of Americans on unemployment rolls to a 28-1/2-year low in the final week of April. "The best labor market in nearly 30 years should tell Fed officials that additional monetary stimulus is not required. We expect them to put another rate hike notch on their belts at the upcoming June meeting," said Chris Rupkey, chief economist at MUFG Union Bank in New York. Initial claims for state unemployment benefits fell 2,000 to a seasonally adjusted 236,000 for the week ended May 6, the Labor Department said on Thursday, confounding economists'' expectations for a rise to 245,000. It was the 114th straight week that claims remained below the 300,000 threshold which is associated with a healthy labor market. That is the longest such stretch since 1970, when the labor market was smaller. The labor market is close to full employment, with the unemployment rate at a 10-year low of 4.4 percent. The number of people still receiving benefits after an initial week of aid tumbled 61,000 to 1.92 million in the week ended April 29, the lowest level since November 1988. Labor market momentum, also marked by a sharp rebound in job growth in April, has left financial markets anticipating further monetary policy tightening from the Fed''s June 13-14 meeting. Prices for U.S. Treasuries briefly fell on the data, with the yield on the interest rate sensitive two-year note US2YT=RR rising to a near two-month high. Stocks on Wall Street declined as a bigger-than-expected drop in quarterly profit and sales at department store Macy''s ( M.N ) hurt consumer discretionary shares. The dollar was little changed against a basket of currencies. BROAD-BASED PPI RISE The U.S. central bank increased its benchmark overnight interest rate by 25 basis points in March and has forecast two more rate hikes this year. The economy created 211,000 job in April after adding only 79,000 positions in March. In a second report on Thursday, the Labor Department said its producer price index for final demand increased 0.5 percent last month after slipping 0.1 percent in March. The PPI increased 2.5 percent in the 12 months through April, the biggest gain since February 2012, after advancing 2.3 percent in March. Economists had forecast the PPI rising 0.2 percent and gaining 2.2 percent from a year ago. Producer prices are firming in part as the drag from a strong dollar fades. Prices for final demand services rose 0.4 percent in April, accounting for almost two-thirds of the increase in the PPI last month. They had dipped 0.1 percent in March. The rise in the cost of services last month was driven by a 6.6 percent surge in prices for securities brokerage, dealing, investment advice and related services. Prices for goods increased 0.5 percent after slipping 0.1 percent in March. Energy prices rose 0.8 percent, with the cost of gasoline jumping 3.9 percent. Energy prices declined 2.9 percent in March. Food prices increased 0.9 percent after a similar increase in March. A key gauge of underlying producer price pressures that excludes food, energy and trade services surged a record 0.7 percent in April. The so-called core PPI edged up 0.1 percent in March. The core PPI increased 2.1 percent in the 12 months through April, the biggest gain since August 2013, after the revamping of the PPI series. It advanced 1.7 percent in March. "The core reading for producer prices s
'0e7448b552af1fb6cb9f00c1e6c750f44812df8d'|'Adidas CEO says top team now ''ideal'' after shakeout'|' 50am BST Adidas CEO says top team now ''ideal'' after shakeout Kasper Rorsted, CEO of Adidas, the world''s second largest sports apparel firm attends the company''s annual general meeting in Fuerth, Germany May 11, 2017. REUTERS/Michaela Rehle BERLIN German sportswear company Adidas'' ( ADSGn.DE ) new chief executive said his top team was now complete after the departure of two executives who served for years under his predecessor and the appointment of the first woman to the executive board since 1993. "The board team is now ideally set up. It is an experienced, international and diverse team," Kasper Rorsted, who took over as CEO from Herbert Hainer in October, told the Adidas annual shareholder meeting. Under Rorsted, Adidas reported a bigger than expected rise in first-quarter sales and profits last week, outpacing rival Nike ( NKE.N ) in North America and China and growing fast online. Its shares, which have risen two-thirds over the last year to trade at a big premium to Nike, were down 0.9 percent at 178 euros at 0938 GMT after Adidas announced late on Wednesday it would book a charge on the sale of its loss-making golf business. Adidas announced on Wednesday that the supervisory board had promoted Western Europe head Gil Steyaert to global operations chief and elevated Karen Parkin, human resources head since 2014, to the executive board. In March, Adidas appointed Harm Ohlmeyer as new finance chief, replacing Robin Stalker, who worked alongside Hainer for 16 years. The other members of the executive board are global sales chief Roland Auschel, in the position since 2013, and brand chief Eric Liedtke, in his role since 2014, both who were touted as possible successors to Hainer. Rorsted said on Thursday developing staff was one of his top priorities, adding he wanted to generally fill top positions with internal candidates. He also said he wanted to do more to promote more women, saying two women out of 24 top managers was not enough. To that end, he has set a bonus-relevant target for all executive board members to increase the share of women in management positions globally to 32 percent in the medium term, from 29.5 percent in 2016. (Reporting by Emma Thomasson; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-adidas-executives-idUKKBN187152'|'2017-05-11T17:50:00.000+03:00'
'20dccb7c6751c98ba46a80dc8aebbbbfac7c9108'|'PRESS DIGEST- British Business - May 11'|'May 11 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The TimesTweedy, Browne, another top shareholder in Akzo Nobel , has launched a damning assault on the Dulux paints owner for its refusal to support a 27 billion euros ($29.34 billion) takeover of the group. bit.ly/2r3OEO7The outgoing boss of ITV Plc, Adam Crozier, urged the group to stick with the strategy of expanding its production business amid a drop in advertising revenue. bit.ly/2r1GdlwThe GuardianJes Staley, the chief executive of Barclays Plc under fire for his attempts to unmask a whistleblower, has admitted to hundreds of shareholders that he made a mistake and has issued a personal apology for his behaviour. bit.ly/2r1jTJ4Just Eat Plc''s proposed takeover of Hungryhouse is facing an in-depth investigation by the competition watchdog over fears restaurants could end up with a worse deal. bit.ly/2q4xodgThe TelegraphMurdoch-owned Twenty-First Century Fox said it is confident that its proposed 11.7 billion pound merger with Sky Plc will receive approval by the end of 2017. bit.ly/2pyg78YParis-based investment firm AEW is to float a new UK real estate business on the London Stock Exchange, with plans to raise up to 150 million pounds. bit.ly/2r3hzlzSky NewsThe chief executive and former finance director of BT Group Plc will miss out on annual bonuses worth more than 3 million pounds following the accounting scandal in Italy which helped wipe billions from the company''s stock market value earlier this year. bit.ly/2q6SWEoBroadband firm TalkTalk''s shares have fallen sharply after it cut its dividend as part of its efforts to invest in growing its customer base. The dividend was cut for the year to March to 10.29p from 15.83p and will be lowered to 7.5p this year. bit.ly/2plgFUqThe IndependentAfter a decade presenting Deal or No Deal, Noel Edmonds is finally taking on the banker himself by presenting Lloyds Banking Group Plc with a 100 million pounds proposition of his own. Edmonds has written to Lloyds Banking Group chief executive Antonio Horta-Osorio demanding millions in compensation from his former lender, HBOS. ind.pn/2r0zR69City of London analysts are divided over what message the Bank of England will likely send to financial markets on Thursday about the future path of interest rates in the face of rising inflation, but also signs that the economy is slowing down in the face of a flagging British consumer. ind.pn/2q49LBO($1 = 0.9202 euros) (Compiled by Bengaluru newsroom; Editing by Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL4N1IC6AM'|'2017-05-11T07:54:00.000+03:00'
'6131ead4b29e699114e6696be61308429d82ec51'|'UPDATE 1-Altice-SFR performance gap widens in first quarter'|'* Altice core profit up 9.5 pct; SFR''s down 5.1 pct* SFR margin lowest since Drahi acquisition in 2014* Deals with NBCUniversal, Discovery weigh on SFR profits (Adds shares reaction, analyst note, details)By Mathieu Rosemain and Gw<47>na<6E>lle BarzicPARIS, May 11 The performance gap between telecoms and cable group Altice NV and its listed SFR Group division widened in the first quarter, underscoring SFR''s difficulties in attracting customers despite heavy investments in infrastructure and content.The holding company, founded by Franco-Israeli tycoon Patrick Drahi, said on Thursday that its quarterly profits in the United States grew ahead of a planned initial public offering (IPO) while those of SFR in France dropped, along with the number of customers in the country.Altice''s core operating profit rose by 9.5 percent over the first three months of year to 2.24 billion euros ($2.43 billion), in line with a Reuters poll.SFR''s contribution to that amount was 820 million euros, down by 5.1 percent from a year earlier. That figure compares with the 896 million euro core operating profit yielded by Altice USA over the same period, representing an increase of 31.2 percent.Drahi is betting on the convergence of content providers and telecommunications operators to increase margins and compete better against newcomers such as Netflix and Amazon . He saw the announcement of AT&T Inc''s $85 billion acquisition of Time Warner Inc as an additional proof of this trend.In France, SFR bought the English Premier League''s football rights for the three seasons starting in 2016, paying more than 300 million euros for them.SFR also won the TV rights for soccer''s European Champions League for the period 2018-2021 period for an annual cost of 350 million euros, a source told Reuters on Thursday.Still, evaluating the impact of such investments on customers'' choices remains difficult and recent spending on exclusive distribution agreements with NBCUniversal and Discovery weigh on SFR margins."Yes, we believe that content has an impact on our figures," Altice''s chief executive Michel Combes said in a call with reporters. "It answers customers expectations, it clearly supports our pricing strategy," he added.SFR lost 351,000 mobile customers and 213,000 broadband customers in the first quarter compared with the same period a year ago.The French unit''s quarterly core operating margin at 30.3 percent is the worst on record since Drahi bought SFR in November 2014, and far from an initial target of 45 percent."SFR''s fundamentals will likely remain difficult in 2017, as cost savings from headcount reductions are totally reinvested in content costs," analysts for Raymond James said in a note to clients."The possible positive impact of the content strategy on customer trends remains unclear," they added. ($1 = 0.9202 euro) (Reporting by Mathieu Rosemain and Gwenaelle Barzic; Editing by G Crosse and GV De Clercq)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/altice-results-sfr-group-idINL8N1ID1SK'|'2017-05-11T05:27:00.000+03:00'
'9167d4eef4a412019520167301df4ce46ea6159f'|'Sale of Engie E&P unit to Neptune imminent - source'|' 34am BST Sale of Engie E&P unit to Neptune imminent - source FILE PHOTO: The logo of French gas and power group Engie is seen at the CRIGEN, the Engie Group research and operational expertise center, in Saint-Denis near Paris, France, Saint-Denis, France, February 29, 2016. REUTERS/Jacky Naegelen/File Photo PARIS Engie is in advanced talks with Neptune Oil & Gas about the sale of its oil and gas exploration and production unit and a deal is imminent, a source familiar with the situation told Reuters on Thursday. Confirming a report in French financial daily Les Echos published late on Wednesday, the source said the talks were going well and could be concluded soon. The paper said a board meeting had been held about the planned sale on Wednesday and that board members had approved the sale but that some details still had to be agreed upon. Engie declined to comment. Banking and industry sources told Reuters last month that Neptune, set up in 2015 by private equity funds Carlyle Group and CVC Capital Partner to build a North Sea E&P company led by former Centrica CEO Sam Laidlaw, was set to announce the acquisition of a majority stake in Engie E&P within weeks. (Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta and Jean-Michel Belot)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-engie-m-a-neptune-idUKKBN1870K5'|'2017-05-11T14:34:00.000+03:00'
'02559315ca0e3f2a7e5b5d0b1590e50455a4243f'|'U.S. labour market tightening; inflation pressures building'|'Business News - Thu May 11, 2017 - 4:39pm BST U.S. labour market tightening; inflation pressures building FILE PHOTO: A job seeker holds a ''''We''re Hiring'''' card while talking to a representative from Target at a City of Boston Neighborhood Career Fair on May Day in Boston, Massachusetts, U.S., May 1, 2017. REUTERS/Brian Snyder/File Photo By Lucia Mutikani - WASHINGTON WASHINGTON New applications for U.S. jobless benefits unexpectedly fell last week while producer prices rebounded strongly in April, pointing to a tightening labour market and rising inflation that could spur the Federal Reserve to raise interest rates in June. Labour market strength was also underscored by a sharp drop in the number of Americans on unemployment rolls to a 28-1/2-year low in the final week of April. "The best labour market in nearly 30 years should tell Fed officials that additional monetary stimulus is not required. We expect them to put another rate hike notch on their belts at the upcoming June meeting," said Chris Rupkey, chief economist at MUFG Union Bank in New York. Initial claims for state unemployment benefits fell 2,000 to a seasonally adjusted 236,000 for the week ended May 6, the Labour Department said on Thursday, confounding economists'' expectations for a rise to 245,000. It was the 114th straight week that claims remained below the 300,000 threshold which is associated with a healthy labour market. That is the longest such stretch since 1970, when the labour market was smaller. The labour market is close to full employment, with the unemployment rate at a 10-year low of 4.4 percent. The number of people still receiving benefits after an initial week of aid tumbled 61,000 to 1.92 million in the week ended April 29, the lowest level since November 1988. Labour market momentum, also marked by a sharp rebound in job growth in April, has left financial markets anticipating further monetary policy tightening from the Fed''s June 13-14 meeting. Prices for U.S. Treasuries briefly fell on the data, with the yield on the interest rate sensitive two-year note US2YT=RR rising to a near two-month high. Stocks on Wall Street declined as a bigger-than-expected drop in quarterly profit and sales at department store Macy''s ( M.N ) hurt consumer discretionary shares. The dollar was little changed against a basket of currencies. BROAD-BASED PPI RISE The U.S. central bank increased its benchmark overnight interest rate by 25 basis points in March and has forecast two more rate hikes this year. The economy created 211,000 job in April after adding only 79,000 positions in March. In a second report on Thursday, the Labour Department said its producer price index for final demand increased 0.5 percent last month after slipping 0.1 percent in March. The PPI increased 2.5 percent in the 12 months through April, the biggest gain since February 2012, after advancing 2.3 percent in March. Economists had forecast the PPI rising 0.2 percent and gaining 2.2 percent from a year ago. Producer prices are firming in part as the drag from a strong dollar fades. Prices for final demand services rose 0.4 percent in April, accounting for almost two-thirds of the increase in the PPI last month. They had dipped 0.1 percent in March. The rise in the cost of services last month was driven by a 6.6 percent surge in prices for securities brokerage, dealing, investment advice and related services. Prices for goods increased 0.5 percent after slipping 0.1 percent in March. Energy prices rose 0.8 percent, with the cost of gasoline jumping 3.9 percent. Energy prices declined 2.9 percent in March. Food prices increased 0.9 percent after a similar increase in March. A key gauge of underlying producer price pressures that excludes food, energy and trade services surged a record 0.7 percent in April. The so-called core PPI edged up 0.1 percent in March. The core PPI increased 2.1 percent in the 12 months through April, the biggest gain since August 2013, after the r
'ae217d5c39004672060cca48dfb6157406b2381c'|'UPDATE 1-Activist fund Barington calls for Avon CEO search'|'Big Story 10 - Thu May 4, 2017 - 6:33pm EDT Activist fund Barington calls for Avon CEO search By Michael Flaherty and Gayathree Ganesan Activist investor Barington Capital renewed its pressure on cosmetics maker Avon Products Inc, calling on the company to search for a new chief executive. Barington said on Thursday that Avon''s shares have suffered under Chief Executive Sheri McCoy and that the company needs "the right leadership in place" to recover its position as a leading beauty brand. The company''s shares have lost nearly 80 percent of their value since McCoy took charge as CEO in 2012. In March last year, Avon agreed to give Barington Capital the right to approve the appointment of an independent director, in a bid to avoid a proxy fight with the activist fund. As part of the deal, the Barington nominee was to be jointly selected by Avon and its top investor Cerberus Capital Management, which bought a majority of Avon''s North America business early last year. New York-based Barington owned 2.8 million shares of Avon worth $14.5 million as of Dec. 31, according to a regulatory filing. Avon, which has a market value of $1.59 billion, on Thursday reported a surprise first-quarter loss partly due to higher bad debt expense, mainly in Brazil. (Reporting by Michael Flaherty in New York and Gayathree Ganesan in Bengaluru; Editing by Lisa Shumaker and Maju Samuel) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-avon-prdcts-barington-idUSKBN1802SZ'|'2017-05-05T06:31:00.000+03:00'
'260d1911ff973cbaadba2674811d5e1b44c2192b'|'Shareholder adviser challenges Linde board over merger with Praxair'|'Business News - Sat May 6, 2017 - 10:13pm BST Shareholder adviser challenges Linde board over merger with Praxair Linde Group logo is seen at a company building in Munich-Pullach, Germany August 16, 2016. REUTERS/Michaela Rehle FRANKFURT Shareholder adviser Ivox Glass Lewis has called on Linde ( LING.DE ) investors to vote against signing off on the actions of its management and supervisory board due to problems in the handling of a planned merger with peer Praxair ( PX.N ). The all-share merger of equals would reunite a global industrial gases company that split in World War One and would create a market leader to rival Air Liquide ( AIRP.PA ). But the $65 billion deal has faced unexpectedly strong opposition from trade unions, who fear a dilution of their influence and large-scale job losses, as well as scepticism from investors. Hasty management changes during the negotiations with Praxair last year, a row with some shareholders over the lack of a vote on the merger, and strong opposition from the labour side to the deal have raised doubts about best governance, Ivox Glass Lewis said. It therefore advised shareholders against ratifying the decisions by the company''s bosses and its supervisors. Such votes on mergers are customary in Germany and are an opportunity for shareholders to express confidence in their leadership. But such votes do not free individuals from liability for their actions. Many investment funds from the United States and Britain follow the recommendations of advisory firms such as Ivox Glass Lewis at shareholder meetings. Fund manager Ingo Speich from Union Investment, one of Linde''s top 15 investors, said that he would not ratify the moves by the company''s management. "We do not call the industrial logic of the merger into question. But we criticise deficits in corporate governance and capital markets communication," he told Frankfurter Allgemeine Sonntagszeitung. "(Chairman) Wolfgang Reitzle seems to be the driving force of the merger. But he acts in an intransparent way. We miss a clear distinction of the roles of management and supervisors," he added. The two companies had hoped to have a plan in place before Linde''s annual shareholder meeting on May 10. But the deal has fallen behind schedule over the Linde management''s inability to strike a deal with the employees. (Reporting by Arno Schuetze; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-linde-shareholders-idUKKBN1820PU'|'2017-05-07T05:13:00.000+03:00'
'347e414a0ab23c1185e97c028723d63fd0620744'|'Germany likely to miss e-cars target, says Merkel'|'Market News  42pm EDT Germany likely to miss e-cars target, says Merkel BERLIN May 15 Chancellor Angela Merkel said on Monday that Germany will likely miss the government''s target of bringing 1 million electric cars onto the roads by the end of the decade. "As it looks at the moment, we will not achieve this goal," Merkel told fellow lawmakers of her centre-right CDU/CSU bloc. She added, however, that a mass market breakthrough of demand for battery-powered cars could come very abruptly, as was the case with other innovations such as the introduction of the smartphone. The sale of electric vehicles (EVs) has remained sluggish in Germany despite discounts introduced last year and granted to buyers of green cars. In 2016, there were less than 80,000 electric cars on German roads. Experts say German consumers remain reluctant to buy EVs because of relatively high prices, limited driving range and restrictions due to the low number of charging stations. In 2016, there were some 7,400 charging points in Europe''s most populous country, according to electricity industry group BDEW. The long time it takes to charge batteries is another disadvantage of electric cars compared to conventional cars with gasoline tanks that can be filled up in seconds. (Reporting by Michael Nienaber, editing by Pritha Sarkar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/autos-electric-germany-idUSL8N1IH6S4'|'2017-05-16T00:42:00.000+03:00'
'ad9b042c056132019bf7b979fd4a888483ab653e'|'European shares lifted by oil bounce, dealmaking; cybersecurity stocks gain'|'Business News - Mon May 15, 2017 - 11:10am BST European shares supported by oil bounce; cybersecurity stocks gain FILE PHOTO: Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 10, 2017. REUTERS/Staff/File Photo By Danilo Masoni - MILAN MILAN European shares steadied on Monday, helped by a bounce in oil prices and fresh dealmaking activity, while a global hacking attack boosted shares of software security firms. Gains however were capped by some heavyweight stocks going ex-dividend as well as weakness among healthcare stocks .SXDP. The pan-European STOXX 600 index was down 0.1 percent by 0937 GMT. Germany''s DAX .GDAXI fell 0.2 percent and UK''s FTSE .FTSE added 0.1 percent with both paring gains that lifted them to fresh record highs earlier in the session. Oil prices jumped more than 2 percent after top exporter Saudi Arabia and Russia said supply cuts needed to last into 2018, a step towards keeping an OPEC-led deal to support prices in place longer than originally agreed. [O/R] That helped commodity-related stocks with the basic resources .SXEP and oil indexes .SXEP, both up 1.2 percent. Gains among oil stocks, however, were offset by a fall in healthcare shares, which were dragged by a 1 percent decline in Novartis ( NOVN.S ). The Sunday Times reported GlaxoSmithKline ( GSK.L ) was preparing investors for an expansion of its consumer healthcare business through an 8 billion pound deal with the Swiss rival. Some investors said after three straight week of gains for European equities the mood was dampened by Friday''s unprecedented "ransomware" attack that hit 200,000 victims in at least 150 countries. "The risk sentiment is dull due to cyber uncertainties," said London Capital Group analyst Ipek Ozkardeskaya. SECURITY SHARES BOOSTED The attack, however, boosted shares in software security firms. A cybersecurity exchange-traded fund ISE ( ISPY.L ) rose at the open, while London-listed shares in cloud network security firm Sophos ( SOPH.L ) jumped nearly 8 percent to a record high. In Helsinki, digital security firm F-Secure ( FSC1V.HE ) rose as much as 5.1 pct to a 16-year high, while information security consulting Nixu ( NIXU.HE ) gained 3.7 percent. "Security is a growing business already and these kinds of news will accelerate the need for improvement of cybersecurity among companies," said Kim Gorschelnik, head of research at Finnish asset manager FIM. Italian motorway company Atlantia ( ATL.MI ) was among the top gainers in Europe, up 3 percent, after it launched a 16 billion euro bid for Spanish rival Abertis ( ABE.MC ), whose share were little changed. Banca Akros analyst Francesco Sala lifted its recommendation on Atlantia to accumulate from neutral, saying he expected the offer could lift the group''s earnings per share by 30 percent. Shares in RWE ( RWEG.DE ) rose 2.3 percent after the German utility posted core profit slightly above expectations, pointing to cost cuts and improved utilisation at its power plants division. A poor earning updates however hit shares in TUI ( TUIT.L ), down 4.5 percent. Europe''s largest tour operator said summer trading was in line with expectations with demand for Spain, Greece and the Caribbean helping to offset subdued bookings for Turkey and North Africa. Earnings in Europe have been surprisingly strong so far. According to Thomson Reuters I/B/E/S data more than 70 percent of MSCI companies have reported results so far with 66 percent beating expectations and 8 percent meeting them, pointing to a first-quarter earnings growth of 20.2 percent. (Reporting by Danilo Masoni; Editing by Tom Heneghan) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKCN18B0OO'|'2017-05-15T15:31:00.000+03:00'
'efb19ab007f28c598c7ecd01902cb3df5992f44e'|'Greece could return to debt markets soon - opposition leader Mitsotakis'|'Business News - Mon May 15, 2017 - 9:26pm BST Greece could return to debt markets soon: opposition leader Mitsotakis Leader of conservative New Democracy party Kyriakos Mitsotakis looks on before a political leaders meeting at the Presidential Palace in Athens, Greece, March 4, 2016. REUTERS/Alkis Konstantinidis By Helen Reid - LONDON LONDON Greece could soon return to debt markets, marking a major step in its recovery from a prolonged debt crisis, opposition leader Kyriakos Mitsotakis, whose conservative party holds a double-digit lead in opinion polls, said on Monday. "Returning to debt markets is a fundamental goal," he told a question and answer session at the London School of Economics. "We may be able to tap capital markets in a protected manner. Assuming we have some visibility on the debt side, assuming we get QE, this could happen within the next months." The deputy managing director of the euro zone''s bailout fund said last week that Greece could return to debt markets "much before" mid-2018. Mitsotakis, leader of the New Democracy party, who has been calling for a snap election, said he did not believe Prime Minister Alexis Tsipras'' government enjoyed sufficient investor confidence to allow Greece to borrow at reasonable costs. "We will need to borrow 10 billion euros in 2018-19, and will we have restored the level of credibility to borrow at reasonable interest rates? The jury is still out on that," he said. "I have my doubts that the current government can restore the confidence to get capital markets to support this." Greeks are not due to vote until 2019. Greece agreed a package of reforms with its lenders on May 2, after six months of haggling, paving the way for the disbursement of further funds and possibly opening the door to a reworking of its massive debt. Opposition leaders criticized the agreement, which committed Greece to fiscal reforms, cutting pensions in 2019 and cutting the tax-free threshold in 2020. "We are faced with a very heavy austerity package which to our mind is completely unnecessary," said Mitsotakis. "My fear is that the more time we lose, the more we pretend we are reforming, the more damage will be done ... on the economic front." Greece''s economy shrank in the first quarter. The opposition leader repeated his criticism of Tsipras'' pledge to produce a primary surplus of 3.5 percent, adding: "As long as the government is not committed to real reforms, we will be asked for more fiscal austerity." He said he would cut the public sector by outsourcing more to private companies and pledged tax breaks and other measures to encourage new businesses and attract investment. "In spite of the pain, suffering, anger (in Greece), people understand growth is only going to come from the private sector, that we need investment," Mitsotakis said. (Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-economy-greece-mitsotakis-idUKKCN18B2IL'|'2017-05-16T04:22:00.000+03:00'
'dc9546369749c42ccd1177d8d11865d7ff001fc2'|'UPDATE 2-DoubleLine''s Gundlach: European, EM equities more attractive than US'|'(Adds Quote: s on new Twitter account)By Jennifer AblanNEW YORK May 10 European and emerging markets equities are more attractive than U.S. equities, and volatility in stock markets is "insanely low," influential investor and head of DoubleLine Capital Jeffrey Gundlach told Reuters on Wednesday. Gundlach, who oversees more than $100 billion at DoubleLine, and is known as the "Bond King" on Wall Street, said Europe and emerging markets are "significantly cheaper" on a cyclically adjusted price-to-earnings ratio and price-to-book basis."I''d rather much be overseas than in U.S," Gundlach said in an interview. "That''s how I felt all year. Part of that was I felt - and it''s fading a little bit but it''s still a narrative - that the reason people were so bullish on the U.S. is a) it had done really well from 2011, b) they believed the dollar was going to go up a lot more. And I disagreed."Already, the pan-European STOXX 600 index is up 9.7 percent since the end of 2016, while the S&P 500 is up 7.1 percent in that period."They are no longer falling knives versus S&P," Gundlach said, referring to Europe and emerging markets investments.The DoubleLine Shiller Enhanced CAPE fund, with $3.7 billion of assets, posted returns of 10.31 percent year-to-date as of April 30, ranking it in the top percentile in its category, according to Morningstar.Speaking at the Sohn Investment Conference on Monday, Gundlach said investors should buy the iShares MSCI Emerging Markets exchange-traded fund and short an ETF tracking the S&P 500 using borrowed money.Asked about the VIX Index, a measure of implied volatility known as the "fear gauge" for U.S. stocks, which fell earlier this week to its lowest close since 1993, Gundlach said: "I think the VIX is insanely low. Anytime the VIX is below 10, if you could actually buy it, you should. But people can''t buy the VIX. A regular Joe can''t go long the VIX."Gundlach also said he opened a new Twitter account under the handle @TruthGundlach on Monday because "I am tired of people increasingly feeling that they have a carte blanche to report any falsehoods they want."Gundlach, who has already amassed more than 14,700 followers on Twitter, said he does not plan on responding to his Twitter followers, but will post some insights on the markets. He said his account is "basically the media police.""Not in it for any other reason," Gundlach said. "I don''t care what people think. I am not looking for votes." (Reporting By Jennifer Ablan; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/funds-doubleline-gundlach-idINL1N1IC1TX'|'2017-05-10T18:36:00.000+03:00'
'd2c75f5012dd0be5983cf36f72ae7e7c5668fc12'|'NYSE executives to woo Aramco IPO in upcoming Saudi visit'|'Deals - Wed May 10, 2017 - 9:08am EDT NYSE executives to woo Aramco IPO in upcoming Saudi visit FILE PHOTO: A Saudi Aramco employee sits in the company stand at the Middle East Petrotech 2016, an exhibition and conference for the refining and petrochemical industries, in Manama, Bahrain, September 27, 2016. REUTERS/Hamad I Mohammed/File Photo By Katie Paul and Rania El Gamal - RIYADH/DUBAI RIYADH/DUBAI A New York Stock Exchange (NYSE) delegation will visit Saudi Arabia in late May to try to lure a listing by state oil giant Saudi Aramco, industry sources familiar with the matter said. The visit will follow a similar trip to Riyadh last month by London Stock Exchange (LSE) CEO Xavier Rolet, as top exchanges around the world vie to win slices of Aramco''s initial public offering IPO-ARMO.SE, expected to be the largest in history. Aramco plans to list about 5 percent of its shares, mostly on the Saudi stock market, the Tadawul, and the rest likely on one, two or even three international exchanges, industry sources have previously said. Saudi officials have said the IPO, planned for 2018, will be worth about $100 billion. Both Aramco and the NYSE, which is owned by Intercontinental Exchange Inc ( ICE.N ), declined to comment. The NYSE delegation will come to Saudi Arabia shortly after a visit by U.S. President Donald Trump, the sources told Reuters, although they said the two trips were scheduled independently and would occur separately. Trump is expected to begin his maiden international trip in Riyadh on May 19 before traveling to Israel, the Vatican, Brussels and Sicily. He will focus on building support for the fight against Islamic State. REGULATORY COMPETITION The NYSE is the world''s largest stock market and counts oil majors like Chevron ( CVX.N ) and Exxon Mobil ( XOM.N ) among its listings, but faces competition from other exchanges offering regulatory flexibility and access to Asian investors. New York, London, Hong Kong, Singapore, Tokyo and Toronto are all seeking pieces of the offering, with Hong Kong currently the frontrunner among bourses in Asia because of its strategic links to key Saudi oil importer China. The LSE''s Rolet traveled with British Prime Minister Theresa May during her visit to Riyadh in April and joined her in meetings with Saudi economic officials in a bid to boost London''s chances. The LSE is tweaking its rules to become more attractive, creating a new listing model that would allow large state-owned firms like Aramco to avoid the most onerous corporate governance requirements of a "premier" listing without being seen as second class. London''s "premier" rules require firms to list at least 25 percent of their shares, while Aramco has so far indicated it will list no more than 5 percent. The NYSE does not have a minimum percentage float requirement, but companies must comply with strict rules on financial disclosure and reporting methods. No decision has been made on the venue of the listing abroad yet, but industry sources told Reuters that Saudi Arabia is now leaning more towards listing in London and Hong Kong and possibly Tokyo as favored options rather than New York. Strict regulations by the NYSE and legal threats after the U.S. Congress voted to allow relatives of victims of the Sept. 11 attacks to sue Saudi Arabia has created unease in Riyadh, the sources said. (Reporting by Katie Paul in Riyadh and Rania El Gamal in Dubai; additional reporting by Reem Shamseddine in Khobar and John McCrank in New York; Editing by Edmund Blair) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-saudi-aramco-ipo-nyse-idUSKBN1861QZ'|'2017-05-10T17:08:00.000+03:00'
'db7c33be02d1b9b4647412fc4208fdf1dfd0eac3'|'ITV sees ad revenue down by as much as 20 percent in June'|' 20am BST ITV sees ad revenue down by as much as 20 percent in June FILE PHOTO: A company sign is displayed outside an ITV studio in London, Britain, July 27, 2016. REUTERS/Neil Hall/File Photo LONDON Commercial broadcaster ITV said its net advertising revenue could fall by as much as 20 percent in June as its outgoing Chief Executive Adam Crozier signed off with a tough trading update. The "Coronation Street" and "Britain''s Got Talent" broadcaster said net advertising revenue would be down by 8 to 9 percent in the first half of the year, with the measurement set to fall by 8 percent in May and between 15-20 percent in June. Analysts had expected June to be a tough month after it showed Euro 2016 soccer matches in the previous year, which boosted viewing figures. The group reiterated its forecast for the full year. (Reporting by Kate Holton; editing by Costas Pitas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-itv-outlook-idUKKBN1860JW'|'2017-05-10T14:20:00.000+03:00'
'4e825918f664e86a5c4f0908c613e3124f5bd578'|'Beleaguered Barclays boss Staley deceived by fake emails'|'Banks - Thu May 11, 2017 - 6:34pm BST Beleaguered Barclays boss Staley deceived by fake emails FILE PHOTO: Chief executive officer of Barclays, Jes Staley, takes part in the Yahoo Finance All Markets Summit in New York, U.S., February 8, 2017. REUTERS/Lucas Jackson/File Photo LONDON Barclays Chief Executive Jes Staley, criticised for his attempts to unmask a whistleblower, took another knock on Thursday when the bank confirmed he had been deceived by emails purportedly from the lender''s Chairman John McFarlane. In the email exchange reported by the Financial Times, a person pretending to be McFarlane using the email address john.mcfarlane.barclays@gmail.com said Staley owed the chairman "a large scotch" for his defence of the CEO. A spokesman for Barclays confirmed the contents of the emails, but declined to comment further on the exchange. McFarlane offered a robust defence of Staley at the lender''s annual shareholder meeting in London on Wednesday, after Staley faced calls from individual shareholders to resign after he tried twice to identify the author of a letter about an unnamed senior employee. Staley initially responded to the emails purportedly from McFarlane with thanks, saying the bank''s chairman had "a courage not seen in many people". "Some day I want to see an ad lib guitar run. You have all the fearlessness of Clapton," Staley said, referring to the guitarist Eric Clapton. The Financial Times reported the emails were sent by a "prankster" who had a customer issue with Barclays. The emails ended with the prankster sending a poem, which began "Worry not of tomorrow''s end" and ended "Revel in their bloodied eyes", with the first letter of each line spelling out the word "Whistleblower". Staley replied: "Thanks for sharing the foxhole." (Reporting by Lawrence White; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-barclays-ceo-idUKKBN1872LH'|'2017-05-12T01:34:00.000+03:00'
'f48f03bee4e7a1247f93e1e2e8d3167afe07dd23'|'METALS-Copper stalls as equities rise and China outlook dims'|'Market News - Thu May 11, 2017 - 10:00pm EDT METALS-Copper stalls as equities rise and China outlook dims SYDNEY May 12 Copper was flat in Asia on Friday as equities headed for a strong end to the week and the short-covering that pulled the contract higher overnight failed to re-emerge. "We''re not seeing any shortcovering this morning," a commodities trader in Perth said on condition of anonymity as he was not authorised to speak with media. "If that was the case (in London), it hasn''t turned up here." Weakened outlooks for copper demand in China, which consumes nearly half the world''s requirements, amid soft data on imports and demand growth, weighed on sentiment, the trader said. The negative sentiment was somewhat countered by expectations that People''s Bank of China will release funding to ease credit on Friday, which could spur industrial and construction activity. FUNDAMENTALS * Three-month copper on the London Metal Exchange was steady at $5,544 a tonne at 0146 after settling a modest 0.8 percent up overnight. * The most-traded copper contract on the Shanghai Futures Exchange started a touch lower then inched up 0.1 percent to 44,980 yuan ($6,518.56) a tonne. * CHINA PMI: Surveys of manufacturers showed activity slowed in April, while trade data showed import growth slowing and export growth halving. * Noble Group Ltd reported a quarterly loss that pummelled its shares by a record 33 percent, stoking worries the Singapore-listed commodity trader was failing to recover from a crisis-wracked two years despite a deep restructuring. * The head of Hong Kong Exchanges and Clearing (HKEx) said the bourse''s upcoming commodity platform in mainland China would support futures trading at other Chinese exchanges. * It may be going from bad to worse for the nickel price, with conciliatory comments from the new mining minister in top ore producer the Philippines adding to the risks of the market being pushed into oversupply. * For the top stories in metals and other news, click or MARKETS NEWS * Asian shares inched up Friday, hobbled by a downbeat day on Wall Street but still on track for weekly rises, while oil prices extended gains on hopes for output cuts. DATA AHEAD (GMT) 0600 Germany GDP flash Q1 0900 Euro zone Industrial production Mar 1230 U.S. Consumer prices Apr 1230 U.S. Retail sales Apr 1400 U.S. Business inventories Mar 1400 U.S. Univ of Michigan sentiment index May PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1IE1A3'|'2017-05-12T10:00:00.000+03:00'
'7624c134b5f7182f7f82d078aea2968a4f369dcc'|'Wells Fargo eyes return to mortgage deals shunned since crisis'|'Fri May 12, 2017 - 12:56am BST Wells Fargo eyes return to mortgage deals shunned since crisis A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith By Dan Freed Wells Fargo & Co ( WFC.N ), the largest U.S. mortgage lender, is hoping this year to sell bonds backed by mortgages without government guarantees for the first time since the 2008 financial crisis, the head of the bank''s consumer lending division said on Thursday. More than $1 trillion worth of mortgages were packaged into such securities each year in 2005 and 2006. But investors lost their appetite after large volumes of risky subprime mortgages backing such securities went bad, nearly bringing down the global financial system. "There''s been many many years since Wells Fargo has participated in any kind of private label market," Franklin Codel, who runs Wells Fargo''s consumer lending division, told investors in a presentation. Offerings of "private label" bonds, backed by new mortgages without government backing, have totaled less than $60 billion since 2009, according to Inside Mortgage Finance, a trade publication. "This year one of our aspirations is to come back to the market with a couple of deals and we''re taking a look at making sure we can structure those properly ... to try to test the market and see what we can do there to help bring confidence back," Codel said. Since the financial crisis, mortgages that do not conform to standards set by the government, or by quasi-government entities Fannie Mae ( FNMA.PK ) and Freddie Mac ( FMCC.PK ), have been held in portfolio by banks like Wells Fargo. Usually these are so-called "jumbo" mortgages exceeding $427,000 in most parts of the United States. Because banks take all the risk when they hold mortgages on their balance sheet, borrowers typically pay a higher interest rate than if the loans could be pooled and sold to investors. Lenders that have done private label deals in recent years include JPMorgan Chase & Co ( JPM.N ) and Redwood Trust Inc ( RWT.N ). (Reporting by Dan Freed in New York and Joy Wiltermuth; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-wells-fargo-mortgage-mbs-idUKKBN18734S'|'2017-05-12T07:47:00.000+03:00'
'b5d8eb51f901d79bf8eedb37ceaaf908daec979f'|'Insurer AXA plans to float its U.S. operations in 2018'|' 20am BST Insurer AXA plans to float its U.S. operations in 2018 Logo of France''s biggest insurer Axa is seen in Paris, France, August 4, 2016. REUTERS/Jacky Naegelen PARIS French insurer AXA ( AXAF.PA ) plans to float its operations in the United States, combining life insurance and asset management, in the first half of 2018, it said on Wednesday. The announcement came as AXA reported that first quarter revenues had dipped 0.1 percent from the same period last year to 31.6 billion euros (26.57 billion pounds), as stronger property and casualty premiums slightly offset a weaker performance at the company''s life insurance business. (Reporting by Maya Nikolaeva and Matthieu Protard; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-axa-results-idUKKBN1860FV'|'2017-05-10T13:20:00.000+03:00'
'c46f6d8269f02969fd758338eadfabbcc41ebd56'|'Coty posts bigger loss due to charges related to P&G deal'|'Wed May 10, 2017 - 12:50pm EDT Coty profit and sales beat as acquisitions pay off; shares jump FILE PHOTO: Models gather at a trading post on the floor of the New York Stock Exchange for the IPO of Coty Inc., June 13, 2013. REUTERS/Brendan McDermid/File Photo Beauty products maker Coty Inc ( COTY.N ) reported higher-than-expected quarterly profit and sales, helped by strong demand for labels such as Calvin Klein as well as for recently acquired brands ghd and Younique. Coty''s shares rose as much as 15 percent to a near 6-month high of $20.50 on Wednesday. They eased to trade up 13 percent, set for their best one-day percentage gain since February 2016. The company has inked multiple deals in the past year to gain market share amid stiff competition and reduce its dependence on its perfume business, that was once struggling. In the past year Coty has bought more than 40 brands from Procter & Gamble Co ( PG.N ), the personal care and beauty business of Brazil''s Hypermarcas SA ( HYPE3.SA ), a majority stake in online cosmetics retailer Younique and also a high-end hair styling appliance brand, ghd. Coty said its third-quarter revenue rose 6 percent to $2.03 billion on a constant currency basis and after adjusting year-ago sales for the P&G acquisition. That beat analysts average estimate of $1.94 billion, according to Thomson Reuters I/B/E/S. Excluding acquisitions, sales declined 2 percent in constant currency. Coty, however, expects current-quarter net revenue, excluding ghd and Younique, to be lower than the third quarter, which Chief Executive Camillo Pane blamed on lost shelf space at retailers for certain P&G brands. Pane told Reuters the lost space will continue to hit results for a few more quarters, until marketing efforts on brands such as Covergirl, Max Factor and Clairol, which were "orphaned" at P&G, pays off. Pane said Brazil was a bright spot in the third quarter, despite a recession, with sales rising in the double-digit percentage range as Coty sold more nail polishes and hair products that are affordable and recession-proof. Coty''s consumer beauty business saw sales increase 5 percent, reflecting strong contributions from Younique and one month of sales from the Brazil Hypermarcas deal. The business accounted for nearly half of total sales. Sales in Coty''s luxury business, which sells high-end perfumes such as Calvin Klein and Hugo Boss, rose 2 percent. Sales in the professional division rose 14 percent, driven solely by ghd. Net loss attributable to Coty increased to $164.2 million in the quarter from $26.8 million a year earlier, due to $213.5 million in restructuring charges related to the P&G deal. Coty''s adjusted profit of 15 cents per share beat analysts'' estimate by 2 cents. (Reporting by Karina Dsouza in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-coty-results-idUSKBN1861E4'|'2017-05-10T18:47:00.000+03:00'
'89658b1a42f2cbf1ce484efa4f6d34cef6516473'|'Protectionism off the agenda but high in minds at G7 finance meeting'|'ROME Europe, Japan and Canada hope a G7 meeting in Italy this week will give them a better picture of U.S. President Donald Trump''s direction on key policies that he has yet to spell out.The official agenda for Group of Seven finance ministers and central bankers in the city of Bari from Thursday to Saturday focuses on inequality, international tax rules, cyber security and blocking the funding of terrorism.However, many participants will be looking to Treasury Secretary Steven Mnuchin to gauge U.S. intentions on issues where Trump has threatened to upset the group''s consensus: protectionism and climate change."It will be another chance to learn what the U.S. government is thinking and planning," said a G7 official at one of several briefings by national delegations this week.At a meeting of the larger Group of 20 financial chiefs in Germany in March, ministers dropped their traditional pledge to keep global free trade open, acquiescing to an increasingly protectionist United States.Trump will decide whether to quit the global Paris agreement on climate change - a campaign promise - after meeting leaders at a G7 summit on May 26-27, the White House has said."The important thing is that Mnuchin will be there, with a clearer picture of U.S. policies than was available in previous weeks and months," said another G7 official who also asked not to be named.Reflecting tensions over Trump''s attitude to protectionism, there will be no formal discussion of trade in Bari, Italian Treasury officials said. The subject will be tackled at the summit, in Taormina, Sicily, at the end of May."Everyone is concerned about the U.S. attitude towards protectionism," said the second G7 official, who called Trump''s focus on bilateral trade surpluses or deficits a "poisonous" notion of what fair trade policy should entail.NOTHING NEW ON FOREXThe closing statement from Bari will reiterate a warning against competitive devaluations, Italian officials said, as March''s G20 did, allaying fears that the new U.S. administration might weaken the G20''s united front on global currency policy.While not on the official agenda, sources said there will also be discussion of debt relief for Greece ahead of a May 22 meeting of euro zone finance ministers on the disbursement of new loans for Athens.Greece''s creditors, including the European Central Bank and the International Monetary Fund, will be in Bari. The IMF is pushing for rapid debt relief measures for Greece, but euro zone governments say this is still premature.On taxation, G7 ministers will sign the Bari Declaration for Fighting Tax Crimes and Other Illicit Financial Flows and promise to seek more effective ways to tackle money laundering, international tax evasion and financing of terrorism.Italian Economy Minister Pier Carlo Padoan said last week Italy would "do everything we can" to push for more effective international rules on the taxation of global internet companies, but he admitted to "different positions within the G7" on the issue, which was likely to hinder progress.Italy, which is one of the world''s most sluggish economies and has seen a sharp rise in poverty and income inequality over the last decade, was keen to make "inclusive growth" the main focus of the meeting.However, the "Bari Policy Agenda" to be signed there will not commit to specific measures but suggest approaches for countries to tackle inequality depending on their circumstances, officials said. (additional reporting by Jan Strupczewski, Gernot Heller and Tetsushi Kajimoto; Editing by Robin Pomeroy)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-g7-ministers-idUSKBN186281'|'2017-05-10T19:53:00.000+03:00'
'339d1ed97b433a5e1409d4eff3c6297e7907e142'|'Financials a bright spot in rare sluggish day for European earnings'|'Market News - Wed May 10, 2017 - 3:47am EDT Financials a bright spot in rare sluggish day for European earnings LONDON May 10 European shares fell in early deals on Wednesday, slipping from 21-month highs reached in the previous session, as disappointing results weighed on individual stocks, though index losses were capped by strength in financials. The pan-European STOXX 600 index was down 0.2 percent, slipping from a 21-month high reached in the previous session. Most European benchmarks eased with the DAX and France''s CAC 40 coming off record highs. Britain''s FTSE 100 which traded flat. More broadly, construction and materials stocks were the biggest sectoral fallers, led lower by a drop in HeidelbergCement after reporting that first-quarter operating profit slipped 3 percent. Energy stocks were also slightly weaker after results weighed on seismic surveyor TGS NOPEC while chemicals distributor Brenntag dropped more than 4 percent after its first-quarter results missed expectations. Financials stood out, with Dutch bank ING gaining 2.7 percent after its first-quarter underling pretax profit came in ahead of expectations. French insurer AXA also gained more than 2 percent after it said that it planned to float its U.S. businesses in 2018 to free up capital. A positive trading statement from UK housebuilder Barratt Developments lifted its shares 3.3 percent, as it said that it expected 2016/17 pre-tax profit to meet the top end of market expectations. Well-received earnings boosted shares in French energy firm Rubis, which jumped 5.7 percent to hit their highest ever levels. (Reporting by Kit Rees, Editing by Vikram Subhedar) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1IC1S8'|'2017-05-10T15:47:00.000+03:00'
'5b53921df8cd4107d030e9621b0ba3c8b3443a47'|'Prysmian hopes for possible transformational deal'|'By Francesca Landini and Massimo Gaia - MILAN MILAN Prysmian ( PRY.MI ), the world''s largest cable maker, is studying several acquisitions including a possible transformational deal, Chief Executive Valerio Battista said on Wednesday.The group aims to finalize "something" by the end of this year, Battista said during a post-results analysts call, but did not mention any possible target.Since 2011, when the Milan-based group became the market leader after buying Dutch rival Draka, Prysmian has purchased small or medium-sized companies in high-growth areas.Acquisitions are seen as a way to grow in a sector that is fragmented and oversupplied."It takes two to carry out a (transformational) deal and it is not easy to find targets at reasonable prices nowadays," Battista said."There are ongoing talks, sooner or later we will announce it," he said, not giving any geographical indication of a potential partner.Battista said last month that the company, which manufactures cables for industries including telecoms and power, filed offers to potential targets but failed to reach an agreement.The cable maker expects full year adjusted core profit to come in at between 710 million and 750 million euros from 711 million euros last year.The guidance disappointed investors who pushed the stock down more than 3.5 percent to 25.93 euros.The group posted on Wednesday a 3.7 percent drop in first-quarter organic revenues, to 1.85 billion euros, with a rise in sales of telecom cables only partially offsetting a weak performance in the energy project cable business.The Milan-based group reported a 2.5 percent increase in adjusted earnings before interest, tax, depreciation and amortization (EBITDA) to 154 million euros in the period.(Editing by Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-prysmian-results-idINKBN1862LT'|'2017-05-10T16:23:00.000+03:00'
'ae42c3e42d238849dfe52549c877efc9b0a69669'|'UK Stocks-Factors to watch on May 11'|'May 11 Britain''s FTSE 100 index is seen opening 11 points lower on Thursday, according to financial bookmakers. * BHP: Workers at BHP Billiton''s, Cerro Colorado copper mine in Chile will strike for 24 hours in the coming weeks to protest recent layoffs and the company''s general attitude toward miners, the main union told Reuters on Wednesday. * MYLAN/GLAXO: Generic drug maker Mylan NV on Wednesday said it disagrees with the reasoning behind the U.S. Food and Drug Administration''s decision not to approve its generic for GlaxoSmithKline Plc''s blockbuster Advair in March. * Just Eat: Just Eat Plc is facing an in-depth investigation by the competition watchdog on proposed takeover of Hungryhouse over fears restaurants could end up with a worse deal, The Guardian reported on Wednesday. ( bit.ly/2q4xodg ) * OIL: Oil prices rose on Thursday, and Brent was firmly back over $50 per barrel, as a fall in U.S. crude inventories and a more severe than expected cut in Saudi supplies to Asia tightened the market. * GOLD: Gold was steady early on Thursday, holding just above eight-week lows hit earlier this week, as the U.S. dollar and stocks firmed amid expectations of imminent interest rate rises. * EX-DIVS: Admiral Group, BP, Centrica, Glencore , GlaxoSmithKline, Merlin, Sainsbury, Sage Group will trade without entitlement to their latest dividend pay-out on Thursday, trimming 13.7 points off the FTSE 100 according to Reuters calculations. * The UK blue chip index ended up 0.6 percent, on Wednesday, as strong earnings updates underpinned recent gains and housebuilder Barratt outperformed peers. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: SuperGroup Plc Q4 2017 Trading Statement Release On The Beach Group Plc Half Year 2017 Earnings Release Derwent London PLC Q1 2017 Business Update Amec Foster Wheeler Q1 Trading Update TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Harish Bhaskar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-stocks-factors-idINL4N1ID2B7'|'2017-05-11T03:37:00.000+03:00'
'4a6f169f040a1392d68e206bbcc8c1befa457e43'|'Macy''s quarterly profit tumbles 39 percent'|'U.S. department store operator Macy''s Inc reported a much bigger-than-expected drop in quarterly profit and sales, continuing its uphill struggle to attract customers amid a slump in demand for apparel and the shift toward shopping online.Macy''s shares fell as much as 10 percent to $26.40 on Thursday to levels last seen in 2011, and pulled down shares of rivals across the department store industry.Sales at Macy''s stores open at least a year, including sales in departments licensed to third parties, fell 4.6 percent in the first quarter. That was steeper than the 3.5 percent drop analysts polled by research firm Consensus Metrix had expected.Macy''s and other department store chains such as Kohl''s Corp and J.C. Penney Co Inc, have struggled for years with declining mall traffic and tough online competition, and are trying to cope by cutting costs via store closures, selling or leasing their real estate and keeping inventory levels low.While such efforts helped Kohl''s to some extent in the latest quarter, they are yet to bear fruit at Macy''s.Merchandise inventories at Macy''s rose 4.2 percent in the quarter, due to a low sell-through. As a result, the company''s profit sank 39 percent to $71 million.In contrast, inventories fell 2.2 percent at Kohl''s, helping the retailer post a better-than-expected quarterly profit, and sending its shares up 3.2 percent in early trading.Kohl''s efforts to speed up its supply chain, localize merchandise in stores and use stocks in stores to fulfill online orders helped keep inventories low and boost margins, Chief Executive Kevin Mansell said on a conference call.However, the company''s same-store sales fell 2.7 percent, much steeper than the 1.1 percent drop analysts'' had estimated.Kohl''s earned a profit of 39 cents per share, beating the average analyst estimate of 29 cents, according to Thomson Reuters I/B/E/S.Macy''s earned 24 cents per share on an adjusted basis, well below the 35 cents analysts on average had expected.Macy''s net sales fell 7.5 percent to $5.34 billion, declining for the ninth straight quarter and missing the average analyst estimate of $5.47 billion.J.C. Penney shares dropped nearly 4 percent in early trading on Thursday, while Nordstrom Inc declined 5.5 percent. The broader Down Jones general retailers index was down nearly one percent.Nordstrom is scheduled to report results after markets close on Thursday, while JCP''s results are due on Friday.(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Savio D''Souza)FILE PHOTO: The Macy''s logo is pictured on the side of a building in down town Los Angeles, California, U.S., March 6, 2017. REUTERS/Mike Blake/File Photo'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-department-stores-results-macy-s-idUSKBN1871L6'|'2017-05-11T20:18:00.000+03:00'
'b4b74ae7c47e74fc137fc0dfd93ca099ca4350a5'|'Adani to decide on Australia mine in May even after Senate skips vote'|'Money   2:09pm IST Adani to decide on Australia mine in May even after Senate skips vote A reclaimer places coal in stockpiles at the coal port in Newcastle June 6, 2012. REUTERS/Daniel Munoz/File Photo SYDNEY Adani Group ( ADEL.NS ) still expects to make a final investment decision this month on its Carmichael coal mine even after the Australian Senate left for a break without voting on new land title laws, a company spokesman said on Thursday. The Senate ended its current session without voting on changes aimed at resolving legal uncertainties around more than 120 indigenous land use agreements relating to major projects like Adani''s proposed $16 billion Carmichael mine in the northern state of Queensland. The senate does not return until June, after Adani''s self-imposed deadline of the end of May. Australian Minister for Resources Matt Canavan said on cable TV channel Sky News that he was "concerned that this puts a question mark on the project". But the Adani spokesman said the company would make its decision in May regardless, after getting reassurances that the opposition Labor Party would support the ruling coalition of the Liberal Party and the National Party to support the changes. "There may be some minor delays in some minor works, but ... we''re still working towards a final investment decision by the board. They can take comfort from the fact that we''ve got a bipartisan approach to the amendments." Adani has said its Carmichael project is targeting annual output of 25 million tonnes in the first phase. (Reporting by Byron Kaye and Tom Westbrook; Editing by Christian Schmollinger)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/australia-adani-ent-idINKBN1870WR'|'2017-05-11T06:39:00.000+03:00'
'1cedc77733c6406fcc87a471c305e00a4fed1320'|'UPDATE 1-UK Stocks-Factors to watch on May 11'|'(Adds company news, futures)May 11 Britain''s FTSE 100 index is seen opening 11 points lower on Thursday, according to financial bookmakers, with futures up 0.05 percent ahead of the cash market open.* SUPERGROUP: SuperGroup, the British company behind the Superdry fashion brand, forecast full-year profit in line with expectations and said trading in its latest quarter continued to benefit from the weak pound.* ALDERMORE: British bank Aldermore Group Plc said first-quarter lending rose 6 percent from the prior quarter, buoyed by strong demand from small- and medium-sized businesses, homeowners and landlords.* BT: BT, Britain''s biggest telecoms group, said it would shake up its global service division that serves multinationals and scale back its dividend growth ambitions as it recovers from an accounting scandal in Italy and a profit warning.* COCA: Soft drink bottler Coca-Cola HBC reported higher first-quarter revenue and sales volume on Thursday, helped by improving trends in Russia and other markets.* BHP: Workers at BHP Billiton''s, Cerro Colorado copper mine in Chile will strike for 24 hours in the coming weeks to protest recent layoffs and the company''s general attitude toward miners, the main union told Reuters on Wednesday.* MYLAN/GLAXO: Generic drug maker Mylan NV on Wednesday said it disagrees with the reasoning behind the U.S. Food and Drug Administration''s decision not to approve its generic for GlaxoSmithKline Plc''s blockbuster Advair in March.* Just Eat: Just Eat Plc is facing an in-depth investigation by the competition watchdog on proposed takeover of Hungryhouse over fears restaurants could end up with a worse deal, The Guardian reported on Wednesday. ( bit.ly/2q4xodg )* OIL: Oil prices rose on Thursday, and Brent was firmly back over $50 per barrel, as a fall in U.S. crude inventories and a more severe than expected cut in Saudi supplies to Asia tightened the market.* GOLD: Gold was steady early on Thursday, holding just above eight-week lows hit earlier this week, as the U.S. dollar and stocks firmed amid expectations of imminent interest rate rises.* EX-DIVS: Admiral Group, BP, Centrica, Glencore , GlaxoSmithKline, Merlin, Sainsbury, Sage Group will trade without entitlement to their latest dividend pay-out on Thursday, trimming 13.7 points off the FTSE 100 according to Reuters calculations.* The UK blue chip index ended up 0.6 percent, on Wednesday, as strong earnings updates underpinned recent gains and housebuilder Barratt outperformed peers.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS> Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Harish Bhaskar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1ID2N5'|'2017-05-11T14:49:00.000+03:00'
'e96dac994716a0f57a75ed71176cf6ed52f32c06'|'Post-Brexit UK still key for Swiss banks - finance minister'|'Business News   11:49am BST Post-Brexit UK still key for Swiss banks - finance minister Swiss Finance Minister Ueli Maurer gestures during a news conference after the vote on the Corporate Tax Reform Act III in Bern, Switzerland February 12, 2017. REUTERS/Pierre Albouy ZURICH Britain will be a crucial market for Switzerland''s banks and insurers even after it leaves the European Union, Swiss Finance Minister Ueli Maurer said on Thursday. "The UK, England, outside of the EU remains for Switzerland and the Swiss financial centre one of the most important actors," Maurer said at a banking conference. Earlier at the conference, Julius Baer ( BAER.S ) Chief Executive Boris Collardi said Brexit opens the door for a deal covering financial services between Britain and Switzerland, which is not a member of the EU. (Reporting by Joshua Franklin; Editing by Michael Shields)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-swiss-finance-idUKKBN1871AE'|'2017-05-11T18:49:00.000+03:00'
'ce3ce102e0326c76e60c26c5afb0a8c01d11dc0c'|'BRIEF-Smart Sand Inc reports Q1 earnings per share $0.02'|' 24am EDT BRIEF-Smart Sand Inc reports Q1 earnings per share $0.02 May 11 Smart Sand Inc: * Smart Sand Inc announces first quarter 2017 results * Q1 earnings per share $0.02 * Q1 revenue rose 141 percent to $25 million * Q1 revenue view $18.2 million -- Thomson Reuters I/B/E/S * Q1 earnings per share view $0.05 -- Thomson Reuters I/B/E/S * Smart Sand Inc - estimates that capital expenditures for year will be approximately $85 million * Qtrly tons sold totaled approximately 558,500, an increase of 103pct sequentially    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-smart-sand-inc-reports-q1-earnings-idUSASA09OZE'|'2017-05-11T18:24:00.000+03:00'
'd0f2682ad8426e7e675a53521dac062c54c2e11b'|'''Ice age'' looms for China''s outbound investment: study'|'BEIJING China saw a rapid acceleration of outbound direct investment in services and industrial deals in 2016, a study showed in Thursday, but an investment "ice age" is looming in 2017 as authorities crack down on capital outflows.Beijing announced a string of measures late last year to tighten controls on money moving out of the country and rein in risks from "irrational" outbound investment in property, entertainment and sports."You can see over the past four months there have been almost no big transactions," Andre Loesekrug-Pietri, founder and managing partner of A Capital, a private equity fund specializing in Chinese outbound investments, said last month. It also compiles the Dragon Index which tracks Chinese ODI.Loesekrug-Pietri doubted if 2017 could match the $170 billion worth of Chinese investments made overseas last year."I feel we are entering an ice age with difficult years ahead."For the first three months of this year, China''s non-financial outbound direct investment (ODI) tumbled 48.8 percent to $20.52 billion from the same period the previous year.China''s Dalian Wanda Group''s offer to buy Dick Clark Productions Inc for $1 billion collapsed in March over problems getting currency out of China.Last year Chinese internet and gaming giant Tencent acquired a majority stake in Supercell, a Finnish mobile game maker for $8.6 billion."The importance of this transaction cannot be underestimated," a statement from A Capital said.This is the largest deal ever by a private Chinese company in the services industry, an indicator of China''s transition away from heavy industry toward services, the statement said.Larger deals have been completed by state-owned enterprises in recent years including ChemChina''s $43 billion takeover of Syngenta and China''s CNOOC purchase of Canada''s Nexen Energy for $15 billion.The data shows private companies are gaining ground on state-owned enterprises, and represented 43 percent of outbound deals in 2016, up from 36 percent the previous year.Investments by private firms tripled to $61.3 billion in 2016 from $21 billion in 2015.China''s surging ODI primarily went to developed countries, with $50.4 billion going to the United States and $51.7 billion to Europe in 2016, according to the Dragon Index.China''s outbound investment hit $170.1 billion in 2016, up 44.1 percent from 2015.Data from China''s commerce ministry showed the country''s non-financial ODI in countries involved in China''s Belt and Road Initiative - announced by China''s President Xi Jinping in September 2013 - totaled $45.95 billion between 2014 and the first quarter of 2017.The A Capital Dragon Index measures the growth rate of outbound investment stock relative to GDP. The index, started in 2010, collects information on confirmed deals exceeding $5 million which yield a stake of more than 10 percent in an asset.(Reporting by Sue-Lin Wong and Kevin Yao; Editing by Shri Navaratnam)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-china-economy-odi-idINKBN1871AW'|'2017-05-11T08:53:00.000+03:00'
'658e923b9e37f7240c0d32d429562491b95a232c'|'Aldermore''s first-quarter lending grows'|'Business News -  32am BST Aldermore''s first-quarter lending grows British bank Aldermore Group Plc said first-quarter lending rose 6 percent from the prior quarter, buoyed by strong demand from small- and medium-sized businesses, homeowners and landlords. The bank, founded in 2009 by a former Barclays executive with backing from private-equity firm AnaCap, said net loans rose to 7.9 billion pounds at the end of March from 7.5 billion pounds on Dec. 31. "Subsequent to this active period and regulatory changes to affordability tests for buy-to-let mortgages, we continue to anticipate a lower level of growth for the second quarter of 2017," Chief Executive Phillip Monks said in a statement. The challenger bank said it expects to deliver loan growth in its guided range of 10-15 percent for the full year. (Reporting by Tenzin Pema in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aldermore-results-idUKKBN1870K1'|'2017-05-11T14:32:00.000+03:00'
'b6d547bc1973661bbe4ed15eb6469ec078d047b9'|'METALS-Shanghai copper lower as investors turn to equities'|'(Updates prices)By James ReganSYDNEY May 11 Shanghai copper traded lower on Thursday as investors turned to equities and oil, where a U.S.-led rally was spilling into Asian markets.* Three-month London Metal Exchange copper managed to find some support, trading 1.1 percent higher at $5,562 a tonne by 0741 GMT, reversing losses from the previous session. But the contract remained close to the four-month lows hit earlier this week as the market fretted about weak demand from China after data showed falling imports.* The most-traded copper contract on the Shanghai Futures Exchange slipped 0.71 percent to 45,270 yuan ($6,558) a tonne.SHANGHAI: ShFE aluminium, zinc, lead , nickel and tin ended higher after trading lower at the start of trade.COPPER WALKOUT: Workers at BHP Billiton''s, Cerro Colorado copper mine in Chile will strike for 24 hours in the coming weeks to protest recent layoffs and the company''s general attitude toward miners.* GREEN ALUMINIUM: Aluminium is one of the materials benefiting from the greening of the world''s economy. Lightweight and durable, it has been making steady inroads into the transportation sector in particular and enjoys one of the strongest usage profiles of any industrial metal.STOCK MARKETS: Asian stocks rose on Thursday, getting a lift from a record high close on MSCI''s global stocks benchmark as strong gains in oil prices buoyed energy shares.PRICESThree month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.9011 Chinese yuan) ($1 = 6.9034 Chinese yuan renminbi)(Reporting by James Regan; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1ID30Z'|'2017-05-11T15:57:00.000+03:00'
'a24744e12e3684740a4cfe60819448c02aa96e85'|'Samsung Elec appoints new mobile marketing chief as part of reshuffle'|'Technology   4:00am BST Samsung Electronics appoints new mobile marketing chief as part of reshuffle The logo of Samsung Electronics is seen in front of its building in Seoul, South Korea, February 28, 2017. Picture taken February 28, 2017. REUTERS/Kim Hong-Ji SEOUL Tech giant Samsung Electronics Co Ltd on Thursday named a new head of marketing for its mobile business as part of a long-delayed executive reshuffle. Samsung also named a new head for its China business and another executive to head the hardware development team for its mobile business, as part of a set of appointments aimed at minimizing uncertainties and boosting competitiveness. Samsung Electronics typically announces such appointments at the end of a year but it did not make one in December as the firm and Samsung Group leader Jay Y. Lee were embroiled in a graft scandal that led to the ouster and arrest of former President Park Geun-hye. (Reporting by Se Young Lee; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-samsung-elec-moves-idUKKBN18708W'|'2017-05-11T10:45:00.000+03:00'
'3e36a633ecc2c066b79f1cca81b07778ba1e74a1'|'Zambia President steps into row with First Quantum Minerals'|'LUSAKA May 11 Zambia''s president Edgar Lungu has called for an out of court settlement with First Quantum Minerals, which is being sued for $1.4 billion by a state-owned firm, the presidency said on Thursday.First Quantum asked a Zambian court in February to dismiss the suit from Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH), which is 77 percent state-owned and holds minority stakes in most of the country''s copper mines."The president decided that the finance minister leads a government team to engage First Quantum for a speedy and amicable conclusion of this matter," presidential spokesman Amos Chanda said."The government team includes the minister of mines and should start work by next week so that we can quickly have an amicable settlement as directed by the president," he said.Zambia is Africa''s second-largest copper producer and differences with mining companies over taxes, electricity prices, environmental concerns and labour matters often arise.The $1.4 billion claim by ZCCM-IH includes $228 million in interest on $2.3 billion of loans that it said First Quantum wrongly borrowed from the Kansanshi Copper Mine, as well as 20 percent of the principal amount, or $570 million.ZCCM-IH said in papers filed in the Lusaka High Court on Oct. 28, 2016 that First Quantum used the money as cheap financing for its other operations.First Quantum says the loans were at a fair market rate.Chanda said another team headed by the minister of energy would engage mining companies, including First Quantum Minerals, regarding a proposed increase in electricity prices.Zambia said in April it plans to introduce a flat tariff of 9.30 U.S. cents/kilowatt hour (kWh) backdated to January for mining companies, rather than individually negotiated rates that have averaged 6 U.S. cents/kWh. (Reporting by Chris Mfula; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/zambia-mining-idUSL8N1ID1BO'|'2017-05-11T15:45:00.000+03:00'
'e273826eec7bdee4a2bfa775944c16588f47ccef'|'Toronto Exchange ''legitimate contender'' for Aramco IPO, CEO says - Bloomberg'|'Deals - Thu May 11, 2017 - 12:48am BST Toronto Exchange ''legitimate contender'' for Aramco IPO, CEO says: Bloomberg FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo The Toronto Stock Exchange is still in the running for part of the listing of Saudi Arabian Oil Co, known as Saudi Aramco, which could be the world''s largest initial public offering, Bloomberg reported on Wednesday. "Yes, we''re still in conversations, and yes, it''s still a possibility," Lou Eccleston, chief executive of TMX Group Ltd, which owns the exchange, said in an interview, according to Bloomberg. ( bloom.bg/2pAQu8j ) TMX did not respond immediately to requests for comment on Eccleston''s remarks. While Britain''s stock exchange pulls out all the stops to woo Saudi Aramco, some leading British fund managers who would be among potential investors have expressed reservations about the oil titan''s corporate governance and valuation. The Saudi government values the state firm at $2 trillion and plans to sell a stake of around 5 percent next year in what is expected to be the largest stock market listing in history. Global financial centers from London to New York and Hong Kong are vying for a piece of the action. Sources told Reuters last week that the London Stock Exchange was working on a new type of listing structure that would be more attractive for Aramco by allowing it to avoid the most onerous corporate governance requirements of a primary listing, without being seen as second class. Aramco is expected to list on the Riyadh exchange, the Tadawul, and at least one major international stock market. (Reporting by Alastair Sharp in Toronto and Akankshita Mukhopadhyay in Bengaluru; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-investors-aramco-ipo-idUKKBN186333'|'2017-05-11T07:33:00.000+03:00'
'4c82eb49217f98d6db5e4ffdc3ce3483d2245d3d'|'UK watchdog opens broad review into retail banking'|'Business News - Thu May 11, 2017 - 2:25pm BST UK watchdog opens broad review into retail banking A river ferry passes in front of the Canary Wharf business district at dusk in London, Britain December 11, 2016. REUTERS/Toby Melville By Huw Jones - LONDON LONDON Britain''s markets watchdog said it will review how retail banks make money, echoing a probe last year by the country''s competition agency which left MPs angry that too little was being done to reform a sector dominated by a handful of lenders. The Financial Conduct Authority (FCA) said it was reviewing business models of high street banks, building societies and credit unions, a sector where the "Big Four" -- HSBC, Lloyds, RBS and Barclays -- provide most accounts. "In view of the large share of the UK market served by the larger retail banking groups, we will inevitably place most focus on these firms, but we are also keen to draw from the experiences of other firms," the FCA said in a statement. A flurry of new "challenger" banks such as Virgin Money and Metro Bank have so far made only modest inroads. The watchdog will study how banks make money at a time when interest rates are likely to stay low for a long time and most high street accounts are free. The watchdog announced in its annual business plan last month that it would review the sector, and FCA Chief Executive Andrew Bailey told reporters at the time that he wanted to "get under the skin" of retail banking returns, Critics have said banks are under pressure to pay for free banking by bumping up prices for products, leading to mis-selling scandals like payment protection insurance or PPI, which has cost lenders over 25 billion pounds in compensation so far. "This could pit the traditional versus the challenger bank business model against each other and could even lead to the end of ''free in credit'' accounts that we''ve long known," said Jake Green, a regulation partner at law firm Ashurst. The retail banking sector has just undergone last year a lengthy Competition and Markets Authority review of personal and business accounts. "The focus of our review is broader than that of the CMA<4D>s because we have a consumer protection objective as well as a competition objective," the FCA said. The CMA review stopped short of splitting up banks or calling an end to free banking, saying banks should share customer data with new entrants to spur competition. MPs tore into CMA officials after the report was published, accusing them of a "derelition of duty" and of "passing the buck" to the FCA. The FCA will publish initial findings in the second quarter of next year. (Reporting by Huw Jones; Editing by Keith Weir) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-banks-regulator-idUKKBN1871RH'|'2017-05-11T21:25:00.000+03:00'
'5aa5c4cb19e3873ab3d8335e4cb9db72a81db85d'|'Brazil''s Ita<74> bids 6 billion reais for stake in broker XP -magazine'|'SAO PAULO May 9 Ita<74> Unibanco Holding SA, Brazil''s largest private lender, has offered 6 billion reais ($1.9 billion) for a minority stake in securities firm XP Holding Investimentos SA, Brazilian magazine Exame reported on its website on Tuesday.Exame said Ita<74> is proposing to buy 49.5 percent of XP, without saying how it got the information. According to the report, some current shareholders led by founder Guilherme Benchimol would keep control of the broker after the stake sale and continue to manage it separately from Ita<74>.XP was expected to file for an initial public offering that could value the company between 12 billion and 20 billion reais, Reuters reported on March 17.The investment banking units of Morgan Stanley, Grupo BTG Pactual SA, JPMorgan Chase & Co and Ita<74> Unibanco Holding SA were hired to lead the offering''s underwriting.One of the securities firm''s largest shareholders is U.S. buyout firm General Atlantic LLC, that had been considering selling part of its stake in a private placement before the IPO.Ita<74> and XP did not have immediate comment on Exame''s report. ($1 = 3.1898 reais) (Reporting by Tatiana Bautzer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/xp-investimentos-ma-idINL1N1IC021'|'2017-05-09T23:52:00.000+03:00'
'dc7a2257590739bd99de2a70dabb94f896f60d4b'|'Russia boosts Urals oil flow to India as OPEC cuts production - traders'|'  10:57am BST Russia boosts Urals oil flow to India as OPEC cuts production - traders FILE PHOTO: A worker checks the valve of an oil pipe at the Lukoil owned Imilorskoye oil field near Kogalym, Russia, January 25, 2016. REUTERS/Sergei Karpukhin/File Photo MOSCOW Russia has steeply raised Urals oil supplies to India, taking market share from OPEC countries that are cutting production as part of a global pact to prop up prices, traders said and shipping reports showed on Wednesday. Historically, Russian crude oil exports to India did not exceed 500,000 tonnes per year, but since the start of 2017 supplies have surpassed 1 million tonnes and are expected to rise further, according to the traders and reports. India''s main crude suppliers, Saudi Arabia and Iraq, cut exports to India this year due to production curbs under the agreement between OPEC and other leading oil producers. Iran, also a major supplier to India, is decreasing shipments due to a row over a gas field between New Delhi and Tehran. (Reporting by Olga Yagova, additional reporting by Nidhi Verma; Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-india-oil-idUKKBN186168'|'2017-05-10T17:57:00.000+03:00'
'278145ac060ea63371efffb453d59e2be073c571'|'E.ON CEO eyes quick Uniper sale following record loss'|'ESSEN, Germany E.ON ( EONGn.DE ) chief Johannes Teyssen plans to quickly sell the group''s remaining stake in Uniper ( UN01.DE ), the power plant and trading unit it spun off last year, in hopes that a sale, along with higher payouts, will help ease growing shareholder pressure."It will happen soon but also in a way that creates value, as the markets allow," Chief Executive Johannes Teyssen told shareholders at the group''s annual general meeting on Wednesday. "This may enable us to recover for you some part of the Uniper impairment charges recorded in our 2016 financial statements."Following the spin-off, E.ON still holds a 46.65 percent stake in Uniper, which has a value of 2.84 billion euros ($3.09 billion) based on its current market valuation. E.ON has previously said it could sell further Uniper stakes from 2018.Teyssen also reiterated his commitment to raising dividends to 0.30 euros a share for 2017, up from 0.21 euros apiece for 2016, with a view to increase payouts in the future.E.ON''s owners had to swallow a 16 billion euro annual net loss for 2016, the fourth since Teyssen took office in 2010 and one of the largest in German corporate history, mostly triggered by the spin-off.Adding to Teyssen''s problems, E.ON''s restructuring, its most far-reaching to date, has been received less well by investors and analysts than a similar breakup at peer RWE ( RWEG.DE ), which listed its Innogy ( IGY.DE ) unit last year."Mr Teyssen, you are a master in the art of survival and still at the helm of E.ON following the breakup," said Thomas Deser, senior fund manager at Union Investment, pointing to the CEO''s mixed track record, whose contract runs until late 2018.(Reporting by Christoph Steitz and Tom Kaeckenhoff; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-e-on-agm-uniper-idINKBN1860V4'|'2017-05-10T07:20:00.000+03:00'
'abccc979371aec260eed704d305f663452c45bc2'|'U.S. Commerce''s Ross says 3 percent GDP growth not achievable this year'|'Business News - Tue May 9, 2017 - 3:58pm EDT U.S. Commerce''s Ross says 3 percent GDP growth not achievable this year left right U.S. Commerce Secretary Wilbur Ross sits for a portrait after an interview in his office in Washington, U.S. May 9, 2017. REUTERS/Jonathan Ernst 1/4 left right U.S. Commerce Secretary Wilbur Ross sits for an interview in his office in Washington, U.S. May 9, 2017. REUTERS/Jonathan Ernst 2/4 left right U.S. Commerce Secretary Wilbur Ross takes a portrait after an interview in his office in Washington, U.S. May 9, 2017. REUTERS/Jonathan Ernst 3/4 left right U.S. Commerce Secretary Wilbur Ross sits for a portrait after an interview in his office in Washington, U.S. May 9, 2017. REUTERS/Jonathan Ernst 4/4 By David Lawder - WASHINGTON WASHINGTON The U.S. economy won''t achieve the Trump administration''s 3 percent growth goal this year and not until all of its tax, regulatory, trade and energy policies are fully in place, Commerce Secretary Wilbur Ross said on Tuesday. Ross also said trade enforcement actions would be a major tool to cut U.S. trade deficits, adding that he has problems with World Trade Organization rules which allow widely divergent tariffs and are slow to punish violators. The 3 percent growth target "is certainly not achievable this year," Ross told Reuters in an interview. "The Congress has been slow-walking everything. We don''t even have half the people in place." But Ross said the growth target ultimately could be achieved in the year after all of President Donald Trump''s business-friendly policies are implemented. He noted that delays were possible if the push for tax cuts was slowed down in Congress. "I think between the change in regulatory attitudes which will make it easier to make big projects, and the new taxes, which will make the rates of return much better, the reduced regulatory environment, I think over time you will see increases in capex - and that in turn has a big multiplier effect through the economy," Ross said. (Reporting by David Lawder, Kevin Krolicki, David Chance, Jennifer Ablan and Howard Schneider; Editing by Paul Simao) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trade-ross-idUSKBN1852E4'|'2017-05-10T03:53:00.000+03:00'
'67aa4f52406cf09708e17f009f4a655bcc9ca662'|'CANADA STOCKS-TSX rises as energy and Home Capital rally'|'Market News - Mon May 8, 2017 - 5:00pm EDT CANADA STOCKS-TSX rises as energy and Home Capital rally (Adds portfolio manager quotes and details on Canadian Natural Resources, CIBC and background and updates prices) * TSX closes up 70.04 points, or 0.45 percent, at 15,652.08 * Eight of the TSX''s 10 main groups end higher * Energy group climbs 1.6 pct * Home Capital Group Inc rallies 16.8 pct By Fergal Smith TORONTO, May 8 Canada''s benchmark stock index rose on Monday as energy stocks climbed after investors gauged the recent selloff had gone too far, while shares of Home Capital Group Inc recovered from a nearly 14-year low to end 16.8 percent higher. It was the second straight session of gains for the Toronto Stock Exchange''s S&P/TSX composite index after it had posted on Thursday its lowest close in six weeks. The energy group, which had slumped last week to its lowest since September, rose 1.6 percent. "Investors think at this point maybe the market is oversold," said Brian Pow, vice president, research and equity analyst at Acumen Capital Partners. U.S. crude oil futures extended their recovery from a five-month low last week, settling up 21 cents at $46.43 a barrel after Saudi Arabia''s oil minister said that he expected major oil producers to consider extending their deal to cut supply possibly into next year. Canadian Natural Resources Ltd climbed 1.8 percent to C$43.04, while Suncor Energy Inc gained 1.5 percent to C$43.24. Suncor plans to submit an application to regulators for a new thermal oil sands project later this year, which could eventually produce up 160,000 barrels per day. Home Capital Group Inc suspended its dividend, tapped its credit line and added new directors, the latest attempts from Canada''s biggest non-bank lender to restore investor confidence and stem the flow of customer withdrawals. Its shares tumbled to its lowest since 2003 in early trade before recovering to end up 16.8 percent at C$6.83. The TSX closed up 70.04 points, or 0.45 percent, at 15,652.08. Eight of the index''s 10 main groups ended higher. Recent weakening of the Canadian dollar improves the profitability of those companies on the index that are exporters, Pow said. The loonie touched a 14-month low on Friday at C$1.3793, or 72.50 U.S. cents. Institutional Shareholder Services urged PrivateBancorp stockholders to reject Canadian Imperial Bank of Commerce''s latest takeover offer, citing possible Canadian housing market contagion that could undermine the $4.9 billion cash-and-stock bid. CIBC''s shares edged up 0.3 percent to C$108.95, while the overall financials group gained 0.2 percent. The materials group, which includes precious and base metals miners and fertilizer companies, added 0.3 percent even as copper slid to a four-month low after data showed a sharp drop in imports into China. (Additional reporting by Solarina Ho; Editing by Meredith Mazzilli and Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1IA1MC'|'2017-05-09T05:00:00.000+03:00'
'055fb721513f9a459a2a97da15ba315878e61f0a'|'Commerzbank first quarter net profit beats forecasts on one-off effect'|'Business News - Tue May 9, 2017 - 6:16am BST Commerzbank first quarter net profit beats forecasts on one-off effect FILE PHOTO: A Commerzbank logo is pictured before the bank''s annual news conference in Frankfurt, Germany, February 9, 2017. REUTERS/Ralph Orlowski/File Photo FRANKFURT Commerzbank posted a 28 percent rise in first-quarter net earnings in the first quarter, benefiting from a positive one-off effect in its run-off unit. The 217 million-euro (183 million pounds) net profit of Germany''s second-largest listed lender after Deutsche Bank was ahead of analysts'' expectations for 107 million euro euros. Commerzbank said it aimed to keep its cost base stable and book the first part of restructuring charges this year, with stable loan loss provisions in its core business. "It is clear that it will take some time for our growth to be sufficient to significantly outweigh the burden resulting from the negative interest rate environment", Chief Executive Martin Zielke said in a statement on Tuesday. (Reporting by Arno Schuetze; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-commerzbank-results-idUKKBN1850DB'|'2017-05-09T13:16:00.000+03:00'
'2270499fe0cc5253fc8ed9814f606b40f16b66ea'|'Let<65>s move to<74> Thetford, Norfolk: <20>A rum old mix<69> - Money'|'W hat<61>s going for it? We<57>ve had Essex Man, Worcester Woman and the Man on the Clapham Omnibus. But these days, if editors of newspapers and broadcast news programmes want to hear <20>the voice of the people<6C>, deepest, darkest Thetford seems to be where they dispatch their journalists. This microcosm is seen to somehow embody the state of the nation, a bundle of contradictions squished into one town. After the second world war it became an overspill town for Londoners, tripling its size. Listen hard and today you can still hear Cockney inflections grafted on to Norfolk burrs; the streetscape fuses Stevenage surreally with Burnham Market <20> flinty cuteness jumpcut with 50s council house. Two decades of European migration for agricultural work expanded the town further. Yes, it voted for Brexit. There<72>s a statue of Captain Mainwaring (much of Dad<61>s Army was filmed here). But Thetford was also home to Boudicca, gave birth to Thomas Paine (though the radical didn<64>t stay long) and voted in Britain<69>s first black mayor <20> in 1904! Told you, rum old mix.The case against A bit of a muddle. Its postwar reimagining wasn<73>t entirely successful: the ringroad rudely interrupts medieval streets. Its high streets are just keeping decline at bay. There have been ethnic tensions in the past.Well connected? Trains: twice hourly to Norwich (35-38 mins), hourly to Cambridge (45 mins) or Peterborough (1hr). Driving: 45 mins to Norwich or Cambridge, 1hr 30 mins to Peterborough.Schools Primaries: Admirals and Redcastle are both <20>good<6F>, says Ofsted, with Drake <20>outstanding<6E>. Secondaries: Thetford Academy is <20>good<6F>.Hang out at<61> Not the most gastronomic of spots, but the lovely Mulberry keeps hunger at bay.Where to buy There<72>s a handsome historic centre, where it survives <20> scuttle around Castle Street and Lane, Old Market Street, King Street, Whitehart Street and Croxton Road for flinty cottages and town houses. A thin layer of Victorian streets follows, and then the wodge of postwar estates. For posh suburbia, look to Abbeygate, by the priory ruins, Arlington Way, Nunnery Fields or the developments around Rosecroft Way. Detacheds and town houses, <20>175,000-<2D>450,000. Semis, <20>140,000-<2D>200,000. Terraces and cottages, <20>115,000-<2D>175,000. Rentals: a one-bedroom flat, <20>450-600pcm; a three-bedroom house, <20>750-<2D>950pcm.Bargain of the week A flint, one-bedroom terrace house close to the centre, <20>120,000 with williamhbrown.co.uk .Let<65>s move to Framplington, Suffolk: too good to be true Read more From the streets Sam Harvey <20>Don<6F>t miss the Dad<61>s Army Museum and its ace cafe for retro treats.<2E>Danny Watts <20>A buzzing market town with a twice-weekly market and Thetford forest on the doorstep <20> for picnics, walks, and mountain bike trails. Try Tall Orders for a good coffee. Norwich and Cambridge are a short drive away.<2E><> Live in Thetford? Join the debate below.Do you live in Helensburgh, Argyll & Bute? Do you have a favourite haunt or pet hate? If so, email lets.move@theguardian.com by Tuesday 16 May.Topics Property Let''s move to ... Homes features   Share   Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/may/12/lets-move-to-thetford-norfolk'|'2017-05-13T00:30:00.000+03:00'
'dbfe937a6558202c134c740c7326ee5ae36e6a32'|'Vivendi offers to sell Telecom Italia unit, may not be enough: source'|'By Foo Yun Chee - BRUSSELS BRUSSELS Vivendi ( VIV.PA ) has offered to sell a Telecom Italia unit but may have to make more concessions to EU antitrust regulators to gain control of the company after rivals complained, a person familiar with the matter said on Friday.The French media company holds a 24 percent stake in Telecom Italia and is seeking EU approval to gain control of Italy''s biggest phone group ( TLIT.MI ).Vivendi told the European Commission last week it was willing to divest Telecom Italia''s 70 percent stake in broadcasting services group Persidera, including its current arrangements with Telecom Italia subsidiaries, to address competition concerns, according to a document seen by Reuters.The EU competition enforcer, which subsequently sought feedback from rivals and customers, asked whether Persidera would be a viable and competitive player in the market for wholesale access to digital terrestrial networks for the broadcast of TV channels.Respondents were given until the middle of this week to give feedback before the Commission decides whether to accept the offer, demand more or open a four-month long investigation. Its preliminary decision is due by May 30.The person said Vivendi''s concession did not address some companies'' concerns over its ability to boost Telecom Italia''s market power once it gains control.The Italian company could bundle internet, fixed telephony and multimedia content services provided by Vivendi, giving it an unfair advantage over rivals, the person said.It was also possible that Vivendi may offer better prices and terms for its content to Telecom Italia than to competitors, the person said.The Commission and Vivendi declined to comment.Telecom Italia referred to comments issued earlier this week after press reports about Vivendi''s offer to sell Persidera when it said "the matter has not been the subject of any analysis, even preliminary, by either its management or its corporate bodies". It declined to make further comment on Friday.(Additional reporting by Agnieszka Flak and Giulia Segreti, Stefano Rebaudo and Danilo Masoni in Milan and Mathieu Rosemain in Paris; editing by Giselda Vagnoni and Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-telecomitalia-m-a-vivendi-idINKBN1882CO'|'2017-05-12T14:30:00.000+03:00'
'f06835ec5356db36b86e1e8ceae86dd1178c6625'|'Slovakia, seeking control over energy sector, considers state holding company'|'By Tatiana Jancarikova - BRATISLAVA BRATISLAVA Slovakia wants greater control of strategic companies, starting with plans for an energy industry holding company to house all shares the state owns in key energy companies and possibly to buy new ones, Economy Minister Peter Ziga said on Thursday.The plan would add Slovakia to the list of central European countries seeking to increase state control over the energy sector.Hungary has bought back several previously privatized utility companies and Poland''s ruling conservatives are seeking to "re-Polonise" the energy sector."We want to put all state-owned shares in energy companies under one roof and create a Slovak version of the Czech Republic''s CEZ, Austria''s OMV ( OMVV.VI ) or Hungary''s MOL MOLB.BU -- a stronger and more respectable player that would have an active role in the Slovak energy sector," Ziga told Reuters in an interview."The holding company should be able to buy free assets in the energy market and raise money by issuing its own bonds without increasing the state debt," the minister, a close ally of leftist Prime Minister Robert Fico, said.The state already owns a 34-percent share in the biggest electricity utility Slovenske Elektrarne, a 51-percent share in gas transit company Eustream, 100 percent of biggest gas supplier SPP, and 51 percent in three regional electricity and gas distribution companies.In 2015 the previous government, also led by Fico, secured an option that may eventually boost the government''s 34-percent stake in Slovenske Elektrarne to 51 percent. Italian utility Enel''s ( ENEI.MI ) agreed gradually to sell its 66 percent stake in Slovenske to Czech group EPH.The minister will also seek an automatic right of first refusal for the state to buy into companies deemed to be of national importance when private owners want to sell their interests.A new law will define a company as "strategic" based on their industry, region where they are based or the number of employees."Some assets have a strategic importance for the state and can''t be measured purely by their profitability," Ziga said."Private companies such as big car makers can also be deemed as strategic which would give the state the right of first refusal in case they considered leaving the country and selling their local subsidiaries to non-standard investors," he added.Fico has been a strong critic of past privatizations.Leaders of three coalition parties, including Fico''s Smer, center-left Slovak National Party and center-right Most, have repeatedly called for better management and more transparent control of state-owned shares by placing them under one roof.(Editing by Jeremy Gaunt)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-slovakia-energy-idINKBN1872AI'|'2017-05-11T13:57:00.000+03:00'
'45bb3de7f97a25f60001709c75c11346d439a88d'|'Oil price jump on U.S. inventories slide boosts stocks'|'By Dion Rabouin - NEW YORK NEW YORK U.S. and European stocks fell on Thursday, along with the U.S. dollar, while U.S. Treasury yields reversed earlier declines, as political uncertainty in the United States sent investors in search of safer investments like gold and the Japanese yen.Investors were concerned about developments relating to the firing of FBI Director James Comey late on Tuesday by U.S. President Donald Trump.White House officials told Reuters Trump''s decision had been building for months, but a turning point came when Comey refused to preview for top Trump officials his planned testimony to a Senate panel, a decision considered an act of subordination by Trump and his aides."The market has continued to get a little bit ahead of itself and it<69>s just looking for any sort of a reason to have a pullback," said Catherine Avery, president of Catherine Avery Investment Management in New Canaan, Connecticut."Part of it is worry the distraction that we<77>ve had with Comey is going to take people<6C>s eyes off the tax reform and health care reform."U.S. stocks trimmed losses, but the benchmark S&P 500 was still on track for its largest one-day percentage fall in four weeks.A disappointing profit report by Macy''s ( M.N ) and ensuing 15.4-percent drop in its shares took a toll on the U.S. consumer discretionary sector .SPLRCD.The Dow Jones Industrial Average .DJI fell 17.31 points, or 0.08 percent, to 20,925.8, the S&P 500 .SPX lost 4.83 points, or 0.20 percent, to 2,394.8 and the Nasdaq Composite .IXIC dropped 10.54 points, or 0.17 percent, to 6,118.60.A gauge of global stock markets .MIWD PUS was down 0.2 percent.Wall Street''s losses pushed U.S. Treasury yields lower after touching their highest levels since March. Further selling of Treasuries was limited by a weak 30-year auction.The pan-European STOXX 600 index fell 0.52 percent, weighed by financials .SX7P. Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.6 percent and Japan''s Nikkei .N225 rose 0.31 percent on Thursday.MSCI''s emerging markets index .MSCIEF continued to shine, boosted by a second day of strong oil price gains, and was headed towards its highest level in two years. The index has gained 15.4 percent year to date, more than doubling the 2017 gains of the S&P."We are seeing relief with commodity prices trading higher," said Piotr Matys, emerging markets FX strategist at Rabobank.But he added these were likely to be short-term gains as commodity prices could weaken again. Iron ore futures in China dipped to a four-month low on Wednesday before recovering at the close.Brent crude futures rose 1 percent, extending Wednesday''s 3 percent gains on the back of the biggest one-week drop in U.S. inventories so far this year and the decision by Iraq and Algeria to join Saudi Arabia in supporting an extension to supply cuts by the Organization of the Petroleum Exporting Countries.In recent days, major producers have voiced support for extending last year''s deal from OPEC and other producers to cut supply.Bank of England policymakers kept rates unchanged and indicated that interest rates were unlikely to rise until late 2019.Sterling GBP= fell more than half a percent to a one-week low of $1.2847.The dollar was last down 0.3 percent JPY= against the yen, after four days of gains.Earlier, the New Zealand dollar NZD=D3 sank as much as 1.5 percent after the country''s central bank kept to a neutral bias, warning markets they were reading the outlook wrongly and expressing approval of the currency''s declines this year.Gold XAU= prices rose 0.45 percent to $1224 per ounce, while copper CMCU3 touched its highest in a week.(Additional reporting by Claire Milhench in London; Editing by Bernadette Baum and Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN18704Y'|'2017-05-11T09:21:00.000+03:00'
'a5f734a8bbeef6fad86609bbc18e076aa6651b6c'|'European shares ease, Unicredit boosts Italian banks'|'LONDON May 11 Italian banks shone in lacklustre European trading on Thursday after results led by Unicredit whose results indicated its turnaround was gathering pace.Europe''s STOXX 600 slipped 0.1 percent while both the eurozone''s broader stocks and the blue chip index fell 0.2 percent.Financials were a bright spot on the benchmarks for the second day running, with Unicredit up 4.4 percent after rising revenues and lower loan losses boosted it to better than expected first-quarter profits.Italy''s banking index tested its highest levels in more than a year as Mediobanca, Ubi Banca, and Banco BPM rose 1.8 to 3.5 percent in concert.Telecoms stocks were among the worst-performing with BT down 1.7 percent after it announced 4,000 job cuts in a restructuring plan to recover from a year it said was ''challenging''.Shares in Britain''s biggest telecoms company have not recovered from a 20 percent drop after it revealed accounting malpractices in Italy in January.Spain''s Telefonica also fell 1.7 percent after its results.A setback in its generic drug Advair''s approval by the U.S. Food and Drug Administration sent Hikma shares down more than 8 percent, the worst-performing European stock.Broker downgrades weighed on some of the top fallers. Centrica fell 5.8 percent after JP Morgan cut it to ''underweight'' from ''overweight'', while a rating cut from Citigroup sent Hannover Re down 5 percent.(Reporting by Helen Reid, Editing by Vikram Subhedar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1ID2B6'|'2017-05-11T15:45:00.000+03:00'
'ad99bb07917fb876f5afeb74c8801b5c2e641a9e'|'Exclusive: Barclays rejigs global investment banking team, seeks new hires'|'LONDON Barclays ( BARC.L ) reshuffled its senior global investment bank management on Thursday and is seeking to hire between 50 to 100 people to boost the division under new chief Tim Throsby, according to sources with direct knowledge of the plans.Throsby will become interim head of the bank''s markets division while Joe Corcoran, who previously held the role, will move to the newly created position of vice chairman of markets, the sources said as the bank looks to take on Wall Street rivals. Joe McGrath will be the new global head of banking at Barclays and John Miller will become the head of global industry coverage banking, reporting to McGrath.A spokesman for Barclays confirmed the changes.CEO Jes Staley has stressed that investment banking is a key pillar of the bank''s growth strategy and in September appointed former JPMorgan ( JPM.N ) colleague Throsby to head the international division that houses Barclays'' investment bank.The British bank worried investors in April when first quarter results showed a weak performance at its markets business, missing out on a bond trading boom enjoyed by Wall Street rivals in the first three months of 2017.Staley attributed the poor showing to weakness in the bank''s U.S. rates business and a tough comparison with the previous year, saying it would be wrong to start questioning the business based on one quarter''s performance.Since taking up his role in January, 50-year-old Australian Throsby has stressed that the investment bank is trying to shift the business from survival mode to flourish mode, according to a person familiar with the matter. As part of Throsby''s bid to beef up the investment bank he is looking to hire between 50 and 100 people globally and will focus on key areas such as rates trading, foreign exchange and also equities, according to the same source who spoke on condition of anonymity. In Barclays'' trading division, income from its markets business fell 4 percent to 1.35 billion pounds ($1.75 billion) in the first three months of the year, as macro income fell 14 percent due to a weaker performance by its U.S. rates business in particular.Barclays fared better in advisory and underwriting, reporting its best ever performance in debt capital markets in terms of market share.Banking fees jumped 51 percent to 726 million pounds, its best performance in three years, outperforming an average 33 percent rise across the U.S. banks.The bank, which hopes to turn a chapter on its restructuring plans in June with the closure of its non-core business, is hoping to compete with Wall Street rivals and in order to do so is looking for senior level hires, particularly in sales and trading on a case-by-case basis.One such position immediately up for grabs is head of Europe and Middle East banking, for which McGrath will recruit both internally and externally, one of the sources said. Jean-Francois Astier will head the bank''s global capital markets business. Sam Dean, head of corporate finance for Europe, will retire from the firm as part of the changes, according to the sources. (Reporting By Anjuli Davies and Lawrence White; Editing by Rachel Armstrong)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-barclays-investment-bank-exclusive-idUSKBN18728C'|'2017-05-11T23:42:00.000+03:00'
'7f87477c2b254ceb5ebcde042bb73b716c52995c'|'Teva Pharm Q1 profit tops estimates, revenue rises'|'TEL AVIV May 11 Teva Pharmaceutical Industries reported better-than- expected first-quarter profit as sales were boosted by its $40.5 billion acquisition of Allergan''s Actavis generic drug business in August.Israel-based Teva said on Thursday it earned $1.06 per share excluding one-time items in the quarter, down from $1.20. Revenue grew 17 percent to $5.6 billion.Teva was forecast to earn $1.03 excluding one-off items on revenue of $5.68 billion, according to Thomson Reuters I/B/E/S.Teva was left without a permanent chief executive in February after Erez Vigodman stepped down, leaving new management to restore confidence in the world''s biggest generic drugmaker after a series of missteps. Its chief financial officer has also said he will step down in the next few months.Global sales of Teva''s best-selling multiple sclerosis drug Copaxone fell 4 percent in the quarter to $970 million.Teva reaffirmed its 2017 forecast of earnings per share of $4.90-$5.30 on revenue of $23.8 billion-$24.5 billion. The company said it expects net synergies and cost reductions related to Actavis of $1.5 billion by the end of 2017, an increase of $200 million compared to its previous outlook.It will pay an unchanged quarterly dividend of 34 cents per ordinary share and $17.50 per mandatory convertible preferred share. (Reporting by Tova Cohen; Editing by Steven scheer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/teva-pharm-ind-results-idINL8N1ID2BM'|'2017-05-11T09:16:00.000+03:00'
'dac6a963392e610281edf68415600e435a6746f6'|'Brazil''s Ita<74> says did not sign agreement yet to buy stake in XP'|'Market News   11:53am EDT Brazil''s Ita<74> says did not sign agreement yet to buy stake in XP SAO PAULO May 11 Ita<74> Unibanco Holding SA said it is still in talks to acquire a stake in Brazilian broker XP Investimentos SA, adding that no definitive agreement has been signed. In a securities filing on Thursday, Brazil<69>s largest lender by assets denied a report by O Estado de S. Paulo newspaper that a deal had already been struck. XP Investimentos SA filed a request on Wednesday with Brazilian securities industry watchdog CVM for an initial public offering. (Reporting by Tatiana Bautzer)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/xp-investimentos-ma-idUSL1N1ID145'|'2017-05-11T23:53:00.000+03:00'
'7c57234c92deb7113d302207a6db61019054255a'|'Company climate risk disclosure would distort markets - IHS Markit'|'Environment - Thu May 11, 2017 - 5:17am BST Company climate risk disclosure would distort markets: IHS Markit By Nina Chestney - LONDON LONDON Proposals by a G20-backed task force for companies to disclose how they manage climate risks would mislead investors and distort markets, according to research by analytics and data provider IHS Markit on Thursday. Last year, the Task Force on Climate-Related Financial Disclosure (TCFD), set up by the G20''s Financial Stability Board, proposed that companies disclose in their public financial findings how they identify and manage risks to their business from climate change. Although the measures are voluntary, some of the task force''s members argue they should become mandatory. The TCFD was set up due to growing concerns among the financial community that assets are being mispriced because the full extent of climate risk is not being factored in and increased calls for company transparency. IHS Markit said some of the TCFD''s proposals could help investors better understand how firms manage potential climate risks but others would actually undermine the aim of improving capital allocation decisions and financial market functioning. Climate risk disclosure could lead to unintended consequences, such as investors downgrading other risks which might have similar financial impacts but do not have to be disclosed in the same way, the research said. "The task force''s proposals are useful in terms of heightening the discussion around climate risk but eight decades of understanding of the materiality concept would be changed by this initiative," Daniel Yergin, IHS Markit vice chairman and co-author of the report, told Reuters. "The use of scenarios and metrics is misleading; there are issues around confidentiality and why should we single out just one risk?" IHS Markit said its report was financed by oil firms BP, Chevron, ConocoPhillips and Total, which are in one of the sectors most exposed to climate-related financial impacts, but its conclusions were its own. Proposals for disclosing the financial impact of long-term scenarios and using metrics to quantify climate risk could be misleading, the report said. Not only are scenarios based on a large number of assumptions, the assumptions will vary according to different companies and sources and are not comparable, IHS Markit added. A TCFD recommendation that oil and gas firms disclose information related to the cost of supply for current and future projects could undermine their competitive positions. Such costs change constantly due to market and technology changes. Companies could also face potential litigation if their future costs do not match the projected costs in their disclosures, the report said. After a public consultation, the TCFD is expected to bring its final recommendations to the G20 at its meeting in Germany in July. The TCFD has 32 members from large banks, insurance companies, asset management companies, pension funds, credit rating agencies and accounting and consulting firms. (Reporting by Nina Chestney, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-climatechange-financials-markets-idUKKBN1870CI'|'2017-05-11T12:05:00.000+03:00'
'9ab45f2494688229e65db693f255d991246cf09a'|'INSIGHT-Ex-rebel leaders detail role played by Putin aide in east Ukraine'|'  4:00am EDT INSIGHT-Ex-rebel leaders detail role played by Putin aide in east Ukraine * Separatists fight government forces in east Ukraine * Kremlin denies providing rebels with material support * Three former rebel officials detail Kremlin aide''s role * Decision to speak out reflects tensions with Russia By Anton Zverev MOSCOW, May 11 A top aide to Vladimir Putin decides how the pro-Moscow administration of eastern Ukraine is run and who gets what jobs there, three former rebel leaders said, challenging Kremlin denials that it calls the shots in the region. Their comments to Reuters shed light on the role played by the secretive Vladislav Surkov, who has long been at the Russian president''s side. The Kremlin says his official role is to advise Putin on Ukraine, where the rebels are fighting government forces. The extent of his influence and powers has not been spelled out or acknowledged by the Kremlin which casts its role in the conflict as one where it has influence but is not a protagonist. The three men who have held senior roles in the separatist movement in eastern Ukraine have explained in detail how Surkov controls the situation on the ground via handpicked proxies who give him regular situation reports, used aides to arrange elections there, and has worked to build power structures that are responsive to Moscow''s wishes. "Any call from Moscow was viewed as a call from the office of Lord God himself and... was implemented immediately," recalled Alexei Alexandrov, one of the leaders of the separatist rebellion in Donetsk who has since left the area in eastern Ukraine. Two other separatists corroborated his account, but declined to be identified. Surkov and Kremlin spokesman Dmitry Peskov did not respond to questions about the extent of Surkov''s role in Ukraine. Ukrainian President Petro Poroshenko''s office also declined to comment. Reuters has previously gathered evidence that Moscow sent Russian troops and irregular fighters, and weapons, to help the separatists, who tried to break away from Ukraine in 2014. A senior former separatist described last year how Russian financial support propped up the breakaway area. The Kremlin has always rejected those accusations as part of its effort to get Western sanctions imposed on it over Ukraine eased. Reuters was unable to independently verify the separatists'' descriptions of Surkov''s role, but their individual versions of events tallied with one another, with key details and dates consistent with existing open source information about Surkov. Alexandrov and the two other officials said their willingness to speak out underscores a sense that their uprising has been hijacked by the Kremlin, which has put in place loyalists who they say do not have the region''s best interests at heart. All three said Moscow had gradually forced out most of the separatists behind the original uprising by using threats of death and detention. "At first we were a bit naive and thought that maybe our Moscow uncles simply didn''t understand what was happening here, when our Moscow comrades treated us like dirt," said one of the three former separatist leaders who said he last spoke to Surkov in November. "But then I understood that they understood everything, and simply wanted us to keep our mouths shut." HANDPICKED LEADER Surkov helped Putin engineer Russia''s tightly controlled political system and coined the term "sovereign democracy" which the Kremlin uses to describe that system. Viewed in the West as one of the architects of Russia''s annexation of the Crimea peninsula from Ukraine in 2014, Surkov was blacklisted from entering the United States and the European Union in March of that year. He told a Russian newspaper that being on Washington''s blacklist was a "big honour" for him. The separatists who came forward to describe Surkov''s role say he also played a key role in the appointment of Alexander Zakharchenko as leader of the self-proclaimed Donetsk Peopl
'd3631db98f348eddf0b578a013460804a8327288'|'BRIEF-RiceBran Technologies reports Q1 2017 consolidated net loss $0.32 per share'|' 54pm EDT BRIEF-RiceBran Technologies reports Q1 2017 consolidated net loss $0.32 per share May 11 RiceBran Technologies: * Consolidated revenues in q1 2017 were $11.4 million, a 13.8% increase compared to consolidated revenues of q1 2016 * Q1 2017 consolidated net loss attributable to shareholders $ 0.32 per share * "Sees further streamlining efforts generating additional operating leverage throughout 2017" Source text: ( bit.ly/2r6GfcW )   (Bengaluru Newsroom: +91 806 749 1136)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-ricebran-technologies-reports-q-idUSFWN1ID158'|'2017-05-12T03:54:00.000+03:00'
'4123cf5cd0cab03848b7bf88db4a388d75726f3d'|'U.S. court puts hold on ''too big to fail'' case involving MetLife'|'WASHINGTON A U.S. appeals court on Friday granted a 60-day abeyance in a case in which the country''s largest life insurer, MetLife Inc ( MET.N ), is challenging the federal government''s labeling of it as "too big to fail."More than a year ago, U.S. District Judge Rosemary Collyer struck down the government''s designation of MetLife as "systemically important," which signifies it could devastate the financial system if it failed and triggers stricter oversight, saying the label was "arbitrary and capricious." The administration of former President Barack Obama, a Democrat, immediately appealed.Republican President Donald Trump, however, has expressed skepticism about the designation process and the council of regulatory heads that assign the labels, and has ordered reviews of both.Last week the council requested that the court put the appeal on hold for 60 days so that it could deliberate about the case. Previously MetLife had asked for an abeyance until the review was complete.(Reporting by Lisa Lambert and Lawrence Hurley; editing by Leslie Adler and Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/metlife-court-idINKBN1882TE'|'2017-05-12T18:19:00.000+03:00'
'f4de3f6b97e6d6fc00c585b9379923d82b5253a0'|'Foreign business groups push for delay in controversial China cyber law'|'Technology News -  36am BST Foreign business groups push for delay in controversial China cyber law left right FILE PHOTO: A woman uses a computer in an internet cafe at the centre of Shanghai, China January 13, 2010. REUTERS/Nir Elias/File Photo 1/2 left right FILE PHOTO: A map of China is seen through a magnifying glass on a computer screen showing binary digits in Singapore in this January 2, 2014 photo illustration. REUTERS/Edgar Su/File Photo 2/2 By Cate Cadell and Michael Martina - BEIJING BEIJING Overseas business groups are pushing Chinese regulators to delay the June 1 implementation of a controversial cyber law that mandates strict data surveillance and storage for firms working in China, saying the rules would severely hurt business. The European Union Chamber of Commerce in China and U.S.-based Business Software Alliance say the law, passed by China''s largely rubber-stamp parliament in November, as well as rules for implementing it, need further review before being rolled out. The new regulation includes requirements for data to be stored locally as well as contentious security reviews, which critics say could unfairly target foreign firms. In a letter to the government''s Cyberspace Administration of China dated May 11 and seen by Reuters, the EU Chamber said the new rules were "fraught with weaknesses," would lead to "great uncertainties and compliance risks" and crimp China''s booming information technology market for both foreign and domestic companies. It recommended delaying the law to "allow sufficient discussion". Several foreign business sources have said dozens of leading business associations from Japan, Australia, the United States and Europe are preparing a separate joint letter to Chinese cyber authorities ahead of June 1, asking the government to delay the implementation date. Lawyers say while lobbying is highly unlikely to stop the government from moving ahead with the rules, authorities probably won''t police the industry too harshly initially. Up until now, China''s data industry has been governed by loosely defined laws but no overarching data protection framework. The new law codifies much stricter controls than other regions including Europe and the United States. On top of internationally common standards, such as requiring user consent before moving data beyond country borders, China''s new cyber law also mandates companies store all data within China and pass security reviews. The rules align with China''s own ethos of "cyber sovereignty," the idea that states should be permitted to govern and monitor their own cyberspace, including control of incoming and outgoing data flows. The Cyberspace Administration of China, the country''s top cyber ministry, did not immediately respond to Reuters'' request for comment. "It doesn''t look to us like there''s going to be the regulatory clarity necessary for the cybersecurity law to be fully enforced on June 1," said Jared Ragland, senior director of policy for the Asia-Pacific region at software lobbyist group BSA. China''s cyber authority said in November that the law is not intended to unfairly target foreign companies, and is a response to increased threats from cyber-terrorism and hacking. The government has already released rules as part of the new framework that restrict the movement of data outside Chinese borders and require yearly reviews of data by authorities. "It''s pretty clear that the law will be enforced from June 1... but I don''t think it will be very strictly enforced from day one," said Barbara Li, a Beijing-based partner with law firm Norton Rose Fulbright. "The law is going to affect a lot of international companies and also Chinese companies that transfer data for the business across the border." (Editing by Sam Holmes and Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-cyber-law-idUKKBN188156'|'2017-05-12T17:23:00.000+03:00'
'd5519c2089b03840ff1e0e90200dd8acf411b3e2'|'Akzo''s rebuff of PPG pushes bid battle into uncharted territory'|'By Toby Sterling - AMSTERDAM AMSTERDAM As U.S. paintmaker PPG Industries ( PPG.N ) considers whether to keep pursuing Dutch peer Akzo Nobel ( AKZO.AS ) after being rebuffed three times, the fate of the Dulux owner is moving into unchartered territory.Lawyers and M&A advisors say an outright hostile takeover remains unlikely, but point to other potential outcomes.While PPG still hopes to broker a takeover deal with support from a large proportion of Akzo''s own shareholders, Akzo''s boards are determined to remain independent and plan to issue extra dividends and sell a chemicals division to keep investors happy and suitors at bay.Here''s a look at pivotal moments to come and how they may play out:On May 22, Amsterdam''s Enterprise Chamber, the Netherlands'' top business court, will hear a petition by Akzo investor Elliott Advisors calling for the court to appoint an investigator to examine possible mismanagement by the Akzo boards.Elliott will also request permission to convene an extraordinary meeting (EGM) of shareholders to vote on dismissing Akzo Chairman Antony Burgmans, a former Unilever CEO.Opinions differ on Elliott''s chances: Dutch law explicitly grants shareholders the right to call an EGM, though the court may decide Akzo boards'' decisions have been defensible and there is no need for a meeting to consider Burgmans'' dismissal.Given the importance of the case, the court is likely to act quickly and make its decision before the end of the month, though the timing is tight.TIMING OF COURT DECISION CRUCIALPPG must file papers detailing its intent to bid for Akzo to the Dutch Financial Markets Authority (AFM) by June 1, or agree to walk away for at least six months.That filing, which is not made public, costs several million euros to prepare and includes details such as the intended offer price and proof PPG can finance its bid.If the court rejects Elliott''s request before June 1, that would strengthen the hand of Akzo''s management and supervisory boards, and PPG may decide walking away without filing is the prudent course of action.But if the court hasn''t ruled by June 1, or rules in Elliott''s favor, PPG may file with conditions for its offer, including a 95 percent threshold of shareholder approval.It will take regulators some time - from days to weeks - to review and approve PPG''s bidding papers.If the Enterprise Chamber hasn''t ruled on Elliott''s suit by June 1, it will rule shortly thereafter.If the ruling goes against Elliott, PPG would still have a chance to walk away without actually launching a bid. This happened in 2013 when Mexican tycoon Carlos Slim''s America Movil abruptly ended attempts to buy Dutch telecom KPN.In scenarios where PPG walks away, it will retain the option to return again in six months or a year later.HOSTILE BID STILL POSSIBLEAkzo''s planned disposal of its chemicals arm does not lessen the industrial logic of combining PPG''s and Akzo''s paints and coatings businesses. Many analysts are skeptical Akzo can achieve the financial targets it has set for itself on a standalone basis, and failure would weaken management''s position if PPG returns.If the court rules in favor of Elliott, shareholders must be given at least 15 days notice before an EGM is held, meaning that meeting would likely take place in late June or July.That could encourage PPG to push ahead with a bid that Akzo''s boards won''t endorse.Hostile takeovers of Dutch companies by foreign buyers are almost unheard of - with the notable exception of ABN Amro''s disastrous 2007 buyout by a consortium led by RBS. However, in this case shareholder backing for PPG''s approach is unusually strong.Eight of Akzo''s top 20 investors have come out in favor of talks, and none has come forward to oppose them. In all, 93 percent of Akzo''s shareholders are foreign."We are not aware of any previous situation where it comes forward so prominently that U.S. and British shareholders are being ignored," said Paul Koster of 
'0a2056ed4b9c38d7a0d13f41bcf81ad7aede34e5'|'U.S. consumer prices rebound on rising gasoline, rental costs'|'WASHINGTON - U.S. consumer prices rebounded in April amid increases in the cost of gasoline, food and rents, pointing to steadily rising inflation that could keep the Federal Reserve on track to raise interest rates next month.The Labor Department said on Friday its Consumer Price Index rose 0.2 percent after dropping 0.3 percent in March. The rise in prices suggested that March''s drop, which was the first in 13 months, was an aberration.In the 12 months through April, the CPI increased 2.2 percent. While that was a slowdown from March''s 2.4 percent increase, the year-on-year gain in the CPI was still larger than the 1.7 percent average annual increase over the past 10 years. Economists polled by Reuters had forecast the CPI rising 0.2 percent last month and advancing 2.3 percent from a year ago. The so-called core CPI, which strips out food and energy costs, edged up 0.1 percent last month after slipping 0.1 percent in March. The monthly core CPI was restrained by declines in the price of wireless phone services, medical care, motor vehicles and apparel.The core CPI increased 1.9 percent year-on-year after rising 2.0 percent in March. April''s increase was above the 1.8 percentaverage annual increase over the past decade.The Fed has a 2 percent inflation target and tracks an inflation measure which is currently at 1.6 percent. Still, April''s increase in consumer prices added to a tightening labor market and rising producer inflation in suggesting that the U.S. central bank could raise borrowing costs at its June 13-14 policy meeting.The Fed increased its benchmark overnight interest rate by 25 basis points in March and has forecast two more rate hikesfor this year. In April, rental costs increased 0.3 percent after a similar gain in March. Owners'' equivalent rent of primary residence rose0.2 percent, matching March''s increase.Gasoline prices jumped 1.2 percent after falling 6.2 percent in March. Food prices rose 0.2 percent, with the cost of food consumed at home increasing 0.2 percent amid a surge in prices of fresh vegetables. The medical care index fell 0.2 percent last month.The price of motor vehicle insurance fell 0.4 percent in April, ending a streak of 17 consecutive monthly increases.Apparel prices fell 0.3 percent.((Reporting by Lucia Mutikani; Editing by Paul Simao))'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-inflation-idUSKBN1881PS'|'2017-05-12T20:59:00.000+03:00'
'd0b7b68b88581c1c4649bba8b91e097861df145e'|'Qantas CEO says he won''t be silenced despite pie attack <20> video - Business'|'Qantas Qantas CEO says he won''t be silenced despite pie attack <20> video Alan Joyce says he was singled out for the pie-in-the-face stunt to suppress his and views on social and community issues. The perpetrator, Tony Overheu, thinks Joyce is part of a network of corporate figures trying to impose gay marriage on Australians. Joyce said: <20>The police are continuing their investigation and my intention is to send a message that this type of behaviour isn<73>t acceptable and that I will have every intention of pressing charges<65> View more sharing options'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/video/2017/may/10/qantas-ceo-says-he-wont-be-silenced-despite-pie-attack-video'|'2017-05-10T16:55:00.000+03:00'
'58c86fa4ef8bf35229aa98ddfb922a958aa6cfdd'|'BRIEF-Altura Energy announces qtrly FFO per share $0.02'|' 04pm EDT BRIEF-Altura Energy announces qtrly FFO per share $0.02 May 10 Altura Energy Inc * Altura Energy   and operational update * Q1 production volumes averaged 1,015 boe per day, a per share increase of 151 percent from Q1 of 2016 * Qtrly FFO per share $0.02 * Overall production to exit 2017 at a rate of approximately 1,350 boe per day * Corporation''s 2017 net capital investment program is expected to total $17.7 million Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-altura-energy-announces-qtrly-ffo-idUSASA09OYH'|'2017-05-11T09:04:00.000+03:00'
'44546c7e0136f2d0792f0245e48a0f012225dd17'|'U.S. fund Elliott has blanket guarantee over AC Milan - sources'|'By Elvira Pollina - MILAN MILAN May 12 U.S. private equity fund Elliott has a potential right to take over Italian soccer club AC Milan if loans it gave to the club''s new Chinese owners go into default, according to a source and the club''s unpublished 2016 accounts.The accounts, reviewed by Reuters, show the owners have pledged their newly acquired shares in AC Milan and the club''s assets to a vehicle called Project Redblack. The shares held in Project Redblack are in turn pledged to Elliott in the event of default, a source familiar with the matter said.Elliott threw the new owners, a consortium led by Chinese businessman Li Yonghong, a 300 million euro ($328 million) lifeline in March, just as the 740 million euro purchase looked to be in trouble.Elliott extended the loans to the group''s Luxembourg-based purchase vehicle, Rossoneri Sport Investment Lux.Neither Elliott nor Li has disclosed the terms, though a second source familiar with them said the loans were due in 18 months and carried an average interest rate of just under 10 percent.The Chinese bought AC Milan from Italian former prime minister Silvio Berlusconi who was unwilling to stump up the extra funds required for the team to compete with Europe''s top clubs, many now bankrolled by wealthy Gulf and Asian owners.AC Milan''s accounts show that in the event of default on the loans, Project Redblack can take all of the new owners'' shares as well as the club''s cash accounts and receivables, brands and other intellectual property, and film and pictures archives.The accounts reflect the financial performance of AC Milan in its final year under the ownership of Berlusconi''s holding company, Fininvest, and shows a loss of 74.9 million euros.An AC Milan spokesperson declined to comment, saying only that any comments on the 2016 accounts would be made at the club''s shareholder meeting on May 18.($1 = 0.9156 euros) (Editing by Mark Bendeich and David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/acmilan-elliott-idINL4N1IE55S'|'2017-05-12T14:43:00.000+03:00'
'4be5a1cd8ed75522138f86baacca525e126a4965'|'Deutsche Bank fined for being late in justifying late disclosure of news'|'Business News - Fri May 12, 2017 - 7:05am EDT Deutsche Bank fined for being late in justifying late disclosure of news FILE PHOTO: The headquarters of Germany''s Deutsche Bank is seen early evening in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo FRANKFURT German financial watchdog Bafin has fined Deutsche Bank ( DBKGn.DE ) 550,000 euros ($598,000) for being late in justifying why the lender held back the immediate disclosure of important news. The fine relates to four cases including the announcement of the change of Deutsche Bank''s chief executive in 2015, Bafin said in a statement on Friday. The news was earlier reported by weekly Wirtschaftswoche. John Cryan took over as chief executive from co-heads Anshu Jain and Juergen Fitschen in 2015. German companies can ask to delay the announcement of important news by several days if it could potentially harm its business. But they have to make sure that the news does not leak and they have to present good reasoning to Bafin. All four cases occurred before 2016. Since then, Bafin has changed its rules and fines of up to 10 million euros can now be imposed for similar breaches. (Reporting by Alexander H<>bner; Writing by Arno Schuetze; editing by Susan Thomas) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-deutsche-bank-bafin-idUSKBN1881FY'|'2017-05-12T19:05:00.000+03:00'
'effa1758f71d7d483cbfab1da2eb606a6ceee621'|'Japan government names and shames ''black'' companies violating labour laws'|'Business  15am BST Japan government names and shames ''black'' companies violating labour laws left right FILE PHOTO: The logo of Dentsu Co. is seen at the entrance of the company headquarters in Tokyo July 12, 2012. REUTERS/Issei Kato/File Photo 1/2 left right FILE PHOTO: A man speaks on his mobile phone near a logo of Dentsu Co. at the entrance of the company headquarters in Tokyo July 12, 2012. REUTERS/Issei Kato/File Photo 2/2 By Minami Funakoshi - TOKYO TOKYO The Japanese government for the first time released a nationwide list of over 300 companies that have violated labour laws, hoping this name-and-shame tactic would help eliminate abuses and prevent "karoshi," or death by overwork. In the list published this week on the labour ministry''s website, major companies such as advertising agency Dentsu Inc and electronics maker Panasonic Corp are named for illegal overtime, and a local unit of Japan Post, a subsidiary of Japan Post Holdings Co, is mentioned for failing to report a work-related injury. Abuses such as illegal overwork have become so common in Japan in the past decade that such companies have been dubbed "black" companies in the media. Public outrage over long working hours and the suicide of a young worker at Dentsu in 2015, later ruled by the government as karoshi, have pushed Prime Minister Shinzo Abe to make labour reform a key policy plank. The labour ministry''s list includes 334 companies that have received warnings for excessive overtime and other labour violations between last October and this March. Regional labour bureaus had already individually made these cases public, though they had sometimes withheld the company names. However, not all companies under investigation are publicised or included in the list, a labour ministry official said. The ministry publicises the companies'' names only when it decides doing so would help encourage compliance and would be in the public good, she added. The nationwide list will be updated every month. Abe''s government in March endorsed an action plan for sweeping reforms of employment practices, including caps on overtime and better pay for part-time and contract workers. The proposals, which may come into effect from 2019, will only add to strains already felt by firms grappling with a deepening labour shortage due to a rapidly ageing population. That said, more pressure to boost productivity is seen as long overdue and could boost growth in the long term. Lawyers and activists, however, have said the steps the government has so far proposed do not go far enough. A spokesman for Dentsu declined to comment, and Japan Post could not be immediately reached for comment. A spokeswoman for Panasonic said the company takes the labour violation case seriously and that it will work to prevent such future cases. (Reporting by Minami Funakoshi; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-companies-labourviolations-idUKKBN1880BN'|'2017-05-12T12:01:00.000+03:00'
'e007ac0a006145fbcf2c35f418a136d8b881f201'|'Azeri bank IBA says debt to be restructured totals $3.3 billion'|'Central Banks  50pm BST Azeri bank IBA says debt to be restructured totals $3.3 billion By Naila Bagirova and Margarita Antidze - BAKU/TBILISI BAKU/TBILISI International Bank of Azerbaijan, the energy exporting country''s biggest lender, said on Friday it needed to restructure more than $3 billion of its debt, most owed to foreign creditors, to tackle bad loans left over from the slump in oil prices. The state-controlled bank announced on Thursday it was suspending payments on some liabilities and seeking creditors'' support for restructuring. Its dollar-denominated bond tumbled to its lowest level in over a year as investors reacted to the news. The problems at the bank show how Azerbaijan is still wrestling with the fallout of a prolonged slump on the global oil market, even though prices recovered some lost ground in early to mid-2016 and have roughly levelled out since then. An economic slowdown caused by the oil prices - which remain around half 2014 levels - left many of the bank''s creditors unable to pay back their loans, building up non-performing debts which a previous government rescue package failed to fix. The bank published on Friday what it said was its proposed restructuring plan. According to this, the total level of debt subject to restructuring stood at $3.34 billion (<28>2.6 billion) as of April 18. This included debt owed to entities including commodities trader Cargill, Italian lender Intesa Sanpaolo ( ISP.MI ), Germany''s Commerzbank ( CBKG.DE ) and Bayerische Landesbank, and France''s Societe Generale. ( SOGN.PA ) The debt the bank planned to be restructured included a $500 million Eurobond due on June 11, 2019. The plan did not set out the size of the "haircut" that creditors will be asked to take under the restructuring. Typically, creditors are asked to agree to accept a sum less than they are owed by the debtor. In the preliminary restructuring plan, the bank said it plans to exchange at least some of the bank''s liabilities for Azeri sovereign debt. Azerbaijan''s Finance Minister, Samir Sharifov, has said he will meet the bank''s creditors in London on May 23 to seek their approval for the plan. Commerzbank, Bayerische Landesbank and SocGen declined to comment about how they viewed the bank''s proposal. Lazard Fr<46>res and White & Case, hired by IBA for the restructuring process, also declined comment. People familiar with the views of several creditor institutions, who did not want to be identified, said the institutions will participate in the restructuring talks and try to minimise any losses. Richard Segal, emerging debt strategist at Manulife Asset Management, said if IBA''s creditors are given sovereign bonds, that will leave them with a better quality asset, "but they will have to take a haircut, that''s just burden sharing". FINANCIAL CUSHION In early trading on Friday, the bank''s $500 million bond AZ107643621= fell by more than 17 cents to 82.6 cents, its lowest level since January 2016. However, Azerbaijan''s manat currency was largely unmoved. Investors said they believed the state had enough of a financial cushion to prevent contagion from the bank into the wider economy. "The government still has plenty of money available in its sovereign wealth fund, it still has a lot of assets it can access in order to underpin its banks, and I imagine that is what they will do," said Alan Shipman, economist and consultant for Oxford Economics. The bank said it expects its 2016 financial results to show a net loss of around 1.9 billion manats (<28>878 million). It said that was the result of extra provisions against its loan portfolio, and the fall in the value of the currency. It said its Tier 1 capital ratio - a safety cushion against shocks and bad loans - is expected to be negative at approximately -4.7 percent as of the end of last year. For euro zone banks, by contrast, the minimum Tier 1 capital ratio is set at plus 6 percent. Inside Azerbaijan, a mainly Muslim country that borders Ru
'4ed0c8d0e0c6b2b123c88e53849901d4e7b559a6'|'Total, Inpex propose taking 39 percent stake in Indonesia''s Mahakam block: government official'|'JAKARTA Total E&P Indonesie, a unit of French major Total ( TOTF.PA ), and Japan''s Inpex Corp ( 1605.T ) have proposed taking a 39 percent stake in the new production sharing contract (PSC) for the Mahakam block, an Indonesian government official said on Friday.Indonesia''s government in 2015 offered the two companies - operators of the offshore Mahakam oil and gas block - a smaller stake of 30 percent in the new PSC, with Indonesia''s national oil company Pertamina [PERTM.UL] taking the rest. The two companies'' current contract expires at the end of this year.Indonesia''s deputy energy minister Arcandra Tahar said the government has yet to respond to Total and Inpex. The government is asking Pertamina to calculate the value of the Mahakam block to determine the price of the stake, he said."The government will decide (whether they get) 30 or 39 percent," Tahar told reporters. "We''re evaluating, but the point is it will depend on the valuation."Total''s Indonesia spokesman declined to comment. Inpex spokesman did not answer phone calls or respond to texted requests for comment.Total and Inpex have also requested the addition of several clauses to the new contract, Tahar said, including being able to sell gas at market prices to domestic buyers, getting a 17 percent investment credit for developing the block, and the acceleration of asset depreciation.Under the new PSC, Pertamina will be the main operator of Mahakam starting January 1, 2018. Pertamina will also have to sell 10 percent of the block to the government of East Kalimantan province, Tahar said.Total expected Mahakam''s gas output to drop to 1.43 billion cubic feet per day (bcfd) in 2017 and oil production to 53,000 barrels per day (bpd), both down from the block''s 2016 production levels, it said in December.(Reporting by Wilda Asmarini; Writing by Gayatri Suroyo; Editing by Tom Hogue)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-indonesia-mahakam-total-inpex-c-idINKBN1880WW'|'2017-05-12T06:28:00.000+03:00'
'b8a0af6000a8bad0deb567742ac935005b9ccad2'|'Wooing investors after Elliott, BHP boss to play up shale'|'Business News - Fri May 12, 2017 - 9:11am BST Wooing investors after Elliott, BHP boss to play up shale Andrew Mackenzie, CEO of BHP Billiton, addresses the audience during the first-deep water contract ceremony between Pemex and BHP Billiton, in Mexico City, Mexico March 3, 2017. REUTERS/Carlos Jasso By Jamie Freed and Barbara Lewis - SYDNEY/LONDON SYDNEY/LONDON BHP Billiton Chief Executive Andrew Mackenzie, batting off an attack by activist funds, will tell investors in Barcelona next week that the top global miner can pump more for less out of its unloved shale assets. But don''t expect a fresh public response to the attack by hedge fund Elliott Management, which last month called for an overhaul of BHP''s structure. "You are not going to see a rebuttal to Elliott," said a source close to BHP, who was not authorised to speak publicly about the matter. Mackenzie, among the executives due to address a Bank of America Merrill Lynch mining conference next week, will outline how BHP is increasing output and cutting shale drilling costs, gaining better acreage by trading assets, and extending its reach by partnering with other players, the source said. Elliott is pushing a three-point plan to collapse BHP''s dual-listed structure, spin off its U.S. oil and gas assets, and boost returns to shareholders - all of which BHP has rejected. Sydney-based Tribeca Global Natural Resources Fund last week called for a board shake-up and a sale of the shale assets. The idea that has gained the most traction among investors contacted by Reuters is that BHP should rethink its involvement in U.S. oil and gas. The source close to BHP said the company is also conscious that the oil and gas argument has generated the most discussion. However, investors differ over the timing of any sale and whether BHP should pursue a trade sale of the shale assets, a public listing of all of its U.S. assets, as Elliott has suggested, or even a total exit from petroleum. BHP says oil and gas is core to its strategy, with good growth, strong margins and fewer market-share obstacles to acquisitions compared to its iron ore, copper and coal arms. Outgoing BHP Chairman Jac Nasser said earlier this month that the petroleum business, including deepwater oil assets in the Gulf of Mexico, is the company''s highest-margin business. A BHP spokeswoman and a spokesman for Elliott declined to comment on the address or sideline meetings. It was unclear if Elliott would be travelling to Barcelona. TEST TALK "Oil as an asset has actually been good as part of the overall BHP portfolio," said Argo Investments portfolio manager Andy Forster, a top 20 investor in BHP''s Australian arm. "It''s just unfortunate they went and bought the U.S. shale assets. Potentially over time they maybe should get out of the U.S. shale business, but I just don''t think now''s the time to do it." BHP paid $20 billion (15.5 billion pounds) for the U.S. shale assets, bought in 2011 and 2012, but the subsequent collapse in oil and gas prices forced it to write down the value by $12.8 billion. The company last month said it had put its Fayetteville assets in Arkansas, bought for $4.75 billion but now valued at $919 million in its books, back on the block. Elliott is "not convinced that the piecemeal sale of little bits of assets is the best way forward," a source close to the activist fund said. London-based Bernstein analyst Paul Gait said Mackenzie needed to prove that oil majors like ExxonMobil Corp were not "missing a trick" in lacking mining divisions. "If they are not, then BHP is mistaken in its ownership of oil assets and Elliott is right. Basically, either BHP is right on this or every major oil company apart from them is wrong." (Reporting by Jamie Freed and Barbara Lewis; additional reporting by James Regan in SYDNEY; and Clara Denina in LONDON; Editing by Clara Ferreira-Marques and Sonali Paul)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters
'c8a10f713903d88a24832cf87e1a6616892fb38c'|'Late and overweight - Germany''s new frigates found wanting'|'Business News -  31pm BST Late and overweight - Germany''s new frigates found wanting By Sabine Siebold - BERLIN BERLIN Germany''s much-delayed new frigates, built by ThyssenKrupp ( TKAG.DE ) and Luerssen for at least 650 million euros (<28>551.4 million) apiece, are overweight and float with a persistent list to starboard, according to a confidential report seen by Reuters. The ships, designed to need a crew of only 120, less than half their predecessors, are a crucial element in Germany''s plans to beef up its military to face an increasingly uncertain European security landscape and a more assertive Russia. Designed to remain at sea for far longer than the German armed forces'' existing fleet, the new F125 frigates need extensive servicing only once every two years, compared to once every nine months for their predecessors. The 1.3 degree starboard list and excess weight, which emerged during testing in September, means the ship is now close to the limit of its design parameters and will raise the class''s lifetime maintenance costs by around 20 million euros, according to a confidential annex to a regular German defence ministry report. A defence ministry spokeswoman declined to comment on the confidential report, but said "in general terms" that the development of the four ships, the first of which was to have been delivered in 2014, remained on track. "The design and performance parameters will be met," she said, adding that a certain degree of listing could never be ruled out when building new ships. "In the case of the F125, appropriate counter-measures have been agreed with industry." Shipbuilding company Luerssen referred queries regarding the report to ThyssenKrupp, whose spokeswoman said: "We do not comment on current client projects." (Reporting By Sabine Siebold; Writing by Thomas Escritt; Editing by Alison Williams and Mark Trevelyan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-security-frigates-idUKKBN188276'|'2017-05-12T23:31:00.000+03:00'
'a5b0f5d03878d14c7f22a2835c69dd35fe0153d0'|'Cellino is suing Barnes. It could be the end of an iconic New York brand - May. 11, 2017'|'Imagine if Ben sued Jerry. If Black sued Decker. If Johnson sued Johnson. New Yorkers are coping with the news that Cellino & Barnes, a personal injury law firm known for its ubiquitous advertising, is splitting. And it''s not pretty. Ross Cellino sued Stephen Barnes in a case that appears to call for the dissolution of Cellino & Barnes. Cellino & Barnes'' earworm ad jingle is a trademark tune. If you''ve heard it once, you''ve heard it a thousand times. It''s catchy -- and it''s grating. But it''s about as New York as pizza by the slice and getting elbowed on the subway. Documents related to Cellino''s suit against his firm, filed on Wednesday, have been sealed but the court. But Cellino & Barnes (the firm, not the individuals) said in a statement that Cellino intends to break up the team. "Mr. Barnes and the firm plan to aggressively oppose the dissolution papers filed by Mr. Cellino; however, we reiterate that regardless of outcome, the firm will continue to do business in the many markets we serve," it said on Wednesday. Cellino & Barnes, which has 300 staff members, handles personal injury cases in California and New York. It was founded by Cellino''s father, Ross Cellino Sr., who established the firm as Cellino & Likoudis in 1958. Neither Cellino nor Barnes responded to a request for comment. Terrence Connors, who is listed in court documents as Cellino''s attorney, also did not respond to a request for comment. New Yorkers spent much of Wednesday and Thursday mourning the potential loss of the dynamic duo, whose phone number many know by heart (for the uninitiated, it''s 800-888-8888). CELLINO IS SUING BARNES<45> christine teigen (@chrissyteigen) May 11, 2017 When they split up all their stuff, both of their phone numbers are going to be 400-444-4444. https://t.co/MwbLdcEFj8 <20> Josh Gondelman (@joshgondelman) May 11, 2017 Legit need to check in on the strength of my marriage, because if Cellino and Barnes can''t make it, we''re not safe https://t.co/Elka3nsBry <20> Dan Devine (@YourManDevine) May 11, 2017 CNNMoney (New York) First published May 11, 2017: 7:01 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/05/11/news/cellino-suing-barnes/index.html'|'2017-05-12T03:01:00.000+03:00'
'384de95070df22515d9494d42239719f424141c7'|'Pernod Ricard eyes stable sales in Asia in 2017 full year -slides'|'PARIS French drinks group Pernod Ricard ( PERP.PA ) said that the 2016/2017 financial year would be a stable one regarding sales in Asia, with its second-largest market in India facing a temporary slowdown due to adverse market conditions.On the other hand, its third-largest market in China had a positive outlook for Martell cognac, added Pernod on Monday.Pernod, which is the world''s second largest spirits group behind Diageo ( DGE.L ), made the forecasts in slides released on its website.India, which accounts for about 10 percent of group revenue, has been a key growth area, driven by local whisky brands such as Blender''s Pride and Royal Stag.But a government ban on high-value bank notes held back local consumption in the second and third quarter and sales growth in India slowed to 1 percent in the nine months to March 31, down from 12 percent in the 2015-16 full year [nL8N1HS1FC]Pernod Ricard''s sales in Asia were flat in the nine months to March 31.(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/pernod-ricard-asia-idINKCN18B0IL'|'2017-05-15T14:16:00.000+03:00'
'5f59ad8cda9546f2d5179ca481dcd7a37d3d3baa'|'BRIEF-Uniqure reports Q1 loss per share $0.80'|' 16am EDT BRIEF-Uniqure reports Q1 loss per share $0.80 May 9 Uniqure Nv: * Uniqure announces first quarter 2017 financial results and highlights recent company progress * Q1 loss per share $0.80 * Q1 revenue $3.3 million versus $4.3 million * Uniqure NV - expects its cash on hand will be sufficient to fund operations into 2019 * Uniqure NV - intends to significantly reduce capital expenditures in 2017 and 2018 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-uniqure-reports-q1-loss-per-share-idUSASA09O2A'|'2017-05-09T19:16:00.000+03:00'
'46eb41631ff3e0cf671b4ebd287e22200d786075'|'As index reach grows, FTSE Russell chief downplays fears'|'Economy  22pm BST As index reach grows, FTSE Russell chief downplays fears By Ross Kerber - BOSTON BOSTON Don''t fear the indexes, learn from them. That is the message from Mark Makepeace, the chief executive of FTSE Russell, the index provider whose products are now used to track roughly $12.5 trillion as clients pour money into so-called passive products. Some fear the rush of cash could destabilize markets by removing humans from trading decisions. But in an interview on Monday, Makepeace said the bulk of the $9.7 trillion following various FTSE Russell indexes remains in active funds whose managers use his company''s products for benchmarking or to make their own trading decisions. While he once shared the conventional wisdom that markets could be distorted if half of all assets were held passively, Makepeace called that standard an "old way of thinking about indices," as they are put to new uses by active managers. Demand is also growing as investors use indexes in new areas, such as fixed-income. "Big investors will start to look at the market in much more holistic ways," Makepeace said by telephone. Makepeace said FTSE Russell aims to grow the amount of money following its various products by about 60 percent to $20 trillion within three years. FTSE Russell is part of London Stock Exchange Group ( LSE.L ). The firm and its rivals including MSCI Inc ( MSCI.N ) have found their products in demand from big asset managers and pension funds riding a boom in low-cost investing. Passive products like the Vanguard Russell 3000 Index Fund ( VRTTX.O ) aim to track the performance of benchmarks such as the Russell 3000, a broad measure of U.S. stocks. Net deposits to passive funds were $638 billion for the 12 months ended March 31, according to Morningstar, while active funds had net withdrawals of $310 billion over the same period, excluding money funds. The divergence has led to angst. "If everybody indexed, the only word you could use is chaos, catastrophe," Vanguard Group founder Jack Bogle said on Saturday in an interview with Yahoo Finance. Still, Bogle and others see no sign of a passive slowdown. Makepeace said he expects to see more consolidation as costs fall for investors. Separately, Makepeace also noted moves by Saudi Arabia to reform its economy, which could make it more attractive to foreign investors. "That market is opening up very quickly and therefore I would not be surprised if Saudi beat China to be included in emerging market indexes," he said. (Reporting by Ross Kerber, editing by G Crosse)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ftse-intl-index-idUKKBN18423W'|'2017-05-09T02:21:00.000+03:00'
'e17a2867dffefd412eec7f706dcde18449bcbdf5'|'AstraZeneca''s durvalumab shown in trial to reduce risk of death from lung cancer'|' 27am EDT AstraZeneca''s durvalumab shown in trial to reduce risk of death from lung cancer LONDON May 12 AstraZeneca''s key immunotherapy drug durvalumab was shown to reduce the risk of stage III lung cancer worsening or causing death in a trial, the pharmaceutical company said on Friday. The trial results are a major boost for a product the company hopes will become a blockbuster drug with sales in the billions of dollars. The drug, which will have the brand name Imfinzi, works by helping the body''s immune cells kill cancer, offering an alternative to chemotherapy. (Reporting by Alistair Smout; Editing by David Goodman) German economy grew by 0.6 pct in first quarter of 2017 BERLIN, May 12 The German economy grew by 0.6 percent in the first quarter of 2017, driven by higher investment in construction, machinery and equipment, robust household and state spending as well as strong exports, the Federal Statistics Office said on Friday. UK Stocks-Factors to watch on May 12 May 12 Britain''s FTSE 100 index is seen opening up 1 point at 7,387 on Friday, according to financial bookmakers. * LLOYDS: The British government will make at least a 500 million pound ($645 million) profit from its bailout of Lloyds Banking Group, Chief Executive Antonio Horta-Osorio said on Thursday, as the lender nears a return to private hands. * BT: BT proposed on Thursday building a network to connect 10 million homes with ultrafast full-fibre broadband by the MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/astrazeneca-cancer-idUSFWN1IE06Z'|'2017-05-12T14:27:00.000+03:00'
'd04a864091aaaaee860aabb0dc93d7b7517baee6'|'Singapore March retail sales rise 2.1 percent from year earlier'|'Business News - Fri May 12, 2017 - 11:39am IST Singapore March retail sales rise 2.1 percent from year earlier People shop at a pop-up store in Singapore April 24, 2017. REUTERS/Edgar Su SINGAPORE Singapore''s retail sales rose in March by 2.1 percent from a year earlier, supported by sales activity at petrol service stations, data showed on Friday. Total retail sales increased 2.1 percent from a year earlier, after falling in February by a revised 2.6 percent, the data from the Singapore Department of Statistics said. February''s fall was the first in 6 months. Retail sales at petrol service stations increased 11.3 percent from the year before. Retail sales in the food and beverages sector, however, slid 4.8 percent year on year. Retail sales dropped a seasonally adjusted 0.3 percent from February, after a revised 2.5 percent increase in the previous month. (Reporting by Fathin Ungku; Editing by Neil Fullick)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-singapore-economy-retail-idINKBN1880JG'|'2017-05-12T04:09:00.000+03:00'
'cfd9e04fb1f0d4c6fd0bbb637d88b4fd608e7245'|'Delta to order more Airbus A321-200 aircraft'|'Business News  19am EDT Delta delays taking delivery of 10 A350 jets FILE PHOTO: Delta planes line up at their gates while on the tarmac of Salt Lake City International Airport in Utah September 28, 2013. REUTERS/Lucas Jackson/File Photo Delta Air Lines Inc ( DAL.N ) said on Thursday it was delaying taking delivery of 10 Airbus A350-900 jets and placed a fresh order for 30 smaller A321-200s, putting a question mark on the demand for wide-body aircraft. Airbus shares were down 2.1 percent at 73.64 euros in Paris, while Delta fell 1.7 percent to $49.07 on the New York Stock Exchange. Delta''s decision comes after larger U.S. rival American Airlines Group Inc ( AAL.O ) said in April that it had also delayed taking delivery of several wide-body Boeing Co ( BA.N ) and Airbus jets. An oversupply in the market of long-distance wide-body aircraft has led to airlines postponing deliveries. Delta said it would delay taking deliveries of 10 of the 25 A350-900 aircraft by about two to three years. The aircraft were to be delivered by 2019-20. "These agreements better align our widebody and narrowbody order books with our fleet replacement needs," Delta''s Chief Operating Officer Gil West said in a statement. AerCap Holdings NV ( AER.N ), the world''s largest independent aircraft leasing company, on Wednesday played down concerns about weakening demand for wide-body jets, saying there was "good solid demand" for the aircraft globally. Delta said on Thursday delivery schedule for its first A350-900 aircraft was on track, and plans to operate the first flight in the fourth quarter of 2017. The company plans to take delivery of five A350s in 2017. (Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-delta-air-orders-idUSKBN1871OK'|'2017-05-11T20:52:00.000+03:00'
'099a33c86c332f9c491f78a62ef5f4f3965d0afd'|'UPDATE 1-Whole Foods board overhaul fails to satisfy activist Jana -source'|'(Adds analyst comment, share price)By Michael FlahertyNEW YORK May 11 The board overhaul at Whole Foods Markets Inc has failed to satisfy Jana Partners, according to a person familiar with the matter, signaling that the month-long battle between the organic grocer and activist hedge fund is no nearer to a conclusion.Jana, which owns 8.3 percent of the company, is worried about the lack of grocery experience among the five new directors the company appointed on Wednesday, the person said, as well as their arrival after - not before - the company''s introduction of a new operational plan.Whole Foods'' new directors include the former chief executive of retailer Foot Locker, the former CFO of electronics chain Best Buy and the founder of Panera Bread. The company did not appoint any directors that Jana proposed last month.While the hedge fund appreciated the board overhaul and the operating experience of the new directors, Jana wants more directors on the board with grocery industry experience, like that of current board member, Walter Robb, according to the person familiar with the matter.Jana declined to comment on the new Whole Foods board and operational plan. A spokeswoman for Whole Foods declined comment.Wall Street appeared to share some of Jana''s concern.In an analyst note, Credit Suisse said: "We see the moves as a step in the right direction, but were disappointed by the lack of food retail experience among the new board members."Credit Suisse rates the stock an outperform. Whole Foods shares were up 1.8 percent at $36.91 in midday trading.Corporate battles with activists often end in a settlement, where the company works with the investor to add new blood to the board in exchange for the hedge fund keeping quiet for at least a year.That was not the case with Whole Foods'' announcement, meaning Jana still has the ability to pressure the company openly and to nominate its four previously identified director candidates at next year''s annual meeting.Whole Foods offered to appoint two of Jana<6E>s nominees for the board, but the hedge fund balked at the offer, the person familiar with the matter said."Presumably, one option involves agitating for a sale if the company''s value enhancement plan shows even a hint of sputtering," said Don Bilson, head of event-driven research at Gordon Haskett. (Reporting by Michael Flaherty; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/whole-foods-jana-idINL1N1ID118'|'2017-05-11T14:33:00.000+03:00'
'c42a3a30fe54d08bf52ba7cd362d49dcff66942d'|'Suzuki Motor sees 10 percent drop in full year operating profit on R&D costs'|'Business News - Fri May 12, 2017 - 8:31am BST Suzuki Motor sees 10 percent drop in full year operating profit on R&D costs FILE PHOTO: A Suzuki Swift car is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 8, 2017. REUTERS/Arnd Wiegmann/File Photo GLOBAL BUSINESS WEEK AHEAD - SEARCH GLOBAL BUSINESS 8 MAY FOR ALL IMAGES TOKYO Suzuki Motor Corp on Friday forecast a 10 percent fall in its full-year operating profit on increased research and development costs, even as the Japanese automaker expects vehicles sales growth to continue in India and Europe. Japan''s fourth-largest automaker said it expected operating profit to come in at 240 billion yen (1.6 billion pounds) in the year to March 2018, short of an average estimate of 254.7 billion yen from 21 analysts polled by Thomson Reuters I/B/E/S. Suzuki, which specialises in compact cars and dominates the Indian market through its majority stake in Maruti Suzuki India Ltd, posted a stronger-than-expected, 36.5 percent jump in operating profit to 266.7 billion yen in the year ended in March as higher sales in the South Asian country and in Europe offset negative currency impact. Suzuki said it would pay a full-year dividend of 44 yen per share for the year ended March, up from 32 yen per share a year earlier, and forecast a dividend of 44 yen this year. The company took an accounting impairment loss of 39.9 billion yen in the year ended March, including an extraordinary loss on its Thailand operations. Suzuki''s latest forecasts are based on an assumption for the yen to average around 110 yen to the U.S. dollar, stronger than its trading rate around 114 yen on Friday, and 1.65 yen to the Indian Rupee. It expects global consolidated vehicle sales to increase 5.2 percent in the year to March to 3.07 million vehicles. In India, where it sells one in every two cars, it expect vehicles sales to rise 8 percent from a year earlier. Suzuki owns 56.2 percent of Maruti, and gets the bulk of its revenues from the Indian partnership, which has a market value of around $30 billion, higher than Suzuki''s market capitalisation of about $20.5 billion. (Reporting by Naomi Tajitsu and Maki Shiraki; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-suzuki-results-idUKKBN1880RE'|'2017-05-12T15:31:00.000+03:00'
'f619e5a9a28b4f3e5d1a7f0a7db203bd415bd66e'|'Royal Mail firm launches review after admitting it denied courier benefits - Business'|'A Royal Mail delivery company has been forced to launch a review into whether it is wrongly classifying hundreds of couriers as self-employed contractors, in the latest breakthrough by trade unions campaigning for more secure employment status for members of the fast-growing gig economy.The move came after eCourier, a subsidiary of Royal Mail specialising in same-day deliveries, admitted on Friday it had incorrectly classified 23-year-old London-based bicycle courier Demille Flanore as an independent contractor and had wrongly denied him standard employment benefits such as holiday pay he should have been entitled to as a <20>worker<65>.eCourier specialises in same-day deliveries. Photograph: Internet Rather than contest an employment tribunal claim, the company promised to pay Flanore <20>545 to settle the case. eCourier<65>s chief executive, Ian Oliver, immediately announced a review to work out how best to implement the same worker status <20>for colleagues where it reflects their actual working arrangements with us<75>. Almost all of eCourier<65>s 350 delivery riders who are on the road each day are on the same terms as Flanore. eCourier turned over <20>22m in 2016. Flanore<72>s union, the Independent Workers Union of Great Britain, described the admission of wrongful behaviour as <20>a major sea change<67> for the gig economy and called on eCourier to <20>immediately guarantee worker status to all of its couriers<72>.The terms of the the company<6E>s agreement with Flanore read: <20>The respondent admits that during the claimant<6E>s engagement by the respondent he was engaged as a worker <20> which for the avoidance of doubt includes an entitlement to holiday pay as claimed by the claimant.<2E>The union had argued that Flanore was not a self-employed contractor because he was instructed on what to do by a <20>controller<65>, he was required to work exclusively for eCourier, all jobs were booked and allocated to him by eCourier, and eCourier set the prices to customers and what it would pay him.<2E>I<EFBFBD>m very happy with this outcome,<2C> Flanore said. <20>It is a step in the right direction for the courier industry and for people still working in it that want to take other cases to court. I hope as a result of this people that come to the industry now will have more sustainability and better terms than we had.<2E>Oliver, his employer, said: <20>Employment status is not a black and white, pass or fail issue. It is a matter of interpretation given all of the facts of an individual<61>s working arrangements. On review, we believe that in the case of Mr Flanore, worker status reflected his working relationship with us.<2E>The company has previously warned classifying couriers as workers would increase costs. In its latest annual report, its directors said the <20>principal risk<73> to eCourier<65>s business was if employment tribunal judges ruled their couriers were workers, not independent contractors. Other major gig economy employers who together rely on tens of thousands of workers who do not benefit from sick pay, holiday pay and the right to a minimum wage are fighting similar claims that self-employed workers should have employment rights. Uber, the US taxi app company that has 40,000 drivers in the UK, will this September appeal against an employment tribunal verdict that some of them should be classed as workers. CitySprint has also launched an appeal after losing a similar case . Pimlico Plumbers lost an appeal in February.IWGB Courier Branch founding member Maggie Dewhurst, who won the claim against CitySprint, said: <20>The cruelty of the gig economy is clear for all to see in Demille<6C>s case. When he had an accident at work and broke his wrist he had to take time off with no holiday or sick pay.<2E>Topics Royal Mail Gig economy news   Share   Reuse this content'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/may/12/gig-economy-ecourier-admits-denying-courier-employment-benefits'|'2017-05-12T20:36:00.000+03:00'
'b9669a7b29a370c9c3618fe7b480d4dd341c1ba8'|'A signal event: Sinclair Broadcast buys Tribune Media'|'AT A time when ever fewer people are watching television, it may seem improbable that the owners of local TV stations in America want to expand their empires. It turns out that they can hardly wait. On May 8th, just 18 days after a change in federal rules made the deal possible, Sinclair Broadcast Group announced that it would buy Tribune Media in a transaction worth $6.6bn, beating out interest from others including 21st Century Fox, which is owned by Rupert Murdoch. Sinclair will become America<63>s dominant owner of local TV stations.The deal signals a broader interest in expanding what has been a surprisingly decent business in recent years. In America local TV stations tend to affiliate themselves with a national broadcast network, transmitting its content, including live sports. In exchange the stations make substantial payments. Despite falling viewership of network TV, the economics of local-station ownership have remained robust for two reasons.  an hour ago How   an hour ago A   3   10   First is the resilience of local TV advertising, especially in election years, says Mark Fratrik of BIA/Kelsey, a media consultancy. The ability of small TV stations to reach specific areas for local political races has proved difficult to match.Second, TV stations have tapped a new vein of cash: retransmission fees, the payments they command from cable- and satellite-TV providers for their consent to retransmit their local broadcast-signal feeds to pay-TV subscribers. Such fees were tiny a decade ago, but Sinclair helped lead an industry charge to lift them. BIA/Kelsey estimates that stations collected $6.8bn in retransmission fees last year, or nearly a quarter of their $28bn of revenues.Bigger is better for TV-station groups. Sinclair, which will have more than 200 stations after the deal, will have even more leverage to extract high retransmission fees from pay-TV operators. It will also be in a better position to demand lower payments to broadcast networks for their content.The rule change on April 20th from the Federal Communications Commission (FCC), led by Donald Trump<6D>s appointee as chairman, Ajit Pai, was crucial. For many TV stations, a change to the FCC<43>s calculation method lowered the number of households that they are deemed to reach. Even under the new rule, the combined Sinclair and Tribune business covers about 45% of households, which is over the current federal limit of 39%. Many believe Mr Pai will raise that cap.Sinclair<69>s acquisition raised concerns among some media watchdogs and leftleaning commentators not just because of worries over concentrated ownership<69>most other TV-station groups reach less than 20% of American households<64>but also because of who the owner is. David Smith, the group<75>s executive chairman, is a conservative ally of Mr Trump who, critics say, puts his stations in the service of Republican causes. In December Jared Kushner, Mr Trump<6D>s son-in-law and adviser, boasted that he had struck a deal with the firm to broadcast interviews with the president on its affiliates (Sinclair denied giving Mr Trump special treatment).Liberals may not be the only ones with reason to worry. Sinclair<69>s deal gives it clout to push pay-TV operators to add another all-news channel, perhaps one of its own. It already owns a news channel in Washington, DC. A new conservative news channel would challenge Mr Murdoch<63>s Fox News, which is in turmoil after a series of allegations about sexual harassment and racial discrimination. Even as Mr Smith<74>s empire grows, he could sense another opportunity to expand.  "A signal event"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21721966-americas-media-regulator-aids-consolidation-tv-stations-sinclair-broadcast-buys-tribune?fsrc=rss%7Cbus'|'2017-05-13T08:00:00.000+03:00'
'1399534ffbfe26ba4419c7689f4835c684a19dc9'|'Irish consumers upbeat on economy, cautious on personal finances'|'Business News - Tue May 9, 2017 - 12:34am BST Irish consumers upbeat on economy, cautious on personal finances DUBLIN Irish consumers remain upbeat about prospects for the economy following Britain''s vote to exit the European Union but cautious about how much they will personally gain from surging economic growth, a survey showed on Tuesday. The KBC Bank Ireland/ESRI Consumer Sentiment Index stood at 102.0 in April, almost unchanged from 101.9 a month earlier. That kept it close to a seven-month high of 103.1 in January and well ahead of a two-year low of 96.2 in December. Views on the outlook for the Irish economy were at their highest level since last August, the authors said. Ireland''s economy has posted the fastest growth in Europe for the past three years and unemployment has fallen to 6.2 percent from a 2012 high of 15.1 percent. The threats posed by neighbouring Britain''s decision to quit the European Union and the election of U.S. President Donald Trump "appear less immediate" in the wake of the strong economic and jobs data at home, they said. But household expectations about their personal finances worsened noticeably with only one-in-four reporting an improvement in their current financial circumstances. "The April survey suggests that ''macro'' concerns eased as the immediate fallout from Brexit and Trump-related concerns has been less than expected," KBC chief economist Austin Hughes said. "However, with only one in four consumers reporting an improvement in their household finances, the scope for any substantial ''feel-good''-driven pick-up in consumer spending appears limited." (Reporting by Conor Humphries; editing by Padraic Halpin/Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-economy-consumersentiment-idUKKBN1842GU'|'2017-05-09T07:34:00.000+03:00'
'4ed44a871f6767fed1bd99eef5199f19d7aab1c5'|'Banks prepare debt financing as IK launches Schenck sale - sources'|'Market News - Tue May 9, 2017 - 10:46am EDT Banks prepare debt financing as IK launches Schenck sale - sources FRANKFURT May 9 Buyout group IK Investment Partners has launched the sale of German measuring technology group Schenck Process, a potential 800-900 million euro deal, people close to the matter said. Several rival private equity groups are preparing to submit offers for the company next month, the sources said. They also said that bankers were working on debt financing of about 500 million euros ($545 million), equating to 5.5 times Schenck''s expected 2017 earnings before interest, tax, depreciation and amortisation of 85 million euros, including undrawn facilities. Potential buyers would have access to this financing. IK declined to comment. The private equity group, which acquired Schenck at the height of the buyout boom in 2007 from rival HgCapital for 450 million euros, is hoping to achieve a valuation of around 10 times Schenck''s core earnings, the sources said. After unsuccessful attempts to sell Schenck over the last couple of years, IK is now working with investment bank Lazard , which is advising the sale. Information packages have been sent to prospective bidders in recent weeks. Other private equity groups including Blackstone, KKR , Pamplona and Triton are considering making a bid, the sources said. They also said that IK also hoped to kindle interest from strategic bidders such as Metso and Sandvik. Schenck, a former unit of German automotive supplier Duerr AG, makes factory gear to weigh, filter or dose substances, catering to industries such as mining, construction, chemicals and food processing. It expects to report sales of 550 million euros this year. Since the IK''s acquisition of Schenck, which has its roots in a 19th century maker of cranes and scales, it has bought six smaller rivals. ($1 = 0.9180 euros) (Reporting by Arno Schuetze and Claire Ruckin. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/schenck-ma-sale-idUSL8N1IB5GR'|'2017-05-09T22:46:00.000+03:00'
'da3db000da64ac2f61c530f489f9c4223ab10520'|'China''s c.bank to focus on impact on stability of non-bank financial institutions - working paper'|'BEIJING China will pay closer attention to the influence of non-bank financial institutions on financial stability, and the impact of local policy interventions on broader global markets, according to a central bank working paper published on Tuesday.In recent years non-bank institutions such as trust and investment companies, or fund and asset management firms have expanded their activity - much of it a less regulated form of lending - even as policymakers have tried to rein in leverage in the Chinese economy."Though banks still dominate China''s financial system, non-bank financial institutions have considerable influence as well," the paper published on the People''s Bank of China website said."We believe that sufficient attention should be given to international spill-over effects of intervention policies, and the impact of non-bank financial institutions to financial stability," it said.The paper analysed the impact of changes in China''s stock market and financial sector on developed countries - the United States, Britain, Germany and Japan."China''s financial sector exerts considerable influence on global financial markets, especially on the Japanese financial sector," it said.The central bank has gingerly raised short-term rates recently to contain financial risks and encourage companies to deleverage, though economists expect authorities will move cautiously to avoid hurting economic growth.(Reporting by Beijing Monitoring Desk and Kevin Yao; Editing by Will Waterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-cenbank-idINKBN18511W'|'2017-05-09T18:09:00.000+03:00'
'a499d7c10e89486d625c1567e8bb7996e88fdb21'|'John Lewis sets aside 36 million pounds for possible breach of wage rules'|'Business News - Tue May 9, 2017 - 1:44pm BST John Lewis sets aside 36 million pounds for possible breach of wage rules John Lewis and Waitrose employees wait for the announcement of their 2015 bonus in central London, March 12, 2015. REUTERS/Neil Hall LONDON British retailer John Lewis said it has set aside 36 million pounds to cover possible costs as it may have breached UK wage rules, a potential embarrassment for a company lauded for the way it treats its staff. The John Lewis Partnership, owner of the John Lewis department store chain and upmarket Waitrose supermarkets, said on Tuesday that while its contractual hourly rates of pay have never been below the national minimum wage (NMW), it plans to work with Britain''s revenue and customs department to see if all its arrangements meet the specific criteria of the complex regulations. Last year the government announced a series of increases in the minimum wage, which will make it 13 percent higher than it would otherwise have been by 2020. The John Lewis Partnership [JLP.UL] [JLPLC.UL] is often held up in Britain as an exemplary employer. It calls its staff partners and its employee-owned business model has been praised by government. It said it is specifically looking at its practise of "pay averaging" which aims to smooth out a partner''s pay over a year to ensure a consistent amount is paid to them each month in respect of their basic pay. "This arrangement was implemented to support partners with a steady and reliable monthly income, but we now believe this arrangement may not meet the strict timing requirements for calculating compliance with the NMW regulations," it said. The company said that once it has completed a review, it will make any retrospective payments required to current and former partners. Since there is a wide range of potential outcomes it said it has made the 36 million pounds an exceptional charge in its financial year to Jan. 28 2017. The provision was detailed in the partnership''s annual report and accounts for 2016-17. They also revealed that Chairman Charlie Mayfield has waived his bonus for 2016-17, which would have been 66,000 pounds. That decision reflected the performance of the group in the period. Mayfield''s total reward fell by 7.4 percent to 1.41 million pounds. In March the group reported a fall in the trading profits of both Waitrose and John Lewis department stores for 2016-17. It also cut its staff bonus to 6 percent, the lowest percentage payout since 1954, saying it needed to preserve cash to brace for difficult times ahead. In April the department store business said it would cut hundreds of jobs in a reorganisation of its soft furnishings business and changes to the way it operates its in-store restaurants. (Reporting by James Davey; Editing by Alistair Smout and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-john-lewis-pay-idUKKBN1850XJ'|'2017-05-09T20:44:00.000+03:00'
'82150bb817dec53bf32655f9ad349df6205980be'|'RWE sees no reason to sell Innogy stake at the moment'|'DUESSELDORF, Germany RWE ( RWEG.DE ) is under no pressure to sell stakes in its networks, retail and renewables unit Innogy ( IGY.DE ), Chief Executive Rolf Martin Schmitz said, but added it could make sense to diversify its financial portfolio in the long-term."There is no reason to change the level of our holding because we do not have a need for capital," Schmitz told journalists late on Monday in remarks embargoed for Tuesday, adding any sale of Innogy stakes would require investing in a better asset.In the long term, however, Schmitz said that RWE, which holds 76.8 percent in Innogy following last year''s listing, could diversify its financial portfolio.(Reporting by Tom Kaeckenhoff; Writing by Christoph Steitz; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rwe-innogy-m-a-idINKBN1850UO'|'2017-05-09T06:50:00.000+03:00'
'b3305a7ba6cf19d17adc08967ae4f82c874366b1'|'In Trump''s shadow, Fed official says trade barriers a ''dead end'''|'By Suvashree Choudhury and Jonathan Spicer - MUMBAI/NEW YORK MUMBAI/NEW YORK Trade protectionism is a "dead end" that may score political points but will ultimately hurt the U.S. economy, one of the most influential Federal Reserve officials said on Thursday in the central bank''s strongest defense yet of open borders in the face of a skeptical Trump administration.William Dudley, head of the New York Fed, did not mention U.S. President Donald Trump by name in a speech at the Bombay Stock Exchange. But he gave a full-throated economic and even political argument for resisting trade barriers that he said would hurt growth and living standards in both the United States and around the world."Protectionism can have a siren-like appeal," said Dudley, a close ally of Fed Chair Janet Yellen and a key decision-maker on U.S. interest-rate policy."Viewed narrowly, it may be potentially rewarding to particular segments of the economy in the short term," he said in prepared remarks. "Viewed more broadly, it would almost certainly be destructive to the economy overall in the long term."The Fed is independent but answerable to Congress, and its governors are appointed by the White House and confirmed by the Senate. While Fed officials usually avoid recommending fiscal policies, several have highlighted the benefits of open borders since Trump was elected on an "America First" platform of revamping or ripping up trade deals.The White House has said trade deals often do more harm than good for U.S. workers and companies, especially those in the manufacturing sector hard-hit by globalization. Over the last 25 years trade has grown to represent roughly 57 percent of global output, from less than 40 percent.Dudley said he was speaking out because "we are at a particularly important juncture" in which trade issues could imperil the long-term health and productivity of the economy and "the economic opportunities available to our people."Barriers to trade are very costly, he said, because they blunt export opportunities, make everyday goods more expensive, and they can often "backfire" by harming workers who can no longer compete in a global economy."There are many approaches to dealing with the costs of globalization, but protectionism is a dead end," said Dudley, a former Goldman Sachs partner who joined the New York Fed in 2007 and became its president in the depths of the financial crisis in early 2009."Trying to achieve a high standard of living by following a policy of economic isolationism will fail," he said in Mumbai.The unusually pointed speech comes after the New York Fed published research in recent months that warned against a Republican proposal for a border-adjustment tax and a Trump threat to ditch the North American Free Trade Agreement. Both the Republicans and Trump have since largely backed down from those positions.The U.S. central bank has hiked interest rates twice since December and expects to tighten policy about two more times this year as the economy carries on a roughly 2-percent growth track, and as unemployment at 4.4 percent remains low.Dudley has said the Fed would adapt its approach as tax, spending and trade policies emerge from Washington. He does not expect a "dramatic change" in policy, he said on Thursday, repeating his preference to start trimming the Fed''s $4.5 trillion balance sheet as early as this year in such a way that it is "a modest and minor" event.(Additional reporting by Rafael Nam in Mumbai)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-usa-fed-dudley-idINKBN187184'|'2017-05-11T08:24:00.000+03:00'
'd03b2ac38f700a1d92c2f7c344e54c7333f155b1'|'Total''s plans for Brazil''s new oil frontier snagged on Amazon reef'|'Business News - Fri May 12, 2017 - 6:30am BST Total''s plans for Brazil''s new oil frontier snagged on Amazon reef left right Scarlet ibis fly near the banks of a mangrove swamp located at the mouth of the Calcoene River on the coast of Amapa state, northern Brazil, April 6, 2017. REUTERS/Ricardo Moraes 1/18 left right A boat stands during low tide at the mouth of the Calcoene River where it joins the Atlantic Ocean on the coast of Amapa state, northern Brazil, April 6, 2017. REUTERS/Ricardo Moraes 2/18 left right Jailson, a crab collector, tries to pick a crab at a mangrove swamp located at the mouth of the Calcoene River on the coast of Amapa state, northern Brazil, April 6, 2017. REUTERS/Ricardo Moraes 3/18 left right Scarlet ibis fly near the banks of a mangrove swamp located at the mouth of the Calcoene River on the coast of Amapa state, northern Brazil, April 6, 2017. REUTERS/Ricardo Moraes 4/18 left right Fishermen unload fish off their boat at the banks of Amapa Grande River on the coast of Amapa state, in Amapa city, northern Brazil, April 1, 2017. REUTERS/Ricardo Moraes 5/18 left right A flooded farm is seen near the mouth of Araguari River on the coast of Amapa state, near Amapa city, northern Brazil, March 31, 2017. REUTERS/Ricardo Moraes 6/18 left right Valeria Leal''s home is seen on an island in the Oiapoque River in Amapa state, Brazil, April 4, 2017. Oiapoque city is seen in the background REUTERS/Ricardo Moraes 7/18 left right Fishermen navigate in the Atlantic Ocean on the coast of Amapa state, near the mouth of the Oiapoque river, northern Brazil, April 3, 2017. REUTERS/Ricardo Moraes 8/18 left right A family is seen outside their house in Calcoene, northern Brazil, April 1, 2017. REUTERS/Ricardo Moraes 9/18 left right Valeria Leal stands on the deck of the house where she lives on an island in the Oiapoque River in Amapa state, Brazil, April 4, 2017. Oiapoque city (R) and the French Guiana are seen in the background. REUTERS/Ricardo Moraes 10/18 left right Birds fly over the mouth of the Araguari River on the coast of Amapa state, near Amapa city, northern Brazil, March 31, 2017. REUTERS/Ricardo Moraes 11/18 left right A farm worker washes his pig in a boat as they wait to sail up the river during low tide at the mouth of the Calcoene River, on the coast of Amapa state, northern Brazil, April 6, 2017. REUTERS/Ricardo Moraes 12/18 A cat sits below salted fish in Calcoene, northern Brazil, April 1, 2017. REUTERS/Ricardo Moraes 13/18 left right A house stands among rivers next to the mouth of Amazonas River on the coast of Amapa state, near Macapa city, northern Brazil, March 31, 2017. REUTERS/Ricardo Moraes 14/18 left right Fishermen unload fish from their boat on the banks of Amapa Grande River on the coast of Amapa state, in Amapa city, northern Brazil, April 1, 2017. REUTERS/Ricardo Moraes 15/18 left right Mangroves grow on the banks of Oiapoque River on the coast of Amapa state, near Oiapoque city, northern Brazil, April 3, 2017. REUTERS/Ricardo Moraes 16/18 left right Jailson, a crab collector, tries to pick a crab at a mangrove swamp located at the mouth of the Calcoene River on the coast of Amapa state, northern Brazil, April 6, 2017. REUTERS/Ricardo Moraes 17/18 left right Waves reach a forest on the banks of Atlantic Ocean on the coast of Amapa state near Oiapoque city, northern Brazil, March 31, 2017. REUTERS/Ricardo Moraes 18/18 By Marta Nogueira OIAPOQUE, Brazil - Deep beneath the waters of the Atlantic off Brazil''s most northern coast, French major Total SA is hunting for what it hopes will be Latin America''s next big oil discovery. Metal drill bits, pipes and containers filled with equipment sit in the tropical port of Bel<65>m, near the mouth of the vast Amazon River, ready to sink the first exploratory wells 120 km (75 miles) offshore. Some geologists say the area, known as the Foz do Amazonas Basin, may contain as many as 14 billion barrels of petroleum, more than the enti
'a1ae69e07ad63db00354938e051556ee15cb77e0'|'UPDATE 1-Brazil police probe BNDES loans to JBS -source'|'Market   12:26pm EDT UPDATE 3-JBS shares drop as Brazil police probe loans to meatpacker (Adds JBS statement in paragraph 7) By Lisandra Paraguassu and Pedro Fonseca BRASILIA May 12 Brazil federal police are investigating suspected fraud in loans by state development bank BNDES to JBS SA, a police source said on Friday, sending shares of the world''s largest meat processor lower after a series of scandals. Separately, police said earlier on Friday they would detain 37 people for questioning and conduct 20 search and seizure warrants as part of a probe into an unnamed meatpacker. The police source said authorities had issued warrants to bring in for questioning Joesley Batista, the former chief executive of holding company J&F Participa<70><61>es SA that controls JBS, and Luciano Coutinho, the former head of BNDES. Both men are believed to currently be outside Brazil, the source added. Reports of the investigation sent common shares of JBS down more than 3 percent in early trading on the Sao Paulo stock exchange, in a rising market. Police said in a statement that BNDES subsidiary BNDES Participa<70><61>es SA had from June 2007 onwards disbursed loans to fund 8.1 billion reais ($2.6 billion) of acquisitions of other meatpacking companies. Police suspect fraud in those transactions, which were approved after "a meatpacking company" hired a consultancy owned by an unnamed lawmaker, the statement said. According to the police source, former finance minister Antonio Palocci owned the consulting firm. Calls to a lawyer representing Palocci went unanswered. JBS SA said in a statement that all investments it received from BNDES followed laws and regulations governing capital markets. BNDES said it was assisting the federal police with their investigation and would make another statement later in the day. NATIONAL CHAMPION Over the last two decades, JBS relied on public support to fund vast expansion plans as one of the companies handpicked to be "national champions" under leftist Workers Party federal administrations. That strategy has come under scrutiny in recent months. Prosecutors said JBS''s parent, holding company J&F, paid bribes to politicians to get investments from pension funds of state-run companies. JBS is also one of the targets of an investigation into alleged bribery of safety and health inspectors, which led several countries to briefly ban imports from Brazil in March. JBS has repeatedly denied any wrongdoing. Reuters reported on Wednesday that JBS was considering postponing a New York listing of a global food processing unit originally expected for the second quarter given lukewarm investor feedback amid the scandals. That would be another blow to efforts by JBS to implement a plan to transform itself into a global food processor. More than two-thirds of its revenue comes from operations outside Brazil. Weighed down by the series of scandals, common shares of JBS are nearly flat in 2017, lagging a 12 percent increase of Brazil''s benchmark Bovespa stock index. ($1 = 3.14 reais) (Reporting by Lisandra Paraguassu; Writing by Bruno Federowski; Editing by Lisa Von Ahn, Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-jbs-sa-idUSL1N1IE0F8'|'2017-05-12T20:49:00.000+03:00'
'47bc42c4aaf59d9ec31201673ec229f4737abd80'|'One in three tenants borrow money to pay rent, says Shelter - Money'|'More than half a million low earners have had to resort to borrowing money via credit cards, overdrafts and other sources to pay their rent during the past year, according to new figures.The data was published by housing charity Shelter , which said many private renters were having to take on <20>desperate or dangerous debts<74> to keep a roof over their head.It has called on the next government to commit to building 500,000 new <20>living rent<6E> homes, where the amount paid each month is capped at around a third of a lower-earning household<6C>s income.The survey by Shelter and YouGov, carried out in April, found that of the almost 1.6 million private tenants falling into the low-earner category, one in three <20> around 511,000 <20> had borrowed money during the past year to keep on top of their rent.If people in work struggle with rent, what hope for people out of work? Read more The largest number, an estimated 299,000, had used an overdraft, which involves paying interest or fees (or both), while 249,000 borrowed via a credit card. Almost 100,000 tenants used money from parents that they had to pay back, while 91,000 borrowed from other family members or friends to tide themselves over.Some 57,000 took a loan from a bank or building society, while an estimated 42,000 turned to a payday loan, where the quoted interest rates can be in excess of 1,500% APR, despite price caps being in force. Many of the tenants borrowed from more than one of these sources.Shelter said it believed the figures were conservative because some of those surveyed declined to disclose their income and were therefore excluded from this category. It added that the research had shown that <20>huge numbers<72> of low-earning renters were only just managing to keep a roof over their heads, with 70% either struggling with or falling behind on rent.With rent swallowing up so much of their income, around 800,000 tenants on tight budgets were not even able to save <20>10 a month, according to the charity<74>s analysis of government data.Anne Baxendale, director of communications for policy and campaigns at Shelter, said: <20>No family should have to choose between relying on their credit card to keep up with the rent, or moving miles away from their jobs and schools to find a home they can afford. Right now, there<72>s nowhere for these people to turn, but it doesn<73>t have to be this way.<2E>The good news for some is that rents have apparently been falling in parts of the country: in April, lettings agency Your Move said typical rents in London had declined sharply , with new tenants in the capital typically paying almost <20>100 a month less than their counterparts a year earlier. In March, Countrywide, the UK<55>s biggest estate and lettings agency, said rents in Britain had recorded their first annual drop for six years .Topics Borrowing & debt Renting property Property Family finances news   Share   Reuse this content'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/may/12/tenants-borrow-money-pay-rent-low-earners-shelter'|'2017-05-12T16:01:00.000+03:00'
'ff5d6e206dbf26872cbc896edec304405df1f32e'|'Italian packaging firm Guala Closures picks banks for either sale or IPO -sources'|'MILAN/FRANKFURT May 12 Private-equity held Italian packaging firm Guala Closures is moving ahead with plans for a sale or a stock market listing that may value the company at more than 1 billion euros ($1.1 billion), sources close to the matter said.Guala''s main shareholder, Apriori Capital Partners, has asked Credit Suisse and Barclays to lead the divestment process of the company specialising in closures, such as bottle tops, for sealing spirits, they said.The banks declined to comment, while Apriori was not immediately available for comment.Guala posted earnings before interest, tax, depreciation and amortization of 105 million euros in 2016. It may be valued at 9-11 times its expected 2017 core earnings of 110 million, the sources said.The auction is expected to start before the summer break with a view to signing a sale or launching an initial public offering in the fourth quarter, one of the sources said. ($1 = 0.9197 euros) (Reporting by Elisa Anzolin and Arno Schuetze, editing by Valentina Za)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/guala-ma-italy-idINI6N1HZ01X'|'2017-05-12T09:25:00.000+03:00'
'4c028e96259bb101f55bb21cd8b5b79ecf7c7624'|'CANADA STOCKS-TSX slips shortly after open as financials, Aimia drag'|'Market News - Thu May 11, 2017 - 9:51am EDT CANADA STOCKS-TSX slips shortly after open as financials, Aimia drag TORONTO May 11 Canada''s main stock index fell on Thursday, dragged lower by financial stocks following a downgrade by Moody''s on Canada''s six biggest banks, and loyalty program operator Aimia Inc, which plunged on news Air Canada will launch its own program. The Toronto Stock Exchange''s S&P/TSX composite index fell 24.95 points, or 0.16 percent, to 15,608.26. Three of the index''s 10 main groups retreated. (Reporting by Solarina Ho)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1ID0QO'|'2017-05-11T21:51:00.000+03:00'
'873747e05881306886d7ad3bbce6cb627fd1d4ca'|'Exclusive - Barclays rejigs global investment banking team, seeks new hires: sources'|'Thu May 11, 2017 - 4:43pm BST Exclusive: Barclays rejigs global investment banking team, seeks new hires FILE PHOTO: A Barclays sign is seen outside a branch of the bank in London, Britain, February 23, 2017. REUTERS/Stefan Wermuth By Anjuli Davies and Lawrence White - LONDON LONDON Barclays ( BARC.L ) reshuffled its senior global investment bank management on Thursday and is seeking to hire between 50 to 100 people to boost the division under new chief Tim Throsby, according to sources with direct knowledge of the plans. Throsby will become interim head of the bank''s markets division while Joe Corcoran, who previously held the role, will move to the newly created position of vice chairman of markets, the sources said as the bank looks to take on Wall Street rivals. Joe McGrath will be the new global head of banking at Barclays and John Miller will become the head of global industry coverage banking, reporting to McGrath. A spokesman for Barclays confirmed the changes. CEO Jes Staley has stressed that investment banking is a key pillar of the bank''s growth strategy and in September appointed former JPMorgan ( JPM.N ) colleague Throsby to head the international division that houses Barclays'' investment bank. The British bank worried investors in April when first quarter results showed a weak performance at its markets business, missing out on a bond trading boom enjoyed by Wall Street rivals in the first three months of 2017. Staley attributed the poor showing to weakness in the bank''s U.S. rates business and a tough comparison with the previous year, saying it would be wrong to start questioning the business based on one quarter''s performance. Since taking up his role in January, 50-year-old Australian Throsby has stressed that the investment bank is trying to shift the business from survival mode to flourish mode, according to a person familiar with the matter. As part of Throsby''s bid to beef up the investment bank he is looking to hire between 50 and 100 people globally and will focus on key areas such as rates trading, foreign exchange and also equities, according to the same source who spoke on condition of anonymity. In Barclays'' trading division, income from its markets business fell 4 percent to 1.35 billion pounds ($1.75 billion) in the first three months of the year, as macro income fell 14 percent due to a weaker performance by its U.S. rates business in particular. Barclays fared better in advisory and underwriting, reporting its best ever performance in debt capital markets in terms of market share. Banking fees jumped 51 percent to 726 million pounds, its best performance in three years, outperforming an average 33 percent rise across the U.S. banks. The bank, which hopes to turn a chapter on its restructuring plans in June with the closure of its non-core business, is hoping to compete with Wall Street rivals and in order to do so is looking for senior level hires, particularly in sales and trading on a case-by-case basis. One such position immediately up for grabs is head of Europe and Middle East banking, for which McGrath will recruit both internally and externally, one of the sources said. Jean-Francois Astier will head the bank''s global capital markets business. Sam Dean, head of corporate finance for Europe, will retire from the firm as part of the changes, according to the sources. (Reporting By Anjuli Davies and Lawrence White; Editing by Rachel Armstrong)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-barclays-investment-bank-exclusive-idUKKBN18728C'|'2017-05-11T23:42:00.000+03:00'
'2dc7ed1beda8780c845b53e496843e05dfe41707'|'U.S. used-car glut is a dealer<65>s dream, automakers<72> nightmare'|'ORWELL, Ohio Three years ago if a customer walked onto Dan Reel''s used car lot seeking a late-model off-lease Ford Escape, his answer was short: tough luck. The supply of lightly-used cars and trucks was tight because automakers had drastically cut back on bargain leases during and after the Great Recession.Recently, though, a computer search for available used vehicles within 150 miles of Reel revealed an eye-popping figure: 668 Escapes. That''s enough to put more than 40 percent of the inhabitants of this small northeastern Ohio town, population 1,600, into the popular crossover. A search for the Chevrolet Equinox, a comparable crossover, showed 461 available. "The automakers have flooded the market," said Reel, owner of Reel<65>s Auto in Orwell, Ohio, about 40 miles east of Cleveland.That deluge is good news for used-car dealers, auto auction houses and car buyers, who stand to benefit from a bountiful supply of high quality, off-lease vehicles rolling into the U.S. market.By the end of 2019, an estimated 12 million low-mileage vehicles are coming off leases inked during a 2014-2016 spurt in new auto sales, according to estimates by Atlanta-based auto auction firm Manheim and Reuters.That''s helping independent dealers such as Reel, who can turn a quick profit on vehicles bought cheaply from auction companies. Big players like AutoNation also aim to benefit from selling late-model vehicles at a discount versus brand new cars.Chief Executive Mike Jackson said rising off-lease car numbers means "a higher supply of pre-owned vehicles at a more attractive price.<2E>Consumers seeking great deals are in luck. Used-vehicle prices at auction fell about 3 percent last year, according to Carmel, Indiana-based KAR Auction Services Inc ( KAR.N ), which facilitated the sale of 5.1 million used and salvaged vehicles in 2016. Used prices should drop around 3 percent annually for the next couple of years, according to KAR''s chief economist Tom Kontos.General Motors Co ( GM.N ) and Ford Motor Co ( F.N ) say prices for its used vehicles, which consist largely of nearly-new ones coming off lease to consumers, fell 7 percent in the first quarter versus the same period in 2016. GM says it expects a 7 percent decline for 2017 compared to last year. DETROIT THREE NOT CELEBRATINGWhile many used-car dealers and their customers are spoiled for choice, the glut bodes ill for GM, Ford and Fiat Chrysler Automobiles NV ( FCAU.N ) ( FCHA.MI ) and is one reason the Detroit Three''s share prices are stuck in neutral.Demand for new vehicles is slowing after seven consecutive years of rising sales. Meanwhile, carmakers'' discounts on new vehicles have surpassed record levels set during the Great Recession. Those discounts have been averaging over 10 percent of a new vehicle''s average selling price, according to industry consultants J.D. Power and LMC Automotive.Slumping prices also hurt automakers'' in-house lenders. They price leases using a car''s "residual value" - an estimate of the vehicle''s worth after its lease ends. If that value is lower than expected when the vehicle is resold, profits suffer. That risk was highlighted last November when Ford lowered its financial service arm''s pretax profit forecast by $300 million, citing falling resale values for off-lease vehicles.Still, carmakers show no sign of abandoning leasing. In the first quarter, leases made up 31.06 percent of sales to consumers, just below the record set in the second quarter of 2016 of 31.44 percent, according to data from Experian. For a graphic showing leasing activity, see: [ tmsnrt.rs/2pe1E2x ]Wall Street is worried carmakers are repeating past mistakes. Shares of GM and Ford barely budged last month after their earnings both beat analyst expectations.But when the companies reported disappointing April sales last week, GM''s shares fell 3 percent and Ford''s 4 percent.Automakers contend there is little cause for alarm. In late April, GM chief financial officer Chuck S
'c32cc524050d1ff8ae7e79e14528b12f83f0791d'|'Trivago getting a lift from rise of alternative accommodation'|'Mon May 15, 2017 - 9:04pm BST Trivago getting a lift from rise of alternative accommodation FILE PHOTO - Trivago co-founder and CEO Rolf Schromgens celebrates before ringing the opening bell on the Nasdaq Stock Market as Trivago (TRVG), the hotel search platform, was listed during an initial public offering (IPO) at the Nasdaq Market Site in New York, U.S.,... REUTERS/Mike Segar By Ankit Ajmera Trivago NV ( TRVG.O ) is benefiting from a surge in the listing of alternative accommodations, even as hotel referrals generate the lion''s share of sales, its CEO said, after the company reported a 68 percent jump in quarterly revenue. "This growth that we have is basically also due to the fact that we are growing stronger in alternative accommodation," Chief Executive Officer Rolf Schromgens told Reuters in a telephonic interview from his office in Dusseldorf, Germany. Apartment sharing sites such as Airbnb and HomeAway, owned by U.S. online travel firm Expedia Inc ( EXPE.O ), have fueled growth in the vacation rental market, which is expected to hit about $194 billion by 2021, according to market research firm Technavio, as more millennials look to tap the sharing economy. The market, which includes shared apartments and vacation rental homes, was valued at more than $100 billion in 2016. "Booking.com or Expedia are adding more and more alternative accommodation to the inventory. And when they are adding, we are adding that too," Schromgens said. Booking.com is a unit of Priceline Group Inc ( PCLN.O ). Shares of Trivago, majority owned by U.S. online travel firm Expedia, rose as much as 22.8 percent to a record high of $21.89 in early trading on Monday. Trivago allows customers to search through hotel deals aggregated across a variety of online travel sites and generates much of its revenue when a customer clicks on the offers. Priceline Group and its affiliated brands, including Booking.com, accounted for 43 percent of Trivago''s total revenue in 2016, while Expedia comprised 35 percent of total revenue. Trivago also raised its 2017 revenue growth forecast to 50 percent, from 45 percent previously, and adjusted earnings before interest, tax, depreciation and amortization to be "slightly up", compared with flat to a slight increase earlier. Through Friday''s close, the company''s shares had gained about 62 percent since their debut in December. (Reporting by Ankit Ajmera in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-trivago-results-idUKKCN18B2H2'|'2017-05-16T04:02:00.000+03:00'
'3d07fbe98a753bdbe896754514b7b13f4d20cbac'|'Dassault Aviation sees new deal for its Rafale fighter jet in 2018 -report'|' 08pm EDT Dassault Aviation sees new deal for its Rafale fighter jet in 2018 -report PARIS May 14 French plane-maker Dassault Aviation SA sees a new sale contract for its Rafale fighter jet in 2018, Chief Executive Eric Trappier   with French regional newspaper Sud-Ouest on Sunday. "After a contract signed in India, regarding the delivery of 36 Rafale jets, and the order of 24 of these aircraft by Egypt and 24 other by Qatar, we should soon conclude a fourth contract abroad, but it will rather be in 2018," Trappier said in the interview. Dassault Aviation is also in talks with India over a potential second contract, Trappier added. "We''re notably in talks with Malaysia over 18 aircraft, but also with India over a second contract," the plane-maker''s CEO said. "India''s needs are enormous. Hence, for its navy, 57 aircraft are considered," he added. Rafale is seen as front-runner in Malaysia, as the country looks to replace its aging fleet of combat aircraft. A deal to sell 18 jets could potentially be more than $2 billion, sources have said. (Reporting by Mathieu Rosemain; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/dassault-avi-rafale-contract-idUSL8N1IG107'|'2017-05-15T06:08:00.000+03:00'
'323622e8a5be23b51f16485a891d7538d30cc664'|'South Africa reviewing five shale gas exploration applications: official'|'Commodities - Mon May 15, 2017 - 10:18am EDT South Africa may award first shale gas exploration licenses by end-Sept FILE PHOTO: A windmill pumps water from a borehole in the semi-arid Karoo region near Graaf Reinet, South Africa, October 11, 2013. REUTERS/Mike Hutchings/File Photo By Wendell Roelf - JOHANNESBURG JOHANNESBURG South Africa''s government may award its first shale gas exploration licenses by the end of September, after environmental objections delayed the process, a senior government official said on Monday. The five license applications under review are for exploration in the semi-arid Karoo basin. Environmentalists criticized plans to work in the sparsely populated region, known for its rugged scenery and home to rare species such as the mountain zebra and riverine rabbit. Royal Dutch Shell, Falcon Oil and Gas and Bundu Gas & Oil are among five firms whose applications were being reviewed by the regulator, acting Petroleum Agency SA (PASA) Chief Executive Lindiwe Mekwe told Reuters. PASA would make recommendations to Mineral Resources Minister Mosebenzi Zwane to decide on the license awards. "We anticipate that the minister will be in a position to make a determination during the second or third quarter," Mekwe said. "If the decision is made this year the exploration rights will be valid for a period of three years, exploration activities should commence within three years," she said. South Africa is seeking to replace its dwindling offshore gas reserves and reduce reliance on coal to fuel power plants. Shell said last year its Karoo project could compete in its global shale gas and oil portfolio provided commercial terms were attractive. It had previously pulled back from the plans due to low energy prices and license delays. South Africa<63>s recoverable gas reserves from onshore shale and offshore gas fields was estimated in 2015 at about 19.5 trillion cubic feet (TCF). Officials say it would take about a decade to significantly develop these gas resources. Mekwe said Total had applied to renew its offshore exploration license, but was not expected to drill in the next two years as the French firm continued engineering work for a drill ship to deal with rough sea conditions. Sasol, Exxonmobil and Impact had received an upgrade in their technical co-operation permits, which entitle holders to conduct desktop studies, to offshore exploration licenses, she added. Mekwe called for more opportunities for black citizens to enter the oil and gas industry, expected to expand once a Mineral and Petroleum Resources Development Bill is finalised. "PASA is indeed adding weight on black economic empowerment credentials," Mekwe said. (Editing by Ed Stoddard and Edmund Blair) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-safrica-shalegas-idUSKCN18B0WE'|'2017-05-15T12:52:00.000+03:00'
'a99b1b282ad13950aef65f21a478d24df3d91041'|'Innogy signals further costs cuts at UK business Npower'|'Business News   2:18pm BST Innogy signals further costs cuts at UK business Npower A sign hangs outside the building of electricity provider npower in Solihull, Britain, March 7, 2016. REUTERS/Darren Staples/File Photo By Christoph Steitz - FRANKFURT FRANKFURT Innogy ( IGY.DE ), Germany''s largest energy group, lost another 200,000 customers in Britain and warned of further cost cuts at its Npower business, which is no longer expected to make a profit this year because of growing competition. Smaller German rival E.ON ( EONGn.DE ) this week also warned of tougher conditions in the British retail market, where Prime Minister Theresa May has pledged to cap household energy prices if she is re-elected on June 8. The industry argues that competition is increasing and that a price cap could reverse that trend and choke off investment as well as further erode already low margins. Nowhere in mainland Europe was Innogy operating "in a political climate remotely as hostile to utilities as the UK is", Chief Financial Officer Bernhard Guenther told analysts on Friday after presenting first-quarter results. He added any price cap in Britain would be taken into account in the company''s next impairment test, suggesting that Npower''s book value could potentially be revised downwards. Innogy said it was looking at a number of different options, including strategic, for the business, which has been a headache since billing problems and rapid customer losses first surfaced in 2015. Guenther told Reuters in late 2015 that an exit from Britain could not be ruled out if a turnaround at Npower failed. Npower accounts for less than 3 percent of Innogy''s operating profit but has become the group''s single biggest problem, leading to 2,400 job cuts, more than a fifth of the total at the business. "Further efficiency improving measures at Npower are being examined," Innogy said. Despite the problems at Npower, Innogy maintained its full-year outlook. It expects adjusted EBIT of 2.9 billion euros (<28>2.4 billion), adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of about 4.4 billion and adjusted net income of more than 1.2 billion. During the first three months of the year, Npower lost 211,000 residential and commercial clients, a decrease of 4.3 percent, bringing their number down to 4.686 million, Innogy said in e-mailed comments. First-quarter adjusted earnings before interest and tax (EBIT) at the unit plunged 74 percent to 34 million euros, Innogy said, adding it no longer expected the business to make a profit in 2017. "The negative update on UK retail (Npower) raises a number of questions on the ability of the company to weather even rougher storms such as the proposed... price cap," Deepa Venkateswaran, senior analyst at Bernstein, wrote. (Editing by Georgina Prodhan and Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-innogy-results-idUKKBN1880G9'|'2017-05-12T21:18:00.000+03:00'
'b7878bcf20f9df53f1849b1a20311a2b4077c992'|'European stock funds in U.S. attract 2nd most cash on record -Lipper'|'Money - Thu May 11, 2017 - 7:40pm EDT European stock funds in U.S. attract near-record cash: Lipper FILE PHOTO: U.S. dollar notes are seen in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration/File Photo By Trevor Hunnicutt - NEW YORK NEW YORK Investors stampeded into U.S.-based stock funds that invest in Europe, plowing the second-largest amount on record into those products and the most in two years, Lipper data showed on Thursday. European stock funds in the United States collected $1.7 billion in the week ended Wednesday, the data showed, following the victory on Sunday of European centrist Emmanuel Macron over eurosceptic Marine Le Pen in the French presidential runoff. The cash flows into the Europe funds are the biggest since the category''s largest week ever in February 2015, when fears of a Greek exit from the European Union were ebbing and markets gorged on monetary policy stimulus, according to the research service''s records that date back to 1992. "There was a sigh of relief," said Tom Roseen, head of research services at Thomson Reuters Lipper, despite the fact that the result was widely predicted. "There are buying opportunities in Europe." DoubleLine Capital LP chief Jeffrey Gundlach on Wednesday told Reuters that volatility in stock markets is "insanely low" and that European and emerging markets equities are more attractive than U.S. equities. The pan-European STOXX 600 index has returned 11 percent since the end of 2016, while the S&P 500 has added 7.7 percent in that period. The figures include dividends. Flow figures for U.S.-based domestic stock funds corroborated the shift to overseas equities. Investors pulled$4.6 billion from funds focused on domestic shares, and added$2.5 billion in cash to equity funds primarily invested abroad. The largest inflows went to iShares MSCI EAFE ETF, which invests in developed markets outside the United States, and pulled in an estimated $1.1 billion. The iShares MSCI Eurozone ETF gathered $933 million. But investors yanked $2.5 billion from SPDR S&P 500 ETF and $1.2 billion from iShares Russell 2000 ETF. Both invest broadly in U.S. stocks. U.S.-based taxable bond funds reeled in $2.2 billion in their eighth straight week of inflows, but riskier high-yield bond funds posted $1.7 billion in withdrawals, the largest weekly outflow figure in about two months. Emerging market stock funds in the United States posted their first weekly outflow of the year, with $305 million in withdrawals. Technology sector stock funds attracted $557 million in their second biggest week of inflows in 2017. The iPath S&P 500 VIX Short-Term Futures ETN, designed to reflect traders'' projections of stock market volatility, attracted its biggest cash inflow since late October 2016, Lipper data showed. The CBOE Volatility Index, a measure of implied volatility known as the "fear gauge" for U.S. stocks, fell earlier this week to its lowest close since 1993. (Reporting by Trevor Hunnicutt; Editing by Jennifer Ablan and Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-investment-mutualfunds-lipper-idUSKBN187308'|'2017-05-12T05:41:00.000+03:00'
'3839dcbad9d19b992f494987a8806c5db6973316'|'Toronto transit agency buys 61 cars from Alstom, spurning Bombardier'|'Market   10:53am EDT Toronto transit agency buys 61 cars from Alstom, spurning Bombardier MONTREAL May 12 Ontario transit agency Metrolinx said on Friday it is entering into an agreement to buy 61 light rail vehicles from French train maker Alstom, spurning its Canadian rival Bombardier Inc. Metrolinx, which is in a dispute with Bombardier over delivery delays, said in a statement that the Alstom "order we are taking give us a safety net if it turns out Bombardier is unable" to fulfill its contract. (Reporting By Allison Lampert)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/alstom-canada-idUSL1N1IE0YP'|'2017-05-12T22:53:00.000+03:00'
'34547732176205d1adcdbe014949d3465aca15ba'|'Lower bonus pushes Tesco CEO''s pay down by 10.5 percent'|'  11:57am BST Lower bonus pushes Tesco CEO''s pay down by 10.5 percent Tesco Group Chief Executive, Dave Lewis speaks at an analyst presentation in London, Britain, April 12, 2017. REUTERS/Hannah McKay LONDON The chief executive of Tesco ( TSCO.L ), Dave Lewis, saw his total pay package fall 10.5 percent last year, even though the supermarket group achieved a 25 percent rise in profit and its first full year of sales growth for seven years. Lewis made 4.15 million pounds in its 2016-17 financial year, down from 4.63 million pounds in 2015-16, according to the annual report from Britain''s biggest retailer, published on Friday. The reduction reflected a 21 percent fall in his short term bonus to 2.36 million pounds, with 75.6 percent of the maximum paid versus nearly the full amount in the previous year. His salary was maintained at 1.25 million pounds and has not been raised for 2017-18. The bonus is based on profit, revenue and a number of personal targets. After Tesco''s sales, profit and asset values were hammered by changing shopping habits, the rise of German discounters Aldi and Lidl and an accounting scandal, the firm has been fighting back under Lewis, who joined the firm in September 2014. Last month Tesco beat forecasts for annual profit as its recovery gained pace, potentially strengthening the hand of Lewis as he seeks investor backing for his plan to buy wholesaler Booker ( BOK.L ). "Tesco has had a year of strong progress, delivering against the three turnaround priorities of improving competitiveness in the UK, a more secure balance sheet and rebuilding trust, which were set in 2014," said Deanna Oppenheimer, chair of Tesco''s pay committee. Tesco''s Chief Financial Officer Alan Stewart received a total pay package of 2.24 million pounds, down 14 percent. Shares in Tesco, up 15 percent over the last year, were down 0.9 percent at 178.75 pence at 1029 GMT. (Reporting by James Davey; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tesco-management-idUKKBN1881F5'|'2017-05-12T18:57:00.000+03:00'
'2faaae361816e3f361821fae556c376e724274f8'|'UPDATE 1-Brazil''s Ita<74> buys 49.9 pct in XP for $2 bln'|'(Adds agreement details, including option to acquire controlling stake)SAO PAULO May 11 Ita<74> Unibanco Holding SA , Brazil''s largest bank, has agreed to acquire a 49.9 percent stake in brokerage firm XP Investimentos SA for 6.3 billion reais ($2 billion) and gradually increase its stake with an option to buy full control.Ita<74> will pay 5.7 billion reais to shareholders General Atlantic LLC and Dyna III fund for their stakes in XP. Additionally, the bank will inject 600 million reais into the broker, Ita<74> said in a securities filing late on Thursday.According to the transaction terms, Ita<74> will appoint two board members at XP Investimentos, and acquire two additional stakes in 2020 and 2022, increasing its share of XP''s capital to 74.9 percent.XP partners led by founder and Chief Executive Officer Guilherme Benchimol will maintain control of the broker and run it separately from Ita<74> for at least seven years. When Ita<74> reaches a 74.9 percent stake in 2022, the bank will still be a minority shareholder, owning 49.9 percent of voting capital.Two years later, in 2024, Benchimol and its partners will have the option to sell their remaining 24.1 percent stake to Ita<74>. If they decline to do so, Ita<74> will have the right to acquire the remaining stake in 2033.The deal values the Brazilian broker at around 12 billion reais, or 20 times its net income. That was on the lower range of the valuation that XP shareholders had expected in a planned initial public offering of shares. (Reporting by Tatiana Bautzer; Editing by Sandra Maler and Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/xp-investimentos-ma-itau-unibco-hldg-idINL1N1IE035'|'2017-05-12T01:12:00.000+03:00'
'ac0cdea4ebf6dcc83aab00cfa8e1c975ec60d205'|'German prosecutors investigate works council pay at Volkswagen'|'Autos   2:41pm BST German prosecutors investigate works council pay at Volkswagen Bernd Osterloh, head of Volkwagen''s works council, delivers his speech as employees of German carmaker Volkswagen demonstrate at the company''s headquarters in Wolfsburg, Germany, May 11 , 2016. REUTERS/Fabian Bimmer By Jan Schwartz - HAMBURG HAMBURG German prosecutors are investigating current and former executives at Volkswagen ( VOWG_p.DE ) on suspicion that they paid works council chief Bernd Osterloh an excessive salary. In Germany, wasting corporate funds is legally a breach of fiduciary duty. "I can confirm that the Braunschweig prosecutor''s office currently has a case on early suspicion of breach of fiduciary trust," Braunschweig prosecutor Julia Meyer said in an emailed statement. She declined to name any suspects or provide details of the investigation. Volkswagen said its pay for works council members conformed with German rules and that external legal experts had confirmed that Osterloh''s remuneration was appropriate. The Volkswagen works council separately said it had been informed about the probe against current and former company representatives, whom it also did not name. Works council chief Osterloh receives a salary equivalent to a business unit manager at Volkswagen, which is below that of a management board member, it said. "Had he decided to accept an offer to become head of personnel, his remuneration would have been significantly higher. He instead decided to continue to devote his time to the workforce," it said in a statement. (Reporting by Jan Schwartz; Writing by Edward Taylor; Editing by Maria Sheahan and Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-pay-probe-idUKKBN1881VI'|'2017-05-12T21:41:00.000+03:00'
'ddb475a4cf247077c58ab03079e32c1701f59601'|'Chinese media told not to mention Belt and Road investments by country'|'Business News - Fri May 12, 2017 - 10:50am BST Chinese media told not to mention Belt and Road investments by country Chinese Premier Li Keqiang and Ethiopia''s Prime Minister Hailemariam Desalegn attend a signing ceremony at the Great Hall of the People in Beijing, China, May 12, 2017. REUTERS/Thomas Peter By Yawen Chen and Christian Shepherd - BEIJING BEIJING A Chinese official told local reporters on Friday to focus on the inclusiveness of China''s Belt and Road initiative and refrain from reporting the amount of Chinese investment in specific countries along the route. Leaders from 29 nations will gather in Beijing this weekend for China''s ambitious new Silk Road initiative that aims to develop economic links between Asia, Africa and Europe. Chinese investment could reach up to $130 billion (<28>101.1 billion) annually over the next five years. A provincial official told a group of Chinese reporters after a press briefing that they should not report on China''s investment in countries along the Belt and Road routes, an instruction that is different from past practices, due to the sensitivity of the matter. "You reporters should focus on the theme of developing together, not what we (China) do with certain countries, because that could make other countries uncomfortable," said the official from the eastern province of Fujian. China has long used references to countries along the Belt and Road routes in its official communiques about the initiative. Chinese media coverage of the two-day Belt and Road Forum, due to kick off on Sunday, has been relentlessly upbeat. China has also rejected suggestions that the new Silk Road is about Beijing trying to dominate the world and mould it to its liking, saying it is good for all and anyone can join. Keeping the rhetoric on an initiative that is open to all nations, some officials at the Fujian press conference denied that there were just 65 countries under the Belt and Road initiative, saying there was no such specific number. "What I can tell you is that we have repeatedly said the Belt and Road is an open and inclusive proposal," Chinese foreign ministry spokesman Geng Shuang said on Friday. "The Belt and Road does not have this concept of members. Anyone can join it." Even countries not situated on the Silk Road - old or new - have been welcome to join the initiative. The leaders of Chile and Argentina will be attending the summit, as well as representatives from the United States. President Xi Jinping first proposed the Belt and Road initiative in 2013. Since then, he has used it to help portray China as an open economy, distinct from a rising wave of global protectionism. The Belt and Road initiative should not just be a "China solution" for the world, a Chinese think tank said on Wednesday. "Belt and Road when it first started was a China solution. Afterwards it became that all solutions from any country are fine," said Wang Huiyao, head of the Centre for China and Globalization. "Developed countries can also make suggestions - any country can create a solution for Belt and Road." (Reporting by Yawen Chen and Christian Shepherd; Additional reporting by Ben Blanchard in BEIJING; Writing by Ryan Woo; Editing by Nick Macfie)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-silkroad-media-idUKKBN18817O'|'2017-05-12T17:50:00.000+03:00'
'f390688db502b8e2e17cfc32fe8db334fd8fcdd0'|'RPT-Wife of ESPN sportscaster Chris Berman killed in car wreck'|'(Repeats to add picture designation; no changes to text)May 10 ESPN sportscaster Chris Berman''s wife of 34 years was killed in a car crash in the couple''s home state of Connecticut, authorities said on Wednesday.Katherine Berman was driving on Tuesday when her car struck a sport utility vehicle in Woodbury, causing her car to roll down an embankment and overturn, according to an accident report from Connecticut State Police.She and the occupant of the other car, an 87-year-old man, both were killed, officials said. The cause of the collision was under investigation.Katherine Berman''s death came one day before Chris Berman''s 62nd birthday on Wednesday.Berman has long been one of the biggest stars on ESPN, which is owned by the Walt Disney Co and is one of the most watched networks on cable television."This is a devastating tragedy and difficult to comprehend," ESPN President John Skipper said in a statement on Katherine''s death. "Chris is beloved by all his ESPN colleagues and for good reason: He has a huge heart and has given so much to so many over the years."Berman, nicknamed "Boomer," for years anchored "SportsCenter," the network''s flagship show, and hosted its "Sunday NFL Countdown" program. He has won the National Sportscaster of the Year award six times.Berman, who joined ESPN in 1979, announced in a January interview with Sports Business Daily that he was reducing his role at ESPN in a new contract with the network.Berman met Katherine, who was then a grade-school teacher, on a roadway by pretending to have car trouble and asking her out when she stopped to check on him, according to a 1993 article in People magazine.The couple married in 1983 and had two children, Meredith and Douglas. (Reporting by Alex Dobuzinskis in Los Angeles)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/people-berman-idINL1N1IC2D7'|'2017-05-10T20:35:00.000+03:00'
'6308ea8627792675d4675025d8605381d53a6ef3'|'European shares ease, Unicredit boosts Italian banks'|'* STOXX 600 down 0.2 pct* Italian banks rise after Unicredit results* U.S. seismic survey permit review boosts TGS* BT falls after revealing restructuring plan (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets)By Helen ReidLONDON, May 11 Italian banks shone in lacklustre European trading on Thursday after Unicredit''s results indicated its turnaround was gathering pace.Europe''s STOXX 600 slipped 0.1 percent, while the eurozone''s broader stocks and blue-chip indices fell 0.2 percent.Financials were a bright spot for the second day running, with Unicredit up 4.4 percent after rising revenues and lower loan losses gave it better-than-expected first-quarter profits."We believe that strong headlines across the board on asset quality, capital and profit recovery should all support continued re-rating of the stock," said Jefferies analysts.Italy''s banking index tested its highest levels in more than a year as Mediobanca, Ubi Banca, and Banco BPM rose 1.8 to 3.5 percent. Italian blue chips outperformed their European peers, rising 0.3 percent."If the market wants to continue buying the reflation trade, Italian banks are the most sensitive to rising rates," said Antonio Guglielmi, head of equity markets at Mediobanca.Hikma shares fell 8 percent, making it the worst-performing European stock. Its flagship generic drug, Advair, suffered a setback in its approval by the U.S. Food and Drug Administration.Telecoms stocks were among the worst-performing, with BT down 2.5 percent after it announced 4,000 job cuts in a restructuring to recover from a year it called "challenging".Shares in Britain''s biggest telecoms company have not recovered from a 20 percent drop after it revealed accounting malpractices in Italy in January.Spain''s Telefonica fell 1.7 percent after its results.Heat-pump maker Nibe Industrier was the top gainer, up 7.6 percent after its first-quarter profits beat forecasts.Norwegian seismic surveyor TGS gained 5.8 percent after the U.S. Department of Interior said it would review applications from TGS and five other companies to conduct seismic surveys in the Atlantic Ocean, reversing its previous stance.Broker downgrades weighed on some of the top fallers. Centrica fell 5.8 percent after JP Morgan cut it to "underweight".Analysts at the bank said they saw "significant downside" emerging through price regulation of the standard energy tariff, a policy proposal announced by Prime Minister May on Tuesday, and emerging evidence of a ''price war'' with competitor Engie.A rating cut from Citigroup sent German reinsurer Hannover Re down 5 percent.German commercial broadcaster ProSiebensat fell 5.3 percent after it reported a disappointing advertising outlook.It dragged on media stocks, which fell 1.3 percent, the top sectoral fallers.European shares were underpinned by strong corporate earnings, with 20 percent earnings growth for the first quarter so far. Two-thirds of European companies have reported and 70 percent beat expectations, according to Thomson Reuters data.(Reporting by Helen Reid, Editing by Vikram Subhedar)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/europe-stocks-idINL8N1ID345'|'2017-05-11T07:45:00.000+03:00'
'8e4bbd25cb3676edb80bc838b524cdf8f5ccaede'|'Wall Street set to open slightly higher as oil prices jump'|'By Sinead Carew Wall Street indexes were trading higher on Monday and the S&P 500 and Nasdaq hit records as a global cyber attack boosted technology stocks and a rise in oil prices lifted energy stocks.Oil hit its highest in more than three weeks after top exporters Saudi Arabia and Russia said supply cuts needed to last into 2018, a step towards extending an OPEC-led deal to support prices for longer than originally agreed. [O/R]"Stronger energy prices today is certainly affecting the energy sector. Otherwise, earnings continue to be good and that''s giving investors confidence," said Bryant Evans, investment advisor and portfolio manager at Cozad Asset Management, in Champaign, Illinois.About 75 percent of S&P 500 companies that have reported results so far have beaten Wall Street expectations according to Thomson Reuters data.At 2:46 PM ET, the Dow Jones Industrial Average .DJI was up 77.88 points, or 0.37 percent, to 20,974.49, the S&P 500 .SPX had gained 9.44 points, or 0.39 percent, to 2,400.34 and the Nasdaq Composite .IXIC had added 22.90 points, or 0.37 percent, to 6,144.13.Johnson & Johnson ( JNJ.N ) and Cisco Systems ( CSCO.O ) were the biggest boosts for the S&P 500 after those stocks were upgraded by prominent analysts.Shares of cyber security firms jumped with Fireye ( FEYE.O ) rising 8 percent and Symantec ( SYMC.O ) and Palo Alto Networks ( PANW.N ) both gaining 3 percent. The 2.7 percent rise in Cisco shares was also at least partly thanks to its security technology business.Nine of the 11 major S&P 500 sectors were higher, with the materials index .SPLRCM leading the percentage gainers.Shares of oil majors Exxon ( XOM.N ) and Chevron ( CVX.N ) helped boost the S&P energy index .SPNY, which was on track to close higher after two sessions of declines.Some investors however were surprised by the lack of market concern about a successful missile test by North Korea and a cyber attack that disrupted operations at schools.Also the New York Federal Reserve said on Monday its barometer on business activity in New York state unexpectedly fell in May, putting it into negative territory for the first time since October."(The market) hasn''t been impacted by the cyber attack, no one is getting nervous about North Korea, no one is getting nervous about the lack of reforms in D.C., no one is getting nervous about the horrendous Empire State number this morning. It seems to be completely disconnected from everything," said Ken Polcari, director of the NYSE floor division at O<>Neil Securities in New York.Advancing issues outnumbered declining ones on the NYSE by a 2.95-to-1 ratio; on Nasdaq, a 1.95-to-1 ratio favored advancers.The S&P 500 posted 44 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 133 new highs and 48 new lows.(Additional reporting by Caroline Valetkevitch in New York, Tanya Agrawal in Bengaluru,; Editing by Sriraj Kalluvila and Alistair Bell)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKCN18B1NF'|'2017-05-15T21:05:00.000+03:00'
'42844d5c33ab81acc1a72c095c45826cae53863d'|'BRIEF-Temasek Holdings (Private) Ltd cuts share stake in Thermo Fisher Scientific, Univar'|'May 15 Temasek Holdings (Private) Ltd* Temasek Holdings (Private) Ltd cuts share stake in Thermo Fisher Scientific Inc by 44.3 percent to 1.6 million shares* Temasek Holdings (Private) Ltd cuts share stake in Univar Inc by 22.0 percent to 14.2 million shares* Temasek Holdings (Private) Ltd - Change in holdings are as of March 31, 2017 and compared with the previous quarter ended as of Dec 31, 2016 Source text for quarter ended March 31, 2017 ( bit.ly/2qiGXG6 ) Source text for quarter ended Dec. 31, 2016: ( bit.ly/2lLaYJL )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-temasek-holdings-ltd-cuts-share-st-idINFWN1IH0HK'|'2017-05-15T08:26:00.000+03:00'
'fb125215045d3017b3b3fbe636ace634544a253c'|'CEE MARKETS-Stocks, currencies retreat in profit-taking after Macron win'|' 18am EDT CEE MARKETS-Stocks, currencies retreat in profit-taking after Macron win * Macron win positive, but priced in; fx, stocks give up ground * Crown touches 4-week high, Prague stocks rise By Sandor Peto BUDAPEST, May 8 Central European stocks eased and currencies retreated from multi-week highs on Monday on profit-taking after pro-EU centrist Emmanuel Macron won France''s second-round presidential election on Sunday. The euro, which initially surged to a six-month high on Monday, also gave up its gains against the dollar and Western Europe''s main equities indices, including Paris, dropped. Macron''s victory over the far-right candidate Marine Le Pen underpins views that France remains committed to European Union and euro zone membership. The reaction of markets shows that the outcome had been mostly priced in, said Zoltan Varga, analyst of Equilor brokerage in Budapest. "This is the classic buy on the rumour, sell on the news," he said. Macron''s victory may mean some political friction for some Central European states in the medium-term, he added. Macron said after his first-round victory that he would push for EU sanctions against Poland to defend the bloc''s democratic values. He has also criticized Hungary. The overall impact is positive as it brings more stability into European politics "so this would be highly beneficial for CEE markets which largely depend on the EU political unity," Raiffeisen analyst Gintaras Shlizhyus said in a note. Macron will still face a tough national assembly elections campaign, Erste analysts said in a note. Central European currencies traded about 0.1 percent firmer against the euro at 0813 GMT. Initially, the Czech crown and the zloty strengthened by about 0.4 percent, with the crown touching a four-week high and the zloty testing 20-month highs. Regional stock indices mostly eased, by less than half a percent, or were flat. Warsaw''s bluechip index shed 0.25 percent, dragged down mainly by a 3 percent fall of the shares of KGHM. The company, one of the world''s biggest copper producers, reported a 147 percent surge in its first-quarter net profits, but copper prices continued to fall after Friday''s rebound from five-month lows. Bucharest''s main index shed about half a percent, driven down by a more than 4 percent fall in the shares of lender BRD. The stocks retreated from a six-year high hit on Friday after the bank reported a jump in first-quarter earnings. The Czech bourse bucked the trend and its index rose 0.4 percent, helped by an almost 2 percent rise in Vienna Insurance shares to a 16-month high. Investors in Czech markets have ignored a government crisis as the economy''s fundamentals remain healthy and elections are due in October anyway. CEE SNAPS AT 1013 MARKETS HOT CET CURRENCIES Lates Previ Daily Change t ous bid close chang in 2017 e Czech 26.70 26.73 +0.1 1.15% crown 00 10 2% Hungary 311.7 311.7 +0.0 -0.92% forint 000 300 1% Polish 4.200 4.205 +0.1 4.84% zloty 7 4 1% Romanian 4.546 4.551 +0.1 -0.24% leu 0 5 2% Croatian 7.420 7.429 +0.1 1.82% kuna 0 5 3% Serbian 123.0 123.1 +0.0 0.24% dinar 500 200 6% Note: calculate previ close 1800 daily d from ous at CET change STOCK S Lates Previ Daily Change t ous close chang in 2017 e Prague 1005. 1001. +0.4 +9.15% 94 75 2% Budapest 32750 32864 -0.35 +2.33% .22 .04 % Warsaw 2376. 2382. -0.25 +21.99% 20 17 % Bucharest 8260. 8298. -0.46 +16.59% 25 65 % Ljubljana 777.2 777.1 +0.0 +8.32% 6 1 2% Zagreb 1906. 1904. +0.1 -4.42% 61 50 1% Belgrade <.BELEX15 715.6 715.3 +0.0 -0.24% > 7 4 5% Sofia 660.8 663.5 -0.41 +12.68% 1 4 % BONDS Yield Yield Sprea Daily d (bid) chang vs change e Bund in Czech spread Republic 2-year <CZ2YT=RR -0.18 -0.00 +049 -1bps > 2 5 bps 5-year <CZ5YT=RR 0.024 0 +033 +1bps > bps 10-year <CZ10YT=R 0.818 -0.00 +042 +1bps R> 4 bps Poland 2-year <PL2YT=RR 2.002 -0.02 +268 -2bps > 4 bps 5-year <PL5YT=RR 2.903 0.003 +321 +2bps > bps 10-year <PL10YT=R 3.466 0.001 +306 +1bps R> bps FORWARD RATE AGR
'581651a5ae0ddfbd555456e934f96b0f43a49d2c'|'US STOCKS-Wall Street drops as investors worry about retail'|'* Macy''s profit plunges, drags down retail stocks* Snap Inc plummets on disappointing revenue, user growth* All 11 S&P sectors in the red* Indexes down: Dow 0.12 pct, S&P 0.24 pct, Nasdaq 0.22 pct (Updates to afternoon)By Noel RandewichMay 11 U.S. stocks fell on Thursday after worse-than-expected sales drops at Macy''s and Kohl''s sparked a selloff in shares of department stores and stirred fears that consumers are not spending enough to drive strong economic growth.Macy''s dismal quarterly performance sent its shares tumbling 15 percent, taking a toll on the consumer discretionary sector, which fell 0.56 percent.Kohl''s dropped 6.2 percent after it reported a drop in quarterly sales, while shares of Nordstrom and J.C. Penney Co Inc each dropped more than 7 percent.The weak corporate reports left investors looking to April retail sales data due out on Friday for signs of whether consumers are simply shifting their spending habits away from department stores, or just aren''t spending."It''s a gut check about the health of the consumer," said Phil Blancato, Chief Executive of Ladenburg Thalmann Asset Management. "It''s a canary in the coalmine moment."All of the 11 major S&P sectors were lower. Financials fell 0.39 percent, weighed down by a 1.5-percent loss in Wells Fargo."Any market pullback, if orderly, (is) healthy as long as the underlying fundamentals for the market are strong," said Matthew Peterson, chief wealth strategist at LPL Financial in Charlotte, North Carolina.At 2:44 pm ET, the Dow Jones Industrial Average was down 0.12 percent to 20,918.15 points and the S&P 500 had lost 0.24 percent to 2,393.91.The Nasdaq Composite dropped 0.22 percent to 6,115.44.Shares of Snap Inc plunged 21 percent after the Snapchat owner reported a slowdown in user growth and revenue in its first earnings report as a publicly-listed company.Straight Path fell 20 percent after it agreed to be taken over by Verizon in a $3.1 billion deal, snubbing a rival offer from AT&T.Merck rose 1 percent after the U.S. FDA cleared its lung cancer combination treatment.Declining issues outnumbered advancing ones on the NYSE by a 1.49-to-1 ratio; on Nasdaq, a 1.53-to-1 ratio favored decliners.The S&P 500 posted 13 new 52-week highs and 9 new lows; the Nasdaq Composite recorded 82 new highs and 57 new lows. (Additional reporting by Yashaswini Swamynathan in Bengaluru; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-stocks-idINL1N1ID1O8'|'2017-05-11T17:05:00.000+03:00'
'cd11e4def1128704c53ae31e8a26f05884216240'|'Oil-price jump gives investors another reason to bash bonds'|'Money News   1:09pm IST Oil-price jump gives investors another reason to bash bonds Offshore oil platforms are seen at the Bouri Oil Field off the coast of Libya August 3, 2015. REUTERS/Darrin Zammit Lupi/Files By Dhara Ranasinghe - LONDON LONDON Government bond yields rose across the euro zone on Thursday as a jump in oil prices reinforced expectations that a pick up in inflation could encourage the European Central Bank to step back from its ultra-loose monetary policy in coming months. Oil prices extended their 3 percent-plus overnight gains, their biggest one-day jump since Dec. 1, following a steep drop in U.S. inventories and support from Iraq and Algeria for an extension to supply cuts from the Organization of the Petroleum Exporting Countries. That rally has helped boost the market''s long-term euro zone inflation expectations, with the five-year breakeven forward bouncing off a low hit on Monday just below 1.60 percent. Analysts say the path for bond yields has turned higher as fading political risks and stronger data fuel talk that the ECB could signal a policy shift when it meets in June. "Oil is one factor in the bond market move today but the strongest factor driving the trend is a view that in June the ECB may change its tone and forward guidance," said Patrick Jacq, Europe rate strategist at BNP Paribas. Ten-year bond yields in the euro area rose 2-3 basis points on the day, with Germany''s benchmark Bund yield up 2.5 bps at 0.44 percent. It has risen roughly 28 bps in the past three weeks, a period that coincides with the conclusion of the French presidential election, a pick-up in global risk appetite and a shift in focus to the timing of U.S. rate hikes and the ECB''s next move. On Wednesday, ECB President Mario Draghi said it is too early for the ECB to declare victory in its quest to boost inflation despite signs the bloc''s economic recovery is strengthening. But he also hinted at potential changes to the bank''s ultra-loose policy message, saying downside risks have further diminished. "His comments were interpreted as a possible shift in June in the ECB''s statement," said DZ Bank strategist Daniel Lenz. "In general we are now in an upward trend for yields so when we have comments like these, they fuel the bond market moves." Money markets also reflect rising expectations for a change in ECB policy in the months ahead and price in 70 percent chance of rate hike early next year. Focus was expected to turn later in the session to Italy, which auctions up 7.25 billion euros of government debt, and Britain where the Bank of England meets. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets (Reporting by Dhara Ranasinghe; Editing by Janet Lawrence)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/eurozone-bonds-idINKBN1870QT'|'2017-05-11T05:39:00.000+03:00'
'19d9bf463feb084fe9ae74a98a126cee1a91b639'|'Fed''s Dudely says to normalise balance sheet in very careful way'|' 55pm IST CORRECTED: Fed''s Dudley says to normalise balance sheet in "very careful way" William C. Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York speaks during a panel discussion at The Bank of England in London, Britain, March 21, 2017. REUTERS/Kirsty Wigglesworth/Pool/Files (Corrects spelling of Dudley in headline) MUMBAI New York Federal Reserve President William Dudley said on Thursday the U.S. central bank will normalise its balance sheet in a "very careful way", while leaving "sufficient" excess reserves in the financial system. Dudley, in a speech in Mumbai, also told the audience not to expect any "dramatic change" in monetary policy in the United States. The comments largely hewed to his previous stance on the subject and came in answers to questions from the audience after Dudley delivered a speech calling trade protectionism a "dead end". (Reporting by Suvashree Dey Choudhury)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-fed-dudley-balance-sheet-idINKBN1871DH'|'2017-05-11T09:16:00.000+03:00'
'b08f7bd302d86ba3977605a98f57186ed1182e97'|'BRIEF-Appian Corp sees IPO of 6.25 million shares of its class A common stock'|'May 12 Appian Corp:* Appian Corp sees IPO of 6.25 million shares of its class a common stock* Appian Corp sees its IPO priced at $11 to $13 per share* Appian Corp says its founder and CEO Matthew Calkins will represent about 54pct of voting power of co''s outstanding capital stock following IPO Source text: ( bit.ly/2pFzrBH )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-appian-corp-sees-ipo-of-625-millio-idINFWN1IE0KA'|'2017-05-12T08:28:00.000+03:00'
'928d5d76e5e1047d3fd064130f87c9ec3bbab177'|'ECB''s Constancio says loose policy for longer is safer bet'|'Central Banks - Thu May 11, 2017 - 1:06pm BST ECB''s Constancio says loose policy for longer is safer bet European Central Bank Vice President Vitor Constancio speaks during a Reuters Newsmaker event in New York February 19, 2016. REUTERS/Brendan McDermid FRANKFURT Maintaining its ultra-loose monetary policy for longer is the safer way for the European Central Bank to avoid an economic relapse, its vice-president said on Thursday, signalling a change of tack was unlikely until the autumn. Vitor Constancio said the ECB needed to be sure that inflation in the euro zone was steadily heading to its target of almost 2 percent before withdrawing its stimulus policy of aggressive bond purchases and sub-zero interest rates. "Loose for longer is less risky than a premature withdrawal of stimulus," Constancio told Reuters on the sidelines of an ECB conference. "We need to be sure about the sustainability of the path towards inflation near to our goal." He echoed recent comments by ECB President Mario Draghi and chief economist Peter Praet, signalling the Executive Board''s doves were closing ranks in the face of growing calls from Germany to wind down the bank''s 2.3 trillion euros (<28>1.94 trillion) bond-buying programme. With the ECB committed to buying 60 billion euros worth of bonds every month until December and to keeping rates at ultra-low levels until well after that, Constancio said a decision about what to do next would only come in the autumn. This lengthens the odds on a move at the ECB''s next meeting in June. "We are explicitly committed to our policy until December, so this of course means automatically that in the fall we will have to decide what we will do next," Constancio said. "By then we will have more information." The euro zone''s economy has been on its best run for a decade and inflation is comfortably above 1 percent, fuelling calls for a gradual tightening from hawks such as German policymakers Jens Weidmann and Sabine Lautenschlaeger. But Constancio spelt out that the ECB needed to see an increase in core euro zone inflation, which strips out more volatile energy and food prices, and higher wage growth. "We recognise that tail risks regarding growth have diminished," Constancio said. "Regarding inflation we have to be sure that sustainability and domestic drivers of inflation are there to support our medium term goal." (Reporting by Francesco Canepa; Editing by Catherine Evans) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-idUKKBN1871JT'|'2017-05-11T20:06:00.000+03:00'
'ce4831fd0fdc3f00fdc08aa68f66db53d49f66ed'|'HPCL seeks gasoil as refinery starts maintenance - sources'|'Money News   12:50pm IST HPCL seeks gasoil as refinery starts maintenance - sources A worker walks inside the complex of Guru Gobind Singh oil refinery near Bhatinda inPunjab April 27, 2012. REUTERS/Ajay Verma/Files SINGAPORE Hindustan Petroleum Corp Ltd is seeking gasoil amid planned maintenance at its 180,000 barrels-per-day Bathinda refinery, three industry sources said on Thursday. The company is seeking 60,000 tonnes of gasoil with a sulphur content of 40 parts per million for delivery into Visakhapatnam over May 25 to 30, a tender document seen by Reuters showed. The tender closes on May 15. HPCL seldom imports gasoil in the spot market as the company is well-balanced with its demand and supply, the sources said. It is seeking gasoil as its Bathinda refinery started planned maintenance this week that will last for about one-and-a-half months, one of the sources familiar with the matter said. India''s gasoil demand growth has slowed to about 3 percent a year from a peak of 8 to 9 percent after a government decision to abolish high-value currency bills hurt small businesses, the source said. But increased infrastructure projects will likely cause a rebound in demand for the industrial and transport fuel by second half of the year or first half of next year, the source said. (Reporting by Jessica Jaganathan; Editing by Christian Schmollinger)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/india-refinery-imports-idINKBN1870OJ'|'2017-05-11T05:20:00.000+03:00'
'4fc6eba97b9200e9eb71c57fcf0bf712fed60e78'|'Nikkei hits 1 1/2-year high; Softbank gains on earnings'|'TOKYO May 11 Japanese stocks rose to their highest level since December 2015, helped by strong earnings from Softbank, while the yen remained near its lowest level since March after declining in the last four sessions.The yen has declined more than 5 percent in less than a month, triggering a rally in stocks.The Nikkei share average rose 0.3 percent to 19,951.55, its highest close since Dec. 1, 2015, helped by a 2 percent rise in Nikkei heavyweight Softbank after it reported strong earnings.The Tokyo Stock Exchange''s main board recorded the third highest turnover in the year so far.The broader Topix rose 0.1 percent to 1,586.86 points.The dollar was trading at 114.14 yen, near its highest level since mid-March. (Reporting By Hideyuki Sano; Editing by Vyas Mohan)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/japan-stocks-close-idINL4N1ID38I'|'2017-05-11T07:36:00.000+03:00'
'e844d5b7c3b99a415b07fc9ca92440dc4daa45c0'|'BRIEF-Apivio provides update on Nuri transaction'|' 47am EDT BRIEF-Apivio provides update on Nuri transaction May 11 Apivio Systems Inc * Apivio provides update on Nuri transaction and urges shareholders to tender before deadline of May 12, 2017 * Apivio Systems Inc- if Nuri does not buy 100% of shares pursuant to its offer for co, any shareholders who have not tendered may remain shareholders of co * As of initial deadline to tender on May 2, 2017, a total of 87.14% of all shares had been tendered * Apivio Systems Inc- board strongly recommends shareholders tender their shares prior to deadline of 5:00 p.m. ET May 12 to avoid becoming minority shareholders in co Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-apivio-provides-update-on-nuri-tra-idUSASA09OZ0'|'2017-05-11T16:47:00.000+03:00'
'797625d62573c7428dd9287226fd4355cd85c85e'|'''Words and no facts'' so far from foreign investors as Iran votes on Rouhani'|'Middle East & North Africa  41pm BST ''Words and no facts'' so far from foreign investors as Iran votes on Rouhani left right Iranian Oil Minister Bijan Zanganeh speaks to reporters at the Islamic Republic<69>s petroleum ministry in Tehran, Iran April 29, 2017. Picture taken April 29, 2017. REUTERS/Alissa De Carbonnel 1/2 left right European Commissioner for Climate Action and Energy Miguel Arias Canete is seen at a joint press conference with Iranian Energy Minister Hamid Chitchian at the Islamic Republic energy ministry in Tehran, Iran April 29, 2017. Picture taken April 29, 2017. REUTERS/Alissa De Carbonnel 2/2 TEHRAN Desperate to show off the rewards of his landmark deal to get sanctions lifted from Iran, President Hassan Rouhani has rolled out the red carpet for global investors before he faces the voters in an election next week. But so far the executives jetting into town have made more speeches than deals. "If at the end of the day, it is only words and no facts, there''s a problem," Stephane Michel, French oil major Total''s president for exploration and production in North Africa and the Middle East said at an EU-Iran oil and gas forum last month. "We are trying to make it work," he said on the sidelines of the forum hosted in Tehran''s cavernous energy ministry, where speaker after speaker hailed the potential of Iran''s vast oil and gas reserves. Total has been poised to be the first European energy major to put real money into Iran since sanctions were lifted: a $2 billion deal to help develop South Pars 11, part of the world''s largest gas fields. In the wake of Rouhani''s deal with global powers to curb Iran''s nuclear programme in return for the lifting of sanctions, international energy firms reached more than a dozen agreements with Tehran last year to conduct oil and gas field studies. But none has yet turned into a contract to invest. At least one potential investor has decided the prize is not worth the risk for now: oilfield services firm Schlumberger said last month it was ending an agreement for an oilfield study. Rouhani''s government points the finger for its failure to attract international billions squarely at Iran''s oldest foe, the "Great Satan" United States. The U.S. government is required by Congress to certify every 90 days that Iran is abiding by the 2015 nuclear deal or sanctions can be reimposed. Washington has also left some financial sanctions in place that have prevented Iranian banks from joining the international financial system. And   has called the nuclear accord the "worst deal ever signed", leaving companies to worry about the prospect he could abruptly pull out of it altogether. "The major thing is the political limitation for them and pressure on them in the United States," Iran''s oil minister, Bijan Zanganeh, told reporters in Tehran on April 29, explaining why European oil majors have yet to invest. "I hope the European Union supports companies." OTHER RISKS Those who do business in Iran say that they have to put escape clauses into contracts making clear that any agreement could be revoked if sanctions suddenly return. "All our contracts are water-tight," said one Tehran-based businessman. "Put yourself in the shoes of the Iranians ... We tell them, ''We have the right to pull out in twenty-four hours.'' It adds a layer of suspicion to already complex relationships." Oil companies have been asking for waivers from Washington to guarantee that any investments they make now would be protected if the United States reimposes sanctions in the future. Michel cited the wait for such a waiver as one of the main issues holding up Total''s investment. But privately, executives also cite many other risks closer to home in Iran itself: a lack of transparency, skeletal banking system, red tape and the chance that Rouhani himself and his pragmatist faction could be sidelined in next week''s election by hardliners, who are sceptical of his moves to open the countr
'25ac594af1971720f977aa6cd3a8adc338ef20ff'|'Norway''s $940 billion wealth fund eyes possible repatriation of tax haven subsidiaries'|'Credit RSS  21pm BST Norway''s $940 billion wealth fund eyes possible repatriation of tax haven subsidiaries By Gwladys Fouche - OSLO OSLO Norway''s $940-billion sovereign wealth fund, the world''s largest, is considering moving home two overseas subsidiaries it uses to manage unlisted real estate in Luxembourg and the U.S. state of Delaware, the government said on Thursday. Last year parliament asked the minority coalition to look at regulating the fund''s use of ownership structures located in tax havens. The move followed the publication of the Panama Papers, which revealed details of corporate and individual tax evasion and triggered a global backlash against tax havens. The fund was not cited in the Panama Papers and there is no suggestion that the fund has done anything illegal. "The central bank is considering moving the holding structure for parts of its investments in unlisted property in the fund to Norway," the government said in its revised budget, referring to the way the fund is managed by a unit of the central bank. "The central bank does not pay taxes but the central bank''s daughter companies that belong home in Norway are liable for tax here." The fund said it had not yet concluded whether it would repatriate the companies. "The proposal from the Ministry of Finance will, if approved by Parliament, open up establishing Norwegian holding companies for unlisted real estate," said a spokesman for the fund. "(The central bank) will at that point decide on how this new legislation will impact the holding structures that we have established in Europe and in the U.S. It is too early to be more specific now." The fund invests mostly in stocks and bonds but it also owns stakes in more than 800 properties in Europe and the United States, with much of the ownership organized through subsidiaries in Luxembourg and the U.S. state of Delaware. "It is good risk management and standard practice in the real estate industry to invest through subsidiaries," the fund says on its website. "It is important for the fund that it pays tax in accordance with local rules, but also that it does not incur more tax than necessary. Expected tax costs are therefore among the factors considered when deciding on a holding structure." Campaigners welcomed the government''s proposal. "The finance ministry is now paving the way for a decision to close down the funds subsidiaries in tax havens and move them to Norway," said Kjetil Abildsnes from the Norwegian Church Aid NGO. "Illicit financial flows from developing countries were between $620-$970 billon in 2014. It''s simply not OK, however legal, to keep using tax havens that facilitate this kind of tax dodging," he told Reuters. (Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-norway-budget-swf-idUKKBN187268'|'2017-05-11T23:19:00.000+03:00'
'b7e88d7a4b4ad5d11b816ecf8b2ea5c03ebdabe9'|'Siemens to cut 1,700 German jobs in efficiency drive'|'FRANKFURT Siemens ( SIEGn.DE ) announced plans on Thursday to cut 1,700 jobs in Germany, or around 1.5 percent of the workforce in its home country, and transfer another 1,000 positions as part of an efficiency drive.It will reshuffle its enterprise IT business, consolidate storage sites at its Digital Factory division, cut jobs at its Mobility business and bundle its training centers, it said in a statement.Chief Executive Joe Kaeser has been seeking to improve the group''s profitability by selling a number of consumer businesses, stripping out layers of management and making large acquisitions in industrial software and energy.The group said that over the same period it planned to hire around 9,000 new employees in Germany, but would make efforts to retrain as many of its current employees affected by the shake-up as possible.Half of the 2,700 current jobs affected by the overhaul will be at Siemens''s enterprise IT unit, where it said it aimed to create capacities for new tasks such as cyber security and the expansion of platforms for data analysis.Transfers will involve moving staff to external service providers in Germany or to other units within Siemens."The realignment of our enterprise IT will undoubtedly play a key role for Siemens in its transformation into a digital industrial company," management board member Michael Sen said in the statement.Siemens did not say how much money the planned measures would cost or save.(Reporting by Maria Sheahan; editing by Christoph Steitz and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-siemens-restructuring-idUSKBN187110'|'2017-05-11T17:18:00.000+03:00'
'152e20be4cac2a80eae11cb689d72d0f1a4c60d6'|'G7 reiterates FX pledges, vows more cyber cooperation - draft'|'Business News  29am BST G7 reiterates FX pledges, vows more cyber cooperation - draft left right Financial ministers and bank governors pose for a family photo during the G7 for Financial ministers meeting in the southern Italian city of Bari, Italy May 13, 2017. REUTERS/Alessandro Bianchi 1/5 left right German Finance Minister Wolfgang Schaeuble (L) shakes hands with U.S. Secretary of the Treasury Steven Mnuchin during the G7 for Financial ministers meeting in the southern Italian city of Bari, Italy, May 13, 2017. REUTERS/Alessandro Bianchi 2/5 left right France''s Finance Minister Michel Sapin (L) shakes hands with German Finance Minister Wolfgang Schaeuble during the G7 for Financial ministers meeting in the southern Italian city of Bari, Italy, May 13, 2017. REUTERS/Alessandro Bianchi 3/5 left right International Monetary Fund Managing Director Christine Lagarde (L) talks with Japanese Finance Minister Taro Aso during the G7 for Financial ministers meeting in the southern Italian city of Bari, Italy, May 13, 2017. REUTERS/Alessandro Bianchi 4/5 left right International Monetary Fund Managing Director Christine Lagarde (R) talks with European Central Bank (ECB) President Mario Draghi (C) and European Economic and Financial Affairs Commissioner Pierre Moscovici during the G7 for Financial ministers meeting in the southern Italian city of Bari, Italy, May 13, 2017. REUTERS/Alessandro Bianchi 5/5 BARI, Italy Financial leaders of seven leading world economies will pledge stronger cooperation against cyber crime on Saturday and not to use foreign exchange to gain competitive advantage, but stick to their cautious wording on trade, a draft communique showed. Finance ministers and central bank governors from the United States, Canada, Japan, France, Germany, Italy and Britain are meeting in the Italian city of Bari to discuss the world economy, combating terrorist funding, cyber security and taxes. A draft communique of the meeting, to be published later on Saturday, said the seven countries would use all policy tools - fiscal, structural and monetary - to boost economic growth. The draft, a copy of which was seen by Reuters, also said the G7 financial leaders would strengthen cooperation to counter cyber threats such as a global online attack which infected tens of thousands of computers in nearly 100 countries on Friday. The statement said fiscal policy should be used to help job creation while keeping public debt on a sustainable path and monetary policy should help economic activity without fuelling strong inflation. "We reaffirm our existing G7 exchange rate commitments to market-determined exchange rates and to consult closely in regard to actions in foreign exchange markets," the draft said. "We reaffirm our fiscal and monetary policies have been and will remain oriented towards meeting our respective domestic policy objectives, using domestic instruments and we will not target exchange rates for competitive purposes," the draft said, underlining the importance of refraining from competitive devaluations. But unlike a G7 leaders'' communique of 2016, the financial leaders in Bari did not endorse free trade and reject protectionism, reflecting pressure from the United States where President Donald Trump has signalled his scepticism about free trade deals. The G7 financial leaders in Bari were set to repeat a line agreed by the broader Group of 20 in March which said: "We are working to strengthen the contribution of trade to our economies." (Reporting By Jan Strupczewski; Editing by William Schomberg)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-g7-ministers-communique-idUKKBN1890A2'|'2017-05-13T18:29:00.000+03:00'
'b86b9c5619f894145a0e40ae64763dc36e4dfa81'|'Saudi to cut June oil supply to Asia as local demand rises - source - Reuters'|'Money News - Tue May 9, 2017 - 9:36pm IST Saudi to cut June oil supply to Asia as local demand rises - source Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/Files By Nidhi Verma - NEW DELHI NEW DELHI Saudi Aramco will reduce oil supplies to Asia by about 7 million barrels in June, a source said on Tuesday, as the oil giant cuts output as part of global supply pact and trims exports to meet rising domestic demand for power during hot summer months. An OPEC-led agreement to cut global oil supplies is currently due to end in June, although Saudi Arabia and other producers in the group of OPEC and non-OPEC states have indicated curbs could be extended to the end of 2017 or beyond. OPEC and other producers are expected to discuss an extension at a meeting on May 25. When OPEC announced the cuts, Saudi Arabia was quick to tell its customers in Europe and the United States that they would receive lower volumes but shielded most of Asia from the cuts. However, summer is a peak period for power demand in the desert kingdom, as citizens turn up air conditioners to keep homes and offices cool, pushing up domestic oil consumption. This year is likely to see an earlier spike in demand as the Muslim fasting month of Ramadan starts sooner, beginning in late May. The traditional big evening meals with family and friends to break the fast tend to create a surge in power demand. As a result, Asia will now also face heavier cuts from the world''s top oil exporter in June. According to the June nomination plans, Aramco will cut supplies by 1 million barrels each to Southeast Asia, China and South Korea, a source, who has knowledge of the nominations but did not wish to be identified, told Reuters. A separate industry source said the action in June did not mean Saudi Arabia was preparing to deepen cuts to Asia in the rest of 2017. The kingdom will cut supplies by a little more than 3 million barrels for India and slightly less than 1 million barrels for Japan, the source with knowledge of the nominations said. In total, the cuts should be equivalent to about 233,000-234,000 barrels per day (bpd). Under the global supply pact, OPEC states, Russia and other major producers agreed to cut output by about 1.8 million bpd from Jan. 1 until June 30. Saudi Arabia accounts for about 40 percent of the cuts pledged by OPEC. It has reduced output by more than 500,000 bpd so its total production now runs slightly below 10 million bpd, mostly involving cuts in output of medium and heavy oil grades. Industry sources told Reuters in April that higher domestic demand for oil in the summer would weigh on exports especially if Saudi Arabia kept output at about 10 million bpd. Saudi Arabia usually burns about 700,000 bpd of oil for power generation to keep the nation cool in the hottest months from May to August. This summer, the kingdom is planning to raise energy prices and use more natural gas in power stations to reduce oil usage. Those measures are expected to cut consumption by about 200,000 bpd, industry sources said. (Reporting by Nidhi Verma; Writing by Rania El Gamal; Editing by Dale Hudson and Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/aramco-oil-supply-asia-idINKBN1851Z0'|'2017-05-09T14:06:00.000+03:00'
'17c2060c55ebd67e9320f83a4b9a4562ec17c8de'|'Atlantia to submit takeover bid for Abertis within days: sources'|'By Pamela Barbaglia , Paola Arosio and Robert Hetz - LONDON/MILAN/MADRID LONDON/MILAN/MADRID Italian toll road operator Atlantia ( ATL.MI ) is planning to submit a takeover bid for Spanish rival Abertis ( ABE.MC ) within days, two sources familiar with the situation said on Tuesday, hoping to bridge differences over price that have held up negotiations in the past few weeks.A merger between Atlantia and Abertis would create Europe''s biggest toll road group, with a combined market value of more than 36 billion euros ($39.21 billion).It would also speed up Atlantia''s plans to diversify away from its home market, with the combined group generating around 60 percent of its core profit outside Italy.Atlantia, controlled by the Benetton family, confirmed last month it was considering a deal with Abertis providing it was friendly and created shareholder value. "It''s a matter of days. The offer could come toward the end of this week or early next week," one of the sources said, adding that the two parties were keen to reach a friendly agreement. Representatives at Atlantia were not immediately available for comment, while Abertis declined to comment.The Rome-base group has yet to hammer out the final terms of the deal, the sources said, and plug differences over Abertis'' valuation.Two of the sources said Atlantia had initially approached Abertis with a 16 euro-a-share bid but Abertis''s main shareholder, La Caixa, had asked for 17 euros per share, valuing the Barcelona-based business at around 16.8 billion euros, slightly above its market value of 16.6 billion euros.A third source said the Spaniards wanted a valuation above 16 euros per share."The final price is likely to be somewhere in the middle. I don''t think the Benettons will pull out due to a relatively minor valuation difference," one of the sources said.Abertis shares were trading at 16.28 euros at 1304 GMT (9.04 a.m. ET).The sources said Atlantia has secured a financing package worth around 11 billion euros to back a cash and share bid.Reuters previously reported that Atlantia''s advisers Credit Suisse ( CSGN.S ) and Mediobanca ( MDBI.MI ) and Abertis'' adviser Citi ( C.N ) had committed to provide financing for the deal.The pool of lending banks will also include Italian lenders UniCredit ( CRDI.MI ) and Intesa Sanpaolo ( ISP.MI ) and France''s BNP Paribas ( BNPP.PA ) and Societe Generale ( SOGN.PA ) among others.Atlantia will hold a board meeting on Friday to discuss its first-quarter results and may try to formalize its bid for Abertis, the sources said, although a final decision had yet to be taken.Atlantia, which operates Rome''s two airports and around 5,000 km of toll motorways, has long been trying to lure its Spanish rival to the negotiating table, the sources said.But Abertis, considered one of Catalonia''s "crown jewels", has only recently started contemplating the possibility of a sale to enable the business to cope with domestic challenges including a series of concessions that will soon expire, the sources said.(Additional reporting by Francesca Landini and Stephen Jewkes in Milan. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-abertis-m-a-atlantia-idINKBN1851NY'|'2017-05-09T11:58:00.000+03:00'
'b14c6e2191c83f3cabdc0616c0e34f7894515e11'|'If Google and Facebook can get scammed, how do you protect a small business? - Guardian Small Business Network'|'After learning that Facebook and Google were conned out of $100m in a sophisticated phishing scam, you<6F>d be forgiven for wondering what hope the rest of us have. If these tech giants can<61>t protect themselves, how are small business owners supposed to?It<49>s a story I see often. The con was the well thought out work of a confidence trickster. Evaldas Rimasauskas is alleged to have duped Facebook and Google employees into transferring money to accounts he owned, rather than the Taiwanese electronics manufacturer to whom they actually owed money. The technique used is known as phishing, which can be as simple as a fraudulent email requesting assistance. Facebook and Google were conned out of $100m in phishing scheme Read more According to the UK government cyber security research published recently, 52% of small businesses have experienced some form of cyber security breach over the past 12 months. Fraudulent emails are <20>by far the most common breach experienced<65>, in 72% of cases.A routine phishing scam might involve a criminal impersonating a supplier, faking a familiar email address or faking an invoice to the accounting department. When done correctly, phishing scams are extremely difficult to detect and can be extremely effective. Why? Because of the way the human brain works. The limitless nature of obedience When you know a little about human psychology, it<69>s not such a daunting task to defraud two of the world<6C>s largest tech companies.In the 1960s, Yale psychologist Stanley Milgram, led an experiment to study the limits of human obedience . In this case, a nominated teacher would ask a learner a series of questions. Following an incorrect answer, the teacher would administer the learner with an electric shock, the severity of which increased up to an extremely painful 450 volts.All of the participants were given the role of the teacher, in charge of administering the shocks under the direction of the experimenter. What they didn<64>t know was the learner was an actor who was pretending to receive the shocks.Even the world<6C>s most cold-blooded terrorists respond to fraudulent phishing requestsBefore starting the experiment, researchers predicted less than 3% of participants would administer the final 450-volt shock to their victims. But incredibly, 65% went through with it <20> demonstrating just how obedient humans can be.The Milgram experiment does a lot to explain why phishing scams work. When asked, humans often go out of their way to comply with requests. After almost two decades gathering military intelligence, I know that even the world<6C>s most cold-blooded terrorists respond to fraudulent phishing requests.The bad news is inherent human psychology isn<73>t going to change anytime soon. The good news is it can be controlled <20> and even harnessed <20> to increase cyber resilience.1. Make use of technology Technology alone will not completely protect your business from cyber crime, but the spam and security filters built into many email systems and security products will intercept mass phishing attempts and block emails with malware attached. Ensure these are fully utilised, updated, and that staff are trained to use them.2. Establish a security conscious culture Introducing regular security awareness training will help staff understand how phishing occurs and how their everyday behaviour affects the security of their personal affairs and the company. Take care to explain the logic behind maintaining proper security. This eases cognitive dissonance, which arises when people believe one thing but are told to act in another way entirely. If employees believe passwords consisting of random strings of capitals, symbols and numbers are overkill, you<6F>re always going to have insecure passwords like Password1, regardless of your security guidelines.3. Set up an early warning system Phishing attempts rely on building up a profile of the business and its stakeholders, often engaging m
'4e8e6a05f9127fcfb52aeedad17245fdb63cab3d'|'More food for thought, as a passenger takes BA to court - Money'|'L ast month I aired the ire of a reader who had been subjected to BA<42>s newly <20>improved<65> customer service . That is to say, he<68>d been charged for an airborne meal that would previously have been free. Or he would have been charged if there had been any food to buy. By the time the trolley had reached him on his return flight, supplies had run out.Instead of the free meals, hungry passengers now have the privilege of paying for their replacement <20> marked-up M&S delicacies <20> which BA likes to present as a response to popular demand.But the move has not gone down well among passengers who have accused the airline of devaluing its brand. Now one reader, JB of Peterborough, is challenging the no-free-meals policy in court.<2E>I have just filed against British Airways Plc in the small claims court. When we booked tickets for return flights to Majorca in August, food and drink was included in the price, as I am sure was the case with tens of thousands of other passengers. <20>The new policy was announced after we had paid. Food and drink that would have been free will now cost our party of eight around <20>160, but BA has only offered us <20>2.50 per head each way to pay for food. We want to receive the service that we originally paid for. <20>It may seem petty, but why should these big organisations be able to walk all over us?<3F> If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number. Topics Consumer rights Your problems with Anna Tims Consumer affairs British Airways Travel & leisure Airline industry features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/may/09/passenger-takes-ba-to-court-trip-free-food-drink'|'2017-05-09T15:00:00.000+03:00'
'f1eb7796dadd804c3f555d2f0b338aaded0db01f'|'Mexico warns U.S. of alternatives on trade, points to China'|'Business News - Fri May 12, 2017 - 3:49am BST Mexico warns U.S. of alternatives on trade, points to China FILE PHOTO: Mexican Economy Minister Ildefonso Guajardo gestures during a news conference in Mexico City, Mexico May 8, 2017. REUTERS/Edgard Garrido/File Photo By Mitra Taj and Gabriel Stargardter - MEXICO CITY MEXICO CITY Mexico sent a stark message to U.S. President Donald Trump on Thursday, saying an upcoming visit by Mexican officials to China showed Latin America''s second largest economy had other places to export to if he tore up the NAFTA trade deal. The North American Free Trade Agreement (NAFTA) underpins Mexico''s economy, prompting the government to try and diversify away from the United States, which takes 80 percent of its exports. Trump indicated in an interview with The Economist published on Thursday that he wanted to get the U.S.-Mexico trade deficit down to about zero. He wants to renegotiate NAFTA to get a better deal for U.S. companies and workers, and has threatened to end the agreement if he does not get his way. "We will use (the China visit) geopolitically as strategic leverage" said Mexican Economy Minister Ildefonso Guajardo, answering questions on trade at the Mexico Business Forum. "It sends the signal that we have many alternatives." Guajardo noted Mexico sends China a fraction of its total exports, and that the two major manufacturing nations tend to compete rather than complement one another on trade. He also offered a rebuke to China on its trade policy. "We all know that China is not a free trader, that''s the reality," he said. But he added that Mexico has had success persuading China to ease trade barriers on some goods and expects it to continue to open up as its economy matures. The trip to China would be in September, Guajardo said, but he did not provide details. A Mexican diplomat in Beijing told Reuters he was referring to the China International Fair for Investment & Trade summit in Xiamen. "High-level contact is very frequent," said the diplomat, who was not authorized to comment. Guajardo said he was also working on a "radical broadening" of preferred tariffs with Brazil and Argentina to lower the cost of importing grains from the South American nations while giving Mexico better access to their manufacturing markets. That would make the "worst-case scenario" of the U.S. withdrawing from NAFTA less painful for Mexico and strengthen its negotiating hand, Guajardo said. "If NAFTA disappears, I can export cars (to the United States) paying 2.5 percent tariffs. If they want to export yellow corn to me, I can raise tariffs to inaccessible levels," Guajardo said. "But to make that strategy credible, I have to broaden our agreements with Brazil and Argentina." Representatives of Mexico''s government and private sector are in Brazil this week to close new supply deals of corn, soy and rice, members of the delegation said Thursday. Still, Mexico has found it hard to wean itself off trade with its northern neighbour. It has tried to deepen commercial links with China for years, but the scrapping of a Chinese high-speed train contract in 2014 soured relations. The diplomat said Mexico was not sending top-level officials to "China''s Belt and Road Initiative" meeting in Beijing this weekend. Bilateral meetings between senior Mexican officials and their Chinese counterparts were planned throughout the year. Guajardo said that the U.S. trade deficit was not a measure of the strength of its economy or trade relationship. But he said it might be possible to shrink the U.S. deficit with Mexico if more North American products were made with materials from within the region without hurting competitiveness. Erecting tariffs, however, was "out of the question," Guajardo said. "The precondition to negotiating NAFTA is that we can''t go back to the past," he added. (Reporting by Mitra Taj and Gabriel Stargardter; Editing by Alistair Bell, Richard Chang & Simon Cameron-Moore)'|'reuters.com'|
'5483cbb8d73972f8a76b587e384354ca10254ab7'|'Cargill to increase S.Korean feed capacity to 2.7 mln tpy by 2025'|'Market News  31pm EDT Cargill to increase S.Korean feed capacity to 2.7 mln tpy by 2025 SEOUL May 12 Global commodities trader Cargill Inc said on Friday it plans to increase its animal feed production in South Korea by 2025 in a bid to play a leading role in South Korean market. Under the expansion plan, Cargill Agri Purina, a South Korean unit of Cargill, will ramp up its total animal feed output capacity to 2.7 million tonnes per year (tpy) by 2025, from 1.6 million tpy, the company said in a statement. "The company will build on its position as one of the leading players in the Korean livestock market and aims to double its market presence by 2025," it said. Cargill Agri Purina operates four plants in South Korea, processing corn, wheat and soybean meal to produce animal feeds, mainly for the South Korean market. (Reporting By Jane Chung; Editing by Sonali Paul)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cargill-grain-southkorea-idUSS9N0XL07L'|'2017-05-12T07:31:00.000+03:00'
'3700c44396804e1f8951bbdbcd7885d6bdae649b'|'Oil stable on expectations of extended OPEC-led production cut'|'By Henning Gloystein - SINGAPORE SINGAPORE Oil prices were stable on Friday as traders expected OPEC-led production cuts to extend beyond the middle of this year, and as U.S. crude inventories fell to their lowest levels since February.International Brent crude futures were at $50.78 per barrel at 0159 GMT on Friday, virtually unchanged from their last close.U.S. West Texas Intermediate (WTI) crude futures were at $47.85 per barrel, up 2 cents."Crude prices could be poised for recovery," U.S. investment bank Jefferies said in a note."Net length (in open crude oil futures positions) is at its lowest level since November 2016, which could support a significant price rally if OPEC does extend production cuts," Jefferies added.The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have pledged to cut output by almost 1.8 million barrels per day (bpd) during the first half of the year.OPEC and the other participating producers are scheduled to meet on May 25 in Vienna, Austria, to decide whether to extend the cuts and, potentially, agree a deeper reduction.Jefferies said it expected an extension.The bank also said that a fall by 5.3 million barrels in U.S. crude inventories this week to 522.5 million barrels was "providing some fundamental support for prices".Based on the lower U.S. inventories and the expectation of an extended production cut, this week has seen the market stabilise, including a recovery of Brent back above $50 per barrel, following steep price falls last week.Despite this, analysts warned that markets remained well supplied.Norwegian consultancy Rystad Energy said that "U.S. oil production has gained significant momentum" and that there was "limited downside risk in the short-term."Rystad said that "U.S. Lower 48 (all states excluding Alaska and Hawaii) oil production is set to expand by an additional 390,000 bpd from May 2017 to December 2017 assuming a WTI price of $50 per barrel."U.S. crude oil production has already risen by over 10 percent since its mid-2016 trough, to more than 9.3 million bpd, close to levels of top producers Russia and Saudi Arabia."OPEC/NOPEC have no choice but to extend the production cut deal just to maintain the present status quo against the increase in (U.S.) production and returning (OPEC) members, Libya and Nigeria," said Jeffrey Halley, senior market analyst at futures brokerage OANDA.A weekly report by Baker Hughes monitoring U.S. rigs drilling for new production is due on Friday.(Reporting by Henning Gloystein; Editing by Joseph Radford)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN18804D'|'2017-05-12T09:30:00.000+03:00'
'eaa256eb758509485ef57a8bed0e4e684667a539'|'China, India plans for electric cars threaten to cut gasoline demand'|'Autos  00am BST China, India plans for electric cars threaten to cut gasoline demand FILE PHOTO: A driver waits in a taxi for his turn to fill up his tank with diesel at a fuel station in Kolkata June 14, 2012. REUTERS/Rupak De Chowdhuri By Seng Li Peng and Florence Tan - SINGAPORE/KUALA LUMPUR SINGAPORE/KUALA LUMPUR Demand for gasoline in Asia may peak much earlier than expected as millions of people in China and India buy electric vehicles over the next decade, threatening wrenching change for the oil industry, oil and auto company executives warned. They said refiners should prepare for a future in which gasoline, their biggest source of revenue, will be much less of a cash cow. Change is being prompted by policy moves in India and China, where governments are trying to rein in rampant pollution, cut oil imports, and compete for a slice of the fast-growing green car market. In its "road map", released in April, China said it wants alternative fuel vehicles to account for at least one-fifth of the 35 million annual vehicle sales projected by 2025. India is considering even more radical action, with an influential government think-tank drafting plans in support of electrifying all vehicles in the country by 2032, according to government and industry sources interviewed by Reuters late last week. "We will see a clear shift to electric cars. It''s driven by legislation so electric cars are coming, it''s not a niche anymore," Wilco Stark, vice president for strategy and product planning at German car maker Daimler, told Reuters. Stark and other executives were interviewed during the Asia Oil & Gas Conference in Kuala Lumpur this week. Daimler sees electric vehicles contributing 15-20 percent of its overall sales by 2025 and at least an additional 10 percent of sales coming from hybrids, he said. For a graphic on oil use and prices, click here Electric cars currently make up less than 2 percent of the global car fleet, and any faster-than-expected growth in that percentage will materially impact oil demand and the refining business. "Technology is moving fast. In 10-15 years... our gasoline market might not be the same as it is today," said Dawood Nassif, board director at the state-owned oil company Bahrain Petroleum Company (BAPCO). With gasoline responsible for up to 45 percent of refinery output, and one of the highest profit-margin fuels, a slowdown or fall in demand will have far reaching implications. Credit agency Moody''s says that the fast pace of technological development makes accurate predictions difficult, but warned that direct financial effects from falling oil demand, including gasoline, "could be material by the 2020s." The changes are so big that the influential International Energy Agency (IEA) plans to revisit its analysis of electric vehicle trends and oil demand. "The choices made by China and India are obviously most relevant for the possible future peak in passenger car oil demand," an IEA spokesman told Reuters. In its current policies scenario, last updated in November 2016, the IEA still expects oil demand from vehicle use to rise until 2040. It''s not just China and India that are changing fast. Asia''s major car makers, Japan and South Korea, already sell significant volumes of hybrid vehicles - which operate off gasoline and electricity - while fuel efficiency gains will continue to cut gasoline consumption for standard vehicles. There will, though, be some major hurdles before a country like India goes mostly electric. High battery costs would push up car prices and a lack of charging stations and other infrastructure in India means car makers may hesitate to make the necessary investment in the technology. NEED TO ADAPT Asia has long been the main driver of future oil demand thanks to supercharged growth in sales of autos. China sells more than 2 million new cars a month and is challenging the United States as the world''s biggest oil consumer. India now is the world''s third-b
'8e00b3f1c5d9a2c5b27b54612142fbc4c555c3f4'|'UPDATE 1-U.S., China reach deals on access for beef, financial services'|'Market   5:00am EDT UPDATE 1-U.S., China reach deals on access for beef, financial services (Adds quotes from China, business groups, and Visa) By Ayesha Rascoe and Michael Martina WASHINGTON/BEIJING May 11 The United States and China will expand trade in beef and chicken and increase access for financial firms, as part of a plan to reduce the massive U.S. trade deficit with Beijing, U.S. Commerce Secretary Wilbur Ross said on Thursday. The deals are the first tangible results of the 100 days of trade talks that began last month after U.S. President Donald Trump and Chinese President Xi Jinping met in Florida to discuss cooperation between the world''s two largest economies. The countries have agreed that China will allow U.S. imports of beef by no later than July 16. By that same deadline, the United States said it would issue a proposed rule to allow Chinese cooked poultry to enter U.S. markets, Ross told reporters at a briefing. Beijing also agreed to issue guidelines by then to allow U.S.-owned card payment services "to begin the licensing process" in a sector where China''s UnionPay system has had a near monopoly. Foreign-owned firms in China will also be able to provide credit rating services. The talks with China are latest in a series of actions since Trump took office in January aimed at remaking U.S. international trade relations. Trump had pledged during his presidential campaign that he would stop trade practices by China and other countries that he deemed unfair to the United States. His tough talk had fueled fears of a potential trade war with Beijing. "This will help us to bring down the deficit for sure," Ross said. "You watch and you''ll see." Ross said there should be an impact on China''s trade surplus with the United States by the end of the year. The United States also signalled that it was eager to export more liquefied natural gas (LNG), saying China could negotiate any type of contract, including long-term contracts, with U.S. suppliers. It is unclear exactly how much these new deals will increase trade between the two countries. "We believe that Sino-U.S. economic cooperation is the trend of the times. ... We will continue to move forward," Chinese Vice Finance Minister Zhu Guangyao told a Beijing press briefing on Friday. When asked if China-U.S. cooperation over North Korea''s nuclear and missile programs had played a role in the outcomes of the talks, Zhu said: "Economic issues should not be politicised." Trump said he had told Xi that Beijing would get a better trade deal if it worked to rein in North Korea, a statement Ross later rowed back on, saying the president did not intend to trade U.S. jobs for help with Pyongyang. "FULL AND PROMPT MARKET ACCESS" China had conditionally lifted its longstanding import ban on American beef last year, but few purchases have been made. The ban was imposed in 2003 due to a case of bovine spongiform encephalopathy (BSE), or mad cow disease, in Washington state. China''s Premier Li Keqiang, days after the Xi-Trump summit, suggested that restoring U.S. beef imports could be linked to a U.S. opening for Chinese chicken exports. U.S. credit card operators Visa Inc and MasterCard Inc have yet to be independently licensed to clear transactions in China, despite a 2012 WTO ruling mandating that Beijing open the sector. Visa said in an emailed statement that it looked forward to submitting an application for a bank-card clearing institution license, which, "once granted", would allow it to support economic development in China. Mastercard said: "We welcome today''s announcement and look forward to having full and prompt market access in China." U.S. business groups had wanted the Trump administration to act against Beijing on market imbalances, but not push the two countries toward a trade war. Nonetheless, more vociferous complaints about Chinese market restrictions by American businesses lobbies have marked a shift from years past, when many com
'11fabd3c98fc12a1463ef37582fd91d6a45d4370'|'GE''s Immelt bets big on digital factories, shareholders are wary'|'Market News   1:00am EDT GE''s Immelt bets big on digital factories, shareholders are wary By Alwyn Scott - GROVE CITY, Penn. GROVE CITY, Penn. May 12 At a General Electric Co factory in this rural town, Keith Spahn, 60, used to take measurements of parts from railroad locomotives that are in for repair by hand. Now he uses a tool that reads the dimensions automatically and sends them wirelessly to his computer, where software decides whether the part can be reused or must be scrapped. "It''s definitely faster," he says. Spahn''s workbench in this 240,000-square foot plant is one small example of a multibillion-dollar bet by GE Chief Executive Jeff Immelt: digital technology will transform GE''s factories, generate new revenue and boost profits. For a graphic, click tmsnrt.rs/2pDvYUA The $4 billion GE has spent on developing digital products <20> ranging from tiny sensors in jet engines to augmented reality and software that can crunch large volumes of data - is on the scale of investments Google and Facebook Inc made to build their businesses, Bill Ruh, CEO of GE<47>s digital division, told Reuters. Now that GE has shed non-essential operations, including most of its large financial unit, its fortunes will rise or fall depending on whether that investment delivers. GE''s technology - and similar systems by IBM, Siemens AG and others - is a hot new battleground in manufacturing. The companies promise they can spot problems before machines break down, yield cost savings of 30 percent or more, and raise labor productivity that has slowed sharply in recent years. By 2020, spending on such systems is expected to exceed $500 billion a year, up from $20 billion in 2012, according to an estimate cited by consulting firm Accenture. GE says the market for the sectors it is in will be $225 billion by 2020. The company has spent $5 billion setting up new U.S. factories in the last five years. As it now adds digital technology to its plants, it needs fewer, and higher skilled, workers than in the past. "We''re going to have a smarter worker," Immelt said in an interview. "We''re not going to have as many workers." But as investment grows, so have concerns about whether these bets will pay off - and about the cost and complexity of keeping networked machines running and secure from hackers. GE investors are especially impatient for returns. Since Immelt became CEO in 2001, GE shares have fallen 29 percent while the S&P 500 index has more than doubled. GE''s dividend is seven cents lower than it was in 2008. For more on GE''s stock performance, click That performance has some pressing for more urgency from Immelt. When activist investor Nelson Peltz bought a $2.5 billion GE stake in 2015, he pressed for asset sales and cost cutting, and barely mentioned GE''s digital strategy as a source of growth. Trian declined to comment for this article. In March, Peltz reached an agreement with GE that tied the bonuses of top executives to cutting $2 billion in costs and hitting profit targets through 2017. Those targets don''t rely on GE''s digital strategy. "People aren''t saying they don''t like the technology" or that GE is investing too much in digital, said Deane Dray, an analyst at RBC Capital Markets. "But how does it translate into profit margins and cash?<3F> DIGITAL VISION GE poses an important test of the digital factory idea. It has more than 500 factories around the globe that produce jet engines, power plants, medical CT scanners and other large, sophisticated equipment adaptable to the technology. GE also earns very little from selling hardware. Nearly half of its revenue and most of its profit come from selling services, a natural fit for the monitoring and data analysis that are the core of a computerized factory. In addition to improving its own productivity, GE sells the "Brilliant Factory" as a product, promising a combination of its digital systems with advanced manufacturing techniques, 3-D printing and lean production pr
'ed95dcdbc4a2010ccda315c3f1de37433d7ab12a'|'CANADA STOCKS-TSX rises with resource stocks, Teck shines'|'Market  47am EDT CANADA STOCKS-TSX rises with resource stocks, Teck shines TORONTO May 12 Canada''s main stock index gained in early trade on Friday, helped by gains for mining stocks including Teck Resources, which will raise C$1.2 billion ($876 million) in an asset sale. The Toronto Stock Exchange''s S&P/TSX composite index was up 33.86 points, or 0.22 percent, at 15,584.41 shortly after the open. Seven of its 10 main groups rose. ($1 = 1.3699 Canadian dollars) (Reporting by Alastair Sharp)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1IE0SJ'|'2017-05-12T21:47:00.000+03:00'
'79e7cb329d747b97d46027022f302a433078bcd0'|'In the name of GDP: In China, a TV soap on corruption attracts a mass following'|'RARELY has a Chinese city boss had more fans than Li Dakang, the earnest, driven Communist Party chief of Jingzhou. <20>I want development, I want speed and I want GDP,<2C> he recently intoned. <20>But I want it to be modern GDP, GDP that comes without pollution.<2E> Over the past month tens of millions have tuned in to watch him strive to fulfil these promises. On their smartphones, they share images of the heavy-eyed man with an easy smile, quoting his words and cheering him on. His policies have even been immortalised in a musical tribute, <20>The GDP Song<6E>.Li Dakang is not real, nor is Jingzhou. They exist only on <20>In the Name of the People<6C>, a wildly popular 55-part television series about China<6E>s battle against graft. Since its first broadcast in March, the show has attracted attention for its depiction of official corruption, unusual in the context of Chinese censorship. Less noted is the insight it has offered into a range of China<6E>s economic problems<6D>not just in its storyline but in the viewing public<69>s reaction.Latest updates A   21 minutes   2 hours ago Transcript:   2   6 hours ago Tracking James Comey<65>s downfall Graphic detail 13 hours ago How blue is my valley? Speakers<72> Corner 17   The show touches on economic topics often too hot for the Chinese media to handle. Factory workers clash with police after a bankruptcy wipes out their company shares. A senior leader<65>s child amasses big stakes in local firms for his family. A small-business owner ends up in hock to loan sharks. Local bankers demand <20>consulting fees<65> when extending loans, pocketing the cash. (So realistic is this portrayal that the Chinese press reports that Guo Shuqing, the country<72>s most senior banking regulator, pointed to the show in a warning to banks at a recent meeting.)The most consistent economic storyline is Li<4C>s relentless pursuit of growth and the problems this narrow focus brings. He himself seems clean, but turns a blind eye to corruption around him. His insistence on moving quickly causes real harm. As a young official, a frenzied drive to build a country road leads to a village chief<65>s death. Later in his career, his hasty decision to bulldoze a factory sparks a protest in which more than 30 people are injured.This sorry record seems grounds to object to Li. Instead, this flawed figure is by far the show<6F>s most beloved, more so than the dedicated, upright officials who lead the party<74>s anti-graft battle. Online merchants, a good bellwether of trends, have started selling versions of the sleeveless jumper and tea Thermos that he favours. The internet memes doing the rounds<64>for instance, a pledge to <20>defend GDP<44> for Li<4C>s sake<6B>are partly in jest but do reveal support for public servants in his mould.Why is Li Dakang so liked? In part because, warts and all, he is more believable than the saintly officials seeking to snuff out corruption. But there is more to it. Even when Li makes mistakes, his obsession with growth is very well received. Cautious, clean officials who err on the side of inaction are seen in a much less flattering light. In recent years China has started to emphasise policy goals other than GDP, from promoting culture to protecting the environment. Li Dakang-mania shows there are limits to this shift, and not just because of the government. Fast growth is still immensely popular.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/finance-and-economics/21721902-and-one-characteran-official-obsessed-gdp-growthbecomes-cult-hero-china?fsrc=rss'|'2017-05-11T12:00:00.000+03:00'
'2557c65874a57cacf9a32cf0d37c528445d02424'|'EXCLUSIVE: Barclays rejigs global investment banking team, seeks new hires - sources'|'By Anjuli Davies and Lawrence White - LONDON LONDON Barclays reshuffled its senior global investment bank management on Thursday and is seeking to hire between 50 to 100 people to boost the division under new chief Tim Throsby, according to sources with direct knowledge of the plans.Throsby will become interim head of the bank''s markets division while Joe Corcoran, who previously held the role, will move to the newly created position of vice chairman of markets, the sources said as the bank looks to take on Wall Street rivals.Joe McGrath will be the new global head of banking at Barclays and John Miller will become the head of global industry coverage banking, reporting to McGrath.A spokesman for Barclays confirmed the changes.CEO Jes Staley has stressed that investment banking is a key pillar of the bank''s growth strategy and in September appointed former JPMorgan colleague Throsby to head the international division that houses Barclays'' investment bank.The British bank worried investors in April when first quarter results showed a weak performance at its markets business, missing out on a bond trading boom enjoyed by Wall Street rivals in the first three months of 2017.Staley attributed the poor showing to weakness in the bank''s U.S. rates business and a tough comparison with the previous year, saying it would be wrong to start questioning the business based on one quarter''s performance.Since taking up his role in January, 50-year-old Australian Throsby has stressed that the investment bank is trying to shift the business from survival mode to flourish mode, according to a person familiar with the matter.As part of Throsby''s bid to beef up the investment bank he is looking to hire between 50 and 100 people globally and will focus on key areas such as rates trading, foreign exchange and also equities, according to the same source who spoke on condition of anonymity.In Barclays'' trading division, income from its markets business fell 4 percent to 1.35 billion pounds ($1.75 billion) in the first three months of the year, as macro income fell 14 percent due to a weaker performance by its U.S. rates business in particular.Barclays fared better in advisory and underwriting, reporting its best ever performance in debt capital markets in terms of market share.Banking fees jumped 51 percent to 726 million pounds, its best performance in three years, outperforming an average 33 percent rise across the U.S. banks.The bank, which hopes to turn a chapter on its restructuring plans in June with the closure of its non-core business, is hoping to compete with Wall Street rivals and in order to do so is looking for senior level hires, particularly in sales and trading on a case-by-case basis.One such position immediately up for grabs is head of Europe and Middle East banking, for which McGrath will recruit both internally and externally, one of the sources said.Jean-Francois Astier will head the bank''s global capital markets business. Sam Dean, head of corporate finance for Europe, will retire from the firm as part of the changes, according to the sources.(Reporting By Anjuli Davies and Lawrence White; Editing by Rachel Armstrong)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/barclays-investment-bank-idINKBN1872IJ'|'2017-05-11T15:10:00.000+03:00'
'a0bfa11ff550f48bb2e237668536d6bc48cff75f'|'Bidding at U.S. 30-year auction weakest since November'|'NEW YORK May 11 Overall demand at Thursday''s $15 billion U.S. 30-year Treasury bond sale, the final leg of the $62 billion quarterly refunding this week, hit a six-month low with investor purchases coming in below recent levels, Treasury data showed.The ratio of bids to the amount of new 30-year issue offered was 2.19, which was below than the 2.23 at the prior 30-year auction in April and the lowest since the 2.11 in November. (Reporting by Richard Leong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-30year-idINL1N1ID1AK'|'2017-05-11T15:23:00.000+03:00'
'eba595ed56e6595355b0c3f2461c13681607ef4a'|'Uber says to partner with taxis in Myanmar expansion drive'|'  6:58am EDT Uber says to partner with taxis in Myanmar expansion drive left right Mike Brown, Uber''s Asia Pacific regional General Manager, poses for photo during a launching ceremony of UBER taxi Thursday in Yangon, Myanmar May 11, 2017 REUTERS/Soe Zeya Tun 1/3 left right A woman poses for photo during a launching ceremony of UBER taxi Thursday in Yangon, Myanmar May 11, 2017 REUTERS/Soe Zeya Tun 2/3 left right A man arrives at the Uber offices in Queens, New York, U.S., February 2, 2017. REUTERS/Brendan McDermid - 3/3 By Yimou Lee - YANGON YANGON Uber Technologies Inc [UBER.UL] is only hiring government-accredited taxi drivers in Myanmar, a regional executive said, a move that allows it to avoid the legal hurdles that have dogged it across Asia in one of the region''s last frontier markets. This partnership with local taxi drivers and their unions is unique to Myanmar, Sam Bool, Uber''s expansion general manager for South East Asia, told Reuters as services began on Thursday in the small but potentially lucrative market where Southeast Asian rival Grab Taxi and local service providers are already going strong. "Having the government support from day one is pretty powerful," Bool said. "Drivers know we are fully compliant with existing regulations. That does grease the wheels." Uber, which in many parts of the world signs on any one with a car as a driver, appears to be following Grab''s operating model in Myanmar, a country of more than 50 million people emerging from decades of military rule. During its March launch, Grab said it was working with a small group of taxi drivers in Yangon and would increase its scale gradually. Uber has long had a reputation as an aggressive and unapologetic startup. The San Francisco-based firm is in conflict with the taxi industry all over the world, and its services have been halted in several countries over a raft of regulatory concerns. While Indonesia is Southeast Asia''s biggest ride services market, the growth in Myanmar''s mobile services market is too good to ignore. Internet penetration has exploded from next to nothing a few years ago to nearly 90 percent now, with more people turning to apps and mobile services. Competition is also strong: in addition to Grab, there are at least two ride-hailing start-ups - Hello Cabs and Oway Ride. Many people in Myanmar still do not have credit cards, so to get around that, Bool said Uber drivers would accept cash or local bank transfers. In many other markets, Uber users pay via a credit card linked to the app. Bool declined to say how much Uber was investing or what it hoped to make in Myanmar, but said the company could help the government upgrade Yangon''s 70,000 taxis, many of which are not equipped with seat belts or do not have air conditioning. "We can move millions of people in Yangon without adding a single car," he added. Uber''s expansion into Myanmar coincides with a push by the authorities work to revamp public transport, starting with the bus network in Yangon. Uber was working with the Yangon government to integrate its services to the bus network, Bool said, with plans to provide services to commuters in areas where public transport is not well-developed. (Editing by Miral Fahmy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-uber-tech-myanmar-idUSKBN1870DT'|'2017-05-11T12:46:00.000+03:00'
'aa2f9324789905f41a590da6de512848bdc2b0d5'|'Snap shares plummet as user growth slows, revenue misses'|' 18pm BST Snap shares plummet as user growth slows, revenue misses Traders gather at the post where Snap Inc. is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 6, 2017. REUTERS/Brendan McDermid Snap Inc shares plunged in after-hours trading on Wednesday after the parent of the popular disappearing-messaging app Snapchat reported slowing user growth and revenue that fell short of analyst estimates amid stiff competition from Facebook Inc. Shares of the company fell more than 24 percent to $17.39 after the first quarterly earnings report since Snap''s red-hot initial public offering in March. Snap said its daily active users (DAUs) rose 36.1 percent to 166 million in the first quarter from a year earlier, down from the 47.7 percent rise in users for the fourth quarter and 62.8 percent jump for the third quarter that the company had reported in its IPO filing. J.P. Morgan expected Snap''s DAUs to grow to 169 million in the first quarter, while Monness, Crespi, Hardt & Co Inc pegged DAUs at 173 million. Still, the growth was faster than larger rival Facebook, which said its daily user base grew 18 percent year-over-year in the first quarter, as well as Twitter, which reported growth of 14 percent in daily active users from a year earlier. Facebook, which once made a $3 billion bid for Snapchat, has upped the ante by offering features similar to Snap on its platforms, including Instagram and WhatsApp. The company recently said Instagram Stories alone had reached 200 million daily active users. Snap said average revenue per user rose 181.3 percent to 90 cents in the first quarter. Revenue jumped nearly four-fold to $149.6 million but fell short of the average analyst forecast for revenue of $158 million, according to Thomson Reuters I/B/E/S. The company''s net loss widened to $2.21 billion, or $2.31 per share, in the first quarter, from $104.6 million, or 14 cents per share, due to stock-based compensation around the IPO. Snapchat launched in 2012 as a mobile app that allows users to send photos that vanish within seconds. The company rebranded as Snap Inc last year, and its $3.4 billion public listing was the hottest technology offering in three years. (Reporting by Anya George Tharakan in Bengaluru, David Ingram in San Francisco and Angela Moon in New York; Editing by Sriraj Kalluvila and Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-snap-results-idUKKBN1862SI'|'2017-05-11T05:18:00.000+03:00'
'ce615435042e76245a2cfea1e6f89444804796ca'|'MIDEAST STOCKS - Factors to watch - May 14'|'DUBAI May 14 Here are some factors that may affect Middle East stock markets on Sunday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Europe, emerging markets boost stocks; U.S. assets fall on data* MIDEAST STOCKS-Oil price lifts some Gulf stocks, mixed earnings hit Saudi index* Oil up slightly, low U.S. inventories weigh on high rig counts* PRECIOUS-Gold firm as U.S. political concerns lend support* U.S. nears $100 bln arms deal for Saudi Arabia -White House official* U.S.-backed Syrian forces await weapons for summer assault on Raqqa* Way forward for Libya uncertain despite "breakthrough" meeting* Trump to back Palestinian "self-determination" on Mideast trip -aide* S&P cuts Oman debt to junk as cheap oil shrinks external reserves* Turkish March current account deficit $3.057 billion, less than forecast* ANALYSIS-Lebanon pushed to brink in election law stand-off* Jittery oil traders shore up against OPEC disappointment* OPEC sees more oil supply outside the group, countering its cuts* Mattis tells Turkey''s PM: US committed to your security* COLUMN-Oil bulls draw hope from fall in U.S. crude stocks: Kemp* Turkey says Russian wheat imports resumed on Monday* Southern Yemen leaders launch body seeking split from north* Turkmenistan expected to join OPEC-led oil supply cut* Hezbollah says future war would be on Israeli territory* U.S. tells Turkey it supports Ankara''s fight against PKK* Assad says de-escalation zones chance for rebels to "reconcile"* Erdogan sees "new beginning" in Turkish-U.S. ties despite Kurdish arms move* Turkish banks to see lower interest margins, profits, banking chairman* Turkish deputy pm says sees single-digit inflation, interest rates by year-end* CEO of Algeria''s Sonatrach urges simplifying business, focus on output* Thousands of Tunisians march against corruption amnesty law* Iran''s Rouhani lashes out at hardliners in blistering final debate before vote* INTERVIEW-Palestinian officials hope to launch e-currency in 5 yearsEGYPT* IMF reaches staff level agreement for second loan instalment to Egypt* BRIEF-S&P says Egypt ''B-/B'' sovereign ratings affirmed; outlook stable* Egypt starts weaning itself off foreign gas as output surges* Egypt to announce results of gold mining exploration bid next week* Egypt expects to receive Iraqi crude in mid-MaySAUDI ARABIA* Saudi Aramco close to choosing partner for project management JV -sources* Higher oil price allowed Saudi Arabia to stop selling foreign assets in Q1* JPMorgan to add bankers in Saudi Arabia to reflect market growth* ANALYSIS-Skirmishes over culture strain alliance between Saudi rulers, clerics* Saudi Electricity in market for US$1bn loan* Saudi''s Al Borg Medical agrees to buy Anglo Arabian''s lab business - sources* Saudi Arabia says financed deficit from current account in Q1* Saudi Arabia''s says fiscal deficit for Q1 down 71 pct y/y* Saudi''s Savola Q1 profit tumbles on lower sales, lower marginsUNITED ARAB EMIRATES* ANALYSIS-New Etihad boss to rethink strategy after Alitalia dream fails* U.S. $2 bln sale of missiles to Emirates approved- Pentagon* Fund led by Dubai billionaire Alabbar buys UAE website JadoPado* Emirates profit falls for first time in 5 years* UAE''s TAQA swings to Q1 profit on higher commodity prices* UAE<41>s Dana Gas begins refinancing talks on $700 mln sukukQATAR* BRIEF-Qatar Investment Authority cuts stake in China''s AgBank - HKEx filing* Qatar Islamic Bank mandates banks for dollar sukuk - leadBAHRAIN* BRIEF-Bahrain Kuwait Insurance offers 95 fils/share for Takaful International acquisitionKUWAIT* BRIEF-Kuwait''s Agility Q1 profit risesOMAN* BRIEF-S&P says Sultanate of Oman ratings lowered to ''BB+/B'' on weaker external buffers (Reporting By Dubai Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL8N1IF0LG'|'2017-05-14T01:07:00.000+03:00'
'd09b8d876cf56ad1cf1b894cee6d2dd630aca533'|'CEE MARKETS-Stocks test multi-year high on earnings, OTP beats forecasts'|'* OTP Bank Q1 earnings beat forecasts, adds to optimism * Budapest stocks near record, Bucharest highest since 2008 * Hungarian debt yields ease on dovish central bank stance By Sandor Peto BUDAPEST, May 12 Central Europe''s main stock indices tested multi-year highs on Friday as first-quarter corporate reports showed a rise in profits and an optimistic picture about the region''s economies. Budapest led the gains. Its index rose 0.7 percent by 0832 GMT, approaching record highs, driven by a 2 percent surge of OTP Bank stocks to 6-week highs of above 8,400 forints. OTP has been rising from last week''s 5-month lows at 7,724 forints amid hopes for good results. If it sticks above 8,400, technicals could boost it to 8,800 in two to three weeks, Equilor brokerage analyst Zoltan Varga said. OTP, Central Europe''s biggest independent lender, reported a far bigger than expected jump in first-quarter net profits and retained an optimistic guidance. Several banks and other firms have reported upbeat results in the region as economies are growing at robust 3-4 percent annual rates and the process of cleaning bad loans from lenders'' portfolios advances. The index of Warsaw-listed banks hit 2-year highs earlier this week. Warsaw''s main index is also near 2-year highs, but its gains were trimmed on Friday by more than 5 percent fall in the stocks of Poland''s biggest power group PGE. It retreated from 6-week highs after PGE reported a jump in net profits as expected, but said that it would freeze dividend payouts for 2016-2018 to retain funding for its development programme. Bucharest''s stock index reached its highest levels for almost a decade. Regional currencies were rangebound, with the dinar firming slightly as the Serbian central bank was meeting and it was expected to keep the region''s highest benchmark rate on hold at 4 percent. The forint and the crown traded near one-month highs and the zloty near two-year highs against the euro. Economic growth and good trade and current account balances mostly support regional currencies even though central banks have not showed signs that they could start to reverse years of monetary loosening any time soon. Hungarian government bond yields continued to drop by a few basis points. They have been declining for days, with their curve becoming flatter, after dovish comments from central bank deputy governor Marton Nagy at a conference in London, one trader said. Nagy''s remarks that the bank may be able to push long-term BUBOR interbank rates lower showed that the bank, which "already has the largest dovish monetary conditions impulse" in emerging markets would not change its stance, Citi Group said in a note. "The Central Bank should remain very dovish, but denying any intention to curb HUF fluctuations," it added. CEE SNAPS AT 1032 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech 26.56 26.58 +0.1 1.68% crown 00 70 0% Hungary 310.2 310.1 -0.02 -0.46 forint 500 750 % % Polish 4.216 4.219 +0.0 4.44% zloty 5 3 7% Romanian 4.545 4.548 +0.0 -0.22 leu 0 3 7% % Croatian 7.428 7.426 -0.02 1.71% kuna 0 5 % Serbian 123.0 123.1 +0.0 0.24% dinar 500 550 9% Note: calculate previ close 1800 daily d from ous at CET change STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 1016. 1012. +0.3 +10. 08 81 2% 25% Budapest 34090 33858 +0.6 +6.5 .17 .88 8% 2% Warsaw 2368. 2364. +0.1 +21. 55 93 5% 59% Bucharest 8411. 8365. +0.5 +18. 05 02 5% 72% Ljubljana 782.4 789.1 -0.84 +9.0 5 1 % 4% Zagreb 1889. 1886. +0.1 -5.27 80 49 8% % Belgrade <.BELEX15 728.9 729.1 -0.03 +1.6 > 3 3 % 1% Sofia 654.7 654.2 +0.0 +11. 5 5 8% 65% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.04 -0.04 +062 -4bps > 6 6 bps 5-year <CZ5YT=RR -0.02 0 +028 +1bp > 8 bps s 10-year <CZ10YT=R 0.819 0 +041 +1bp R> bps s Poland 2-year <PL2YT=RR 1.97 0.003 +264 +1bp > bps s 5-year <PL5YT=RR 2.776 -0.02 +309 -1bps 
'6d3593aa6be1a6a8d77f250fb0918fe6c97803bb'|'China''s Great Wall Motor eyes North America plant, says policy doubts remain'|'Autos - Fri May 12, 2017 - 4:38am EDT China''s Great Wall Motor eyes North America plant, says policy doubts remain A Haval HB-03 Hybrid car from Great Wall Motors is displayed at Shanghai Auto Show during its media day, in Shanghai, China April 19, 2017. REUTERS/Aly Song SHANGHAI Chinese carmaker Great Wall Motor Co Ltd ( 601633.SS )( 2333.HK ) is planning to build a plant in Mexico or the United States, the firm''s chairman said on Friday, but added an uncertain policy environment meant the details of the plan were still in flux. Reuters reported last month Great Wall, which says it is China''s largest SUV and pickup maker, was eyeing an auto plant in two Mexican states hit by U.S. President Donald Trump''s drive to make American companies invest at home. The carmaker''s chairman Wei Jianjun said the firm had looked at three possible states in Mexico and two states in the United States. He added that significant shifts in U.S. policy were having a large impact on the plans for the plant. "Our plans to go to the American market haven''t changed," he told reporters on the sidelines of a conference in Shanghai. "First we want to see how things work and then make a decision." Under pressure from U.S. President Trump to keep jobs in the United States, some carmakers have scaled back or slashed plans to build plants in Mexico. Ford Motor Co ( F.N ) in January canceled a $1.6 billion plant in San Luis Potosi. A senior Great Wall Motor executive told Reuters previously the choice between setting up plants in the United States or Mexico locations would depend on trade issues involving the United States, Mexico and China. Wei said Great Wall would build plants in Russia as well as North America. He added the firm aimed to sell 100,000 cars globally overseas by 2020, up from 20,000-30,000 vehicles now. (Reporting by David Lin and Adam Jourdan; Editing by Simon Cameron-Moore) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-great-wall-motor-north-america-idUSKBN1880XY'|'2017-05-12T16:38:00.000+03:00'
'a7e9c58d7d012e952bcc9d2741da7744bf779a41'|'IMF reaches staff level agreement for second loan instalment to Egypt'|'Business News - Fri May 12, 2017 - 3:56pm BST IMF reaches staff level agreement for second loan instalment to Egypt People walk around shops at al-Hussein and Al-Azhar districts in old Islamic Cairo, Egypt August 18, 2016. REUTERS/Amr Abdallah Dalsh CAIRO The International Monetary Fund said on Friday it had reached a staff-level agreement with Egypt on a second loan instalment that would make available about $1.25 billion (<28>970 million). In a statement at the conclusion of an IMF mission to Egypt, team leader Chris Jarvis said: "The IMF staff team and the Egyptian authorities have reached a staff-level agreement on the first review of Egypt''s economic reform programme supported by the IMF''s $12 billion arrangement. The staff level agreement is subject to approval by the IMF''s Executive Board." Jarvis said in a statement that completion of the review would make available about $1.25 billion, bringing total disbursements under the programme to about $4 billion. (Reporting by Giles Elgood; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-egypt-imf-idUKKBN18823H'|'2017-05-12T22:56:00.000+03:00'
'718a9fe16b7457c53f4f186343c89b416c270d8b'|'LPC: US firms boost financial firepower with add-on loans'|'Market   10:56am EDT LPC: US firms boost financial firepower with add-on loans By Jonathan Schwarzberg - NEW YORK NEW YORK May 12 Four US companies, including consumer goods company Spectrum Brands Inc, launched <20>add-on<6F> loans this week to boost the size of existing facilities as lenders compete to offer additional debt to familiar names amid a lack of supply in 2017 so far. Pool and spa products maker KIK Custom Products, enterprise software firm Aptean Inc and veterinary services provider National Veterinary Associates also chose to increase their loans with bolt-on deals as investor appetite continues to outstrip dealflow. Companies are securing add-on loans where possible to give them greater financial flexibility and are also paying down debt under revolving credits to give more firepower for future acquisitions or other purposes. <20>Some of it is acquisition-related. I<>m sure there are corporate boards that are saying the Fed<65>s going to raise (rates) three more times so we should raise money now. The market conditions are so good right now that they can,<2C> a senior banker said. KIK Custom Products is raising a US$200m add-on, US$90m of which will be used to finance a current acquisition. The rest will be added to the company<6E>s balance sheet or used to pay down its revolving credit facility. National Veterinary Associates is also financing an acquisition with an additional US$150m term loan, which includes a US$75m delayed-draw component. Aptean is raising an extra US$100m for general corporate purposes, including the ability to repay revolving credit debt and acquisitions. Investor demand was strong enough to allow Aptean to double the size of its offering and for all three issuers to move up the deadlines on their deals this week. Spectrum Brands<64> US$250m add-on was completed in just one day. Spectrum has earmarked the proceeds to pay down revolving credit borrowings and add cash to the balance sheet. RED HOT Borrowers<72> ability to raise additional financing without a specific purpose is typically a sign of benign market conditions fueled by excess demand as investors seek yield and a way to hedge against higher interest rates. Although leveraged M&A activity is picking up with around US$20bn of new deals announced this week, activity has otherwise been muted this year other than refinancing as demand for US leveraged loans has soared. This week saw the 26th consecutive week of inflows into loan funds. Collateralized Loan Obligation (CLO) funds are also buying and demand for US floating rate assets is increasing abroad. <20>We<57>ve seen new Asian accounts enter U.S. domestic sectors in size and it<69>s changed the dynamics,<2C> said a CLO investor. <20>It<49>s just becoming a more competitive environment when looking for investment opportunities.<2E> Companies are likely to be able to continue to raise money easily, especially issuers with existing loans that have a strong historical track record which offers lenders comfort and familiarity, as strong liquidity continues to offer prime borrowing conditions. <20>From a new issue perspective, this is as good as it gets,<2C> the banker said. (Reporting by Jonathan Schwarzberg; Editing By Tessa Walsh)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/loan-addons-idUSL1N1IE0ZO'|'2017-05-12T22:56:00.000+03:00'
'6bd79236cbf79b8ec44ee3aae6f1c28c1bcc96ef'|'Portugal Telecom says hit by cyber attack, no impact on services'|'Technology   5:12pm BST Portugal Telecom says hit by cyber attack, no impact on services LISBON Portugal Telecom was hit on Friday by a cyber attack but no services were impacted, a spokeswoman for the company said. "We were the target of an attack, like what is happening in all of Europe, a large scale-attack, but none of our services were affected," a Portugal Telecom spokeswoman told Reuters. Portugal Telecom was taking all measures necessary, together with national authorities, to resolve the situation, she said. In neighboring Spain, the government said on Friday a large number of companies had been attacked by cyber criminals who infected computers with malicious software known as "ransomware." A spokesman at Portugal''s judicial police said he had no information on the cyber attacks. Energy firm Energias de Portugal, Portugal''s largest company, cut access to the internet on its network as a precaution to the attacks registered in Europe, said a spokesman for the company. He said no problems had been registered on its systems. (Reporting By Patricia Rua and Axel Bugge)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-portugal-cyber-idUKKBN1882AP'|'2017-05-13T00:08:00.000+03:00'
'02e4e8397ef70b3e08edf574d5f38f8731cb069a'|'AstraZeneca''s durvalumab shown in trial to reduce risk of death from lung cancer'|' 29am BST AstraZeneca''s durvalumab shown in trial to reduce risk of death from lung cancer FILE PHOTO: The logo of AstraZeneca is seen on medication packages in a pharmacy in London April 28, 2014. REUTERS/Stefan Wermuth/File Photo LONDON AstraZeneca''s key immunotherapy drug durvalumab was shown to reduce the risk of stage III lung cancer worsening or causing death in a trial, the pharmaceutical company said on Friday. The trial results are a major boost for a product the company hopes will become a blockbuster drug with sales in the billions of dollars. The drug, which will have the brand name Imfinzi, works by helping the body''s immune cells kill cancer, offering an alternative to chemotherapy. (Reporting by Alistair Smout; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-astrazeneca-cancer-idUKKBN1880L1'|'2017-05-12T14:29:00.000+03:00'
'8ca8ecc088f1c52cc8a3f5042f9f6f255b4ab693'|'Theresa May will cause more poverty than Thatcher, Gordon Brown warns - Politics'|'The former prime minister Gordon Brown has strongly attacked Theresa May<61>s claim to be the champion of Britain<69>s struggling families, warning that the Conservative government<6E>s welfare cuts would leave more people in poverty than under Margaret Thatcher in the 1980s.In his first major intervention in the election campaign, Brown said May<61>s policies would reverse the progress made in tackling poverty under Labour and leave the country more <20>economically divided and socially polarised than any other prime minister in living memory<72>.What do you think of the Labour manifesto? Catch up on our live discussion Read more Writing in the Guardian , Brown highlights recent research from the Institute of Fiscal Studies and the Joseph Rowntree Foundation showing that slow growth in wages and less generous welfare payments would result in a sharp increase in relative poverty over the next five years.He said: <20>There will soon be more people in poverty in May<61>s Britain <20> 15.7 million citizens <20> than ever there were in Margaret Thatcher<65>s Britain. And almost 1 million more children condemned to poverty than even in the darkest days of Thatcher-Major rule.<2E>People are judged to be living in relative poverty if they are in a household that has to manage on less than 60% of median income. Brown<77>s budgets during his 10 years as Tony Blair<69>s chancellor focused on measures to reduce poverty, including the introduction of tax credits for the working poor and increases in child benefit.He said child poverty, which stood at 34% when John Major lost the 1997 election, was reduced to just over 27% by the time David Cameron became prime minister in 2010, but was now back on the rise.Assuming current official forecasts for wage growth and inflation are correct, Brown said there would be 5.1m children living in poverty <20> or 35.7% of the total <20> by 2021-22.<2E>Think about that: one in every three boys and girls condemned to a childhood of poverty, every one of those children denied the necessities of life, the means of fulfilling their potential. That fact alone blows apart any Conservative claim to be the party of the many,<2C> Brown said.Household budgets of less well-off families have received a double blow this year. Wages have failed to keep pace with prices, while cuts to tax credits have come into force after being announced by George Osborne in 2015 as part of a renewed attempt to reduce the size of Britain<69>s budget deficit. Child benefit is now only paid on the first two children and housing benefit has been made less generous.Despite some softening of the welfare cuts since May became prime minister, Brown said the impact on families was still severe.Theresa May is creating an epidemic of poverty. Don<6F>t give her a free hand - Gordon Brown Read more <20>Despite a 35% rise in prices this decade, child benefit will have risen by only 2%. Housing benefit no longer covers the rent, heating allowances fail to cover the cost of fuel and crisis loans that used to cover cookers or beds have been dramatically slashed.<2E>But here<72>s the most shocking fact of all. Two-thirds of the children now in poverty are from families where someone is working. Forget all the rancid Tory talk of <20>skivers<72> and <20>shirkers<72>: these are men and women working hard, but on breadline wages <20> with their lifeline, tax credits, being systematically pulled away from them.<2E>Brown said poverty was set to rise even among pensioners, a group that is protected by the triple lock, a guarantee that the state pension will rise by inflation, average earnings or 2.5%.The former prime minister said pensioner poverty affected one in three older Britons in the early 90s, but that rate had fallen to one in 10 by the time Labour left office in 2010. He said the trend was now set to deteriorate, with 400,000 more elderly poor by 2022.<2E>We are learning the hard way that social progress has to be fought for decade by decade,<2C> Brown said.Topics Gordon Brown Economics Economic policy Gene
'cbf159e0df31a75b68bb559497fed7c799f58f74'|'Elliott willing to back BHP board candidate as next chairman: source'|'SYDNEY Elliott Management is willing to back a board member of BHP Billiton ( BHP.AX ) ( BLT.L ) to be its chairman upon the retirement of Jac Nasser despite deep reservations about its top management, a source close to the activist shareholder said on Thursday.Elliott, founded by billionaire Paul Singer, is pushing for a $46 billion overhaul at BHP that includes spin offs, dismantling a corporate structure built on dual listings in London and Sydney and returning more money to shareholders. The Anglo-Australian miner has rejected the demands.The activist investor blames Nasser and BHP''s top management for what it sees as bad investments by the world''s biggest mining house, particularly in U.S. shale gas, the source said.But Elliott believes "there are personalities on the board that are talented and capable", with the "potential for someone to be selected from the existing board", the source said.It is unclear what impact Elliott''s backing or opposition to a particular candidate will have on the chairman''s appointment.Elliott has been meeting with major BHP shareholders since going public with its restructuring proposals on April 10 to gauge support for change at the company.Australian media have reported that Westpac Bank ( WBC.AX ) chairman Lindsay Maxsted, former investment banker Carolyn Hewson, Orica ( ORI.AX ) chairman Malcolm Broomhead and former Origin Energy ( ORG.AX ) managing director Grant King are among the potential frontrunners to succeed Nasser.The source declined to name any preferred candidates from inside BHP, saying this could be "the kiss of death" for their chances.BHP has not commented on the potential candidates for succession. It did not immediately comment when contacted on Thursday about the source''s observations on Elliott.Elliott holds just over 4 percent of the London-listed shares, short of the 5 percent needed to call a shareholders'' meeting.Nasser, a former chief executive of Ford Motor Co ( F.N ) who has led BHP<48>s board since 2010, has labeled Elliott''s plan "flawed." He announced in September he would not seek re-election at the next shareholders'' meeting.Sydney-based Tribeca Investment Partners last week became the second BHP shareholder to push publicly for changes, calling for an overhaul of its board and for Chief Executive Andrew Mackenzie to be fired.Elliott says adopting its approach could unlock as much as $46 billion in additional value for BHP shareholders. Demerging BHP<48>s U.S. petroleum business could release up to $15 billion, it says, with share buybacks and the use of tax credits to deliver the rest."If you look at this trend of under performance over the past seven or eight years, it does correlate fairly well with the chairman, the CEO and the CFO," the source said. "This is not to say they are the entire reason, but leadership starts and ends at the top."The source said Elliott was unlikely to initiate legal action anytime soon against the current board over perceived deficiencies in their management, despite the company''s long history of courtroom battles with adversaries, choosing instead to win over BHP shareholders to its strategy.(Reporting by James Regan; Additional reporting by Jamie Freed and Sonali Paul; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-bhp-billiton-elliott-chairman-idUSKBN18717S'|'2017-05-11T18:21:00.000+03:00'
'b173b419271d466994863855e09ff27c26c6d97e'|'U.S. companies push hard for lower tax rate on offshore profits'|'Mon May 15, 2017 - 11:09am BST U.S. companies push hard for lower tax rate on offshore profits FILE PHOTO: The Apple logo is pictured inside the newly opened Omotesando Apple store at a shopping district in Tokyo June 26, 2014. REUTERS/Yuya Shino/File Photo By Ginger Gibson - WASHINGTON WASHINGTON Major U.S. multinationals are pushing the Trump administration to deepen the tax break it has already tentatively proposed on $2.6 trillion in corporate profits being held offshore, a key piece in Washington''s intricate tax reform puzzle. As President Donald Trump tries to deliver on his campaign promise to overhaul the tax code, lobbyists for technology, drug and other manufacturers are working with officials behind closed doors, six lobbyists working with various industries told Reuters. In line with tax cuts already embraced by Republicans in the House of Representatives, the lobbyists said they are telling the White House and Treasury Department that if companies are forced to bring home, or repatriate, foreign earnings, they want a sharply reduced tax rate. The lobbyists are making an aggressive case that cutting the tax rate on offshore profits to 10 percent from 35 percent, as the administration has indicated it may favor, is not enough. Rather, the lobbyists said they want a lower, bifurcated rate of 3.5 percent on earnings already invested abroad in illiquid assets, such as factories, and 8.75 percent on cash and liquid assets. During the 2016 presidential campaign, Trump proposed setting the rate at 10 percent, and argued it could be used to raise tax revenue to pay for tax cuts or infrastructure. Discussion of hard numbers in the long-running repatriation debate may indicate tax reform is advancing on Trump''s slow-moving domestic policy agenda. Or it may just be lobbyists trying to set the early framework for a long slog ahead, which could be adjusted if they get concessions elsewhere. "For us, it<69>s how you create a tax environment where you give business long-term certainty," one lobbyist said. The changes being discussed are part of larger tax reform, another lobbyist said: "Our international tax system is out of whack with the rest of the world. This system is not sustainable." LATEST PUSH IN LONG CAMPAIGN The lobbyists'' demands represent the latest effort in a push by corporate America that has been under way since 2004-2005, the last time Washington let multinationals pay only a small fraction of the taxes due on their foreign profits. Repatriation and comprehensive tax reform are important to the economy, Apple Inc ( AAPL.O ) CEO Tim Cook said earlier this month on CNBC. "The administration ... they''re really getting this and want to bring this back and I hope that that comes to pass," he said. Apple held $239.6 billion of cash and securities offshore as of April 1. Under current law, U.S.-based corporations are supposed to pay 35-percent income tax on profits worldwide. But companies can defer that tax on active profits left outside the country. The deferral rule has incentivized multinationals to park profits offshore and about $2.6 trillion in earnings is being held overseas by more than 500 U.S. companies, according to Audit Analytics, a corporate research firm. Nearly a third of that is held by 10 companies, including Apple, Microsoft Corp ( MSFT.O ), Pfizer Inc ( PFE.N ) and General Electric Co ( GE.N ), the firm said. All four of those companies declined to comment. These companies and hundreds of others could bring their foreign profits into the United States at any time, but they do not in order to avoid paying the 35-percent tax due. If the $2.6 trillion overseas were repatriated at once, two things would happen. First, Washington would get a big jolt of tax revenue. Second, repatriated profits not collected by the Internal Revenue Service could be put to use in the economy. As the law stands, tax-deferred profits can be held offshore indefinitely. The result of that has been companies bi
'05c71e0fad0b51b82b7722d84407a797b41d707f'|'CANADA STOCKS-TSX slides over 1 percent as financials lead retreat'|'Market News  09am EDT CANADA STOCKS-TSX slides over 1 percent as financials lead retreat * TSX down 161.61 points, or 1.04 percent, to 15,381.72 * Nine of TSX''s 10 main groups fall * Materials up 0.4 percent as gold prices rise TORONTO, May 17 Canada''s main stock index fell on Wednesday, tracking global market concerns that U.S. President Donald Trump''s pro-business economic agenda could be slowed by political scandals, with financial stocks leading declines. The pullback in global markets came about a week after Trump fired then-FBI Director James Comey and disclosed sensitive national security information in a meeting with Russian officials. The White House''s problems worsened on Tuesday when media reported the Republican president had asked Comey in February to end a probe into his former national security adviser, a move that could be seen as obstruction of justice. The White House dismissed the reports as untrue. The most influential movers on the Toronto Stock Exchange''s S&P/TSX composite index were dominated by financial firms, which make up roughly a third of the index''s weight. The group slid 1.4 percent. Royal Bank of Canada shed 1.4 percent to C$91.745, while Toronto Dominion Bank lost 1.1 percent to C$62.41. Insurer Manulife Financial Corp dropped 3.0 percent to C$23.01. Alternative lender Home Capital Group Inc, which reported a further decline in its deposit balances, saw shares stumble 7.0 percent to C$8.35. At 10:30 a.m. ET (1430 GMT), the TSX fell 161.61 points, or 1.04 percent, to 15,381.72. Eight of the index''s top 10 sectors fell more than 1 percent. The materials sector, which include mining stocks, was the lone gainer, adding 0.4 percent partly on the back of higher gold prices. Bullion hit a two-week high as the Trump scandals and weak U.S. economic data trimmed expectations the Federal Reserve would aggressively raise interest rates this year, pushing the U.S. dollar to its weakest level in six months. A weak greenback makes the precious metal cheaper for non-U.S. investors. The bulk of the top 30 stocks that advanced were gold mining companies, with Barrick Gold Corp leading the charge. Barrick rose 2.2 percent to C$23.53, while Agnico Eagle Mines Ltd was up 2.1 percent at C$68.17. Gold futures rose 1.8 percent to $1,256.9 an ounce. Oil and gas stocks retreated 1.0 percent despite higher crude oil prices. Enbridge Inc fell 2.2 percent to C$52.68. Declining issues outnumbered advancing ones on the TSX by 203 to 44, for a 4.61-to-1 ratio on the downside. The index was posting three new 52-week highs and three new 52-week lows. (Reporting by Solarina Ho; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL2N1IJ0S8'|'2017-05-17T23:09:00.000+03:00'
'bd18e7723f965f953a573e9cc0a241829f82833e'|'UK Stocks-Factors to watch on May 17'|'May 17 Britain''s FTSE 100 index is seen opening 24 points lower on Wednesday, according to financial bookmakers. * LLOYDS: Britain is set to sell its remaining stake in Lloyds Banking Group on Wednesday, making the lender the first to re-emerge from British state ownership in a symbolic step for the country''s recovering banking sector. * VODAFONE: Vodafone Chief Executive Vittorio Colao said he was optimistic Britain would secure a Brexit deal that works for both sides because there was so much at stake for over 500 million European citizens. * TATA STEEL/PENSION: India''s Tata Steel has agreed the main terms of a deal to cut benefits for its British pension scheme in a move that will see the firm back a new plan that will pose less risk to the company. * BRITAIN PROPERTY: The amount of empty office space in London has jumped over the past 15 months and is likely to rise again despite potential for a post-Brexit business exodus that could drive down rental values, a survey showed on Wednesday. * MINERS: Major mining companies, including some of the world''s biggest suppliers of fossil fuel, are seeking to use more renewable energy themselves as they strive to drive down costs and curb emissions. * The UK blue chip index ended up 0.9 percent on Tuesday, with telecoms stocks and consumer staples providing the impetus, while energy stocks supported gains as the price of crude rose. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: British Land Full Year 2017 British Company Plc Land Company Plc Earnings Release Countryside Half Year 2017 Properties Plc Countryside Properties Plc Earnings Release Bodycote Plc Bodycote Plc Trading Statement Release Brewin Dolphin Half Year 2017 Brewin Holdings Plc Dolphin Holdings Plc Earnings Release Mitchells & Half Year 2017 Mitchells Butlers Plc & Butlers Plc Earnings Release SSE Plc Full Year 2017 SSE Plc Earnings Release UBM Plc UBM Plc Trading Update Release Spectris Plc Spectris Plc Trading Statement Release Coats Group Coats Group Plc Trading Plc Statement Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1IJ23T'|'2017-05-17T13:24:00.000+03:00'
'2431f403854449fca1b459a0eed53c83e41fabf7'|'BRIEF-SEC reconsidering staff approval of first quadruple-leveraged ETF - WSJ'|'Market News - Tue May 16, 2017 - 5:43pm EDT BRIEF-SEC reconsidering staff approval of first quadruple-leveraged ETF - WSJ May 16 (Reuters) - * SEC reconsidering staff approval of first quadruple leveraged ETF - WSJ, citing sources * SEC''s decision means earlier approval put on hold, doesn<73>t allow ForceShares Daily 4X US Market Futures Long Fund, Short Fund to begin trading- WSJ Source text: on.wsj.com/2qoXcB8 Morning News Call - India, May 17 To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_05172017.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 10:00 am: Junior Finance Minister Arjun Ram Meghwal at an event in New Delhi. 11:15 am: Marico Chairman Harsh Mariwala at an event in New Delhi. 3:30 pm: JSW Steel earnings press meet in Mumb '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-sec-reconsidering-staff-approval-o-idUSFWN1II0QX'|'2017-05-17T05:43:00.000+03:00'
'450e5e594483d3f3fceb7db5e3e487dace7f2512'|'Brazil''s Odebrecht taps VP Guidolin as new chief executive'|'Business   10:57am EDT Brazil''s Odebrecht taps VP Guidolin as new chief executive The corporate logo of Odebrecht is seen inside of one of its offices in Mexico City, Mexico May 4, 2017. Picture taken on May 4, 2017. REUTERS/Carlos Jasso SAO PAULO Brazilian engineering conglomerate Odebrecht SA [ODBES.UL] said on Friday it had tapped Luciano Guidolin as its new chief executive officer, replacing current CEO Newton de Souza. Guidolin, currently vice-president of investments for the group, played a key role in negotiating plea deals in Brazil, Switzerland and the United States, according to an Odebrecht statement. Executives confessed to their roles in a corruption scandal that led to the arrest of former CEO Marcelo Odebrecht. (Reporting by Bruno Federowski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-odebrecht-ceo-idUSKBN18823R'|'2017-05-12T22:55:00.000+03:00'
'ea461e85a106402cc14bee4f995bdf2866bd9109'|'Telefonica, other Spanish firms hit in ''ransomware'' attack'|'MADRID Spain said on Friday a large number of companies, including telecommunications giant Telefonica ( TEF.MC ), had been infected with malicious software known as "ransomware" which locks up computers and demands ransoms.The hacking was carried out as hospitals and doctors'' surgeries in England were forced to turn away patients and cancel appointments on Friday after a ransomware attack crippled some computer systems in the state-run health service.Portugal Telecom was also hit by a cyber attack but no services were impacted, a spokeswoman for the company said.In Spain, the attacks did not disrupt the provision of services or network operations, the government said in a statement. Telefonica said the impact of the attack was limited to some computers on an internal network and had not affected clients or services.Security teams at large financial services firms and businesses were reviewing plans for defending against ransomware attacks, according to executives with private cyber security firms.Although cyber extortion cases have been rising for several years, they have to date targeted small- and mid-sized organisations, disrupting services provided by hospitals, police departments, public transport systems and utilities in the United States and Europe."Seeing a large telco like Telefonica get hit is going to get everybody worried. Now ransomware is affecting larger companies with more sophisticated security operations," Chris Wysopal, chief technology officer with cyber security firm Veracode, said.This was also likely to embolden cyber extortionists when selecting targets, Chris Comacho, chief strategy officer with cyber intelligence firm Flashpoint, said."Now that the cyber criminals know they can hit the big guys, they will start to target big corporations. And some of them may not be well prepared for such attacks," Camacho said.In Spain, some big firms took pre-emptive steps to thwart ransomware attacks following a warning from the National Cryptology Centre of "a massive ransomware attack." It said hackers used a version of a virus known as WannaCry that targets Microsoft Corp''s ( MSFT.O ) widely used Windows operating system.Iberdrola ( IBE.MC ) and Gas Natural ( GAS.MC ), along with Vodafone''s unit in Spain ( VOD.L ), asked staff to turn off computers or cut off internet access in case they had been compromised, representatives from the firms said.It was not immediately clear how many Spanish organizations had been compromised by the attacks, if any critical services had been interrupted or whether victims had paid cyber criminals to regain access to their networks."News (of this attack) has been exaggerated and our colleagues are working on it right now," Telefonica Chief Data Officer Chema Alonso, a well-known cyber security expert, said on Twitter.A window appeared on screens of infected computers that demanded payment with the digital currency bitcoin in order to regain access to files, a Telefonica spokesman said.(Reporting by Carlos Ruano and Jose Rodriguez in Madrid; Additional reporting by Jim Finkle in Toronto; Writing by Sarah White and Angus Berwick; Editing by Janet Lawrence)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-spain-cyber-idINKBN1881TJ'|'2017-05-12T14:39:00.000+03:00'
'86b7bbb19f77780304ab64bb6f1507ffbd59ce32'|'LME''s hunt for elusive volumes could cause more shrinkage, risk benchmark'|'  12:12pm BST LME''s hunt for elusive volumes could cause more shrinkage, risk benchmark Traders and clerks react on the floor of the London Metal Exchange in the City of London February 14, 2012. REUTERS/Luke MacGregor/File Photo By Pratima Desai and Peter Hobson - LONDON LONDON The London Metal Exchange (LME) is intent on enticing more investors to halt a slide in trading volumes, but users fear its plans could cause further erosion and even shake the foundations of its benchmark contracts. The 140-year-old exchange is battling to reverse declines triggered by large increases in trading fees in 2015 and an economic slowdown in China, which accounts for nearly half of global consumption of base metals. While it remains a dominant force in global markets, rival CME ( CME.O ) has been encroaching on its territory. Copper volumes in the first four months of 2017 on the CME Group ( CME.O ) leapt 21 percent over the same period last year, while the LME posted a drop of more than 7 percent. This is mainly because many funds prefer the CME''s copper contract as it can be bought, sold and settled in one day. The LME''s benchmark three-month contracts - the lifeblood of the market - are used as reference prices in contracts around the world by traders, consumers and producers for buying and selling copper, aluminium, zinc, lead and nickel. "We use the LME because it has liquidity for all the metals we trade, not just copper," a fund manager focused on natural resources said. "The structure is not a problem for us, the accounting aspects are. I have to carry all positions to maturity on my balance sheet, it ties up capital." Growth in the physical market peaked some years ago, so the exchange needs to look elsewhere to boost revenues for parent Hong Kong Exchanges & Clearing Ltd ( 0388.HK ), which paid $2.2 billion (<28>1.7 billion) for the LME in 2012. To facilitate a boost in volumes, the LME last month published a discussion paper listing alternatives to the status quo. New LME Chief Executive Matt Chamberlain favours the option of extrapolating prices for three-month contracts and carry trades to populate the monthly contracts on its electronic system. The exchange favours a technique called implied pricing to extrapolate synthetic prices for contracts that mature on the third Wednesday of each month from trading activity on other dates. It hopes the idea can spread liquidity from its rolling three-month contracts to monthly dates that fund investors find easier to trade. WHERE CARRY IS KEY A fund wanting to bet on higher prices on the LME buys the three-month contract today and when it sells, perhaps a few days later, has to reconcile the two dates with another transaction known as the carry trade. These carry trades occur at random dates in the future and are covered separately. If the monthly contracts became the most liquid, only the average exposure would be traded on the LME. One broker estimated that if his carrys over the next three months totalled 9,000 lots, averaging would leave only about 900 going through the LME. "At $2.70 per lot that''s roughly a revenue loss of $22,000 in fees." Loss of volume on the three-month forwards is also expected by banks and brokers, which already offer funds monthly prices calculated using three-month contracts and carry trades. A metals trading source at a bank said the "downside" was loss of volume on the three-month contracts. "Moving to the monthlies is a risky proposition because you become interchangeable with the CME." The head of a metals brokerage said: "It risks the benchmark status of the three-months, a unique selling point." But, the bank source said, the LME was under pressure to boost volumes, which last year tumbled 7.7 percent. "An alternative would be to create liquidity points for the third Wednesday of the front month, the second month and the third month, which would help keep the date structure and the carry trades," metals industry veteran Jer
'520a09134476a1f2eaaabdbf087ca1ee0eef4d18'|'Samsung Electronics creates new contract chip manufacturing division'|'SEOUL Tech giant Samsung Electronics Co Ltd said on Friday it has formed a new division within its semiconductor business for contract chip manufacturing in a move to strengthen its competitiveness.Samsung''s new foundry division will be responsible for making mobile processors and other non-memory chips for clients such as Qualcomm Inc and Nvidia Corp.(Reporting by Se Young Lee; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/samsung-elec-chips-idINKBN1880OK'|'2017-05-12T05:09:00.000+03:00'
'27e356ab7b74032214eeba616c41d8445fc67226'|'Temporary game ban trips up debut by South Korea''s Netmarble Games'|'Business News - Fri May 12, 2017 - 2:51am BST Temporary game ban trips up debut by South Korea''s Netmarble Games The logo of Netmarble Games is seen at its headquarters in Seoul, South Korea, March 25, 2016. REUTERS/Kim Hong-Ji By Joyce Lee - SEOUL SEOUL Shares in Netmarble Games Corp pared gains after debuting as much as 9 percent higher on Friday, as regulations banning minors from playing its mega-hit game spooked some investors who had clamoured to buy into the success of the South Korea''s largest smartphone games maker. The stock opened at 165,000 won ($146.65), above the IPO price of 157,000 won, and rose as high as 9.2 percent in early trade before falling to as low as the IPO price of 157,000 won. The KOSPI index was down 0.3 percent as of 0125 GMT. A Netmarble spokeswoman on Friday confirmed media reports that the gaming regulator had barred for at least two weeks or anyone aged 18 and under from playing its mega-hit game "Lineage II: Revolution" until the company changes an in-game item trading system. The spokeswoman said the company would change the feature in the age 12-plus role playing game, which gaming data provider SuperData named the world''s biggest earning game in February even though it was only available at home. South Korea is the world''s fourth-largest gaming market, with annual revenue of about $4 billion, data from researcher Newzoo showed. Analysts described the ban as a temporary setback and said Netmarble''s ability to churn out hits in a crowded smartphone gaming market made it a sound bet. The follow-up to Lineage II - "PentaStorm" - is the most popular game on the Google Android store in South Korea on Friday. "Compared to other Asian game developers such as Mixi or GungHo that have not had a notable follow-up after they released mega-hit games, Netmarble has steadily released hits," said Shinyoung Securities analyst Jang Won-yeol. A shortage of tradeable shares will also help support the stock, brokers said. About 17.6 million shares out of 84.7 million total are available for trade, with the rest - almost all owned by controlling and strategic shareholders such as Netmarble founder Bang Jun-hyuk and China''s Tencent Holdings - in a six-month lock-up. Netmarble said in April it expects to have a war chest of some $4.4 billion for acquisitions after the listing to realise its goal of becoming one of world''s top five games companies by 2020 with 5 trillion won in annual revenue. The company had priced its April IPO, which last month raised $2.3 billion in South Korea''s second-largest initial public offering, at the top of an indicative range. (Reporting by Joyce Lee; Editing by Miral Fahmy)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-netmarble-listing-idUKKBN18804Z'|'2017-05-12T09:51:00.000+03:00'
'fc1d790cb563a5eb11b6a338b6ad26e3c6af378b'|'Hong Kong tightens rules on bank loans for property developers'|' 49am BST Hong Kong tightens rules on bank loans for property developers A boat sails in front of private and public housing blocks in Hong Kong, China April 28, 2017. REUTERS/Bobby Yip HONG KONG Hong Kong on Friday imposed stricter restrictions on bank lending to developers, warning there was a need to review credit risks posed by property companies in one of the world''s most expensive real estate markets. Home prices in Hong Kong have more than quadrupled since 2003, according to a government index, while the median monthly household income has risen just 61 percent in that time, pushing home ownership out of reach for many. The Hong Kong Monetary Authority (HKMA), the city''s de facto central bank, said that to strengthen credit risk management with respect to lending to developers, banks can only lend them a maximum 40 percent of a site value instead of 50 percent, effective June 1. Also, the cap on construction cost financing would be lowered to 80 percent from 100 percent, it said, while the overall lending cap would be reduced to 50 percent of the expected value of a completed property, down from 60 percent. Mainland Chinese companies have piled into Hong Kong property, outbidding some of the territory''s most powerful developers and helping to propel prices ever higher. The HKMA said it was common for property developers to offer home buyers mortgage financing with high loan-to-value ratios to promote sales, a trend that was increasing at a rapid pace. It said lending practices adopted by some developers were inconsistent with the prudent lending practices followed by banks. Denis Ma, head of research at property consultancy JLL''s Hong Kong office, said the measures announced on Friday were unlikely to have much impact on Hong Kong''s large local developers, who were mostly cash-rich. The HKMA moves "will affect (mainland Chinese) and smaller local developers the most, as these guys rely more heavily on financing for their projects compared with the local heavyweights," Ma said. Property experts forecast that home prices in Hong Kong, among the world''s highest, will keep rising. Skyrocketing property prices have added to discontent in the city, with its 7.3 million residents already under strain from high living costs. (Reporting by Venus Wu and Twinnie Siu; Editing by Anne Marie Roantree and Richard Borsuk)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hongkong-property-idUKKBN1881DT'|'2017-05-12T18:49:00.000+03:00'
'a67dcd85725e1a228617d23a5282ff74c8ddbc15'|'Low gold prices spur buying in Asia; China premiums rise'|'Money   5:56pm IST Low gold prices spur buying in Asia; China premiums rise A saleswoman displays a gold bracelet as she poses for pictures at a jewellery shop in Lin''an, China, in this July 29, 2015 file photo. REUTERS/China Daily/Files MUMBAI/BENGALURU Gold demand in Asia rose this week as a dip in bullion prices enticed buyers to make new purchases, with the metal being sold at a higher premium in top consumer China. The international benchmark spot gold plunged to an eight-week low of $1,213.81 an ounce earlier this week. In India, the second-largest consumer of the metal, gold futures were trading around 28,000 rupees per 10 grams on Friday, down 4 percent in nearly four weeks. "Demand has been good in the last few weeks. Consumers are comfortable at the current price level," said Kumar Jain, vice president, Mumbai Jewellers Association. Dealers in India were charging a premium of up to $1 an ounce this week over official domestic prices, compared with a premium of $2 last week. The domestic price includes a 10 percent import tax. India''s gold imports in April more than doubled from a year ago to 75 tonnes on strong demand during a festival that prompts purchases. "Jewellers are building inventory as sales were good during Akshaya Trititya. Wedding season demand is also better than last year," said a Mumbai-based banker with a private bank. Indians celebrated the annual festival of Akshaya Tritiya, when buying gold is considered auspicious, in the last week of April. In the first quarter of this year, Indian gold demand rose 15 percent from a year ago, the World Gold Council said in a report published earlier this month. In China, premiums rose up to $15 an ounce over the international benchmark, from $12 last week. Premiums in Hong Kong were quoted at around 60 to 90 cents. "There is good amount of buying interest at these price levels in China," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. In Singapore, gold premiums remained in a 70 cents to $1 range, unchanged from last week, while prices in Tokyo were at a discount of 50 cents, compared with a 25-cent discount last week. "People are waiting for (U.S.) interest rates to go up and prices to come down further," Leung added. Recent federal data suggests a tightening labour market and rising inflation have strengthened the case for another interest rate hike by the U.S. central bank in June. Higher interest rates tend to increase the opportunity cost of holding non-yielding gold. At present, the market sees close to a 90 percent chance of a hike in U.S. interest rates next month. (Additional reporting by Nallur Sethuraman in Bengaluru; editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/asia-gold-demand-idINKBN1881N7'|'2017-05-12T10:26:00.000+03:00'
'6abcdd87ad17249e99e928477092b00b5d7a2aec'|'Exclusive - Cheniere Energy says in talks to boost LNG shipments to China'|'Business   4:43pm BST Exclusive - Cheniere Energy says in talks to boost LNG shipments to China By Ernest Scheyder Cheniere Energy Inc ( LNG.A ) said on Friday it has had extensive negotiations with Chinese state-owned companies about increasing U.S. shipments of liquefied natural gas (LNG) to China. The Trump administration on Thursday said it had made an agreement with China to increase access for some U.S. companies, including energy companies, to China. The framework gives Cheniere, the only company able to export LNG from the United States, the potential now to ink long-term contracts with a major energy market. Shares of Cheniere rose 3.8 percent to $48.94 (<28>38) in Friday morning trading. Cheniere has sold nine LNG cargos to China since it began U.S. exports in February 2016. All of those were sold on spot-based contracts. Cheniere is hoping to secure long-term contracts. "We have had extensive negotiations with the Chinese over the last month," Cheniere spokesman Eben Burnham-Snyder told Reuters. Houston-based Cheniere has shipped to five terminals across China since last year. Eight of those shipments have gone through the Panama Canal. (Reporting by Ernest Scheyder; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-china-trade-lng-idUKKBN188286'|'2017-05-12T23:43:00.000+03:00'
'7ef53a8622d4d3f23aab69ba090c235542252c5a'|'AirAsia to launch new Chinese low cost carrier'|'Deals - Sun May 14, 2017 - 4:46pm BST AirAsia to launch new Chinese low cost carrier An AirAsia baggage handler drops a bag on the tarmac at Kuala Lumpur International Airport in Sepang, Malaysia, June 17, 2015. REUTERS/Olivia Harris KUALA LUMPUR AirAsia Bhd ( AIRA.KL ) signed a joint venture agreement with China on Sunday to establish a low cost carrier (LCC), with a base in the east-central city of Zhengzhou. AirAsia (China) is a joint venture between AirAsia, Everbright Group and Henan Government Working Group, the airline said in a statement. AirAsia (China) will also invest in aviation infrastructure, including a dedicated LCC terminal at Zhengzhou airport and an aviation academy to train pilots, crew and engineers, as well as maintenance, repair and overhaul (MRO) facilities to service aircraft, the statement said. No further details of the LCC were provided. Malaysian Prime Minister Najib Razak, who is on a visit to China, witnessed the signing of the joint venture agreement. "This Chinese venture represents the final piece of the AirAsia puzzle," said AirAsia Group CEO Tan Sri Tony Fernandes. "In just 16 years, we have successfully built a presence in Malaysia, Thailand, Indonesia, Philippines, India and Japan, with China closing the loop on all major territories in Asia Pacific." AirAsia and AirAsia X ( AIRX.KL ) currently fly to 15 destinations in China and the group is the largest foreign LCC operating into the country. AirAsia is Asia''s largest budget airline. China''s Everbright Group is a state-backed financial firm. (Reporting by KL newsroom; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-airasia-china-idUKKCN18A0TL'|'2017-05-14T23:33:00.000+03:00'
'2a2b84ae32807c742351dc688a5ca05069c4d692'|'Post-crisis bank deleveraging in emerging Europe likely complete - report'|'Economy News   5:49pm BST Post-crisis bank deleveraging in emerging Europe likely complete: report (L-R) EBRD Secretary General Enzo Quattrociocche, Minister of Finance for Luxembourg Pierre Gramegna, Cypriot President Nicos Anastasiades, EBRD President Suma Chakrabarti and Cyprus'' Finance Minister Harris Georgiades, pose for a family photo during the European Bank for... REUTERS/Yiannis Kourtoglou By Karin Strohecker - LONDON LONDON A falling stock of bad loans has brightened the outlook for banks operating in emerging Europe, a report from the Vienna Initiative said on Thursday, adding that the funding pullback seen after 2008 was likely at an end. Based on data from the Bank for International Settlements, the report said banks across Central, Eastern, and Southeastern Europe (CESEE) had trimmed exposure to the region by about 0.5 percent of gross domestic product in the second half of 2016, versus a 0.3 percent fall in the first six months of the year. But excluding Russia and Turkey, positions declined by just 0.2 percent of GDP in the second half of last year, it said. "Post-crisis deleveraging seems to have been largely completed, while banks'' strategies in the region have become more selective," the Vienna Initiative said. Created in 2009 after the global financial crisis to prevent large-scale withdrawals by Western banks from emerging Europe, the Vienna Initiative is credited with averting banking crises in the region after 2008. It includes major banks as well as groups such as the European Bank for Reconstruction and Development (EBRD) and the World Bank. Substantial increases in foreign bank funding were reported for Albania, Bosnia and Herzegovina and the Czech Republic, while the largest declines were observed in Macedonia, Moldova and Ukraine. The data showed that credit growth in Turkey and the ex-Soviet CIS region was stabilizing at low single digits, as the pace of credit contraction in CIS countries eases. Turkey''s economy had already suffered from a drop in investment and tourism after a failed coup last July. Meanwhile Russia''s economy has emerged from a two-year recession. The ratio of non-performing loans (NPL) across the region also continued to decline, standing at 7.1 per cent as of end-June 2016 compared to 7.9 per cent a year earlier. Bad loans totaled 52.6 billion euros or around 4.3 per cent of the region''s annual economic output. Three countries in the region - Hungary, FYR Macedonia and Slovenia - had managed to cut their NPL ratio below the 10 per cent threshold since December 2015, but seven of the 18 countries remained in the double digits. "Levels of bad loans in the region declined in the year to mid-2016, but in several countries they continue to have a negative impact on the local economy and further action is needed to deal with them," the report added. After the crises in 2008 and the euro crisis in 2012, banks both foreign and local cut lending lines and many western European banks sold assets in eastern Europe to heal balance sheets injured by the crisis and to meet new capital rules. The biggest western-owned banks operating in emerging Europe were Italy''s UniCredit, and Erste Group Bank and Raffeisen Bank International of Austria while French bank Societe General, Belgium''s KBC and others were also big players. They all took part in a broad pact between private lenders, regulators and international institutions which agreed under the first Vienna Initiative to stay invested in the region. The EBRD this week held its annual meeting in Cyprus at which it said the growth outlook for much of its region of operation was improving. (Editing by Andrew Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ebrd-meeting-banks-idUKKBN1872GJ'|'2017-05-12T00:46:00.000+03:00'
'dc019feabb0a6d478187bae17f5546afa2569779'|'Desperately short of labour, mid-sized Japanese firms plan to buy robots'|'Technology News - Mon May 15, 2017 - 2:07am BST Desperately short of labor, mid-sized Japanese firms plan to buy robots left right FILE PHOTO: Humanoid robots work side by side with employees in the assembly line at a factory of Glory Ltd., a manufacturer of automatic change dispensers, in Kazo, north of Tokyo, Japan, July 1, 2015. REUTERS/Issei Kato/File Photo 1/2 left right FILE PHOTO: Excavators are seen at a construction site in Tokyo, Japan June 8, 2016. REUTERS/Toru Hanai/File Photo 2/2 By Stanley White - TOKYO TOKYO Desperate to overcome Japan''s growing shortage of labor, mid-sized companies are planning to buy robots and other equipment to automate a wide range of tasks, including manufacturing, earthmoving and hotel room service. According to a Bank of Japan survey, companies with share capital of 100 million yen to 1 billion yen plan to boost investment in the fiscal year that started in April by 17.5 percent, the highest level on record. It is unclear how much of that is being spent on automation but companies selling such equipment say their order books are growing and the Japanese government says it sees a larger proportion of investment being dedicated to increasing efficiency. Revenue at many of Japan<61>s robot makers also rose in the January-March period for the first time in several quarters. "The share of capital expenditure devoted to becoming more efficient is increasing because of the shortage of workers," said Seiichiro Inoue, a director in the industrial policy bureau of the Ministry of Economy, Trade and Industry, or METI. If the investment ambitions are fulfilled it would show there is a silver lining as Japan tries to cope with a shrinking and rapidly aging population. It could help equipment-makers, lift the country''s low productivity and boost economic growth. The government predicts investment in labor-saving equipment will rise this fiscal year, Inoue said. The way Japan copes with an aging population will provide critical lessons for other aging societies, including China and South Korea, that will have to grapple with similar challenges in coming years. "More than 90 percent of Japan''s companies are small- and medium-sized, but most of these companies are not using robots," said Yasuhiko Hashimoto, who works in Kawasaki Heavy Industries Ltd<74>s ( 7012.T ) robot division. "We''re coming up with a lot of applications and product packages to target these companies." Among those products is a two-armed, 170-centimeter (5-foot-7) tall robot. Kawasaki says it is selling well because it can be adapted to a range of industrial uses by electronics makers, food processors and drug companies. Hitachi Construction Machinery ( 6305.T ) says it is getting a lot of enquiries for its computer-programmed digging machines that use a global positioning system to hew ditches that are accurate to within centimeters and can cut digging time by about half. "We focus on rentals and expect business to pick up in the second half of the fiscal year, which is when most companies tend to order construction equipment for projects," said Yoshi Furuno, a company official. Hitachi Construction declined to provide figures. Mid-sized companies are planning on increasing spending much more than large-caps, which are projecting just a 0.6 percent increase in the fiscal year, according to the Bank of Japan. Smaller companies tend to have less flexibility in overcoming labor shortages by paying workers more or by moving production overseas. WORKING POPULATION PLUNGING Some companies could end up spending less than originally planned. But with demographics only worsening, companies will need to continue to search for solutions to the labor shortage problem. Japan''s working-age population peaked in 1995 at 87 million and has been falling ever since. The government expects it to fall to 76 million this year and to 45 million by 2065. In the fiscal year that ended March 31, 2016, mid-sized companies with 100 to 49
'21b70f7caa4fe02c2cae25d02be5ec8ede797342'|'EU mergers and takeovers (May 15)'|'Market News - Mon May 15, 2017 - 11:14am EDT EU mergers and takeovers (May 15) BRUSSELS May 15 The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- Taiwan''s Ennoconn, which is part of electronics maker Foxconn, to increase its stake in Austrian IT group S&T (approved May 12) -- Asset manager Ares Management L.P. and investment firm The Baupost Group to jointly acquire German shopping mall operator Prejan Enerprises Ltd (approved May 12) NEW LISTINGS -- Investment bank Goldman Sachs and French investment company Eurazeo jointly acquire Dominion Web Solutions (notified May 12/deadline June 21/simplified) -- French private equity company Ardian France and real estate agent Jones Lang LaSalle Inc to jointly acquire an office building in France (notified May 12/deadline June 21/simplified) -- French minerals company Imerys to acquire French calcium aluminate cements maker Kerneos (notified May 12/deadline June 21) EXTENSIONS AND OTHER CHANGES FIRST-STAGE REVIEWS BY DEADLINE MAY 19 -- Italian cinema operator The Space Cinema, which is controlled by Vue International Holdco Ltd, and Italian peer UCI Italian S.p.A. which is part of Chinese conglomerate Dalian Wanda Group, to set up a joint venture (notified April 7/deadline May 19) -- U.S. packaging company WestRock to acquire U.S. peer Multi Packaging Solutions (notified April 7/deadline May 19) MAY 22 -- Investment firms Cinven Capital Management and Canada Pension Plan Investment Board to acquire joint control of Travel Holdings Parent Corporation (notified April 10/deadline May 22) MAY 24 -- Japan-based Zen-Noh to acquire a 33 percent stake in a Brazilian joint venture between French commodities trader Louis Dreyfus Company and Brazilian soy processor-exporter Amaggi (notified April 12/deadline May 24/simplified) -- American healthcare company Johnson & Johnson to acquire Swiss biotech company Actelion (notified April 12/deadline May 24) -- Investment company Nordic Capital to acquire credit management services company Intrum Justitia (notified April 12/deadline May 24) MAY 29 -- French EDF to acquire equipment and fuel manufacturing company Areva (notified April 18/deadline May 29) MAY 30 -- French media group Vivendi to acquire de facto sole control of Italy''s Telecom Italia (notified March 31/deadline extended to May 30 from May 12 after Vivendi offered concessions) MAY 31 -- Manufacturing and technology company General Electric''s Oil & Gas to acquire oilfield services company Baker Hughes (notified April 20/deadline May 31) -- Investment companies TPG and Oaktree to take joint control over Britain''s Iona Energy Co, which owns 75 percent of two undeveloped oil fields in the North Sea and that will be active in crude oil production and sale (notified April 20/deadline May 31/simplified) JUNE 1 -- French aircraft engine and aerospace equipment company Safran and China Eastern Airlines Co. Ltd. to form joint venture to provide aircraft maintenance in China (notified April 21/deadline June 1/simplified) -- Energy company Electricite de France, French state-owned bank Caisse des depots et consignations and Japan''s Mitsubishi Corporation to create a joint venture NGM to finance electric mobility projects mainly in France (notified April 21/deadline June 1/simplified) -- Waste water company SGAB and Spanish infrastructure company Acciona to acquire 10 percent of Sociedad Concesionaria de la Zona Regable del Canal de Navarra (notified April 21/deadline June 1/simplified) JUNE 2 -- Australian bank Macquarie and British pension fund Universities Superannuation Scheme to acquire Green Investment Bank (notified April 24/deadline June 2/simplified) JUNE 7 -- German company CWS-Boco, which is part of German firm Haniel, to acquire some of British support services firm Rentokil''s workwear and hygiene units (notified April 26/deadline June 7) JUNE 8 -- German chemicals company Evonik Industries to acquire U.S. company
'e3eb47c6a6367de99cc6c914a73073ec6d38184c'|'BRIEF-Eldorado to acquire Integra Gold Corp'|'Market News - Mon May 15, 2017 - 12:16am EDT BRIEF-Eldorado to acquire Integra Gold Corp May 15 Eldorado Gold Corp: * Eldorado Gold - Integra has agreed to pay a termination fee of approximately C$18 million to Eldorado upon occurrence of certain termination events * Entered into a definitive agreement with Integra Gold Corp * Has agreed to acquire all of issued and outstanding common shares of Integra that it does not currently own * Transaction will be carried out by way of a court-approved plan of arrangement * Eldorado Gold - Maximum number of shares issuable by co under arrangement will be about 77 million * Eldorado Gold - Maximum amount of cash payable by Eldorado under arrangement will be approximately C$129 million equal to 25% of total consideration. * Total transaction value is approximately C$590 million, inclusive of Integra shares held by Eldorado. * Eldorado - Integra shareholders will receive 0.24 Eldorado shares, C$1.21 in cash, both subject to pro ration, or 0.18188 of Eldorado share and C$0.30 in cash * Eldorado Gold - Upon completion of transaction current Eldorado and Integra shareholders would hold approximately 90% and 10% of combined company * Each of directors and senior officers of Integra have agreed to vote in favour of transaction Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-eldorado-to-acquire-integra-gold-c-idUSL8N1IH0A9'|'2017-05-15T12:16:00.000+03:00'
'e18474a613b99f88b19c094afc57fd995a848a44'|'ECB supervisors need flexibility in assessing risk - Nouy'|'Business News - Mon May 15, 2017 - 11:09am BST ECB supervisors need flexibility in assessing risk - Nouy Daniele Nouy, chair of the Supervisory Board of the European Central Bank, attends the 2016 Institute of International Finance (IIF) Spring Membership meeting in Madrid, Spain May 24, 2016. REUTERS/Susana Vera FRANKFURT Bank supervisors need to retain their flexibility in interpreting rules and assessing risk to avoid having to enforce a rigid, one-size-fits-all approach for distinctly different lenders, European Central Bank supervisor Daniele Nouy says on Monday. "That<61>s why I am worried about some legislative proposals that are being discussed," Nouy told a conference. "They would put too tight a frame around supervisors<72> assessment of ''Pillar 2'' risks by means of a regulatory technical standard and would restrict supervisors<72> ability to collect ad hoc reports." She said that under such inflexible rules, supervisors would no longer be able to adequately differentiate between risks, thus hurting the safest banks rather than the riskiest ones. (Reporting by Balazs Koranyi; Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-banks-ecb-idUKKCN18B13W'|'2017-05-15T18:09:00.000+03:00'
'46f61e37c88ab87fde04d62f73eeeacce9c53840'|'PRESS DIGEST- Financial Times - May 15'|'Market News - Sun May 14, 2017 - 7:17pm EDT PRESS DIGEST- Financial Times - May 15 May 15 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines Overview The high valuations for bitcoin have helped the value of unregulated crypto currencies burst through $50 billion. UK supermarket chain Tesco Plc said it will ramp up its use of solar panels, in a pledge to cut its greenhouse gas emissions in line with the toughest goals of the Paris climate accord. The Co-operative Bank is expected to announce that it is in advanced talks with existing hedge fund investors about injecting more capital to bolster its balance sheet. Deutsche Wohnen''s new chief financial officer said that Germany''s second largest listed landlord will not block a bid from its rival, Vonovia, if the offer price was "adequate". ($1 = 113.1100 yen) (Compiled by Bengaluru newsroom; Editing by Sandra Maler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL4N1IG0JU'|'2017-05-15T07:17:00.000+03:00'
'f343c333dc1cdf445d8c21301af9ffe6fc02a9ca'|'China''s economy loses momentum as policymakers clamp down on debt risks'|'  8:29am BST China''s economy loses momentum as policymakers clamp down on debt risks FILE PHOTO: Apartment blocks are pictured in Wuqing District of Tianjin, China October 10, 2016. REUTERS/Jason Lee/File Photo By Kevin Yao - BEIJING BEIJING China''s growth took a step back in April after a surprisingly strong start to the year, as factory output to investment to retail sales all tapered off as authorities clamped down on debt risks in an effort to stave off a potentially damaging hit to the economy. Waking up to the systemic threat posed by cheap credit-fueled stimulus since the 2008-9 global financial crisis, Beijing has continued to tighten the screws on speculative financing over the past several months. Data on Monday highlighted the broad economic impact of these regulatory curbs, with below-forecast factory output in April and fixed-asset investment in the first four months of the year reinforcing evidence of a weakening manufacturing sector and slowing momentum in the world''s second-biggest economy. "If anything (the slowdown) is even faster than we expected," said Julian Evans-Pritchard at Capital Economics in Singapore in an interview before the data was released. However, "we''re still some way off from the economy weakening to the point where it will test the tolerance of policymakers...as the urgency to address some of these financial risk issues (is even greater)," he said. Factory output was up 6.5 percent in April from a year earlier, down from 7.6 percent in March, and fixed-asset investment rose 8.9 percent in the first four months of the year, off the 9.2 percent pace in Jan-March. Analysts polled by Reuters had predicted factory output would grow by 7.1 percent in April, and tipped fixed asset investment to rise 9.1 percent in Jan-April. Output growth slowed on tumbling steel and iron ore prices amid concern over rising inventories after China''s mills cranked out as much metal as possible to drive factory production to its highest since December 2014. However, on a volume basis, steel output hit a record in April, data Monday showed, stoking worries of a growing glut as demand remains flat even as China says it is ahead of schedule on capacity reduction targets. Fixed asset investment in the manufacturing sector also slowed over Jan-April, with growth of 4.9 percent down from 5.8 percent in the first quarter. Infrastructure spending, however, continued to grow over 23 percent year-on-year in the same period, supported by Beijing''s Belt and Road initiative to expand investment links with Asia, Africa and Europe. PROPERTY COOLS Analysts say Beijing is keen to ensure steady economic growth ahead of the 19th Communist Party Congress later in the year. Chinese leaders have pledged to shift the emphasis to addressing financial risks and asset bubbles which analysts say may pose a threat to the Asian economic giant if not handed well. China''s central bank has been guiding short-term interest rates higher to help contain debt perils, though it is treading cautiously to avoid hurting economic growth. A red-hot property market, fueled by speculative investments, has been identified by analysts and policymakers as one of the biggest risks to growth. Monday''s data showed investment in property development picked up in April, although sales growth was significantly slower, suggesting investment in the sector remained robust even as intensified government controls to rein in the market began to take effect. The area of property sold grew 7.7 percent year-on-year in April, the lowest since December 2015 and well short of the 14.7 percent increase in March. SOFTER CONSUMPTION Retail sales rose 10.7 percent in April from a year earlier, weaker than March''s 10.9 percent gain as home appliances and automobile sales growth slowed from March. At the same time, growth in the services sector slowed to 8.1 percent year-on-year, down from 8.3 percent growth in March and the slowest since December. "Sl
'e418a8c7d6d6f4e50c1934a73942e978464a3d24'|'DAMAC predicts Dubai property supply rise as market turns corner'|'Market News - Mon May 15, 2017 - 10:12am EDT DAMAC predicts Dubai property supply rise as market turns corner By Saeed Azhar and Tom Arnold - DUBAI DUBAI May 15 DAMAC Properties expects around 11,000 to 12,000 residential properties to hit the Dubai market in 2017, a steady increase compared to the average over the last two years, the group''s chief finance officer said. Supply of such properties in 2017 would not be far off demand, reflecting a move towards stability, Adil Taqi said. "The real estate market in its entirety has turned a corner," Taqi told Reuters on Monday. The emirate''s property market has remained in the doldrums over the past couple of years as a decline in oil prices and concern over oversupply has dragged on market sentiment. A total of 14,600 residential units entered the Dubai residential market in 2016, the highest since 2012, according to Jones Lang LaSalle, while in 2015 supply was 7,800 units. Dubai-based DAMAC, which began operations in 2002 and has also partnered in a golf complex named after U.S. President Donald Trump, has expanded into North Africa, Jordan, Lebanon, Qatar and Saudi Arabia, according to its website. Fitch Ratings said earlier this month that Dubai real estate prices and rentals are likely to remain under pressure for the rest of 2017, but performance is likely to be fragmented. Prime assets will show some resilience, while lower-tier properties outside the centre will have price and rental declines, it said in a report last week. Damac''s Taqi said he believed prices would likely move "sideways" in 2017. "When prices move sideways with a sensible increase that reflects industry inflation - that indicates to everyone stability," he said. DAMAC, Dubai''s second-largest developer, reported a 16.2 percent fall in first-quarter net profit on Monday as sales costs rose. Emaar Properties, the emirate''s largest developer, reported a 15 percent rise in first-quarter net profit, broadly in line with analysts'' expectations. Although DAMAC had no plans to raise further debt in 2017, Taqi did not rule out debt-raising in 2018 ahead of a debt maturity of about $450 million in 2019. "I wouldn''t bet against us raising some money maybe in 2018, so rather than having the $450 million outstanding that we would be paying we would be looking at a smaller amount,<2C> he said. The company raised a $500 million sukuk with a five-year tenor last month. DAMAC''s debt level would stand at its target of between $1.2 billion and $1.3 billion at the end of 2017, he said. (Editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/damac-dubai-outlook-idUSL8N1IH4QU'|'2017-05-15T22:12:00.000+03:00'
'4b3f0d5e5fb245373a36057c2529ece818f8f4c0'|'Mexican beef exporters look to Muslim markets as U.S. alternatives'|'Business News - Fri May 12, 2017 - 7:36am BST Mexican beef exporters look to Muslim markets as U.S. alternatives left right Workers cut-up beef at a SuKarne meat processing facility in the town of Vista Hermosa, in Michoacan state, Mexico, March 31, 2017. REUTERS/Edgard Garrido 1/12 left right Certified beef cattle eat from a feeding fence at a SuKarne meat processing facility in the town of Vista Hermosa, in Michoacan state, Mexico, March 31, 2017. REUTERS/Edgard Garrido 2/12 left right Workers cut-up beef at a SuKarne meat processing facility in the town of Vista Hermosa, in Michoacan state, Mexico, March 31, 2017. REUTERS/Edgard Garrido 3/12 left right Certified beef cattle is pictured at a SuKarne meat processing facility in the town of Vista Hermosa, in Michoacan state, Mexico, March 31, 2017. REUTERS/Edgard Garrido 4/12 left right Certified beef cattle is pictured at a SuKarne meat processing facility in the town of Vista Hermosa, in Michoacan state, Mexico, March 31, 2017. REUTERS/Edgard Garrido 5/12 left right Certified beef cattle eat from a feeding fence at a SuKarne meat processing facility in the town of Vista Hermosa, in Michoacan state, Mexico, March 31, 2017. REUTERS/Edgard Garrido 6/12 left right A worker cuts-up beef at a SuKarne meat processing facility in the town of Vista Hermosa, in Michoacan state, Mexico, March 31, 2017. REUTERS/Edgard Garrido 7/12 left right Workers cut-up beef at a SuKarne meat processing facility in the town of Vista Hermosa, in Michoacan state, Mexico, March 31, 2017. REUTERS/Edgard Garrido 8/12 left right A worker is seen next to beef carcasses at a SuKarne meat processing facility in the town of Vista Hermosa, in Michoacan state, Mexico, March 31, 2017. REUTERS/Edgard Garrido 9/12 left right Certified beef cattle eat from a feeding fence at a SuKarne meat processing facility in the town of Vista Hermosa, in Michoacan state, Mexico, March 31, 2017. REUTERS/Edgard Garrido 10/12 left right Certified beef cattle is pictured at a SuKarne meat processing facility in the town of Vista Hermosa, in Michoacan state, Mexico, March 31, 2017. REUTERS/Edgard Garrido 11/12 left right A certified beef cow is pictured at a SuKarne meat processing facility in the town of Vista Hermosa, in Michoacan state, Mexico, March 31, 2017. REUTERS/Edgard Garrido 12/12 By David Alire Garcia and Theopolis Waters - MEXICO CITY/CHICAGO MEXICO CITY/CHICAGO Mexico''s growing beef industry is targeting Muslim consumers in the Middle East for its prime cuts as it seeks to reduce dependence on buyers in the United States. The potential for a U.S.-Mexico trade war under President Donald Trump has accelerated efforts by Mexican beef producers to explore alternative foreign markets to the United States, which buys 94 percent of their exports worth nearly $1.6 billion last year. Trump has vowed to redraw terms of trade with Mexico and Canada to the benefit of the United States. Mexican beef companies fear they may be dragged into a renegotiation of the North American Free Trade Agreement between the three countries. That has firms looking to the Middle East, where most meat is imported from non-Muslim countries using animals slaughtered by the halal method prescribed by Islamic law. Mexico, the world''s sixth biggest beef producer, plans to quadruple exports of halal beef to 44 million pounds (20,000 tonnes) by the end of 2018 from 11 million pounds (5,000 tonnes) this year, according to data from the Mexican cattle growers association AMEG. The country should have 15 plants certified to produce halal meat by the end of next year, up from a current six, according to AMEG data. Jesus Vizcarra, chief executive and owner of SuKarne, Mexico''s biggest beef exporter, said his company sees big potential for sales to Muslim-majority countries. "We have to seek out more markets," he said in an interview, pointing to near-term targets in Egypt, the United Arab Emirates, Qatar and Lebanon. "There''s an opportunity 
'c96e0cb131f512b679d90ee2808d781df4423d2d'|'Report card - tries hard, could do better'|' 43am BST Report card - tries hard, could do better FILE PHOTO: Steel rolls are pictured at the plant of German steel company Salzgitter AG in Salzgitter, Lower Saxony, Germany March 3, 2016. REUTERS/Fabian Bimmer/File Photo By Jeremy Gaunt - LONDON LONDON Setting aside a few uncomfortable economic truths such as the increasing U.S. skills gap, eye-wateringly high unemployment in parts of the euro zone, and growing income inequality in China, the world economy has been doing pretty well this year. The issue is: how well and how sustainable? In the United States, the economy has been strong enough for the Federal Reserve to start raising interest rates, slowly. In the euro zone, growth is robust enough for the European Central Bank to think about dropping public warnings of risks. China, meanwhile, has so far staved off last year''s dire warnings of a sharp, potentially damaging, slowdown. But much of this comes courtesy of billions of dollars, euros, and other currencies being pumped into the global economy. In some cases, it is still being pumped in. And the results are not exactly bracing. The International Monetary Fund expects the world economy to grow 3.5 percent this year --- not bad until you remember it averaged 4.2 percent over the 10 years before the financial crisis. The IMF sees the U.S. economy growing at 2.3 percent this year, below the 2.6 percent average for 1999-2008. Ditto the euro zone -- 2017 growth at 1.7 percent versus 2.1 percent. For China, the numbers are 6.6 percent and 10.1 percent, respectively. After their spring meeting last month, the IMF and World Bank sounded a bit passionless about it all. "The global economy is gaining momentum, but risks remain tilted to the downside," they said. So a near 10-year deluge of global central bank stimulus has not brought things back to where they were and a left a large question about the sustainability of what has been achieved. As European Central Bank President Mario Draghi said in a slightly different context in the past week: "It is too early to declare success." Most economists appear to believe the global economy is strong enough to keep going, if not exactly at a tear. The coming week will probably confirm this, but could also provide something of a reality check. TICKING AWAY In what may be an example for the global economy as a whole, the United States is expected to report slower industrial output growth for April -- that is, it continues to grow (at 0.3 percent), but at a lesser rate than March''s 0.5 percent. But more attention is likely to be paid to the respective reports of the Federal Reserve banks of Philadelphia and New York -- the Philly Fed and Empire State. Last time around, they both signalled growth, but with the New York report far less robust than the Philly. Same again? China''s economy, meanwhile, has shrugged off fears of a major slowdown. It is expected to slow from surprisingly strong first quarter growth, however, as previous stimulus measures wear off and policymakers set their eyes on controlling risks in the financial market. In the coming week, data may further confirm a slight slowing of momentum, but nothing dramatic. Year-on-year retail sales, for example, are expected to dip to 10.6 percent from 10.9 percent. The euro zone will offer up its second reading of first quarter GDP growth, the first coming in at 0.5 percent quarter on quarter. Analysts polled by Reuters expect no change, but industrial production data for March did come in far softer than expected. Another focus will be on the final April figures for inflation. Again, no change expected -- 1.9 percent year-on-year -- but the ECB will be watching to make sure all that money it has pumped in does not take the number too much higher. (Additional reporting by Elias Glenn in Beijing; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-economy-weekahead-idUKKBN1881D2'|'2017-05-12T18:43:00.000
'85e92d0e053c136bfde8f958813b250ccd921269'|'South Korea orders Hyundai, Kia to recall 240,000 vehicles after whistleblower report'|'Autos  10am BST South Korea orders major Hyundai, Kia recall after whistleblower report left right FILE PHOTO - The logo of South Korean car manufacturer Hyundai is seen at a car dealer in Dietlikon, Switzerland October 11, 2016. REUTERS/Arnd Wiegmann/File Photo 1/2 left right The logo of Kia Motors is seen at the manufacturing plant in Pesqueria, on the outskirts of Monterrey, Mexico, April 3, 2016. REUTERS/Daniel Becerril/File Photo 2/2 By Hyunjoo Jin - SEOUL SEOUL South Korea ordered Hyundai Motor Co ( 005380.KS ) and affiliate Kia Motors Corp ( 000270.KS ) to recall 240,000 vehicles over safety defects flagged by a whistleblower - a sharp slap on the wrist that will exacerbate reputational woes for the automakers. The move marks the first compulsory recall ordered by the transport ministry for Hyundai and Kia, which had resisted an earlier request for a voluntary recall, and gives fresh credence to allegations made by Kim Gwang-ho, a Hyundai engineer with 26 years at the company. The ministry has also asked prosecutors in Seoul to investigate whether the automakers allegedly covered up the five flaws, which affect 12 models, including the Elantra, Sonata, Santa Fe and Genesis. Hyundai and Kia, which had previously argued that the flaws presented no danger to driving safety, said in a joint statement on Friday they would cede to the order. They added there had been no reports of injuries or accidents due to the problems which include defects in parking brake warning lights, and denied that there had been any cover-up. In the first whistleblower case to hit South Korea''s auto industry, Kim has made allegations about 32 problems to local regulators. The latest recalls covers five of those problems. Kim also flew to the United States last year to report safety lapses to authorities there and the automakers have since issued a voluntary recall for a combined 1.5 million vehicles in North America and in South Korea over a defect that could cause engines to stall. "What the whistleblower said turned out to be true," said Samsung Securities auto analyst Eim Eun-young. "This is negative for Hyundai''s brand image after the hit from the recall over engine issue last month. But then, its reputation is already seen at the rock bottom in South Korea, so I am not sure whether there is a room for a further fall." Hyundai and Kia are the dominant brands in their home country with around two thirds of the market. However, customer ire has grown due to the perception South Korean automakers are not working swiftly to address quality concerns. Hyundai''s recall for the engine problem was made in South Korea only last month - one year after it recalled cars for the similar engine issue in the United States. Even before Kim''s allegations came to light, customer accusations that their South Korean vehicles are priced higher and offer fewer and inferior features than those sold in the United States were widely covered by local media. Shares of Hyundai Motor ended down 1.6 percent and Kia Motors fell 1 percent. The broader market declined 0.5 percent. (Reporting by Hyunjoo Jin; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hyundai-motor-recall-idUKKBN18805N'|'2017-05-12T10:12:00.000+03:00'
'50ecc5b45171d764d771e4fec975a6fcb37d694c'|'Corporate insurgency: Management lessons from an American general'|'STANLEY MCCHRYSTAL<41>S voice is hoarse as he addresses a packed arena in Helsinki. His audience, mostly businessmen in dark suits, is rapt. The American former general tells thrilling battlefield stories of leading the Joint Special Operations Command in Iraq, which captured Saddam Hussein and killed Abu Musab al-Zarqawi, al-Qaeda<64>s local chief. He explains how his outfit adapted against an unexpectedly difficult enemy. A change in management style let his group go from conducting a handful of raids each month to hundreds, achieving better results against insurgents.Neither America<63>s occupation of Iraq nor Mr McChrystal<61>s military career ended well. He went on to lead Western forces in Afghanistan, but stood down in 2010 after falling out with his political bosses. He reinvented himself as a management consultant. His McChrystal Group employs 65 people. It draws on its founder<65>s experience hunting insurgents to advise businesses, including on Wall Street, on corporate culture.  an hour ago How   an hour ago A   3   10   What insight does an old soldier offer? Mr McChrystal is an apostle of devolved responsibility, or letting junior employees know and do more. One convert is his host in Helsinki: Reaktor, a 17-year-old firm of 400 staff, mostly coders, with a side-interest in launching satellites. An employee, Mikko Olkkonen, explains that <20>we have no hierarchy, no bosses, no targets, no quarters.<2E> It heeds Mr McChrystal<61>s approach: firms can adapt in complex competitive environments, he argues, only if information is shared and teams of capable staff<66>not just the boss<73>can take decisions. It also helps greatly with recruiting to say that junior staff will have clout early in their careers.A variety of big firms are listening. Mr McChrystal sits on the board of JetBlue Airways and of an American subsidiary of Siemens, a German engineering company. His firm advises Barrick Gold, a Canadian miner; Under Armour, a sportswear brand; a large bank; and several hospitals. Any assignment begins with <20>discovery<72> by an intelligence analyst who previously assessed the organisational structure of al-Qaeda. She works out who takes decisions inside companies. The reality usually differs from formal organisation charts.<2E>The management ideas I believe in are not revolutionary, but I came at it from a different experience,<2C> says the ex-general. He says firms should break apart <20>silos<6F> and get employees talking. Mr McChrystal<61>s advice on devolved power has its limits<74>no army, after all, has done away with hierarchies entirely, and even decentralised al-Qaeda was weakened by removing its leaders. It is hard to know how much his big corporate clients use the approach in pursuing sales and markets. But hearing an ex-general disparage hierarchies so forcefully thrills employees. Even as a Reaktor staffer explained in Helsinki that Finns rarely idolise heroes, the crowd sent Mr McChrystal off with an excited ovation.  "Corporate insurgency"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21721954-stanley-mcchrystal-advises-blue-chip-firms-give-junior-staff-more-power-management-lessons?fsrc=rss%7Cbus'|'2017-05-11T22:53:00.000+03:00'
'0625b3e9f282895bf66cdf487568e450f70b271a'|'TCI calls for Safran to cancel Zodiac deal immediately, fix engine problems - letter'|'Business   9:28am BST TCI calls for Safran to cancel Zodiac deal immediately, fix engine problems - letter A worker on a Safran production line assembles a LEAP-1A aircraft enigne co-developed with General Electric for Airbus in Villaroche, France, May 11, 2017, a day after Boeing suspeded test flights of its 737 MAX jetliner due to turbine problems with the sister LEAP-1B model.... REUTERS/TIm Hepher LONDON Activist investor TCI on Friday called on the board of French aerospace firm Safran to cancel its planned takeover of Zodiac Aerospace immediately and instead focus on fixing design problems with a new engine. The move, in a letter to the Safran board dated May 12, is the latest attempt by the British hedge fund to stop the deal with Zodiac, which it considers over-valued. In the letter, TCI founder Christopher Hohn said instead of pursuing the deal, which would take up a lot of management time and focus, it should instead look to fix a problem with its new LEAP engine, after Boeing this week suspended some flights due to a problem with its design. A spokeswoman for Safran declined to comment when contacted by Reuters. (Reporting by Simon Jessop and Cyril Altmeyer)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-safran-tci-letter-idUKKBN1880WV'|'2017-05-12T16:28:00.000+03:00'
'2f1d063b85f188167292a5a4334e01887dd0802f'|'Ukraine president says has several candidates for central bank chief'|'Business News - Sun May 14, 2017 - 1:55pm BST Ukraine president says has several candidates for central bank chief President of Ukraine Petro Poroshenko speaks during the news conference in Riga, Latvia April 4, 2017. REUTERS/Ints Kalnins KIEV Ukrainian President Petro Poroshenko said on Sunday he had several candidates in mind to replace Valeria Gontareva as central bank governor, but that it was too early to name them before the necessary political consultations had taken place. Gontareva has resigned as central bank chief but Poroshenko has yet to publicly accept her resignation or nominate a successor, who must then be approved by parliament. There is a lot of attention on who will replace Gontareva, a figure praised by the International Monetary Fund but vilified by some lawmakers and street protesters, who have accused her of corruption and of being a Russian stooge. (Reporting by Natalia Zinets; Writing by Matthias Williams; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ukraine-president-idUKKCN18A0MD'|'2017-05-14T20:55:00.000+03:00'
'00f727e66bcbf0ebdf096903e657754715c8c6d1'|'TCI calls on Safran to drop Zodiac deal and fix engines'|'By Simon Jessop and Cyril Altmeyer - LONDON/PARIS LONDON/PARIS Activist investor TCI Fund Management has called on the board of French aerospace firm Safran ( SAF.PA ) to cancel a takeover of Zodiac Aerospace ( ZODC.PA ) immediately and instead focus on fixing design problems with a new engine.The move is the latest attempt by TCI to stop Safran''s $9 billion deal with struggling Zodiac, which the British hedge fund considered too expensive even before the latest profit warning from the maker of aircraft seats.In a letter to the Safran board dated May 12, TCI said instead of pursuing the takeover, which would take up a lot of management time and focus, it should instead look to fix a problem with its new LEAP engine.Boeing suspended some flights this week due to a problem with the design of Safran''s LEAP-1B engine, which powers its 737 MAX jets."Due to the extreme pressure that Safran is under to ramp up production of the LEAP engine, the board should immediately cancel the agreement to buy Zodiac Aerospace," TCI founder Christopher Hohn wrote in the letter."Safran management currently has no capacity to integrate Zodiac or to execute the complex restructuring that will be required. At this critical time the company should be focused solely on the ramp up of the LEAP."A spokeswoman for Safran declined to comment.Boeing says it has identified a problem with some of the low pressure turbine discs in the LEAP engine, which is made by a CFM International, a joint venture between General Electric Co ( GE.N ) and Safran.Safran, though, said on Thursday there was no design fault and that checks would be completed in a few weeks.It said production of the engines would not be affected because a second supplier for the same part was boosting its supplies. CFM aims to deliver "as close as possible to 500" in total for Boeing, Airbus ( AIR.PA ) and China''s COMAC.Safran recently reported forecast-beating first-quarter revenue and reaffirmed its 2017 outlook, which includes plans to boost production of the LEAP engine to 2,000 units a year during the next three years.While Hohn said he backed Safran as it was structured now, trying to hit that target while also fixing problems at Zodiac would be a "considerable and unnecessary distraction"."It would consume management time and demand a reallocation of talented Safran employees to run Zodiac''s troubled business. This would significantly increase the risk of the LEAP program developing expensive and damaging problems."(Additional reporting by Tim Hepher; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-safran-tci-letter-idINKBN188185'|'2017-05-12T07:57:00.000+03:00'
'890439b2dca4cf2ae7bce9a1a6468e1d90c6cbba'|'Slovak Republic - Factors To Watch on May 12'|'Market News - Fri May 12, 2017 - 2:37am EDT Slovak Republic - Factors To Watch on May 12 BRATISLAVA, May 12 Here are news stories, press reports and events to watch which may affect Slovak financial markets on Friday. ALL TIMES GMT (Slovak Republic: GMT + 2 hours) ECONOMIC DATA Real-time economic data releases Summary of economic data and forecasts Recently released economic data Previous stories on Slovak data **For a schedule of corporate and economic events: here #/1C/events-overview NEWS U.S. STEEL: Slovakia will seek a symbolic share or another form of involvement in the country''s biggest steel works if United States Steel Corp goes ahead with the sale of the firm to the Hesteel Group of China, Slovak Economy Minister Peter Ziga said on Thursday. Story: Related stories: ENERGY: Slovakia wants greater control of strategic companies, starting with plans for an energy industry holding company to house all shares the state owns in key energy companies and possibly to buy new ones, Economy Minister Peter Ziga said on Thursday. Story: Related stories: PRESS DIGEST'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/slovak-factors-idUSL8N1IE1BZ'|'2017-05-12T14:37:00.000+03:00'
'5b36f71f187a7ecbf1e554de47c39e37bf5a3d3a'|'Greece cuts 2017 growth forecast'|'Business News   10:24pm BST Greece cuts 2017 growth forecast A port worker makes his way at the commercial terminal of the port of the northern city of Thessaloniki, Greece August 11, 2016. Picture taken August 11, 2016. REUTERS/Alexandros Avramidis ATHENS Greece cut its 2017 growth forecast to 1.8 percent from 2.7 percent, according to a mid-term budget plan unveiled late on Saturday, driven by uncertainty caused by delays in concluding the latest review of bailout reforms. Greece and its foreign creditors reached a deal on reforms in early May after six months of tense negotiations but the wrangling hurt economic activity. The Greek central bank governor had warned the delays could hobble economic recovery. The 2018-21 plan was submitted to parliament along with the reform deal which lawmakers need to approve. It forecasts growth of 2.4 percent in 2018 and 2.6 percent in 2019. The projections are lower than those of the EU Commission, which also cut its growth estimates last week to 2.1 percent this year from 2.7 percent forecast three months ago. GDP growth was also set to shrink to 2.5 percent in 2018 from previously estimated 3.1 percent, the Commission said. The government hopes that legislating the new measures by May 18 will allow its euro zone partners to approve the deal when they meet on May 22 and release a new tranche of bailout funds. It also wants the ministers to sign off on the review to qualify for inclusion in the European Central Bank''s quantitative easing program and return to bond markets after three years of isolation. (Reporting by Karolina Tagaris; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-greece-economy-idUKKBN1890V1'|'2017-05-14T05:22:00.000+03:00'
'7c2a94058228940603888dc7a4148df6f738a193'|'ECB''s Angeloni wants no let up in clean up of bad loans'|'Business News - Mon May 15, 2017 - 4:28pm BST ECB''s Angeloni wants no let up in clean up of bad loans FRANKFURT Euro zone banks should continue to offload their bad loans and improve their lending practices even as the economy improves, a senior European Central Bank supervisor said on Monday. "There is therefore a need for continued effort, tailored to the specific situation of individual banks, to improve lending practices and to effectively dispose of existing NPLs (non-performing loans)," Ignazio Angeloni, a member of the ECB''s supervisory board, told an event in Milan. (Reporting By Francesco Canepa)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ecb-banks-italy-idUKKCN18B1YM'|'2017-05-15T23:27:00.000+03:00'
'6864f78cd72de030efbf3672f44257f62559e25e'|'BRIEF-Omega Advisors Inc takes share stake in Alcoa, Netflix'|'Market News - Mon May 15, 2017 - 11:32am EDT BRIEF-Omega Advisors Inc takes share stake in Alcoa, Netflix May 15 Omega Advisors Inc: * Omega Advisors Inc takes share stake in Alcoa Corp of 200,000 shares - SEC filing * Omega Advisors Inc ups share stake in Dish Network Corp by 51.6 percent to 1.1 million Class A shares * Omega Advisors Inc takes share stake in Ally Financial Inc of 790,000 shares - SEC filing * Omega Advisors cuts share stake in Microsoft to 436,570 shares from 803,620 shares * Omega Advisors Inc takes share stake of 77,700 shares in Netflix Inc * Omega Advisors Inc cuts share stake in Pandora Media Inc by 36.4 percent to 1.9 million shares * Omega Advisors Inc dissolves share stake in Delta Air Lines Inc * Omega Advisors dissolves share stake in Anadarko Petroleum Corp * Change in holdings are as of March 31, 2017 and compared with the previous quarter ended as of Dec 31, 2016 Source text for quarter ended March 31, 2017 ( bit.ly/2ri6tsb ) Source text for quarter ended Dec. 31, 2016: ( bit.ly/2ri6mNh ) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-omega-advisors-inc-takes-share-sta-idUSFWN1IH130'|'2017-05-15T23:32:00.000+03:00'
'5750535312705ff48ce9ece74adedc76cfb61745'|'How do you get girls to school in the least educated country on Earth? - Global Development Professionals Network'|'Development 2030 How do you get girls to school in the least educated country on Earth? Niger is last among 187 countries in the UN<55>s education index, but getting girls into school affects many other areas of development. What can be done? Niger<65>s startlingly low rates of literacy and education are both caused by and feed back into a cycle of poverty, early marriage and large family size. Photograph: Jill Filipovic Niger<65>s startlingly low rates of literacy and education are both caused by and feed back into a cycle of poverty, early marriage and large family size. Photograph: Jill Filipovic Development 2030 How do you get girls to school in the least educated country on Earth? Niger is last among 187 countries in the UN<55>s education index, but getting girls into school affects many other areas of development. What can be done? Supported by Monday 15 May 2017 11.32 BST Last modified on Monday 15 May 2017 11.49 BST M aybe, Rakia Soumana sometimes thinks, life could have been a little different. It<49>s not so bad in Tessa, her village in rural Niger , where she lives with her three children, her husband, his first wife Halimatou Soumana, and Halimatou<6F>s five children. The wives get along, each doing more than their share of household chores when the other one is pregnant or has just given birth, and Rakia, 30, wants at least two more children because it will put her family on equal footing with Halimatou<6F>s. She likes her husband, but she<68>s dependent on him, and the weight of her daily workload is heavy. Maybe things would be a bit easier if she had stayed in school past the age of 14, if anyone had even noticed when she dropped out. But no one did. She just stopped going. <20>No one told me to stay,<2C> says Rakia, a tall woman with a teardrop-shaped scar under each eye. And so with her own children, she is strict. <20>Two days ago, my first child, I even beat him because of school, because he wouldn<64>t do his homework,<2C> she says. <20>I don<6F>t want him to make the same mistake I did.<2E> In makeshift schoolhouses equipped with wooden benches and blackboards, some girls in Niger who have dropped out of school or never went in the first place try to catch up. In remote villages, NGO Mercy Corps runs these girls<6C> education centres, classrooms inside hangars covered by thatched or aluminium roofs where girls come to listen and learn. There are between 25 and 30 pupils per school who attend six days a week, 34 hours a week, as instructors walk them through the standard primary school curricula: Reading and writing, grammar, basic mathematics, in Hausa for the first two months and then in French. These centres offer intensive instruction to get girls up to speed in time for their high school entrance exams, so they might be able to attend secondary school and, advocates hope, be on the track to a marginally more secure life. But there are a lot of girls who are left behind. Women and girls in Niger are some of the least educated in the world. Fewer than a quarter of young Nigerien women are literate , and only about 8% of Nigerien girls attend secondary school. Only 31% attend primary school, although almost twice as many girls are enrolled <20> they just aren<65>t showing up. The UN<55>s Education Index , calculated by comparing the expected years of schooling to the average years citizens actually attend school, places Niger last among 187 countries. In a country debilitated by crushing poverty and increasingly tested by violent extremism, huge numbers of under-educated young people forecast a troubling future. It is estimated that in 2017, more than 1.9 million people in Niger will be affected by humanitarian crises. Photograph: Unicef/Tremeau Men and boys, too, face low rates of education and literacy in Niger, but women and girls remain worse off. Economically and culturally, boys tend to be afforded more opportunities, and when a family decides it can only send some of its children to school, i
'40e79c794b7ad2c1dd6c3016c788ade0032e4166'|'GLOBAL MARKETS-Stocks shaky, safe havens up after cyberattack, N. Korea missile test'|'NEW YORK Commodity-linked stocks and currencies got a lift on Monday from rising crude oil prices after major producers Saudi Arabia and Russia said they would extend oil supply cuts into 2018.Cyber-security shares also got a lift, after a hack that locked down hundreds of thousands of computers across 150 countries over the weekend.Energy ministers from the world''s top two oil producers said production cuts, which were set to expire next month, should continue until March, longer than an optional six-month extension specified in the deal."It''s more jawboning from OPEC, and I think in the end it''s going to prove to be noise... so the rally is probably a little much," said Michael O<>Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut."But the market is reacting to the headlines."The Organization of the Petroleum Exporting Countries meets in Vienna on May 25 to consider the extension.U.S. crude rose 2.09 percent to $48.84 per barrel and Brent was last at $51.82, up 1.93 percent on the day.The news from the energy sector more than offset concern over the weekend after a successful missile test by North Korea and a cyber attack with unprecedented global reach.The global "ransomware" cyber attack disrupted factories, hospitals, shops and schools, and spurred investors on Monday to buy stocks set to benefit from higher cyber security spending by firms and government agencies.An exchange-traded fund of cyber security shares across the globe hit a near two-year high and was last up 3.2 percent at $30.71.U.S. cyber stocks jumped, and the largest advancing sector on Wall Street was technology, with Cisco leading the way up on the S&P 500, which hit a record high.The Dow Jones Industrial Average rose 81.2 points, or 0.39 percent, to 20,977.81, the S&P 500 gained 10.35 points, or 0.43 percent, to 2,401.25 and the Nasdaq Composite added 24.19 points, or 0.4 percent, to 6,145.42.The pan-European FTSEurofirst 300 index rose 0.10 percent and MSCI''s gauge of stocks across the globe gained 0.46 percent.Emerging market stocks rose 0.91 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan closed 0.68 percent higher, while Japan''s Nikkei lost 0.07 percent.CRUDE, DATA WEIGH GREENBACKThe currencies of resource-linked economies got a boost from the jump in oil prices. The Canadian dollar hit its highest level in over two weeks against the greenback.The U.S. dollar was also hurt by weak data on New York state area manufacturing.The dollar index, tracking the currency against a basket of other major units, fell 0.34 percent, with the euro up 0.46 percent to $1.0978.The Japanese yen weakened 0.37 percent versus the greenback at 113.77 per dollar, while sterling was last trading at $1.2896, up 0.05 percent on the day.The Canadian dollar strengthened 0.48 percent versus the greenback at 1.36 per dollar.U.S. Treasury yields slipped after the weak U.S. data.Benchmark 10-year notes last fell 3/32 in price to yield 2.3415 percent, from 2.333 percent late on Friday.Spot gold added 0.2 percent to $1,230.61 an ounce. U.S. gold futures gained 0.25 percent to $1,230.80 an ounce.Copper rose 0.96 percent to $5,613.00 a tonne.(Additional reporting by Caroline Valetkevitch, Jessica Resnick-Ault, Dion Rabouin and Karen Brettell in New York; Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-markets-idUSKCN18B025'|'2017-05-15T08:52:00.000+03:00'
'4df912e77e91764d12cde3d259dda5da4bac943f'|'BRIEF-EU commission investigates Fiat and Italy over emissions scandal- Handelsblatt'|'Market News  32pm EDT BRIEF-EU commission investigates Fiat and Italy over emissions scandal- Handelsblatt May 16 (Reuters) - * S&P says affirmed ''AA'' long-term rating on the Arkansas'' GO debt outstanding MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-eu-commission-investigates-fiat-an-idUSFWN1II0SI'|'2017-05-17T01:32:00.000+03:00'
'9875918202920cb96fd7022e49fb60550eb30650'|'Vodafone reports net loss of 6.1 billion euros'|'Business News   1:53pm BST Vodafone promises higher dividends as cash flow set to jump left right Branding for Vodafone is seen on the exterior of a shop in London, Britain, September 10, 2015. REUTERS/Toby Melville 1/3 left right A branded sign is displayed on a Vodafone store in London, Britain May 16, 2017. REUTERS/Neil Hall 2/3 left right A branded sign is displayed on a Vodafone store in London, Britain May 16, 2017. REUTERS/Neil Hall 3/3 By Paul Sandle - LONDON LONDON Britain''s Vodafone forecast a jump in cash generation this year, allowing it to reward shareholders with a higher dividend as it eases back on network investment and moves to solve problems in India where a new price war has broken out. The company''s upbeat outlook sent its shares more than 4 percent higher, relieving investors after a tough year that saw the group report a 6.1 billion-euro (<28>5.2 billion) loss, dragged down by last year''s $5 billion (<28>3.8 billion) write-down on Vodafone India. Chief Executive Vittorio Colao said that excluding the Indian business, adjusted core earnings rose 5.8 percent to 14.1 billion euros, beating market expectations, and growing faster than revenues as the company improved efficiency. He said earnings would grow by between 4 and 8 percent this year to 14-14.5 billion euros - analysts had pencilled in 13.8 billion euros - and it would generate about 5 billion euros of cash, up from 4.1 billion euros last year. The company said the level of cash generation, combined with growth and a robust balance sheet enabled it to "confirm a progressive dividend policy". The final dividend was increased by 2 percent to 10.03 euro cents. "We are getting into a space where we see a balance between our investment needs, rewarding our shareholders and having good enough cash flow to pay for spectrum," Colao told reporters. Analysts at Jefferies, who have a "buy" rating on the stock, said progress in reducing costs supported Vodafone''s confident dividend growth guidance. "Vodafone reasserts its intention to grow its dividend per share annually - consensus has dividend flat - a message that might be seen as contrasting against BT''s more hesitant outlook last week," they said. Struggling with a different set of problems, rival BT said last week in raising its dividend by 10 percent that the growth rate would not be the same next year. For Vodafone the growth in free cash flow, which will come as the company reduces investment following completion of its Project Spring programme to improve its networks in Europe and other markets, is ahead of analysts'' predictions of 4.66 billion euros. Regulatory headwinds in Europe, however, mean Vodafone''s progress has been bumpy in the last year and will not be completely smooth in the year ahead. Organic service revenue growth slowed to 1.5 percent in the final quarter from 2.1 percent in the third, due in part to reductions in roaming charges in Europe. Chief Financial Officer Nick Read said regulation would continue to weigh this year, with a drag of about 1 percentage point. The weak point in Europe for Vodafone was its home market, where revenue fell 4.8 percent in the final quarter as it still battled to recover from the implementation of a new billing system more than a year ago. Colao said the revenue decline was "flattening", although the market remained highly competitive. Organic service revenue in Africa, Middle East and Asia Pacific grew 6.8 percent in the final quarter, it said. The impact of new cut-throat competition in India with the switching on of new market entrant Reliance Jio''s $20 billion network was laid bare by a 11.5 percent drop in service revenue in the final quarter. Vodafone agreed in March to combine its operations with Idea Cellular in a $23 billion deal aimed at creating the country''s biggest telecoms business. (Editing by Kate Holton, Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-vodafone
'2b6a51b1d183095b18f121843cccd7d38457a3ca'|'Brazil''s Marfrig says subsidiary Keystone Foods filed for U.S. IPO'|'SAO PAULO Brazilian meatpacker Marfrig Global Foods SA ( MRFG3.SA ) said its subsidiary Keystone Foods has filed a request with the SEC for a U.S. initial public offering.In a securities filing on Thursday, Marfrig said it will sell part of its stake in the West Chester, Pennsylvania-based food producer, without elaborating. Keystone Foods will use proceeds to finance its expansion, the filing said.(Reporting by Tatiana Bautzer; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-keystone-foods-ipo-idINKBN187345'|'2017-05-11T21:22:00.000+03:00'
'8bfb33134d8d3550377aea894dda455715b3ff23'|'PRESS DIGEST- Wall Street Journal - May 12'|'Market News - Fri May 12, 2017 - 1:00am EDT PRESS DIGEST- Wall Street Journal - May 12 May 12 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - After months of bashing China for its trade practices, the Trump administration said it had agreed with Beijing on measures aimed at improving the access of American beef producers, electronic-payments providers and natural-gas exporters, among others, to the world''s second-largest economy. ( on.wsj.com/2q9jq9X ) - U.S. District Judge William Alsup in San Francisco called for an investigation of Uber Technologies Inc and one of its engineers for the potential theft of trade secrets from Google, heightening the stakes of a legal battle between Uber and Google parent Alphabet Inc over driverless-car technology. ( on.wsj.com/2q9exxF ) - Deputy Attorney General Rod Rosenstein pressed White House counsel Don McGahn to correct what he felt was an inaccurate depiction of the events surrounding FBI Director James Comey''s firing. ( on.wsj.com/2q94Ejz ) - McDonald''s Corp is ponying up a big chunk of money in an effort to get franchisees to help change everything from the way customers order their food to the way employees provide service. ( on.wsj.com/2q97Rjd ) - A Delaware judge freed health insurer Cigna Corp to abandon its proposed $48 billion merger with Anthem Inc , declining to give Anthem more time to try to salvage the deal, which federal courts have blocked on antitrust grounds. ( on.wsj.com/2q93AMM ) - Improbable, a London-based maker of virtual worlds and real-world simulations, has raised $502 million in a funding round led by the Japanese telecommunications and internet giant SoftBank Group Corp. ( on.wsj.com/2q8TiMC ) - Representatives of the three top U.S. airlines met with national security officials in Washington to discuss threats to aviation security and possible pre-emptive measures, according to people familiar with the matter. ( on.wsj.com/2q98Orw ) (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1IE25V'|'2017-05-12T13:00:00.000+03:00'
'0388f6d3a6012c7b310b79a5c67b5da6d6ab75a7'|'China launches emergency probe on banks to check risky lending - sources'|'Business News - Fri May 12, 2017 - 5:04am BST China launches emergency probe on banks to check risky lending - sources By Zheng Li and John Ruwitch - SHANGHAI SHANGHAI China''s banking regulator this week launched emergency risk assessments of lenders'' new business practices, sources told Reuters, as Beijing deepens its crackdown on shadow banking. Guo Shuqing, the newly-installed chairman of the China Banking Regulatory Commission (CBRC), has vowed to clean up "chaos" in the country''s banking system. In cooperation with the central bank and other financial regulators, efforts have been stepped up to clamp down against shadow finance ahead of a key Communist Party congress in the second half of this year. The CBRC''s latest investigation will probe how lenders are using proceeds from negotiable certificates of deposit (NCDs), as well as their bond investments and outsourced investment businesses, two sources with direct knowledge of the plan said. The watchdog is also looking into possible violations of lending and investing rules, for example, by banks that invest in stocks via wealth management schemes or lend to their own shareholders, they said. China''s shadow banking sector has exploded over the past few years, reaching an estimated 64.5 trillion yuan (7.3 trillion pounds) in 2016, according to Moody''s, as banks use trust firms, brokerages and fund houses to channel deposits into risky investments, skirting lending and capital rules. More recently, smaller lenders have been aggressively raising money via NCDs, and then using the proceeds to make higher-yield, risky investments. The newly-launched assessments come after the CBRC sent a flurry of new policy directives last month aimed at eradicating regulatory arbitrage and other risky practices. Earlier this month, the Group of 20 economies'' financial risk monitoring agency criticised Beijing for being slow in providing key financial data from China, leading to the delay in a report on the risks the world faces from shadow banking. (Reporting by Li Zheng, Samuel Shen and John Ruwitch; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-shadowbanking-risks-idUKKBN1880BR'|'2017-05-12T12:04:00.000+03:00'
'ab74f70b7432d901acb290c35ce37391d79f327c'|'Innogy says prospects for Npower worsen, won''t make profit'|'Fri May 12, 2017 - 6:55am BST Innogy says prospects for Npower worsen, won''t make profit Innogy logo in Essen, Germany, March 14, 2017. Reuters/Thilo Schmuelgen FRANKFURT Innogy ( IGY.DE ), Germany''s largest energy group, warned that prospects in the British retail market had sharply deteriorated as a result of fierce competition, adding it no longer expected its troubled Npower unit to turn a profit there this year. First-quarter adjusted earnings before interest and tax (EBIT) at Npower plunged 74 percent to 34 million euros ($37 million), Innogy said on Friday. Npower accounts for less than 3 percent of Innogy''s adjusted EBIT but has become a headache for Innogy CEO Peter Terium, who launched a turnaround program after billing problems and rising competition pushed the unit into loss. "The efficiency improvements that have been achieved, however, are far from sufficient to make up for the continued deterioration in market conditions and reduced margins," Innogy said in a statement. Smaller rival E.ON ( EONGn.DE ) on Wednesday also warned of tougher conditions in the British retail market, where Prime Minister Theresa May has pledged to cap household energy prices if she is re-elected on June 8. Innogy still confirmed its full-year outlook, expecting adjusted EBIT of 2.9 billion euros, adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of about 4.4 billion and adjusted net income of more than 1.2 billion. ($1 = 0.9200 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-innogy-results-idUKKBN1880HR'|'2017-05-12T13:34:00.000+03:00'
'8b230c272ae1ce6287fb35ea23792e133926ce09'|'Japan favours Aegis Ashore over THAAD to boost missile defence - sources'|'Market News - Sat May 13, 2017 - 5:41am EDT Japan favours Aegis Ashore over THAAD to boost missile defence - sources TOKYO May 13 Japan is leaning towards choosing the Aegis Ashore missile-defence system over another advanced system called Terminal High Altitude Area Defence (THAAD), government and ruling party sources said. Faced with North Korea''s rapid missile and nuclear development, and its threats, Japan has been looking into introducing a new missile-defence layer - either the THAAD or the Aegis Ashore, a land-based version of the Aegis system developed for war ships. Lockheed Martin Corp makes both systems. The government now favours the Aegis Ashore system as it comes with a wider coverage area, which would mean fewer units needed to protect Japan, and it is also cheaper, three government and two ruling party sources said. The sources, who spoke this week, declined to be identified because they are not authorized to speak to media on the topic. An Aegis Ashore unit costs about 70 billion-80 billion yen ($618 million-$706 million), while a THAAD unit costs more than 100 billion yen, the sources said. Also, the introduction of Aegis Ashore would help reduce the burden of round-the-clock vigilance shouldered by Japanese warships equipped with the Aegis system, they said. The government will make a final decision on the new system in coming months, after sending, possibly this month, an inspection team to Hawaii, where U.S. forces operate Aegis Ashore test facilities, they said. Japan''s ruling Liberal Democratic Party in March urged Prime Minister Shinzo Abe''s government to consider acquiring the capability to hit enemy bases and to beef up missile defence. ($1 = 113.3300 yen) (Reporting by Nobuhiro Kubo; Writing by Kiyoshi Takenaka; Editing by Robert Birsel)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-northkorea-missiles-idUSL4N1IF046'|'2017-05-13T17:41:00.000+03:00'
'a05b7a604b83bfc4953b81ab32bb53c0e59c2f0d'|'Asia assesses ransomware assault, extent may not be known until Monday'|'By Jeremy Wagstaff - SINGAPORE SINGAPORE Some hospitals, schools and universities in Asia were hit by a global cyber attack which infected tens of thousands of computers in Europe and the United States, but officials and researchers said the extent of any damage may not yet be known.China''s official news agency Xinhua said secondary schools and universities were hit, but did not say how many or identify them.Sun Yat-sen University said it received a large number of virus complaints on Friday, the Chinese financial magazine Caixin reported on Saturday, citing a notice circulated by the university''s IT department.William Saito, cyber security adviser to the Japanese cabinet and trade ministry, said some of the country''s institutions were affected but declined to elaborate.South Korea''s Yonhap news agency said one of Seoul''s university hospitals had been affected. An official said it wasn''t yet clear whether the hospital, which he declined to name, had been hit by the ransomware or some other malware.Two hospitals in Jakarta were hit, according to Semuel Pangerapan, a director general at Indonesia''s Communication and Information Ministry.He said officials were attempting to localise the infected server to prevent the malware from spreading.One of Vietnam''s leading antivirus software companies said dozens of people had reported infections."This number may increase as people return to work next week. A large number of computers will be turned back on and may be targets," said Vu Ngoc Son, vice president of Bkav Anti Malware.He declined to identify who had been infected. None were customers of the company.NUMBER OF INFECTIONS FALLINGCyber extortionists tricked victims into opening malicious malware attachments to spam emails that appeared to contain invoices, job offers, security warnings and other legitimate files.The ransomware encrypted data on the computers, demanding payments of $300 to $600 to restore access. Security researchers said they observed some victims paying via the digital currency bitcoin, though they did not know what percent had given in to the extortionists.Officials in the Philippines and Singapore said there were no reports of breaches of critical infrastructure.New Zealand and Australia reported no impact on any organisations. India''s chief information security officer, Gulshan Rai, said there appeared to be no damage.Two factors may account for the limited reports of damage in Asia.The worm began to spread in Europe on Friday, by which time it was already early evening in many Asian countries. The worm spreads most efficiently through organisational networks, not home computers, said Vikram Thakur, principal research manager at Symantec.That means officials will need to wait until Monday, when business resumes, to gauge the impact on Japan, said Saito."In Japan, things could likely emerge on Monday," he said.Another factor may be that the worm''s spread was limited by the actions of a British based researcher, who told Reuters he registered a domain that he noticed the malware was trying to connect to.By buying the domain, the researcher, who declined to give his name but goes by the Twitter handle @malwaretechblog, may have curtailed the worm''s spread."We are on a downward slope, the infections are extremely few, because the malware is not able to connect to the registered domain," said Symantec''s Thakur."The numbers are extremely low and coming down fast; don''t expect this to remain a major threat across this weekend apart from those in firefighting mode."But the attackers may yet tweak the code and restart the cycle. The British-based researcher who foiled the ransomware''s spread said he hadn''t seen any such tweaks yet, "but they will."(Reporting By Jeremy Wagstaff, Mai Nguyen, Harry Pearl, Engen Tham, Fransiska Nangoy, Kiyoshi Takenaka, Neil Jerome Morales, Masayuki Kitano, Krishna Das and Nidhi Verma; Writing by Jeremy Wagstaff; Editing by Mike Collett-White)'|'reuter
'9a1cda497855a7443688fcf0df782564dbdb559d'|'BRIEF-Nestle India March-qtr profit rises about 7 pct'|'May 12 Nestle India Ltd:* March quarter profit 3.07 billion rupees* March quarter total revenue from operations 25.92 billion rupees* Profit in march quarter last year was 2.87 billion rupees as per IND-AS; total revenue from operations was 23.68 billion rupees* Says declaration of interim dividend of INR 15 per equity share Source text: ( bit.ly/2qcMsEa '|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/brief-nestle-india-march-qtr-profit-rise-idINFWN1IE0PU'|'2017-05-12T10:21:00.000+03:00'
'985c91e242f2bdf414381d45875e406d28232b15'|'Corporate insurgency: Management lessons from an American general'|'STANLEY MCCHRYSTAL<41>S voice is hoarse as he addresses a packed arena in Helsinki. His audience, mostly businessmen in dark suits, is rapt. The American former general tells thrilling battlefield stories of leading the Joint Special Operations Command in Iraq, which captured Saddam Hussein and killed Abu Musab al-Zarqawi, al-Qaeda<64>s local chief. He explains how his outfit adapted against an unexpectedly difficult enemy. A change in management style let his group go from conducting a handful of raids each month to hundreds, achieving better results against insurgents.Neither America<63>s occupation of Iraq nor Mr McChrystal<61>s military career ended well. He went on to lead Western forces in Afghanistan, but stood down in 2010 after falling out with his political bosses. He reinvented himself as a management consultant. His McChrystal Group employs 65 people. It draws on its founder<65>s experience hunting insurgents to advise businesses, including on Wall Street, on corporate culture. What insight does an old soldier offer? Mr McChrystal is an apostle of devolved responsibility, or letting junior employees know and do more. One convert is his host in Helsinki: Reaktor, a 17-year-old firm of 400 staff, mostly coders, with a side-interest in launching satellites. An employee, Mikko Olkkonen, explains that <20>we have no hierarchy, no bosses, no targets, no quarters.<2E> It heeds Mr McChrystal<61>s approach: firms can adapt in complex competitive environments, he argues, only if information is shared and teams of capable staff<66>not just the boss<73>can take decisions. It also helps greatly with recruiting to say that junior staff will have clout early in their careers.A variety of big firms are listening. Mr McChrystal sits on the board of JetBlue Airways and of an American subsidiary of Siemens, a German engineering company. His firm advises Barrick Gold, a Canadian miner; Under Armour, a sportswear brand; a large bank; and several hospitals. Any assignment begins with <20>discovery<72> by an intelligence analyst who previously assessed the organisational structure of al-Qaeda. She works out who takes decisions inside companies. The reality usually differs from formal organisation charts.<2E>The management ideas I believe in are not revolutionary, but I came at it from a different experience,<2C> says the ex-general. He says firms should break apart <20>silos<6F> and get employees talking. Mr McChrystal<61>s advice on devolved power has its limits<74>no army, after all, has done away with hierarchies entirely, and even decentralised al-Qaeda was weakened by removing its leaders. It is hard to know how much his big corporate clients use the approach in pursuing sales and markets. But hearing an ex-general disparage hierarchies so forcefully thrills employees. Even as a Reaktor staffer explained in Helsinki that Finns rarely idolise heroes, the crowd sent Mr McChrystal off with an excited ovation. Business "Corporate insurgency"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21721954-stanley-mcchrystal-advises-blue-chip-firms-give-junior-staff-more-power-management-lessons?fsrc=rss'|'2017-05-11T22:53:00.000+03:00'
'aa35923837b4b3317680b9559da380998164b0fa'|'Broadcom wins conditional EU okay for $5.5 billion Brocade buy'|'Technology News  36pm BST Broadcom wins conditional EU okay for $5.5 billion Brocade buy FILE PHOTO: Broadcom Limited company logo is pictured on an office building in Rancho Bernardo, California May 12, 2016. REUTERS/Mike Blake/File Photo BRUSSELS Chipmaker Broadcom secured EU antitrust approval on Friday for its $5.5 billion bid for Brocade after pledging to cooperate with competitors and to protect their confidential data. Singapore-based Broadcom, formerly Avago Technologies, makes connectivity chips used in products ranging from mobile devices to servers, while California-based Brocade produces networking switches, software and storage products. The European Commission said the concessions offered by Broadcom addressed its concerns about the deal, confirming a Reuters story on May 9. "Broadcom committed to cooperate closely and in a timely manner with competing HBA (host bus adaptor) cards suppliers to achieve the same level of interoperability as that of its own HBA cards and to protect third party confidential information," the EU competition watchdog said. The deal is the latest in the chip industry as companies bulk up in response to growing demand for chips in connected devices and cars. (Reporting by Foo Yun Chee)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-brocade-commns-m-a-broadcom-eu-idUKKBN1882DD'|'2017-05-13T00:34:00.000+03:00'
'33079966e6e02848111ee54f45ce752aba31545b'|'BRIEF-Greenlight Capital Inc takes share stake of 665,000 shares in Varex Imaging Corp'|' 24pm EDT BRIEF-Greenlight Capital Inc takes share stake of 665,000 shares in Varex Imaging Corp May 15 Greenlight Capital Inc: * Greenlight Capital Inc takes share stake of 665,000 shares in Varex Imaging Corp - SEC filing * Greenlight Capital Inc dissolves share stake in Avangrid Inc * Change in holdings are as of March 31, 2017 and compared with the previous quarter ended as of Dec 31, 2016 Source text for quarter ended March 31, 2017 ( bit.ly/2qKIyFF ) Source text for quarter ended Dec. 31, 2016: ( bit.ly/2rj5c45 )'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-greenlight-capital-inc-takes-share-idUSFWN1IH192'|'2017-05-16T04:24:00.000+03:00'
'56046dcbd3b8dd684c696b326651225f5cd1f06b'|'AB InBev to pump $2 billion into U.S. business'|'Business News   12:57pm EDT AB InBev to pump $2 billion into U.S. business FILE PHOTO: A bottle of Budweiser and a bottle of Miller High Life are pictured together in this photo illustration in the Manhattan borough of New York October 14, 2015. REUTERS/Brendan McDermid BRUSSELS Anheuser-Busch InBev, the world''s largest brewer, plans to invest $2 billion in the United States, where its flagship Budweiser lager has suffered from declining volumes and a falling market share over the past three years. The company, which recently bought nearest rival SABMiller for nearly $100 billion, said it was launching one of the largest capital investment programs in U.S. brewing history, investing close to $500 million this year and a total of $2 billion through 2020. In 2017, it will spend more than $200 million on brewery and distribution projects, of which $82 million would be to improve national supply chains and to build distribution facilities in Los Angeles and Columbus. Investment in many of its 21 U.S. breweries will also allow them to make different beers, or expand production of aluminum bottles. The company will also push further into non-alcoholic drinks, such as the ready-to-drink tea Teavana it is producing in partnership with Starbucks ( SBUX.O ). AB InBev''s beer sales in the United States have fallen as Americans have developed an increasing thirst for craft beer. AB InBev responded in 2011 by taking over Goose Island, and has since added 10 more U.S. craft brewers. Its 12th planned addition, Wicked Weed, was announced earlier this month. It also holds a majority stake in Virtue Cider. Its craft businesses grew by a double-digit percentage last year. (Reporting by Philip Blenkinsop; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-abinbev-usa-idUSKCN18B256'|'2017-05-16T00:57:00.000+03:00'
'fc3d70049c8194b3b0786b12ae8fe960bf84c220'|'U.S. prevails over ex-AIG CEO Greenberg over insurer''s bailout'|'Business News  24pm EDT Ex-AIG CEO Greenberg loses appeal over 2008 bailout left right FILE PHOTO: Maurice ''Hank'' Greenberg, former chairman of American International Group Inc., (AIG) arrives at the New York State Supreme Courthouse in Manhattan, New York City, U.S., September 29, 2016. REUTERS/Brendan McDermid 1/2 left right FILE PHOTO: A banner for American International Group Inc (AIG) hangs on the facade of the New York Stock Exchange, in New York, U.S., on October 16, 2012. REUTERS/Brendan McDermid/File Photo 2/2 By Jonathan Stempel A federal appeals court threw out a ruling that the U.S. government illegally bailed out insurer American International Group Inc ( AIG.N ) during the 2008 financial crisis, in a defeat for former chief executive officer Maurice "Hank" Greenberg. The Federal Circuit Court of Appeals in Washington said Greenberg''s Starr International Co had no legal right to challenge the bailout because that right belonged to AIG, which chose not to sue. Tuesday''s decision by a three-judge panel was a victory for the government in a lawsuit testing its power to bail out companies, including those deemed "too big to fail." David Boies, Starr''s lawyer, said "we respectfully disagree" with the decision and they would appeal to the U.S. Supreme Court. The Department of Justice had no immediate comment. AIG was rescued in September 2008 after running up huge losses from insurance on shoddy mortgage securities. Starr said the government harmed shareholders through an unconstitutional "exaction," by taking a 79.9 percent stake in the stricken insurer in exchange for a high-interest $85 billion loan from the Federal Reserve Bank of New York. "While punitive measures against a corporation may ultimately be borne by its shareholders, a finding that those measures targeted shareholders directly is a wholly different matter," Chief Judge Sharon Prost wrote for the appeals court. "The alleged injuries to Starr are merely incidental to injuries to AIG, and any remedy would go to AIG, not Starr," she added. Starr had been New York-based AIG''s largest shareholder, with a 12 percent stake. It sought more than $40 billion of damages for shareholders. In June 2015, Court of Federal Claims Judge Thomas Wheeler agreed with Starr that the New York Fed overstepped its authority in arranging the $85 billion loan, but he refused to award damages because AIG would have gone bankrupt without it. The judge also rejected damages for a subsequent reverse stock split. Wheeler ruled after a trial featuring testimony from former Fed chairman Ben Bernanke, and former Treasury secretaries Henry "Hank" Paulson and Tim Geithner. Greenberg appealed Wheeler''s damages ruling. The government appealed his standing and exaction rulings. Dennis Kelleher, CEO of nonprofit Better Markets, in an interview welcomed the decision, saying the case may help regulators address future financial system shocks "without worrying about courts second-guessing them years later." AIG''s bailout eventually totaled $182.3 billion but was repaid, leaving taxpayers with nearly $23 billion of profit. Greenberg, 92, led AIG for nearly four decades before being ousted in March 2005. The case is Starr International Co v U.S., Federal Circuit Court of Appeals, Nos. 2015-5103, 2015-5133. (Reporting by Jonathan Stempel in New York; Editing by Lisa Von Ahn and Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-aig-bailout-idUSKBN1851OU'|'2017-05-09T22:03:00.000+03:00'
'1f1e5b67231ffd133c670c596b1b4076fa211608'|'German job vacancies hit record high in first quarter'|'  11:03am BST German job vacancies hit record high in first quarter FILE PHOTO: People walk under a sign reading ''Please do not board'' at the main train station in Frankfurt, Germany, May 5, 2015. REUTERS/Ralph Orlowski/File Photo BERLIN Job vacancies in Germany hit an all-time high in the first three months of 2017, data showed on Tuesday, climbing above one million as Europe''s biggest economy expands faster than its workforce. Vacancies jumped by about 75,000 on the year and 9,000 on the quarter to 1.064 million, a survey by the IAB labour office research institute found. "That''s something of a surprise. Normally, the number of job vacancies goes down in the winter months," IAB researcher Alexander Kubis said. Among the sectors consistently looking for more staff are logistics, healthcare and construction, he added. "The German economy seems to be unfazed by external risks such as a possible rise of protectionism and any consequences of Brexit. That''s why firms continue to hire, they are looking for new employees to an extent never seen before," Kubis said. Gross domestic product data due on Friday is expected to show a rise in quarterly growth to 0.6 percent in the first quarter from 0.4 percent in the final three months of last year. A survey by staffing firm ManpowerGroup found German firms - adapting to a long-signalled shortage of people of working age - were more worried about attracting and retaining talent than peers in the United States, France, Italy or Britain. Incentives they offer include above-inflation pay hikes, subsidised meals and on-site nurseries, and flexible working conditions beyond the statutory minimum. To counter the shortage, German companies have also designed training schemes for young people from other European states including Hungary, Romania, Bulgaria and Spain, where youth unemployment is high. German unemployment fell more than expected in April, data showed last week. (Reporting by Michael Nienaber; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-employment-idUKKBN185119'|'2017-05-09T18:03:00.000+03:00'
'c5c4557d1800ee4d6e5bca84345703d718fbd6ed'|'JPMorgan buys Dublin building with room for 1,000 staff'|'By Conor Humphries - DUBLIN DUBLIN JPMorgan Chase ( JPM.N ) has agreed to buy a Dublin building with room for 1,000 staff in the first sign of a financial services company expanding significantly in Ireland since the government began a major campaign to attract firms in the wake of Brexit.The U.S. investment bank will acquire a 130,000 square foot (12,000 square metre) building at the Capital Dock development in Dublin''s docklands, the building''s developer Kennedy Wilson ( KWE.L ) said in a statement.The bank, which currently employs around 500 people in Dublin, did not say how many jobs would be created or whether any positions would be moved from the United Kingdom.JPMorgan plans to hire a significant number of people in Dublin in its expanding custody and funds services businesses over the next three years, JPMorgan<61>s head of investor services James Kenny told the Financial Times at the weekend.The bank has indicated it will use its existing European Union banks, in Dublin, Frankfurt and Luxembourg to anchor its European Union operations after Brexit."This new building gives us room to grow and some flexibility within the European Union," senior country officer for JP Morgan in Ireland Carin Bryans said in the statement.Ireland has engaged on a major lobbying campaign during the past year to try to convince companies with large bases in the United Kingdom to consider moving some of their staff to Ireland to maintain access to the European Union''s single market.Hubertus Vaeth, the head of Frankfurt''s campaign to promote the city to banks since Britain voted to leave the EU, told Reuters earlier this month he expected the five largest U.S. investment banks to move staff to more than one EU location with around 1,000 going to Frankfurt and possibly more to Dublin.[nL8N1IA102]Rivalry between the different EU cities has become acrimonious at times, with Ireland complaining to the European Commission that it is being undercut by predatory behaviour by other centres. [nL5N1GQ2S8]Ireland''s financial services minister, Eoghan Murphy, said in a statement on Monday that JPMorgan''s announcement was "a welcome vote of confidence in the strength of Ireland''s offering and Dublin''s status as a major financial centre."(Reporting by Conor Humphries, editing by Louise Heavens and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-jpmorgan-idINKCN18B19W'|'2017-05-15T18:57:00.000+03:00'
'dc18e602479a023c66e56a1242fb38b06630855a'|'SEC says ex-Nomura trading chief lied about bond prices'|'Market News - Mon May 15, 2017 - 10:31am EDT SEC says ex-Nomura trading chief lied about bond prices NEW YORK May 15 A former co-head of the commercial mortgage-backed securities trading desk at Nomura Holdings Inc was charged by a U.S. regulator on Monday with fraud for lying to customers about bond prices. The U.S. Securities and Exchange Commission said Kee Chan, 46, of Manhasset, New York, on numerous occasions from 2010 to March 2012 "deliberately misled and lied to customers" about bond prices. This resulted in hundreds of thousands of dollars of ill-gotten profit, the regulator said, and boosted the pay of Chan, who had been a Nomura managing director. The SEC filed its complaint in Manhattan federal court. Chan could not immediately be reached for comment. It is unclear whether Chan has hired a lawyer. Nomura declined to comment. According to brokerage industry records, Chan worked for Nomura from August 2009 to June 2012. He later worked for about 3-1/2 years at UBS Group AG before being terminated in February 2016, after failing to disclose in a timely way that he was being investigated by the U.S. Department of Justice over his trading at Nomura, the records show. Last week, former Nomura traders Michael Gramins, Tyler Peters and Ross Shapiro went on trial in Hartford, Connecticut. Federal prosecutors have accused them of misrepresenting bond prices to customers. (Reporting by Jonathan Stempel in New York; Editing by Bernadette Baum) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nomura-trader-idUSL2N1IH0L9'|'2017-05-15T22:31:00.000+03:00'
'8c9d69c167b8063bc89f19b094af0813983c2c05'|'Number of second charge mortgages leaps to nine-year high - Money'|'The number of people opting to saddle themselves with a second mortgage has leapt to its highest level since 2008, according to new industry data that has alarmed debt charities. During March, <20>93m of second charge mortgages were taken out <20> up 22% on the previous month. The figures show that growing numbers of homeowners are deciding to cash in on the equity in their property by taking out a second mortgage to raise money for a variety of reasons, including financing a home extension, funding a deposit for a son or daughter buying their first home, or even paying a tax bill.The Finance & Leasing Association (FLA), which published the figures , said this type of home loan was <20>a useful product<63>. However, debt charity StepChange said <20>alarm bells should be ringing<6E> because previous experience had shown how such increases in the levels of borrowing could leave households over-indebted and vulnerable to sudden changes in circumstances. A second charge is a loan that allows people to use any equity they have in their home as security and effectively sits on top of an existing mortgage. It is usually obtained from a separate lender and if someone takes one out, it means they will have two mortgages on their home. For many, a standard remortgage or a further advance from their existing lender would probably suit their needs better, but mortgage brokers say that for some homeowners it would not make sense to refinance their main mortgage, while others do not have that option. The <20>93m figure for March translates into just over 2,000 individual second charge mortgages, and the FLA confirmed that both these figures were at their highest levels since the 2008 financial crash. As recently as late 2014, the monthly figure was <20>45m to <20>50m. The FLA: <20>The strong performance ... could be the early signs of a return to form for this important market.<2E> However, the spectacular growth in the sale of second mortgages ahead of the 2008 banking crash was widely seen as a sign of consumers taking on risky levels of debt that left them vulnerable to a downturn in the economy. Tens of thousands of households, many of them struggling to pay monthly mortgage payments, used second mortgages to bypass more conservative borrowing limits set by their lender. Recent industry figures show that consumer spending on credit rocketed in the past year as households increased their reliance on short-term loans to buy cars or furniture, or just to pay their rent. The Bank of England has warned that consumer credit is rising at elevated levels and officials have begun a review to consider possible restrictions. However, the landscape for these loans has arguably changed a lot in the last few years. As of March 2016, both first and second charge mortgages are now regulated under the same regime by the Financial Conduct Authority (FCA), while interest rates on these deals have fallen. This means that <20> as one mortgage broker put it <20> they are no longer <20>the dark sheep of the mortgage family<6C>. The lowest rate in 2012 was around 6.9%, but they now start at around 4%-4.5%, said Alistair Hargreaves at broker John Charcol, whose second charge department has seen a <20>massive increase<73> in business over the past year. Hargreaves added that in some cases, such as where the homeowner had some adverse credit, rates could be a lot higher <20> around 9% to 12% <20> but that <20>you are [often] paying 20% on a credit card<72>. <20>Bringing them under the FCA regime has given a better impression of the industry,<2C> said Hargreaves. Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: <20>Second charge mortgages are a useful product, with consumers taking them out for a variety of reasons, including home improvements, or paying the deposit or removal costs for a son or daughter moving into their first home.<2E> But StepChange said the rise in debt from second mortgages left thousands more families vulnerable to higher levels of inflation and a slowdown in wage rises, divorce
'0666b27d385afb0f712f0a764828775e535f72f3'|'BP accuses former oil analyst of stealing trade secrets'|'Business News - Fri May 12, 2017 - 6:55pm BST BP accuses former oil analyst of stealing trade secrets FILE PHOTO: A BP logo is seen at a petrol station in London, Britain, January 15, 2015. REUTERS/Luke MacGregor/File Photo NEW YORK BP Plc ( BP.L ) has sued a former U.S. oil analyst for allegedly stealing trade secrets and other confidential information, according to court filings. BP''s oil trading division alleged that Joseph Giljum, a crude oil analyst who left the company in April, compiled over 950 business files containing confidential and valuable information and uploaded the files to his personal Amazon Cloud Drive. Giljum did not immediately respond to a request for comment. The British oil major said that Giljum, who was based at its Chicago office, used the information to negotiate a new job with a competitor, according to the filing late April with the U.S. District Court in the Northern District of Illinois. The competitor, Mercuria, is not named in the suit. BP seeks the return of its information, to block Giljum from working in another similar capacity, and other damages. BP declined to comment. Mercuria did not immediately respond to a request for comment. (Reporting by Catherine Ngai; Editing by Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-bp-lawsuit-idUKKBN1882IY'|'2017-05-13T01:55:00.000+03:00'
'b67fa633714007ea9eef05edf72e66a4ec6d78ac'|'Wal-Mart CEO to be questioned in U.S. lawsuit over Mexican bribery'|'Money News - Fri May 12, 2017 - 5:09am IST Wal-Mart CEO to be questioned in U.S. lawsuit over Mexican bribery President and CEO of Walmart Doug McMillon takes part in a strategic and policy CEO discussion with U.S. President Donald Trump in the Eisenhower Execution Office Building in Washington, U.S., April 11, 2017. REUTERS/Joshua Roberts By Jonathan Stempel A federal judge on Thursday ordered Wal-Mart Stores Inc ( WMT.N ) Chief Executive Douglas McMillon to submit to questioning in a lawsuit by shareholders hoping to learn what he knows about suspected bribery by the world''s largest retailer in Mexico. U.S. District Judge Susan Hickey in Fayetteville, Arkansas, said McMillon''s "direct and personal involvement" in matters underlying a class-action lawsuit justified requiring him to sit for a deposition by the shareholders'' lawyers. McMillon had been president of Wal-Mart International during a period when shareholders led by a Michigan pension fund said the retailer concealed suspected bribery by its Wal-Mart de Mexico unit to government officials, to speed up store openings. The Bentonville, Arkansas-based retailer had argued that McMillon lacked the "unique or special knowledge" to justify burdening him with a deposition. But the judge said McMillon, who became chief executive in February 2014, took part in several meetings, saw dozens of communications, and had certified many public statements by Wal-Mart about the alleged bribery. "It appears to the court that McMillon has unique knowledge of relevant issues in this litigation that only he can explain," Hickey wrote. A deposition could last four hours, she added. Wal-Mart spokesman Randy Hargrove said: "We are reviewing the order and contemplating our next steps." Jason Forge, a lawyer for the lead plaintiff City of Pontiac General Employees'' Retirement System, said in an email: "We''re determined to try this case in court." Wal-Mart''s market value slid $17 billion over three days in April 2012 after the New York Times reported the alleged bribery and said it had been first discovered internally in 2005. Shareholders accused Wal-Mart and Mike Duke, who preceded McMillon as chief executive, of downplaying the scheme even after learning about the Times'' investigation. The class period runs from Dec. 8, 2011 to April 20, 2012. Earlier this week, Bloomberg News said Wal-Mart may pay about $300 million to settle a U.S. government probe into suspected bribery in Mexico, India and China, citing people familiar with the matter. A $300 million payment would represent about one week of profit for Wal-Mart. The case is City of Pontiac General Employees'' Retirement System v. Wal-Mart Stores Inc et al, U.S. District Court, Western District of Arkansas, No. 12-05162. (Reporting by Jonathan Stempel in New York; Editing by Tom Brown and Marguerita Choy)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/walmart-mexico-ceo-idINKBN18734I'|'2017-05-11T21:39:00.000+03:00'
'7409ca9e93a64f29adefd726ff99819cfa98b200'|'Snap surges after Wall Street heavyweights reveal stakes - Reuters'|'By Noel Randewich and Trevor Hunnicutt - SAN FRANCISCO/NEW YORK SAN FRANCISCO/NEW YORK Snap Inc ( SNAP.N ) jumped more than 8 percent on Monday in its second strongest day since the social media company''s initial public offering, boosted by filings showing several institutional investors had owned its shares.The filings provided the first definitive snapshot of who bought Snap shares when it went public in early March. Its stock had plummeted 23 percent late on Wednesday after its debut quarterly earnings report disappointed investors.Coatue Management LLC, Soros Fund Management LLC, Goldman Sachs Group Inc ( GS.N ) and Jana Partners LLC on Monday joined the list of fund managers disclosing stakes in the parent of the popular Snapchat messaging app at the end of March.Snap''s high valuation, lack of profitability and slowing user growth have made it a controversial stock on Wall Street. Its IPO was the hottest technology offering since Facebook''s in 2012.Snap''s stock is valued at 44 times the company''s expected sales for the next 12 months, according to Thomson Reuters data. By comparison, Facebook ( FB.O ) trades at 14 times expected sales, and Alphabet ( GOOGL.O ) is at 7 times expected sales.Tech-oriented hedge fund Coatue took a nearly 21 million share stake in Snap.Soros Fund Management, run by 86-year-old billionaire George Soros, took a nearly 1.7 million stake in Snap during the first quarter.Goldman meanwhile took a 1.1 million share stake in the newly public company, and also held put and call options on 1.6 million shares.Most of the long position was assigned to the company''s asset management subsidiary, while the other positions are held by one of its broker-dealer subsidiaries. Goldman was a lead underwriter on the Snap IPO.Activist hedge fund Jana Partners LLC also took a 550,000-share stake in Snap.Coatue declined to comment, while the other three companies did not immediately respond to a request for comment.Daniel Loeb''s Third Point, Daniel Och''s Och-Ziff Capital Management ( OZM.N ), and world''s largest asset manager BlackRock Inc ( BLK.N ) on Friday disclosed Snap holdings at the end of March.The disclosures to the U.S. Securities and Exchange Commission, in what are known as 13F filings, offer clues on what big investors are selling and buying, but give no indication of their current stakes.Snap closed up 8.36 percent on the day at $20.74, higher than its $17 IPO price but down almost 30 percent from its highest trading price on March 3.(Reporting by Noel Randewich in San Francisco and Trevor Hunnicutt in New York; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/snap-stocks-idINKCN18B26A'|'2017-05-15T19:43:00.000+03:00'
'2dd4b8d68cb984e09567889fea1a0cad7f025094'|'GM supplier relations improve in North America, Nissan''s slip - study'|'Autos  18am BST GM supplier relations improve in North America, Nissan''s slip - study The GM logo is seen in Warren, Michigan, U.S. on October 26, 2015. REUTERS/Rebecca Cook/File Photo By Nick Carey - DETROIT DETROIT Nissan Motor Co has fallen behind its top North American competitors in the health of its working relationships with suppliers while General Motors Co jumped to third place in rankings released on Monday. Toyota Motor Corp and Honda Motor Co maintained their longstanding first and second rankings in the study which looked at the six biggest automakers in North America and is closely watched in the industry. GM''s leap knocked Detroit cross-town rival Ford Motor Co into fourth place and Nissan''s fall from fifth to sixth place meant Fiat Chrysler Automobiles NV (FCA) avoided coming last as it had done since 2008, despite a lower index score than in 2016. Automakers'' profitability is directly linked to good working relations with their suppliers, said study author John Henke, head of Planning Perspectives Inc, a firm that focuses on company-supplier relations. Since the study began in 2002, Toyota has been first and Honda second on the study''s OEM-Supplier Working Relations Index except for two years when the two Japanese automakers swapped the two top spots. The study shows the results of surveys of 652 salespeople at 108 first-tier suppliers to the six automakers. GM''s rise to third place and its implications for profitability are good news for the No. 1 U.S. automaker and its chief executive Mary Barra as it wages a proxy battle with Greenlight Capital. The hedge fund has proposed splitting GM stock into two classes: one that pays dividends and one that does not. The automaker has rejected the idea and rating agencies have said it would negatively affect GM''s credit rating. The index shows that under Barra - who took over the helm at the automaker in 2014 - GM has gone from joint last with FCA in 2015 to third place. "If you look at the direction GM is taking, this has all happened since Mary Barra took over," Henke said. "She is changing the company." Henke said Nissan''s drop to the bottom reflected an aggressive push by the Japanese automaker to cut costs. But he said the survey results showed GM was making a similar push. GM showed improvement across all areas included in the survey, including helpfulness and providing "profit opportunity" to suppliers. Nissan posted declines in virtually every area. "GM is putting more pressure on their suppliers to reduce prices and improve quality than Nissan is," he said. "The question is not whether you pressure suppliers but how you do it and GM is doing it the right way." (Reporting by Nick Carey; Editing by Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-autos-suppliers-idUKKCN18B0BL'|'2017-05-15T12:18:00.000+03:00'
'ce3fef4961004ca4edf27e534b68dd70e49f94a0'|'BRIEF-Berkshire Hathaway dissolves share stake in Twenty-First Century Fox'|'Market News   6:33pm EDT BRIEF-Berkshire Hathaway dissolves share stake in Twenty-First Century Fox May 15 Berkshire Hathaway: * Berkshire Hathaway dissolves share stake in Twenty-First Century Fox - SEC filing * Berkshire Hathaway - Change in holdings are as of March 31, 2017 and compared with the previous quarter ended as of Dec. 31, 2016 Source text for quarter ended March 31, 2017: ( bit.ly/2pQgrA1 ) Source text for quarter ended Dec. 31, 2016: ( bit.ly/2pQ2hyG )'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-berkshire-hathaway-dissolves-share-idUSFWN1IH171'|'2017-05-16T06:33:00.000+03:00'
'359e26022b57788d8803da28a9bb3d84ba9d926f'|'Former SolarCity CEO Lyndon Rive will leave Tesla'|'Business News - Tue May 16, 2017 - 12:34am BST Former SolarCity CEO Lyndon Rive will leave Tesla FILE PHOTO: Lyndon Rive, SolarCity co-founder and CEO, attends SolarCity''s Inside Energy Summit in Manhattan, New York October 2, 2015. REUTERS/Rashid Umar Abbasi/File Photo By Nichola Groom SolarCity founder Lyndon Rive, who steered the dramatic growth of the biggest U.S. residential solar company before driving its sale to Tesla Inc, is leaving the electric vehicle maker in June, he said on Monday. In an interview, the former SolarCity chief executive said he wanted to start a new company next year and spend more time with his family. Rive had been serving as head of sales and services for Tesla''s energy division since last year. Rive''s responsibilities will be distributed among Tesla leadership, Tesla said. Tesla acquired SolarCity for $2.6 billion in August, paving the way for Tesla CEO Elon Musk''s ambitious plans for a carbon-free energy and transportation company. The sale came as investors worried about the solar panel installer''s debt-fueled growth. Under Tesla, SolarCity has slowed installations and focused on the most profitable projects that generate cash upfront. Throughout his decade at the helm of the company, Rive had a populist vision of making rooftop solar energy affordable to all in an effort to curb demand for fossil fuels and combat climate change. Rive, 40, said SolarCity was "healthier than it''s ever been," and the time had come for him to move on. Tesla launched its innovative solar roof tiles last week, a product that generates electricity without traditional rooftop panels. Rive said he began to consider leaving a few months ago. "My skill set and what I love doing is starting and running companies," Rive said. "I can hand off the baton to somebody else and give myself the opportunity to do something else that could also have another impact." Cal Lankton, Tesla''s vice president of global infrastructure operations, will take on an expanded role as head of sales and operations for energy products, the company said. Rive co-founded SolarCity with his older brother Peter in 2006 with financial backing from their cousin Musk. Peter Rive, who was SolarCity''s chief technology officer, will remain to focus on the company''s solar roofs. Over the next decade, SolarCity expanded rapidly with innovative no-money-down financing schemes and a vast sales and installation operation. The company in 2013 aimed to have 1 million customers by 2018, but scaled back its plans at the end of 2015 as costs for funding that growth mounted and demand began to slow. SolarCity hit 300,000 customers late last year. (Reporting by Nichola Groom, editing by Peter Henderson and Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tesla-solar-rive-idUKKCN18B2RR'|'2017-05-16T07:34:00.000+03:00'
'6ae730ebeaf8bf53fe33250e8bedbcd806b365f6'|'Israel car cyber firm Karamba raises money from Paladin, Liberty Mutual'|'Deals - Tue May 16, 2017 - 8:24am EDT Israel car cyber firm Karamba raises money from Paladin, Liberty Mutual TEL AVIV Israeli startup Karamba Security, a provider of cybersecurity for connected and self-driving cars, said on Tuesday it raised $12 million, attracting first-time investment in Israel from Washington-based cyber-focused Paladin Capital. The latest investment brings Karamba''s total fundraising to $17 million, with existing investors YL Ventures of California and Detroit-based Fontinalis Partners leading the round, followed by GlenRock Israel. Other new investors are Liberty Mutual Strategic Ventures, Sumitomo Corp''s Presidio Ventures and security management provider Asgent ( 4288.T ). The global cybersecurity market for cars was estimated by Mordor Intelligence to grow to $1.1 billion by 2020 from $17 million in 2015. Karamba said its software protects cars based on their factory settings, blocking hacking attempts as they deviate from these settings and before they infiltrate the car. Paladin, with $1 billion in four funds, said this was its first investment in automotive security. "We see this notion of Karamba trying to prevent attacks as substantial progress on what exists today to detect attacks," Paladin managing director Kenneth Minihan told Reuters. Minihan, a retired Air Force lieutenant general and former director of the U.S. National Security Agency, said ransomware attacks such as those that occurred over the weekend would not be relevant to automobiles, which operate in their own network. But hackers may "attempt to disrupt data feeds that are telling you what''s happening around other cars," he said. Karamba said network security technology based on statistical modeling is prone to false alarms that could risk lives if applied to cars. For example, brakes could fail if a legitimate command is mistakenly identified as malicious and blocked. (Reporting by Tova Cohen, editing by Pritha Sarkar) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cyber-karamba-fundraising-idUSKCN18C1FK'|'2017-05-16T20:20:00.000+03:00'
'82f93e9e115d87e0b47a355d0370a0e5f490f44f'|'Unilever to buy Latin American personal care brands from Quala'|'Deals   1:42pm BST Unilever to buy Latin American personal care brands from Quala LONDON Unilever ( ULVR.L )( UNc.AS ) plans to buy a range of personal and home care brands from Latin American company Quala, it said on Monday. The purchase includes the haircare brands Savital, eGo and Bio-Expert as well as Fortident toothpaste and Aromatel fabric softener - businesses that have combined annual turnover of $400 million in Latin American countries including Colombia, Ecuador and Mexico. The deal''s purchase price was not disclosed. (Reporting by Martinne Geller, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-quala-m-a-unilever-idUKKCN18B1KF'|'2017-05-15T20:37:00.000+03:00'
'146093e99761ef774394d208e8ba05da198cf56a'|'Thermo Fisher in talks to buy Patheon: Bloomberg'|'Scientific instruments maker Thermo Fisher Scientific Inc ( TMO.N ) is in talks to buy Patheon NV ( PTHN.N ), Bloomberg reported late on Sunday.Thermo Fisher and Patheon could not be reached for comment outside regular business hours.An agreement between Thermo Fisher and the Dutch drug ingredients maker could be reached as early as this week, Bloomberg reported, citing people with knowledge of the matter.The discussions could still falter, and there''s no certainty a deal will be reached, Bloomberg added. bloom.bg/2qirdlRThermo Fisher has seen its stock rise over 21 percent in 2017, bringing its market value to about $67.1 billion, according to Thomson Reuters data.Shares of Patheon have fallen about 9.4 percent this year, valuing the company at about $3.8 billion.(Reporting by Ismail Shakil in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-patheon-m-a-thermo-fisher-idINKCN18B0AM'|'2017-05-15T02:03:00.000+03:00'
'83a55c166ba3821d55bf224efb0fb4a2c5b8ce57'|'European, Asian companies short on cyber insurance before ransomware attack'|'Business News - Mon May 15, 2017 - 1:18am BST European, Asian companies short on cyber insurance before ransomware attack A hooded man holds a laptop computer as cyber code is projected on him in this illustration picture taken on May 13, 2017. REUTERS/Kacper Pempel/Illustration By Carolyn Cohn and Suzanne Barlyn - LONDON/NEW YORK LONDON/NEW YORK Many companies outside the United States may not have cover for a recent computer-system attack, leaving them potentially with millions of dollars of losses because there has been relatively little take-up of cyber insurance, insurers say. A massive ransomware worm caused damage across the globe over the weekend, stopping car factories, hospitals, shops and schools, amid fears it could wreck fresh havoc on Monday when employees return to work. Cybersecurity experts said the spread of the virus dubbed WannaCry - "ransomware" which locked up more than 200,000 computers in more than 150 countries - had slowed, but the respite might only be brief. The overall cost of getting businesses going again could run into the billions of dollars, with companies in Europe, including Russia, and Asia particularly vulnerable. Nearly nine out 10 cyber insurance policies in the world are in the United States, according to Kevin Kalinich, global head of Aon Plc''s cyber risk practice. The annual premium market stands at $2.5-$3 billion. The biggest reason for the larger penetration in the United States, says Bob Parisi, U.S. cyber product leader for insurance broker Marsh, "is that the U.S. has been living with state breach notification laws for the past 10 years." The greater transparency created an incentive for U.S. companies to get insurance to compensate for damage from incidents they were required to report. An upcoming European Union directive is expected to have the same impact there. Companies that were not prepared for WannaCry can expect to rack up business interruption costs that far exceed a ransomware payment, said Kalinich. "If you<6F>re a hospital that turned away patients, if you''re a global delivery company that can''t send package, or a telecom company in Spain, Russia or China, the financial statement impact from the business interruption is much larger than the $300 ransomware," he said. Organisations hit by the attacks, which lock up computer systems until the victims pay a ransom, included Britain''s National Health Service, French car manufacturer Renault, and Spain''s Telefonica. Sources close to Telefonica said the company had insurance to cover the attacks but it was too soon to estimate the economic impact. Renault and the NHS did not respond to requests for comment. West Coast cyber risk modelling firm Cyence estimated the average individual ransom cost from Friday''s attacks at $300, and the total economic costs from interruption to business at $4 billion. The U.S. Cyber Consequences Unit, a non-profit research institute that advises governments and businesses on the costs of cyber attacks, estimated more modest total losses. They were likely to range in the hundreds of millions of dollars, and unlikely to exceed $1 billion, the group forecast. HIGH MARGIN BUSINESS A typical cyber insurance policy will protect companies against extortion like ransomware attacks, which insurers say have spiked in the past 18 months. It would cover the investigation costs and also pay the ransom, according to Parisi. But there are caveats. Companies that did not download a Microsoft patch issued in March to protect users from vulnerabilities may be out of luck, since many cyber policies exclude coverage in such an instance. Companies using pirated software are also unlikely eligible for an insurance payout, Kalinich said. Most cyber insurance policies cover breaches of up to $50 million, with much of the losses related to the interruption of the firms'' business, Parisi said. Some policies can cover losses for as much as $500-600 million. Cyber insurance policies also 
'3ba710a81cddcfe44a46100f28a6833cfc57328d'|'Home Capital shares fall after flagging going concern issues'|'Business News  14am EDT Home Capital eyes disposals to address funding issues FILE PHOTO: The entry to the Home Capital Group''s headquarters are seen in an office tower in the financial district of Toronto, Ontario, Canada, on April 26, 2017. REUTERS/Chris Helgren/File Photo By Matt Scuffham - TORONTO TORONTO Home Capital Group Inc ( HCG.TO ) confirmed on Friday it is considering asset disposals to enable it to refinance more quickly and pay off an emergency loan provided by the Healthcare of Ontario Pension Plan. Shares in Canada''s biggest non-bank lender fell by as much as 20 percent in early trading on Friday before paring losses to trade down 12.1 percent at 1105 EST. After the market closed on Thursday, Home Capital issued first-quarter results in which it said uncertainty around future funding had cast doubt about whether it could continue as a going concern. Depositors have withdrawn nearly 94 percent of funds from Home Capital''s high-interest savings accounts since March 27, when the company terminated the employment of former Chief Executive Martin Reid. The withdrawals accelerated after April 19, when Canada''s biggest securities regulator, the Ontario Securities Commission, accused Home Capital of making misleading statements to investors about its mortgage underwriting business. Home Capital relies on deposits from savers to fund its lending to borrowers, such as self-employed workers or newcomers to Canada, who may not meet the strict criteria of the country''s biggest banks. Reuters reported on Thursday that Home Capital was in talks to divest about C$2 billion in assets to help pay down a high-interest loan, according to people familiar with the situation. The lender needs to raise funds to help repay a C$2 billion loan from Healthcare of Ontario Pension Plan (HOOPP), which provided the high-interest line of credit last month, charging interest of 10 percent on outstanding balances. Home Capital has so far drawn down C$1.4 billion from the facility but is hoping to secure alternative funding on more favorable terms. In a conference call with investors on Friday, Chief Financial Officer Robert Morton confirmed the company is considering selling assets to enable it to refinance quicker and pay off the emergency loan provided by HOOPP, which he said would significantly impact the company''s performance in 2017. "Given the cost of the C$2 billion credit line repayment of amounts, repayment of the amounts drawn under this facility in a timely fashion is an essential part of management''s plans. This may necessitate asset dispositions," he said. Alan Hibben, a former Royal Bank of Canada ( RY.TO ) executive who was brought in a week ago to bolster Home Capital''s board, replacing company founder Gerald Soloway, fielded many of the questions on the call, which was the first time Home Capital executives have spoken publicly since the withdrawal of deposits sparked concerns over the lender''s liquidity. Hibben said he "fundamentally believed in the funding model of Home Capital and the role that it played in the market". "This company has faced a crisis in confidence and liquidity but a number of steps have been taken to address both our governance and near-term liquidity issues, which will provide a platform which we can build on to assess our strategic alternatives," he said. Hibben said he was taking on a grater role, alongside management, to address a "wide range of potential funding sources and strategic transactions". He added, however, that he did not expect deals in the coming weeks. "We have some breathing room so that we can address medium and longer-term issues in a thoughtful way. I don''t expect there to be any new, significant, transactions within the next days and weeks," he said. Home Capital disclosed data on Friday that showed the rate of withdrawals by depositors was slowing, a day after the company raised doubts about its ability to continue as a going concern. (Reporting by Matt Scuffh
'1d62e375aa58140f27bcc46db559c7d53fecfdf3'|'BTG shares slide as healthcare group''s growth outlook disappoints'|' 52am BST BTG shares slide as healthcare group''s growth outlook disappoints LONDON British healthcare group BTG ( BTG.L ) disappointed investors on Tuesday with a slower-than-expected forecast for growth in its interventional medicine business, sending the shares 8 percent lower in early trade. Despite reporting full-year sales that were slightly ahead of forecasts, helped by strong demand for digoxin overdose antidote DigiFab, prospects were weighed down by the cautious outlook for 2017/18, which analysts said put estimates at risk. BTG - previously best known for drugs to treat overdoses and rattlesnake bites - has been reinventing itself in recent years by focusing on interventional medicine, in which image-guided devices are used to treat a range of diseases. For the current year, BTG said interventional medicine would deliver mid-to-high teens percentage sales growth, at constant exchange rates (CER), well below the 26 percent that analysts at Jefferies said they had been forecasting. Adjusted operating profit in the year to end-March was up 13 percent at CER at 129.6 million pounds. (Reporting by Ben Hirschler; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-btg-results-idUKKCN18C0NA'|'2017-05-16T15:52:00.000+03:00'
'cebf66991d21a5a8ed185d4679373f5707af7f26'|'Chinese state media says U.S. should take some blame for cyber attack'|'  11:21am IST Chinese state media says U.S. should take some blame for cyber attack A hooded man holds laptop computer as cyber code is projected on him in this illustration picture taken on May 13, 2017. REUTERS/Kacper Pempel/Illustration BEIJING Chinese state media on Wednesday criticised the United States for hindering efforts to stop global cyber threats in the wake of the WannaCry "ransomware" attack that has infected more than 300,000 computers worldwide in recent days. The U.S. National Security Agency (NSA) should shoulder some blame for the attack, which targets vulnerabilities in Microsoft Corp systems and has infected some 30,000 Chinese organisations as of Saturday, the China Daily said. "Concerted efforts to tackle cyber crimes have been hindered by the actions of the United States," it said, adding that Washington had "no credible evidence" to support bans on Chinese tech firms in the United States following the attack. The malware attack, which began on Friday and has been linked by some researchers to previous hits by a North Korean-run hacking operation, leveraged a tool built by the NSA that leaked online in April, Microsoft says. It comes as China prepares to enforce a wide-reaching cyber security law that U.S. business groups say will threaten the operations of foreign firms in China with strict local data storage laws and stringent surveillance requirements. China''s cyber authorities have repeatedly pushed for what they call a more "equitable" balance in global cyber governance, criticising U.S. dominance. The China Daily pointed to the U.S. ban on Chinese telecommunication provider Huawei Technologies Co Ltd, saying the curbs were hypocritical given the NSA leak. Beijing has previously said the proliferation of fake news on U.S. social media sites, which are largely banned in China, is a reason to tighten global cyber governance. The newspaper said that the role of the U.S. security apparatus in the attack should "instill greater urgency" in China''s mission to replace foreign technology with its own. The state-run People''s Daily compared the cyber attack to the terrorist hacking depicted in the U.S. film "Die Hard 4", warning that China''s role in global trade and internet connectivity opened it to increased risks from overseas. The fast-spreading cyber extortion campaign eased for second day on Tuesday, but the identity and motive of its creators remain unknown. (Reporting by Cate Cadell; Editing by Nick Macfie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cyber-attack-china-idINKCN18D0F1'|'2017-05-17T03:51:00.000+03:00'
'f7d93a140d1aca48fce03e8ff3ba7b4e409f38ed'|'PRESS DIGEST- New York Times business news - May 17'|'May 17 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Just weeks after ESPN laid off about 100 journalists and on-air commentators, the "Worldwide Leader in Sports" unveiled a new programming slate on Tuesday filled with big personalities but short on the kind of highlight shows that for many years were the foundation of the network. ( nyti.ms/2pUOG9x )- Developing nations and environmental groups condemned the presence of corporate lobbyists at a climate change talk session in Germany, but the United States defended it. ( nyti.ms/2pV0RD1 )- The 25 best-paid managers earned a collective $11 billion in 2016. But some big names, like William Ackman and John Paulson, did not make the cut. ( nyti.ms/2pV0vfD )- Bill Maris, who stepped down in August from a venture capital fund associated with Google, announced on Tuesday that he has opened a new fund, Section 32, with about $150 million under management. ( nyti.ms/2pUYz6P )- U.S. President Donald Trump''s appetite for chaos, coupled with his disregard for the self-protective conventions of the presidency, has left his staff confused and squabbling. And his own mood, according to two advisers who spoke on the condition of anonymity, has become sour and dark, and he has turned against most of his aides <20> even his son-in-law, Jared Kushner <20> describing them in a fury as "incompetent," according to one of those advisers. ( nyti.ms/2pV38Ox )- As Puerto Rico faces an economic meltdown, residents are preparing to vote in June in a nonbinding referendum on whether to try to become the 51st state. ( nyti.ms/2pV3LHU ) (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL4N1IJ20H'|'2017-05-17T02:44:00.000+03:00'
'1e0df0ddccc1a6e16b3683986b6abd9a04342f7d'|'AirAsia to launch new Chinese low cost carrier'|'KUALA LUMPUR AirAsia Bhd ( AIRA.KL ) signed a joint venture agreement with China on Sunday to establish a low cost carrier (LCC), with a base in the east-central city of Zhengzhou.AirAsia (China) is a joint venture between AirAsia, Everbright Group and Henan Government Working Group, the airline said in a statement.AirAsia (China) will also invest in aviation infrastructure, including a dedicated LCC terminal at Zhengzhou airport and an aviation academy to train pilots, crew and engineers, as well as maintenance, repair and overhaul (MRO) facilities to service aircraft, the statement said.No further details of the LCC were provided.Malaysian Prime Minister Najib Razak, who is on a visit to China, witnessed the signing of the joint venture agreement."This Chinese venture represents the final piece of the AirAsia puzzle," said AirAsia Group CEO Tan Sri Tony Fernandes."In just 16 years, we have successfully built a presence in Malaysia, Thailand, Indonesia, Philippines, India and Japan, with China closing the loop on all major territories in Asia Pacific."AirAsia and AirAsia X ( AIRX.KL ) currently fly to 15 destinations in China and the group is the largest foreign LCC operating into the country.AirAsia is Asia''s largest budget airline. China''s Everbright Group is a state-backed financial firm.(Reporting by KL newsroom; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-airasia-china-idINKCN18A0TL'|'2017-05-14T13:46:00.000+03:00'
'c5085d18be0812e5daa2d16610f5460d8f753772'|'WRAPUP 5-Businesses bolster cyber defenses for new ransomware attacks'|'Market News - Sat May 13, 2017 - 5:31pm EDT WRAPUP 5-Businesses bolster cyber defenses for new ransomware attacks (Recasts with businesses preparing for new attacks, adds cost predictions, comments) * Repairs will cost tens of millions of dollars-Symantec * Carmaker Renault halts production as defensive move * Attackers use tools honed by U.S. National Security Agency By Jim Finkle and Eric Auchard TORONTO/FRANKFURT, May 13 Businesses around the world scrambled on Saturday to prepare for a renewed cyber attack, convinced that a lull in a computer offensive that has stopped car factories, hospitals, schools and other organizations in around 100 countries was only temporary. The pace of the attack by a destructive virus dubbed WannaCry slowed late on Friday, after the so-called "ransomware" locked up more than 100,000 computers, demanding owners pay to $300 to $600 get their data back. "It''s paused but it''s going to happen again. We absolutely anticipate that this will come back," said Patrick McBride, an executive with cyber-security firm Claroty. Symantec predicted infections so far would cost tens of millions of dollars, mostly from cleaning corporate networks. Ransoms paid so far amount to only tens of thousands of dollars, one analyst said, but he predicted they would rise. Companies rushed to protect Windows systems with patches that Microsoft released last month and on Friday. WannaCry exploited a vulnerability to spread itself across networks, a rare and powerful feature that caused infections to surge on Friday. Code for exploiting that bug, which is known as "Eternal Blue," was released on the internet in March by a hacking group known as the Shadow Brokers. The group claimed it was stolen from a repository of National Security Agency hacking tools. The agency has not responded to requests for comment. The identity of the Shadow Brokers is not known, though many security researchers say they believe they are in Russia, which is a major source of ransomware and was one of the countries hit first and hardest by WannaCry. Cyber security experts, who have been on watch for months for an "Eternal Blue"-based attack, said on Saturday that they expect the computer code to be used in types of cyber attacks beyond extortion campaigns, including efforts to seize control of networks and steal data. Governments and private security firms on Saturday that they expect hackers to tweak the malicious code used in Friday''s attack, restoring the ability to self-replicate. Those expectations prompted businesses to call in technicians to work over the weekend to make sure networks were protected with security updates needed to thwart Eternal Blue. "It''s all hands on deck," said Shane Shook, an independent security consultant whose customers include large corporations and governments. Guillaume Poupard, head of France<63>s national cyber security agency, told Reuters he is concerned infections could surge again on Monday, when workers return to the office and turn on computers. The U.S. government on Saturday issued a technical alert with advice on how to protect against the attacks, asking victims to report attacks to the Federal Bureau of Investigation or Department of Homeland Security. RENAULT HALTS PRODUCTION Security software maker Avast said it had observed 126,534 ransomware infections in 99 countries, with Russia, Ukraine and Taiwan the top targets. Security experts said that they were not sure how many victims would pay the ransoms, or if access to computers was being restored after such payments. Elliptic, a private security firm that investigates ransomware attacks, said that only about $32,000 had been sent to bitcoin addresses listed by the extortionists in ransom demands that flashed on screens of infected computers. "We expect this number to increase significantly over the course of the weekend," said Tom Robinson, lead investigator at Elliptic. That is far below what it is likely to cost companies to 
'99fcb2a5be8eaea50bf0856de47a79eb252053d1'|'China''s COSCO to invest in Kazakhstan border project as part of Silk Road drive'|'BEIJING May 14 China''s COSCO Shipping plans to invest in a special economic zone on Kazakhstan''s border with China as it looks to increase investment in countries involved in the new Silk Road, the company''s chairman said on Sunday.Officially named the Belt and Road initiative, the Silk Road initiative unveiled in 2013 has been touted by China as a way to boost global development through expanded links between Asia, Africa, Europe and beyond, underpinned by billions of dollars in infrastructure investment.COSCO Chairman Xu Lirong told Reuters on the sidelines of the Belt and Road forum in Beijing that the state-owned conglomerate will sign a deal on Monday with Kazakhstan''s national railway company to take a 24 percent stake in a dry port in the Khorgos Eastern Gates special economic zone (SEZ).He declined to comment on the value of the investment but said that China''s Lianyungang port will also invest in the project, which borders China''s far western Xinjiang region."We will sign the contract tomorrow to participate in the Khorgos Eastern Gates SEZ ... This will be a transhipment hub for handling goods carried by rail from China to Europe," he said.The Khorgos Eastern Gate SEZ was established by the Kazakhstan government in 2011 to boost the country''s exports and covers 600 hectares area of land that houses a dry port, logistic and production zones, its website says.It is also one of the central hubs for a railway network connecting China and Europe, on which trains currently shuttle goods from laptops to wine between 27 Chinese cities and 11 European cities including London and Duisburg.Xu also said that the company planned to increase investment in countries involved in the Belt and Road initiative and that the company believes it has a duty to ensure smooth trade flows along the countries involved in the initiative."We will formulate a more detailed plan for the region''s transport network and will increase our investment in these areas," he told reporters.The Chinese shipping giant owns one of the world''s largest dry bulk and container shipping fleets as well as a network of ports including Greece''s Piraeus. In January it secured a 180 billion yuan ($26.1 billion) financing pledge from China Development Bank to support Belt and Road projects.Xu was among top Chinese company executives attending the two-day forum, China''s largest diplomatic event for the year. ($1 = 6.8972 Chinese yuan renminbi)(Reporting by Brenda Goh; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-silkroad-cosco-idINL8N1IG0EJ'|'2017-05-14T09:59:00.000+03:00'
'90eb033ceee3344aa182f9a865e2014c417788a7'|'U.S. retail sales rise broadly; consumer prices rebound'|'Business News   2:28pm BST U.S. retail sales rise broadly; consumer prices rebound An H&M store has sale signs in the window in New York City, U.S., August 11, 2016. Picture taken August 11, 2016. REUTERS/Joe White By Lucia Mutikani - WASHINGTON WASHINGTON U.S. retail sales increased broadly in April while consumer prices rebounded, pointing to an acceleration in economic growth and steadily rising inflation that could keep the Federal Reserve on track to raise interest rates next month. The reports on Friday added to data on the labor market in suggesting that economic activity picked up at the start of the second quarter after almost stalling in the first three months of the year. The Commerce Department said retail sales rose 0.4 percent last month after an upwardly revised 0.1 percent gain in March. Sales rose 4.5 percent in April on a year-on-year basis. Economists had forecast overall retail sales increasing 0.6 percent last month. Excluding automobiles, gasoline, building materials and food services, retail sales gained 0.2 percent after advancing 0.7 percent in March. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. Prices of U.S. Treasuries extended gains after the data, while U.S. stock index futures slightly added to losses. The dollar .DXY was weaker against a basket of currencies. Fed funds futures show traders see a 78.5 percent chance of a rate hike at the Fed''s June 13-14 policy meeting. But the likelihood that the U.S. central bank will raise rates twice before the end of the year fell after Friday''s data. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased at a 0.3 percent annualized rate in the first quarter, the weakest pace since the fourth quarter of 2009. That contributed to holding down first-quarter GDP growth to a 0.7 percent rate. In a separate report on Friday, the Labor Department said its Consumer Price Index rose 0.2 percent after dropping 0.3 percent in March. The rise in prices suggested that March''s drop, which was the first in 13 months, was an aberration. In the 12 months through April, the CPI increased 2.2 percent. While that was a slowdown from March''s 2.4 percent increase, it still exceeded the 1.7 percent average annual increase over the past 10 years. Gasoline prices jumped 1.2 percent after falling 6.2 percent in March. Food prices rose 0.2 percent, with the cost of food consumed at home increasing 0.2 percent amid a surge in prices of fresh vegetables. The so-called core CPI, which strips out food and energy costs, edged up 0.1 percent last month, reversing March''s 0.1 percent dip. The monthly core CPI was restrained by declines in the prices of wireless phone services, medical care, motor vehicles and apparel. TIGHTENING LABOR MARKET In April, rental costs increased 0.3 percent after a similar gain in March. Owners'' equivalent rent of primary residence rose 0.2 percent, matching March''s increase. Signs of firming economic growth could bolster expectations of a Fed rate hike next month. Consumer spending is being supported by a tightening labor market, marked by an unemployment rate at a 10-year low of 4.4 percent. The core CPI increased 1.9 percent year-on-year, the smallest gain since October 2015, after rising 2.0 percent in March. Still, April''s increase was above the 1.8 percent average annual increase over the past decade. Motor vehicle sales increased 0.7 percent in April after declining 0.5 percent in March. Sales at building material stores rebounded 1.2 percent last month after slumping 1.7 percent in March. Receipts at electronics and appliance stores increased 1.3 percent, adding to March''s 2.2 percent jump. But sales at clothing stores fell 0.5 percent. Department store retailers have been hurt by declining traffic in shopping malls and increased competition from online retailers, led by Amazon.com ( AMZN.O ). Retail giant Macy''s Inc ( M.N
'e1dc3a231f838e8b69f151668617a2d6940aae2d'|'Brazil''s Ita<74> acquires 49.9 percent in XP Investimentos for $2 billion'|'SAO PAULO May 11 Ita<74> Unibanco Holding SA , Brazil''s largest bank, has agreed to acquire a 49.9 percent stake in Broker XP Investimentos SA for 6.3 billion reais ($2 billion), the bank said in a securities filing late on Thursday.Ita<74> has agreed to pay 5.7 billion reais to shareholders General Atlantic LLC and Dyna III fund for part of their stakes. Additionally, Ita<74> will inject 600 million reais into the broker. According to provisions in the agreement, Ita<74> will acquire additional stakes in 2020 and 2022, to reach 74.9 percent of XP''s capital.($1 = 3.1399 reais) (Reporting by Tatiana Bautzer; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/xp-investimentos-ma-itau-unibco-hldg-idINL1N1IE02E'|'2017-05-11T23:37:00.000+03:00'
'69f17d77b9d3f62d9cdd25eec4a9aa48a3655dc5'|'South Korea orders Hyundai, Kia to recall vehicles after whistleblower report'|'Fri May 12, 2017 - 7:54am BST South Korea orders Hyundai, Kia to recall vehicles after whistleblower report left right FILE PHOTO - The logo of South Korean car manufacturer Hyundai is seen at a car dealer in Dietlikon, Switzerland October 11, 2016. REUTERS/Arnd Wiegmann/File Photo 1/2 left right The logo of Kia Motors is seen at the manufacturing plant in Pesqueria, on the outskirts of Monterrey, Mexico, April 3, 2016. REUTERS/Daniel Becerril/File Photo 2/2 By Hyunjoo Jin - SEOUL SEOUL Hyundai Motor Co ( 005380.KS ) and affiliate Kia Motors Corp ( 000270.KS ) said on Friday they will recall 240,000 vehicles in South Korea after the government issued a compulsory recall order over safety defects first flagged by a whistleblower. This is the first time ever that the transport ministry has ordered a compulsory recall of Hyundai and Kia vehicles. It is a blow to Hyundai, which is already reeling from a record-low market share in its home market. The ministry also asked prosecutors in Seoul to investigate whether or not the automakers allegedly covered up the five flaws, which affect 12 models, including the Elantra, Sonata, Santa Fe and Genesis. The planned recalls will add to the 1.5 million vehicles that Hyundai and Kia last month offered to fix in South Korea and the United States over possible engine stalling - a defect which was also flagged by 26-year-old Hyundai engineer Kim Gwang-ho who last year had reported vehicle defects to the safety regulators in the two countries. The ministry later asked the automakers to recall the vehicles over eight of the 32 problems reported by Kim. But Hyundai and Kia earlier rejected calls for a voluntary recall related to five defects, saying the defects did not compromise driving safety. On Friday, Hyundai and Kia said in a joint statement they "accept the administrative order", adding: "There have been no reported injuries or accidents from the cited issues." Shares of Hyundai Motor were down 2.2 percent in a wider market .KS11 that was down 0.5 percent as of 0430 GMT. Kia Motors declined 1 percent. (Reporting by Hyunjoo Jin; Editing by Miral Fahmy and Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-hyundai-motor-recall-idUKKBN18807P'|'2017-05-12T12:59:00.000+03:00'
'224fdf449390a1ab93b1467d283b82a149d00410'|'CANADA STOCKS-TSX lower as Home Capital, big banks weigh'|'Market   11:05am EDT CANADA STOCKS-TSX lower as Home Capital, big banks weigh (Adds details on specific stocks, updates prices) * TSX down 9.33 points, or 0.06 percent, to 15,541.22. * Seven of the TSX''s 10 main groups move lower TORONTO, May 12 Canada''s main stock index slipped on Friday morning after alternative lender Home Capital Group Inc acknowledged uncertainty about its ability to continue as a going concern. The heavyweight financials group slipped 0.4 percent overall. Home Capital fell 11.8 percent to C$9.53 after it said in an earnings release late on Thursday that worries about its future funding capabilities had cast "significant doubt" on its ability to continue as a going concern. At 10:25 a.m. ET (1425 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was down 9.33 points, or 0.06 percent, to 15,541.22. With seven of the index''s 10 main groups in negative territory, the TSX was heading for a 0.3 percent fall over the week. Hudson''s Bay Co fell 6.5 percent to C$10 after the retailer reported disappointing quarterly same-store sales figures. The materials group, which includes precious and base metals miners and fertilizer companies, added 1.1 percent as higher gold prices boosted major miners of the precious metal. Diversified miner Teck Resources rose 2.3 percent to C$25.38 after agreeing to sell its stake in a British Columbia dam and related assets for C$1.2 billion ($875 million). Online gambling company Amaya rose 3.1 percent to C$26.47 after beating profit expectations. ($1 = 1.3716 Canadian dollars) (Reporting by Alastair Sharp; Editing by Lisa Von Ahn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1IE0YT'|'2017-05-12T23:05:00.000+03:00'
'83971aeeb21c7ad91303b963fb97e41415959c43'|'Braskem seeing stronger demand from Brazil''s auto, building sectors'|'Market News - Mon May 15, 2017 - 10:36am EDT Braskem seeing stronger demand from Brazil''s auto, building sectors SAO PAULO May 15 Braskem SA has seen an improvement in Brazilian demand for its plastics and other petrochemical products, especially in the automotive and construction industries, Chief Executive Fernando Musa told journalists on Monday. Asked about a delay in releasing audited first-quarter earnings, management said the company was close to finishing its audit, which should not change the unaudited figures reported on Monday. Braskem will announce on Thursday when it intends to submit its 20F filing to the U.S. Securities and Exchange Commission, an executive said. (Reporting by Alberto Alerigi Jr. Editing by W Simon) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/braskem-results-outlook-idUSE6N1H6015'|'2017-05-15T22:36:00.000+03:00'
'0756e955a395788fdc04a8a93d9b696f8e33b004'|'Airline Azul sees rivals'' capacity discipline in Brazil market'|'SAO PAULO May 15 Azul SA, Brazil''s third-biggest airline, has seen its rivals in the domestic market taking a disciplined approach to capacity and expects that trend to continue, management said on a Monday conference call to discuss first-quarter earnings. (Reporting by Brad Haynes; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/azul-results-idINE6N1H6017'|'2017-05-15T13:03:00.000+03:00'
'f6d78ea12e828abefda574abd3f760ac22fa0fa8'|'SNC-Lavalin says won''t raise offer for WS Atkins'|'LONDON May 15 SNC-Lavalin will not raise its offer for British engineering and construction firm WS Atkins unless it faces a rival bid for the British firm, the Canadian construction and engineering group said on Monday.SNC-Lavalin agreed to buy WS Atkins last month in an all-cash C$3.6 billion ($2.63 billion) deal, at a price of 2,080 pence per share.U.S. activist investor Elliott Capital Advisors bought a 6.8 percent in WS Atkins a day after the terms of the deal were announced.The offer will only be increased if a third party announces a possible or firm offer for WS Atkins, SNC-Lavalin said in a statement. ($1 = 1.3666 Canadian dollars) (Reporting by Carolyn Cohn; Editing by Rachel Armstrong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/snc-lavalin-ma-ws-atkins-idINL8N1IH185'|'2017-05-15T04:34:00.000+03:00'
'25681c3c32f16d310eb627a743a101144d2dc34f'|'Lonmin reports first half operating loss, cuts spending target'|' 29am BST Lonmin reports first half operating loss, cuts spending target LONDON South Africa-focused platinum producer Lonmin on Monday reported a first-half operating loss of $181 million (140.4 million pounds) hit by higher costs and lower production. It reported a headline loss of $39 million versus a loss of $4 million a year earlier. It had a loss per share of 64.4 cents versus 1.8 cents. The London-listed miner also cut its spending plan for the year to a range of 1.4 billion to 1.5 billion rand from 1.8 billion rand. (Reporting by Zandi Shabalala; editing by Jason Neely) Blowing the whistle in South Korea: Hyundai Man takes on chaebol culture YONGIN, South KoreaSouth Korean engineer Kim Gwang-ho flew 11,000 km (7,000 miles) to Washington last year to do something he never dreamed he would: he reported alleged safety lapses at Hyundai Motor Co - his employer of 26 years - to U.S. regulators. China''s economy loses momentum as policymakers clamp down on debt risks BEIJING China''s growth took a step back in April after a surprisingly strong start to the year, as factory output to investment to retail sales all tapered off as authorities clamped down on debt risks in an effort to stave off a potentially damaging hit to the economy. TOKYO Western Digital Corp has sought international arbitration to stop partner Toshiba Corp from selling its chips arm without its consent, potentially derailing a much-needed capital injection for the Japanese conglomerate. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lonmin-results-idUKKCN18B0JQ'|'2017-05-15T14:29:00.000+03:00'
'79c5ff45107f273fed8922b6fe9e96a9c5e604c8'|'Australia''s Fairfax Media receives revised $2 billion offer from TPG-led group'|'Business News - Mon May 15, 2017 - 12:35am BST Australia''s Fairfax Media gets revised $2 billion offer from TPG-led group The Fairfax Media headquarters are pictured in Sydney, Australia, May 3, 2017. REUTERS/Jason Reed SYDNEY Australian newspaper publisher Fairfax Media Ltd ( FXJ.AX ) on Monday said it has received a revised A$2.76 billion ($2.04 billion) cash offer led by U.S. private equity firm TPG Capital Management [TPG.UL] for all of the company. The offer from TPG and the Ontario Teachers'' Pension Plan Board (OTPP) values Fairfax at A$1.20 a share, and compares with a previous proposal to buy the company''s top mastheads, including The Sydney Morning Herald and The Australian Financial Review, and its property listings unit Domain for A$0.95 a share. That would have left investors with scrip exposure to the publisher''s radio division, regional and New Zealand titles, a stake in an online television streaming start-up and its debt. The TPG consortium valued those assets at A$0.25 to A$0.30 a share, but Evans & Partners analysts said that was "optimistic". The latest offer represents a 12 percent premium to Fairfax''s A$1.07 closing price on Friday. The media group said it was reviewing the indicative proposal from TPG and OTPP, which is subject to conditions including due diligence access, a shareholder vote and foreign investment approvals. "Fairfax shareholders do not need to take any action in response to the revised indicative proposal and the Fairfax board will update shareholders when it has been fully assessed," the company said. If accepted, the offer would end Fairfax''s much anticipated plan to unlock shareholder value by spinning off its lucrative property listings unit, Domain, the most valuable part of the business after a collapse of earnings at news mastheads. A TPG spokesman was not available for immediate comment. (Reporting by Jamie Freed; Editing by Richard Pullin) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fairfax-media-m-a-tpg-idUKKCN18A143'|'2017-05-15T07:10:00.000+03:00'
'ad0e955b42ab6f8ec9de04a5ea43ef0630cab05c'|'EU watchdog urges tougher euro clearing oversight after Brexit'|'Economy   12:58pm BST EU watchdog urges tougher euro clearing oversight after Brexit FILE PHOTO: The German Central Bank (Bundesbank) presents the new 50 euro banknote at its headquarters in Frankfurt, Germany, March 16, 2017. REUTERS/Kai Pfaffenbach By Huw Jones - LONDON LONDON A draft European Union law on tightening supervision of euro clearing houses in Britain after Brexit would better protect the bloc''s financial system, a top EU markets regulator said. The London Stock Exchange''s ( LSE.L ) LCH clears the bulk of euro-denominated swaps, an activity that will be outside EU jurisdiction from 2019 after Britain leaves the bloc. Steven Maijoor, chairman of the European Securities and Markets Authority, said on Tuesday that tighter supervision of clearing houses outside the EU was needed to ensure that any risks they pose do not threaten financial stability. Clearing houses like LCH ( LSE.L ), Eurex Clearing ( DB1Gn.DE ) and ICE Clear ( ICE.N ) stand between two sides of a trade, ensuring its completion even if one side goes bust and clearing trillions of euros worth of derivatives. "We need to have a mechanism in the EU where there is a possibility to supervise third country entities," Maijoor told the annual meeting of global derivatives industry body ISDA. "This is not at all duplicating the work of foreign regulators, but it''s especially needed in those areas where you need to be sure that the risks created in the EU are properly addressed by the foreign market participants." Prompted by Brexit, the EU''s European Commission said last week it would make legislative proposals before the summer, and is looking at options such as closer supervision of non-EU or third country clearing houses. Another option could be to force non-EU clearing houses that clear large amounts of euro-denominated instruments like derivatives to be located in the EU, a radical step that could be difficult to impose in a timely way. Maijoor emphasized the need for the EU to have adequate supervision of third country clearing houses and maintain the global nature of derivatives markets, making no comment on potential forced relocation of clearing. ISDA Chief Executive Scott O''Malia, a former senior U.S. derivatives regulator, warned that forced re-location of clearing could have massive implications for efficient cross-border flows and increase "costs, risk and operational complexity for derivatives users". ESMA''s Maijoor reiterated a warning to national regulators in the EU not to undercut their peers to attract financial firms looking to shift business from London to the continent. He said ESMA''s board has discussed "intensively" the potential risks of new "letter box" companies springing up in the EU and delegating key operations to parents in London. ESMA will publish guidelines for national regulators on this before the summer. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-derivatives-idUKKBN1851CM'|'2017-05-09T19:55:00.000+03:00'
'fe2d4dfe86d70542e9cb0c451a7ec08b7a87c25f'|'Federal budget 2017: 10 graphs you to see - Greg Jericho - Business'|'W hat do you do when you are a Liberal party and delivering Liberal party budgets makes you as popular as poison? Deliver one that with a bit of slight rebranding could almost look like a Labor one. This budget does not quite bring home the bacon as Paul Keating once said, but Scott Morrison and Malcolm Turnbull sure as heck will hope it brings an end to people talking about Joe Hockey<65>s 2014 budget .While the budget on the surface does look quite fair, we should remember the context. The budget still includes cuts to company taxes, which will in time offset the bank levy. It still includes the end of the 2% deficit levy for those earning over $180,000. Yes such people will now be paying an extra 0.5% points on the Medicare levy , but so will most other taxpayers, and no one else is getting an income tax cut to more than offset the impact.Federal budget 2017: Morrison hits banks with $6bn tax rise and promises <20>better days ahead<61> Read more Let<65>s just say there is a reason this budget still does not include the traditional table breaking down the impact on households by incomes. The budget has us returning to surplus by 2020-21. So how do we get there?1. There was a revenue problem after all! After nearly a decade of saying the problem was all on the spending side, the 2017-18 budget is where the Liberal party has finally admitted that there is a revenue problem.The 2017-18 budget estimates that by 2020-21 the budget will be firmly back in surplus, and it does it mostly off the back of government revenue returning to the level it was during the surplus years of the Howard government.In the 11 years prior to the GFC, when the budget was either in surplus or balance, government revenue averaged 25.1% of GDP. In the nine years since the GFC, the highest it has been is 23.4%, and this year it was just 23.1%.To give some context 2% of GDP is around $34bn, so it<69>s a fair gap. But that gap is about to be reduced. The budget predicts that by 2019-20 government revenue will reach 25.1% of GDP and in the following year a very healthy 25.4%. The last time we saw revenue at that level was in 2005-06:To get there the budget anticipates revenue growing over the next 4 years by around 4.4% in real terms. That growth was not uncommon during the mining boom years, but has been reached only once in the past nine years: And what it is the revenue that is growing? Income tax. The budget predicts that personal income tax in 2019-20 will grow by 8.5% and then 7.5% the following year. That is a pretty big increase: It will see personal income tax account for 51.4% of all taxation, while company tax, which is expected to grow by smaller amounts each year will account for just 18%. Back in 2007-08 at the height of the mining boom, income tax accounted for 44.7% of all tax and company tax was 20.7%. We are in effect shifting the burden from companies to individuals. And it also means there is no room for any further tax cuts unless Morrison wants to hit the revenue that is the biggest reason for reaching a surplus. While there are some cuts <20> such as the cut of $3.7bn over 4 years to higher education and $1.9bn to those on family tax benefit <20> overwhelmingly this is a budget that gets to surplus by increasing revenue. Government spending drops to 25% of GDP in 2019-20, but that is still higher than all but the two stimulus years of the Rudd/Gillard governments.2. Morrison wants a wages breakout Oh for the days when conservative railed against strong wages growth; now we have a conservative treasurer desperate for wages to grow fast.The overall economic picture is little changed from that expected last December in the mid-year economic and fiscal outlook.Real GDP in 2017-18 is expected to grow at 2.75%, and nominal GDP is up a touch from 3.75% to 4% and wages growth is expected to be just 2.5%: And it is for that reason that there is little change in the predictions for the budget balance next year.In last year<61>s Myefo, the deficit in 
'd9885b483b7f43e3867d897877909f983aba7b02'|'Global oil market rebalancing speeds up, belied by inventories - IEA'|'  9:03am BST Global oil market rebalancing speeds up, belied by inventories - IEA FILE PHOTO: A pumpjack brings oil to the surface in the Monterey Shale, California, April 29, 2013. REUTERS/Lucy Nicholson/File Photo LONDON The global oil market is rebalancing and the pace at which supply and demand are falling into line is picking up, even if inventories still fail to reflect the impact of OPEC supply cuts, the International Energy Agency said on Tuesday. In its monthly report, the IEA kept its global demand growth forecast for 2017 unchanged at 1.3 million barrels per day (bpd), because of slowdowns in previously robust consumer countries such as the United States, Germany and Turkey. Commercial inventories fell for a second straight month in March, by 32.9 million barrels to 3.025 billion barrels. But for the first quarter as a whole, stocks in industrialised countries rose by 24.1 million barrels and the IEA said preliminary data suggested inventories increased again in April. "It has taken some time for stocks to reflect lower supply when volumes produced before output cuts by OPEC and 11 non-OPEC countries took effect are still being absorbed by the market," the Paris-based IEA said. In the first quarter of 2017, "we might not have seen a resounding return to deficits but this report confirms our recent message that rebalancing is essentially here and, in the short term at least, is accelerating". Global oil supply fell by 140,000 bpd in April to 96.17 million bpd, led by declines in nations outside the Organization of the Petroleum Exporting Countries, such as Canada. But with strong production increases in the United States, Brazil and Kazakhstan, the IEA said non-OPEC output would grow by 600,000 bpd this year. (Reporting by Amanda Cooper; Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-oil-iea-idUKKCN18C0O4'|'2017-05-16T16:03:00.000+03:00'
'f99a896d6dd91b5e09ca1b5873545ff6d938fb08'|'MIDEAST STOCKS - Factors to watch - May 14'|'Market News - Sat May 13, 2017 - 11:07pm EDT MIDEAST STOCKS - Factors to watch - May 14 DUBAI May 14 Here are some factors that may affect Middle East stock markets on Sunday. Reuters has not verified the press reports and does not vouch for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Europe, emerging markets boost stocks; U.S. assets fall on data * MIDEAST STOCKS-Oil price lifts some Gulf stocks, mixed earnings hit Saudi index * Oil up slightly, low U.S. inventories weigh on high rig counts * PRECIOUS-Gold firm as U.S. political concerns lend support * U.S. nears $100 bln arms deal for Saudi Arabia -White House official * U.S.-backed Syrian forces await weapons for summer assault on Raqqa * Way forward for Libya uncertain despite "breakthrough" meeting * Trump to back Palestinian "self-determination" on Mideast trip -aide * S&P cuts Oman debt to junk as cheap oil shrinks external reserves * Turkish March current account deficit $3.057 billion, less than forecast * ANALYSIS-Lebanon pushed to brink in election law stand-off * Jittery oil traders shore up against OPEC disappointment * OPEC sees more oil supply outside the group, countering its cuts * Mattis tells Turkey''s PM: US committed to your security * COLUMN-Oil bulls draw hope from fall in U.S. crude stocks: Kemp * Turkey says Russian wheat imports resumed on Monday * Southern Yemen leaders launch body seeking split from north * Turkmenistan expected to join OPEC-led oil supply cut * Hezbollah says future war would be on Israeli territory * U.S. tells Turkey it supports Ankara''s fight against PKK * Assad says de-escalation zones chance for rebels to "reconcile" * Erdogan sees "new beginning" in Turkish-U.S. ties despite Kurdish arms move * Turkish banks to see lower interest margins, profits, banking chairman * Turkish deputy pm says sees single-digit inflation, interest rates by year-end * CEO of Algeria''s Sonatrach urges simplifying business, focus on output * Thousands of Tunisians march against corruption amnesty law * Iran''s Rouhani lashes out at hardliners in blistering final debate before vote * INTERVIEW-Palestinian officials hope to launch e-currency in 5 years EGYPT * IMF reaches staff level agreement for second loan instalment to Egypt * BRIEF-S&P says Egypt ''B-/B'' sovereign ratings affirmed; outlook stable * Egypt starts weaning itself off foreign gas as output surges * Egypt to announce results of gold mining exploration bid next week * Egypt expects to receive Iraqi crude in mid-May SAUDI ARABIA * Saudi Aramco close to choosing partner for project management JV -sources * Higher oil price allowed Saudi Arabia to stop selling foreign assets in Q1 * JPMorgan to add bankers in Saudi Arabia to reflect market growth * ANALYSIS-Skirmishes over culture strain alliance between Saudi rulers, clerics * Saudi Electricity in market for US$1bn loan * Saudi''s Al Borg Medical agrees to buy Anglo Arabian''s lab business - sources * Saudi Arabia says financed deficit from current account in Q1 * Saudi Arabia''s says fiscal deficit for Q1 down 71 pct y/y * Saudi''s Savola Q1 profit tumbles on lower sales, lower margins UNITED ARAB EMIRATES * ANALYSIS-New Etihad boss to rethink strategy after Alitalia dream fails * U.S. $2 bln sale of missiles to Emirates approved- Pentagon * Fund led by Dubai billionaire Alabbar buys UAE website JadoPado * Emirates profit falls for first time in 5 years * UAE''s TAQA swings to Q1 profit on higher commodity prices * UAE<41>s Dana Gas begins refinancing talks on $700 mln sukuk QATAR * BRIEF-Qatar Investment Authority cuts stake in China''s AgBank - HKEx filing * Qatar Islamic Bank mandates banks for dollar sukuk - lead BAHRAIN * BRIEF-Bahrain Kuwait Insurance offers 95 fils/share for Takaful International acquisition KUWAIT * BRIEF-Kuwait''s Agility Q1 profit rises OMAN * BRIEF-S&P says Sultanate of Oman ratings lowered to ''BB+/B'' on weaker external buffers (Reporting By Dubai Newsroom) '|'reuters.com'|'http://feeds.reuters.com/reut
'6bf20092608f7714ac3211f18229b62ec150833f'|'India''s SBI Life set to hire eight banks for up to $1 bln IPO - IFR'|'MUMBAI May 12 India''s SBI Life Insurance Co Ltd is set to hire eight banks including Citigroup, Deutsche Bank and BNP Paribas to manage its up to $1 billion initial public offering of shares, IFR reported on Friday, citing three sources with knowledge of the deal.The life insurance arm of top Indian lender State Bank of India will hire five local banks - Axis Capital, ICICI Securities, JM Financial, Kotak and SBI Capital Markets -IFR, a Thomson Reuters publication, said.SBI Life now plans to offer a 12 percent stake in the IPO, up from the 10 percent earlier planned, IFR said.Of that, State Bank of India will sell 8 percent and BNP Paribas Cardif will sell 4 percent.State Bank of India owns 70.1 percent of SBI Life, while BNP Paribas Cardif owns 26 percent. KKR and Temasek own 1.95 percent each. (Writing by Swati Bhat; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sbi-life-ins-ipo-idINI8N1ID031'|'2017-05-12T02:08:00.000+03:00'
'1e810781b6e14c138dd34c21d176b93948b3a155'|'SoftBank says to invest $5 billion in China ride hailing firm Didi Chuxing'|'Business News - Fri May 12, 2017 - 6:50am BST SoftBank says to invest $5 billion in China ride hailing firm Didi Chuxing A woman walks past Didi Chuxing''s booth at the Global Mobile Internet Conference (GMIC) 2017 in Beijing, China April 28, 2017. REUTERS/Jason Lee TOKYO SoftBank Group Corp said it had agreed to invest $5 billion (3.8 billion pounds), or 550 billion yen, in China''s ride-hailing firm Didi Chuxing, the Japanese company said in its earnings statement. SoftBank said the impact of the investment on its results for the year ending March 2018 had not yet been determined. The statement was issued on Wednesday, and reported by local media on Friday. (Reporting by Junko Fujita; Editing by Miral Fahmy)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-softbank-didi-idUKKBN1880H9'|'2017-05-12T13:50:00.000+03:00'
'c8642053f17e6f84f2592da71dd63a20c09be87f'|'Investors seek safety as European shares dip, Ubisoft weighs'|'Top News - Wed May 17, 2017 - 8:48am BST Investors seek safety as European shares dip, Ubisoft weighs FILE PHOTO: Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 10, 2017. REUTERS/Staff/File Photo LONDON European shares fell on Wednesday amid a global pullback in stock markets as worries about political turmoil in the U.S. grew, sending investors seeking safety into defensive sectors such as telecoms and food and beverage stocks. The pan-European STOXX 600 fell 0.3 percent, as major regional benchmarks tracked a global dip in stocks and the dollar as concerns over U.S. President Trump multiplied. Eurozone blue-chips and the bloc''s broader index of stocks both dropped 0.6 percent. Britain''s FTSE 100 was on course to snap its nine-day winning streak, slipping from its new record high hit on Tuesday. Ubisoft Entertainment, the third biggest global entertainment company, fell 7 percent after it cut its mid-term sales forecast, reporting results near the bottom end of its target range after the close on Tuesday. Raiffeisen Bank was a bright spot on a negative banking sector, up 3.5 percent after its first-quarter profit jumped more than expected as write-downs shrank. Lloyds Bank also gained 0.9 percent after the British government sold its last remaining shares in the bank. Among the few gainers, Norwegian drugmaker Yara also got a boost from broker Liberum raising it to ''buy'' from ''sell'', saying urea prices are close to a trough. Gold miners Fresnillo and Randgold Resources rose 0.8 and 2 percent as the price of the safe-haven asset rose to a two week high. Bond proxy Unilever also gained 0.4 percent. (Reporting by Helen Reid, Vikram Subhedar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKCN18D0Q1'|'2017-05-17T15:48:00.000+03:00'
'5567d80c65214dcbe20a792c62f81419e8e93544'|'SingPost shares down 6 percent as it reviews acquisition of TradeGlobal'|'SINGAPORE Shares in Singapore Post ( SPOS.SI ) fell as much as 6 percent on Monday to their lowest in more than a year after the firm said it was conducting an in-depth review of an acquisition of a U.S. e-commerce firm for which it took a significant impairment charge.SingPost reported an 87 percent plunge in net profit for the year ended in March after it took an impairment charge of S$185 million for TradeGlobal, nearly 80 percent of the S$236 million it agreed to pay for acquisition.TradeGlobal "significantly underperformed the business case which supported the investment", and that it was "experiencing operational and structural challenges," SingPost said in a statement late on Friday.SingPost, which counts China''s e-commerce giant Alibaba Group ( BABA.N ) and Singapore Telecommunications ( STEL.SI ) among its top shareholders, said its board had formed an independent committee to conduct a thorough review of the deal.It has also engaged a legal counsel to assist it on the review and appointed advisory firm FTI Consulting to assess the financial and commercial due diligence involved."Given the fact that this is an acquisition in the last two years, people are quite worried about the other acquisitions," said Andrew Chow, an analyst with UOB Kay Hian. Since 2014, SingPost has bought into several firms, including New Zealand''s Famous Pacific Shipping (NZ) Ltd and Australia''s Couriers Please Holdings Pty Ltd to boost its logistics capabilities.SingPost has previously faced questions over its corporate governance and a probe by the Accounting and Corporate Regulatory Authority (ACRA) into possible breaches of Singapore''s Companies Act. Several high-level executives have also left the company over the last two years.The company has since put in place measures to address some of the corporate governance concerns, including adopting a directors'' code of business conduct and ethics and policies governing their conflicts of interest.UOB''s Chow said SingPost was "probably a 2018-2019 recovery story in terms of earnings" since some new businesses still needed to be integrated and the company''s new CEO, who joins next month will take some time to settle in.Shares in Singapore Post fell to as low as S$1.29, the lowest since January 2016.($1 = 1.4035 Singapore dollars)(Reporting by Aradhana Aravindan; Editing by Miyoung Kim and Miral Fahmy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-singapore-post-stocks-idINKCN18B0CB'|'2017-05-15T03:04:00.000+03:00'
'e58edaa22aa81129a9f86dcedf32d7b5ce8d83fd'|'Altus exploration company aims to buck trend with London listing'|'LONDON A British firm hunting for mineral resources in Africa is hoping to be the first venture of its kind to float on the London Stock Exchange since a deep commodity price crash wiped out the appetite for exploration risk.Even after the sector recovered in 2016, new mining listings have been sparse on the London market, which is dominated by big players as smaller exploration companies are more often launched on the Canadian or Australian exchanges.Steven Poulton, chief executive of Altus Strategies, describes his company as "a counter-cyclical mining project generator" set up in 2007 and he told Reuters he is considering listing on the London smallcap market over the coming months.Altus employs 16 geologists to explore outcrops, whose potential can be assessed quickly and relatively cheaply and it sells on finds rather than developing them itself.It is active in Cameroon, Ethiopia, Ivory Coast, Morocco and Liberia, and may expand into other jurisdictions.Referring to the huge spending by some majors at the height of the commodity boom, Poulton said Altus'' approach of modest investments throughout the cycle was "the antidote to what went wrong".When the rally was followed by bust in 2015 and early 2016, miners cut exploration budgets and have been slow to reinstate them.Altus, which takes its name from the Latin word meaning both high and deep, seeks discoveries across a range of minerals and jurisdictions."What we do is rather than one asset, we go for multiple assets," Poulton said. "We provide a portfolio approach to exploration risk."The company has so far raised half a million pounds and has expectations an IPO would raise a further million pounds ($1.29 million) to invest in exploration, he said.The London market has seen only one listing this year in the sector.Rainbow Rare Earths raised eight million pounds to invest in a project in Burundi and its CEO Martin Eales told Reuters it aims to begin selling rare earth concentrate by the end of the year.(Reporting by Barbara Lewis, editing by Ed Osmond)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-altus-ipo-idINKCN18B1PA'|'2017-05-15T11:24:00.000+03:00'
'01f68fbcc0ca5ec0a4ae213d55da6679a7fe628e'|'Exclusive - Chinalco proposes taking entire Guinea Simandou iron ore mine'|'Business News   2:39pm BST Exclusive - Chinalco proposes taking entire Guinea Simandou iron ore mine left right FILE PHOTO: A security guard stands in position in the headquarters of Aluminum Corp of China (Chinalco) in Beijing, China March 19, 2010. REUTERS/Christina Hu/File Photo 1/4 left right FILE PHOTO: A mailbox donated by mining corporation RioTinto stands in front of huts outside Beyla, Guinea June 5, 2014. REUTERS/Saliou Samb/File Photo 2/4 left right FILE PHOTO: An Aluminium Corp of China (Chinalco) company flag and the Chinese national flag are seen outside its headquarters in Beijing, China March 19, 2010. REUTERS/Christina Hu/File Photo 3/4 left right FILE PHOTO: Mist shrouds the Simandou mountains in Beyla, Guinea June 4, 2014. REUTERS/Saliou Samb/File Photo 4/4 By Tim Cocks - CONAKRY CONAKRY Chinalco has asked Guinea to let it take over the whole of the troubled Simandou iron ore mine project, sources familiar with the matter say, as Beijing pursues a global strategy to secure key resources for its vast economy for decades to come. Mired in legal disputes, located in Guinea''s remote interior and being planned at a time of depressed world prices, the mine has nevertheless attracted intense interest from China, the world''s biggest producer and consumer of steel. The Chinese state-owned miner''s written proposal for Simandou, one of the world''s largest untapped resources of high-grade iron ore used to make steel, seeks more favourable terms than laid out by the poor West African country''s mining code. In the most important concession, the firm has suggested the code could be altered to let it acquire all four Simandou blocks without competing in a public tender, according to one of the sources, who declined to be named. A spokesman for Chinalco had no comment on any aspect of its negotiations with Guinea, when asked about the project by Reuters. In an interview with Reuters last week, Mines Minister Abdoulaye Magassouba declined to comment on Chinalco''s proposal but said there was a possibility of it taking the whole concession. "Everyone wants it all," he told Reuters. "Of course, they are free to express interest, but in the end we will make the decision on the basis of commercial negotiations." LONG-STALLED PROJECT In October, Rio Tinto ( RIO.L ) ( RIO.AX ) said it had sold its major stake in Simandou to Chinalco 3668.HK, a move many hoped would revive the long-stalled scheme. In March Chinalco sent the government a draft agreement that included a proposal to take over blocks 1 and 2 before it starts developing 3 and 4, a source familiar with the matter told Reuters. Blocks 1 and 2 are owned by Guinea but at the centre of litigation between it and Israeli billionaire Benny Steinmetz''s BSGR. Industry sources say Guinea has missed the iron ore supercycle, as huge Australian deposits will amply supply the world for many years. That suggests Chinese interest in Simandou is part of a long-term strategy, driven more by concerns about control of resources than short-term shareholder value, the sources say. Billions of tonnes of some of the world''s highest grade iron ore lies under the remote forested hills of Simandou, but to transport it to Guinea''s coast will cost $23 billion in infrastructure upgrades, according to government estimates. That includes building 650 km (400 miles) of railway, 35 bridges, 24 km of tunnels and a deep-water seaport. Guinea could cut the bill by going via Liberia, whose coast is closer. But Magassouba told Reuters this would never be acceptable to the government, which sees the trans-Guinean railway as important for national development. A senior government negotiator, who also declined to be named, confirmed Chinalco was seeking to reunite the blocks. But he said Guinea would only agree to hand them over if tough conditions were met, including lifting the production schedule above its current 100 million tonnes a year. "Economically it makes sense to have 
'ce36464ca8612e60a94833879641a0811afd8793'|'Greek January-April central government budget surplus beats target on lower spending'|'  11:45am BST Greek January-April central government budget surplus beats target on lower spending Greek Prime Minister Alexis Tsipras arrives for a cabinet meeting at the parliament in Athens, Greece May 4, 2017. REUTERS/Costas Baltas ATHENS Greece''s central government attained a primary budget surplus of 1.73 billion euros (<28>1.4 billion) in the first four months of the year, beating its target by 937 million euros thanks to privatisation revenues and lower spending. The central government surplus excludes the budgets of social security organisations and local administration. It is different from the figure monitored by Greece''s EU/IMF lenders, but indicates the state of the country''s finances. The government''s target was for a primary budget surplus - which excludes debt-servicing costs - of 798 million euros for the first four months of the year. Net tax revenue came in at 14.6 billion euros, 152 million euros below target, while spending reached 15.9 billion euros, below a target of 17.06 billion euros. revenues from privatisations reached 956 million euros. The government is aiming for a general government primary budget surplus of 1.9 percent of GDP this year, based on its medium term fiscal strategy plan. The bailout target is for a primary surplus of 1.75 percent of GDP. (Reporting by George Georgiopoulos)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-budget-idUKKCN18B187'|'2017-05-15T18:45:00.000+03:00'
'a5a527385085ade153492150837b9f9b39c8a7e2'|'Kushner Cos says to skip China marketing push this weekend'|'SHANGHAI The company owned by the family of senior White House aide Jared Kushner will skip roadshow events in China this weekend seeking money from local investors for a real estate project in exchange for a shot at U.S. immigrant visas, a company spokesman said.Nicole Kushner Meyer, Jared''s sister, appeared at marketing events last weekend in Beijing and Shanghai in an effort to raise $150 million from Chinese investors through the controversial EB-5 visa-for-investment program.According to marketing materials from one of the organizers of the roadshow, sales events for the project are scheduled in the southern cities of Shenzhen on Saturday and Guangzhou on Sunday."No one from Kushner Companies will be in China this weekend," James Yolles, spokesman for the firm, said.The company and KABR Group are raising money for a two-tower apartment complex in New Jersey called One Journal Square, marketing materials showed.Kushner Companies earlier this week apologized for Meyer having mentioned Jared Kushner, U.S. President Donald Trump''s son-in-law, in discussing the project. The company said Meyer had done so only in an attempt to make clear that her brother was not involved."Kushner Companies apologizes if that mention of her brother was in any way interpreted as an attempt to lure investors. That was not Ms. Meyer''s intention," it said.In addition to Meyer, Laurent Morali, president of Kushner Companies, was included in marketing materials online for the China road show.Jared Kushner, whose White House portfolio includes relations with China, sold his stake in Kushner Companies to a family trust early this year.The EB-5 program allows wealthy foreigners to, in effect, buy U.S. immigration visas for themselves and families by investing at least $500,000 in certain development projects.A member of the audience at the marketing event in Shanghai said Meyer spoke for about 10 minutes during last Sunday''s event and described her family''s humble roots.According to the New York Times, in Beijing on Saturday she told the audience of about 100 people the project "means a lot to me and my entire family".(Reporting by John Ruwitch; Additional reporting by Koh Gui Qing in New York; Editing by Tony Munroe and Lincoln Feast)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-china-kushner-idUSKBN18805Y'|'2017-05-12T06:20:00.000+03:00'
'2274bbf4e0a8dcfb38974d52bb00636a7932a3d8'|'Nippon Steel calls for command to alternate at Brazil''s Usiminas'|'Deals - Tue May 9, 2017 - 8:44pm EDT Nippon Steel calls for command to alternate at Brazil''s Usiminas The logo of Nippon Steel & Sumitomo Metal Corp is pictured at a ceremony to welcome its newly-hired employees in Tokyo, Japan April 3, 2017. REUTERS/Kim Kyung-Hoon By Alberto Alerigi Jr - SAO PAULO SAO PAULO Nippon Steel & Sumitomo Metal Corp ( 5401.T ) wants to implement a system to alternate command at Brazilian steelmaker Usinas Sider<65>rgicas de Minas Gerais SA ( USIM5.SA ) with fellow controlling shareholder Ternium SA, a senior executive said on Tuesday. Almost three years of boardroom battles between Ternium and Nippon Steel for control of Usiminas have distracted management and hampered efforts to buffer Brazil''s largest listed maker of flat steel from the country''s worst recession on record. Both Nippon Steel and Ternium have tried to secure power over the debt-laden steelmaker through court decisions. An agreement with Ternium on how to alternate power at Usiminas without having an option to buy out one another needs to be reached quickly, said Kazuhiro Egawa, Nippon Steel''s newly sworn-in head of operations for the Americas. In a phone interview, Egawa said a March decision by the board of Usiminas to replace a Nippon Steel-backed executive as chief executive officer was illegal. He rebuffed Ternium''s call for the implementation of an exit clause in their shareholder accord, noting that Nippon Steel has no intentions to leave Brazil or Usiminas. "We have had all type of joint ventures around the world, but the only place where we''ve had problems is Brazil," Egawa said. "Usiminas remains our main concern in the Americas." Egawa declined to list alternatives to end the conflict with Ternium but cited a rotating command as a feasible option. He will focus on convincing Usiminas board members who represent the steelmaker''s employees to endorse such a mechanism. (Writing by Tatiana Bautzer; Editing by Guillermo Parra-Bernal and Cynthia Osterman) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-nippon-steel-usiminas-idUSKBN18602T'|'2017-05-10T04:44:00.000+03:00'
'dc3f00d3e241d23ac793a04ce5b6767d9e3d3ed2'|'Delaware judge denies Anthem injunction request in fight with rival Cigna'|'WILMINGTON, Del. A judge effectively killed off any practical chance of Anthem Inc ( ANTM.N ) merging with Cigna Corp ( CI.N ) on Thursday as he declined to order Cigna not to terminate the deal.Judge Travis Laster of Delaware''s Court of Chancery denied Anthem''s request for a preliminary injunction but stayed implementation of his ruling until noon on Monday to give the insurer time to decide if it will pursue an appeal to the Delaware Supreme Court."I recognize that this ruling will permit Cigna to terminate the merger and effectively end Anthem''s path to closing," he said in the hearing.The U.S. Justice Department and 11 states sued last year to stop the $54 billion merger, which would have created the largest U.S. health insurer, and won in both district court and an appeals court.Anthem had asked the U.S. Supreme Court to hear the federal antitrust case and requested the preliminary injunction in order to hold the proposed deal together long enough for the high court to decide if it would take it.Neither company immediately responded to a request for comment.Barring a successful appeal at the Delaware Supreme Court, the two sides will likely continue to fight over a $1.85 billion break-up fee and damages for failing to close the deal.Laster said that Anthem could seek "potentially massive damages" for Cigna failing to meet it obligation to help close the deal. At a hearing on Monday, Anthem presented evidence it said showed Cigna executives were plotting to get out of the deal by refusing to help with a plan to win antitrust approval.Cigna has accused Anthem of breaching the merger agreement by pursuing a failed strategy to get regulatory approval.(Reporting by Tom Hals and Diane Bartz; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cigna-m-a-anthem-idINKBN1872WZ'|'2017-05-11T19:00:00.000+03:00'
'd38ca1a1589fdbd1ea710b00cb38ebc4bfe14280'|'Letter to my younger self: just do your very best every day - Guardian Small Business Network'|'Saturday 13 May 2017 09.00 BST Last modified on Saturday 13 May 2017 11.17 BST Dear Liv, Congratulations on your marriage. You and Laurie finally tied the knot and took the kids to beautiful Cuba. A holiday of a lifetime, it was paid for by your wonderful friends and family, in lieu of traditional wedding gifts. Nan will keep that postcard of the kids pretending to drive the 1950s car on the fridge for at least the next five years. You<6F>ll remember the night in the Hotel Nacionale that Adam and Ruth paid for, the pony rides Debbie treated the kids to and the beers that you drank on the beach at sunset, whilst toasting Sarah and Jess. They are memories you know you<6F>ll treasure forever. What you don<6F>t yet know is that the website you built to facilitate the trip will evolve into Patchworkit.com , a business that will help thousands of other families do the same. There will be a lot of tears along the way. You will need an endless supply of tissues, cheese, friends and wine That<61>s where it will all start. But while you know the idea for Patchwork is a good one, you will initially be reluctant to take the leap. Do it. Spending the next two years talking about it will be exhausting for you and everyone who has to listen. Save yourself the sleepless nights, endless questions and that awkward moment when your husband finally tells you you<6F>ve become boring. Just get started. You won<6F>t have the money to put into the business yourself and fill in endless forms for bank managers. Forget about that avenue now. If you<6F>re not prepared to risk the kids<64> home and put the flat up as security, they won<6F>t lend you a penny. And of course, you<6F>re not doing that. So instead of spending months looking at obscure finance options instead, you will invite friends to fund the one thing you really want <20> piece by piece. You don<6F>t know anything about crowdfunding but it<69>s the perfect solution. You raise <20>250,000, prove your business concept and <20> handily <20> write Patchwork<72>s tagline along the way. Launching a business is tough and there<72>s a long road in front of you. It will take three times as long and cost three times as much as you think. When you initially launch your prototype website, you<6F>ll hate it immediately and regret so many decisions and compromises you<6F>ll feel you made. When the site crashes a week after, you<6F>ll spend an hour crying in the loo. There will be a lot of tears along the way. You will need an endless supply of tissues, cheese, friends and wine. There<72>s a lot to do in the first difficult year. Raising money, doing the legal stuff, hiring the right team, building the site, trying to persuade people to actually use it. Just remember to take one thing at a time. Don<6F>t let yourself get overwhelmed by it all at once. You will learn you can<61>t control everything and will start to let things go. Letter to my younger self: be proud of what you have achieved Read more Connecting with people will be key to your business journey. For a long time, you will think you should keep your business plan secret in case somebody steals your idea. It<49>s the last thing you need to worry about. Talk about Patchwork, whenever you can. Tell friends, write blogs, join networks like Ada<64>s List and Flock Global, pitch your idea. Take all of the interest, advice and support that you can. Don<6F>t be too embarrassed to ask for help. That network will prove incredibly important to you. Starting a business from your kitchen table will not be as romantic as you think it will be. It is hard, lonely work and the table is usually covered in cereal. Eventually, moving into a studio space will help you separate home and work and get some perspective. Later, the relationships you<6F>ll build with your team will become really precious to you. And the spontaneous thank you cards, flowers and random boxes of biscuits from happy customers will make all of the hard work worthwhile. Starting a business is like having a child, you<6F>ll be perman
'655a07eca50d633d195b914a6e0db56d7d800fb5'|'U.S. home builder confidence rises in May'|'Business News - Mon May 15, 2017 - 11:28am EDT U.S. home builder confidence improves in May FILE PHOTO: Construction workers build a single family home in San Diego, California, U.S. February 15, 2017. Picture taken February 15, 2017. A private gauge of U.S. home builder sentiment unexpectedly rose in May to its second strongest level since the housing bust nearly a decade ago, as the existing supply of homes remained tight. The National Association of Home Builders and Wells Fargo said on Monday their index of builder confidence in newly built, single-family homes climbed to 70 points from 68 in April. Analysts polled by Reuters had forecast the reading to be unchanged in May from April. In March, the index reached 71 which was the highest since June 2005 during the height of the prior housing boom. <20>This report shows that builders<72> optimism in the housing market is solidifying, even as they deal with higher building material costs and shortages of lots and labor,<2C> NAHB Chairman Granger MacDonald, said in a statement. Some analysts cautioned the rise in mortgage rates this year would limit a pickup in home construction. "While we expect a slight moderation in housing activity in the near term owing to higher mortgage rates, the picture for 2017-18 remains one of modest trend improvement," Barclays economist Blerina Uruci wrote in a research note. The NAHB index is seen as a proxy on domestic housing starts. The government will release its April housing starts report at 8:30 a.m. on Tuesday. Economists polled by Reuters forecast builders likely broke ground at an annualized rate of 1.260 million units, faster than a 1.215 million unit pace in March. The survey''s gauge on current single-family home sales rose to 76 points from 74 in April, while its six-month sales outlook index increased to 79, which was the highest since June 2005, from 75. On the other hand, the barometer on prospective buyers dipped to 51 in May from 52. On a regional basis, three of the four U.S. regions NAHB tracks, the Northeast, South and West, showed improved builder sentiment in May, but the Midwest recorded a decline. (Reporting by Richard Leong in New York; Editing by Jeffrey Benkoe and Chizu Nomiyama) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-housing-nahb-idUSKCN18B1VC'|'2017-05-15T22:41:00.000+03:00'
'2410f3aa41efda96b2a3d279e60640da5c6e344b'|'Publisher Houghton Mifflin may see gains -Barron''s'|'Market News - Sun May 14, 2017 - 7:44pm EDT Publisher Houghton Mifflin may see gains -Barron''s By Jessica DiNapoli - NEW YORK NEW YORK May 14 U.S. textbook publisher Houghton Mifflin Harcourt Co may see improvement in its shares because of cost cuts and investment in its business, Barron''s said. The market for state textbook adoption programs, which is cyclical, was weak in 2016, but is expected to rebound over the next few years, Barron''s said. Houghton Mifflin, which has a 40 percent share of the market, is likely to be a prime beneficiary of the rebound, the publication said in a story on Friday. Higher sales in the California reading program have also helped drive Houghton Mifflin''s sales, Barron''s said. Houghton Mifflin in February named a new chief executive, John Lynch Jr.. The company''s stock closed at $12.50 on Friday. Barron''s said the publisher''s stock could have plenty of upside because of increasing revenue from digital educational materials, which the company has made a key priority. (Reporting by Jessica DiNapoli; Editing by Peter Cooney) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/houghtonmifflin-gains-barrons-idUSL2N1IG0DB'|'2017-05-15T07:44:00.000+03:00'
'cf324c8568711c94295503d573048245597f60c8'|'MOVES-Nomura Asset Management UK hires business development director'|'Company News - Tue May 16, 2017 - 8:38am EDT MOVES-Nomura Asset Management UK hires business development director May 16 Nomura Asset Management UK Ltd said it hired Jon Nash as business development director in a newly created role. Nash joins from UBS Wealth Management, where he most recently worked as alternatives distribution specialist. Nomura Asset Management is a unit of Japan''s largest brokerage, Nomura Holdings Inc. (Reporting by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nomura-hldgs-moves-jon-nash-idUSL4N1II4AX'|'2017-05-16T20:38:00.000+03:00'
'1b3e3eab60315f34fb8115d217376f96cadc02fa'|'Labour''s water renationalisation plans just won''t wash - Nils Pratley - Business'|'R enationalise the water industry? If the Labour party<74>s ambition was to make a few quid for the exchequer and do nothing else, the idea is not as wild as it may sound, despite shadow chancellor John McDonnell<6C>s gloriously loose description of his financing proposals .The government can currently borrow on the public markets at less than 1.5% for 10 years. It might cost <20>69bn to buy the entire water industry <20> that<61>s the value of the regulated assets <20> but the companies would arrive with income streams in the form of dividends. At Severn Trent, for example, the dividend yield is 3.4% at the current share price. Borrowing at 1.5% to buy an asset yielding 3.4% is not the worst trade in the world. And the state, if it wanted to act like a supercharged private equity house, would be able to juice up returns by refinancing the companies<65> debt at a lower rate.The problem, of course, is Labour<75>s idea is not to buy the companies in order to play games of financial arbitrage. One assumes the aim is to charge customers less since the manifesto complaint is that <20>water bills have increased 40% since privatisation<6F>. At that point, the back-of-the-envelope arithmetic starts to fall apart. The bills represent the companies<65> revenues. If you cut the revenues, you undermine the ability to pay dividends, and thus eat away at the worth of the asset. Nationalisation could quickly become very expensive.Labour gambles on tax and spend <20> but will the public back it? - Larry Elliott Read more But, it might argued, the exercise would be worthwhile anyway if the water industry is <20>dysfunctional<61> <20> Labour<75>s description. Is that really true, however? Water was privatised in the first place because politicians could see the mighty expense of replacing the Victorian-era infrastructure and thought a regulated private sector could do the job more efficiently. Ofwat claims success. It says <20>108m of investment had been made since privatisation in 1989 and bills are <20>120, or 30%, lower than they would otherwise have been. Labour may disagree <20> but it ought to show its workings.A related argument says rewards for shareholders have been too fat. Thames Water <20> contained within a labyrinth of offshore holdings in the Caymans and elsewhere that make scrutiny next to impossible for outsiders <20> is a case in point. Shareholders such as Macquarie have done splendidly but Thames pleaded poverty when it came to funding the new <20>super sewer<65> under London.But a simple answer to Thames-style problems is tougher regulation. The government could insist that Ofwat sets stiffer targets to benefit customers at the expensive of shareholders. There is no need to own the assets to ensure that outcome.All industries are different, and there is a fair argument that the state could improve the railways in a way the private sector can<61>t. But water? Why bother? There is no need to nationalise.EasyJet ready for takeoff in second half Over the past 21 years, easyJet has recorded losses in 19 winter periods. That<61>s the way life runs in the tourism-driven budget airline business.A record half-year loss before tax of <20>212m nevetheless looks alarming since it<69>s about <20>130m more than the average of recent years. But there are explanations <20> the fall in sterling and a late Easter. The critical question for investors is whether profits will return with the usual roar in the second half.In theory, they should. Fears of overcapacity are finally fading as limping rivals such as Alitalia and Air Berlin suffer. EasyJet itself is expanding capacity at about 8% this year and, a 12 months ago, the competitors on its routes were keeping up. Now easyJet reckons the competition will be at half the pace by the end of the year.If that<61>s correct, they are fewer reasons to worry that easyJet has stepped up expansion at the wrong moment. It won<6F>t be a vintage year, but the City<74>s guess of full-year profits of <20>365m-ish feels more solid than it did six months ago. Clouds are cl
'ac1b0566f8a9948eb2b7d4bc1405374923fb2b30'|'BRIEF-Pershing Square Capital Management cuts sole share stake in Mondelez'|' 40pm EDT BRIEF-Pershing Square Capital Management cuts sole share stake in Mondelez May 15 Pershing Square Capital Management: * Pershing Square Capital Management cuts sole share stake in Mondelez to 19.9 million share from 22.9 million shares - SEC filing * Changes in holdings are as of March 31, 2017 and compared with the previous quarter ended as of Dec 31, 2016 Source text for quarter ended March 31, 2017 ( bit.ly/2pQhtMt ) Source text for quarter ended Dec. 31, 2016: ( bit.ly/2pQomgp )'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-pershing-square-capital-management-idUSFWN1IH19B'|'2017-05-16T05:40:00.000+03:00'
'1c2c5022fb9e448a123e29f3b1d51df64c2d9d9b'|'Europe car sales drop 6.8 percent in April on VW, British slump - ACEA'|'Autos - Tue May 16, 2017 - 7:04am BST Europe car sales drop 6.8 percent in April on VW, British slump - ACEA FILE PHOTO: VW Golfs are loaded in a delivery tower at the plant of German carmaker Volkswagen in Wolfsburg, Germany, March 14, 2017. REUTERS/Fabian Bimmer/File Photo FRANKFURT European car sales fell 6.8 percent in April due to a fall in demand for Volkswagen-branded cars, fewer trading days during Easter, and thanks to a double-digit sales drop in Britain, industry figures published on Tuesday showed. Registrations dropped to 1.23 million cars last month in the European Union and European Free Trade Association (EFTA) countries, Brussels-based industry body ACEA said, down from 1.32 million a year earlier. The decline in April registrations, the first monthly drop this year, limited the four-month increase to 4.5 percent to 5.49 million cars, ACEA said. This year Easter was in April, leading to more depressed sales figures when compared with a year earlier, ACEA said. Registrations of VW, the biggest selling car brand in Europe, fell by 14 percent in April, while Renault, the next best selling brand, saw sales decline 3.3 percent, statistics showed. Sales at Vauxhall and Opel fell 13.1 percent. Nearly every auto brand posted falling sales, with the exception of Toyota, which saw sales rise by 5.4 percent, and Kia, which saw sales increase by 8.1 percent. The main reason European sales fell is because the region''s two largest markets, Germany and the United Kingdom, saw registrations drop 8 percent and 19.8 percent respectively, ACEA figures showed. Among the large markets, only Spain saw sales rise, posting a 1.1 percent gain, while deliveries in France and Italy fell by 6 percent and 4.6 percent respectively, statistics based on national registration figures published earlier this month showed. In the European Union sales fell 6.6 percent, ACEA said. (Reporting by Edward Taylor, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-vehicleregistrations-april-idUKKCN18C0ET'|'2017-05-16T14:04:00.000+03:00'
'cd7d1f0430659fb2d7a225dc312740c57a3b3884'|'U.S. housing starts unexpectedly fall for second straight month'|'Business   12:01pm EDT U.S. factory output surges in April; homebuilding stumbles FILE PHOTO -- Construction workers build a single family home in San Diego, California, U.S. on February 15, 2017. REUTERS/Mike Blake/File Photo By Lucia Mutikani - WASHINGTON WASHINGTON U.S. manufacturing production recorded its biggest increase in more than three years in April, bolstering the view that economic growth picked up early in the second quarter despite a surprise decline in homebuilding. The broad strength in factory output reported by the Federal Reserve on Tuesday added to labor market data in suggesting the growth slowdown in the first quarter was temporary. That may allow the U.S. central bank to raise interest rates next month. "The sharp increase in industrial activity is a clear sign that the first-quarter sluggishness is behind us. It comes at the right time as home construction seems to have hit a lull," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. Manufacturing production jumped 1.0 percent last month, the biggest increase since February 2014, after falling 0.4 percent in March, the Fed said. The surge, which outstripped economists'' expectations for a 0.3 percent gain, reflected a 5.0 percent rebound in the production of motor vehicles and parts. There were also healthy increases in the output of machinery, fabricated metal products, appliances and furniture, business equipment and chemical products. Manufacturing accounts for about 12 percent of the U.S. economy. Its recovery following a prolonged slump is being driven by a revival of the energy sector, which is spurring demand for machinery and other equipment. Mining output increased 1.2 percent in April, contributing to the overall jump in industrial production. Industrial output has now increased for three straight months. The dollar hit a six-month low against the euro while prices of U.S. government debt rose. U.S. stocks were flat as investors reacted to reports that U.S. President Donald Trump disclosed highly classified information to Russian officials last week. HOUSING LOSING MOMENTUM In a separate report on Tuesday, the Commerce Department said housing starts dropped 2.6 percent to a seasonally adjusted annual rate of 1.17 million units, the lowest level in five months, hurt by persistent weakness in the construction of multi-family housing units. Groundbreaking activity was also held down by a modest rebound in the construction of single-family homes. Economists had forecast groundbreaking activity rising to a rate of 1.26 million units last month. Homebuilding increased 0.7 percent on a year-on-year basis. Building permits fell 2.5 percent in April. While the weakness in residential construction implies a slowdown in homebuilding investment, the Atlanta Fed is forecasting gross domestic product increasing at a 4.1 percent annualized rate in the second quarter. The economy grew at a pedestrian 0.7 percent pace in the first three months of 2017. Demand for housing remains underpinned by a tightening labor market, characterized by an unemployment rate at a 10-year low of 4.4 percent. A survey on Monday showed homebuilders'' confidence rose in May amid bullishness about sales at the current time and over the next six months. The underlying strength in the housing market helped Home Depot Inc ( HD.N ), the No. 1 U.S. home improvement chain, to report a higher-than-expected quarterly profit and same-store sales on Tuesday. Home Depot and smaller rival Lowe''s Cos Inc ( LOW.N ) have remained a bright spot in the retail sector as a firming economy and higher wages drive new home sales and a rise in the value of existing houses spurs remodeling activity. Single-family homebuilding, which accounts for the largest share of the residential housing market, rose 0.4 percent to a pace of 835,000 units last month, failing to recoup all of March''s 5.1 percent decline. Starts for the volatile multi-family housing seg
'a7e2f3758880c4172a934635fd39869c616d31f2'|'Oil stable on expectations of extended OPEC-led production cut'|'Business News - Fri May 12, 2017 - 9:36am BST Oil stable on expected OPEC cut extension, drop in U.S. inventories FILE PHOTO: A worker at an oil field owned by Bashneft, Bashkortostan, Russia, in this January 28, 2015 file photo. REUTERS/Sergei Karpukhin/Files By Stephen Eisenhammer - LONDON LONDON Oil prices traded largely flat on Friday, supported by expectations of an extended OPEC-led production cut and falling U.S. crude inventories but capped by concerns over global oversupply. International benchmark Brent crude futures were at $50.73 per barrel at 0814 GMT, down 4 cents, while U.S. West Texas Intermediate (WTI) crude futures were down 2 cents at $47.81 a barrel. Analysts said a larger-than-expected fall in U.S. crude inventories last week, by 5.3 million barrels, continued to keep Brent above $50, with the data viewed as a possible sign OPEC-led cuts were tightening the market. The Organization of the Petroleum Exporting Countries and other producers including Russia have pledged to cut output by almost 1.8 million barrels per day (bpd) in the first half of the year. OPEC and the other participating producers will meet on May 25 in Vienna to decide whether to extend the cuts and, potentially, agree a deeper reduction. Saudi Arabia, the de-facto OPEC leader, has said it expects cuts to be extended. "The (U.S. crude) inventories turned the heads of market participants towards the more positive side of things," said Eugen Weinberg, Commerzbank head of commodities research. "But nevertheless the problem remains that the oil supplies are still there, the overcapacity is still there, the stocks are still quite high," he added. Norwegian consultancy Rystad Energy said "U.S. oil production has gained significant momentum" and there was "limited downside risk in the short term". "U.S. Lower 48 (all states excluding Alaska and Hawaii) oil production is set to expand by an additional 390,000 bpd from May 2017 to December 2017 assuming a WTI price of $50 per barrel," Rystad said. U.S. crude production has risen more than 10 percent since its mid-2016 trough to more than 9.3 million bpd, close to the levels of top producers Russia and Saudi Arabia. A weekly report by Baker Hughes monitoring U.S. rigs drilling for new production is due on Friday. (Additional reporting by Henning Gloystein in Singapore; Editing by Dale Hudson) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN18804L'|'2017-05-12T09:37:00.000+03:00'
'19070656c06778d4456ba559b49d4518ced49935'|'Boeing resumes 737 MAX flights'|'Business News   4:03pm EDT Boeing resumes 737 MAX test flights Various models of the Boeing 737 sit parked on the tarmac at Boeing Field after coming off the production line in Seattle, Washington, May 9, 2017. Picture taken May 9, 2017. REUTERS/Jason Redmond Boeing Co ( BA.N ) said on Friday it resumed test flights of its $110-million 737 MAX 8 jetliner, just two days after saying it had grounded the entire fleet to address an engine problem. The resumption of flights, which Boeing said was backed by air safety regulators, is good news for the plane maker and engine-maker CFM International, a joint venture between General Electric Co ( GE.N ) and Safran SA ( SAF.PA ) of France. CFM had said flaws in the forging of a disc inside the engine could have led to cracks. Boeing grounded the fleet late last week, and announced it on Wednesday, just days before it planned to deliver its first 737 MAX 8 to an airline. Inability to fly the plane could have threatened Boeing''s ability to deliver the new jetliners on time. Boeing said a 737 MAX 8 took off around 12:15 pm Pacific Time on Friday. "Our plan remains to start deliveries this month," Boeing spokesman Doug Alder said. "Regulatory agencies support this action." Boeing''s shares were trading nearly unchanged at $183.26. (Reporting by Alwyn Scott in Seattle and Arunima Banerjee in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-boeing-737max-engine-idUSKBN1882RX'|'2017-05-13T03:34:00.000+03:00'
'0633285ba8214cd7b780789c41625f5fc61da3aa'|'Thailand gives Facebook until Tuesday to remove ''illegal'' content'|'Business News - Fri May 12, 2017 - 10:42am BST Thailand gives Facebook until Tuesday to remove ''illegal'' content FILE PHOTO: Facebook logo is seen at a start-up companies gathering at Paris'' Station F in Paris, France, January 17, 2017. REUTERS/Philippe Wojazer/File Photo BANGKOK Facebook Thailand could face legal action next week after Thai authorities warned Facebook Inc to take down content deemed threatening to national security or violating strict lese majeste laws, the telecoms regulator said on Friday. Thailand''s military government has ramped up online censorship, particularly perceived insults to monarchy, since seizing power in a 2014 coup. The National Broadcasting and Telecommunications Commission said Facebook had failed to remove 131 of 309 web addresses on its platform which were threatened security or violated the lese majeste law, which makes it a crime to defame, insult or threaten the king, queen, heir to the throne or regent. They formed part of some 6,900 web addresses which Thai courts have ordered to be removed or shut down since 2015. Takorn Tantasith, secretary-general of the commission, said he had given Facebook until Tuesday to remove the 131 addresses. "If Facebook still shows content declared illegal by court orders in Thailand, action must be taken against Facebook Thailand," Takorn told Reuters. "They could argue that they are not involved (in removing content), but Facebook Thailand is still operating here." He said the Ministry of Digital Economy would file a complaint with police next week to press charges against Facebook Thailand under the Computer Crime Act and commerce ministry regulations. He also said obtaining a search warrant for Facebook Thailand would be a possible step. Facebook has not responded to Reuters'' request for comment about the threat of legal action against Facebook Thailand. Facebook Thailand focuses on marketing and business developments in Southeast Asia''s second-biggest economy. Facebook has said its general guideline when it receives requests from governments to remove content is to first determine whether the content violates local laws before it proceeds to restrict access in the relevant country. Facebook said it blocked 50 pieces of content which were found to have violated the lese majeste law in 2016, following government requests. Thailand''s telecoms regulator has taken a tough stance against perceived criticism of the monarchy since Thailand''s revered King Bhumibol Adulyadej died in October. It has pressured internet service providers to monitor content and block anything inappropriate. Thailand considers the monarchy to be one of the guiding pillars of Thai society and above criticism or comment. (Reporting by Panarat Thepgumpanat and Patpicha Tanakasempipat; Editing by Amy Sawitta Lefevre and Nick Macfie)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-thailand-facebook-idUKKBN18816K'|'2017-05-12T17:42:00.000+03:00'
'83a8d98bd24b883cee2edb561eb36492af834aa7'|'Yum China to buy majority stake in delivery services firm Daojia'|'Yum China Holdings Inc ( YUMC.N ) said it would buy a controlling stake in food delivery services firm Daojia to expand delivery services for its KFC and Pizza Hut chains in the country.Terms of the deal to buy the majority stake in the holding company of DAOJIA.com.cn (unrelated to another online site 58 Daojia) were not disclosed.Daojia, which also operates food delivery service Sherpa''s, focuses on higher-end orders in large cities in China, including Beijing, Shanghai, Guangzhou and Shenzhen."Digital and delivery are long-term strategic drivers of our business, and I am pleased to build on our technological know-how and capabilities in this high growth area," Yum China Chief Executive Micky Pant said in a statement.Reuters reported in November, citing sources, Yum China was in talks to buy Daojia for up to $200 million as the biggest operator of fast food on the mainland seeks to boost sales from customers dining at home.Delivery represented about 12 percent of Yum China''s sales in the first quarter, the company said.(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-daojia-m-a-yum-china-hldg-idINKCN18B1PP'|'2017-05-15T11:35:00.000+03:00'
'34dbd00b3a5db0342e8c2f9023c609dd69508e0f'|'CORRECTED-BRIEF-Eiffage price guidance is 77 Euros to market- Bookrunner'|'Market News - Mon May 15, 2017 - 12:39pm EDT CORRECTED-BRIEF-Eiffage price guidance is 77 Euros to market- Bookrunner (Corrects source) * Concurrent sells real-time business segment for $35 million to battery ventures; focuses on video storage & delivery market opportunity MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1IH14E'|'2017-05-16T00:39:00.000+03:00'
'b60dbb452e1d5d8c8035b58e77172ad8e6b412cb'|'Mexico competition regulator fines Japan''s Panasonic'|'Market News - Mon May 15, 2017 - 10:46am EDT Mexico competition regulator fines Japan''s Panasonic MEXICO CITY May 15 Mexico''s competition watchdog said on Monday it had fined Japan''s Panasonic Corp for failing to disclose that its purchase of Spanish auto parts maker Ficosa International would boost its indirect ownership of Ficosa Mexico. Panasonic bought a 49 percent stake in Ficosa in 2015. The Federal Economic Competition Commission (Cofece) said it fined Panasonic Corp, Panasonic Europe, Ficosa Inversion and Pindro Holding 14.02 million pesos ($751,000) each for failing to inform authorities that the transaction would give Panasonic a more than 35 percent indirect stake in Ficosa Mexico. In March, Panasonic Corp agreed to become majority owner of Ficosa International, with an additional 20 percent stake purchase, as it bolstered its push into the automotive field. ($1 = 18.6600 Mexican pesos) (Reporting by Anthony Esposito; Editing by Bernadette Baum) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/panasonic-mexico-fine-idUSL2N1IH0LI'|'2017-05-15T22:46:00.000+03:00'
'd44263fcd7efe7185649b798a00c7ea0c2371baf'|'China''s Xi says Belt and Road needs to reject protectionism'|'Business News   8:08pm BST China''s new Silk Road promises trade and riches, with President Xi at helm left right Chinese President Xi Jinping and other leaders arrive for a family photo during the Belt and Road Forum at meeting''s venue on Yanqi Lake just outside Beijing, China, May 15, 2017. REUTERS/Damir Sagolj 1/5 left right Russia''s President Vladimir Putin (L) with Chinese President Xi Jinping attends the Roundtable Summit Phase One Sessions of Belt and Road Forum at the International Conference Center in Yanqi Lake on May 15, 2017 in Beijing, China. REUTERS/Lintao Zhang/Pool 2/5 left right Russian President Vladimir Putin and Chinese President Xi Jinping attend a summit at the Belt and Road Forum in Beijing, China, May 15, 2017. REUTERS/Thomas Peter 3/5 left right Heads of states and officials attend a summit at the Belt and Road Forum in Beijing, China, May 15, 2017. REUTERS/Thomas Peter 4/5 left right International Monetary Fund (IMF) Managing Director Christine Lagarde attends a summit at the Belt and Road Forum in Beijing, China, May 15, 2017. REUTERS/Thomas Peter 5/5 By Ben Blanchard and Sue-Lin Wong - BEIJING BEIJING Chinese President Xi Jinping and 29 other heads of state on Monday reaffirmed their commitment to build an open economy and ensure free and inclusive trade, under the ambitious Belt and Road initiative led by Beijing. As a two-day summit on the project in Beijing wound up, the 30 nations also agreed to promote a rules-based, non-discriminatory trading system with the World Trade Organization at its core and to oppose protectionism, according to a joint communique signed by their leaders. In the communique, China and other nations underlined the importance of expanding trade and investment based on a level playing field. "It is our hope through the Belt and Road development, we will unleash new economic forces for global growth, build new platforms for global development, and rebalance economic globalisation so mankind will move closer to a community of common destiny," Xi said at the close of the event. The inclusive tone of China''s Belt and Road push stands in stark contrast to U.S. President Donald Trump''s "America First" policy, which included the scrapping of the Trans-Pacific Partnership (TPP) deal, a regional trade pact involving Pacific Rim countries but excluding China. Xi on Sunday pledged $124 billion for the new "Silk Road", which aims to bolster China''s global leadership ambitions by building infrastructure and trade links between Asia, Africa, Europe and beyond. Some Western diplomats have expressed unease about the initiative, seeing it as an attempt to promote Chinese influence globally. They are also concerned about transparency and access for foreign companies. Germany said its firms were willing to support the Belt and Road initiative, but more transparency was needed. European Commission Vice President Jyrki Katainen told Reuters on Monday that EU member states would not be signing ministerial statements connected to the summit, though he downplayed the significance. "The European Commission, who has a mandate, who has the capacity to negotiate on behalf of member states on trade-related issues, we were not given a chance to negotiate on the text," he said. "But it''s not an issue. The event, what Chinese authorities have organised here, and the joint understanding of what should be done and what must be done, is very positive." Australian Trade Minister Steven Ciobo said on Sunday Canberra was receptive to exploring commercial opportunities presented by the initiative, but any decisions would remain incumbent on national interest. India refused to send an official delegation to Beijing, reflecting displeasure with China for developing a $57 billion trade corridor through Pakistan that also crosses the disputed territory of Kashmir. A spokesman for its foreign ministry also said there were concerns about host countries taking on too much debt to fund Silk Road infras
'c9c9ab34ae72a38394eef55f3ce9dc1c5d144dd4'|'Vodacom agrees $2.6 billion Safaricom deal to tap Kenyan market'|'JOHANNESBURG South Africa''s Vodacom said on Monday it will buy a 35 percent stake in Safaricom from its parent company Vodafone for 34.6 billion rand ($2.59 billion), expanding its reach into Kenya.Safaricom, which is 40 percent owned by Britain''s Vodafone and 35 percent by Kenya''s government, has the largest subscriber base in its home market and dominates the thriving mobile financial services sector through its M-Pesa platform."The proposed transaction will expose Vodacom Group to the attractive high growth Kenyan market, being one of the largest and most advanced economies in east and central Africa that has made significant strides in technological innovation," Vodacom said in a statement.Vodafone will retain a 12.5 percent interest in Vodafone Kenya, equivalent to 5 percent interest in Safaricom, after completion of the proposed transaction, the company said.(Reporting by Nqobile Dludla; Editing by Joe Brock)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vodacom-grp-m-a-safaricom-idINKCN18B0K5'|'2017-05-15T04:56:00.000+03:00'
'66ff98678b2d9b2e0c618ddec32b86f8a8cf12ad'|'Is Labour''s manifesto living in fantasy land? Not at all, quite the opposite - Larry Elliott - Business'|'Ten years ago this month, Britain was on the cusp of change. Two things were about to happen, one planned and one unexpected.The change everybody knew about was that Tony Blair was going to stand down as prime minister after 10 years in the job, during which time he had won three elections on the trot.To mark his going, Dan Atkinson and I wrote a book summing up his legacy. Fantasy Island, as the title suggests, was not exactly flattering about Britain<69>s departing PM . It painted a picture of Britain as mired in debt, where the public sector was on the brink of meltdown, where the country was trying to play the part of world policeman on the cheap, and where the growing size of the trade deficit exposed the perils of allowing manufacturing to shrivel.Fantasy Island was not exactly a bestseller but it sold reasonably well. The reason for that (apart, obviously, from the book<6F>s razor-sharp analysis and polished prose) was that the biggest financial crisis in a century erupted within two months of its publication and a month after Blair<69>s departure from Downing Street. This was the unexpected event.Britain, as a result of what happened between the first inklings of trouble in July 2007 and the bottoming out of a deep slump in the early part of 2009, is an utterly changed country. There has been a lost decade of living standards. Dismal productivity growth and the proliferation of low-paid, insecure jobs have made a mockery of the idea that Britain was forging ahead in the knowledge economy. A decade of investment in the public sector has been followed by a decade of cuts. Without sounding unduly boastful, quite a lot of what was predicted in Fantasy Island came true.Facebook Twitter Pinterest Daily Mail front page, 12 May 2017. Photograph: Daily Mail And, to be frank, not a lot has changed in the subsequent 10 years. The economy is still over-dependent on the financial sector and on the willingness of households to load up on debt. When the housing market slows <20> as in 2011-12 and currently <20> so does the economy. Income and wealth are highly concentrated because not only has growth been slow it has also been unevenly distributed. In the workplace, management is strong and unions are weak, which helps explain why real wages have grown more slowly since 2007 than in any decade since the 19th Century. London is rich and thriving but might as well be a separate country given how different it is from other, less prosperous, regions. Relative poverty, as the former prime minister Gordon Brown has shown , is heading for levels not experienced even under Margaret Thatcher in the 1980s.Imperfect though it is, Labour<75>s draft manifesto at least tries to tackle some of these glaring weaknesses. Sure, there is a perhaps naive belief in the ability of the state to administer top-down solutions. Certainly, the document can <20> and will <20> be criticised for being stronger on how to spend money than how to create it. No question, some of the individual measures don<6F>t really cut it. The <20>8bn bung to scrap tuition fees, for example, is not especially progressive.That said, though, there are plenty of good things in the manifesto. The employers who whinge constantly about the poor quality of school leavers and graduates will be asked to contribute more to the education budget through higher corporation tax. Labour plans to broaden stamp duty to a wider range of financial instruments, including derivatives, which will raise <20>5bn and help lessen volatility.There is a recognition that macro-economic policy since the crisis has been flawed, with far too much emphasis on ultra-low interest rates and quantitative easing and too little on tax and spending measures. Austerity has been tested to destruction, with both deficit reduction and growth much weaker than envisaged. There is a strong case, as the International Monetary Fund has noted, for countries to borrow to invest in infrastructure, especially 
'ab0eb4c998b6db37d6b0a257b041c1a29ec3239a'|'UK employers plan smallest pay rises since 2013 - survey'|'Economy - Mon May 15, 2017 - 11:27am BST UK employers plan smallest pay rises since 2013 - survey Men drink coffee as they stand in Canary Wharf in London, Britain May 5, 2017. REUTERS/Marika Kochiashvili LONDON British employers plan to increase pay at the weakest rate since 2013, a survey showed on Monday, offering poor prospects for British households already strained by higher inflation since last year''s Brexit vote. Employers on average expected to raise basic pay awards in the year ahead by 1.0 percent, down from 1.5 percent in the previous quarter''s survey, the Chartered Institute of Personnel and Development (CIPD) said. Last week Bank of England Governor Mark Carney warned that households faced a challenging time, as wage growth was set to turn negative in inflation-adjusted terms. Rising inflation, fuelled by rising energy costs and the pound''s post Brexit vote plunge, almost completely cancelled out the growth in pay of British workers during the three months to February, official data showed last month. Living standards are a hot political topic ahead of a June 8 national election. Prime Minister Theresa May will promise on Monday to extend British workers'' rights in a push to win over supporters of the opposition Labour Party. While the BoE''s expectation for solid economic growth in the next few years hinges on wage growth picking up significantly, the CIPD survey showed no sign that employers are thinking about ratcheting up pay as yet. Gerwyn Davies, labour market adviser at the CIPD, said weak pay partly reflected British businesses'' long-standing difficulties at raising productivity, and said he expected living standards would fall for many employees this year. "This could create higher levels of economic insecurity and could have serious implications for consumer spending, which has helped to support economic growth in recent months," . Other indicators of future wage growth, like the monthly REC survey and the Bank of England''s regional agents'' report, have pointed to a dearth of upward pressure on pay. The government capped annual basic pay rises for most public-sector workers at 1 percent in 2013, after a three-year pay freeze. The CIPD said pay expectations for the private sector held steady at 2.0 percent, but weakened in the voluntary sector and were stuck at 1.0 percent in the public sector. Still, the survey suggested employment will continue to increase in the second quarter, albeit at a slower rate than at the start of this year. Official monthly labour market data are due on Wednesday. Economists polled by Reuters expect growth in average weekly earnings, excluding bonuses, held steady at 2.2 percent in the three months to March. (Reporting by Andy Bruce; Editing by Raissa Kasolowsky)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-pay-idUKKCN18B13K'|'2017-05-15T18:07:00.000+03:00'
'0628a81884a6afc617af968e268f71787a6f77cf'|'Criteria says to carefully consider Atlantia bid for Abertis'|'MADRID The biggest shareholder of Spanish toll road company Abertis ( ABE.MC ), Criteria, said on Monday it would carefully consider a 16.34 billion euro ($18 billion) cash-and-share bid made for Abertis by Italian infrastructure group Atlantia.Criteria is a Barcelona-based industrial holding company that owns Spanish lender Caixabank ( CABK.MC ).(Reporting By Andres Gonzalez, Editing by Sonya Dowsett)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-criteria-abertis-idINKCN18B0RP'|'2017-05-15T06:05:00.000+03:00'
'442f474f7ee4596f8d129e6a123e65a45516ec98'|'Oil rises 2 percent after Saudi and Russia back longer supply cut'|' 45pm BST Oil rises 2 percent after Saudi and Russia back longer supply cut A man walks in front of the Novokuibyshevsk refinery near the city of Samara, October 28, 2010. REUTERS/Nikolay Korchekov/File Photo By Jessica Resnick-Ault - NEW YORK NEW YORK Oil jumped more than 2 percent to its highest in more than three weeks on Monday, topping $52 a barrel after Saudi Arabia and Russia said that supply cuts need to last into 2018, a step toward extending an OPEC-led deal to support prices for longer than first agreed. Energy ministers from the world''s two top producers said that supply cuts should be prolonged for nine months, until March 2018. That is longer than the optional six-month extension specified in the deal. Global benchmark Brent crude was up $1.41 at $52.25 a barrel by 11:28 Eastern, having touched $52.63, the highest since April 21. U.S. crude rose by $1.43 to $49.26. Oil traders were surprised by the strong wording of the announcement, though it remained to be seen whether all countries participating in the deal would agree with the Saudi-Russian stance. Some analysts said that U.S. production could still threaten to disrupt the market balance unless the cuts were deepened. "We are of the camp that the extension cuts might not be enough - they might need to extend the cuts and to increase them to stabilize this market," said Oliver Sloup, director of managed futures at iitrader.com. U.S. production is currently forecast to rise to about 9.31 million barrels per day this year, and Sloup says it could surpass that if buoyed by higher prices. Some analysts doubted that the producers would stick to a prolonged curb. "Extending the cuts until March 2018 would take account of the fact that demand in the first quarter of a year is lowest for seasonal reasons," said Commerxbank analyst Carsten Fritsch. "That said, we are skeptical about Russia''s willingness to actively participate in any extended cuts." The Organization of the Petroleum Exporting Countries, Russia and other producers originally agreed to cut output by 1.8 million barrels per day in the first half of 2017, with a possible six-month extension. Oil has gained support from the deal but inventories remain high and rising output from other producers, such as the United States, is keeping prices below the $60 that top exporter Saudi Arabia would like. The ministers said they hoped other producers would join the cut, which would initially be on the same volume terms as before. Kazakhstan, however, said it could not join a prolonged reduction on the same terms. "When the two biggest oil producers of the world reach a consensus on the extension of a supply cut, the market will listen," Tamas Varga, of oil broker PVM, said in a report. Ministers from OPEC and non-OPEC countries meet to decide policy on May 25 in Vienna. Two small producers not involved in the original deal, Egypt and Turkmenistan, have also been invited. (Additional reporting by Henning Gloystein and Alex Lawler; Editing by Marguerita Choy and David Goodman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKCN18B02Y'|'2017-05-15T23:44:00.000+03:00'
'c9d8644da1b3c02cd973a18d070892ff6bf8392b'|'Oil surges 2.5 percent, soothes cyber nerves'|'Business News - Mon May 15, 2017 - 8:53pm BST World stocks rise with oil, cyber attack; weak data knocks dollar left right A trader works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 15, 2017. REUTERS/Brendan McDermid 1/2 left right FILE PHOTO: A worker checks the valve of an oil pipe at Nahr Bin Umar oil field, north of Basra, Iraq December 21, 2015. REUTERS/Essam Al-Sudani/File Photo 2/2 By Rodrigo Campos - NEW YORK NEW YORK Commodity-linked stocks and currencies got a lift on Monday from rising crude oil prices after major producers Saudi Arabia and Russia said they would extend oil supply cuts into 2018. Cyber-security shares also got a lift, after a hack that locked down hundreds of thousands of computers across 150 countries over the weekend. Energy ministers from the world''s top two oil producers said production cuts, which were set to expire next month, should continue until March, longer than an optional six-month extension specified in the deal. "It''s more jawboning from OPEC, and I think in the end it''s going to prove to be noise... so the rally is probably a little much," said Michael O<>Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut. "But the market is reacting to the headlines." The Organization of the Petroleum Exporting Countries meets in Vienna on May 25 to consider the extension. U.S. crude CLcv1 rose 2.09 percent to $48.84 per barrel and Brent LCOcv1 was last at $51.82, up 1.93 percent on the day. The news from the energy sector more than offset concern over the weekend after a successful missile test by North Korea and a cyber attack with unprecedented global reach. The global "ransomware" cyber attack disrupted factories, hospitals, shops and schools, and spurred investors on Monday to buy stocks set to benefit from higher cyber security spending by firms and government agencies. An exchange-traded fund of cyber security shares across the globe ( HACK.K ) hit a near two-year high and was last up 3.2 percent at $30.71. U.S. cyber stocks jumped, and the largest advancing sector on Wall Street was technology, with Cisco ( CSCO.O ) leading the way up on the S&P 500, which hit a record high. The Dow Jones Industrial Average .DJI rose 81.2 points, or 0.39 percent, to 20,977.81, the S&P 500 .SPX gained 10.35 points, or 0.43 percent, to 2,401.25 and the Nasdaq Composite .IXIC added 24.19 points, or 0.4 percent, to 6,145.42. The pan-European FTSEurofirst 300 index .FTEU3 rose 0.10 percent and MSCI''s gauge of stocks across the globe .MIWD PUS gained 0.46 percent. Emerging market stocks rose 0.91 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.68 percent higher, while Japan''s Nikkei .N225 lost 0.07 percent. CRUDE, DATA WEIGH GREENBACK The currencies of resource-linked economies got a boost from the jump in oil prices. The Canadian dollar hit its highest level in over two weeks against the greenback. The U.S. dollar was also hurt by weak data on New York state area manufacturing. The dollar index .DXY, tracking the currency against a basket of other major units, fell 0.34 percent, with the euro EUR= up 0.46 percent to $1.0978. The Japanese yen weakened 0.37 percent versus the greenback at 113.77 per dollar, while sterling GBP= was last trading at $1.2896, up 0.05 percent on the day. The Canadian dollar strengthened 0.48 percent versus the greenback at 1.36 per dollar. U.S. Treasury yields slipped after the weak U.S. data. Benchmark 10-year notes US10YT=RR last fell 3/32 in price to yield 2.3415 percent, from 2.333 percent late on Friday. Spot gold XAU= added 0.2 percent to $1,230.61 an ounce. U.S. gold futures GCcv1 gained 0.25 percent to $1,230.80 an ounce. Copper CMCU3 rose 0.96 percent to $5,613.00 a tonne. (Additional reporting by Caroline Valetkevitch, Jessica Resnick-Ault, Dion Rabouin and Karen Brettell in New York; Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'htt
'e2d024b8e3ad1230080c1c1a66a433aa5fc9125b'|'Cybersecurity stocks rise after global ''ransomware'' attack'|'Technology   9:42pm IST Cyber security stocks rise after global ''ransomware'' attack Cables and computers are seen inside a data centre at an office in the heart of the financial district in London, Britain May 15, 2017. REUTERS/Dylan Martinez By Helen Reid - LONDON LONDON A global "ransomware" attack disrupting factories, hospitals, shops and schools spurred investors on Monday to buy stocks expected to benefit from a pickup in cyber security spending by companies and government agencies. The cyber attack began spreading across the globe on Fridayand by Monday had locked up computers in more than 150countries. European Union police agency Europol said on Monday the attack had hit 200,000 machines. "These attacks help focus the minds of chief technologyofficers across corporations to make sure security protocols areup to date, and you often see bookings growth at cyber securitycompanies as a result," said Neil Campling, head of technologyresearch at Northern Trust. Investors treated the attack as a buying opportunity for security stocks rather than a cause for concern over the risk it posed to companies, with the pan-European STOXX 600 index little changed and major U.S. indices up in midday trading. In London, shares in cloud network security firm Sophos jumped more than 7 percent to a record high and security firm NCC Group rose 2.7 percent. U.S.-listed shares in cyber security firms FireEye rose almost 8 percent, and peers Symantec and Palo Alto Networks were up more than 3 percent. The attack would "refocus IT attention on updating security infrastructure and procedures" and benefit providers in email, network, and endpoint security, analysts at Wedbush wrote in a research report, highlighting Proofpoint and Splunk as stocks to watch. Proofpoint shares jumped more than 8 percent. Analysts at Bernstein said desktop virtualization vendors Citrix Systems and VMware could indirectly benefit from the upgrade cycle, while defense companies Raytheon and BAE Systems should similarly get a boost in their commercial cyber security businesses. Government spending on computer security should also help General Dynamics, Lockheed Martin and Northrop Grumman, Bernstein said. Companies'' spending on cyber security protection is set toincrease 10 percent in Britain and Europe by 2020, according toBrian Lord, a managing director of cyber and technology atcyber security firm PGI, as outdated IT systems get a refresh. "In many companies there''s been an increase in investment inIT but not in the security that sits around it, so thisinvestment is likely to play a bit of catch-up," said Lord, whospent 21 years at UK government intelligence service GCHQ. The risks of security breaches, particularly when theyresult in the leak of sensitive customer data, has in the past had a direct impact on share prices as investor confidence is shaken. "Reducing the cost of security breaches by only 10 percentcan save global enterprises $17 billion annually," MorganStanley said in a report published on Monday. The U.S. broker upgraded its rating on networking equipmentgiant Cisco Systems to "overweight." Cisco shares were up 2.6 percent. With few pure-play, publicly traded software and networksecurity companies in Europe, a London-listed cyber securityexchange-traded fund (ETF), whose holdings include Cisco and FireEye, was in demand, up 3.4 percent. In Helsinki, Finnish digital security firm F-Secure jumped as much as 5.1 percent to a 16-year high. (Additional reporting by Danilo Masoni and Megan Davies; Editing by Vikram Subhedar, John Stonestreet and Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/europe-cyber-stocks-idINKCN18B19P'|'2017-05-15T18:56:00.000+03:00'
'af4ebb8e458900aa08318d2606aebdc3c604103a'|'Western Digital seeks arbitration in row over Toshiba''s $18 billion chip sale'|'By Makiko Yamazaki - TOKYO TOKYO Western Digital Corp ( WDC.O ) has sought international arbitration to stop partner Toshiba Corp ( 6502.T ) from selling its chips arm without its consent, potentially derailing a much-needed capital injection for the Japanese conglomerate.The two companies jointly operate Toshiba''s main semiconductor plant but Western Digital is not a favored bidder for the world''s second biggest NAND chip producer, having put in a much lower offer than other suitors, a source with knowledge of the matter has said.A legal battle could delay or put an end to an auction that could fetch some $18 billion and has attracted suitors such as private equity firm KKR & Co LP ( KKR.N ), Taiwan''s Foxconn ( 2317.TW ) and U.S. chipmaker Broadcom ( AVGO.O ).Toshiba is depending on the sale to cover billions in dollars in cost overruns at its now bankrupt U.S. nuclear unit Westinghouse. The Japanese firm logged a 950 billion yen ($8.4 billion) annual net loss and had negative shareholder equity of 540 billion yen, it said in an unaudited earnings release on Monday.After months of souring relations, Western Digital has begun arbitration procedures with the International Chamber of Commerce, demanding Toshiba reverse a move to put their joint venture assets into a newly formed unit - Toshiba Memory - and stop any sale without Western Digital'' s consent.Western Digital''s "efforts to achieve a resolution to date have been unsuccessful, and so we believe legal action is now a necessary next step," CEO Steve Milligan said in a statement.Toshiba CEO Satoshi Tsunakawa told a news conference the complaint was groundless and that Toshiba would push on with the sale, sticking to its plan to complete the second round of bidding on Friday."We will make efforts to convince bidders of the legitimacy of the chip-unit sale and wipe away their concerns," he said.Toshiba argues neither party can block a change of control by the other partner. It says Western Digital itself acquired the joint venture interest when it bought current unit SanDisk, and never sought or received Toshiba''s approval.But Western Digital counters that the contract only allows Toshiba not to seek approval if the Japanese company is acquired by a third party.LISTING, FINANCING AT STAKEThe escalating dispute could also further jeopardize Toshiba''s Tokyo bourse listing as fresh funds are urgently needed to shore up its balance sheet, as well as upend financing plans. Toshiba hopes to offer a stake in the chip unit as collateral for new loans from major lenders, a measure that the banks say also requires Western Digital''s approval.Toshiba believes that a consortium made up of KKR and Japanese government-backed investors would be the most feasible buyer for the business, sources with direct knowledge said last week.The Japanese government has proposed that Western Digital join their consortium as a minority investor, but the California-based firm has said it needs to take control of the unit in order to be fully in charge of operations, separate sources have said.Toshiba''s Tsunakawa said the company would make a decision on Tuesday whether to proceed with a threat it made this month to block Western Digital employees from the plant as well as databases if the U.S. company did not sign a broad collaboration agreement that the two had negotiated.Toshiba has said any move would not affect joint venture operations because it does not apply to SanDisk employees.Despite the fresh setback, Toshiba shares climbed 3.4 percent, buoyed by news that progress is being made toward capping some of its nuclear liabilities in the United States - another major headache.The owners of the unfinished Vogtle power plant in Georgia led by Southern Co ( SO.N ) have to come to a preliminary agreement to cap Toshiba''s responsibility for its guarantees on the project at about $3.6 billion, people familiar with the matter said on Sunday."The stock seems to be rall
'f6a5df0c7368d6fcc67def82f5f1670c0457e970'|'South Africa''s Vodacom group to buy 34.94 percent stake in Safaricom for $2.6 billion'|'  5:19pm BST Vodafone''s South African arm Vodacom takes over 34.6 billion-rand stake in Kenya''s Safaricom Pedestrians walk past a mobile phone care centre operated by Kenyan''s telecom operator Safaricom in the central business district of Kenya''s capital Nairobi, May 11, 2016. REUTERS/Thomas Mukoya By Nqobile Dludla - JOHANNESBURG JOHANNESBURG UK-based telecoms group Vodafone ( VOD.L ) moved to consolidate two of its African interests on Monday with the transfer of a 35 percent stake in Kenya''s Safaricom ( SCOM.NR ) to majority-owned South African subsidiary Vodacom ( VODJ.J ). The 34.6 billion-rand (<28>2 billion) deal, structured as an acquisition of the stake by Vodacom in return for new shares, is the latest move by Vodafone''s chief executive Vittorio Colao to rationalise the group''s disparate portfolio of interests around the world. Colao said last month that the company would fold some of its operations in sub-Saharan Africa into Vodacom as part of a "single, coordinated Africa strategy". He told South Africa''s Business Day publication that it made sense to consolidate operations in Vodacom given the group''s "scale, advancement and competence in technology". The Safaricom deal also simplifies the management of two of Vodafone''s biggest money-spinners in sub-Saharan Africa and promises to speed up the roll-out across the continent of mobile money transfer service M-Pesa, which was launched by Safaricom in 2007. "Vodacom Group sees scope to create further value through closer cooperation between both companies, including replication of Safaricom''s success in M-Pesa in Vodacom Group''s other territories," Vodacom''s chief executive Shameel Joosub said. Under the deal Vodacom said it will acquire a 87.5 percent shareholding in Vodafone Kenya, equivalent to a 35 percent indirect interest in Safaricom, in return for issuing 226.8 million new shares to Vodafone, raising the British company''s stake in Vodacom from 65 percent currently to 69.6 percent. Vodafone will retain a 12.5 percent interest in Vodafone Kenya, equivalent to a 4.99 percent stake in Safaricom, the companies said. For Vodacom, which also has networks in Tanzania, Democratic Republic of Congo, Mozambique and Lesotho, the transaction takes it into a market where Safaricom has a 71 percent share and demand is still growing for mobile services, including M-Pesa. POLITICAL UPHEAVAL The sale could be the first step for Vodafone, which also operates in Ghana and Ethiopia, to transfer more of its African assets into Vodacom. "I think this is about simplification. It has been talked about for a long time," said Macquarie Research analyst Guy Peddy. It also shows a commitment by Vodafone to Vodacom, despite the political upheavals that have rocked South Africa in recent months. South Africa lost its highly coveted sovereign investment grade credit ratings from two rating agencies last month after a cabinet shake-up that saw the sacking of respected finance minister and sparked a selling frenzy in bonds, stocks and the rand currency. "Vodafone always takes a long-term view of politics and doesn''t really get into the political environment," Joosub told Reuters. "Although there would be concern around things like downgrades, there is always a long-term approach to South Africa and overall positive sentiment." Shares in Vodafone closed up 0.02 percent at 210.9 pence, while Vodacom''s share price was up 0.2 percent at 152.8 rand and Safaricom was up 1.2 percent at 20.50 shillings. Safaricom, which is 35 percent owned by Kenya''s government, said in a statement the deal promoted the continued successful expansion of the company as well as the opportunity to take M-Pesa into other African markets. Safaricom made a success of M-Pesa in Kenya whereas Vodacom''s launch of M-Pesa in Tanzania in 2008 and South Africa in 2010 disappointed. "Vodacom''s first attempt at a money transfer business wasn''t very successful, but this deal coul
'50a3f1f00d2927e77467414090e662856d5e77dc'|'EU mergers and takeovers (May 15)'|'BRUSSELS May 15 The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS-- Taiwan''s Ennoconn, which is part of electronics maker Foxconn, to increase its stake in Austrian IT group S&T (approved May 12)-- Asset manager Ares Management L.P. and investment firm The Baupost Group to jointly acquire German shopping mall operator Prejan Enerprises Ltd (approved May 12)NEW LISTINGS-- Investment bank Goldman Sachs and French investment company Eurazeo jointly acquire Dominion Web Solutions (notified May 12/deadline June 21/simplified)-- French private equity company Ardian France and real estate agent Jones Lang LaSalle Inc to jointly acquire an office building in France (notified May 12/deadline June 21/simplified)-- French minerals company Imerys to acquire French calcium aluminate cements maker Kerneos (notified May 12/deadline June 21)EXTENSIONS AND OTHER CHANGESNoneFIRST-STAGE REVIEWS BY DEADLINEMAY 19-- Italian cinema operator The Space Cinema, which is controlled by Vue International Holdco Ltd, and Italian peer UCI Italian S.p.A. which is part of Chinese conglomerate Dalian Wanda Group, to set up a joint venture (notified April 7/deadline May 19)-- U.S. packaging company WestRock to acquire U.S. peer Multi Packaging Solutions (notified April 7/deadline May 19)MAY 22-- Investment firms Cinven Capital Management and Canada Pension Plan Investment Board to acquire joint control of Travel Holdings Parent Corporation (notified April 10/deadline May 22)MAY 24-- Japan-based Zen-Noh to acquire a 33 percent stake in a Brazilian joint venture between French commodities trader Louis Dreyfus Company and Brazilian soy processor-exporter Amaggi (notified April 12/deadline May 24/simplified)-- American healthcare company Johnson & Johnson to acquire Swiss biotech company Actelion (notified April 12/deadline May 24)-- Investment company Nordic Capital to acquire credit management services company Intrum Justitia (notified April 12/deadline May 24)MAY 29-- French EDF to acquire equipment and fuel manufacturing company Areva (notified April 18/deadline May 29)MAY 30-- French media group Vivendi to acquire de facto sole control of Italy''s Telecom Italia (notified March 31/deadline extended to May 30 from May 12 after Vivendi offered concessions)MAY 31-- Manufacturing and technology company General Electric''s Oil & Gas to acquire oilfield services company Baker Hughes (notified April 20/deadline May 31)-- Investment companies TPG and Oaktree to take joint control over Britain''s Iona Energy Co, which owns 75 percent of two undeveloped oil fields in the North Sea and that will be active in crude oil production and sale (notified April 20/deadline May 31/simplified)JUNE 1-- French aircraft engine and aerospace equipment company Safran and China Eastern Airlines Co. Ltd. to form joint venture to provide aircraft maintenance in China (notified April 21/deadline June 1/simplified)-- Energy company Electricite de France, French state-owned bank Caisse des depots et consignations and Japan''s Mitsubishi Corporation to create a joint venture NGM to finance electric mobility projects mainly in France (notified April 21/deadline June 1/simplified)-- Waste water company SGAB and Spanish infrastructure company Acciona to acquire 10 percent of Sociedad Concesionaria de la Zona Regable del Canal de Navarra (notified April 21/deadline June 1/simplified)JUNE 2-- Australian bank Macquarie and British pension fund Universities Superannuation Scheme to acquire Green Investment Bank (notified April 24/deadline June 2/simplified)JUNE 7-- German company CWS-Boco, which is part of German firm Haniel, to acquire some of British support services firm Rentokil''s workwear and hygiene units (notified April 26/deadline June 7)JUNE 8-- German chemicals company Evonik Industries to acquire U.S. company J.M. Huber Corp''s silica business (notified April 27/deadline June 8)JUNE 9-- Private equity firm Hellman & 
'5d61a8ed82f5fdb156b05fec49789d434bea0617'|'A new company every week: inside the UK''s AI revolution - Guardian Small Business Network'|'A t the opening of the Leverhulme Centre for the Future of Intelligence in Cambridge last year, Professor Stephen Hawking told the crowd: <20>Success in creating AI could be the biggest event in the history of our civilisation. [It will be] either the best, or the worst thing, ever to happen to humanity. We do not yet know which.<2E>It is perhaps not coincidental that the centre, which brings together researchers to investigate the implications of AI, has been established in this country. Five of the world<6C>s biggest technology companies have bought UK AI businesses in recent years, including DeepMind, which was acquired by Google for a reported $400m in 2015, SwiftKey (bought by Microsoft for an estimated $250m) and Magic Pony Technology (acquired by Twitter for $150m). Analysis by MMC Ventures shows the number of AI companies founded in the UK doubled in 2014-16, compared with 2011-13. Over the past three years, a new AI company has been launched almost every week.A government report (pdf), published last year, found that achievements in AI have so far been driven by research centres and startups, rather than by any government strategy. Subsequently, the spring budget introduced a <20>270m investment fund for disruptive technologies such as AI and robotics.Five things business leaders should know about machine learning and AI Read more AI firms are changing how brands engage with customers. SoDash , a UK-based software company founded by Daniel Winterstein and Joe Halliwell in 2011, enables companies to work with social media at scale and is used by brands such as Virgin Trains to analyse messages, prioritise customer service issues and isolate irrelevant social chatter. This year, Winterstein and Halliwell developed Orla, a bot that helps small businesses improve their reach on Twitter.<2E>Traditionally with a social automation tool, you tell it broadly who you want to interact with, turn the key, and hope,<2C> Winterstein says. <20>Not only is this highly risky, it<69>s an insincere and deceptive method of interaction.<2E> Orla finds relevant content for businesses, analyses followers of competitors and suggests recommendations for retweets and follows. <20>Doing all of this organically would take hours per day, with Orla, it takes minutes,<2C> Winterstein adds. <20>Whenever you give [the bot] feedback, she<68>s learning from the user ... and will tailor her suggestions accordingly. Over time, Orla is able to act as near as possible to how you would on social media.<2E>It<49>s a low-cost solution <20> <20>19 per month <20> for a small team just getting started with the intricacies of a social media marketing plan. But Winterstein is realistic about the bot<6F>s abilities. <20>Orla would need a lot less training than a human staff member would ... [but] she will never show the creativity and depth of understanding a human does. You won<6F>t be firing your marketing director and replacing them with Orla.<2E>Are chatbots liberating workers? Read more Ethical concerns As technology advances, AI will continue to push the boundaries. Research by consultancy firm Accenture shows that realising the UK<55>s potential in this sector would add <20>654bn to the economy by 2035. Earlier this month, Siemens UK chief executive Juergen Maier warned that AI is vital to the UK staying competitive . But there are undoubtedly ethical and legislative decisions to be made about AI as it continues to evolve - something the all-party parliamentary group on artificial intelligence, established in January 2017 , is exploring. Drew D<>Agostino, the founder of Crystal , admits his personality profile tool was seen as <20>creepy<70> when it first launched in the US. <20>That usually only comes from people who haven<65>t used the product though. When you understand what Crystal does, you<6F>ll see it<69>s simply automating the process of reading about someone and doing a quick best-guess of their personality. Something we do every day as humans,<2C> he says. The tool enables businesses to create perso
'dff1d9d965fabdc12ad7303cada7b8eaa136783b'|'China''s economy loses momentum as policymakers clamp down on debt risks'|'Business News - Mon May 15, 2017 - 8:12am EDT China''s economy loses momentum as policymakers clamp down on debt risks FILE PHOTO: Apartment blocks are pictured in Wuqing District of Tianjin, China October 10, 2016. REUTERS/Jason Lee/File Photo By Kevin Yao - BEIJING BEIJING China''s growth took a step back in April after a surprisingly strong start to the year, as factory output to investment to retail sales all tapered off as authorities clamped down on debt risks in an effort to stave off a potentially damaging hit to the economy. Waking up to the systemic threat posed by cheap credit-fueled stimulus since the 2008-9 global financial crisis, Beijing has continued to tighten the screws on speculative financing over the past several months. Data on Monday highlighted the broad economic impact of these regulatory curbs, with below-forecast factory output in April and fixed-asset investment in the first four months of the year reinforcing evidence of a weakening manufacturing sector and slowing momentum in the world''s second-biggest economy. "If anything (the slowdown) is even faster than we expected," said Julian Evans-Pritchard at Capital Economics in Singapore in an interview before the data was released. However, "we''re still some way off from the economy weakening to the point where it will test the tolerance of policymakers...as the urgency to address some of these financial risk issues (is even greater)," he said. Factory output was up 6.5 percent in April from a year earlier, down from 7.6 percent in March, and fixed-asset investment rose 8.9 percent in the first four months of the year, off the 9.2 percent pace in Jan-March. Analysts polled by Reuters had predicted factory output would grow by 7.1 percent in April, and tipped fixed asset investment to rise 9.1 percent in Jan-April. Output growth slowed on tumbling steel and iron ore prices amid concern over rising inventories after China''s mills cranked out as much metal as possible to drive factory production to its highest since December 2014. However, on a volume basis, steel output hit a record in April, data Monday showed, stoking worries of a growing glut as demand remains flat even as China says it is ahead of schedule on capacity reduction targets. Fixed asset investment in the manufacturing sector also slowed over Jan-April, with growth of 4.9 percent down from 5.8 percent in the first quarter. Infrastructure spending, however, continued to grow over 23 percent year-on-year in the same period, supported by Beijing''s Belt and Road initiative to expand investment links with Asia, Africa and Europe. PROPERTY COOLS Analysts say Beijing is keen to ensure steady economic growth ahead of the 19th Communist Party Congress later in the year. Chinese leaders have pledged to shift the emphasis to addressing financial risks and asset bubbles which analysts say may pose a threat to the Asian economic giant if not handed well. China''s central bank has been guiding short-term interest rates higher to help contain debt perils, though it is treading cautiously to avoid hurting economic growth. A red-hot property market, fueled by speculative investments, has been identified by analysts and policymakers as one of the biggest risks to growth. Monday''s data showed investment in property development picked up in April, although sales growth was significantly slower, suggesting investment in the sector remained robust even as intensified government controls to rein in the market began to take effect. The area of property sold grew 7.7 percent year-on-year in April, the lowest since December 2015 and well short of the 14.7 percent increase in March. SOFTER CONSUMPTION Retail sales rose 10.7 percent in April from a year earlier, weaker than March''s 10.9 percent gain as home appliances and automobile sales growth slowed from March. At the same time, growth in the services sector slowed to 8.1 percent year-on-year, down from 8.3 percent growth in March an
'ddd61a3cb0b4e86efbf929ca3b9408da918b88c6'|'Nikkei slips as 20,000 mark looms; earnings broadly well received'|'* Domestic investors rock in gains in past few weeks* Friday sees peak of Japanese earnings season* Retailers solid, carmakers slideBy Hideyuki SanoTOKYO, May 12 Japanese shares slipped from near 1-1/2-year highs on Friday as the market took a breather from its rally since mid-April, while trading was also influenced by a mixed bag of earnings with Nissan Motor rising on a surprise dividend hike.The Nikkei share average ticked down 0.7 percent to 19,823.28 as some investors booked profits. The index has gained more than 3 percent so far this month and in excess of 9 percent from its April 17 low of 18,225."There are many people who failed to take profits in March when the Nikkei peaked just below the 20,000. So those people are likely to be selling now," said Soichiro Monji, chief strategist at Daiwa SB Investments.But some market players expect the Nikkei to eventually clear the 20,000 mark, given a generally upbeat outlook for the global economy.The broader Topix dropped 0.7 percent to 1,575.53.On the week, both the Nikkei and the Topix look set to post their fourth straight week of gains, helped also by easing worries over European politics and tensions in the Korean peninsula.The market''s immediate focus is on corporate earnings, which will hit a peak for this season on Friday.Among the companies that have announced earnings so far, operating profits are seen rising 3.6 percent in the year to March 2017, said Kenji Abe, chief strategist at Okasan Securities."So far, positive surprises and negative surprises balance out. The earnings have not been particularly strong but there isn''t much to worry about either," he said.Rakuten jumped more than 10 percent after the internet firm posted strong earning growth in the January-March quarter on Thursday after market close.Market players are rotating into domestic demand-led shares, such as retailers, which rose 0.5 percent, even after their U.S. peers tumbled following weak earnings.Retailers have gained 7 percent so far this quarter, compared to 4.2 percent gains in the Topix in the same period.Department store operator Marui Group jumped more than 10 percent on its solid earnings and share buy-back announcement.On the other hand, carmakers underperformed as the yen rebounded from near two-month lows.Transport equipment maker subindex dropped 1.3 percent, with Denso falling 1.9 percent and Honda Motor shedding 1.7 percentBucking the trend, Nissan rose 3.6 percent on its dividend hike plan although it forecast an unexpected fall in profits and its guidance were lower than analyst expectations. (Editing by Shri Navaratnam)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL4N1IE08M'|'2017-05-12T00:37:00.000+03:00'
'f810e0820ec10572af3614870ab5c73d04aad21e'|'SocGen''s ALD declares intent for stock market flotation'|' 06am BST SocGen''s ALD declares intent for stock market flotation PARIS ALD, the car leasing unit of French bank Societe Generale (SocGen), said on Friday it has registered its intention with the French markets regulator AMF for a flotation. SocGen, JP Morgan and Credit Suisse have been appointed as global coordinators for ALD''s initial public offering, three sources familiar with the matter told Reuters earlier this week. The business could be valued at between 6 billion euros and 9 billion euros (7.6 billion pounds) in the IPO, the sources said. SocGen plans to sell a 20-25 percent stake in ALD. "The completion of the contemplated listing is subject to a number of factors including, among others, receiving the AMF<4D>s visa on the prospectus ... and the admission to trading on the regulated market of Euronext Paris as well as favourable market conditions," the company said. (Reporting by Maya Nikolaeva; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-socgen-ald-ipo-idUKKBN1880J6'|'2017-05-12T14:06:00.000+03:00'
'232dbbc0c96d04bb196420d031ce7d053e2293da'|'ChemChina gets around 82 percent of Syngenta in $43 billion deal'|'Deals - Wed May 10, 2017 - 1:54am EDT ChemChina gets around 82 percent of Syngenta in $43 billion deal left right A picture shows the headquarters of the China National Chemical Corp, or ChemChina, in Beijing, China February 3, 2017. REUTERS/Thomas Peter 1/4 left right The logo of Swiss agrochemicals maker Syngenta is seen at its headquarters in Basel, Switzerland July 22, 2016. REUTERS/Arnd Wiegmann/File Photo 2/4 left right FILE PHOTO: People smoke outside the headquarters of the China National Chemical Corp, or ChemChina, in Beijing, China February 3, 2017. REUTERS/Thomas Peter/File Photo 3/4 left right FILE PHOTO: Agrochemicals maker Syngenta''s logo is pictured during the annual news conference in Zurich February 6, 2009. REUTERS/Christian Hartmann/File Photo 4/4 ZURICH ChemChina [CNCC.UL] has won around 82 percent support from Syngenta shareholders for its $43 billion takeover of the Swiss pesticides and seeds group, China''s biggest foreign acquisition to date, the two companies said on Wednesday. Definitive interim results of the tender showed around 82.2 percent of Syngenta shares and depository receipts had been offered, slightly above the level the partners had announced last week when ChemChina clinched the deal. An additional acceptance period starts on Thursday. The takeover announced in February 2016 was prompted by China''s desire to use Syngenta''s portfolio of top-tier chemicals and patent-protected seeds to improve domestic agricultural output. (Reporting by Michael Shields; Editing by Brenna Hughes Neghaiwi) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-syngenta-ag-m-a-chemchina-idUSKBN1860GT'|'2017-05-10T13:45:00.000+03:00'
'85b2f04ab908813b6b549a142e5c210f40c4f5a5'|'Troubled auto parts maker Takata reports third consecutive annual loss'|'Wed May 10, 2017 - 8:09am BST Troubled auto parts maker Takata reports third consecutive annual loss FILE PHOTO: The logo of Takata Corp is seen on its display at a showroom for vehicles in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai/File Photo TOKYO Japan''s Takata Corp ( 7312.T ) on Wednesday reported a full-year net loss of 79.6 billion yen ($699.04 million) - its third consecutive annual loss - as the embattled auto parts maker faces bankruptcy over costs related to the recall of its potentially deadly air bag inflators. Even as it faces the auto industry''s biggest-ever recall, Takata forecast a net profit of 5 billion yen in the year to March. The company is seeking a financial sponsor to help pay for the recall-related liabilities. U.S. auto components maker Key Safety Systems (KSS) and private equity fund Bain Capital are trying to strike a rescue deal worth around 200 billion yen with Takata''s steering committee and its automaker customers in the coming weeks, more than a year after the search began for a financial suitor. Takata last month acknowledged that KSS was a front-runner in the bidding. The world''s second largest air bag maker is struggling to produce enough air bag inflator replacement parts after around 100 million of the components were deemed defective by global transportation safety authorities. Takata''s faulty inflators have been linked with at least 16 deaths globally, mainly in the United States, and many of its automaker clients have said they would stop using inflators made by the company in their new models. The supplier is also facing a bill for the recalls, which began around 2008 and which industry experts have estimated to cost as much as $10 billion. To date, the majority of recall costs has been footed by automaker clients including Honda Motor Co ( 7267.T ), Volkswagen AG ( VOWG_p.DE ) and Toyota Motor Corp ( 7203.T ). In February, Takata pleaded guilty to a U.S. felony charge related to the recalls, as part of a $1 billion settlement which includes compensation funds for automakers and victims of its faulty air bag inflators. Talks to find a sponsor have dragged on since February 2016, as potential bidders try to identify and ring-fence Takata''s liabilities, sources with knowledge of the talks have told Reuters. Restructuring the company is also a sticking point, the sources said. Takata''s founding family, which owns an around 60 percent stake, has insisted on a privately organized restructuring which could the company producing replacement parts and also preserve some share value. Meanwhile, automaker clients support a court-ordered process which would guarantee more transparency, although it could leave Takata''s suppliers on the hook with unsettled bills. (Reporting by Naomi Tajitsu and Sam Nussey; Editing by Miral Fahmy)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-takata-results-idUKKBN1860N0'|'2017-05-10T14:54:00.000+03:00'
'cec7f96b089a41131b3477f5a021c2ecea164daa'|'U.S. watchdog urges EU to think through euro clearing changes'|'Business News - Wed May 10, 2017 - 1:14pm BST U.S. watchdog urges EU to think through euro clearing changes FILE PHOTO: Offices in the financial district of Canary Wharf in London, Britain, January 19, 2017. REUTERS/Kevin Coombs/File Photo By Huw Jones - LONDON LONDON The European Union should think carefully before forcing through any changes to where clearing of euro-denominated securities like derivatives and bonds is located after Brexit, the top U.S. derivatives regulator said on Wednesday. Brussels is looking at whether euro-denominated clearing, an activity dominated by London, should be moved to the single currency area after Britain leaves the bloc in 2019. Christopher Giancarlo, acting chairman of the U.S. Commodity Futures Trading Commission, told the annual conference of global derivatives industry body ISDA that he was respectful of the fact that "this is an important regulatory policy decision that needs to be made with care by European officials." The issue is politically sensitive at a time when Britain and the EU embark on divorce talks, with legislative proposals on clearing due from Brussels next month. Giancarlo also drew attention to the European Commission''s consideration of a less radical option than moving clearing from London, which would involve tighter supervision of foreign clearing houses that handle large amounts of euro clearing. A clearing house or central counterparty (CCP) stands between two sides of a trade, ensuring its completion even if one side goes bust. The CFTC has a lot of experience in the supervision of clearing houses both in the United States and abroad, Giancarlo said. "We welcome the opportunity to discuss the CFTC''s experience with officials in Europe." "To date, the US has not deemed a body of water <20> even as large as the Atlantic Ocean <20> as an impediment to effective CCP supervision and examination," he said. He also said that given the closeness of the U.S. and European derivatives markets, what Europe decided "undoubtedly will inform the evolution of U.S. regulatory policy for cross-border swaps clearing." Giancarlo called for changes to the "supplemental" leverage ratio, or SLR, that the world''s top banks must comply with. The SLR, designed by global regulators, is based on a "flawed understanding" of how clearing works and harmed market liquidity, he said. A leverage ratio is a measure of capital to a bank''s assets on a non-risk weighted basis. Giancarlo said the SLR should not include cash posted by bank''s customers to back trades, and changes could contribute to a big saving in capital costs for banks, and potentially a three-fold increase in trading activity. It was critical that global regulators check if rules introduced since the 2007-09 financial crisis have made the financial system effective in supporting growth, he said. "Flourishing capital markets are the answer to global economic woes, not diminished trading and risk transfer." (Editing by Jane Merriman and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-clearing-idUKKBN1860TA'|'2017-05-10T20:14:00.000+03:00'
'5c3373fc3cfdf94247b053976a24be26374a9654'|'UPDATE 1-UK Stocks-Factors to watch on May 10'|'Market News - Wed May 10, 2017 - 2:45am EDT UPDATE 1-UK Stocks-Factors to watch on May 10 (Adds company news, futures) May 10 Britain''s FTSE 100 index is seen opening 2 points lower on Wednesday, according to financial bookmakers, with futures down 0.18 percent ahead of the cash market open. * ASTRAZENECA: Drugmaker AstraZeneca Plc said its asthma drug failed to meet the main goal of significantly reducing the annual asthma exacerbation rate in a late-stage study. * COMPASS GROUP: Compass Group Plc, the world''s biggest catering firm, proposed a 1 billion-pound ($1.3 billion) special dividend, after reporting higher first-half profit on the back of strong trading in North America and improving trends in Europe. * TALKTALK: British broadband company TalkTalk''s cut its dividend on Wednesday as founder Charles Dunstone, who became executive chairman earlier this month, said he would focus on returning the business to customer growth. * BAE SYSTEMS: BAE Systems, the world''s third-largest defence contractor, has started its new financial year well, with trading consistent with expectations, it said on Wednesday. * BARRATT: Britain''s biggest builder Barratt said on Wednesday it expected 2016/17 pre-tax profit to meet the top end of market expectations despite building barely any more homes than in the last financial year. * ITV: Commercial broadcaster ITV said its net advertising revenue could fall by as much as 20 percent in June as its outgoing Chief Executive Adam Crozier signed off with a tough trading update. * BHP BILLITON: BHP Billiton, said it had started a sales process to potentially divest its Cerro Colorado copper mine in Chile. * STANDARD LIFE/ABERDEEN: Standard Life and Aberdeen Asset Management expect to cut 800 jobs, nearly 10 percent of the firms'' total workforce, within three years of their looming merger, Standard Life said after announcing on Tuesday that the combined group will be named Standard Life Aberdeen. * OIL: Oil futures rose in Asian trading on Wednesday after Reuters reported that Saudi Arabia would cut supplies to the region as OPEC battles against rising U.S. production that is threatening to derail its attempts to end a sustained global glut in crude. * GOLD: Gold edged up on Wednesday from an eight-week low hit the session before, with the dollar slipping after U.S. President Donald Trump abruptly dismissed FBI Director James Comey. * The UK blue chip index closed up 0.6 percent on Tuesday, after British Prime Minister Theresa May vowed to cap energy prices if she was re-elected in June. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Harish Bhaskar) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1IC2GE'|'2017-05-10T14:45:00.000+03:00'
'99d0d4cc9df9cc1d8c1373d74e17df1623f47057'|'Apollo Global to buy West Corp for about $2 billion'|'Deals - Tue May 9, 2017 - 8:34pm EDT Apollo Global to buy West Corp for about $2 billion U.S. telephone conferencing services provider West Corp ( WSTC.O ) said it had entered into an agreement to be acquired by buyout firm Apollo Global Management LLC ( APO.N ) for about $2 billion in cash. The $23.50 per share offer represented a premium of about 17.5 percent over West Corp''s closing price on November 1, 2016, the company said on Tuesday. West Corp announced last November that it had hired investment bank Centerview Partners LLC and law firm Sidley Austin LLP to help the company explore financial and strategic alternatives. The deal has an enterprise value of about $5.1 billion, including net debt, the company said in a statement. Apollo Global was seeking to convince West Corp to lower its price expectations and accept a $2 billion acquisition offer, Reuters reported earlier this week. The company has grappled with a debt pile of more than $3 billion and struggled to keep its conferencing technology competitive amid fierce price competition from its peers. "We believe this transaction achieves our goal of maximizing value for West stockholders and positions the Company for continued success.," Tom Barker, chairman and chief executive officer of West Corp, said in the statement. The deal marks the second time West Corp has become a private company in little more than a decade. Omaha, Nebraska-based West Corp offers technology that allows companies and public safety organizations to launch teleconferencing sessions and manage customer service calls. <20>West is the leader in global conferencing and collaboration services, and is well-positioned to capitalize on customer migration to cloud-based solutions," Matthew Nord, Senior Partner at Apollo, said in the statement. West Corp has decided to suspend payment of its quarterly dividend as a condition of the merger agreement. The deal is expected to close in the second half of the year and has been unanimously approved by the company''s board, West Corp said. (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Andrew Hay) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-west-m-a-apollo-global-idUSKBN1852RN'|'2017-05-10T04:34:00.000+03:00'
'b6bafc486e75bc513c38928b532c78e7269b517a'|'Chinese Premier Li Keqiang visits Foxconn, after CEO goes to White House'|'Business News - Wed May 10, 2017 - 4:12am EDT China''s Li visits Apple supplier Foxconn after CEO''s White House trip left right China''s Premier Li Keqiang inspects a Foxconn Technology Group plant, in Zhengzhou, Henan province, China, May 9, 2017. Picture taken May 9, 2017. China Daily/via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. EDITORIAL USE ONLY. CHINA OUT. NO COMMERCIAL OR EDITORIAL SALES IN CHINA. 1/2 left right China''s Premier Li Keqiang inspects a Foxconn Technology Group plant accompanied by Terry Gou, founder and chairman of the company (L), in Zhengzhou, Henan province, China, May 9, 2017. Picture taken May 9, 2017. China Daily/via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. EDITORIAL USE ONLY. CHINA OUT. NO COMMERCIAL OR EDITORIAL SALES IN CHINA. 2/2 TAIPEI China is the best place for expanding manufacturing and investment, the country''s premier told the world''s largest contract electronics maker Foxconn less than two weeks after its chief executive Terry Gou went to the White House to discuss increasing investment in the United States. "We will continue to expand our development, and optimize the business environment. China has a huge market and lots of talent, it is the best investment place for expanding manufacturing," Li Keqiang was reported as saying on the State Council''s official website, which carried pictures of Li''s visit on Tuesday to Foxconn''s sprawling manufacturing facility in Zhengzhou, Henan province. The pictures showed Li being escorted by Gou around the facilities. The State Council statement said Li had encouraged Gou to further invest in high-end research and development as well as in supply chain production in China. Despite the recent rapprochement between U.S. President Donald Trump and China President Xi Jinping over North Korea issues, China remains a competitor to the United States under Trump''s "America first" agenda. Li''s visit comes weeks after Gou and other senior Foxconn executives discussed significant investments in the United States at the White House. At the time, Gou told Reuters that Foxconn was planning "capital-intensive" investments in America. On Wednesday, a person familiar with the matter told Reuters Foxconn plans to begin construction on a U.S. plant in the second half of this year. No other details were provided. When contacted about the matter, Foxconn, formally known as Hon Hai Precision Industry Co ( 2317.TW ), declined to comment. Analysts have said that Gou treads a fine line in balancing his business empire that straddles both the United States and China. Foxconn is a major supplier to Apple Inc ( AAPL.O ). China is the base for its assembly of Apple''s iconic iPhones, and where Foxconn employs about a million people. Foxconn is also in the running as a suitor for Toshiba Corp''s ( 6502.T ) chip business. People familiar with the deal have told Reuters that Foxconn is considered a U.S. security risk due to ties with China. Reuters earlier reported that Japanese display maker Sharp Corp ( 6753.T ) may start building a $7 billion plant in the United States in the first half of 2017, taking the lead on a project initially outlined by its Taiwanese parent Foxconn. (Reporting by Taipei newsroom; Writing by Jess Macy Yu; Editing by Michael Perry and Miral Fahmy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-foxconn-china-idUSKBN1860DS'|'2017-05-10T12:43:00.000+03:00'
'c2b380cceeabdf5815ea8056abcb2735c6298a1a'|'CEE MARKETS-Stocks, currencies extend gains ahead of GDP data'|'* Stock indices at multi-year high before profit-taking * Strong Q1 GDP data expected, corporate earnings healthy * Forint, Czech crown touch 5-week highs By Sandor Peto BUDAPEST, May 15 Central European stocks touched multi-year highs on Monday on expectations that first-quarter regional economic output data due on Tuesday will show robust growth, though profit-taking later caused shares to retreat. Budapest''s main stock index rose to nine-year highs, extending gains from a record high close on Friday. Profit-taking set in just after 0800 GMT. The index was up 0.2 percent. Solid first-quarter earnings reported by the region''s banks and other sectors are helping optimistic mood. Hungarian lender OTP, Central Europe''s biggest independent bank, announced a bigger-then-expected profit rise last week. This helped the stock reach two-month highs though it gave up some of its gains on Monday. The forint and the Czech crown hit 5-week highs against the euro, with the Hungarian currency trading on the firmer side of its key 310 line. "After an initial (downwards) correction, OTP and (oil group) MOL can lead the rise further," Equilor brokerage chief analyst Monika Kiss said in a note. Hungary is expected to report 3.35 percent annual economic growth for the first quarter on Tuesday, Poland and Romania around 4 percent rise, and according to analysts'' estimate Czech growth picked up to above 2 percent. Prague''s main stock index touched a 21-month high. State-owned gaz producer Romgaz shares firmed 1.25 percent after it said will start production in 2019 at a newly discovered gas field, its biggest find in three decades. The leu lagged behind a firming of other regional units. Investors have been worried that the leftist Romanian government''s drive to boost wages and cut taxes could widen the country''s budget deficit and lift inflation. Romanian central bank Governor Mugur Isarescu said on Monday that the impact of excess demand in the economy on inflation was not intense. His counterparts in the region have not expressed any concern over inflation, which retreated last month after rising rapidly since 2016. The zloty firmed 0.15 percent against the euro and Warsaw''s bluechip stock index rose half a percent. In the past weeks the currency and the index have been hovering near their highest levels since mid-2015. CEE SNAPS AT 1004 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech 26.54 26.58 +0.1 1.73% crown 80 05 2% Hungary 309.5 309.9 +0.1 -0.23 forint 200 650 4% % Polish 4.210 4.217 +0.1 4.59% zloty 5 0 5% Romanian 4.547 4.548 +0.0 -0.26 leu 0 0 2% % Croatian 7.434 7.428 -0.07 1.63% kuna 0 5 % Serbian 123.0 123.2 +0.1 0.25% dinar 400 000 3% Note: calculate previ close 1800 daily d from ous at CET change STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 1018. 1017. +0.0 +10. 07 96 1% 47% Budapest 34293 34435 -0.41 +7.1 .72 .53 % 6% Warsaw 2380. 2368. +0.5 +22. 26 50 0% 19% Bucharest 8422. 8407. +0.1 +18. 57 67 8% 88% Ljubljana 777.1 782.6 -0.71 +8.3 2 8 % 0% Zagreb 1884. 1885. -0.02 -5.52 71 17 % % Belgrade <.BELEX15 723.8 725.9 -0.29 +0.9 > 3 0 % 0% Sofia 655.9 654.9 +0.1 +11. 6 7 5% 86% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.02 0.106 +065 +11b > 8 bps ps 5-year <CZ5YT=RR 0 0.028 +032 +2bp > bps s 10-year <CZ10YT=R 0.819 0 +041 -1bps R> bps Poland 2-year <PL2YT=RR 1.973 -0.02 +265 -2bps > 5 bps 5-year <PL5YT=RR 2.776 0.005 +309 +0bp > bps s 10-year <PL10YT=R 3.317 0.009 +291 -1bps R> bps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.36 0.44 0.54 0 PRIBOR=> Hungary < 0.2 0.25 0.33 0.16 BUBOR=> Poland < 1.76 1.77 1.815 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1IH22H'|'2017-05-15T07:25:00.000+03:00'
'33797e5750fa66d759f9426a88aeb94304535c27'|'FTSE 100 heads towards record high as oil price rallies <20> business live'|'London<6F>s financial district, including Tower 42, The Cheesegrater and The Gherkin. Photograph: Tim Robberts/Getty Images Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Graeme Wearden (until 2pm) and Nick Fletcher (now)Monday 15 May 2017 17.13 BST First published on Monday 15 May 2017 07.49 BST Key events Show 5.13pm BST 17:13 European markets close higher with FTSE 100 and Dax at new peaks 2.38pm BST 14:38 Wall Street opens higher 2.17pm BST 14:17 Moody''s keeps stable outlook on Greek banks 2.01pm BST 14:01 Lunchtime round-up: FTSE heads towards new closing high 11.57am BST 11:57 Putin backs oil supply curbs 10.28am BST 10:28 Greece back in recession as GDP shrinks again 8.51am BST 08:51 Anything Britain can do.... Live feed Show 5.13pm BST 17:13 European markets close higher with FTSE 100 and Dax at new peaks A surge in the oil price, a boost from China<6E>s $900bn infrastructure plans and a victory for Angela Merkel in a key German state election combined to push markets higher, despite the worries caused by the global cyber attack. But Michael Hewson, chief market analyst at CMC Markets UK, said:It<49>s been another day of records for the FTSE100 and the German DAX, as they both put in new record highs, however the glacially slow progress above these new highs is a little worrying, which might suggest some investor nervousness at embarking on aggressive buying at such elevated levels.The sectors receiving a boost included oil and mining, while computer security stocks were also in demand after the cyber attack. Sophos jumped more than 7% while cybersecurity exchange-traded fund ISE rose more than 3%. The final scores in Europe showed:The FTSE 100 finished up 18.98 points or 0.26% at 7454.37, having earlier reached a new all time peak of 7460 Germany<6E>s Dax rose 0.29% to a record close of 12,807.04 France<63>s Cac closed up 0.22% at 5417.40 Italy<6C>s FTSE MIB added 0.6% to 21,704.46 Spain<69>s Ibex ended up 0.56% at 10,957.8 In Athens, the Greek market slipped 0.86% to 782.32 On Wall Street, the Dow Jones Industrial Average is currently up 80 points or 0.39% while the S&P 500 and Nasdaq Composite have both hit new intra-day highs. On that note, it<69>s time to close for the day. Thanks for all your comments, and we<77>ll be back tomorrow. Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 4.09pm BST 16:09 News from Saudi Arabia and Russia that they favour extending the current oil production cuts until March 2018 is not a game changer but should help stabilise crude prices, according to Capital Economics . Its chief global economist Andrew Kenningham said:The first point to make is that this has not radically altered the outlook for oil prices. An extension of up to six months had already been widely anticipated, so this is simply a little longer than expected. That may be why oil prices rose by only about 3% today, whereas they rose by around 15% when the cuts were originally agreed at the end of November 2016. Brent crude remains comfortably within the $45 to $60pb range in which it has been trading since last November.Further ahead, we think the agreement will help to lift Brent crude prices towards our forecast of $60pb by year-end. Even allowing for compliance slipping a bit and US shale production continuing to exceed expectations, these cuts should be enough to rebalance the oil market and bring oil stocks down.Today<61>s announcement also reinforces our view that oil prices will be far more stable in the coming years than they have been since 2014. Significant price rises would probably lead to weaker compliance by OPEC and Russia, as well as to higher shale production. Meanwhile, Saudi Arabia, Russia and the other big producers would probably extend their production cuts again if prices were to fall.As we have argued before, the current range for oil prices
'941fd605176b74a73591b2a9d348e154c3d11cf5'|'Business leaders want next government to build two more runways - World news'|'Business leaders have called for the next government to build two more runways, demanding that a follow-up Airports Commission be established only months after Heathrow<6F>s third runway was approved.Government ''watering down'' pollution limits to meet Heathrow pledge Read more The Institute of Directors urged that a fast-track commission be set up immediately after the election to recommend locations for two additional runways within a year. The controversial expansion of Heathrow has yet to be finally voted through parliament, almost five years after the first Airport Commission was established by David Cameron, and is not expected to be completed before at least 2025.The IoD, which represents 30,000 UK company directors, said that the commission had underestimated demand for air travel and said Gatwick would also be full before Heathrow, Britain<69>s main hub airport, was enlarged. Almost 45 million passengers travelled through Gatwick in the last year, a 9% increase.Dan Lewis, senior infrastructure adviser at the Institute of Directors, said: <20>The growth in passenger numbers is far ahead of what the Airports Commission said it would be. This is a fast-moving target.<2E>Whoever wins the next election, they will face a serious challenge in upgrading the UK<55>s transport and communications network. The years of dawdling on new airport capacity have left us lagging well behind European competitors. Expanding Heathrow is not enough.<2E>Passenger numbers Plans for a third Heathrow runway were cancelled by the coalition in 2009, before renewed pressure from business groups, the aviation industry and backbench MPs pushed the prime minister to reopen the issue of airport expansion. Sir Howard Davies<65> commission said only one runway could be built before 2030 within Britain<69>s climate change obligations. The London Chamber of Commerce and Industry has also called for the next government to enable a second runway at Gatwick to help create a <20>megacity<74>. While Gatwick was shortlisted as a candidate for a new runway, other airports such as Stansted and Birmingham would be likely to push hard should a future opportunity emerge.A Heathrow spokesperson said: <20>We<57>re getting on with expanding Britain<69>s only hub airport <20> with the new runway on track to open in 2025, doubling cargo capacity and adding 50% more flights. Heathrow continues to support the growth of aviation capacity in the UK in line with strict environmental targets.<2E>John Stewart, chair of anti-Heathrow expansion group Hacan, said the IoD was <20>living in a fantasy world<6C>. He added: <20>Because of the opposition, it takes years to build one runway. To try to build three at a time would create a nationwide network of opposition from local resident groups and climate change activists, the likes of which the UK has not seen before.<2E>Heathrow runway activists face no penalty over motorway protest Read more The IoD also urged a roadmap for building Crossrail 2, the north-south rail line that Transport for London has insisted will be crucial to meet the needs of the capital, particularly once HS2 is operational. Although it was identified by the National Infrastructure Commission as the single most important project for development, the preferred route has yet to be published by the transport secretary, Chris Grayling, and political impetus for the rail line appears to have diminished. Lewis said: <20>Since Theresa May took over, it<69>s back-pedalled a bit. Certainly there<72>s a sensitivity about it looking like a London project <20> but you can<61>t ignore the national importance.<2E>In a manifesto paper, the business group said that the government should also prioritise ultrafast broadband and 4G coverage. Lewis said: <20>Ultrafast broadband could mean a rural economy renaissance, it could drive growth and make places with low land values good economic prospects.<2E> The IoD said that there should be a commitment to switching from copper to fibre networks by 2025.Labour<75>s leaked manifesto has ba
'6a23a74ea593e1d8f24188815bf60a9242e4377d'|'French agency warns of more cyber attacks after Renault, others'|'PARIS French government cyber security agency ANSSI said on Monday carmaker Renault was not the only entity hit by the ransomware cyber attack at the end of last week and warned of other possible attacks soon."There are others," Guillaume Poupard, head of the agency, ANSSI, said. The government body was working with the victims on recovery.Businesses around the world scrambled on Saturday to prepare for a renewed cyber attack, convinced that a lull in a computer offensive that has stopped car factories, hospitals, schools and other organizations in around 100 countries was only temporary.The pace of the attack by a destructive virus dubbed WannaCry slowed late on Friday, after the so-called "ransomware" locked up more than 100,000 computers, demanding owners pay to $300 to $600 get their data back."We should expect similar attacks regularly in the coming days and weeks," Poupard said. "Attackers update their software ... other attackers will learn from the method and will carry out attacks".French carmaker Renault stopped production at several sites on Saturday a global cyber attack that hit its computer systems.(Reporting by Yann Le Guernigou and Maya Nikolaeva; Editing by Brian Love)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/cybercrime-france-idINKCN18B0PB'|'2017-05-15T15:36:00.000+03:00'
'790e13265bc9b68ff61c4c5456f002e84f1e3cb2'|'Russia, Saudi agree to extend oil output cuts until March 2018'|'BEIJING Saudi Arabia and Russia, the world''s top two oil producers, agreed on Monday on the need to extend output cuts for a further nine months until March 2018 to rein in a global crude glut, pushing up prices.Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander Novak said in a statement they would "do whatever it takes" to reduce the inventory overhang, using a phrase coined by European Central Bank President Mario Draghi five years ago in his successful bid to defend the euro.The Organization of the Petroleum Exporting Countries meets in Vienna on May 25 to consider whether to extend output cuts agreed in December last year between OPEC and 11 non-member countries, including Russia.Benchmark Brent oil prices LCOc1 rose, trading up $1.39 at $52.23 per barrel by 1407 GMT as the market had previously expected the cuts to be extended by as little as six months.With a nine-month extension now the minimum expectation for the OPEC meeting, the group has a lot of work to do to persuade its members and some non-OPEC producers to back the move.OPEC member Iraq, whose production is growing fast, has said it would support renewing the deal only for six months.Non-OPEC member Kazakhstan said on Monday it would struggle to join any new deal on the old terms, as its own output was set to jump. Oman said it fully supported the idea of a nine-month extension.OPEC wants to reduce global oil inventories to their five-year average but so far has struggled to do so. Stockpiles are hovering near record highs, partly because of rising production in the United States, which is not part of the existing deal."There has been a marked reduction to the inventories, but we''re not where we want to be in reaching the five-year average," Falih told a briefing in Beijing alongside Novak."We''ve come to the conclusion that the agreement needs to be extended."PUTIN''S SUPPORTThe briefing took place as Russian President Vladimir Putin was in Beijing on an official visit. Putin, Russia''s ultimate decision-maker, said he had recently met with the biggest Russian oil firms and they backed a nine-month extension."I feel optimism because our main partner in this process, and our main partner without doubt is Saudi Arabia, has fully implemented all the agreements that took place up to now, and secondly, Saudi Arabia wants to maintain stable and fair prices for oil," Putin said.Russia and Saudi Arabia heavily depend on oil revenues. Last year they agreed the first joint output cuts in 15 years despite major political differences, including their support for opposite sides in the Syrian war.Saudi, the de facto leader of OPEC, and Russia, the world''s biggest producer, together control a fifth of global supplies. Their latest joint action was spurred by oil prices dropping to under $50 per barrel, below their budget needs.Under the current agreement that started on Jan. 1, the 13-country OPEC and other producers pledged to cut output by almost 1.8 million barrels per day in the first half of the year."OPEC and Russia recognize that in order to get the market back on their side they will need ''shock and awe'' tactics where they need to go above and beyond a simple extension of the deal," said Virendra Chauhan, Singapore-based analyst at Energy Aspects."The market will also be looking at export cuts and not just production cuts, which is what is required to rebalance the market."So far, OPEC producers have not yet debated whether to deepen the cuts from July, OPEC sources told Reuters.If producers maintain their cuts at the current pace, it could push the market into a small deficit by the fourth quarter, said Edward Bell, director of commodity research at Emirates NBD in Dubai.U.S. drilling activity RIG-OL-USA-BHI last week rose to its highest in two years, while U.S. production has jumped more than 10 percent since its mid-2016 trough.(Reporting by Aizhu Chen in BEIJING; Additional reporting by Henning Gloystein and Florence Ta
'f61f712a650dfd52c1e2afc83a12482ffb98e6be'|'Premier Oil sees significant debt reductions in 2018'|' 36am BST Premier Oil sees significant debt reductions in 2018 Oil and natural gas producer Premier Oil ( PMO.L ), which has struggled to contain its $2.8 billion (2.2 billion pounds) debt pile, said it expected to slash debt significantly in 2018 with planned asset disposals this year and lower capital spending. The North Sea-focused company, which had said its debt restructuring deal was expected to complete by May, lowered its 2017 capital expenditure forecast to $350 million from $390 million. It maintained the full-year production guidance of 75,000 barrels of oil equivalent per day, excluding any contribution from its Catcher field in the North Sea, which is scheduled to deliver first oil in 2017. The company reported a 44 percent rise in its production to 82,600 boepd for the four months ended April 30. Shares in the company rose as much as 5.5 percent, before paring gains to trade up 4.1 percent by 0823 GMT on the London Stock Exchange. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri) Oil jumps as Saudi, Russia take lead and extend supply cuts to March 2018 SINGAPORE Oil prices jumped 2 percent on Monday after   extended from the middle of this year until March 2018. Blowing the whistle in South Korea: Hyundai Man takes on chaebol culture YONGIN, South KoreaSouth Korean engineer Kim Gwang-ho flew 11,000 km (7,000 miles) to Washington last year to do something he never dreamed he would: he reported alleged safety lapses at Hyundai Motor Co - his employer of 26 years - to U.S. regulators. China''s economy loses momentum as policymakers clamp down on debt risks BEIJING China''s growth took a step back in April after a surprisingly strong start to the year, as factory output to investment to retail sales all tapered off as authorities clamped down on debt risks in an effort to stave off a potentially damaging hit to the economy. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-premier-oil-debt-idUKKCN18B0P8'|'2017-05-15T15:36:00.000+03:00'
'2e0518eee642dc902e232b17670c4b3904c04513'|'German investor morale hits near two-year high as risks fade'|'Business News - Tue May 16, 2017 - 11:00am BST German investor morale hits near two-year high as risks fade FILE PHOTO: The famous skyline with its banking district is pictured in early evening next to the Main River in Frankfurt, Germany, January 19, 2016. REUTERS/Kai Pfaffenbach/File Photo BERLIN The mood among German investors improved further in May to reach its highest since July 2015, a survey showed on Tuesday, in a further sign that political uncertainties which clouded the growth outlook for Europe''s biggest economy are evaporating. The Mannheim-based ZEW research institute said its monthly survey showed its economic sentiment index rose to 20.6 from 19.5 points in the previous month. The Reuters consensus forecast was for a rise to 22.0. The positive sentiment reading came as the economy picked up speed in the first quarter of 2017. Companies invested more, consumers and the state continued to spend and exports soared despite the threat of rising protectionism. Germany''s economy, Europe''s biggest, grew by 0.6 percent in the quarter from the quarter before, when it expanded 0.4 percent, the Federal Statistics Office said last Friday. "The latest figures on gross domestic product confirm that the German economy is in good shape," ZEW President Achim Wambach said in a statement. "The prospects for the euro zone as a whole are gradually improving, further strengthening the economic environment for German exports," he added. A separate gauge measuring investors'' assessment of the economy''s current conditions rose to 83.9 points from 80.1 in April. This compared with the Reuters consensus forecast which predicted a reading of 82.0. The upbeat ZEW report is the latest in a batch of solid data that are likely to help Chancellor Angela Merkel and her conservatives burnish their economic credentials before a Sept. 24 federal election, when she will seek a fourth term. Merkel received a boost on Sunday when her party won a regional election in the populous western state of North Rhine-Westphalia, home to one in five German voters and often seen as an indicator of national electoral trends. The result put Merkel on course to retain power, welcome news for investors who regard her as an anchor of stability. "Fading political risks, low inflationary pressure, low interest rates and comfortable stock markets are feeding investors'' optimism," said ING economist Carsten Brzeski. (Reporting by Michael Nienaber and Paul Carrel; Editing by Michelle Martin and Raissa Kasolowsky)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-germany-economy-zew-idUKKCN18C0ZZ'|'2017-05-16T17:55:00.000+03:00'
'fec87c69d5235f4be7709e2f88b0f424a539f27b'|'Several top fund managers trim Allergan stakes in first quarter'|'Business News - Mon May 15, 2017 - 8:41pm EDT Several top fund managers trim Allergan stakes in first quarter FILE PHOTO: The Allergan logo is seen in this photo illustration in Singapore November 23, 2015. REUTERS/Thomas White/File Photo By Trevor Hunnicutt - NEW YORK NEW YORK Six closely watched investors sliced their stakes in Allergan Plc ( AGN.N ) during the first quarter, recent regulatory disclosures show, cutting what had been one of the years'' best performing health stocks that has stumbled in recent days. Billionaire investor Carl Icahn sold out of the pharmaceutical giant entirely, while Farallon Capital Management LLC, David Tepper''s Appaloosa LP and Seth Klarman''s Baupost Group LLC were among those trimming their stakes by as much as 32 percent, according to regulatory filings. Paulson & Co Inc and Leon Cooperman''s Omega Advisors Inc also pulled back on the stock during the quarter, their filings showed. The Botox-maker recorded a strong rally in early February after seeing strong sales, but it posted a first-quarter loss last week as it took a nearly $2 billion write-down on the value of its stake in Teva Pharmaceutical Industries ( TEVA.TA ). William Blair & Co LLC analysts Tim Lugo and Raju Prasad said in a note last week that the company''s eye care business also faced some potential challenges this year. President Donald Trump and his Republican party are pushing for a tax reform that could include a border-adjustment measure to satisfy Trump''s interest in promoting U.S. manufacturing by taxing imports and exempting export revenues from taxation. Allergan Chief Executive Brent Saunders has said he does not anticipate U.S. tax reforms this year but that an import tax could hurt the Dublin-based drugmaker. Omega and Paulson offered no comment, while the other four investors did not respond to inquiries from Reuters. Allergan declined to comment. Shares in Allergan were up 13.77 percent in the first quarter. The quarterly disclosures of manager stock holdings with the U.S. Securities and Exchange Commission, in what are known as 13F filings, are always intriguing for investors trying to divine a pattern in what savvy traders are selling and buying. But relying on the filings to develop an investment strategy comes with some peril in part because the disclosures are backward looking and come out 45 days after the end of each quarter. Still, the filings offer a glimpse into what stocks fund managers saw as opportunities for profit. (Reporting by Trevor Hunnicutt; Additional reporting by Lewis Krauskopf and Carl O''Donnell; Editing by Jennifer Ablan and Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-investment-funds-allergan-idUSKCN18C003'|'2017-05-16T08:08:00.000+03:00'
'82d82950a1c518bbbee4e092906b945ae16cc4d6'|'JPMorgan''s Dimon defends alignment with Trump, deregulation efforts'|'Tue May 16, 2017 - 5:15pm BST JPMorgan''s Dimon defends Trump advisory role, deregulation Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co. speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. REUTERS/Mike Blake By Dan Freed - NEW YORK NEW YORK JPMorgan Chase & Co ( JPM.N ) Chief Executive Jamie Dimon on Tuesday responded to criticism from angry shareholders of his role advising President Donald Trump on economic matters, saying he would help "any president" in office. At the bank''s annual meeting in Wilmington, Delaware, several attendees demanded answers from Dimon about his role on a White House business council and JPMorgan''s involvement with financial deregulation efforts in Washington. "I would try to help any president of the United States, because I''m a patriot," Dimon said. "That does not mean we agree with all the policies that an administration comes up with." Asked whether he would step down from Trump''s Strategic and Policy Forum, which includes over a dozen leaders of major corporations, Dimon said simply, "No." Like annual shareholder meetings held by other big U.S. banks this year, JPMorgan''s was dominated by activists concerned about Trump''s positions on immigration, minorities, human rights and the environment. The actual business of the meeting was less controversial: voting shareholders sided with management on all major resolutions, including the election of directors and executive compensation. Activists'' proposals were rejected, though a proposal to allow investors with 10 percent of the total shares outstanding to call a special meeting received more than 42 percent support of shares voted, according to the bank''s preliminary tally. In discussing Trump, Dimon repeated a metaphor he has used several times about the president being a pilot and the United States an airplane. He also defended JPMorgan''s track record with issues shareholders raised, including its support for "free and fair trade" with Mexico, and argued that efforts to reduce Wall Street regulations will help the economy. (Reporting by Dan Freed; Writing by Lauren Tara LaCapra; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-jpmorgan-meeting-idUKKCN18C1ZB'|'2017-05-16T23:45:00.000+03:00'
'6cd33f4f0843525387be8f762cd9e38e8e01492c'|'Facebook fined 150,000 euros by French data watchdog'|'Business News - Tue May 16, 2017 - 11:51am BST Facebook fined 150,000 euros by French data watchdog FILE PHOTO: The Facebook logo is displayed on the company''s website in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau/File Photo PARIS Facebook ( FB.O ) has been fined 150,000 euros (<28>128,588) by France''s CNIL data watchdog for failure to prevent its users'' data from being accessed by advertisers. CNIL said its fine - which was imposed on both Facebook Inc and Facebook Ireland - was part of a wider European probe also being carried out in Belgium, the Netherlands, Spain and Germany into some of Facebook''s practices. The 150,000 euros fine is small in the context of the company which has quarterly revenue of about $8 billion (<28>6.2 billion) and a stock market capitalisation which stands at around $435 billion. (Reporting by Sudip Kar-Gupta; Editing by Andrew Callus)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-facebook-france-idUKKCN18C102'|'2017-05-16T18:51:00.000+03:00'
'8f03b3494b1b9560715b438c0996d1f40a60dd37'|'Norway''s wealth fund increases property portfolio in London'|' 28pm BST Norway''s wealth fund increases property portfolio in London OSLO Norway''s $941-billion (<28>730.6 billion) sovereign wealth fund, the world''s largest, said on Tuesday it had acquired three properties in London for 120 million pounds in partnership with the Crown Estate. The Regent Street Partnership, in which Norges Bank Real Estate Management has a 25 percent stake, has acquired 100 percent of 1 Princes Street and 6 Swallow Place, and the remaining 33 percent of 2-4 Princes Street, the statement said. The properties comprise a total of 8,000 square feet of retail space and 11,000 square feet of office space, it added. The seller was a joint venture between Aviva Life and Pensions UK Limited and Public Sector Pension Investment Board, the fund said. The Norwegian fund aims to invest up to five percent of its assets in real estate. (Reporting by Nerijus Adomaitis; Editing by Andrew Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-norway-swf-property-idUKKCN18C1FO'|'2017-05-16T20:28:00.000+03:00'
'ff2948bf5cdb2cc14737499aaf50894fe3fa4b8d'|'Spain''s Banco Popular says several groups interested in potential merger'|'Deals   12:17pm EDT Spanish banks show interest in merger with struggling Popular FILE PHOTO: The logo of Banco Popular is seen on its headquarter in Lisbon, Portugal, March 17, 2016. REUTERS/Rafael Marchante/File Photo By Jes<65>s Aguado and Angus Berwick - MADRID MADRID Several Spanish banks, including state-owned Bankia ( BKIA.MC ), have shown interest in a potential merger with Banco Popular ( POP.MC ), as its new management considers options for how to cope with billions of euros in toxic assets. Popular''s new chairman Emilio Saracho, brought in in February, has said he would consider a merger as the solution to the bank''s 37 billion euros ($41 billion) of non-performing real estate assets, the highest among Spanish banks. Spanish banks have already undergone huge consolidation since the country''s financial crisis, with just 14 left from 55 in 2008, but Popular remains the weak spot since it has been unable to sell off its assets fast enough. Popular, Spain''s sixth largest bank, said on Tuesday that all groups had to declare preliminary interest in a merger by Tuesday evening. Any such declarations were not binding but were needed for it to analyze its options, it said in a statement. A source familiar with the deal said all the big Spanish banks had been looking over the past weekend at Banco Popular''s balance sheet before potentially expressing their interest. "We have all been looking at risk files, at different samples of assets, including foreclosed assets, and commercial data and now we have been asked to put in a price and structure for the deal," this source said. Spain''s economy minister said on Tuesday that Bankia was one of several Spanish banks analyzing a potential merger with Popular. Analysts say a merger between Popular and Bankia would be complementary and create a domestic giant that would rival Spain''s three largest banks: Banco Santander ( SAN.MC ), BBVA ( BBVA.MC ) and Caixabank ( CABK.MC ). Bankia, Spain''s fourth largest bank, has bounced back from huge losses on property assets after they were transferred to an external ''bad bank'' backed by the state, and now has the highest core capital ratio among listed lenders. Spanish banking sources said Santander and BBVA were looking at Popular, and both banks'' chief executives said during their last results that they would analyze opportunities in their home market, though both said they were focused on organic growth. Two banking sources said that BBVA had approached former Banco Popular chairman Angel Ron in November about a potential tie-up. Representatives for Santander and BBVA declined to comment. MORE CONSOLIDATION A Popular spokesman said the bank had hired JPMorgan and Lazard to advise it on its strategic options, which include either a merger or another capital increase after it raised 2.5 billion euros last year. Popular shares have fallen around 62 percent over the past year and are the worst performers on the European STOXX banking index .SX7P, which analysts say could encourage potential competitors to make an offer given its cheap price. Bankia is unable to close deals until June due to restrictions on acquisitions from its 22-billion-euro state bailout in 2012, but a spokeswoman said it could express interest beforehand. "Bankia is an important entity, which is very healthy, has a lot of capital and a good management team. The information I have is that it is analyzing Banco Popular''s situation, like the others," Economy Minister Luis de Guindos told reporters in Barcelona. Caixabank ( CABK.MC ) and Banco Sabadell ( SABE.MC ), which have both made informal approaches to Popular in the past, say they are now focused respectively on integrating Portuguese lender BPI ( BBPI.LS ) and British TSB. However, last week Saracho, Popular''s chairman, asked Sabadell to look again at Popular''s balance sheet in case it was interested, according to a source familiar with the situation. Caixabank and Sabadell representati
'da306f7f21fa3800bf8a5f94701e13231d1d52fc'|'CANADA STOCKS-Futures slightly higher as oil, commodity prices rise'|'Market News  29am EDT CANADA STOCKS-Futures slightly higher as oil, commodity prices rise May 16 Futures of Canada''s main stock index were slightly higher on Tuesday as oil extended gains and commodity prices rose. June futures on the S&P TSX index were up 0.07 percent at 7:15 a.m. ET. No economic data is scheduled for the day. Canada''s main stock index rallied on Monday, powered in part by Royal Bank of Canada, which helped the heavily weighted financial stocks, and energy gains fueled by a jump in oil prices. Dow Jones Industrial Average e-mini futures were up 0.16 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.07 percent and Nasdaq 100 e-mini futures were up 0.11 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES BCE Inc, Canada''s largest telecommunications company, said a hacker had accessed customer information containing about 1.9 million active email addresses and about 1,700 names and active phone numbers. Lending to small Canadian businesses was little changed in March compared to the month before, though borrowing by medium-sized companies jumped as they benefited from a recovery in the energy sector, data showed on Tuesday. ANALYST RESEARCH HIGHLIGHTS Premium Brands Holdings Corp: BMO raises price target to C$95 from C$83 Storm Resources Ltd: CIBC raises price target to C$5.75 from C$5.25 COMMODITIES AT 7:15 a.m. ET Gold futures: $1,233.9; +0.33 pct US crude: $49.12; +0.53 pct Brent crude: $52.08; +0.5 pct LME 3-month copper: $5,587.00; -0.46 pct U.S. ECONOMIC DATA DUE ON TUESDAY 0830 Building permits - number for Apr: Expected 1.270 million; Prior 1.267 million 0830 Build permits - change mm for Apr: Prior 4.2 percent 0830 Housing starts number mm for Apr: Expected 1.260 million; Prior 1.215 million 0830 House starts mm - Change for Apr: Prior -6.8 percent 0915 Industrial production mm for Apr: Expected 0.4 percent; Prior 0.5 percent 0915 Capacity utilization mm for Apr: Expected 76.3 percent; Prior 76.1 percent 0915 Manufacturing output mm for Apr: Expected 0.3 percent; Prior -0.4 percent FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1= C$1.36) (Reporting by Nivedita Balu in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL4N1II3SB'|'2017-05-16T19:29:00.000+03:00'
'7ab9adeb68edc2e5636f2340d23777e5f0ce273d'|'China central bank to maintain prudent monetary policy, eyes on shadow banking risks'|'Business News - Fri May 12, 2017 - 1:31pm BST China central bank to maintain prudent monetary policy, eyes on shadow banking risks FILE PHOTO: A Chinese national flag flutters outside the headquarters of the People''s Bank of China, the Chinese central bank, in Beijing, April 3, 2014. REUTERS/Petar Kujundzic/File Photo BEIJING China''s central bank said on Friday that it will maintain a prudent and neutral monetary policy and keep liquidity basically stable. China will also strengthen oversight to prevent risks in the shadow banking category, including asset management products, the People''s Bank of China (PBOC) said in its first-quarter monetary policy implementation report. The PBOC said it will provide necessary liquidity support for "reasonable growth of credit" but will control the increase in non-performing loans and restrict credit flowing into speculative housing purchases. (Reporting by Yawen Chen and Josephine Mason; Editing by Nick Macfie) British insurance body calls for overhaul for injury lump sums LONDON The Association of British Insurers on Friday called for an overhaul in the calculation of lump sum payments in personal injury claims, after a change in the way they are worked out pushed up the size of the payments, denting insurers'' profits. Lower bonus pushes Tesco CEO''s pay down by 10.5 percent LONDON The chief executive of Tesco , Dave Lewis, saw his total pay package fall 10.5 percent last year, even though the supermarket group achieved a 25 percent rise in profit and its first full year of sales growth for seven years. BRUSSELS EU nations agreed on Friday on new draft rules for car approvals despite opposition from Germany, EU sources said, in a bid to prevent a repeat of the Volkswagen emissions cheating scandal. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-policy-idUKKBN1881O5'|'2017-05-12T20:31:00.000+03:00'
'061223c209b60e607984f43e9cd45f733a580e42'|'PRECIOUS-Gold steady on US political uncertainty; but heads for 4th weekly loss'|'May 12 Gold prices held firm on Friday on political uncertainty in the United States, but were set for their fourth straight weekly loss due to expectations of an interest rate hike by the U.S. Federal Reserve in June. FUNDAMENTALS * Spot gold was unchanged at $1,224.63 per ounce at 0103 GMT. It hit an eight-week low of $1,213.81 an ounce on Tuesday. * U.S. gold futures were also steady at $1,224.50 an ounce. * President Donald Trump on Thursday ran into resistance for calling ousted FBI chief James Comey a "showboat." The attack that was swiftly contradicted by top U.S. senators and acting FBI Director Andrew McCabe, who pledged that an investigation into possible Trump campaign ties to Russia would proceed. * New applications for U.S. jobless benefits unexpectedly fell last week, while producer prices rebounded strongly in April, pointing to a tightening labour market and rising inflation that could spur the Federal Reserve to raise interest rates in June. * Trade protectionism is a "dead end" that may score political points but will ultimately hurt the U.S. economy, one of the most influential Fed officials said on Thursday in the central bank''s strongest defence yet of open borders in the face of a sceptical Trump administration. * Finance chiefs from the G7 begin a two-day meeting in Italy on Friday, with Europe, Japan and Canada hoping to come away with a clearer picture of U.S. President Donald Trump''s direction on important policies that he has yet to spell out. * Euro zone economic growth should grow a bit faster this year than previously believed and the unemployment rate could be the lowest in a decade, the European Commission said on Thursday. * Platinum producer Lonmin said on Thursday protesters demanding jobs were disrupting output, damaging property and intimidating employees around its Marikana operations in South Africa. * South African-based precious metals producer Sibanye Gold plans to raise $1 billion through a rights issue to repay a portion of a $2.65 billion loan facility it used to acquire U.S. platinum producer Stillwater * Egypt will announce the results of its gold mining exploration tender next week, Minister of Petroleum Tarek El Molla said on Thursday. * South Africa is set to avoid slipping into a technical recession this year following surprise improvements in mining and manufacturing output, although the economy remains under pressure due to recent credit downgrades to junk. DATA/EVENT AHEAD (GMT) 0600 Germany GDP flash Q1 0900 Euro zone Industrial production Mar 1230 U.S. Consumer prices Apr 1230 U.S. Retail sales Apr 1400 U.S. Business inventories Mar 1400 U.S. Univ of Michigan sentiment index May (Reporting by Nallur Sethuraman in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-precious-idUSL4N1IE0PK'|'2017-05-12T09:18:00.000+03:00'
'53c8e99352da7bf069f3edab87c65f33a2ee728e'|'M&A and pharma stocks support European shares, but profit miss hits Richemont'|'Business News - Fri May 12, 2017 - 8:39am BST M&A and pharma stocks support European shares, but profit miss hits Richemont Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 11, 2017. REUTERS/Staff/Remote MILAN European shares inched higher in early deals on Friday, underpinned by gains among drugmakers and some fresh dealmaking activity, while luxury group Richemont fell on a disappointing earnings update. Cartier owner Richemont fell 5.6 percent, leading losers in Europe after saying the trading environment would stay volatile after net profit fell more than the market expected. In spite of the disappointing update from the heavyweight luxury group, results in Europe have been surprisingly strong with 67 percent of companies beating earning expectations,   I/B/E/S data. Combined with easing political worries, earnings have helped the pan-European STOXX 600 hit 21-month highs earlier in the week. By 0714 GMT the STOXX and euro zone blue chips both rose by 0.1 percent, while the UK''s FTSE 100 added 0.2 percent, supported by a 4 percent surge in AstraZeneca following positive trial results from a key immunotherapy drug. Gains in the British drugmaker helped lift Europe''s healthcare index up 0.8 percent, making it the biggest sectoral gainer in Europe. United Internet was the biggest gainer on the STOXX, up 9 percent, after saying that it plans to buy a majority stake in mobile operator Drillisch to create a stronger challenger in the German telecoms market. (Reporting by Danilo Masoni)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN1880SC'|'2017-05-12T15:39:00.000+03:00'
'2f43b5c96d17bb0606c25066d45ad7a70f9cbc3c'|'Southeast Asia ride-hailing service Grab says open to more acquisitions'|'By Matthew Tostevin - PHNOM PENH PHNOM PENH May 12 Singapore-headquartered Grab is open to further acquisitions after buying an Indonesian online payments startup, one of the co-founders of the Southeast Asia-focused ride hailing service said.Grab, which competes aggressively with U.S.-based Uber Technologies Inc in the region, sees its future in mobile payments as much as in transport, and acquired Indonesia''s Kudo last month. The company did not say how much it paid, but Reuters had earlier reported that it had expected to pay $100 million."We''re always on the lookout, whether it''s for public partners, private partners, inorganic partnership and growth or organic growth," Hoo Ling Tan, told Reuters in Phnom Penh on Thursday."Anything that will get us to the dominant position of the number one mobile wallet payments system in Southeast Asia."The number of users of its GrabPay service had doubled over the past eight weeks, Tan said, without giving actual numbers. She saw the market size for payments in Southeast Asia as $500 billion a year, compared to $25 billion for transport.That made it just as important for Grab as transport said Tan, who co-founded Grab with fellow Harvard Business School graduate Anthony Tan five years ago.Grab did not immediately need to seek funds immediately for expansion, Tan said, adding that the company had raised $1.45 billion to date. "We still have a lot of it left," she said.Last month, Singapore''s Straits Times reported that public transport operator SMRT Corp was in talks to sell Grab its taxi business, which according to its website has a fleet of more than 3,500 cars. ( bit.ly/2pRiQOW )Tan called the report speculation, but added that Grab was "constantly on the lookout for good partners". Grab''s app allows users to summon taxis, private cars and motorbikes.Over the last six months, the number of daily rides on Grab had more than doubled to 2.3 million rides a day, Tan said. It has no plans for expansion beyond Southeast Asia. (Additional reporting by Aradhana Aravindan in SINGAPORE; Editing by Miral Fahmy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/grab-southeast-asia-idINL8N1ID7YO'|'2017-05-12T03:03:00.000+03:00'
'ae7ed0ab00d0c0d5b8de740a029969fbf0a1568b'|'SoftBank says to invest $5 billion in China ride hailing firm Didi Chuxing'|'Internet News - Fri May 12, 2017 - 7:04am BST SoftBank says to invest $5 billion in China ride hailing firm Didi Chuxing A woman walks past Didi Chuxing''s booth at the Global Mobile Internet Conference (GMIC) 2017 in Beijing, China April 28, 2017. REUTERS/Jason Lee TOKYO SoftBank Group Corp said it had agreed to invest $5 billion, or 550 billion yen, in China''s ride-hailing firm Didi Chuxing, the Japanese company said in its earnings statement. SoftBank said the impact of the investment on its results for the year ending March 2018 had not yet been determined. The statement was issued on Wednesday, and reported by local media on Friday. (Reporting by Junko Fujita; Editing by Miral Fahmy)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-softbank-didi-idUKKBN1880IT'|'2017-05-12T13:50:00.000+03:00'
'5ee75418db4d7bdaa585a9cd86be2776af790b26'|'As Lloyds flies free, RBS years away from leaving state hands'|'Deals  56pm BST As Lloyds flies free, RBS years away from leaving state hands left right FILE PHOTO: People walk past a Royal Bank of Scotland office in London, Britain, February 6, 2013. REUTERS/Neil Hall/File Photo - RTS133EC/File Photo 1/3 left right FILE PHOTO: The logo of the Royal Bank of Scotland (RBS) is seen at an office building in Zurich March 27, 2015. REUTERS/Arnd Wiegmann/File Photo - RTS16789/File Photo 2/3 left right The Royal Bank of Scotland is seen in the High Street Melrose in the Scottish Borders, Scotland, Britain April 27, 2017. Picture taken April 27, 2017. REUTERS/Russell Cheyne 3/3 By Andrew MacAskill and Lawrence White - LONDON LONDON Lloyds ( LLOY.L ) Chief Executive Antonio Horta-Osorio traveled at the front of the British Airways plane last week, enjoying the extra leg room in the business section on his way from London to the bank''s annual meeting in Edinburgh. On the same flight in the economy section were RBS ( RBS.L ) board members and other staff on their way to attend their own shareholder meeting in the Scottish capital being held on the same day a few miles away, people on the flight told Reuters. "This is what happens when your bank makes money," said one person on the flight, who asked not to be named. The journey illustrates the diverging fortunes of the two British lenders bailed out by the government during the financial crisis with more than 66 billion pounds ($85.2 billion) of taxpayers'' money almost a decade ago. Lloyds and RBS declined to comment on their travel arrangements for the annual meetings. Lloyds said on Wednesday that Britain had sold its last remaining stake in the bank, making the lender the first to re-emerge from British state ownership in a symbolic step for the country''s recovering banking sector. In 2011, Lloyds had made a bigger loss than RBS as it was forced to compensate customers for the mis-selling of payment protection insurance and was more exposed to what became Britain''s costliest consumer scandal. But six years on, Lloyds, which at one point was 43 percent owned by the government, has emerged as the type of bank RBS is striving to be -- a UK lender focused on retail and corporate banking. At Lloyds when Portugal''s Horta-Osorio took over in 2011 he made an early decision to reduce the bank''s dependence on short-term funding and scaled back the bank''s global reach from 30 countries to six. Lloyds''s plan now is to diversify away from an over-reliance on mortgage lending, by growing other business lines such as credit cards. The bank bought the MBNA UK credit card business from Bank of America ( BAC.N ) for 1.9 billion pounds in December. In contrast, the government still owns more than 70 percent of RBS and the Treasury recently said it has not budgeted to sell any shares in the bank for the next five years. HIGH-RISK STRATEGY Although RBS always had a bigger challenge in rebuilding after the crisis, the two banks faced similar tasks in reducing their global footprint, cutting costs and disposing of businesses to comply with state-aid rules. One senior British banking executive said he thought six years ago that RBS was more likely to escape first from government ownership. RBS''s recovery was slowed because the bank originally tried to trade its way out of crisis via its investment bank, according to Peter Hahn, a professor at The London Institute of Banking & Finance. Stephen Hester, who took over as chief executive of RBS after the bailout, believed that it should continue as a large universal bank, with worldwide investment banking operations, which were then benefiting from post-crisis stimulus measures by governments around the world. Hahn said over the following years its profits from investment banking began to slump and the long-shot strategy failed. "It went for the Hail Mary pass. That delayed a lot of the recovery," he said. In 2013, the government ousted Hester and ordered the bank to focus on lending to British households
'ef41e371a9f3f83d8cfbb0549c64daaf08859ff5'|'Commerzbank to close physical precious metals business -source'|' 42am BST Commerzbank to close physical precious metals business -source FILE PHOTO: The headquarters of Germany''s Commerzbank are photographed in Frankfurt, Germany, September 29, 2016. REUTERS/Kai Pfaffenbach/File Photo LONDON Commerzbank ( CBKG.DE ) is to close its physical precious metals business in the next year, a source with direct knowledge of the matter said on Thursday. The business that will be closed includes physical precious metals trading, and related activities including refinery services, vaulting and transportation of precious metals, the source said. The team is largely based in Luxembourg. No change is expected to its unallocated products business, the source added. Commerzbank had no comment to make on the matter. (Reporting by Jan Harvey; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-commerzbank-precious-idUKKCN18E14X'|'2017-05-18T17:42:00.000+03:00'
'4f589a9885a4860350e3dadedbe6a9fffeabd914'|'German defence ministry planned warship purchases breach rules-cartel office'|'Autos   3:16pm BST German defence ministry planned warship purchases breach rules-cartel office DUESSELDORF, Germany Germany''s federal cartel office upheld on Thursday a complaint brought by German Naval Yards against an order from the defence ministry for five new military corvettes valued at over 1.5 billion euros (<28>1.2 billion), saying it was in breach of procurement rules. The ministry had argued that the quickest way to meet the navy''s urgent military needs in the Baltic and Mediterranean seas would be to buy more of the ships already produced by a consortium including Luerssen Werft and Thyssenkrupp ( TKAG.DE ). However, the cartel office agreed with German Naval Yards that the need for competition took priority, confirming reports on Wednesday by two German newspapers. An appeal may be lodged within two weeks. (Reporting by Tom Kaeckenhoff; Writing by Michael Nienaber; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-military-ships-idUKKCN18E204'|'2017-05-18T22:16:00.000+03:00'
'ad5c6ae3a0e20a749b770183f04af47b0764db24'|'Top tuna firm Thai Union says Q2 sales to improve from Q1'|'Market News - Thu May 18, 2017 - 1:53am EDT Top tuna firm Thai Union says Q2 sales to improve from Q1 BANGKOK May 18 Thai Union Pcl, the world''s largest producer of canned tuna, said on Thursday it expected second-quarter sales to be higher than the first quarter due to seasonal factors in fisheries. Supply is usually higher in the current quarter, which is expected to lower costs and boost sales, although tuna prices are still volatile due to weather patterns and campaigns promoting sustainable fisheries, Bunlung Waiyanont, investor relations manager, told reporters, without elaborating. Thai Union had sales of 31.4 billion baht ($910.7 million)in the first quarter, when net profit jumped 19 percent to 1.47 billion baht. The profit was helped by its investment in U.S. seafood chain Red Lobster, foreign exchange gains and lower tax expenses, the firm said. The company is still aiming for sales of between 145 billion baht and 150 billion baht this year, Bunlung said. It plans to invest 4.8 billion baht this year in a fish oil plant in Germany and will expand existing factories, he said, adding that the fish oil plant would be operational later this year. The firm has said it would not focus on mergers and acquisitions this year. Last year, the company bought a minority stake in Red Lobster Seafood Restaurants in a $575 million deal to expand in the United States, its biggest market. ($1 = 34.48 baht) (Reporting by Chayut Setboonsarng; Editing by Amy Sawitta Lefevre and Amrutha Gayathri) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/thailand-thaiunion-idUSL4N1IK20Y'|'2017-05-18T13:53:00.000+03:00'
'201b8268ab0966bb3a1064ea25e73b03d8a82f81'|'UPDATE 1-UK Stocks-Factors to watch on May 12'|'(Adds company news, futures)May 12 Britain''s FTSE 100 index is seen opening up 1 point at 7,387 on Friday, according to financial bookmakers, with futures up 0.05 percent ahead of the cash market open.* ASTRAZENECA: AstraZeneca''s key immunotherapy drug durvalumab was shown to reduce the risk of stage III lung cancer worsening or causing death in a trial, the pharmaceutical company said on Friday.* LLOYDS: The British government will make at least a 500 million pound ($645 million) profit from its bailout of Lloyds Banking Group, Chief Executive Antonio Horta-Osorio said on Thursday, as the lender nears a return to private hands.* BT: BT proposed on Thursday building a network to connect 10 million homes with ultrafast full-fibre broadband by the mid-2020s, but told rivals which would also use the network to give their backing so the investment made commercial sense.* BARCLAYS: Barclays Chief Executive Jes Staley, criticised for his attempts to unmask a whistleblower, took another knock on Thursday when the bank confirmed he had been deceived by emails purportedly from the lender''s Chairman John McFarlane.* GEORGIA: Bank of Georgia said on Thursday it had mandated JP Morgan and Renaissance Capital to arrange investor meetings ahead of a potential lari-denominated Eurobond issue.* OIL: Oil prices were stable on Friday as traders expected OPEC-led production cuts to extend beyond the middle of this year, and as U.S. crude inventories fell to their lowest levels since February.* GOLD: Gold prices held firm on Friday on political uncertainty in the United States, but were set for their fourth straight weekly loss due to expectations of an interest rate hike by the U.S. Federal Reserve in June.* The UK blue chip index ended flat at 7,386.63 points, on Thursday, after five straight sessions of gains as disappointing results and downgrades weighed, as well as a slump in Hikma''s HIK.L shares after a setback to one of its drugs.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS> Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Harish Bhaskar; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1IE2M2'|'2017-05-12T14:47:00.000+03:00'
'9eef4bd5df3be0d07c4658b265fe88976809ba90'|'UK''s Deliveroo scraps contract ban on riders seeking workers'' rights'|' 34am BST UK''s Deliveroo scraps contract ban on riders seeking workers'' rights A cyclist delivers food for Deliveroo in London, Britain, September 15, 2016. REUTERS/Toby Melville/File Photo By Costas Pitas - LONDON LONDON British food courier firm Deliveroo has removed a contract clause which banned its self-employed riders from seeking workers'' rights, according to documents seen by Reuters, in the latest victory for unions and politicians cracking down on the "gig economy." With their distinctive black and teal jackets, Deliveroo riders have become a familiar sight on London streets since the firm started trading in 2013, tapping into the rapidly growing demand for takeaway food delivered from restaurants. But like taxi app Uber [UBER.UL], which also operates in the gig economy where people tend to work simultaneously for different firms without a fixed contract, Deliveroo has been criticised for not offering rights such as holiday and sick pay. In its new contract, the firm removed a clause which featured in some older agreements and read: "Neither you nor anyone acting on your behalf will present any claim in the Employment Tribunal or any civil court in which it is contended that you are either an employee or a worker." The stipulation was criticised by a British parliamentary inquiry last month, which said the contracts used by a series of burgeoning new apps were "unintelligible." Deliveroo, which said in March it would remove the clause, did not immediately respond to a request for comment when contacted by Reuters on Friday. Despite the clause, it faces an employment tribunal hearing later this month where a union is seeking to represent the firm''s riders in an area of London in a push for workers'' rights, the latest bid to regulate the sector. Last year, it started paying riders per delivery rather than per hour, which sparked opposition from some of its riders, forcing it to say they could opt out of the new system, although the trials are continuing in some places. Deliveroo''s new contract has also been cut by nearly half to four pages and removed the need for riders to provide a two-week notice period before quitting the firm. In an email sent to riders, the firm''s UK and Ireland Managing Director Dan Ware also made clear they could work for rivals. "As an independent contractor you are free to work with whoever you choose and wear whatever kit you want. There continues to be no requirement to wear Deliveroo-branded kit while you work with us," he said. A previous contract said riders not wearing a Deliveroo-branded T-shirt must wear the firm''s jacket and restricted the use of the box fitted to the back of bikes, making it difficult for drivers to accept multiple jobs from different providers. (Editing by Stephen Addison)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-deliveroo-idUKKBN1881CE'|'2017-05-12T18:34:00.000+03:00'
'7a831b64ba64638722945123b424c6ff9d4c6ddb'|'Petrobras trims 2017 capex budget on cost savings, license delays'|'Market   11:10am EDT Petrobras trims 2017 capex budget on cost savings, license delays SAO PAULO May 12 Petroleo Brasileiro SA has lowered its capital spending forecast for 2017 by $3 billion due to licensing delays, more efficient investments and postponed payment on some contracts, executives told analysts on a Friday conference call. The state-controlled Brazilian oil company, known as Petrobras, is more wary about contracting new drillships given the improving efficiency of its exploration and production activity, executives said. (Reporting by Brad Haynes; Editing by Daniel Flynn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-outlook-capex-idUSE6N1H600R'|'2017-05-12T23:10:00.000+03:00'
'4eb37f3e8451cafbc2f66fe21bc261007192dc8a'|'Euro zone March industry output unexpectedly dips'|'Business News -  06am BST Euro zone March industry output unexpectedly dips FILE PHOTO: A worker controls a tapping of a blast furnace at Europe''s largest steel factory of Germany''s industrial conglomerate ThyssenKrupp AG in the western German city of Duisburg December 6, 2012. REUTERS/Ina Fassbender/File Photo BRUSSELS Euro zone industrial output declined slightly in March for the second straight month, against market expectations of an increase, due a sharp drop of energy production, data released on Friday showed. The European Union''s statistics office Eurostat said industrial production in the 19-country single currency bloc fell by 0.1 percent from February, but rose by 1.9 percent year-on-year. Both figures were lower than market expectations of increases of 0.3 percent in the month and of 2.3 percent from a year earlier. The unexpected fall is, however, unlikely to change the growth outlook for the bloc at the start of the year, with preliminary estimates showing a healthy 0.5 percent rise in the first quarter. This is mostly because the March drop was offset by upwardly revised data for February, when output dropped only by 0.1 percent instead of a previously estimated 0.3 percent fall. On the year, production went up by 1.4 percent in February, more than the 1.2 percent rise estimated by Eurostat a month ago. The March monthly output decrease was due to a 3.2 percent decline in energy production, the only indicator that recorded a drop. Output went up by 2.1 percent for non-durable consumer goods, such as canned food and clothing, after a 1.3 percent drop in February. Factories also produced more durable consumer goods for a second consecutive month, with a rise of 0.9 percent, in a sign that firms expected consumers to spend more on expensive products, such as fridges and cars. Output of intermediate goods also went up by 0.3 percent, while production of capital goods, such as machinery, increased by 0.2 percent. (Reporting by Francesco Guarascio @fraguarascio; editing by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-production-idUKKBN18810W'|'2017-05-12T17:06:00.000+03:00'
'ad5810046c0c796ad70404a166149703a6dbd01f'|'UPDATE 1-Samsung Elec creates new contract chip manufacturing division'|'* Firm creates new division for its foundry business* Samsung seeks to boost chip contract manufacturing business (Adds details)SEOUL May 12 Tech giant Samsung Electronics Co Ltd said on Friday it has formed a new division within its semiconductor business for contract chip manufacturing as the firm seeks to attract more customers.The new division will be responsible for making mobile processors and other non-memory chips for clients such as Qualcomm Inc and Nvidia Corp, competing with firms such as Taiwan Semiconductor Manufacturing Co.It will continue to be overseen by Kim Ki-nam, Samsung''s president overseeing all chip businesses.The move is unlikely to surprise. Analysts had speculated that the firm would eventually split apart its foundry and system chip operations to make them more efficient and ease concerns from customers about potential leaks to parts of Samsung that compete with them.Although revenue from the foundry business remains a small portion of Samsung''s overall sales, it has seen sharp growth. Research firm IHS estimates Samsung''s foundry revenue rose 86 percent to $4.7 billion in 2016.($1 = 1,127.0700 won) (Reporting by Se Young Lee; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/samsung-elec-chips-idINL4N1IE2T0'|'2017-05-12T05:58:00.000+03:00'
'8b03354ddc6dea70f58c25ac2d8412e16018c1f9'|'Britain''s fraud office questions Petrofac bosses over Unaoil'|'Business News   3:24pm BST Britain''s fraud office questions Petrofac bosses over Unaoil Chief Executive of Petrofac, Ayman Asfari, gestures as he speaks at the Offshore Europe Conference in Aberdeen, Scotland, Britain, September 9, 2009. REUTERS/David Moir/File Photo Oilfield services provider Petrofac Ltd ( PFC.L ) said on Friday that its chief executive and chief operating officer have been questioned by Britain''s Serious Fraud Office (SFO) in connection with the ongoing investigation into Monaco-based Unaoil. Petrofac shares fell nearly 13 percent on the news as the SFO confirmed, later on Friday, that it had launched an investigation into the activities of Petrofac and its subsidiaries, their officers, employees and agents for suspected bribery, corruption and money laundering. Petrofac CEO Ayman Asfari and COO Marwan Chedidhave were questioned under caution by the SFO, the company said in a statement, adding that it was cooperating with authorities. The SFO last year launched a criminal investigation into oil and gas services firm Unaoil, its officers, employees and agents in connection with suspected bribery, corruption and money laundering in the global oil industry. Petrofac said on Friday that it engaged Unaoil for the provision of consultancy services in Kazakhstan between 2002 and 2009. Petrofac shares fell on Friday to their lowest level since June 28, 2016 and were the top loser on the pan-European Stoxx 600 by 1352 GMT and the biggest drag on Britain''s FTSE Mid Cap .FTMC index, which was down 0.2 percent. (Reporting by Rahul B and Tenzin Pema in Bengaluru; Editing by Susan Thomas and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-petrofac-probe-idUKKBN1881R4'|'2017-05-12T22:24:00.000+03:00'
'd62c2f1ca347611cbcbfdb265cdc5119bf141671'|'Oil stable on expectations of extended OPEC-led production cut'|'NEW YORK Oil jumped 2 percent to its highest in more than three weeks on Monday, topping $52 a barrel after Saudi Arabia and Russia said that supply cuts need to last into 2018, a step towards extending an OPEC-led deal to support prices for longer than first agreed.Energy ministers from the world''s two top producers said that supply cuts should be prolonged for nine months, until March 2018.That is longer than the optional six-month extension specified in the deal, and shows that the battle to reduce overall supply has been more difficult than originally anticipated, in part because of rising U.S. production.The ministers said they hoped other producers would join the cut, which would initially be on the same volume terms as before.Global benchmark Brent crude settled up 98 cents, or 1.9 percent, at $51.82 a barrel, having touched $52.63, the highest since April 21. U.S. crude ended $1.01 firmer at $48.85 a barrel, a 2.1 percent gain.Oil traders were surprised by the strong wording of the announcement, though it remained to be seen whether all countries participating in the deal would agree with the Saudi-Russian stance when they meet to decide policy on May 25 in Vienna."Today<61>s announcement will likely further extend the oil price rebound started last week on decent stock draws and low positioning," said analysts at Goldman Sachs in a note. They noted the rally has been modest so far, compared with last year''s move when cuts were first announced.The Organization of the Petroleum Exporting Countries, Russia and other producers originally agreed to cut output by 1.8 million barrels per day in the first half of 2017, with a possible six-month extension, in a bid to shore up prices.Oil has gained support from the deal but inventories remain high and rising output from other producers, including the United States, is keeping prices below the $60 that top exporter Saudi Arabia would like.Some analysts said that U.S. production could still threaten to disrupt the market balance unless the cuts were deepened."We are of the camp that the extension cuts might not be enough - they might need to extend the cuts and to increase them to stabilize this market," said Oliver Sloup, director of managed futures at iitrader.com.U.S. production is currently forecast to average about 9.31 million bpd this year - a level reached already, according to government figures. Sloup says it could surpass that if buoyed by higher prices.Some analysts doubted that the producers would stick to a prolonged curb."Extending the cuts until March 2018 would take account of the fact that demand in the first quarter of a year is lowest for seasonal reasons," said Commerzbank analyst Carsten Fritsch."We are skeptical about Russia''s willingness to actively participate in any extended cuts."(Additional reporting by Henning Gloystein in Singapore and Alex Lawler in London; Editing by Marguerita Choy and David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-oil-idUSKCN18B02Y'|'2017-05-15T09:30:00.000+03:00'
'33bb5023650110748cc90ca656ac7dffcf88ff08'|'China''s property resale market cools but price falls unlikely - state think tank'|'  12:28pm BST China''s property resale market cools but price falls unlikely - state think tank FILE PHOTO: New properties are seen near a square in Zhengzhou, Henan province, China, September 23, 2016. Picture taken September 23, 2016. REUTERS/Yawen Chen/File Photo BEIJING China''s property resale market cooled a notch in April due to intensified government curbs, but chances are slim that prices would fall across the board as housing supply remains short, a top state think-tank said on Monday. Average prices for existing homes grew 1.75 percent in April from a month ago, compared to a 2.66 percent increase in March, the National Academy of Economic Strategy (NAES) of the Chinese Academy of Social Sciences (CASS) said in a report. The think tank, under China''s cabinet, analyses prices recorded through online transactions in 30 major cities. It said "wild" price gains in March were contained after the government introduced "swift and intensive" tightening measures in many cities. But it''s extremely unlikely for prices to fall "across the board" in future, the think tank said, adding that some cities with low inventories would continue to see rapid price rises. In the biggest cities, "housing supply will remain insufficient both in the short- and longer-term. So it''s hard for property prices to fall dramatically just due to housing policy or monetary policy tightening," it said. "As long as population inflows to the big cities doesn''t change momentum, residential housing supply will remain insufficient in those cities in the long-term." HOUSING EXPERIMENTS Beijing has become the most expensive city with a median price of 63,647 yuan (<28>7140) per square metre in April, or $858 per square feet, followed by Shanghai, Shenzhen and coastal city Xiamen. The report recommended policymakers keep restrictions in place to further stabilise prices, and utilise the planned Xiongan economic zone to experiment with ways to tackle housing supply issues. China''s housing ministry said in April that cities with unsold housing inventory equal to less than 12 month of sales should increase land supply for residential development. Cities with inventories equalling sales of less than six months should also quicken the supply pace. But cities with inventories of more than 36 months of sales should stop supplying land for housing. Chinese cities under pressure from soaring home prices need to boost land supply appropriately while authorities take measures to fight an inventory overhang in smaller cities, Premier Li Keqiang said in March. The rate of inventory destocking appears to be quickening in recent months. Inventory floor area in the first four months fell 7.2 percent from a year earlier, compared with a 6.4 percent decline in January-March. April housing price data from the National Bureau of Statistics is due on Thursday. (Reporting by Yawen Chen and Ryan Woo; Editing by Richard Borsuk)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-homeprices-idUKKCN18B1CS'|'2017-05-15T19:28:00.000+03:00'
'81fb36a03ce9c572811fdee3f93d172806c6cc79'|'Snap surges after Wall Street heavyweights reveal stakes'|'Technology News   1:12pm EDT Snap surges after Wall Street heavyweights reveal stakes Specialist traders work at the post where Snap Inc. is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 11, 2017. REUTERS/Brendan McDermid SAN FRANCISCO Snap Inc jumped 8 percent on Monday and was on track for its third strongest day since the social media company''s initial public offering, boosted by filings showing several institutional investors had owned its shares. Leading investment firms Fidelity and BlackRock Inc owned Snap shares at the end of March, regulatory filings showed, providing a fresh vote of confidence for the Snapchat parent company. Its stock had plummeted 23 percent late on Wednesday after its debut quarterly earnings report disappointed investors. Snap''s high valuation, lack of profitability and slowing user growth have made it a controversial stock on Wall Street since its IPO on March 1, which was the hottest technology offering since Facebook''s in 2012. Snap''s stock is valued at 44 times the company''s expected sales for the next 12 months, according to Thomson Reuters data. By comparison, Facebook trades at 14 times expected sales, and Alphabet is at 7 times expected sales. Among investors who late on Friday reported owning shares of Snap at the end of March were Daniel Loeb''s Third Point and Daniel Och''s Och-Ziff Capital Management. Snap''s stock was last up 7.75 percent at $20.62. It remains up 22 percent from its $17 IPO price but down 23 percent from its highest closing price on March 3. (Reporting by Noel Randewich; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-snap-stocks-idUSKCN18B26D'|'2017-05-16T01:12:00.000+03:00'
'538645fb20620762e1d7ff70f1807b271d97082f'|'Humorous ''Guardians'' set Marvel on new path superhero movies'|'By Piya Sinha-Roy - LOS ANGELES LOS ANGELES May 13 The surprise success of the first "Guardians of the Galaxy," with its intergalactic gang of misfits and quirky tone, launched Marvel Studios into making action movies starring lesser-known comic book figures that could make audiences laugh.Two years later, the bet that comedy could help catapult characters such as the "Guardians," "Ant-Man" and "Doctor Strange" into box office stars has paid off again.The "Guardians," led by actor Chris Pratt''s Peter Quill, debuted in 2014 with more than $700 million at the global box office. "Guardians of the Galaxy Vol. 2" opened in the United States last week and has already grossed more than $500 million worldwide."The first ''Guardians of the Galaxy'' film allowed us to perhaps go a little bit further, not just in humor, but types of characters," Kevin Feige, chief executive of Marvel Studios, told Reuters.Comedy has flavored Marvel movies since 2008''s "Iron Man" featured star Robert Downey Jr.''s cocky one-liners. Many of the studio''s upcoming releases, including "Spider-Man: Homecoming" and "Thor: Ragnarok," are expected to build humor into their audience appeal.The "Guardians" franchise has gone farther by putting comedy at the core of the movie. Audiences fell in love with the roguish Peter, no-nonsense Gamora, the alien Drax who didn''t understand irony and the bromance between Rocket Raccoon and tree-alien Groot."Laughter is the way you hook the audience, and then you can scare them, then you can hopefully touch them emotionally deeper than they were expecting to in a film about a tree and a raccoon and aliens that don''t understand metaphors," Feige told reporters in April."Humor is the secret into the audience''s other range of emotions," he added.It''s also part of Marvel''s strategy to keep audiences coming back for repeat viewings, which Feige compared to the fan-favorite "Star Wars" films or the "Harry Potter" franchise."There''s only one way to do that - to make films entertaining enough and have the mythology of our stories rich enough and deep enough that there are things worth continuing to experience," he said in the Reuters interview.BIG HEROES, BIG LAUGHSDisney-owned Marvel has seven upcoming films mapped out until 2019, including "Spider-Man: Homecoming," a joint production with Sony Pictures due in July.The film taps the teen comedy genre in the retelling of Spider-Man''s origin story as his alter-ego Peter Parker navigates the perils of high school.But comedy has not always paired well with superheroes.George Clooney''s 1997 "Batman & Robin," which featured goofy jokes, was savaged by critics and was one of the worst-performing superhero films, grossing $238 million worldwide according to BoxOfficeMojo.com.In contrast, Christopher Nolan''s three-part "Dark Knight" franchise for Warner Bros. recast Batman in a gritty light that won rave reviews and grossed more than $2 billion worldwide from 2005 to 2012.The success of 2014''s "Guardians" proved that Marvel could have a hit with its lesser-known comic book properties, such as pint-sized hero "Ant-Man," played by comedic actor Paul Rudd, and the mind-bending "Doctor Strange," in which Benedict Cumberbatch delivered witty retorts in the vein of Iron Man.Even "Thor: Ragnarok" harnessed a comedic talent, New Zealand director Taika Waititi, known for hits such as the vampire mockumentary "What We Do in the Shadows," to take the Norse god in a new direction.Feige said Waititi''s films have "really gut-wrenching drama in some moments and really hilarious, over-the-top humor in other moments."Waititi debuted a short video last year that showed the brawny but dim superhero sharing a house with a computer salesman in Australia and trying to craft emails to Captain America and Iron Man.In April''s "Ragnarok" trailer, Thor enters a gladiator arena and roars with laughter when he sees his opponent is the Hulk, a fellow Marvel Avenger comrade, shouting "We know eac
'44cf93336f04b9fb1dfa98f66abd2da1c41a246e'|'Humorous ''Guardians'' set Marvel on new path for superhero movies'|'LOS ANGELES The surprise success of the first "Guardians of the Galaxy," with its intergalactic gang of misfits and quirky tone, launched Marvel Studios into making action movies starring lesser-known comic book figures that could make audiences laugh.Two years later, the bet that comedy could help catapult characters such as the "Guardians," "Ant-Man" and "Doctor Strange" into box office stars has paid off again.The "Guardians," led by actor Chris Pratt''s Peter Quill, debuted in 2014 with more than $700 million at the global box office. "Guardians of the Galaxy Vol. 2" opened in the United States last week and has already grossed more than $500 million worldwide."The first ''Guardians of the Galaxy'' film allowed us to perhaps go a little bit further, not just in humor, but types of characters," Kevin Feige, chief executive of Marvel Studios, told Reuters.Comedy has flavored Marvel movies since 2008''s "Iron Man" featured star Robert Downey Jr.''s cocky one-liners. Many of the studio''s upcoming releases, including "Spider-Man: Homecoming" and "Thor: Ragnarok," are expected to build humor into their audience appeal.The "Guardians" franchise has gone farther by putting comedy at the core of the movie. Audiences fell in love with the roguish Peter, no-nonsense Gamora, the alien Drax who didn''t understand irony and the bromance between Rocket Raccoon and tree-alien Groot."Laughter is the way you hook the audience, and then you can scare them, then you can hopefully touch them emotionally deeper than they were expecting to in a film about a tree and a raccoon and aliens that don''t understand metaphors," Feige told reporters in April."Humor is the secret into the audience''s other range of emotions," he added.It''s also part of Marvel''s strategy to keep audiences coming back for repeat viewings, which Feige compared to the fan-favorite "Star Wars" films or the "Harry Potter" franchise."There''s only one way to do that - to make films entertaining enough and have the mythology of our stories rich enough and deep enough that there are things worth continuing to experience," he said in the Reuters interview.BIG HEROES, BIG LAUGHSDisney-owned Marvel has seven upcoming films mapped out until 2019, including "Spider-Man: Homecoming," a joint production with Sony Pictures due in July.The film taps the teen comedy genre in the retelling of Spider-Man''s origin story as his alter-ego Peter Parker navigates the perils of high school.But comedy has not always paired well with superheroes.George Clooney''s 1997 "Batman & Robin," which featured goofy jokes, was savaged by critics and was one of the worst-performing superhero films, grossing $238 million worldwide according to BoxOfficeMojo.com.In contrast, Christopher Nolan''s three-part "Dark Knight" franchise for Warner Bros. recast Batman in a gritty light that won rave reviews and grossed more than $2 billion worldwide from 2005 to 2012.The success of 2014''s "Guardians" proved that Marvel could have a hit with its lesser-known comic book properties, such as pint-sized hero "Ant-Man," played by comedic actor Paul Rudd, and the mind-bending "Doctor Strange," in which Benedict Cumberbatch delivered witty retorts in the vein of Iron Man.Even "Thor: Ragnarok" harnessed a comedic talent, New Zealand director Taika Waititi, known for hits such as the vampire mockumentary "What We Do in the Shadows," to take the Norse god in a new direction.Feige said Waititi''s films have "really gut-wrenching drama in some moments and really hilarious, over-the-top humor in other moments."Waititi debuted a short video last year that showed the brawny but dim superhero sharing a house with a computer salesman in Australia and trying to craft emails to Captain America and Iron Man.In April''s "Ragnarok" trailer, Thor enters a gladiator arena and roars with laughter when he sees his opponent is the Hulk, a fellow Marvel Avenger comrade, shouting "We know each other! He''s a friend from work!"
'af0fd294f6795c591997da4e1ee785f9b568c127'|'Brazil''s Embraer says U.S. Air Force to try out Super Tucano'|'SAO PAULO Brazil''s Embraer SA on Friday said its A-29 Super Tucano will participate in the U.S. Air Force''s OA-X program assessing low-cost options for acquiring light attack aircraft, with tests starting in July.Embraer makes the turboprop Super Tucano in Florida with partner Sierra Nevada Corp, following an order from the U.S. military to supply the aircraft to allied forces for close air support in Afghanistan.(Reporting by Brad Haynes; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-embraer-usa-idUSKBN188316'|'2017-05-13T06:23:00.000+03:00'
'f462ad4dc56e39948fde23d4ebb5a213b1e793fb'|'Heineken targets global leadership with new zero alcohol beer'|' 32pm BST Heineken targets global leadership with new zero alcohol beer BRUSSELS Dutch brewer Heineken has launched a non-alcoholic version of its namesake beer with the aim of becoming the global leader in a part of the market growing faster than the average. The world''s second largest beer maker launched "Heineken 0.0" at the Spanish Grand Prix in Barcelona and will sell it in 17 markets, across Europe and also Russia and Israel, unlike rivals which have non-alcoholic beers for individual markets. Heineken is hoping to tap into what it believes is an increasing desire among consumers for beer that will not get them drunk. The European market for zero alcohol beer grew about 5 percent a year from 2010 to 2015, according to research group Canadean, while the overall beer market shrank. Rival AB InBev, which makes more than a quarter of the world''s beer, is aiming to make a fifth of its beer low or zero alcohol by 2025. For the maker of Budweiser, Stella Artois and Corona, low means an alcohol content of up to 3.5 percent. Zero alcohol beers could offer brewers higher margins because of lower taxes and could see them muscling in on the soft drinks market with what they say is a more natural and healthier option. Heineken 0.0, for example, has half the calories of standard Heineken or Coca-Cola. The brewer does not have a target for zero alcohol beer like AB InBev, but notes that in Spain zero strength beer has about a 10 percent market share. "You could expect 10 to 15 years down the road this would be more or less the global trend. We want to make Heineken the leading global beer brand in 0.0," senior Heineken brand director Gianluca Di Tondo told Reuters. Beer critics say a key reason why zero alcohol beer has failed on previous occasions is taste. Heineken brewmaster Willem van Waesberghe said many previous and existing non-alcoholic beers were too sweet and malty, either because the fermentation process was cut short or because flavours were lost as alcohol was boiled off. Van Waesberghe recognises that a beer without alcohol will not taste the same, but believes the company has found a brew that recreates some of the fruity, bitter and acidic tastes found in a normal 5 percent Heineken. The company makes two separate brews with different qualities, then removes the alcohol and blends them together. "Both beers are not nice. You need to blend them together to make a good beer," he said. (Reporting by Philip Blenkinsop; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-heineken-zero-idUKKBN1890LN'|'2017-05-13T22:32:00.000+03:00'
'c060a911985f701c573a737550ca63d15c9deb3b'|'RBS CEO sees potential to settle major U.S. mortgage probe'|'Business News   10:28am BST RBS CEO sees potential to settle major U.S. mortgage probe People walk past a Royal Bank of Scotland office in London, Britain, February 6, 2013. REUTERS/Neil Hall/File Photo - RTX2SGZL LONDON Royal Bank of Scotland ( RBS.L ) Chief Executive Ross McEwan said the bank is in talks to settle one of the two major U.S. investigations into allegations it mis-sold mortgage-backed securities that it needs to overcome before the British government can sell its shares in the bailed-out bank. McEwan has been trying to clean up RBS''s balance sheet and end a string legal cases against the bank. This would open the way for the government to sell its more than 70 percent stake in RBS held since it had to step in with a more than 45 billion pound ($57.83 billion) bailout during the financial crisis. The CEO said the bank could settle a multibillion-dollar lawsuit by the U.S. Federal Housing Finance Agency separately from an investigation by the Department of Justice (DOJ), which has stalled because of changes in the U.S. government since the election of President Donald Trump. "They are quite separate ... and we are in discussions with them and we are not in discussions with the DOJ other than them still seeking information," McEwan told reporters at bank''s annual shareholder meeting in Edinburgh. RBS was one of the world''s leading sellers of mortgage-backed securities in the mid-2000s that plunged in value when the global financial crisis hit in 2008. The British government, which has sold off some RBS shares, has said the uncertainty about the scale of the penalties from the U.S. investigations is one of the reasons why it halted plans to sell more. Taxpayers face a 29.2 billion pound loss on the value of the government''s shares in RBS, according to the Office for Budget Responsibility, Britain''s independent budget watchdog. Analysts estimate RBS will have to pay between $3.5 to $5 billion to settle the case with the U.S. Federal Housing Finance Agency. They estimate the bank could have to pay between 2 billion to 9 billion pounds to settle the case with the U.S. Department of Justice. But RBS has made little progress on settling with the DOJ because of staff changes since Trump was inaugurated in January. A number of key positions at the department remain empty. ($1 = 0.7781 pounds)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-rbs-probe-idUKKBN18813Z'|'2017-05-12T17:10:00.000+03:00'
'198ef1d608f23e8587e610906c6ca6bc55ab19ee'|'Suzuki Motor sees 10 pct drop in FY operating profit on R&D costs'|'TOKYO May 12 Suzuki Motor Corp on Friday forecast a 10 percent fall in its full-year operating profit on increased research and development costs, even as the Japanese automaker expects vehicles sales growth to continue in India and Europe.Japan''s fourth-largest automaker said it expected operating profit to come in at 240.0 billion yen ($2.11 billion) in the year to March 2018, short of an average estimate of 254.7 billion yen from 21 analysts polled by Thomson Reuters I/B/E/S.Suzuki, which specialises in compact cars and dominates the Indian market through its majority stake in Maruti Suzuki India Ltd, posted a stronger-than-expected, 36.5 percent jump in operating profit to 266.7 billion yen in the year ended in March as higher sales in the South Asian country and in Europe offset negative currency impact.Suzuki said it would pay a full-year dividend of 44 yen per share for the year ended March, up from 32 yen per share a year earlier, and forecast a dividend of 44 yen this year.The company took an accounting impairment loss of 39.9 billion yen in the year ended March, including an extraordinary loss on its Thailand operations.Suzuki''s latest forecasts are based on an assumption for the yen to average around 110 yen to the U.S. dollar, stronger than its trading rate around 114 yen on Friday, and 1.65 yen to the Indian Rupee.It expects global consolidated vehicle sales to increase 5.2 percent in the year to March to 3.07 million vehicles. In India, where it sells one in every two cars, it expect vehicles sales to rise 8 percent from a year earlier.Suzuki owns 56.2 percent of Maruti, and gets the bulk of its revenues from the Indian partnership, which has a market value of around $30 billion, higher than Suzuki''s market capitalisation of about $20.5 billion. ($1 = 113.7500 yen) (Reporting by Naomi Tajitsu and Maki Shiraki; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/suzuki-results-idINL8N1IE0EA'|'2017-05-12T05:12:00.000+03:00'
'30388d42390fad441a46048190476f8fc390c0a2'|'Kinder Morgan to raise up to C$1.75 bln in Canadian IPO'|'Deals - Wed May 10, 2017 - 12:40pm EDT Kinder Morgan to raise up to C$1.75 billion in Canadian IPO FILE PHOTO: A sign warning of the subterranean presence of Kinder Morgan''s Trans Mountain Pipeline in seen in ranchland outside Kamloops, British Columbia, Canada November 16, 2016. REUTERS/Chris Helgren TORONTO U.S. pipeline giant Kinder Morgan Inc''s ( KMI.N ) Canadian unit is looking to raise up to C$1.75 billion ($1.28 billion) in an initial public offering in Toronto, Kinder Morgan Canada said in a regulatory filing on Wednesday. The company plans to offer between 79.5 million and 92.1 million restricted voting shares, at C$19 to C$21 per share, it said. (Reporting by John Tilak)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-kinder-morgan-de-ipo-idUSKBN1862CP'|'2017-05-11T00:35:00.000+03:00'
'5a8048ba730f3ebce833acbd64e6b74488b6b6bb'|'Apple tops $800 billion market cap for first time'|'Technology News -  03pm BST Apple tops $800 billion market cap for first time The Apple Inc. store is seen on the day of the new iPhone 7 smartphone launch in Los Angeles, California, U.S., September 16, 2016. REUTERS/Lucy Nicholson By Chuck Mikolajczak - NEW YORK NEW YORK Apple Inc ( AAPL.O ) became the first U.S. company to top the $800 billion mark in market capitalization on Tuesday, slightly more than two years after it crossed the $700 billion threshold. The iPhone maker''s shares have gained 33 percent this year and almost 50 percent since the U.S. election in November. The company represents about 4 percent of the $21.7 trillion that makes up the entire S&P 500 .SPX index. Apple accounted for as much as 4.9 percent of the S&P 500 in September 2012 but is a smaller percentage now as the index as a whole has rallied more than 7 percent this year. "It''s just reflective of how powerful a franchise it is. It may be the most powerful franchise in the country today," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey, whose firm does not own the stock. "Considering that it has a limited number of products, it has really dominated that market in a way that few companies have, and it''s been able to retain margins despite lots of competitors." If Apple continues on its growth path, the company will top the $1 trillion market cap level later this year. Stock buybacks have also bolstered Apple shares, with the company reducing its actual share count by 20.9 percent and the average diluted shares outstanding by 20.5 percent over the past four years, according to Standard & Poor''s data. The median price target on Apple is $160, up from the $140 median three months ago. Shares closed at $153.99 on Tuesday. The closing market cap of $802.8 billion was larger than the economies of 45 of the 50 U.S. states, topped only by Illinois, Florida, New York, Texas and California. Billionaire Warren Buffett, whose Berkshire Hathaway ( BRKa.N ) has disclosed a stake of roughly $20 billion in Apple, said on Monday he had grown more fond of the company because he could "very easily determine" the iPhone maker''s competitive position "and who is trying to chase them." (Additional reporting by Caroline Valetkevitch; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-stocks-apple-idUKKBN1852G3'|'2017-05-10T05:01:00.000+03:00'
'3c155fc1ba29cbd79f8dc880b3a40ce47a141feb'|'Coty posts bigger loss due to charges related to P&G deal'|'May 10 Beauty products maker Coty Inc reported a bigger quarterly loss, hurt by restructuring charges related to the integration of the beauty business it acquired from Procter & Gamble Co.Net loss attributable to Coty increased to $164.2 million, or 22 cents per share, in the third quarter ended March 31, from $26.8 million, or 8 cents per share, a year earlier.Coty said it incurred restructuring charges of $213.5 million related to the integration of the more than 40 beauty brands it bought from P&G last year.Excluding items, Coty earned 15 cents per share.Revenue soared to $2.03 billion from $950.7 million, powered by the acquired P&G brands. (Reporting by Karina Dsouza in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/coty-results-idINL4N1IC3NN'|'2017-05-10T08:47:00.000+03:00'
'0e589858f8f07cf82f40818599224318807bec7b'|'Italy''s Atlantia launches 16.3 billion euro bid on Spain''s Abertis'|'Business News - Mon May 15, 2017 - 7:33am BST Italy''s Atlantia launches 16.3 billion euro bid on Spain''s Abertis The logo Spanish infrastructure company Abertis is seen outside his main office in Madrid, Spain, June 1, 2016. REUTERS/Sergio Perez MILAN Italian infrastructure group Atlantia ( ATL.MI ) has launched a cash-and-share offer on Abertis ( ABE.MC ) on Monday, in a deal that values the Spanish rival at 16.34 billion euros (13.96 billion pounds). The transaction would create the world''s biggest company in the sector with 14,095 km of toll roads under management, Atlantia said in a statement. Atlantia said it would offer 16.50 euros per Abertis share, or shareholders in the Spanish group can choose to be paid in stock on the basis of a swap ratio of 0.697 Atlantia shares for each Abertis one. "We believe we achieved the goal" to make the offer friendly and attractive for all shareholders and the management of the two groups, Atlantia CEO Giovanni Castellucci said. (Reporting by Francesca Landini, editing by Agnieszka Flak) Blowing the whistle in South Korea: Hyundai Man takes on chaebol culture YONGIN, South KoreaSouth Korean engineer Kim Gwang-ho flew 11,000 km (7,000 miles) to Washington last year to do something he never dreamed he would: he reported alleged safety lapses at Hyundai Motor Co - his employer of 26 years - to U.S. regulators. China''s economy loses momentum as policymakers clamp down on debt risks BEIJING China''s growth took a step back in April after a surprisingly strong start to the year, as factory output to investment to retail sales all tapered off as authorities clamped down on debt risks in an effort to stave off a potentially damaging hit to the economy. Oil jumps as Saudi, Russia take lead and extend supply cuts to March 2018 SINGAPORE Oil prices jumped 1.5 percent on Monday after the energy ministers of the world''s two biggest producers Saudi Arabia and Russia jointly said that a crude production cut would be extended from the middle of this year until March 2018. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-abertis-m-a-atlantia-offer-idUKKCN18B0JY'|'2017-05-15T14:33:00.000+03:00'
'8f83b537f80937b414fd56e40c3170440b699d4b'|'BRIEF-Berkshire Hathaway dissolves share stake in Twenty-First Century Fox'|'May 15 Berkshire Hathaway:* Berkshire Hathaway dissolves share stake in Twenty-First Century Fox - SEC filing* Berkshire Hathaway - Change in holdings are as of March 31, 2017 and compared with the previous quarter ended as of Dec. 31, 2016 Source text for quarter ended March 31, 2017: ( bit.ly/2pQgrA1 ) Source text for quarter ended Dec. 31, 2016: ( bit.ly/2pQ2hyG )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-berkshire-hathaway-dissolves-share-idINFWN1IH171'|'2017-05-15T20:33:00.000+03:00'
'aa86f83f662404e95899c71b5c59897ba630ca19'|'Etsy heading for biggest gain since 2015 after funds disclose stake'|'Business News - Tue May 16, 2017 - 2:25pm EDT Etsy heads for biggest gain since 2015 after funds reveal stake A sign advertising the online seller Etsy Inc. is seen outside the Nasdaq market site in Times Square following Etsy''s initial public offering (IPO) on the Nasdaq in New York April 16, 2015. REUTERS/Mike Segar/File Photo By Noel Randewich - SAN FRANCISCO SAN FRANCISCO Shares of Etsy Inc ( ETSY.O ) surged more than 23 percent on Tuesday and were on track for their biggest daily gain since 2015 after two investment firms revealed stakes in the online crafts retailer and the company said it was reviewing its strategy. Etsy nearly doubled in its 2015 stock market debut but then moved steadily lower, never to regain its early high as it faced competition from rivals including Amazon.com ( AMZN.O ) and Facebook Inc ( FB.O ) and failed to grow at the rate expected by Wall Street. TPG Group Holding Advisors Inc and Dragoneer Investment Group LLC late on Monday jointly reported an 8 percent stake in Etsy, a disclosure that came just weeks after activist hedge fund Black-and-White Capital LP, which owns roughly 2 percent of Etsy, urged the Brooklyn-based company to explore a potential sale. Etsy, which reported a net loss of $29 million last year, this month said it is laying off 80 people, roughly 8 percent of its workforce. It also appointed former eBay Inc ( EBAY.O ) executive Josh Silverman as chief executive, taking over from Chairman and CEO Chad Dickerson. The average analyst recommendation for Etsy is between a "buy" and a "hold", according to Thomson Reuters data. The average analyst recommendation in May 2015 following Etsy''s initial public offer was "hold". The stock was up 23.6 percent at $13.99 in midday trade, its highest level since October. Etsy''s IPO in April 2015 was priced at $16 per share. (Reporting by Noel Randewich; Editing by Bill Rigby and Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-etsy-stocks-idUSKCN18C24H'|'2017-05-17T00:50:00.000+03:00'
'f71b1be81fc83e7ff2ad64a9a6bff668bf476836'|'Tata Steel agrees British pensions deal'|'Deals   5:56pm BST Tata Steel agrees British pensions deal FILE PHOTO: Tata steelworks Port Talbot, Wales, April 26, 2016. REUTERS/Rebecca Naden/File Photo By Maytaal Angel and Carolyn Cohn - LONDON LONDON India''s Tata Steel ( TISC.NS ) has agreed the main terms of a deal to cut benefits for its British pension scheme in a move that will see the firm back a new plan that will pose less risk to the company. The pension scheme is a major stumbling block in talks to merge Tata''s British and European steel assets with those of Thyssenkrupp ( TKAG.DE ), because the German company is opposed to taking on 15 billion pounds ($19.37 billion) in UK pension liabilities. The fate of Tata''s British businesses, including the country''s largest steelworks at Port Talbot, has been in the air since Tata Steel said a year ago it planned to sell its British assets following heavy losses. Pensions consultants questioned, however, whether the pensions deal announced on Tuesday would be enough to satisfy Thyssenkrupp. Tata said the deal will see it plough 550 million pounds into the British Steel Pension Scheme (BSPS), one of Britain''s largest final salary schemes with 130,000 members. The deal is subject to formal approval by The Pensions Regulator, but Tata said it expected to get approval shortly. "We are in a very positive consultation with all stakeholders," said Tata Steel''s executive director for finance and corporate Koushik Chatterjee. Tata Steel UK has agreed, as part of the deal, to sponsor a new pension scheme that will have lower benefits than those of the original BSPS and will therefore pose less of a risk to the company. As a further safety measure, Tata will give the BSPS a 33 percent equity stake in its UK business. BSPS members who do not agree to move to the new scheme will automatically transfer to the Pension Protection Fund (PPF), which said all members, including those in the new scheme, are guaranteed at least PPF compensation levels. The PPF is a lifeboat for pension schemes in Britain that run into trouble. "Good progress is being made," The Pensions Regulator said. But it added: "We will only approve (pensions restructurings)...where stringent tests are met, so that they are not abused by employers seeking to inappropriately offload their pension liabilities." Martin Hunter, principal at pensions consultant Punter Southall, said the deal did not involve a total separation of the pension scheme from Tata. Thyssenkrupp has consistently opposed taking on Tata''s UK pension liabilities, though it continues to pursue merger talks with Tata in a bid to achieve sector consolidation and tackle Europe''s excess steel capacity. "The $64,000 question is <20>is this good enough for Thyssenkrupp, given that Tata Steel UK is still on the hook for the pension scheme?<3F>,<2C> said independent pensions consultant John Ralfe. Thyssenkrupp declined to comment. The merger is vigorously opposed by German trade unions, who fear large-scale job cuts as a result - probably at Germany''s expense after workers at Tata Steel''s Port Talbot plant in Wales were recently given job guarantees. Tata Steel reported an unexpected fourth-quarter loss on Tuesday due to one-off exceptional items, including charges related to the pensions deal. It posted a fourth-quarter net loss of 11.68 billion rupees ($182.4 million), compared with a net loss of 30.42 billion rupees a year ago. The company<6E>s current debt is 730 billion rupees as of the end of March 2017. (Additional reporting by Promit Mukherjee, Georgina Prodhan, Tom Kaeckenhoff; Editing by Jane Merriman and Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-tata-steel-pensions-idUKKCN18C253'|'2017-05-17T00:56:00.000+03:00'
'e8dd46492569c3f1f079078aa3e072c0d5e77dee'|'Australia''s Fairfax Media receives revised $2 billion offer from TPG-led group'|'Deals - Mon May 15, 2017 - 1:25am EDT TPG boosts offer for Australia''s Fairfax Media, shares leap to six-year high left right Mastheads of The Age, The Sydney Morning Herald and the Australian Financial Review, all Fairfax Media publications, are pictured in this photo-illustration in Sydney June 18, 2012. REUTERS/Daniel Munoz 1/2 left right A TV crew films outside the Fairfax Media headquarters in Sydney, Australia, May 3, 2017. REUTERS/Jason Reed 2/2 By Jamie Freed - SYDNEY SYDNEY U.S. buyout firm TPG Capital Management on Monday raised its cash bid for Fairfax Media Ltd ( FXJ.AX ), offering A$2.76 billion ($2.04 billion) for the struggling Australian publisher and sending its shares to a six-year high. The fresh offer from TPG [TPG.UL] and partner Ontario Teachers'' Pension Plan Board (OTPP) would allow shareholders to cash out completely rather than leaving them with scrip in a piecemeal collection of small assets including radio, regional newspapers and television streaming. "It<49>s better to have a complete bid," said John Grace, co-head of equities at Ausbil Investment Management, Fairfax''s largest shareholder with a 7.8 percent stake. He added however that it was too early to say whether the bid should succeed. Fairfax is the publisher of The Sydney Morning Herald and The Australian Financial Review, but its best-performing asset is property listings website Domain, which has boomed amid the long-term decline of newspaper earnings. TPG is now offering A$1.20 a share for the entire business, compared with the prior offer of A$0.95 a share for Domain and top mastheads. It represents a 12 percent premium to Fairfax''s A$1.07 closing price on Friday and sent the shares up as much as 8.4 percent to a six-year high of A$1.16 on Monday. The previous offer did not include the publisher''s radio division, regional and New Zealand titles, a stake in an online television streaming start-up and its debt. DOMAIN SPIN-OFF Long-suffering shareholders had pinned their hopes on Fairfax''s plan to spin off Domain as it continues to cut costs at its newspapers. Many of its journalists this month went on strike for a week to protest editorial job cuts. Fairfax has said it is considering the TPG proposal - which is subject to a shareholder vote and foreign investment approvals - but is also continuing to progress preparations for the planned separation of Domain. "While the revised offer is clearly superior in that is an offer for the entire company, TPG may need to offer more than A$1.20 if it is to win the support of all shareholders," said Alex Waislitz, chairman of Thorney Opportunities Ltd, which holds Fairfax shares. TPG''s change of mind came after the Australian government revealed it is planning to deregulate media ownership, which could increase Fairfax''s options as either a target for another suitor or as an acquirer. A TPG spokesman declined to comment. In a statement, Fairfax said shareholders did not need to take any action in response to the revised proposal and promised to provide an update once it had been fully assessed. (Reporting by Jamie Freed; Editing by Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-fairfax-media-m-a-tpg-idUSKCN18A141'|'2017-05-15T07:09:00.000+03:00'
'77748101cfb0e575c3913ab735510876cc232c14'|'ECB''s Nouy flags ''additional discussions'' about Monte Paschi losses'|'Business News - Mon May 15, 2017 - 12:11pm BST ECB''s Nouy flags ''additional discussions'' about Monte Paschi losses A Monte Paschi Banque bank branch, part of the Italian Groupe Montepaschi, is seen in Paris, France, March 9, 2016. REUTERS/Mal Langsdon FRANKFURT A failure to review Monte Paschi''s assets before the latest stress test is opening up "additional discussions" about whether private money raised by the Italian bank covers all its incurred losses, the European Central Bank''s top bank supervisor said on Monday. The ECB set Monte Paschi''s capital shortfall at 8.8 billion euros (<28>7.4 billion) in December based on the European Banking Authority''s stress test, published last summer. The bank must cover any incurred loss with private money while it is allowed to tap the public purse for potential losses that it would suffer under the adverse scenario of the EBA stress test. "The EBA stress tests on which this (Monte Paschi''s capital shortfall) is based were not comprising an asset-quality review before the stress test," Daniele Nouy told a conference in Frankfurt. "So this is opening additional discussions to see whether incurred losses are really covered by private money." (Reporting By Francesco Canepa)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-monte-dei-paschi-capital-idUKKCN18B1BD'|'2017-05-15T19:11:00.000+03:00'
'93fa9525b74cc38e4d86551e565e479f7e50bc40'|'JP Morgan buys Dublin building with room for 1,000 staff'|'Banks   1:47pm BST JPMorgan buys Dublin building with room for 1,000 staff FILE PHOTO - A view of the exterior of the JPMorgan Chase & Co. corporate headquarters in New York City, U.S. on May 20, 2015. REUTERS/Mike Segar/File Photo By Conor Humphries - DUBLIN DUBLIN JPMorgan Chase ( JPM.N ) has agreed to buy a Dublin building with room for 1,000 staff in the first sign of a financial services company expanding significantly in Ireland since the government began a major campaign to attract firms in the wake of Brexit. The U.S. investment bank will acquire a 130,000 square foot (12,000 square metre) building at the Capital Dock development in Dublin''s docklands, the building''s developer Kennedy Wilson ( KWE.L ) said in a statement. The bank, which currently employs around 500 people in Dublin, did not say how many jobs would be created or whether any positions would be moved from the United Kingdom. JPMorgan plans to hire a significant number of people in Dublin in its expanding custody and funds services businesses over the next three years, JPMorgan<61>s head of investor services James Kenny told the Financial Times at the weekend. The bank has indicated it will use its existing European Union banks, in Dublin, Frankfurt and Luxembourg to anchor its European Union operations after Brexit. "This new building gives us room to grow and some flexibility within the European Union," senior country officer for JP Morgan in Ireland Carin Bryans said in the statement. Ireland has engaged on a major lobbying campaign during the past year to try to convince companies with large bases in the United Kingdom to consider moving some of their staff to Ireland to maintain access to the European Union''s single market. Hubertus Vaeth, the head of Frankfurt''s campaign to promote the city to banks since Britain voted to leave the EU, told Reuters earlier this month he expected the five largest U.S. investment banks to move staff to more than one EU location with around 1,000 going to Frankfurt and possibly more to Dublin. Rivalry between the different EU cities has become acrimonious at times, with Ireland complaining to the European Commission that it is being undercut by predatory behaviour by other centres. Ireland''s financial services minister, Eoghan Murphy, said in a statement on Monday that JPMorgan''s announcement was "a welcome vote of confidence in the strength of Ireland''s offering and Dublin''s status as a major financial centre." (Reporting by Conor Humphries, editing by Louise Heavens and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-jpmorgan-idUKKCN18B0RJ'|'2017-05-15T16:04:00.000+03:00'
'486983afbd0fb2ab9b114b78135fa68872361f86'|'CANADA STOCKS-TSX falls as Moody''s downgrades banks, Aimia plunges'|'Market News - Thu May 11, 2017 - 5:08pm EDT CANADA STOCKS-TSX falls as Moody''s downgrades banks, Aimia plunges (Adds portfolio manager quote and details on Home Capital, Bombardier and metal markets and updates prices) * TSX closes down 82.66 points, or 0.53 percent, at 15,550.55 * Eight of the TSX''s 10 main groups end lower By Fergal Smith TORONTO, May 11 Canada''s main stock index fell on Thursday, as a Moody''s downgrade of Canadian banks struck financials, and frequent-flyer points operator Aimia Inc plunged on news its program would be dropped by the country''s largest airline. The Toronto Stock Exchange''s S&P/TSX composite index posted a record high in February but has since pulled back 2.3 percent, pressured by depressed oil prices, a more uncertain outlook for Canada''s exports to the United States and investor wariness about how troubles at an alternative mortgage lender could impact the country''s red-hot housing market. "The money flow shows you the way," said Diana Avigdor, head of trading at Barometer Capital Management. Avigdor is bullish on stocks but has cut her exposure to Canada in favor of the U.S. as some of the most heavily weighted groups on the TSX, such as financials, began to lose momentum. Financial stocks fell to a five-month low, down 0.8 percent, after Moody''s Investor Service cut the long-term ratings for Canada''s six biggest banks, citing the rise in private-sector debt and unchecked house price appreciation. Canadian Imperial Bank of Commerce fell 1.3 percent to C$107.33, while National Bank of Canada declined 2.3 percent to C$52.91. Canada''s largest pipeline company, Enbridge Inc, was by far the most influential mover on the downside, however, sliding 2.0 percent to C$54.80 after it reported a lower-than-expected quarterly profit. The overall energy group fell 0.7 percent even as U.S. crude oil prices rose. The TSX closed down 82.66 points, or 0.53 percent, at 15,550.55. Eight of the index''s 10 main sectors ended lower. Shares in Air Canada jumped 9.0 percent to C$16.23 after announcing it would start its own frequent-flyer program to replace Aeroplan, operated by Aimia. Aimia stock sunk 59.4 percent to C$3.63 on the news. But losses for the consumer discretionary group were offset by a 5.5 percent jump to C$61.58 by Magna International Inc, after the autoparts maker posted a quarterly profit that beat estimates. Home Capital Group is in talks to divest about C$2 billion in assets, according to people familiar with the situation. The shares of Canada''s biggest non-bank lender surged 23.4 percent to C$10.81. Shares of Bombardier Inc rose 7.8 percent to C$2.21 after the company reported better-than-expected quarterly results and said that its executive chairman is giving up management responsibilities after an outcry over compensation. The materials group added 1.2 percent as metal prices climbed. (Additional reporting by Solarina Ho; Editing by W Simon and Sandra Maler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1ID1HV'|'2017-05-12T05:08:00.000+03:00'
'59f9cfd234256e4780be727cd920dedb69bb704a'|'Trump rally is built on Obama-like hope - May. 12, 2017'|'How to tell when investors are scared The market rally has taken a pause this week. Stocks have been relatively flat as the Trump circus in Washington continues to dominate the financial headlines. But even though the Dow, S&P 500 and Nasdaq haven''t moved substantially higher in the past few days, they are all still up since Inauguration Day and not far from all-time highs. Wall Street remains upbeat about the Trump agenda. The promise of rolling back Obama-era rules on health care and banks, reforming the tax code and spending more to rebuild the nation''s infrastructure to stimulate the economy has investors excited. How excited? Despite the firing of James Comey and a general sense from the mainstream media that the Trump White House is in disarray, CNNMoney''s Fear & Greed Index , which looks at seven measures of market sentiment, hit Greed levels this week. The index was registering signs of Fear just a month ago, shortly after the Trump administration pulled its plans in late March for a vote in Congress to repeal and replace Obamacare. The Dow even went on an eight-day losing streak, its longest since 2011.Since then, Republicans in the House were able to push a new plan to dump the Affordable Care Act. Corporate earnings -- particularly from tech companies -- have been strong as well. And Wall Street is brushing off the Comey/FBI drama. The VIX ( VIX ) , a gauge of market volatility that is one of the components of the Fear & Greed Index, fell to a more than two-decade low earlier this week. Other parts of the Fear & Greed Index are flashing even more bullish signs. More stocks are hitting 52-week highs than lows, for example. And investors are increasingly selling safe haven bonds to get back into stocks. Ironically enough, traders and fund managers appear to be feeling an emotion that was one of the trademarks of President Obama''s 2008 campaign -- hope. Related: These stocks are getting left out of the Trump rally Adam Abelson, chief investment officer of Stralem & Co., says investors are still hopeful Trump will fulfill his economic pledges, even though the current political reality would suggest that many of his plans could be pushed to later this year or even 2018. "The allure of deregulation is strong," Abelson said, adding that many on Wall Street are clinging to the promise of what Trump might eventually do. "Hope is a powerful thing these days." Abelson notes that despite all the incendiary Trump tweets attacking Corporate America over the past few months, Trump is still viewed as being an ally to large companies and Wall Street. "Everything Trump represents is great for big business and investors," Abelson said. But he added that it''s still not clear whether this optimism will help average Americans, many of whom voted for Trump because they felt he could get the job market and overall economy to improve at a faster pace. CNNMoney (New York)   12:14 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/05/12/investing/trump-stock-market/index.html'|'2017-05-12T20:14:00.000+03:00'
'22b6140503b96a1f5becf7573309d4692f1dc0ba'|'Akzo''s rebuff of PPG pushes bid battle into uncharted territory'|'Deals   6:16pm BST Akzo''s rebuff of PPG pushes bid battle into uncharted territory FILE PHOTO: Cans of Dulux paint, an Akzo Nobel brand, are seen on the shelves of a hardware store near Manchester, Britain, April 24, 2017. REUTERS/Phil Noble/File Photo By Toby Sterling - AMSTERDAM AMSTERDAM As U.S. paintmaker PPG Industries ( PPG.N ) considers whether to keep pursuing Dutch peer Akzo Nobel ( AKZO.AS ) after being rebuffed three times, the fate of the Dulux owner is moving into unchartered territory. Lawyers and M&A advisors say an outright hostile takeover remains unlikely, but point to other potential outcomes. While PPG still hopes to broker a takeover deal with support from a large proportion of Akzo''s own shareholders, Akzo''s boards are determined to remain independent and plan to issue extra dividends and sell a chemicals division to keep investors happy and suitors at bay. Here''s a look at pivotal moments to come and how they may play out: On May 22, Amsterdam''s Enterprise Chamber, the Netherlands'' top business court, will hear a petition by Akzo investor Elliott Advisors calling for the court to appoint an investigator to examine possible mismanagement by the Akzo boards. Elliott will also request permission to convene an extraordinary meeting (EGM) of shareholders to vote on dismissing Akzo Chairman Antony Burgmans, a former Unilever CEO. Opinions differ on Elliott''s chances: Dutch law explicitly grants shareholders the right to call an EGM, though the court may decide Akzo boards'' decisions have been defensible and there is no need for a meeting to consider Burgmans'' dismissal. Given the importance of the case, the court is likely to act quickly and make its decision before the end of the month, though the timing is tight. TIMING OF COURT DECISION CRUCIAL PPG must file papers detailing its intent to bid for Akzo to the Dutch Financial Markets Authority (AFM) by June 1, or agree to walk away for at least six months. That filing, which is not made public, costs several million euros to prepare and includes details such as the intended offer price and proof PPG can finance its bid. If the court rejects Elliott''s request before June 1, that would strengthen the hand of Akzo''s management and supervisory boards, and PPG may decide walking away without filing is the prudent course of action. But if the court hasn''t ruled by June 1, or rules in Elliott''s favor, PPG may file with conditions for its offer, including a 95 percent threshold of shareholder approval. It will take regulators some time - from days to weeks - to review and approve PPG''s bidding papers. If the Enterprise Chamber hasn''t ruled on Elliott''s suit by June 1, it will rule shortly thereafter. If the ruling goes against Elliott, PPG would still have a chance to walk away without actually launching a bid. This happened in 2013 when Mexican tycoon Carlos Slim''s America Movil abruptly ended attempts to buy Dutch telecom KPN. In scenarios where PPG walks away, it will retain the option to return again in six months or a year later. HOSTILE BID STILL POSSIBLE Akzo''s planned disposal of its chemicals arm does not lessen the industrial logic of combining PPG''s and Akzo''s paints and coatings businesses. Many analysts are skeptical Akzo can achieve the financial targets it has set for itself on a standalone basis, and failure would weaken management''s position if PPG returns. If the court rules in favor of Elliott, shareholders must be given at least 15 days notice before an EGM is held, meaning that meeting would likely take place in late June or July. That could encourage PPG to push ahead with a bid that Akzo''s boards won''t endorse. Hostile takeovers of Dutch companies by foreign buyers are almost unheard of - with the notable exception of ABN Amro''s disastrous 2007 buyout by a consortium led by RBS. However, in this case shareholder backing for PPG''s approach is unusually strong. Eight of Akzo''s top 20 investors have come o
'8a0651a02cffbbbf1e9abb5f8fb7b82fd6bb7064'|'Hedge fund Passport nurses fresh losses as assets shrink'|'Money - Fri May 12, 2017 - 5:24pm EDT Hedge fund Passport nurses fresh losses as assets shrink John Burbank, founder & chief investment officer of Passport Capital, speaks at a panel discussion at the SALT conference in Las Vegas May 15, 2014. REUTERS/Rick Wilking By Svea Herbst-Bayliss - BOSTON BOSTON Hedge fund Passport Capital, which once grabbed headlines with triple digit returns, has been hit with fresh losses and its assets continue to shrink, the firm''s founder told investors in a letter seen by Reuters on Friday. Passport''s Global Strategy fund lost 7.5 percent in the first four months of 2017, following on the heels of last year''s 17.4 percent loss. The broader S&P 500 stock index climbed 12 percent in 2016 and gained 7.2 percent in the first four months of 2017. Assets at the San Francisco-based firm contracted to $2 billion at the end of April, half of what it had managed only a few years earlier. Global Strategy now has $751 million in assets. A Passport spokesman declined to comment. The decline in assets and sluggish performance underscore tough times across the hedge fund industry, with the average fund gaining only about 3 percent so far this year. More hedge funds shut down last year than at any time since the financial crisis. Passport''s assets shrank by $387 million in the first three months of the year, Burbank told investors in the letter. He did not say how much money may have left in April. The Global Strategy fund had $187 million in outflows during the first quarter. Burbank has made big bets on Saudi stocks, including National Commercial Bank SJSC as well as Alinma Bank. He has also been bullish on Chinese consumer and internet company Alibaba Group and he said he is sticking with them. Ten years ago, Passport was an industry darling when the Global Strategy gained an eye-popping 219 percent. It suffered a 50.9 percent loss the following year, however, and this year''s declines are just the latest in a string of setbacks for Burbank. Tim Garry, who co-managed Passport''s long-short equity fund, left the firm after an eight-year stay last year and Burbank has since decided to shut it down. Garry had also led Passport''s Portfolio Construction, Risk and Quantitative Strategies. He is currently launching his own fund, Pelorus Jack Capital, which is also based in San Francisco. After years of being a featured speaker at the Skybridge Alternatives Conference, known as SALT, Burbank is not scheduled to attend this year''s event. The SkyBridge Multi-Adviser Hedge Fund Portfolios LLC, which long had money with Passport, no longer invests, a recently regulatory filing shows. (Reporting by Svea Herbst-Bayliss; Editing by Tom Brown) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-hedgefunds-passport-idUSKBN1882XM'|'2017-05-13T05:15:00.000+03:00'
'9c153e53123335349c62ae7581e54c0cebfb4bc9'|'Help exporters with a business whip round - Letters - Business - The Guardian'|'Help exporters with a business whip round Export assistance - Sheep guardians - Great Grandma Quack Quack - 35mm canisters - Destoning avocados View more sharing options Sunday 14 May 2017 19.00 BST Last modified   19.02 BST So Suren Thiru of the British Chambers of Commerce believes <20>it is vital that more is done to provide greater practical assistance for exporters, including developing an expanded trade mission and fairs programme<6D> ( Brexit bites as output falls and trade gap grows, 12 May). Quite so. But I hope that those robust, entrepreneurial, laissez-faire, small-state believers who subscribe to the BCC are going to have a whip round among themselves to fund it rather than relying on the hard-pressed British taxpayer. David Redshaw Gravesend, Kent <20> It<49>s a pity Patrick Barkham ( A leash for our dog obsession, 9 May ) did not mention the use of guardian animals such as the Pyrenean mountain dog or the llama. These animals remain always with the flock and are an effective deterrent against predators. Chris Peeler Wendover, Buckinghamshire <20> My granddaughter when very young pronounced me to be Bubba. My wife? BubbaSue ( Letters, passim ). Her great grandma, with ducks on her pond, is still Great Grandma Quack Quack. David Sutton Nottingham <20> Pete Lavender and the Lincolnshire Poacher pub ( Letters, 13 May ) need not fear the demise of 35mm film canisters. Regardless of purpose to which they<65>re put, there are 30 for under seven quid on eBay, the universal source of everything, it seems. Peter Knipe London <20> Destoning an avocado ( Pass notes, 11 May ) <20> it<69>s quite hard to cut your hand on a teaspoon. David Butler'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/may/14/help-exporters-with-a-business-whip-round'|'2017-05-14T03:00:00.000+03:00'
'5a757d79a19194fb2178005bf152a6187a5b48c6'|'Singapore sovereign fund GIC pares UBS stake at a loss'|'ZURICH Singapore sovereign wealth fund GIC Private Limited, which invested in UBS ( UBSG.S ) to support it during the 2008/09 global financial crisis, said it has cut its stake in the Swiss bank at a loss, partly because of changes in the lender''s strategy and business.GIC, which manages more than $100 billion globally, said it has reduced its stake to 2.7 percent from 5.1 percent."GIC made the UBS sale despite the loss because conditions have changed fundamentally since GIC invested in UBS in February 2008, as have UBS'' strategy and business," Lim Chow Kiat, chief executive of GIC, said in a statement issued on Monday."It makes sense now for GIC to reduce its ownership of UBS and to redeploy these resources elsewhere," he said.The fund said, however, that its investment in U.S. bank Citigroup Inc ( C.N ), also made at the height of the global financial crisis, was in the black and that combined returns for UBS and Citi were positive in "mark-to-market terms."GIC measures its performance on an overall portfolio basis, based on long term rather than annual returns.GIC is keeping its profitable investment in Citi."We remain a shareholder of Citibank. As with all our investments, we continue to manage our position based on our assessment of the fair value of Citigroup and other investment opportunities," a GIC spokeswoman said in an email to Reuters on Tuesday.The sovereign fund had reduced its stake in Citi to under 5 percent in 2009 from over 9 percent but didn''t disclose subsequent holdings.Reuters data on Monday showed GIC was not listed as among the top 50 Citi shareholdersUBS, the world''s biggest wealth manager, said separately on Monday GIC intended to place up to 93 million existing shares in UBS Group through a sale to institutional investors.Shares of the Swiss bank closed 1.3 percent lower at 16.61 Swiss francs after the news, which unusually came during trading hours.At the closing price, 93 million shares would be worth 1.54 billion Swiss francs ($1.55 billion).GIC, owned by the government of Singapore, was one of the first sovereign funds to pump billions into Western banks, which were rocked by the financial crisis and suffered deep losses.Singapore took a 9 percent stake in UBS in 2007 via an emergency capital injection when UBS unveiled $10 billion worth of subprime writedowns. UBS said at that time that GIC would invest 11 billion francs.The sovereign fund converted its 11 billion franc investment in UBS notes into shares in 2010.Lee Kuan Yew, Singapore''s first prime minister, who ruled the city-state for three decades and was formerly the chairman of GIC, said in 2009 that the sovereign fund had invested "too early" in global banks such as Citigroup and UBS. Lee died in 2015.UBS''s website listing of major shareholders said that Singapore as the owner of GIC had held a stake of 7.07 percent as of December 2014.GIC Private Limited and its associates have agreed to a 90-day lockup period for the remaining UBS shares, UBS said.UBS Investment Bank is acting as placement agent on the sale.(Reporting by Michael Shields in Zurich and Koh Gui Qing in New York; Additional reporting by Anshuman Daga in Singapore; Editing by Steve Orlofsky & Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ubs-gic-idINKCN18C02Z'|'2017-05-16T09:22:00.000+03:00'
'f47a3ec16d20d602ee8541311cd9d8368ade5b8c'|'Send in your photos of transformed derelict spaces in cities - Guardian Sustainable Business'|'Recently we wrote about Homebaked , a cooperative bakery in Liverpool which is working to transform a derelict terrace into affordable homes for the local community.The story prompted lots of you to get in touch, with @Quicknstraight commenting:When you drive around many northern English towns and cities, you see rows of boarded up terraced houses which sit there for years in that state. Nobody seems to do anything with them [...] Goodness knows how many serviceable houses are wasted in that manner.This got us talking about the businesses that, like Homebaked, are reviving derelict spaces in our cities, creating jobs and building community in the process. Now we want you to tell us more.Nightclubs, cafes, shops, underground farms <20> we want to see the creative approaches to empty spaces in the cities where you live, so share your photos and stories with us by Wednesday 31 May 2017 and we<77>ll feature the best contributions on the site.How to contribute You can share photographs by clicking the blue GuardianWitness buttons on this article.GuardianWitness is the home of readers<72> content on the Guardian. Contribute your video, pictures and stories, and browse news, reviews and creations submitted by others. Contribute with Guardian Witness Topics Guardian sustainable business Redesigning Cities Communities '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/sustainable-business/2017/may/17/community-regeneration-businesses-derelict-spaces-jobs-cities-send-us-your-photos'|'2017-05-17T19:03:00.000+03:00'
'edb5de3d58719c192ee5de87b5cf8631e3bc0060'|'Brazilian power company Cemig to announce asset sale program'|'Market News  11am EDT Brazilian power company Cemig to announce asset sale program SAO PAULO May 16 Brazil''s Cia Energ<72>tica de Minas Gerais will release in coming weeks a list of assets the power company will put up for sale to reduce its debt, Chief Financial Officer Ad<41>zio Lima said in a conference call on Tuesday. Lima confirmed that the company known as Cemig is in talks to sell its stake in the Santo Antonio hydroelectric dam and an agreement may be reached soon. Cemig also plans to sell shares in transmission company Transmissora Alian<61>a de Energia El<45>trica SA, or Taesa, he added. (Reporting by Luciano Costa; Writing by Tatiana Bautzer; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cemig-divestiture-idUSE6N1FG02X'|'2017-05-16T23:11:00.000+03:00'
'0325644ee3e95574472903d531fa9f83db9596c2'|'Singapore fintech firm says launches first digital platform for trade finance assets'|'Central Banks - Tue May 16, 2017 - 10:00am BST Singapore fintech firm says launches first digital platform for trade finance assets By Anshuman Daga - SINGAPORE SINGAPORE A Singapore central bank-backed fintech firm, CCRManager Pte Ltd, on Tuesday launched what it says is the first digital platform for the distribution of international trade financing, transactions now handled mainly by phone and email. CCRManager Pte Ltd, which received a grant from the Monetary Authority of Singapore''s Financial Sector Development Fund, is supported by 16 financial institutions, including Bank of China, DBS Bank, Standard Chartered Bank, Mitsubishi UFJ Financial Group, Spain''s BBVA and the commercial insurance arm of Swiss Re. "We believe that in year one, we will have approximately 30 institutions signing up. Our end goal is about 400 institutions by year five," Tan Kah Chye, CCRManager''s chairman, a former banker for over two decades, said at the launch of the platform. The firm aims to hit $10 billion in transaction volume in the first year and is targeting $250 billion in the fifth year. CCRManager charges a transaction fee on every successful deal. The Singapore-based company said its users will be able to list assets for distribution, negotiate deals, and manage supporting documentation in a secure environment. The web-based platform will enable members to manage the entire process of distributing trade finance internationally to other banks, credit insurers, and fund managers. Currently, banks largely handle the process of trade finance distribution by phone and email - a cumbersome manual exercise. "This platform provides transparency to the market, and will facilitate access to the trade markets for a broad range of investors, such as private insurance companies or investment funds," Francisco Javier Fern<72>ndez de Troconiz, head of global trade & international banking at BBVA, said in a statement. Before the platform was launched, banks in 14 countries participated in its successful testing. Some challenges digital platforms, such as CCRManager, could face include data confidentiality and the security of technology systems, executives of some banks told Reuters. At a time of growing intra-regional trade in Asia, the largest trading region in the world, and expansion of supply-chain networks beyond China, banks are ploughing more resources into the bread-and-butter trade financing business. CCRManager is the latest example of how Singapore is trying to reinvent itself as Asia''s fintech hub, an industry that has shaken up the traditional banking and financial services sectors. (Reporting by Anshuman Daga; Editing by Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-asia-tradefinace-idUKKCN18C0SO'|'2017-05-16T17:00:00.000+03:00'
'ccee41221b06e788d90472d7a31b3b5a046e464d'|'U.S. import prices increase for fifth straight month'|'Business News - Wed May 10, 2017 - 10:57am EDT Petroleum, motor vehicles boost U.S. import prices Hanjin Shipping Co shipping containers are seen at the Port of Long Beach, California U.S., September 13, 2016. REUTERS/Mario Anzuoni By Lucia Mutikani - WASHINGTON WASHINGTON U.S. import prices increased more than expected in April amid rising costs for petroleum products and a range of other goods, which could help boost domestic inflation and keep the Federal Reserve on course for further interest rate hikes. The Labor Department said on Wednesday that import prices jumped 0.5 percent last month after gaining 0.1 percent in March. It was the fifth straight monthly increase and beat economists'' expectations for a 0.2 percent advance. "Higher import prices today helps build the case for another rate hike at the June Fed meeting as the deflation threat has long passed for this economic cycle," said Chris Rupkey, chief economist at MUFG Union Bank in New York. In the 12 months through April, import prices rose 4.1 percent after increasing 4.3 percent in March. Prices shot up 4.7 percent on a year-on-year basis in February, the biggest gain in five years. They are rising as the drags from a strong dollar and weak global import prices fade. U.S. financial markets were little moved by the data amid investor caution after President Donald Trump on Tuesday abruptly fired FBI Director James Comey. In April, prices for imported petroleum rebounded 1.6 percent after declining 0.4 percent in March. Import prices excluding petroleum gained 0.4 percent, the biggest increase since July 2016, after edging up 0.1 percent in the prior month. Import prices excluding petroleum have now risen for four straight months, in part reflecting the dollar''s 3 percent decline against the currencies of the United States'' main trading partners this year. Import prices excluding petroleum rose 1.4 percent in the 12 months through April, the largest increase since March 2012. The steady rise in underlying import prices could over time put upward pressure on consumer inflation. "With job gains rebounding to decent levels, only some sudden deceleration in inflation might slow the Fed from its appointed round of rate hikes," said Joel Naroff, chief economist at Naroff Economic Advisers in Holland, Pennsylvania. "Well, it doesn''t look like inflation is going to decelerate anytime soon." The U.S. central bank raised its overnight interest rate by a quarter of a percentage point in March and has forecast two more hikes this year. Prices for imported capital goods rose for a third straight month in April, while the cost of imported motor vehicles surged 0.5 percent, the biggest gain in five years. Imported food prices increased 0.3 percent. The cost of goods imported from China dipped 0.1 percent last month, leading to a 1.2 percent decline on a year-on-year basis. Prices have not risen on a yearly basis since October 2014. The report also showed export prices increased 0.2 percent in April after rising 0.1 percent in March. Prices rose 3.0 percent year-on-year after increasing 3.4 percent in March. Prices for agricultural exports advanced 0.3 percent last month as a record 37.9 percent jump in vegetable prices offset falling prices for soybeans, corn and wheat. In the 12 months through April, agricultural export prices rose 4.6 percent. (Reporting by Lucia Mutikani; Editing by Paul Simao and Chizu Nomiyama) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-inflation-idUSKBN1861NL'|'2017-05-10T20:36:00.000+03:00'
'95d086bee0d1a2b278399bc441c9e42fd52b883a'|'Report card - tries hard, could do better'|'Davos  48am BST Report card: tries hard, could do better By Jeremy Gaunt - LONDON LONDON Setting aside a few uncomfortable economic truths such as the increasing U.S. skills gap, eye-wateringly high unemployment in parts of the euro zone, and growing income inequality in China, the world economy has been doing pretty well this year. The issue is: how well and how sustainable? In the United States, the economy has been strong enough for the Federal Reserve to start raising interest rates, slowly. In the euro zone, growth is robust enough for the European Central Bank to think about dropping public warnings of risks. China, meanwhile, has so far staved off last year''s dire warnings of a sharp, potentially damaging, slowdown. But much of this comes courtesy of billions of dollars, euros, and other currencies being pumped into the global economy. In some cases, it is still being pumped in. And the results are not exactly bracing. The International Monetary Fund expects the world economy to grow 3.5 percent this year --- not bad until you remember it averaged 4.2 percent over the 10 years before the financial crisis. The IMF sees the U.S. economy growing at 2.3 percent this year, below the 2.6 percent average for 1999-2008. Ditto the euro zone -- 2017 growth at 1.7 percent versus 2.1 percent. For China, the numbers are 6.6 percent and 10.1 percent, respectively. After their spring meeting last month, the IMF and World Bank sounded a bit passionless about it all. "The global economy is gaining momentum, but risks remain tilted to the downside," they said. So a near 10-year deluge of global central bank stimulus has not brought things back to where they were and a left a large question about the sustainability of what has been achieved. As European Central Bank President Mario Draghi said in a slightly different context in the past week: "It is too early to declare success." Most economists appear to believe the global economy is strong enough to keep going, if not exactly at a tear. The coming week will probably confirm this, but could also provide something of a reality check. TICKING AWAY In what may be an example for the global economy as a whole, the United States is expected to report slower industrial output growth for April -- that is, it continues to grow (at 0.3 percent), but at a lesser rate than March''s 0.5 percent. But more attention is likely to be paid to the respective reports of the Federal Reserve banks of Philadelphia and New York -- the Philly Fed and Empire State. Last time around, they both signaled growth, but with the New York report far less robust than the Philly. Same again? China''s economy, meanwhile, has shrugged off fears of a major slowdown. It is expected to slow from surprisingly strong first quarter growth, however, as previous stimulus measures wear off and policymakers set their eyes on controlling risks in the financial market. In the coming week, data may further confirm a slight slowing of momentum, but nothing dramatic. Year-on-year retail sales, for example, are expected to dip to 10.6 percent from 10.9 percent. The euro zone will offer up its second reading of first quarter GDP growth, the first coming in at 0.5 percent quarter on quarter. Analysts polled by Reuters expect no change, but industrial production data for March did come in far softer than expected. Another focus will be on the final April figures for inflation. Again, no change expected -- 1.9 percent year-on-year -- but the ECB will be watching to make sure all that money it has pumped in does not take the number too much higher. (Additional reporting by Elias Glenn in Beijing; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-economy-weekahead-idUKKBN1881DA'|'2017-05-12T18:43:00.000+03:00'
'75738a2597aa60aedac91d40a0a4e9d220cde6a7'|'Brazil''s Petrobras wins $1.8 billion tax ruling from 2009'|'Commodities - Fri May 12, 2017 - 8:03pm EDT Brazil''s Petrobras wins $1.8 billion tax ruling from 2009 A worker paints a tank of Brazil''s state-run Petrobras oil company in Brasilia, Brazil September 30, 2015. REUTERS/Ueslei Marcelino SAO PAULO Brazilian state-controlled oil company Petroleo Brasileiro SA said tax court CARF has made a final ruling in favor of the company in a case regarding a deduction of 5.8 billion reais ($1.8 billion) related to 2009 drilling expenses. ($1 = 3.1222 reais) Exclusive: Cheniere in talks to boost LNG shipments to China HOUSTON/NEW YORK Cheniere Energy Inc said on Friday it has had extensive negotiations with China about increasing U.S. liquefied natural gas exports, as a new trade deal paves the way for a second wave of LNG investment in the world''s fastest growing gas supplier. MOSCOW Igor Sechin, the head of Russia''s largest oil producer Rosneft, said on Saturday the Russian energy ministry had his support in talks over oil production cuts, without elaborating, RIA news agency reported. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-petrobras-tax-idUSKBN188333'|'2017-05-13T04:03:00.000+03:00'
'772ce1eb4d3df76c35d4139bc95b1c6e8d1367c5'|'In blow to Trump, GE backs NAFTA and voices support for Mexico'|'  11:38pm BST In blow to Trump, GE backs NAFTA and voices support for Mexico left right General Electric Co. Chief Executive Jeff Immelt delivers a speech during the opening of a new tower of the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico May 12, 2017. REUTERS/Daniel Becerril 1/2 left right General Electric Co. Chief Executive Jeff Immelt delivers a speech during the opening of a new tower of the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico May 12, 2017. REUTERS/Daniel Becerril 2/2 By Dave Graham - MONTERREY, Mexico MONTERREY, Mexico General Electric ( GE.N ) on Friday praised Mexico as a big part of its future and said the company is "very supportive" of the North American Free Trade Agreement (NAFTA) that U.S President Donald Trump has threatened to ditch. GE Chief Executive Officer Jeff Immelt said on a visit that Mexico had great potential and was not properly understood. He touted the conglomerate''s Mexican operations and the trade deal binding Mexico, Canada and the United States. "GE as a company, we''re very supportive of NAFTA," Immelt told employees at an event to mark the expansion of operations in the northern city of Monterrey. He said the trade accord could be modernized, as Mexico has argued. Immelt sits on a Trump-appointed manufacturing council that Mexico has targeted for lobbying as Mexico and Canada push U.S. business leaders to defend NAFTA. The GE boss said trade meant "win-win" opportunities across North America. "We will continue to work constructively in the context of wanting to see a close relationship between the U.S. and Mexico," he said, noting that GE''s exports to the rest of the world from Mexico were worth $3 billion. "We''re optimistic about Mexico, we''re optimistic about what we can do here," Immelt added, saying Latin America''s no. 2 economy would be a "big part" of GE''s future. Earlier this month, Immelt urged the Trump administration to avoid protectionist policies, calling on it to level the playing field for U.S. companies with tax reform, revived export financing and improved trade agreements. Trump touts a "Buy American" policy and has railed against U.S. companies moving operations to Mexico. He has threatened to ditch NAFTA, a lynchpin of the Mexican economy, if he cannot rework it to secure better terms for the United States. Unlike some U.S. companies, GE has not backed off plans in Mexico, risking broadsides from Trump on Twitter. Earlier, the Mexican presidency said in a statement that GE had stated an interest in doubling purchases from Mexican suppliers next year. Immelt did not mention this. Vladimiro de la Mora, CEO for Mexico, said the figure came from an announcement last year and did not mean GE aimed to double purchases between this year and 2018. On Thursday, GE said it had won a contract to provide plants producing two new gigawatts of power in Mexico and secured a separate $120 million, multi-year service deal. De la Mora said GE could not yet reveal details of the 2 GW deal, but it was "likely" the value of the total investment in the power plants would exceed $500 million (388 million pounds). (Reporting by Dave Graham in Monterrey, Additional Reporting by Mexico newsroom in Mexico City; editing by Grant McCool and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trade-mexico-ge-idUKKBN18831G'|'2017-05-13T06:38:00.000+03:00'
'd82f2d6eac44bee2bfb40e5ab170bdc6d69b41c1'|'NEWSMAKER -Macron''s prime minister: like-minded, but not always a fan'|'Market News - Mon May 15, 2017 - 10:16am EDT NEWSMAKER -Macron''s prime minister: like-minded, but not always a fan By Emmanuel Jarry and Ingrid Melander - PARIS PARIS May 15 French President Emmanuel Macron''s conservative prime minister has plenty in common with his boss, but the 46-year-old who boxes in his spare time has not shied from throwing a political punch at the young centrist in the past. Like Macron, Edouard Philippe is a pro-European moderate who wants French politics to go beyond the left-right divide. He is, though, a member of The Republicans party, which poses a bigger threat than any other to Macron''s ability to form a legislative majority in June''s parliamentary election and avoid a potentially reform-slowing coalition. The choice of the trained lawyer and mayor of the port city of Le Havre is part of a strategy to undermine the foundations of France''s traditional political groupings and transform Macron''s own Republic on the Move (REM) party from a year-old political start-up into the dominant force in French politics. Philippe will provide a counterweight to the Socialist Party legislators who have defected to REM and its ''neither left nor right'' cause. A lawmaker since 2012, his words for Macron have not always been generous. In January, during the presidential campaign, he wrote a column for the left-leaning Liberation newspaper in which he took a swipe at the portrayal of Macron in some media as a French version of former U.S. President John F. Kennedy. Philippe said Macron lacked Kennedy''s charisma and was full of empty promises. "Macron doesn''t take responsibility for anything but promises everything, with the ardour of a youthful conqueror and the cynicism of a seasoned veteran," Philippe wrote. The following month, he wrote that Macron was "an emblematic representative of the establishment." By May, however, when Macron was already firm favourite after a first round win, Philippe''s words were warmer, and contained advice. "He''ll have to be daring. Get out of the old, comfortable, institutionalised, one-on-one left-right opposition to constitute a majority of a new kind. The path will be narrow, and risky. It''s hard to see the ''system'' letting go easily." "A BIT OF A LONER" Philippe was part of The Republicans'' presidential campaign until early this year. He walked out after the party''s candidate, Francois Fillon, was engulfed in an investigation into nepotism. Prior to that, Philippe campaigned with Alain Juppe, Fillon''s rival in The Republican primaries and a veteran party moderate. The son of teachers, Philippe went to school in Germany. Friends say his centrist leanings make a good fit with Macron''s vision, and that there is no danger of any ego taking over. "He''s a worker, brilliant, a bit of a loner and discreet, but solid," said one friend who did not want to be named. Aside from his interest in boxing - he trains three times a week - Philippe has two more things in common with Macron: He passed through the elite ENA school, and his early political hero was Michel Rocard, a Socialist prime minister for whom he campaigned as a student before changing his political stripe. He was director of public affairs at the now struggling nuclear energy group Areva between 2007 and 2010. Bearded and balding, Philippe''s associates describe a discreet politician. "This is not a man who is going to tap you straight away on the shoulder, but he is very witty," said Benoist Apparu, who shared the role of spokesman for Juppe''s campaign with him. "He has a real love for the law and judicial issues." Philippe is also a collector of cufflinks, something style watchers might find harder to keep an eye on than the dandy outfits that former Socialist prime minister Bernard Cazeneuve was known for. (Editing by Andrew Callus and Richard Lough) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/france-election-premier-newsmaker-idUSL8N
'8c80df18689a28904f1c26b3470b54aadf0d42b5'|'Deals of the day-Mergers and acquisitions'|'May 15 The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Monday:** Malaysian palm oil producer Felda Global Ventures Holdings Bhd said it had signed an initial deal with a unit of China''s grain stockpiler aimed at expanding its palm oil supply and distribution network in its third biggest market.** Italy''s Atlantia launched a 16.34 billion euro ($18 billion) cash-and-share offer for Spain''s Abertis on Monday in a bid to create the world''s biggest operator of toll roads, with 14,095 km under its management.** The general manager of Lebanon''s Blom Bank said on Monday he thinks "there will be a new wave of consolidation" in the country''s banking sector.** South Africa''s Vodacom said on Monday it will buy a 35 percent stake in Safaricom from its parent company Vodafone for 34.6 billion rand ($2.59 billion), expanding its reach into Kenya.** SNC-Lavalin will not raise its offer for British engineering and construction firm WS Atkins unless it faces a rival bid for the British firm, the Canadian construction and engineering group said on Monday.** Gold producer Eldorado Gold Corp has agreed to buy the remaining shares of Integra Gold Corp, to expand its mining opportunities in the Eastern Abitibi region of Canada.** As U.S. paintmaker PPG Industries considers whether to keep pursuing Dutch peer Akzo Nobel after being rebuffed three times, the fate of the Dulux owner is moving into uncharted territory. (Compiled by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1IH2W3'|'2017-05-15T07:47:00.000+03:00'
'8511211cab3733f8211e9f3e4cba76499fb49b28'|'Canada LNG developer Pieridae seeking natural gas acquisitions -CEO'|'By Nia Williams - CALGARY, Alberta CALGARY, Alberta May 15 Pieridae Energy Ltd, the company behind a proposed liquefied natural gas terminal on Canada''s east coast, is looking to buy producing assets in western Canada or in the Marcellus shale play in the United States, its chief executive said on Monday.Alfred Sorensen told Reuters in a phone interview that Calgary-based Pieridae wanted to buy about 200 million cubic feet a day of natural gas production to supply its terminal and would consider buying a company or just assets.Privately held Pieridae is developing the Goldboro LNG project in Nova Scotia, with a targeted in-service date of 2021 and capacity of 10 million metric tonnes a year."What we really want is a resource with potential to grow into rather than producing right now," Sorensen said. "Pieridae''s plan from the beginning was to be a fully integrated LNG facility owning the upstream as well as the terminal."He said Pieridae would look for acquisitions later this year. Companies with western Canadian natural gas assets on the block include Husky Energy, while Cenovus Energy also said it may sell some of its gas production.Sorensen also expressed interest in assets from the Marcellus shale play, the most prolific natural gas field in the United States.Pieridae expects to make a final investment decision on the Goldboro terminal later this year, and currently estimates the project will cost around $7.3 billion.German utility Uniper has already committed to buying production from the first of two proposed LNG facilities at Goldboro, which will each produce 5 million metric tonnes a year, and owns a 1 percent stake in the terminal, Sorensen said.There are more than a dozen proposed Canadian LNG terminals, but only the relatively small Woodfibre LNG project in Squamish, British Columbia, has received the final go-ahead, delaying Canada''s entry into the global market.Others, including a C$36 billion ($26.39 billion) project by Malaysia''s state-owned oil company, Petronas, have stalled on concerns about weak energy prices and global oversupply of LNG.On Monday, Pieridae agreed to buy Quebec-based oil and gas producer Petrolia Inc through a reverse takeover that will create a publicly traded company, Pieridae Energy Ltd, to be known as Amalco until the arrangement is completed in July."We are trying to solve how to get gas supply for the terminal and opportunities to finance," Sorensen said, adding that being a listed company would improve its chances of accessing capital to fund growth.($1 = 1.3644 Canadian dollars) (Reporting by Nia Williams; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-lng-pieridae-idINL2N1IH15J'|'2017-05-15T17:42:00.000+03:00'
'0a763316d35a6d2c7e213b1a39738bc0a9866ebc'|'Canada''s Enbridge eyes acquisitions and profit rise on Spectra deal'|'By Ethan Lou - CALGARY, Alberta CALGARY, Alberta Enbridge Inc, North America''s largest energy infrastructure company, said on Thursday it may acquire more assets and forecast a rise in adjusted earnings this year following its purchase of Spectra Energy Corp.Enbridge bought Spectra for $28 billion in a deal that closed on Feb. 27, highlighting the pressure faced by pipeline companies to merge as they grapple with over-capacity.Calgary, Alberta-based Enbridge, which reported a lower-than-expected profit for the first quarter on Thursday, said it expects adjusted profit before interest and taxes of C$7.2 billion ($5.3 billion) to C$7.6 billion in 2017, compared to C$4.7 billion last year.On a conference call, Chief Executive Al Monaco said the company may be interested in other acquisitions smaller in scale than Spectra, although he did not name any targets.Monaco added the company is interested in expanding its BC Main Line gas pipe in western Canada, which would cost about C$1 billion, and is gauging shipper interest.Monaco also said Enbridge may form subsidiaries to deal with the new assets from its Spectra acquisition to reduce leverage.Construction for Enbridge''s Line 3 pipeline project from Alberta to Superior, Wisconsin, will continue regardless of a legal challenge from an aboriginal group in the province of Manitoba, Monaco said.At an annual meeting later on Thursday, with aboriginal protesters gathered outside, shareholders defeated a resolution seeking disclosure of how the Enbridge addresses issues including indigenous rights. Nearly 70 percent voted against.The resolution had been filed by the Sisters of Charity non-profit as a response to Enbridge<67>s recent acquisition of a 27.5 percent stake in the Dakota Access Pipeline, which some aboriginal groups in the United States oppose.Some such groups have pressured banks not to fund pipeline projects. Monaco said he was "always concerned" about such pressure, adding that Enbridge prioritizes consulting with aboriginal people and addressing their concerns.In the first quarter ended March 31, Enbridge said available cash flow from operations to fell to C$3.60 to C$3.90 per share this year, from C$4.08 per share in 2016.Weak earnings from Enbridge''s liquids pipeline business weighed on profit. Excluding a C$416 million derivative gain and other one-time items, adjusted profit was 57 Canadian cents. The analysts'' average estimate was 62 Canadian cents, according to Thomson Reuters I/B/E/S.($1 = 1.3697 Canadian dollars)(Reporting by Swetha Gopinath in Bengaluru and Ethan Lou in Calgary, Alberta; editing by Paul Simao and Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-enbridge-inc-results-idINKBN1871E3'|'2017-05-11T21:05:00.000+03:00'
'e9a525b94156e98e992bd5ae7c99ed76393a2623'|'Japan''s SoftBank invests $500 million in UK tech start-up Improbable'|'Autos   7:35pm BST UK tech start-up Improbable breaks $1 billion valuation with SoftBank deal left right The logo of Improbable is seen on a water bottle at the company head office in London, Britain, May 12, 2017. REUTERS/Hannah McKay 1/14 left right The logo of Improbable is seen on water bottles at the company head office in London, Britain, May 12, 2017. REUTERS/Hannah McKay 2/14 left right A general view of the Improbable head office in London, Britain, May 12, 2017. REUTERS/Hannah McKay 3/14 left right The logo of Improbable is seen on canvas bags at the company head office in London, Britain, May 12, 2017. REUTERS/Hannah McKay 4/14 left right Improbable employees (L-R) Rob Whitehead CTO, Paul Thomas VP Product Manager, Herman Narula CEO and Peter Lipka COO pose for a photograph at the company head office in London, Britain, May 12, 2017. REUTERS/Hannah McKay 5/14 left right Paul Thomas, VP Product Manager of Improbable, poses for a photograph at the company head office in London, Britain, May 12, 2017. REUTERS/Hannah McKay 6/14 left right Paul Thomas, VP Product Manager of Improbable, poses for a photograph at the company head office in London, Britain, May 12, 2017. REUTERS/Hannah McKay 7/14 left right Rob Whitehead, CTO of Improbable, poses for a photograph at the company head office in London, Britain, May 12, 2017. REUTERS/Hannah McKay 8/14 left right Rob Whitehead, CTO of Improbable, poses for a photograph at the company head office in London, Britain, May 12, 2017. REUTERS/Hannah McKay 9/14 left right Peter Lipka, COO of Improbable, poses for a photograph at the company head office in London, Britain, May 12, 2017. REUTERS/Hannah McKay 10/14 left right Peter Lipka, COO of Improbable, poses for a photograph at the company head office in London, Britain, May 12, 2017. REUTERS/Hannah McKay 11/14 left right Herman Narula, CEO of Improbable, poses for a photograph at the company head office in London, Britain, May 12, 2017. REUTERS/Hannah McKay 12/14 left right Herman Narula, CEO of Improbable, poses for a photograph at the company head office in London, Britain, May 12, 2017. REUTERS/Hannah McKay 13/14 left right FILE PHOTO: People walk behind the logo of SoftBank Corp in Tokyo December 18, 2014. REUTERS/Toru Hanai/File Photo 14/14 By Kate Holton and James Davey - LONDON LONDON Improbable, a British tech simulation company dreamt up at Cambridge University, has raised $502 million (<28>390 million) in a funding round led by Japan''s SoftBank, valuing it at over $1 billion and propelling it into the top ranks of the European industry. Britain has a thriving tech start-up scene but few companies secure the large investments they need to become fully-fledged businesses, meaning many list in the United States or sell out to American giants such as Google or Microsoft. Improbable was founded only five years ago by three friends, two of whom met while studying computer science at Cambridge and the other who went to Imperial College in London. It uses cloud-based computing to digitally simulate complex real-world locations. The software can be used in hyper-realistic gaming but also to design infrastructure and scenarios for self-driving vehicles. "This is only just the beginning of where we need to go," 29-year-old Improbable CEO Herman Narula told Reuters. The $502 million marks the biggest ever early stage investment for a venture-backed European company and comes from SoftBank CEO Masayoshi Son who is building a $100 billion tech fund in his drive to become the Warren Buffett of the industry. SoftBank bought Britain''s largest tech company ARM for 24.3 billion pounds last year, its largest takeover. Narula and his co-founders have not disclosed how much their own share of the company is now worth but will be sitting on fortunes -- at least on paper. The computer science graduate founded Improbable with fellow Cambridge student Rob Whitehead, 26, after they met at a dissertation review. They later moved 
'3e72646b412f210466b7060448d834e3dc892d31'|'G7 financial leaders reiterate FX pledges, vow more cyber cooperation'|'Technology   12:00pm BST G7 financial leaders reiterate FX pledges, vow more cyber cooperation Financial ministers and bank governors pose for a family photo during the G7 for Financial ministers meeting in the southern Italian city of Bari, Italy May 13, 2017. REUTERS/Alessandro Bianchi BARI, Italy Financial leaders of seven leading world economies pledged stronger cooperation against cyber crime on Saturday and not to use foreign exchange to gain competitive advantage, but stuck to their cautious wording on trade, their final communique showed. Finance ministers and central bank governors from the United States, Canada, Japan, France, Germany, Italy and Britain met in the Italian city of Bari to discuss the world economy, combating terrorist funding, cyber security and taxes. The final communique of the meeting said the seven countries would use all policy tools - fiscal, structural and monetary - to boost economic growth. It also said the G7 financial leaders would strengthen cooperation to counter cyber threats such as a global online attack which infected tens of thousands of computers in nearly 100 countries on Friday. The statement said fiscal policy should be used to help job creation while keeping public debt on a sustainable path and monetary policy should help economic activity without fuelling strong inflation. "We reaffirm our existing G7 exchange rate commitments to market-determined exchange rates and to consult closely in regard to actions in foreign exchange markets," it said. "We reaffirm our fiscal and monetary policies have been and will remain oriented towards meeting our respective domestic policy objectives, using domestic instruments and we will not target exchange rates for competitive purposes," it said, underlining the importance of refraining from competitive devaluations. But unlike a G7 leaders'' communique of 2016, the Bari meeting did not endorse free trade and reject protectionism, reflecting pressure from the United States where President Donald Trump has signaled his scepticism about free trade deals. The G7 financial leaders repeated a line agreed by the broader Group of 20 in March which said: "We are working to strengthen the contribution of trade to our economies." As a global cyber attack infected tens of thousands of computers in nearly 100 countries on Friday, the G7 financial leaders said: "We recognize that cyber incidents represent a growing threat for our economies and that appropriate economy-wide policy responses are needed." They called for common shared practices to spot quickly any vulnerabilities in the world''s financial system and stressed the importance of effective measures to assess cyber security among individual financial firms and at sector level. Italian finance minister Pier Carlo Padoan told reporters that the discussions, which had been scheduled before Friday''s attacks, were "unfortunately very timely." (Reporting By Jan Strupczewski, Gernot Heller, William Schomberg, Silvia Aloisi and Giuseppe Fonte and David Lawder in Bari)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-g7-ministers-communique-idUKKBN1890A4'|'2017-05-13T19:03:00.000+03:00'
'2aa298da3b3c5ec34261f6b7543761dbbd10a7c7'|'Bathstore accused of using cowboy fitters who damaged properties - Money'|'Home improvements Bathstore accused of using cowboy fitters who damaged properties Dream bathrooms turned into nightmares for two customers who say they were forced to sign off on shoddy work Bathstore is Britain<69>s biggest bathroom retailer with 167 high street stores. Photograph: Alamy Stock Photo Home improvements Bathstore accused of using cowboy fitters who damaged properties Dream bathrooms turned into nightmares for two customers who say they were forced to sign off on shoddy work View more sharing options Miles Brignall Saturday 13 May 2017 07.00 BST T wo women who each paid Bathstore <20>5,000 to install new bathrooms in their homes have claimed the retailer used cowboy builders who caused leaks and damage to their homes <20> and then tried to intimidate them into signing off their shoddy work. Nicola Milburn from Gravesend in Kent said sales staff had promised that it would take five days to install her dream bathroom, but instead it turned into a nightmare of leaking toilets, botched pipework and failed promises. Milburn, who works in property management, said having the work done was <20>the worst experience of my life<66>. Dawn Holmes, who lives in south-east London, also contacted Guardian Money this week to describe a similar experience after she visited a different branch of what has become Britain<69>s biggest bathroom retailer with 167 high street stores. The City worker said she had endured 18 days without a functioning toilet and nine days without water to her bathroom. Tiles were put on the wrong way round by the workers who spoke little English. A leak to a radiator left a stain on her kitchen roof and a hole in the ceiling. The whole experience, she said, had left her frequently in tears and, after it entered the third week, fearing for her sanity. Nicola Milburn and her husband, Demir, say they got the <20>worst cowboy builders<72> they have ever encountered. Photograph: Nicola Milburn Both women said the builders contracted by the store to install their bathrooms in effect had bullied them into signing off the work, even work that was nowhere near finished. Holmes said the workers had refused to give her back her house keys unless she signed, forcing her to threaten to call the police. Although both have since had the installations redone by Bathstore to their satisfaction, they said they would never let the firm near their homes again. Their stories show how using a big name retailer is no guarantee that you won<6F>t end up with a cowboy builder. Both question how well Bathstore vets its subcontractors, which according to its website are <20>independently assessed, continuously audited<65>. The company told Money all its <20>principal contractors<72> were approved by the British Institute of Kitchen, Bedroom & Bathroom Installation and accredited by Which? Trusted Trader. Milburn and her husband, Demir, visited Bathstore<72>s Lakeside branch in January where they chose a suite costing <20>1,300, while installation was quoted as <20>3,700. The salesmen who took their <20>5,000 payment up front promised the job would take five days <20> but it quickly started to go wrong. She said the man who was there to remove the old tiles simply threw them out of their first floor window, landing near where her children were playing. She cut herself badly trying to move them. Part of the pile of rubbish in Nicola Milburn<72>s garden that was left behind by Bathstore<72>s fitters. Photograph: Nicola Milburn Then the wrong bath and too few tiles were delivered. When a second bath was sent to replace it, the workers refused to take the first one away. A newly fitted toilet leaked because the wrong connector had been used. At one point she had to go out and buy some tiler adhesive because the contractor didn<64>t have money to buy his own. Without it the work would have stopped, she said. <20>We went with Bathstore<72>s own installation team because it promised a hassle-free, professional installation. What we got was the worst cowboy builders I have ever encoun
'3d7ad20844750d0802eed512035bb45a5d7fc3c6'|'Mnuchin getting questions on reform at G7 meeting'|'Mnuchin getting questions on tax reform at G7 meeting by Donna Borak @donnaborak May 12, 2017: 1:51 PM ET Steve Mnuchin in 90 seconds The world has a question for the Trump administration: How are things going with Washington''s plans to overhaul taxes? Treasury Secretary Steven Mnuchin met one-on-one with finance officials from Canada, Germany and Japan on Friday, as a conference of G7 nations got underway in Bari, Italy . He met with his Italian counterpart on Thursday and will sit down with U.K. Chancellor of the Exchequer Philip Hammond on Saturday. A senior Treasury official said Mnuchin''s finance counterparts haven''t been "shy about asking direct questions" about Trump''s plans to reform the U.S. tax code. He described the overall tenor of conversations to be "quite positive." The questions have centered on when Congress is likely to move forward with an overhaul plan and what it might look like, the senior official said. Mnuchin, a former Goldman Sachs banker, reiterated to counterparts the administration''s hope for Congress to pass a reform bill this year, according to the senior official. Others topics for discussion have included strengthening cybersecurity, reaching an agreement on international tax rules, and countering terrorism financing. Italian G7 officials said Trump''s tax proposal is not part of the weekend''s agenda , but foreign counterparts are following developments in Washington very closely. Pier Carlo Padoan, Italy''s minister of economy and finance, said he is watching the U.S. approach "closely" for lessons other countries can use in reforming their tax codes. Related: Trump says I might release tax returns - when I''m out of office Tax policy can act as an important driver of economic growth -- a top priority for the world''s largest countries and multinational organizations like the International Monetary Fund. German Finance Minister Wolfgang Schaeuble said Friday he would convey in his meeting with Mnuchin that the world needs U.S. leadership to help drive global growth. "We need a strong United States to lead the global economy and global politics in a sustainable way," said Schaeuble. Italian officials also said it''s unclear whether G7 finance ministers will have anything specific to say on tax reform at the end of their meeting on Saturday. CNNMoney (Bari, Italy)   1:51 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/05/12/news/economy/g7-treasury-mnuchin-tax-reform/index.html'|'2017-05-12T21:51:00.000+03:00'
'bfaf3720f7e932da0aeb19f0a62902ff48e61113'|'German packaging group Constantia Labels up for sale: sources'|'By Arno Schuetze - FRANKFURT FRANKFURT Buyout group Wendel ( MWDP.PA ) has put German packaging group Constantia Labels up for sale in a deal that could be worth more than 1 billion euros ($1.1 billion), as it seeks cash for investments in a sister company, two people familiar with the matter said.Wendel has asked Goldman Sachs ( GS.N ) to evaluate options including a sale of the group, which is part of its larger packaging firm Constantia Flexibles, after receiving offers from three interested parties.The investor, which owns 60 percent of Constantia Flexibles, as well as its co-investors are considering using proceeds from a sale of the labels group to fund add-on acquisitions for the remainder of the company, one of the people said.Constantia Labels is expected to post earnings before interest, tax, depreciation and amortization of 113 million euros this year and could be valued at more than 10 times that, in line with industry peers, the sources said.Information packages have been sent out and first-round bids are due at the end of May, the people said, adding that there are no plans for a stock market listing of the firm.Peers such as CCL Industries ( CCLb.TO ) and Multi-Color Corporation are considering offers, as are private equity groups such as Cinven [CINV.UL] and Blackstone ( BX.N ), they said.Wendel, Goldman Sachs and Cinven declined to comment. The others were not immediately available for comment.Constantia Flexibles was acquired by Wendel for 2.3 billion euros in 2014, after a planned initial public offering by former owner OEP had failed a year earlier. The investor has since strengthened the group, which employs 10,000 staff, with several acquisitions.While the combination of the beverages and food labels operations with the food packaging business made sense at the time of the planned IPO to present an attractively-sized company to investors, synergies are limited between the two parts, which were internally separated last year.Constantia Labels posted a 2016 EBITDA of 100.8 million last year on sales of 605 million euros. According to its business plan, EBITDA could grow to 167 million by 2021.(Additional reporting by Alexander H<>bner; Editing by Maria Sheahan and David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-constantialabels-sale-idINKBN1881SE'|'2017-05-12T11:11:00.000+03:00'
'92d7d0035b6fdbdaa84ebb3f6066a80156a402a8'|'Schumpeter: A boss<73>s guide to fending off an activist attack'|'MODERN bosses are a resilient bunch who can handle everything from Twitter storms to takeovers. But one thing drives many of them berserk: activist hedge funds, which buy stakes in companies and lobby for change. Last month Klaus Kleinfeld, the boss of Arconic, an industrial firm, succumbed to a bout of <20>activist apoplexy<78>. He sent a confidential letter to Paul Singer, head of Elliott Management, a fund that was trying to oust him. Its mysterious references to parties during the 2006 football World Cup in Germany and to a feather headdress seemed to be a threat to expose details about Mr Singer<65>s personal life. Mr Kleinfeld, who had spent over a decade running big listed firms including Siemens and Alcoa, resigned when his board found out.Bosses feel that they are being stalked by activists. Elliott is now in a confrontation with Akzo Nobel, a Dutch chemicals firm that is using a poison pill to resist a takeover by PPG, an American rival. Since 2010, on average, 8% of the firms in the S&P 500 index have faced an attack each year, according to Activist Insight, a research firm. And whereas they were once the gobby bad boys of capital markets, activists have got cleverer and harder to ignore.  an hour ago How   an hour ago A   3   10   Consider Daniel Loeb, of Third Point, a $16bn fund that on April 27th demanded a break-up of Honeywell, an industrial firm. In the 1990s and 2000s, he was known for leaving messages in web chatrooms under the name <20>Mr Pink<6E>. One of his <20>letters of mass destruction<6F> advised a boss to retire to the Hamptons to <20>hobnob with your fellow socialites<65>. Today Mr Loeb makes his case in a more sophisticated way, with detailed analysis of firms.Instead of getting angry, CEOs need to get even. Schumpeter has put together a battle drill on how to cope with activists. It has four elements: know the enemy; prepare for them to attack; smother them with sincerity; and make concessions if you have to. Start with understanding activists, who play a useful role. As money flows into low-cost index funds, the job of scrutinising firms is being outsourced to a few dozen specialist vehicles. These analyse firms and seek the backing of the <20>lazy<7A> money. A small fund with a good idea can win support to oust a big firm<72>s board.Activist funds also have weaknesses. Their bosses are often vain and impatient. To impress their own investors, they need to be seen to influence the running of big firms. They imagine they have superior strategic insights, articulated in long white papers. But often their proposals are banal demands for share buy-backs, which do not alter a firm<72>s underlying value.Preparing for the possibility of an activist attack is essential. As well as running the firm properly, that means getting closer to your other shareholders. Even companies under no obvious threat do this. For example, in 2016 and early 2017 members of Bank of America<63>s board of directors met or spoke by phone with investors representing 29% of the bank<6E>s shareholder base.When activists make their move, CEOs must be seen to take them seriously. General Motors (GM) has just given a masterclass in the patient neutering of a flawed proposal. David Einhorn, of Greenlight Capital, wants it to create a new type of share paying high dividends. GM<47>s top management spoke with him ten times, and its board discussed the proposal three times, before rejecting it on March 28th. Even the most powerful bosses engage. In 2013 Tim Cook, Apple<6C>s CEO, endured a dinner with Carl Icahn, an irascible raider who made his name in the 1980s. <20>We had a commonality, we know the technology world,<2C> Mr Icahn graciously allowed. Apple ignored his call for a $50bn share buy-back.When the activist is partly right, however, this must be acknowledged. BHP Billiton, a giant mining firm, faces a triple-pronged critique from Elliott. On April 12th BHP rightly dismissed two of its demands<64>a call to alter its dual listing in Sydney and London and the usual demand for 
'd5a902be1cbab676c7761e5a0ca13b09229b96b2'|'Linde CEO sees new company after Praxair merger based in Ireland'|'Deals - Wed May 10, 2017 - 9:21am EDT Linde CEO sees new company after Praxair merger based in Ireland MUNICH The new company formed from the planned $70 billion merger of Linde ( LING.DE ) and Praxair ( PX.N ) will likely be based in Ireland with a tax domicile in Britain, its chief executive told shareholders on Wednesday. "The new holding company should be a PLC (public limited company) under Irish law," Aldo Belloni said at the annual shareholder meeting of German industrial gases group Linde. The German and Irish rivals had said they planned to put the headquarters of their new holding company in a European country outside Germany. Operations are set to be run from Praxair''s headquarters in Danbury, Connecticut, although Belloni said Linde''s current home city of Munich would be bigger in terms of headcount. (Reporting by Georgina Prodhan; Editing by Edward Taylor) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-linde-shareholders-ireland-idUSKBN1861SU'|'2017-05-10T17:21:00.000+03:00'
'64836c9b3a34b9a70b66f98bb332b27b65179094'|'Wendy''s quarterly profit slumps 12 pct'|'  10:50am EDT Value meals drive Wendy''s profit, sales beat; shares soar FILE PHOTO: A Wendy''s sign and logo are shown at one of the company''s restaurant in Encinitas, California May 10, 2016 . REUTERS/Mike Blake/File Photo Wendy''s Co ( WEN.O ) reported quarterly same-restaurant sales and profit that topped estimates, driven by the popularity of its value meals and lower costs, sending its shares to their highest in nearly a decade in morning trading on Wednesday. The U.S. burger chain has been promoting its value meals such as "4 for $4" to attract diners, as grocery prices have fallen in recent months, encouraging more people to cook at home. Wendy''s in January added the Double Stack cheeseburger, which includes a burger, chicken nuggets, a small serving of fries and a drink, to its "4 for $4" value meals. The company brought back its popular North Pacific Cod sandwich and also promoted its Ranch Chicken Club sandwich more in the first quarter, which helped push up same-restaurant sales to 1.6 percent, beating the 1.1 percent growth expected by analysts polled by research firm Consensus Metrix. Consumers continue to spend less and save more despite higher discretionary income, leading Wendy''s and rivals to increase promotions on their value offerings, Wendy''s Chief Financial Officer Gunther Plosch said on a conference call. The company said it did not see any material impact from McDonald''s Corp ( MCD.N ) testing "Quarter Pounder" hamburgers made with fresh beef in Dallas. McDonald''s announced the test in March, a move that was expected to give competition to Wendy''s promise of "fresh never frozen beef", but would require restaurant operators to make changes to cooking routines that could slow service. Wendy''s said it would continue to offer more value-oriented products such as its 50 cent Frosty. General and administrative expenses fell 19 percent to $52.4 million in the first quarter ended April 2, due to lower professional fees, lesser incentive compensation payout and as the company sold more restaurants to franchisees. Net income fell to $22.3 million from $25.4 million in the quarter. On a per share basis, the company''s profit remained unchanged at 9 cents per share, due to fewer outstanding shares from a year earlier. Revenue fell 24.5 percent to $285.8 million from a year earlier, mainly because the company sold more restaurants to franchisees. Analysts on average had expected earnings of 8 cents per share on revenue of $282.6 million, according to Thomson Reuters I/B/E/S. Wendy''s shares rose as much as 6.8 percent to $16.12 in morning trading on Wednesday. Up to Tuesday''s close, the stock has risen about 12 percent since the start of the year. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-wendys-results-idUSKBN1861I7'|'2017-05-10T19:41:00.000+03:00'
'5ee2059b8daec0f3194940598943a504ccb273c6'|'Just Eat faces competition inquiry over Hungryhouse takeover - Business - The Guardian'|'Just Eat<61>s proposed takeover of Hungryhouse is facing an in-depth investigation by the competition watchdog over fears restaurants could end up with a worse deal.Both companies provide online takeaway ordering services, giving restaurants the opportunity to reach a wide pool of customers and offering consumers a greater choice. However, the Competition and Markets Authority said the tie-up between the two firms could result in worse terms for restaurants using either of the two companies. Hungryhouse is Just Eat<61>s biggest UK rival.UK food sector faces enormous challenges post-Brexit, say peers Read more <20>Following its initial investigation into the merger, the Competition and Markets Authority has found that the companies are close competitors because of the similarity of their service and their broad geographical coverage,<2C> the regulator said in a statement.The CMA said more recent entrants into the takeaway delivery market, such as Deliveroo , UberEats and Amazon Restaurants, represented less direct competition in the takeaway food markets as they targeted different types of restaurant, primarily dine-in ones without their own delivery services in fewer areas.The watchdog has given Just Eat a week to come back with satisfactory proposals to resolve its concerns. If the company fails to do so by the 17 May deadline, the CMA will launch an in-depth phase two investigation.The company said it would cooperate with the regulator. <20>Just Eat looks forward to cooperating with the CMA and is committed to demonstrating to the CMA that the market is, and will remain, competitive following completion of the proposed transaction,<2C> it said in a statement.Just Eat has its headquarters in London but operates internationally with 18.2 million online users and 71,000 takeaway restaurants. Hungryhouse, also based in the capital, offers customers a choice of more than 10,000 restaurants across the UK. Topics Food & drink industry Competition and Markets Authority Regulators Deliveroo news   Share   Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/10/just-eat-hungryhouse-takeover-cma'|'2017-05-10T16:38:00.000+03:00'
'c8a1eacb257e8e01516e8b41d36da13e07006caf'|'BOJ Governor Kuroda says global uncertainties remain top risk for Japan economy'|'Economy News - Wed May 10, 2017 - 4:57am BST BOJ Governor Kuroda says global uncertainties remain top risk for Japan economy Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan April 27, 2017. REUTERS/Kim Kyung-Hoon TOKYO Bank of Japan Governor Haruhiko Kuroda said on Wednesday overseas developments, such as uncertainty over U.S. economic policies and geopolitical risks around the world, remained the biggest risks for Japan''s economic recovery. "Japan''s economic recovery has taken hold more firmly," reflecting improvement in the global economy, Kuroda told a seminar. "While global economic growth is gaining momentum, various uncertainties remain" that could weigh on Japanese consumer and corporate sentiment, he said. (Reporting by Leika Kihara; Editing by Christopher Cushing) U.S. Democratic senators seek probe into Icahn<68>s biofuel credit dealings WASHINGTON Eight Democratic senators asked U.S. regulators on Tuesday to launch an investigation into billionaire Carl Icahn<68>s activities in the U.S. biofuels blending credit market, saying the activist investor may have violated trading laws since becoming an adviser to President Donald Trump. U.S. Senate finance panel unlikely to support import tax: chairman WASHINGTON A 20 percent import tax, backed by Republican leaders in the House of Representatives, is unlikely to win enough support from the Senate Finance Committee to be part of any Senate tax reform bill, the panel''s Republican chairman said on Tuesday. NEW YORK/WASHINGTON JPMorgan Chase & Co is investing another $50 million in Detroit amid what city officials and bank executives describe as encouraging signs for urban renewal through public-private partnerships. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-economy-boj-kuroda-idUKKBN1860BY'|'2017-05-10T11:52:00.000+03:00'
'a4ac59a582775f62e2f10d49ec4e213aa4472d6f'|'PRESS DIGEST- New York Times business news - May 12'|'Market News - Fri May 12, 2017 - 1:00am EDT PRESS DIGEST- New York Times business news - May 12 May 12 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - The United States has reached a set of narrow trade deals with China covering areas like electronic payment services, beef and poultry while leaving untouched bigger issues that could still complicate relations between the two major trading partners. nyti.ms/2q9lS05 - In a setback for Uber, a federal judge denied a motion to move a legal showdown between Uber and Waymo into private arbitration. Uber has been accused of stealing valuable technology from Waymo in the lawsuit. nyti.ms/2q95flj - SoftBank said on Thursday that it was leading a $502 million investment in Improbable, a British start-up focused on creating expansive virtual worlds. The investment for a a minority stake will value Improbable at more than $1 billion. nyti.ms/2q98FEK - Sony Pictures Entertainment, bedeviled in recent years by movie misfires, a devastating cyber-attack and executive ejections, on Thursday named Tony Vinciquerra its chairman and chief executive. nyti.ms/2q9ksCR (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL4N1IE25Z'|'2017-05-12T13:00:00.000+03:00'
'c61a01a7f3167cc13ec5d5a4f9c76945f262ac17'|'Total''s plans for Brazil''s new oil frontier snagged on Amazon reef'|'  1:00am EDT Total''s plans for Brazil''s new oil frontier snagged on Amazon reef By Marta Nogueira OIAPOQUE, Brazil, May 12 - Deep beneath the waters of the Atlantic off Brazil''s most northern coast, French major Total SA is hunting for what it hopes will be Latin America''s next big oil discovery. Metal drill bits, pipes and containers filled with equipment sit in the tropical port of Bel<65>m, near the mouth of the vast Amazon River, ready to sink the first exploratory wells 120 km (75 miles) offshore. Some geologists say the area, known as the Foz do Amazonas Basin, may contain as many as 14 billion barrels of petroleum, more than the entire proven reserves of Mexico. But another underwater discovery threatens to derail Total''s plans: a massive system of coral reefs just 28 kilometers from where the French firm and its partners, Britain''s BP PLC and Brazilian state oil company Petroleo Brasileiro SA, plan to drill. Brazilian scientists had suspected since the 1970s that the area might be home to a sizeable reef. But the unusual depth of this formation - reaching more than 100 meters (400 ft) - coupled with the Amazon silt clouding the waters, delayed that confirmation until just five years ago, just as the government was putting drilling leases out for tender. Environmentalists, led by campaigner Greenpeace, are now pressuring regulators to block oil exploration in the area. They believe the thriving reef system, which is more 1,000 kilometers long and dotted with brightly colored coral and giant sponges, may be home to new marine species. Scientists fear an oil spill could damage this treasure before it has even been studied. Leaked crude from Foz do Amazonas wells could also potentially wreak havoc on Brazil''s far north Amap<61> state, home to the world''s largest belt of mangroves and thousands of square miles of virgin rainforest, says environmental scientist Valdenira Ferreira. "In terms of environmentally sensitive environments, this is the biggest in Brazil," said Ferreira, a researcher at the Institute for Scientific Research of Amap<61>, who is helping prepare a study for the nation''s Environment Ministry. Total says it is scrupulously complying with all requirements by Brazilian authorities and is taking every precaution to ensure that drilling would be safe. The dispute highlights pressures facing Brazil to protect its unique environmental patrimony as its tries to foment jobs and economic growth for its citizens. It is also reviving concerns that Brazil, which ranks among the Western hemisphere''s least open economies, remains a difficult place to do business despite a new conservative government''s efforts to cut red tape and woo foreign investment as it seeks to drag the economy out of the worst downturn since the Great Depression. Four years after Total and its partners paid 622 million reais ($196 million) for five exploration blocks, they are still waiting for the go-ahead from Brazil''s environmental regulator, Ibama. The agency has given no indication as to when it will make a ruling. "It''s an area that is very sensitive. We''re concerned about everything there," said Alexandre Souza, environmental analyst for Ibama. The delay has Total''s Chief Executive in Brazil, Maxime Rabilloud, suggesting the company might sit out three offshore oil license rounds that Brazil has scheduled for this year. He said Total had already invested some 200 million reais ($64 million) in developing its fields in Foz do Amazonas, with no guarantee yet that it will be able to proceed. "It''s complicated to ask for more money to enter into more exploration blocks without clarity about when the earlier blocks can be evaluated to see if they have any oil," he said in his office in Rio de Janeiro in March. Such uncertainty could prove damaging for Brazil in a year when oil companies have 25 auctions to choose from around the world, says Antonio Guimaraes, executive secretary of exploration and production at the Br
'b2e49b7c1443d10d1a44fa6aa15f9e33a78945a0'|'G7 finance chiefs in Italy try to gauge Trump''s policy plans'|'Business News  15pm BST G7 finance chiefs warn U.S. not to upset global growth left right U.S. Secretary of the Treasury Steven Mnuchin arrives at the G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi 1/16 left right International Monetary Fund Managing Director Christine Lagarde arrives for the G7 Financial ministers meeting in the southern Italian city of Bari, Italy, May 12, 2017. REUTERS/Alessandro Bianchi 2/16 left right Italy''s Finance Minister Pier Carlo Padoan arrives for the G7 Financial ministers meeting in the southern Italian city of Bari, Italy, May 12, 2017. REUTERS/Alessandro Bianchi 3/16 left right U.S. Secretary of the Treasury Steven Mnuchin talks with reporters as he arrives for the G7 Financial ministers meeting in the southern Italian city of Bari, Italy, May 12, 2017. REUTERS/Alessandro Bianchi 4/16 left right Chancellor of the Exchequer Philip Hammond arrives at the Petruzzelli Theatre during a G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi 5/16 left right Federal Reserve Chair Janet Yellen arrives for the G7 Financial ministers meeting in the southern Italian city of Bari, Italy, May 12, 2017. REUTERS/Alessandro Bianchi 6/16 left right U.S. Secretary of the Treasury Steven Mnuchin arrives for the G7 Financial ministers meeting in the southern Italian city of Bari, Italy, May 12, 2017. REUTERS/Alessandro Bianchi 7/16 left right Governor of the Bank of France Francois Villeroy de Galhau arrives for the G7 Financial ministers meeting in the southern Italian city of Bari, Italy, May 12, 2017. REUTERS/Alessandro Bianchi 8/16 left right U.S. Federal Reserve Chair Janet Yellen (C) arrives at the Petruzzelli Theatre during a G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi 9/16 left right European Central Bank President Mario Draghi smiles as his wife adjusts his hair at the Petruzzelli Theatre during a G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi 10/16 left right European Economic and Financial Affairs Commissioner Pierre Moscovici talks with reporters as he arrives for the G7 Financial ministers meeting in the southern Italian city of Bari, Italy, May 12, 2017. REUTERS/Alessandro Bianchi 11/16 left right European Commissioner Pierre Moscovici (R) arrives at the Petruzzelli Theatre during a G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi 12/16 left right International Monetary Fund Managing Director Christine Lagarde arrives at the Petruzzelli Theatre during a G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi 13/16 left right Canadian Finance Minister William F. Morneau arrives at the Petruzzelli Theatre during a G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi 14/16 left right World Bank President Jim Yong Kim arrives at the Petruzzelli Theatre during a G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi 15/16 left right Eurogroup President Jeroen Dijsselbloem arrives at the Petruzzelli Theatre during a G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi 16/16 By William Schomberg and Gavin Jones - BARI, Italy BARI, Italy Finance chiefs from many of the world''s leading rich nations pressed the United States on Friday not to break a decades-long global consensus in areas such as trade and financial regulation criticised by U.S. President Donald Trump. Inequality, international tax rules and cyber security headed the official agenda for Group of Seven finance ministers and central bankers who kicked off a two-day meeting in the southern Ital
'f21c8d9437aba9472ff23370b616a98a7cb66e2d'|'Italian packaging firm Guala Closures picks banks for either sale or IPO -sources'|'Financials   7:25am EDT Italian packaging firm Guala Closures picks banks for either sale or IPO -sources MILAN/FRANKFURT May 12 Private-equity held Italian packaging firm Guala Closures is moving ahead with plans for a sale or a stock market listing that may value the company at more than 1 billion euros ($1.1 billion), sources close to the matter said. Guala''s main shareholder, Apriori Capital Partners, has asked Credit Suisse and Barclays to lead the divestment process of the company specialising in closures, such as bottle tops, for sealing spirits, they said. The banks declined to comment, while Apriori was not immediately available for comment. Guala posted earnings before interest, tax, depreciation and amortization of 105 million euros in 2016. It may be valued at 9-11 times its expected 2017 core earnings of 110 million, the sources said. The auction is expected to start before the summer break with a view to signing a sale or launching an initial public offering in the fourth quarter, one of the sources said. ($1 = 0.9197 euros) (Reporting by Elisa Anzolin and Arno Schuetze, editing by Valentina Za)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/guala-ma-italy-idUSI6N1HZ01X'|'2017-05-12T15:25:00.000+03:00'
'3f4f139015390fac1c292f6dc1114f0bfcb3f135'|'Britain says it''s a natural partner for China''s new Silk Road'|'Business   7:42am BST Britain says it''s a natural partner for China''s new Silk Road left right British Chancellor of the Exchequer Philip Hammond delivers a speech on Plenary Session of High-Level Dialogue, at the Belt and Road Forum in Beijing, China May 14, 2017. REUTERS/Kenzaburo Fukuhara/Pool 1/3 left right British Chancellor of the Exchequer Philip Hammond delivers a speech on Plenary Session of High-Level Dialogue, at the Belt and Road Forum in Beijing, China May 14, 2017. REUTERS/Kenzaburo Fukuhara/Pool 2/3 left right British Chancellor of the Exchequer Philip Hammond delivers a speech on Plenary Session of High-Level Dialogue, at the Belt and Road Forum in Beijing, China May 14, 2017. REUTERS/Kenzaburo Fukuhara/Pool 3/3 BEIJING British Chancellor Philip Hammond said on Sunday Britain is a natural partner for China''s new Silk Road programme, and as it leaves the European Union (EU) it wants more trade with the world not less. China is one of the countries Britain hopes to sign a free trade agreement with once it leaves the EU, and London and Beijing have been keen to show that Britain''s withdrawal from the bloc will not affect ties. The two countries have in recent months announced closer cooperation in areas such as financial services as the British government prepares to negotiate its EU divorce. Hammond offered strong support for what China formally calls the Belt and Road initiative, as he spoke at the opening of a summit on the plan in Beijing. "It is my belief that Britain, lying at the western end of the Belt and Road, is a natural partner in this endeavour. Britain has for centuries been one of the strongest advocates on an open global trading system," he said. Britain can be a natural partner in delivering infrastructure in Belt and Road countries by supporting the finance and planning needed, Hammond said. "As China drives forward the Belt and Road initiative from the east, we in Britain are a natural partner in the west, standing ready to work with all Belt and Road partner countries to make a success of this initiative." Britain wants to convince its trading partners that its decision to leave the EU does not mean it is against trade. "As we embark on a new chapter in our history, as we leave the European Union, we want to maintain a close and open trading partnership with our European neighbours, and at the same time pursue our ambition to secure free trade agreements around the world with new partners and old allies alike," Hammond said. "Our ambition is for more trade, not less trade, and China clearly shares this ambition." Britain''s vote to leave the EU and the election of Donald Trump as U.S. president last year have been two of the most obvious examples of growing unease in Western countries about globalisation. Hammond said there had to be an acknowledgement that rapid change had unsettled many people. "As leaders, we have to respond to these concerns by continuing to seek new opportunities to expand trade but at the same time by ensuring that all our citizens are reaping the benefits that trade brings." (Reporting by Ben Blanchard; Editing by Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-silkroad-britain-idUKKBN18A04C'|'2017-05-14T12:30:00.000+03:00'
'fb42cd763f86d9fc91269eb804bdbacbc667187f'|'Lyft, Waymo ink self-driving car deal: NY Times'|'Business News - Mon May 15, 2017 - 2:27am BST Lyft, Waymo ink self-driving car deal: NY Times left right Maya Jackson, a Lyft driver from Sacramento, navigates a Lyft app on a smartphone during a photo opportunity in San Francisco, California February 3, 2016. REUTERS/Stephen Lam 1/2 left right The Waymo logo is displayed during the company''s unveil of a self-driving Chrysler Pacifica minivan during the North American International Auto Show in Detroit, Michigan, U.S., January 8, 2017. REUTERS/Brendan McDermid 2/2 By Jessica DiNapoli - NEW YORK NEW YORK Google Inc''s self-driving car unit, Waymo, and U.S. rideshare company Lyft Inc have signed a collaboration agreement to bring autonomous vehicle technology into the mainstream, the New York Times reported on Sunday. The alliance between the two show that many companies are trying to acquire a piece of the market for self-driving vehicles, which many believe will ultimately be a multibillion-dollar industry, the New York Times reported. Waymo and Lyft will work on pilot projects and product development efforts, the newspaper said. The partnership between the two has competitive implications for Uber Technologies Inc, the largest ridesharing company in the world, according to the New York Times. Waymo and Uber are fighting in court over self-driving technology that Waymo says was stolen by a former employee who founded another company that Uber later acquired. Both Uber and Lyft operate through applications on smartphones. Talks on the collaboration between Waymo and Lyft began last summer in discussions between Waymo''s chief executive and the founders and leaders of Lyft, the newspaper reported. Additional details on the partnership were scant, according to the New York Times. (Reporting by Jessica DiNapoli; Editing by Sandra Maler) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lyft-waymo-collaboration-idUKKCN18B02W'|'2017-05-15T09:27:00.000+03:00'
'9dfa6167773cd6d77a4974ca83aae85572cc0593'|'Clearing out: The EU ponders moving euro clearing from London after Brexit'|'BREXIT has thrust a mundane, if crucial, bit of financial-market plumbing into the spotlight: the clearing of financial instruments. Clearing-houses sit in the middle of a securities or derivatives transaction, and ensure that deals are honoured even if one counterparty goes bust. In November a study commissioned by the London Stock Exchange (LSE) warned that if euro clearing was forced out of the City, 83,000 British jobs could be lost, and a further 232,000 affected. On May 4th the European Commission said it was looking into new rules for euro-denominated clearing. One option is relocation from London, an idea greeted in the City with a mixture of incredulity, disdain and fear.In the wake of the financial crisis, the G20 group of big economies made it mandatory to settle most simple derivatives trades through clearing-houses. By 2016, 62% of the notional $544trn global over-the-counter derivatives market was settled in this way. Globally, London handles 37% of foreign-exchange derivatives and 39% of interest-rate derivatives, including three-quarters of those in euros (see chart). So unsurprisingly, it also dominates clearing. LCH, a clearing-house that is part of the LSE, clears over 50% of all interest-rate swaps across all currencies. Around 75% of those in euros are cleared in London.  an hour   16   21   But centralising clearing concentrates risk: the failure of a clearing-house would be disastrous. So clearing-houses require collateral from the counterparties using them, and must submit to close supervision. The European Central Bank has long worried that it has no direct control over euro-denominated clearing outside the euro area, yet any problems would embroil banks and payment systems within it. In 2015 it lost a court case against Britain over its attempt to force clearing to move. Many jurisdictions, the EU included, limit their financial institutions<6E> access to foreign clearing-houses. The European Securities and Markets Authority (ESMA) lets European firms use clearing-houses only in countries it has deemed <20>equivalent<6E>, ie, America and a dozen others.Brexit necessitates a new arrangement. The City has mostly been focused on obtaining <20>equivalence<63>. But the commission argues the systemic importance of British clearing-houses for the euro area may well require new, stricter oversight. So it is assessing two other options. <20>Enhanced supervision<6F><6E>favoured by ESMA<4D>would mean adopting the American model, in which clearing-houses that deal directly with American clients, such as the LCH, are also supervised by the American regulator. But the other option<6F>forced relocation<6F>has gained the support of many senior EU policymakers. Barney Reynolds of Shearman & Sterling, a law firm, insists it would not amount to much: the most the EU could do is to compel European banks to use EU-based clearing-houses. Since firms based in the EU outside Britain account for only 7% of cleared euro-denominated interest-rate derivatives at LCH, the impact could be modest for London. LCH itself claims the result would be a larger euro-denominated market outside the EU and a smaller, less-liquid euro-area market.Since America tolerates 97% of dollar interest-rate swaps being cleared in London, it seems perverse for the EU to shift euro clearing. But Simon Puleston Jones of FIA, an industry body, points out that America is comfortable because its regime allows its regulators much greater oversight. If Brexit turns acrimonious and precludes a moderate change such as enhanced supervision, Europeans may seek blunter instruments. It is not just Brexiteers who want to take back control.This article appeared in the Finance and economics section of the print edition under the headline "Clearing out"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/finance-and-economics/21721949-tens-thousands-jobs-are-stake-britain-eu-ponders-moving-euro?fsrc=rss'|'2017-05-11T22:5
'4f26d8726086615fab66fc9a016c846dfd34a97a'|'Euroclear looking at post-Brexit options for UK, Irish market'|'  12:10pm BST Euroclear looking at post-Brexit options for UK, Irish market The Big Ben bell tower on the Houses of Parliament is visible through a shaped foil balloon as demonstrators protest during a ''''March for Europe'''' against the Brexit vote result earlier in the year, in London, Britain, September 3, 2016. REUTERS/Luke MacGregor DUBLIN Settlement bank Euroclear is looking at the option of setting up a branch or subsidiary to provide a route between its UK and Irish markets following Brexit, the head of its UK and Irish operation said on Friday. Brussels-based Euroclear''s UK operation Crest currently settles both UK and Irish shares. "That will have to change a bit in the light of Brexit and we are looking at the options of a branch and a subsidiary to try to provide a route by which we can provide solutions to this market," John Trundle told a conference in Dublin. (Reporting by Padraic Halpin,; Editing by John Geddie)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-euroclear-idUKKBN1881GH'|'2017-05-12T19:10:00.000+03:00'
'cbf667531384e2c629c4a2a0d42a6f7970d6b539'|'European, Asian companies short on cyber insurance before ransomware attack'|'By Carolyn Cohn and Suzanne Barlyn - LONDON/NEW YORK LONDON/NEW YORK Many companies outside the United States may not have cover for a recent computer-system attack, leaving them potentially with millions of dollars of losses because there has been relatively little take-up of cyber insurance, insurers say.A massive ransomware worm caused damage across the globe over the weekend, stopping car factories, hospitals, shops and schools, amid fears it could wreck fresh havoc on Monday when employees return to work.Cybersecurity experts said the spread of the virus dubbed WannaCry - "ransomware" which locked up more than 200,000 computers in more than 150 countries - had slowed, but the respite might only be brief.The overall cost of getting businesses going again could run into the billions of dollars, with companies in Europe, including Russia, and Asia particularly vulnerable.Nearly nine out 10 cyber insurance policies in the world are in the United States, according to Kevin Kalinich, global head of Aon Plc''s cyber risk practice. The annual premium market stands at $2.5-$3 billion.The biggest reason for the larger penetration in the United States, says Bob Parisi, U.S. cyber product leader for insurance broker Marsh, "is that the U.S. has been living with state breach notification laws for the past 10 years."The greater transparency created an incentive for U.S. companies to get insurance to compensate for damage from incidents they were required to report. An upcoming European Union directive is expected to have the same impact there.Companies that were not prepared for WannaCry can expect to rack up business interruption costs that far exceed a ransomware payment, said Kalinich."If you<6F>re a hospital that turned away patients, if you''re a global delivery company that can''t send package, or a telecom company in Spain, Russia or China, the financial statement impact from the business interruption is much larger than the $300 ransomware," he said.Organizations hit by the attacks, which lock up computer systems until the victims pay a ransom, included Britain''s National Health Service, French car manufacturer Renault, and Spain''s Telefonica.Sources close to Telefonica said the company had insurance to cover the attacks but it was too soon to estimate the economic impact.Renault and the NHS did not respond to requests for comment.West Coast cyber risk modeling firm Cyence estimated the average individual ransom cost from Friday''s attacks at $300, and the total economic costs from interruption to business at $4 billion.The U.S. Cyber Consequences Unit, a non-profit research institute that advises governments and businesses on the costs of cyber attacks, estimated more modest total losses. They were likely to range in the hundreds of millions of dollars, and unlikely to exceed $1 billion, the group forecast.HIGH MARGIN BUSINESSA typical cyber insurance policy will protect companies against extortion like ransomware attacks, which insurers say have spiked in the past 18 months. It would cover the investigation costs and also pay the ransom, according to Parisi.But there are caveats. Companies that did not download a Microsoft patch issued in March to protect users from vulnerabilities may be out of luck, since many cyber policies exclude coverage in such an instance.Companies using pirated software are also unlikely eligible for an insurance payout, Kalinich said.Most cyber insurance policies cover breaches of up to $50 million, with much of the losses related to the interruption of the firms'' business, Parisi said. Some policies can cover losses for as much as $500-600 million.Cyber insurance policies also typically cover the cost of notifying those whose data has been breached, hiring a PR agency to address reputational damage and arranging credit monitoring for those affected, as well as potential legal suits.It is a high-margin business. Insurer Sciemus, for example, has previously said it charges 
'4bebc2d55d8c2a0dee1781a20a9df0b7a3a67615'|'Toshiba forecasts return to small profit in unaudited earnings estimates'|'Sun May 14, 2017 - 11:29pm EDT Toshiba forecasts return to small profit in unaudited earnings estimates Toshiba Corp logo is seen at the company''s headquarters in Tokyo, Japan March 29, 2017. REUTERS/Issei Kato TOKYO Toshiba Corp ( 6502.T ) said on Monday it expects a net profit of 50 billion yen ($440 million) in the current business year to next March, a turnaround from an estimated loss of 950 billion yen in the year just ended. The estimate for this business year excludes earnings from its chip unit and its smart meter subsidiary Landis+Gyr - both of which it plans to sell to help dig itself out of a financial crisis. In its unaudited earnings release, Toshiba said it expects to have a negative net worth of 540 billion yen at the end of March if it fails to raise funds from the sale of its prized chip unit soon. (Reporting by Makiko Yamazaki; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-toshiba-accounting-results-idUSKCN18B07R'|'2017-05-15T11:03:00.000+03:00'
'0aed84806550adb81530d332778cf924f813aaf5'|'European farm machinery sales set to rebound this year'|'  5:50pm BST European farm machinery sales set to rebound this year FILE PHOTO: John Deere equipment is seen at a dealership in Taylor, Texas, U.S., February 16, 2017. Picture taken February 16, 2017. REUTERS/Mohammad Khursheed/File Photo PARIS European sales of agricultural machinery look set to rebound in 2017 after a three-year slump as rising demand in Germany and sectors like olive growing offset weakness in France, an industry group said. Manufacturers, who include U.S. giants Deere & Co. ( DE.N ) and AGCO ( AGCO.N ), saw orders in the European Union reach their highest levels since 2012/13 this month and business sentiment in the European sector is at a five-year high, according to a monthly survey by the CEMA association. Parts suppliers reported notably healthy orders, typically an early indicator of a pickup in industry activity, CEMA''s Secretary General Ulrich Adam told Reuters. "The order levels are higher and that usually materialises in sales in the coming months," Adam said. While demand in the first quarter remained sluggish, and sales of tractors - the biggest farm machine segment - dropped 1.3 percent from a year earlier, that was better than a 6.7 percent decline for all of 2016, CEMA said. France, however, "is a big question mark," Adam said. France is the biggest crop producer in the EU but suffered the worst grain harvest in three decades last year, which along with market prices, has hurt farmers'' ability to invest in more machinery. Machines sales in France fell 8 percent last year and CEMA expects them to fall by a similar margin in the first half of this year. Overall European farm machinery sales fell about 4 percent in 2016 to 24.6 billion euros (<28>20.9 billion), according to provisional CEMA estimates. The North American market was also weak as low grain prices hurt farmers'' purchasing power. Demand in Germany, the EU''s largest machinery market after France, is now picking up and CEMA also expects sales in Britain and Spain to rise this year. Agricultural sectors like olive and wine growing are supporting demand for smaller tractors, while big farms were investing in large tractors, Adam said. However, slower demand for mid-sized tractors reflects a weak environment for standard crop farms. While demand in Europe and North America has been week, emerging markets have fared better. Deere & Co has said it expects its equipment sales to rise this year for the first time in three years, partly driven by improving economic conditions in Brazil and Argentina. Trading firms that buy, sell and process crops have also seen their margins squeezed by the weak backdrop in crop markets. (Reporting by Gus Trompiz; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-agriculture-machinery-idUKKCN18B24N'|'2017-05-16T00:50:00.000+03:00'
'6c9940fa0ffbd30b576a3b404c4c2f3ce58b7dc6'|'Singapore ''vending machine'' dispenses Ferraris, Lamborghinis'|'Business News - Mon May 15, 2017 - 8:41am EDT Singapore ''vending machine'' dispenses Ferraris, Lamborghinis An exotic used car dealership designed to resemble a vending machine in Singapore May 15, 2017. The dealership houses up to 60 exotic cars in a 15 storey building which uses a fish-bone type lift system to deliver cars to clients within minutes. REUTERS/Thomas White SINGAPORE Forget about soft drinks and potato chips - a "vending machine" in Singapore is offering up luxury vehicles, including Bentleys, Ferraris and Lamborghinis. Used car seller Autobahn Motors opened a futuristic 15-story showroom in December, with vehicles on display in 60 slots, billing it as the "world''s largest luxury car vending machine". Customers on the ground floor choose from a touchscreen display which car they wish to see. The car arrives within one to two minutes thanks to an advanced system that manages vehicle retrieval, the company says. Gary Hong, general manager at Autobahn Motors, said the vending machine format was aimed at making efficient use of space in land-scarce Singapore as well as standing out from the competition. "We needed to meet our requirement of storing a lot of cars. At the same time, we wanted to be creative and innovative," he told Reuters. He has been approached by developers interested in using the company''s Automotive Inventory Management System for parking services, he added. Vehicles on offer run from modern luxury sports cars to classics, including a 1955 Morgan Plus 4. U.S. company Carvana also uses vending machine-like towers to sell used cars. In March, it opened an eight-floor structure that holds up to 30 cars in San Antonio, Texas. (Reporting by Chris Gallagher; Editing by Clarence Fernandez) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-autos-singapore-idUSKCN18B1KM'|'2017-05-15T20:41:00.000+03:00'
'69c8cf57837969aadb09b782d3062e43bf4cf41d'|'Altus exploration company aims to buck trend with London listing'|'Business News   2:09pm BST Altus exploration company aims to buck trend with London listing LONDON A British firm hunting for mineral resources in Africa is hoping to be the first venture of its kind to float on the London Stock Exchange since a deep commodity price crash wiped out the appetite for exploration risk. Even after the sector recovered in 2016, new mining listings have been sparse on the London market, which is dominated by big players as smaller exploration companies are more often launched on the Canadian or Australian exchanges. Steven Poulton, chief executive of Altus Strategies, describes his company as "a counter-cyclical mining project generator" set up in 2007 and he told Reuters he is considering listing on the London smallcap market over the coming months. Altus employs 16 geologists to explore outcrops, whose potential can be assessed quickly and relatively cheaply and it sells on finds rather than developing them itself. It is active in Cameroon, Ethiopia, Ivory Coast, Morocco and Liberia, and may expand into other jurisdictions. Referring to the huge spending by some majors at the height of the commodity boom, Poulton said Altus'' approach of modest investments throughout the cycle was "the antidote to what went wrong". When the rally was followed by bust in 2015 and early 2016, miners cut exploration budgets and have been slow to reinstate them. Altus, which takes its name from the Latin word meaning both high and deep, seeks discoveries across a range of minerals and jurisdictions. "What we do is rather than one asset, we go for multiple assets," Poulton said. "We provide a portfolio approach to exploration risk." The company has so far raised half a million pounds and has expectations an IPO would raise a further million pounds to invest in exploration, he said. The London market has seen only one listing this year in the sector. Rainbow Rare Earths raised eight million pounds to invest in a project in Burundi and its CEO Martin Eales told Reuters it aims to begin selling rare earth concentrate by the end of the year. (Reporting by Barbara Lewis, editing by Ed Osmond)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-altus-ipo-idUKKCN18B1OA'|'2017-05-15T21:09:00.000+03:00'
'78cfe653550f3f0590d31bbc41a360887a7c3f79'|'Heineken targets global leadership with new zero alcohol beer'|'  1:04pm EDT Heineken targets global leadership with new zero alcohol beer FILE PHOTO: Packs of Heineken beer are displayed for sale at a Carrefour hypermarket in Nice, France, April 6, 2016. REUTERS/Eric Gaillard/File Photo BRUSSELS Dutch brewer Heineken ( HEIN.AS ) has launched a non-alcoholic version of its namesake beer with the aim of becoming the global leader in a part of the market growing faster than the average. The world''s second largest beer maker launched "Heineken 0.0" at the Spanish Grand Prix in Barcelona and will sell it in 17 markets, across Europe and also Russia and Israel, unlike rivals which have non-alcoholic beers for individual markets. Heineken is hoping to tap into what it believes is an increasing desire among consumers for beer that will not get them drunk. The European market for zero alcohol beer grew about 5 percent a year from 2010 to 2015, according to research group Canadean, while the overall beer market shrank. Rival AB InBev ( ABI.BR ), which makes more than a quarter of the world''s beer, is aiming to make a fifth of its beer low or zero alcohol by 2025. For the maker of Budweiser, Stella Artois and Corona, low means an alcohol content of up to 3.5 percent. Zero alcohol beers could offer brewers higher margins because of lower taxes and could see them muscling in on the soft drinks market with what they say is a more natural and healthier option. Heineken 0.0, for example, has half the calories of standard Heineken or Coca-Cola. The brewer does not have a target for zero alcohol beer like AB InBev, but notes that in Spain zero strength beer has about a 10 percent market share. "You could expect 10 to 15 years down the road this would be more or less the global trend. We want to make Heineken the leading global beer brand in 0.0," senior Heineken brand director Gianluca Di Tondo told Reuters. Beer critics say a key reason why zero alcohol beer has failed on previous occasions is taste. Heineken brewmaster Willem van Waesberghe said many previous and existing non-alcoholic beers were too sweet and malty, either because the fermentation process was cut short or because flavours were lost as alcohol was boiled off. Van Waesberghe recognizes that a beer without alcohol will not taste the same, but believes the company has found a brew that recreates some of the fruity, bitter and acidic tastes found in a normal 5 percent Heineken. The company makes two separate brews with different qualities, then removes the alcohol and blends them together. "Both beers are not nice. You need to blend them together to make a good beer," he said. (Reporting by Philip Blenkinsop; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-heineken-zero-idUSKBN1890LT'|'2017-05-14T01:04:00.000+03:00'
'507f39d0b65ffdbdeb02447d0634d7998aea630a'|'Snap earnings ''miss'' shows misreading of analyst ''expectations'''|'Technology News - Sat May 13, 2017 - 12:04am BST Snap earnings ''miss'' shows misreading of analyst ''expectations'' Traders gather at the post where Snap Inc. is traded, just before the opening bell on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 11, 2017. REUTERS/Brendan McDermid By David Ingram - SAN FRANCISCO SAN FRANCISCO A widespread view on Wall Street this week was that Snap Inc ( SNAP.N ) fell short of revenue forecasts when it posted its first quarterly results as a public company, triggering a big selloff in its shares. In fact there were two distinct camps of forecasters, which suggests the earnings "miss" was a matter of interpretation, and other factors were behind the stock decline. A Reuters review of 19 predictions heading into Snap''s earnings report on Wednesday shows that analysts affiliated with the underwriters of Snap''s initial public offering in March had far lower revenue expectations than investment firms not involved in the IPO. Nine investment firms that were not underwriters predicted on average that Snap''s revenue would grow slightly from the prior quarter to $168.4 million, even though the company in its IPO prospectus had estimated a decline due to the seasonal nature of its advertising business. Analysts affiliated with 10 underwriters forecast on average that revenue would hit $138.4 million, $30 million below the estimate of the non-underwriting firms. Thomson Reuters I/B/E/S, which like Reuters is a unit of Thomson Reuters Corp ( TRI.TO ), published an analyst average of $158 million. Just after 1 p.m. Pacific Time (2200 GMT), Snap reported $149.6 million in revenue, well below the average forecast but comfortably beating the estimates of the bullish analysts affiliated with the underwriters. In principle, all analysts work from the same numbers. But analysts affiliated with Snap''s underwriters, for example, may have followed the company for a longer period of time. At investment firms, stock analysts are walled off from the investment banking business, and there is no evidence they shared information on Snap. Analysts with "buy" ratings on a stock have an incentive to set quarterly estimates that the company is likely to beat, because upbeat results tend to boost stock prices. But a bearish analyst could be driven to put forward a high estimate that the company is likely to miss. With the first-quarter reporting season nearly complete, 75 percent of S&P 500 companies'' earnings per share beat analysts'' expectations, while only 18 percent of companies missed, according to Thomson Reuters I/B/E/S. "The volatility in the stock was the function of an incredibly difficult setup where the most bullish financial expectations corresponded with the most bearish sentiment," said James Cakmak, an analyst at Monness, Crespi, Hardt & Co. His firm, not an underwriter, expected revenue at $169.9 million. Going into Snap''s earnings announcement after the market close on Wednesday, anticipation was high about what kind of user growth the company''s Snapchat messaging app would show and how much ad revenue it was bringing in. Ahead of time, the Venice, California-based firm said in securities filings that it expected a seasonal decline from its $165.7 million in revenue during the final quarter 2016. Not everyone believed Snap''s warning, though. "Some people may have taken these words more literally, and some less so," said Shebly Seyrafi, managing director at FBN Securities. FBN was on the high end of the estimates, at $195.6 million, because "it is not uncommon for high-growth companies to grow through Q1," Seyrafi said in an interview on Thursday. In Snap''s case, it did not, and the stock plunged as much as 24 percent after hours on Wednesday to $17.58. On Friday, it rose 6 percent to $19.14. But the share reaction cannot really be explained by missed forecasts, because a close reading shows that any shortfall was marginal at best. Snap seemed to have mi
'2fe69a425f9c85ba4d51b91b76c1de859294315f'|'Germany''s Lidl prepares to enter U.S. supermarket wars'|'Business News - Fri May 12, 2017 - 10:53pm BST Germany''s Lidl prepares to enter U.S. supermarket wars A company logo is pictured outside a Lidl supermarket in Vienna, Austria, May 7, 2016. REUTERS/Leonhard Foeger By Nandita Bose - CHICAGO CHICAGO German discount supermarket chain Lidl is set to open its first set of U.S. stores this summer, raising the stakes for American grocery chain operators who have been caught in an intense price war. Lidl said in February it planned to open its first 20 U.S. stores in North Carolina, South Carolina and Virginia, with 80 more to follow in the United States within the first year. Lidl''s entry comes at a time when Wal-Mart Stores Inc is running price tests in 11 states, pushing vendors to undercut rivals by 15 percent. The world''s biggest retailer is expected to spend about $6 billion (4.65 billion pounds) to regain its title as the low-price leader, analysts said. Another rival, German discounter Aldi Inc, is aiming for prices 21 percent below its U.S. competition and is aggressively expanding its presence. Lidl and Aldi have already upended Britain''s grocery retail market, hurting incumbents like Tesco Plc and ASDA, the British supermarket arm of Wal-Mart. Lidl (which rhymes with "needle") is owned by Germany''s privately held Schwarz Group. It operates more than 10,000 stores in 27 countries. The German chain''s U.S. CEO, Brendan Proctor, will address Lidl''s U.S. expansion plans at a New York press event on Tuesday. According to the company''s website, it is hiring workers in 38 cities in the eastern U.S. states of Delaware, Georgia, Maryland, New Jersey, North Carolina, Pennsylvania, South Carolina and Virginia. "The growth of Aldi and Lidl will require existing U.S. grocery retailers to start asking themselves how they can do things differently to control costs <20> from marketing and merchandising to operations and logistics," Bill Bishop, co-founder of retail consultancy Bricks Meets Clicks, said in an interview on Friday. Lidl is expected to post U.S. sales of roughly $1 billion in 2018, $2 billion in 2019 and $4 billion 2020, assuming it opens just under 100 stores per year, according to a recent note by retail think tank Fung Global Retail and Technology. This would put Lidl in close range of U.S. grocery chains like Ingles market, which had revenue of $3.2 billion in 2016; Sprouts Farmers Market with $4.3 billion in sales last year and SuperValu Inc, which posted sales of $4.8 billion, the report said. Analyst estimates suggest Lidl is eying more than 330 U.S stores by 2020. The retailer has opened three distribution centers in Maryland, North Carolina and Virginia. (Editing by Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-retail-lidl-idUKKBN1882ZX'|'2017-05-13T05:53:00.000+03:00'
'4e9fbc0fbcb268216e2ee5ecc9cbc7022af4b289'|'Japan Post Holdings mulls buying Nomura Real Estate: source'|'TOKYO Japan Post Holdings ( 6178.T ) is considering buying Nomura Real Estate Holdings ( 3231.T ) in a bid to make real estate operations its new earnings pillar, a source familiar with the matter said on Saturday.One option for the purchase will be for Japan Post to acquire a majority stake in Nomura Real Estate through an open tender, and the deal will likely be several hundred billions of yen (several billion dollars) in size, the source said.Japan Post has entered unofficial talks with Nomura Holdings ( 8604.T ), a major shareholder of Nomura Real Estate, on the potential deal, said the source, who declined to be identified.There still is a possibility that Japan Post and Nomura Real Estate will opt for a capital alliance, rather than an outright acquisition, the source also said.The possibility of Japan Post buying Nomura Real Estate was first reported by public broadcaster NHK on Friday.Following the NHK report, Japan Post said on its website: "We are exploring various possibilities regarding new capital and business alliances and will make an announcement promptly once matters that should be made public are finalised."The timing of the acquisition, if that path were chosen, could raise eyebrows because Japanese companies have stunned investors recently with losses on M&A deals that have turned sour, which is raising questions about the quality of their due diligence.Last month, Japan Post, which is 80 percent state-owned, announced a $3.6 billion writedown on its purchase of Australian logistics firm Toll Holdings Ltd.That writedown saw Japan Post join the likes of Toshiba Corp ( 6502.T ) in high-profile foreign takeover flops.Japan Post''s business spans from banking and insurance to parcel delivery, but limited growth in its domestic market has led the company to commit to growth through acquisitions.(Reporting by Takaya Yamaguchi; Writing by Kiyoshi Takenaka; Editing by Robert Birsel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-japan-companies-japanpost-idINKBN18902Y'|'2017-05-13T02:21:00.000+03:00'
'44b19f350f44a2314fbfa1a4fdaad7705ed212ff'|'EMERGING MARKETS-Brazilian stocks up, Mexico says NAFTA talks set for Aug.'|'Market News - Fri May 12, 2017 - 6:38pm EDT EMERGING MARKETS-Brazilian stocks up, Mexico says NAFTA talks set for Aug. (Updates prices, adds JBS development, NAFTA talks) By Bruno Federowski SAO PAULO, May 12 Brazilian stocks rose on Friday for the fourth straight day as Petroleo Brasileiro SA shares hit an 11-week high after the state-controlled oil company reported its strongest operating profit ever. Preferred shares of Petrobras, as the company is known, jumped as much as 5.1 percent after earnings before interest, tax, depreciation and amortization rose 19 percent to 25.254 billion reais ($8.1 billion), beating the consensus forecast by 1.38 billion reais. Shares of Petrobras closed up 4.25 percent to close at 15.45 reais. Petrobras and health insurer Qualicorp accounted for about half of the 1.01 percent gain for Brazil''s benchmark Bovespa stock index. The move also reflected a recent pickup in appetite for emerging market assets, tracking recent strength in the euro and global weakness in the U.S. dollar. Meanwhile, shares of leading Brazilian meatpacker JBS fell as Brazilian police investigate potential fraud in loans by state development bank BNDES, according to federal court documents released on Friday. In Mexico, Economy Minister Ildefonso Guajardo said he expected negotiations on the North American Free Trade Agreement (NAFTA) with the United States and Canada would start towards the end of August. Guajardo will travel to Washington next week to meet with his newly confirmed U.S. counterpart. Elsewhere, Peru''s central bank official Adrian Armas told reporters on a conference call on Friday that the country''s economic growth in March would be "quite low," after growing at the weakest pace in more than two years in February. U.S. President Donald Trump''s unexpected firing of FBI head James Comey fueled expectations of delays to the implementation of his pledges of heavy spending and tax cuts, which had stoked bets on a fast pace of U.S. interest rate hikes in coming months. Key Latin American stock indexes and currencies at 2100 GMT: Stock indexes Latest daily % change YTD % change MSCI Emerging 1002.37 0.2 16.25 Markets MSCI LatAm 2717.66 1.47 16.11 Brazil Bovespa 68221.94 1.01 13.27 Mexico IPC 49426.08 -0.21 8.29 Chile IPSA 4851.94 0.65 16.88 Chile IGPA 24331.46 0.66 17.35 Argentina MerVal 21502.41 0.35 27.10 Colombia IGBC 10757.00 1.63 6.21 Venezuela IBC 60658.38 0.22 91.32 Currencies Latest daily % change YTD % change Brazil real 3.1229 0.01 4.04 Mexico peso 18.7930 0.27 10.38 Chile peso 671.2 0.09 -0.07 Colombia peso 2920 0.20 2.79 Peru sol 3.269 0.55 4.44 Argentina peso 15.4300 0.13 2.88 (interbank) Argentina peso 15.88 0.25 5.92 (parallel) (Reporting by Bruno Federowski; Editing by Lisa Von Ahn and Diane Craft) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1IE22R'|'2017-05-13T06:38:00.000+03:00'
'ce6e6106fffedf97e993d590d168baff0aeb4792'|'DHL says new Chile e-commerce business is ''booming'''|'Market News - Wed May 10, 2017 - 12:30pm EDT DHL says new Chile e-commerce business is ''booming'' By Rosalba O''Brien - SANTIAGO SANTIAGO May 10 DHL eCommerce''s first entry into South America via Chile is exceeding expectations a month after starting as it gives retailers easier ways to deliver to consumers that could boost online shopping, a regional executive said. E-commerce is still in its infancy in Latin America, held back by poor infrastructure, consumer fears over fraud, and lack of practical payment options. Chile, one of the region''s most developed markets, has a high level of credit card use and good quality roads, but its package delivery industry to date has been largely focused on business-to-business transactions. More than 50 "small and medium" shippers signed up in the first month and DHL was in talks with some of the larger players, Paul Tessy, chief executive of DHL eCommerce Latin America and Canada, said in an interview last week. "Our solution in Chile is very groundbreaking from what the competition is offering ... the business is already booming because there is nothing like that out there," Tessy said. DHL is introducing consumer-focused conveniences that may not seem revolutionary in more mature markets, but represent a sea change in Chile. They include the option for evening and weekend deliveries, an app that allows customers to see where their delivery is in real time, lower charges for lightweight packets, and an option for returns to be picked up from homes. E-commerce in the region is expected to grow around 14 percent annually through to 2020, analysts at BMI Research said. "We expect global players such as Amazon to increase their exposure to the Latin American market, particularly if DHL replicates its offering outside Chile," BMI said. Amazon.com operates in Brazil and Mexico but is not present elsewhere in Latin America. Tessy said Chile was being used as a "model" and DHL is actively evaluating markets such as Brazil, Argentina and Colombia. Large retailers such as Falabella, Ripley and Wal-Mart already operate e-commerce businesses in Chile. (Reporting by Rosalba O''Brien; editing by Grant McCool) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/dhl-chile-idUSL8N1IB704'|'2017-05-11T00:30:00.000+03:00'
'188843513dd0f8145adf07a2ef10ee85cb170d8b'|'LME will submit proposal to provide London silver price benchmark'|'  9:57am BST LME will submit proposal to provide London silver price benchmark FILE PHOTO: Traders and clerks react on the floor of the London Metal Exchange in the City of London February 14, 2012. REUTERS/Luke MacGregor/File Photo BEIJING The London Metal Exchange (LME) will submit a proposal to take over the London silver fix, James Proudlock, managing director and head of market development for the exchange and its clearing business, said on Wednesday. A request for proposals was recently issued to find a replacement for CME Group ( CME.O ) and Thomson Reuters ( TRI.TO ) after they said they would step down from providing the silver price benchmark auction less than three years after successfully bidding to provide the process. (Reporting by Josephine Mason; Editing by Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lmeweek-asia-silver-idUKKBN1860Z4'|'2017-05-10T16:57:00.000+03:00'
'108c90790ab52f4e18ccad777fabfc275bbe7977'|'GLOBAL MARKETS-U.S. dollar, yields rise; stocks slip from record highs'|'Market  55pm EDT GLOBAL MARKETS-U.S. dollar, yields rise; stocks slip from record highs (Updates to U.S. market close) * S&P 500, Nasdaq, German DAX stock indexes hit record highs * Wall Street''s "fear gauge" drops to historic low * Bond yields on the rise, gold falls * Oil buckles as concern grows over battle of OPEC vs shale By Dion Rabouin NEW YORK, May 9 A fall in oil prices knocked Wall Street stocks down a peg after touching record highs on Tuesday with European equities and global bond yields rising on bolstered investor sentiment thanks to historically low U.S. equity volatility, the French presidential election result and solid corporate earnings. The S&P 500 and Nasdaq hit all-time intraday peaks in early trading and the VIX index of implied volatility - known as the Wall Street "fear gauge" - fell to 9.56, the lowest since late 2006. While the market appeared buoyant, analysts urged caution against investor complacency, especially after the market''s strong run since Donald Trump''s election as U.S. president. "In the short term, investors can enjoy this run, but they should start to hedge their positions and look for safety," said Christian Magoon, chief executive at Amplify ETFs in Chicago, Illinois. "Given world events, common sense would say there should be at least average volatility in daily price movement on the S&P 500. The index seems to be very lethargic." The Dow Jones Industrial Average fell 36.5 points, or 0.17 percent, to 20,975.78, the S&P 500 lost 2.46 points, or 0.10 percent, to 2,396.92 and the Nasdaq Composite added 17.93 points, or 0.29 percent, to 6,120.59. The Nasdaq got a boost from Apple Inc, which became the first U.S. company to top the $800 billion mark in market capitalization. Europe''s index of leading 300 shares rose to a near-two-year high, Germany''s DAX hit a record high, and Britain''s FTSE 100 closed up 0.57 percent. The benchmark 10-year U.S. Treasury note yield rose to its highest in five weeks with German 10-year yields rising and the 10-year British gilt yield up around 6 basis points from late Monday. The victory of business-friendly centrist Emmanuel Macron in France and earnings were also supportive for equities, ETX Capital senior markets analyst Neil Wilson said, adding: "So far, there is precious little to halt the rotation from bonds to stocks." Fed funds futures pricing shows investors are almost universally expecting the Federal Reserve to raise U.S. overnight interest rates at its next meeting, with close to a 90 percent perceived chance of an increase next month. Yields on U.S. two-year notes, the tenor most sensitive to rate-hike expectations, also rose on Tuesday, climbing to eight-week highs. "While the U.S. economy saw a marked deceleration in the first quarter, the overall outlook remains solid and the Fed is still widely expected to raise U.S. lending rates in June and likely again in September," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington. The positive sentiment and rising U.S. Treasury yields also boosted the dollar. The dollar index, which tracks the greenback''s value against six major currencies, rose to a three-week high, in line with the gains in yields. It was last up 0.5 percent. Oil prices fell, surrendering earlier gains, rattled by concern over slowing demand and rising U.S. crude output that has shaken investors'' faith in the ability of the Organization of the Petroleum Exporting Countries to rebalance the market. Brent crude futures were last down 1.1 percent at $48.80 a barrel while West Texas Intermediate was off 1 percent at $45.96. Copper bounced from a four-month low touched on Monday after data showed a sharp drop on imports by China, the world''s biggest consumer. London copper rose 0.47 percent to $5,511 a tonne, having fallen to as low as $5,462.50 on Monday. Gold prices touched a nearly eight-week low on Tuesday, indicating a shift in investor preference for riskier asset
'91dda0ba413fe72a511cca1557ef7a9043199703'|'Earnings underpin FTSE, Barratt impresses but TalkTalk slumps'|'Business  25am BST Earnings underpin FTSE, Barratt impresses but TalkTalk slumps A worker shelters from the rain as he passes the London Stock Exchange in the City of London at lunchtime October 1, 2008. REUTERS/Toby Melville/File Photo By Helen Reid - LONDON LONDON Britain''s FTSE 100 on Wednesday hovered just shy of a one-month high, as strong earnings updates underpinned recent gains and Barratt outperformed peers. The index was 1.4 percent below March''s record 7,447.00 points. "The main drivers have gone from top down to bottom up," said Ian Williams, economics and strategy analyst at Peel Hunt. "For the U.S., eurozone and the UK as well it''s been much more to do with earnings, and it''s so far so good on that front." Earnings growth expectations had been improving not only on the blue-chips which benefited from a weaker sterling currency, but also on mid and small-caps, Williams said. Britain''s biggest builder, Barratt led the blue-chip gainers, up 4.1 percent after it said full-year profits would be at the top end of its guidance range, and forward sales were at a record level. The housebuilder was among the worst hit after Britain voted to leave the European Union last June. But Wednesday''s gains saw it hit an 18-month high, with its shares now up 95 percent from their post-Brexit vote lows. "A few of the sectors that got absolutely clobbered after the Brexit vote have had an extra leg-up recently," said Williams. Investors seemed more likely to buy consumer-exposed stocks now than in the first quarter, with an inflation-related hit to consumption seen to be mostly priced in, he added. Retailers Next, ABF and Kingfisher were also top risers, up 1.5 to 2.5 percent. Broadcaster ITV, meanwhile, fell 1.7 percent after saying advertising revenues could fall as much as 20 percent in June. It kept its guidance for full-year performance unchanged. "The update confirms a weak trend for both net advertising revenue and studios in the first half - but no worse than anticipated, and already well flagged," said Panmure Gordon analyst Jonathan Helliwell, who has a ''hold'' rating on the stock. Mid-cap TalkTalk''s shares spiralled down 10 percent after the broadband company cut its dividend and missed its forecast for full-year core earnings. TalkTalk halved its final dividend to 5.0 pence from 10.58 pence a year ago, saying it would focus on returning the business to customer growth. "A dividend cut was expected, but deeper than expected," said Jefferies analysts. Vesuvius jumped to the top of the mid-caps, up 8.6 percent after the industrials group said better global steel production would boost its performance and trading had been good so far this year. "As we have seen across the UK industrial landscape, Vesuvius has enjoyed a good start to the year," said Jefferies analysts. Energy provider SSE recouped some of the previous session''s losses, up 1.4 percent after being one of the worst-performing stocks on Tuesday when Prime Minister Theresa May announced a household energy price cap as part of her manifesto for reelection in June. (Reporting by Helen Reid; editing by Richard Lough)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN18612I'|'2017-05-10T17:25:00.000+03:00'
'1380a02d0d84a0a464f19496fc18da1f51cdb3a5'|'U.S. dollar, yields rise; stocks slip from record highs'|' 03pm BST U.S. dollar, yields rise; stocks slip from record highs left right FILE PHOTO: A trader works on the floor of the New York Stock Exchange in the Manhattan borough of New York, U.S. May 4, 2017. REUTERS/Brendan McDermid 1/3 left right Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 3, 2017. REUTERS/Staff/Remote 2/3 left right A man looks at an electronic board showing the stock market indices of various countries outside a brokerage in Tokyo, Japan, November 16, 2016. REUTERS/Toru Hanai 3/3 By Dion Rabouin - NEW YORK NEW YORK A fall in oil prices knocked Wall Street stocks down a peg after touching record highs on Tuesday with European equities and global bond yields rising on bolstered investor sentiment thanks to historically low U.S. equity volatility, the French presidential election result and solid corporate earnings. The S&P 500 and Nasdaq hit all-time intraday peaks in early trading and the VIX index of implied volatility - known as the Wall Street "fear gauge" - fell to 9.56, the lowest since late 2006. While the market appeared buoyant, analysts urged caution against investor complacency, especially after the market''s strong run since Donald Trump''s election as U.S. president. "In the short term, investors can enjoy this run, but they should start to hedge their positions and look for safety," said Christian Magoon, chief executive at Amplify ETFs in Chicago, Illinois. "Given world events, common sense would say there should be at least average volatility in daily price movement on the S&P 500. The index seems to be very lethargic." The Dow Jones Industrial Average fell 36.5 points, or 0.17 percent, to 20,975.78, the S&P 500 lost 2.46 points, or 0.10 percent, to 2,396.92 and the Nasdaq Composite added 17.93 points, or 0.29 percent, to 6,120.59. The Nasdaq got a boost from Apple Inc, which became the first U.S. company to top the $800 billion mark in market capitalization. Europe''s index of leading 300 shares rose to a near-two-year high, Germany''s DAX hit a record high, and Britain''s FTSE 100 closed up 0.57 percent. The benchmark 10-year U.S. Treasury note yield rose to its highest in five weeks with German 10-year yields rising and the 10-year British gilt yield up around 6 basis points from late Monday. The victory of business-friendly centrist Emmanuel Macron in France and earnings were also supportive for equities, ETX Capital senior markets analyst Neil Wilson said, adding: "So far, there is precious little to halt the rotation from bonds to stocks." Fed funds futures pricing shows investors are almost universally expecting the Federal Reserve to raise U.S. overnight interest rates at its next meeting, with close to a 90 percent perceived chance of an increase next month. Yields on U.S. two-year notes, the tenor most sensitive to rate-hike expectations, also rose on Tuesday, climbing to eight-week highs. "While the U.S. economy saw a marked deceleration in the first quarter, the overall outlook remains solid and the Fed is still widely expected to raise U.S. lending rates in June and likely again in September," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington. The positive sentiment and rising U.S. Treasury yields also boosted the dollar. The dollar index, which tracks the greenback''s value against six major currencies, rose to a three-week high, in line with the gains in yields. It was last up 0.5 percent. Oil prices fell, surrendering earlier gains, rattled by concern over slowing demand and rising U.S. crude output that has shaken investors'' faith in the ability of the Organization of the Petroleum Exporting Countries to rebalance the market. Brent crude futures were last down 1.1 percent at $48.80 a barrel while West Texas Intermediate was off 1 percent at $45.96. Copper bounced from a four-month low touched on Monday after data showed a sharp drop on imports by China, the world''s b
'76b1b1aa7912fadce7418597258fc5201bac6c92'|'Economic reversal, not politics, will reignite market volatility'|'Business News - Fri May 12, 2017 - 10:41am BST Economic reversal, not politics, will reignite market volatility left right FILE PHOTO: Traders work on the floor of the New York Stock Exchange in the Manhattan borough of New York, U.S. May 4, 2017. REUTERS/Brendan McDermid/File Photo 1/2 left right Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 10, 2017. REUTERS/Staff/Remote 2/2 By Jamie McGeever - LONDON LONDON Financial market volatility has slumped to historic lows despite a world full of political and policy uncertainty, a phenomenon investors expect will remain until the business cycle turns and economic growth falters. Such ultra-low volatility worries investors because the last times it was so low -- in 1993-94 and 2006-07 -- major market dislocations soon followed, respectively, the U.S. bond market rout of 1994 and the global financial crisis of 2008. This time, volatility has been crushed despite the proliferation of political risks from the global rise of nativism and protectionism, Brexit, and the election of U.S. President Donald Trump, all of which were meant to undermine market stability. But they haven''t. Record low interest rates and central bank stimulus around the world have suppressed returns, pushing usually cautious investors like pension and mutual funds to hold more equities than they normally would. This has depressed actual volatility, limiting implied volatility. Riskier assets like stocks have continued to gain, spreads have narrowed, and nearly all measures of volatility have declined further, largely because economic activity, growth and corporate profits have weathered the storm and held up well. It could go on for months, or even longer, until growth deteriorates. And that will happen when credit, lending and hiring growth slows, finally turning what is already the third longest U.S. economic expansion in history, analysts say. According to JP Morgan, the level of global economic volatility is currently its lowest in over 40 years. The tricky bit is predicting what triggers the turnaround, and when. Much of the focus is the VIX ''fear index'' of volatility .VIX on the S&P 500 .SPX . "As ever, it all comes down to one thing <20> the business cycle. The VIX is not going to rise significantly until the business cycle weakens, nor is the generalised level of volatility," Raoul Pal, an independent investment strategist and founder of Global Macro Investor. Pal points to the close correlation between the ISM U.S. purchasing managers index, a leading indicator of business activity and growth, and a range of market volatility indices, including the VIX. He and others say that market participants are always implicitly "short" volatility before a recession. That''s when optimism is highest, borrowing is most stretched, and "long" positions in risky assets like equities are the most crowded. LOWER ... BUT FOR HOW MUCH LONGER? Torsten Slok, a managing director at Deutsche Bank in New York, notes that an investor "shorting" the VIX a year ago -- betting that it would fall -- would have gained around 160 percent today. Conversely, an investor going "long" or buying the VIX would have lost 75 percent. Researchers at the Bank for International Settlements in Switzerland say the VIX is no longer an accurate barometer of wider market risk. David Hait, chief executive and founder of research firm OptionMetrics, reckons a whopping 98.8 percent of daily changes in the VIX is due to previous VIX values and current S&P 500 returns rather than the future volatility it is supposed to gauge. Implied and actual volatility can quickly become entwined in a spiral lower because investors are less inclined to pay up for "put" options -- effectively a bet on prices falling -- when the market is rising. Complacency sets in. "The lower the VIX goes, the more vulnerable the global financial system gets to any kind of shock. This is quite worrying," s
'cc4113501e50148cbd20ff8d6b8dc4fb6d36d218'|'IMF reaches staff level agreement for second loan instalment to Egypt'|'Money   9:46pm IST IMF reaches staff level agreement for second loan instalment to Egypt A security personnel stands next to International Monetary Fund logo at IMF headquarters in Washington, U.S., April 19, 2017. REUTERS/Yuri Gripas/Files CAIRO The International Monetary Fund said on Friday it had reached a staff-level agreement with Egypt on a second loan instalment that would make available about $1.25 billion. The IMF approved a $12-billion, three-year loan programme to Egypt in November and paid out $2.75 billion of the first $4 billion tranche of the loan. An IMF team was in Cairo this week conducting a review of Egypt''s reform efforts to decide when the next $1.25 billion would be disbursed. In a statement at the end the IMF visit, team leader Chris Jarvis said: "The IMF staff team and the Egyptian authorities have reached a staff-level agreement on the first review of Egypt''s economic reform programme supported by the IMF''s $12 billion arrangement. "The staff level agreement is subject to approval by the IMF''s Executive Board." Jarvis said completion of the review would make about $1.25 billion available to Egypt, bringing total disbursements under the programme to about $4 billion. There was no immediate comment from the Egyptian government. The IMF described the agreement as "a vote of confidence by the IMF staff" in Egypt''s reform process, which the Fund said was "off to a good start". The floating of the Egyptian currency last November, as well as the introduction of a value added tax and reform of energy subsidies had all had significant effects, it said Foreign exchange shortages are resolved and interbank market activity is recovering, the IMF added. "Egypt has regained investors'' confidence," the statement said, citing strong appetite for Egypt<70>s eurobond sale in January, while private sector remittances and portfolio investments had increased considerably. It said manufacturing was rebounding strongly and exports had increased significantly. Egypt''s GDP growth reached 3.9 percent in the first quarter of this year. The IMF said it supported the Central Bank''s objective of bringing inflation -- currently more than 30 percent -- down to single digits over the medium term. Rising prices present a challenge for President Abdel Fattah al-Sisi and his government, which have pledged to push ahead with sensitive austerity measures like fuel and electricity price hikes. The IMF said the finance ministry had drafted a "very strong budget" which if enacted by parliament would put public debt on a "clearly declining path to sustainable levels". The statement said parliament''s approval of new industrial licensing and investment laws would help unlock Egypt''s growth potential, attract investors, increase exports and industrial production, as well as create well-paid jobs. The government''s reform programme, which the IMF supported, would "lay the foundations for strong and sustainable growth that improves the lives of all Egyptians," the statement said. (Reporting by Giles Elgood; Additional reporting by Eric Knecht; Editing by Hugh Lawson and Toby Davis)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/egypt-imf-idINKBN1882B3'|'2017-05-12T14:16:00.000+03:00'
'f716854da3a41288a24c8953fd1cb17f1f581ce8'|'U.S. Treasury''s Mnuchin says U.S. reserves right to be protectionist'|'Business News   6:05pm BST U.S. fails to reassure Europe, Japan over ''Trumponomics'' left right U.S. Secretary of the Treasury Steven Mnuchin attends a news conference during a G7 for Financial ministers, in the southern Italian city of Bari, Italy May 13, 2017. REUTERS/Alessandro Bianchi 1/2 left right U.S. Secretary of the Treasury Steven Mnuchin attends a news conference during a G7 for Financial ministers, in the southern Italian city of Bari, Italy May 13, 2017. REUTERS/Alessandro Bianchi 2/2 By David Lawder and William Schomberg - BARI, Italy BARI, Italy The United States said on Saturday the world''s other rich economies were getting used to the policy plans of President Donald Trump, but Europe and Japan showed they remained worried about Washington''s shift. Officials from the Group of Seven nations met in southern Italy hoping to hear more about Trump''s plans which they fear will revive protectionism and set back the global approach to issues such as banking reform and climate change. U.S. Treasury Secretary Steven Mnuchin said the United States reserved the right to be protectionist if it thought trade was not free or fair. "We do not want to be protectionist but we reserve our right to be protectionist to the extent that we believe trade is not free and fair... Our approach is for more balanced trade, and people have heard that," Mnuchin told reporters at the end of the two-day meeting. "And as I say, people are more comfortable today, now that they''ve had the opportunity to spend time with me and listen to the president and hear our economic message." Other ministers from the G7 countries made it clear they did not share his view. "All the six others ... said explicitly, and sometimes very directly, to the representatives of the U.S. administration that it is absolutely necessary to continue with the same spirit of international cooperation," French Finance Minister Michel Sapin told reporters. Bank of France Governor Francois Villeroy de Galhau said there was a "light breeze" of optimism within the G7 about the recovering global economy after years of sluggish growth following the financial crisis that began nearly a decade ago. But he said the continued uncertainty about the direction of U.S. policy represented a risk, echoing comments made on Friday by Japanese Finance Minister Taro Aso. "We must not backpedal on free trade as it has contributed to economic prosperity," Aso said. European G7 officials complain that no-one knows what the United States understands by "fair trade" and that the only way to establish fairness was by sticking to the rules of the World Trade Organisation - a multilateral framework. They also say the U.S. demand to balance trade bilaterally was not economically sound, because trade deficits and surpluses could only be analysed in a global context. A senior Japanese finance ministry official said on Saturday uncertainties remained over how quickly the U.S. Federal Reserve would raise interest rates, but the biggest question mark was over possible U.S. tax cuts that could fire up an already recovering U.S. economy. Trump has proposed slashing the U.S. corporate income tax rate and offer multinational businesses a steep tax break on overseas profits brought back home. He dropped, however, a controversial proposal of a "border-adjustment" tax on imports as a way to offset revenue losses resulting from tax cuts. The tax reform plans were also questioned by some European officials. "I am not so sure that with an economy already at full employment and working at full speed a fiscal stimulus would add a lot," European Commissioner for Economic and Financial Affairs Pierre Moscovici told reporters. "(But) we avoided some discussions which would have been more damaging, like the border adjustment tax, which is no longer on the table at this moment," he said. (Writing by Jan Strupczewski)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://u
'85aa9757c89ec7973901acef68d558fe5fe011b6'|'G7 clueless on cyber attack culprits but pledges work on security'|'Money News   8:27pm IST G7 clueless on cyber attack culprits but pledges work on security Italy''s Finance Minister Pier Carlo Padoan (2nd R) and Governor of the Bank of Italy Ignazio Visco (L) leave the G7 for Financial ministers meeting in the southern Italian city of Bari, Italy, May 12, 2017. REUTERS/Alessandro Bianchi By Gavin Jones - BARI, Italy BARI, Italy Group of Seven financial chiefs said they had no idea who was behind the international cyber attack that affected almost 100 countries on Friday but they pledged to redouble their efforts to make cyberspace more secure. The economy minister and central bank governor of Italy, which holds the G7 presidency, both replied negatively when asked at the end of a G7 meeting in Bari whether the group had any suspicions on the culprits of the attack. "Frankly no, we discussed it but we don''t know anything," Bank of Italy chief Ignazio Visco said. However, the G7 promised to step up their work to try to prevent repetitions of the assault which leveraged hacking tools believed to have been developed by the U.S. National Security Agency, infecting tens of thousands of computers. "This is a reminder to all of us of the importance and focus on cyber security," said U.S. Treasury Secretary Steven Mnuchin. "We had this on the agenda today, we were speaking about it, I think people felt so strongly about it that we agreed to keep it on the agenda for the next few sessions." The G7 said banks should strengthen their resilience to attacks through regular exercises and simulations, known as "penetration tests," and it called on a cyber security task force it set up in 2015 to accelerate its work. "We recognise that cyber incidents represent a growing threat for our economies and that appropriate economy-wide policy responses are needed," the G7 said in a statement. It asked international organisations, government agencies and the private sector to share cyber security information more effectively and told its Cyber Expert Group (CEG) to draw up a set of recommendations by October this year. Mnuchin told reporters that he did not think Friday''s attack showed the financial system was unprepared but he said more could still be done at the company level. Companies that "patch their networks" would have been able to fend off the attack, he said. (Reporting by Giuseppe Fonte and Gavin Jones, editing by Silvia Aloisi)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/g7-ministers-italy-cyber-idINKBN1890MD'|'2017-05-13T12:57:00.000+03:00'
'67d7c2a17bb6f6bb06d4545b38333114ee0f5561'|'U.S. consumer watchdog''s prepaid-card rule survives Congress challenge'|'Business News - Thu May 11, 2017 - 5:20pm EDT U.S. consumer watchdog''s prepaid-card rule survives Congress challenge left Consumer Financial Protection Bureau Director Richard Cordray speaks in Washington, October 17, 2014. REUTERS/Larry Downing 1/2 left right U.S. Senator David Perdue (R-GA) speaks to embers of the news media after meeting with U.S. President-elect Donald Trump at Trump Tower in New York, U.S., December 2, 2016. REUTERS/Mike Segar 2/2 By Lisa Lambert - WASHINGTON WASHINGTON A major challenge to the U.S. watchdog for consumer finances fizzled on Thursday, as Congress missed a deadline to repeal the agency''s new rule on prepaid cards. Late last year, the Consumer Financial Protection Bureau issued a rule requiring greater disclosures and overdraft limits for the cards sold by companies such as Mastercard Inc. ( MA.N ) and Greendot and frequently used in place of paychecks. The timing made the rule eligible for Congress to repeal it under the Congressional Review Act (CRA), but lawmakers only had until Thursday to kill the regulation by passing a disapproval resolution in both chambers with simple majorities. Republican Senator David Perdue of Georgia, one of the agency''s biggest critics, had introduced a resolution that he tried to speed through his chamber, but congressional aides and advocacy groups said he could not gather enough votes. Perdue has repeatedly said the CFPB, created in the 2010 Dodd-Frank Wall Street reform law to protect individuals against fraud, oversteps its authority. Earlier this week he said he intends to keep up pressure on the agency. The resolution''s failure indicates that future regulations from the CFPB, reviled by many Republicans, may have shots at survival. The agency is led by Democrat Richard Cordray, was created by former President Barack Obama, a Democrat, and was originally conceived by Massachusetts Senator Elizabeth Warren, a leader in the liberal wing of the Democratic Party. The CFPB was expected to soon finalize restrictions on the fine print in contracts known as "mandatory arbitration clauses" that require consumers to give up their rights to class-action lawsuits as a condition of buying a service or product. But the rule''s fate has been caught in limbo. Congress is expected to kill it swiftly with a CRA resolution once it is official. While the first half-dozen CRA resolutions flew easily through Congress, repealing a wide spectrum of Obama-era regulations, the final resolutions faced a tougher time. One limiting methane emissions from oil and gas production on public lands failed on Wednesday. All told, Congress killed 14 regulations since Feb. 1. Lawmakers could still vote after this week to repeal rules that Obama finished in the last six months of his administration, but they will need super-majorities in each chamber, which is nearly impossible to achieve in the more closely divided Senate. (Reporting by Lisa Lambert; Editing by David Gregorio) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-congress-prepaid-idUSKBN1872XO'|'2017-05-12T05:06:00.000+03:00'
'7cdce2299f85d333a7ccf32a662eb4248d6521b7'|'Mutual funds lose, short-sellers win on Snap trades'|'By Angela Moon and Ross Kerber - NEW YORK/BOSTON NEW YORK/BOSTON The dramatic fall in Snap Inc ( SNAP.N ) shares on Thursday following the company''s disappointing first quarterly earnings report as a public company was likely costly for a wide range of mutual funds, including Fidelity''s giant Contrafund.On the other side of the ledger, short-sellers racked up about $191 million in profits on their Snap investments, according to data compiled by the financial analytics firm S3 Partners.Shares of Snap, parent company of the popular messaging app Snapchat, fell 21.5 percent on Thursday, losing $4.93 to close at $18.05 and wiping out nearly $5.8 billion in market capitalisation. The company, in its first earnings report since going public in early March, after the market close on Wednesday reported only modest user growth and revenues that fell short of analysts expectations.[L1N1ID021]The largest mutual fund investor in Snap, Fidelity''s $100 billion-plus Contrafund ( FCNTX.O ), listed nearly 10 million Snap shares worth $217.4 million as its main stake in Snap as of March 31, according to the fund<6E>s disclosures. Snap''s shares on March 31 closed at $22.53. Assuming no changes, that stake would now be worth now around $175 million.Contrafund had acquired about 1.9 million Snap shares in early 2016 in a pre-IPO investment of nearly $29 million, for a price of about $15.25 a share. Those shares, if still held, would represent a gain of about 18 percent.A Fidelity spokeswoman, Sophie Launay, noted in an emailed statement that Snap is just one of hundreds of stocks in the Contrafund portfolio. <20>We are long-term investors and that Snap is a very small percentage<67> of the fund<6E>s overall assets, Launay said in the statement.T. Rowe Price''s $37 billion Blue Chip Growth Fund ( TRBCX.O ) owned 1.56 million shares of Snap as of March 31, according to the fund''s disclosure of holdings. That $35.3 million stake, based on Snap''s March 31 closing price, would now be worth about $28 million.A T. Rowe Price spokesman declined to comment.Meanwhile, short-sellers were looking for more gains. Short sellers aim to make a profit by selling borrowed shares on the hopes of buying them back at a lower price later and pocketing the difference.A $3-million short bet against Snap was among the AdvisorShares Ranger Equity Bear ETF<54>s top 20 positions as of Wednesday, accounting for 1.75 percent of the fund.<2E>They got very fortunate in the pricing Wall Street gave them when they went public, but really it<69>s the epitome of a ridiculously priced IPO after a six-year bull market,<2C> said co-portfolio manager Brad Lamensdorf. He said the ETF has not reduced its bet against Snap following Thursday<61>s stock selloff and expects the share price to go lower.Snap went public on March 1 at $17 a share, topping the company''s expected range of $14 to $16 a share.Heading into Snap''s earnings announcement on Wednesday, short positions in the company were at 38.65 million shares. Based on Snap''s Wednesday closing price of $22.98, the positions were equivalent to about $888.15 million, according to S3 Partners."We would anticipate shorts to keep positions open until the stock at least reaches the IPO price of $17, especially since financing costs are less than 1 percent annualised," said Matthew Unterman, director at S3 Partners."However, we are seeing rates starting to trend more expensive today," he added.Some options traders also did well. One options trade made on Monday <20> a block of 17,809 put contracts betting Snap shares to trade below $21.50 by May 19 <20> was now worth about $5.3 million, up from $1.6 million on Monday, as the average price of the contract jumped to $3.30 a put on Thursday from just 90 cents Monday through Wednesday. Sentiment was mixed as some traders appeared to be loading up on near-term protection while others appeared to be betting that the shares were ripe for a rebound.With the earnings report out of the way, 30-day implied volatility, a gau
'1c175301fbf07af3e26d7d84b52decf53e788789'|'In blow to Trump, GE backs NAFTA and voices support for Mexico'|'Sat May 13, 2017 - 12:08am BST In blow to Trump, GE backs NAFTA and voices support for Mexico left right Mexico''s President Enrique Pena Nieto shakes hands with Jeffrey R. Immelt, Chief Executive of General Electric at Los Pinos presidential residence in Mexico City, in this undated handout photo released to Reuters by the Mexican Presidency on May 12, 2017. Mexico Presidency/Handout via REUTERS 1/5 left right The logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, May 12, 2017. REUTERS/Daniel Becerril 2/5 left right Mexico''s President Enrique Pena Nieto speaks with Jeffrey R. Immelt, Chief Executive of General Electric at Los Pinos presidential residence in Mexico City, in this undated handout photo released to Reuters by the Mexican Presidency on May 12, 2017. Mexico Presidency/Handout via REUTERS 3/5 left right Mexico''s President Enrique Pena Nieto smiles with Jeffrey R. Immelt, Chief Executive of General Electric at Los Pinos presidential residence in Mexico City, in this undated handout photo released to Reuters by the Mexican Presidency on May 12, 2017. Mexico Presidency/Handout via REUTERS 4/5 left right General Electric Co. Chief Executive Jeff Immelt delivers a speech during the opening of a new tower of the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico May 12, 2017. REUTERS/Daniel Becerril 5/5 By Dave Graham - MONTERREY, Mexico MONTERREY, Mexico General Electric ( GE.N ) on Friday praised Mexico as a big part of its future and said the company is "very supportive" of the North American Free Trade Agreement (NAFTA) that U.S President Donald Trump has threatened to ditch. GE Chief Executive Officer Jeff Immelt said on a visit that Mexico had great potential and was not properly understood. He touted the conglomerate''s Mexican operations and the trade deal binding Mexico, Canada and the United States. "GE as a company, we''re very supportive of NAFTA," Immelt told employees at an event to mark the expansion of operations in the northern city of Monterrey. He said the trade accord could be modernized, as Mexico has argued. Immelt sits on a Trump-appointed manufacturing council that Mexico has targeted for lobbying as Mexico and Canada push U.S. business leaders to defend NAFTA. The GE boss said trade meant "win-win" opportunities across North America. "We will continue to work constructively in the context of wanting to see a close relationship between the U.S. and Mexico," he said, noting that GE''s exports to the rest of the world from Mexico were worth $3 billion. "We''re optimistic about Mexico, we''re optimistic about what we can do here," Immelt added, saying Latin America''s no. 2 economy would be a "big part" of GE''s future. Earlier this month, Immelt urged the Trump administration to avoid protectionist policies, calling on it to level the playing field for U.S. companies with tax reform, revived export financing and improved trade agreements. Trump touts a "Buy American" policy and has railed against U.S. companies moving operations to Mexico. He has threatened to ditch NAFTA, a lynchpin of the Mexican economy, if he cannot rework it to secure better terms for the United States. Unlike some U.S. companies, GE has not backed off plans in Mexico, risking broadsides from Trump on Twitter. Earlier, the Mexican presidency said in a statement that GE had stated an interest in doubling purchases from Mexican suppliers next year. Immelt did not mention this. Vladimiro de la Mora, CEO for Mexico, said the figure came from an announcement last year and did not mean GE aimed to double purchases between this year and 2018. On Thursday, GE said it had won a contract to provide plants producing two new gigawatts of power in Mexico and secured a separate $120 million, multi-year service deal. De la Mora said GE could not yet reveal details of the 2 GW deal, but it was "likely" the value of th
'0967991415a0636f57e1dd6761a71f4d4eb773b8'|'Russia sees oil market balance in winter if cuts deal extended - agencies'|'Business News - Sat May 13, 2017 - 2:36pm BST Russia sees oil market balance in winter if cuts deal extended - agencies Russia''s Energy Minister Alexander Novak addresses a news conference after a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, December 10, 2016. REUTERS/Heinz-Peter Bader MOSCOW Global oil markets will reach a supply-demand balance in late 2017 or early 2018 if a pact to cut output is extended, Russia''s energy minister was quoted by local news agencies as saying. "Judging from the current dynamics in the decline of the oil and oil products inventories, the markets will see such decline in inventories by the end of 2017 - early 2018, which will lead to cuts in inventories to a five-year average," Alexander Novak was quoted as saying. The Organization of the Petroleum Exporting Countries and other producers including Russia pledged to cut output by 1.8 million barrels per day (bpd) in the first half of the year to lift oil prices. But global inventories remain high, pulling crude back below $50 per barrel earlier this month and putting pressure on OPEC to extend the cuts to the rest of the year. Novak told the agencies that OPEC countries and other leading oil producers would discuss extending the deal in the second half of the year or "maybe further than that". He also said that he expected the parameters of the deal to be unchanged, meaning deeper cuts were unlikely. OPEC and industry sources said there had been discussions about extending curbs until the end of the first quarter 2018, when crude demand is seasonally at its weakest. Novak added that Russia would keep output cuts of 300,000 barrels per day from the level of October 2016 as stipulated by the December 2016 deal, he added. He said that Russia''s oil output forecast of 549-551 million tonnes for this year remained the same but could change depending on the outcome of oil producer nation talks in Vienna later this month. (Reporting by Vladimir Soldatkin; editing by Mark Heinrich and Ros Russell)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-oil-opec-novak-idUKKBN1890GQ'|'2017-05-13T20:46:00.000+03:00'
'4ff131549100e1e828af4d78a41d8d950048316d'|'CANADA FX DEBT-C$ dips but stays above 14-month low amid firm oil price'|'Market News  07am EDT CANADA FX DEBT-C$ dips but stays above 14-month low amid firm oil price * Canadian dollar at C$1.3710, or 72.94 U.S. cents * Bond prices higher across a flatter yield curve TORONTO, May 12 The Canadian dollar edged lower against its broadly weaker U.S. counterpart on Friday, but kept some distance from a recent 14-month low as prices of oil held on to this week''s gains. U.S. crude prices, which had hit a five-month low one week ago, edged up 0.17 percent to $47.91 a barrel, helped by expectations of an extension of OPEC-led output cuts and buoyed by falling U.S. crude inventories. Oil is one of Canada''s major exports and the currency''s historically close link to the commodity has become stronger in recent weeks. The three-month rolling correlation between the Canadian dollar and oil reached 0.75, its highest since September, indicating the currency and commodity move mostly in the same direction. The U.S. dollar fell against a basket of major currencies after data showed U.S. retail sales increased less-than-expected in April. At 9:51 a.m. ET (1351 GMT), the Canadian dollar was trading at C$1.3710 to the greenback, or 72.94 U.S. cents, down 0.1 percent, according to Reuters data. The currency traded in a range of C$1.3665 to C$1.3742. One week ago, it had hit its weakest in 14 months at C$1.3793. Shares of Canada''s biggest non-bank lender Home Capital Group Inc fell after the company raised doubts about its ability to continue as a going concern. Investors have been wary about how Home Capital''s troubles could impact the country''s red-hot housing market. Canadian home prices rose in April, lifted once again by hefty price gains in the hot Toronto market which some fear is becoming overheated. Canadian government bond prices were higher across a flatter yield curve in sympathy with U.S. Treasuries. The two-year rose 2.5 Canadian cents to yield 0.693 percent and the 10-year climbed 36 Canadian cents to yield 1.565 percent. The gap between the 2-year yield and the 10-year yield narrowed 2.7 basis points to a spread of 87.2 basis points as longer-dated bonds outperformed. (Reporting by Fergal Smith; Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-forex-idUSL1N1IE0TG'|'2017-05-12T22:07:00.000+03:00'
'28087ac2c30cf0c76f17a7327ac559078eca9d6e'|'China pledges $124 billion for new Silk Road as champion of globalisation - Reuters'|'Money News - Sun May 14, 2017 - 10:04pm IST China pledges $124 billion for new Silk Road as champion of globalisation left right Chinese President Xi Jinping poses for a group photo with other delegates and guests at the welcoming banquet for the Belt and Road Forum, in Beijing, China May 14, 2017. REUTERS/Jason Lee 1/10 left right Chinese President Xi Jinping holds cup after he made a toast during a welcome banquet for the Belt and Road Forum at the Great Hall of the People in Beijing, China May 14, 2017. REUTERS/Wu Hong/Pool 2/10 left right Chinese President Xi Jinping delivers his speech during the welcoming banquet for the Belt and Road Forum at the Great Hall of the People in Beijing, China May 14, 2017. REUTERS/Damir Sagolj 3/10 left right Chinese President Xi Jinping and Russian President Vladimir Putin arrive for the welcoming banquet for the Belt and Road Forum at the Great Hall of the People in Beijing, China May 14, 2017. REUTERS/Damir Sagolj 4/10 left right Guests attend a welcome banquet for the Belt and Road Forum at the Great Hall of the People in Beijing, China May 14 2017. REUTERS/Wu Hong/Pool 5/10 left right Chinese President Xi Jinping makes a toast during the welcoming banquet for the Belt and Road Forum at the Great Hall of the People in Beijing, China May 14, 2017. REUTERS/Damir Sagolj 6/10 left right Chilean President Michelle Bachelet meets Chinese President Xi Jinping ahead of the Belt and Road Forum in Beijing, China May 13, 2017. REUTERS/Jason Lee 7/10 left right Chinese Foreign Minister Wang Yi meets High Representative for United Nations Alliance of Civilizations (UNAOC), Nassir Abdulaziz al-Nasser, ahead of the Belt and Road Forum in Beijing, China May 13, 2017. REUTERS/Stringer 8/10 left right Chinese Foreign Minister Wang Yi attends a signing ceremony with High Representative for United Nations Alliance of Civilizations (UNAOC), Nassir Abdulaziz al-Nasser, ahead of the Belt and Road Forum in Beijing, China May 13, 2017. REUTERS/Stringer 9/10 left right People take pictures in front of a ''Golden Bridge on Silk Road'' installation, set up ahead of the Belt and Road Forum, outside the National Convention Centre in Beijing, China May 11, 2017. REUTERS/Stringer 10/10 By Brenda Goh and Yawen Chen - BEIJING BEIJING Chinese President Xi Jinping pledged $124 billion on Sunday for his new Silk Road plan to forge a path of peace, inclusiveness and free trade, and called for the abandonment of old models based on rivalry and diplomatic power games. Xi used a summit on the initiative, attended by leaders and top officials from around the world, to bolster China''s global leadership ambitions as U.S. President Donald Trump promotes "America First" and questions existing global free trade deals. "We should build an open platform of cooperation and uphold and grow an open world economy," Xi told the opening of the two-day gathering in Beijing. China has touted what it formally calls the Belt and Road initiative as a new way to boost global development since Xi unveiled the plan in 2013, aiming to expand links between Asia, Africa, Europe and beyond underpinned by billions of dollars in infrastructure investment. Xi said the world must create conditions that promote open development and encourage the building of systems of "fair, reasonable and transparent global trade and investment rules". Hours before the summit opened, North Korea launched another ballistic missile, further testing the patience of China, its chief ally. The United States had complained to China on Friday over the inclusion of a North Korean delegation at the event. MASSIVE FUNDING BOOST Xi pledged a major funding boost to the new Silk Road, including an extra 100 billion yuan ($14.50 billion) into the existing Silk Road Fund, 380 billion yuan in loans from two policy banks and 60 billion yuan in aid to developing countries and international bodies in countries along the new trade routes. In addition, Xi sa
'6e23e765b4834328c31882242edac53ab3db1c52'|'BRIEF-Third Point cuts share stake in Facebook, JPMorgan, ups in Alphabet'|'Market News - Fri May 12, 2017 - 4:51pm EDT BRIEF-Third Point cuts share stake in Facebook, JPMorgan, ups in Alphabet May 12 Third Point LLC: * Third Point LLC takes share stake of 2.5 million shares in Alcoa Corp * Third Point LLC cuts share stake in Facebook Inc by 14.3 percent to 3.0 million class a shares * Third Point LLC cuts share stake in JPMorgan Chase & Co by 28.6 percent to 3.8 million shares * Third Point LLC ups share stake in Alphabet Inc by 7.1 percent to 455,000 shares of class a capital stock * Third Point LLC ups share stake in Anthem Inc by 15.0 percent to 1.2 million shares * Third Point LLC takes share stake of 3.0 million shares in Salesforce.Com Inc * Third Point LLC dissolves share stake in Chubb Ltd - sec filing * Third Point LLC dissolves share stake in Molson Coors Brewing Co * Third point LLC ups share stake in Kadmon Holdings Inc by 18.8 percent to 9.4 million shares * Third point LLC - change in holdings are as of March 31, 2017 and compared with the previous quarter ended as of Dec 31, 2016 Source text for quarter ended March 31, 2017: ( bit.ly/2pHoXlv ) Source text for quarter ended Dec. 31, 2016: ( bit.ly/2kenIH3 ) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-third-point-cuts-share-stake-in-fa-idUSFWN1IE101'|'2017-05-13T04:51:00.000+03:00'
'28260c784e4b44869aff82c9c9370517ffc28da4'|'Rosneft''s Sechin backs Russian ministry in oil output cut talks - RIA'|'Business News - Sat May 13, 2017 - 12:34pm BST Rosneft''s Sechin backs Russian ministry in oil output cut talks - RIA Head of Russian state oil firm Rosneft Igor Sechin attends a session of the St. Petersburg International Economic Forum 2016 (SPIEF 2016) in St. Petersburg, Russia, June 16, 2016. REUTERS/Sergei Karpukhin/File Photo MOSCOW Igor Sechin, the head of Russia''s largest oil producer Rosneft ( ROSN.MM ), said on Saturday the Russian energy ministry had his support in talks over oil production cuts, without elaborating, RIA news agency reported. "The main thing is to have a mechanism to defend our interests," he was quoted as saying when asked about discussions over possible deeper oil production cuts that could help stabilise the oil market and prop up prices. Sechin in the past has expressed doubts about the ability of the Organization of the Petroleum Exporting Countries to influence oil markets amid a shale oil production boom in the United States. OPEC and non-OPEC producers, such as Russia, decided late last year on an output cut of 1.8 million barrels per day from Jan. 1 to June 30 this year to reduce global oil inventories. The two groups are due to meet later this month in Vienna to discuss a possible extension of the deal. (Reporting by Vladimir Soldatkin; Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-oil-opec-sechin-idUKKBN1890EE'|'2017-05-13T19:34:00.000+03:00'
'cc06c0677175592c76e33acaa2cb0f43961a4d6b'|'Trump plans likely to aggravate U.S. inequality - Nobel winner Deaton'|'Business News - Sat May 13, 2017 - 3:53pm BST Trump plans likely to aggravate U.S. inequality - Nobel winner Deaton FILE PHOTO: British-born economist Angus Deaton of Princeton University answers questions in a news conference after winning the 2015 economics Nobel Prize on the Princeton University campus in Princeton, New Jersey October 12, 2015. REUTERS/Dominick Reuter/File Photo By William Schomberg - BARI, Italy BARI, Italy U.S. President Donald Trump''s economic policies risk creating growth that mostly benefits the rich and aggravates income inequality in the United States, Nobel Prize-winning economist Angus Deaton said. Trump was swept to power on promises of help for poorer Americans but Deaton said his proposals to roll back regulations on finance and industry and cut healthcare benefits would mostly help corporate groups with political influence. Trump''s plans to cut taxes and raise trade barriers, if enacted, might give a short-term income boost to some workers but would not deliver the long-term growth that is essential for mitigating the effects of inequality, he said in an interview. "I don''t think any of it is good" for addressing income inequality, said Deaton, a Princeton University professor, who won the Nobel Prize for economics in 2015 for his work on poverty, welfare and consumption. He was speaking on Friday after addressing a meeting in Italy of finance ministers and central bankers from rich nations at which inequality topped the official agenda. The political shocks in 2016 of Trump''s U.S. presidential election victory and Britain''s Brexit vote have been linked to widespread dissatisfaction with stagnant living standards for many workers, forcing policymakers in many countries to grapple with ways to narrow the gap between the rich and poor. Income inequality has grown sharply in the United States over recent decades and the World Bank says that at a global level the gap has widened too since the 1990s, despite progress recently in some countries. The Trump administration says it will lift U.S. economic growth to more than 3 percent a year and bring more manufacturing jobs back to U.S. shores, helping workers. But many economists say growth like that will be hard to achieve with employment already high and the baby boom generation retiring in large numbers too. Deaton said restoring stronger economic growth, preferably through encouraging more innovation, would help reduce the anger among many people who feel they have been left behind. "A rising inequality that probably wouldn''t have bothered people before does become really salient and troublesome to them (during periods of low growth). It poisons politics too because when there are no spoils to hand out it becomes a very sharp conflict," he said. Deaton said he did not think inequality was inherently bad as long as everyone felt some benefit from growth. "But I do care about people getting rich at public expense," he said, referring to political lobbying by business groups. (Writing by William Schomberg; Editing by Ros Russell) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-g7-ministers-deaton-idUKKBN1890M5'|'2017-05-13T22:53:00.000+03:00'
'a3ecc02831714c053cc71f3e69264dc2f0c235f7'|'Twenty-First Century Fox reports 4.6 percent rise in quarterly revenue'|' 20pm EDT Twenty-First Century Fox reports 4.6 percent rise in quarterly revenue FILE PHOTO - The 21st Century Fox logo is seen outside the News Corporation headquarters in Manhattan, New York, U.S. on April 29, 2016. REUTERS/Brendan McDermid/File Photo Twenty-First Century Fox Inc ( FOXA.O ), the television and film company controlled by Rupert Murdoch, reported a 4.6 percent rise in quarterly revenue due to strong Super Bowl advertising and high ratings for its cable news channel, Fox News. The company, which also owns the Twentieth Century Fox movie studio, said total revenue rose to $7.56 billion in the third quarter ended March 31, from $7.23 billion a year earlier. Net income attributable to shareholders fell to $799 million, or 43 cents per share, from $841 million, or 44 cents per share. (Reporting by Aishwarya Venugopal   Maju Samuel)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-fox-results-idUSKBN1862SU'|'2017-05-11T04:20:00.000+03:00'
'8674c06e9c6ef3f80ef2b7fad0392e75caded0fd'|'Australia forecasts A$7.4 billion surplus in 2020/21, hits multinationals and banks with higher taxes'|'Credit RSS - Tue May 9, 2017 - 1:00pm BST Australia hits banks with higher taxes to bring budget back into black left right Australia''s Treasurer Scott Morrison delivers the federal budget in the House of Representatives at Parliament House in Canberra, Australia, May 9, 2017. AAP/Lukas Coch/via REUTERS 1/4 left right Australia''s Treasurer Scott Morrison (R) delivers the federal budget in the House of Representatives at Parliament House in Canberra, Australia, May 9, 2017. AAP/Mick Tsikas/via REUTERS 2/4 left right Australia''s Treasurer Scott Morrison speaks during a media conference held before he delivers the federal budget at Parliament House in Canberra, Australia, May 9, 2017. AAP/Lukas Coch/via REUTERS 3/4 left right Construction workers on Sydney''s light rail infrastructure project are pictured behind a banner in Australia, May 9, 2017. REUTERS/Jason Reed 4/4 By Swati Pandey and Jane Wardell - CANBERRA CANBERRA The Australian government pledged to deliver a small budget surplus in 2020/21, slapping big banks with new taxes to end more than a decade of deficits that have threatened its prized triple-A credit rating. Flagging in the polls, the Liberal Party-led coalition conservative government, also promised to fast track major rail and road projects and delivered some sweeteners for home buyers in an overheated property market in its annual budget on Tuesday. Treasurer Scott Morrison said the country''s profitable banks, which have been under fire in recent months amid a series of misconduct scandals, would bear the brunt of a budget "re-set" as he abandoned so-called "zombie savings" worth some A$13 billion. Those savings, including welfare reforms, had artificially reduced the red ink in the budget after they were blocked by opposition lawmakers in a hostile Senate where the government has a wafer-thin majority. The backflip resulted in a bigger A$29.4 billion deficit for 2017/18 than the A$28.7 billion forecast at the mid-year review in December. But the budget forecast a A$7.4 billion surplus in 2020/21, an improvement on A$1.08 billion at the mid-year review. Australia<69>s A$1.7 trillion economy has outperformed many of its rich world peers since the global financial crisis, but it has in more recent years struggled to manage the end of a mining investment boom that underpinned much of its wealth. "We must live within our means and this is an honest budget," Morrison said, adding that a new six-basis point levy on big banks'' liabilities, to kick in on July 1, would raise A$6.2 billion over the next four years. Morrison described the measure, along with a A$8.2 billion income tax increase on workers, as "basically a Senate tax" to get the budget back into balance as demanded by ratings agencies or risk losing its triple-A credit rating. Marie Diron, associate managing director of Moody''s Investors Service, said the agency assessed Australia''s fiscal strength as "very high, a key support to the government''s triple-A rating and stable outlook" after the budget. Diron added that the removal of the zombie measures "enhances the transparency and predictability of budget outcomes, a credit positive." Mervyn Tang, director of Asia-Pacific sovereigns at Fitch Ratings, said the new revenue measures in the budget implied a faster reduction in the government deficit. He said Fitch would look closer at new policy measures on the economy and housing market, "factors we have identified as rating sensitivities in our previous review." Standard & Poor''s did not immediately comment on the budget. But Australian Bankers'' Association Chief Executive Anna Bligh criticized the new tax, which Morrison warned banks against passing on to consumers. "Contrary to the government''s claim that the tax will only be levied on banking liabilities, the reality is that it will affect the entire banking system," Bligh said in a statement. "This new tax is not a well thought out policy resp
'59488adef991a2cb032679d141fa284b31eb8e1f'|'King Arthur fights back to big screen, leading the resistance'|'Entertainment News - Tue May 9, 2017 - 7:15am EDT King Arthur fights back to big screen, leading the resistance By Alicia Powell A new dawn, and possibly even a franchise, await the legend of British folklore hero King Arthur. Warner Bros'' "King Arthur: Legend of the Sword," out in U.S. theaters on Friday, revives the tales of the legendary warrior, his famed knights of the round table, and the magician Merlin. Directed by Guy Ritchie, "Legend of the Sword" goes back to the origins of Arthur, played by Charlie Hunnam, as he is plucked from the poverty in which he grew up as an orphan, and becomes a reluctant leader of a resistance against his uncle, King Vortigern, played by Jude Law. "Something that has been really, really important in my life, and it''s one of the central themes of the film, is a person''s unquestionable ability to elevate themselves in life through conscious endeavor," Hunnam told Reuters. Arthur is the only one able to wield the magical sword Excalibur from the stone in which it is trapped and, with the guidance of friends and some wizardry from Merlin, the hero finds himself on a quest to save England from the tyrannical rule of a ruthless king. While the folklore of King Arthur dates back to the Middle Ages, the story of a civilian uprising is something that can apply to a modern-day audience, said Djimon Hounsou, who plays Arthur''s confidant Bedivere. "It resonates loudly about what''s going on in America or, more importantly, about what''s going on in the world," Hounsou said. The legends of King Arthur have been adapted into numerous films over the years, from 1953''s "Knights of the Round Table" to 2015''s "Arthur and Merlin." Ritchie believes it has staying power, saying he has already envisioned several more films for his iteration of the folklore hero. (Reporting by Alicia Powell for Reuters TV; Writing by Piya Sinha-Roy; Editing by Paul Tait) Mounted warrior knights ride horses along Hollywood Blvd. as extras for the premiere of ''''King Arthur: Legend of the Sword'''' at the TCL Chinese Theatre IMAX, in Hollywood, California, U.S., May 8, 2017. REUTERS/Danny Moloshok'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-film-kingarthur-idUSKBN18506M'|'2017-05-09T10:23:00.000+03:00'
'47c1e27dd10d07ef40d19b8d975a632b8262e8a4'|'UK''s John Lewis sets aside $47 million for possible breach of wage rules'|'Business News - Tue May 9, 2017 - 9:07am EDT UK''s John Lewis sets aside $47 million for possible breach of wage rules left right FILE PHOTO: John Lewis and Waitrose employees wait for the announcement of their 2015 bonus in central London, March 12, 2015. REUTERS/Neil Hall/File Photo 1/2 left right FILE PHOTO: Pedestrians walk past a John Lewis store on Oxford Street in central London December 15, 2013. REUTERS/Neil Hall/File Photo 2/2 LONDON British retailer John Lewis said it has set aside 36 million pounds ($47 million) to cover possible costs as it may have breached UK wage rules, a potential embarrassment for a company lauded for the way it treats its staff. The John Lewis Partnership, owner of the John Lewis department store chain and upmarket Waitrose supermarkets, said on Tuesday that while its contractual hourly rates of pay have never been below the national minimum wage (NMW), it plans to work with Britain''s revenue and customs department to see if all its arrangements meet the specific criteria of the complex regulations. Last year the government announced a series of increases in the minimum wage, which will make it 13 percent higher than it would otherwise have been by 2020. The John Lewis Partnership [JLP.UL] [JLPLC.UL] is often held up in Britain as an exemplary employer. It calls its staff partners and its employee-owned business model has been praised by government. It said it is specifically looking at its practice of "pay averaging" which aims to smooth out a partner''s pay over a year to ensure a consistent amount is paid to them each month in respect of their basic pay. "This arrangement was implemented to support partners with a steady and reliable monthly income, but we now believe this arrangement may not meet the strict timing requirements for calculating compliance with the NMW regulations," it said. The company said that once it has completed a review, it will make any retrospective payments required to current and former partners. Since there is a wide range of potential outcomes it said it has made the 36 million pounds an exceptional charge in its financial year to Jan. 28 2017. The provision was detailed in the partnership''s annual report and accounts for 2016-17. They also revealed that Chairman Charlie Mayfield has waived his bonus for 2016-17, which would have been 66,000 pounds. That decision reflected the performance of the group in the period. Mayfield''s total reward fell by 7.4 percent to 1.41 million pounds. In March the group reported a fall in the trading profits of both Waitrose and John Lewis department stores for 2016-17. It also cut its staff bonus to 6 percent, the lowest percentage payout since 1954, saying it needed to preserve cash to brace for difficult times ahead. In April the department store business said it would cut hundreds of jobs in a reorganization of its soft furnishings business and changes to the way it operates its in-store restaurants. (Reporting by James Davey; Editing by Alistair Smout and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-john-lewis-pay-idUSKBN1851I6'|'2017-05-09T21:07:00.000+03:00'
'82a640bc51aeacdb0df0e4a994467cdc1038ad1b'|'Taylor Wimpey compensation offer is PR con, claim victims of leasehold scandal - Money'|'T aylor Wimpey last month offered <20>130m to buyers trapped in new-build homes with spiralling ground rent contracts. It was a move initially greeted with glee by victims of the leasehold scandal . But as details have emerged, some householders say they will still be left paying <20>frankly obscene<6E> charges.Jo Darbyshire bought her four-bed home in Bolton in 2010 from Taylor Wimpey without realising the full implications of the 999-year leasehold contract, which allowed the freeholder to double the <20>295 ground rent every 10 years. Only when a neighbour<75>s house sale fell through <20> because a mortgage company rejected the ground rent clause <20> did Darbyshire discover her home had been rendered potentially unsaleable.When she inquired about buying the freehold, things went from bad to worse. Without her knowledge, Taylor Wimpey had sold the freehold to Adriatic Land at a price understood to be <20>7,375 for each of the 24 homes on the estate. Neighbours who have since tried to buy the freehold say they have been met with demands of <20>45,000-<2D>50,000 <20> a huge amount compared to the <20>200,000 that some of the smaller homes on the estate currently fetch.The ground rent company also demands <20>100 from householders who request a quote to buy the freehold. They also require that any householder wanting to make alterations <20> such as building a small extension <20> also pay a fee. <20>A neighbour wanted to build a small extension and was quoted <20>3,000 before a brick was laid,<2C> says Darbyshire.But Taylor Wimpey<65>s compensation offer has left her deeply frustrated. It offered a <20>deed of variation <20> specifically incorporating materially less expensive ground rent review terms<6D>. It is understood the deal will involve the ground rent rising in line with inflation rather than doubling every decade.Darbyshire says it still leaves her in the clutches of a ground rent company and what she alleges are its <20>exorbitant charges<65>. In an open letter to Taylor Wimpey chief executive, Peter Redfern, Darbyshire says: <20>You seem to believe the only wrongdoing is the introduction of doubling ground rents. The real scandal is the onward sale of ALL freeholds <20> to investment companies, and the consequences to us ... Did you know that, once the freeholds were sold on, that Adriatic would introduce exorbitant charges for alterations and increase the cost of buying the freehold significantly?<3F>Darbyshire says Taylor Wimpey should be offering homebuyers the chance to buy the freehold at the price originally offered when the estate was built. Her letter adds: <20>The only acceptable way forwards is for you to reinstate me to the position I would have been in had your sales people, and the solicitor you recommend I use, informed me fully at the point of sale, when I would have purchased my freehold for <20>5,900.<2E>Darbyshire is not alone. Sean Greenwood, who Guardian Money featured last November when we first revealed the extent of the ground rent scandal, says the construction giant should refund the <20>101,000 cost of the apartment his wife bought in Gornal on the edge of Dudley. We highlighted how one apartment had received a <20>nil valuation<6F> from a mortgage company because of the doubling ground rents.Greenwood has also written to Redfern, saying: <20>My wife would still like a full refund. Unfortunately, your most recent offer to change the ground rent review to RPI is unacceptable. We are worried our freeholder maintains the position of power in all negotiations relating to our freehold.<2E>We are also not willing to wait for the time period it will take to complete the change in the deed. We have been trying to sell for over a year and a combination of the doubling ground rent lease and the collapse of the wall in our car park has meant we cannot sell.<2E>More than 4,000 people have joined a Facebook group, the National Leasehold Campaign , to protest over ground rent issues and excessive charges, with complaints directed not just at Taylor Wimpey but at other m
'735662caaffc497e142a6512e1f4badab1a9adad'|'These are the UK markets I<>d meddle in. What would yours be? - Money'|'W ho knew Theresa May was so anti free markets, happy to meddle where competition fails consumers? Now she<68>s caught the bug with the electricity and gas price cap, here<72>s my selection of the other markets she should be meddling in. We<57>d be keen to hear yours, too.PetrolThe average UK price is now 116p for unleaded, according to Petrolprices.com. The cheapest supermarket forecourts are charging just 110.7p. But if you<6F>re on the M1 and pull into Newport Pagnell services, the granddaddy of Britain<69>s motorway service stations (it opened in 1959), you<6F>ll be charged 138p <20> making it almost certainly the most expensive petrol in the country. That means you pay an extra <20>13 if you fill up there compared to a nearby Asda or Morrisons forecourt. Campaigners against rip-off petrol prices managed to get service stations to publicise their prices on motorway boards situated before slip roads, but this seems to have had no noticeable impact on pricing. It<49>s a clear case of market failure, so ripe for a price cap.TrainsIn Switzerland you can buy an annual pass that gives unlimited usage of the country<72>s entire network at any time capped at 3,860 Swiss francs, or <20>2,970 a year. It even has a monthly pass for <20>262. Regular daily commuters into Zurich, Geneva and Bern never have to pay more than <20>3,000 a year for their travel costs. Compare that to the <20>5,156 for a season ticket from Tunbridge Wells to London, including a tube pass. Or the <20>4,500 (including tube) whipped off travellers from Harlow, Essex, into London <20> just 27 miles <20> which, per mile, is the most expensive commuting route in Britain.Ah, but Switzerland<6E>s a weeny little country and can<61>t be compared to England, you might argue. Except that at 41,285 km2 it<69>s much larger than the south-east of England, so that rail pass goes much further, and its 8.3 million population is not massively lower, either. What<61>s more, average incomes in Switzerland are far superior, making its annual pass fantastically affordable compared to the punitive fares here.So, Mrs May, how about capping regional UK season tickets at <20>3,000? The average is actually <20>2,493, so a <20>3,000 cap shouldn<64>t unduly hurt the rail operators. And given that most season ticket holders live in the shires, this might be a popular policy.RentsProperty is the most rigged market in Britain, with the government already intervening in every corner of the market <20> from where and what you can build, to how it is built. Yet, weirdly, market fundamentalists scream blue murder should you even mention rent control. Over in Germany, not exactly a failing economy, rent increases within a tenancy are limited to movements in specified indices.In the US, the personification of free-market capitalism, many cities have rent boards controlling local landlords. In San Francisco they can, this year, raise rents by only 2.2%. Last year it was 1.6%. In 2010 it was 0.1%. Of course, landlords tell you that rent controls result in dereliction and a lack of investment, as well hurt local economies. Is that the picture of San Francisco that comes to mind? A similar cap in London would have prevented the appalling situation where young adults are shelling out northwards of 70% of their take-home pay to find a bed.LeaseholdA once relatively minor issue that has grown colossally in recent years <20> with out-of-control ground rents, management service charges and absurd bills for lease extensions. Ground rents are a medieval tithe on working people paid to the landed classes. They serve no purpose. A cap of <20>5 a year would kill the grubby trade overnight. Similar caps on management charges (a maximum per-square-foot levy?) would also be hugely welcome.That<61>s my list of price caps. What are yours?Topics Money On reflection Motoring Property comment  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/blog/2017/may/13/government-caps-free-market-meddle-trains-petrol-rent-leasehold'|'2017-05-13T15:
'2c18af6be486d2c0787f862fe99bb80c2cee1640'|'China-led AIIB approves seven new members ahead of new Silk Road summit'|'Business   11:35am BST China-led AIIB approves seven new members ahead of new Silk Road summit The logo of Asian Infrastructure Investment Bank (AIIB) is seen at its headquarter building in Beijing January 17, 2016. REUTERS/Kim Kyung-Hoon BEIJING The China-backed Asian Infrastructure Investment Bank (AIIB) said on Saturday it had approved seven new members to join the bank, a day before China''s biggest diplomatic event of the year kicks off. Leaders from 29 countries will attend China''s new Silk Road forum in Beijing on Sunday and Monday, an event orchestrated to promote President Xi Jinping''s vision of expanding links between Asia, Africa and Europe underpinned by billions of dollars in infrastructure investment. Delegations from around the world will attend including the United States and North Korea. The new members are Bahrain, Bolivia, Chile, Cyprus, Greece, Romania and Samoa, bringing the bank''s total membership to 77 countries. The bank''s president Jin Liqun held a joint press conference with Chilean President Michelle Bachelet to announce the new members. "Better infrastructure across Asia will allow Chilean goods to access new markets, more investment in Chilean infrastructure in turn will further bind together the two great continents of Asia and Latin America," said Jin. "We think there are a lot of projects that can link Asia with or through Latin America," said Bachelet, adding that she had spoken with Jin about the possibility of investing in a Trans-Pacific optic fibre cable to improve digital connectivity between Asia and Latin America. "The cable could be considered a part of the ''One Belt, One Road Initiative'' and transform the Pacific Ocean into a bridge between our regions," she added, using another name for China''s "Belt and Road Initiative" or new Silk Road plan. Other investments could include tunnels and highways across the Andes Mountains and ports to link Latin America and South America to Asia, Bachelet added. Thirteen prospective new AIIB members from around the world, including Canada, were approved in March. "Expanded membership to Africa, Europe and South America, along with the addition of further members in Asia shows the level of global commitment towards the bank''s mission and illustrates the momentum that has gathered since 20 countries signed initial memoranda on establishing the bank less than three years ago," said Jin. The multilateral institution, seen as a rival to the Western-dominated World Bank and Asian Development Bank, was initially opposed by the United States but attracted many U.S. allies including Britain, Germany, Australia and South Korea as founding members. (This version of the story was refiled to fix title and given name of President Xi in second paragraph) (Reporting by Sue-Lin Wong; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-silkroad-aiib-idUKKBN1890AY'|'2017-05-13T18:35:00.000+03:00'
'aed7ad59cf595c8df101215618f792dfce55a6bb'|'Euro zone recovery, Macron win give ECB chance to consider unwinding policy'|'Business   1:43pm BST Euro zone recovery, Macron win give ECB chance to consider unwinding policy Bundesbank President Jens Weidmann makes remarks at a press briefing during the IMF and World Bank''s 2017 Annual Spring Meetings, in Washington, U.S., April 21, 2017. REUTERS/Mike Theiler BARI, Italy An economic recovery and robust outlook in the euro zone mean the European Central Bank may be able to look at normalising its ultra-loose monetary policy, German Bundesbank President Jens Weidmann said on Saturday. Weidmann, one of the most conservative ECB policymakers, said the election of Emmanuel Macron as French president should give the single currency bloc an additional economic boost. "The strengthening economic development in the euro zone and the robust outlook make a normalisation (of monetary policy) conceivable," Weidmann said at a meeting of the financial leaders of seven leading world economies in Bari, Italy. But he said a rise in inflation should become more sustainable before the ECB considers such a move. He added Macron''s victory in France''s presidential election should help boost growth in the euro zone. Macron won on a platform of reforming France and a business-friendly vision of European integration. "The election victory of Macron gives a chance that the euro zone economy gets an additional momentum," Weidmann said. (Reporting by Gernot Heller; Writing by Joseph Nasr; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-g7-italy-ecb-weidmann-idUKKBN1890GM'|'2017-05-13T20:43:00.000+03:00'
'4feba8e4617b5ea6673167ce758e0fd23d4fc36d'|'U.S. judge rejects Uber bid to move Waymo case to arbitration'|'Technology   6:06am BST U.S. judge calls for criminal probe into trade secrets theft raised in Uber case left People outside the Uber offices in Queens, New York, U.S., February 2, 2017. REUTERS/Brendan McDermid - 1/2 left right The Waymo logo is displayed at the North American International Auto Show in Detroit, Michigan, U.S., January 8, 2017. REUTERS/Brendan McDermid 2/2 By Dan Levine and Heather Somerville - SAN FRANCISCO SAN FRANCISCO A U.S. judge on Thursday called for an investigation into allegations of trade secret theft that were raised in a court battle between Silicon Valley giants Uber [UBER.UL] and Alphabet ( GOOGL.O ) over their rival self-driving car programs. U.S. District Judge William Alsup in San Francisco also partially granted Alphabet''s ( GOOGL.O ) self-driving Waymo unit''s bid for an injunction against Uber''s self-driving efforts, and rejected Uber''s arguments that Waymo''s trade secret allegations should proceed in private arbitration. The rulings are a setback for Uber as it tries to gain an advantage in litigation with serious strategic and financial consequences in the nascent field of autonomous technology. The ride services company failed to remove the ongoing case from public view and now faces the prospect of getting caught up in a fresh criminal probe. The acrimonious trade secrets battle could determine the future of Uber''s self-driving car operations and the strength of Waymo''s toehold in the sector. Alsup filed his injunction opinion temporarily under seal, so its scope and details could not immediately be learned. The case hinges on over 14,000 confidential files that Waymo, formerly Google''s self-driving car program, alleges were stolen by former Waymo employee Anthony Levandowski before he left the company. Levandowski, who is not a defendant in the civil case, subsequently co-founded self-driving truck start-up Otto that was acquired months later by Uber. Waymo claims the stolen information made its way into Uber''s Lidar system, a sensor that uses light pulses to "see" the environment. It alleges the documents allowed Uber to fast-track its own technology and avoid years of costly research. In referring the case to the U.S. Department of Justice for investigation of possible trade secret theft, Alsup said he took "no position" on whether a criminal prosecution was warranted. In his arbitration ruling, however, the judge noted the record contained "ample evidence" that Levandowski breached his duty of loyalty to Waymo. Uber declined to comment on Alsup''s request for a separate criminal investigation into the theft allegations. In a statement the company said "we remain confident in our case and welcome the chance to talk about our independently developed technology." Uber has not denied that Levandowski took Waymo''s documents, but says they never made their way to Uber, nor into its own designs. Representatives for the Justice Department could not immediately be reached for comment, nor could attorneys for Levandowski. The engineer has not commented publicly on the allegations. Reuters reported last week that the Justice Department had begun a separate criminal investigation into Uber''s use of a software tool that helped its drivers evade local transportation regulators. ''DESPERATE'' In a statement, Waymo said Uber''s bid to have the civil case heard in private by an arbitrator, not a jury, was a "desperate" attempt to avoid the court''s jurisdiction. Unlike court proceedings, which are largely conducted in public, arbitrations take place behind closed doors. Because Levandowski was not a defendant in the case, Uber could not use his arbitration agreement with Waymo to force the trade secret claims into a private forum, Alsup wrote. The Alphabet unit asked Alsup to issue an injunction preventing Uber from using Waymo''s trade secrets, and Levandowski from working on Lidar. Complicating Uber''s task is the fact that Levandowski has invoked his constitutional right 
'e8b6b83d694e91972187285369453b80b1968008'|'Citizen Kushner: Donald Trump<6D>s family and a controversial visa scheme'|'THE events seemed inconspicuous enough: presentations in smart hotels in Beijing and Shanghai seeking investors for luxury American apartments. The details might have gone unnoticed had not a journalist from the Washington Post heard about the event<6E>s star attraction. But these days the surname <20>Kushner<65> is like a magnet. It quickly emerged that Nicole Meyer, sister of Jared Kushner, Donald Trump<6D>s son-in-law and senior adviser, spoke in her pitch on May 6th to prospective investors about her powerful brother. One slide (pictured) that was shown to the audience included a photo of Mr Trump himself.The affair underlined potential conflicts of interest surrounding Mr Trump<6D>s family members and their businesses. Mr Kushner is not directly involved in the family firm. But Kushner Companies later apologised if Ms Meyer<65>s name-dropping <20>was in any way interpreted as an attempt to lure investors<72>.  an hour ago How   an hour ago A   3   10   The episode also shone a spotlight on a controversial American visa programme known as EB-5. The property firm, which is based in New Jersey, wants to raise $150m from foreigners to help fund the construction of apartments in the same state. The money is to be directed through intermediaries into the EB-5 programme. (Although the investor pitch had been planned months in advance, the presentation came just a day after Mr Trump signed a law that extended the programme until the end of September.)Created in 1990 with the aim of stimulating the economy, EB-5 visas allow a path to citizenship for investors and their families if they can demonstrate that the deployment of $1m of their capital creates ten full-time jobs. The threshold falls to $500,000 in <20>targeted employment areas<61> (TEAs) where the jobless rate is 50% above the national average. The visas were little used for years. That was until property developers, starved of capital during the financial crisis, managed to convince the scheme<6D>s regulator that they should include <20>construction activity<74> jobs in their employment calculations.Since then EB-5 visas have become a cheap source of finance for property developers. Investors, whose priority is usually citizenship rather than a financial reward, have shown themselves willing to accept returns of less than 1%. After intermediaries have taken their cut, the cost of capital to developers is typically 4-6%, about two thirds lower than conventional sources of finance for the industry, according to Gary Friedland, a real-estate expert at New York University. Kushner Companies will save $30m-40m by financing 15% of its new property with EB-5 visas, he estimates.Much of the controversy around the visas is about the designation of TEAs, which is done by states. By stretching the definition of these areas, states are able to designate nearly every investment as falling within a TEA: the unemployment rate surrounding the proposed Kushner property, for example, is a mere 4%. This lowers the investment threshold and attracts more capital. Bills have been introduced to reform the programme but have failed.Over the past three years 87% of the annual quota of 10,000 EB-5 visas has been snapped up by Chinese investors. Much of the money has gone to just two states, New York and California. The Chinese, who may not want a big return but do want their principal back, are attracted to big-name developers in big cities.This is the second occasion in as many months that the subject of EB-5 visas has arisen in connection with Kushner Companies. In March there were reports that it was seeking investment from Anbang Insurance Group, a Chinese company that owns the Waldorf Astoria in Manhattan. Alongside Anbang<6E>s equity investment, Kushner Companies was said to seek EB-5 financing that would have gone to the property group<75>s flagship building on Fifth Avenue. The deal was denied by Anbang and fell through.Others have already been done. One New Jersey skyscraper was built by Kushner Properties in 
'1a70d1e5502603db1e1212f1ef1e73f5e6cde5a0'|'Vivendi offers to sell Telecom Italia unit, may not be enough - source'|'Deals  30pm BST Vivendi offers to sell Telecom Italia unit, may not be enough: source FILE PHOTO: People walk in front of a Telecom Italia Mobile (TIM) store in downtown Rio de Janeiro August 20, 2014. REUTERS/Pilar Olivares/File Photo By Foo Yun Chee - BRUSSELS BRUSSELS Vivendi ( VIV.PA ) has offered to sell a Telecom Italia unit but may have to make more concessions to EU antitrust regulators to gain control of the company after rivals complained, a person familiar with the matter said on Friday. The French media company holds a 24 percent stake in Telecom Italia and is seeking EU approval to gain control of Italy''s biggest phone group ( TLIT.MI ). Vivendi told the European Commission last week it was willing to divest Telecom Italia''s 70 percent stake in broadcasting services group Persidera, including its current arrangements with Telecom Italia subsidiaries, to address competition concerns, according to a document seen by Reuters. The EU competition enforcer, which subsequently sought feedback from rivals and customers, asked whether Persidera would be a viable and competitive player in the market for wholesale access to digital terrestrial networks for the broadcast of TV channels. Respondents were given until the middle of this week to give feedback before the Commission decides whether to accept the offer, demand more or open a four-month long investigation. Its preliminary decision is due by May 30. The person said Vivendi''s concession did not address some companies'' concerns over its ability to boost Telecom Italia''s market power once it gains control. The Italian company could bundle internet, fixed telephony and multimedia content services provided by Vivendi, giving it an unfair advantage over rivals, the person said. It was also possible that Vivendi may offer better prices and terms for its content to Telecom Italia than to competitors, the person said. The Commission and Vivendi declined to comment. Telecom Italia referred to comments issued earlier this week after press reports about Vivendi''s offer to sell Persidera when it said "the matter has not been the subject of any analysis, even preliminary, by either its management or its corporate bodies". It declined to make further comment on Friday. (Additional reporting by Agnieszka Flak and Giulia Segreti, Stefano Rebaudo and Danilo Masoni in Milan and Mathieu Rosemain in Paris; editing by Giselda Vagnoni and Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-telecomitalia-m-a-vivendi-idUKKBN1882CO'|'2017-05-13T00:30:00.000+03:00'
'a3194f4253db922ee067c5c00d49a2a7473737ad'|'Europe, emerging markets boost stocks; U.S. assets fall on data'|'Business News - Fri May 12, 2017 - 10:01pm BST Europe, emerging markets boost stocks; U.S. assets fall on data left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 12, 2017. REUTERS/Brendan McDermid 1/2 left right Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 8, 2017. REUTERS/Pawel Kopczynski 2/2 By Dion Rabouin - NEW YORK NEW YORK A measure of stock markets around the globe edged up on Friday led by European and emerging market equities while underwhelming U.S. retail sales data pushed U.S. Treasury yields and the dollar lower. MSCI''s gauge of stock markets around the globe rose 0.12 percent for the day and 0.094 percent for the week, the fourth straight weekly increase. The U.S. benchmark S&P 500 stock index and the Dow edged lower as tepid economic data weighed on banks and worries deepened over Nordstrom Inc, J.C. Penney and other department stores after weak earnings reports. The S&P closed lower and fell for the first week in four as weak economic data weighed on financial shares. A less-than-expected 0.4 percent month-over-month increase in April retail sales and below-expectations report on consumer prices stirred fears about the retail sector as well as the economy. "The numbers were light again. People don''t seem to be spending money despite employment and income numbers being good. It''s concerning," said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco. The Dow Jones Industrial Average fell 22.81 points, or 0.11 percent, to 20,896.61; the S&P 500 lost 3.54 points, or 0.15 percent, to 2,390.9 and the Nasdaq Composite added 5.27 points, or 0.09 percent, to 6,121.23. The dollar index, which tracks the currency against a basket of six major rivals, fell 0.45 percent to 99.177. The U.S. Treasuries market rallied with benchmark 10-year yields posting the biggest one-day drop in more than three weeks, spurred lower by the weaker-than-expected retail sales and inflation data that diminished the view the Federal Reserve would raise interest rates more than once for the rest of the year. "With the CPI report today, the market is concerned about inflation," said Thomas Roth, head of Treasury trading at MUFG Securities America in New York. The yield on 10-year Treasuries fell 7 basis points to 2.33 percent, while the 30-year yield was 5 basis points lower at 2.99 percent. In Europe, stock markets steadied this week. Their outperformance this year against global peers remains intact, with the benchmark''s 10 percent gains outpacing the 7 percent rise on the S&P 500. Emerging markets bourses continued their outperformance as well, with MSCI''s emerging markets index rising 0.2 percent and touching a fresh two-year high. The gauge has posted year-to-date gains of more than 15 percent. Oil prices edged higher to score their biggest weekly gain in more than a month as traders expected OPEC-led production cuts to extend beyond the middle of this year and as U.S. crude inventories fell to their lowest levels since February. International Brent crude futures stood at $50.89 per barrel. U.S. West Texas Intermediate crude futures were at $47.90 per barrel. Gold rose 0.3 percent to $1,227 an ounce. Copper also gained 0.3 percent after hitting a one-week high in the previous session with investors encouraged by top copper consumer China''s easing of monetary policy to stimulate growth. (Reporting by Dion Rabouin; Additional reporting by Vikram Subhedar in London, Noel Randewich in San Francisco, Richard Leong in New York; editing by Bernadette Baum and Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN18802U'|'2017-05-13T05:01:00.000+03:00'
'aebd1251e12ec2d504d547f45a74a91aec7660cb'|'Canalside homes <20> in pictures - Money'|'Friday 12 May 2017 23.45 BST Berkhamsted, Hertfordshire From the living room balcony and the master suite you can watch the narrow boats nosing down the Grand Union canal. It<49>s a stroll from town and station, but you have to haul your shopping up two storeys to the top floor. Guide price: <20>380,000. Onthemarket.com , 01442 493834 Wharf Place, London E2 The Juliet balcony off the living room gives you a bird<72>s eye view of the Regent<6E>s canal below. The converted warehouse is next to Broadway Market and close to the green of London Fields. This part of town is not on the tube network, however. And you only get two bedrooms, one of them rather skinny. Cost: <20>575,000. Dexters , 020 7483 6366 Tarleton, near Preston, Lancashire The most favoured of these new three- and four-bedroom houses perch on the edge of the Leeds and Liverpool canal, half a mile from a secondary school and close to the beach at Southport. Most of the bedrooms are daintily sized. Prices start at <20>171,495. Barrett Homes , 08442732672 Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/gallery/2017/may/12/canalside-homes-in-pictures'|'2017-05-13T07:45:00.000+03:00'
'738d4d76bb24438400286f3b87e71b9bc75eb41e'|'No Brexit contingency plan, says Renault F1 boss'|'Autos   12:01pm BST No Brexit contingency plan, says Renault F1 boss Renault Formula One pit crew practices changing tyres in the pit ahead of the Singapore F1 Grand Prix Night Race in Singapore, September 15, 2016. REUTERS/Jeremy Lee   Renault, who have a British-based Formula One team and engine factory in France, have no plan to remove resources or staff as a result of Brexit, according to Renault Sport F1 managing director Cyril Abiteboul. Asked about the impact on the team of Britain''s departure from the European Union in 2019, the Frenchman said British-based teams with sponsorship contracts in dollars had seen an immediate benefit due to the weaker pound. "We have to see long-term how that evolves because that is not a situation that is sustainable," he added. "Then we will have to look at the movement of staff, because clearly we need to attract talent from everywhere around the world and we need to make sure that the UK remains a place that is welcoming talents from wherever they are. "We have lots of movement of staff between France and the UK. That<61>s something we will look at carefully." Former champions Renault have increased their staff at the Enstone factory by 20 percent since they bought the failing Lotus team at the end of 2015 and have said they expect to have some 650 employees there by the end of this year. Abiteboul said the transfer of goods was less of a concern since the Formula One engines were only leased to teams and not sold. "When it comes to contingency plans...we don<6F>t really have a plan as we are building new buildings in Enstone in the UK, we don<6F>t really have a plan to move that we are currently building somewhere else," he said. "We are still assuming that people will be reasonable and we trust the UK to protect their industry and motorsport is an important industry for the UK." The French manufacturer also supplies British-based Red Bull and their Italian-based sister team Toro Rosso. Champions Mercedes have their main engine and chassis factories in England, while Honda currently supply only British-based McLaren, although Swiss team Sauber will become additional partners next year. Ferrari are the only European-based team who make their own car and engine, with all operations based in Maranello. Formula One, whose commercial rights are now owned by U.S.-based Liberty Media, also has its commercial operations headquartered in London.   Toby Davis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-motor-f1-spain-britain-eu-idUKKBN1890B5'|'2017-05-13T19:01:00.000+03:00'
'd7167912bb0672bc6092560f398a51a87d3a9956'|'UK says Brexit talks with Bentley Motors must remain confidential'|'Autos  07pm BST UK says Brexit talks with Bentley Motors must remain confidential FILE PHOTO: Bentley EXP 12 Concept car is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. REUTERS/Arnd Wiegmann/File Photo By Costas Pitas - LONDON LONDON Britain has declined to release details of talks held last year with luxury carmaker Bentley Motors about a new investment decision ahead of Brexit, telling Reuters any disclosure could harm its ability to get a good deal with the European Union. The Volkswagen-owned ( VOWG_p.DE ) firm, which built over 11,000 luxury vehicles at its central English plant last year, is due to make a decision connected to the production of future models at the start of 2018. In December a meeting was held between the firm and junior Brexit minister David Jones, according to a log posted on the government''s website, but in response to a freedom of information request from Reuters the department said it was not in the public interest to release any of the correspondence. "Part of the negotiation and exit process requires the UK to be able to effectively pursue and protect our interests abroad. Prematurely publicising information will prejudice our ability to successfully conduct that business," it said. The Department for Exiting the European Union said that releasing any commercially sensitive information could make firms reluctant to speak to government in future. "The potential lack of this key exchange of ideas, or the release of the information, may in turn weaken the government<6E>s position in these negotiations and make it harder for the UK to secure the best possible deal with the EU." Bentley declined to comment on Monday. Reuters intends to seek a review of the government''s decision. Britain''s largely foreign-owned car industry is worried Brexit could add tariffs to imports and exports, make it harder to move staff between sites and lead to border checks on the movement of components which would slow down production, risking the viability of their plants. In March, Bentley''s chief executive Wolfgang Duerheimer told Reuters he would be seeking guarantees from the government in the months ahead. "You can get commitments and I count on commitments also from the UK government and, as I understood, they already gave commitments to other brands at certain times so when we come closer, we will see what we have in our hands," he said. A Brexit deal with Japanese carmaker Nissan met with some political concern last year after the firm said it would build two new models at its English plant following a call for compensation in the event of tariffs. An industry source said that the decision was secured with a government promise of extra support to counter any Brexit-induced loss of competitiveness. Business minister Greg Clark declined to publish a copy of a letter sent to the carmaker, telling lawmakers in December they would only release it once commercial confidentialities no longer apply. Clark''s department took over four months to respond to a freedom of information request made by Reuters requesting correspondence between Nissan and the government. The standard response period is up to 20 working days. However, it did eventually provide a number of partially redacted emails and letters including one document showing the firm discussed with Clark how to boost the uptake of electric cars. Several government initiatives have since been announced. Last week Britain''s biggest vehicle engine maker Ford, which runs two plants, said that a transitional deal with the European Union was crucial to determining its future in Britain, and suggested it would also be asking for government help. "We are spending a lot of time thinking and talking about how we need to change our operations and what support we need from the government and other entities, not only in the UK, to make sure (trade) friction doesn''t get created," Ford of Europe''s chief executive 
'650e510156367fe7bb4b00fb701b888cacb902ee'|'Finnish IPO''s pick up after a drought'|'By Jussi Rosendahl - HELSINKI HELSINKI Eye surgery and optical retail company Silmaasema Oyj on Monday became the latest company to consider an IPO in Helsinki bourse, suggesting listings were picking up in the Finnish economy as it recovers from a decade-long stagnation.In 2008-2012, Helsinki stock exchange saw only eight companies listing their shares in its main list or the First North marketplace for growth companies - compared to 82 in neighbouring Sweden.But in recent years, activity has increased and the total number of Helsinki listings since 2013 is 38 so far."What we hear from advisor banks is that at the moment there is a lot of activity among companies considering listings," Henrik Husman, head of Nasdaq Helsinki, told Reuters."It''s partly due to the recovering economy, low interest rate environment and companies'' more ambitious growth targets. The administrative burden has also been reduced."Following a recent law amendment, companies may skip reporting their first- and third-quarter results if they wish.The dearth of IPO''s on the Helsinki stock exchange has added to a string of problems in the Finnish economy that has also suffered from a decline of Nokia''s ( NOKIA.HE ) former phone business, recession in neighbouring Russia, falling European paper demand, high labour costs and lack of early funding for startups.The gross domestic product is seen to grow around 1-2 percent this year and the next, according to the government and banks.Recent listings include telecom operator DNA DNAO.HE, used car retailer Kamux KAMUX.HE, discount retailer Tokmanni ( TOKMAN.HE ) and Next Games ( NXTGMS.HE ), a mobile game company.The Finnish listing market has a particular problem: dividend tax is much higher for listed companies than for unlisted firms, which is seen keeping lid on new IPOs.The centre-right government is considering scrapping tax for small dividends, and lowering it for all payouts from firms in the First North market."This (listing boom) seems like a very cyclical phenomenon, largely driven by private equity exits... unfortunately we have not seen any political decisions that would develop the listing market," said strategist Jukka Oksaharju at Nordnet brokerage.In Silmaasema''s possible listing plan, main owner Intera Partners aims to sell part of its stake and the company would get around 35 million euros of capital.(Reporting by Jussi Rosendahl, editing by Pritha Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-finland-economy-listings-idINKCN18B2CB'|'2017-05-15T17:37:00.000+03:00'
'3235e481c8e8cc6b8f2ebf25296bdd6b961a1518'|'BRIEF-Omega Advisors ups share stake in New Residential Investment, Eastman Chemical'|'May 15 Omega Advisors Inc* Omega Advisors Inc takes share stake of 1.0 million shares in Cliffs Natural Resources inc - sec filing* Omega Advisors Inc cuts share stake in First Data Corp by 5.4 percent to 8.1 million Class A shares* Omega Advisors Inc holds share stake in Paypal Holdings Inc* Omega Advisors Inc dissolves share stake in bluebird bio inc* Omega Advisors Inc takes share stake of 150,000 shares in Lowe''s Cos Inc* Omega Advisors takes share stake of 400,000 shares in Weatherford International Plc* Omega Advisors Inc ups share stake in New Residential Investment by 69.9 percent to 1.3 million shares* Omega Advisors Inc ups share stake in Eastman Chemical Co by 8.4 percent to 464,813 shares* Omega Advisors cuts share stake in PVH Corp by 38.1 percent to 395,338 shares* Omega Advisors - change in holdings are as of March 31, 2017 and compared with the previous quarter ended as of Dec 31, 2016 Source text for quarter ended March 31, 2017 ( bit.ly/2ri6tsb ) Source text for quarter ended Dec. 31, 2016: ( bit.ly/2ri6mNh )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-omega-advisors-ups-share-stake-in-idINL8N1IH6JT'|'2017-05-15T13:57:00.000+03:00'
'1f601af008dbfbdef13246eae764808f49536afd'|'Mutual funds lose, short-sellers win on Snap trades'|'Business News - Fri May 12, 2017 - 1:52am BST Mutual funds lose, short-sellers win on Snap trades FILE PHOTO: A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, New York, U.S. on March 2, 2017. REUTERS/Lucas Jackson/File Photo By Angela Moon and Ross Kerber - NEW YORK/BOSTON NEW YORK/BOSTON The dramatic fall in Snap Inc shares on Thursday following the company''s disappointing first quarterly earnings report as a public company was likely costly for a wide range of mutual funds, including Fidelity''s giant Contrafund. On the other side of the ledger, short-sellers racked up about $191 million (148.25 million pounds) in profits on their Snap investments, according to data compiled by the financial analytics firm S3 Partners. Shares of Snap, parent company of the popular messaging app Snapchat, fell 21.5 percent on Thursday, losing $4.93 to close at $18.05 and wiping out nearly $5.8 billion in market capitalisation. The company, in its first earnings report since going public in early March, after the market close on Wednesday reported only modest user growth and revenues that fell short of analysts expectations. The largest mutual fund investor in Snap, Fidelity''s $100 billion-plus Contrafund, listed nearly 10 million Snap shares worth $217.4 million as its main stake in Snap as of March 31, according to the fund<6E>s disclosures. Snap''s shares on March 31 closed at $22.53. Assuming no changes, that stake would now be worth now around $175 million. Contrafund had acquired about 1.9 million Snap shares in early 2016 in a pre-IPO investment of nearly $29 million, for a price of about $15.25 a share. Those shares, if still held, would represent a gain of about 18 percent. A Fidelity spokeswoman, Sophie Launay, noted in an emailed statement that Snap is just one of hundreds of stocks in the Contrafund portfolio. <20>We are long-term investors and that Snap is a very small percentage<67> of the fund<6E>s overall assets, Launay said in the statement. T. Rowe Price''s $37 billion Blue Chip Growth Fund owned 1.56 million shares of Snap as of March 31, according to the fund''s disclosure of holdings. That $35.3 million stake, based on Snap''s March 31 closing price, would now be worth about $28 million. A T. Rowe Price spokesman declined to comment. Meanwhile, short-sellers were looking for more gains. Short sellers aim to make a profit by selling borrowed shares on the hopes of buying them back at a lower price later and pocketing the difference. A $3-million short bet against Snap was among the AdvisorShares Ranger Equity Bear ETF<54>s top 20 positions as of Wednesday, accounting for 1.75 percent of the fund. <20>They got very fortunate in the pricing Wall Street gave them when they went public, but really it<69>s the epitome of a ridiculously priced IPO after a six-year bull market,<2C> said co-portfolio manager Brad Lamensdorf. He said the ETF has not reduced its bet against Snap following Thursday<61>s stock selloff and expects the share price to go lower. Snap went public on March 1 at $17 a share, topping the company''s expected range of $14 to $16 a share. Heading into Snap''s earnings announcement on Wednesday, short positions in the company were at 38.65 million shares. Based on Snap''s Wednesday closing price of $22.98, the positions were equivalent to about $888.15 million, according to S3 Partners. "We would anticipate shorts to keep positions open until the stock at least reaches the IPO price of $17, especially since financing costs are less than 1 percent annualised," said Matthew Unterman, director at S3 Partners. "However, we are seeing rates starting to trend more expensive today," he added. Some options traders also did well. One options trade made on Monday <20> a block of 17,809 put contracts betting Snap shares to trade below $21.50 by May 19 <20> was now worth about $5.3 million, up from $1.6 million on Monday, as the average pr
'2142194f9c9b56755e9178ad4cd0c568d0fd8516'|'Spotify, valued at $13 billion, to launch direct listing on NYSE - sources'|'Deals   6:13pm BST Spotify, valued at $13 billion, to launch direct listing on NYSE: sources The logo of online music streaming service Spotify is reflected in an audio music CD in this February 18, 2014 illustration picture. REUTERS/Vincent Kessler/File Photo By Lauren Hirsch and Pallavi Dewan Music streaming service Spotify, most recently valued at $13 billion, will be the first major company to carry out a direct listing on the New York Stock Exchange when it goes public later this year or early next year, two sources familiar with the situation said on Friday. The move is set to be the biggest test yet for the relatively new process of direct listing, which eliminates the need for a Wall Street bank or broker to underwrite an initial public offering (IPO) and many of the fees associated with it. If successful, it could change the way companies approach selling shares to the public. The Swedish technology firm is working with investment banks Morgan Stanley, Goldman Sachs Group Inc and Allen & Co to advise them on the process, the sources said. Spotify, the New York Stock Exchange, Morgan Stanley and Goldman declined comment. Allen & Co did not immediately respond to a request for comment. In a traditional IPO, investment bank underwriters are paid to sell new shares of a company to the public at a price they determine based on feedback from investors. The underwriters who lead this process are backed by an IPO syndicate, sometimes comprising more than a dozen banks, which share the responsibility of selling and allocating shares to investors. In a direct listing, a company does not raise money by offering new shares for sale, but instead makes its existing shares immediately available to the public, meaning employees and investors can buy and sell as they wish. That simplified process dispenses with the need for banks to market and sell the company''s shares. Spotify''s decision to side-step underwriters could be a hit to investment banks that rely on fees from marquee listings such as Spotify, particularly as the number of IPOs have declined. Proceeds from IPOs were down 40 percent last year from 2015. Technology IPOs, often a large chunk of the market, were down 56 percent, according to Thomson Reuters data. RISKS, VOLATILITY Direct listings are not without risk. Without investment banks guiding the process of determining the IPO price, the sale of shares is potentially exposed to more market volatility. There is also no "lock-up" period, which is designed to prevent early-stage investors and employees from selling their stock in the months following a listing. Without that, a stock could experience heavy turnover and fluctuation in price if investors or employees flood the market with shares as the company is just getting its public market footing. Direct listings also do not cut out all Wall Street costs. Investment banks still advise companies on how to get their financials in order and how to articulate why they are a good investment, even if the banks do not get involved in building up company''s materials to show investors at what are known as "roadshows." Spotify, which has yet to post a profit as it expands in markets worldwide and builds new offices in New York, lost 173 million euros ($189 million) in 2015, according to the latest figures disclosed by its Luxembourg-based holding company. In recent months, it has sought to build up its service by striking deals with some of the largest music labels. In April, it announced a licensing deal with Universal Music Group Inc that could make the streaming platform more attractive to its top-selling artists, including Taylor Swift, Adele, Lady Gaga, Coldplay and Kanye West - by letting them release albums exclusively to paying premium users. Spotify hopes to also strike deals with Warner Music Group and Sony Music in the run up to the IPO, according to one of the sources. ($1 = 0.9160 euros) (Reporting by Pallavi Dewan in Bengaluru and Lauren 
'3bb460299bf1d9f896d20dec8512cfb38a43bd56'|'Fiat Chrysler recalling 1.25 million trucks for software error'|'Technology News - Fri May 12, 2017 - 12:37pm BST Fiat Chrysler recalls 1.25 million trucks for software error left right FILE PHOTO: An assembly line with 2014 Ram 1500 pickup trucks is seen at the Warren Truck Plant during a tour of the plant''s redesigned work stations in Warren, Michigan, U.S. September 25, 2014. REUTERS/Rebecca Cook/File Photo 1/2 left right A specialist trader works at the post where Fiat Chrysler Automobiles is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 8, 2017. REUTERS/Brendan McDermid 2/2 WASHINGTON Fiat Chrysler Automobiles NV said Friday it would recall more than 1.25 million pickup trucks worldwide to address a software error linked to reports of one crash death and two injuries. The error code could temporarily disable the side air bag and seat belt pretensioner deployment during a vehicle rollover spurred by a significant underbody impact, such as striking onroad debris or driving off-road, the Italian-American automaker said. The company will reprogram computer modules in the affected vehicles to address this error. The recall covers 1.02 million 2013-16 Ram 1500 and 2500 pickups, and 2014-2016 Ram 3500 pickups in the United States, 216,007 vehicles in Canada; 21,668 in Mexico; and 21,530 outside North America, the automaker said. Fiat Chrysler said the recall would begin in late June. In the event of the software error code, the problem could temporarily be addressed by turning the vehicle off and then on, the company said. The automaker told the U.S. National Highway Traffic Safety Administration it began investigating the issue in December after it received notice of a suit involving a 2014 Ram 1500 in which the airbag failed to deploy in a rollover crash. (Reporting by David Shepardson; Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-fiatchrysler-recall-idUKKBN1881I6'|'2017-05-12T19:18:00.000+03:00'
'7cbf1adf4d2d1e0eb4fce00e5273644fe53e06bb'|'Asian shares edge up, on track for winning week'|'Fri May 12, 2017 - 7:33am BST Asian shares retreat, but on track for winning week FILE PHOTO: Visitors looks at an electronic board showing the Japan''s Nikkei average at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, February 9, 2016. REUTERS/Issei Kato/Files TOKYO Asian shares were hobbled on Friday by a downbeat performance on Wall Street though they remained on track for weekly gains, while oil prices extended a rally on hopes for output cuts. Financial spreadbetters expect European markets to shrug off Asia''s gloom, and see flat to modestly higher openings for Britain''s FTSE 100 .FTSE , Germany''s DAX .GDAXI and France''s CAC 40 .FCHI . "European stocks are still in the sweet spot of basking in the removal of political risk in Europe for the time being, though it is somewhat ironic that we could see a modest decline on the week as investors take stock," said Michael Hewson, chief markets analyst at CMC Markets in London. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS erased early slight gains and was down 0.2 percent in afternoon trading, shy of nearly two-year highs probed in the previous session but still up 1.5 percent for the week. Australian shares skidded 0.8 percent, led by financials, while the Shanghai Composite index .SSEC added 0.7 percent as the Chinese central bank''s move to inject funds amid liquidity worries offered some solace. "We''ve had a nervous twitch about China, over this week," said Sean Darby, chief global equity strategist at Jefferies. "We''ve had a bit more of a regulatory overhang coming through in the financial system." China''s banking regulator this week launched emergency risk assessments of lenders'' new business practices, sources told Reuters, as Beijing deepens its crackdown on shadow banking. Earlier in the day, China''s central bank injected fresh funds through a medium-term lending facility while keeping a tight rein on short-term funding in what appeared to be a further effort to dampen speculative investment. Japan''s Nikkei stock index .N225 ended down 0.4 percent, as investors locked in gains after it came close to the psychologically significant 20,000 milestone this week, above which it hasn''t traded since December 2015. It added 2.3 percent for the week. U.S. stocks fell on Thursday after several large department stores reported worse-than-expected sales drops while Macy''s ( M.N ) released results for a dismal quarter, and political drama in Washington continued to unsettle investors. [.N] President Donald Trump ran into resistance for calling ousted FBI chief James Comey a "showboat." The attack was swiftly contradicted by top U.S. senators and acting FBI Director Andrew McCabe, who pledged that an investigation into possible Trump campaign ties to Russia would proceed. The political turmoil tends to have a secondary effect on markets because of its impact on investors'' appetite for risk and their expectations that the Trump administration will succeed in passing tax reform and stimulus steps. U.S. data on Thursday showed producer prices rebounded more than expected last month, leading to the biggest annual gain in five years and suggesting that inflation pressures were rising. Combined with a tightening labor market, firming inflation backs market expectations that the Federal Reserve is poised to raise interest rates at its meeting next month. The central bank has forecast two more hikes this year after a quarter point increase in March. But lower Treasury yields offset the dollar''s upward pressure. The benchmark 10-year U.S. yield US10YT=RR stood at 2.382 percent in Asian trade, down from its U.S. close of 2.400 percent as well as a nearly six-week high of 2.423 percent touched on Thursday. The dollar index, which tracks the greenback against a basket of six major rivals, was flat on the day at 99.622 .DXY, but was up 1 percent for the week. The dollar edged down 0.1 percent against the perceived safe-haven Japanese currency to 113.78 JPY
'861444807e6c861acaf4874f8f53224e5d4e0945'|'UPDATE 1-Golf operator ClubCorp nearing deal with activist FrontFour- sources'|'Big Story 10 - Tue May 9, 2017 - 5:19pm EDT Golf operator ClubCorp nearing deal with activist FrontFour: sources By Carl O''Donnell and Michael Flaherty ClubCorp Holdings Inc is in advanced talks with activist investor FrontFour Capital Group LLC over a deal that would give it two directors on the U.S. golf club operator''s board, according to people familiar with the matter. FrontFour, which owns around 3 percent of ClubCorp''s stock, has put public pressure on the company since September to turn around its performance. As part of the deal with FrontFour, ClubCorp will expand its board to 10 directors from eight, adding one independent director to the company''s slate for the next two years, people familiar with the matter said. Under the accord, FrontFour and ClubCorp must agree on the individuals named to fill the new director seats. ClubCorp has a staggered board, meaning only three directors are up for election this year. One of the mutually agreed upon directors will be added to that slate, and the other added to next year''s, one of the sources said. Reuters could not confirm names of new directors that FrontFour and the company have agreed to add to the board. The sources asked not to be identified because the deliberations are confidential. ClubCorp and FrontFour did not immediately respond to requests for comment. ClubCorp has not filed its proxy materials, and no annual shareholders meeting date has been scheduled. The agreement could be finalized in the coming days, although there is always a possibility that the talks could end unsuccessfully, the sources added. Dallas-based ClubCorp, with a market value of $841 million, announced in April that its chief executive, Eric Affeldt, was stepping down, releasing the news on the same day it decided not to pursue strategic alternatives after a three-month process. Last year, FrontFour published a letter highlighting ClubCorp''s low valuation compared with leisure industry peers such as Six Flags Entertainment Corp. ClubCorp''s stock has dipped from $14 to $12.90 per share since September, while Six Flags has risen 30 percent to $62.72 in the same period. FrontFour at the time also questioned some of its business decisions, such as ClubCorp''s model to pour money into refurbishing its golf course acquisitions. ClubCorp, founded in 1957, operates more than 200 properties, including golf and country clubs, business clubs and sports clubs across the United States, Mexico and China. FrontFour, based in Greenwich, Conn., was co-founded by David Lorber, who previously served as a director at hedge fund Pirate Capital. (Reporting by Carl O''Donnell and Michael Flaherty; additional reporting by Greg Roumeliotis in New York; Editing by Steve Orlofsky and Cynthia Osterman) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-clubcorp-frontfourcapital-idUSKBN1852K2'|'2017-05-10T05:14:00.000+03:00'
'b371cc53d112f7fe2d31aedf8f7d75e71df86a3d'|'Sanofi says has no ''absolute need'' to do acquisitions'|'PARIS Sanofi ( SASY.PA ) is currently looking at several external growth opportunities, after having failed to clinch two large deals recently, but feels it has no urgent need to make acquisitions, the drugmaker''s chairman told shareholders on Wednesday."There is a certain number of targets that we are looking at and if we think there are indeed transactions that can be achieved, we will consider them," Sanofi''s Board Chairman Serge Weinberg said during the French company''s annual meeting in Paris."However, there is no ''absolute necessity'' to conduct these transactions. The group''s (internal) dynamic is satisfactory," he added.Sanofi is under some pressure from investors to land a significant acquisition in order to better resist a tough pricing environment in the United States, the world''s largest health market.The group missed out to U.S Johnson & Johnson ( JNJ.N ) on buying Switzerland''s biotech Actelion in January - a $30 billion deal - and was also beaten in August last year by a $14 billion bid for cancer specialist Medivation from Pfizer ( PFE.N ).Weinberg refused to spell out details on Wednesday but said that innovative products were mostly located in Europe and the United States and that Sanofi had a lot of "flexibility" financially."At the same time, we will be disciplined (financially)," Weinberg said.(Reporting by Matthias Blamont; Editing by Leigh Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sanofi-agm-idINKBN18623P'|'2017-05-10T13:40:00.000+03:00'
'b6c7ead5420d20b679943471b8784fe491882a44'|'Microsoft adds tools to flag bad content in Amazon, Google face-off'|'Business  02pm BST Microsoft adds tools to flag bad content in Amazon, Google face-off A Microsoft retail store is shown at a shopping mall in San Diego, California, U.S., April 28, 2017. REUTERS/Mike Blake By Jeffrey Dastin Microsoft Corp ( MSFT.O ) on Wednesday turned up the heat on other technology giants by launching new image and video recognition products which could help it court businesses worried about running ads next to offensive content. The Redmond, Washington-based company said its new Video Indexer can identify faces, voices and emotions in moving pictures. Separately, its Custom Vision Search lets companies build apps that recognise images with just a few lines of code. For brands, knowing what''s in the videos that they sponsor has become a hot-button issue since major companies began cancelling ad deals with Alphabet Inc''s ( GOOGL.O ) Google this year over hate speech playing on its subsidiary YouTube. Microsoft''s Video Indexer has similarities to a tool Google launched in March; Amazon.com Inc ( AMZN.O ) also said last month it could flag insulting images via a cloud-based service. Microsoft''s latest moves underscore how its focus has evolved from its staple Windows software to the cloud, where it is competing with Amazon to sell data storage and computing power. Extra analytics such as image recognition may prove key to luring Web developers. "It<49>s hard to understand what''s in the video" the longer it is, said Irving Kwong, a senior product director at Microsoft, in an interview ahead of the company''s developer conference Build. He said Video Indexer, which analyses videos far faster than humans can, could help a user "harness and get more out of the video content that you have." The tools launched in preview by the Microsoft Cognitive Services unit on Wednesday, including a decision recommendation service, have one aim apart from winning business: data. Microsoft views the tools as a way to put powerful computing into people''s hands and improve the tools at the same time, because processing more data is key to reaching artificial intelligence. Others including Amazon are pursuing this strategy, with the prize being a new revenue stream. Research firm International Data Corporation has forecast the market for such tools will balloon to over $47 billion in sales in 2020 from $8 billion in 2016. Microsoft pulled back the curtain on experiments that are further afield, too. It announced a new Cognitive Labs unit and the so-called Project Prague: technology to allow people to control computers simply with hand gestures. (Reporting by Jeffrey Dastin in San Francisco; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-microsoft-artificial-intelligence-idUKKBN18622J'|'2017-05-10T23:02:00.000+03:00'
'f406ed160e6fdfb69aef97fd2025f26476fe3446'|'Land of make-believe: The Tory and Labour parties fail to face the realities of Brexit'|'FOG in channel: continent cut off is an (alas apocryphal) newspaper headline that points to the innate British sense of superiority. Victory in two world wars and a long history without invasion has given Britain a sense of detachment from its European neighbours. As a result, it was always a reluctant member of the European Union.Now that Britain is leaving, it must work out its own path to economic prosperity. The task is not impossible. But the superior attitude needs to be dropped. The Conservatives under Theresa May seem also certain to win the forthcoming election, with an 18-point lead on the latest polling average . Mrs May was a lukewarm member of the Remain campaign, and was only brought to power by the sudden demise of the government''s leading duumvirate, David Cameron and George Osborne. It clearly took time for her to decide on her negotiating strategy; the key Article 50 provision was not triggered until nine months after the vote.  3   8   One approach that the government could have taken was to agree a Norway-type deal with the EU, in which Britain stayed within the single market and customs union to ensure that economic ties were maintained. The idea was mooted by Leave campaigners before the referendum vote. And there was nothing on the ballot paper to say that Britain should leave either the single market or the customs union; just the EU itself. In political terms, however, Mrs May seems to have decided this was a no-no, since it would involve being subject to the EU''s rules, including free movement of labour, and continued budget payments. By opting for a so-called "hard" Brexit, Mrs May has had great political success; the UKIP vote has collapsed, with many of the party''s voters switching to the Conservatives.In economic terms, that still raises the issue of the trading relationship between Britain and the EU after departure. Government rhetoric has veered off in several different directions. It has suggested the "best possible" access to the single market (it would hardly try for the "worst possible" deal) but it has insisted that it will not comply with the other rules of membership such as being subject to the rulings of the European Court of Justice. It has also suggested that it will be able to negotiate special deals for certain industries, such as cars. It has championed hopes of a special deal with the US even though the Trump administration has a highly nationalist approach and sees a bilateral trade deficit as a sign of cheating by other countries; Britain has a trade surplus with the US so can hardly expect an easy ride. The UK government seems to think that the EU''s bargaining power will be undermined either because a) the EU has a trade surplus with the UK and will not want to see its producers lose out or b) Britain can "do a Singapore" and become an offshore haven, luring away EU businesses.The misunderstanding seems to be that the EU will put its mercantilist interest in favour of a bigger trade surplus ahead of its political interest in keeping the rules of the EU intact. Once unpicked, the four freedoms (movement of goods, services, capital and labour) might easily unravel. A favourable special deal for the UK would only store up longer-term problems. Without a special deal, the danger is that multinational fims will no longer find the UK quite so attractive a place. This is a particular problem for financial services where passporting requirements mean they need an EU base; the FT reports that more than a quarter of firms in the sector expect to move workers.What about the idea of Britain as a globally open economy, even as a tax haven? The latter threat sits oddly with all of Mrs May''s other rhetroic about readjusting capitalism in favour of the "just about managing" families that she is courting for votes. And the whole idea is undermined by Mrs May''s obsession about reducing the net migration target to the tens of thousands. Leave aside the
'678bda02ccf2c13f7730ba6754385c3a912ee36c'|'Brazil''s Petrobras wins $1.8 bln tax ruling from 2009'|'Market   7:09pm EDT Brazil''s Petrobras wins $1.8 bln tax ruling from 2009 SAO PAULO May 12 Brazilian state-controlled oil company Petroleo Brasileiro SA said tax court CARF has made a final ruling in favor of the company in a case regarding a deduction of 5.8 billion reais ($1.8 billion) related to 2009 drilling expenses. ($1 = 3.1222 reais) (Reporting by Tatiana Bautzer; Editing by Sandra Maler) Wall St Week Ahead-Technicals stand out amid a quiet market NEW YORK, May 12 As the strongest earnings season since 2011 draws to a close, and with the S&P 500 and Nasdaq Composite hovering near record highs, the biggest concern for some market analysts is, well, the lack of concern. UPDATE 1-Treasury unit to share records with Senate for Trump-Russia probe -WSJ WASHINGTON, May 12 A unit of the U.S. Treasury Department that fights money laundering will provide financial records to an investigation by the Senate into possible ties between Russia and President Donald Trump and his associates, the Wall Street Journal reported on Friday, citing people familiar with the matter. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-tax-idUSE6N1H600Z'|'2017-05-13T07:09:00.000+03:00'
'f1b9a124b4fa4381e9cac671710f47f8aa84545b'|'Wells Fargo may have created 3.5 million unauthorised accounts-lawyers'|'Business News - Fri May 12, 2017 - 11:13pm BST Wells Fargo bogus accounts balloon to 3.5 million: lawyers A Wells Fargo Bank is shown in Charlotte, North Carolina, U.S., September 26, 2016. REUTERS/Mike Blake By Jonathan Stempel Wells Fargo & Co ( WFC.N ) may have opened as many as 3.5 million unauthorized customer accounts, far more than previously estimated, according to lawyers seeking approval of a $142 million settlement over the practice. The new estimate was provided in a filing late Thursday night in the federal court in San Francisco, and is 1.4 million accounts higher than previously reported by federal regulators, in what became a national scandal. Keller Rohrback, a law firm for the plaintiff customers, said the higher estimate reflects "public information, negotiations, and confirmatory discovery." The Seattle-based firm also said the number "may well be over-inclusive, but provides a reasonable basis on which to estimate a maximum recovery." Wells Fargo spokesman Ancel Martinez in an email said the new estimate was "based on a hypothetical scenario" and unverified, and did not reflect "actual unauthorized accounts." Nonetheless, it could complicate Wells Fargo''s ability to win approval for the settlement, which has drawn opposition from some customers and lawyers who consider it too small. "This adds more credence to the fact there is not enough information to assess whether the settlement is fair and adequate," Lewis Garrison, a partner at Heninger Garrison Davis in Birmingham, Alabama who represents some objecting customers, said in an interview. U.S. District Judge Vince Chhabria in San Francisco is scheduled to consider preliminary approval at a May 18 hearing. The accounts scandal mushroomed after Wells Fargo agreed last September to pay $185 million in penalties to settle charges by authorities including the U.S. Consumer Financial Protection Bureau. Wells Fargo employees were found to have opened the accounts in part because of pressure to meet sales goals. John Stumpf and Carrie Tolstedt, who were respectively the San Francisco-based bank''s chief executive and retail banking chief, lost their jobs and had tens of millions of dollars clawed back over the scandal, and 5,300 employees were fired. The $142 million settlement covers accounts opened since May 2002. Wells Fargo originally agreed to pay $110 million covering accounts since 2009, but boosted the payout after discovering more problems. Keller Rohrback said the settlement "fairly balances the risks" of further litigation, including the possibility their clients might lose, against the benefits. Garrison''s firm said in a filing the accord underestimated the potential maximum damages by at least 50 percent, and did not properly address whether Wells Fargo committed identity theft by using customers'' personal data to open accounts. (Reporting by Jonathan Stempel; Additional reporting by Dan Freed in New York; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-wells-fargo-accounts-idUKKBN1882UV'|'2017-05-13T04:38:00.000+03:00'
'6117fe457d8cae35cf7e4857ca26aa69fc5543f1'|'High-profile Snap stakeholders revealed in filings'|'  4:55pm IST High-profile Snap stakeholders revealed in filings FILE PHOTO: The logo of messaging app Snapchat is seen at a booth at TechFair LA, a technology job fair, in Los Angeles, California, U.S., January 26, 2017. REUTERS/Lucy Nicholson/File Photo NEW YORK/BOSTON Some of the biggest U.S. mutual and hedge funds, including Daniel Loeb''s Third Point and Daniel Och''s Och-Ziff Capital Management, owned stakes in Snap Inc, parent of the wildly popular Snapchat messaging app, at the end of March, regulatory filings on Friday showed. The filings provide the first definitive snapshot on who bought Snap shares when it went public in early March, in the biggest initial public offering for a U.S. tech company since Facebook Inc''s 2012 debut. While the shares quickly rose after the IPO, they plunged this week after Snap reported a $2.2 billion first-quarter loss. User growth and revenue fell short of some Wall Street estimates as it competed with similar apps. On Wednesday the shares tumbled 23 percent in after-hours trading, wiping some $6 billion from Snap''s market value. The quarterly disclosures of asset manager stock holdings, in what are known as 13F filings with the U.S. Securities and Exchange Commission, offer clues on what big investors are selling and buying, but give no indication of their current stakes. Fidelity was the biggest owner of Snap with 33.4 million shares as of March 31, the filings show. Mutual fund powerhouse Vanguard owned 6.7 million. Loeb''s Third Point owned 2.25 million shares and OZ Management held roughly 1 million shares. BlackRock Inc, the world''s largest asset manager with $5.4 trillion in assets, bought 9.4 million Snap shares during the first quarter, the asset manager''s filing showed. BlackRock, which has been vocal on several corporate governance issues including owners'' right to weigh in on a company''s policies, has not publicly commented on Snap shares'' lack of voting rights. A spokesman said the company does not comment on individual stocks. The filings do not show which BlackRock funds held the Snap shares. None of the company''s mutual funds or exchange-traded funds have disclosed a position in the company yet. David Tepper''s Appaloosa Management, which has $17 billion in assets under management, owned 100,000 Snap shares at the end of March. A few days after Snap went public, Tepper, whose views on the market are closely watched, said he had trimmed his position as the stock price ran up and conceded that he might buy more at lower prices. Appaloosa''s filing also showed the firm cut its stake in Allergan Plc by 31.1 percent to 2.9 million shares. Appaloosa also went back into General Motors Co in the first quarter with 5.2 million shares, as David Einhorn''s Greenlight Capital calls for the automaker to dramatically change its capital structure by splitting its stock into two classes as part of a new capital allocation plan. In early 2015, Tepper joined a group that was publicly agitating for a board seat to get GM to repurchase some of its shares. A spokesman for Tepper declined to comment on Appaloosa''s filing. (Reporting by Jennifer Ablan, Svea Herbst-Bayliss and Trevor Hunnicutt; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/investment-funds-snap-idINKBN189020'|'2017-05-13T01:48:00.000+03:00'
'7b0381eb0fc72f33cbcd6300daf8bce14b4f58e5'|'Southern Co to manage construction of Georgia nuclear plant'|'Business News - Sat May 13, 2017 - 1:09am EDT Southern Co to manage construction of Georgia nuclear plant FILE PHOTO: The Vogtle Unit 3 and 4 site, being constructed by primary contactor Westinghouse, a business unit of Toshiba, near Waynesboro, Georgia, U.S. is seen in an aerial photo taken February 2017. Georgia Power/Handout via REUTERS SAN FRANCISCO Southern Co''s ( SO.N ) Georgia Power and Toshiba Corp''s ( 6502.T ) Westinghouse have reached a tentative deal to transfer project management of the expansion of a Georgia nuclear power plant to units of Southern Co, Georgia Power said in a statement on Friday. The interim agreement until June 3 will allow construction of the Vogtle plant expansion to continue, it said. Westinghouse Electric Co filed for bankruptcy in March, hit by billions of dollars of cost overruns at four nuclear reactors under construction, including at the Georgia project and another in South Carolina. The new interim service agreement allows Westinghouse to transfer project management to Southern Nuclear and Georgia Power, which are both units of Southern Co, after a current construction contract is rejected in Westinghouse''s bankruptcy. The Georgia project is owned by a group of utilities led by Southern Co. (Reporting by Peter Henderson; Editing by Robert Birsel)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-toshiba-accounting-westinghouse-south-idUSKBN18903T'|'2017-05-13T13:09:00.000+03:00'
'1cdb3ec6c8da1da271805f3acb907acc8b834f1e'|'Abertis says notes Atlantia offer, response will come within legal timeframe'|'MADRID Spanish toll road company Abertis ( ABE.MC ) said on Monday it had noted the cash-and-shares offer made by Atlantia ( ATL.MI ) for the company and it would make a response within the time period laid out by Spanish law.Italy''s Atlantia launched a 16.34 billion euro ($17.90 billion) offer for Spain''s Abertis on Monday in a bid to create the world''s biggest operator of toll roads, with 14,095 km under management.(Reporting By Sonya Dowsett; Editing by Andres Gonzalez)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-abertis-m-a-timetable-idINKCN18B148'|'2017-05-15T08:12:00.000+03:00'
'05398125335af8114b19fe89d5e06c7cb44392f4'|'RPT-Germany''s Lidl prepares to enter U.S. supermarket wars'|'(Repeats May 12 story for wider readership)By Nandita BoseCHICAGO May 12 German discount supermarket chain Lidl is set to open its first set of U.S. stores this summer, raising the stakes for American grocery chain operators who have been caught in an intense price war.Lidl said in February it planned to open its first 20 U.S. stores in North Carolina, South Carolina and Virginia, with 80 more to follow in the United States within the first year.Lidl''s entry comes at a time when Wal-Mart Stores Inc is running price tests in 11 states, pushing vendors to undercut rivals by 15 percent. The world''s biggest retailer is expected to spend about $6 billion to regain its title as the low-price leader, analysts said.Another rival, German discounter Aldi Inc, is aiming for prices 21 percent below its U.S. competition and is aggressively expanding its presence.Lidl and Aldi have already upended Britain''s grocery retail market, hurting incumbents like Tesco Plc and ASDA, the British supermarket arm of Wal-Mart.Lidl (which rhymes with "needle") is owned by Germany''s privately held Schwarz Group. It operates more than 10,000 stores in 27 countries.The German chain''s U.S. CEO, Brendan Proctor, will address Lidl''s U.S. expansion plans at a New York press event on Tuesday.According to the company''s website, it is hiring workers in 38 cities in the eastern U.S. states of Delaware, Georgia, Maryland, New Jersey, North Carolina, Pennsylvania, South Carolina and Virginia."The growth of Aldi and Lidl will require existing U.S. grocery retailers to start asking themselves how they can do things differently to control costs <20> from marketing and merchandising to operations and logistics," Bill Bishop, co-founder of retail consultancy Bricks Meets Clicks, said in an interview on Friday.Lidl is expected to post U.S. sales of roughly $1 billion in 2018, $2 billion in 2019 and $4 billion 2020, assuming it opens just under 100 stores per year, according to a recent note by retail think tank Fung Global Retail and Technology.This would put Lidl in close range of U.S. grocery chains like Ingles market, which had revenue of $3.2 billion in 2016; Sprouts Farmers Market with $4.3 billion in sales last year and SuperValu Inc, which posted sales of $4.8 billion, the report said.Analyst estimates suggest Lidl is eyeing more than 330 U.S stores by 2020. The retailer has opened three distribution centers in Maryland, North Carolina and Virginia. (Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-retail-lidl-idINL1N1IE25L'|'2017-05-15T08:01:00.000+03:00'
'f5aa2c8cab269f67fa29fdcc4a61e740b8b6f1fe'|'Advent and Shanghai Pharma consider rival bid for Stada - Bloomberg'|'Business News - Mon May 15, 2017 - 7:16pm BST Advent and Shanghai Pharma consider rival bid for Stada - Bloomberg The logo of the pharmaceutical company Stada Arzneimittel AG is pictured at its headquarters in Bad Vilbel near Frankfurt March 14, 2012. REUTERS/Alex Domanski Buyout firm Advent International Corp and Shanghai Pharmaceuticals Holding Co ( 601607.SS ) are considering making an offer for German drug company Stada Arzneimittel AG ( STAGn.DE ), Bloomberg reported on Monday. Advent and Shanghai Pharmaceuticals are discussing a potential bid of about 70 euros a share, Bloomberg reported, citing people familiar with the matter. No final decisions have been made and the companies could decide against a bid, the report said. An offer from the duo could rekindle a bidding war for generic drugmaker Stada. Rival buyout groups Bain Capital and Cinven have been vying with a consortium comprising Advent and Permira for control of Stada. Bain and Cinven had offered to buy Stada in April with an offer of 65.28 euros per share and a dividend of 0.72 euros per Stada share. Their surprisingly large increase on a previous bid valued the company at about 5.3 billion euros (4.51 billion pounds). Advent and Stada declined to comment and Reuters was unable to contact Shanghai Pharmaceuticals outside business hours. (Reporting by Subrat Patnaik in Bengaluru; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-stada-arzneimitt-m-a-advent-shanghai-idUKKCN18B2BT'|'2017-05-16T02:16:00.000+03:00'
'48185e89398d0b517be0eb5a55ba151bf1e133e5'|'Online gambling firm 888 investigated by industry watchdog - Society'|'Online gambling company 888 is being investigated by the industry regulator, which has the power to strip betting firms of their licence to do business, amid concern over the tools it uses to help problem gamblers.The Gambling Commission is examining 888<38>s <20>self-exclusion<6F> regime, a system betting firms use to allow customers to bar themselves voluntarily from gambling.The company, founded by a trio of Israeli entrepreneurs in 1997, does offer self-exclusion tools, such as a six-month hiatus when customers cannot play its games.But sources familiar with the situation said the review was looking into whether 888<38>s systems had been effective at blocking gamblers who chose to use it.The commission does not comment on reviews until it has reached a verdict on whether a company has transgressed the rules of its licence to operate.But unlike some gambling rivals, 888 is listed on the London Stock Exchange and was forced to disclose the review under rules designed to prevent insider trading by people with information that could significantly affect the company.The announcement sent its shares down nearly 7% by midday on Monday.In a statement to the stock market, 888 said the regulator was examining <20>the manner in which a subsidiary of the company has carried on its licensed activities to ensure compliance with the ... operating licence held by the licensee<65>.Facebook Twitter Pinterest 888 Omaha Poker. Photograph: 888.com The subsidiary in question is understood to be 888<38>s entire UK operation.<2E>The review has been initiated to assess certain measures that the licensee employs to ensure social responsibility to its customers including, amongst other items, effective self-exclusion tools across different operating platforms,<2C> 888 said.<2E>The company is dedicated to providing players with a responsible as well as enjoyable gaming experience and the licensee will be proactively engaged in a cooperative and collaborative manner with the UKGC throughout this review.<2E>The commission<6F>s powers to punish betting operators range from a warning to fines and the ability to strip a company of its licence.But analysts said any punishment for 888, which has a stock market value of <20>1bn, was likely to be less severe.<2E>We believe it is probable that a fine and some change in business practices will result,<2C> said industry analyst Ivor Jones at Peel Hunt, adding that <20>fines and bad publicity are part of the cost of doing business<73>.Problem gambling <20>takes a <20>30bn toll on nation<6F>s happiness<73>, says study Read more The commission signalled earlier this year it intends to come down harder than before on firms that breach rules designed to promote responsible gambling.Several other bookmakers have been hit with financial penalties in the past year.Paddy Power agreed to pay <20>280,000 to charity last year after the regulator found it had encouraged a problem gambler to keep betting until he lost five jobs, his home and access to his children.Betfred paid more than <20>800,000 in compensation and contributions towards socially responsible causes, over failures in its anti-money laundering and social responsibility policies.In a similar case, the regulator announced an <20>880,000 settlement with Coral after the bookmaker took hundreds of thousands of pounds from a <20>VIP<49> problem gambler who was using the proceeds of theft to feed his habit.Topics Gambling Regulators news     Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/society/2017/may/15/online-gambling-firm-888-investigated-industry-watchdog'|'2017-05-15T22:43:00.000+03:00'
'7b42adba91962deebaaa3ddcc8bd066d3dad16b3'|'South Africa won''t appeal judgement blocking nuclear power deal'|'Money News   3:13pm IST South Africa to sign new nuclear power pacts after court ruling JOHANNESBURG South Africa plans to sign new, more transparent nuclear power agreements with five foreign countries after a high court blocked a deal with Russia due to a lack of oversight, the energy ministry said on Saturday. South Africa signed intergovernmental agreements with Russia, France, China, South Korea and the United States in 2014 as part of plans to build a fleet of nuclear power plants at a cost of between $30 billion and $70 billion. Many investors view the scale of the nuclear plan as unaffordable and a major risk to South Africa''s financial stability, while opponents of President Jacob Zuma say the deal will be used as a conduit for corruption. Zuma denies allegations of wrongdoing. State energy firm Eskom says nuclear power should play a role in South Africa''s energy mix and will help reduce reliance on coal. The Western Cape High Court found last month that the agreement with Russia lacked transparency and offered Moscow favourable tax rules while placing heavy financial obligations on South Africa. The energy ministry said it had "major concerns" about the court judgement but would not appeal the ruling. It will continue with nuclear energy plans adhering to stricter procedural guidelines, including consulting parliament. "There is no intention to table the current agreements but (we) will embark to sign new agreements with all five countries and table them within reasonable time to parliament," the ministry said in a statement. Eskom on Friday reinstated its former chief executive Brian Molefe, a Zuma ally who has supported the nuclear power plan. Molefe stepped down five months ago after being implicated in a report by the country''s anti-graft watchdog into alleged influence-peddling. He denied any wrongdoing. Some analysts say former finance minister Pravin Gordhan was fired partly because he resisted pressures from a political faction allied to Zuma to back nuclear expansion. New Finance Minister Malusi Gigaba has said nuclear expansion will only be pursued if it is affordable. (Reporting by Joe Brock; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/safrica-nuclearpower-idINKBN18907H'|'2017-05-13T17:01:00.000+03:00'
'41620e6c5ce4baa3b6d3f109389f882ebbaf676b'|'Platinum Equity nears deal to buy prison phone company Securus: sources'|'By Greg Roumeliotis Buyout firm Platinum Equity LLC is nearing a deal to acquire Securus Technologies Holdings Inc, the second-largest provider of phone services to U.S. prisoners, for close to $1.5 billion, including debt, people familiar with the matter said on Tuesday.The deal illustrates private equity firms'' strong appetite for investments in prison phone service operators because of the strong cash flow they generate from facilitating phone calls, even as they attract criticism over the rates they charge.The acquisition would come after the U.S. Federal Communications Commission (FCC) decided earlier this year, under its new chairman, U.S. President Donald Trump appointee Ajit Pai, not to defend in court part of the caps that it placed in 2015 on the rates of prison inmate phone calls.A deal between Securus'' existing owner, ABRY Partners, and Platinum Equity could be announced in the coming weeks, the sources said, asking not to be identified because the matter is confidential.Platinum Equity declined to comment, while Securus and ABRY Partners did not respond to requests for comment.Securus, based in Dallas, provides phone services to more than 1.2 million inmates across North America. In exchange it charges prisoners and the families hefty fees, which it justifies by pointing to the costs of the technology to keep the calls secure, such as call monitoring and voice recognition. It also pays a commission to the prison operators.Following controversy over the prices Securus and its larger peer, Global Tel*Link Corp, charge for phone calls to prisoners, which end up costing many of their families hundreds of dollars every month, the FCC in 2015 placed a cap on the rates.Interstate phone calls to contact prisoners are now capped at 21 cents per minute for debit and prepaid calls, and 25 cents per minute for collect calls.Caps for intrastate calls, however, are currently under a court stay, so 15-minute phone calls in many U.S. states can cost between $10 and $20. The FCC told the U.S. Court of Appeals in Washington, D.C. in January that it would drop its defense of the intrastate phone call rate caps, leaving prisoner rights advocates to defend them on their own.ABRY Partners acquired a majority stake in Securus in 2013 from another buyout firm, Castle Harlan Inc, in a $640 million deal. Global Tel*Link is also owned by a private equity firm, American Securities LLC.(Reporting by Greg Roumeliotis in New York; Additional reporting by Jonathan Stempel in New York; Editing by Steve Orlofsky)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-securus-tech-m-a-abrypartners-idINKCN18C2FU'|'2017-05-16T17:19:00.000+03:00'
'f365bb9c43e7ee3109680302a838472628281c9d'|'U.S. regulators look at Volcker Rule, a sign they hear Wall Street'|'Tue May 9, 2017 - 12:30am BST U.S. regulators look at Volcker Rule, a sign they hear Wall Street U.S. Secretary of the Treasury Steven Mnuchin discusses the Trump administration''s tax reform proposal in the White House briefing room in Washington, U.S, April 26, 2017. REUTERS/Carlos Barria By Lisa Lambert - WASHINGTON WASHINGTON U.S. financial regulators on Monday discussed the Volcker rule governing banks'' speculative trading, tackling one of Wall Street''s biggest concerns and a sign President Donald Trump''s administration is listening to banks'' wishes about reforms resulting from the financial crisis. The Financial Stability Oversight Council, chaired by Trump''s Treasury Secretary Steven Mnuchin, held a closed-door meeting and then posted a brief statement saying in part it had "discussed efforts to assess the efficacy of the Volcker Rule." The rule, included in the 2010 Dodd-Frank Wall Street reform law, sets limits on proprietary trading, in which a financial firm uses its own money to invest in privately held companies, hedge funds and similar vehicles, with the hope of curbing banks'' risk-taking. Banks, though, have taken issue with how it has been carried out and called for regulators to coordinate more and make its execution simpler. Any further reforms would likely require Congress to change the law. "It<49>s a good sign that the administration is taking a fresh look at something that has had negative impacts on our industry," said Rich Foster, senior vice president at the Financial Services Roundtable trade group. "Everyone thinks it needs a fix." The rule is simple, but it is interpreted and implemented by five different agencies. Each agency also conducts its own compliance exams. "There<72>s no reason that the agencies could not agree among themselves that one agency is going to lead the examination," said Carter McDowell, managing director at the Securities and Financial Markets Association. Supporters say the rule has kept banks from gambling in the markets and pushed them to profit more from market-making instead of risky trading. The FSOC was also created as part of the Dodd-Frank law intended to prevent a repeat of the 2007-09 financial crisis and recession. The council has primarily focused on designating firms as "systemically important," otherwise known as "too big to fail," which leads to stricter oversight and requirements to hold more capital. Now, bank lobbyists say Mnuchin is reorienting the council''s work toward simplifying financial regulation. Treasury is reviewing Dodd-Frank and the designations, all at Trump''s direction. At Monday''s meeting, the council, which includes newly confirmed Securities and Exchange Commission chair Jay Clayton, discussed the designation of a non-banking firm. Since Trump took office, Treasury, "has probably conducted more outreach to the financial industry, at least the asset management industry, than the Obama administration did in eight years," said Paul Stevens, president of the Investment Company Institute, representing mutual, exchange-traded and other funds. (Additional reporting by Pete Schroeder; Editing by Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-banks-trading-idUKKBN1842H8'|'2017-05-09T07:24:00.000+03:00'
'4669279ab00e1ff429a0d647603ddb5bf04086c0'|'German regulator welcomes Chinese interest in nation''s banks'|'  German regulator welcomes Chinese interest in nation''s banks FRANKFURT May 9 Germany top financial regulator BaFin welcomes Chinese interest in German financial institutions, its president said Tuesday. The Chinese tourism and finance company HNA and the Chinese insurer Anbang have expressed interest in buying stakes in the ailing HSH Nordbank of Germany. Felix Hufeld, president of BaFin, said he welcomed foreign investment from abroad, including China. He was asked about the issue at an annual news conference in Frankfurt. (Reporting by Tom Sims; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bafin-regulation-china-idUSL8N1IB2EU'|'2017-05-09T17:41:00.000+03:00'
'74cf9710b65a216c07ea3d50fcae04616165136e'|'Exclusive - Hudson''s Bay taps debt adviser amid Neiman Marcus bid challenges: sources'|'By Jessica DiNapoli and Lauren Hirsch Canada''s Hudson''s Bay Co has hired a debt restructuring adviser to review potential options for combining its business with debt-laden U.S. department store operator Neiman Marcus Group, according to people familiar with the matter.The move is the clearest indication yet that Neiman Marcus'' $4.7 billion (3.63 billion pounds) debt pile poses significant challenges to a merger between Hudson''s Bay, owner of the Lord & Taylor and Saks Fifth Avenue retail chains, and private equity-owned Neiman Marcus.Hudson''s Bay Executive Chairman Richard Baker set his sights on Neiman Marcus, operator of 42 eponymous stores across the United States and two Bergdorf Goodman stores in Manhattan, two months ago, after larger U.S. peer Macy''s Inc spurned his acquisition overtures.Since then, deal talks between Hudson''s Bay and Neiman Marcus have made little progress, the sources said.Hudson''s Bay has now tapped investment bank Evercore Partners Inc, and has asked it to come up with ways that the two companies can combine without Hudson''s Bay assuming the full burden of Neiman Marcus'' debt, the sources said, asking not to be identified because the matter is confidential.Hudson''s Bay and Neiman Marcus did not respond to requests for comment. Evercore declined to comment. Hudson''s Bay shares rose as much as 3.1 percent on Monday in Toronto and ended trading up 1.1 percent at C$11.43.Neiman Marcus'' $2.8 billion loan and $1.6 billion in bonds are trading at deep discounts to their face value, indicating that creditors do not expect to get paid in full, as the company grapples with consumers'' changing spending habits, weak mall traffic, and the increased price transparency brought about by the rise of internet shopping.An acquisition of Neiman Marcus would normally require its acquirer to assume its debt at its face value. Hudson''s Bay, which already carries about $2.4 billion in debt on a market capitalisation of $1.5 billion, would essentially triple its debt load by doing so.As a result, Hudson''s Bay does not want to repay Neiman Marcus'' creditors in full, the sources said. While the terms of Neiman Marcus'' bonds allow their transfer to a publicly listed acquirer, Hudson''s Bay is reluctant to take them on at full value, the sources added.Any acquisition offer that would be accompanied by a debt haircut would pit Hudson''s Bay against several hedge funds and investment firms that have acquired Neiman Marcus'' debt and are poised to drive a hard bargain.These include Oaktree Capital Group LLC, Canyon Partners LLC and Capital Group Companies, which have acquired Neiman Marcus bonds, and H/2 Capital Partners, Eaton Vance Management, and GSO Capital Partners, which have invested in Neiman Marcus'' loan, the sources said.Oaktree, GSO, and Capital Group declined to comment. Canyon, H/2 and Eaton Vance did not return requests for comment.PAYING NEIMAN MARCUS OWNERSAdding to the challenges of a deal are Neiman Marcus'' owners, Ares Management LP and the Canada Pension Plan Investment Board (CPPIB). They acquired Neiman Marcus in 2013 for $6 billion, including debt, and expect to be paid for selling the company, according to the sources, even though the debt markets currently assign little value to their equity.Neiman Marcus does not face any significant debt maturities until 2020, when its loan comes due, so Ares and CPPIB still have three more years to try to turn the business around.To convince Ares and CPPIB to let go of any hope of recovering the value of their equity on their own, Hudson''s Bay will have to offer them some kind of payment, the sources said. This puts Hudson''s Bay in a bind, because Neiman Marcus'' creditors will be less inclined to accept a haircut if they see Ares and CPPIB receive such a payment, the sources said.Complicating negotiations further is a confidentiality agreement between Neiman Marcus'' owners and Hudson''s Bay that has so far p
'ee64c3a573ee52657b81b08c350c881dc95f217b'|'Brazil''s Ita<74> to raise market share in asset management with XP deal -CEO'|'SAO PAULO May 12 Ita<74> Unibanco Holding SA, Brazil''s largest bank, will boost its market share in asset management and fee income over the next years through the acquisition of a stake in online broker XP Investimentos, Chief Executive Officer Candido Bracher said on Friday.Bracher confirmed that the deal announced late on Thursday meant XP Investimentos has scrapped plans for an initial public offering in the short term.Ita<74> agreed to buy 49.9 percent of XP for 6.3 billion reais ($2 billion), allowing XP to be run independently for at least seven years. Under terms of the transaction, Ita<74> will acquire additional stakes and have options to get full control between 2024 and 2033.($1 = 3.12 reais) (Reporting by Aluisio Pereira; Writing by Tatiana Bautzer; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/xp-investimentos-ma-itau-unibco-hldg-idINL1N1IE16K'|'2017-05-12T14:22:00.000+03:00'
'1f23b4a7c36cb80d39c80ebd2d0407d6e6e4f4b6'|'TABLE-North Sea oil projects to start up 2017-2019'|'Market News   9:48am EDT TABLE-North Sea oil projects to start up 2017-2019 LONDON, May 16 New oil projects in the North Sea aim to add 1.2 million barrels per day (bpd) of new capacity, a level that will more than offset declining output from old fields, Reuters research shows. North Sea output now stands at 2 million bpd. Taking into account declining production from older fields, the net increase in overall output is expected to be 400,000 bpd in the next two years, according to investment bank Tudor, Pickering, Holt & Co. Below is a table of the major oil projects that are due to come onstream between 2017 and 2019: Field Major Operator/s Target Startup capacity date (bpd) Johan Sverdrup Statoil/Lundin/A 440,000 2019* ker BP Quad 204 BP 130,000 Q2 2017 Edvard Grieg Statoil/Lundin 126,000 H2 2016 Clair Ridge BP 100,000 2018 Martin Linge Total/Statoil 80,000 late 2017 Gina Krog Statoil 60,000 Q2 2017 Mariner Siccar 55,000 2018 Point/Statoil Catcher Premier Oil 50,000 mid-2017 Ivar Aasen Aker BP 50,000 late 2016 Kraken Enquest 50,000 Q2 2017 Western Isles Dana 40,000 2017 Petroleum/Cieco Greater Stella Ithaca Energy 30,000*** H1 2017 Solan Premier Oil 30,000 2018 Cheviot Alpha Petroleum 30,000 2019 Maria Wintershall/Peto -- H1 2018 ro TOTAL 1,241,000 *Phase 1 of Johan Sverdrup. Phase 2 2022 w target of 660,000 bpd **Phase 1 of Greater Stella (Reporting by Amanda Cooper and Ron Bousso in LONDON and Nerijus Adomaitis in OSLO; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/oil-nsea-projects-idUSL8N1IC7L3'|'2017-05-16T21:48:00.000+03:00'
'8f2f744d2450b54fd4ef4a22ae5f93f8bfce597c'|'RPT-Wall St Week Ahead-Technicals stand out amid a quiet market'|'NEW YORK May 12 As the strongest earnings season since 2011 draws to a close, and with the S&P 500 and Nasdaq Composite hovering near record highs, the biggest concern for some market analysts is, well, the lack of concern.The largest daily move on the S&P 500 in almost three weeks was only 0.4 percent. The small daily moves are partly the reason for a more than 20-year closing low hit this week on the CBOE Volatility index, a measure of investor anxiety."Most of what you<6F>ll find that is outright negative will have to do with sentiment," said Marc Pado, president at DowBull.com in San Francisco."People worried about the market on a technical basis are worried because there is too much complacency or optimism, but not on an indication that there is some kind of top."The S&P 500 posted record closing highs twice this week, but both were lower than the intraday high set March 1, just below 2,401. The intraday record high set Tuesday, near 2,404, doesn''t signal a breakout from the resistance level set some 11 weeks ago.Precisely because of the sideways move, momentum has not mirrored what was seen in early March. The 14-day momentum measure of the S&P peaked this year on March 1. On Friday it closed at its weakest level in nearly three weeks."The bigger risk now (to the stock market) would be overbought conditions, even more overseas than in the U.S.," said Katie Stockton, chief technical strategist at BTIG in New York."If momentum doesn<73>t stay strong enough, which I think it will, that would be a risk to the market. It<49>s a matter of momentum remaining strong enough."BREADTH THINNINGThe Nasdaq Composite, which closed Friday almost 4 percent above its March 1 close and set intraday and closing records this week, is showing a particularly damning pattern in terms of breadth.The 50-day average of advancing names on Nasdaq peaked this year in mid-January and is in a clear trend lower. It hit its lowest level this year on May 5, and the spread with the 50-day average of decliners has been in and out of negative territory since early March.Waning breadth suggests the market advances on less than solid ground as fewer and fewer stocks participate to the upside.On the S&P 500 the 50-day advancers average is at its lowest level since the Nov. 8 U.S. presidential election. However, with the index trading basically sideways since the March record, the signal can be misleading."In every one of the (previous) legs higher we saw internal breadth indicators confirming the new high. We haven<65>t seen that over the last week but the high was marginal only," said Paul Hickey, co-founder of research firm Bespoke Investment Group in Harrison, New York, who remains with a positive view of the market."We see this as the continuation of a consolidation period the markets have been in since March 1."The case is even darker for the 30-component Dow industrials, where the 50-day average of advancers is also near the lowest level since November. Apple Inc alone is responsible for 25 percent of the Dow''s year-to-date advance, even if the index is not market-cap weighted.There''s more bad news for Dow followers. The Dow Transport Average, which peaked with the industrials on March 1, is more than 6 percent below its high, while the industrials are just 1 percent below their record.A record on the industrials without the confirmation of the transports would be another bad omen for stocks. Timing can be blunt, but there was divergence present between these two averages at major tops in 2000, 2007 and 2015.(Reporting by Rodrigo Campos and Terence Gabriel; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-weekahead-idUSL1N1IE2B1'|'2017-05-14T21:00:00.000+03:00'
'16971782c93137d00049426d93d6868f6ae9c578'|'Italy''s Atlantia bids $18 billion for Spain''s Abertis in road play'|'By Francesca Landini and Carlos Ruano - MILAN/MADRID MILAN/MADRID Italy''s Atlantia ( ATL.MI ) bid 16.3 billion euros ($18 billion) for Abertis ( ABE.MC ) on Monday to create the world''s biggest toll road operator, but still needs the full backing of the Spanish firm''s top shareholder if it is to succeed.Both companies are trying to shift away from their home markets and had previously agreed a deal in 2006, but this fell through due to Italian government opposition.While Atlantia said Monday''s cash-and share offer was friendly and the two have been in talks for weeks, Abertis said the bid had not been solicited and that it would not respond until it is legally obliged to do so.A source close to its largest shareholder Criteria, the holding company that controls Spanish lender Caixabank, said a response could take weeks or even months.Giovanni Castellucci, Atlantia''s chief executive, acknowledged that he had yet to reach a formal agreement with Abertis or Caixabank.Atlantia, which is controlled by the Benetton family, wants a tie-up with Abertis, which gets a third of its core earnings from France and has extensive operations in Latin America, to help cut its dependence on low-growth Italy.Abertis in turn needs to find new business opportunities as some of its motorway concessions in Spain are close to the end of their lifespan. The combined group would have a market value of more than 36 billion euros and generate around 60 percent of core earnings outside Italy.Criteria, which has a stake of 22.3 percent in Abertis, said in a statement it would carefully consider the offer."You can''t say it''s a done deal yet even though the two sides have talked to each other a lot. The Spaniards have little interest in saying yes right away. But the chances of a counterbid appear very slim," an Italian financial source said.Under Spanish takeover law, the board of a target company should respond to an offer once it has been approved by the market regulator, which usually takes over a month."We did whatever we could to make it friendly," Castellucci told a conference call, fielding questions from analysts on how confident he was that Criteria would accept the offer."If we had an agreement, we would have had to say it. We have something different from an agreement...I cannot say more," he said, adding the terms of the offer would not change.In a sign that the market believed the deal would go ahead, Atlantia''s shares rose 2.9 percent to 24.9 euros by 1348 GMT (9.48 a.m. ET), while Abertis stock fell 0.7 percent to 16.330 - just below the 16.5 euros per share overall valuation offered by Atlantia.The bid - to be funded through a 14.7 billion euros financing package - contains a number of sweeteners for the Spanish side, including a pledge not to de-list Abertis.Atlantia''s bid is structured as a cash offer of 16.5 euros per Abertis share - a touch above the Spanish stock''s closing price on Friday but below the 17 euros per share Criteria asked for, according to sources.The bid includes the possibility for Criteria or other shareholders to opt for a payment in shares and sets a minimum acceptance level of the share offer at 10 percent.BENETTON FAMILY TOP INVESTORAtlantia slides showed the Benetton family would be the top shareholder of the combined group with an estimated 25.5 percent stake. The equity offer, if accepted, would allow Criteria to own 15 percent, higher than previously expected.Atlantia is offering three board seats for Abertis shareholders. In addition, the new shares it is planning to issue will not be listed and cannot be sold until early 2019 - making the offer less attractive for short-term investors.New Atlantia shares will be offered on the basis of a swap ratio of 0.697 Atlantia shares for each Abertis one. The Italian company aims to secure at least 50 percent plus 1 share of its Spanish rival.Credit Suisse ( CSGN.S ) and Mediobanca ( MDBI.MI ) advised Atlantia, while BNP Paribas ( BNPP.PA ), 
'ef8ed7665d1eb3612d3b40a26a17388e751ae35f'|'Microsoft adds detection, protection against global cyberattack: statement'|'FedEx reports malware interference in global cyberattack: statement WASHINGTON FedEx said on Friday it was experiencing issues with some of its Microsoft Corp Windows systems in relation to a global cyber attack that had disrupted hospitals in England and infected computers in dozens of other countries around the world. Spotify, valued at $13 billion, to launch direct listing on NYSE: sources Music streaming service Spotify, most recently valued at $13 billion, will be the first major company to carry out a direct listing on the New York Stock Exchange when it goes public later this year or early next year, two sources familiar with the situation said on Friday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-britain-security-hospitals-microsoft-idINKBN1882SZ'|'2017-05-12T18:08:00.000+03:00'
'db8165f45a85c7e4c49d35ec6531ec1d118b80b1'|'Italy antitrust body fines Whatsapp over customer data terms'|'Business News   1:06pm EDT Italy antitrust body fines Whatsapp over customer data terms A picture illustration shows Whatsapp''s logo reflected in a person''s eye, in central Bosnian town of Zenica, March 13, 2015. Picture taken March 13, 2015. REUTERS/Dado Ruvic ROME Italy''s antitrust watchdog said on Friday it was imposing a 3 million-euro ($3.3 million) fine on messaging service Whatsapp for allegedly obliging users to agree to sharing their personal data with its parent company Facebook( FB.O ). All 28 European Union data protection authorities asked Whatsapp last year to stop sharing users'' data with Facebook due to doubts over the validity of users'' consent. The Italian agency said the application led users to believe they would not have been able to continue using the service unless they agreed to terms including sharing personal data. A spokesperson for Whatsapp said in an emailed comment: "We''re reviewing the decision and we look forward to responding to officials." The fine is lower than the maximum 5 million euros the agency could have levied. The Italian agency said it had also found other aspects of Whatsapp''s terms of use were unfair, including allowing for unexplained interruptions to service and only the provider having the right to terminate the agreement. ($1 = 0.9163 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-italy-antitrust-whatsapp-idUSKBN1881YV'|'2017-05-12T22:13:00.000+03:00'
'c2c322b2fe2740584f2c4f2b4e9763a8804dc9bd'|'ABI calls for dual rate in calculating personal injury payments'|'Business News  15am BST ABI calls for dual rate in calculating personal injury payments LONDON The Association of British Insurers on Friday called for a dual-rate system for calculating lump sum payments in personal injury claims, to reflect different investment periods, saying the current system was "flawed". An unexpected change in the rate earlier this year by the government has pushed up the size of payments, denting the profits of British, European and U.S. insurers operating in the British motor insurance market. "The current methodology used to calculate the discount rate is fundamentally flawed as it does not reflect the reality of how claimants invest their damages," James Dalton, director of general insurance policy at the ABI, said in a statement. "Retaining the status quo is not an option." The ABI was responding to a government consultation on the discount rate. (Reporting by Carolyn Cohn; editing by Simon Jessop)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-insurance-idUKKBN1881A6'|'2017-05-12T18:15:00.000+03:00'
'a9fa5781d5ce5efadee387d31b91cecd1259147f'|'Spanish car park owner Empark up for sale -sources'|'By Arno Schuetze and Stefano Berra - FRANKFURT/LONDON FRANKFURT/LONDON May 18 Real estate group A. Silva & Silva has launched the sale of Spanish car parking company Empark, which could be valued at up to 1 billion euros ($1.1 billion), people close to the matter said on Thursday.The deal adds to a string of parking assets that has come to market recently and the sellers hope to attract appetite from infra funds banking on the recovery of the Spanish economy.A. Silva & Silva<76>s investment vehicle ASSIP said in a regulatory filing earlier this year that it was evaluating options for Empark, including a sale.The 79-percent owner and its co-investors have given JP Morgan and Caixa BI the task of finding a buyer for Empark, the sources told Reuters.Empark had earnings before interest, tax, depreciation and amortization (EBITDA) of 71 million euros on sales of 201 million euros last year, they added.JP Morgan declined to comment, while Caixa BI, Empark and its owners were not immediately available for comment.First-round bids for Empark, which manages 530,000 parking spaces in the Iberian Peninsula, Britain and Turkey, are due at the end of the month, the sources said.Potential bidders include infrastructure funds as well as peers such as Saba, majority-owned by Spain''s Criteria, and Grupo de Aparcamientos -- a Spanish company expressed interest in buying Empark two years ago.Saba and Grupo de Aparcamientos declined to comment.Car parking has been an active area for M&A, with buyout firm Ardian putting parking space operator Indigo on the block, while KKR recently winning the bidding for Dutch car park operator Q-Park, sources have said.Indigo, formerly Vinci Park, attempted to buy Empark in 2015, but a deal never materialised.And last year, buyout group EQT sold Spanish car park operator Parkia to First State Investments. At the time, Belgium group Interparking had also expressed interest in Parkia. ($1 = 0.8986 euros) (Additional reporting by Andres Gonzalez and Andrei Khalip; editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/empark-sale-idINL8N1IK5G9'|'2017-05-18T15:36:00.000+03:00'
'a935f62c5647cd90ecb5ec0b1adc87aee0b439f4'|'FTSE leads Europe-wide rush for the exits as Trump trade sours'|'Top   2:04pm BST FTSE leads Europe-wide rush for the exits as Trump trade sours People walk through the lobby of the London Stock Exchange in London, Britain November 30, 2015. REUTERS/Suzanne Plunkett By Helen Reid - LONDON LONDON British shares headed for their worst day in a month on Thursday, leading Europe-wide losses as political turmoil in the U.S. soured the "Trump trade" which has powered the FTSE to record highs. A stronger sterling compounded losses on the mostly foreign-earning FTSE, down 1.2 percent by 0900 GMT, underperforming Europe''s STOXX 600 . The pound broke above $1.30 after retail sales beat forecasts, showing consumers in the UK are maintaining spending despite concerns about inflation pressures. As the Trump trade unravelled, sectors that had gained the most on his election fell sharply. Construction equipment rental firm Ashtead ( AHT.L ) and building materials firm CRH ( CRH.L ) were among top fallers, down 4.3 and 2.7 percent. Builders had been some of the top gainers after the election as investors bet on president Trump''s promised infrastructure spending. Mining stocks also weighed with BHP Billiton, Anglo American, Antofagasta among biggest fallers, while investors rushed to the safety of utilities and consumer goods. While investors said turmoil in the U.S. could spur further rotation from the American market into European and UK equities, the immediate fears sent the region''s shares tumbling. "The sell-off we saw in the S&P 500 is being felt in a global <20>risk-off<66> trade now rather than favouring any region over another, at least in the shorter term," said Edward Park, director at Brooks Macdonald. The world''s biggest credit card data company Experian ( EXPN.L ) fell 3.8 percent to the bottom of the FTSE after its full-year results showed slower growth in North America, while profitability and cashflow remained strong. Hargreaves Lansdown ( HRGV.L ) fell 1.8 percent after a trading update which, though largely positive, was badly received by analysts at Liberum, who highlighted increasing pricing pressure from offerings such as Vanguard''s entering the market. The fund supermarket saw assets jump 10 percent with increased market gains and inflows as more retail investors stashed savings into the new Lifetime ISA amid a global surge in equity markets. Yet Liberum analysts maintained a ''sell'' on the stock, saying Vanguard''s aggressively priced platform launched in the UK on Tuesday signalled increasing pressures on Hargreaves'' business model. Luxury trench coat maker Burberry ( BRBY.L ) was a rare bright spot on the blue-chips, up 2.1 percent after its full-year results showing strong free cash flow rekindled investors'' hopes for the stock. Profits were down 21 percent when the currency impact is stripped out, hit by weaker demand in the U.S. But analysts saw a better-than-expected cash flow, higher dividend and new share buy-back as positive signs for the company. "Despite all the difficulties of the last few years, cash flow has held up throughout," said Steve Clayton, manager of the HL Select UK Shares fund. M&A action brightened the picture on the mid-cap .FTMC index. Laundry services group Berendsen ( BRSN.L ) surged 25 percent, set for its best day on record, after it rejected French rival Elis''s $2.6 billion offer, saying it undervalued the firm significantly. The French firm''s latest approach was batted off as Berendsen said it did not see a basis for any further discussions with Elis. (Editing by Ed Osmond)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKCN18E178'|'2017-05-18T18:06:00.000+03:00'
'9cb25ab6bdc6485d03a6b6bd85f1881422425bae'|'Vinyl gets its groove back: Hunger for vinyl means a chronic shortage of pressing machines'|'FOR young hipsters and middle-aged sentimentalists alike, the resurgence of vinyl is cause for celebration. Since 2010 sales of vinyl records in America have tripled. Britain<69>s vinyl industry saw its biggest gains for 25 years in 2016. Big supermarkets are extending the amount of space that they allocate to the discs and even the turntables that twirl them have found a place on Amazon<6F>s best-seller lists.Meeting this demand has been tricky. Vinyl accounted for 76% of total album sales in 1973; by 1994 this had dropped to 1.5% as compact discs (CDs) took over. By then the bulk of the world<6C>s vinyl-pressing plants had closed and most of their cumbersome machines had gone to the scrapyard. Only a very few plants that could diversify into new areas of printing and production stayed open. But they did so without any further investment in vinyl, so the few machines that kept on producing often date back to the 1960s.Latest updates The Tories move onto Labour turf, promising new workers<72> rights Speakers<72> Corner 8 minutes ago From   5   See all updates GZ Media, a Czech firm that is the biggest manufacturer of vinyl (it makes around 60% of all vinyl records), went from churning out over 13m records in 1987 to a low of 200,000 in 1993. Requests for vinyl began flooding in again about a decade ago; it is now working around the clock and will produce 24m vinyl discs in 2017.Although vinyl is still only a tiny fraction of the global music market, big orders from record labels have swamped the few pressing plants left and caused delays in production. GZ Media has kept on top of orders by building, from 2014 on, updated versions of its older pressing machines. Others are also ramping up. More than a dozen new pressing plants have cropped up across North America, Europe and beyond in the past couple of years.A chronic shortage of machines is the chief headache. Reports of people racing across the world to get their hands on an old machine have become common. That in turn is spurring investment in new options. Nordso Records, based in Copenhagen<65>s Nordhaven district, which opened its plant last year, opted for a new pressing-machine design from Newbilt, a German startup. Newbilt have sold 25 of their products across Europe for up to <20>500,000 ($554,000) each, including all parts. They are manual, so an operator needs to oversee each stage of the process; they churn out 400 records a day if operating flat out.On a more industrial scale, Viryl Technologies is a Canadian startup that started building new machines in 2015. One eight-hour shift presses 1,200 records. Plants across North America, Europe and Asia have already installed them.Startups, which also provide machine servicing, see further room for innovation in the mastering process, or the transferral of the recording to a master disc from which all subsequent copies will be derived. One method involves cutting the grooves onto a lacquer disc, but only two companies in the world manufacture these discs (one of them is run by an old Japanese couple in Tokyo) and they too are in short supply. A second technique uses a copper-plated disc that is easier to come by but is again hampered by the limited number of machines that can cut the disc: of the 25 that still exist, GZ Media owns four.Last year, Rebeat Digital, an Austrian company, filed a patent for a <20>high-definition vinyl<79> mastering technology. This produces a computer-generated image of the music before blasting it onto a lacquer master disc with a laser (rather than a spinning stylus). They reckon this slashes the time needed to produce the master disc by 60%. But audiophiles are still sceptical about the sound quality of vinyl records produced in this way.Even if vinyl<79>s fashionability fades a bit, servicing the remaining few machines and supplying parts should keep the cash flowing for the startups. And the format is unlikely to disappear entirely, as once seemed possible. Many fans buy the 
'ebc38981a7460bb2d6fec790a7a8be75ae6a9978'|'Deutsche Bank to have former executives pay for past misconduct - chairman'|'Business News   9:15am BST Deutsche Bank to have former executives pay for past misconduct - chairman left right Deutsche Bank CEO John Cryan and supervisory board chairman Paul Achleitner attend the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski 1/3 left right People gather before the Deutsche Bank''s annual general meeting in Frankfurt, Germany May 18, 2017. The text on the stairs reads ''General meeting of the 6,000 trials''. REUTERS/Ralph Orlowski 2/3 left right Flags with the logo of Deutsche Bank are seen at the headquarters ahead of the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski 3/3 FRANKFURT Deutsche Bank expects former board members to pay substantial sums for their role in misconduct that threw Germany''s flagship lender into turmoil, supervisory board Chairman Paul Achleitner said on Thursday. At the lender''s annual general meeting he told shareholders that the supervisory board and two committees had been discussing the need for personal and collective responsibility for past deeds. The bank has sought extensive external legal advice on this, he added. "The supervisory board expects that in the coming months, there will be an arrangement which ensures that the individuals involved make a substantial financial contribution," Achleitner said. While no decision has been reached yet, he said, discussions are advanced. He did not name names. (Reporting by Tom Sims and Arno Schuetze; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-bank-agm-idUKKCN18E0U4'|'2017-05-18T16:15:00.000+03:00'
'e0085c6d031a193a7b57caf2d3ff769eb9133f8d'|'UPDATE 1-Danone eyes 2020 operating margin of above 16 pct'|'* Eyes 2020 l-f-l sales growth of 4-5 pct* Eyes 2020 operating margin above 16 pct of sales* Reiterates 2017 goals (Adds details from statement)By Dominique VidalonPARIS, May 18 French food group Danone said it banked on synergies from its acquisition of U.S. organic food producer WhiteWave and on a one billion euro cost-cutting plan to lift its recurring operating margin above 16 percent of sales in 2020.The world''s largest yoghurt maker made the forecast in a statement issued on the last of a two-day seminar in Evian, eastern France, to detail its long-term strategy.Danone also said it targeted overall like-for-like sales growth of between 4 percent and 5 percent in 2020 against 2.9 percent in 2016. Its operating margin stood at 13.77 percent last year.Danone unveiled in July 2016 plans to buy WhiteWave - maker of Silk almond milk and Earthbound Farm Organic salad - in its largest acquisition since 2007, a move it said would double the size of its U.S. business. The deal finally closed on April 12.Whitewave''s products have outperformed mainstream packaged food businesses in recent years as they are in line with a consumer shift toward natural foods and healthier eating and should help Danone as it struggles with challenging conditions in dairy in Europe and babyfood in China.Danone said on Thursday that it will generate $300 million in synergies in 2020 at recurring operating income level from the WhiteWave acquisition.The 2020 overall sales growth forecast included sales growth above 5 percent for Danone''s Essential Dairy & Plant-based (EDP) division NORAM, which includes its North American dairy business and Whitewave''s former North American business.Danone also eyed sales growth of 3-4 percent for its Essential Dairy & Plant-based (EDP) international, which includes its dairy products in the rest of the world as well as WhiteWave''s former business in Europe, Latin America and China.Danone has faced tough market conditions in Spain and problems with the relaunch of its Activia brand in Europe, which held back dairy sales growth in the final quarter of 2016, while pressures in the Chinese market have weighed on baby food sales.This led Danone to unveil in February plans to cut costs by 1 billlion euros over the next three years.The savings plan - called "Protein" by Danone - aims to cut spending on marketing and general expenses such as corporate travel, and will be partly used to fund future growth.Danone said on Thursday that at least 300 million euros net of reinvestment will fall into its margin expansion by 2020.Danone also said it will focus on growing its free cash flow to deleverage its balance sheet and improve its Return On Invested Capital, targeting a level of 12 percent in 2020.The WhiteWave acquisition led Danone in April to raise its forecast for 2017, saying it was now targeting double-digit recurring EPS at constant exchange rates and moderate like-for-like sales growth for 2017.. It confirmed these forecasts on Thursday. (Reporting by Dominique Vidalon; editing by John Irish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/danone-targets-idINL8N1IK65D'|'2017-05-18T15:45:00.000+03:00'
'2b6b383873646b199fdcbde98d9b7d3d7becddd4'|'Boutique food wraps and <20>18 nappies: is being eco only for the rich? - Michele Hanson - Guardian Sustainable Business'|'I was giving the daughter a slice of cake to take away, wrapped in plastic, even though the world is drowning in the stuff, and I thought, <20>Wouldn<64>t it be lovely if there was something to wrap my food in that didn<64>t leak and wasn<73>t wrecking the planet?<3F>And there is. Bee<65>s Wrap <20> made of cloth, beeswax and tree resin, washable in soap and cold water, reusable and sealed by the warmth of your hands.Doesn<73>t that sound perfect? Until you see the price <20> $15 (<28>11.60) a sheet for a <20>baguette wrap<61>, or if you just eat the more common sandwich there<72>s a $10 (<28>7.70) wrap for that too, with a button and loop to help do it up. For a family of four, that<61>s over <20>30 just for wrapping your packed sandwiches, enough to buy 22 rolls of plastic wrap from my local Budgens. Let<65>s hope the beeswax version lasts a long time.Disturbing turtle video drives UK pub chain to clamp down on plastic straws Read more It<49>s encouraging that Bee<65>s Wrap<61>s Vermont-based manufacturer says its aim is to get plastics out of the kitchen. It<49>s also a business founded and run by women, and we need more of those.But along with so many other boutique alternatives, it also gives a rather depressing message about sustainability <20> that you have to be wealthy to manage it, and not only that you also have to be a helpless fluffy. Here<72>s a typically condescending message from BabyCentre, the Johnson & Johnson-owned advice website for parents and pregnant women, on buying cloth nappies: <20>Velcro fastening, poppers or plastic clips have taken the place of pins <20> most modern washable nappies are shaped like disposable nappies, so you don<6F>t need a degree in origami to fold them to the right shape.<2E>I can<61>t remember any of us stabbing our babies with pins or being unable to fold a towelling square. It wasn<73>t that difficult, we didn<64>t need them <20>prefolded<65> or in <20>funky<6B> patterns, and we still don<6F>t, particularly if these mimsy extras send the prices through the roof. One <20>popin<69> nappy with camper-van pattern costs <20>18.75.And while it<69>s great to see businesses like Fluffy Little Pickles encouraging women to switch to sustainable sanitary products, do they really need their reusable pads to come in a <20>purple, green and black scale pattern<72> and to set them back <20>13 for each one?A fairytale planet Many of the companies and individuals marketing a sustainable lifestyle tend to give the impression that it takes place on another fairytale planet, and is unattainable for normal people down here on the ground with limited cash, who have to go to work every day.Take this message from the instructor at DIY Natural, a website offering advice on living sustainably. She<68>s showing you how to make, and use, alternative food wraps yourself, from beeswax pellets and parchment paper. <20>I love to wrap my blocks of cheese, folding the food wrap as if I am wrapping a gift. See how nicely it holds its shape?<3F>At least you can make sustainable food wrapping yourself, but it helps if you have a lovely big garden, lots of time and a large kitchen table on which to work.Green design blog Inhabitat tells us that, in Japan, fabric gift wrapping has become an art form. Which is all very lovely, but most of us don<6F>t have time for <20>art forms<6D> while cooking, mopping up and getting ready to have the family for Christmas.Fortunately most of these luxury items could easily be swapped for simple, reusable alternatives, with ordinary names, and you can probably find them for yourself, if you just use your noddle.Modern life is rubbish: we don''t need all this packaging Read more Take The Tailored Home<6D>s Unpaper Towels, a <20>stylish alternative<76> to kitchen roll comprising 12 towels of <20>patterned cotton fabric on your choice terry cloth and your choice of snaps<70> <20> <20>28.80 a pop on Etsy. It sounds like a roll of washable, reusable dishcloths to me, and you can probably buy a plain version for less in an ordinary shop. And great that Danielle Vermeer is trying 
'6f7a8abd6f66a74aa8eba30b4b76522c2d438749'|'Australia''s BHP heads back to roots, drops Billiton from its name'|'Business News - Sun May 14, 2017 - 3:11pm BST Australia''s BHP heads back to roots, drops Billiton from its name By James Regan - SYDNEY SYDNEY One of the last reminders of a merger 16 years ago that created the world''s biggest mining house will be erased on Monday when BHP Billiton ( BHP.AX ) ( BLT.L ) changes its name back to just BHP. Dropping the Billiton reflects a move to simplify its corporate structure, the company said, and return to its founding roots in Australia more than a century ago, when it was known as Broken Hill Proprietary Co Ltd. BHP, which has operations in 25 countries, will retain its dual listings in Australia and London. BHP head of external affairs Geoff Healy dismissed suggestions that the name-cropping is in response to a call by activist shareholder Elliott Management for the miner to scrap its dual-listing mechanism in Sydney and London and spin off assets, specifically its U.S. shale oil unit. "There is zero connection with Elliott''s proposals," Healy said. "We''ve been doing this for 18 months." The company is spending an initial A$10 million (5.7 million pounds) on an advertising campaign in Australia to promote the shortened name. The merger of BHP and South African mining house Billiton in June 2001 created a company with an initial enterprise value of $38 billion. The joining, however, came to be widely regarded by analysts as value-destructive, even during the China-fuelled boom years at the end of the last decade. Most of the original Billiton assets were included in a 2015 spin-off, South32 ( S32.AX ), and no longer contribute to the company''s bottom line. South32 was initially derided as a compilation of BHP Billiton''s most unwanted assets, but it has frequently outperformed the parent company. (Reporting by James Regan; Editing by Tom Hogue)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bhp-billiton-australia-namechange-idUKKCN18A0Q2'|'2017-05-14T22:11:00.000+03:00'
'16f0cb56dcfa7b41bc0a32779b84605370f7e8bc'|'Foxtons<6E> image would benefit from sympathetic updating - Business'|'Sunday 14 May 2017 13.30 BST First published   07.00 BST Social media frequently appears to be a modern popularity contest, but at least that gives us an indication of the reputations of some of our best-known companies. Take the official Twitter account of the irksome estate agency Foxtons , for instance, which possesses a mighty 400 followers and drones on about the major housing topics de nos jours , such as: <20>Do you know what it takes to be a landlord?<3F> (we might venture a guess). By comparison, the @AvoidFoxtons account is proving far more popular, but the estate agent will get a chance to get its official message across this week, when it holds its annual meeting. Still, the gathering comes as other irritating hecklers are also shouting from the sidelines. The company<6E>s shares have lost about 30% of their value in the past 12 months, while fresh news from the Royal Institution of Chartered Surveyors (Rics) last week suggested that the UK housing market is continuing to slow down, with falling property sales and <20>stagnant<6E> buyer demand contributing to one of the most downbeat reports since the financial crash. Oh <20> and obviously there is also the chance of a row with shareholders over executive pay. So will anybody take any notice of Foxtons<6E>s excuses for its list of current challenges? Possibly <20> although sympathisers may be less numerous than its collection of Twitter followers. Package of trouble at Royal Mail This week, Royal Mail Group is promising to hold its annual general meeting <20> although we<77>d all be wise to wait and see if it follows through with that pledge. The company is fast developing a reputation for not always sticking exactly to its word. You will recall how there is currently an almighty row between the company and some staff about efforts to wriggle out of a defined benefit pension scheme <20> which pays out to employees based on years of service with either a career average or final salary. They are nice pensions to have, but are now supposedly unaffordable, unless, as one City wag puts it, scores of workers do the collegiate thing and die more quickly. All of which explains why Royal Mail stopped new staff joining the scheme nine years ago. Anyway, the company is now trying to cut the benefits to its employees who were already enrolled in the scheme, hence the threat of industrial action. As any A-level business student will tell you, pensions are wages deferred and if Royal Mail does not deliver, it<69>s conceptually no different from cutting salaries. Expect that point to be made at this week<65>s AGM <20> assuming Royal Mail doesn<73>t try to sidestep that too. Black horse rides off to private sector Just as the concept of state-owned industries is thrust back into the news agenda with the drafting of the Labour manifesto, there comes a potentially symbolic moment when the UK government finally withdraws from one of its most infamous investments. The government<6E>s investment holding company, UKFI, has been selling down its once-43% stake in Lloyds Banking Group for months. We have now got to the point where, we are so insignificant on the share register that dashing boss Ant<6E>nio Horta-Os<4F>rio might treat us as he does members of the paparazzi while on a foreign business trip <20> and not even notice we<77>re hanging around. Anyway, this week is expected to be the moment when our now 0.25% holding finally goes to zero, so expect crowing by the Conservative party about how Lloyds has been nursed back into the private sector on its watch (and, possibly, Horta-Os<4F>rio saying he<68>s off). Apparently we have all made around <20>500m out of owning a stake in the bank <20> which sounds quite good, although that might be misleading. Last week the Financial Times worked out that if we had we stuck our <20>20.3bn stake into Lloyds<64> highest-paying instant access account, we<77>d have scooped <20>2.9bn in interest. Topics'|'theguardian.com'|'http://www.guardian.co.uk/theobserver/news/business/rss'|'https://www.theguardian.com/busine
'3502cae41e994e3b463354880523d8f7179c7f62'|'Facebook''s Sandberg urges family-friendly policies on Mother''s Day'|'Technology News - Sun May 14, 2017 - 1:41pm EDT Facebook''s Sandberg urges family-friendly policies on Mother''s Day FILE PHOTO - Sheryl Sandberg, Chief Operating Officer of Facebook, delivers a speech during a visit in Paris, France, on January 17, 2017. REUTERS/Philippe Wojazer/File Photo By Laila Kearney - NEW YORK NEW YORK Facebook Inc Chief Operating Officer Sheryl Sandberg posted a Mother''s Day appeal on Sunday for federal and corporate policies to benefit working parents, including a minimum wage increase, mandated paid parental leave and affordable childcare. Sandberg, an influential voice in corporate America and author of the successful 2013 book "Lean In," said the U.S. government and employers must do more to help parents, especially single mothers, who are struggling to provide for their children while assuring their safety and well-being. "It''s time for our public policies to catch up with what our families deserve and our values demand," Sandberg, a 47-year-old widowed mother of two, wrote on her personal Facebook page. "We all have a responsibility to help mothers as well as fathers balance their responsibilities at work and home." One of the most important actions the government could take is to help millions of families living near the poverty line by raising the federal minimum wage, Sandberg said. More than 40 percent of American mothers are the primary breadwinners for their families, she said, and many of them are the only breadwinner. Sandberg''s message was accompanied by a picture of her with her mother and mother-in-law on the day of her wedding to former SurveyMonkey Chief Executive Officer Dave Goldberg, who died in a 2015 exercise treadmill accident. In "Lean In," she encouraged women to be more ambitious in the workplace. Following Goldberg''s death, she co-wrote the book "Option B: Facing Adversity, Building Resilience and Finding Joy" that was published this year. Sandberg called for more protections for mothers, fathers, gay and transgender parents as well as for adoptive parents who seek a leave of absence from their job to care for a child or other family member. "We shouldn''t have to risk losing a job or being able to meet the basic needs of our families to do that," Sandberg said. Sandberg, one of the wealthiest American women with a net worth of $1.38 billion, said the United States is one of the only developed countries not to guarantee paid family or maternity leave. Sandberg also said American parents need affordable childcare. In the United States, the cost of daycare for two children is more than the median annual rent in all 50 states, she said. "How are parents supposed to work if they don''t have a safe and affordable place to leave their kids?" she asked. While President Donald Trump''s daughter and advisor Ivanka Trump has publicly stated her support for paid maternity leave, her father has not articulated a clear position on such benefits, as well as the other issues Sandberg raised in her post. In a Mother''s Day Facebook post last year, Sandberg called for greater public and corporate support for single, working mothers. (Editing by Frank McGurty; Editing by Will Dunham)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-facebook-sandberg-idUSKCN18A0WI'|'2017-05-15T01:25:00.000+03:00'
'0867ae360dd25913f2ab4bc34542099ab21869cb'|'UPDATE 1-JBS delays but does not give up on U.S. IPO plan'|'Deals   1:09pm EDT JBS delays but does not give up on U.S. IPO plan FILE PHOTO: General view of Brazilian meatpacker JBS SA in the city of Lapa, Parana state, Brazil, March 21, 2017. REUTERS/Ueslei Marcelino SAO PAULO JBS SA, the world''s largest meatpacker, has delayed but not ditched its plan to list a U.S. subsidiary this year despite a series of investigations targeting the company''s owners, Chief Executive Wesley Batista said on Tuesday. A court last week ruled that the CEO and his brother Joesley, fellow founder and current JBS chairman, cannot make major changes to the company until the end of a probe into allegedly fraudulent loans from development bank BNDES. In a conference call, the chief executive said the court ruling did not interfere with plans for acquisitions, divestments or an initial public offering (IPO), only deals altering the company''s controlling shareholder structure. However, the CEO Batista said a separate scandal regarding the alleged bribery of health inspectors, which disrupted output and exports, had contributed to the delay of the U.S. IPO, which is now longer feasible by June. "We will look for a window in the second half," he said, adding that investors "have doubts in relation to what is going on." His comments confirmed a Reuters report regarding a likely delay of the IPO amid lukewarm investor feedback. The food safety probe contributed to weak first-quarter earnings reported late on Monday, which sent shares tumbling 8 percent in Tuesday trading, their biggest drop in two months. The results at the JBS Mercosul unit were worse than local peers, Ita<74> BBA analysts led by Antonio Barreto said in a research note on Tuesday. A decision to stop reporting volume and price data per division also reduced visibility of results, Ita<74> said as it downgraded JBS shares to "market perform." Though JBS made no provisions related to the "Weak Flesh" probe, the impact of the investigation will likely be felt in the second quarter, management said. In April, JBS put workers on leave at 10 out of 36 cattle slaughtering units to reduce capacity after the investigation briefly disrupted exports to major global markets. (Reporting by Paula Laier and Ana Mano; Writing by Bruno Federowski; Editing by Daniel Flynn and Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-jbs-results-outlook-idUSKCN18C1MB'|'2017-05-17T01:05:00.000+03:00'
'5a06e82e310003efa562e4aea66c12e922f529f0'|'Lyft, Waymo ink self-driving car deal: NY Times'|'NEW YORK U.S. ride services company Lyft Inc and Alphabet Inc''s ( GOOGL.O ) self-driving car unit Waymo have launched a self-driving vehicle partnership, bringing together two rivals to dominant ride-sharing service Uber Technologies Inc.[UBER.UL]Lyft, the No. 2 U.S. ride service by ride volume, in a statement said a deal to launch self-driving pilots would accelerate its vision for transportation and Waymo, which is beginning tests of a self-driving car service in Phoenix, said the partnership would let its technology reach "more people, in more places".Neither offered many details of the agreement, which was reported earlier by the New York Times.The auto industry and technology companies are racing to develop self-driving technology, which they expect in a number of years will transform transportation, cutting costs of ride services and changing the way people buy and use cars.Uber is the biggest U.S. ride service by volume and has been developing self-driving technology, which it sees as a key to its future, as it expands its ride service with human drivers.Waymo has some of the most advanced self-driving vehicle technology and has been looking for partners, while Lyft offers ride services in about 300 U.S. cities.Still, Lyft said the deal is non-exclusive and will allow it to continue a self-driving partnership with U.S. automaker General Motors Co ( GM.N ), which is a Lyft investor.GM plans to deploy thousands of self-driving electric cars in test fleets partnering with Lyft beginning 2018, sources told Reuters in February.Lyft is extremely early in its autonomous efforts. It has relied heavily on General Motors for any testing and doesn''t have a program that rivals Uber''s Advanced Technologies Group, a department in Uber dedicated to building self-driving technology.Waymo and Uber are fighting in court over self-driving technology that Waymo says was stolen by a former employee who founded another company that Uber later acquired. Uber says it did not steal or use Waymo secrets.Talks on the Waymo and Lyft collaboration between began last summer, a person familiar with the situation said.Lyft raised $600 million at a $7.5 billion valuation last month.(Reporting by Sangameswaran S, Heather Somerville and Jessica DiNapoli; Editing by Peter Henderson and Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lyft-waymo-collaboration-idINKCN18B02L'|'2017-05-14T23:25:00.000+03:00'
'2005fb50a955901774732df4c864d54c590db804'|'Thermo Fisher to buy Patheon for $5.2 billion to expand biopharma services'|'  6:29pm BST Thermo Fisher to buy Patheon for $5.2 billion to expand biopharma services By Bill Berkrot and Natalie Grover Thermo Fisher Scientific Inc ( TMO.N ) said on Monday it would buy Patheon NV ( PTHN.N ), a Dutch manufacturer of drugs for clinical trials, for $5.2 billion (<28>4 billion) as it seeks to complement its offerings in production and services for the biopharma industry. The offer price of $35 per share represents a premium of about 35 percent to Patheon''s Friday close. Thermo will also assume $2 billion in net debt, putting the cost of the deal at about $7.2 billion for Patheon, which generated $1.9 billion in revenue last year. Thermo Fisher, the world''s largest maker of scientific instruments, also supplies raw materials used in formulating experimental drugs and had been doing business with Patheon. Thermo Fisher Chief Executive Marc Casper, in a telephone interview, called the deal a "hand in glove fit to ... our fastest growing part of the business." As drugmakers increasingly vie to shave costs from clinical trials, Patheon''s drug manufacturing capabilities will help Thermo Fisher grab a bigger slice of the fragmented contract development and manufacturing market, which the company estimates to be about $40 billion. Patheon has manufactured more products that won U.S. approval than any peer. The deal, which is expected to be completed by year end, will add to Thermo Fisher''s adjusted profit by 30 cents a share in the first full year after close. "This deal could help solidify Thermo Fisher''s multi-year core growth reacceleration," said Evercore ISI analyst Ross Muken, who called the forecast conservative and sees it adding 35-40 cents a share to earnings. "We put out numbers that we feel incredibly high confidence in our ability to achieve," said Casper, adding that he will update the forecast once the deal closes. The CEO sees greater growth potential longer-term. "There are very interesting opportunities to build out their footprint in Asia-Pacific, where they have not yet really penetrated," Casper said. Thermo Fisher has reached agreements with JLL Partners and Royal DSM to tender their holdings representing about 73 percent of Patheon shares. That puts the company well on the way to securing 80 percent required under Dutch tender rules. Thermo Fisher said it expects to realise cost-saving synergies of about $120 million by year three following the deal''s close as there is little direct overlap in the two companies. There has been a wave of consolidation in the contract research space recently including INC Research Holdings Inc''s ( INCR.O ) agreement last week to merge with inVentiv Health Inc in a $4.6 billion deal. Thermo Fisher shares were up 0.5 percent at $172.41 on Monday afternoon, while Patheon shares were up 33.2 percent at $34.64, just shy of the offer price. Goldman Sachs & Co is acting as financial adviser to Thermo Fisher, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel. Morgan Stanley & Co is Patheon''s financial adviser, and Skadden, Arps, Slate, Meagher & Flom LLP is its legal counsel. (Reporting by Bill Berkrot in New York and Natalie Grover and Ankur Banerjee in Bengaluru; Editing by Martina D''Couto and Matthew Lewis) A banner for Patheon NV hangs to celebrate the company''s IPO at the New York Stock Exchange (NYSE) in New York City, U.S., July 21, 2016. REUTERS/Brendan McDermid'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-patheon-m-a-thermo-fisher-idUKKCN18B27W'|'2017-05-16T01:29:00.000+03:00'
'2b7c58efc7d8879e7634da9f77e2e37910811d8a'|'Italy''s Atlantia makes $18 billion toll road bid for Spain''s Abertis'|'Business News - Mon May 15, 2017 - 8:21pm BST Italy''s Atlantia makes $18 billion toll road bid for Spain''s Abertis left right FILE PHOTO: The Abertis''s logo is seen during a news conference in Barcelona, Spain, April 12, 2016. REUTERS/Albert Gea/File Photo 1/2 left right The logo Spanish infrastructure company Abertis is seen outside his main office in Madrid, Spain, June 1, 2016. REUTERS/Sergio Perez 2/2 By Francesca Landini and Carlos Ruano - MILAN/MADRID MILAN/MADRID Italy''s Atlantia bid 16.3 billion euros (13.95 billion pounds) for Abertis on Monday to create the world''s biggest toll road operator, but still needs the full backing of the Spanish firm''s top shareholder if it is to succeed. Both companies are trying to shift away from their home markets and had previously agreed a deal in 2006, but this fell through due to Italian government opposition. While Atlantia said Monday''s cash-and share offer was friendly and the two have been in talks for weeks, Abertis said the bid had not been solicited and that it would not respond until it is legally obliged to do so. A source close to its largest shareholder Criteria, the holding company that controls Spanish lender Caixabank, said a response could take weeks or even months. Giovanni Castellucci, Atlantia''s chief executive, acknowledged that he had yet to reach a formal agreement with Abertis or Caixabank. Atlantia, which is controlled by the Benetton family, wants a tie-up with Abertis, which gets a third of its core earnings from France and has extensive operations in Latin America, to help cut its dependence on low-growth Italy. Abertis in turn needs to find new business opportunities as some of its motorway concessions in Spain are close to the end of their lifespan. The combined group would have a market value of more than 36 billion euros and generate around 60 percent of core earnings outside Italy. Criteria, which has a stake of 22.3 percent in Abertis, said in a statement it would carefully consider the offer. "You can''t say it''s a done deal yet even though the two sides have talked to each other a lot. The Spaniards have little interest in saying yes right away. But the chances of a counterbid appear very slim," an Italian financial source said. Under Spanish takeover law, the board of a target company should respond to an offer once it has been approved by the market regulator, which usually takes over a month. "We did whatever we could to make it friendly," Castellucci told a conference call, fielding questions from analysts on how confident he was that Criteria would accept the offer. "If we had an agreement, we would have had to say it. We have something different from an agreement...I cannot say more," he said, adding the terms of the offer would not change. In a sign that the market believed the deal would go ahead, Atlantia''s shares rose 2.9 percent to 24.9 euros by 1348 GMT, while Abertis stock fell 0.7 percent to 16.330 - just below the 16.5 euros per share overall valuation offered by Atlantia. The bid - to be funded through a 14.7 billion euros financing package - contains a number of sweeteners for the Spanish side, including a pledge not to de-list Abertis. Atlantia''s bid is structured as a cash offer of 16.5 euros per Abertis share - a touch above the Spanish stock''s closing price on Friday but below the 17 euros per share Criteria asked for, according to sources. The bid includes the possibility for Criteria or other shareholders to opt for a payment in shares and sets a minimum acceptance level of the share offer at 10 percent. BENETTON FAMILY TOP INVESTOR Atlantia slides showed the Benetton family would be the top shareholder of the combined group with an estimated 25.5 percent stake. The equity offer, if accepted, would allow Criteria to own 15 percent, higher than previously expected. Atlantia is offering three board seats for Abertis shareholders. In addition, the new shares it is planning to issue will not be l
'45ab1bfeb9024c357e9260b7a9cfd71143534b08'|'PRESS DIGEST- British Business - May 15'|'Market News - Sun May 14, 2017 - 7:17pm EDT PRESS DIGEST- British Business - May 15 May 15 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times GlaxoSmithKline Plc is preparing investors for an expansion of its consumer healthcare business through an 8 billion pound deal with Swiss rival Novartis AG. bit.ly/2pMDRWR Sir James Dyson is close to sealing a 130 million pound property deal after outbidding several rivals for a prime portfolio of commercial buildings in London. bit.ly/2pMVIg9 The Guardian The government is expected to sell off its remaining shares in Lloyds Banking Group in the coming week, marking a watershed moment for the sector after the financial crisis. bit.ly/2pMaggj Investigators in the UK, the United States, Nigeria and Norway are scrutinising Cas-Global after it was alleged that the firm paid a bribe to a Norwegian official as part of the sale of seven decommissioned naval vessels. bit.ly/2pMwu1s The Telegraph The British microchip giant ARM Holdings has reported record sales in the first set of annual figures since its controversial 24 billion pound sale to Japan''s SoftBank Group Corp last year. bit.ly/2pM3xmA Britain''s bosses will call on the next Government to add two new runways to South East airports, reigniting a politically sensitive debate over how much capacity the UK has. bit.ly/2pMbLuT Sky News Royal Bank of Scotland Group Plc has held last-ditch legal talks with former investors ahead of a trial expected to see Fred Goodwin giving his first account of the lender''s collapse into a decade of state ownership. bit.ly/2pLZhmQ A privately owned recruitment group is in advanced talks to stitch together a rescue deal for the controversial staffing agency which supplies workers to Sports Direct International Plc''s warehouse in Derbyshire. bit.ly/2pM8ICV The Independent Tesco Plc boss Dave Lewis took a 10 percent pay cut last year after receiving a lower annual bonus, but the chief executive still received 4.1 million pounds. ind.pn/2pM0AlY (Compiled by Bengaluru newsroom; Editing by Peter Cooney) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL4N1IG0JV'|'2017-05-15T07:17:00.000+03:00'
'dfeb72648735dc84cc98b49b4bd2cc7d9579a4b9'|'MOVES-UK-based RateSetter names Manduca as non-exec chairman'|'Market News - Mon May 15, 2017 - 10:47am EDT MOVES-UK-based RateSetter names Manduca as non-exec chairman May 15 UK-based peer-to-peer lender RateSetter named Paul Manduca as its new non-executive chairman, replacing Alan Hughes. Manduca will join the company''s board on June 1, and is the chairman of insurer Prudential Plc. He has also served as the chief executive of Rothschild Asset Management and Deutsche Asset Management. (Reporting by Sruthi Shankar in Bengaluru) ISS recommends Arconic shareholders back two Elliott board nominees May 15 Proxy advisory firm Institutional Shareholder Services Inc recommended on Monday that shareholders of specialty metals company Arconic Inc vote for two of activist investor Elliott''s four board director nominees. * Advent, Shanghai Pharma said to consider rival bid of about 70 euros a share for Stada - Bloomberg, citing sources Source text - https://bloom.bg/2pPn4T1 (Bengaluru Newsroom) MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ratesetter-moves-paul-manduca-idUSL4N1IH4MK'|'2017-05-15T22:47:00.000+03:00'
'f58eefdf282f56346018281b4ad0d298dd147da8'|'ECB''s bonds-for-cash scheme stuck at less than half capacity'|' 30pm BST ECB''s bonds-for-cash scheme stuck at less than half capacity FILE PHOTO: The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski/File Photo By Francesco Canepa - FRANKFURT FRANKFURT The European Central Bank''s bonds-for-cash scheme, through which government debt bought as part of the ECB''s 2.3 trillion euros stimulus program is lent out against cash, has yet to reach even half its maximum size, ECB data showed on Monday. The data illustrates the scheme''s limitations in alleviating a scarcity of high-rated government bonds such as Germany''s, used by investors as collateral to guarantee their trading positions and borrow cash via repurchase agreements, or repos. The ECB and the euro zone''s national central banks received cash worth 18.1 billion euros on the average April day in return for bonds lent out under the scheme, the data showed. While this amount has trebled since December, when the program was launched, it is broadly unchanged compared to March and remains far below the program''s 50 billion euro maximum capacity. This total allowance is divided up between the ECB and the seven national central banks that take part in the bonds-for-cash program based on how much government debt they own. This means the amount of coveted German debt actually offered under the scheme is well below 50 billion euros. Repo is a 3 trillion euros market in Europe and has become a key source of short-term funding for banks and other financial firms since the financial crisis. But aggressive ECB purchases of government bonds, the most used collateral for repo, and stricter EU rules on trading and banking have curtailed the supply of that paper at key junctures, such as the end of quarters and years. Failure to come up with collateral when asked can lead to a firm being put into default, with potentially destabilizing consequences for the financial system as a whole. Industry body the International Capital Market Association said constraints on that market should be eased and the ECB should step up its own lending by taking it away from national central banks and centralizing it. This would allow dealers that do not have access to Germany''s Bundesbank to borrow the country''s bonds from the ECB. But ECB President Mario Draghi said last month bond-lending would continue to be carried out by national central banks, confirming an earlier report by Reuters. His deputy Vitor Constancio even called for a tightening of repo rules globally to cap banks'' ability to generate credit by pledging the same assets as collateral multiple times. (Reporting By Francesco Canepa; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ecb-bonds-lending-idUKKCN18B1V6'|'2017-05-15T23:29:00.000+03:00'
'6c17078e21fedc6effaecd21ac41a70d5b2d07ed'|'How AstraZeneca cancer drug forecasts are set to rise'|'Health News - Mon May 15, 2017 - 1:02pm BST How AstraZeneca cancer drug forecasts are set to rise FILE PHOTO: The logo of AstraZeneca is seen on a medication package at a pharmacy in London, Briatan, April 28, 2014. REUTERS/Stefan Wermuth/File Photo LONDON Sales forecasts for AstraZeneca''s all-important new cancer immunotherapy drug Imfinzi are set to rise after the drugmaker received an unexpectedly early boost for the medicine in lung cancer last week. [nL8N1IE19S] Consensus sales forecast compiled before Friday''s news of the drug''s success in stage III lung cancer had put AstraZeneca well behind rivals in the multibillion-dollar immuno-oncology race, Thomson Reuters data shows. ( tmsnrt.rs/2pOcvj9 ) Success in the stage III setting now adds an annual sales opportunity that analysts estimate is worth about $2 billion - and the British drugmaker also has an important lead of two to three years over rivals in this particular area. There is still plenty to fight for between AstraZeneca and its main rivals, Merck & Co, Bristol-Myers Squibb and Roche. Imfinzi''s success in non-metastatic disease does not guarantee a positive result for AstraZeneca''s big MYSTIC trial, where Imfinzi is being tested in combination with another drug in stage IV non-small cell lung cancer that has already spread beyond the lungs. Those results are due by mid-year. [nL8N1HR1AP] Merck''s Keytruda, Bristol''s Opdivo and Roche''s Tecentriq are all currently approved in such metastatic disease, representing a large market, since many lung cancer patients will already have reached stage IV by the time they are diagnosed. For a graphic on cancer drug battle tmsnrt.rs/2pOcvj9 (Reporting by Ben Hirschler, editing by Pritha Sarkar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-astrazeneca-cancer-idUKKCN18B1GN'|'2017-05-15T19:53:00.000+03:00'
'9e2d19c4d3ba6a51d7a3b5eed8edd73878bf2f35'|'AIG lures industry veteran Duperreault as CEO with sweet package'|'Mon May 15, 2017 - 8:28pm BST AIG lures industry veteran Duperreault as CEO with sweet package FILE PHOTO: A banner for American International Group Inc (AIG) hangs on the facade of the New York Stock Exchange, in New York, U.S., on October 16, 2012. REUTERS/Brendan McDermid/File Photo By Suzanne Barlyn - NEW YORK NEW YORK American International Group Inc ( AIG.N ) on Monday named an insurance industry veteran as its new chief executive officer, luring him from the firm he started with a lucrative financial package that includes buying a big piece of his company. In hiring Brian Duperreault, who is 70, AIG is giving into the demands of billionaire investor Carl Icahn, AIG''s fourth largest shareholder, who has been pushing for changes at the insurer. Duperreault''s appointment caps more than two months of uncertainty for shareholders after outgoing CEO Peter Hancock announced in March he would step down, citing a lack of confidence from the board and investors. "Very pleased the AIG board is finally making some of the much-needed changes we''ve been advocating the last 18 months," Icahn tweeted. AIG''s shares were up 0.7 percent at $61.42 in afternoon trading. AIG said it will pay as much as $40 million to free Duperreault from a noncompete agreement with Hamilton Insurance Group Ltd, the firm he founded and ran, in addition to a $16 million annual pay package. AIG also agreed to buy Hamilton''s U.S. business, a technology-driven group of insurance companies, for $110 million, and create a partnership with an affiliate of quantitative investment firm Two Sigma to expand its data mining and analytics. A growing number of insurers are embracing data mining to help price products more effectively and better assess and manage risks. Last year, AIG, Hamilton and Two Sigma collectively invested in Attune, a startup that helps insurance brokers and agents quickly offer quotes and finalize policies for small commercial businesses. Its technology relies on public data, like whether a restaurant passed health inspections, as well as Two Sigma''s private data. "Putting data science and technology to work in our industry has been on my agenda for some time," Duperreault said in a statement. AIG announced a partnership with Hamilton''s reinsurance business as well. The companies described it as a deal that could spark "material premium growth" for Hamilton Re, and provide AIG with a fresh source of reinsurance capital. Bermuda-born Duperreault spent many years at AIG earlier in his career, becoming a prot<6F>g<EFBFBD> of former longtime CEO Hank Greenberg. After leaving AIG in 1994, Duperreault built a reputation as an expert in growing small companies and righting troubled ones. He built ACE Group Inc from a small outfit to a global operation, then launched a successful turnaround as president and CEO at Marsh & McLennan Cos Inc ( MMC.N ) before founding Hamilton. Duperreault''s age suggests he may only stay at AIG for three to five years, several recruiters said in interviews. The company is nearly three-quarters through a turnaround plan that he will guide to completion while grooming a successor, they said. "Brian is uniquely qualified to lead AIG at this important time," Douglas Steenland, chairman of AIG''s board, said in a statement. "He is a hands-on leader who has consistently delivered strong bottom-line results." AIG''s turnaround plan was intended to trim the New York-based insurer through divestitures, improve its financial performance and return $25 billion in capital to shareholders. The company has already put more than $18 billion toward that goal, and its board authorized another $2.5 billion stock repurchase plan last month. Hancock, the previous CEO, developed the plan partly in response to demands from Icahn, who had wanted to split the company into three parts. AIG reported poor fourth-quarter results in February, prompting Hancock to step down, and analysts and investors wondered whether the breakup idea was un
'f93abbac1eca67c2c53791eac0b7b721cce83ab8'|'Daimler, Vivint Solar in exclusive deal on U.S. home batteries'|'Autos - Thu May 18, 2017 - 11:12am EDT Daimler, Vivint Solar in exclusive deal on U.S. home batteries left right FILE PHOTO - Vivint Solar technicians install solar panels on the roof of a house in Mission Viejo, California, U.S. on October 25, 2013. REUTERS/Mario Anzuoni/File Photo 1/3 left right FILE PHOTO - Vivint Solar technicians install solar panels on the roof of a house in Mission Viejo, California, U.S. on October 25, 2013. REUTERS/Mario Anzuoni/File Photo 2/3 A Daimler AG sign in Hanover,. REUTERS/Fabian Bimmer 3/3 By Nichola Groom German automaker Daimler AG will enter the nascent U.S. market for home batteries through a collaboration with residential rooftop solar installer Vivint Solar Inc, the two companies said on Thursday. The exclusive partnership, Vivint''s first foray into energy storage, will allow the companies to compete against similar offerings from automaker Tesla Inc, solar installer Sunrun Inc, battery maker LG Chem Ltd and others. The market for energy storage is small, but growing rapidly as the costs of lithium-ion batteries fall. Last year the industry generated $320 million in revenue in the United States, though residential systems made up just 4 percent of the total. Home battery systems allow customers to store solar power generated during the day for use after sunset, a time when they might charge an electric vehicle. Eventually, as utilities move to charging higher rates for power used in the evening, when demand is greatest, the batteries could bring customers significant savings. They can also provide backup power. Daimler will sell the batteries through its Mercedes-Benz Energy subsidiary established last year, bringing its aspirational car brand to the home energy market in much the same way Tesla has with its Powerwall batteries. The head of Mercedes-Benz Energy Americas, Boris von Bormann, said entering the home storage market was a natural evolution for the luxury car brand. "In the future when someone steps into a dealership and they are looking to purchase an EV, they are asking for several solutions and storage will be one of them," he said in an interview. Vivint Chief Executive Officer David Bywater said solar customers are increasingly demanding an energy "ecosystem" that includes home energy management, storage and electric vehicle charging. Mercedes-Benz "will help us both on the home storage as well as the EV charging stations over time," Bywater said. The energy storage systems will be made up of 2.5 kWh modular batteries that can be combined to create a system as large as 20 kWh. The largest size would cost about $13,000 fully installed, Bywater said. By comparison, a 14 kWh Tesla Powerwall costs $6,200, not including up to $2,000 in installation costs, according to pricing information on Tesla''s website. The systems are available immediately, and Vivint plans to sell them both online and through its primary door-to-door sales operation. (Reporting by Nichola Groom; Editing by David Gregorio) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-daimler-vivint-batteries-idUSKCN18E1LM'|'2017-05-18T21:35:00.000+03:00'
'9538773df2b3fc2a77348a3fc5cc443d41e09112'|'Hapag-UASC tie-up nears completion as funding snags overcome: sources'|'By Jonathan Saul and Arno Schuetze - LONDON/FRANKFURT LONDON/FRANKFURT German shipping line Hapag Lloyd ( HLAG.DE ) is close to completing a merger with United Arab Shipping Company (UASC) after UASC''s shareholders agreed terms to repay outstanding debts, sources familiar with the talks told Reuters.The deal to create the world''s fifth-biggest shipping company, valued at about 7 billion to 8 billion euros ($7.8-$8.9 billion), had been scheduled to complete at the end of last year.It would give Hapag Lloyd access to bigger ships on the major Asia to Europe trade route. The Hamburg, Germany-based company reported deepening losses in the first quarter as fuel costs grew and freight rates fell.But Hapag Lloyd and Gulf-based banks involved in the talks demanded that UASC shareholders stump up more funds to help the combined company through an unprecedented downturn in the container shipping industry, according to people familiar with the talks.Sources also told Reuters in March that some of the syndicate banks and Hapag Lloyd also wanted a commitment that UASC''s top shareholder Qatar would remain committed to the deal in the long term and not lower its stake in the combined group.Those obstacles have now been overcome, finance sources said on Thursday. One said the Qatar Investment Authority (QIA) had offered the necessary assurances over its stake. Both added that syndicate banks had begun to receive the shareholder funds, clearing the way for formal completion."The deal is finally moving to a close," said one of the sources who declined to be identified, citing the sensitivity of the negotiations.A spokesman for Hapag Lloyd confirmed that the transaction was expected to close by the end of May as the parties worked through final financial details of the combination, without commenting further.The two finance sources and a shipping industry source said a joint management team for the merged group was not yet in place, but one of the sources said that was not seen as a "deal breaker".JOB CUTSIt was unclear whether job cuts or a move to limit duplication on shipping routes were being planned.Shipping lines are still struggling with too much capacity after a decade-long shake-out that began after the global financial crisis that slashed profits and proved fatal for South Korea''s Hanjin.Hapag Lloyd Chief Executive Rolf Habben Jansen has said he underestimated the complexity of the deal. Qatar owns 51 percent of UASC, Saudi Arabia has 35 percent and the rest is owned by the United Arab Emirates, Bahrain, Kuwait and Iraq.Qatar will hold 14 percent in the merged group via QIA''s subsidiary Qatar Holding LLC, while Saudi Arabia will have a 10 percent stake, UASC has said. The structure of the deal, presented by both sides as a merger, has not been disclosed.QIA, one of the world''s largest sovereign wealth funds, declined to comment, while UASC did not immediately respond to a request for comment.The fate of UASC''s United Arab Chemical Carriers (UACC), a small subsidiary of UASC which needs to be sold in terms of the merger, has been an added complication. No buyers have yet emerged for UACC, which is valued at up to $200 million.The two finance sources said QIA and Hapag Lloyd may have to step in to acquire all the shares in UACC if no buyer can be found.In 2013, a planned merger between Hapag-Lloyd and Hamburg Sud was called off as terms could not be agreed. The world''s top container group Maersk Line ( MAERSKb.CO ) is acquiring Hamburg Sud in a 3.7 billion euro deal.Hapag Lloyd shareholder, travel company TUI Group ( TUIT.L ), said on Wednesday it would look at a possible sale of its Hapag stake once the merger is completed.(Additional reporting by Tom Finn in Doha and Jan Schwartz in Hamburg, editing by Tom Pfeiffer and Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-uasc-m-a-hapag-lloyd-idINKCN18E24S'|'2017-05-18T12:54:00.000+03:00'
'4046b7482958357b434bba91cfc00c4221b8ce1d'|'GM to stop selling cars in India but not pulling out'|'Technology News   4:14pm IST GM to stop selling cars in India but not pulling out left right An employee works inside a plant of General Motors India Ltd. at Halol, Ahmedabad, August 28, 2009. REUTERS/Amit Dave/Files 1/5 left right Employees work inside a plant of General Motors India Ltd. at Halol, about 150 (93 miles) east from Ahmedabad August 28, 2009. REUTERS/Amit Dave/Files 2/5 left right Employees work on a Chevrolet Beat car on an assembly line at the General Motors plant in Talegaon, about 118 km (73 miles) from Mumbai September 3, 2012. REUTERS/Danish Siddiqui/Files 3/5 left right Employees are seen working through the doors of Chevrolet Beat cars on an assembly line at the General Motors plant in Talegaon, about 118 km (73 miles) from Mumbai September 3, 2012. REUTERS/Danish Siddiqui/Files 4/5 left right A model stands besides a General Motors (GM) Chevrolet Volt car during Auto Expo, in New Delhi January 6, 2012. REUTERS/Adnan Abidi/Files 5/5 By Norihiko Shirouzu - BEIJING BEIJING General Motors Co will stop selling cars in India from the end of this year, drawing a line under two decades of battling in one of the world''s most competitive markets where it has less than a one percent share of passenger car sales. The decision was announced as part of a series of restructuring actions from the Detroit automaker on Thursday, and marks a significant blow to India''s strategy of encouraging domestic manufacturing. GM says it would no longer market its Chevrolet brand - its only brand of cars marketed in India - despite India''s promise as a market set to overtake Japan as the world''s third largest in the next decade. But it doesn''t plan to leave India entirely. It plans to keep operating its tech center in Bengaluru and to refocus its India manufacturing operations by making one of its two assembly plants in India <20> the one at Talegaon, about 100 km (62 miles) southeast of Mumbai <20> into an export-only factory. It plans to sell the Halol plant in Gujarat to Chinese joint venture partner SAIC Motor Corp . "We are not giving up benefits India offers as a local cost manufacturing hub with an excellent supplier base which is extremely competitive," Stefan Jacoby, GM''s chief of international operations, said in an interview. GM''s exports from India, mainly to Mexico and Latin America, nearly doubled to 70,969 vehicles in the fiscal year than ended on March 31. The Talegaon plant has a capacity of 130,000 vehicles a year. Jacoby said the move to turn the Talegaon assembly into an export-only plant will not impact GM Korea and its position as an export hub. India will export vehicles mostly to Mexico and South America, among other destinations, while GM Korea will ship Korean-made cars to North America, Southeast Asia, Australia and Pakistan. Dan Ammann, GM<47>s global president, said the restructuring actions for India announced on Thursday in essence cancels "most" of the plan GM unveiled in 2015 to invest $1 billion in India to deploy newly-designed vehicle architecture as part of a Global Emerging Market vehicle programme or GEM for short, and build a new line of low-cost vehicles in India. The decisions to significantly scale down GM''s operations in India are results of months of analysis over "where we are going to place our bets (globally) as a company," Ammann said in an interview. LATEST BLOW The move is the latest blow to Prime Minister Narendra Modi''s "Make in India initiative," aimed at making the country a global manufacturing powerhouse. Last year, Ford Motor Co shelved plans to produce a new compact car family designed mainly for emerging markets. India and China had been slated to be the main manufacturing hubs for the new range that was set to begin production in 2018. The auto sector is a major employment generator accounting for about 29 million direct and indirect jobs in India. Moreover, the $93 billion industry contributes 7.1 percent to the nation''s gross domestic product and almost 50 percent of
'47b21a41154250ad3ad4eb3fd88b196297c49f76'|'Deals of the day-Mergers and acquisitions'|'May 9 The following bids, mergers, acquisitions and disposals were reported by 1015 GMT on Tuesday:** Toshiba Corp has told Western Digital Corp not to interfere in the sale of its prized chip unit, rejecting claims it has breached a joint venture contract and threatening legal action.** Elliott Advisors, the hedge fund that has been pushing Dutch paint maker Akzo Nobel to enter takeover talks with U.S. peer PPG Industries, said it had launched legal action to try to oust Akzo chairman Antony Burgmans.** Japanese oil refiners Idemitsu Kosan Co Ltd and Showa Shell Sekiyu KK said on Tuesday that they have signed a deal to form a business alliance ahead of Idemitsu''s stalled merger with Showa Shell.** Pandora Media Inc said late on Monday that KKR & Co LP has agreed to invest $150 million in the music streaming service, while the company explores strategic alternatives, including a sale.** Verizon Communications Inc does not see an urgent need to undertake a big strategic merger or acquisition, its chief executive said on Monday, as some Wall Street analysts have urged the wireless company to do.** Brazilian state oil company Petroleo Brasileiro SA said on Monday a federal court had thrown out a lawsuit seeking to block its divestment of distribution arm BR Distribuidora.** China Poly Group, a real estate developer, said it has transferred its main energy unit to China Coal Group as required by the state asset supervisor.** Health insurer Anthem Inc asked a Delaware judge on Monday to give it more time to try to win approval for a merger with rival Cigna Corp, which is seeking to end the deal and collect a $1.85 billion break-up fee.(Compiled by Divya Grover in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1IB3J5'|'2017-05-09T08:26:00.000+03:00'
'd771edad3f9293b3ceefb7b3d41b692045ac0882'|'Japan real wages growth slowest in nearly two years, to chill spending'|'Economy News - Tue May 9, 2017 - 1:16am BST Japan real wages growth slowest in nearly two years, to chill spending A businessman walks in Tokyo''s business district, Japan January 20, 2016. REUTERS/Toru Hanai/File Photo TOKYO Japan''s March real wages fell at the fastest pace in almost two years, pressured by meager nominal pay hikes and a slight rise in consumer prices, posing a setback for Prime Minister Shinzo Abe''s attempts to revitalize the economy. The wages figures back recent data showing household spending fell more than expected and core consumer prices rose at a slower-than-expected pace in March, suggesting an exit from the central bank''s radical quantitative easing program remains distant. Inflation-adjusted real wages dropped 0.8 percent in March from a year earlier to mark their biggest rate of decline since June 2015, labor ministry data showed on Tuesday. In nominal terms, wage earners'' cash earnings fell 0.4 percent year-on-year in March, also notching the biggest rate of decrease since June 2015. The data underscores the fragile and patchy nature of Japan''s economic recovery. It also bodes ill for Abe, who has repeatedly urged companies to lift worker compensation to foster sustainable growth in the world''s third-largest economy through a virtuous cycle of increased household spending, higher business investment and production. The drop in March nominal cash earnings and real wages partly reflected a pullback from the same period a year earlier, when wage growth was solid, a labor ministry official said. In March 2016, nominal cash earnings rose 1.5 percent on-year and real wages increased 1.6 percent. "We need to look at the data for April onward. We can''t say by looking at just this month that the trend (in wage growth) has shifted," the official said. Businesses have been reluctant to raise wages despite a tight labor market. An overwhelming majority of Japanese companies said they will raise wages at a slower pace than they did last year, a Reuters poll found. Regular pay, which determines base salaries, dipped an annual 0.1 percent, falling for the first time since May last year. Overtime pay, a barometer of strength in corporate activity, fell 1.7 percent in March from a year earlier. Special payments, such as bonuses, fell 3.6 percent in March on-year, also marking the largest drop since June 2015. Special payments are generally small, so even a slight change in the amount can cause big percentage changes. To view the full tables, see the labor ministry''s website at: here (Reporting by Minami Funakoshi; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-economy-wages-idUKKBN18500O'|'2017-05-09T08:02:00.000+03:00'
'efa14bebaa3619a6db1c320955481bcae8f85676'|'BRIEF-Carl Icahn takes shared share stake in Conduent'|'May 15 Carl Icahn* Carl Icahn takes shared share stake in Conduent Inc of 19.8 million shares* Carl Icahn - change in holdings are as of March 31, 2017 and compared with the previous quarter ended as of Dec 31, 2016 Source text for quarter ended March 31, 2017 ( bit.ly/2pQ15LR ) Source text for quarter ended Dec. 31, 2016: ( bit.ly/2qoFThV )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-carl-icahn-takes-shared-share-stak-idINFWN1IH194'|'2017-05-15T18:47:00.000+03:00'
'7a3e1b5d2ef3d108780c8e352b947abf5111e910'|'Kazakhstan''s Tengizchevroil Q1 oil output slightly down to 7.3 mln tonnes'|'ALMATY May 16 Kazakh upstream venture Tengizchevroil produced 7.3 million tonnes (58 million barrels) of oil in the first quarter, it said on Tuesday, down from 7.4 million tonnes a year earlier.Chevron, ExxonMobil, Lukoil and KazMunayGas are partners in the venture, the Central Asian nation''s biggest oil producer. (Reporting by Mariya Gordeyeva; Writing by Olzhas Auyezov; editing by Katya Golubkova)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tengizchevroil-output-idINL8N1II1DJ'|'2017-05-16T05:08:00.000+03:00'
'5dd46fe65986d2a6d8b3638067569b86f5063b05'|'Qualcomm ups ante in fight with Apple, sues four Taiwanese suppliers'|'Technology News   5:52am BST Qualcomm ups ante in fight with Apple, sues four Taiwanese suppliers left right FILE PHOTO: A Qualcomm sign is pictured at one of its many campus buildings in San Diego, California, U.S. April 18, 2017. REUTERS/Mike Blake/File Photo 1/4 left right FILE PHOTO: Employees work inside a Foxconn factory in the township of Longhua in the southern Guangdong province May 26, 2010. REUTERS/Bobby Yip/File Photo 2/4 left right FILE PHOTO: A Qualcomm sign is pictured at one of its many campus buildings in San Diego, California, U.S. April 18, 2017. REUTERS/Mike Blake 3/4 left right FILE PHOTO: The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company''s headquarters in New Taipei City, Taiwan March 29, 2016. REUTERS/Tyrone Siu/File Photo 4/4 Chipmaker Qualcomm Inc ( QCOM.O ) has escalated its patent battle with Apple Inc ( AAPL.O ), suing Foxconn and three other Taiwanese manufacturers that supply iPhone and iPad components for not paying royalties. Apple filed a lawsuit against Qualcomm in January, accusing it of overcharging for chips and refusing to pay some $1 billion in rebates - a move that came days after the U.S. government accused the chipmaker of using anticompetitive tactics to maintain a monopoly over key semiconductors in mobile phones. Qualcomm has called Apple''s suit baseless and has said the iPhone maker was encouraging regulatory attacks on its business. On Wednesday, Qualcomm said in its complaint that Apple had advised the four contract manufacturers to withhold royalty payments and agreed to indemnify them against any damages resulting from the breach of their agreements with Qualcomm. It did not disclose the sum of the alleged unpaid royalties in the complaint which was filed in the United States District Court for the Southern District of California. Qualcomm is seeking an order for the suppliers to comply with contractual obligations as well as damages. Foxconn, formally known as Hon Hai Precision Industry Co and one of Apple''s main suppliers, said it had not yet received documents regarding the lawsuit and declined further comment. Wistron Corp ( 3231.TW ) also said it had not received the relevant documents. Pegatron Corp ( 4938.TW ) declined to comment, while Compal Electronics Inc ( 2324.TW ) did not offer immediate comment. Last month, Qualcomm slashed its profit and revenue forecasts for the current quarter, saying it excluded revenue receivable from the four contract manufacturers. Qualcomm, the largest maker of chips used in smartphones, said in its filing that Apple is trying to force the company to agree to an "unreasonable demand for a below-market direct license". Apple reiterated that it had been trying to reach a licensing agreement with Qualcomm for more than five years but the company has refused to negotiate fair terms. Qualcomm''s shares fell 1 percent to $55.36 on Wednesday while Apple''s shares slid 3.4 percent to $150.25. Shares in the Taiwanese suppliers fell between 0.4 percent and 2 percent in early Thursday trade except for Compal which rose 1.5 percent. (Reporting by Narottam Medhora and Supantha Mukherjee in Bengaluru; Additional reporting by Jess Macy Yu in Taipei; Editing by Maju Samuel and Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-apple-lawsuit-qualcomm-idUKKCN18D1EC'|'2017-05-18T12:50:00.000+03:00'
'883c1defc94d52c2c96396db47846796735ab3b4'|'U.S. top court rules in favor of debt collector in bankruptcy dispute'|'Market News - Mon May 15, 2017 - 10:16am EDT U.S. top court rules in favor of debt collector in bankruptcy dispute WASHINGTON May 15 The U.S. Supreme Court on Monday handed a victory to debt collectors, ruling that people who have filed for bankruptcy cannot sue companies that tried to recoup old debt that was not required to be paid back under state statutes of limitations. The justices, in a 5-3 decision, ruled in favor of Midland Funding, a subsidiary of Encore Capital Group Inc, which was sued by an Alabama debtor named Aleida Johnson who entered bankruptcy in 2014. The court''s newest justice, Neil Gorsuch, did not participate in the ruling. (Reporting by Lawrence Hurley; Editing by Will Dunham) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-court-debt-idUSW1N1GY00H'|'2017-05-15T22:16:00.000+03:00'
'623159402c1bfd3adc227f76f3d93be2d94e538f'|'Exclusive: IEA to review oil demand outlook after China, India signal auto policy shifts'|'Business News - Fri May 12, 2017 - 4:40am BST Exclusive: IEA to review oil demand outlook after China, India signal auto policy shifts FILE PHOTO: Electric cars are seen at a parking lot of an automobile factory in Xingtai, Hebei province, China April 26, 2016. REUTERS/Stringer/File Photo REUTERS By Gavin Maguire and Henning Gloystein - SINGAPORE SINGAPORE The International Energy Agency will review its electric vehicle (EV) use and oil demand forecasts after India and China recently signalled new policies in favour of electric cars and vehicles using other alternatives to gasoline. In its current policies scenario, last updated in November 2016, the IEA expects vehicle demand for oil to rise until 2040. But after the world''s two fastest growing oil markets, China and India, indicated they are likely to take radical turns away from gasoline, the IEA says it will need to review its forecasts. "We will therefore revisit our analysis of future EV market penetration on the basis of these new announcements for the next World Energy Outlook 2017, to be released on 14 November,<2C> an IEA spokesman told Reuters. In its "road map", released in April, China said it wants alternative fuel vehicles to account for at least one-fifth of a projected 35 million annual vehicle sales by 2025. India is considering even more radical action, with an influential government think-tank drafting a report in support of electrifying all vehicles in the country by 2032, according to government and industry sources. "There has been further policy momentum in support of electric cars, in particular from China and India," the IEA said. The IEA says that China and India currently consume 11 percent and 2 percent of global gasoline demand respectively. "The choices made by China and India are obviously most relevant for the possible future peak in passenger car oil demand," the IEA said. (Editing by Martin Howell)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-oil-demand-iea-idUKKBN1880A6'|'2017-05-12T11:40:00.000+03:00'
'9da0664cde1c4f4fec5e76175676dfab71fbf480'|'Mexican beef exporters look to Muslim markets as U.S. alternatives'|'Money  33am IST Mexican beef exporters look to Muslim markets as U.S. alternatives By David Alire Garcia and Theopolis Waters - MEXICO CITY/CHICAGO MEXICO CITY/CHICAGO Mexico''s growing beef industry is targeting Muslim consumers in the Middle East for its prime cuts as it seeks to reduce dependence on buyers in the United States. The potential for a U.S.-Mexico trade war under President Donald Trump has accelerated efforts by Mexican beef producers to explore alternative foreign markets to the United States, which buys 94 percent of their exports worth nearly $1.6 billion last year. Trump has vowed to redraw terms of trade with Mexico and Canada to the benefit of the United States. Mexican beef companies fear they may be dragged into a renegotiation of the North American Free Trade Agreement between the three countries. That has firms looking to the Middle East, where most meat is imported from non-Muslim countries using animals slaughtered by the halal method prescribed by Islamic law. Mexico, the world''s sixth biggest beef producer, plans to quadruple exports of halal beef to 44 million pounds (20,000 tonnes) by the end of 2018 from 11 million pounds (5,000 tonnes) this year, according to data from the Mexican cattle growers association AMEG. The country should have 15 plants certified to produce halal meat by the end of next year, up from a current six, according to AMEG data. Jesus Vizcarra, chief executive and owner of SuKarne, Mexico''s biggest beef exporter, said his company sees big potential for sales to Muslim-majority countries. "We have to seek out more markets," he said in an interview, pointing to near-term targets in Egypt, the United Arab Emirates, Qatar and Lebanon. "There''s an opportunity in these Middle Eastern countries," said Vizcarra, who is known in Mexico as the King of Beef and has boasted of being born in a slaughterhouse. At SuKarne''s sprawling Monarca plant, located 270 miles (435 km) west of the Mexican capital in Michoacan state, more than 150,000 cows leisurely pick at row after row of grain channels in dusty feed lots. The plant is the company''s first halal-certified facility and earlier this year began its first-ever shipments to Muslim markets. "EYES WIDE OPEN" Mexico''s cattle growers'' association sent a trade mission to Dubai and Qatar in late February to meet potential buyers, said Rogelio Perez, AMEG''s top trade official Inspectors from the UAE will visit Mexico by June, after Saudi inspectors were in Mexico in March, he said. "They left with a very good taste in their mouths regarding Mexican production systems," he said. Plants must be certified as halal compliant by third-party companies such as U.S.-based Halal Transactions of Omaha or United Arab Emirates-based RACS. Earlier this year, Indonesia, the world''s most populous Muslim country, expressed interest in buying Mexican beef for the first time although no deals have yet been cut. Sales to Muslim countries would take a bite out of the market share for halal meat held by beef packers from the United States and Brazil, according to industry and trade sources. Mexico''s beef industry is able to grow its export markets due to a successful push to meet exacting U.S. standards and modernize the sector over the past two decades. That has put Mexican packers in a strong position to diversify away from the U.S. market. "It was our big strength until President Donald arrived, and now it''s our major weakness," said Bosco de la Vega, president of Mexico''s state farm council, adding that Mexico should limit beef exports to the United States to a maximum of half the overall flow. He said Mexico can do so in the next five years. Russia is considering buying large volumes of Mexican beef, and Mexico is also seeking to expand shipments to existing buyers like Japan and South Korea. Mexico''s herd hit a record 31 million animals in 2015 and totaled 30.8 million in 2016, producing 4.142 billion pounds and exports of 712 mi
'9d225bcee8e11d4e9afd77362d2cfb3c599041b0'|'United Internet to buy Drillisch through shares and cash'|'Business News - Fri May 12, 2017 - 7:42am BST United Internet to buy Drillisch through shares and cash FRANKFURT German internet service provider United Internet ( UTDI.DE ) plans to acquire a majority stake in mobile operator Drillisch ( DRIG.DE ) in a step-by-step stock and cash transaction to create a stronger challenger in the German telecoms market. United Internet plans to combine Drillisch and its own 1&1 consumer fixed-line and mobile business within the group, maintaining Drillisch''s independent listing and "attractive" dividend policy, the companies said on Friday. The proposed transaction values the 1&1 Telecommunication retail business at 5.85 billion euros (4.9 billion pounds) and will create a business with annual sales of more than 3.2 billion euros and more than 12 million customers, the companies said. That would put it in fourth place behind Deutsche Telekom ( DTEGn.DE ), Vodafone ( VOD.L ) and Telefonica Deutschland ( O2Dn.DE ), all of whom have their own mobile networks. Drillisch has extensive access to Telefonica''s mobile network. The companies aim to execute the deal through two capital increases by Drillisch to buy a stake in and then all of 1&1, consequently lifting United''s stake in Drillisch in exchange. Drillisch will initially sell nine million new shares to buy 7.75 percent of 1&1 Telecommunication, which will take United Internet''s stake in Drillisch to a little more than 30 percent from 20 percent and trigger a full takeover offer. That offer will be at 50 euros per share, which the companies said represented a premium of 8.2 percent over Drillisch''s three-month volume-weighted average share price. The offer is expected to run from the end of May to the end of June. Drillisch shares closed at 48.54 euros on Thursday and were indicated up 6.5 percent before the market opened on Friday. Drillisch would then buy the rest of 1&1 Telecommunication for 108 million new Drillisch shares, in exchange for which United''s stake in Drillisch would rise to 72.7 percent. The issuing of these new Drillisch shares would have to be approved by 75 percent of shareholders at an extraordinary general meeting, called for July 25. "The combination with 1&1 Telecommunication is a tremendous opportunity for Drillisch and our shareholders and is a leap for our company into a completely new dimension," said Drillisch Chief Executive Vlasios Choulidis. "In terms of sales, Drillisch AG will be about five times as large as it is today." Choulidis would step down from operational management and become chairman of Drillisch''s supervisory board if the transaction goes through as planned. The combined company would be led by Drillisch finance chief Andre Driesen, as well as 1&1 Telecommunication CEO Martin Witt and United Internet Chief Executive Ralph Dommermuth. United Internet''s business-to-business and wholesale operations are not part of the transaction. The two companies said they envisaged annual savings of 150 million euros from 2020, rising to 250 million euros by 2025, and costs of 50 million euros for the transaction. (Reporting by Georgina Prodhan; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-drillisch-m-a-united-internet-idUKKBN1880LV'|'2017-05-12T14:42:00.000+03:00'
'da3117588d49cb3cb23d8e9794b2a04373f727bd'|'Brazil''s BRF sees higher marketing expenses in wake of food scandal'|'Market News  10am EDT Brazil''s BRF sees higher marketing expenses in wake of food scandal SAO PAULO May 12 Brazilian food processor BRF SA on Friday said a recent meat safety scandal that resulted in the temporary closure of one plant and the charging of two company executives will continue to affect operations. Chief executive Pedro Faria told a conference call that marketing spending was likely to rise as BRF deals with the fallout from the "Weak Flesh" probe, which accused food inspectors and some executives of conspiring to evade checks. "The investigation will leave profound wounds," he said, adding BRF hoped to emerge stronger. (Reporting by Ana Mano; Editing by Daniel Flynn) CANADA FX DEBT-C$ dips but stays above 14-month low amid firm oil price * Canadian dollar at C$1.3710, or 72.94 U.S. cents * Bond prices higher across a flatter yield curve TORONTO, May 12 The Canadian dollar edged lower against its broadly weaker U.S. counterpart on Friday, but kept some distance from a recent 14-month low as prices of oil held on to this week''s gains. U.S. crude prices, which had hit a five-month low one week ago, edged up 0.17 percent to $47.91 a barrel, helped by expectations of an extension of OPEC-led output BRASILIA, May 12 The Brazilian economy grew in the first quarter, Finance Minister Henrique Meirelles reiterated on Friday at an event celebrating the first anniversary of President Michel Temer''s administration. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brf-outlook-idUSE6N1FM02G'|'2017-05-12T22:10:00.000+03:00'
'91daab95d4fe72f62d804cf31ab3278596e1f661'|'Wells Fargo may have created 3.5 million unauthorized accounts: lawyers'|'Banks - Fri May 12, 2017 - 4:49pm EDT Wells Fargo may have created 3.5 million unauthorized accounts: lawyers A Wells Fargo Bank is shown in Charlotte, North Carolina, U.S., September 26, 2016. REUTERS/Mike Blake By Jonathan Stempel Wells Fargo & Co ( WFC.N ) may have opened as many as 3.5 million unauthorized customer accounts, far more than previously estimated, according to lawyers seeking approval of a $142 million settlement over the practice. The new estimate was provided in a filing late Thursday night in the federal court in San Francisco, and is 1.4 million accounts higher than previously reported by federal regulators, in what became a national scandal. Keller Rohrback, a law firm for the plaintiff customers, said the higher estimate reflects "public information, negotiations, and confirmatory discovery." The Seattle-based firm also said the number "may well be over-inclusive, but provides a reasonable basis on which to estimate a maximum recovery." Wells Fargo spokesman Ancel Martinez in an email said the new estimate was "based on a hypothetical scenario" and unverified, and did not reflect "actual unauthorized accounts." Nonetheless, it could complicate Wells Fargo''s ability to win approval for the settlement, which has drawn opposition from some customers and lawyers who consider it too weak. U.S. District Judge Vince Chhabria in San Francisco is scheduled to consider preliminary approval at a May 18 hearing. The accounts scandal mushroomed after Wells Fargo agreed last September to pay $185 million in penalties to settle charges by authorities including the U.S. Consumer Financial Protection Bureau. Wells Fargo employees were found to have opened the accounts in part because of pressure to meet sales goals. John Stumpf and Carrie Tolstedt, who were respectively the San Francisco-based bank''s chief executive and retail banking chief, lost their jobs and had tens of millions of dollars clawed back over the scandal, and 5,300 employees were fired. The $142 million settlement covers accounts opened since May 2002. Wells Fargo originally agreed to pay $110 million covering accounts since 2009, but boosted the payout after discovering more problems. Keller Rohrback said the settlement "fairly balances the risks" of further litigation, including the possibility their clients might lose, against the benefits. The accord has drawn objections from law firms including Heninger Garrison Davis, from Birmingham, Alabama. It said the accord underestimated the potential maximum damages by at least 50 percent, and did not properly address whether Wells Fargo committed identity theft by using customers'' personal data to open the accounts. Lawyers from the Alabama firm did not immediately respond on Friday to requests for comment. (Reporting by Jonathan Stempel; Additional reporting by Dan Freed in New York; Editing by Tom Brown) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-wells-fargo-accounts-idUSKBN1882UV'|'2017-05-13T04:36:00.000+03:00'
'8cfdc4cf61a9be32c7025035603111783ca10a5d'|'Countdown starts on global overhaul of insurance accounting'|'Thu May 18, 2017 - 12:14am BST Countdown starts on global overhaul of insurance accounting By Huw Jones - LONDON LONDON Insurers in over 100 countries face a "once in a lifetime" accounting change from January 2021 with the introduction of a uniform international book-keeping standard, details of which will be published on Thursday. Twenty years in the works, the new regulation seeks to make it easier for investors to compare how much insurers like Axa, Prudential and Generali earn from policies by prising open a "black box" of opaque national practices. Analysts say it will mean billions of euros in compliance costs as insurers ramp up IT systems to recalculate millions of contracts each reporting period. The new rule from the International Accounting Standards Board (IASB) will affect 450 listed insurers who manage $13 trillion in assets. IASB Chairman Hans Hoogervorst said poor quality accounting has put off investors and the benefits of the new standard will outweigh costs by a wide margin. "We do not wish to belittle the costs. The increased transparency of the market should lead to improved investability of the sector. In the long run, it should lead to a lowering of the cost of capital for the industry," Hoogervorst told Reuters. IASB accounting rules are applied across the European Union, in many Asian countries and Canada, but not in the United States, which is working on its own reform. Under "IFRS 17" insurers will have to calculate income from policies like motor insurance to annuities using interest rates and other market information updated for each reporting period. This ends the practice of insurers using data from when the policy was taken out, which can be years old in some cases. "It''s a big deal as it means accounting policies will change for all contracts, and profits could be more volatile than today," said Kevin Griffith, who is responsible for IFRS 17 at accountants EY. "More of the profit from a contract will be deferred over the contract period, which could mean increased volatility in earnings. Market reaction to this will depend on how companies manage the message to investors as a company''s fundamentals have not changed," Griffith said. Advisory firm Willis Towers Watson said it may affect the ability to pay dividends and management bonuses, and meet market-wide performance benchmarks. Accounting firm Deloitte said the "once in a lifetime change" would not come cheap. "This effort will likely generate implementation costs for many insurers as large as those incurred in the European Union for the adoption of the Solvency II regulations - estimated between three and four billion euros for the EU insurers as a whole," said Mark McQueen, responsible for IFRS 17 at Deloitte. Insurance Europe, an industry body, said very few insurers will have seen full versions of the text before its release. "The implementation cost and effort for IFRS 17 will be substantial, but a proper cost-benefit analysis can only be performed once the final text is available," said Insurance Europe''s deputy director general Olav Jones. Hoogervorst was confident the EU would endorse the new rule for use across the bloc, and also expected Britain to apply it even though it would come into effect after Brexit in 2019. ($1 = 0.7735 pounds)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-insurance-accounts-regulations-idUKKCN18D2XU'|'2017-05-18T07:03:00.000+03:00'
'5303913327cd7b8ce7324f0b990ba7388871052c'|'U.S. preparing to sue Fiat Chrysler over excess diesel emissions'|'Wed May 17, 2017 - 11:46pm BST U.S. preparing to sue Fiat Chrysler over excess diesel emissions FILE PHOTO - A screen displays the ticker information for Fiat Chrysler Automobiles NV at the post where it''s traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 12, 2016. REUTERS/Brendan McDermid By David Shepardson - NEW YORK NEW YORK The U.S. Justice Department plans to file a civil lawsuit against Fiat Chrysler Automobiles NV ( FCHA.MI ) over excess diesel emissions as early as this week if no agreement is reached with the Italian-American automaker, two sources briefed on the matter said on Wednesday. The U.S. Environmental Protection Agency in January accused FCA of illegally using undisclosed software to allow excess diesel emissions in about 104,000 cars and SUVs, the result of a probe that stemmed from regulators'' investigation of rival Volkswagen AG ( VOWG_p.DE ). The EPA and California Air Resources Board have been in talks with FCA about the excess emissions and whether the agencies would approve the sale of 2017 FCA diesel models. A federal judge in California has set a May 24 hearing on a series of lawsuits filed by owners of vehicles against Fiat Chrysler and the Justice Department is expected to file its action by then if no agreement is reached. FCA said on Wednesday it believed that any litigation would be "counterproductive" to ongoing discussions with the EPA and California Air Resources Board. The company added that "in the case of any litigation, FCA US will defend itself vigorously, particularly against any claims that the company deliberately installed defeat devices to cheat U.S. emissions tests." (Reporting by David Shepardson; Editing by Jonathan Oatis and Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-fiat-chrysler-emissions-idUKKCN18D2UC'|'2017-05-18T05:55:00.000+03:00'
'57150330c6321485100a90232fb31532f4750225'|'Saudi Aramco to sign deals with U.S. firms during Trump visit - sources'|'Market  35am EDT Saudi Aramco to sign deals with U.S. firms during Trump visit - sources JEDDAH, Saudi Arabia May 18 Saudi Aramco is due to sign deals with 12 U.S. companies on Saturday during U.S. President Donald Trump''s visit to Saudi Arabia, sources with knowledge of the matter said. The deals with top U.S. companies such as oilfield services firms Schlumberger, Halliburton, Baker Hughes , and Weatherford are part of the oil giant''s push to develop local manufacturing, the sources said. Aramco will also sign deals with General Electric (GE) and drilling companies National Oilwell Varco (NOV), Nabors Industries and Rowan Companies, among others, they added. Aramco could not be reached for comment on Thursday. When it launched its In-Kingdom Total Value Add programme (IKTVA) in 2015, Aramco said it aimed to double the percentage of locally-produced energy-related goods and services to 70 percent by 2021 U.S. companies have traditionally worked with Aramco on massive projects covering consultancy and project management services to maintaining oil potential in upstream projects and drilling to building refineries. "These (new) partnerships will boost bilateral investment towards localisation," said one of the sources. Last December, Aramco signed deals with drilling firms Rowan and Nabors Industries to establish joint ventures under the IKTVA programme. IKTVA, Arabic for self-sufficiency, will help generate 500,000 direct and indirect jobs for Saudis. It is a key part of the kingdom''s Vision 2030 economic reform drive, in which Aramco is to play a big role in developing industrial projects as Saudi Arabia tries to diversify its economy beyond reliance on oil exports. Engineering companies KBR and Jacobs Engineering , as well as McDermott and Honeywell will also sign memoranda of understanding with Aramco, the sources said. An inaugural Saudi-U.S. CEO forum will be held in Riyadh on Saturday in which several deals are expected to be signed in defence, electricity, oil and gas, industrial and chemical sectors. New licences for U.S. companies to operate in the kingdom also will be issued. (Reporting by Reem Shamseddine; Additional reporting by Ron Bousso in London; Editing by Rania El Gamal Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/saudi-us-deals-idUSL8N1IJ1LO'|'2017-05-18T20:35:00.000+03:00'
'a5b44782e0a3331c52f43b439c699d4d53cbd1f8'|'UK shoppers shrug off inflation pressure as sun comes out'|'By David Milliken and William Schomberg - LONDON LONDON British shoppers set aside their concerns about fast-rising inflation following the Brexit vote and stepped up spending last month at the fastest rate in years, encouraged by fine weather, official data showed.The unexpectedly strong figures suggest that - at least temporarily - consumers'' mood has become more upbeat in the run-up to a June 8 national election that Prime Minister Theresa May''s ruling Conservatives are tipped to win by a wide margin.Retail sales volumes jumped by 2.3 percent on the month in April, the Office for National Statistics said on Thursday, beating the median forecast for a 1.0 percent rise in a Reuters poll of economists.The robust data contrasts with a generally downbeat tone so far this year, as a pick-up in inflation triggered by the fall in the pound after last year''s Brexit vote ate into households'' disposable income.The rebound followed a sharp 1.4 percent fall in March that capped the weakest calendar quarter since 2010."April''s sharp rebound in retail sales ... buoys hopes that consumer spending will not hamper UK GDP growth as it clearly did in the first quarter," said Howard Archer, chief UK economist at IHS Markit.Looking at the value of retail spending - which adds in the extra amount shoppers spend because of higher inflation - sales in the three months to April were up 6.2 percent on a year earlier, the biggest rise in 15 years.Sterling rose almost half a cent against the U.S. dollar after the data, rising above $1.30 for the first time in almost eight months, and British government bond yields fell to a one-month low.WEATHER FACTORThe ONS said retailers reported that fine weather had boosted demand. An official said it was too soon to tell if inflation pressures would weigh on consumers again quickly."We need a longer series to properly determine a pattern," the official said.Retail sales volumes were 4.0 percent higher than a year earlier after 2.0 percent annual growth in March, again beating forecasts in a Reuters poll for a 2.1 percent rise.The ONS said the figures were seasonally adjusted to take account of the timing of Easter, but many economists doubted the adjustment was sufficient."Today''s upside surprise will probably mean that almost every City forecaster will be looking for payback in next month''s May figures, particularly if Easter or weather distortions played a sizeable role in today''s good news," George Buckley, an economist at Nomura, said.The strong retail sales tally with figures from the Confederation of British Industry, which said retailers reported rapid sales growth during the first part of April.But British retailers have reported mixed fortunes. Earlier this month Next, Britain''s most successful clothing chain in recent years, lowered its annual profit forecast, counting the cost of tough trading conditions and self-inflicted problems with its product ranges.Official figures on Wednesday showed that average wages in Britain are now rising by less than inflation for the first time since 2014.The Bank of England expects a shortfall in consumer demand this year which will be mostly offset by stronger exports and business investment. Many private-sector forecasters are more doubtful and see a bigger slowdown this year and next.(Reporting by David Milliken; Editing by Gareth Jones)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/britain-economy-retail-idINKCN18E0WG'|'2017-05-18T06:37:00.000+03:00'
'f7c6d70b78e7b17364321ff4c9ecbb06a305f886'|'EU fines Facebook 110 million euros over misleading WhatsApp data'|'Top News - Thu May 18, 2017 - 8:40am BST EU fines Facebook 110 million euros over WhatsApp deal WhatsApp and Facebook messenger icons are seen on an iPhone in Manchester , Britain March 27, 2017. REUTERS/Phil Noble BRUSSELS European Union antitrust regulators fined Facebook 110 million euros (94.1 million pounds) on Thursday for giving misleading information during a vetting of its deal to acquire messaging service WhatsApp in 2014. Calling it a "proportionate and deterrent fine", the European Commission, which acts as the EU''s competition watchdog, said Facebook had said it could not automatically match user accounts on its namesake platform and WhatsApp but two years later launched a service that did exactly that. "The Commission has found that, contrary to Facebook''s statements in the 2014 merger review process, the technical possibility of automatically matching Facebook and WhatsApp users'' identities already existed in 2014, and that Facebook staff were aware of such a possibility," the Commission said. Facebook said in a statement the errors made in its 2014 filings were not intentional and that the Commission had confirmed they had not affected the outcome of the merger review. "Today''s announcement brings this matter to a close," Facebook said. The fine would not reverse the Commission''s decision to clear the purchase of WhatsApp and was unrelated to separate investigations into data protection issues, it added. Reuters reported on Wednesday that Facebook was set to be fined. The Commission could have fined Facebook up to 1 percent of its turnover - which would have been $276 million based on 2016 results - but said that Facebook had cooperated with the proceedings and acknowledged its infringement. The EU sanction comes after Facebook received a separate 150,000-euro fine on Tuesday by a French data watchdog for failing to prevent its users'' data being accessed by advertisers. Last week the Italian antitrust authorities levied a 3 million-euro fine on WhatsApp for allegedly obliging users to agree to share their personal data with Facebook. (Reporting by Robert-Jan Bartunek; editing by Philip Blenkinsop, Greg Mahlich) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-facebook-antitrust-idUKKCN18E0L5'|'2017-05-18T14:57:00.000+03:00'
'81e9b16f5af88e6e78a8f726b9d096cc0c8e83b0'|'China seen sacrificing some growth to reduce debt risks'|'Tue May 16, 2017 - 7:27am BST China seen sacrificing some growth to reduce debt risks FILE PHOTO: A man walks through a cloud of dust whipped up by wind at the construction site near newly erected office skyscrapers in Beijing, China April 20, 2017. REUTERS/Thomas Peter/File Photo By Elias Glenn - BEIJING BEIJING China''s growth is set for its weakest patch since the global financial crisis as authorities pull back on the stimulus that helped the economy get off to an unexpectedly strong start this year, and keep funds tight to deter risky lending. After clocking 6.9 percent in the first quarter thanks to spending on infrastructure and a property boom that policymakers want to rein in, analysts surveyed by Reuters reckon economic growth will just about make Beijing''s target of 2017 of 6.5 percent as it slows over the rest of the year. Massive debt - standing at nearly 300 percent of GDP - and serious budgetary imbalances mean Beijing can''t carry on pump priming. The brakes went on in April, when annual growth in fiscal spending dropped to 3.8 percent from 21 percent the first quarter. And worries about speculative bubbles have forced the central bank to tighten short term liquidity, while trying to keep medium term funding available for investment. "Noticing how serious policymakers seem to be at the moment about reining in financial risks, it''s not impossible we''re going to see a significantly lower economic growth target next year," said Louis Kuijs, an economist at Oxford Economics in Hong Kong. Scope for further tightening in monetary policy could be limited if economic growth became uncomfortably slow. "I don''t think we''re going to see much more additional tightening<6E> but the risks now are on the downside," said Julian Evans-Pritchard, an economist at Capital Economics in Singapore. Trying to generate growth through exports by letting the yuan depreciate isn''t an option, due to concern about capital flight that saw foreign exchange reserves fall below $3 trillion earlier this year, and the worry that it could provoke the Trump administration into some kind of retaliation. Policymakers want to move the economy onto a path where consumer spending becomes the main driver, but it''s not there yet. "Consumption has been very steady and that has been a huge benefit - it has been a very nice buffer," said Kuijs. "But in my view, unlike in the United States where consumption by itself can drive the cycle, I would argue that in China, that is not yet really possible...because consumption is still following on to what is happening in investment and wages." Household spending only accounted for 37.1 percent of China''s economy in 2015, according to World Bank data. While that is up from a low of 35.8 percent in 2007, it is far below the 54.2 percent average for middle income countries. MATINEE IDLE And spending is looking soft, at least by Chinese standards. Automobile sales rose 4.6 percent in the first four months of 2017, about three-quarters the pace of a year ago. Movie ticket sales, flagged as a sign of China''s growing consumer class, stalled last year and have been mixed this year. Annual retail sales growth eased to 10.7 percent in April, and has been on gradual downtrend since 2010, when it notched over 18 percent. Consumption, on a per capita basis, is growing slower than GDP. And the industrial side of the economy is also slowing. Producer prices fell in April for the first time in seven months, trade data showed a surprising slowdown in imports, and surveys of manufacturing and service-sector activity were weaker than expected. April data released on Monday for factory output and fixed asset investment also showed growth slowed from March. There has been some progress on deleveraging. While new credit was a record 6.94 trillion yuan ($1.01 trillion) in the first quarter this year, as a proportion of GDP it fell to 38.4 percent from 41.3 percent a year earlier. "We must push deleveraging," said Tang Jianwei
'8ad7ff11797072f24e09404e87fc51aea24f9b3a'|'Air France-KLM CEO not interested in investing in Italy'|'PARIS May 16 Air France-KLM on Tuesday ruled out stepping in to save near-bankrupt Alitalia, with its chief executive telling shareholders its past experience would discourage it from investing directly in Italy again.In 2008, Air France-KLM walked away from a planned takeover of Alitalia after talks with the Italian carrier''s unions broke down.Earlier this month, Alitalia went into administration for the second time in less than a decade after workers rejected a restructuring plan. (Reporting by Cyril Altmeyer, Tim Hepher)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/alitalia-restructuring-airfrance-idINP6N1G8004'|'2017-05-16T13:29:00.000+03:00'
'957ea91c755cf9376059ed806a154c98d0127273'|'Energy price rises help drive UK inflation up to 2.7% - Business'|'Inflation Energy price rises help drive UK inflation up to 2.7% Increases in clothing, car tax and air fares also blamed as pressure grows on living standards and consumer spending The ONS said producer output price inflation was above 5%, indicating further rises in inflation could be expected. Photograph: Rui Vieira/PA Inflation Energy price rises help drive UK inflation up to 2.7% Increases in clothing, car tax and air fares also blamed as pressure grows on living standards and consumer spending View more sharing options Tuesday 16 May 2017 15.58 BST First published on Tuesday 16 May 2017 10.04 BST The rising cost of electricity contributed to inflation<6F>s rise to 2.7% in April, its highest level in three and a half years. Increases in the cost of clothing, car tax and air fares were also blamed by the Office for National Statistics for the rise in consumer price inflation (CPI) that exceeded City forecasts of 2.6%, and soared above the previous month<74>s figure of 2.3% . With wages increasing by just 1.9%, opposition parties and the TUC said the new inflation figure highlighted the growing pressure on living standards and consumer spending. UK inflation jumps to 2.7% as real wage squeeze worsens - business live Read more CPI inflation April 2017 The economy has grown over the last two years in response to a surge in consumer spending, fuelled largely by an increase in credit . But the fall in the value of sterling following the Brexit vote has pushed up the prices of imports, especially of food and clothing. The Bank of England predicted last week that inflation would peak at 2.7% in the summer. However, this forecast looks like it will need to be revised, especially after the ONS said producer output price inflation was above 3%, indicating that further rises in inflation could be expected. Liberal Democrat shadow business secretary Susan Kramer said : <20>These worrying levels of inflation show the Brexit squeeze is hitting shopping baskets across the country.<2E> The TUC general secretary, Frances O<>Grady, said the government needed to protect workers from a slump in real wages . <20>Working people are still <20>20 a week worse off, on average, than they were before the crash. That<61>s why living standards must be a key battleground at this election,<2C> she said. <20>All the parties need to explain how they<65>ll create better-paid jobs, especially in the parts of the UK that need them most.<2E> City economists were divided over the path of inflation over the next year, with some expecting a modest and brief rise above 3% while others said it would be more sustained. Alan Clarke, an economist at Scotia Bank, said he expected further electricity and gas price rises and that an acceleration in food price rises would push CPI inflation to 3.25% in the autumn. <20>We remain convinced that the market is underestimating the further upside for inflation from here,<2C> he said. Clarke argued that the retail prices index (RPI), which includes some housing costs, was already at 3.5% and would rise to 4.25% before the end of the year, putting extreme pressure on consumers to cut back spending on non-essential items. The National Institute for Economic & Social Research (NIESR) forecast last week that British workers will see their disposable incomes shrinking this year as a result of rising inflation that will peak at 3.4%, while average wage rises are capped at only 2.7%. Howard Archer, chief UK economist at IHS Global Insight, said rising inflation would put a further squeeze on real incomes and force Threadneedle Street to delay any move to raise interest rates. <20>The Bank of England will most likely sit tight on interest rates through 2017 and 2018 <20> and very possibly well beyond. <20>We suspect it will end up remaining tolerant on the inflation overshoot given likely limited UK growth and the prolonged, highly uncertain outlook that the UK economy will face as the government negotiates the exit from the EU,<2C> he said. But Scott Bowman, UK economist
'ff74d51676e9f92f31bfd0c17d56a96a009bbc32'|'EU to investigate Italy, Fiat over emissions: Handelsblatt'|'Autos  10pm EDT EU to launch legal case against Italy over Fiat emissions: sources A woman walks past a logo of Fiat Chrysler Automobiles (FCA) in Turin March 31, 2014. REUTERS/Giorgio Perottino BRUSSELS The European Union will launch legal action against Italy on Wednesday for failing to police allegations of emissions-test cheating by Fiat Chrysler ( FCHA.MI ) properly following the Volkswagen dieselgate scandal, EU sources said. EU officials have become increasingly frustrated with what they see as governments colluding with the powerful car industry and the legal move is the biggest stick the European Commission has available to force nations to clamp down on diesel cars that spew out polluting nitrogen oxide (NOx). EU regulators say Italy has failed to convince them that the so-called defeat devices used to modulate emissions on its vehicles outside of narrow testing conditions are justified. "They (Italian authorities) still need to provide additional information that would convince us that the devices used in Fiat models are justified and can therefore be considered legal," one EU source said. Italy''s transport ministry was not immediately available for comment. In February, it said new tests carried out on Fiat Chrysler vehicles found no illegal engine software. Defeat devices have been illegal under EU law since 2007. Their use has come under renewed scrutiny following Volkswagen''s ( VOWG_p.DE ) admission that it used software in the United States to mask real-world NOx emissions, which are blamed for respiratory illnesses and early deaths. European carmakers have argued they are not doing anything wrong, citing an exemption that allows them to turn off emission control systems when necessary for safety or to protect engines. Last December, the Commission launched cases against five nations, including Germany, Britain and Spain, for failing to police the car industry adequately. Despite the accusations leveled against its own carmakers, Germany has accused Italy''s Fiat Chrysler of using an illegal device to scale back emission controls after 22 minutes - just longer than official tests. After Italy rejected Germany''s allegations of hidden software on the Fiat 500X, Fiat Doblo and Jeep Renegade models, Berlin asked Brussels to mediate in the dispute. That mediation ended without fanfare in March. Under the current system, which the Commission is trying to overhaul, national regulators approve new cars and alone have the power to police manufacturers. But once a vehicle is approved in one country, it can be sold throughout the bloc. Wednesday''s notice will be the first step in EU infringement procedures, designed to ensure the bloc''s 28 member states abide by EU-wide regulations. If member states fail to respond convincingly, Brussels can take them to the EU court in Luxembourg. (Reporting by Alissa de Carbonnel in Brussels; additional reporting by Emma Thomasson in Berlin and Agnieszka Flak in Milan; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-fiat-chrysler-emissions-idUSKCN18C2AR'|'2017-05-17T01:56:00.000+03:00'
'7402d22c04fcba72e9a9bd9d61ad21f033cc768b'|'ECB''s Coeure plays down recent rise in bond yields'|' 22pm BST ECB''s Coeure plays down recent rise in bond yields FILE PHOTO: Benoit Coeure, executive board member of the European Central Bank (ECB), speaks during a conference in Brussels, Belgium March 28, 2017. REUTERS/Yves Herman/File Photo FRANKFURT A recent rise in euro zone bond yields has not affected the European Central Bank''s policy stance and rate setters accept that some yield fluctuation is normal, ECB Executive Board member Benoit Coeure said on Tuesday. But the ECB is not keen to add to market volatility itself so it needs to explain its strategy carefully and must maintain clear and time-consistent communication, Coeure said. Bond yields have ticked up since the Dutch and French elections have alleviated fears over the rise of populism. But this has led to concerns that a further rise could make the ECB uncomfortable as it seeks to keep borrowing conditions exceptionally low. "The recent measurable increase in long-term yields has not affected our monetary policy stance: current financial conditions remain highly supportive of the ongoing recovery," Coeure said. (Reporting by Balazs Koranyi; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-coeure-idUKKCN18C281'|'2017-05-17T01:22:00.000+03:00'
'2b10c5ab423a37030387e9e1347c6fccaca7ce7f'|'Oil jumps as Saudi, Russia take lead and extend supply cuts to March 2018'|'Money   9:17pm IST Oil rises 2 percent after Saudi and Russia back longer supply cut The offshore platform of the European Investment-bank backed Castor gas storage project, is seen off the coast of Alcanar, eastern Spain, October 7, 2013. REUTERS/Gustau Nacarino/Files By Jessica Resnick-Ault - NEW YORK NEW YORK Oil jumped more than 2 percent to its highest in more than three weeks on Monday, topping $52 a barrel after Saudi Arabia and Russia said that supply cuts need to last into 2018, a step towards extending an OPEC-led deal to support prices for longer than first agreed. Energy ministers from the world''s two top producers said that supply cuts should be prolonged for nine months, until March 2018. That is longer than the optional six-month extension specified in the deal. Global benchmark Brent crude was up $1.41 at $52.25 a barrel by 11:28 Eastern (1528 GMT), having touched $52.63, the highest since April 21. U.S. crude rose by $1.43 to $49.26. Oil traders were surprised by the strong wording of the announcement, though it remained to be seen whether all countries participating in the deal would agree with the Saudi-Russian stance. Some analysts said that U.S. production could still threaten to disrupt the market balance unless the cuts were deepened. "We are of the camp that the extension cuts might not be enough - they might need to extend the cuts and to increase them to stabilize this market," said Oliver Sloup, director of managed futures at iitrader.com. U.S. production is currently forecast to rise to about 9.31 million barrels per day this year, and Sloup says it could surpass that if buoyed by higher prices. Some analysts doubted that the producers would stick to a prolonged curb. "Extending the cuts until March 2018 would take account of the fact that demand in the first quarter of a year is lowest for seasonal reasons," said Commerxbank analyst Carsten Fritsch. "That said, we are sceptical about Russia''s willingness to actively participate in any extended cuts." The Organization of the Petroleum Exporting Countries, Russia and other producers originally agreed to cut output by 1.8 million barrels per day in the first half of 2017, with a possible six-month extension. Oil has gained support from the deal but inventories remain high and rising output from other producers, such as the United States, is keeping prices below the $60 that top exporter Saudi Arabia would like. The ministers said they hoped other producers would join the cut, which would initially be on the same volume terms as before. Kazakhstan, however, said it could not join a prolonged reduction on the same terms. "When the two biggest oil producers of the world reach a consensus on the extension of a supply cut, the market will listen," Tamas Varga, of oil broker PVM, said in a report. Ministers from OPEC and non-OPEC countries meet to decide policy on May 25 in Vienna. Two small producers not involved in the original deal, Egypt and Turkmenistan, have also been invited. (Additional reporting by Henning Gloystein and Alex Lawler; Editing by Marguerita Choy and David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKCN18B0AE'|'2017-05-15T16:14:00.000+03:00'
'4d7cd6968f82717cb82aa158c8f9689fd40d9ace'|'Canadian telecom company BCE says customer database hacked'|'Market News  22pm EDT Canadian telecom company BCE says customer database hacked May 15 BCE Inc, Canada''s largest telecommunications company, said a hacker had accessed customer information containing about 1.9 million active email addresses and about 1,700 names and active phone numbers. The breach was not connected to the recent global WannaCry malware attacks, the company said on Monday. There is no indication that any financial, password or other sensitive personal information was accessed, said BCE, known as Bell to customers. The company said it was working with the cyber crime unit and had informed the Office of the Privacy Commissioner. The global WannaCry "ransomware" cyber attack infected 300,000 machines in 150 countries, making it one of the fastest-spreading online extortion campaigns in history. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bce-cyber-idUSL4N1IH5VV'|'2017-05-16T06:22:00.000+03:00'
'b885dbe5cf2ddf6326cce5f31930a4922e554a8f'|'Advent, Shanghai Pharma have not approached Stada - sources'|'Deals - Mon May 15, 2017 - 7:57pm BST Advent, Shanghai Pharma have not approached Stada: sources The logo of the pharmaceutical company Stada Arzneimittel AG is pictured at its headquarters in Bad Vilbel near Frankfurt March 14, 2012. REUTERS/Alex Domanski By Alexander H<>bner and Pamela Barbaglia - FRANKFURT/LONDON FRANKFURT/LONDON German drug company Stada Arzneimittel AG ( STAGn.DE ) has not been approached by Advent International or Shanghai Pharmaceuticals Holding ( 601607.SS ) with a counter offer, two sources close to the matter told Reuters on Monday. Rival buyout firms Bain and Cinven had offered to buy Stada in April, which seemed to end the contest to acquire the generic drug maker, but Bloomberg reported on Monday that Advent and Shanghai Pharmaceuticals are considering making an offer. ( bloom.bg/2pPpTni ). Bain and Cinven''s offer of 65.28 euros per share and a dividend of 0.72 euros per Stada share was a surprisingly large increase on a previous bid and valued the company at about 5.3 billion euros ($5.81 billion). Bloomberg reported that Advent and Shanghai Pharmaceuticals are discussing a potential bid of about 70 euros a share, citing people familiar with the matter. However, Reuters'' sources said a fresh bid from the duo is unlikely. "Shanghai Pharmaceuticals is expected to struggle to secure the financing for a possible counterbid," the sources said. "They don<6F>t have much time left to challenge Bain and Cinven." Advent and Stada declined to comment and Reuters was unable to contact Shanghai Pharmaceuticals outside business hours. ($1 = 0.9120 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-stada-arzneimitt-m-a-advent-shanghai-idUKKCN18B2BN'|'2017-05-16T02:54:00.000+03:00'
'60a0d1c7e38d981c977128a077b97fd85e50ca0c'|'UPDATE 3-Canada to keep revenue cap on rail grain shipments, farmers glad'|'(Adds reaction, analyst comment, share price move)By David LjunggrenOTTAWA May 16 The Canadian government introduced draft legislation on grain shipping on Tuesday that would maintain a revenue cap on western grain that Canadian National Railway Co and Canadian Pacific Railway Ltd haul for export.The rail firms oppose the cap, formally known as the maximum revenue entitlement (MRE). It dates back to 2000 and aims to balance the market power of the rail industry with that of farmers and grain companies, which in many areas rely on one rail company."We''re going to maintain the MRE. ... It''s a good thing," Transport Minister Marc Garneau told a news conference.Ottawa will tweak the system to give the railway companies more incentive to invest in rolling stock, he said.Reuters first reported on Monday that the cap would stay. Railways say it reduces their incentive to invest in grain hauling.Farmers say the cap controls costs they pay when they deliver grain. Railways are critical to moving crops the vast distances from western grain elevators to ports in British Columbia and on the Great Lakes.Canadian Pacific said it was studying the bill. Canadian National did not immediately respond to a request for comment.In a note to clients, RBC Dominion Securities Walter Spracklin said the bill was "a mild negative for railroads."In late Toronto trading, shares of Canadian Pacific were down 1.4 percent while Canadian National stock slipped 0.6 percent.The draft legislation would also allow grain shippers to seek financial penalties in service agreements with railways.The government will scrap minimum grain volume requirements imposed on the rail companies in the wake of a huge 2013 harvest that caused backlogs."Grain is moving very well and we believe the need for that measure no longer exists," said Garneau.The Western Canadian Wheat Growers said the measures outlined in the bill should boost competition and capacity."We see all of this as positive and hope it ensures improved service of railways," said Daryl Fransoo, the group''s director.The bill, which Ottawa hopes will be adopted in early 2018, would also extend limits on interswitching, the transfer of cars from one railway''s line to the line of another. The measure is designed to boost competition from U.S. carriers such as BNSF Railway Co.Rail companies are now obliged to transport hopper cars a maximum of 160 km to another firm''s tracks. Under the new rules, that distance would be extended to 1,200 km in some circumstances. (Reporting by David Ljunggren; Editing by Richard Chang and Andrea Ricci)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-railways-grains-idINL2N1II0T7'|'2017-05-16T17:36:00.000+03:00'
'e0b8d2924f568e1f245989d7211df134e2eae712'|'Greek debt relief up to ministers after euro zone, IMF officials fail to break deadlock'|'  4:26pm BST Greek debt relief up to ministers after euro zone, IMF officials fail to break deadlock A Greek national flag waves over people visiting the Acropolis hill in Athens, Greece, May 16, 2017. REUTERS/Costas Baltas By Jan Strupczewski - BRUSSELS BRUSSELS Euro zone lenders and the International Monetary Fund remain far apart on how to provide debt relief for Greece, but officials hope euro zone finance ministers will still be able to hammer out an agreement at their May 22 meeting. Debt relief is key because the IMF has made it a condition if its participation in the latest bailout for Greece, the third since 2010. Furthermore, some euro zone governments could make the IMF''s participation a condition for new loan payouts. Euro zone deputy finance ministers and treasury officials who prepare for Eurogroup ministerial meetings met on Monday evening to discuss how to firm up last year''s highly conditional promise of debt relief for Athens to satisfy the IMF and ease the task for the ministers next week. But the meeting made no progress, officials said. "There are still significant gaps on the issue of debt relief. The (deputies group) was never likely to close this gap. It will have to happen at a higher level," one official said. A group of north European countries led by Germany wants the IMF to join for credibility reasons, believing the European Commission''s approach towards Athens can be too lenient. The same countries, however, oppose a firm commitment of debt relief for Greece, fearing the disapproval of bailout-weary voters at home. They are also concerned that once Athens gets a debt deal, it would lose the incentive to continue reforms. "The IMF wants maximum (debt relief) commitment upfront, while others would prefer to be more precise only in 2018," a second official said, referring to the end of the third bailout in mid-2018, by which time lenders would have full view of Greek reform completion and the latest economic data. Greece, meanwhile, is saying it has met its obligations -- agreeing more cuts in pensions, for example, and having a relatively large primary budget surplus, not including debt repayments last year. It is so keen to get on that it has tentative plans for a return to bond markets as early as July. DEBT LOAD The debt relief discussion is based on a promise made by the Eurogroup in May 2016 to extend the maturities and grace periods on Greek loans so that Greek gross financing needs are below 15 percent of GDP after 2018 for the medium term, and below 20 percent of GDP later. The Eurogroup also said they could consider replacing more costly IMF loans to Greece with cheaper euro zone credit and transfer the profits made from a portfolio of Greek bonds bought by euro zone national central banks back to Athens. But all this could happen only if Greece delivers on its reforms by mid-2018 and only if an analysis shows Athens needs the debt relief to make its debt sustainable. The IMF believes that debt relief, or at least a clear promise of it now, is needed to restore investor confidence in Greece, especially if the country, which has public debt of 197 percent of GDP, is to return to market financing next year. Greek debt to GDP has actually risen during the various bailout periods, primarily as a result of sinking GDP brought on at least in part by the austerity demanded by lenders. (editing by Philip Blenkinsop/Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-idUKKCN18C1XI'|'2017-05-16T23:26:00.000+03:00'
'9845e05c9561fbdb7e1c6290f93cb43acce84814'|'EU Commission says welcomes court ruling on trade deals'|'Business News - Tue May 16, 2017 - 11:43am BST EU Commission says welcomes court ruling on trade deals An European Union (EU) flag is seen blowing in the wind in front of the city''s regional state administration headquarters in central Kiev, Ukraine, May 11, 2017. REUTERS/Valentyn Ogirenko BRUSSELS The European Commission welcomed the top EU court''s ruling on Tuesday that clarified the approval process for the EU-Singapore free trade agreement in a legal ruling that will impact other future EU trade deals, such as with post-Brexit Britain. The European Court of Justice ruled on Tuesday the proposed EU-Singapore deal required the ratification of all 28 EU countries, including scrutiny by more than 40 national and regional parliaments, because of some of its provisions on investment. The Commission had argued that the approval of the trade deal should not require all the individual parliamentary approvals, as trade was an EU competence and that approval from EU governments and the European Parliament would suffice. But the court said that while large parts of the proposed trade agreement, such as governing reduction of customs duties, public procurement and sustainable development, were exclusive EU competencies, others needed national parliament approval. "The European Commission welcomes today''s opinion of the European Court of Justice on the division of competences between the EU and the member states in the EU-Singapore trade agreement," the Commission said in a statement. "The Commission will now carefully assess and analyse the opinion of the Court and will continue engaging with the European Parliament and member states on the way forward." (Reporting By Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-trade-court-commission-idUKKCN18C14Q'|'2017-05-16T18:43:00.000+03:00'
'1cbfb9b8832d1598f09b94853ccc3cef0af4d9e6'|'Western Digital seeks arbitration in row over Toshiba''s $18 billion chip sale'|'Business   7:00am BST Western Digital takes legal action to block sale of Toshiba''s chip unit left right Toshiba Corp CEO Satoshi Tsunakawa attends a news conference at the company''s headquarters in Tokyo, Japan May 15, 2017. REUTERS/Toru Hanai 1/4 left right Toshiba Corp CEO Satoshi Tsunakawa bows at the start of a news conference at the company''s headquarters in Tokyo, Japan May 15, 2017. REUTERS/Toru Hanai 2/4 left right FILE PHOTO- A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. REUTERS/Yuriko Nakao/File Photo 3/4 left right FILE PHOTO: A Western Digital office building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake/File Photo 4/4 By Makiko Yamazaki - TOKYO TOKYO Western Digital Corp has sought international arbitration to stop partner Toshiba Corp from selling its chips arm without its consent, potentially derailing a much-needed capital injection for the Japanese conglomerate. Although the two companies jointly operate Toshiba''s main semiconductor plant, Western Digital is not seen as a favoured bidder for the world''s second biggest NAND chip producer, having put in a much lower offer than other suitors, a source with knowledge of the matter has said. A legal battle could delay or put an end to the auction that could fetch some $18 billion (13.9 billion pounds) and has attracted suitors such as private equity firm KKR & Co LP, Taiwan''s Foxconn and U.S. chipmaker Broadcom. The Japanese conglomerate is depending on the sale to cover billions in dollars in cost overruns at its now bankrupt U.S. nuclear unit Westinghouse. The dispute is also set to further jeopardise its Tokyo Stock Exchange listing as fresh funds are urgently needed to shore up its balance sheet. Toshiba said on Monday in an unaudited earnings release that it ended the year with a 950 billion yen (6.5 billion pounds) net loss and negative shareholder equity worth 540 billion. After months of souring relations, Western Digital said on Monday it had initiated arbitration procedures with the International Chamber of Commerce. It is demanding Toshiba reverse a move to put its joint venture assets into a hived out entity - Toshiba Memory - and that it stop an all-out sale without consent from Western Digital unit SanDisk. Toshiba said while it yet to be notified of any arbitration, there had been no breach of contract and Western Digital had no grounds to interfere with the sale process. Despite the fresh setback, Toshiba shares climbed 4.2 percent, buoyed by news that progress is being made towards capping some of its nuclear liabilities in the United States - another major headache. The owners of the unfinished Vogtle power plant in Georgia led by Southern Co have to come to a preliminary agreement to cap Toshiba''s responsibility for its guarantees on the much-delayed nuclear project at about $3.6 billion, people familiar with the matter said on Sunday. DEAL OR NO DEAL The dispute with Western Digital could also derail Toshiba''s broader financing plans, as it hopes to offer the stake in its memory chip unit as collateral for new loans from major lenders, a measure that the lenders say also requires Western Digital''s approval. Toshiba argues that under their joint venture contract, neither party can block a change of control by the other partner. It argues Western Digital itself acquired the joint venture interest when it bought SanDisk, and never sought or received Toshiba''s approval. Western Digital, however, claims that Toshiba cannot transfer the joint venture''s interests into an affiliate and then sell the affiliate without its consent. "Seeking relief through mandatory arbitration was not our first choice in trying to resolve this matter. However, all of our other efforts to achieve a resolution to date have been unsuccessful, and so we believe legal action is now a necessary next step," Western Digital CEO Steve Milligan
'ccdf335b840c9e2d3606fb6b5aa68d326cca6685'|'SNC-Lavalin says won''t raise offer for WS Atkins'|'LONDON SNC-Lavalin ( SNC.TO ) will not raise its offer for British engineering and construction firm WS Atkins ( ATKW.L ) unless it faces a rival bid for the British firm, the Canadian construction and engineering group said on Monday.SNC-Lavalin agreed to buy WS Atkins last month in an all-cash C$3.6 billion ($2.63 billion) deal, at a price of 2,080 pence per share.U.S. activist investor Elliott Capital Advisors bought a 6.8 percent in WS Atkins a day after the terms of the deal were announced.The offer will only be increased if a third party announces a possible or firm offer for WS Atkins, SNC-Lavalin said in a statement.(Reporting by Carolyn Cohn; Editing by Rachel Armstrong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-snc-lavalin-m-a-ws-atkins-idINKCN18B0M6'|'2017-05-15T13:05:00.000+03:00'
'5227318735d827f9d22879ff7ab1146532a2568f'|'Oil stable on expectations of extended OPEC-led production cut'|'Business News - Mon May 15, 2017 - 1:10pm BST Oil rises above $52 as Saudis, Russia back longer supply cut A man walks in front of the Novokuibyshevsk refinery near the city of Samara, October 28, 2010. REUTERS/Nikolay Korchekov/File Photo By Alex Lawler - LONDON LONDON Oil hit a three-week high on Monday above $52 a barrel after top exporter Saudi Arabia and Russia said supply cuts needed to last into 2018, a step towards extending an OPEC-led deal to support prices for longer than originally agreed. Energy ministers from the two countries said on Monday that supply cuts should be prolonged for nine months, until March 2018. That is longer than the optional six-month extension specified in the deal. Brent crude LCOc1, the global benchmark, had risen $1.50 to $52.34 a barrel by 1152 GMT and traded intraday at $52.52, the highest since April 24. U.S. crude CLc1 was up $1.43 at $49.27 a barrel. Oil traders were surprised by the strong wording of the announcement, although it remained to be seen whether all countries participating in the deal would agree with the Saudi-Russian stance. Some analysts doubted producers would stick to a prolonged curb. "Extending the cuts until March 2018 would take account of the fact that demand in the first quarter of a year is lowest for seasonal reasons," said Carsten Fritsch, analyst at Commerzbank. "That said, we are sceptical about Russia''s willingness to actively participate in any extended cuts." The Organization of the Petroleum Exporting Countries, Russia and other producers originally agreed to cut output by 1.8 million barrels per day in the first half of 2017, with a possible six-month extension. Oil has gained support from the supply deal but inventories remain high and output from other producers such as the United States is rising, keeping prices below the $60 that Saudi Arabia would like to see. The ministers said they hoped other producers would join the supply cut, which would initially be on the same volume terms as before. Kazakhstan, however, said it could not join a prolonged cut on the same terms. "When the two biggest oil producers of the world reach a consensus on the extension of a supply cut the market will listen," said Tamas Varga of oil broker PVM in a report, of the rise in prices on Monday. "Rhetoric is doing its job but this must be backed by action in less than two weeks'' time." Ministers from OPEC and the non-OPEC countries meet to decide policy on May 25 in Vienna, and OPEC has also invited two small producers not involved in the original deal, Egypt and Turkmenistan, to attend. (Additional reporting by Henning Gloystein; editing by Dale Hudson and David Clarke) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKCN18B036'|'2017-05-15T09:32:00.000+03:00'
'0d66f3d27f076292fd84a3660ddb34c2bb54d550'|'JP Morgan buys Dublin building with room for 1,000 staff'|'Market News - Mon May 15, 2017 - 4:01am EDT JP Morgan buys Dublin building with room for 1,000 staff DUBLIN May 15 JPMorgan Chase & Co has agreed to purchase a building in Dublin with room for 1,000 staff to give it flexibility to keep serving clients across the European Union after Britain leaves the European Union. Real estate investment company Kennedy Wilson said in a statement it had agreed to sell a 130,000 square foot building at the Capital Dock development in Dublin''s docklands area to the U.S. investment bank. "This new building gives us room to grow and some flexibility within the European Union," senior country officer for J.P. Morgan in Ireland Carin Bryans said in the statement. Dublin has been competing with cities such as Paris and Frankfurt to attract financial services firms who will need to maintain bases within the European Union once Britain leaves the bloc. (Reporting by Conor Humphries, editing by Louise Heavens) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-eu-jpmorgan-idUSASN000775'|'2017-05-15T16:01:00.000+03:00'
'897e51cc338447ab9fb065abf6917b54ffe6195b'|'South Africa reviewing 5 shale gas exploration applications -official'|'Market News - Mon May 15, 2017 - 4:26am EDT South Africa reviewing 5 shale gas exploration applications -official JOHANNESBURG May 15 Recommendations for South Africa<63>s first shale gas exploration licences in the semi-arid Karoo basin will be finalised soon after environmental objections delayed the process, a senior government official said on Monday. Royal Dutch Shell, Falcon Oil and Gas and Bundu Gas & Oil are among five applications being reviewed by the regulator, acting chief executive of Petroleum Agency SA (PASA) Lindiwe Mekwe told Reuters. (Reporting by Wendell Roelf; editing by Ed Stoddard and Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-shalegas-idUSL8N1IH1XK'|'2017-05-15T16:26:00.000+03:00'
'c3b43d29812fb73bd025cebe76563aece65b2f2f'|'AIG names turnaround expert Duperreault as CEO to improve performance'|'Business News   3:00pm BST AIG names turnaround expert Duperreault as CEO to improve performance FILE PHOTO: A banner for American International Group Inc (AIG) hangs on the facade of the New York Stock Exchange, in New York, U.S., on October 16, 2012. REUTERS/Brendan McDermid/File Photo By Suzanne Barlyn American International Group ( AIG.N ) named Brian Duperreault as its new chief executive officer on Monday, selecting a protege of former CEO Hank Greenberg and an industry veteran known for his turnaround expertise. Duperreault, age 70, is the founder and chief executive officer of Hamilton Insurance Group Ltd in Bermuda, and is seen as a short-to-medium term replacement for outgoing CEO Peter Hancock, who announced plans to depart in March after the insurer''s fourth-quarter loss stunned investors and AIG''s board. He may only stay at AIG for 3 to 5 years to finish an ongoing turnaround effort and groom a successor, several recruiters said in interviews. "Brian is uniquely qualified to lead AIG at this important time," Douglas Steenland, chairman of AIG''s board said in a statement. "He is a hands-on leader who has consistently delivered strong bottom-line results," Steenland said. AIG is nearly three-quarters of the way through a turnaround plan developed by Hancock, who intended to slim the New York-based insurer through divestitures, improve its financial performance and return $25 billion (<28>19.3 billion) worth of capital to shareholders. Although AIG''s poor fourth-quarter performance was a tipping point for many investors, including billionaire activist Carl Icahn, the company has since bounced back. Its first-quarter operating profit beat expectations, helped by investment returns and cost cuts. Icahn, AIG''s fourth-largest investor, cheered the appointment. "Very pleased the AIG board is finally making some of the much-needed changes we''ve been advocating the last 18 months," Icahn tweeted. The company''s shares were up about 1 percent at $61.58 in premarket trading on Monday. AIG''s board has also authorized an additional $2.5 billion in share repurchases, putting the company closer to its capital return target. Since announcing the goal, AIG has spent more than $18 billion on stock buybacks and dividends. AIG said Duperreault''s initial compensation would consist of an annual base salary of $1.6 mln and a long-term annual incentive award of $11.2 million. It would also include a short-term annual incentive target of $3.2 million. Described by many in the insurance business as the industry''s "elder statesman", Duperreault moved up the ranks at AIG early in his career. He left in 1994 to build ACE Group Inc from a small outfit to a global operation. Duperreault, who took charge of Marsh & McLennan Companies Inc in 2008, launched a successful turnaround effort at the company, which had been struggling with reputational issues and lost business after then-New York Attorney General Eliot Spitzer alleged that it had rigged bids for insurance contracts. Marsh paid an $850 million civil penalty in 2005 to settle the claims. However, Duperreault''s appointment as AIG''s head could test whether those seen as possible internal candidates for the CEO job will stay on board to help achieve Duperreault''s goals. The most prominent was Rob Schimek, CEO of AIG''s commercial insurance unit, who joined the company in 2005 as its chief financial officer. Industry sources describe Schimek, age 52, as capable and accomplished, though he lacks Duperreault''s turnaround experience. During his time at AIG, he has been credited with helping ink reinsurance pacts with Swiss Re AG ( SRENH.S ) and Berkshire Hathaway Inc ( BRKa.N ) to offset long-term risks on U.S. commercial insurance policies. Separately, AIG announced that it was expanding its partnership with Hamilton Insurance Group Ltd and an affiliate of investment firm Two Sigma Investments L.P. to help it make its commercial insurance underwriting more data-dri
'9025a57f9da1737a22520a4512e1404041580aa7'|'Saudi Arabia, Russia agree oil output cuts until March 2018'|'Business News - Mon May 15, 2017 - 7:49am BST Saudi Arabia, Russia agree oil output cuts until March 2018 left right Saudi Arabia''s Energy Minister Khalid al-Falih (L) and Russia''s Energy Minister Alexander Novak attend a joint briefing in Beijing, China May 15, 2017. REUTERS/Aly Song 1/2 left right Saudi Arabia''s Energy Minister Khalid al-Falih and Russia''s Energy Minister Alexander Novak shake hands after a joint briefing in Beijing, China May 15, 2017. REUTERS/Aly Song 2/2 By Chen Aizhu - BEIJING BEIJING Saudi Arabia and Russia, the world''s two top oil producers, agreed on Monday to extend oil output cuts for a further nine months until March 2018 to rein in a global crude glut, pushing up prices. The timing of the announcement ahead of OPEC''s next official meeting on May 25 and the statement''s strong wording surprised markets, and the move is expected to go a long way to ensure that other OPEC members and producers who participated in the initial round of cuts fall into line. In a joint statement that followed an earlier meeting, Saudi energy minister Khalid al-Falih and his Russian counterpart Alexander Novak said they had agreed to prolong an existing deal until March next year. The ministers pledged "to do whatever it takes" to reduce global inventories to their five-year average and expressed optimism they will secure support from producers beyond those in the current deal, the statement said. "There has been a marked reduction to the inventories, but we''re not where we want to be in reaching the five-year average," Falih told a briefing in Beijing alongside Novak. "We''ve come to conclusion that the agreement needs to be extended." Saudi, the defacto leader of OPEC, and Russia, the world''s biggest producer, together control a fifth of global supplies, but have been spurred into action as crude futures have languished around $50 per barrel. Under the current agreement that started on Jan. 1, the Organization of the Petroleum Exporting Countries (OPEC), and other producers including Russia pledged to cut output by almost 1.8 million barrels per day (bpd) during the first half of the year. While it was broadly expected that OPEC and Russia would agree to extend the cut, the timing and wording of the statement sent crude prices up more than 1.5 percent in Asian trading.[O/R] "I think OPEC and Russia recognise that in order to get the market back on their side they will need ''shock and awe'' tactics where they need to go above and beyond a simple extension of the deal," said Virendra Chauhan, Singapore-based analyst at Energy Aspects. "The market will also be looking at export cuts and not just production cuts, which is what is required to rebalance the market." Russia''s top producer Rosneft helped prepare the deal and is ready to comply with the extension, according to Russian media. U.S. SHALE, THE UNKNOWN If producers maintain their cuts at the current pace, it could push the market into a small deficit by the fourth quarter, said Edward Bell, director for commodity research at Emirates NBD in Dubai. But one major unknown will be the response of low-cost U.S. shale producers, which could undermine the unified effort to prop up the market. The United States did not participate in the original agreement to cut supplies and producers there have ramped up output this year, buoyed by the recovery in prices from multi-year lows hit in January 2016. U.S. drilling activity last week rose to its highest in two years, while U.S. production has jumped more than 10 percent since its mid-2016 trough. A jump in U.S. exports to Asia, the world''s biggest and fastest growing market and the last region in which OPEC supplies dominate, is a particular worry for the producer club. "Russia and Saudi Arabia may be trying to coordinate a push to keep access to their most important market (China) in their favour and encourage Chinese importers to displace alternative cargoes," said Bell. An OPEC source familiar with the 
'583851b4947ad61a0398f483a69fa79a56970bbb'|'Floating oil storage has dropped by one-third in 2017 - OPEC source'|'Business  36am BST Floating oil storage has dropped by one-third in 2017 - OPEC source BEIJING Global oil inventories in floating storage have declined by one-third since the start of the year, a source from the Organization of the Petroleum Exporting Countries told Reuters on Monday. The drop in stockpiles is the latest sign that output cuts by major producers have helped deplete a global glut. (Reporting by Aizhu Chen; Writing by Josephine Mason; Editing by Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opec-saudi-russia-inventory-idUKKCN18B09U'|'2017-05-15T11:36:00.000+03:00'
'e42da6d58478f7f5af81d56535541f7caa7de95e'|'China''s Xi says Belt and Road summit reaches consensus, achieves positive outcomes'|'BEIJING China''s first ever Belt and Road summit, held in Beijing over the last two days, has reached a broad consensus and achieved positive outcomes, President Xi Jinping said on Monday.Xi''s signature foreign policy, the Belt and Road initiative, will not base cooperation on ideological grounds but will be open and inclusive, the Chinese president told reporters at a closing function.The initiative would work to ensure an open world economy, rebalance globalization and work toward trade liberalization, he said, adding that it would also boost support for green and low-carbon development.Xi has used the summit on the initiative, attended by world leaders and top officials, to bolster China''s global leadership ambitions as U.S. President Donald Trump promotes "America First" and questions existing global free trade deals.(Reporting by Christian Shepherd; Editing by Clarence Fernandez)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-china-silkroad-idINKCN18B11S'|'2017-05-15T07:55:00.000+03:00'
'd43367f262f1f41ef870a2c0028d2cc917e401f2'|'BRIEF-Goldman Sachs takes share stake of 1.1 mln shares in Snap Inc'|'May 15 Goldman Sachs Group Inc:* Takes share stake of 1.1 million shares in Snap Inc - SEC filing* Change in holdings are as of March 31, 2017 and compared with the previous quarter ended as of Dec. 31, 2016 Source text for quarter ended March 31, 2017 ( bit.ly/2rjSlj1 ) Source text for quarter ended Dec. 31, 2016: ( bit.ly/2rj4vaW )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-goldman-sachs-takes-share-stake-of-idINFWN1IH18R'|'2017-05-15T17:45:00.000+03:00'
'11705e3deab743f0c69bba17c728b4e8d0cb2894'|'METALS-Copper stalls as equities rise and China outlook dims'|' 17am EDT METALS-Copper stalls as equities rise and China outlook dims (Updates prices) SYDNEY May 12 Copper prices remained flat in Asia on Friday as equities headed for a strong end to the week and the short-covering that pulled the contract higher overnight failed to re-emerge. "The day brought a round of range trading in copper, with those expectations of some short covering coming never materialising," a commodities trader in Perth said on condition of anonymity as he was not authorised to speak with media. A weakened outlook for copper demand in China, which consumes nearly half the world''s requirements, amid soft data on imports and demand growth, weighed on sentiment, the trader said. The negative sentiment was somewhat countered after the People''s Bank of China released funding to ease credit, which could spur industrial and construction activity. COPPER: Three-month copper on the London Metal Exchange was steady at $5,538 a tonne at 0700 GMT after settling a modest 0.8 percent up overnight. * The most-traded copper contract on the Shanghai Futures Exchange closed 0.02 percent lower at 44,930 yuan ($6,508.86) a tonne. * CHINA PMI: Surveys of manufacturers showed activity slowed in April, while trade data showed import growth slowing and export growth halving. * NOBLE LOSS: Noble Group Ltd reported a quarterly loss that pummelled its shares by a record 33 percent, stoking worries the Singapore-listed commodity trader was failing to recover from a crisis-wracked two years despite a deep restructuring. * HKEx: The head of Hong Kong Exchanges and Clearing (HKEx) said the bourse''s upcoming commodity platform in mainland China would support futures trading at other Chinese exchanges. * NICKEL: It may be going from bad to worse for the nickel price, with conciliatory comments from the new mining minister in top ore producer the Philippines adding to the risks of the market being pushed into oversupply. * GLOBAL: Asian shares were hobbled on Friday by a downbeat performance on Wall Street though they remained on track for weekly gains, while oil prices extended a rally on hopes for output cuts. PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1IE2R6'|'2017-05-12T15:17:00.000+03:00'
'0dde1d6dd37de78ee5a716a18622a1e790494e19'|'SocGen''s ALD declares intent for stock market flotation'|'PARIS May 12 ALD, the car leasing unit of French bank Societe Generale (SocGen), said on Friday it has registered its intention with the French markets regulator AMF for a flotation.SocGen, JP Morgan and Credit Suisse have been appointed as global coordinators for ALD''s initial public offering, three sources familiar with the matter told Reuters earlier this week.The business could be valued at between 6 billion euros and 9 billion euros ($9.8 billion) in the IPO, the sources said. SocGen plans to sell a 20-25 percent stake in ALD. "The completion of the contemplated listing is subject to a number of factors including, among others, receiving the AMF<4D>s visa on the prospectus ... and the admission to trading on the regulated market of Euronext Paris as well as favourable market conditions," the company said. (Reporting by Maya Nikolaeva; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/socgen-ald-ipo-idINP6N1A602N'|'2017-05-12T04:02:00.000+03:00'
'e1c2a5d8186e851fae31789cf95f1b9bb3a5849a'|'Wells Fargo eyes return to mortgage deals shunned since crisis'|'Wells Fargo & Co ( WFC.N ), the largest U.S. mortgage lender, is hoping this year to sell bonds backed by mortgages without government guarantees for the first time since the 2008 financial crisis, the head of the bank''s consumer lending division said on Thursday.More than $1 trillion worth of mortgages were packaged into such securities each year in 2005 and 2006. But investors lost their appetite after large volumes of risky subprime mortgages backing such securities went bad, nearly bringing down the global financial system."There''s been many many years since Wells Fargo has participated in any kind of private label market," Franklin Codel, who runs Wells Fargo''s consumer lending division, told investors in a presentation.Offerings of "private label" bonds, backed by new mortgages without government backing, have totaled less than $60 billion since 2009, according to Inside Mortgage Finance, a trade publication."This year one of our aspirations is to come back to the market with a couple of deals and we''re taking a look at making sure we can structure those properly ... to try to test the market and see what we can do there to help bring confidence back," Codel said.Since the financial crisis, mortgages that do not conform to standards set by the government, or by quasi-government entities Fannie Mae ( FNMA.PK ) and Freddie Mac ( FMCC.PK ), have been held in portfolio by banks like Wells Fargo. Usually these are so-called "jumbo" mortgages exceeding $427,000 in most parts of the United States.Because banks take all the risk when they hold mortgages on their balance sheet, borrowers typically pay a higher interest rate than if the loans could be pooled and sold to investors.Lenders that have done private label deals in recent years include JPMorgan Chase & Co ( JPM.N ) and Redwood Trust Inc ( RWT.N ).(Reporting by Dan Freed in New York and Joy Wiltermuth; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-wells-fargo-mortgage-mbs-idUSKBN18734S'|'2017-05-12T07:42:00.000+03:00'
'76477fd81256c4a13c348e807e90b42662f5062c'|'Pension schemes in EU face ''double hit'' stress test'|'Business News - Thu May 18, 2017 - 11:31am BST Pension schemes in EU face ''double hit'' stress test LONDON European Union company pension schemes will be tested to see how they would cope with a "double hit" of lower interest rates and asset prices, the bloc''s pensions and insurance watchdog said. The European Insurance and Occupational Pensions Authority (EIOPA) gave details on Thursday of its second, biannual "stress test" of theoretical shocks to major company pensions. The exercise mirrors the "low for long" interest rates of recent years that have left many schemes with deficits. EIOPA Chairman Gabriel Bernardino said that learning from the first test in 2015, this year''s test will also examine how shocks in the pensions sector could reverberate more widely. "It will provide up-to-date information on the vulnerabilities of the occupational pensions sector and the possible repercussions for the stability of the wider financial system and European economy," Bernardino said in a statement. The stress test will cover defined benefit and defined contribution, as well as "hybrid" pension schemes. Pension schemes being tested must complete the exercise by July 13, and EIOPA will publish the results in aggregated form by the end of the year. The test will look at the impact of lower "risk free" interest rates on pensions. This is the yield on high quality government bonds which is used by pension funds to discount their liabilities to present value to compare with assets and check how well they are funded. It also seeks to accentuate what has already been happening as actual risk free rates have fallen since EIOPA''s last test. The regulator said real interest rates had fallen further since, with a decline in nominal interest rates accompanied by "a rise in break-even inflation rates to levels comparable to the second adverse market scenario in the 2015 stress test". (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-pensions-regulations-idUKKCN18E1A0'|'2017-05-18T18:31:00.000+03:00'
'823daaf43f8bc87102f4991cdc65cad8885c05db'|'Credit Suisse shareholders approve $4.1 billion rights offering'|'ZURICH Credit Suisse ( CSGN.S ) shareholders on Thursday approved the Swiss bank''s plan to sell around 4 billion Swiss francs ($4.1 billion) in new shares to raise funds for a revamp and get its financial strength on a par with rivals.The capital raising plans, announced last month, received 99.35 percent of the votes at an extraordinary general meeting in Zurich."The capital raise of 4 billion Swiss francs will allow us to meet our regulatory commitments and requirements," Chief Executive Tidjane Thiam said at the meeting. "It will strengthen our balance sheet, allow us to continue our ongoing restructuring and, importantly, to implement successfully our growth plans."(Reporting by Joshua Franklin; Editing by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-credit-suisse-gp-egm-idINKCN18E15F'|'2017-05-18T08:24:00.000+03:00'
'5f09748cea752811d466a6a2b334bf796d225a09'|'Merck says test shows Keytruda improves survival for bladder cancer patients'|'Market News - Wed May 17, 2017 - 5:00pm EDT Merck says test shows Keytruda improves survival for bladder cancer patients By Deena Beasley May 17 Pivotal trial results for Merck & Co Inc''s immunotherapy drug Keytruda show that it lengthened survival by three months, or nearly 40 percent, for patients with advanced bladder cancer who had stopped responding to chemotherapy. The data, to be presented next month at a meeting of the American Society of Clinical Oncology, follow last week''s announcement that rival drug Tecentriq, from Roche Holding AG , did not improve survival when used as a second-line treatment for bladder cancer in a pivotal trial. The Merck drug is awaiting U.S. Food and Drug Administration approval, but Tecentriq was approved by the agency last year, contingent on verification of its clinical benefit. According to the FDA approval letter, Roche, which did not respond to requests for comment on its plans, has until December to submit the full trial data to the agency. Merck filed in February for FDA approval of Keytruda for both initial and secondary treatment of advanced urothelial cancer, the most common type of bladder cancer. Keytruda is already approved for treating melanoma, lung cancer, head and neck cancer, and Hodgkin lymphoma. Merck announced in October that the second-line bladder cancer study met its main goal and was stopped early. The company is currently enrolling patients in a phase 3 trial of Keytruda, combined with chemotherapy, as an initial treatment for bladder cancer. In addition to Tecentriq''s approval for bladder cancer patients whose disease has stopped responding to chemotherapy, the FDA last month approved the Roche drug as an initial treatment for people with a specific type of advanced bladder cancer and in people whose bladder cancer progressed despite at least one prior platinum-containing chemotherapy. The agency has also granted contingent approval to AstraZeneca Plc''s Imfinzi, Bristol-Myers Squibb''s Opdivo and Pfizer Inc''s Bavencio as second-line bladder cancer treatments. All five drugs are part of a new class of treatments designed to unleash the body''s immune system to fight cancer by interfering with proteins known as PD-1 or PD-L1 that help malignant cells evade immune attack. Merck said data from an open-label Phase 3 trial of 542 advanced bladder cancer patients showed median survival of 10.3 months for Keytruda patients and 7.4 months for patients given second-line chemotherapy. The study''s median follow-up was 18.5 months. After 18 months, 36 percent of Keytruda patients were alive, compared with 20.5 percent of chemotherapy patients, according to research published by ASCO. The study did not detect a difference in the length of time patients lived without their disease getting worse. Severe side effects were reported in 16.5 percent of the Keytruda patients, compared with nearly half of the chemotherapy group. Keytruda is being evaluated in over 30 tumor types in more than 400 clinical trials, at least half of which combine the drug with other cancer treatments. (Reporting By Deena Beasley; Editing by Bill Rigby) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/health-cancer-bladder-idUSL1N1IE1ZK'|'2017-05-18T05:00:00.000+03:00'
'5fb21aeb8024e9498300335b86de429d492504ea'|'Banks prepare debt financing as IK launches Schenck sale - sources'|'FRANKFURT May 9 Buyout group IK Investment Partners has launched the sale of German measuring technology group Schenck Process, a potential 800-900 million euro deal, people close to the matter said.Several rival private equity groups are preparing to submit offers for the company next month, the sources said.They also said that bankers were working on debt financing of about 500 million euros ($545 million), equating to 5.5 times Schenck''s expected 2017 earnings before interest, tax, depreciation and amortisation of 85 million euros, including undrawn facilities. Potential buyers would have access to this financing.IK declined to comment.The private equity group, which acquired Schenck at the height of the buyout boom in 2007 from rival HgCapital for 450 million euros, is hoping to achieve a valuation of around 10 times Schenck''s core earnings, the sources said.After unsuccessful attempts to sell Schenck over the last couple of years, IK is now working with investment bank Lazard , which is advising the sale. Information packages have been sent to prospective bidders in recent weeks.Other private equity groups including Blackstone, KKR , Pamplona and Triton are considering making a bid, the sources said. They also said that IK also hoped to kindle interest from strategic bidders such as Metso and Sandvik.Schenck, a former unit of German automotive supplier Duerr AG, makes factory gear to weigh, filter or dose substances, catering to industries such as mining, construction, chemicals and food processing. It expects to report sales of 550 million euros this year.Since the IK''s acquisition of Schenck, which has its roots in a 19th century maker of cranes and scales, it has bought six smaller rivals. ($1 = 0.9180 euros) (Reporting by Arno Schuetze and Claire Ruckin. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/schenck-ma-sale-idINL8N1IB5GR'|'2017-05-09T12:46:00.000+03:00'
'c071411ee4ce78d773bff89acec3840385581426'|'Elliott goes to court seeking dismissal of Akzo Nobel chairman Burgmans'|'Tue May 9, 2017 - 8:41am BST Hedge fund goes to court seeking to oust Akzo Nobel chairman FILE PHOTO: AkzoNobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. REUTERS/Robin van Lonkhuijsen/United Photos/File Photo By Toby Sterling - AMSTERDAM AMSTERDAM Elliott Advisors, the hedge fund that has been pushing Dutch paint maker Akzo Nobel ( AKZO.AS ) to enter takeover talks with U.S. peer PPG Industries, said on Tuesday it had launched legal action to try to oust Akzo chairman Antony Burgmans. In an open letter, the fund said Akzo''s rejection of PPG''s ( PPG.N ) third takeover proposal, worth 26.3 billion euros ($28.7 billion), was "a flagrant breach of Akzo Nobel''s Boards'' fiduciary duties and of Dutch corporate law, and ... an arrogant dismissal of recognized principles of proper corporate governance." Akzo has said PPG''s bid is too low and lacks firm commitments to the company''s stakeholders, including employees and environmental interests. The company''s boards prefer their own plan to avoid a PPG takeover by issuing extra dividends and selling or floating Akzo''s chemicals division, representing about a third of profits. Analysts say Akzo''s plan is not as attractive for shareholders as PPG''s 96.75 euro per share offer. Akzo shares were trading 0.1 percent higher at 76.88 euros on Tuesday. Elliott said it had filed a suit with Amsterdam''s Enterprise Chamber petitioning judges to order an extraordinary general meeting (EGM) of shareholders to debate Burgmans'' dismissal. Under Dutch law, shareholders representing a 10 percent stake have the right to ask the company to call an EGM. Elliott, with a 3.25 percent stake, had earlier assembled a group of investors meeting the threshold and requested Akzo call such a meeting. The company declined, saying it supported Burgmans and an EGM would not be in the company''s best interests. Akzo spokesman Leslie McGibbon said Elliott''s decision to go to court was "incredibly disappointing." "We''ve conducted an extremely thorough review of all proposals from PPG, including engagement" between Burgmans and PPG CEO Michael McGarry "exactly as Elliott requested," McGibbon said, adding Akzo''s handling of PPG''s proposals had followed Dutch corporate governance rules. Elliott''s legal fight complicates the timeline for the Akzo-PPG takeover struggle. PPG faces a June 1 deadline to make a formal bid for Akzo or walk away for a six month cool-down under Dutch securities law. PPG has implied it will make a bid, though if it has not won support from Akzo''s boards, the bid will be considered hostile. Successful hostile takeovers of Dutch companies by foreign buyers are extremely rare, and face an array of difficulties, not least Akzo''s poison pill powers to thwart unwanted suitors, which date from 1926. In addition, the country''s economy minister and other politicians have said they oppose a takeover of Akzo. A hearing date for Elliott''s complaint has not been set. If judges rule in the fund''s favor, the minimum period before which an EGM can be held is 15 days. That means that unless Elliott''s plea is granted within the coming six days, an EGM on Burgmans'' future would only come after PPG''s bid deadline. Regardless of whether the plea is granted, the level of shareholder support for Elliott''s position is unclear. An Elliott-commissioned study estimated it at a minimum 24 percent of shareholders. At Akzo''s annual general meeting on April 25, around 33 percent of shareholders voted against granting the company the ability to issue new shares. Both estimates point to discontent in the company''s shareholder base, 93 percent of which is foreign, to the course plotted by Akzo''s boards. But it remains unclear whether a majority of shareholders would actually support the ouster of Burgmans, a former Unilever CEO, or how many would tender shares to a hostile PPG bid. (Reporting by Toby Sterling; Editing by Miral Fahmy and Mark Potter)'|'reuters.com'|'
'6aabbc22614fb808f0620d326e16c4ab5c4ca9e6'|'BUZZ-India''s S Chand & Co makes lacklustre debut after $113 mln IPO'|'** Book publisher S. Chand and Co Ltd shares seesaw after gaining as much as 4.5 pct from its IPO price of 670 rupees** S.Chand shares trading at 684.75 rupees as of 0557 GMT** Company''s 7.3 billion-rupee IPO ($113 million) closed on April 28, and had been subscribed 1.48 times** S. Chand, whose main business is publishing text books, faces seasonality and regulatory risks - analysts'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/buzz-indias-s-chand-co-makes-lacklustre-idINL4N1IB23J'|'2017-05-09T04:05:00.000+03:00'
'29e4b781e98e2c4cca9f81643d0a2fd45f3eb968'|'BRIEF-Gener8 Maritime reports Q1 EPS $0.32'|' 23am EDT BRIEF-Gener8 Maritime reports Q1 EPS $0.32 May 9 Gener8 Maritime Inc * Announces first quarter 2017 financial results * Q1 adjusted earnings per share $0.46 * Q1 earnings per share $0.32 * Q1 earnings per share view $0.34 -- Thomson Reuters I/B/E/S * Net voyage revenue $121.1 million for three months ended March 31, 2017, substantially unchanged versus $121.7 million in prior year period * Q1 revenue view $116.6 million -- Thomson Reuters I/B/E/S Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-gener8-maritime-reports-q1-eps-idUSASA09O09'|'2017-05-09T18:23:00.000+03:00'
'fcbdc3bab47db8b47b90b8f1cffb5696b52cfb0a'|'UPDATE 1-Fed official warns Fannie-Freddie reforms could cause shocks'|' 58pm EDT UPDATE 1-Fed official warns Fannie-Freddie reforms could cause shocks * Rosengren highlights huge footprint in multi-family market * Cites risk of sharp U.S. unemployment drop (Recasts to focus on GSE reform, adds) By Jonathan Spicer and Herbert Lash NEW YORK, May 9 A Federal Reserve official warned U.S. lawmakers on Tuesday that any reforms that reduce the massive lending presence of mortgage giants Fannie Mae and Freddie Mac in the multi-family real estate market could shock that sector of the economy. Members of Congress and the Trump administration have signaled they will overhaul the two government-sponsored enterprises (GSEs), which the government took over during the 2008 financial crisis, after they suffered massive losses on bad mortgages. Boston Fed President Eric Rosengren, who also used a speech to warn about the inflationary pressures if U.S. unemployment were to drop much further, said the agencies hold or guarantee some 44 percent of multi-family loans. "Policymakers looking to reform the GSEs might look at the GSEs'' large and growing footprint in the market and ask whether this level of government-sponsored exposure is safe, and whether that level of government support is appropriate," he said at New York University Stern School of Business. "A potential and significant shock to this sector of the commercial real estate market could occur if proposals require the GSEs to reduce their holdings of multi-family loans." Treasury Secretary Steve Mnuchin has said Fannie and Freddie, which guarantee U.S. home loans and repackage them into securities for sale to investors, cannot be left as is for the next four years. Several reform ideas have been floated in recent years, ranging from turning the GSEs into public companies to phasing them out completely. It was at least the third time in recent months that Rosengren, an influential regional Fed president, raised concerns about high U.S. real estate prices and how that might exacerbate any future economic downturn. Scott Crowe, chief investment strategist at CenterSquare Investment Management, a real asset investment arm of BNY Mellon, said the Fed has closely examined multi-family apartment supply in gateway cities such as New York and San Francisco. The Fed''s focus has tightened credit-lending standards significantly the past six to eight months, he added. "We haven''t built new apartments or any real estate asset type to the point where you''re seeing significant rent reductions, bankruptcies or people losing a lot of money," he said. The Fed has raised rates twice since December in part due to the strong labor market. Rosengren said U.S. unemployment at 4.4 percent has dropped below its natural equilibrium and could overheat the economy and prompt faster interest-rate hikes if it were to drop below 4 percent. He estimates the "natural employment" level - or the lowest possible level before wage pressures push inflation too high - is roughly 4.7 percent. He cited a survey in which private economists give a 10 percent chance of unemployment falling below 4 percent. "Such an overheated economy would likely be accompanied by higher inflation, which in turn would likely elicit higher interest rates," he said at a commercial real estate conference. (Reporting by Jonathan Spicer; Editing by Chizu Nomiyama and Alistair Bell)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-fed-rosengren-idUSL1N1IB148'|'2017-05-10T01:58:00.000+03:00'
'c497e232373063211e6f91548982502ff6fb2b3c'|'Italy G7 to give unchanged message on trade, forex - official'|'Business News   2:16pm BST Italy G7 to give unchanged message on trade, forex - official left right International Monetary Fund Managing Director Christine Lagarde arrives at the Petruzzelli Theatre during a G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi 1/3 left right Italy''s Finance Minister Pier Carlo Padoan arrives for the G7 Financial ministers meeting in the southern Italian city of Bari, Italy, May 12, 2017. REUTERS/Alessandro Bianchi 2/3 left right German Finance Minister Wolfgang Schaeuble arrives at the Petruzzelli Theatre during a G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi 3/3 BARI, Italy, - G7 economic leaders will use the same language on trade, currencies and monetary policy at the end of their meeting in Italy on Saturday as the larger Group of 20 did in March at a meeting in Germany, an Italian G7 official said. Speaking on Friday on the sidelines of the gathering of finance ministers and central bank governors in Bari, the official said there was a consensus not to veer from the message delivered by the G20 in Baden Baden two months ago. At that meeting, ministers dropped their traditional pledge to keep global free trade open, bowing to an increasingly protectionist United States, and said only that they were "working to strengthen the contribution of trade to our economies." The decision to use the same wording in Bari suggests the United States'' partners have made little progress in convincing President Donald Trump to commit to a multilateral approach to trade that he has threatened to abandon. Trump has already pulled out of the Trans-Pacific Partnership (TPP) and wants to re-negotiate the North American Free Trade Agreement (NAFTA). The official, who asked not to be named or quoted directly, helped prepare the agenda for the Bari meeting. She said at a briefing in Rome on Monday that trade would not be on the official agenda but did not say then whether it would feature in the final statement. The section on foreign exchange policy used by the G20 in its closing statement in Baden Baden read as follows: "We reiterate that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability. We will consult closely on exchange markets. We reaffirm our previous exchange rate commitments, including that we will refrain from competitive devaluations and we will not target our exchange rates for competitive purposes." Asked if the G7 in Bari was likely to discuss climate change, another area in which Trump''s approach has caused concern among the United States'' partners, the official said the issue was not among the meeting''s objectives or priorities. (Reporting by Silvia Aloisi)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-g7-ministers-trade-forex-idUKKBN1881RC'|'2017-05-12T21:16:00.000+03:00'
'9e448871cb3c41371d0cc0f16a810bfb3e5e1572'|'Citadel Securities says Dublin base is ''hedge'' for Brexit'|'Business   5:01pm BST Citadel Securities says Dublin base is ''hedge'' for Brexit Paul Hamill, Global Head of Fixed Income, Currencies and Commodities at Citadel Securities, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2017. REUTERS/Mike Blake DUBLIN U.S. financial firm Citadel Securities said on Friday its Dublin base provided a "hedge" against any potential upheaval in its British operations arising from Brexit. Asked if its growing operation in Dublin gave the firm options should they need to move business from London after the terms of Britain''s divorce from the European Union are known, a senior executive at the firm, Paul Hamill, said: "Dublin is an obvious hedge to a situation where you may be looking for another location for certain businesses." Hamill, managing director and global head of fixed income, currencies and commodities, told the Irish Times this week that the firm plans to treble its Irish workforce to 50 people within two years but that its decision to establish a base in Dublin predates Brexit. Citadel Securities only operates in Dublin and London in the European Union. Hamill said the firm currently has no plans to open another office in the EU. (Reporting by John Geddie; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-citadel-ireland-idUKKBN18829S'|'2017-05-13T00:01:00.000+03:00'
'2b012893bbcdd458324434a0242d1d9b4433a7e2'|'Deutsche Bank chairman: Strong European capital market needed post-Brexit'|'FRANKFURT Europe needs a strong capital market to maintain independence from the United States and in light of Britain''s decision to leave the European Union, the chairman of Deutsche Bank''s ( DBKGn.DE ) supervisory board said.Paul Achleitner, in an interview with Reuters ahead of the bank''s annual general meeting on Thursday, said he was motivated to sit for a second five-year term as the board''s chair so that he could contribute to making Europe''s capital market more robust."Europe needs a strong Deutsche Bank," he said. "Europe needs a strong capital market in order not to be dependent on the U.S. And if I can make a contribution to this, then I would like to do that. Europe must not become a museum. This is more important than ever after Brexit."Since Achleitner assumed his first term as chair in 2012, Deutsche Bank has faced a shareholder revolt and billions in fines for its U.S. mortgage securities business and other scandals. In response, the bank has revamped its strategy, raised new capital and fully swapped out its senior management."I did not easily make the decision about a second term," he said. "But I feel personally responsible to the colleagues whom I have brought to the management and the supervisory boards. I can''t just say, ''Go on without me.''"(Reporting by Kathrin Jones and Tom Sims; Editing by Christoph Steitz)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-deutsche-bank-chairman-idUSKCN18D18P'|'2017-05-17T18:52:00.000+03:00'
'813cb816d1a4b93c511a4c2d4eec8836076136bb'|'Israel faces anti-establishment dissent over widening wage gap - UBS'|'By Steven Scheer - TEL AVIV TEL AVIV Israel risks stoking anti-establishment resentment if it allows the economy''s technology sector to widen gaps between rich and poor, UBS Wealth Management''s chief economist says.Anti-establishment sentiment has been growing across Europe and in the United States with Israel largely unaffected as yet, though there have been protests over the high cost of living as citizens have become increasingly frustrated by housing prices.The country''s high-tech industry is one of the largest behind Silicon Valley in the United States and accounts for about 14 percent of Israel''s economic output while employing only about 10 percent of its workforce.UBS''s Paul Donovan said that while technology has changed Israel for the better, the 90 percent of workers not in the high-tech industry could regard the sector''s rise as a threat because of the poor translation of acknowledged innovation into growing domestic businesses crucial to economic stability."If you look at the number of start-ups that stay in Israel and continue to develop their process in Israel ... rather than being bought out and taken apart or shifted overseas, the level of companies that evolve out of start-ups and stay in Israel is proportionally lower than in the United States or UK," he told Reuters during a visit to Israel.Data has shown an increasing wage gap between the highest and lowest earners in Israel, which Donovan said needs to be addressed by ensuring those not involved in the tech sector become a more significant part of the economy."It''s a choice Israel is facing but it has to make up its mind really quickly," he said.(Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/economy-israel-ubs-idINKCN18A0RM'|'2017-05-14T22:54:00.000+03:00'
'155bc36e0d82e47db1ac2a673d7c5e38cf47f1ed'|'Wireless spectrum holder Globalstar explores sale: sources'|'Deals - Fri May 12, 2017 - 3:32pm EDT Wireless spectrum holder Globalstar explores sale: sources U.S. wireless spectrum holder Globalstar Inc ( GSAT.A ) is working with financial advisers on a potential sale of the company, according to sources familiar with the matter. The company, which had a market value of $2.14 billion as of Thursday, could be of interest to wireless and cable companies, the sources told Reuters. Globalstar''s shares were up 29.8 percent at $2.48 in late trading. The stock had risen nearly 21 percent this year through Thursday. Bloomberg was the first to report Globalstar''s plan to sell itself. Globalstar did not respond to a request for comment. Investors are expecting a wave of deal-making in the telecom industry this year after the U.S. Federal Communications Commission lifted a ban on merger talks among companies as the regulator conducted a $19.8 billion auction of airwaves. Verizon Communications Inc ( VZ.N ) on Thursday agreed to buy wireless spectrum holder Straight Path Communications Inc ( STRP.A ) in a $3.1 billion deal as the wireless service provider seeks an advantage in the race toward a 5G network. (Reporting by Pushkala A and Aishwarya Venugopal in Bengaluru and Liana Baker in San Francisco; Editing by Sai Sachin Ravikumar and Maju Samuel) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-globalstar-m-a-idUSKBN1882IL'|'2017-05-12T23:32:00.000+03:00'
'8f9d5c33a5f23d4bbcc85510604b0c83a99beca1'|'Snap earnings ''miss'' shows misreading of analyst ''expectations'''|'Technology News - Fri May 12, 2017 - 7:04pm EDT Snap earnings ''miss'' shows misreading of analyst ''expectations'' Traders gather at the post where Snap Inc. is traded, just before the opening bell on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 11, 2017. REUTERS/Brendan McDermid By David Ingram - SAN FRANCISCO SAN FRANCISCO A widespread view on Wall Street this week was that Snap Inc ( SNAP.N ) fell short of revenue forecasts when it posted its first quarterly results as a public company, triggering a big selloff in its shares. In fact there were two distinct camps of forecasters, which suggests the earnings "miss" was a matter of interpretation, and other factors were behind the stock decline. A Reuters review of 19 predictions heading into Snap''s earnings report on Wednesday shows that analysts affiliated with the underwriters of Snap''s initial public offering in March had far lower revenue expectations than investment firms not involved in the IPO. Nine investment firms that were not underwriters predicted on average that Snap''s revenue would grow slightly from the prior quarter to $168.4 million, even though the company in its IPO prospectus had estimated a decline due to the seasonal nature of its advertising business. Analysts affiliated with 10 underwriters forecast on average that revenue would hit $138.4 million, $30 million below the estimate of the non-underwriting firms. Thomson Reuters I/B/E/S, which like Reuters is a unit of Thomson Reuters Corp ( TRI.TO ), published an analyst average of $158 million. Just after 1 p.m. Pacific Time (2200 GMT), Snap reported $149.6 million in revenue, well below the average forecast but comfortably beating the estimates of the bullish analysts affiliated with the underwriters. In principle, all analysts work from the same numbers. But analysts affiliated with Snap''s underwriters, for example, may have followed the company for a longer period of time. At investment firms, stock analysts are walled off from the investment banking business, and there is no evidence they shared information on Snap. Analysts with "buy" ratings on a stock have an incentive to set quarterly estimates that the company is likely to beat, because upbeat results tend to boost stock prices. But a bearish analyst could be driven to put forward a high estimate that the company is likely to miss. With the first-quarter reporting season nearly complete, 75 percent of S&P 500 companies'' earnings per share beat analysts'' expectations, while only 18 percent of companies missed, according to Thomson Reuters I/B/E/S. "The volatility in the stock was the function of an incredibly difficult setup where the most bullish financial expectations corresponded with the most bearish sentiment," said James Cakmak, an analyst at Monness, Crespi, Hardt & Co. His firm, not an underwriter, expected revenue at $169.9 million. Going into Snap''s earnings announcement after the market close on Wednesday, anticipation was high about what kind of user growth the company''s Snapchat messaging app would show and how much ad revenue it was bringing in. Ahead of time, the Venice, California-based firm said in securities filings that it expected a seasonal decline from its $165.7 million in revenue during the final quarter 2016. Not everyone believed Snap''s warning, though. "Some people may have taken these words more literally, and some less so," said Shebly Seyrafi, managing director at FBN Securities. FBN was on the high end of the estimates, at $195.6 million, because "it is not uncommon for high-growth companies to grow through Q1," Seyrafi said in an interview on Thursday. In Snap''s case, it did not, and the stock plunged as much as 24 percent after hours on Wednesday to $17.58. On Friday, it rose 6 percent to $19.14. But the share reaction cannot really be explained by missed forecasts, because a close reading shows that any shortfall was marginal at best. Snap seemed to have mis
'2b177afae4b5fd7c69707a07a03204530478f3d2'|'Pakistan signs nearly $500 million in China deals at Silk Road summit'|'Business News - Sat May 13, 2017 - 2:53pm BST Pakistan signs nearly $500 million in China deals at Silk Road summit left right Pakistani Prime Minister Nawaz Sharif meets Chinese President Xi Jinping ahead of the Belt and Road Forum in Beijing, China May 13, 2017. REUTERS/Jason Lee 1/6 left right Pakistani Prime Minister Nawaz Sharif meets Chinese President Xi Jinping ahead of the Belt and Road Forum in Beijing, China May 13, 2017. REUTERS/Jason Lee 2/6 left right Chinese Premier Li Keqiang and Pakistani Prime Minister Nawaz Sharif attend a signing ceremony at the Great Hall of the People in Beijing, China, May 13, 2017. REUTERS/Thomas Peter 3/6 left right Chinese Premier Li Keqiang and Pakistani Prime Minister Nawaz Sharif attend a signing ceremony at the Great Hall of the People in Beijing, China, May 13, 2017. REUTERS/Thomas Peter 4/6 left right Chinese Premier Li Keqiang and Pakistani Prime Minister Nawaz Sharif attend a signing ceremony at the Great Hall of the People in Beijing, China, May 13, 2017. REUTERS/Thomas Peter 5/6 left right Chinese Premier Li Keqiang meets Pakistani Prime Minister Nawaz Sharif and Pakistani officials at the Great Hall of the People in Beijing, China, May 13, 2017. REUTERS/Thomas Peter 6/6 By Kay Johnson - ISLAMABAD ISLAMABAD Pakistan signed new deals with China on Saturday worth nearly $500 million (387.9 million pounds) ahead of Beijing''s international forum on its "Silk Road" trade and infrastructure initiative for Asia, Africa and Europe, the Pakistani government said. The memorandums of understanding add to $57 billion already pledged for the China-Pakistan Economic Corridor (CPEC), a network of rail, road and energy infrastructure that is part of the wider Chinese project also known as One Belt-One Road. The deals came as Pakistani Prime Minister Nawaz Sharif met Chinese President Xi Jinping ahead of the Beijing summit expected to be attended by leaders from at least 29 countries to promote Xi''s vision of expanding trade links. Delegates in Beijing will hold a series of sessions on Sunday to discuss the plan in more detail, including trade and finance. Proposed in 2013 by Xi, the project is broad on ambition but still short on specifics. Pakistan has been a flagship country and one of the most enthusiastic supporters of the One Belt-One Road initiative, in part because many projects are for power plants to alleviate the country''s decade-long energy-shortage crisis that sees frequent blackouts. "China-Pakistan Economic Corridor is a core component of your visionary initiative of the "One Belt-One Road," Sharif told Xi when they met at the Great Hall of China on Saturday, according to the Associated Press of Pakistan. PROJECTS Xi called for a swift completion of projects involving Gwadar Port and special economic and industrial parks along the corridor, state Xinhua news service reported. Among the 3.4 billion RMB($493 million) in deals Sharif''s office said were signed on Saturday were: * Two cooperation agreements worth 2.3 billion RMB ($333 million) for an airport in the southwestern town of Gwadar, site of a deep-water port that is to provide an outlet to the Arabian Sea from the far western Chinese province of Xinjiang. * Establishment of the Havelian Dry Port in Pakistan. * Agreement on economic and technical cooperation (1.1 billion RMB) ($160 million) for the East Bay Expressway linking Gwadar to Pakistan''s existing highway system. China says that between 2014 and 2016, its businesses signed projects worth $304.9 billion in Belt and Road countries. Some of the projects could be in development for years. Some countries are wary of the debt burden that the Chinese financing could create. Pakistan, however, has expressed an optimistic view, with the government''s chief economist telling Reuters this week that the repayments will peak at around $5 billion in 2022, but will be more than offset by transit fees charged on the new transport corridor. (Writing by Kay
'75cbea526d4c735632ec5131c87231f74ae2171e'|'China releases British CEO of alleged million-dollar pyramid scheme'|'China - Mon May 15, 2017 - 10:30am BST China releases British CEO of alleged million-dollar pyramid scheme By Engen Tham and Carolyn Cohn - SHANGHAI SHANGHAI Chinese prosecutors have dropped an investigation into the British chief executive of an alleged million-dollar pyramid scheme and allowed him to leave the country, a year after he was apprehended in a citizen''s arrest by an investor. The prosecutors in Anshan, northern China decided not to bring charges of fraudulent collection of funds against the businessman, named David Byrne, because they did not have enough evidence, according to an official order seen by Reuters. The prosecutors declined to comment. Byrne returned to Britain last week. He said last year he was not actually in charge of EuroFX, and that another Briton had "full authority" over him. He told Reuters that his release confirmed his innocence. "I will continue to do everything in my power to assist the victims," he said. Reuters reported last year how the venture, known as EuroFX, allegedly scammed thousands of investors in China and other countries. EuroFX was registered in Britain and had British headquarters. Byrne was detained by Anshan police last May and freed on bail but barred from leaving China. Li Shanbao, who represents a group of investors who say they lost around a billion dollars in the venture, said Byrne''s departure does not mean the case is closed. "The 4,400 victims will not give up fighting to bring the perpetrators to justice," Li said. British police are not investigating the case, as they say most of the alleged victims are in China. Britain''s Serious Fraud Office, which investigates and prosecutes complex fraud, said it could "neither confirm nor deny any interest in EuroFX at this moment in time." (Additional reporting by Kirstin Ridley; Edited by Sara Ledwith and Richard Woods)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-investment-eurofx-idUKKCN18B0YC'|'2017-05-15T17:13:00.000+03:00'
'271e58b0e913e1c91ef1b7a43d79b793e600092b'|'Desperately short of labour, mid-sized Japanese firms plan to buy robots'|'Business News - Mon May 15, 2017 - 1:57am BST Desperately short of labour, mid-sized Japanese firms plan to buy robots By Stanley White - TOKYO TOKYO Desperate to overcome Japan''s growing shortage of labour, mid-sized companies are planning to buy robots and other equipment to automate a wide range of tasks, including manufacturing, earthmoving and hotel room service. According to a Bank of Japan survey, companies with share capital of 100 million yen to 1 billion yen plan to boost investment in the fiscal year that started in April by 17.5 percent, the highest level on record. It is unclear how much of that is being spent on automation but companies selling such equipment say their order books are growing and the Japanese government says it sees a larger proportion of investment being dedicated to increasing efficiency. Revenue at many of Japan<61>s robot makers also rose in the January-March period for the first time in several quarters. "The share of capital expenditure devoted to becoming more efficient is increasing because of the shortage of workers," said Seiichiro Inoue, a director in the industrial policy bureau of the Ministry of Economy, Trade and Industry, or METI. If the investment ambitions are fulfilled it would show there is a silver lining as Japan tries to cope with a shrinking and rapidly ageing population. It could help equipment-makers, lift the country''s low productivity and boost economic growth. The government predicts investment in labour-saving equipment will rise this fiscal year, Inoue said. The way Japan copes with an ageing population will provide critical lessons for other ageing societies, including China and South Korea, that will have to grapple with similar challenges in coming years. "More than 90 percent of Japan''s companies are small- and medium-sized, but most of these companies are not using robots," said Yasuhiko Hashimoto, who works in Kawasaki Heavy Industries Ltd<74>s robot division. "We''re coming up with a lot of applications and product packages to target these companies." Among those products is a two-armed, 170-centimeter (5-foot-7) tall robot. Kawasaki says it is selling well because it can be adapted to a range of industrial uses by electronics makers, food processors and drug companies. Hitachi Construction Machinery says it is getting a lot of enquiries for its computer-programmed digging machines that use a global positioning system to hew ditches that are accurate to within centimetres and can cut digging time by about half. "We focus on rentals and expect business to pick up in the second half of the fiscal year, which is when most companies tend to order construction equipment for projects," said Yoshi Furuno, a company official. Hitachi Construction declined to provide figures. Mid-sized companies are planning on increasing spending much more than large-caps, which are projecting just a 0.6 percent increase in the fiscal year, according to the Bank of Japan. Smaller companies tend to have less flexibility in overcoming labour shortages by paying workers more or by moving production overseas. WORKING POPULATION PLUNGING Some companies could end up spending less than originally planned. But with demographics only worsening, companies will need to continue to search for solutions to the labour shortage problem. Japan''s working-age population peaked in 1995 at 87 million and has been falling ever since. The government expects it to fall to 76 million this year and to 45 million by 2065. In the fiscal year that ended March 31, 2016, mid-sized companies with 100 to 499 workers advertised to fill 1.1 million new positions, the highest in five years and almost five times the number of open positions at companies with 500 workers or more, Labour Ministry data show. Among the robot makers to report stronger revenue in the last quarter was Fanuc Corp. Its revenue was 7.9 percent higher than a year earlier, the first increase in seven quarters. Meanwhile, Yask
'f9ba93388c6253b8357fc848dd6e963baf2e5463'|'MIDEAST MONEY-Saudi sale of the century lures foreign investment banks, PE firms'|'Market News   8:10am EDT MIDEAST MONEY-Saudi sale of the century lures foreign investment banks, PE firms * Riyadh aims to raise around $200 bln via privatisation scheme * Foreign firms face low fees, uncertain regulatory environment But many can''t ignore volume of potential business * Some investment banks, PE firms boosting staff in region * Saudi ownership rules will be key for PE investments By Saeed Azhar and Tom Arnold DUBAI, May 16 One of the world''s largest privatisation programmes is drawing foreign investment banks and private equity (PE) firms to Saudi Arabia, despite the prospect of low fees and an uncertain regulatory environment. KKR is among the U.S.-based PE firms joining regional companies such as Abu Dhabi''s Gulf Capital in the search for opportunities from the government''s plan to sell off around $200 billion in assets on top of a stake in oil giant Saudi Aramco. Banks are also beefing up their operations. Citigroup obtained a Saudi investment banking licence last month and Goldman Sachs is looking into obtaining a Saudi equities licence. Credit Suisse intends to apply for a full banking licence and JPMorgan is adding bankers. "We see a lot more opportunities in Saudi Arabia because for the first time the government is looking to partner with firms like ourselves and others," said Kaveh Samie, who heads the Middle East and North Africa region for KKR. For decades, many foreign financial companies kept a minimal presence in Riyadh or shunned it entirely. They chased business related to Saudi Arabia''s investment of billions of petrodollars abroad, but saw few opportunities in the Saudi domestic economy. The kingdom had a reputation for offering low fees to investment banks, while PE firms found few prospects in an economy dominated by wealthy state enterprises and family conglomerates which jealously guarded control of their assets. But the mood has begun changing since last year''s announcement of a privatisation drive to help the economy diversify in an era of low oil prices. A vast range of assets will be offered via methods ranging from public offers of shares to PE deals. Vice economy minister Mohammed al-Tuwaijri told Reuters last month that Riyadh aimed to raise around $200 billion over several years - not including an expected tens of billions of dollars for the Saudi Aramco stake. (For a list of privatisations underway, click ) Karim El Solh, chief executive of Abu Dhabi''s Gulf Capital, said it had become more proactive seeking Saudi investments and its pipeline of potential deals had grown in three years. JPMorgan, which has around 70 bankers in Saudi Arabia, is adding about 10 across its investment banking, equities and custody businesses. "With economic transformation comes a need for transactional services, capital markets access and advice," said Sjoerd Leenart, JPMorgan''s head of Middle East, Africa and Turkey. HSBC has made staffing changes to help its Saudi business, including the secondment last month of Samer Deghaili, co-head of equity capital markets in the region, to its Saudi subsidiary. OBSTACLES Foreign firms will still tread carefully in Saudi Arabia, and many may try to limit costs and risk by flying in staff from Dubai rather than basing personnel in Riyadh. Productivity levels among the local population are low and hiring foreigners has become increasingly difficult as Saudi Arabia restricts entry for workers. Also, some Westerners are reluctant to move there due to social restrictions. Investors have also been put off by the legal system which does not have laws on bankruptcy. The government has paid fees as low as 0.1 percentage point of deal value for past privatisations, compared to about 1 percent in developed markets. Riyadh is keen to show it is not being exploited by foreign firms, so fees may not rise much. But the volume of business - HSBC estimates 100 companies will be listed on the stock market in sectors including mining, healthc
'2a8d3bb15b6075379777ab22e343a303035000d6'|'MIDEAST STOCKS - Factors to watch - May 16'|'DUBAI May 16 Here are some factors that may affect Middle East stock markets on Tuesday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Asian stocks briefly hit 2-year highs as outlook darkens* MIDEAST STOCKS-Region mixed; Saudi up with oil, slide in DXBE hurts Dubai* Oil prices build on gains on expectation of extended crude supply cut* PRECIOUS-Gold rises for a fourth day as dollar eases on weak U.S. data* Middle East Crude-Chinaoil snaps up Upper Zakum; Dubai at 1-wk high* Trump revealed intelligence secrets to Russians in Oval Office -officials* MSCI upgrades Pakistan and adds 57 securities, removes 28 from world index* Tehran mayor Qalibaf quits presidential race, backs hardliner Raisi* Iraqi forces push for Mosul victory before Ramadan* Turkish jeans retailer Mavi to list on Istanbul bourse* Lebanon''s FX reserves fine for now, future intervention possible -central bank head* UN restarts Syria talks with fresh format, same challenges* Tunisia Q1 growth 2.1 pct vs zero growth in same qtr a year ago - stats institute* EMERGING MARKETS-Commodity rebound spurs emerging stocks to 2-yr high* Bilfinger says Iran projects running according to plan* Turkish budget shows deficit of 2.96 billion lira in AprilEGYPT* Egypt says Trump to visit Cairo at earliest opportunity* Egypt official expects stock market stamp duty next month* Egypt cancels 7-year T-bond sale, 3-year yields rise -c.bank* Egypt has procured 1.7 mln tonnes of wheat from local farmers* Egypt unemployment eases to 12 percent in Q1* Egypt to issue $1.5 bln-$2 bln Eurobond within one week* Egypt still has work to do despite glowing IMF review - economistsSAUDI ARABIA* Saudi Aramco appoints new downstream head, source names other new VPs* Saudi Arabia, Russia push to extend oil output cut until March 2018UNITED ARAB EMIRATES* Abu Dhabi eases capital base rules for VC funds-The National* DAMAC predicts Dubai property supply rise as market turns corner* Dubai plans $1.7 bln tourist project on new artificial islands* Dubai''s Gulf General Investment aims to complete debt restructuring by June* Dubai''s DAMAC Properties Q1 net profit falls 16.2 pctQATAR* Qatar International Islamic Bank appoints banks for dollar sukuk - sources* TABLE-Qatar inflation eases to 0.6 percent in April on rents, foodBAHRAIN* IFR - MANDATE: Al Baraka hires for US$ perpNC5 AT1 sukukOMAN* Bank Muscat says sukuk issue under Meethaq Sukuk Programme to commence on May 21v'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-factors-idUSL8N1II03L'|'2017-05-16T12:32:00.000+03:00'
'9cf56125c581af284403cc822a5b2d99c964394a'|'Old Mutual sells a further 15 percent of U.S. fund arm'|'LONDON Anglo-South African financial services firm Old Mutual ( OML.L ) is selling 17 million shares in U.S. fund firm Old Mutual Asset Management (OMAM), it said on Tuesday, cutting its minority stake in the firm by a further 15 percent.Old Mutual has said it plans to break itself up into four parts by the end of next year and is selling its OMAM ( OMAM.N ) stake as part of that process.Old Mutual is selling 17.3 million shares in OMAM in a secondary offering at $14.55 per share, it said in a statement.OMAM is also buying back 5 million Old Mutual shares, Old Mutual added.Old Mutual sold a 25 percent stake in OMAM to China''s HNA ( 0521.HK ) in March for $446 million. [nL5N1H30EK]The share offering, buyback and sale to HNA will together cut Old Mutual''s stake in OMAM to around 7.5 percent, an Old Mutual spokesman said.Morgan Stanley is the sole bookrunner of the offering, which closes on May 19.The bank has the option to buy a further 2.6 million OMAM shares, which would reduce Old Mutual''s stake to around 5 percent, the spokesman added.Problems with tech upgrades at Old Mutual''s UK fund management arm have overshadowed the break-up plans.Old Mutual Wealth switched providers for an IT system earlier this month, saying the change did not affect the plans. [nL8N1I41S2](Reporting by Carolyn Cohn; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-oldmutual-omam-offering-idINKCN18C0XY'|'2017-05-16T07:41:00.000+03:00'
'24ec0a49befd4d3615ecfd93d7129e981cd05981'|'BRIEF-Soros Fund Management takes share stake in Citigroup, McDonalds'|' 40pm EDT BRIEF-Soros Fund Management takes share stake in Citigroup, McDonalds May 15 Soros Fund Management * Soros Fund Management takes share stake of 109,800 shares in Citigroup Inc - sec filing * Soros Fund Management takes share stake of 402,500 shares in Conocophillips * Soros Fund Management takes share stake of 6,200 shares in International Business Machines * Soros Fund Management takes share stake of 2,000 shares in McDonalds Corp * Soros Fund Management - change in holdings are as of March 31, 2017 and compared with the previous quarter ended as of Dec 31, 2016Source text for quarter ended March 31, 2017 ( bit.ly/2pQ4JVX ) Source text for quarter ended Dec. 31, 2016: ( bit.ly/2lHSLju )'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-soros-fund-management-takes-share-idUSFWN1IH19E'|'2017-05-16T05:40:00.000+03:00'
'247770dd7d5715a779e726b468af9db8d4c69884'|'Azerbaijan''s biggest bank suspends some debt repayments'|'Fri May 12, 2017 - 8:59am BST Azerbaijan''s biggest bank suspends some debt repayments By Nailia Bagirova - BAKU BAKU Azerbaijan''s biggest lender, International Bank of Azerbaijan (IBA) said on Thursday it had suspended payments on some of its liabilities and asked its foreign creditors for support while it restructures its bad loans. The announcement was the most dramatic sign to date that an economic slowdown rumbling in energy producer Azerbaijan since prices for oil and gas slumped three years ago is now threatening the health of its banking sector. Azerbaijan''s finances appeared to have stabilized this year after the government cut budget spending, and oil prices strengthened, but economists had warned of a lingering risk from bad debt on the balance sheets of Azerbaijan''s banks. The state-controlled bank said in a statement that it had suspended payments of principal and interest on the liabilities that will be included in its restructuring, though it did not specify what they were. In New York, the bank filed a petition under Chapter 15 of the U.S. bankruptcy code. Such a petition is not a bankruptcy filing but keeps creditors from pursuing legal actions in the United States, giving debtors time to restructure their businesses. The bank said it had missed a scheduled payment under a $100 million subordinated loan owed to Rubrika Finance Company Ltd., which is based in Dublin and operates as a debt issuing vehicle. The bank said it was implementing a restructuring plan and had retained Lazard Fr<46>res as financial adviser and White & Case LLP as legal adviser. It also said it planned to swap some of its liabilities for Azeri sovereign liabilities. IBA said it continued to conduct day-to-day business with its clients, including all transactions in relation to individual and corporate deposits. A Reuters reporter who visited several of the bank''s ATMs in the Azeri capital late on Thursday said there were no queues. Samir Sharifov, Azerbaijan''s finance minister, appealed to the holders of IBA''s foreign currency obligations for help while the bank is restructured. He said he planned to meet IBA''s investors in London on May 23. The IBA has a total of $908 million in debt outstanding,   data. That includes $240 million in two loans and the rest in Eurobonds. One of the Eurobonds is denominated in Mexican pesos and matures in June 2022. FOREIGN CREDITORS "The Ministry of Finance has noted with concern the deteriorating financial and capital position of International Bank of Azerbaijan," Sharifov said in a statement. "The Ministry of Finance hopes and expects that holders of IBA''s foreign currency obligations will agree to support the proposed restructuring plan so as to facilitate the provision of additional support to IBA from the government." IBA''s most immediate foreign liability, the Thomson Reuters data show, is a June 11 coupon payment on a $500 million Eurobond that matures in 2019. It was not clear from the data how big the repayment would be. The bank also has a $185 million loan that falls due on Oct. 26, 2017, according to the data, creditors for which include Commerzbank, a branch of Bayerische Landesbank, a Russian unit of Societe Generale, and Qatar''s Commercial Bank QSC. Azerbaijan''s government has already undertaken a rescue package for IBA. Azeri President Ilham Aliyev in 2015 ordered the finance ministry and central bank to transfer bad and risky loans from IBA to a state-owned credit organization, Aqrarkredit. In December last year, the government took further action, injecting additional capital into IBA via a share issue, and thereby increasing its stake in the bank to 76.73 percent. In a statement released on Thursday, Khalid Ahadov, IBA''s chairman, said he was hopeful the bank would be financially viable, but said: "IBA is in a difficult financial position." Dmitri Vasiliev, director of financial institutions at credit rating agency Fitch, said earlier this year IBA would need more gover
'b955aeabff5f94a455526232ea85c94dc20e28a6'|'Italy''s Investindustrial bids to buy L''Oreal''s The Body Shop'|'MILAN Italy''s Investindustrial has placed a bid to buy British beauty retailer The Body Shop, the founder of the private equity firm Andrea Bonomi said on Tuesday.The sale by L''Oreal, which has owned the company since 2006, has drawn interest from a series of private equity investors and a decision is expected in the coming months.The Body Shop was a pioneer in the ethical beauty product industry four decades ago but was recently been challenged by weakening sales and profits, prompting the decision to sell it."We are trying (to buy it) and if we manage to do so, we hope a woman will lead it," Bonomi said.Italian media has previously reported Investindustrial''s plans to name former L''Oreal Italy country head Cristina Scocchia at the helm of the cosmetics group if it succeeded in the acquisition.L''Oreal declined to comment.(Reporting by Massimo Gaia and Valentina Za, additional reporting from Pascale Denis in Paris, writing by Giulia Segreti)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-l-oreal-the-body-shop-m-a-investindus-idINKCN18C1KV'|'2017-05-16T11:21:00.000+03:00'
'36088fb8ee9917a5c169e8c1068f66c5fffa4d5a'|'Publisher Houghton Mifflin may see gains -Barron''s'|'By Jessica DiNapoli - NEW YORK NEW YORK May 14 U.S. textbook publisher Houghton Mifflin Harcourt Co may see improvement in its shares because of cost cuts and investment in its business, Barron''s said.The market for state textbook adoption programs, which is cyclical, was weak in 2016, but is expected to rebound over the next few years, Barron''s said. Houghton Mifflin, which has a 40 percent share of the market, is likely to be a prime beneficiary of the rebound, the publication said in a story on Friday.Higher sales in the California reading program have also helped drive Houghton Mifflin''s sales, Barron''s said.Houghton Mifflin in February named a new chief executive, John Lynch Jr.. The company''s stock closed at $12.50 on Friday.Barron''s said the publisher''s stock could have plenty of upside because of increasing revenue from digital educational materials, which the company has made a key priority.(Reporting by Jessica DiNapoli; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/houghtonmifflin-gains-barrons-idINL2N1IG0DB'|'2017-05-14T21:44:00.000+03:00'
'8bbd55ed8d61291a361a9ec068dd69d79779e013'|'Bundesbank claims equal role for national supervisors in euro zone'|'Central Banks  55am BST Bundesbank claims equal role for national supervisors in euro zone FILE PHOTO: Andreas Dombret, member of the board of the Deutsche Bundesbank speaks during a news conference in Frankfurt, Germany, October 26, 2014. REUTERS/Ralph Orlowski/File Photo FRANKFURT National bank supervisors should be on an equal footing with the European Central Bank and foreign staff should learn the language of the firm they monitor, a director at Germany''s Bundesbank said on Monday. The ECB was made the euro zone''s top bank supervisor in 2014 but it has faced resistance from some banks and authorities, particularly in Germany. Andreas Dombret said there were "many misperceptions" about the nature of the euro zone''s Single Supervisory Mechanism, which is comprised of the ECB and national authorities such as the Bundesbank and Bafin in Germany. "It was not intended to be a single, hierarchical organisation, but rather a supervisory network," he told a banking conference. "There are still many misperceptions on that matter." He defended the choice of many German banks to communicate with supervisors in their national language, unlike the majority of their peers in other euro zone countries, which have opted for English, the lingua franca of international finance. "It is ... understandable that bank representatives will want to stick to their home language when they interact with authorities," Dombret said. "This gives domestic inspectors a natural advantage in their jobs. If we want to further reduce potential instances of ''home bias'', we therefore need to target those language barriers for foreign inspectors and supervisors." (Reporting by Francesco Canepa; editing by Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-banks-bundesbank-idUKKCN18B19R'|'2017-05-15T18:55:00.000+03:00'
'0f44e7317c81cd298f389dae7e878ca27e796c74'|'Trade pact dumped by Trump could be revived at Asia-Pacific meeting'|'HANOI Japan and other remaining members of the Trans Pacific Partnership will this weekend decide how to revive the trade agreement ditched by U.S. President Donald Trump.Their trade ministers will talk on the sidelines of an Asia-Pacific Economic Cooperation (APEC) meeting in Hanoi, Vietnam, where newly appointed U.S. Trade Representative Robert Lighthizer is also due to give more detail of Washington''s trade plans.Uncertainty over those plans after Trump abandoned a trade deal he had compared to the "rape" of America has brought fears of protectionism and strengthened China''s leadership credentials in Asia.Support has built among the so-called TPP-11 for pushing ahead without the United States although trade within the smaller block is only a quarter of that between the original 12 members, according to the most recent data.Moving ahead could help the bargaining position of the members in bilateral talks with the United States.It could also undercut the increasing regional dominance of China, which is not part of the TPP and backs a bigger but less comprehensive free trade agreement for Asia."We''ll be looking to see whether TPP ministers say they are definitely pushing ahead by simply by changing the articles," said Alan Bollard, executive director of the APEC Secretariat."Or whether they come out and say they''re positive about the prospects but need more discussions," he told Reuters in Hanoi.After initially appearing reluctant to move ahead without the United States, Japan is at the forefront of the push along with New Zealand. Japan has emphasized that it would ultimately like to bring the United States back in.On Tuesday, Prime Minister Shinzo Abe said Japan wanted to "steer the debate toward a clear direction" in Hanoi.The backing of some other members is less clear.Vietnam would have been one of the biggest beneficiaries of the original TPP because of lower tariffs and more investment from the United States. Malaysia is in a similar position and an official there voiced hope of an eventual return to the TPP.Pushing TPP forward could help Japan''s position in negotiating a bilateral deal with the United States, said Nguyen Xuan Thanh of the Harvard Kennedy School. The same would apply for Vietnam, he said."It''s part of the game," he told Reuters. "You don''t want to be seen as desperate for bilateral deals."LIGHTHIZER IN SPOTLIGHTNew U.S. Trade Representative Lighthizer''s individual meetings with counterparts, particularly from the world''s second biggest economy, China, will be closely watched.Mexico and Canada, with which Trump seeks to renegotiate their North American Free Trade Agreement are also in APEC.Trump''s "America First" trade strategy relies on better enforcement of U.S. trade laws and existing trade agreements, while trying to negotiate some to the advantage of the United States.Lighthizer has said he will make trade "freer and fairer" to the benefit of U.S. workers, farmers, ranchers and businesses.The final statement from APEC trade ministers will be scrutinized for any change to language which last year emphasized "free and open" trade and investment. It made no mention of the word "fair".The renewed push on the TPP has somewhat overshadowed progress towards the Regional Comprehensive Economic Partnership (RCEP), championed by Beijing, and which members hope to sign by the end of the year.The agreement includes both China and India, but not the United States. It is largely about reducing tariffs and much less comprehensive than TPP: it has limited protections for intellectual property, labor rights or the environment.China would not be particularly happy to see TPP taking on new life even without the United States, said Tu Xinquan, a trade expert at Beijing''s University of International Business and Economics."I also don''t think China would or should take an action specifically responding to it," he said.For the TPP to take effect without the United States it would have to dro
'a02016fa99772c23b4968163174ebbf3bab05e0d'|'Exclusive: Chinese company confirms huge UK fertiliser deal'|'Business News   9:45am BST Exclusive: Chinese company confirms huge UK fertiliser deal left right FILE PHOTO: An employee poses for a photograph at the Sirius Minerals test drilling station on the North Yorkshire Moors near Whitby, Britain, July 5, 2013. REUTERS/Nigel Roddis/File Photo 1/3 left right FILE PHOTO: An employee holds a sample of polyhalite taken from the Sirius Minerals test drilling station on the North Yorkshire Moors near Whitby, Britain July 5, 2013. REUTERS/Nigel Roddis/File Photo 2/3 left right FILE PHOTO: The Sirius Minerals test drilling station is seen on the North Yorkshire Moors near Whitby, Britain, July 5, 2013. REUTERS/Nigel Roddis/File Photo 3/3 By Alasdair Pal and Adam Jourdan - LONDON/SHANGHAI LONDON/SHANGHAI A small Chinese company that is key to plans by Sirius Minerals to build a huge fertilizer mine under a national park in the north of England has confirmed it has a binding agreement with the UK firm. DianHuang CEO Wang Xiaotian reiterated the agreement in a letter to Reuters on May 15, saying it had been signed on May 27 last year. DianHuang would buy 150,000 tonnes of the mineral polyhalite a year from first extraction in 2021, scaling up to a million tonnes a year over five years as part of plans to grow peony flowers and extract edible oil from their seeds, he said. The reassurance from Wang followed a May 8 telephone interview with Reuters in which he said the two firms were still negotiating. The DianHuang deal is the biggest take-or-pay agreement Sirius has inked so far with a named customer. By demonstrating confirmed demand for its product, it helped Sirius raise $1.2 billion in financing for the mine and win planning permission from the North York Moors national park. Sirius needs its existing take-or-pay agreements and more to raise a further $2.6 billion (2 billion pounds), in debt financing, to complete the mining project. The company has said it must double the amount of polyhalite covered by take-or-pay deals to satisfy the banks arranging the financing that it has enough potential cash flow. Asked if DianHuang had signed a legally binding agreement with Sirius, Wang had said by telephone: "We have not officially signed this, it is just a strategic cooperation agreement ... Because with Sirius we have a framework cooperation, of course we hope this cooperation can be pushed forward." These were the first comments to media by the Chinese company on the deal, which Sirius announced in June 2016. At that time, Sirius said DianHuang would buy up to a million tonnes of fertiliser a year from first extraction, under a take-or-pay arrangement. In the telephone interview, Wang had said DianHuang was also negotiating with a rival firm, ICL, also known as Israel Chemicals. "It depends whose fertilizer is more beneficial for us," he said. "ICL is the biggest global producer of organic potassium fertilizer. They are also competing, they are also in touch with us. They have brought over some fertilizer for test use." ICL, whose mine is on the same Yorkshire seam that Sirius plans to exploit, declined to comment on DianHuang''s statement. After Reuters posed questions to Sirius Minerals about Wang''s phone comments, Sirius said the assertion that it only had a framework agreement with DianHuang was incorrect: "The Company has a binding offtake agreement in place." Sirius added that any possible talks between DianHuang and its rival were up to the Chinese firm. In Wang''s letter, which he wrote after Reuters contacted Sirius, he said: "To clarify, the contract is not a framework agreement but rather a firm take or pay agreement." Wang was not immediately available to comment further when contacted by Reuters after the letter. ICL is so far the only company that has actually begun mining polyhalite, a relatively new entrant to the fertiliser market which both it and Sirius say is a multi-nutrient product superior to traditional potash. Wang''s follow-up letter to Reuters made no ref
'bb18cb898dd1f8ac154c2d4e74bf86a367ecae27'|'EU Commission launches procedure against Italy over Fiat emission tests'|'BRUSSELS The European Commission launched legal action against Italy on Wednesday for failing to respond to allegations of emission-test cheating by Fiat Chrysler ( FCHA.MI ), in a procedure that could lead to the country being taken to court."The Commission decided today to send a letter of formal notice asking Italy to respond to concerns about insufficient action taken regarding the emission control strategies employed by Fiat Chrysler Automobiles group (FCA)," the Commission said in a statement.Italy now has two months to respond. The Commission may eventually decide to take the country to court if it is not satisfied with the answer.(Reporting by Robert-Jan Bartunek; editing by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-fiat-chrysler-emissions-eu-idUSKCN18D1BB'|'2017-05-17T19:16:00.000+03:00'
'c3d28f32a57d028dc244b0628ae6b4cb379dda8d'|'A decade after debt forgiveness, Africa still hooked on dollars'|'Business   9:35am BST A decade after debt forgiveness, Africa still hooked on dollars FILE PHOTO: A man trades U.S. dollars for Ghanaian cedis at a currency exchange office in Accra, Ghana, June 15, 2015. REUTERS/Francis Kokoroko/File Photo By Sujata Rao and Karin Strohecker - LONDON LONDON When rich countries wrote off billions of dollars of African debt in 2005, they hoped governments would think twice about borrowing again in costly foreign currencies. Over a decade later, most sub-Saharan African countries still rely on U.S. dollar-denominated debt to finance their economies. Some investors say this is sowing the seeds of future debt crises if local currencies devalue and make dollar debt repayments more expensive. Aside from South Africa and Nigeria, governments have not yet done enough to develop capital markets that would have allowed them to raise more money in their own currencies, investors say. United Nations trade body UNCTAD estimates that Africa''s external debt stock rapidly grew to $443 billion by 2013 through bilateral borrowing, syndicated loans and bonds. But since then sharp currency devaluations across the continent have pushed up the cost of servicing this debt pile, which continues to grow. "We all thought (Africa) was going to be the next emerging market. Governments should have been getting rid of dollar liabilities and moving into local currency liabilities, which is what Brazil did 20 years ago and Mexico 30 years ago," said Bryan Carter, head of emerging debt at BNP Paribas Investment Partners. In 2007 Carter was optimistic enough to hold a third of his fund in sub-African local debt. Now he has zero exposure outside of South Africa, he said, adding: "They just fell back into the ''original sin'' trap of borrowing in dollars." After the debt, owed to multilateral organizations such as the International Monetary Fund, was wiped out, investors such as Carter were prepared to accept the risks of buying local currency bonds, in exchange for higher returns. That would have allowed governments to run their economies, regardless of exchange rate moves between the U.S. dollar and domestic currencies. Currency and interest rates fluctuations have long been a source of emerging market crises. Stimulating local bond markets, could have helped start a domestic savings and investment industry and also helped to reduce the reliance on commodities exports - a major source of the dollar income needed for debt repayments. LITTLE PROGRESS But there''s been little progress on the steps needed to foster local debt markets - pension reform, inflation targeting and making currencies more flexible. Those markets that have emerged are small and with low trading volumes, a similar story to many African equity markets. Data from Frankfurt-based index provider Concerto Financial Solutions shows 37 sub-Saharan African nations with outstanding local currency debt of just under $260 billion by end-2016. Of that $146 billion is from Africa''s most developed economy, South Africa, while Nigeria accounted for $40 billion - the only African markets big and liquid enough to qualify for the GBI-EM index, widely used by emerging debt investors Concerto said stripping out South Africa, 16 African countries have borrowed roughly $30 billion in bonds since 2007. In addition, China has extended tens of billions of dollars in loans and some countries have new debts to multilateral lenders. "While Africa''s current external debt ratios currently appear manageable, their rapid growth in several countries is a concern and requires action if a recurrence of the African debt crisis of the late 1980s and the 1990s is to be avoided," UNCTAD warned last year. Other emerging markets in contrast have shifted almost entirely to borrowing at home. Debt denominated in emerging currencies totals about $15 trillion, or 80 percent of the developing world''s bond stock. EFFORTS AND ACHIEVEMENTS Investors do note some positives such as better 
'8926641f7233f7af49c9f36e40401e2c01f60328'|'Johnston Press says UK regional newspaper market challenging'|'Business News   7:52am BST Johnston Press says UK regional newspaper market challenging Newspaper publisher Johnston Press Plc ( JPR.L ) posted a mere 0.2 percent rise in revenue for the year to April 30 and said trading conditions for regional newspapers in the UK remain challenging. The publisher of the Yorkshire Post, The Scotsman, and several regional newspapers said total revenue, excluding i -- the cut-price sister paper of The Independent - was down 12 percent for the period Jan. 1 to April 30. However, digital advertising revenue held up at 10 percent, as advertisements followed readers to online platforms. Johnston has over 200 titles across the country and acquired "i" for 24 million pounds last year to tap into its growing circulation revenue and advertising base. The Edinburgh-based company said circulation volumes of key daily newspapers, The Scotsman and Yorkshire Post, continue to improve and the board is encouraged by the improving trends. (Reporting by Rahul B in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-johnston-press-outlook-idUKKCN18F0JK'|'2017-05-19T14:52:00.000+03:00'
'8c99cfcb762c346db622647f90c9683f587ae4aa'|'FTSE recovers, set for fourth straight week of gains'|'Top News   5:10pm BST FTSE climbs for fourth straight week, shrugging off Trump slump People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo By Helen Reid - LONDON LONDON Britain''s major share index recovered on Friday after a pullback in the previous session, notching up its fourth straight week of gains as investors focused on underlying earnings growth and better economic data. The FTSE 100 .FTSE was up nearly 0.5 percent on the day, bringing it into positive territory for the week after its performance was dented by worries over turmoil in U.S. President Donald Trump''s administration that sent stocks tumbling across the globe. Investors looked through the political uncertainty to a better earnings season and improved UK retail sales data which pointed to a brighter outlook for consumer-facing stocks. "Generally earnings have been better than expected," said Laura Foll, head of the UK equity fund at Henderson. "The retail sales data that came out yesterday was slightly higher than people were expecting, so there''s also some relief after the March data which was quite weak." Blue-chips hovered just below the fresh record high set on Tuesday. While flows data shows investors have been piling into European equities, with a preference for the region accentuated since the French election, British stocks could be snubbed due to Brexit fears bubbling under the surface. "The UK hasn''t benefited from the inflows that Europe has," said Foll. Miners Rio Tinto ( RIO.L ) and Anglo American ( AAL.L ) underpinned gains on the index, up 2.1 to 2.4 percent. Hikma ( HIK.L ) shares recovered from early losses to end 2.5 percent higher, after the drugmaker trimmed its revenue forecast for the year to reflect the delayed launch of its generic drug Advair. "Despite the ongoing difficulties in delivering the potential of its Roxane acquisition, we remain confident of Hikma''s long-term potential, with generic Advair, first to file Zytiga and first to file Xyrem opportunities still to come," said Stifel analysts. Hikma fell 8 percent last week after U.S. regulators denied approval for Advair, citing "major" issues with the application. A broad-based recovery pushed the FTSE higher, but some stocks bucked the trend. Engineering conglomerate Smiths ( SMIN.L ) fell 2.8 percent after its chief financial officer stepped down. "The timing is poor: just as FX tailwinds recede and industrials come under some pressure, the uncertainty this creates does in the short term dent the safe haven status we believe some investors accord Smiths," Stifel analysts said. The world''s biggest credit data company, Experian ( EXPN.L ), fell 1.7 percent after Jefferies cut the stock to ''hold'', citing slowing U.S. credit momentum. Experian extended the previous session''s losses, when allegations against Brazil''s president roiled markets and sent it and other stocks exposed to the Latin American country down. Among mid-caps, tour operator Thomas Cook Group ( TCG.L ) fell 2.9 percent after Barclays cut the stock to equal weight, citing a strong recent run, challenging market environment and concerns about the UK consumer. A ''strong buy'' from broker Raymond James pushed engineering and defence firm Senior ( SNR.L ) up 6.5 percent, making it the top mid-cap gainer. (Editing by Mark Trevelyan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKCN18F0WD'|'2017-05-19T17:37:00.000+03:00'
'8210f7cdc01b1408a2a1cc2538a95e9f7c969c61'|'Blowing the whistle in South Korea: Hyundai Man takes on chaebol culture'|' 23am BST Blowing the whistle in South Korea: Hyundai Man takes on chaebol culture left right Kim Gwang-ho speaks as he checks his Hyundai Motor''s car during an interview with Reuters in Yongin, South Korea, April 19, 2017. Picture taken on April 19, 2017. REUTERS/Kim Hong-Ji 1/5 left right Kim Gwang-ho checks his Hyundai Motor''s car during an interview with Reuters in Yongin, South Korea, April 19, 2017. Picture taken on April 19, 2017. REUTERS/Kim Hong-Ji 2/5 left right Kim Gwang-ho speaks during an interview with Reuters in Yongin, South Korea, April 19, 2017. Picture taken on April 19, 2017. REUTERS/Kim Hong-Ji 3/5 left right Kim Gwang-ho checks his Hyundai Motor''s car during an interview with Reuters in Yongin, South Korea, April 19, 2017. Picture taken on April 19, 2017. REUTERS/Kim Hong-Ji 4/5 left right Kim Gwang-ho speaks during an interview with Reuters in Yongin, South Korea, April 19, 2017. Picture taken on April 19, 2017. REUTERS/Kim Hong-Ji 5/5 By Hyunjoo Jin - YONGIN, South Korea YONGIN, South Korea South Korean engineer Kim Gwang-ho flew 11,000 km (7,000 miles) to Washington last year to do something he never dreamed he would: he reported alleged safety lapses at Hyundai Motor Co - his employer of 26 years - to U.S. regulators. Citing an internal report from Hyundai''s quality strategy team to management, Kim told the U.S. National Highway Traffic Safety Administration (NHTSA) the company was not taking enough action to address an engine fault that increased the risk of crashes. Hyundai ( 005380.KS ) denies the allegations. The company promotes openness and transparency in all safety-related operations, and its decisions on recalls comply with both global regulators and stringent internal processes, Hyundai told Reuters in an emailed statement. Reuters was unable to review the internal report cited by Kim due to a court injunction filed by Hyundai. In a culture which values corporate loyalty, Kim was moving against the tide when he handed the NHTSA 250 pages of internal documents on the alleged defect and nine other faults. South Korea has been buffeted by corporate scandals, many within its family-run conglomerates or chaebol, but has seen few whistleblowers. A high proportion are sacked or ostracized, despite legislation to protect them, according to advocacy groups. Kim, fired in November for allegedly leaking trade secrets about the company''s technology and sales to media, has since been reinstated by Hyundai after a ruling by a South Korean government body under whistleblower protection laws. Hyundai has filed a complaint disputing the decision. "I will be the first and last whistleblower in South Korea''s auto industry. There are just too many things to lose," Kim said in an interview at a bakery cafe run by his eldest daughter. "I had a normal life and was better off, but now I''m fighting against a big conglomerate." Corruption at chaebols is at the forefront of the political agenda for newly elected president Moon Jae-in, voted in after a bribery scandal involving Samsung chief Jay Y. Lee and former President Park Geun-hye. LOYAL SALARY MAN On Friday, Hyundai and associate Kia Motors Corp ( 000270.KS ) said they would recall a further 240,000 vehicles in South Korea after the transport ministry issued a rare compulsory recall order over defects flagged by Kim. Kim, now 55, says he did not start off intending to blow the whistle. A loyal salary man, he studied precision mechanics and joined Hyundai in 1991, working on engine testing and planning. In 2015, Kim transferred to the Quality Strategy team, which decides recall issues. That same year, Hyundai announced a U.S. recall of half a million Sonata sedans due to manufacturing flaws that could result in engine stalling. Citing the report by the Quality Strategy team, Kim argues Hyundai knew the issue was more serious and widespread, affecting more models and the South Korean market. The problem was not just with the manufact
'27cf63626067c7685fe3b90e43e0ae94f6802215'|'Union urges investors to deny Deutsche Bank broad capital authorisation'|'FRANKFURT May 18 Fund manager Union Investment on Thursday urged Deutsche Bank''s shareholders to vote against measures that give the bank''s board broad authorization for further capital increases.Portfolio manager Ingo Speich told shareholders at the bank''s annual general meeting to deny the bank a measure that could allow it to raise capital by nearly 39 percent over the next five years."We aren''t prepared to write management another blank check for further capital increases," Speich said.Without a such authorization for capital increases Deutsche Bank would have to call an extraordinary shareholder meeting to decide on a new rights issue. (Reporting by Tom Sims; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deutsche-bank-agm-capital-idINF9N1I701N'|'2017-05-18T06:25:00.000+03:00'
'517b006d814ba520d04c3931f6d924829602e7bd'|'Conservatives promise to abolish independent SFO'|'Economy   4:11pm BST Conservatives pledge to abolish independent SFO Britain''s Prime Minister Theresa May''s launches her election manifesto in Halifax, May 18, 2017. REUTERS/Dan Kitwood/Pool. By Kirstin Ridley - LONDON LONDON Britain''s ruling Conservative Party on Thursday pledged to scrap the Serious Fraud Office (SFO) and roll it into a broader crime-fighting body if it wins the June 8 national election, in a move roundly criticised by lawyers and anti-corruption groups. Prime Minister Theresa May''s party manifesto document, which lists policy proposals, said it would bring the SFO under the remit of the newly established National Crime Agency (NCA), dubbed Britain''s FBI, to "strengthen Britain''s response to white collar crime". The SFO has been dogged by speculation that May, a former home secretary who controlled the NCA, would revive plans to end its days as an independent investigator and prosecutor of top-level fraud and bribery after becoming prime minister last year. The agency said only that the organisation of law enforcement was a matter for ministers. "This is a political pledge and we cannot comment," it said in an emailed statement. But London lawyers questioned the wisdom of the move at a time when the SFO was establishing a record for itself and the NCA had yet to do so. Anti-corruption group Transparency International called it an "ill-conceived manifesto one-liner". "Under its current director, the SFO is proving its effectiveness as a specialist economic crime enforcer," said David Corker, a partner at law firm Corker Binning. "Its work on overseas bribery and raising corporate standards in that regard is world-class. "The NCA has not yet proved its effectiveness and there is a great danger that the fight against fraud would be compromised if the SFO''s work was absorbed into its broad remit." David McCluskey, a partner at Taylor Wessing, said complex cross-border business crime cases required specialised skills, resources and powers - and that some corporate crime was at best complicated and at worst almost impossible to prosecute. "If these tasks are to be left to an agency which has many other priorities besides fraud, then the perception will be that this is no longer a priority for the UK," he said. The SFO, established in 1987, has seen its budget cut and a mixed success rate in investigations such as its high-profile Libor (London interbank offered rate) prosecutions. Two bankers were unanimously and swiftly acquitted last month. But it has also been praised by some MPs for clinching a handful of corporate plea deals that include a 671 million- pound deferred prosecution agreement with Rolls-Royce over widespread bribery in January. Director David Green, who is due to stand down after six years in the job next April, has said there is no evidence that replacing the SFO, with its teams of investigators, accountants, prosecutors, experts and counsel, would deliver better results. He has also argued that the SFO''s priority of combating top-level fraud and bribery would become just one amongst many priorities competing for resources and attention in a larger organisation. The NCA, which is less than four years old, has a broad remit to tackle offences ranging from organised crime to border policing, economic crime and child protection. Jonathan Pickworth, a white collar crime partner at law firm White & Case, said it was far from certain that the NCA would be better equipped than the SFO at combating white collar crime. "It is a gamble," he said. (Reporting by Kirstin Ridley; editing by Ralph Boulton and Pritha Sarkar)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-election-sfo-idUKKCN18E1NJ'|'2017-05-18T20:20:00.000+03:00'
'23f3de9fe431ac1dc23b4c6798d7596cab22d472'|'Apple begins assembling iPhone SE in southern India plant'|'Business News   8:11am BST Apple begins assembling iPhone SE in southern India plant The new iPhone SE is seen on display during an event at the Apple headquarters in Cupertino, California March 21, 2016. REUTERS/Stephen Lam MUMBAI Apple Inc has begun assembling its low-priced iPhone SE at its contract manufacturer''s plant in the technology hub of Bengaluru in southern India, the company said in a statement. Cupertino, California-based Apple, is keen to boost its market share in one of the world''s fastest growing mobile phone markets as sales lag in Asian powerhouse China. "We are beginning initial production of a small number of iPhone SE in Bengaluru," Apple said in the statement, adding the phone would be available locally for sale this month. In February, Reuters reported that Apple''s Taiwanese manufacturing partner Wistron Corp will assemble the iPhone SE in India by April-end or beginning of May. (Reporting by Sankalp Phartiyal; Editing by Biju Dwarakanath)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-india-apple-idUKKCN18E0M2'|'2017-05-18T15:11:00.000+03:00'
'5c3a46a9c40c0d59a8e8f8704dc278b6795d6479'|'Australia''s Fairfax Media gets revised $2 billion offer from TPG-led group'|'By Jamie Freed - SYDNEY SYDNEY U.S. buyout firm TPG Capital Management on Monday raised its cash bid for Fairfax Media Ltd ( FXJ.AX ), offering A$2.76 billion ($2.04 billion) for the struggling Australian publisher and sending its shares to a six-year high.The fresh offer from TPG [TPG.UL] and partner Ontario Teachers'' Pension Plan Board (OTPP) would allow shareholders to cash out completely rather than leaving them with scrip in a piecemeal collection of small assets including radio, regional newspapers and television streaming."It<49>s better to have a complete bid," said John Grace, co-head of equities at Ausbil Investment Management, Fairfax''s largest shareholder with a 7.8 percent stake. He added however that it was too early to say whether the bid should succeed.Fairfax is the publisher of The Sydney Morning Herald and The Australian Financial Review, but its best-performing asset is property listings website Domain, which has boomed amid the long-term decline of newspaper earnings.TPG is now offering A$1.20 a share for the entire business, compared with the prior offer of A$0.95 a share for Domain and top mastheads.It represents a 12 percent premium to Fairfax''s A$1.07 closing price on Friday and sent the shares up as much as 8.4 percent to a six-year high of A$1.16 on Monday.The previous offer did not include the publisher''s radio division, regional and New Zealand titles, a stake in an online television streaming start-up and its debt.DOMAIN SPIN-OFFLong-suffering shareholders had pinned their hopes on Fairfax''s plan to spin off Domain as it continues to cut costs at its newspapers. Many of its journalists this month went on strike for a week to protest editorial job cuts.Fairfax has said it is considering the TPG proposal - which is subject to a shareholder vote and foreign investment approvals - but is also continuing to progress preparations for the planned separation of Domain."While the revised offer is clearly superior in that is an offer for the entire company, TPG may need to offer more than A$1.20 if it is to win the support of all shareholders," said Alex Waislitz, chairman of Thorney Opportunities Ltd, which holds Fairfax shares.TPG''s change of mind came after the Australian government revealed it is planning to deregulate media ownership, which could increase Fairfax''s options as either a target for another suitor or as an acquirer.A TPG spokesman declined to comment.In a statement, Fairfax said shareholders did not need to take any action in response to the revised proposal and promised to provide an update once it had been fully assessed.(Reporting by Jamie Freed; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fairfax-media-m-a-tpg-idINKCN18A141'|'2017-05-14T21:35:00.000+03:00'
'ab6d18e2b8d08b387f54b8b91b53db63cf96074f'|'UK Stocks-Factors to watch on May 15'|'Market News - Mon May 15, 2017 - 1:49am EDT UK Stocks-Factors to watch on May 15 May 15 Britain''s FTSE 100 index is seen opening up 12 points at 7,447 on Monday, according to financial bookmakers. * BHP: One of the last reminders of a merger 16 years ago that created the world''s biggest mining house will be erased on Monday when BHP Billiton , changes its name back to just BHP. * BHP Billiton, Chief Executive Andrew Mackenzie, batting off an attack by activist funds, will tell investors in Barcelona next week that the top global miner can pump more for less out of its unloved shale assets. * LV= : British insurer Liverpool Victoria Friendly Society Ltd (LV=) said on Friday it had received approaches from several possible buyers about a deal involving its general insurance division. * BP: BP Plc has sued a former U.S. oil analyst for allegedly stealing trade secrets and other confidential information, according to court filings. * MONDI: Mondi Group denied on Friday that its new Chief Executive Peter Oswald was planning to restructure the packaging and paper company but confirmed it would move some of its Johannesburg functions to its Vienna office. * SKY/FOX: 21st Century Fox Inc is trying to seek government approval for its Sky Plc deal and is prepared to make concessions to U.K. regulators Bloomberg reported citing people familiar with the matter. bit.ly/2r2z5Jm * CYBER ATTACK: Production at Nissan''s manufacturing plant in Sunderland, northeast England, has been affected by a cyber attack that has hit nearly 100 countries, a spokesman for the Japanese carmaker said on Saturday. * Britain is spending around 50 million pounds ($64 million) on improving the security of the National Health Service''s computer systems and had warned the NHS it faced cyber threats, defence minister Michael Fallon said on Sunday. * The UK blue chip index finished the week 0.5 percent higher at 7,435.39 points, a record close, as pharmaceutical stock AstraZeneca rose on a positive drug trial and broker upgrades buoyed individual firms. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Lonmin Plc Q2 2017 Lonmin Plc Production Report NEX Group Q4 2016 NEX Group Plc Plc Earnings Release Lonmin Plc Half Year 2017 Lonmin Plc Earnings Release Victrex Plc Half Year 2017 Victrex Plc Earnings Release Diploma Plc Half Year 2017 Diploma Plc Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1IH1RQ'|'2017-05-15T13:49:00.000+03:00'
'ef4d640a8aa55adaa06eb91cfbd07496585cb361'|'Netherlands central bank - margin squeeze coming for Dutch banks'|'Central Banks  47pm BST Netherlands central bank - margin squeeze coming for Dutch banks By Bart Meijer - AMSTERDAM AMSTERDAM The Netherlands'' central bank said on Thursday it expects margins at the country''s major banks, which have so far held steady despite Europe''s ultra-low interest rate regime, to finally come under pressure. The number two official at De Nederlandsche Bank (DNB), Director Jan Sijbrand, said he expects banks to suffer on two fronts. First, fixed rate mortgages are being refinanced at lower rates, removing a profitable source of lending. And second, room to lower rates paid on retail deposits has run out. The country''s big banks now pay around 0.2 percent on average for retail deposits - not an attractive proposal from the banks'' perspective when they could borrow at below zero on capital markets and must pay the European Central Bank 0.4 percent if they hold excess cash. But banks see lowering the rates paid to retail savers below zero as a line they are unwilling to cross. "There appears to be a zero lower bound to the savings rate," Sijbrand said at a press briefing in Amsterdam. "All over Europe we see great hesitance towards negative rates." He said that banks were aware they would face incomprehension and probably outrage if they actually were to enact a negative deposit rate. "The already fragile trust in banks will be harmed when people get back less than what they put into their accounts," he said. Banks may be willing to sacrifice some margin in coming years, in the expectation that eventually rates will return to historical norms, restoring a more normal relationship with retail customers. "Savings deposits have been an important source of funding for decades, so you want to be careful with that," he said. (Reporting by Toby Sterling; Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-netherlands-cenbank-idUKKCN18E24C'|'2017-05-18T22:47:00.000+03:00'
'ad26d12e9962326f297bc78674742a63d4402fb3'|'Banco Popular under pressure to merge as Spanish rescue unlikely'|'By Sarah White and Jes<65>s Aguado - MADRID MADRID Spanish lender Banco Popular ( POP.MC ) should not expect to receive an injection of public funds, the country''s economy minister said on Thursday, increasing pressure on the bank to find a merger partner quickly.Struggling under the weight of 37 billion euros ($41 billion) of non-performing real estate assets left over from Spain''s financial crisis, Popular''s new management has said it would consider a merger as a way out.Several larger Spanish banks, including Santander ( SAN.MC ), BBVA ( BBVA.MC ) and state-owned Bankia ( BKIA.MC ), declared a preliminary interest in a merger this week after Popular said it was considering its options, which include a merger or another capital increase after it raised 2.5 billion euros last year.But sources familiar with the talks said the lenders have yet to find out Popular''s exact needs and have not made any decision on whether they would bid for the rival bank.The sources also said Popular would first try to merge, then if did not work it would seek to raise money and only if both of those options fail could a bailout be on the table.Asked whether Popular, Spain''s sixth largest bank, needed a state rescue, Economy Minister Luis de Guindos said: "The government does not foresee injecting public funds."Popular''s capital levels were still above regulatory requirements, he said at an event in Madrid, citing feedback from the Bank of Spain.Banco Popular ended March with a phase-in capital level 0.53 of a percentage point above its requirement of 11.38 percent as set by the European Central Bank.However, its capital under the strictest "fully-loaded" criteria is the lowest among listed Spanish banks at 7.33 percent, down from 8.17 percent at the end of December.Most have made good progress since Spain sought a 41 billion euro European bailout for its lenders in 2012, clearing their books of the huge volumes of toxic real estate assets amassed during the crisis years, but Popular remains saddled with the highest amount in the sector.Popular''s non-performing loan ratio is about three times above the average of its Spanish rivals.Popular reported a 3.6 billion euro loss for 2016 and has undergone three leadership shake-ups since July. Its shares have fallen 62 percent over the past year and are the worst performers on the European STOXX banking index .SX7P.(Writing by Angus Berwick; editing by Julien Toyer and David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-banco-popular-government-idINKCN18E2GV'|'2017-05-18T14:44:00.000+03:00'
'df48d18fb165905150f87099fb73f445aa345ae0'|'VW CEO says successor likely to come from within: Handelsblatt'|'Autos   1:59pm EDT VW CEO says successor likely to come from within: Handelsblatt FILE PHOTO - Volkswagen CEO Matthias Mueller attends the annual shareholder meeting in Hanover, Germany May 10, 2017. REUTERS/Fabian Bimmer FRANKFURT Germany''s Volkswagen ( VOWG_p.DE ) will likely pick a new chief executive officer (CEO) from within the carmaker''s own ranks, CEO Matthias Mueller told German daily Handelsblatt. "I am already in talks with the supervisory board about who could be my successor," Handelsblatt quoted Mueller as saying. Mueller''s contract is not due to expire until mid 2020, but the process of picking a new leader needs to be initiated with plenty of advance notice, Handelsblatt said. "It is important and a signal for the company if my successor comes from within our own ranks," Mueller told the paper. Candidates should have international experience and not become consumed by day to day operations while focusing on big picture strategic initiatives, the paper said, quoting Mueller. Volkswagen (VW) acknowledged its CEO had given an interview to Handelsblatt. "We are thinking today about how we can better position Volkswagen in future, and this includes succession planning," a spokesman said on Thursday, declining to discuss potential candidates. The Handelsblatt interview comes a day after German prosecutors said they were formally investigating executives at VW''s biggest shareholder, Porsche SE, over whether they informed markets in a timely manner about the potential risks from VW''s emissions scandal. Mueller is a management board member at Porsche SE, the family-owned holding company which controls 52.2 percent of VW''s voting shares. Mueller said the Porsche SE board had not neglected its duties. "We are convinced that we fulfilled capital market disclosure requirements in an orderly and responsible manner," Handelsblatt quoted him as saying. "Personally I have nothing to answer for," he added. (Reporting by Andreas Cremer; Writing by Edward Taylor; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-ceo-succession-idUSKCN18E2PD'|'2017-05-19T01:59:00.000+03:00'
'136f00b9f249fe629004736a9a3008ca426f8833'|'Alibaba''s quarterly revenue beats estimates'|'By Cate Cadell and Supantha Mukherjee Alibaba Group Holding Ltd said on Thursday it would buy back shares worth up to $6 billion over two years, as it beat first quarter revenue forecasts but missed income estimates.The Chinese company, which is looking to grow its business beyond e-commerce and is targeting new lines in cloud computing, big data, entertainment and offline retail, says the repurchase will replace its existing buyback program.Alibaba said strength in the Chinese e-commerce market helped its total revenue rise to 38.6 billion yuan ($5.6 billion) in the quarter to the end of March, versus an average forecast of 36 billion yuan according to Thomson Reuters I/B/E/S.But Alibaba''s adjusted EPS (earnings per share) was 4.35 yuan ($0.63), versus estimates of 4.48 yuan.Alibaba has ramped up expansion outside of China and consolidated its Southeast Asian retail site Lazada, which it acquired last year. This included integrating the Singapore-based platform''s payment system, Hello Pay, with Alibaba''s own payment affiliate, Alipay.It has taken steps to expand its U.S. merchant base over the past quarter and said it plans to host an event next month, which 1,000 U.S. businesses are expected to attend.This U.S. push follows a meeting between chairman Jack Ma and U.S. President Donald Trump earlier this year, at which Ma pledged to create one million jobs in the country.Revenue from Alibaba''s core e-commerce business grew by 47 percent to 31.6 billion yuan in the quarter, up from the previous quarter''s growth rate of 45 percent.Meanwhile net income attributable to shareholders rose to 10.6 billion yuan, up 98 percent from 5.4 billion yuan in the year-earlier quarter.Its digital media and entertainment business saw an increase in revenue of 234 percent to 3.9 billion yuan, reflecting the dividends from the consolidation of Youku Tudou, which Alibaba acquired for $3.5 billion in October.Alibaba''s cloud business continued its run of triple-digit growth, recording revenue of 2.2 billion yuan for the quarter, up 103 percent from a year earlier.($1 = 6.8908 Chinese yuan renminbi)(Editing by Sam Holmes, Saumyadeb Chakrabarty and Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/alibaba-results-idINKCN18E1F9'|'2017-05-18T09:11:00.000+03:00'
'3e539f06c95fb3adfb636df148c45c899722fe56'|'UPDATE 1-Indian state power company''s computers hit by ransomware attack'|'Market News - Mon May 15, 2017 - 12:25pm EDT UPDATE 1-Indian state power company''s computers hit by ransomware attack (Adds details) NEW DELHI May 15 The global ransomware attack has affected several computers of a state power distribution company in the Indian state of West Bengal but the federal government computer system has largely escaped, officials said on Monday. State agencies that manage government websites and build supercomputers have installed security patches issued by Microsoft Corp. Federal Minister Ravi Shankar Prasad told reporters that there was no serious impact on India, with only isolated incidents in parts of Kerala and Andhra Pradesh states, and the government was monitoring the situation. However, West Bengal Power Minister Sovandev Chattopadhyay told Reuters that several billing centres of the state''s Electricity Distribution Company Ltd (WBSEDCL) had been infected by the ransomware worm. "The full extent and magnitude of the problem will be realised by tomorrow," he said, the situation will be very serious if household electricity consumption data from the central server of the utility could not be retrieved beforehand. A power department official who did not want to be named said billing for around 800,000 households was affected when the ransomware blocked access to files in the computers. A senior official at the Federal Ministry of Electronics and Information Technology said its Computer Emergency Response Team was gathering all possible information about the ransomware. The cyber attack, which shut car factories, hospitals, shops and schools over the weekend, has proved less severe than anticipated in Asia, but industry professionals have flagged potential risks in the future. Aruna Sundararajan, secretary of India''s Ministry of Electronics and Information Technology, told Reuters the government was constantly monitoring the situation and that a few stand-alone computers at a police department were "back in action" after being infected over the weekend. It was not immediately clear what the police department did to secure its systems. India''s National Informatics Centre, which builds and manages almost all government websites, and the Centre for Development of Advanced Computing, a premier research institute that has built supercomputers, have actively installed patches to immunise their Windows systems, Sundararajan said. Her ministry has also asked chief information security officers of all organisations run by provincial governments to follow guidelines issued by New Delhi to tackle the issue. (Reporting by Krishna N. Das and Manoj Kumar in New Delhi, Subrata Nagchoudhury in Kolkata; Editing by Mark Heinrich) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cyber-attack-india-idUSL4N1IH4NM'|'2017-05-16T00:25:00.000+03:00'
'6bb2a8216f570df7aa55a73f6f6c466e054cd027'|'Financial transaction tax could go into European budget - Schelling'|'Business News - Tue May 16, 2017 - 11:48am BST Financial transaction tax could go into European budget: Schelling Austria''s Finance Minister Hans Joerg Schelling listens during a session of the parliament in Vienna, Austria, May 16, 2017. REUTERS/Leonhard Foeger VIENNA A European Union-wide financial transaction tax could be accounted for in the European budget and be offset against other national contributions, Austrian Finance Minister Hans Joerg Schelling, who spearheads work on such a tax, said on Tuesday. The current EU budget, totaling around 1 trillion euros, runs from 2014 till 2020. The EU is keen to consider alternative revenues, especially in view of Britain''s planned departure from the union, one of the largest contributors to its budget. "I believe that Europe now has a window of opportunity to debate questions of European revenue," Schelling told Austrian parliamentarians, adding that a financial transaction tax would only work if all EU states took part. "I support the idea that one says ''Let''s take the financial transaction tax as a contribution to the European budget and alleviate national budgets''. Then the discussion would be off the table about whether such a tax would trigger competition between the national states." EU states have traditionally guarded very jealously their right of veto over tax policy, especially when facing tight financial constraints. Germany''s Finance Minister Wolfgang Schaeuble said earlier this year he did not expect an agreement on the levy, whose implementation has been repeatedly delayed, in the near future and while the bloc is dealing with Britain''s exit. It is unlikely Schaeuble will change his stance until German parliamentary elections in September. The idea of using a financial transaction tax, among other direct revenues, to bolster the European budget also featured in a report by former European Commissioner Mario Monti. Direct revenues currently account for about 10 percent of the EU''s budget. Such money could come from a share of national taxes and duties on electricity, motor fuel, or "other revenue stemming from EU policies", the report said. (Reporting By Shadia Nasralla; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eu-budget-tax-idUKKCN18C15U'|'2017-05-16T18:47:00.000+03:00'
'99a4e90ff877079f0cb266118048477f6206735e'|'Kuroda says ''quite sure'' BOJ can smoothly withdraw stimulus'|'Business News   7:02am BST Kuroda says ''quite sure'' BOJ can smoothly withdraw stimulus Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan April 27, 2017. REUTERS/Kim Kyung-Hoon By Leika Kihara - TOKYO TOKYO Bank of Japan Governor Haruhiko Kuroda said on Tuesday he was "quite sure" the central bank could smoothly exit from its massive monetary stimulus when the appropriate time to do so came. But he also said the BOJ "always" had room to expand monetary stimulus to achieve its 2 percent inflation target, indicating that wages and prices had been slow to respond to improvements in the economy. "There may be some challenging issues, but I''m quite sure the BOJ has enough tools" to manage an exit from its stimulus programme, Kuroda told a seminar hosted by the Wall Street Journal in Tokyo. For whenever the BOJ decides to withdraw stimulus, Kuroda said there may be lessons to learn from how the U.S. Federal Reserve normalises its ultra-loose monetary policy. "But the United States is the United States, Japan is Japan. At this stage, we''re not exiting," Kuroda added, stressing that the BOJ was nowhere near an exit from its massive stimulus programme with inflation distant from its 2 percent target. With inflation stubbornly stuck around zero percent, BOJ officials have stressed that any exit from massive monetary support would be some time away. But many market participants expect the BOJ''s next move to be a withdrawal, not an expansion, of stimulus as the economy shows signs of strength, thanks to a rebound in global demand. (Reporting by Leika Kihara; Editing by Chang-Ran Kim and Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-boj-idUKKCN18C0CS'|'2017-05-16T13:38:00.000+03:00'
'86283559f023a0d63275be7eddee65a500a74a35'|'EMERGING MARKETS-Brazil stocks, currency slump on reform fears; LatAm assets drop'|'Bonds  36pm EDT EMERGING MARKETS-Brazil stocks, currency slump on reform fears; LatAm assets drop By Bruno Federowski SAO PAULO, May 18 Brazilian equity and currency markets plummeted on Thursday as fresh accusations against President Michel Temer dampened the outlook for his structural reform plans. Temer was caught on tape encouraging a prominent executive to pay a monthly fee to keep jailed former House Speaker Eduardo Cunha silent in the country''s biggest-ever graft probe, sources said on Wednesday, confirming a report in newspaper O Globo. Temer denied reports that he had authorized such payments. Brazil''s benchmark Bovespa stock index fell as much as 10.7 percent, triggering a temporary halt on trading. Shares of blue-chips Petr<74>leo Brasileiro SA, Banco Bradesco SA and Ita<74> Unibanco Holding SA subtracted the most points from the index. The Brazilian real tumbled 7.5 percent to 3.38 to the dollar, its weakest since December 2016, driving the central bank to intervene in markets to cushion the currency''s decline. "The real trading at 3.10 was predicated on successful passage of pension reform and other structural reforms. That is no longer the base case," analysts at Brown Brothers Harriman wrote in a note to clients. "As we''ve long complained, 3.10 was pricing in perfection. Now, in this imperfect situation, the big question is where should it trade now that this basic assumption of perfection has been turned on its head?" Those concerns spilled over into other markets, with Argentine''s main Merval stock index slumping. Mexican companies with exposure to Brazil, such as Am<41>rica M<>vil and bottler Coca-Cola FEMSA, also tumbled. Bets that U.S. President Donald Trump could be forced out from office following reports that he sought to interfere with a federal investigation helped to drive all Latin American currencies lower. Uncertainty over the implementation of his expanisionist pledges have weighed on demand for riskier, emerging market assets as investors scurried for the safety of U.S. bonds . Key Latin American stock indexes and currencies at 1630 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 988.68 -1.98 16.97 MSCI LatAm 2525.08 -6.97 15.97 Brazil Bovespa 60999.62 -9.68 1.28 Mexico IPC 48369.89 -0.78 5.97 Chile IPSA 4782.15 -1.47 15.19 Chile IGPA 24030.78 -1.34 15.90 Argentina MerVal 21025.01 -2.99 24.28 Colombia IGBC 10640.23 -0.76 5.06 Venezuela IBC 66184.95 1.24 108.75 Currencies daily % YTD % change change Latest Brazil real 3.3868 -7.51 -4.06 Mexico peso 18.9200 -0.73 9.64 Chile peso 675.8 -0.78 -0.75 Colombia peso 2927.2 -1.03 2.54 Peru sol 3.284 -0.30 3.96 Argentina peso (interbank) 16.0000 -2.44 -0.78 Argentina peso (parallel) 16.12 -0.37 4.34 (Reporting by Bruno Federowski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL2N1IK1G5'|'2017-05-19T00:36:00.000+03:00'
'b673f7a4cd77f8975cdef8ef6d95d227ef3d1ae7'|'Elliott steps up pressure on BHP to ditch petroleum'|'  8:40am BST Elliott increases pressure on BHP to ditch petroleum left right FILE PHOTO: Australian mining company BHP''s new corporate logo, released to Reuters from their Melbourne, Australia, headquarters May 15, 2017. BHP/Handout via REUTERS/File Photo 1/2 left right FILE PHOTO: Paul Singer, founder, CEO, and co-chief investment officer for Elliott Management Corporation, speaks during the Skybridge Alternatives (SALT) Conference in Las Vegas, Nevada May, 9, 2012. REUTERS/Steve Marcus/File Photo 2/2 By James Regan and Barbara Lewis - SYDNEY/LONDON SYDNEY/LONDON Activist investor Elliott Management raised the pressure for strategic changes at BHP on Tuesday, calling for an independent review of the mining giant''s petroleum business. Elliott, which has built up a 4.1 percent stake in BHP''s London-listed arm and is urging changes to boost shareholder value, said there were clear signs the market was receptive to a new strategy for BHP. "There is extremely broad and deep-rooted support for pro-active steps to be taken by management to achieve an optimal value outcome for BHP''s petroleum business following a formal open review," it said in letter to management. Elliott, founded by billionaire Paul Singer, has been pushing for BHP to collapse its dual-listed structure, spin off its U.S. oil and gas assets, and boost returns to shareholders since publishing its proposals on April 10 - all of which BHP has rejected. Its latest letter, which did not name any other shareholders, was released hours before BHP Chief Executive Andrew Mackenzie spoke at a Bank of America Merrill Lynch mining conference in Barcelona that is also being attended by Elliott. BHP said it was disappointed Elliott believed the company was not open to suggestions and dismissed criticism that it had been misleading in its response to the New York-based investor''s calls for a change in strategy. "We reject both claims," the miner said in an emailed statement, adding that it would review Elliott''s latest material in full and formally respond. Speaking at the Barcelona conference, which is attended by bankers and investors, Mackenzie said BHP had made consistent progress and was confident it could grow the value of the company by up to 50 percent and almost double the return on capital. "Our path is deliberate, with value and returns at the centre of everything we do," Mackenzie said in a copy of his speech. He said BHP''s petroleum exploration programme had a value of more than $20 billion (15.5 billion pounds) and close to a quarter of this was in low-to-medium risk prospects to be tested in the next two years. Mackenzie has previously said it is the wrong time for BHP to sell its U.S. petroleum assets, given oil prices are still relatively low at about $52 per barrel. BHP has also sought to highlight the action it is taking to divest non-core parts of its U.S. shale assets. MEETING IN BARCELONA A source close to BHP said the company expected to meet Elliott in Barcelona. Analysts at Deutsche Bank and Citi have said BHP could unleash billions of dollars by selling part or all of its petroleum business, although Citi cautioned this would bring only a one-off benefit to shareholders and the company should focus on how to grow value for investors. "The current period of shareholder activism could result in a break-up and/or a significant alteration of the company''s structure," Citi said in a note this week. Responding to concerns raised by the Australian government, Elliott on Tuesday backtracked on its proposal for BHP to have its main listing in London, saying that it could remain incorporated in Australia and stay an Australian tax resident, retaining full listings on the Australian and London bourses. An example would be International Consolidated Airline Group, which resulted from the 2010 merger of British Airways and Iberia. IAG has its primary listing in Spain but also trades in London and remains part of the benchmark FTSE 100 index. BHP has said t
'7ac7b69064f3cfbe778281cb4746b357fbbfd9fd'|'China-led AIIB expects to have 85 members by end-2017 - president'|'Business News - Sun May 14, 2017 - 8:59am BST China-led AIIB expects to have 85 members by end-2017 - president Asian Infrastructure Investment Bank (AIIB) president Jin Liqun attends the opening ceremony of the first annual meeting of AIIB in Beijing, China, June 25, 2016. REUTERS/Jason Lee BEIJING China-backed Asian Infrastructure Investment Bank (AIIB) expects to have 85 members by the end of this year, its president Jin Liqun said on Sunday. "Now we have 77 members. By the end of this year, we expect to have about 85 members, including Hong Kong SAR," Jin said at the Belt and Road Forum in Beijing. On Saturday, AIIB said its board of governors had adopted resolutions approving seven applicants to join the bank, bringing the bank''s total approved membership to 77. The seven prospective members - Bahrain, Cyprus, Samoa, Bolivia, Chile, Greece and Romania - will officially join AIIB once they deposit their first instalment of capital with the bank. Beijing-based AIIB, formed in January 2016, aims to provide infrastructural financing in the Asia-Pacific region. The multilateral development bank has been viewed as a rival to the Western-dominated World Bank and Asian Development Bank. (Reporting by Kevin Yao; Writing by Ryan Woo; Editing by Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-silkroad-aiib-idUKKCN18A09T'|'2017-05-14T15:59:00.000+03:00'
'a645382781cda1c08bfb29419ea6e5e84652107a'|'Standard Life likely to choose Dublin for EU hub - chairman'|'Business News - Wed May 17, 2017 - 10:43am BST Standard Life likely to choose Dublin for EU hub - chairman FILE PHOTO: A worker leaves the Standard Life House in Edinburgh, Scotland, Britain, February 27, 2014. REUTERS/Russell Cheyne/File Photo LONDON Insurer and asset manager Standard Life is likely to choose Dublin as the base for its European Union subsidiary after Britain leaves the bloc, its chairman said. Standard Life already has an operation in Dublin and is unusual among British life insurers in having thousands of customers in the EU. Financial services firms are looking to set up regulated subsidiaries in the EU in case they lose access to the bloc after Brexit. "The most likely scenario <20> and the one we are now working towards <20> is using our Dublin-based operation to continue to support our European customers and clients," chairman Gerry Grimstone said in the text of a speech given to shareholders at the firm''s annual general meeting on Tuesday. "We are now working through the regulatory matters and other arrangements we would need to put in place to facilitate this." Standard Life''s choice of Dublin will be a boost for the Irish capital, which has lost out to high-profile insurers AIG and Lloyd''s of London, which have picked Luxembourg and Brussels respectively. Standard Life shareholders will vote next month on the firm''s 11 billion pound merger with rival Scottish fund firm Aberdeen Asset Management. (Reporting by Carolyn Cohn; Editing by Rachel Armstrong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-standardlife-dublin-idUKKCN18D0HZ'|'2017-05-17T14:28:00.000+03:00'
'1591296491b719575f5cd1a6b1b568c21e5b885e'|'Ford to cut 10 percent of its salaried workforce in North America, Asia'|'Technology News - Wed May 17, 2017 - 7:53pm IST Ford to cut 1,400 white-collar jobs in North America, Asia left right Ford cars are seen on sale at a dealership of Genser company in Moscow, Russia, February 14, 2017. REUTERS/Maxim Shemetov/Files 1/2 left right A newly remodeled Ford F250 Super Duty truck is displayed at the new Louisville Ford truck plant in Louisville, Kentucky, U.S. on September 30, 2016. REUTERS/Bryan Woolston/Files 2/2 Ford Motor Co said on Wednesday it plans to cut 1,400 salaried jobs in North America and Asia through voluntary early retirement and other financial incentives as the No. 2 U.S. automaker looks to boost its sagging stock price. Ford shares fell 1.1 percent to $10.82 a 52-week intraday low, in early trading. The buyout offers were a fraction of the 20,000 job cuts that some news outlets had reported Ford could announce this week. Ford said the cuts would amount to about 10 percent of a group of 15,000 managers and other non-production workers and would reduce labor costs for that segment by 10 percent. The company said a large group of salaried workers would not be covered by the planned cuts, including those in product development and in the Ford Credit unit. The cuts will not apply to Ford''s Europe or South America units. About two-thirds of the buyout offers are in North America and the rest in Asia. Ford does not plan to cut hourly workers or production. The automaker will offer financial incentives, including generous early retirement offers, to encourage salaried employees to depart voluntarily by the end of September. Ford said it expects it will hit the targets through voluntary offers, spokesman Mike Moran said. "Reducing costs and becoming as lean and efficient as possible also remain part of that work," Moran said. The voluntary incentives offers will go to about 9,600 of 30,000 U.S. salaried workers, the company said. In 2016, Ford cut hundreds of white-collar jobs in Europe, reducing costs by $200 million annually. Ford continues to churn out strong profits, reporting a record $10.4 billion in pretax earnings in 2016, and expects to earn around $9 billion this year. But investors are worried about slowing sales and an industry that could be dominated by autonomous vehicles and car sharing in the future. The Detroit automakers have been under pressure from U.S. President Donald Trump to add jobs in the United States, but declining U.S. sales and stalled share values are exerting a stronger force. Ford said in January it was cancelling a planned Mexico plant and adding 700 jobs in Michigan. Last month it announced plans to cut costs by $3 billion in 2017. Automakers are trimming expenditures as they brace for slowing auto sales. General Motors Co (GM.N) has cut more than 4,000 U.S. jobs since November, and moved to conserve capital by shedding its European operations and closing unprofitable operations in Asia. Ford''s market capitalization has been surpassed by Tesla Inc, which has sold just a fraction of Ford vehicles. Ford shares are down nearly 40 percent since Mark Fields took over as chief executive officer in July 2014. (Repoprting by David Shepardson in Washington; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ford-motor-layoffs-idINKCN18D1GL'|'2017-05-17T20:06:00.000+03:00'
'5fd5a2ce986eb018bae291a4ea487f54e3947132'|'France''s Renault hit by ransomware global cyber attack'|'Autos  27am BST France''s Renault hit by ransomware global cyber attack Logo is seen on a ribbon at a dealing centre Renault store in Minsk, Belarus June 9, 2016. REUTERS/Vasily Fedosenko PARIS French carmaker Renault was hit by the global ransomware cyber attack that has infected tens of thousands of computers in nearly 100 countries, a spokeswoman said on Saturday. It is the first major French company to report being affected by the malicious malware. "Measures are being put in place to stop the spread of the virus; it''s the first step," the spokeswoman said. "We''re seeking to have a global vision to see which sites have been affected," she added. (Reporting by Mathieu Rosemain and Yann Le Guernigou; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-renault-cybercrime-idUKKBN1890AH'|'2017-05-13T18:27:00.000+03:00'
'87637304ef9fc296ed8e87689dcd73addaaf3ae3'|'Mexico: ''We have a lot of alternatives'' - May. 12, 2017'|'How to negotiate a trade deal Mexico sent a strong message this week: We have a lot of other friends outside North America. Officials from Mexico''s agriculture ministry brought 17 Mexican companies to Brazil this week to talk about buying more grain, soy and corn in South America. (Mexico is one of the top buyers of US corn.) Economic Secretary Ildefonso Guajardo announced on Thursday he''s taking a trip to China in September. These moves come amid Trump''s hostile messages to Mexico. He''s threatened to terminate NAFTA , the free trade deal with Canada and Mexico. Trump also threatened taxes on imports from Mexico and on companies that move jobs to Mexico. Related: Senate confirms Trump''s top NAFTA negotiator Mexico''s travel plans coincide with the US Senate''s confirmation of Trump''s top NAFTA negotiator on Thursday, setting the stage for NAFTA talks, which should begin in August or September. "It sends a signal that we have a lot of alternatives," Guajardo said on Thursday about the China trip. It''s not just Brazil and China either. Mexican officials are in "accelerated" trade talks with their counterparts in the European Union to update a trade agreement. They''re also meeting with Argentine officials. "We''re prepared, not worried," Raul Urteaga, general coordinator of international affairs for Mexico''s agriculture ministry, told CNNMoney from Sao Paulo, Brazil. "We''re very interested in opening new markets for our exports and in having reliable trade partners." Mexican officials stress that they were trying to diversify their economy well before Trump. However, they concede that Trump''s election has ramped up the urgency to strengthen trade relationships with other countries. Related: Trump on NAFTA: ''Will I settle for less than I go in with? Yes'' Still, Mexico heavily depends on the US and pivoting away will be a long-term challenge. About 80% of Mexico''s exports go to the US, and millions of Mexicans living in the US provide a key source of income -- remittances -- to mostly low-income friends and relatives in Mexico. Hundreds of companies have operations on both sides of the border -- a result of NAFTA, which became law in 1994. For its part, about 6 million US jobs also depend on trade with Mexico, according to the US Chamber of Commerce. Those ties are under siege in the Trump era. Other countries see an opportunity and are welcoming Mexico with open arms. "That is a great opportunity to turn around and look a bit more to South America," Argentina President Mauricio Macri told CNN in April. "This shows that it''s better to keep and to deepen relationships with many other countries."   11:26 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/05/12/news/economy/mexico-message-nafta/index.html'|'2017-05-12T19:33:00.000+03:00'
'231c0f3d17fe369c193274021918a047e09ff2f0'|'<27>You don<6F>t belong here<72>: my fight against fashion''s ageism epidemic - Guardian Small Business Network'|'I<>m a founder of a fashion brand aimed at older women. Based on that information, I<>m guessing you<6F>d assume I<>m an older woman with a background in fashion. In fact, I<>m 24 and studied law at university.Entering the competitive world of fashion, and for a demographic other than my own, might not have been my expected career choice. But, for me, it became an obvious opportunity.I<>d long been saddened and frustrated that my mum <20> who is 64 and has an eye for style <20> is treated as invisible and irrelevant by the fashion industry simply because of her age. Through the treatment she received I saw a huge gap in the market.Elasticated waists and matching twinsets are ubiquitousA love for fashion, or simply wanting to look good, has nothing to do with the decade you were born in. But the majority of clothing aimed at middle-aged and older women is frumpy and boring. It consists of boxy tailoring or lots of layers, both seeming to suggest that mature bodies should be hidden away. Elasticated waists and matching twinsets are also ubiquitous <20> hardly inspiring for stylish women of any age.Chatting to other women, I quickly realised my mum wasn<73>t alone in her frustrations with fashion. Poor shopping experiences and youth-based advertising make older women (which, in fashion terms, can be pretty much anyone over 30) feel demoralised.I even met a woman in her early 60s at a fashion magazine event who had just been told: <20>You don<6F>t belong here. This isn<73>t for you.<2E>And I heard a number of stories of rude behaviour by shop workers. Some women had been told that a piece of clothing <20>wouldn<64>t work<72> on them. Others, who were looking to spend, were simply ignored by staff while watching younger customers being greeted.Online shopping, I was told, is also a struggle. Many women I spoke to had given up after hours spent trawling fashion websites filled with photos of models in their teens or early twenties. It was hard to imagine the same clothes on themselves.In fact, a survey by the London College of Fashion found that 97% of women aged 40-89 want to see older models used in advertising.Yet, when I spoke to designers, the majority seemed almost repulsed by the idea of dressing older women. One even admitted that they rejected an A-list celebrity from wearing their designs on the red carpet because of her age.I also carried out my own survey to help me better understand what older women might want from a fashion brand. I asked about their shopping habits and how they felt the fashion industry viewed them. I also asked their thoughts on a business like the one I planned <20> a website selling a carefully chosen collection of designer clothing that would appeal to older women.While the response to my proposition was generally positive, some seemed less keen. It concerned me at first, but it became clear that the negative feedback was generally based on preconceived ideas.When asked about a website for style for older women several assumed this would mean the same old-fashioned clothing they<65>d grown accustomed to. Similarly, while I wanted to use women over 40 to model, the response was mixed. I understood this was largely based on how much ageist brainwashing we<77>re subjected to in advertising.Fashion wakes up to the older woman Read moreI realised they couldn<64>t see my vision. So I founded a fashion blog to better explain my idea and to discuss style for older women. It grew into a positive community and a group of potential customers.Another hurdle was finding the right designers. I couldn<64>t rely on large industry trade shows. Instead I met students, went to local fashion shows, and scoured through social media. It took time, but I found them <20> and no elasticised waistbands were to be seen.I launched the website in March using friends and family over 40 as models. The response was astounding, particularly from style bloggers. Now followers and customers are also signing up to model our clothes.More 
'0c3f24c0ddc4f774a3fbf31e067cc67c681e862a'|'EU to investigate Italy, Fiat over emissions - Handelsblatt'|'Top News   8:28pm BST EU to launch legal case against Italy over Fiat emissions - sources A woman walks past a logo of Fiat Chrysler Automobiles (FCA) in Turin March 31, 2014. REUTERS/Giorgio Perottino BRUSSELS The European Union will launch legal action against Italy on Wednesday for failing to police allegations of emissions-test cheating by Fiat Chrysler properly following the Volkswagen dieselgate scandal, EU sources said. EU officials have become increasingly frustrated with what they see as governments colluding with the powerful car industry and the legal move is the biggest stick the European Commission has available to force nations to clamp down on diesel cars that spew out polluting nitrogen oxide (NOx). EU regulators say Italy has failed to convince them that the so-called defeat devices used to modulate emissions on its vehicles outside of narrow testing conditions are justified. "They (Italian authorities) still need to provide additional information that would convince us that the devices used in Fiat models are justified and can therefore be considered legal," one EU source said. Italy''s transport ministry was not immediately available for comment. In February, it said new tests carried out on Fiat Chrysler vehicles found no illegal engine software. Defeat devices have been illegal under EU law since 2007. Their use has come under renewed scrutiny following Volkswagen''s admission that it used software in the United States to mask real-world NOx emissions, which are blamed for respiratory illnesses and early deaths. European carmakers have argued they are not doing anything wrong, citing an exemption that allows them to turn off emission control systems when necessary for safety or to protect engines. Last December, the Commission launched cases against five nations, including Germany, Britain and Spain, for failing to police the car industry adequately. Despite the accusations levelled against its own carmakers, Germany has accused Italy''s Fiat Chrysler of using an illegal device to scale back emission controls after 22 minutes - just longer than official tests. After Italy rejected Germany''s allegations of hidden software on the Fiat 500X, Fiat Doblo and Jeep Renegade models, Berlin asked Brussels to mediate in the dispute. That mediation ended without fanfare in March. Under the current system, which the Commission is trying to overhaul, national regulators approve new cars and alone have the power to police manufacturers. But once a vehicle is approved in one country, it can be sold throughout the bloc. Wednesday''s notice will be the first step in EU infringement procedures, designed to ensure the bloc''s 28 member states abide by EU-wide regulations. If member states fail to respond convincingly, Brussels can take them to the EU court in Luxembourg. (Reporting by Alissa de Carbonnel in Brussels; additional reporting by Emma Thomasson in Berlin and Agnieszka Flak in Milan; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-fiat-chrysler-emissions-idUKKCN18C2BN'|'2017-05-17T02:01:00.000+03:00'
'cf4b28be48af4fae70b696d83332f9577b0217de'|'Geely''s Volvo Cars to start assembly operations in India this year'|'  10:04am BST Geely''s Volvo Cars to start assembly operations in India this year STOCKHOLM Geely-owned automaker Volvo Cars said on Thursday it would start vehicle assembly operations in India this year aiming to grab a bigger share of the country''s fast-growing premium car segment. Bought by China''s Zhejiang Geely Holding Group from Ford Motor Co. in 2010, Volvo has invested in new models and plants to secure a niche in the premium auto market dominated by Daimler''s Mercedes-Benz and BMW. Volvo Cars said it will be working together with Volvo Group in India, using the truck maker''s infrastructure and production licences, but disclosed no financial details. "Starting vehicle assembly in India is an important step for Volvo Cars as we aim to grow our sales in this fast-growing market and double our market share in the premium segment in coming years," Volvo Cars Chief Executive Hakan Samuelsson said in a statement. The company''s main car production plants are currently located in Sweden, Belgium and China. Volvo Cars has a premium segment share of roughly 5 percent, and aims to double it by 2020. Volvo''s sales in India rose 24 percent in 2016 to over 1,400 cars. The automaker reported a rise in first-quarter operating profit last month, as strong demand for its XC60 and 90 series cars gave it a boost, and it stuck to a forecast of higher sales this year. (Reporting by Helena Soderpalm; editing by Simon Johnson and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volvo-cars-india-idUKKCN18E10O'|'2017-05-18T17:04:00.000+03:00'
'ec898dfba19fd880da5f6abcc9baa30dd5778879'|'Deals of the day-Mergers and acquisitions'|'(Adds Warburg Pincus, Steinhoff, Dow Chemical; Updates Shanghai Pharma)May 17 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday:** South African retail group Steinhoff said it was kicking off a process to separately list its African retail businesses on the Johannesburg stock exchange which it said would avoid those assets being undervalued.** Brazil approved the planned merger of Dow Chemical Co and DuPont, conditioned on a global divestment plan including its Brazilian corn seed business.** An affiliate of private equity firm Warburg Pincus sold a 25 percent stake in Indian non-bank lender Capital First Ltd for 17.67 billion rupees ($275.4 million) in stock market transactions.** Big stock exchange mergers are currently off the table for German stock exchange operator Deutsche Boerse following a failed attempt to link up with London Stock Exchange , CEO Carsten Kengeter said.** Britain has sold its last remaining stake in Lloyds Banking Group, making the lender the first to re-emerge from British state ownership in a symbolic step for the country''s recovering banking sector.** Swiss trading giant Glencore and U.S. private equity investor Carlyle Group have teamed up in an attempt to buy Morocco''s only oil refinery, hoping to recoup about $600 million in loans they issued to the plant before it went bankrupt, industry sources said.** Shanghai Pharmaceutical Holding Co Ltd said it may bid for Stada Arzneimittel AG - a move that would pit it against buyout firms Bain and Cinven which have made a joint offer of nearly $6 billion for the German generics drugmaker.** Bankers are preparing around 800 million euros of debt financing to back a potential sale of German packaging group Constantia Labels, banking sources said.** Russia''s largest oil producer Rosneft and Italian energy company Eni have signed an agreement to broaden cooperation, including in possible joint oil product supplies to Egypt, Rosneft said.** Israel''s Delek Drilling and Avner Oil , both units of conglomerate Delek Group, said they have completed a long-awaited merger and will begin trading next week as one company.** Energy group Czech Coal has extended its 10 billion crown ($420 million) offer to buy the Pocerady coal-fired power plant from Czech utility CEZ, it said, giving more time for the deal to overcome state objections. (Compiled by Sruthi Shankar and Akankshita Mukhopadhyay in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1IJ4CP'|'2017-05-17T18:07:00.000+03:00'
'e08c89131ab25c548735c3245c27671e9b2bafd8'|'India''s Future Group ties up with UAE firm for Gulf foray'|'Money   2:30pm IST India''s Future Group ties up with UAE firm for Gulf foray MUMBAI India''s Future Group on Tuesday said it had tied up with UAE''s Khimji Ramdas Group to sell garments in Oman, and eventually across the Gulf region, in its first international foray. The Indian consumer goods firm, which sells everything from electronic goods and groceries to fashion apparel, plans to initially open 4 to 5 stores in Oman, and eventually 17 to 18, Future Group Chief Executive Kishore Biyani told reporters during a press conference in Mumbai. Both companies have invested 750 million rupees ($11.71 million) each in the 50-50 joint venture, under which Future Group also plans to sell food and consumer goods like soaps and detergents in the future, Biyani said. The first store under the joint-venture is expected to open in the first quarter of next year, he said, adding that the company expects revenue of around 110 billion to 120 billion rupees from its domestic clothing business this year. ($1 = 64.0700 Indian rupees)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/futuregroup-jointventure-idINKCN18C0S7'|'2017-05-16T17:00:00.000+03:00'
'591f7b40b4e2cba9b8569787dcc283d5336bffee'|'Saudi Aramco says to set up new chemicals unit'|'JEDDAH, Saudi Arabia Saudi Aramco plans to set up a new chemicals subsidiary, the company said in its official magazine, The Arabian Sun, on Wednesday."The Board... approved the creation of a new subsidiary to conduct the company''s chemicals business," Aramco said. It did not give further details in the weekly in-house publication.Aramco''s board met last week in Shanghai to discuss the company''s plans and appointed a new downstream head as well as several vice presidents in other key positions.Abdulaziz al-Judaimi was named as senior vice president for downstream operations.Downstream, covering refining and chemicals, is an important area for the company as it diversifies operations as it prepares for an initial public offering (IPO) next year, when around 5 percent of the firm is expected to be listed in Riyadh and on other international bourses.Last year, Judaimi, then business line head for downstream, said Saudi Aramco aims to almost triple its chemicals production to 34 million metric tons per year by 2030.Over the same period Aramco''s global refining capacity target is to raise it to 8-10 million barrels per day (bpd) from more than 5 million bpd now.Developing petrochemicals is part of the kingdom''s major economic reform plan, known as Vision 2030, which aims to diversify the economy away from oil.This will also help Aramco boost value from hydrocarbons by securing revenue streams and become less vulnerable to oil price swings.The oil giant is planning to develop a massive oil to chemicals project with Saudi Basic Industries Corp < 2010.SE> which industry sources say will cost more than $20 billion.(Reporting by Reem Shamseddine; Editing by Rania El Gamal)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-saudi-aramco-chemicals-idINKCN18D1MP'|'2017-05-17T11:17:00.000+03:00'
'59ab17ef535e2712d896888f205a1e541cda0a26'|'Greenpeace files state aid complaint with EU over EDF recapitalisation'|'Business News - Wed May 17, 2017 - 8:25am BST Greenpeace files state aid complaint with EU over EDF recapitalization The logo of Electricite de France (EDF) is seen at the entrance of the nuclear power plant as steam rises from the cooling towers in Nogent-sur-Seine, France, October 20, 2016. REUTERS/Regis Duvignau/File Photo PARIS Greenpeace is filing a complaint with the European Commission arguing that the French government''s recapitalization of state-controlled EDF amounts to illegal state aid for the utility''s plan to build nuclear plants in Hinkley Point, Britain. Greenpeace said the 3 billion euro ($3.33 billion) capital injection for EDF ( EDF.PA ) in March, plus 3.8 billion euros of foregone dividends since 2015 - the state leaves money in EDF by taking a share dividend instead of a cash dividend - are incompatible with European Union competition law. "Instead of acting like a smart investor, the state is providing unconditional support to EDF and its nuclear projects that threaten the health of the company, notably Hinkley Point. There is no economic logic," said Greenpeace France legal campaigner Laura Monnier. EDF declined to comment. The company has said in the past that the capital increase, its cost cuts and its asset sales are part of a broader plan to strengthen the company''s equity and to finance its growth, including Hinkley Point, the upgrade of its French nuclear park, and its investments in renewables and smart meters. The EU has investigated and cleared the French state''s capital increase and financial rescue package for nuclear group Areva ( AREVA.PA ), and has raised no objections over the recapitalization of EDF. ($1 = 0.8998 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-edf-britain-subsidies-idUKKCN18D0MV'|'2017-05-17T15:00:00.000+03:00'
'4e7ac50d495390711782ebeed706415d9e3d0656'|'Swiss stocks - Factors to watch on May 17'|'ZURICH May 17 The following are some of the main factors expected to affect Swiss stocks on Wednesday:COMPANY STATEMENTS* Evolva said shareholders approved proposals at the annual general meeting after the board of directors withdrew three of the proposals related to authorised and conditional capital increases. The company said the withdrawals will not have an effect on immediate business operations.ECONOMY(Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL8N1II5KF'|'2017-05-17T02:31:00.000+03:00'
'db46ed623a4a3502178f70bae13aad5939b5a478'|'Foxtons says revenue drops 25 percent'|'Business News  46am BST Foxtons sees revenue slump 25 percent FILE PHOTO - A woman walks into a Foxtons estate agent in west London, Britain July 29, 2016. REUTERS/Peter Nicholls/File Photo LONDON London-focussed estate agent Foxtons on Wednesday reported a 25 percent fall in first-quarter revenue as sales commissions almost halved in the latest slump in performance from the firm which once symbolised the capital''s property boom. Foxtons, which said revenue had dropped to 28.7 million pounds in the three months to March 31, suffered after a bumper first quarter last year in which many buyers brought forward purchases to avoid a tax hike. The company, which floated in late 2013 shortly before the property market peak, has been warning since as early as 2014 that double-digit price rises and strong demand in London were cooling, hitting its profits. But the firm, known for its fleet of Mini cars and coffee shop-style outlets, said it would improve profitability by targeting higher-volume and higher-value markets in the capital and maintaining a balance between sales and lettings. Letting revenue, which remained stable at 15.5 million pounds and accounted for over half of turnover, is likely to fall as the government introduces a ban on one-off tenant fees in an attempt to bring down the cost of renting. The fees, which go towards the cost of conducting viewings, verifying references and drawing up contracts, have become an increasingly important money-earner for the industry, averaging 337 pounds, according to independent group Citizens Advice. The firm is set to fall back further this year, according to a Thomson Reuters poll of analysts, with pretax profit due to fall by more than 10 percent to 16.6 million pounds, after a full-year drop of more than 50 percent in 2016. (Reporting by Costas Pitas; editing by Paul Sandle and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-foxtons-results-idUKKCN18D0HD'|'2017-05-17T14:19:00.000+03:00'
'f61355ebbe0cd230737934467000591536e02512'|'Apple sets final terms on dual-tranche bond'|'Market News  17am EDT Apple sets final terms on dual-tranche bond By Laura Benitez LONDON, May 17 (IFR) - Final terms for Apple Inc''s dual-tranche euro-denominated senior unsecured benchmark bond have been set, according to a source. The US tech company will price a <20>1.25bn eight-year tranche at 33bp over mid-swaps, the tight end of the 33bp-35bp guidance and tighter than the 45-50bp initial price thoughts. It will a <20>1.25bn 12-year at mid-swaps plus 45bp, the tight end of the 45-47bp guidance and inside mid-swaps plus 60-65bp initial price thoughts. Books had passed <20>5bn at the last update. Apple, rated Aa1/AA+ (both stable), mandated Goldman Sachs, Barclays and Deutsche Bank as bookrunners. (Reporting by Helene Durand) EMERGING MARKETS-LatAm currencies weaken as Trump woes spark risk-aversion By Bruno Federowski SAO PAULO, May 17 Latin American currencies weakened on Wednesday as speculation U.S. President Donald Trump could face the threat of impeachment triggered worldwide profit-taking on riskier assets. The Brazilian real slipped 0.4 percent, while the Mexican peso fell as much as 0.7 percent before paring gains to trade nearly flat. Both currencies had strengthened in the last six trading days. News reports emerged on Tuesday that Trump had asked then UPDATE 1-Britain to investigate use of personal data in political campaigns LONDON, May 17 Britain''s Information Commissioner''s Office (ICO) said on Wednesday it had opened an investigation into the use for political purposes of personal data found online, to ensure laws were not broken and voters had control of their own information. PARIS, May 17 French environmentalist Nicolas Hulot, named as ecology minister on Wednesday in the government of Emmanuel Macron, also has responsibility for energy matters, according to Matthieu Orphelin, Hulot''s former spokesman who was part of Macron''s presidential campaign team. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/apple-bonds-idUSL8N1IJ35G'|'2017-05-17T23:17:00.000+03:00'
'd3312acbadd637070ac4db5d06c0f26ffee380ee'|'Nestle loses UK appeal to trademark Kit Kat''s four-fingered shape'|'Top News   3:33pm BST Nestle loses UK appeal to trademark Kit Kat''s four-fingered shape left Kit Kat chocolate bars are pictured in London, Britain May 17, 2017. REUTERS/Stefan Wermuth 1/3 Kit Kat chocolate bars are pictured in London, Britain May 17, 2017. REUTERS/Stefan Wermuth 2/3 Kit Kat chocolate bars are pictured in London, Britain May 17, 2017. REUTERS/Stefan Wermuth 3/3 LONDON Nestle failed in a new bid protect the shape of its four-finger Kit Kat chocolate bar under British trademark on Wednesday when London''s Court of Appeal dismissed its attempt to overthrow an earlier ruling. The case pitted Nestle against rival confectionery maker Cadbury, owned by Mondelez, which argued that the four-finger shape "lacked distinctive character". A UK court had found in Cadbury''s favour in January, and Wednesday''s ruling is the latest development in an ongoing legal battle since Nestle tried to register the shape as a UK trademark in 2010. Nestle said it was disappointed by the ruling and was considering next steps. "Kit Kat is much loved around the world and its four finger-shape is well-known by consumers," a spokeswoman for Nestle said in a statement, adding that it had been granted trademark in Germany, France, Australia, South Africa and Canada. Kit Kat is a chocolate-covered wafer, which takes its name from a 17th century literary club. The first four-finger wafer was made in York in 1935 and it was rebranded as a Kit Kat in 1937, according to Nestle''s website. In Europe, Nestle''s bid to protect the bar''s shape was dealt a blow in December when an EU court declared invalid a ruling from 2007 that Kit Kat had acquired distinctive character through its use. "We are pleased with the Court of Appeal''s decision today and welcome their conclusion," a spokeswoman for Mondelez said. (Reporting by Alistair Smout in London and Michael Shields in Zurich; editing by Michael Holden)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-court-nestle-idUKKCN18D1OT'|'2017-05-17T21:33:00.000+03:00'
'3db04629de4c0654b243a41a95e934837c5f8459'|'Dear John Lewis, all I want is my <20>155 refund <20> refunded - Money'|'Can you please help John Lewis credit card to find my refund? Last October I bought some <20>155 stools from an online retailer and paid using my John Lewis Partnership MasterCard. In February one stool broke, and as a result the retailer refunded the money to my card. But a few weeks later the money was still not showing on my statements, so I chased the store to check the refund had been done. It sent me proof that it had. John Lewis, however, has denied all knowledge of it. I have filled in dispute forms and even pointed out that in December I was forced to change my card because of fraudulent activity. But it says this will have made no difference. It<49>s three weeks since my last contact with John Lewis but nothing appears to be happening. I<>d like my <20>155 back. IT, London It was pretty obvious what happened here <20> the refund had clearly gone on the old card account. Why it took Partnership Card <20> or HSBC, the firm that actually provides the accounts on John Lewis<69>s behalf <20> so long to sort this out is unclear. Happily, a call to head office prompted someone to get their act together.<2E>The amount refundable was mistakenly debited to the customer<65>s old account number. Unfortunately, despite flagging this as a potential issue during a conversation with the Partnership Card adviser, the refund was not then transferred to her new card.<2E>It has now been processed and a gesture of goodwill for the inconvenience is on the way.It should be noted that we get a disproportionately high number of complaints about this John Lewis credit card. Whether that<61>s because more Money readers have these cards, or simply because the admin is sub-standard, is not clear.We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number Topics Credit cards Consumer champions John Lewis Consumer affairs Consumer rights features  '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/may/17/john-lewis-partnership-card-refund'|'2017-05-17T03:00:00.000+03:00'
'88e02eeb3bf928d4e7957f85c4098dd0b140f51d'|'UPDATE 1-ADM Brazil unit completes $85 mln Santos port investment'|'Market News - Fri May 19, 2017 - 2:55pm EDT UPDATE 1-ADM Brazil unit completes $85 mln Santos port investment (Adds details from news conference on rail infrastructure improvement, quotes from executive, background) By Ana Mano SANTOS, Brazil May 19 The Brazilian unit of Archer Daniels Midland Co on Friday said it had completed a 33 percent expansion in its Santos port terminal''s export capacity, to 8 million tonnes of grains per year. The company invested 280 million reais ($85.19 million) in the project, which comes two years after Brazil extended ADM''s license to move grains including soybean and corn at the terminal for 20 years, through 2037. The investment underscores ADM''s commitment to retaining a leading position in Brazil, whose agricultural heartland is seen as critical to supplying expanding world food markets. Recent changes in Brazilian port legislation, which extended the duration of operating licenses in a bid to attract private investment, is positive for ADM''s logistics plans, Eduardo Rodrigues, the company''s ports director, said at a news conference. ADM is currently analyzing a project to improve rail infrastructure around the port area in partnership with other operators, but any decision will depend on how the government applies the new rules, Rodrigues said, referring to a decree published on May 11. Brazil extended the duration of operators'' first port licenses to 35 years from 25, renewable for another 35 for contracts signed after 1993, such as ADM''s. In theory, Rodrigues said, this could give ADM an additional 30 years, until 2067, to operate its Santos grain terminal, depending on how the authorities apply the new regulation. "For us, it would make sense to increase investments if our license lasts longer," Rodrigues said. The investment needed to modernize the rail infrastructure around the port terminal would be "sizeable," he said, declining to elaborate. With Brazil poised to harvest a bumper soy and corn crop this season, Rodrigues said that ADM expanded capacity of its Barcarena terminal, in the northern Par<61> state, which is operated as a 50-50 joint venture with Glencore. Barcarena''s capacity is being raised fourfold, to 6 million tonnes. Works will be completed by June, but Rodrigues declined to comment on the size of the investments. ADM kicked off activity at Santos in 1997, coinciding with its arrival in Brazil, which the company says is key for its global strategy. It began the Santos port operations after purchasing several crushing plants, grain elevators and silos. ($1 = 3.2868 reais) (Reporting by Ana Mano; Editing by Christian Plumb and Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-logistics-archer-daniels-idUSL2N1IL19Z'|'2017-05-20T02:55:00.000+03:00'
'3677b0da55186b60dcd1adf5eaaf665f79cf7179'|'Longer-dated JGBs gain on central bank debt-buying, yield curve flattens'|'TOKYO May 19 Longer-dated Japanese government bond prices gained on Friday, supported by a regular Bank of Japan debt-buying operation that helped flatten the yield curve.The benchmark 10-year JGB yield was flat at 0.040 percent after rising to as high as 0.045 percent earlier in response to a rise in U.S. Treasury yields.The 30-year bond yield, on the other hand, fell half a basis point to 0.800 percent after the BOJ offered to buy 300 billion yen ($2.69 billion) of longer-dated JGBs in its regular bond-buying operation.The yield curve flattened as a result, with the yield spread between 10-year and 30-year JGBs at its tightest since April 25.Treasury yields rose from one-month lows on Thursday as Wall Street stocks recovered from Wednesday''s dramatic drop, reducing demand for safe-haven bonds. ($1 = 111.3700 yen) (Reporting by the Tokyo markets team; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL4N1IL1X0'|'2017-05-19T02:58:00.000+03:00'
'74791bc12a965eaacb550c49fc33c55d8fc4eed9'|'Santander or Bankia viewed as likely saviours for Spain''s Popular'|'Deals  09pm BST Santander or Bankia viewed as likely saviors for Spain''s Popular left right FILE PHOTO: The logo of Banco Popular is seen on its headquarter in Lisbon, Portugal, March 17, 2016. REUTERS/Rafael Marchante/File Photo 1/2 left right A logo of Santander, the euro zone''s largest lender by market value, is seen on a branch in the Andalusian capital of Seville, southern Spain January 27, 2016. REUTERS/ Marcelo del Pozo/File Photo 2/2 By Andr<64>s Gonz<6E>lez and Jes<65>s Aguado - MADRID MADRID Spain''s biggest bank Santander ( SAN.MC ) or state-owned lender Bankia ( BKIA.MC ) are most likely to step in to save troubled Banco Popular ( POP.MC ), sources familiar with the talks told Reuters, although a deal is still far from guaranteed. Popular is racing to find a merger partner after Spanish Economy Minister Luis de Guindos closed the door on Thursday to a potential bailout with public money, while a capital increase is facing resistance from the bank''s existing shareholders. Santander, which declined to comment on Popular, is attracted by the bank''s strong position in small and medium size company lending, a source close to Santander said, adding that it would probably have to raise cash to finance any bid. "I see Santander as being really motivated." Saddled with 37 billion euros of soured property assets, Popular has asked for binding offers by June 10 and aims to close a takeover by the end of next month, the sources said. The bank lost 3.6 billion euros in 2016 and has undergone three leadership shake-ups in less than a year. Its shares have fallen 65 percent over the past year and are the worst performers on the European STOXX banking index. Santander, Bankia and BBVA ( BBVA.MC ) all showed initial interest in Popular in a preliminary round of talks last week. BBVA, which declined to comment, does not rule out making an offer, but people familiar with its strategy say it sees a takeover deal as highly risky. It approached Popular with a tentative 1.2 euro per share offer late last year but never formally put forward a bid. BBVA believes any deal below this price would trigger liabilities of up to 2.5 billion euros ($2.8 billion), coming on top of restructuring and clean-up costs. Those liabilities relate to Popular''s capital increase in June 2016. Investors who bought into it at 1.25 euro per share could argue they were not given reliable information about the bank''s accounts and therefore paid over the odds. BAD BANK? Santander, which hired Citigroup earlier this year to work on a potential Popular deal, would have to raise at least 6 billion euros in a capital increase if it pursues a bid, the source close to the bank said, echoing analyst views. Popular''s final capital shortfall would not be known until a full due diligence has been completed, they added. Bankia, which also declined to comment, is another strong candidate, the sources said, because it not only has cash but also an excess of capital following its 22 billion euros state bailout in 2012 and a successful turnaround since then. Although it has not hired any advisers, Bankia could quickly find around 4 billion euros to buy Popular in cash and shares, paving the way for a transfer of part or all of Popular''s troubled real estate assets into Spain''s bad bank Sareb. While this would likely meet resistance in Madrid and Brussels, a condition for using the bad bank is to have received public money which would apply to Bankia, but not other bidders. "(Economy Minister) De Guindos is the one who will call the shots at the end of the day and its clear that he wants Bankia, and possibly Sareb, to be part of the solution," one source familiar with the process said. The economy ministry declined to comment. (Additional reporting by Carlos Ruano; writing by Julien Toyer; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-banco-popular-m-a-idUKKCN18F1HH'|'2017
'f1af7613758f7d932834178e2a8c8bf35a7dde42'|'WannaCry attack is good business for cyber security firms'|'Technology News   5:35pm BST WannaCry attack is good business for cyber security firms FILE PHOTO: A hooded man holds a laptop computer as cyber code is projected on him in this illustration picture taken on May 13, 2017. REUTERS/Kacper Pempel/Illustration By Joseph Menn - SAN FRANCISCO SAN FRANCISCO For Kris Hagerman, chief executive of UK-based cyber security firm Sophos Group Plc, the past week could have been bad. The WannaCry "ransomware" attack hobbled some of its hospital customers in Britain''s National Health Service, forcing them to turn away ambulances and cancel surgeries. The company quickly removed a boast on its website that <20>The NHS is totally protected with Sophos.<2E> In many industries, that sort of stumble would likely hit a company''s reputation hard. Yet on Monday, three days after the global malware attack was first detected, Sophos stock jumped more than 7 percent to set a record high and climbed further on Wednesday after the company raised its financial forecasts. As for most other cyber security firms, highly publicized cyber attacks are good for business, even though experts say such attacks underscore the industry''s failings. "We are making good progress and are doing a good job," Hagerman said in an interview this week. "People ask ''How come you haven<65>t solved the cyber crime problem?'' and it''s a little like saying ''You human beings have been around for hundreds of thousands of years, how come you haven''t solved the crime problem?''" Hagerman pointed out that his company only claimed to protect 60 percent of NHS affiliates and that other factors contributed to the disaster at the hospitals. "They have their own budgets. They have their own approach to IT generally and IT security,<2C> Hagerman said of individual hospitals, which pick their own operating systems, patching cycles and network setups. Microsoft Corp had issued a patch in March for the flaw WannaCry exploited in Windows operating systems. Yet Hagerman acknowledged that Sophos did not update its basic antivirus software to block WannaCry until hours after it hit customers. HIGH STAKES Security experts say hospitals, where the stakes are especially high, represent a case study in how legacy industries need to up their cyber security game. "We''ve tolerated a pretty poor level of effectiveness, because so far the consequences of failure have been acceptable," said Josh Corman, a cyber security industry veteran now working on related issues at the Atlantic Council and a member of a healthcare security task force established by the U.S. Congress. "We are going to see failure measured in loss of life and a hit to GDP, and people will be very surprised." Some long-lived medical devices have more than a thousand vulnerabilities, Corman said, and perhaps 85 percent of U.S. medical institutions have no staff qualified for basic cyber security tasks such as patching software, monitoring threat advisories and separating networks from one another. Increasingly serious cyber security problems are partly an inevitable consequence of the growing complexity of digital technology. But there are other causes too, including a lack of accountability that stems from the wide range of technology handlers: computer software vendors, antivirus suppliers, in-house professionals, consultants and various regulators. Ultimately, Corman said, hospitals need to hire solid cyber security people instead of another nurse or two. GOOD FOR BUSINESS "What<61>s needed is punishment of the negligent," said Ross Anderson, a University of Cambridge pioneer in studying the economics of information security, referring to the hospitals that did not stop WannaCry. "This is not about technology. This is about people fouling up in ways people would get a pink slip for<6F> in less-insulated environments, he said, meaning they would lose their jobs. For now, though, there are few signs of any revamp in large institutions'' approach to cyber security - and little incentive for cont
'27372ff8cfcb5397bdf10edc3cefdacf281e68ff'|'U.S. TIPS breakeven rates rise, on track for 3rd week of decline'|'By Richard Leong - NEW YORK NEW YORK May 19 The U.S. bond market''s gauges on inflation expectations rose on Friday in step with stronger oil and stock prices as they recovered further after slipping to their lowest since November on concerns about domestic price growth losing momentum.Inflation breakeven rates, or the yield premiums on regular Treasuries over Treasury Inflation Protected Securities (TIPS), increased for a second day but were heading for a third consecutive week of decline.The 10-year TIPS breakeven rate, or the yield difference between 10-year TIPS and regular 10-year Treasury notes, was last at 1.85 percent, up 2 basis points from late Thursday but down nearly 2 basis points on the week.This barometer on investors'' inflation outlook in the next decade sagged to 1.77 percent on Thursday, which was the lowest since Nov. 9, according to Tradeweb and Reuters data.Breakeven rates had fallen earlier this week in response to a disappointing reading on the government''s Consumer Price Index for April released last Friday. They reversed their decline following strong investor demand at an $11 billion 10-year TIPS auction on Thursday."We attribute the weak performance to soft recent U.S. inflation data," Well Fargo Securities senior strategists Michael Schumacher and Boris Rjavinski wrote in a research note.In the 12 months through April, the CPI, which TIPS principal and interest payments are benchmarked against, was up 2.2 percent, slower than the 2.4 percent increase in March.Some analysts raised the risk of a further decline in TIPS breakeven rates if major oil producers fail to agree on an extension of their current production cuts at a meeting next week.Moreover, investors who had been bullish on TIPS may scale back those positions even more if U.S. President Donald Trump and leading Republican lawmakers continue to struggle to implement their perceived pro-growth economic policies, they said.Investors had piled into TIPS as a part of the reflation or "Trumpflation" trade on the notion the U.S. economy would accelerate from a rapid enactment of tax reform, looser regulations and infrastructure spending once Trump took office.In early Friday trading, the three major U.S. stock indexes opened higher with the S&P 500 index last up 0.6 percent.U.S. oil futures were up 1.6 percent at $50.14 a barrel after touching their highest level in over three weeks.(Reporting by Richard Leong; Editing by Andrea Ricci)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-tips-idINL2N1IL0OP'|'2017-05-19T12:38:00.000+03:00'
'39c809e8389fe9dfb174b3274ec2085597ed1690'|'BRIEF-Pershing Square Capital Management cuts sole share stake in Air Products & Chemicals'|' 39pm EDT BRIEF-Pershing Square Capital Management cuts sole share stake in Air Products & Chemicals May 15 Pershing Square Capital Management LP: * Pershing Square Capital Management LP cuts sole share stake in Air Products & Chemicals Inc by 41.1 percent to 2.3 million shares * Change in holdings are as of March 31, 2017 and compared with the previous quarter ended as of Dec 31, 2016 Source text for quarter ended March 31, 2017 ( bit.ly/2pQhtMt ) Source text for quarter ended Dec. 31, 2016: ( bit.ly/2pQomgp )'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-pershing-square-capital-management-idUSFWN1IH173'|'2017-05-16T05:39:00.000+03:00'
'82bdbdf7cda40bc44a5fa41f25592e6fe47f052a'|'EU court says Singapore trade deal needs national ratification'|'Top   8:04pm BST Not so fast - EU court ensures 32 vetoes on Brexit trade European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, April 20, 2016. REUTERS/Francois Lenoir By Philip Blenkinsop - BRUSSELS BRUSSELS Britain may have to wait - and hope - for every single one of its European Union neighbours to give full legislative consent before it can fully benefit from any post-Brexit free trade deal, EU judges ruled on Tuesday. In a verdict that may also delay and potentially obstruct a string of other EU trade pacts, the European Court of Justice (ECJ) said an agreement struck with Singapore in 2014 cannot take full effect until ratified by 33 national and regional parliaments across the 28-nation bloc. The European Commission, which runs trade policy for the EU, had hoped Brussels - where national governments also have a say - might be free to implement deals without having to consult assemblies, such as that of Wallonia in Belgium that nearly wrecked an accord with Canada last year. The EU''s last major trade deal to enter force, with South Korea, took five years to be ratified. READ MORE: No case for shifting euro clearing after Brexit: City of London The Commission sought the ruling and said it clarified divisions between EU and national powers. London wants a trade agreement to keep much of its current access to Europe''s single market once it quits the EU in March 2019. But Brussels negotiators have warned such deals can take a decade or more from start to finish. Any trade pact with Britain would need to be signed off in Brussels by all 27 EU governments after Brexit, but the ECJ ruling implies that, depending on the deal, national parliaments would also get a veto. So would federal Belgium''s five regional assemblies, among them Wallonia and German-speaking East Belgium (population 77,000). "If the UK wants to sign a swift trade deal with the EU, it may have to get every one of the EU<45>s national governments to agree if the deal falls within their powers. This is no easy task," said Laurens Ankersmit, trade lawyer at environmental activists ClientEarth. READ MORE: Markets unfazed by UK election, options pricing shows THE DISPUTE SETTLEMENT PROBLEM Nicole Kar, head of international trade at law firm Linklaters, described the ECJ case as the most significant on EU trade policy for 20 years and said it would have "huge ramifications" for a future UK-EU deal. Britain, she said, would need to decide if it wanted a more modest agreement likely to be backed or the most comprehensive deal possible that risked falling hostage to member states. The ECJ said large parts of the Singapore deal fell within the centralised powers of the Union. However, a key element that went beyond was its creation of a judicial mechanism to settle disputes between businesses and governments. The court said that, by removing disputes from the jurisdiction of domestic courts, this required national consent. Such supranational legal powers have been at the heart of opposition in Europe to recent free trade deals, including the last-ditch move by Wallonia''s left-wing leaders to halt the EU''s CETA pact with Canada last year. EU officials want to ease concerns that such powers favour big multinationals by ensuring future deals more clearly protect states'' rights to regulate. British Prime Minister Theresa May has also made rejecting EU regulation and non-British courts, like the ECJ in Luxembourg, priorities for Brexit. That means negotiations on a UK-EU trade deal could be fraught when it comes to agreeing who supervises and regulates business. The Singapore treaty was among the first EU agreements to go beyond mutual reduction of customs duties on goods to include investments, public procurement and environmental regulation, and is seen by many as a model of future global trade deals. Brussels hopes to seal trade agreements soon with Japan, Mexico and the Mercosur quartet of Argentina, Brazil, Paraguay a
'94f05bb52e088c1ff67529cc421bdee0773d912a'|'TrailStone''s bid to buy Cargill''s power and gas book falls through: sources'|'NEW YORK/HOUSTON Commodities trader and investor TrailStone Group''s bid to buy Cargill Inc''s U.S. power and gas trading book has fallen through, two sources familiar with the matter said on Tuesday, setting back the seller''s efforts to streamline operations.The sources, who requested anonymity because they are not authorized to speak to the media, said it was not clear why the deal was off.A TrailStone representative declined to comment. Cargill spokeswoman Anna Lovely said in an email that the company continues to operate its North American power and gas business, but declined to comment on the report.In January, sources had said that Cargill was planning to sell its gas and power business to TrailStone, which is funded by Riverstone private equity group.Cargill has spent the past year streamlining its businesses as global oil prices have slumped for nearly three years. In March, Australian investment bank Macquarie Group Ltd agreed to buy Cargill''s petroleum business.The power and gas industry is reshuffling as private equity firms and hedge funds enter the business, filling a void left by banks and other longtime players.Last year, TrailStone, run by former executives from Deutsche Bank''s commodities group, agreed to buy a stake in a small U.S. power retailer to expand in the North American energy market.(Reporting by Catherine Ngai in New York and Liz Hampton in Houston; Editing by Chizu Nomiyama and Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cargill-inc-m-a-trailstone-idINKCN18C2AB'|'2017-05-16T16:11:00.000+03:00'
'bb7f547d8d4b9feb583d38eaebf501382fe524e9'|'Spain''s Euskaltel buys Zegona''s Telecable for around $770 million'|' 45am BST Spain''s Euskaltel buys Zegona''s Telecable for around $770 million LONDON/MADRID Spain''s Euskaltel said on Tuesday it had made an offer of around 700 million euros ($770 million), including debt, for Zegona''s Telecable, consolidating the Basque telecommunication company''s lead in northern Spain. The offer for the largest cable operator in Spain''s northern Asturias region gives an enterprise value of 686 million euros, including 245 million euros of debt, plus an additional contingent payment of up to 15 million euros of tax assets. Euskaltel will pay 186 million euros in cash and 255 million euros in new shares through a capital increase of 26.8 million ordinary shares, issued at 9.5 euros per share, fully subscribed by Zegona. The buyout is the latest in a round of consolidation moves within Spain''s telecoms sector in the last few years, after Mas Movil bought Yoigo and Pepephone, Vodafone bought Ono, Orange snapped up Jazztel and Euskaltel bought R Cable. Euskaltel shares rose 3.2 percent to 9.509 euros by 0733 GMT. Zegona shares jumped 9 percent in early trade. Zegona, set up to invest in European technology, media and telecoms companies, bought Telecable in 2015 for $706 million. As part of the sale it will get a 15 percent stake in the combined entity and have one board seat. Euskaltel said the acquisition would generate estimated synergies of around 245 million euros. The Basque company said in a presentation it aims to close the operation by the third quarter, after being cleared by regulation authorities and approved by the Euskaltel shareholders during their annual meeting in June. (Reporting by Kate Holton and Paul Day; editing by Jason Neely and Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-telecable-m-a-euskaltel-idUKKCN18C0IA'|'2017-05-16T15:45:00.000+03:00'
'9af0a04baca710c3a2008030b40319e85215e137'|'Greece eyeing July bond, if deal reached with lenders - sources'|'* Greece to dip a toe in bond market* Plan is five-year issue in July* Sale contingent on deal over debt, QEBy Lefteris Papadimas and Abhinav RamnarayanATHENS/LONDON May 16 Greece is eyeing its first sovereign bond issue in three years as early as July if its international lenders specify longer term debt relief for the country, and the European Central Bank includes it in its bond-buying programme.Sources familiar with the plan say Athens wants to test market appetite for Greek debt before a current bailout programme, worth up to 86 billion euros, expires in mid-2018.Greece''s last venture onto international bond markets was with two issues in 2014, a year before it plunged into crisis in a tense standoff between lenders and Greece''s newly elected left-wing government which vowed to end bailout-induced austerity.That part of the crisis ended with the country signing up to a new bailout, its third since 2010."We are considering swapping a five-year (bond) which was issued in 2014, with a new five-year bond, and possibly raising a small amount (over and above) the same issue," a Greek government official told Reuters on condition of anonymity.The 2014 five-year bond raised 3.0 billion euros.The move, Greek officials said, is contingent on lenders specifying how the country could restructure an existing mountain of debt, which at 179 percent of gross domestic product is the highest in the euro zone. Euro zone finance ministers are scheduled to discuss Greece on May 22.A second bond issue could follow by the end of the year, other Greek officials said without providing details. No deal at the EU meeting on Monday could mean pushing back the issue to the autumn, another official said.Three primary dealers in London confirmed Greek authorities had already started talking on a potential market return.GREEK YIELDS DROPBorrowing costs have dropped steadily since Greece and its lenders agreed in early May on further economic reforms to unlock remaining bailout funds.Greek government bonds are the best performing in the euro zone so far this year, with returns of more than 11 percent, according to Thomson Reuters data."I''d say the Greek government bond trade is no longer at its most attractive given how far yields have already come down, but it still has legs.""We would certainly look at participating in a new bond deal, depending on the levels of course," said Louis Gargour, chief investment officer at LNG Capital, a London-based hedge fund.The yield on Greece''s 5-year bond, maturing in 2019 was at 5.53 percent on Tuesday, almost one percentage point lower since the preliminary deal for new reforms was brokered on May 2.Ten year paper -- an indication of the cost for the government to raise long-term cash in financial markets -- is at its lowest level since the country''s debt was restructured in March 2012, according to Tradeweb data.The country''s debt agency recently restarted talks with their primary dealers about the possibility of a bond market return, dealers said."I still think it is too early, but at least we have started talking about it again whereas a few months ago it wasn''t even on the agenda," a dealer said on condition of anonymity.That dealer, and a second, cautioned against Greece rushing into it: "While I think a deal (with lenders) is possible, we need to see a lot more in terms of progress on the bailout agreement to be convinced that it is the right time to pull the trigger," the dealer said.(Additional reporting by John Geddie and Dhara Ranasinghe Editing by Jeremy Gaunt)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-greece-bonds-idINL8N1II2OK'|'2017-05-16T12:17:00.000+03:00'
'ce4ddddc0fb9d77ae802ad488b45d45ce266e282'|'GLOBAL MARKETS-U.S. stock futures, dollar fall on rising concerns on Trump'|'Business News - Wed May 17, 2017 - 3:47pm EDT Stocks, dollar sink as investors rethink ''Trump trade'' left right A trader works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 12, 2017. REUTERS/Brendan McDermid 1/2 left right Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 8, 2017. REUTERS/Pawel Kopczynski 2/2 By Caroline Valetkevitch - NEW YORK NEW YORK U.S. stocks and the dollar sold off and bond prices rallied on Wednesday as investors fled risky assets amid uncertainty about U.S. President Donald Trump''s ability to deliver on tax and regulatory reform. Reports that Trump asked then-FBI Director James Comey to end a probe into the former national security adviser have raised questions over whether Trump tried to interfere with a federal investigation. U.S. stock market declines picked up in afternoon trading. The Dow Jones Industrial Average was down more than 300 points and the CBOE Volatility index .VIX - Wall Street''s fear gauge - rose above the 14 level for the first time since April 21. The S&P 500 was on track for its worst day since September. The dollar index .DXY has erased its post-election gains. The news comes on the heels of a tumultuous week at the White House when Trump unexpectedly fired Comey and reportedly disclosed classified information to Russia''s foreign minister about a planned Islamic State operation. Optimism over pro-growth policies under Trump had driven a sharp rally in U.S. stocks after the Nov. 8 U.S. election. "We''re getting into stall mode because of the early expectations for the Trump presidency. It''s all being put well on the back burner and even off the stove. It''s kind of worrisome as it could take time to muddle through this," said Joseph Benanti, managing director, senior sales trader at Rosenblatt Securities in New York. The Dow Jones Industrial Average .DJI was down 333.24 points, or 1.59 percent, to 20,646.51, the S&P 500 .SPX had lost 38.76 points, or 1.61 percent, to 2,361.91 and the Nasdaq Composite .IXIC had dropped 141.99 points, or 2.30 percent, to 6,027.88. Both the Dow and S&P 500 fell below their 50-day moving averages for the first time since April 21. While previous threats to Trump''s plans have rattled investors, they had failed to cause any significant pull back in stocks. The VIX last week closed at 9.77, its lowest close since December 1993. Bank stocks, which outperformed in the post-election rally, were the worst hit on Wednesday. The S&P 500 financial sector .SPSY tumbled more than 3 percent, led by losses in Bank of America ( BAC.N ) and JPMorgan ( JPM.N ). At nearly 18 times forward earnings, the S&P 500 trades at a significant premium to its long-term average valuations of 15 times, according to Thomson Reuters data. MSCI''s gauge of stocks across the globe .MIWD PUS fell 1 percent, while European shares .FTEU3 ended down 1.4 percent. Several money managers said they were not yet likely to change their portfolios as a result of the latest White House news. "We aren''t likely to make major changes. We are already well positioned, but we need to think about a more negative scenario re tax reform versus what we were previously thinking," said Edward Perkin, chief equity investment officer at Eaton Vance. The dollar index, which tracks the U.S. currency against six peers and had scaled a 14-year peak of 103.82 on Jan. 3, fell 0.6 percent to its lowest level since Nov. 9, surrendering all of its "Trump bump" gains. The safe-haven Swiss franc hit six-month highs. Prices of bonds, also seen as safe-haven assets, rallied. Benchmark 10-year notes US10YT=RR were up 1 point in price to yield 2.21 percent. In commodity markets, safe-haven gold XAU= hit a two-week high, while oil prices were higher. Spot gold rose for a fifth day and was up 1.8 percent at $1,258.38 an ounce. Brent crude LCOc1 gained 1.1 percent to settle at $52.21 per barrel, while U
'8bcca5563b9d25e47d03fd3a8fba47ae1c41790a'|'UPDATE 1-Merck says test shows Keytruda improves survival for bladder cancer patients'|'Regulatory News - Americas - Wed May 17, 2017 - 6:55pm EDT UPDATE 1-Merck says test shows Keytruda improves survival for bladder cancer patients (Adds Roche comment, paragraph 3) By Deena Beasley May 17 Pivotal trial results for Merck & Co Inc''s immunotherapy drug Keytruda show that it lengthened survival by three months, or nearly 40 percent, for patients with advanced bladder cancer who had stopped responding to chemotherapy. The data, to be presented next month at a meeting of the American Society of Clinical Oncology, follow last week''s announcement that rival drug Tecentriq, from Roche Holding AG , did not improve survival when used as a second-line treatment for bladder cancer in a trial. The Merck drug is awaiting U.S. Food and Drug Administration approval, but Tecentriq was approved by the agency last year, contingent on verification of its clinical benefit. Roche, in an emailed statement, said it plans to discuss the data with health authorities but did not disclose the timing for the discussions. According to the FDA approval letter, the company has until December to submit the full trial data to the agency. Merck filed in February for FDA approval of Keytruda for both initial and secondary treatment of advanced urothelial cancer, the most common type of bladder cancer. Keytruda is already approved for treating melanoma, lung cancer, head and neck cancer and Hodgkin lymphoma. Merck announced in October that the second-line bladder cancer study met its main goal and was stopped early. The company is currently enrolling patients in a phase three trial of Keytruda, combined with chemotherapy, as an initial treatment for bladder cancer. In addition to Tecentriq''s approval for bladder cancer patients whose disease has stopped responding to chemotherapy, the FDA last month approved the Roche drug as an initial treatment for people with a specific type of advanced bladder cancer and in people whose cancer progressed despite at least one prior platinum-containing chemotherapy. The agency has also granted contingent approval to AstraZeneca Plc''s Imfinzi, Bristol-Myers Squibb''s Opdivo and Bavencio, developed by Pfizer Inc and Merck KGaA, as second-line bladder cancer treatments. All five drugs are part of a new class of treatments designed to unleash the body''s immune system to fight cancer by interfering with proteins known as PD-1 or PD-L1 that help malignant cells evade immune attack. Merck said data from an open-label Phase 3 trial of 542 advanced bladder cancer patients showed median survival of 10.3 months for Keytruda patients and 7.4 months for patients given second-line chemotherapy. The study''s median follow-up was 18.5 months. After 18 months, 36 percent of Keytruda patients were alive, compared with 20.5 percent of chemotherapy patients, according to research published by ASCO. The study did not detect a difference in the length of time patients lived without their disease getting worse. Severe side effects were reported in 16.5 percent of the Keytruda patients, compared with nearly half of the chemotherapy group. (Reporting By Deena Beasley; Editing by Bill Rigby and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/health-cancer-bladder-idUSL2N1IJ24U'|'2017-05-18T06:55:00.000+03:00'
'7ba369557089b4dc2c385bbc2c00117602d832fa'|'Intesa set for more Russia deals after winning Putin''s favour over Rosneft'|'Banks  08pm BST Intesa set for more Russia deals after winning Putin''s favour over Rosneft left right FILE PHOTO: The Intesa Sanpaolo skyscraper, designed by Italian architect Renzo Piano, in Turin. REUTERS/Giorgio Perrottino/File Photo 1/2 left right FILE PHOTO: Carlo Messina, CEO of Intesa Sanpaolo bank, at a shareholders meeting in Turin, Italy, April 27, 2017. REUTERS/Giorgio Perottino/File Photo 2/2 By Alexander Winning and Katya Golubkova - MOSCOW MOSCOW Italian lender Intesa Sanpaolo ( ISP.MI ) took on a deal rival banks had turned down when it advised on the sale of a stake in sanctioned Russian oil major Rosneft ( ROSN.MM ) last year, and by pulling off the sale it won favour from the Kremlin. Now it stands to gain from its loyalty to Russia by winning a greater share of the hundreds of millions of dollars that banks earn each year in Russia from organising loans, share sales, and mergers and acquisitions, Moscow-based bankers said. Intesa, a minnow in global investment banking, has emerged as an important part of the close business relationship between Russia and Italy - a relationship that has endured despite the West imposing sanctions on Moscow over the Ukraine conflict in 2014. Italian Prime Minister Paolo Gentiloni met Russian President Vladimir Putin on Wednesday in the Black Sea resort of Sochi to cement ties between the two countries. Rosneft and Italian energy firm Eni ( ENI.MI ) signed a cooperation deal during Gentiloni''s visit. Intesa acted as consultant for the 10.5 billion euro (<28>9 billion) deal to sell a fifth of Rosneft to a Qatari fund and commodities trader Glencore ( GLEN.L ) in December, also providing 5.2 billion euros of loans to the buyers. When it was done, Putin invited executives including Intesa head Carlo Messina to the Kremlin to thank them for their role in the deal and awarded them with Russian state orders. Messina told Putin in the Kremlin''s Oval Hall that Intesa wanted to expand its business in Russia. Many Western banks had given Russia''s privatisation programme a wide berth because of sanctions risks, so Intesa had stuck out its neck by taking a role on the deal. "Intesa would expect to be rewarded for doing the Rosneft deal," said Tom Adshead at Moscow-based consultancy Macro-Advisory. "The Russians have been very conscious of the foreign banks that have shown themselves to be loyal during the crisis. Intesa has done this in spades." The head of Intesa''s Russian operation, Antonio Fallico, in January told Russia''s Izvestia newspaper that Intesa was interested in organising more Russian privatisations. Asked what sort of deals Intesa could now win, a Russian banker who worked with Intesa on a recent deal said: "You name it, Intesa deserves it. It is the only bank which wasn''t afraid of sanctions." Intesa Sanpaolo declined comment. Its Russian operation said it was not authorised to comment and would not arrange an interview with Fallico. PROMINENT LOANS Intesa had until recently focused on servicing Russian-Italian trade ties and lending to small and medium-sized businesses in Russia. It had not been the lender of choice for Russia''s top energy firms, which had longstanding relationships with the likes of Deutsche Bank DKBGn.DE and JP Morgan ( JPM.N ). Nor had it been on many large Russian M&A deals. But since the introduction of sanctions, it has launched a charm offensive that has seen it make several prominent loans. In January 2015, Intesa lent Gazprom, which is not under European sanctions, 350 million euros. In December 2016 it lent 750 million euros to the Yamal liquefied natural gas project controlled by Novatek ( NVTK.MM ), which is sanctioned. Gazprom did not respond to a request for comment. Rosneft and Novatek declined to comment. Intesa ranked 15th among investment banks for fees in Russia last year, earning around $5 million (<28>3.8 million), data compiled by Thomson Reuters show. It earned $3.8 million in 2015 and $0.5 million in 2014
'a207ece1b3ca168ca91f23fecaa971b39014ccec'|'KeepTruckin raises $18 million as Silicon Valley eyes trucking industry'|'By Heather Somerville - SAN FRANCISCO SAN FRANCISCO Venture capitalists have poured $18 million into a startup that is helping to digitize the long-haul trucking industry, the latest sign that Silicon Valley is eager to take a piece of a $700 billion-a-year sector that has long relied on pencil and paper.San Francisco-based startup KeepTruckin said on Thursday it raised $18 million in a funding round led by Scale Venture Partners, alongside previous investors Index Ventures and GV, the venture arm of Alphabet Inc ( GOOGL.O ).KeepTruckin joins a crowded and competitive field of young companies all vying for a place in the trucking industry. Startups including Convoy and Transfix, and ride-services behemoth Uber Technology Inc [UBER.UL], are all aiming to unseat traditional freight brokers.Founded in 2013, KeepTruckin provides the software and hardware for truck drivers to keep digital logs of their hours driven. The startup makes money on a monthly software fee.When the KeepTruckin hardware device is connected to the truck driver''s smartphone app, it creates a digital log of hours worked that cannot be edited.For years, truck drivers logged their driving hours using pencil and paper, making their books virtually impossible to verify.The industry has been forced to change after the U.S. Department of Transportation mandated commercial vehicle drivers begin using electronic devices to log their driving hours, ensuring they don''t exceed federally mandated limits intended to avoid fatigue and accidents."They are like cowboys. They don''t like being connected," said Shoaib Makani, KeepTruckin chief executive and co-founder. "But there is real change once they have experience with it."More than 400,000 drivers have started to use the KeepTruckin smartphone app to log hours, the company said. There is major growth potential for the company with an estimated 3 million vehicles still without the required electronic logging devices.KeepTruckin plans to expand its services next year to connect drivers with loads of freight.Using its technology, KeepTruckin is working to collect more data such as the location of trucks, whether they are full or empty, and drivers'' availability to drive and safety record. That data could allow KeepTruckin to become something of a marketplace for freight and drivers, Makani said.The latest round brings KeepTruckin''s total funding to $28 million. Makani declined to disclose the company''s valuation.(Reporting by Heather Somerville; Editing by Randy Fabi)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-keeptruckin-fundraising-idINKCN18E172'|'2017-05-18T08:04:00.000+03:00'
'dc7e41e0ea349386be29f1f651697bde6adea482'|'Hope in battle against ''deadliest disease you''ve never heard of'' - Global Development Professionals Network'|'W hen eight-year-old Sita <20> an orphan from the mallah (boatmen) community which is one of the most marginalised sections of Indian society <20> developed a fever, her condition gradually worsened despite her family<6C>s efforts to treat her with a variety of local remedies. Sita was lucky. While she was ill her aunt happened to see an educational film in the village about visceral leishmaniasis (VL). Transmitted through the bites of infected female sandflies, this parasitic disease (also known as kala-azar or black fever) attacks the internal organs of carriers (hence visceral) and is almost always fatal if left untreated. Symptoms include severe fever, weight loss and fatigue, as well as swelling of the liver and spleen. Eventually, the immune system runs so low, patients fall victim to severe anaemia and more routine infections such as pneumonia. It<49>s like being poisoned, they say.World Health Organization hails major progress on tackling tropical diseases Read more The aunt recognised VL in Sita<74>s prolonged fever. She alerted an outreach team, who referred the girl to her nearest public health centre, where after a two-hour infusion of intravenous medication, she made a full recovery. The diagnosis and treatment were provided free of charge by the government. Ten years ago, this story may have ended differently. Less advanced medical services meant that VL was routinely mistaken for other infections such as malaria. For those correctly diagnosed, treatment involved a month-long course of painful injections. Default rates were high. Marginalised patients like Sita did not have the income or savings for such a lengthy treatment. But positive outcomes are now commonplace across South Asia . India is expected to reach a point by 2018 where the disease will no longer be considered a public health problem. Nepal and Bangladesh are at similar stages in tackling the disease. Much of the recent legwork has come from an international consortium called Tackling Visceral Leishmaniasis in South Asia and East Africa (KalaCORE) . The programme is backed by <20>21.5m of funding from the UK<55>s Department for International Development (DfID). KalaCORE was established by the Drugs for Neglected Diseases initiative, the London School of Hygiene and Tropical Medicine, M<>decins Sans Fronti<74>res (MSF) and global consultants Mott MacDonald .A child with cutaneous leishmaniasis awaits treatment in Kabul, Afghanistan, which harbours the largest number of patients with this condition in the world. Photograph: Christopher Black/WHO collection In partnership with the World Health Organisation, KalaCORE supports health workers in areas reporting cases, and targets interventions where there are local hotspots of the disease. Lucy Palmer, a health specialist at Mott MacDonald, the management agent of KalaCORE, says: <20>VL is probably the deadliest disease you<6F>ve never heard of <20> second only to malaria in terms of parasitic killers. Of course, no disease is fair. But VL is especially unfair, as the sandfly thrives in areas of high poverty. Due to a lack of awareness of the disease, patients drag their families into even deeper poverty by paying for ineffective treatments. The good news is that if those patients are now diagnosed and treated in time, they can make a full recovery and usually within a matter of days.<2E>A different strain Dr Cherinet Adera, the deputy country manager for KalaCORE in Ethiopia, witnessed the terrible choices faced by the poorest patients. When visiting a neighbourhood in the Tigray region, he was told about a 13-year-old boy who had stopped his VL treatment two years ago. The infection had relapsed, but the boy had discontinued his treatment again, after just seven of the 17 requisite doses.Britain doubles funding to fight tropical diseases Read more <20>When I visited his home, I discovered the reason,<2C> said Dr Adera. <20>His mother was critically ill with cervical cancer. His grandmoth
'6dd3c569d79bf48fcc5065ba82243e6ce83e534e'|'ECB to signal a move away from QE by September on better data - Reuters poll'|'Central Banks   9:03am BST ECB to signal a move away from QE by September on better data - Reuters poll Flags in front of the European Central Bank (ECB) before a news conference at the ECB headquarters in Frankfurt, Germany, April 27, 2017. REUTERS/Kai Pfaffenbach By Shrutee Sarkar The European Central Bank is likely to signal a move away from its ultra-easy monetary policy by September as economic performance improves, economists in a Reuters poll forecast, although they have not raised their inflation forecasts. Most respondents in the latest poll, taken May 11-17, said even though they haven''t yet altered their numbers, they were more upbeat on the euro zone and France after independent candidate Emmanuel Macron won the French presidential election. "The outlook hasn''t changed due to the election of Macron. It was our base scenario. There was much fear that (National Front candidate Marine) Le Pen could win this election, but we always thought it was nothing more than a real trade risk," said Christian Lips of NORD/LB, the most accurate forecaster in Reuters polls on euro zone economic data last year. "Low inflationary pressures enable (the) ECB to adjust its expansionary policy very smoothly and slowly." Nearly three-quarters of the 37 economists who answered an extra question said they had not changed their growth forecasts for France either but most felt more optimistic. "Risks are clearly biased to the upside, but we need more clarity on whether Macron can push through his reforms," said Claus Vistesen, economist at Pantheon. Macron won France''s election on a platform of a business-friendly vision of European integration by striving for further ties with Germany. The latest poll of over 80 economists conducted in the past week forecast the euro zone''s economy would grow at a quarterly pace of 0.4 percent for the rest of this year. Data on Tuesday showed the euro zone economy grew 0.5 percent in the first three months of the year, underlining optimism over the health of the economy in the region, which is easily outperforming Britain and the United States. That helped push the euro up over $1.10, the highest since November 2016. It has since risen further above $1.11. A separate poll earlier this month showed foreign exchange strategists upgraded their euro forecasts to a six-month high against the dollar, citing a recent pick-up in the euro zone economic data. INFLATION STILL NOT BITING Inflation has risen enough to give nearly everyone confidence that the threat of deflation has receded, but actual inflation forecasts still remain mostly subdued. In the Reuters poll, euro zone inflation is still forecast to remain below the ECB''s 2 percent target until at least 2019. The consensus was for inflation to average 1.6 percent this year, 1.5 percent next and 1.7 percent in 2019. The most aggressive individual forecast in the poll for an annual inflation average was 1.9 percent, for this year. Inflation forecasts across the horizon including quarterly averages ranged from 0.6 percent to 2.9 percent. Still, 31 of 43 economists who answered an additional question said the ECB will signal it is winding down its monthly asset purchases by September, with six of those expecting the central bank to move as early as next month. The ECB is currently purchasing 60 billion euros a month, mostly in bonds, and has rapidly expanded its balance sheet over the past few years. (For a graphic on the ECB: reut.rs/2qrPbLI ) "In the June press conference the outlook will be described as more balanced and it will be confirmed that ECB Governing Council members discussed an exit strategy," said Marius Gero Daheim, economist at SEB. "At the September Governing Council meeting, we expect to get further details on this." When asked what would likely trigger the ECB to signal a move away from its ultra-easy monetary policy, economists cited healthy economic data as the main reason. (Polling and analysis by Indradip Gh
'e88f8387af93aa30bb3d88c2b24b6b4b8920a3f8'|'Deutsche Bank wants former bosses to pay for past misconduct'|'By Arno Schuetze and Tom Sims - FRANKFURT FRANKFURT Deutsche Bank expects former board members to contribute substantial sums towards the costs of its past misconduct as Germany''s biggest lender seeks to rebuild its reputation, its chairman Paul Achleitner said.Achleitner told shareholders at Deutsche Bank''s annual general meeting on Thursday that its supervisory board and two committees were discussing the need for personal and collective responsibility and the bank had sought external legal advice."The supervisory board expects that in the coming months, there will be an arrangement which ensures that the individuals involved make a substantial financial contribution," he said, adding that while no decision had yet been reached, discussions were at an advanced stage.The talks are focusing on why Deutsche Bank''s own response was so slow, as well as its involvement in a series of financial scandals, Deutsche Bank sources told Reuters. Collective responsibility of the board for the bank''s actions as a whole were at the centre of the talks, rather than personal failure or involvement in individual litigation cases, they added.Achleitner did not name any individuals, but Deutsche Bank sources said the board is in talks with around ten people, including former chief executives Anshu Jain, Juergen Fitschen and Josef Ackermann. Talks are underway with other former board members including Stephan Leithner, Rainer Neske, Henry Ritchotte, Stefan Krause and current board member Stuart Lewis.Deutsche Bank said Lewis would not comment, while spokesmen for Jain, Ackermann and Neske said they would not comment. The other former managers did not respond to requests for comment.If Deutsche Bank reaches settlements with former executives, it would mark a significant step in efforts to break with a turbulent period in the bank''s 147-year history.Such settlements are fairly rare, according to Michael Kramarsch, an expert on executive compensation and managing partner of consultancy HKP Group."This is a moment where the compensation regime in banks kicks in in full drastic and dramatic force," Kramarsch said. "This is what banking compensation regulation was designed for, as cynical as it sounds."Deutsche Bank transformed itself into a major player on Wall Street over the past two decades, but extravagant bets and poor conduct have resulted in a litigation bill of 15 billion euros ($16.7 billion) since 2009.And while rivals spent the years after the 2008 collapse of Lehman Brothers cleaning up and finding new business models, Deutsche Bank was slow to restructure and improve compliance.REBUILDING IMAGEThe bank has settled its most painful litigation cases, including alleged manipulation of interest rates and sham equities trading in Russia, which surfaced as late as 2015.And at the end of last year it finally settled with the U.S. Department of Justice for mis-selling toxic mortgages, agreeing to pay $7.2 billion.The bank tried to salvage its reputation with the publication in February of an unprecedented apology in the form of an open letter signed by its CEO John Cryan."We will do everything in our power to prevent a repetition of such incidents," Cryan wrote in the letter, although some investors are not yet convinced of real change."We remain underwhelmed by Deutsche''s progress on culture," Hans-Christoph Hirt, head of investor and shareholder advisor Hermes EOS, said.And Andreas Thomae from fund manager Deka was also wary."We as investors are noticing the slow cultural change."Deutsche Bank, which Cryan said failed over the last two years to communicate its actions to the public, is now launching a social media campaign to rebuild its image."I am firmly convinced that our bank does a great deal of good," Cryan told shareholders. "People hardly see that any more -- indeed, we''ve forgotten how to see it ourselves."In another sign of increased communication, Deutsche Bank granted Germany''s top two television stations access 
'1155e83d9bc9f5c0759d46cc3ce545675eaa82fb'|'Asia drops as White House turmoil hits risk sentiment, dollar bruised'|'Top News - Thu May 18, 2017 - 8:48pm BST Wall Street rebounds from Trump-induced selloff; dollar rises left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, NY, U.S. May 18, 2017. REUTERS/Brendan McDermid 1/3 left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, NY, U.S. May 18, 2017. REUTERS/Brendan McDermid 2/3 left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 18, 2017. REUTERS/Brendan McDermid 3/3 By Saqib Iqbal Ahmed - NEW YORK NEW YORK U.S. stocks recovered ground on Thursday as stronger-than-expected U.S. economic data soothed nerves a day after U.S. biggest selloff in more than eight months, but a key index of global equity markets remained near a three-week low. Robust U.S. economic data helped the U.S. dollar reverse early losses against a basket of major currencies as focus turned to a widely anticipated increase in overnight interest rates by the Federal Reserve. Still, reports that Trump had tried to intervene in an investigation into alleged Russian meddling in last year''s U.S. presidential election, and that his aides had numerous undisclosed contacts with Russian officials kept market tensions high. Adding to market jitters across the Americas, Brazilian stocks triggered a 30-minute halt to trading after the benchmark Bovespa index fell 10 percent following a report President Michel Temer gave his blessing to an attempt to pay to silence a potential witness in the country''s biggest-ever graft probe. The iShares MSCI Brazil ETF tumbled 13.8 percent in 8.9 times the average volume over the past 10 trading days. The MSCI''s all-country world equity index was down 0.33 percent after dipping to its lowest since April 25 earlier in the day. The index found some support on Wall Street. U.S. stocks recovered ground after a near 2 percent selloff on Wednesday on the S&P 500, as upbeat economic data emboldened investors to return to the market. "This whole bull market is all about panic attacks followed by relief rallies, and this was another one<6E>," Ed Yardeni, president of Yardeni Research Inc in Brookville, New York. New applications for U.S. jobless benefits unexpectedly fell last week and the number of Americans on unemployment rolls tumbled to a 28-1/2-year low, pointing to rapidly shrinking labour market slack. The Dow Jones Industrial Average rose 104.67 points, or 0.51 percent, to 20,711.6, the S&P 500 gained 14.1 points, or 0.60 percent, to 2,371.13 and the Nasdaq Composite added 49.90 points, or 0.83 percent, to 6,061.14. The pan-European FTSEurofirst 300 index closed down 0.89 percent at 7,436.42 ending off lows. U.S. Treasury yields rose from one-month lows as stocks recovered from Wednesday''s dramatic drop, reducing demand for safe-haven bonds. The 10-year notes were down 5/32 in price to yield 2.23 percent, up from 2.22 percent late on Wednesday. Spot gold dropped 1.0 percent to $1,247.36 an ounce. The U.S. dollar reversed early losses against a basket of major currencies getting a boost from the better-than-expected U.S. data. "The readings on jobless claims and the Philly Fed index back expectations for faster (second quarter) growth and a Fed rate hike next month," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington. The dollar index rose 0.39 percent, with the euro down 0.57 percent to $1.1094. In commodities markets, oil prices rose ahead of next week''s Organization of the Petroleum Exporting Countries meeting as key producing countries suggested they would adhere to production cuts to reduce a global crude glut. Benchmark Brent crude futures ended the session 30 cents higher at $52.51 a barrel while U.S. crude futures settled up 28 cents at $49.35. (Reporting by Rodrigo Campos, additional reporting by Lewis Krauskopf, Karen Brettell and Dion Rabouin; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com
'4f19708fcc19b2c0ab4473632b48e47fd8944baf'|'Is Coke it?: Coca-Cola<6C>s new boss tries to move beyond its core product'|'FEW companies are as defined by a single product as Coca-Cola. The firm has sold the sweet dark soda since 1886. At its headquarters in Atlanta, archives house the advertisements that sowed Coke in the world<6C>s consciousness: posters urging consumers to <20>Have a Coke and a Smile<6C>; Norman Rockwell<6C>s 1935 painting of a boy fishing, Coke bottle in hand; a Coca-Cola record with tunes sung by Ray Charles, Aretha Franklin and The Who; advertisements with a red-coated, bearded Santa Claus<75>it was Coca-Cola that popularised the image of Santa in the 20th century.Today Coca-Cola has $42bn in revenue and is available <20>within an arm<72>s reach of desire<72>, as the firm puts it, in every country but Cuba and North Korea. Its distribution is so broad, its marketing so expert that the Gates Foundation has urged vaccine campaigns to mimic its strategy. The question for James Quincey, an insider who took over as CEO this month, is whether Coca-Cola can move beyond Coke.Latest updates From   5   Guy Ritchie makes the wrong film in <20>King Arthur<75> Prospero 6 hours ago See all updates The company is under pressure. A growing number of governments see its main product as not an icon but a scourge, and have introduced soda taxes. Coca-Cola must adapt as shoppers switch to buying more online. Meanwhile, investors want its 24% profit margin to expand. Jorge Paulo Lemann, the founder of 3G, a private-equity firm that is stalking the consumer-goods industry, has quipped that he could run Coca-Cola with 200 staff.Efficiency measures are already being taken, including a plan, expanded last month, to save $3.8bn by 2019. Selling off Coke<6B>s vast network of bottlers<72>together, Coca-Cola and its many bottlers amount to the world<6C>s biggest consumer company<6E>could mean revenue plunging by more than $7bn this year. The idea is that the firm will become more agile and profitable as a result.But the most important and risky shift is Coca-Cola<6C>s effort to diversify. <20>The company has outgrown its core brand,<2C> Mr Quincey said in February. Until 1955 the company sold only Coca-Cola, either in soda fountains or in small bottles. Its soda strategy thereafter might be summarised as Coca-Cola squared: the company sold more, bigger containers of Coca-Cola and other fizzy products like it, such as Sprite and Fanta. The greater the volume of soda that bottlers sold, the more money they made. Managers within Coca-Cola were rewarded for boosting volumes, too. The result is impressive. Last year Coca-Cola accounted for about half of all soda drunk around the world, according to Euromonitor, a research firm.However, in many countries the market for fizzy drinks looks increasingly flat. In America the consumption of soda per person peaked in the late 1990s, at nearly 53 gallons per person, and has since declined to about 75% of that level. Last year volumes of Diet Coke, once seen as a fix for more health-conscious consumers, dropped by 4.3%, according to Beverage Digest, as shoppers grew wary of artificial sweeteners. Volumes of bottled water in America exceeded those of carbonated soft drinks for the first time in 2016. Soda-makers must deal with restless governments. France, Norway and the American cities of Philadelphia and Berkeley are among those with taxes on sweet drinks. Britain will introduce its own tax next year.Muhtar Kent, the CEO who preceded Mr Quincey, began to address these problems. The company is reducing sugar in some sodas, though not in original Coca-Cola. It has also invested in other types of drinks. For instance Coca-Cola recently bought AdeS, a soy drink, from Unilever, an Anglo-Dutch conglomerate. It is also developing products internally, such as Gold Peak iced tea, whose annual sales now exceed $1bn.Mr Quincey wants to speed the growth of such new offerings, as well as to bolster the firm<72>s existing products. <20>The direction of travel is clear,<2C> he says. <20>If we are truly doing our jobs, we will have a broader portfolio.<2E> In his prior role
'e90410d0cf1fe3e5ec60bc50720002bfc4854cf9'|'Britain to investigate use of personal data in political campaigns'|'LONDON Britain said it was investigating how politicians and campaigners use data to target voters with online advertising to make sure they comply with electoral laws and do not abuse people''s privacy.The inquiry coincides with campaigning for a national election next month although the senior official in charge of the review said the timing was unrelated.Advertising on platforms such as Facebook to relatively small numbers of voters - selected according to their opinions, attitudes and interests - played a decisive role in last year''s EU referendum in Britain and the U.S. presidential election, according to the companies involved.Britain''s Information Commissioner''s Office (ICO), which is responsible for regulating how companies use data, said it was understandable that political campaigns were exploring the potential of advanced data analysis to help win votes, but they had to comply with strict laws."This is a complex and rapidly evolving area of activity and the level of awareness among the public about how data analytics works, and how their personal data is collected, shared and used through such tools, is low," Information Commissioner Elizabeth Denham said.The investigation will look into the use of targeted online advertising in the run-up to Britain''s EU referendum last year, and potentially in other campaigns, said the ICO, which can issue fines of up to 500,000 pounds and instigate criminal prosecutions.Denham said it was clear that data analytical tools had a significant potential impact on individuals'' privacy."It is important that there is greater and genuine transparency about the use of such techniques to ensure that people have control over their own data and the law is upheld," she said.Denham said she was aware that the investigation came amid a general campaign, but this was not the trigger for the probe."I would nonetheless remind all relevant organizations of the need to comply with the law," she said.(Reporting by Paul Sandle; Editing by Michael Holden and Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-politics-data-idUSKCN18D1WX'|'2017-05-17T22:47:00.000+03:00'
'5523160dbfb3677d01eeb3c366a06114a33f7364'|'Shanghai Pharma confirms interest in Stada, says no official offer'|'Business News - Wed May 17, 2017 - 4:34am BST Shanghai Pharma confirms interest in Stada, says no official offer By Adam Jourdan - SHANGHAI SHANGHAI Chinese drugmaker Shanghai Pharmaceutical Holding Co Ltd said on Wednesday it was interested in a possible deal for Germany''s Stada Arzneimittel AG, though it had not made any official offer. German drug firm Stada, the target of a takeover bid from buyout firms Bain and Cinven that valued it at about 5.3 billion euros (4.5 billion pounds), said on Tuesday it had not been notified of any rival offer, following a Bloomberg report saying Shanghai Pharma was discussing a potential higher bid of about 70 euros a share along with investor Advent International. "The Company had recently discussed about the possibilities of project Stada with a couple of financial investors," Shanghai Pharma said in a filing to the Hong Kong bourse, in its first public confirmation of an interest in Stada. It added that there was still "a lot of uncertainties" as to any cooperation. "As at the date of this announcement, the Company has not sent any official offer," Shanghai Pharma said. Reuters reported on Monday, citing sources, that Stada had not been approached by Advent or Shanghai Pharma with a counter offer. Bain and Cinven''s offer in April of 65.28 euros per share and a dividend of 0.72 euros per Stada share had seemed to end the contest to acquire the generic drug maker. Shanghai Pharma added the reported offer price was far-fetched. "The bidding price of 70 euro per share that the media mentioned is inconsistent with the reality," it said. (Reporting by Adam Jourdan; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-stada-arzneimitt-m-a-sh-pharma-idUKKCN18D087'|'2017-05-17T11:34:00.000+03:00'
'0b921caca3327e804cf22dbf5873ce347cf5377e'|'CVS''s Omnicare to pay $8 million to settle U.S. probe'|'CVS Health Corp''s Omnicare unit has agreed to pay $8 million to resolve claims that its prescription verification system resulted in false claims being submitted to government healthcare programs.The settlement, announced on Tuesday by Acting U.S. Attorney William Fitzpatrick in New Jersey, resolves claims by the federal government and 28 states arising out of a whistleblower lawsuit filed under the False Claims Act.The deal resolved civil claims arising from what the U.S. government said was Omnicare''s submission of false claims for payment for drugs under the Medicare Part D and Medicaid programs from 2008 to 2014.The government said Omnicare, in order to increase profits, designed an automated label verification system that resulted in the submission of claims for generic drugs different from those dispensed to patients.It also resulted in drugs being dispensed with patient-specific labels displaying an incorrect product identifier called a National Drug Code, affecting Omnicare''s ability to conduct recalls, the government said."Ensuring accuracy in the dispensing of and billing for medication in the Medicare Part D and Medicaid Programs, especially to long-term care patients, is vital to public safety," Fitzpatrick said in a statement.CVS in a statement said the false submissions took place before it acquired Omnicare in 2015. Omnicare neither admitted nor denied wrongdoing as part of the settlement."The company agreed to settle this matter to avoid the expense and uncertainty of protracted litigation," CVS said.The lawsuit was filed under the False Claims Act, which allows whistleblowers to sue companies on the government''s behalf to recover taxpayer money paid out based on fraudulent claims.If successful, whistleblowers receive a percentage of the recovery. A government decision to intervene is typically a major boost to such cases.In this case, the two former Omnicare pharmacists who filed the lawsuit, Elizabeth Corsi and Christopher Ezzie, will receive more than $2 million as their share of the recovery and to resolve employment claims, Fitzpatrick''s office said.The case is U.S. ex rel Corsi v. Omnicare Inc, U.S. District Court, District of New Jersey, No. 14-cv-1136.(Reporting by Nate Raymond in Boston; Editing by Jonathan Oatis and Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cvs-health-lawsuit-idUSKCN18C2LK'|'2017-05-17T04:49:00.000+03:00'
'b4a177cc7fa628dfcff5b8f9f86837cee28ee1ab'|'Britain''s Labour party says would break up Royal Bank of Scotland'|'Money News   5:30pm IST Britain''s Labour party says would break up Royal Bank of Scotland The Royal Bank of Scotland is seen in the High Street Melrose in the Scottish Borders, Scotland, Britain April 27, 2017. REUTERS/Russell Cheyne/Files LONDON Britain''s opposition Labour Party would launch a consultation to break up state-owned Royal Bank of Scotland into smaller local banks, the party said on Tuesday at the launch of its election manifesto. This would "create new local public banks that are better matched to their customers<72> needs", from the broken-up Edinburgh-based RBS, Labour said in the manifesto launched by Labour leader Jeremy Corbyn. A RBS spokesman said the bank was the fastest growing large bank in Britain last year and provided 24 billion pounds ($30.93 billion) of new lending for the economy. "We are delivering a simpler, safer and even more customer-focussed bank that generates returns for shareholders and the wider economy," he said. RBS is still more than 70 percent owned by the British government, nine years after a more than 45 billion pound bailout at the height of the financial crisis. Almost a decade after RBS was first nationalised, some investors, politicians and academics have concluded that the bank is too damaged to bounce back in its current form. Since its first bailout, RBS has lost more than 52 billion pounds and has not posted an annual profit since 2007. The former head of the Bank of England Mervyn King was among the most high-profile supporters of a plan to break up the state-backed lender to speed up its return to health. RBS executives say that the bank has turned a corner in recent months and will have soon put the bulk of its problems behind it, revealing the profitable lender underneath. Labour also said it would pass a law preventing banks from closing a branch where there is a clear local need, following hundreds of branch closures in Britain in recent years as the lenders cut costs. ($1 = 0.7760 pounds)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-election-labour-rbs-idINKCN18C1A4'|'2017-05-16T19:31:00.000+03:00'
'9bbea57f9d257cda36e6494f1a6a56000ebd51cf'|'Air France-KLM won''t save Alitalia, CEO says'|'  4:55pm BST Air France-KLM won''t save Alitalia, CEO says left right Jean-Marc Janaillac, Chairman and Chief Executive Officer of Air France-KLM and Chairman of Air France, attends the group''s 2016 annual results news conference in Paris, France, February 16, 2017. REUTERS/Christian Hartmann 1/2 left right An airplane of Alitalia approaches to land at Fiumicino international airport in Rome, central Italy, May 3, 2017. REUTERS/Max Rossi 2/2 PARIS Air France-KLM has ruled out stepping in to save near-bankrupt Alitalia, with its chief executive telling shareholders on Tuesday that its past experience of cross-shareholdings and a failed merger plan would discourage it from investing directly in Italy again. In 2008 Air France-KLM walked away from a planned takeover of Alitalia after talks with the Italian carrier''s unions broke down. Earlier this month Alitalia went into administration for the second time in less than a decade after workers rejected a restructuring plan. "I don''t think the past experience of either KLM or Air France in their relations with Alitalia encourages us to repeat the experience of a direct presence in Italy, especially since Alitalia''s market share in Italy and Europe and in long-haul have fallen sharply and we can capture the Italian market through our CDG (Paris) and Schiphol (Amsterdam) hubs," said Air France-KLM Chief Executive Jean-Marc Janaillac. "We will watch what happens with the administrators in the next six months and adjust our position accordingly," he told an annual shareholder meeting. Alitalia remains a partner in the Franco-Dutch group''s North Atlantic joint venture with Delta Air Lines ( DAL.N ). (Reporting by Cyril Altmeyer, Tim Hepher; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-alitalia-restructuring-airfrance-idUKKCN18C1ZL'|'2017-05-16T23:55:00.000+03:00'
'dfa8ed7858962d67a942b4ac86f315750ef517fe'|'Spain calls for deeper euro zone integration, pooled debt'|' 40pm BST Spain calls for deeper euro zone integration, pooled debt FILE PHOTO: Spain''s Prime Minister Mariano Rajoy reacts during the budget debate at the Parliament in Madrid, Spain May 3, 2017. REUTERS/Sergio Perez MADRID Spain''s conservative government has added its voice to calls for deeper integration in the euro zone, suggesting to Brussels in a paper that members of the bloc should pool some aspects of their debt management and share a budget to fight crisis shocks. German Chancellor Angela Merkel and France''s new President Emmanuel Macron agreed on Monday to outline a roadmap for deeper European Union integration, and opened the door to changing the bloc''s treaties after meeting in Berlin. France is also pushing for greater potential cooperation among the 19 countries that use the euro currency, in matters of budget for instance. The impetus comes after the EU was rocked by Britain''s decision to leave, prompting countries to take positions on how best to shore up unity in the bloc. Spain''s proposals, which also include a common euro zone unemployment insurance scheme, were submitted to the European Commission in February but came to light this week and were released by the economy ministry on Tuesday. Spanish conservative Prime Minister Mariano Rajoy has long called for further integration and repeatedly called for steps to complete a euro zone banking union, including by creating a deposit insurance scheme. His government''s proposals go even further than those Germany and France have proposed, including saying that common debt management was a vital part of any fiscal union. "Participating member states should allow for a certain degree of debt mutualisation," the paper said. It later added: "The introduction of a euro area Treasury ... and the possibility for common debt issuance could also be envisaged." The joint Eurobond idea has been shunned by Germany amid concerns it would have to bankroll others, and Macron has said he did not favour mutualising debt. Rajoy had already pushed for jointly issued Eurobonds in 2012, at a time when his government was trying to steer Spain through one of its deepest ever recessions and had to request a European bailout for the country''s weakest banks. Spain, the euro zone''s fourth-largest economy, has since recovered to become one of the fastest-growing in the bloc. Madrid''s latest proposals also included a common "rainy day fund" for the euro zone that could used to counter shocks and support investment. (Reporting by Sarah White; Editing by Louise Ireland)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-spain-europe-idUKKCN18C29M'|'2017-05-17T01:40:00.000+03:00'
'9b4a1d5ef7e09b90d101c998661820a28f819135'|'Japan trade min: ''Very important'' for Toshiba, WD to communicate'|'TOKYO May 16 Japanese Trade Minister Hiroshige Seko said on Tuesday that it was "very important" for Toshiba Corp and its joint venture partner Western Digital Corp to cooperate, rather than be at odds.Western Digital has sought international arbitration to stop Toshiba from selling its chips arm without its consent, potentially derailing a much-needed capital injection for the Japanese conglomerate. (Reporting by Ami Miyazaki; Writing by Kaori Kaneko; Editing by Chang-Ran Kim)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/toshiba-accounting-seko-idINT9N1HJ02J'|'2017-05-15T23:09:00.000+03:00'
'3e5cf3d94cda139d7070730ca1777b76ce079692'|'Audi CEO''s contract to be extended through end-2022 -sources'|'Autos  54pm BST Audi CEO''s contract to be extended to end of 2022 Audi CEO, Rupert Stadler gestures during the company''s annual news conference in Ingolstadt, Germany, March 15, 2017. REUTERS/Lukas Barth By Andreas Cremer - BERLIN BERLIN Audi boss Rupert Stadler will be given another five years as chief executive, the luxury division of German carmaker Volkswagen said on Wednesday. Stadler, who has run Audi since 2007, has faced criticism for his handling of the group''s emissions cheating scandal. The 54-year-old, along with fellow executives, is expected to face questions from shareholders on Thursday about a March 15 raid by German prosecutors looking into the scandal. The supervisory board vote to extend Stadler''s contract, which is due to expire at the end of this year, was unanimous, Audi said. Two sources close to the Volkswagen group had earlier told Reuters that Audi''s supervisory board would extend the CEO''s contract through to the end of 2022 at a meeting on Wednesday. "We employees attach very clear conditions to this contract extension," Peter Mosch, chairman of Audi''s works council and a member of the presiding committee of the supervisory board, said in a statement. "Rupert Stadler must safeguard employment at our sites in Germany for the long term, ensure good utilisation of our plants'' capacities and systematically promote technologies that guarantee a successful future for our company." Audi admitted in November 2015 that its 3.0 litre V6 diesel engines were fitted with an auxiliary control device deemed illegal in the United States that allowed vehicles to evade U.S. emissions limits. Volkswagen has agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and offered to buy back about 500,000 polluting U.S. vehicles. Audi said on Wednesday it was upgrading and expanding its area of responsibility for integrity, with the chief compliance officer in future reporting directly to the finance chief. (Writing by Andreas Cremer and Georgina Prodhan; Editing by Alexander Smith and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-audi-ceo-idUKKCN18D169'|'2017-05-17T18:37:00.000+03:00'
'2cd8c2293024dc605abadd7b233ba992bb5c393d'|'EU starts legal action against Italy over Fiat Chrysler emissions'|'BRUSSELS/ROME The European Commission launched legal action against Italy on Wednesday for failing to respond to allegations of emission-test cheating by Fiat Chrysler ( FCHA.MI ), in a procedure that could lead to the country being taken to court.The Commission said Italy had failed to convince it that devices used to modulate emissions on Fiat Chrysler vehicles outside of narrow testing conditions were justified."The Commission is now formally asking Italy to respond to its concerns that the manufacturer has not sufficiently justified the technical necessity <20> and thus the legality <20> of the defeat device used," the Commission said in a statement.Italy has two months to respond to the Commission''s request and may be eventually taken to the European Court of Justice if the answer is found to be unconvincing.Italy had asked the European Union to postpone its plan to launch legal action against Rome over emissions at Fiat Chrysler ( FCHA.MI ), Transport Minister Graziano Delrio said."Considering that after the end of the mediation process, we did not receive any request for further information ... we ask that you delay starting the infringement procedure while we await a letter asking for clarification on issues raised by your relevant offices," Delrio told EU Industry Commissioner Elzbieta Bienkowska, according to the ministry''s statement.The European Commission has been mediating a dispute between Rome and Berlin after Germany accused Fiat Chrysler of using an illegal device in its Fiat 500X, Fiat Doblo and Jeep Renegade models. That mediation ended without fanfare in March.EU officials have become increasingly frustrated with what they see as governments colluding with the powerful car industry and the legal move is the biggest stick the European Commission has available to force nations to clamp down on diesel cars that spew out polluting nitrogen oxide (NOx).Delrio, however, said the material Italy had sent to the Commission during the mediation process showed that the vehicles'' approval process was correctly performed.Under the current system, which the Commission is trying to overhaul, national regulators approve new cars and alone have the power to police manufacturers. But once a vehicle is approved in one country, it can be sold throughout the bloc.Last December, the Commission launched cases against five nations, including Germany, Britain and Spain, for failing to police the car industry adequately.Under new draft rules set to be agreed later this month, the Commission will be given the power to fine car manufacturers who cheat the system directly, up to 30,000 euros per affected vehicle."Contrary to what your offices have stated, the Italian authorities have from the start ruled out the presence of any illegal devices in Fiat''s models, both the original ones and those that have been refitted," Delrio said."During the mediation process we have pointed out that FCA had voluntarily initiated a campaign in February 2016 to improve emissions performance, well before Germany informed us of the results emerging from their tests."Once filed, Wednesday''s notice will be the first step in EU infringement procedures, designed to ensure the bloc''s 28 member states abide by EU-wide regulations.(Reporting by Francesca Piscioneri and Agnieszka Flak; Robert-Jan Bartunek in Brussels)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-fiatchrysler-emissions-idUSKCN18D1DS'|'2017-05-17T19:37:00.000+03:00'
'39c4b32304f002309c6a580447da22837569e487'|'Asos warehouse fire destroys stock worth 6.25 million pounds'|'Business News - Tue May 16, 2017 - 1:04pm BST Asos warehouse fire destroys stock worth 6.25 million pounds New employees wait in the lobby on their first day of work at the ASOS headquarters in London April 1, 2014. REUTERS/Suzanne Plunkett British online fashion retailer Asos Plc ( ASOS.L ) said on Tuesday a fire at its warehouse outside Berlin destroyed stock worth about 6.25 million pounds. The company''s Eurohub 2 distribution centre had about 7 million items in stock when the fire broke out at 3 a.m. local time on Tuesday. Two million items were present in the chamber damaged by the fire. Asos was fully insured for the loss of stock and any subsequent business interruption, the company said. The online retailer has been hit by fire accidents before as well. Its main distribution centre in the UK at Barnsley caught fire in 2014, causing 30 million pounds worth of damage. The Buncefield fuel depot explosion in 2005 had also destroyed one of its warehouses. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Martina D''Couto) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-asos-fire-idUKKCN18C1DG'|'2017-05-16T20:04:00.000+03:00'
'013ba7ba228d4edae346faffa404f7869aa252b7'|'Earnings a drag on European shares, though Vodafone boosts FTSE to fresh record'|'  8:42am BST Earnings a drag on European shares, though Vodafone boosts FTSE to fresh record Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 12, 2017. REUTERS/Staff/Remote LONDON European shares retreated early on Tuesday as disappointing earnings updates weighed on banks and pharma firms, though a well-received update from Vodafone helped the FTSE 100 touch a record high. The pan-European STOXX 600 index was down 0.1 percent, and Germany''s DAX traded flat. The FTSE 100 index rose 0.2 percent, however, buoyed by a 3.6 percent rise in Vodafone, which jumped after reporting its full-year earnings. Healthcare was among the weakest European sectors, dragged down by a near 8-percent drop in BTG''s shares after the biotech firm published its full year figures. Likewise disappointing updates also hit shares in budget airline easyJet, support services firm DCC and lender CYBG, which were all weaker. Banking stocks were the biggest weight, with Spain''s Banco Popular down more than 4 percent and UBS falling nearly 2 percent, extending losses from the previous session after Singapore sovereign wealth fund GIC Private Limited cut its stake in the Swiss bank at a loss. (Reporting by Kit Rees; Editing by Andrew Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-europe-stocks-idUKKCN18C0ML'|'2017-05-16T15:42:00.000+03:00'
'eee2f4cf0d7c5b779c3389a3f1a94e1b41a31064'|'Italy''s Investindustrial bids to buy L''Oreal''s The Body Shop'|'Business   2:28pm BST Italy''s Investindustrial bids to buy L''Oreal''s The Body Shop left right The logo of British cosmetics and skin care company The Body Shop is seen outside a store in Vienna, Austria, June 4, 2016. REUTERS/Leonhard Foeger 1/2 left right The logo of British cosmetics and skin care company The Body Shop is seen outside a store in Vienna, Austria, June 4, 2016. REUTERS/Leonhard Foeger 2/2 MILAN Italy''s Investindustrial has placed a bid to buy British beauty retailer The Body Shop, the founder of the private equity firm Andrea Bonomi said on Tuesday. The sale by L''Oreal, which has owned the company since 2006, has drawn interest from a series of private equity investors and a decision is expected in the coming months. The Body Shop was a pioneer in the ethical beauty product industry four decades ago but was recently been challenged by weakening sales and profits, prompting the decision to sell it. "We are trying (to buy it) and if we manage to do so, we hope a woman will lead it," Bonomi said. Italian media has previously reported Investindustrial''s plans to name former L''Oreal Italy country head Cristina Scocchia at the helm of the cosmetics group if it succeeded in the acquisition. L''Oreal declined to comment. (Reporting by Massimo Gaia and Valentina Za, additional reporting from Pascale Denis in Paris, writing by Giulia Segreti)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-l-oreal-the-body-shop-m-a-investindus-idUKKCN18C1KH'|'2017-05-16T21:28:00.000+03:00'
'228ce761e81c3f0f0c59ec0a3751df5da1e2f6db'|'Vodafone powers FTSE to new record high'|'Top News - Tue May 16, 2017 - 4:59pm BST Vodafone powers FTSE to new record high By Helen Reid - LONDON LONDON Britain''s main share index scaled yet another record high on Tuesday, scoring nine days of gains in a row, as Vodafone shares jumped after it forecast earnings growth ahead. The FTSE 100 .FTSE ended up 0.9 percent, with telecoms stocks and consumer staples providing the impetus, while energy stocks supported gains as the price of crude rose. Vodafone ( VOD.L ) jumped 3.9 percent, the top FTSE gainer as its forecast for stronger free cash flow and earnings growth eased the blow of a 6.1 billion euro (<28>5.2 billion) loss for the year to the end of March. Its Indian unit spin-off dragged it to a loss, but the telecoms company saw free cash flow of 5 billion euros for 2017/18, up from the 4.1 billion last year and ahead of the market estimate of 4.66 billion. Budget carrier EasyJet ( EZJ.L ) dropped 7.2 percent after its first-half loss widened from the previous year, hit by the later Easter holiday and higher costs, though it said it saw pricing pressures easing. "The first half was always going to be challenging, given Easter timing and FX headwinds, and it has been a touch worse than expected," said Liberum analysts, adding that forward bookings however appeared encouraging. A lower-than-expected forecast for growth in interventional medicine sent shares in drugmaker BTG ( BTG.L ) spiralling down 6.8 percent, the top mid-cap fallers, despite reporting full-year sales slightly ahead of forecasts. BTG''s losses dragged on Europe-wide healthcare stocks .SXDP which were the worst performing. British blue chips were little changed after April inflation jumped more than expected to hit its highest level since September 2013, according to data on consumer prices underlining a growing squeeze on households. Fund platform Hargreaves Lansdown ( HRGV.L ) fell 8.5 percent, with traders citing exchange-traded fund provider Vanguard''s plans to sell directly to investors in Europe for the first time. The Guardian reported Vanguard was set to offer index-tracking funds for a fee less than half that of Hargreaves. Challenger bank CYBG ( CYBGC.L ) fell 3.7 percent after its earnings undershot the market''s expectations. Small-caps .FTSC eked out a fresh record high. The index is up 9.5 percent so far this year, outperforming the FTSE 100 which is up 4.4 percent. (Reporting by Helen Reid; Additional reporting by Danilo Masoni; Editing by Tom Heneghan) People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKCN18C0UG'|'2017-05-16T17:16:00.000+03:00'
'4990ba9325ed49ca4cc407b374efffd291db954a'|'MIDEAST STOCKS - Factors to watch - May 18'|'DUBAI May 18 Here are some factors that may affect Middle East stock markets on Thursday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Asia falls as White House turmoil hits risk sentiment, dollar bruised* MIDEAST STOCKS-Real estate sector lifts Egypt, Saudi volumes rise before Ramadan* Oil prices dip as supply remains ample despite output cuts* PRECIOUS-Gold holds gains as U.S. political worries hit dollar* Middle East Crude-Dubai holds steady after Chinaoil''s purchases* U.S. decries Washington brawl during Turkish president''s visit* U.S. extends sanctions relief under Iran nuclear deal* Libya''s NOC chief defiant in dispute with Tripoli government, Wintershall* Germany eyes Jordan as base for troops due to Turkey row* EMERGING MARKETS-Trump concerns snap winning streak* Iraq replaces Saudi as top oil supplier to India in April -trade* In America''s largest oilfield, whir of activity confounds OPECEGYPT* IMF backs Egypt plan to remove fuel subsidies in three years, ease inflation* Egypt''s Sisi pledges measures to ease strain on poorSAUDI ARABIA* Saudi Arabia launches military industries company* Don''t tighten fiscal policy too fast, IMF warns Saudis* Saudi Aramco says to set up new chemicals unit* Saudi Aramco plans tourism training centre in economic reform driveUNITED ARAB EMIRATES* Abu Dhabi fund said to plan $1.7 bln Paris properties sale- Bloomberg* UAE''s Dana Gas creditors appoint Moelis and Weil for sukuk restructuring <20>sources* ICBC Dubai launches 500 million euro in floating rate notes - lead* Expansion of Dubai''s Al Maktoum airport delayed to 2018* UAE April central bank foreign assets fall on monthQATAR* Qatar Islamic Bank completes issue of $750 mln sukukBAHRAIN* Jailed Bahraini activist criticises Trump for Gulf arms sales'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL8N1IK03S'|'2017-05-18T01:50:00.000+03:00'
'3b880b98b68237a26d8a2a48e9f247b863547a65'|'JBS chairman taped Brazil president discussing hush money-O Globo'|'Market News - Wed May 17, 2017 - 7:07pm EDT JBS chairman taped Brazil president discussing hush money-O Globo SAO PAULO May 17 The chairman of meatpacking giant JBS SA secretly recorded his discussion with Brazilian President Michel Temer about payments to jailed former House Speaker Eduardo Cunha in return for his silence, newspaper O Globo reported on Wednesday. The paper reported, without saying how it obtained the information, that JBS Chairman Joesley Batista and his brother, Chief Executive Wesley Batista, presented the recording to prosecutors as part of plea bargain negotiations. JBS also hired a law firm to discuss a leniency deal with the U.S. Department of Justice, O Globo reported. JBS declined to comment immediately. Temer''s representatives could not immediately be reached for comment. (Reporting by Brad Haynes; Additional reporting by Alberto Alerigi Jr and Lisandra Paraguassu; Editing by Christian Plumb and Dan Flynn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-idUSE6N1H601G'|'2017-05-18T07:07:00.000+03:00'
'4547e942a4fc9ffc40a1a0df0f4ded41cf25299d'|'Credit Suisse on track to achieve end-2018 cost target: chairman'|'ZURICH Credit Suisse is on track to hit its targeted cost base by end-2018, Chairman Urs Rohner said on Thursday, part of a broad restructure of Switzerland''s second-biggest bank."Accordingly, we are well on track to achieve a cost target of 17 billion Swiss francs ($17.4 billion) by the end of 2018, which is significantly lower than our original cost target of 18.5 billion Swiss francs," Rohner said in a speech at Credit Suisse''s extraordinary general meeting.Credit Suisse shareholders are voting the board''s proposal to raise around 4 billion francs to get its financial strength on a par with rivals.(Reporting by Joshua Franklin and Oliver Hirt)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-credit-suisse-gp-egm-chairman-idINKCN18E10C'|'2017-05-18T08:43:00.000+03:00'
'393643ab496061fa19dceb36351740662776aa60'|'EMERGING MARKETS-LatAm currencies weaken as Trump woes spark risk-aversion'|'Bonds News - Wed May 17, 2017 - 7:33pm EDT EMERGING MARKETS-LatAm currencies weaken as Trump woes spark risk-aversion (Updates prices) By Bruno Federowski SAO PAULO, May 17 Latin American markets and currencies weakened on Wednesday as speculation U.S. President Donald Trump could face the threat of impeachment triggered worldwide profit-taking on riskier assets. The Brazilian real slipped 1.23 percent, while the Mexican peso fell 0.71 percent. Both currencies had strengthened in the last six trading days. News reports emerged on Tuesday that Trump had asked then-Federal Bureau of Investigation Director James Comey to end the agency''s investigation into ties between former White House national security adviser Michael Flynn and Russia. The reports fueled questions over whether Trump could be charged with obstruction of justice, potentially opening the door for an early exit from office. Uncertainty over his future drove investors away from higher-risk assets, while also fostering doubt over the implementation of his fiscal expansion pledges, traders said. Stock markets also fell, with MSCI''s emerging markets equity index down 0.63 percent. MSCI''s Latin American stock index fell 1.71 percent, following a 6 percent rally in the last six sessions. All of Latin American benchmark stock indexes were down, with Brazil''s Bovespa index the worst performer, dropping 1.67 percent. Shares of banking giant Itau Unibanco lost 2.04 percent, while those of fellow bank Bradesco fell 1.97 percent. Iron ore producer Vale also suffered, with its shares down 1.93 percent. Mexico''s IPC stock index was not immune from the pain, losing 1.44 percent during Wednesday''s session. Shares of bottler and retailer Fomento Economico Mexicano (Femsa) lost 1.93 percent after Coca-Cola Femsa, a joint venture with Coca-Cola Co, ditched plans to acquire certain distribution territories in the United States. Shares of dairy producer Grupo Lala fell 3.90 percent on Wednesday, the same day the Wall Street Journal reported the company was the lead bidder for Danone''s Stonyfield Farm, a U.S. yogurt maker. Key Latin American stock indexes and currencies at 2307 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1008.63 -0.63 16.97 MSCI LatAm 2714.34 -1.71 15.97 Brazil Bovespa 67540.25 -1.67 12.14 Mexico IPC 48747.95 -1.44 6.80 Chile IPSA 4853.49 -0.45 16.91 Chile IGPA 24357.55 -0.37 17.48 Argentina MerVal 21674.24 -0.72 28.11 Colombia IGBC 10721.89 -0.97 5.86 Venezuela IBC 65376.60 1.49 106.20 Currencies daily % YTD % change change Latest Brazil real 3.1337 -1.23 3.69 Mexico peso 18.7825 -0.71 10.44 (Reporting by Bruno Federowski; Editing by Andrea Ricci and Cynthia Osterman) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL2N1IJ21J'|'2017-05-18T07:33:00.000+03:00'
'01aee02700d2e40692d58fd386a53c07853ed778'|'RPT-UPDATE 1-UK Supreme Court awards <20>5bn to Lehman Europe claimants'|'Market  24am EDT RPT-UPDATE 1-UK Supreme Court awards <20>5bn to Lehman Europe claimants (Repeats to more subscribers) LONDON, May 17 (IFR) - Claimants against Lehman Brothers<72> main European arm will receive at least <20>5bn on top of the original <20>11.5bn amount awarded after the UK<55>s most senior court ruled they should receive statutory interest that has built up over the last eight years. PwC, the administrator of Lehman Brothers International (Europe), has already paid out 100% of these claims but had sought direction from the courts on where the extra money that has built up should be paid. Junior creditors of the entity, which was put into administration when its US parent filed for bankruptcy protection in the US under Chapter 11 in September 2008, had said they should receive the additional monies rather than it going to pay interest and compensation to general claimants. This group, which includes Elliott Management and King Street, holds LBIE<49>s US$2.225bn of subordinated notes. In a unanimous judgement handed down on Wednesday morning the Supreme Court decided that the general claimants should receive statutory interest at the rate of 8% before the junior creditors receive any monies. That amounts to around <20>5bn. However, the judges led by the court<72>s president Lord Neuberger decided by four to one to dismiss the claim to be compensated for losses incurred from swapping their dollar claims into sterling. The claims, originally in US dollars, had to be converted to sterling on the date of LBIE<49>s administration in September 2008 to be <20>proved<65> under English law. Since then sterling has weakened significantly, particularly after the UK voted to leave the European Union last June. The FX compensation, estimated at <20>2bn, would have been enough to account for most of the surplus, leaving other creditors with little. There are still a number of other outstanding issues on more detailed points to be decided in lower courts. These uncertainties could delay any eventual payouts, possibly until 2021, unless the parties settle beforehand. The case was heard last October but judgement had been delayed in part because all 11 judges at the Supreme Court had been involved in the ruling that triggering article 50 of the Lisbon Treaty to start the two-year Brexit process required parliamentary approval. (Writing by Chris Spink)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/lehman-britain-idUSL8N1IJ248'|'2017-05-17T17:24:00.000+03:00'
'062df412707cacfd0f5192d8317bbad241530a47'|'Share your home office grand designs - Guardian Small Business Network - The Guardian'|'More than 4 million people work from home in the UK and many are proving that you don<6F>t have to work for a big company to inhabit a cool workspace. In the run-up to National Freelancers Day on 8 June, we are asking freelancers who have come up with innovative or creative designs for their home office or co-working space to share their photos.We<57>d also like you to tell us about the thinking behind your home office design and how it inspires you through your working day. What do you love most about your workspace? Does it make you feel more creative or productive?Share your photos and experiences You can share photographs and we will showcase some of the most interesting in an online gallery on National Freelancers Day.To do so, click the blue GuardianWitness buttons on this article.GuardianWitness is the home of readers<72> content on the Guardian. Contribute your video, pictures and stories, and browse news, reviews and creations submitted by others. Contribute with Guardian Witness Topics Guardian Small Business Network GuardianWitness Entrepreneurs Work & careers Small business   Share   Reuse this content'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/small-business-network/2017/may/17/share-your-home-office-freelance-coworking-space'|'2017-05-17T03:00:00.000+03:00'
'37960c3bc43b5992b827d598e05ad8b6b8211396'|'Brewin Dolphin first half funds up 6.8 percent, boosted by markets, inflows'|'Business News - Wed May 17, 2017 - 10:40am BST Brewin Dolphin first-half funds up 6.8 percent, boosted by markets, inflows By Simon Jessop - LONDON LONDON British wealth manager Brewin Dolphin on Wednesday posted a 6.8 percent rise in first-half funds under management, boosted by market gains and net inflows. Brewin, which offers financial planning and investment services to a range of retail and institutional clients, said it had seen strong demand across its range of products and was well placed to grow further despite political uncertainty in Britain. Total funds at the end of the period were 37.8 billion pounds, driven by investment gains of 1.8 billion pounds and net inflows of 600 million pounds. Over the same period, the FTSE 100 index rose 6.1 percent. "The Group has had a successful first half of 2017 in a period with a favourable market environment," Chief Executive David Nicoll said in the statement. "We remain confident in the prospects for continued long-term growth in our business, despite the backdrop of political uncertainty in the UK," he said, as Britain gears up for a general election and an exit from the European Union. At 0703 GMT, shares in Brewin Dolphin were up 0.9 percent, outpacing an FTSE mid-cap index down 0.3 percent. Brewin has focused on building its discretionary funds business in recent years and the unit, which manages money directly on behalf of clients, enjoyed strong growth in the six months to the end of March, it said. Discretionary funds under management rose 9.4 percent to 31.5 billion pounds, helped by record net inflows of 1.1 billion pounds. Funds directed to the firm from intermediaries such as independent financial advisers also climbed, with net inflows of 900 million pounds, it said, helped by changes to rules on pensions and compliance. Total income rose to 147.4 million pounds from 137.2 million a year earlier, with pretax profit up 32.1 percent to 28.4 million pounds underpinning a 10.4 percent increase in its interim dividend to 4.25 pence a share. "The fruits of several years of restructuring are now becoming more evident and we expect to be upgrading our last published fair value of 320 pence," Shore Capital analyst Paul McGinnis said in a note to clients, flagging a ''buy'' rating. (Reporting by Simon Jessop; editing by Carolyn Cohn and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brewin-dolphin-results-idUKKCN18D0HH'|'2017-05-17T14:22:00.000+03:00'
'3f1ad9f45d57caa6f4fc8976ad045d0ed3ea0e78'|'Warburg Pincus sells $275 million stake in India''s Capital First'|'An affiliate of private equity firm Warburg Pincus sold a 25 percent stake in Indian non-bank lender Capital First Ltd ( CAPF.NS ) for 17.67 billion rupees ($275.4 million) in stock market transactions on Wednesday.The Warburg affiliate, Cloverdell Investment Ltd, sold 24.3 million shares at an average price of 727.35 rupees apiece, according to BSE stock exchange data.After the deal, Warburg Pincus'' stake will come down to 36 percent, Capital First said in a separate statement. Local and foreign investors bought the stake sold by the Warburg affiliate, it said.Singapore state investor GIC [GIC.UL] boosted its stake in Capital First to nearly 13.91 percent by buying an additional 8.93 percent on Wednesday, the Indian company said.Stock exchange data showed GIC bought about 8.7 million shares at 725 rupees each.(Reporting by Arnab Paul and Sankalp Phartiyal; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-capital-firs-stake-idINKCN18D1SO'|'2017-05-17T12:13:00.000+03:00'
'37efcdc60f55f854818cd2e33f8b10a8c78035c0'|'UPDATE 1-LPC-Bankers line up 800 mln euros debt financing for Constantia Labels sale'|'(Adds names of potential bidders)By Claire RuckinLONDON May 17 Bankers are preparing around 800 million euros of debt financing to back a potential sale of German packaging group Constantia Labels by its owner private equity group Wendel, banking sources said.Wendel hired Goldman Sachs to handle the sale of the group, which is part of a larger packaging firm Constantia Flexibles.First round bids in an auction process are due on May 19, one of the sources said, adding that potential bidders included rivals Multi-Color Corporation and Advent-owned Fort Dearborn as well as private equity firms CVC, Cinven, Blackstone and PAI.The 800 million euro ($891.92 million) debt financing equates to around 6.5 times Constantia Labels<6C> expected 113 million euro core profit for this year, including undrawn debt, the banking sources said.Leveraged loans and high-yield bonds are both being considered, the sources said.Wendel was not immediately available to comment.Constantia Flexibles was bought by Wendel for 2.3 billion euros in 2014, after a planned initial public offering by former owner OEP had failed a year earlier.Constantia Labels said in its annual report that it posted a 2016 core profit of 100.8 million euros last year on sales of 605 million.According to its business plan, core profit could grow to 167 million euros by 2021. ($1 = 0.8969 euros) (Additional reporting by Arno Schuetze; Editing by Christopher Mangham and Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/constantia-loans-idINL8N1IJ4WP'|'2017-05-17T14:05:00.000+03:00'
'859c695e40454d7dd141a23e3ae1a623c55c694a'|'PRESS DIGEST- New York Times business news - May 15'|'May 15 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Waymo, the self-driving car unit that operates under Google''s parent company, has signed a deal with ride-hailing start-up Lyft to bring autonomous vehicle technology into the mainstream through pilot projects and product development efforts. nyti.ms/2pB1hTR- The components of the global cyberattack that seized hundreds of thousands of computer systems last week may be more complex than originally believed, a Trump administration official said Sunday, and experts warned that the effects of the malicious software could linger for some time. nyti.ms/2pAuD4M- WinView, which lets users make free wagers on sports games in real time, plans to announce on Monday that it has raised $12 million in a new round of financing. nyti.ms/2pAL3tO- On Sunday, Western Digital Corp said it had decided to take its conflict with Toshiba to the International Court of Arbitration, to stop the Japanese company from selling its chips arm without its consent. nyti.ms/2pAYMRA(Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL4N1IH24D'|'2017-05-15T04:48:00.000+03:00'
'b0714d1bb04b94e13e316057e66f10aad7dd5954'|'BRIEF-Temasek Holdings (Private) Ltd cuts share stake in Thermo Fisher Scientific, Univar'|'Market News - Mon May 15, 2017 - 6:26am EDT BRIEF-Temasek Holdings (Private) Ltd cuts share stake in Thermo Fisher Scientific, Univar May 15 Temasek Holdings (Private) Ltd * Temasek Holdings (Private) Ltd cuts share stake in Thermo Fisher Scientific Inc by 44.3 percent to 1.6 million shares * Temasek Holdings (Private) Ltd cuts share stake in Univar Inc by 22.0 percent to 14.2 million shares * Temasek Holdings (Private) Ltd - Change in holdings are as of March 31, 2017 and compared with the previous quarter ended as of Dec 31, 2016 Source text for quarter ended March 31, 2017 ( bit.ly/2qiGXG6 ) Source text for quarter ended Dec. 31, 2016: ( bit.ly/2lLaYJL ) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-temasek-holdings-ltd-cuts-share-st-idUSFWN1IH0HK'|'2017-05-15T18:26:00.000+03:00'
'30169df1b4e9ddf5d785afe43a2ebe5a6b91c3f6'|'Standard Life likely to choose Dublin for EU hub -chairman'|'Market News - Wed May 17, 2017 - 2:25am EDT Standard Life likely to choose Dublin for EU hub -chairman LONDON May 17 Insurer and asset manager Standard Life is likely to choose Dublin as the base for its European Union subsidiary after Britain leaves the bloc, its chairman said. Standard Life already has an operation in Dublin and is unusual among British life insurers in having thousands of customers in the EU. Financial services firms are looking to set up regulated subsidiaries in the EU in case they lose access to the bloc after Brexit. "The most likely scenario <20> and the one we are now working towards <20> is using our Dublin-based operation to continue to support our European customers and clients," chairman Gerry Grimstone said in the text of a speech given to shareholders at the firm''s annual general meeting on Tuesday. "We are now working through the regulatory matters and other arrangements we would need to put in place to facilitate this." Standard Life''s choice of Dublin will be a boost for the Irish capital, which has lost out to high-profile insurers AIG and Lloyd''s of London, which have picked Luxembourg and Brussels respectively. Standard Life shareholders will vote next month on the firm''s 11 billion pound ($14.23 billion) merger with rival Scottish fund firm Aberdeen Asset Management. ($1 = 0.7732 pounds) (Reporting by Carolyn Cohn; Editing by Rachel Armstrong)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-eu-standardlife-dublin-idUSL8N1IJ0WH'|'2017-05-17T14:25:00.000+03:00'
'b85ad43296816c4e339f4cbb70d83979f71aaa09'|'Exclusive - Opel bears fruit for Peugeot maker PSA in Aisin gearbox talks'|'Business   3:36pm BST Exclusive: Opel bears fruit for Peugeot maker PSA in Aisin gearbox talks left right Carlos Tavares, Chairman of the Managing Board of French carmaker PSA Group addresses the media during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 7, 2017. REUTERS/Arnd Wiegmann 1/2 left right Cutaway view showing various automotive components at the Aisin display, a Japanese systems and components company, during the second press day of the North American International Auto Show in Detroit, Michigan, January 13, 2015. REUTERS/Mark Blinch 2/2 By Gilles Guillaume and Laurence Frost - PARIS PARIS PSA Group ( PEUP.PA ) is in talks to build Toyota-owned ( 7203.T ) supplier Aisin''s ( 7259.T ) automatic gearboxes at one of its own plants, company sources told Reuters, in what would be an early reward for the Peugeot maker''s purchase of Opel ( GM.N ). The combined scale of PSA and Opel has added impetus to negotiations with Aisin, the three sources said, helping to overcome the Japanese company''s reservations. The Opel acquisition announced in March, which valued the General Motors business at 2.2 billion euros ($2.44 billion), brings "a larger sales volume and therefore more profitability for an investment", one source said. PSA currently buys six- and eight-speed Aisin gearboxes made in Japan and China for its Peugeot, Citroen and DS brands. Assembling the six-speed in France would secure a competitive supply, reduce currency risk and help fill its own plants. For Aisin, 34 percent-owned by Toyota and affiliates, it would establish a first European production base amid growing demand for automatic gearboxes, which currently equip about one in five PSA cars sold. Automatics are less popular in Europe than in the United States, but their growth is set to accelerate with tighter emissions rules and demand for electric, hybrid and increasingly automated cars, to which manual gearboxes are unsuited. PSA and Aisin both declined to comment, but Aisin has previously signaled an openness to partnerships. "We''re absolutely not averse to joint programs with non-Toyota companies," President Yasumori Ihara said in January, the same month that PSA Chief Executive Carlos Tavares told workers at his company''s Metz transmissions plant that an unspecified production deal was under consideration. But the proposal had made little headway until the tie-up with Opel, the sources said. An agreement could now be finalised within months, subject to successful closing of the Opel acquisition later in the year, and PSA managers may discuss the plans with unions in works council meetings next month. PSA plans to redevelop future Opels with its own technology - as three models already have been under an earlier partnership - boosting purchasing clout and economies of scale. Bringing production of automatic gearboxes in-house underlines their importance. Under Tavares, PSA has been outsourcing activities including some research and development to prioritize core profitability and future growth areas. One option would be for PSA and Aisin to invest jointly in a new production line at a French site. But PSA-owned production under license is more likely, reflecting the Japanese supplier''s wariness over investing, sources said. That could evolve into a joint venture or outright sale once the plan had proved its worth. Either way, the production investment would pit PSA''s Tremery factory near Metz, eastern France, against the northern Valenciennes plant. While Valenciennes has more automatic gearbox expertise, Metz has more spare capacity. "There''s easily enough room on the Metz site," said Christian Lafaye, an official with the Force Ouvriere union. "They can come and install their tooling tomorrow if they want." (Additional reporting by Gilbert Reilhac in Strasbourg, and Maki Shiraki and Naomi Tajitsu in Tokyo; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessN
'd1f58a083b021d1d5820711c571f6e5219b6bbe4'|'London office space rising despite Brexit uncertainty - Deloitte survey'|'Business News   12:37am BST London office space rising despite Brexit uncertainty: Deloitte survey Workers are seen in office windows in the financial district of Canary Wharf in London, Britain, November 3, 2015. REUTERS/Kevin Coombs/File Photo By Esha Vaish The amount of empty office space in London has jumped over the past 15 months and is likely to rise again despite potential for a post-Brexit business exodus that could drive down rental values, a survey showed on Wednesday. A slowdown in the take-up of pre-used office space and longer periods to close rental deals bumped up availability by 36 percent last year and a further 19 percent in the first quarter of this year, the survey by Deloitte Real Estate showed. Developers, however, continue to press ahead with new construction that is expected to push annual delivery of London office space to its highest since 2003, the survey showed. "Developers are having to get on with developing buildings because we don''t know what situation we''re going to be in come 2019," Shaun Dawson, real estate research manager at Deloitte, told Reuters. Financial services firms, large occupiers of London offices, need a regulated subsidiary in a European Union member state to offer their products across the bloc, which could lead some to move jobs out of Britain if the country''s exit negotiations fail to secure continued access to the European single market. Against this backdrop, the Deloitte survey published on Wednesday showed that 3.9 million sq ft of space was completed over the six months to March 31. That was the highest amount of space delivered in central London in a single survey since 2004. Furthermore, 28 new construction projects were started in the period, adding 3.2 million sq ft into the development pipeline. Dawson said that above-average delivery of new space is expected to continue over the next five years, resulting in levels not seen since the early 1990s. With a significant proportion of space under construction proceeding without guaranteed tenants, rental values could slide if demand is dented by Britain''s looming departure from the EU. However, there were signs of revised thinking by developers that had projects still five or so years out, with the planned completion of some schemes being put back to later years to limit supply, Deloitte said. "The problem you have is that it is pretty difficult to stop when you''re so close to development. You have to have contracts in place and all the builders ... so it''s pretty difficult to stop," Dawson said. "(But over the longer term) developers are looking at when to develop schemes and into what year." (Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-property-idUKKCN18C2U4'|'2017-05-17T07:02:00.000+03:00'
'629189153b6995f6a8087e06a3f653bffbfe887e'|'Monte dei Paschi chairman says remains optimistic over bailout request'|'ROME Monte dei Paschi''s ( BMPS.MI ) Chairman Alessandro Falciai said on Wednesday he remained optimistic over the outcome of the Italian bank''s request for a state recapitalization needed to fill an 8.8 billion euro capital shortfall.The European Central Bank''s Chief Supervisor Daniele Nouy said on Monday a failure to review the Tuscan bank''s assets before stress tests last year was opening up "additional discussions" about the bank''s incurred losses, which can be covered only with private money.Monte dei Paschi''s state aid request needs to be authorized by the European Commission after the ECB has declared the bank viable and quantified its capital needs.Asked about Nouy''s comments, Falciai told reporters on the sidelines of an event: "I cannot help but being greatly optimistic."(Reporting by Stefano Bernabei, writing by Valentina Za)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-italy-banks-monte-dei-paschi-idINKCN18D1DA'|'2017-05-17T09:32:00.000+03:00'
'7231e3707c27d62924d0fb2182567aefb5438654'|'CEE MARKETS-Polish bonds firm as central bank seen holding fire'|'* Stock markets jittery near multi-year highs, nervous over U.S. * Currencies mostly ease slightly, zloty a touch firmer * Polish central bank seen keeping interest rates on hold * Some expectations for more hawkish comments after good GDP data By Sandor Peto BUDAPEST, May 17 Risk aversion in global markets mostly weakened Central European stocks and currencies on Wednesday, although Polish government bonds firmed after the size of an auction was cut and ahead of a central bank meeting that is expected to bring no change. An intensifying political scandal around U.S. President Donald Trump generally curbed appetite for emerging market assets, though the impact on Central Europe, which has tight economic links with the developed euro zone, remained muted. Stocks and currencies nevertheless faltered after a rally following France''s presidential election, in which a centrist candidate saw off a far-right, eurosceptic rival. The forint, the crown and the leu eased about 0.1 percent against the euro by 0826 GMT. The zloty firmed a shade on expectations that the Polish central bank might employ less dovish rhetoric after its meeting on Wednesday following robust first-quarter economic growth data from across the region on Tuesday. Analysts in a Reuters poll conducted before the meeting projected no change in the bank''s record low interest rates all this year, with a hike seen in the second quarter of 2018. Poland''s 10-year government bond yield edged up, but at 3.33 percent it was down 7 basis points from Tuesday''s peak and still near six-month lows reached last week. The yield started to fall on Tuesday after the Polish finance ministry said it would offer a smaller amount than usual at its bond auction on Thursday. The Czech government will offer 6 billion crowns worth of bonds at an auction on Thursday, also much less than the monthly amounts it had sold in the first quarter. "We expect, however, that the demand would not be aggressive today, as the bonds offered are rather illiquid papers," said Dalimil Vyskovsky, a Komercni Banka trader. Appetite for the region''s government bonds remains strong as core market yields fall and inflation remains low despite buoyant growth, a Budapest-based trader said. "Bonds firm despite the data, defying the textbook," the trader said, adding that the Hungarian central bank could continue to keep domestic interbank markets awash with money. But the fragile mood internationally fuelled profit-taking and jitters in the region''s stock prices and indices. Improved recommendations from some international banks helped Hungarian lender OTP rise 1.6 percent to two-month highs, while some other bank stocks in the region retreated after a rally partly caused by good Q1 results. CEE SNAPS AT 1026 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech 26.47 26.43 -0.15 2.03% crown 00 10 % Hungary 309.9 309.8 -0.04 -0.36 forint 500 150 % % Polish 4.188 4.190 +0.0 5.14% zloty 6 7 5% Romanian 4.555 4.550 -0.11 -0.44 leu 0 2 % % Croatian 7.429 7.431 +0.0 1.70% kuna 0 5 3% Serbian 123.0 123.1 +0.0 0.21% dinar 900 050 1% Note: calculate previ close 1800 daily d from ous at CET change STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 1026. 1027. -0.04 +11. 74 12 % 41% Budapest 34159 34078 +0.2 +6.7 .70 .47 4% 4% Warsaw 2327. 2340. -0.57 +19. 11 34 % 47% Bucharest 8459. 8454. +0.0 +19. 76 74 6% 40% Ljubljana 778.5 780.2 -0.22 +8.5 5 4 % 0% Zagreb 1862. 1863. -0.06 -6.65 13 22 % % Belgrade <.BELEX15 729.8 730.8 -0.14 +1.7 > 5 9 % 4% Sofia 662.6 660.8 +0.2 +13. 5 7 7% 00% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.04 0.138 +062 +13b > 6 bps ps 5-year <CZ5YT=RR 0.023 0.005 +034 +2bp > bps s 10-year <CZ10YT=R 0.786 -0.03 +038 -1bps R> 3 bps Poland 2-year <PL2YT=RR 1.984 0.003 +265 +0bp > bps s 5-year <PL5YT=RR 2.803 0.005 +312 +2bp > bps s 10-year <PL10YT=R 3.348 0.001 +294 +2bp R
'a37dfd4187a8f9d347280133f517763c5e15fd6f'|'Singapore''s GIC sells Straumann stake, shares indicated lower'|'ZURICH Singapore sovereign wealth fund GIC Private Limited has sold its roughly 3.4 percent stake in Straumann ( STMN.S ), the Swiss dental implant maker said on Wednesday."Singapore''s SWF GIC sells remaining 0.54m $STMN shares (c.3.4% o/s) after a new all-time high and similar transaction in $UBS on Monday," Basel-based Straumann said in a tweet from its investor relations account, referring to GIC''s selling a chunk of its UBS ( UBSG.S ) stake this week.Straumann shares were seen opening down 1.9 percent on the news JBPRE04. The GIC stake would have been worth around 300 million Swiss francs ($305 million), based on Straumann''s 8.76 billion franc market capitalization.(Reporting by Joshua Franklin and John Miller; Editing by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-straumann-shareholders-gic-idINKCN18D0J5'|'2017-05-17T04:43:00.000+03:00'
'fe461ca66fc1a2dcca9ed56c3f376491b6158e07'|'Small businesses suffer as bruised banks sit on deposits'|'By Rajesh Kumar Singh and Suvashree Choudhury - NEW DELHI/MUMBAI NEW DELHI/MUMBAI Businessman Vineet Pandey has 500 housekeepers, security guards, electricians and plumbers on his books, servicing offices in India''s booming financial metropolis Mumbai. He would love to hire more to keep up with demand, but cannot get a bank loan.GRAPHIC: India''s bank credit growth tmsnrt.rs/2qtU19EPandey, 36, recently had to turn away an order that would have created 100 new jobs and helped his firm, Kaarya Facilities, expand its $1.6 million in annual sales, after his credit application to a state-run bank in January went unanswered."We are a labour-intensive company, but if we don''t get finance from banks then we won''t be able to hire," Pandey said.A mountain of bad debt in India''s banking system has led to a prolonged credit crunch that is inflicting most pain on small- and medium-sized enterprises (SMEs) such as Pandey''s that depend upon banks for their day-to-day working capital and longer-term borrowing needs.India has more than 45 million such enterprises, accounting for nearly 40 percent of gross domestic product. Smaller businesses also account for the bulk of job creation, so a lack of bank credit reaching them threatens Prime Minister Narendra Modi''s promise to create 250 million jobs over the next decade.The problem is not that Indian banks lack deposits to lend. After last November''s decision by Modi to scrap high-value banknotes, a dramatic move to purge illicit or untaxed "black cash" from the shadow economy that forced holders to deposit high value currency with their banks, they are awash with $50 billion in excess liquidity.But banks'' worsening asset quality has made them reluctant to grant new loans, especially to smaller businesses that are perceived as riskier.RELATED STORY: Non-bank finance firms cash in on Indian lenders'' bad loan pain - Click hereRISK-AVERSEThe bulk of India''s $150 billion in soured loans are owed to state-run lenders that dominate the banking system. Criminal investigations into some defaults, in which former bank bosses have been arrested, have made today''s managers fearful that bad lending decisions might come back to haunt them."It is a safety-first approach," said a senior official at one state-run bank. "No loan officer wants a knock on his or her door later by the investigative agencies."Banks can park their excess deposits safely with the Reserve Bank of India (RBI) or hand out smaller, less risky loans to consumers. Even as lending to industry has shrunk in seven of the past eight months, retail loans are growing at a double-digit pace, RBI data shows.Private sector banks, less exposed to the bad loan problem, are more willing to service demand from corporates.But since private banks account for just a third of banking assets, they cannot fully offset the credit slowdown.RECAPITALISATIONIn a bid to fix the loan stress, New Delhi this month empowered the central bank to push reluctant lenders towards writedowns and errant borrowers into insolvency.Government and RBI officials say the measure should speed resolution and improve the flow of credit to industry.Analysts are more sceptical, and expect loan growth to remain weak until banks are adequately recapitalised."They do not address the lack of capital at the state-owned banks that has prevented them from writing down non-performing loans to realistic levels," said ratings agency Moody''s.Big companies, meanwhile, have shifted to borrowing via bonds and commercial paper.The most spectacular rise has been in the domestic bond market, where corporates raised 60 percent more in the fiscal year to March 2017 than in the year before, according to Thomson Reuters data.But smaller businesses seldom have the credit profile to tap the debt markets, while the amounts they generally borrow do not justify paying bankers to arrange bonds and get them rated.Turned away by the banks, they are forced to borrow from non-banking financial com
'c23dda4ad6710e5bcdf7cf49d1952f6814f23a87'|'SoftBank boss follows Trump to Saudi to launch $100 billion fund'|'Business News - Fri May 19, 2017 - 4:15pm IST SoftBank boss follows Trump to Saudi to launch $100 billion fund FILE PHOTO: SoftBank Group Corp Chairman and CEO Masayoshi Son attends a news conference in Tokyo, Japan, February 8, 2017. REUTERS/Toru Hanai By Makiko Yamazaki - TOKYO TOKYO Some six months after his visit to Donald Trump''s Manhattan mansion cheered investors, Masayoshi Son, Japan''s richest man, is set to follow his friend to Saudi Arabia as the new U.S. president makes his first overseas trip since taking office. Son, head of Japan''s SoftBank Group Corp ( 9984.T ), travels to Riyadh this weekend where he is expected to announce the close of the first fundraising round for what will be the world''s biggest private equity fund, backed by Saudi Arabia''s sovereign wealth fund and Apple Inc ( AAPL.O ). His appearance in the Saudi capital and the expected launch of the $100 billion Vision Fund coincide with Trump''s official visit to the kingdom, one leg of a presidential trip that also includes Israel, Belgium and Italy. Son describes the fund as essential for setting up SoftBank for a data "gold rush" which he expects to happen as the global economy becomes increasingly digitized. "The Vision Fund has created a framework for SoftBank to grow over the next 100, 200 and 300 years," Son said in February. "The next 10 years would be the time for me to put the plan into practice while grooming successors." Son is scheduled to attend a forum of global chief executives in Riyadh on Saturday to be held on the sidelines of the Trump visit, a list of attendees showed. A SoftBank spokesman declined to comment on Son''s schedule. The aggressive dealmaker made headlines in early December when he appeared in the marble lobby of Trump Tower in New York alongside the then president-elect, dressed in a red vest and near-identical red tie to the tycoon-turned-commander-in-chief. He was among the first in a series of Asian billionaires and leaders to pay tribute to Trump, who won office in November on a platform that focused heavily on national security and protecting American jobs. Son''s pledge to Trump to invest $50 billion in the United States and create 50,000 new jobs was light on details but spoke to the president''s election promise to boost economic growth by making deals with individual companies, rather than through complicated trade deals. SoftBank Group shares surged after Son''s December meeting with Trump and his announced investment. Foreign tycoons who paid homage to Trump after Son include Foxconn founder Terry Gou and Alibaba boss Jack Ma, who are both close business partners of Son. In November, Japanese Prime Minister Shinzo Abe visited Trump in New York, less than two weeks after the U.S. election. (Additional reporting by Reem Shamseddine in RIYADH; Writing by Sam Holmes; Editing by Miral Fahmy)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-softbank-visionfund-launch-idINKCN18F13T'|'2017-05-19T18:44:00.000+03:00'
'b5b2bbf20cfbec79c0d0ff22f56a46e7d083bed3'|'Brazil securities regulator opens two new investigations against JBS'|'Market News - Fri May 19, 2017 - 2:58pm EDT Brazil securities regulator opens two new investigations against JBS SAO PAULO May 19 Brazil''s securities watchdog CVM has launched an investigation into JBS SA, the meatpacking company involved in a corruption probe that implicated Brazil''s president and rattled its financial markets this week, according to the CVM website. CVM did not specify the exact nature of its investigations into the world''s largest meat processor in the notice posted online on Thursday. But the news followed reports that controlling shareholders had sold JBS stock and bought dollars, as Chairman Joesley Batista and six other executives engaged in plea-bargain talks that affected the value of JBS shares and the Brazilian real. Reuters reported on Thursday that controlling shareholders sold 329 million reais worth of shares in April, after top JBS executives had secretly begun negotiating a plea-bargain deal with prosecutors probing numerous corruption scandals in Latin America''s biggest country. Audio recordings, provided by Batista to police and publicly disclosed this week, implicated President Michel Temer in one of a string of corruption scandals that has engulfed vast swaths of Brazil<69>s political class and business elites for more than three years. Additional JBS testimony disclosed on Friday accused Temer and former Presidents Luiz Inacio Lula da Silva and Dilma Rousseff of accepting bribes. All three have denied wrongdoing. Temer, a conservative, was sworn into office in September last year following the ouster of leftist Rousseff. Brazil''s Valor Economico newspaper reported on Thursday that CVM was investigating the currency and stock trades at JBS after it learned that the Batista companies had reportedly acquired over $1 billion in currency markets just before the plea news broke, sending the dollar surging against the real. CVM regulators had previously launched four other probes into the JBS -- in early May, late March and February. JBS did not immediately reply to a Reuters request for comment into the CVM probes. (Reporting by Alberto Alerigi; Writing by Tatiana Bautzer; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-regulator-idUSL2N1IL12N'|'2017-05-20T02:58:00.000+03:00'
'07900523dc9662428d11564006e30b8f98c75181'|'UPDATE 1-Fairfax Media grants due diligence to rival private equity bidders'|'(Adds details, bidder comments)SYDNEY May 18 Australian newspaper publisher Fairfax Media Ltd on Thursday said it would grant due diligence access to two rival private equity bidders after U.S. buyout firm Hellman & Friedman made a surprise takeover proposal of as much as A$2.87 billion ($2.13 billion).The non-binding cash offer from Hellman & Friedman values Fairfax at A$1.225 to A$1.25 a share, compared to an earlier offer from TPG Capital Management and Ontario Teachers'' Pension Plan Board of A$1.20 a share, the Australian company said."We have carefully considered the indicative proposals and believe it is in the best interests of shareholders to grant both parties due diligence to explore whether a potential whole of company proposal is available," Fairfax Chairman Nick Falloon said in a statement.The proposals remain subject to conditions including the successful completion of due diligence and foreign investment approvals.Fairfax, which owns newspapers including The Sydney Morning Herald and The Australian Financial Review, said it would continue to progress a potential spin-off of its Domain real estate classifieds unit during the due diligence period.The media company said there was no certainty either takeover proposal would result in an acceptable offer.A TPG spokesman said the private equity group welcomed the board''s decision to grant due diligence. A spokeswoman for Hellman & Friedman was not available for immediate comment. ($1 = 1.3444 Australian dollars) (Reporting by Jamie Freed; editing by Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/fairfax-media-ma-tpg-idINL4N1IJ58B'|'2017-05-17T20:47:00.000+03:00'
'41d215d974034cafb37ccee6902a69074dcdc1a8'|'National Grid reports 14 percent rise in full year adjusted operating profit'|'Business News   8:04am BST National Grid reports 14 percent rise in full year adjusted operating profit National Grid Plc said full-year adjusted operating profit rose 14 percent, helped by strong growth in its UK power transmission units and "favourable timing" in the UK and U.S. businesses partly related to the weather. The power grid operator''s adjusted operating profit rose to 4.7 billion pounds for the year ended March 31. Excluding benefits from timing, operating profit rose 5 percent to 4.3 billion pounds. The company, which favoured Britain to remain in the European Union due to benefits to energy consumers, said its UK transmission business contributed 1.37 billion pounds to group operating profit as electricity prices rose due to supply shortages. Total capital investment across the group rose 504 million pounds to 4.45 billion pounds from the prior year. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-national-grid-results-idUKKCN18E0LY'|'2017-05-18T15:04:00.000+03:00'
'8f45e33fda3b81373abfd210a04d1f880c71a088'|'Canada oil industry get $173 mln loan to clean up abandoned wells'|'CALGARY, Alberta May 18 The oil industry in Canada''s resource-rich Alberta will be on the hook for a C$235 million ($172.7 million) government loan to clean up a rising number of oil wells abandoned by owners who have gone bankrupt, the province said on Thursday.The loan, repayable over 10 years, will go to the government-run, industry-funded Orphan Well Association (OWA), which cleans up wells for which no party is legally responsible, Alberta Premier Rachel Notley said at a news conference.The number of so-called orphan wells in Canada spiked after the 2014 oil price crash as layoffs swept the oil patch and companies went bankrupt. Alberta, which produces about 80 percent of Canada''s crude, had more than 1,500 orphan wells in February, up from 26 in 2012.The loan is lower than the C$500 million an industry group asked for in 2016.The OWA will double indefinitely its levies charged to all petroleum producers to a total of C$60 million a year, starting in 2019, Notley said.That, however, could be adjusted in the future based on how many orphan wells are left, said Brad Herald, OWA chairman and vice president of western Canadian operations for the Canadian Association of Petroleum Producers industry lobby group.Notley said part of the loan, C$30 million, comes from the federal government, which in this year''s budget allocated C$30 million to Alberta to stimulate economic activity and employment in the resource sector.Cleaning up the wells will create 1,650 jobs over three years, she said. (Reporting by Ethan Lou; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-oil-wells-idINL2N1IK1JV'|'2017-05-18T15:39:00.000+03:00'
'0c5485f97731a5ae4903849c1fac10fd000b10a0'|'France''s Elis makes $2.6 billion offer for UK peer Berendsen'|'Business News  29am BST France''s Elis makes $2.6 billion offer for UK peer Berendsen PARIS French laundry and services group Elis ( ELIS.PA ) has made a 2 billion pound ($2.6 billion) offer for UK peer Berendsen ( BRSN.L ). Elis said it would offer 440 pence in cash and 0.426 new Elis shares for each Berendsen share, implying a total equity value for Berendsen of around 2.05 billion pounds. Berendsen shareholders would end up with around 35 percent of the new group, which was also expected to result in major revenue, cost and capital expenditure synergies, the companies said. Investment banks Lazard and Zaoui were the financial advisers on the deal. (Reporting by Sudip Kar-Gupta; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-berendsen-m-a-elis-idUKKCN18E0IY'|'2017-05-18T14:29:00.000+03:00'
'df0b19f2191408658b3c1abdfa72f22b33b5506e'|'Union urges investors to deny Deutsche Bank broad capital authorisation'|'Market News - Thu May 18, 2017 - 4:25am EDT Union urges investors to deny Deutsche Bank broad capital authorisation FRANKFURT May 18 Fund manager Union Investment on Thursday urged Deutsche Bank''s shareholders to vote against measures that give the bank''s board broad authorization for further capital increases. Portfolio manager Ingo Speich told shareholders at the bank''s annual general meeting to deny the bank a measure that could allow it to raise capital by nearly 39 percent over the next five years. "We aren''t prepared to write management another blank check for further capital increases," Speich said. Without a such authorization for capital increases Deutsche Bank would have to call an extraordinary shareholder meeting to decide on a new rights issue. (Reporting by Tom Sims; Editing by Maria Sheahan) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deutsche-bank-agm-capital-idUSF9N1I701N'|'2017-05-18T16:25:00.000+03:00'
'00634778dbafe8aabf019fbd03a4d886e3a11d40'|'China regulator punishes Sealand Securities for ''chaotic'' management'|'Business News - Fri May 19, 2017 - 11:34am BST China regulator punishes Sealand Securities for ''chaotic'' management SHANGHAI China''s securities regulator said on Friday it would suspend the launch of Sealand Securities new asset management products for a year and halt other operations after a probe into its business found its internal management "chaotic". "The probe found that Sealand Securities has problems including chaotic internal management, ineffective compliance and risk management, and many cases of misbehaviours," the China Securities Regulatory Commission (CSRC) said in a statement posted on its microblog. The regulator added it would suspend Sealand Securities'' new account openings and bond underwriting businesses for a year. The penalties mark the latest move by regulators to clean up the financial sector, with a focus on shadow banking and excessive borrowings that fuel speculation in risky investments. Sealand Securities'' executives could not be reached for comment after Reuters put in several calls to the brokerage late on Friday. CSRC''s probe into Sealand Securities'' bond trading and asset management business came in the wake of a scandal last December that triggered a rout in China''s bond market. The scandal involved "forged" bond agreements which the CSRC said involved deals worth about 20 billion yuan (<28>2.2 billion) and 20 financial institutions. In a separate statement, CSRC said it punished Sinvo Fund Management Co after a probe found the mutual fund house had lax risk control and management, resulting in defaults in a bond-related investment scheme last December. Calls to Sinvo were not answered. (Reporting by Samuel Shen and John Ruwitch; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-csrc-sealand-idUKKCN18F12S'|'2017-05-19T18:34:00.000+03:00'
'615d192cdf1295f21370179cf1511aa66ab27aa6'|'RWE, Engie studying tie-up to create Franco-German energy giant'|'Deals - Fri May 19, 2017 - 1:08pm BST RWE, Engie studying tie-up to create Franco-German energy giant FILE PHOTO: Innogy logo in Essen, Germany, March 14, 2017. Reuters/Thilo Schmuelgen By Arno Schuetze , Geert De Clercq and Julien Ponthus - FRANKFURT/PARIS FRANKFURT/PARIS RWE ( RWEG.DE ) and Engie ( ENGIE.PA ) are studying a possible share swap that could create a Franco-German giant in power grids, renewables and energy services with a market value of about 50 billion euros ($55.8 billion). Options being looked at could involve RWE swapping part or all of its majority stake in renewables and grids firm Innogy ( IGY.DE ) in exchange for a minority stake in Engie, four investment banking sources said. No active talks between the top executives of the two firms are under way, but the two utilities are discussing options and scenarios with advisers and bankers, the sources told Reuters. At this stage, no banks have been given a formal mandate. "There are indeed talks ongoing, but that does not mean they will succeed," a French government source said. An RWE-Engie deal would form the basis of a Franco-German alliance in the field of energy, which has been advocated for years by the previous French government of President Francois Hollande. Any combination would have to wait for German elections in September, bankers said, although one added that since the deal would not involve any plant closures and enhance French-German industrial cooperation, things could move very quickly. Shares in the three companies jumped on the news, with RWE ( RWEG.DE ) rising more than five percent, making it the top gainer in the Dax index. Innogy shares also rose more than five were up 4.1 percent percent ( IGY.DE ) after rising more than five percent and stood 4.8 percent higher in early afternoon trade. Engie shares initially rose 1.2 percent, then gave up their gains. ( ENGIE.PA ) A spokeswoman for Engie declined to comment but reiterated that Chief Executive Isabelle Kocher - following a Bloomberg report in March about Engie weighing a bid for Innogy - that Engie had no plans for a transformative deal. Innogy and RWE declined to comment. The German economy ministry declined to comment. SWAP SCENARIO One scenario that has emerged would see RWE swap part or all of its 76.79 stake in its listed unit Innogy for a direct minority stake in Engie. Bankers said that because of the strong undervaluation of RWE shares, such an operation could only take the form of an asset swap, not a cash deal. A certain cash component could be an option to adjust for differences in valuation. Talk of interest in German utilities reflects efforts by RWE and rival E.ON ( EONGn.DE ) to restructure after Germany''s focus on promoting renewable energy virtually destroyed their established business model of selling power from fossil-fuel plants. Engie''s CEO Kocher is pushing a strategy shift to focus the former French monopoly gas utility more into grids and renewables. RWE''s stake in Innogy - whose market cap was 18.6 billion euros at the Thursday close - is worth about 14.3 billion, but RWE''s own market capitalization is just 9.6 billion, which means that all its other coal, nuclear and other energy assets are effectively assigned a negative value by the market. One banker said that swapping its Innogy stake into that unit could give RWE a stake of up to one third in the new group. Bankers say that any transaction would have to ensure a balance of power between RWE and the French state. With the value of the French state''s 28.65 percent stake in Engie at just under 10 billion euros, an asset swap involving all of Innogy could dilute French state holding company APE''s Engie stake to about 20 percent in Engie-Innogy. One banker said that RWE could contribute less than its entire stake in Innogy in a deal that would give RWE and the French state equal stakes of about 25 percent each. This would require a law change in France, as the government is legally req
'ec22e2bb6da5d0b1fe5bc430bb21129bd9ec7f54'|'Pallinghurst makes unsolicited offer for remaining stake in Gemfields'|'Business   9:30am BST Pallinghurst makes unsolicited offer for remaining stake in Gemfields A Faberge emerald gemstone Emotion ring is seen at the Gemfields office in central London, November 17, 2014. REUTERS/Toby Melville Mining group Pallinghurst Resources Ltd ( PGLJ.J ), the largest shareholder of precious stones miner Gemfields Plc ( GEM.L ), on Friday offered to buy out the remaining 52.91 percent it does not already own for about 111.9 million pounds. Pallinghurst''s offer values each Gemfields share at 38.5 pence, just above Gemfields'' Thursday close of 38.125 pence. The offer values the entire issued capital of Gemfields at 211.45 million pounds, Pallinghurst said in a statement. Gemfields shareholders would receive 1.91 Pallinghurst shares for each share held, resulting in a 42.2 percent ownership of the enlarged group. Gemfields said it was reviewing the unsolicited offer from Pallinghurst, an investment company with interests in platinum group metals and coloured gemstones. Gemfields advised its shareholders to take no action for the time being. Gemfields shares rose as much as 4.3 percent, before paring some of the gains to trade up about 3 percent at 0821 GMT on the London Stock Exchange. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gemfields-m-a-pallinghurst-idUKKCN18F0PH'|'2017-05-19T16:30:00.000+03:00'
'bfc5dddd737433eccdbf7f92b48be5aa04821dbd'|'IMF improves Russia 2017 economic growth forecast to 1.4 percent'|'Business News  31pm BST IMF improves Russia 2017 economic growth forecast to 1.4 percent FILE PHOTO: Trucks carry wood for making a drill pad at Rosneft''s Samotlor oil field outside the West Siberian city of Nizhnevartovsk, Russia, January 26, 2016. REUTERS/Sergei Karpukhin/File Photo MOSCOW The International Monetary Fund improved its forecast for Russia''s economic growth this year to 1.4 percent, saying easier financial conditions and higher oil prices would help drive a recovery, a regular IMF report showed on Friday. The Fund, which in October forecast the economy would grow by 1.1 percent this year, said Russia was exiting a two-year recession thanks to an effective policy response from the government and because the country had robust buffers. The IMF cautioned, however, that Russia''s medium-term economic outlook would remain subdued, seeing annual economic growth at around 1.5 percent. (Reporting by Alexander Winning; Editing by Andrey Ostroukh)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-imf-russia-idUKKCN18F1ED'|'2017-05-19T20:31:00.000+03:00'
'028e388802ee03287f2834c57268cf2d4e13b300'|'Bain to submit bid for majority stake in Toshiba chip unit'|'TOKYO Suitors including private equity firms KKR & Co LP, Bain Capital and U.S. chip maker Broadcom Ltd are lining up for Toshiba Corp''s semiconductor business, sources familiar with matter said ahead of a deadline for second-round offers on Friday.Broadcom, which has teamed up with private equity firm Silver Lake, and Bain which has partnered with South Korean chipmaker SK Hynix will participate in the second-round, the people said. It was not clear if KKR and its partners would submit their offer by the end of the day.Toshiba, which values its chip unit at at least 2 trillion yen ($18 billion), was forced to put its prized asset on the block this year, after dramatic cost overruns at its now-bankrupt U.S. nuclear unit left it scrambling for cash. Selling the unit is critical for the company''s recovery.However much of the sale and its outcome are still uncertain, as Toshiba''s business partner, Western Digital Corp, which jointly runs Toshiba''s main semiconductor plant and is one of the suitors for the unit, is seeking to block any sale that does not have its consent.KKR is expected one of the most favored bidders. It is set to join hands with a state-backed fund, the Innovation Network Corp of Japan (INCJ), in an offer of at least 1.8 trillion yen, one person said, adding that the bid could be raised to make it more competitive.The government has made clear that it is prepared to block any sale that could see highly valued chip technology leave the country and the participation of government-backed investors is seen as a key stamp of approval.Sources familiar with the matter said that INCJ and the Development Bank of Japan had separately told Toshiba of their intention to take part in the bidding process although there were no details on what form that participation may take.KKR and INCJ declined to comment. Toshiba also declined to comment.Bain plans to bid around 1.5 trillion yen for a majority stake, two of the sources said, declining to be identified as talks were confidential.Bain''s offer will allow Toshiba and the management of the memory chip business to own a sizeable holding in the chips unit, the people said, adding that keeping management in place will help the business grow faster. SK Hynix is not expected to take a leading role in the offer due to anti-trust concerns.A Hong Kong-based representative for Bain declined to comment. SK Hynix says it has decided to bid for Toshiba''s memory chip business as part of a consortium, though it did not name the partner or disclose further details.U.S. chipmaker Broadcom and Silver Lake did not immediately rely to requests for comment outside of regular U.S. business hours. Their consortium was the highest bidder in the first round of the auction with an offer of 2.5 trillion yen, a person briefed on the matter said at the time.Taiwan''s Foxconn, formally known as Hon Hai Precision Industry Co Ltd, has also formed a consortium with Japanese partner Sharp Corp to bid in the second round, other people with knowledge of the matter said.Foxconn and Sharp declined to comment.Toshiba is also open to entertaining new bids after the second round closes, a person with knowledge of the matter has said.(Reporting by Junko Fujita, Taro Fuse, Makiko Yamazaki and Kentaro Hamada in Tokyo, Se Young Lee in Seoul, Elzio Barreto in Hong Kong and JR Wu in Taipei; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-idINKCN18F08F'|'2017-05-19T01:24:00.000+03:00'
'd7bc1f98b355aa06aae55e0b3d22942a6871890c'|'Hotel de Crillon banks on recovery in Paris pulling power'|'Business  24am BST Hotel de Crillon banks on recovery in Paris pulling power left right An exterior view shows the Hotel de Crillon, in Paris, France May 17, 2017. REUTERS/Gonzalo Fuentes 1/2 left right FILE PHOTO An exterior view shows the Hotel de Crillon in Paris April 3, 2013. REUTERS/Christian Hartmann/File Photo 2/2 By Dominique Vidalon and Pascale Denis - PARIS PARIS When Paris''s landmark Hotel de Crillon reopens in July after a four-year 200 million euro (171.3 million pounds) revamp, it will be hoping to catch a rebound in the luxury hotel trade after a wave of bloody street attacks drove away big-paying tourists. Industry figures suggest that tourism in the French capital is recovering after heavy falls in late 2015 and much of 2016, though some experts caution that luxury hotels may have to wait up to five years before trade returns to normal levels. With the luxury end of the market relying heavily on foreign visitors, the likes of Hotel de Crillon have been hit hardest by the drop in tourists after the Islamist attacks. Occupancy rates of Paris luxury hotels fell 15 percent to 52 percent last year while revenue per available room sank by 22 percent to 500 euros, its lowest level since 2009, according to data from research firm STR for luxury property specialist Jones Lang Lasalle (JLL). However, those numbers have been on the rise in the first four months of this year, driven by a return of Russian, Chinese, Japanese and U.S. visitors, said Christophe Laure, head of the French UMIH Federation for prestige hotels. Hotel de Crillon, which was built in 1758 and has applied for the right to join a select group of 23 French luxury hotels that can call themselves palaces, is targeting an average occupancy rate of 55-60 percent, managing director Marc Raffray told Reuters. "A true tourism recovery is under way in Paris, which remains a special city and still makes foreigners dream. I am confident about our capacity to return in coming years to a cruising pace above that of the current market," Raffray told Reuters, citing "very encouraging" booking levels. The 124-room Crillon, owned by a Saudi Prince and run by Hong-Kong based New World Group''s Rosewood Hotels, is looking to attract guests from the United States, the Middle East and Asia''s fast-growing wealthy elite. LENGTHY PROCESS? Those wanting to follow in the footsteps of previous guests including pop star Madonna and former U.S. president Bill Clinton since the building''s conversion to a hotel in 1909 will have to pay rates that start at 1,200 euros a night and rise to 25,000 euros for the top floor suite named after composer Leonard Bernstein, who stayed there regularly. However, the recovery of this top end of the market could yet prove a lengthy process, given the rise in luxury capacity in the French capital in recent years. "I think it could take (Paris) palaces at least five years to return to average occupancy rates of 65-67 percent," said Gwenola Donet, head of France for JLL Hotels & Hospitality. This would compare with the sector''s occupancy rates of 75-80 percent in 2009 and 70 percent in 2013-14. The reopening of the Crillon comes a year after the Ritz Paris unveiled its restoration and a year before the Cheval Blanc opens in the Samaritaine building owned by luxury group LVMH. Competition has also been heated up by the arrival of Asian-operated rivals such as the Shangri-La, Mandarin Oriental Paris and Peninsula Paris. Some industry observers say the rise in top-end supply will stimulate demand. Others are not so sure. "Competition is good when newcomers arrive progressively. Here we have the shock of a massive offer. It can take five years to absorb it," Donet said. (Editing by Richard Balmforth and David Goodman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-tourism-crillon-idUKKCN18E0TQ'|'2017-05-18T16:24:00.000+03:00'
'87b11afbebba787c368a67a4994f2d8da621cb13'|'Hyundai Motor Group denies report on holding company plan'|' 20am BST Hyundai Motor Group denies report on holding company plan The logo of Hyundai Motor is seen at its dealership in Seoul, South Korea, April 26, 2017. REUTERS/Kim Hong-Ji SINGAPORE Hyundai Motor denied a media report that it plans to decide next week whether to introduce a holding company structure. Maeil Business Newspaper said on Thursday that Hyundai Motor and other affiliates will hold board meetings next week to discuss the plan, citing investment banking sources. "The report is groundless," a Hyundai spokesperson said. (Reporting by Hyunjoo Jin and Joyce Lee; Editing by Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hyundai-motor-structure-idUKKCN18E132'|'2017-05-18T17:20:00.000+03:00'
'1e81b4bef23207252599eba67029a86f5dc42900'|'Credit Suisse on track to achieve end-2018 cost target - chairman'|'Business News - Thu May 18, 2017 - 10:06am BST Credit Suisse on track to achieve end-2018 cost target - chairman Chairman Urs Rohner of Swiss bank Credit Suisse attends the bank''s extraordinary shareholder meeting in Zurich, Switzerland May 18, 2017. REUTERS/Arnd Wiegmann ZURICH Credit Suisse is on track to hit its targeted cost base by end-2018, Chairman Urs Rohner said on Thursday, part of a broad restructure of Switzerland''s second-biggest bank. "Accordingly, we are well on track to achieve a cost target of 17 billion Swiss francs (13.4 billion pounds) by the end of 2018, which is significantly lower than our original cost target of 18.5 billion Swiss francs," Rohner said in a speech at Credit Suisse''s extraordinary general meeting. Credit Suisse shareholders are voting the board''s proposal to raise around 4 billion francs to get its financial strength on a par with rivals. (Reporting by Joshua Franklin and Oliver Hirt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-credit-suisse-gp-egm-chairman-idUKKCN18E10U'|'2017-05-18T17:06:00.000+03:00'
'1bed24fe9a5892f4cbe2ffd92810da4c314c45eb'|'BP shareholders approve reduced CEO pay, new policy'|'Top News   4:08pm BST BP shareholders approve reduced CEO pay, new policy Bob Dudley, CEO of BP gas company, speaks during an interview at the Argentina Business and Investment Forum 2016, in Buenos Aires, Argentina, September 14, 2016. REUTERS/Enrique Marcarian LONDON BP shareholders on Wednesday approved an $11.6 million (<28>9 million) pay package for chief executive Bob Dudley, after the oil and gas company cut it in response to investor pressure. Shareholders at BP''s annual general meeting also approved a new remuneration policy that will lower performance incentives. With the vast majority of votes counted, shareholders adopted BP''s 2016 pay by a majority of 97.09 percent, the highest in at least 10 years, and the new pay policy by a majority of 97.32 percent. Last year, around 60 percent of shareholders opposed BP''s pay policy after a record loss amid a sharp slump in oil prices. "At our meeting last year, you, our shareholders, sent us a very clear message on how we approached paying our executive directors," BP Chairman Carl-Henric Svanberg said. BP''s pay policy changes, which will apply for the coming three years, include lowering Dudley''s maximum long-term payout to five times salary, from seven times, and cutting bonus payments by a quarter. Dudley''s 2016 pay was some 40 percent lower than the previous year and was a result of "downward discretion" to the four components of his total pay, the company said. But even after a cut of nearly $8 million, Dudley''s pay remains well above that of rival European oil companies. Royal Dutch Shell CEO Ben van Beurden was awarded an 8.263 million euro (<28>7 million) pay package for 2016, while Total''s Patrick Pouyanne''s was 3.8 million euros. Dudley told the AGM that BP was one of the fastest growing oil and gas companies in the world as it prepares to launch new projects that will boost production by 800,0000 barrels per day by 2020. By the end of the decade, Dudley expects BP to produce as much as oil and gas as before the 2010 U.S. Gulf of Mexico spill, which forced it to sell a third of its assets to cover litigation costs. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bp-pay-idUKKCN18D1Q7'|'2017-05-17T21:51:00.000+03:00'
'bb22e1204d4c6ae15214971bae2b20f7c2544246'|'Exclusive: TPG nears deal for broadband operator WaveDivision Holdings'|'By Liana B. Baker and Greg Roumeliotis Private equity firm TPG Global LLC is nearing a deal to buy regional broadband operator WaveDivision Holdings LLC for more than $2 billion, including debt, people familiar with the matter said on Wednesday.The deal will combine Wave with the broadband providers TPG already owns, RCN Telecom Services LLC and Grande Communications Networks, the sources said. The combined company would be the sixth largest U.S. cable operator, at a time when demand for high-speed internet service is growing rapidly.The sources said a deal could be announced as early as this week. They asked not to be identified because the negotiations are confidential.TPG declined to comment. Wave and its private equity owners Oak Hill Capital and GI Partners did not immediately respond to requests for comment.(Reporting by Liana Baker in Tel Aviv, and Greg Roumeliotis in New York; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-wavedivision-m-a-tpg-capital-exclusiv-idINKCN18D29B'|'2017-05-17T15:19:00.000+03:00'
'71dff73911680014fb775e7a5a5a3146fc09dc1d'|'Non-bank finance firms cash in on Indian lenders'' bad loan pain'|'By Rajesh Kumar Singh - NEW DELHI NEW DELHI Indian banks'' struggles with bad loans over the past three years have opened an opportunity to ramp up lending for so-called which are not as strictly regulated as banks.With their share of total credit rising, new players and new investors have piled into the NBFC market.The latest such player is Incred. Backed by Deutsche Bank''s former co-CEO Anshu Jain, it lends to individuals and small- including start-ups.Saurabh Jhalaria, who heads Incred''s SME division, says the company aims to disburse $234 million in new credit by next March. As much as 60 percent would be lent to SMEs, he said."There is great demand for credit from small entrepreneurs, but supply is very limited," Jhalaria told Reuters, referring to the reluctance to lend among state banks.Public sector lenders led by State Bank of India and Punjab National Bank, which as a group account for two third of banking assets, are saddled with bulk of India''s $150 billion in stressed loans. loan defaults have made bankers extremely cautious of extending new credit. The process of approving loans has become lengthier and requires lots of paperwork.Banks are also reluctant to lend In some cases, they even demand collateral twice the value of the loan.As a result, bank credit to industry shrank by 1.9 percent in the fiscal year that ended in March. In contrast, NBFCs have posted double-digit rates of lending growth.A study by research firm Crisil shows NBFCs have doubled their market share in SME loans and wholesale finance in the past five years. The Indian unit of rating agency Standard and Poor''s expects their share in overall loans to rise by 3 percentage points to nearly 18 percent over the next two years.Since its launch in February, Incred has lent nearly $16 million to 1,000 borrowers. It offers loans to SMEs of up to 100 million rupees ($1.56 million) and charges interest of between 13-19 percent.While the loans are costlier than those offered by banks, which charge around 12 percent on average, they are processed more quickly"Our target is ambitious but achievable," said Jhalaria. "There is a demand that is not being met by banks. We are filling in that gap."($1 = 64.0600 Indian rupees)(Reporting '|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/india-economy-credit-incred-idINKCN18D065'|'2017-05-17T00:40:00.000+03:00'
'8c27627fad227508de48318e150f484865dad816'|'Key ministers in new French government'|'PARIS May 17 French Prime Minister Edouard Philippe''s new government comprises a mix of socialist and conservative officials, with an equal balance between men and women as well as people from civil society.Philippe, a 46-year-old conservative lawmaker and mayor of the Normandy seaside town of Le Havre, was appointed by French centrist President Emmanuel Macron on Monday.On Wednesday, a total of 22 ministers, including junior ministers, split equally between men and women, were named in his government.Below is a list of the key ministers.INTERIOR MINISTER: GERARD COLLOMB, 69A popular senator and mayor of Lyon, France''s second-biggest city, Collomb is part of the centrist tendency of the Socialist party. He has never been a minister during his 40-year political career, but is named number two in the government protocol.He was one of Macron''s first close allies and vocal supporters among leading Socialists. He has been a staunch advocate of cross-party cooperation in running his city.His priority in Lyon was initially focused on strengthening security. As interior minister, he will now be in charge of coordinating France''s response to internal security threats including from Islamist militants who have carried out attacks on French soil.ECOLOGICAL TRANSITION MINISTRY: NICOLAS HULOT, 62Former documentary TV reporter Hulot is one of France''s best-known environmentalists. A pragmatist, Hulot has advised governments from the right and the left about environmental policies. He made a bid to run as Green candidate in the 2012 presidential election, but lost out to a more leftist candidate in the party''s primaries.The foundation bearing his name is a driving force for green policies in France. Former president Francois Hollande made Hulot a special envoy for the environment but could not convince him to become a minister in his government.Hulot helped prepare the 2015 United Nations COP21 climate summit in Paris and has good relations with top French companies such as EDF, L''Oreal and Carrefour, who sponsor his foundation.JUSTICE MINISTER: FRANCOIS BAYROU, 65Long the face of centrism in France, with three failed runs for the presidency to his name, Bayrou, was pondering whether to make a fourth run when he was overtaken by Macron''s dizzy rise.The former education minister, now mayor of Pau, gave Macron a boost in the polls in February when he decided to join the former banker''s ranks, sealing an alliance. Many observers then speculated that this would be rewarded by a ministerial role for Bayrou, who founded his own Democratic Movement (MoDem) in 2007.The self-proclaimed "man of the soil" -- a father of six and practising Roman Catholic who married at age 20 -- also breeds racehorses at his ancestral home in Borderes in the southwest of France.EUROPEAN AND FOREIGN MINISTER: JEAN-YVES LE DRIAN, 69Le Drian has been a close friend of former Socialist President Hollande for more than 40 years.Having backed Macron early, Le Drian takes over the foreign affairs portfolio after holding the defence post for five years under Hollande. One of the few popular ministers under Hollande, Le Drian is seen as the driving force behind France''s counter-terrorism operations in West Africa and the Middle East.He is also credited with leading a resurgence in French weapons'' exports that have resulted in billions of euros in deals, including the first exports of the Rafale fighter jet.The former university history teacher has spent 35 years in politics and is president of the Brittany region.In a signal of Macron''s future priorities, the ministry has been renamed to emphasise the role of Europe in foreign policy.ECONOMY MINISTER: BRUNO LE MAIRE, 48Bruno Le Maire, named French economy minister, is a reform-minded conservative whose expertise on Europe and staunch defence of the Franco-German relationship will prove valuable as Macron pushes for closer EU integration.A pro-European, German-speaking rightist, Le Maire came second to ex-President Nicolas Sark
'b96f682a14c790f626a9e6c7bc475b1f628af6be'|'UPDATE 1-UK Supreme Court awards <20>5bn to Lehman Europe claimants'|'(Adds detail)LONDON, May 17 (IFR) - Claimants against Lehman Brothers<72> main European arm will receive at least <20>5bn on top of the original <20>11.5bn amount awarded after the UK<55>s most senior court ruled they should receive statutory interest that has built up over the last eight years.PwC, the administrator of Lehman Brothers International (Europe), has already paid out 100% of these claims but had sought direction from the courts on where the extra money that has built up should be paid.Junior creditors of the entity, which was put into administration when its US parent filed for bankruptcy protection in the US under Chapter 11 in September 2008, had said they should receive the additional monies rather than it going to pay interest and compensation to general claimants.This group, which includes Elliott Management and King Street, holds LBIE<49>s US$2.225bn of subordinated notes.In a unanimous judgement handed down on Wednesday morning the Supreme Court decided that the general claimants should receive statutory interest at the rate of 8% before the junior creditors receive any monies. That amounts to around <20>5bn.However, the judges led by the court<72>s president Lord Neuberger decided by four to one to dismiss the claim to be compensated for losses incurred from swapping their dollar claims into sterling.The claims, originally in US dollars, had to be converted to sterling on the date of LBIE<49>s administration in September 2008 to be <20>proved<65> under English law. Since then sterling has weakened significantly, particularly after the UK voted to leave the European Union last June.The FX compensation, estimated at <20>2bn, would have been enough to account for most of the surplus, leaving other creditors with little.There are still a number of other outstanding issues on more detailed points to be decided in lower courts.These uncertainties could delay any eventual payouts, possibly until 2021, unless the parties settle beforehand.The case was heard last October but judgement had been delayed in part because all 11 judges at the Supreme Court had been involved in the ruling that triggering article 50 of the Lisbon Treaty to start the two-year Brexit process required parliamentary approval. (Writing by Chris Spink)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINL8N1IJ1YT'|'2017-05-17T07:02:00.000+03:00'
'65f95b6b26ef5cca4f82d10b3f07ca96ae536c01'|'U.S. stock futures, dollar fall on rising concerns on Trump - Reuters'|'By Hideyuki Sano - TOKYO TOKYO U.S. share futures and the dollar slipped in early Asian trade on Wednesday after reports that President Donald Trump asked then-FBI Director James Comey to end a probe into his former security adviser.The reports raised questions about whether charges of obstruction of justice could be laid against Trump, weakening confidence in the U.S. president''s ability to push through an aggressive stimulus programme that investors had been banking on since his election last November.U.S. economic data published on Tuesday was mixed after soft retail sales and inflation data on Friday, also undermining investors'' optimism on the U.S. economy.S&P 500 mini futures ESc1, the world''s most liquid stock futures, dropped 0.5 percent in early Asian trade.MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dipped 0.1 percent while Japan''s Nikkei .N225 fell 0.6 percent."Worries about European politics and North Korea have receded. The earnings are mostly over. But now we have worries about the Trump Administration. Given that there are some stock indexes that have risen more than 10 percent so far this year, we may be entering a consolidation phase," said Nobuhiko Kuramochi, chief strategist at Mizuho Securities.Trump asked Comey to end the agency''s investigation into ties between former White House national security adviser Michael Flynn and Russia, according to a source who has seen a memo written by Comey.The news, first reported by New York Times, came after Trump had fired Comey and then discussed sensitive national security information about Islamic State with Russian Foreign Minister Sergei Lavrov.The White House quickly denied the New York Times report, saying in a statement it was "not a truthful or accurate portrayal of the conversation between the president and Mr. Comey."The tumult at the White House prompted currency traders to ditch the dollar against a broad range of currencies, most notably against the yen, which often becomes a safe-haven when there are problems in Europe and the United States.The dollar dropped 0.5 percent in early Asian trade to 112.59 yen JPY= , slipping further from its highs near 114.40 yen touched last week.The dollar''s index against a basket of six major currencies .DXY =USD dropped to 98.063, essentially giving up all of its gains made after Trump''s election victory.The euro EUR= held firm at $1.1086, having hit a six-month high of $1.10975 on Tuesday, as it also drew help from solid economic data in the euro zone.The euro zone GDP grew 0.5 percent in January-March, in line with expectations, and underscoring a recovery in the currency bloc.On the other hand, U.S. economic data published on Tuesday was mixed, raising more doubts about rosy views on the U.S. economy.U.S. manufacturing production recorded its biggest increase in more than three years in April but housing starts posted a surprise fall to five-month lows.The data came after Friday''s softer than expected retail sales and inflation."Until Friday, markets had been focusing only on the bright side of the U.S. economy. But that seems to have changed," said Daisuke Uno, chief strategist at Sumitomo Mitsui Bank.The 10-year U.S. Treasuries yield US10YT=RR dipped to 2.293 percent, the lowest level in two weeks.Oil prices dropped following data that showed an unexpected rise in U.S. inventory. U.S. crude futures traded at $48.28 per barrel CLc1, down 0.8 percent from late U.S. levels.(Editing by Simon Cameron-Moore)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/global-markets-idINKCN18D018'|'2017-05-16T22:29:00.000+03:00'
'864e5f7195f0f8d43818059ca0888a342af646dc'|'Honeywell launches $100 million venture fund'|'By Ankit Ajmera Honeywell International Inc launched a $100 million investment fund on Wednesday that will focus on technology startups.Aerospace will be one of the key focus areas of the fund, said Murray Grainger, managing director of Honeywell Venture Capital LLC, which is based in Menlo Park, Silicon Valley."We will be looking at technologies that both enhance our core innovations, but then also look at anything that could potentially be disruptive," Grainger said.Honeywell, like rival General Electric Co, has been working on a range of connected technologies, which marry software and analytics with industrial products.One such example is Honeywell''s GoDirect maintenance services program, which flags critical faults in an aircraft that needs to be repaired and shares it with an airline''s operations and maintenance centers.GoDirect is part of Honeywell''s connected aircraft services, which uses high-speed internet connections to send, receive and analyze data from an airplane''s components and equipment.The aerospace systems business, Honeywell''s biggest by revenue, makes auxiliary power units and aircraft engines as well as turbochargers for passenger cars and commercial vehicles.Honeywell joins construction and mining equipment maker Caterpillar Inc, Scotch tape and Post-it notes maker 3M Co and Boeing Co in setting up a venture capital fund that invests in start-ups across the world.(Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-honeywell-intl-venture-fund-idINKCN18D2FX'|'2017-05-17T16:45:00.000+03:00'
'df75289e768b1ddbec3beabafec5ab065c03ede3'|'UPDATE 1-Democratic attorneys general seek to intervene in Obamacare case'|'Market News - Thu May 18, 2017 - 1:54pm EDT UPDATE 1-Democratic attorneys general seek to intervene in Obamacare case (Updates with motion filed) By Dan Levine, Lawrence Hurley and Yasmeen Abutaleb SAN FRANCISCO/WASHINGTON May 18 More than a dozen Democratic attorneys general on Thursday sought to intervene to defend a key part of the Obamacare healthcare law -- subsidy payments to insurance companies -- which is under threat in a court case. The 16 attorneys general, led by California Attorney General Xavier Becerra and New York Attorney General Eric Schneiderman, filed a motion to intervene in the case pending in the U.S. Court of Appeals for the District of Columbia Circuit. The case, which dates back to the Obama administration, was filed by the Republican-led House of Representatives against the federal government in an effort to cut off subsidy payments to insurers for the individual plans created by the Affordable Care Act, often called Obamacare. The subsidies payments help cover out-of-pocket medical expenses for low-income Americans. Democratic attorneys general have emerged as a key group resisting President Donald Trump''s agenda, particularly around immigration. Their intervention in the Obamacare subsidies lawsuit represents a major expansion of that effort. Trump has repeatedly threatened to withhold the payments to insurers, which amount to about $7 billion this year, and referred to them as a "bailout." The attorneys general cited in the court filing Trump''s own words vowing to let Obamacare "explode" as part of the reasoning for their intervention. Several insurers, including Aetna and Humana , have largely left the Obamacare exchanges, citing a pool of patients who are sicker than expected and therefore more expensive. Insurers have also repeatedly called on the Trump administration to fund the cost-sharing subsidies. Attorneys general and proponents of Obamacare have said the threats to withhold the payments have already wreaked havoc in the marketplaces and are part of the reason some healthcare consumers have seen double-digit rate increases. IMMIGRATION, ENVIRONMENT Democratic attorneys general took a lead role to successfully block Trump''s executive orders restricting travel from some Muslim-majority countries, and they are also resisting efforts to roll back environmental regulations. In May 2016, a U.S. judge ruled in favor of the Republicans in the subsidies case, finding that the Obama administration could not spend the money without the approval of Congress. The Obama administration appealed before Trump took office, leaving the new administration to ponder how to proceed. The appeals court put the litigation on hold after the November presidential election at the request of the Republican House lawmakers. The litigation could become moot if Congress repeals Obamacare. The House passed its own healthcare bill, called the American Health Care Act, earlier this month, which would repeal much of Obamacare. The Senate recently began writing its own version of the bill but has warned it could take months to pass. The Trump administration has taken action over the past several months to undercut Obamacare through regulatory authority. It backed off enforcing the individual mandate, which requires everyone to purchase health insurance or else pay a penalty, tightened enrollment in Obamacare markets and has enabled people to sign up for insurance plans outside of healthcare.gov, the flagship site of Obamacare that the Obama administration heavily advertised. (Editing by Alistair Bell)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-healthcare-lawsuits-idUSL2N1IK1OM'|'2017-05-19T01:54:00.000+03:00'
'79acc0ea3459a08cbf628d6b4e77022d76b20c70'|'Facebook reaches deal to show 20 Major League Baseball games live'|'Technology News - Thu May 18, 2017 - 2:32pm EDT Facebook to show Major League Baseball games live on Fridays Facebook logo is seen at a start-up companies gathering at Paris'' Station F in Paris, France, January 17, 2017. REUTERS/Philippe Wojazer By David Ingram - SAN FRANCISCO SAN FRANCISCO Facebook Inc has struck a deal with Major League Baseball to show 20 of the league''s games live this season in an agreement that expands the social media network further into the world of live programming. Facebook said in a statement on Thursday that it would stream one game a week beginning on Friday, and the broadcasts would be available to everyone on Facebook in the United States. Reuters reported in February that Facebook and MLB were in talks to stream one game per week as part of an aggressive push to become a destination for live sports. Rival U.S. internet firms are racing for similar programming. Twitter Inc announced an agreement this month with the WNBA to show professional women''s basketball, and last month Amazon.com Inc said it would stream men''s professional football in a deal with the NFL. For the baseball broadcast, Facebook said it will use a feed from a participating team''s local broadcast rightsholder. "Baseball games are uniquely engaging community experiences, as the chatter and rituals in the stands are often as meaningful to fans as the action on the diamond," Dan Reed, Facebook''s head of global sports partnerships, said in a statement. "By distributing a live game per week on Facebook, Major League Baseball can re-imagine this social experience on a national scale," he said. Facebook says it has some 182 million daily active users in the United States and Canada. (Reporting by David Ingram; Editing by Lisa Shumaker and Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-facebook-mlb-idUSKCN18E2PW'|'2017-05-19T02:05:00.000+03:00'
'795f064d458028c3bf7a7020a9c76c7b1e1d41e1'|'Brazil''s CSN delays first-quarter results pending accounting review'|'SAO PAULO May 15 Brazilian steelmaker Companhia Sider<65>rgica Nacional SA on Monday said it would delay release of first-quarter results due to an ongoing accounting review, according to a statement.The accounting review, related to a transaction from November 2015 that resulted in the combination of certain mining and logistical operations of CSN, is still incomplete, the company said.According to unaudited information released by the company, CSN posted net sales 15 percent higher at 4.4 billion reais ($1.42 billion) last quarter, it said without elaborating.Sales of steel products fell 4 percent from a year ago to 1.19 million tonnes while iron ore sales slumped 13 percent to 7.2 million tonnes, CSN said.The company did not give a timeline to release full-year 2016 and first-quarter audited results. ($1 = 3.1094 reais) (Reporting by Ana Mano; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/csn-results-idUSL2N1II00W'|'2017-05-16T08:34:00.000+03:00'
'39f4e1ea9a04533332e1873101eb98ef7e8e347d'|'US STOCKS SNAPSHOT-S&P, Nasdaq open at record intraday highs'|'Market News   9:32am EDT US STOCKS SNAPSHOT-S&P, Nasdaq open at record intraday highs May 16 The S&P 500 and the Nasdaq opened at record intraday highs on Tuesday, helped by gains in technology and consumer staples stocks. The Dow Jones Industrial Average was up 30.98 points, or 0.15 percent, at 21,012.92, the S&P 500 was up 2.35 points, or 0.098 percent, at 2,404.67 and the Nasdaq Composite was up 7.97 points, or 0.13 percent, at 6,157.64. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1II4J9'|'2017-05-16T21:32:00.000+03:00'
'b6ebac0375a74da52fec0ce652a7c149acd29888'|'Israel to let Intel pay Mobileye tax in dollars to avoid shekel rise'|'JERUSALEM Israel sought to prevent the shekel rising further on Tuesday by agreeing to allow Intel Corp ( INTC.O ) to pay the tax due on its planned purchase of Israeli autonomous vehicle technology firm Mobileye ( MBLY.N ) in dollars.Intel agreed to buy Mobileye for $15.3 billion in March in a deal which, if completed, is expected to result in a capital gains tax payment of $1 billion to $1.5 billion.Israel had initially believed the money would fund tax cuts, but the central bank was worried converting such a large sum from dollars would further strengthen the shekel, which Bank of Israel officials have said is "over-valued".The Israel Tax Authority, accountant general and Bank of Israel said in Tuesday''s joint statement that Intel will be able to pay the taxes derived from the Mobileye transaction in U.S. dollars "with the aim of preventing an impact on the exchange rate and over-appreciation of the shekel".Any taxes paid from the deal could then either be deposited at the Bank of Israel as foreign exchange reserves or spent abroad by Israel on arms or other items.The shekel ILS= has gained 7 percent against the dollar so far in 2017 to a 27-month high of 3.6. It is also close to a 15-year peak versus the euro EURILS= and at an all-time high against a basket of currencies.The Bank of Israel has tried to halt the appreciation through market intervention and its foreign exchange reserves hit a record high of $105.1 billion in April.(Reporting by Steven Scheer; editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-israel-economy-intel-idINKCN18C15E'|'2017-05-16T08:59:00.000+03:00'
'8ec66ae38331d159bd0662e37ffe916fd92977f3'|'UPDATE 1-Japan govt says Toshiba and Western Digital need to get along'|'Market News - Mon May 15, 2017 - 10:13pm EDT UPDATE 1-Japan govt says Toshiba and Western Digital need to get along * Trade minister: no intention to intervene in the dispute * Govt watching chip sale for employment, technology implications (Recasts and adds minister comments) TOKYO May 16 Japan''s government said on Tuesday it wanted Toshiba Corp and partner Western Digital Corp to cooperate, expressing concern about an escalating dispute between the two that threatens to derail the sale of Toshiba''s chip unit. Western Digital has sought international arbitration to stop Toshiba from selling the unit without its consent, arguing that the Japanese conglomerate has violated joint venture contracts. Although the two companies jointly operate Toshiba''s main semiconductor plant, Western Digital is not a favoured bidder for the world''s second biggest NAND chip producer, having put in a much lower offer than other suitors, a source with knowledge of the matter has said. "It''s very important for Toshiba and Western Digital to cooperate, Trade Minister Hiroshige Seko said, but added that the ministry did not intend to intervene in the dispute. "The reason the government is closely watching Toshiba''s memory chip unit sale process is because we are paying attention to whether employment and technology stay at Yokkaichi," Seko told reporters, referring to the central Japan city that is home to the chip venture between the two companies. Toshiba is depending on the sale of the prized chip unit to cover billions in dollars in cost overruns at its now bankrupt U.S. nuclear unit Westinghouse. The Japanese firm logged a 950 billion yen ($8.4 billion) annual net loss and had negative shareholder equity of 540 billion yen, it said in an unaudited earnings release on Monday. (Reporting by Ami Miyazaki; Writing by Taiga Uranaka and Kaori Kaneko; Editing by Chang-Ran Kim and Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/toshiba-accounting-idUSL4N1II18U'|'2017-05-16T10:13:00.000+03:00'
'e18fb9041afefb28f293db383434967b12d8f747'|'Spain to look at Hispasat, competition law in Atlantia bid: economy minister'|'By Sonya Dowsett - MADRID MADRID Spain signaled on Tuesday that satellite business Hispasat is a strategic asset which will be monitored if its majority-owner Abertis ( ABE.MC ) is bought by Italy''s Atlantia ( ATL.MI ).Atlantia''s 16.3 billion euro bid ($18 billion) for Abertis, which would create the world''s biggest toll road operator, resuscitated a similar cross-border merger which fell through 10 years ago due to opposition from the Italian government.Abertis and its biggest shareholder, Criteria, said on Monday they would consider the bid but it may take months to respond. Criteria will seek the opinion of the government and other institutional investors before making a response, sources with knowledge of the matter said on Monday..The Spanish government would not interfere in the Italian infrastructure company''s offer for Abertis, which was a matter between private companies, Spain''s Economy Minister Luis de Guindos told journalists after an event in Barcelona.However, Hispasat, competition law and the future of Abertis-owned road concessions in Spain that are about to expire are points of interest for the Spanish government."Everything surrounding Hispasat will be carefully studied. It is a strategic asset for the government. It has its own set of rules and implications," de Guindos said.The Public Works Minister, Inigo de la Serna, said on Tuesday that aside from needing approval from Spanish competition and market authorities, any purchase of Abertis by Atlantia needed government approval due to implications for Spanish motorway concessions owned by the government and granted to Abertis and due to the future implications for Hispasat.Hispasat controls Spain''s national satellite communications system. Abertis has a 57.05 percent stake, while the government owns more than 9 percent through public companies.Alongside competition law, other points of national interest could be the future of Spanish motorway concessions owned by Abertis that are up for renewal soon, de Guindos said.Atlantia Chief Executive Giovanni Castellucci said on Tuesday it was now up to the Spanish to decide."I will relax only after the Spanish market authority and Abertis board have given their green light (to our takeover offer)," he told Italian newspaper Il Sole 24 Ore on Tuesday.Abertis shares closed 0.3 percent down on Tuesday at 16.30 euros, just below Atlantia''s 16.5 euro offer for the stock. Atlantia closed 1.69 percent higher.(Additional reporting by Rodrigo de Miguel, Jesus Aguado in Madrid and Francesca Landini in Milan; Editing by Angus Berwick and David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-abertis-m-a-government-idINKCN18C1R8'|'2017-05-16T12:23:00.000+03:00'
'8f6360d44d76e4746fbb9841850fbcfc3579340f'|'Mexico''s Coca-Cola Femsa ditches plans to buy U.S. operations'|'Market  10am EDT Mexico''s Coca-Cola Femsa ditches plans to buy U.S. operations MEXICO CITY May 16 Mexico''s Coca-Cola Femsa , the world''s largest Coke bottler, said on Tuesday it has abandoned plans to acquire certain territories in the United States after thorough analysis and negotiations with The Coca Cola Company. Coca-Cola Femsa, a joint venture between Coca-Cola Co and Mexican bottler and retailer Fomento Economico Mexicano (Femsa), said it would continue evaluating acquisitions of other available territories currently operated by Coca-Cola''s Bottling Investments Group. (Reporting by Veronica Gomez Sparrowe; Editing by Nick Zieminski) Our Standards: The Thomson Reuters Trust Principles Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-cocacolafemsa-idUSL2N1II0HK'|'2017-05-16T21:10:00.000+03:00'
'ac8d1919c3872832975beb138eb6acdb7ac947de'|'Wall St. chat service Symphony raises $63 million; valued at $1 billipn: source'|'By Olivia Oran - NEW YORK NEW YORK Symphony Communication Services LLC, the maker of a Wall Street online chat service, said on Tuesday it has raised $63 million in new funding led by French bank BNP Paribas SA.The latest investment values the messaging service at over $1 billion, according to a source A Symphony spokeswoman declined to comment on valuation.The round, which will help Symphony expand into new global markets, brings total funding to $233 million, according to the company.The Symphony service is a rival to financial market messaging offered by Bloomberg LP and Thomson Reuters Corp, the parent of Reuters News.Symphony is looking to expand into Asia, Reuters has reported. The Asian market for messaging technology is dominated by Tencent Holdings Ltd''s popular Chinese WeChat app.Symphony is building a large office in Singapore, where Chief Executive Officer David Gurle has relocated, Reuters has reported.Symphony was created in 2014 when a consortium of 15 financial institutions led by Goldman Sachs came together in a joint effort to change the way traders communicate.Symphony has previously raised money from a number of large banks and investors like Google parent Alphabet Inc.(Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-symphony-funding-idINKCN18C1JM'|'2017-05-16T11:06:00.000+03:00'
'94781c0562b4a8afbf694350122c4db442a4548a'|'Australia and Hong Kong begin free trade agreement talks'|'Business News - Tue May 16, 2017 - 4:38am BST Australia and Hong Kong begin free trade agreement talks HONG KONG Australia and Hong Kong began talks to secure a free trade agreement, Australia''s trade minister Steven Ciobo said on Tuesday, that he said would focus on securing increased access for service providers and could be firmed up within a year. Ciobo, who met Hong Kong''s Secretary for Commerce and Economic Development Gregory So in Hong Kong, said that while tariffs on Australian goods are already set at zero, talks would focus on improving access for financial, education, travel, construction, mining, energy and transport companies. Ciobo told Sky News that Canberra would "look and try to negotiate as comprehensive an FTA as possible over the next 12 months or thereabouts. If we can do it a little more quickly than that, that would be fantastic." Hong Kong is Australia''s eighth largest export market and 12th largest trading partner overall in 2015-16, Australian government data shows. Two-way trade in goods and services was worth A$15.3 billion (8.8 billion pounds) with some 600 Australian companies based in the Asian financial hub that returned from British to Chinese rule in 1997. Ciobo said the FTA with Hong Kong would be focused on securing significant access for Australian service providers, which remained underrepresented in trade. "Services are basically four-fifths of the Australian economy but it represents only 22 percent or thereabouts of our national exports," Ciobo told the Australian Broadcasting Corporation Radio. (Reporting by Stefanie McIntyre and Colin Packham; Editing by James Pomfret and Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hongkong-australia-fta-idUKKCN18C07L'|'2017-05-16T11:38:00.000+03:00'
'e8737ef864c288d87038f3238fe734b660cae15d'|'Thyssenkrupp labour boss affirms opposition to Tata merger'|'Top News - Wed May 17, 2017 - 8:42pm BST Tata pension deal raises questions for Thyssenkrupp merger FILE PHOTO: The logo of ThyssenKrupp is seen at the headquarters of the steel maker and multinational conglomerate in Essen, Germany, April 20, 2016. REUTERS/Wolfgang Rattay/File Photo By Arno Schuetze and Carolyn Cohn - FRANKFURT/LONDON, Germany FRANKFURT/LONDON, Germany A Tata Steel deal to separate its 15 billion-pound UK pension scheme still leaves many questions unanswered for a potential merger with Thyssenkrupp''s European steel operations, a source close to Thyssenkrupp said. The British Steel Pension Scheme has been the major hurdle to a tie-up between Tata''s British and European steel assets with those of Thyssenkrupp. After the announcement of the pension deal Thyssenkrupp''s shares jumped 3 percent to a two-month high on Wednesday. But the framework deal would still leave Tata sponsoring a new pension scheme. It also entails giving the BSPS a 33 percent equity stake in Tata''s UK business, as well as Tata''s putting 550 million pounds into the scheme. "One should not get overly optimistic about the Tata pensions deal. It''s still very vague, totally unclear what it will in the end mean for Tata," the person said. Thyssenkrupp declined to comment on what Tata''s announcement meant for the potential merger, which the two companies hope will help them address overcapacity in the European steel industry and push through efficiency measures. The deal is expected to take about two months to finalise and still has to be approved by Britain''s pensions regulator. "We are in a very positive consultation with all stakeholders," Tata Steel''s executive director for finance and corporate, Koushik Chatterjee, said late on Tuesday. While some industry experts expect this to be only an interim move, with Tata later paying an insurer to take on the scheme or putting in an agreed sum to separate itself completely, others believe regulators would never allow Tata entirely off the hook. Thyssenkrupp''s works council reiterated its opposition on Wednesday to the merger plan, which it fears will destroy jobs without making the business more sustainable. "That doesn''t remove the risk posed by the pension liabilities," works council chief Wilhelm Segerath told Reuters. "A joint venture really doesn''t make any sense." Labour representatives hold half the seats on German supervisory boards and can block strategic decisions unless the chairman uses his casting vote against them. Thyssenkrupp management made clear again last Friday it was prepared to work hard to make the deal work. "As long as we see progress... it makes sense to really have the stamina to work on it because, as I said, it has an industrial logic and creates value," Chief Executive Heinrich Hiesinger told analysts on a quarterly earnings conference call. Anthony Taylor, former local councillor for the constituency of Aberavon that includes Tata Steel Port Talbot plant in Wales, said: "The talk within Tata Steel UK is that a merger deal will be announced in July." The implications of the Tata pension deal for the relative valuations of the two parties will also be an issue. "It''s an important step but many details remain to be clarified ... for instance, the valuation of both companies," said analyst Bjoern Voss of MM Warburg. "I don''t expect there will be a conclusion in the current 2016/17 fiscal year." Thyssenkrupp''s financial year runs until the end of September. (Additional reporting by Tom Kaeckenhoff in Duesseldorf and Maytaal Angel in London; Writing by Georgina Prodhan; Editing by Edward Taylor and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-thyssenkrupp-m-a-tata-steel-idUKKCN18D0N9'|'2017-05-17T15:26:00.000+03:00'
'7e54fb8d1b3f56516857ec30c30b66ef3f2d9ea0'|'Western banks eclipsed by China''s along the new Silk Road'|'Business News   12:11pm BST Western banks eclipsed by China''s along the new Silk Road left right FILE PHOTO: The logo on the building of HSBC''s London headquarters appears through the early morning mist in London''s Canary Wharf financial district, Britain March 28, 2017. REUTERS/Russell Boyce/File Photo 1/3 left right FILE PHOTO: A view of a Standard Chartered bank branch in Singapore October 11, 2016. REUTERS/Edgar Su/File Photo 2/3 left right Leaders attending the Belt and Road Forum wave as they pose for a group photo at the Yanqi Lake venue on the outskirt of Beijing, China, May 15, 2017. REUTERS/Ng Han Guan/Pool 3/3 By Shu Zhang and Matthew Miller - BEIJING BEIJING For global banks, China''s new "Silk Road" is a tantalising concept: billions of dollars in deals, loans and advisory fees, and a cosier relationship with Beijing for those who step up. Dozens of senior international bankers turned up at the weekend for a Beijing summit to promote China''s "Belt and Road" initiative, an ambitious plan to open new trade corridors across the globe using roads, power lines, ports and energy pipelines. But commercial considerations, higher funding costs and compliance worries are holding Western lenders back, and some bankers say the situation is unlikely to change. That leaves the bulk of the action with China''s policy lenders and commercial banks, who are already bankrolling most key projects in some of Asia''s most challenging environments. "This is not something that will help you earn your bread and butter," said one Hong Kong-based banker, who said he turned down the opportunity to attend the Belt and Road Forum hosted by Chinese President Xi Jinping. "Despite these hundreds of billions (of) dollars of investments being talked about, the fact of the matter is the share of business for foreign banks in China has actually gone down and this is not going to change that." The Belt and Road initiative - into which China''s policy banks have already pumped $200 billion (<28>154 billion) - encompasses Asia, the Middle East and Africa, and is aimed at bolstering Beijing''s global ambitions. Asia''s infrastructure needs do not stop at Belt and Road - the Asian Development Bank puts potential infrastructure investment needs in emerging Asia and the Pacific at over $26 trillion by 2030. Among the banks sending top-ranking staff to Beijing this weekend to court that business were HSBC ( HSBA.L ), represented by Chief Executive Stuart Gulliver, Standard Chartered ( STAN.L ), with Chairman Jose Vinals, and executives from Bank of America Merrill Lynch ( BAC.N ), Credit Suisse ( CSGN.S ) and more. Industrial and Commercial Bank of China ( 601398.SS ), China''s largest bank, hosted a round table attended by executives and bankers from Silk Road states. SHOW ME THE MONEY The global banks, trying to crack mainland China in the face of cut-throat local competition, see an opportunity. HSBC and others have used the Silk Road in advertising, and speak enthusiastically of leveraging their capital markets expertise. HSBC, which has an edge over other foreign banks in China due to its Hong Kong heritage and which makes more than half of its profits in Asia, sees the Belt and Road initiative as a key business opportunity. At the summit, Gulliver said on the bank''s Twitter account that without extensive cooperation between governments, banks and investors, the benefits of the Belt and Road initiative could not be realised. Standard Chartered said it would use its presence in Southeast Asia, South Asia and Africa to capitalise on Belt and Road countries, which account for a third of the global economy and 60 percent of the world''s population. "With our market leading global investment banking franchise, Credit Suisse can support the OBOR initiative," said Neil Harvey, chairman of Greater China at Credit Suisse, referring to the acronym for One Belt, One Road, another name given to the new Silk Road. Credit Suisse, he said, had undertaken f
'336af78cd7b2f4c8d767520326882e0a6725ab9b'|'Financial markets: From Russia with risk'|'BE CAREFUL what you wish for. Traders were bored last week and now they have got some excitement. The US equity market suffered its worst trading day in eight months , falling 1.8%, with banks dropping 4%. The Volatility index, or Vix, which recently dipped below 10, jumped above 15. The dollar has lost most of its gains since Donald Trump was elected in November (see chart). The catalyst for the sell-off seems to be the latest set of political problems for Mr Trump, associated with his relations to Russia. The firing of Jim Comey, the FBI director, was followed in short order by reports that the President has revealed classified intelligence to the Russian foreign secretary, that he had spoken to Mr Comey about dropping the investigation into Mike Flynn, the former national security adviser, the appointment of a special counsel to investigate these matters, and today, a Reuters story that the Trump campaign had 18 undisclosed contacts with the Russians. All this matters, not because Mr Trump is about to be impeached; that is highly unlikely while the Republicans control Congress. It matters because it reduces, or at least delays, the implementation of the programme that caused the "Trump bump" in the first place; tax cuts for the corporate sector and the wealthy, and reduced regulation for the finance sector. Markets are often indifferent to political risk in democracies, feeling that the economic fundamentals are more important. But Simon Derrick at BNY Mellon says the dollar fell during the Watergate affair, the Iran contra scandal of 1986-87 and the impeachment of Bill Clinton over his affair with Monica Lewinsky. And if you want a dramatic illustration of political risk, look at Brazil today , where the stockmarket fell 10% (triggering a halt to trading) and the real fell 6% on allegations about the President Michel Temer; if he loses office, economic reform might stall.Latest updates From   5   Guy Ritchie makes the wrong film in <20>King Arthur<75> Prospero 6 hours ago See all updates The surprise, really, is that hard-bitten traders were naive enough to believe that Mr Trump, a man whom Martin Wolf of the FT memorably described as "a promoter of paranoid fantasies, a xenophobe and an ignoramus" and "grossly unqualified for the world''s most important political office" would easily construct, and enact, a coherent economic plan. His campaign was chaotic and so is his governing style. The Republicans in Congress still have an interest in pushing through tax cuts, however (indeed that is why they are still backing Trump) so this dash of pessimism might still be brief.The interesting thing about the economy is that the Trump election saw a sudden leap in business and consumer confidence but a very lacklustre performance in the first quarter; annualised GDP growth of 0.7% (or as other countries would report it, less than 0.2%). Now sentiment has faded a bit<69> Bloomberg''s consumer confidence inde x is at its lowest since November<65>but the second quarter looks set for annualised growth of 4% (1% in quarter-on-quarter terms). That suggests there is something wrong with the seasonal adjustment; put the two together and the economy will have grown 1.2% in the first half (2.4% annualised). Not bad, but not the 3-4% the Trump campaign was talking about.The stockmarket is more optimistic. In part, that is because first quarter earnings have been very strong<6E>they are on track for 14% annual growth, according to SocGen<65>with the help of a rebound in the energy sector. What will be needed to turn this mini-selloff into a rout would be evidence that earnings growth is set to fade again, either because of problems in the US economy or in China. That will need more evidence than just another hot-tempered tweet from the President.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/buttonwood/2017/05/financial-markets?fsrc=rss'|'2017-05-18T23:53:00.000+03:00'
'47bf07b76c05abc31a29fb8c11db449bbab144d3'|'Markets unfazed by UK election, options pricing shows'|'Business News - Tue May 16, 2017 - 1:05pm BST Markets unfazed by UK election, options pricing shows FILE PHOTO: A British ten pound note is seen in front of a stock graph in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration/File Photo By Ritvik Carvalho - LONDON LONDON Less than a month ahead of general elections in Britain, investors appear to be shelving a typical ploy against risk. One-month pound/dollar implied volatility - an option that allows investors to insure against large swings in prices over the next 30 days - was just over 7 percent on Tuesday, close to its lowest levels since December 2015. GBP1MO= Strategists say that reflects the high degree of certainty among market participants about the outcome of the June 8 snap elections and their comfort that it will not produce any kind of larger shock to the pound. Polls point to a victory for Prime Minister Theresa May''s Conservative Party over the opposition Labour Party that could match Margaret Thatcher''s 1983 landslide victory. "The market doesn''t expect sterling to move around a lot this election, and the reason sterling vols declined so much is because spot has rallied," said BNP Paribas currency strategist Sam Lynton-Brown. The dip also comes at a time when a number of broader indicators of financial market volatility are at record lows. Analysts have been debating the source of this fall in volatility in recent weeks, worried in part that previous such periods have come ahead of major market shocks, including the 2008 financial crisis. Investors expect this trend will hold until the business cycle turns and economic growth falters. "Underneath the bonnet, the realised volatility is just very very low and that is keeping implied volatility low," said Richard Benson, co-head of portfolio investment at currency fund Millennium Global. As this graphic shows, close-to-close volatility - a measure of realized volatility - on the pound versus the dollar is currently at 5.4 percent, nearly 3 percent below its historical average of 8.3 percent.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-sterling-volatility-idUKKCN18C1BU'|'2017-05-16T19:50:00.000+03:00'
'fbc41130aeadca69ff443cfbcd77debf8e7c2ed4'|'BRIEF-Symantec says it blocked nearly 22 mln WannaCry infection attempts across 300,000 endpoints'|'  12:58am EDT BRIEF-Symantec says it blocked nearly 22 mln WannaCry infection attempts across 300,000 endpoints May 16 Symantec Corp - * Blocks 22 million attempted wannacry ransomware attacks globally * Blocked nearly 22 million wannacry infection attempts across 300,000 endpoints   May 15 U.S. teen fashion retailer Rue21 Inc filed for Chapter 11 protection on Monday in the Western District of Pennsylvania bankruptcy court. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-symantec-says-it-blocked-nearly-idUSFWN1IH1CD'|'2017-05-16T12:58:00.000+03:00'
'55f4c4249975daa1cdf2dd743f77b592049170ba'|'Key ministers in new French government'|'Market News  03am EDT Key ministers in new French government PARIS May 17 French Prime Minister Edouard Philippe''s new government comprises a mix of socialist and conservative officials, with an equal balance between men and women as well as people from civil society. Philippe, a 46-year-old conservative lawmaker and mayor of the Normandy seaside town of Le Havre, was appointed by French centrist President Emmanuel Macron on Monday. On Wednesday, a total of 22 ministers, including junior ministers, split equally between men and women, were named in his government. Below is a list of the key ministers. INTERIOR MINISTER: GERARD COLLOMB, 69 A popular senator and mayor of Lyon, France''s second-biggest city, Collomb is part of the centrist tendency of the Socialist party. He has never been a minister during his 40-year political career, but is named number two in the government protocol. He was one of Macron''s first close allies and vocal supporters among leading Socialists. He has been a staunch advocate of cross-party cooperation in running his city. His priority in Lyon was initially focused on strengthening security. As interior minister, he will now be in charge of coordinating France''s response to internal security threats including from Islamist militants who have carried out attacks on French soil. ECOLOGICAL TRANSITION MINISTRY: NICOLAS HULOT, 62 Former documentary TV reporter Hulot is one of France''s best-known environmentalists. A pragmatist, Hulot has advised governments from the right and the left about environmental policies. He made a bid to run as Green candidate in the 2012 presidential election, but lost out to a more leftist candidate in the party''s primaries. The foundation bearing his name is a driving force for green policies in France. Former president Francois Hollande made Hulot a special envoy for the environment but could not convince him to become a minister in his government. Hulot helped prepare the 2015 United Nations COP21 climate summit in Paris and has good relations with top French companies such as EDF, L''Oreal and Carrefour, who sponsor his foundation. JUSTICE MINISTER: FRANCOIS BAYROU, 65 Long the face of centrism in France, with three failed runs for the presidency to his name, Bayrou, was pondering whether to make a fourth run when he was overtaken by Macron''s dizzy rise. The former education minister, now mayor of Pau, gave Macron a boost in the polls in February when he decided to join the former banker''s ranks, sealing an alliance. Many observers then speculated that this would be rewarded by a ministerial role for Bayrou, who founded his own Democratic Movement (MoDem) in 2007. The self-proclaimed "man of the soil" -- a father of six and practising Roman Catholic who married at age 20 -- also breeds racehorses at his ancestral home in Borderes in the southwest of France. EUROPEAN AND FOREIGN MINISTER: JEAN-YVES LE DRIAN, 69 Le Drian has been a close friend of former Socialist President Hollande for more than 40 years. Having backed Macron early, Le Drian takes over the foreign affairs portfolio after holding the defence post for five years under Hollande. One of the few popular ministers under Hollande, Le Drian is seen as the driving force behind France''s counter-terrorism operations in West Africa and the Middle East. He is also credited with leading a resurgence in French weapons'' exports that have resulted in billions of euros in deals, including the first exports of the Rafale fighter jet. The former university history teacher has spent 35 years in politics and is president of the Brittany region. In a signal of Macron''s future priorities, the ministry has been renamed to emphasise the role of Europe in foreign policy. ECONOMY MINISTER: BRUNO LE MAIRE, 48 Bruno Le Maire, named French economy minister, is a reform-minded conservative whose expertise on Europe and staunch defence of the Franco-German relationship will prove valuable as Macron pushes for closer EU integration. A pro-
'ac850472788ac8c7c22a8ba3bf131fde5adbd60b'|'Paddy Power Betfair eyes U.S. amid European market consolidation'|'Deals   2:36pm BST Paddy Power Betfair eyes U.S. amid European market consolidation By Padraic Halpin - DUBLIN DUBLIN Paddy Power Betfair ( PPB.I ), ( PPB.L ) is interested in expanding further into the United States amid intense competition in Europe that could see smaller rivals either join forces or "wither on the vine," its chief executive said on Wednesday. The Dublin-based group, which already runs the leading horse racing television and betting network in the United States and has an online casino business in New Jersey, entered the U.S. fantasy sports market last week with the acquisition of DRAFT for up to $48 million. The fantasy sports market, which has surged in popularity and is worth an estimated $300 million according to Paddy Power Betfair, offers gambling firms the chance to compete across the United States where sports betting is illegal in most states. "I think that market has yet to open up properly. I would hope we could do more there, it''s a question of legislation and opportunity. There is a lot of appetite to do more if the right thing comes up at the right price," CEO Breon Corcoran told reporters. Paddy Power Betfair said this month it was cautious about revenue growth in its main European market after a "pretty extreme" level of competition made it tougher to win new business in the first quarter. Competition has intensified as firms seek to offset higher taxes and tighter regulation with increased revenues, leading to a flurry of mergers including last year''s 6 billion pound ($7.8 billion) tie-up between online betting exchange Betfair and Paddy Power, which operates shops as well as an online business. Corcoran said it was hard to see the competition abating but growing revenue sensibly and enhancing profitability over the medium term was the right thing to do, describing the group as "cautious but guardedly optimistic." Competition was coming from big, well-run operators as well as those "desperate to get bigger", Corcoran said, leading to inflated advertising costs and an increase in promotional activity that he saw ultimately hurting smaller rivals. "I think the smaller guys will continue to struggle, they''ll either wither on the vine or be forced to think about consolidation," Corcoran said on the sidelines of the company''s annual shareholder meeting. "Scale is the critical word. As online consumption matures and as regulatory and compliance cost go up, I think being large is ever more advantageous. There are very few markets in Europe right now where you''d prefer to be a smaller operator and I think that has long-term consequences for industry structure." (Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-paddy-power-m-a-idUKKCN18D1PI'|'2017-05-17T21:35:00.000+03:00'
'3efb7c0d23a43b4b7abcdef1af610b425c7c65d5'|'Greek PM ''optimistic'' about Monday''s Eurogroup, sees summer bond issue'|'Business News - Wed May 17, 2017 - 6:28pm BST Greek PM ''optimistic'' about Monday''s Eurogroup, sees summer bond issue FILE PHOTO: Greek Prime Minister Alexis Tsipras speaks during the Belt and Road Forum for International Cooperation in Beijing, China May 14, 2017 REUTERS/Lintao Zhang/Pool ATHENS Greek Prime Minister Alexis Tsipras said on Wednesday he was optimistic of a positive outcome when euro zone finance ministers meet in Brussels on Monday to discuss the progress of Greece''s bailout and the disbursement of new loans. Athens needs the funds to repay 7.5 billion euros ($8.2 billion) of debt maturing in July. Tsipras and German Chancellor Angela Merkel agreed during a call on Wednesday morning that a deal was "feasible" by Monday, a government official said. "I''m optimistic," Tsipras told journalists. "The messages I''m getting are that we will have a positive outcome on the 22nd." Tsipras has urged Greece''s international lenders also to reach an agreement on easing its debt burden by May 22. Should the lenders set out measures for implementing their commitment to longer-term debt relief, and the ECB include Greece in its bond-buying program, sources told Reuters on Tuesday that Athens was eyeing a sovereign bond issue as early as July. "If the signal (on debt relief) is strong, we will have early tests even within the summer," Tsipras said. Greece''s last venture onto international bond markets was with two issues in 2014. (Reporting by Renee Maltezou) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-greece-tsipras-idUKKCN18D2AE'|'2017-05-18T01:27:00.000+03:00'
'07049f5ed16579e7fd8c85f8db4b54d91515fa53'|'Sports Direct recruiter Transline sold to rival Russell Taylor Group - Business'|'Sports Direct recruiter Transline sold to rival Russell Taylor Group Firm embroiled in fallout from Guardian investigation into treatment of workers fell into administration after losing clients A worker walks up stairs at Sports Direct in Shirebrook. Transline supplied workers to the retailer. Photograph: Darren Staples/Reuters Sports Direct recruiter Transline sold to rival Russell Taylor Group Firm embroiled in fallout from Guardian investigation into treatment of workers fell into administration after losing clients View more sharing options Thursday 18 May 2017 18.55 BST First published on Thursday 18 May 2017 18.16 BST Transline, the controversial employment agency, has been bought out by rival Russell Taylor Group after falling into administration. The agency, which supplies workers to Sports Direct<63>s warehouse in Shirebrook , got into financial difficulties after losing several clients, including Amazon and Asos , in recent months. Clare Boardman and Daniel Butters, of Deloitte, the business advisory firm, were appointed as administrators on Thursday. They said they had overseen an immediate sale of the business and certain assets to NMS Projects, part of the Russell Taylor Group, as part of the pre-pack administration. Under the sale all Transline employees will transfer to NMS immediately. When it entered administration, Transline employed 5,560 staff, including about 40 at its head office in Brighouse, West Yorkshire. Boardman said: <20>Following a period of uncertainty and what turned out to be a poor Christmas trading period, the conclusion of the sale is an excellent outcome for all involved. <20>This will safeguard the employment of the remaining workforce, which is significant. We thank customers and staff for their patience during this difficult period.<2E> Ben Russell, group chief executive of Russell Taylor Holdings <20> which recruits for construction, engineering, warehousing and manufacturing <20> said: <20>Transline has been a growing force within the industrial recruitment industry for nearly three decades. <20>The industrial recruitment industry has faced pressure due to the exponential growth of the UK e-commerce sector and the experience and quality of the Transline team and its investment in compliance and infrastructure will ensure the business reaches its future potential.<2E> The buyout comes after Transline had a tough 18 months after the publication of a Guardian investigation into pay and conditions at Sports Direct <20>s warehouse. An HMRC investigation followed, which resulted in a deal where the retailer, Transline and a second agency, the Best Connection, agreed to stump up about <20>1m in backpay to affected workers . It emerged at a parliamentary select committee hearing in March that Transline, which supplied about half the workers at Shirebrook, had failed to honour part of that deal, leaving scores of workers who were paid less than the legal minimum wage without the backpay they were owed . Topics'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/may/18/sports-direct-recruiter-transline-sold-to-rival-russell-taylor-group'|'2017-05-18T03:00:00.000+03:00'
'bd261812aeb08349fc9149659e930ef36505f654'|'French laundry firm Elis makes $2.6 billion offer for UK rival Berendsen'|'PARIS French laundry services group Elis said on Thursday it has made a 2 billion-pound ($2.6 billion) offer for UK-based rival Berendsen, the third attempt to acquire Berendsen following the rejection of earlier proposals.Elis said it would offer 440 pence in cash and 0.426 new Elis shares for each Berendsen share, valuing Berendsen at around 2.05 billion pounds ($2.65 billion).The French group said in making the offer it was approaching Berendsen''s shareholders directly, after Berendsen''s board rejected earlier proposals made privately in April and earlier this week.The latest offer values each Berendsen share at 11.73 pounds, it said, a 35 percent premium to Wednesday''s closing price of 863.5 pence.Elis said Berendsen shareholders would end up with around 35 percent of the combined group, with the merger also expected to result in major revenue, cost and capital expenditure synergies.Investment banks Lazard and Zaoui were the financial advisers on the deal.(Reporting by Sudip Kar-Gupta and Wout Vergauwen; Editing by Jason Neely, Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-berendsen-m-a-elis-idINKCN18E0KX'|'2017-05-18T05:14:00.000+03:00'
'57967203da308da603882ba63d3881d4ed85298c'|'Indirect bidders buy record share at U.S. TIPS auction'|'NEW YORK May 18 Indirect bidders including fund managers and foreign central banks on Thursday purchased 80.3 percent of a $11 billion sale of 10-year Treasury Inflation Protected Securities (TIPS), the largest share ever at such an auction, Treasury data showed.But primary dealers, or the top 23 Wall firms that do business directly with the Federal Reserve ended with 11.3 percent share, which was a record low for them at a 10-year TIPS auction. (Reporting by Richard Leong, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-tips-idINL2N1IK1KS'|'2017-05-18T15:22:00.000+03:00'
'f877c9494eb8a841b9167eb83a7a3e8fe41fe04f'|'MIDEAST STOCKS - Factors to watch - May 18'|'Bonds News - Wed May 17, 2017 - 11:50pm EDT MIDEAST STOCKS - Factors to watch - May 18 DUBAI May 18 Here are some factors that may affect Middle East stock markets on Thursday. Reuters has not verified the press reports and does not vouch for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Asia falls as White House turmoil hits risk sentiment, dollar bruised * MIDEAST STOCKS-Real estate sector lifts Egypt, Saudi volumes rise before Ramadan * Oil prices dip as supply remains ample despite output cuts * PRECIOUS-Gold holds gains as U.S. political worries hit dollar * Middle East Crude-Dubai holds steady after Chinaoil''s purchases * U.S. decries Washington brawl during Turkish president''s visit * U.S. extends sanctions relief under Iran nuclear deal * Libya''s NOC chief defiant in dispute with Tripoli government, Wintershall * Germany eyes Jordan as base for troops due to Turkey row * EMERGING MARKETS-Trump concerns snap winning streak * Iraq replaces Saudi as top oil supplier to India in April -trade * In America''s largest oilfield, whir of activity confounds OPEC EGYPT * IMF backs Egypt plan to remove fuel subsidies in three years, ease inflation * Egypt''s Sisi pledges measures to ease strain on poor SAUDI ARABIA * Saudi Arabia launches military industries company * Don''t tighten fiscal policy too fast, IMF warns Saudis * Saudi Aramco says to set up new chemicals unit * Saudi Aramco plans tourism training centre in economic reform drive UNITED ARAB EMIRATES * Abu Dhabi fund said to plan $1.7 bln Paris properties sale- Bloomberg * UAE''s Dana Gas creditors appoint Moelis and Weil for sukuk restructuring <20>sources * ICBC Dubai launches 500 million euro in floating rate notes - lead * Expansion of Dubai''s Al Maktoum airport delayed to 2018 * UAE April central bank foreign assets fall on month QATAR * Qatar Islamic Bank completes issue of $750 mln sukuk BAHRAIN '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-factors-idUSL8N1IK03S'|'2017-05-18T11:50:00.000+03:00'
'871a29f9061779e2a62ffed2e820c9222d61f1c5'|'US STOCKS SNAPSHOT-Wall St opens sharply lower amid Trump turmoil'|'Market News  32am EDT US STOCKS SNAPSHOT-Wall St opens sharply lower amid Trump turmoil May 17 U.S. stocks opened sharply lower on Wednesday after reports of a leaked memo by former FBI chief James Comey caused alarm on Capitol Hill, raising questions about whether President Donald Trump tried to interfere with a federal investigation. Trump asked Comey to end a probe into former national security adviser Michael Flynn''s ties with Russia, according to the reports. The Dow Jones Industrial Average was down 172.66 points, or 0.82 percent, at 20,807.09, the S&P 500 was down 18.86 points, or 0.78 percent, at 2,381.81 and the Nasdaq Composite was down 58.66 points, or 0.95 percent, at 6,111.22. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1IJ42K'|'2017-05-17T21:32:00.000+03:00'
'c330d240d5660fef0d99c7b7f1a8da9a29a34de0'|'Greenpeace files state aid complaint with EU over EDF recapitalisation'|'Top   8:00am BST Greenpeace files state aid complaint with EU over EDF recapitalisation The Electricite de France (EDF) logo is seen at the entrance of the nuclear power plant in Saint-Laurent-Nouan, France, October 21, 2016. REUTERS/Regis Duvignau PARIS Greenpeace is filing a complaint with the European Commission arguing that the French government''s recapitalisation of state-controlled EDF amounts to illegal state aid for the utility''s plan to build nuclear plants in Hinkley Point, Britain. Greenpeace said the 3 billion euro (2.6 billion pounds) capital injection for EDF in March, plus 3.8 billion euros of foregone dividends since 2015 - the state leaves money in EDF by taking a share dividend instead of a cash dividend - are incompatible with European Union competition law. "Instead of acting like a smart investor, the state is providing unconditional support to EDF and its nuclear projects that threaten the health of the company, notably Hinkley Point. There is no economic logic," said Greenpeace France legal campaigner Laura Monnier. EDF declined to comment. The company has said in the past that the capital increase, its cost cuts and its asset sales are part of a broader plan to strengthen the company''s equity and to finance its growth, including Hinkley Point, the upgrade of its French nuclear park, and its investments in renewables and smart metres. The EU has investigated and cleared the French state''s capital increase and financial rescue package for nuclear group Areva, and has raised no objections over the recapitalisation of EDF. (Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-edf-britain-subsidies-idUKKCN18D0JP'|'2017-05-17T14:51:00.000+03:00'
'4ddcb887d1a32a32341db93898c974a9c0cb0337'|'Roger Ailes, Founder of Murdoch''s Fox News Channel, Dies'|'Roger Ailes, a former U.S. presidential adviser who started the Fox News Channel to promote a Republican agenda and built it into the most-watched U.S. cable news network before resigning amid sexual harassment allegations, has died. He was 77.Ailes died Thursday, the network said, citing a statement from his wife, Elizabeth. On May 10, he fell in the bathroom of his home in Palm Beach, Florida, and hit his head, causing <20>serious bleeding,<2C> according to a Palm Beach Police Department event report. He had hemophilia.Ailes with his wife, Elizabeth Tilson, outside News Corp. in July 2016.Photographer: Drew Angerer/Getty Images Ailes started Fox News in 1996 at the behest of media mogul Rupert Murdoch as an alternative to what they saw as a news industry dominated by liberals.<2E>A brilliant broadcaster, Roger played a huge role in shaping America<63>s media over the last thirty years,<2C> Murdoch, executive chairman of 21st Century Fox and FNC, said in a statement. <20>Roger and I shared a big idea which he executed in a way no one else could have.<2E>Although marketed as <20>fair and balanced,<2C> critics of the conservative content of the channel<65>s programs accused it of acting as a propaganda arm of the Republican Party.One reason: An Ailes deputy sent reporters and news-show hosts memos stating what the message of the day should be. The notes directed positive coverage for Republican politicians and negative news about Democrats.<2E>Wholly New<65> <20>It<49>s an entire network, devoted 24 hours a day to an entire politics, and it<69>s broadcast as <20>the news,<2C> <20> said Robert Sean Wilentz, a professor of history at Princeton University and author of <20>The Age of Reagan,<2C> according to a 2011 Rolling Stone article . <20>That<61>s why Ailes is a genius. He<48>s combined opinion and journalism in a wholly new way -- one that blurs the distinction between the two.<2E>Using such tactics, Fox News grew in popularity, eclipsing rivals CNN and MSNBC, and remains America<63>s most-watched news network. This year, FNC will also be the most profitable, with the highest margins among peers at 66 percent, according to researcher SNL Kagan. Sales from cable programming, 21st Century Fox<6F>s largest business, rose 2.1 percent to $4.02 billion in the most recent quarter.Ailes<65>s network is now mired in internal strife. In July 2016, he resigned as head of Fox News after a sexual harassment lawsuit was filed by a former anchor, Gretchen Carlson, who claimed she was fired for refusing his sexual advances. Ailes said Carlson<6F>s allegations were false and her lawsuit was in retaliation for the network<72>s decision not to renew her contract because her <20>low ratings were dragging down the afternoon lineup.<2E>Carlson left the network and received a $20 million settlement from Fox several months later. Her accusations were followed by claims of harassment from other women, including Fox News host Andrea Tantaros, who also said she was the victim of hacking, electronic surveillance and social-media intimidation. The scandal further engulfed one of the network<72>s biggest stars, Megyn Kelly, who alleged that Ailes harassed her. Kelly left the network earlier this year to join NBC News.In perhaps biggest fallout from the scandal for the network, Fox News ousted its most valuable host, Bill O<>Reilly, after dozens of advertisers fled his top-rated show amid new allegations of sexual misconduct. O<>Reilly denied charges of sexual misconduct, as did Ailes. Weeks later, co-President Bill Shine resigned over network<72>s handling of such claims against top executives.The toll has been considerable. Fox has spent $45 million so far on legal settlements and provisions related to the departure of Ailes, including $10 million in the most recent quarter. Federal prosecutors have also been investigating secret settlement payments the company made to female on-air hosts who complained of sexual harassment. The probe, disclosed in February, centers on whether the payments should<6C>ve been disclosed to investors.O<>Reilly, Hannit
'199887b2954be78f79ac7063089c80303ab32015'|'Oil stocks drive FTSE to new record high'|'  5:01pm BST Oil stocks drive FTSE to new record high, eighth session of straight gains A man walks through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett By Helen Reid and Kit Rees - LONDON LONDON Britain''s main share index climbed to a new record high on Monday, fuelled by oil and mining stocks, and cybersecurity firm Sophos ( SOPH.L ) jumped after a ransomware attack hit companies, hospitals and schools worldwide. The FTSE 100 .FTSE was up 0.3 percent at 7,454.37 points at its close, having hit a fresh high of 7,460.20 points at the open. The blue chip index sealed its 8th session of straight gains - its longest winning streak since the start of January. Mid-cap cybersecurity services firm Sophos ( SOPH.L ) soared 7.3 percent, touching a new record high, after a global ransomware attack hit companies, hospitals and schools. "Sophos have a really strong position in the small and medium business sector, and ransomware often targets them as they tend to have the least sophisticated systems in place," said Neil Campling, technology analyst at Northern Trust. "With a world that''s more digital, these attacks become more sophisticated and more prevalent." Small-cap security firm NCC Group ( NCCG.L ) also rose 2.7 percent. Oil majors BP ( BP.L ) and Royal Dutch Shell ( RDSa.L ) gained in concert with European peers as crude prices rose above $52 a barrel after Russia and Saudi Arabia said supply cuts needed to last into 2018. Miners Anglo American ( AAL.L ), Glencore ( GLEN.L ), BHP Billiton ( BLT.L ) and Antofagasta ( ANTO.L ) were the top boosts to the index, up 2.3 to 3.2 percent. Europe''s largest tour operator TUI Group ( TUIT.L ) fell as much as 5 percent after it said "challenging" conditions had driven it to a wider loss in its second quarter. The company maintained full-year targets, however, saying that travel to Spain, Greece and the Caribbean was offsetting a slowdown in Turkey and North Africa. TUI''s summer trading was in line with expectations. "The targeted 10 percent-plus annual underlying earnings growth looks assured, but we worry about the increasing capital intensity required to generate said growth," said Panmure Gordon analyst Mark Irvine-Fortescue. Mid-cap crematorium operator Dignity ( DTY.L ) jumped as much as 9.9 percent, though pared earlier gains to end 2.3 percent higher after a positive trading update. The small caps index .FTSC also scaled a fresh record high, up 0.1 percent with semiconductor maker Nanoco Group ( NANON.L ) among the top gainers, up 4.2 percent. Miner Lonmin ( LMI.L ) meanwhile fell 7.4 percent after reporting an operating loss for its first-half, hurt by higher costs and lower production. (Reporting by Helen Reid and Kit Rees; editing by Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKCN18B11K'|'2017-05-15T17:50:00.000+03:00'
'48f72574a1aaa1b75b70cc1c93d68ec915e8529d'|'UK energy price cap could mean job cuts, Innogy exit from UK market - Deutsche Bank'|'Business News - Mon May 15, 2017 - 12:51pm BST UK energy price cap could mean job cuts, Innogy exit from UK market - Deutsche Bank left A man enters an npower facility in Solihull, Britain March 7, 2016. REUTERS/Darren Staples 1/2 Innogy logo in Essen, Germany, March 14, 2017. Reuters/Thilo Schmuelgen 2/2 LONDON Prime Minister Theresa May''s proposal to cap household energy prices if she is re-elected in June could mean a 600 million pound a year hit to the earnings of the country''s "Big Six" energy companies and thousands of job cuts, Deutsche Bank said on Monday. The squeeze on margins could also potentially push Innogy, which owns Npower, to exit the UK retail market altogether, the bank said. May has pledged to cap standard variable tariffs if the Conservative Party wins the election on June 8 due to a doubling of energy bills in Britain over the past decade. The British market is dominated by six big providers - Centrica, SSE, Scottish Power, Innogy-owned Npower, E.ON and EDF Energy - which account for about 85 percent of the retail electricity market. The industry has argued that a price cap would wipe out competition and damage investment. Deutsche Bank analysts expect April 2018 to be the likely start date for the price cap and expect all of six companies to experience a squeeze of around 2 percent on UK retail margins. The cap could cut Centrica and SSE''s EBIT (core) margins for their retail divisions to 3 percent from 5 percent. "This is a squeeze in earnings for the big six combined of about 600 million pounds per annum, with Centrica being hit by about 200 million pounds/pa and SSE by about 100 million pounds," they said in a research note. Big cost cuts will be needed to limit the impact on earnings, the bank said. For example, Centrica might need to cut an additional 200-400 million pounds a year off its 1.6 billion pounds per year energy supply operating costs. The price cap could also prompt customers to switch energy suppliers, accelerating customer losses and resulting in job losses for the retail industry of 5,000-10,000, the bank added. The cap could also force Innogy to sell off its UK retail customers, close its business down altogether or merge with another player to bring down costs. "We believe a price cap might prompt a UK retail exit for Innogy while E.ON may struggle to secure any value from its business," Deutsche Bank said. Last week, Innogy said it had lost another 200,000 customers in Britain and warned of further cost cuts at its Npower business, which is no longer expected to make a profit this year because of growing competition. German rival E.ON has also warned of tougher conditions in the British retail market. Although E.ON stands a better chance of adapting to a price cap than Innogy, its exit from UK retail might not be completely out of the question, Deutsche Bank said. For EDF and Iberdrola, UK retail forms a smaller part of group earnings and equity value. EDF is unlikely to consider exiting the UK retail market due to its large nuclear, fossil fuel and renewable generation business but a price cap will still cut its UK retail market margins significantly. "For Iberdrola, we estimate an effect on group earnings of perhaps 1-2 percent which the company may be able to offset with cost cutting across the group," Deutsche Bank said. (Reporting by Nina Chestney. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-election-energy-deutsche-idUKKCN18B1EB'|'2017-05-15T19:51:00.000+03:00'
'98d872e559565ca165cb61f9f4e020f910483cd0'|'China April factory output, investment growth miss forecasts'|'Business News - Mon May 15, 2017 - 3:30am BST China April factory output, investment growth miss forecasts FILE PHOTO: A woman works at a textile factory in Xiangfan, Hubei province, China December 31, 2005. REUTERS/Stringer/File Photo BEIJING China''s factory output and fixed asset investment growth cooled more than expected in April, adding to signs that momentum in the world''s second-biggest economy is slowing from a strong start in the first quarter. Factory output rose 6.5 percent in April from a year earlier, while fixed-asset investment grew 8.9 percent in the first four months of the year, both worse than expectations. The soft activity data, combined with weak manufacturing sector growth and slowing producer prices inflation, reinforced analysts'' view that China''s economic expansion remains solid but is starting to taper off. Analysts polled by Reuters had predicted factory output would grow by 7.1 percent in April, easing from March''s 7.6 percent. Output growth slowed on tumbling steel and iron ore prices amid concern over rising inventories after China''s mills cranked out as much metal as possible to drive factory output to its highest since December 2014. Fixed asset investment had been forecast to grow 9.1 percent over the first four months of the year, easing from 9.2 percent in Jan-March. Retail sales rose 10.7 percent in April from a year earlier. Analysts had expected a 10.6 percent rise, edging lower from the previous month. Private investment growth slowed to 6.9 percent in January-April period from 7.7 percent in the first quarter, the National Bureau of Statistics said on Monday, suggesting small- and medium-sized private firms still face challenges in accessing investment-finance. Private investment accounts for about 60 percent of overall investment in China. With growth comfortably above this year''s target of around 6.5 percent, Chinese policymakers have shifted their focus to reining in financial risks and stamping out speculative activity in the property market. China''s National Bureau of Statistics said Monday that more positive factors were seen in the economy in April, though structural problems remain. China is targeting growth of around 9 percent in fixed asset investment for 2017, and expects retail sales to increase about 10 percent. The country''s first quarter economic growth came in at a faster-than-expected 6.9 percent, the quickest since 2015 on higher government infrastructure spending and a gravity-defying property boom. China has cut its economic growth target to around 6.5 percent this year to give policymakers more room to push through painful reforms and contain financial risks after years of debt-fuelled stimulus. (Reporting by Kevin Yao; Writing by Elias Glenn; Editing by Shri Navaratnam) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-activity-idUKKCN18B04B'|'2017-05-15T10:30:00.000+03:00'
'0169e9370dbcb34505e9dcbf8db70ac735d3d984'|'New ''WannaCry'' variant surfaces, stopped from harming computers -Check Point'|'May 15 A new variant of the WannaCry "ransomware" attack surfaced on Monday, according to cyber security firm Check Point Software Technologies Ltd, which it said it had stopped from damaging computers by activating a "kill switch" in the software.The company discovered the new variant at about 7 a.m. New York time on Monday (1100 GMT), as it was infecting computers at a rate of about one per second, said Check Point researcher Maya Horowitz.The firm responded by setting up a server that initiated what is called a kill switch built into the software, which prevents it from encrypting data on infected machines or spreading to other computers, she said.Ransomware is illicit software that demands a "ransom" from an infected user to regain control of their computer. (Reporting by Jim Finkle in Toronto; Editing by Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cyber-attack-virus-idUSL2N1IH1GS'|'2017-05-16T04:21:00.000+03:00'
'b18444a58dc02c581013cb92c5c7d1e476e06b96'|'Some businesses in Asia disrupted by cyber attack, authorities brace for more'|'Technology   6:36pm BST Cyber attack''s spread slows; security stocks gain left right A screenshot shows a WannaCry ransomware demand, provided by cyber security firm Symantec, in Mountain View, California, U.S. May 15, 2017. Courtesy of Symantec/Handout via REUTERS 1/19 left right Hardwares used for Cybersecurity are displayed at the desk of Security Platform during the TechCrunch Disrupt event in Manhattan, in New York City, NY, U.S. May 15, 2017. REUTERS/Eduardo Munoz 2/19 left right A hooded man holds a laptop computer as cyber code is projected on him in this illustration picture taken on May 13, 2017. REUTERS/Kacper Pempel/Illustration 3/19 left right Hardwares used for Cybersecurity are displayed at the desk of Security Platform during the TechCrunch Disrupt event in Manhattan, in New York City, NY, U.S. May 15, 2017. REUTERS/Eduardo Munoze 4/19 left right Weston Wheelehan (R) and Jeremiah Steptoe, CEO of CyberCentric, give a demonstration of their Cybersecurity platform to attendees during the TechCrunch Disrupt event in Manhattan, in New York City, NY, U.S. May 15, 2017. REUTERS/Eduardo Munoz 5/19 left right Weston Wheelehan (R) and Jeremiah Steptoe, CEO of CyberCentric, give a demonstration of their Cybersecurity platform to attendees during the TechCrunch Disrupt event in Manhattan, in New York City, NY, U.S. May 15, 2017. REUTERS/Eduardo Munoz 6/19 left right People attend the Security and IT pavilion during the TechCrunch Disrupt event in Manhattan, in New York City, NY, U.S. May 15, 2017. REUTERS/Eduardo Munoz 7/19 left right (L-R) Su-ik Wang, CEO, Daniel Lee, COO, and Kyung-mo Kim, CTO of Security Platform Inc. give a demonstration of their Cybersecurity hardware platform to attendees during the TechCrunch Disrupt event in Manhattan, in New York City, NY, U.S. May 15, 2017. REUTERS/Eduardo Munoz 8/19 left right Cables and computers are seen inside a data centre at an office in the heart of the financial district in London, Britain May 15, 2017. REUTERS/Dylan Martinez 9/19 left right Gary Olson (R) of GTop Group gives a demonstration of their Anti-Terrorism and Situational Awareness technology platform to attendees during the TechCrunch Disrupt event in Manhattan, in New York City, NY, U.S. May 15, 2017. REUTERS/Eduardo Munoz 10/19 left right An ambulance is parked outside 10 Downing Street in London, Britain, May 15, 2017. REUTERS/Toby Melville 11/19 left right Cables and computers are seen inside a data centre at an office in the heart of the financial district in London, Britain May 15, 2017. REUTERS/Dylan Martinez 12/19 left right Men use computers at an internet cafe in Bim Son town, outside Hanoi, Vietnam May 15, 2017. REUTERS/Kham 13/19 left right Paramedics carry a patient to an ambulance parked outside 10 Downing Street in London, Britain, May 15, 2017. REUTERS/Toby Melville 14/19 left right Patients and family wait for their turn to register at Dharmais Hospital, Indonesia''s biggest cancer hospital, after the institution suffered cyber attacks affecting scores of computers in Jakarta, Indonesia May 15, 2017. REUTERS/Darren Whiteside 15/19 left right Patients and family wait for their turn to register at Dharmais Hospital, Indonesia''s biggest cancer hospital, after the institution suffered cyber attacks affecting scores of computers in Jakarta, Indonesia May 15, 2017. REUTERS/Darren Whiteside 16/19 A general view of the Dharmais hospital in Jakarta, Indonesia May 14, 2017. REUTERS/Darren Whiteside 17/19 A general view of the Dharmais hospital in Jakarta, Indonesia May 14, 2017. REUTERS/Darren Whiteside 18/19 left right A hooded man holds a laptop computer as blue screen with an exclamation mark is projected on him in this illustration picture taken on May 13, 2017. REUTERS/Kacper Pempel/Illustration 19/19 By Guy Faulconbridge and Dustin Volz - LONDON/WASHINGTON LONDON/WASHINGTON The global WannaCry "ransomware" cyber attack spread more slowly on Monday with no major infecti
'f24ef4894d0d34321a00024d91589da9964b22c1'|'ECB''s Coeure plays down recent rise in bond yields'|'Tue May 16, 2017 - 6:32pm BST ECB''s Coeure plays down recent rise in bond yields FILE PHOTO: Benoit Coeure, executive board member of the European Central Bank (ECB), speaks during a conference in Brussels, Belgium March 28, 2017. REUTERS/Yves Herman/File Photo FRANKFURT A recent rise in euro zone bond yields has not affected the European Central Bank''s policy stance and rate setters accept that some yield fluctuation is normal, ECB Executive Board member Benoit Coeure said on Tuesday. But the ECB is not keen to add to market volatility itself so it needs to explain its strategy carefully and must maintain clear and time-consistent communication, Coeure said. Bond yields have ticked up since the Dutch and French elections have alleviated fears over the rise of populism. But this has led to concerns that a further rise could make the ECB uncomfortable as it seeks to keep borrowing conditions exceptionally low. "The recent measurable increase in long-term yields has not affected our monetary policy stance: current financial conditions remain highly supportive of the ongoing recovery," Coeure said. (Reporting by Balazs Koranyi; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ecb-policy-coeure-idUKKCN18C298'|'2017-05-17T01:22:00.000+03:00'
'3310a9172890382065262603a9822ceb29392954'|'Israel car cyber firm Karamba raises money from Paladin, Liberty Mutual'|'TEL AVIV May 16 Israeli startup Karamba Security, a provider of cybersecurity for connected and self-driving cars, said on Tuesday it raised $12 million, attracting first-time investment in Israel from Washington-based cyber-focused Paladin Capital.The latest investment brings Karamba''s total fundraising to $17 million, with existing investors YL Ventures of California and Detroit-based Fontinalis Partners leading the round, followed by GlenRock Israel. Other new investors are Liberty Mutual Strategic Ventures, Sumitomo Corp''s Presidio Ventures and security management provider Asgent.The global cybersecurity market for cars was estimated by Mordor Intelligence to grow to $1.1 billion by 2020 from $17 million in 2015.Karamba said its software protects cars based on their factory settings, blocking hacking attempts as they deviate from these settings and before they infiltrate the car.Paladin, with $1 billion in four funds, said this was its first investment in automotive security."We see this notion of Karamba trying to prevent attacks as substantial progress on what exists today to detect attacks," Paladin managing director Kenneth Minihan told Reuters.Minihan, a retired Air Force lieutenant general and former director of the U.S. National Security Agency, said ransomware attacks such as those that occurred over the weekend would not be relevant to automobiles, which operate in their own network.But hackers may "attempt to disrupt data feeds that are telling you what''s happening around other cars," he said.Karamba said network security technology based on statistical modelling is prone to false alarms that could risk lives if applied to cars. For example, brakes could fail if a legitimate command is mistakenly identified as malicious and blocked. (Reporting by Tova Cohen, editing by Pritha Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cyber-karamba-fundraising-idINL8N1IH2R9'|'2017-05-16T10:20:00.000+03:00'
'66aaafc477b71ce85268e5225a0a0fd082081c9f'|'No case for shifting euro clearing after Brexit - City of London'|'  12:58pm BST No case for shifting euro clearing after Brexit: City of London FILE PHOTO: The German Central Bank (Bundesbank) presents the new 50 euro banknote at its headquarters in Frankfurt, Germany, March 16, 2017. REUTERS/Kai Pfaffenbach By Huw Jones - LONDON LONDON London is good at clearing euro-denominated derivatives deals and there is no case to shift the business to the continent after Brexit, the policy chief for Britain''s financial sector said on Tuesday. The combative stance of Catherine McGuinness, newly appointed head of policy for the City of London financial district, contrasted with the more nuanced position of Bank of England Governor Mark Carney, who has spoken of an "appropriate" amount of euro clearing remaining in London post-Brexit. Her comments came as the EU''s executive Commission prepares to publish a draft law next month on euro clearing. France is in the vanguard of countries pushing for the lucrative business to relocate to the euro zone after Britain leaves the bloc in 2019. McGuinness said clearing was a $1 trillion a day business and it was natural that people wanted a slice of the cake. "And in this case, all the evidence points one way: that the mass uprooting and offshoring of part of the industry <20> of clearing of transactions in one currency <20> would not only be vastly complicated, but also vastly damaging and potentially destabilizing," McGuinness told a conference of the Futures Industry Association in London. The Commission has considered several options, including forced migration of business and tighter supervision of foreign clearing houses that handle large amounts of euro-denominated transactions. France argues shifting clearing to Europe would make it easier for the European Central Bank to directly monitor risks arising from the derivatives market. But McGuinness said markets had chosen London because it''s systemically safer to centralize clearing so that exposures can be netted. "It<49>s because it makes the posting of collateral more cost-effective. And, frankly, it<69>s because we<77>re good at it." London has the scale, infrastructure and expert clearing professionals, she said. "And if we split off one currency, with euro clearing moving to, say, Paris, all we<77>ll see is systemic risk going up, liquidity going down, costs hitting the roof," she added. "In sum, it<69>d be a completely avoidable outcome." Euro-denominated clearing in Europe is dominated by the London Stock Exchange''s ( LSE.L ) LCH clearing house in London. Deutsche Boerse''s Eurex Clearing ( DB1Gn.DE ) in Frankfurt is, however, ready to handle any sharp increase in swaps clearing. McGuinness said forced migration of clearing would not be in the interest of the global financial system, and that U.S. regulators were also watching developments in Brussels closely. (Reporting by Huw Jones; Editing by Mark Trevelyan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-clearing-idUKKCN18C1CT'|'2017-05-16T19:56:00.000+03:00'
'41b5ee5238e75b6191a85d8bf48d8a5455995ff0'|'Exclusive: Australian billionaire uses indigenous land laws to keep prospectors off farm'|'Business News - Wed May 17, 2017 - 7:47pm EDT Australian billionaire uses indigenous land laws to keep prospectors off farm FILE PHOTO - Andrew Forrest reacts as he listens to a question during a media conference in Sydney, Australia, July 28, 2015. REUTERS/David Gray/File Photo By Jonathan Barrett - SYDNEY SYDNEY Mining magnate Andrew Forrest has used laws designed to protect indigenous land rights to stop prospectors searching for minerals on his West Australian cattle farms, angering both traditional Aboriginal landowners and mining community members. While tensions between the competing interests of indigenous landholders, pastoral leaseholders and miners on government-controlled land are common, Forrest''s approach represents one of the first known examples of a non-Aboriginal successfully using rights afforded to indigenous people to their own advantage. Native title is a legal doctrine in Australia that recognises indigenous rights to certain parcels of land. Forrest''s use of it is not illegal, but it adds to the fractious relationship he has with some indigenous groups. Different groups have raised concerns over Forrest''s cattle interests and have battled over land rights with the company he founded and chairs - Fortescue Metals Group, the world''s fourth biggest iron ore miner. A spokeswoman for Forrest said the issue was about complying with mining regulations. "It is neither a matter of using native title law nor objecting to prospecting," said the spokeswoman. She said there was support for Forrest''s position within the Thalanyji people who hold native title under some of his cattle stations. The farms operated with the utmost respect for the environment, she added. But Matthew Slack, the head of the Buurabalayji Thalanyji Aboriginal Corp which oversees native title for the indigenous landowners, said it was "pretty rich" for Forrest to use rights designed to protect indigenous interests. Thalanyji were also concerned about cattle numbers and water use at Forrest''s 2,400 square km (927 sq mile) Minderoo pastoral lease in Western Australia''s Pilbara district, he said. "We are disgusted with Forrest and have been for some time. Slack said. "Our dreamtime creatures can''t survive because the river is so low." RULING SURPRISES On May 31, 2016, two small prospectors lodged applications to search for minerals on Uaroo Station, where Forrest holds a similarly sized pastoral lease, after physically marking out the territory with pegs. Slack said Thalanyji had given the prospectors permission to be on that land. But before the government approved the prospecting licences, a company called Red Sky Stations lodged an objection in the state''s Warden''s Court, where mining-related disputes are held. Red Sky is one of several companies that represent Forrest''s pastoral interests, a Reuters review of court and company documents found. Red Sky successfully argued the prospectors had not sought a specific permit from Thalanyji required to mark out the land and their applications were rejected in a February decision. The ruling caught Thalanyji by surprise. "If we''d been more aware, we would''ve had input into the proceedings," Slack said. Attempts to contact the two prospectors were unsuccessful. While the prospectors could re-start the process, the licence process has been frustrated and delayed. The move comes shortly after a separate analysis by Reuters found Forrest had covered large sections of his cattle stations with mining and exploration applications by his own companies. Forrest said his applications were for bone fide exploration and mining, denying suggestions it was a tactic to block rivals gaining access. INDIGENOUS TIES Forrest was one of Australia''s most prolific mining prospectors in the 2000s when he founded and built Fortescue, pressuring rivals to release land they weren''t actively exploring in the Pilbara, the world''s biggest iron ore precinct. He battled the Y
'985342f7f7ef6af8810e716d31f4e6194343f5b5'|'Insurer Markel to set up EU subsidiary in Munich'|'LONDON May 18 U.S. insurer Markel plans to apply for regulatory approval to set up a European Union subsidiary in Munich, it said on Thursday.Insurers and other financial services firms with UK operations have started to announce plans for EU subsidiaries, in order to retain access to the bloc after Brexit."Whatever the outcome of the Brexit negotiations, a Markel insurance company will be able to meet the insurance needs of clients in the EU-27 countries," the insurer said in a statement.Markel hopes to set up the subsidiary by mid-2018, it said. (Reporting by Carolyn Cohn; Editing by Rachel Armstrong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-eu-markel-munich-idINL8N1IK1BF'|'2017-05-18T05:06:00.000+03:00'
'67d5e568f852816d645741d73982e54153aefba6'|'Unilever to kick off share buyback this week'|' 17am BST Unilever to kick off share buyback this week FILE PHOTO: The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. REUTERS/Brendan McDermid/File Photo LONDON Unilever will launch its previously announced share buyback programme on Friday, with plans to purchase 1.5 billion to 2.5 billion euros worth of London-listed shares, and the balance of the 5 billion euro programme on its Dutch shares. The buyback will end no later than 15 December, the company said on Thursday. (Reporting by Martinne Geller; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-unilever-nv-buyback-idUKKCN18E12M'|'2017-05-18T17:17:00.000+03:00'
'5bb8ead59c0496ed83b01ad2e21d1b4de8a0cc65'|'UK Stocks-Factors to watch on May 18'|'Market News - Thu May 18, 2017 - 1:33am EDT UK Stocks-Factors to watch on May 18 May 18 Britain''s FTSE 100 index is seen opening 51 points lower on Thursday, according to financial bookmakers. * BHP/ELLIOT: Activist investor Elliott Management on Thursday said a meeting with BHP Billiton Chief Executive Andrew Mackenzie in Barcelona on Wednesday had been "constructive". * BP: BP Plc''s first foray into Mexico''s recently opened energy market is proving more promising than expected, and the government should offer more big projects to lure investment, the British oil major''s Mexico boss said in an interview. * SKY NZ/VODAFONE: New Zealand pay television provider Sky Network TV on Thursday said it had filed a second, more detailed appeal with courts against the Commerce Commission''s decision to bar its purchase of Vodafone''s local unit. * BREXIT: Brexit has forced the European Union to rethink its flagship capital markets union (CMU) project by broadening its supervisory and geographical reach, a draft EU document showed on Wednesday. * BRITAIN/EU: Everything from just-in-time auto supply chains to the free movement of workers and even their pet cats and dogs will be thrown into question by Britain''s exit from the European Union, German Chancellor Angela Merkel said. * INSURERS: Insurers in over 100 countries face a "once in a lifetime" accounting change from January 2021 with the introduction of a uniform international book-keeping standard, details of which will be published on Thursday. * BANK OF IRELAND: Bank of Ireland has appointed HSBC Holdings Plc executive Francesca McDonagh as its new chief executive officer to succeed Richie Boucher, who will retire on Oct. 2. * TATA STEEL: A Tata Steel deal to separate its 15 billion-pound ($19 billion) UK pension scheme still leaves many questions unanswered for a potential merger with Thyssenkrupp''s European steel operations, a source close to Thyssenkrupp said. * EX-DIVS: Compass, HSBC, Imperial Brands, Intertek , Royal Dutch Shell will trade without entitlement to their latest dividend pay-out on Thursday, trimming 20.3 points off the FTSE 100 according to Reuters calculations. * The UK blue chip index was down 0.25 percent at 7,503.47 points at its close on Wednesday, turning lower as U.S. political developments weighed on European equity markets, with mining stocks and banks the biggest sectoral drags. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Euromoney Institutional Half Year 2017 Euromoney Investor Plc Institutional Investor Plc Earnings Release Booker Group Plc Full Year 2017 Booker Group Plc Earnings Release Hargreaves Lansdown Plc Q3 2017 Hargreaves Lansdown Plc Trading Statement Release JRP Group Plc Q1 2017 JRP Group Plc Trading Statement Release SSP Group Plc Half Year 2017 SSP Group Plc Earnings Release Rank Group Plc Rank Group Plc Interim Management Statement Release Land Securities Group Plc Full Year 2017 Land Securities Group Plc Earnings Release Balfour Beatty Plc Balfour Beatty Plc Trading Update Release Burberry Group Plc Preliminary 2017 Burberry Group Plc Earnings Release Thomas Cook Group Plc Half Year 2017 Thomas Cook Group Plc Earnings Release Royal Mail Plc Full Year 2017 Royal Mail Plc Earnings Release Dairy Crest Group Plc Full Year 2016 Dairy Crest Group Plc Earnings Release National Grid Plc Full Year 2017 National Grid Plc Earnings Release 3i Group Plc Full Year 2016/2017 3i Group Plc Earnings Release Bloomsbury Publishing Plc Full Year 2016 Bloomsbury Publishing Plc Earnings Release Marston''s Plc Half Year 2017 Marston''s Plc Earnings Release Investec Plc Full Year 2017 Investec Plc Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru) '|'reuters.com'|'htt
'9493636e23934f1d267acabdfcfd7ad76dcb7149'|'Prudential first-quarter new business profit rises, Asia head steps down'|'  9:59am BST Prudential first-quarter new business profit rises, Asia head steps down FILE PHOTO - A ferry sails past an advertisement of Prudential Assurance under foggy weather at the Victoria Harbour in Hong Kong, China March 9, 2016. REUTERS/Bobby Yip/File Photo LONDON British insurer Prudential reported a 25 percent rise in first-quarter new business profit on Thursday, driven by growth in Asia, and said the firm''s Asia head was stepping down. Group new business profit rose to 856 million pounds, Prudential said in a statement ahead of its annual general meeting later on Thursday. Prudential''s Asia head Tony Wilkey is stepping down to pursue new challenges, Prudential said, to be replaced by the firm''s chief financial officer, Nic Nicandrou. Prudential has appointed Mark FitzPatrick, currently a managing partner at consulting firm Deloitte, as chief financial officer. (Reporting by Carolyn Cohn; editing by Simon Jessop)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-prudential-results-idUKKCN18E0ZS'|'2017-05-18T16:59:00.000+03:00'
'231026b576aa8550facc44bc16585e1ac3b83fca'|'U.S. stock futures, dollar fall on rising concerns on Trump'|'Business News - Wed May 17, 2017 - 1:40am BST U.S. stock futures, dollar fall on rising concerns on Trump Traders gather at the post where Snap Inc. is traded, just before the opening bell on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 11, 2017. REUTERS/Brendan McDermid By Hideyuki Sano - TOKYO TOKYO U.S. share futures and the dollar slipped in early Asian trade on Wednesday after reports that President Donald Trump asked then-FBI Director James Comey to end a probe into his former security adviser. The reports raised questions about whether charges of obstruction of justice could be laid against Trump, weakening confidence in the U.S. president''s ability to push through an aggressive stimulus program that investors had been banking on since his election last November. U.S. economic data published on Tuesday was mixed after soft retail sales and inflation data on Friday, also undermining investors'' optimism on the U.S. economy. S&P 500 mini futures ESc1, the world''s most liquid stock futures, dropped 0.5 percent in early Asian trade. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dipped 0.1 percent while Japan''s Nikkei .N225 fell 0.6 percent. "Worries about European politics and North Korea have receded. The earnings are mostly over. But now we have worries about the Trump Administration. Given that there are some stock indexes that have risen more than 10 percent so far this year, we may be entering a consolidation phase," said Nobuhiko Kuramochi, chief strategist at Mizuho Securities. Trump asked Comey to end the agency''s investigation into ties between former White House national security adviser Michael Flynn and Russia, according to a source who has seen a memo written by Comey. The news, first reported by New York Times, came after Trump had fired Comey and then discussed sensitive national security information about Islamic State with Russian Foreign Minister Sergei Lavrov. The White House quickly denied the New York Times report, saying in a statement it was "not a truthful or accurate portrayal of the conversation between the president and Mr. Comey." The tumult at the White House prompted currency traders to ditch the dollar against a broad range of currencies, most notably against the yen, which often becomes a safe-haven when there are problems in Europe and the United States. The dollar dropped 0.5 percent in early Asian trade to 112.59 yen JPY= , slipping further from its highs near 114.40 yen touched last week. The dollar''s index against a basket of six major currencies .DXY =USD dropped to 98.063, essentially giving up all of its gains made after Trump''s election victory. The euro EUR= held firm at $1.1086, having hit a six-month high of $1.10975 on Tuesday, as it also drew help from solid economic data in the euro zone. The euro zone GDP grew 0.5 percent in January-March, in line with expectations, and underscoring a recovery in the currency bloc. On the other hand, U.S. economic data published on Tuesday was mixed, raising more doubts about rosy views on the U.S. economy. U.S. manufacturing production recorded its biggest increase in more than three years in April but housing starts posted a surprise fall to five-month lows. The data came after Friday''s softer than expected retail sales and inflation. "Until Friday, markets had been focusing only on the bright side of the U.S. economy. But that seems to have changed," said Daisuke Uno, chief strategist at Sumitomo Mitsui Bank. The 10-year U.S. Treasuries yield US10YT=RR dipped to 2.293 percent, the lowest level in two weeks. Oil prices dropped following data that showed an unexpected rise in U.S. inventory. U.S. crude futures traded at $48.28 per barrel CLc1, down 0.8 percent from late U.S. levels. (Editing by Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKCN18D01B'|'2017-05-17T08:31:00.000+03:0
'34209197925f822da29f51ba2d2ed99b2f1b5d26'|'Colombia coal output up 3 pct in first quarter'|'BOGOTA May 16 Colombia''s coal output rose 3 percent to 22.2 million tonnes in the first quarter of this year, compared with the same period in 2016, the national mining agency said in a statement on Tuesday.The Andean nation, the world''s fifth-largest coal exporter, produced 21.5 million tonnes in the same period a year ago, the ministry said. The sector is seeking to produce 95 million tonnes this year.The biggest players in Colombia''s coal industry are Drummond Co, Glencore Plc, Murray Energy''s Colombia Natural Resources, and Cerrejon, which is jointly owned by BHP Billiton , Anglo American PLC and Glencore. (Reporting by Bogota newsroom; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/colombia-coal-idUSL2N1II1VY'|'2017-05-17T04:56:00.000+03:00'
'ab7da24bf02a705bfbdd61990a6e5eba0bf1b9ff'|'CORRECTED-Apple marketing dual-tranche euro benchmark'|'(Corrects marketing range for 12-year)By Laura BenitezLONDON, May 17 (IFR) - Apple Inc is marketing a dual-tranche euro-denominated senior unsecured benchmark bond, according to a lead bank.Initial price thoughts for an eight-year maturity are mid-swaps plus 45/50bp and for a 12-year are mid-swaps plus 60/65bp.Apple, rated Aa1/AA+ (both stable), mandated Goldman Sachs, Barclays and Deutsche Bank as bookrunners.(Reporting by Laura Benitez; editing by Alex Chambers, Julian Baker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINL8N1IJ1LZ'|'2017-05-17T06:20:00.000+03:00'
'dc57a234c6215c2e4329396c80e2592d90c1a65c'|'Private equity groups extend hostile offer for Shawbrook'|'LONDON May 19 The private equity groups behind a hostile bid for British challenger bank Shawbrook Group said on Friday they had backing from investors holding 45.1 percent of its shares, and were extending the offer period.The groups'' 842 million pounds ($1.09 billion) offer would now remain open until May 26, Marlin Bidco, the buyout vehicle set up by BC Partners and Pollen Street Partners, said in a statement.The 45.1 percent includes Pollen Street''s Shawbrook stake, which is 38.8 percent according to Thomson Reuters data.On May 2, directors of Shawbrook told shareholders to reject the offer. ($1 = 0.7720 pounds) (Reporting by Simon Jessop; Editing by Rachel Armstrong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/shawbrook-group-idINFWN1IK0OG'|'2017-05-19T04:57:00.000+03:00'
'eb154a4b7bd3202816aa1194adf13646e27bb887'|'EXCLUSIVE: EU looks to build alternative to London for capital market - document'|'Money News   9:48am IST EXCLUSIVE: EU looks to build alternative to London for capital market - document FILE PHOTO: A European Union flag is waved in front of Big Ben and the Houses of Parliament in London, Britain, February 20, 2017. REUTERS/Toby Melville By Huw Jones - LONDON LONDON Brexit has forced the European Union to rethink its flagship capital markets union (CMU) project and urgently look for ways to create an alternative financial market to London, according to a draft EU document seen by Reuters on Wednesday. London is the bloc''s biggest financial market by far, but will be outside the EU from 2019, posing a challenge to the CMU project that had already begun to flag before last year''s referendum in Britain. "The CMU reform programme must be updated so that it can meet the challenge of creating a more autonomous capital market for the EU-27 economy," the document written by the European Commission says, referring to the remaining EU member states. Britain''s Prime Minister Theresa May has said she wants a free trade agreement with the EU that would include financial services, but the document suggests the bloc wants instead to replicate London''s financial industry as much as it can. The draft document, due to be discussed by the executive Commission on June 7 ahead of potential publication, said Brexit made it necessary to ensure that businesses remaining in the EU would have access to strong capital markets. "This calls for stronger actions, more effective supervision and making sure that the benefits of the CMU are felt across the entire EU," it said. "The City of London has traditionally pooled liquidity and provided risk management services for the rest of the EU. The departure of the UK from the single market reinforces the need and urgency of further developing and integrating EU capital markets." A "deep re-engineering" of the financial system is necessary and this "implies finding ways to integrate sustainability into the EU''s regulatory and financial policy framework", and to broaden the "geographical reach of capital markets". Separately, the EU executive has already announced it will publish a draft law next month to tighten its grip on the clearing of euro-denominated securities, an activity which London currently dominates. PROPOSALS The draft document sets out a string of proposals to boost the bloc''s capital market, especially in areas which London has dominated such as institutional investment, pensions, and stock market listings. The Commission will propose in the third quarter to strengthen the powers of the EU''s European Securities and Markets Authority - a step Britain had long opposed - in order to make the CMU more effective, the document added. There may be an "EU Small Listed Companies Act" in the second quarter of next year to make the bloc a more attractive location for companies to go public, it said. The Commission will propose a draft law to ease capital requirements on investment firms in the fourth quarter of 2017, and assess the case for granting licences and "passporting" rights to financial technology firms to operate across the EU, the document said. The EU executive will also present measures to "support secondary markets" for non-performing or soured loans on the books of banks, blamed for holding them back from lending more to companies. There may be a draft law too on making it easier to sell mutual and hedge funds products across borders. The draft document follows a "mid-term" review of the CMU, a project that aims to encourage companies to raise more funds on markets and reduce the continent''s heavy reliance on bank loans. The document, which could be amended before publication, says a draft law to propose a pan-European personal pension product will be published by the end of June. There will also be a draft law proposing an EU framework for covered bonds in the first quarter of next year. (Reporting by Huw Jones; Editing by Mark Pott
'f5ed9ae561f8ce81bbacb6596d1390443e903995'|'UPDATE 1-UK May''s Conservatives promise to abolish independent SFO'|'(Adds lawyer comment, details)By Kirstin RidleyLONDON May 18 Britain''s ruling Conservative Party on Thursday pledged to abolish the independent Serious Fraud Office (SFO) and roll it into a broader, national crime-fighting body if it wins the June 8 national election.According to a manifesto document listing the party''s policy proposals, Prime Minister Theresa May''s party wants to bring the SFO under the remit of the relatively newly-established National Crime Agency (NCA), dubbed Britain''s FBI."We will strengthen Britain''s response to white collar crime by incorporating the Serious Fraud Office into the National Crime Agency, improving intelligence sharing and bolstering the investigation of serious fraud, money laundering and financial crime," the manifesto said.The SFO has long been dogged by speculation that May, a former home secretary, would end its days as an independent investigator and prosecutor of complex bribery, fraud and corruption.London lawyers were critical. The SFO was just establishing a track record and the NCA had yet to prove itself, they said."This manifesto pledge is a pity," said David Corker, a partner at law firm Corker Binning."Under its current director, the SFO is proving its effectiveness as a specialist economic crime enforcer. Its work on overseas bribery and raising corporate standards in that regard is world-class."The NCA has not yet proved its effectiveness and there is a great danger that the fight against fraud would be compromised if the SFO''s work was absorbed into its broad remit."The SFO, established in 1987, has seen its budget cut and a mixed success rate with investigations such as its high-profile prosecutions of traders charged with Libor (London interbank offered rate) manipulation. Two bankers were unanimously acquitted last month.But it has been praised by some lawmakers for clinching a handful of corporate plea deals that include a 671 million pound ($874 million) deferred prosecution agreement with Rolls-Royce over widespread bribery in January.The NCA, which is only around four years old, has a broad remit to tackle offences ranging from organised crime to online child abuse.Jonathan Pickworth, a white collar crime partner at law firm White & Case, said it was far from certain whether bolstering that agency would lead to a stronger force to combat white collar crime."The SFO is just getting going (it has taken a while). Who is to say that the NCA is equipped to do it any better? It is a gamble," he said.The SFO did not have an immediate comment.($1 = 0.7677 pounds) (Reporting by Kirstin Ridley; editing by Ralph Boulton and Pritha Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-election-sfo-idINL8N1IK43K'|'2017-05-18T11:33:00.000+03:00'
'a860626093459d641749f3e6f05a71d6aa6e2715'|'S.Africa''s Tsogo Sun swaps hotels for higher Hospitality Property Fund stake'|'Financials - Thu May 18, 2017 - 5:07am EDT S.Africa''s Tsogo Sun swaps hotels for higher Hospitality Property Fund stake JOHANNESBURG May 18 South Africa''s Tsogo Sun Holdings has sold 29 hotels to Hospitality Property Fund for a 3.6 billion rand ($268 million) mix of cash and shares, the companies said on Thursday. The transaction is part of Tsogo''s strategy to lessen its direct exposure to the hotel business and focus more on entertainment and gambling. "The transaction represents an attractive acquisition for Hospitality, with the Tsogo portfolio comprising 29 successful and established hotel properties," Hospitality said. Hospitality will issue 174 million shares to Tsogo and pay it 1 billion rand cash, the companies said. Tsogo, which already holds 50.6 percent in Hospitality, said it will use the cash to pay down debt. The companies did not disclose what the size of Tsogo''s stake will be after the deal. Tsogo told Reuters in March that it was mulling an increase in its Hospitality Property Fund stake to 60 percent by exchanging hotels for equity. With Tsogo as its majority shareholder, Hospitality''s board has proposed that the firm change its name to "Tsogo Sun Property Fund Limited" with the share code "TSP", the companies said. ($1 = 13.4337 rand) (Reporting by TJ Strydom; editing by Jason Neely) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/tsogo-sun-ho-ma-hospitality-ppty-idUSL8N1IK2CA'|'2017-05-18T13:07:00.000+03:00'
'39e2e8b3a7e5415ce781fec7d6c56d7b317effb4'|'How to measure success in the world of megaprojects - Jane Dudman - Public Leaders Network'|'C rossrail, HS2, Hinkley Point C nuclear power station: three massive infrastructure projects, costing billions of taxpayers<72> money, and all subject to controversial and time-consuming debate before getting the go-ahead.But were these megaprojects in fact easier to get politicians to approve than other, smaller investments in UK infrastructure and transport?Reactor goes here ... the <20>18bn Hinkley Point C starts to take shape Read more That is the intriguing notion put forward by Isabel Dedring, global transport leader at Arup and London<6F>s former deputy mayor for transport. At a recent semina r on whether bigger infrastructure projects really are better, Dedring told the audience this is often the case, politically, at least. Why should this be so? Bridget Rosewell, a commissioner at the National Infrastructure Commission and one of the other panellists at the seminar hosted by the Institute for Government thinktank, pointed out that there<72>s plenty of analysis to show that smaller, more incremental infrastructure and transport projects work better, because it is easier to gauge their impact. Dedring also demolished the notion of the <20>glory project<63> <20> the idea that politicians approve big projects so they get to cut the ribbon on, say, a power station. As she noted, the one certainty on any really big project is that someone else will take that moment of glory, because by the time it gets built, the politician who approved it will have long moved on. The counter argument is that since all infrastructure projects produce protest, politicians might as well put all their eggs in a single basket. <20>The noise politically generated by small projects is much greater in relation to their size,<2C> noted Dedring, in part because it<69>s easier to get people together to mobilise against smaller projects. <20>And politicians understand that.<2E>The noise politically generated by small projects is much greater in relation to their sizeIsabel Dedring, Arup What<61>s more, once the ball does finally get rolling on a megaproject, it<69>s then pretty hard to stop. It may move on to the back burner for a while, Crossrail being one example, but big projects, noted Rosewell, get that advantage of <20>continuing, rolling time<6D>.And if your favoured project isn<73>t already huge, make it an indispensable part of a megaproject. That was the tip from Ed Hoffman, the former chief knowledge officer at Nasa, who is now a strategic adviser at US-based non-profit project management specialist PMI. Hoffman said when he was at Nasa, smart project leaders running small projects used to protect themselves by demonstrating their tremendous value to a key mission, preferably one with international interest. <20>The ones that get threatened are those that go over-budget and are not part of a key mission and have no international collaboration,<2C> he said. <20>Once you have an international project, it<69>s harder to kill.<2E>One obvious example is Hinkley Point C, which is being built by French nuclear contractor EDF and its Chinese partners. The contract for the new power station was signed in September 2016 by UK business secretary Greg Clark, alongside Jean-Bernard L<>vy, the chair of EDF, and He Yu, chair of China General Nuclear, who said the programme was a <20>triple win for China, Britain, and France<63> and the culmination of years of cooperation between the three countries.What is HS2 and how much will it cost? Read more Many people might think the biggest risk with megaprojects is the financial risk, but that is manageable, according to these experts. Far harder to manage is the social and political risk, not to mention the challenge of bringing together hundreds of experts in different fields and getting them to collaborate, as is the case at Nasa, for instance. The danger, pointed out Hoffman, was each of those experts focusing on their own subject, and leaving everyone else to do theirs. But to achieve real results, he said, everyone has to collaborate a
'a0cb79c2076809e53355a40cc0a526e85beb8971'|'Weak pound tempts Americans to UK as Britons stay nearer home'|'  2:49pm BST Weak pound tempts Americans to UK as Britons stay nearer home Tourists look through the railings of Buckingham Palace in London, Britain, May 4, 2017. REUTERS/Toby Melville By Andy Bruce - LONDON LONDON Visits to Britain by North Americans surged at the start of this year as tourists took advantage of the weakened pound, which may be forcing British holidaymakers to stay closer to home, official data showed on Friday. Some 8.1 million people visited Britain in the first quarter of this year, up from 7.6 million in the same quarter a year ago - a 7 percent increase, the Office for National Statistics said. "The (data) indicate that the sharply weakened pound is encouraging more visits to the UK from abroad and more spend by visitors," Howard Archer, economist at IHS Global Insight, said. "This is especially true of North America, which ties in with the pound''s fall being most pronounced against the U.S. dollar." The pound tumbled against the U.S. dollar after the June 23 vote to leave the European Union, instantly making Britain a cheaper place to visit. As of the first quarter of 2017, it was still down around 17 percent against the American currency. GBP=D4 The number of North American tourists visiting Britain totalled 760,000 in the three months to March, up 17 percent compared with a year ago. But on the flip-side of the pound''s plunge, the number of Britons making the trip to North America fell 3 percent over the same period to 710,000. There was a 2 percent increase in the number of British visitors to Europe, suggesting the pound''s fall may be forcing British people to holiday closer to home and chiming with reports of a rise in "staycationing" in Britain. Visitors to Britain from other European countries increased 4 percent compared with a year ago, rising to 6.2 million. Domestic and foreign tourism accounts directly for about 4 percent of Britain''s economy, according to official statistics, though the industry says the broader contribution is larger. Britain''s economy has outperformed most forecasters'' expectations since the vote to leave the European Union, which sent the pound to a record low against a basket of currencies. This has already produced a sharp rise in inflation, but there has also been evidence of a modest boost to exports and inbound tourism. A survey of manufacturers on Friday showed export orders are growing at the joint-fastest pace since December, 2013. (Editing by Ed Osmond)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-tourism-idUKKCN18F1GT'|'2017-05-19T20:58:00.000+03:00'
'a9674366921e5b7f7b366d23607aed8762dbe32b'|'Celgene leukemia drug extends survival in early stage trial'|'Market   5:00pm EDT Celgene leukemia drug extends survival in early stage trial By Bill Berkrot May 17 Nearly 20 percent of patients with an aggressive form of leukemia experienced complete remission along with prolonged survival from treatment with an experimental Celgene Corp drug, according to data from an early-stage study released on Wednesday. The drug, enasidenib, delivered high overall response rates in patients with acute myeloid leukemia (AML) whose disease had relapsed following prior treatments. Available data from 176 patients showed 40.3 percent responded to the treatment, with 19.3 percent achieving complete remission. Median overall survival for relapsed AML patients was 9.3 months and rose to 19.7 months among those who experienced complete remission. Patients in the trial had run out of treatment options and would have been expected to live only about three or four months, said Dr. Eytan Stein from Memorial Sloan Kettering Cancer Center in New York, who led the study. Stein called the early results extremely promising. "For patients who have a limited life expectancy, this is a fantastic new treatment that in many people will hopefully extend their lives," Stein said. Unlike chemotherapy that kills cancer cells, the Celgene drug works by transforming leukemia cells in the bone marrow into normal mature white blood cells. The data was included in a brief summary of the Phase I study that will be presented next month at the American Society of Clinical Oncology meeting in Chicago. In addition to the complete remissions, enasidenib led to complete remission with incomplete return to normal blood cell count in 6.4 percent of patients and partial remission in 6.3 percent of patients. In a dose escalation portion of the study, maximum tolerated dose was not reached at doses up to 650 milligrams daily. The 100 mg daily dose was chosen for the study going forward. Researchers reported that the drug was well tolerated with no serious adverse side effects of concern. AML, a fast-growing cancer of the blood and bone marrow, is one of the most common adult leukemias diagnosed in about 15,000 Americans each year. Stein said he was looking forward to further enasidenib studies "so we can get this therapy to our patients as soon as possible." (Reporting by Bill Berkrot; Editing by Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/health-cancer-celgene-idUSL2N1II1HL'|'2017-05-18T05:00:00.000+03:00'
'3d4d14a580dff84ccf22c3fac0d06b550726d2d3'|'Spanish car park owner Empark up for sale -sources'|'Funds News  36pm EDT Spanish car park owner Empark up for sale -sources By Arno Schuetze and Stefano Berra - FRANKFURT/LONDON FRANKFURT/LONDON May 18 Real estate group A. Silva & Silva has launched the sale of Spanish car parking company Empark, which could be valued at up to 1 billion euros ($1.1 billion), people close to the matter said on Thursday. The deal adds to a string of parking assets that has come to market recently and the sellers hope to attract appetite from infra funds banking on the recovery of the Spanish economy. A. Silva & Silva<76>s investment vehicle ASSIP said in a regulatory filing earlier this year that it was evaluating options for Empark, including a sale. The 79-percent owner and its co-investors have given JP Morgan and Caixa BI the task of finding a buyer for Empark, the sources told Reuters. Empark had earnings before interest, tax, depreciation and amortization (EBITDA) of 71 million euros on sales of 201 million euros last year, they added. JP Morgan declined to comment, while Caixa BI, Empark and its owners were not immediately available for comment. First-round bids for Empark, which manages 530,000 parking spaces in the Iberian Peninsula, Britain and Turkey, are due at the end of the month, the sources said. Potential bidders include infrastructure funds as well as peers such as Saba, majority-owned by Spain''s Criteria, and Grupo de Aparcamientos -- a Spanish company expressed interest in buying Empark two years ago. Saba and Grupo de Aparcamientos declined to comment. Car parking has been an active area for M&A, with buyout firm Ardian putting parking space operator Indigo on the block, while KKR recently winning the bidding for Dutch car park operator Q-Park, sources have said. Indigo, formerly Vinci Park, attempted to buy Empark in 2015, but a deal never materialised. And last year, buyout group EQT sold Spanish car park operator Parkia to First State Investments. At the time, Belgium group Interparking had also expressed interest in Parkia. ($1 = 0.8986 euros) (Additional reporting by Andres Gonzalez and Andrei Khalip; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/empark-sale-idUSL8N1IK5G9'|'2017-05-19T01:36:00.000+03:00'
'5c7acaef28ed551c9105097880dcf9af97259443'|'U.S. to start probes of Boeing dumping claims against Bombardier jet'|'Market News - Wed May 17, 2017 - 5:00pm EDT U.S. to start probes of Boeing dumping claims against Bombardier jet By David Lawder - WASHINGTON WASHINGTON May 17 U.S. government officials on Thursday are set to begin investigating Boeing Co''s unfair trade claims against Canadian rival Bombardier, a two-track action that could lead to U.S. duties on Bombardier''s new jetliner and also pits Boeing against Delta Air Lines Inc. The U.S. Commerce Department is poised to announce the launch of its investigation. U.S. International Trade Commission (USITC) staff will hear testimony from both companies and from Bombardier customer Delta in the case. Boeing alleges that Bombardier''s new 100-150 seat CSeries jetliners are being dumped below cost in the U.S. market, and are unfairly subsidized by Canadian taxpayers. The new Canadian aircraft competes with Boeing''s 737-700 and 737 MAX 7 jets. Delta agreed last year to buy dozens of CSeries planes at a price that Boeing says was well below Bombardier''s cost. The case has increased trade tensions between the United States and Canada - along with disputes over Canadian softwood lumber and U.S. milk protein products - as both countries prepare for a possible renegotiation of the North American Free Trade Agreement under the "America First" trade policy of U.S. President Donald Trump. The Commerce Department is expected to proceed with the antidumping and antisubsidy claims, trade lawyers and experts said. "Commerce is going to go forward, there<72>s no doubt about it," said William Perry, a Seattle-based trade lawyer and a former USITC staff attorney. The investigation is the latest to hit Bombardier after Brazil launched a trade dispute against Canada at the World Trade Organization, similarly alleging unfair competition. Brazilian officials welcomed the U.S. probe as support to the South America country''s claim that Canada''s support for Bombardier''s CSeries undercuts the market for commercial jets made by Brazilian rival Embraer. A Commerce Department investigation into Boeing''s claims could be cut short if the USITC rejects it in a vote expected on June 12. If the trade body allows the probe to continue, the Commerce Department would then need to determine any preliminary anti-subsidy duties by around July 22, with a deadline for preliminary anti-dumping duties around Oct. 3. The Commerce Department last month began collecting duties averaging 20 percent on imports of Canadian softwood lumber, saying that the product''s origin from public land amounted to an unfair government subsidy. Boeing said in its petition that Bombardier, determined to win a key order from Delta after losing a competition at United Airlines, had offered its planes to the airline at an "absurdly low" $19.6 million each, well below what it described as the aircraft<66>s production cost of $33.2 million. Boeing''s similarly sized 737-700 model has a current list price of $82.4 million, with the new 737-MAX 7 priced at $92.2 million. Sales discounts from list prices are typically 40 percent to 50 percent in the industry. In April 2016, Bombardier won the Delta order, its biggest yet, for 75 CS100 jets, worth an estimated $5.6 billion based on the list price of about $71.8 million. In its complaint against Bombardier, Boeing argued that the CSeries program would not exist without hundreds of millions of dollars in launch aid from the governments of Canada, Quebec and Britain, or a $2.5 billion equity infusion from Quebec and its largest pension fund in 2015. If Commerce''s investigation finds that duties on the Bombardier aircraft are warranted, those would likely be imposed on Delta. Representatives for the airline are scheduled to appear at Thursday''s hearing to oppose Boeing''s call for duties. "Delta is no pushover," said Gary Hufbauer, a senior fellow and trade expert at the Peterson Institute for International Economics, said of the Atlanta-based carrier. "They''ll have the Georgia delegation b
'e79843bfbef3e748b830bd8ce8ae91e2ee9e47b8'|'Italy kicks off Alitalia sale process'|'Deals  25am BST Italy kicks off Alitalia sale process An airplane of Alitalia approaches to land at Fiumicino international airport in Rome, central Italy, May 3, 2017. REUTERS/Max Rossi MILAN Alitalia went on the auction block on Wednesday, as Italy kicked off the process of finding a buyer to save the money-losing flag carrier. In a document signed by government-appointed commissioners, Alitalia said offers from single companies or consortia had to be presented by June 5. Bids could be to buy the whole company, restructure it, or acquire assets and contracts. Alitalia was put under special administration earlier this month for the second time in less than a decade after workers rejected its latest rescue plan. Rome has ruled out re-nationalizing Alitalia, once a symbol of Italy''s post-war economic boom, which is struggling to compete at home against low-cost carriers and high speed trains. It has not invested sufficiently in higher-margin long-haul routes to revive profits. The government appointed three commissioners to assess whether Alitalia can be restructured or liquidated, and has given them six months to come up with a plan. Rome also threw the airline a short-term lifeline with a bridge loan of 600 million euros to see it through the process. As of Feb. 28, the airline had debts of around 3 billion euros, liabilities of 2.3 billion euros and assets of 921 million euros. Alitalia''s balance sheet will be scrutinized over the summer by the three commissioners, who have promised to devise a new industrial plan by July. They have said that the airline''s above-market costs, especially for leasing, fuel and maintenance, have to be slashed to attract buyers. Rival airlines including Lufthansa ( LHAG.DE ), Norwegian Air ( NWC.OL ), Air France-KLM ( AIRF.PA ) have shown no interest in buying Alitalia. Local media have cited Qatar Airways as one of the few potential buyers. The Gulf carrier has declined to comment. Former Prime Minister Matteo Renzi, who regained the leadership of the ruling Democratic Party in April, is using his international contacts to help find a potential partner, a source told Reuters. Non-EU players cannot own more than 49 percent of a European airline, which limits an investor''s ability to run a carrier and discourages buyers. Italian Transport Minister Graziano Delrio said this week that the limit was "unrealistic" and that talks to overcome the cap were at an advanced stage. EU legislation is unlikely to be changed in time to help Alitalia, for whom the commissioners hope to secure binding interests by October. (Reporting by Agnieszka Flak and Stephen Jewkes in Milan and Alberto Sisto in Rome; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-alitalia-m-a-process-idUKKCN18D2YI'|'2017-05-18T07:20:00.000+03:00'
'8daa7fd6ff97705a92b41f7d8ad5927ab79607b6'|'Thai Intouch''s VC arm to finalize two deals this year'|'Thai telecom company Intouch Holdings Pcl on Thursday said its venture capital arm plans to finalize two deals by mid-year.The company''s venture capital fund has 200 million baht ($5.8 million), which can be invested in the technology, telecommunications, and media sectors, said Tomyantee Kongpoolsilpa, vice president, group investor relations.Intouch has another 1.6 billion baht to invest in future projects, and can afford to take on more debt due to its current low levels of debt, she told reporters.The telecom firm plans to expand its home shopping company and take it to Thailand''s top three by 2018, she said.At present, the firm''s home shopping network, High Shopping, has the fourth-largest market share of 5.6 percent in Thailand. High Shopping was formed in 2015 in a joint venture with South Korea''s Hyundai Home Shopping Network.Singapore Telecommunications owns 21 percent of Intouch, which is the largest shareholder of Advanced Info Service Pcl, Thailand''s biggest mobile operator.(Reporting by Chayut Setboonsarng; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-thailand-intouch-idINKCN18E0US'|'2017-05-18T06:19:00.000+03:00'
'7e35ef3f7409286e37e0eef76447198e26fcd4a8'|'3i reports 36 pct rise in total return, recommends higher dividend'|'By Dasha Afanasieva - LONDON LONDON May 18 Private equity fund 3i on Thursday reported a 36 percent total return for the year to March 31 and recommended a 18.5 pence per share final dividend.The fund, which makes private equity and infrastructure investments and recently sold its debt management arm, said total return rose to 1,592 million pounds ($2.06 billion) from 824 million a year earlier.It proposed a final dividend of 18.5 pence per share, up from 16p a year earlier, which would raise the total dividend for the 2017 financial year to 26.5p from 22p per share, subject to shareholder approval.The company generated 982 million pounds of proceeds through disposals and refinancings including the sale of baby feeding company Mayborn and promotional products supplier Polyconcept, at an average money multiple of 3.7x.But the company, which invests in mid-market companies operating across Europe, Asia and the Americas, had written down its investment in lingerie chain Agent Provocateur to nil after accounting irregularities had concealed its true financial position. The total writedown for the year was 49 million pounds.The private equity industry has been flooded with cheap capital looking for higher returns than the public markets which has pushed up valuations raising concerns that private equity returns will be depressed."There''s a lot more money around there looking for deals than there are deals," Simon Borrows, chief executive of 3i said on a call with reporters, adding that 3i tries to go to acquisition targets directly instead of taking part in auctions.Borrows said 3i was investing more of its money in continental northern Europe and the United States."Our portfolio in the UK is quite small... we see the UK market as being completely over-served and competitive."Investing primarily in utilities, transportation and social infrastructure in Britain and Europe, 3i''s infrastructure assets under management increased to 2.9 billion pounds from 2.3 billion pounds largely due to fundraising and strong portfolio performance.3i''s shares were down 0.42 percent at 837 pence at 0708 GMT.($1 = 0.7720 pounds) (Reporting by Dasha Afanasieva; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/3i-group-results-idINL8N1IK1J8'|'2017-05-18T05:50:00.000+03:00'
'9ac4926f8cb95a0bcd0e5d964cbca027d1e0dcfb'|'Time for pause on European cyclicals, Morgan Stanley says'|' 27pm BST Time for pause on European cyclicals, Morgan Stanley says LONDON Morgan Stanley warned that richly valued European stocks closely geared to economic growth were set for a pull-back as earnings momentum slows and macro tailwinds fade. The broker cut its ratings on British engineering firm Bodycote ( BOY.L ) and Swedish firm SKF ( SKFb.ST ) to "underweight" as part of a broader turn toward a more cautious stance on the region''s capital goods sector. In a report titled "Cyclicals - Time to Leave the Party", Morgan Stanley strategists led by Graham Secker and Matthew Garman, pointed out that valuations of cyclical stocks relative to the broader market were close to a 40-year high. "...the group looks overbought and expensive as we approach a peak in PMIs and EPS momentum," the strategists said in a note to clients. They recommended clients add to relatively safer consumer staples stocks. Some of this shift was already underway in Europe after worries about growing political turmoil in the U.S. sparked a selloff across global stock markets. (Reporting by Vikram Subhedar; editing by Danilo Masoni)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-europe-morganstanley-cyclicals-idUKKCN18D255'|'2017-05-18T00:24:00.000+03:00'
'85ca30880cc810db0a31b6f112d766995c3983d1'|'Lloyds claims taxpayers have made <20>900m profit from bailout - Business - The Guardian'|'Taxpayers have made a near-<2D>900m profit on the sale of their shares in Lloyds Banking Group, the lender claimed, as the government offloaded its final stake in the bank and closed a chapter of the 2008 financial crisis.Almost nine years ago, the government pumped <20>20.3bn into Lloyds, buying up a stake that was 43% at its peak. The bank said proceeds of the share sales and dividends since then meant taxpayers had received nearly <20>900m more than the government pumped in. The bank was born out of the financial crisis, when Lloyds TSB rescued HBOS from the brink of collapse, and has since undergone an overhaul that has led to 57,000 job cuts and a dramatic scaling-back of its lending activities under Ant<6E>nio Horta-Os<4F>rio , who joined in 2011.Lloyds reaches landmark as government sells final shares Read more Horta-Os<4F>rio<69> who has received almost <20>40m in cash and bonuses during his tenure <20> said: <20>Today the government has sold its last shares in Lloyds Banking Group , receiving more money than was originally invested.<2E> The sell-off means a share bonus worth <20>850,000 <20> included in that total <20> will be released next year.There are a number of ways of calculating the cost of the bailout. Lloyds<64> calculations do not include the <20>3.6bn cost of borrowing funds in the depths of the 2008 crisis, while the Office for Budget Responsibility has used other methodology to show the government will ultimately break even.The National Audit Office<63>s most recent assessmen t of the overall financial sector rescue concludes taxpayers would lose out and have not been <20>compensated ... for the degree of risk accepted in providing the support<72>. As well as Lloyds, the NAO<41>s assessment included the bailout of Royal Bank of Scotland, the nationalisation of Northern Rock and parts of Bradford & Bingley, and emergency funding schemes.However, Philip Hammond, the chancellor, said taxpayers<72> money in Lloyds had been recouped, which he hailed as a <20>major achievement<6E>.The government bought the shares during three stages of the financial crisis at an average price of 73.6p a share. The stake<6B>s final sale was confirmed on Wednesday, amid the general election campaigning and after a four-year process. Previous shares had been sold at prices above 73.6p. But in October, Hammond decided to press on with selling off the government<6E>s remaining 9% stake at a lower price.Ian Gordon, banks analyst at Investec, pointed out that the shares were trading at 52.5p when Hammond sanctioned the sell-off. <20>We see the taxpayers<72> loss as investors<72> gain <20> the shares have already rallied by 34% in the intervening period. We believe there is further to go,<2C> said Gordon. The shares were trading at 70p on Wednesday.Speculation is mounting that Horta-Os<4F>rio will leave now the stake has been sold. He has been linked with roles at rival banks including HSBC, and there have been rumours of a move into the political sphere in his native Portugal. But he has insisted: <20>The job is not done.<2E><>Six years ago we inherited a business that was in a very fragile financial condition. Thanks to the hard work of everyone at Lloyds, we<77>ve turned the group around,<2C> he said.While the takeover of HBOS is often blamed for the enlarged bank<6E>s problems, Lloyds<64> finance director, George Culmer, said the mis-selling of payment protection insurance was also a major issue that required action <20>right across the bank<6E>.Finalising the bill for that PPI scandal <20> which has already topped <20>17bn <20> and paying compensation to victims of the HBOS Reading scandal are among the issues facing Lloyds. The bank is also in the throes of taking over credit card firm MBNA which will take its share of the market to 26% and add to its financial dominance: Lloyds has a 25% share of current accounts, 22% of retail deposits and 21% of mortgages.Despite Hammond<6E>s celebratory remarks, the sell-off has not taken place as envisaged by his predecessor George Osborne who had aimed to hold a discounted share s
'a3620166cb8d79ae5c3aa79e733102dfe7a46bb3'|'U.S. economy seen less likely to grow 3 percent this year: Reuters poll'|'Business News - Thu May 18, 2017 - 9:38am EDT U.S. economy seen less likely to grow 3 percent this year: Reuters poll FILE PHOTO: Shipping containers sit at the ports of Los Angeles and Long Beach, California, U.S. on February 6, 2015. REUTERS/Bob Riha, Jr./File Photo By Rahul Karunakar The probability that the U.S. economy will grow 3 percent this year has fallen over the last month as weak data and political concerns have dented confidence, according to a slim majority of economists in a Reuters poll. That finding comes as hopes for tax cuts and other pro-growth policies promised by President Donald Trump have faded amid reports Trump tried to interfere with an investigation into ties between his first national security adviser and Russia. Those reports prompted the biggest sell-off in U.S. equities since early September. With Washington policymakers distracted by Trump''s political problems, the risks of a longer timeline to see the realization of tax reforms and other pro-growth fiscal policies have increased. A rapid pace of expansion is essential for Trump''s broader economic agenda but the U.S. economy grew at its slowest pace in three years in the first quarter, just 0.7 percent on an annualized basis. While the latest poll of 100 economists, taken May 12-18, showed growth will rebound in the second quarter to 3.2 percent, forecasts suggest that will be the best rate through to the end of next year, with annual averages for this year and next well below the 3 percent target. "The weak first quarter growth estimate makes it impossible for the U.S. to reach the 3 percent threshold <20> it would require three straight quarters of over 5 percent annualized growth," said Rebecca Mitchell, economist at IHS Markit. Fifty-three percent of respondents who answered an extra question said the chance of achieving 3 percent growth had fallen over the past month; 37 percent said it had not changed and just 10 percent said it had risen. (For a graphic: reut.rs/2quCpvM ) Breaking it down further, predictions for average growth in the first two quarters taken together or the first half of the year, are slightly lower than what was expected last month. The consensus is for growth in a range of 2.4 to 2.5 percent per quarter from July this year through the end of 2018. Even inflation forecasts have been cut slightly from last month. The U.S. Federal Reserve''s preferred inflation gauge, the core PCE price index, is not expected to reach the central bank''s 2 percent target until the second quarter of next year. Those predictions not only highlight the divergence between the U.S. administration''s expectations for 3 percent growth - trimmed from an earlier 4 percent - and the economy''s actual performance, they also show the challenge that Trump faces. Indeed, economists in several Reuters polls since the start of the year, including the latest, have said chances for achieving 3 percent growth were low. "We always thought a 3 percent growth rate this year was a remote possibility. The weak economic data in the first quarter and the diminishing prospect for stimulative fiscal policy this year appear to validate that forecast," said Scott Anderson, chief economist at Bank of the West. Still, the Fed is expected to continue with its plan to hike interest rates twice more this year after March''s 25 basis point lift. The poll predicted a 25 basis point hike in the second quarter and a follow-up increase in the third, taking the fed funds rate to a range of 1.25 to 1.50 percent. "Most Fed officials, at least in their comments, still appear resolute in their normalization plan. It''s one of the reasons why the June rate hike is firmly on the table. After that rate hike it has clearly been more debatable whether or not there will be another rate hike," said Sam Bullard, senior economist at Wells Fargo. "There is still a lot of runway left before we get to the June meeting, and even after that, before hard decisions need to be
'1c45ee35474e417628d784c4ef6730a53cb08e60'|'Thai Intouch''s VC arm to finalize two deals this year'|'Deals - Thu May 18, 2017 - 4:19am EDT Thai Intouch''s VC arm to finalize two deals this year Thai telecom company Intouch Holdings Pcl on Thursday said its venture capital arm plans to finalize two deals by mid-year. The company''s venture capital fund has 200 million baht ($5.8 million), which can be invested in the technology, telecommunications, and media sectors, said Tomyantee Kongpoolsilpa, vice president, group investor relations. Intouch has another 1.6 billion baht to invest in future projects, and can afford to take on more debt due to its current low levels of debt, she told reporters. The telecom firm plans to expand its home shopping company and take it to Thailand''s top three by 2018, she said. At present, the firm''s home shopping network, High Shopping, has the fourth-largest market share of 5.6 percent in Thailand. High Shopping was formed in 2015 in a joint venture with South Korea''s Hyundai Home Shopping Network. Singapore Telecommunications owns 21 percent of Intouch, which is the largest shareholder of Advanced Info Service Pcl, Thailand''s biggest mobile operator. (Reporting by Chayut Setboonsarng; Editing by Sherry Jacob-Phillips) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-thailand-intouch-idUSKCN18E0US'|'2017-05-18T12:19:00.000+03:00'
'e0c991991ca8e09846d81c3db94612077a70130e'|'EU mergers and takeovers (May 18)'|'BRUSSELS May 18 The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALSNoneNEW LISTINGS-- Private equity firms Advent International and Bain Capital Investors to jointly acquire payment services company RatePAY (notified May 17/deadline June 26/simplified)-- Private equity firm Oaktree to acquire German nursing care provider Vitanas P&W (notified May 17/deadline June 26/simplified)EXTENSIONS AND OTHER CHANGES-- American healthcare company Johnson & Johnson to acquire Swiss biotech company Actelion (notified April 12/deadline extended to June 12 from May 24 after the companies offered concessions)-- Norwegian debt collection agency Nordic Capital, which is majority owned by Nordic Capital Fund VIII and Swedish peer firm Intrum Justitia to merge (notified April 12/deadline extended to June 12 from May 24 after the companies offered concessions)FIRST-STAGE REVIEWS BY DEADLINEMAY 19-- Italian cinema operator The Space Cinema, which is controlled by Vue International Holdco Ltd, and Italian peer UCI Italian S.p.A. which is part of Chinese conglomerate Dalian Wanda Group, to set up a joint venture (notified April 7/deadline May 19)-- U.S. packaging company WestRock to acquire U.S. peer Multi Packaging Solutions (notified April 7/deadline May 19)MAY 22-- Investment firms Cinven Capital Management and Canada Pension Plan Investment Board to acquire joint control of Travel Holdings Parent Corporation (notified April 10/deadline May 22)MAY 29-- French EDF to acquire equipment and fuel manufacturing company Areva (notified April 18/deadline May 29)MAY 30-- French media group Vivendi to acquire de facto sole control of Italy''s Telecom Italia (notified March 31/deadline extended to May 30 from May 12 after Vivendi offered concessions)MAY 31-- Manufacturing and technology company General Electric''s Oil & Gas to acquire oilfield services company Baker Hughes (notified April 20/deadline May 31)-- Investment companies TPG and Oaktree to take joint control over Britain''s Iona Energy Co, which owns 75 percent of two undeveloped oil fields in the North Sea and that will be active in crude oil production and sale (notified April 20/deadline May 31/simplified)JUNE 1-- French aircraft engine and aerospace equipment company Safran and China Eastern Airlines Co. Ltd. to form joint venture to provide aircraft maintenance in China (notified April 21/deadline June 1/simplified)-- Energy company Electricite de France, French state-owned bank Caisse des depots et consignations and Japan''s Mitsubishi Corporation to create a joint venture NGM to finance electric mobility projects mainly in France (notified April 21/deadline June 1/simplified)-- Waste water company SGAB and Spanish infrastructure company Acciona to acquire 10 percent of Sociedad Concesionaria de la Zona Regable del Canal de Navarra (notified April 21/deadline June 1/simplified)JUNE 2-- Australian bank Macquarie and British pension fund Universities Superannuation Scheme to acquire Green Investment Bank (notified April 24/deadline June 2/simplified)JUNE 7-- German company CWS-Boco, which is part of German firm Haniel, to acquire some of British support services firm Rentokil''s workwear and hygiene units (notified April 26/deadline June 7)JUNE 8-- German chemicals company Evonik Industries to acquire U.S. company J.M. Huber Corp''s silica business (notified April 27/deadline June 8)JUNE 9-- Private equity firm Hellman & Friedman to acquire Spanish logistics platform Allfunds Bank (notified April 28/deadline June 9/simplified)-- U.S. smartphone chipmaker Qualcomm to acquire Dutch companyr NXP Semiconductors NV (notified April 28/deadline June 9)-- Chinese textiles company Shanghai Shenda to acquire International Automotive Components Group''s trim and acoustics unit business (notified April 24/deadline June 9/simplified)JUNE 14-- Private equity firms BC Partners and Pollen Street Capital Ltd to jointly acquire UK bank Shawbrook
'85e413970de327cf88b2c7f4c5a921e07e8d4578'|'Elliott discloses 9.2 percent stake in Athenahealth, shares soar'|'By Michael Flaherty Activist investor Elliott Management disclosed a 9.2-percent stake in Athenahealth Inc ( ATHN.O ) on Thursday, citing "numerous" operational and strategic opportunities for the healthcare software provider to boost its shares.Shares of Athenahealth, a $4.1-billion company based in Watertown, Mass., jumped 15.7 percent to $123 in premarket trading.Elliott is a $33-billion multi-strategy hedge fund and an aggressive activist investor, launching more activist campaigns than any other hedge fund in the last few years.The New York-based fund has broadened out its activism, from the technology sector to mining, retail, and healthcare.The investment was disclosed in a securities filing and did not come with a letter from the fund, leaving Elliott''s actual investment thesis and plan unclear for now.Elliott''s filing contained the standard language of a new activist campaign, saying the fund would seek to engage in a dialogue with Athenahealth''s board regarding opportunities to increase shareholder value.An Athenahealth spokeswoman was not immediately available for comment.(Additional reporting by Natalie Grover in Bengaluru; Editing by Sai Sachin Ravikumar and Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-athenahealth-stake-elliott-idINKCN18E1S6'|'2017-05-18T11:23:00.000+03:00'
'23aa83cdcbbd10ce89b84e69c5ab3c6abfef4dad'|'UPDATE 1-Snowstorm contributed to 2015 crash landing of Air Canada flight -TSB'|'Market News  07am EDT UPDATE 1-Snowstorm contributed to 2015 crash landing of Air Canada flight -TSB (Adds details, remarks from press conference) By Allison Lampert MONTREAL May 18 The 2015 crash landing of Air Canada flight 624, which landed short of the runway at a Halifax airport in a snowstorm injuring 25, was caused by approach procedures, poor visibility and insufficient airfield lighting, the Transportation Safety Board of Canada said on Thursday. No one was killed in the accident that took place just past midnight and sent the plane sliding along the runway at Halifax/Stanfield International Airport, in the Canadian province of Nova Scotia. The Airbus A320 was flying from Toronto and was carrying 133 passengers and five crew members. The plane''s crew had set the autopilot to the correct angle of descent, and left it on a little bit longer than required, TSB investigators said. But because Air Canada''s procedures did not require the flight crew to monitor the plane''s altitude and distance to the runway, the pilots did not notice that the winds had shifted the aircraft from the correct flight path, "The fact that the auto pilot was on a little bit longer didn''t necessarily - in and of itself play a role in this accident," TSB Chair Kathy Fox told reporters in Halifax. "It was the fact that Air Canada procedures didn''t require the crews to crosscheck altitude versus distance." The runway lights at the airport were also not adjusted to their maximum setting, despite requests by the flight crew during the approach, the TSB accident report said. Following the accident, both Air Canada and the airport''s authority took safety actions to address these deficiencies, the TSB said. Air Canada said in a statement that it is working with "stakeholders and addressing various issues raised in the report." Airbus could not be immediately reached for comment. (Reporting By Allison Lampert; Editing by W Simon and Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/aircanada-crash-idUSL2N1IK0Q2'|'2017-05-18T23:07:00.000+03:00'
'7967e5e7c16884c3c3e21f27c1a254e124d2e74b'|'EMERGING MARKETS-Trump turmoil sends emerging markets into tailspin'|'Market News - Thu May 18, 2017 - 5:52am EDT EMERGING MARKETS-Trump turmoil sends emerging markets into tailspin By Karin Strohecker - LONDON LONDON May 18 Rising uncertainty over U.S. President Donald Trump''s future slammed emerging markets on Thursday, with equities down almost 1 percent and Brazilian assets taking an additional hit from an escalation in local political risk. MSCI''s emerging market equity benchmark fell for a second straight day and Russian dollar-denominated stocks chalked up some of the biggest losses with a drop of 1.6 percent. Developing stocks took their cue from Wall Street, where the Dow and S&P 500 both tumbled 1.8 percent overnight following reports that Trump tried to interfere with a federal investigation, throwing doubt over his pro-growth policies and raising the possibility he may be forced to quit the presidency. An exclusive Reuters report detailing interactions between major players in Trump''s campaign and Russian officials is continuing to roil markets. nL2N1IJ0UK] Emerging currencies got a drubbing, with South Africa''s rand , Turkey''s lira and Mexico''s peso all also weakening for a second straight session, slipping as much as 2 percent against the dollar. Yields on local benchmark bonds in Turkey and South Africa hit the highest since the end of April. "We are seeing a classic rise in global uncertainty with risk assets being out of favour and positions being closed on some of the most risky emerging markets such as Turkey and South Africa," Credit Agricole''s head of emerging market strategy Sebastian Barbe said. "We have been advising clients to be a bit cautious, even before the Trump issues, because volatility was low, good news had been priced in and protectionist fears had already receded." The rouble weakened nearly 1 percent in its third straight session of losses as falling oil prices also weighed. Meanwhile, a Brazilian media report implicated President Michel Temer in a corruption scandal that could derail investors'' huge appetite for the country''s assets. Newspaper O Globo reported that Temer gave his blessing to an attempt to pay a potential witness to remain silent in the country''s biggest-ever graft investigation, according to plea-bargain testimony from a powerful businessman. "This is not just the usual political noise that''s spreading to markets, it can impact the ability of the government to finalise reforms which are necessary for appetite of investors to continue," Barbe said. The London-listed iShares MSCI Brazil tumbled more than 12 percent, though the real remained unchanged against the dollar. Emerging equities have risen 15 percent so far this year and emerging bond returns are among the best in the world but AllianzGlobal Investors'' head of emerging debt, Greg Saichin, said this appeared in peril. "We have had 21 weeks of inflows into the asset class turning it into a more crowded trade," Saichin said. "If there would be a pain event of any sort you have enough flows that could reverse this happy state of affairs." For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 998.21 -10.42 -1.03 +15.77 Czech Rep 1010.26 -10.38 -1.02 +9.62 Poland 2267.94 -34.27 -1.49 +16.43 Hungary 34045.32 -101.17 -0.30 +6.38 Romania 8424.48 -32.13 -0.38 +18.91 Greece 779.96 -9.12 -1.16 +21.18 Russia 1078.21 -26.09 -2.36 -6.43 South Africa 47836.72 +332.65 +0.70 +8.96 Turkey 95015.45 -709.50 -0.74 +21.60 China 3090.40 -14.04 -0.45 -0.43 India 30528.07 -130.70 -0.43 +14.65 Currencies Latest Prev Local Local close currency currency '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL8N1IK2HW'|'201
'9cd02425246d69d577e5391e771a48a82b0abd25'|'Spanish government does not plan injection of public funds into Banco Popular'|'Business News   3:19pm BST Spanish government does not plan injection of public funds into Banco Popular A man walks next to Banco Popular headquarter in Lisbon, Portugal, March 17, 2016. REUTERS/Rafael Marchante/File Photo MADRID Spain''s economy minister said on Thursday the Spanish government did not foresee any injection of public funds into troubled lender Banco Popular ( POP.MC ). Popular''s capital levels were still above regulatory requirements, Luis de Guindos said at an event in Madrid, citing feedback from the Bank of Spain. Several Spanish banks this week have shown interest in a potential merger with Popular, as its new management considers options for how to cope with billions of euros in toxic assets. (Reporting by Sarah White; Writing by Angus Berwick; Editing by Jesus Aguado)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-banco-popular-government-idUKKCN18E20W'|'2017-05-18T22:19:00.000+03:00'
'703d160da6d53cecc9bde7df984b14e307e08a2f'|'Royal Mail profit falls, expects letter volume decline'|'Top News   2:34pm BST Parcels growth drives Royal Mail''s profit beat, shares rise FILE PHOTO: A Royal Mail vehicle drives along the M6 motorway near Knutsford, northern England, April 8, 2016. REUTERS/Phil Noble/File Photo By Esha Vaish Royal Mail''s ( RMG.L ) annual profit fell by less than expected as tighter cost controls and growth in its European delivery and UK parcel businesses helped offset a continued decline in letters. After years of underinvestment, Royal Mail was privatised in 2013 and has since reduced layers of management, improved vehicle utilisation rates, upgraded technology and cut its property bill. The former monopoly has closed over 30 mail centres since 2008 and cut staff numbers by 12,000 in the past four years. But competition is getting tougher in the parcels market because of new entrants such as Amazon ( AMZN.O ), while letter volumes continue to fall. Royal Mail also needs to convince unions to back its plan to close a pension scheme. Chief Executive Moya Greene told Reuters Royal Mail accounted for about 41 percent of the revenue generated in the 6.2 billion pound UK parcels market, although Amazon''s decision to start its own deliveries had further squeezed an overcrowded market. "(Amazon''s decision has) been a very important change ... because it has, in an overcapacity situation, added more capacity and through the power of its market place given Amazon a very powerful position in our market," Greene said. "That said, Royal Mail has come through very well." The company, which has been able to replace all lost Amazon business, said it had seen an increase in parcels sent through its account and noted higher delivery productivity in its UK unit. Full-year adjusted operating profit before transformation costs fell 6 percent to 712 million pounds, versus consensus of 694 million pounds. Total dividend was up 4 percent at 23 pence. Hargreaves Lansdown senior analyst Laith Khalaf said Royal Mail was well placed to capitalise on expectations of higher parcel volumes as more shoppers use mobile devices to order goods. "Royal Mail has posted a solid set of results against a challenging backdrop...A decent rise in full-year dividend, combined with share price falls over the last year, means the stock is now yielding over 5 percent," he said. Shares were up 1.7 percent at 438 pence at 1209 GMT, making it one of the top FTSE 100 gainers .FTSE . The company''s stock is down 14 percent over the past year as its last two updates showed that uncertainty due to Brexit had worsened the decline in letters volumes. Full-year addressed letter volume, excluding the impact of political parties'' election mailings, were down 6 percent and Greene said she expected business uncertainty to continue for a while yet, with marketing and business mail volumes hit. Royal Mail said that if business uncertainty persisted the fall in volumes would be at the higher end of a previous forecast of a 4 to 6 percent decline annually. Greene said that while she did not know how soon pension talks with unions would complete, she remained optimistic. (The story was refiled to correct the spelling of the CEO''s surname throughout) (Reporting by Esha Vaish in Bengaluru; editing by Jason Neely and David Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-royal-mail-results-idUKKCN18E0J0'|'2017-05-18T14:31:00.000+03:00'
'6426a7234b6fa76221f56b0ab2596cb806df39cd'|'Texas regulators still opposed to NextEra''s $18 bln Oncor deal'|'Deals  29pm EDT Texas regulators still opposed to NextEra''s $18 billion Oncor deal By Tom Hals - WILMINGTON, Del. WILMINGTON, Del. Texas regulators on Thursday said they remained opposed to NextEra Energy Inc''s ( NEE.N ) proposed $18 billion acquisition of Oncor, the largest network of power lines in Texas, a deal regulators have said was not in the public interest. Oncor is majority owned by bankrupt Energy Future Holdings Corp, which has been trying to the sell power distribution business to repay it creditors. The state''s Public Utility Commission blocked the sale in March, but NextEra asked the commission to reconsider its decision. "I''m inclined to believe our original decision was the correct one," Commissioner Kenneth Anderson said at Thursday''s hearing, which was broadcast over the internet. However, the commissioners agreed they would not rule on a request to reconsider their March decision until June 7 to allow further briefing on the deal. NextEra did not immediately respond to a request for comment. Juno Beach, Florida-based NextEra has been pursuing Oncor and its steady revenue stream since 2015. Energy Future has argued that the deal would put Oncor under the control of a large, stable utility holding company and provide the best outcome for Energy Future creditors, who have been waiting to be repaid since the company filed for bankruptcy in April 2014. Earlier this month, investment fund Elliott Management sued Energy Future and alleged it has been prevented from pursuing its proposal to bring Energy Future out of bankruptcy. Elliott, Energy Future''s largest creditor, wants to convert the company''s debt into equity and eventually put Oncor under the fund''s control. Shares of NextEra were up 0.1 percent at $136.57 in midday trading on the New York Stock Exchange. (Reporting by Tom Hals in Wilmington, Delaware; Editing by Phil Berlowitz)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-energyfutureholdings-nextera-oncor-idUSKCN18E2FH'|'2017-05-19T00:20:00.000+03:00'
'9b86cdd11c9348bd3d303dca0b6d09fab1026f3b'|'Parliamentary vote mix-up will not impact Allied Irish sale - minister'|' 31pm BST Parliamentary vote mix-up will not impact Allied Irish sale - minister A gardener mows the grass outside the headquarters of AIB on the day the bank announced it''s results, in Dublin April 12, 2011. REUTERS/Cathal McNaughton DUBLIN A mix-up in Ireland''s parliament on Thursday that allowed passage of a motion calling on the government to delay the flotation of state-owned Allied Irish Banks ( ALBK.I ) will not affect the proposed sale, Finance Minister Michael Noonan said. Ireland''s government has appointed several banks to act as bookrunners and global coordinators for the potential sale of a 25 percent stake in AIB, and Noonan has said the nearest window to sell the shares runs from mid-May to early July. The small opposition Labour Party called last week for the sale to be delayed until the government is able to convince the European Union to change its fiscal rules and allow the proceeds to be used on capital investment. Noonan opposed the non-binding motion, saying any funds recouped would be used to pay down the state''s debt. But the motion was deemed to have passed after opposition lawmakers said the government forgot to call a vote to oppose it. "What happened today at the vote was a misunderstanding and is in dispute now and there are discussions ongoing with the Ceann Comhairle''s (speaker of the lower house) office," Noonan told parliament. "I would remind the house that the house has already voted for the programme for partnership government which allows for the sale of not more than 25 percent of any bank before the end of 2018." Noonan''s minority government appeared to have had sufficient support to block the motion after it won the backing of the main opposition party, Fianna Fail, ahead of the issue returning to the lower house on Thursday. Pearse Doherty, finance spokesman for the opposition Sinn Fein party, said the government forgot to call a vote as it was distracted by the succession race triggered by Prime Minister Enda Kenny''s decision on Wednesday to step down as leader of the governing Fine Gael party. Noonan, who said last week that market conditions were encouraging for a sale, added that he not yet made any decision about when or whether to proceed with the initial public offering. (Reporting by Padraic Halpin; editing by Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-aib-ipo-idUKKCN18E2FS'|'2017-05-19T00:31:00.000+03:00'
'e71ebc1253eb7552e20550121acd53d79149784a'|'Eating tree nuts may cut risk that colon cancer will return -study'|'Health News - Wed May 17, 2017 - 5:02pm EDT Eating tree nuts may cut risk that colon cancer will return: study By Julie Steenhuysen - CHICAGO CHICAGO Colon cancer survivors who ate at least two ounces (57 grams) of tree nuts a week - roughly 48 almonds or 36 cashews - were significantly less likely to have their cancer return or to die from their cancer than those who did not eat nuts, U.S. researchers said on Wednesday. The finding by Dr. Temidayo Fadelu of Dana-Farber Cancer Institute in Boston and colleagues is the latest to suggest a health benefit from nut consumption. The researchers analyzed a questionnaire about dietary intake from a clinical trial of 826 patients with stage III colon cancer - a stage in which the cancer has spread to nearby lymph nodes but not other parts of the body. All of the patients in the study had received surgery and chemotherapy to treat their colon cancers. People who reported that they ate more than two ounces of tree nuts per week - about 19 percent of the study participants - had a 42 percent lower chance of cancer recurrence and a 57 percent lower chance of death than those who did not eat nuts. The benefit applied only to tree nuts and not peanuts or peanut butters, said Fadelu, whose study was released in advance of the upcoming American Society of Clinical Oncology (ASCO) meeting to be held early next month in Chicago. That may be because peanuts are legumes, which may have a different metabolic composition than tree nuts, Fadelu said. "This study shows that something as simple as eating tree nuts may make a difference in a patient''s long-term survival," ASCO President Daniel Hayes said in a statement. Hayes said basic healthy eating is often overlooked by doctors and their patients in cancer care. The team focused on nut consumption because prior studies have shown that eating nuts can reduce the risk of obesity and diabetes - factors that also influence the risk of recurrence and death from colon cancer Fadelu said further studies should look at whether tree nuts are associated with better health outcomes at other stages of colon cancer. The study was funded by the National Cancer Institute, the National Institutes of Health and Pfizer Inc. (Reporting by Julie Steenhuysen; Editing by Bill Rigby) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-health-cancer-nuts-idUSKCN18D2P8'|'2017-05-18T05:00:00.000+03:00'
'31eafcf973c905c1f20dab9dbd92ba916d5fd8c7'|'BRIEF-Ithaca Energy says qtrly average production of 9,337 barrels of oil equivalent per day'|'Market News - Mon May 15, 2017 - 5:37am EDT BRIEF-Ithaca Energy says qtrly average production of 9,337 barrels of oil equivalent per day May 15 Ithaca Energy Inc * Qtrly average production of 9,337 barrels of oil equivalent per day * Average production in 2017 is forecast to be in range of 18,000 to 19,000 boepd (80% oil) * Qtrly unit operating expenditure reduced to $21/boe, down from $23/boe average rate in 2016 * Qtrly earnings of $11 million * Forecast 2017 net unit operating expenditure is anticipated to be approximately $18/boe Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-ithaca-energy-says-qtrly-average-p-idUSASA09PME'|'2017-05-15T17:37:00.000+03:00'
'a3e30ea14acf14beb208f023778a28520d7289da'|'Blackout parties: how solar and storage made WA farmers the most popular in town - Guardian Sustainable'|'A long the remote southern coastline of Western Australia , the locals have cottoned on to a new, surefire way to keep their beer cold.The energy grid around Esperance and Ravensthorpe is unreliable at the best of times, but after a bushfire took out the poles and wires around these far-flung outback towns last year, the power company asked residents if they might be interested in trying out a more economically and environmentally sustainable way to keep the lights on and the bar fridge humming.Rather than fully rebuild the sprawling infrastructure required to reconnect all residents to the grid, network operator Horizon Power turned to WA renewables pioneer Carnegie Clean Energy to help roll out stand-alone solar and storage systems.Biofuels: could agave, hemp and saltbush be the fuels of the future? Read moreThe Carnegie managing director, Michael Ottaviano, said the scheme had led to a new phenomenon in the towns. <20>People assume the grid is something reliable and permanent, but in reality it is a centralised system with very long lines out to remote communities <20> it is in fact highly susceptible to failure,<2C> he says.<2E>And when it does now we<77>re hearing our customers are having blackout parties. You take Raventhorpe for instance, which has several hundred houses, only half a dozen of which have our systems <20> the people living there suddenly become very popular when the power goes out.<2E>Rodney Locke, a farmer near Esperance, says blackouts had plagued his property long before the Yarloop bushfire decimated the area<65>s energy infrastructure last year. He says he jumped at Horizon Power<65>s offer for an alternative way of doing things.He had his property fitted out with a solar and storage system, and has had the odd visitor since <20> although nothing too out of hand, he says.<2E>There are a couple of people we know who drop in once a week anyway, so, well, if there<72>s a blackout, instead of sitting at home in the dark, they come and visit,<2C> he says.<2E>The beer does stay colder with the power on <20> it doesn<73>t have to be drunk as quick. Actually, come to think of it, maybe it should be the other way round? Maybe we should be the ones visiting the places with no power <20> help drink their beer before it gets warm.<2E>It is but one small example of how perceptions around solar energy are changing in what remains one of Australia<69>s most politically conservative states. Once regarded as an eco-warrior<6F>s pipe dream, renewable energy is suddenly the hottest ticket in WA, a gateway to independence in a fiercely self-reliant place.Maybe we should be the ones visiting the places with no power <20> help drink their beer before it gets warmFarmer Rodney LockeA breakdown of data from the Clean Energy Regulator has concluded the state is rising in the solar energy national rankings.Analyst Warwick Johnston, the managing director of SunWiz, said WA<57>s rise is the most notable outtake from the industry research. <20>The biggest change has been Western Australia leapfrogging Victoria into third place when it comes to the number of new solar installations,<2C> he says.Queensland and New South Wales remain in first and second position respectively.Johnston noted solar installations numbers spiked in late 2016, and continued on into the new year, with the first quarter of 2017 one of the industry<72>s strongest-ever periods.He partly credited solar and storage systems like those rolled out by Horizon Power in Ravensthorpe and Esperance for the growth.Negative emissions tech: can more trees, carbon capture or biochar solve our CO2 problem? Read more<72>With batteries now readily available on the market, many people are taking this opportunity to install both solar and batteries <20> or to upgrade the size of their existing solar systems,<2C> he says.<2E>The price of solar has dropped low enough and power prices are rising high enough for this to make economic sense for many commercial operators, too.<2E>The Horizon Power managing director, 
'457cbe120ba3501652a5e21f5ee6793af6926db5'|'easyJet posts bigger-than-expected first half loss'|'Business News - Tue May 16, 2017 - 4:05pm BST EasyJet looks to bigger planes to limit costs after tough first half An EasyJet passenger aircraft makes its final approach for landing in Colomiers near Toulouse, Southwestern France, November 24, 2016. REUTERS/Regis Duvignau By Alistair Smout () - British budget airline easyJet ( EZJ.L ) said it was looking to bigger planes to help keep a lid on costs after it reported a larger than expected first-half loss on Tuesday. Europe''s largest low cost carrier after Ryanair ( RYA.I ) said the weak pound and the late timing of Easter this year had hit its first-half results, sending its shares down more than 7 percent, although it still expects a full-year profit. The company announced that it had arranged to convert part of an Airbus order to larger planes, which would cut costs per seat, and was also postponing some orders of smaller planes. At the same time, it was seeing signs that revenue pressure was easing with rivals holding back on growth in some of its big markets. "Our bookings for the summer are ahead of last year showing that demand to fly remains strong," Chief Executive Carolyn McCall said. EasyJet reported a headline pretax loss of 212 million pounds for its first half, widening from a 21 million pound loss a year ago and higher than Thomson Reuters estimates for a loss of 195.75 million pounds. The airline, which often makes a loss in winter and a profit in summer, said it was comfortable with the market consensus for full year pretax profit of 367 million pounds. It also stuck to a target to keep costs per seat flat in its 2019 financial year compared with 2015, although they are due to rise this year by 1 percent. "We said it would be a bit of a bumpy ride as we make some investments," Chief Financial Officer Andrew Findlay told analysts when asked about cost targets. SHARES SLIDE The first half figures included an estimated 45 million pound hit from Easter falling into the second half of its financial year this year, and a negative net currency impact of 82 million pounds. EasyJet shares were down 7.5 percent in afternoon trade but they had risen around 40 percent in the past three months. "The recent share price rally needed an upgrade, in our view, with too much hope that better long-haul trading seen at flag carriers would come to pass in short-haul too," said analysts at Panmure Gordon. "Our Sell rating reflects the stuttering growth profile." EasyJet said it will take 30 Airbus A321neo planes with 235 seats from next summer, instead of 30 smaller A320neo planes. The larger planes will enable it to reduce costs per seat by about 8-9 percent compared with the 186-seater A320neo. McCall said the larger planes would probably be used to fly out of airports such as London Gatwick, Paris Orly and Amsterdam where it is hard to get new slots. CFO Findlay said easyJet had exercised some deferral rights on Airbus planes as part of the switch to the larger planes in order to keep a lid on spending. Together with plans to exit some operating leases, that means easyJet now expects to have 343 planes in its fleet in 2021, versus a previous plan for 357. Its capital expenditure plans will come down by 250 million pounds over the next three years. The airline is seeking a new operating licence in another EU member state to ensure it can continue flying within and between EU member states following Brexit, which it said it would secure before the summer. (Additional reporting by Victoria Bryan in Berlin; Editing by Keith Weir and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-easyjet-results-idUKKCN18C0GR'|'2017-05-16T14:31:00.000+03:00'
'8e2bb906f177dff8594c360304137683c386da90'|'BRIEF-Carl Icahn dissolves shared share stake in Nuance Communications'|' Carl Icahn dissolves shared share stake in Nuance Communications May 15 (Reuters) - * Carl Icahn dissolves shared share stake in Nuance Communications Inc - SEC filing * Carl Icahn - Change in holdings are as of March 31, 2017 and compared with the previous quarter ended as of Dec 31, 2016 Source text for quarter ended March 31, 2017 ( bit.ly/2pQ15LR ) Source text for quarter ended Dec. 31, 2016: ( bit.ly/2qoFThV )'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-carl-icahn-dissolves-shared-share-idUSFWN1IH16U'|'2017-05-16T06:04:00.000+03:00'
'af8364fc6a89f3d4197fcf6a2b61b184286c8e63'|'DERIVATIVES-Citigroup launches "credit VIX"'|'Market News  21am EDT DERIVATIVES-Citigroup launches "credit VIX" By Helen Bartholomew LONDON, May 16 (IFR) - Citigroup has launched a credit equivalent of Wall Street''s "fear gauge" that is intended to provide an accurate metric for risk aversion in the asset class. Citi''s "credit VIX" mirrors the CBOE''s VIX methodology, using a weighted average of option prices on credit default swap indices across a range of strikes. The new index, which tracks implied volatility across investment-grade and high-yield CDS indices in the US and Europe, was developed in response to rising interest in the VIX as it plummeted to its lowest level in a quarter of a century last week. "We replicated this methodology to create a ''credit VIX'', which we think captures a lot more information contained within option markets, allowing it to serve as a more accurate metric for broad risk aversion, and one which we think investors should track going forward," said Aritra Banerjee, a credit analyst at Citigroup. As one of the fastest growing instruments for bank credit desks, CDS index options have become popular among investors to hedge credit tail events. Given the high demand is for downside protection, a steep skew - the difference between at-the-money and out-of the-money strikes - would be ignored by traditional risk barometers. "At present we usually look at things like at-the-money implied volatility or payer skew to ascertain the level of risk being priced in credit markets," said Banerjee. "However, looking at just one point misses useful information contained elsewhere in option prices." According to Banerjee, clients are already keen to trade instruments linked to the benchmark, enabling them to trade pure credit variance in a single transaction. The liquidity profile of the credit options market could prove to be a hurdle in the short term, Banerjee said. To trade such instruments, a bank must recreate the credit VIX by buying and selling options in very specific sizes across the full spectrum, where there may not always be the liquidity to hedge exposure perfectly. "We think more work needs to go into the effective pricing and hedging of such products, as well as for more standardisation of market-wide conventions," said Banerjee. Those developments would include central clearing of credit options and standardisation of option expiry fixings. TRADABLE BENCHMARK Citi is not alone in its endeavours. JP Morgan has already traded swaps linked to its own credit version of the VIX that launched in late 2015. The VTRAC-X family of CDS volatility trackers is similar to Citi''s latest iteration and priced off a basket of weighted option prices across all traded strikes for any given expiry. Although volume has been low to-date, a JPM spokesperson confirmed rising interest across products that give investors access to credit volatility. The VTRAC-X benchmarks are quoted in price rather than spread, similar to the VIX and reflecting the quoting convention of Markit''s CDX HY. According to JPM analysts, the focus on price addresses concerns that a simple application of VIX methodology to credit options quoted on a spread basis would not accurately reflect the actual level of market implied volatility. Citi''s credit vol benchmarks are quoted in line with options market convention. They note that credit VIX tends to correlate well with CDS index spread moves, particularly in Europe. Analysis shows that spreads across various US and European credit indices show a beta of around 0.35-0.4 to moves in credit VIX. The analysis also shows that the implied volatility environment is even more benign for credit than it is in equities. While VIX hit 9.56 last week, credit VIX hit similar lows earlier in the year. Banerjee said that the difference is explained by structural differences between the two markets. "The credit market is a much younger one than the deeply entrenched equity market. As a result there are fewer systematic short-volatility strategies in credi
'b8d09b7a8129dd105b655a0438e846ed3b754e26'|'JPMorgan''s Dimon defends alignment with Trump, deregulation efforts'|'By Dan Freed - NEW YORK NEW YORK May 16 JPMorgan Chase & Co Chief Executive Jamie Dimon on Tuesday responded to criticism from angry shareholders of his role advising President Donald Trump on economic matters, saying he would help "any president" in office.At the bank''s annual meeting in Wilmington, Delaware, several attendees demanded answers from Dimon about his role on a White House business council and JPMorgan''s involvement with financial deregulation efforts in Washington."I would try to help any president of the United States, because I''m a patriot," Dimon said. "That does not mean we agree with all the policies that an administration comes up with."Asked whether he would step down from Trump''s Strategic and Policy Forum, which includes over a dozen leaders of major corporations, Dimon said simply, "No."Like annual shareholder meetings held by other big U.S. banks this year, JPMorgan''s was dominated by activists concerned about Trump''s positions on immigration, minorities, human rights and the environment.The actual business of the meeting was less controversial: voting shareholders sided with management on all major resolutions, including the election of directors and executive compensation. Activists'' proposals were rejected.In discussing Trump, Dimon repeated a metaphor he has used several times about the president being a pilot and the United States an airplane.He also defended JPMorgan''s track record with issues shareholders raised, including its support for "free and fair trade" with Mexico, and argued that efforts to reduce Wall Street regulations will help the economy. (Reporting by Dan Freed; Writing by Lauren Tara LaCapra; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/jpmorgan-meeting-idINL2N1II0X4'|'2017-05-16T13:42:00.000+03:00'
'0fdc6ffaeca8ebe85cea3dbce3b7a664a5fb731e'|'France''s post-election 30-year bond sale weighs on market'|'* France''s 10s/30s yield spread widens to highest since Dec 2014* Germany, Belgium among potential sellers of long-dated bonds* Euro zone GDP data could put upward pressure on yields* Euro zone periphery govt bond yields tmsnrt.rs/2ii2BqrBy Abhinav RamnarayanLONDON, May 16 The gap between 10- and 30-year French government bond yields reached its widest since December 2014 ahead of a 30-year bond sale seen as the first big test of sentiment since France''s presidential election.France''s debt agency has been monitoring the market for a 30-year bond sale via syndication - a system where the borrower appoints banks to sell bonds directly to investors - and started marketing the deal on Tuesday.Although French government bonds have rallied sharply since it became apparent that centrist Emmanuel Macron would become president ahead of anti-euro, far-right leader Marine Le Pen, investors will be keeping a close eye on this sale."The appetite for this deal should be good, but we will be watching it closely because parliamentary elections are coming up and they will determine whether Macron can form an effective government," said ING strategist Benjamin Schroeder.Macron appointed a conservative prime minister on Monday in a move to broaden his political appeal and weaken his opponents before parliamentary elections in June.Tuesday''s sale will also demonstrate investor appetite for duration, particularly with other long-dated bond sales expected from Germany, euro zone bailout fund EFSF and possibly Belgium."The spread between 10- and 30-year has been under steepening pressure since the middle of last month, which we think reflects issuance expectation in the sector," Mizuho strategists said in a note.Germany is slated to sell 30-year bonds on Wednesday while Belgium has cancelled a bond auction for next week. Analysts said that may be because the Belgian debt agency is planning a 15- or 20-year bond sale this week.Euro zone bailout fund European Financial Stability Facility is widely expected to sell long-dated bonds this week, and Slovenia is selling bonds maturing in 2027 and 2040 on Tuesday.The gap between France''s 10- and 30-year debt rose to 108.1 basis points on Monday, the highest level since December 2014.High-rated euro zone bond yields were flat to a basis point higher ahead of the release of euro zone economic output numbers for the first quarter of the year, due at 0900 GMT.Reuters estimates are for 1.7 percent growth year-on-year, a figure that could put further upward pressure on yields.The yield on Germany''s 10-year government bond, the benchmark for the region, up 1 basis point to 0.43 percent.The lower-rated Southern European bonds outperformed, with the yield on Spanish, Italian and Portuguese 10-year government bonds down 1-3 bps.For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets(Reporting by Abhinav Ramnarayan; Editing by Hugh Lawson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-idINL8N1II1CV'|'2017-05-16T06:20:00.000+03:00'
'0b8053962389230a256acd0a2e70dc5c78470c7f'|'Fashion retailer Rue21 files for Chapter 11 bankruptcy protection'|'May 15 U.S. teen fashion retailer Rue21 Inc filed for Chapter 11 protection on Monday in the Western District of Pennsylvania bankruptcy court.The retail chain, which sells budget-priced clothing and accessories at over 1,100 stores across the United States, listed assets and liabilities in the range of $1 billion and $10 billion, according to the court filing. bit.ly/2qmdri3Rue21 has entered into a Restructuring Support Agreement with certain stakeholders and expects to continue normal operations throughout the Chapter 11 process, it said in a statement late Monday.It has also reached agreements to obtain up to $125 million in debtor-in-possession (DIP) financing from existing lenders, and up to $50 million in new money term loan DIP financing from a group of its existing term loan lenders.Rue21 said the new financing "will support day-to-day operations during the reorganization", adding that they may evaluate additional store closures, apart from the planned 400 store closures it began last month.The retailer, reeling under debt and declining foot traffic, is struggling to repay a debt load of nearly $1 billion. Much of that debt stems from a $1.1 billion leveraged buyout by private equity firm Apax Partners LLP in 2013.Rue21 is the latest in a long line of retailers filing for bankruptcy as shoppers shift their spending online. In April, discount shoe retailer Payless ShoeSource filed for bankruptcy and planned immediate closures of 400 of its over 4,000 stores worldwide.(Reporting by Sangameswaran S in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/rue21-bankruptcy-idINL4N1II203'|'2017-05-16T02:45:00.000+03:00'
'4150de7e09e24d29a59fa74da6aab55beb697e55'|'Fiat Chrysler shares drop on U.S. diesel emissions probe'|'Thu May 18, 2017 - 9:41pm BST Fiat Chrysler shares drop on U.S. diesel emissions probe A screen displays the ticker information for Fiat Chrysler Automobiles NV at the post where it''s traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 12, 2016. REUTERS/Brendan McDermid/Files By David Shepardson - WASHINGTON WASHINGTON Fiat Chrysler Automobiles NV ( FCHA.MI ) (FCA) shares fell 1 percent in U.S. trading on Thursday on reports the Justice Department is preparing to file a civil suit against the automaker for selling 104,000 vehicles that emit excess diesel emissions. Reuters reported on Wednesday the Justice Department may file a suit under the Clean Air Act as early as this week if no agreement is reached with the Italian-American automaker. The U.S. Environmental Protection Agency and California Air Resources Board in January accused FCA of illegally using undisclosed software to allow excess diesel emissions in 104,000 U.S. 2014-2016 Jeep Grand Cherokees and Dodge Ram 1500 trucks. That was the result of a probe that stemmed from regulators'' investigation of rival Volkswagen AG ( VOWG_p.DE ) excess emissions. Shares of the company fell as much as 4 percent on the New York Stock Exchange before closing at $10.48, down 1 percent. The vehicles engines were manufactured by VM Motori SpA, a subsidiary of FCA, and some component parts for the engines were supplied by Robert Bosch GmbH. Bosch faces about two dozen lawsuits from owners in connection with the FCA diesel vehicles. The Justice Department and the EPA have obtained internal emails and other documents written in Italian that look at engine development and emissions issues that raise significant questions, people briefed on the investigation told Reuters. The investigation has scrutinized VM Motori actions. FCA acquired a 50 percent stake in VM Motori in 2010 and the remainder in October 2013. A federal judge in California set a May 24 hearing on a series of lawsuits filed by owners of vehicles and some dealers against Fiat FCA and the Justice Department is expected to file its action by then if no agreement is reached. FCA said on Wednesday it believed any litigation would be "counterproductive" to ongoing discussions with the EPA and California. The company said it "will defend itself vigorously, particularly against any claims that the company deliberately installed defeat devices to cheat U.S. emissions tests." The automaker said in a court filing late on Wednesday it was working closely with the EPA and California in a bid to win approval to sell 2017 diesels. FCA said testing is ongoing by regulators and it hopes to "install modified emissions software" without requiring any hardware changes to address regulators'' concerns. The company said it was ensuring potentially relevant documents are preserved, disclosing it has an "investigation hold" covering about 190 current and former employees related to the diesel vehicles under investigation. The European Commission has launched legal action against Italy for failing to respond to allegations of emission-test cheating by Fiat Chrysler in a procedure that could lead to the country being taken to court. (Reporting by David Shepardson; Editing by Bernadette Baum and Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-fiatchrysler-emissions-idUKKCN18E1ZW'|'2017-05-19T04:35:00.000+03:00'
'db40f6261052ba187a7389d227c0ad462428b042'|'Trump administration starts countdown to NAFTA talks in mid-August - Reuters'|'Money   8:54am IST Trump administration starts countdown to NAFTA talks in mid-August U.S. President Donald Trump looks over at Colombia''s President Juan Manuel Santos (L) during their joint news conference at the White House in Washington, U.S. May 18, 2017. By David Lawder - WASHINGTON WASHINGTON The Trump administration on Thursday set the clock ticking toward a mid-August start of renegotiations of the North American Free Trade Agreement with Canada and Mexico to try to win better terms for U.S. workers and manufacturers. With a letter to U.S. lawmakers, U.S. Trade Representative Robert Lighthizer said he triggered a 90-day consultation period with Congress, industries and the American public that would allow talks over one of the world''s biggest trading blocs to begin by Aug. 16. Renegotiation of NAFTA was a key campaign promise of U.S. President Donald Trump, who frequently called the 23-year-old trade pact a "disaster" that has drained U.S. factories and well-paid manufacturing jobs to Mexico. Trump has pledged to use the NAFTA talks to shrink goods trade deficits that stood at $63 billion with Mexico and $11 billion with Canada last year, according to U.S. Census Bureau data. Lighthizer told reporters NAFTA has been successful for U.S. agriculture, investment services and the energy sector, but not for manufacturing. He added that he hopes to complete negotiations by the end of 2017. "As a starting point for negotiations, we should build on what has worked in NAFTA and change and improve what has not," Lighthizer said in a conference call with reporters. "If renegotiations result in a fairer deal for American workers there is value in making the transition to a modernized NAFTA as seamless as possible." In his letter to congressional leaders, Lighthizer said NAFTA needs modernization for provisions on digital trade, intellectual property rights, labor and environmental standards, regulatory practices, rules for state-owned enterprises and food safety standards. The Obama administration attempted to address many of these deficiencies in the 2015 Trans-Pacific Partnership trade deal, which included Canada and Mexico, but Trump pulled out of TPP in one of his first official acts as president. Canada and Mexico both welcomed the U.S. move to launch a NAFTA revamp. Mexican Foreign Minister Luis Videgaray, speaking at a news conference with Secretary of State Rex Tillerson in Washington, said the trade pact needed updating after nearly 25 years. "The world has changed, we''ve learned a lot and we can make it better," he said. Canadian Foreign Minister Chrystia Freeland said Canada was "steadfastly committed to free trade in the North American region," noting that 9 million U.S. jobs depend on trade and investment with Canada. U.S. Chamber of Commerce president Thomas Donohue urged U.S. officials to "do no harm" to businesses that depend on trade with Canada and Mexico and to move quickly on a new trilateral deal. As the administration took its first formal step toward NAFTA renegotiations, the U.S. Commerce Department launched an investigation on Thursday into Boeing Co''s anti-dumping claims against Canadian rival Bombardier''s new CSeries jetliners, drawing a threat from Canada to review a deal to buy Boeing fighter jets. Lighthizer''s letter ( here %20Notification.pdf) is less detailed than a draft sent to lawmakers in March, which listed as objectives tax equality and the ability to reimpose tariffs if Mexican and Canadian imports pose a serious injury threat to U.S. industry. Trump late in April had considered a full withdrawal from NAFTA, but was persuaded by senior officials in his administration to pursue negotiations instead. Lighthizer said he did not think a new threat to withdraw from NAFTA would be necessary. "As the president has said, we are going to give renegotiation a good strong shot," Lighthizer told reporters, adding that he believed Canada and Mexico would negotiate in good
'05786d71d0ecd608f1bc948f73e9af4400334c51'|'EU charges Altice of taking control of PT Portugal before approval'|'BRUSSELS The European Commission alleged on Thursday that telecoms group Altice had breached EU rules by implementing its acquisition of PT Portugal before notification or approval by EU antitrust regulators.Altice agreed on a deal in Dec. 2014 with Oi, the Brazilian operator controlling PT Portugal, to acquire sole control of the Portuguese telecoms company.Altice notified the Commission in Feb. 2015 of its plans and the Commission cleared the transaction with conditions in April 2015."In today''s Statement of Objections, the Commission takes the preliminary view that Altice actually implemented the acquisition prior to the adoption of the Commission''s clearance decision, and in some instances, prior to its notification," the Commission said in a statement.It added that the purchase agreement put Altice in a position to exercise influence over PT Portugal before notification and clearance.If the Commission were to conclude that Altice did implement the transaction too early it could impose a fine of up to 10 percent of Altice''s annual worldwide turnover.The Commission added the investigation did not reverse its approval of the transaction.(Reporting By Philip Blenkinsop)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-altice-m-a-eu-idINKCN18E0LU'|'2017-05-18T05:04:00.000+03:00'
'e338941f12028747d25223ab8f4b32edb0acd681'|'Johnson & Johnson offers EU concessions over Actelion deal'|'BRUSSELS U.S. healthcare giant Johnson & Johnson ( JNJ.N ) has offered concessions in a bid to address EU antitrust concerns over its $30 billion bid for Swiss biotech company Actelion ( ATLN.S ), the European Commission said on Thursday.The EU competition enforcer extended its review of the deal to June 12 from May 24, according to a filing on its website. It did not provide details. Johnson & Johnson put in the offer on Wednesday.The deal, the biggest in the European pharmaceutical industry in 13 years, would give J&J access to Actelion''s range of high-price, high-margin medicines for rare diseases, helping it diversify its drug portfolio as its biggest product, Remicade for arthritis, faces cheaper competition.The Commission is expected to seek feedback from consumers and rivals before deciding whether to accept the offer, demand more or open a four-month long investigation.(Reporting by Foo Yun Chee; editing by Philip Blenkinsop)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-actelion-m-a-johnson-johnson-eu-idINKCN18E17L'|'2017-05-18T08:12:00.000+03:00'
'd2a75cf11f13b1453f64f3e1ab38c200e8f25a63'|'Poland''s PGNiG urges tough stance in EU antitrust case vs Gazprom'|'Business News  11pm BST Poland''s PGNiG urges tough stance in EU antitrust case vs Gazprom The PGNiG Termika Zeran heat power station is seen across Vistula river in Warsaw, Poland August 19, 2015. REUTERS/Kacper Pempel By Agnieszka Barteczko - WARSAW WARSAW State-run Polish oil and gas company PGNiG PGN.WA urged the European Commission on Thursday to take a tough stance in its antitrust investigation into Gazprom ( GAZP.MM ), saying the Russian company should have to pay a fine and sell assets. EU competition regulators said in March that concessions made by Gazprom following charges it has abused its dominant position in central and eastern European gas supplies should ease concerns of market abuse. That provisional deal moved closer to ending one of Brussels'' longest-running antitrust probes, which could have seen Gazprom fined up to 10 percent of annual global turnover. However, the deal is subject to feedback from some EU states and market players, and Poland, which imports most of the gas it consumes from Russia, said in March it would use "all legal means" to block the proposed settlement. "The European Commission should financially punish Gazprom and create competitive conditions on the gas market," PGNiG said on Thursday, presenting details of the feedback it has to send to the Commission by Friday. Chief Executive Piotr Wozniak told a news conference that Gazprom had abused anti-monopoly laws by, for example, setting different gas prices for different clients, imposing higher prices for some clients and linking its gas supplies with control over gas infrastructure. "We have calculated every single cent we have overpaid for the gas," Wozniak said, but declined to give a figure for this or the size of fine it was seeking for Gazprom. PGNiG also said it wanted the Commission to take steps to prevent Gazprom from abusing its dominant position in future. It said Gazprom should have to sell controlling stakes in companies that own key gas infrastructure in the EU, including the Jamal-Europe gas pipeline, as well as the Opal link and Katharina underground gas storage in Germany. Wozniak said PGNiG was the last market participant to provide feedback in the EU''s antitrust case against Gazprom. "Mostly everyone has focused on its own market, but there is some agreement regarding the sale of infrastructure (...)," he said. (Reporting by Agnieszka Barteczko; Writing by Marcin Goclowski; Editing by Greg Mahlich and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gazprom-pgnig-idUKKCN18E1MB'|'2017-05-18T20:11:00.000+03:00'
'0a6027222941c9c15295624aa3b275dbb7fbda25'|'How much does ECB policy add to euro zone growth?'|' 21pm BST How much does ECB policy add to euro zone growth? Benoit Coeure, board member of the European Central Bank (ECB), is photographed during an interview with Reuters journalists at the ECB headquarters in Frankfurt, Germany, May 17, 2017. REUTERS/Kai Pfaffenbach By Jeremy Gaunt - LONDON LONDON The European Commission has sought to explain what lies behind its projection of 1.7 percent economic growth in the euro zone this year -- with surprisingly little credit given to European Central Bank monetary policy. As the following graphic on the Commission''s website shows, monetary policy is said to add just 0.1 percent to the growth total -- not much given a raft of negligible and even negative interest rates plus monthly asset purchases of 60 billion euros (<28>51.5 billion) a month. To be fair, it a case of definitions. As Commission notes linked to the website state, the impact of "unconventional monetary policy" -- the asset-buying quantitative easing -- are not captured in the data. Similarly, it says ECB monetary policy clearly plays into other listed contributors to growth, including the biggest, the 1.3 percent assigned to "productivity developments". As ECB board member Benoit Coeure told Reuters this week: <20>Our models show that around half of the recovery since the crisis can be attributed to monetary policy.<2E>'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-impact-idUKKCN18F184'|'2017-05-19T19:21:00.000+03:00'
'85c3e992b1aadb78e73062a198ebc9bf7635bea6'|'Canada''s Home Capital''s savings deposit balances rise'|'TORONTO Canada''s biggest non-bank lender Home Capital Group Inc on Thursday published data showing that its high interest savings account balances had risen on Wednesday but its cashable guaranteed income certificate deposits (GICs) continued to fall.Home Capital has been struggling to finance its assets as its high interest deposit accounts have fallen by more than 90 percent since March 27, when the company terminated the employment of former Chief Executive Martin Reid.The withdrawals accelerated after April 19, when Canada''s biggest securities regulator, the Ontario Securities Commission, accused Home Capital of making misleading statements to investors about its mortgage underwriting business. The company has said the accusations are without merit.Home Capital said its high-interest rate savings deposit balances stood at C$120.2 million ($88.4 million) on Thursday, compared with C$116.8 million the day before.Its cashable GIC deposits, which holders can redeem before their maturity date, fell to C$146 million on Thursday, compared with C$153 million on Wednesday.The company last Friday said uncertainty around future funding had cast doubt about whether it could continue as a going concern.Home Capital relies on deposits from savers and GICs to fund its lending to borrowers, such as self-employed workers or newcomers to Canada, who may not meet the strict criteria of the country''s biggest banks.The company said it had access to C$1.47 billion in available liquidity and credit capacity on Wednesday, compared with C$1.48 billion a day earlier.($1 = 1.3605 Canadian dollars)(Reporting by Matt Scuffham)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-home-capital-lender-deposits-idUSKCN18E331'|'2017-05-19T04:55:00.000+03:00'
'b90c40fe8a110f656375920895f9f30960ca24b8'|'Sterling''s fall is golden for UK manufacturers as export orders rise - Business'|'UK factories have cashed in on the sharp fall in the pound since the Brexit vote, with export orders at the joint highest level in three and a half years.The stronger than expected findings from a survey by the CBI, the UK business trade body, suggest manufacturers had a decent start to the second quarter, boosting hopes that the sector will help prop up the wider economy as a consumer slowdown takes hold .<2E>The summer sun has come out early for Britain<69>s manufacturers . Robust demand at both home and abroad is reflected in strong order books, and output is picking up the pace,<2C> said Rain Newton-Smith, chief economist at the CBI.Factories also enjoyed strong demand from domestic customers, driving total order books to the highest level in more than two years, according to the CBI<42>s latest industrial trends survey.In a further sign of strength, output at Britain<69>s factories grew at the fastest pace since December 2013, underpinned by the mechanical engineering and chemicals sectors. Firms expected production to rise again in the coming quarter. ''People still want to work here'': can British business survive Brexit? Read more Of the 432 firms that took part in the survey, conducted between 25 April and 12 May, 22% said their export order books were above normal for the time of year, while 12% said they were below normal. That gave a balance of +10%, the joint highest balance since December 2013.Economists said strong export orders were a sign that manufacturers were benefiting from a drop in the value of the pound since the Brexit vote last June. The pound is about 13% lower against the dollar than it was on the day of the referendum, making British-made goods cheaper abroad.<2E>The improvement in the export orders balance, to its joint highest since December 2013, indicates that the drop in the pound is still having substantial positive effects for manufacturing exporters,<2C> said Ruth Gregory, UK economist at Capital Economics .<2E>The upbeat survey supports our view that the manufacturing sector should perform well this year and help to offset some of the slowdown in consumer spending growth.<2E>Manufacturers have reported factories working at full capacity in recent months to meet demand from overseas customers benefiting from the low pound. The EEF, which represents manufacturing firms, said last week that orders were improving as UK exporters enjoyed an improved competitive position <20>vis-a-vis the pound depreciation<6F> and global growth picked up strongly from a dip last year.UK inflation jump means the 2017 voter is getting poorer - Larry Elliott Read more But there is anecdotal evidence that while manufacturers have boosted production, they remain reluctant to increase investment and expand capacity. Many remain nervous that the fallout from the Brexit negotiations may harm the economy. They are also concerned that sterling could rise, wiping out the benefit for exporters, should the Brexit talks proceed smoothly and the UK strike a beneficial trade deal with Brussels.The CBI pointed out that although orders and output were up at UK factories, manufacturers were facing higher costs for imported raw materials. As a result, firms were expecting to raise their selling prices.<2E>On the other side of the coin, we have mounting cost pressures and expectations for factory-gate price rises are running high,<2C> said Newton-Smith. <20>Boosting productivity is key to alleviating some of the cost pressures that manufacturers are facing. Sustained investment in innovation and education will be vital to shore up the success of British industry.<2E>The CBI findings ended a mixed week for economic data. The latest official jobs figures show prices rose at a faster pace than pay in the first three months of the year, putting household budgets under increased pressure. But they also show record levels of employment, with unemployment at a 42-year low.Workers<72> average earnings rose by 2.1% year on year in the three months to March
'd19e9a64e4d05320d5ddeb9ca12773253940e177'|'Ex-RBS boss Fred Goodwin returns to spotlight in <20>520m court battle - Business'|'Fred Goodwin Ex-RBS boss Fred Goodwin returns to spotlight in <20>520m court battle Controversial banker will be forced to publicly account for bank<6E>s <20>45bn bailout in case brought by 9,000 shareholders Fred Goodwin: the former RBS chief is being sued by 9,000 shareholders. Photograph: Murdo Macleod for the Guardian Fred Goodwin Ex-RBS boss Fred Goodwin returns to spotlight in <20>520m court battle Controversial banker will be forced to publicly account for bank<6E>s <20>45bn bailout in case brought by 9,000 shareholders View more sharing options Friday 19 May 2017 14.42 BST Last modified on Friday 19 May 2017 14.51 BST For eight years, Britain<69>s most vilified banker has kept a low profile. But next week in London<6F>s high court a <20>520m legal case will force Fred Goodwin into the limelight. Thousands of shareholders in Royal Bank of Scotland are accusing the institution<6F>s former chief executive <20> along with three former board colleagues and the bank itself <20> of misleading them when they bought the bank<6E>s shares in a failed rescue attempt in April 2008. Goodwin is scheduled to appear at the high court over two days starting on the day of the general election, 8 June. It will be the first time Goodwin has been forced to publicly account for the bank<6E>s <20>45bn taxpayer bailout since politicians on the Treasury select committee questioned him in February 2009. It will also be the first time senior bankers have been questioned about their role during the financial crisis in a London court. For the 58-year-old Scotsman it will be an unwelcome intrusion into a life that now involves playing golf and tinkering with vintage cars in Edinburgh. But for the 9,000 private shareholders and major institutions bringing the legal action, it is a moment they have been working towards for years. RBS reports first quarterly profit since 2015 as it tries to turn corner Read more RBS has tried to stop the case getting to court. In the last six months , the bailed-out bank has reached settlements with 87% of the investors that had issued lawsuits in connection with the crucial <20>12bn cash call in April 2008 at the heart of the case. The shareholders in the high court case, who lost all their money in the failed fund raising when RBS was rescued by the taxpayer that September, argue that they were misled about the scale of the bank<6E>s problems at the time. Sir Howard Davies, the chair of RBS, told the bank<6E>s annual general meeting earlier this month: <20>The settlement does not constitute any admission of liability by the bank, but allows us to minimise material litigation expense and management distraction.<2E> The shareholders involved in the high court case <20> who include former staff and football club owner Trevor Hemmings <20> have not agreed to an out-of-court deal. Others such as former RBS board member Sir Angus Grossart, also a former shareholder, have attempted to join. Unless a settlement can be agreed at the 11th hour, the case involving Goodwin, his former chair Sir Tom McKillop, and two others who were at the helm of the bank during the run-up to its near collapse will begin on Monday. Goodwin<69>s defence costs will be covered by the bank and have already reached <20>6.5m <20> part of the colossal <20>125m legal bill RBS has incurred so far. He is being prepared for the case by his legal team at Clifford Chance who will be advising him on what to expect in court and prepare his formal witness statement. It is a civil case heard before a high court judge without a jury so Goodwin does not face any criminal sanction, but RBS is facing a compensation claim of <20>520m plus interest <20> which could take it up to <20>800m <20> from the investors. PR expert Mark Borkowski believes the court appearance <20> Goodwin<69>s evidence is scheduled for next month <20> is a moment for the banker to show <20>chastened humility<74>. The once-feted banker <20> he was awarded Forbes businessman of the year in 2002 <20> has <20>disappeared off the radar<61> since his departure from RBS in October 2008 
'176b3418230b1d817e91fe762cda7e0d511d204d'|'Remote air traffic control preparing for takeoff at London City airport - Business'|'Manned air traffic control towers, a reassuring fixture at airports since the dawn of civil aviation nearly a century ago, could soon be made obsolete by technological advances allowing arrivals and departures to be monitored from miles away using live streams of high-definition video.A 50-metre control tower is being built at London City airport but it will be populated by a suite of HD cameras instead of humans, as it vies to become the first major hub in the world to manage its traffic remotely.From 2019, the controllers<72> window over the Docklands<64> skyline in east London will be a bank of HD screens, joined in a seamless panorama in a digital control room at Nats, the UK<55>s national air traffic control service, in Swanwick, Hampshire. They will monitor a live feed from 14 cameras at London City, 80 miles away <20> and for now, a week<65>s worth of recorded action shot from a crane before the tower is built.The airport believes it will allow staff to monitor aircraft on the runway and track the skies better than before. The complete 360-degree view has been condensed into a 225-degree arc, meaning the controller can in effect have eyes in the back of their heads <20> even if they peruse what appears to be a banana-shaped runway. From this room, the controller can pan and zoom cameras for a detailed view, sharper than the binoculars of old.Sitting in the air traffic controller<65>s chair in Swanwick, you get a piercingly clear, bird<72>s-eye view of the aircraft lining the runway and the waves lapping the docks by the Thames, as the sound of engines revving filters through.Facebook Twitter Pinterest The Saab-designed augmented reality HD screens. Photograph: Morten Watkins/Solent News & Photo Agency/Morten Watkins/Solent News & Pho But what has most enthused controllers is the Pok<6F>mon Go-style augmented reality that the system brings. Overlaid on the live video image, at the flick of a switch, is all the data that used to occupy several other screens or terminals. While staring out of the virtual window at an incoming plane, the controller can see all the identifying flight and radar information in the skies alongside it.Alison FitzGerald, chief operations officer at London City, said: <20>You appreciate the view, but it<69>s the augmented reality that<61>s the real game-changer: the aircraft call signs, the ability to detect anything in the airspace, to identify things that normally wouldn<64>t be clear, weather information, so we can make much better decisions. It<49>s providing more tools in front of them rather than having to look away.<2E>At night, the contours of the runway can be highlighted with graphics. In low light, visibility can be improved. And should cameras detect anything that is not authorised traffic <20> any four-pixel moving dot that could be anything from a passing helicopter to a drone <20> the system can automatically zoom in and track it, with a pop-up inset window on the video cityscape. Steve Anderson, head of transformation at Nats, said: <20>It<49>s heads-up, all the info is there while they are looking at the screens, everything they don<6F>t have at the moment. That<61>s why it<69>s the future.<2E>The sounds of the airport are also played over speakers, to make this virtual world more realistic - potentially noisier, in fact, than some insulated control rooms - after trials showed it helped controllers. <20>It sounds a bit silly pumping noise into a control room but it<69>s something they need to do the job,<2C> Anderson added.The system has been developed by Swedish defence manufacturer Saab, using technology from its Gripen fighter jet. Digital control towers are so far only in operational use in two small airports in Sweden, with a third at Saab<61>s Link<6E>ping home to follow this year. Trials have taken place around the world, including in Ireland, the US and Australia.Facebook Twitter Pinterest Staff give a demonstration in the operations room at Nats in Swanwick. Photograph: Andrew Matthews/PA Three separate , independent and
'c5f374ae89bf0d42b5411a8b637b2adfa52626dc'|'Vistra Energy in takeover talks with Dynegy: WSJ'|'Power producer Vistra Energy Corp has proposed to take over debt-laden rival Dynegy Inc, the Wall Street Journal reported on Thursday, citing people familiar with the matter.The Texas-based companies are in initial talks and a deal is still far from guaranteed, the Journal reported. on.wsj.com/2pR20ADDynegy emerged from Chapter 11 bankruptcy, in October 2012 after it had filed for protection from creditors a year earlier, burdened by costly power plant leases. reut.rs/2pR7hrEVistra Energy declined to comment on the bid while Dynegy was not immediately available for comment outside regular U.S. business hours.(Reporting by Bhanu Pratap in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-dynegy-m-a-vistra-energy-idINKCN18F056'|'2017-05-18T23:52:00.000+03:00'
'e33a4e712688904b7814a0d162b727c8aa41ef34'|'Australian billboard firms scrap $545 million takeover on regulator worries'|'SYDNEY Australia''s two biggest billboard companies on Friday called off a deal in which APN Outdoor Group Ltd ( APO.AX ) would buy rival oOh!media Ltd ( OML.AX ) for A$735 million ($544.93 million), after the antitrust regulator raised concerns.The companies said in a statement that they disagreed with the view that a tie-up would harm competition but that regulatory intervention "represents an unacceptable risk to a successful merger"."The advertising market is increasingly dominated by online digital advertising services and a merger of the two businesses would enhance, rather than restrict, the development of the out-of-home advertising services in Australia," the statement said.If the companies made concessions to satisfy the Australian Competition and Consumer Commission''s concerns, it "would adversely compromise the overall merits of the transaction", it added.Announcing the all-shares deal in December, APN and oOh!Media said they would cut costs and improve their ability to grow.But earlier this month the ACCC said it took a preliminary view that combining the companies would amount to a "substantial lessening of competition" and possibly less innovation.For shareholders of oOh!Media, the deal, worth A$4.48 per share, represented a more than doubling of its issue price when it listed just two years earlier. Its shares closed at A$4.43 on Thursday.($1 = 1.3488 Australian dollars)(Reporting by Byron Kaye; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ooh-media-m-a-apn-outdoor-grp-idINKCN18F00B'|'2017-05-18T22:03:00.000+03:00'
'a1b79f558309febd624b8fbf198e37643d4f3b9b'|'The west is mired in ''soft'' development. China is trying the ''hard'' stuff - Branko Milanovic - Global Development Professionals Network'|'V iews are sharply divided on the viability and usefulness of the Chinese-led One Belt One Road (Obor) project, which plans to reconstruct the ancient Silk Road trade routes while also building new trading routes out into the oceans.Some in the development world think it will be a colossal waste of money with no practical gains <20> akin to the expeditions that the Chinese Admiral Zheng He led along the coasts of south-east Asia and east Africa in the 15th century, before the whole idea of exploration was abruptly shut down by his emperor. But others believe that it can jump-start worldwide development, broaden globalisation and make it irreversible. The official Chinese news agency described the plan as a <20>Chinese solution to global economic blues<65>.There are two parts of the project that are worthwhile emphasizing: the scope and the philosophy. The scope is immense. The project involves more than 60 countries, two out of every three persons living in the world, and the areas producing 40% of world output. It includes most of the Eurasian continent and eastern Africa. The new scramble for Africa: how China became the partner of choice Read more Nothing vaguely similar has been seen since the Marshall Plan that kickstarted the development of western Europe. The leading western nations have largely lost the ability, or become disenchanted, with large-scale projects, so much so that when we read of past accomplishments (the Suez and Panama canals) and the projects mulled over a century ago (the Berlin-Baghdad railway), they appear to belong to another era. This is to some extent paradoxical because the means that rich countries have now are many times greater than a century ago.This is partly the result of a change in philosophy and partly a <20>withdrawal unto oneself<6C>, where rich countries have become almost afraid to deal with the poor world lest it overwhelms them. For how else to explain the lack of desire to implement such seemingly easy projects that would boost trade and political stability in the Middle East, such as a bridge between Spain and Morocco, or even a Roman-considered bridge from Otranto in southern Italy and Albania?More importantly, Obor represents a major change in developmental philosophy. Since the 1980s, first with structural adjustment loans and then even more so after the fall of communism in the 1990s, western-led development organisations adopted a philosophy where development was no longer seen as brick-and-mortar building of factories and bridges, but as institution-building and policy change. It was a new attitude fully in accord with the intellectual climate of the Reagan-Thatcher era. The reason why countries failed to develop, it was held, was because they had wrong policies: if one privatises, deregulates and liberalises prices, foreign exchange etc, private entrepreneurs will jump at the opportunity and development will happen by itself. These ideas were embodied in the <20>Washington consensus<75> set of policies defined in the early 1980s. There is nothing wrong in these policies if one reads them in their original formulation. The problem was, and the manifest failure came from, the fact that they were a one-sided and incomplete agenda for change. They led to complacency (and intellectual laziness) among development institutions, which believed their role was just to induce the right policy change by delivering money to governments and not engaging in any actual project lending for factories, bridges, dams etc. All of that would be done, it was argued, by the newly unchained private sector. This is how development aid and lending moved towards the <20>soft<66> areas of either budget support to governments or funding for a myriad of <20>worthy causes<65>, which generally meant many conferences on local empowerment, private sector development, transparency in government and the like.The $900bn question: What is the Belt and R
'73a5db4ab0fd4dd0587cac7fa71e342fdd5e1dd5'|'Warburg Pincus sells $275 mln stake in India''s Capital First'|'May 17 An affiliate of private equity firm Warburg Pincus sold a 25 percent stake in Indian non-bank lender Capital First Ltd for 17.67 billion rupees ($275.4 million) in stock market transactions on Wednesday.The Warburg affiliate, Cloverdell Investment Ltd, sold 24.3 million shares at an average price of 727.35 rupees apiece, according to BSE stock exchange data.After the deal, Warburg Pincus'' stake will come down to 36 percent, Capital First said in a separate statement. Local and foreign investors bought the stake sold by the Warburg affiliate, it said.Singapore state investor GIC boosted its stake in Capital First to nearly 13.91 percent by buying an additional 8.93 percent on Wednesday, the Indian company said.Stock exchange data showed GIC bought about 8.7 million shares at 725 rupees each.($1 = 64.1650 Indian rupees) (Reporting by Arnab Paul and Sankalp Phartiyal; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/capital-firs-stake-idINL4N1IJ3W9'|'2017-05-17T12:07:00.000+03:00'
'9447a4494ee9c7a087534eed92445fa98bbee520'|'UPDATE 1-Canada to introduce airline passengers'' bill of rights'|'(Recasts first paragraph, updates stock prices)By Allison Lampert and Leah SchnurrMONTREAL/OTTAWA May 16 The Canadian government unveiled new rules that allow airlines to form joint ventures and guarantee passenger rights on Tuesday, lifting shares of airline stocks.Transport Minister Marc Garneau said he would consider approving joint ventures that allow two or more carriers to coordinate items like scheduling, pricing and sales on certain routes, and confirmed plans announced last November to relax international ownership restrictions on Canadian air carriers, lifting investment limits to 49 percent from 25 percent.Air Canada stock rose 5 percent, hitting a 10-year high of C$17.04 in midday trading, while shares of smaller rival WestJet Airlines were up 2 percent.The new regulations would prevent overbooking incidents like a recent high-profile case of a United Airlines passenger being dragged off a plane in Chicago. The rules would apply to all carriers operating flights into and out of Canada, and ensure that passengers who buy tickets for a flight won''t be forced off a plane because of overbooking, Transport Minister Marc Garneau said."Such incidents will not be tolerated in Canada," Garneau told reporters in Ottawa. "This is non-negotiable."Garneau said the independent Canadian Transportation Agency would be responsible for drawing up the new regulations, which would create clear standards of treatment for cases like lost baggage and lengthy delays on the tarmac, while ensuring fair compensation for passengers who voluntarily give up their seats.Canada aims to have the rules, which would require carriers to report performance data, in place by 2018.Air Canada is on track to complete a joint venture with Air China.Spokeswomen for the two carriers could not be immediately reached for comment.The new regulations, Garneau said, would ensure the traveling public is "treated like passengers and not numbers."The Canadian regulations were expected since 2016, before the April incident on a United Airlines flight which was filmed and quickly went viral on social media. A 69-year-old passenger was dragged from the flight at Chicago''s O''Hare International Airport after he refused to give up his seat to make room for crew members, sparking a global backlash against airline overbooking practices.In the United States, lawmakers threatened United and other carriers earlier this month with legislation aimed at improving customer service, but legislators did not outline any immediate plans for increased oversight of the sector. (Reporting by Allison Lampert in Montreal and Leah Schnurr in Ottawa; editing by G Crosse and Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-airlines-passengers-idUSL2N1II0UL'|'2017-05-16T23:10:00.000+03:00'
'f955c524bc03eacb12f240c8dbbbc90e2454ad9f'|'Facebook to reimburse some advertisers after discovering bug'|'Technology News - Tue May 16, 2017 - 3:00pm EDT Facebook to reimburse some advertisers after discovering bug Facebook logo is seen on a wall at a start-up companies gathering at Paris'' Station F in Paris, France, January 17, 2017. REUTERS/Philippe Wojazer Facebook Inc said on Tuesday it would refund some advertisers after finding a bug that wrongly attributed video carousel ad clicks as clicks to the advertisers'' websites. When users tried to expand and watch the video carousel on the mobile web browser, the bug inadvertently directed the click to the advertiser''s website, leading to incorrect billing, the company said in a blogpost on Tuesday. bit.ly/2rmYPg0. A video carousel ad format shows images and links within a single ad unit and also has a button that directs users to websites. The company said it had fixed the bug, which was not found on the desktop version or the mobile app. The impact from a billing perspective was 0.04 percent of ad impressions, Facebook said. Facebook in September apologized for an error in the way it measured a key metric of video viewership that significantly amplified users'' viewing times on its platform. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-facebook-advertising-idUSKCN18C2ES'|'2017-05-17T03:00:00.000+03:00'
'f8566c6d1691a06f989da937c674cef43ba3a2cf'|'Facebook fined 150,000 euros by French data watchdog'|'Technology News - Tue May 16, 2017 - 11:07am BST Facebook fined $165,645 by French data watchdog FILE PHOTO: An illustration picture shows the log-on screen for the Website Facebook on an Ipad, in Bordeaux, Southwestern France on January 30, 2013. REUTERS/Regis Duvignau/File Photo PARIS Facebook has been fined 150,000 euros ($165,645) by France''s CNIL data watchdog for failure to prevent its users'' data from being accessed by advertisers. CNIL said its fine - which was imposed on both Facebook Inc and Facebook Ireland - was part of a wider European probe also being carried out in Belgium, the Netherlands, Spain and Germany into some of Facebook''s practices. The 150,000 euros fine is small in the context of the company which has quarterly revenue of about $8 billion and a stock market capitalization which stands at around $435 billion. (Reporting by Sudip Kar-Gupta; Editing by Andrew Callus)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-facebook-france-idUKKCN18C10C'|'2017-05-16T18:01:00.000+03:00'
'347191baf173fade9140330773d09b72d2a9ac3d'|'Uber faces legal threat from union over London licence - Technology'|'Uber Uber faces legal threat from union over London licence GMB says it will seek judicial review if Transport for London does not guarantee more rights for drivers The GMB argues that Uber<65>s current business model in London means drivers have to work excessive hours. Photograph: Laura Dale/PA Uber Uber faces legal threat from union over London licence GMB says it will seek judicial review if Transport for London does not guarantee more rights for drivers View more sharing options Tuesday 16 May 2017 20.39 BST First published on Tuesday 16 May 2017 17.27 BST Uber has come under further pressure in London after a union threatened legal action if the capital<61>s transport authority renews the taxi app<70>s licence without guaranteeing more rights for drivers. In a legal letter sent this week, the GMB union warns Transport for London (TfL) that failure to impose conditions which guarantee income for Uber drivers while limiting their number in the city and the hours they can work would <20>breach the relevant standards of reasonableness and would accordingly be unlawful<75>. The GMB said it would apply for permission to seek a judicial review of the licence agreement if TfL did not apply the new conditions. New Uber blow as European legal adviser says service should be licensed like taxis Read more The union argues that Uber<65>s current business model in London necessitates drivers working excessive hours <20>to the detriment of the health and safety of Uber drivers in London and of other road users<72>. The dispute over the terms of Uber<65>s licence is due to be settled via arbitration, and the GMB said if this route was chosen the company<6E>s licence should be renewed for only a six-month period in order to allow the matter to be resolved. The term of Uber<65>s current licence is five years and the new one is expected to be of a similar length. The threat of legal action from the GMB comes after Uber drivers and the Licensed Taxi Drivers<72> Association, the trade body for London<6F>s black-cab drivers, called for minimum employment rights and better regulation of private hire taxi operators including the US company. The GMB backed a successful employment tribunal case last year against Uber that ruled its drivers were not self-employed contractors but workers , and were therefore entitled to the national minimum wage and holiday pay. Uber has appealed against the ruling . The original case involved 19 Uber drivers. The GMB said a further 41 drivers have joined the claim. GMB has also lobbied the mayor of London, Sadiq Khan, who has close ties to the union, to step in. An Uber spokesperson said: <20>Millions of Londoners rely on Uber to get a reliable ride at the touch of a button and thousands of licensed drivers make money through our app. <20>Almost all taxi and private hire drivers in the UK have been self-employed for decades and with Uber they have more control over what they do. Drivers who use Uber are totally free to choose if, when and where they drive with no shifts, minimum hours or uniforms. Last year drivers using our app made average fares of <20>15 per hour and were logged in for an average of 30 hours per week. <20>The vast majority of drivers who use Uber tell us they want to remain their own boss as that<61>s the main reason why they signed up to us in the first place.<2E> Despite the protests, TfL is expected to renew Uber<65>s licence. A TfL spokesperson said: <20>We do not comment on the status of individual licence applications.<2E> Under proposed new rules, the amount that Uber and other private hire operators pay for a licence could rise dramatically. Over the next five years, Uber<65>s bill could rise from about <20>3,000 at present to more than <20>2m, under a new scheme that would charge higher fees to operators with more cars. However, consultation on the new fees does not close until June and any new rules may not come into force for some time. Topics'|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/techno
'db1c09ebf8d45e0b251c2886f729411a7ddb532a'|'A mountain to climb to get Everest to resolve our window issue - Money'|'Before Christmas my wife and I ordered double-glazed windows and bifold doors from Everest. This followed a previous order of windows for half of the house fitted last July.When the new order came in early March, it became clear that the windows did not match the ones supplied nine months ago and the bifold doors did not fit.I have made countless calls, written a letter of complaint followed up with an email, had three separate visits from installation managers who have all promised to take action and get back to me with their proposals, and had a further installation visit so that the back door is usable.But I still cannot get any response from the company about what it is actually going to do to rectify the remaining problems. TR, Woodford GreenLook at the online reviews for Everest, and while most people who use the firm seem to be happy, a lack of post-installation customer service appears to be a reoccurring experience for some.Given that customers pay a deposit up front and the rest when there<72>s a happy completion, you<6F>d think the firm would have been as keen as you to get the matter resolved, especially given the high cost of its installations.I asked about your case and, in fairness, it immediately got on the case and arranged to visit you in a bid to get the matter resolved. A plan of action has been agreed and has been started.Following the meeting Everest told us: <20>Now that the surveyor has identified what caused the issues, not only will it be rectified for TR, but Everest will also ensure this situation does not occur again. Everest is very sorry that this customer has experienced these issues and apologises to them for any upset or inconvenience caused.<2E>You are just glad that the company is now taking your complaints seriously and has a plan to put it all right.We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone numberTopics Home improvements Consumer champions Consumer affairs Consumer rights features '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/may/16/everest-double-glazing-post-installation-problems'|'2017-05-16T15:00:00.000+03:00'
'fa1fbf85cbd200b9895a1a15b5c7f12b3613669d'|'Major U.S. hotel groups sponsor tourism investment meeting in Havana'|'Business News   1:12pm EDT Major U.S. hotel groups sponsor tourism investment meeting in Havana left Tourists stroll through Havana, Cuba May 15, 2017. REUTERS/Stringer 1/4 left right Tourists pose for a photo while sitting in a vintage car in Havana, Cuba May 15, 2017. REUTERS/Stringer 2/4 Tourists sit in a restaurant in Havana, Cuba May 15, 2017. REUTERS/Stringer 3/4 left right Arturo Garcia (L), president of SAHIC and David Scowsill, president and CEO of the World Travel & Tourism Council (WTTC) adjust their ties during the annual Latin American Hotel and Tourism Investment Conferences meeting in Havana, Cuba May 15, 2017. REUTERS/Stringer 4/4 By Marc Frank - HAVANA HAVANA The annual Latin American Hotel and Tourism Investment Conferences meeting opened in Havana this week and the list of sponsors read like the who<68>s who of the U.S. hotel industry. The head of the organization, Arturo Garcia, told Reuters it was no accident that the likes of Marriott, Hilton ( HILT.NS ), Hyatt, Choice ( CHH.N ) and Wyndham ( WYN.N ) were supportive. <20>The next step in the development of the hotel business in Cuba is the participation of the U.S. companies here,<2C> he said. The event is the latest indication, following the signing of agreements earlier this year by major cruise companies, that the U.S. hospitality industry is betting that hotel operator and now President Donald Trump will not shut the Cuba door on his industry peers. <20>We are very interested in Cuba as a destination for our guests,<2C> David Tarr, senior vice president for real estate and development at Hyatt, said on Tuesday. "Certainly we hope relations will be normalized. Our guests want to visit, which is why we are here." On the eve of President Barack Obama''s historic visit to Cuba last year, and after obtaining a special Treasury Department license, Starwood STRD.N became the first American hospitality company in more than half a century to operate a hotel, Four Points Sheraton, on the island. <20>Most sponsors are waiting for this same approval and when they get it you will see their hotels all over the island,<2C> said Garcia, the conference president. U.S. travel to Cuba has already surged, albeit from very low levels, since the former Cold War foes announced a detente and the Obama administration eased travel restrictions beginning in 2015. Cuba reported 4 million arrivals last year, of which 285,000 were Americans, with their numbers increasing at a rate of 18 percent so far in 2017. World Travel and Tourism Council President David Scow said European and Canadian firms had helped attract and lodge their nationals when Cuban tourism opened up after the fall of the Soviet Union and it made sense the United States would follow. <20>The U.S. market is opening up so you will see the U.S. companies invest once everything is ready in terms of the documentation (U.S. regulations),<2C> he said. Louis Alicea, Wyndham<61>s Latin American and Caribbean development director, said he hoped U.S. constraints would loosen further. <20>Slowly but surely we are learning about the conditions here and our company is working together with the U.S. authorities in this process,<2C> he said. (Reporting by Marc Frank; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-cuba-tourism-usa-idUSKCN18C1YR'|'2017-05-17T01:04:00.000+03:00'
'5a98cc5df3267133b4e58441d7777b02b887baa1'|'Four automakers agree to $553 million settlement to resolve Takata claims'|'Market News  46pm EDT Four automakers agree to $553 million settlement to resolve Takata claims WASHINGTON May 18 Four automakers agreed to a $553 million settlement to address class-action economic loss claims covering owners of nearly 16 million vehicles with potentially defective Takata airbag inflators, according to court documents filed on Thursday. Toyota Motor Corp''s share of the settlement costs is $278.5 million, followed by BMW AG at $131 million, Mazda at $76 million and Subaru Corp at $68 million. Lawsuits against Honda Motor Co, Ford Motor Co and Nissan Motor Co have not been settled, lawyers said. Takata Corp inflators, which can explode with excessive force and unleash metal shrapnel inside cars and trucks, are blamed for at least 16 deaths and more than 180 injuries worldwide. The safety defect has prompted recalls worldwide of about 100 million inflators by more than a dozen major automakers. (Reporting by David Shepardson; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/automakers-takata-idUSL2N1IK1G2'|'2017-05-19T00:46:00.000+03:00'
'b2d0b9e1ab84727d62fe86541bdabf511f2fc4fa'|'U.S. political jitters weigh on European shares as M&A, earnings whir in background'|'  8:51am BST U.S. political jitters weigh on European shares as M&A, earnings whir in background Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 8, 2017. REUTERS/Pawel Kopczynski - RTS15MG8 LONDON European shares dropped in early deals on Thursday as political upheaval in Washington D.C. continued to weigh, though deal-making activity and earnings updates kept the region''s outperformance against global peers intact. The pan-European STOXX 600 index was down 0.4 percent, while Germany''s DAX retreated 0.3 percent and Britain''s FTSE 100 fell 0.5 percent, extending Wednesday''s losses after reports that U.S. President Donald Trump had interfered with an FBI probe, following a week of tumult at the White House. Financials and commodity-related sectors, the biggest beneficiaries of the reflation trade that accelerated in the aftermath of Trump''s election win were the biggest drags. The more defensive utilities and personal & household goods sectors made small gains. Some of the largest individual stock moves were spurred by fresh M&A action, with shares in Berendsen soaring nearly 27 percent after French laundry firm Elis made a $2.6 billion offer for the British rival. Likewise shares in Swedish debt collector firm Intrum Justitia dropped more than 8 percent after it proposed a string of divestments in order to assuage European Commission concerns over its planned merger with Norwegian rival Lindorff. Shares in Italy''s Fiat Chrysler were also weaker after the U.S. Justice Department said that it was preparing to sue the carmaker over excess diesel emissions as early as this week. On the positive side, earnings buoyed shares in Royal Mail, which gained around 3 percent after its first quarter results, while luxury goods firm Burberry also rose after its full-year update. (Reporting by Kit Rees, Editing by Vikram Subhedar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-europe-stocks-idUKKCN18E0R3'|'2017-05-18T15:46:00.000+03:00'
'913298ec89bc90950be2c37e873f963231b8cb1a'|'Spain calls for deeper euro zone integration, pooled debt'|'Business News - Tue May 16, 2017 - 7:01pm BST Spain calls for deeper euro zone integration, pooled debt FILE PHOTO: Spain''s Prime Minister Mariano Rajoy reacts during the budget debate at the Parliament in Madrid, Spain May 3, 2017. REUTERS/Sergio Perez MADRID Spain''s conservative government has added its voice to calls for deeper integration in the euro zone, suggesting to Brussels in a paper that members of the bloc should pool some aspects of their debt management and share a budget to fight crisis shocks. German Chancellor Angela Merkel and France''s new President Emmanuel Macron agreed on Monday to outline a roadmap for deeper European Union integration, and opened the door to changing the bloc''s treaties after meeting in Berlin. France is also pushing for greater potential cooperation among the 19 countries that use the euro currency, in matters of budget for instance. The impetus comes after the EU was rocked by Britain''s decision to leave, prompting countries to take positions on how best to shore up unity in the bloc. Spain''s proposals, which also include a common euro zone unemployment insurance scheme, were submitted to the European Commission in February but came to light this week and were released by the economy ministry on Tuesday. Spanish conservative Prime Minister Mariano Rajoy has long called for further integration and repeatedly called for steps to complete a euro zone banking union, including by creating a deposit insurance scheme. His government''s proposals go even further than those Germany and France have proposed, including saying that common debt management was a vital part of any fiscal union. "Participating member states should allow for a certain degree of debt mutualization," the paper said. It later added: "The introduction of a euro area Treasury ... and the possibility for common debt issuance could also be envisaged." The joint Eurobond idea has been shunned by Germany amid concerns it would have to bankroll others, and Macron has said he did not favor mutualizing debt. Rajoy had already pushed for jointly issued Eurobonds in 2012, at a time when his government was trying to steer Spain through one of its deepest ever recessions and had to request a European bailout for the country''s weakest banks. Spain, the euro zone''s fourth-largest economy, has since recovered to become one of the fastest-growing in the bloc. Madrid''s latest proposals also included a common "rainy day fund" for the euro zone that could used to counter shocks and support investment. (Reporting by Sarah White; Editing by Louise Ireland)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-spain-europe-idUKKCN18C29H'|'2017-05-17T01:40:00.000+03:00'
'4017be7e1f1aecdd130ac17d54b0a25c09adc7a6'|'BRIEF-Paulson & Co Inc dissolves share stake in Activision Blizzard, Hewlett Packard Enterprise'|' 41pm EDT BRIEF-Paulson & Co Inc dissolves share stake in Activision Blizzard, Hewlett Packard Enterprise May 15 Paulson & Co Inc: * Paulson & Co Inc dissolves share stake in Activision Blizzard Inc - sec filing * Paulson & Co Inc dissolves share stake in Hewlett Packard Enterprise Co * Paulson & Co Inc cuts share stake in Ebay Inc by 24.3 percent to 471,200 shares * Paulson & Co Inc cuts share stake in Mylan NV by 16.2 percent to 17.3 million shares * Paulson & Co Inc - change in holdings are as of March 31, 2017 and compared with the previous quarter ended as of Dec 31, 2016 Source text for quarter ended March 31, 2017 ( bit.ly/2pQh38R ) Source text for quarter ended Dec. 31, 2016: ( bit.ly/2pQqvcc )'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-paulson-co-inc-dissolves-share-sta-idUSFWN1IH1A1'|'2017-05-16T05:41:00.000+03:00'
'5b1e99ca27f65c7ce76da33364f455df6043390a'|'Merck KGaA considers transferring its units into subsidiaries'|'Deals - Tue May 16, 2017 - 8:40am EDT Merck KGaA considers making divisions legally separate subsidiaries A logo of drugs and chemicals group Merck KGaA is pictured in Darmstadt, Germany January 28, 2016. REUTERS/Ralph Orlowski By Ludwig Burger - FRANKFURT FRANKFURT Germany''s Merck KGaA ( MRCG.DE ) is considering shifting its chemicals, healthcare and biotech supplies operations into separate subsidiaries next year to better manage its diversified businesses. The company''s enterprise resource planning system will be divided into three bespoke versions for each division, the company said on Tuesday, adding that a split into separate legal entities could be the next step in 2018. Such moves are often seen as a prelude to possible changes in ownership, including separate stock market listings, but a company spokesman denied this is the intention. "The rationale is a different one," he said. "It''s primarily about better taking into account the specific needs of the businesses and how they are being run. "Our portfolio has changed massively over the years, due to innovation and organic growth, but also via takeovers." The group, which traces its roots to a 17th-century pharmacy and is 70 percent owned by the holding company of its founder''s descendants, has pursued a diversified business model to reduce the risk of the family being heavily invested in one area. It has built a global biotech laboratory supplies business with takeovers of Millipore and Sigma-Aldrich in 2010 and 2016, respectively. Merck''s healthcare business includes cancer drugs, where it collaborates with Pfizer ( PFE.N ), fertility treatments, allergy drugs and consumer care products, while its chemicals division makes liquid crystals for TV screens, high-tech chemicals for electronics and pearlescent pigments. (Editing by David Goodman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-merck-restructuring-idUSKCN18C12G'|'2017-05-16T14:24:00.000+03:00'
'73eaf1f1ba5ba8363218e38caacde081314c16fa'|'CORRECTED-Shares of Apple supplier AAC Technologies suspended -HKEx'|'Market News - Thu May 18, 2017 - 3:43am EDT CORRECTED-Shares of Apple supplier AAC Technologies suspended -HKEx (Corrects headline spelling of AAC) HONG KONG May 18 Trading in shares of acoustic parts maker AAC Technologies was suspended on Thursday, after they slid as much as 11 percent, according to the Hong Kong stock exchange. The stock fell to as low as HK$81.25 before the suspension. Last week, Apple Inc supplier AAC denied accusations of "dubious accounting" practices by short-seller Gotham City Research, which had driven its shares sharply lower. (Reporting by Twinnie Siu and Anne Marie Roantree; Editing by Clarence Fernandez) UPDATE 1-U.S. mortgage rates fall in latest week - Freddie Mac (Adds quote, table, graphics) NEW YORK, May 18 U.S. mortgage rates fell in step with bond yields in the wake of weaker-than-expected domestic economic data and as investors scaled back expectations about interest rate increases by the Federal Reserve in 2017, according to Freddie Mac on Thursday. The borrowing cost on 30-year mortgages, the most widely held type of U.S. home loan, averaged 4.02 percent in the week ended May 18, down from 4.05 percent the previous week, the m WASHINGTON, May 18 For details of the U.S. Treasury''s auction of reopened 2-year floating rate notes next week, see: MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/aac-tech-hldg-stocks-suspended-idUSH9N1GD01R'|'2017-05-18T15:43:00.000+03:00'
'43657847c552307fbb2ff1ac6d36ac420c8b37ad'|'ECB weighs ''action'' to control foreign clearing of euros, says Mersch'|'Economy  48pm BST ECB weighs ''action'' to control foreign clearing of euros, says Mersch FILE PHOTO: The German Central Bank (Bundesbank) presents the new 50 euro banknote at its headquarters in Frankfurt, Germany, March 16, 2017. REUTERS/Kai Pfaffenbach FRANKFURT Euro zone central must consider "action" to maintain control of euro clearing that happens outside the European Union after Britain''s decision to leave the EU, a European Central Bank director said on Thursday. "The UK<55>s recent decision to leave the EU has called into question the ability of authorities such as the Eurosystem to ensure they can continue to adequately control the impact of offshore clearing activities while maintaining the stability of their currency," Yves Mersch said at an event in Luxembourg. "I want to reiterate the need to reflect on whether recent geopolitical events require the Eurosystem to take action to ensure that we continue to adequately control the impact of offshore clearing activities on the stability of our currency," he added. The Eurosystem includes the ECB and the euro zone''s 19 national central banks. (Reporting By Francesco Canepa)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ecb-clearing-mersch-idUKKCN18E1R0'|'2017-05-18T20:45:00.000+03:00'
'5be40a71a72d9a366c2935b0b95ab2c2630802e5'|'U.S. launches probe of Boeing dumping, subsidy claims vs Bombardier'|' 17pm BST U.S. launches probe of Boeing dumping, subsidy claims vs Bombardier Workers prepare a Bombardier CS100 aircraft after a news conference announcing a contract with Delta Air Lines, at Bombardier''s hangar in Mirabel, Quebec, Canada April 28, 2016. REUTERS/Christinne Muschi SEATTLE The U.S. Commerce Department said on Thursday it was launching an investigation into claims by Boeing Co ( BA.N ) that Canadian plane maker Bombardier Inc ( BBDb.TO ) dumped CSeries aircraft in the U.S. market and is being unfairly subsidized by the Canadian government. The Commerce probe, which was expected, parallels an investigation by the U.S. International Trade Commission into Boeing''s allegations that Bombardier sold 75 CSeries planes to Delta Air Lines Inc ( DAL.N ) last year at a price well below cost. Bombardier has refuted the allegations, and the two sides clashed at an ITC hearing on Thursday. (Reporting by Alwyn Scott; Editing by Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-boeing-bombardier-commerce-idUKKCN18E2KU'|'2017-05-19T01:17:00.000+03:00'
'69d52ace1e8e7111fa0659f4e535efab78d80537'|'Deals of the day-Mergers and acquisitions'|'Funds  13pm EDT Deals of the day-Mergers and acquisitions (Adds Sun Capital Partners) May 19 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Friday: ** U.S. private equity firm Sun Capital Partners has appointed Morgan Stanley to sell Aclara Technologies, a provider of smart meters to almost 800 utility customers, sources familiar with the matter said. ** Spain''s biggest bank Santander or state-owned lender Bankia are most likely to step in to save troubled Banco Popular, sources familiar with the talks told Reuters, although a deal is still far from guaranteed. ** Chinese private equity investor CDH Investments is selling a 6 percent stake in WH Group Ltd, the world''s largest pork supplier, in a deal that will raise up to $743 million, according to a term sheet seen by IFR. ** RWE and Engie are studying a possible share swap that could create a Franco-German giant in power grids, renewables and energy services with a market value of about 50 billion euros ($55.8 billion). ** Mining group Pallinghurst Resources Ltd, the largest shareholder of precious stones miner Gemfields Plc , offered to buy out the remaining 52.91 percent it does not already own for about 111.9 million pounds ($145.2 million). ** U.S. investment firm Starwood Capital has put French crystal maker Baccarat up for sale and the best offer so far has come from a Chinese group, French daily L''Agefi said, citing several sources. ** Suitors including private equity firms KKR & Co LP , Bain Capital and U.S. chip maker Broadcom Ltd are lining up for Toshiba Corp''s semiconductor business, sources familiar with matter said ahead of a deadline for second-round offers. ** French satellite operator Eutelsat has agreed to sell its 33.69 percent stake in Spanish business Hispasat to majority shareholder Abertis for 302 million euros ($336 million). ** Alibaba Health Information Technology Ltd said controlling shareholder Alibaba Group Holding Ltd would sell HK$3.8 billion ($488.3 million) worth of health food and nutritional products businesses to the company, further developing it into Alibaba''s healthcare flagship platform. ** Power producer Vistra Energy Corp has proposed to take over debt-laden rival Dynegy Inc, the Wall Street Journal reported on Thursday, citing people familiar with the matter. ** South Korea''s SK Hynix Inc said it will submit a final bid for Toshiba Corp''s memory chip business as part of a consortium. ** The private equity groups behind a hostile bid for British challenger bank Shawbrook Group said they had backing from investors holding 45.1 percent of its shares, and were extending the offer period. ** U.S. buyout firm TPG Capital Management said it would make a commitment to editorial independence if it succeeds in its A$2.76 billion ($2.05 billion) offer for Australia''s oldest newspaper publisher, Fairfax Media Ltd. ** Australia''s two biggest billboard companies called off a deal in which APN Outdoor Group Ltd would buy rival oOh!media Ltd for A$735 million ($544.9 million), after the antitrust regulator raised concerns. ** Japanese chemicals maker Daicel Corp and auto parts maker Toyoda Gosei Co said they will invest 1 billion yen ($9 million) in each other''s equity, deepening ties as both companies expand their global air bag businesses. (Compiled by Sruthi Shankar and Akankshita Mukhopadhyay in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL4N1IL38Q'|'2017-05-19T18:00:00.000+03:00'
'62bff62ea31930431d3c954d27998a0e9b1a1f89'|'Sensex hits record high as consumer stocks surge'|'Money   5:11pm IST Sensex pares gains after hitting record peak earlier The Bombay Stock Exchange (BSE) logo is seen at the BSE building in Mumbai, January 25, 2017. REUTERS/Shailesh Andrade/Files Sensex edged up on Friday after touching a record high, its fourth peak in five sessions, as profit-booking pared overall gains led by consumer stocks that rallied after rates for goods and services under a new tax were finalised. The benchmark BSE Sensex closed up 0.10 percent at 30,464.92 after rising as much as 0.91 percent earlier in the session to its highest ever, while the broader NSE Nifty ended 0.02 percent lower at 9,427.90. The BSE index gained 0.92 percent on week, while the NSE index rose 0.30 percent, with both indexes logging their second straight weekly gain. (Reporting by Arnab Paul in Bengaluru; Editing by Biju Dwarakanath)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/sensex-nifty-stocks-markets-idINKCN18F0I2'|'2017-05-19T14:42:00.000+03:00'
'894bb4064212b4c184991e76ee4f246adc4a4ccc'|'BRIEF-India''s Mangalore Refinery & Petrochemicals March-qtr profit rises'|'May 17 Mangalore Refinery And Petrochemicals 19.42 billion rupees* 181.09 billion rupees* Mangalore refinery and petrochemicals - net profit in March quarter last year was 13.63 billion rupees as per IND-AS; total income from operations was 134.85 billion rupees* Mangalore refinery and petrochemicals ltd consensus forecast for March quarter net profit was 6.62 billion rupees* Recommended dividend of 6.00 rupees per share Source text - ( bit.ly/2rqKlww '|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/brief-indias-mangalore-refinery-petroche-idINFWN1IJ0GR'|'2017-05-17T11:32:00.000+03:00'
'20670ca6a853d22d09f35c116a3a50cebaf665ef'|'Indian shares edge lower after hitting record highs'|'* NSE index down 0.1 pct, BSE index 0.01 pct lower* Tata Steel top gainer on NSE* NSE top performing broader Asian index so far this yearMay 17 Indian shares edged lower after hitting fresh highs earlier on Wednesday, as political turmoil in Washington spooked global investors, sending Asian markets lower.U.S. share futures and the dollar tumbled on reports that President Donald Trump had asked then-FBI Director James Comey to end a probe into Trump''s former national security adviser, raising questions over whether obstruction of justice charges could be laid against the U.S. President.Analysts also warned about near-term corrections in Indian markets after a remarkable run. Since crossing the 9,000-mark on March 14, the broader NSE index has risen around 5.7 percent in just over two months and is the biggest percentage gaining Asian index so far this year as of Tuesday''s close."Since the markets are trading at record high levels, there could be some nervousness creeping in and that''s why volumes are low," said Siddhartha Khemka, head of research at Centrum Wealth."I see an upside to the market this week but over the next month there could be some correction and that will depend on quarterly corporate results."The NSE was down 0.1 percent at 9,501.95 as of 0600 GMT after earlier rising as much as 0.09 percent to a record high of 9,521.The benchmark BSE index was 0.01 percent lower at 30,580.89 after earlier rising as much as 0.20 percent to a life high of 30642.94.Among individual gainers, Tata Steel Ltd rose as much as 6.8 percent after the company''s quarterly loss narrowed and after agreeing the main terms of a deal for a pension scheme for its British workers.Meanwhile, Dhanlaxmi Bank Ltd soared to its highest since December 2014 after posting a profit in its March quarter from a loss a year ago.Among the decliners, Andhra Bank Ltd fell as much as 4.9 percent after reporting a 32 percent drop in profit for March quarter. Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/india-stocks-idINL4N1IJ26I'|'2017-05-17T04:27:00.000+03:00'
'376dca88905807390471920b94d26886e37f82cb'|'Australia''s Wesfarmers cancels Officeworks IPO plans citing weak market'|'By Byron Kaye and Tom Westbrook - SYDNEY SYDNEY Australia''s Wesfarmers Ltd ( WES.AX ) canceled a potential $1.1 billion IPO of its office supplies unit, underscoring uncertainty in a retail sector hit by weak spending and the slated arrival of online shopping giant Amazon.com Inc ( AMZN.O ).The scrapping of Officeworks'' listing disrupts a plan by Wesfarmers, Australia''s biggest company by sales, to carve off non-core assets and focus on its biggest revenue spinner, supermarket chain Coles, itself facing fresh competition from cut-price entrants like ALDI Inc [ALDIEI.UL]."As a shareholder, I would have preferred them to sell it," said Danial Moradi, equity strategist at Lonsec Stockbroking, which owns Wesfarmers shares, referring to Officeworks."It''s definitely a concern for a potential buyer of that business, the competitive threat. You probably wouldn''t value it at premium multiples, not with this big threat hanging around the corner," Moradi said, referring to Amazon.Seattle-based Amazon said last month it would open its online shopfront service at an unspecified time in Australia, in a move set to increase pressure on the domestic retail sector to catch up with the digital economy. [nL3N1HS07M]Wesfarmers said in a statement on Wednesday that it pulled the listing because "current equity market conditions" would mean the sale "would not realize appropriate value" for the asset. A spokeswoman declined to comment on the impact of Amazon''s announcement.Bankers were distributing marketing materials for what was to be the country''s IPO of the year as recently as this month, according to brokers who saw the material. [nL4N1I311S]Share price pressure has, however, been building for months on retailers as fund managers short-sell stocks they see as vulnerable to online competition, higher overheads due to a softening Australian dollar, and soft discretionary spending caused by high housing prices. [nL4N1II248]Among Officeworks'' peers, shares of electronics retailer JB Hifi ( JBH.AX ) are down 15 percent in the past three months, while Harvey Norman ( HVN.AX ) has lost 24 percent. Wesfarmers shares are up 0.7 percent over the same period while the benchmark S&P/ASX 200 index is flat.Wesfarmers shares were down 1.2 percent on Wednesday, compared to the broader market''s 0.9 percent fall.Graeme Burke, a principal at WaveStone Capital, which owns Wesfarmers shares, said Amazon''s imminent entry could be a double whammy for retailers. "You''ve seen multiples contract because of that expected increase in competition (but) what does it actually do to underlying earnings?".Last week, department store Myer Holdings Ltd ( MYR.AX ) said third-quarter sales were down 3.3 percent, while luxury handbags maker Oroton on Tuesday downgraded earnings guidance citing "soft trading conditions". [nFWN1IC1BK]The cancellation lays the groundwork for a lackluster year of IPO activity in Australia, which is already down 39 percent compared to the same time a year earlier, by the amount of money raised, according to Thomson Reuters data.Wesfarmers bought the then-struggling office supplies unit as part of its A$19.3 billion takeover of supermarket chain Coles in 2007. Officeworks'' earnings have nearly doubled since then.($1 = 1.3463 Australian dollars)(Additional reporting by Swati Pandey; Editing by Jonathan Barrett and; Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-wesfarmers-ipo-idINKCN18D015'|'2017-05-16T22:23:00.000+03:00'
'9d46e8aeed33b00eb431b384a94f018bfc4dbd40'|'As Lloyds flies free, RBS years away from leaving state hands'|'Aerospace & Defence   6:26pm IST As Lloyds flies free, RBS years away from leaving state hands left right FILE PHOTO: People walk past a Royal Bank of Scotland office in London, Britain, February 6, 2013. REUTERS/Neil Hall/File Photo - RTS133EC/File Photo 1/3 left right FILE PHOTO: The logo of the Royal Bank of Scotland (RBS) is seen at an office building in Zurich March 27, 2015. REUTERS/Arnd Wiegmann/File Photo - RTS16789/File Photo 2/3 left right The Royal Bank of Scotland is seen in the High Street Melrose in the Scottish Borders, Scotland, Britain April 27, 2017. Picture taken April 27, 2017. REUTERS/Russell Cheyne 3/3 By Andrew MacAskill and Lawrence White - LONDON LONDON Lloyds ( LLOY.L ) Chief Executive Antonio Horta-Osorio traveled at the front of the British Airways plane last week, enjoying the extra leg room in the business section on his way from London to the bank''s annual meeting in Edinburgh. On the same flight in the economy section were RBS ( RBS.L ) board members and other staff on their way to attend their own shareholder meeting in the Scottish capital being held on the same day a few miles away, people on the flight told Reuters. "This is what happens when your bank makes money," said one person on the flight, who asked not to be named. The journey illustrates the diverging fortunes of the two British lenders bailed out by the government during the financial crisis with more than 66 billion pounds ($85.2 billion) of taxpayers'' money almost a decade ago. Lloyds and RBS declined to comment on their travel arrangements for the annual meetings. Lloyds said on Wednesday that Britain had sold its last remaining stake in the bank, making the lender the first to re-emerge from British state ownership in a symbolic step for the country''s recovering banking sector. In 2011, Lloyds had made a bigger loss than RBS as it was forced to compensate customers for the mis-selling of payment protection insurance and was more exposed to what became Britain''s costliest consumer scandal. But six years on, Lloyds, which at one point was 43 percent owned by the government, has emerged as the type of bank RBS is striving to be -- a UK lender focused on retail and corporate banking. At Lloyds when Portugal''s Horta-Osorio took over in 2011 he made an early decision to reduce the bank''s dependence on short-term funding and scaled back the bank''s global reach from 30 countries to six. Lloyds''s plan now is to diversify away from an over-reliance on mortgage lending, by growing other business lines such as credit cards. The bank bought the MBNA UK credit card business from Bank of America ( BAC.N ) for 1.9 billion pounds in December. In contrast, the government still owns more than 70 percent of RBS and the Treasury recently said it has not budgeted to sell any shares in the bank for the next five years. HIGH-RISK STRATEGY Although RBS always had a bigger challenge in rebuilding after the crisis, the two banks faced similar tasks in reducing their global footprint, cutting costs and disposing of businesses to comply with state-aid rules. One senior British banking executive said he thought six years ago that RBS was more likely to escape first from government ownership. RBS''s recovery was slowed because the bank originally tried to trade its way out of crisis via its investment bank, according to Peter Hahn, a professor at The London Institute of Banking & Finance. Stephen Hester, who took over as chief executive of RBS after the bailout, believed that it should continue as a large universal bank, with worldwide investment banking operations, which were then benefiting from post-crisis stimulus measures by governments around the world. Hahn said over the following years its profits from investment banking began to slump and the long-shot strategy failed. "It went for the Hail Mary pass. That delayed a lot of the recovery," he said. In 2013, the government ousted Hester and ordered the bank to focus on lending to B
'd9b0c922f613a9e338de91d72ef2ed7eba78f64a'|'Nine years on, ex-RBS boss Goodwin to face investors in court'|'Banks - Thu May 18, 2017 - 1:05pm EDT Nine years on, ex-RBS boss Goodwin to face investors in court left right FILE PHOTO: Royal Bank of Scotland Chief Exectutive Fred Goodwin smiles as he leaves the Edinburgh International Conference Centre in Edinburgh, Scotland, Britain, April 23, 2008. REUTERS/David Moir/File Photo 1/2 left right FILE PHOTO: Royal Bank of Scotland Chief Executive Sir Fred Goodwin poses for photographers after the extraordinary general meeting at the Royal Bank of Scotland headquarters in Edinburgh, Scotland, Britain, August 10, 2007. REUTERS/David Moir/File Photo 2/2 By Andrew MacAskill and Kirstin Ridley - LONDON LONDON Fred Goodwin, the former Royal Bank of Scotland ( RBS.L ) chief executive, is set to become the first senior banker in Britain to be challenged in court over his role in the financial crisis. A civil trial brought by thousands of RBS investors opens on Monday, alleging the banks'' shareholders were misled by Goodwin and other former executives over the bank''s financial health ahead of a 12 billion pound ($15.5 billion) cash call in 2008. Goodwin was knighted for transforming a Scottish retail lender into a global banking force. But he fell from grace after the bank''s failure prompted a 45.8 billion pound government rescue, and was vilified by the British public for its collapse. Barring a last-minute out-of-court settlement, he is due to make his first public appearance in eight years when he takes the stand at London''s High Court on June 8 and 9 in a 14-week trial. Court documents name Goodwin, other ex-RBS bosses and the bank as defendants in the case. RBS, which remains more than 70 percent state-owned, denies any wrongdoing and said its former bosses did not act illegally. Goodwin''s lawyers declined to comment. Questioned by a parliamentary committee in 2009, Goodwin offered a "profound and unqualified apology for all the distress that has been caused", but said it was too simple to blame him for RBS''s collapse. Investigations have blamed poor decision making and cultural deficiencies at the bank, but Goodwin and other executives have faced no criminal action or other sanctions. The trial over how fund managers and thousands of employees and retail investors lost about 80 percent of their investments in the bank marks a pivotal point in one of the largest and most complex lawsuits in English legal history. "I, and many thousands of investors, lost a significant sum of money through the mismanaged rights issue," Trevor Hemmings, a multimillionaire businessman, told Reuters in an email. "We want to and will see justice done with fair compensation. That is why I have financially backed the case - for everyone who lost out." LONG HAUL The case has confounded some predictions. Lawyers warn it could take another seven years to legally establish any RBS liability and quantify any damages after judgments are appealed if the bank loses the case. Shareholders representing 87 percent of the original 4 billion pound damages claim, including large fund managers, have baulked at the litigation costs and settled their case after RBS offered an 800 million pound settlement. The remaining 8,000-odd claimants, including former and current RBS employees, represent a rump of a shareholder group which has been beset by internal wrangles, changing legal teams and questions over its funding and management structure. Lawyers involved in the case say Goodwin''s costs will be covered by RBS''s directors and officers liability insurance, so he will not be out of pocket whatever happens in the case. And because it is a civil case, the defendants would not face jail. But Chris Roebuck, a visiting professor at London''s Cass Business School, said some shareholders wanted to see Goodwin in court. "Society wants to hold someone to account. They still resent the fact no senior bankers went to jail for what happened during the financial crisis," he said. Since leaving the bank, Goodwin has struggled t
'a1743f7bfb6165a3ed19c23cc5100e7b0fd0619c'|'Italy disappointed by EU plan to launch legal action over Fiat Chrysler'|' 50pm BST EU starts legal action against Italy over Fiat Chrysler emissions The Fiat logo is pictured at a car dealership at Motor Village in Los Angeles, California October 13, 2014.Marchionne. REUTERS/Mario Anzuoni BRUSSELS/ROME The European Commission launched legal action against Italy on Wednesday for failing to respond to allegations of emission-test cheating by Fiat Chrysler ( FCHA.MI ), in a procedure that could lead to the country being taken to court. The Commission said Italy had failed to convince it that devices used to modulate emissions on Fiat Chrysler vehicles outside of narrow testing conditions were justified. "The Commission is now formally asking Italy to respond to its concerns that the manufacturer has not sufficiently justified the technical necessity <20> and thus the legality <20> of the defeat device used," the Commission said in a statement. Italy has two months to respond to the Commission''s request and may be eventually taken to the European Court of Justice if the answer is found to be unconvincing. Italy had asked the European Union to postpone its plan to launch legal action against Rome over emissions at Fiat Chrysler ( FCHA.MI ), Transport Minister Graziano Delrio said. "Considering that after the end of the mediation process, we did not receive any request for further information ... we ask that you delay starting the infringement procedure while we await a letter asking for clarification on issues raised by your relevant offices," Delrio told EU Industry Commissioner Elzbieta Bienkowska, according to the ministry''s statement. The European Commission has been mediating a dispute between Rome and Berlin after Germany accused Fiat Chrysler of using an illegal device in its Fiat 500X, Fiat Doblo and Jeep Renegade models. That mediation ended without fanfare in March. EU officials have become increasingly frustrated with what they see as governments colluding with the powerful car industry and the legal move is the biggest stick the European Commission has available to force nations to clamp down on diesel cars that spew out polluting nitrogen oxide (NOx). Delrio, however, said the material Italy had sent to the Commission during the mediation process showed that the vehicles'' approval process was correctly performed. Under the current system, which the Commission is trying to overhaul, national regulators approve new cars and alone have the power to police manufacturers. But once a vehicle is approved in one country, it can be sold throughout the bloc. Last December, the Commission launched cases against five nations, including Germany, Britain and Spain, for failing to police the car industry adequately. Under new draft rules set to be agreed later this month, the Commission will be given the power to fine car manufacturers who cheat the system directly, up to 30,000 euros per affected vehicle. "Contrary to what your offices have stated, the Italian authorities have from the start ruled out the presence of any illegal devices in Fiat''s models, both the original ones and those that have been refitted," Delrio said. "During the mediation process we have pointed out that FCA had voluntarily initiated a campaign in February 2016 to improve emissions performance, well before Germany informed us of the results emerging from their tests." Once filed, Wednesday''s notice will be the first step in EU infringement procedures, designed to ensure the bloc''s 28 member states abide by EU-wide regulations. (Reporting by Francesca Piscioneri and Agnieszka Flak; Robert-Jan Bartunek in Brussels)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fiatchrysler-emissions-idUKKCN18D147'|'2017-05-17T18:45:00.000+03:00'
'0e5128fe0c8e7b52cc2c9549c9538b2d04ee0d25'|'Ralph Lauren names P&G executive Patrice Louvet as CEO'|'Wed May 17, 2017 - 1:15pm BST Ralph Lauren names P&G executive Patrice Louvet as CEO   Ralph Lauren Corp.''s flagship Polo store on Fifth Avenue in New York City, U.S., April 4, 2017. REUTERS/Brendan McDermid Ralph Lauren Corp ( RL.N ) named Procter & Gamble ( PG.N ) executive Patrice Louvet as chief executive, more than three months after his predecessor left the company following differences with founder Ralph Lauren. Louvet''s appointment will be effective July 17, the company said. (Reporting by Siddharth Cavale in Bengaluru; Editing by Saumyadeb Chakrabarty) Concerns over Trump dent global stocks, dollar LONDON Concern that U.S. President Donald Trump''s reform agenda could be slowed down, and that Trump himself could even face the threat of impeachment, added to disappointing U.S. economic data on Wednesday to hit the dollar and spur a pullback in richly valued stocks. LONDON/SHANGHAI A small Chinese company that is key to plans by Sirius Minerals to build a huge fertilizer mine under a national park in the north of England has confirmed it has a binding agreement with the UK firm. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ralphlauren-moves-ceo-idUKKCN18D1H7'|'2017-05-17T20:17:00.000+03:00'
'dbf4d7e7a46c563e2cfa6e0025baca83836296d7'|'Dow merger with DuPont gets conditional approval in Brazil'|'BRASILIA Brazil approved the planned merger of Dow Chemical Co ( DOW.N ) and DuPont ( DD.N ) on Wednesday, conditioned on a global divestment plan including its Brazilian corn seed business.The board of antitrust agency Cade unanimously approved the recommendation from technical staff that proposed asset sales would be enough to address competitive concerns about the $130 billion merger between the U.S. chemical giants.(Reporting by Leonardo Goy; Writing by Brad Haynes)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-du-pont-m-a-dow-brazil-idUSKCN18D1Z6'|'2017-05-17T23:10:00.000+03:00'
'b614f97a71ec4b71a0bfba1193dd589bd774e7a7'|'TREASURIES-Yields fall as Trump scandals reduce fiscal stimulus hopes'|'* Political concerns raise safety buying of bonds * Trump seen less likely to pass fiscal, tax policies By Karen Brettell NEW YORK, May 17 U.S. Treasury yields fell to three-week lows on concerns that scandals embroiling U.S. President Donald Trump would delay his bid to cut taxes and regulation and push through infrastructure spending, which boosted demand for safe-haven bonds. Reports that Trump in February asked then-FBI Director James Comey to end a probe into the president''s former national security adviser have stirred speculation that obstruction of justice charges could be laid against Trump. The White House has been in turmoil since last week when Trump fired Comey and then discussed sensitive national security information during a meeting with Russian officials. The scandals are seen as distracting lawmakers from passing legislation that investors had hoped would help boost economic growth. "The more focus there is on the headlines, the less there is on the stuff that the market really cares about, which is fiscal stimulus, tax reform, regulatory reform, any of those issues," said Aaron Kohli, an interest rate strategist at BMO Capital Markets in New York. "Within a news cycle, where the constant din of scandal keeps legislators from focusing on the actual matters at hand, it becomes very hard to marshal support for big sweeping changes," Kohli added. Benchmark 10-year notes gained 20/32 in price to yield 2.26 percent, the lowest level since April 25 and down from 2.33 percent late on Tuesday. The yield curve between two-year notes and 10-year notes flattened below 100 basis points for the first time since May 3. Bonds have also been boosted in recent days by weakening U.S. economic data, which has raised new doubts over whether the Federal Reserve is likely to raise rates an additional two times this year. Futures traders are pricing in a 69 percent chance of a June hike, down from 88 percent a week ago, according to CME Group''s FedWatch Tool. Traders see only a 48 percent chance of the Fed raising rates two or more times by the end of the year, even though Fed officials have said two more rate hikes are likely in 2017. (Editing by Paul Simao) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL2N1IJ0JQ'|'2017-05-17T11:38:00.000+03:00'
'129aefce2ca5662729752697d8bd07bad0abe07f'|'Strong European capital market needed post-Brexit - Deutsche Bank chairman'|'Business News   11:52am BST Deutsche Bank chairman: Strong European capital market needed post-Brexit FILE PHOTO: Deutsche Bank supervisory board chairman Paul Achleitner addresses the bank''s annual general meeting in Frankfurt, Germany, May 19, 2016. REUTERS/Kai Pfaffenbach FRANKFURT Europe needs a strong capital market to maintain independence from the United States and in light of Britain''s decision to leave the European Union, the chairman of Deutsche Bank''s ( DBKGn.DE ) supervisory board said. Paul Achleitner, in an interview with Reuters ahead of the bank''s annual general meeting on Thursday, said he was motivated to sit for a second five-year term as the board''s chair so that he could contribute to making Europe''s capital market more robust. "Europe needs a strong Deutsche Bank," he said. "Europe needs a strong capital market in order not to be dependent on the U.S. And if I can make a contribution to this, then I would like to do that. Europe must not become a museum. This is more important than ever after Brexit." Since Achleitner assumed his first term as chair in 2012, Deutsche Bank has faced a shareholder revolt and billions in fines for its U.S. mortgage securities business and other scandals. In response, the bank has revamped its strategy, raised new capital and fully swapped out its senior management. "I did not easily make the decision about a second term," he said. "But I feel personally responsible to the colleagues whom I have brought to the management and the supervisory boards. I can''t just say, ''Go on without me.''" (Reporting by Kathrin Jones and Tom Sims; Editing by Christoph Steitz)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-deutsche-bank-chairman-idUKKCN18D18P'|'2017-05-17T18:51:00.000+03:00'
'cf5b4f4f3f530a61afd47602223de127645b1e09'|'BRIEF-Viacom sets quarterly cash dividend of $0.20 per share'|'Market News  47pm EDT BRIEF-Viacom sets quarterly cash dividend of $0.20 per share May 18 Viacom Inc Democratic attorneys general will seek to intervene in Obamacare case SAN FRANCISCO/WASHINGTON, May 18 More than a dozen Democratic attorneys general will seek to intervene to defend a key part of the Obamacare healthcare law -- subsidy payments to insurance companies -- which is under threat in a court case, sources familiar with the litigation said. Canada oil industry get $173 mln loan to clean up abandoned wells CALGARY, Alberta, May 18 The oil industry in Canada''s resource-rich Alberta will be on the hook for a C$235 million ($172.7 million) government loan to clean up a rising number of oil wells abandoned by owners who have gone bankrupt, the province said on Thursday. JEDDAH, Saudi Arabia, May 18 Saudi Aramco is due to sign deals with 12 U.S. companies on Saturday during U.S. President Donald Trump''s visit to Saudi Arabia, sources with knowledge of the matter said. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-viacom-sets-quarterly-cash-dividen-idUSFWN1IK0M8'|'2017-05-19T01:47:00.000+03:00'
'81e998a3e9dc70d32098d9ae56a3b54d22dec84c'|'All work and no pay: creative industries freelancers are exploited - Guardian Small Business Network'|'Founder of Kind Sir Productions Thursday 18 May 2017 14.00 BST Last modified on Thursday 18 May 2017 14.02 BST When I was starting out as a freelance filmmaker and photographer I committed one of the biggest crimes in the freelance world: I offered to work for commercial companies for free in exchange for exposure and experience. There was some logic to it. I had no skills or experience and so I didn<64>t feel that I could ask for a fat fee. But what I didn<64>t realise was that I was undermining seasoned professionals and possibly causing them to lose out on paid work. I also didn<64>t foresee that, even after gaining professional experience and expertise, I<>d still get asked to work for no pay. The toughest question for a freelancer: what rate should I charge? Read more A survey last year showed freelancers working in the creative industries lose <20>5,394 each a year through working for free. The freelancers that took part in the survey, conducted by the Association for Independent Professionals (IPSE) and The Freelancer Club , a network for creative industries freelancers, had an average of seven years<72> experience in their field. My early experiences of working for no pay included filming a stage performance for the owners of a theatre company, who, when I sent them a quote for my fee, said they had no budget, despite the fact that the performance was sold out. I love filming, but I have a bigger passion for, you know, being able to afford the rent and having enough to eat Another firm asked me to film a promotional video fronted by celebrity and offered me a tenth of what I<>d charge today. Being a student at the time, I took it for the exposure. It bolstered my portfolio and the money was welcome. Years later, that company asked me, for the same miniscule pay, to shoot a series of similar videos and for me to source a royalty-free music track to go with them. More recently, I was asked to create a promotional video for a company with the aim of getting investment from sponsors. I said I<>d do it at about 1% over the money they offered. After negotiating my payment down, they eventually went with a production company offering to do it for nothing. David Chandler, founder Kind Sir Productions. Photograph: Danielle Neves/David Chandler To this day, there is still an expectation that I will work for either an extremely low amount, or nothing at all. I love filming, but I have a bigger passion for, you know, being able to afford the rent and having enough to eat. It<49>s a source of ongoing frustration for creative contractors that, after years of training and hard graft, we<77>re told that our profession isn<73>t worth paying for. I firmly believe legislation should be introduced to stop exploitative free work where the client clearly profits financially. The big question for freelancers in this position is how do you make the client see that paying for your skills is an investment, not an expenditure? One of the first steps is to inform your client of the risk factor involved if you are asked to work for free. They have put in time, money, and effort into building their brand, so why, when they enlist someone to represent it, are they happy to let that slide to save a few quid? If they undervalue you, they need to know that they<65>re also undervaluing their brand. If a company is asking you to work for free or next to nothing, then there is only so much they can expect from you. They can rest assured that you<6F>ll be putting their project to one side, regardless of deadlines, if a paid job comes along. Always advise whoever is trying to get as much out of you for as little as possible to consider what you can realistically offer them as well as the pitfalls of trying to get a product of quality for free. Another way to take a stand is to sign up to the #NoFreeWork campaign set up by the Freelancer Club to push for change on this issue. The campaign is urging all freelancers to say no to unpaid work 
'e1a018a4996e19611783b10031aa5d00987d07fd'|'Altice vows to challenge EU charges over PT Portugal deal'|'Deals - Thu May 18, 2017 - 3:29am EDT Altice vows to challenge EU charges over PT Portugal deal The logo of cable and mobile telecoms company Altice Group is seen during a news conference in Paris, France, March 21, 2017. REUTERS/Philippe Wojazer - PARIS Telecoms group Altice ( ATCA.AS ) said it would challenge accusations by the European Commission that it had taken control of PT Portugal before winning approval for the acquisition from the European Union antitrust regulator in 2015. "Altice does not agree with the European Commission''s preliminary conclusions and will submit a full response," the company said on Thursday, after the EU executive issued a formal statement of objections setting out its allegations. "The investigation proceedings do not affect the approval granted by the European Commission for the acquisition of PT Portugal," the Altice statement added. (Reporting by Sudip Kar-Gupta; Editing by Laurence Frost) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-altice-eu-idUSKCN18E0OP'|'2017-05-18T11:29:00.000+03:00'
'c620849e6dc23230163ab48d0a2a3998f7672a64'|'UK financial advisers give suitable advice, don''t all reveal costs - watchdog'|'Business  42pm BST UK financial advisers give suitable advice, don''t all reveal costs - watchdog The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren LONDON More than 90 percent of UK financial advisers give suitable advice to retail customers, Britain''s financial watchdog said on Thursday but added that a large minority did not comply with rules on disclosing costs. Advisers provided suitable advice in 93.1 percent of cases, the Financial Conduct Authority said in a review of the sector. "These are positive results," the FCA said. The clean bill of health for advisers contrasts with other areas of the financial services industry such as the sale of annuities, where the FCA has found evidence of misselling. But advisers provided "unacceptable disclosure" in 41.7 percent of cases, the FCA added, particularly around giving customers information about their costs and services. The FCA will discuss the review findings with advisers over the next two years, and carry out another review in 2019, it said. (Reporting by Carolyn Cohn; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-financial-britain-advice-idUKKCN18E1PT'|'2017-05-18T20:42:00.000+03:00'
'301d9264aade57a250cc691d14320cf6b2b06d43'|'BGC readies U.S. Treasuries e-trading platform for June launch'|'By John McCrank - NEW YORK NEW YORK May 16 BGC Partners Inc plans to launch a new electronic trading platform for U.S. Treasuries by the end of June, four years after selling a similar business to exchange operator Nasdaq Inc, an executive at the brokerage said on Tuesday.The new platform has been three to four times faster in testing with professional trading firms than existing Treasuries trading platforms, such as NEX Group''s BrokerTec and Nasdaq Fixed Income, formerly known as eSpeed, Lou Scotto, head of FENICS U.S. Treasuries, said in an interview. FENICS is the name of BGC''s electronic trading operations.Currently, BrokerTec dominates the electronic Treasuries trading business among interdealer brokers, with a market share of around 80 percent, according to Greenwich Associates.That level of concentration at one firm has led various BGC clients, from multinational and regional banks, to proprietary trading firms, to ask BGC to reenter the market to spur competition, Scotto said."We understand our opportunity here and we are very serious about committing our economics and our technology to gain a quick hold in the market in the next year," he said.BGC sold eSpeed to Nasdaq in 2013 for $1.2 billion in cash and stock considerations. At the time, eSpeed had a market share of more than 30 percent, but that has dwindled to around 20 percent, according to Greenwich. DealerWeb, run by TradeWeb, a company that is majority-owned by Reuters News parent Thomson Reuters Corp, has around 5 percent market share.Most new electronic fixed income trading platforms have little chance of making inroads on established players, but BGC may have an edge given its background and knowledge of the space, said Kevin McPartland, head of market structure research at Greenwich."Its a good thing for the marketplace that there is that innovation, but one of the hardest things in fintech to do is to build liquidity from scratch," he said.BGC will offer a central limit order book for on-the-run Treasuries starting in mid- to late-June, with plans to launch trading in additional areas like off-the-run Treasuries at a later date, Scotto said.BGC also plans to launch a electronic foreign exchange trading platform at a later date under the FENICS umbrella, he said. (Reporting by John McCrank; Editing by Andrea Ricci)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bgc-partners-treasuries-idINL2N1II16D'|'2017-05-16T15:10:00.000+03:00'
'4e519d65a7fedbece65441a800e15e7d1ec25833'|'PRESS DIGEST- New York Times business news - May 16'|'Market   12:32am EDT PRESS DIGEST- New York Times business news - May 16 May 16 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - President Trump boasted about highly classified intelligence in a meeting with the Russian foreign minister and ambassador last week, providing details that could expose the source of the information and the manner in which it was collected, a current and a former American government official said Monday. nyti.ms/2qmoW9z - The Trump administration said on Monday it would vastly expand the so-called global gag rule that withholds American aid from health organizations worldwide that provide or even discuss abortion in family planning. The new policy could disrupt hundreds of clinics in Africa and around the world that fight AIDS and malaria. nyti.ms/2qmzGEL - Indicators are far from conclusive, but intelligence officials and private security experts say that North Korean-linked hackers are likely suspects in global ransomware attacks. nyti.ms/2qmktDq - Uber Technologies Inc, the ride-hailing company, sidestepped a full shutdown of its self-driving car efforts on Monday when a federal judge stopped short of issuing a temporary injunction against the program. nyti.ms/2qmsiJD - A whistle-blower, a former well-placed official at UnitedHealth Group Inc, asserts that big insurance companies have been systematically bilking Medicare Advantage for years, reaping billions of taxpayer dollars from the program by gaming the payment system. nyti.ms/2qmnSCj - With oil markets flagging, the world''s two biggest oil exporters agreed on Monday to extend production cuts for several months, sending the price of crude soaring. nyti.ms/2qmwKYN (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL4N1II1ZY'|'2017-05-16T12:32:00.000+03:00'
'5210a1930c38cc7f110745f69a3b492affa22796'|'From blue-chip to chip blues: Embattled Toshiba tries to sell its flash-memory unit'|'ONCE an electronics and nuclear-power empire that was the pride of corporate Japan, Toshiba is threatened with a stockmarket delisting. It missed a deadline to file its annual results, on May 15th, for the third time this year. In earnings estimates (auditors are refusing to sign off on its results), it warned of a loss close to <20>1trn ($9bn) for the financial year that ended in March. That is the steepest loss on record for a Japanese manufacturer.To make things worse, Western Digital, an American joint-venture partner in its semiconductor unit, last week took legal action to block Toshiba<62>s plan to shed their flash-memory business. The case could drag on, but Toshiba needs a sale. That would help cover a write-down of billions of dollars from Westinghouse Electric, its bankrupt American nuclear-power unit.Latest updates From   4   Guy Ritchie makes the wrong film in <20>King Arthur<75> Prospero 6 hours ago See all updates The group<75>s chip business accounted for almost one-fifth of revenue in the nine months to December 2016; together, Toshiba and SanDisk, a subsidiary of Western Digital, which jointly operate plants in Japan, come second only to Samsung Electronics of South Korea, the world<6C>s biggest maker of NAND chips (see chart). These chips are used in everything from smartphones and video-game consoles to data centres. The broader business is sizzling: semiconductors are expected to bring in $386bn in worldwide revenue this year, up by 12% from 2016, says Gartner, a market-research firm. Though Toshiba has not said how much of the newly formed spin-off of its memory business it wants to sell, it hopes to gain at least <20>2trn from the sale: a vital injection of cash, since it is blocked from raising money on the stockmarket after a huge accounting bungle in 2015.Now it is pushing ahead with a second round of bids (the first ended in March). Its boss said this week that Western Digital<61>s charge, that Toshiba was violating its agreement, was <20>groundless<73>. Ten bidders are said to have entered the fray for the NAND unit, including chipmakers, tech firms and private-equity firms. Foxconn of Taiwan, a smartphone assembler, has reportedly considered offering $27bn. SK Hynix of South Korea and Broadcom of America, both chipmakers, are also in the running.The Asian bidders may need to contend with an outbreak of economic nationalism in Tokyo. To lose the NAND technology, invented by Toshiba in the 1980s, would be a blow, and the administration of Shinzo Abe, the prime minister, is reportedly loth to see another corporate jewel handed to an Asian competitor. Last year, the Innovation Network Corporation of Japan (INCJ), a government-backed fund, tried and failed to buy Sharp, an electronics giant: Foxconn bought it instead.The INCJ is expected to enter the second round of bids in partnership with KKR, an American private-equity firm. The government has said it will scrutinise offers by foreign firms for reasons of national security. Some reports suggest it has offered to the INCJ a guarantee of up to <20>900bn on the bank loans that it would need. Still, the government would prefer not to use muscle, says Nicholas Benes of the Board Director Training Institute of Japan, since his reform plans involve the country being open to most foreign investors.Pressure to strike a deal with Western Digital and make the sale will mount. Investors are worrying about more financial fudges being uncovered at the group, says Daiju Aoki of UBS. The firm has been on the watch list of the Tokyo Stock Exchange for 20 months: that is one step short of a delisting, which will happen automatically if it ends the financial year, in March 2018, still with negative shareholder equity in its accounts. A date to commit to memory.This article appeared in the Business section of the print edition under the headline "Blue-chip chip blues"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.c
'9b15a83d2186efe90fd40434e65b5a9fb472df8d'|'Booker sticks to Tesco deal timetable as profits rise'|'By James Davey - LONDON LONDON British wholesaler Booker ( BOK.L ) still expects its 3.7 billion pound ($4.8 billion) takeover by Tesco ( TSCO.L ) to be completed by early 2018 at the latest, it said after reporting annual results on Thursday, despite regulatory hurdles that analysts said could make the timetable optimistic.Though the companies announced the deal in January, Britain''s Competition & Markets Authority (CMA) has yet to formally confirm the start of its initial appraisal of the plan and most analysts see referral to an in-depth Phase 2 investigation as inevitable.That latter could last up to 24 weeks, with the CMA able to seek remedies or block the deal if it finds that the takeover would reduce competition.The CMA is not known for moving quickly and analysts pointed to the regulator''s handling of sportswear company JD Sports'' ( JD.L ) proposed takeover of the Go Outdoors chain. That deal, which would create only a few overlaps among stores, was announced in November, but it took until Thursday for the CMA to say it will not be conducting a Phase 2 investigation."If the CMA took this long to clear that deal, how long will it take to investigate the far more complex Booker-Tesco merger?" said independent retail analyst Nick Bubb.Meanwhile, Booker and Britain''s biggest retailer remain committed to their deal despite some dissent among Tesco shareholders."We are continuing to assist the UK competition authorities in their ongoing consideration of the merger and it is expected that the merger will complete in late 2017/early 2018, subject to, amongst other things, the necessary shareholder approvals," Booker said.Booker, which supplies convenience chains including Budgens and Londis, restaurants such as Wagamama and Carluccio''s and also operates the Makro cash and carry business, reported a 15 percent rise in annual profit and said revenue in the first seven weeks of its new financial year was ahead of the same period last year.It made a pretax profit of 174 million pounds in the year to March 24, slightly ahead of analysts'' average forecast of 173.3 million pounds, reflecting progress across the catering and retail supply sides of the business.Booker''s total return to shareholders, made up of ordinary and special dividends, was increased by 11 percent to 8.62 pence.Shares in Booker, up 23 percent this year, were flat at 199 pence at 0838 GMT (4.38 a.m. ET).Tesco''s cash and shares offer valued Booker shares at 200 pence.(Editing by Kate Holton and David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-booker-results-idINKCN18E179'|'2017-05-18T08:06:00.000+03:00'
'fd7434d3ac6dec1948a2ca4e608607b27508a778'|'Has the oil market grown weary of OPEC''s promises?'|'Business  32pm BST Has the oil market grown weary of OPEC''s promises? A worker checks an oil pipe at the Lukoil-owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, in this January 25, 2016 file photo. REUTERS/Sergei Karpukhin By Amanda Cooper - LONDON LONDON Is the oil market getting tired of OPEC''s verbal intervention? The price swings of recent months suggest market players want a big surprise from the Organization of the Petroleum Exporting Countries (OPEC) when it meets on May 25 in Vienna for oil to break above a very tight range around $50 per barrel. OPEC leader Saudi Arabia has said it wants to see prices above $60 per barrel by the end of the year and promised to do "whatever it takes" to help clear a global glut. But the phrase coined by European Central Bank President Mario Draghi five years ago in his successful bid to defend the euro has not had the same dramatic impact on oil. If anything, the punch has weakened in recent weeks. Money managers now hold more bearish bets, or short positions, on Brent than at any time since ICE began collecting data in 2011. 3ICELCOMSHT The premium of the December 2018 contract versus the December 2017 contract has widened since February. The premium usually indicates expectations of oversupply and hence shows growing doubts that OPEC will be able to eradicate the glut. Saudi Arabia and non-OPEC Russia have said they want to see output curbs extended for another nine months until March 2018. With such an extension already priced in, a real surprise could come if OPEC decided to extend for longer, deepen output cuts or restrict exports. Oil markets suffer from "OPEC fatigue" - reut.rs/2pZKdlH'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-oil-price-opec-idUKKCN18E29M'|'2017-05-18T23:32:00.000+03:00'
'c295461dc7905760ebd210514c626e8589204cad'|'IMF urges Poland to tighten fiscal policy - statement'|'  IMF urges Poland to tighten fiscal policy - statement WARSAW The Polish government should tighten fiscal policy as soon as possible to take advantage of a strong cyclical upswing in the economy, the International Monetary Fund (IMF) said in a statement concluding its annual mission to the country. "Fiscal consolidation should start as soon as possible to take advantage of the cyclical upswing," the IMF said. "During 2018<31>19, the structural deficit should be reduced by 0.5 percent of GDP each year to reverse the current pro-cyclical stance and to build a ''safety buffer''." The IMF added that the near-term economic outlook for Poland is balanced, while the monetary policy stance appropriate. "The monetary stance is appropriate for now, but the central bank should stand ready to raise the policy rate if accelerating core inflation threatens the inflation objectives," the IMF said. (Reporting by Marcin Goettig; Editing by Marcin Goclowski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-poland-economy-imf-idUKKCN18E1G0'|'2017-05-18T19:17:00.000+03:00'
'9dfc1869c07a75de3b9e860bc9b4fd685b52efaa'|'Elliott increases pressure on BHP to ditch petroleum'|'SYDNEY/LONDON Activist investor Elliott Management raised the pressure for strategic changes at BHP ( BHP.AX ) ( BLT.L ) on Tuesday, calling for an independent review of the mining giant''s petroleum business.Elliott, which has built up a 4.1 percent stake in BHP''s London-listed arm and is urging changes to boost shareholder value, said there were clear signs the market was receptive to a new strategy for BHP."There is extremely broad and deep-rooted support for pro-active steps to be taken by management to achieve an optimal value outcome for BHP''s petroleum business following a formal open review," it said in letter to management.Elliott, founded by billionaire Paul Singer, has been pushing for BHP to collapse its dual-listed structure, spin off its U.S. oil and gas assets, and boost returns to shareholders since publishing its proposals on April 10 - all of which BHP has rejected.Its latest letter, which did not name any other shareholders, was released hours before BHP Chief Executive Andrew Mackenzie spoke at a Bank of America Merrill Lynch mining conference in Barcelona that is also being attended by Elliott.BHP said it was disappointed Elliott believed the company was not open to suggestions and dismissed criticism that it had been misleading in its response to the New York-based investor''s calls for a change in strategy."We reject both claims," the miner said in an emailed statement, adding that it would review Elliott''s latest material in full and formally respond.Speaking at the Barcelona conference, which is attended by bankers and investors, Mackenzie said BHP had made consistent progress and was confident it could grow the value of the company by up to 50 percent and almost double the return on capital."Our path is deliberate, with value and returns at the center of everything we do," Mackenzie said in a copy of his speech.He said BHP''s petroleum exploration program had a value of more than $20 billion and close to a quarter of this was in low-to-medium risk prospects to be tested in the next two years.Mackenzie has previously said it is the wrong time for BHP to sell its U.S. petroleum assets, given oil prices are still relatively low at about $52 per barrel LCOc1.BHP has also sought to highlight the action it is taking to divest non-core parts of its U.S. shale assets.MEETING IN BARCELONAA source close to BHP said the company expected to meet Elliott in Barcelona.Analysts at Deutsche Bank and Citi have said BHP could unleash billions of dollars by selling part or all of its petroleum business, although Citi cautioned this would bring only a one-off benefit to shareholders and the company should focus on how to grow value for investors."The current period of shareholder activism could result in a break-up and/or a significant alteration of the company''s structure," Citi said in a note this week.Responding to concerns raised by the Australian government, Elliott on Tuesday backtracked on its proposal for BHP to have its main listing in London, saying that it could remain incorporated in Australia and stay an Australian tax resident, retaining full listings on the Australian and London bourses.An example would be International Consolidated Airline Group IAG.L, which resulted from the 2010 merger of British Airways and Iberia. IAG has its primary listing in Spain but also trades in London and remains part of the benchmark FTSE 100 index.BHP has said the costs of scrapping its dual-listed structure significantly outweigh the benefits.Its share price has fallen since Elliott launched its attack in April and the London stock is down nearly 9 percent since the start of the year. By 0730 GMT on Tuesday, BHP ( BLT.L ) was down 0.2 percent.On its website, fixingbhp.com, Elliott also criticized BHP''s track record on share buybacks and suggested the company make a $6 billion buyback in 2018.Such a buyback, if the current valuation remained unchanged, would lead to $2.4 billion in value accretion, equivalent to mor
'd2d9e8de34122bee4a9de96947fcec4548614296'|'U.S. launches probe of Boeing dumping, subsidy claims vs Bombardier'|'Market News  08pm EDT U.S. launches probe of Boeing dumping, subsidy claims vs Bombardier SEATTLE May 18 The U.S. Commerce Department said on Thursday it was launching an investigation into claims by Boeing Co that Canadian plane maker Bombardier Inc dumped CSeries aircraft in the U.S. market and is being unfairly subsidized by the Canadian government. The Commerce probe, which was expected, parallels an investigation by the U.S. International Trade Commission into Boeing''s allegations that Bombardier sold 75 CSeries planes to Delta Air Lines Inc last year at a price well below cost. Bombardier has refuted the allegations, and the two sides clashed at an ITC hearing on Thursday. (Reporting by Alwyn Scott; Editing by Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/boeing-bombardier-commerce-idUSL2N1IK1IF'|'2017-05-19T01:08:00.000+03:00'
'fc40a473b1c6a99998420fb0bf573fc08996f1c5'|'Four carmakers settle claims over Takata inflators for $553 million'|' 34pm BST Four carmakers settle claims over Takata inflators for $553 million FILE PHOTO: The logo of Takata Corp is seen on its display at a showroom for vehicles in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai/File Photo By David Shepardson - WASHINGTON WASHINGTON Four automakers agreed to a $553 million (<28>425.6 million) settlement to address class-action economic loss claims covering owners of nearly 16 million recalled vehicles with potentially defective Takata airbag inflators, according to court documents filed on Thursday. Toyota Motor Corp''s ( 7203.T ) share of the settlement costs is $278.5 million, followed by BMW AG ( BMWG.DE ) at $131 million, Mazda at $76 million and Subaru Corp ( 7270.T ) at $68 million. Lawsuits against Honda Motor Co ( 7267.T ), Ford Motor Co ( F.N ) and Nissan Motor Co ( 7201.T ) have not been settled, lawyers said. Takata Corp ( 7312.T ) inflators, which can explode with excessive force and unleash metal shrapnel inside cars and trucks, are blamed for at least 16 deaths and more than 180 injuries worldwide. The safety defect has prompted recalls worldwide of about 100 million inflators by 19 major automakers, the largest automotive recall ever for a single safety issue. The four automakers said in a joint statement they had agreed to settle "given the size, scope and severity of the Takata recall," but did not admit fault or liability. The automakers said the settlements, if approved by a Florida judge, will be overseen by a court-appointed administrator. The settlement includes a new independent outreach programme that seeks to dramatically increase recall remedy completion rates and will regularly contact owners. The settlements also provide compensation for economic losses resulting from the recall including paying reasonable out-of-pocket expenses; a possible residual distribution payment of up to $500, rental cars to the most at-risk owners while they wait for recall remedies; and a customer support programme for repairs and adjustments, including an extended warranty. In January, Takata agreed to plead guilty to criminal wrongdoing and to pay $1 billion to resolve a federal investigation into its inflators. As part of the settlement, Takata agreed to establish two independently administered restitution funds: one for $850 million to compensate automakers for recalls, and a $125 million fund for individuals injured by its airbags who have not already reached a settlement. With the criminal settlement and penalties set in the United States, where most of the air bag-related fatalities and injuries have occurred, Takata is continuing its search for a buyer or financial backer, a process that has dragged on for a year. Automakers have recalled 46 million Takata air bag inflators in 29 million U.S. vehicles. By 2019, automakers will recall 64 million to 69 million U.S. inflators in 42 million vehicles, regulators said in December. The majority of inflators have not been fixed. (Reporting by David Shepardson; Editing by Jonathan Oatis and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-automakers-takata-idUKKCN18E2HF'|'2017-05-19T01:34:00.000+03:00'
'aa7b5bc97a6dc67789814d17275d3e2f3417c5e5'|'Apple marketing dual tranche euro bond'|' 20am EDT CORRECTED-Apple marketing dual-tranche euro benchmark (Corrects marketing range for 12-year) By Laura Benitez LONDON, May 17 (IFR) - Apple Inc is marketing a dual-tranche euro-denominated senior unsecured benchmark bond, according to a lead bank. Initial price thoughts for an eight-year maturity are mid-swaps plus 45/50bp and for a 12-year are mid-swaps plus 60/65bp. Apple, rated Aa1/AA+ (both stable), mandated Goldman Sachs, Barclays and Deutsche Bank as bookrunners. (Reporting by Laura Benitez; editing by Alex Chambers, Julian Baker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL8N1IJ1LZ'|'2017-05-17T16:14:00.000+03:00'
'c23dff373c42abd99fa4c9e700123f6cf963f0c9'|'Seven banks focus of Mexico bond collusion probe -report'|'Business News - Tue May 16, 2017 - 7:55pm EDT Seven banks focus of Mexico bond collusion probe: report MEXICO CITY Seven banks are at the center of a probe by Mexico''s antitrust regulator COFECE looking into possible collusion to manipulate bond prices, U.S. news agency Bloomberg reported on Tuesday, citing a person with knowledge of the matter. The investigation is examining whether market makers that buy notes from the government and state-owned companies in primary auctions colluded to suppress prices, the report said. Under scrutiny are local units of Banco Santander SA ( SAN.MC ), Banco Bilbao Vizcaya Argentaria SA (BBVA) ( BBVA.MC ), JPMorgan Chase & Co ( JPM.N ), HSBC Holdings Plc ( HSBA.L ), Barclays Plc ( BARC.L ), Citigroup Inc ( C.N ) and Bank of America Corp ( BAC.N ), according to the person, Bloomberg said, noting that none of the banks have been accused of wrongdoing. COFECE, which announced the probe in April, declined to comment. HSBC, Santander, BBVA and Bank of America declined to comment. The remaining banks did not immediately respond to requests for comment. Some of the banks have already received requests for information related to the investigation, which could also extend to other participants in both the primary and secondary bond markets, according to the report. (Reporting by Mexico City Newsroom; Editing by Richard Chang) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mexico-banks-idUSKCN18C2UI'|'2017-05-17T07:52:00.000+03:00'
'2a7c6a77801381a72c3d36228cb9589bb53be585'|'EMERGING MARKETS-LatAm currencies weaken as Trump woes spark risk-aversion'|'Market News  17am EDT EMERGING MARKETS-LatAm currencies weaken as Trump woes spark risk-aversion By Bruno Federowski SAO PAULO, May 17 Latin American currencies weakened on Wednesday as speculation U.S. President Donald Trump could face the threat of impeachment triggered worldwide profit-taking on riskier assets. The Brazilian real slipped 0.4 percent, while the Mexican peso fell as much as 0.7 percent before paring gains to trade nearly flat. Both currencies had strengthened in the last six trading days. News reports emerged on Tuesday that Trump had asked then-Federal Bureau of Investigation Director James Comey to end the agency''s investigation into ties between former White House national security adviser Michael Flynn and Russia. The reports fueled questions over whether Trump could be charged with obstruction of justice, potentially opening the doors for an early exit from office. Uncertainty over his future drove investors away from higher-risk assets, while also fostering doubt over the implementation of his fiscal expansion pledges, traders said. Stock markets also fell, with MSCI''s emerging markets equity index down 0.6 percent. MSCI''s Latin American stock index underperformed following a 6 percent rally in the last six sessions. All of Latin American benchmark stock indexes were down, with Mexico''s IPC the worst performer. Shares of bottler and retailer Fomento Economico Mexicano (Femsa) subtracted the most points from the index after Coca-Cola Femsa, a joint venture with Coca-Cola Co, ditched plans to acquire certain territories in the United States. Key Latin American stock indexes and currencies at 1445 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1009.49 -0.55 17.72 MSCI LatAm 2725.63 -1.3 17.98 Brazil Bovespa 67866.86 -1.19 12.68 Mexico IPC 48945.98 -1.04 7.24 Chile IPSA 4849.69 -0.53 16.82 Chile IGPA 24343.98 -0.43 17.41 Argentina MerVal 21749.94 -0.38 28.56 Colombia IGBC 10738.21 -0.82 6.02 Venezuela IBC 65396.82 1.52 106.27 Currencies daily % YTD % change change Latest Brazil real 3.1072 -0.40 4.57 Mexico peso 18.6525 -0.01 11.21 Chile peso 667.91 -0.19 0.42 Colombia peso 2885 -0.30 4.04 Peru sol 3.269 -0.12 4.44 Argentina peso (interbank) 15.6250 -0.26 1.60 Argentina peso (parallel) 16.02 0.19 4.99 (Reporting by Bruno Federowski; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL2N1IJ0T8'|'2017-05-17T23:17:00.000+03:00'
'279270a44aae968d139a98b60fb7be4cb7c29ebd'|'Democratic attorneys general will seek to intervene in Obamacare case'|'Market News   1:44pm EDT Democratic attorneys general will seek to intervene in Obamacare case By Dan Levine , Lawrence Hurley and Yasmeen Abutaleb - SAN FRANCISCO/WASHINGTON SAN FRANCISCO/WASHINGTON May 18 More than a dozen Democratic attorneys general will seek to intervene to defend a key part of the Obamacare healthcare law -- subsidy payments to insurance companies -- which is under threat in a court case, sources familiar with the litigation said. The attorneys general, led by California Attorney General Xavier Becerra and New York Attorney General Eric Schneiderman, are expected to file a motion to intervene in the case pending in the U.S. Court of Appeals for the District of Columbia Circuit later on Thursday. The case, which dates back to the Obama administration, was filed by the Republican-led House of Representatives against the federal government in an effort to cut off subsidy payments to insurers for the individual plans created by the Affordable Care Act, often called Obamacare. The subsidies payments help cover out-of-pocket medical expenses for low-income Americans. Democratic attorneys general have emerged as a key group resisting President Donald Trump''s agenda, particularly around immigration. Their intervention in the Obamacare subsidies lawsuit represents a major expansion of that effort. Trump has repeatedly threatened to withhold the payments to insurers, which amount to about $7 billion this year, and referred to them as a "bailout." The attorneys general are expected to cite Trump''s own words vowing to let Obamacare "explode" as part of the reasoning for their intervention. Several insurers, including Aetna and Humana , have largely left the Obamacare exchanges, citing a pool of patients who are sicker than expected and therefore more expensive. Insurers have also repeatedly called on the Trump administration to fund the cost-sharing subsidies. Attorneys general and proponents of Obamacare have said the threats to withhold the payments have already wreaked havoc in the marketplaces and are part of the reason some healthcare consumers have seen double-digit rate increases. Several offices of Democratic attorneys general who are believed to want to intervene in the case declined to comment when contacted by Reuters. IMMIGRATION, ENVIRONMENT Democratic attorneys general took a lead role to successfully block Trump''s executive orders restricting travel from some Muslim-majority countries, and they are also resisting efforts to roll back environmental regulations. In May 2016, a U.S. judge ruled in favor of the Republicans in the subsidies case, finding that the Obama administration could not spend the money without the approval of Congress. The Obama administration appealed before Trump took office, leaving the new administration to ponder how to proceed. The appeals court put the litigation on hold after the November presidential election at the request of the Republican House lawmakers. The litigation could become moot if Congress repeals Obamacare. The House passed its own healthcare bill, called the American Health Care Act, earlier this month, which would repeal much of Obamacare. The Senate recently began writing its own version of the bill but has warned it could take months to pass. The Trump administration has taken action over the past several months to undercut Obamacare through regulatory authority. It backed off enforcing the individual mandate, which requires everyone to purchase health insurance or else pay a penalty, tightened enrollment in Obamacare markets and has enabled people to sign up for insurance plans outside of healthcare.gov, the flagship site of Obamacare that the Obama administration heavily advertised. (Editing by Alistair Bell)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-healthcare-lawsuits-idUSL2N1IK195'|'2017-05-19T01:44:00.000+03:00'
'91c2dd2ab74fa0d1a98adcb4f91ab7647e858e59'|'BRIEF-Royalty North announces further increase to private placement financing'|'Bonds  50pm EDT BRIEF-Royalty North announces further increase to private placement financing May 18 Royalty North Partners Ltd * Royalty North announces further increase to private placement financing and closing of second tranche * Increased its non-brokered private placement financing of units at a price of $0.17 per unit to approximately $3.93 million * Proceeds of placement will be used to repay shareholder loans used to facilitate early close of deal with SST construction * Closed second tranche of private placement by issuing 6.8 million units for gross proceeds of approximately $1.16 million Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-royalty-north-announces-further-in-idUSASA09QJL'|'2017-05-19T03:50:00.000+03:00'
'73a8eab1e2d21a06584ae15277ff1118abff98db'|'China issues draft rules cleaning up property sales and rental market'|'Business News   12:56pm BST China issues draft rules cleaning up property sales and rental market Property buildings are seen against the dawn sky in Beijing, China, April 25, 2017. REUTERS/Stringer BEIJING China issued a draft of new rules for property sales and leasing on Friday to improve management and operation in a part of the services sector that is often poorly regulated. The draft rules require property developers to promptly publish accurate pricing information for new homes for sale, and must not charge various additional fees, hoard unsold homes or spread false information about rising prices. China has struggled to control surging home prices over the last year, with the government often blaming dishonest practices by developers and property agents for encouraging higher prices for their own benefit. The nationwide rules published by the Ministry of Housing and Urban-Rural Development will be up for public comment for one month, and follow a number regional measures aimed at cleaning up the sector. There could be changes to the rules in the final version. Property agents must be licensed and make charging standards clear and cannot publish any false information about properties, the rules say. For property rentals, landlords and renters are encouraged to sign longer term contracts, with special incentives to be given for those who sign contracts for more than three years. Landlords who want to break a rental agreement also need to give renters at least three months'' notice, and cannot take back a home by force. (Reporting by Elias Glenn; Editing by Nick Macfie)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-idUKKCN18F1B4'|'2017-05-19T19:56:00.000+03:00'
'5a3f143ab9538210e80984336b7526b635dd3203'|'EU to ''re-engineer'' capital market after Brexit - EU document'|'  7:47pm BST Exclusive - EU looks to build alternative to London for capital market: document FILE PHOTO: Euro and Pound banknotes are seen in front of BREXIT letters in this picture illustration taken April 28, 2017. REUTERS/Dado Ruvic/Illustration/File Photo By Huw Jones - LONDON LONDON Brexit has forced the European Union to rethink its flagship capital markets union (CMU) project and urgently look for ways to create an alternative financial market to London, according to a draft EU document seen by Reuters on Wednesday. London is the bloc''s biggest financial market by far, but will be outside the EU from 2019, posing a challenge to the CMU project that had already begun to flag before last year''s referendum in Britain. "The CMU reform programme must be updated so that it can meet the challenge of creating a more autonomous capital market for the EU-27 economy," the document written by the European Commission says, referring to the remaining EU member states. Britain''s Prime Minister Theresa May has said she wants a free trade agreement with the EU that would include financial services, but the document suggests the bloc wants instead to replicate London''s financial industry as much as it can. The draft document, due to be discussed by the executive Commission on June 7 ahead of potential publication, said Brexit made it necessary to ensure that businesses remaining in the EU would have access to strong capital markets. "This calls for stronger actions, more effective supervision and making sure that the benefits of the CMU are felt across the entire EU," it said. "The City of London has traditionally pooled liquidity and provided risk management services for the rest of the EU. The departure of the UK from the single market reinforces the need and urgency of further developing and integrating EU capital markets." A "deep re-engineering" of the financial system is necessary and this "implies finding ways to integrate sustainability into the EU''s regulatory and financial policy framework", and to broaden the "geographical reach of capital markets". Separately, the EU executive has already announced it will publish a draft law next month to tighten its grip on the clearing of euro-denominated securities, an activity which London currently dominates. PROPOSALS The draft document sets out a string of proposals to boost the bloc''s capital market, especially in areas which London has dominated such as institutional investment, pensions, and stock market listings. The Commission will propose in the third quarter to strengthen the powers of the EU''s European Securities and Markets Authority - a step Britain had long opposed - in order to make the CMU more effective, the document added. There may be an "EU Small Listed Companies Act" in the second quarter of next year to make the bloc a more attractive location for companies to go public, it said. The Commission will propose a draft law to ease capital requirements on investment firms in the fourth quarter of 2017, and assess the case for granting licences and "passporting" rights to financial technology firms to operate across the EU, the document said. The EU executive will also present measures to "support secondary markets" for non-performing or soured loans on the books of banks, blamed for holding them back from lending more to companies. There may be a draft law too on making it easier to sell mutual and hedge funds products across borders. The draft document follows a "mid-term" review of the CMU, a project that aims to encourage companies to raise more funds on markets and reduce the continent''s heavy reliance on bank loans. The document, which could be amended before publication, says a draft law to propose a pan-European personal pension product will be published by the end of June. There will also be a draft law proposing an EU framework for covered bonds in the first quarter of next year. (Reporting by Huw Jones; Editing by Mark Potter)'|'reuters.
'7d03acfaba5355cfdcf4eca188b1b71d188832ee'|'Santander or Bankia viewed as likely saviors for Spain''s Popular'|'By Andr<64>s Gonz<6E>lez and Jes<65>s Aguado - MADRID MADRID Spain''s biggest bank Santander ( SAN.MC ) or state-owned lender Bankia ( BKIA.MC ) are most likely to step in to save troubled Banco Popular ( POP.MC ), sources familiar with the talks told Reuters, although a deal is still far from guaranteed.Popular is racing to find a merger partner after Spanish Economy Minister Luis de Guindos closed the door on Thursday to a potential bailout with public money, while a capital increase is facing resistance from the bank''s existing shareholders.Santander, which declined to comment on Popular, is attracted by the bank''s strong position in small and medium size company lending, a source close to Santander said, adding that it would probably have to raise cash to finance any bid."I see Santander as being really motivated."Saddled with 37 billion euros of soured property assets, Popular has asked for binding offers by June 10 and aims to close a takeover by the end of next month, the sources said.The bank lost 3.6 billion euros in 2016 and has undergone three leadership shake-ups in less than a year. Its shares have fallen 65 percent over the past year and are the worst performers on the European STOXX banking index.Santander, Bankia and BBVA ( BBVA.MC ) all showed initial interest in Popular in a preliminary round of talks last week.BBVA, which declined to comment, does not rule out making an offer, but people familiar with its strategy say it sees a takeover deal as highly risky.It approached Popular with a tentative 1.2 euro per share offer late last year but never formally put forward a bid.BBVA believes any deal below this price would trigger liabilities of up to 2.5 billion euros ($2.8 billion), coming on top of restructuring and clean-up costs.Those liabilities relate to Popular''s capital increase in June 2016. Investors who bought into it at 1.25 euro per share could argue they were not given reliable information about the bank''s accounts and therefore paid over the odds.BAD BANK?Santander, which hired Citigroup earlier this year to work on a potential Popular deal, would have to raise at least 6 billion euros in a capital increase if it pursues a bid, the source close to the bank said, echoing analyst views.Popular''s final capital shortfall would not be known until a full due diligence has been completed, they added.Bankia, which also declined to comment, is another strong candidate, the sources said, because it not only has cash but also an excess of capital following its 22 billion euros state bailout in 2012 and a successful turnaround since then.Although it has not hired any advisers, Bankia could quickly find around 4 billion euros to buy Popular in cash and shares, paving the way for a transfer of part or all of Popular''s troubled real estate assets into Spain''s bad bank Sareb.While this would likely meet resistance in Madrid and Brussels, a condition for using the bad bank is to have received public money which would apply to Bankia, but not other bidders."(Economy Minister) De Guindos is the one who will call the shots at the end of the day and its clear that he wants Bankia, and possibly Sareb, to be part of the solution," one source familiar with the process said.The economy ministry declined to comment.(Additional reporting by Carlos Ruano; writing by Julien Toyer; editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-banco-popular-m-a-idINKCN18F1HH'|'2017-05-19T11:09:00.000+03:00'
'd9651244b0c4979951074898fcebed0ea3ea3f48'|'BRIEF-Computer Modelling Group Ltd posts Q4 earnings $0.07/shr'|'Market  40am EDT BRIEF-Computer Modelling Group Ltd posts Q4 earnings $0.07/shr May 19 Computer Modelling Group Ltd * Computer Modelling Group announces year end results * Computer Modelling Group Ltd Q4 earnings per share $0.07 * Qtrly total revenue $19.058 million versus $19.016 million * Computer Modelling Group Ltd - revenue and costs associated with coflow are estimated to be $4.0 million and $8.3 million, respectively, for fiscal 2018 * Computer Modelling Group Ltd - "capital expenditures are expected to recede to their normal levels of a couple of million dollars a year" * Q4 earnings per share view c$0.07 -- Thomson Reuters I/B/E/S * Q4 revenue view C$17.6 million -- Thomson Reuters I/B/E/S Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-computer-modelling-group-ltd-posts-idUSASA09QMT'|'2017-05-19T19:40:00.000+03:00'
'b53d5eb19b81ab31c18350f63edd58fa31a10d73'|'Companies use kidnap insurance to guard against ransomware attacks'|'Technology News - Fri May 19, 2017 - 12:31pm EDT Companies use kidnap insurance to guard against ransomware attacks left right Cables and computers are seen inside a data centre at an office in the heart of the financial district in London, Britain May 15, 2017. REUTERS/Dylan Martinez 1/2 left right FILE PHOTO: A screenshot shows a WannaCry ransomware demand, provided by cyber security firm Symantec, in Mountain View, California, U.S. May 15, 2017. Courtesy of Symantec/Handout via REUTERS/File Photo 2/2 By Suzanne Barlyn and Carolyn Cohn - NEW YORK/LONDON NEW YORK/LONDON Companies without cyber insurance are dusting off policies covering kidnap, ransom and extortion in the world''s political hotspots to recoup losses caused by ransomware viruses such as "WannaCry", insurers say. Cyber insurance can be expensive to buy and is not widely used outside the United States, with one insurer previously describing the cost as $100,000 for $10 million in data breach insurance. Some companies do not even consider it because they do not think they are targets. The kidnap policies, known as K&R coverage, are typically used by multinational companies looking to protect their staff in areas where violence related to oil and mining operations is common, such as parts of Africa and Latin America. Companies could also tap them to cover losses following the WannaCry attack, which used malicious software, known as ransomware, to lock up more than 200,000 computers in more than 150 countries, and demand payments to free them up. Pay-outs on K&R for ransomware attacks may be lower and the policies less suitable than those offered by traditional cyber insurance, insurers say. "There will be some creative forensic lawyers who will be looking at policies," said Patrick Gage, chief underwriting officer at CNA Hardy, a specialist commercial insurer, in London. He added, however, that given that K&R policies are geared towards a threat to lives, "our absolute preference is that people buy specific cover, rather than relying on insurance coverage that is not specific". American International Group Inc ( AIG.N ), Hiscox Ltd ( HSX.L ) and the Travelers Companies Inc ( TRV.N ) have been receiving ransomware claims from some customers with K&R policies as ransomware attacks become more common, the companies said. The insurers declined to comment on total claims, citing confidentiality and client security concerns. "We are seeing claims (over the past 18 months) but not a huge uptick," a Hiscox spokeswoman said. "These are within expectations and entirely manageable." She declined to say whether the firm had seen any such claims from the WannaCry attacks though Tom Harvey, an expert in cyber risk management at catastrophe modeling firm RMS, said "insurers with kidnap and ransom books will want to look closely at their policy wordings to see whether they are exposed." A sharp rise in ransomware attacks in the past 18 months has driven companies to use K&R policies to cover some of their damages if they do not have direct cyber coverage or cannot meet initial cyber policy deductible costs, insurers said. Symantec Corp, ( SYMC.O ), a cyber security firm based in Mountain View in California, observed over 460,000 ransomware attempts in 2016, up 36 percent from 2015, the company said. The average payment demand ballooned from $294 to $1,077, a 266 percent increase. But as the threat mounts, K&R insurers are at risk from steeper claims than they had anticipated. They are responding by making changes to their policies, which were not designed around ransomware, insurance brokers said. MORE DAMAGING THEN KIDNAPPING Most of the computers affected by WannaCry were outside the United States, where companies have been slow to buy cyber insurance. Nearly 90 percent of the world''s annual cyber insurance premium of $2.5-3 billion comes from the U.S. market, according to insurance broker Aon Plc ( AON.N ). Global companies typically buy K&R policies without
'f0faa253e9e1b34c9d704c458474fda7d8119dd9'|'Brazil prosecutors say reach ''impasse'' over size of fine in JBS deal'|'NEW YORK May 19 Brazilian prosecutors said on Friday that they had reached an "impasse" in talks with the parent company of meatpacking giant JBS SA over the size of the fine it would pay as part of a leniency deal under negotiation since February.The prosecutors said in a statement that they are seeking a fine of 11.169 billion reais ($3.43 billion) over a 10-year period, while JBS'' parent, J&F Investimentos, is seeking a payment of 1 billion reais. The public proscutor''s office said its proposal would expire if it is not accepted by midnight on Friday.($1 = 3.2596 reais) (Reporting by Christian Plumb; Editing by Alonso Soto and Daniel Flynn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-jbs-prosecutors-idINL2N1IL1CR'|'2017-05-19T16:34:00.000+03:00'
'523b4d6f3f80f32f76b698930f66dc70720517f3'|'Russia wants to split Sovcomflot sale among small-stake investors: sources'|'By Gleb Stolyarov and Jack Stubbs - MOSCOW MOSCOW Russia plans to sell part of state shipping firm Sovcomflot next month, hoping to draw in a wide range of small-stake investors rather than a strategic buyer who could threaten Moscow''s control of the group, banking and industry sources say.The current era of low tanker market prices is far from the ideal time for Sovcomflot to raise revenue with a share offer, as freight rates were at their highs in 2015. Sovcomflot operates the world''s second largest fleet of oil tankers.But the tangled history of Russian privatizations has often been driven as much by political and personal factors as commercial ones.Sovcomflot is led by Sergei Frank, once transport minister under President Vladimir Putin, whose privatization program is an effort to replenish state coffers hit by the oil price collapse and Western sanctions over Moscow''s actions in Ukraine.The firm has long-term contracts with major energy producers, making it one of the jewels in the program.Analysts say the deal could be especially favorable for investors, because low oil prices are likely to push down the current price of shares, with the prospect of big returns later.A banking source close to the deal, and a government source, said that the latest plan calls for a wide range of investors, with no strategic or anchor investors involved."A strategic investor will ask for the right to be involved in the management, one day or another. This is not what Sovcomflot needs," a government source said.The banking source said that the plan is to attract as wide number of investors as possible, including foreigners. Both declined to identify any potential bidders.People familiar with the sale said there were plans for an initial public offering in Moscow in June.In emailed comments to Reuters, Sovcomflot declined to comment on the details, saying that it was for the shareholder, the Russian state, to decide.The Economy Ministry, which is overseeing the privatization, said in emailed comments: "There is a high interest seen from both Russian and foreign institutional investors."TIMINGRussia is selling 25 percent of Sovcomflot, and hopes to earn as much as 30 billion rubles ($533 million) from the sale, according to the finance ministry.The firm ships oil from remote locations not connected to the Russian pipeline system. These include some of Russia''s biggest fields, such as Gazprom Neft''s Prirazlomnaya platform in the Pechora Sea, or the ExxonMobil-led Sakhalin-1 project.Sovcomflot also has the contract to ship liquefied gas from Russia''s newest liquefied natural gas plant, Yamal LNG."When you have 30-, 25-, 20-year-long contracts, it is an easy-to-sell story, especially via IPO," the government source said.First mooted in 2009, the launch of the privatization has been repeatedly stalled. The initial plan was to list Sovcomflot in New York and Moscow, but the U.S. listing was dropped because of sanctions, another banker said.Sovcomflot itself is not subject to sanctions but "there is an understanding it is better to do the deal here," the banker said.The state budget is set to retain 75 percent of the funds raised and the rest should go to the company to finance its further development, two government sources said.One of the government sources and two banking sources close to the process said the aim was to close the sale by the end of June.Sberbank CIB and VTB Capital, investment banking units of Russia''s two biggest and state-controlled banks, are arranging the deal.Three shipping analysts said Moscow would get a better price if it put off the sale for another year or two, when they see rates for crude transport recovering after more than halving since 2015."The best time to sell the Sovcomflot stake was 2015 and the Russian government has already missed it," said Nikesh Shukla, lead tanker shipping analyst at Drewry Financial Research Services.But Russia''s government, with a budget deficit projec
'1f183b060d23a77eb73a1253ef557f1bec91d454'|'Placing trades: A British firm plans a secondary market for crowd-funded shares'|'EVERYONE would like a piece of the next Google or Facebook. But the big venture-capital (VC) firms do not usually raise money from small investors. And some entrepreneurs complain that it is hard to get noticed by the hotshots in the VC industry. Hence the enthusiasm for crowd-funding, where small investors can buy a stake in startup companies.Seedrs, a British crowd-funding firm, was set up in 2012, and has backed 500 firms so far, raising a total of <20>210m ($271m) from more than 200,000 users. But there are two big problems with crowd-funding. First, it is risky: most startups fail. Second, investments tend to be illiquid<69>shareholders have to wait for a takeover or a stockmarket flotation to recoup their investment.  Seedrs is trying to solve the illiquidity problem by setting up a secondary market, where buyers and sellers can exchange shares. The new market will start operating this summer, and will allow trading for a week every month, starting on the first Tuesday. The price at which investors can deal will be set by Seedrs itself, based on a valuation mechanism in line with industry guidelines. But there are some restrictions: only current investors in a firm will be allowed to buy shares. And, to the extent that investors make a profit, Seedrs takes a 7.5% cut of the gains.Crowd-funding might be even more attractive if investors could at a click assemble a diversified portfolio of small stakes in 20-30 companies rather than just one<6E>just as those who put money into peer-to-peer lending can spread their risk across a range of borrowers. The next challenge will be to build on early efforts to offer the same to investors in shares: ie, mutual funds for crowd-funded startups.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business-and-finance/21722133-obstacle-crowd-funding-investors-have-wait-so-long-sell-their?fsrc=rss'|'2017-05-17T08:00:00.000+03:00'
'c4ab028431ce44823af9dcd8653137fd629f3203'|'Zurich Insurance starts using robots to decide personal injury claims'|'Business News - Thu May 18, 2017 - 12:30pm BST Zurich Insurance starts using robots to decide personal injury claims The logo of Zurich insurance company is seen on the roof of an office building in Vienna, Austria, September 4, 2016. REUTERS/Heinz-Peter Bader/File Photo By Brenna Hughes Neghaiwi and John O''Donnell - ZURICH ZURICH Zurich Insurance ( ZURN.S ) is deploying artificial intelligence in deciding personal injury claims after trials cut the processing time from an hour to just seconds, its chairman said. "We recently introduced AI claims handling ... and saved 40,000 work hours, while speeding up the claim processing time to five seconds," Tom de Swaan told Reuters, after the insurer started using machines in March to review paperwork, such as medical reports. "We absolutely plan to expand the use of this type of AI (artificial intelligence)," he said. Insurers are racing to hone the benefits of technological advancements such as big data and AI as tech-driven startups, like Lemonade Inc, enter the market. Lemonade promises renters and homeowners insurance in as little as 90 seconds and payment of claims in three minutes with the help of artificial intelligence bots that set up policies and process claims. De Swaan said Zurich Insurance, Europe''s fifth-biggest insurer, would increasingly use machine learning, or AI, for handling claims. "Accuracy has improved. Because it''s machine learning, every new claim leads to further development and improvements," the Dutch native said. Japanese insurer Fukoku Mutual Life Insurance began implementing AI in January, replacing 34 staff members in a move it said would save 140 million yen (<28>971,000) a year. British insurer Aviva ( AV.L ) is also currently looking at using AI. De Swaan said he does not fear competition from tech giants like Google-parent Alphabet ( GOOGL.O ) or Apple ( AAPL.O ) entering the insurance market, although some technology companies have expressed interest in cooperating with Zurich. "None of the technology companies so far have taken insurance risk on their balance sheet, because they don''t want to be regulated," he said. "You need the balance sheet to be able to sell insurance and take insurance risk." (Additional reporting by Paul Arnold; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-zurich-ins-group-claims-idUKKCN18E1HO'|'2017-05-18T19:30:00.000+03:00'
'e8c16a739c3030b4074f5926b0cb2b8c7b1046ff'|'Finnish watchdog asks police to investigate Nokian Tyres'|'Autos  52pm BST Finnish watchdog asks police to investigate Nokian Tyres Nokian tyres are pictured on display at the ''''Krepost'''' Toyota dealership in Russia''s Siberian city of Krasnoyarsk, August 8, 2014. REUTERS/Ilya Naymushin HELSINKI Finland''s financial watchdog wants the police to investigate tyre maker Nokian Tyres ( NRE1V.HE ), the National Bureau of Investigations said on Thursday. The Financial Supervisory Authority has asked the bureau to investigate whether Nokian misused insider information or breached disclosure laws, Inspector Erkki Rossi told Reuters by telephone. He said the bureau would appoint a person to decide whether to launch the requested investigation. Last year, Nokian admitted it had supplied special high quality tyres for tests by motoring journalists, leading to stronger test scores that helped garner good publicity. Finnish daily Helsingin Sanomat later reported that some members of the company''s management team had sold options before it went public about the specially-designed tyres. Shares in the company fell after the news. Nokian Tyres was not available for immediate comment. (Reporting by Tuomas Forsell; writing by Jussi Rosendahl; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nokian-tyres-probe-idUKKCN18E1JH'|'2017-05-18T19:52:00.000+03:00'
'3a29fca0988517e88a81f10276903d36f32c7e65'|'Guardian Sustainable Business Awards 2017: the categories - Guardian Sustainable Business'|'Judges will be looking for projects that demonstrate application of genuine and far-reaching sustainability principles.They will be briefed to seek out leading-edge practice that is genuinely pushing the boundaries and driving real change. It doesn<73>t matter if your organisation is a multinational or a small family business, each entry will be judged on its merit.As they read your entry, the judges will be asking:Does the project or initiative sit within a comprehensive sustainability strategy that encompasses all of the organisation<6F>s operations? How effectively does the project or initiative meet the specific criteria of the category entered? Is there evidence of measurable, sustainable change as a result of the work entered? Does the project go above and beyond standard sustainability practice? Click here to enterThe categories:Best New Idea Sometimes it takes a great new great idea from one company to push the boundaries on sustainability. This award will recognise organisations that can point to one truly risky, groundbreaking step they have taken to advance sustainability that could pave the way for other organisations.Built environment An award for innovative redevelopments or new-build projects that are at the leading edge of approaches to reducing the built environment<6E>s negative environmental impacts and raising its positive social impacts.Carbon, energy and water management Reducing companies<65> emissions and water use is key to meeting carbon reduction targets and improving water availability, access and quality. This is an award for initiatives that take a holistic approach to measuring, managing and reducing emissions and water.Collaboration An award for a project that breaks down traditional barriers. We are looking for examples of several partners working together in non-traditional ways towards a goal that delivers truly sustainable outcomes.Social impact Business has huge potential to contribute positively to society. This award is for a project or initiative that seeks to solve a challenging social issue while simultaneously creating shared value for the organisation.Start-up of the year A start-up is a company set up to solve a particular problem or challenge. They are companies associated with innovation, impact and future thinking. This award celebrates early stage companies with sustainability at their heart and an idea with the potential to scale up. To be eligible, businesses must have started to trade between 1 January 2011 and 31 January 2017.Supply chain Global supply chains are vast and complex. This award is for projects that demonstrate respect for human, economic and environmental rights across a business or product<63>s supply chain.Waste From circular principles applied to design, to projects achieving zero waste and remanufacturing initiatives, rethinking waste is vital. This award is for projects or products that are at the cutting edge of waste innovation.Reader awards:Business leader of the year 2017 An award voted for by Guardian Sustainable Business readers to reward a business leader who has shown dedication and bravery in progressing the sustainable business agenda, both within their own organisation and in their organisation<6F>s sector as a whole.Unsung hero of the year 2017 The credit for sustainability initiatives tends to go to high profile senior executives but the hard graft involved in turning a vision into reality often goes unnoticed. The unsung hero of the year award is for an employee in the engine room of sustainability who has gone beyond the call of duty to drive change in their organisation.Topics Sustainable Business Awards GSB awards 2017 '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/sustainable-business/2017/may/16/guardian-sustainable-business-awards-2017-the-categories'|'2017-05-16T18:40:00.000+03:00'
'ca4dc097791b252c9f1c5e8965828e99da988e30'|'Not so fast - EU court ensures 32 vetoes on Brexit trade'|'Business News  42pm BST Not so fast: EU court ensures 32 vetoes on Brexit trade By Philip Blenkinsop - BRUSSELS BRUSSELS Britain may have to wait - and hope - for every single one of its European Union neighbours to give full legislative consent before it can fully benefit from any post-Brexit free trade deal, EU judges ruled on Tuesday. In a verdict that may also delay and potentially obstruct a string of other EU trade pacts, the European Court of Justice (ECJ) said an agreement struck with Singapore in 2014 cannot take full effect until ratified by 33 national and regional parliaments across the 28-nation bloc. Graphic: tmsnrt.rs/2pzabB4 The European Commission, which runs trade policy for the EU, had hoped Brussels - where national governments also have a say - might be free to implement deals without having to consult assemblies, such as that of Wallonia in Belgium that nearly wrecked an accord with Canada last year. The EU''s last major trade deal to enter force, with South Korea, took five years to be ratified. The Commission, which sought the ruling, said it clarified divisions between EU and national powers. A British government spokeswoman, asked for comment, said only that Britain hoped the Singapore deal would now be implemented. London wants a trade agreement to keep much of its current access to Europe''s single market once it quits the EU in March 2019. But Brussels negotiators have warned such deals can take a decade or more from start to finish. Any trade pact with Britain would need to be signed off in Brussels by all 27 EU governments after Brexit, but the ECJ ruling implies that, depending on the deal, national parliaments would also get a veto. So would federal Belgium''s five regional assemblies, among them Wallonia and German-speaking East Belgium (population 77,000). "If the UK wants to sign a swift trade deal with the EU, it may have to get every one of the EU<45>s national governments to agree if the deal falls within their powers. This is no easy task," said Laurens Ankersmit, trade lawyer at environmental activists ClientEarth. THE DISPUTE SETTLEMENT PROBLEM Nicole Kar, head of international trade at law firm Linklaters, described the ECJ case as the most significant on EU trade policy for 20 years and said it would have "huge ramifications" for a future UK-EU deal. Britain, she said, would need to decide if it wanted a more modest agreement likely to be backed or the most comprehensive deal possible that risked falling hostage to member states. The ECJ said large parts of the Singapore deal fell within the centralised powers of the Union. However, a key element that went beyond was its creation of a judicial mechanism to settle disputes between businesses and governments. The court said that, by removing disputes from the jurisdiction of domestic courts, this required national consent. Such supranational legal powers have been at the heart of opposition in Europe to recent free trade deals, including the last-ditch move by Wallonia''s left-wing leaders to halt the EU''s CETA pact with Canada last year. EU officials want to ease concerns that such powers favour big multinationals by ensuring future deals more clearly protect states'' rights to regulate. British Prime Minister Theresa May has also made rejecting EU regulation and non-British courts, like the ECJ in Luxembourg, priorities for Brexit. That means negotiations on a UK-EU trade deal could be fraught when it comes to agreeing who supervises and regulates business. The Singapore treaty was among the first EU agreements to go beyond mutual reduction of customs duties on goods to include investments, public procurement and environmental regulation, and is seen by many as a model of future global trade deals. Brussels hopes to seal trade agreements soon with Japan, Mexico and the Mercosur quartet of Argentina, Brazil, Paraguay and Uruguay. It was in negotiations with the United States on a pact known as TTIP, though those talks are on hol
'ba2c2931b5d2d8dd13c3d8a667de15689b34132a'|'Euro zone expands trade surplus despite protectionist calls'|'Business News - Tue May 16, 2017 - 10:30am BST Euro zone expands trade surplus despite protectionist calls A picture illustration taken with the multiple exposure function of the camera shows a one Euro coin and a map of Europe, January 9, 2013. REUTERS/Kai Pfaffenbach By Francesco Guarascio - BRUSSELS BRUSSELS The euro zone increased its trade surplus with the rest of the world in March with both exports and imports rising markedly, in a sign that global commerce has so far not been hampered by protectionist calls. The European Union statistics office Eurostat said on Tuesday the 19-country currency area recorded a 30.9 billion euro (26.4 billion pounds) surplus in March in its goods trade balance with states outside the bloc, according to data not adjusted for seasonal factors. The March surplus is nearly double that of February when the bloc has a positive balance of 17.8 billion euros, and also higher than a year earlier when the surplus was 28.2 billion euros. The 19-country bloc, driven by Germany, expanded its exports by 13 percent in March on a yearly basis to a total value of 202.3 billion euros, unadjusted figures show. Imports to the bloc also increased by 14 percent, although from a lower basis, showing that trade flows have not been affected by growing protectionist calls, such as from U.S. President Donald Trump. Exports of the 28 EU countries to the United States in the first quarter increased by 11 percent compared with the same quarter last year. Imports from the U.S. rose a more modest 4 percent, resulting in an expanded EU trade surplus with the U.S. totalling 30.6 billion euros from 23.6 billion euros recorded in the first quarter of 2016. The EU increased its exports to all major trade partners in the first quarter of this year, with a 28 percent surge in sales to Russia and 22 percent increase in exports to China. Imports from China grew only 3 percent, reducing the EU trade deficit with Beijing to 41.7 billion euros from 47.3 billion euros a year ago. Figures adjusted for seasonal factors showed the euro zone surplus was 23.1 billion euros in March from 18.8 billion euros in February, with a 1.4 percent increase in exports on the month and a 1.1 percent drop in imports. (Reporting by Francesco Guarascio @fraguarascio; editing by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-trade-idUKKCN18C0WM'|'2017-05-16T17:30:00.000+03:00'
'09f8a3c2ee2d2fb2201a522dad12e377e6cd50bd'|'BRIEF-Canada transport minister: passenger bill of rights will apply to flights in and out of Canada'|'UPDATE 1-Canada to introduce airline passengers'' bill of rights OTTAWA, May 16 The Canadian government on Tuesday said it planned to adopt regulations strengthening the rights of air passengers, which would cover cases of denied boarding, lost or damaged baggage and delays on the tarmac over a certain period of time. May 16 Starbucks Corp said on Tuesday that some of its outlets in the United States and Canada suffered payment system outages due to a technology update implemented at store registers. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-canada-transport-minister-passenge-idUSO8N1G600B'|'2017-05-16T23:15:00.000+03:00'
'9de0595403adc230d512c3d258efe1585c1b18ba'|'Japan urges Toshiba, Western Digital to get along as chip spat flares'|'By Ami Miyazaki and Taiga Uranaka - TOKYO TOKYO Japan''s government said on Tuesday it wanted Toshiba Corp ( 6502.T ) and partner Western Digital Corp ( WDC.O ) to cooperate, expressing concern about an escalating dispute between the two that threatens to upend the sale of Toshiba''s chip unit.Western Digital sought international arbitration this week to stop Toshiba from selling the unit without its consent, arguing that the Japanese conglomerate has violated contracts relating to their joint venture that operates Toshiba''s main semiconductor plant. [nL2N1IH00F]On Tuesday evening, Toshiba said it would put on hold a decision to block Western Digital employees from the joint venture chip plant as well as databases, a threat it had said it would carry out if the U.S. company did not sign a broad collaboration agreement that the two had negotiated.CEO Satoshi Tsunakawa had said on Monday that he would make a decision on the matter on Tuesday."We are putting on hold a decision to limit access as we continue talks toward solving the issue," a Toshiba spokeswoman said.California-based Western Digital is one of the bidders for the world''s second biggest NAND chip producer, but is not among the frontrunners after submitting a much lower offer than other suitors, a source with knowledge of the matter has said."It''s very important for Toshiba and Western Digital to cooperate, Trade Minister Hiroshige Seko told reporters at a regular briefing on Tuesday, although he added that the ministry did not intend to intervene in the dispute.His comments come after media reports that one of the proposed deals under discussion among government circles is to have the chip unit - which is valued by Toshiba at at least $18 billion - brought under control of the state-backed Innovation Corporation of Japan (INCJ) fund.INCJ and U.S. private equity firm KKR & Co LP ( KKR.N ) are widely expected to be the main players in a consortium which will take part in a second round of bidding.However, some INCJ officials are cautious about making a large-scale deal, sources familiar with the matter said, declining to be identified as they were not authorized to speak publicly about the matter. The fund has just 1 trillion yen ($8.8 billion) in its war chest for acquisitions and investment.The Financial Times reported on Tuesday that some senior members in Prime Minister Shinzo Abe''s administration have privately discussed offering up to $8 billion in government loan guarantees to support an INCJ-KKR bid.Japan government spokesman Yoshihide Suga said, however, that there was no truth to the report. A spokeswoman for INCJ declined to comment.Shares in Toshiba, which is depending on the sale of the chip unit to cover billions in dollars in cost overruns at its now bankrupt U.S. nuclear unit Westinghouse, slid to end down 12 percent. The cost of insuring against default for Toshiba''s five-year yen debt rose 10 basis points."While we believe that the successful sale of its chip business is indispensable for Toshiba to remain a going concern, hurdles to realizing such a goal are increasing," said Masako Kuwahara, a senior analyst at Moody''s Investors Service.Other suitors for the chip unit include Taiwan''s Foxconn ( 2317.TW ) and U.S. chipmaker Broadcom ( AVGO.O ), but are seen as less attractive options. Foxconn may face opposition due to its deep ties to China as the government has said it will block any deal that risks key technology leaving Japan, while Western Digital has said it is vehemently opposed to Broadcom.($1 = 113.4800 yen)(Reporting by Ami Miyazaki and Taiga Uranaka; Additional reporting by Makiko Yamazaki, Yoshiyasu Shida, Kaori Kaneko in Tokyo and Umesh Desai in Hong Kong; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-seko-idINKCN18C02J'|'2017-05-16T04:53:00.000+03:00'
'a4101a3ae5989f46344956126a7f7fddd75fd99d'|'Chinese insurer PICC Group plans $2 bln Shanghai share offering'|'By Elzio Barreto - HONG KONG HONG KONG PICC Group, parent of the nation''s biggest non-life insurer, said it plans to sell shares in mainland China as it seeks fresh funds to expand, in a deal valued at about $2 billion.PICC Group''s listing in China would come more than four years after the company went public in a $3.1 billion offering in Hong Kong. The shares posted gains initially and peaked in mid-2015, but have since tumbled, trading 43 percent below its high two years ago.People''s Insurance Company (Group) of China (PICC) ( 1339.HK ), as the company is formally called, said late on Tuesday that it plans to sell not more than 4.6 billion shares in Shanghai, pending approvals from its shareholders and Chinese regulators.Its stock price rose 2.1 percent in Wednesday afternoon trade, valuing the proposed offering at HK$15.3 billion ($2 billion). The company is the parent of PICC Property and Casualty Co Ltd ( 2328.HK ).The deal would be equivalent to 10 percent of PICC Group''s enlarged share capital after the offering.The stock has gained 9.2 percent since the beginning of the year, lagging a 15 percent rise in the benchmark Hang Seng index .HSI .PICC Group said in February its vice chairman was being investigated for suspected "serious disciplinary violations," a term commonly used in China for corruption.($1 = 7.7885 Hong Kong dollars)(Reporting by Elzio Barreto; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-picc-group-listing-idINKCN18D0JN'|'2017-05-17T04:48:00.000+03:00'
'4270aa1151cc0c56c4a5d003ee8c9be77304fa0d'|'Brazil securities regulator opens two new investigations against JBS'|'SAO PAULO May 19 Brazil''s securities watchdog CVM has launched an investigation into JBS SA, the meatpacking company involved in a corruption probe that implicated Brazil''s president and rattled its financial markets this week, according to the CVM website.CVM did not specify the exact nature of its investigations into the world''s largest meat processor in the notice posted online on Thursday.But the news followed reports that controlling shareholders had sold JBS stock and bought dollars, as Chairman Joesley Batista and six other executives engaged in plea-bargain talks that affected the value of JBS shares and the Brazilian real.Reuters reported on Thursday that controlling shareholders sold 329 million reais worth of shares in April, after top JBS executives had secretly begun negotiating a plea-bargain deal with prosecutors probing numerous corruption scandals in Latin America''s biggest country.Audio recordings, provided by Batista to police and publicly disclosed this week, implicated President Michel Temer in one of a string of corruption scandals that has engulfed vast swaths of Brazil<69>s political class and business elites for more than three years.Additional JBS testimony disclosed on Friday accused Temer and former Presidents Luiz Inacio Lula da Silva and Dilma Rousseff of accepting bribes. All three have denied wrongdoing.Temer, a conservative, was sworn into office in September last year following the ouster of leftist Rousseff.Brazil''s Valor Economico newspaper reported on Thursday that CVM was investigating the currency and stock trades at JBS after it learned that the Batista companies had reportedly acquired over $1 billion in currency markets just before the plea news broke, sending the dollar surging against the real.CVM regulators had previously launched four other probes into the JBS -- in early May, late March and February. JBS did not immediately reply to a Reuters request for comment into the CVM probes. (Reporting by Alberto Alerigi; Writing by Tatiana Bautzer; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-regulator-idINL2N1IL12N'|'2017-05-19T16:58:00.000+03:00'
'1ce7c8456b0df9298d031bda809721ce11a31b65'|'Carry on working: Airlines have dodged a wider ban on electronic devices'|'THE fear that business travellers on transatlantic flights might have to stop working on spreadsheets and read a good book instead had been palpable. In recent weeks, agents at America<63>s Department of Homeland Security had been hinting to the media that a ban on large electronic devices in the cabins of flights between Europe and America was likely. After a meeting on May 17th in Brussels, between American and EU officials, however, reports suggest that threat has been averted. Airlines will be rejoicing if so.America had been expected to announce that all electronic gadgets larger than a smartphone, such as tablets and laptops, would henceforth have to be put in hold luggage. The Trump administration (along with Britain) had already imposed similar restrictions on flights from some Middle Eastern countries in March. It seemed security officials had got wind of a specific terrorist threat, possibly involving Islamic State (IS), and perhaps similar to an attack perpetrated on a Somalian jet in 2016. Then, a terrorist blew a hole in the side of an airliner using a small bomb concealed in a laptop placed against the cabin wall. (The terrorist got his timing wrong, detonated too early, and was sucked to his doom; no one else was seriously hurt.)  17   The reason for the apparent change of mind was unclear as The Economist went to press. Airlines had complained that alternative security options, such as enhanced screening of passengers and their carry-on luggage, had not been fully explored. They also warned of the dangers of storing more lithium batteries in the hold. Such batteries, which are used in most electronic devices, have on occasion combusted and brought down commercial aircraft, including a UPS cargo plane in 2010. A controversy over whether Donald Trump gave classified information about the risk of IS using laptops against aircraft to Russia<69>s foreign minister, Sergei Lavrov, last week, may also have had an impact on the debate, and helped airlines to avoid a wider ban for now.They have good reason to worry about the possibility. The transatlantic market is hugely important on both sides of the pond. Around 31m people flew from Europe to America last year, reckons IATA, an airline industry group. Business travellers, who rely on staying productive while in the air, would have been the most reluctant to fly laptop-free. In any case, executives are often forbidden to put company computers in the hold for fear of theft or loss of sensitive information. Business- and first-class seats account for only 13% of transatlantic passengers but provide half the revenue. Following the ban in the Middle East, Emirates, a Dubai-based carrier, cut flights to America by a fifth (flyers were also put off by a strong dollar and worries about potential immigration difficulties).If executives could not work on planes, it might cost the industries they work for around $655m in lost productivity, calculates IATA, based on an assumption that half of business-class passengers will lose five hours<72> working time per flight. Research from Oxford Economics, a forecasting outfit, found that in Britain a 1% increase in business travel is associated with a <20>400m ($518m) boost to trade. John Kelly, America<63>s homeland-security secretary, had suggestions for business executives and families on how to cope with a laptop ban: read a book or magazine or, heaven forfend, talk to the kids. Such tactics may not now be needed.  "Carry on working"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21722223-restricting-laptops-transatlantic-flights-would-have-badly-damaged-traffic-airlines-have?fsrc=rss%7Cbus'|'2017-05-18T22:46:00.000+03:00'
'64b43d0d9bcfe8ed71e88adf57d5ad68e5f07324'|'M&S profit and sales set to fall after fleeting improvement'|'Business  33pm BST M&S profit and sales set to fall after fleeting improvement left right FILE PHOTO: People walk past a branch of British retailer Marks and Spencer in the British overseas territory of Gibraltar, historically claimed by Spain, April 20, 2017. REUTERS/Phil Noble /File Photo 1/5 left right FILE PHOTO: Pedestrians walk past a Marks & Spencer food store in Paris, France, November 8, 2016. REUTERS/Christian Hartmann/File Photo 2/5 left right FILE PHOTO: Clothes are displayed on hangers in an M&S shop in northwest London, Britain, July 8, 2014. REUTERS/Suzanne Plunkett/File Photo 3/5 left right FILE PHOTO: Clothes are displayed on hangers in an Marks & Spencer shop in northwest London, Britain July 8, 2014. REUTERS/Suzanne Plunkett/File Photo 4/5 left right FILE PHOTO: Pedestrians walk past an M&S shop in northwest London, Britain, July 8, 2014. REUTERS/Suzanne Plunkett/File photo 5/5 By James Davey - LONDON LONDON Britain''s Marks & Spencer ( MKS.L ) is expected to report a renewed decline in clothing and homeware sales in its latest quarter, dampening the euphoria of the previous three months when it reported a first increase in nearly two years. One of the best known names in British retail, M&S, which also sells upmarket food, is also forecast to report a 14 percent fall in profit for its 2016-17 financial year, reflecting lower sales and higher employment costs. It is however expected to maintain its dividend payment. Steve Rowe, a 27-year company veteran, became chief executive a year ago, taking on the tough task of reviving a British institution that has fallen out of fashion over the last decade. His priority has been trying to turn around M&S''s underperforming clothing business. His plan is to drive improvements in the quality, fit and availability of its ranges, while lowering prices and reducing the amount of garments sold off in special promotions. Rowe is also working through programmes to switch UK shopfloor space away from clothing and towards food and reduce the group''s international high street exposure, closing stores in 10 markets. He got a welcome boost in January when M&S''s clothing and homeware division reported a 2.3 percent rise in third quarter like-for-like sales. However, Rowe cautioned that the fourth quarter would be much tougher, mainly because of calendar effects that are beyond his control. The figures will be hit by a later Easter falling outside the quarter and by the key days of the busy post Christmas sale coming in the third, rather than the fourth, quarter. Rowe also said consumer confidence was "fragile", a common lament among British retailers as inflation starts to outstrip the pace of pay rises. For the fourth quarter to April 1, M&S is forecast to report a 3.3 percent decline in clothing and homeware like-for-like sales, according to a company compiled consensus of 17 analysts forecasts. Earlier this month rival Next ( NXT.L ) reported a 8.1 percent fall in shop sales in its first quarter, highlighting that disposable income is being squeezed by inflation. NEW CHAIRMAN COMING M&S''s food business, which contributes over half of group revenue, is performing better than clothing and outperforming the wider food market. The absence of Easter in this period will be a big negative factor. Analysts are on average forecasting a 0.6 percent fall in like-for-like sales. They rose 0.6 percent in the previous quarter. Shares in M&S have increased 15 percent in the last three months, a period which has seen some significant developments. The retailer named industry heavyweight Archie Norman as its new chairman from this September, appointed Halfords ( HFD.L ) boss Jill McDonald to head the clothing and home division from the autumn and renewed its contract with Mark and Neal Lindsey as sourcing directors. It also said it would trial an online grocery shopping service this year. Pretax profit for the 2016-17 year is forecast at 593 million pounds, down from 690 million p
'8c88aee146149bb335abc415641588c7dd2af294'|'Boeing military arm frets over Canada jets threat, seeks gov''t talks -source'|'OTTAWA May 19 Boeing Co''s military sales division is worried about Canada''s threat to scrap the proposed purchase of 18 Super Hornet jets and is seeking talks with government officials, a source familiar with the situation said on Friday.Canada suggested on Thursday it could ditch its plans to buy the jets if the United States backed Boeing''s claims that Canadian plane maker Bombardier Inc dumped jetliners in the U.S. market. (Reporting by David Ljunggren; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/boeing-bombardier-idINL2N1IL0UX'|'2017-05-19T13:29:00.000+03:00'
'a31bcbd384708ea83faa5874bc3fb70aa2ee2b7c'|'Exclusive - EU regulators set to clear EDF''s bid for Areva nuclear unit: source'|'Business  12pm BST Exclusive - EU regulators set to clear EDF''s bid for Areva nuclear unit: source The logo of France''s state-owned electricity company EDF is seen on the company''s headquarters in Paris, France, November 24, 2016. REUTERS/Charles Platiau BRUSSELS EU antitrust regulators are set to approve French utility EDF''s ( EDF.PA ) bid for a majority stake in Areva''s ( AREVA.PA ) nuclear arm without demanding concessions, a person familiar with the matter said on Friday. The European Commission, which has been examining the deal since April 18, had intense talks with state-owned EDF last week while positive feedback from rivals and customers also swept away initial competition concerns, the source said. State-controlled EDF wants to acquire 51 to 75 percent of Areva NP, which designs, makes and services nuclear reactors and is worth about 2.5 billion euros (<28>2.1 billion). The sale is part of loss-making Areva''s rescue plan. (Reporting by Foo Yun Chee, editing by Julia Fioretti)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-areva-m-a-edf-eu-idUKKCN18F232'|'2017-05-20T01:12:00.000+03:00'
'a76ef00b32a96e550324aa914fc775c1867da142'|'Starwood looks to sell French crystal maker Baccarat - report'|'Business News - Fri May 19, 2017 - 11:05am BST Starwood looks to sell French crystal maker Baccarat - report left right FILE PHOTO: An employee assembles a crystal chandelier at the Baccarat Crystalworks in eastern France, August 18,2000.JES 1/2 left right An employee of Baccarat Pacific K.K. demonstrates a Baccarat crystal chess set at an exhibition at Tokyo''s Mitsukoshi department store May 15, 2007. REUTERS/Issei Kato 2/2 PARIS U.S investment firm Starwood Capital has put French crystal maker Baccarat ( CDBP.PA ) up for sale and the best offer so far has come from a Chinese group, French daily L''Agefi said on Friday, citing several sources. Starwood, which is eyeing a valuation for Baccarat of 200 million euros (<28>171.6 million), has commissioned Messier Maris & Associes bank to handle the sale, the paper reported. "A Chinese group has come out on top, with an offer close to the valuation Starwood is hoping for," L''Agefi quoted a source as saying. It did not disclose the identity of the Chinese buyer. Starwood has owned Baccarat, which is listed in Paris and has a market value of 181 million euros, since 2005 when it bought parent group Taittinger. Neither Starwood and Baccarat could immediately be reached for comment. It achieved a 2016 Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) of 12.9 million euros, up 25.2 percent on the previous year. Its sales, however, were down 0.9 percent to 148.3 million euros. Starwood Capital sold Europe''s No. 2 budget operator, Louvre Hotels Group, to Chinese partner Jin Jiang International Holdings Co. Ltd. in 2014. (Reporting by Dominique Vidalon and Pascale Denis; Editing by Richard Balmforth)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-baccarat-sale-idUKKCN18F0YI'|'2017-05-19T18:05:00.000+03:00'
'e8ef96401f1907f6bd071e697dd49c5db0409525'|'German watchdog starts routine probe into allegations against Grammer'|'FRANKFURT German financial watchdog Bafin will launch a routine investigation of market manipulation allegations against auto supplier Grammer ( GMMG.DE ), a spokeswoman for Bafin said in an e-mailed statement on Friday.Grammer''s biggest shareholder, Bosnia''s Hastor family, had on Thursday accused the company of artificially depressing its own share price to allow a rival investor, China''s Ningbo Jifeng ( 603997.SS ), to build a stake."As is routine, we will look at that in terms of possible market manipulation," the Bafin spokeswoman said when asked about the Hastor allegations.A Nuremberg court separately said on Friday it had lifted a temporary injunction on the exercise of a convertible bond, allowing Grammer to issue shares to Ningbo Jifeng.Grammer management brought Ningbo Jifeng on board as a "white knight" against the Hastor family, which owns a stake of at least 20 percent in Grammer and has criticized Grammer''s management.(Reporting by Edward Taylor; Additional reporting by Jens Hack; Writing by Maria Sheahan; Editing by Victoria Bryan)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-grammer-m-a-hastor-idUSKCN18F16Z'|'2017-05-19T15:08:00.000+03:00'
'ffcf2bcf3084f345e4a8138e19eff00cd56e52ac'|'Industry body warns of big costs if euro clearing leaves London'|'Banks   3:36pm BST Industry body warns of big costs if euro clearing leaves London The City of London is seen from Canary Wharf, Britain May 17, 2017. REUTERS/Stefan Wermuth By Huw Jones - LONDON LONDON Forcing banks to move euro-denominated trades from London to Frankfurt would be costly, and continental companies would ultimately foot the bill, an industry body said on Thursday. The European Union''s executive European Commission is due next month to set out a draft law on how derivatives denominated in the single currency should be cleared and supervised. Clearing stands between a buyer and seller of a security, ensuring the transaction is completed even if one side goes bust. EU policymakers and the European Central Bank want direct oversight over potential risks to euro zone financial stability . Currently, most trades are processed or cleared in London at LCH ( LSE.L ), but Britain is set to leave the bloc in 2019, putting it out of reach of EU regulators. Simon Puleston Jones, head of Europe at the Futures Industry Association, said forced relocation of clearing would mean closing LCH positions and opening corresponding ones at Eurex ( DB1Gn.DE ) in Frankfurt. Eurex would require margin or cash against the trades and ask its members to bump up contributions to the default fund, Puleston Jones told a conference in London organised by the banking industry body Association for Financial Markets in Europe. "Is there enough capacity in the market to take the other side of the trade when you are trying to close out your position?" he said. Eurex would require its margin before a bank could get back cash posted with LCH. "You''ve got a day-one funding issue, which is going to be a big number," he said. Stripping the UK position of euro-denominated swaps would also reduce "offsets" and force LCH to ask for more margin. "The ultimate people who are harmed by this are the EU27 firms," Puleston Jones said. But Niels Tomm, an executive director at Eurex''s owner, Deutsche Boerse, said eventual costs would hinge on what regulators decide. "The big question is what happens to the liquidity if there is a stricter measure. Will liquidity then move, which is possible," Tomm said. "The EU27-based clearing houses are capable and have scalable systems. That is true for us," Tomm said. There are also other types of offsets banks could benefit from to avoid margin hikes, he added. Puleston Jones said it was unclear if actual trading of swaps by EU customers must shift to the continent after Brexit, since starting in January 2018 banks must trade on a platform recognised by the bloc. The LSE has warned that losing euro clearing would mean thousands of jobs being lost in the UK. (Reporting by Huw Jones, editing by Larry King)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-clearing-idUKKCN18E230'|'2017-05-18T22:36:00.000+03:00'
'c50c6023489e09096643830a000a748a7a5cc795'|'Old machines show why Trump tax breaks may not spark new company spending'|'Business News  25pm BST Old machines show why Trump tax breaks may not spark new company spending left right These computer-controlled cutting machines at Gem Tool, which were bought used by the company, owned by Dan T. Moore Company, specializes in machining high-precision parts for other manufacturers, in Cleveland, Ohio, U.S. shown in this image released on May 17, 2017. Courtesy Dan T. Moore Company/Handout via REUTERS 1/2 left right A collection of mill heads and drills used in cutting machines by Gem Tool at Dan T. Moore Company in Cleveland, Ohio, U.S. are shown in this image released on May 17, 2017. Courtesy Dan T. Moore Company/Handout via REUTERS 2/2 By Timothy Aeppel - CLEVELAND CLEVELAND Hanging on the wall of David Shippoli<6C>s office at a sprawling factory here is his company<6E>s annual scavenger award, a stuffed hyena head, given to the employee who finds the cheapest way to execute an investment project in the past year. Shippoli, a manufacturing engineer at Dan T. Moore Co., a privately-held company which operates nine factories across Ohio and Indiana, won the prize for finding used machines that were a fraction of the cost of buying them new. Graphic: tmsnrt.rs/2rulMhl He is a fan of President Donald Trump<6D>s policies and even propped a bright red <20>Make America Great Again<69> hat on the hyena during the campaign. But Shippoli embodies a mindset that exists across industrial America that will make it hard to boost business investment, even if the corporate tax breaks floated recently by the Trump administration come through. <20>I don<6F>t know why anyone would buy new equipment when there<72>s so much stuff out there that<61>s perfectly capable of doing the job,<2C> he said. Many U.S. companies emerged from the last recession extremely wary of spending on buildings and expensive new equipment, unless it was sure the returns would justify it. Trump Administration officials forecast torrid economic growth on the back of the windfall U.S. companies would get if Trump<6D>s plan to cut corporate tax rates and slash taxes on cash parked overseas became law. U.S. Treasury Secretary Steven Mnuchin and White House economic advisor Gary Cohn met on Wednesday with the full Senate Finance Committee about the administration''s framework for tax reform. CEOs certainly are enthusiastic about the prospect of tax reform. A recent survey by the Business Roundtable - a group representing major U.S. corporations - found more than eight out of ten said they thought tax reform would prompt companies to boost capital spending. Seventy-six percent said it would fuel hiring. And some companies such as General Electric Co ( GE.N ) are making big bets that new digital systems will improve efficiency on factory floors. But it is unclear how they would use the extra cash if it doesn<73>t lead to a jump in economic growth. Previous tax holidays aimed at getting companies to repatriate foreign savings have done little to boost investment in the U.S. <20>Nobody builds a new factory unless they need the capacity<74> and tax breaks won<6F>t change that, said Susan Helper, an economist at Case Western Reserve University, who has studied how companies curbed their spending habits in recent years. She notes that U.S. companies are sitting on plenty of cash - $1.8 trillion, according to Moody<64>s Investors Service - so it is not that they lack resources, she says. What is missing is the kind of business opportunities that justify the spending. ARCONIC<49>S 80 YEAR-OLD MACHINES It<49>s not just smaller companies and startups that appreciate age in some industrial machines. Across town, for instance, at Arconic Inc<6E>s ( ARNC.N ) sprawling Cleveland Works, workers still use a 1930s metal press confiscated from Germany after World War II to stamp out aluminum parts. Arconic, based in New York, was created last year when Alcoa Inc ( AA.N ) split in two - creating Alcoa Corp ( AA.N ) and Arconic, which took the downstream aluminum processing business. Arconic has plenty 
'6f65f2ffa1599074404bb2333ce2662dc2d5b42c'|'Beckwith adjusts compass in North of South emerging markets move'|'By Simon Jessop - LONDON LONDON John Beckwith, whose Pacific Investments Group has launched a number of asset management firms since he co-founded it in 1994, has taken a stake in emerging markets focused hedge fund North of South Capital.The tie-up marks Beckwith''s return to emerging markets after a roughly 7-year absence, and a period of several years where demand to invest in emerging markets has been in the doldrums.The deal with London-based North of South, set up in 2004 by Matt Linsey and which runs around $100 million across two funds, is part of a plan by Pacific to expand its Pacific Asset Management arm into wholesale and institutional markets.North of South says it takes its name from a book by Shiva Naipaul detailing the author''s journey through newly independent East Africa, in which he "encounters the idealism and the folly driving the countries to various policy extremes".Financial details of the deal and the full scope of the partnership were not disclosed, but rising operational costs and pressure on fees have made it tougher for smaller hedge funds to launch and survive, and some have sought to share the burden by joining a larger rival or a platform with multiple fund firms.Pacific''s previous investments include Liontrust, Thames River Capital and River & Mercantile, which collectively now manage more than $20 billion in assets.While emerging markets fell out of favor due to global growth concerns and falls in commodities prices, market gains in 2016 and 2017 have encouraged some investors to hunt for cheap assets, with both Ashmore and Aberdeen Asset Management reporting an improved sentiment."As investors, we are optimistic about the prospects for emerging markets equities," Beckwith said in a statement.Linsey, an investor in emerging markets for more than 25 years, uses analysis of equities, credit and commodities to pick out undervalued stocks which have scope to outperform.Matthew Lamb, chief executive of Pacific Asset Management, said in the statement that despite growing demand to invest in markets using index-tracking funds, active managers in less efficient markets, such as Linsey, continue to outperform.As well as its main offshore hedge fund, North of South also advises investments in the GAM Star North of South fund, which has outperformed global emerging markets, net of fees, by more than 4 percent a year over the last 5 years, it said.(Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-pacific-investments-m-a-idINKCN18E1RF'|'2017-05-18T10:54:00.000+03:00'
'91ef0da504139fca9b1206d546763fbc4d0eb1fe'|'Travelex owner UAE Exchange Group targets up to $300 million in acquisitions'|'Business News  23pm BST Travelex owner UAE Exchange Group targets up to $300 million in acquisitions By Tom Arnold - DUBAI DUBAI UAE Exchange Group, owner of Travelex and other money transfer businesses, aims to spend between $250 million and $300 million (<28>191.8 million and <20>230.2 million) on acquisitions to build its global market share, its chief executive said. The group aims to increase its share of the $575 billion global remittance industry to more than 10 percent by 2020, from 6.75 percent currently, Promoth Manghat said. "The group is exploring multiple bolt-on acquisition opportunities as well as strategic investments in remittances and payments space with a specific focus on fintech (and) digital," Manghat said. Exchange houses and other traditional payment processors such as banks are facing a challenge from fintech companies, which can increasingly transfer payments at more competitive rates. UAE Exchange''s majority shareholders bought Travelex in January 2015 for 800 million pounds ($1.1 billion). Manghat said UAE Exchange was working with unidentified boutique firms and banks to advise it on two to three potential acquisitions in 2017. Global remittances to developing countries fell for a second year in a row in 2016 to $429 billion, a trend not seen in three decades, according to World Bank data, due in part to low oil prices and weak economic growth in the Gulf and Russia taking a toll on remittances to Asia. UAE Exchange saw around 8 percent growth in outflows from the United Arab Emirates in the first quarter of 2017, and full year growth is likely to be stronger than in 2016, said Manghat. Growth was driven by its largest markets - India, Pakistan, Bangladesh and Philippines, he said. In addition to tepid economic growth, the region''s exchange houses have been battling against moves by some banks to close their accounts, usually citing compliance concerns. "De-risking continues to be a challenge for the industry," Manghat said. "Banks are an important link in the chain and we can''t cash money or intermediate payments without them." Mounting compliance and administration costs prompted major UAE exchange houses to raise fees for remitting money last month. UAE Exchange raised its pricing in the range of 5 to 7 percent, said Manghat, adding that industry remittance costs for the UAE were still lower than the global average. (Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-emirates-m-a-idUKKCN18E1NF'|'2017-05-18T20:23:00.000+03:00'
'029d1fa2c12ebf22e63fada3ca02f0e4b35e5e72'|'Gap profit jumps 12.6 pct'|'Market News - Thu May 18, 2017 - 4:21pm EDT Gap profit jumps 12.6 pct May 18 Clothing retailer Gap Inc reported a 12.6 percent rise in quarterly profit, helped by robust demand for its Old Navy brand. The company''s net income rose to $143 million, or 36 cents per share, in the first quarter ended April 29 from $127 million, or 32 cents per share, a year earlier. Gap''s same-store sales rose 2 percent in the quarter. Analysts on average had expected a 0.2 percent fall, according to Consensus Metrix. Revenue was flat at $3.44 billion. (Reporting by Arunima Banerjee in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gap-results-idUSL4N1IK5GS'|'2017-05-19T04:21:00.000+03:00'
'b1f8c479cf61ee81c1659ae0e31beacd95c16fe4'|'Deals of the day-Mergers and acquisitions'|'May 18 The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Thursday:** Australia''s oldest newspaper publisher Fairfax Media Ltd on Thursday said it has received a takeover bid worth as much as A$2.87 billion ($2.13 billion) from a second U.S. private equity firm, sending its shares sharply higher.** British laundry services group Berendsen rejected on Thursday a revised, 2 billion pound ($2.6 billion) offer by French peer Elis, saying it did not reflect value being added by the UK firm''s expansion and modernisation plans.** South Africa''s Tsogo Sun Holdings has sold 29 hotels to Hospitality Property Fund for a 3.6 billion rand ($268 million) mix of cash and shares, the companies said on Thursday.** Czech utility CEZ''s supervisory board decided against the sale of the 1,000 MW Pocerady coal-fired power plant to rival Czech Coal on Thursday, CTK news agency reported, citing the board''s chairman.** Alitalia went on the auction block on Wednesday, as Italy kicked off the process of finding a buyer to save the money-losing flag carrier.** Thai telecom company Intouch Holdings Pcl on Thursday said its venture capital arm plans to finalize two deals by mid-year.** Japanese automotive chip maker Renesas Electronics Corp said on Thursday that stockholders including state-run fund Innovation Network Corp of Japan (INCJ) planned to sell a combined 16.5 percent of its shares.** Russia plans to sell part of state shipping firm Sovcomflot next month, hoping to draw in a wide range of small-stake investors rather than a strategic buyer who could threaten Moscow''s control of the group, banking and industry sources say.** OneWeb, the U.S. satellite startup backed by Japan''s SoftBank Group Corp, has increased its merger proposal for Intelsat SA by offering Intelsat''s creditors a smaller discount for their bonds than it had before. (Compiled by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1IK3P2'|'2017-05-18T08:18:00.000+03:00'
'3cd60705c96448939b152e0bcdbd8a4be425430d'|'UPDATE 1-Japan govt says Toshiba and Western Digital need to get along'|'* Trade minister: no intention to intervene in the dispute* Govt watching chip sale for employment, technology implications (Recasts and adds minister comments)TOKYO May 16 Japan''s government said on Tuesday it wanted Toshiba Corp and partner Western Digital Corp to cooperate, expressing concern about an escalating dispute between the two that threatens to derail the sale of Toshiba''s chip unit.Western Digital has sought international arbitration to stop Toshiba from selling the unit without its consent, arguing that the Japanese conglomerate has violated joint venture contracts.Although the two companies jointly operate Toshiba''s main semiconductor plant, Western Digital is not a favoured bidder for the world''s second biggest NAND chip producer, having put in a much lower offer than other suitors, a source with knowledge of the matter has said."It''s very important for Toshiba and Western Digital to cooperate, Trade Minister Hiroshige Seko said, but added that the ministry did not intend to intervene in the dispute."The reason the government is closely watching Toshiba''s memory chip unit sale process is because we are paying attention to whether employment and technology stay at Yokkaichi," Seko told reporters, referring to the central Japan city that is home to the chip venture between the two companies.Toshiba is depending on the sale of the prized chip unit to cover billions in dollars in cost overruns at its now bankrupt U.S. nuclear unit Westinghouse. The Japanese firm logged a 950 billion yen ($8.4 billion) annual net loss and had negative shareholder equity of 540 billion yen, it said in an unaudited earnings release on Monday. (Reporting by Ami Miyazaki; Writing by Taiga Uranaka and Kaori Kaneko; Editing by Chang-Ran Kim and Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/toshiba-accounting-idINL4N1II18U'|'2017-05-16T00:13:00.000+03:00'
'ce832fd885e934911db64e556b9896a0b59f043f'|'Singapore fintech firm says launches first digital platform for trade finance assets'|' 33pm IST Singapore fintech firm says launches first digital platform for trade finance assets By Anshuman Daga - SINGAPORE SINGAPORE A Singapore central bank-backed fintech firm, CCRManager Pte Ltd, on Tuesday launched what it says is the first digital platform for the distribution of international trade financing, transactions now handled mainly by phone and email. CCRManager Pte Ltd, which received a grant from the Monetary Authority of Singapore''s Financial Sector Development Fund, is supported by 16 financial institutions, including Bank of China, DBS Bank, Standard Chartered Bank, Mitsubishi UFJ Financial Group, Spain''s BBVA and the commercial insurance arm of Swiss Re. "We believe that in year one, we will have approximately 30 institutions signing up. Our end goal is about 400 institutions by year five," Tan Kah Chye, CCRManager''s chairman, a former banker for over two decades, said at the launch of the platform. The firm aims to hit $10 billion in transaction volume in the first year and is targeting $250 billion in the fifth year. CCRManager charges a transaction fee on every successful deal. The Singapore-based company said its users will be able to list assets for distribution, negotiate deals, and manage supporting documentation in a secure environment. The web-based platform will enable members to manage the entire process of distributing trade finance internationally to other banks, credit insurers, and fund managers. Currently, banks largely handle the process of trade finance distribution by phone and email - a cumbersome manual exercise. "This platform provides transparency to the market, and will facilitate access to the trade markets for a broad range of investors, such as private insurance companies or investment funds," Francisco Javier Fern<72>ndez de Troconiz, head of global trade & international banking at BBVA, said in a statement. Before the platform was launched, banks in 14 countries participated in its successful testing. Some challenges digital platforms, such as CCRManager, could face include data confidentiality and the security of technology systems, executives of some banks told Reuters. At a time of growing intra-regional trade in Asia, the largest trading region in the world, and expansion of supply-chain networks beyond China, banks are ploughing more resources into the bread-and-butter trade financing business. CCRManager is the latest example of how Singapore is trying to reinvent itself as Asia''s fintech hub, an industry that has shaken up the traditional banking and financial services sectors. (Reporting by Anshuman Daga; Editing by Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/asia-tradefinace-idINKCN18C0T4'|'2017-05-16T17:03:00.000+03:00'
'1fd84fa1b65d02398131d0925d130cd465921bfd'|'TrailStone''s bid to buy Cargill''s power and gas book falls through -sources'|'NEW YORK/HOUSTON May 16 Commodities trader and investor TrailStone Group''s bid to buy Cargill''s U.S. power and gas trading book has fallen through, two sources familiar with the matter said on Tuesday.It was not immediately clear why the deal was off. A TrailStone representative declined to comment while a Cargill representative could not be immediately reached for comment.In January, sources had said that Cargill was planning to sell its gas and power business to TrailStone Group, which is funded by Riverstone private equity group.Cargill has spent the past year streamlining its businesses amid a nearly three-year slump in global oil prices. In March, Australian investment bank Macquarie Group Ltd agreed to buy Cargill<6C>s petroleum business.(Reporting by Catherine Ngai in New York and Liz Hampton in Houston; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cargill-inc-ma-trailstone-idUSL2N1II1DP'|'2017-05-16T21:45:00.000+03:00'
'c3b1d8bfe51b6c2d5ab4404d46fa21e081da2173'|'Wall Street regulator detects fewer signals of illegal ''layering'''|' 14pm BST Wall Street regulator detects fewer signals of illegal ''layering'' FILE PHOTO: A souvenir license plate is seen outside the New York Stock Exchange in Manhattan, New York City, U.S., December 21, 2016. REUTERS/Andrew Kelly By Sarah N. Lynch - WASHINGTON WASHINGTON A surveillance program by Wall Street''s self-funded regulator has seen a huge decline in alerts that may indicate potential market manipulation, after it launched a new initiative last year to help brokerages spot problematic clients. Robert Cook, the chief executive at the Financial Industry Regulatory Authority, announced at the group''s annual conference on Wednesday that FINRA has seen a 68 percent drop in "layering exceptions," or possible indications of a type of manipulative trade. Last spring, FINRA said it would start alerting brokerage firms in monthly cross-surveillance report cards about cases where the regulator detected potentially manipulative trades by clients who were granted direct access to U.S. markets. While most exchanges conduct their own surveillance, FINRA monitors activity across all U.S. stock and options exchanges, with the aim of catching fraudulent behavior spread across multiple trading venues. The findings in the reports do not necessarily mean illegal trading has occurred. But they alert firms about potential wrongdoing, and give them a chance to scrutinize their clients'' activities and take action early, before it morphs into a possible regulatory investigation down the road. Layering is an illegal maneuver used to create the appearance of buying or selling interest in a way that will move the market to a trader''s advantage. To accomplish that goal, a trader places multiple layers of prices on one side of an order with no intention of filling those orders. The decrease in layering alerts "suggests to us that firms were able to use that information to track maybe what some customers were doing through them," Cook told reporters on the sidelines of the conference Wednesday. "It is demonstrating to us that giving people information early can have a potentially helpful effect for the markets." Cook told reporters that the 68 percent decline in alerts of possible layering does not necessarily mean there is less layering activity in the marketplace. It could mean, for instance, that some traders have found ways to circumvent detection, or that brokers have dropped problematic customers. Cook said in his speech that FINRA intends to expand its surveillance program by adding two new kinds of cross-market surveillance alerts in the near future. The regulator also plans to give firms another new report later this year that will summarize FINRA''s key examination findings across different subject areas. (Reporting by Sarah N. Lynch; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-wall-street-finra-manipulation-idUKKCN18D23W'|'2017-05-18T00:11:00.000+03:00'
'ebb96cd34c0187e2b51678d19ba0496dc11043f0'|'Investors seek safety as European shares dip, Ubisoft weighs'|'LONDON May 17 European shares fell on Wednesday amid a global pullback in stock markets as worries about political turmoil in the U.S. grew, sending investors seeking safety into defensive sectors such as telecoms and food and beverage stocks.The pan-European STOXX 600 fell 0.3 percent, as major regional benchmarks tracked a global dip in stocks and the dollar as concerns over U.S. President Trump multiplied.Eurozone blue-chips and the bloc''s broader index of stocks both dropped 0.6 percent. Britain''s FTSE 100 was on course to snap its nine-day winning streak, slipping from its new record high hit on Tuesday.Ubisoft Entertainment, the third biggest global entertainment company, fell 7 percent after it cut its mid-term sales forecast, reporting results near the bottom end of its target range after the close on Tuesday.Raiffeisen Bank was a bright spot on a negative banking sector, up 3.5 percent after its first-quarter profit jumped more than expected as write-downs shrank.Lloyds Bank also gained 0.9 percent after the British government sold its last remaining shares in the bank.Among the few gainers, Norwegian drugmaker Yara also got a boost from broker Liberum raising it to ''buy'' from ''sell'', saying urea prices are close to a trough.Gold miners Fresnillo and Randgold Resources rose 0.8 and 2 percent as the price of the safe-haven asset rose to a two week high.Bond proxy Unilever also gained 0.4 percent. (Reporting by Helen Reid, Vikram Subhedar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1IJ16U'|'2017-05-17T15:41:00.000+03:00'
'db6a51aeda11542117fc246a20a53c4500f81e31'|'Saudi Aramco plans tourism training centre in economic reform drive'|'Business News  53pm BST Saudi Aramco plans tourism training centre in economic reform drive A view shows Saudi Aramco''s Manifa oilfield, Saudi Arabia June 14, 2015. P Saudi Aramco/Handout via REUTERS JEDDAH, Saudi Arabia National oil giant Saudi Aramco will establish a centre to train workers in Saudi Arabia''s tourism industry as part of the government''s drive to develop the economy beyond the oil sector. Aramco agreed with a state-controlled vocational education body and the kingdom''s tourism commission to train young Saudis for the tourism and hotel sectors, as well as in the management of other public and private facilities, it said on Wednesday. Officials want the tourism centre to handle 5,000 male and female trainees within four years, Aramco said without giving financial details. The government is keen to develop Islamic tourism as part of drive to diversify the economy beyond oil. Although Aramco focuses on the production of oil, gas and petrochemicals it is often enlisted in other government initiatives because it is Saudi Arabia''s biggest company and one of its most efficient. The company, which plans an initial public offer of its shares to local and foreign investors next year, unveiled plans last year to build a $5 billion (<28>3.8 billion) shipbuilding complex and opened an $800 million cultural centre in Dhahran in December. (Reporting by Reem Shamseddine; editing by David Clarke; Editing by Andrew Torchia)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-tourism-aramco-idUKKCN18D1K5'|'2017-05-17T20:53:00.000+03:00'
'ed79cba5270fe18c9405cd80936f9cde0f9aacc5'|'China''s Shougang among bidders for parking space company Indigo: Les Echos'|'PARIS Chinese conglomerate firm Shougang is among firms that have submitted bids for parking space operator Indigo, French daily Les Echos said on Monday.Shougang made an offer on Friday for France''s biggest parking space operator, the paper said, without citing a source.Indigo, which manages a parking network in more than 500 cities and 17 countries, has been put up for sale by France-based private equity fund Ardian and French bank Predica, sources told Reuters in February.The deal may top 3 billion euros.Neither Indigo, Ardian nor Predica, a subsidiary of France''s Credit Agricole Assurance ( CAGR.PA ), were available to comment.(Reporting by Bate Felix and Cyril Altmeyer; Editing by Louise Ireland)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-indigo-m-a-shougang-idINKCN18B2HQ'|'2017-05-15T18:08:00.000+03:00'
'c089e8a8f330a51bec10687afb359e7cb0168fe5'|'Iran Air takes delivery of its first four ATR 72-600s planes'|'Tue May 16, 2017 - 11:55am BST Iran Air takes delivery of its first four ATR 72-600s planes FILE PHOTO: The logo of IranAir is pictured as the company IranAir takes delivery of the first new Western jet under an international sanctions deal in Colomiers, near Toulouse, France, January 11, 2017. REUTERS/Regis Duvignau PARIS Iran Air has received the delivery of its first four ATR 72-600s planes, ATR said on Tuesday, in a deal which forms part of plans to rebuild the airline''s fleet after nuclear-related sanctions against Iran were lifted last year. Earlier this year, ATR and Iran Air had signed a firm contract for 20 ATR 72-600s and options for a further 20 planes. Deliveries of the 20 firm aircraft be completed by the end of 2018. ATR is a joint venture between Airbus ( AIR.PA ) and Italian company Leonardo ( LDOF.MI ). "As Iran''s traveling public gains access to increased supply of air transportation, it will benefit from the highest standards of comfort, efficiency and reliability with the ATR<54>s we are delivering today and over the coming months," ATR Chief Executive Christian Scherer said in a statement. (Reporting by Sudip Kar-Gupta; Editing by Andrew Callus)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-iran-aviation-airbus-nl-idUKKCN18C168'|'2017-05-16T18:52:00.000+03:00'
'198baeed58f84821aebff5e44d26a5a7257ce43f'|'BRIEF-Bain Capital announces launch of sale of remaining stake in Maisons du Monde'|'May 16 Bain capital:* Says Magnolia Holdco, holding co owned by funds advised by Bain Capital, launched sale of its remaining shares of Maisons Du Monde* Says seller currently owns 7.1 million shares, corresponding to 15.8 percent of Maisons Du Monde<64>S entire issued share capital* Citigroup Global Markets Limited and Goldman Sachs International are acting as joint bookrunner in connection with placement (Bangalore.newsroom@thomsonreuters.com)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-bain-capital-announces-launch-of-s-idINFWN1II0OZ'|'2017-05-16T14:22:00.000+03:00'
'a55ab822f9415d21f5f548d7dc66f7c0c6d39227'|'Greece eying July bond, if deal reached with lenders - sources'|'Central Banks   3:19pm BST Greece eying July bond, if deal reached with lenders - sources FILE PHOTO: A tourist walks among the columns of the entrance of Zappeion Hall in Athens, Greece, May 31, 2015. REUTERS/Alkis Konstantinidis/File Photo By Lefteris Papadimas and Abhinav Ramnarayan - ATHENS/LONDON ATHENS/LONDON Greece is eying its first sovereign bond issue in three years as early as July if its international lenders specify longer term debt relief for the country, and the European Central Bank includes it in its bond-buying programme. Sources familiar with the plan say Athens wants to test market appetite for Greek debt before a current bailout programme, worth up to 86 billion euros (<28>73.8 billion), expires in mid-2018. Greece''s last venture onto international bond markets was with two issues in 2014, a year before it plunged into crisis in a tense standoff between lenders and Greece''s newly elected left-wing government which vowed to end bailout-induced austerity. That part of the crisis ended with the country signing up to a new bailout, its third since 2010. "We are considering swapping a five-year (bond) which was issued in 2014, with a new five-year bond, and possibly raising a small amount (over and above) the same issue," a Greek government official told Reuters on condition of anonymity. The 2014 five-year bond raised 3.0 billion euros. The move, Greek officials said, is contingent on lenders specifying how the country could restructure an existing mountain of debt, which at 179 percent of gross domestic product is the highest in the euro zone. Euro zone finance ministers are scheduled to discuss Greece on May 22. A second bond issue could follow by the end of the year, other Greek officials said without providing details. No deal at the EU meeting on Monday could mean pushing back the issue to the autumn, another official said. Three primary dealers in London confirmed Greek authorities had already started talking on a potential market return. GREEK YIELDS DROP Borrowing costs have dropped steadily since Greece and its lenders agreed in early May on further economic reforms to unlock remaining bailout funds. Greek government bonds are the best performing in the euro zone so far this year, with returns of more than 11 percent, according to Thomson Reuters data. "I''d say the Greek government bond trade is no longer at its most attractive given how far yields have already come down, but it still has legs." "We would certainly look at participating in a new bond deal, depending on the levels of course," said Louis Gargour, chief investment officer at LNG Capital, a London-based hedge fund. The yield on Greece''s 5-year bond, maturing in 2019 was at 5.53 percent on Tuesday, almost one percentage point lower since the preliminary deal for new reforms was brokered on May 2. Ten year paper -- an indication of the cost for the government to raise long-term cash in financial markets -- is at its lowest level since the country''s debt was restructured in March 2012, according to Tradeweb data. The country''s debt agency recently restarted talks with their primary dealers about the possibility of a bond market return, dealers said. "I still think it is too early, but at least we have started talking about it again whereas a few months ago it wasn''t even on the agenda," a dealer said on condition of anonymity. That dealer, and a second, cautioned against Greece rushing into it: "While I think a deal (with lenders) is possible, we need to see a lot more in terms of progress on the bailout agreement to be convinced that it is the right time to pull the trigger," the dealer said. (Additional reporting by John Geddie and Dhara Ranasinghe Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-bonds-idUKKCN18C1R2'|'2017-05-16T22:19:00.000+03:00'
'96e683f7088d9dc6d6ddb0f6a41796d6ab958ffd'|'Singapore''s GIC sells Straumann stake, shares indicated lower'|'ZURICH Singapore sovereign wealth fund GIC Private Limited has sold its roughly 3.4 percent stake in Straumann ( STMN.S ), the Swiss dental implant maker said on Wednesday."Singapore''s SWF GIC sells remaining 0.54m $STMN shares (c.3.4% o/s) after a new all-time high and similar transaction in $UBS on Monday," Basel-based Straumann said in a tweet from its investor relations account, referring to GIC''s selling a chunk of its UBS ( UBSG.S ) stake this week.Straumann shares were seen opening down 1.9 percent on the news JBPRE04. The GIC stake would have been worth around 300 million Swiss francs ($305 million), based on Straumann''s 8.76 billion franc market capitalization.(Reporting by Joshua Franklin and John Miller; Editing by Michael Shields)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-straumann-shareholders-gic-idUSKCN18D0J5'|'2017-05-17T10:43:00.000+03:00'
'5572940abf538fc518f4bad5e90fc5cbf108a327'|'Volvo Cars to stop developing new diesel engines - CEO'|'Autos - Wed May 17, 2017 - 1:07pm BST Volvo Cars says new generation of diesel engines could be the last - CEO Hakan Samuelsson, president and CEO of Volvo Car Group, introduces the Volvo XC90T8 Inscription autonomous car during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. REUTERS/Rebecca Cook BERLIN Swedish carmaker Volvo''s latest generation of diesel engines could be its last as the cost of reducing emissions of nitrogen oxide is becoming too much, Chief Executive Hakan Samuelsson was quoted as saying on Wednesday. "From today''s perspective, we will not develop any more new generation diesel engines," Samuelsson told German''s Frankfurter Allgemeine Zeitung in an interview. However, a Volvo Cars spokesman said on Wednesday Samuelsson had been discussing options rather than a firm plan to stop the further development of diesel engines. Samuelsson later said in a statement emailed to Reuters he believed diesel would still play a crucial role in the next few years in helping the company meet targets to reduce emissions of carbon dioxide, being more fuel-efficient than petrol engines. "We have just launched a brand new generation of petrol and diesel engines, highlighting our commitment to this technology. As a result, a decision on the development of a new generation of diesel engines is not required," he said. In the FAZ interview Samuelsson said Volvo would continue improving the current range, first introduced in 2013, to meet future emissions standards, with production likely to go on until about 2023. And until 2020 he said diesel would be needed to help meet carbon dioxide emission limits set by the European Union, but after that other regulations would come into play, with the costs of making engines compliant with ever higher anti-pollution standards meaning it would no longer be worth it. Instead, Volvo will invest in the electric and hybrid cars, with its first pure electric model due on the market in 2019. "We have to recognise that Tesla ( TSLA.O ) has managed to offer such a car for which people are lining up. In this area, there should also be space for us, with high quality and attractive design," Samuelsson said. Samuelsson has previously said that tighter emissions rules will push up the price of diesel-engined cars to the point where plug-in hybrids will become an attractive alternative. The average carbon dioxide emissions limit for European carmakers'' fleets will need to fall from 130 grammes per kilometre to 95 grammes in 2021, forcing them to invest more in exhaust emissions technology. Diesel cars account for over 50 percent of all new registrations in Europe, making the region by far the world''s biggest diesel market. Volvo, owned by China''s Geely ( 0175.HK ), sells 90 percent of its XC 90 offroaders in Europe with diesel engines. The scandal over Volkwagen''s ( VOWG_p.DE ) cheating of U.S. environmental tests to mask emissions of nitrogen oxides, which can cause or aggravate respiratory disease, means manufacturers are facing intense scrutiny over the true level of pollutants being emitted by their cars. Goldman Sachs believes a regulatory crackdown could add 300 euros (<28>257) per engine to diesel costs that are already some 1,300 euros above their petrol-powered equivalents, as carmakers race to bring real NOx emissions closer to their much lower test-bench scores. (Reporting by Emma Thomasson; Editing by Greg Mahlich) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volvocars-diesel-idUKKCN18D0NF'|'2017-05-17T15:28:00.000+03:00'
'a40e8061892ea3801b3160e108a584f6840d3c36'|'Volvo Cars to stop developing new diesel engines -CEO'|' 23am EDT Volvo Cars to stop developing new diesel engines -CEO BERLIN May 17 Swedish carmaker Volvo will not develop any new diesel engines as the cost of reducing emissions of nitrogen oxide is becoming too expensive, Chief Executive Hakan Samuelsson was quoted as saying on Wednesday. "From today''s perspective, we will not develop any more new- generation diesel engines," Samuelsson told German''s Frankfurter Allgemeine Zeitung in an interview. Samuelsson said Volvo would keep developing current diesel-powered models introduced in 2013 to meet future emissions standards, but then the costs of keeping them compliant with higher anti-pollution standards would no longer be worth it, with the current generation likely to be produced until about 2023. Instead, Volvo will invest in the electric and hybrid cars, with its first pure electric model due on the market in 2019. "We have to recognise that Tesla has managed to offer such a car for which people are lining up. In this area, there should also be space for us, with high quality and attractive design," Samuelsson said. Samuelsson has previously said that tighter emissions rules will push up the price of diesel-engined cars to the point where plug-in hybrids will become an attractive alternative. The average carbon dioxide emissions limit for European carmakers'' fleets will need to fall from 130 grammes per kilometre to 95 grammes in 2021, forcing them to invest more in exhaust emissions technology. Diesel cars account for over 50 percent of all new registrations in Europe, making the region by far the world''s biggest diesel market. Volvo, owned by China''s Geely, sells 90 percent of its XC 90 offroaders in Europe with diesel engines. The scandal over Volkwagen''s cheating of U.S. environmental tests to mask emissions of nitrogen oxides, which can cause or aggravate respiratory disease, means manufacturers are facing intense scrutiny over the true level of pollutants being emitted by their cars. Goldman Sachs believes a regulatory crackdown could add 300 euros ($325) per engine to diesel costs that are already some 1,300 euros above their petrol-powered equivalents, as carmakers race to bring real NOx emissions closer to their much lower test-bench scores. ($1 = 0.9220 euros) (Reporting by Emma Thomasson; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/volvocars-diesel-idUSL8N1IJ1AI'|'2017-05-17T15:23:00.000+03:00'
'487d795a20e624d57992f763e829da2eb8a95c0a'|'British Land to reduce amount of speculative building'|'Business   7:47am BST British Land to reduce amount of speculative building Property developer British Land said it had reduced the amount of space it was building without secured tenants to below 4 percent, adding that its London office tenants were taking longer to make decisions to take up space. Britain''s second-largest listed developer, which owns Sheffield''s Meadowhall shopping centre and office developments at Paddington Central, said that it expected uncertainty in the property market to persist for "some considerable" time as Britain negotiates its exit form the European Union. The company reported a 7.4 percent increase in full-year underlying profit to 390 million pounds. It said its EPRA net asset value (NAV) - a key metric for the industry that reflects the value of a company''s buildings - slipped 0.4 percent to 915 pence per share. The amount of space it was building without secured tenants was cut to below 4 percent, reducing its exposure to such higher risk projects in what it termed as "uncertain markets". "London occupiers, particularly financial institutions, are making contingency plans but there is a wide range of possible outcomes here," British Land said on Wednesday. (Reporting by Esha Vaish in Bengaluru, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-british-land-results-idUKKCN18D0JL'|'2017-05-17T14:47:00.000+03:00'
'4ef4420669e8a6b24bbbfa631b308da72480bd0e'|'German prosecutors start formal investigation of Porsche SE executives'|'Autos - Wed May 17, 2017 - 9:31am BST German prosecutors start formal investigation of Porsche SE executives Volkswagen CEO Matthias Mueller (L) and Hans Dieter Poetsch, chairman of the supervisory board attend the annual shareholder meeting in Hanover, Germany May 10, 2017. REUTERS/Fabian Bimmer BERLIN German prosecutors said they have launched a formal investigation of Porsche SE executives Matthias Mueller and Hans Dieter Poetsch on grounds of suspected market manipulation. The prosecutor''s office in Stuttgart said on Wednesday it is investigating Mueller, the current Chief Executive of Volkswagen, for his role as board member of Porsche Automobil Holding SE and Hans Dieter Poetsch, who is currently Porsche SE Chief Executive, on suspicion they may have informed investors too late about risks to the Porsche holding firm from Volkswagen''s diesel emissions scandal. The inquiry is similar to one launched by prosecutors last year in Braunschweig, near VW''s <VOWG_p,.DE> Wolfsburg headquarters, into current and former VW board members over whether they delayed the release of information about the cheating of diesel emissions tests. Porsche SE, which is headquartered in Stuttgart, controls 52.2 percent of VW''s voting shares. (Reporting by Andreas Cremer; Editing by Edward Taylor)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-porschese-prosecutors-idUKKCN18D0TL'|'2017-05-17T16:31:00.000+03:00'
'd589cf699a49a0f3b5adc442413600802de118e4'|'Standard Life likely to choose Dublin for EU hub -chairman'|'LONDON May 17 Insurer and asset manager Standard Life is likely to choose Dublin as the base for its European Union subsidiary after Britain leaves the bloc, its chairman said.Standard Life already has an operation in Dublin and is unusual among British life insurers in having thousands of customers in the EU.Financial services firms are looking to set up regulated subsidiaries in the EU in case they lose access to the bloc after Brexit."The most likely scenario <20> and the one we are now working towards <20> is using our Dublin-based operation to continue to support our European customers and clients," chairman Gerry Grimstone said in the text of a speech given to shareholders at the firm''s annual general meeting on Tuesday."We are now working through the regulatory matters and other arrangements we would need to put in place to facilitate this."Standard Life''s choice of Dublin will be a boost for the Irish capital, which has lost out to high-profile insurers AIG and Lloyd''s of London, which have picked Luxembourg and Brussels respectively.Standard Life shareholders will vote next month on the firm''s 11 billion pound ($14.23 billion) merger with rival Scottish fund firm Aberdeen Asset Management. ($1 = 0.7732 pounds) (Reporting by Carolyn Cohn; Editing by Rachel Armstrong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-eu-standardlife-dublin-idINL8N1IJ0WH'|'2017-05-17T04:25:00.000+03:00'
'67d3a8d54e13be12989daf725dadae34244659a8'|'BRIEF-Mosaic announces qtrly dividend of $0.15 per share'|'Market News  28pm EDT BRIEF-Mosaic announces qtrly dividend of $0.15 per share May 18 Mosaic Co: BRIEF-Salesforce.com posts Q1 GAAP loss per share $0.01 * Q1 earnings per share view $0.26 -- Thomson Reuters I/B/E/S * Arconic Inc - will redeem on June 19, 2017 all of its outstanding 6.50% bonds due 2018 and 6.75% notes due 2018 between co, Bank of New York Mellon Trust Company MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-mosaic-announces-qtrly-dividend-of-idUSFWN1IK0RW'|'2017-05-19T04:28:00.000+03:00'
'd52fbc53ccb1b07c7f20f14cf29c011565584db9'|'Softbank-backed OneWeb increases offer for Intelsat'|'By Jessica DiNapoli - NEW YORK NEW YORK OneWeb, the U.S. satellite startup backed by Japan''s SoftBank Group Corp, has increased its merger proposal for Intelsat SA by offering Intelsat''s creditors a smaller discount for their bonds than it had before.OneWeb and Intelsat''s merger has been stalled because Intelsat''s debt investors have not been willing to accept the $3.6 billion haircut on their bonds the deal requires. OneWeb''s new offer reduces the concessions Intelsat''s bondholders must accept to about $2.85 billion."We''re at the absolute limit on what we''re prepared [to offer] for this business, and we''re simply not willing to negotiate any further," said Alok Sama, the chief financial officer of SoftBank, a telecommunications and technology conglomerate.In addition to allowing greater debt, the company bumped up the cash it is kicking into the deal by $60 million. SoftBank has already agreed to invest $1.7 billion in newly issued common and preferred shares in the combined company.Bondholders have until May 31 to decide whether to accept the new deal. After the initial proposal, some of Intelsat''s debt traded above the offer price, in part leading investors to rebuff the deal.The new proposal gives holders a small premium to trading prices on Wednesday evening.The new offer also cuts how much Intelsat equity holders will receive, from $5 per share to $4.75.Since the initial deal, SoftBank has received inquiries from other firms interested in doing a deal if the Intelsat merger collapses, Sama said."We have signed [non-disclosure agreements] with multiple parties," Sama said, adding he could not share the status of the discussions. "We''ve talked to other parties and have formulated a very clear view on what Intelsat is worth versus the other options."The value of the new deal is $14 billion, up from the initial $13.3 billion offer made in late February.A combined OneWeb and Intelsat would eventually create a combined network of hundreds or even thousands of satellites in high and low altitudes around Earth to help provide internet access worldwide.(Reporting by Jessica DiNapoli; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-intelsat-oneweb-bump-idINKCN18E02P'|'2017-05-17T22:30:00.000+03:00'
'1de6ccb6ea6943ddc2417945c9f8b1531371c393'|'French tycoon Tapie ordered to pay back 400 million euros to state'|' 25pm BST French tycoon Tapie ordered to pay back 400 million euros to state French businessman Bernard Tapie attends a news conference for the launching of his web TV at the headquarters of the French daily newspaper ''La Provence'' in Marseille, March 12, 2014. REUTERS/Jean-Paul Pelissier PARIS France''s highest court ordered tycoon Bernard Tapie to repay 404 million euros (<28>346 million) to the state on Thursday in what looked like the end, for him, of a decades-old French legal battle that still reverberates through business and political life. Earlier this year, IMF chief Christine Lagarde was found guilty of negligence in regard to one of France''s best known "affaires," and in March, the Paris prosecutor recommended that the head of telecoms group Orange, Stephane Richard, should stand trial for fraud in connection with it. Tapie''s lawyer said he would take the case against his client to the European courts. The case dates back to when Tapie sued for compensation after the sale of his stake in sports company Adidas to then state-owned Credit Lyonnais bank in 1993. He accused the bank of defrauding him after it resold the holding for a much higher price. With the case stuck in the courts, the two sides agreed to a private settlement, and in 2008 Tapie was awarded a 404 million euro payout. The litigation continued, however, and in December 2015, a French court ruled that Tapie should return this compensation. It was this ruling that France''s supreme court confirmed in a judgement on Thursday. Lagarde was French finance minister at the time of the payout to Tapie, and at a hearing in December last year, a French court ruled that her failure to contest the award to Tapie was negligent. The court was a special one which exists to try ministers and former ministers. It gave her no punishment. Orange chief executive Richard was Lagarde''s chief of staff in 2008. He declined to take the witness stand during Lagarde''s trial on the advice of his lawyer. In March, the Paris prosecutor said he wanted Richard to stand trial for fraud misuse of public funds. The prosecutor''s request was made to an investigating magistrate who will decide whether to go ahead with a trial. Richard has denied wrongdoing. In March, a spokesman for his company said "the accusations raised against him are totally unfounded". (Reporting by Emmanuel Jarry; Writing by Richard Balmforth; Editing by Andrew Callus)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-tapie-idUKKCN18E2F9'|'2017-05-19T00:25:00.000+03:00'
'22dedbf8746fd2f13952eaec36148b05290815b7'|'Investors join Elliott in case against Akzo Nobel'|'AMSTERDAM Six Akzo Nobel ( AKZO.AS ) investors have filed to participate or speak in a case against the company''s boards being heard next week at an Amsterdam court, a court statement showed.Elliott Advisors has asked the court to order an investigation into the boards'' performance and to call an extraordinary shareholders'' meeting.It wants that meeting to vote on dismissing Chairman Antony Burgmans after the company rejected a 26.3 billion euro ($29.23 billion) takeover proposal from U.S. rival PPG Industries ( PPG.N ) which many shareholders considered attractive.The court document showed filings from Templeton Investment, Tweedy Brown, and the Universities Superannuation Scheme, which have all been publicly critical of Akzo''s rejection of PPG.Dodge & Cox, Intrinsic Value Investors and York Capital Management also filed papers with the court or intended to speak at the hearing on Monday.No Akzo major shareholder has come forward to support management''s position since PPG began pursuing Akzo in March.(Reporting by Toby Sterling; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-akzo-nobel-m-a-shareholders-idINKCN18E1R4'|'2017-05-18T10:49:00.000+03:00'
'71dc4961649e5a8c80c762d0c1cb48734f50fe0b'|'Wal-Mart''s first-quarter comparable sales beat estimates'|'CHICAGO Wal-Mart Stores Inc on Thursday reported higher-than-expected quarterly sales at established U.S. stores, as a huge investment to bring more customers into the discount retailer paid off and a bigger push into e-commerce boosted online purchases, sending its shares to a 52-week high.Wal-Mart and analysts said the company is benefiting from a $2.7 billion investment to increase entry-level wages and enhance the training of its workforce, which has led to better stocked shelves and cleaner stores. It said store visits rose 1.5 percent, the tenth consecutive quarterly increase."Wal-Mart''s long string of investments in labor and e-commerce, including acquisitions, are enabling modest market share gains," John Zolidis, director equity research with the Buckingham Research Group said. Cowen & Co''s senior research analyst Oliver Chen said "Wal-Mart''s commitment to value pricing is driving traffic and growth in grocery and aggressive online strides are impacting comparable sales."Shares of Wal-Mart rose to $77.40 - a 52-week high. As of Wednesday''s close, the stock had risen 8.7 percent so far this year. Wal-Mart''s performance, along with rival Target Corp''s results on Wednesday, bucked a string of weak results by department store retailers like Macy''s Inc. On Wednesday, Target reported higher-than-expected quarterly earnings and sales, and set an optimistic tone for the year.Wal-Mart said sales at U.S. stores open at least a year rose 1.4 percent, excluding fuel price fluctuations, and was the 11th consecutive quarterly increase. Analysts were expecting a 1.3 percent increase, according to Consensus Metrix.Wal-Mart has been aggressively investing in making its prices more competitive compared to rivals. It is carrying out price tests in 11 states and has asked vendors to offer grocery prices that are 15 percent lower than competitors.Wal-Mart''s U.S. Chief Executive Greg Foran said comparable sales in food and grocery improved during the quarter, without sharing details. Grocery accounts for nearly 53 percent of overall revenue for the retailer.INTERNET SALES ACCELERATEOnline sales rose 63 percent in the first quarter, which was higher than 29 percent growth in the fourth quarter. The company said most of the growth was from its existing online operations rather than from acquisitions. Online sales added 0.8 percentage points to the first quarter comparable sales gain.U.S. e-commerce chief Marc Lore told reporters online sales growth was boosted by the decision to offer free two-day shipping without membership fees and higher repeat orders.Under Chief Executive Officer Doug McMillon and Lore, Wal-Mart has been trying to catch up to online rival Amazon.com Inc. In October, the company said it would slow the pace of new store openings to focus on expanding its e-commerce business.To accelerate its e-commerce business, Wal-Mart has been acquiring small online retail startups. It has acquired three companies so far this year and is currently in talks with small online clothing retailer Bonobos. "We need to scale our e-commerce business further and see some additional strength in our store comps to deliver the results we know we''re capable of," said McMillon.Earnings per share was $1 for the quarter ended on April 30, exceeding the analysts'' average estimate of 96 cents, according to Thomson Reuters I/B/E/S. Consolidated net income fell to $3.04 billion from $3.08 billion due to a higher tax rate.Quarterly revenue rose 1.4 percent to $117.5 billion, slightly lower than analysts expectations of $117.7 billion due to a stronger dollar, which reduces the value of overseas sales. Revenue grew 2.8 percent on a currency neutral basis. For the second quarter, Wal-Mart said it expected an increase of 1.5 percent to 2 percent in U.S. same-store sales. It forecast earnings per share of $1 to $1.08, against market expectations of $1.07.(Reporting by Nandita Bose in Chicag; Editing by Lisa Von Ahn and Bernard Orr)'|'reuters.
'4cd2fbde5e0d5acf445ea3fedc1f51a6a6138774'|'Asda says rate of sales decline eases slightly'|'Business News  18pm BST Supermarket chain Asda slows rate of sales decline FILE PHOTO: A shopper browses produce at the Asda superstore in High Wycombe, Britain, February 8, 2017. REUTERS/Eddie Keogh/File Photo LONDON Asda, the British supermarket arm of U.S. retail giant Wal-Mart ( WMT.N ), slowed the rate of sales decline in the first quarter, it said on Thursday, as its new management team started to make its mark on the business. The UK''s third-largest supermarket chain behind market leader Tesco ( TSCO.L ) and Sainsbury''s ( SBRY.L ) said that sales at stores open more than a year fell by 2.8 percent, excluding fuel, in the three months to March 31, compared with a 2.9 percent decline in the previous quarter. <20>We<57>re pleased that the momentum of Q4 has continued into the new year with a third consecutive quarter of improvement," said Chief Executive Sean Clarke. <20>Despite this progress we are in no way complacent and there is still much for us to do." Monthly industry data has also indicated an improved performance from Asda in April. Wal-Mart veteran Clarke, who joined Asda last July, and former Sainsbury''s executive Roger Burnley, who started as chief operations officer three months later, have focused their turnaround efforts on the retail basics. They have made Asda more competitive, sharpening pricing while improving the quality and availability of product ranges and stepping up efforts to offer better customer service. <20>We<57>re delivering more consistently for our customers, particularly in fresh food, service and availability -- both in stores and online," Clarke said. Of Britain''s big four supermarket players, which also includes Morrisons ( MRW.L ), Asda was hurt the most by the rise of German discounters Aldi [ALDIEI.UL] and Lidl [LIDUK.UL] and was also too slow in responding to that competition. Separately on Thursday Wal-Mart reported higher than expected quarterly sales at established U.S. stores. (Reporting by James Davey; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-asda-outlook-idUKKCN18E1G8'|'2017-05-18T19:17:00.000+03:00'
'1cc81989440cfdfe1dc1bf6f1a993570ccd3db46'|'PRESS DIGEST- Financial Times - May 18'|'May 18 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesFord to cut 1,400 jobs as pressure grows on profitson.ft.com/2qsRuxUDeutsche Boerse investors take aim at chief over failed LSE dealon.ft.com/2qt4R1nApple''s top suppliers dragged into Qualcomm legal battleon.ft.com/2qsUkD0Microsoft held back free patch that could have slowed WannaCryon.ft.com/2qtept5OverviewFord Motor Co said it plans to cut 1,400 salaried jobs in North America and Asia through voluntary early retirement and other financial incentives.Deutsche Boerse AG''s Chief Executive Carsten Kengeter came under fire from investors over the company''s failed merger with the London Stock Exchange Group Plc at the German exchange operator''s annual meeting.Chipmaker Qualcomm Inc filed a lawsuit against four Apple Inc contract manufacturers, including Foxconn Technology Group, for not paying royalties, as its legal battle with the iPhone maker intensifies.Microsoft Corp held back from distributing a free patch for old versions of Windows that could have slowed last week''s devastating ransomware attack, instead charging some customers $1000 a year per device for protection against such threats. (Compiled by Bengaluru newsroom; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-ft-idINL4N1IJ530'|'2017-05-17T21:23:00.000+03:00'
'1a32f523bbb50836b72418fafa294cdf980b733b'|'Deutsche Bank to have former executives pay for past misconduct - chairman'|'  8:13pm BST Deutsche Bank wants former bosses to share past misconduct costs left right Deutsche Bank CEO John Cryan and supervisory board chairman Paul Achleitner attend the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski 1/11 left right Deutsche Bank CEO John Cryan speaks during the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski 2/11 left right Deutsche Bank CEO John Cryan attends the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski 3/11 left right Deutsche Bank CEO John Cryan speaks during the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski 4/11 left right Deutsche Bank supervisory board chairman Paul Achleitner speaks during the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski 5/11 left right People gather before the Deutsche Bank''s annual general meeting in Frankfurt, Germany May 18, 2017. The text on the stairs reads ''General meeting of the 6,000 trials''. REUTERS/Ralph Orlowski 6/11 left right Deutsche Bank CEO John Cryan and supervisory board chairman Paul Achleitner attend the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski 7/11 FILE PHOTO: Workers sweep leaves outside Deutsche Bank offices in London. REUTERS/Luke MacGregor/File Photo 8/11 left right The logo of Deutsche Bank is seen at its headquarters ahead of the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski 9/11 left right Flags with the logo of Deutsche Bank are seen at the headquarters ahead of the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski 10/11 left right The logo of Deutsche Bank is seen at its headquarters ahead of the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski 11/11 By Arno Schuetze and Tom Sims - FRANKFURT FRANKFURT Deutsche Bank ( DBKGn.DE ) expects former board members to contribute substantial sums toward the costs of its past misconduct as Germany''s biggest lender seeks to rebuild its reputation, its chairman Paul Achleitner said. Achleitner told shareholders at Deutsche Bank''s annual general meeting on Thursday that its supervisory board and two committees were discussing the need for personal and collective responsibility and the bank had sought external legal advice. "The supervisory board expects that in the coming months, there will be an arrangement which ensures that the individuals involved make a substantial financial contribution," he said, adding that while no decision had yet been reached, discussions were at an advanced stage. The talks are focusing on why Deutsche Bank''s own response was so slow, as well as its involvement in a series of financial scandals, Deutsche Bank sources told Reuters. Collective responsibility of the board for the bank''s actions as a whole were at the center of the talks, rather than personal failure or involvement in individual litigation cases, they added. Achleitner did not name any individuals, but Deutsche Bank sources said the board is in talks with around ten people, including former chief executives Anshu Jain, Juergen Fitschen and Josef Ackermann. Talks are underway with other former board members including Stephan Leithner, Rainer Neske, Henry Ritchotte, Stefan Krause and current board member Stuart Lewis. Deutsche Bank said Lewis would not comment, while spokesmen for Jain, Ackermann and Neske said they would not comment. The other former managers did not respond to requests for comment. If Deutsche Bank reaches settlements with former executives, it would mark a significant step in efforts to break with a turbulent period in the bank''s 147-year history. Such settlements are fairly rare, according to Michael Kramarsch, an expert on executive compensation and managing partner of consultanc
'b1e1e66bae4cf52cf8b7837b6457806486a9a9b2'|'Four automakers agree to $553 million settlement to resolve Takata claims'|'Thu May 18, 2017 - 5:56pm BST Four automakers agree to $553 million settlement to resolve Takata claims left right FILE PHOTO: A technician holds a recalled Takata airbag inflator in Miami, Florida June 25, 2015. REUTERS/Joe Skipper/File Photo 1/2 left right A billboard advertisement of Takata Corp is pictured in Tokyo September 17, 2014. REUTERS/Toru Hanai/File Photo 2/2 WASHINGTON Four automakers agreed to a $553 million settlement to address class-action economic loss claims covering owners of nearly 16 million vehicles with potentially defective Takata airbag inflators, according to court documents filed on Thursday. Toyota Motor Corp''s ( 7203.T ) share of the settlement costs is $278.5 million, followed by BMW AG ( BMWG.DE ) at $131 million, Mazda at $76 million and Subaru Corp ( 7270.T ) at $68 million. Lawsuits against Honda Motor Co ( 7267.T ), Ford Motor Co ( F.N ) and Nissan Motor Co ( 7201.T ) have not been settled, lawyers said. Takata Corp ( 7312.T ) inflators, which can explode with excessive force and unleash metal shrapnel inside cars and trucks, are blamed for at least 16 deaths and more than 180 injuries worldwide. The safety defect has prompted recalls worldwide of about 100 million inflators by more than a dozen major automakers. (Reporting by David Shepardson; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-automakers-takata-idUKKCN18E2HZ'|'2017-05-19T00:49:00.000+03:00'
'29035b1db0a5382ba5d4d0acdf454e41e9cb11a0'|'U.S. preparing to sue Fiat Chrysler over excess diesel emissions'|'Autos   1:50am BST U.S. preparing to sue Fiat Chrysler over excess diesel emissions FILE PHOTO - A screen displays the ticker information for Fiat Chrysler Automobiles NV at the post where it''s traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 12, 2016. REUTERS/Brendan McDermid By David Shepardson - NEW YORK NEW YORK The U.S. Justice Department plans to file a civil lawsuit against Fiat Chrysler Automobiles NV ( FCHA.MI ) over excess diesel emissions as early as this week if no agreement is reached with the Italian-American automaker, two sources briefed on the matter said on Wednesday. The U.S. Environmental Protection Agency in January accused FCA of illegally using undisclosed software to allow excess diesel emissions in about 104,000 cars and SUVs, the result of a probe that stemmed from regulators'' investigation of rival Volkswagen AG ( VOWG_p.DE ). The EPA and California Air Resources Board have been in talks with FCA about the excess emissions and whether the agencies would approve the sale of 2017 FCA diesel models. A federal judge in California has set a May 24 hearing on a series of lawsuits filed by owners of vehicles against Fiat Chrysler and the Justice Department is expected to file its action by then if no agreement is reached. FCA said on Wednesday it believed that any litigation would be "counterproductive" to ongoing discussions with the EPA and California Air Resources Board. The company added that "in the case of any litigation, FCA US will defend itself vigorously, particularly against any claims that the company deliberately installed defeat devices to cheat U.S. emissions tests." The Justice Department took the same procedural step in early 2016 against Volkswagen, nearly four months after the German company admitted using software to emit excess diesel emissions in nearly 500,000 vehicles. The Justice Department has had an ongoing criminal investigation into FCA''s conduct since last year, Reuters reported in January. The probe has turned up internal emails written in Italian and other documents about engine development and emissions issues, sources briefed on the probe said. U.S. regulators said FCA failed to disclose engine management software in 104,000 U.S. 2014-2016 Jeep Grand Cherokees and Dodge Ram 1500 trucks with 3.0-liter diesel engines. The European Commission has launched legal action against Italy for failing to respond to allegations of emission-test cheating by Fiat Chrysler in a procedure that could lead to the country being taken to court. The EPA has said the maximum possible fine against FCA could be $4.6 billion (3.54 billion pounds). In February, FCA said it had received requests for information and subpoenas from U.S. federal and state authorities, including the Securities and Exchange Commission, for diesel issues. In total, VW has agreed to spend up to $25 billion to address U.S. claims from owners, environmental regulators, states and dealers and offered to buyback polluting U.S. vehicles. (Reporting by David Shepardson; Editing by Richard Chang and Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-fiat-chrysler-emissions-idUKKCN18D2U5'|'2017-05-18T08:50:00.000+03:00'
'b60f7d973b11664851c095bb19ed6f85a12ad73e'|'Italy kicks off Alitalia sale process'|'MILAN Alitalia went on the auction block on Wednesday, as Italy kicked off the process of finding a buyer to save the money-losing flag carrier.In a document signed by government-appointed commissioners, Alitalia said offers from single companies or consortia had to be presented by June 5. Bids could be to buy the whole company, restructure it, or acquire assets and contracts.Alitalia was put under special administration earlier this month for the second time in less than a decade after workers rejected its latest rescue plan.Rome has ruled out re-nationalizing Alitalia, once a symbol of Italy''s post-war economic boom, which is struggling to compete at home against low-cost carriers and high speed trains. It has not invested sufficiently in higher-margin long-haul routes to revive profits.The government appointed three commissioners to assess whether Alitalia can be restructured or liquidated, and has given them six months to come up with a plan.Rome also threw the airline a short-term lifeline with a bridge loan of 600 million euros to see it through the process.As of Feb. 28, the airline had debts of around 3 billion euros, liabilities of 2.3 billion euros and assets of 921 million euros.Alitalia''s balance sheet will be scrutinized over the summer by the three commissioners, who have promised to devise a new industrial plan by July.They have said that the airline''s above-market costs, especially for leasing, fuel and maintenance, have to be slashed to attract buyers.Rival airlines including Lufthansa ( LHAG.DE ), Norwegian Air ( NWC.OL ), Air France-KLM ( AIRF.PA ) have shown no interest in buying Alitalia. Local media have cited Qatar Airways as one of the few potential buyers. The Gulf carrier has declined to comment.Former Prime Minister Matteo Renzi, who regained the leadership of the ruling Democratic Party in April, is using his international contacts to help find a potential partner, a source told Reuters.Non-EU players cannot own more than 49 percent of a European airline, which limits an investor''s ability to run a carrier and discourages buyers.Italian Transport Minister Graziano Delrio said this week that the limit was "unrealistic" and that talks to overcome the cap were at an advanced stage.EU legislation is unlikely to be changed in time to help Alitalia, for whom the commissioners hope to secure binding interests by October.(Reporting by Agnieszka Flak and Stephen Jewkes in Milan and Alberto Sisto in Rome; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alitalia-m-a-process-idINKCN18D2YI'|'2017-05-17T21:25:00.000+03:00'
'39ae07aee1d8d5febfc8c4cec52eafad6fcb4175'|'Top tuna firm Thai Union says Q2 sales to improve from Q1'|'BANGKOK May 18 Thai Union Pcl, the world''s largest producer of canned tuna, said on Thursday it expected second-quarter sales to be higher than the first quarter due to seasonal factors in fisheries.Supply is usually higher in the current quarter, which is expected to lower costs and boost sales, although tuna prices are still volatile due to weather patterns and campaigns promoting sustainable fisheries, Bunlung Waiyanont, investor relations manager, told reporters, without elaborating.Thai Union had sales of 31.4 billion baht ($910.7 million)in the first quarter, when net profit jumped 19 percent to 1.47 billion baht.The profit was helped by its investment in U.S. seafood chain Red Lobster, foreign exchange gains and lower tax expenses, the firm said.The company is still aiming for sales of between 145 billion baht and 150 billion baht this year, Bunlung said.It plans to invest 4.8 billion baht this year in a fish oil plant in Germany and will expand existing factories, he said, adding that the fish oil plant would be operational later this year.The firm has said it would not focus on mergers and acquisitions this year.Last year, the company bought a minority stake in Red Lobster Seafood Restaurants in a $575 million deal to expand in the United States, its biggest market. ($1 = 34.48 baht) (Reporting by Chayut Setboonsarng; Editing by Amy Sawitta Lefevre and Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/thailand-thaiunion-idINL4N1IK20Y'|'2017-05-18T03:53:00.000+03:00'
'00bd7dcda456fa6110e146c1939e8647e100025b'|'No case for shifting euro clearing after Brexit - City of London'|'Business News   7:58am EDT No case for shifting euro clearing after Brexit: City of London FILE PHOTO: The German Central Bank (Bundesbank) presents the new 50 euro banknote at its headquarters in Frankfurt, Germany, March 16, 2017. REUTERS/Kai Pfaffenbach By Huw Jones - LONDON LONDON London is good at clearing euro-denominated derivatives deals and there is no case to shift the business to the continent after Brexit, the policy chief for Britain''s financial sector said on Tuesday. The combative stance of Catherine McGuinness, newly appointed head of policy for the City of London financial district, contrasted with the more nuanced position of Bank of England Governor Mark Carney, who has spoken of an "appropriate" amount of euro clearing remaining in London post-Brexit. Her comments came as the EU''s executive Commission prepares to publish a draft law next month on euro clearing. France is in the vanguard of countries pushing for the lucrative business to relocate to the euro zone after Britain leaves the bloc in 2019. McGuinness said clearing was a $1 trillion a day business and it was natural that people wanted a slice of the cake. "And in this case, all the evidence points one way: that the mass uprooting and offshoring of part of the industry <20> of clearing of transactions in one currency <20> would not only be vastly complicated, but also vastly damaging and potentially destabilizing," McGuinness told a conference of the Futures Industry Association in London. The Commission has considered several options, including forced migration of business and tighter supervision of foreign clearing houses that handle large amounts of euro-denominated transactions. France argues shifting clearing to Europe would make it easier for the European Central Bank to directly monitor risks arising from the derivatives market. But McGuinness said markets had chosen London because it''s systemically safer to centralize clearing so that exposures can be netted. "It<49>s because it makes the posting of collateral more cost-effective. And, frankly, it<69>s because we<77>re good at it." London has the scale, infrastructure and expert clearing professionals, she said. "And if we split off one currency, with euro clearing moving to, say, Paris, all we<77>ll see is systemic risk going up, liquidity going down, costs hitting the roof," she added. "In sum, it<69>d be a completely avoidable outcome." Euro-denominated clearing in Europe is dominated by the London Stock Exchange''s ( LSE.L ) LCH clearing house in London. Deutsche Boerse''s Eurex Clearing ( DB1Gn.DE ) in Frankfurt is, however, ready to handle any sharp increase in swaps clearing. McGuinness said forced migration of clearing would not be in the interest of the global financial system, and that U.S. regulators were also watching developments in Brussels closely. (Reporting by Huw Jones; Editing by Mark Trevelyan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-eu-clearing-idUSKCN18C1CT'|'2017-05-16T19:51:00.000+03:00'
'9456b6ebec9251e941d5f986ff5e27489dc52b76'|'US STOCKS-Futures flat after S&P, Nasdaq close at record levels'|'Business News   3:09pm EDT S&P 500 falls on mixed data, Nasdaq helped by tech stocks Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 15, 2017. REUTERS/Brendan McDermid By Sinead Carew - NEW YORK NEW YORK The S&P 500 was down slightly on Tuesday after a slew of mixed economic data and earnings while the Nasdaq hit another record as it was boosted by gains in technology stocks. U.S. manufacturing production showed its biggest increase in more than three years for April, bolstering a view that economic growth picked up early in the second quarter despite a surprise decline in homebuilding. While home improvement chain Home Depot ( HD.N ) reported a better-than-expected first-quarter performance, TJX Cos Inc, ( TJX.N ) the owner of T.J. Maxx and Marshalls stores, posted slowing comparable-store sales growth and a disappointing current-quarter profit forecast. The news was not positive enough to boost investment nor so negative as to make investors flee stocks and rush into bonds, according to Kate Warne, investment strategist at Edward Jones in St. Louis. "It''s a combination of earnings and better than expected industrial production countered with concerns about future economic data and the fact we continue to see weak retail sales," said Warne. "With the consumer being more than two-thirds of economic growth, if consumer spending is weak, can we continue to see solid economic growth?" Investors were also cautious about potential delays to the government''s tax and regulation reform agenda after reports late Monday that President Donald Trump disclosed highly classified information to Russia''s foreign minister about a planned Islamic State operation. At 2:36PM ET, the Dow Jones Industrial Average .DJI was down 7.35 points, or 0.04 percent, to 20,974.59. The S&P 500 .SPX had lost 3.48 points, or 0.14 percent, to 2,398.84 easing from an all-time high of 2,405.77. The Nasdaq Composite .IXIC had added 10.43 points, or 0.17 percent, to 6,160.11 after touching a record of 6,163.74. Only three of the 11 major S&P 500 sectors were positive, with the technology sector .SPLRCT providing the biggest boost. It was up 0.3 percent, and its biggest driver was Microsoft ( MSFT.O ), which was up 1.7 percent. "A lot of technology right now is driven by worries about cyber security as investors believe more companies will have to upgrade their computer systems and add security," said Warne. The security industry was reeling after the WannaCry ransomware cyber attack that has infected more than 300,000 computers in 150 countries since Friday. The energy sector .SPNY was the biggest percentage decliner after rising sharply in Monday''s session. Pfizer ( PFE.N ) was the S&P''s biggest drag on the S&P with a 2 percent drop to $32.45 after Citigroup downgraded the drug developer''s stock to "sell" from "neutral". Staples ( SPLS.O ) was off 3.7 percent at $8.97 after the office supplies retailer reported a decline in quarterly sales. Home Depot shares were up 1 percent at $159.05 while TJX was down 3.9 percent at $73.88. Declining issues outnumbered advancing ones on the NYSE by a 1.47-to-1 ratio; on Nasdaq, decliners led advancers 1.31 to 1. The S&P 500 posted 58 new 52-week highs and 12 new lows; the Nasdaq Composite recorded 119 new highs and 57 new lows. (Additional reporting by Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb Chakrabarty and Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKCN18C19O'|'2017-05-16T19:23:00.000+03:00'
'3458009a6ffee488166d932fc6e01adcdcfff311'|'LPC-French Verallia to cut loan pricing for a third time'|'By Claire Ruckin - LONDON LONDON May 15 French glass bottle maker Verallia is launching a third repricing of its <20>1.375bn debt to take advantage of strong liquidity and favourable conditions in Europe<70>s leveraged loan market, banking sources said.The company is releasing first quarter numbers on Tuesday and a call was taking place at 2pm to go through them. At the end of that call, lenders were expected to be notified of a repricing, the sources said.Verallia reduced the margin on its <20>1.375bn loan to 375bp over Euribor with a 0% floor in December, having reduced it previously in June 2016 to 350bp with a 1% floor.The borrower''s term loan originally priced in July 2015 at 400bp with a 1% floor.Soft call protection from the December repricing runs out in June, when it is expected that the new interest margin, agreed as part of this latest repricing, will commence, the sources said.Six-month soft call protects investors against borrowers altering the terms of their loans within that period, but once that time is up, there is nothing to prevent a borrower from coming back and attempting to reduce pricing again.<2E>It is open season once six months has expired. Borrowers will keep doing it as long as the market will accept it,<2C> a banker said.Credit Suisse, Deutsche Bank and Nomura are running Verallia<69>s latest repricing.ALARM CALLIt is the second loan to return for a third repricing, with Swedish home alarms company Verisure also looking to reduce interest margins again, having conducted repricings in June and December.Europe<70>s leveraged loan market has seen a flood of repricings since September 2016. Most of the credits in the market have repriced once, if not twice but this is the first time credits have come back for a third time, amid a lot of liquidity and very little supply that is enabling strong borrowers to continue improving the terms of their debt.Bankers have been working on repricings on a best-efforts basis rather than an underwrite, meaning there is no financial loss if the aggressive asks are not met by investors.<2E>If a deal is performing well, trading above par and has a headline margin higher than the market, then investors should expect a deal to be repriced. These are best-efforts deals and until these deals stop getting done, sponsors and bankers will keep pushing their luck. They are aggressive but because the market is not pushing back, there is no reason why they wouldn<64>t be,<2C> a capital markets head said.Other deals touted to come back for a third repricing include German perfume and cosmetics retailer Douglas, which removed a 1% floor in January having reduced the margin on its <20>1.37bn term loan B to 375bp in July, from 500bp.THINK TWICEInvestors may think twice about repricings with a slug of event-driven financings on the horizon including a <20>1.95bn term loan B backing the buyout of German drugmaker Stada; <20>393m equivalent of term loans backing UK-based Element Materials Technology''s acquisition of British laboratory-based testing firm Exova Group, which forms part of a wider US$1.5bn financing; and a euro portion of a <20>2.5bn-equivalent leveraged loan financing for Hong Kong-based international schools operator Nord Anglia Education.<2E>Borrowers have to be careful as people think a good pipeline is coming up. Previously if a deal tried to reprice investors would agree as they didn<64>t want their money back, but in the future they might be quite pleased to have some money back,<2C> the capital markets head said.However, if the new money deals price in line with the repricings, they be no more attractive than the existing deals.<2E>New deals will balance the market a bit but if something is trading above par and is a core holding of people then are they really going to give it back? Only if a massive supply of new deals come at a much higher price and people aren<65>t expecting that,<2C> the banker said. (Editing by Chris Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/re
'4b8e94db977b95f5e369eb7177a2a96e007b76a0'|'Prosecutor''s search of VW''s dieselgate law firm was legal - court'|'Business News - Mon May 15, 2017 - 10:11am BST Prosecutor''s search of VW''s dieselgate law firm was legal - court FILE PHOTO: The Volkswagen logo on display at the 87th International Motor Show at Palexpo in Geneva, Switzerland March 8, 2017. REUTERS/Arnd Wiegmann/File Photo MUNICH A Munich prosecutor''s search of the German offices U.S. law firm that Volkswagen hired to investigate its emissions scandal was legal, a spokeswoman for a Munich court said on Monday, rejecting a complaint from VW. Europe''s biggest carmaker had filed a legal complaint with the court against the searches, carried out on March 15. (Reporting by Joern Poltz; Writing by Maria Sheahan; Editing by Georgina Prodhan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-court-idUKKCN18B0XU'|'2017-05-15T17:11:00.000+03:00'
'20d8352c5a8e9d1d1084ff0685063e1bdeb51177'|'TPG boosts offer for Australia''s Fairfax Media, shares leap to six-year high'|'Deals   6:25am BST TPG boosts offer for Australia''s Fairfax Media, shares leap to six-year high left right Mastheads of The Age, The Sydney Morning Herald and the Australian Financial Review, all Fairfax Media publications, are pictured in this photo-illustration in Sydney June 18, 2012. REUTERS/Daniel Munoz 1/2 left right A TV crew films outside the Fairfax Media headquarters in Sydney, Australia, May 3, 2017. REUTERS/Jason Reed 2/2 By Jamie Freed - SYDNEY SYDNEY U.S. buyout firm TPG Capital Management on Monday raised its cash bid for Fairfax Media Ltd ( FXJ.AX ), offering A$2.76 billion ($2.04 billion) for the struggling Australian publisher and sending its shares to a six-year high. The fresh offer from TPG [TPG.UL] and partner Ontario Teachers'' Pension Plan Board (OTPP) would allow shareholders to cash out completely rather than leaving them with scrip in a piecemeal collection of small assets including radio, regional newspapers and television streaming. "It<49>s better to have a complete bid," said John Grace, co-head of equities at Ausbil Investment Management, Fairfax''s largest shareholder with a 7.8 percent stake. He added however that it was too early to say whether the bid should succeed. Fairfax is the publisher of The Sydney Morning Herald and The Australian Financial Review, but its best-performing asset is property listings website Domain, which has boomed amid the long-term decline of newspaper earnings. TPG is now offering A$1.20 a share for the entire business, compared with the prior offer of A$0.95 a share for Domain and top mastheads. It represents a 12 percent premium to Fairfax''s A$1.07 closing price on Friday and sent the shares up as much as 8.4 percent to a six-year high of A$1.16 on Monday. The previous offer did not include the publisher''s radio division, regional and New Zealand titles, a stake in an online television streaming start-up and its debt. DOMAIN SPIN-OFF Long-suffering shareholders had pinned their hopes on Fairfax''s plan to spin off Domain as it continues to cut costs at its newspapers. Many of its journalists this month went on strike for a week to protest editorial job cuts. Fairfax has said it is considering the TPG proposal - which is subject to a shareholder vote and foreign investment approvals - but is also continuing to progress preparations for the planned separation of Domain. "While the revised offer is clearly superior in that is an offer for the entire company, TPG may need to offer more than A$1.20 if it is to win the support of all shareholders," said Alex Waislitz, chairman of Thorney Opportunities Ltd, which holds Fairfax shares. TPG''s change of mind came after the Australian government revealed it is planning to deregulate media ownership, which could increase Fairfax''s options as either a target for another suitor or as an acquirer. A TPG spokesman declined to comment. In a statement, Fairfax said shareholders did not need to take any action in response to the revised proposal and promised to provide an update once it had been fully assessed. (Reporting by Jamie Freed; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-fairfax-media-m-a-tpg-idUKKCN18A141'|'2017-05-15T10:20:00.000+03:00'
'6968c0e69f3d6467b491796239975de19c91a8c1'|'Deutsche Boerse mulls launching Brexit ETF with partner - executive'|' 30pm BST Deutsche Boerse mulls launching Brexit ETF with partner - executive FILE PHOTO: The German share prize index (DAX) board and the trading room of Frankfurt''s stock exchange (Boerse Frankfurt) are photographed with a circular fisheye lens during afternoon trading session in Frankfurt, Germany, February 23, 2016. REUTERS/Kai Pfaffenbach/File Photo FRANKFURT German exchange operator Deutsche Boerse ( DB1Gn.DE ) is considering launching an exchange-traded fund (ETF) with a partner that would allow investors to bet on the implications of Britain''s decision to leave the European Union for UK corporates. "We have been approached to design indices that identify companies who can benefit from Brexit <20> and those who would suffer most from a hard Brexit," Matteo Andreetto, head of Deutsche Boerse''s Stoxx unit, told Reuters. Deutsche Boerse already has indices such as the True Exposure UK Indices, which mirror the dependence of companies on the UK market. "There is no listed instrument on these indices yet. But there is lot of interest and we might launch such products with a partner soon," Andreetto said. (Reporting by Andreas Kr<4B>ner; Writing by Arno Schuetze; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-boerse-acquisitions-idUKKCN18C1GB'|'2017-05-16T20:30:00.000+03:00'
'eaa6848942f1407dcf021fb6b54699502ccad162'|'Oregon county to vote on blocking natural gas terminal'|'SEATTLE A coastal Oregon county will vote Tuesday on a ballot measure to block a proposed natural gas terminal, the latest in a series of efforts to thwart energy projects across the Pacific Northwest.The measure would ban transport of fossil fuels not intended for local use through Coos County, located about 200 miles (322 kms) south of Portland.Backers have called the initiative a response to a $7.6 billion proposal by Calgary-based Veresen Inc, to build a facility in the county where natural gas would be liquefied and transferred to tanker ships for sale abroad. They have cast the measure as a local refusal to contribute to global warming.Should the ban pass, it could bring the county into conflict with the administration of President Donald Trump. Gary Cohn, head of the National Energy Council, in April singled out the Veresen project as a priority for the administration.The Coos County initiative is part of regional resistance in the Northwest to fossil fuel projects that has seen the blockage of several major export facilities.Last year, the Lummi Nation Native American tribe and environmental groups blocked an export terminal in Northwest Washington state that would have moved Montana and Wyoming coal to markets in Asia.In January, Washington State denied a permit for a coal export terminal in the city of Longview, citing concerns about the financial viability of the project.In February, bowing to pressure from activists, Seattle''s city council voted to divest approximately $3 billion from Wells Fargo, citing concerns over the bank''s support of the North Dakota Access Pipeline, among other factors.Passage of the Coos Bay measure would be another blow for liquid natural gas projects on the West Coast, even as depots in other areas of the country have moved forward.Cheniere Energy Inc opened a port in Louisiana last year and several other companies are set to open projects on the Gulf Coast in 2018 and 2019. Dominion Energy Inc plans to open the Cove Point LNG port in Maryland later this year.(Reporting by Tom James, additional reporting by Valerie Volcovici and Timothy Gardner; Editing by Patrick Enright and Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-oregon-energy-vote-idUSKCN18C116'|'2017-05-16T18:00:00.000+03:00'
'a227cf2268cbf8301a9a67685694772f32352ae6'|'MIDEAST MONEY-Saudi sale of the century lures foreign investment banks, PE firms'|'* Riyadh aims to raise around $200 bln via privatisation scheme* Foreign firms face low fees, uncertain regulatory environment But many can''t ignore volume of potential business* Some investment banks, PE firms boosting staff in region* Saudi ownership rules will be key for PE investmentsBy Saeed Azhar and Tom ArnoldDUBAI, May 16 One of the world''s largest privatisation programmes is drawing foreign investment banks and private equity (PE) firms to Saudi Arabia, despite the prospect of low fees and an uncertain regulatory environment.KKR is among the U.S.-based PE firms joining regional companies such as Abu Dhabi''s Gulf Capital in the search for opportunities from the government''s plan to sell off around $200 billion in assets on top of a stake in oil giant Saudi Aramco.Banks are also beefing up their operations. Citigroup obtained a Saudi investment banking licence last month and Goldman Sachs is looking into obtaining a Saudi equities licence. Credit Suisse intends to apply for a full banking licence and JPMorgan is adding bankers."We see a lot more opportunities in Saudi Arabia because for the first time the government is looking to partner with firms like ourselves and others," said Kaveh Samie, who heads the Middle East and North Africa region for KKR.For decades, many foreign financial companies kept a minimal presence in Riyadh or shunned it entirely. They chased business related to Saudi Arabia''s investment of billions of petrodollars abroad, but saw few opportunities in the Saudi domestic economy.The kingdom had a reputation for offering low fees to investment banks, while PE firms found few prospects in an economy dominated by wealthy state enterprises and family conglomerates which jealously guarded control of their assets.But the mood has begun changing since last year''s announcement of a privatisation drive to help the economy diversify in an era of low oil prices. A vast range of assets will be offered via methods ranging from public offers of shares to PE deals.Vice economy minister Mohammed al-Tuwaijri told Reuters last month that Riyadh aimed to raise around $200 billion over several years - not including an expected tens of billions of dollars for the Saudi Aramco stake. (For a list of privatisations underway, click )Karim El Solh, chief executive of Abu Dhabi''s Gulf Capital, said it had become more proactive seeking Saudi investments and its pipeline of potential deals had grown in three years.JPMorgan, which has around 70 bankers in Saudi Arabia, is adding about 10 across its investment banking, equities and custody businesses."With economic transformation comes a need for transactional services, capital markets access and advice," said Sjoerd Leenart, JPMorgan''s head of Middle East, Africa and Turkey.HSBC has made staffing changes to help its Saudi business, including the secondment last month of Samer Deghaili, co-head of equity capital markets in the region, to its Saudi subsidiary.OBSTACLESForeign firms will still tread carefully in Saudi Arabia, and many may try to limit costs and risk by flying in staff from Dubai rather than basing personnel in Riyadh.Productivity levels among the local population are low and hiring foreigners has become increasingly difficult as Saudi Arabia restricts entry for workers. Also, some Westerners are reluctant to move there due to social restrictions.Investors have also been put off by the legal system which does not have laws on bankruptcy.The government has paid fees as low as 0.1 percentage point of deal value for past privatisations, compared to about 1 percent in developed markets. Riyadh is keen to show it is not being exploited by foreign firms, so fees may not rise much.But the volume of business - HSBC estimates 100 companies will be listed on the stock market in sectors including mining, healthcare and retail - is too large for bankers to neglect."Saudi will be probably be a volumes market given the depth of the economy.
'ae17acc4fee9ba9d518663064f7f65e89851e5f0'|'Global stock markets: what''s driving the rise and will it continue?'|'Global stock markets China<6E>s $124bn infrastructure project Over the weekend, the Chinese president, Xi Jinping, unveiled a plan to spend $124bn (<28>96bn) on infrastructure as part of a $900bn <20>Belt and Road<61> initiative , a global construction plan covering 65 countries, from Asia to the Americas via Africa and Europe. Beijing<6E>s commitment to spend billions of dollars on new roads, ports and other infrastructure is likely to drive up consumption of commodities such as iron ore, copper and nickel. In turn this has given a boost to shares in mining companies that dig the key commodities out of the ground. And the FTSE 100 is particularly dominated by mining businesses, meaning it gains a particular benefit when the sector is in demand. European political fears recede Among political risks worrying investors was the prospect of renewed calls for a break-up of the eurozone, with unpredictable consequences for the rest of the global economy. The prospect of far-right candidate Marine Le Pen, with her anti-EU stance, winning the French presidential election had been hovering over markets for weeks. So when the moderate Emmanuel Macron won , markets rallied in relief. The forthcoming German federal election has also been in focus. Concerns that Angela Merkel, the chancellor seen as a safe pair of hands by markets, could struggle brought new uncertainty. But over the weekend, Merkel<65>s CDU defeated its rival SPD in regional elections , suggesting Merkel has little to worry about in September<65>s poll. As for the UK election, Theresa May<61>s Conservatives appear so far ahead that a shock result looks unlikely and investors are hoping a strong Tory majority will head off the threat of a chaotic Brexit. Oil price recovers on production cuts Rising production and weak demand had seen oil prices slide to new lows last year, but in November an agreement between Opec and non-Opec producers to cut output for six months seemed to halt the decline . But in recent weeks there had been doubts about the effectiveness of the move, given US shale producers were increasing output and taking up the slack and concerns that the end of the agreement was in sight. But ahead of an Opec meeting on 25 May, two of the world<6C>s biggest producers, Saudi Arabia and Russia, said they would support a nine-month extension of the output cap until March 2018. They said they would do <20>whatever it takes<65> to tackle the global supply glut, and the news sent oil prices soaring. That, in turn, lifted energy and commodity companies and helped give the markets another lift. Central banks still supporting shares Recent strength in the US economy means the Federal Reserve has been happy to start edging up interest rates, and most economists now expect another increase in June. But with some signs of weakness in the first quarter, that may well be the last rise from the US central bank for a while. These small hikes have done little to halt a Wall Street rally and a pause is likely to be welcomed by investors. Meanwhile, the European Central Bank shows little sign of raising interest rates or halting its bond-buying programme anytime soon. Even if it does begin to ease its stimulus measures in the late summer, investors are likely to welcome the fact that the eurozone economy would be strong enough to absorb such a move. In the UK, the Bank of England last week suggested rates may rise sooner than the market expected , but economists believe there will be no move until 2019. And with low interest rates and bond yields, investors searching for growth have little option but to continue buying equities. Pound Even a stronger pound in recent weeks has failed to dent the current rally in the FTSE 100, which has reached 7,500 for the first time. Taken as a whole, FTSE companies make the majority of their earnings overseas, so a weak pound boosts their bottom line and thus their stock prices. Jasper Lawler, senior market analyst at London Capital Group, a spreadbetting firm
'fff4fcff173bd5a9a9d404ed984af6fb74cb70cb'|'UK inflation jumps more than expected in April to hit highest since 2013'|'Business News - Tue May 16, 2017 - 10:07am BST UK inflation jumps more than expected in April to hit highest since 2013 A shopper pushes a trolley in a supermarket in London, Britain April 11, 2017. REUTERS/Neil Hall LONDON British inflation rose to its highest level since September 2013 last month, according to official data on Tuesday that underlined a growing squeeze on households ahead of the June 8 national election. Consumer prices increased in April by 2.7 percent compared with a year earlier, the Office for National Statistics said, slightly above economists'' expectation for a 2.6 percent annual rise in a Reuters poll. Inflation has accelerated in Britain in recent months, pushed up by a weakening of the pound since last year''s decision by voters to leave the European Union, and by the rise in oil prices which has fueled inflation in other countries too. Last week Bank of England Governor Mark Carney warned this year would be challenging for consumers, saying that wages are about to fall in real, inflation-adjusted terms. But with little sign of an overheating domestic economy, all but one of the BoE''s eight policymakers voted last week to keep rates on hold. The latest inflation figures were boosted most of all by rising airfares during the Easter holidays, which were in March last year. Rising clothing prices, higher car tax and electricity also pushed up consumer prices. Many economists say the impact of the fall in sterling on consumer prices will be felt more strongly in the coming months, and the central bank expects inflation to peak at nearly 3 percent by the end of this year. Excluding oil prices and other volatile components such as food, core consumer price inflation rose to 2.4 percent, the strongest rate since March 2013 and above economists'' expectations for it to rise to 2.2 percent. Services prices - which the BoE view as a guide to domestic inflation pressures - rose by 3.0 percent, the biggest jump since September 2013, though this was affected by higher air fares. Factory output prices - a guide to future consumer price pressures - increased 3.6 percent, unchanged from the previous month and above forecasts of a 3.4 percent annual increase in the Reuters poll. Prices paid by factories for materials and energy rose at the weakest annual pace since November, up 16.6 percent. The ONS said house prices in March rose at their weakest rate since October 2013, up 4.1 percent on the year. Prices in London alone grew just 1.5 percent, the weakest since March 2012. (Reporting by Andy Bruce and David Milliken) ((uk.economics@reuters.com, +44 20 7542 7748))'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-economy-idUKKCN18C0TE'|'2017-05-16T16:42:00.000+03:00'
'eb798f2e8977ad1988bb9da9ac0d0cff175c260d'|'French environmentalist has responsibility for energy matters-govt sources'|'Market News  12am EDT French environmentalist has responsibility for energy matters-govt sources PARIS May 17 French environmentalist Nicolas Hulot, named as ecology minister on Wednesday in the government of Emmanuel Macron, also has responsibility for energy matters, according to Matthieu Orphelin, Hulot''s former spokesman who was part of Macron''s presidential campaign team. Sources close to Macron and to prime minister Edouard Philippe also confirmed the appointment. EDF shares fell further on the news and were down 7 percent in late afternoon trade. They were down 2.5 percent before news of Hulot''s appointment. (Reporting by Emmanuel Jarry, Ingrid Melander and Michel Rose; Editing by Geert de Clercq)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/france-government-energy-hulot-idUSP6N1CV04V'|'2017-05-17T23:12:00.000+03:00'
'5eb07a3d8f7f455ebda90ba57f6edb39f9f518a8'|'Alaska Air to begin service at second Seattle-area airport in 2018'|'U.S. - Wed May 17, 2017 - 4:59pm EDT Alaska Air to begin service at second Seattle-area airport in 2018 left right An Alaska Airlines plane is shown on final approach to land in San Diego, California April 4, 2016. REUTERS/Mike Blake 1/2 left right Brad Tilden, Chairman, President and CEO of Alaska Airlines speaks during a panel discussion at the 2015 International Air Transport Association (IATA) Annual General Meeting (AGM) and World Air Transport Summit in Miami Beach, Florida, June 8, 2015. REUTERS/Joe Skipper 2/2 By Alwyn Scott - SEATTLE SEATTLE Alaska Air Group ( ALK.N ) said on Wednesday it plans to begin scheduled flights from a second Seattle-area airport next year, giving it exclusive access to a growing part of the Pacific Northwest''s Puget Sound region. Alaska Air''s plan to fly Boeing Co ( BA.N ) 737 and Embraer ( EMBR3.SA ) 175 jets from Paine Field in Everett, Washington, starting in the fall of 2018 marks the first commercial service from the airfield, located 31 miles north of Seattle. Alaska plans to provide nine daily flights from the airfield, which is adjacent to Boeing''s widebody aircraft factory. Alaska has not yet specified the destinations. "As our region continues to grow at a record pace and Sea-Tac Airport nears capacity, the time is right to bring air service to ... the North Sound," Alaska Airlines Chief Executive Brad Tilden said in a statement. The move will relieve the carrier''s dependence on Seattle-Tacoma International Airport, which is not expected to add capacity for 10 years, Brett Smith, chief executive of Propeller Airports, which is building the terminal at Paine Field, told Reuters. Sea-Tac, located 17 miles south of Seattle, handled 45.7 million passengers last year, making it the ninth busiest in the United States, according to the Port of Seattle website. Propeller plans to break ground in June on a two-gate, 30,000 square-foot terminal for Alaska, Smith said. Other airlines are expected to eventually join Alaska in operating commercial flights from the new terminal, but Smith added that Paine Field will not grow to become "Sea-Tac North." (Reporting by Alwyn Scott, editing by G Crosse) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-alaska-air-group-seattle-idUSKCN18D2OL'|'2017-05-18T04:59:00.000+03:00'
'dab7195caf2d0c862540527daf612a35aafb1595'|'Dismal wages growth gives the lie to Scott Morrison''s 2021 surplus plan - Greg Jericho - Business'|'T he release of the latest wages data saw yet another record set for low growth. The figures show that not only are real wages lower than they were four years ago, but that the hopes of the budget returning to surplus rely on wage growth that is completely incompatible with current levels of underemployment.The Bureau of Statistics estimates that in the past year wages for all workers grew by just 1.9% <20> equal with the record low set in the December quarter (although at 1.865% the current rate is marginally lower than the 1.874% of December):And while the overall growth is decidedly at dire levels, the real damage is in the private sector.In the March quarter, private sector wages grew by just 0.4% in trend terms <20> a level achieved only four times before. But the public sector actually saw a slight improvement <20> its 0.6% increase in March was the best quarterly growth since September 2015:That meant that while annual public sector wage growth improved from 2.25% to 2.3%, private sector wages grew in the past year by a paltry 1.7%:The big driver of public sector wages was in Victoria, which saw a 1% jump in March. Canberra public servants by contrast saw their wages grow on average by just 0.3%:For private sector workers, however, the picture is dire all over the nation. The fall to 1.7% was just the latest in a nearly five-year run of falling growth. In the past six years, the annual growth of private sector wages has risen just once:This pathetic growth is below the latest inflation growth figure of 2.1% and even below the more stable underlying inflation growth figure of 1.9%. It means that real wages for private sector workers fell in the past year:But alas, once again this is nothing new. Real wages for private sector workers have not increased for more than four years <20> a longer period of stagnation than occurred during the GFC:It means most workers would have less purchasing power now than they had at the end of 2012. So what is driving this low wages growth? Clearly the issue is not unemployment. While the current level of 5.9% is a touch higher than 12 months ago, it is not so much higher that it means the employment sector is significantly weaker.Warm words in Morrison''s budget barely disguise a story of fiscal failure - Stephen Koukoulas Read more The problem (as I have noted before) is that the link between wages growth and unemployment has completely broken down. Normally, when unemployment falls, wages growth rises. But that relationship collapsed about two years ago. In December 2014 the unemployment rate was 6.2% <20> higher than now, but wages were growing at 2.5%. Since then while unemployment has improved, wages growth has worsened. Normally with an unemployment rate of 5.9% wages would be growing by 3.3% - almost twice as fast as the current rate:So what happened to break the relationship and cause this record low wages growth? Underemployment.Unemployment and underemployment usually move in synch. The unemployment rate is always a bit lower than the underemployment rate, but when one falls, so does the other <20> that occurred even during the GFC. But at the end of 2014, the two went their separate ways <20> unemployment fell, but underemployment rose to record highs:And in the past two years the relationship between wages and unemployment also decided it was time for a trial separation <20> a separation that is now almost a total divorce. It is why the relationship between wages is now closer to the underemployment rate.While wages growth is a touch below where it should be given the current level of 8.6% underemployment, with such high underemployment we would still expect wages growth only marginally above inflation:And while this is bad for workers, it is also bad for the budget. Remember that last week<65>s budget projections forecast strong wages growth over the next three years. By 2020-21 the budget predicts wages will be growing by 3.75% a year, despite unemploym
'8a0f86109806efd3ee77de77ec7eccd44984d423'|'MIDEAST STOCKS-Real estate sector lifts Egypt, Saudi volumes rise before Ramadan'|'Market News - Wed May 17, 2017 - 10:48am EDT MIDEAST STOCKS-Real estate sector lifts Egypt, Saudi volumes rise before Ramadan * Egypt''s SODIC jumps on expansion plans, strong Q1 results * Positive mood spills over to other developers * Saudi Arabia sees highest volume since January * Small caps outperform large caps * Dubai''s DAMAC continues climb on MSCI upgrade By Celine Aswad DUBAI, May 17 Egypt''s stock market outperformed its Gulf peers on Wednesday on the back of strong first-quarter earnings and positive news from a real estate developer, while Saudi Arabia saw increased activity as traders took positions ahead of Ramadan. Egypt''s index rose 1.0 percent as real estate firm Sixth of October Development (SODIC) jumped 4.2 percent to a four-month high in its heaviest trade since May 2014. The company''s chief executive told Reuters on Wednesday it planned to buy new land to the north and west of Cairo as part of an expansion plan. In total, SODIC would acquire land worth 600 million Egyptian pounds ($33.2 million). The value of contracted sales during the first quarter reached 1.2 billion pounds, beating the company''s target of 1 billion pounds. On Tuesday SODIC reported net profit of 211 million pounds for the first quarter, four times its year-ago profit. The positive sentiment spilled over into shares of other property developers with the largest by market value, Talaat Mostafa Group, adding 0.8 percent, recovering slightly from the previous day''s heavy loss on news that MSCI will remove the stock from its main Egypt index. Ezz Steel rose 2.1 percent after one of its subsidiaries reported an almost tripling in first-quarter net income compared with a year ago. Meanwhile, the Saudi index added 0.1 percent in the heaviest trading volume since January as much activity focused on second- and third-tier stocks. "Investors are taking positions or exiting them ahead of the holy month of Ramadan," said a Jeddah-based trader. Ramadan is expected to start on May 27. Saudi Paper Manufacturing gained 3.1 percent as about 3.2 million shares traded hands on Wednesday, more than triple the usual daily volume. Of the 20 most valuable companies by market capitalisation, only eight rose, with Almarai and Makkah Construction Development each gaining 1.7 percent. The Dubai index rose 0.5 percent as DAMAC Properties extended the previous session''s 2.9 percent gain to add a further 2.5 percent. Its shares have been rising since index compiler MSCI said on Monday that it would add the stock to its United Arab Emirates index on June 1. Arqaam Capital estimated the inclusion would bring $68 million of passive fund inflows into the stock. Abu Dhabi''s index edged up 0.3 percent as mid-sized Eshraq Properties, the most heavily traded share, climbed 2.8 percent and Abu Dhabi National Energy jumped 3.5 percent. Qatar''s index rose 0.2 percent with its main support from blue-chip banks; Qatar National Bank added 1.0 percent. HIGHLIGHTS * The index rose 0.1 percent to 6,947 points. DUBAI * The index added 0.5 percent to 3,395 points. ABU DHABI * The index edged up 0.3 percent to 4,594 points. QATAR * The index rose 0.2 percent to 10,145 points. EGYPT * The index gained 1.0 percent to 13,064 points. KUWAIT * The index rose 0.1 percent to 6,732 points. BAHRAIN * The index fell 0.3 percent to 1,310 points. OMAN * The index lost 0.2 percent to 5,423 points. (Editing by Andrew Torchia Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1IJ3SE'|'2017-05-17T22:48:00.000+03:00'
'be4f38152d96b0c6bf3a4abc97e6b14011ed814c'|'Trade agreements must go far beyond just cutting tariffs - Merkel'|'Business News - Wed May 17, 2017 - 2:56pm BST Trade agreements must go far beyond just cutting tariffs - Merkel German Chancellor Angela Merkel attends the weekly cabinet meeting at the Chancellery in Berlin, Germany, May 17, 2017. REUTERS/Hannibal Hanschke BERLIN Free trade agreements have to do more than just cut tariffs, German Chancellor Angela Merkel told trade unionists on Wednesday, adding that environmental, consumer protection and dispute resolution standards were also essential. "A modern trade agreement has to be about more than cutting tariffs," she told the Labour 20 conference of international trade unions. "It should also be about environmental and consumer standards and should have transparent conflict resolution mechanisms." She warned that protectionism risked "hurting everyone" in a world in which 450 million jobs were dependent on global supply chains. "They begin with natural resource extraction and then pass through many hands in different countries before coming finally to a sellable product. Whoever blocks or hinders these chains hurts everyone," she said. (Reporting By Thomas Escritt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-merkel-trade-idUKKCN18D1R5'|'2017-05-17T21:56:00.000+03:00'
'4ad31dd35e4a8e356d3713d8790e5dca3fcab36b'|'EU Commission launches procedure against Italy over Fiat emission tests'|'Autos   12:08pm BST EU Commission launches procedure against Italy over Fiat emission tests Fiat Chrysler CEO Sergio Marchionne arrives in the paddocks before the third free practice session for the Italian F1 Grand Prix in Monza September 5, 2015. REUTERS/Max Rossi Picture Supplied by Action Images BRUSSELS The European Commission launched legal action against Italy on Wednesday for failing to respond to allegations of emission-test cheating by Fiat Chrysler ( FCHA.MI ), in a procedure that could lead to the country being taken to court. "The Commission decided today to send a letter of formal notice asking Italy to respond to concerns about insufficient action taken regarding the emission control strategies employed by Fiat Chrysler Automobiles group (FCA)," the Commission said in a statement. Italy now has two months to respond. The Commission may eventually decide to take the country to court if it is not satisfied with the answer. (Reporting by Robert-Jan Bartunek; editing by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fiat-chrysler-emissions-eu-idUKKCN18D1AR'|'2017-05-17T19:17:00.000+03:00'
'8ffec2b1d8c791ef62aa122ce190f34d63715892'|'Kinder Morgan treads minefield in post-vote British Columbia'|'Market  17pm EDT Kinder Morgan treads minefield in post-vote British Columbia By Ethan Lou and John Tilak - CALGARY, Alberta/TORONTO CALGARY, Alberta/TORONTO May 17 British Columbia could become a minefield for Kinder Morgan Inc, with the recent provincial election results expected to weigh on the U.S. company''s Trans Mountain pipeline expansion and plans for a Canadian initial public offering. The Canadian province''s pro-energy Liberals Party won the election but lost its majority, forcing it to woo the environmentalist Green Party to govern, potentially making concessions. In the worst scenario for the Liberals, the Greens could form their own majority government with the second-place New Democrats, who also oppose Trans Mountain. While final electoral results can change with the compiling of absentee votes and recounts, to be done by May 24, a provincial government unfriendly to development could mean major obstacles to Trans Mountain, even if it has federal approval on its side. The election is expected to cast a shadow on Kinder Morgan''s proposed $1.3 billion IPO for its Canadian unit, set to be the nation''s fourth-biggest, filed one day after the election. "The really close B.C. election vote puts pressure on the Kinder Morgan IPO," said Colin Cieszynski, chief market strategist at CMC Markets. "You run the danger of the whole thing getting stalled for years or going into limbo." The Trans Mountain project said in a statement on Tuesday that the expansion continues to advance. Kinder Morgan has said in IPO filings that changes in government could disrupt or delay projects such as Trans Mountain, causing "significant" increased costs. "While the provincial government cannot undo the federal authorization to construct and operate the Trans Mountain pipeline, they could create some potential issues at a local and provincial level," said Alan Ross, managing partner of Borden Ladner Gervais LLP''s Calgary office. "To the extent not done so already, any Kinder Morgan Canada IPO would need to price in political risk related to the B.C. election," he said. Based on IPO documents, Kinder Morgan Canada''s dividend yield would work out to 3.1-3.4 percent. That compares with 3.8 percent at Hydro One, which filed Canada''s third biggest IPO in 2015. Given political risks, Kinder Morgan may have to offer a more attractive dividend yield, said Ian Nakamoto, equity specialist at MacDougall, MacDougall & MacTier, a division of Raymond James. Even if recounts grant Liberals a majority, it would be slim, making it hard for them to unilaterally get their way as before. Liberal leader and incumbent Premier Christy Clark said she will collaborate with rivals and work across party lines. The Greens did not respond to requests for comment, although leader Andrew Weaver said in a commentary in the Globe and Mail newspaper on Wednesday that reconsidering Trans Mountain would be a "triumph of democracy." The New Democratic Party (NDP) reiterated a commitment to use "every tool" to stop the project. Neither party has specified in detail how to oppose Trans Mountain. Any pushback would have to overcome the federal approval already granted, which constitutionally trumps provincial opposition. The province could delay Trans Mountain and wear down the will of Kinder Morgan''s investors, said University of British Columbia law professor Jocelyn Stacey. British Columbia can revoke the environmental assessment certificate it granted, simply not contest a current legal challenge against it or deny routine construction permits, resulting in years-long court battles with the federal government, she said. A less energy-friendly British Columbia will also embolden activists, many of whom voted Green or NDP, with Greenpeace expecting more protesters and possibly holding more civil disobedience workshops, said Keith Stewart, who heads the organization''s Canadian climate and energy campaign. "We have people coming to us every day saying, ''How do
'b2669c11f1a11100ff48108e1ec7833591c91bda'|'UK union suspends BMW strike action to consider new pensions deal'|'  3:45pm BST UK union suspends BMW strike action to consider new pensions deal left right FILE PHOTO: Workers assemble cars at the plant for the Mini range of cars in Cowley, near Oxford, Britain June 20, 2016. REUTERS/Leon Neal/Pool/File Photo 1/2 left right Raindrops cover the bonnet of a BMW car in London, Britain, February 23, 2017. REUTERS/Stefan Wermuth 2/2 LONDON Britain''s biggest trade union Unite said it was suspending further strike action at BMW''s ( BMWG.DE ) British plants so that workers could consider a new offer from the German carmaker regarding pension provisions. Last month, Unite said it would hold a total of eight strikes at four sites, including the Mini and Rolls-Royce factories, after 93 percent of employees backed industrial action in protest at plans to close the firm''s final salary pension schemes. "The planned strike action will be suspended while members consider BMW''s offer over the coming days," National Officer Fred Hanna said. "While Unite is not recommending the offer, as it will have different outcomes for different people and their pensions, members should be proud that by standing together they have forced BMW into making this offer." Both Unite and BMW said on Wednesday they would not comment on the details of the new offer until all relevant parties had been informed. "We believe the offer to be fair and in the long-term interests of both the company and all our employees," a BMW spokeswoman said in an emailed statement. (Reporting by Costas Pitas; editing by Michael Holden)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bmw-britain-idUKKCN18D1MX'|'2017-05-17T21:15:00.000+03:00'
'f48c8ce574d0fedc788c42f5fd44a69eede9f4dd'|'Qualcomm files breach of contract complaint against Apple''s manufacturers'|'Innovation and Intellectual Property   12:55pm EDT Qualcomm sues four Apple contract manufacturers left right FILE PHOTO: A Qualcomm sign is pictured at one of its many campus buildings in San Diego, California, U.S. April 18, 2017. REUTERS/Mike Blake 1/2 left right FILE PHOTO: The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company''s headquarters in New Taipei City, Taiwan March 29, 2016. REUTERS/Tyrone Siu/File Photo 2/2 Chipmaker Qualcomm Inc ( QCOM.O ) filed a lawsuit against four Apple Inc ( AAPL.O ) contract manufacturers, including Foxconn Technology Group, for not paying royalties, as its legal battle with the iPhone maker intensifies. The other manufacturers listed in the filing by Qualcomm were Pegatron Corp ( 4938.TW ), Wistron Corp ( 3231.TW ) and Compal Electronics Inc ( 2324.TW ). Qualcomm said in its complaint that Apple had advised the contract manufacturers to withhold royalty payments and agreed to indemnify them against any damages resulting from the breach of their agreements with Qualcomm. In the complaint filed in the United States District Court for the Southern District of California, Qualcomm did not disclose the quantum of royalty owed to it by the manufacturers. San Diego-based Qualcomm said last month that Apple had decided to withhold royalty payments to its contract manufacturers that are owed to the chipmaker, for sales made in the first quarter of 2017, until the dispute is resolved in court. "While not disputing their contractual obligations to pay for the use of Qualcomm''s inventions, the manufacturers say they must follow Apple''s instructions not to pay," Qualcomm said on Wednesday. Qualcomm, the largest maker of chips used in smartphones, added in the filing that Apple is trying to force the company to agree to a "unreasonable demand for a below-market direct license". Apple reiterated that it had been trying to reach a licensing agreement with Qualcomm for more than five years but the company has refused to negotiate fair terms. Qualcomm said it sought an order that would require the manufacturers to comply with their long-standing contractual obligations to the company, as well as declaratory relief and damages. Apple sued Qualcomm in January, accusing it of overcharging for chips and refusing to pay some $1 billion in promised rebates. The chipmaker slashed its current-quarter profit and revenue forecasts last month, saying it excluded revenue receivable from the four contract manufacturers. Qualcomm is a major supplier to Apple and Samsung Electronics Co Ltd ( 005930.KS ) for modem chips that connect phones to wireless networks. Foxconn Technology Group is the trading name of Taiwan''s Hon Hai Precision Industry Co ( 2317.TW ), the main assembler of Apple devices. Qualcomm''s shares were marginally lower at $55.82 in midday trading, while Apple''s shares fell 2.3 percent to $151.85. (Reporting by Narottam Medhora and Supantha Mukherjee in Bengaluru; Editing by Saumyadeb Chakrabarty and Maju Samuel)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-apple-lawsuit-qualcomm-idUSKCN18D1EC'|'2017-05-17T19:45:00.000+03:00'
'1395317ff1d890f1f09f8a5bbd43fb7d9d24c399'|'Janssen files suit in U.S. to block sale of Samsung Bioepis'' Remicade copy'|'By Se Young Lee - SEOUL SEOUL May 19 A unit of healthcare conglomerate Johnson & Johnson filed a lawsuit to block a copy of its rheumatoid arthritis drug Remicade made by South Korea''s Samsung Bioepis Co Ltd from being sold in the United States.Janssen Biotech Inc, in a suit filed to the U.S. District Court of New Jersey dated Wednesday, seeks a preliminary or permanent injunction to block Samsung Bioepis'' biosimilar of Remicade from sale and argues the South Korean firm violated three of its patents."We have filed a lawsuit against Samsung to investigate whether their biosimilar infliximab infringes on our manufacturing process patents for Remicade," Janssen told Reuters in a statement on Friday.Remicade is Johnson & Johnson''s biggest selling drug, with U.S. sales of about $5 billion a year."We are confident we do not infringe Janssen''s patents," Samsung Bioepis told Reuters in a statement, adding it believes Janssen is trying to delay the market entry of its Remicade copy."We will take all necessary measures against Janssen''s attempts to violate patient rights and deny patient access to effective, lower cost treatment options."Janssen''s lawsuit comes about a month after Samsung, an unlisted subsidiary of contract drug maker Samsung BioLogics Co Ltd, said it got U.S. Food and Drug Administration approval to sell its biosimilar of Remicade, which is marketed as Renflexis in the United States.Analysts say biotech makers face increasing competition from firms such as Samsung Bioepis, which make biosimilar copies of Remicade and other drugs and sell them for cheaper. The IMS Institute for Healthcare Informatics say biosimilars could save healthcare systems in the United States and Europe''s top 5 markets as much as 98 billion euros ($108.79 billion) by 2020.Samsung Bioepis, part of South Korea''s top conglomerate Samsung Group, develops copies of complex biotech drugs and has found early success in beating rivals to market with its versions of some of the world''s top selling drugs.Its Remicade biosimilar is already selling in the European Union, while its biosimilar of Amgen''s rheumatoid arthritis drug Enbrel is also selling there. ($1 = 0.9008 euros) (Reporting by Se Young Lee; Editing by Randy Fabi)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/johnsonjohnson-samsung-bioepis-lawsuit-idINL4N1IL1I0'|'2017-05-19T01:42:00.000+03:00'
'367a908508c4d6548998d7d7262f51c1a1aeb0ff'|'EU to announce capital markets union 2.0 on June 7'|'Business News - Thu May 18, 2017 - 5:31pm BST EU to announce capital markets union 2.0 on June 7 FILE PHOTO: An European Union (EU) flag is seen blowing in the wind in front of the city''s regional state administration headquarters in central Kiev, Ukraine, May 11, 2017. REUTERS/Valentyn Ogirenko By Huw Jones - LONDON LONDON The European Commission will announce new initiatives to reconfigure its capital markets union (CMU) project on June 7 to reflect Britain''s decision to leave the bloc, a senior commission official said on Thursday. Confirming a Reuters story published on Wednesday, Ugo Bassi, a director in the European Union executive''s financial services unit, said the CMU needed reassessing because of Brexit. "We are preparing now the action plan for CMU 2.0 which will be published on June 7 in the form of a mid-term review and which will announce a number of additional initiatives we would like to take in coming months," Bassi told a conference organized by the Association for Financial Markets in Europe. "We can no longer count on liquidity pools in London." Initiatives will include making it easier to sell funds across borders using a so-called EU passport. Stronger European Union supervisory powers, probably for the bloc''s European Securities and Markets Authority, were also needed to reinforce CMU, he said. "We should move slowly and firmly towards centralized supervision," Bassi said. The departure of Britain, the EU''s biggest financial market, had raised questions about whether CMU was dead in the water but Bassi said it remained a flagship project. He said Brexit meant there was an even stronger case for CMU though the approach needed to change slightly: "We are going to develop a new agenda." Reuters reported on Wednesday that a "deep re-engineering" of CMU next month seeks a more "autonomous" capital market in an EU of 27 countries, raising concerns over access to the bloc''s market. LONDON ALTERNATIVE The CMU is now about an alternative financial center that will be able to service the needs of the EU27, Simon Puleston Jones, head of Europe at the Futures Industry Association, told the AFME conference. "The biggest risk is the EU27 looks in on itself, reboots CMU with a vision of creating one or more financial centers in Europe, basically competes toe-to-toe with London and New York, and it turns out that was not possible," Puleston Jones said. "The worst impact of Brexit is that something that was functioning pretty well in an EU of 28 and significantly falters," he added. Bassi said CMU has a global perspective in mind. EU had tried to accelerate CMU after several early initiatives unveiled in 2015 became bogged down, casting doubt that the project''s "building blocks" would be in place by 2019. A push to revive securitization, a type of debt security that can raise funds for companies, remains stalled. Bassi said securitization reform was "lagging behind a little bit too much", and the commission is having "hard" discussions with member states and the European Parliament to get agreement. (Reporting by Huw Jones; editing by David Clarke and Pritha Sarkar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-markets-regulations-idUKKCN18E25A'|'2017-05-19T00:26:00.000+03:00'
'03cc659a90e4d91f5b606c1709d9a4488d2cb00e'|'India finalises four GST rates for services'|' 29pm BST India''s new sales tax leaves service providers worried left right FILE PHOTO: India''s Finance and Defence Minister Arun Jaitley attends a seminar with state finance ministers on the Goods and Services Tax (GST) issues, in Srinagar May 18, 2017. REUTERS/Danish Ismail/File photo 1/2 left right FILE PHOTO: India''s Finance and Defence Minister Arun Jaitley arrives to attend a seminar with state finance ministers on the Goods and Services Tax (GST) issues, in Srinagar May 18, 2017. REUTERS/Danish Ismail/File photo 2/2 By Manoj Kumar and Rajesh Kumar Singh - NEW DELHI NEW DELHI India on Friday unveiled four rate bands under a new sales tax for services such as telecoms, insurance and restaurants, a move experts said could complicate compliance and leave businesses at the mercy of an intrusive tax bureaucracy. The Goods and Services Tax (GST), set to be launched from July 1, will have rates of 5, 12, 18 and 28 percent for services, in line with those applying to goods. It is a big departure from the current regime, where a single rate of 15 percent is applied on most services. The biggest argument in favor of the GST - India''s biggest tax overhaul since independence in 1947 - is that it would make it easier to do business by simplifying the tax structure and compliance. But the political challenges of striking a compromise between Prime Minister Narendra Modi''s central government and India''s federal states and territories has meant that life will get more, not less, complicated for many. For example, hotels and restaurant would be taxed on the basis of their room tariff and turnover of business. Air-conditioned restaurants will even be taxed at a higher rate under the new regime than those without. "For service providers, it is going to get troublesome," said Saloni Roy, a senior director at tax consultancy Deloitte Haskins & Sells LLP. MULTIPLE RATES Since services account for more than half of India''s $2 trillion economy, the complexities run the risk of derailing the sector''s growth and even slowing Asia''s third-largest economy. The government, however, defended the move, saying different economic classes can''t be taxed at the same rate. Finance Minister Arun Jaitley also played down concerns that higher headline rates would inflate the tax burden on consumers. Since service providers will get tax input credits, he said, the effective tax rate will be lower. "The actual incidence on consumers will go down," Jaitley told reporters after a two-day meeting with his counterparts from Indian states. Under the new regime, while healthcare and education services will be tax exempt, services offered at five-star hotels will be taxed at 28 percent. Telecoms and financial services will be taxed at a standard rate of 18 percent. An industry group representing mobile operators said this would further bleed a sector still smarting from a price war triggered by the aggressive market entry of billionaire Mukesh Ambani''s Reliance Jio. "This is likely to slow down the planned rollout of infrastructure," Rajan S. Mathews, director general of the Cellular Operators Association of India. A NEW INSPECTOR RAJ? The long-awaited GST will replace a slew of federal and state levies, seeking to transform a country of 1.3 billion population into a single market. The measure has also been touted as the biggest reform undertaken by Modi to transform the South Asian nation into a business friendly destination. While it will make lives easier for manufacturers and traders as "cascading" taxes on top of taxes through the production process would be done away with, compliance for service providers would become onerous. In place of a single registration, they will be required to register in every state where they do business. There is also a risk of overzealous tax inspectors becoming more intrusive as the GST has an "anti-profiteering" provision to ensure companies pass on the benefit of input tax credits to consumers. Roy of Deloitte said implemen
'8c77086075665206139457b020b9f8a0c1360454'|'Uber threatens to fire self-driving car engineer in trade secrets case'|'Technology News - Fri May 19, 2017 - 6:48am BST Uber threatens to fire self-driving car engineer in trade secrets case A photo illustration shows the Uber app logo displayed on a mobile telephone, as it is held up for a posed photograph in central London, Britain October 28, 2016. REUTERS/Toby Melville/Illustration By Dan Levine and Julia Love - SAN FRANCISCO SAN FRANCISCO Uber has threatened to fire an engineer accused by Alphabet''s self-driving Waymo unit of stealing confidential documents in a high profile trade secrets case between the two companies, according to a court filing. Waymo sued ride services company Uber Technologies alleging that former Waymo executive Anthony Levandowski downloaded over 14,000 confidential documents before leaving Waymo to subsequently join Uber. The case, which pits two companies battling to dominate the fast-growing field of self-driving cars, hinges on Waymo allegations that the information Levandowski took made its way into Uber''s Lidar system, a key sensor technology in self-driving cars. U.S. District Judge William Alsup in San Francisco last week issued an injunction ordering Uber to keep Levandowski away from work involving the self-driving car technology at issue in the case, to prevent him and all other employees from using the materials and to return them to Waymo by May 31. Uber has told Levandowski that he must comply with the order to return Waymo documents or face possible termination, Levandowski''s lawyers said in a court filing on Thursday. The lawyers asked the judge to modify his order so that Uber is not required to fire Levandowski if the engineer asserts his constitutional rights against self-incrimination and refuses to produce documents. Uber representatives could not immediately be reached for comment on Levandowski''s filing, and a Waymo spokesman declined to comment. Earlier on Thursday Uber said it would appeal a judge''s order rejecting its attempt to arbitrate Waymo''s trade secret claims, according to a court filing. Alsup last week ruled that Waymo''s lawsuit should not be heard in a private forum, and instead should continue to be litigated in San Francisco federal court. Levandowski left Waymo in January 2016 and started Otto, a self-driving truck startup that Uber bought for $680 million in August. He had until last month run Uber''s self-driving car division, before stepping aside from those responsibilities pending the court case. Uber has not denied that Levandowski took Waymo documents, but says it has not used any Waymo technology in its cars. In his injunction order, Alsup said "few" of Waymo''s alleged trade secrets have been traced to Uber''s self-driving car technology, and that Waymo''s patent claims against Uber have proved meritless. (Reporting by Dan Levine and Julia Love; Editing by Sandra Maler and Miral Fahmy)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-uber-tech-alphabet-lawsuit-idUKKCN18E399'|'2017-05-19T13:12:00.000+03:00'
'4ead49ebaa9574cfd38206af8b7b5d6997581e18'|'Ford using first over-the-air software updates to its 2016 cars'|'Autos   9:02pm BST Ford using first over-the-air software updates to its 2016 cars FILE PHOTO - The Ford logo is pictured at the Ford Motor Co plant in Genk,Belgium December 17, 2014. REUTERS/Francois Lenoir/File Photo SAN FRANCISCO Ford Motor Co said on Friday it would delve into the growing arena of "over-the-air" software updates, adding Android Auto and Apple CarPlay to its Sync 3-equipped 2016 vehicles for the first time via a wireless software update. The latest upgrade to Sync 3, Ford''s interactive touch-screen system, will be accomplished through an over-the-air (OTA) update using Wi-Fi, not unlike how new software gets uploaded to smartphones by manufacturers. After Tesla Inc''s early lead in 2015 introducing OTAs, traditional automakers are slowly beginning to embrace the new technology, within limits. Concerns about security and resistance from dealers worried about losing service revenue have hampered its adoption. Thus far, established automakers have not used OTAs for safety systems, only for non-critical systems like infotainment. Customers can also get the update via the traditional means of visiting their dealer or using a USB drive, Ford said. Android Auto and Apple CarPlay are operating systems from Alphabet''s Google and Apple Inc that allow drivers to connect their smartphones to their vehicles'' dashboard. Ford''s first use of OTAs comes about two months after it said it would hire 400 engineers to work on connectivity, mostly from Blackberry Ltd''s shuttered phone handset business. Blackberry QNX powers Ford''s Sync 3 system. Besides being more convenient for customers, OTAs can bring automakers cost savings, as a substantial percentage of warranty repair issues and recalls can be corrected through OTAs. (Reporting By Alexandria Sage; Editing by Steve Orlofsky)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ford-motor-software-idUKKCN18F2EQ'|'2017-05-20T04:02:00.000+03:00'
'c604ef7978d9adce2406d864456ed7b19582e370'|'Greece to conclude power grid spin-off by June - ADMIE chief'|'Business News   3:13pm BST Greece to conclude power grid spin-off by June - ADMIE chief ATHENS Greece will conclude the spin-off of power grid operator ADMIE by mid-June, meeting a key term of its third international bailout, ADMIE''s chief executive said on Thursday. Athens and its EU/IMF lenders had agreed that 24 percent of ADMIE, owned by state-controlled utility Public Power Corp, would be sold this year to China''s State Grid Corp and a further 25 percent to a Greek state holding company. "Everything will be wrapped up within the first 15 days of June," ADMIE Chief Executive Yannis Kabouris told Reuters on the sidelines of an Athens energy conference. The sale is part of Greece''s slow-moving privatisation drive and efforts to open up the country''s energy market. Kabouris said that State Grid''s participation would also help ADMIE to implement a 2 billion euro (<28>1.7 billion) 10-year investment plan, which includes connecting the island of Crete to mainland Greece via undersea cables by 2023. "The strategic investor is a very big company with huge financial calibre that will bring know-how for state-of-the-art technology, such as cables and direct current power systems," Kabouris said. Power production on Crete, the largest of the Greek islands, is currently provided by three oil-fired plants that must be shut down by 2025 to comply with an EU directive. Kabouris said that ADMIE hopes to conclude the first phase of the plan, which involves connecting Crete to the southern Peloponnese, by 2020. The second phase, linking Crete to Athens, is expected to be ready by 2023. The estimated total cost of the two phases is about 1 billion euros, Kabouris said. Part of the project will be financed by European funds and possibly the European Investment Bank (EIB). ADMIE is also in talks with banks for further financing, Kabouris said. "We believe they (State Grid) will help us secure better financing terms," he added. (Reporting by Angeliki Koutantou; Editing by Karolina Tagaris and David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-greece-powergrid-idUKKCN18E1YZ'|'2017-05-18T22:13:00.000+03:00'
'ead86019994c18dcc38ae47887b909d3044d083e'|'UPDATE 1-Saudi Aramco to sign deals with U.S. firms during Trump visit - sources'|'(Adds response from companies and GE MOUs)JEDDAH, Saudi Arabia May 18 Saudi Aramco is due to sign deals with 12 U.S. companies on Saturday during U.S. President Donald Trump''s visit to Saudi Arabia, sources with knowledge of the matter said.The deals with top U.S. companies such as oilfield services firms Schlumberger, Halliburton, Baker Hughes , and Weatherford are part of the oil giant''s push to develop local manufacturing, the sources said.Aramco will also sign deals with General Electric (GE) and drilling companies National Oilwell Varco (NOV), Nabors Industries and Rowan Companies, among others, they added.Aramco could not be reached for comment on Thursday.Halliburton''s incoming chief executive, Jeff Miller, declined to comment on any potential deal with Saudi Aramco. Baker Hughes also declined to comment.When it launched its In-Kingdom Total Value Add programme (IKTVA) in 2015, Aramco said it aimed to double the percentage of locally-produced energy-related goods and services to 70 percent by 2021U.S. companies have traditionally worked with Aramco on massive projects covering consultancy and project management services to maintaining oil potential in upstream projects and drilling to building refineries."These (new) partnerships will boost bilateral investment towards localisation," said one of the sources.Last December, Aramco signed deals with drilling firms Rowan and Nabors Industries to establish joint ventures under the IKTVA programme.IKTVA, Arabic for self-sufficiency, will help generate 500,000 direct and indirect jobs for Saudis. It is a key part of the kingdom''s Vision 2030 economic reform drive, in which Aramco is to play a big role in developing industrial projects as Saudi Arabia tries to diversify its economy beyond reliance on oil exports.GE plans to sign memoranda of understanding on oil services, digital and the IKTVA initiative, said one source close to the matter.Engineering companies KBR and Jacobs Engineering , as well as McDermott and Honeywell will also sign memoranda of understanding with Aramco, the sources said.An inaugural Saudi-U.S. CEO forum will be held in Riyadh on Saturday in which several deals are expected to be signed in defence, electricity, oil and gas, industrial and chemical sectors. New licences for U.S. companies to operate in the kingdom also will be issued. (Reporting by Reem Shamseddine; Additional reporting by Ron Bousso in London and Ernest Scheyder in Houston; Editing by Rania El Gamal and Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/saudi-us-deals-idINL8N1IK660'|'2017-05-18T15:38:00.000+03:00'
'8f4e8b9622fc4b7851d22542a1c044e5a8b95838'|'Hotel de Crillon banks on recovery in Paris pulling power'|' 00am EDT Hotel de Crillon banks on recovery in Paris pulling power * Hotel de Crillon to reopen on July 5 after 200 mln euros revamp * Paris luxury hotel occupancy has begun to rebound this year * Full recovery could be slowed by increased luxury capacity By Dominique Vidalon and Pascale Denis PARIS, May 18 When Paris''s landmark Hotel de Crillon reopens in July after a four-year 200 million euro ($222 million) revamp, it will be hoping to catch a rebound in the luxury hotel trade after a wave of bloody street attacks drove away big-paying tourists. Industry figures suggest that tourism in the French capital is recovering after heavy falls in late 2015 and much of 2016, though some experts caution that luxury hotels may have to wait up to five years before trade returns to normal levels. With the luxury end of the market relying heavily on foreign visitors, the likes of Hotel de Crillon have been hit hardest by the drop in tourists after the Islamist attacks. Occupancy rates of Paris luxury hotels fell 15 percent to 52 percent last year while revenue per available room sank by 22 percent to 500 euros, its lowest level since 2009, according to data from research firm STR for luxury property specialist Jones Lang Lasalle (JLL). However, those numbers have been on the rise in the first four months of this year, driven by a return of Russian, Chinese, Japanese and U.S. visitors, said Christophe Laure, head of the French UMIH Federation for prestige hotels. Hotel de Crillon, which was built in 1758 and has applied for the right to join a select group of 23 French luxury hotels that can call themselves palaces, is targeting an average occupancy rate of 55-60 percent, managing director Marc Raffray told Reuters. "A true tourism recovery is under way in Paris, which remains a special city and still makes foreigners dream. I am confident about our capacity to return in coming years to a cruising pace above that of the current market," Raffray told Reuters, citing "very encouraging" booking levels. The 124-room Crillon, owned by a Saudi Prince and run by Hong-Kong based New World Group''s Rosewood Hotels, is looking to attract guests from the United States, the Middle East and Asia''s fast-growing wealthy elite. LENGTHY PROCESS? Those wanting to follow in the footsteps of previous guests including pop star Madonna and former U.S. president Bill Clinton since the building''s conversion to a hotel in 1909 will have to pay rates that start at 1,200 euros a night and rise to 25,000 euros for the top floor suite named after composer Leonard Bernstein, who stayed there regularly. However, the recovery of this top end of the market could yet prove a lengthy process, given the rise in luxury capacity in the French capital in recent years. "I think it could take (Paris) palaces at least five years to return to average occupancy rates of 65-67 percent," said Gwenola Donet, head of France for JLL Hotels & Hospitality. This would compare with the sector''s occupancy rates of 75-80 percent in 2009 and 70 percent in 2013-14. The reopening of the Crillon comes a year after the Ritz Paris unveiled its restoration and a year before the Cheval Blanc opens in the Samaritaine building owned by luxury group LVMH. Competition has also been heated up by the arrival of Asian-operated rivals such as the Shangri-La, Mandarin Oriental Paris and Peninsula Paris. Some industry observers say the rise in top-end supply will stimulate demand. Others are not so sure. "Competition is good when newcomers arrive progressively. Here we have the shock of a massive offer. It can take five years to absorb it," Donet said. ($1 = 0.9007 euros) (Editing by Richard Balmforth and David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/france-tourism-crillon-idUSL8N1ID3RU'|'2017-05-18T16:00:00.000+03:00'
'808ac49de60e4ce07691359b0a4f1862b0423b75'|'Teva Pharm search committee recommends foreigner for CEO: report'|'Business News - Thu May 18, 2017 - 7:42am EDT Teva Pharmaceutical''s search committee recommends foreign CEO: report FILE PHOTO: A building belonging to Teva Pharmaceutical Industries, the world''s biggest generic drugmaker and Israel''s largest company, is seen in Jerusalem February 8, 2017. REUTERS/Ronen Zvulun/File Photo TEL AVIV Teva Pharmaceutical Industries'' ( TEVA.TA ) search for a new chief executive has resulted in the selection of a foreigner as the leading candidate, Israeli financial news website Calcalist said on Thursday. Separately, three candidates are vying for the position of chief financial officer (CFO) at Israel''s biggest company. Israeli members of the board of directors are demanding that an Israeli be appointed CFO if the CEO is a foreigner, Calcalist said. Teva ( TEVA.N ) was left without a permanent CEO in February after Erez Vigodman stepped down, leaving new management to try to restore confidence in the world''s biggest generic drugmaker after a series of missteps. CFO Eyal Desheh also said he was resigning at the end of June. When asked for a comment Teva referred to chairman Dr. Sol Barer''s remarks on last week''s earnings call: ''We are looking for a world-class individual with deep and broad pharmaceutical experience, an individual with experience dealing with global and complex companies, with a strong sense of corporate responsibility and proven strategic and operational capabilities," it said in an emailed statement. Teva''s Tel Aviv-listed shares were down 1.5 percent in early afternoon trading. During the call Barer said a number of "excellent candidates" had been interviewed for the CEO post. "The board will take the time it needs to find the best candidate but I am pleased with progress we have made," he said. When asked whether Teva might waive its requirement for the CEO to be based in Israel, Barer said: "We are looking around the world for the best candidate. We are committed once we find that candidate to do what it takes to bring that candidate to Teva." (Reporting by Tova Cohen; Editing by Greg Mahlich and Elaine Hardcastle) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-teva-pharm-ind-ceo-idUSKCN18E1BJ'|'2017-05-18T18:42:00.000+03:00'
'39071a900171ce1c4f6009abf3d29ac710f06864'|'ECB shouldn''t wait too long before taking away support: Coeure'|'Central Banks  34am BST ECB shouldn''t wait too long before taking away support: Coeure FILE PHOTO: Benoit Coeure, executive board member of the European Central Bank (ECB), speaks during a conference in Brussels, Belgium March 28, 2017. REUTERS/Yves Herman/File Photo By Francesco Canepa and Balazs Koranyi - FRANKFURT FRANKFURT The European Central Bank should not wait too long before paring back stimulus once it is convinced that inflation has recovered, and it could in theory increase rates early if necessary, ECB board member Benoit Coeure told Reuters. With euro zone inflation now just under 2 percent and growth on its best run for years, the ECB is coming under pressure from Germany, the bloc''s biggest economy, to start winding down its 2.3 trillion-euro (2 trillion pounds) bond-buying programme and start increasing its main policy rate, currently below zero. In an exclusive interview, Coeure, a long-standing supporter of ECB President Mario Draghi''s policy, said the bank should be ready to change its stance once economic conditions allow, or it risks a bigger financial blowback when it eventually does so. "Too much gradualism in monetary policy bears the risk of larger market adjustments when the decision is eventually taken," Coeure said. He added that the ECB should not put too much weight on political events like elections when deciding policy, a likely reference to elections in Germany in September and in Italy by May 2018. While Coeure defended the bank''s ultra-easy stance and policy guidance, he opened the door, at least in theory, to an increase in the bank''s deposit rate even before bond purchases end, contrary to the bank''s stated policy path. His comments mark a departure from views expressed by Vice President Vitor Constancio and Chief Economist Peter Praet, two fellow Draghi allies who have advocated slow policy normalisation. Inflation in the euro zone was 1.9 percent last month, in line with ECB''s target. But it is expected to ease back in the coming months as the effect of a rebound in energy prices wane. The ECB''s policy-making Governing Council is due to meet on June 8 in Tallinn. No major change is expected beyond a slight tweak in the policy message to reflect an improvement in the economic outlook. NOT SET IN STONE Coeure stressed rate setters had yet to be convinced that the rebound in inflation was durable and that it would be sustained even once monetary support is withdrawn. But he added the bank''s future path, which currently foresees bond purchases until the end of year and rates at current or lower levels until well after that, was "not set in stone". "In particular, it will be about the costs and benefits of having the very low and negative deposit facility rate that we have today," Coeure said. "It''s not set in stone." Banks have long complained that the negative rate, effectively a tax on the excess cash they park at the ECB, is squeezing their profits. Coeure said so far the benefits of this tool outweighed its drawbacks. But he argued that, in the abstract, the deposit rate could be increased if it started to curb bank lending. "That could be the case if we had strong evidence that the negative Deposit Facility Rate would impose a cost on the banking industry that ... could become a hindrance to our monetary policy transmission," he said. So far, the ECB has kept the door open to even more rate cuts in its policy message. Financial markets, however, have long stopped expecting any cuts and currently anticipate some chances of a small rate hike next March. Coeure would not be drawn on whether the reference to rate cuts may be removed, but he stressed the importance of keeping the bank''s guidance "in line with facts". "It''s clear that the deflation risk is now off the table and that is also being acknowledged by financial markets," he said. "One important consideration is to keep our forward guidance in line with facts."'|'reuters.com'|'http://feeds.reuters.com/Reut
'd7906b11e1b8bee44796846f6d96bf184be23b34'|'BNP Paribas may move 300 London jobs due to Brexit - source'|' 16pm BST BNP Paribas may move 300 London jobs due to Brexit - source A man is seen in silhouette as he walks behind the logo of BNP Paribas in a building in Issy-les-Moulineaux, near Paris, France, April 5, 2017. REUTERS/Gonzalo Fuentes By Maya Nikolaeva - PARIS PARIS BNP Paribas may move up to 300 London investment bank staff due to Britain<69>s European Union exit, depending on how clients adapt and on the French bank''s efforts to win new British business, a source told Reuters. Britain''s vote to leave the EU has forced global banks to examine where to move, given they expect to lose the necessary "passporting" licence to operate on both sides of the Channel. The largest global banks in London plan to shift thousands of jobs to the continent over the next two years, public statements and information from sources shows, as the exodus of finance jobs starts to take shape. BNP Paribas, which declined to comment on its plans, had 3,123 staff in its corporate and institutional bank (CIB) in Britain at end-2016, down from 3,294 a year ago, internal documents seen by Reuters showed. Credit Agricole, France''s third-biggest listed bank, has said that it could move about one hundred of its 1,000 employees based in its London hub to France. And Deutsche Bank has said it may have to move as many as 4,000 jobs out, but BNP and Societe Generale say they have a relative competitive ''Brexit'' edge because with hubs in both Paris and London it is easier for them to adapt. BNP Paribas would seek to protect its London CIB jobs by finding new clients - partly as a result of the Brexit upheaval - in order to keep its staff busy so that employees do not have to move out of the UK, the source said. London is a key hub for BNP Paribas'' global markets business worldwide, which comprises credit markets, rates, prime solutions and financing, equity and commodity derivatives. BNP said at an investor day earlier this year that it planned to win more clients at its corporate and institutional bank in Northern Europe with the focus on Germany, Britain, the Netherlands, and Scandinavia. But it is also cutting investment banking costs in via staff cuts in France, Britain and Luxembourg expected by the end of 2018, as it seeks to boost profitability. (Editing by Andrew Callus and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-bnpparibas-jobs-idUKKCN18D1BF'|'2017-05-17T19:16:00.000+03:00'
'edd2f0a13d2071e3270a97513236c970c3385209'|'World''s rich confident they can scale wall of global risk: survey'|'LONDON The global economic, financial and political landscape has never been shakier, but the world''s rich are confident they can steer through the fog of uncertainty in the coming year "without so much as a dent in their finances", a survey showed on Wednesday.The findings of UBS Wealth Management''s survey of more than 2,800 millionaires in seven countries show a high degree of worry about the global financial system on the one hand, and supreme self-confidence and optimism on the other.Some 82 percent of those surveyed said this is the most unpredictable period in history. More than a quarter are reviewing their investments and almost half said they intend to but haven''t yet done so.But more than three quarters (77 pct) believe they can "accurately assess financial risk arising from uncertain events", while 51 percent expect their finances to improve over the coming year compared with 13 percent who expect them to deteriorate.More than half (57 pct) are optimistic about achieving their long-term goals, compared with 11 percent who are pessimistic. And an overwhelming 86 percent trust their own instincts when making important decisions."Most millionaires seem to be confident they can steer their way through the turbulence without so much as a dent in their finances," UBS WM said."They identify economic and financial risks as their big concerns and they have serious doubts about the world''s corporate and financial system. And yet, they stride into the future with assurance," the report said.Among the other findings, 68 percent say they suffer from "information overload" as they make their investment decisions, and nearly three quarters (72 pct) say short-term distractions get in the way of their financial plans.Still, the report highlighted some aspects of their investment behavior that could ultimately work against them. For instance, 75 percent of those surveyed see cash as a safe option, "even though it will perform poorly compared with other asset classes in the context of rising inflation."Perhaps surprisingly, younger millionaires are more risk-averse than their older peers. Nearly half of the 18-34 year old group are less willing to take risks after the financial crisis, compared to less than 30 percent of the over-65 bracket.The study surveyed 2,842 millionaires, with investable assets of at least $1 million, in Hong Kong, Japan, Singapore, Mexico, Italy, Switzerland and Britain.(Reporting by Jamie McGeever; Editing by Ralph Boulton)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-global-millionaires-survey-idUSKCN18C2SO'|'2017-05-17T07:09:00.000+03:00'
'4d10cb76959b30ed26266ea730c7e410c081f8d5'|'Deutsche Boerse CEO says no big mergers on agenda for now'|' 43am BST Deutsche Boerse CEO says no big mergers on agenda for now Carsten Kengeter, CEO of Deutsche Boerse attends the initial public offering of Scale at the Frankfurt stock exchange in Frankfurt, Germany March 1, 2017. REUTERS/Ralph Orlowski FRANKFURT Big stock exchange mergers are currently off the table for German stock exchange operator Deutsche Boerse following a failed attempt to link up with London Stock Exchange, CEO Carsten Kengeter said on Wednesday. "It is currently quite difficult to think about large exchange mergers," Kengeter told shareholders at the company''s annual general meeting. "But that does not mean acquisitions, partnerships, and investments are no longer possible." Kengeter also said allegations of insider trading against him will prove unfounded and that he was cooperating with authorities in the matter. (Reporting by Tom Sims; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-boerse-agm-idUKKCN18D0VE'|'2017-05-17T16:43:00.000+03:00'
'49a929b95ef45d8f3133a0d3fccaed9e902be1aa'|'Israeli energy firms Delek Drilling, Avner Oil to finally merge'|'JERUSALEM Israel''s Delek Drilling ( DEDRp.TA ) and Avner Oil ( AVNRp.TA ), both units of conglomerate Delek Group ( DLEKG.TA ), said on Wednesday they have completed a long-awaited merger and will begin trading next week as one company.The new entity will keep the name Delek Drilling and will have a market value in Tel Aviv of about 16 billion shekels ($4.4 billion).It is through Delek Drilling and Avner Oil that Delek Group owns major stakes in the large Israeli offshore natural gas fields Tamar, which began production in 2013, and Leviathan, which is due to come online in late 2019.Delek Drilling also said in a statement that exports from Tamar to Jordan''s Arab Potash Co and Jordan Bromine plants began in January.Chief Executive Yossi Abu said he expects production at Tamar this year, "to cross the 10 billion cubic meter mark."The companies'' combined net profit in the first quarter was $78.9 million, up 23 percent from a year earlier.(Reporting by Ari Rabinovitch)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-delek-drill-avner-oil-expl-m-a-idUSKCN18D15G'|'2017-05-17T14:34:00.000+03:00'
'd615be01c9ed65bae4e587c4da06e24c518ce27f'|'ValueAct trims stake in Morgan Stanley in first quarter'|'ValueAct Capital Management trimmed its stake in Morgan Stanley ( MS.N ) by 9 million shares during the first quarter, according to a U.S. regulatory filing.That brings the hedge fund''s total number of shares in Morgan Stanley down to 17.8 million, according to the filing on Monday with the Securities and Exchange Commission.ValueAct owned as many as 41.9 million shares in the Wall Street bank in 2016. It acquired a 2 percent stake in Morgan Stanley last August, saying at the time it had no plans to take a seat on the bank''s board of directors or demand dramatic shifts in strategy.Agitating for meaningful change at large banks is very difficult, analysts say, because banks are controlled tightly by the U.S. Federal Reserve which governs how they use capital.ValueAct founder Jeff Ubben said in February he got "super lucky" with President Donald Trump administration''s proposed financial deregulation agenda, which caused bank shares - including Morgan Stanley - to soar.He said he sold some shares in Morgan Stanley following its price increase.Shares in Morgan Stanley have risen 46 percent since ValueAct took its initial stake.(Reporting by Olivia Oran in New York; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-valueact-morgan-stanley-idUSKCN18C2OS'|'2017-05-17T05:26:00.000+03:00'
'0672a87ac3a9cfc6706ae2066e71e92c33630dfd'|'U.S. stock futures, dollar fall on rising concerns on Trump - Reuters'|'By Vikram Subhedar - LONDON LONDON Concern that U.S. President Donald Trump''s reform agenda could be slowed down, and that Trump himself could even face the threat of impeachment, added to disappointing U.S. economic data on Wednesday to hit the dollar and spur a pullback in richly valued stocks.Reports that Trump asked then-FBI Director James Comey to end a probe into his former national security adviser have raised questions over whether obstruction of justice charges could be laid against the president.This follows a week of turmoil at the White House after Trump fired Comey and then discussed sensitive national security information about Islamic State with Russian Foreign Minister Sergei Lavrov.So far, broadly upbeat global growth has underpinned risky assets and supported the multi-year lows in measures of market volatility.But the retreat in the dollar .DXY, which has now given up all the gains it made following Trump''s presidential election win in November, and a pull-back from record highs for world stocks underscores investor unease about this week''s headlines."The Trump issue seems to come in waves, and now we have another wave," said Hans Peterson, global head of asset allocation, at SEB Investments."I have been asked if he is going to be impeached. I think that is the type of discussion some (investors) are having," Peterson said, pointing out that institutional clients are turning cautious.U.S. stock futures ESc1 were off 0.5 percent, though they were still close to record highs."It is the ambitiously valued US equity market which needs watching in respect of the long-term risk outlook," strategists at Morgan Stanley wrote in a note to clients.At nearly 18 times forward earnings, the S&P 500 .SPX trades at a significant premium to its long-term average valuations of 15 times, according to Thomson Reuters data.More attractively valued European stocks slipped slightly, although the region''s brighter economic outlook and better-than-expected corporate profits continue to draw investors.Upbeat growth prospects and signs of stronger regional integration also spurred flows into regional bond markets, narrowing the gap between U.S. and German government borrowing costs to its tightest level in over six months.This has started to partly reverse a trend that began during the euro zone debt crisis of 2011/2012, where the single currency bloc and the United States'' economic paths appeared to diverge.This reversal was also evident in currency markets, with the euro EUR= climbing to its highest since Nov. 7 - just before the U.S. presidential election - against the dollar.Recent U.S. data, which includes softer-than-expected retail sales and inflation, has raised concern about the strength of consumer sentiment."The political morass that has engulfed the Trump Administration is a major distraction", said BBH currency strategists in a note to clients, adding that investors were already concerned about the momentum of the U.S. economy.Meanwhile, the euro zone economy started the year with robust growth that outstripped that of the United States and set the stage for a strong 2017."At the moment everyone is focusing on the political relief in Europe and the political unrest in the U.S.," ING''s senior rates strategist Martin van Vliet said.In commodity markets, safe-haven gold XAU= hit a two-week high, climbing 0.6 percent to $1,243.31. The precious metal has risen for five straight days.Data showing an increase in U.S. crude investors hit oil prices as concerns about oversupply despite efforts by top producers Saudi Arabia and Russia to extend output cuts once again weighed.Brent crude LCOc1 fell 0.3 percent to $51.53 a barrel while U.S. West Texas Intermediate (WTI) crude CLc1 slipped 0.6 percent.(Additional reporting by Marc Jones and John Geddie; Editing by Hugh Lawson)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-global-markets-idINKCN18D01B'|'2017-05-16T22:34:00.
'b086f09cab55b773b23ffef8d9ca23a9d8baf6e2'|'Shanghai Pharma confirms interest in Stada, says no official offer'|'By Adam Jourdan , Pamela Barbaglia and Alexander H<>bner - SHANGHAI/LONDON/FRANKFURT SHANGHAI/LONDON/FRANKFURT Shanghai Pharmaceutical Holding Co Ltd ( 601607.SS ) said it may bid for Stada Arzneimittel AG ( STAGn.DE ) - a move that would pit it against buyout firms Bain and Cinven which have made a joint offer of nearly $6 billion for the German generics drugmaker.The Chinese company said in a filing it had recently discussed the matter with "a couple of financial investors" but added it had not made a concrete offer and there were still many uncertainties.Shanghai Pharma, which has a market value of $9 billion, needs to submit its bid by June 8 if it wants to challenge an existing 66 euro-a-share bid by Bain and Cinven which was agreed on April 10 and was conditional on securing 75 percent of Stada''s shares.Any new offer would trigger a separate offer period, which might run in parallel to the existing one. Bain and Cinven, in turn, would have to decide whether to top up their offer, which would prolong their offer period, or let it expire on June 8.But any takeover attempt by Shanghai Pharma would need the blessing from Beijing which recently introduced restrictions on outbound foreign investment to try to curb capital outflows.Sources close to the matter said Lazard is advising Shanghai Pharma on its takeover plan which would involve forming a consortium with a private equity investor.European buyout fund Advent has held talks with Shanghai Pharma, another source said, while cautioning that it was unclear whether an agreement for a joint bid had been reached.Lazard, which declined to comment, would need to help Shanghai Pharma navigate governance and financing hurdles that may prove a major stumbling block, the sources said, adding it was unclear whether private equity investors would be offered a majority stake.Buyout funds typically seek control of the companies they buy to maximize their investments in three to five years and then sell or list them for a profit. Any joint offer with an industry player may limit their ability to decide on future strategy.China became Germany''s most important trading partner for the first time in 2016.However, Germany and China last year engaged in an increasingly public dispute over market access, with China complaining about what it regarded as unfair scrutiny of its acquisition targets in Germany, and Germany seeking a more level playing-field for its companies in China.TIGHT TIMETABLEShanghai Pharma would also need to secure financing for its offer in a short period of time, the sources said, with one adding the Chinese firm faced the same funding issue when it started working on the dossier earlier this year.Bloomberg reported this week that Shanghai Pharma, along with Advent, was discussing a bid of about 70 euros a share.But Shanghai Pharma, which last year posted 120 billion yuan in sales, said the reported offer price was "inconsistent with reality".Stada said it had not been notified of any rival offer.Bain and Cinven''s 5.3 billion euro offer had beaten a rival consortium of Advent and Permira, and had carried a premium of 49 percent over Stada''s Dec. 9 share price, before the first report of a takeover approach.Shanghai Pharma will need to move fast if it wants to outbid Bain and Cinven as any new offer has to be vetted by Germany''s financial regulator BaFin.The German watchdog grants bidders a window of four weeks to hand in their official takeover documents after launching a public offer, and has 10 working days to approve them.This means Shanghai Pharma can wait until June 8 to announce its offer and will then need to engage with BaFin, whose approval marks the start of the offer period.In the meantime Stada''s shareholders would likely refrain from tendering their shares to Bain and Cinven and hold out for Shanghai Pharma''s full higher bid.(Additional reporting by Arno Schuetze and Ludwig Burger in Frankfurt; Editing by Keith Weir)'|'reuters.com'|'htt
'c179e842dea44814601b9604a2238200bcf0c3b9'|'Nikkei drops after weak U.S. data; financial and mining shares lose ground'|'TOKYO May 17 Japanese stocks dropped on Wednesday after the dollar eased against the yen on weak U.S. economic data, while financial stocks underperformed hit by lower U.S. yields.Mining shares also lost ground after oil prices fell following data showing an increase in U.S. crude inventories.The Nikkei shares average fell 0.5 percent to 19,814.88.The broader Topix shed 0.5 percent to 1,575.82 and the JPX-Nikkei Index 400 declined 0.6 percent to 14,063.86. (Reporting by Ayai Tomisawa; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL4N1IJ2BL'|'2017-05-17T14:13:00.000+03:00'
'a5c16833c5ad20a803165fedab03dfd359665ef2'|'Exclusive - Opel bears fruit for Peugeot maker PSA in Aisin gearbox talks'|'Autos   3:12pm BST Exclusive - Opel bears fruit for Peugeot maker PSA in Aisin gearbox talks left right Hood masks for Peugeot, Opel and Citroen are seen in this picture illustration taken March 6, 2017. REUTERS/Dado Ruvic/Illustration 1/2 left right A cut-away car is displayed at the Aisin Car Parts Supplier''s showcase on media day at the Paris Mondial de l''Automobile, October 2, 2014. REUTERS/Benoit Tessier 2/2 By Gilles Guillaume and Laurence Frost - PARIS PARIS PSA Group ( PEUP.PA ) is in talks to build Toyota-owned ( 7203.T ) supplier Aisin''s ( 7259.T ) automatic gearboxes at one of its own plants, company sources told Reuters, in what would be an early reward for the Peugeot maker''s purchase of Opel ( GM.N ). The combined scale of PSA and Opel has added impetus to negotiations with Aisin, the three sources said, helping to overcome the Japanese company''s reservations. The Opel acquisition announced in March, which valued the General Motors business at 2.2 billion euros (<28>1.9 billion), brings "a larger sales volume and therefore more profitability for an investment", one source said. PSA currently buys six- and eight-speed Aisin gearboxes made in Japan and China for its Peugeot, Citroen and DS brands. Assembling the six-speed in France would secure a competitive supply, reduce currency risk and help fill its own plants. For Aisin, 34 percent-owned by Toyota and affiliates, it would establish a first European production base amid growing demand for automatic gearboxes, which currently equip about one in five PSA cars sold. Automatics are less popular in Europe than in the United States, but their growth is set to accelerate with tighter emissions rules and demand for electric, hybrid and increasingly automated cars, to which manual gearboxes are unsuited. PSA and Aisin both declined to comment, but Aisin has previously signalled an openness to partnerships. "We''re absolutely not averse to joint programmes with non-Toyota companies," President Yasumori Ihara said in January, the same month that PSA Chief Executive Carlos Tavares told workers at his company''s Metz transmissions plant that an unspecified production deal was under consideration. But the proposal had made little headway until the tie-up with Opel, the sources said. An agreement could now be finalised within months, subject to successful closing of the Opel acquisition later in the year, and PSA managers may discuss the plans with unions in works council meetings next month. PSA plans to redevelop future Opels with its own technology - as three models already have been under an earlier partnership - boosting purchasing clout and economies of scale. Bringing production of automatic gearboxes in-house underlines their importance. Under Tavares, PSA has been outsourcing activities including some research and development to prioritizs core profitability and future growth areas. One option would be for PSA and Aisin to invest jointly in a new production line at a French site. But PSA-owned production under licence is more likely, reflecting the Japanese supplier''s wariness over investing, sources said. That could evolve into a joint venture or outright sale once the plan had proved its worth. Either way, the production investment would pit PSA''s Tremery factory near Metz, eastern France, against the northern Valenciennes plant. While Valenciennes has more automatic gearbox expertise, Metz has more spare capacity. "There''s easily enough room on the Metz site," said Christian Lafaye, an official with the Force Ouvriere union. "They can come and install their tooling tomorrow if they want." (Additional reporting by Gilbert Reilhac in Strasbourg, and Maki Shiraki and Naomi Tajitsu in Tokyo; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-peugeot-aisin-seiki-idUKKCN18D1SV'|'2017-05-17T22:12:00.000+03:00'
'e800cefa4683d52f15504a927291cdd9ec9c78c0'|'Washington dreams on hold, Scaramucci revels in Las Vegas glow - Reuters'|'Money News - Fri May 19, 2017 - 1:08am IST Washington dreams on hold, Scaramucci revels in Las Vegas glow left right Anthony Scaramucci, Founder and Co-Managing Partner at SkyBridge Capital, speaks during the opening remarks during the SALT conference in Las Vegas, Nevada, U.S. May 17, 2017. REUTERS/Richard Brian 1/4 left right Anthony Scaramucci, Founder and Co-Managing Partner at SkyBridge Capital, speaks during the opening remarks during the SALT conference in Las Vegas, Nevada, U.S. May 17, 2017. REUTERS/Richard Brian 2/4 left right Anthony Scaramucci, Founder and Co-Managing Partner at SkyBridge Capital, speaks during the opening remarks during the SALT conference in Las Vegas, Nevada, U.S. May 17, 2017. REUTERS/Richard Brian 3/4 left right Anthony Scaramucci, Founder and Co-Managing Partner at SkyBridge Capital, speaks during the opening remarks during the SALT conference in Las Vegas, Nevada, U.S. May 17, 2017. REUTERS/Richard Brian 4/4 By Lawrence Delevingne and Svea Herbst-Bayliss - LAS VEGAS LAS VEGAS Anthony Scaramucci was soaking up plenty of love this week at his high-profile hedge fund conference even as his political ambitions remained in limbo. The outspoken Wall Street figure in January agreed to sell his SkyBridge Capital LLC on the expectation of a public liaison job with U.S. President Donald Trump, whom he aggressively supported as a fundraiser and media commentator. But that role has not materialized. The uncertainty over a White House position allowed Scaramucci to return to Las Vegas for SkyBridge<67>s ninth annual SALT event, which he founded after the 2008 financial crisis to boost his ailing business by promoting its brand and the broader industry. <20>I was disappointed I didn<64>t get the (Trump) job, but living well is the best revenge,<2C> Scaramucci told Reuters on the sidelines of the event at the Bellagio hotel. Scaramucci has made his name over the years as an industry impresario who remembers almost everyone<6E>s name and relishes being the centre of a four-day swirl of investment-focused panel discussions, ros<6F>-soaked pool parties and late night musical performances by Duran Duran and the Gipsy Kings. He said he would know in coming weeks whether or not he would be working in Trump''s administration. He said he remains loyal to the president, whom he considers a friend and continues to support despite what some view as a tumultuous start to his tenure. As a backup, Scaramucci, 53, is mulling a new business in asset management. He told Reuters he discussed partnerships with China conglomerate HNA Group and professional investor Jon Najarian, including an online direct brokerage company or a venture to distribute investment products. An HNA subsidiary, HNA Capital (U.S.) Holding, along with RON Transatlantic EG, are buying SkyBridge. Scaramucci said he thinks the deal will probably close in June following U.S. regulatory approvals. Scaramucci said he would not start any business that would directly compete with New York-based SkyBridge, which manages approximately $11 billion in hedge fund investments. SkyBridge will be run by chief investment officer Ray Nolte and other managers following the sale of Scaramucci<63>s founding stake. He could also remain involved with SALT, a distinct business from SkyBridge that he co-owns with Victor Oviedo and Kelly O''Connor, long-time associates involved with organising the conference. <20>If (Trump) wants me to serve, I<>m ready to serve. If he doesn<73>t want me to serve that<61>s fine,<2C> Scaramucci said. <20>I have no bitterness about it. It<49>s politics.<2E> CENTRE OF ATTENTION SALT is one the $3.2 trillion hedge fund industry''s most eagerly anticipated events, having drawn billionaire investors like Ken Griffin and David Tepper, former U.S. presidents like George W. Bush and Bill Clinton, as well as sports and entertainment celebrities such as Will Smith and Kobe Bryant. This year, some 1,900 guests paid thousands of dollars to hear speakers including former Fed
'a544bfab40ad250a28971ac954d4af3b9a4999be'|'Regulators ask Deutsche Bank for Brexit trading rethink - source'|'Banks - Thu May 18, 2017 - 11:04am BST Regulators ask Deutsche Bank for Brexit trading rethink - source FILE PHOTO: The emblem of Deutsche Bank is pictured during the bank''s annual general meeting in Frankfurt, Germany, May 19, 2016. REUTERS/Kai Pfaffenbach/File Photo By John O''Donnell - FRANKFURT FRANKFURT European supervisors want Deutsche Bank ( DBKGn.DE ) to prepare a fallback plan to lay out how it could shift the clearing of trades from London, one person with direct knowledge of the matter said, as the region seeks to guard itself against a possible hard Brexit. The European Central Bank, which monitors euro zone lenders, is worried about the impact on the region''s financial sector, should Britain drop out of the European Union without agreeing the terms of future trade, including cross-border banking. That would hurt not only banks using London as a springboard to Europe but also those on the continent that rely on it to clear trillions of euros of derivatives deals - one of the pillars of Europe''s biggest trading centre. Some politicians, such as in France, want the clearing of such financial contracts in euros to move to continental Europe after Brexit, a move industry has warned would cost Britain thousands of jobs. Deutsche, Germany''s top commercial lender, is particularly vulnerable because it is one of the bigger European dealers of euro-denominated derivatives in London, which it has said would become difficult if a ''hard'' Brexit abruptly severed links with the continent. "Deutsche Bank has to make up its mind within months," said one top European regulator, referring to the possible need for a shift of trading. "They need a back-up plan for a cliff-edge Brexit." While disentangling such financial ties between continental Europe and London would be costly and time consuming, preparations are under way in Frankfurt and Paris to take advantage of Brexit. Deutsche Boerse ( DB1Gn.DE ), owner of Eurex Clearing, which processes or clears trades, has seen a sharp rise in activity, in part due to Brexit. Anticipating a shift of business from London, it has conducted a series of test runs to see whether its Eurex Clearing arm could cope with processing substantially more trades and is satisfied it would. "Particularly around clearing we see increased client demand for our services across the full suite of listed and OTC (over the counter) derivatives," Eurex Clearing Chief Executive Erik Mueller said. "Our...systems are...fully scalable." ''ECONOMIC NATIONALISM'' Other global banks, which dominate the trading of derivatives, would also be affected but Deutsche ( DBKGn.DE ) is one of the biggest European players. Others large dealers include Morgan Stanley ( MS.N ), JP Morgan ( JPM.N ) and Goldman Sachs ( GS.N ). Deutsche Bank and the ECB declined to comment. However, last month, Sylvie Matherat, the bank''s chief regulatory officer, indicated that she had concerns about the impact of Brexit on its UK trading operations. She highlighted the risk that the capital charge on banks for processing euro-denominated derivative trades in London could climb dramatically when Britain leaves the bloc. Regulators said this would happen if Britain''s divorce talks, which must conclude in less than two years, ended without an EU agreement to recognise British clearing houses, an outcome bank executives fear. "Nobody in the financial industry is able to stand that," said Matherat, a former regulatory official at the Bank of France, adding that this could ultimately encourage "everybody" to move elsewhere. Other banks including Morgan Stanley and Goldman Sachs, both of which are considering bolstering operations in Frankfurt, are also closely examining this issue, people familiar with the matter said. Both declined to comment. The question of where to put clearing after Brexit is far from clear cut. The European Union could introduce rules requiring the clearing of derivatives trades in euros to take place within t
'9f296b1cc4bd539a29bd88166b37ccb4232307c3'|'Exclusive: Italy''s Veneto banks may need more private capital'|'By Stefano Bernabei , Paola Arosio and Valentina Za - MILAN MILAN Italy''s healthier banks may have to once again step in to prop up two ailing Veneto-based regional lenders before taxpayer money can be used to rescue them, according to several sources familiar with the matter.Popolare di Vicenza and Veneto Banca, two of the country''s most troubled lenders, have requested state aid to help fill a capital shortfall of 6.4 billion euros ($7.1 billion) after loan writedowns pushed their capital below minimum thresholds.They and fellow bailout candidate Monte dei Paschi di Siena ( BMPS.MI ), Italy''s fourth-largest lender, present a crucial test of new EU rules for resolving banking crises, but negotiations over how to bail them out have been bogged down for months.The rules, which came into full force last year, aim to limit the amount of public money that can be used to save weak lenders by imposing some losses on shareholders and bondholders.Also, state aid cannot be used to cover incurred or foreseeable losses, such as those stemming from further writedowns on bad loans that the two lenders have already warned they will have to book this year.The amount of those loan losses is not yet known, but the European Commission is insisting the two Veneto-based lenders plug the gap with private money, said six sources familiar with the matter.With willing investors in short supply, other banks are likely to be the only viable source of private funds, they said, adding that this could be done through an existing industry fund set up to guarantee bank deposits."It''s a problem because the state cannot cover the losses," an Italian government source said, declining to give precise figures.Rome has set aside 20 billion euros to help its ailing banks, worried that if any of them failed that could destabilize the whole banking industry.But while Monte dei Paschi, which must fill a capital gap of 8.8 billion euros, could have enough funds to cover loan losses that cannot be plugged by state money, the two Veneto banks are in a more precarious position, two of the sources said.Both banks failed to raise funds on the market last year and had to be rescued by a hastily created, government-sponsored bailout fund financed by other lenders and financial institutions.Now they may have no other choice than turning once again to healthier rivals for help.Potential contributors are looking at this option with unease."We have already stumped up a lot money for the various funds that have been cobbled together to help weak banks," one of the sources said.Both Popolare di Vicenza and the European Commission said negotiations were continuing.Veneto Banca and Popolare di Vicenza, whose CEO Fabrizio Viola is leading talks with the European authorities, said they would not comment on what they described as rumors. They added discussions focused on targets set under a restructuring plan that envisages a merger between them.Last year the two banks were rescued from bankruptcy by the industry bailout fund Atlante, which took up 2.5 billion euros worth of new shares that were spurned by investors. It later pumped another 938 million euros into the two banks, but one of the sources said it would not put in any more money.Italian banks and insurers that funded Atlante have since been forced to write down the value of their investments.The new rescue scheme under discussion for the Veneto banks entails a private contribution through the conversion of around 1 billion euros of junior debt into equity. The 938 million euros already paid by Atlante should also count as private capital.But if, as expected, more money from private investors is needed, other banks would likely need to pay fresh cash into another fund that exists in other European countries and is meant to guarantee bank deposits for up to 100,000 euros.In this case, to avoid breaching EU state aid rules, the fund has set up a separate, voluntary scheme which has already been used to rescue 
'b7700559096b01a791add5a8a1164e8f669dc83a'|'Glencore agrees JV deal to supply Mexican fuel stations'|'Business News  01pm BST Glencore agrees JV deal to supply Mexican fuel stations FILE PHOTO: The logo of Glencore is seen in front of the company''s headquarters in Baar, Switzerland, September 7, 2012. REUTERS/Michael Buholzer/File Photo LONDON Mining and commodities trading group Glencore ( GLEN.L ) is jumping into Mexico''s recently opened energy sector, one of the hottest investment tickets in the industry, by setting up a retail station franchise and fuel supply deal with local group Corporacion G500 SAPI (G500), it said on Thursday. Mexico abolished in 2013 state oil firm Pemex''s decades-old monopoly on all oil production, refining and marketing, including retail markets. Since then, the country has seen a flurry of investments. On the retail side, this year alone, oil majors Exxon Mobil ( XOM.N ) and BP ( BP.L ) have announced plans to build new gas stations in Mexico and Royal Dutch Shell ( RDSa.L ) was quoted in local media as following suit. "Our partnership with G500 expands our presence into downstream and retail businesses, a natural fit with our global supply capabilities," Alex Beard, head of Glencore Oil, said in a statement on Thursday. The new franchise will be called the G500 Network and will provide fuel, branding and ancillary retail services to 1,400 fuel stations in Mexico, the company said. Formed in 2014, G500 is an association of service station owners, established in response to the deregulation and represents around 12 percent of Mexico''s service stations, selling around 160,000 barrels per day of diesel and gasoline. "This partnership is creating an innovative franchise that will improve competition, product quality and services for the Mexican consumer," Antonio Caballero Fernandez, G500 president, said in the statement. Unlike some of its competitors in oil, Glencore has so far steered clear of owning downstream assets like refineries and retail stations. Vitol, the world''s largest independent oil trader, has invested heavily in retail in the last few years and lately bought Turkey''s retail group PetrolOfisi. Trading house Trafigura has a wide retail network focused in Africa with its majority stake in Puma Energy. (Reporting by Barbara Lewis; Additional reporting by Julia Payne; Editing by Greg Mahlich and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-glencore-mexico-g-idUKKCN18E1DE'|'2017-05-18T19:01:00.000+03:00'
'2f92e2f35100525551e0505ebbbbcdbb360ed567'|'Bank of England''s growth and pay forecasts too optimistic - Reuters poll'|'Top News   9:49am BST Bank of England''s growth and pay forecasts too optimistic - Reuters poll A man walks past the Bank of England in the City of London, Britain April 19, 2017. REUTERS/Hannah McKay By Jonathan Cable - LONDON LONDON The Bank of England''s growth and wage forecasts are too rosy, according to economists polled by Reuters who were divided on what a large Conservative majority in June''s UK election would mean for Britain''s divorce terms from the EU. BoE Governor Mark Carney said the forecasts hinged on a "smooth" transition to Brexit, as well as a big pick-up in wage growth and stronger exports and investment -- things the central bank has predicted before, but which have largely not materialised. Wage inflation would rise to 3.75 percent in 2019, the Bank said. But all except four of the 26 economists polled this week who answered an extra question said that was unlikely or very unlikely. The median forecast was 3.1 percent. "The risks have in our view shifted towards a hard Brexit, in which case the UK economy in 2018-2019 will be facing headline-grabbing reductions of UK operations by foreign corporations, relocation to continental Europe and lay-offs," said Marius Gero Daheim at SEB. "This environment does not bode well for pay increases in the order of 4 percent." British pay growth lagged inflation for the first time in 2-1/2 years in early 2017. Excluding bonuses it rose 2.1 percent year-on-year in the three months to March, the weakest increase since July, data showed on Wednesday. Since last June''s referendum vote to leave the European Union, Britain''s stance has hardened. Prime Minister Theresa May has said she expects divorce talks to be tough and EU leaders have agreed stiff terms. Previous Reuters polls have concluded that talks turning fractious would pose the biggest risk to Britain''s economy and to the pound. [GBP/POLL] Hoping to build a dominant position in parliament and strengthen her hand in the EU talks, May has called a snap election for June 8. Her ruling Conservative party has a runaway lead in opinion polls, a result which could give a vote of confidence in a vision for Brexit which now sees the country outside the EU''s single market. But most respondents who answered an extra question did not take that view. A dozen said if the opinion polls were correct and the Conservatives get a sizeable majority, there would be no effect on the success of Britain''s divorce negotiations. Nine said that outcome would bring about a more constructive relationship while six said it would add distance between the two sides. STIMULATING STERLING Last week the central bank said Britain''s economy would grow 1.9 percent this year, 1.7 percent next and 1.8 percent in 2019 but median estimates in the poll were all lower -- respectively 1.7, 1.4 and 1.5 percent. Only 10 of the 60 economists polled were as or more upbeat about growth prospects this year than the Bank. For 2018 the ratio was 11 of 58. "The BoE''s growth forecasts appear too optimistic. They are conditional on a very smooth Brexit, which is unlikely," said Daniel Vernazza at UniCredit. Sterling is down well over 10 percent from levels ahead of the June referendum and its weakness is stimulating domestic inflation. It is unlikely to move far in the coming year, according to a Reuters poll earlier this month. Consumer prices rose an annual 2.7 percent in April, official data showed on Tuesday, and they look set to rise further due to the fall in the value of the pound and a recent rise in global oil prices. It will average 2.6 percent this year and next and then dip to 2.3 percent in 2019 -- still above the BoE''s target of 2 percent. But with the path for growth uncertain, the Bank is expected to look through that and keep interest rates at their current record low of 0.25 percent until 2019, the poll found. "Once again in its May Inflation Report, Governor Mark Carney insisted that the overshoot of its 2 percent tar
'8b253a6f7e157214a16fbc3f0207fa2cdc69fabb'|'French laundry firm Elis makes $2.6 billion offer for UK rival Berendsen'|'Deals   8:14am BST French laundry firm Elis makes $2.6 billion offer for UK rival Berendsen PARIS French laundry services group Elis said on Thursday it has made a 2 billion-pound ($2.6 billion) offer for UK-based rival Berendsen, the third attempt to acquire Berendsen following the rejection of earlier proposals. Elis said it would offer 440 pence in cash and 0.426 new Elis shares for each Berendsen share, valuing Berendsen at around 2.05 billion pounds ($2.65 billion). The French group said in making the offer it was approaching Berendsen''s shareholders directly, after Berendsen''s board rejected earlier proposals made privately in April and earlier this week. The latest offer values each Berendsen share at 11.73 pounds, it said, a 35 percent premium to Wednesday''s closing price of 863.5 pence. Elis said Berendsen shareholders would end up with around 35 percent of the combined group, with the merger also expected to result in major revenue, cost and capital expenditure synergies. Investment banks Lazard and Zaoui were the financial advisers on the deal. (Reporting by Sudip Kar-Gupta and Wout Vergauwen; Editing by Jason Neely, Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-berendsen-m-a-elis-idUKKCN18E0KX'|'2017-05-18T15:13:00.000+03:00'
'56aad6bcbf237e5eb1ce02049d22662bae08b447'|'Foreign investment in Germany stagnates in 2016 despite economic growth'|'Thu May 18, 2017 - 11:58am BST Foreign investment in Germany stagnates in 2016 despite economic growth A construction worker prepares concrete formworks in Berlin, Germany May 17, 2017. REUTERS/Hannibal Hanschke BERLIN Foreign investment in Germany stayed at the same level year-on-year in 2016, Germany''s trade and investment agency said on Thursday, despite the economy growing at its fastest rate for five years. The value of projects was stable at 6.2 billion euros ($6.9 billion) after having nearly doubled in the previous year to reach the highest level on record, according to the survey by government agency Germany Trade & Invest (GTAI). The agency said foreign investment created at least 29,000 new jobs in Germany and the number of foreign investors rose 2 percent, with 1,944 new projects started during the year. Germany''s economy - the biggest in Europe - grew 1.9 percent last year, driven by higher household and state spending, and picked up speed in the first quarter of 2017, expanding 0.6 percent from 0.4 percent in the last three months of 2016. "Germany is highly attractive for foreign investors. They want to benefit from the economic upswing or secure technology," GTAI official Thomas Bozoyan said. China was the largest single investor for a third straight year with 281 new projects, followed by the United States with 242, Switzerland with 194 and Britain with 125. The figures exclude foreign-led mergers and acquisitions, which last year account more than quadrupled to reach 1,707 in 2016 compared with the previous year, according to the survey. Those were dominated by companies from the United States and Britain. Chinese takeovers accounted for less than 3 percent of the foreign-led M&A deals. "But their transaction volume is relatively high. Chinese investors spent a lot of money to buy into German companies," Bozoyan said. Home appliance maker Midea''s 000333.SZ acquisition of robot-maker Kuka ( KU2G.DE ) was just one deal from China last year, with the total value of Chinese-led deals at more than $10 billion, about 40 times as much as in 2015, according to Thomson Reuters data. (Reporting by Rene Wagner; Writing by Michael Nienaber; Editing by Louise Ireland)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-economy-investment-idUKKCN18E1D2'|'2017-05-18T18:52:00.000+03:00'
'61b9c86a92408dd3b2d4a91871955c26fafb410d'|'European shares off lows; Brazil-exposed stocks slump'|'London Market Report  27pm EDT European shares off lows; Brazil-exposed stocks slump * STOXX 600 down 0.5 pct * Brazil-exposed stocks hit after scandal * Berendsen rockets after Elis offer * Earnings boost Burberry, SSP Group (Adds details, closing prices) By Danilo Masoni and Kit Rees MILAN, May 18 European shares fell on Thursday, but ended off lows as jitters over political turmoil in the United States abated, while stocks exposed to Brazil were hit after a scandal embroiled the country''s president. The STOXX 600 index ended down 0.5 percent at 389.19 points after falling as much as 1.2 percent earlier in the day to its lowest in three weeks. On Wednesday, the pan-European benchmark saw its biggest one-day drop in eight months on worries about U.S. President Donald Trump''s ability to enact stimulus policies after reports he may have tried to interfere with a federal investigation. But concerns about political stability appeared to ease as strong U.S. economic data helped Wall Street turn into positive territory. "Current thinking goes that the Trump trade is unwinding... But looking at financial conditions suggests that rumours of the Trump trade''s demise have been greatly exaggerated," said Aberdeen Asset Management Senior Investment Manager James Athey. Stocks with exposure to Brazil such as French supermarket group Casino and phone groups Telefonica and Telecom Italia fell sharply as Brazilian assets were sold off after bribery allegations against President Michel Temer darkened the outlook for his reform plans. Shares in Italy''s Fiat Chrysler, which also is exposed to Brazil, fell 3 percent after the U.S. Justice Department said it was preparing to sue the carmaker over excess diesel emissions as early as this week. Some of the largest individual stock moves were spurred by fresh M&A action, with shares in Berendsen soaring more 21 percent after French laundry firm Elis made a $2.6 billion offer for the British rival. Meanwhile, shares in Swedish debt collector firm Intrum Justitia dropped 11 percent after it proposed a string of divestments in order to assuage European Commission concerns over its planned merger with Norwegian rival Lindorff. On the positive side, earnings buoyed shares in luxury goods firm Burberry, which rose 4.7 percent after its full-year update, while restaurant operator SSP Group also gained after some strong first half results. So far Europe has enjoyed a strong earnings season, with 66 percent of firms which have reported results beating analysts'' expectations, which points to earnings growth of more than 19 percent, according to Thomson Reuters I/B/E/S data. This chimes with an overall robust reporting season for major developed markets globally. "Top line was particularly strong, helped by higher commodity prices, the pick-up in inflation and the rebound in global activity," JP Morgan''s equity strategy team said in a note, highlighting that sales grew the most in Europe. (Reporting by Danilo Masoni; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1IK5VP'|'2017-05-19T01:27:00.000+03:00'
'b38ad6582e496e73d9a351154634fff1cbf238d1'|'Brazil''s senator in charge of drafting labor reform report halts work on the proposal'|'Bonds  49am EDT Brazil''s senator in charge of drafting labor reform report halts work on the proposal BRASILIA May 18 Brazilian Senator Ricardo Ferra<72>o in charge of drafting a labor reform report said on Thursday he was canceling work on the proposal, an indication that President Michel Temer''s agenda has ground to a halt in the new political crisis. An aide to the senator said the agenda pushed by Temer''s government has been "suspended" after allegations that he condoned the bribery of a witness in the "Car Wash" corruption investigation, which have threatened his hold on office. (Reporting by Anthony Boadle)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-politics-reform-idUSS0N1H001O'|'2017-05-18T23:49:00.000+03:00'
'84061e8e26d8a9558694539cf938518b2cdab33b'|'Credit checker Experian expects more growth after revenue rises'|'Business News  32am BST Credit checker Experian expects more growth after revenue rises Experian Plc, the world''s biggest credit data company, expects another year of good growth, it said on Thursday, after reporting a 5 percent rise in full-year organic revenue from ongoing activities at constant exchange rates, helped by strong growth across all regions. The company, best known for running consumer credit checks for banks, landlords and retailers, reported a 10.9 percent rise in pre-tax profit to $1.07 billion (825.4 million pounds). The FTSE-100 company said revenue for the year ended 2016 rose 2.3 percent to $4.34 billion, excluding the impact of a 75 percent stake sale in its email marketing division. "We anticipate another year of good growth with stable margins and further progress in benchmark earnings per share," the company said in a statement. Experian, which earns the bulk of its revenue overseas, said benchmark earnings before interest and taxes for the period rose 4.7 percent to $1.20 billion. The company said in January that it expected full-year organic revenue to grow in mid-single digits in percentage terms on a constant currency basis, and an impact of about 1 percent to full-year benchmark earnings before interest and taxes on current exchange rates. (Reporting By Justin George Varghese; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-experian-results-idUKKCN18E0OV'|'2017-05-18T15:32:00.000+03:00'
'dcb9d3c0fed5236e1ca9ad04f6f47409b2544d24'|'Even nuanced shift in ECB communication needs great caution - minutes'|'Central Banks  41pm BST Even nuanced shift in ECB communication needs great caution - minutes FILE PHOTO: The headquarters of the European Central Bank (ECB) are pictured in Frankfurt, Germany, September 8, 2016. REUTERS/Ralph Orlowski/File Photo By Balazs Koranyi - FRANKFURT FRANKFURT European Central Bank policymakers must exercise great caution before even nuanced communications shifts to prevent undue market turbulence, rate setters concluded at the bank''s April 27 policy meeting. The measured stance suggests that policymakers may be hesitant to make any significant change in their policy path at the June 8 meeting, opting for only a small nod to the improved growth outlook, worried that a bigger signal could unravel years of stimulus. "It was felt that the Governing Council''s communication should be adjusted in a very gradual and cautious manner as, the current juncture, monetary and financial conditions were particularly sensitive to changes in communication," the ECB said in the minutes, published on Thursday. Meeting late last month, policymakers acknowledged that risks have continued to decline but said they were skewed to the downside, maintaining a long-standing stance even as the euro zone is enjoying its best growth run in a decade. "After a long period of very accommodative monetary conditions, even small and incremental changes in communication could have strong signalling effects when interpreted as heralding a change in the monetary policy stance," the minutes said. Rates setters, however, stressed that new staff forecasts due in June would form the basis of future discussion. Markets expect policymakers to finally declared growth risks balanced next month but the is still seen keeping the door open to further rate cuts or even bigger asset buys if necessary. "Any substantial change in communication needed to be motivated by some more evidence that the present indications of acceleration in activity found confirmation in hard data and fed through to a sustainable adjustment in inflation," chief economist Peter Praet said, according to the minutes. While there was broad agreement regarding the balance of risk, some policymakers argued that they were balanced. Among the key risks to growth, policymakers said that uncertainty about U.S. policies, Britain''s departure from the EU and China''s rebalancing needed to be monitored. "In particular, reference was made in the discussion to the high degree of uncertainty surrounding short-term developments i the U.S. economy," the minutes showed. (Reporting by Balazs Koranyi; Editing by Francesco Canepa)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-minutes-idUKKCN18E1I5'|'2017-05-18T19:41:00.000+03:00'
'dcf3ab301678c4c8e762a25c077a49b9b2f8ec73'|'Brazil president taped discussing payments to potential witness -sources'|'Market News - Wed May 17, 2017 - 9:23pm EDT Brazil president taped discussing payments to potential witness -sources BRASILIA/SAO PAULO May 17 Brazilian President Michel Temer was recorded discussing payments to silence testimony by a potential witness in the country''s biggest-ever graft probe, three sources with knowledge of the matter told Reuters on Wednesday, confirming a report in newspaper O Globo. The paper reported that the chairman of meatpacker JBS SA had presented a recording of the alleged conversation to prosecutors as part of plea bargain negotiations. (Reporting by Lisandra Paraguassu, Ricardo Brito and Brad Brooks; Editing by Christian Plumb and Sandra Maler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-payments-idUSE6N1H601G'|'2017-05-18T09:23:00.000+03:00'
'f8c8192640acfb3bc60e63cf01eaeec52745a24f'|'Argentina authorizes issuance of $20 bln in sovereign bonds'|'BUENOS AIRES May 15 Argentina has authorized the sale of $20 billion in sovereign bonds to be issued under U.S. and British law, according to a decree published in the government gazette on Monday.The bond issuance, to take place under opportune market conditions, is part of the government''s 2017 financial program.To get the most favorable terms for Argentina, it is necessary to extend the legal jurisdiction of the transaction to state and federal courts in New York City and London, the decree said.Bonds governed by U.S. and British law are often considered more valuable and fetch higher prices than obligations subject to the courts of Argentina.The nominal amount of government bonds under the decree will be up to $20 billion, according to the decree.President Mauricio Macri was elected in late 2015 on the promise of "normalizing" Argentina''s economy and financial markets after years of heavy state intervention and non-payment of international debt obligations under the previous government. (Reporting by Walter Bianchi; Writing by Hugh Bronstein; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/argentina-bonds-idINL2N1IH0DD'|'2017-05-15T11:24:00.000+03:00'
'e5488f0c37afd7970f55b0816c56e63b73b6edf6'|'CORRECTED-UPDATE 6-Oil jumps as Saudi, Russia say supply cuts need to be extended to March 2018'|'Market News - Mon May 15, 2017 - 4:54am EDT CORRECTED-UPDATE 6-Oil jumps as Saudi, Russia say supply cuts need to be extended to March 2018 (Corrects headline, paragraph 1, and paragraph 4 to say Saudis, Russia agree need to extend supply cut, instead saying agree to extend supply cut) * Saudis, Russia to "do whatever it takes" to re-balance market * Russia, Saudi Arabia are world''s two biggest oil producers * Volume of cuts initially to remain unchanged * Saudis, Russia hope to involve more producers in cuts * Soaring U.S. oil output has so far undermined supply curbs By Henning Gloystein SINGAPORE, May 15 Oil prices jumped 2 percent on Monday after the energy ministers of the world''s two biggest producers Saudi Arabia and Russia jointly said that a crude production cut needed to be extended from the middle of this year until March 2018. Brent crude was at $51.88 per barrel at 0655 GMT, up $1.04, or 2.1 percent, from its last close at a level last seen in early May. U.S. West Texas Intermediate (WTI) crude was at $48.85 per barrel, up $1.01, or 2.1 percent. Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander Novak said on Monday in Beijing that a joint deal to cut crude supplies needed to be extended from the middle of this year until the end of March 2018. "We''ve come to conclusion that the agreement needs to be extended," the statement said. "The two ministers agreed to do whatever it takes to achieve the desired goal of stabilizing the market and reducing commercial oil inventories to their 5-year average level," it added. The Organization of the Petroleum Exporting Countries (OPEC), of which Saudi Arabia is the de-facto leader, and other producers led by Russia, pledged late last year to cut output by 1.8 million barrels per day (bpd) during the first half of 2017. OPEC-members agreed to cut 1.2 million bpd under the deal. The extension will initially be on the same volume terms as before, although the ministers said they hoped other producers would join the efforts. Russia and Saudi Arabia together produce about 20 million bpd of crude, equivalent to one-fifth of global consumption. Their clout in oil policy is seen ensuring that other producers who have so far participated in the cuts will also extend. "Saudi and Russia are clearly working closely together. Saudi seems very determined to push oil prices higher by making this joint statement now," said Oystein Berentsen, managing director for oil trading company Strong Petroleum in Singapore. OPEC is due to meet in Vienna, Austria, on May 25. However, higher output from the United States, which did not participate in the agreement to cut supplies, has undermined the efforts by OPEC and Russia. Thanks to a relentless rise in drilling activity, mostly from shale producers, U.S. oil output has shot up by more than 10 percent since mid-2016 to over 9.3 million bpd. C-OUT-T-EIARIG-OL-USA-BHI "With the U.S. rig count increasing for its 17th consecutive week, I think we can safely say that the crude oil battle is well and truly on," said Matt Stanley, a fuel broker at Freight Investor Services (FIS) in Dubai. Financial traders have increased their stakes in the Brent and WTI markets as speculators are taking positions that either OPEC and Russia''s effort to support prices will work out, or prices will drop again because of the surge in U.S. supply. Open interest for Brent and WTI crude futures hit all-time records this month of over 2.5 million contracts open for front-month Brent, and over 2.3 million contracts open in front-month WTI. (Reporting by Henning Gloystein; Editing by Christian Schmollinger and Richard Pullin) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-oil-idUSL4N1IH0FS'|'2017-05-15T12:54:00.000+03:00'
'0167965a2aae5215dba8f7aae97a765651aa31f5'|'Royal Mail finance director promoted to CFO'|'Business   12:29pm BST Royal Mail finance director promoted to CFO FILE PHOTO: A Royal Mail vehicle drives along the M6 motorway near Knutsford, northern England, April 8, 2016. REUTERS/Phil Noble/File Photo Britain''s Royal Mail on Monday named internal candidate Stuart Simpson as its next chief finance officer, promoting its director of group finance to the post that will be vacated by outgoing head Matthew Lester later this year. The former postal monopoly said Simpson, who has held various senior operational and finance positions since joining Royal Mail in 2009, would step into the role at the close of its annual general meeting on July 20. The appointment comes as Royal Mail has seen a worsening of conditions in its core business of delivering letters, where volumes have declined, and continues to see stiff competition in its parcels business. The company is also embroiled in talks with unions over plans to close its defined benefit pension scheme at the end of March 2018 after finding that it would have to double annual contributions to over 1 billion pounds to keep it running. Royal Mail said Simpson had been selected after a detailed review of internal and external candidates as he could help drive the company''s transformation. "Over the past three years, (Simpson) has been instrumental in driving performance particularly in the core business," Chief Executive Moya Greene said in a statement. "He brings a very detailed knowledge of our business to this key role ... This will prove invaluable as he works with me to transform Royal Mail." Late last year, Lester announced his intention to quit after more than six years. At that point, the firm did not give a reason for the planned departure. Royal Mail is scheduled to report its full-year results on May 18. (Reporting by Esha Vaish in Bengaluru, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-royal-mail-moves-cfo-idUKKCN18B1CU'|'2017-05-15T19:29:00.000+03:00'
'9a4c04e230fde68e0ae98a2afcaf769f4b33c546'|'Tour operator TUI Group says UK sales slow, shares drop'|'Business News - Mon May 15, 2017 - 1:04pm BST Tour operator TUI Group says UK sales slow, shares drop The logo of of German travel company TUI AG is seen outside of one of its branch offices in Vienna, Austria, December 27, 2016. REUTERS/Leonhard Foeger By Victoria Bryan - BERLIN BERLIN Europe''s largest tour operator, TUI Group ( TUIT.L ), said UK sales and bookings for the summer had slowed, hitting its shares on Monday. The fall in sterling against the euro EURGDP= following Britain''s vote to leave the European Union has made it more expensive for Britons to holiday overseas and "staycations" are enjoying renewed interest. TUI said that summer bookings from British customers were currently flat with revenues up 8 percent, a slowdown from February, when it said UK summer bookings were up 3 percent this year and revenues were 12 percent higher. "There''s no doubt that in the UK, times will be a little more tough in the future than they have been in the past," Chief Executive Fritz Joussen told analysts on Monday, after the group reported first-half results. He said it was doubtful whether the UK division would maintain its profit margin this year, and the company would look at shifting some capacity. TUI''s shares dropped 3.9 percent, the biggest faller among European travel and leisure stocks .SXTP. Shares in smaller rival Thomas Cook ( TCG.L ), which reports results on Thursday, were down 2.6 percent. Tour operators have also been hit by a shift in demand away from North Africa and Turkey to western Mediterranean destinations due to security concerns. Joussen said that TUI, which is investing in more of its own hotels, would look to see if the situation in Turkey provided any opportunities for the group to buy up distressed assets. In Germany, TUI''s airline TUIfly is benefiting from problems at rival Air Berlin ( AB1.DE ), which is restructuring amidst record losses, Joussen said. TUI plans to spin off TUIfly into a leisure airline joint venture with Etihad, but the process has been slower than expected. Joussen said it was a difficult project and the company would rather take its time over the deal to ensure the best result. Overall, the group reported a second-quarter underlying EBITA loss of 177.7 million euros (<28>151 million) at constant currencies, against a loss of 126 million in the year-earlier period. Adjusted for the late timing of Easter this year, the loss for the first six months of the financial year improved 6.3 percent to 193.3 million euros, TUI said. It confirmed a target to increase underlying earnings before interest, tax and amortisation (EBITA) by at least 10 percent this year. (Reporting by Victoria Bryan; Editing by Maria Sheahan and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tui-results-idUKKCN18B1GT'|'2017-05-15T20:04:00.000+03:00'
'99f56f05c81c884eadc2a53be618d8281df778cd'|'Ikea<65>s solution to peak stuff? Invest in plastics recycling plant - Guardian Sustainable Business'|'Ikea has bought forest in Romania and the Baltics, wind farms in Poland and now it is investing in a plastic recycling plant in the Netherlands.For the Swedish furniture giant, extending control across its supply chain in this way could help it become more sustainable by avoiding environmentally damaging activities like illegal deforestation and plastic waste.Ikea is not alone in this strategy. Apple, for example, has invested in forest in the US to increase the supply of sustainable pulp and paper goods that it needs for packaging. Google and Amazon, meanwhile, are two of a number of big companies that have bought renewable energy , in part to protect themselves against variable electricity prices.Spray on and printable: what''s next for the solar panel market? Read more The latest Ikea move saw it acquire a 15% minority stake in Dutch plastic recycling plant Morssinkhof Rymoplast, spending some of the <20>3bn (<28>2.54bn) the company has allocated to sustainability investments.Plastic production accounts for 6% of global oil consumption (pdf), a figure expected to grow to 20% by 2050 on current trajectory.With increasing consumer awareness around plastic waste, Ikea<65>s investment in Morssinkhof Rymoplast builds on the company<6E>s goal (pdf) to make its plastic products (representing around 40% of its total plastic use) using 100% recyclable and/or recycled materials by August 2020.Pia Heidenmark Cook, Ikea<65>s acting chief sustainability officer, says the investment is intended to help Morssinkhof Rymoplast develop its capabilities. The Dutch company currently has facilities across the Netherlands and the capacity to produce more than 220,000 tons of high grade recycled materials a year.<2E>It is our first investment with the recycling industry [<5B>] so at this point, it<69>s really a learning experience to understand more about what is needed for getting high quality plastic that can be fed into our products,<2C> says Cook.Jakob Rehme, professor of industrial economics at Sweden<65>s Link<6E>ping University, suggests that such investments can be a logical preemptive step for a company whose demand for materials is so significant. <20>This [demand] means they often need to tackle the sourcing strategy that could lead to a resource scarcity <20> of recycled plastics for instance,<2C> says Rehme.If and when regulation gets tougher and producers are required to have a percentage of recycled plastic in new products, an investment in recycling will help Ikea secure what could become a highly sought after material.<2E>We<57>ve seen this trend in a number of business sectors,<2C> says Dexter Galvin, head of supply chain at CDP. <20>Climate change and resource scarcity present global supply chains with significant risk [<5B>] some businesses respond with a broader global sourcing model but many are pursuing vertical integration [where a business expands its operations in the supply chain].<2E>For some, however, there are concerns around the motivations and consequences of businesses expanding in this way.Ikea vows to be net exporter of renewable energy by 2020 Read more Rehme says, for example, that a significant driving force behind the food and drink industry<72>s investments in recycling has been to avoid regulation and shape a voluntary system instead. He warns that while large company involvement can potentially be a force of good, they can also end up dominating an entire supply chain and hurting SMEs or companies from developing nations.For Donna Marshall, associate professor at University College Dublin, it can also be about greenwash. In the absence of demonstrating real progress when it comes to reducing environmental impact, she says, providing innovative sustainable suppliers with support is <20>great PR for a company<6E>.Ikea disputes such criticism of its latest investment. <20>Our approach to the circular economy is not to buy up recycling companies,<2C> says Cook. <20>It<49>s one element to learn more and better understand upcycling, but it<69>s 
'afd3bf307e4f83b483d1f6afa2b9b002e6cc3414'|'EMERGING MARKETS-Trump concerns snap winning streak'|'LONDON May 17 Concerns over the fate of promised U.S. fiscal stimulus caused emerging stocks to snap a seven-day winning streak on Wednesday, pushing them off two-year highs while many currencies weakened as investors sought safer assets.Emerging assets did not benefit from the dollar hitting six-month lows and U.S. yields at two-week lows after media reports raised questions over whether obstruction of justice charges could be laid against U.S. President Donald Trump.The reports weaken investors'' belief that Trump can push through an aggressive stimulus programme they have been banking on since November''s election."There is less and less clarity on what is going to happen in the United States, what the political landscape is going to be and what is going to be the agenda ... The two risks are if Donald Trump is under impeachment and a big retracement down on oil," said Societe Generale credit strategist Regis Chatellier."Overall emerging markets have had very good momentum. (But) the fact that oil is trending down doesn''t help."Oil prices tumbled more than 16 percent in April but have gained more than 12 percent since the start of May.MSCI''s emerging equity index slipped by 0.3 percent , with its biggest components -- Hong Kong, Taiwan and Korea -- down about 0.2 percent. Investors also sold local currency bonds, driving up yields across the board while sovereign dollar bond yield premiums over Treasuries widened 5 basis points to a three-week high of 301 basis points .All this weighed on currencies. The South African rand and Turkish lira -- the countries most vulnerable to tighter global monetary conditions -- slipped by 0.6-0.8 percent against the dollar .In eastern Europe, the Polish zloty and Czech crown pulled back from multi-year highs against the euro after Tuesday''s robust economic dataThe Polish central bank is expected to hold interest rates at 1.5 percent at its meeting later in the day.Investors caution that the risk of a reversal of emerging markets strong run has risen, especially given currency valuations and bonds are less attractive. Investors polled by Morgan Stanley trimmed their overweight on the sector to 41 percent this month from 44 percent in April.Chatellier noted, however, that Senegal had placed a $1.1 billion bond, with order books close to $8 billion."That clearly shows there is an interest in emerging markets," he added.For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5For CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chgon yearMorgan Stanley Emrg Mkt Indx 1012.53 -2.52 -0.25 +17.43Czech Rep 1026.13 -0.99 -0.10 +11.34Poland 2337.51 -2.83 -0.12 +20.00Hungary 34241.20 +162.73 +0.48 +6.99Romania 8456.43 +1.69 +0.02 +19.36Greece 790.84 +2.06 +0.26 +22.87Russia 1105.80 -7.15 -0.64 -4.04South Africa 47635.62 +208.66 +0.44 +8.50Turkey 95809.38 -352.13 -0.37 +22.61China 3104.74 -8.22 -0.26 +0.04India 30649.14 +66.54 +0.22 +15.11Currencies Latest Prev Local Localclose currency currency% change % changein 2017Czech Rep 26.45 26.35 -0.39 +2.09Poland 4.19 4.17 -0.35 +5.13Hungary 309.84 308.70 -0.37 -0.33Romania 4.55 4.55 -0.13 -0.39Serbia 123.11 123.04 -0.06 +0.19Russia 56.75 56.60 -0.26 +7.96Kazakhstan 313.37 312.18 -0.38 +6.47Ukraine 26.41 26.42 +0.06 +2.25South Africa 13.17 13.06 -0.83 +4.28Kenya 103.25 103.30 +0.05 -0.85Israel 3.60 3.59 -0.22 +6.88Turkey 3.56 3.54 -0.64 -0.97China 6.89 6.88 -0.10 +0.76India 64.09 64.03 -0.09 +6.02Brazil 3.10 3.10 -0.00 +5.07Mexico 18.71 18.64 -0.39 +10.70Debt Index Strip Spd Chg %Rtn IndexSov''gn Debt EMBIG 319 4 .01 7 83.34 1All data taken from Reuters at 08:49 GMT. Currency percent change calculated from the daily U.S. close at 2130 GMT.(Additional reporting by Claire Milhench; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reut
'c301533ba9fe506dd97dd89c0b4d89d83234b907'|'BRIEF-Berkshire Hathaway ups share stake in American Airlines, Southwest Airlines'|' 42pm EDT BRIEF-Berkshire Hathaway ups share stake in American Airlines, Southwest Airlines May 15 Berkshire Hathaway Inc * Berkshire Hathaway Inc ups share stake in American Airlines Group by 8.2 percent to 49.3 million shares * Berkshire Hathaway Inc ups share stake in Southwest Airlines Co by 10.3 percent to 47.7 million shares * Berkshire Hathaway Inc cuts share stake in Delta Air Lines inc by 8.3 percent to 55.0 million shares * Berkshire Hathaway Inc - change in holdings are as of March 31, 2017 and compared with the previous quarter ended as of Dec 31, 2016 Source text for quarter ended March 31, 2017 ( bit.ly/2pQgrA1 ) Source text for quarter ended Dec. 31, 2016: ( bit.ly/2pQ2hyG )'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-berkshire-hathaway-ups-share-stake-idUSFWN1IH172'|'2017-05-16T05:42:00.000+03:00'
'7a2cb49627e7926cd473824b09a03aab13dd580e'|'Fund manager Vanguard shakes up UK market by slashing fees - Business'|'A US fund manager has thrown down the gauntlet to high-charging rivals and financial advisers by slashing fees to less than half the UK average.Vanguard will offer the cheapest way to buy funds and investment ISAs in the UK, with fees half the level charged by Hargreaves Lansdown and Fidelity Funds Network.Until now, fund groups have shied away from offering direct-to-consumer deals, preferring to sell through financial advisers or platforms such as Hargreaves Lansdown<77>s Vantage system. JP Morgan appears to make good on Brexit threat with new Dublin office Read more But Vanguard will now sell its range of index funds directly to consumers, charging from just 0.23% a year. That compares with the 0.5% to 1% fees charged by rivals. Vanguard is the world<6C>s second-largest fund manager, with $4.2tn (<28>3.3tn) under management, mostly in low-cost index funds, which promise to track a particular index, such as the FTSE 100. Set up in 1974 by financier John Bogle, Vanguard pioneered index investing <20> which aims to replicate the performance of a specific share index such as the FTSE 100 <20> with the world<6C>s first mutual index fund available to the general public. It is client-owned, so does not pay dividends to shareholders. And, as it has expanded, it has consistently cut charges. The group launched eight years ago in the UK, where it has already acquired $72bn under management but until now has had a minimum investment of <20>100,000 for direct buyers. Under its new deal, investors with <20>500 upwards will be charged an account feeof 0.15% to administer their money, plus the underlying fee for each fund. Its cheapest mainstream fund is its FTSE All Share tracker, with a fee of 0.08% a year, making the total cost over one year 0.23%. Hargreaves Lansdown, currently Britain<69>s biggest firm of financial advisers, charges 0.53% a year for the same fund. Vanguard said that someone investing <20>10,000 a year would pay <20>23 a year in total charges, compared with an average of <20>49.58 for online investing services and up to <20>128 at the most expensive platforms. The authors of a book last year on investment industry charges , What They Do With Your Money: How the Financial System Fails Us and How to Fix It, highlighted the damaging impact of a seemingly innocuous 1.5%-a-year fee typically levied to manage money. Over a lifetime, a 1.5% charge means a fund manager and advisers help themselves to 38% of an individual<61>s pension savings, much of it, they alleged, the result of pointless short-term positions and over-trading.Sean Hagerty, head of Vanguard<72>s European business, said: <20>Only recently, the FCA<43>s [Financial Conduct Authority<74>s] asset management market study highlighted that fees have not decreased enough based on the economies of scale achieved by the industry. Vanguard agrees with these conclusions.<2E>The chief drawback to Vanguard<72>s deal is that it will only sell its own range of funds, unlike Hargreaves and Fidelity, which allow investors to keep a wide range of different funds from asset managers in one place on their platform. Vanguard also largely offers index and <20>exchange traded<65> funds rather than actively managed funds. But it said that $1tn of its assets under management are now in actively managed funds, with fees starting at 0.6% compared with the industry<72>s typical fees, in the UK, of about 1.5%. Hargreaves Lansdown said: <20>We don<6F>t comment on our competitors or their propositions. <20>Our clients tell us they appreciate our extensive range of shares, funds, investment trusts, ETFs [exchange-traded funds] and cash open to them, all in one place, and most of them take advantage of the choice available to invest across multiple fund groups.<2E>Topics Financial sector Investing Hargreaves Lansdown Investment funds Investments news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/16/vanguard-funds-investment-isa-uk-fees-hargreaves-lansdown-fidelity'|'2017-05-16T14:32:00.0
'1f16e56d32ccf9c7a435f5388e684696775cbc5c'|'Deutsche Boerse CEO says no big mergers on the cards for now'|'FRANKFURT Big stock exchange mergers are currently off the table for German stock exchange operator Deutsche Boerse ( DB1Gn.DE ) following a failed attempt to link up with London Stock Exchange ( LSE.L ), CEO Carsten Kengeter said on Wednesday."It is currently quite difficult to think about large exchange mergers," Kengeter told shareholders at the company''s annual general meeting."But that does not mean acquisitions, partnerships, and investments are no longer possible."Kengeter also said allegations of insider trading against him will prove unfounded and that he was cooperating with authorities in the matter.Following the failed LSE merger, Deutsche Boerse now aims to extend its trading platforms to a broader range of assets.Kengeter pointed to foreign-exchange as particularly promising, along with energy, raw materials and other commodities trading.In May, Deutsche Boerse''s energy exchange platform EEX bought the U.S. electronic commodities exchange Nodal. "A promising market indeed," Kengeter said.Kengeter has been under pressure following the unsuccessful merger with LSE. In addition, Frankfurt public prosecutor''s office is investigating whether Kengeter used non-public information for personal gain in his own share trading."These allegations have deeply concerned me personally, because this is exactly what I did not do," Kengeter said."Deutsche Boerse, as well as myself personally, are fully cooperating with the public prosecutor''s office, and I am certain that, following detailed investigation, the allegations will turn out to be unfounded."(Reporting by Tom Sims; Editing by Maria Sheahan and Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-deutsche-boerse-agm-idINKCN18D0YQ'|'2017-05-17T07:20:00.000+03:00'
'611727992c62610da4ee6a1f254f8907340bc241'|'BRIEF-SEC approves New York Stock Exchange ''speed bump'' plan - WSJ'|'Market News - Tue May 16, 2017 - 6:44pm EDT BRIEF-SEC approves New York Stock Exchange ''speed bump'' plan - WSJ May 16 (Reuters) - * SEC approves New York Stock Exchange ''speed bump'' plan - WSJ * An order released by the SEC allows NYSE to add a delay of 350 microseconds, or millionths of a second, to all stock trades on NYSE MKT - WSJ Source text: on.wsj.com/2pU3eWY Morning News Call - India, May 17 To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_05172017.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 10:00 am: Junior Finance Minister Arjun Ram Meghwal at an event in New Delhi. 11:15 am: Marico Chairman Harsh Mariwala at an event in New Delhi. 3:30 pm: JSW Steel earnings press meet in Mumb NEW YORK, May 16 Impressionist and modern art achieved some respectable results at Sotheby''s on Tuesday, but the sale was marked by the 11th-hour withdrawal of its much-hyped star offering, an early masterpiece by Egon Schiele. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-sec-approves-new-york-stock-exchan-idUSFWN1II0R9'|'2017-05-17T06:44:00.000+03:00'
'235cb8cbfdd7c1670e6fcd31eb36da4ace34a89d'|'Ubisoft more attractive for Vivendi as shares fall'|'Deals - Wed May 17, 2017 - 1:18pm BST Ubisoft more attractive for Vivendi as shares fall   the Ubisoft booth at the E3 Electronic Expo in Los Angeles, California, U.S. June 14, 2016. REUTERS/Lucy Nicholson/File Photo By Wout Vergauwen A slide in Ubisoft''s ( UBIP.PA ) shares on Wednesday has revived talk of a takeover by media giant Vivendi ( VIV.PA ), worrying the video game company''s founding Guillemot family which has so far rejected any possibility of such a deal. The maker of the Assassin''s Creed and South Park video game series fears poor results could weaken its defense strategy and make it easier for Vivendi to persuade investors to back a takeover, a source close to the company said. "We are well aware that Bollore has been waiting for a stumbling block to step in," the source said, referring to Vivendi''s billionaire chairman Vincent Bollore. Vivendi first bought a stake in Ubisoft in 2015 and raised it in 2016, prompting the Guillemot family to court Canadian investors to fend off any hostile approach. By the end of last year Vivendi had boosted its holding to 25 percent. Ubisoft shares fell as much as 7.9 percent on Wednesday, after the French company cut its mid-term sales forecasts. The company also said it still considered the best way to create value was to remain independent. Ubisoft shares were down 2.7 percent at 47.4 euros as at 1200 GMT (8 a.m. ET). Another person familiar with the situation said on Wednesday that the drop in price was probably not enough for Vivendi to make a bid as Ubisoft shares were still up 40 percent since the start of the year, partly on expectations of a Vivendi approach. The source also dismissed the likelihood of any merger approach in the near term, saying it was still "early days". Kepler Cheuvreux analyst Charles-Louis Scotti said time was on Vivendi''s side. He said if Ubisoft does meet it''s full-year targets, Vivendi''s investment would produce a very positive return. But if Ubisoft falls short, it would end up being a cheaper acquisition for Bollore''s media giant. "The ideal window of opportunity for a transaction on Ubisoft is later on this year, or early next year," Bryan, Garnier & Co analyst Richard-Maxime Beaudoux said, also adding that time was on Vivendi''s side in its pursuit of Ubisoft. (Reporting by Wout Vergauwen; additional reporting by Sophie Sassard in London; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ubisoft-m-a-vivendi-idUKKCN18D1HJ'|'2017-05-17T20:16:00.000+03:00'
'a9948292199f84294171fe4ac92773c7fa591e8f'|'Japan ''toushin'' funds see outflows after reprimand from FSA'|'Business News - Tue May 16, 2017 - 11:33am BST Japan ''toushin'' funds see outflows after reprimand from FSA By Tomo Uetake and Hideyuki Sano - TOKYO TOKYO Japanese investment trusts, or "toushin", saw the first net outflow of funds in six months in April, industry data showed on Tuesday, following scathing criticism of the industry from the head of the country''s financial watchdog. Investors pulled 31.1 billion yen (<28>212.2 million) of funds from toushin in April, the first monthly net outflow since October. In another indication of the slowdown in business, the number of new fund launches in May was also likely to be around 20 - the lowest since data was available from 2007, said the Investment Trusts Association, Japan. If outflows from the toushin funds accelerate, that could force fund operators to sell assets, which will affect markets. Industry officials say many financial institutions have slowed or refrained from aggressive sales of some toushin funds after Nobuchika Mori, the commissioner of the Financial Services Agency, blasted the Japanese asset management industry for not catering to the true benefit of its customers. In a speech to financial professionals in early April, Mori railed at Japanese investment trusts'' high fees and low investment returns. The average return of about 280 active Japanese stock funds is 1.4 percent over the last 10 years after deducting fees, with a third of them making losses, compared to average annual gains of 3 percent in the Nikkei share average .N225 , he said. Noting that a panel of experts had concluded that 99 percent of toushins were unsuitable for long-term investment, Mori called on fund operators to take action. "How long are you going to keep this practise? Would customers who could not get a decent return on financial products they bought increase investment?" Mori challenged industry officials. Shocked by his blunt public rebuke, asset management firms virtually stopped sales activities, industry sources said. "After the FSA''s comments, sales staff are in the dark on what they should sell, or recommend to their customers," said an executive at a European asset management firm. They say net fund outflows appear to be increasing in May. Asset management firms are expected to disclose plans in June to make themselves more customer-oriented. "The number of new fund launches is declining because Mr. Mori''s severe comments are making it difficult for asset managers to create funds lightly," said Noriyuki Morimoto, chief executive officer at HC Asset Management. Yoshio Okubo, vice chairman of the Investment Trusts Association, said he cannot rule out the possibility Mori''s comments had some impact, adding that the industry will try to win back public confidence. The Japanese investment trust industry manages about $1 trillion yen (<28>775.5 billion) of assets, channelling Japanese investors'' funds to stocks, foreign bonds and currency markets. (Additional reporting by Emi Emoto; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-funds-criticism-idUKKCN18C14D'|'2017-05-16T18:33:00.000+03:00'
'd177a72da9ad4cd970d5e91d29576b1fed05ed5c'|'Cyber attack could spark lawsuits but not against Microsoft'|'Cyber Risk - Mon May 15, 2017 - 7:50pm EDT Cyber attack could spark lawsuits but not against Microsoft An promotional video plays behind a window reflecting a nearby building at the Microsoft office in Cambridge, Massachusetts, U.S. May 15, 2017. REUTERS/Brian Snyder By Jan Wolfe Businesses that failed to update Microsoft Windows-based computer systems that were hit by a massive cyber attack over the weekend could be sued over their lax cyber security, but Microsoft Corp itself enjoys strong protection from lawsuits, legal experts said. The WannaCry worm has affected more than 200,000 Windows computers around the world since Friday, disrupting car factories, global shipper FedEx Corp and Britain''s National Health Service, among others. The hacking tool spreads silently between computers, shutting them down by encrypting data and then demanding a ransom of $300 to unlock them. According to Microsoft ( MSFT.O ), computers affected by the so-called "ransomware" did not have security patches for various Windows versions installed or were running Windows XP, which the company no longer supports. "Using outdated versions of Windows that are no longer supported raises a lot of questions," said Christopher Dore, a lawyer specializing in digital privacy law at Edelson PC. "It would arguably be knowingly negligent to let those systems stay in place.<2E> Businesses could face legal claims if they failed to deliver services because of the attack, said Edward McAndrew, a data privacy lawyer at Ballard Spahr. "There is this stream of liability that flows from the ransomware attack," he said. "That''s liability to individuals, consumers and patients." WannaCry exploits a vulnerability in older versions of Windows, including Windows 7 and Windows XP. Microsoft issued a security update in March that stops WannaCry and other malware in Windows 7. Over the weekend the company took the unusual step of releasing a similar patch for Windows XP, which the company announced in 2014 it would no longer support. Dore said companies that faced disruptions because they did not run the Microsoft update or because they were using older versions of Windows could face lawsuits if they publicly touted their cyber security. His law firm sued LinkedIn after a 2012 data breach, alleging individuals paid for premium accounts because the company falsely stated it had top-quality cyber security measures. LinkedIn settled for $1.25 million in 2014. But Scott Vernick, a data security lawyer at Fox Rothschild that represents companies, said he was skeptical that WannaCry would produce a flood of consumer lawsuits. He noted there was no indication the cyber attack had resulted in widespread disclosure of personal data. "It isn<73>t clear that there has been a harm to consumers," he said. Vernick said businesses that failed to update their software could face scrutiny from the U.S. Federal Trade Commission, which has previously sued companies for misrepresenting their data privacy measures. LICENSING AGREEMENTS LIMIT LIABILITY Microsoft itself is unlikely to face legal trouble over the flaw in Windows being exploited by WannaCry, according to legal experts. When Microsoft sells software it does so through a licensing agreement that states the company is not liable for any security breaches, said Michael Scott, a professor at Southwestern Law School. Courts have consistently upheld those agreements, he said. Alex Abdo, a staff attorney at the Knight First Amendment Institute at Columbia University, said Microsoft and other software companies have strategically settled lawsuits that could lead to court rulings weakening their licensing agreements. "This area of law has been stunted in its growth," he said. "It is very difficult to hold software manufacturers accountable for flaws in their products." Also enjoying strong protection from liability over the cyber attack is the U.S. National Security Agency, whose stolen hacking tool is believed to be the basis for Wanna
'4005ddd34e31d360c13f345f7970188cb3e2ee16'|'China''s banking regulator to step up protection after cyber attack'|'Business News   9:53am BST China''s banking regulator to step up protection after cyber attack BEIJING China''s banking regulator said on Wednesday it will strengthen cyber security protection at banks to prevent "disruptive systemic risk events" after the global WannaCry "ransomware" attack infected more than 300,000 computers in 150 countries. The China Banking Regulatory Commission (CBRC) said in an emailed statement it has not received any major infection reports from the country''s banks on the cyber attack. The attack had infected close to 30,000 Chinese organisations by Saturday evening, Chinese security software maker Qihoo said. But the spread of the WannaCry worm in the country appeared less aggressive than initially feared, said an official at China''s cyber administrator. CBRC also pledged to increase its own cyber security management and risk prevention capabilities, and guide banks to conduct monitoring, assessment, early warning and prevention for similar events. China is preparing to enforce a wide-reaching cyber security law that U.S. business groups say will threaten the operations of foreign firms in the country with strict local data storage laws and stringent surveillance requirements. (Reporting By Beijing Finance team; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-cyber-attack-china-idUKKCN18D0W9'|'2017-05-17T16:53:00.000+03:00'
'836e811f9b3f82edee45a502d37611dc31344798'|'U.S. stock futures, dollar fall on rising concerns over Trump'|'  8:12pm BST U.S. stocks, dollar sink as investors rethink ''Trump trade'' left right A specialist trader works at his post on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 17, 2017. REUTERS/Brendan McDermid 1/2 left right A trader uses his phone outside the New York Stock Exchange (NYSE) in New York, U.S., May 17, 2017. REUTERS/Brendan McDermid 2/2 By Caroline Valetkevitch - NEW YORK NEW YORK U.S. stocks and the dollar sold off and bond prices rallied on Wednesday as investors fled risky assets amid uncertainty about U.S. President Donald Trump''s ability to deliver on tax and regulatory reform. Reports that Trump asked then-FBI Director James Comey to end a probe into the former national security adviser have raised questions over whether Trump tried to interfere with a federal investigation. U.S. stock market declines picked up in afternoon trading. The Dow Jones Industrial Average was down more than 300 points and the CBOE Volatility index - Wall Street''s fear gauge - rose above the 14 level for the first time since April 21. The S&P 500 was on track for its worst day since September. The dollar index has erased its post-election gains. The news comes on the heels of a tumultuous week at the White House when Trump unexpectedly fired Comey and reportedly disclosed classified information to Russia''s foreign minister about a planned Islamic State operation. Optimism over pro-growth policies under Trump had driven a sharp rally in U.S. stocks after the Nov. 8 U.S. election. "We''re getting into stall mode because of the early expectations for the Trump presidency. It''s all being put well on the back burner and even off the stove. It''s kind of worrisome as it could take time to muddle through this," said Joseph Benanti, managing director, senior sales trader at Rosenblatt Securities in New York. The Dow Jones Industrial Average was down 333.24 points, or 1.59 percent, to 20,646.51, the S&P 500 had lost 38.76 points, or 1.61 percent, to 2,361.91 and the Nasdaq Composite had dropped 141.99 points, or 2.30 percent, to 6,027.88. Both the Dow and S&P 500 fell below their 50-day moving averages for the first time since April 21. While previous threats to Trump''s plans have rattled investors, they had failed to cause any significant pull back in stocks. The VIX last week closed at 9.77, its lowest close since December 1993. Bank stocks, which outperformed in the post-election rally, were the worst hit on Wednesday. The S&P 500 financial sector tumbled more than 3 percent, led by losses in Bank of America and JPMorgan. At nearly 18 times forward earnings, the S&P 500 trades at a significant premium to its long-term average valuations of 15 times, according to Thomson Reuters data. MSCI''s gauge of stocks across the globe fell 1 percent, while European shares ended down 1.4 percent. Several money managers said they were not yet likely to change their portfolios as a result of the latest White House news. "We aren''t likely to make major changes. We are already well positioned, but we need to think about a more negative scenario re tax reform versus what we were previously thinking," said Edward Perkin, chief equity investment officer at Eaton Vance. The dollar index, which tracks the U.S. currency against six peers and had scaled a 14-year peak of 103.82 on Jan. 3, fell 0.6 percent to its lowest level since Nov. 9, surrendering all of its "Trump bump" gains. The safe-haven Swiss franc hit six-month highs. Prices of bonds, also seen as safe-haven assets, rallied. Benchmark 10-year notes were up 1 point in price to yield 2.21 percent. In commodity markets, safe-haven gold hit a two-week high, while oil prices were higher. Spot gold rose for a fifth day and was up 1.8 percent at $1,258.38 an ounce. Brent crude gained 1.1 percent to settle at $52.21 per barrel, while U.S. light crude rose 0.8 percent to settle at $49.07. (Additional reporting by Vikram Subhedar Marc Jones and John Geddie in London 
'70474c8179c7751bc8a54f57b522a137e4573bf9'|'BRIEF-Moody''s say Australian bank performance steady, but latent risks rising in household sector'|'May 17 Moody''s :* Australian bank performance steady, but latent risks rising in household sector* Increasing household leverage and low wage growth, are increasing Australia''s major banks'' sensitivity to external shocks* On Australian banks, expects profit growth to moderate, as well as the potential for rising credit costs and slower credit growth* Australian budget in may includes number of initiatives that, if implemented, will place incremental pressure on banks'' profit growth* Major Australian banks well positioned to meet net stable funding ratio set by australian prudential regulation authority coming into effect on Jan 1 Source text : bit.ly/2pV8BoE'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-moodys-say-australian-bank-perform-idUSFWN1IJ00L'|'2017-05-17T13:21:00.000+03:00'
'2fa3b5f919310033ce749c176327063cee9047a4'|'PRESS DIGEST- New York Times business news - May 18'|'Funds News - Thu May 18, 2017 - 1:39am EDT PRESS DIGEST- New York Times business news - May 18 May 18 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Puerto Rico''s first day in federal court to reduce its $123 billion in bond debt and unfunded pensions got off to a cordial enough start on Wednesday, but after a few hours, the gloves started to come off. nyti.ms/2qywjJa - American and European officials met on Wednesday in Brussels to discuss aviation security after the United States Department of Homeland Security said it was considering a ban on laptop computers and tablets in the cabins of trans-Atlantic flights. nyti.ms/2qyFQzY - Lloyds, one of Britain''s four largest lenders, said on Wednesday that it had returned to private ownership after the British government sold its final stake. nyti.ms/2qyDcdG - Hundreds of thousands of Greeks walked off the job on Wednesday, heeding the call of labor unions to join a 24-hour general strike to protest a new round of austerity measures nearing approval in Parliament. nyti.ms/2qyzdOn (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL4N1IK293'|'2017-05-18T13:39:00.000+03:00'
'4a533bbc95c3ae2464147e2dea2c760198c1c845'|'UPDATE 2-Parcels growth drives Royal Mail''s profit beat, shares rise'|'(Adds comments by CEO, analyst, share price)By Esha VaishMay 18 Royal Mail''s annual profit fell by less than expected as tighter cost controls and growth in its European delivery and UK parcel businesses helped offset a continued decline in letters.After years of underinvestment, Royal Mail was privatised in 2013 and has since reduced layers of management, improved vehicle utilisation rates, upgraded technology and cut its property bill. The former monopoly has closed over 30 mail centres since 2008 and cut staff numbers by 12,000 in the past four years.But competition is getting tougher in the parcels market because of new entrants such as Amazon, while letter volumes continue to fall. Royal Mail also needs to convince unions to back its plan to close a pension scheme.Chief Executive Moya Green told Reuters Royal Mail accounted for about 41 percent of the revenue generated in the 6.2 billion pound UK parcels market, although Amazon''s decision to start its own deliveries had further squeezed an overcrowded market."(Amazon''s decision has) been a very important change ... because it has, in an overcapacity situation, added more capacity and through the power of its market place given Amazon a very powerful position in our market," Green said. "That said, Royal Mail has come through very well."The company, which has been able to replace all lost Amazon business, said it had seen an increase in parcels sent through its account and noted higher delivery productivity in its UK unit.Full-year adjusted operating profit before transformation costs fell 6 percent to 712 million pounds ($922 million), versus consensus of 694 million pounds. Total dividend was up 4 percent at 23 pence.Hargreaves Lansdown senior analyst Laith Khalaf said Royal Mail was well placed to capitalise on expectations of higher parcel volumes as more shoppers use mobile devices to order goods."Royal Mail has posted a solid set of results against a challenging backdrop...A decent rise in full-year dividend, combined with share price falls over the last year, means the stock is now yielding over 5 percent," he said.Shares were up 1.7 percent at 438 pence at 1209 GMT, making it one of the top FTSE 100 gainers. The company''s stock is down 14 percent over the past year as its last two updates showed that uncertainty due to Brexit had worsened the decline in letters volumes.Full-year addressed letter volume, excluding the impact of political parties'' election mailings, were down 6 percent and Green said she expected business uncertainty to continue for a while yet, with marketing and business mail volumes hit.Royal Mail said that if business uncertainty persisted the fall in volumes would be at the higher end of a previous forecast of a 4 to 6 percent decline annually.Green said that while she did not know how soon pension talks with unions would complete, she remained optimistic. ($1 = 0.7720 pounds) (Reporting by Esha Vaish in Bengaluru; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/royal-mail-results-idINL4N1IK3BX'|'2017-05-18T10:18:00.000+03:00'
'1eb2403276948358e7a20a143d42644409d81998'|'PRESS DIGEST - Wall Street Journal - May 18'|'May 18 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Former FBI Director Robert Mueller III was appointed Wednesday as special counsel to oversee the federal investigation into Russia''s alleged interference in the 2016 U.S. presidential election, giving him wide latitude to explore potential collusion between the Trump campaign and Moscow. on.wsj.com/2pYKk1a- Cisco Systems Inc said it would lay off another 1,100 employees and forecasted a drop in quarterly revenue. The fresh round of cuts expands a previous restructuring plan announced last August to cut 5,500 jobs, or 7 percent of Cisco''s workforce at the time. on.wsj.com/2pYExbS- Qualcomm Inc sued the manufacturers that make iPhones for Apple Inc for failing to pay royalties on the chip maker''s technology. The lawsuit accused Compal Electronics, Foxconn Technology, Pegatron Corp and Wistron Corp of breaching patent-licensing agreements with Qualcomm by halting royalty payments on Qualcomm technology used in iPhones and iPads. on.wsj.com/2pYKDZS- Law enforcement authorities arrested 21 people in Los Angeles suspected of being members of the Mara Salvatrucha street gang, known as MS-13, following a nearly three-year investigation that targeted the gang''s leadership. on.wsj.com/2pYLKZw(Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1IK2CK'|'2017-05-18T03:57:00.000+03:00'
'3ca29c8ce74b011c4c7c48cfa44e18c5e325222d'|'Beckwith adjusts compass in North of South emerging markets move'|'Deals   1:54pm BST Beckwith adjusts compass in North of South emerging markets move By Simon Jessop - LONDON LONDON John Beckwith, whose Pacific Investments Group has launched a number of asset management firms since he co-founded it in 1994, has taken a stake in emerging markets focused hedge fund North of South Capital. The tie-up marks Beckwith''s return to emerging markets after a roughly 7-year absence, and a period of several years where demand to invest in emerging markets has been in the doldrums. The deal with London-based North of South, set up in 2004 by Matt Linsey and which runs around $100 million across two funds, is part of a plan by Pacific to expand its Pacific Asset Management arm into wholesale and institutional markets. North of South says it takes its name from a book by Shiva Naipaul detailing the author''s journey through newly independent East Africa, in which he "encounters the idealism and the folly driving the countries to various policy extremes". Financial details of the deal and the full scope of the partnership were not disclosed, but rising operational costs and pressure on fees have made it tougher for smaller hedge funds to launch and survive, and some have sought to share the burden by joining a larger rival or a platform with multiple fund firms. Pacific''s previous investments include Liontrust, Thames River Capital and River & Mercantile, which collectively now manage more than $20 billion in assets. While emerging markets fell out of favor due to global growth concerns and falls in commodities prices, market gains in 2016 and 2017 have encouraged some investors to hunt for cheap assets, with both Ashmore and Aberdeen Asset Management reporting an improved sentiment. "As investors, we are optimistic about the prospects for emerging markets equities," Beckwith said in a statement. Linsey, an investor in emerging markets for more than 25 years, uses analysis of equities, credit and commodities to pick out undervalued stocks which have scope to outperform. Matthew Lamb, chief executive of Pacific Asset Management, said in the statement that despite growing demand to invest in markets using index-tracking funds, active managers in less efficient markets, such as Linsey, continue to outperform. As well as its main offshore hedge fund, North of South also advises investments in the GAM Star North of South fund, which has outperformed global emerging markets, net of fees, by more than 4 percent a year over the last 5 years, it said. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-pacific-investments-m-a-idUKKCN18E1RF'|'2017-05-18T20:54:00.000+03:00'
'9209aabff552d571af7354758e10c8ce092686fc'|'Saudi Aramco to sign deals with U.S. firms during Trump visit - sources'|'Thu May 18, 2017 - 2:03pm BST Saudi Aramco to sign deals with U.S. firms during Trump visit: sources FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo JEDDAH, Saudi Arabia Saudi Aramco [IPO-ARMO.SE] is due to sign deals with 12 U.S. companies on Saturday during U.S. President Donald Trump''s visit to Saudi Arabia, sources with knowledge of the matter said. The deals with top U.S. companies such as oilfield services firms Schlumberger, Halliburton, Baker Hughes, and Weatherford are part of the oil giant''s push to develop local manufacturing, the sources said. Aramco will also sign deals with General Electric (GE) and drilling companies National Oilwell Varco (NOV), Nabors Industries and Rowan Companies, among others, they added. Aramco could not be reached for comment on Thursday. When it launched its In-Kingdom Total Value Add programme (IKTVA) in 2015, Aramco said it aimed to double the percentage of locally-produced energy-related goods and services to 70 percent by 2021 U.S. companies have traditionally worked with Aramco on massive projects covering consultancy and project management services to maintaining oil potential in upstream projects and drilling to building refineries. "These (new) partnerships will boost bilateral investment towards localisation," said one of the sources. Last December, Aramco signed deals with drilling firms Rowan and Nabors Industries to establish joint ventures under the IKTVA programme. IKTVA, Arabic for self-sufficiency, will help generate 500,000 direct and indirect jobs for Saudis. It is a key part of the kingdom''s Vision 2030 economic reform drive, in which Aramco is to play a big role in developing industrial projects as Saudi Arabia tries to diversify its economy beyond reliance on oil exports. Engineering companies KBR and Jacobs Engineering, as well as McDermott and Honeywell will also sign memoranda of understanding with Aramco, the sources said. An inaugural Saudi-U.S. CEO forum will be held in Riyadh on Saturday in which several deals are expected to be signed in defence, electricity, oil and gas, industrial and chemical sectors. New licences for U.S. companies to operate in the kingdom also will be issued. (Reporting by Reem Shamseddine; Additional reporting by Ron Bousso in London; Editing by Rania El Gamal Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-saudi-us-deals-idUKKCN18E1SD'|'2017-05-19T01:40:00.000+03:00'
'428def405721b6fecc2748b900afc697658eec51'|'Grainger first-half profit rises'|'Business News   7:50am BST Grainger first-half profit rises Grainger Plc, Britain''s largest listed residential landlord, reported a 13 percent rise in first-half profit and said strong trading would continue over the second half. Pretax profit rose to 41.2 million pounds in the six months ended March 31, from 36.6 million pounds a year earlier. Net rental income for the period grew 11 percent to 20 million pounds, boosted by gains through acquisitions, improved operational efficiency and rental growth, Grainger said. Grainger said it had seen good growth in valuations for its portfolio assets in the regions and outer London, which more than offset a broadly flat central and inner London. The company is now focused on growing in the regulated tenancies and the booming domestic private rental sector (PRS), after having overhauled its business and shed non-core development assets over the past year. Grainger has made good progress to deliver on its target of securing 850 million pounds of PRS investment by 2020, with 439 million pounds worth of projects secured and a further 425 million pounds in planning or under legal process, it said. "We expect a further strong trading performance in second half of year and lead indicators point to a robust performance for year as a whole," Grainger said in a statement on Friday. (Reporting by Esha Vaish in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-grainger-results-idUKKCN18F0J5'|'2017-05-19T14:50:00.000+03:00'
'8df08afd6fb88e785e87a7877ea3a9e4e2d35a5d'|'Citigroup says May to win majority of 104-190 in June 8 election'|'Business   7:28am BST Citigroup says May to win majority of 104-190 in June 8 election Britain''s Prime Minister Theresa May''s launches her election manifesto in Halifax, May 18, 2017. REUTERS/Phil Noble LONDON British Prime Minister Theresa May is likely to win a majority of 104-190 seats in the June 8 election, Citigroup said in a research note published on Friday. "Prime Minister Theresa May called early elections on 8 June to boost her mandate and win time to implement her version of ''hard-but-smooth'' Brexit," Citi said in the research note. "National polls, experts'' analyses and our own constituency-level simulations suggest that her bet should pay off." Citi added that it saw no signs that May was moving towards a so called "Singapore-upon-Thames" deregulated low-tax economic model. (Reporting by Guy Faulconbridge; editing by Michael Holden)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-election-citi-idUKKCN18F0HN'|'2017-05-19T14:28:00.000+03:00'
'76d5c093f41a9eb41421482dd949b3203f5fa137'|'BRIEF-Velan receives contracts worth $55 million to supply safety related valves'|'Market  47pm EDT BRIEF-Velan receives contracts worth $55 million to supply safety related valves May 18 Velan Inc * Velan receives contracts worth US$55 million to supply safety related valves for 3rd generation nuclear reactors at * Transaction was recorded in group''s order book in Q4 of last fiscal year, which ended on February 28, 2017 * Delivery of equipment is scheduled for 2019-2021 * Velan receives contracts worth $55 million to supply safety related valves for 3rd generation nuclear reactors at Hinkley Point C in U.K. Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-velan-receives-contracts-worth-idUSFWN1IK0MD'|'2017-05-19T03:47:00.000+03:00'
'8a0259e196b1630a978d7927a2cbadd96cc08d6b'|'Second U.S. buyout firm bids for Australia''s Fairfax Media'|'By Byron Kaye and Jamie Freed - SYDNEY SYDNEY Australia''s oldest newspaper publisher Fairfax Media Ltd ( FXJ.AX ) on Thursday said it has received a takeover bid worth as much as A$2.87 billion ($2.13 billion) from a second U.S. private equity firm, sending its shares sharply higher.The surprise offer from buyout firm Hellman & Friedman values Fairfax at A$1.225 to A$1.25 a share, compared to an earlier offer from TPG Capital Management and Ontario Teachers'' Pension Plan Board of A$1.20 a share.Investors welcomed the prospect of a bidding war for the 186-year-old publisher of the Sydney Morning Herald and the Australian Financial Review newspapers, although lawmakers have expressed concern over the possible impact on local journalism."It is always good that there is a bit more competitive tension," said Suhas Nayak, a portfolio manager at Allan Gray, which holds Fairfax shares."It is a waiting game from here."Fairfax shares leapt 6.7 percent to A$1.24 by mid-session on Thursday, in line with Hellman''s indicative offer range. The broader sharemarket was down 1.2 percent.The Sydney-based publisher said it would allow both suitors to conduct due diligence "to explore whether a potential whole of company proposal is available".The chairman emeritus of Hellman, Brian Powers, was the chairman of Fairfax from 1999 to 2002. Hellman declined to comment. TPG said it welcomed the opportunity to conduct due diligence and declined to comment on the Hellman bid.PUBLIC INTERESTFairfax investors have watched the stock sink from A$4.99 in 2007 when its long-term problems began with the migration of classified advertising to the internet. The shares hit a low of 36 Australian cents in 2012 and have barely recovered despite rounds of slashing cost cuts.Its real estate classifieds unit, Domain, is now its biggest profit generator, and shareholders have been eager for the company to spin off the unit as Rupert Murdoch''s News Corp ( NWSA.O ) did with its property website in 1999. Shares in that company, REA Group Ltd ( REA.AX ), have climbed from A$6.00 to A$61.88 over the past decade.Analysts expect any private equity buyer to keep Domain and metropolitan mastheads and dump non-core regional news, radio and streaming video businesses, raising fears for the future of public interest journalism in a market already dominated by a handful of media proprietors.Any foreign takeover of Fairfax would need regulatory approval, and some lawmakers have already threatened to oppose the TPG deal on public interest grounds.Opposition Labor Senator Sam Dastyari on Wednesday told a parliamentary inquiry into the future of journalism in Australia he supported placing "controls and restrictions" on TPG if its bid was approved.(Reporting by Byron Kaye and Jamie Freed; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fairfax-media-m-a-tpg-idINKCN18E0CY'|'2017-05-18T02:48:00.000+03:00'
'20d4935cfd916ffe5dd563fbd2e2dc388fa90bca'|'U.S. Treasury secretary to say 3 percent economic growth achievable'|' 36am BST U.S. Treasury secretary to say 3 percent economic growth achievable FILE PHOTO - Steve Mnuchin, U.S. Treasury Secretary, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. REUTERS/Mike Blake WASHINGTON Treasury Secretary Steve Mnuchin will tell a Senate hearing on Thursday that the U.S. economy can grow 3 percent or more if regulatory and tax reforms are enacted, according to a copy of his speech seen by Reuters. In testimony before the Senate Committee on Banking, Housing and Urban Affairs, Mnuchin is expected to say that the Trump administration wants to reduce regulations on community banks and push ahead with overhauling mortgage lenders Fannie Mae and Freddie Mac. "I believe that a goal of 3 percent GDP or higher economic growth is achievable if we make historic reforms to both taxes and regulation," Mnuchin will say. Most mainstream economists believe the U.S. economy will struggle to grow more than 2 percent a year due to demographic headwinds and long-term slow productivity growth. The Trump administration has made slow progress in enacting its economic and reform agendas and now faces an investigation by a special counsel into possible collusion between   2016 campaign team and Russia. Mnuchin did not spell out any of the details or the time scale for the government''s agenda. Financial markets and the dollar had rallied sharply after Trump''s surprise election on expectations that regulations would be rolled back, but the scandal over the firing of Federal Bureau of Investigation Director James Comey hit Wall Street hard on Wednesday. The S&P 500 and the Dow notched their biggest one-day fall since Sept. 9 as investor hopes for tax cuts and other pro-business policies faded. (Reporting by Patrick Rucker; Writing by David Chance; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-mnuchin-idUKKCN18E02N'|'2017-05-18T08:36:00.000+03:00'
'5db7326d41b07e08dfdd27266a03bae837de113b'|'Trump turmoil could lead investors to reassess risk appetite'|'Business News   10:34am EDT Trump turmoil could lead investors to reassess risk appetite left right FILE PHOTO: U.S. President Donald Trump waves as he walks on the South Lawn of the White House in Washington, U.S., before his departure to Groton, Connecticut, May 17, 2017. REUTERS/Yuri Gripas/File Photo 1/2 left right FILE PHOTO: Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 10, 2017. REUTERS/Staff/File Photo 2/2 By Jamie McGeever - LONDON LONDON The turmoil in Washington surrounding Donald Trump''s presidency is rattling world markets, and the burst of volatility could force investors into a strategic or tactical rethink of how much risk they are happy to face. Increasingly damaging revelations about the Trump administration''s and election team''s dealings with Russia triggered the biggest fall on Wall Street on Wednesday since last September and a stock market slump around the world. After months of major stock markets posting record highs and historically low volatility across a range of asset classes, a reversal was always on the cards. Now that it has come, the question is whether it ends up being a one-off or marks the start of a prolonged reversal which sees investors cut back on risk and adopt more defensive positions. A broad U-turn would likely require one or a mix of the following scenarios: impeachment proceedings against Trump get underway, his growth-boosting legislative reform agenda is delayed, the U.S. economy begins to contract. None of them are mutually exclusive, and it remains to be seen if events play out that way to any degree. But the "Trump trade" that lifted stocks, the dollar and bond yields appears to have evaporated. The dollar, two- to 10-year Treasury yield curve and yields on 10-year Treasury Inflation-Protected Securities (TIPS) are all back where they were before Trump was elected in November. After months of relative plain sailing, investors are now bracing for stormier weather. "We have to be cognizant of volatility. It''s a question of keeping risk levels appropriate, and that''s something we were doing anyway. Our portfolios were well-positioned," said James Athey, portfolio manager at Aberdeen Asset Management in London. "Do we dial back further? That''s the conversation we''ll be having over the next day or two," he said, noting that he had cut back on "short" positions in safe-haven fixed income assets and the Japanese yen in recent weeks. Aberdeen has $480 billion of assets under management. SURPRISE, SURPRISE The VIX index .VIX of implied volatility on the S&P 500 .SPX was jolted from its slumber on Wednesday and chalked up its seventh-biggest rise in percentage terms since its launch in 1990. This followed news that Trump had asked then-FBI Director James Comey to close an investigation into ties between former White House national security adviser Michael Flynn and Russia. Joost van Leenders, strategist and portfolio manager, multi asset solutions at BNP Paribas Investment Partners, which oversees 580 billion euros of assets, said he and his colleagues are discussing U.S. political risk on a daily basis. "We were cautiously positioned to start with, so for now we don''t have to change our position, but I do not rule out future changes," he said. Some, like Tom Wu, chief investment officer, Global Investments, Yuanta Securities Investment Trust, Taiwan''s second-largest fund manager, aren''t holding back. "An impeachment might happen, or it might not. Any uncertainty, including this uncertainty, is something that investors don''t care for. So we''ll be unloading all of our holdings in U.S. stocks this month," he said. Few investors will follow that example, but many reckon U.S. markets are expensive. The U.S. economy is already into its third-longest expansion ever, and a recent fall in the U.S. economic surprises index suggests it is running out of steam. The gap between the U.S. and European surprise
'5a85a4479f1e673e05f2fda86de0dadbc687c2b1'|'Miners, Lloyds help FTSE hover near record high'|'Top   5:05pm BST FTSE breaks nine-day winning streak as miners, British Land fall A man walks through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett By Kit Rees - LONDON LONDON Britain''s top share index snapped a nine-day gaining streak on Wednesday, turning lower as U.S. political developments weighed on European equity markets, with mining stocks and banks the biggest sectoral drags. After spending the majority of the session in flat to slightly positive territory, British blue chips turned lower, in step with the broader equity market after reports about a leaked memo by former FBI chief James Comey brought political worries into focus. The blue chip FTSE 100 .FTSE index was down 0.25 percent at 7,503.47 points at its close, sliding from a record high hit in the previous session, though the FTSE''s fall was tempered by strength among energy stocks and precious metals miners. "The political uncertainty in (Washington) DC has given traders the perfect excuse to bank the previous day''s profits," David Madden, market analyst at CMC Markets UK, said. "London''s relatively high exposure to commodity related companies has ensured that the sell-off hasn<73>t been that severe." Shares in CRH ( CRH.L ) and Ashtead ( AHT.L ) were among the biggest fallers, while results weighed on British Land ( BLND.L ), which fell 3.3 percent - its biggest one-day loss in four months - after issuing a cautious outlook for the property market due to Brexit uncertainty. Peers Land Securities Group ( LAND.L ) and Intu Properties ( INTUP.L ) also fell. Among miners, Glencore ( GLEN.L ) and Anglo American ( AAL.L ) were down 2.2 percent and 1.1 percent respectively. There were a few bright spots, however, with banking stock Lloyds ( LLOY.L ) rising 2 percent after the British government sold off its remaining stake in the lender following its bailout in the 2007-09 global financial crisis. Investment platform provider Hargreaves Lansdown ( HRGV.L ) was also a top gainer, up 1.7 percent and recovering some of its losses from the previous session. Its shares tumbled 8.5 percent on Tuesday, with traders pointing to an announcement from ETF provider Vanguard about plans to sell directly to investors in Europe for the first time. "The HL business model has proved itself to be incredibly resilient in the face of a couple of major headwinds in recent years," Shore Capital analyst Paul McGinnis said in a note. "We would be a lot more nervous around the implications of the Vanguard platform for the fledgling robo-advice sector." Precious metals miner Randgold Resources ( RRS.L ) was also in demand as the price of gold rose. [GOL] Broker action lifted shares in Kingfisher ( KGF.L ), which was up 2 percent after HSBC raised its recommendation on the stock to "buy" from "hold". A Jefferies downgrade to "underperform" from "buy" weighed on pharma stock Hikma ( HIK.L ), which dropped 2.8 percent. Jefferies equity analyst James Vane-Tempest cited the recent delay in U.S. approval for Hikma''s generic drug Advair. Outside of the blue chips, well-received full-year results from Sophos ( SOPH.L ) helped the network security firm hit a new lifetime high, up 6.9 percent. The stock has been in demand following a global "ransomware" attack, boosting shares in cyber security firms. (Editing by Andrew Heavens and Ed Osmond)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKCN18D0ZN'|'2017-05-17T17:29:00.000+03:00'
'9d84142ee06d58bca5f7059733fee02b658aefe2'|'Italy''s Popolare Vicenza, Veneto Banca may need private capital before state bailout - sources'|'Banks  55pm BST Italy''s Popolare Vicenza, Veneto Banca may need private capital before state bailout - sources left right A Banca Popolare di Vicenza sign is seen in Rome, Italy, March 29, 2017. REUTERS/Alessandro Bianchi 1/2 left right The logo of Veneto Banca bank is seen in Venice, Italy, January 31 2016. REUTERS/Alessandro Bianchi/File Photo 2/2 MILAN Italian regional lenders Popolare di Vicenza and Veneto Banca may need to raise capital privately to cover loan losses to win European Union approval for a state bailout they have requested, six sources familiar with the matter said on Wednesday. The two banks, together with fellow bailout candidate Monte dei Paschi di Siena, are stuck in rescue talks with European authorities that are keen to limit the amount of taxpayer money used to help ailing lenders in accordance with new EU rules on banking crises. But having failed to raise funds on the market last year, the two Veneto-based banks may have no alternative to turning to healthier rivals for help once again, five of the sources said, in a fresh drag on Italy''s weakened banking industry. Both Popolare di Vicenza and the European Commission said negotiations were ongoing. Popolare di Vicenza, whose CEO Fabrizio Viola is leading talks with European authorities, said the bank would not comment on rumours and added discussions focused on targets set under a restructuring plan that envisages a merger between the two banks. The two banks were rescued from bankruptcy a year ago by bank support fund Atlante, which took up 2.5 billion euros in initial share issues that were spurned by investors. It later pumped another 938 million euros into the two banks. State-sponsored Atlante was financed by Italian banks and insurers, which have since been forced to write down the value of their stakes. The two Veneto banks must fill a 6.4 billion euro capital shortfall after loan writedowns led to a combined 2016 loss of 3.4 billion euros and pushed their capital below minimum thresholds. EU rules allow a state to step in to cover losses that a lender could potentially suffer under a shock scenario, but not losses that are foreseeable or have already been incurred. The two banks have warned they are likely to book further loan losses this year as they apply guidelines provided by the European Central Bank, with a potentially significant impact on capital and earnings. The sources said the prospect of fresh loan writedowns, which could not be covered with public money, was likely to force the two banks to raise capital privately first. The rescue scheme under discussion entails a private contribution through the conversion of around 1 billion euros in junior debt into equity. The 938 million euros paid by Atlante should also count as private capital. If more money from private investors is needed, there may be no alternative to other Italian banks chipping in to avoid failures that might destabilise the whole industry, five of the sources said. In this case, banks would need to pay fresh funds into Italy''s deposit-guarantee fund. To avoid breaching EU state aid rules, the fund has set up a separate, voluntary scheme which has already been used to rescue two small lenders in the past two years. The fund''s Director General Giuseppe Boccuzzi told Reuters on Wednesday that to date he was not aware of any such initiative. (Reporting by Stefano Bernabei, Paola Arosio, Valentina Za, Andrea Mandala, Writing by Valentina Za; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-italy-venetobanks-idUKKCN18D2GL'|'2017-05-18T02:55:00.000+03:00'
'cff4a98c03d862788c785d3f02f882513b7d87fa'|'China to further cut company costs by 120 billion yuan - State Council'|'Business News  20pm BST China to further cut company costs by 120 billion yuan: State Council BEIJING China will further cut cost burdens on companies by an annual 120 billion yuan ($17.4 billion) by eliminating various fees, the State Council, or cabinet, decided at a meeting led by Premier Li Keqiang on Wednesday. Logistics fees will be cut, along with the removal of some toll road fees, and other fees related to power supply and membership in industry bodies will be reduced or scrapped, the cabinet said in its announcement. (Reporting by Beijing Monitoring Desk; Editing by Clarence Fernandez)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-economy-idUKKCN18D1C9'|'2017-05-17T19:20:00.000+03:00'
'39912e5d5f093897f5d8ef97e7510510b9aefe1f'|'EU starts legal action against Italy over Fiat Chrysler emissions'|'Wed May 17, 2017 - 12:37pm BST EU starts legal action against Italy over Fiat Chrysler emissions A Fiat logo is seen on the wheel of a Fiat car in Turin in this picture taken February 10, 2013. REUTERS/Stefano Rellandini BRUSSELS/ROME The European Commission launched legal action against Italy on Wednesday for failing to respond to allegations of emission-test cheating by Fiat Chrysler ( FCHA.MI ), in a procedure that could lead to the country being taken to court. The Commission said Italy had failed to convince it that devices used to modulate emissions on Fiat Chrysler vehicles outside of narrow testing conditions were justified. "The Commission is now formally asking Italy to respond to its concerns that the manufacturer has not sufficiently justified the technical necessity <20> and thus the legality <20> of the defeat device used," the Commission said in a statement. Italy has two months to respond to the Commission''s request and may be eventually taken to the European Court of Justice if the answer is found to be unconvincing. Italy had asked the European Union to postpone its plan to launch legal action against Rome over emissions at Fiat Chrysler ( FCHA.MI ), Transport Minister Graziano Delrio said. "Considering that after the end of the mediation process, we did not receive any request for further information ... we ask that you delay starting the infringement procedure while we await a letter asking for clarification on issues raised by your relevant offices," Delrio told EU Industry Commissioner Elzbieta Bienkowska, according to the ministry''s statement. The European Commission has been mediating a dispute between Rome and Berlin after Germany accused Fiat Chrysler of using an illegal device in its Fiat 500X, Fiat Doblo and Jeep Renegade models. That mediation ended without fanfare in March. EU officials have become increasingly frustrated with what they see as governments colluding with the powerful car industry and the legal move is the biggest stick the European Commission has available to force nations to clamp down on diesel cars that spew out polluting nitrogen oxide (NOx). Delrio, however, said the material Italy had sent to the Commission during the mediation process showed that the vehicles'' approval process was correctly performed. Under the current system, which the Commission is trying to overhaul, national regulators approve new cars and alone have the power to police manufacturers. But once a vehicle is approved in one country, it can be sold throughout the bloc. Last December, the Commission launched cases against five nations, including Germany, Britain and Spain, for failing to police the car industry adequately. Under new draft rules set to be agreed later this month, the Commission will be given the power to fine car manufacturers who cheat the system directly, up to 30,000 euros per affected vehicle. "Contrary to what your offices have stated, the Italian authorities have from the start ruled out the presence of any illegal devices in Fiat''s models, both the original ones and those that have been refitted," Delrio said. "During the mediation process we have pointed out that FCA had voluntarily initiated a campaign in February 2016 to improve emissions performance, well before Germany informed us of the results emerging from their tests." Once filed, Wednesday''s notice will be the first step in EU infringement procedures, designed to ensure the bloc''s 28 member states abide by EU-wide regulations. (Reporting by Francesca Piscioneri and Agnieszka Flak; Robert-Jan Bartunek in Brussels)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-fiatchrysler-emissions-idUKKCN18D1DS'|'2017-05-17T19:33:00.000+03:00'
'c6f63d3639d8d51a07c517b9863bb662ff4ebfe5'|'European court strikes down 2 billion euro French dividend tax'|'Business News  35pm BST European court strikes down 2 billion euro French dividend tax FILE PHOTO: Logo of France''s biggest insurer AXA is seen in Paris, France, August 4, 2016. REUTERS/Jacky Naegelen/File Photo PARIS A French tax on dividends introduced by the Socialist government in 2012 was struck down by the European Court of Justice on Wednesday. Companies such as AXA ( AXAF.PA ), Danone ( DANO.PA ) and Orange ( ORAN.PA ) had challenged the tax which was levied as an additional band of corporation tax calculated on dividends paid. The companies argued that it amounted to double taxation. The tax brought in 2 billion euros ($2.22 billion) a year to France''s state coffers. The AJEF group of French blue-chip companies welcomed the court''s decision, saying in a statement it was a strong signal for France''s attractiveness in terms of the business environment. (Reporting by Myriam Rivet; writing by Michel Rose. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-france-dividend-idUKKCN18D1IM'|'2017-05-17T20:25:00.000+03:00'
'5b6684b1139df2ee9474b49eef62a9229ab6cb81'|'Investors to press Shell over climate pay policy small print'|'Business News - Wed May 17, 2017 - 8:09am EDT Investors to press Shell over climate pay policy small print FILE PHOTO: A logo of Royal Dutch Shell is seen at Gastech, the world''s biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai/File Photo By Ron Bousso - LONDON LONDON Investors are pushing oil giant Royal Dutch Shell ( RDSa.L ) to explain the finer details of its plan to link executives'' bonus pay to lowering carbon emissions, urging more transparency as the world shifts away from fossil fuels. Shell was hailed by investors as a pioneer among the world''s biggest fossil fuel producers when it announced the policy to tie 10 percent of executives bonuses to cutting greenhouse gas emissions, which will be voted on at a May 23 annual general meeting in the Hague. But scrutinizing the small print, some investors want Shell to show how it will calculate the targets for lowering emissions in the new bonus scheme rather than provide the information retrospectively in its annual report. "This is a good move by the company but we would like to see more," said Bruce Duguid, director in the stewardship team at Hermes Investment Management, which holds shares in Shell. He declined to say how he would vote next week. Shell has been criticized for developing projects such as Canadian oil sands, one of the most energy intensive and polluting forms of exploration, although it has reduced its exposure to those developments this year. "We would prefer to see public, pre-set greenhouse gas reduction targets using a methodology appropriate to the type of an emission," Duguid said. "It could be an intensity target rather than an absolute emissions number but ideally set over a long period of time that is part of a long-term efficiency and carbon reduction plan," Duguid said. Investors also urged Shell to include 100 percent of emissions from its operations in its remuneration policy. They note that the calculation does not encompass emissions from oil and gas production and only factors in polluting gases from refineries, chemical plants and gas flaring, accounting for roughly 60 percent of the total emissions. "We would love to see that metric be expanded to cover the trickier issue of upstream emissions, from exploration and production. The more difficult issue of the carbon intensity of its reserves hasn''t been addressed," said Matt Crossman of Rathbone Greenbank Investments, also a shareholder in Shell. A Shell spokeswoman said the company was "working hard on reducing carbon intensity", adding it planned to disclose emission reduction targets retrospectively at the end of each year, the same as with annual bonuses. She declined to comment on why oil and gas production was not included in targets. Shell, along with several of its peers including BP ( BP.L ) have called for a global pricing of carbon which it believes will help the transition to cleaner energy. WIDER TARGETS Shell is also facing longer-term pressure to increase transparency of its emissions reporting which will allow shareholders to compare it with peers. The Institutional Investors Group on Climate Change, which includes 137 investors managing $13 trillion in assets, has urged Shell to stress test its business model against a sharper growth in electric cars and renewable power which could be spurred by an international deal to cap global warming. Shell last year reported a 3 percent reduction in greenhouse gas (GHG) emissions from direct and indirect operations, known as scope 1 and 2, to around 81 million tonnes of CO2. The figure however dwarfs overall emissions from the burning of oil and gas products that Shell sold to end consumers, known as scope 3, which totaled 600 million tonnes. A group of climate-activist shareholders - called Follow This - will ask the AGM to vote on a resolution forcing Shell to widen its targets to include scope 3 emissions. The company''s board has opposed the move and a number of shareholders, 
'6380446939d2686ad290e83fc50fc50b56e52e4f'|'Deals of the day-Mergers and acquisitions'|'(Adds Merck, Lavazza, Stada Arzneimittel and Petr<74>leo Brasileiro; Updates BHP)May 16 The following bids, mergers, acquisitions and disposals were reported by 1315 GMT on Tuesday:** Germany''s Merck KGaA is considering shifting its chemicals, healthcare and biotech supplies operations into separate subsidiaries next year to better manage its diversified businesses.** Italian coffee maker Lavazza is looking at possible acquisitions to increase its turnover to 2.2 billion euros ($2.4 billion) over the next four years, CEO Antonio Baravalle said.** Spain''s Banco Popular said several groups had shown interest in a potential merger, one of several options it is considering as its new management struggles to clean up billions of euros in toxic assets.** Spain''s Euskaltel said it had made an offer of around 700 million euros ($770 million), including debt, for Zegona''s Telecable, consolidating the Basque telecommunication company''s lead in northern Spain.** North American budget hotel chain La Quinta Holdings Inc is preparing to explore a sale of the company, hoping for a high valuation as its seeks to spin off its real estate assets, people familiar with the matter said on Monday.** Activist investor Elliott Management raised the pressure for strategic changes at BHP,, calling for an independent review of the mining giant''s petroleum business.** Singapore sovereign wealth fund GIC Private Limited, which invested in UBS to support it during the 2008/09 global financial crisis, said it had cut its stake in the Swiss bank at a loss, partly because of changes in the lender''s strategy and business.** Japan''s government said it wanted Toshiba Corp and partner Western Digital Corp to cooperate, expressing concern about an escalating dispute between the two that threatens to upend the sale of Toshiba''s chip unit.** Stada Arzneimittel AG, the German drug company that has received an agreed takeover bid from buyout firms Bain and Cinven, said it had not been notified of any rival offer in the works.** Petr<74>leo Brasileiro SA will take bids for a natural gas field in the Amazon bay as part of an ambitious divestment plan, the Brazilian state-controlled oil company said in a securities filing.** The planned takeover of Kazakhstan''s Kazkommertsbank by rival Halyk Bank, may take longer than previously expected, Halyk Bank chief executive Umut Shayakhmetova said.** Investment firms TPG Group Holding Advisers Inc and Dragoneer Investment Group LLC jointly reported an 8 percent stake in Etsy Inc, the Brooklyn-based online retailer of handmade goods, Etsy disclosed in filings on Monday.** Soros Fund Management LLC, founded by billionaire investor George Soros, boosted the firm''s share stake in Goldman Sachs Group Inc by nearly 40 percent during the first quarter and also purchased shares in Snap Inc, parent of the wildly popular Snapchat messaging app, during the first three months of the year, regulatory filings on Monday showed. (Compiled by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1II3BH'|'2017-05-16T11:17:00.000+03:00'
'18d89c0e05592785093eb658ffd273778cb7d847'|'Japan''s Nikkei ekes out gains on sagging yen, firmer Wall Street'|'TOKYO May 16 Japan''s Nikkei share average edged up on Tuesday, drawing support from a sagging yen and a rise in U.S. shares to record highs.The Nikkei ended the day 0.25 percent higher at 19,919.82. It earlier rose to 19,998.49, its highest since December 2015, in an initial reaction to overnight Wall Street gains. But the index lost traction as the yen recovered some of its losses.The broader Topix added 0.27 percent to 1,584.23 and the JPX-Nikkei Index 400 rose 0.22 percent to 14,143.97.(Reporting by Shinichi Saoshiro; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL4N1II24C'|'2017-05-16T14:07:00.000+03:00'
'c6500e3858b50ef55fc7416f354fdeb1af458c30'|'Finnish IPO''s pick up after a drought'|'Business News - Tue May 16, 2017 - 12:23am BST Finnish IPO''s pick up after a drought left right Eye surgery and optical retail company Silmaasema''s CEO Pasi Kohmo poses in Helsinki, Finland, May 15, 2017. REUTERS/Jussi Rosendahl 1/2 left right Eye surgery and optical retail company Silmaasema''s CEO Pasi Kohmo poses in Helsinki, Finland, May 15, 2017. REUTERS/Jussi Rosendahl 2/2 By Jussi Rosendahl - HELSINKI HELSINKI Eye surgery and optical retail company Silmaasema Oyj on Monday became the latest company to consider an IPO in Helsinki bourse, suggesting listings were picking up in the Finnish economy as it recovers from a decade-long stagnation. In 2008-2012, Helsinki stock exchange saw only eight companies listing their shares in its main list or the First North marketplace for growth companies - compared to 82 in neighbouring Sweden. But in recent years, activity has increased and the total number of Helsinki listings since 2013 is 38 so far. "What we hear from advisor banks is that at the moment there is a lot of activity among companies considering listings," Henrik Husman, head of Nasdaq Helsinki, told Reuters. "It''s partly due to the recovering economy, low interest rate environment and companies'' more ambitious growth targets. The administrative burden has also been reduced." Following a recent law amendment, companies may skip reporting their first- and third-quarter results if they wish. The dearth of IPO''s on the Helsinki stock exchange has added to a string of problems in the Finnish economy that has also suffered from a decline of Nokia''s former phone business, recession in neighbouring Russia, falling European paper demand, high labour costs and lack of early funding for startups. The gross domestic product is seen to grow around 1-2 percent this year and the next, according to the government and banks. Recent listings include telecom operator DNA, used car retailer Kamux, discount retailer Tokmanni and Next Games, a mobile game company. The Finnish listing market has a particular problem: dividend tax is much higher for listed companies than for unlisted firms, which is seen keeping lid on new IPOs. The centre-right government is considering scrapping tax for small dividends, and lowering it for all payouts from firms in the First North market. "This (listing boom) seems like a very cyclical phenomenon, largely driven by private equity exits... unfortunately we have not seen any political decisions that would develop the listing market," said strategist Jukka Oksaharju at Nordnet brokerage. In Silmaasema''s possible listing plan, main owner Intera Partners aims to sell part of its stake and the company would get around 35 million euros of capital. (Reporting by Jussi Rosendahl, editing by Pritha Sarkar)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-finland-economy-listings-idUKKCN18B2R7'|'2017-05-16T07:23:00.000+03:00'
'f1ebad73f0271c4febf074bb0f6b0f2aeb0c2bd4'|'New Zealand gets Pirelli on board just in time for America''s Cup'|'  11:16am EDT New Zealand gets Pirelli on board just in time for America''s Cup Britain Sailing - America''s Cup 2016 - Portsmouth - 23/7/16Emirates Team New Zealand in actionReuters / Henry BrowneLivepic LONDON Emirates Team New Zealand have signed up tire maker Pirelli[PIRI.UL] as a sponsor, just over a week before racing begins in the build-up to the 35th America''s Cup in Bermuda. Crews from Britain, France, Japan, New Zealand and Sweden are seeking to win the right to challenge Oracle Team USA next month, with Oracle chairman Larry Ellison''s team looking to win the oldest trophy in international sport, known as the "Auld Mug", for a third time in a row. New Zealand, who lost in 2013 after the Americans staged a stunning comeback in San Francisco, are already sponsored by airline Emirates [EMIRA.UL], Japanese carmaker Toyota, Swiss watchmaker Omega and coffee group Nespresso. The sponsors'' branding adorns the hulls of the team''s high-tech 50-foot black and red foiling catamaran and its towering "wing" sail, which are controlled using hydraulics. New Zealand have set themselves apart by incorporating fixed cycles in their design, meaning the crew sits and pedals to power the hydraulics rather than "grinding" hand winches. Pirelli and New Zealand said the tire maker''s distinctive red and yellow logo will not only feature on the hull, but also on the rudders, which are visible when the catamaran''s foils lift it dramatically out of the water in "flight" mode at speeds of up to 50 knots (92.6 km per hour). Qualifying racing begins in Bermuda on May 26, with the head-to-head races for the America''s Cup between whichever crew emerges as challenger and defender Team USA starting on June 17. (Editing by Larry King)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-sailing-americascup-newzealand-idUSKCN18C1WG'|'2017-05-16T23:11:00.000+03:00'
'8f3f1d6cc418278cc02639d0be22af6c238bf65d'|'Ford to cut North America, Asia salaried workers by 10 percent - source'|'Autos - Tue May 16, 2017 - 4:34am BST Ford to cut North America, Asia salaried workers by 10 percent - source FILE PHOTO: The logo of Ford is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 8, 2017. REUTERS/Arnd Wiegmann/File Photo By David Shepardson and Nick Carey - WASHINGTON/DETROIT WASHINGTON/DETROIT Ford Motor Co ( F.N ) plans to shrink its salaried workforce in North America and Asia by about 10 percent as it works to boost profits and its sliding stock price, a source familiar with the plan told Reuters on Monday. A person briefed on the plan said Ford plans to offer generous early retirement incentives to reduce its salaried headcount by Oct. 1, but does not plan cuts to its hourly workforce or its production. The move could put the U.S. automaker on a collision course with President Donald Trump, who has made boosting auto employment a top priority. Ford has about 30,000 salaried workers in the United States. The cuts are part of a previously announced plan to slash costs by $3 billion (2.3 billion pounds), the person said, as U.S. new vehicles auto sales have shown signs of decline after seven years of consecutive growth since the end of the Great Recession. The Wall Street Journal reported Monday evening that Ford plans to cut 10 percent of its 200,000-person global workforce, but the person briefed on the plan disputed that figure. The source requested anonymity in order to be able to discuss the matter freely. Ford declined to comment on any job cuts but said it remains focused on its core strategies to "drive profitable growth". "Reducing costs and becoming as lean and efficient as possible also remain part of that work," it said in a statement. "We have not announced any new people efficiency actions, nor do we comment on speculation." Ford plans to emphasise the voluntary nature of the staff reductions. Ford said April 27 when it reported first-quarter earnings that it planned to cut $3 billion in costs. "We are continuing our intense focus on cost and the reason for that is not only mindful of the current environment that we''re in, but also I think preparing us even more for a downturn scenario," Chief Executive Mark Fields told analysts in a conference call at that time. JOBS JOBS JOBS During his election campaign President Trump was highly critical of the auto industry''s use of Mexican plants to produce vehicles for the U.S. market. Since taking office, Trump has regularly focused on creating jobs in sectors like the automotive industry, though he has released few concrete plans to do so. Following criticism from Trump, in January Ford scrapped plans to build a $1.6 billion car factory in Mexico and instead added 700 jobs in Michigan. In March, Ford said it would invest $1.2 billion in three Michigan facilities and create 130 jobs in projects largely in line with a previous agreement with the United Auto Workers union. Trump pounced on that announcement before Ford could release its plans. "Major investment to be made in three Michigan plants," Trump posted on Twitter. "Car companies coming back to U.S. JOBS! JOBS! JOBS!" (Additional reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Amrutha Gayathri and Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ford-motor-layoffs-idUKKCN18C05T'|'2017-05-16T10:50:00.000+03:00'
'5199def53492c9e2c6dadbec74261f561eea409f'|'The legal stuff - Guardian Sustainable Business'|'1. The Guardian Sustainable Business Awards 2017 are open to businesses, public sector organisations, voluntary sector organisations, individuals and academic institutions with a place of business or registered office in the UK (<28>Qualifying Organisations<6E>). The Awards are not open to employees or agencies of Guardian News & Media Limited (<28>GNM<4E>), its group companies or their family members, or anyone else connected with the creation or administration of the Awards. UK national and regional newspapers are not eligible to enter.The Awards 2. The Awards consist of 8 categories (each an <20>Award Category<72>), excluding two reader-voted awards (each a <20>Reader Award<72>, described further below). For a description of each Award Category and further information on the criteria for each, please click here .3. To enter any of the Award Categories, follow the instructions online here . The deadline for entries to all Award Categories is 23:59 GMT on Friday 14 July 2017. Entries received after this deadline will not be processed. For information on the entry requirements and the information you will need to provide in order to enter, please click here .4. Qualifying Organisations are able to enter into one or more Award Categories, but a separate entry form and entry fee will be required for each entry. You may not submit multiple entries in the same category.5. The work or project referred to in your Award Category submission, or some part of the work or project, must have taken place between February 2016 and May 2017.6. Entries on behalf of another organisation will only be accepted if the entry is made with the consent of that organisation.7. By submitting an application form to enter the Awards, you confirm that you have the right to enter and have obtained all and any consents, permissions and authorisations that may be required in order for you to enter.The Reader Awards 8. The Reader Awards consist of 2 categories: leader of the year and unsung hero.9. No fee is required to make a nomination for a Reader Award.10. Nominations will be accepted from 15 May 2017 until 23:59 on 14 July 2017. Nominated individuals must work for a Qualifying Organisation (as defined in paragraph 1). Instructions on how to make a nomination will be published on the Guardian Sustainable Business website on 15 May 2017. Readers will be limited to one nomination for each Reader Award.11. GNM will use the nominations to create a shortlist of (maximum) 5 nominees for each Reader Award category (the <20>Reader Award Shortlisted Entrants<74>). The Reader Award Shortlisted Entrants will be selected by a panel of judges including at least one who is independent of GNM.12. The Reader Award Shortlisted Entrants will be put to a reader vote to determine the winner. Readers are restricted to one vote per Reader Award Shortlisted Entrant. The voting will open on 15 May 2017 and close at 23:59 on Friday 14 July.Entry fees 13. The fee to enter each Award Category is as follows. The fee is payable by the individual or organisation that submits the entry. Please note no fee is payable in respect of nominations for the Reader Awards.a. small businesses (1-249 employees), public and voluntary sector organisations and academic institutions: <20>249 (plus VAT) per Award Category entry;b. medium and large businesses (250+ employees): <20>795 (plus VAT) per Award Category entry.14. For entries submitted between 15 May 2017 and 16 June 2017 there will be a 25% early bird discount off the total applicable fee stated above15. Entrants who enter three Award Categories will receive 50% off the applicable entry fee for the third Award Category. For the avoidance of doubt, this discount will only apply to the entry fee for a single Award Category and not the total fee payable.Judging the entrants to the Award Categories and picking the winners 16. GNM will produce a shortlist of entrants for each Award Category, applying the relevant judging criteria available here (the <20>Judging Criteria<69>). Award Catego
'c0bc5bfa2497bd16fa4bfd930a433adf1cc3d064'|'Japan''s Nikkei hits 17-mth high on sagging yen, higher Wall Street'|'Market News - Mon May 15, 2017 - 10:23pm EDT Japan''s Nikkei hits 17-mth high on sagging yen, higher Wall Street By Shinichi Saoshiro - TOKYO TOKYO May 16 Japan''s Nikkei share average rose to a 17-month high on Tuesday, drawing support from a sagging yen and Wall Street hitting record highs overnight. The Nikkei was up 0.3 percent at 19,925.20, having come off an early high of 19,998.49, its best levels since December 2015. A broadly weaker yen helped shares in Japan''s export reliant economy, and investors also took heart from the S&P 500 and Nasdaq closing at record highs thanks to rising oil prices and demand for technology stocks. The Nikkei was still shy of 20,000, lacking enough impetus to overcome steady profit-taking near the threshold. "The Nikkei is likely to eventually reach 20,000 as participants test the market''s upside. But it will need fresh external factors, like developments in (U.S. president Donald) Trump''s tax reform plans, to stay above that level," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. Asahi Group Holdings rose 3.6 percent after the brewer reported a 17.4 percent gain in its January-March net profit thanks to efforts to generate demand for non-alcoholic beverages. Shares of Disco Corp gained as much as 2.3 percent to 18,900 yen after semiconductor maker was included in MSCI''s Japan index for the index provider''s semiannual market reclassification. Other companies MSCI included in its Japan index were Kyushu Railway, which was flat, and chemical product maker Tosoh Corp, which rose 2.1 percent. MSCI dropped Hokuriku Electric Power, which was little changed, and warehousing and transportation service provider Mitsubishi Logistics, which was down 1.4 percent. Daikyo Inc slid 7.4 percent after the real estate developer announced that it expects its net profit for the year through March 2018 to decline 14.6 percent to 12 billion yen ($105 million). Of Tokyo''s 33 subindexes, 24 gained. Among them, oil and coal products rose 1.1 percent after crude prices surged following a joint announcement by Saudi Arabia and Russia to push for an extension of supply cuts through March 2018. The broader Topix added 0.3 percent to 1,584.30 and the JPX-Nikkei Index 400 climbed 0.2 percent to 14,148.09. ($1 = 113.5300 yen) (Editing by Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL4N1II1H1'|'2017-05-16T10:23:00.000+03:00'
'85fdd1aa30c69de53b03fb2973e86d3eb570990e'|'EU insurers oppose merging banking and insurance watchdogs'|'Business News   3:06pm BST EU insurers oppose merging banking and insurance watchdogs LONDON Merging the European Union''s insurance and banking watchdogs could weaken financial supervision, top insurers said on Tuesday. Britain''s departure from the European Union means that the European Banking Authority must move from its base in London to elsewhere in the EU with a string of cities jostling for it. But Brussels policymakers have suggested it could be merged with the Frankfurt-based European Insurance and Occupational Pensions Authority or EIOPA. The bloc was already reviewing supervisory arrangements put in place after the 2007-09 financial crisis. "There is also no evidence that another EU supervisory structure would work better and justify the costs, risks and years of uncertainty that would accompany any significant structural changes," Insurance Europe said in a statement. Insurers have long resisted being lumped in with banks, fearing they will end up being regulated more harshly. The industry body said it also opposes transferring EIOPA''s conduct powers to the EU''s European Securities and Markets Authority in Paris. Michaela Koller, director general of Insurance Europe, said a strong, dedicated European insurance supervisor is needed. "Insurance is a complex industry that requires a focused supervisor with a high degree of expertise overseeing all areas of supervision," she said. EIOPA did not need any new powers and should instead focus on using its existing powers to the full, she added. (Reporting by Huw Jones, editing by Pritha Sarkar)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-insurance-regulator-idUKKCN18C1PF'|'2017-05-16T22:06:00.000+03:00'
'4a454375e449ccf248dcdb8de315fa680a443909'|'Italy lags in euro zone''s Big Five economies'|'Business News - Tue May 16, 2017 - 4:41pm BST Italy lags in euro zone''s Big Five economies People walk inside an Inditex owned Zara Home store in Milan, Italy, March 30, 2017. REUTERS/Alessandro Garofalo By Jeremy Gaunt - LONDON LONDON Of the euro zone''s top five economies, Italy is struggling to keep growth going, though it is only slightly worse for wear than France. Tuesday''s first-quarter GDP growth was just 0.2 percent up on the previous period and slowed to 0.8 percent year-on-year. Add this to data showing that life has become more expensive since Italians got the euro and that Germany is barrelling ahead. The following graph shows GDP trends for Germany, France, Italy, Spain and The Netherlands. The one below shows changes in euro zone purchasing power based on GDP per capita:'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-economy-italy-idUKKCN18C1YN'|'2017-05-16T23:41:00.000+03:00'
'989019c9e5ff2df272fd5ff6c0ef0275cb854b18'|'UPDATE 1-Air France-KLM won''t save Alitalia, CEO says'|'(Adds Quote: s)PARIS May 16 Air France-KLM has ruled out stepping in to save near-bankrupt Alitalia, with its chief executive telling shareholders on Tuesday that its past experience of cross-shareholdings and a failed merger plan would discourage it from investing directly in Italy again.In 2008 Air France-KLM walked away from a planned takeover of Alitalia after talks with the Italian carrier''s unions broke down.Earlier this month Alitalia went into administration for the second time in less than a decade after workers rejected a restructuring plan."I don''t think the past experience of either KLM or Air France in their relations with Alitalia encourages us to repeat the experience of a direct presence in Italy, especially since Alitalia''s market share in Italy and Europe and in long-haul have fallen sharply and we can capture the Italian market through our CDG (Paris) and Schiphol (Amsterdam) hubs," said Air France-KLM Chief Executive Jean-Marc Janaillac."We will watch what happens with the administrators in the next six months and adjust our position accordingly," he told an annual shareholder meeting.Alitalia remains a partner in the Franco-Dutch group''s North Atlantic joint venture with Delta Air Lines. (Reporting by Cyril Altmeyer, Tim Hepher; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/alitalia-restructuring-airfrance-idINL8N1II5N0'|'2017-05-16T13:50:00.000+03:00'
'ad895ec8fd97b6f33836347954b3b71afb625b45'|'Britain set to sell last of Lloyds stake in symbolic step'|'Deals   6:22pm BST Britain set to sell last of Lloyds stake in symbolic step FILE PHOTO: A man walks past the entrance to the head office of Lloyds Banking Group in the City of London December 11, 2013. REUTERS/Olivia Harris By Andrew MacAskill and Lawrence White - LONDON LONDON Britain is set to sell its remaining stake in Lloyds Banking Group ( LLOY.L ) on Wednesday, making the lender the first to re-emerge from British state ownership in a symbolic step for the country''s recovering banking sector. The sale will draw a line under one of the largest bailouts from the 2007-2009 global financial crisis. This involved Lloyds, Britain''s biggest retail lender, being rescued after an ill-fated government-brokered takeover of rival HBOS. The takeover of HBOS in 2008 caused Lloyds to suffer more than 25 billion pounds in losses and the bank''s subsequent rescue cost the British government more than 20 billion pounds ($26 billion) and left it with a 43 percent state shareholding. This holding has gradually been sold back into the market over and now represents less than 1 percent of Lloyds shares. About half of the 137 billion pounds of direct cash injected into Britain''s five bailed-out banks has so far been recovered. Britain will make at least a 500 million pound profit from its bailout of Lloyds, the bank''s chief executive Antonio Horta-Osorio said last week. Lloyds itself is set to announce the sale by UK Financial Investments (UKFI), which manages the government''s holdings in banks it has rescued, on Wednesday, sources told Reuters on Tuesday. UKFI and Lloyds declined to comment. SLOW BRITISH RECOVERY Lloyds has overhauled the way it is run since its bailout and a series of high-profile scandals, scaling back its global footprint and reducing its reliance on short-term funding. The sale ends a lengthy, and at times politicized, government disposal of its stake that underscores Britain''s banking industry''s slow recovery from the deepest financial crisis since the Great Depression. British lenders'' long road back to public ownership contrasts with other countries such as the United States, where lenders such as JPMorgan ( JPM.N ), Bank of America ( BAC.N ) and Citigroup ( C.N ) repaid the government by the end of 2009. In Switzerland, UBS ( UBSG.S ) bought back a fund set up by the Swiss National Bank to purge it of its toxic assets in 2013. Analysts said the sale of Britain''s banks has taken longer because the scale of bad debts were higher than first anticipated and because the government interfered more with the running of the banks, including setting lending targets and what lines of business to exit. Lloyds'' successful exit was only possible because Britain''s finance minister Philip Hammond sanctioned the recent sales at a loss because the government had made profits from earlier transactions when the share price was higher. The bank''s executives said they are looking forward to the milestone, but are mindful of appearing celebratory given public scepticism after the bank came so close to collapse. "Everyone who works for the Group is conscious of the enormous debt that we owe to taxpayers for the financial support we received following the financial crisis," Lloyds Chairman Norman Blackwell said at its annual general meeting last week. (Editing by Kirstin Ridley and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-lloyds-sale-idUKKCN18C27X'|'2017-05-17T01:20:00.000+03:00'
'0a6b70f813e4b731155af4723b62e1961cad0693'|'Exclusive - Top Mexican miners owe $180 million in 2015 royalties: government study'|'Business News - Tue May 16, 2017 - 11:10am BST Exclusive - Top Mexican miners owe $180 million in 2015 royalties: government study left right A logo of Mexico''s tax authority SAT is seen on a building in Mexico City, Mexico, May 15, 2017. REUTERS/Edgard Garrido 1/5 left right A logo of Mexico''s tax authority SAT is seen on a wall outside the offices in Mexico City headquarters, Mexico, May 15, 2017. REUTERS/Edgard Garrido 2/5 left right A logo of Mexico''s tax authority SAT is seen on a wall outside the offices in Mexico City headquarters, Mexico, May 15, 2017. REUTERS/Edgard Garrido 3/5 left right A logo of Mexico''s tax authority SAT is seen on a building in Mexico City, Mexico, May 15, 2017. REUTERS/Edgard Garrido 4/5 left right A logo of Mexico''s tax authority SAT is seen on a building in Mexico City, Mexico, May 15, 2017. REUTERS/Edgard Garrido 5/5 By Alexandra Alper - MEXICO CITY MEXICO CITY Top Mexican miners Grupo Mexico, Penoles, Fresnillo and billionaire Carlos Slim''s Frisco together owe nearly $180 million (<28>140 million) in mining royalties to Mexico for 2015, according to preliminary government figures seen by Reuters. The documents, which are part of an industry-wide review for tax compliance led by Mexico''s tax authority, estimate Grupo Mexico ( GMEXICOB.MX ) owes some 1.7 billion pesos (<28>70.4 million) on a 7.5 percent mining royalty on extractive profits for 2015. For the same levy, Penoles ( PENOLES.MX ) and Fresnillo ( FRES.L ), which belong to Grupo Bal, owe some 962.6 million pesos and 492.6 million pesos respectively, the figures show, while Frisco ( MFRISCOA1.MX ) owes some 189.1 million pesos. Neither Frisco nor Penoles paid anything for 2015 for the mining royalty, while others'' payments fell short of estimates, according to preliminary government accounts for the second year the levy was in force. Reuters could not determine whether the companies had received the government estimates. (Graphic: tmsnrt.rs/2rjQrij ) The review is the latest chapter in a stand-off between the government and the industry, whose production is worth about $13.5 billion annually and which critics accuse of profiting for years without paying their fair share, and part of a broader effort to boost the tax take as oil revenue falls. "It doesn''t surprise me...this has been a recurring situation in Mexico," said Patricia Legarreta, investigative coordinator at PODER, a non-governmental organization that seeks to boost corporate transparency in Latin America. "It''s very important that (the companies) are audited," she added. Government sources said the data did not necessarily mean companies had broken the law. Instead the review, launched last year, was aimed at determining whether royalty payments should be scrutinized further. The data is based on a preliminary comparisons of tax returns and annual reports and includes tax credits that companies can offset against the payments. The government scrutiny reflects further souring in the relationship between the industry, whose market value is estimated at $15.7 billion, and tax authorities since the new royalty came into effect in 2014. More than 80 mining subsidiaries operating in Mexico, including units of Slim''s Frisco, have launched legal challenges arguing the royalty is unconstitutional, according to documents seen by Reuters. Tax officials could seek much heftier amounts as they review the sector for compliance on issues such as income tax, value added tax and other royalty payments, two people familiar with the matter told Reuters. Mexico''s tax authority SAT and Grupo Mexico declined to comment. Fresnillo said it fully complied with its tax and royalty obligations while Penoles cited a letter from Mexico''s mining chamber rejecting allegations its members avoided taxes and questioned government calculations. <20>We reiterate our disagreement with the figure. Penoles paid its mining royalties<65>according to the law and the money was even
'7daa9875823c3439cc6b83a3a76c6fb189349236'|'U.S. TIPS breakeven rates rise after strong auction'|'NEW YORK May 18 The U.S. bond market''s gauges on inflation expectations rose on Thursday, rebounding from their lowest levels since November, following strong investor demand at an $11 billion auction of 10-year Treasury Inflation Protected Securities.The 10-year inflation breakeven rate, or the yield difference between 10-year TIPS and regular 10-year Treasury notes, was last up over 2 basis points at 1.83 percent. Earlier Thursday, it fell to 1.77 percent, the lowest since Nov. 9, according to Tradeweb and Reuters data. (Reporting by Richard Leong; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-tips-auction-idINL2N1IK1LA'|'2017-05-18T15:47:00.000+03:00'
'4f775c2aa7c5d66d2c59ddbc1d0107128034ee08'|'VW CEO says successor likely to come from within - Handelsblatt'|'Thu May 18, 2017 - 6:59pm BST VW CEO says successor likely to come from within: Handelsblatt FILE PHOTO - Volkswagen CEO Matthias Mueller attends the annual shareholder meeting in Hanover, Germany May 10, 2017. REUTERS/Fabian Bimmer FRANKFURT Germany''s Volkswagen ( VOWG_p.DE ) will likely pick a new chief executive officer (CEO) from within the carmaker''s own ranks, CEO Matthias Mueller told German daily Handelsblatt. "I am already in talks with the supervisory board about who could be my successor," Handelsblatt quoted Mueller as saying. Mueller''s contract is not due to expire until mid 2020, but the process of picking a new leader needs to be initiated with plenty of advance notice, Handelsblatt said. "It is important and a signal for the company if my successor comes from within our own ranks," Mueller told the paper. Candidates should have international experience and not become consumed by day to day operations while focusing on big picture strategic initiatives, the paper said, quoting Mueller. Volkswagen (VW) acknowledged its CEO had given an interview to Handelsblatt. "We are thinking today about how we can better position Volkswagen in future, and this includes succession planning," a spokesman said on Thursday, declining to discuss potential candidates. The Handelsblatt interview comes a day after German prosecutors said they were formally investigating executives at VW''s biggest shareholder, Porsche SE, over whether they informed markets in a timely manner about the potential risks from VW''s emissions scandal. Mueller is a management board member at Porsche SE, the family-owned holding company which controls 52.2 percent of VW''s voting shares. Mueller said the Porsche SE board had not neglected its duties. "We are convinced that we fulfilled capital market disclosure requirements in an orderly and responsible manner," Handelsblatt quoted him as saying. "Personally I have nothing to answer for," he added. (Reporting by Andreas Cremer; Writing by Edward Taylor; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-ceo-succession-idUKKCN18E2PD'|'2017-05-19T01:52:00.000+03:00'
'480696453014160ebea93bffaef473ef3902de33'|'Julius Baer eyes minority stake in Argentina''s TPCG: source'|'By Joshua Franklin and Luc Cohen - ZURICH/BUENOS AIRES ZURICH/BUENOS AIRES Julius Baer ( BAER.S ) is in advanced talks to buy a minority stake in Argentinian financial services firm TPCG Group [TPCGT.UL], a source familiar with the matter said, as the Swiss bank lays the groundwork for further expansion in Latin America.Baer, Switzerland''s third-biggest private bank behind UBS ( UBSG.S ) and Credit Suisse ( CSGN.S ), wants to purchase a roughly 20 percent stake in TPCG, the source said, speaking on condition of anonymity because the talks are not public.The deal could be announced as early as next week, although it is not certain it will go through. Zurich-based Baer is due to publish a four-month interim management statement on Monday.Under the proposed agreement Baer would have the option to buy a bigger stake over time, the source said.The deal would be priced at 1-2 percent of Buenos Aires-based TPCG''s assets under management, a typical rule of thumb in private banking purchases.Representatives for Baer and TPCG declined comment.The purchase is a financial investment but could eventually mirror a 2011 deal when Baer initially bought a minority stake of Brazil''s GPS Investimentos Financeiros e Participa<70><61>es S.A. and raised it to a majority in 2014. It also bought a minority stake in NSC Asesores in Mexico in 2015.However, further expansion in Argentina hinges on whether President Mauricio Macri succeeds in rolling back rules blocking foreign wealth managers from working in the country and banking its commodities and cattle millionaires.Baer now covers Argentina from an office in neighboring Uruguay, a business it inherited from a 2012 acquisition of Merrill Lynch''s international wealth management division.Merrill was one of several institutions that closed its private banking business in Argentina during the populist administration of Cristina Fernandez, whose currency controls and meddling in the economy made business difficult for multinational companies, including banks, operating there.Macri, on Argentina''s center-right, has instituted a number of market-friendly reforms designed to normalize economic policy and attract investment since taking office in December 2015.For private banks, the key legislation is a capital markets reform bill that would, among other changes, allow licensed investment advisers and intermediaries to invest Argentine citizens'' funds in overseas assets."If there was that change in legislation, I think that''s certainly a market that we would be looking into," Baer Chief Executive Boris Collardi had told Reuters in February after the bank reported full-year results.Finance Minister Luis Caputo told Reuters last month he was confident the capital markets reform legislation would pass congress this year.The outcome of legislative elections in October could determine whether Macri succeeds in passing his bill.(Additional reporting by Walter Bianchi in Buenos Aires; Editing by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-julius-baer-m-a-argentina-idINKCN18E232'|'2017-05-18T12:39:00.000+03:00'
'e056df6cb69a423e664cc4704dff14038867358d'|'TREASURIES-Yield rise as stocks gain, political concerns remain'|'(Recasts with yields rising) * Trump allegations raise doubts about tax cuts, new spending * Brazilian stock plunge boosts safety buying of U.S. bonds * U.S. two-, 10-year yield curve flattest since October By Karen Brettell NEW YORK, May 18 U.S. Treasury yields rose from one-month lows on Thursday as stocks recovered from Wednesday<61>s dramatic drop, reducing demand for safe-haven bonds. Uncertainty arising from allegations against U.S. President Donald Trump, however, was seen as keeping investors on edge. "Yields are up because stocks are rising. They are taking their cue from that," said Lou Brien, a market strategist at DRW Trading in Chicago, adding that <20>markets are trading very nervously.<2E> Yields on benchmark 10-year notes fell to 2.18 percent overnight, the lowest since April 19, after Reuters reported that Michael Flynn and other advisers to Trump<6D>s campaign were in contact with Russian officials and others with Kremlin ties in at least 18 calls and emails during the last seven months of the 2016 presidential race. That came after the U.S. Justice Department on Wednesday named former Federal Bureau of Investigation chief Robert Mueller as special counsel to investigate whether Russia interfered in the election and possible collusion between the Trump campaign and Moscow. <20>The risk going forward is that this thing goes on and on and we don<6F>t have a resolution, which means the new administration is not able to work on its tax initiatives and regulatory reform,<2C> said Subadra Rajappa, head of U.S. rates strategy at Societe Generale in New York. A plunge in the Brazilian stock market on concerns about political instability also added to safety buying of U.S. bonds. The 10-year notes were last down 5/32 in price to yield 2.23 percent, up from 2.22 percent late on Wednesday. The yield curve between two-year notes and 10-year notes flattened to 95 basis points, its lowest since Oct. 27 as investors reached for longer-duration bonds. Longer-dated notes are viewed as having more potential upside than two-year bonds, which are highly sensitive to interest rate changes. The Federal Reserve is expected to hike rates next month. <20>The two-year is going to be pegged to Fed expectations, so if there<72>s a flight to quality you<6F>re going to see that manifest in the back end of the curve," Rajappa said. The Treasury Department sold $11 billion in reopened 10-year Treasury Inflation-Protected Securities (TIPS) to strong demand on Thursday, with indirect bidders including fund managers and foreign central banks purchasing 80.3 percent of the sale. (Editing by Lisa Shumaker) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL2N1IK1WJ'|'2017-05-18T16:52:00.000+03:00'
'4a8645697e89f2718a2a8e2ac8eddc19c7b29eb8'|'Shock and shrug: U.S. stocks brush off latest round of global threats'|'By Lewis Krauskopf - NEW YORK NEW YORK Another global shock. Another collective yawn by U.S. stock investors.Equity investors appeared to largely brush off the latest apparent threat to the world''s security: A global cyber attack, which began spreading on Friday that by Monday had infected computers in more than 100 countries. Adding to global jitters, North Korea said it had successfully conducted a mid- to-long-range missile test and would continue such launches "any time, any place."Yet major U.S. stock indexes moved higher on Monday, with the benchmark S&P 500 .SPX touching a record high, as stocks continued to rally even as many investors worry about unbridled optimism and expensive valuations."I am really on pins and needles to be honest with you because there are so many threats to this stability and this complacency which have not yet been priced into the market," Peter Kenny, senior market strategist at Global Markets Advisory Group in New York."It is just a question of what straw is going to break the camel<65>s back and then there is going to be all sorts of reasons that the market should have sold off," Kenny said.While past cyber attacks may have had limited impact on the market, the WannaCry attack was described as having "unprecedented" global reach at a time people increasingly rely on technology to store their sensitive data. The attack follows hacking incidents during the U.S. and French elections."The cyber attack I would have imagined would have created some nervousness and anxiety, and throw in North Korea over the weekend, I''m confused on why the market is doing what it''s doing," Ken Polcari, director of the NYSE floor division at O<>Neil Securities in New York.U.S. equities continued to move upward on Monday, a trend that has been firmly in place since the U.S. presidential election in November. Helped by higher oil prices, the benchmark S&P 500 .SPX rose 0.5 percent on Monday and set a new all-time high. In Europe, where the attack took center stage, investors also showed limited concerns. European shares closed higher while the UK<55>s FTSE 100 .FTSE edged up to end at a record high.Indeed, the main impact from the attack appeared to be a rush to own shares of cyber security firms, the Purefunds ISE Cyber Security ETF ( HACK.P ) up 3.2 percent, U.S.-listed FireEye Inc ( FEYE.O ) up 7.5 percent and Symantec Corp ( SYMC.O ) gaining 3.2 percent.To be sure, market watchers said that cyber threats have typically had limited impact on the market. Nicholas Colas, chief market strategist at Convergex, a global brokerage company based in New York, said for the market to become concerned, an attack would need to be more narrowly targeted, such as hitting a company that consumers depend on such as Apple Inc ( AAPL.O ) or major banks."If you want to get U.S. investors'' attention you''d have to shut down major banks'' ATM systems," said Colas.The market''s ability to push higher underscored worries about investors being overly complacent and optimistic about the direction of stocks.The S&P 500 has risen more than 12 percent since the election of President Donald Trump spurred by expectations that his tax cut proposals and planned infrastructure spending will help economic growth. While threats to Trump''s plans have rattled investors they have failed to cause any significant pull back in stocks.The CBOE Volatility Index .VIX, better known as the VIX and the most widely followed barometer of expected near-term stock market volatility, last week closed at 9.77, its lowest close since December 1993. On Monday, the VIX fell 0.11 point at 10.29."I''d say the market has been overly complacent for quite some time," said Michael O<>Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut. "There are a lot of people shorting volatility, which means investors are not worried about much of anything right now."(Additional reporting by Caroline Valetkevitch, Megan Davies, Sinead Carew and Chuck
'719d5c8437f0d1bad8e1f354e0b7a3fbf805e752'|'Ransomware attack again thrusts U.S. spy agency into unwanted spotlight'|'Market News - Mon May 15, 2017 - 9:41pm EDT REFILE-Ransomware attack again thrusts U.S. spy agency into unwanted spotlight (In 18th paragraph, fixes word in quote to read "and that hobbling the NSA" not "and the hobbling NSA") By Dustin Volz WASHINGTON May 15 An unprecedented global cyber attack that infected computers in at least 150 countries beginning on Friday has unleashed a new wave of criticism of the U.S. National Security Agency. The attack was made possible by a flaw in Microsoft''s Windows software that the NSA used to build a hacking tool for its own use - only to have that tool and others end up in the hands of a mysterious group called the Shadow Brokers, which then published them online. Microsoft Corp President Brad Smith sharply criticized the U.S. government on Sunday for "stockpiling" software flaws that it often cannot protect, citing recent leaks of both NSA and CIA hacking tools. "Repeatedly, exploits in the hands of governments have leaked into the public domain and caused widespread damage," Smith wrote in a blog post. "An equivalent scenario with conventional weapons would be the U.S. military having some of its Tomahawk missiles stolen." Some major technology companies, including Alphabet Inc''s Google and Facebook Inc, declined comment on the Microsoft statement. But some other technology industry executives said privately that it reflected a widely held view in Silicon Valley that the U.S. government is too willing to jeopardize internet security in order to preserve offensive cyber capabilities. The NSA did not respond to requests for comment. The NSA and other intelligence services generally aim to balance disclosing software flaws they unearth against keeping them secret for espionage and cyber warfare purposes. On Monday, senior administration officials defended the government''s handling of software flaws, without confirming the NSA link to WannaCry, the tool used in the global ransomware attack. "The United States, more than probably any other country, is extremely careful with their processes about how they handle any vulnerabilities that they''re aware of," Tom Bossert, the White House homeland security adviser, said at a press briefing on Monday. Other tools from the presumed NSA toolkit published by the Shadow Brokers have also been repurposed by criminals and are being sold on underground forums, researchers said. But they appear to be less damaging than WannaCry. It is not known who is behind the Shadow Brokers. Derek Manky, global security strategist at cyber security firm Fortinet, said he thinks WannaCry is probably the worst that will come from the Shadow Brokers<72> publicly dumped toolkit, though the group may have held back from public revealing everything it obtained <20>Out of that batch, it is probably a high-water mark,<2C> Manky said. "WE KNEW IT COULD BE A PROBLEM" Security experts said the NSA had engaged in responsible disclosure by informing Microsoft of the flaw at some point after learning it had been stolen and a month before the tools leaked online. Users who do not patch their systems and the Shadow Brokers were more directly responsible for the attack than NSA, they said. The Department of Homeland Security began an "aggressive awareness campaign" to alert industry partners to the importance of installing the Microsoft patch shortly after it was released in March, an agency official working on the attack said. "This one, we knew it could be a problem,<2C> the official told Reuters. "NSA should be embarrassed <20> they<65>ve had a lot of damaging leaks," said James Lewis, a former U.S. official who is now a cyber expert at the Center for Strategic and International Studies. Still, he said, "Microsoft needs to admit that the 20th century is over, it''s a much more hostile environment, and that hobbling the NSA won<6F>t make us any safer." Under former President Barack Obama, the U.S. government created an inter-agency review, known as the Vulnerability Equities Proc
'45ea490bb2c39c1410ed82e37b5cecfe6d069b38'|'BRIEF-Greenlight Capital dissolves share stake in Yelp, cuts share stake in Chemours Co'|'Market News   6:28pm EDT BRIEF-Greenlight Capital dissolves share stake in Yelp, cuts share stake in Chemours Co May 15 Greenlight Capital: * Greenlight Capital dissolves share stake in Yelp Inc * Greenlight Capital ups share stake in Consol Energy Inc by 47.1 percent to 22.7 million shares * Greenlight Capital Inc cuts share stake in Chemours Co by 44.1 percent to 5.0 million shares * Greenlight Capital Inc cuts share stake in Rite Aid Corp by 18.0 percent to 16.8 million shares * Change in holdings are as of March 31, 2017 and compared with the previous quarter ended as of Dec. 31, 2016 Source text for quarter ended March 31, 2017: ( bit.ly/2qKIyFF ) Source text for quarter ended Dec. 31, 2016: ( bit.ly/2rj5c45 )'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-greenlight-capital-dissolves-share-idUSFWN1IH16P'|'2017-05-16T06:28:00.000+03:00'
'c9ff2f81936328911b65065db0827cf5d818d5f3'|'Pricing agency Argus plans change in Singapore, Mideast gasoil benchmark'|'* Proposes to lower gasoil benchmark sulphur to 10ppm from 500ppm* Argus, Platts both likely to implement change from January 2018* Higher liquidity in low sulphur grade prompts changeBy Jessica JaganathanSINGAPORE, May 16 Commodity pricing agency Argus plans to lower the sulphur content of its benchmark gasoil assessments in Singapore and the Middle East from January 2018, a senior company official told Reuters on Tuesday.This follows a move by rival oil pricing agency S&P Global Platts to make a similar change, also from the beginning of next year, and is in line with a global shift towards cleaner fuels.Argus is proposing that its free-on-board Singapore and Middle East 10 parts-per-million (ppm) sulphur gasoil price assessments will become the basis against which it prices other gasoil grades.Argus currently prices various gasoil grades as a differential to 500ppm sulphur gasoil assessments."Liquidity in Singapore is shifting away from the current 500ppm gasoil grade to 10ppm, and in our assessment methodology we always look to reflect the way the market actually trades," said Jim Nicholson, senior vice president of Argus Media in an emailed statement.As vehicle use increases globally, with Asia accounting for most of the growth, the movement towards cleaner fuel standards to cap sulphur emissions has gathered pace. New refineries are also producing cleaner fuels in larger volumes.Argus is consulting with subscribers and seeking feedback on the impact of the change, which will most likely happen from the beginning of 2018, Nicholson said.Argus is accepting comments from customers until May 31.The company''s customers use the gasoil assessments for various purposes including in physical cargo contracts, hedging and market analysis, he said.Indian Oil Corp is one client that uses Argus pricing in its gasoil contracts, traders said. But the majority of gasoil contracts in Asia are priced using Platts'' assessments, they said.Platts will lower the sulphur content of its benchmark gasoil assessments in Asia and the Middle East from Jan. 2, 2018, following consultations with relevant stakeholders last year.Argus and Platts compete with Thomson Reuters in providing information to energy markets. Platts is a unit of ratings agency S&P Global. (Reporting by Jessica Jaganathan; Editing by Tom Hogue)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/asia-oil-pricing-idINL4N1II30K'|'2017-05-16T06:43:00.000+03:00'
'c559dd2178b73711e7d328c3c792ec23bc7f110e'|'Spain''s Euskaltel buys Zegona''s Telecable for around $770 million'|'LONDON/MADRID Spain''s Euskaltel ( EKTL.MC ) said on Tuesday it had made an offer of around 700 million euros ($770 million), including debt, for Zegona''s ( ZEG.L ) Telecable, consolidating the Basque telecommunication company''s lead in northern Spain.The offer for the largest cable operator in Spain''s northern Asturias region gives an enterprise value of 686 million euros, including 245 million euros of debt, plus an additional contingent payment of up to 15 million euros of tax assets.Euskaltel will pay 186 million euros in cash and 255 million euros in new shares through a capital increase of 26.8 million ordinary shares, issued at 9.5 euros per share, fully subscribed by Zegona.The buyout is the latest in a round of consolidation moves within Spain''s telecoms sector in the last few years, after Mas Movil bought Yoigo and Pepephone, Vodafone ( VOD.L ) bought Ono, Orange ( ORAN.PA ) snapped up Jazztel and Euskaltel bought R Cable.Euskaltel shares rose 3.2 percent to 9.509 euros by 0733 GMT. Zegona shares jumped 9 percent in early trade.Zegona, set up to invest in European technology, media and telecoms companies, bought Telecable in 2015 for $706 million. As part of the sale it will get a 15 percent stake in the combined entity and have one board seat.Euskaltel said the acquisition would generate estimated synergies of around 245 million euros.The Basque company said in a presentation it aims to close the operation by the third quarter, after being cleared by regulation authorities and approved by the Euskaltel shareholders during their annual meeting in June.(Reporting by Kate Holton and Paul Day; editing by Jason Neely and Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-telecable-m-a-euskaltel-idINKCN18C0LU'|'2017-05-16T06:22:00.000+03:00'
'525d1a7409785d65af61d50f98c0ce7ddec26af5'|'Delphi joins self-driving alliance with BMW, Intel'|'DETROIT German automaker BMW AG, U.S. chipmaker Intel Corp and parts maker Delphi Automotive PLC on Tuesday said they would collaborate on development of a highly-automated self-driving platform for BMW, with Delphi handling integration of components and software.BMW said the new platform is intended to be sold to other vehicle manufacturers, which in turn may choose their own systems integrators to customize the platform to suit their vehicles.The cost, complexity and accelerated pace of development of self-driving vehicles continue to spark sweeping alliances between automobile manufacturers and suppliers.In April, rival German automaker Daimler AG formed a similar alliance with supplier Robert Bosch GmbH [ROBG.UL] to speed development of self-driving vehicles.BMW on Tuesday said it expects that over time there will be "a fairly small number" of self-driving platforms shared by most carmakers because of the tremendous costs of integrating hardware, software and data.In April, Chinese internet search firm Baidu Inc said it would make its new Apollo self-driving platform available to other companies.On Monday, Alphabet Inc''s Waymo self-driving unit and ride services startup Lyft Inc announced a self-driving vehicle partnership. Waymo has been shopping its self-driving platform to global automakers and has modest deals with Fiat Chrysler Automobiles NV and Honda Motor Co Ltd.Delphi will share with the BMW alliance some of the work it has been doing on a separate self-driving platform it is developing with Intel and Mobileye NV, the Israeli vision system and mapping expert that is being acquired by Intel, said Glen De Vos, Delphi''s chief technology officer.Delphi also may provide radar and other sensors to the BMW self-driving platform, which is targeted for production in 2021.BMW, Daimler and Intel jointly own Here, a high-definition mapping service, along with Volkswagen AG and Tencent Holdings Ltd, the Chinese internet giant. Here is positioning itself to be a key supplier of maps for self-driving cars.(Reporting by Paul Lienert in Detroit; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-delphi-selfdriving-idUSKCN18C1ON'|'2017-05-16T21:58:00.000+03:00'
'910978f2e121f50ae678e259010291be650573c6'|'Soros Fund Management ups Goldman stake, buys Snap shares in Q1'|' 29pm EDT Soros Fund Management ups Goldman stake, buys Snap shares in Q1 By Jennifer Ablan - NEW YORK NEW YORK May 15 Soros Fund Management LLC, founded by billionaire investor George Soros, boosted the firm''s share stake in Goldman Sachs Group Inc by nearly 40 percent during the first quarter and also purchased shares in Snap Inc, parent of the wildly popular Snapchat messaging app, during the first three months of the year, regulatory filings on Monday showed. Soros increased its stake in Goldman Sachs to 86,800 shares, as financials came under severe selling pressure during the first quarter. It purchased a stake of 1.7 million class A shares in Snap. Snap jumped 8 percent on Monday, accelerating its rebound in the second strongest day since its initial public offering in early March. Late on Wednesday, Snap shares plunged 23 percent after its debut quarterly earnings report disappointed investors. Soros Fund Management lifted its stake in Facebook Inc by 80.4 percent to 638,086 class A shares, while increasing its stake in American Airlines Group Inc to 116,950 shares and more than tripling its stake in Microsoft Corp to 12,800 shares. Soros Fund Management increased its share stake in Hewlett Packard Enterprise Co from 1.1 million shares to 3.2 million shares, the filings showed. Soros Fund Management also took a stake of 233,500 shares in Activision Blizzard Inc, while purchasing a new stake of 32,100 shares in Chesapeake Energy Corp. Soros also took a stake of 29,600 shares in Twitter Inc and a new stake of 14,300 class A shares in Visa Inc . The quarterly disclosures of manager stock holdings, in what are known as 13F filings with the U.S. Securities and Exchange Commission, are always intriguing for investors trying to divine a pattern in what savvy traders are selling and buying. But relying on the filings to develop an investment strategy comes with some peril because the disclosures are backward looking and come out 45 days after the end of each quarter. Still, the filings offer a glimpse into what hedge fund managers saw as opportunities to make money on the long side. The filings don''t disclose short positions, bets that a stock will fall in price. And there is little disclosure on bonds and other securities that do not trade on exchanges. Upon request, the SEC also permits managers to omit sensitive stock positions from 13F filings. As a result, the public filings do not always present a complete picture of a manager''s stock holdings. (Reporting by Jennifer Ablan; Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/investment-funds-soros-idUSL2N1IH1SD'|'2017-05-16T06:29:00.000+03:00'
'71fad41f590e6f8eeb91a3b0a1698c22f7a2f5a5'|'CBI raid homes of ex-Finance Minister P Chidambaram, son - TV'|'Money News - Tue May 16, 2017 - 7:07pm IST Homes of Chidambaram, son searched by CBI in criminal probe left right Karti Chidambaram, son of former Indian finance minister P. Chidambaram, talks to media after Central Bureau of Investigation (CBI) raided his house, in Chennai, India, May 16, 2017. REUTERS/Stringer 1/5 left right Karti Chidambaram, son of former Indian finance minister P. Chidambaram, talks to the media after the Central Bureau of Investigation (CBI) raided his house, in Chennai, India May 16, 2017. REUTERS/Stringer 2/5 left right FILE PHOTO: Palaniappan Chidambaram waits before a meeting in Tokyo April 1, 2013. REUTERS/Issei Kato/File Photo 3/5 left right FILE PHOTO: India''s Finance Minister Palaniappan Chidambaram speaks during a news conference in New Delhi March 7, 2014. REUTERS/Adnan Abidi/File Photo 4/5 left right FILE PHOTO: Palaniappan Chidambaram listens to a reporter''s question during a news conference in New Delhi March 31, 2014. REUTERS/Anindito Mukherjee/File Photo 5/5 By Douglas Busvine and Rupam Jain - NEW DELHI NEW DELHI The Central Bureau of Investigation (CBI) searched the homes of former finance minister P. Chidambaram and his son on Tuesday, in a probe into suspected criminal misconduct related to approvals of investment deals. The dawn raids marked an escalation in pressure by central investigators against Chidambaram, a senior leader of the opposition Congress party who has been a vocal critic of Prime Minister Narendra Modi. The CBI, India''s main central crime-fighting agency, carried out searches at locations in the cities of Mumbai, Delhi, Gurugram and Chennai, including the residence of Chidambaram''s son Karti there. The raids were "in connection with criminal misconduct" in granting approval for foreign investment deals, a CBI spokesman said without giving further details. A police report obtained by Reuters that lays out the case named Karti Chidambaram as one of those accused of criminal conspiracy, cheating, seeking to influence a public servant and criminal misconduct. Chidambaram denied wrongdoing. He said all investment approvals granted during his tenure were above board. "The government, using the CBI and other agencies, is targeting my son and his friends," he said in a statement. "The government''s aim is to silence my voice and stop me from writing," said Chidambaram, who writes a weekly column for The Indian Express. "All I will say is, I shall continue to speak and write." Chidambaram, 71, served twice as finance minister in the Congress-led coalition that ran India for a decade - from 2004-08 and then from 2012 until the party''s election defeat at the hands of Modi''s Bharatiya Janata Party (BJP) in May 2014. MEDIA DEAL The case against Karti Chidambaram spells out alleged violations of India''s foreign investment law in the approval in 2007 of the sale of stakes in a company called INX Media Private Ltd to offshore entities. Also named in the case are Peter Mukerjea, at the time head of strategy at INX, and his wife Indrani. The couple, once a fixture on the Mumbai party circuit, are now on trial charged with murdering Indrani Mukerjea''s daughter from a previous relationship. Karti Chidambaram, addressing a media scrum outside his home in Chennai, said there was no evidence to back the claims against him, adding they were politically motivated. The case marks a new twist in a legal onslaught against P. Chidambaram, who has been the target of litigation brought by senior BJP lawmaker Subramanian Swamy, who alleged that the approval of a separate telecoms deal in 2006 was corrupt. "The raids have to take place to get documents and incriminating evidence which they have kept," Swamy told television news agency ANI, an affiliate of Reuters. "The whole country will come to know that this is the most corrupt party in the world," he said. Swamy recently filed a petition to the Supreme Court seeking a probe into the 2006 sale of telecom firm Aircel to Malaysia'
'9ed902ed9827be2e785a25f9745811f05d1866c5'|'Reports of large-scale Ford job cuts meet indifference on Wall Street'|'Autos   8:38pm BST Reports of large-scale Ford job cuts meet indifference on Wall Street left right FILE PHOTO: A Ford logo is seen on a vintage car near Henry Ford''s ancestral home in Ballinascarthy, Ireland April 20, 2017. REUTERS/Clodagh Kilcoyne/File Photo 1/2 left right FILE PHOTO: The logo of Ford is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 8, 2017. REUTERS/Arnd Wiegmann/File Photo 2/2 By David Shepardson and Nick Carey - WASHINGTON/DETROIT WASHINGTON/DETROIT Investors on Tuesday shrugged off media reports that Ford Motor Co will announce plans to cut thousands of white-collar workers, highlighting the challenges facing Chief Executive Mark Fields. Fields, whose nearly three years at the helm have been marked by a languishing share price, is expected to announce as early as this week Ford plans to cut about 10 percent of its salaried workforce in North America and Asia. Ford does not plan any cuts to its hourly workforce or production capacity, people familiar with the company''s plan said. Ford plans to offer financial incentives to convince salaried employees to depart voluntarily, including generous early retirement offers, a person briefed on the plan said. In 2016, Ford cut hundreds of white-collar jobs in Europe to cut costs by $200 million (154.82 million pounds) annually. Ford shares were down 0.13 percent in late afternoon trading, and are down nearly 40 percent since Fields took over as CEO in July 2014. The focus of the cost-cutting effort is on North America and Asia, people familiar with the plans said. Ford has about 30,000 salaried U.S. employees, a company spokesman said. Ford declined to confirm or deny the planned cuts, but said it was working towards "reducing costs and becoming as lean and efficient as possible... We have not announced any new people efficiency actions." The Detroit automakers are under pressure from President Donald Trump to add jobs in the United States, but declining U.S. sales and stalled share values are exerting a stronger force. Ford said in January it was cancelling a planned Mexico plant and adding 700 jobs in Michigan. Ford said last month it plans to cut costs by $3 billion in 2017, despite commodity prices rising by $1 billion. On Friday, Fields held an investor lunch in Boston. UBS analyst Colin Langan said in a research note that it remains "bullish" on Ford, noting its stock is priced at seven times earnings per share, lower than the long term average of 9 times earnings. "Fields was extremely candid about the market challenges including slowing U.S. sales, pricing pressure and rising commodities," UBS said in a research note Monday. U.S. automakers are trimming costs as they brace for slowing auto sales. General Motors Co has cut more than 4,000 U.S. jobs since November, and moved to conserve capital by shedding its European operations and closing unprofitable operations in Asia. (Reporting by David Shepardson; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fordmotor-layoffs-idUKKCN18C2H4'|'2017-05-17T03:38:00.000+03:00'
'b3c2cec947e1520d52c915ea1a10cb3c723a51f0'|'BNP Paribas may move 300 London jobs due to Brexit -source'|'Market News   7:09am EDT BNP Paribas may move 300 London jobs due to Brexit -source By Maya Nikolaeva - PARIS PARIS May 17 BNP Paribas may move up to 300 London investment bank staff due to Britain<69>s European Union exit, depending on how clients adapt and on the French bank''s efforts to win new British business, a source told Reuters. Britain''s vote to leave the EU has forced global banks to examine where to move, given they expect to lose the necessary "passporting" licence to operate on both sides of the Channel. The largest global banks in London plan to shift thousands of jobs to the continent over the next two years, public statements and information from sources shows, as the exodus of finance jobs starts to take shape. BNP Paribas, which declined to comment on its plans, had 3,123 staff in its corporate and institutional bank (CIB) in Britain at end-2016, down from 3,294 a year ago, internal documents seen by Reuters showed. Credit Agricole, France''s third-biggest listed bank, has said that it could move about one hundred of its 1,000 employees based in its London hub to France. And Deutsche Bank has said it may have to move as many as 4,000 jobs out, but BNP and Societe Generale say they have a relative competitive ''Brexit'' edge because with hubs in both Paris and London it is easier for them to adapt. BNP Paribas would seek to protect its London CIB jobs by finding new clients - partly as a result of the Brexit upheaval - in order to keep its staff busy so that employees do not have to move out of the UK, the source said. London is a key hub for BNP Paribas'' global markets business worldwide, which comprises credit markets, rates, prime solutions and financing, equity and commodity derivatives. BNP said at an investor day earlier this year that it planned to win more clients at its corporate and institutional bank in Northern Europe with the focus on Germany, Britain, the Netherlands, and Scandinavia. But it is also cutting investment banking costs in via staff cuts in France, Britain and Luxembourg expected by the end of 2018, as it seeks to boost profitability. (Editing by Andrew Callus and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-eu-bnpparibas-jobs-idUSL8N1IJ208'|'2017-05-17T19:09:00.000+03:00'
'f72fe7f9b6c481200b992bf1873c912d511d76bb'|'BP sees early promise, growing investment in Mexico energy'|'Business   4:48pm BST BP sees early promise, growing investment in Mexico energy left right Chris Sladen, BP''s country manager for Mexico talks during an interview with Reuters in Mexico City, Mexico May 16, 2017. Picture taken May 16, 2017. REUTERS/Carlos Jasso 1/4 left right Chris Sladen, BP''s country manager for Mexico poses for a photograph after an interview with Reuters in Mexico City, Mexico May 16, 2017. 2017. REUTERS/Carlos Jasso 2/4 left right Chris Sladen, BP''s country manager for Mexico poses for a photograph after an interview with Reuters in Mexico City, Mexico May 16, 2017. REUTERS/Carlos Jasso 3/4 left right Chris Sladen, BP''s country manager for Mexico gestures during an interview with Reuters in Mexico City, Mexico May 16, 2017. REUTERS/Carlos Jasso 4/4 By David Alire Garcia - MEXICO CITY MEXICO CITY BP Plc''s first foray into Mexico''s recently opened energy market is proving more promising than expected, and the government should offer more big projects to lure investment, the British oil major''s Mexico boss said in an interview. Chris Sladen, country manager for Mexico, said BP expects to grow investment in everything from exploration to retail fuel sales, and looks forward to partnering with state oil company Pemex [PEMX.UL] after losing an early chance for a lucrative tie-up. Mexico wants to attract major investors to reverse years of declining crude output and rising dependence on U.S. natural gas and fuel imports. "To turn that ship around, you need a substantial number of large projects," Sladen said at BP headquarters in Mexico City. "I would encourage Mexico to offer substantial numbers of large projects because that''s what it takes." BP and others are growing their presence in Mexico after a 2013 energy overhaul ended Pemex''s decades-long monopoly. The British firm is already involved in three offshore projects, two in the Gulf of Mexico''s deep waters and another in shallow waters. Sladen said initial company investment in all three could total "many hundreds of millions of dollars." That investment would grow significantly, he added, if the projects are successful. In 2015, Argentina-based Pan American Energy LLC [BPPAE.UL], which is 60 percent BP-owned, won the rights to develop the Hokchi field in the Gulf''s shallow waters. Sladen said three of four committed exploration and appraisal wells have already been drilled there, and early data is promising. "The initial results have suggested that the reservoir volume might be slightly higher than initially modelled. Perhaps it''s 20 percent higher," he said. Late last year, BP partnered with Norway''s Statoil [STLBR.UL] and France''s Total SA to win development rights for two deep water blocks in the southern Gulf of Mexico''s Salina basin. Exploration plans for each of the blocks will be submitted to regulators by September, Sladen said. While each of the three companies in the consortium has a one-third stake in both blocks, Statoil is the operator, responsible for executing the developments. BP has maintained a presence in Latin America''s second biggest economy dating back to the 1960s, and Sladen has been country manager since 2007. The company narrowly lost out in December to Australian mining and oil giant BHP Billiton in its bid to partner with Pemex on its Trion deep water project, but Sladen still expects to tie-up with Mexico''s former oil monopoly. "I see a future of us co-investing with Pemex on major projects," he said, without going into further detail. BP is still evaluating a range of projects at oil auctions scheduled for later this year, as well as possible investments in ports or storage facilities needed to import fuel, he added. The company has created hundreds of local jobs with hundreds more likely in the near future as it cements its status as Mexico''s first-ever integrated international oil firm, he said. Beyond the three offshore projects, BP has recently won so-called open season rights to surplus capac
'022c8483e86cda5925f94234af72eecbc1694bd3'|'Ford to cut 10 percent of its salaried workforce in North America, Asia'|'Autos   3:23pm BST Ford to cut 1,400 white-collar jobs in North America, Asia left right FILE PHOTO - A Ford flag flies outside the Oakville Assembly Plant in Oakville, Ontario, Canada on November 6, 2016. REUTERS/Chris Helgren/File Photo 1/2 left right FILE PHOTO - Ford and Lincoln vehicles are parked outside the Oakville Assembly Plant in Oakville, Ontario, Canada on November 6, 2016. REUTERS/Chris Helgren/File Photo 2/2 Ford Motor Co ( F.N ) said on Wednesday it plans to cut 1,400 salaried jobs in North America and Asia through voluntary early retirement and other financial incentives as the No. 2 U.S. automaker looks to boost its sagging stock price. Ford shares fell 1.1 percent to $10.82 a 52-week intraday low, in early trading. The buyout offers were a fraction of the 20,000 job cuts that some news outlets had reported Ford could announce this week. Ford said the cuts would amount to about 10 percent of a group of 15,000 managers and other non-production workers and would reduce labour costs for that segment by 10 percent. The company said a large group of salaried workers would not be covered by the planned cuts, including those in product development and in the Ford Credit unit. The cuts will not apply to Ford''s Europe or South America units. About two-thirds of the buyout offers are in North America and the rest in Asia. Ford does not plan to cut hourly workers or production. The automaker will offer financial incentives, including generous early retirement offers, to encourage salaried employees to depart voluntarily by the end of September. Ford said it expects it will hit the targets through voluntary offers, spokesman Mike Moran said. "Reducing costs and becoming as lean and efficient as possible also remain part of that work," Moran said. The voluntary incentives offers will go to about 9,600 of 30,000 U.S. salaried workers, the company said. In 2016, Ford cut hundreds of white-collar jobs in Europe, reducing costs by $200 million (<28>154.2 million) annually. Ford continues to churn out strong profits, reporting a record $10.4 billion in pretax earnings in 2016, and expects to earn around $9 billion this year. But investors are worried about slowing sales and an industry that could be dominated by autonomous vehicles and car sharing in the future. The Detroit automakers have been under pressure from U.S. President Donald Trump to add jobs in the United States, but declining U.S. sales and stalled share values are exerting a stronger force. Ford said in January it was cancelling a planned Mexico plant and adding 700 jobs in Michigan. Last month it announced plans to cut costs by $3 billion in 2017. Automakers are trimming expenditures as they brace for slowing auto sales. General Motors Co (GM.N) has cut more than 4,000 U.S. jobs since November, and moved to conserve capital by shedding its European operations and closing unprofitable operations in Asia. Ford''s market capitalisation has been surpassed by Tesla Inc ( TSLA.O ), which has sold just a fraction of Ford vehicles. Ford shares are down nearly 40 percent since Mark Fields took over as chief executive officer in July 2014. (Repoprting by David Shepardson in Washington; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ford-motor-layoffs-idUKKCN18D1FX'|'2017-05-17T20:00:00.000+03:00'
'1048eaa0a5b36840dd6cb9f63d59100ade446b9e'|'South Africa''s Sibanye Gold finalizes $1 billion rights issue at 60 percent discount'|'JOHANNESBURG South Africa''s Sibanye Gold ( SGLJ.J ) will tap shareholders for funds at a discount of 60 percent in a $1 billion rights issue, the mining company said on Thursday.Sibanye will use the rights issue to repay a portion of a $2.65 billion loan facility it used to acquire U.S. platinum producer Stillwater ( SWC.N ).The company will offer new shares at 11.28 rand each, a discount of 60 percent to its closing price on May 17, it said in a statement.Shares in Sibanye fell more than 6 percent after the announcement, but narrowed losses to 2.3 percent at 27.83 rand by 1003 GMT (6.03 a.m ET), compared with a 0.5 percent gain in the Johannesburg Securities Exchange''s gold mining index .JGLDX.Sibanye, a portfolio of South African gold mines spun out of Gold Fields ( GFIJ.J ) in 2013, has bought several platinum mines in its home market. Stillwater is its first foreign venture.(Reporting by TJ Strydom; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sibanye-gold-issue-discount-idINKCN18E1B0'|'2017-05-18T08:39:00.000+03:00'
'7fdc6c97a8fd9983f22a272501170ceb0e6e48a7'|'Ask the experts: the secrets to customer loyalty - Guardian Small Business Network'|'Knowing a customer<65>s regular order could set you apart from the competition. Photograph: Alamy Stock Photo Supported by About this content Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Emma Featherstone @emfeatherstone Thursday 18 May 2017 07.00 BST Last modified on Thursday 18 May 2017 09.03 BST Key events Show 5.46pm BST 17:46 What we''ll be discussing Live feed Show 5.48pm BST 17:48 Submit a question You can post questions in the comments section below during the chat. Or you can send questions in advance, or during the discussion, by emailing smallbusinessnetwork@theguardian.com or by tweeting us at @GdnSmallBiz with your question. You can also post questions in the comments section at anytime before the chat and the panel will take a look when it begins.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 5.48pm BST 17:48 How to join in the discussion Make sure you are a registered user of the Guardian (if not, it<69>s quick to register ) and join us in the comments section below on 25 May.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 5.46pm BST 17:46 What we''ll be discussing What does good customer service look like to you? Is efficiency, friendliness or attention to detail most important? While consumers<72> priorities might vary, together these aspects make up our overall impression of a business. Customers used to the personalisation offered by businesses such as Netflix, Spotify and Airbnb might also expect a custom-fit experience from your firm. As consumers have become more discerning, their brand loyalty has waned. According to a recent US study by Accenture, 77% admitted they retract their brand loyalty quicker than they did three years ago. However, the Institute of Customer Service<63>s 2017 customer satisfaction index found a tangible link between customer satisfaction and business performance <20> so putting in the effort can pay off. If you run a small business, you are more likely to know your customers personally, which gives you an advantage. But your firm<72>s size also means negative online reviews or word-of-mouth complaints have a bigger impact. While good service is vital for winning loyal customers, incentive schemes such as loyalty cards or discounts for those that recommend a friend should also be considered. Questions we<77>ll look to cover in this webchat include: What are the proven ways to build customer loyalty?How can small businesses use their boutique feel to attract customers?What are simple, low-cost ways to improve customer experience? What training should employees have in customer service? How have customer service expectations changed recently?How can small firms handle numerous customer communications tools (social media, website, phone, review websites)? What type of schemes (ie rewards programmes, discounts) are most effective for encouraging customer loyalty? How can a small business use its branding to encourage customer loyalty? Updated at 5.49pm BST Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close Topics Accessing expertise Live Q&As Small business Entrepreneurs Consumer affairs  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/live/2017/may/18/ask-experts-secrets-customer-loyalty'|'2017-05-18T15:00:00.000+03:00'
'097fd7371004c402e469cf3391080d05db68e2a5'|'UPDATE 1-Nigerian oil workers extend Exxon Mobil strike to Chevron, Agip and Shell'|'ONITSHA, Nigeria Nigerian workers from an oil labor union have extended a strike to oil majors Chevron, Shell and Eni subsidiary Agip in protest over the sacking of members from Exxon Mobil Corp, the union''s general secretary said on Tuesday.Nigerian labor unions have held a number of strikes in the last few months in protest at the sacking of workers by oil companies. Members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) began a strike at Exxon Mobil last week.PENGASSAN General Secretary Lumumba Okugbara said the union''s 10,000 members were taking part in the three-day nationwide strike which began on Monday and would continue until Wednesday."Production activities are still on and our members on essential duties are working. Only those in administrative duties are not working in the various multi-national oil companies since yesterday," he said.The strikes are in protest at the sacking of 150 workers in December, of which 82 were PENGASSAN members. Okugbara said union representatives would meet Exxon Mobil management on Tuesday for talks.Strikes by Exxon workers in Nigeria at the end of last year did impact output, leading to weeks-long loading delays.(Reporting by Anamesere Igboeroteonwu; Writing by Alexis Akwagyiram; Editing by Mark Potter and Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-nigeria-oil-idUSKCN18C0LI'|'2017-05-16T15:07:00.000+03:00'
'f26af27b47164aaf4b58b4d884f7c0f9b736f5b1'|'Elliott steps up pressure on BHP to ditch petroleum'|'Deals  49am BST Elliott steps up pressure on BHP to ditch petroleum left right FILE PHOTO: Australian mining company BHP''s new corporate logo, released to Reuters from their Melbourne, Australia, headquarters May 15, 2017. BHP/Handout via REUTERS/File Photo 1/2 left right FILE PHOTO: Paul Singer, founder, CEO, and co-chief investment officer for Elliott Management Corporation, speaks during the Skybridge Alternatives (SALT) Conference in Las Vegas, Nevada May, 9, 2012. REUTERS/Steve Marcus/File Photo 2/2 SYDNEY Activist investor Elliott Management upped the pressure for strategic changes at BHP on Tuesday, calling for an independent review of the mining giant''s petroleum business. Elliott, which has built up a 4.1 percent stake in BHP''s UK-listed arm and is urging changes to boost shareholder value, said there were clear signs that the market was receptive to a new strategy for BHP. "There is extremely broad and deep-rooted support for pro-active steps to be taken by management to achieve an optimal value outcome for BHP''s petroleum business following a formal open review," it said in letter to management. Elliott, founded by billionaire Paul Singer, has been pushing for BHP to collapse its dual-listed structure, spin off its U.S. oil and gas assets, and boost returns to shareholders since tabling its proposals on April 10 - all of which BHP has rejected. Its latest letter, which did not name any other shareholders, was released just hours before BHP Chief Executive Andrew Mackenzie is due to speak at a Bank of America Merrill Lynch mining conference in Barcelona. "This latest salvo by Elliott is well-timed to coincide with Mackenzie''s speech," said an analyst, on condition of anonymity as his company owns BHP shares. "It almost forces BHP to directly address them on this." Responding to concerns raised by the Australian government, Elliott said on Tuesday that BHP could remain incorporated in Australia and stay an Australian tax resident, retaining full listings on the Australian and London bourses. In a slide presentation on its website, fixingbhp.com, Elliott criticized BHP''s track record on share buybacks and suggested the company should make a $6 billion buyback in 2018. Such a buyback, if the current valuation remained unchanged, would lead to $2.4 billion in value accretion, equivalent to more than 12 times Elliott''s expected costs of unifying BHP''s dual listings, it said. Elliott has put the cost of unification at $200 million and said BHP''s $1.3 billion estimated cost was "flawed and misleading". BHP had no immediate comment on the latest proposal. Mackenzie has previously stressed that it is the wrong time for BHP to sell its U.S. petroleum assets, given oil prices are still low at about $52 per barrel. BHP has also sought to highlight the action it is taking to divest non-core parts of its U.S. shale assets. BHP shares rose 0.6 percent in morning trade in a broader market up about 0.3 percent. (Reporting by James Regan; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-bhp-billiton-elliott-idUKKCN18C00N'|'2017-05-16T09:48:00.000+03:00'
'b69add57d119796cde05f9c9aafa15818fd2bc64'|'CANADA STOCKS-TSX rises at open as banks, energy lead gains'|'Market News   9:43am EDT CANADA STOCKS-TSX rises at open as banks, energy lead gains TORONTO May 16 Canada''s main stock index was up broadly on Tuesday, as heavyweight financial and energy stocks led the market higher. The Toronto Stock Exchange''s S&P/TSX composite index rose 58.24 points, or 0.37 percent, to 15,687.71 shortly after the open, with all 10 of the index''s key sectors in positive territory. (Reporting by Solarina Ho Editing by W Simon)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL2N1II0OG'|'2017-05-16T21:43:00.000+03:00'
'827a43c5826e49aec2021ecec6a46d0ac53b57e6'|'Resolute Forest says U.S. tariffs behind move to lay off workers'|'Business News  29am EDT Resolute Forest says U.S. tariffs behind move to lay off workers Canadian lumber company Resolute Forest Products Inc ( RFP.N ) said its move to temporarily lay off 1,282 employees was related to the United States'' decision last month to impose preliminary anti-subsidy duties on imports of Canadian softwood lumber. The company said, starting Monday, it would cut shifts at three sawmills in Quebec for a six-week period, and also halt some activities at another sawmill in Quebec for two weeks, among other actions. "Real people are now being impacted by the baseless actions of the U.S. Department of Commerce. They not only hurt Canadians, as demonstrated clearly with these actions, but American Consumers are also hit hard by market volatility," Resolute Forest''s spokesman Seth Kursman told Reuters on Monday. The U.S. tariffs, which affect nearly $5.66 billion worth of imports of construction material, were imposed at a time when the two countries and Mexico are preparing to renegotiate the 23-year-old North American Free Trade Agreement. Canadian firms affected by the tariff include West Fraser Timber Co Ltd ( WFT.TO ), Canfor Corp ( CFP.TO ), Conifex Timber Inc ( CFF.TO ), Western Forest Products Inc ( WEF.TO ) and Interfor Corp ( IFP.TO ), apart from Resolute Forest Products. (Reporting by John Benny in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-rfp-redundancies-idUSKCN18C19W'|'2017-05-16T19:26:00.000+03:00'
'3fe0f3b2d9c3911887ccaeb7b8e382160fc05a0b'|'Brazil watchdog sees further delay in Abengoa''s power line project'|'By Luciano Costa - SAO PAULO SAO PAULO May 17 Brazil''s electricity watchdog Aneel expects a further delay in the construction of 6,000 kilometers of power lines licensed to Abengoa SA, raising concern over the reliability of the country''s grid as a massive new dam comes online, according to an internal document seen by Reuters.Abengoa halted construction of the transmission lines in 2015 amid a financial crisis at its headquarters in Spain which was followed by a bankruptcy filing at its units operating in Brazil.Aneel has been trying ever since to revoke the licenses granted to Abengoa and offer the project, which it estimates will require some 8 billion reais ($2.55 billion) in additional spending, to another investor. But Abengoa has won court rulings allowing it to keep the assets and sell them as its Brazilian unit tries to emerge from bankruptcy protection."Aneel does not expect the installations in question to be operational by 2022. There is also uncertainty in relation to the progress of the works beyond that date," the document said.Abengoa, whose original timeline had called for part of the transmission lines to already be up and running and the rest to be completed by 2018, did not immediately return requests for comment.The document signals the regulator''s concern over the security and reliability of the national power grid as Brazil''s massive Belo Monte hydroelectric dam, with capacity to generate 11,233 megawatt of electricity, becomes fully operational by 2019.Even if licenses are sold to a third party during the bankruptcy proceedings, Aneel does not think construction of the lines can be completed by 2022, the document dated April 26 said.Abengoa''s unfinished lines would serve to distribute Belo Monte electricity as well as power generated at windpower plants based in Brazil''s Northeast.Bidders including State Grid Corp of China, Transmissora Alian<61>a de Energia El<45>trica SA and Equatorial Energia SA have publicly expressed interest in acquiring Abengoa''s assets.In the Aneel document, the regulator recommends that the government study operating the nationwide power grid without Abengoa''s lines, which could involve issuance of licenses for new projects.($1 = 3.1331 reais) (Reporting by Luciano Costa; Writing by Ana Mano; Editing by Christian Plumb and David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-energy-abengoa-idINL2N1IJ17Q'|'2017-05-17T19:29:00.000+03:00'
'd9f621dd2df5d54c4d90a8d0c606cd7142c2b791'|'Morning News Call - India, May 18'|'Market News - Wed May 17, 2017 - 11:18pm EDT Morning News Call - India, May 18 To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 10:30 am: Railways Minister Suresh Prabhu, Telecom Minister Manoj Sinha at an event in New Delhi. 11:00 am: Interim DG of International Solar Alliance Upendra Tripathy to brief on Initiatives/Schemes/ Activities undertaken by ISA in New Delhi. 3:00 pm: Petroleum Minister and Power Minister at signing of pact between EESL and Oil OMCs for energy efficient products distribution through petrol pumps in New Delhi. 5:30 pm: Bank of Baroda earnings meet in Mumbai. GMF: LIVECHAT - VENEZUELA POLITICAL CRISIS Professor Rodrigo Olivares-Caminal of Queen Mary University joins the forum with insights into the ongoing political crisis in Venezuela and its implications in the region and for financial markets at 2:30 pm. To join the conversation, click on the link: here INDIA TOP NEWS <20> India''s drugmakers need more time to meet international standards - industry group India''s big drugmakers will need at least five more years to improve their manufacturing standards and data reliability to a level demanded by international regulators, said a senior industry official. <20> Hindustan Unilever profit up 6.2 percent, beats estimates Hindustan Unilever Ltd, maker of products ranging from Lakm<6B> cosmetics to BRU coffee, reported a 6.2 percent rise in quarterly profit, helped by strong sales of its Pears and Dove products. <20> JSW Steel says quarterly profit triples as prices rebound JSW Steel Ltd, India''s biggest steelmaker by capacity, said its fourth-quarter profit more than tripled, helped by higher steel prices and output and government support for local mills. <20> Tata pension deal raises questions for Thyssenkrupp merger A Tata Steel deal to separate its 15 billion-pound UK pension scheme still leaves many questions unanswered for a potential merger with Thyssenkrupp''s European steel operations, a source close to Thyssenkrupp said. <20> Many nations pin climate hopes on China, India as hopes for Trump fade Many countries are pinning their hopes on China and India to lead efforts to slow climate change amid a growing sense of resignation that U.S. President Donald Trump will either withdraw from a global pact or stay and play a minimal role. <20> Warburg Pincus sells $275 mln stake in India''s Capital First An affiliate of private equity firm Warburg Pincus sold a 25 percent stake in Indian non-bank lender Capital First Ltd for 17.67 billion rupees ($275.4 million) in stock market transactions on Wednesday. <20> Indian online home-rental firm NestAway in talks to raise funds NestAway Technologies Pvt Ltd, an Indian online home-rental startup funded partly by U.S. hedge fund Tiger Global, is in talks to raise north of $40 million, the company''s Chief Executive told Reuters. <20> INTERVIEW-Canada lentil exporter AGT says expects India trade snag solution Trade risks that sprang up this year in India and Pakistan, key markets for the lentils that Canada''s AGT Food and Ingredients Inc sells, look likely to be resolved soon, Chief Executive Murad Al-Katib said on Wednesday, but added the company is maintaining a cautious approach to sales there for now. GLOBAL TOP NEWS <20> Former FBI chief Mueller appointed to probe Trump-Russia ties The U.S. Justice Department on Wednesday named former FBI Director Robert Mueller as special counsel to investigate alleged Russian interference in the 2016 U.S. election and possible collusion between President Donald Trump''s campaign and Moscow. <20> Japan''s economy expands at fastest pace in a year in Jan-March Japan''s economy grew at the fastest pace in a year in the first quarter to mark the longest period of expansion in a decade, heightening prospects that robust overseas demand will underpin a steady recovery. <20> EXCLUSIVE-Australian billionaire uses indigenous land laws to keep prospectors off farm Mining magnate Andre
'569e73ab2b9ed78e2efd51775a71122e3dcd9ab8'|'GM will cut operations in India, South Africa'|'Deals  35am BST GM will cut operations in India, South Africa FILE PHOTO: Employees work on a Chevrolet Beat car on an assembly line at the General Motors plant in Talegaon, about 118 km (73 miles) from Mumbai September 3, 2012. REUTERS/Danish Siddiqui/File Photo By Joseph White - DETROIT DETROIT General Motors Co plans to quit selling vehicles in India by the end of this year and will sell operations in South Africa, the latest steps in a strategy of focusing cash and engineering effort on fewer, more profitable markets. The Detroit automaker said on Thursday it will take a $500 million charge in the second quarter to restructure operations in India, Africa and Singapore. It will cancel most of a planned $1 billion investment to build a new line of low-cost vehicles in India. About $200 million of the charge will be a cash expense, GM said. The moves are expected to save $100 million a year in a sector of GM''s global business that last year lost about $800 million, the company said. GM President Dan Ammann told Reuters in an interview that the latest restructuring moves - and a series of earlier decisions to quit unprofitable markets - allow GM to focus more money, engineering effort and senior management time on expanding where the company is strong, including China and the North American pickup and SUV business, where GM has a "product onslaught coming." GM also has said it is investing about $600 million a year in efforts to develop autonomous vehicles and transportation services. "What are we spending our time doing?<3F> Ammann said. <20>Are we spending time pursuing opportunities <20> or all of our time fixing problems?<3F> GM, like its Detroit rival Ford Motor Co, has found it increasingly expensive to compete in emerging markets outside of China. GM sold just 49,000 vehicles in India and South Africa combined last year. Chief Executive Mary Barra traveled to New Delhi in 2015 to announce a plan to invest $1 billion there to build a new line of Chevrolet models developed as part of a Global Emerging Market vehicle program - GEM for short. Since then, auto sales overall in India have slumped, and GM has failed to gain traction against incumbents such as Maruti Suzuki India Ltd. Now, GM plans to stop selling Chevrolet brand vehicles by the end of the year and will produce vehicles only for export at its remaining factory in Talegaon. The company currently employs about 2,500 workers there. GM said it would continue work at its design and engineering center near Bangalore. PULLING BACK IN SOUTH AFRICA The $5 billion GEM program, which GM is developing with its Chinese partner Shanghai Automotive Industries Corp, remains on track to account for about 2 million vehicles a year in global sales volume, mainly in Latin America, Mexico and China, Ammann said. "The market opportunity for GEM has continued to grow," he said. In a separate move, GM plans to stop building Chevrolet vehicles in South Africa and sell its South African factory to Japan<61>s Isuzu Motors Ltd, along with the 30 percent stake the U.S. automaker owns in a truck venture with Isuzu Motors. Isuzu agreed in February to buy out GM''s 57.7 percent stake in a joint venture in Kenya. GM also will cut an undisclosed number of staff at its GM International Operations headquarters in Singapore. About 200 people work in that operation, the company said. Since Barra took over GM in 2014, the one-time largest automaker in the world has taken aggressive steps to narrow its focus to China, the highly-profitable North American light truck and sport utility market, Latin America, vehicle financing and transportation services that ultimately could use autonomous vehicles. Despite the restructuring moves, including Barra''s decision in March to sell loss-making European operations to French rival Peugeot SA, GM''s share price has been stuck in a range close around $33 where it went public in 2010 following a government-funded bankruptcy. GM shares closed on Wednesday at $32.42. Barra and GM''
'ce9a8d158c44bb5cfdd43d06e4015a95c167ce37'|'Saudi Aramco to sign deals with U.S. firms during Trump visit: sources'|'JEDDAH, Saudi Arabia Saudi Aramco [IPO-ARMO.SE] is due to sign deals with 12 U.S. companies on Saturday during U.S. President Donald Trump''s visit to Saudi Arabia, sources with knowledge of the matter said.The deals with top U.S. companies such as oilfield services firms Schlumberger, Halliburton, Baker Hughes, and Weatherford are part of the oil giant''s push to develop local manufacturing, the sources said.Aramco will also sign deals with General Electric (GE) and drilling companies National Oilwell Varco (NOV), Nabors Industries and Rowan Companies, among others, they added.Aramco could not be reached for comment on Thursday. Halliburton''s incoming chief executive, Jeff Miller, declined to comment on any potential deal with Saudi Aramco. Baker Hughes also declined to comment.When it launched its In-Kingdom Total Value Add program (IKTVA) in 2015, Aramco said it aimed to double the percentage of locally-produced energy-related goods and services to 70 percent by 2021 U.S. companies have traditionally worked with Aramco on massive projects covering consultancy and project management services to maintaining oil potential in upstream projects and drilling to building refineries."These (new) partnerships will boost bilateral investment towards localization," said one of the sources.Last December, Aramco signed deals with drilling firms Rowan and Nabors Industries to establish joint ventures under the IKTVA program.IKTVA, Arabic for self-sufficiency, will help generate 500,000 direct and indirect jobs for Saudis. It is a key part of the kingdom''s Vision 2030 economic reform drive, in which Aramco is to play a big role in developing industrial projects as Saudi Arabia tries to diversify its economy beyond reliance on oil exports.GE plans to sign memoranda of understanding on oil services, digital and the IKTVA initiative, said one source close to the matter.Engineering companies KBR and Jacobs Engineering, as well as McDermott and Honeywell will also sign memoranda of understanding with Aramco, the sources said.An inaugural Saudi-U.S. CEO forum will be held in Riyadh on Saturday in which several deals are expected to be signed in defense, electricity, oil and gas, industrial and chemical sectors. New licenses for U.S. companies to operate in the kingdom also will be issued.(Reporting by Reem Shamseddine; Additional reporting by Ron Bousso in London and Ernest Scheyder in Houston; Editing by Rania El Gamal and Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-saudi-us-deals-idUSKCN18E1SD'|'2017-05-18T21:03:00.000+03:00'
'66f36977c6ce1393173edf23aa8c16ba75d84a54'|'Russia''s standards agency says Renault recalls 10,116 Kaptur cars'|'Autos - Fri May 19, 2017 - 9:04am BST Russia''s standards agency says Renault recalls 10,116 Kaptur cars A logotype is seen on a Renault vehicle at an assembly line of a car maker plant, which produces Renault automobiles, in Moscow, May 15, 2012. REUTERS/Maxim Shemetov MOSCOW Renault is recalling 10,116 Kaptur vehicles sold in Russia in June 2016-May 2017 for repairs because of a possible risks to brake hoses, Russia''s standards watchdog said on Friday. (Reporting by Maria Kiselyova; editing by Vladimir Soldatkin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-renault-recall-idUKKCN18F0NX'|'2017-05-19T16:04:00.000+03:00'
'178d8c0d1a101d2022ab2bcaa83debddd696e3d6'|'Saudi Aramco plans tourism training center in economic reform drive'|'JEDDAH, Saudi Arabia National oil giant Saudi Aramco will establish a center to train workers in Saudi Arabia''s tourism industry as part of the government''s drive to develop the economy beyond the oil sector.Aramco agreed with a state-controlled vocational education body and the kingdom''s tourism commission to train young Saudis for the tourism and hotel sectors, as well as in the management of other public and private facilities, it said on Wednesday.Officials want the tourism center to handle 5,000 male and female trainees within four years, Aramco said without giving financial details. The government is keen to develop Islamic tourism as part of drive to diversify the economy beyond oil.Although Aramco focuses on the production of oil, gas and petrochemicals it is often enlisted in other government initiatives because it is Saudi Arabia''s biggest company and one of its most efficient.The company, which plans an initial public offer of its shares to local and foreign investors next year, unveiled plans last year to build a $5 billion shipbuilding complex and opened an $800 million cultural center in Dhahran in December.(Reporting by Reem Shamseddine; editing by David Clarke; Editing by Andrew Torchia)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-saudi-tourism-aramco-idUSKCN18D1MT'|'2017-05-17T17:13:00.000+03:00'
'499437b005d20a29aa667d2942a19e6899bd8d30'|'Exxon plans to invest $300 mln in Mexico, cites energy reform'|'MEXICO CITY Exxon Mobil Corp said on Wednesday it plans to invest about $300 million over the coming decade to enter the Mexican fuels market, opening its first Mobil-branded station in the country later this year.Exxon will sell its Synergy gasoline and diesel fuels and will direct investments to logistics, products and marketing, the company said."Recent energy reforms present a unique opportunity to help meet the growing demand for reliable fuel supplies and quality service in Mexico," Martin Proske, a company official, said in a statement.Mexico''s 2013 energy reform ended the monopoly that state-run oil company Pemex once enjoyed in everything from crude production to retail sales.The announcement comes despite U.S.-Mexican trade relations being under strain. U.S. President Donald Trump seeks to renegotiate the North American Free Trade Agreement that has defined continental commerce for a generation and vows to build a border wall between the countries at Mexico''s cost.(Reporting by Veronica Gomez and Mitra Taj Editing by W Simon)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-exxon-mobil-mexico-idUSKCN18D1XR'|'2017-05-17T22:55:00.000+03:00'
'7bfb2d6d6038276658e6b7bebeed18260fa74a36'|'Old Mutual sells a further 15 percent of U.S. fund arm'|'Business News - Tue May 16, 2017 - 9:18am BST Old Mutual sells a further 15 percent of U.S. fund arm FILE PHOTO: Workers clean windows outside the Cape Town headquarters of Anglo-South African financial services company Old Mutual, March 7, 2016. REUTERS/Mike Hutchings/File Photo LONDON Anglo-South African financial services firm Old Mutual is selling 17 million shares in U.S. fund firm Old Mutual Asset Management (OMAM), it said on Tuesday, cutting its minority stake in the firm by a further 15 percent. Old Mutual has said it plans to break itself up into four parts by the end of next year and is selling its OMAM stake as part of that process. Old Mutual is selling 17.3 million shares in OMAM in a secondary offering at $14.55 per share, it said in a statement. OMAM is also buying back 5 million Old Mutual shares, Old Mutual added. Old Mutual sold a 25 percent stake in OMAM to China''s HNA in March for $446 million. The share offering, buyback and sale to HNA will together cut Old Mutual''s stake in OMAM to around 7.5 percent, an Old Mutual spokesman said. Morgan Stanley is the sole bookrunner of the offering, which closes on May 19. The bank has the option to buy a further 2.6 million OMAM shares, which would reduce Old Mutual''s stake to around 5 percent, the spokesman added. Problems with tech upgrades at Old Mutual''s UK fund management arm have overshadowed the break-up plans. Old Mutual Wealth switched providers for an IT system earlier this month, saying the change did not affect the plans. (Reporting by Carolyn Cohn; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-oldmutual-omam-offering-idUKKCN18C0P2'|'2017-05-16T16:18:00.000+03:00'
'c88b4f4332d181f823811a0a5d980c88ddbabfb9'|'U.S. commerce secretary backs Calamos-EXIN bid for Greek insurer'|'By George Georgiopoulos - ATHENS ATHENS The U.S. Commerce Secretary has backed a bid by an American-Dutch consortium to buy the insurance arm of Greece''s National Bank, saying a deal could help U.S. investment flows to the troubled Mediterranean country.U.S.-based Calamos Investments, which has $20 billion under management, and EXIN Partners, a Netherlands-based investor focused on insurance, reinsurance and asset management, are bidding for at least 75 percent of National Insurance.Calamos-EXIN is competing against three interested Chinese groups: Fosun, Shanghai-based Gongbao and Wintime.Greek media have reported the deal, which has to close by the end of 2017, could be worth about 800 million euros ($882 million).U.S. Commerce Secretary Wilbur Ross wrote a letter to Greek Prime Minister Alexis Tsipras that called for a transparent sale, a senior banker told Reuters. "It is a strong letter," he said."The Secretary is fully supportive of the Calamos-EXIN bid, saying it would be a good start towards improving U.S. investment flows to Greece," said the banker, who asked not to be identified.Ross''s letter was copied to the Greek bank association, National Bank''s (NBG) management and the central bank, Bank of Greece, the banker said.Founded in 1891, National Insurance is Greece''s oldest insurer and provides life and non-life insurance products. The company had a 16.6 percent share of the market last year and 2015 net profit of 98 million euros ($108.11 million).NBG, the country''s second-largest lender, is selling the unit as part of a restructuring plan approved by the European Union to exit non-banking operations and focus on core banking.Other Greek banks have been divesting non-core assets and foreign subsidiaries. Eurobank has sold an 80 percent stake in its insurance unit Eurolife to Canada''s Fairfax Financial Holdings for 316 million euros.Another banker close to the procedure confirmed Ross''s letter had also been sent to NBG management, saying the bank''s intention was to complete the sale by the end of the month, although it was not certain that it would be wrapped up by then.NBG is being advised by Morgan Stanley and Goldman Sachs.Calamos Investments CEO John Koudounis said this month Calamos-EXIN had presented a hard-to-match offer, but did not give details. He said other Greek-American investors interested in Greece were watching closely.Exin Partners bought insurer AIG-Greece from AIG in December, partnering with Canellopoulos Adamantiadis Insurance Agency.(Editing by Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nationalinsurance-ross-sale-idINKCN18C0ZE'|'2017-05-16T07:57:00.000+03:00'
'2aa5021d9ac2d6caf4c7ea42a2314fb611d8406d'|'CEO, some staff leave MidEast e-commerce venture Noon - sources'|'Market News   12:43pm EDT CEO, some staff leave MidEast e-commerce venture Noon - sources By Hadeel Al Sayegh and Alexander Cornwell - DUBAI DUBAI May 18 Noon, the internet venture of Dubai billionaire Mohamed Alabbar and Saudi Arabia''s Public Investment Fund, has been dealt a blow ahead of its launch with the departure of its CEO and a number of staff, sources familiar with the matter told Reuters. Chief Executive Fodhil Benturquia was among the staff to leave in recent weeks, the sources said, blaming teething problems. They did not say how many staff had left. "Due to the shift in our operational base and the need for even greater efficiencies, there have been nominal staff reallocations and changes,<2C> a Noon spokesman said on Thursday, without being more specific. In a statement on Tuesday, Alabbar said Noon was on track to launch in 2017 and was establishing partnerships with a range of regional retailers, distributors and global brands. "In the past few months, we have onboarded additional expertise to enhance our management team and help execute on our plans," he said. Alabbar, a prominent Emirati businessman, said last year he had teamed up Saudi Arabia''s Public Investment Fund and other private investors to launch Noon, a Middle Eastern-focused online shopping platform. At the time, he said Noon would launch operations in Saudi Arabia and the United Arab Emirates in January 2017. But the venture is entering an increasingly competitive market. In March, Amazon.com clinched the acquisition of Middle Eastern online retailer Souq.com in a deal described by adviser Goldman Sachs as "the biggest-ever technology M&A transaction in the Arab world". Alabbar-backed Emaar Malls Group, the retail unit of Emaar Properties, had also tried to buy Souq.com Alabbar, founder and chairman of Dubai''s Emaar, developer of the world''s tallest tower, the Burj Khalifa, has increasingly focused on technology investments and e-commerce over the past year, buying a stake in regional logistics firm Aramex. The Gulf region''s e-commerce market is expected to grow to $20 billion by 2020, according to a report by global consultancy firm A.T. Kearney published last year. In a further sign of his ambitions in the market, Alabbar has bought a stake in Middle East Venture Partners (MEVP), a venture capital firm with more than $120 million of assets under management, MEVP said on Thursday. A technology fund led by Alabbar also acquired United Arab Emirates-based e-commerce and online marketplace website JadoPado, his spokesman told Reuters on May 11. (Writing by Tom Arnold; Editing by Saeed Azhar and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/noon-ceo-idUSL8N1IK5HB'|'2017-05-19T00:43:00.000+03:00'
'ec31870a6679a0e34e26a8c6ead1fe06935affd4'|'MIDEAST STOCKS-MSCI shares pose main drag on Gulf as global markets skid'|'Bonds News - Thu May 18, 2017 - 10:09am EDT MIDEAST STOCKS-MSCI shares pose main drag on Gulf as global markets skid * MSCI emerging market shares weigh on Dubai, Qatar, Egypt * Saudi slips but ends week with modest gain * Saudi trading volumes shrinks by half * Trump visit not expected to move market * Saudi Q1 aggregate income up but many valuations stretched By Celine Aswad DUBAI, May 18 Stock markets in the Middle East most exposed to foreign fund flows followed global shares lower on Thursday, while the Saudi Arabian index, dominated by local investors, outperformed the region for the day and the week. Dubai''s index lost 0.5 percent as most shares that are constituents of the MSCI emerging market index dropped. DXB Entertainments slumped 4.3 percent and Emaar Properties fell 0.8 percent. Members of the MSCI emerging market index were also weak in Abu Dhabi, with First Abu Dhabi Bank losing 0.4 percent and telecommunications operator Etisalat down 0.3 percent. The index closed 0.3 percent lower. In Qatar, nine of the 11 MSCI emerging market index shares were down, with Commercial Bank declining 1.0 percent. Egypt''s index dropped 0.9 percent in thin trade as Talaat Mostafa Group - which is currently part of the MSCI emerging market index but will be removed on June 1 - lost 2.8 percent. The largest Egyptian stock in the index, Commercial International Bank, fell 0.9 percent. Saudi Arabia''s index, lost 0.1 percent with trading volume shrinking by a little over a half from the previous session. Forty shares rose, 106 declined. However, the index outperformed Gulf peers for the week with a 0.8 percent gain. Of the 20 most valuable companies, eight declined and the same number rose. Saudi Arabian Mining (Ma''aden) closed 0.5 percent higher. U.S. President Donald Trump is due to visit Saudi Arabia in coming days and some investors hope deals could be signed between Saudi and American companies in the mining, energy, auto and defence sectors. Most announcements from the meeting, though, are expected to be about previously revealed deals or memorandums of understanding rather than concrete new projects. Combined net profits of listed Saudi Arabian companies grew 37 percent from a year earlier in the first quarter, but that was almost entirely due to petrochemical firms, which benefited from higher oil and product prices. The market''s valuation has risen to 14.6 times forward earnings from 11.3 times in the first quarter of 2016. "The valuation expansion outpaced earnings growth," said Mohammad El Hajj, macro strategy analyst at EFG Hermes." "The market is now trading at a premium to most other regional markets and we believe petrochemicals are now fully valued. The banking sector offers some value, as it is trading slightly below fair value." The total net profit of Qatari companies was flat in the first quarter compared to a year ago but valuations have expanded, making the fundamental picture for that market less attractive. In Dubai, aggregate net income fell by almost one tenth but valuations remain relatively cheap. "UAE markets are fundamentally stronger than others but the recent very low volumes are keeping funds away - there is simply no appetite for massive allocations," said a Dubai-based trader. HIGHLIGHTS * The index fell 0.1 percent to 6,938 points. DUBAI * The index declined 0.5 percent to 3,378 points. ABU DHABI * The index fell 0.3 percent to 4,581 points. QATAR * The index lost 0.4 percent to 10,103 points. EGYPT * The index declined 0.9 percent to 12,952 points. KUWAIT * The index edged down 0.1 percent to 6,726 points. BAHRAIN * The index fell 0.1 percent to 1,309 points. OMAN * The index lost 0.2 percent to 5,415 points. (Editing by Andrew Torchia/Mark Heinrich) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1IK4L2'|'2017-05-18T22:09:00.000+03:00'
'fbda568aa42bf7630d732f21b5ca0ab2568eacc5'|'UK retail sales surge ahead of forecasts despite pay squeeze'|'Retail sales surged last month, as British consumers enjoyed the warmest April in more than 100 years and shrugged off concerns over falling living standards .Sales increased by 2.3% last month, according to the Office for National Statistics , more than double the 1% rise forecast by economists.The stronger-than-expected sales pushed the pound above $1.30 for the first time since last September, as traders brought forward their expectations for an interest rate rise from the Bank of England.April<69>s rise was a significant rebound compared with March, when sales fell 1.4%. It was the biggest monthly rise since January 2016 and suggested the retail sector enjoyed a strong start to the second quarter.Markets slide again on Trump fears, ahead of UK retail sales - business live Read more The stronger-than-expected figures were at odds with broader expectations of a slowdown in consumer spending this year, as inflation begins to outpace wage growth, putting increasing pressure on household budgets.<2E>The latest data showed shoppers continued to shrug off any Brexit and political uncertainty with retail sales beating even the most optimistic expectations,<2C> said Richard Lim, chief executive of the consultancy Retail Economics .<2E>Despite the surge in inflation and squeeze on households<64> finances, consumers were out in force during the Easter break with the warm weather driving sales across the sector.<2E>However, Alan Clarke, an economist at Scotiabank, said he expected to see a consumer slowdown in the coming months, which in turn would weigh on the wider economy. <20>With inflation likely to continue accelerating sharply, the headwinds facing the consumer will intensify, which in turn is likely to slow the pace of consumer spending later in the year. We therefore remain of the view that the pace of GDP growth has further downside into the end of the year.<2E>The rise in April was fairly broad based, with sales in non-food stores up by 2.3% and sales at supermarkets and other food stores up by 1.3%. However, department store sales were down by 0.9%.The April jump helped retail sales over a broader three-month period grow by 0.3%. This followed a brief period of contraction. The annual rate of growth doubled to 4% from 2% in March.Topics Retail industry Economics news  '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/may/18/uk-retail-sales-best-forecasts-despite-pay-squeeze'|'2017-05-18T18:30:00.000+03:00'
'4c756708516fea31627d7b19c399db5ce6d008f4'|'Bitcoin''s murkier rivals line up to displace it as cybercriminals'' favourite'|'Technology   5:24pm BST Bitcoin''s murkier rivals line up to displace it as cybercriminals'' favorite FILE PHOTO: A Bitcoin (virtual currency) paper wallet with QR codes and a coin are seen in an illustration picture taken in Paris, France May 27, 2015. REUTERS/Benoit Tessier/File Photo By Jemima Kelly - LONDON LONDON Bitcoin is well-entrenched as the preferred payment for cybercriminals like the WannaCry hackers who have hit more than 300,000 computers over the past week, but cryptocurrencies offering more anonymity are threatening to displace it. A key reason for bitcoin''s dominance in the nefarious online underworld, say technologists and cybercrime experts, is its size - the total value of all bitcoins in circulation is more than twice that of the nearest of hundreds of rivals. That makes it easy for victims to access enough to pay the ransoms demanded, and for hackers to cash out of it via online exchanges to spend money in the real world. Bitcoin was set up in 2008 by someone - or some group - calling themselves Satoshi Nakamoto, and was the first digital currency to successfully use cryptography to keep transactions secure and hidden, making traditional financial regulation difficult if not impossible. Money is sent from one anonymous online "wallet" to another with no need for a third party to validate or clear the transactions. In the WannaCry attack, the addresses of three anonymous bitcoin wallets were given to victims, with a demand for ransom payments from $300 worth of bitcoin, with a promise the affected machines would be decrypted in return, a promise that no evidence has shown will be kept. But since the way that Bitcoin functions is via the blockchain - a giant, virtually tamper-proof, shared ledger of all bitcoin transactions ever made - payments can be traced, if users do not have the sophistication to take further steps to cloak themselves using digital anonymity tools. "In the initial days of bitcoin, people...didn<64>t realize they were recording for posterity on the blockchain every financial transaction that ever took place," said Emin Gun Sirer, a computer science professor at Cornell University. Bitcoin addresses are anonymous, but users can be traced through IP addresses or by analyzing money flows. If criminals using bitcoin want to stay truly anonymous, Gun Sirer said, they have to go through a number of additional, complex steps to make sure they do not get caught. It is not yet clear what level of sophistication the WannaCry hackers have when it comes to laundering their cryptocurrency, as none of the money has yet been moved out of the three bitcoin wallets linked to the ransomware, which have had over $80,000 worth of bitcoin paid into them so far. [ tmsnrt.rs/2rqaLyz ] But some have suggested that the fact that the WannaCry hackers demanded bitcoin shows how amateur they are. "If it was me, I would want people to use bitcoin all day, because you can trace it," said Luke Wilson, vice president for law enforcement at Elliptic, a London-based security firm that tracks illicit bitcoin transactions and that counts the U.S. Federal Bureau for Investigations (FBI) among its clients. Wilson, who used to work at the FBI, where he set up a taskforce to investigate the use of virtual currencies, did not disclose all the ways that Elliptic and law enforcement agencies find criminals using bitcoin. But sometimes, he said, the offenders make as obvious a mistake as withdrawing money from a bitcoin wallet directly into their bank accounts. CAT-AND-MOUSE GAME More sophisticated criminals use obfuscation methods that make it very hard to be tracked down. One of the most basic ones is a technique known as "chain-hopping", whereby money is moved from one cryptocurrency into another, across digital currency exchanges - the less-regulated the better - to create a money trail that is almost impossible to track. Newer and more complex money-laundering methods have also emerged in recent 
'5c284f32973a7a8a30217b3e93bb5a3f007c46ec'|'UPDATE 1-Halliburton''s incoming CEO sees price hike above 10 pct'|'Business News  37pm EDT Halliburton''s incoming CEO sees significant price hike left right Jeff Miller, incoming Halliburton CEO, speaks during an interview in Houston, Texas, U.S. May 18, 2017. REUTERS/Daniel Kramer 1/4 left right Jeff Miller, incoming Halliburton CEO, speaks during an interview in Houston, Texas, U.S. May 18, 2017. REUTERS/Daniel Kramer 2/4 left right Jeff Miller, incoming Halliburton CEO, speaks during an interview in Houston, Texas, U.S. May 18, 2017. REUTERS/Daniel Kramer 3/4 left right The company logo of Halliburton oilfield services corporate offices is seen in Houston, Texas April 6, 2012. REUTERS/Richard Carson 4/4 By Ernest Scheyder - HOUSTON HOUSTON Halliburton Co ( HAL.N ), the No. 2 oilfield service provider, expects to raise prices at least 10 percent and in some cases 20 percent or more this year, higher increases than many customers expect but ones that company executives said were crucial to fuel the oil industry''s nascent growth. The rising business activity comes as Jeff Miller prepares to become the 98-year-old company''s chief executive officer next month, taking over from Dave Lesar, CEO since 2000. "We will continue to implement our strategy," Miller said in an interview at the company''s Houston headquarters just outside George Bush Intercontinental Airport. "North America is absolutely our growth story today." Miller, Lesar and other executives have been in talks with customers for months about raising rates for Halliburton''s myriad services, highlighting not only the company''s scale but its experience. Halliburton was the first company to hydraulically fracture, or frack, a well, pioneering the process in 1949. Many customers had locked in service rates during the two-year price downturn when Halliburton laid off more than 35,000 employees. Today, with the American shale oil industry whirring again, Halliburton is at max capacity for many services and itching to charge more. Like peers, Halliburton has said it will not refurbish old equipment for field use until prices rise and has no North American fracking crews available until at least the fall. That limits the ability of customers to bring new wells online. "Customer urgency is the most-important part of that discussion today," said Miller, an accountant by training. Lesar, who will retire as CEO but remain executive chairman until Dec. 2018, echoed those comments in an interview, adding that Halliburton is keen to work with producers to prevent rampant cost inflation. "We and our customers have to co-exist in this environment," said Lesar, who became CEO after predecessor Dick Cheney was nominated to be U.S. vice president. "Everybody has got to make money." Shares of Halliburton, which have lost about 14 percent this year, rose 24 cents, or 0.5 percent, on Thursday to close at $46.58. OIL PRICES Both executives expect oil prices CLc1 to remain near $50 per barrel for the foreseeable future, a level they believe will allow North American shale customers and Halliburton to grow in tandem. "Clearly, the rising star at this point in time is the Permian" shale basin of Texas and New Mexico, Lesar said, adding that the DJ Basin in Colorado and the Utica in Ohio are other shale areas where Halliburton is growing. Costs for sand used in fracking pressured Halliburton over the winter, since many mines are located in the northern United States. Still, both executives said they believe their supply costs should stabilize this year. STAFFING & COMPETITION Halliburton has hired more than 2,000 workers since the oil industry started to recover, more than half of them former employees. That points to the company''s lucrative salary and perks, as well as its culture, both executives said. "We''ve got a very loyal workforce," Miller said. One role the company must soon fill is finance chief, after Mark McCollum left earlier this year to become CEO of rival Weatherford International Plc ( WFT.N ). "We have got some really goo
'edd2a3deb6761742cc6e28c81c62eb73c3ae2484'|'RPT-Cyber attack could spark lawsuits but not against Microsoft'|'(Repeats story published on Monday with no change to text)By Jan WolfeMay 15 Businesses that failed to update Microsoft Windows-based computer systems that were hit by a massive cyber attack over the weekend could be sued over their lax cyber security, but Microsoft Corp itself enjoys strong protection from lawsuits, legal experts said.The WannaCry worm has affected more than 200,000 Windows computers around the world since Friday, disrupting car factories, global shipper FedEx Corp and Britain''s National Health Service, among others. The hacking tool spreads silently between computers, shutting them down by encrypting data and then demanding a ransom of $300 to unlock them.According to Microsoft, computers affected by the so-called "ransomware" did not have security patches for various Windows versions installed or were running Windows XP, which the company no longer supports."Using outdated versions of Windows that are no longer supported raises a lot of questions," said Christopher Dore, a lawyer specializing in digital privacy law at Edelson PC. "It would arguably be knowingly negligent to let those systems stay in place.<2E>Businesses could face legal claims if they failed to deliver services because of the attack, said Edward McAndrew, a data privacy lawyer at Ballard Spahr. "There is this stream of liability that flows from the ransomware attack," he said. "That''s liability to individuals, consumers and patients."WannaCry exploits a vulnerability in older versions of Windows, including Windows 7 and Windows XP. Microsoft issued a security update in March that stops WannaCry and other malware in Windows 7. Over the weekend the company took the unusual step of releasing a similar patch for Windows XP, which the company announced in 2014 it would no longer support.Dore said companies that faced disruptions because they did not run the Microsoft update or because they were using older versions of Windows could face lawsuits if they publicly touted their cyber security. His law firm sued LinkedIn after a 2012 data breach, alleging individuals paid for premium accounts because the company falsely stated it had top-quality cyber security measures. LinkedIn settled for $1.25 million in 2014.But Scott Vernick, a data security lawyer at Fox Rothschild that represents companies, said he was skeptical that WannaCry would produce a flood of consumer lawsuits. He noted there was no indication the cyber attack had resulted in widespread disclosure of personal data."It isn<73>t clear that there has been a harm to consumers," he said.Vernick said businesses that failed to update their software could face scrutiny from the U.S. Federal Trade Commission, which has previously sued companies for misrepresenting their data privacy measures.LICENSING AGREEMENTS LIMIT LIABILITYMicrosoft itself is unlikely to face legal trouble over the flaw in Windows being exploited by WannaCry, according to legal experts.When Microsoft sells software it does so through a licensing agreement that states the company is not liable for any security breaches, said Michael Scott, a professor at Southwestern Law School. Courts have consistently upheld those agreements, he said.Alex Abdo, a staff attorney at the Knight First Amendment Institute at Columbia University, said Microsoft and other software companies have strategically settled lawsuits that could lead to court rulings weakening their licensing agreements."This area of law has been stunted in its growth," he said. "It is very difficult to hold software manufacturers accountable for flaws in their products."Also enjoying strong protection from liability over the cyber attack is the U.S. National Security Agency, whose stolen hacking tool is believed to be the basis for WannaCry. The NSA did not immediately return a request for comment.Jonathan Zittrain, a professor specializing in internet law at Harvard Law School, said courts have frequently dismissed lawsuits against the agency on the grounds 
'dc9aa3c7e7e6ef1d68c2996a852ae0420c5e74c8'|'Tata Power posts surprise Q4 loss on charge'|'Money   5:35pm IST Tata Power misses fourth-quarter profit estimates as costs rise A woman walks under high-tension power lines leading from a Tata Power sub station in Mumbai''s suburbs February 10, 2013. REUTERS/Vivek Prakash/Files Tata Power Co Ltd on Friday reported a fourth-quarter adjusted profit that missed analysts'' estimates, as lower recovery on the cost of fuel at one of its major power plants and higher fuel costs hurt margins. On an adjusted basis, excluding a one-time charge, the company posted an increase in consolidated net profit to 3.89 billion rupees for the quarter ended March 2017. Analysts on average had expected a consolidated profit of 4.26 billion rupees, according to Thomson Reuters data. The charge is related to a write-off of a major part of the company''s investments in the equity shares of Tata Teleservices Ltd (TTSL), in which Tata Power holds an interest. Including the charge, Tata Power posted a consolidated net loss for the quarter of 2.47 billion rupees ($38.1 million). Tata Power had made a provision of 6.51 billion rupees that came from Tata Teleservices'' share buy-back from Japan''s NTT DoCoMo, after an arbitration award in favour of DoCoMo, Tata Power said in an exchange filing. The Delhi high court last month had approved the settlement of a dispute between Tata Sons and NTT DoCoMo, allowing the Indian firm to buy out the Japanese firm''s stake in the telecoms joint venture. Tata Power said consolidated revenue from its power business dipped 12 percent to 59.75 billion rupees in the March quarter. Shares of the Mumbai-based power company closed up 0.5 percent on the National Stock Exchange. ($1 = 64.7975 rupees)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/tata-power-results-idINKCN18F0VZ'|'2017-05-19T17:39:00.000+03:00'
'1a7ff1492a41520f3995d8ec51193edbc33b8c1e'|'Pallinghurst makes unsolicited offer for remaining stake in Gemfields'|'Mining group Pallinghurst Resources Ltd ( PGLJ.J ), the largest shareholder of precious stones miner Gemfields Plc ( GEM.L ), on Friday offered to buy out the remaining 52.91 percent it does not already own for about 111.9 million pounds ($145.2 million).Pallinghurst''s offer values each Gemfields share at 38.5 pence, just above Gemfields'' Thursday close of 38.125 pence.The offer values the entire issued capital of Gemfields at 211.45 million pounds, Pallinghurst said in a statement.Pallinghurst also said that it received acceptances from Gemfields shareholders, including NGPMR L.P. and Investec Pallinghurst L.P., representing about 28.18 percent of the outstanding capital in Gemfields.Combined with Pallinghurst''s own ownership, the current holding amounts to 75.27 percent of the issued capital of Gemfields, making the offer unconditional in terms of acceptances.Gemfields shareholders would receive 1.91 Pallinghurst shares for each share held, resulting in a 42.2 percent ownership of the enlarged group.Gemfields said it was reviewing the unsolicited offer from Pallinghurst, an investment company with interests in platinum group metals and coloured gemstones. Gemfields advised its shareholders to take no action for the time being.Gemfields shares rose as much as 4.3 percent, before paring some of the gains to trade up about 3 percent at 0821 GMT (4.21 a.m. ET) on the London Stock Exchange.(Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Gopakumar Warrier and Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-gemfields-m-a-pallinghurst-idINKCN18F0PL'|'2017-05-19T06:30:00.000+03:00'
'06695525ff623689a5508451b148d46b2170e338'|'I flew the newest personal jet. It costs $2 million, parachute included - May. 19, 2017'|'I flew the newest personal jet. It costs $2 million, parachute included by @peterdrives May 19, 2017: 12:28 PM ET This is the cheapest private jet you can buy Flying 17,000 feet above the mountains of Vermont at over 300miles an hour, I tilted the tiny jet plane''s joystick to the left and watched the layer of clouds below tilt, almost imperceptibly, to the right. The experienced pilot sitting beside me assured me I couldn''t crash the plane. It pretty much wouldn''t let me. If I were to try anything crazy, well, the plane''s computers know crazy when they see it. They would rein it in. And if things got really ugly, someone could pull the big red lever over my head and deploy the parachute. Yes, this plane has a huge built-in parachute, designed to bear the weight of the entire aircraft. If someone pulls the lever, the Cirrus Vision Jet immediately kicks its nose up toward the sky, putting its belly into the wind and quickly slowing the plane. At the same time, a parachute pops out from the roof. It inflates gradually, so the jet''s 6,000 pound weight doesn''t snap the lines, then it floats toward the ground, carrying the plane, and all its occupants, down gently. The Cirrus Vision Jet''s single jet engine rides atop the airplane. The forked tail allows hot exhaust to pass through. That''s extremely cool and rather comforting, but it''s not new. Cirrus Aircraft has had this safety feature in all of its planes since 2000. Until now, those have all been piston-engined airplanes. Now Cirrus is getting into jet aircraft, with the introduction of the first-ever single-engined private jet. With a sticker price of $2 million, it''s a bargain compared to most private jets, which run about $5 million. Sure, $2 million may sound like buckets of money to most of us. But by cutting the personal jet''s price in half Vision Jet opens the world of personal jet ownership to a lot of people who, until now, have been relegated to piston-engined propeller planes. Now these folks can casually insert references to "my jet" into barroom conversations. Seriously, that''s a selling point The other benefits have to do with speed and altitude. Unlike cars, in which a higher top speed has little practical benefit, a faster plane, like a jet, can actually get you somewhere much sooner. The Vision Jet also a pressurized cabin that allows occupants to breathe at very high altitudes without oxygen masks. That means it can fly high enough to go up and over bad weather instead of having to wait it out or go around it as a less expensive plane might do. This Vision Jet''s seats can be easily repositioned inside the cabin for a number of seating configurations. The most remarkable feature on the Vision Jet is probably its enormous windows. Most planes with pressurized cabins have tiny oval portholes. The Vision Jet has windows almost as big as a car''s that provide a panoramic view of the world outside. The big windows come thanks carbon fiber construction. Carbon fiber is light but very strong and stiff. The Vision Jet''s mouse-shaped fuselage, made at the Chinese-owned company''s Grand Forks, N.D. parts factory, wouldn''t be possible using metal. (The fuselage parts are assembled into a finished airplane at Cirrus''s Duluth, Minn. plant.) $73 million Bombardier jet makes first flight On the inside, the cabin feels about the size of a large SUV. There are three rows of seats, but the back row can only accommodate children. The second-row seats, behind the pilot and co-pilot, have lots of legroom and can recline way back, like first class seats in a jetliner. Another thing this jet has in common with an SUV: there''s no bathroom. The aircraft is just too tiny. So you''d better go before you go, since you can''t pull over to a rest-stop at 20,000 feet. But for the most part, Cirrus uses the jet''s small size as a selling point. Until now, anyone who wanted to buy a jet would have to get a fairly big plane with multiple row
'2a26b123fb771f6aacf8a85605f9ea45fbb5cbbb'|'ECB cannot ''run the economy hot'' to create jobs - Coeure'|'Business   12:17pm BST ECB cannot ''run the economy hot'' to create jobs - Coeure Benoit Coeure, board member of the European Central Bank (ECB), is photographed during an interview with Reuters journalists at the ECB headquarters in Frankfurt, Germany, May 17, 2017. REUTERS/Kai Pfaffenbach FRANKFURT The European Central Bank cannot risk running "the economy hot" to support employment once inflation stabilises at its target of almost 2 percent, ECB Executive Board member Benoit Coeure said on Friday. "Should we reach a point where the path of inflation is expected to be self-sustaining, but long-term unemployment remains high, there should be no doubt as to how I would decide regarding our policy stance," Coeure said in Geneva. "Monetary policy cannot ''run the economy hot'' as insurance against labour market risks." He also added that so far there is no evidence that a prolonged period of high unemployment has increased structural unemployment in the euro zone. (Reporting By Francesco Canepa; Editing by Balazs Koranyi)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-inflation-idUKKCN18F178'|'2017-05-19T19:17:00.000+03:00'
'a10a1fca7b725bc7edb02271acb54a966f7a6d1c'|'From blue-chip to chip blues: Embattled Toshiba tries to sell its flash-memory unit'|'ONCE an electronics and nuclear-power empire that was the pride of corporate Japan, Toshiba is threatened with a stockmarket delisting. It missed a deadline to file its annual results, on May 15th, for the third time this year. In earnings estimates (auditors are refusing to sign off on its results), it warned of a loss close to <20>1trn ($9bn) for the financial year that ended in March. That is the steepest loss on record for a Japanese manufacturer.To make things worse, Western Digital, an American joint-venture partner in its semiconductor unit, last week took legal action to block Toshiba<62>s plan to shed their flash-memory business. The case could drag on, but Toshiba needs a sale. That would help cover a write-down of billions of dollars from Westinghouse Electric, its bankrupt American nuclear-power unit.  17   The group<75>s chip business accounted for almost one-fifth of revenue in the nine months to December 2016; together, Toshiba and SanDisk, a subsidiary of Western Digital, which jointly operate plants in Japan, come second only to Samsung Electronics of South Korea, the world<6C>s biggest maker of NAND chips (see chart). These chips are used in everything from smartphones and video-game consoles to data centres. The broader business is sizzling: semiconductors are expected to bring in $386bn in worldwide revenue this year, up by 12% from 2016, says Gartner, a market-research firm. Though Toshiba has not said how much of the newly formed spin-off of its memory business it wants to sell, it hopes to gain at least <20>2trn from the sale: a vital injection of cash, since it is blocked from raising money on the stockmarket after a huge accounting bungle in 2015.Now it is pushing ahead with a second round of bids (the first ended in March). Its boss said this week that Western Digital<61>s charge, that Toshiba was violating its agreement, was <20>groundless<73>. Ten bidders are said to have entered the fray for the NAND unit, including chipmakers, tech firms and private-equity firms. Foxconn of Taiwan, a smartphone assembler, has reportedly considered offering $27bn. SK Hynix of South Korea and Broadcom of America, both chipmakers, are also in the running.The Asian bidders may need to contend with an outbreak of economic nationalism in Tokyo. To lose the NAND technology, invented by Toshiba in the 1980s, would be a blow, and the administration of Shinzo Abe, the prime minister, is reportedly loth to see another corporate jewel handed to an Asian competitor. Last year, the Innovation Network Corporation of Japan (INCJ), a government-backed fund, tried and failed to buy Sharp, an electronics giant: Foxconn bought it instead.The INCJ is expected to enter the second round of bids in partnership with KKR, an American private-equity firm. The government has said it will scrutinise offers by foreign firms for reasons of national security. Some reports suggest it has offered to the INCJ a guarantee of up to <20>900bn on the bank loans that it would need. Still, the government would prefer not to use muscle, says Nicholas Benes of the Board Director Training Institute of Japan, since his reform plans involve the country being open to most foreign investors.Pressure to strike a deal with Western Digital and make the sale will mount. Investors are worrying about more financial fudges being uncovered at the group, says Daiju Aoki of UBS. The firm has been on the watch list of the Tokyo Stock Exchange for 20 months: that is one step short of a delisting, which will happen automatically if it ends the financial year, in March 2018, still with negative shareholder equity in its accounts. A date to commit to memory.  "Blue-chip chip blues"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21722233-japans-government-wants-fend-asian-potential-buyers-embattled-toshiba-tries-sell-its?fsrc=rss%7Cbus'|'2017-05-18T22:46:00.000+03:00'
'524cf2f201615fe8dec05d57cb61a33a9208f690'|'Ford to cut 10 percent of its salaried workforce in North America, Asia'|'Ford Motor Co ( F.N ) said on Wednesday that it plans to cut 10 percent of its salaried workforce in North America and Asia.The U.S. automaker employed about 201,000 workers globally as of Dec. 31.Reuters reported the news on Monday, citing a source familiar with the matter.(Reporting by Ankit Ajmera in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-ford-motor-layoffs-idUSKCN18D1G0'|'2017-05-17T20:02:00.000+03:00'
'c2b7d691d611a5833de2f5ebe6f3c1c2c9cd2a06'|'Saudi Aramco plans tourism training centre in economic reform drive'|'JEDDAH, Saudi Arabia May 17 National oil giant Saudi Aramco will establish a centre to train workers in Saudi Arabia''s tourism industry as part of the government''s drive to develop the economy beyond the oil sector.Aramco agreed with a state-controlled vocational education body and the kingdom''s tourism commission to train young Saudis for the tourism and hotel sectors, as well as in the management of other public and private facilities, it said on Wednesday.Officials want the tourism centre to handle 5,000 male and female trainees within four years, Aramco said without giving financial details. The government is keen to develop Islamic tourism as part of drive to diversify the economy beyond oil.Although Aramco focuses on the production of oil, gas and petrochemicals it is often enlisted in other government initiatives because it is Saudi Arabia''s biggest company and one of its most efficient.The company, which plans an initial public offer of its shares to local and foreign investors next year, unveiled plans last year to build a $5 billion shipbuilding complex and opened an $800 million cultural centre in Dhahran in December. (Reporting by Reem Shamseddine; editing by David Clarke; Editing by Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/saudi-tourism-aramco-idINL8N1IJ2W8'|'2017-05-17T10:51:00.000+03:00'
'0c07c7511cf0e68b5dafa42cb02041a8f05a6a6d'|'Barclays names Ulrich Kratz as co-head for consumer retail in Europe'|'Business  35am BST Barclays names Ulrich Kratz as co-head for consumer retail in Europe FILE PHOTO: Barclays headquarters building is seen in the Canary Wharf business district of London, Britain, February 6, 2013. REUTERS/Neil Hall/File Photo LONDON Barclays has named former Goldman Sachs banker Ulrich Kratz as co-head of its consumer retail group in Europe and the Middle East, according to an internal memo seen by Reuters on Wednesday. Kratz will partner with Gavriel Lambert to lead the bank''s coverage of consumer companies in those regions, the memo said. Reuters reported last week Barclays is reshuffling its investment bank leadership team under new chief Tim Throsby as it seeks to boost returns. A spokesman for Barclays confirmed the contents of the memo. (Reporting by Lawrence White, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-moves-barclays-kratz-idUKKCN18D0O7'|'2017-05-17T15:35:00.000+03:00'
'18b3636063bc90c5088e4b5ba8ce8c6e6c26ca1b'|'St. Louis Fed''s Bullard says expected rate hikes ''too aggressive'''|'Business News   11:53am EDT St. Louis Fed''s Bullard says expected rate hikes ''aggressive'' FILE PHOTO: St. Louis Fed President James Bullard speaks about the U.S. economy during an interview in New York, U.S., on February 26, 2015. REUTERS/Lucas Jackson/File Photo ST. LOUIS The Fed''s expected plans for rate increases may be too fast for an economy that has shown recent signs of weakness, St. Louis Federal Reserve President James Bullard said on Friday, making the case for a continued go-slow approach as inflation progress stalls. A recent dip in inflation and inflation expectations means the Fed may not make as much progress as expected toward its inflation target, and at a time when risks are increasing that political gridlock in Washington will continue. Expectations that tax, regulatory and other changes may boost growth have buoyed business confidence and markets since the start of the year, but are looking less likely as the Trump administration faces continued controversy. Bullard said that recent events in Washington, on their own, have not changed his expectations for an economy anticipated to slog along at a 2 percent annual growth rate. But they have coincided with weaker inflation, and a dip in long-term bond yields that seem counter to the Fed''s faith it should continue to raise interest rates, Bullard said. Inflation readings "are weak, they''ve come down and they are too low for the Fed to reach its inflation target," Bullard said in comments at the Association for Corporate Growth. "They''ve gone in the wrong direction and a little bit too sharply for comfort." The Fed is expected to raise interest rates at its June meeting. Bullard, who currently does not have a vote on the central bank''s rate setting committee, said he would not object to that move. However, he feels his colleagues risk being "overly aggressive" if they move rates any higher until it is clear that inflation will rebound. Since the Fed raised rates in March, inflation data has dipped and so have long-term bond yields, the opposite of what would happen if investors and the public felt the economy was going to continue on a strong enough course to justify further rate increases. In their most recent set of projections central bank officials said they foresaw raising rates two more times over the course of this year. The political climate in Washington has also deteriorated, likely reducing the chance that major tax or other changes will be approved quickly with the Trump administration now facing a ramped-up investigation over allegations about its campaign''s ties to Russia. Bullard said he did not think events in Washington have yet had an appreciable impact on the economy, but markets should prepare for continued political volatility. Gridlock on major policy issues has become the norm, Bullard said, so if that continues it will not change the outlook. "The Trump campaign was unusual, unconventional ... and you expected an unconventional president. You have more volatility than you are used to in the policy sphere," said Bullard. "At least for 2017 I don''t see this as having particular implications that I can draw at this point." (Reporting by Howard Schneider; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-fed-bullard-idUSKCN18F1HX'|'2017-05-19T21:11:00.000+03:00'
'd43d7bca5e77ac844cb74508e829e10d47081968'|'Bank of Japan faces credibility test in telegraphing exit from stimulus'|'Business News - Fri May 19, 2017 - 11:13am BST Bank of Japan faces credibility test in telegraphing exit from stimulus FILE PHOTO: A security officer is seen through a chain link as he stands guard outside the Bank of Japan headquarters in Tokyo, Japan, March 31, 2016. REUTERS/Yuya Shino/File Photo By Leika Kihara - TOKYO TOKYO Growing signs of life in Japan''s economy have presented its central bank with a fresh communications challenge, pushing it to be clearer with markets on how it might dial back its massive stimulus - even though such action remains a long way off. The Bank of Japan (BOJ) faces a tricky balancing act, according to people familiar with its policymakers'' thinking, as it must convince people it has a credible exit strategy without destabilizing the bond market by giving too much away. Graphic on central bank balance sheets since 2007: tmsnrt.rs/2ryoKCi "There''s no point elaborating on a future exit strategy when inflation remains stuck at zero," said one of the sources. "But it''s important for the BOJ to show it isn''t without a plan." Telegraphing an exit is a challenge for any central bank, as seen in the 2013 "taper tantrum" of market volatility that followed hints from the Federal Reserve that its bond-buying program would slow. The task is made all the more difficult for the BOJ, say analysts, because its credibility has already been damaged by the failure to come close to its 2 percent inflation target despite four years of money printing. The market impact of miscommunication could also be bigger, with the BOJ''s balance sheet having swelled to 90 percent of Japan''s nominal gross domestic product - triple the ratio for the European Central Bank and nearly four times that of the Fed. Still, the BOJ feels compelled to speak more openly about an exit, say the sources familiar with its thinking, as improvements in the economy - now enjoying its longest period of expansion in a decade - have spurred calls from some ruling party lawmakers for clarity on a future withdrawal of stimulus. Instead of rebuffing debate of an exit strategy as premature, Governor Haruhiko Kuroda told parliament on May 10 the BOJ may consider publicizing calculations on how an exit could affect its financial health. Deputy Governor Kikuo Iwata, among the most vocal proponents of massive asset purchases, also said on Thursday that raising interest on excess reserves financial institutions park with the BOJ could be among the tools it can use in easing back stimulus. "The priority is to stress the BOJ''s ultra-loose policy will remain intact," said another source. "That said, there is room for improvement" in communication beyond repeating that debate about an exit strategy is premature, the source said. A BOJ spokesman said the central bank had "nothing to add beyond what Governor Kuroda said in public". PITFALLS OF EXIT The BOJ has no immediate plans to publish numerical estimates on how a future monetary tightening could affect the health of its balance sheet, the sources say. The central bank aims instead to convince markets it has the means to exit smoothly and reserves set aside to cover any losses it may incur from an abrupt spike in bond yields, without going into details, they say. This reflects concerns held by many central bankers that revealing too much of a future exit plan could spook markets into thinking a policy shift is imminent. Talk of an exit strategy could also cast doubt on the BOJ''s determination to achieve its price goal, thereby undermining the psychological impact of its stimulus program, the sources familiar with its thinking say. But growing concerns at the cost of the BOJ''s radical monetary experiment voiced by some politicians and market participants have become hard to ignore, the sources say. The BOJ already owns 40 percent of Japan''s government bond market, and could face losses on those holdings if its moves to withdraw stimulus prompt a sudden rise in yields. If it dec
'06b3a4b17760bd0462c0f151e1850ee10ba00dae'|'UPDATE 1-TPG commits to editorial independence if it wins Fairfax Media bidding war'|'* TPG has offered A$2.76 bln for Fairfax* Hellman & Friedman has rival offer worth as much as A$2.87 bln* Transaction would require foreign investment approvals (Adds foreign investment concerns, Domain details)MELBOURNE, May 19 U.S. buyout firm TPG Capital Management on Friday said it would make a commitment to editorial independence if it succeeds in its A$2.76 billion ($2.05 billion) offer for Australia''s oldest newspaper publisher, Fairfax Media Ltd.The proposed deal remains subject to foreign investment approvals and some politicians have said conditions could need to be placed on the transaction to ensure the ongoing publication of mastheads like The Sydney Morning Herald and The Australian Financial Review.The company''s newspaper earnings have declined as classified advertising has migrated to the internet, making the Domain real estate classifieds unit its most lucrative business."I am here to assure you that, in the event TPG and its partners are fortunate enough to acquire Fairfax, we will be responsible stewards of those assets, from a journalistic perspective as well as a financial one," TPG Head of Australia and New Zealand Joel Thickens told a senate inquiry into the future of public interest journalism.His comments came a day after a second U.S. private equity firm, Hellman & Friedman, made a takeover proposal for Fairfax worth as much as A$2.87 billion. Both suitors have been offered access to due diligence.Thickins said TPG would not be proposing to invest A$2.76 billion in Fairfax unless it believed there was an opportunity to build and grow the business.Fairfax this month said it would cut 125 journalist jobs, the latest in several rounds of major editorial job cuts over the last decade which have fuelled concerns for the future of public interest journalism in Australia.A Fairfax spokesman declined to comment. ($1 = 1.3479 Australian dollars) (Reporting by Jamie Freed; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/fairfax-media-ma-tpg-idINL4N1IL20U'|'2017-05-19T03:40:00.000+03:00'
'801a7d99971e378c3dd39b423f3c66d1c476ea49'|'UPDATE 1-UK Stocks-Factors to watch on May 19'|'(Adds futures, company news item)May 19 Britain''s FTSE 100 index is seen opening up 31 points at 7,467 on Friday, according to financial bookmakers, with futures up 0.34 percent ahead of the cash market open.* HIKMA: Drugmaker Hikma Pharmaceuticals Plc on Friday said its revenue for the full-year would be between $2.0 billion-$2.1 billion at constant currency, reflecting delays in the launch of its generic asthma drug.* JOHNSTON PRESS: Newspaper publisher Johnston Press Plc posted a mere 0.2 percent rise in revenue for the year to April 30 and said trading conditions for regional newspapers in the UK remain challenging.* GRAINGER: Grainger Plc, Britain''s largest listed residential landlord, reported a 13 percent rise in first-half profit and said strong trading would continue over the second half.* BHP: BHP Billiton Ltd''s Canadian potash mine will use advanced, cost-saving technology, giving it a competitive edge in a currently over-supplied fertilizer market, the executive in charge of the business said on Thursday.* BRITAIN/EU CLEARING: Forcing banks to move euro-denominated trades from London to Frankfurt would be costly, and continental companies would ultimately foot the bill, an industry body said on Thursday.* EUROPEAN UNION: The European Commission will announce new initiatives to reconfigure its capital markets union (CMU) project on June 7 to reflect Britain''s decision to leave the bloc, a senior commission official said on Thursday.* RBS: Fred Goodwin, the former Royal Bank of Scotland chief executive, is set to become the first senior banker in Britain to be challenged in court over his role in the financial crisis.* The UK blue chip index ended down 0.9 percent on Thursday, underperforming the broader European market as the pound strengthened after data showed consumers are maintaining spending despite inflation worries.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS> Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1IL2CP'|'2017-05-19T14:50:00.000+03:00'
'ca3e2d2083a6a50a67549937778b0ce73bfa7b6d'|'Ukraine slaps sanctions on Russia''s Yandex, other web businesses'|'Business News - Tue May 16, 2017 - 9:54am BST Ukraine slaps sanctions on Russia''s Yandex, other web businesses A man walks outside the headquarters of Yandex company in Moscow, September 14, 2015. The sign (R) reads: ''''Yandex.'''' REUTERS/Maxim Zmeyev KIEV Ukraine has imposed sanctions on Russia''s largest internet group Yandex and other popular web businesses including the operator of social media sites Vkontakte and Odnoklassniki, the president''s office said on Tuesday. The decree by Ukrainian President Petro Poroshenko also banned Ukrainian web hosts from linking to the Russian websites from May 15. The restrictions added to an existing list of more than 400 Russian individuals and companies sanctioned by Kiev following Russia''s annexation of Crimea in 2014 and the ensuing pro-Russian separatist uprising. (Reporting by Natalia Zinets; Writing by Alessandra Prentice; Editing by Matthias Williams and Andrew Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ukraine-crisis-sanctions-idUKKCN18C0S1'|'2017-05-16T16:54:00.000+03:00'
'1d2c490744851164709457e365bd98ad12174e74'|'METALS-London copper slips, traders cut risk as China growth slows'|' 47am EDT METALS-London copper slips, traders cut risk as China growth slows (Adds comment, detail) MELBOURNE May 16 London copper fell on Tuesday as worries about China''s slowing economic growth and tighter capital markets in the world''s top metals consumer triggered selling in metals. China''s growth took a step back in April after a surprisingly strong start to the year, tapering off as authorities clamped down on debt risks in an effort to stave off a potentially damaging hit to the economy. "All of the slowdown in key macro data was ... from restructuring/reform and risk controls," said Argonaut Securities in a report. "We think there is no chance of hard-landing in China as of now. That said, as there are a lack of drivers for new demand growth ahead ... commodity prices may fluctuate in a narrow range," it said. "Positive catalysts are stronger-than-expected external growth in Europe and emerging markets, and more supply side reform in China." * LME COPPER: London Metal Exchange copper had dropped 0.5 percent to $5,583 a tonne by 0526 GMT, paring gains from the previous session when it hit $5,637 which was the highest in nearly two weeks. * LME ZINC: LME zinc and lead also fell around 1 percent, and were trading near their lowest for the year, having recently broken below their 200-day moving averages, sending a sell signal to chart-following funds. * SHFE COPPER: Shanghai Futures Exchange copper traded flat at 45,220 yuan ($6,561) a tonne. ShFE zinc and Shanghai lead fell 1 and 1.4 percent respectively. * CHINA PROPERTY: China''s property resale market cooled a notch in April due to intensified government curbs, but chances are slim that prices will fall across the board as housing supply remains short, a top state think-tank said on Monday. * U.S. PROPERTY: A private gauge of U.S. home builder sentiment unexpectedly rose in May to its second strongest level since the housing bust nearly a decade ago, as the existing supply of homes remained tight. * BHP: Activist investor Elliott Management upped the pressure for strategic changes at BHP, on Tuesday, calling for an independent review of the mining giant''s petroleum business. * ORICA: Orica Ltd, the world''s No. 1 explosives maker, beat forecasts on Tuesday with a 2.7-percent rise in its half-year underlying profit, helped by cost cuts and higher sales, and said demand from its mining customers was improving. * MARKETS: Asian stocks briefly climbed to a fresh-two year high on Tuesday on the back of an overnight rise in Wall Street, while oil extended gains after major producers Saudi Arabia and Russia said supply cuts needed to continue into 2018. PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1II26U'|'2017-05-16T13:47:00.000+03:00'
'bd75a46bbc419c78cd2df6b4124529cf87fe04a7'|'KKR wins bidding for Dutch car park operator Q-Park - sources'|'Market   11:58am EDT KKR wins bidding for Dutch car park operator Q-Park - sources By Arno Schuetze and Claire Ruckin - FRANKFURT/LONDON FRANKFURT/LONDON May 16 Buyout group KKR has won the bidding for Dutch car park operator Q-Park, a deal worth about 2 billion euros ($2.2 billion), sources close to the matter said on Tuesday. Bankers have prepared infrastructure style financing of 1.4 billion euros, including undrawn debt for the buyout of Q-Park, which operates 870,000 parking spaces in Europe, the sources said. A group of shareholders consisting mainly of institutional investors, including pension funds and insurance companies, most of which are Dutch, had put the asset up for sale. Around five bidders had made it through to the second round of bidding due at the end of April, including Australian infrastructure investor Macquarie, the runner-up against KKR, the sources said. "The differential in last two bids was tiny," one of the sources said. KKR and Macquarie declined to comment. Q-Park was not immediately available for comment. Typically, infrastructure deals can be financed with higher leverage and will pay lower yields, compared to private equity deals which offer slightly lower leverage and pay higher yields. Q-Park last year reported earnings before interest, tax, depreciation and amortisation of 195 million euros on revenues of 825 million euros. Its net profit stood at 85.4 million euros. ($1 = 0.9029 euros) (Additional reporting by Toby Sterling. Editing by Emma Thomasson and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/qpark-sale-idUSL8N1II5ID'|'2017-05-16T23:58:00.000+03:00'
'681307a806c9a31a809a3dc86c17f3ee57a91ea5'|'Manchester United lifts full-year revenue and profit guidance'|'Market News  19am EDT Manchester United lifts full-year revenue and profit guidance May 16 English soccer club Manchester United raised its full-year revenue and profit guidance after strong broadcast revenue helped to lift the club''s third quarter revenue figures. United, whose leading players include Paul Pogba and Wayne Rooney, said it expected to report full-year revenue between 560-570 million pounds, better than its previous forecast of between 530-540 million pounds. Broadcasting revenue grew 12.9 percent to 31.4 million pounds($40.5 million) for the quarter ended March 31, primarily due to the impact of the new Premier League broadcasting agreement, the club said. Total revenue for the quarter grew 3.1 percent to 127.2 million pounds. United increased its forecast for earnings before interest, tax, depreciation and amoritisation to 185-195 million pounds for 2016-17. ($1 = 0.7760 pounds) (Reporting by Rahul B in Bengaluru; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/manchester-utd-results-idUSL8N1II3KN'|'2017-05-16T19:19:00.000+03:00'
'eb3c4a4dfe56e9e1a31715257adf6785158c5814'|'Israel car cyber firm Karamba raises money from Paladin, Liberty Mutual'|'TEL AVIV Israeli startup Karamba Security, a provider of cybersecurity for connected and self-driving cars, said on Tuesday it raised $12 million, attracting first-time investment in Israel from Washington-based cyber-focused Paladin Capital.The latest investment brings Karamba''s total fundraising to $17 million, with existing investors YL Ventures of California and Detroit-based Fontinalis Partners leading the round, followed by GlenRock Israel. Other new investors are Liberty Mutual Strategic Ventures, Sumitomo Corp''s Presidio Ventures and security management provider Asgent ( 4288.T ).The global cybersecurity market for cars was estimated by Mordor Intelligence to grow to $1.1 billion by 2020 from $17 million in 2015.Karamba said its software protects cars based on their factory settings, blocking hacking attempts as they deviate from these settings and before they infiltrate the car.Paladin, with $1 billion in four funds, said this was its first investment in automotive security."We see this notion of Karamba trying to prevent attacks as substantial progress on what exists today to detect attacks," Paladin managing director Kenneth Minihan told Reuters.Minihan, a retired Air Force lieutenant general and former director of the U.S. National Security Agency, said ransomware attacks such as those that occurred over the weekend would not be relevant to automobiles, which operate in their own network.But hackers may "attempt to disrupt data feeds that are telling you what''s happening around other cars," he said.Karamba said network security technology based on statistical modeling is prone to false alarms that could risk lives if applied to cars. For example, brakes could fail if a legitimate command is mistakenly identified as malicious and blocked.(Reporting by Tova Cohen, editing by Pritha Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cyber-karamba-fundraising-idINKCN18C1FK'|'2017-05-16T10:24:00.000+03:00'
'18407b551d9c12c0a668973bdcdcb09b5b934d0b'|'BRIEF-Japan''s top government spokesman: want to closely watch Western Digital''s move to stop Toshiba chip sale process'|'Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-japans-top-government-spokesman-wa-idUST9N163006'|'2017-05-15T15:43:00.000+03:00'
'7479d8b9bbcfc6a6f56d4fa5bbd6a470a1b28784'|'Unilever to buy Latin American personal care brands from Quala'|'LONDON Unilever ( ULVR.L )( UNc.AS ) plans to buy a range of personal and home care brands from Latin American company Quala, it said on Monday.The purchase includes the haircare brands Savital, eGo and Bio-Expert as well as Fortident toothpaste and Aromatel fabric softener - businesses that have combined annual turnover of $400 million in Latin American countries including Colombia, Ecuador and Mexico.The deal''s purchase price was not disclosed.(Reporting by Martinne Geller, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-quala-m-a-unilever-idINKCN18B1KF'|'2017-05-15T10:42:00.000+03:00'
'8ef59758fc9cc37327c91adc956e6b25ed8108fd'|'PRESS DIGEST - Wall Street Journal - May 16'|' 46am EDT PRESS DIGEST - Wall Street Journal - May 16 May 16 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - A federal judge gave Alphabet''s driverless-car unit Waymo broad leeway to seek and examine evidence from Uber in a three-month-old lawsuit that accuses the ride-hailing firm of conspiring with a former Waymo executive to steal 14,000 files related to its autonomous-vehicle program. on.wsj.com/2qmy91n - The owner of the Chicago Tribune, Tronc Inc, is trying to buy its one-time biggest rival, the Sun-Times, months after a deal with Gannett Co fell through. If no other bidder comes forward, the deal could close as soon as June 1, Tronc said. on.wsj.com/2qmD4j5 - Ford Motor aims to cut about 10 percent of its global workforce amid Chief Executive Officer Mark Fields''s drive to boost profits and the auto maker''s sliding stock price. The job cuts are expected to be outlined as early as this week and will largely target salaried employees. on.wsj.com/2qmnEve - President Donald Trump shared sensitive intelligence obtained from a close U.S. ally with Russia''s foreign minister and ambassador in a meeting last week, according to U.S. officials. on.wsj.com/2qmAcTc - Home sales in the first quarter hit their fastest pace in a decade. Total existing-home sales climbed 1.4 percent in the quarter to a seasonally adjusted annual rate of 5.62 million, the highest since the first quarter of 2007, according to the National Association of Realtors. on.wsj.com/2qmAlGe (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1II29S'|'2017-05-16T13:46:00.000+03:00'
'577489c6d322d2f81b642fe78c81b4185c53aded'|'BRIEF-LOGiQ Asset Management Qtrly loss per share $0.008'|'  1:05am EDT BRIEF-LOGiQ Asset Management Qtrly loss per share $0.008 May 16 LOGiQ Asset Management Inc * LOGiQ asset management announces 2017 second quarter results * For Q2 LOGiQ revenues increased by 10 percent to $7.5 million over prior quarter revenues of $6.8 million * At Q2 end assets under management or advisement decreased to $2.3 billion from $2.5 billion at December 31, 2016 * Frank Mersch will retire from firm effective June 30, 2017. * Mersch has decided to scale back his professional activities and to exit retail mutual fund business * Qtrly loss per share $0.008 * Expects transfer of management contract for LOGiQ hedge fund to another firm as Mersch retains substantial ownership in the fund  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-logiq-asset-management-qtrly-loss-idUSASA09Q0Z'|'2017-05-16T13:05:00.000+03:00'
'c7ed110051869c765ac544a293ff39200d0cc004'|'Absent from America, French cars drive into Iran election'|'Autos - Tue May 16, 2017 - 1:10pm EDT Absent from America, French cars drive into Iran election left right Iran''s President Hassan Rouhani attends a ceremony marking the beginning of production of new Iran Khodro products, Dena+ and Peugeot 2008, in Tehran, Iran, May 2, 2017. Picture taken May 2, 2017. President.ir/Handout via REUTERS 1/4 left right Iran''s President Hassan Rouhani checks a car during a ceremony marking the beginning of production of new Iran Khodro products, Dena+ and Peugeot 2008, in Tehran, Iran, May 2, 2017. Picture taken May 2, 2017. President.ir/Handout via REUTERS 2/4 left right Iran''s President Hassan Rouhani looks at a car during a ceremony marking the beginning of production of new Iran Khodro products, Dena+ and Peugeot 2008, in Tehran, Iran, May 2, 2017. Picture taken May 2, 2017. President.ir/Handout via REUTERS 3/4 left right Iran''s President Hassan Rouhani looks at a car during a ceremony marking the beginning of production of new Iran Khodro products, Dena+ and Peugeot 2008, in Tehran, Iran, May 2, 2017. Picture taken May 2, 2017. President.ir/Handout via REUTERS 4/4 By Bozorgmehr Sharafedin , Laurence Frost and Edward Taylor - LONDON/PARIS/FRANKFURT LONDON/PARIS/FRANKFURT French carmakers PSA ( PEUP.PA ) and Renault ( RENA.PA ) are turning their U.S. absence into an Iranian advantage by piling into a resurgent market still off-limits to foreign rivals fearful of sanctions under Donald Trump''s administration. The French investment has been seized upon by Iranian President Hassan Rouhani, who is seeking re-election this week, as evidence that his pursuit of a nuclear detente and attempts to attract foreign money will pay off for the economy. PSA - the maker of Peugeots and Citroens - and Renault have pushed hard into Iran since its 2015 deal with world powers that saw international sanctions lifted in return for curbs on Tehran''s nuclear activities. PSA has signed production deals worth 700 million euros ($768 million), while Renault has announced a new plant investment to increase its production capacity to 350,000 vehicles a year. The French companies, unlike their German, American and Japanese competitors, do not have manufacturing or sales operations in the United States. This makes them less vulnerable to penalties for any violation of U.S. sanctions still in force which ban financial transactions with Iran. The prospect of a hardened U.S. stance under President Trump - a consistent critic of the nuclear deal - has deepened the caution of carmakers with large American exposures. Germany''s Volkswagen ( VOWG_p.DE ) and BMW ( BMWG.DE ) are among those that have put Iranian ambitions on hold, industry sources told Reuters. "We''re well aware of the market potential in Iran but we can''t afford to take any risks," said a source close to VW. The company declined to comment on specific investment discussions. PSA and Renault declined to comment on their Iranian operations in detail. Earlier this year, PSA''s Middle East chief Jean-Christophe Quemard acknowledged that the renewed U.S. pressure under Trump was helping his company stay ahead of foreign rivals who were holding back. "This is our opportunity to accelerate," Quemard said. "We''ve opened up a lead and we plan to hold on to it." Early movers to establish Iranian operations could win big in a market deprived for years of affordable state-of-the-art vehicles and where sizeable import duties hand a major advantage to locally built cars. Iranian car sales jumped 50 percent in the first quarter of 2017, according to data provider IHS Automotive, with models from Peugeot, Renault and Iran''s SAIPA showing solid gains. Tehran car salesman Mehdi Monfared, whose dealership mostly sells domestic manufacturer Iran Khodro''s namesake brand, said he had witnessed an "explosion" in demand in recent months. "People are being less careful with their money and are spending their savings on cars," he told Reuters by telephone. "And the banks
'3b5fb7652a00590945ca7f8a0d21cabf7f4fb75b'|'Oddities in WannaCry ransomware puzzle cybersecurity researchers'|'  11:56am BST Oddities in WannaCry ransomware puzzle cybersecurity researchers A screenshot shows a WannaCry ransomware demand, provided by cyber security firm Symantec, in Mountain View, California, U.S. May 15, 2017. Courtesy of Symantec/Handout via REUTERS By Jeremy Wagstaff - SINGAPORE SINGAPORE The WannaCry malware that spread to more than 100 countries in a few hours is throwing up several surprises for cybersecurity researchers, including how it gained its initial foothold, how it spread so fast and why the hackers are not making much money from it. Some researchers have found evidence they say could link North Korea with the attack, but others are more cautious, saying that the first step is shedding light on even the most basic questions about the malware itself. For one thing, said IBM Security''s Caleb Barlow, researchers are still unsure exactly how the malware spread in the first place. Most cybersecurity companies have blamed phishing e-mails - e-mails containing malicious attachments or links to files - that download the ransomware. That''s how most ransomware finds its way onto victims'' computers. The problem in the WannaCry case is that despite digging through the company''s database of more than 1 billion e-mails dating back to March 1, Barlow''s team could find none linked to the attack. "Once one victim inside a network is infected it propagates," Boston-based Barlow said in a phone interview, describing a vulnerability in Microsoft Windows that allows the worm to move from one computer to another. The NSA used the Microsoft flaw to build a hacking tool codenamed EternalBlue that ended up in the hands of a mysterious group called the Shadow Brokers, which then published that and other such tools online. But the puzzle is how the first person in each network was infected with the worm. "It''s statistically very unusual that we''d scan and find no indicators," Barlow said. Other researchers agree. "Right now there is no clear indication of the first compromise for WannaCry," said Budiman Tsjin of RSA Security, a part of Dell. Knowing how malware infects and spreads is key to being able to stop existing attacks and anticipate new ones. "How the hell did this get on there, and could this be repeatedly used again?" said Barlow. PALTRY RANSOM Some cybersecurity companies, however, say they''ve found a few samples of the phishing e-mails. FireEye FEYE.N said it was aware customers had used its reports to successfully identify some associated with the attack. But the company agrees that the malware relied less on phishing e-mails than other attacks. Once a certain number of infections was established, it was able to use the Microsoft vulnerability to propagate without their help. There are other surprises, that suggest this is not an ordinary ransomware attack. Only paltry sums were collected by the hackers, according to available evidence, mostly in the bitcoin cryptocurrency. There were only three bitcoin wallets and the campaign has far earned only $50,000 (<28>38,790) or so, despite the widespread infections. Barlow said that single payments in some other ransomware cases were more than that, depending on the victim. Jonathan Levin of Chainalysis, which monitors bitcoin payments, said there were other differences compared to most ransomware campaigns: for instance the lack of sophisticated methods used in previous cases to convince victims to pay up. In the past, this has included hot lines in various languages. And so far, Levin said, the bitcoin that had been paid into the attackers'' wallets remained there - compared to another campaign, known as Locky, which made $15 million while regularly emptying the bitcoin wallets. "They really aren''t set up well to handle their bitcoin payments," Levin said. The lack of sophistication may bolster those cybersecurity researchers who say they have found evidence that could link North Korea to the attack. A senior researcher from South Korea''s Hauri Labs,
'b48ecfe3b80057a37560f4c35dfe16294b4d21d0'|'Tullow says makes oil discovery in Kenyan well'|'Business  19am BST Tullow says makes oil discovery in Kenyan well Africa-focused oil company Tullow Oil Plc said it encountered 75 metres of net oil pay in two zones at an exploration well in Northern Kenya. The Emekuya-1 well, located in the South Lokichar basin in North-Western Kenya, would eventually be developed to full field development,   The well has proven oil charge across a significant part of the Greater Etom structure, Tullow said. "The discovery not only adds more recoverable resources to the current portfolio, but, along with Etom-2 and Erut-1 (wells), establishes the ''northern triangle'' part of the South Lokichar Basin as an independent production hub," Morgan Stanley analyst Sasikanth Chilukuru said. Tullow operates Blocks 13T and 10BB with 50 percent equity and is partnered by Africa Oil Corp and Maersk Oil with 25 percent each. The Emekuya-1 well is located in Block 13T. Earlier this year, the company said its Erut-1 well, located in the same block, discovered oil with 25 metres of net oil pay. According to Davy Research, Tullow''s latest guidance for discovered resources in the South Lokichar Basin was 750 million barrels. Shares of the company were up 2.9 percent at 207 pence by 0810 GMT on the London Stock Exchange. (Reporting by Sanjeeban Sarkar and Tenzin Pema in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tullow-exploration-idUKKCN18D0SG'|'2017-05-17T16:19:00.000+03:00'
'5e5a5178fe6287d5df475c1be09a958fc809934b'|'Paddy Power Betfair eyes U.S. amid European market consolidation'|'By Padraic Halpin - DUBLIN DUBLIN Paddy Power Betfair ( PPB.I ), ( PPB.L ) is interested in expanding further into the United States amid intense competition in Europe that could see smaller rivals either join forces or "wither on the vine," its chief executive said on Wednesday.The Dublin-based group, which already runs the leading horse racing television and betting network in the United States and has an online casino business in New Jersey, entered the U.S. fantasy sports market last week with the acquisition of DRAFT for up to $48 million.The fantasy sports market, which has surged in popularity and is worth an estimated $300 million according to Paddy Power Betfair, offers gambling firms the chance to compete across the United States where sports betting is illegal in most states."I think that market has yet to open up properly. I would hope we could do more there, it''s a question of legislation and opportunity. There is a lot of appetite to do more if the right thing comes up at the right price," CEO Breon Corcoran told reporters.Paddy Power Betfair said this month it was cautious about revenue growth in its main European market after a "pretty extreme" level of competition made it tougher to win new business in the first quarter.Competition has intensified as firms seek to offset higher taxes and tighter regulation with increased revenues, leading to a flurry of mergers including last year''s 6 billion pound ($7.8 billion) tie-up between online betting exchange Betfair and Paddy Power, which operates shops as well as an online business.Corcoran said it was hard to see the competition abating but growing revenue sensibly and enhancing profitability over the medium term was the right thing to do, describing the group as "cautious but guardedly optimistic."Competition was coming from big, well-run operators as well as those "desperate to get bigger", Corcoran said, leading to inflated advertising costs and an increase in promotional activity that he saw ultimately hurting smaller rivals."I think the smaller guys will continue to struggle, they''ll either wither on the vine or be forced to think about consolidation," Corcoran said on the sidelines of the company''s annual shareholder meeting."Scale is the critical word. As online consumption matures and as regulatory and compliance cost go up, I think being large is ever more advantageous. There are very few markets in Europe right now where you''d prefer to be a smaller operator and I think that has long-term consequences for industry structure."(Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-paddy-power-m-a-idINKCN18D1PI'|'2017-05-17T11:36:00.000+03:00'
'a3b2ee42cf5f50e4c6d61e732eec293d94c03c2f'|'Japan March core machinery orders rise 1.4 percent month-on-month'|'Business News - Wed May 17, 2017 - 12:57am BST Japan March core machinery orders rise 1.4 percent month-on-month People work next to heavy machineries at a construction site in Tokyo, Japan, March 13, 2016. REUTERS/Yuya Shino TOKYO Japan''s core machinery orders rose 1.4 percent in March from the previous month, government data showed on Wednesday. The rise in core orders, a highly volatile data series regarded as a good indicator of capital spending in the coming six to nine months, undershot the median estimate of a 2.1 percent rise expected by economists in a Reuters poll. Companies surveyed by the Cabinet Office forecast that core orders, which exclude those of ships and electric power utilities, would fall 5.9 percent in the April-June quarter. Compared with a year earlier, core orders declined 0.7 percent in March, versus the median estimate for a 0.6 percent rise. (Reporting by Minami Funakoshi; Editing by Christopher Cushing)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-orders-idUKKCN18C2UU'|'2017-05-17T07:57:00.000+03:00'
'9fbf638d13c5dce948e1f10cfe21414eb1f659a6'|'Italy disappointed by EU plan to launch legal action over Fiat Chrysler'|'Market  44am EDT Italy disappointed by EU plan to launch legal action over Fiat Chrysler ROME May 17 Italy is disappointed by the European Union''s plan to launch legal action against Rome over emissions at Fiat Chrysler, the country''s transport minister said, adding authorities had from start ruled out the presence of any cheating devices at the carmaker. The European Union is set to launch legal action against Italy later on Wednesday for failing to properly police allegations of emissions-test cheating by Fiat Chrysler following the Volkswagen dieselgate scandal, EU sources have said. "I was sorry to hear that despite all the detailed information we''ve supplied to the Commission and to Germany, you plan to open an infringement procedure," Italian Transport Minister Graziano Delrio wrote in a letter to EU Industry Commissioner Elzbieta Bienkowska, as confirmed by a spokeswoman. The European Commission has been mediating a dispute between Rome and Berlin after Germany accused Fiat Chrysler of using an illegal device in its Fiat 500X, Fiat Doblo and Jeep Renegade models. That mediation ended without fanfare in March. "It''s particularly disappointing, especially given the fact that after the end of the mediation process, we''ve not received any further requests" from Brussels. (Reporting by Francesca Piscioneri, writing by Agnieszka Flak)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/fiatchrysler-emissions-idUSI6N1D100G'|'2017-05-17T17:44:00.000+03:00'
'4a80c995c0b2c188801bef3c19b32e6b45f37459'|'Bank of Ireland names HSBC retail bank executive as new CEO'|'Business News - Wed May 17, 2017 - 5:47pm BST Bank of Ireland names HSBC retail bank executive as new CEO Sunlight is reflected off a deposit box on the exterior of a Bank Of Ireland branch in Belfast November 12, 2010. REUTERS/Cathal McNaughton DUBLIN Bank of Ireland ( BKIR.I ) has appointed HSBC Holdings Plc ( HSBA.L ) executive Francesca McDonagh as its new chief executive officer and said she would succeed Richie Boucher who is to retire on October 2. Boucher announced in March that he would retire before the end of the year after almost a decade in charge of the bank he guided from the brink of nationalisation to lead a revival across the sector. McDonagh, 42, is currently the head of retail banking and wealth management, UK and Europe, for Europe''s biggest bank where she is responsible for all aspects of retail customer service, channels and products, Bank of Ireland said. "I am very pleased we have been successful in attracting a person of the calibre and experience of Francesca. She has been with HSBC for 20 years, during which time she has held a number of senior leadership roles across seven different countries," Bank of Ireland chairman Archie Kane said in a statement. (Reporting by Padraic Halpin. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bank-of-ireland-ceo-idUKKCN18D275'|'2017-05-18T00:47:00.000+03:00'
'5e27adc973e1847008c63d06333f1a207336e093'|'JBS delays but does not give up on U.S. IPO plan'|'SAO PAULO JBS SA, the world''s largest meatpacker, has delayed but not ditched its plan to list a U.S. subsidiary this year despite a series of investigations targeting the company''s owners, Chief Executive Wesley Batista said on Tuesday.A court last week ruled that the CEO and his brother Joesley, fellow founder and current JBS chairman, cannot make major changes to the company until the end of a probe into allegedly fraudulent loans from development bank BNDES.In a conference call, the chief executive said the court ruling did not interfere with plans for acquisitions, divestments or an initial public offering (IPO), only deals altering the company''s controlling shareholder structure.However, the CEO Batista said a separate scandal regarding the alleged bribery of health inspectors, which disrupted output and exports, had contributed to the delay of the U.S. IPO, which is now longer feasible by June."We will look for a window in the second half," he said, adding that investors "have doubts in relation to what is going on." His comments confirmed a Reuters report regarding a likely delay of the IPO amid lukewarm investor feedback.The food safety probe contributed to weak first-quarter earnings reported late on Monday, which sent shares tumbling 8 percent in Tuesday trading, their biggest drop in two months.The results at the JBS Mercosul unit were worse than local peers, Ita<74> BBA analysts led by Antonio Barreto said in a research note on Tuesday.A decision to stop reporting volume and price data per division also reduced visibility of results, Ita<74> said as it downgraded JBS shares to "market perform."Though JBS made no provisions related to the "Weak Flesh" probe, the impact of the investigation will likely be felt in the second quarter, management said.In April, JBS put workers on leave at 10 out of 36 cattle slaughtering units to reduce capacity after the investigation briefly disrupted exports to major global markets.(Reporting by Paula Laier and Ana Mano; Writing by Bruno Federowski; Editing by Daniel Flynn and Marguerita Choy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-jbs-results-outlook-idINKCN18C1MB'|'2017-05-16T15:09:00.000+03:00'
'0c94cb359a88a75b521404079bd88e21ea4e89a1'|'U.S. mortgages in foreclosure hit decade-low in first quarter - MBA'|'Business News - Tue May 16, 2017 - 11:01am EDT U.S. mortgages in foreclosure hit decade-low in first quarter: MBA NEW YORK The percentage of U.S. mortgages in the process of foreclosure at the end of the first quarter fell to its lowest level since the first quarter of 2007, the Mortgage Bankers Association said on Tuesday. The share of home loans in foreclosure was 1.39 percent in the first three months of 2017, down 14 basis points from the fourth quarter and 35 basis points lower than one year ago, the Washington-based industry group said. <20>In addition, nearly all states had a decrease in the percentage of loans in foreclosure in the first quarter," MBA<42>s vice president of industry analysis Marina Walsh said in a statement. Other measures on homeowners'' creditworthiness generally improved in the first quarter, MBA said. The delinquency rate for mortgages on one- to four-unit homes decreased to 4.71 percent in the first quarter, down 9 basis points from the fourth quarter and 6 basis points lower from a year earlier. The percentage of loans on which foreclosure actions were started was 0.30 percent in the first quarter, up 2 basis points from the previous quarter, but down 5 basis points from one year ago. This was the first rise in foreclosure starts since the fourth quarter of 2014, MBA said. The year-over-year declines in late payments and foreclosure actions on "conventional" mortgages that are guaranteed by Fannie Mae ( FNMA.PK ) and Freddie Mac ( FMCC.PK ) and ones backed by the Federal Housing Administration (FHA) and Veterans Administration (VA) stemmed from ongoing job growth and signs of rising wages, according to MBA. "These fundamentals have helped to support the performance of all loan types <20> whether FHA, VA or conventional loans," Walsh said. (Reporting by Richard Leong; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-mortgages-delinquencies-idUSKCN18C1UB'|'2017-05-16T22:57:00.000+03:00'
'da4fdacda653fde4caf964ff1bd73743fd075260'|'HSBC settles bondholders'' claims of Libor manipulation'|'Banks   3:41am BST HSBC settles bondholders'' claims of Libor manipulation FILE PHOTO: The HSBC headquarters is seen in the Canary Wharf financial district in east London, Britain February 15, 2016. REUTERS/Hannah McKay By Brendan Pierson - NEW YORK NEW YORK HSBC Holdings Plc has settled claims by a group of U.S. bondholders that it conspired with rivals to rig the Libor benchmark interest rate, according to a New York court filing on Monday by the bondholders'' attorneys. The filing did not disclose the terms of the settlement, which it said must be approved by U.S. District Judge Naomi Reice Buchwald in Manhattan federal court. "We are pleased the matter is resolved," said HSBC spokesman Rob Sherman. He did not comment on the terms of the deal. Lawyers for the bondholders could not immediately be reached. Libor, or the London Interbank Offered Rate, is used to set rates on hundreds of trillions of dollars of transactions, including for credit cards, student loans and mortgages. It is calculated based on submissions by banks. A variety of investors have accused HSBC and other banks of suppressing Libor before, during and after the 2008 financial crisis to boost earnings or make their balance sheets look healthier. If approved, the settlement announced Monday would cover a class of bondholders claiming that Libor rigging caused them to receive artificially low returns on more than $500 billion (387.4 billion pounds) of dollar-denominated debt whose interest payouts were linked to Libor. The bondholders announced in October that they had settled similar claims against Barclays Plc and UBS AG, which are among the banks that have been sued alongside HSBC. The bondholders'' lawyers said in Monday''s filing that they planned to submit a formal motion to approve all three settlements. HSBC reached a separate settlement over similar claims in January, agreeing to pay $35 million to end private U.S. antitrust litigation in Manhattan federal court accusing it of manipulating the yen Libor and Euroyen Tibor, or Tokyo Interbank Offered Rate, another benchmark interest rate. Rate rigging has led to billions of dollars of regulatory fines against banks worldwide, along with a slew of private lawsuits like those in the Manhattan federal court. The case is In re: Libor-Based Financial Instruments Antitrust Litigation, U.S. District Court, Southern District of New York, No. 11-md-02262. (Reporting by Brendan Pierson in New York, additional reporting by Jonathan Stempel in New York; Editing by Cynthia Osterman and Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-libor-settlements-idUKKCN18B2QO'|'2017-05-16T07:12:00.000+03:00'
'cde5099377087747c38253330bfb7c93de817830'|'Tencent reports 58 percent jump in first-quarter profit'|'Business  34am BST Tencent reports 58 percent jump in first-quarter profit FILE PHOTO: Logo of Tencent is displayed at a news conference in Hong Kong, China March 22, 2017. REUTERS/Tyrone Siu/File Photo Tencent Holdings Ltd, China''s top gaming and social media firm, reported a 58 percent rise in quarterly profit on Wednesday, aided by growth in online games, payment-related services and advertising. Net profit attributable to the company for the three months ended March 31 was 14.48 billion yuan ($2.10 billion), up from 9.2 billion yuan a year earlier, the company said. That compared with 13.2 billion yuan estimated by 8 analysts, according to a Thomson Reuters poll. Tencent, whose shares have risen over 35 percent to a record high this year, reported a 55 percent rise in quarterly revenue to 49.55 billion yuan, compared with 32 billion yuan a year earlier. (Reporting by Catherine Cadell in Beijing and Supantha Mukherjee in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tencent-holdings-results-idUKKCN18D0ZV'|'2017-05-17T17:34:00.000+03:00'
'7a601c429c0a3a6c90750f73ae763627b9b497a3'|'Exclusive - TPG nears deal for broadband operator WaveDivision Holdings: sources'|' 20pm BST Exclusive - TPG nears deal for broadband operator WaveDivision Holdings: sources By Liana B. Baker and Greg Roumeliotis Private equity firm TPG Global LLC is nearing a deal to buy regional broadband operator WaveDivision Holdings LLC for more than $2 billion (<28>1.5 billion), including debt, people familiar with the matter said on Wednesday. The deal will combine Wave with the broadband providers TPG already owns, RCN Telecom Services LLC and Grande Communications Networks, the sources said. The combined company would be the sixth largest U.S. cable operator, at a time when demand for high-speed internet service is growing rapidly. The sources said a deal could be announced as early as this week. They asked not to be identified because the negotiations are confidential. TPG declined to comment. Wave and its private equity owners Oak Hill Capital and GI Partners did not immediately respond to requests for comment. (Reporting by Liana Baker in Tel Aviv, and Greg Roumeliotis in New York; Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-wavedivision-m-a-tpg-capital-idUKKCN18D29L'|'2017-05-18T01:20:00.000+03:00'
'401526ab4f9b1cdec4ed7a4c96d785ba9d3df36b'|'Stress in Japanese corporate bonds seen as a sign of things to come'|'Central Banks - Wed May 17, 2017 - 7:39am BST Stress in Japanese corporate bonds seen as a sign of things to come Japanese national flags flutter in front of buildings at Tokyo''s business district in Japan, February 22, 2016. REUTERS/Toru Hanai/File Photo By Hideyuki Sano and Yasunori Fukui - TOKYO TOKYO Yields are rising in Japan''s tiny corporate bond market as traders pre-emptively brace for the Bank of Japan to stop being buyer of last resort, making this market a microcosm of wider fears over the end of Japan''s four-year-long stimulus policy. Five year corporate bond yields have risen 10 basis points since mid-April as the 59.2 trillion yen (403 billion pounds) corporate bond market fretted that the BOJ could soon reduce its purchases of these securities. That''s a sizeable move in yields in an economy where short-term policy rates are negative and where the central bank massively buys up securities, including government bonds and equities, to keep rates near zero. Most economists also reckon the BOJ is a long way off from exiting that policy, given it is nowhere close to achieving its 2 percent inflation target. But the corporate bonds market is becoming uneasy, providing a worrying glimpse of what lies ahead for the mammoth government bonds sector when the time comes. "It is getting difficult for brokers to sell the corporate bonds they buy in the primary market to the BOJ," said a director at a U.S. securities house. "This could be the indirect impact of a reduction in the Bank of Japan''s bond buying," he said, referring to the BOJ''s purchases of Japanese government bonds (JGBs). While Japan''s central bank has for long held that any talk of an exit from its four-year-old quantitative easing policy is premature, there have been subtle changes this year. The BOJ has, for example, gradually reduced the pace of its bond buying. In April, the BOJ bought 8.4 trillion yen of JGBs, compared to the average of 9.5 trillion yen last year. Also unusually, two top BOJ officials last week discussed the issue of an exit from current policy for the first time since the stimulus plan was unveiled in 2013 with the singular aim of jump-starting Japan''s moribund economy. Governor Haruhiko Kuroda said the central bank will consider publishing calculations on how a future withdrawal of massive monetary stimulus could affect its financial health, while Executive Director Masayoshi Amamiya, seen as the architect of the stimulus, spoke of the range of tools the BOJ has to whittle down its gigantic balance sheet. "The BOJ could be thinking ahead, given that they cannot continue the current pace of buying," said Makoto Sakuma, researcher at NLI Research Institute. The corporate bond market has also been planning ahead. Since March, traders have been trying to sell more of their corporate bonds to the BOJ, scrambling to offload stock that they bought at extremely low yields in the past believing they could quickly sell them to the BOJ at a profitable spread. In March the BOJ''s corporate bond buying operation attracted selling of 4.39 times the amount the central bank bought. That bid ratio was 4.75 times in April. Before March, the ratio had never exceeded three. Simultaneously, yields on Japanese corporate bonds have risen, with the five-year bonds with single A rating now yielding 0.45 percent, up from around 0.35 percent in April. THE HARBINGER? JGB yields have been steady so far, thanks to the BOJ''s pledge under its yield curve control policy to keep 10-year bond yields around zero percent. Its intervention in JGBs is also heavier. Since late 2013, the BOJ has not expanded its corporate bond holding, keeping it steady at 3.2 trillion Japanese yen ($28.2 billion) and buying an amount that just replaces maturing bonds. The BOJ bought 1.3 trillion yen worth of bonds last year, 12.3 percent of the year''s total corporate bond issuance of 10.6 trillion yen, and 2.2 percent of the outstanding 59.2 trillion yen of corporat
'dc81f65db5f275f51340316baeb99de92e3fd226'|'PRESS DIGEST- British Business - May 18'|'Market News - Wed May 17, 2017 - 7:50pm EDT PRESS DIGEST- British Business - May 18 May 18 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times - The official measure of real wages in UK has fallen for the first time in 30 months even as unemployment dropped to levels last seen in 1975. According to the Office for National Statistics, regular earnings growth, excluding bonuses, declined 0.2 per cent in the three months to March after accounting for inflation, confirming that living standards are declining once again. bit.ly/2pMweVl - The chief executive of Lloyds Banking Group Plc Antonio Horta Osorio will start work this summer on a new three-year plan for the bank but has not committed to being there to deliver it. bit.ly/2pMK0XZ The Guardian - The Volkswagen AG chief executive Matthias M<>ller and his predecessor Martin Winterkorn are facing an investigation by German authorities into whether they misled investors by not releasing information about the company''s cheating on diesel emissions tests soon enough. bit.ly/2pMKvRR - The equality watchdog in UK has begun formal legal action against buy-to-let mogul Fergus Wilson after he told his letting agent to ban "coloured" tenants because they left curry smells in his properties. bit.ly/2pMFxoa The Telegraph - UK City watchdog said on Wednesday that Smith & Williamson and LA Business Recovery had been appointed joint administrators to loss-making Strand Capital, with funds of more than 80 million pounds ($103.71 million), owned by Optima Worldwide Group Plc. bit.ly/2pMIRQ9 - Facebook Inc is expected to receive a fine from EU antitrust regulators on Thursday for the "incorrect or misleading information" it provided to investigators who were probing its 2014 purchase of messaging service WhatsApp. bit.ly/2pMp3fU Sky News - BP Plc shareholders have voted in favour of cuts to executive awards, proposed by the company last month to head off another rebellion. Last year, around 60 percent of shareholders rejected BP''s pay policy after the company reported a record loss amid a sharp slump in oil prices. bit.ly/2pMH79A - Prime Minister Theresa May will unveil a social care revolution in the Tory manifesto, paid for by axing winter fuel payments for wealthy pensioners. PM will claim social care is "one of the great challenges of our time" and pledge that no-one should have to sell their home to pay for it. bit.ly/2pMpsPs The Independent -The amount of empty office space in London has jumped over the past 15 months and is likely to rise again despite potential for a post-Brexit business exodus that could drive down rental values, a survey by Deloitte Real Estate showed. ind.pn/2pMI3ut - KitKat-maker Nestle SA has been foiled again, after a UK Court of Appeal ruled that the consumer goods giant cannot trademark the shape of its popular four-fingered chocolate bar. ind.pn/2pMxK9Q ($1 = 0.7714 pounds) (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL2N1IJ29H'|'2017-05-18T07:50:00.000+03:00'
'ddf2b38de9694ea33fb6a7dbaf6299b72bf22349'|'CANADA STOCKS-TSX opens lower as banks lead retreat'|'Market News - Wed May 17, 2017 - 9:45am EDT CANADA STOCKS-TSX opens lower as banks lead retreat TORONTO May 17 Canada''s main stock index fell at the open on Wednesday in broad-based declines led by banks, but losses were tempered by higher gold prices, which bolstered precious metal mining shares. The Toronto Stock Exchange''s S&P/TSX composite index shed 76.41 points, or 0.49 percent, to 15,466.92. The only gainers among the index''s 10 key sectors were healthcare and materials, which includes mining companies. (Reporting by Solarina Ho Editing by W Simon)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL2N1IJ0LW'|'2017-05-17T21:45:00.000+03:00'
'6eca93902e0d9f8eb434c651d5361cfa1402305e'|'Barclays names Ulrich Kratz as co-head for consumer retail in Europe'|' 28am EDT Barclays names Ulrich Kratz as co-head for consumer retail in Europe LONDON May 17 Barclays has named former Goldman Sachs banker Ulrich Kratz as co-head of its consumer retail group in Europe and the Middle East, according to an internal memo seen by Reuters on Wednesday. Kratz will partner with Gavriel Lambert to lead the bank''s coverage of consumer companies in those regions, the memo said. Reuters reported last week Barclays is reshuffling its investment bank leadership team under new chief Tim Throsby as it seeks to boost returns. A spokesman for Barclays confirmed the contents of the memo. (Reporting by Lawrence White, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/moves-barclays-kratz-idUSL9N1D2021'|'2017-05-17T15:28:00.000+03:00'
'08b516e967d24d49ad11a878b76a995e4cb94103'|'METALS-Nickel, zinc bounce on steel rally, copper dips'|'Market  32am EDT METALS-Nickel, zinc bounce on steel rally, copper dips * LME/ShFE arb: tmsnrt.rs/2oQ5nm2 * LME copper inventories up a third since late April * Vale to suspend output at Canadian nickel mine (Adds quotes, updates prices, changes dateline from SYDNEY) By Eric Onstad LONDON, May 17 Nickel and zinc rebounded on Wednesday after steel prices jumped while nickel also received a boost from news that output at a Canadian mine would be suspended. Meanwhile, copper was knocked lower by a fresh influx of inventories into warehouses. Steel rebar on the Shanghai Futures Exchange jumped 4.3 percent, its biggest single-day increase since Jan. 10. "Base metals shrug off a more bearish Western macro picture and reacts positively to the rally in ferrous markets," Alastair Munro at broker Marex Spectron said in a note. Nickel is mainly used to make stainless steel while the biggest demand for zinc is to galvanise steel. But Caroline Bain, chief commodities economist at Capital Economics, said there was little fundamental basis for stronger prices. "I''m tending to put it down to trading strategies. Our China economic team have been saying for a while that growth in China will start to slow," she said. "We''re fairly convinced that the government are not going to launch any stimulus, they are very committed to reining in credit growth and taking the heat out of the property market." NICKEL - The prospects of less supply bolstered nickel prices after Vale said it would suspend operations at its Birchtree nickel mine on Oct. 1 because of weak nickel prices and declining ore grades. PRICES - The benchmark nickel price on the London Metal Exchange gained 1 percent to $9,215 a tonne by 1017 GMT while zinc rose 1.2 percent to $2,576. They shed about 1 percent each on Tuesday. DOLLAR - Metals were also supported by a weaker dollar index , which wallowed near its lowest levels since Nov. 9 due to an intensifying political scandal around U.S. President Donald Trump. COPPER - LME inventories have climbed by a third since late April after data showed on Wednesday they added another 17,100 tonnes to 339,600. Copper had rallied after disruptions at major copper mines earlier in the year, but Bain said much of the lost output would likely be made up. LME copper fell into the red after the data was released and was down 0.1 percent at $5,604. CHINA - Economic growth in top metals consumer China will just about make Beijing''s target of 6.5 percent this year, analysts surveyed by Reuters forecast, as it slows from 6.9 percent in the first quarter. LEAD - The LME price gained 1.4 percent to $2,114 after touching four-month lows on Tuesday. * For the top stories in metals and other news, click or (Editing by Ed Osmond)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1IJ32I'|'2017-05-17T18:32:00.000+03:00'
'829110b2e8056b2e9c63071479247a4e9a09db0e'|'UPDATE 1-U.S. mortgage activity posts biggest drop since December - MBA'|'Market   9:48am EDT UPDATE 1-U.S. mortgage activity posts biggest drop since December - MBA * Purchase applications retreats from 19-month high * Refinancing activity records biggest weekly drop since December * Loan size in purchase mortgage requests hits survey high (Adds details in latest survey, graphics) By Richard Leong NEW YORK, May 17 U.S. mortgage application activity recorded its steepest drop since December, retreating from an eight-week high, as various home borrowing costs held steady or rose modestly, according to Mortgage Bankers Association data released on Wednesday. The Washington-based industry group said its measure on mortgage applications fell to 398.8 points in the week ended May 12 in a 4.1 percent decline from the prior week. This was the biggest weekly decrease since a 12.1 percent drop in the Dec. 23 week. Interest rates on conforming 30-year fixed-rate mortgages were 4.23 percent for a third straight week, while average rates on other types of 30-year loans the MBA tracks were 0.01 to 0.02 percentage point higher than the previous week. Conforming loans are those with balances of $424,100 or less which qualify for guarantees from federal mortgage agencies Fannie Mae and Freddie Mac. Mortgage rates have held in a tight ranges since their surge in step with bond yields last November following Donald Trump''s U.S. presidential win. "This is just another example of market participants <20> in this case prospective borrowers <20> being lulled to sleep by the range," Walt Schmidt, FTN Financial''s head of mortgage strategy, wrote in a research note. Trump''s victory had spurred bets on rising interest rates if he and a Republican-controlled Congress can quickly enact tax reforms, looser regulations and infrastructure spending. Their struggle to pass their economic agenda, however, has led investors to reconsider whether any major legislation will pass in 2017. The decline in mortgage activity stemmed from decreases in applications for refinancing and purchasing a home. MBA''s seasonally adjusted gauge of applications to refinance an existing home loan declined 5.7 percent to 1,269.1 in its steepest weekly fall since December. The share of refinancing fell to 41.1 percent of total applications, which was its smallest since September 2008 and was down from 41.9 percent the prior week. The group''s seasonally adjusted index of mortgage applications to buy a home, a proxy for future home sales, fell 2.7 percent to 243.6, scaling back from a 19-month high reached the prior week. The average loan size for purchase applications reached $322,300 in the latest week, which is the largest ever since the MBA began its weekly application survey in 1990. (Reporting by Richard Leong; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-mortgages-idUSL2N1IJ0I0'|'2017-05-17T21:48:00.000+03:00'
'efc5a629f28bde058299838e958e5247cc778aa2'|'Pop star Katy Perry to join ABC''s ''American Idol'' reboot'|'LOS ANGELES Pop star Katy Perry will join reality singing competition "American Idol" on ABC, the network said on Tuesday, adding a big name with legions of young fans for its revival of the show.Perry, 32, is the first major name to come aboard the reboot of the show, which was cancelled by Fox Broadcasting last year after 15 seasons amid declining viewership ratings. The new "American Idol" will air in 2018."I''m always listening to new music, and love discovering diamonds in the rough - from mentoring young artists on my label, or highlighting new artists on my tours, I want to bring it back to the music," Perry said in a statement from ABC, which is owned by Walt Disney Co ( DIS.N ).No other judges have been named yet.Grammy-nominated Perry has been a pop powerhouse since her breakthrough single "I Kissed a Girl" in 2008, and is known for upbeat songs such as "California Gurls" and "Firework," gimmicky outfits and vibrant, colourful performances geared toward a young audience.She has sold more than 100 million records worldwide."American Idol," a competition open to the public, launched the careers of singers such as Kelly Clarkson, Jennifer Hudson and Adam Lambert, aided by celebrity judges who alternately feuded and fawned over discovering new talent.At its peak from 2005 to 2007, the show was watched by more than 30 million viewers, but by 2014 only 10.6 million viewers tuned into the "Idol" season finale.Overall television consumption has declined in recent years, hurting live shows as more home viewers watch on-demand content.NBC''s rival singing competition "The Voice," which features a panel of four celebrity judges, has grown in popularity. Its season 11 finale in December drew 12.1 million viewers.(Reporting by Piya Sinha-Roy; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/television-americanidol-perry-idINKCN18C2PU'|'2017-05-16T19:41:00.000+03:00'
'a191a8097c8b2a726942855b3aa13ed19e532e2b'|'Spain''s Banco Popular says several groups interested in potential merger'|'Business News - Tue May 16, 2017 - 11:17am BST Spain''s Banco Popular says several groups interested in potential merger FILE PHOTO: The logo of Banco Popular is seen on its headquarter in Lisbon, Portugal, March 17, 2016. REUTERS/Rafael Marchante/File Photo MADRID Spain''s Banco Popular ( POP.MC ) said on Tuesday several groups had shown interest in a potential merger with the bank and that it is exploring several options as it struggles to clean up its toxic balance sheet. The groups had to declare preliminary interest on Tuesday, but any declarations were not binding and were needed for it to analyse its options, Popular said in a statement to the market regulator. The lender said it had not made any final decision on which measure it plans to adopt. A Popular spokesman said earlier on Tuesday the bank had hired JPMorgan and Lazard to advise it on its strategic options, which include either a merger or a capital raise. (Reporting by Sarah White and Sonya Dowsett; Writing by Angus Berwick; Editing by Paul Day)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-banco-popular-m-a-idUKKCN18C12W'|'2017-05-16T18:17:00.000+03:00'
'edafba8d679d81237a7031d1fc577635a3f87bae'|'China banking regulator tightens rules on WMPs, flags more curbs'|'Tue May 16, 2017 - 6:12am BST China banking regulator tightens rules on WMPs, flags more curbs Guo Shuqing, China banking regulator, attends a news conference ahead of China''s parliament in Beijing, March 2, 2017. REUTERS/Shu Zhang SHANGHAI China''s banking regulator is tightening disclosure rules on lenders'' wealth management products (WMP) as it tries to track risky lending practices in the shadow banking sector, the latest in a series of steps by Beijing aimed at defusing financial risks. The China Banking Regulatory Commission (CBRC) said in a notice late on Monday it plans to launch 46 new or revised rules this year, part of which targets risks related to shadowbanking activities. Authorities are trying to better regulate 30 trillion yuan ($4.35 trillion) of WMPs, much of it sitting off-balance sheet in the shadowbanking sector. The WMPS have been used to channel deposits into risky investments, often via many layers of asset management schemes to skirt lending and capital rules. The CBRC will now require that banks report the underlying assets and liabilities of their WMPs, as well as all layers of investment schemes, on a weekly basis. Previously, banks were required to hand in less detailed information, and on a monthly basis. The new rules - published by a WMP management platform under CBRC - reflect regulators'' desire to have a full picture of banks'' activities, and could slow the growth of WMPs. In March, China''s newly appointment banking regulator Guo Shuqing, vowed to strengthen supervision of the lending sector, underscoring Beijing''s determination to fend off financial risks and push reforms this year. Separately, CBRC unveiled a long list of rules it aims to publish this year, many of these related to risk-management. The rules are to "ensure that (risk) does not become systemic," CBRC said. The new and revised rules cover a variety of financial institutions from trust firms to banks including regulations covering bankruptcy for commercial lenders and trust management. They will also scrutinize how banks handle debt-for-equity swaps and microfinance management, according to the statement. The stepped up efforts to crack down on risky lending practices come as policy makers and analysts worry about systemic risks. Chinese leaders have pledged to shift the emphasis to addressing financial risks and asset bubbles which analysts say may pose a threat to the world''s second-largest economy if not handed well. ($1 = 6.8934 Chinese yuan renminbi) (Reporting by Samuel Shen and Engen Tham; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-banks-regulation-idUKKCN18C0BQ'|'2017-05-16T12:57:00.000+03:00'
'e17e531bb938e21d23093669ffa3e535f8e6e2b3'|'Insurer Markel to set up EU subsidiary in Munich'|'Market News - Thu May 18, 2017 - 3:06am EDT Insurer Markel to set up EU subsidiary in Munich LONDON May 18 U.S. insurer Markel plans to apply for regulatory approval to set up a European Union subsidiary in Munich, it said on Thursday. Insurers and other financial services firms with UK operations have started to announce plans for EU subsidiaries, in order to retain access to the bloc after Brexit. "Whatever the outcome of the Brexit negotiations, a Markel insurance company will be able to meet the insurance needs of clients in the EU-27 countries," the insurer said in a statement. Markel hopes to set up the subsidiary by mid-2018, it said. (Reporting by Carolyn Cohn; Editing by Rachel Armstrong) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-eu-markel-munich-idUSL8N1IK1BF'|'2017-05-18T15:06:00.000+03:00'
'8751242ec92739b5ff8e3399ef1588361b5d874b'|'Johnson & Johnson offers EU concessions over Actelion deal'|'Deals - Thu May 18, 2017 - 11:12am BST Johnson & Johnson offers EU concessions over Actelion deal left right FILE PHOTO: Bottles of Johnson''s baby oil, made by Johnson & Johnson, are seen on a supermarket shelf in Seattle, Washington, U.S., February 10, 2017. REUTERS/Chris Helgren 1/2 left right FILE PHOTO: The company''s logo is seen at the headquarters of Swiss biotech company Actelion in Allschwil, Switzerland January 26, 2017. REUTERS/Arnd Wiegmann 2/2 BRUSSELS U.S. healthcare giant Johnson & Johnson ( JNJ.N ) has offered concessions in a bid to address EU antitrust concerns over its $30 billion bid for Swiss biotech company Actelion ( ATLN.S ), the European Commission said on Thursday. The EU competition enforcer extended its review of the deal to June 12 from May 24, according to a filing on its website. It did not provide details. Johnson & Johnson put in the offer on Wednesday. The deal, the biggest in the European pharmaceutical industry in 13 years, would give J&J access to Actelion''s range of high-price, high-margin medicines for rare diseases, helping it diversify its drug portfolio as its biggest product, Remicade for arthritis, faces cheaper competition. The Commission is expected to seek feedback from consumers and rivals before deciding whether to accept the offer, demand more or open a four-month long investigation. (Reporting by Foo Yun Chee; editing by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-actelion-m-a-johnson-johnson-eu-idUKKCN18E17L'|'2017-05-18T18:10:00.000+03:00'
'5c8a5f272faaf1d999f075ff6a0c8a4f9f9c5218'|'Time up on Trump trade, hedge funds look abroad'|'LAS VEGAS Hedge fund managers said they are looking beyond the United States for investment ideas as the so-called Trump bump stock market rally shows signs it may be fizzling.After months of gains fueled by the Trump administration''s promises of relaxed regulations, tax reform and an infrastructure spending package, U.S. markets this week looked less appealing as the S&P 500 .SPX logged its biggest one-day drop since September and Wall Street''s fear gauge, the VIX, spiked."Non-U.S. investing is already starting to win. Time to ride that train," Jeffrey Gundlach, chief executive officer of DoubleLine Capital, told managers and investors in Las Vegas on Wednesday at the SkyBridge Capital SALT conference, one of the hedge fund industry''s largest.Prominent managers at SALT singled out Europe as a good place to invest. Credit specialists Marc Lasry of Avenue Capital and Bruce Richards of Marathon Asset Management noted the relatively calm political climate there compared to the United States, and touted opportunities around troubled loans and idiosyncratic debt positions.Non-performing loans, for example, are yielding roughly 6 percent in the United States while yields are in the double digits in Spain even as they have better downside protection, Jack Ross, co-founder of Waterfall Asset Management said. "Europe is in the third inning while the United States is in the seventh or ninth inning depending on how successful President Trump is," said Reade Griffith, chief investment officer of Polygon''s European Event-Driven fund.With the euro trading at attractive levels compared with the dollar, promising earnings growth and companies strengthening their balance sheets, Griffith said that European Central Bank chief Mario Draghi deserves much credit for laying the groundwork for economic recovery."He''s a financial superhero and there should be a statue of him," said Griffith.HONEYMOON IS OVERHedge fund managers and former Federal Reserve Chairman Ben Bernanke on Wednesday expressed surprise at how blas<61> markets have been in the face of rising tensions between the United States and North Korea and mounting concerns that U.S. President Donald Trump many not deliver on promises of stronger growth. Even so, markets were rattled this week as controversies surrounding the White House mounted, including reports that Trump had tried to intervene in an investigation into alleged Russian interference in the U.S. election and that his aides had undisclosed contacts with Russian officials. "That noise is not good for the markets and that''s what is feeding the selling," Ray Nolte, chief investment officer at SkyBridge Capital, which invests in hedge funds, said about troubles in the White House this week.He forecast that markets could drop between 5 percent and 10 percent. "When it hits it will hit with record speed because we had such a huge bump up and U.S. stocks are priced to perfection."Before this week''s selloff U.S. stocks had climbed roughly 10 percent since Trump''s election victory in November. "All honeymoons end and we are now learning the challenges of living with our new partner," said Chris Henetemann, who runs structured credit specialist hedge fund 400 Capital Management.Only a few months ago, Nolte''s SkyBridge portfolio of investment managers focused largely on the United States, he said. Now they have shifted money to investments in Europe and he expects to continue adding assets there later this year.That strategy could include allocating more money to managers such as Daniel Loeb''s hedge fund Third Point after he recently told his clients that he is seeing opportunities in Europe."Dan might like Europe more and we might like Europe more," Nolte said.But Europe is the not the only place where investors are turning. "The valuations outside the U.S., especially in the emerging markets, might be more attractive," Adam Blitz, chief investment officer at Evanston Capital said.The MSCI emerging markets stock index .MSCIEF is 
'831b679dc64fdcbe9644c7b34a07ad5e0d1beb05'|'ECB''s journey out of stimulus is still long and unclear'|'Central Banks   3:38pm BST ECB''s journey out of stimulus is still long and unclear FILE PHOTO: The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski/File Photo By Francesco Canepa and Balazs Koranyi - FRANKFURT FRANKFURT European Central Bank policymakers are preparing to dial back their extraordinary stimulus measures if the economy continues to improve, but that course of action is not yet certain, comments by three ECB rate setters and accounts of the latest meeting showed on Thursday. Inflation and economic growth in the euro zone have rebounded, but the bloc''s central bankers have yet to be convinced that this recovery would continue if their 2.3 trillion euros (<28>1.96 trillion) money printing programme and ultra-low rates are taken away. Such caution underpinned the ECB''s decision to keep its policy unchanged at its April meeting and was confirmed by comments by rate setters Benoit Coeure, Jens Weidmann and Vitas Vasiliauskas Thursday. This suggests policymakers are unlikely to make major changes when they meet again on June 8, opting instead for a small nod to the improved growth outlook. Still, Coeure, an Executive Board member seen as a close ally of president Mario Draghi, said the ECB should not wait too long to take away its monetary support once it is satisfied that euro zone''s inflation has reached its target of almost 2 percent in a durable way. "Too much gradualism in monetary policy bears the risk of larger market adjustments when the decision is eventually taken," Coeure said. But he may face some resistance on a still overwhelmingly cautious Governing Council, where the governors of the euro zone''s 19 national central banks sit alongside the six members of the Executive Board. The ECB''s decision-making body was still fretting in April that any hint at a tightening in the monetary stance could upset financial markets and undo some of the central bank''s efforts, a point also publicly made by chief economist Peter Praet. "After a long period of very accommodative monetary conditions, even small and incremental changes in communication could have strong signalling effects when interpreted as heralding a change in the monetary policy stance," the ECB said in the minutes of its April 27 policy meeting. JUNE Analysts expect no major change on June 8 beyond a slight tweak in the policy message to reflect an improvement in the economic outlook, as some rate setters advocated doing in April. Lithuanian governor Vitas Vasiliauskas said the time had also come to begin reviewing the ECB''s guidance, which foresees bond purchases at least until December and interest rates at current or even lower levels until well after that. "If hard data confirms our improved situation, then the logical step would be to discuss the easing bias," Vasiliauskas told Reuters. Central bank sources told Reuters last month the Governing Council was likely to wait until September to discuss whether to continue buying bonds in 2018. German central bank governor Jens Weidmann and Vasiliauskas said they would be in favour of winding down stimulus if inflation stabilised at the ECB''s target of almost 2 percent. "If that''s the case then we should think about reducing the monetary stimulus," Weidmann said in Frankfurt. Vasiliauskas cautioned bond purchases should be pared back gradually and before any interest rate hike is considered Coeure struck a different note, however, saying the ECB could even raise rates before bond purchases end if it feels that its negative deposit rate, effectively a tax on banks'' excess cash, was hurting lending. "It will be about the costs and benefits of having the very low and negative deposit facility rate that we have today," Coeure said. "It''s not set in stone." (Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-idUKKCN18E20G'
'c447273c3a9be74d69f9470206b37b7eb5ed99f9'|'Trump turmoil could lead investors to reassess risk appetite'|'Business News   3:34pm BST Trump turmoil could lead investors to reassess risk appetite U.S. President Donald Trump speaks during the United States Coast Guard Academy Commencement Ceremony in New London, Connecticut U.S., May 17, 2017. REUTERS/Kevin Lamarque By Jamie McGeever - LONDON LONDON The turmoil in Washington surrounding Donald Trump''s presidency is rattling world markets, and the burst of volatility could force investors into a strategic or tactical rethink of how much risk they are happy to face. Increasingly damaging revelations about the Trump administration''s and election team''s dealings with Russia triggered the biggest fall on Wall Street on Wednesday since last September and a stock market slump around the world. After months of major stock markets posting record highs and historically low volatility across a range of asset classes, a reversal was always on the cards. Now that it has come, the question is whether it ends up being a one-off or marks the start of a prolonged reversal which sees investors cut back on risk and adopt more defensive positions. A broad U-turn would likely require one or a mix of the following scenarios: impeachment proceedings against Trump get underway, his growth-boosting legislative reform agenda is delayed, the U.S. economy begins to contract. None of them are mutually exclusive, and it remains to be seen if events play out that way to any degree. But the "Trump trade" that lifted stocks, the dollar and bond yields appears to have evaporated. The dollar, two- to 10-year Treasury yield curve and yields on 10-year Treasury Inflation-Protected Securities (TIPS) are all back where they were before Trump was elected in November. After months of relative plain sailing, investors are now bracing for stormier weather. "We have to be cognizant of volatility. It''s a question of keeping risk levels appropriate, and that''s something we were doing anyway. Our portfolios were well-positioned," said James Athey, portfolio manager at Aberdeen Asset Management in London. "Do we dial back further? That''s the conversation we''ll be having over the next day or two," he said, noting that he had cut back on "short" positions in safe-haven fixed income assets and the Japanese yen in recent weeks. Aberdeen has $480 billion (<28>368.8 billion) of assets under management. SURPRISE, SURPRISE The VIX index .VIX of implied volatility on the S&P 500 .SPX was jolted from its slumber on Wednesday and chalked up its seventh-biggest rise in percentage terms since its launch in 1990. This followed news that Trump had asked then-FBI Director James Comey to close an investigation into ties between former White House national security adviser Michael Flynn and Russia. Joost van Leenders, strategist and portfolio manager, multi asset solutions at BNP Paribas Investment Partners, which oversees 580 billion (<28>495.3 billion) euros of assets, said he and his colleagues are discussing U.S. political risk on a daily basis. "We were cautiously positioned to start with, so for now we don''t have to change our position, but I do not rule out future changes," he said. Some, like Tom Wu, chief investment officer, Global Investments, Yuanta Securities Investment Trust, Taiwan''s second-largest fund manager, aren''t holding back. "An impeachment might happen, or it might not. Any uncertainty, including this uncertainty, is something that investors don''t care for. So we''ll be unloading all of our holdings in U.S. stocks this month," he said. Few investors will follow that example, but many reckon U.S. markets are expensive. The U.S. economy is already into its third-longest expansion ever, and a recent fall in the U.S. economic surprises index suggests it is running out of steam. The gap between the U.S. and European surprises indexes is the widest in two years, U.S. corporate earnings growth is double-digit but still lagging the euro zone, and the political turmoil that was supposed to beset Europe this year is co
'764a0c6de410c97723b5bf1540f2552652873fa9'|'What''s the best way to release equity for home improvements? - Money'|'Q I would like to know more about equity release. I am a homeowner with no mortgage on my house. I cleared my mortgage back in 2013 when my endowment policy reached maturity.I would like to make some changes to my home, including installing PVC windows and external doors, as well as having a bit of landscaping done. I am approaching my 64th birthday and live alone, and hope to release some of the equity in my home. Can you please point me in the right direction? BT A The most popular way of releasing equity is by taking out a lifetime mortgage, which is an option for homeowners aged 55 or over. You can typically borrow up to 60% of the value of your home and release the money as one large lump sum or as several smaller amounts. As with a normal mortgage, interest is charged on the amount you borrow, but unlike a normal mortgage you can choose not to make monthly repayments and allow the interest to be rolled up, which means it is added to the loan. The loan amount plus the interest added to it is repaid when the house is sold either after your death or because you move into long-term residential care.You also have the option of <20>home reversion<6F> where, provided you are at least 60 or 65, you sell part or all of your home to a provider in return for a cash lump sum and the right to carry on living in the property rent-free until your death. There<72>s no interest to pay with home reversion but you will normally get between 20% and 60% of the market value of the portion you sell to the home reversion provider. So, for example, if your home was worth <20>200,000 and you sold half of it, you would get between <20>20,000 and <20>60,000, and not the <20>100,000 that the half is worth on the open market. The older you are the more you get.To decide which option is best for you, it would make sense to get advice from an independent financial adviser who can search the whole market and who also has a specialist equity release qualification. You should also check that the adviser you use is on the Financial Conduct Authority register and a member of, and on, the Equity Release Council<69>s member directory .Topics Equity release Ask the experts: homebuying Property Remortgaging Home improvements Mortgages features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/may/18/best-way-release-equity-home-improvements'|'2017-05-18T15:00:00.000+03:00'
'2ebccc0bd24b3573b2cbc6ca717c65183ad2eb30'|'Dow merger with DuPont gets conditional approval in Brazil'|'BRASILIA Brazil approved the planned merger of Dow Chemical Co ( DOW.N ) and DuPont ( DD.N ) on Wednesday, conditioned on a global divestment plan including its Brazilian corn seed business.The board of antitrust agency Cade unanimously approved the recommendation from technical staff that proposed asset sales would be enough to address competitive concerns about the $130 billion merger between the U.S. chemical giants.(Reporting by Leonardo Goy; Writing by Brad Haynes)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-du-pont-m-a-dow-brazil-idINKCN18D1Z6'|'2017-05-17T13:14:00.000+03:00'
'c3f9546eaa603c40cf5b31f02f88af638c80ba70'|'GLOBAL MARKETS-Concerns over Trump dent stocks, dollar'|'By Vikram Subhedar - LONDON LONDON May 17 Concern that U.S. President Donald Trump''s reform agenda could be slowed down, and that Trump himself could even face the threat of impeachment, added to disappointing U.S. economic data on Wednesday to hit the dollar and spur a pullback from richly valued stocks.Reports that Trump asked then-FBI Director James Comey to end a probe into his former national security adviser have raised questions over whether obstruction of justice charges could be laid against the president.This follows a week of turmoil at the White House after Trump fired Comey and then discussed sensitive national security information about Islamic State with Russian Foreign Minister Sergei Lavrov.So far, broadly upbeat global growth has underpinned risky assets and supported the multi-year lows in measures of market volatility.But the retreat in the dollar, which has now given up all the gains it made following Trump''s presidential election win in November, and a pull-back from record highs for world stocks points to investor unease about this week''s headlines."The Trump issue seems to come in waves, and now we have another wave," said Hans Peterson, global head of asset allocation, at SEB Investments."I have been asked if he is going to be impeached. I think that is the type of discussion some (investors) are having," Peterson said, pointing out that institutional clients are turning cautious.U.S. stock futures were off 0.5 percent, though they were still close to record highs.At nearly 18 times forward earnings, the S&P 500 trades at a significant premium to its long-term average valuations of 15 times, according to Thomson Reuters data.More attractively valued European stocks slipped slightly, although the region''s brighter economic outlook and better-than-expected corporate profits continue to draw investors.Upbeat growth prospects and signs of stronger integration also spurred flows into regional bond markets, narrowing the gap between U.S. and German government borrowing costs to its tightest level in over six months.This has started to partly reverse a trend that began during the euro zone debt crisis of 2011/2012, where the single currency bloc and the United States'' economic paths appeared to diverge.This reversal was also evident in currency markets, with the euro climbing to its highest since Nov. 7 - just before the U.S. presidential election - against the dollar.Recent U.S. data, which includes softer-than-expected retail sales and inflation, has raised concern about the strength of consumer sentiment.Meanwhile, the euro zone economy started the year with robust growth that outstripped that of the United States and set the stage for a strong 2017."At the moment everyone is focusing on the political relief in Europe and the political unrest in the U.S.," ING''s senior rates strategist Martin van Vliet said.In commodity markets, safe-haven gold hit a two-week high, climbing 0.6 percent to $1,243.31. The precious metal has risen for five straight days.Data showing an increase in U.S. crude investors hit oil prices as concerns about oversupply despite efforts by top producers Saudi Arabia and Russia to extend output cuts once again weighed.Brent crude fell 0.3 percent to $51.53 a barrel while U.S. West Texas Intermediate (WTI) crude slipped 0.6 percent. (Additional reporting by Marc Jones and John Geddie; Editing by Hugh Lawson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-markets-idINL4N1IJ2T1'|'2017-05-17T07:12:00.000+03:00'
'f1f3b7c6f02dd344f36bb43395b6d3e8311fe9d3'|'Indian cabinet approves plans to build 10 nuclear reactors'|'NEW DELHI India''s cabinet approved plans on Wednesday to build 10 nuclear reactors with a combined capacity of 7,000 megawatts (MW), more than the country''s entire current capacity, to try fast-track its domestic nuclear power programme.The decision by Prime Minister Narendra Modi''s government marks the first strategic response to the near collapse of Westinghouse, the U.S. reactor maker that had been in talks to build six of its AP1000 reactors in India.Westinghouse, owned by Japan''s Toshiba, filed for Chapter 11 bankruptcy in March after revealing billions of dollars in cost overruns at its U.S. projects, raising doubts about whether it can complete the India deal.India has installed nuclear capacity of 6,780 MW from 22 plants and plans to add another 6,700 MW by 2021-22 through projects currently under construction. The 10 additional reactors would be the latest design of India''s Pressurised Heavy Water Reactor."This project will bring about substantial economies of scale and maximise cost and time efficiencies by adopting fleet mode for execution," the government said in a statement."It is expected to generate more than 33,400 jobs in direct and indirect employment. With manufacturing orders to domestic industry, it will be a major step towards strengthening India<69>s credentials as a major nuclear manufacturing powerhouse."Westinghouse has said it plans to continue construction of its AP1000 plants in China and expects to bid for new plants in India and elsewhere, without elaborating on how it plans to do so.Indian companies such as Larsen and Toubro, Kirloskar Brother Limited and Godrej & Boyce welcomed the government''s move.Sanjay Kirloskar, chairman of Kirloskar Brother Limited, said: "nuclear power plants will go a long way in reducing the perennial energy deficit," while Larsen and Toubro''s director S.N. Roy called the move "bold and historic."(Reporting by Sudarshan Varadhan; Editing by Douglas Busvine and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-nuclear-idINKCN18D21V'|'2017-05-17T23:47:00.000+03:00'
'ac9a7db071e1bbc1b371e59981561ffdfa17c5a8'|'Chinese state media says U.S. should take some blame for cyber attack'|'BEIJING Chinese state media on Wednesday criticized the United States for hindering efforts to stop global cyber threats in the wake of the WannaCry "ransomware" attack that has infected more than 300,000 computers worldwide in recent days.The U.S. National Security Agency (NSA) should shoulder some blame for the attack, which targets vulnerabilities in Microsoft Corp ( MSFT.O ) systems and has infected some 30,000 Chinese organizations as of Saturday, the China Daily said. "Concerted efforts to tackle cyber crimes have been hindered by the actions of the United States," it said, adding that Washington had "no credible evidence" to support bans on Chinese tech firms in the United States following the attack.The malware attack, which began on Friday and has been linked by some researchers to previous hits by a North Korean-run hacking operation, leveraged a tool built by the NSA that leaked online in April, Microsoft says. It comes as China prepares to enforce a wide-reaching cyber security law that U.S. business groups say will threaten the operations of foreign firms in China with strict local data storage laws and stringent surveillance requirements.China''s cyber authorities have repeatedly pushed for what they call a more "equitable" balance in global cyber governance, criticizing U.S. dominance.The China Daily pointed to the U.S. ban on Chinese telecommunication provider Huawei Technologies Co Ltd [HWT.UL], saying the curbs were hypocritical given the NSA leak. Beijing has previously said the proliferation of fake news on U.S. social media sites, which are largely banned in China, is a reason to tighten global cyber governance.The newspaper said that the role of the U.S. security apparatus in the attack should "instill greater urgency" in China''s mission to replace foreign technology with its own. The state-run People''s Daily compared the cyber attack to the terrorist hacking depicted in the U.S. film "Die Hard 4", warning that China''s role in global trade and internet connectivity opened it to increased risks from overseas.The fast-spreading cyber extortion campaign eased for second day on Tuesday, but the identity and motive of its creators remain unknown.(Reporting by Cate Cadell; Editing by Nick Macfie)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cyber-attack-china-idUSKCN18D0G5'|'2017-05-17T13:46:00.000+03:00'
'a81b99aa889ddc64193bf4af8dbda10ea3a97b0a'|'Small businesses suffer as India''s bruised banks sit on deposits'|'Business News   3:39am BST Small businesses suffer as India''s bruised banks sit on deposits left right Vineet Pandey, Director of Kaarya Facilities and Services Pvt. Ltd., poses for a photograph at his office in Mumbai, India, May 15, 2017. Picture taken May 15, 2017. REUTERS/Shailesh Andrade 1/2 left right Vineet Pandey, Director of Kaarya Facilities and Services Pvt. Ltd., poses for a photograph at his office in Mumbai, India, May 15, 2017. Picture taken May 15, 2017. REUTERS/Shailesh Andrade 2/2 By Rajesh Kumar Singh and Suvashree Choudhury - NEW DELHI/MUMBAI NEW DELHI/MUMBAI Businessman Vineet Pandey has 500 housekeepers, security guards, electricians and plumbers on his books, servicing offices in India''s booming financial metropolis Mumbai. He would love to hire more to keep up with demand, but cannot get a bank loan. Pandey, 36, recently had to turn away an order that would have created 100 new jobs and helped his firm, Kaarya Facilities, expand its $1.6 million (1.23 million pounds) in annual sales, after his credit application to a state-run bank in January went unanswered. "We are a labour-intensive company, but if we don''t get finance from banks then we won''t be able to hire," Pandey said. A mountain of bad debt in India''s banking system has led to a prolonged credit crunch that is inflicting most pain on small- and medium-sized enterprises (SMEs) such as Pandey''s that depend upon banks for their day-to-day working capital and longer-term borrowing needs. India has more than 45 million such enterprises, accounting for nearly 40 percent of gross domestic product. Smaller businesses also account for the bulk of job creation, so a lack of bank credit reaching them threatens Prime Minister Narendra Modi''s promise to create 250 million jobs over the next decade. (GRAPHIC - India''s bank credit growth tmsnrt.rs/2qtU19E ) The problem is not that Indian banks lack deposits to lend. After last November''s decision by Modi to scrap high-value banknotes, a dramatic move to purge illicit or untaxed "black cash" from the shadow economy that forced holders to deposit high value currency with their banks, they are awash with $50 billion in excess liquidity. But banks'' worsening asset quality has made them reluctant to grant new loans, especially to smaller businesses that are perceived as riskier. RISK-AVERSE The bulk of India''s $150 billion in soured loans are owed to state-run lenders that dominate the banking system. Criminal investigations into some defaults, in which former bank bosses have been arrested, have made today''s managers fearful that bad lending decisions might come back to haunt them. "It is a safety-first approach," said a senior official at one state-run bank. "No loan officer wants a knock on his or her door later by the investigative agencies." Banks can park their excess deposits safely with the Reserve Bank of India (RBI) or hand out smaller, less risky loans to consumers. Even as lending to industry has shrunk in seven of the past eight months, retail loans are growing at a double-digit pace, RBI data shows. Private sector banks, less exposed to the bad loan problem, are more willing to service demand from corporates. But since private banks account for just a third of banking assets, they cannot fully offset the credit slowdown. RECAPITALISATION In a bid to fix the loan stress, New Delhi this month empowered the central bank to push reluctant lenders towards writedowns and errant borrowers into insolvency. Government and RBI officials say the measure should speed resolution and improve the flow of credit to industry. Analysts are more sceptical, and expect loan growth to remain weak until banks are adequately recapitalised. "They do not address the lack of capital at the state-owned banks that has prevented them from writing down non-performing loans to realistic levels," said ratings agency Moody''s. Big companies, meanwhile, have shifted to borrowing via bonds and commercial pa
'd86a9c2b3675c7f5f190d503f2d83d3ebd17c7c4'|'VW''s JV in China to recall nearly 600,000 vehicles over headlight fuse issue'|'Autos   4:00am BST VW''s JV in China to recall nearly 600,000 vehicles over headlight fuse issue A man holds an umbrella as he walks past a company logo of FAW-Volkswagen at an automobile exhibition in Fuyang, Anhui province, September 12, 2014. EUTERS/Stringer BEIJING Volkswagen AG ( VOWG_p.DE )''s joint venture in China, FAW-Volkswagen Automobile Co Ltd, will recall 577,590 Golf and Sagitar cars in the country because of a headlight fuse defect that may lead to potential safety risks, said the state''s quality watchdog on Wednesday. The recall covers Volkswagen''s 416,364 units of Golfs produced between September 2009 and May 2014, and 161,226 units of Sagitars produced between July 2010 and March 2012, said the General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ). AQSIQ said fuse defects could cause headlight failure, leading to possible security hazards. (Reporting by Muyu Xu and Beijing newsroom; Editing by Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-china-recall-idUKKCN18D06L'|'2017-05-17T11:00:00.000+03:00'
'76d46285873e7ffdb989f0321edb97a0ffe29f24'|'Ubisoft more attractive for Vivendi as shares fall'|'By Wout Vergauwen A slide in Ubisoft''s ( UBIP.PA ) shares on Wednesday has revived talk of a takeover by media giant Vivendi ( VIV.PA ), worrying the video game company''s founding Guillemot family which has so far rejected any possibility of such a deal.The maker of the Assassin''s Creed and South Park video game series fears poor results could weaken its defense strategy and make it easier for Vivendi to persuade investors to back a takeover, a source close to the company said."We are well aware that Bollore has been waiting for a stumbling block to step in," the source said, referring to Vivendi''s billionaire chairman Vincent Bollore.Vivendi first bought a stake in Ubisoft in 2015 and raised it in 2016, prompting the Guillemot family to court Canadian investors to fend off any hostile approach. By the end of last year Vivendi had boosted its holding to 25 percent.Ubisoft shares fell as much as 7.9 percent on Wednesday, after the French company cut its mid-term sales forecasts. The company also said it still considered the best way to create value was to remain independent.Ubisoft shares were down 2.7 percent at 47.4 euros as at 1200 GMT (8 a.m. ET).Another person familiar with the situation said on Wednesday that the drop in price was probably not enough for Vivendi to make a bid as Ubisoft shares were still up 40 percent since the start of the year, partly on expectations of a Vivendi approach.The source also dismissed the likelihood of any merger approach in the near term, saying it was still "early days".Kepler Cheuvreux analyst Charles-Louis Scotti said time was on Vivendi''s side. He said if Ubisoft does meet it''s full-year targets, Vivendi''s investment would produce a very positive return. But if Ubisoft falls short, it would end up being a cheaper acquisition for Bollore''s media giant."The ideal window of opportunity for a transaction on Ubisoft is later on this year, or early next year," Bryan, Garnier & Co analyst Richard-Maxime Beaudoux said, also adding that time was on Vivendi''s side in its pursuit of Ubisoft.(Reporting by Wout Vergauwen; additional reporting by Sophie Sassard in London; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ubisoft-m-a-vivendi-idINKCN18D1HJ'|'2017-05-17T10:18:00.000+03:00'
'261759ea39239862ae15ff0e0852f4d9555d767f'|'London is still a global draw despite Brexit, says British Land - Business - The Guardian'|'London is still a big draw for global banks and institutions despite the uncertainty created by Brexit, according to one of the UK<55>s biggest property companies.British Land said the process of leaving the EU was creating uncertainty, with tenants taking longer than usual to commit to office space, but there was still demand for good quality property in the capital.<2E>Looking forward, the picture is a mixed one. The Brexit process has begun but uncertainty will continue for some considerable time,<2C> said Chris Grigg, chief executive of the company behind the <20>Cheesegrater<65> skyscraper in the City of London. London''s ''Cheesegrater'' sold to Chinese tycoon for more than <20>1bn Read more <20>London occupiers, particularly financial institutions, are making contingency plans but there is a wide range of possible outcomes here. Our conversations with occupiers tell us that a large majority continue to value London and believe in its place as a global centre, as we do.<2E>Although we are seeing businesses taking longer to commit and being more thorough in assessing options, we see polarisation of both occupier and investor demand accelerating with an increasing focus on the best quality space.<2E>However, a report from Deloitte suggests the prospects for property developers could worsen as there is a glut of office space in the capital. The amount of available office space jumped by 36% last year and has risen by a further 19% in the first three months of this year, according to the consultancy<63>s latest London crane survey . As the amount of new office space completed in London hit a 13-year high of 3.9m sq ft in the last six months, construction work on new buildings slowed. The volume of office space under construction has fallen by 6% to 13.9m sq ft, the first drop in three years.British Land owns property worth <20>13.9bn, with offices and residential in London, regional retail assets and a property development programme focused mainly in the capital.Grigg said there was still a lot to attract occupiers to London, despite fears that Brexit will trigger an exodus among global institutions to rival cities within the EU, to guarantee continued access to the single market.<2E>We expect London to continue as a leading global city reflecting its diverse pool of intellectual capital and reputation for innovation, as well as its culture, language and strong regulatory and legal framework,<2C> he said.He was speaking as British Land announced its results for the year to the end of March. High-profile deals during the year included the sale of the company<6E>s 50% stake in the Cheesegrater , officially known as the Leadenhall Building, to China<6E>s CC Land for <20>1.15bn.The value of its portfolio fell by 1.4% over the year, to <20>13.9bn, but it was up by 1.6% in the second half alone. Underlying profit rose by 7.4% to <20>390m.<2E>We are reporting a good set of results today despite an uncertain environment over the last 12 months,<2C> Grigg said. <20>We are particularly pleased by the increase in underlying profits, by our strong leasing performance across the business and by the very successful sales we have made. The increase in valuations in the second half is also better than many expected six months ago.<2E>Topics British Land Real estate EU referendum and Brexit news  '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/may/17/london-brexit-british-land-uk-cheesegrater'|'2017-05-17T03:00:00.000+03:00'
'f56e88c1f0c552fb4458500d96a553e7412b9dfe'|'BHP rejects investor Elliott''s claims it has been intransigent'|'MELBOURNE BHP ( BHP.AX )( BLT.L ) on Tuesday said it was disappointed with the latest salvo from Elliott Management which said the company was not open to suggestions and had been misleading in its response to the activist investor''s calls for a change in strategy."We reject both claims," BHP said in an emailed statement after Elliott released a letter calling for an open review of BHP''s petroleum business and saying the company had exaggerated the costs of collapsing its dual-listed structure.(Reporting by Sonali Paul; Editing by Richard Pullin)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-bhp-billiton-elliott-response-idUSKCN18C05H'|'2017-05-16T09:18:00.000+03:00'
'35386b831d2b07a53580cf61aeab5489100d5855'|'UPDATE 2-France draws over 31 bln euros of demand for post-election bond sale'|'* France launches 7 billion euro, 30-year bond sale* Investors pile into bond, demand over 31 billion euros* France''s 10s/30s yield spread widest since Dec 2014* Germany, Belgium among potential sellers of long-dated bonds* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr (Updates with bond sale details)By Abhinav Ramnarayan and Dhara RanasingheLONDON, May 16 France received more than 31 billion euros of orders for a new 30-year bond on Tuesday, highlighting strong demand for a sale seen as the first big test of sentiment after centrist Emmanuel Macron won the presidential election.The 7 billion euro bond is being sold via a syndicate of banks and is expected to be priced later on Tuesday.Investor appetite for the bond, which analysts say was helped by a cheapening of French debt in past weeks, sparked an outperformance of 30-year French bond yields, which fell 3 basis points in late trade."The 30-year area has been relatively cheap so it is no surprise to see strong demand for this bond today," said Patrick Jacq, Europe rate strategist at BNP Paribas.Although French government bonds have rallied sharply since it became clear Macron would beat far-right leader Marine Le Pen to the presidency, longer-dated bonds had lagged the move.France opened books on the deal around 0830 GMT on Tuesday, having recorded interest in excess of 18 billion euros even before it started taking orders.The bond matures in May 2048, three years later than the current 30-year benchmark but still eligible for ECB purchases in June, according to Societe Generale.Analysts said the sale was also a barometer of investor sentiment towards France ahead of parliamentary elections in June that will determine whether Macron can govern with a majority.Macron appointed a conservative prime minister on Monday in a move to broaden his political appeal and weaken his opponents before the two-round vote.The sale could also indicate whether Japanese investors, key lenders to France, are returning."Japanese investors have been large buyers of French securities and given that the political risk has reduced, we should see a gradual return to this market," said Antoine Bouvet, rates strategist at Mizuho.Tuesday''s sale will also demonstrate investor appetite for duration, particularly with other long-dated bond sales expected from Germany, euro zone bailout fund EFSF and possibly Belgium.PLENTIFUL SUPPLYAhead of the sale the gap between 10- and 30-year French bond yields briefly reached 108 basis points, its widest since December 2014, as investors made room by selling some of their existing longer-dated French debt.Germany is scheduled to sell 30-year bonds on Wednesday while Belgium has cancelled a bond auction for next week. Analysts said that may be because the Belgian debt agency is planning a 15- or 20-year bond sale this week.The European Financial Stability Facility, the euro zone''s bailout fund, is widely expected to sell long-dated bonds this week, while Slovenia was selling bonds maturing in 2027 and 2040 on Tuesday.Elsewhere, further signs of strength in the euro zone economy and renewed confidence in the European project boosted sentiment towards lower-rated peripheral bonds.Portugal''s 10-year bond yield tumbled 9 bps to 3.29 percent , pushing the gap over German peers to its tightest in nine months at around 288 bps.Italian bond yields fell 6 bps 2.21 percent, while the Italian/German 10-year yield gap dropped below 180 basis points for the first time in a week.Bonds from the bloc''s periphery tend to perform well on signs the euro zone economy is strengthening.German Chancellor Angela Merkel and French president Macron agreed on Monday to draw up a roadmap to deeper European Union integration and opened the door to changing the bloc''s treaties to facilitate ambitious reform."Given Macron''s election, the unity we''ve seen in Europe around Brexit and positive growth data, we''ve been more constructive on the periphery,"
'6a742bf6dd4cb3e9e1ebc07e5f7883186ace91a3'|'OPEC panel looking at deepening, extending oil cuts - sources'|'Top   10:03am BST OPEC panel looking at deepening, extending oil cuts - sources FILE PHOTO: A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC''s headquarters in Vienna, Austria, December 10, 2016. REUTERS/Heinz-Peter Bader/File Photo VIENNA An OPEC panel reviewing scenarios for next week''s policy-setting meeting is looking at the option of deepening and extending an OPEC-led deal to reduce oil output, OPEC sources said on Friday. OPEC''s national representatives - officials representing the 13 member countries - plus officials from OPEC''s Vienna secretariat met on Wednesday and Thursday to discuss the market. The meeting of the Economic Commission Board was scheduled to finish on Thursday but will conclude later on Friday, two OPEC sources said. "We have not agreed on final scenarios," said one of the sources. A second source said a deeper cut in output was an option depending on estimated growth in supply from non-OPEC producers and U.S. shale oil. OPEC kingpin Saudi Arabia and non-member Russia, the world''s top two oil producers, have agreed on the need to keep the current cut in place until March 2018. The meeting precedes a policy-setting gathering of OPEC and non-OPEC oil ministers on May 25 to decide whether to extend beyond June 30 their deal to reduce output. The Organization of the Petroleum Exporting Countries, Russia and other producers originally agreed to cut production by 1.8 million barrels per day for six months from Jan. 1 to support the market. Oil prices, trading at around $53 a barrel, have gained support from reduced output but high inventories and rising supply from producers not participating in the accord have limited the rally, pressing the case for extending the curbs. A technical meeting on Friday of OPEC and non-OPEC countries participating in the supply cut was not expected to result in any decision. "Today''s meeting is just informative, nothing major," an OPEC source said. Brent crude was up 63 cents at $53.14 per barrel at 0813 GMT, after climbing to $53.20, its highest since April 21. U.S. benchmark crude was up 61 cents at $49.96 a barrel. (Reporting by Alex Lawler and Rania El Gamal; Editing by Dale Hudson and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opec-oil-idUKKCN18F0PR'|'2017-05-19T17:03:00.000+03:00'
'517fc22bd6090294fe55b8331d99dd27ff1bf909'|'AT&T workers go on three-day strike'|'Business  23pm EDT About 37,000 AT&T workers go on three-day strike An AT&T sign is seen outside a branch in Rolling Meadows, Illinois, U.S., October 24, 2016. REUTERS/Jim Young About 37,000 AT&T Inc ( T.N ) workers, or less than 14 percent of the company''s total workforce, began a three-day strike on Friday after failing to reach an agreement with the No. 2 U.S. wireless carrier over new contracts. This is the first time that AT&T wireless workers are on strike, which could result in closed retail stores during the weekend, according to the Communications Workers of America (CWA) union. The workers on strike are members of the CWA. The workers are demanding wage increases that cover rising healthcare costs, job security against outsourcing, affordable healthcare and a fair scheduling policy. Slightly over half of the workers on strike are part of the wireless segment and the rest wireline workers, including a small number of DirecTV technicians, AT&T spokesman Marty Richter told Reuters. The CWA had said on Wednesday that wireless workers across 36 states and Washington, D.C. would walk-off their jobs if an agreement was not reached by Friday 3 p.m. ET. Wireline workers, who work in phone, landline and cable services businesses in California, Nevada, and Connecticut, and DirecTV technicians across California and Nevada have also joined the strike. bit.ly/2riWfeB "A strike is in no one''s best interest, and it''s baffling as to why union leadership would call one when we''re offering terms in which our employees in these contracts ... will be better off financially," Richter said. The groups on strike represent four different union contracts, the CWA said. In March, about 17,000 AT&T wireline workers in California and Nevada went on strike. (Reporting by Aishwarya Venugopal in Bengaluru; Additional reporting by Anjali Athavaley in New York; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-at-t-strike-idUSKCN18F2CI'|'2017-05-20T03:35:00.000+03:00'
'0e6b0a84db82fbeecff34b9cf1f71af4b9e2a55c'|'BRIEF-Merck receives CHMP positive opinion recommending approval of isentress'|'  8:03am EDT BRIEF-Merck receives CHMP positive opinion recommending approval of isentress May 19 Merck & Co Inc: * Merck receives chmp positive opinion recommending approval of isentress<73> (raltegravir) 600 mg in the european union * Merck receives chmp positive opinion recommending approval of isentress<73> (raltegravir) 600 mg in the european union * Merck & Co Inc - decision on approval is expected in second half of 2017 * Says a decision on approval is expected in second half of 2017 * Merck & Co Inc - once daily formulation of isentress is currently under review in united states by food and drug administration Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-merck-receives-chmp-positive-opini-idUSASA09QN9'|'2017-05-19T20:03:00.000+03:00'
'8ce3e24513185a554f9107cede534c1fbedb9aa3'|'LPC: US merger lending bounces even as Trump agenda stalls'|'Deals - Thu May 18, 2017 - 4:24pm EDT LPC: U.S. merger lending bounces even as Trump agenda stalls By Lynn Adler - NEW YORK NEW YORK Mergers and takeovers by U.S. high-grade companies and billions of dollars of acquisition loans are ramping up after a sparse first quarter as corporations unwilling to wait for the Trump administration<6F>s delayed tax, trade or healthcare reforms push the button on new deals. Roughly US$30bn of investment-grade loans have been mandated so far in the second quarter financing mergers and acquisitions (M&A), which already exceeds the US$18bn arranged in the first three months of the year, according to Thomson Reuters LPC data. With six weeks remaining in the second quarter, M&A lending is climbing, although it is still below the US$54bn seen in the second quarter of last year. <20>If a company has something in its laser sights, and if it can<61>t grow organically, it<69>s not going to let all of the uncertainty about tax and other policies get in the way of what they need to do strategically to meet their goals,<2C> a senior banker said. As investment-grade strategic marriages heated up starting in the healthcare sector in April, US medical supplier Becton Dickinson said it would by C R Bard for US$24bn, the latest in a string of medical technology mergers by device makers looking to bolster profits. The deal was supported by a US$4.5bn loan facility. Drug distribution company Cardinal Health had a bridge loan of the same amount to support its US$6.1bn purchase of Medtronic Plc<6C>s medical supplies units. Robust investor appetite for debt, and a generally pro-business climate, are also spurring a gradual flow of deals among lower-rated companies, which borrow in the leveraged loan market. M&A lending in the leveraged space of US$41bn in the second quarter to date looks to surpass US$51bn in the first quarter, which was the lowest quarterly tally in four years. Market strategists increasingly view highly-anticipated policy actions as more likely to occur further down the road than promised by the Trump campaign. <20>There<72>s so much pent up demand, cash and CEO confidence,<2C> another banker said, which is leading companies to decide <20>let<65>s get on with it.<2E> CROSSOVER BUYING Some higher-rated investment-grade companies are also dipping into the lower credit quality pool and buying junk-rated competitors as a way to shave costs and expand product offerings. In the second quarter, investment-grade corporations in the retail and biopharmaceutical and food sectors announced acquisitions of lower-rated companies that complement their businesses to boost profits. Coach Inc is purchasing smaller luxury handbag rival Kate Spade & Co, backed by up to US$2.1bn in bank loans. Scientific instrument maker Thermo Fisher is buying drug maker Patheon NV, supported by a bridge loan for about US$7.3bn, bankers said. Tyson Foods is buying packaged sandwich supplier AdvancePierre for US$4.2bn including debt, as a way to grow its prepared foods business, entering the agreement with US$4.5bn of commitments under a 364-day bridge loan. <20>In certain industries, now<6F>s a great time for investment-grade players to scoop up sub-investment grade companies,<2C> said Sean Coleman, chief credit officer for FS Investments. <20>They can take advantage of very low cost debt to achieve greater scale, cut costs and expand their product portfolios.<2E> Thermo Fisher said it expects to realize about US$120m of total synergies by year three following the deal''s close. Bankers are expecting more of these types of strategic tie-ups as the year unfolds. Still, the steady drumbeat of US political drama unrelated to tax, trade or healthcare overhauls could keep delaying policy changes, compelling some merger candidates to stay on the sidelines closely monitoring developments, several bankers said. Unrelenting news out of Washington, including the <20>buzz of impeachment<6E>, threatens to drown out the Trump legislative agenda, according to Keefe, Bruyette & Woods analysts
'7476ce68ea937f8badfc84a306b4bb43fb517d66'|'Drug distributor McKesson''s quarterly revenue rises 4.4 pct'|'Thu May 18, 2017 - 4:26pm EDT Drug distributor McKesson''s quarterly revenue rises 4.4 pct Drug wholesaler McKesson Corp ( MCK.N ) reported a 4.4 percent rise in quarterly revenue, helped by strength in its pharmaceutical distribution and services business. Net income attributable to McKesson rose to $3.59 billion, or $16.76 per share, in the fourth quarter ended March 31, from $431 million, or $1.88 per share, a year earlier. The latest quarter earnings included a pre-tax net gain of $3.9 billion related to the creation of the Change Healthcare joint venture. Revenue rose to $48.71 billion from $46.68 billion, the company said on Thursday. (Reporting by Ankur Banerjee in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mckesson-results-idUSKCN18E300'|'2017-05-19T04:20:00.000+03:00'
'f3c20193d1aa97977a35538f0d1f7ec0ac7f2138'|'Potash CEO says SQM governance changes no signal of Potash interest in raising stake-CEO'|'Market News  27pm EDT Potash CEO says SQM governance changes no signal of Potash interest in raising stake-CEO NEW YORK May 18 Governance changes at Chile lithium producer SQM, which give shareholder Potash Corp of Saskatchewan greater influence, do not reflect any intent by Potash to raise its stake, Potash Corp''s chief executive said on Thursday. "It doesn''t demonstrate any intention," CEO Jochen Tilk told Reuters. "We''ll move forward on improved governance and that''s really all that there is at this point - no reflection on any further strategic thinking." (Reporting by Rod Nickel in New York, editing by G Crosse)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/potashcorp-ceo-idUSL2N1IK1QT'|'2017-05-19T02:27:00.000+03:00'
'0ac59ff6f529055b425f6de794bfdabc6082c8ef'|'Non-bank finance firms cash in on Indian lenders'' bad loan pain'|'By Rajesh Kumar Singh - NEW DELHI NEW DELHI Indian banks'' struggles with bad loans over the past three years have opened an opportunity to ramp up lending for so-called non-banking financial companies (NBFCs), which are not as strictly regulated as banks.With their share of total credit rising, new players and new investors have piled into the NBFC market.The latest such player is Incred. Backed by Deutsche Bank''s ( DBKGn.DE ) former co-CEO Anshu Jain, it lends to individuals and small- and medium-sized enterprises (SMEs) including start-ups.Saurabh Jhalaria, who heads Incred''s SME division, says the company aims to disburse $234 million in new credit by next March. As much as 60 percent would be lent to SMEs, he said."There is great demand for credit from small entrepreneurs, but supply is very limited," Jhalaria told Reuters, referring to the reluctance to lend among state banks.Public sector lenders led by State Bank of India ( SBI.NS ) and Punjab National Bank ( PNBK.NS ), which as a group account for two third of banking assets, are saddled with bulk of India''s $150 billion in stressed loans.Criminal investigations into some loan defaults have made bankers extremely cautious of extending new credit. The process of approving loans has become lengthier and requires lots of paperwork.Banks are also reluctant to lend without matching collateral. In some cases, they even demand collateral twice the value of the loan.As a result, bank credit to industry shrank by 1.9 percent in the fiscal year that ended in March. In contrast, NBFCs have posted double-digit rates of lending growth.A study by research firm Crisil shows NBFCs have doubled their market share in SME loans and wholesale finance in the past five years. The Indian unit of rating agency Standard and Poor''s expects their share in overall loans to rise by 3 percentage points to nearly 18 percent over the next two years.Since its launch in February, Incred has lent nearly $16 million to 1,000 borrowers. It offers loans to SMEs of up to 100 million rupees ($1.56 million) and charges interest of between 13-19 percent.While the loans are costlier than those offered by banks, which charge around 12 percent on average, they are processed more quickly and require little paperwork."Our target is ambitious but achievable," said Jhalaria. "There is a demand that is not being met by banks. We are filling in that gap."($1 = 64.0600 Indian rupees)(Reporting by Rajesh Kumar Singh; Editing by Douglas Busvine and Alex Richardson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-india-economy-credit-incred-idINKCN18D047'|'2017-05-16T23:47:00.000+03:00'
'7b4104395d6212ccab7161e11b936f3eb6c50f28'|'Hundreds of EU airports, ports to benefit from simpler subsidy rules'|'Business News  29am BST Hundreds of EU airports, ports to benefit from simpler subsidy rules FILE PHOTO: European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission''s headquarters in Brussels, Belgium March 13, 2017. REUTERS/Francois Lenoir/File Photo By Foo Yun Chee - BRUSSELS BRUSSELS Hundreds of small airports and ports around Europe are set to benefit from simpler EU state aid rules allowing governments to grant public funds to help them expand and create jobs. The new rules, part of a broad reform by the European Commission to allow EU governments have more say on how they subsidise small facilities and minor projects, could benefit more than 400 small airports in the 28-country bloc. The move would also free up resources at the EU competition enforcer for big cases. "Today''s changes will save them (EU countries) time and trouble when investing in ports and airports, culture and the EU''s outermost regions, whilst preserving competition," European Competition Commissioner Margrethe Vestager said in a statement. There are more than 420 airports in the EU with fewer than 3 million passengers yearly, accounting for some 80 percent of all airports in the bloc but only about 13 percent of air traffic. The Commission has in recent years ordered governments to claw back millions of euros in illegal subsidies given to airports and airlines such as Ryanair, TUI''s ( TUIT.L ) German carrier TUIfly and Lufthansa''s ( LHAG.DE ) Germanwings, which is now called Eurowings. Under the new rules, authorities can cover the operating costs of small airports handling up to 200,000 passengers annually, which make up almost half of all airports in the EU. The new rules also allow EU authorities to invest up to 150 million euros (<28>128.5 million) in maritime ports and up to 50 million euros in inland ports without seeking prior approval from the EU competition enforcer. State aid for start-ups will be allowed for up to five years, while companies in remote regions will also find it easier to apply for support. The outermost regions are French overseas territories, Spain''s Canary Islands and Portugal''s Azores and Madeira. (Reporting by Foo Yun Chee; editing by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-airports-stateaid-ports-idUKKCN18D14P'|'2017-05-17T18:29:00.000+03:00'
'3ada13ff757253d1c8dca1ced831373f808f16ac'|'BRIEF-Amazon announces two new additions to its fire tablet lineup - Fire 7 and Fire HD 8'|' 12am EDT BRIEF-Amazon announces two new additions to its fire tablet lineup - Fire 7 and Fire HD 8 May 17 Amazon.Com Inc * Amazon announces two new additions to its fire tablet lineup - the Fire 7 and Fire HD 8 * Amazon says Fire 7 priced at $49.99, Fire HD 8 priced at $79.99; both products will start shipping on June 7  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-amazon-announces-two-new-additions-idUSB8N1HZ032'|'2017-05-17T21:12:00.000+03:00'
'3527b8d8a708d9b9d867ccf2d186ee11731ea210'|'Tata pension deal raises questions for Thyssenkrupp merger'|'Deals  57pm BST Tata pension deal raises questions for Thyssenkrupp merger The logo of German steel-to-elevators group ThyssenKrupp AG is pictured during the company''s annual news conference in Essen, Germany, November 24, 2016. REUTERS/Wolfgang Rattay By Arno Schuetze and Carolyn Cohn - FRANKFURT/LONDON, Germany FRANKFURT/LONDON, Germany A Tata Steel deal to separate its 15 billion-pound ($19 billion) UK pension scheme still leaves many questions unanswered for a potential merger with Thyssenkrupp''s European steel operations, a source close to Thyssenkrupp said. The British Steel Pension Scheme has been the major hurdle to a tie-up between Tata''s British and European steel assets with those of Thyssenkrupp. After the announcement of the pension deal Thyssenkrupp''s shares jumped 3 percent to a two-month high on Wednesday. But the framework deal would still leave Tata sponsoring a new pension scheme. It also entails giving the BSPS a 33 percent equity stake in Tata''s UK business, as well as Tata''s putting 550 million pounds into the scheme. "One should not get overly optimistic about the Tata pensions deal. It''s still very vague, totally unclear what it will in the end mean for Tata," the person said. Thyssenkrupp declined to comment on what Tata''s announcement meant for the potential merger, which the two companies hope will help them address overcapacity in the European steel industry and push through efficiency measures. The deal is expected to take about two months to finalize and still has to be approved by Britain''s pensions regulator. "We are in a very positive consultation with all stakeholders," Tata Steel''s executive director for finance and corporate, Koushik Chatterjee, said late on Tuesday. While some industry experts expect this to be only an interim move, with Tata later paying an insurer to take on the scheme or putting in an agreed sum to separate itself completely, others believe regulators would never allow Tata entirely off the hook. Thyssenkrupp''s works council reiterated its opposition on Wednesday to the merger plan, which it fears will destroy jobs without making the business more sustainable. "That doesn''t remove the risk posed by the pension liabilities," works council chief Wilhelm Segerath told Reuters. "A joint venture really doesn''t make any sense." Labor representatives hold half the seats on German supervisory boards and can block strategic decisions unless the chairman uses his casting vote against them. Thyssenkrupp management made clear again last Friday it was prepared to work hard to make the deal work. "As long as we see progress... it makes sense to really have the stamina to work on it because, as I said, it has an industrial logic and creates value," Chief Executive Heinrich Hiesinger told analysts on a quarterly earnings conference call. Anthony Taylor, former local councillor for the constituency of Aberavon that includes Tata Steel Port Talbot plant in Wales, said: "The talk within Tata Steel UK is that a merger deal will be announced in July." The implications of the Tata pension deal for the relative valuations of the two parties will also be an issue. "It''s an important step but many details remain to be clarified ... for instance, the valuation of both companies," said analyst Bjoern Voss of MM Warburg. "I don''t expect there will be a conclusion in the current 2016/17 fiscal year." Thyssenkrupp''s financial year runs until the end of September. ($1 = 0.7732 pounds) (Additional reporting by Tom Kaeckenhoff in Duesseldorf and Maytaal Angel in London; Writing by Georgina Prodhan; Editing by Edward Taylor and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-thyssenkrupp-m-a-tata-steel-idUKKCN18D0O5'|'2017-05-18T01:57:00.000+03:00'
'c7cb4f26f2d1c13cc93c25087c8dcd93f6a2c8c4'|'Russian gold producer GV Gold may consider IPO next year: CEO'|'By Diana Asonova and Polina Devitt - MOSCOW MOSCOW Russian gold producer GV Gold aims to be ready to hold an initial public offering (IPO) by spring 2018 but would not necessarily go ahead with a listing at that time, the newly appointed chief executive said.GV Gold, a privately held firm whose shareholders include U.S. fund BlackRock, has repeatedly delayed plans for the IPO that was first mooted in 2007.Asked about plans for the IPO, Chief Executive German Pikhoya told Reuters: "My strong belief is that the company should be ready to do it at any moment."Pikhoya, who became CEO in April, said the firm could consider the IPO next spring but would not necessarily proceed at that time. He said GV Gold was considering the Moscow exchange for any future float but had not ruled out London or Hong Kong.He said his development plan for the firm would be presented to the board and shareholders this summer.The company is starting production at two new plants in Ugakhan in the Irkutsk region and Taryn in Yakutia this year, which would boost annual gold output by 30 percent to 6.5-6.7 tonnes."This is a really important year for us. We are pursuing our organic growth," the CEO said.Pikhoya, who spent 12 years working at Russia''s largest gold producer Polyus, said he wanted GV Gold to become one of the country''s top five producers, which would require its output to rise to about 15 tonnes a year.Alongside Blackrock, other shareholders include the European Bank for Reconstruction and Development (EBRD), which bought a 5 percent stake in 2011.EBRD has been selling shares back to the company since 2015 after GV Gold failed to launch an IPO. The deal is expected to close in August 2018.The CEO said GV Gold''s priority was its own projects, but said he expected some consolidation among firms ranked five to 10 in the list of top Russian producers.He said his firm would consider a partnership with another producer in one of the regions where it operated.Pikhoya also said the company would "potentially consider" purchasing assets in countries of the former Soviet Union, Africa and Asia.In addition, he said the firm was considering a potential bond placement to test the market. He did not give details.(Reporting by Diana Asonova and Polina Devitt; Editing by Jack Stubbs and Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-russia-gvgold-idINKCN18E1Y4'|'2017-05-18T12:13:00.000+03:00'
'1121bebe699162de57c6721af776dd852acfae53'|'UPDATE 1-JBS chairman taped Brazil president discussing hush money -O Globo'|'(Adds Temer comment, details of alleged recording, plea bargain, internal company communications)SAO PAULO May 17 Brazilian President Michel Temer gave his blessing to an attempt to pay a potential witness in the country''s biggest-ever graft probe to remain silent, according to plea bargain testimony by a powerful businessman, newspaper O Globo reported on Wednesday.Temer on Wednesday acknowledged he had met the businessman, JBS SA Chairman Joseley Batista, in March but denied any part in alleged efforts to keep jailed former House Speaker Eduardo Cunha from testifying.According to the O Globo report, Batista allegedly recorded the discussion with Temer about hush money the executive paid to Cunha, according to the newspaper. The report did not say what Cunha was asked to keep quiet about.When Batista told Temer he was paying Cunha to remain silent, the president was recorded saying, "You need to keep that up, okay?" according to the newspaper report, which did not identify a source for the information.Cunha, once a powerful member of Temer''s ruling party, has previously said he had compromising information about a host of senior politicians linked to a vast political bribery scandal at state oil firm Petrobras.O Globo reported that Batista and his brother, JBS Chief Executive Wesley Batista, presented the recording to prosecutors as part of plea bargain negotiations underway since March.Temer''s press representatives could not immediately be reached for comment. JBS, the world''s biggest meatpacker, declined to comment. A senior JBS executive said there had been no formal communication about the matter within the company.Senator Romero Juca, the head of the government''s coalition in the Senate, said the accusation was one of many that would be investigated, but it would not slow Temer''s efforts to pass a reform agenda aimed at closing a huge budget deficit and restoring investor confidence after a deep recessionThe JBS executives'' plea bargain agreement is being overseen by Supreme Court Justice Edson Fachin, who is responsible for the bribery investigation known as Operation Car Wash. The agreement includes a fine of 225 million reais ($72 million), according to O Globo.JBS, already struggling with a food safety scandal as well as a probe into loans it received from Brazil''s state development bank, also hired a law firm to discuss a leniency deal with the U.S. Department of Justice, the newspaper reported.($1 = 3.14 reais) (Reporting by Brad Haynes; Additional reporting by Alberto Alerigi Jr and Tatiana Bautzer in Sao Paulo, Lisandra Paraguassu in Brasilia; Editing by Dan Flynn and Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-idINL2N1IJ27Y'|'2017-05-17T23:40:00.000+03:00'
'8cbb868f0dda5b24b8a613283daaa0e1a66ab7a0'|'Sky and Vodafone move forward with appeal of NZ Commerce Commission decision'|'Business   10:05pm BST Sky and Vodafone move forward with appeal of NZ Commerce Commission decision WELLINGTON New Zealand pay television provider Sky Network TV on Thursday said it had filed a second, more detailed appeal with courts against the Commerce Commission''s decision to bar its purchase of Vodafone''s local unit. The companies had already filed an appeal in March to preserve their rights to seek a review of the Commerce Commission''s decision while they waited for the regulator to release its reasoning. The amended notice filed this week made it clear the companies were moving forward with the appeal. The Commerce Commission blocked the NZ$1.3 billion (693.87 million pounds) deal between New Zealand''s biggest pay television provider and one of its largest mobile phone operators in February, saying it would create a monopoly on premium sports content. (Reporting by Charlotte Greenfield)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-skynetworktv-vodafonegroup-idUKKCN18D2PK'|'2017-05-18T05:05:00.000+03:00'
'0c901d9a1b97ea40f2f79f69ade482d5a0673e6d'|'Canada, US unlikely to get lumber deal by mid-Aug: Canada source'|'Market News  41pm EDT Canada, US unlikely to get lumber deal by mid-Aug: Canada source OTTAWA May 18 Canada and the United States are unlikely to strike a deal on a protracted dispute over lumber exports by the time talks on renewing NAFTA start in mid-August, a source close to the file said on Thursday. U.S. Trade Representative Robert Lighthizer said earlier in the day he hoped the issue would be solved before the formal start of negotiations on the trilateral North American Free Trade Agreement. The source declined to be identified due to the sensitivity of the matter. (Reporting by David Ljunggren; Editing by Denny Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trade-nafta-lumber-idUSL2N1IK1EY'|'2017-05-19T00:41:00.000+03:00'
'471ced3a76164e1efab0084f77a46c110953b0b7'|'Paytm raises $1.4 billion from SoftBank'|'Technology News - Thu May 18, 2017 - 7:19pm IST Japan''s SoftBank invests $1.4 billion in Paytm Advertisements of Paytm, a digital wallet company, are seen placed at stalls of roadside vegetable vendors in Mumbai, November 19, 2016. REUTERS/Shailesh Andrade/Files By Sankalp Phartiyal - MUMBAI MUMBAI Japan''s SoftBank Group has invested $1.4 billion in the parent of Paytm, giving the digital payments start-up a boost as it looks to expand its user base and maintain its market lead in Asia''s third-largest economy. A source familiar with the matter said SoftBank had bought $1 billion of new shares in Paytm parent One97 Communications, equivalent to a 14.2 percent stake, and a further $400 million of existing shares. SoftBank and Paytm declined to give details. Solar-to-telecoms conglomerate SoftBank will also get a board seat in Paytm, the Indian firm said in a statement. Paytm, which runs India''s biggest digital payments system with more than 220 million users, said it planned to spend 100 billion rupees ($1.5 billion) over the next three to five years to expand its services. For SoftBank, the bet is part of its growing commitment to India''s e-commerce sector, where it has already invested about $2 billion, mainly in minority stakes. China''s Alibaba, which counts SoftBank as its biggest investor, already has a stake in Paytm. SoftBank is also pushing to engineer a merger between Snapdeal, India''s No.3 e-commerce player and one of the Japanese group''s biggest investments in India to date, and market leader Flipkart. "We are committed to transforming the lives of hundreds of millions of Indian consumers and merchants by providing them digital access to a broad array of financial services, including mobile payments," said Masayoshi Son, SoftBank''s Chairman and CEO in a statement. Paytm founder Vijay Shekhar Sharma owned nearly 21 percent of One97, while Alibaba held a 40 percent stake, according to latest regulatory documents accessed by business research platform Paper.vc. Digital payments in India got a big lift last year after India''s shock move to remove higher-value currency from circulation boosted the attractiveness of non-cash alternatives. Analysts said SoftBank was seeking to emulate in India its strategy in China, where Alibaba runs its own digital payments provider Alipay. "SoftBank is essentially trying to build an Alipay kind of platform with Paytm," said Satish Meena, senior forecast analyst at Forrester Research. In addition to seeking to solidify its lead in digital payments, Paytm, founded in 2010, is aiming to launch a payments bank, an institution that can take deposits and remittances but cannot lend. Payment banks are seen as a growing opportunity in a country with plenty of smartphones but with millions of Indians who lack formal access to banking services. ($1 = 64.8450 rupees)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/softbank-group-paytm-idINKCN18E1I6'|'2017-05-18T19:40:00.000+03:00'
'12bf0684ccdb2a215fbafb44ae66134ada481c02'|'Japan, New Zealand to work together to revive TPP'|'Business News   1:47pm BST Japan, New Zealand to work together to revive TPP New Zealand Prime Minister Bill English (L) shakes hands with Japan''s Prime Minister Shinzo Abe during a joint news conference at Abe''s official residence in Tokyo, Japan May 17, 2017. REUTERS/Toru Hanai TOKYO Japanese Prime Minister Shinzo Abe and his New Zealand counterpart, Bill English, on Wednesday said they would work together to bring to fruition the Trans-Pacific Partnership (TPP), even after the United States ditched the free trade pact. Ministers from Japan and New Zealand are among the remaining pact members gathering in Hanoi this weekend to find ways to revive the agreement after U.S. President Donald Trump withdrew in favour of pursuing bilateral talks. "As the flagbearers of free trade, we will maintain close cooperation and aim at early realisation of TPP," Abe told a joint news conference following a summit with English. TPP rules have to be changed so it can take effect without U.S. participation, but Japanese Finance Minister Taro Aso last month said Tokyo would not rule out the option of negotiating such a deal. "At this time of international uncertainty, it''s more important than ever for outward-looking trading countries like New Zealand and Japan to state their principles clearly," said English, urging commitment to international trade and regional economic integration. "I''m very pleased that New Zealand stands alongside Japan, taking this important regional agreement forward." For the TPP to take effect without the United States it would have to drop a rule requiring ratification by at least six countries accounting for 85 percent of the combined gross domestic product of the original 12 member nations. (Reporting by Kiyoshi Takenaka; Editing by Clarence Fernandez)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-newzealand-idUKKCN18D1J8'|'2017-05-17T20:47:00.000+03:00'
'97738e98c55d4b335333b01fa37ce96c867132e2'|'BOJ''s Kuroda expected to serve another term as governor - Reuters poll'|'Wed May 17, 2017 - 5:17am BST BOJ''s Kuroda expected to serve another term as governor: Reuters poll Bank of Japan Governor Haruhiko Kuroda speaks to media at the Asian Development Bank (ADB)''s annual general meeting in Yokohama, south of Tokyo, Japan May 4, 2017. REUTERS/Issei Kato By Kaori Kaneko - TOKYO TOKYO Bank of Japan Governor Haruhiko Kuroda will most likely serve another five years after his first terms ends next April, according to a Reuters poll of analysts that also found strong support for other senior central bankers to replace him. Whoever is in the post next year probably faces the difficult task of winding down his super-loose monetary policy, analysts agreed. "It will be difficult for the BOJ to adopt what it has to do for an exit strategy whoever takes the post," said Takeshi Minami, chief economist at Norinchukin Research Institute, who saw no reason to replace Kuroda. More than half of the respondents gave Kuroda positive marks for his leadership, but a majority also saw negative side effects from his policy, including disruptions in the bond market. The central bank has sought to lift Japan out of deflation. But after more than three years of huge asset purchases failed to spur inflation towards a target of 2 percent, the BOJ revamped its policy framework in September into one targeting interest rates instead of the pace of money printing. It now aims to keep short-term interest rates at minus 0.1 percent and 10-year government bond yields at around zero percent. Thirteen of 30 economists forecast Kuroda will serve another five years after his first term expires next April, the poll taken May 8-16 showed. There was some differences between who analysts expected to get the job and who they thought was the right candidate. Only seven thought Kuroda was the "appropriate" choice. Six economists expected BOJ Deputy Governor Hiroshi Nakaso to be promoted to governor, though only four thought he was the "appropriate choice. Five expected Executive Director Masayoshi Amamiya to be the next governor, but nine thought he would be the right choice. Other economists selected Financial Services Agency Commissioner Nobuchika Mori, Japan''s ambassador to Switzerland Etsuro Honda, an economic adviser to Abe, and Takatoshi Ito, a professor at Columbia University. Twenty-two of 34 economists evaluated Kuroda''s policy management over the past four years favorably, while 12 analysts said they don''t really support his performance, the poll showed. More than half the respondents said Kuroda''s policy has had negative side effects, such as volatility in the Japanese government bond market and an adverse impact on a financial industry from negative interest rates. With markets accustomed to huge bond buying by the BOJ, any sign of a slowdown in its purchases has heightened volatility and prompted speculation it could withdraw stimulus earlier than expected. Kuroda said on Tuesday he was "quite sure" the central bank could smoothly exit from its massive monetary stimulus when the appropriate time to do so came but he also said the bank "always" had room to expand monetary stimulus. [nL4N1II29C] UNWINDING The majority of the economists surveyed project the BOJ''s next policy change would be pulling back its monetary policy -- a move four predicted would start later this year. Four said it would happen in the first half of next year, eight in the latter half of next year and 10 said it would be sometime in 2019 or later. "Core consumer prices are expected to rise towards 1 percent. And if it rises towards 1.5 percent, it would be difficult for the BOJ to leave its JGB yield target around zero unchanged," said Atsushi Takeda, chief economist at Itochu Economic Research Institute. "Even if the BOJ raises the yield target, its monetary policy will still be accommodative." The economists forecast the core consumer prices index, which includes oil products but not fresh foods, would rise to 0.7 percent this fi
'62cd412333841c34ba867660e0f1eb9a7b850b70'|'Shanghai Pharma confirms interest in Stada, says no official offer'|'By Adam Jourdan - SHANGHAI SHANGHAI May 17 Chinese drugmaker Shanghai Pharmaceutical Holding Co Ltd said on Wednesday it was interested in a possible deal for Germany''s Stada Arzneimittel AG, though it had not made any official offer.German drug firm Stada, the target of a takeover bid from buyout firms Bain and Cinven that valued it at about 5.3 billion euros ($5.89 billion), said on Tuesday it had not been notified of any rival offer, following a Bloomberg report saying Shanghai Pharma was discussing a potential higher bid of about 70 euros a share along with investor Advent International."The Company had recently discussed about the possibilities of project Stada with a couple of financial investors," Shanghai Pharma said in a filing to the Hong Kong bourse, in its first public confirmation of an interest in Stada.It added that there was still "a lot of uncertainties" as to any cooperation."As at the date of this announcement, the Company has not sent any official offer," Shanghai Pharma said.Reuters reported on Monday, citing sources, that Stada had not been approached by Advent or Shanghai Pharma with a counter offer.Bain and Cinven''s offer in April of 65.28 euros per share and a dividend of 0.72 euros per Stada share had seemed to end the contest to acquire the generic drug maker.Shanghai Pharma added the reported offer price was far-fetched. "The bidding price of 70 euro per share that the media mentioned is inconsistent with the reality," it said. ($1 = 0.8998 euros) (Reporting by Adam Jourdan; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/stada-arzneimitt-ma-sh-pharma-idINL4N1IJ1KS'|'2017-05-17T01:31:00.000+03:00'
'7bc1e7fffe6e7c161a144b399125dc4489807862'|'Sovereign funds pull $18.4 billion from global markets in Q1 2017'|'LONDON Sovereign wealth funds pulled $18.4 billion from global stock and bond markets in the first quarter of 2017, notwithstanding robust equity gains in this period, data from research firm eVestment showed on Thursday,Oil-backed sovereign wealth funds (SWFs) have been under pressure since oil prices LCOc1 tumbled from their mid-2014 highs of $115 to around $52 a barrel, with governments tapping state funds to close budget gaps.Global SWF assets effectively stalled at $6.59 trillion in the 12 months to March 2017, data from research firm Preqin showed in April, due to a combination of weak markets, low oil prices and shifts in government policy.The latest figures from eVestment, which collates data from around 4,400 firms managing money on behalf of institutional investors, showed that selling by SWFs resumed in the first quarter after modest net inflows of $382.3 million in the fourth quarter of 2016.Peter Laurelli, global head of research at eVestment, said small inflows had broken the string of consecutive quarterly net redemptions, which began in the third quarter of 2014.He added that the percentage of asset management products with outflows in the first quarter was the second highest in at least the last five years, at 70.3 percent. This is just shy of the 71.2 percent of products with outflows posted in the second quarter of 2016.Some $16.9 billion was pulled from equity strategies, with heavy selling from U.S. equities. These lost $9.5 billion, whilst global equity strategies lost only $490.6 million, and global passive equity attracted $1.7 billion.U.S. .SPX and global stock markets .MIWD PUS rallied to record levels in the wake of Donald Trump''s election as U.S. president in November, encouraged by his promises to cut taxes and boost spending.However, doubts about his ability to deliver on these promises have grown following problems getting a key healthcare reform bill passed.This week the question of whether there was collusion between Trump''s campaign team and Moscow has exploded into a crisis that may threaten the future of Trump''s presidency. This triggered the biggest one-day fall in U.S. stocks since Sept. 9.SWFs also withdrew $1.6 billion from fixed income strategies with the selling concentrated in U.S. bonds, which suffered $2.5 billion of outflows.Laurelli said this was not a strike against U.S. credit, with U.S. corporate bonds attracting $1.5 billion, but rather a result of a $3.9 billion withdrawal from U.S. short-duration strategies.Global fixed income strategies attracted around $1 billion of net inflows. Emerging market debt also pulled in $123 million, after three consecutive quarters of redemptions.But emerging market equity mandates continued to suffer withdrawals, with some $2.1 billion redeemed in the first quarter.(Reporting by Claire Milhench; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-swf-flows-idUSKCN18E14U'|'2017-05-18T17:38:00.000+03:00'
'782e9a4e8a3fd05f7a366b8da03030ed9a337342'|'China''s Fosun Pharma launches up to $304 million share offer: IFR'|'HONG KONG Chinese drugmaker Shanghai Fosun Pharmaceutical ( 600196.SS )( 2196.HK ) launched an up to $304 million share offering in Hong Kong on Tuesday, IFR reported, citing a transaction term sheet.The company, part of billionaire Guo Guangchang''s Fosun Group, is offering 55 million new shares in the base deal in an indicative range of HK$28.75 to HK$29.65 each, with an option to increase the offering by 25 million shares, added IFR, a Thomson Reuters publication.That would value the deal at up to HK$2.37 billion ($304 million), including the extension option.Fosun Pharma, as the company is known, did not respond to a Reuters request for comment on the share sale.The price is equivalent to a discount of up to 7.4 percent to Tuesday''s close of HK$31.05, having touched its highest level since June 2015. The share price has gained 31 percent so far this year, easily outpacing a 15 percent rise in the benchmark Hang Seng index .HSI .(Reporting by Fiona Lau of IFR; Writing by Elzio Barreto; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fosun-pharma-newissues-idINKCN18C1D8'|'2017-05-16T10:02:00.000+03:00'
'9a2f7d5ec6c51cd35173d23bbc24eb4bd0a613a0'|'PRESS DIGEST- British Business - May 16'|'Market News - Mon May 15, 2017 - 7:54pm EDT PRESS DIGEST- British Business - May 16 May 16 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times - NHS Digital has accused hospital bosses of ignoring its warnings to keep their IT systems secure from ransomware attacks, fuelling a row over who was to blame. bit.ly/2qpsJB3 - Shares in international cybersecurity companies rallied yesterday, with investors betting that Friday''s ransomware cyberattack that hit the NHS and organisations in 150 countries would deliver them a payday. bit.ly/2qp2KKb The Guardian - TV celebrity Noel Edmonds has accused Lloyds Banking Group Plc of "foot dragging" over compensation payouts to himself and other victims of the HBOS Reading fraud. bit.ly/2qpqjCw - US bank JP Morgan Chase & Co is buying a landmark office building in Dublin in a significant boost for the Irish capital as European cities compete to lure financial institutions away from London in the wake of the Brexit vote. bit.ly/2qplSaR The Telegraph - Eve, the online mattress company with a 140 million pounds ($180.59 million)valuation, tapped City star fund manager Neil Woodford for an extra 5 million pounds ($6.45 million)to support the business. bit.ly/2qpjgJZ - UK accountancy firm Ernst & Young''s latest attractiveness index has ranked the UK market in the top ten countries globally for new investment - but the advisory firm said the move up from 14th place last year follows major blows in other countries, rather than progress in UK. bit.ly/2qp1OFF Sky News - Virgin Money Holdings Plc has walked away from a potential takeover of the Co-Operative Bank Plc as the struggling lender prioritises talks with a group of hedge funds about a financial restructuring. bit.ly/2qpmU6V - Travel operator TUI AG said UK was facing tougher times ahead as it reported a slowdown in the growth of sales to British holidaymakers. bit.ly/2qpg0hK The Independent - According to a report published by insurance company Aviva Plc on Tuesday, millions of people in UK have gone to work when they were ill instead of taking the day off, driven by heavy workloads and employers promoting a culture of face-time. ind.pn/2qpsZjy ($1 = 0.7753 pounds) (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL2N1IH1WE'|'2017-05-16T07:54:00.000+03:00'
'e3970e39130b2c569b24ccdfc3e45616e1f0ab0d'|'''Very important'' for Toshiba, WD to communicate - Japan trade minister'|'Business News  15am BST ''Very important'' for Toshiba, WD to communicate - Japan trade minister FILE PHOTO: Japan''s Minister of Trade and Industry Hiroshige Seko speaks at a news conference at Prime Minister Shinzo Abe''s official residence in Tokyo, Japan August 3, 2016. REUTERS/Kim Kyung-Hoon/File Photo TOKYO Japanese Trade Minister Hiroshige Seko said on Tuesday that it was "very important" for Toshiba Corp and its joint venture partner Western Digital Corp to cooperate, rather than be at odds. Western Digital has sought international arbitration to stop Toshiba from selling its chips arm without its consent, potentially derailing a much-needed capital injection for the Japanese conglomerate. (Reporting by Ami Miyazaki; Writing by Kaori Kaneko; Editing by Chang-Ran Kim)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-seko-idUKKCN18C02P'|'2017-05-16T09:15:00.000+03:00'
'330889a192420a60c16538b154b39edc9001a7a9'|'Yahoo to buy back $3 billion shares'|'Top News - Tue May 16, 2017 - 4:43pm BST Yahoo to buy back $3 billion shares in tender offer A man walks past a Yahoo logo during the Mobile World Congress in Barcelona, Spain, February 24, 2016. REUTERS/Albert Gea/File Photo/File Photo Yahoo Inc ( YHOO.O ) said on Tuesday it would buy back up to $3 billion (<28>2.3 billion) shares through a tender offer to provide liquidity to stockholders looking to sell the stock ahead of the company''s pending deal with Verizon Communications Inc ( VZ.N ). Shares in Yahoo, which has a 15 percent stake in Chinese e-commerce company Alibaba Group Holding Ltd ( BABA.N ), were up 2 percent at $50.81. Yahoo said it would determine a single purchase price after the expiry of the Dutch auction tender offer on June 13 and that the price would not be less than $37 per share. The company said its directors and executive officers will not tender any shares in the buyback. Verizon agreed to buy Yahoo''s core internet properties last year for $4.83 billion in cash. It lowered the original offer by $350 million in February following two massive cyber attacks at the internet company. After the Verizon deal, Yahoo will be renamed Altaba, a holding company whose primary assets will be its stake in Alibaba and a 35.5 percent stake in Yahoo Japan ( 4689.T ). (Reporting by Supantha Mukherjee in Bengaluru; Editing by Maju Samuel and Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-yahoo-buyback-idUKKCN18C17A'|'2017-05-16T19:06:00.000+03:00'
'7ace1c00af715b06e9e33802fa3af5f3f72ded3f'|'Yahoo to buy back $3 billion shares'|'Yahoo Inc said on Tuesday it would buy back up to $3 billion shares through a tender offer to provide liquidity to stockholders looking to sell the stock ahead of the company''s pending deal with Verizon Communications Inc.Shares in Yahoo, which has a 15 percent stake in Chinese e-commerce company Alibaba Group Holding Ltd, were up 2 percent at $50.81.Yahoo said it would determine a single purchase price after the expiry of the Dutch auction tender offer on June 13 and that the price would not be less than $37 per share.The company said its directors and executive officers will not tender any shares in the buyback.Verizon agreed to buy Yahoo''s core internet properties last year for $4.83 billion in cash. It lowered the original offer by $350 million in February following two massive cyber attacks at the internet company.After the Verizon deal, Yahoo will be renamed Altaba, a holding company whose primary assets will be its stake in Alibaba and a 35.5 percent stake in Yahoo Japan.(Reporting by Supantha Mukherjee in Bengaluru; Editing by Maju Samuel and Anil D''Silva)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-yahoo-buyback-idUSKCN18C174'|'2017-05-16T15:02:00.000+03:00'
'0215ebac0fa4c031bac09ab5bb49f33ef4d9d93b'|'BRIEF-Functionx files for non-timely 10-Q'|'Market News - Tue May 16, 2017 - 4:47pm EDT BRIEF-Functionx files for non-timely 10-Q May 16 Functionx Inc: Morning News Call - India, May 17 To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_05172017.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 10:00 am: Junior Finance Minister Arjun Ram Meghwal at an event in New Delhi. 11:15 am: Marico Chairman Harsh Mariwala at an event in New Delhi. 3:30 pm: JSW Steel earnings press meet in Mumb '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-functionx-files-for-non-timely-idUSFWN1II0QK'|'2017-05-17T04:47:00.000+03:00'
'0dc399ffd0f08e730912c1754d92012811eaf3f6'|'Saudi Aramco says to set up new chemicals unit'|'JEDDAH, Saudi Arabia Saudi Aramco plans to set up a new chemicals subsidiary, the company said in its official magazine, The Arabian Sun, on Wednesday."The Board... approved the creation of a new subsidiary to conduct the company''s chemicals business," Aramco said. It did not give further details in the weekly in-house publication.Aramco''s board met last week in Shanghai to discuss the company''s plans and appointed a new downstream head as well as several vice presidents in other key positions.Abdulaziz al-Judaimi was named as senior vice president for downstream operations.Downstream, covering refining and chemicals, is an important area for the company as it diversifies operations as it prepares for an initial public offering (IPO) next year, when around 5 percent of the firm is expected to be listed in Riyadh and on other international bourses.Last year, Judaimi, then business line head for downstream, said Saudi Aramco aims to almost triple its chemicals production to 34 million metric tons per year by 2030.Over the same period Aramco''s global refining capacity target is to raise it to 8-10 million barrels per day (bpd) from more than 5 million bpd now.Developing petrochemicals is part of the kingdom''s major economic reform plan, known as Vision 2030, which aims to diversify the economy away from oil.This will also help Aramco boost value from hydrocarbons by securing revenue streams and become less vulnerable to oil price swings.The oil giant is planning to develop a massive oil to chemicals project with Saudi Basic Industries Corp < 2010.SE> which industry sources say will cost more than $20 billion.(Reporting by Reem Shamseddine; Editing by Rania El Gamal)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-saudi-aramco-chemicals-idUSKCN18D1MP'|'2017-05-17T17:17:00.000+03:00'
'9c2d1cb7b059aa77c00991978e901c1cda2536f7'|'Premier Foods posts lower sales, changes strategy'|'Business News - Tue May 16, 2017 - 7:29am BST Premier Foods posts lower sales, changes strategy A Mr Kipling Cherry Bakewell is seen in this illustration taken March 30, 2016. REUTERS/Phil Noble/Illustration LONDON Premier Foods reported lower sales and earnings on Tuesday, citing tough trading conditions, and announced a change in strategy to focus more on cost efficiencies and cash generation. The maker of Mr Kipling cakes and Bisto gravy said full-year group underlying sales fell 1.4 percent to 790.4 million pounds. Adjusted profit before tax fell 11.8 percent to 74.2 million pounds, and adjusted earnings per share fell 12.2 percent to 7.2 pence in the year ended April 1. "With the industry changing rapidly, we have updated our strategy to give an equal focus to revenue growth, cost efficiencies and cash generation," Chief Executive Gavin Darby said in a statement. (Reporting by Martinne Geller; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-premier-foods-results-idUKKCN18C0GH'|'2017-05-16T14:29:00.000+03:00'
'df49327cdb6dde713cb3ba43e3d648733f6459b8'|'ECB should discuss in June pledge to keep policy ultra-easy - Vasiliauskas'|'Thu May 18, 2017 - 11:00am BST ECB should discuss in June pledge to keep policy ultra-easy: Vasiliauskas left right FILE PHOTO: Lithuania''s central bank governor Vitas Vasiliauskas poses for a picture in Vilnius April 15, 2011. LITHUANIA /File Photo 1/2 left right FILE PHOTO: Lithuania''s central bank governor Vitas Vasiliauskas speaks during the Euro Conference in Vilnius September 25, 2014. REUTERS/Ints Kalnins/File Photo 2/2 By Balazs Koranyi and Francesco Canepa - FRANKFURT FRANKFURT The European Central Bank should start reviewing in June its pledge for continued, ultra-easy policy if economic data confirm that the recovery is becoming durable, ECB policymaker Vitas Vasiliauskas told Reuters on Thursday. The Lithuanian central bank governor said he expected the beginning of a discussion about the ECB''s guidance, which foresees bond purchases at least until December and interest rates at current or even lower levels until well after that. He also anticipated the ECB discussing whether risks to the euro zone economic outlook had become balanced, rather than predominantly negative. "We face a better geopolitical situation so then we can expect discussions not only on the forward guidance but also on the balance of risk," Vasiliauskas told Reuters. "If hard data confirms our improved situation, then the logical step would be to discuss the easing bias." With euro zone inflation now just under 2 percent and growth on its best run for years, the ECB is coming under pressure from more conservative countries to start plotting the exit from its extraordinary stimulus, which has included 2.3 trillion euro ($2.6 trillion) worth of bond buys and negative rates. Still, Vasiliauskas said the ECB should move only gradually, keeping its policy as predictable as possible to avoid generating unnecessary turbulence. "The balance of risk (discussion) is the first priority," he said. Vasiliauskas also dismissed an argument by some policymakers that interest rates could start rising before the end of asset buys, sticking with the ECB''s pledge to end bond purchases first and only then touch interest rates. He said other major central banks have also followed this path and the ECB should not risk devising a new path. If the euro zone''s recovery continues, Vasiliauskas added, the ECB should also consider winding down its asset purchases from next year. "It<49>s quite clear that we do not have to continue if the environment remains supportive," he said. "We of course haven<65>t had that discussion (but) if hard data confirm our positive direction, then I think everybody will agree that we should discuss the future of the program." He would not be drawn on how the asset purchases could be wound down but said it must be done "gradually". More conservative euro zone members such as Germany, the Netherlands and some Baltic states have long been skeptical of the asset buys, arguing that they stretch the mandate of the central bank while their effectiveness is far from clear. (Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ecb-policy-vasiliauskas-idUKKCN18E16L'|'2017-05-18T17:55:00.000+03:00'
'a4d48497a91529d7984d2dc3a2298128d3d04991'|'Tesco-target Booker sees profit rise percent'|'Business News   8:00am BST Booker maintains Tesco deal timetable as profits rise FILE PHOTO: A branded sign is displayed outside of a Booker Wholesale store in London, Britain January 27, 2017. REUTERS/Neil Hall/File Photo LONDON Booker, the British wholesaler that has agreed a $4.8 billion (3.7 billion pounds) takeover by Tesco, said it still expected the deal to complete by early 2018 at the latest as it reported a 15 percent rise in annual profit. The two sides announced the combination in January and although both companies are currently engaging with Britain''s Competition and Markets Authority (CMA), the regulator is yet to formally confirm the start of a Phase 1 investigation. "During this process Booker will ensure it is ''Business as Usual,''" it said, adding that it was working to assist competition regulators in their consideration of the deal. "We are excited by the opportunities the merger creates for consumers, our customers, suppliers, colleagues and shareholders." Booker supplies the Budgens, Londis, Happy Shopper and Premier convenience chains, catering firms such as Wagamama and Carluccio''s, and also operates cash and carry business Makro. It made a pretax profit of 174 million pounds in the year to March 24, slightly ahead of analysts'' average forecast of 173.3 million pounds, according to Reuters data and reflecting progress across the catering and retail supply sides of the business. Total sales for the year, announced in March, were 5.3 billion pounds, up 6.7 percent. Booker said revenue in the first seven weeks of its new financial year was ahead of last year. It is paying a total dividend per share of 5.6 pence and a special dividend of 3.02 pence. Shares in Booker, up 23 percent so far this year, closed Wednesday at 199.2 pence. The Tesco cash and share offer values the stock at around 199.6 pence, based on Wednesday''s closing prices. (Reporting by James Davey; editing by Kate Holton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-booker-results-idUKKCN18E0IA'|'2017-05-18T14:24:00.000+03:00'
'f30251841cbc20fdfce574585f21bb8702c3cfed'|'Google shifts mobile focus to apps and digital assistant'|'Top News   6:08am BST Google shifts mobile focus to apps and digital assistant left right Google CEO Sundar Pichai speaks on stage during the annual Google I/O developers conference in San Jose, California, U.S., May 17, 2017. REUTERS/Stephen Lam 1/5 left right Google CEO Sundar Pichai speaks on stage during the annual Google I/O developers conference in San Jose, California, U.S., May 17, 2017. REUTERS/Stephen Lam 2/5 left right Two attendees wearing Google Glass listen to the opening keynote during the annual Google I/O developers conference in San Jose, California, U.S., May 17, 2017. REUTERS/Stephen Lam 3/5 left right Google CEO Sundar Pichai speaks on stage during the annual Google I/O developers conference in San Jose, California, U.S., May 17, 2017. REUTERS/Stephen Lam 4/5 left right Google CEO Sundar Pichai speaks on stage during the annual Google I/O developers conference in San Jose, California, U.S., May 17, 2017. REUTERS/Stephen Lam 5/5 By Julia Love Mobile phone apps took centre stage at Google<6C>s annual developer conference on Wednesday as the search giant announced new features for its digital assistant and its popular photo app while devoting little time to the Android mobile operating system. Addressing an audience of thousands of developers in Mountain View, California, Google executives delivered a broad-based update to their product portfolio which also included a slate of new features for the Google Home speaker, a job search tool and even a set of new virtual reality headsets. In a sign of the ongoing strategic importance of Google Assistant, the company''s artificial intelligence-driven, voice-controlled digital assistant, Google announced it would make the product available on Apple Inc<6E>s iPhone, making a play for the higher end of the smartphone market and challenging Apple''s Siri feature on its own devices. What<61>s more, the assistant will soon be able to complete transactions and supply information about objects captured by the smartphone<6E>s camera, executives said. But several analysts noted that the emphasis on the assistant and other apps like photos and maps, which run on many types of devices, resulted in the company<6E>s Android operating system -- long the cornerstone of Google''s mobile strategy -- getting relatively little attention during the presentation. That reflects a recognition by the search giant that the assistant and other apps will be increasingly important to its future, said analyst Jan Dawson of Jackdaw Research. The strategy helps the company sidestep some of the complications of developing new features for the vast Android ecosystem, where only a fraction of devices are running on the latest version of the operating system, he noted. <20>This is partly a concession to the fact that whatever they put into Android, most users don<6F>t see it for a couple years ... and a lot of their best, most attractive, most valuable users are going to be on other platforms,<2C> Dawson said. <20>They need to put that functionality where users are.<2E> The Google Assistant debuted last year on the company''s own hardware, and Google has gradually extended the tool to devices from other manufacturers running on its Android operating system. Google, Microsoft, Apple and Amazon.com Inc are competing to establish the dominant voice-powered digital assistant, which many in the industry believe will supplant keyboards and touch screens as a primary way that users interact with technology. "Humans are interacting with computing in more natural and immersive ways," Google CEO Sundar Pichai told the audience. "We<57>ve been using voice as an input across many of our products. We<57>ve had significant breakthroughs." The company is also gaining traction with its photo app, which now reaches 500 million users regularly, Pichai said. To drive greater usage of the app, Google will now make suggestions to prod users to share images and allow them to order physical photo albums. Pichai also announced the company will expand i
'da17e88725c614176b83f00e92a5861935f044a9'|'BRIEF-Teekay Corp Q1 adjusted loss per share $0.41'|'Market News - Thu May 18, 2017 - 1:01am EDT BRIEF-Teekay Corp Q1 adjusted loss per share $0.41 May 18 Teekay Corp * Teekay Corporation reports first quarter 2017 results * Q1 adjusted loss per share $0.41 * Qtrly loss per share $0.53 * Qtrly revenue $543.5 million versus $641.1 million Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-teekay-corp-q1-adjusted-loss-per-s-idUSASA09QFA'|'2017-05-18T13:01:00.000+03:00'
'4581119d17ec84707fec9b9ef82112de42fe237c'|'UK Stocks-Factors to watch on May 16'|'May 16 Britain''s FTSE 100 index is seen opening broadly unchanged on Tuesday, according to financial bookmakers. * HSBC: HSBC Holdings Plc has settled claims by a group of U.S. bondholders that it conspired with rivals to rig the Libor benchmark interest rate, according to a New York court filing on Monday by the bondholders'' attorneys. * BHP: BHP on Tuesday said it was disappointed with the latest salvo from Elliott Management which said the company was not open to suggestions and had been misleading in its response to the activist investor''s calls for a change in strategy. Separately, activist investor Elliott Management upped the pressure for strategic changes at BHP, calling for an independent review of the mining giant''s petroleum business. * Elliott Management on Tuesday revised its proposal for an overhaul of BHP Billiton''s, corporate structure, calling for the mining giant to remain incorporated in Australia. * CYBER ATTACK: Most patients saw no change to hospital services on Monday and all local doctors'' surgeries opened after a cyber attack hit dozens of computers in Britain''s health service, interior minister Amber Rudd said. * STERLING: Sterling rose towards $1.30 again on Monday, with figures showing that speculators have cut bearish bets on the currency by the most in more than a year and the third most on record. * The UK blue chip index was up 0.3 percent at 7,454.37 points at its close, having hit a fresh high at the open, fuelled by oil and mining stocks, and cybersecurity firm Sophos jumped after a ransomware attack hit companies, hospitals and schools worldwide. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: CYBG Plc Half Year 2017 CYBG Plc Earnings Release Vodafone Group Plc Full Year 2016/2017 Vodafone Group Plc Earnings Release EI Group Plc Half Year 2017 Enterprise Inns Plc Earnings Release ITE Group Plc Half Year 2017 ITE Group Plc Earnings Release easyJet Plc Half Year 2017 easyJet Plc Earnings Release BTG Plc Full Year 2017 BTG Plc Earnings Release Zytronic Plc Half Year 2017 Zytronic Plc Earnings Release Premier Foods Plc Full Year 2017 Premier Foods Plc Earnings Release Newriver Reit Plc Full Year 2017 Newriver Reit Plc Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1II28A'|'2017-05-16T13:49:00.000+03:00'
'6c50dcacbe24be8721defe8fbf8472e00b221315'|'MOVES-Bank of America Merrill Lynch hires lead for retirement business'|'Market   11:55am EDT MOVES-Bank of America Merrill Lynch hires lead for retirement business May 16 Bank of America Merrill Lynch said it hired Lisa Margeson to lead its newly formed retirement client experience and communications group. Margeson who will be based in Boston, will report to Lorna Sabbia, head of retirement and personal wealth solutions, the company said. Previously, Margeson served as head of marketing and creative services for retirement solutions at Voya Financial. (Reporting by Akankshita Mukhopadhyay in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bank-of-america-moves-lisa-margeson-idUSL4N1II4TF'|'2017-05-16T23:55:00.000+03:00'
'3c4de3af05f0b5b5059274ba19de04132445f8b0'|'Iran likely to back longer OPEC-led oil cut if all on board - sources'|'By Alex Lawler and Rania El Gamal - LONDON/DUBAI LONDON/DUBAI A proposal to extend an OPEC and non-OPEC supply cut for nine months is a postive idea, sources familiar with Iranian thinking said, suggesting OPEC''s third-largest producer is likely to go along with such a plan if there is a consensus.Saudi Arabia and Russia, the world''s top two oil producers, agreed on Monday on the need to extend output cuts for nine months until March 2018 to erode a glut. That would be longer than the optional six-month extension first agreed.Kuwait, a Gulf producer usually aligned with the Saudi OPEC view, said on Tuesday it supported the proposal. The Iranian position is less predictable, however, as it was the only OPEC member allowed to increase its output under the supply cut deal and holds presidential elections on Friday."This statement shows the commitment by OPEC and major non-OPEC oil producers to bringing stability to the oil market, in which is essential to have security of supply in coming years," said one of the sources.A second source said he expected Iran would probably agree to a nine-month extension when OPEC and non-OPEC producers meet to set policy on May 25 in Vienna, provided that other producers such as Iraq were also on board.During talks last year on the supply cut deal, Iran successfully argued it be allowed room to pump more as it lost market share while under Western sanctions, raising the question of whether Tehran would sign up for a longer supply cut.Iran has not officially reacted to the Saudi-Russian statement. In Friday''s election, is standing for a second term against five other candidates, mostly prominent hardliners.The current oil minister, Bijan Zanganeh, speaking on May 6, said he believed producers were likely to extend the OPEC-led deal although he did not give a timeframe, and added $55 was a suitable price for oil.Oil prices have gained support from the supply cut pact but high inventories and rising U.S. production have acted as a brake on the recovery. Brent crude was trading at $52 on Tuesday.The first source familiar with Iranian thinking said it was necessary to support prices to ensure there is enough investment in supplies to avoid shortages in future, echoing a view often expressed by Saudi Arabia."Low oil prices may bring satisfaction for some consuming countries in the short run, but in the long term as a result of reduced investment in new oil production, they could end up paying a much higher price for a barrel of oil," he said.The second source also saw a modest price recovery as likely in the summer months when U.S. gasoline demand seasonally rises, citing factors such as a likely drawdown in inventories."I think prices will move up to $51-$55 and in August may go to even $58," he said.(Editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/opec-iran-oil-cut-idINKCN18C1GS'|'2017-05-16T20:37:00.000+03:00'
'5ff9bffdb6125474285d27349a16f52c2f1cc422'|'MOVES-ITG names new director in global portfolio trading team'|'Market News  42am EDT MOVES-ITG names new director in global portfolio trading team May 16 U.S.-based brokerage Investment Technology Group Inc appointed John Emmert as a director in its global portfolio trading team, effective May 17. Emmert joins from Deutsche Bank Securities, where he served for 10 years as a director in the global program sales and trading group. He will be based in New York. ITG also said it appointed Sean O''Meara as a director of ETF trading in the U.S. team. He joined the firm in March. O''Meara, who has 14 years of experience in trading, worked most recently in ETF trading at Abel Noser. (Reporting by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/invest-tech-grp-moves-john-emmert-idUSL4N1II490'|'2017-05-16T20:42:00.000+03:00'
'c7fd1225d0c1eb45ba7d9b4207bea502462b339c'|'Miners increase green energy use to power their pits'|'Business News - Tue May 16, 2017 - 6:24pm BST Miners increase green energy use to power their pits FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company''s headquarters in Baar, Switzerland, September 30, 2015. REUTERS/Arnd Wiegmann/File Photo By Barbara Lewis - LONDON LONDON Major mining companies, including some of the world''s biggest suppliers of fossil fuel, are seeking to use more renewable energy themselves as they strive to drive down costs and curb emissions. Glencore ( GLEN.L ), the world''s biggest shipper of seaborne coal, said in Tuesday''s 2017 sustainability report that it gets 19 percent of its energy from renewable sources, up a percentage point from last year''s report. At the same time, the company reiterated its view that the wider world would carry on burning coal, the most polluting fossil fuel, and it does not see a risk of its own coal operations becoming stranded assets. "While it is clear that the relative share of renewable energy will grow, the absolute volume of fossil fuels will also grow due to overall growth of energy demand," the report said. "Coal remains an important, secure and reliable industrial input that currently accounts for 40 percent of the world''s electricity, 70 percent of global steel and 90 percent of global cement." As talks take place this week in Bonn on implementing the 2015 Paris Agreement on climate change, Glencore said it supports climate and energy policy that reduces global emissions in the most cost-effective manner while ensuring energy security. Costs for renewable power have fallen sharply and environmental campaigners say it is often the cheapest fuel. COST AND RELIABILITY The miners say that coal still can be the cheapest, most reliable baseload power depending on circumstances, but the sector has been turning to renewable energy, such as wind and solar power, in the kind of inaccessible regions where mines are found and supplies from the grid can be unreliable. Of the four biggest miners, only Rio Tinto ( RIO.L )( RIO.AX ) uses a significantly higher percentage of renewable energy than Glencore. In total, it burns a massive 454 petajoules of energy across all its operations. Of this, about 36 percent is from renewable sources, mainly hydropower used for highly energy intensive aluminium smelting. It markets its aluminium as a low-carbon product. The world''s No. 1 miner by market capitalisation and the biggest supplier of coking coal used in steelmaking, BHP Billiton ( BHP.AX )( BLT.L ), uses very little renewable energy (less than 2 percent) after some of its assets, including aluminium operations powered by hydro-electricity, were spun off into South32 ( S32.AX ) in 2015. It said, however, that it will use more renewable power at its remaining assets. "In accessing power, we seek the optimal combination of price, security of supply and emissions intensity," BHP said in an emailed statement. "We expect that the contribution of renewable energy will increase over time within power grids and as standalone opportunities for our operations." BHP also said it is contributing to the Lakeland Solar and Storage project in Australia, which is researching how to provide reliable supply in remote locations. Anglo American ( AAL.L ) said it has consistently sourced about 12 percent of its energy from renewables and is working on biomass, wind and solar projects to increase that share. (Additional reporting by Alister Doyle in Bonn; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-miners-climatechange-renewables-idUKKCN18C283'|'2017-05-17T01:24:00.000+03:00'
'823ad9d75744fad68c38cd627f9dc2310db87825'|'The Guardian Sustainable Business Awards 2017 - Guardian Sustainable Business'|'Guardian Sustainable Business (GSB) is a global platform for companies at the cutting-edge of positive change. We have editorial teams in the UK, US and Australia.Our annual Guardian Sustainable Business Awards are a chance to showcase genuine progress in corporate sustainability and recognise those who put sustainability at the heart of their businesses.This year will be our seventh annual awards and we want to make them the best yet. So that means encouraging business to open up about the work they are doing and why it matters.So why should you enter? See five reasons to enter here .Please enter today and join us at our awards ceremony in November this year to celebrate the best of sustainable business.Laura PaddisonEditor, guardian sustainable businessTopics Sustainable Business Awards GSB awards 2017 '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/may/16/the-guardian-sustainable-business-awards-2017'|'2017-05-16T18:43:00.000+03:00'
'79e5d0956345e05b8612b5f17fffbd46162be87a'|'Japan urges Toshiba, Western Digital to get along as chip spat flares'|'TOKYO Japan''s government said on Tuesday it wanted Toshiba Corp ( 6502.T ) and partner Western Digital Corp ( WDC.O ) to cooperate, expressing concern about an escalating dispute between the two that threatens to upend the sale of Toshiba''s chip unit.Western Digital sought international arbitration this week to stop Toshiba from selling the unit without its consent, arguing that the Japanese conglomerate has violated contracts relating to their joint venture that operates Toshiba''s main semiconductor plant. [nL2N1IH00F]On Tuesday evening, Toshiba said it would put on hold a decision to block Western Digital employees from the joint venture chip plant as well as databases, a threat it had said it would carry out if the U.S. company did not sign a broad collaboration agreement that the two had negotiated.CEO Satoshi Tsunakawa had said on Monday that he would make a decision on the matter on Tuesday."We are putting on hold a decision to limit access as we continue talks toward solving the issue," a Toshiba spokeswoman said.California-based Western Digital is one of the bidders for the world''s second biggest NAND chip producer, but is not among the frontrunners after submitting a much lower offer than other suitors, a source with knowledge of the matter has said."It''s very important for Toshiba and Western Digital to cooperate, Trade Minister Hiroshige Seko told reporters at a regular briefing on Tuesday, although he added that the ministry did not intend to intervene in the dispute.His comments come after media reports that one of the proposed deals under discussion among government circles is to have the chip unit - which is valued by Toshiba at at least $18 billion - brought under control of the state-backed Innovation Corporation of Japan (INCJ) fund.INCJ and U.S. private equity firm KKR & Co LP ( KKR.N ) are widely expected to be the main players in a consortium which will take part in a second round of bidding.However, some INCJ officials are cautious about making a large-scale deal, sources familiar with the matter said, declining to be identified as they were not authorized to speak publicly about the matter. The fund has just 1 trillion yen ($8.8 billion) in its war chest for acquisitions and investment.The Financial Times reported on Tuesday that some senior members in Prime Minister Shinzo Abe''s administration have privately discussed offering up to $8 billion in government loan guarantees to support an INCJ-KKR bid.Japan government spokesman Yoshihide Suga said, however, that there was no truth to the report. A spokeswoman for INCJ declined to comment.Shares in Toshiba, which is depending on the sale of the chip unit to cover billions in dollars in cost overruns at its now bankrupt U.S. nuclear unit Westinghouse, slid to end down 12 percent. The cost of insuring against default for Toshiba''s five-year yen debt rose 10 basis points."While we believe that the successful sale of its chip business is indispensable for Toshiba to remain a going concern, hurdles to realizing such a goal are increasing," said Masako Kuwahara, a senior analyst at Moody''s Investors Service.Other suitors for the chip unit include Taiwan''s Foxconn ( 2317.TW ) and U.S. chipmaker Broadcom ( AVGO.O ), but are seen as less attractive options. Foxconn may face opposition due to its deep ties to China as the government has said it will block any deal that risks key technology leaving Japan, while Western Digital has said it is vehemently opposed to Broadcom.($1 = 113.4800 yen)(Reporting by Ami Miyazaki and Taiga Uranaka; Additional reporting by Makiko Yamazaki, Yoshiyasu Shida, Kaori Kaneko in Tokyo and Umesh Desai in Hong Kong; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-toshiba-accounting-seko-idUSKCN18C02J'|'2017-05-16T14:53:00.000+03:00'
'2a0f70e2c96a210d43386f4f86efc6f9c3f76227'|'Nasdaq launches machine intelligence-enhanced data service'|'Technology   2:45pm EDT Nasdaq launches machine intelligence-enhanced data service The Nasdaq logo is displayed at the Nasdaq Market site in New York September 2, 2015. REUTERS/Brendan McDermid By John McCrank - NEW YORK NEW YORK Nasdaq Inc on Tuesday launched a service to help fund managers and quantitative traders better use data from social media, central bank announcements, retail sentiment and other sources to improve trading profits. The Nasdaq Analytics Hub will use machine intelligence, a subset of artificial intelligence, to derive signals from end-of-day data that market participants can use to enhance investing strategies, the exchange operator said. The data from Nasdaq and third party providers are vigorously vetted with the help of financial technology startup Lucena Research, Mike O''Rourke, global head of machine intelligence and data services at Nasdaq, said in an interview. "We back test the data using a number of strategies and then we use machine intelligence to add value-added analytics to the data that allows firms to make it more actionable." The exchange operator said it would add new data sets and sources, as well as new insights and analytics, on a continual basis. (Reporting by John McCrank; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-nasdaq-tech-data-idUSKCN18C2E0'|'2017-05-17T02:36:00.000+03:00'
'1d1b8d31088bb09b764db4c2e91c0e3b6c43eeb5'|'Bucking the trend, Vodafone CEO says optimistic about Brexit deal'|'  5:06pm BST Bucking the trend, Vodafone CEO says optimistic about Brexit deal Vodafone''s Chief Executive Vittorio Colao delivers a keynote speech during the Mobile World Congress in Barcelona, Spain February 22, 2016. REUTERS/Albert Gea By Paul Sandle and Kate Holton - LONDON LONDON Vodafone ( VOD.L ) Chief Executive Vittorio Colao said he was optimistic Britain would secure a Brexit deal that works for both sides because there was so much at stake for over 500 million European citizens. Colao, the Italian boss of the world''s second biggest mobile company, said he expected politicians in Britain and the European Union to ultimately adopt a pragmatic approach to Brexit despite recent signs of brinkmanship. As the head of a company that has to deal with Brussels and national regulators across Europe, Colao has first hand knowledge of the inner workings of the bloc during his nine years in charge of the company. "Once you go through the usual pre-negotiation tactics that everybody uses, I think pragmatism should prevail," Colao, 55, told Reuters on Tuesday after a press conference for the company''s full-year results. "I disagree with people who say that politicians are irrational, politicians are among the most rational people that I meet because they use the rationality of political support, so we need to be sure there is a good environment for providing political support for politicians who want to find agreement." The vote to leave the EU last June has created an unprecedented level of uncertainty for British-based companies that operate in Europe, it''s biggest trading partner. Since Prime Minister Theresa May triggered the start of the divorce process, politicians in both Britain and Europe have warned that Brexit talks could end in failure. A disorderly Brexit with no deal would sow chaos through the economies of Britain and the EU by shattering trading relationships, spooking financial markets and tarnishing London''s reputation as a global financial centre. But Colao, who supported the campaign to keep Britain in the European Union, said he was more optimistic than many of his peers that a deal could be reached without too much disruption. He said Vodafone could be affected by an economic slowdown in Britain or a divergence between the way its home market and Europe is regulated. But unlike some industries like the financial services sector it does not need to change the way it operates because it is already organised on a country by country basis. "So the question is what is the likelihood that the Brexit process actually determines a slowdown in the economy or even worse consequences, now here I happen to be a little bit more optimistic than most people because I believe that it is nobody''s interest to generate that," he said. "The leadership of Europe and the leadership of the large European countries will at some point find a common platform with Britain," Colao said. "And maybe businesses like us, who are based in Britain but are very European, and symmetric ones, can also help in finding good solutions to what in the end is a negotiation." (Editing by Guy Faulconbridge)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-vodafone-idUKKCN18C1ZR'|'2017-05-17T00:06:00.000+03:00'
'bbfa684a2872eba7cd8b6b900b41c63d77b9ac02'|'Oil output spike brightens North Sea''s twilight years'|'Business News   2:59pm BST Oil output spike brightens North Sea''s twilight years FILE PHOTO: A section of the BP Eastern Trough Area Project (ETAP) oil platform is seen in the North Sea, around 100 miles east of Aberdeen in Scotland, Britain, February 24, 2014. REUTERS/Andy Buchanan/Pool/File Photo By Amanda Cooper and Ron Bousso - LONDON LONDON North Sea oil output is expected to jump by a net 400,000 barrels per day (bpd) or about a fifth in the next two years, defying gloomy forecasts for the oldest deepwater basin that produces the world''s benchmark crude price. Projects from the West Shetlands to the icy fringes of the Arctic Ocean aim to add 1.2 million bpd, Reuters research shows. That will more than offset the decline in output from older fields in a region now producing about 2 million bpd. The net rise in overall production is expected to be about 400,000 bpd by 2020, according to U.S. energy-focused investment bank Tudor, Pickering, Holt & Co. The North Sea produces Brent and three other crudes - Forties, Oseberg, and Ekofisk - that make up the Brent futures benchmark. The region is expected to report its third annual production rise in a row in 2017, reversing years of sliding output. Since production began in earnest in the 1960s, about 40 billion barrels of oil have been extracted from the North Sea. A 50 percent drop in oil prices from above $100 (<28>77.5) a barrel in 2014 has forced some North Sea producers to sell assets. Others have adapted as they seek to extract more of the 20 billion barrels estimated to lie under Britain''s North Sea zone alone. "The drop in the oil price forced everyone to focus even more than they were on (production) uptime and operating efficiencies which have risen dramatically over the last two years," Premier Chief Executive Tony Durrant told Reuters. "We''ve been at over 90 percent operating efficiency and a lot of the other players are very high as well. If you roll back to 2012-2013, then the North Sea had a shocking record of about 65 percent," he said. North Sea relief - a map of major oil projects: here DEEP BLUE GIANTS Reuters research shows a range of projects by majors and smaller companies coming onstream in the next two years or so. The giant Johan Sverdrup project by Norway''s Statoil starts pumping 440,000 bpd in 2019, rising to 660,000 bpd by 2022. BP is revitalising the ageing Schiehallion and Loyal fields off the Shetland Islands with its Quad 204 project, adding 130,000 bpd to production. Mark Thomas, BP''s regional president for the North Sea, said in September that BP''s cost of production had fallen to about $16 or $17 a barrel from above $30 in 2014. FGE analyst James Davis said oil firms had drawn up development plans for old fields and delayed decommissioning dates to increase output beyond expectations and at lower cost. "There is the obvious hurdle of limited remaining reserves, but operators appear to be positioning themselves to extract as much as possible out of what is left, at relatively low costs," he said. Small explorers have tapped existing infrastructure to make little fields profitable, often relying on new technology. Hurricane Energy, which specialises in extraction from naturally fractured rock, last week more than doubled the amount of oil it estimated was recoverable from its Lancaster field. "The game has changed, but the North Sea hasn''t gone away," Malcolm Graham-Wood of consultant Hydrocarbon Capital told online markets platform StockTube in March. In January and February, the North Sea market attracted about $4 billion in acquisitions. But industry lobby Oil & Gas UK has said that without sustained investment as many as 80 oilfields could shut by 2020. "We are in a period where we are staving off the overall decline in the North Sea, partly through efficiencies, partly through a group of new projects," FGE''s Davis said. (Additional reporting by Nerijus Adomaitis in Oslo; Graphics by Gustavo Cervantes in Singapore; Editing by Edm
'12895cfffa687e1df6f2138ea649023142edb97a'|'UK venture firm Notion wins overseas backers to avert Brexit fund gap'|' 14am BST UK venture firm Notion wins overseas backers to avert Brexit fund gap By Eric Auchard - FRANKFURT FRANKFURT UK-based business software venture capital firm Notion Capital has increased funding for European business software start-ups by bringing in new investors from the United States and the Middle East, the firm said on Tuesday. The venture firm said it has brought in additional international investors including Cisco Systems, the U.S. endowments of Emory University and Texas A&M and an unnamed sovereign wealth fund from the Middle East. These moves means it now draws fully half its funding from outside Europe, ensuring the London-based firm has alternative financing sources to the European Investment Fund (EIF), a current major backer, after Britain completes its planned withdrawal from the European Union. ( reut.rs/2qLOMFd ) Notion is Europe''s largest dedicated financer of business-to-business, cloud-based software firms, with $300 million of assets under management. It also closed a new $80 million (61.9 million pounds) growth equity fund to make follow-on bets on its most successful ventures, rather than turning to outside investors, often from the United States, to fund companies in later stages of growth. The firm said it had expanded and completed its third venture fund, raising $140 million, a 40 percent increase from its second fund. Two of its most successful early investments - marketing firm NewVoiceMedia, which has raised $141 million to date, and invoicing platform Tradeshift, with $182 million in funding - are ready to consider stock market flotations over the next two years, Managing Partner Stephen Chandler said in an interview. Other current investments include money transfer firm Currencycloud, financial contract processor Dealflo, direct debit bill collector GoCardless, hotel booking site TripTease and human resources software maker Workable. Around 40 percent of the companies Notion funds are located in Britain, with the rest spread across Europe. The focus on Britain reflects the fact that the country remains the centre for business software firms, Chandler said. The venture firm, led by partners who built security firm MessageLabs and sold it to Symantec for around $700 million, named as new partners Chrys Chrysanthou, formerly of Cisco, Amazon Web Services and Accel Partners, and Patrick Norris, a serial entrepreneur and former Morgan Stanley banker. (Reporting by Eric Auchard, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-venturecapital-notion-idUKKCN18C0U6'|'2017-05-16T17:14:00.000+03:00'
'a7246a9691c8773c5dcc0fcb10b26004c731173f'|'Merck KGaA considers transferring its units into subsidiaries'|'Deals - Tue May 16, 2017 - 11:24am BST Merck KGaA considers transferring its units into subsidiaries A logo of drugs and chemicals group Merck KGaA is pictured in Darmstadt, Germany January 28, 2016. REUTERS/Ralph Orlowski FRANKFURT Germany''s Merck KGaA ( MRCG.DE ) said it was looking into shifting its diversified chemicals and healthcare businesses into separate subsidiaries next year. "The internal processes and structures shall be orientated more consequently towards the continuing growth dynamic of the sectors," the family-controlled group said in a statement on Tuesday. "The planned measures and their concrete form are still subject to further review and decision-making by the Executive Board and other responsible bodies. According to the current status, implementation should largely take place in 2018," it added. (Reporting by Ludwig Burger; Editing by Edward Taylor)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-merck-restructuring-idUKKCN18C12G'|'2017-05-16T18:07:00.000+03:00'
'743b66b727844754447aa3fe86dbf8aa88e673f8'|'JSW Steel Q4 profit triples on higher prices'|'MUMBAI India''s JSW Steel Ltd fourth-quarter profit more than tripled, helped by higher steel prices and volumes and government support for local mills.The company, which has the highest local steel manufacturing capacity, reported a consolidated total profit of 10.09 billion rupees ($157.41 million) for the three months ended March 2017 as against 3.01 billion rupees a year ago.Analysts had, on average, estimated the steelmaker to post a profit of 7.76 billion rupees, according to Thomson Reuters data.Revenue from operations rose 52.5 percent on year to 179.17 billion rupees as the company ramped up production from newly-built capacity at its flagship plant in Karnataka.($1 = 64.1000 Indian rupees)(Reporting by Promit Mukherjee; Editing by Biju Dwarakanath)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/jsw-steel-results-idINKCN18D18H'|'2017-05-17T18:50:00.000+03:00'
'536445b3f81cccc7499cf2c0687fe4dfccc61c01'|'UPDATE 2-Congo plans to re-introduce mining code revision next week'|'KINSHASA Democratic Republic of Congo''s government plans to re-introduce legislation in parliament next week to revise the mining code a year after withdrawing it amid fierce opposition from mining companies, the mines minister told Reuters on Friday.The government of Africa''s largest copper producer suspended consideration of the revised code in March 2016 due to low commodity prices. Companies said its increased royalties and shortened stability clauses would make their projects unprofitable.Mines Minister Martin Kabwelulu did not say whether the legislation, aimed at boosting government revenues, would be identical to the earlier proposal to replace the current code, which was passed in 2002."We look forward to presenting our point of view on the outstanding points ... notably on stability clauses, the royalty rates and the exchange rate used for VAT reimbursements," John Nkono, secretary-general of the industry-led Chamber of Mines, told Reuters.Major investors in Congo''s mining sector include Glencore, Randgold Resources and China Molybdenum. In addition to copper, the country mines significant quantities of cobalt, gold, diamonds and tin.Congolese activist groups dispute the companies'' claim that the reforms would make them unprofitable and say the higher revenues that would be generated by a new code are vital to supporting public services.Low commodity prices since 2015 have left the government in desperate need of cash and caused the franc currency to lose half its value since last year. The mining and oil sectors account for about 95 percent of export revenues.Congo''s copper production jumped more than 20 percent in the first quarter of this year as prices recovered. The Chamber of Mines expects annual production to hit about 1.5 million tonnes in 2018, up from around 1 million in 2016.(Reporting by Aaron Ross; Editing by Joe Bavier and Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-congo-mining-idUSKCN18F0XD'|'2017-05-19T18:16:00.000+03:00'
'e5d426d68baa429df36904c7e28a370e01fd2930'|'Ireland says quite confident tax take will get back on track'|'Business   3:59pm BST Ireland says quite confident tax take will get back on track Ireland''s Minister for Finance Michael Noonan speaks at the opening of the new Central Bank of Ireland offices in Dublin, Ireland April 24, 2017. REUTERS/Clodagh Kilcoyne DUBLIN The Irish government agency responsible for collecting tax believes tax revenues will correct themselves by the year-end after falling 2.4 percent below target at the end of April, Finance Minister Michael Noonan said on Thursday. "The Revenue Commissioners are still quite confident that the figures will right themselves as the year goes by but I think we can safely say at this stage that we will not have the kind of overrun in tax receipts which we had for the last two years," Noonan told parliament. "We''ll have a better idea when the May and June receipts come in. By the half year we''ll see if the initial concerns are justified or if things are righting themselves." (Reporting by Padraic Halpin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-economy-tax-idUKKCN18E25K'|'2017-05-18T22:59:00.000+03:00'
'f63ffbc8cb6f4e1dda3bef90cb32880040d01339'|'Japan''s Sharp to invest $1 billion in SoftBank''s ''Vision'' Tech Fund'|'TOKYO Sharp Corp said on Thursday it would invest up to $1 billion in SoftBank Group''s planned $100 billion Vision fund and that it aims to tap advanced technologies through the investment.Taiwan''s Foxconn, the parent of Sharp, has also said it intends to invest in the fund, as well as Apple Inc and chipmaker Qualcomm Inc.SoftBank Chief Executive Masayoshi Son said earlier this month that the tech fund, which would be one of the world''s largest private equity investors, is expected to be finalised soon.(Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/softbank-group-sharp-idINKCN18E1C0'|'2017-05-18T08:46:00.000+03:00'
'3e0e156b2cdd71a17b0f76029629ac75d8f77015'|'Hedge fund Hoplite pitches Nike as long bet, sees shares doubling'|'Funds   3:11pm EDT Hedge fund Hoplite pitches Nike as long bet, sees shares doubling LAS VEGAS May 18 Hedge fund Hoplite Capital Management''s John Lykouretzos on Thursday pitched Nike Inc as a favorite long position, saying that its stock price could double within three years amid strong international growth. Speaking at the SkyBridge Capital''s annual SALT hedge fund conference, the fund manager called Nike a marketing and innovation company. Its stock is relatively inexpensive, trading at its cheapest level in seven years, he said, noting that strong sales should help boost that. Sales could hit $50 billion by 2020, up from $32.4 billion now, Lykouretzos said. (Reporting by Svea Herbst-Bayliss; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hedgefunds-salt-hoplite-idUSL2N1IK1X2'|'2017-05-19T03:11:00.000+03:00'
'1264ecf4696ef47890e4c2fee55ab3db6dee671a'|'U.S. FCC to take initial vote to roll back Obama-era internet rules'|'Market News - Thu May 18, 2017 - 5:00am EDT U.S. FCC to take initial vote to roll back Obama-era internet rules By David Shepardson May 18 The U.S. Federal Communications Commission will hold an initial vote on Thursday on a Republican plan to reverse the Obama administration''s 2015 "net neutrality" order. FCC chairman Ajit Pai disclosed in April the agency may withdraw "bright line" rules barring internet companies from blocking, throttling or giving "fast lanes" to some websites. The debate over the future of the internet has received less attention than it did in 2015, with many focused on other issues such as President Donald Trump''s May 9 firing of FBI director Jim Comey and its aftermath. "In the rubble of this week, the FCC is formally starting the process of destroying net neutrality," Senator Brian Schatz, a Democrat, said on Wednesday. A number of Democratic senators plan to attend a rally on Thursday outside the FCC meeting with opponents. The other Republican on the FCC, which currently has three members, supports Pai. The public will have until mid-August to offer comments before the FCC votes on a final plan. Pai said in April he wants the FCC to repeal the rules that reclassified internet service and tightly regulated providers as if they were utilities. He thinks the 2015 open internet rules were unnecessary and harm jobs and investment. "We were not living in some digital dystopia before the partisan imposition of a massive plan hatched in Washington saved all of us," Pai said in April. Pai wants public input on whether the FCC should keep its "bright line" rules, and said his decision would depend partly on the comments. He has not committed to retaining any rules, but said he favors an "open internet." Facebook Inc, Alphabet Inc and others back net neutrality rules, saying they guarantee equal access to the internet. Broadband providers AT&T Inc, Verizon Communications Inc and Comcast Corp oppose the 2015 order, saying it would discourage investment and innovation. Internet providers insist they will not engage in blocking or throttling even in the absence of rules, but critics are skeptical. "That<61>s like asking a kid to ''voluntarily'' swear not to stick his hands in the cookie jar. It just won<6F>t happen," Senator Edward Markey, a Democrat, said on Wednesday. Comcast, Charter Communications Inc and Altice NV''s U.S. unit signed an advertisement Wednesday saying they are "committed to an open internet that gives you the freedom to be in charge of your online experience.... We do not block, throttle or otherwise impair your online activity." (Reporting by David Shepardson; editing by Grant McCool) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-fcc-neutrality-idUSL2N1IJ1WN'|'2017-05-18T17:00:00.000+03:00'
'deecc564552a54c3d53a82b34e3dad2753fafef3'|'Macron emphasises EU by naming Le Drian to French foreign ministry'|'  Macron emphasises EU by naming Le Drian to French foreign ministry PARIS May 17 France''s outgoing defence minister Jean-Yves Le Drian was appointed to head up a newly created Europe and Foreign Ministry on Wednesday, a move cementing Emmanuel Macron''s campaign pledge to focus on giving the European Union a new impetus. The 69-year-old Le Drian is a longstanding close friend of former Socialist President Francois Hollande, a rare popular minister in Hollande''s deeply unpopular government and an experienced political heavyweight by the standards of some of his new ministerial colleagues. He backed Macron early on, and had been tipped to retain the defence portfolio. The decision to put Sylvie Goulard, a European expert, into his old role instead, further emphasises Macron''s European push. Le Drian will also be supported on the Europe portfolio by junior minister Marielle De Sarnez, a centrist European expert who has been a member of the European parliament since 1999. An advocate of closer EU integration, Macron backs a "multi-speed" Europe, an idea that has earned growing support in Germany and other EU countries since Britain voted to leave the bloc. In the past, France has often been seen by its allies as an intransigent, go-it-alone power because of its military interventions in arenas like Libya, the Middle East and the Sahel. Macron wants deeper security cooperation with Europe, but he may find it hard to break the mould of predecessors Francois Hollande and Nicolas Sarkozy. "This shows Europe is the priority," a French diplomatic source said of the fact that the foreign ministry portfolio does not usually officially include Europe. "He''s very serious and well-liked but doesn''t know that much about foreign affairs." Le Drian was seen as the driving force behind France''s counter-terrorism operations in West Africa and the Middle East, and a key player in efforts to fight the threat from Islamist militants at home by putting some 10,000 soldiers on the streets of France. A former university history teacher, he has spent 35 years in politics and is president of the Brittany region. He is also credited with leading a resurgence in French weapons'' exports that have resulted in billions of euros in deals, including the first exports of the Rafale fighter jet made by french companies Dassault Aviation and Thales . Keeping him in government should also ensure continuity in negotiations currently underway. (Reporting by John Irish; Editing by Andrew Callus)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/france-election-government-foreign-idUSL8N1IJ4EC'|'2017-05-17T22:32:00.000+03:00'
'6b08451eab12a3edd8abf36bb792bee4fd9b4f7d'|'UPDATE 1-SQM governance changes no signal of Potash Corp interest in bigger stake-CEO'|'(Adds comment about stake decision, background on SQM)By Rod NickelNEW YORK May 18 Governance changes at Chile lithium producer SQM, which give shareholder Potash Corp of Saskatchewan greater influence, do not reflect any intent by Potash to raise its stake, Potash Corp''s chief executive said on Thursday.Three top shareholders in SQM have agreed to change the way board decisions are made at the global supplier of lithium, a move that will see controlling shareholder Julio Ponce cede some power and Canada''s Potash Corp gain more say."It doesn''t demonstrate any intention," CEO Jochen Tilk told Reuters in New York. "We''ll move forward on improved governance and that''s really all that there is at this point - no reflection on any further strategic thinking."Potash Corp holds just over 30 percent of SQM and has three board seats. Tilk has previously said it is reviewing whether to increase or divest that stake, and shares in three other companies.Those decisions will be made after a planned merger between Potash and Agrium Inc, which is scheduled to close in mid-2017, Tilk said. (Reporting by Rod Nickel in New York, editing by G Crosse and Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/potashcorp-ceo-idINL2N1IK1US'|'2017-05-18T16:56:00.000+03:00'
'8379765b38ffc88e3db391d33c74cc497ded9014'|'General Electric to assemble gas turbines in Nigeria next year'|'Big Story 10  10am EDT General Electric to assemble gas turbines in Nigeria next year A sign marks a General Electric (GE) facility in Medford, Massachusetts, U.S., April 20, 2017. REUTERS/Brian Snyder By Oludare Mayowa - LAGOS LAGOS General Electric (GE) plans to launch a gas turbine assembly plant in Nigeria next year and has invested over $100 million as it seeks to tap growing demand for gas-fired power plants in Africa''s biggest economy, its local CEO said on Thursday. Lazarus Angbazo said GE wants to support the development of Nigeria''s gas reserve which is largely untapped, adding that the U.S. company has invested in some local power plants. Nigeria privatized its electricity sector in 2013, aiming to end decades of blackouts which have hampered economic growth. Most of the plants it sold were gas-fired, operating below capacity due to inadequate gas supply. Officials say demand for gas in Nigeria is estimated to rise to 3 billion standard cubic feet (scuf) per day by 2017 from 1.2 billion scuf per day in 2015, ten times the 300 million of eight years ago. OPEC member Nigeria has the world''s ninth largest proven gas reserves at 187 trillion scuf. Last month state-oil firm NNPC said it wanted to more than triple gas supply for local use by 2020. Angbazo said construction work on the plant which is located in the southeastern Nigerian city of Calabar is expected to be completed in December. Operations will start in the first quarter, the company told Reuters by email. GE has made a bid for a $2 billion railway project to connect Nigeria''s northern cities to the south of the country and could expand its plant to include locomotive assembly. "We are already in talks with major haulage companies in the country to secure their buy-in on the project," Angbazo said. (Writing by Chijioke Ohuocha, editing by Ed Osmond)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ge-plant-nigeria-idUSKCN18E26S'|'2017-05-18T23:02:00.000+03:00'
'8600e404e21bf5a4e0990b617838d84a111cc6cd'|'Oil prices dip as supplies remain ample despite production cuts'|'Business News - Thu May 18, 2017 - 3:04am BST Oil prices dip as supplies remain ample despite production cuts FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil prices dipped on Thursday, weighed down by plentiful supplies despite an ongoing effort led by OPEC to cut production in order to tighten the market and prop up prices. Brent crude futures LCOc1 were down 21 cents, or 0.4 percent, from their last close at $52 per barrel at 0148 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.88, down 19 cents, or 0.4 percent. The downward correction partly reversed gains from the previous session when prices rose on the back of a drawdown in U.S. crude inventories and a slight dip in American production. The U.S. Energy Information Administration said on Wednesday that crude inventories USOILC=ECI fell 1.8 million barrels for the week to May 12, to 520.8 million barrels. However, the drawdown was smaller than expected, and many traders say there is still more oil in the system than the market can absorb. "The fall in stockpiles undershot the expectation of a 2.36 million draw," said Greg McKenna, chief market strategist at futures brokerage AxiTrader. Overall oil supplies remain ample, with large amounts of crude from the United States and other producers being shipped to the big consumer regions in northern Asia, undermining OPEC-led efforts to tighten the market. The Organization of the Petroleum Exporting Countries (OPEC) and some other producers including Russia have pledged to cut production by almost 1.8 million barrels per day (bpd) during the first half of 2016, a deal likely to be extended until the end of March 2018. Other producers have been quick to fill any potential supply gap. Shipping data in Thomson Reuters Eikon shows that U.S. oil exports to Asia have soared from just a handful of tankers per quarter throughout 2015 and 2016, to 10 tankers in the first quarter of this year, a figure that is expected to rise in the second quarter. North Sea oil shipments to Asia have also been at record highs this year, with almost 19 tankers registered to have been shipped in Q1, and a similar amount expected to go to Asia in the second quarter. (Reporting by Henning Gloystein; Editing by Joseph Radford and Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKCN18E06K'|'2017-05-18T10:03:00.000+03:00'
'588978325327fbe7b78ef14c2792f646d874d639'|'Japan economy expands at fastest pace in a year in January-March'|'Business News - Thu May 18, 2017 - 1:17am BST Japan economy expands at fastest pace in a year in January-March People cross a street in the Shinjuku shopping and business district in Tokyo, Japan May 17, 2017. REUTERS/Toru Hanai By Leika Kihara and Minami Funakoshi - TOKYO TOKYO Japan''s economy expanded at the fastest pace in a year in the first quarter, government data showed on Thursday, heightening prospects of a steady recovery driven by robust global demand. The data offers some relief to Bank of Japan policymakers, who are hoping that the economy gathers momentum enough to drive up wage growth and inflation, which remain low on soft household spending. The world''s third-largest economy grew an annualised 2.2 percent in January-March, Cabinet Office data showed, exceeding a median market forecast for a 1.7 percent rise and marking the fifth straight quarter of expansion. It was the fastest pace of expansion since January-March last year and followed a revised 1.4 percent rise in the October-December period. Private consumption, which accounts for roughly 60 percent of gross domestic product (GDP), increased 0.4 percent in the first quarter, matching market forecasts and posting its fifth straight quarter of increases. Capital expenditure gained 0.2 percent in the first quarter, confounding market expectations for a 0.4 percent fall. Offshore demand, or exports minus imports, added 0.1 percentage point to growth, a sign that improvements in overseas economies underpinned Japan''s recovery. Japan''s economy has shown signs of life with exports and factory output benefiting from a pick-up in overseas demand. But consumer prices are barely rising as companies remain wary of increasing wages, keeping the BOJ under pressure to maintain its massive stimulus despite signs of strength in the economy. (Reporting by Leika Kihara and Minami Funakoshi; Additional reporting by Tetsushi Kajimoto; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-gdp-idUKKCN18E00Z'|'2017-05-18T08:17:00.000+03:00'
'005ea5f08eb3a21bfb0765fe3eb4b74d5841b033'|'UPDATE 1-UK Stocks-Factors to watch on May 17'|'(Adds company news, futures)May 17 Britain''s FTSE 100 index is seen opening 24 points lower on Wednesday, according to financial bookmakers, with futures down 0.25 percent ahead of the cash market open.* STANDARD LIFE: Insurer and asset manager Standard Life is likely to choose Dublin as the base for its European Union subsidiary after Britain leaves the bloc, its chairman said.* FOXTONS: London-focussed estate agent Foxtons said on Wednesday that its first quarter revenue slumped 25 percent as sales commissions almost halved, the latest slump in performance from the firm which once symbolised the capital''s property boom.* DOLPHIN: British wealth manager Brewin Dolphin on Wednesday posted a 6.8 percent rise in first-half funds under management to 37.8 billion pounds ($48.89 billion), boosted by market gains and net inflows.* LLOYDS: Britain is set to sell its remaining stake in Lloyds Banking Group on Wednesday, making the lender the first to re-emerge from British state ownership in a symbolic step for the country''s recovering banking sector.* VODAFONE: Vodafone Chief Executive Vittorio Colao said he was optimistic Britain would secure a Brexit deal that works for both sides because there was so much at stake for over 500 million European citizens.* TATA STEEL/PENSION: India''s Tata Steel has agreed the main terms of a deal to cut benefits for its British pension scheme in a move that will see the firm back a new plan that will pose less risk to the company.* BRITAIN PROPERTY: The amount of empty office space in London has jumped over the past 15 months and is likely to rise again despite potential for a post-Brexit business exodus that could drive down rental values, a survey showed on Wednesday.* MINERS: Major mining companies, including some of the world''s biggest suppliers of fossil fuel, are seeking to use more renewable energy themselves as they strive to drive down costs and curb emissions.* The UK blue chip index ended up 0.9 percent on Tuesday, with telecoms stocks and consumer staples providing the impetus, while energy stocks supported gains as the price of crude rose.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS> Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/britain-stocks-factors-idINL4N1IJ2DU'|'2017-05-17T04:40:00.000+03:00'
'e589962c0708dc7895f9d7eec65ffe6a15165393'|'METALS-London copper prices steady, China outlook drags'|'SYDNEY May 17 London copper traded flat on Wednesday, stymied by expectations of slowing growth in the economy of top metals consumer China.After clocking 6.9 percent in the first quarter thanks to spending on infrastructure and a property boom that policymakers want to rein in, analysts surveyed by Reuters reckon 2017 economic growth will just about make Beijing''s target of 6.5 percent as it slows over the rest of the year.China accounts for nearly half the world''s demand for copper, widely used in construction and infrastructure.FUNDAMENTALS* LONDON COPPER: Three-month copper on the London Metal Exchange stood unchanged at $5,611 a tonne by 0127 GMT, after marking a modest 0.04-percent rise overnight.* SHANGHAI COPPER: The most-traded copper contract on the Shanghai Futures Exchange was up 0.11 percent to 45,340 yuan ($6,586) a tonne.* NICKEL MINE: Vale Canada said on Tuesday it would suspend operations at its Birchtree nickel mine in the province of Manitoba on Oct. 1 because of weak nickel prices and declining ore grades as the small, 51-year-old mine nears the end of its life.* BHP: Activist investor Elliott Management raised the pressure for strategic changes at BHP on Tuesday, calling for an independent review of the mining giant''s petroleum business.* CHINA GROWTH: China''s growth is set for its weakest patch since the global financial crisis as authorities pull back on stimulus* CHINA BANKERS: China''s banking regulator tightened disclosure rules on lenders'' wealth management products. Separately, the China Banking Regulatory Commission unveiled plans to publish a flurry of regulations later this year to control financial risks.* LMW LEAD: LME lead was up around 0.8 percent at $2.084 a tonne after sliding to a four-month low overnight. Lead is mainly used in the manufacture of car batteries. ShFE lead dipped by 0.48 percent to 15,675 yuan.* For the top stories in metals and other news, click orMARKETS NEWS* U.S. share futures and the dollar slipped in early Asian trade on Wednesday after reports that President Donald Trump asked then-FBI Director James Comey to end a probe into his former security adviser.DATA AHEAD (GMT) 0900 Euro zone Inflation final AprPRICESThree month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.8840 Chinese yuan renminbi)(Reporting by James Regan; Editing by Joseph Radford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-metals-idINL4N1IJ17M'|'2017-05-16T23:54:00.000+03:00'
'6aec6e22533f98e5915a7ce82146ab208665b4ad'|'Merck KGaA considers transferring its units into subsidiaries'|'By Ludwig Burger - FRANKFURT FRANKFURT Germany''s Merck KGaA ( MRCG.DE ) is considering shifting its chemicals, healthcare and biotech supplies operations into separate subsidiaries next year to better manage its diversified businesses.The company''s enterprise resource planning system will be divided into three bespoke versions for each division, the company said on Tuesday, adding that a split into separate legal entities could be the next step in 2018.Such moves are often seen as a prelude to possible changes in ownership, including separate stock market listings, but a company spokesman denied this is the intention."The rationale is a different one," he said. "It''s primarily about better taking into account the specific needs of the businesses and how they are being run."Our portfolio has changed massively over the years, due to innovation and organic growth, but also via takeovers."The group, which traces its roots to a 17th-century pharmacy and is 70 percent owned by the holding company of its founder''s descendants, has pursued a diversified business model to reduce the risk of the family being heavily invested in one area.It has built a global biotech laboratory supplies business with takeovers of Millipore and Sigma-Aldrich in 2010 and 2016, respectively.Merck''s healthcare business includes cancer drugs, where it collaborates with Pfizer ( PFE.N ), fertility treatments, allergy drugs and consumer care products, while its chemicals division makes liquid crystals for TV screens, high-tech chemicals for electronics and pearlescent pigments.(Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-merck-restructuring-idINKCN18C12G'|'2017-05-16T08:24:00.000+03:00'
'5e7e31a1e4dab07f0ab1f00c8bb6c28ccbec7801'|'Spain signals satellite firm of strategic interest in Abertis bid'|'  4:28pm BST Spain signals satellite firm of strategic interest in Abertis bid FILE PHOTO: Abertis''s logo is seen during a news conference in Barcelona, Spain, April 12, 2016. REUTERS/Albert Gea/File Photo By Sonya Dowsett - MADRID MADRID Spain signalled on Tuesday that satellite business Hispasat is a strategic asset which will be monitored if its majority-owner Abertis ( ABE.MC ) is bought by Italy''s Atlantia ( ATL.MI ). Atlantia''s 16.3 billion euro bid (<28>14 billion) for Abertis, which would create the world''s biggest toll road operator, resuscitated a similar cross-border merger which fell through ten years ago due to opposition from the Italian government. Abertis and its biggest shareholder, Criteria, said on Monday that they would consider the bid but it may take months to respond. Criteria will seek the opinion of the government and other institutional investors before making a response, sources with knowledge of the matter said on Monday. The Spanish government would not interfere in the Italian infrastructure company''s offer for Abertis, which was a matter between private companies, Spain''s Economy Minister Luis de Guindos told journalists after an event in Barcelona. However, Hispasat, competition law and the future of Abertis-owned road concessions in Spain that are about to expire are points of interest for the Spanish government. "Everything surrounding Hispasat will be carefully studied. It is a strategic asset for the government. It has its own set of rules and implications," de Guindos said. Hispasat controls Spain''s national satellite communications system. Abertis has a 57.05 percent stake, while the government owns more than 9 percent through public companies. Alongside competition law, other points of national interest could be the future of Spanish motorway concessions owned by Abertis that are up for renewal soon, de Guindos said. Atlantia Chief Executive Giovanni Castellucci said on Tuesday it was now up to the Spanish to decide. "I will relax only after the Spanish market authority and Abertis board have given their green light (to our takeover offer)," he told Italian newspaper Il Sole 24 Ore on Tuesday. Abertis shares were little changed on Tuesday, trading at 16.32 euros, just below Atlantia''s 16.5 euro offer for the stock. Atlantia was 1.5 percent higher. (Additional reporting by Rodrigo de Miguel, Jesus Aguado in Madrid and Francesca Landini in Milan; Editing by Angus Berwick)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-abertis-m-a-government-idUKKCN18C1XM'|'2017-05-16T23:28:00.000+03:00'
'64227ee192afa9084617d72e75ec0feb3a0c25f0'|'BRIEF-India''s Punjab & Sind Bank March-qtr profit falls about 92 pct'|'May 16 Punjab & Sind Bank* March quarter net profit 83.3 million rupees versus net profit of 981.2 million rupees year ago* March quarter interest earned 19.62 billion rupees versus 21.27 billion rupees year ago* March quarter provisions 3.99 billion rupees versus 2.67 billion rupees year ago* March quarter gross NPA 10.45 percent versus 9.40 percent previous quarter* March quarter net NPA 7.51 percent versus 6.84 percent previous quarter* Says did not recommend any dividend Source '|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/brief-indias-punjab-sind-bank-march-qtr-idINFWN1II09A'|'2017-05-16T06:32:00.000+03:00'
'242569ff9dbfbfdf1ebef91d2d6fc53b5ef27124'|'Manchester United lifts full-year revenue and profit guidance'|'Tue May 16, 2017 - 12:53pm BST Manchester United lift full-year revenue and profit forecast FILE PHOTO: A Manchester United supporter wears an ''anti-Glazer'' protest scarf before their English Premier League soccer match against Liverpool at Old Trafford in Manchester, northern England March 21, 2010. REUTERS/Russell Cheyne English Premier League soccer club Manchester United ( MANU.N ) raised its full-year revenue and profit forecast for 2016-17 as it prepares for the Europa League final next week. United, whose best known players include Paul Pogba and Wayne Rooney, said it expected to report full-year revenue between 560-570 million pounds, better than its previous forecast of between 530-540 million pounds. The club also increased its forecast for earnings before interest, tax, depreciation and amortization (EBITDA) to 185-195 million pounds for 2016-17. Its previous forecast was for a figure of between 170 and 180 million pounds. "We look forward to a strong finish to 2016-17, both on and off the pitch," said Executive Vice Chairman Ed Woodward. United are currently only in sixth spot in the 20-team Premier League but have reached the final of the Europa League. Victory over Ajax Amsterdam in the final on May 24 would be rewarded with a place in next season''s Champions League, Europe''s most lucrative club competition. Controlled by the American Glazer family, United have won the English league title a record 20 times but had slipped from their own lofty standards in recent seasons. However, the club lifted its first title under its new coach Jose Mourinho, winning the League Cup in February by beating Southampton 3-2 at Wembley. Broadcasting revenue grew 12.9 percent to 31.4 million pounds ($40.5 million) for the quarter ended March 31, primarily due to the impact of the new Premier League broadcasting agreement, the club said. Total revenue for the quarter grew 3.1 percent to 127.2 million pounds. However, EBITDA for the three months fell to 30 million pounds from a record 44.9 million pounds a year earlier. (Reporting by Rahul B in Bengaluru; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-manchester-utd-results-idUKKCN18C1C0'|'2017-05-16T19:24:00.000+03:00'
'74e16ae87e26bd44e71adb28e0371cb4ce696043'|'IranAir receives ATR turboprops for regional growth'|' 42pm BST IranAir receives ATR turboprops for regional growth The logo of IranAir is pictured in Colomiers, near Toulouse, France, January 11, 2017. REUTERS/Regis Duvignau By Tim Hepher - TOULOUSE, France TOULOUSE, France IranAir took delivery of four European turboprop aircraft on Tuesday, as it extended the renewal of its aging fleet under an international sanctions-lifting deal to regional cities. The first of 20 ATR 72-600s ordered by IranAir were handed over at Franco-Italian planemaker ATR''s Toulouse headquarters and are scheduled to arrive in Tehran on Wednesday. The deliveries will bring to seven the number of new Western aircraft delivered to Iran since trade reopened under a deal between Tehran and major powers to ease sanctions in exchange for restrictions on Iran''s nuclear research activities. IranAir is mostly rebuilding its fleet with deals to buy a total of 180 Airbus and Boeing passenger jets, but the arrival of ATR 70-seat planes is aimed at underserved local economies. IranAir aims to cover a populous arc in Iran''s northwest and northeast and may eventually base some of the ATR planes in the Caspian city of Rasht, Chairman Farhad Parvaresh told Reuters. A similar model could ultimately be established in Bandar Abbas in the south. "This is the plan, a commercial plan, but of course it might change," Parvaresh said, speaking on board the first aircraft. Currently, 90 percent of IranAir''s domestic traffic revolves around 10-12 airports, but a lower tier of destinations fail to met their potential due to a lack of small planes. "We hope very much that with this type of aircraft we can connect the small cities to the mega cities," Parvaresh said. "As the number of aircraft increases, we will increase this hub-and-spoke pattern inside the country with the small airports," he added. "But in addition to domestic routes we can also use them in the future to connect ... Iran''s border cities to the border cities of our neighbours, for which it is not always economical to use bigger aircraft." Such routes might include Kish to Dubai, Lar to Qatar''s capital Doha or traffic between Tabriz in Iran''s Azerbaijan region and the Azeri capital Baku. Each ATR 72-600 is worth $26.8 million at list prices but planes typically trade at a discount. IranAir plans to take the remaining 16 by end-2018, including another five this year. It has so far received three Airbus jets and will get another by end-year. The first Boeing is due around May 2018. Despite the lifting of nuclear-related sanctions, Iran continues to faces hurdles in financing long-term purchases because banks are nervous of infringing separate U.S. sanctions. For now, officials say it is paying for aircraft in cash but that this money will serve as deposits for later deliveries. "Financing is going ahead but it is not finalised yet," Parvaresh said. The deal between IranAir and ATR - co-owned by Airbus ( AIR.PA ) and Italy''s Leonardo LDOF.PA - includes a training program for Iranian pilots and engineers. (Reporting by Tim Hepher; Editing by Edwina Gibbs and Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-iran-aviation-idUKKCN18C0CF'|'2017-05-16T21:40:00.000+03:00'
'bee6871336b4e28660f628648812e9e444f7ce9a'|'EU to ''re-engineer'' capital market after Brexit - EU document'|'Business News  41pm BST EU to ''re-engineer'' capital market after Brexit: EU document FILE PHOTO: A European Union flag is waved in front of Big Ben and the Houses of Parliament in London, Britain, February 20, 2017. Picture taken February 20, 2017. REUTERS/Toby Melville LONDON Brexit has forced the European Union to rethink its flagship capital markets union (CMU) project by broadening its supervisory and geographical reach, a draft EU document showed on Wednesday. London is the bloc''s biggest financial market by far but it will be outside the EU from 2019. The departure of the largest financial center from the single market makes it necessary to re-assess how the CMU can ensure the businesses in the bloc have access to strong capital markets, the document written by the European Commission and seen by Reuters said. "This calls for stronger actions, more effective supervision and making sure that the benefits of the CMU are felt across the entire EU," they said. "The City of London has traditionally pooled liquidity and provided risk management services for the rest of the EU. The departure of the UK from the single market reinforces the need and urgency of further developing and integrating EU capital markets." A "deep re-engineering" of the financial system is necessary and this "implies finding ways to integrate sustainability into the EU''s regulatory and financial policy framework", and to broaden the "geographical reach of capital markets". (Reporting by Huw Jones; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-markets-regulations-idUKKCN18D2BB'|'2017-05-18T01:37:00.000+03:00'
'26558a58d62cbf2f3774e76e84f3282c4e4ef0ce'|'Google opens up digital assistant to iPhone'|'By Julia Love Alphabet Inc<6E>s ( GOOGL.O ) Google said on Wednesday it would make its digital assistant available on Apple Inc<6E>s ( AAPL.O ) iPhone, making a play for the higher end of the smartphone market and challenging Apple''s Siri feature on its own devices.The announcement heralds a step by Google, whose Android system runs on the majority of the world''s smartphones, to get a foothold on Apple''s phones, which have smaller market share but are used by people who tend to spend more on technology.It comes as Google, Apple and Amazon.com Inc ( AMZN.O ) are competing to establish the dominant voice-powered digital assistant, which many in the industry believe will supplant keyboards and touch screens as a primary way that users interact with technology.Speaking at an annual developer conference in Mountain View, California, Google Chief Executive Sundar Pichai touted the company''s progress with the Google Assistant, which allows users to complete various tasks through voice commands."Humans are interacting with computing in more natural and immersive ways," he said. "We<57>ve been using voice as an input across many of our products. We<57>ve had significant breakthroughs."The Assistant debuted last year on Google<6C>s own hardware, and the company has gradually extended the tool to devices from other manufacturers running on its Android operating system.Google, which gets most of its revenue from its dominant search engine, also released a host of new features for Google Home, a speaker released last year. Users will soon be able to make phone calls using the device, and the HBO Now streaming service, owned by Time Warner Inc ( TWX.N ), will be integrated as well.In addition, the company announced that it will offer physical photo albums through its photo app.(Reporting by Julia Love; Editing by Andrew Hay and Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/alphabet-developers-idINKCN18D2BV'|'2017-05-17T15:42:00.000+03:00'
'b37013949296072278a2a76030645d92277b2e3f'|'UPDATE 1-Israeli defence firm Elbit Systems Q1 profit, revenue up'|'Market News  16am EDT UPDATE 1-Israeli defence firm Elbit Systems Q1 profit, revenue up (Adds CEO comments, details, share reaction) By Tova Cohen TEL AVIV May 16 Israeli defence electronics firm Elbit Systems reported slightly higher quarterly net profit, boosted by a rise in revenue that was partly offset by increased research and marketing spending aimed at boosting future revenue growth. Elbit, Israel''s largest publicly traded defence firm, said on Tuesday it earned $1.21 per diluted share excluding one-time items in the first quarter, up from $1.20 a year earlier. The maker of drones, pilot helmet displays and cyber security systems said revenue grew to $749.2 million from $721.2 million. "In today''s geopolitical environment, we are seeing a trend of larger defence spending in many of our target markets, especially in the electronic defence sphere," Chief Executive Bezhalel Machlis said. Tensions in the South China Sea, Russia''s intervention in Syria and policies being pushed by U.S. President Donald Trump have been a boon for the defence sector, Machlis said. Elbit increased its R&D and marketing spending to capitalise on these growing opportunities, he told Reuters, adding the company had now reached an "appropriate" level for such spending. For the rest of the year, he said, "we expect to see continued growth in earnings, more than in the first quarter. The trend is clear." Research and development spending rose to $58.4 million in the first quarter from $56 million. Marketing expenses rose 8 percent while financial expenses increased to $8.6 million from $1.7 million as the year-earlier quarter benefited from a gain from exchange rate differences. In the United States, Elbit works with the Department of Defense and the Department of Homeland Security. Elbit has a contract for its border surveillance technology to electronically secure the U.S.-Mexican border in Arizona state. "I believe it will be expanded" both within Arizona as well as to other states, Machlis said. The only geographic region suffering right now is Latin America, he noted. Elbit''s order backlog rose to $7.07 billion at the end of March from $6.78 billion a year earlier. Elbit declared a dividend of 44 cents per share, unchanged from the fourth quarter. Shares of Elbit''s Tel Aviv-listed shares were down 1.25 percent at midday. (Editing by Steven Scheer and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/elbit-systems-results-idUSL8N1II1PL'|'2017-05-16T17:16:00.000+03:00'
'dfb1ddf32ff78d957e1899fec9569051aec763b6'|'Secret aid worker: ''resettling refugees was the bane of our lives'' - Global Development Professionals Network'|'<27>If you cannot help me, what are you actually doing here?<3F>It was a reasonable question, and one I often asked myself. The situation at the refugee reception centre in Khartoum where I worked was tough; hot, crowded and raucous. The man who posed the question looked much older and grizzled than his 40 years and had lived more of his life in Sudan than in his home country of Ethiopia . I had nothing for him: <20>I<EFBFBD>m afraid Sir, at this time, there is nothing the UNHCR can do for you<6F> I said, as I had said hundreds of times before. It was my mantra to be as honest as possible. I wanted no ambiguity, no false hope.Khartoum has become a hub of forced migration with those fleeing from Ethiopia and Eritrea making up the vast majority. Often they will come here via the refugee camps in the east of Sudan and use the city as a stepping stone to pay smugglers to take them to North Africa , where many then die attempting to get to Europe.Secret Aid Worker: After years in the field, I''ve lost my compassion Read more<72>But there are others who came to Sudan at the same time as me and they have been resettled to America,<2C> the man replied ignoring my attempt to fob him off. There was jostling in the queue behind him, people trying to catch my eye, wanting me to bring them forward to the front of the line.Resettlement, in fact, was the bane of our lives. Seen as the golden ticket out of Sudan, it was at the forefront of the thoughts of most refugees and asylum seekers. But as resettlement would only happen for a very limited number, it also destroyed community cohesion, with community members casting aspersions on the stories of potential resettlement candidates. Unjustified accusations of wrongdoing were thrown at my Sudanese colleagues, and it was the reason I was called so often to the reception. The Sudanese staff were not trusted to give an honest answer, but after a while of being wheeled out the refugees were starting to mistrust me too.Refugees are selected for resettlement based upon certain criteria, usually, but not always, vulnerability. But let<65>s be clear <20> this is not working, as the need always outpaces the numbers foreign countries are willing to take. The UNHCR and Sudanese government have around 16,000 refugees registered on its database but there is probably double this number who you could consider as <20>persons of concern<72>. Yet only a few hundred are resettled from Sudan each year. Those with a chance of a new life abroad also have to compete with refugees from other crises around the world. With resettlement places so scarce, it is no wonder that there<72>s bitterness towards those who seemingly denied them an opportunity of a new life abroad.<2E>I<EFBFBD>m sorry Sir but we look at each case on an individual basis,<2C> I said bringing out one of my well-worn explanations. <20>It<49>s not that I don<6F>t think you deserve resettlement, it<69>s just that you don<6F>t meet the criteria. I<>m afraid there are others more in need.<2E>How could we stop someone from trying to cross the desert for the want of a better life?It didn<64>t work. <20>But I deserve it the most!<21> The man shouted so loudly and aggressively that it made the interpreter flinch despite the metal bars that separated us.I meant what I said to the man. Many of those who came to speak to me did deserve resettlement and a chance at a better life. The situation in Khartoum for refugees was dire, and the government, not exactly known for its human rights record, made life as difficult for them as possible. And this was not to mention the awful conditions in their own countries, for example Eritrea where indefinite national service forced thousands to leave every year.Sudan enforces an encampment policy, essentially ignoring the needs of urban refugees. There<72>s no government department tasked with determining new arrivals<6C> refugee status (you must be a refugee to be resettled), little if no social support, and frequent police round ups for those wor
'6eeaeb3f15cf99c984932fa9a24706eaf668c1b2'|'Absent from America, French cars drive into Iran election'|'By Bozorgmehr Sharafedin , Laurence Frost and Edward Taylor - LONDON/PARIS/FRANKFURT LONDON/PARIS/FRANKFURT French carmakers PSA ( PEUP.PA ) and Renault ( RENA.PA ) are turning their U.S. absence into an Iranian advantage by piling into a resurgent market still off-limits to foreign rivals fearful of sanctions under Donald Trump''s administration.The French investment has been seized upon by Iranian President Hassan Rouhani, who is seeking re-election this week, as evidence that his pursuit of a nuclear detente and attempts to attract foreign money will pay off for the economy.PSA - the maker of Peugeots and Citroens - and Renault have pushed hard into Iran since its 2015 deal with world powers that saw international sanctions lifted in return for curbs on Tehran''s nuclear activities. PSA has signed production deals worth 700 million euros ($768 million), while Renault has announced a new plant investment to increase its production capacity to 350,000 vehicles a year.The French companies, unlike their German, American and Japanese competitors, do not have manufacturing or sales operations in the United States. This makes them less vulnerable to penalties for any violation of U.S. sanctions still in force which ban financial transactions with Iran.The prospect of a hardened U.S. stance under President Trump - a consistent critic of the nuclear deal - has deepened the caution of carmakers with large American exposures.Germany''s Volkswagen ( VOWG_p.DE ) and BMW ( BMWG.DE ) are among those that have put Iranian ambitions on hold, industry sources told Reuters."We''re well aware of the market potential in Iran but we can''t afford to take any risks," said a source close to VW. The company declined to comment on specific investment discussions.PSA and Renault declined to comment on their Iranian operations in detail. Earlier this year, PSA''s Middle East chief Jean-Christophe Quemard acknowledged that the renewed U.S. pressure under Trump was helping his company stay ahead of foreign rivals who were holding back."This is our opportunity to accelerate," Quemard said. "We''ve opened up a lead and we plan to hold on to it."Early movers to establish Iranian operations could win big in a market deprived for years of affordable state-of-the-art vehicles and where sizeable import duties hand a major advantage to locally built cars.Iranian car sales jumped 50 percent in the first quarter of 2017, according to data provider IHS Automotive, with models from Peugeot, Renault and Iran''s SAIPA showing solid gains.Tehran car salesman Mehdi Monfared, whose dealership mostly sells domestic manufacturer Iran Khodro''s namesake brand, said he had witnessed an "explosion" in demand in recent months."People are being less careful with their money and are spending their savings on cars," he told Reuters by telephone. "And the banks are lending."PRESIDENTIAL PEUGEOTRouhani pushed the French investment to the forefront of his election campaign when he attended a ceremony this month to mark the production launch of the Peugeot 2008, the first product of post-sanctions manufacturing deals with foreign carmakers."When we signed the nuclear deal, critics said it was just a piece of paper that would never be implemented," the president, whose main challenger is a hardline cleric opposed to opening up Iranian markets, said in an Instagram post picturing him behind the wheel of the mini-SUV at the event in Tehran."But now we can see that auto industry sanctions have been lifted, joint venture agreements concluded and a new car is being built."PSA and Renault have moved swiftly to sign new production deals to upgrade their pre-sanctions partnerships with Iran Khodro and SAIPA. PSA plans to add more Peugeot and Citroen models in coming months, while Renault has introduced its Sandero compact alongside the Tondar sedan.By contrast VW, which had been considering a production tie-up with Iran''s Mammut Khodro, has put the talks on the backburner because o
'd3b286a95de4670a2da3a535451f2826a17e2148'|'Spain''s Banco Popular says several groups interested in potential merger'|'MADRID Spain''s Banco Popular ( POP.MC ) said on Tuesday several groups had shown interest in a potential merger, one of several options it is considering as its new management struggles to clean up billions of euros in toxic assets.Popular''s new chairman Emilio Saracho, brought in earlier this year, said in April the bank would consider a merger as the solution to coping with its 37 billion euros ($40.9 billion)of non-performing real estate assets, the highest among Spanish banks.The interested groups had to declare preliminary interest on Tuesday. Any such declarations were not binding but were needed for it to analyze its options, Popular, Spain''s sixth largest bank, said in a statement to the market regulator.Popular said it had not made any final decision on which measure it plans to adopt.A Popular spokesman said the bank had hired JPMorgan and Lazard to advise it on its strategic options, which include either a merger or another capital increase after it raised 2.5 billion euros last year.Expansion newspaper reported earlier on Tuesday that Spain''s four largest banks - Banco Santander ( SAN.MC ), BBVA ( BBVA.MC ), Caixabank ( CABK.MC ), and Bankia ( BKIA.MC ) -, along with an unidentified foreign group, were interested in Popular.Bankia is unable to close deals until June due to restrictions on acquisitions from its 2012 bailout, but a spokeswoman said it is able to express interest before then.The spokeswoman declined to comment on whether Bankia was interested specifically in Popular.Representatives for Santander, BBVA and Caixabank also declined to comment.Popular has undergone three leadership shake-ups since last July and posted a 3.6-billion-euro loss for 2016. Earlier this month it said it was looking at selling off its non-strategic assets to boost its capital, although analysts say this is probably not enough to cover the shortfall.(Reporting by Angus Berwick; Editing by Sarah White/Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-banco-popular-m-a-idINKCN18C140'|'2017-05-16T08:32:00.000+03:00'
'95aab9499ca50b08d294dfb549e16bf570a9b45c'|'Soros Fund Management ups Goldman stake, buys Snap shares in Q1'|'By Jennifer Ablan - NEW YORK NEW YORK May 15 Soros Fund Management LLC, founded by billionaire investor George Soros, boosted the firm''s share stake in Goldman Sachs Group Inc by nearly 40 percent during the first quarter and also purchased shares in Snap Inc, parent of the wildly popular Snapchat messaging app, during the first three months of the year, regulatory filings on Monday showed.Soros increased its stake in Goldman Sachs to 86,800 shares, as financials came under severe selling pressure during the first quarter. It purchased a stake of 1.7 million class A shares in Snap. Snap jumped 8 percent on Monday, accelerating its rebound in the second strongest day since its initial public offering in early March.Late on Wednesday, Snap shares plunged 23 percent after its debut quarterly earnings report disappointed investors.Soros Fund Management lifted its stake in Facebook Inc by 80.4 percent to 638,086 class A shares, while increasing its stake in American Airlines Group Inc to 116,950 shares and more than tripling its stake in Microsoft Corp to 12,800 shares.Soros Fund Management increased its share stake in Hewlett Packard Enterprise Co from 1.1 million shares to 3.2 million shares, the filings showed.Soros Fund Management also took a stake of 233,500 shares in Activision Blizzard Inc, while purchasing a new stake of 32,100 shares in Chesapeake Energy Corp.Soros also took a stake of 29,600 shares in Twitter Inc and a new stake of 14,300 class A shares in Visa Inc .The quarterly disclosures of manager stock holdings, in what are known as 13F filings with the U.S. Securities and Exchange Commission, are always intriguing for investors trying to divine a pattern in what savvy traders are selling and buying.But relying on the filings to develop an investment strategy comes with some peril because the disclosures are backward looking and come out 45 days after the end of each quarter.Still, the filings offer a glimpse into what hedge fund managers saw as opportunities to make money on the long side. The filings don''t disclose short positions, bets that a stock will fall in price. And there is little disclosure on bonds and other securities that do not trade on exchanges.Upon request, the SEC also permits managers to omit sensitive stock positions from 13F filings. As a result, the public filings do not always present a complete picture of a manager''s stock holdings. (Reporting by Jennifer Ablan; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/investment-funds-soros-idINL2N1IH1SD'|'2017-05-15T20:29:00.000+03:00'
'92585f69a3ebf4e0b52ee76fed6a65f5a07d88d4'|'Spain''s Euskaltel buys Telecable for 701 million euros'|' 48am BST Spain''s Euskaltel buys Telecable for 701 million euros LONDON Spain''s Euskaltel said on Tuesday it had bought Telecable from Britain''s Zegona for 701 million euros (598 million pounds) to create northern Spain''s leading integrated telecoms operator. Zegona, set up to invest in European technology, media and telecoms companies, bought Telecable in 2015. As part of the sale it will get a 15 percent stake in the combined entity and have one board seat. "When we acquired Telecable in 2015, we identified the opportunity for substantial value creationthrough the combination of the three independent northern Spanish cable (companies)," said Eamonn O''Hare, Zegona''s chairman and CEO. (Reporting by Kate Holton; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-telecable-m-a-euskaltel-idUKKCN18C0IA'|'2017-05-16T14:48:00.000+03:00'
'ccfab2bbfa1242d390603dd100ed5f687450bca6'|'BOJ''s Kuroda expected to serve another term as governor - Reuters poll'|'Central Banks - Wed May 17, 2017 - 5:03am BST BOJ''s Kuroda expected to serve another term as governor - Reuters poll Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan April 27, 2017. REUTERS/Kim Kyung-Hoon By Kaori Kaneko - TOKYO TOKYO Bank of Japan Governor Haruhiko Kuroda will most likely serve another five years after his first terms ends next April, according to a Reuters poll of analysts that also found strong support for other senior central bankers to replace him. Whoever is in the post next year probably faces the difficult task of winding down his super-loose monetary policy, analysts agreed. "It will be difficult for the BOJ to adopt what it has to do for an exit strategy whoever takes the post," said Takeshi Minami, chief economist at Norinchukin Research Institute, who saw no reason to replace Kuroda. More than half of the respondents gave Kuroda positive marks for his leadership, but a majority also saw negative side effects from his policy, including disruptions in the bond market. The central bank has sought to lift Japan out of deflation. But after more than three years of huge asset purchases failed to spur inflation towards a target of 2 percent, the BOJ revamped its policy framework in September into one targeting interest rates instead of the pace of money printing. It now aims to keep short-term interest rates at minus 0.1 percent and 10-year government bond yields at around zero percent. Thirteen of 30 economists forecast Kuroda will serve another five years after his first term expires next April, the poll taken May 8-16 showed. There was some differences between who analysts expected to get the job and who they thought was the right candidate. Only seven thought Kuroda was the "appropriate" choice. Six economists expected BOJ Deputy Governor Hiroshi Nakaso to be promoted to governor, though only four thought he was the "appropriate choice. Five expected Executive Director Masayoshi Amamiya to be the next governor, but nine thought he would be the right choice. Other economists selected Financial Services Agency Commissioner Nobuchika Mori, Japan''s ambassador to Switzerland Etsuro Honda, an economic adviser to Abe, and Takatoshi Ito, a professor at Columbia University. Twenty-two of 34 economists evaluated Kuroda''s policy management over the past four years favourably, while 12 analysts said they don''t really support his performance, the poll showed. More than half the respondents said Kuroda''s policy has had negative side effects, such as volatility in the Japanese government bond market and an adverse impact on a financial industry from negative interest rates. With markets accustomed to huge bond buying by the BOJ, any sign of a slowdown in its purchases has heightened volatility and prompted speculation it could withdraw stimulus earlier than expected. Kuroda said on Tuesday he was "quite sure" the central bank could smoothly exit from its massive monetary stimulus when the appropriate time to do so came but he also said the bank "always" had room to expand monetary stimulus. UNWINDING The majority of the economists surveyed project the BOJ''s next policy change would be pulling back its monetary policy -- a move four predicted would start later this year. Four said it would happen in the first half of next year, eight in the latter half of next year and 10 said it would be sometime in 2019 or later. "Core consumer prices are expected to rise towards 1 percent. And if it rises towards 1.5 percent, it would be difficult for the BOJ to leave its JGB yield target around zero unchanged," said Atsushi Takeda, chief economist at Itochu Economic Research Institute. "Even if the BOJ raises the yield target, its monetary policy will still be accommodative." The economists forecast the core consumer prices index, which includes oil products but not fresh foods, would rise to 0.7 percent this fiscal year and 0.9 percent nex
'f97844ec362759acf22a0fed79af549511d1dceb'|'Target posts smaller-than-expected drop in comp sales, shares up'|'Target Corp ( TGT.N ) reported higher-than-expected quarterly profit and sales and set an optimistic tone for the year, saying its full-year profit could come in at the higher end of its forecast.Target''s shares rose 3 percent on Wednesday as the outlook allayed some investor concerns following the company''s warning just three months ago that its full-year targets were too high.The company has been trying to turn around its business for several years and in February vowed to aggressively promote its products and keep grocery prices low to better compete with Wal-Mart Stores Inc ( WMT.N ) and Amazon.com Inc ( AMZN.O ).Target is also focusing on opening smaller-format outlets and is investing heavily in its e-commerce business.The company''s online sales rose 22 percent in the first quarter, with the retailer shipping more than 27 percent of those orders from its stores.Target said it invested $500 million as part of its turnaround strategy in the first quarter, and was on track to invest more than $2 billion this year on analytics, supply chain and opening 100 more small-format stores in urban neighborhoods and college markets.Some analysts, however, were not impressed by these efforts."Q1 does not show signs of major investments, nor does Q2 guidance," Morgan Stanley analyst Simeon Gutman wrote in a note.Gutman, noting a marginal decline in gross margins, said the investments do not seem meaningful for a retailer that has touted "systemwide price investments" and is experiencing a higher mix of online sales.Gross margins fell to 30.5 percent from 30.9 percent.On a post earnings call with analysts, Chief Executive Brian Cornell said it would take time for turnaround to take hold. "Our results are not where we want them to be," he said.Sales at Target stores open at least a year fell 1.3 percent in the first quarter, rounding up a year of same-store sales declines. Analysts had expected a 3.6 percent decline, according to research firm Consensus Metrix.A rise in demand for swimwear and electronic items such as the Nintendo Switch gaming console as well as the strong performance of its smaller-format stores helped the company beat Wall Street''s muted profit and sales estimates.Excluding items, Target earned a profit of $1.21 per share, while revenue fell 1.1 percent to $16.02 billion.Analysts on average had expected earnings of 91 cents per share on revenue of $15.62 billion, according to Thomson Reuters I/B/E/S.Target said the higher-than-expected performance in the first quarter had increased the probability that its full-year results would come above the midpoint of its prior forecast for adjusted profit of $3.80-$4.20 per share.(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Martina D''Couto and Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-target-corp-results-idUSKCN18D17C'|'2017-05-17T18:39:00.000+03:00'
'96cc235a60dede126ff95671cc451e9aba284dac'|'Liberals raise budget white flag, but Labor can<61>t put up <20>mission accomplished<65> banner - Greg Jericho - Business'|'P erhaps the greatest demonstration of how bereft of purpose the Liberal party has become is that the only thing most commentators agreed about the budget was that it was <20>Labor-lite<74> . But such branding, while a damning indictment of the Liberal party, also contains traps for the ALP should it believe the fight has been won.It<49>s not hard to see why the budget was quickly viewed as a capitulation to Labor. While the ALP has long argued that revenue needs to be raised, the Liberal party has equally long believed the path to surplus requires cuts to government spending.And so when the budget contained new taxes and only fractional cuts in total government spending, the natural response was that it appeared a very Laboresque approach. Dismal wages growth gives the lie to Scott Morrison''s 2021 surplus plan - Greg Jericho Read more Measures within the budget also helped with that branding . The bank levy, the increase in the Medicare levy , and the cuts to higher education to pay for schools funding were things either previously proposed or done by the ALP. But given the budget also carried with it a tax cut for those earning more than $180,000, a continuation of the company tax cuts, and increased penalties for those luxuriating on the $535.60 a fortnight under Newstart , it also begged the question of what it says about the ALP that such a budget could be considered <20>Labor-lite<74>?It suggests that you don<6F>t need a very progressive budget to get that moniker <20> a worrying thing for the ALP and explains somewhat the response in the past two weeks by Bill Shorten and Anthony Albanese .The response by Albanese this week also brought with it some odd suggestions that he was attacking Shorten. The basis of this were suggestions his speech to the Transport Workers Union was greatly different to Shorten<65>s budget reply. Clearly I need to read more between the lines or ignore a lot more of the actual text, because to me the differences were merely rhetorical. Albanese, for example, asserted that the budget was an <20>ideological surrender<65> by the LNP; Shorten by contrast labelled it <20>an admission of guilt<6C> .Chris Bowen won''t say whether Labor would repeal company tax cuts Read more Perhaps there is a difference there, but certainly not enough to be worthy of the over-egged headlines suggesting Albanese is making a leadership move. But while there is a need for the ALP, as Albanese puts it, to celebrate their victories, the ALP likewise should shudder to think voters might think this budget was a Labor one.Winning from opposition is hard enough without having voters already thinking there<72>s not much point changing government. So it was not surprising Shorten<65>s budget reply speech focussed on the theme that <20>this is not a Labor budget<65>.That desire to differentiate also highlights the need for the ALP to keep pushing its agenda <20> even at the risk (such that it is) of being seen as <20>too left<66>.In this context, Shorten<65>s decision to keep the 2% deficit levy for those earning over $180,000 is eminently sensible. Indeed the best thing about the decision is it has revealed the limpness of the arguments opposing it. An ALP leader who doesn<73>t get accused of class warfare after a budget reply speech has fallen at the first hurdle.For example, because it would see a top tax rate of 49.5%, Scott Morrison, has taken to suggesting it means people earning over $180,000 would <20>spend one day working for the Government and one day working for yourself<6C>.Such purposeful misleading of how the income tax system works <20> where you only pay the top tax rate on money earned over $180,000 <20> is telling. You only need to mislead when the truth would highlight the weakness of your argument. Of course all the talk of the horrors of a 49.5% tax rate forgets that this very day with the deficit levy still in place (it ends on 30 June) and the current Medicare levy of 2%, the top tax rate is 49%. Who would have thoug
'524697a49fda49c3e03301ce1815a888721d3204'|'UPDATE 1-Manchester United lift full-year revenue and profit forecast'|'Tue May 16, 2017 - 7:53am EDT Manchester United lift full-year revenue and profit forecast FILE PHOTO: A Manchester United supporter wears an ''anti-Glazer'' protest scarf before their English Premier League soccer match against Liverpool at Old Trafford in Manchester, northern England March 21, 2010. REUTERS/Russell Cheyne English Premier League soccer club Manchester United ( MANU.N ) raised its full-year revenue and profit forecast for 2016-17 as it prepares for the Europa League final next week. United, whose best known players include Paul Pogba and Wayne Rooney, said it expected to report full-year revenue between 560-570 million pounds, better than its previous forecast of between 530-540 million pounds. The club also increased its forecast for earnings before interest, tax, depreciation and amortization (EBITDA) to 185-195 million pounds for 2016-17. Its previous forecast was for a figure of between 170 and 180 million pounds. "We look forward to a strong finish to 2016-17, both on and off the pitch," said Executive Vice Chairman Ed Woodward. United are currently only in sixth spot in the 20-team Premier League but have reached the final of the Europa League. Victory over Ajax Amsterdam in the final on May 24 would be rewarded with a place in next season''s Champions League, Europe''s most lucrative club competition. Controlled by the American Glazer family, United have won the English league title a record 20 times but had slipped from their own lofty standards in recent seasons. However, the club lifted its first title under its new coach Jose Mourinho, winning the League Cup in February by beating Southampton 3-2 at Wembley. Broadcasting revenue grew 12.9 percent to 31.4 million pounds ($40.5 million) for the quarter ended March 31, primarily due to the impact of the new Premier League broadcasting agreement, the club said. Total revenue for the quarter grew 3.1 percent to 127.2 million pounds. However, EBITDA for the three months fell to 30 million pounds from a record 44.9 million pounds a year earlier. (Reporting by Rahul B in Bengaluru; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-manchester-utd-results-idUSKCN18C1C0'|'2017-05-16T19:46:00.000+03:00'
'b896ea565b753116165ed9a6375a3f5da2e65dd5'|'The survivor: Antoine Fr<46>rot is overhauling France<63>s water-and-waste champion'|'WALK along Sugar Road in Aubervilliers, north-east of Paris, and it is obvious how a formerly scruffy area is gentrifying. New office blocks, a shopping mall and bistros have appeared in recent years, filling spaces left after wrecking balls flattened warehouses. Along a canal previously used by barges, commuter ferries deliver workers from richer parts of the city. A district long known for slums, cheap housing and support for the Communist Party is becoming a business hub<75>Chanel, a fashion firm, as well as several film producers and studios, have moved in and big banks are expected next.The district<63>s centrepiece is a U-shaped glass block, the headquarters of Veolia, the world<6C>s largest water-and-waste group. The building opened in January, after the firm moved out of central Paris to save costs and concentrate 2,000 of its 163,000 staff in one spot. Moving to a rehabilitated area carries symbolism for Veolia, which is experiencing its own recovery after years of gloom.  17   <20>In the past seven years we have transformed,<2C> says Antoine Fr<46>rot, CEO since 2009. Change was sorely needed. Veolia (previously called Vivendi Environnement) had been lumbered with excessive debt under Jean-Marie Messier, a flamboyant former media mogul; its value collapsed after the financial crisis of 2008-09. Mr Fr<46>rot has overseen a painful recovery plan based on cutting costs (staff numbers have fallen by half), and slashing dangerously high debt by 50%, to <20>8bn ($8.9bn). He has also survived two coup attempts<74>one, in 2012, orchestrated by Henri Proglio, Mr Messier<65>s successor as CEO, and another, in 2014, by Groupe Dassault, a maker of fighter jets, and then the second-biggest shareholder.Mr Fr<46>rot has lessened Veolia<69>s traditional over-reliance on doing business with municipalities, especially in France, and sought out more contracts from industry. Industrial clients, which provided a modest one-fifth of revenues when he took over, will soon be as valuable as the government kind, he says. Much new growth in Europe is likely to come from contracts in handling <20>difficult<6C> industrial waste, ranging from dismantling retired oil rigs, trains and planes to the storage and processing of asbestos, pharmaceutical by-products or carbon dioxide. Another opportunity lies in contracts to take apart nuclear-power stations, notably in Germany, and eventually in France (where ageing plants are scheduled to begin closing in the 2020s), and to manage spent nuclear waste once the plants have shut.Veolia<69>s changing focus has coincided with a loosening of ties to the French state, which last year cut its holding in the firm almost by half, to 4.6%. The sale stirred no controversy and the country<72>s new and centrist president, Emmanuel Macron, could next opt for full privatisation. Mr Fr<46>rot would prefer to keep some state involvement. He calls it a badge of honour that helps his firm to win contracts abroad.Those foreign contracts have helped Veolia most of all. Its results for the first quarter confirmed that the French market is of diminishing importance: the domestic market today accounts for only one-fifth of Veolia<69>s business, down from two-fifths in 2010. Revenue growth in the rest of Europe was a more buoyant 7%; beyond Europe it reached 12%.Distant prospects will continue to entice. Environmental laws in Europe and America are already fairly strict: that limits the room for growth there. But the desire of authorities in emerging markets to take action against pollution has the potential to create new markets. A new law last year in China, for example, restricting release of waste water from factories, should lift demand for Veolia<69>s services.Mr Fr<46>rot hopes to stay at Veolia beyond his current term, which ends in 2018. He admits that his firm still faces headwinds, such as the possibility that some European municipalities may return water services to public control. But his reputation as someone who can clear up a corporate mess i
'd78350de07d8393239acb1068c45dff94a60ebd2'|'Peppa Pig owner announces 117 new episodes - Media'|'Peppa Pig<69>s quest for world dominance moved a step closer after Entertainment One revealed plans to make another 117 episodes of the hit cartoon.Production is under way on the new episodes, which are expected to be aired globally from spring 2019, securing the future of a show which has been wildly popular with young children for more than a decade.It takes the total number of shows to 381 and creates a four-year pipeline of new adventures for Peppa, along with her family and friends.Peppa Pig: gateway drug for a new generation of cinephiles Read more Facebook Twitter Pinterest Peppa Pig - Muddy Puddles Darren Throop, the chief executive of Entertainment One, said the new episodes would contribute to the long-term success of <20>this global pre-school phenomenon<6F>.<2E>Peppa Pig<69>s global appeal continues apace as we bring new content to audiences across the world,<2C> he added.The show<6F>s animation studio, Astley Baker Davies, will be producing the series.Entertainment One also announced licensing agreements that will launch new Peppa Pig toys and merchandise in Brazil and Russia.The cheeky piglet is already a pre-school favourite in homes in the UK, Australia, the US, Spain, Italy, France, Latin America and south-east Asia. In China, Peppa Pig has been watched more than 24.5bn times on streaming and on-demand services since the brand was first launched two years ago .Topics Television industry Peppa Pig news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/media/2017/may/19/peppa-pig-117-new-episodes-entertainment-one'|'2017-05-19T17:36:00.000+03:00'
'82f2840959602b6ecc60d4b59901557c336e78e0'|'Tom Brady is the new face of Aston Martin 19,'|'McCartney wrote ''Hey Jude'' in this car First it was Ugg and Tag Heuer -- now Tom Brady has signed on with another upscale brand. While most NFL players rep everyman pick-up trucks, Brady has teamed up with Aston Martin. The British car is the ultimate symbol of luxury that James Bond famously drives. Brady, a longtime customer, drives the new 2017 Aston Martin DB11, which retails for about $215,000. As part of the new partnership, the Patriots QB will also design his own version of an Aston Martin, which will debut this summer. Brady fans, fear not: The entire process will be captured on video. The deal with Aston Martin is a big departure from the car deals that NFL players typically score. New York Giants quarterback Eli Manning has a deal with Toyota ( TM ) while both Green Bay Packers QB Aaron Rodgers and Houston Texans defensive end J.J. Watt have had deals with Ford ( F ) . Related: Cristiano Ronaldo is the third athlete to sign Nike ''lifetime'' deal The Aston Martin campaign is called "Category of One: Why Beautiful Matters." It''s part of a longterm partnership and will center around Brady''s "affinity for the love of beautiful," according to a release that would delight Patriots fans. "Brady will seek to share visualisations of where he sees beauty in his sporting moments, what he sees as beautiful in life, and what continues to compel him to pursue greatness after five Super Bowl wins and four MVP Awards," the release said. Maybe Brady does have an affinity for beauty -- after all, he is married to Brazilian supermodel Gisele B<>ndchen. CNNMoney (New York) First published May 19, 2017: 11:27 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/05/19/news/companies/tom-brady-aston-martin/index.html'|'2017-05-19T19:27:00.000+03:00'
'9f199af24278b81c36d0f2e49d5b520367c7aad3'|'BRIEF-Amicus Therapeutics says co on track to report top-line data from essence study during Q3'|'Market  37am EDT BRIEF-Amicus Therapeutics says co on track to report top-line data from essence study during Q3 May 19 Amicus Therapeutics Inc * Says Amicus is on track to report top-line data from essence study during Q3 of 2017 * Amicus Therapeutics announces planned analysis of primary endpoints in Phase 3 epidermolysis bullosa study * Amicus Therapeutics - completed analysis plan for primary endpoints in blinded Phase 3 clinical study of novel topical medicine SD-101 for epidermolysis bullosa Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-amicus-therapeutics-says-co-on-tra-idUSFWN1IL088'|'2017-05-19T19:37:00.000+03:00'
'eac3d49d8c29112a1671a60f863d574f4ed51d8b'|'Italy kicks off Alitalia sale process'|'Deals - Wed May 17, 2017 - 7:25pm EDT Italy kicks off Alitalia sale process An airplane of Alitalia approaches to land at Fiumicino international airport in Rome, central Italy, May 3, 2017. REUTERS/Max Rossi MILAN Alitalia went on the auction block on Wednesday, as Italy kicked off the process of finding a buyer to save the money-losing flag carrier. In a document signed by government-appointed commissioners, Alitalia said offers from single companies or consortia had to be presented by June 5. Bids could be to buy the whole company, restructure it, or acquire assets and contracts. Alitalia was put under special administration earlier this month for the second time in less than a decade after workers rejected its latest rescue plan. Rome has ruled out re-nationalizing Alitalia, once a symbol of Italy''s post-war economic boom, which is struggling to compete at home against low-cost carriers and high speed trains. It has not invested sufficiently in higher-margin long-haul routes to revive profits. The government appointed three commissioners to assess whether Alitalia can be restructured or liquidated, and has given them six months to come up with a plan. Rome also threw the airline a short-term lifeline with a bridge loan of 600 million euros to see it through the process. As of Feb. 28, the airline had debts of around 3 billion euros, liabilities of 2.3 billion euros and assets of 921 million euros. Alitalia''s balance sheet will be scrutinized over the summer by the three commissioners, who have promised to devise a new industrial plan by July. They have said that the airline''s above-market costs, especially for leasing, fuel and maintenance, have to be slashed to attract buyers. Rival airlines including Lufthansa ( LHAG.DE ), Norwegian Air ( NWC.OL ), Air France-KLM ( AIRF.PA ) have shown no interest in buying Alitalia. Local media have cited Qatar Airways as one of the few potential buyers. The Gulf carrier has declined to comment. Former Prime Minister Matteo Renzi, who regained the leadership of the ruling Democratic Party in April, is using his international contacts to help find a potential partner, a source told Reuters. Non-EU players cannot own more than 49 percent of a European airline, which limits an investor''s ability to run a carrier and discourages buyers. Italian Transport Minister Graziano Delrio said this week that the limit was "unrealistic" and that talks to overcome the cap were at an advanced stage. EU legislation is unlikely to be changed in time to help Alitalia, for whom the commissioners hope to secure binding interests by October. (Reporting by Agnieszka Flak and Stephen Jewkes in Milan and Alberto Sisto in Rome; Editing by Richard Chang) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-alitalia-m-a-process-idUSKCN18D2YI'|'2017-05-18T03:25:00.000+03:00'
'0943b4e766f313db7ae7a11eec3b2244a95ebc64'|'Monte dei Paschi chairman says remains optimistic over bailout request'|'Deals  32pm BST Monte dei Paschi chairman says remains optimistic over bailout request FILE PHOTO: The entrance of Monte dei Paschi di Siena bank''s headquarters in Siena, Italy, July 1, 2016. REUTERS/Stefano Rellandini/File Photo ROME Monte dei Paschi''s ( BMPS.MI ) Chairman Alessandro Falciai said on Wednesday he remained optimistic over the outcome of the Italian bank''s request for a state recapitalization needed to fill an 8.8 billion euro capital shortfall. The European Central Bank''s Chief Supervisor Daniele Nouy said on Monday a failure to review the Tuscan bank''s assets before stress tests last year was opening up "additional discussions" about the bank''s incurred losses, which can be covered only with private money. Monte dei Paschi''s state aid request needs to be authorized by the European Commission after the ECB has declared the bank viable and quantified its capital needs. Asked about Nouy''s comments, Falciai told reporters on the sidelines of an event: "I cannot help but being greatly optimistic." (Reporting by Stefano Bernabei, writing by Valentina Za)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-italy-banks-monte-dei-paschi-idUKKCN18D1DA'|'2017-05-17T19:29:00.000+03:00'
'808dcb1cb635763baecbb0edb8c16244c372dcb3'|'TPP trade deal members seek to move ahead without U.S.'|'Business   8:54am BST TPP trade deal members seek to move ahead without United States A motorbike waits in front of a sign promoting APEC Summit in Hanoi, Vietnam May 17, 2017. REUTERS/Kham By Mai Nguyen and Kaori Kaneko - HANOI/TOKYO HANOI/TOKYO Remaining members of the Trans Pacific Partnership (TPP) free trade agreement are working on a statement to reaffirm their commitment to it despite the withdrawal of the United States, sources close to the discussions said. Talks are happening on the sidelines of an Asia-Pacific Economic Cooperation (APEC) meeting, the biggest trade gathering since U.S. President Donald Trump upended the world order with his "America First" policy. The competing visions are evident at this weekend''s APEC meeting of ministers from countries that account for well over 40 percent of world trade. While new U.S. Trade Representative Robert Lighthizer will hold bilateral talks with key countries, China will be pushing its favored Asian trade agreement as it puts itself forward as a global free trade champion. Meanwhile, Japan is leading the countries that still want to go ahead with a much more comprehensive TPP agreement, a deal Trump ditched in one of his first acts in office and which does not include China. Sources close to the discussions said the so-called TPP-11 states - the 11 members left after the United States withdrew - were planning a statement for Sunday that would say they were committed to moving ahead with TPP. "There will be two main points: 1. To aim for an early entry into force of the TPP-11, 2. To bear in mind an environment where a signatory country can return," said one source close to the discussions who was not authorized to speak to the media. The agreement is due to come into force next year. CHALLENGES Among the challenges is keeping on board Vietnam and Malaysia, who would have been big beneficiaries from the agreement if it included the United States. Vietnam would want to renegotiate requirements in areas like labor reform and intellectual property rights if it were to continue without U.S. participation, said one Vietnamese official who declined to be identified. Japan is still hopeful that the United States can be brought back to the agreement. But renegotiating the existing North America Free Trade Agreement (NAFTA) is a bigger immediate priority for Washington. In Hanoi, Lighthizer is due to hold bilateral meetings to start making official contact with key trade officials. Nearly all the other 20 members of APEC had requested bilateral meetings, U.S. officials said. Main countries are China, Japan and South Korea, with which Trump wants to renegotiate a free trade deal. Canada and Mexico will be at the Asia-Pacific meetings and are also in the North American trade area. In other talks on the sidelines, China will be driving for progress on its favored trade deal for Asia: the Regional Comprehensive Economic Partnership. The free trade agreement doesn''t cover as many areas as the TPP deal or demand tough conditions for members on issues such as protecting intellectual property, labor rights or the environment. Doubts over TPP have given greater impetus to discussions which members hope to complete by the end of the year. But officials said there remained significant points of disagreement in the talks between Southeast Asian countries, China, India, Australia, New Zealand, Japan and South Korea. The United States has never been part of those discussions. (Editing by Robert Birsel)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-apec-vietnam-idUKKCN18F0MR'|'2017-05-19T15:50:00.000+03:00'
'5cf8c463c510d0c0b9cbb21b9c815bf3866ce730'|'Campbell Soup''s profit drops 4.8 pct'|'Business News - Fri May 19, 2017 - 10:30am EDT Campbell Soup misses profit, sales estimates; trims sales forecast FILE PHOTO: Cans of Campbell''s brand Chunky soups are seen at the Safeway store in Wheaton, Maryland February 13, 2015. REUTERS/Gary Cameron/File Photo Campbell Soup Co''s ( CPB.N ) quarterly sales and profit missed analysts'' estimates, hurt by higher promotions and weak demand for its condensed soups, broths and V8 vegetable juices, and the company warned that its full-year sales could decline. Shares of the company, which also sells Pepperidge Farm snacks and Prego pasta sauce, fell as much as 5 percent to $54.16 in morning trade on Friday. Campbell Soup, like other processed packaged food makers, has been vulnerable to changing consumer tastes toward fresher and healthier foods. To cater to those new tastes, Campbell Soup created its own fresh-food unit in 2015 to sell carrots, carrot ingredients, refrigerated beverages and salad dressings, but the business has been struggling. A premature harvest that led to smaller carrots last year, resulted in market share losses while a recall of protein shakes further added to its troubles. Sales in the unit, which contributes 14 percent to total revenue, fell 6 percent in the third quarter ended April 30, hurt in part by manufacturing constraints related to the recall. "We experienced significantly lower consumption across almost all of our categories... we felt it most acutely in February," Campbell Soup Chief Executive Denise Morrison said on a post-earnings call. Sales in its Americas simple meals and beverages unit, the company''s largest by revenue, dipped 2 percent in the quarter. Weak demand for condensed soups and broths as well as V8 vegetable juices, contributed to the decline. "While trends improved as the quarter progressed, growth in March and April was insufficient to offset the earlier weakness," Morrison said. Net sales fell nearly 1 percent to $1.85 billion, missing analysts'' average estimate of $1.87 billion, according to Thomson Reuters I/B/E/S. The company said it expects its full-year sales to be flat to down 1 percent compared with its prior forecast of flat to up 1 percent. Campbell Soup, however, raised its adjusted profit forecast for the year to $3.04-$3.09 per share from $3.00-$3.09 per share. Excluding certain items, Campbell Soup earned 59 cents per share in the quarter, missing analysts'' average estimate of 64 cents. Net income attributable to the company fell to $176 million, or 58 cents per share, partly due to a pretax charge related to its cost-saving program. The company earned $185 million, or 59 cents per share, a year earlier. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-campbell-soup-results-idUSKCN18F193'|'2017-05-19T19:29:00.000+03:00'
'40c154af10f288e40422240b0865844dc8b492d9'|'T-Mobile sees benefits in merger with Sprint - CFO'|'  10:33pm BST T-Mobile sees benefits in merger with Sprint - CFO A T-Mobile logo is advertised on a building sign in Los Angeles, California, U.S., May 11, 2017. REUTERS/Mike Blake NEW YORK T-Mobile US Inc ( TMUS.O ) would benefit from greater scale in the industry if it were to combine with rival Sprint Corp ( S.N ), the chief financial officer of the No. 3 wireless carrier said at a conference on Thursday. "There is a huge prize when you talk about Sprint, and that''s true hard synergies," said Braxton Carter, T-Mobile''s chief financial officer, citing more than $30 billion (23.19 billion pounds) in estimated synergies over time between the companies. Sprint shares rose 7.5 percent to close at $7.89 while T-Mobile closed up 2.8 percent. "It''s not a question of will talks happen," Carter said. "Of course, they''re going to happen as it''s been very, very widely reported in the press." Reuters reported in February that Sprint''s controlling shareholder, SoftBank Group Corp ( 9984.T ), was positioning itself for deal talks with T-Mobile''s top shareholder, Deutsche Telekom AG ( DTEGn.DE ), once a U.S. government auction of wireless airwaves ended. Carter also did not rule out a possible combination with cable companies Comcast Corp ( CMCSA.O ) and Charter Communications Inc ( CHTR.O ). "What about Sprint, T-Mobile and a coalition of Comcast and Charter and the value creation that could come out of that?" Carter said. He added that "from a shareholder standpoint, that could be very, very exciting." (Reporting by Anjali Athavaley; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-t-mobile-us-m-a-sprint-corp-idUKKCN18E34G'|'2017-05-19T05:33:00.000+03:00'
'6196033636bf10f78a736fda12976a56c1602021'|'UPDATE 1-JBS controlling shareholders sold nearly $100 mln in shares -filings'|'Bonds  28pm EDT UPDATE 1-JBS controlling shareholders sold nearly $100 mln in shares -filings (Adds JBS treasury buying shares, plea bargain, CVM statement, background, bylines) By Bruno Federowski and Tatiana Bautzer SAO PAULO May 18 JBS SA''s controlling shareholders sold shares in the meatpacker worth 329 million reais ($98 million) in April, according to securities filings, after JBS''s top two executives had secretly begun negotiating a plea-bargain deal with prosecutors. Testimony by Chairman Joesley Batista and his brother, Chief Executive Wesley Batista, about Brazil President Michel Temer allegedly condoning the payment of bribes as part of that deal roiled Brazilian financial markets on Thursday, sending JBS shares 9.7 percent lower. The shareholders that sold the JBS stock from April 20-28 are among the vehicles through which the billionaire Batista brothers control the meatpacker, the world''s largest. JBS''s corporate treasury acquired 200 million reais in stock from April 24-27. Neither the JBS treasury nor the company''s controlling shareholders had bought or sold shares over the prior year before April, according to the filings last week. The share sales, originally reported by news website Brazil Journal on Thursday, represented 2.6 pct of stock held by JBS''s controlling shareholders at the beginning of April. JBS declined to comment. J&F Investimentos, the Batistas'' main holding company, did not respond to a request for comment. Brazilian market regulator CVM did not immediately return a call seeking comment. Earlier on Thursday, CVM said it was analyzing "facts related to the corruption probe ... involving listed companies." The JBS chairman recorded a conversation in which he and Temer allegedly discussed making illegal payments to jailed former House Speaker Eduardo Cunha to keep him from testifying about corruption in March, according to a source familiar with the matter. Later that month the brothers started negotiating the plea bargain deal in the same month, the source said. ($1 = 3.37 reais) (Reporting by Bruno Federowski and Tatiana Bautzer; Additional reporting by Brad Brooks; Writing by Christian Plumb; Editing by Brad Haynes and Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-jbs-stocks-idUSL2N1IK2O4'|'2017-05-19T07:28:00.000+03:00'
'7cb802b9898389e24ba22c7cabe256880d221143'|'Companies use kidnap insurance to guard against ransomware attacks'|'Technology  56pm BST Companies use kidnap insurance to guard against ransomware attacks FILE PHOTO: A screenshot shows a WannaCry ransomware demand, provided by cyber security firm Symantec, in Mountain View, California, U.S. May 15, 2017. Courtesy of Symantec/Handout via REUTERS/File Photo By Suzanne Barlyn and Carolyn Cohn - NEW YORK/LONDON NEW YORK/LONDON Companies without cyber insurance are dusting off policies covering kidnap, ransom and extortion in the world''s political hotspots to recoup losses caused by ransomware viruses such as "WannaCry", insurers say. Cyber insurance can be expensive to buy and is not widely used outside the United States, with one insurer previously describing the cost as $100,000 for $10 million in data breach insurance. Some companies do not even consider it because they do not think they are targets. The kidnap policies, known as K&R coverage, are typically used by multinational companies looking to protect their staff in areas where violence related to oil and mining operations is common, such as parts of Africa and Latin America. Companies could also tap them to cover losses following the WannaCry attack, which used malicious software, known as ransomware, to lock up more than 200,000 computers in more than 150 countries, and demand payments to free them up. Pay-outs on K&R for ransomware attacks may be lower and the policies less suitable than those offered by traditional cyber insurance, insurers say. "There will be some creative forensic lawyers who will be looking at policies," said Patrick Gage, chief underwriting officer at CNA Hardy, a specialist commercial insurer, in London. He added, however, that given that K&R policies are geared towards a threat to lives, "our absolute preference is that people buy specific cover, rather than relying on insurance coverage that is not specific". American International Group Inc ( AIG.N ), Hiscox Ltd ( HSX.L ) and the Travelers Companies Inc ( TRV.N ) have been receiving ransomware claims from some customers with K&R policies as ransomware attacks become more common, the companies said. The insurers declined to comment on total claims, citing confidentiality and client security concerns. "We are seeing claims (over the past 18 months) but not a huge uptick," a Hiscox spokeswoman said. "These are within expectations and entirely manageable." She declined to say whether the firm had seen any such claims from the WannaCry attacks though Tom Harvey, an expert in cyber risk management at catastrophe modeling firm RMS, said "insurers with kidnap and ransom books will want to look closely at their policy wordings to see whether they are exposed." A sharp rise in ransomware attacks in the past 18 months has driven companies to use K&R policies to cover some of their damages if they do not have direct cyber coverage or cannot meet initial cyber policy deductible costs, insurers said. Symantec Corp, ( SYMC.O ), a cyber security firm based in Mountain View in California, observed over 460,000 ransomware attempts in 2016, up 36 percent from 2015, the company said. The average payment demand ballooned from $294 to $1,077, a 266 percent increase. But as the threat mounts, K&R insurers are at risk from steeper claims than they had anticipated. They are responding by making changes to their policies, which were not designed around ransomware, insurance brokers said. MORE DAMAGING THEN KIDNAPPING Most of the computers affected by WannaCry were outside the United States, where companies have been slow to buy cyber insurance. Nearly 90 percent of the world''s annual cyber insurance premium of $2.5-3 billion comes from the U.S. market, according to insurance broker Aon Plc ( AON.N ). Global companies typically buy K&R policies without ransomware in mind. But instances of high-tech hacks and online ransom demands can hit a company<6E>s business more than an executive being held hostage. "If your CFO (chief financial officer) gets kidnapped, the compan
'b76e8b22f24ce44c18d233c4ae13d0fd49b205ec'|'CANADA FX DEBT-C$ posts a 3-week high; pares gains on tame inflation'|'Bonds   9:45am EDT CANADA FX DEBT-C$ posts a 3-week high; pares gains on tame inflation * Canadian dollar at C$1.3579, or 73.64 U.S. cents * Loonie hits strongest since April 27 at C$1.3554 * Bond prices lower across the yield curve By Fergal Smith TORONTO, May 19 The Canadian dollar strengthened on Friday to a three-week high against its broadly weaker U.S. counterpart, supported by higher oil prices, but some gains were pared after domestic data showed core inflation remained muted. Canada''s annual inflation rate held steady at 1.6 percent in April, missing economists'' forecasts for 1.7 percent, as higher energy prices offset a decline in food costs for the seventh month in a row, data from Statistics Canada showed. "You have CPI with the core measures decelerating a touch. That is something that will give the Bank of Canada all the cover they need to stay on the sidelines," said Andrew Kelvin, senior rates strategist at TD Securities. In other domestic data, retail sales rose a stronger-than-expected 0.7 percent in March, driven by increased purchases at new and used cars dealers, as well as electronics and appliance stores. Prices of oil, one of Canada''s major exports, were heading for a second week of gains on expectations big crude exporters will extend output cuts to curb a persistent glut in inventories. U.S. crude prices were up 1.18 percent at $49.93 a barrel. The U.S. dollar fell to a fresh six-month low against a basket of major currencies, having given up almost all the gains made since Donald Trump, now surrounded by political worries, was elected U.S. president last year. At 9:20 a.m. ET (1320 GMT), the Canadian dollar was trading at C$1.3579 to the greenback, or 73.64 U.S. cents, up 0.2 percent. The currency''s weakest level of the session was C$1.3611, while it touched its strongest since April 27 at C$1.3554. The loonie had hit a 14-month low at C$1.3793 earlier in May, pressured in part by a more uncertain trade outlook with the United States. On Thursday, the Trump administration set the clock ticking toward a mid-August start of renegotiations of the North American Free Trade Agreement. Also, Canada suggested it could scrap plans to buy Boeing Co fighter jets if the United States backed Boeing''s claims that Canadian plane maker Bombardier Inc dumped jetliners in the U.S. market Canadian government bond prices were lower across the yield curve in sympathy with U.S. Treasuries. Stocks on Wall Street were poised to open higher, reducing demand for safe-haven assets such as bonds. The 10-year fell 18 Canadian cents to yield 1.464 percent. It had touched on Thursday a six-month low at 1.417 percent. (Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-forex-idUSL2N1IL0M0'|'2017-05-19T21:45:00.000+03:00'
'6895975bfa9891e25e242484676229cfe59b529e'|'''It makes us forget our pain'': parkour in Syria <20> in pictures - Global Development Professionals Network'|'''It makes us forget our pain'': parkour in Syria <20> in pictures   View more sharing options Share   Close A group of Syrian teenagers have been practising parkour in the rebel-held town of Inkhil, amid the damaged buildings and rubble. They say it helps distract them from the atmosphere of warAlaa Al-Faqir/ReutersFriday 19 May 2017 11.19 BST Young men in the rebel-held city of Inkhil, southern Syria, practice parkour over a military vehicle. Photograph: Alaa Al-Faqir/ReutersFacebook Twitter Pinterest Ibrahim Eid, 16, demonstrates his parkour skills in front of damaged building. He is part of a group of about 15 people who have been practising parkour for two years, often in school courtyards and on quiet days when there is no fighting in the area. Photograph: Alaa Al-Faqir/ReutersFacebook Twitter Pinterest They say they are able to escape from their war-torn world doing parkour, which involves climbing and running over buildings and grounds. Photograph: Alaa Al-Faqir/ReutersFacebook Twitter Pinterest Parkour coach Ibrahim al-Kadiri, 19, and Muhannad al-Kadiri (top), 18. <20>I love competing with my friends to achieve the highest jump,<2C> Muhannad says. The teenagers film and photograph each other, and upload the footage on Facebook. Photograph: Alaa Al-Faqir/ReutersFacebook Twitter Pinterest Ibrahim al-Kadiri and his team members say the sport is a challenge against the conditions they have to endure because of the war. Photograph: Alaa Al-Faqir/ReutersFacebook Twitter Pinterest Al-Kadiri says many team members have suffered injuries, including broken toes and bruises. <20>Eight months ago, during an attempt to jump from high place, I injured my back and I stayed in bed for several days until I recovered,<2C> he says. Photograph: Alaa Al-Faqir/ReutersFacebook Twitter Pinterest Founded in France in the 1980s, parkour was originally called art du d<>placement , and is also referred to as free running. Photograph: Alaa Al-Faqir/ReutersFacebook Twitter Pinterest It is defined as the discipline of moving <20>freely over and through any terrain using only the abilities of the body<64>. In January this year, the UK was the first country to recognise parkour as a sport. Photograph: Alaa Al-Faqir/ReutersFacebook Twitter Pinterest Ahmed al-Kadiri, 18, demonstrates his parkour skills on a damaged building. Photograph: Alaa Al-Faqir/ReutersFacebook Twitter Pinterest Members of the group say parkour takes them away from the atmosphere of war. Photograph: Alaa Al-Faqir/ReutersFacebook Twitter Pinterest Ibrahim al-Kadiri and Muhannad al-Kadiri practise parkour over a bin painted with an opposition flag in Inkhil. Photograph: Alaa Al-Faqir/ReutersFacebook Twitter Pinterest <20>Parkour makes me a mythical man. It gets us out of the atmosphere of war and makes us forget some of our pain and sorrows, for when i jump from a high place I feel free,<2C> Muhammad says. Photograph: Alaa Al-Faqir/ReutersFacebook Twitter Pinterest Topics Global development professionals network Global focus Free running and parkour Middle East and North Africa Photography'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/gallery/2017/may/19/forget-pain-parkour-free-running-syria-in-pictures'|'2017-05-19T19:19:00.000+03:00'
'56920032185e16e3032fd591cf019a5ee5a2d330'|'After listening to tape Temer says probe should be shelved -source'|'BRASILIA May 18 Brazil President Michel Temer believes an investigation into whether he condoned hush money should be shelved after he listened to the recording that triggered a political crisis in Brasilia, a presidential aide told Reuters on Thursday.Temer found nothing that incriminates him in a recorded conversation with Joesley Batista, chairman of the world''s largest meatpacker, JBS SA, the official said, asking not be named in order to speak freely.Many lawmakers, including some Temer allies, have called for his resignation. (Reporting by Alonso Soto; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-temer-reaction-idUSE4N1F7021'|'2017-05-19T07:28:00.000+03:00'
'685e16d29f46821beecb65e4e5e34b7dac4ccc80'|'GM to stop selling cars in India but not pulling out'|'Market News - Thu May 18, 2017 - 3:30am EDT GM to stop selling cars in India but not pulling out By Norihiko Shirouzu - BEIJING BEIJING May 18 General Motors Co will stop selling cars in India from the end of this year, drawing a line under two decades of battling in one of the world''s most competitive markets where it has less than a one percent share of passenger car sales. The decision was announced as part of a series of restructuring actions from the Detroit automaker on Thursday, and marks a significant blow to India''s strategy of encouraging domestic manufacturing. GM says it would no longer market its Chevrolet brand - its only brand of cars marketed in India - despite India''s promise as a market set to overtake Japan as the world''s third largest in the next decade. But it doesn''t plan to leave India entirely. It plans to keep operating its tech center in Bangalore and to refocus its India manufacturing operations by making one of its two assembly plants in India <20> the one at Talegaon, about 100 km (62 miles) southeast of Mumbai <20> into an export-only factory. It plans to sell the Halol plant in the western Gujarat state to Chinese joint venture partner SAIC Motor Corp . "We are not giving up benefits India offers as a local cost manufacturing hub with an excellent supplier base which is extremely competitive," Stefan Jacoby, GM''s chief of international operations, said in an interview. GM''s exports from India, mainly to Mexico and Latin America, nearly doubled to 70,969 vehicles in the fiscal year than ended on March 31. The Talegaon plant has a capacity of 130,000 vehicles a year. Jacoby said the move to turn the Talegaon assembly into an export-only plant will not impact GM Korea and its position as an export hub. India will export vehicles mostly to Mexico and South America, among other destinations, while GM Korea will ship Korean-made cars to North America, Southeast Asia, Australia and Pakistan. Dan Ammann, GM<47>s global president, said the restructuring actions for India announced on Thursday in essence cancels "most" of the plan GM unveiled in 2015 to invest $1 billion in India to deploy newly-designed vehicle architecture as part of a Global Emerging Market vehicle programme or GEM for short, and build a new line of low-cost vehicles in India. The decisions to significantly scale down GM''s operations in India are results of months of analysis over "where we are going to place our bets (globally) as a company," Ammann said in an interview. LATEST BLOW The move is the latest blow to Prime Minister Narendra Modi''s "Make in India initiative," aimed at making the country a global manufacturing powerhouse. Last year, Ford Motor Co shelved plans to produce a new compact car family designed mainly for emerging markets. India and China had been slated to be the main manufacturing hubs for the new range that was set to begin production in 2018. The auto sector is a major employment generator accounting for about 29 million direct and indirect jobs in India. Moreover, the $93 billion industry contributes 7.1 percent to the nation''s gross domestic product and almost 50 percent of India''s manufacturing output. Ammann said GM looked at many options but determined that the investment originally planned for India would not deliver the kind of return other global opportunities offered. GM plans to continue to work on the $5 billion GEM programme, which GM is developing with SAIC Motor. Ammann said the programme remains on track, even without India now, to account for about 2 million vehicles a year in global sales volume, mainly in Latin America, Mexico and China. Despite being an early entrant, GM has struggled to boost its sales and market share in India in part because it has failed to launch low-cost yet feature-rich vehicles that Indian buyers prefer, according to analysts. Many of them also blame the high cost of maintaining and servicing Chevy cars for deterring cost-conscious buyers in India. GM said in 20
'bee56ff8a4f56a8d33415ece98aee34096f4e602'|'GLOBAL MARKETS-Asia drops as White House turmoil hits risk sentiment, dollar bruised'|'* MSCI Asia-Pacific index down 0.4 pct, Nikkei sheds 1.2 pct* Dollar index struggles near 6-month lows* Safe-havens like yen, U.S. Treasuries in demand* Gold hits 2-week highs, crude oil steadyBy Shinichi SaoshiroTOKYO, May 18 Asian stocks fell on Thursday in line with global peers, and the dollar nursed deep losses against the yen as uncertainty mounted over U.S. President Donald Trump''s future following reports that he tried to interfere with a federal investigation.MSCI''s broadest index of Asia-Pacific shares outside Japan dropped 0.4 percent.Japan''s Nikkei shed 1.2 percent, Australian shares lost 1.1 percent and South Korea''s Kospi declined 0.5 percent.Equities in Asia took cues from Wall Street, where the Dow and S&P 500 both sank about 1.8 percent overnight following reports that Trump tried to influence a federal probe.The allegations have not only thrown doubt over the future of the pro-growth policies that Trump promised, but they have raised the possibility he could end up leaving the presidency.A small but growing number of Trump''s fellow Republicans called on Wednesday for an independent probe of possible collusion between his 2016 campaign and Russia, and one even mentioned impeachment.The dollar sank broadly against its peers on the back of the turmoil in the White House.The greenback was at 111.120 yen after reaching a two-month high above 114.00 just a week ago.The euro extended its overnight surge to touch $1.1174 , its highest since November."There are two implications from the latest developments in Washington, first being the possibility of congressional procedures reaching an impasse and second is the potential of Trump being forced out," said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo."But judging by how steeply the dollar has fallen, participants may have already priced in much of the negative news regarding Trump. The dollar could even benefit with the market thinking of post-Trump scenarios."The dollar index against a basket of major currencies was down 0.1 percent at 97.498, not far from a six-month trough of 99.333 reached the previous day.The U.S. currency was hurt as Treasury yields declined significantly with allegations against Trump lowering economic stimulus hopes.The benchmark 10-year Treasury yield was at 2.238 percent after going as low as 2.209 percent overnight, its lowest since April 21.With Treasury yields falling the gap between U.S. and German government debt yields reached its narrowest in more than six months on Wednesday as a tumultuous week in Washington contrasted with a sense of improved political stability in Europe.In commodities, oil prices were little changed after settling at a two-week high overnight after U.S crude inventories declined for the sixth straight week. That was a positive sign for markets ahead of next week''s OPEC meeting, where major oil producers are expected to extend supply cuts.U.S. crude was effectively flat at $49.04 a barrel.Gold hovered near a two-week high thanks to the weaker dollar and the risk aversion gripping the broader markets.Spot gold hit $1,263.02 an ounce, its highest since May 1. (Editing by Simon Cameron-Moore)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-markets-idINL4N1IK04D'|'2017-05-17T22:38:00.000+03:00'
'00fa743090260ee20c84a1e28ecdf51ca728491a'|'OPEC panel looking at deepening, extending oil cuts - sources'|'Business  22pm BST OPEC panel looking at deepening, extending oil cuts: sources FILE PHOTO: A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC''s headquarters in Vienna, Austria, December 10, 2016. REUTERS/Heinz-Peter Bader/File Photo By Alex Lawler and Rania El Gamal - VIENNA VIENNA An OPEC panel reviewing scenarios for the oil producer group''s meeting next week is looking at the option of deepening and extending a deal to reduce crude output, OPEC sources said on Friday, in an attempt to drain inventories and support prices. Saudi Arabia and non-OPEC Russia, the world''s top two oil producers, have agreed on the need to prolong the current cuts until March 2018, although Saudi Energy Minister Khalid al-Falih said extended curbs would be on the same terms. OPEC''s national representatives plus officials from its Vienna secretariat met on Wednesday and Thursday. Their panel, the Economic Commission Board (ECB), was due to conclude talks on Thursday but they finally ended on Friday, OPEC sources said. Among the scenarios being considered by the panel were a six- or nine-month extension with a possible deeper cut, sources said. "All options are open," one source said. That source said a deeper cut in output was an option depending on estimated growth in supply from non-OPEC producers, mainly U.S. shale oil firms, among other scenarios. The ECB does not set policy and its meeting precedes the gathering of OPEC and non-OPEC oil ministers on May 25 to decide whether to extend beyond June 30 their deal to reduce output. Oil prices were heading on Friday for a second week of gains, trading above $53 a barrel, on growing expectations that producers will agree further steps to support the market when they meet next week. The Organization of the Petroleum Exporting Countries, Russia and other producers originally agreed to cut production by 1.8 million barrels per day for six months from Jan. 1. Oil prices have gained support from reduced output but high inventories and rising supply from producers not participating in the accord have limited the rally, pressing the case for extending the curbs. Further details, such as the size of the extra supply cut being mulled by the ECB, were not immediately available. In addition to the final part of the ECB meeting, there is also a technical discussion on Friday among OPEC and non-OPEC countries participating in the supply cut. This is not expected to result in any decision. "Today''s meeting is just informative," an OPEC source said. Russia and three or four non-OPEC countries were attending Friday''s technical meeting, a different source said. Eleven non-OPEC countries are participating in the supply cut. (Editing by Jason Neely, Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-opec-oil-idUKKCN18F0RL'|'2017-05-20T01:20:00.000+03:00'
'1116162f870dfb61633e42032c6b5dd205478b87'|'LPC: U.S. merger lending bounces even as Trump agenda stalls'|'By Lynn Adler - NEW YORK NEW YORK Mergers and takeovers by U.S. high-grade companies and billions of dollars of acquisition loans are ramping up after a sparse first quarter as corporations unwilling to wait for the Trump administration<6F>s delayed tax, trade or healthcare reforms push the button on new deals.Roughly US$30bn of investment-grade loans have been mandated so far in the second quarter financing mergers and acquisitions (M&A), which already exceeds the US$18bn arranged in the first three months of the year, according to Thomson Reuters LPC data.With six weeks remaining in the second quarter, M&A lending is climbing, although it is still below the US$54bn seen in the second quarter of last year.<2E>If a company has something in its laser sights, and if it can<61>t grow organically, it<69>s not going to let all of the uncertainty about tax and other policies get in the way of what they need to do strategically to meet their goals,<2C> a senior banker said.As investment-grade strategic marriages heated up starting in the healthcare sector in April, US medical supplier Becton Dickinson said it would by C R Bard for US$24bn, the latest in a string of medical technology mergers by device makers looking to bolster profits. The deal was supported by a US$4.5bn loan facility.Drug distribution company Cardinal Health had a bridge loan of the same amount to support its US$6.1bn purchase of Medtronic Plc<6C>s medical supplies units.Robust investor appetite for debt, and a generally pro-business climate, are also spurring a gradual flow of deals among lower-rated companies, which borrow in the leveraged loan market. M&A lending in the leveraged space of US$41bn in the second quarter to date looks to surpass US$51bn in the first quarter, which was the lowest quarterly tally in four years.Market strategists increasingly view highly-anticipated policy actions as more likely to occur further down the road than promised by the Trump campaign.<2E>There<72>s so much pent up demand, cash and CEO confidence,<2C> another banker said, which is leading companies to decide <20>let<65>s get on with it.<2E>CROSSOVER BUYINGSome higher-rated investment-grade companies are also dipping into the lower credit quality pool and buying junk-rated competitors as a way to shave costs and expand product offerings.In the second quarter, investment-grade corporations in the retail and biopharmaceutical and food sectors announced acquisitions of lower-rated companies that complement their businesses to boost profits.Coach Inc is purchasing smaller luxury handbag rival Kate Spade & Co, backed by up to US$2.1bn in bank loans. Scientific instrument maker Thermo Fisher is buying drug maker Patheon NV, supported by a bridge loan for about US$7.3bn, bankers said.Tyson Foods is buying packaged sandwich supplier AdvancePierre for US$4.2bn including debt, as a way to grow its prepared foods business, entering the agreement with US$4.5bn of commitments under a 364-day bridge loan.<2E>In certain industries, now<6F>s a great time for investment-grade players to scoop up sub-investment grade companies,<2C> said Sean Coleman, chief credit officer for FS Investments. <20>They can take advantage of very low cost debt to achieve greater scale, cut costs and expand their product portfolios.<2E>Thermo Fisher said it expects to realize about US$120m of total synergies by year three following the deal''s close. Bankers are expecting more of these types of strategic tie-ups as the year unfolds.Still, the steady drumbeat of US political drama unrelated to tax, trade or healthcare overhauls could keep delaying policy changes, compelling some merger candidates to stay on the sidelines closely monitoring developments, several bankers said.Unrelenting news out of Washington, including the <20>buzz of impeachment<6E>, threatens to drown out the Trump legislative agenda, according to Keefe, Bruyette & Woods analysts. Cooperation between the White House and congressional Democrats was already low, they wrote in a note, while fea
'e097594141a0106efd1c0a594d6cea46d2fa2f6c'|'New data shows lower underlying capital levels of British insurers'|'Top News   12:38pm BST New data shows lower underlying capital levels of British insurers The logo of Legal & General insurance company is seen at their office in central London, Britain, March 17, 2008. REUTERS/Alessia Pierdomenico/File Photo LONDON British insurers published measures of their capital strength without the benefit of phasing-in arrangements on Friday, with analysts warning some firms might eventually have to cut dividends or abandon share buybacks to boost their reserves. Stringent European Union capital rules for insurers introduced last year allow for so-called transitional measures, to phase in the impact of the rules to 2032. But new more detailed reporting requirements have given analysts the first chance to see insurers'' "look-through" ratios calculated without the use of transitional measures, data which has already been seen by regulators. Under European Union Solvency II capital rules introduced last year, insurers need to set aside capital for underwriting, investment and operational risk, with a ratio of 100 percent regarded as the minimum capital requirement. Legal & General shares briefly hit a six-week low on Friday after analysts said its ratio would slump to just 7 percent without the use of transitional measures or the so-called matching adjustment, which provides capital relief for holding long-term assets. Aviva''s solvency ratio falls to 57 percent excluding transitional measures and long-term guarantees, Bernstein said. KBW analysts said the ratios put L&G''s AA-minus financial strength rating at risk and cast doubt on "dividend sustainability for L&G and...the merits of proposed buybacks at Aviva". L&G shares hit their lowest since April 6 and were trading at 250 pence at 1030 GMT, down 0.3 percent compared with a 0.5 percent rise in the FTSE 100 index. Analysts said L&G''s heavy use of transitional measures meant it was anticipated their ratio would come down significantly. "This was not entirely unexpected as it was well understood that annuity-heavy UK life players would see a large drop," Bernstein analysts said in a note. Standard Life''s ratio dropped to around 110 percent on a lookthrough basis, from 177 percent, analysts said. Aviva and Standard Life shares rose 1.3 percent and 0.4 percent respectively on Friday. Prudential shares briefly hit three-week lows on Thursday after the insurer published its solvency ratios alongside details of a management reshuffle. Its shares rose 1.2 percent on Friday. (Additional reporting by Simon Jessop and Huw Jones; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-insurance-solvency-idUKKCN18F175'|'2017-05-19T19:14:00.000+03:00'
'd3e16102931ac103d135ffdec1379369028364c0'|'Mutual funds lose, short-sellers win on Snap trades'|'NEW YORK/BOSTON The dramatic fall in Snap Inc ( SNAP.N ) shares on Thursday following the company''s disappointing first quarterly earnings report as a public company was likely costly for a wide range of mutual funds, including Fidelity''s giant Contrafund.On the other side of the ledger, short-sellers racked up about $191 million in profits on their Snap investments, according to data compiled by the financial analytics firm S3 Partners.Shares of Snap, parent company of the popular messaging app Snapchat, fell 21.5 percent on Thursday, losing $4.93 to close at $18.05 and wiping out nearly $5.8 billion in market capitalization. The company, in its first earnings report since going public in early March, after the market close on Wednesday reported only modest user growth and revenues that fell short of analysts expectations.The largest mutual fund investor in Snap, Fidelity''s $100 billion-plus Contrafund ( FCNTX.O ), listed nearly 10 million Snap shares worth $217.4 million as its main stake in Snap as of March 31, according to the fund<6E>s disclosures. Snap''s shares on March 31 closed at $22.53. Assuming no changes, that stake would now be worth now around $175 million.Contrafund had acquired about 1.9 million Snap shares in early 2016 in a pre-IPO investment of nearly $29 million, for a price of about $15.25 a share. Those shares, if still held, would represent a gain of about 18 percent.A Fidelity spokeswoman, Sophie Launay, noted in an emailed statement that Snap is just one of hundreds of stocks in the Contrafund portfolio. <20>We are long-term investors and that Snap is a very small percentage<67> of the fund<6E>s overall assets, Launay said in the statement.T. Rowe Price''s $37 billion Blue Chip Growth Fund ( TRBCX.O ) owned 1.56 million shares of Snap as of March 31, according to the fund''s disclosure of holdings. That $35.3 million stake, based on Snap''s March 31 closing price, would now be worth about $28 million.A T. Rowe Price spokesman declined to comment.Meanwhile, short-sellers were looking for more gains. Short sellers aim to make a profit by selling borrowed shares on the hopes of buying them back at a lower price later and pocketing the difference.A $3-million short bet against Snap was among the AdvisorShares Ranger Equity Bear ETF<54>s top 20 positions as of Wednesday, accounting for 1.75 percent of the fund.<2E>They got very fortunate in the pricing Wall Street gave them when they went public, but really it<69>s the epitome of a ridiculously priced IPO after a six-year bull market,<2C> said co-portfolio manager Brad Lamensdorf. He said the ETF has not reduced its bet against Snap following Thursday<61>s stock selloff and expects the share price to go lower.Snap went public on March 1 at $17 a share, topping the company''s expected range of $14 to $16 a share.Heading into Snap''s earnings announcement on Wednesday, short positions in the company were at 38.65 million shares. Based on Snap''s Wednesday closing price of $22.98, the positions were equivalent to about $888.15 million, according to S3 Partners."We would anticipate shorts to keep positions open until the stock at least reaches the IPO price of $17, especially since financing costs are less than 1 percent annualized," said Matthew Unterman, director at S3 Partners."However, we are seeing rates starting to trend more expensive today," he added.Some options traders also did well. One options trade made on Monday <20> a block of 17,809 put contracts betting Snap shares to trade below $21.50 by May 19 <20> was now worth about $5.3 million, up from $1.6 million on Monday, as the average price of the contract jumped to $3.30 a put on Thursday from just 90 cents Monday through Wednesday. Sentiment was mixed as some traders appeared to be loading up on near-term protection while others appeared to be betting that the shares were ripe for a rebound.With the earnings report out of the way, 30-day implied volatility, a gauge of traders'' expectations for near-term moves in the shar
'b7db5b35f9eaba566bfa3176116b399a2a851cdd'|'Silicon Valley North: How America<63>s two tech hubs are converging'|'WOULD your region care to be the next Silicon Valley? In most of the world<6C>s technology hubs, local leaders scramble to say <20>yes<65>. But ask the question in and around Seattle, the other big tech cluster on America<63>s west coast, and more often than not the answer is <20>no<6E><6F>followed by explanations of why the city and its surrounds are different from the San Francisco Bay Area. The truth may be more complex: in recent years the Seattle area has become a complement to the valley. Some even argue that the two regions, though 800 miles (1,300km) apart, are becoming one.They have similar roots, notes Margaret O<>Mara, a historian at the University of Washington (UW). Each grew rapidly during a gold rush in the 19th century. Later both benefited from military spending. Silicon Valley ultimately focused on producing small things, including microprocessors, and Seattle on bigger ones, such as aeroplanes (Boeing was for decades the city<74>s economic anchor). This difference in dimension persists. The valley has plenty of giant firms, but its focus is mainly on startups and smartphones. In contrast, Seattle is still more of a company town, with Amazon and Microsoft, both builders of big data centres, looming large.  an hour ago How   2 hours ago A   4   10   That, and the fact that Seattle and its suburbs are less than a fifth the size of Silicon Valley, has created a different business culture. In Seattle, for example, job-hopping is less common, as is swapping full-time employment for the uncertain life of an entrepreneur. Seattle has spawned firms such as Avvo, an online marketplace for legal services, and Zillow, a real-estate site, but the startup scene is underdeveloped. UW is a good gauge: it now has one of America<63>s best computer-science departments but produces nowhere near as many new firms as Stanford University.Local politics differ, too. Seattleites don<6F>t want their city to become like San Francisco, which is dominated by affluent, techie types. Their city council has just approved a new programme requiring property developers to include cheap units in their projects or to pay a fee. The aim is to ensure that Seattle remains America<63>s second-most economically integrated city (as defined by RedFin, a data provider). San Francisco ranks 14th. <20>In the playground parents don<6F>t just talk about the next big thing,<2C> says Ed Lazowska, a professor of computer science at UW.That is one reason, besides nature<72>s attractions, cheaper housing and no state income tax, why exhausted Valleyites flock north. <20>You get better quality of life for half the cost,<2C> says Simon Crosby, co-founder of Bromium, a computer-security firm, who has made the move from California. Bromium is based in Cupertino, also the home of Apple, and he regularly takes the <20>nerd bird<72>, as flights between the two tech clusters are called (they are full of geeks who live in Seattle and work in the valley). Venture capitalists often make the two-hour commute, too. Most money invested in Seattle startups comes from California; the north-western city only has a handful of VC firms, such as Ignition Partners and the Madrona Venture Group.Another link between the two cities is cloud computing. Most startups in and around San Francisco run their business on Amazon Web Services, the e-commerce giant<6E>s cloud-computing platform. Its momentum is such that some in Silicon Valley have started to fret that it will one day become as dominant as Windows, the operating system made by Microsoft, once was.For now it is Seattle that is more worried about being dominated by its neighbour to the south. The city hosts nearly 90 engineering offices that firms have opened to find new talent to hire. A third have a Californian parent. John Cook, who co-founded GeekWire, which covers the local tech industry, argued recently that, although the new offices add to Seattle<6C>s tech scene, they had taken <20>a lot of oxygen<65> out of the startup ecosystem by hoovering up highly qualified staff. That 
'b07c0c8255a7900b2ce38f2010785f111199af9a'|'Airline Azul sees rivals'' capacity discipline in Brazil market'|'Market News - Mon May 15, 2017 - 11:03am EDT Airline Azul sees rivals'' capacity discipline in Brazil market SAO PAULO May 15 Azul SA, Brazil''s third-biggest airline, has seen its rivals in the domestic market taking a disciplined approach to capacity and expects that trend to continue, management said on a Monday conference call to discuss first-quarter earnings. (Reporting by Brad Haynes; Editing by Bernadette Baum) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/azul-results-idUSE6N1H6017'|'2017-05-15T23:03:00.000+03:00'
'0501cee0b844148dbba93774a89f83ed507959b4'|'BRIEF-Canada Pension Plan Investment Board and Indospace form joint venture ''Indospace Core'''|'May 15 Canada Pension Plan Investment Board* Canada Pension Plan Investment Board and Indospace form joint venture ''Indospace Core''* Canada Pension Plan Investment Board - CPPIB initially committed approximately US$500 million to joint venture and will own a significant majority stake* CPPIB says venture also has option to acquire existing pipeline worth approximately US$700 million as well as participate in a future development pipeline* CPPIB says Indospace core committed to buy 13 well-located industrial and logistics parks from current Indospace development funds Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-canada-pension-plan-investment-boa-idINFWN1IH0R8'|'2017-05-15T10:45:00.000+03:00'
'd2d8b0a5dbd7da982eb82583603756c305e5822d'|'Israeli energy firms Delek Drilling, Avner Oil to finally merge'|'JERUSALEM Israel''s Delek Drilling ( DEDRp.TA ) and Avner Oil ( AVNRp.TA ), both units of conglomerate Delek Group ( DLEKG.TA ), said on Wednesday they have completed a long-awaited merger and will begin trading next week as one company.The new entity will keep the name Delek Drilling and will have a market value in Tel Aviv of about 16 billion shekels ($4.4 billion).It is through Delek Drilling and Avner Oil that Delek Group owns major stakes in the large Israeli offshore natural gas fields Tamar, which began production in 2013, and Leviathan, which is due to come online in late 2019.Delek Drilling also said in a statement that exports from Tamar to Jordan''s Arab Potash Co and Jordan Bromine plants began in January.Chief Executive Yossi Abu said he expects production at Tamar this year, "to cross the 10 billion cubic meter mark."The companies'' combined net profit in the first quarter was $78.9 million, up 23 percent from a year earlier.(Reporting by Ari Rabinovitch)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-delek-drill-avner-oil-expl-m-a-idINKCN18D15G'|'2017-05-17T08:34:00.000+03:00'
'fac69ad447672b651c1afd74eec1a1adfc7a064f'|'Inspired by Trump, Netflix revives Bluths for new ''Arrested Development'''|'Market News  30am EDT Inspired by Trump, Netflix revives Bluths for new ''Arrested Development'' LOS ANGELES May 17 The riches-to-rags saga of the fictional Bluth family and their struggling real estate business will return for a fifth season in hit comedy "Arrested Development," Netflix said Wednesday, inspired in part by U.S. President Donald Trump. In a statement from Netflix, series creator Mitchell Hurwitz quipped "that stories about a narcissistic, erratically behaving family in the building business - and their desperate abuses of power - are really underrepresented on TV these days.<2E> He added, "I am so grateful to them ... for making this dream of mine come true in bringing the Bluths, George Sr., Lucille and the kids; Michael, Ivanka, Don Jr., Eric, George-Michael, and who am I forgetting, oh Tiffany. Did I say Tiffany? <20> back to the glorious stream of life.<2E> Ivanka, Don Jr., Eric and Tiffany are the names of four of Trump''s children, and are not names of "Arrested Development" characters from the previous four seasons. Donald Trump Jr. and Eric Trump currently run their father''s real estate business. The show''s leading cast - Jason Bateman, Portia de Rossi, Will Arnett, Tony Hale, Jessica Walter, Jeffrey Tambor, David Cross, Michael Cera and Alia Shawkat - will all reprise their roles as the Bluth family. No details were given on the plot of the new season or when it would air next year. "Arrested Development" originally aired for three seasons on the Fox network from 2003 to 2006. It follows the riches-to-rags saga of the Bluth family after patriarch George Sr. is jailed for fraud. Netflix rebooted the show for a fourth season in 2013, its first foray into creating original comedies. Walter, who plays manipulative matriarch Lucille, compared the Bluths to the Trump family in a March interview with The Daily Beast, saying: "They''re both real estate moguls, tycoons, and businesspeople." "But the Bluths were really smart <20> well, smarter than the Trumps. Although that''s just my opinion<6F> except for poor Gob!," she added, referring to Arnett''s character Gob Bluth. Season 4 saw George and Lucille Bluth''s unsuccessful plan to profit from a government contract to build a wall along the U.S.-Mexico border, to "keep Mexicans out of America." During his presidential campaign, Trump said he expected Mexico to pay for a wall on the border, projected to cost more than $20 billion, to curb illegal immigration. Mexico has rejected payment for the construction project as out of the question. (Reporting by Piya Sinha-Roy; Editing by Miral Fahmy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/television-arresteddevelopment-idUSL2N1IJ03B'|'2017-05-17T22:30:00.000+03:00'
'99a47900ec8cbc6b9cfd000b28c7f6446b5fa379'|'IKEA to create 1,300 jobs in Britain'|'Top   12:53pm BST IKEA to boost UK workforce by over 12 percent with three new stores A man walks into the Edmonton IKEA store in north London, Britain, July 23, 2016. REUTERS/Russell Boyce LONDON Furniture retailer IKEA Group [IKEA.UL] said it would create more than 1,300 new jobs in Britain, a major investment in the UK as the country prepares to exit the European Union amid signs that the market for home improvement is showing resilience. Ikea said it would open new stores in Sheffield in northern England later this year and Exeter in the south west and Greenwich in London in 2018. The new jobs will increase the company''s workforce in Britain and Ireland by 12.5 percent to about 11,700, the company said on Wednesday. "As we continue to expand, we''re delighted to bring investment to new areas across the country and create new opportunities for local communities," said Gillian Drakeford, Country Retail Manager for IKEA UK and Ireland. Ikea joins the likes of Google ( GOOGL.O ), Facebook ( FB.O ) and Amazon ( AMZN.O ) in boosting its job numbers and investment in Britain since last year''s referendum decision to leave the European Union. There had been concern ahead of the vote that choosing to leave the EU would hurt the UK economy and delay investment decisions. In November, IKEA said that it had grown in the UK for a fifth consecutive year, and other home improvement firms have released similarly resilient results. Last month Travis Perkins ( TPK.L ) and kitchen seller Howden Joinery ( HWDN.L ) said that business had stabilised and customers were withstanding price rises, even as signs of a customer slowdown has hit other parts of the market. (Reporting by Paul Sandle and Alistair Smout, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-ikea-ab-jobs-idUKKCN18D0QT'|'2017-05-17T16:09:00.000+03:00'
'391994b8b06f3f547f0434404e5330371d35288b'|'Hindustan Unilever profit up 6.2 pct, beats estimates'|'Hindustan Unilever Ltd, maker of products ranging from Lakm<6B> cosmetics to BRU coffee, reported a 6.2 percent rise in quarterly profit, helped by strong sales of its Pears and Dove products.Net profit rose to 11.83 billion rupees ($184.57 million) in the quarter ended March 31, compared with 11.14 billion rupees a year earlier, the company said on Wednesday. ( bit.ly/2rpZEWs )Analysts polled by Thomson Reuters estimated a profit of 10.80 billion rupees on average.Revenue from the company''s personal care segment, which houses brands such as Vaseline and Pond''s, rose about 8 percent to 40.75 billion rupees.($1 = 64.0950 Indian rupees)(Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/hind-unilever-results-idINKCN18D15H'|'2017-05-17T18:33:00.000+03:00'
'26fa36799a5c3cb454b2cc3595ac34eb251f8321'|'Fiat shares fall as EU expected to start legal action over emission tests'|'Autos -  19am BST Fiat shares fall as EU expected to start legal action over emission tests People talk as they stand next to a logo of Fiat Chrysler Automobiles (FCA) in Turin March 31, 2014. REUTERS/Giorgio Perottino MILAN Shares in Fiat Chrysler fell 2.4 percent in early trade on Wednesday, a day after Reuters reported that the European Union will start legal action against Italy for not policing allegations of emission-test cheating by the car maker. EU regulators say Italy has failed to convince them that the so-called defeat devices used to modulate emissions on its vehicles outside of narrow testing conditions are justified. (Reporting by Giulia Segreti: editing by Francesca Landini)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-fiat-chrysler-emissions-shares-idUKKCN18D0MT'|'2017-05-17T15:19:00.000+03:00'
'928766cdd43beed966f3eb098abb8dc5ff9c1167'|'PRESS DIGEST- British Business - May 16'|'May 16 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times- NHS Digital has accused hospital bosses of ignoring its warnings to keep their IT systems secure from ransomware attacks, fuelling a row over who was to blame. bit.ly/2qpsJB3- Shares in international cybersecurity companies rallied yesterday, with investors betting that Friday''s ransomware cyberattack that hit the NHS and organisations in 150 countries would deliver them a payday. bit.ly/2qp2KKbThe Guardian- TV celebrity Noel Edmonds has accused Lloyds Banking Group Plc of "foot dragging" over compensation payouts to himself and other victims of the HBOS Reading fraud. bit.ly/2qpqjCw- US bank JP Morgan Chase & Co is buying a landmark office building in Dublin in a significant boost for the Irish capital as European cities compete to lure financial institutions away from London in the wake of the Brexit vote. bit.ly/2qplSaRThe Telegraph- Eve, the online mattress company with a 140 million pounds ($180.59 million)valuation, tapped City star fund manager Neil Woodford for an extra 5 million pounds ($6.45 million)to support the business. bit.ly/2qpjgJZ- UK accountancy firm Ernst & Young''s latest attractiveness index has ranked the UK market in the top ten countries globally for new investment - but the advisory firm said the move up from 14th place last year follows major blows in other countries, rather than progress in UK. bit.ly/2qp1OFFSky News- Virgin Money Holdings Plc has walked away from a potential takeover of the Co-Operative Bank Plc as the struggling lender prioritises talks with a group of hedge funds about a financial restructuring. bit.ly/2qpmU6V- Travel operator TUI AG said UK was facing tougher times ahead as it reported a slowdown in the growth of sales to British holidaymakers. bit.ly/2qpg0hKThe Independent- According to a report published by insurance company Aviva Plc on Tuesday, millions of people in UK have gone to work when they were ill instead of taking the day off, driven by heavy workloads and employers promoting a culture of face-time. ind.pn/2qpsZjy ($1 = 0.7753 pounds) (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL2N1IH1WE'|'2017-05-15T21:54:00.000+03:00'
'50eeaa274e5e4ecf1a66dc1e8f70587e4c660fb7'|'China issues draft rules cleaning up property sales and rental market'|'Fri May 19, 2017 - 1:13pm BST China issues draft rules cleaning up property sales and rental market Residential buildings under construction are pictured in Nanjing, China May 18, 2017. China Daily/via REUTERS BEIJING China issued a draft of new rules for property sales and leasing on Friday to improve management and operation in a part of the services sector that is often poorly regulated. The draft rules require property developers to promptly publish accurate pricing information for new homes for sale, and must not charge various additional fees, hoard unsold homes or spread false information about rising prices. China has struggled to control surging home prices over the last year, with the government often blaming dishonest practices by developers and property agents for encouraging higher prices for their own benefit. The nationwide rules published by the Ministry of Housing and Urban-Rural Development will be up for public comment for one month, and follow a number regional measures aimed at cleaning up the sector. There could be changes to the rules in the final version. Property agents must be licensed and make charging standards clear and cannot publish any false information about properties, the rules say. For property rentals, landlords and renters are encouraged to sign longer term contracts, with special incentives to be given for those who sign contracts for more than three years. Landlords who want to break a rental agreement also need to give renters at least three months'' notice, and cannot take back a home by force. (Reporting by Elias Glenn; Editing by Nick Macfie)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-idUKKCN18F1CO'|'2017-05-19T19:56:00.000+03:00'
'a27f26defe434db24a58b605c589793129ef54fc'|'Gap posts surprise same-store sales rise as Old Navy shines'|'Thu May 18, 2017 - 10:15pm BST Gap posts surprise same-store sales rise as Old Navy shines The sign for a Gap store is seen on 5th avenue in midtown Manhattan in New York June 16, 2015. REUTERS/Brendan McDermid Gap Inc ( GPS.N ) reported a surprise rise in quarterly same-store sales on Thursday, the latest indication that the apparel retailer is gaining from its turnaround plan. The company''s shares were up 3.9 percent at $24.1 in trading after the bell. Gap''s sales have been buoyed by robust performance of Old Navy, with the pocket friendly brand''s comparable sales rising 8 percent and handily beating Consensus Metrix''s estimate of a 2.2 percent rise. The company''s results are a bright spot in an otherwise gloomy apparel retail industry, which has been hit hard by the growing popularity of online shopping. Earlier in the day, Ralph Lauren Corp ( RL.N ) reported its ninth straight fall in quarterly sales at established stores, and on Wednesday American Eagle Outfitters Inc ( AEO.N ) forecast second-quarter profit below estimates. Gap has been reining in costs, shuttering underperforming stores in North America and overseas and building up its e-commerce capacity. However, Banana Republic continued to be a drag, with quarterly sales decreasing 6 percent and comparable sales falling 4 percent. Sales at the company''s namesake Gap brand fell 5.3 percent to $1.16 billion. The company ended seven straight quarters of sales declines in the fourth quarter, with sales rising 1 percent. The company on Thursday backed its 2017 comparable sales forecast of flat to up slightly. Gap''s net income rose to $143 million, or 36 cents per share, in the first quarter ended April 29 from $127 million, or 32 cents per share, a year earlier. Same-store sales rose 2 percent in the quarter. Analysts on average had expected a 0.2 percent fall, according to Consensus Metrix. Revenue was flat at $3.44 billion. Analysts on average had expected a profit of 29 cents per share and revenue of $3.39 billion, according to Thomson Reuters I/B/E/S. (Reporting by Arunima Banerjee in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-gap-results-idUKKCN18E302'|'2017-05-19T05:07:00.000+03:00'
'5853ba442560ce67d86dfd086862bbb2fe8c5de2'|'BRIEF-Empire Industries Ltd receives $120 mln, multi-year, multi-theme park ride system series of contracts'|'Market  38am EDT BRIEF-Empire Industries Ltd receives $120 mln, multi-year, multi-theme park ride system series of contracts May 19 Empire Industries Ltd * Empire Industries Ltd - received a $120 million, multi-year, multi-theme park ride system series of contracts Source text for Eikon:   * Copa Holdings announces monthly traffic statistics for April 2017 MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-empire-industries-ltd-receives-idUSFWN1IL07P'|'2017-05-19T19:38:00.000+03:00'
'cc772698b9c62ca01075ea1ac3b73b13ee6c14b5'|'Conservatives aiming to tighten M&A rules'|'Economy  09pm BST May maps out bigger role for state in corporate Britain Britain''s Prime Minister Theresa May''s launches her election manifesto in Halifax, May 18, 2017. REUTERS/Phil Noble HALIFAX, England Prime Minister Theresa May promised to clamp down on executive pay, give workers a say on strategy and make it harder for foreign firms to take over British ones, as she set out pre-election plans to give the state more influence over corporate Britain. May''s Conservatives have for decades encouraged a low-key approach to corporate regulation, but the prime minister said trust in Britain''s biggest companies had been damaged by soaring executive pay and several mismanaged takeovers. "We do not believe in untrammelled free markets," the party said in its manifesto for the June 8 national election, which surveys suggest it is on course to win by a landslide. "We will set rules for businesses that inspire the confidence of workers and investors alike." The world''s fifth largest economy has attracted more foreign investment than any other country in Europe, playing major roles in sectors from banks to transport, energy, telecoms and retail. Under May''s plans - set out as she negotiates a divorce from the European Union that could change the face of the $2.6 trillion economy - executive pay packages would be subject to strict annual shareholder votes and listed companies would have to publish the ratio of executive to average pay. In Britain, the heads of the biggest companies earn around 400 times more than a worker on the minimum wage. "The public is rightly affronted by the remuneration of some corporate leaders," the Conservatives said on Thursday. In a bid to seek greater protection for British jobs when companies are sold, May said her party would tighten the rules around takeovers, particularly in infrastructure deals where a foreign owner could raise security concerns. Any promises made during takeovers would be legally binding, and the government would gain the power to pause the process to allow greater scrutiny. WARNING AGAINST PROTECTIONISM May, who became prime minister after Britain voted to leave the EU last June, faced one of her first major challenges when she gave the go-ahead for a $24 billion plan for a Chinese-backed nuclear power plant in southwest England. She ultimately approved the deal but said her government would take a more cautious approach over similar foreign investments in the future. The prime minister has also indicated prior to taking the top job she wanted increased power to scrutinise takeovers after Kraft''s ( KHC.O ) purchase of Cadbury led to job losses. A recent failed attempt by Kraft to buy Unilever ( ULVR.L ) prompted the head of the Anglo-Dutch firm to urge the government to ensure a level playing field for target companies. "Governments cannot use public money to prop up failing businesses but they also cannot allow people and their communities to be cast aside." Investors and analysts cautiously welcomed May''s efforts to strengthen the interests of investors, employees and customers, but warned against any move towards protectionism. "Any nationalist agenda aimed at restricting ownership or transfer of ownership is clearly negative for markets and will make it harder for UK firms to achieve the valuations they deserve," said Gianluca Ferrari, analyst and portfolio manager at Shareholder Value Management. Companies may also be concerned at May having portrayed Britain''s vote to leave the EU as a cry for a crackdown on immigration, and she has said that firms hiring migrant workers must pay an additional levy. (Reporting by William James, additional reporting by Maiya Keidan, writing by Paul Sandle, editing by Kate Holton and John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-election-m-a-regulation-idUKKCN18E1DP'|'2017-05-18T19:10:00.000+03:00'
'f698ec26d373dfbdd2fe1105ed4c4d2c1e3251b3'|'EU to announce capital markets union 2.0 on June 7'|'Business   4:21pm BST EU to announce capital markets union 2.0 on June 7 A woman walks past the European flag outside the EU Commission headquarters in Brussels, Belgium March 1, 2017. REUTERS/Yves Herman LONDON The European Commission will announce new initiatives to reconfigure its capital markets union (CMU) project on June 7 to reflect Britain''s decision to leave the bloc, a senior commission official said on Thursday. Confirming a Reuters story published on Wednesday, Ugo Bassi, a director in the European Union executive''s financial services unit, said the CMU needed reassessing because of Brexit. "We are preparing now the action plan for CMU 2.0 which will be published on June 7 in the form of a mid-term review and which will announce a number of additional initiatives we would like to take in coming months," Bassi told a conference organised by the Association for Financial Markets in Europe. "We can no longer count on liquidity pools in London." Initiatives will include making it easier to sell funds across borders using a so-called EU passport. Stronger European Union supervisory powers, probably for the bloc''s European Securities and Markets Authority, were also needed to reinforce CMU, he said. "We should move slowly and firmly towards centralised supervision," Bassi said. The departure of Britain, the EU''s biggest financial market, had raised questions about whether CMU was dead in the water but Bassi said it remained a flagship project. He said Brexit meant there was an even stronger case for CMU though the approach needed to change slightly: "We are going to develop a new agenda." (Reporting by Huw Jones; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-markets-regulations-idUKKCN18E252'|'2017-05-18T23:21:00.000+03:00'
'ea884fef2b87ee9879b48c3599c9b8c470021fa0'|'The survivor: Antoine Fr<46>rot is overhauling France<63>s water-and-waste champion'|'WALK along Sugar Road in Aubervilliers, north-east of Paris, and it is obvious how a formerly scruffy area is gentrifying. New office blocks, a shopping mall and bistros have appeared in recent years, filling spaces left after wrecking balls flattened warehouses. Along a canal previously used by barges, commuter ferries deliver workers from richer parts of the city. A district long known for slums, cheap housing and support for the Communist Party is becoming a business hub<75>Chanel, a fashion firm, as well as several film producers and studios, have moved in and big banks are expected next.The district<63>s centrepiece is a U-shaped glass block, the headquarters of Veolia, the world<6C>s largest water-and-waste group. The building opened in January, after the firm moved out of central Paris to save costs and concentrate 2,000 of its 163,000 staff in one spot. Moving to a rehabilitated area carries symbolism for Veolia, which is experiencing its own recovery after years of gloom.Latest updates The Tories move onto Labour turf, promising new workers<72> rights Speakers<72> Corner 4 minutes ago From   4   See all updates <20>In the past seven years we have transformed,<2C> says Antoine Fr<46>rot, CEO since 2009. Change was sorely needed. Veolia (previously called Vivendi Environnement) had been lumbered with excessive debt under Jean-Marie Messier, a flamboyant former media mogul; its value collapsed after the financial crisis of 2008-09. Mr Fr<46>rot has overseen a painful recovery plan based on cutting costs (staff numbers have fallen by half), and slashing dangerously high debt by 50%, to <20>8bn ($8.9bn). He has also survived two coup attempts<74>one, in 2012, orchestrated by Henri Proglio, Mr Messier<65>s successor as CEO, and another, in 2014, by Groupe Dassault, a maker of fighter jets, and then the second-biggest shareholder.Mr Fr<46>rot has lessened Veolia<69>s traditional over-reliance on doing business with municipalities, especially in France, and sought out more contracts from industry. Industrial clients, which provided a modest one-fifth of revenues when he took over, will soon be as valuable as the government kind, he says. Much new growth in Europe is likely to come from contracts in handling <20>difficult<6C> industrial waste, ranging from dismantling retired oil rigs, trains and planes to the storage and processing of asbestos, pharmaceutical by-products or carbon dioxide. Another opportunity lies in contracts to take apart nuclear-power stations, notably in Germany, and eventually in France (where ageing plants are scheduled to begin closing in the 2020s), and to manage spent nuclear waste once the plants have shut.Veolia<69>s changing focus has coincided with a loosening of ties to the French state, which last year cut its holding in the firm almost by half, to 4.6%. The sale stirred no controversy and the country<72>s new and centrist president, Emmanuel Macron, could next opt for full privatisation. Mr Fr<46>rot would prefer to keep some state involvement. He calls it a badge of honour that helps his firm to win contracts abroad.Those foreign contracts have helped Veolia most of all. Its results for the first quarter confirmed that the French market is of diminishing importance: the domestic market today accounts for only one-fifth of Veolia<69>s business, down from two-fifths in 2010. Revenue growth in the rest of Europe was a more buoyant 7%; beyond Europe it reached 12%.Distant prospects will continue to entice. Environmental laws in Europe and America are already fairly strict: that limits the room for growth there. But the desire of authorities in emerging markets to take action against pollution has the potential to create new markets. A new law last year in China, for example, restricting release of waste water from factories, should lift demand for Veolia<69>s services.Mr Fr<46>rot hopes to stay at Veolia beyond his current term, which ends in 2018. He admits that his firm still faces headwinds, such as the possibility that some Euro
'd985f476a0d25ab6c2eb55a048e91097ebe57b19'|'Texas regulators still opposed to NextEra''s $18 billion Oncor deal'|'By Tom Hals - WILMINGTON, Del. WILMINGTON, Del. Texas regulators on Thursday said they remained opposed to NextEra Energy Inc''s ( NEE.N ) proposed $18 billion acquisition of Oncor, the largest network of power lines in Texas, a deal regulators have said was not in the public interest.Oncor is majority owned by bankrupt Energy Future Holdings Corp, which has been trying to the sell power distribution business to repay it creditors.The state''s Public Utility Commission blocked the sale in March, but NextEra asked the commission to reconsider its decision."I''m inclined to believe our original decision was the correct one," Commissioner Kenneth Anderson said at Thursday''s hearing, which was broadcast over the internet.However, the commissioners agreed they would not rule on a request to reconsider their March decision until June 7 to allow further briefing on the deal.NextEra did not immediately respond to a request for comment.Juno Beach, Florida-based NextEra has been pursuing Oncor and its steady revenue stream since 2015. Energy Future has argued that the deal would put Oncor under the control of a large, stable utility holding company and provide the best outcome for Energy Future creditors, who have been waiting to be repaid since the company filed for bankruptcy in April 2014.Earlier this month, investment fund Elliott Management sued Energy Future and alleged it has been prevented from pursuing its proposal to bring Energy Future out of bankruptcy. Elliott, Energy Future''s largest creditor, wants to convert the company''s debt into equity and eventually put Oncor under the fund''s control.Shares of NextEra were up 0.1 percent at $136.57 in midday trading on the New York Stock Exchange.(Reporting by Tom Hals in Wilmington, Delaware; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-energyfutureholdings-nextera-oncor-idINKCN18E2FH'|'2017-05-18T14:29:00.000+03:00'
'5711fb06473f548e0e1ba41027d706a385335908'|'NYSE blasts Bats plan to compete for end-of-day NYSE stock orders'|' 36pm EDT NYSE blasts Bats plan to compete for end-of-day NYSE stock orders Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2017. REUTERS/Brendan McDermid - RTS151B8 By John McCrank - NEW YORK NEW YORK The New York Stock Exchange has urged its members to denounce a plan by rival exchange operator Bats to compete for end-of-day orders of NYSE-listed companies, saying it would make it harder to get trades done and would distort stock prices. Bats, the No. 2 U.S. stock exchange operator, said last week it plans to offer brokers a type of order that would give them the same prices as the closing auctions for NYSE- and Nasdaq-listed securities, but with lower execution fees. "The proposed order type will harm one of the most relied-upon aspects of modern market structure, the closing auction," Stacey Cunningham, NYSE''s chief operating officer, said in a letter to traders on Tuesday, which was obtained by Reuters. Intercontinental Exchange Inc''s ( ICE.N ) NYSE confirmed the contents of the letter. If approved by regulators, the move by Bats would be "detrimental to transparency, liquidity, and price discovery," Cunningham said. In response, BATS said its proposal was made at the behest of market participants asking for "long-overdue pricing competition." Some brokers already provide a similar service, it added. Closing auctions attract massive volume as fund managers generally price their assets to the closing prices of listing exchanges and execute most of their orders at that time. NYSE, the top exchange operator by market share, said diverting trades away from closing auctions would add to volatility and result in less accurate pricing. Daily volume in the auctions has risen more than 70 percent, to almost 350 million shares, in the past five years, while fees have increased from 16 percent to 60 percent at the NYSE and Nasdaq respectively, Bats said. Under Bats''s plan, orders would be pre-matched 25 minutes before the 4 p.m. market close. Those not matched would be sent to the NYSE and Nasdaq auctions. Bats lists the stock of its parent company, CBOE Holdings ( CBOE.O ), but has otherwise focused on listing exchange-traded funds. NYSE, which controls four stock exchanges, said the move by Bats, which also has four, would further fragment the market as different exchanges would have different auction cut-off times in the same security. "This increased fragmentation and complexity creates incentives for brokers to add layers of routing rules and behaviors to capture fractional cost savings to the detriment of market quality," Cunningham said. NYSE asked its members to speak out against the Bats plan through industry groups and regulatory comment letters. (Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-nyse-exchange-bats-idUSKCN18E2FV'|'2017-05-19T00:36:00.000+03:00'
'b91828e41512a81adac3684b9f7a28a6b7d7bf84'|'BP shareholders approve reduced CEO pay, new policy'|'Business News - Wed May 17, 2017 - 9:43am EDT BP shareholders approve reduced CEO pay, new policy FILE PHOTO: Bob Dudley, CEO of BP, speaks during an interview at the Argentina Business and Investment Forum 2016, in Buenos Aires, Argentina, September 14, 2016. REUTERS/Enrique Marcarian/File Photo LONDON BP ( BP.L ) shareholders on Wednesday approved an $11.6 million pay package for chief executive Bob Dudley, after the oil and gas company cut it in response to investor pressure. Shareholders at BP''s annual general meeting also approved a new remuneration policy that will lower performance incentives. With the vast majority of votes counted, shareholders adopted BP''s 2016 pay by a majority of 97.09 percent, the highest in at least 10 years, and the new pay policy by a majority of 97.32 percent. Last year, around 60 percent of shareholders opposed BP''s pay policy after a record loss amid a sharp slump in oil prices. "At our meeting last year, you, our shareholders, sent us a very clear message on how we approached paying our executive directors," BP Chairman Carl-Henric Svanberg said. BP''s pay policy changes, which will apply for the coming three years, include lowering Dudley''s maximum long-term payout to five times salary, from seven times, and cutting bonus payments by a quarter. Dudley''s 2016 pay was some 40 percent lower than the previous year and was a result of "downward discretion" to the four components of his total pay, the company said. But even after a cut of nearly $8 million, Dudley''s pay remains well above that of rival European oil companies. Royal Dutch Shell ( RDSa.L ) CEO Ben van Beurden was awarded an 8.263 million euro ($8.8 million) pay package for 2016, while Total''s ( TOTF.PA ) Patrick Pouyanne''s was 3.8 million euros. Dudley told the AGM that BP was one of the fastest growing oil and gas companies in the world as it prepares to launch new projects that will boost production by 800,0000 barrels per day by 2020. By the end of the decade, Dudley expects BP to produce as much as oil and gas as before the 2010 U.S. Gulf of Mexico spill, which forced it to sell a third of its assets to cover litigation costs. (Editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-bp-pay-idUSKCN18D1Q5'|'2017-05-17T21:43:00.000+03:00'
'18e04825a7ea82ac6a0d408e62fed29f6b999421'|'Judge says he may reject parts of Wells Fargo accounts settlement'|'A federal judge signaled that he may reject parts of Wells Fargo & Co''s proposed $142 million settlement with customers for whom it opened millions of unauthorized accounts.In an order on Tuesday evening, U.S. District Judge Vince Chhabria in San Francisco ordered lawyers for customers and the bank to address his concerns, including whether the entire settlement should be rejected, before a scheduled Thursday hearing to consider preliminary approval.The accord would resolve claims that Wells Fargo employees opened as many as 3.5 million bogus accounts since 2002 to meet unrealistic sales goals, driving up costs for customers and often hurting their credit scores.It followed a national scandal that erupted last September after the third-largest U.S. bank agreed to pay $185 million in penalties to settle related charges by various authorities.Wells Fargo spokesman Jim Seitz on Wednesday said the San Francisco-based bank is preparing a response, and considers the settlement "an important step in our journey to make things right for our customers and rebuild trust."Lawyers for the customers did not immediately respond on Wednesday to requests for comment.Chhabria said he was "strongly inclined" to reject a provision for an injunction barring customers from pursuing other claims against the bank, and asked whether this would "require the court to reject the proposed settlement."He also said he was "tentatively" inclined to carve out claims related to customer overdrafts, and said "there may be an argument" that executives and directors got too much protection.Concerns were also raised that the settlement might not guarantee "full compensation" to everyone harmed, and might limit the potential for "significant" punitive damages.The judge also asked how the estimate of bogus accounts rose to 3.5 million, a number suggested by the customers'' lawyers last Thursday, from the prior 2.1 million estimate.Chhabria has received several objections contending that the settlement is too broad, and the payout is too low.The scandal cost former Wells Fargo Chief Executive John Stumpf and retail banking chief Carrie Tolstedt their jobs, plus tens of millions of dollars of compensation.(Reporting by Jonathan Stempel in New York; Editing by Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-wells-fargo-accounts-idUSKCN18D1P9'|'2017-05-17T21:33:00.000+03:00'
'f1f2e44d7434e7efacac50e1eb916662e2bdbb97'|'Deals of the day-Mergers and acquisitions'|'May 17 The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Wednesday:** Big stock exchange mergers are currently off the table for German stock exchange operator Deutsche Boerse following a failed attempt to link up with London Stock Exchange , CEO Carsten Kengeter said on Wednesday.** Britain has sold its last remaining stake in Lloyds Banking Group, making the lender the first to re-emerge from British state ownership in a symbolic step for the country''s recovering banking sector.** Swiss trading giant Glencore and U.S. private equity investor Carlyle Group have teamed up in an attempt to buy Morocco''s only oil refinery, hoping to recoup about $600 million in loans they issued to the plant before it went bankrupt, industry sources said.** Shanghai Pharmaceutical Holding Co Ltd said it may bid for Stada Arzneimittel AG - a move that would pit it against buyout firms Bain and Cinven which have made a joint offer of nearly $6 billion for the German generics drugmaker. (Compiled by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1IJ36N'|'2017-05-17T08:00:00.000+03:00'
'6f22e98e0fd539bf71b430753052a8835a9f1883'|'New BP oil project breathes new life into North Sea'|'Business   10:33am BST New BP oil project breathes new life into North Sea FILE PHOTO: A BP logo is seen at a petrol station in London, Britain, January 15, 2015. REUTERS/Luke MacGregor/File Photo By Ron Bousso - LONDON LONDON BP has started production at an oilfield in the North Sea after a $5.7 billion (4.4 billion pounds) redevelopment, one of the largest such projects there in recent years that will breathe new life into the ageing offshore basin. The Quad 204 project in the western Shetland region, also knows as Schiehallion, is expected to ramp up production throughout 2017 to reach a level of 130,000 barrels per day, BP said in a statement. The Schiehallion field was first developed in the mid-1990s. The 4.4 billion pound project, which was sanctioned in 2011, will unlock an estimated 450 million barrels of oil and gas, extending its life into 2035. The upgrade includes the construction of a giant floating, production, storage and offloading (FPSO) vessel, the Glen Lyon, as well as a new network of wells and subsea facilities. The field is operated by BP, which holds a 36 percent interest in it, while Royal Dutch Shell has a 55 percent interest and private equity-backed Siccar Point owns the remaining 10 percent. For BP, the project is the third of seven projects it plans to launch this year as it seeks to increase its production by around 800,000 barrels of oil equivalent per day (boed) by the end of the decade. The British company plans to double its North Sea production to 200,000 boed by 2020. The basin has enjoyed a strong boost in output in recent years, defying a deep slump in oil prices, as new projects are set to increase its production over the next two years to 1.2 million bpd. (Reporting by Ron Bousso; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bp-northsea-idUKKBN18I0Z7'|'2017-05-22T17:33:00.000+03:00'
'9be917b95bd1b013802250e9fa94e45434cd5091'|'ADM Brazil unit completes $85 mln Santos port investment'|'Market News - Fri May 19, 2017 - 1:34pm EDT ADM Brazil unit completes $85 mln Santos port investment SANTOS, Brazil May 19 The Brazilian unit of Archer Daniels Midland Co on Friday said it had completed a 33 percent expansion in its Santos port terminal''s export capacity to 8 million tonnes of grains per year. The company invested 280 million reais ($85.19 million) in the project, which comes two years after Brazil extended ADM''s license to move grains including soybeans and corns at the terminal for 20 years through 2037. The investment underscores the company<6E>s commitment to retaining a leading position in Brazil, whose agricultural heartland is seen as critical to supplying expanding world food markets. ADM kicked off activity at Santos in 1997, coinciding with its arrival in Brazil, which the company says is key for its global strategy. It began the Santos port operations after purchasing several crushing plants, grain elevators and silos. ($1 = 3.2868 reais) (Reporting by Ana Mano; Editing by Christian Plumb and Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-logistics-archer-daniels-idUSL2N1IL16L'|'2017-05-20T01:34:00.000+03:00'
'24dfdd3a3f78e04e007535a54b436c8e5115e87c'|'Nine years on, ex-RBS boss Goodwin to face investors in court'|'Thu May 18, 2017 - 6:05pm BST Nine years on, ex-RBS boss Goodwin to face investors in court left right FILE PHOTO: Royal Bank of Scotland Chief Exectutive Fred Goodwin smiles as he leaves the Edinburgh International Conference Centre in Edinburgh, Scotland, Britain, April 23, 2008. REUTERS/David Moir/File Photo 1/2 left right FILE PHOTO: Royal Bank of Scotland Chief Executive Sir Fred Goodwin poses for photographers after the extraordinary general meeting at the Royal Bank of Scotland headquarters in Edinburgh, Scotland, Britain, August 10, 2007. REUTERS/David Moir/File Photo 2/2 By Andrew MacAskill and Kirstin Ridley - LONDON LONDON Fred Goodwin, the former Royal Bank of Scotland ( RBS.L ) chief executive, is set to become the first senior banker in Britain to be challenged in court over his role in the financial crisis. A civil trial brought by thousands of RBS investors opens on Monday, alleging the banks'' shareholders were misled by Goodwin and other former executives over the bank''s financial health ahead of a 12 billion pound ($15.5 billion) cash call in 2008. Goodwin was knighted for transforming a Scottish retail lender into a global banking force. But he fell from grace after the bank''s failure prompted a 45.8 billion pound government rescue, and was vilified by the British public for its collapse. Barring a last-minute out-of-court settlement, he is due to make his first public appearance in eight years when he takes the stand at London''s High Court on June 8 and 9 in a 14-week trial. Court documents name Goodwin, other ex-RBS bosses and the bank as defendants in the case. RBS, which remains more than 70 percent state-owned, denies any wrongdoing and said its former bosses did not act illegally. Goodwin''s lawyers declined to comment. Questioned by a parliamentary committee in 2009, Goodwin offered a "profound and unqualified apology for all the distress that has been caused", but said it was too simple to blame him for RBS''s collapse. Investigations have blamed poor decision making and cultural deficiencies at the bank, but Goodwin and other executives have faced no criminal action or other sanctions. The trial over how fund managers and thousands of employees and retail investors lost about 80 percent of their investments in the bank marks a pivotal point in one of the largest and most complex lawsuits in English legal history. "I, and many thousands of investors, lost a significant sum of money through the mismanaged rights issue," Trevor Hemmings, a multimillionaire businessman, told Reuters in an email. "We want to and will see justice done with fair compensation. That is why I have financially backed the case - for everyone who lost out." LONG HAUL The case has confounded some predictions. Lawyers warn it could take another seven years to legally establish any RBS liability and quantify any damages after judgments are appealed if the bank loses the case. Shareholders representing 87 percent of the original 4 billion pound damages claim, including large fund managers, have baulked at the litigation costs and settled their case after RBS offered an 800 million pound settlement. The remaining 8,000-odd claimants, including former and current RBS employees, represent a rump of a shareholder group which has been beset by internal wrangles, changing legal teams and questions over its funding and management structure. Lawyers involved in the case say Goodwin''s costs will be covered by RBS''s directors and officers liability insurance, so he will not be out of pocket whatever happens in the case. And because it is a civil case, the defendants would not face jail. But Chris Roebuck, a visiting professor at London''s Cass Business School, said some shareholders wanted to see Goodwin in court. "Society wants to hold someone to account. They still resent the fact no senior bankers went to jail for what happened during the financial crisis," he said. Since leaving the bank, Goodwin has struggled to find w
'5c0493ff80e979802ea8f2ba6ecc9ae4ff12a971'|'BRIEF-Destination XL Group posts Q1 adj. loss per share $0.07'|'Market  39am EDT BRIEF-Destination XL Group posts Q1 adj. loss per share $0.07 May 19 Destination XL Group Inc * Destination XL Group Inc reports first quarter financial results * Q1 loss per share $0.12 * Q1 sales $107.7 million versus I/B/E/S view $109.2 million * Q1 earnings per share view $-0.04 -- Thomson Reuters I/B/E/S * Q1 adjusted loss per share $0.07 * Destination XL Group Inc - reaffirmed fiscal 2017 outlook * Destination XL Group Inc - inventory was $121.4 million at April 29, 2017 compared with $117.4 million at January 28, 2017 * Destination XL Group Inc - "our April performance exceeded our expectations with positive comp of 6.4 pct, positive trend has continued in May" Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-destination-xl-group-posts-q1-adj-idUSASA09QMS'|'2017-05-19T19:39:00.000+03:00'
'8c1f51be1732d683354a86e152a6bbb100fd0142'|'Routine update: Shuffle off, Bollywood: it<69>s time for Tollywood and Kollywood'|'ALL you need for a movie is a girl, a gun, lots of singing, melodrama and never-ending dance sequences. Or so a big chunk of the Indian audience believes. But Bollywood, the cosmopolitan Hindi-language film hub that is the spiritual home of the song-and-dance routine, has been bested by an upstart rival. <20>Baahubali 2: The Conclusion<6F>, a fantasy epic shot mainly in two southern Indian languages, has smashed the country<72>s box-office records. Once in Bollywood<6F>s shadow, the likes of Kollywood and Tollywood are coming into their own.India puts out around 1,500-2,000 films a year, according to industry estimates, more than anywhere else in the world. Hindi fare of the sort Bollywood cranks out from Mumbai makes up less than a fifth of that, but accounts for 43% of national box-office takings, which are worth around $2bn. That leaves a long tail of regional films, which must split around $1bn across 1,000-plus releases shot in 20 different languages. With an average take of well below $1m, few emerge from obscurity.  <20>Baahubali 2<> certainly has. A <20>Lord of the Rings<67>-style adventure heavy on computer graphics and bulging muscles (the title-character<65>s name translates as <20>the one with strong arms<6D>), it is the first Indian film to break through the 10bn rupee ($156m) mark for worldwide box-office takings. That is a respectable performance even by international standards. It is now in its fourth week in the top ten biggest grossers in America.Such numbers are not typical of either Kollywood (the Tamil-language industry in Tamil Nadu, which is based in a neighbourhood of Chennai called Kodambakkam) or Tollywood (which makes Telugu films in nearby Telangana), which both claim <20>Baahubali 2<> as their own. Provincial cinema is known for artier fare, where costs are low and returns steady.Yet southern India is fertile territory for film-makers. Its 260m inhabitants are richer than the national average, and prefer content in regional languages to Hindi, Bollywood<6F>s lingua franca. Ageing cinemas bulge to breaking-point: audiences turn into cheering spectators and drown out the dialogues. Living superstars have temples named after them; fans bathe huge garlanded cut-outs of actors with milk to pray for their film<6C>s success. Pre-screening rituals include burning camphor inside a sliced pumpkin before smashing it near the big screen to bring good luck. It is unsurprising that five of Tamil Nadu<64>s eight chief ministers have been film stars or scriptwriters.By contrast Bollywood is seen by many as being in a bit of a funk, having recycled the same handful of stars on one too many occasions. The past two years have seen many expensive flops. Because regional cinema has no actors with so much nationwide recognition, scriptwriters work harder to craft compelling stories<65>the best of which increasingly get remade in Hindi. <20>The two south Indian film industries will soon overtake Bollywood,<2C> says Shibasish Sarkar of Reliance Entertainment, a big non-Hindi producer. They already have a combined 36% at the box office. <20>Baahubali 3<>, anyone?  "Routine update"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21722222-baahubali-2-conclusion-putting-film-making-southern-india-map-shuffle?fsrc=rss%7Cbus'|'2017-05-18T22:46:00.000+03:00'
'c7cf57dc2dd02491f0623a752677ec27c195d601'|'Asia drops as White House turmoil hits risk sentiment, dollar bruised'|'Business News - Thu May 18, 2017 - 8:25pm BST Wall Street rebounds from Trump-induced selloff; dollar rises left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, NY, U.S. May 18, 2017. REUTERS/Brendan McDermid 1/3 left right Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 12, 2017. REUTERS/Staff/Remote 2/3 left right Passersby are reflected in an electronic stock quotation board outside a brokerage in Tokyo, Japan, November 9, 2016. REUTERS/Issei Kato 3/3 By Saqib Iqbal Ahmed - NEW YORK NEW YORK U.S. stocks recovered ground on Thursday as stronger-than-expected U.S. economic data soothed nerves a day after U.S. biggest selloff in more than eight months, but a key index of global equity markets remained near a three-week low. Robust U.S. economic data helped the U.S. dollar reverse early losses against a basket of major currencies as focus turned to a widely anticipated increase in overnight interest rates by the Federal Reserve. Still, reports that Trump had tried to intervene in an investigation into alleged Russian meddling in last year''s U.S. presidential election, and that his aides had numerous undisclosed contacts with Russian officials kept market tensions high. Adding to market jitters across the Americas, Brazilian stocks triggered a 30-minute halt to trading after the benchmark Bovespa index fell 10 percent following a report President Michel Temer gave his blessing to an attempt to pay to silence a potential witness in the country''s biggest-ever graft probe. The iShares MSCI Brazil ETF tumbled 13.8 percent in 8.9 times the average volume over the past 10 trading days. The MSCI''s all-country world equity index was down 0.33 percent after dipping to its lowest since April 25 earlier in the day. The index found some support on Wall Street. U.S. stocks recovered ground after a near 2 percent selloff on Wednesday on the S&P 500, as upbeat economic data emboldened investors to return to the market. "This whole bull market is all about panic attacks followed by relief rallies, and this was another one<6E>," Ed Yardeni, president of Yardeni Research Inc in Brookville, New York. New applications for U.S. jobless benefits unexpectedly fell last week and the number of Americans on unemployment rolls tumbled to a 28-1/2-year low, pointing to rapidly shrinking labor market slack. The Dow Jones Industrial Average rose 104.67 points, or 0.51 percent, to 20,711.6, the S&P 500 gained 14.1 points, or 0.60 percent, to 2,371.13 and the Nasdaq Composite added 49.90 points, or 0.83 percent, to 6,061.14. The pan-European FTSEurofirst 300 index closed down 0.89 percent at 7,436.42 ending off lows. U.S. Treasury yields rose from one-month lows as stocks recovered from Wednesday''s dramatic drop, reducing demand for safe-haven bonds. The 10-year notes were down 5/32 in price to yield 2.23 percent, up from 2.22 percent late on Wednesday. Spot gold dropped 1.0 percent to $1,247.36 an ounce. The U.S. dollar reversed early losses against a basket of major currencies getting a boost from the better-than-expected U.S. data. "The readings on jobless claims and the Philly Fed index back expectations for faster (second quarter) growth and a Fed rate hike next month," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington. The dollar index rose 0.39 percent, with the euro down 0.57 percent to $1.1094. In commodities markets, oil prices rose ahead of next week''s Organization of the Petroleum Exporting Countries meeting as key producing countries suggested they would adhere to production cuts to reduce a global crude glut. Benchmark Brent crude futures ended the session 30 cents higher at $52.51 a barrel while U.S. crude futures settled up 28 cents at $49.35. (Reporting by Rodrigo Campos, additional reporting by Lewis Krauskopf, Karen Brettell and Dion Rabouin; Editing by Nick Zieminski)'|'reu
'd5b1ff166761c79dd3a76f2ac9e8b6ffb848b2e2'|'Sovereign funds pull $18.4 billion from global markets in first-quarter 2017'|'Business News - Thu May 18, 2017 - 10:55am BST Sovereign funds pull $18.4 billion from global markets in first-quarter 2017 A specialist trader works at his post on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 17, 2017. REUTERS/Brendan McDermid By Claire Milhench - LONDON LONDON Sovereign wealth funds pulled $18.4 billion (<28>14.1 billion) from global stock and bond markets in the first quarter of 2017, notwithstanding robust equity gains in this period, data from research firm eVestment showed on Thursday, Oil-backed sovereign wealth funds (SWFs) have been under pressure since oil prices LCOc1 tumbled from their mid-2014 highs of $115 to around $52 a barrel, with governments tapping state funds to close budget gaps. Global SWF assets effectively stalled at $6.59 trillion in the 12 months to March 2017, data from research firm Preqin showed in April, due to a combination of weak markets, low oil prices and shifts in government policy. The latest figures from eVestment, which collates data from around 4,400 firms managing money on behalf of institutional investors, showed that selling by SWFs resumed in the first quarter after modest net inflows of $382.3 million in the fourth quarter of 2016. Peter Laurelli, global head of research at eVestment, said small inflows had broken the string of consecutive quarterly net redemptions, which began in the third quarter of 2014. He added that the percentage of asset management products with outflows in the first quarter was the second highest in at least the last five years, at 70.3 percent. This is just shy of the 71.2 percent of products with outflows posted in the second quarter of 2016. Some $16.9 billion was pulled from equity strategies, with heavy selling from U.S. equities. These lost $9.5 billion, whilst global equity strategies lost only $490.6 million, and global passive equity attracted $1.7 billion. U.S. .SPX and global stock markets .MIWD PUS rallied to record levels in the wake of Donald Trump''s election as U.S. president in November, encouraged by his promises to cut taxes and boost spending. However, doubts about his ability to deliver on these promises have grown following problems getting a key healthcare reform bill passed. This week the question of whether there was collusion between Trump''s campaign team and Moscow has exploded into a crisis that may threaten the future of Trump''s presidency. This triggered the biggest one-day fall in U.S. stocks since Sept. 9. SWFs also withdrew $1.6 billion from fixed income strategies with the selling concentrated in U.S. bonds, which suffered $2.5 billion of outflows. Laurelli said this was not a strike against U.S. credit, with U.S. corporate bonds attracting $1.5 billion, but rather a result of a $3.9 billion withdrawal from U.S. short-duration strategies. Global fixed income strategies attracted around $1 billion of net inflows. Emerging market debt also pulled in $123 million, after three consecutive quarters of redemptions. But emerging market equity mandates continued to suffer withdrawals, with some $2.1 billion redeemed in the first quarter. (Reporting by Claire Milhench; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-swf-flows-idUKKCN18E14Z'|'2017-05-18T17:44:00.000+03:00'
'1abb7056efa8ee064cbc8d8eb9662cae85bdd2d4'|'China April home prices rise 0.7 percent month on month, 10.7 percent year on year'|'Business News - Thu May 18, 2017 - 2:57am BST China April home prices rise 0.7 percent month on month, 10.7 percent year on year A woman rides a tricycle carrying a child near a residential compound in Beijing''s Tongzhou district, China, February 25, 2016. REUTERS/Jason Lee BEIJING Average new home prices in China''s 70 major cities rose 0.7 percent in April from the previous month, faster than the 0.6 percent gain posted in March, Reuters calculated from an official survey out on Thursday. Compared with a year ago, new home prices rose 10.7 percent in April, slowing from an 11.3 percent gain in March, Reuters calculated from National Bureau of Statistics (NBS) data. Analysts say China''s hot property market appeared to be peaking as regulators intensified a crackdown on speculators in big cities in late March. (Reporting by Beijing Monitoring Desk and Yawen Chen; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-homeprices-idUKKCN18E06E'|'2017-05-18T09:57:00.000+03:00'
'46f9173220daa6dca5670a156d482b1c93781e0f'|'Thomas Cook posts revenue rise ahead of key summer season'|'Business News   7:20am BST Thomas Cook posts revenue rise ahead of key summer season LONDON Tour operator Thomas Cook posted a rise in revenue in line with expectations on Thursday, and said it was seeing strong customer demand across most of its markets ahead of its key summer season. Revenue rose 3 percent to 3 billion pounds, roughly in-line with a Thomson Reuters estimate, which the company said reflected strong winter demand to Spain and long-haul destinations. The company said it was seeing good demand for Greece, Cyprus and Bulgaria for the summer, although growth in bookings to the Spanish islands had levelled off in a highly competitive market. (Reporting by Alistair Smout; editing by Kate Holton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-thomas-cook-grp-results-idUKKCN18E0IJ'|'2017-05-18T14:20:00.000+03:00'
'9e4cd3612d4d2f3233da1b86174a20bea83f51ac'|'Oil rises, increased cut cooperation ahead of OPEC meeting'|'  9:18pm BST Oil rises, increased cut cooperation ahead of OPEC meeting A worker walks past oil pipes at a refinery in Wuhan, Hubei province March 23, 2012. REUTERS/Stringer/File Photo By Julia Simon - NEW YORK NEW YORK Oil prices settled higher on Thursday, as key producing countries suggested they would extend supply cuts to reduce an ongoing global crude glut. Brent crude LCOc1 settled up 30 cents at $52.51 a barrel, or half a percent. U.S. crude oil CLc1 settled at $49.35 a barrel, up 28 cents, for the highest close since April 26. Market watchers are growing more confident that the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia will extend output cuts of almost 1.8 million barrels per day (bpd) until the end of March 2018. Russia''s largest oil producer Rosneft will meet agreements with OPEC on oil output reductions, Igor Sechin, Rosneft chief executive, told reporters in Berlin. Algeria, the African oil producer that played a key role bringing together support for OPEC''s output deal last year, said that most participating nations back a nine-month extension of the cuts. "The majority of the countries support the proposition of Russia and Saudi Arabia," Algerian Energy Minister Nouredine Bouterfa told reporters after meeting his Russian counterpart in Moscow. Both benchmarks rose on Wednesday after news of a drawdown in U.S. crude inventories and a dip in U.S. output. The U.S. Energy Information Administration said inventories USOILC=ECI fell 1.8 million barrels in the week to May 12 to 520.8 million barrels. In addition to U.S. crude stocks drawing down for the sixth consecutive week, the EIA showed an increase in refining rates. But Michael Dei-Michei, head of research at JBC Energy in Vienna, said the market should consider that intermediate products - gas oils, diesel oil and other products - are not featured in the headline EIA numbers, and those stocks are rising, which could lead to higher finished product inventories. That could slow the supply drawdown. "The effects of higher crude runs may not have fully filtered through yet, with stocks of unfinished oils having risen strongly over recent weeks, meaning that the headline categories should start to reflect some of this in the near future," he said. On May 25, leaders from OPEC and other producers will meet in Vienna to decide on output policy. The group is expected to prolong its agreement to limit production for up to nine months. However, Gene McGillian, vice president of market research at Tradition Energy, said with increased production in Libya and Nigeria, as well as the United States, sticking to current cuts might not be enough. U.S. crude production has climbed 10 percent since mid-2016 to 9.3 million barrels per day, close to levels from top producers Russia and Saudi Arabia. (Additional reporting by Christopher Johnson in London, Henning Gloystein; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKCN18E06M'|'2017-05-19T04:18:00.000+03:00'
'f98ed0c709c6032dc0ed2b11c49df53860c19ae7'|'Impact on insurers from Britain''s vote to leave the EU'|'Business News  43pm BST Impact on insurers from Britain''s vote to leave the EU Members of the European Parliament take part in a voting session on a resolution about Brexit priorities and the upcomming talks on the UK''s withdrawal from the EU at the European Parliament in Strasbourg, France, April 5, 2017. REUTERS/Vincent Kessler U.S. insurer Markel ( MKL.N ) plans to apply for regulatory approval to set up a European Union subsidiary in Munich, it said on Thursday. British insurer and asset manager Standard Life ( SL.L ) said this week it was likely to choose Dublin for its EU base, while Lloyd''s of London insurer Hiscox ( HSX.L ) said last week it had chosen Luxembourg. Insurers are setting up regulated EU subsidiaries in case Britain does not have access to the single market after Brexit. Below are plans for EU subsidiaries proposed by insurers: ADMIRAL British motor insurer Admiral Group Plc ( ADML.L ) said last year it could move its European business to Ireland or another country. It said earlier this year it was looking at a large number of locations and expected to make a decision within two months. AIG U.S. insurer AIG ( AIG.N ) said in March it will set up a European subsidiary in Luxembourg, in addition to its European headquarters in London. BEAZLEY Lloyd''s of London insurer Beazley Plc BEZG.L said last year it had filed an application with the Central Bank of Ireland to get approval for its Irish reinsurance business to become a European insurance company. CHESNARA Chesnara Plc ( CSN.L ), an insurance-focused takeover specialist, already has an insurance company in the Netherlands but could move its headquarters there, depending on the regulatory environment in Britain after negotiations to leave the EU. FM GLOBAL U.S. commercial property insurer FM Global is planning a European hub in Luxembourg following Britain''s decision to leave the bloc, it said last month. HISCOX Lloyd''s of London underwriter Hiscox Ltd ( HSX.L ) will establish a new subsidiary in Luxembourg to underwrite its retail business in Europe, it said last week. LLOYD''S OF LONDON Lloyd''s of London, an integral part of the British business scene since the 17th century, has chosen Brussels as the site for its EU subsidiary, it said in March. MARKEL U.S. insurer Markel ( MKL.N ) plans to apply for regulatory approval to set up a European Union subsidiary in Munich. MS AMLIN Japanese-owned insurer MS Amlin operates under the "Societas Europaea" structure. That makes it relatively easy to move to a different EU jurisdiction if needed, subject to regulatory approval. ROYAL LONDON British life insurer Royal London Mutual Insurance Society plans to turn its Irish business into a regulated subsidiary, it said in March. STANDARD LIFE British insurer and asset manager Standard Life ( SL.L ) said this week it was likely to choose Dublin for its EU hub. XL CATLIN Bermuda-domiciled insurer XL Catlin ( XL.N ) said its UK business XL Insurance Company SE has branches across Europe and also operates under the "Societas Europaea" structure. (Compiled by Carolyn Cohn and Noor Zainab Hussain; Editing by Keith Weir and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-insurance-factbox-idUKKCN18E23O'|'2017-05-18T22:43:00.000+03:00'
'802eb4810a07137a158bb6e87ae87f0c7eba9584'|'App wars: Tencent takes on Apple in China'|'IN MOST of the world, the success of Apple<6C>s <20>walled garden<65> of proprietary software has two elements. First, its attractive services: users tend to be addicted to its iTunes music shop and iBooks store. Second, the complexities involved in switching from an iPhone to another device without losing music files or having to re-download apps.Neither factor works as well in China. There, many of Apple<6C>s services have not taken off. The American giant missed the boat on music sales in the country, reckons Matthew Brennan of China Channel, a technology consultancy. Its sales of books are blocked by the government.  17   In addition, few would disagree that its messaging service is a flop and that Apple Pay, its mobile-payment offering, is irrelevant<6E>its market share on the mainland is only 1%. A <20>genius<75> employee at an Apple store in Shanghai admits sheepishly that <20>iCloud doesn<73>t work very well in China.<2E>And switching is a doddle in China, observes Ben Thompson of Stratechery, an industry newsletter. Nearly everyone uses WeChat, an app made by Tencent, one of China<6E>s three big internet giants, for everything from social media to payments. Through WeChat it is easy to transfer photos, messages, contacts and payments history maintained on that app from one device to another.No wonder that Apple<6C>s retention rate among iPhone users, which tops 80% in America and Britain, is only 50% in China. That does not bode well for a key market. Apple<6C>s revenues in greater China have nearly doubled since 2013, to $48.5bn in 2016, thanks in part to its mainland app store. App Annie, a research firm, reckons it is the world<6C>s biggest Apple app store, as measured by revenue. But Apple<6C>s results for the first quarter of the year showed total sales falling by some 14% in greater China compared with a year ago, the fifth consecutive quarter of decline. Canalys, a market-research firm, estimates that shipments of iPhones on the mainland plunged by a quarter in the first quarter.Hostilities have now broken out with Tencent. The two had co-existed happily: since richer Chinese prefer iPhones to Android phones, these devices are where WeChat made much of its money. But earlier this year, WeChat launched <20>mini-programmes,<2C> a form of lightweight app that operates independently of Apple<6C>s app store and robs it of revenues.Apple, meanwhile, had disliked but tolerated WeChat<61>s practice of allowing users to reward generators of content (for example, opinion columns) with small tips. These bypass Apple<6C>s own payments mechanism. On April 19th Apple obliged WeChat to shut down tipping.Another front in the fighting is that the American firm<72>s mainland app store accepts Alipay, a payment service from China<6E>s Alibaba, but not WeChat<61>s payment offering. Broadly, WeChat is going from being a social-media platform (akin to Facebook and WhatsApp rolled into one) to becoming a mobile-operating system, putting it on a collision course with Apple. <20>There is a war going on,<2C> says Mr Brennan.Who will win such a clash of titans? Rumours are swirling among tech experts about what might happen next. Apple is trying to fortify its position. It is investing heavily in its large network of stores and research labs on the mainland; and it plans to include China in the first wave of countries in which its highly anticipated new iPhone will be launched later this year. But Apple is on the defensive, whereas Tencent is firmly on the attack.Mr Brennan speculates that Tencent might even launch a WeChat phone, which would make Tencent<6E>s offering completely independent of the iPhone. Anywhere else in the world, it would be foolish to go up against the Californian giant. In China, though, the native firm may have the advantage. As Connie Chan of Andreessen Horowitz, an investment fund in Silicon Valley, puts it: <20>Loyalty is much, much stronger to WeChat than to Apple in China.<2E>  "App wars"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/217222
'b13e1f76f5a892e84f0b7248c1a6693b6fdb3bfe'|'PRESS DIGEST- British Business - May 19'|'May 19 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times- National Grid Plc reported a 3 percent drop in pretax profits to 2.9 billion pounds ($3.75 billion) as it counted the costs of demolishing old gas holders in the United Kingdom and remediation of old gas production sites in the United States. bit.ly/2pQNIQn- Shire Plc was boosted on Thursday by promising trial data for a drug to treat a rare and sometimes deadly hereditary disease. The pharmaceutical company, which has grown dramatically through acquisitions, was among the top performers in an otherwise downbeat blue-chip index. bit.ly/2pQTPUSThe Guardian- Transline, the controversial employment agency, has been bought out by rival Russell Taylor Group after falling into administration. bit.ly/2pQOxZt- Cineworld Group Plc has agreed to meet union representatives to try to resolve a long-running dispute over pay and conditions at its Picturehouse chain. Staff at the Ritzy in Brixton and five other Picturehouse cinemas have gone on strike in recent months. bit.ly/2pQY4jjThe Telegraph- British companies will be protected from foreign buyers who do not have their best interests at heart under proposals contained in the Conservative manifesto. bit.ly/2pQPd0X- Royal Mail Plc Chief Executive Moya Greene said the firm would continue to target overseas acquisitions to expand GLS, its international delivery arm. Revenue from GLS grew 9 percent in the year to March 26, while the UK business shrank 2 percent. bit.ly/2pQit8dSky News- The luxury brand Burberry Group Plc has reported a 5 percent dip in annual pretax profits despite a boost to revenues from the weak pound in the wake of the Brexit vote. bit.ly/2pQLpgb- Facebook Inc has been fined 94.5 million pounds ($122.33 million) by EU competition regulators in relation to its takeover of WhatsApp. bit.ly/2pQdh4dThe Independent- Retail sales jumped by 2.3 percent in April, according to Office for National Statistics release, reflecting good weather but also suggesting the UK consumer might be more resilient than feared. ind.pn/2pQUmWI ($1 = 0.7725 pounds) (Compiled by Bengaluru newsroom; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL2N1IK2SW'|'2017-05-19T07:46:00.000+03:00'
'b40a7f22f991912c5e09504120741cc62a178b3b'|'In America''s largest oilfield, whir of activity confounds OPEC'|'  6:38am BST In America''s largest oilfield, whir of activity confounds OPEC left right An oil rig drilling a well at sunrise, owned by Parsley Energy Inc. near Midland, Texas, U.S., May 3, 2017. Picture taken May 3, 2017. REUTERS/Ernest Scheyder 1/10 left right A drilling rig seen at sunrise, owned by Parsley Energy Inc. near Midland, Texas, U.S., May 3, 2017. Picture taken May 3, 2017. REUTERS/Ernest Scheyder 2/10 left right A drilling rig owned by Parsley Energy Inc. seen near Midland, Texas, U.S., May 3, 2017. Picture taken May 3, 2017. REUTERS/Ernest Scheyder 3/10 left right An piece of oilfield equipment used to separate oil from water and natural gas is seen at an Lilis Energy Inc oil well near Jal, New Mexico, U.S., May 4, 2017. Picture taken May 4, 2017. REUTERS/Ernest Scheyder 4/10 left right Workers from ScanDrill Ltd clamp together pieces of pipe while drilling an oil well for Jagged Peak Energy Inc near Fort Stockton, Texas, U.S., May 4, 2017. Picture taken May 4, 2017. REUTERS/Ernest Scheyder 5/10 left right Pieces of pipe through which oil will flow after extraction from the earth are seen at a Lilis Energy Inc well, near Jal, New Mexico, U.S., May 4, 2017. Picture taken May 4, 2017. REUTERS/Ernest Scheyder 6/10 left right The ScanStar drilling rig, owned by ScanDrill Ltd, is seen drilling an oil well for Jagged Peak Energy Inc. near Fort Stockton, Texas, U.S., May 4, 2017. Picture taken May 4, 2017. REUTERS/Ernest Scheyder 7/10 left right Midland water tower seen in Midland, Texas, U.S., May 3, 2017. Picture taken May 3, 2017. REUTERS/Ernest Scheyder 8/10 left right Aerial view of oil wells seen near Midland, Texas, U.S., May 2, 2017. Picture taken May 2, 2017. REUTERS/Ernest Scheyder 9/10 left right A drilling rig owned by Trinidad Drilling Ltd is seen in Jal, New Mexico, U.S., May 4, 2017. Picture taken May 4, 2017. REUTERS/Ernest Scheyder 10/10 By Ernest Scheyder - LEA COUNTY, N.M. LEA COUNTY, N.M. As oilfield workers for Lilis Energy Inc ( LLEX.O ) threaded together drill pipes one recent morning in the Permian Basin, a bulldozer cleared sagebrush to make way for the company''s fifth well since January. Lilis aims to expand production sevenfold this year in America''s most active oilfield. The whir of activity is all the more impressive after the small firm nearly collapsed in late 2015 - amid unrestrained production from the Organization of the Petroleum Exporting Countries (OPEC). As per-barrel prices plummeted, Lilis piled on debt and struggled to pay workers. Now - with prices higher after a November OPEC decision to cut output - Lilis can''t grow fast enough. Such resurrections are common these days in the Permian, which stretches across West Texas and eastern New Mexico. They tell the story of the U.S. shale resurgence and the quandary it poses for OPEC as it struggles to tame a global glut. Surging U.S. production has stalled OPEC''s effort to cut supply. Inventories in industrialized nations totaled 3.05 billion barrels in February - about 330 million barrels above the five-year average, according to the International Energy Agency. The Permian boom will be high on the agenda as OPEC oil ministers begin gathering in Vienna ahead of a May 25 policy meeting to decide whether to extend output cuts. In the long term, too much U.S. output could spur OPEC to open the spigots again - setting off another price war - but for now its member nations'' need for revenue makes that unlikely. On Monday, the world''s top two oil producers - OPEC heavyweight Saudi Arabia and Russia, a non-OPEC nation - said they had agreed in principle on the need to continue output cuts for an additional nine months, through March 2018. That would extend the initial agreement, which took effect in January and reduced production by 1.2 barrels per day (bpd) from OPEC nations and another 600,000 bpd from non-OPEC producers, including Russia. The pledge to extend cuts marked an evolution in the thinking of Saudi Arabia 
'320c8a3d8a33c494a9c885b03e5f003819387b15'|'Belgian carpet maker Balta to list in Brussels'|'BRUSSELS May 17 Belgian carpet maker Balta said on Wednesday it was planning to list on the Brussels stock exchange in the near future to raise about 138 million euros ($153.1 million) to reduce its debt.The company, which had revenues of 668 million euros in 2016, said the listing would allow it to reduce its net debt to 2.5 times core profit from 3.9 times at the end of March.Along with the initial share sale, private equity owner Lone Star would also sell a part of its shares in a secondary offering, the group added.Balta said it was looking at merger opportunities as a way of growing its business, having bought U.S. based group Bentley in March.J.P. Morgan Securities and Deutsche Bank were joint global coordinators of the offering, Balta said. ($1 = 0.9011 euros) (Reporting by Robert-Jan Bartunek; editing by Philip Blenkinsop)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/balta-ipo-idINL8N1IJ1G1'|'2017-05-17T05:43:00.000+03:00'
'1a2e451b9b81ec60d4fa29143155f34bfe33d0c5'|'BRIEF-Aduro Biotech announces clinical collaboration with Merck'|' 12am EDT BRIEF-Aduro Biotech announces clinical collaboration with Merck May 17 Aduro Biotech Inc: * Aduro Biotech announces clinical collaboration with Merck to evaluate combination of Aduro''s CRS-207 with Merck''s Keytruda for treatment of Mesothelioma * Says announced expansion of clinical collaboration with Merck to include additional Phase 2 clinical trial  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-aduro-biotech-announces-clinical-c-idUSB8N1HP00J'|'2017-05-17T21:12:00.000+03:00'
'9ddcd8185bda437c8f5d8677e247169dd850effc'|'UPDATE 1-U.S. stock, bond issuance rose in Q1, trading volume mixed -SIFMA'|'(Adds table and details on first-quarter issuance data) NEW YORK, May 17 U.S. stock and bond supply rose in the first quarter while daily trading volume for stocks and some bonds declined as other bonds saw increased trading, a financial industry group said on Wednesday. U.S. long-term securities issuance totaled $1.90 trillion in the first quarter, up 18.7 percent from $1.60 trillion in the fourth quarter and up 13.1 percent from $1.68 trillion a year earlier, said Securities Industry and Financial Markets Association (SIFMA). "Issuance increased quarter-over-quarter across all asset classes except for municipal, mortgage-related and asset-backed securities. Year-over-year growth was positive in all asset classes except municipal debt," the group, which represents Wall Street banks and large institutional investors, said in a statement. While securities supply grew solidly in the first quarter, the amount of stocks and bonds changing hands each day showed a mixed picture, SIFMA data showed. Average daily stock trading volume fell 3.1 percent to 6.8 billion shares in the first quarter from the fourth quarter and down 20 percent from the first quarter of 2016, it said. On a dollar basis, average daily equity volume declined 1.7 percent to $269.7 billion in the first quarter from $274.3 billion in the fourth quarter and down 11.7 percent from $305.5 billion a year ago. Daily trading volume in the $14 trillion Treasuries market by primary dealers or the top 23 Wall Street firms that do business directly with the Federal Reserve averaged $539.7 billion in the first quarter, a 2.4 percent decline from the $552.9 billion in prior quarter and down 0.4 percent from a year earlier, SIFMA said. On the other hand, average daily trading volume on investment-grade corporate bonds was $19.7 billion in the first quarter, up 31.9 percent from the fourth quarter and 13.0 percent higher than a year ago. Daily trading volume on junk bonds was $8.9 billon in the first three months of 2017, up 24.3 percent from the final three months of 2016 but down 5.9 percent from a year earlier. Below is a summary of long-term U.S. securities issuance from SIFMA: Bond type Q1 2017 Chg vs Q4 2016 Chg vs Q1 2016 (in bln) Q4 2016 (in bln) Q1 2016 (in bln) (pct) (pct) Treasury $654.1 +44.8 $451.6 +13.1 $578.2 Corporate $468.7 +79.0 $261.8 +17.9 $397.4 MBS $406.5 -27.3 $558.9 +12.3 $361.9 Agency $151.2 +49.1 $101.4 +2.5 $147.4 Municipal $90.5 -13.7 $104.9 -9.4 $99.9 ABS $75.8 -3.5 $78.6 +37.5 $55.1 Equity $57.7 +23.4 $46.8 +29.4 $44.6 (Reporting by Richard Leong; Editing by Chizu Nomiyama and Bill Trott)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-issuance-idINL2N1IJ1AF'|'2017-05-17T17:25:00.000+03:00'
'c802a3f731a2d5bbf558a216c305a5d8ac8343e4'|'Lloyds new era begins as government sells off final shares'|'By Andrew MacAskill - LONDON LONDON Britain has sold its last remaining stake in Lloyds Banking Group ( LLOY.L ), making the lender the first to re-emerge from British state ownership in a symbolic step for the country''s recovering banking sector.The sale draws a line under one of the largest bailouts from the 2007-2009 global financial crisis. This involved Lloyds, Britain''s biggest retail lender, being rescued after an ill-fated government-brokered takeover of rival HBOS."Six years ago we inherited a business that was in a very fragile financial condition," Lloyds Chief Executive Antonio Horta-Osorio, who joined the bank in 2011, said in a statement on Wednesday."Thanks to the hard work of everyone at Lloyds, we''ve turned the group around."The takeover of HBOS in 2008 caused Lloyds to suffer more than 25 billion pounds in losses, with the bailout leaving the government with a 43 percent state shareholding.Lloyds said in a statement that the government will make a profit of about 900 million pounds ($1.16 billion), having spent more than 20 billion pounds rescuing the bank.The sale will be seen as a boost to Britain''s Conservative Party ahead of next month''s election, with the stewardship of the economy emerging as key battleground.However there was criticism that this calculation did not take in to account inflation or fully factor in the cost of borrowing the money to pay for the bailout.William Wright, managing director at New Financial, a think tank that promotes capital markets in Europe, said he calculated the government had actually made around a 6 billion pound loss on the transaction.About half of the 137 billion pounds of direct cash injected into Britain''s five bailed-out banks has so far been recovered.Lloyds has overhauled the way it is run since its bailout and a series of high-profile scandals, scaling back its global footprint and reducing its reliance on short-term funding.The sale ends a lengthy, and at times politicized, government disposal of its stake that underscores Britain''s banking industry''s slow recovery from the 2008 financial crisis.British lenders'' long road back to public ownership contrasts with other countries such as the United States, where lenders such as JPMorgan ( JPM.N ), Bank of America ( BAC.N ) and Citigroup ( C.N ) repaid the government by the end of 2009.In Switzerland, UBS ( UBSG.S ) bought back a fund set up by the Swiss National Bank to purge it of its toxic assets in 2013.($1 = 0.7730 pounds)(Reporting By Andrew MacAskill; Editing By Rachel Armstrong)Customers use ATMs at a branch of Lloyds Bank in London, Britain, February 21, 2017. Picture taken February 21, 2017. REUTERS/Toby Melville'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lloyds-sale-idINKCN18D0H5'|'2017-05-17T04:45:00.000+03:00'
'91d71c0f95fe72eb23358f1376c3155293c79fe7'|'Audi CEO''s contract to be extended through end-2022: sources'|'BERLIN Audi ( NSUG.DE ) boss Rupert Stadler will be given another five years as chief executive, the luxury division of German carmaker Volkswagen ( VOWG_p.DE ) said on Wednesday.Stadler, who has run Audi since 2007, has faced criticism for his handling of the group''s emissions cheating scandal. The 54-year-old, along with fellow executives, is expected to face questions from shareholders on Thursday about a March 15 raid by German prosecutors looking into the scandal.The supervisory board vote to extend Stadler''s contract, which is due to expire at the end of this year, was unanimous, Audi said.Two sources close to the Volkswagen group had earlier told Reuters that Audi''s supervisory board would extend the CEO''s contract through to the end of 2022 at a meeting on Wednesday."We employees attach very clear conditions to this contract extension," Peter Mosch, chairman of Audi''s works council and a member of the presiding committee of the supervisory board, said in a statement."Rupert Stadler must safeguard employment at our sites in Germany for the long term, ensure good utilization of our plants'' capacities and systematically promote technologies that guarantee a successful future for our company."Audi admitted in November 2015 that its 3.0 liter V6 diesel engines were fitted with an auxiliary control device deemed illegal in the United States that allowed vehicles to evade U.S. emissions limits.Volkswagen has agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and offered to buy back about 500,000 polluting U.S. vehicles.Audi said on Wednesday it was upgrading and expanding its area of responsibility for integrity, with the chief compliance officer in future reporting directly to the finance chief.(Writing by Andreas Cremer and Georgina Prodhan; Editing by Alexander Smith and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-audi-ceo-idUSKCN18D15Z'|'2017-05-17T18:37:00.000+03:00'
'cf812cecd62f32c9cc22715491d178e371a4f0f9'|'Canada reviewing plans to buy military equipment from Boeing'|'OTTAWA May 18 Canada said on Thursday it was reviewing plans to buy military equipment from Boeing Co after the firm alleged Canadian rival Bombardier Inc had dumped jets into the U.S. market.Last November, Canada said it wanted to buy 18 Boeing Super Hornets as a stopgap measure while it prepared a competition to replace its aging fleet of fighter jets. (Reporting by David Ljunggren; Editing by Jonathan Oatis)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/boeing-bombardier-canada-jets-idUSL2N1IK2DQ'|'2017-05-19T01:31:00.000+03:00'
'1560625d05873893f6ae95831873f5b2deddf1ea'|'EU institutions warn about rise in Irish home prices'|'Business News  51pm BST EU institutions warn about rise in Irish home prices Residential apartments and the Aviva Stadium are reflected in water in the Grand Canal Dock area of Dublin, Ireland December 5, 2016. REUTERS/Clodagh Kilcoyne FRANKFURT Home prices have surged in Ireland and need to be "closely monitored", the European Central Bank and European Commission said on Friday. "Residential property prices accelerated recently and will need to be closely monitored," the two institutions said after a follow-up visit to Ireland, which received a bailout during the financial crisis. "Certain building requirements still present a barrier to the construction of apartments, while the new National Planning Framework could facilitate a more stable housing market by enabling a coherent spatial distribution of housing and supporting infrastructure," they said in a statement. (Reporting by Francesco Canepa; editing by Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-property-ecb-idUKKCN18F1VN'|'2017-05-19T23:51:00.000+03:00'
'41f65d0ce12193811d13e75b5556f786fc2ebd43'|'U.S. drillers add oil rigs for 18th week in a row: Baker Hughes'|'U.S. energy companies added oil rigs for an 18th week in a row, the second-longest such streak on record, as expectations of higher crude prices have motivated drillers to boost monthly shale production to its highest level since mid-2015.Drillers added eight oil rigs in the week to May 19, bringing the total count to 720, the most since April 2015, energy services firm Baker Hughes Inc ( BHI.N ) said on Friday.That is more than double the same week a year ago when there were only 318 active oil rigs.It was the second-longest run of weekly additions, according to Baker Hughes data going back to 1987. Drillers added rigs for 19 weeks in a row through August 2011.U.S. crude futures CLc1 rebounded this week to trade around $50, putting the front-month contract on track for a second-straight week of gains. Investors expect the Organization of the Petroleum Exporting Countries (OPEC) and other producing countries to extend output cuts into next year.OPEC and other producers will meet on May 25 to decide whether to extend the cuts aimed at reducing a global crude glut.U.S. shale production is expected to rise for the sixth consecutive month in June to 5.4 million bpd, its highest since May 2015, government data showed on Monday.Futures for the balance of 2017 CLBALst and calendar 2018 CLYstc1 were both fetching about $51 a barrel.Analysts at Simmons & Co, energy specialists at U.S. investment bank Piper Jaffray, this week forecast the total oil and gas rig count would average 862 in 2017, 1,067 in 2018 and 1,184 in 2019. Most wells produce both oil and gas.That compares with an average of 786 so far in 2017, 509 in 2016 and 978 in 2015. If correct, Simmons'' 2019 forecast would be the most since 2014 when there were 1,862 active rigs. The rig count peaked in 2012 at 1,919, according to Baker Hughes.Analysts at U.S. financial services firm Cowen & Co said in a note this week that 60 exploration and production (E&P) companies planned to increase spending by an average of 51 percent in 2017 from 2016.That expected spending increase in 2017 followed an estimated 48 percent decline in 2016 and a 34 percent decline in 2015, Cowen said, according to the 64 E&P companies it tracks.(Reporting by Scott DiSavino; Editing by Meredith Mazzilli and David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-rigs-baker-hughes-idINKCN18F22O'|'2017-05-19T15:09:00.000+03:00'
'49afd982d6555a897459a75b8bb0dda9af7f8e53'|'Deere profit jumps 62 percent'|'Fri May 19, 2017 - 8:17am EDT Deere profit beats on strong farm equipment demand, shares jump FILE PHOTO: People look at Deere equipment as they attend National Farm Machinery show in Louisville, Kentucky, February 11, 2016. REUTERS/Meredith Davis Deere & Co ( DE.N ) reported a bigger-than-expected quarterly profit, as sales rose for the first time in more than three years on improving demand for its farm and construction equipment, sending its shares up 7 percent. The U.S. farm equipment maker also raised it fiscal 2017 equipment sales growth forecast to 9 percent, from its previous forecast of 4 percent. Deere said it now expects fiscal 2017 net income attributable to the company to be about $2 billion, up from $1.5 billion estimated previously. The company''s sales had taken a hit as bumper corn and soybeans harvests drove down prices, leaving farmers with less cash to spend on equipment. To cope with the slump, Deere cut jobs and lowered production of its trademark green tractors and harvesting combines. Higher shipment volumes and improved pricing and product mix along with cost cuts helped the company beat profit estimates for the second quarter ended April 30. "We are seeing modestly higher overall demand for our products, with farm machinery sales in South America experiencing a strong recovery," Chief executive Samuel Allen said in a statement. Deere said it expected fiscal 2017 industry sales of tractors and combined harvesters in South America to increase 20 percent, up from its previous forecast of about 15-20 percent rise, due to improving economic and political conditions in Brazil and Argentina. Latin America is Deere''s third-biggest market, accounting for about 9 percent of its total equipment sales. The company also raised it full-year sales forecast for farm equipment in the U.S. and Canada. Deere now expects sales in the region, which together form its biggest market, to fall 5 percent, compared with its previous forecast of a decline of 5-10 percent. Net income attributable to Deere rose to $802.4 million, or $2.49 cents per share, in the second quarter ended April 30 from $495.4 million, or $1.56 cents per share, a year earlier. Excluding the gain of 55 cents on sale of partial interest in affiliate SiteOne Landscape Supply Inc, which provides irrigation supplies, Deere earned $1.94 per share. Total sales and revenue rose 5.2 percent to $8.29 billion. Analysts on average were expecting earnings of $1.68 cents per share, according to Thomson Reuters I/B/E/S. (Reporting by Ankit Ajmera in Bengaluru; Ediitng by Arun koyyur)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-deere-results-idUSKCN18F15V'|'2017-05-19T18:54:00.000+03:00'
'56bad137bd4390d05ea01113346dc4c15a057293'|'UPDATE 1-TPG commits to editorial independence if it wins Fairfax Media bidding war'|'Funds News - Fri May 19, 2017 - 1:40am EDT UPDATE 1-TPG commits to editorial independence if it wins Fairfax Media bidding war * TPG has offered A$2.76 bln for Fairfax * Hellman & Friedman has rival offer worth as much as A$2.87 bln * Transaction would require foreign investment approvals (Adds foreign investment concerns, Domain details) MELBOURNE, May 19 U.S. buyout firm TPG Capital Management on Friday said it would make a commitment to editorial independence if it succeeds in its A$2.76 billion ($2.05 billion) offer for Australia''s oldest newspaper publisher, Fairfax Media Ltd. The proposed deal remains subject to foreign investment approvals and some politicians have said conditions could need to be placed on the transaction to ensure the ongoing publication of mastheads like The Sydney Morning Herald and The Australian Financial Review. The company''s newspaper earnings have declined as classified advertising has migrated to the internet, making the Domain real estate classifieds unit its most lucrative business. "I am here to assure you that, in the event TPG and its partners are fortunate enough to acquire Fairfax, we will be responsible stewards of those assets, from a journalistic perspective as well as a financial one," TPG Head of Australia and New Zealand Joel Thickens told a senate inquiry into the future of public interest journalism. His comments came a day after a second U.S. private equity firm, Hellman & Friedman, made a takeover proposal for Fairfax worth as much as A$2.87 billion. Both suitors have been offered access to due diligence. Thickins said TPG would not be proposing to invest A$2.76 billion in Fairfax unless it believed there was an opportunity to build and grow the business. Fairfax this month said it would cut 125 journalist jobs, the latest in several rounds of major editorial job cuts over the last decade which have fuelled concerns for the future of public interest journalism in Australia. A Fairfax spokesman declined to comment. ($1 = 1.3479 Australian dollars) (Reporting by Jamie Freed; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/fairfax-media-ma-tpg-idUSL4N1IL20U'|'2017-05-19T13:40:00.000+03:00'
'87082dd78dc24b8fc92dbe4fa3df1fd7329ae2e7'|'German foreign minister says concerned about NAFTA renegotiation'|' 07pm BST German foreign minister says concerned about NAFTA renegotiation German Foreign Minister Sigmar Gabriel addresses the media after a private meeting with his Mexican counterpart Luis Videgaray (not pictured) in Mexico City, Mexico, May 19, 2017. REUTERS/Edgard Garrido MEXICO CITY Germany''s foreign minister Sigmar Gabriel said on Friday that German firms are concerned about an impending renegotiation of the North American Free Trade Agreement (NAFTA). U.S President Donald Trump''s administration on Thursday set the clock ticking towards a mid-August start of the renegotiation of NAFTA with Canada and Mexico to try to win better terms for U.S. workers and manufacturers. Gabriel, who is in Mexico City ahead of an upcoming visit by German Chancellor Angela Merkel, said Germany backs Mexico''s position in support of the accord. (Reporting by Dave Graham)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trade-mexico-germany-idUKKCN18F2AB'|'2017-05-20T03:07:00.000+03:00'
'efb6934c3fdcbdfae98136623a92fe6cb9957010'|'Vinyl gets its groove back: Hunger for vinyl means a chronic shortage of pressing machines'|'FOR young hipsters and middle-aged sentimentalists alike, the resurgence of vinyl is cause for celebration. Since 2010 sales of vinyl records in America have tripled. Britain<69>s vinyl industry saw its biggest gains for 25 years in 2016. Big supermarkets are extending the amount of space that they allocate to the discs and even the turntables that twirl them have found a place on Amazon<6F>s best-seller lists.Meeting this demand has been tricky. Vinyl accounted for 76% of total album sales in 1973; by 1994 this had dropped to 1.5% as compact discs (CDs) took over. By then the bulk of the world<6C>s vinyl-pressing plants had closed and most of their cumbersome machines had gone to the scrapyard. Only a very few plants that could diversify into new areas of printing and production stayed open. But they did so without any further investment in vinyl, so the few machines that kept on producing often date back to the 1960s.  18   GZ Media, a Czech firm that is the biggest manufacturer of vinyl (it makes around 60% of all vinyl records), went from churning out over 13m records in 1987 to a low of 200,000 in 1993. Requests for vinyl began flooding in again about a decade ago; it is now working around the clock and will produce 24m vinyl discs in 2017.Although vinyl is still only a tiny fraction of the global music market, big orders from record labels have swamped the few pressing plants left and caused delays in production. GZ Media has kept on top of orders by building, from 2014 on, updated versions of its older pressing machines. Others are also ramping up. More than a dozen new pressing plants have cropped up across North America, Europe and beyond in the past couple of years.A chronic shortage of machines is the chief headache. Reports of people racing across the world to get their hands on an old machine have become common. That in turn is spurring investment in new options. Nordso Records, based in Copenhagen<65>s Nordhaven district, which opened its plant last year, opted for a new pressing-machine design from Newbilt, a German startup. Newbilt have sold 25 of their products across Europe for up to <20>500,000 ($554,000) each, including all parts. They are manual, so an operator needs to oversee each stage of the process; they churn out 400 records a day if operating flat out.On a more industrial scale, Viryl Technologies is a Canadian startup that started building new machines in 2015. One eight-hour shift presses 1,200 records. Plants across North America, Europe and Asia have already installed them.Startups, which also provide machine servicing, see further room for innovation in the mastering process, or the transferral of the recording to a master disc from which all subsequent copies will be derived. One method involves cutting the grooves onto a lacquer disc, but only two companies in the world manufacture these discs (one of them is run by an old Japanese couple in Tokyo) and they too are in short supply. A second technique uses a copper-plated disc that is easier to come by but is again hampered by the limited number of machines that can cut the disc: of the 25 that still exist, GZ Media owns four.Last year, Rebeat Digital, an Austrian company, filed a patent for a <20>high-definition vinyl<79> mastering technology. This produces a computer-generated image of the music before blasting it onto a lacquer master disc with a laser (rather than a spinning stylus). They reckon this slashes the time needed to produce the master disc by 60%. But audiophiles are still sceptical about the sound quality of vinyl records produced in this way.Even if vinyl<79>s fashionability fades a bit, servicing the remaining few machines and supplying parts should keep the cash flowing for the startups. And the format is unlikely to disappear entirely, as once seemed possible. Many fans buy the liquorice-black discs from Spotify, a music-streaming service, after it started in 2014 allowing artists to sell merchandise, incl
'd1fd7958538fe3be7bb6302dbfab8e06228ad976'|'U.S. companies push hard for lower tax rate on offshore profits'|'WASHINGTON Major U.S. multinationals are pushing the Trump administration to deepen the tax break it has already tentatively proposed on $2.6 trillion in corporate profits being held offshore, a key piece in Washington''s intricate tax reform puzzle.As President Donald Trump tries to deliver on his campaign promise to overhaul the tax code, lobbyists for technology, drug and other manufacturers are working with officials behind closed doors, six lobbyists working with various industries told Reuters.In line with tax cuts already embraced by Republicans in the House of Representatives, the lobbyists said they are telling the White House and Treasury Department that if companies are forced to bring home, or repatriate, foreign earnings, they want a sharply reduced tax rate.The lobbyists are making an aggressive case that cutting the tax rate on offshore profits to 10 percent from 35 percent, as the administration has indicated it may favor, is not enough.Rather, the lobbyists said they want a lower, bifurcated rate of 3.5 percent on earnings already invested abroad in illiquid assets, such as factories, and 8.75 percent on cash and liquid assets.During the 2016 presidential campaign, Trump proposed setting the rate at 10 percent, and argued it could be used to raise tax revenue to pay for tax cuts or infrastructure.Discussion of hard numbers in the long-running repatriation debate may indicate tax reform is advancing on Trump''s slow-moving domestic policy agenda. Or it may just be lobbyists trying to set the early framework for a long slog ahead, which could be adjusted if they get concessions elsewhere."For us, it<69>s how you create a tax environment where you give business long-term certainty," one lobbyist said. The changes being discussed are part of larger tax reform, another lobbyist said: "Our international tax system is out of whack with the rest of the world. This system is not sustainable."LATEST PUSH IN LONG CAMPAIGN The lobbyists'' demands represent the latest effort in a push by corporate America that has been under way since 2004-2005, the last time Washington let multinationals pay only a small fraction of the taxes due on their foreign profits.Repatriation and comprehensive tax reform are important to the economy, Apple Inc ( AAPL.O ) CEO Tim Cook said earlier this month on CNBC. "The administration ... they''re really getting this and want to bring this back and I hope that that comes to pass," he said. Apple held $239.6 billion of cash and securities offshore as of April 1. Under current law, U.S.-based corporations are supposed to pay 35-percent income tax on profits worldwide. But companies can defer that tax on active profits left outside the country.The deferral rule has incentivized multinationals to park profits offshore and about $2.6 trillion in earnings is being held overseas by more than 500 U.S. companies, according to Audit Analytics, a corporate research firm.Nearly a third of that is held by 10 companies, including Apple, Microsoft Corp ( MSFT.O ), Pfizer Inc ( PFE.N ) and General Electric Co ( GE.N ), the firm said. All four of those companies declined to comment.These companies and hundreds of others could bring their foreign profits into the United States at any time, but they do not in order to avoid paying the 35-percent tax due.If the $2.6 trillion overseas were repatriated at once, two things would happen. First, Washington would get a big jolt of tax revenue. Second, repatriated profits not collected by the Internal Revenue Service could be put to use in the economy.As the law stands, tax-deferred profits can be held offshore indefinitely. The result of that has been companies biding their time, claiming their profits are "trapped" offshore while lobbying for a repatriation tax cut. The last time they got one was in 2004-2005 under former President George W. Bush, whose administration let multinationals voluntarily repatriate profits at a 5.25 percent tax rate.At the time, Bu
'd238e7e58995738bb9f21f758c907ff54584c7ad'|'Exclusive: Hotel operator La Quinta prepares to explore sale - sources'|'North American budget hotel chain La Quinta Holdings Inc ( LQ.N ) is preparing to explore a sale of the company, hoping for a high valuation as its seeks to spin off its real estate assets, people familiar with the matter said on Monday.La Quinta believes that proceeds from the potential sale would help justify to its shareholders the tax hit that it will incur as a result of the spin-off, the sources said. It plans to place its real estate business into a publicly listed real estate investment trust, and keep its franchise and management operations.La Quinta is preparing to engage with potential acquirers once it files a so-called Form 10 with the U.S. Securities and Exchange Commission registering the spin-off, according to the sources. La Quinta said earlier this month that it expected this filing to come in the second quarter of 2017.The sources cautioned that the timing of the spin-off was not certain and that there was no certainty a sale of the company would occur. They asked not to be identified because the deliberations are confidential. La Quinta declined to comment.(Reporting by Carl O''Donnell in New York; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-la-quinta-m-a-exclusive-idINKCN18B2GH'|'2017-05-15T17:46:00.000+03:00'
'4da96397920affd1fba3c45b0e895fe20b25b9ef'|'BRIEF-Eiffage price guidance is 77 Euros to market- Bookrunner'|' 22pm EDT BRIEF-Eiffage price guidance is 77 Euros to market- Bookrunner May 15 Eiffage Sa: UPDATE 2-SEC charges two former top Nomura traders with bond price lies NEW YORK, May 15 Two traders who ran Nomura Holdings Inc''s commercial mortgage-backed securities desk were charged on Monday by the top U.S. securities regulator with lying to customers about bond prices in order to boost profit and their own bonuses.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-eiffage-price-guidance-is-77-euros-idUSFWN1IH14E'|'2017-05-16T00:22:00.000+03:00'
'fae39479e5fe93ea5cf7bba4573e43684eee015d'|'Power plant owners limit Toshiba''s Westinghouse liabilities - sources'|'Sun May 14, 2017 - 10:45pm BST Power plant owners limit Toshiba''s Westinghouse liabilities: sources FILE PHOTO: The Vogtle Unit 3 and 4 site, being constructed by primary contactor Westinghouse, a business unit of Toshiba, near Waynesboro, Georgia, U.S. is seen in an aerial photo taken February 2017. Georgia Power/Handout via REUTERS By Tom Hals and Jessica DiNapoli - WILMINGTON, Del/NEW YORK WILMINGTON, Del/NEW YORK The owners of the Vogtle nuclear power plant in Georgia led by Southern Co ( SO.N ) agreed to cap Toshiba Corp''s ( 6502.T ) responsibility for guarantees for its bankrupt Westinghouse subsidiary, helping ease the Japanese electronics maker''s financial stress, people   said Sunday. The agreement pegs Toshiba''s guarantees for the unfinished Vogtle plant at about $3.6 billion, payable over at least three years, the people said, adding that the deal is not yet final. The deal is also contingent on the owners of the incomplete V.C. Summer power plant in South Carolina, including utility company SCANA Corp ( SCG.N ), coming to a similar agreement with Toshiba, said the people, who could not be identified because the talks are not public. Toshiba''s subsidiary Westinghouse is building the nuclear power plants for the U.S. utility companies, but filed bankruptcy in March due to cost overruns. Toshiba and Westinghouse declined to comment. SCANA did not immediately return a request for comment. "We remain in discussions with Toshiba to add structure to their payment obligation under the $3.68 billion parent guarantee," said Jacob Hawkins, a spokesman for Southern Co''s Georgia Power unit. "We will take all actions necessary to hold Westinghouse and Toshiba accountable for their financial obligations, including the parent guarantee." (Reporting by Tom Hals in Wilmington, Delaware and Jessica DiNapoli in New York; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-toshiba-accounting-southern-co-idUKKCN18A120'|'2017-05-15T05:44:00.000+03:00'
'd6d4d99340118ace91d1a4590545a8d48b40d632'|'Score the best mortgage deals, plus the facts about the pensions triple lock - Money'|'Hello and welcome to this week<65>s Money Talks <20> a roundup of the week<65>s biggest stories and some things you may have missed.Money news Buy-to-let millionaire who bans <20>coloured<65> people faces legal actionLeasehold now the No 1 concern for UK homeowners, study findsTaylor Wimpey compensation offer is PR con, claim victims of leasehold scandalOne in three tenants borrow money to pay rent, says ShelterSamsung Pay launches in UK to take on Apple Pay and Google Android PayFeature How to be on the winning side as mortgage war hots upFacebook Twitter Pinterest Over the past five years, the number of deals for buyers with a 5% deposit has gone up by 200, according to Moneyfacts. Photograph: James Boardman/Alamy In picturesMoated homesFacebook Twitter Pinterest Your <20>2.25m will grant you a title as well as a moat with this manor house in Newdigate, Surrey. Photograph: Andy Scott/Hamptons In the spotlightAny changes to the pensions triple lock could affect millions. Philip Inman looks at the facts .Facebook Twitter Pinterest The triple lock guarantees a minimum increase in the state pension each year. Photograph: Kirsty O''Connor/PA Consumer championsDear John Lewis, all I want is my <20>155 refund <20> refundedTrying to cancel a Vodafone account hit my chances of getting a mortgageA mountain to climb to get Everest to resolve our window issueI cancelled my car insurance in the cooling-off period, but was still chargedMoney deals If you need to send money overseas you could save with expert guidance, competitive exchange rates and free online transfers from the Guardian money transfer service, provided by Moneycorp. Set up a free account now .Save time and money with great value annual multi-trip cover from Guardian Travel Insurance, provided by Voyager. Get a Quote: in seconds and save.Topics Money Money Talks Mortgages Property Pensions Consumer affairs Consumer rights '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/may/18/score-best-mortgage-deals-pensions-triple-lock-leasehold-concern'|'2017-05-18T22:48:00.000+03:00'
'f6b10719e612a8fd8156b5e6e952b731e61d3978'|'Inspector finds holes in U.S. consumer agency''s information safeguards'|'U.S.   2:26pm EDT Inspector finds holes in U.S. consumer agency''s information safeguards WASHINGTON The U.S. watchdog agency that investigated and fined Wells Fargo & Co for creating phantom accounts, and which regularly penalizes large banks and lenders on behalf of consumers, has holes in its systems for protecting confidential information, the office charged with inspecting its operations said on Thursday. The relatively new Consumer Financial Protection Bureau has made confidential investigative information "available to employees when they do not need it to perform their assigned duties, increasing the risk of inadvertent or unauthorized disclosure," the Federal Reserve Inspector General''s office found in its report. The inspector general only looked into whether the CFPB''s enforcement arm had effective safeguards for sensitive information, and not if the information had been disclosed without authorization. The CFPB, created in the 2010 Dodd-Frank Wall Street reform law to protect individuals against fraud, receives its funding from the central bank and is subject to checks by the Fed''s internal inspection office. The inspector general pointed to the enforcement office''s "challenges with updating access rights" and an information technology system migration for giving 113 CFPB staff members the ability to read the restricted records. It added the enforcement office is not consistent in naming and storing files, creating other opportunities for unauthorized people to view information. Ultimately, when a worker was moved from one case to another the agency was slow in cutting off the person''s ability to access information on the prior case. The office, which the report said has obtained $11.5 billion in relief for more than 27 million consumers, began working to improve protections while the inspector general was conducting the study and in its responses in the report the CFPB said it had already limited the access of unauthorized users. A spokesman for the CFPB said there were no indications of unauthorized access to information outside CFPB or of inappropriate access within the agency. (Reporting by Lisa Lambert; Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-consumer-information-idUSKCN18E2N4'|'2017-05-19T01:28:00.000+03:00'
'6231c4c0633bbebad5c87ea15059cfb1a815d7ca'|'Fiat Chrysler shares drop on U.S. diesel emissions probe'|'Autos   10:15am EDT Fiat Chrysler shares drop on U.S. diesel emissions probe FILE PHOTO: An assembly line with 2014 Ram 1500 pickup trucks is seen at the Warren Truck Plant during a tour of the plant''s redesigned work stations in Warren, Michigan, U.S. September 25, 2014. REUTERS/Rebecca Cook/File Photo By David Shepardson - WASHINGTON WASHINGTON Fiat Chrysler Automobiles NV ( FCHA.MI ) shares fell over 3 percent in early U.S. trading on Thursday on reports the Justice Department is preparing to file a civil suit against the automaker for selling 104,000 vehicles that emit excess diesel emissions. Reuters reported Wednesday the Justice Department may file a suit under the Clean Air Act as early as this week if no agreement is reached with the Italian-American automaker. The U.S. Environmental Protection Agency and California Air Resources Board in January accused FCA of illegally using undisclosed software to allow excess diesel emissions in 104,000 U.S. 2014-2016 Jeep Grand Cherokees and Dodge Ram 1500 trucks. That was the result of an investigation that stemmed from regulators'' investigation of rival Volkswagen AG ( VOWG_p.DE ). Shares of the company were down 3.1 percent at $10.26 in morning trading on the New York Stock Exchange. The vehicles engines were manufactured by VM Motori SpA, a subsidiary of FCA, and some component parts for the engines were supplied by Robert Bosch GmbH [ROBG.UL]. Bosch faces about two dozen lawsuits from owners in connection with the FCA diesel vehicles. The Justice Department and EPA have obtained internal emails and other documents written in Italian that look at engine development and emissions issues that raise significant questions, people briefed on the investigation told Reuters. The investigation has scrutinized VM Motori actions. FCA acquired a 50 percent stake in VM Motori in 2010 and the remainder in October 2013. A federal judge in California set a May 24 hearing on a series of lawsuits filed by owners of vehicles and some dealers against Fiat FCA and the Justice Department is expected to file its action by then if no agreement is reached. FCA said on Wednesday it believed any litigation would be "counterproductive" to ongoing discussions with the EPA and California. The company said it "will defend itself vigorously, particularly against any claims that the company deliberately installed defeat devices to cheat U.S. emissions tests." The automaker said in a court filing late Wednesday it was working closely with EPA and California in a bid to win approval to sell 2017 diesels. FCA said testing is ongoing by regulators and it hopes to "install modified emissions software" without requiring any hardware changes to address regulators'' concerns. The company said it was ensuring potentially relevant documents are preserved, disclosing it has an "investigation hold" covering about 190 current and former employees related to the diesel vehicles under investigation. The European Commission has launched legal action against Italy for failing to respond to allegations of emission-test cheating by Fiat Chrysler in a procedure that could lead to the country being taken to court. (Reporting by David Shepardson; Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-fiatchrysler-emissions-idUSKCN18E1ZW'|'2017-05-18T22:15:00.000+03:00'
'3983c4a5f55eb167dab14b8854bb1c1fb51bae84'|'UPDATE 1-Danone eyes 2020 operating margin of above 16 pct'|'Market News  45pm EDT UPDATE 1-Danone eyes 2020 operating margin of above 16 pct * Eyes 2020 l-f-l sales growth of 4-5 pct * Eyes 2020 operating margin above 16 pct of sales * Reiterates 2017 goals (Adds details from statement) By Dominique Vidalon PARIS, May 18 French food group Danone said it banked on synergies from its acquisition of U.S. organic food producer WhiteWave and on a one billion euro cost-cutting plan to lift its recurring operating margin above 16 percent of sales in 2020. The world''s largest yoghurt maker made the forecast in a statement issued on the last of a two-day seminar in Evian, eastern France, to detail its long-term strategy. Danone also said it targeted overall like-for-like sales growth of between 4 percent and 5 percent in 2020 against 2.9 percent in 2016. Its operating margin stood at 13.77 percent last year. Danone unveiled in July 2016 plans to buy WhiteWave - maker of Silk almond milk and Earthbound Farm Organic salad - in its largest acquisition since 2007, a move it said would double the size of its U.S. business. The deal finally closed on April 12. Whitewave''s products have outperformed mainstream packaged food businesses in recent years as they are in line with a consumer shift toward natural foods and healthier eating and should help Danone as it struggles with challenging conditions in dairy in Europe and babyfood in China. Danone said on Thursday that it will generate $300 million in synergies in 2020 at recurring operating income level from the WhiteWave acquisition. The 2020 overall sales growth forecast included sales growth above 5 percent for Danone''s Essential Dairy & Plant-based (EDP) division NORAM, which includes its North American dairy business and Whitewave''s former North American business. Danone also eyed sales growth of 3-4 percent for its Essential Dairy & Plant-based (EDP) international, which includes its dairy products in the rest of the world as well as WhiteWave''s former business in Europe, Latin America and China. Danone has faced tough market conditions in Spain and problems with the relaunch of its Activia brand in Europe, which held back dairy sales growth in the final quarter of 2016, while pressures in the Chinese market have weighed on baby food sales. This led Danone to unveil in February plans to cut costs by 1 billlion euros over the next three years. The savings plan - called "Protein" by Danone - aims to cut spending on marketing and general expenses such as corporate travel, and will be partly used to fund future growth. Danone said on Thursday that at least 300 million euros net of reinvestment will fall into its margin expansion by 2020. Danone also said it will focus on growing its free cash flow to deleverage its balance sheet and improve its Return On Invested Capital, targeting a level of 12 percent in 2020. The WhiteWave acquisition led Danone in April to raise its forecast for 2017, saying it was now targeting double-digit recurring EPS at constant exchange rates and moderate like-for-like sales growth for 2017.. It confirmed these forecasts on Thursday. (Reporting by Dominique Vidalon; editing by John Irish)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/danone-targets-idUSL8N1IK65D'|'2017-05-19T01:45:00.000+03:00'
'b8ea3c4ec05ce486982049786ced11a10ddff0c5'|'Tata Steel agrees British pensions deal'|'By Maytaal Angel and Carolyn Cohn - LONDON LONDON India''s Tata Steel ( TISC.NS ) has agreed the main terms of a deal to cut benefits for its British pension scheme in a move that will see the firm back a new plan that will pose less risk to the company.The pension scheme is a major stumbling block in talks to merge Tata''s British and European steel assets with those of Thyssenkrupp ( TKAG.DE ), because the German company is opposed to taking on 15 billion pounds ($19.37 billion) in UK pension liabilities.The fate of Tata''s British businesses, including the country''s largest steelworks at Port Talbot, has been in the air since Tata Steel said a year ago it planned to sell its British assets following heavy losses.Pensions consultants questioned, however, whether the pensions deal announced on Tuesday would be enough to satisfy Thyssenkrupp.Tata said the deal will see it plough 550 million pounds into the British Steel Pension Scheme (BSPS), one of Britain''s largest final salary schemes with 130,000 members.The deal is subject to formal approval by The Pensions Regulator, but Tata said it expected to get approval shortly."We are in a very positive consultation with all stakeholders," said Tata Steel''s executive director for finance and corporate Koushik Chatterjee.Tata Steel UK has agreed, as part of the deal, to sponsor a new pension scheme that will have lower benefits than those of the original BSPS and will therefore pose less of a risk to the company.As a further safety measure, Tata will give the BSPS a 33 percent equity stake in its UK business.BSPS members who do not agree to move to the new scheme will automatically transfer to the Pension Protection Fund (PPF), which said all members, including those in the new scheme, are guaranteed at least PPF compensation levels.The PPF is a lifeboat for pension schemes in Britain that run into trouble."Good progress is being made," The Pensions Regulator said.But it added: "We will only approve (pensions restructurings)...where stringent tests are met, so that they are not abused by employers seeking to inappropriately offload their pension liabilities."Martin Hunter, principal at pensions consultant Punter Southall, said the deal did not involve a total separation of the pension scheme from Tata.Thyssenkrupp has consistently opposed taking on Tata''s UK pension liabilities, though it continues to pursue merger talks with Tata in a bid to achieve sector consolidation and tackle Europe''s excess steel capacity."The $64,000 question is <20>is this good enough for Thyssenkrupp, given that Tata Steel UK is still on the hook for the pension scheme?<3F>,<2C> said independent pensions consultant John Ralfe.Thyssenkrupp declined to comment.The merger is vigorously opposed by German trade unions, who fear large-scale job cuts as a result - probably at Germany''s expense after workers at Tata Steel''s Port Talbot plant in Wales were recently given job guarantees.Tata Steel reported an unexpected fourth-quarter loss on Tuesday due to one-off exceptional items, including charges related to the pensions deal.It posted a fourth-quarter net loss of 11.68 billion rupees ($182.4 million), compared with a net loss of 30.42 billion rupees a year ago.The company<6E>s current debt is 730 billion rupees as of the end of March 2017.(Additional reporting by Promit Mukherjee, Georgina Prodhan, Tom Kaeckenhoff; Editing by Jane Merriman and Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tata-steel-pensions-idINKCN18C253'|'2017-05-16T14:56:00.000+03:00'
'c52778522793eeb491978c2053b5f737042e0209'|'RPT-UPDATE 1-Brazil''s top court releases testimony linking president to bribes'|'Bonds News - Fri May 19, 2017 - 2:50pm EDT RPT-UPDATE 1-Brazil''s top court releases testimony linking president to bribes (Repeats to additional subscribers) By Brad Brooks and Lisandra Paraguassu SAO PAULO/BRASILIA May 19 Brazil''s Supreme Court released explosive plea-bargain testimony on Friday accusing President Michel Temer, along with former presidents Luiz Inacio Lula da Silva and Dilma Rousseff, of receiving millions in bribes. The testimony raises serious doubts about whether Temer, who replaced the impeached Rousseff last year, can maintain his grip on the presidency amid the string of corruption scandals that has engulfed vast swaths of Brazil''s political class and business elites. Austerity reforms pushed by Temer, who has denied any wrongdoing, are considered crucial to revive the economy of Latin America''s biggest country, mired in its worst recession on record. The bombshell revelations came from testimony given by executives at JBS SA, a meatpacking company that grew quickly through acquisitions funded by low-cost loans from Brazil''s development bank during 13 years of government by Lula and Rousseff''s leftist Workers Party. The testimony implicates both ruling and opposition parties and indicates that Temer, a conservative, took 15 million reais ($4.6 million) in bribes from JBS, which ranks as the world''s largest meat processor. It also alleges that Lula, who is already facing five corruption trials, received $50 million in bribes in offshore accounts from JBS, while Rousseff took $30 million in bribes, also in offshore accounts. Lawyers for Lula said he was innocent. A lawyer for Rousseff could not immediately be located, though the former leader has repeatedly said she has committed no corrupt acts. The corruption scandals that have polarized Brazil center on political kickbacks in exchange for firms winning contracts at state-run enterprises, especially at oil company Petrobras . They have led to over 90 convictions of businessmen and politicians and prompted the investigation of dozens of sitting congressmen and a third of Temer''s cabinet. Supreme Court Justice Edson Fachin wrote this week that an immediate investigation into Temer was required because the alleged criminal practices "are underway or about to occur." Temer on Thursday, in a terse address to the nation, said he would not resign from the presidency. His defiance came as the Supreme Court released an audio tape of him speaking with JBS Chairman Joesley Batista. In the recording, secretly made by Batista in a March visit to Temer, the president appeared to condone the payment of hush money to former lower house speaker Eduardo Cunha, who last year orchestrated Rousseff''s impeachment and was later convicted for corruption. Many politicians fear that if Cunha should turn state''s witness, his testimony could implicate scores of congressmen and members of the executive branch. The constant march of indictments and new scandals has led to near paralysis in Brasilia, the capital, and led to widespread calls among Brazilians for new elections. ($1 = 3.2893 reais) (Reporting by Brad Brooks in Sao Paulo and Lisandra Paraguassu in Brasilia; Editing by Daniel Flynn and Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-idUSL2N1IL1FO'|'2017-05-20T02:50:00.000+03:00'
'3f1dd9ac6e8b588232352c4e364187ced8f0dea9'|'Screening at Cannes of Netflix''s ''Okja'' stopped due to heckling'|'Hollywood News - Sat May 20, 2017 - 12:44am IST Netflix big-beast thriller ''Okja'' impresses at Cannes after boos left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Cast members Tilda Swinton and Jake Gyllenhaal pose with Director Bong Joon-ho. REUTERS/Regis Duvignau 1/13 left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Director Bong Joon-ho and cast members Tilda Swinton, Seo-Hyeon Ahn, Jake Gyllenhaal pose. REUTERS/Stephane Mahe 2/13 left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Cast member Lily Collins poses. REUTERS/Regis Duvignau 3/13 left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Cast member Tilda Swinton removes her sunglasses as she poses. REUTERS/Regis Duvignau 4/13 left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Cast members Tilda Swinton and Jake Gyllenhaal pose with Director Bong Joon-ho. REUTERS/Regis Duvignau 5/13 left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Cast members Paul Dano (L) and Jake Gyllenhaal (R) pose. REUTERS/Regis Duvignau 6/13 left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Cast member Lily Collins poses. REUTERS/Stephane Mahe 7/13 left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Cast member Jake Gyllenhaal and Paul Dano pose. REUTERS/Stephane Mahe 8/13 left right 70th Cannes Film Festival - News conference for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Cast member Steven Yeun. REUTERS/Jean-Paul Pelissier 9/13 left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Director Bong Joon-ho and cast member, Seo-Hyeon Ahn and Hee-Bong Byun pose. REUTERS/Stephane Mahe 10/13 left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Actress Lily Collins poses. REUTERS/Regis Duvignau 11/13 left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Cast member Tilda Swinton poses. REUTERS/Stephane Mahe 12/13 left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Cast member Jake Gyllenhaal poses. REUTERS/Stephane Mahe 13/13 By Robin Pomeroy - CANNES, France CANNES, France A technical glitch on Friday halted the screening of Netflix''s first movie to compete at the Cannes Film Festival, but "Okja", starring Tilda Swinton and Jake Gyllenhaal, which opened to boos, ended to hearty applause. One of the most keenly anticipated films of the festival, because of its stellar cast and director as well as the video streaming company''s decision to give it only a limited theatrical release, opened to a packed press screening. As the Netflix logo hit the screen, sections of the crowd booed, and the opening scene was difficult to hear due to heckling and slow handclapping - apparently due to the film being projected in the wrong aspect ratio. The projection was stopped, the screen adjusted and the movie then restarted, with the Netflix logo again being booed, but the rest of the film watched in respectful silence. "This incident was entirely the responsibility of the Festival<61>s technical service, which offers its apologies to the director, his teams, the producers and the audience at the showing," the festival said in a statement. Directed by Korean Bong Joon-ho, known for "Snowpiercer" and "The Host", "Okja" is the story of a little girl''s relationship to an intelligent giant pig-like animal which has, unknown to h
'8e6618b4bf19661ca1e2f30d6068c765cd063247'|'T-Mobile sees benefits in merger with Sprint - CFO'|'NEW YORK T-Mobile US Inc ( TMUS.O ) would benefit from greater scale in the industry if it were to combine with rival Sprint Corp ( S.N ), the chief financial officer of the No. 3 wireless carrier said at a conference on Thursday."There is a huge prize when you talk about Sprint, and that''s true hard synergies," said Braxton Carter, T-Mobile''s chief financial officer, citing more than $30 billion (23.19 billion pounds) in estimated synergies over time between the companies.Sprint shares rose 7.5 percent to close at $7.89 while T-Mobile closed up 2.8 percent."It''s not a question of will talks happen," Carter said. "Of course, they''re going to happen as it''s been very, very widely reported in the press."Reuters reported in February that Sprint''s controlling shareholder, SoftBank Group Corp ( 9984.T ), was positioning itself for deal talks with T-Mobile''s top shareholder, Deutsche Telekom AG ( DTEGn.DE ), once a U.S. government auction of wireless airwaves ended.Carter also did not rule out a possible combination with cable companies Comcast Corp ( CMCSA.O ) and Charter Communications Inc ( CHTR.O )."What about Sprint, T-Mobile and a coalition of Comcast and Charter and the value creation that could come out of that?" Carter said.He added that "from a shareholder standpoint, that could be very, very exciting."(Reporting by Anjali Athavaley; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/t-mobile-us-m-a-sprint-corp-idINKCN18F03S'|'2017-05-18T23:19:00.000+03:00'
'edf71dad7a1ac1340ca3befc7cdea320427e08f9'|'Unemployment is at its lowest since 1975, so why do people feel worse off? - Larry Elliott - Business'|'B ritain looks like a full employment economy. A bigger slice of the population is in work than at any time since modern records began . The unemployment rate is at its lowest since 1975. There are hundreds of thousands of job vacancies.But Britain doesn<73>t feel like a full employment economy. When the jobless rate was this low in previous economic cycles, wages were rising because employers were competing for scarce labour. Firms were investing in new capital equipment because workers were becoming more expensive. Productivity was increasing.Today none of that is happening. Wage growth is not picking up. Instead, it is stuck at the new normal of 2%. There are skill shortages but this is not translating into higher average earnings. Investment is weak and productivity is falling because the growth in the employed population is running ahead of the increase in national output.UK faces pay squeeze as unemployment rate sinks to 42-year low Read more John Philpott, an economist who specialises in employment, is right when he says the UK labour market looks better on paper than it feels in the pocket. It is unprecedented for record levels of employment to coincide with the workforce getting poorer.One reason for the weakness of earnings growth is the ferocious squeeze on public sector pay, which <20> stripped of bonus payments <20> is rising at just 1.3% a year.A second factor is that employers are able to buy in cheap labour from overseas. Migration from other EU countries has not fallen off a cliff despite the result of last summer<65>s referendum: according to the Office for National Statistics, the number of non-UK nationals from the EU working in the UK rose by 171,000 to 2.32 million between the first quarter of 2016 and the first quarter of 2017. This continues a trend, which has seen the number of workers from the other 27 EU countries double since the recession of 2008-09.Finally, the nature of work seems to have changed. Work by David Blanchflower, Rui Costa and Stephen Machin has shown that earnings growth for the self-employed <20> who account for 15% of the workforce <20> has been particularly weak in recent years. People are working flat out in the gig economy but still struggling to make ends meet. The labour market has, for want of a better word, been Uberised.Topics Economics UK unemployment and employment statistics Unemployment and employment statistics comment   Share   Reuse this content'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/may/17/unemployment-low-wage-growth-gig-economy'|'2017-05-17T19:28:00.000+03:00'
'012ce6e9c90c9f349a4716472366a4a30027f310'|'PRECIOUS-Gold surges as Trump turmoil hits dollar, U.S. yields'|'* Gold up 1.8 pct in fifth straight session of gains * Breaks above technical resistance at $1,245 * Scandals dampen hopes of Trump stimulus * Dollar falls to lowest since Nov. 9 (Updates prices; adds comment, byline, NEW YORK dateline) By Marcy Nicholson and Peter Hobson NEW YORK/LONDON, May 17 Gold rose to a two-week high on Wednesday as political turmoil in the United States reduced expectations of aggressive interest rate rises this year, pushed down U.S. bond yields and drove the dollar to its lowest in six months. Lower yields reduce the opportunity cost of holding non-yielding gold, while a weaker dollar makes bullion cheaper for non-U.S. investors. Higher interest rates would push yields up and likely boost the dollar. Spot gold rose for a fifth day and was up 1.8 percent at $1,258.28 an ounce by 2:40 p.m. EDT (1840 GMT), after hitting $1.260.20, the highest since May 1. It was on track for its biggest one-day gain since June 2016. U.S. gold futures settled up 1.8 percent at $1,258.70. "Downward movement in yields and the dollar have given support to gold," ABN AMRO analyst Georgette Boele said. "And on top of this you get political uncertainty which is denting the dollar." U.S. President Donald Trump is under pressure to explain whether he tried to interfere with a federal investigation after reports that he asked then-FBI Director James Comey to end a probe into Trump''s former national security adviser, Michael Flynn. "Investors'' worry is that the president may have obstructed justice, which is a potentially impeachable offence," said Fawad Razaqzada, technical analyst for Forex.com. That follows a turbulent week after Trump fired Comey and discussed sensitive national security information with Russia''s foreign minister, causing investors to question whether Trump can push through tax cuts and deregulation. "This has driven monies into safe-haven buying which is supporting gold," said Miguel Perez-Santalla, vice president of Heraeus Metal Management in New York. The dollar fell to its lowest since Trump was elected in November and is likely to drop further, Boele said. Stocks fell and 10-year U.S. Treasury yields were at the lowest since April 21. An unexpected drop in U.S. homebuilding activity, reported on Tuesday, meanwhile raised new doubts about how many times the Federal Reserve will raise interest rates this year. Futures traders are pricing in a 66 percent chance of a June rate rise, down from around 90 percent earlier this month, according to CME''s FedWatch Tool. Technically, gold breached resistance at its 200-day moving average and Fibonacci retracement, both around $1,245, triggering technical buying. Silver was up 0.6 percent at $16.92 an ounce and platinum was 0.7 percent higher at $944 an ounce. Palladium was down 2.2 percent at $776.22. (Additional reporting by Vijaykumar Vedala and Swati Verma in Bengaluru; Editing by Susan Thomas and Steve Orlofsky)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-precious-idUSL8N1IJ36N'|'2017-05-17T22:29:00.000+03:00'
'af08db0cc76644b4a62e33d17f822ad25aafa86f'|'Retail FX volumes dip, FXCM squeeze deepens'|'Market News  40am EDT Retail FX volumes dip, FXCM squeeze deepens By Patrick Graham - LONDON LONDON May 17 Foreign exchange trading through online retail brokers fell by just over 3 percent in the first quarter of 2017, driven chiefly by a fall-off for the massive Japanese firms who dominate the global trade, industry data showed on Wednesday. The data from industry researchers Finance Magnates Business Intelligence (www.financemagnates.com) showed volumes falling to the equivalent of $356 billion a day, down from $368 billion in the last quarter of 2016 and $364 billion a year ago. Its data, based on a mix of company publications, national data and estimates that have not been checked by Reuters, showed Japanese brokers did $161 billion a day versus $167 billion in the previous quarter and $189 billion 12 months ago. The boost to volatility from U.S. and French elections since late last year, however, has helped prop up non-Japanese brokers including IG Group as they battle through a clampdown on regulation of the sector in Europe and the United States. Average daily volumes for non-Japanese brokers rose from 175 billion a day a year ago to roughly $200 billion a day in the past three quarters. It was just under that figure at $195 billion in the first quarter. "Although the first months (of the year) are usually better than traditionally slow December, this time the rebound was not that spectacular," Finance Magnates said in the quarterly report. "February was ... worse than January with an average industry decrease of more that 15 percent compared to the first month of the year. Solid growth was observed in March." One big shake-up at the start of this year was the closure of FXCM''s U.S. business after regulatory action against members of the company''s management. FXCM volumes fell to an average of $10.6 billion a day in the first quarter from $14 billion a year ago. The company said earlier this week that they fell further, to $8.8 billion a day, in April. The retail sector has grown steadily in the last five years after originally being seen as a sideshow to the trading between banks and big investment and pension funds that forms the core of the $5 trillion a day global market in currencies. A retreat in wholesale volumes has also made retail accounts a larger part of overall market activity and a target market for a number of major banks'' FX business models. The two top European brokers were IG, with volumes of $22 billion a day on average and Denmark''s Saxo Bank, with $16.6 billion. Only IG placed in the top 10 globally behind Asian-based operators led by GMO Click Securities and DMM.com Securities. (Writing by Patrick Graham; Editing by Tom Heneghan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-forex-retail-idUSL8N1IJ2RW'|'2017-05-17T22:40:00.000+03:00'
'74c4657fa54e33c685dc72a3e888f052c2f82f26'|'Housing data, political turmoil hit dollar; stocks flat'|'Top News   8:59pm BST Housing data, political turmoil hit dollar; stocks flat Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 15, 2017. REUTERS/Brendan McDermid By Rodrigo Campos - NEW YORK NEW YORK The U.S. dollar index touched its lowest since early November on Tuesday, hurt by weaker-than-expected U.S. housing data and concerns after political turmoil once again hit Washington. A rally in the euro was reinforced by dollar losses, prompted by allegations that U.S. President Donald Trump disclosed highly sensitive intelligence information to senior Russian officials at a meeting last week. The disclosure adds to concern over the administration''s chances of passing legislation, including a tax reform, that has partly been priced in by financial markets. Stocks remain at or near record highs, supported by the strongest earnings season for S&P 500 components since 2011. The dollar fell after the poor housing data and despite U.S. manufacturing production recording its largest increase in more than three years. The downtrend in the U.S. currency could extend further, according to Boris Schlossberg, managing director of FX strategy at BK Asset Management, given the potential for further political fallout relating to Trump''s intelligence disclosure. "It seems like progressively every single day it gets more and more beyond any sense of normal leadership and ultimately that kind of political volatility does translate into economic volatility," Schlossberg said. The dollar index .DXY fell 0.77 percent, with the euro EUR= up 1.06 percent to $1.1089. The dollar index had reached 14-year highs in early January on the view that Trump''s plans for tax cuts and infrastructure spending would boost growth and inflation. But it fell to six-month lows on Tuesday. The Japanese yen strengthened 0.64 percent versus the greenback at 113.08 per dollar, while Sterling GBP= was last trading at $1.2919, up 0.20 percent on the day. On Wall Street, the S&P 500 and Nasdaq Composite touched record highs but the S&P retreated to trade slightly negative. Traders shared concerns about the feasibility of the Trump agenda of tax cuts and deregulation, without taking their eyes off the expected economic growth. "It''s a combination of earnings and better-than-expected industrial production countered with concerns about future economic data and the fact we continue to see weak retail sales," said Kate Warne, investment strategist at Edward Jones in St. Louis. "With the consumer being more than two-thirds of economic growth, if consumer spending is weak, can we continue to see solid economic growth?" The Dow Jones Industrial Average .DJI fell 6.18 points, or 0.03 percent, to 20,975.76, the S&P 500 .SPX lost 2.16 points, or 0.09 percent, to 2,400.16 and the Nasdaq Composite .IXIC added 16.45 points, or 0.27 percent, to 6,166.13. The pan-European FTSEurofirst 300 index .FTEU3 rose 0.08 percent and MSCI''s gauge of stocks across the globe .MIWD PUS gained 0.28 percent. Emerging market stocks rose 0.51 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.37 percent higher, while Japan''s Nikkei .N225 rose 0.25 percent. Oil prices were little changed as traders awaited weekly U.S. inventory data and after Kuwait joined top producers Saudi Arabia and Russia in support of prolonging supply cuts through March 2018 to reduce a global crude glut. U.S. crude CLcv1 fell 0.49 percent to $48.61 per barrel and Brent LCOcv1 was last at $51.62, down 0.39 percent on the day. U.S. Treasury yields fell after the housing data added to recent soft economic news that has raised new doubts over how many times the Federal Reserve will raise interest rates this year. Benchmark 10-year notes US10YT=RR last rose 3/32 in price to yield 2.3274 percent, from 2.338 percent late on Monday. Spot gold XAU= added 0.5 percent to $1,236.91 an ounce. U.S. gold futures GCcv1 gained 0.57 percent to $1,237.00 an ounce.
'2ab8caf1720f09b081cedbb7216a8bbd0053dd4d'|'MOVES-Credit Suisse appoints head of Philippines coverage'|'Market News  13am EDT MOVES-Credit Suisse appoints head of Philippines coverage May 19 Swiss lender Credit Suisse Group AG said on Friday it appointed Michael De Guzman as head of Philippines coverage in its Asia Pacific Investment Banking and Capital Markets (IBCM) division. He joins from investment bank Macquarie Group, where he spent 17 years in roles based around Asia Pacific. For the past eight years, he headed Macquarie Capital Philippines, advising and raising capital for various conglomerates in the country. (Reporting by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/credit-suisse-gp-moves-michael-de-guzman-idUSL4N1IL3DY'|'2017-05-19T18:13:00.000+03:00'
'72b044691234e25dedeb323af0e872b8cc681d54'|'UK shoppers shrug off inflation pressure as sun comes out'|'Top News   11:50am BST UK shoppers shrug off inflation pressure as sun comes out left right A woman buys produce at a market stall in London, Britain May 16, 2017. REUTERS/Neil Hall 1/2 Prices are displayed on a store window in London, Britain May 16, 2017. REUTERS/Neil Hall 2/2 By David Milliken and William Schomberg - LONDON LONDON British shoppers set aside their concerns about fast-rising inflation following the Brexit vote and stepped up spending last month at the fastest rate in years, encouraged by fine weather, official data showed. The unexpectedly strong figures suggest that - at least temporarily - consumers'' mood has become more upbeat in the run-up to a June 8 national election that   ruling Conservatives are tipped to win by a wide margin. Retail sales volumes jumped by 2.3 percent on the month in April, the Office for National Statistics said on Thursday, beating the median forecast for a 1.0 percent rise in a Reuters poll of economists. The robust data contrasts with a generally downbeat tone so far this year, as a pick-up in inflation triggered by the fall in the pound after last year''s Brexit vote ate into households'' disposable income. The rebound followed a sharp 1.4 percent fall in March that capped the weakest calendar quarter since 2010. "April''s sharp rebound in retail sales ... buoys hopes that consumer spending will not hamper UK GDP growth as it clearly did in the first quarter," said Howard Archer, chief UK economist at IHS Markit. Looking at the value of retail spending - which adds in the extra amount shoppers spend because of higher inflation - sales in the three months to April were up 6.2 percent on a year earlier, the biggest rise in 15 years. Sterling rose almost half a cent against the U.S. dollar GBP=D4 after the data, rising above $1.30 for the first time in almost eight months, and British government bond yields fell to a one-month low. WEATHER FACTOR The ONS said retailers reported that fine weather had boosted demand. An official said it was too soon to tell if inflation pressures would weigh on consumers again quickly. "We need a longer series to properly determine a pattern," the official said. Retail sales volumes were 4.0 percent higher than a year earlier after 2.0 percent annual growth in March, again beating forecasts in a Reuters poll for a 2.1 percent rise. The ONS said the figures were seasonally adjusted to take account of the timing of Easter, but many economists doubted the adjustment was sufficient. "Today''s upside surprise will probably mean that almost every City forecaster will be looking for payback in next month''s May figures, particularly if Easter or weather distortions played a sizeable role in today''s good news," George Buckley, an economist at Nomura, said. The strong retail sales tally with figures from the Confederation of British Industry, which said retailers reported rapid sales growth during the first part of April. But British retailers have reported mixed fortunes. Earlier this month Next ( NXT.L ), Britain''s most successful clothing chain in recent years, lowered its annual profit forecast, counting the cost of tough trading conditions and self-inflicted problems with its product ranges. Official figures on Wednesday showed that average wages in Britain are now rising by less than inflation for the first time since 2014. The Bank of England expects a shortfall in consumer demand this year which will be mostly offset by stronger exports and business investment. Many private-sector forecasters are more doubtful and see a bigger slowdown this year and next. (Reporting by David Milliken; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-retail-idUKKCN18E0WC'|'2017-05-18T16:35:00.000+03:00'
'434b738942050d7d850189bdaa3630f4ea6b3b3c'|'UPDATE 1-U.S. FCC votes 2-1 to advance repeal of Obama-era internet rules'|'Innovation and Intellectual Property - Thu May 18, 2017 - 12:48pm EDT U.S. FCC votes 2-1 to advance repeal of Obama-era internet rules FILE PHOTO: Ajit Pai, Chairman of U.S Federal Communications Commission, delivers his keynote speech at Mobile World Congress in Barcelona, Spain, February 28, 2017. REUTERS/Eric Gaillard By David Shepardson The U.S. Federal Communications Commission voted 2-1 on Thursday to advance a Republican plan to reverse the Obama administration''s 2015 "net neutrality" order. FCC chairman Ajit Pai has proposed the commission repeal the rules that reclassified internet service providers as if they were utilities. He thinks the open internet rules by President Barack Obama, a Democrat, were unnecessary and harm jobs and investment. "We propose to repeal utility-style regulation," Pai said Thursday. "The evidence so far strongly suggests that this is the right way to go." The public will have until mid-August to offer comments before the FCC votes on a final plan. Pai wants public input on whether the FCC has the authority or should keep its "bright line" rules barring internet companies from blocking, throttling or giving "fast lanes" to some websites. He has not committed to retaining any rules, but said he favors an "open internet." Pai said he would make a final proposal public before a final vote and said the FCC will conduct a cost-benefit analysis. Democratic FCC Commissioner Mignon Clyburn, who voted against the plan, said the end game appears to be an internet without FCC regulatory oversight. She said the proposal "jeopardizes the ability of the open internet to function tomorrow, as it does today." The FCC, which has already received more than 1 million comments, is also seeking comment on whether U.S. states should be able to set their own broadband privacy or other regulations. Facebook Inc ( FB.O ), Alphabet Inc ( GOOGL.O ) and others back net neutrality rules, saying they guarantee equal access to the internet. Broadband providers AT&T Inc ( T.N ), Verizon Communications Inc ( VZ.N ) and Comcast Corp ( CMCSA.O ) oppose the 2015 order, saying it would discourage investment and innovation. Internet providers insist they will not engage in blocking or throttling even in the absence of rules, but critics are skeptical. Senator Brian Schatz, a Democrat, said "it will take millions of people standing up, just like they did before, to say that the internet needs to stay free and open. That<61>s what it will take to win." Comcast, Charter Communications Inc ( CHTR.O ) and Altice NV''s ( ATCA.AS ) U.S. unit signed an advertisement Wednesday saying they are "committed to an open internet that gives you the freedom to be in charge of your online experience.... We do not block, throttle or otherwise impair your online activity." USTelecom, an industry trade group, said the FCC "is moving the conversation beyond the merits of net neutrality to how best to safeguard this universally embraced value with a modern, constructive policy framework." (Reporting by David Shepardson; editing by Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-fcc-neutrality-idUSKCN18E2H7'|'2017-05-19T00:43:00.000+03:00'
'107c5ec452b4e0055cc6e057ed9c80d5f77a0451'|'Second U.S. buyout firm bids for Australia''s Fairfax Media'|'Deals - Thu May 18, 2017 - 5:48am BST Second U.S. buyout firm bids for Australia''s Fairfax Media The Fairfax Media headquarters are pictured in Sydney, Australia, May 3, 2017. REUTERS/Jason Reed By Byron Kaye and Jamie Freed - SYDNEY SYDNEY Australia''s oldest newspaper publisher Fairfax Media Ltd ( FXJ.AX ) on Thursday said it has received a takeover bid worth as much as A$2.87 billion ($2.13 billion) from a second U.S. private equity firm, sending its shares sharply higher. The surprise offer from buyout firm Hellman & Friedman values Fairfax at A$1.225 to A$1.25 a share, compared to an earlier offer from TPG Capital Management and Ontario Teachers'' Pension Plan Board of A$1.20 a share. Investors welcomed the prospect of a bidding war for the 186-year-old publisher of the Sydney Morning Herald and the Australian Financial Review newspapers, although lawmakers have expressed concern over the possible impact on local journalism. "It is always good that there is a bit more competitive tension," said Suhas Nayak, a portfolio manager at Allan Gray, which holds Fairfax shares. "It is a waiting game from here." Fairfax shares leapt 6.7 percent to A$1.24 by mid-session on Thursday, in line with Hellman''s indicative offer range. The broader sharemarket was down 1.2 percent. The Sydney-based publisher said it would allow both suitors to conduct due diligence "to explore whether a potential whole of company proposal is available". The chairman emeritus of Hellman, Brian Powers, was the chairman of Fairfax from 1999 to 2002. Hellman declined to comment. TPG said it welcomed the opportunity to conduct due diligence and declined to comment on the Hellman bid. PUBLIC INTEREST Fairfax investors have watched the stock sink from A$4.99 in 2007 when its long-term problems began with the migration of classified advertising to the internet. The shares hit a low of 36 Australian cents in 2012 and have barely recovered despite rounds of slashing cost cuts. Its real estate classifieds unit, Domain, is now its biggest profit generator, and shareholders have been eager for the company to spin off the unit as Rupert Murdoch''s News Corp ( NWSA.O ) did with its property website in 1999. Shares in that company, REA Group Ltd ( REA.AX ), have climbed from A$6.00 to A$61.88 over the past decade. Analysts expect any private equity buyer to keep Domain and metropolitan mastheads and dump non-core regional news, radio and streaming video businesses, raising fears for the future of public interest journalism in a market already dominated by a handful of media proprietors. Any foreign takeover of Fairfax would need regulatory approval, and some lawmakers have already threatened to oppose the TPG deal on public interest grounds. Opposition Labor Senator Sam Dastyari on Wednesday told a parliamentary inquiry into the future of journalism in Australia he supported placing "controls and restrictions" on TPG if its bid was approved. (Reporting by Byron Kaye and Jamie Freed; Editing by Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-fairfax-media-m-a-tpg-idUKKCN18E0CY'|'2017-05-18T12:19:00.000+03:00'
'b7f08ddd70c86a76c6470b3770813d5c4f57ee58'|'Former Barclays trader receives $1.2 million fine, industry ban'|'Big Story 10 - Fri May 19, 2017 - 3:14pm EDT Former Barclays trader receives $1.2 million fine, industry ban By Pete Schroeder - WASHINGTON WASHINGTON The Federal Reserve announced on Friday that it had imposed a $1.2 million fine on a former Barclays Plc foreign exchange trader, and barred him from the banking industry. The ban on the former trader, Christopher Ashton, had been previously announced in August. The enforcement action was finalized on Friday, after Ashton failed to respond to court proceedings. The former trader allegedly used chat rooms to coordinate investments and disclose confidential information in foreign exchange trades, the regulator said. The action followed the board''s May 2015 enforcement actions against Barclays for unsafe and unsound practices related to foreign exchange markets, the Federal Reserve said. Barclays was required to pay $342 million at that time. In that case, the bank had settled with the New York state financial regulator and faces civil lawsuits stemming from the alleged abuse. (Reporting by Pete Schroeder; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-banks-barclays-idUSKCN18F2AX'|'2017-05-20T03:04:00.000+03:00'
'03e6a0a984a5d29df9d0a5705f24310f41d3f306'|'Boeing seeks talks with Canada over threat to scrap jet purchase - source'|' 14pm BST Boeing seeks talks with Canada over threat to scrap jet purchase - source left right The Boeing logo is seen at their headquarters in Chicago, in this April 24, 2013 file photo. REUTERS/Jim Young/File Photo 1/2 left right FILE PHOTO - A plane flies over a Bombardier plant in Montreal, Quebec, Canada on January 21, 2014. REUTERS/Christinne Muschi/File Photo 2/2 By David Ljunggren - OTTAWA OTTAWA Boeing Co''s defence unit wants talks with Canadian officials as it tries to fend off a government threat to scrap the purchase of 18 Super Hornet jets, a source familiar with the situation said on Friday. Canada suggested on Thursday it could ditch its plans to buy the jets if the United States backed Boeing''s claims that Canadian plane maker Bombardier Inc dumped jetliners in the U.S. market. "Boeing made the calculation that taking this action was worth the risk," said the source, who requested anonymity given the sensitivity of the situation. "However, Boeing military sales division is concerned and is seeking to communicate with Canadian government decision-makers to mitigate the possible impact to their Super Hornet sale." If Boeing did indeed gamble that it could challenge Bombardier while sealing an order for fighter jets, the costs could be significant, analysts said. Political sources say the Liberal government of Prime Minister Justin Trudeau is furious about Boeing''s allegations. Richard Aboulafia, aerospace analyst at Teal Group, said that although Boeing''s complaint appears valid, "the secondary effects are disastrous". He said Boeing could lose $10 billion (7.67 billion pounds) to $20 billion in military sales to Canada, encompassing order for jets, helicopters and maritime surveillance planes. Potential winners include rival makers of jets, such as Lockheed Martin Corp, Dassault Aviation SA, Airbus SE and Saab AB ( SAABb.ST ), analysts said. The U.S. Commerce Department on Thursday launched an investigation into Boeing''s claims. "This is a strong shot across the bow to the United States to say ''Shut this thing down pretty damn quickly,'' said a Canadian defence industry source. Bombardier is based in the powerful province of Quebec, where the ruling Liberals say they need to pick up support to be sure of winning an election in October 2019. Trudeau twice side-stepped questions about the threat when speaking to reporters on Friday in British Columbia. Canada unveiled plans to buy the Super Hornets last November as a stop-gap measure while it prepared an open five-year competition to replace its ageing fleet of 77 Boeing CF-18 fighter jets. Defense analyst David Perry said one option for Ottawa would be to scrap the idea of a stopgap force and go straight to the permanent competition. Military procurement in Canada is handled by both the ministers of defence and public works, neither of whom were immediately available for comment. Boeing said it would respond later in the day. Boeing''s defence unit is called Defense, Space & Security. (Additional reporting by Alwyn Scott in Seattle; Editing by Bernard Orr and Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-boeing-bombardier-idUKKCN18F2AL'|'2017-05-20T03:14:00.000+03:00'
'da2e1c73c9e4ff9e675fdefa1da567384956f752'|'Pfizer drug from Medivation deal shows promise in breast cancer -study'|'Market   5:00pm EDT Pfizer drug from Medivation deal shows promise in breast cancer -study By Bill Berkrot May 17 A breast cancer drug that Pfizer Inc acquired with its $14 billion purchase of Medivation showed promising anti-tumor activity following prior treatments and a modest ability to hold the disease in check, according to data from a mid-stage study released on Wednesday. The drug, talazoparib, belongs to a class of medicines called PARP inhibitors which may induce tumor cell death. PARP inhibitors have shown promise in ovarian and breast cancers. The Phase II study tested the drug in women with advanced breast cancer who had hereditary mutations of the BRCA1/2 genes. That is the type of mutation that led actress Angelina Jolie to have preventive breast removal surgery due to her increased risk of cancer. Talazoparib led to significant tumor shrinkage in 21 percent of the 48 patients in the study''s first group, whose disease had progressed following platinum-based chemotherapy treatment. Significant tumor shrinkage, or overall response rate, was seen in 37 percent of a second group of 35 patients who had received at least three prior regimens of non-platinum chemotherapy. Median progression-free survival, or the time until disease worsening after talazoparib treatment, was 4 months in the first group and 5.6 months in the second group. Overall survival data was not yet available. Common adverse side effects included anemia and low blood platelet and white blood cell count. Three patients, or 4 percent, discontinued treatment due to side effects. The data, included in a brief summary of the study to be presented next month at the American Society of Clinical Oncology meeting in Chicago, may not represent the final results. BRCA mutations account for more than 50 percent of hereditary breast cancers, and up to 65 percent of those who inherit the mutations will develop breast cancer, often much younger than is typical for the disease. While gaining the blockbuster prostate cancer drug Xtandi was the prime reason for the Medivation acquisition last year, Pfizer has extensive plans for talazoparib. It has begun enrolling patients for a larger Phase III breast cancer study and sees potential for the drug against several other types of cancer, including ovarian, gastric and small cell lung cancer, in combination with other treatments such as immunotherapies. "The program for talazoparib includes broad and competitive development plans in multiple tumors," said Pfizer vice president of strategy for oncology Maria Koehler. (Reporting by Bill Berkrot; Editing by Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/health-cancer-pfizer-idUSL2N1IH1SU'|'2017-05-18T05:00:00.000+03:00'
'acde7a1246dcf636c8a37bdd8d914ae32dcb5f74'|'How Australia can use hydrogen to export its solar power around the world - Guardian Sustainable Business'|'N early a century ago, British scientist JB Haldane saw an energy future in which wind power would be used to generate hydrogen; a fuel he described as, weight-for-weight, the most efficient known method of storing energy.He thought this future was four hundred years away, but the so-called <20>hydrogen economy<6D> may arrive a lot sooner thanks to a recent burst of innovations in hydrogen generation, storage, transport and use. And it could open a new energy export market for Australia.Hydrogen itself isn<73>t actually a fuel <20> it<69>s an energy carrier.The gas is produced by splitting water molecules into hydrogen and oxygen by the electricity-driven process electrolysis. That hydrogen is then condensed under pressure and at very low temperatures into a liquid, which can be used in much the same way as petrol and diesel, or it can be used in fuel cells to generate electricity.Blackout parties: how solar and storage made WA farmers the most popular in town Read moreThe conversion of that solar, wind or water energy into liquid hydrogen also enables it to be transported to where it is needed, which in most countries in the world is a reasonable distance away from where the energy is generated in the first place.Hydrogen<65>s greatest asset is its potential to be the ultimate source of clean energy.<2E>The ability of hydrogen is it does not emit carbon dioxide when it is burned,<2C> says Prof Dongke Zhang, director of the University of Western Australia<69>s energy centre. Therefore, if hydrogen can be produced using only energy from renewable sources, such as wind, solar, or hydro, then we don<6F>t have to worry about carbon dioxide production at all.The fortunes of hydrogen have waxed and waned over the past few decades. Interest first boomed in the 1970s in response to the oil crisis, then dropped as the crisis eased. Then the looming threat of climate change and peak oil drove a resurgence of interest in the early 2000s that <20> apart from a slowdown during the global financial crisis and Australia<69>s resources boom <20> has seen a concerted government and research focus on hydrogen.As well as being a clean energy source, hydrogen also offers at least the same bang for buck as petroleum or diesel, says RMIT<49>s Prof John Andrews.<2E>In the automotive area, what hydrogen offers is a vehicle with a range equivalent to today<61>s petrol and diesel vehicles,<2C> says Andrews. <20>For the five kilograms of hydrogen stored on board, there<72>s a range of up to 600km between refuelling.<2E>Hydrogen-fuelled cars have the added advantage of potentially taking a far shorter time to refuel <20> as little as five minutes with compressed high pressure gas <20> compared with an electric vehicle, which might need six to eight hours to recharge, he says.Andrews also sees hydrogen being used to store excess electricity at the grid, or even the individual household, level. <20>So you have excess electricity fed into an electrolyser, produce hydrogen, compress it or store it in some way and then when you want to get the energy back you put it into a fuel cell and then back to the grid.<2E>So why isn<73>t the hydrogen economy already here?Zhang says part of the problem is infrastructure.Negative emissions tech: can more trees, carbon capture or biochar solve our CO2 problem? Read more<72>Hydrogen is a wonderful thing but we can<61>t just overnight change from burning natural gas to burning hydrogen, and we can<61>t stop our petrol and diesel cars and start to use hydrogen,<2C> he says.Using hydrogen on a large scale <20> either for electricity generation or transportation fuel <20> requires significant infrastructure investment; for example in hydrogen fuelling stations. Zhang points out that Australia<69>s geography and scattered population makes that an expensive prospect, at least for the time being.Because of this, some are focusing on the perhaps more achievable prospect of Australia becoming an exporter of energy in the form of hydrogen. Dr Michael Dolan, principal res
'803b6d7a662f1caeff51fa8fb63fc3c1d6491a3f'|'German watchdog starts routine probe into allegations against Grammer'|'FRANKFURT German financial watchdog Bafin will launch a routine investigation of market manipulation allegations against auto supplier Grammer ( GMMG.DE ), a spokeswoman for Bafin said in an e-mailed statement on Friday.Grammer''s biggest shareholder, Bosnia''s Hastor family, had on Thursday accused the company of artificially depressing its own share price to allow a rival investor, China''s Ningbo Jifeng ( 603997.SS ), to build a stake."As is routine, we will look at that in terms of possible market manipulation," the Bafin spokeswoman said when asked about the Hastor allegations.A Nuremberg court separately said on Friday it had lifted a temporary injunction on the exercise of a convertible bond, allowing Grammer to issue shares to Ningbo Jifeng.Grammer management brought Ningbo Jifeng on board as a "white knight" against the Hastor family, which owns a stake of at least 20 percent in Grammer and has criticized Grammer''s management.(Reporting by Edward Taylor; Additional reporting by Jens Hack; Writing by Maria Sheahan; Editing by Victoria Bryan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-grammer-m-a-hastor-idINKCN18F16Z'|'2017-05-19T09:08:00.000+03:00'
'c582dce8573d048e194772feec38351b85d702e6'|'T-Mobile sees benefits in merger with Sprint: CFO'|'NEW YORK T-Mobile US Inc ( TMUS.O ) would benefit from greater scale in the industry if it were to combine with rival Sprint Corp ( S.N ), the chief financial officer of the No. 3 wireless carrier said at a conference on Thursday."There is a huge prize when you talk about Sprint, and that''s true hard synergies," said Braxton Carter, T-Mobile''s chief financial officer, citing more than $30 billion in estimated synergies over time between the companies.Sprint shares rose 7.5 percent to close at $7.89 while T-Mobile closed up 2.8 percent."It''s not a question of will talks happen," Carter said. "Of course, they''re going to happen as it''s been very, very widely reported in the press."Reuters reported in February that Sprint''s controlling shareholder, SoftBank Group Corp ( 9984.T ), was positioning itself for deal talks with T-Mobile''s top shareholder, Deutsche Telekom AG ( DTEGn.DE ), once a U.S. government auction of wireless airwaves ended.Carter also did not rule out a possible combination with cable companies Comcast Corp ( CMCSA.O ) and Charter Communications Inc ( CHTR.O )."What about Sprint, T-Mobile and a coalition of Comcast and Charter and the value creation that could come out of that?" Carter said.He added that "from a shareholder standpoint, that could be very, very exciting."(Reporting by Anjali Athavaley; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-t-mobile-us-m-a-sprint-corp-idINKCN18E33Y'|'2017-05-18T19:24:00.000+03:00'
'dac02fab72182bf7afd4293144efe8735853e3e6'|'Takeover target Stada says has no word of any rival bid'|'FRANKFURT Stada Arzneimittel AG ( STAGn.DE ), the German drug company that has received an agreed takeover bid from buyout firms Bain and Cinven, on Tuesday said it had not been notified of any rival offer in the works.Bloomberg reported on Monday that investor Advent and Shanghai Pharmaceuticals ( 601607.SS ) were discussing a potential bid of about 70 euros a share.That would trump Bain and Cinven''s offer of 65.28 euros plus and a dividend of 0.72 euros per share, which was already seen as a surprisingly large, valuing the company at about 5.3 billion euros ($5.8 billion).(Reporting by Ludwig Burger; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stada-m-a-rivaloffer-idINKCN18C183'|'2017-05-16T09:10:00.000+03:00'
'86ceaecd7dbb4d874985fdaaf0e6cac98f32110a'|'Greenlight Capital takes share stake in Perrigo, cuts share stake in Time Warner'|'May 15 Greenlight Capital:* Takes share stake of 1.7 million shares in Perrigo Co Plc - SEC filing* Cuts share stake in Time Warner Inc by 37.8 percent to 2.1 million shares* Ups share stake in Fred''s Inc by 45.4 percent to 2.2 million class A shares* Change in holdings are as of March 31, 2017 and compared with the previous quarter ended as of Dec. 31, 2016 Source text for quarter ended March 31, 2017: ( bit.ly/2qKIyFF )Source text for quarter ended Dec. 31, 2016: ( bit.ly/2rj5c45 )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-greenlight-capital-takes-share-sta-idINFWN1IH18Z'|'2017-05-15T19:59:00.000+03:00'
'bb66133acf0564dc1e0c13d00a4281ee6b887479'|'Exclusive: Brazilian banks turn up heat on scandal-hit Odebrecht'|' 05am BST Exclusive: Brazilian banks turn up heat on scandal-hit Odebrecht A worker cleans the corporate logo of the Odebrecht SA construction conglomerate at its headquarters in Sao Paulo, Brazil, April 17, 2017. REUTERS/Nacho Doce By Tatiana Bautzer and Guillermo Parra-Bernal - SAO PAULO SAO PAULO Banks are raising the heat on Brazilian conglomerate Odebrecht SA to put its house in order after months of treating the scandal-hit company with kid gloves because of fears its collapse could hurt their balance sheets, sources said. Odebrecht has agreed to accelerate asset sales as part of a deal with creditor banks to let the heavily indebted company keep $800 million from the divestiture of its water and waste unit announced last month, enough to fund its cash needs for two years, according to several executives, bankers and lawyers involved in the talks. The conglomerate also agreed to surrender to creditors all dividends from its crown jewel, petrochemicals unit Braskem SA, and to place more assets as collateral for loans under renegotiation, said the people, who asked not to be named because the terms of the agreement with creditors were not made public. "All the parties agreed that steps to resolve this drama once and for all must be taken carefully but quickly," said one of the people involved. The agreement shows how creditor banks holding a big chunk of Odebrecht''s 76 billion reais (18.9 billion pounds) in outstanding debt are growing increasingly assertive. In part, banks'' new-found confidence stems from a plea deal struck by Odebrecht in December with U.S., Brazilian and Swiss prosecutors, which drew a line under the main legal risks to the group. Odebrecht and Braskem admitted to bribing officials in 12 countries, mostly Latin America, and agreed to pay $3.5 billion in fines in return for freedom from prosecution. Lenders also feel they have given Odebrecht enough time and have dealt with other headaches in their credit portfolio over the last year, giving them more room to manoeuvre. "Now the leniency deal is a reality, we believe that Odebrecht can downsize assets and liabilities at a faster pace," one senior banker said. The tougher stance is evident from how banks are dealing with Odebrecht''s 38 percent stake in Braskem, Latin America''s No. 1 petrochemical firm. While Chairman Emilio Odebrecht wants Braskem to lead the group''s recovery, bankers believe they have the right to decide the fate of the stake - pledged as collateral for a debt restructuring of agribusiness unit Odebrecht Agroindustrial SA. "It should be up to us, not Odebrecht, to decide what to do with Braskem," said the chief executive officer of a large Brazilian lender. HIT BY SCANDAL, RECESSION Once the nation''s biggest employer, Odebrecht has been floored by Brazil''s "Operation Car Wash" investigation into political kickbacks on state infrastructure contracts. Brazil''s harshest recession on record has compounded problems for the family-owned group. Restricted access to capital and a tarnished reputation led Odebrecht to miss a 12 billion-real asset sale goal for mid-2017. The target has been extended until next year under the accord governing April''s sale of Odebrecht Ambiental SA. However, Brazil''s government has joined creditors in pushing for the bulk of the target to be completed this year, officials, bankers and lawyers familiar with the restructuring told Reuters. Some banks have balked at how slowly the Odebrecht family, which retains control over the company it founded in 1944, is selling shipbuilding, biofuels and oil drilling assets. Others question whether the family should retain command after its role in the corruption scandal. In a statement to Reuters, Odebrecht said it is pursuing the downsizing, noting that gross revenue fell to around 90 billion reais last year. The group declared gross revenues of 132.5 billion reais in 2015. "After reaching agreements with judicial authorities in Brazil, U.S., Switzerla
'1107e8d14b2d72db8e10bfaf9bf0e8b31e8015ec'|'WHO preparing authorisation, logistics for Ebola vaccination in Congo if needed'|'Health News - Mon May 15, 2017 - 10:31am EDT WHO preparing authorization, logistics for Ebola vaccination in Congo if needed By Kate Kelland - LONDON LONDON The World Health Organization (WHO) said on Monday its experts have not yet decided whether to use newly developed vaccines to try to contain an outbreak of Ebola in Congo, but officials are making preparations just in case. A second case of Ebola in Democratic Republic of Congo was confirmed by the WHO on Sunday after an outbreak this week of 17 other suspected cases. Three people have so far died among the 19 suspected and confirmed cases. A spokesman for the Geneva-based U.N. health agency told Reuters the WHO was working with specialists to conduct an epidemiological investigation "to better understand the extent of the current outbreak" and to establish who is at risk of becoming infected with Ebola. The GAVI global vaccine alliance said on Friday that some 300,000 emergency doses of an Ebola vaccine developed by Merck could be available in case of a large-scale outbreak, but it would up to the WHO and others to determine "if and when deployment of vaccine into this outbreak is warranted". The WHO spokesman said "preparations are being accelerated to ensure that vaccine and equipment be available on site" and "appropriate ethical and regulatory authorization are being sought". He added that "if pertinent" an immunization strategy known as ring vaccination would be the recommended approach. Ring vaccination involves tracing all the people who might have been in recent contact with a newly diagnosed Ebola patient and offering them the vaccine. Results of a trial using this technique with the Merck shot in Guinea showed 100 percent protection in those vaccinated immediately. Health officials in Congo are trying to trace 125 people thought to be linked to the cases identified in the remote northeastern province of Bas-Uele province in northeastern Congo near the border with Central African Republic. The outbreak comes just a year after the end of an epidemic in West Africa killed more than 11,300 people, mostly in Guinea, Sierra Leone and Liberia. Congo, whose dense forests contain the River Ebola near where the disease was first detected in 1976, has experienced many outbreaks and has mostly succeeded in containing them without large-scale loss of life. (Editing by Alison Williams) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-health-ebola-congo-idUSKCN18B1UM'|'2017-05-15T22:28:00.000+03:00'
'daca0e5bfe39497c166e923b56063201402e5d6d'|'UPDATE 1-Turkish jeans retailer Mavi intends to list on Borsa Istanbul'|'(Adds details about the company and public offering)ISTANBUL May 15 Turkish clothing retailer Mavi Giyim plans to list on the Istanbul stock exchange, the company said on Monday, an initial public offering that will see a 50 percent stake in the jeans brand floated.Mavi, which was founded in Istanbul in 1991 and has become one of Turkey''s best known clothing brands abroad, has nearly 400 shops and a presence in some 35 countries.The offering will see 50 percent of the company sold by the founding Akarlilar family and a private equity fund, Turkish Private Equity Fund II. They may also sell up to an additional 15 percent, Mavi said.The shares will be offered to international institutional investors, and domestic retail and institutional investors, Mavi said.Mavi achieved a consolidated revenue of 1.31 billion lira ($368.11 million) and an EBITDA - earnings before interest, tax, depreciation and amoritisation - of 170.2 million lira in the 2016 financial year.Goldman Sachs is acting as global coordinator and, together with Bank of America Corp''s Merrill Lynch, as joint international bookrunners. Turkey''s Is Yatirim is acting as domestic coordinator and bookrunner for the global offering. ($1 = 3.5587 liras) (Writing by Ezgi Erkoyun; Editing by Daren Butler and David Dolan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/turkey-mavi-ipo-idINL8N1IH1DU'|'2017-05-15T06:10:00.000+03:00'
'f8b5c945633ebf0839abae502410cc054df91724'|'Chemicals groups Huntsman, Clariant set to announce merger -sources'|'Deals - Sun May 21, 2017 - 7:14pm EDT Chemical groups Huntsman, Clariant set to announce merger: sources By Greg Roumeliotis and Ludwig Burger Hunstman Corp ( HUN.N ) and Clariant AG ( CLN.S ) are set to announce their merger on Monday, creating a chemical manufacturer with a market value of more than $14 billion, people familiar with the matter said on Sunday. The deal would combine Clariant, a Muttenz, Switzerland-based maker of aircraft de-icing fluids, pesticide ingredients and plastic coloring, with Woodlands, Texas-based Huntsman, whose chemicals are used in paint, clothing and construction. The agreement comes after Reuters reported last March that Clariant and Huntsman previously ended merger talks because of disagreements over who would play the lead role. In an attempt to structure a merger of equals, the two companies have now agreed that Huntsman Chief Executive Peter Huntsman will become CEO of the combined company, while Clariant CEO Hariolf Kottmann will become chairman, the sources said. The combined company will be headquartered in Switzerland, though its operational center will be in Woodlands, Texas, one of the sources added. The sources asked not to be identified because the negotiations are confidential. A Huntsman spokesman declined to comment, while Clariant did not immediately respond to a request for comment. The Wall Street Journal, which first reported on the deal on Sunday citing sources, said that Clariant shareholders stood to own about 52 percent of the combined company following the merger, with Huntsman shareholders owning the remainder. Clariant was under pressure from investors to find a merger partner that could help it cut costs and revive growth as part of a bigger structure, Reuters reported in March. Being part of a larger group could also help it negotiate lower costs of supplies. Kottmann has spent several years restructuring Clariant. He divested underperforming businesses including textile and paper chemicals in 2012 and placed more responsibility with lower level managers for faster decision-making. In mid-2015 he started carving out Clariant''s plastics and coatings business into a separately managed but wholly-owned entity. But with fewer opportunities left to fine-tune the business internally, investor pressure had been growing on management to identify a growth strategy for Clariant, which was formed in the mid 1990s from parts of Switzerland''s Sandoz and Germany''s Hoechst. Huntsman was founded in 1970 by Peter Huntsman''s father, Jon. One of Huntsman''s other sons is Jon Huntsman, the former governor of Utah and former U.S. ambassador to Singapore and China. He was reported in March to be U.S. President Donald Trump''s pick for ambassador to Russia. (Reporting by Greg Roumeliotis in New York and Ludwig Burger in Frankfurt; Editing by Peter Cooney and Mary Milliken) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-clariant-m-a-hunstman-idUSKBN18H14B'|'2017-05-22T06:37:00.000+03:00'
'4d47673a46d73bf0f9be033129151821391b91b8'|'Union Bankshares to buy rival Xenith Bankshares for $694.5 million'|'Union Bankshares Corp ( UBSH.O ) said on Monday it would acquire rival Xenith Bankshares Inc ( XBKS.O ) in an all-stock deal valued at $694.5 million, as the community lender looks to expand into North Carolina and Maryland.Richmond, Virginia based-Union Bankshares'' offer of 0.9354 shares for each Xenith share translates to $29.67 per share and is at a 10.4 percent premium to Xenith''s Friday close of $26.87.(This version of the story corrects paragraph 2 to say Union Bankshares'' offer of 0.9354 was for each Xenith share, not Union share)(Reporting by Sruthi Shankar in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-xenith-bnkshares-m-a-union-bankshares-idINKBN18I1FX'|'2017-05-22T10:36:00.000+03:00'
'70c0c0c7d222501860810d41af3fc1861f186e21'|'Hikma lowers full year revenue forecast on U.S. drug launch delay'|'Fri May 19, 2017 - 7:52am BST Hikma lowers FY revenue forecast on U.S. drug launch delay An employee worker is seen in front of the banner and logo of Hikma Pharmaceuticals at their conference outrisk of Cairo, Egypt, June 2, 2016. REUTERS/Ehab Farouk Drugmaker Hikma Pharmaceuticals Plc ( HIK.L ) on Friday said its revenue for the full-year would be between $2.0 billion-$2.1 billion at constant currency, reflecting delays in the launch of its generic asthma drug. The company''s generic version of GlaxoSmithKline''s blockbuster lung drug Advair had been denied approval by U.S. regulators due to "major" issues with its application earlier this month. Hikma had earlier forecast full-year revenue to be around $2.2 billion at constant currency. Revenue from the generics business is now expected to be $670 billion, down from its earlier forecast of $800 million. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-hikma-outlook-idUKKCN18F0IR'|'2017-05-19T14:31:00.000+03:00'
'2c1faa6d623dda22be853d5e2e6e26261862c40e'|'Exclusive: Italy tax police seize documents from IBM in BT Italy probe'|' 34pm EDT Exclusive: Italy tax police seize documents from IBM in BT Italy probe FILE PHOTO: A woman passes by the IBM offices in New York City, U.S., October 17, 2016. REUTERS/Brendan McDermid By Emilio Parodi MILAN - Italian investigators have seized documents from the Milan offices of International Business Machines Corp as part of an investigation into allegations of fraud at one of its customers, BT Italy, a unit of Britain''s BT Group, sources said. Dozens of tax police visited the Italian offices of nine suppliers to BT Italy, including the U.S. tech group, on Thursday, as well as BT Italy''s own headquarters, and took boxes of documents away, said sources familiar with the probe. IBM spokesman Alessandro Ferrari said the company was cooperating with authorities. The U.S. group is not formally under investigation and none of its representatives has been accused of wrongdoing, but the warrant for Thursday''s seizures, seen by Reuters, states that some transactions between BT Italy and its suppliers were faked. The warrant authorized the search for evidence in relation to allegations that former BT Italy managers had conspired with suppliers and customers to fake orders and to issue false credit notes in order to reduce BT Italy''s costs. Investigators also sought evidence that BT Italy and suppliers contrived sale-and-leaseback transactions to artificially boost sales and profit margins. These transactions involved several firms, including IBM, according to the warrant and the sources. The accounting scandal surfaced last October when BT Group said it had discovered accounting errors at its Italy unit. In January, it characterized it as improper accounting and took a write-down of around 530 million pounds ($690 million). In March, it filed a criminal complaint with Italian prosecutors, accusing several former Italy executives and other employees of breaking company rules and unlawful conduct. BT Group said in an emailed statement: "We''ve been proactively assisting prosecutors in Milan with their investigations into the inappropriate behavior that took place at BT Italy." BT Italy''s lawyer, Marco Calleri, declined to comment. Milan prosecutors this week formally put under investigation five former executives and employees of BT Italy, on allegations that they ran a conspiracy to fake transactions in order to inflate BT Italy''s financial performance. Sources said the motive was to ensure executives and staff met their bonus targets. The five are former BT Italy chief executive Gianluca Cimini, former chief operating officer Stefania Truzzoli, former chief financial officer Luca Sebastiani, ex-employee Giacomo Ingannamorte and Sebastiani''s predecessor, Alessandro Clerici. A lawyer for Truzzoli declined to comment. Cimini did not respond to a request for comment. Lawyers for the others also did not respond. The other suppliers raided were T.A.I. Software Solution Srl, ITF Srl, Var Group Spa, NSR Srl, Servizi Tecnici per l''Elettronica Spa, Gomedia Srl, L.B. Srl and Shicon Europe Srl, according to the warrant. ITF and Var Group declined to comment. There was no immediate response to emailed requests for comment from T.A.I. Software Solution and Servizi Tecnici per l''Elettronica. Reuters was unable to immediately reach L.B., Shicon Europe, Gomedia and NSR for comment. (Additional reporting by Agnieszka Flak, Silvia Aloisi and Giulia Segreti; Editing by Mark Bendeich and Andrew Roche)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-bt-italy-idUSKCN18F24X'|'2017-05-20T01:34:00.000+03:00'
'be4adc6cb7f87bcfd576daac23e162f5b67a68e0'|'PRESS DIGEST- Canada - May 19'|'Market  41am EDT PRESS DIGEST- Canada - May 19 May 19 The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL ** The Trudeau government is threatening to jettison a multibillion-dollar purchase of Boeing Super Hornet fighters if the United States proceeds with damaging trade action against Montreal-based Bombardier Inc <20> a warning shot fired the same day the Trump administration officially started the countdown to the renegotiation of the North American free-trade agreement. ( tgam.ca/2rlb2po ) ** Russia is warning Canada the adoption of a Magnitsky-style law would result in a significant blow to bilateral relations, while a prominent Russian dissident commends Ottawa''s decision to support sanctions against human-rights abusers worldwide. ( tgam.ca/2rysDGQ ) ** The Alberta government will provide a $235 million loan to accelerate the work of cleaning up "orphan" oil and gas wells that have come with a rash of bankruptcies connected to the global crude-price drop. ( tgam.ca/2qykCE0 ) NATIONAL POST ** The CPP Fund, which houses investments for the Canada Pension Plan, rose to $316.7 billion at the end of March on the back of an 11.8 percent net annual investment return. ( bit.ly/2ryl9o9 ) ** A number of class action lawsuits have been filed against Barrick Gold Corp, alleging the world''s largest gold miner misled shareholders about the fallout of its most recent cyanide spill at a flagship mine in Argentina. ( bit.ly/2pSsAJq ) (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-canada-idUSL4N1IL3KG'|'2017-05-19T18:41:00.000+03:00'
'b6b171e98344dbed4b1c0cdc27d350b18c47a0f6'|'Japan''s April exports seen up for fifth straight month, core CPI to accelerate'|'Business News - Fri May 19, 2017 - 7:37am BST Japan''s April exports seen up for fifth straight month, core CPI to accelerate Workers are seen in a container area at a port in Tokyo September 18, 2014. REUTERS/Toru Hanai By Kaori Kaneko - TOKYO TOKYO Japan''s exports were expected to rise for a fifth straight month in April, a Reuters poll found on Friday, supported by global demand especially from Asia and affirming the outlook for an export-led recovery. Although the rate of export growth was seen likely to slow last month after robust rises in March, analysts see a global economic upturn continuing to support Japanese trade.Exports were seen likely to have grown 7.8 percent in April from a year ago after jumping 12.0 percent in March, the biggest gain in more than two years. Imports were expected to increase 14.8 percent last month from a year earlier taking the trade surplus to 520.7 billion yen ($4.69 billion). "Demand for items such as electronic parts and devices boosted overall exports thanks to the global recovery in the IT cycle," said Akihiro Morishige, senior economist at Mitsubishi Research Institute. "External demand will likely continue to pick up, which will support Japan''s exports this year." The finance ministry will publish the trade data at 8:50 a.m. Japan time on Monday (2350 GMT Sunday). Inflation data is also due next week, with core consumer prices expected to have accelerated last month, led by energy costs. Prices of other items remained weak, analysts say, suggesting there is some way to go before the Bank of Japan''s 2 percent price growth target is reached. The core consumer price index (CPI), which includes oil products but excludes volatile fresh food prices, likely rose 0.4 percent in April from a year earlier, up for a fourth straight month, the poll found. "Energy prices largely pushed up core CPI and the prices of other items continued to stagnate," said Yoshiki Shinke, chief economist at Dai-Ichi Life Research Institute. "There is a high chance that core CPI gradually accelerates towards autumn this year." The poll found core CPI in Tokyo, available a month before the nationwide data, was flat in May after a 0.1 percent fall in April. The internal affairs ministry will issue the core CPI index at 8:30 a.m. Japan time on Friday. (2330 GMT Thursday). (Reporting by Kaori Kaneko; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-trade-idUKKCN18F0I0'|'2017-05-19T14:37:00.000+03:00'
'fc1feb1955ce94177665f09508448a8416fa5c72'|'In Bombardier fight, Boeing sees ghost of Airbus ascent'|'Business News   12:53pm EDT In Bombardier fight, Boeing sees ghost of Airbus ascent left right FILE PHOTO: Bombardier''s C Series aircrafts are assembled in their plant in Mirabel, Quebec, Canada April 29, 2016. REUTERS/Christinne Muschi/File Photo 1/3 left right FILE PHOTO: Shareholders line up to view Bombardier''s CS300 aircraft following their annual general meeting in Mirabel, Quebec, Canada April 29, 2016. REUTERS/Christinne Muschi/File Photo 2/3 left right A logo of jet manufacturer Bombardier is pictured on their booth during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland, May 22, 2017. REUTERS/Denis Balibouse 3/3 By Tim Hepher and Alwyn Scott - PARIS/SEATTLE PARIS/SEATTLE Two words underpin Boeing''s ( BA.N ) decision to launch a U.S. trade complaint against Bombardier ( BBDb.TO ), which plunged it into a row with Canada last week: "Never again". Allegations that the Canadian firm dumped newly designed CSeries passenger jets in the United States at a steep loss have threatened a sale of F/A-18 warplanes to Ottawa, sending Boeing scrambling to save the deal. Some analysts say Boeing carelessly put at risk billions of dollars of defense work or pandered to growing protectionism. But decades after Boeing failed to prevent European upstart Airbus gaining momentum with early victories in the United States, people familiar with the company say the strategic importance of defending its core passenger jet business outweighs the diplomatic storm. U.S. industry experts say Boeing and other jetmakers at the time did not take the European consortium seriously enough and allowed their future nemesis to poach U.S. airlines from 1978. Again after the September 2001 attacks in the United States, when Boeing slashed production, Airbus ( AIR.PA ) filled the vacuum, building up market share and never looking back. For years Boeing insiders have rued that decision, even while battling Airbus at the World Trade Organization (WTO) over mutual accusations of unfair subsidies. While leading in widebody jets, it has seen the narrowbody market <20> where the industry makes most cash - slip away as Airbus grabbed some 60 percent of new-generation sales. Such a significant imbalance in market share poses serious long-term risk to the loser in the Airbus-Boeing duopoly, because it creates a gap in costs that can''t easily be bridged. Now, Boeing sees a second rival entering its domestic market with what it sees as low prices and is determined not to underestimate the threat again, people close to the company say. "It''s a crucial entry market," said a person familiar with Boeing''s strategy in taking on Bombardier. "This is the case Boeing might have brought against Airbus 40 years ago. Not taking action at the start led to consequences." On the surface, Boeing''s case is about the sale of jets to Delta Air Lines at what Boeing claims were unfairly low prices. Bombardier denies Boeing''s estimates of both the price and the cost at which it is able to make its new jet, while critics say Boeing accounting rules allow it to disguise weak pricing. While the high-profile deal ignited Boeing''s complaint, executives say Boeing''s stance reflects a longer-term concern. Although Bombardier''s small narrowbody jet has so far barely scratched Boeing''s larger 737 and has suffered a spate of financial problems, the all-new design disturbs a landscape made up mainly by makeovers of existing Airbus and Boeing models. With Airbus still well ahead on narrowbody orders even after a recent lull, Boeing can ill afford to be squeezed on two fronts. Even less so with new players like China arriving. A Boeing spokesman declined to comment. PRECISION TRADE WEAPON Boeing''s response marries strategic worries about its narrowbody position with a legal tactic designed to exploit a vulnerability the CSeries has, but global rival Airbus did not. The 110-130 seat CSeries relies mainly for now on the regional jet market, where North
'b74c1b5cbd4221c05ea8f25870c3c402a4b898fb'|'Rosneft ready to comply with extension of oil output cut deal - RIA'|'MOSCOW Russia''s biggest oil company, Rosneft, stands ready to comply with any decision to extend a global deal on oil output cuts, RIA news agency Quote: d Rosneft Chief Executive Igor Sechin as saying on Monday.Rosneft played a role in preparing a joint statement by the governments of Russia and Saudi Arabia in which they said they supported extending the global output cuts until March 2018, RIA Quote: d Sechin as saying.(Writing by Christian Lowe; Editing by Andrey Ostroukh)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/opec-saudi-russia-rosneft-idINKCN18B0IJ'|'2017-05-15T14:13:00.000+03:00'
'342e3d6c9b3fdbc7243c0f2926b72ba8b6ffd397'|'ArcelorMittal warns of legal action over Bosnia iron ore mine sale'|' 52pm BST ArcelorMittal warns of legal action over Bosnia iron ore mine sale Steel factory ArcelorMittal''s logo is seen on an old train in Zenica, Bosnia and Herzegovina, February 9, 2016. REUTERS/Dado Ruvic By Daria Sito-Sucic and Gordana Katana - SARAJEVO SARAJEVO ArcelorMittal ( ISPA.AS ), the world''s largest steel producer, has warned Bosnia''s authorities it is ready to take legal action to protect its ownership rights if a government-owned stake in the Ljubija iron ore mine is sold to a rival bidder, the company said on Monday. ArcelorMittal owns a steel plant in the central Bosnian town of Zenica, where it processes iron ore from the mines it owns in Prijedor in the north of the country. It also owns 35.1 percent in the nearby Ljubija iron ore mine, while the government of Bosnia''s autonomous Serb Republic has a 64.9 percent stake in the mine, which has been put up for sale. The steelmaker has made a bid to buy out the government''s stake in the Ljubija mine, but the government has decided to sell it to rival bidder, Israeli Investment Group (IIG), saying the Israeli group offered a higher price for the stake and promised more investment. The regional parliament is expected to decide on the sale on Tuesday but it is not yet clear if the government will have majority support. ArcelorMittal chairman and CEO, Lakshmi Mittal, has sent a letter to the Serb Republic government in which he "emphasised the very serious negative impacts for jobs and the economies of both Prijedor and Zenica" if the proposed sale of the Ljubija mine stake to IIG was confirmed, the company said. "The letter also gave notice of our intention to protect our contractual rights by all means possible, if necessary through legal action in the appropriate international courts," the company said in a statement emailed to Reuters. Serb Republic President Milorad Dodik, who supports the sale to the Israeli group, said that he had not yet received the letter and declined to comment. IIG was not immediately available to comment. ArcelorMittal Prijedor employs 850 workers and has invested 117 million Bosnian marka (<28>50.8 million) in the mines over the past 12 years. Its steel plant Zenica, in which it had invested over 300 million marka, employs about 2,400 workers. ArcelorMittal Zenica''s Chief Executive, Biju Nair, has said that if the Ljubija mine was sold to a rival bidder, the Zenica plant could switch to a different production system, which would not be suitable for the iron ore from Ljubija and this would lead to job losses at both Prijedor and Zenica. "A new owner could threaten the supply of iron ore from Prijedor at commercially acceptable prices. If so, we can change to production without iron ore, using the Electric Arc Furnace," Nair said. Bosnian Serb opposition parties, as well as ArcelorMittal Prijedor trade unions, are against the sale to the IIG. On Monday, police in Prijedor banned peaceful protests by ArcelorMittal workers against the sale to the IIG. The workers, who are worried about job losses, had already protested last week in Banja Luka when the parliament was originally due to vote on the sale. The regional government wants to go ahead with sale because it faces a big budget deficit after the International Monetary Fund halted disbursement of cash under its aid programme for Bosnia because of reform delays. IIG, which was presented as an "Israeli-Russian-Kazak-African investment group" by its director Evgenij Zotov, has offered 92 million Bosnian marka for the stake and pledged a 65 million marka investment over the next three years. ArcelorMittal has offered 63.6 million marka and investment of 63 million marka over the next 10 years. ArcelorMittal''s local subsidiary ArcelorMittal Prijedor has exclusive exploitation rights in the mines under an earlier agreement with the government. (Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/arti
'ff95423b11b7bd2a6f56313558838934b0786e4b'|'TPG commits to editorial independence if it wins Fairfax Media bidding war'|'MELBOURNE U.S. buyout firm TPG Capital Management on Friday said it would make a commitment to editorial independence if it succeeds in its A$2.76 billion ($2.05 billion) offer for Australia''s oldest newspaper publisher, Fairfax Media Ltd ( FXJ.AX ).The proposed deal remains subject to foreign investment approvals and some politicians have said conditions could need to be placed on the transaction to ensure the ongoing publication of mastheads like The Sydney Morning Herald and The Australian Financial Review.The company''s newspaper earnings have declined as classified advertising has migrated to the internet, making the Domain real estate classifieds unit its most lucrative business."I am here to assure you that, in the event TPG and its partners are fortunate enough to acquire Fairfax, we will be responsible stewards of those assets, from a journalistic perspective as well as a financial one," TPG [TPG.UL] Head of Australia and New Zealand Joel Thickens told a senate inquiry into the future of public interest journalism.His comments came a day after a second U.S. private equity firm, Hellman & Friedman, made a takeover proposal for Fairfax worth as much as A$2.87 billion. Both suitors have been offered access to due diligence.Thickins said TPG would not be proposing to invest A$2.76 billion in Fairfax unless it believed there was an opportunity to build and grow the business.Fairfax this month said it would cut 125 journalist jobs, the latest in several rounds of major editorial job cuts over the last decade which have fueled concerns for the future of public interest journalism in Australia.A Fairfax spokesman declined to comment.(Reporting by Jamie Freed; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-fairfax-media-m-a-tpg-idUSKCN18F0FO'|'2017-05-19T13:16:00.000+03:00'
'5329fc851a163db7cb42908643cf12fafab4903e'|'LPC: US CLO market targets Chinese investors'|'Bonds News   8:52am EDT LPC: US CLO market targets Chinese investors By Kristen Haunss - NEW YORK NEW YORK May 19 The US Collateralized Loan Obligation (CLO) market is targeting Chinese banks and insurance companies in the hope that a more diversified investor base will help to offset the effects of falling returns and the introduction of new rules that require managers to hold some of their fund<6E>s risk. Capital controls have curbed Chinese investment to date, but US CLO managers are currently laying the groundwork for future participation with visits to the country and presentations. This new and potentially very large source of capital could have a significant effect on the US$450bn US CLO market. Higher demand would help lower the spreads paid to CLO senior debt holders and increase payments to the fund<6E>s most junior investors who receive the interest left over after everyone else is paid. <20>If Chinese buyers came with even a small percentage of their capital, it could have a meaningful impact on the CLO market,<2C> said Dan Spinner, a principal at Eagle Point Credit Management, who was a keynote speaker at the annual conference of the Chinese Securitization Forum in Beijing last month. Although Japanese and South Korean investors have been investing in US CLOs for some time, the introduction of Chinese buyers opens up a new pool of capital that is willing to buy across the capital structure, from highly-rated Triple A paper to equity tranches. Chinese firms including Fosun, Industrial and Commercial Bank of China and China Investment Corp have invested or discussed investing in US CLOs in the last year, sources said. CLOs are already a favored product in China; the internal Chinese CLO market, which securitizes loans from banks<6B> balance sheets, is one of the biggest structured finance asset classes in the country, according to Rich Mertl, an associate at law firm Dechert LLP. The funds made up almost RMB150bn (US$21.8bn) of the RMB858bn internal Chinese securitization market in 2016, according to Standard & Poor<6F>s. Managers are hoping that familiarity with balance sheet CLOs will extend to US arbitrage CLOs as Chinese investors seek higher-yielding, dollar-denominated assets following the depreciation of the renminbi. CAPITAL CONTROLS Significant Chinese investment into US CLOs was stalled by capital restrictions that went into effect late last year. China<6E>s foreign exchange regulator said capital outflows dropped in the first quarter, Reuters reported in April. <20>If not for changes in regulation near the end of 2016, which impacted overseas investment, China might become the most important Triple A funding for US CLOs during 2017,<2C> said Yang Pang, the deputy secretary general of the China Securitization Forum. Representatives for the Chinese investors could not be reached or did not return e-mails seeking comment. US CLOs were a highlight of this year<61>s annual China Securitization Forum conference in April. The Structured Finance Industry Group (SFIG) first sent a delegation in 2015 when the event focused on basic, introductory panels. This year the focus was on Chinese investment in international markets, Richard Johns, SFIG<49>s executive director, said. <20>There is growing interest from Chinese investors and they are coming to better appreciate that US CLO equity and debt performed well historically for long-term investors who held to maturity,<2C> Spinner said. MUFG Securities held a CLO and credit conference in Shanghai on April 20, its first in the country, according to Asif Khan, who runs the bank<6E>s new-issue CLO business. The event included presentations and panel discussions with US CLO managers CIFC Asset Management, Crescent Capital Group and Marathon Asset Management. "There are vast pools of capital in China in the form of insurance companies, banks and other institutions, and US CLO market participants are taking the long-term view now to lay the groundwork for future investment," according to Jonathan Insull, a portfolio ma
'213180ff1dc22333fbbbdf473f5c465bb3695f70'|'Vistra Energy in takeover talks with Dynegy - WSJ'|'Power producer Vistra Energy Corp has proposed to take over debt-laden rival Dynegy Inc, the Wall Street Journal reported on Thursday, citing people familiar with the matter.The Texas-based companies are in initial talks and a deal is still far from guaranteed, the Journal reported. on.wsj.com/2pR20ADDynegy emerged from Chapter 11 bankruptcy, in October 2012 after it had filed for protection from creditors a year earlier, burdened by costly power plant leases. reut.rs/2pR7hrEVistra Energy declined to comment on the bid while Dynegy was not immediately available for comment outside regular U.S. business hours.(Reporting by Bhanu Pratap in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-dynegy-m-a-vistra-energy-idUSKCN18F056'|'2017-05-19T09:42:00.000+03:00'
'6c099eb814389182214467b4b876497bac2d9bdf'|'World''s rich confident they can scale wall of global risk - survey'|'Business News - Wed May 17, 2017 - 10:44am BST World''s rich confident they can scale wall of global risk: survey FILE PHOTO - Visitors walk past luxury boats as they attend the 26th Monaco Yacht show, one of the most prestigious pleasure boat show in the world, highlighting hundreds of yachts for the luxury yachting industry, in Monte Carlo port, Monaco, September 30, 2016. REUTERS/Eric Gaillard By Jamie McGeever - LONDON LONDON The global economic, financial and political landscape has never been shakier, but the world''s rich are confident they can steer through the fog of uncertainty in the coming year "without so much as a dent in their finances", a survey showed on Wednesday. The findings of UBS Wealth Management''s survey of more than 2,800 millionaires in seven countries show a high degree of worry about the global financial system on the one hand, and supreme self-confidence and optimism on the other. Some 82 percent of those surveyed said this is the most unpredictable period in history. More than a quarter are reviewing their investments and almost half said they intend to but haven''t yet done so. But more than three quarters (77 pct) believe they can "accurately assess financial risk arising from uncertain events", while 51 percent expect their finances to improve over the coming year compared with 13 percent who expect them to deteriorate. More than half (57 pct) are optimistic about achieving their long-term goals, compared with 11 percent who are pessimistic. And an overwhelming 86 percent trust their own instincts when making important decisions. "Most millionaires seem to be confident they can steer their way through the turbulence without so much as a dent in their finances," UBS WM said. "They identify economic and financial risks as their big concerns and they have serious doubts about the world''s corporate and financial system. And yet, they stride into the future with assurance," the report said. Among the other findings, 68 percent say they suffer from "information overload" as they make their investment decisions, and nearly three quarters (72 pct) say short-term distractions get in the way of their financial plans. Still, the report highlighted some aspects of their investment behavior that could ultimately work against them. For instance, 75 percent of those surveyed see cash as a safe option, "even though it will perform poorly compared with other asset classes in the context of rising inflation." Perhaps surprisingly, younger millionaires are more risk-averse than their older peers. Nearly half of the 18-34 year old group are less willing to take risks after the financial crisis, compared to less than 30 percent of the over-65 bracket. The study surveyed 2,842 millionaires, with investable assets of at least $1 million, in Hong Kong, Japan, Singapore, Mexico, Italy, Switzerland and Britain. (Reporting by Jamie McGeever; Editing by Ralph Boulton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-millionaires-survey-idUKKCN18C2SO'|'2017-05-17T07:07:00.000+03:00'
'ebdd530d4a0e1d8ae6a263197aef3abdbece21ee'|'U.S. stocks suffered $8.9 billion outflow as Trump storm built'|'Banks - Fri May 19, 2017 - 9:00am EDT U.S. stocks suffered $8.9 billion outflow as Trump storm built Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, NY, U.S. May 18, 2017. REUTERS/Brendan McDermid By Karin Strohecker - LONDON LONDON Investors ditched almost $9 billion of U.S. equities as political turmoil in Washington built up in the past week, Bank of America Merrill Lynch figures showed on Friday. Funds invested in U.S. equities saw outflows of $8.9 billion in the week to Wednesday - their third straight week of outflows -- while those dedicated to European stocks added $1.1 billion, the largest in 39 weeks and the ninth straight week of inflows. "D.C. disruption: new risk ... Washington political malaise causes capital flight from U.S.," BAML summarized, referring to White House battles over the struggles over alleged links to Russia and to the removal of the FBI director. The big winner for the week, meanwhile, were global tech stocks, now enjoying the biggest annualized inflows since the dot-com bubble. Tech stocks raked in $1 billion in the week to Wednesday in their 11th straight week of inflows, BAML said in its regular ''Flow Show'' analysis. It also noted that the Nasdaq internet index, a modified market capitalization-weighted index designed to track the largest and most liquid U.S. online firms, was running at an annual rate of 75 percent gains year to date. It expressed some concern about this. "(The) longer it takes the economy and yields to pick-up, greater (the) risk of tech mania," BAML said. Investors also remained in emerging markets, with equities adding $3.9 billion in a ninth week of gains while developing market debt saw inflows of $1.6 billion in their 16th straight positive week. "Emerging markets equal year-to-date flow winner and year-to-date return winner as weaker dollar, lower yields overwhelm China credit fears," BAML said in its note. The data, however, was collected before a broad sell of roiled emerging markets on Thursday following allegations that Brazil''s President Michel Temer condoned bribes to silence a key witness in a corruption probe. Overall, bond funds attracted $9.7 billion of inflows in the week to Wednesday, with around two thirds of that ($6.6 billion) going into investment grade funds, BAML said. (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-markets-flows-baml-idUSKCN18F1H3'|'2017-05-19T21:00:00.000+03:00'
'4d2088388dd4656558e98c0b0f2bed37e4ef9fe6'|'Airbus appoints independent compliance review panel amid probes'|'Top News - Mon May 22, 2017 - 7:34am BST Airbus appoints independent compliance review panel amid probes FILE PHOTO: The logo of Airbus Group is seen on the company''s headquarters building in Toulouse, Southwestern France, April 18, 2017. REUTERS/Regis Duvignau/File Photo PARIS Europe''s Airbus said on Monday it had appointed an independent review panel including a former German finance minister to monitor its compliance practices amid several ongoing corruption probes. The three advisers, who include former German politician Theo Waigel, will report to Chief Executive Tom Enders and the board and take a "hard look" at the company''s systems and culture, Airbus said in a statement. Britain''s Serious Fraud Office launched a bribery and fraud probe last year after Airbus notified it of discrepancies it had discovered in declarations it had made on the use of agents while applying for UK export credits for jetliners. France followed suit with a similar investigation earlier this year. Airbus, which also faces a probe into fighter sales in Austria, where it strongly denies any wrongdoing, has said it will co-operate with all ongoing investigations. (Reporting by Tim Hepher; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airbus-ethics-idUKKBN18I0KA'|'2017-05-22T14:24:00.000+03:00'
'ae189b55e09fe4be71c50a5450aaeed315e94fd4'|'Ireland''s Varadkar says would ease new debt target as prime minister'|' 24pm BST Ireland''s Varadkar says would ease new debt target as prime minister Ireland''s Minister for Social Protection Leo Varadkar launches his campaign bid for Fine Gael party leader in Dublin, Ireland May 20, 2017. REUTERS/Clodagh Kilcoyne By Padraic Halpin - DUBLIN DUBLIN The overwhelming favourite to succeed Enda Kenny as Irish Prime Minister said on Monday he wants to lower an ambitious debt reduction target set last year, in order to free up more funding for infrastructure projects. Irish finance minister Michael Noonan, who is due to step down next month, pledged last October to cut the state''s debt as a proportion of gross domestic product to 45 percent by the mid-2020s or later, depending on the pace of economic growth. The EU limit is 60 percent. However Leo Varadkar, who has built up a near insurmountable lead in the contest to succeed Kenny, according to the support declared so far by his Fine Gael party''s deputies, said on Monday that he would amend the target to 55 percent of GDP to allow for greater capital investment. Noonan has consistently pitched the measure as one of the key steps required to ensure the economy and public finances are equipped to cope with the consequences of key trading partner Britain''s   Union. The new target was also a response to distorted GDP figures that have flattered the debt ratio. Heavily revised growth figures helped push the debt-to-GDP ratio down to 75.4 percent last year whereas Ireland''s national debt remains among the highest in the euro zone by most other measures. The relevance of using GDP to measure Ireland''s highly open economy was called into question last July when GDP growth for 2015 was adjusted up to 26 percent after a massive revision to the stock of capital assets. That meant at the stroke of a pen that Ireland''s proportional debt burden fell to under 80 percent of GDP, below that of Belgium, France and Austria, from the 94 percent originally estimated for 2015. The easing of the latest debt ratio target marks the first signs of a shift in economic policy under a Varadkar government but also acknowledges that far greater investment in infrastructure is needed in the EU''s fastest growing economy after capital spending ground to a near halt during the financial crisis. Varadkar said Ireland must substantially increase capital spending and that he would seek to restore the so-called "golden rule" in Europe which regards borrowing for capital investment as distinct from borrowing for day-to-day spending, ratcheting up complaints by Dublin that one-size-fits-all fiscal rules act as a constraint. Fine Gael will pick its new leader on June 2. Varadkar, the social protection minister, has already secured the publicly declared support of 46 of the party''s 73 deputies compared with 20 who say they will vote for the other candidate, Housing Minister Simon Coveney. The 73 deputies, under party rules, account for 65 percent of the selection vote, with the balance split between ordinary party members and councillors. Whoever wins will be both party leader and prime minister at least until the next election. (Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-politics-budget-idUKKBN18I1AD'|'2017-05-22T19:24:00.000+03:00'
'028ea66903eedf3c80317b68652d007a497acb69'|'AstraZeneca sells ageing beta-blocker to Recordati for $300 million'|'Deals   8:10am BST AstraZeneca sells aging beta-blocker to Recordati for $300 million FILE PHOTO: The logo of AstraZeneca is seen on a medication package at a pharmacy in London April 28, 2014. REUTERS/Stefan Wermuth/File Photo LONDON AstraZeneca ( AZN.L ) has sold the European rights to its aging beta-blocker heart drug Seloken to Italy''s Recordati ( RECI.MI ) for $300 million, as part of a continuing drive by the British drugmaker to spin off non-core assets. AstraZeneca is using funds from such disposals to help it through an earnings trough caused by patent expiries on former blockbuster medicines, while it waits for a new wave of drugs, particularly for cancer, to deliver fresh growth. It has described 2017 as a "pivotal" year and AstraZeneca''s head of portfolio strategy Mark Mallon said the deal "allows us to concentrate our resources on bringing multiple new medicines to patients". The two companies said on Monday that AstraZeneca would also get tiered royalties from Recordati, initially at a double-digit percentage rate, for European sales of Seloken and related products. These sales totaled $110 million in 2016. AstraZeneca, which retains rights to the beta-blocker outside Europe, will continue to manufacture and ship product to Recordati under a supply agreement. The Italian group said acquiring the treatment for high blood pressure, angina and heart failure would allow it to expand into new markets. The acquisition will be funded by existing funds and available credit lines, it added. (Reporting by Ben Hirschler, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-astrazeneca-recordati-idUKKBN18I0OO'|'2017-05-22T15:04:00.000+03:00'
'b4921a5af4cae99d41952c0b052afd95eb79d8f7'|'MIDEAST STOCKS-Saudi basks in Trump glow, most of region moves little'|'Market News - Sun May 21, 2017 - 9:06am EDT MIDEAST STOCKS-Saudi basks in Trump glow, most of region moves little * Deals with U.S. firms, Trump visit buoys sentiment in Saudi * Valuations suggest market has little room to rise * Miner Ma''aden climbs after deal with GE * Arabtec soars in Dubai after it wins big order for tower * Gulf Navigation boosted by Q1 earnings By Andrew Torchia RIYADH, May 21 Saudi Arabia''s stock market outperformed a sluggish region on Sunday after U.S. and Saudi companies signed over $200 billion of deals during the visit to Riyadh by President Donald Trump. Few of the deals involved listed Saudi companies, and many had been previously announced, or were merely memorandums of understanding that might never lead to concrete projects. But the positive publicity around the agreements - and the warm welcome given to Trump amid talk of stronger diplomatic and economic ties between the countries - cheered some investors, and the Saudi stock index gained 0.8 percent. "Sentiment is high because of the deals," said Talal Samhouri, head of asset management at Qatar''s Amwal, though he added that from a fundamental point of view, the immediate outlook for the Saudi market was not particularly strong. "The market is fairly valued, and we''re coming to the summer months, where volumes become the lowest during the year," he said. Mining company Ma''aden rose 1.9 percent. Among the deals announced on Saturday, GE said it would provide technology to Ma''aden to reduce its energy costs and boost efficiency. Petrochemical companies were strong after oil prices rose sharply at the end of last week, with Saudi Basic Industries , the top petrochemical producer, gaining 1.5 percent. Construction firm Khodari added 2.3 percent after it sold equipment in an auction for 43.1 million riyals ($11.5 million), making a profit of 17.4 million riyals. Dubai''s index edged up 0.3 percent. Builder Arabtec , the most heavily traded stock, rocketed 11 percent after saying it had won a 1.46 billion dirham ($398 million) contract to build a tower in central Dubai. Gulf Navigation climbed 2.9 percent after reporting first-quarter net profit grew 39 percent from year ago to 8.8 million dirhams. Abu Dhabi''s index slipped 0.2 percent while Qatar dropped 0.5 percent, dragged down by a 1.5 percent slide in Qatar National Bank, the largest lender. HIGHLIGHTS * The index gained 0.8 percent to 6,991 points. DUBAI * The index rose 0.3 percent to 3,386 points. ABU DHABI * The index fell 0.2 percent to 4,570 points. QATAR * The index dropped 0.5 percent to 10,051 points. EGYPT * The index rose 0.2 percent to 12,975 points. KUWAIT * The index added 0.5 percent to 6,760 points. BAHRAIN * The index edged down 0.02 percent to 1,309 points. OMAN * The index edged 0.1 percent lower to 5,408 points. (Additional reporting by Celine Aswad; Editing by Elaine Hardcastle) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1IN01R'|'2017-05-21T21:06:00.000+03:00'
'db21407bce3ea29bb04e86780c99821fe7668139'|'Saudi energy minister says OPEC oil output cut helping balance market'|'Money News - Mon May 22, 2017 - 10:24pm IST Saudi energy minister says OPEC oil output cut helping balance market Saudi Energy Minister Khalid al-Falih speaks to media at the Saudi-US CEO Forum 2017 ahead of the arrival of the U.S. President Donald Trump, in Riyadh, Saudi Arabia May 20, 2017. REUTERS/Hamad I Mohammed BAGHDAD Saudi Energy Minister Khalid al-Falih said on Monday that an OPEC-led oil output cut had helped balance the market, aiding a recovery in the industry but not a complete one. The minister was speaking in Baghdad before heading to Vienna where the Organization of the Petroleum Exporting Countries will meet this week to decide whether to extend output cuts that are due to end in June. (Reporting by Ahmed Rasheed and Isabel Coles; Editing by Edmund Blair and David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/oil-opec-saudi-balance-idINKBN18I25E'|'2017-05-23T00:50:00.000+03:00'
'eb38a69e08f1add59ed52c5a0887e92f9c2bccaa'|'Britain worked through night to counter cyber attack on health service -minister'|'Market News - Mon May 15, 2017 - 3:39am EDT Britain worked through night to counter cyber attack on health service -minister LONDON May 15 British technology experts worked through the night to patch the computer systems of the health service after the ransomware worm forced dozens of hospitals to cancel some operations and appointments, Security Minister Ben Wallace said on Monday. Capitalising on spying tools believed to have been developed by the U.S. National Security Agency, the virus dubbed WannaCry has blocked more than 200,000 computers across the globe, demanding a ransom to unlock them. Cyber security experts in the National Health Service (NHS) worked alongside the National Cyber Security Centre (NCSC), part of the GCHQ spy agency, to patch computer systems after the attack caused widespread problems on Friday, Wallace said. "They have been working I know through the night almost to make sure patches are in place to make sure that hopefully the NHS services can get back to normal," he told BBC radio. Wallace denied that underinvestment in the NHS - a key claim of the opposition Labour Party ahead of the June 8 election - may have left health services exposed to such attacks. The British government said 48 of 248 health service trusts -- the bodies that run the hospitals -- in England had been impacted by Friday''s attack. There is concern that family doctors'' surgeries could be struck on Monday when they open. Britain plans to spend about 120 billion pounds ($155 billion) on the Department of Health in 2017, according to the King''s Fund think tank. The NHS says it employs more than 1.5 million people, making it one of the world''s biggest employers alongside the U.S. Department of Defence, Walmart and the Chinese army. Wallace said the government used to contract for computer services across the entire NHS but that in 2007 that was stopped and left to the individual trusts. "It is important to note that the vast majority of NHS organisations report that they are running contemporary IT systems, which are commissioned depending on local need," the NHS said in a statement. Microsoft released patches last month and on Friday to fix a vulnerability that allowed the worm to spread across networks. "The very nature of this particular malware, this sort of ransomware attack, is very potent because unlike more routine ones this one has used a sort of worm to exploit the operating system and bolted on a ransomware so that it spread incredibly quickly in hours not weeks or days," Wallace said. ($1 = 0.7736 pounds) (Reporting by Guy Faulconbridge; Editing by Toby Chopra) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cyber-attack-britain-idUSL8N1IH1LN'|'2017-05-15T15:39:00.000+03:00'
'0153de54ef5f777a85087d4e549783fdb642029b'|'Italy''s Atlantia bids $18 billion for Spain''s Abertis in road play'|'Deals   9:05am BST Italy''s Atlantia bids $18 billion for Spain''s Abertis in road play The logo Spanish infrastructure company Abertis is seen outside his main office in Madrid, Spain, June 1, 2016. REUTERS/Sergio Perez By Francesca Landini - MILAN MILAN Italy''s Atlantia ( ATL.MI ) launched a 16.34 billion euro ($18 billion) cash-and-share offer for Spain''s Abertis ( ABE.MC ) on Monday in a bid to create the world''s biggest operator of toll roads, with 14,095 km under its management. A tie-up with Abertis, which gets a third of its core earnings from France and has extensive operations in Latin America, would allow Atlantia to generate around 60 percent of core earnings outside its home turf, well ahead of a self-imposed 2020 deadline. Atlantia, which is controlled by the Benetton family, is trying to diversify away from low-growth Italy, where it now makes 75 percent of its core profit, while Abertis faces the expiration of motorway concessions at home. The Benettons had been negotiating on the offer with Spanish bank La Caixa, which is Abertis''s top shareholder with a 22.3 percent stake through Criteria Caixa, sources have said. "We believe we achieved the goal" of making the offer friendly and attractive for all shareholders and the management of the two groups, Atlantia CEO Giovanni Castellucci said in a statement. Atlantia said it would offer 16.50 euros per Abertis share, compared with the Spanish stock''s closing price on Friday of 16.45 euros. Abertis stock has risen nearly 8 percent since rumors of a bid first emerged on April 18. Shareholders in the Spanish group can also choose to be paid partially or totally in newly issued Atlantia stock on the basis of a swap ratio of 0.697 Atlantia shares for each Abertis one. The swap ratio is based on a price of 24.20 euros for Atlantia''s shares. Atlantia said its offer aimed at securing at least 50 percent plus 1 share of Abertis. The bid did not target delisting the Spanish company, it added. Credit Suisse ( CSGN.S ) and Mediobanca ( MDBI.MI ) acted as financial advisers to Atlantia. BNP Paribas ( BNPP.PA ), Credit Suisse, UniCredit ( CRDI.MI ) and Intesa Sanpaolo ( ISP.MI ) were selected as debt advisers to arrange the funding package for the transaction. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-abertis-m-a-atlantia-offer-idUKKCN18B0PX'|'2017-05-15T15:55:00.000+03:00'
'b24fe8a0f8cd8dafa6f1240f6b4ef2a4da489dd6'|'UPDATE 1-Peru economy grows in March vs yr ago despite floods'|'Market News - Mon May 15, 2017 - 12:44pm EDT UPDATE 1-Peru economy grows in March vs yr ago despite floods (Adds Reuters poll results in paragraph one, month-on-month decline in paragraph two, mining output in paragraph 5) LIMA May 15 Peru''s economic output grew 0.71 percent in March compared with the same month a year earlier, beating expectations in a Reuters poll for a contraction of 0.5 percent, the government''s national production indicator showed on Monday. It marked the smallest annual gain since November 2014, the national statistics institute Inei said. Economic output also fell 0.4 percent in March, compared with February, the third straight month-on-month decline. On Friday, the Economy Ministry said in a statement it was expecting year-on-year growth of around 0.5 percent in March. Heavy rainfall and flooding in the country''s northern regions were major factors curbing growth, Inei director Anibal Sanchez Aguilar said. The mining sector fell 2.7 percent in March, compared with a year earlier, due to the unfavorable weather and a three-week strike at the Andean nation''s biggest copper mine, Freeport-McMoRan Inc''s Cerro Verde, he added. Peru is the world''s second-largest copper producer. Economic output grew 2.08 percent in the first quarter of 2017 compared with the same period last year, Inei added. (Reporting by Luc Cohen and Teresa Cespedes; Editing by Chizu Nomiyama and W Simon) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/peru-economy-idUSL2N1IH0QU'|'2017-05-16T00:44:00.000+03:00'
'de1d80b48fe84902c2ff11b213deeec383bbd466'|'U.S. judge grants partial injunction against Uber in Waymo car case'|'Technology News   3:59pm BST U.S. judge grants partial injunction against Uber in Waymo car case left right FILE PHOTO - A photo illustration shows the Uber app logo displayed on a mobile telephone, as it is held up for a posed photograph in central London, Britain October 28, 2016. REUTERS/Toby Melville/Illustration/File Photo 1/2 left right FILE PHOTO - The Waymo logo is displayed during the company''s unveil of a self-driving Chrysler Pacifica minivan during the North American International Auto Show in Detroit, Michigan, U.S., January 8, 2017. REUTERS/Brendan McDermid/File Photo 2/2 SAN FRANCISCO A U.S. judge granted a partial injunction against Uber Technologies Inc [UBER.UL] in a high-profile trade secrets case with Alphabet''s ( GOOGL.O ) Waymo self-driving car unit, ordering Uber to promptly return any Waymo files downloaded by a former Waymo engineer. The ruling from U.S. District Judge William Alsup in San Francisco, made public on Monday, said Uber "likely knew" or should have known that the engineer, who now works at Uber, took Waymo materials while Uber was contemplating buying the engineer''s company. However, the judge also said few of Waymo''s alleged trade secrets have been traced to Uber''s self-driving car technology, and that Waymo''s patent claims against Uber have proved "meritless." (Reporting by Dan Levine; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-uber-alphabet-ruling-idUKKCN18B1W6'|'2017-05-15T22:55:00.000+03:00'
'5a48b840930427827ec082f3474cb406d50d12f4'|'Japan Post to swing to profit this year, still hungry for M&A'|'By Thomas Wilson - TOKYO TOKYO Japan Post Holdings Co ( 6178.T ) on Monday forecast a return to profit this year and said it would continue growing through acquisitions, despite taking a hit from a massive writedown on its Australian logistics unit.Chief Executive Masatsugu Nagato said Japan Post would keep looking at possible domestic and foreign takeover candidates, but did not directly address reports that the company was considering buying a majority stake in Nomura Real Estate Holdings ( 3231.T )."I''ll look regularly at anything with the potential to boost the Japan Post Group''s overall growth and performance," he said at an earnings briefing.A source familiar with the matter told Reuters on Saturday Japan Post had entered unofficial talks with a major shareholder of Nomura Real Estate in a potential deal likely to be worth several billions of dollars.Nomura Real Estate said it had no information to immediately announce.The timing of the acquisition, if realized, could raise eyebrows as Japan Post and other Japanese companies have stunned investors recently with losses on M&A deals that have turned sour, raising questions about due diligence and post-merger integration.But facing a lack of domestic growth prospects and heavily exposed through a 74 percent stake to the performance of its banking firm, Japan Post remained committed to growth through acquisitions.The company forecast a profit of 400 billion yen ($3.5 billion) in the year to March, beating analysts'' estimates.Its cash reserves amounted to 53 trillion yen at the end of March.For the year just ended, Japan Post said it reported a 29 billion yen loss, lower than its earlier estimate of a 40 billion yen loss.The loss was driven by a 400 billion yen writedown on Toll Holdings, which Japan Post bought in 2015.Its banking arm, Japan Post Bank Co ( 7182.T ), forecast profit at 350 billion yen for this fiscal year. Its profit fell 4 percent in the year ended March, as interest on Japanese government bonds fell.Unlike commercial lenders that make money from loans, Japan Post Bank - the nation''s biggest deposit taker - relies in part on returns from its holdings of Japanese government bonds, which make up a third of its assets.The third listed unit, Japan Post Insurance Co ( 7181.T ) said annual profit rose 4 percent last year to 88.5 billion yen as premiums from new insurance contracts grew.(Reporting by Thomas Wilson; Editing by Randy Fabi)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-japan-post-results-idINKCN18B18E'|'2017-05-15T08:45:00.000+03:00'
'79e6f6fbd5007cba5fdbdf54475d1a6364184f63'|'Moody''s Corp to buy Bureau van Dijk for about $3.3 billion'|'Credit ratings agency Moody''s Corp ( MCO.N ) said on Monday it would buy Dutch financial information provider Bureau van Dijk for about $3.3 billion, to extend its risk data and analytical businesses.Moody''s will fund the deal through a combination of offshore cash and new debt financing.Amsterdam-based Bureau van Dijk, owned by the fund EQT VI, distributes financial information and private company datasets of 220 million companies.The deal is expected to benefit Moody''s revenue and earnings in 2019, while adjusted earnings in 2018 is expected to see an uptick.Moody''s also acquired the structured finance data and analytics business of SCDM, a Frankfurt-based provider of analytical tools, earlier this year.Up to Friday''s close, Moody''s shares had risen about 22 percent this year.(Reporting by Nikhil Subba in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bureauvandijk-m-a-moody-s-idINKCN18B1CZ'|'2017-05-15T09:55:00.000+03:00'
'090d77b76098f24eca2007ba3e26b8fd7c9b25c1'|'Few celebrations as 10th anniversary of global crisis -'|'By William Schomberg - LONDON LONDON In May 2007, Ben Bernanke, then chair of the Federal Reserve, said the problems in the U.S. subprime mortgage market probably would not hurt the economy or the banking system.With the admittedly huge benefit of hindsight, that was a misjudgment of epic proportions.It has taken a full 10 years since the onset of the global financial crisis for the world economy to show clear signs of recovery, and even now progress remains halting.In the United States, the unemployment rate is at its lowest in a decade, but pay is growing only slowly and a string of recent economic data has been weaker than expected.In Europe and Japan, growth is picking up speed, prompting the European Central Bank and the Bank of Japan to start sending signals about eventually easing their economies off their huge stimulus program.But in Europe, Greece''s debt crisis remains far from over, even if the rest of the euro zone might help clear the way for more relief at a meeting of finance ministers on Monday.And although France voted in a centrist leader rather than a far-right populist this month, new President Emmanuel Macron may struggle to command a majority in parliament after elections in June. Investors remain nervous too about the prospects for euro-sceptic parties in elections in Austria this year and in Italy by May next year.In Asia, China has smoothed trade tensions with the United States, at least for now, but the world''s second-biggest economy is still trying to reign in its shadow banking system.And while emerging economies may ride on the coattails of global growth, there are glaring exceptions such as recession-hit Brazil and South Africa which are both in the grip of political crises.Group of Seven finance ministers and central bank governors sounded only cautiously confident as they wrapped up a meeting on May 13 in Italy."I think a light wind of optimism was blowing at Bari," Bank of France Governor Francois Villeroy de Galhau told reporters in the southern Italian port city. "But let''s be clear, it''s a light breeze not a powerful wind."The most pressing question for most of the G7 was how far U.S. President Donald Trump would go to remove the world''s biggest economy from trade deals, water down global banking rules or pump up the dollar by turbo-charging the economy.That was before media reports that Trump had tried to stop an investigation into ties between his former national security adviser and Russia.The crisis in Washington triggered a rout in financial markets as investors all but gave up hope of Trump pulling off his ambitious tax cuts and started to consider the odds - still low - of an impeachment process.Analysts at Nomura said Trump''s worsening fortunes might affect the plans of the Federal Reserve which is widely expected to raise interest rates again in June."Although the Fed has not fully embedded fiscal policy into its thinking, we will be keenly watching for any updates from Fed speakers if they are dialing back fiscal stimulus drivers," Nomura said in a note to clients.Several Fed policymakers are due to speak over the coming days, and the U.S. central bank will publish minutes of its May meeting - which took place before the recent escalation of the crisis - on Wednesday.Trump himself is due to meet leaders of the other G7 economies in Taormina in southern Italy for a summit on Friday and Saturday, and is likely to come under pressure not to turn his back on the global approach to issues such as trade and climate change.On the data front, Friday brings the second reading of U.S. gross domestic product in the first quarter which is expected to be revised up from a preliminary estimate of annual growth of 0.7 percent, the weakest growth in three years but which many economists see as a blip.On Thursday, Britain also reports its second estimate of first-quarter GDP which, according to a Reuters poll of economists, is likely to confirm quarterly growth of 0.3 percent, less than
'e3c384b64d4adfa01a20dbbce6724e97694f28ff'|'EU tells Italy''s Veneto banks to raise further 1 billion euros in private capital - source'|'Business   9:37am BST EU tells Italy''s Veneto banks to raise further 1 billion euros in private capital - source A Banca Popolare di Vicenza sign is seen in Rome, Italy, March 29, 2017. REUTERS/Alessandro Bianchi MILAN EU Competition authorities have asked Italian banks Popolare di Vicenza and Veneto Banca to raise 1 billion euros (849.1 million pounds) in private capital as a condition to approve their request for state aid, a source close to the matter said on Friday. Several sources told Reuters earlier this week that the two Veneto-based lenders could not use taxpayer money to cover expected loan losses, raising the prospect healthier rivals may have to once again provide fresh capital to help them. The two banks must fill a 6.4 billion euro capital shortfall identified by the European Central Bank and have turned to the state for help under rules that allow a government to cover losses a lender may face under a potential shock scenario. Confirming a press report in Il Sole 24 Ore on Friday, the source said the two banks would need an additional 1 billion euros in private capital. This would be on top of the private contribution already envisaged under their rescue scheme through a debt-to-equity conversion and funds pumped in by their controlling shareholder bailout fund Atlante. The two banks declined to comment. (Reporting by Paola Arosio, editing by Silvia Aloisi)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-italy-veneto-banks-idUKKCN18F0PZ'|'2017-05-19T16:37:00.000+03:00'
'96ac9253f338419eac8f7da857bd1206c0286841'|'US STOCKS-Strong earnings lift investors'' spirits after Trump slump - Reuters'|'* Deere hits record high on profit beat, lifts Caterpillar* Autodesk among biggest gainers on S&P 500, Nasdaq* Wal-Mart rises on rating upgrade* Indexes up: Dow 0.9 pct, S&P 0.96 pct, Nasdaq 0.82 pct (Updates to late afternoon, adds commentary, changes byline)By Sinead CarewNEW YORK, May 19 U.S. stocks rallied on Friday as strong corporate earnings lifted investors'' spirits in a week dominated by uncertainty surrounding Donald Trump''s U.S. presidency.Wall Street''s major indexes were down for the week and Nasdaq was set for its biggest weekly drop since mid-April after reports earlier this week that Trump tried to interfere in a federal investigation.Trump left on Friday for his first foreign trip since taking office in the hopes of shifting the focus away from domestic controversies."You''ve had no Washington drama today and decent earnings," said David Joy, chief market strategist at Ameriprise Financial in Boston. "It''s the cyclical parts of the market that are moving today and the defensives are lagging. With Washington not in the headlines, we can focus on the economy, and the economy is in good shape in our view."The market has not fully regained the ground lost in Wednesday''s selloff as investors continued to doubt whether Trump will be able to fulfill campaign promises for fiscal stimulus and tax reform.At 2:42 p.m. EST (1842 GMT), was up 186.75 points, or 0.9 percent, to 20,849.77; the S&P 500 gained 22.8 points, or 0.96 percent, to 2,388.52; added 49.89 points, or 0.82 percent, to 6,105.02.Strong quarterly earnings from companies such as Autodesk Inc and Deere & Co helped. Autodesk jumped 14.6 percent and was among the biggest percentage gainers on the S&P and the Nasdaq. The software maker reported better-than-expected quarterly revenue on Thursday.Deere hit an all-time high of $122.24 and was last up 7.8 percent at $121.46 after the farm and construction equipment maker posted a better-than-estimated quarterly profit.Deere helped lift Caterpillar Inc by 2.3 percent. General Electric Co was the S&P''s top driver with a 2.4 percent rise.Of the 452 S&P 500 companies that have reported so far, about 75 percent have topped earnings expectations. In a typical quarter, about 64 percent beat estimates, according to Thomson Reuters I/B/E/S.All 11 major S&P 500 sectors were higher, with industrials , materials, energy and financials all gaining about 1 percent.Energy shares were boosted by a 2 percent increase in oil futures on growing expectations that OPEC and other producing countries will agree at a meeting next week to extend crude output cuts.Wal-Mart Stores Inc was up 1.6 percent at $78.80 after BMO upgraded the stock to "market perform" from "underperform." The move followed Wal-Mart''s report on Thursday of higher-than-expected quarterly sales at established U.S. stores. New York Stock Exchange by a 4.69-to-1 ratio. On Nasdaq, a 2.23- 23 new 52-week highs and eight 76 new highs and 52 new lows. (Additional Anil D''Silva and Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/usa-stocks-idINL2N1IL1FG'|'2017-05-19T17:14:00.000+03:00'
'644a28cfb7147c5e02ebcb5b326d5f4a5478ec0a'|'Ford to invest $350 mln in Livonia transmission plant in Michigan'|'Autos   9:42am EDT Ford to invest $350 million in Livonia transmission plant in Michigan FILE PHOTO: People walk by the Ford display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch Ford Motor Co ( F.N ) said it would invest $350 million to upgrade its Livonia transmission plant in Michigan as the company expands its lineup of fuel-efficient powertrains. The investment is part of the company''s commitment to invest $9 billion and create or retain 8,500 hourly jobs in its U.S. facilities in the next few years. (Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ford-motor-investment-idUSKCN18F1K9'|'2017-05-19T21:37:00.000+03:00'
'99c7f93acecd5fe287c1b6859dcfd588158c0d5e'|'BRIEF-Copa Holdings SA reports April ASM 1.87 bln, up 6.3 pct'|'Market  43am EDT BRIEF-Copa Holdings SA reports April ASM 1.87 bln, up 6.3 pct May 19 Copa Holdings SA * Copa Holdings announces monthly traffic statistics for April 2017 * April load factor 83.4 percent, up 7.3 points * Copa Holdings SA says April ASM 1.87 billion , up 6.3 percent * Copa Holdings SA says April RPM 1.55 billion, up 16.5 percent Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-copa-holdings-sa-reports-april-asm-idUSASA09QMU'|'2017-05-19T19:43:00.000+03:00'
'b03c4a8ca69dd834771fecad76ac5c830d666041'|'Santander or Bankia viewed as likely saviours for Spain''s Popular'|'Deals  09am EDT Santander or Bankia viewed as likely saviors for Spain''s Popular left right FILE PHOTO: The logo of Banco Popular is seen on its headquarter in Lisbon, Portugal, March 17, 2016. REUTERS/Rafael Marchante/File Photo 1/2 left right A logo of Santander, the euro zone''s largest lender by market value, is seen on a branch in the Andalusian capital of Seville, southern Spain January 27, 2016. REUTERS/ Marcelo del Pozo/File Photo 2/2 By Andr<64>s Gonz<6E>lez and Jes<65>s Aguado - MADRID MADRID Spain''s biggest bank Santander ( SAN.MC ) or state-owned lender Bankia ( BKIA.MC ) are most likely to step in to save troubled Banco Popular ( POP.MC ), sources familiar with the talks told Reuters, although a deal is still far from guaranteed. Popular is racing to find a merger partner after Spanish Economy Minister Luis de Guindos closed the door on Thursday to a potential bailout with public money, while a capital increase is facing resistance from the bank''s existing shareholders. Santander, which   Popular, is attracted by the bank''s strong position in small and medium size company lending, a source close to Santander said, adding that it would probably have to raise cash to finance any bid. "I see Santander as being really motivated." Saddled with 37 billion euros of soured property assets, Popular has asked for binding offers by June 10 and aims to close a takeover by the end of next month, the sources said. The bank lost 3.6 billion euros in 2016 and has undergone three leadership shake-ups in less than a year. Its shares have fallen 65 percent over the past year and are the worst performers on the European STOXX banking index. Santander, Bankia and BBVA ( BBVA.MC ) all showed initial interest in Popular in a preliminary round of talks last week. BBVA, which declined to comment, does not rule out making an offer, but people familiar with its strategy say it sees a takeover deal as highly risky. It approached Popular with a tentative 1.2 euro per share offer late last year but never formally put forward a bid. BBVA believes any deal below this price would trigger liabilities of up to 2.5 billion euros ($2.8 billion), coming on top of restructuring and clean-up costs. Those liabilities relate to Popular''s capital increase in June 2016. Investors who bought into it at 1.25 euro per share could argue they were not given reliable information about the bank''s accounts and therefore paid over the odds. BAD BANK? Santander, which hired Citigroup earlier this year to work on a potential Popular deal, would have to raise at least 6 billion euros in a capital increase if it pursues a bid, the source close to the bank said, echoing analyst views. Popular''s final capital shortfall would not be known until a full due diligence has been completed, they added. Bankia, which also declined to comment, is another strong candidate, the sources said, because it not only has cash but also an excess of capital following its 22 billion euros state bailout in 2012 and a successful turnaround since then. Although it has not hired any advisers, Bankia could quickly find around 4 billion euros to buy Popular in cash and shares, paving the way for a transfer of part or all of Popular''s troubled real estate assets into Spain''s bad bank Sareb. While this would likely meet resistance in Madrid and Brussels, a condition for using the bad bank is to have received public money which would apply to Bankia, but not other bidders. "(Economy Minister) De Guindos is the one who will call the shots at the end of the day and its clear that he wants Bankia, and possibly Sareb, to be part of the solution," one source familiar with the process said. The economy ministry declined to comment. (Additional reporting by Carlos Ruano; writing by Julien Toyer; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-banco-popular-m-a-idUSKCN18F1HH'|'2017-05-19T21:02:00.000+03:00'
'c5739eaef2f31cfc37a3401ae38b4b0eacf66353'|'SoftBank boss follows Trump to Saudi to launch $100 billion fund'|'Business   11:45am BST SoftBank boss follows Trump to Saudi to launch $100 billion fund FILE PHOTO: SoftBank Group Corp Chairman and CEO Masayoshi Son attends a news conference in Tokyo, Japan, February 8, 2017. REUTERS/Toru Hanai By Makiko Yamazaki - TOKYO TOKYO Some six months after his visit to Donald Trump''s Manhattan mansion cheered investors, Masayoshi Son, Japan''s richest man, is set to follow his friend to Saudi Arabia as the new U.S. president makes his first overseas trip since taking office. Son, head of Japan''s SoftBank Group Corp ( 9984.T ), travels to Riyadh this weekend where he is expected to announce the close of the first fundraising round for what will be the world''s biggest private equity fund, backed by Saudi Arabia''s sovereign wealth fund and Apple Inc ( AAPL.O ). His appearance in the Saudi capital and the expected launch of the $100 billion Vision Fund coincide with Trump''s official visit to the kingdom, one leg of a presidential trip that also includes Israel, Belgium and Italy. Son describes the fund as essential for setting up SoftBank for a data "gold rush" which he expects to happen as the global economy becomes increasingly digitized. "The Vision Fund has created a framework for SoftBank to grow over the next 100, 200 and 300 years," Son said in February. "The next 10 years would be the time for me to put the plan into practice while grooming successors." Son is scheduled to attend a forum of global chief executives in Riyadh on Saturday to be held on the sidelines of the Trump visit, a list of attendees showed. A SoftBank spokesman declined to comment on Son''s schedule. The aggressive dealmaker made headlines in early December when he appeared in the marble lobby of Trump Tower in New York alongside the then president-elect, dressed in a red vest and near-identical red tie to the tycoon-turned-commander-in-chief. He was among the first in a series of Asian billionaires and leaders to pay tribute to Trump, who won office in November on a platform that focused heavily on national security and protecting American jobs. Son''s pledge to Trump to invest $50 billion in the United States and create 50,000 new jobs was light on details but spoke to the president''s election promise to boost economic growth by making deals with individual companies, rather than through complicated trade deals. SoftBank Group shares surged after Son''s December meeting with Trump and his announced investment. Foreign tycoons who paid homage to Trump after Son include Foxconn founder Terry Gou and Alibaba boss Jack Ma, who are both close business partners of Son. In November, Japanese Prime Minister Shinzo Abe visited Trump in New York, less than two weeks after the U.S. election. (Additional reporting by Reem Shamseddine in RIYADH; Writing by Sam Holmes; Editing by Miral Fahmy)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-softbank-visionfund-launch-idUKKCN18F13T'|'2017-05-19T18:42:00.000+03:00'
'875b712a7e5229d0ea510d734a72330c8f6f6083'|'U.S. regulators to announce VW diesel fix approval for 84,000 vehicles'|'U.S. -  23pm EDT U.S. regulators approve VW diesel fix for 84,000 vehicles left right FILE PHOTO - A U.S. flag flutters in the wind above a Volkswagen dealership in Carlsbad, California, U.S. May 2, 2016. REUTERS/Mike Blake/File Photo - RTX2YFQS 1/2 left right FILE PHOTO: Covers for TDI diesel Volkswagen, Audi, SEAT and Skoda engines are seen in Jelah, Bosnia and Herzegovina, in this September 29, 2015 picture illustration. REUTERS/Dado Ruvic/File Photo 2/2 By David Shepardson - WASHINGTON WASHINGTON The U.S. Environmental Protection Agency and California Air Resources Board on Friday announced approval of a fix for about 84,000 older Volkswagen ( VOWG_p.DE ) diesel vehicles that can emit excess emissions. Volkswagen, the world''s largest automaker, agreed last year to offer to buy back up to 475,000 2.0-liter diesel vehicles that had been sold in the United States or offer fixes if regulators approved. Friday''s announcement covers a fix for 84,390 2012-2014 Passat diesel vehicles with automatic transmissions. A fix for vehicles with manual transmissions has not yet been approved. In January, regulators approved a fix for 67,000 2015 model diesels, leaving around 325,000 older vehicles still awaiting approval for a fix. Volkswagen spokeswoman Jeannine Ginivan said the automaker is pleased that it has received regulatory approval for the fixes. California Air Resources Board executive officer Richard Corey said the approval "is another important step in efforts to repair the environmental harm caused by these vehicles." EPA confirmed its approval in a letter posted on its website on Friday. Until regulators approved a fix in January, VW had been barred by authorities from selling 12,000 new 2015 diesel Golf, Beetle and Passat cars after the German automaker admitted to using secret software to exceed emission limits for six years. In April, VW resumed selling those 2015 diesel cars in the United States and said they accounted for nearly 12 percent of its April sales. Earlier this month, Volkswagen also began selling some of the 2015 diesel models it had repurchased, but the company has not yet disclosed how many of those vehicles it has sold. Volkswagen has bought back or terminated leases on around 280,000 vehicles. Volkswagen has agreed to spend up to $25 billion to address claims from U.S. owners, environmental regulators, states and dealers, and offered to buy back about 500,000 polluting U.S. vehicles, including some 3.0 liter vehicles. On Wednesday, a federal judge issued a written order granting final approval for Volkswagen AG to fix or buy back 80,000 larger 3.0-liter diesel Porsche, Audi and VW vehicles in the United States. Volkswagen has agreed to buy back 20,000 2009-2012 diesel vehicles and plans to fix 58,000 newer ones if regulators approve. The settlement could be worth $1.2 billion if all older models are repurchased. (Reporting by David Shepardson; editing by Phil Berlowitz)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-emissions-idUSKCN18F1TL'|'2017-05-19T23:28:00.000+03:00'
'd21f2d9ead81bd369f5b09848ef234d325a2d5c7'|'Saudi oil minister due in Iraq to discuss extending oil output cut - official'|'By Ahmed Rasheed and Ernest Scheyder - BAGHDAD/VIENNA BAGHDAD/VIENNA OPEC heavyweights Saudi Arabia and Iraq agreed on Monday on the need to extend a global cut in oil supply by nine months in an effort to prop up crude prices, removing a potential stumbling block as producing countries prepare to meet this week.Saudi Energy Minister Khalid al-Falih said he did not expect any opposition within the Organization of the Petroleum Exporting Countries to extending the curbs for a further nine months, speaking after he met his Iraqi counterpart in Baghdad.OPEC meets in Vienna on Thursday to consider whether to prolong the original deal reached in December in which OPEC and 11 non-member countries, including Russia, agreed to cut output by about 1.8 million barrels per day in the first half of 2017.The Saudi minister told a joint news conference with his Iraqi counterpart Jabar Ali al-Luaibi that Iraq had given the "green light" to a proposal for a nine-month extension that would be presented to the meeting in the Austrian capital.He said a new agreement would be similar to the previous pact, with minor changes. He said any decision would not be finalised until OPEC meets.Falih was paying a rare visit to Iraq in the latest effort by the top oil producer to convince its fellow OPEC member to extend supply cuts to ease a global glut.Iraqi Oil Minister Jabar Ali al-Luaibi said he agreed with Saudi Arabia on the need for a nine-month extension.Saudi Arabia and non-OPEC Russia have been pushing to extend the cuts from the end of June until March 2018. Iraq, OPEC''s second-largest and fastest-growing oil producer, had until Monday voiced support only for a six-month extension.It is the first time in nearly three decades that a senior Saudi energy official has visited Baghdad.OPEC wants to reduce global oil inventories to their five-year average but so far has struggled to do so. Stockpiles are hovering near record highs, partly because of rising production in the United States, which is not part of the existing deal."I believe we have a growing consensus (on the duration of cut extension)," OPEC''s Secretary-General Mohammad Barkindo told reporters in Vienna.Iraq and Iran were the main stumbling blocks for OPEC in reaching its last output-cutting decision in December.OPEC''S CHALLENGEBaghdad argued it had just started enjoying production growth after years of stagnation and Tehran said it needed to raise output after the lifting of Western sanctions.Iraq ended up agreeing to cap output in the first half of 2017 while Iran was allowed a slight rise in production.Nigeria and Libya were granted exemptions from cuts as their output suffered from unrest. Both have regained some volumes in recent months and are expected to add more soon, adding to OPEC''s challenge in rebalancing the market.Goldman Sachs, one of the most active banks in commodities trading, said on Monday a nine-month extension would help rebalance inventories in 2017 and keep Brent prices near $57 per barrel.Brent futures were trading 0.6 percent higher at $53.92 a barrel on Monday at 1638 GMT.Goldman said OPEC should put pressure on American shale oil producers by creating a market structure known as backwardation, when the future trading price of a commodity is below the current spot market value.By extending cuts into 2018 and promising to boost output next year, OPEC could force the oil market into backwardation that would scare away private equity and other investors who have been funding the American shale producers. "The binding force to sustainably slow shale growth lies on the funding side," Damien Courvalin, a Goldman analyst, wrote in the research note to clients.(Additional reporting by OPEC team in Vienna; Writing by Isabel Coles, Dmitry Zhdannikov and Dale Hudson; Editing by David Goodman and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/iraq-oil-saudi-opec-idINKBN18I0HV'|
'2620e9216d8a4bfdf0394cb8fb81204fafe305e9'|'EU antitrust regulators to scrutinise syndicated loans'|'Business News  55am EDT EU antitrust regulators to scrutinize syndicated loans By Foo Yun Chee - OXFORD, England OXFORD, England European Union antitrust regulators are to put major financial services firms under the microscope by examining the impact of syndicated loans on credit markets. "The fact that the (European) Commission commissions a study in a specific market does not in any way imply that there is anti-competitive behavior taking place or that the Commission would open an investigation into that market," spokesman Ricardo Cardoso said in an email on Monday. In Europe, bank loans traditionally accounted for around 70 percent of lending to companies and other borrowers. This contrasts with the United States where the credit markets have made up some 70-80 percent of where companies borrow. The European Commission said its interest had been prompted by the growing importance of loan syndication, in which institutional investors and banks lend to a borrower for a fee. Companies face penalties up to 10 percent of their global turnover for breaching EU antitrust rules and the bloc has fined banks including Deutsche Bank ( DBKGn.DE ), JPMorgan ( JPM.N ), RBS ( RBS.L ), Citigroup ( C.N ) and Societe Generale ( SOGN.PA ) a total of more than 1 billion euros ($1.1 billion) in recent years. Authorities around the world have taken a similarly tough line against rate-rigging and other infringements. The study is expected to take nine months and will focus on six countries, according to a tender for the study issued by the EU executive, which did not name them. "The study will examine the structure and process of loan syndication, also in light of recent regulatory reforms which aim to increase supervision and capital requirements," Cardoso said. Parties wishing to carry out the study for the commission have until June 6 to submit their offers. (Editing by Philip Blenkinsop and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-eu-antitrust-loans-idUSKBN18I1JA'|'2017-05-22T20:54:00.000+03:00'
'163031df8dcb8ca4872e40af435996517b1b9a51'|'OPEC set to prolong oil output cuts by nine months'|'Business   3:28pm BST OPEC set to prolong oil cuts as delegates predict smooth meeting Saudi Energy Minister Khalid al-Falih (L) speaks during a media conference with Iraqi Oil Minister Jabar Ali al-Luaibi in Baghdad, Iraq, May 22, 2017. REUTERS/Khalid al Mousily By Alex Lawler and Rania El Gamal - VIENNA VIENNA OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude. OPEC''s de facto leader, Saudi Arabia, favors extending the output curbs by nine months rather than the initially planned six months, as it seeks to speed up market rebalancing and prevent oil prices from sliding back below $50 per barrel. On Monday, Saudi Energy Minister Khalid al-Falih won support from OPEC''s second-biggest and fastest-growing producer, Iraq, for a nine-month extension and said he expected no objections from anyone else. The Organization of the Petroleum Exporting Countries meets in Vienna on Thursday to consider whether to prolong the deal reached in December in which OPEC and 11 non-members, including Russia, agreed to cut output by about 1.8 million barrels per day (bpd) in the first half of 2017. The decision pushed prices back above $50 per barrel, giving a fiscal boost to major oil producers. But it also spurred growth in the U.S. shale industry, which is not participating in the output deal, thus slowing the market''s rebalancing. Saudi Arabia''s Gulf ally Kuwait said on Tuesday not every OPEC member was on board for an extension to March 2018, but most delegates in Vienna said they expected a fairly painless meeting on Thursday. "The Saudi oil minister''s view seems accurate and no serious objection is expected if at all," said one delegate, who asked not to be identified as he is not allowed to speak to the media. "No surprises," said a second delegate. A third source added: "I think it will be a smooth meeting to extend through until March 2018, and see what happens with U.S. shale. It will grow but there are limits." Algerian Energy Minister Noureddine Boutarfa said on Tuesday that OPEC was discussing a possible nine-month extension, with curbs kept at the same level as under the group''s existing deal. "Right now we are talking about nine months," Boutarfa told reporters soon after arriving in Vienna. Two OPEC sources said a one-year extension was also an option, though others said most discussions were centering on nine months due to weak seasonal demand in the first quarter. "The longer the commitments by OPEC and non-OPEC for stabilizing the market, the more certainty there is in the market, which is good for all the stakeholders. If the need arises for any correction, this can be done in coming ministerial conferences," the first OPEC delegate said. Another delegate, however, said a one-year extension was unlikely to garner wide support. Oil prices initially fell 1 percent on Tuesday LCOc1CLc1 after U.S. President Donald Trump proposed to sell half of the United States'' Strategic Petroleum Reserve (SPR) in the next 10 years as well as to speed up Alaskan exploration. By 1415 GMT, Brent crude was trading flat. The SPR sales would not start until October 2018 and would amount to just 95,000 bpd, or 1 percent of current U.S. output. DEEPER CUTS UNLIKELY The first OPEC delegate said he did not believe OPEC would deepen existing cuts, unless Saudi Arabia and its Gulf allies offered to take the bulk of the hit: "I still believe it is unlikely at this point." Saudi''s Falih said on Monday he expected the new deal to be similar to the old one, "with minor changes". "He (Falih) has talked to several countries including Norway, including Turkmenistan, including Egypt, and they have made signs of their willingness to join the collaboration," Kuwait''s oil minister Essam al-Marzouq said on Tuesday. Norway''s oil ministry said later on Tuesday it had no plan to join cuts but had a good dialogue with OPEC. D
'8b7b30a8e65a3ab3d6f95a8245a9861fda8c0a02'|'Starwood looks to sell French crystal maker Baccarat: report'|'PARIS U.S investment firm Starwood Capital has put French crystal maker Baccarat ( CDBP.PA ) up for sale and the best offer so far has come from a Chinese group, French daily L''Agefi said on Friday, citing several sources.Starwood, which is eyeing a valuation for Baccarat of 200 million euros ($223.16 million), has commissioned Messier Maris & Associes bank to handle the sale, the paper reported."A Chinese group has come out on top, with an offer close to the valuation Starwood is hoping for," L''Agefi Quote: d a source as saying. It did not disclose the identity of the Chinese buyer.Starwood has owned Baccarat, which is listed in Paris and has a market value of 181 million euros, since 2005 when it bought parent group Taittinger. Neither Starwood and Baccarat could immediately be reached for comment.It achieved a 2016 Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) of 12.9 million euros, up 25.2 percent on the previous year. Its sales, however, were down 0.9 percent to 148.3 million euros.Starwood Capital sold Europe''s No. 2 budget operator, Louvre Hotels Group, to Chinese partner Jin Jiang International Holdings Co. Ltd. in 2014.(Reporting by Dominique Vidalon and Pascale Denis; Editing by Richard Balmforth)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-baccarat-sale-idINKCN18F0YG'|'2017-05-19T08:03:00.000+03:00'
'3e6e37babb0ecc076e8890b706418d13f5db0a13'|'Alibaba injects $488 million health food assets into Ali Health'|'Business News  32am BST Alibaba injects $488 million health food assets into Ali Health FILE PHOTO: A logo of Alibaba Group is pictured at its headquarters in Hangzhou, Zhejiang province, China, October 14, 2015. REUTERS/Stringer/File Photo HONG KONG Alibaba Health Information Technology Ltd said on Friday controlling shareholder Alibaba Group Holding Ltd would sell HK$3.8 billion (377.03 million pounds) worth of health food and nutritional products businesses to the company, further developing it into Alibaba''s healthcare flagship platform. Alibaba Health will buy Ali JK Nutritional Products Ltd from Alibaba Group in a deal to be settled by the issue of 1.19 billion shares at HK$3.2 apiece, or a 6.16 percent discount to the last close, the company said in a filing to Hong Kong bourse. The deal will bring a broader set of merchants into the online healthcare community, while the company will obtain more stable and sustainable revenue growth, the Hong Kong-listed firm added. Alibaba Health saw its adjusted net loss narrowed to 98.3 million yuan (11.04 million pounds) for the year ended in March, from a 161.5 million yuan loss in the year-ago period amid rapid growth of its pharmaceutical e-commerce business. (Reporting by Donny Kwok; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ali-health-alibaba-investment-idUKKCN18F03P'|'2017-05-19T09:32:00.000+03:00'
'9cc9301424ea7e23b26da162407eefa051a8e624'|'BRIEF-Twitter''s media boss, Ross Hoffman, is leaving the company- Recode, citing sources'|'Market News - Fri May 19, 2017 - 2:14pm EDT BRIEF-Twitter''s media boss, Ross Hoffman, is leaving the company- Recode, citing sources May 19 (Reuters) - * S&P says Spain''s autonomous community of madrid ''BBB+/A-2'' ratings affirmed; outlook remains stable Source text (http://bit.ly/2qFLJeZ) MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-twitters-media-boss-ross-hoffman-i-idUSFWN1IL0GD'|'2017-05-20T02:14:00.000+03:00'
'e9c625f3a75d36ee866e4b02ff1fda15e1e90df3'|'Doorway to profit: When bosses visit the White House, their firms make more money'|'DONALD TRUMP will not follow his predecessor<6F>s policy of releasing visitor logs for the White House. A working paper from the National Bureau of Economic Research by Jeffrey Brown and Jiekun Huang, both of the University of Illinois at Urbana-Champaign, shows what a loss that is.They study records from Barack Obama<6D>s administration that identify 2,286 meetings between senior executives of firms in the S&P 1500 and White House officials over a seven-year period to December 2015. The most frequent visitors were the heads of Honeywell, a conglomerate (30 trips); General Electric, another conglomerate (22); and Xerox, an office-equipment firm (21).  17   The study shows that a visit to the White House boosts company performance. The shares of firms whose executives secure such meetings tend to outperform those of industry peers: by 0.33% and 0.78% ten and 60 trading days, respectively, after the meetings. The more senior the host, the more pronounced the ensuing share-price outperformance: meetings with the president yield the biggest <20>positive abnormal returns<6E>.The authors suggest several reasons for this, though they stop short of proving causation. In the very short run, investors cheer news of the meetings, especially those that are widely reported and photographed. Their hopes that good will follow from the meetings are often vindicated. Compared with others in the same industry, firms with political access win more government procurement contracts. This generates on average an extra $34m in profits in the 12 months after an initial meeting.They may also benefit from more regulatory relief. The authors point to reporting in the Wall Street Journal from 2015 that Google executives<65> frequent visits to the White House under Mr Obama may have factored in a decision by the Federal Trade Commission to drop its antitrust investigation into the internet giant. Whatever the explanation, it pays to spend time at the seat of power.  "Doorway to profit"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21722217-white-house-visitor-logs-help-show-lobbying-pays-when-bosses-visit-white-house-their?fsrc=rss%7Cbus'|'2017-05-18T22:46:00.000+03:00'
'ee04304f814663f280e291b2acb1f89c89dd0708'|'JBS controlling shareholders sold nearly $100 mln in shares in April-filings'|'SAO PAULO May 18 JBS SA''s controlling shareholders sold shares in the meatpacker worth 329 million reais ($98 million) in April, according to regulatory filings, after JBS''s chairman and CEO had secretly begun negotiating a plea-bargain deal with government prosecutors.Testimony by Joesley and Wesley Batista about Brazil''s president condoning the payment of bribes as part of that deal roiled Brazilian financial markets on Thursday, sending JBS shares 9.7 percent lower.The shareholders that sold the JBS stock are among the vehicles through which the billionaire Batista brothers control the meatpacker, the world''s largest.JBS declined to comment, while J&F Investimentos, the Batistas main holding company, did not respond to a request for comment. Brazilian market regulator CVM did not immediately return a call seeking comment.($1 = 3.37 reais) (Reporting By Bruno Federowski and Tatiana Bautzer; Writing by Christian Plumb; Editing by Brad Haynes and Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-jbs-stocks-idINE6N1H601T'|'2017-05-18T19:59:00.000+03:00'
'98ecdff1300831e07926714a71ef2a06e5111b7a'|'Nikkei edges up on financial shares, but has 1st weekly drop in 5 weeks'|'TOKYO May 19 Japan''s Nikkei share average edged up on Friday as bargain hunters snapped up financial stocks heavily sold the previous day, but gains were limited as political uncertainty in the United States kept investors cautious.The Nikkei ended 0.2 percent higher at 19,590.76, crawling back from negative territory in early trade.The index suffered a weekly fall for the first time in five weeks, dropping 1.5 percent.Takata Corp jumped 20 percent on Friday after four automakers including Toyota Motor Corp agreed to a $553 million settlement to address claims covering owners of nearly 16 million recalled vehicles with potentially defective Takata airbag inflators.The broader Topix gained 0.3 percent to 1,559.73 and the JPX-Nikkei Index 400 rose 0.4 percent to 13,929.80. (Reporting by Ayai Tomisawa; Editing by Richard Borsuk)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL4N1IL28G'|'2017-05-19T14:27:00.000+03:00'
'633f9d80858f93ae10fa3dc6f2e5d9c6b55deb86'|'A woodland idyll in the Wye valley <20> in pictures - Money'|'A woodland idyll in the Wye valley <20> in pictures   View more sharing options Share   Close This four-bedroom house in an area of outstanding natural beauty has an industrial pastJill PapworthFriday 19 May 2017 07.00 BST Last modified on Friday 19 May 2017 08.51 BST Originally part of a paper mill, this four-bedroom house is a rare example of a former industrial building in a tranquil AONB (area of outstanding natural beauty) location. It is in the Whitebrook valley, five miles from Monmouth on the Welsh side of the England and Wales border. The valley forms part of a conservation area in the wider Wye valley AONB. Facebook Twitter Pinterest It was built in the early 19th century as part of the Fernside paper mill complex, and is thought to be the coach house where delivery vehicles and horses would have been kept. In the 1920s it became part of the Wye valley fishery with trout being kept in the stone tanks on the site where paper used to be processed. The property itself was used as a common room and canteen for the fishery workers. Facebook Twitter Pinterest The symmetrical solid stone structure was converted into a home in 1979 by architect Brendan Woods. Facebook Twitter Pinterest The bedrooms, hall and boot room are on the ground floor while the large open-plan living/dining room is on the first floor <20> a loft-like space with exposed solid stone walls and a partly glazed roof. There is a wood-burning stove in the living area and underfloor heating throughout this floor. Facebook Twitter Pinterest The living area leads through to the modern kitchen extension, designed by Woods and added in 1999. Facebook Twitter Pinterest The house, which is on a two-acre plot set in a woodland area with a small stream running through it, is powered by LPG (liquid propane gas) delivered to an external tank. It is on the market at <20>675,000 through agent The Modern House . Facebook Twitter Pinterest Topics Property Surreal estate Homes'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/gallery/2017/may/19/woodland-idyll-wye-valley-industrial-past-in-pictures'|'2017-05-19T15:00:00.000+03:00'
'6fd22a8a167fbf8f111b167ea4ca23f68b31fb89'|'LPC: Love-hate reception for US leveraged loans'|'Bonds News - Fri May 19, 2017 - 12:14pm EDT LPC: Love-hate reception for US leveraged loans By Jonathan Schwarzberg and Andrew Berlin - NEW YORK NEW YORK May 19 Companies with strong earnings and good trading track records, including telecommunications provider CenturyLink and food company Post Holdings, are tapping the US leveraged loan market at ever-tighter spreads as investor demand remains strong for floating rate assets. At the same time, similarly-rated issuers such as nutritional supplement maker GNC and lift trucks maker Hyster-Yale are facing higher pricing as lenders demand better economics for taking higher risk in weaker sectors. This split is emerging in the highly liquid US leveraged loan market despite strong demand as investors try to protect their portfolios against late cycle credit risk and poke holes in deals that are potentially vulnerable to a downturn. <20>Job number one for institutional investors in credit markets is to avoid big losers,<2C> a senior banker said. <20>Credit analysis 101 tells analysts and portfolio managers that where they see smoke it can lead to fire. Selling a loan at 80 cents <20> offsets dozens of successful loan purchases that are performing well.<2E> Times could not be better for issuers with strong track records, especially for the biggest, most liquid loans. Demand has been stoked by 27 consecutive weeks of inflows to loan funds, which have added a total of approximately US$15.8bn to the retail market this year alone, according to Lipper. CenturyLink proved so popular that it increased the size of a proposed term loan this week to US$6bn from US$4.5bn and lowered pricing on the Bank of America Merrill Lynch-led deal to 275bp over Libor from guidance in the 300bp-325bp range. The deal backs the company<6E>s acquisition of telecommunications company Level 3, and the increase allows the company to replace a proposed offering of secured notes. Post Holdings also increased the size of a Credit Suisse-led term loan backing its purchase of Weetabix to US$2.2bn from US$2bn. The additional funds allowed the company to lower the amount of the balance sheet cash used to back the Weetabix purchase and a tender offer. The loan was rated Baa2/BB-. The company also cut pricing to 225bp over Libor from guidance of 250bp over Libor during syndication, which is the lowest pricing seen on a loan from a B2/B rated issuer this year, according to Thomson Reuters data. <20>Investors are pricing the risk,<2C> said a senior banker. <20>And the risk is much, much higher for story deals than Post. Post is probably misrated in the minds of most investors as well. Most look at it as a double-B type credit given its stability.<2E> EAGER FOR DOUBLE B Investors have been eager to pick up double-B paper such as pet food maker Blue Buffalo, which this week firmed pricing at 200bp on a US$400m term loan. The deal includes a 25bp leverage-based stepdown. The company is issuing the loan at par as opposed to the originally proposed discount of 99.5. Citigroup leads the transaction. Pricing is still diverging in this ratings bracket despite strong demand. Hyster-Yale is paying 400bp over Libor for a US$200m term loan despite being rated slightly higher by the agencies than Post. The corporate rating is B2/B+, and the facility is rated B1/BB. However, pricing on the Bank of America Merrill Lynch-led deal came in lower than the originally suggested range of 425bp-450bp. <20>You<6F>ve got situations where we don<6F>t agree with the ratings agencies,<2C> a portfolio manager said. <20>Look at Hyster-Yale. It<49>s double-B, but it<69>s the fifth player in a highly cyclical industry. It<49>s not a bad business, but it<69>s not a double-B business that deserves tight pricing. We<57>ve seen those types of businesses get into trouble.<2E> Some companies are finding the proposed pricing too expensive. GNC ended up pulling a proposed extension of its term loan on May 11 after the company could not get the deal done with the proposed coupon of 450bp. Coronado Coal is another issuer in a tr
'4b46447a9f907a2e0bcaf12e4e40c9a69c304096'|'Vistra Energy in takeover talks with Dynegy - WSJ'|'Deals - Fri May 19, 2017 - 2:52am BST Vistra Energy in takeover talks with Dynegy: WSJ Power producer Vistra Energy Corp has proposed to take over debt-laden rival Dynegy Inc, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The Texas-based companies are in initial talks and a deal is still far from guaranteed, the Journal reported. on.wsj.com/2pR20AD Dynegy emerged from Chapter 11 bankruptcy, in October 2012 after it had filed for protection from creditors a year earlier, burdened by costly power plant leases. reut.rs/2pR7hrE Vistra Energy declined to comment on the bid while Dynegy was not immediately available for comment outside regular U.S. business hours. (Reporting by Bhanu Pratap in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-dynegy-m-a-vistra-energy-idUKKCN18F056'|'2017-05-19T09:52:00.000+03:00'
'5af491485646de246c0a5cf2fc48148e9b2fee1a'|'CANADA STOCKS-TSX rises at open as banks lead gains'|'Market   9:44am EDT CANADA STOCKS-TSX rises at open as banks lead gains TORONTO May 19 Canada''s main stock index rose on Friday as financial stocks helped propel the market higher, while Home Capital Group also gained after it said its savings deposit balances rose. The Toronto Stock Exchange''s S&P/TSX composite index rose 79.29 points, or 0.52 percent, to 15,356.49. Eight of the index''s 10 main groups advanced. (Reporting by Solarina Ho Editing by W Simlon)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL2N1IL0N4'|'2017-05-19T21:44:00.000+03:00'
'b0d86e777f826966a9e701a41b0aaba251c2001b'|'Private equity groups extend hostile offer for Shawbrook'|'By Simon Jessop and Dasha Afanasieva - LONDON LONDON The private equity groups behind a hostile bid for British challenger bank Shawbrook Group ( SHAW.L ) said on Friday they had backing from investors holding 45.1 percent of its shares, and were extending the offer period.The 842 million pounds ($1.09 billion) offer would now remain open until May 26, Marlin Bidco, the buyout vehicle set up by BC Partners and Pollen Street Partners, said in a statement. The previous deadline was Thursday and the date could be extended to June 19.The 45.1 percent includes Pollen Street''s Shawbrook stake, which is 38.8 percent according to Thomson Reuters data. The commitments were still 4.9 percent short of the 50 percent threshold at which the deal would become unconditional.The company would be delisted if 75 percent of its shareholders accept the offer, with those who do not accept the offer remaining holders of shares in an unlisted company.On Friday, Shawbrook shares were up 0.15 percent at 340 pence."(We) still do not discount the possibility of a (modestly) improved offer, but equally we continue to see materially greater upside potential among the currently <20>distressed<65> valuations of high-performing <20>challenger bank<6E> peers," a note from Investec said.Shawbrook''s directors had told shareholders to reject the offer.A source familiar with the matter however said large long-only funds have sold out at valuations around the offer price, indicating that some large shareholders believe the offer is a good one.Morgan Stanley ( MS.N ) is acting as financial adviser to Marlin Bidco.(Reporting by Simon Jessop; Editing by Rachel Armstrong and Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-shawbrook-group-idINKCN18F1XC'|'2017-05-19T14:10:00.000+03:00'
'39090bbd4ec80232acd5a23b3603af77ae8a8f7c'|'BRIEF-Student Transportation reports normal course issuer bid'|'  8:02am EDT BRIEF-Student Transportation reports normal course issuer bid May 19 Student Transportation Inc: * Student Transportation announces normal course issuer bid * Student Transportation says co may begin to purchase common shares on or about May 24, 2017; normal course issuer bid will expire on may 23, 2018 Source text for Eikon:   May 19 Campbell Soup Co reported lower-than-expected quarterly sales and profit, hurt by higher promotions and weak demand for condensed soups, broths and V8 vegetable juices, and warned that its full-year sales could decline. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-student-transportation-reports-nor-idUSFWN1IL0BG'|'2017-05-19T20:02:00.000+03:00'
'58b1c0c58fa0e300558165b3a05e2c36760567ac'|'Stricter cigarette packaging rules come into force in UK - Business'|'Tobacco industry Stricter cigarette packaging rules come into force in UK Cigarettes to be sold in standardised green packaging bearing graphic warnings of dangers of smoking from this weekend Under the EU directive, all tobacco packaging will be uniformly green with large images showing the harmful effects of smoking. Photograph: ASH/PA Tobacco industry Stricter cigarette packaging rules come into force in UK Cigarettes to be sold in standardised green packaging bearing graphic warnings of dangers of smoking from this weekend View more sharing options Friday 19 May 2017 07.43 BST Last modified on Friday 19 May 2017 10.33 BST Cigarettes must be sold in standardised green packaging bearing graphic warnings of the dangers of smoking from this weekend, as rules designed to prevent young people taking up the habit come into full effect in the UK. All packs must contain at least 20 cigarettes to make sure they are big enough for health warnings to cover 65% of the front and back, with the brand name restricted to a standard size, font and colour. The EU tobacco products directive has allowed the UK to go further with its regulations to require all tobacco packaging to be uniformly green with large images showing the harmful effects of smoking. Packaging of hand-rolled tobacco must also be in the same colour and pouches must contain a minimum of 30g of tobacco. The directive extends to e-cigarettes, restricting tank sizes to no more than 2ml and the nicotine strength of liquids to no more than 20mg/ml, and there must be a 30% health warning on the front and back reading: <20>This product contains nicotine which is a highly addictive substance.<2E> The new rules also include a ban on menthol cigarettes from 2020 and promotional statements such as <20>this product is free of additives<65> or <20>is less harmful than other brands<64>. Plain cigarette packaging could drive 300,000 Britons to quit smoking Read more Standardised packaging regulations, which is a UK initiative, come into full effect on Sunday, while the rules governing minimum pack sizes and e-cigarettes will be in force from Saturday. Companies have had 12 months to sell old stock and fully implement the changes under the directive, which was adopted in 2014 but held up by a series of court cases testing its legality. The tobacco industry challenged the tobacco products directive through the European court of justice (ECJ) and standardised packaging regulations through the UK courts. Last May, the ECJ ruled that the directive was lawful, and days later the industry<72>s legal challenge to standardised packaging was defeated in the UK courts. How tobacco firms flout UK law on plain packaging Read more The new rules are an attempt to cut the number of smokers across the EU by 2.4 million. An estimated 700,000 premature deaths are caused each year by smoking, and cancer charities are backing the measures. The UK was only the second country in the world to pass legislation on standardised packaging after Australia in 2012, with many others following on, including France, Ireland, Hungary and Norway. The chief executive of the Action on Smoking and Health (Ash) charity, Deborah Arnott, said: <20>Getting rid of glitzy, heavily branded tobacco packs is the latest in a long line of achievements by the UK, which is a global leader in tobacco control. We now have among the fastest declining smoking rates in the world thanks to decades of sound policy, but smoking rates among the poorest and most disadvantaged remain high. <20>If this is to change, then a priority for the next government must be to publish a new tobacco control plan with tough new targets, focused on tackling health inequalities.<2E> Smokers<72> group Forest said the regulations would make no difference to public health. The organisation<6F>s director, Simon Clark, said: <20>The new regulations treat adults like naughty children. They infantilise consumers by attacking freedom of choice and personal responsibility. <20>The new regulations
'566672d4a71620ceb033de1516ad9c9ce95df0e2'|'Factbox - Impact on banks from Britain''s vote to leave the EU'|'Banks  39pm BST Factbox - Impact on banks from Britain''s vote to leave the EU People queue for coffee at a plaza in the Canary Wharf financial district in London, Britain May 17, 2017. REUTERS/Stefan Wermuth Global banks have warned they could move thousands of jobs out of Britain to prepare for the expected disruption caused by the country''s exit from the European Union, endangering London''s status as a major financial centre. Financial services firms need a regulated subsidiary in an EU country to offer their products across the bloc, and this could lead some to move jobs out of Britain if it loses access to the European single market. Thirteen major banks have given an indication of how they would bulk up their operations in Europe to secure market access. These plans could see more than 9,000 jobs move to the continent in the next two years. Following are some details and reports on the subject: STANDARD CHARTERED Standard Chartered ( STAN.L ) is in talks with regulators about making Frankfurt its European base to secure market access to the European Union when Britain leaves the bloc. HSBC Stuart Gulliver, CEO of HSBC ( HSBA.L ), Europe''s biggest bank, said it would relocate staff responsible for generating around a fifth of its UK-based trading revenue, or around 1,000 people, to Paris. Chairman Douglas Flint has told lawmakers that banks without operations elsewhere in the EU will likely trigger migration plans immediately after EU divorce talks begin, estimating "tens of thousands" of jobs are linked to EU "passporting" rights. BARCLAYS Banks in Britain will start shifting some operations to continental Europe reasonably soon to avoid disrupting links with customers after Brexit, Barclays ( BARC.L ) Chief Executive Jes Staley said. He added that obtaining a licence to trade on the continent and changing financial contracts to another jurisdiction took a year to 18 months. The bank is preparing to make Dublin its EU headquarters after Brexit, according to a source familiar with the matter. Staley previously told BBC Radio that Barclays would keep the bulk of its activities in Britain after Brexit and any changes to how the bank operates would be small and manageable. UBS Swiss bank UBS ( UBSG.S ) would have to "move 1,500 people" from London to an EU destination in order to retain full passporting rights across the EU, according to UBS chairman Axel Weber. That would be more than a quarter of its current 5,500 staff in London. Separately, Chief Executive Sergio Ermotti has said UBS has a degree of flexibility if its UK outpost looks set to lose its ability to operate across the EU. The world''s biggest wealth manager has also set up a bank in Frankfurt to consolidate most of its European wealth management operations, after the Brexit vote dashed London''s chances of being the host city. CREDIT SUISSE Credit Suisse''s ( CSGN.S ) Chief Executive Tidjane Thiam said in September his bank was relatively well placed to deal with the impact of Brexit and that only around 15-20 percent of volumes in the investment bank would be impacted. LLOYDS BANKING GROUP Lloyds Banking Group ( LLOY.L ), Britain''s largest mortgage lender and the only major British retail bank without a subsidiary in another EU country, is close to selecting Berlin as a European base to secure market access to the EU after Britain withdraws. GOLDMAN SACHS U.S. bank Goldman Sachs ( GS.N ) is considering moving up to 1,000 staff from London to Frankfurt because of concerns over Brexit, Germany''s Handelsblatt newspaper reported in January, citing financial sources. Goldman Sachs will begin moving hundreds of people out of London before any Brexit deal is struck as part of its contingency plans, the Wall Street firm''s Europe CEO said in March. Three people familiar with the matter told Reuters in November that Goldman Sachs was considering shifting some of its assets and operations from London to Frankfurt. MORGAN STANLEY U.S. bank Morgan Sta
'20bee8edbab0ab77376fe5377d87ecc9255e62e1'|'Mining group Vedanta posts fourth-quarter profit helped by higher revenue'|'Vedanta Ltd ( VDAN.NS ), the Indian unit of diversified energy group Vedanta Resources PLC ( VED.L ), reported a consolidated quarterly profit, as revenue surged, driven by improved commodity prices and higher zinc volumes.Consolidated net profit stood at 29.88 billion rupees ($466.09 million) in the fourth quarter ended March 31, compared with a loss of 211.04 billion rupees a year earlier, the metals and mining group said on Monday. ( bit.ly/2rh8ncs )Analysts on average expected Vedanta, which recently completed the buyout of Cairn India Ltd ( CAIL.NS ), to post a profit of 26.67 billion rupees, according to Thomson Reuters data.Consolidated revenue surged about 35 percent to 246.12 billion rupees.Shares of the company were up 1.8 percent as of 0941 GMT.($1 = 64.1075 Indian rupees)(Reporting by Tanvi Mehta in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/vedanta-results-idINKCN18B12G'|'2017-05-15T07:58:00.000+03:00'
'1cbeb4c7845ab792709ddea94e948fafc3662c71'|'China April factory output, investment growth miss forecasts'|'BEIJING China''s factory output and fixed asset investment growth cooled more than expected in April, adding to signs that momentum in the world''s second-biggest economy is slowing from a strong start in the first quarter.Factory output rose 6.5 percent in April from a year earlier, while fixed-asset investment grew 8.9 percent in the first four months of the year, both worse than expectations.The soft activity data, combined with weak manufacturing sector growth and slowing producer prices inflation, reinforced analysts'' view that China''s economic expansion remains solid but is starting to taper off.Analysts polled by Reuters had predicted factory output would grow by 7.1 percent in April, easing from March''s 7.6 percent.Output growth slowed on tumbling steel and iron ore prices amid concern over rising inventories after China''s mills cranked out as much metal as possible to drive factory output to its highest since December 2014.Fixed asset investment had been forecast to grow 9.1 percent over the first four months of the year, easing from 9.2 percent in Jan-March.Retail sales rose 10.7 percent in April from a year earlier. Analysts had expected a 10.6 percent rise, edging lower from the previous month.Private investment growth slowed to 6.9 percent in January-April period from 7.7 percent in the first quarter, the National Bureau of Statistics said on Monday, suggesting small- and medium-sized private firms still face challenges in accessing investment-finance.Private investment accounts for about 60 percent of overall investment in China.With growth comfortably above this year''s target of around 6.5 percent, Chinese policymakers have shifted their focus to reining in financial risks and stamping out speculative activity in the property market.China''s National Bureau of Statistics said Monday that more positive factors were seen in the economy in April, though structural problems remain.China is targeting growth of around 9 percent in fixed asset investment for 2017, and expects retail sales to increase about 10 percent.The country''s first quarter economic growth came in at a faster-than-expected 6.9 percent, the quickest since 2015 on higher government infrastructure spending and a gravity-defying property boom.China has cut its economic growth target to around 6.5 percent this year to give policymakers more room to push through painful reforms and contain financial risks after years of debt-fueled stimulus.(Reporting by Kevin Yao; Writing by Elias Glenn; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-activity-idINKCN18B0BR'|'2017-05-15T12:18:00.000+03:00'
'440823376c84878bfaacd860bb4c68e42d2bb7ec'|'Recline and fall: Who owns the space between reclining airline seats?'|'TO WHOM does the legroom on an aeroplane belong? More specifically, who owns the four inches of knee-space into which a passenger can recline his seat?The accepted notion is that such territory belongs to the person seated in front. That flyer has, after all, paid for a reclining chair and thus believes it is his <20>right<68> to occupy the space behind. If he remains upright, magnanimously bequeathing extra inches to the person behind, it is on the understanding that he can move the border whenever he likes.   But, in common with many borders, disputes are inevitable. Sometimes the newly squished passenger will wage a guerilla war, perhaps by wedging his knees into the back of the seat in front, ensuring that the price of territorial expansion is discomfort. Weapons may also be deployed. The Knee Defender, a device that can be attached to the chair in front to render it rigid, is banned by many airlines, but that does not deter desperate flyers from using them. All too often, real warfare ensues. Witness the brawl on a recent Southwest flight to Burbank, after one flyer accused another of <20>messing with his chair<69>.Would such fights be prevented if ownership of those four inches were up for auction? This was the starting point of an experiment by Christopher Buccafusco and Christopher Jon Sprigman, two law professors, which they have written up on the Evonomics website. Their aim was to discover whether recliners<72> pleasure at being more horizontal is greater than the amount of suffering experienced by the person behind. One obvious way to do this is to put a monetary value on it: find out how much the flyer in front would be willing to pay for the right to recline his seat, and compare that with the amount the person behind would be prepared to shell out to stop this from happening. In an online survey the researchers asked people to imagine that they were about to take a six-hour flight from New York to Los Angeles. Respondents were told that the airline had created a new policy that would allow flyers to pay those seated in front of them not to recline their seats. Some were then asked how much the passenger behind would have to pay them not to recline during the flight. Others had to specify how much they would be prepared to pay to prevent the person in front of them from reclining.Recliners wanted on average $41 to stay upright, while reclinees were willing to pay only $18 on average. Ownership of the four inches would change hands only 21% of the time. The result suggests that the balance of rights is about right; we are correct to think of that space as belonging to the person in front.Except that things are not so straightforward. According to the theories of Ronald Coase, who won the Nobel Prize in Economics in 1991, the space between airline seats is a scarce resource. Therefore it should not matter who has the initial ownership (assuming there are no barriers to a deal being made). The market will out: whoever values the space more will buy it from the other. (In this case it would normally revert to the recliner.)But as the professors explain: When we flipped the default<6C>that is, when we made the rule that people did not have an automatic right to recline, but would have to negotiate to get it<69>then people<6C>s values suddenly reversed. Now, recliners were only willing to pay about $12 to recline while reclinees were unwilling to sell their knee room for less than $39. Recliners would have ended up purchasing the right to recline only about 28% of the time<6D>the same right that they valued so highly in the other condition.In a Coasean world, that makes little sense. But it does when one factors in the work of Daniel Kahneman, perhaps the world<6C>s most famous behavioural economist. Mr Kahneman has shown time and again that ownership does, in fact, matter when striking a deal. According messieurs Buccafusco and Sprigman:People generally don<6F>t like losing things that they have. When a resource is provided to th
'1fc9f372b9234b42ae435316f817d24adafb6462'|'MIDEAST STOCKS - Factors to watch - May 15'|'DUBAI May 15 Here are some factors that may affect Middle East stock markets on Monday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Asia stocks shrug off cyberattack, N. Korea threats to hit 2-yr high, oil jumps* MIDEAST STOCKS-Gulf slips as Q1 loss hits PetroRabigh; IMF agreement fails to lift Egypt* Oil jumps after Saudis, Russia say supply cut to be extended to March 2018* PRECIOUS-Gold firm on weak U.S. data, N. Korea concerns* U.S. nears $100 bln arms deal for Saudi Arabia -White House official* Russia, Saudi Arabia agree to extend oil output cuts until March 2018* More disruptions feared from cyber attack; Microsoft slams gov''t secrecy* Over 2,000 rebels, families evacuate Damascus district - state media* Iraqi forces attack Islamic State in Mosul as battle approaches endgame* Iran''s Rouhani lashes out at hardliners in blistering final debate before vote* Trump to back Palestinian "self-determination" on Mideast trip -aide* Erdogan sees "new beginning" in Turkish-U.S. ties despite Kurdish arms move* Yemen declares state of emergency in Sanaa over cholera* Palestinians hold local elections in West Bank but not Gaza* Thousands of Tunisians march against corruption amnesty law* Western envoys shun Qatar event attended by Sudan''s BashirEGYPT* Egypt''s CIB agrees to sell 13.7 pct of CI Capital stake* Egypt uncovers chamber of mummies, sees life for tourism* Egyptian colonel killed in bomb attack on armoured vehicle* Yields rise on Egypt''s three-month and nine-month T-bills* BRIEF-Qalaa Holdings unit completes sale of 100 pct stake in ASEC Algeria CementSAUDI ARABIA* Saudi-based IDB to provide $453 mln of funding across region* Saudi Telecom denies systems affected by WannaCry ransomware* BUZZ-Saudi''s Bupa Arabia jumps on parent''s plan to boost stakeUNITED ARAB EMIRATES* INTERVIEW-UAE non-oil growth to rebound this year as austerity slows -IMF* Dubai government secures $3 billion financing for airports expansion* Dubai''s Emaar Properties posts 15 pct jump in first-quarter profit* BUZZ-Dubai''s Amlak drops on Q1 earnings plungeQATAR* Qatar to sell al-Shaheen crude through JV with Total from July - documentKUWAIT* TABLE-Kuwait bank lending growth accelerates in MarchOMAN* TABLE-Oman March bank lending growth continues slowing to lowest since 2008'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL8N1IH0BI'|'2017-05-15T02:23:00.000+03:00'
'768a9447d0c8c6bcb59011ef37948e9ffbc31e2d'|'''Recycling in Australia is dead in the water'': three companies tackling our plastic addiction - Guardian Sustainable Business - The Guardian'|'T here<72>s no escaping plastic in modern life. In Australia , more than 1.5m tonnes of the crude oil derivative is consumed each year, not including plastics imported in finished products or their packaging. And most of this ends up on a centuries-long path to degradation in landfill or the world<6C>s waterways and oceans. One recent sobering analysis has estimated that by 2050, the weight of plastics in the oceans will match that of fish. Reducing consumption by avoiding the use of disposable plastic shopping bags, for instance, and reusing plastic containers are important waste-reduction measures. But what role does recycling play? Despite our profligate consumption of plastic goods, only 300,000 tonnes of the stuff is collected for recycling each year in Australia, according to the Plastics and Chemicals Industries Association of Australia. Around half of this is sent overseas for processing and a further 20% of the plastics reprocessed into pellets to be made into new products is also sent overseas. War on Waste: Craig Reucassel wants to change behaviour, and the law Read more Not all plastics can be readily recycled. Hard thermoset plastics commonly used in electronics are currently unrecyclable, though researchers are finding ways to change that. Even for those plastics that are recyclable, the process often begins with mechanical or hand sorting into separate plastic polymer classes <20> represented by that number emblazoned within the recycling logo on the bottle or container <20> before reprocessing can begin.But technical challenges are not the main bottleneck for plastics recycling, according to Mark Jacobsen, director of marketing at recycling firm Replas . <20>Recycling in Australia is dead in the water,<2C> he says, unless people are willing to buy products made of their own waste. Replas has been in the recycling business for close to three decades, turning soft plastics such as milk cartons and squeezable shampoo bottles into sturdy plastic play equipment, termite-proof boardwalk decking and bollards that outlast their timber alternatives by decades. Yet Replas only processes about a third of what it has the capacity to and frequently turns down offers of more scrap plastic.Anyone can say no to a plastic [shopping] bag. However, you can<61>t say no to a bread bag.<2E>The whole economy has got to change,<2C> says Jacobsen. Currently, he says, people still view plastic primarily as a waste product. The company now uses a partnership model, only accepting plastic waste from organisations willing to buy back the recycled products they make. Large supermarket chains, such as Coles and Woolworths, are some of those leading by example, says Jacobsen. Some city councils are also shedding historic buying practices, which often dictate purchasing decisions, by incorporating recycled plastic into their operations.A few years ago, Replas partnered with RED Group , the Melbourne-based company behind the REDcycle program that collects soft plastic packaging for recycling. Elizabeth Kasell, director of RED Group, abandoned a career in the fashion industry to start the company in 2010 because she saw an unmet need every time she threw a plastic bread bag in the bin. <20>Anyone can say no to a plastic [shopping] bag,<2C> she says. <20>However, you can<61>t say no to a bread bag.<2E> This type of soft plastic packaging is normally a problem for the mechanical sorting machines used in plastic recycling operations. The REDcycle program eliminates this hassle by collecting and processing the packaging separately, before sending it on to Replas for incorporation into its products. Ikea<65>s solution to peak stuff? Invest in plastics recycling plant Read more What started out as a pilot program to collect plastic bags at a few Melbourne primary schools has grown into a network of more than 600 collection stations, mostly at supermarkets, around the country. Like Replas, RED Group is h
'25ec3c47c49aefa213a5635568472006c682ed9f'|'Time for a new surprise in dollar''s Trump slump?'|'Business News - Mon May 22, 2017 - 4:29pm BST Time for a new surprise in dollar''s Trump slump? FILE PHOTO: U.S. one hundred dollar bills are seen in this picture illustration, August 2, 2013. REUTERS/Kim Hong-Ji/Illustration/File Photo By Ritvik Carvalho and Patrick Graham - LONDON LONDON After its worst week in a year, has a period of dollar strength dating back to 2014 been brought to a close by concerns over Donald Trump''s presidency and will the currency fall much further in the months ahead? That''s the question analysts and investors were debating on Monday as the latest round of political comments on exchange rates - this time from German Chancellor Angela Merkel - pushed the euro to a six-and-a-half-month high. The dollar''s fall last week after the sacking of FBI chief James Comey followed a period of turbulence around French presidential elections and North Korea''s missile tests. But as this graphic shows, the dollar''s steady fall this year - now almost 7 percent - correlates most closely with a rise in negative surprises from U.S. macroeconomic data. That hit its weakest in a year last week but then turned upwards - just as its euro equivalent did the opposite. Equity analysts from JPMorgan said in a note to clients on Monday that the dollar was already 5 percent undervalued against the euro EUR= , 1 percent against the yen JPY= and 2 percent against the Swiss franc CHF= . "Controversies such as the current one have some precedent in causing the dollar to weaken more than what would be justified by typical cyclical drivers like interest rate differentials," they said. "We do think a more protracted period of political risk is worth positioning for, but given these existing risk premia, we do so narrowly <20> only via shorting the dollar vs the franc." The fall in the past week has only taken the dollar index, measuring its strength against a basket of other currencies, back into the top of the range it held for most of 2015 and 2016 - until Trump''s election last November. "(That fall) should help to dampen the scope for the U.S. dollar to weaken further in the near-term which would also require building concerns over the health of the U.S. economy," MUFG economist Lee Hardman said on Monday. "Technically, the dollar index has fallen back to within the consolidation range. A break below the bottom of that range would be a far more significant long-term bearish technical development (and) remains unlikely in the near-term."'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-forex-dollar-idUKKBN18I1YA'|'2017-05-22T23:29:00.000+03:00'
'e900dd68604f393ee79dc1fc79522ae50b00b45e'|'Boeing Co signs defense, commercial deals with Saudi Arabia'|'Market News - Sun May 21, 2017 - 9:52am EDT Boeing Co signs defense, commercial deals with Saudi Arabia DUBAI May 21 Boeing Co said on Sunday it had signed a number of defense and commercial deals with Saudi Arabia including for the sale of military and commercial aircraft. Saudi Arabia will purchase Chinook helicopters and intends to buy P-8 surveillance aircraft, the U.S. company said in a statement. Boeing also said it would negotiate the sale of up to 16 widebody aircraft to Saudi Gulf Airlines. (Reporting by Alexander Cornwell Editing by Jeremy Gaunt) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trump-saudi-boeing-idUSD5N1GY00D'|'2017-05-21T21:52:00.000+03:00'
'97b76d23136c7d1928b331e041017055f524d6f6'|'PRESS DIGEST- Financial Times - May 19 - Reuters'|'May 19 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesFacebook makes biggest pitch yet for competing with TVon.ft.com/2q1lX2IChinese group in talks to aid struggling jet maker Bombardieron.ft.com/2q10WVYRoger Ailes death throws Fox probe into doubton.ft.com/2q1dJI3Facebook fined 110 mln euros by European Commission over WhatsApp dealon.ft.com/2q1dNYjOverviewFacebook Inc has struck a deal with Major League Baseball to show 20 of the league''s games live this season in an agreement that expands the social media network further into the world of live programming.Bombardier Inc and China''s Comac have held talks about a deal that could inject new life into the debt-laden Canadian company''s passenger jet business.The criminal investigation into a wide range of practices at Fox News is now on shaky ground after the death of the cable channel''s founder, Roger Ailes, according to two people briefed on the inquiry.European Union antitrust regulators fined Facebook 110 million euros ($122.18 million) for giving misleading information during a vetting of its deal to acquire messaging service WhatsApp in 2014. ($1 = 0.9003 euros) (Compiled by Bengaluru newsroom; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-ft-idINL4N1IK5KM'|'2017-05-18T21:12:00.000+03:00'
'c8eab5fc79cb8ad40e58c34241d3145e72c85bae'|'Germany eyes softer sacking rules to tempt Brexit banks to Frankfurt'|'Business News - Fri May 19, 2017 - 11:15am BST Germany eyes softer sacking rules to tempt Brexit banks to Frankfurt FILE PHOTO: German Chancellor Angela Merkel and Hesse''s state Premier Volker Bouffier during the party congress in Karlsruhe, Germany December 14, 2015. REUTERS/Kai Pfaffenbach/File Photo By John O''Donnell - FRANKFURT FRANKFURT Germany could make it easier to hire and fire senior bankers in what would be a rare exception to its strict labour rules, an ally of Chancellor Angela Merkel said, as Frankfurt seeks to attract finance groups from London after Brexit. The move, which would apply to those earning more than around 250,000 euros (<28>214,480), is intended as a sweetener for global banks who want to move staff to the continent after Brexit but are worried about laws making it hard to sack them. "We do not need the German protection against redundancy for top earners in banking," Volker Bouffier, vice chairman of Merkel''s Christian Democratic Union (CDU) told Reuters in an interview. "I see a political prospect of changing this law by the middle of next year or in the Autumn (of 2018), once the new government is in place." Germany is holding national elections in September, with Merkel''s conservative bloc expected to emerge as the strongest party group. "I have discussed this with the German chancellor, Angela Merkel, and she is supportive, as is the finance ministry," said Bouffier, who is also premier of the state of Hesse, home to the country''s financial centre, Frankfurt. The pledge comes as the competition between rival centres, including Dublin, Paris and Frankfurt, gathers pace, with global banks expected to chose one of these cities as a base for doing business within the EU in the coming weeks. Lobbyists promoting Paris as a financial centre have also sought to loosen rules governing dismissals but the idea was rejected by the country''s previous government. France''s new president, Emmanuel Macron, may be open to making such a change. However, Macron''s En Marche party is new and may be forced to govern in a coalition, making the country''s political future uncertain. Bouffier said he expected the majority of big global U.S. banks to chose Frankfurt as their primary location within the EU. "The British government has been telling everyone in London that ... everything will stay as it is, including with passporting to Europe," he said. "That is complete nonsense. I don''t think it will work out for Britain." Banks that now use London as a springboard for selling services across the European Union fear they will lose access to that market when Britain leaves the bloc, prompting them to seek a foothold elsewhere. Bouffier said he had Merkel''s backing in winning banks for Frankfurt. Many German politicians have been reluctant to speak out in favour of the industry, with memories of the financial crash it caused still vivid. "Germany offers stability," he said. "I expect concrete decisions from banks in summer. They are not going to wait for the outcome of (Brexit) negotiations." Although senior managers at German companies are currently exempted from full legal protection against sacking, extending this, say, to bankers would be contentious. Bouffier said it could be done based on the legal definition of the banker''s role. A spokesman for Verdi, one of the biggest trade unions in German financial services, said it would not support such a change. (Reporting By John O''Donnell)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-bankers-exception-idUKKCN18F10H'|'2017-05-19T18:15:00.000+03:00'
'de814cbd52ce0bea39aadfb16a52821810ec8bcd'|'RPT-Dealmakers aplenty, SoftBank''s Son looks for wonks'|'Funds News   9:00am EDT RPT-Dealmakers aplenty, SoftBank''s Son looks for wonks (Repeats with no changes to text) By Liana B. Baker and Greg Roumeliotis May 19 Deep Nishar spends more time roaming university hallways than he does corporate boardrooms. A former electrical engineer who helped develop Google''s mobile phone business and grow LinkedIn''s users from 30 million to half a billion, Nishar is exactly the sort of industry specialist that SoftBank Group Corp CEO Masayoshi Son wants for his new $100 billion technology investment vehicle. Son, Japan''s richest man, is expected to announce on Saturday the close of the first fundraising round for what will be the world''s biggest private equity fund. Its backers, including Saudi Arabia''s sovereign wealth fund and Apple Inc , expect technology investments that will match or beat the 44 percent internal rate of return that SoftBank says Son has delivered by investing in internet companies in the last 18 years. With pitfalls aplenty among the valuation-rich, profit-poor start-ups of Silicon Valley, Son is seeking to hire dealmakers who can spot the most commercially disruptive technologies, according to people close to him. As he builds up the Vision Fund, Son has hired a roster of investment bankers, including Alex Clavel, a longtime telecommunications banker at Morgan Stanley, and technology banker Ervin Tu of Goldman Sachs Group Inc. Son is looking for industry wonks to complement those hires and find potentially game-changing investments in areas ranging from genomics and artificial intelligence to robots and the internet-of-things. The sources asked not to be identified ahead of the conclusion of the fundraising. Nishar, 47, is the most senior industry expert working for SoftBank, which he joined in 2015. He sits on SoftBank''s investment committee, which includes Son, SoftBank chief financial officer Alok Sama, SoftBank board director Ronald Fisher, and head of the Vision Fund, Rajeev Misra. SoftBank has yet to finalize the investment committee for the Vision Fund, which it will manage. Even when he was working at LinkedIn and Google, Nishar had an interest in investing. The Indian-born engineer spent five years tracking the business of pre-cancer detection startup Guardant Health. He visited researchers in universities and even showed up in doctors'' offices to see which tests they prescribed to detect cancer. When Guardant sought to raise money in 2016, Nishar had an inside track. He arranged a meeting between Guardant''s founders and Son at SoftBank''s San Carlos office near San Francisco. Last week, SoftBank said it would lead a $360 million fundraising round for Guardant, with Son praising it as a potential "Rosetta Stone" of cancer. Guardant co-founder and CEO Helmy Eltoukhy said Nishar''s business experience and technical expertise made him stand out from other investment professionals. "This kind of experience, from the engineering side as well as business side, is hard to come by," he said. FRONTIER TECHNOLOGIES Nishar has four people on his team, which focuses on so-called frontier technologies, such as computational biology. He is looking to double that by the end of the year, according to people familiar with the plans. SoftBank also wants experts in other sectors, including enterprise software, artificial intelligence, robotics, digital media and financial technology, according to the sources. Other sector specialists working for SoftBank include David Thevenon, a former Google executive who handles ride-sharing investments for SoftBank, such as Didi in China, Ola in India, and Grab in Southeast Asia, and Kabir Misra, an e-commerce specialist who is helping put together the merger of Flipkart and Snapdeal in India. Son is building his team as technology investing has become increasingly competitive. Google and other technology companies are looking to invest in the areas SoftBank is focusing on, as are private equity and venture capital funds. The dea
'56886a0b83d5aa2daad464dc8fa8f69fedf46d44'|'Exclusive - Italy tax police seize documents from IBM in BT Italy probe'|'Business  30pm BST Exclusive - Italy tax police seize documents from IBM in BT Italy probe FILE PHOTO: The logo of BT is seen outside the headquarters in Milan, Italy January 24, 2017. REUTERS/Stefano Rellandini/File Photo By Emilio Parodi - MILAN MILAN Italian investigators have seized documents from the Milan offices of International Business Machines Corp ( IBM.N ) as part of an investigation into allegations of fraud at one of its customers, BT Italy, a unit of Britain''s BT Group ( BT.L ), sources said. Dozens of tax police visited the Italian offices of nine suppliers to BT Italy, including the U.S. tech group, on Thursday, as well as BT Italy''s own headquarters, and took boxes of documents away, said sources familiar with the probe. IBM spokesman Alessandro Ferrari said the company was cooperating with authorities. The U.S. group is not formally under investigation and none of its representatives has been accused of wrongdoing, but the warrant for Thursday''s seizures, seen by Reuters, states that some transactions between BT Italy and its suppliers were faked. The warrant authorised the search for evidence in relation to allegations that former BT Italy managers had conspired with suppliers and customers to fake orders and to issue false credit notes in order to reduce BT Italy''s costs. Investigators also sought evidence that BT Italy and suppliers contrived sale-and-leaseback transactions to artificially boost sales and profit margins. These transactions involved several firms, including IBM, according to the warrant and the sources. The accounting scandal surfaced last October when BT Group said it had discovered accounting errors at its Italy unit. In January, it characterised it as improper accounting and took a write-down of around 530 million pounds. In March, it filed a criminal complaint with Italian prosecutors, accusing several former Italy executives and other employees of breaking company rules and unlawful conduct. BT Group said in an emailed statement: "We''ve been proactively assisting prosecutors in Milan with their investigations into the inappropriate behaviour that took place at BT Italy." BT Italy''s lawyer, Marco Calleri, declined to comment. Milan prosecutors this week formally put under investigation five former executives and employees of BT Italy, on allegations that they ran a conspiracy to fake transactions in order to inflate BT Italy''s financial performance. Sources said the motive was to ensure executives and staff met their bonus targets. The five are former BT Italy chief executive Gianluca Cimini, former chief operating officer Stefania Truzzoli, former chief financial officer Luca Sebastiani, ex-employee Giacomo Ingannamorte and Sebastiani''s predecessor, Alessandro Clerici. A lawyer for Truzzoli declined to comment. Cimini did not respond to a request for comment. Lawyers for the others also did not respond. The other suppliers raided were T.A.I. Software Solution Srl, ITF Srl, Var Group Spa, NSR Srl, Servizi Tecnici per l''Elettronica Spa, Gomedia Srl, L.B. Srl and Shicon Europe Srl, according to the warrant. ITF and Var Group declined to comment. There was no immediate response to emailed requests for comment from T.A.I. Software Solution and Servizi Tecnici per l''Elettronica. Reuters was unable to immediately reach L.B., Shicon Europe, Gomedia and NSR for comment. (Additional reporting by Agnieszka Flak, Silvia Aloisi and Giulia Segreti; Editing by Mark Bendeich and Andrew Roche)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bt-italy-idUKKCN18F24L'|'2017-05-20T01:30:00.000+03:00'
'b411333d0d5a73d90f4aba2139b55fe7c600af47'|'BRIEF-FTI Consulting says board has authorized $100 million in share buyback'|'Market  39am EDT BRIEF-FTI Consulting says board has authorized $100 million in share buyback May 19 FTI Consulting Inc * FTI Consulting announces increased authorization for share repurchase program * FTI Consulting Inc says board of directors has authorized an additional $100.0 million to repurchase shares * FTI Consulting Inc - has approximately $107.5 million remaining available for common share repurchases under program * FTI Consulting -repurchases funded using available cash on hand or combination of cash and available borrowings under co''s senior secured revolving bank credit facility Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-fti-consulting-says-board-has-auth-idUSASA09QN1'|'2017-05-19T19:39:00.000+03:00'
'2debe28de5598ad8c4179e4cb5f21c26b2f598c8'|'JBS chairman confirms signing plea agreements with Brazil prosecutors'|'SAO PAULO May 18 Brazilian meatpacker JBS SA''s Chairman Joesley Batista confirmed on Thursday the signing of plea agreements with prosecutors regarding the country''s widest-ever corruption probe.In a statement, Batista, who is one of the controlling shareholders of JBS through his family''s holding company J&F Investimentos, admitted to making improper payments to politicians. He added that outside Brazil, the group has expanded its activities "without violating ethical norms". (Reporting by Tatiana Bautzer; Editing by Christian Plumb and Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-joesley-idUSE6N1FG02Y'|'2017-05-19T07:31:00.000+03:00'
'0351860cf3cc98261d1f95513020555f57453ad7'|'BRIEF-Williams reports Stephen Bergstrom elected chairman of board'|'  8:02am EDT BRIEF-Williams reports Stephen Bergstrom elected chairman of board May 19 Williams Companies Inc: * Williams announces Stephen W. Bergstrom elected chairman of its board of directors * Williams Companies Inc - Bergstrom will replace Dr. Kathleen B. Cooper who will become chair of board''s nominating and governance committee Source text for Eikon:   May 19 Campbell Soup Co reported lower-than-expected quarterly sales and profit, hurt by higher promotions and weak demand for condensed soups, broths and V8 vegetable juices, and warned that its full-year sales could decline. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-williams-reports-stephen-bergstrom-idUSASA09QN6'|'2017-05-19T20:02:00.000+03:00'
'd0f178dcbd5b20f6ce9cf35eb639dd0a2ada7884'|'Exclusive - China to lift curbs on foreign fund offshore investments: sources'|' 41pm BST Exclusive - China to lift curbs on foreign fund offshore investments: sources By Sumeet Chatterjee and Michelle Price - HONG KONG HONG KONG China will lift a two-year suspension on foreign funds raising money in the country to invest overseas as early as June, people familiar with the matter said, a sign that Beijing is getting less anxious about capital outflow pressures. Some industry executives said the expected resumption of the Qualified Domestic Limited Partnership (QDLP) programme may mean that an official crackdown on capital outflows and a weakening of the dollar have provided the authorities with more policy flexibility. The Shanghai Municipal Government Financial Services Office, which runs the QDLP scheme, did not respond to requests for comment, while the State Administration of Foreign Exchange (SAFE), which controls the capital account, did not immediately respond to a request for comment. The QDLP programme allows foreign fund managers to raise money within a set quota from high net-worth Chinese investors through a wholly-owned onshore fund management company and invest the cash overseas. Launched in 2013, QDLP was one of a handful of controlled schemes that allowed Chinese to invest money overseas. It was subsequently informally suspended in 2015 after the stock market crashed and lost around 40 percent of its value. The licences and accompanying quota had previously been issued in batches, with authorities expected to issue the long-awaited next round in coming weeks, said two people briefed by regulators on the matter. One of these people said authorities will, however, be a "little cautious" granting only around half a dozen licences, these people said. The quota will also be lowered from $100 million (<28>76.8 million) per manager during the previous batches to between $50 million and $75 million this time round, one of these people and a third individual briefed on the matter said. That could amount to between $300 million to $450 million in fund flows abroad. The sources said SAFE must ultimately sign-off on lifting the suspension. But SAFE may be more comfortable doing so after the yuan rose 1 percent against the dollar this year after falling 6.5 percent in 2016. China''s foreign exchange reserves also rose in April for a third straight month, as stringent capital controls and a pause in the dollar''s rally helped staunch outflows. On Friday, SAFE said China''s cross-border capital flows were stabilising and improving. Some foreign managers such as insurance giant Allianz ( ALVG.DE ) and Dutch manager Robeco have positioned for the relaxation in curbs since late last year.. The opening-up of the QDLP quota, though small, will also expand the range of investment options global private banks can offer their wealthy clients in China, industry officials said. Reuters reported in 2015 BlackRock Inc became the first traditional asset manager to receive the QDLP licence, joining a handful of other global funds, including Man Group Plc and Och-Ziff Capital Management Group. QDLP funds are private, meaning data is not publicly available on assets or performance, but industry insiders say they have seen strong demand as wealthy Chinese scrambled to hedge their exposure to the falling yuan by investing offshore. A growing number of foreign financial institutions, including Aberdeen Asset Management, U.S. hedge fund Bridgewater Associates and Vanguard, have recently set up stand-alone money-management firms in China as Beijing further deregulates the mainland fund industry. Previously, foreign asset managers looking to distribute investment products in China had to operate through minority-owned joint ventures with domestic firms, but Beijing has been gradually loosening the reins. (Additional reporting by Sam Shen in SHANGHAI; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-investments-regula
'f69ba1807be873bc6ff9f1dc52f03d72a1dcae03'|'US STOCKS-Futures rise as Trump slump eases'|'Business  11pm EDT Wall Street ends up but off session highs on renewed political fears left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, NY, U.S. May 18, 2017. REUTERS/Brendan McDermid 1/2 left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 18, 2017. REUTERS/Brendan McDermid 2/2 NEW YORK U.S. stocks ended up but well off the session highs on Friday after two new reports related to a U.S. federal investigation into possible coordination between Russia and President Donald Trump''s campaign renewed concerns about his political future. Based on the latest available data, the Dow Jones Industrial Average .DJI rose 141.82 points, or 0.69 percent, to 20,804.84, the S&P 500 .SPX gained 16.01 points, or 0.68 percent, to 2,381.73 and the Nasdaq Composite .IXIC added 28.57 points, or 0.47 percent, to 6,083.70. (Reporting by Caroline Valetkevitch; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKCN18F18X'|'2017-05-19T19:28:00.000+03:00'
'37819e109cfb4055bd7e17635a7b88df982bf48a'|'Thanks for entering - Guardian Sustainable Business'|'Thank you for completing your application for the Guardian Sustainable Business Awards 2017.We will be in touch in September 2017 if you have been shortlisted.Please click here if you would like to enter for another category. To get your multiple entry discount code, please email gsb.awards@theguardian.com . You will then be sent a unique discount code. Topics Sustainable Business Awards GSB awards 2017'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/may/19/thanks-for-entering-gsb-awards-2017'|'2017-05-20T01:13:00.000+03:00'
'a8145f1789f99c5ffa8f0b9b5a50b4d942fe3e15'|'Trade pact dumped by Trump could be revived at Asia-Pacific meeting'|'Business News   1:01pm IST Trade pact dumped by Trump could be revived at Asia-Pacific meeting A motorbike waits in front of a sign promoting APEC Summit in Hanoi, Vietnam May 17, 2017. REUTERS/Kham By Matthew Tostevin - HANOI HANOI Japan and other remaining members of the Trans Pacific Partnership will this weekend decide how to revive the trade agreement ditched by U.S. President Donald Trump. Their trade ministers will talk on the sidelines of an Asia-Pacific Economic Cooperation (APEC) meeting in Hanoi, Vietnam, where newly appointed U.S. Trade Representative Robert Lighthizer is also due to give more detail of Washington''s trade plans. Uncertainty over those plans after Trump abandoned a trade deal he had compared to the "rape" of America has brought fears of protectionism and strengthened China''s leadership credentials in Asia. Support has built among the so-called TPP-11 for pushing ahead without the United States although trade within the smaller block is only a quarter of that between the original 12 members, according to the most recent data. Moving ahead could help the bargaining position of the members in bilateral talks with the United States. It could also undercut the increasing regional dominance of China, which is not part of the TPP and backs a bigger but less comprehensive free trade agreement for Asia. "We''ll be looking to see whether TPP ministers say they are definitely pushing ahead by simply by changing the articles," said Alan Bollard, executive director of the APEC Secretariat. "Or whether they come out and say they''re positive about the prospects but need more discussions," he told Reuters in Hanoi. After initially appearing reluctant to move ahead without the United States, Japan is at the forefront of the push along with New Zealand. Japan has emphasized that it would ultimately like to bring the United States back in. On Tuesday, Prime Minister Shinzo Abe said Japan wanted to "steer the debate toward a clear direction" in Hanoi. The backing of some other members is less clear. Vietnam would have been one of the biggest beneficiaries of the original TPP because of lower tariffs and more investment from the United States. Malaysia is in a similar position and an official there voiced hope of an eventual return to the TPP. Pushing TPP forward could help Japan''s position in negotiating a bilateral deal with the United States, said Nguyen Xuan Thanh of the Harvard Kennedy School. The same would apply for Vietnam, he said. "It''s part of the game," he told Reuters. "You don''t want to be seen as desperate for bilateral deals." LIGHTHIZER IN SPOTLIGHT New U.S. Trade Representative Lighthizer''s individual meetings with counterparts, particularly from the world''s second biggest economy, China, will be closely watched. Mexico and Canada, with which Trump seeks to renegotiate their North American Free Trade Agreement are also in APEC. Trump''s "America First" trade strategy relies on better enforcement of U.S. trade laws and existing trade agreements, while trying to negotiate some to the advantage of the United States. Lighthizer has said he will make trade "freer and fairer" to the benefit of U.S. workers, farmers, ranchers and businesses. The final statement from APEC trade ministers will be scrutinized for any change to language which last year emphasized "free and open" trade and investment. It made no mention of the word "fair". The renewed push on the TPP has somewhat overshadowed progress towards the Regional Comprehensive Economic Partnership (RCEP), championed by Beijing, and which members hope to sign by the end of the year. The agreement includes both China and India, but not the United States. It is largely about reducing tariffs and much less comprehensive than TPP: it has limited protections for intellectual property, labor rights or the environment. China would not be particularly happy to see TPP taking on new life even without the United States, said Tu Xinquan, a 
'91dbc62bc773b559e666dabb5f85dc780d1102fe'|'BOJ''s Kuroda: Told Abe will continue ultra-easy policy'|'Business News - Wed May 17, 2017 - 5:35am BST BOJ''s Kuroda: Told Abe will continue ultra-easy policy Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan April 27, 2017. REUTERS/Kim Kyung-Hoon TOKYO Bank of Japan Governor Haruhiko Kuroda said he told premier Shinzo Abe that the central bank will continue its ultra-easy monetary policy in a meeting held on Wednesday. "I told the prime minister that Japan''s economy is steadily recovering and will continue to grow above its potential," Kuroda told reporters after the meeting. "Under these conditions, prices will rise. But inflation is still far from our (2 percent) target. I told the prime minister that we will continue with our monetary easing programme," he said. (Reporting by Minami Funakoshi, Writing by Leika Kihara; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-boj-abe-idUKKCN18D0AQ'|'2017-05-17T12:35:00.000+03:00'
'a0a94166e7deac2c9f1802af447534bbfa6aa3dd'|'Healthier products drive 2 percent rise in Barilla''s 2016 sales'|'Business News - Wed May 17, 2017 - 4:25pm BST Healthier products drive 2 percent rise in Barilla''s 2016 sales Penne rigata pasta of Italian food company Barilla is offered at a supermarket of Swiss retail group Coop in Zumikon, Switzerland December 13, 2016. REUTERS/Arnd Wiegmann MILAN Revenues at Barilla, the world''s biggest pasta maker, rose 2 percent last year, as a new five-cereal pasta and a broader range of gluten free biscuits helped the Italian group tap into growing consumer demand for healthier foods. Parma-based Barilla said on Wednesday that sales of its "better-for-you" products rose by double digits last year, outpacing an overall 2 percent rise in revenue, at constant currencies, to 3.4 billion euros ($445.60 million). Barilla said it had revised 150 recipes of baked products last year to replace palm oil with vegetable oils with less saturated fats, especially sunflower oil. It also launched 17 new whole grain products, or with a higher whole grain percentage, and extended its gluten free and protein plus ranges thanks to a 40 million euro investment. Barilla also said it planned to expand its small restaurant chain by opening two new venues in Los Angeles and on the West Coast. It already runs three restaurants in Manhattan and two in Dubai offering Mediterranean cuisine.($1 = 0.8999 euros) (Reporting by Francesca Landini. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-barilla-results-idUKKCN18D204'|'2017-05-17T23:25:00.000+03:00'
'323e16ae591120588c4eea2e9428ef7ba5f182af'|'CEE MARKETS-Polish bonds firm as central bank seen holding fire'|'* Stock markets jittery near multi-year highs, nervous over U.S. * Currencies mostly ease slightly, zloty a touch firmer * Polish central bank seen keeping interest rates on hold * Some expectations for more hawkish comments after good GDP data By Sandor Peto BUDAPEST, May 17 Risk aversion in global markets mostly weakened Central European stocks and currencies on Wednesday, although Polish government bonds firmed after the size of an auction was cut and ahead of a central bank meeting that is expected to bring no change. An intensifying political scandal around U.S. President Donald Trump generally curbed appetite for emerging market assets, though the impact on Central Europe, which has tight economic links with the developed euro zone, remained muted. Stocks and currencies nevertheless faltered after a rally following France''s presidential election, in which a centrist candidate saw off a far-right, eurosceptic rival. The forint, the crown and the leu eased about 0.1 percent against the euro by 0826 GMT. The zloty firmed a shade on expectations that the Polish central bank might employ less dovish rhetoric after its meeting on Wednesday following robust first-quarter economic growth data from across the region on Tuesday. Analysts in a Reuters poll conducted before the meeting projected no change in the bank''s record low interest rates all this year, with a hike seen in the second quarter of 2018. Poland''s 10-year government bond yield edged up, but at 3.33 percent it was down 7 basis points from Tuesday''s peak and still near six-month lows reached last week. The yield started to fall on Tuesday after the Polish finance ministry said it would offer a smaller amount than usual at its bond auction on Thursday. The Czech government will offer 6 billion crowns worth of bonds at an auction on Thursday, also much less than the monthly amounts it had sold in the first quarter. "We expect, however, that the demand would not be aggressive today, as the bonds offered are rather illiquid papers," said Dalimil Vyskovsky, a Komercni Banka trader. Appetite for the region''s government bonds remains strong as core market yields fall and inflation remains low despite buoyant growth, a Budapest-based trader said. "Bonds firm despite the data, defying the textbook," the trader said, adding that the Hungarian central bank could continue to keep domestic interbank markets awash with money. But the fragile mood internationally fuelled profit-taking and jitters in the region''s stock prices and indices. Improved recommendations from some international banks helped Hungarian lender OTP rise 1.6 percent to two-month highs, while some other bank stocks in the region retreated after a rally partly caused by good Q1 results. CEE SNAPS AT 1026 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech 26.47 26.43 -0.15 2.03% crown 00 10 % Hungary 309.9 309.8 -0.04 -0.36 forint 500 150 % % Polish 4.188 4.190 +0.0 5.14% zloty 6 7 5% Romanian 4.555 4.550 -0.11 -0.44 leu 0 2 % % Croatian 7.429 7.431 +0.0 1.70% kuna 0 5 3% Serbian 123.0 123.1 +0.0 0.21% dinar 900 050 1% Note: calculate previ close 1800 daily d from ous at CET change STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 1026. 1027. -0.04 +11. 74 12 % 41% Budapest 34159 34078 +0.2 +6.7 .70 .47 4% 4% Warsaw 2327. 2340. -0.57 +19. 11 34 % 47% Bucharest 8459. 8454. +0.0 +19. 76 74 6% 40% Ljubljana 778.5 780.2 -0.22 +8.5 5 4 % 0% Zagreb 1862. 1863. -0.06 -6.65 13 22 % % Belgrade <.BELEX15 729.8 730.8 -0.14 +1.7 > 5 9 % 4% Sofia 662.6 660.8 +0.2 +13. 5 7 7% 00% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.04 0.138 +062 +13b > 6 bps ps 5-year <CZ5YT=RR 0.023 0.005 +034 +2bp > bps s 10-year <CZ10YT=R 0.786 -0.03 +038 -1bps R> 3 bps Poland 2-year <PL2YT=RR 1.984 0.003 +265 +0bp > bps s 5-year <PL5YT=RR 2.803 0.005 +312 +2bp > bps s 10-year <PL10YT=R 3.348 0.001 +294 +2bp R
'7a5f9a04c5e0b29765e7c8f2602f77964e7dca3e'|'UBS revises timing of U.S. Fed rate hikes to June, Sept'|'Business News  34am EDT UBS revises timing of U.S. Fed rate hikes to June, Sept FILE PHOTO: A police officer keeps watch in front of the U.S. Federal Reserve in Washington, DC, U.S. on October 12, 2016. REUTERS/Kevin Lamarque/File Photo NEW YORK UBS''s U.S. economists on Wednesday now expect the U.S. Federal Reserve to increase interest rates at its June and September policy meetings, earlier than their prior forecast on such moves at their July and December meetings. They revised their view on the timing of the rate hikes in 2107 on expectations the U.S. central bank would announce changes in the reinvestment of their Treasury and mortgage-backed securities portfolios in December, they wrote in a research note published on Wednesday. (Reporting by Richard Leong; Editing by Chizu Nomiyama) S&P, Dow set for worst day in eight months on Trump turmoil The S&P 500 and the Dow were headed for their worst day in more than eight months as reports of a leaked memo by former FBI chief James Comey spooked investors, raising questions about whether President Donald Trump tried to interfere with a federal investigation. Americans'' debt back at record high after nearly a decade NEW YORK Americans'' debt level reached a record high this year, surpassing the peak touched just as the worst of the recession was taking hold in 2008, and marking a milestone for households that now lean less on mortgages and more on auto and student loans. A federal judge signaled that he may reject parts of Wells Fargo & Co''s proposed $142 million settlement with customers for whom it opened millions of unauthorized accounts. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-fed-ubs-group-idUSKCN18D20W'|'2017-05-17T23:30:00.000+03:00'
'e96dfb1f97a0a42acc04ccf2a1c1a684bad04929'|'Deals of the day-Mergers and acquisitions'|'(Adds Warburg Pincus, Steinhoff, Dow Chemical; Updates Shanghai Pharma)May 17 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday:** South African retail group Steinhoff said it was kicking off a process to separately list its African retail businesses on the Johannesburg stock exchange which it said would avoid those assets being undervalued.** Brazil approved the planned merger of Dow Chemical Co and DuPont, conditioned on a global divestment plan including its Brazilian corn seed business.** An affiliate of private equity firm Warburg Pincus sold a 25 percent stake in Indian non-bank lender Capital First Ltd for 17.67 billion rupees ($275.4 million) in stock market transactions.** Big stock exchange mergers are currently off the table for German stock exchange operator Deutsche Boerse following a failed attempt to link up with London Stock Exchange , CEO Carsten Kengeter said.** Britain has sold its last remaining stake in Lloyds Banking Group, making the lender the first to re-emerge from British state ownership in a symbolic step for the country''s recovering banking sector.** Swiss trading giant Glencore and U.S. private equity investor Carlyle Group have teamed up in an attempt to buy Morocco''s only oil refinery, hoping to recoup about $600 million in loans they issued to the plant before it went bankrupt, industry sources said.** Shanghai Pharmaceutical Holding Co Ltd said it may bid for Stada Arzneimittel AG - a move that would pit it against buyout firms Bain and Cinven which have made a joint offer of nearly $6 billion for the German generics drugmaker.** Bankers are preparing around 800 million euros of debt financing to back a potential sale of German packaging group Constantia Labels, banking sources said.** Russia''s largest oil producer Rosneft and Italian energy company Eni have signed an agreement to broaden cooperation, including in possible joint oil product supplies to Egypt, Rosneft said.** Israel''s Delek Drilling and Avner Oil , both units of conglomerate Delek Group, said they have completed a long-awaited merger and will begin trading next week as one company.** Energy group Czech Coal has extended its 10 billion crown ($420 million) offer to buy the Pocerady coal-fired power plant from Czech utility CEZ, it said, giving more time for the deal to overcome state objections. (Compiled by Sruthi Shankar and Akankshita Mukhopadhyay in Bengaluru)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/deals-day-idUSL4N1IJ4CP'|'2017-05-18T00:07:00.000+03:00'
'7453d2ae141b9b3ff421daadbbd1f90dcd6a9b76'|'Cross-border M&A between U.S. and European firms at 10 year high'|'Deals  20am EDT Cross-border M&A between U.S. and European firms at 10 year high CEO Hariolf Kottmann (R) of Swiss chemical company Clariant sits beside Huntsman President and CEO Peter Huntsman as he addresses a news conference in Zurich, Switzerland May 22, 2017. REUTERS/Arnd Wiegmann By Pamela Barbaglia - LONDON LONDON Some $171.8 billion of cross-border merger and acquisition deals between U.S. and European companies have been announced so far in 2017, the highest figure at this stage of the year for a decade as companies on both sides of the Atlantic hunt for deals to offset sluggish growth. A $14 billion tie-up between U.S.-based chemicals firm Huntsman Corp ( HUN.N ) and European rival Swiss Clariant AG ( CLN.S ), announced on Monday, is the latest example of the spate of big deals between the two regions. The overall value of cross-border M&A deals between the U.S. and Europe is up 82 percent on the same period last year, according to Thomson Reuters data, and the highest over the same timeframe since at least 2007. Interest in major cross-border deals was underscored earlier this year when Kraft Heinz Co ( KHC.O ) made a surprise $143 billion bid for Unilever ( ULVR.L ) ( UNc.AS ), only to withdraw it less than 48 hours later, while U.S. healthcare giant Johnson & Johnson ( JNJ.N ) clinched Swiss biotech company Actelion ( ATLN.S ) in a $30 billion all-cash deal. Optimism over U.S. President Donald Trump''s economic agenda has buoyed stock markets worldwide, as well as the U.S. dollar, which has made foreign acquisitions cheaper for U.S. companies. Low interest rates are also keeping down borrowing costs. Switzerland and the Netherlands have so far been the main shopping destinations for companies on the other side of the Atlantic, with U.S. buyers announcing a combined $70.2 billion worth of deals in those two countries this year, the data shows. But some European companies have been fighting hard for their independence. Shareholders in Dutch paint maker Akzo Nobel ( AKZO.AS ), angered by its rejection of a 26.3 billion euro ($29.6 billion)takeover proposal from U.S. rival PPG Industries ( PPG.N ), took their fight to an Amsterdam court on Monday. Britain remains Europe''s biggest acquirer in the United States, with deals totaling $21.1 billion so far this year, followed by Switzerland with $11.5 billion. In February, Reckitt Benckiser ( RB.L ) announced a deal to buy U.S. baby formula maker Mead Johnson Nutrition ( MJN.N ) for $16.6 billion, giving the British consumer goods company a new product line and expanding its presence in developing markets where Mead Johnson has a strong footprint. Bank of America Merrill Lynch, which advised Reckitt Benckiser on that deal, leads the list of financial advisers on cross-border transactions announced between U.S. and European companies, with $83.1 billion worth of deals so far this year. That represents 48 percent of the total, according to Thomson Reuters data. (Reporting by Pamela Barbaglia; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-europe-usa-deals-idUSKBN18I1M6'|'2017-05-22T21:15:00.000+03:00'
'2b5b093c2fae59507507eaddd813b06265b2e174'|'China''s favoured trade deal in focus at Asian meeting'|'Top   5:30am BST China''s favoured trade deal in focus at Asian meeting left right Trade ministers pose for a photo during the 3rd Inter-sessional Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting in Hanoi, Vietnam May 22, 2017. REUTERS/Kham 1/7 left right China''s Commerce Minister Zhong Shan (R) arrives for the 3rd Inter-sessional Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting in Hanoi, Vietnam May 22, 2017. REUTERS/Kham 2/7 left right China''s Commerce Minister Zhong Shan (L) and Deputy Minister Wang Shouwen (R) attend the 3rd Inter-sessional Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting in Hanoi, Vietnam May 22, 2017. REUTERS/Kham 3/7 left right Australia''s Trade Minister Steven Ciobo (R) arrives for the 3rd Inter-sessional Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting in Hanoi, Vietnam May 22, 2017. REUTERS/Kham 4/7 left right New Zealand''s Trade Minister Todd McCLay (R) arrives for the 3rd Inter-sessional Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting in Hanoi, Vietnam May 22, 2017. REUTERS/Kham 5/7 left right Japan''s Trade Minister Hiroshige Seko attends the 3rd Inter-sessional Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting in Hanoi, Vietnam May 22, 2017. REUTERS/Kham 6/7 left right Trade ministers attend the 3rd Inter-sessional Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting in Hanoi, Vietnam May 22, 2017. REUTERS/Kham 7/7 By A. Ananthalakshmi and My Pham - HANOI HANOI Asian trade ministers met on Monday to discuss a proposed free trade deal that is backed by China and has been given new impetus by the U.S. withdrawal from the Trans-Pacific Partnership Agreement. The Regional Comprehensive Economic Partnership (RCEP) would create a free trade area of more than 3.5 billion people, bringing together China, India, Japan, South Korea, Australia and New Zealand as well as Southeast Asian nations. "RCEP is the biggest trade agreement being negotiated at the moment," Vietnam''s trade minister, Tran Tuan Anh, said at the opening. "RCEP will provide a unified framework which further facilities and promotes good services investment and trade vision." Monday''s meeting in Hanoi followed heated discussions there at the weekend at the first gathering of trade ministers from Asia Pacific Economic Cooperation (APEC) countries since U.S. President Donald Trump''s switch to an "America First" agenda. APEC countries failed to come out with their usual joint statement after the United States rejected language on fighting protectionism which Asian countries wanted to include. Members of the TPP trade deal, which does not include China, agreed on the sidelines of the meeting to pursue it despite Trump''s decision to abandon the agreement in favour of bilateral arrangements with Asian countries. The RCEP and TPP trade deals are not mutually exclusive and some countries would be members of both. But the U.S. withdrawal has put major doubts over the future of the TPP agreement, a point reinforced in comments made by Vietnam''s trade minister. RCEP, on the other hand, benefits from the backing of China, whose regional dominance has gained greater momentum with the policy shift in the United States and its own Belt and Road initiative to extend its global influence. China has increasingly positioned itself as a global free trade champion. Discussions on the Beijing-backed deal began in 2012 and are due to be completed by the end of this year, although previous targets have been missed. Documents seen by Reuters on Monday proposed getting signoff from regional leaders in November. The main focus of RCEP is reducing tariffs although not as many would be cut to zero as under the TPP agreement. Coverage of services and the digital economy are more modest than for the other agreement and it would have no protection for labour rights or the environment. Moreover, while it might 
'859e0998c5cd985fd6d9cac5d0f3b00369462175'|'Chemical groups Huntsman, Clariant announce merger deal'|'Business News - Mon May 22, 2017 - 6:41am BST Chemical groups Huntsman, Clariant announce merger deal ZURICH U.S.-based Huntsman Corp and Switzerland''s Clariant AG said on Monday they are combining to create a chemical manufacturer with a market value of more than $14 billion (10.8 billion pounds). The deal, which the companies called a "merger of equals", creates a global specialty chemical company with approximately $20 billion enterprise value, Clariant said in a statement. The transaction, previously reported by Reuters, is targeted to close by the end of the year. The company will be named HuntsmanClariant. The deal combines Clariant, a Muttenz, Switzerland-based maker of aircraft de-icing fluids, pesticide ingredients and plastic colouring, with Woodlands, Texas-based Huntsman, whose chemicals are used in paint, clothing and construction. (Reporting by John Miller; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-clariant-m-a-huntsman-idUKKBN18I0GW'|'2017-05-22T13:41:00.000+03:00'
'f53d2cf822a3c1dcc87ae6e0ab974a4e80f89455'|'EU executive asks bank watchdog to rethink ''screen scraping'' ban'|'Banks   3:28pm BST EU executive asks bank watchdog to rethink ''screen scraping'' ban European Commission Vice-President for the Euro and Social Dialogue Valdis Dombrovskis holds a news conference at the European Commission in Brussels, Belgium May 4, 2017. REUTERS/Eric Vidal By Huw Jones - LONDON LONDON The European Union''s financial services chief said on Friday he will ask the bloc''s banking watchdog to rethink its proposed ban on "screen scraping" or financial technology firms directly accessing bank accounts. It marks a reprieve for fintech firms trying to wrestle market share from long established banks in the fast growing payments and apps sector. European Commission Vice President Valdis Dombrovskis said he wanted a level playing field between banks and fintech firms in supplying new financial products and services to customers. A revised EU law on payments services comes into effect next January to spur competition, but draft rules underpinning it have raised hackles at fintech firms. The bloc''s European Banking Authority (EBA) has proposed a ban on "screen scraping" or when a third party such as a fintech firm accesses bank account details - after a customer''s consent - without identification. The EBA proposed that fintech firms should go through a dedicated "application programming interface" or API set up by banks to access specific data indirectly in a more controlled setting, a step some fintech firms say would act as a barrier to competition. "We will therefore ask the European Banking Authority to have another look at the draft standards for data interfaces, and at proposals to allow fintechs access to the customer facing interface, whenever the dedicated interface breaks down or is not performing properly," Dombrovskis said. "This would safeguard the continuity of access for fintechs, while still allowing banks to require fintechs to use dedicated interfaces in normal conditions." Sixty companies and trade associations across the EU signed a "manifesto" this month saying the EBA''s proposed ban would have an adverse impact on competition by insisting on the use of specific technologies. Ralf Ohlhausen, business development director at electronic payments company PPRO Group which backed the manifesto, said screen scraping has worked safely for years, and fintech firms would use a bank''s API if operated well. "We have serious concerns that if banks are given a choice, they will try to limit the access and make our life difficult. We can''t have access blocked by an underperforming API," Ohlhausen said. The European Banking Federation said on Friday that privacy of client data, cybersecurity and innovation are put at risk by overturning the proposed ban on screen scraping. Allowing screen scraping as a backup would mean banks having to maintain at least two interfaces, the EBF said. (Reporting by Huw Jones, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-banks-regulations-idUKKCN18F1ER'|'2017-05-19T20:35:00.000+03:00'
'fe63aaf2290c4cc7525c37a72e2df16875f3a1fe'|'Euro zone consumer sentiment rises less than expected in May'|' 02pm BST Euro zone consumer sentiment rises less than expected in May The shopping mall ''''Galeria Kaufhof'''' in Frankfurt, Germany, March 15, 2017. REUTERS/Kai Pfaffenbach BRUSSELS Euro zone consumer confidence rose less than expected in May, a European Commission flash estimate showed on Friday. The Commission said consumer confidence in the 19 countries sharing the euro rose 0.3 points to -3.3 in May against April. Economists polled by Reuters had expected a rise of 0.6 points to -3.0. In the wider European Union of 28 countries, consumer confidence rose 0.1 point to -3.3. (Reporting By Jan Strupczewski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-consumer-sentiment-idUKKCN18F1N1'|'2017-05-19T22:02:00.000+03:00'
'47d783ffc0ab892f293aedc52e7b4a0d6b2f30c5'|'Bain to submit bid for majority stake in Toshiba chip unit'|'Technology   10:53am BST Bain, KKR, Broadcom among suitors lining up for Toshiba''s chips business FILE PHOTO: The logo of Toshiba is seen as a shareholder arrives at Toshiba''s extraordinary shareholders meeting in Chiba, Japan March 30, 2017. REUTERS/Toru Hanai/File Photo TOKYO Suitors including private equity firms KKR & Co LP, Bain Capital and U.S. chip maker Broadcom Ltd are lining up for Toshiba Corp''s semiconductor business, sources familiar with matter said ahead of a deadline for second-round offers on Friday. Broadcom, which has teamed up with private equity firm Silver Lake, and Bain which has partnered with South Korean chipmaker SK Hynix will participate in the second-round, the people said. It was not clear if KKR and its partners would submit their offer by the end of the day. Toshiba, which values its chip unit at at least 2 trillion yen ($18 billion), was forced to put its prized asset on the block this year, after dramatic cost overruns at its now-bankrupt U.S. nuclear unit left it scrambling for cash. Selling the unit is critical for the company''s recovery. However much of the sale and its outcome are still uncertain, as Toshiba''s business partner, Western Digital Corp, which jointly runs Toshiba''s main semiconductor plant and is one of the suitors for the unit, is seeking to block any sale that does not have its consent. KKR is expected one of the most favored bidders. It is set to join hands with a state-backed fund, the Innovation Network Corp of Japan (INCJ), in an offer of at least 1.8 trillion yen, one person said, adding that the bid could be raised to make it more competitive. The government has made clear that it is prepared to block any sale that could see highly valued chip technology leave the country and the participation of government-backed investors is seen as a key stamp of approval. Sources familiar with the matter said that INCJ and the Development Bank of Japan had separately told Toshiba of their intention to take part in the bidding process although there were no details on what form that participation may take. KKR and INCJ declined to comment. Toshiba also declined to comment. Bain plans to bid around 1.5 trillion yen for a majority stake, two of the sources said, declining to be identified as talks were confidential. Bain''s offer will allow Toshiba and the management of the memory chip business to own a sizeable holding in the chips unit, the people said, adding that keeping management in place will help the business grow faster. SK Hynix is not expected to take a leading role in the offer due to anti-trust concerns. A Hong Kong-based representative for Bain declined to comment. SK Hynix says it has decided to bid for Toshiba''s memory chip business as part of a consortium, though it did not name the partner or disclose further details. U.S. chipmaker Broadcom and Silver Lake did not immediately rely to requests for comment outside of regular U.S. business hours. Their consortium was the highest bidder in the first round of the auction with an offer of 2.5 trillion yen, a person briefed on the matter said at the time. Taiwan''s Foxconn, formally known as Hon Hai Precision Industry Co Ltd, has also formed a consortium with Japanese partner Sharp Corp to bid in the second round, other people with knowledge of the matter said. Foxconn and Sharp declined to comment. Toshiba is also open to entertaining new bids after the second round closes, a person with knowledge of the matter has said. (Reporting by Junko Fujita, Taro Fuse, Makiko Yamazaki and Kentaro Hamada in Tokyo, Se Young Lee in Seoul, Elzio Barreto in Hong Kong and JR Wu in Taipei; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-toshiba-accounting-idUKKCN18F08F'|'2017-05-19T11:25:00.000+03:00'
'8ed873e0c6f94bbb4c122e14f3a016aab04569f1'|'BRIEF-McCoy Global Inc announces approval of normal course issuer bid'|'Market  41am EDT BRIEF-McCoy Global Inc announces approval of normal course issuer bid May 19 McCoy Global Inc * McCoy Global Inc announces approval of normal course issuer bid * McCoy Global Inc - received approval from Toronto Stock Exchange to undertake proposed normal course issuer bid to purchase up to 1.4 million common shares Source text for Eikon:   * Copa Holdings announces monthly traffic statistics for April 2017 MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-mccoy-global-inc-announces-approva-idUSFWN1IL07N'|'2017-05-19T19:41:00.000+03:00'
'a3fe846821952ed0a18041825366f74ecf28daa1'|'MOVES-APG Asset Management CEO to step down'|'May 19 Dutch pension fund manager APG Group NV said Eduard van Gelderen, chief executive of its asset management unit, will step down on Aug. 1.Van Gelderen joins the University of California''s office as chief investment officer, the company said.He joined APG Asset Management in 2010 as CIO for capital markets investments.He previously held positions as deputy-CIO at ING Investment Management and head of investments at Swiss private bank Lombard Odier Darier Hentsch. (Reporting by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/apg-asset-management-ceo-idUSL4N1IL3RJ'|'2017-05-19T19:35:00.000+03:00'
'45bcede3f6d72c21d91aa52978cf70bda88744a7'|'GE announces $15 billion of business deals with Saudi Arabia'|'Sat May 20, 2017 - 9:27pm BST GE announces $15 billion of business deals with Saudi Arabia left right Vice Chairman of General Electric, John Rice and Saudi Governor of Small & Medium Enterprises, Ghassan Ahmed Al Sulaiman pose for photos after signing their agreements at the Saudi-US CEO Forum 2017 ahead of the arrival of the U.S. President Donald Trump, in Riyadh, Saudi Arabia May 20, 2017. REUTERS/Hamad I Mohammed 1/2 left right Vice Chairman of General Electric, John Rice (C) speaks to media at the Saudi-US CEO Forum 2017 ahead of the arrival of the U.S. President Donald Trump, in Riyadh, Saudi Arabia May 20, 2017. REUTERS/Hamad I Mohammed 2/2 RIYADH U.S. technology and engineering conglomerate GE ( GE.N ) said on Saturday it had signed $15 billion of business deals with Saudi Arabia as part of the kingdom''s drive to diversify its economy beyond oil. It came as dozens of senior U.S. business executives met Saudi counterparts at a conference coinciding with the visit of President Donald Trump to Riyadh. The agreements, which involve almost $7 billion of goods and services from GE itself, range from the power and healthcare sectors to the oil and gas industry and mining, GE said. Some of the deals are memorandums of understanding which would require further agreements to materialize. Among the projects, GE will help make Saudi power generation more efficient and provide digital technology to the operations of oil firm Saudi Aramco, aiming to create $4 billion of annual productivity improvements at Aramco. It will cooperate in medical research and training. (Reporting by Andrew Torchia Editing by Jeremy Gaunt.)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-trump-saudi-ge-idUKKCN18G0FB'|'2017-05-20T19:39:00.000+03:00'
'97bca798dec3f97099c2fb0608d85ca8b362db96'|'New Trump trade rep Lighthizer spars over protectionism in Asia'|'Top   3:11am BST New Trump trade rep Lighthizer spars over protectionism in Asia left right US Trade Representative Robert Lighthizer (L) talks to Japan''s Minister of Trade and Industry Hiroshige Seko prior to a joint press conference held on the sideline of the Asia-Pacific Economic Cooperation ( APEC)''s 23rd Ministers responsible for Trade Meeting being held in Hanoi, Vietnam May 21, 2017. REUTERS/Pool 1/2 left right US Trade Representative Robert Lighthizer gestures while attending a joint press conference held on the sideline of the Asia-Pacific Economic Cooperation ( APEC) ''s 23rd Ministers responsible for Trade Meeting being held in Hanoi, Vietnam, May 21, 2017. REUTERS/Hoang Dinh Nam/Pool 2/2 By A. Ananthalakshmi and My Pham - HANOI HANOI In a stormy first foray abroad for Robert Lighthizer, the new U.S. Trade Representative disagreed over protectionism with Asian and Pacific countries that look sceptically at the Trump administration''s "fair trade" agenda. With the United States on one side and the 20 other members of the Asia Pacific Economic Cooperation (APEC) forum on the other at a meeting in Vietnam, a planned joint statement had to be scrapped because of these differences. In a discussion draft of the proposed document, seen by Reuters, U.S. officials opposed a reference to "protectionist trends that could have strong impacts on the process of global economic recovery and economic integration." But they wanted to include a reference to "unfair trade practices that result in unbalanced trade" and another calling for the removal of barriers that distort trade to ensure that it is "both free and fair". In the end, there was no full joint statement on Sunday. Instead, there was one statement from the Vietnamese chairman of the talks, Trade Minister Tran Tuan Anh, and a separate joint "Actions Statement". The minister said there had been "some differences of opinion". The statement from the chairman was based on the one the group had discussed earlier, but largely ignored changes proposed by the United States and instead included a reference to a "fight against all forms of protectionism". "We would not agree to the chair''s language, and we were successful in including language in the chair''s statement to make clear that there was not consensus," a U.S. official said. "We did agree to the ministers'' actions statement and held numerous bilateral meetings that built goodwill among our trading partners." The wrangling over the wording was similar to what has been seen at gatherings of Group of 20 and Group of Seven financial leaders, where statements were toned down to fit with the new U.S. agenda. HEATED With voices rising, negotiators tried to reach agreement until 1 a.m. on Sunday before giving up and compromising on the two separate statements, officials with knowledge of the discussions said. "The United States did not want to have the word ''protectionism'' but the other 20 economies wanted to include that," said one official involved in the talks who did not want to be identified by name. The official also said the United States wanted references to "multilateral" trading systems swapped for "international." Officials from several other countries echoed similar sticking points with the United States. Lighthizer, a 69-year-old trade lawyer who has a reputation as a tough negotiator stretching back to the Reagan era, was only confirmed by the Senate as U.S. trade representative on May 11 and sworn in on May 15. When asked about the disagreements over the language, Lighthizer said that U.S. steps to create free and fair trade were being confused with protectionism. "We find that unfortunate," he told a news conference. "Our view is that we want free trade, we want fair trade, we want a system that leads to greater market efficiency throughout the world." A priority for Lighthizer in Hanoi was one-on-one meetings with key partners, reflecting the shift under Trump''s "America First" policy to bil
'461d5434f5fb4e5d3244e800e72f6eca933546a0'|'UPDATE 1-Celgene''s multiple sclerosis drug succeeds in late-stage trial'|'Market  57am EDT UPDATE 1-Celgene''s multiple sclerosis drug succeeds in late-stage trial (Adds details, analyst comments, shares) May 22 Celgene Corp said its oral drug to treat relapsing multiple sclerosis met the main goal in a second late-stage study, bringing the U.S. biotech a step closer to launching a potential blockbuster. The drug, ozanimod, reduced annualized relapse rate in patients with relapsing multiple sclerosis, compared to Biogen Inc''s Avonex, the company said on Monday. However, Celgene said ozanimod was not statistically significant to Avonex in disability progression. Celgene''s shares were marginally down in premarket trading. Investors were focusing on whether the drug would show disability benefit over Avonex, Evercore ISI analyst Umer Raffat wrote in a note to clients on Monday. Ozanimod came Celgene''s way following its $7.2 billion acquisition of Receptos Inc in 2015. Celgene said on Monday it expected to file for U.S. marketing application by the end of this year. The company said in February that another late-stage study testing ozanimod in relapsing multiple sclerosis had succeeded. William Blair analyst John Sonnier had then estimated that the global commercial opportunity for relapsed multiple sclerosis could be over $25 billion by 2020. The U.S. biotechnology company is also testing Ozanimod in ulcerative colitis and Crohn''s disease, which Sonnier had projected to be a $15 billion market worldwide in 2020. (Reporting by Divya Grover in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/celgene-trials-idUSL4N1IO3VR'|'2017-05-22T20:57:00.000+03:00'
'f6300b5c519868c7fed8e182279ecafe7238cf94'|'Investors join Elliott in case against Akzo Nobel'|'Business  53pm BST Investors join Elliott in case against Akzo Nobel Cans of Dulux paint, an Akzo Nobel brand, are seen on the shelves of a hardware store near Manchester, Britain, April 24, 2017. REUTERS/Phil Noble AMSTERDAM Six Akzo Nobel ( AKZO.AS ) investors have filed to participate or speak in a case against the company''s boards being heard next week at an Amsterdam court, a court statement showed. Elliott Advisors has asked the court to order an investigation into the boards'' performance and to call an extraordinary shareholders'' meeting. It wants that meeting to vote on dismissing Chairman Antony Burgmans after the company rejected a 26.3 billion euro (<28>20.2 billion) takeover proposal from U.S. rival PPG Industries ( PPG.N ) which many shareholders considered attractive. The court document showed filings from Templeton Investment, Tweedy Brown, and the Universities Superannuation Scheme, which have all been publicly critical of Akzo''s rejection of PPG. Dodge & Cox, Intrinsic Value Investors and York Capital Management also filed papers with the court or intended to speak at the hearing on Monday. No Akzo major shareholder has come forward to support management''s position since PPG began pursuing Akzo in March. (Reporting by Toby Sterling; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-akzo-nobel-m-a-shareholders-idUKKCN18E1R8'|'2017-05-18T20:53:00.000+03:00'
'46c1b1b0e0a866731b4ac2c6ea78244a1054f22a'|'Softbank-Saudi tech fund becomes world''s biggest with $93 billion of capital'|'Sat May 20, 2017 - 4:14pm BST Softbank-Saudi tech fund becomes world''s biggest with $93 billion of capital U.S. dollar banknotes lie on a table in this picture illustration taken in Warsaw August 8, 2011. REUTERS/Kacper Pempel RIYADH The world''s largest private equity fund, backed by Japan''s Softbank Group and Saudi Arabia''s main sovereign wealth fund, said on Saturday it had raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics. "The next stage of the Information Revolution is under way, and building the businesses that will make this possible will require unprecedented large-scale, long-term investment," the Softbank Vision Fund said in a statement. In addition to Softbank ( 9984.T ) and Saudi Arabia''s Public Investment Fund, the new fund''s investors include Abu Dhabi''s Mubadala Investment, which has committed $15 billion, and Apple Inc ( AAPL.O ). (Reporting by Andrew Torchia; Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-softbank-visionfund-launch-idUKKCN18G0NP'|'2017-05-20T23:11:00.000+03:00'
'1ae4e7d5889e0ca6f138619abada062b68b435a1'|'Few celebrations as 10th anniversary of global crisis nears'|'Business News - Fri May 19, 2017 - 11:36pm BST Few celebrations as 10th anniversary of global crisis nears People walk by the New York Stock Exchange in New York''s financial district March 11, 2014. REUTERS/Brendan McDermid By William Schomberg - LONDON LONDON In May 2007, Ben Bernanke, then chair of the Federal Reserve, said the problems in the U.S. subprime mortgage market probably would not hurt the economy or the banking system. With the admittedly huge benefit of hindsight, that was a misjudgment of epic proportions. It has taken a full 10 years since the onset of the global financial crisis for the world economy to show clear signs of recovery, and even now progress remains halting. In the United States, the unemployment rate is at its lowest in a decade, but pay is growing only slowly and a string of recent economic data has been weaker than expected. In Europe and Japan, growth is picking up speed, prompting the European Central Bank and the Bank of Japan to start sending signals about eventually easing their economies off their huge stimulus program. But in Europe, Greece''s debt crisis remains far from over, even if the rest of the euro zone might help clear the way for more relief at a meeting of finance ministers on Monday. And although France voted in a centrist leader rather than a far-right populist this month, new President Emmanuel Macron may struggle to command a majority in parliament after elections in June. Investors remain nervous too about the prospects for euro-sceptic parties in elections in Austria this year and in Italy by May next year. In Asia, China has smoothed trade tensions with the United States, at least for now, but the world''s second-biggest economy is still trying to reign in its shadow banking system. And while emerging economies may ride on the coattails of global growth, there are glaring exceptions such as recession-hit Brazil and South Africa which are both in the grip of political crises. Group of Seven finance ministers and central bank governors sounded only cautiously confident as they wrapped up a meeting on May 13 in Italy. "I think a light wind of optimism was blowing at Bari," Bank of France Governor Francois Villeroy de Galhau told reporters in the southern Italian port city. "But let''s be clear, it''s a light breeze not a powerful wind." The most pressing question for most of the G7 was how far U.S. President Donald Trump would go to remove the world''s biggest economy from trade deals, water down global banking rules or pump up the dollar by turbo-charging the economy. That was before media reports that Trump had tried to stop an investigation into ties between his former national security adviser and Russia. The crisis in Washington triggered a rout in financial markets as investors all but gave up hope of Trump pulling off his ambitious tax cuts and started to consider the odds - still low - of an impeachment process. Analysts at Nomura said Trump''s worsening fortunes might affect the plans of the Federal Reserve which is widely expected to raise interest rates again in June. "Although the Fed has not fully embedded fiscal policy into its thinking, we will be keenly watching for any updates from Fed speakers if they are dialing back fiscal stimulus drivers," Nomura said in a note to clients. Several Fed policymakers are due to speak over the coming days, and the U.S. central bank will publish minutes of its May meeting - which took place before the recent escalation of the crisis - on Wednesday. Trump himself is due to meet leaders of the other G7 economies in Taormina in southern Italy for a summit on Friday and Saturday, and is likely to come under pressure not to turn his back on the global approach to issues such as trade and climate change. On the data front, Friday brings the second reading of U.S. gross domestic product in the first quarter which is expected to be revised up from a preliminary estimate of annual growth of 0.7 percent, the weakest gro
'46265738ff0e2281c18a9dfbd36e9cc4778a7233'|'Is Coke it?: Coca-Cola<6C>s new boss tries to move beyond its core product'|'FEW companies are as defined by a single product as Coca-Cola. The firm has sold the sweet dark soda since 1886. At its headquarters in Atlanta, archives house the advertisements that sowed Coke in the world<6C>s consciousness: posters urging consumers to <20>Have a Coke and a Smile<6C>; Norman Rockwell<6C>s 1935 painting of a boy fishing, Coke bottle in hand; a Coca-Cola record with tunes sung by Ray Charles, Aretha Franklin and The Who; advertisements with a red-coated, bearded Santa Claus<75>it was Coca-Cola that popularised the image of Santa in the 20th century.Today Coca-Cola has $42bn in revenue and is available <20>within an arm<72>s reach of desire<72>, as the firm puts it, in every country but Cuba and North Korea. Its distribution is so broad, its marketing so expert that the Gates Foundation has urged vaccine campaigns to mimic its strategy. The question for James Quincey, an insider who took over as CEO this month, is whether Coca-Cola can move beyond Coke.  17   The company is under pressure. A growing number of governments see its main product as not an icon but a scourge, and have introduced soda taxes. Coca-Cola must adapt as shoppers switch to buying more online. Meanwhile, investors want its 24% profit margin to expand. Jorge Paulo Lemann, the founder of 3G, a private-equity firm that is stalking the consumer-goods industry, has quipped that he could run Coca-Cola with 200 staff.Efficiency measures are already being taken, including a plan, expanded last month, to save $3.8bn by 2019. Selling off Coke<6B>s vast network of bottlers<72>together, Coca-Cola and its many bottlers amount to the world<6C>s biggest consumer company<6E>could mean revenue plunging by more than $7bn this year. The idea is that the firm will become more agile and profitable as a result.But the most important and risky shift is Coca-Cola<6C>s effort to diversify. <20>The company has outgrown its core brand,<2C> Mr Quincey said in February. Until 1955 the company sold only Coca-Cola, either in soda fountains or in small bottles. Its soda strategy thereafter might be summarised as Coca-Cola squared: the company sold more, bigger containers of Coca-Cola and other fizzy products like it, such as Sprite and Fanta. The greater the volume of soda that bottlers sold, the more money they made. Managers within Coca-Cola were rewarded for boosting volumes, too. The result is impressive. Last year Coca-Cola accounted for about half of all soda drunk around the world, according to Euromonitor, a research firm.However, in many countries the market for fizzy drinks looks increasingly flat. In America the consumption of soda per person peaked in the late 1990s, at nearly 53 gallons per person, and has since declined to about 75% of that level. Last year volumes of Diet Coke, once seen as a fix for more health-conscious consumers, dropped by 4.3%, according to Beverage Digest, as shoppers grew wary of artificial sweeteners. Volumes of bottled water in America exceeded those of carbonated soft drinks for the first time in 2016. Soda-makers must deal with restless governments. France, Norway and the American cities of Philadelphia and Berkeley are among those with taxes on sweet drinks. Britain will introduce its own tax next year.Muhtar Kent, the CEO who preceded Mr Quincey, began to address these problems. The company is reducing sugar in some sodas, though not in original Coca-Cola. It has also invested in other types of drinks. For instance Coca-Cola recently bought AdeS, a soy drink, from Unilever, an Anglo-Dutch conglomerate. It is also developing products internally, such as Gold Peak iced tea, whose annual sales now exceed $1bn.Mr Quincey wants to speed the growth of such new offerings, as well as to bolster the firm<72>s existing products. <20>The direction of travel is clear,<2C> he says. <20>If we are truly doing our jobs, we will have a broader portfolio.<2E> In his prior roles Mr Quincey expanded its range of products, for example through the acquisitions of Innocent, a British m
'1b12df8957c1f8680ee3c298ce13c5cf2c36f8b4'|'Petrowest restructuring and refinancing update'|'May 19 Petrowest Corp:* Petrowest Corporation announces restructuring and refinancing update* Petrowest Corp - Sami Saad, current president and COO, has been appointed as chief executive officer in replacement of Rick Quigley, effective today* Company is in negotiations with respect to sale of its R Bee crushing division* Petrowest-Surplus equipment identified that will be offered for sale at auction or privately, other non-core assets are in various stages of marketing* Amount of credit available under existing bank facilities has been set at $38 million which is amount currently outstanding '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-petrowest-announces-restructuring-idINASA09QPX'|'2017-05-19T21:52:00.000+03:00'
'0e2c7c6890b62e434d7ef054f34b0b3ea62208d3'|'Mining company BHP drops Billiton from name in $10m ad campaign - Business'|'BHP Billiton , the world<6C>s biggest miner is rebranding, changing its name back to just BHP from this week.The company is rolling out a $10m advertising campaign that includes television ads and a new slogan, <20>Think Big<69>, to facilitate the change.BHP Billiton executives warned they could face charges if they shift company out of Australia Read more <20>We started working on this 18 months ago. We realised we had to start by telling people what BHP Billiton is and what we do,<2C> the chief external affairs officer, Geoff Healy, said.The miner started out life in 1885 as the Broken Hill Proprietary Company, or BHP, and retained that name until its 2001 merger with Anglo-Dutch mining company Billiton Plc. The merged business continues to be listed in both London and Australia, while its shares are also traded on stock exchanges in the US and South Africa.The rebranding comes at an eventful time for the resources giant. Activist hedge fund Elliott Advisors has launched a public campaign over the last month, calling for a significant restructure of BHP Billiton<6F>s operations, by merging the UK and Australian entities into a single London-listed company and spinning off its US petroleum business for a New York listing.Samarco dam collapse: one year on from Brazil''s worst environmental disaster Read more BHP has also suffered financial and reputational damage from the November 2015 dam disaster at its Samarco joint venture in Brazil that killed 19 people and led to widespread environmental damage.Healy denied any link between the rebranding and recent developments. <20>The timing now is good but we don<6F>t look at it as an event. This has been in the works for many months,<2C> he said. <20>This is a clean brand change for the company.<2E> He said the company had conducted surveys to gauge the response among investors in London and South Africa, and the research supported the final decision.The company is changing all its significant branding from Monday, including its well-known four-blob logo, but has no immediate plans to formally change its listed name.<2E>All that will happen gradually, in due course, when it makes sense to do it,<2C> Healy told reporters. Topics BHP Billiton Mining Business (Australia) Fossil fuels news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/15/mining-company-bhp-drops-billiton-from-name-in-10m-ad-campaign'|'2017-05-15T09:52:00.000+03:00'
'ecbe1d900502dba1363607c4e879bd6813b431db'|'Atlantia says does not intend full bid for Cellnex as part of Abertis offer'|'MADRID Italian infrastructure firm Atlantia ( ATL.MI ) said on Monday it did not intend to make a mandatory offer for the whole of wireless telecoms infrastructure business Cellnex ( CLNX.MC ) as part of its offer for Abertis.Abertis holds a 34 percent stake in Cellnex. Under Spanish law, a shareholder that buys 30 percent or more of a company must make a full offer for that company.Atlantia said on Monday in its offer statement for Abertis it would consider selling enough shares of Cellnex so as not to have to make a full bid for the wireless telecoms towers business.Abertis and its shareholders have not yet made a response to Monday''s 16.34 billion euro ($18 billion) cash-and-share bid from Atlantia.(Reporting By Andres Gonzalez; Editing by Sonya Dowsett)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-abertis-m-a-atlantia-cellnex-telecom-idINKCN18B0YK'|'2017-05-15T07:19:00.000+03:00'
'bd49df82d27b1b3a5255d99881d9ce34868a4a5d'|'China''s CDH to raise up to $743 million from WH Group stake sale: IFR'|'HONG KONG Chinese private equity investor CDH Investments is selling a 6 percent stake in WH Group Ltd (0288.HK), the world''s largest pork supplier, in a deal that will raise up to $743 million, according to a term sheet seen by IFR.CDH is selling 884 million shares at an indicative price range of HK$6.51 to HK$6.58 per share, a discount of as much as 6.5 percent of WH Group''s closing price on Friday, IFR, a Thomson Reuters publication, reported.CDH and WH Group declined to comment.(Reporting by Fiona Lau of IFR; writing by Julie Zhu; editing by Jason Neely and David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cdh-stocks-wh-group-idINKCN18F14Z'|'2017-05-19T08:54:00.000+03:00'
'7cc9e8c68bf3751e32ecdc36db151e7d9a661b5a'|'Private equity groups extend hostile offer for Shawbrook'|'Deals   5:10pm BST Private equity groups extend hostile offer for Shawbrook By Simon Jessop and Dasha Afanasieva - LONDON LONDON The private equity groups behind a hostile bid for British challenger bank Shawbrook Group ( SHAW.L ) said on Friday they had backing from investors holding 45.1 percent of its shares, and were extending the offer period. The 842 million pounds ($1.09 billion) offer would now remain open until May 26, Marlin Bidco, the buyout vehicle set up by BC Partners and Pollen Street Partners, said in a statement. The previous deadline was Thursday and the date could be extended to June 19. The 45.1 percent includes Pollen Street''s Shawbrook stake, which is 38.8 percent according to Thomson Reuters data. The commitments were still 4.9 percent short of the 50 percent threshold at which the deal would become unconditional. The company would be delisted if 75 percent of its shareholders accept the offer, with those who do not accept the offer remaining holders of shares in an unlisted company. On Friday, Shawbrook shares were up 0.15 percent at 340 pence. "(We) still do not discount the possibility of a (modestly) improved offer, but equally we continue to see materially greater upside potential among the currently <20>distressed<65> valuations of high-performing <20>challenger bank<6E> peers," a note from Investec said. Shawbrook''s directors had told shareholders to reject the offer. A source familiar with the matter however said large long-only funds have sold out at valuations around the offer price, indicating that some large shareholders believe the offer is a good one. Morgan Stanley ( MS.N ) is acting as financial adviser to Marlin Bidco. (Reporting by Simon Jessop; Editing by Rachel Armstrong and Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-shawbrook-group-idUKKCN18F1XC'|'2017-05-20T00:07:00.000+03:00'
'e31b6d2bb227d0a1c4e5356ebcaff3a5658b769e'|'UK Stocks-Factors to watch on May 19'|'May 19 Britain''s FTSE 100 index is seen opening up 31 points at 7,467 on Friday, according to financial bookmakers. * BHP: BHP Billiton Ltd''s Canadian potash mine will use advanced, cost-saving technology, giving it a competitive edge in a currently over-supplied fertilizer market, the executive in charge of the business said on Thursday. * BRITAIN/EU CLEARING: Forcing banks to move euro-denominated trades from London to Frankfurt would be costly, and continental companies would ultimately foot the bill, an industry body said on Thursday. * EUROPEAN UNION: The European Commission will announce new initiatives to reconfigure its capital markets union (CMU) project on June 7 to reflect Britain''s decision to leave the bloc, a senior commission official said on Thursday. * RBS: Fred Goodwin, the former Royal Bank of Scotland chief executive, is set to become the first senior banker in Britain to be challenged in court over his role in the financial crisis. * The UK blue chip index ended down 0.9 percent on Thursday, underperforming the broader European market as the pound strengthened after data showed consumers are maintaining spending despite inflation worries. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Future Plc Half Year 2017 Earnings Release Hikma Pharmaceuticals Plc Interim Management Statement Release Grainger Plc Half Year 2017 Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1IL229'|'2017-05-19T13:36:00.000+03:00'
'aaf42cc7428598e6b0baef7596b11c1eed41a0b5'|'JBS controlling shareholders sold nearly $100 mln in shares in April-filings'|'SAO PAULO JBS SA''s controlling shareholders sold shares in the meatpacker worth 329 million reais ($98 million) in April, according to securities filings, after JBS''s top two executives had secretly begun negotiating a plea-bargain deal with prosecutors.Testimony by Chairman Joesley Batista and his brother, Chief Executive Wesley Batista, about Brazil President Michel Temer allegedly condoning the payment of bribes as part of that deal roiled Brazilian financial markets on Thursday, sending JBS shares 9.7 percent lower.The shareholders that sold the JBS stock from April 20-28 are among the vehicles through which the billionaire Batista brothers control the meatpacker, the world''s largest.JBS''s corporate treasury acquired 200 million reais in stock from April 24-27. Neither the JBS treasury nor the company''s controlling shareholders had bought or sold shares over the prior year before April, according to the filings last week.The share sales, originally reported by news website Brazil Journal on Thursday, represented 2.6 pct of stock held by JBS''s controlling shareholders at the beginning of April.JBS declined to comment. J&F Investimentos, the Batistas'' main holding company, did not respond to a request for comment. Brazilian market regulator CVM did not immediately return a call seeking comment.Earlier on Thursday, CVM said it was analyzing "facts related to the corruption probe ... involving listed companies."The JBS chairman recorded a conversation in which he and Temer allegedly discussed making illegal payments to jailed former House Speaker Eduardo Cunha to keep him from testifying about corruption in March, according to a source familiar with the matter. Later that month the brothers started negotiating the plea bargain deal in the same month, the source said.($1 = 3.37 reais)(Reporting by Bruno Federowski and Tatiana Bautzer; Additional reporting by Brad Brooks; Writing by Christian Plumb; Editing by Brad Haynes and Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-corruption-jbs-stocks-idUSKCN18E36O'|'2017-05-19T05:59:00.000+03:00'
'9c9a9ad7380ffd0c9c1cbbf20c4a83689f48a0aa'|'UK CBI factory orders see fastest growth since February 2015 in May'|'  11:49am BST UK CBI factory orders see fastest growth since February 2015 in May FILE PHOTO: Rolls Royce Trent XWB engines, designed specifically for the Airbus A350 family of aircraft, are seen on the assembly line at the Rolls Royce factory in Derby, November 30, 2016. REUTERS/Paul Ellis/Pool/File Photo LONDON, - British factory orders are growing at the fastest since February 2015, and output in the past three months rose by the most since 2013, a monthly survey by the Confederation of British Industry showed on Friday. The figures are likely to offer some reassurance that the big fall in the pound after last year''s Brexit vote, twinned with a strong global economy, will boost manufacturers at a time when consumers are under pressure from rising inflation. The CBI''s May factory order book balance rose to +9 this month from +4 in April, and export order growth returned to the four-year high recorded in March. "The summer sun has come out early for Britain<69>s manufacturers. Robust demand at both home and abroad is reflected in strong order books, and output is picking up," the CBI''s director of economics, Rain Newton-Smith, said. "On the other side of the coin though, we have mounting cost pressures and expectations for factory-gate price rises are running high," she added. The CBI said its measure of factory output growth over the past three months rose to +28 from +22, its highest since December 2013, while its inflation expectations gauge slowed slightly but remained above long-run averages. (Reporting by David Milliken, editing by William Schomberg)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-manufacturing-cbi-idUKKCN18F0YT'|'2017-05-19T18:19:00.000+03:00'
'44338d0c70bf866db17de4bbd29a2f21d18d682b'|'Saudi says extending oil cuts, adding small producers enough to drain stocks'|'Business   11:22am BST Saudi says extending oil cuts, adding small producers enough to drain stocks Saudi Arabia''s Energy Minister Khalid al-Falih attends a joint briefing in Beijing, China May 15, 2017. REUTERS/Aly Song RIYADH Saudi Arabia''s energy minister said on Sunday that extending the current agreement on global oil supply cuts until March next year, and adding one or two small producers to the pact, should be enough to reduce oil inventories. "We believe that continuation with the same level of cuts, plus eventually adding one or two small producers ... will be more than adequate to bring the five-year balance to where they need to be by the end of the first quarter 2018," Khalid al-Falih told a news conference in Riyadh. OPEC''s aim is to reduce global oil inventories to the industry''s five-year average. The Organization of the Petroleum Exporting Countries, Russia and other producers originally agreed to cut production by 1.8 million barrels per day (bpd) for six months from Jan. 1. Oil prices have gained support from reduced output, but high inventories and rising supply from producers not participating in the accord, such as the United States, have limited the rally, pressing the case for extending the curbs. Saudi Arabia and non-OPEC member Russia, the world''s top two oil producers, have agreed on the need to prolong the current deal on cuts, which expires in June, until March 2018. An OPEC panel reviewing scenarios for the oil producer group''s meeting last week looked at the option of deepening and extending the agreement to reduce crude output, in an attempt to drain inventories and support prices. The panel, the Economic Commission Board (ECB), does not set policy and its meeting precedes the gathering of OPEC and non-OPEC oil ministers on May 25 to decide whether to extend beyond June 30 their deal to reduce output. The size of the extra supply cut being mulled by the ECB was not immediately available. OPEC sources have said that while a larger cut by existing participants was considered unlikely, one could still be debated and the size of the supply reduction could increase from 1.8 million bpd if more non-OPEC countries come into the deal. OPEC has been urging other producers to join the supply pact and, together with participating non-member countries, meets to set policy on May 25 in Vienna. Turkmenistan, along with Egypt and the Ivory Coast, are due to attend the meeting on Thursday, sources have said. (Reporting by Katie Paul, Marwa Rashad and Reem Shamseddine; Writing by Andrew Torchia; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opec-oil-saudi-idUKKBN18H0FY'|'2017-05-21T18:22:00.000+03:00'
'e47371e57f46d42de2d314ee3ba8a578b64a9943'|'Exclusive: ECB plan to take euro clearing from London stalled by infighting - sources'|'FRANKFURT Discord between the euro zone''s three largest countries is stalling the European Central Bank''s efforts to come up with a way to force euro clearing out of London and put it under its watch, three sources told Reuters.Currently UK clearing houses, particularly the London Stock Exchange''s LCH.Clearnet ( LSE.L ), guarantee the vast majority of the trillions of euros worth of trades conducted every year and their location will likely be a point of contention in divorce talks between Britain and the European Union.The ECB and the central banks of the euro zone''s three largest countries - Germany, France and Italy - agree euro clearing needs to move to the euro zone after Brexit but they diverge on who should supervise it, the sources close to the matter said.The ECB has effectively proposed taking over supervision of the largest clearing houses but national authorities want to have prerogative, as they do currently, the sources added."The question is who would supervise, the ECB or the national central banks," one of the sources said. "There is a risk now that we won''t be able to agree on a proposal and the (European) Commision will decide for us."The disagreement risks delaying the European Union''s timetable for making a legislative proposal in June on euro clearing after Brexit. Alternatively it could force the European Commission to make a proposal without ECB input.The ECB, the Bundesbank, the Banque de France and the Bank of Italy all declined to comment.The ECB, as the guardian of the euro, currently sits on ''supervisory colleges'' overseeing London-based clearing houses through EU regulation and agreements with the Bank of England.But it is afraid of losing its power over these firms, which clear more than 90 percent of all euro derivatives.This includes ensuring they are managed safely and being able to supply them with euros if they run out of cash.Asked by the European Commission, the ECB''s Executive Board has drafted a proposal for putting euro clearing under the direct supervision of the Eurosystem, which is comprised of the ECB and the euro zone''s 19 other central banks, the sources said. The proposal, however, contained no preference for any particular location.ROADBLOCKThis plan, which involves changing article 22 of the Eurosystem''s statute, would effectively force any firm clearing euros to be located in the euro zone and give the ECB, as the bloc''s top banking watchdog, oversight of the largest ones.But the proposal hit a roadblock last week when it was discussed at a meeting of the ECB''s Governing Council, where board members sit alongside national governors.The central banks of Germany, France and Italy are resisting this change and favor maintaining the current system, which gives them or national authorities such as Germany''s Bafin the leading role in supervising clearing houses, the sources said."We have a system that works so why change it?" one of the sources said.The three largest clearing houses that currently handle euro trades in the euro zone are Deutsche Boerse''s Eurex in Frankfurt, LCH SA in Paris and Cassa di Compensazione e Garanzia in Rome, with the last two being part of the London Stock Exchange Group.Instead, these central banks propose adopting a ''location policy'' for all transactions in euros to be cleared in the EU, with the implicit aim that their own financial centres would benefit.The ECB should only be given authority over any clearing house still outside the EU via changes to the European Market Infrastructure Regulation that would make that a pre-condition for that firm to access the single market.The issue will be discussed again at the ECB''s next non-monetary policy meeting on June 21, one source added, warning this may mean missing the Commission''s June deadline and risking that Brussels makes an alternative proposal.The Commission has said its legislative proposal could include, if necessary, enhanced EU supervision 
'49fcc89036610e99f8224518e7114e4d6e4d8ee9'|'French prosecutors investigate DCNS submarines sale to Brazil - Le Parisien'|'Business News - Sun May 21, 2017 - 12:04pm BST French prosecutors investigate DCNS submarines sale to Brazil - Le Parisien The logo of DCNS is seen during the inauguration of the site of the naval defence company and shipbuilder DCNS in Ollioules, France, February 23, 2017. REUTERS/Jean-Paul Pelissier PARIS French financial prosecutors have launched an investigation into a 6.7 billion euro (5.7 billion pounds) 2008 contract between naval supplier DCNS and Brazil that included the sale of five submarines, French daily Le Parisien said on Sunday. The investigation, started in October last year, concerns potential "corruption of foreign officials" and is linked to a Brazilian inquiry dubbed Lava Jato, or Car Wash, that was initiated in 2015 to investigate alleged bribery involving hundreds of politicians and public figures, the paper said without citing sources. DCNS said it could not confirm that a French inquiry had been opened and it denied being involved in the Brazilian investigation. "We have nothing to do with the Lava Jato case. DCNS scrupulously respects the rules of law around the world," a spokesman told Reuters. The French financial prosecutors'' office did not respond immediately to a Reuters request for comment. On its Twitter account on May 12, it said that prosecutors had spoken to the head of Brazil''s Supreme Court and visited Brazil''s central office against corruption but made no reference to the investigation reported by Le Parisien. Newspaper Folha de S. Paulo reported in 2015 that Brazilian federal police were investigating potential irregularities in the military programme to build a nuclear-powered submarine in partnership with France by 2023. The paper did not say if DCNS, which is 62 percent owned by the French state and 35 percent by French defence electronics group Thales SA ( TCFP.PA ), was being investigated. (Reporting by Sybille   David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-brazil-submarines-idUKKBN18H0HY'|'2017-05-21T19:04:00.000+03:00'
'3594628351bb85c1de132c3cae1758e89c44926e'|'Dassault sees pick up in Northern Europe market, pressure in U.S.'|'Business News - Sun May 21, 2017 - 3:38pm BST Dassault sees pick up in Northern Europe market, pressure in U.S. FILE PHOTO: A Dassault Aviation logo is pictured on the company booth during the European Business Aviation Convention & Exhibition (EBACE) at Cointrin airport in Geneva, Switzerland, May 24, 2016. REUTERS/Denis Balibouse/File Photo GENEVA Dassault Aviation SA ( AVMD.PA ) sees improvements in the jet market in Northern Europe, Russia and China, but uncertainty about U.S. policies will weigh on sales in the United States and Mexico, Chief Executive Eric Trappier said in Geneva on Sunday. Trappier also said at a conference that the French planemaker expected certifiable Silvercrest engines for the new 5X Falcon jet would be available by year end and that Dassault would announce specifications for a new jet by the end of 2017. (Reporting by Cyril Altmeyer; Writing by Sybille de La Hamaide; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-dassault-outlook-idUKKBN18H0HT'|'2017-05-21T22:38:00.000+03:00'
'e1294aa41b7b898a347c5613da70ea804e008a84'|'Euro zone may release new loans to Greece, will struggle for IMF to join'|'By Renee Maltezou and Francesco Guarascio - BRUSSELS BRUSSELS Euro zone finance ministers may agree on Monday to release new loans to Greece but are likely to struggle to convince the International Monetary Fund to join the bailout by keeping the prospect of debt relief for Athens highly conditional.Greece needs new cash from the euro zone to avoid a default in July when it has to repay some 7.3 billion euros worth of maturing loans. To get the money, the Greek parliament approved pension cuts and tax hikes last Thursday. [nL8N1IK59P]Euro zone officials said a report prepared for the ministers'' meeting on whether Greece has implemented "prior actions" -- laws that have to be passed to make the reforms stick -- was positive, paving the way for disbursement.Asked when euro zone ministers could release the next tranche of loans to Greece, the chairman of the ministers Jeroen Dijsselbloem told reporters: "If all goes well, today."But the main purpose of the talks -- to get the IMF to join the bailout -- may be tough to achieve because the IMF wants the euro zone to commit now, more firmly and in greater detail to debt relief for Athens, even if it were to happen only in 2018.This is difficult to swallow for Germany, which faces elections in September, and several other countries, which all want to retain some leverage over the Greek government to make sure it delivers on all the promised reforms until 2018."We have to see how we can find a solution with the IMF, so that the IMF can be part of the programme without breaching its rules. That will be one of the difficult issues," German Finance Minister Wolfgang Schaeuble said.Belgian finance minister Johan Van Overtveldt cautioned against debt relief promises and noted Greece was already getting cheaper financing than even his own country thanks to the ultra-low borrowing costs of the euro zone bailout fund ESM."When you look at interest rate burden... for Greece in terms of GDP it is already by far the lowest within the euro area," he said on entering the talks. Slovak finance minister Peter Kazimir also said Greece did not need debt relief now.Dijsselbloem made clear a formal decision on whether to grant Greece more debt relief would only be taken once the bailout ends in mid-2018, repeating a Eurogroup statement from May 2016, which also spelt out what relief could be considered."The IMF has asked for more clarity... on how far that could go and what that could look like, so that''s what we will look at today," Dijsselbloem said."Could we give more specifics on what the debt measures could be? But, again, the formal decision on debt relief, if needed, will come at the end of the programme," he said.A group of mainly northern-European euro zone countries want the IMF to join the bailout for credibility reasons, believing the European Commission''s approach can be too lenient.But the same countries oppose a firm pledge of debt relief for Greece, fearing the disapproval of bailout-weary voters at home and lack of incentive for Greece to continue reforms.The discussion on Monday will therefore focus on how to make a euro zone statement on Greek debt relief from a year ago more detailed and more concrete without promising too much.DEBT LOADGermany does not want to go beyond a promise made by the Eurogroup in May 2016 to extend the maturities and grace periods on Greek loans so that Greece''s gross financing needs are below 15 percent of GDP after 2018 for the medium term, and below 20 percent of GDP later.The Eurogroup also said at the time it would consider replacing more costly IMF loans to Greece with cheaper euro zone credit and transfer the profits made from a portfolio of Greek bonds bought by euro zone national central banks back to Athens.But all that could happen only if Greece delivered on its reforms by mid-2018 and only if an analysis showed Athens needed the debt relief to make its debt sustainable.The IMF believes that debt relief, or at least a 
'7aa6457c548b7f14c615bd7f2c316357adf50c1c'|'BRIEF-Arconic nears deal to give Elliott Management board seats-CNBC, citing DJ'|'Funds News  27am EDT BRIEF-Arconic nears deal to give Elliott Management board seats-CNBC, citing DJ May 22 (Reuters) - BOSTON, May 22 Shareholder activists focused on climate issues are gaining traction in their push to have large energy companies and utilities take account of the impact rising global temperatures could have on their businesses. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-arconic-nears-deal-to-give-elliott-idUSFWN1IO0AT'|'2017-05-22T21:27:00.000+03:00'
'a0acbc8bbfc46e3bf057aa259f54d84da3285e6b'|'China tells U.S. trade representative stronger cooperation needed'|'BEIJING China''s commerce minister Zhong Shan told new United States Trade Representative Robert Lighthizer the two sides should strengthen cooperation and manage disputes in trade, according to a statement on the website of China''s Ministry of Commerce on Monday.The two met on Sunday on the sidelines of the Asia-Pacific Economic Cooperation (APEC) forum.Lighthizer said in the meeting with Zhong Shan that trade wars are not in the interest of either country, according to the statement from China''s commerce ministry.Disagreements over global trade negotiations came to the fore at the APEC forum, which failed to agree on its usual joint statement after U.S. opposition to wording on fighting protectionism.With the U.S. balking at multilateral trade agreements, Asian trade ministers met to discuss the China-led Regional Comprehensive Economic Partnership (RCEP), which would create a free trade area of more than 3.5 billion people, bringing together China, India, Japan, South Korea, Australia and New Zealand as well as Southeast Asian nations.RCEP talks include the largest geographic area, the most dynamic economies, and the largest population of any regional trade pact, Zhong said, according to a statement on the website of the ministry of commerce.He said RCEP parties should accelerate RCEP talks and that all sides should show more flexibility to overcome differences.(Reporting by Beijing Monitoring Desk and Elias Glenn; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-china-usa-trade-idUSKBN18I0C7'|'2017-05-22T19:57:00.000+03:00'
'52834e3c31c1359972972413edeb8eca65905658'|'RBS tries for last-minute settlement before investor court case: sources'|'Banks - Mon May 22, 2017 - 12:17pm EDT RBS nears settlement in landmark lawsuit over 2008 cash call: sources left right Protestors hold a banner outside of the Royal Courts of Justice Royal as Bank of Scotland (RBS) pursued last-minute settlement talks with a group of investors to avoid a potentially embarrassing trial over allegations the lender misled them about a 2008 capital increase, in London, Britain May 22, 2017. REUTERS/Neil Hall 1/4 left right Placards are stacked outside of the Royal Courts as Bank of Scotland (RBS) pursued last-minute settlement talks with a group of investorsto avoid a potentially embarrassing trial over allegations the lender misled them about a 2008 capital increase, in London in London, Britain May 22, 2017. REUTERS/Neil Hall 2/4 left right FILE PHOTO: A man shelters under an umbrella as he walks past a branch of the Royal Bank of Scotland in London, Britain, September 17, 2013. REUTERS/Stefan Wermuth/File Photo 3/4 left right FILE PHOTO: Royal Bank of Scotland chief executive Ross McEwan speaks during an interview with Reuters at Canary Wharf in London, Britain July 7, 2015. REUTERS/Neil Hall/File Photo 4/4 By Andrew MacAskill and Lawrence White - LONDON LONDON Royal Bank of Scotland ( RBS.L ) is close to settling a costly and potentially embarrassing case alleging it misled shareholders during a 12 billion pound ($16 billion) fundraising at the height of the financial crisis, sources familiar with the talks said on Monday. The state-owned British bank is in talks to settle with a group of investors to end legal proceedings that started five years ago and have been unprecedented in English legal history for their size and complexity. Some large shareholders want to settle, meaning smaller retail investors would struggle to fund the legal fees needed for the case to proceed, sources involved in the group said. "It is going to be hard for us to keep going," said one source, who asked not to be identified. RBS, and the RBoS shareholder action group which represents around 9,000 private investors and 20 larger institutional claimants, declined to comment. Trevor Hemmings, a multimillionaire businessman whom Reuters previously reported is one of the main financial backers of the claim, is advocating accepting the settlement offer according to two sources with knowledge of the situation. A spokesman for Hemmings declined to comment on Monday. The civil trial brought by the investors was due to open at the High Court in London on Monday but was adjourned for a day to allow the settlement talks to continue. The plaintiffs allege former executives gave a misleading picture of the bank''s financial health ahead of the cash call in 2008. Months after the cash call, RBS had to be rescued by the government with a 45.8 billion pound bailout. RBS, which remains more than 70 percent state-owned, denies any wrongdoing over the 2008 rights issue and says its former bosses did not act illegally. Jonathan Nash, a lawyer representing the claimants, appealed in court for an adjournment saying the two parties were in settlement talks and wanted longer to strike a deal. "We are involved in settlement discussions and we are hopeful of making progress," Nash said. The sources said RBS Chief Executive Ross McEwan was directly involved in talks over the weekend and that the bank had offered more than 80 pence for each RBS share held, though it was not clear if any investors have accepted the offer. A settlement at that price would cost RBS "in the tens of millions of pounds", a third source familiar with the matter said. The bank has settled with 87 percent of the investors who originally brought the case but the others have so far rejected its offers and say they were determined to go to court. By doubling the amount on offer, RBS is close to a sum the remaining investors would accept, one of the sources said, indicating that they might settle if RBS raises its offer to 100 pence per share. That 
'5b037a891549e48734f5e691e9a2860295088e65'|'Wall Street regulator detects fewer signals of illegal ''layering'''|'Business News - Wed May 17, 2017 - 12:14pm EDT Wall Street regulator detects fewer signals of illegal ''layering'' FILE PHOTO: A souvenir license plate is seen outside the New York Stock Exchange in Manhattan, New York City, U.S., December 21, 2016. REUTERS/Andrew Kelly By Sarah N. Lynch - WASHINGTON WASHINGTON A surveillance program by Wall Street''s self-funded regulator has seen a huge decline in alerts that may indicate potential market manipulation, after it launched a new initiative last year to help brokerages spot problematic clients. Robert Cook, the chief executive at the Financial Industry Regulatory Authority, announced at the group''s annual conference on Wednesday that FINRA has seen a 68 percent drop in "layering exceptions," or possible indications of a type of manipulative trade. Last spring, FINRA said it would start alerting brokerage firms in monthly cross-surveillance report cards about cases where the regulator detected potentially manipulative trades by clients who were granted direct access to U.S. markets. While most exchanges conduct their own surveillance, FINRA monitors activity across all U.S. stock and options exchanges, with the aim of catching fraudulent behavior spread across multiple trading venues. The findings in the reports do not necessarily mean illegal trading has occurred. But they alert firms about potential wrongdoing, and give them a chance to scrutinize their clients'' activities and take action early, before it morphs into a possible regulatory investigation down the road. Layering is an illegal maneuver used to create the appearance of buying or selling interest in a way that will move the market to a trader''s advantage. To accomplish that goal, a trader places multiple layers of prices on one side of an order with no intention of filling those orders. The decrease in layering alerts "suggests to us that firms were able to use that information to track maybe what some customers were doing through them," Cook told reporters on the sidelines of the conference Wednesday. "It is demonstrating to us that giving people information early can have a potentially helpful effect for the markets." Cook told reporters that the 68 percent decline in alerts of possible layering does not necessarily mean there is less layering activity in the marketplace. It could mean, for instance, that some traders have found ways to circumvent detection, or that brokers have dropped problematic customers. Cook said in his speech that FINRA intends to expand its surveillance program by adding two new kinds of cross-market surveillance alerts in the near future. The regulator also plans to give firms another new report later this year that will summarize FINRA''s key examination findings across different subject areas. (Reporting by Sarah N. Lynch; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-wall-street-finra-manipulation-idUSKCN18D23W'|'2017-05-18T00:14:00.000+03:00'
'cbcbf50d6b5cf4b7074d33e48894a197c452fda4'|'Facebook adds Snapchat-like camera filters to Instagram'|'Technology News - Tue May 16, 2017 - 2:14pm BST Facebook adds Snapchat-like camera filters to Instagram FILE PHOTO: The Facebook logo is displayed on the company''s website in an illustration photo taken in Bordeaux, France on February 1, 2017. REUTERS/Regis Duvignau/File Photo Facebook Inc''s Instagram has souped up its camera tool with quirky face-tracking filters, adding another feature similar to that offered by social media rival Snap Inc''s Snapchat. Instagram users will now be able to choose from a range of filters including koala ears that move and twitch as well as math equations that spin to create humorous effects. Other new features include a rewind mode for videos, which will allow users to play video in reverse, and hashtag stickers to visit hashtag pages. Facebook has been amping up its camera tool to take on Snapchat''s features such as disappearing messages and face-tracking filters, which are hugely popular among its teenage and millennial users. The world''s largest social media network has already added several Snapchat-like features such as Stories, which allows users to upload pictures and video slideshows that disappear after 24 hours. Instagram said in April over 200 million people used Stories daily. Snap, in its first earnings report as a listed company, said it had 166 million daily active users as of March 31. Snap''s shares have been on a roller-coaster ride since their market debut on March 1. The stock plunged about 23 percent last week after the company posted disappointing quarterly results. However, it recouped some of those losses after several institutional investors including George Soros and Daniel Loeb disclosed stakes in the company. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-facebook-instagram-idUKKCN18C1K0'|'2017-05-16T21:13:00.000+03:00'
'3c74f30d40a02959f50b63813fd8878af43f529c'|'Asian stocks set to rise on U.S. cues; oil higher'|'Business News - Tue May 16, 2017 - 6:37am BST Asia stocks at two-year highs, look pricey; oil climbs FILE PHOTO: Pedestrians are reflected on an electronic board showing Japan''s Nikkei average (top L), the Dow Jones average (top R) and the stock averages of other countries outside a brokerage in Tokyo, Japan, January 26, 2017. REUTERS/Kim Kyung-Hoon By Saikat Chatterjee - HONG KONG HONG KONG Asian stocks climbed to a fresh-two year high on Tuesday on the back of an overnight rise in Wall Street, while oil extended gains after major producers Saudi Arabia and Russia pledged to push for an extension of supply cuts into 2018. Investors in regional equities, however, are growing increasingly wary as valuations look stretched and with the latest rally taking place in thin volumes and led by just a few sectors. Regional stock markets were broadly mixed with Chinese stocks .SSEC leading laggards and Thailand .SETI among the best performing stock market of the year. Europe is set to follow with index futures pointing to a mixed start. .FFIC1 "We are approaching a short-term resistance as the breadth of this rise is very unhealthy and the market momentum looks tired," said Alex Wong, a fund manager at Ample Capital Ltd in Hong Kong, with about $130 million under management. In Hong Kong, the broader market .HSI rose to its highest level since June 2015 on the back of extended buying into Chinese lenders and market heavyweight Tencent ( 0700.HK ) before declining 0.3 percent. With overall volumes declining and share valuations looking extremely stretched, investors are growing cautious. Hong Kong''s technology sector, for example, is the most expensive, trading at a price-to-earnings multiple of more than 42 times. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was flat after hitting its highest level since June 2015 in opening trades. Oil steadied around the $52 per barrel level after hitting its highest level in more than three weeks on Monday, after Saudi Arabia and Russia said that supply cuts needed to last into 2018, a step towards extending an OPEC-led deal to support prices for longer than first agreed. [O/R] Global benchmark Brent crude LCOc1 rose 0.4 percent to $52 per barrel. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 0.4 percent at $49.03 per barrel. Brent crude has gained nearly 9 percent over the last week though some analysts were skeptical about the durability of the rally despite the proposed supply curbs. "That is going to be easier said than done, it appears, with U.S. production running at its fastest pace since August 2015 and data yesterday confirming that Chinese growth momentum continues to moderate," ANZ strategists wrote in a daily note. Chinese growth cooled in April according to a variety of economic indicators ranging from factory output to retail sales as authorities clamped down on debt risks in an effort to stave off a potentially damaging hit to the economy. In currencies, the U.S. dollar =USD nursed deep losses after a weak manufacturing report trimmed expectations of a Federal Reserve rate increase next month, a key factor behind the dollar''s gains in recent weeks. The New York Federal Reserve''s barometer on business activity in the state unexpectedly fell in May, sinking into negative territory for the first time since October. "I think people want to wait and see," said Teppei Ino, analyst for Bank of Tokyo-Mitsubishi UFJ in Singapore. The euro edged up 0.2 percent to $1.0994 EUR= after gaining 0.4 percent on Monday. The dollar eased 0.3 percent against the yen to near 113.47 JPY= , after rising 0.4 percent on Monday. The dollar =USD was steady at 98.83 against a trade-weighted basket of its peers after falling more than 1 percent in the last three sessions. Expectations of a rate increase in June fell to 74 percent compared to 84 percent last week, according to the CME Fedwatch. A risk-on undertone meant gold XAU= posted only meager gains with the pr
'28378c7f3126aca8512799c4967a068d52ac95cf'|'U.S. home appliances shipments rise 13.7 percent year-on-year in April'|'Business News   1:53am EDT U.S. home appliances shipments rise 13.7 percent year-on-year in April A row of refrigerators are on sale in a store selling home appliances and electronics in New York, February 18, 2010. REUTERS/Natalie Behring STOCKHOLM Deliveries of the six biggest categories of white goods (AHAM 6) in the United States rose 13.7 percent year-on-year in April, data from industry body Association of Home Appliance Manufacturers (AHAM) showed late on Monday. Shipments in the country, a major market for companies such as Swedish home appliances maker Electrolux ( ELUXb.ST ), were up 4.8 percent in the year through April. (Reporting by Bjorn Rundstrom)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-homeappliance-idUSKCN18C0DF'|'2017-05-16T13:53:00.000+03:00'
'5ffaa0c452e4a21940b99a05c096c9aed1e8fd8e'|'EU executive asks bank watchdog to rethink ''screen scraping'' ban'|'Technology News   1:44pm BST EU executive asks bank watchdog to rethink ''screen scraping'' ban European Commission Vice-President for the Euro and Social Dialogue Valdis Dombrovskis holds a news conference at the European Commission in Brussels, Belgium May 4, 2017. REUTERS/Eric Vidal By Huw Jones - LONDON LONDON The European Union''s financial services chief will ask the bloc''s banking watchdog to rethink its proposed ban on "screen scrapping" or financial technology firms directly accessing bank accounts. It marks a reprieve for fintech firms trying to wrestle market share from long established banks in the fast growing payments and apps sector. European Commission Vice President Valdis Dombrovskis said on Friday he wants a level playing field between banks and fintech firms in supplying new financial products and services to customers. A revised EU law on payments services comes into effect next January to spur competition, but draft rules underpinning it have raised hackles at fintech firms. The bloc''s European Banking Authority (EBA) has proposed a ban on "screen scraping" or when a third party such as a fintech firm accesses bank account details - after a customer''s consent - without identification. The EBA proposed that fintech firms should go through a dedicated interface set up by banks to access specific data indirectly in a more controlled setting, a step some fintech firms say would act as a barrier to competition. "We will therefore ask the European Banking Authority to have another look at the draft standards for data interfaces, and at proposals to allow fintechs access to the customer facing interface, whenever the dedicated interface breaks down or is not performing properly," Dombrovskis said. "This would safeguard the continuity of access for fintechs, while still allowing banks to require fintechs to use dedicated interfaces in normal conditions." The European Banking Federation said on Friday that privacy of client data, cybersecurity and innovation are put at risk by overturning the proposed ban on screen scrapping. Allowing screen scraping as a backup would mean banks having to maintain at least two interfaces, the EBF said. Sixty companies and trade associations across the EU signed a "manifesto" this month saying the EBA''s proposed ban would have an adverse impact on competition by insisting on the use of specific technologies. (Reporting by Huw Jones, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-banks-regulations-idUKKCN18F1F3'|'2017-05-19T20:35:00.000+03:00'
'69de6e882aa78fe4a57fce36870403b4f9157294'|'Exclusive - ECB plan to take euro clearing from London stalled by infighting: sources'|'Top News - Mon May 22, 2017 - 12:32pm BST Exclusive - ECB plan to take euro clearing from London stalled by infighting: sources FILE PHOTO: The headquarters of the European Central Bank (ECB) are illuminated with a giant euro sign at the start of the ''''Luminale, light and building'''' event in Frankfurt, Germany, March 12, 2016. REUTERS/Kai Pfaffenbach/File Photo - RTX32JRD By Francesco Canepa and Balazs Koranyi - FRANKFURT FRANKFURT Discord between the euro zone''s three largest countries is stalling the European Central Bank''s efforts to come up with a way to force euro clearing out of London and put it under its watch, three sources told Reuters. Currently UK clearing houses, particularly the London Stock Exchange''s LCH.Clearnet ( LSE.L ), guarantee the vast majority of the trillions of euros worth of trades conducted every year and their location will likely be a point of contention in divorce talks between Britain and the European Union. The ECB and the central banks of the euro zone''s three largest countries - Germany, France and Italy - agree euro clearing needs to move to the euro zone after Brexit but they diverge on who should supervise it, the sources close to the matter said. The ECB has effectively proposed taking over supervision of the largest clearing houses but national authorities want to have prerogative, as they do currently, the sources added. "The question is who would supervise, the ECB or the national central banks," one of the sources said. "There is a risk now that we won''t be able to agree on a proposal and the (European) Commision will decide for us." The disagreement risks delaying the European Union''s timetable for making a legislative proposal in June on euro clearing after Brexit. Alternatively it could force the European Commission to make a proposal without ECB input. The ECB, the Bundesbank, the Banque de France and the Bank of Italy all declined to comment. The ECB, as the guardian of the euro, currently sits on ''supervisory colleges'' overseeing London-based clearing houses through EU regulation and agreements with the Bank of England. But it is afraid of losing its power over these firms, which clear more than 90 percent of all euro derivatives. This includes ensuring they are managed safely and being able to supply them with euros if they run out of cash. Asked by the European Commission, the ECB''s Executive Board has drafted a proposal for putting euro clearing under the direct supervision of the Eurosystem, which is comprised of the ECB and the euro zone''s 19 other central banks, the sources said. The proposal, however, contained no preference for any particular location. ROADBLOCK This plan, which involves changing article 22 of the Eurosystem''s statute, would effectively force any firm clearing euros to be located in the euro zone and give the ECB, as the bloc''s top banking watchdog, oversight of the largest ones. But the proposal hit a roadblock last week when it was discussed at a meeting of the ECB''s Governing Council, where board members sit alongside national governors. The central banks of Germany, France and Italy are resisting this change and favour maintaining the current system, which gives them or national authorities such as Germany''s Bafin the leading role in supervising clearing houses, the sources said. "We have a system that works so why change it?" one of the sources said. The three largest clearing houses that currently handle euro trades in the euro zone are Deutsche Boerse''s Eurex in Frankfurt, LCH SA in Paris and Cassa di Compensazione e Garanzia in Rome, with the last two being part of the London Stock Exchange Group. Instead, these central banks propose adopting a ''location policy'' for all transactions in euros to be cleared in the EU, with the implicit aim that their own financial centres would benefit. The ECB should only be given authority over any clearing house still outside the EU via changes to the Eur
'767c00e48118d406a33c6e979f7346ca2a8d6a27'|'EU says euro zone fiscal stance improves, France still above limits'|'Business   10:37am BST EU says euro zone fiscal stance improves, France still above limits An European Union (EU) flag is seen blowing in the wind in front of the city''s regional state administration headquarters in central Kiev, Ukraine, May 11, 2017. REUTERS/Valentyn Ogirenko By Francesco Guarascio - BRUSSELS BRUSSELS Euro zone countries have improved their fiscal stance, a sign of the bloc''s growing financial stability, but France and Spain remain above deficit limits set by EU rules and Italy still faces "urgent" challenges, the EU Commission said on Monday. The assessment came in a regular report that the EU executive publishes every spring to recommend economic reforms to the 28 EU member states and take disciplinary measures against those with unbalanced fiscal positions. The 19-country euro zone has lowered its total budget deficit to 1.5 percent of the bloc''s gross domestic product (GDP) in 2016. The gap is to fall further this year and next, well below the 3 percent of GDP required by EU rules. The EU as a whole had an aggregate deficit of 1.7 percent last year, which is also set to decrease. Because of improving public finances in Portugal and Croatia, the Commission said it wanted to end a disciplinary budget procedure against them. The Commission''s view will have to be backed by EU finance ministers later this year. But the economic recovery and improvements in budget positions were "uneven," Economics Commissioner Pierre Moscovici said. France, the euro zone''s second largest economy, remains under thy disciplinary procedure for its deficit above 3 percent of GDP. The gap is set to go down this year but to grow again above the threshold in 2018, contrary to EU recommendations, unless the government appointed by French President Emmanuel Macron approves new economic reforms in coming months. Spain, Greece and Britain also remain under the disciplinary procedure for their excessive deficits, the Commission said. Italy has very high public debt, the blocs'' second biggest after Greece, and is included in a group of countries that face "urgent challenges". The Commission considered additional budget measures adopted by Rome in April as sufficient to keep Italy''s accounts in line with EU rules for this year. (Reporting by Francesco Guarascio @fraguarascio)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-budget-idUKKBN18I0ZG'|'2017-05-22T17:37:00.000+03:00'
'11a0f4ea79ddc29fc13345d08325a9151a3d16da'|'Japan passes law to tighten regulations on high-frequency trading'|'Business   10:13am BST Japan passes law to tighten regulations on high-frequency trading TOKYO Japan tightened regulations on high-frequency trading (HFT) this week, passing into law measures that will require HFT firms to register with regulators. Other nations in Europe and elsewhere in Asia are looking to tighten the leash on high-frequency traders who programme ultra-fast computers to trade in milliseconds without human intervention. Some major U.S. exchanges want to introduce speed limits on trading. The growing presence of HFT on the Tokyo Stock Exchange (TSE) has raised concerns high-speed trading could destabilise markets and leave retail investors at a disadvantage. The law was passed by parliament on Wednesday and the new regulations could come into force as early as 2018. Japan''s market regulator, the Financial Services Agency (FSA), has said previously it wanted HFT participants to register and to ensure proper risk management measures were in place. "The definition has not yet been created. We can guess at who might be affected, but we don''t know for sure the full scope of who will be affected," said Seth Friedman, chief executive of advisory firm Shiroyama Consulting Co.. The new rules stipulate that a company engaging in HFT will have to establish an office in Japan or be represented in the country by an agent. HFT accounted for about 70 percent of orders on the Tokyo Stock Exchange in 2016, FSA estimates show. High-speed trading accounted for slightly less than half of actual traded value, according to market participants, taking into account order cancellations. That would amount to slightly less than 321 trillion yen ($2.9 trillion) based on figures on the TSE website for total trade in cash equity of 643 trillion yen. (Reporting by Lisa Twaronite; Editing by)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-regulations-hft-idUKKCN18F0TU'|'2017-05-19T17:13:00.000+03:00'
'494e9e3339837d639e5897e637df09e655f0a3ea'|'Audi says resolves dispute with dealers in China'|'Top News - Sat May 20, 2017 - 2:12pm BST Audi says resolves dispute with dealers in China The company logo of Volkswagen''s Audi AG premium unit is pictured on the hub caps of a car during the annual news conference in Ingolstadt March 11, 2008. REUTERS/Michael Dalder By Norihiko Shirouzu - BEIJING BEIJING Audi ( NSUG.DE ), a unit of Volkswagen ( VOWG_p.DE ), said on Saturday it had struck a deal with its dealers in China, effectively resolving a dispute that could have disrupted the luxury carmaker''s business in the world''s biggest auto market. The dispute stemmed from Audi''s partnership with SAIC Motor Corp ( 600104.SS ), China''s largest automaker, for a long-term collaboration that could include the production and distribution of Audi models in the future. The tie-up riled Audi store operators in China, who currently sell Audi cars imported from Germany as well as Chinese-made vehicles as part of Audi''s existing joint venture with China''s FAW Corp [SASACJ.UL]. They said the partnership would cause current dealers to lose out to SAIC on access to key future products, hurting their sales and profitability. Audi, however, said on Saturday it had signed an agreement with China''s FAW, the FAW-Volkswagen joint venture and the Audi dealer council based on "a common understanding of how the planned cooperation between SAIC and Audi will meet the interests of all parties involved." Under the accord, Audi models from a potential partnership with SAIC will be distributed through the carmaker''s existing sales network in China. Based on a 10-year growth plan of Audi, FAW and FAW-Volkswagen, Audi will expand its portfolio of locally made and imported models in China, the statement added. A source told Reuters earlier on Saturday about the deal, which Audi board member Dietmar Voggenreiter said was a "very constructive agreement" and "a strategic milestone for Audi''s business in China." "It paves the way for our two partner strategy and will allow us to further strengthen our commitment to China," Voggenreiter added in a statement. An early entrant to China, Audi is the best-selling premium car brand although it is losing ground to newer models from Daimler''s ( DAIGn.DE ) Mercedes-Benz and non-German automakers such as Toyota''s ( 7203.T ) Lexus and General Motor''s ( GM.N ) Cadillac. When discussions about a tie-up with SAIC came to light last year, Audi dealers said the Germany company had been slow to introduce new products, hurting sales growth, and causing them to lose money. The dealers, in a letter to the automaker seen by Reuters at the time, urged Audi to consider their opinions and guarantee their rights before making a final decision. (Additional reporting by Christoph Steitz in Frankfurt; Writing by John Ruwitch; Editing by Louise Heavens and Helen Popper)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-audi-china-dealers-idUKKCN18G0DP'|'2017-05-20T21:12:00.000+03:00'
'2e334097c1612fbb7cd6a6fc5691d0866a735c6b'|'ABB says plans to switch auditors to KPMG from EY'|'Business News - Mon May 22, 2017 - 6:05am BST ABB says plans to switch auditors to KPMG from EY FILE PHOTO - The logo of Swiss engineering group ABB is seen at a plant in Zurich, Switzerland September 29, 2016. REUTERS/Arnd Wiegmann/File Photo ZURICH Swiss power transmission and industrial automation company ABB plans to switch auditors to KPMG from Ernst & Young, it said on Monday. "This decision was taken following a year-long comprehensive external auditor tender process initiated in 2016 in line with international good governance practices," ABB said in a statement. "The proposal is subject to shareholder approval at ABB''s 2018 annual general meeting." It follows a tax scandal for ABB in South Korea, which exposed a failure to maintain effective financial controls. EY, ABB''s sole external auditor since 2001, concluded ABB had not maintained effective internal control over financial reporting. (Reporting by Joshua Franklin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-abb-auditor-idUKKBN18I0EF'|'2017-05-22T13:05:00.000+03:00'
'a04db1d7c633ff0875e67819ccae75f458d6e84e'|'Fitch Withdraws Waste Italia SpA''s Ratings'|'(The following statement was released by the rating agency) LONDON/MILAN, May 22 (Fitch) Fitch Ratings is withdrawing the ''RD'' Long-Term Issuer Default Rating and the ''C/RR5'' senior secured notes ratings of Waste Italia SpA (WI) as Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for WI. The company''s ''RD'' rating, initially assigned 17 June 2016, reflects the status of pre-bankruptcy proceedings. Creditors will be called upon to approve or reject the company''s restructuring plan in the coming months. With lack of details on the plan and no accounts available since 2015, information available to Fitch is limited. KEY RATING DRIVERS Pre-Bankruptcy Agreement: Faced with notice of acceleration by the bondholders on 26 January 2017, WI sought protection from its creditors under article 168 of the Legge Fallimentare. BNP served notice of acceleration with respect to the EUR15 million revolving credit facility on 1 February 2017. The company formally applied for concordato preventivo "con riserva" on 31 March 2017. A restructuring plan is due to be submitted to the Bankruptcy Court by 5 June 2017, but WI can apply for a 60-day extension until 4 August. The Court must decide whether to uphold the validity of the plan, which would then be followed by a vote from the creditors as to whether to accept or reject the plan. Fitch has not had any details about the debt restructuring plans from WI. However, we understand that a rejection of the plan under concordato preventivo "con riserva" would likely lead to a bankruptcy of WI. Limited Information: The publication of 2016 accounts and accounts for 1H17 have been postponed until early 2018 following the application for concordato preventive "con riserva". Fitch has been unable to update its recovery analysis for the secured notes in the absence of accounts, updated business plan and liquidity at WI, which we nevertheless view as insufficient. Contact: Principal Analyst Antonio Totaro Senior Director +39 02 879087 297 Supervisory Analyst Chris Moore Director +44 20 3530 1683 Fitch Ratings 30 North Colonnade London E14 5GN Committee Chairperson Josef Pospisil Managing Director +44 20 3530 1287 Media Relations: Stefano Bravi, Milan, Tel: +39 02 879 087 281, Email: stefano.bravi@fitchratings.com; Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com. Additional information is available on www.fitchratings.com. For regulatory purposes in various jurisdictions, the supervisory analyst named above is deemed to be the primary analyst for this issuer; the principal analyst is deemed to be the secondary. Applicable Criteria Criteria for Rating Non-Financial Corporates (pub. 10 Mar 2017) here Recovery Ratings and Notching Criteria for Non-Financial Corporate Issuers (pub. 21 Nov 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here Solicitation Status here #solicitation Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. DIRECTORS AND SHAREHOLDERS RELEVANT INTERESTS ARE AVAILABLE here . FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright <20> 2017 by F
'f9670d60095dbd823dc756f2660aee39a55d7294'|'African Markets - Factors to watch on May 22'|'Bonds News   12:19am EDT African Markets - Factors to watch on May 22 The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday. - - - - - GLOBAL MARKETS Asian stocks posted their biggest daily rise in a month on Monday following modest gains in U.S. shares, though the greenback came under renewed pressure as Washington''s political turmoil undermines confidence in U.S. economic policy. WORLD OIL PRICES Oil prices rose on Monday, supported by reports that an OPEC-led supply cut may not only be extended into next year but might also be deepened to tighten the market and prop up prices. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South Africa''s rand strengthened on Friday against the ailing dollar, which limped toward its worst week against major currencies since last July on the turbulence surrounding Donald Trump''s U.S. presidency. NIGERIA MARKETS Nigeria''s overnight lending rate dropped to 26 percent on Friday from 65 percent a day earlier after the central bank refunded excess naira offered in an earlier dollar sale to commercial lenders, injecting liquidity back into the money market. NIGERIA OIL A Nigerian labour union that had called for the shutdown of all Exxon Mobil Corp facilities in the Niger Delta has suspended its strike at its Rivers state branch in the oil production hub, two union representatives said on Saturday. KENYA MARKETS The Kenyan shilling was steady against the dollar on Friday, helped by weak dollar demand from oil importers, traders said. KENYA POLITICS Police shot dead one person in northern Kenya''s Isiolo county after a political rally attended by President Uhuru Kenyatta at which supporters of rival political candidates for regional government positions clashed, police said. UGANDA MARKETS The Ugandan shilling was unchanged versus the dollar on Friday due to thin demand from energy and manufacturing firms. CONGO HEALTH/EBOLA A fourth person has likely died from Ebola in remote northeastern Democratic Republic of Congo, the World Health Organization said on Sunday, as the overall number of cases rose to 37 from 29. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/africa-factors-idUSL8N1IO07K'|'2017-05-22T12:19:00.000+03:00'
'4356c3ff13ffdbb78d0feaf5d3ff023cf3da6cca'|'China''s second-quarter GDP growth seen at around 6.8 percent - official think tank'|'SHANGHAI China''s economy will likely expand around 6.8 percent in the second quarter of 2017, the State Information Center said in an article published in the state-owned China Securities Journal on Saturday.The State Information Center is an official think tank affiliated with the National Development and Reform Commission, the country''s top economic planning agency.It forecast consumer inflation in the world''s second largest economy of around 1.4 percent and expected an increase of about 6.5 percent in producer price inflation in the second quarter from the same period a year earlier."Overall, China''s economy will remain stable but with a slightly slowing trend," the think tank said in the paper.China''s economy grew 6.9 percent in the first quarter from a year earlier, slightly faster than expected, supported by a government infrastructure spending spree and a housing market that has shown signs of overheating.The think tank said it had seen contradictions between government policies to fend off financial risks and reduce corporate finance costs."Strengthening financial regulations has weakened the effect of monetary policy to a certain extent," it said, suggesting that a prudent and neutral monetary policy may actually manifest itself as a tightening bias when implemented.The State Information Center also said that steady growth of the economy may be inhibited due to worsening labour and debt conditions amid deepening cuts in excess industrial capacity.China is aiming to expand its economy by around 6.5 percent this year, Premier Li Keqiang said during the annual meeting of parliament in March.(Reporting by Winni Zhou and John Ruwitch; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-gdp-idINKCN18G03U'|'2017-05-20T11:30:00.000+03:00'
'70a4020155766a3f0cf0291c610468e01224c1e7'|'Meet the Meyerowitzs: Hoffman, Stiller and Sandler seek highbrow laughs'|'Film News - Mon May 22, 2017 - 1:01am IST Meet the Meyerowitzs: Hoffman, Stiller and Sandler seek highbrow laughs left right   Photocall for the film ''The Meyerowitz Stories'' (New and Selected) in competition - Cannes, France. 21/05/2017. Cast members Adam Sandler (R), Ben Stiller (L) and Dustin Hoffman pose. REUTERS/Jean-Paul Pelissier 1/15 left right   Photocall for the film ''The Meyerowitz Stories'' (New and Selected) in competition - Cannes, France. 21/05/2017. Director Noah Baumbach, cast members Ben Stiller, Emma Thompson, Dustin Hoffman and Adam Sandler. REUTERS/Jean-Paul Pelissier 2/15 left right   News conference for the film ''The Meyerowitz Stories'' (New and Selected) in competition - Cannes, France. 21/05/2017. Cast members Ben Stiller and Dustin Hoffman react. REUTERS/Regis Duvignau 3/15 left right   Photocall for the film ''The Meyerowitz Stories'' (New and Selected) in competition - Cannes, France. 21/05/2017. Director Noah Baumbach (2ndR), cast members Ben Stiller, Dustin Hoffman, Emma Thompson and Adam Sandler pose.   4/15 left right   Photocall for the film ''The Meyerowitz Stories'' (New and Selected) in competition - Cannes, France. 21/05/2017. Director Noah Baumbach, cast members Ben Stiller, Emma Thompson, Dustin Hoffman and Adam Sandler pose.   5/15 left right   Photocall for the film ''The Meyerowitz Stories'' (New and Selected) in competition - Cannes, France. 21/05/2017. Cast member Dustin Hoffman takes a picture with a camera as he poses. REUTERS/Jean-Paul Pelissier 6/15 left right   Photocall for the film ''The Meyerowitz Stories'' (New and Selected) in competition - Cannes, France. 21/05/2017. Cast member Emma Thompson poses. REUTERS/Jean-Paul Pelissier 7/15 left right   Photocall for the film ''The Meyerowitz Stories'' (New and Selected) in competition - Cannes, France. 21/05/2017. Director Noah Baumbach (2ndL), cast members Adam Sandler, Emma Thompson, Dustin Hoffman and Ben Stiller. REUTERS/Jean-Paul Pelissier 8/15 left right   Photocall for the film ''The Meyerowitz Stories'' (New and Selected) in competition - Cannes, France. 21/05/2017. Cast member Dustin Hoffman poses.   9/15 left right   News conference for the film ''The Meyerowitz Stories'' (New and Selected) in competition - Cannes, France. 21/05/2017. Cast member Emma Thompson reacts. REUTERS/Regis Duvignau 10/15 left right   News conference for the film ''The Meyerowitz Stories'' (New and Selected) in competition - Cannes, France. 21/05/2017. Cast member Ben Stiller attends. REUTERS/Regis Duvignau 11/15 left right   News conference for the film ''The Meyerowitz Stories'' (New and Selected) in competition - Cannes, France. 21/05/2017. Cast member Emma Thompson jokes with Director Noah Baumbach. REUTERS/Regis Duvignau 12/15 left right   Photocall for the film ''The Meyerowitz Stories'' (New and Selected) in competition - Cannes, France. 21/05/2017. Cinema fans and reporters use thir mobile phones before the news conference.   13/15 left right   News conference for the film ''The Meyerowitz Stories'' (New and Selected) in competition - Cannes, France. 21/05/2017. Cast member Emma Thompson reacts. REUTERS/Regis Duvignau 14/15 left right   Photocall for the film ''The Meyerowitz Stories'' (New and Selected) in competition - Cannes, France. 21/05/2017. A French policeman stands guard as cinema fans on step ladders wait for arrivals. REUTERS/Stephane Mahe 15/15   Ben Stiller once again plays Dustin Hoffman''s son, this time alongside Adam Sandler in an intellectual comedy that Hoffman hopes audiences will find funny rather than just "interesting". "The Meyerowitz Stories", which screened at Cannes on Sunday, is written and directed by Noah Baumbach, whose dialogue-heavy New York movies are often compared to mid-career Woody Allen. This is no "Meet the Fockers". About the fractured relations between Hoffman''s four-times married almost-famous sculptor and his offspring, "Meyerowitz" is a long way from the knockabout 
'7a7e8c622b6c93f4a50687bfbe2a2296fb7330c8'|'Some euro zone banks "in denial" about bad loans - ECB''s Nouy'|'Central Banks   8:12am BST Some euro zone banks "in denial" about bad loans - ECB''s Nouy European Central Bank''s chief supervisor Daniele Nouy speaks during a banking conference in Lisbon, Portugal, May 17, 2016. REUTERS/Rafael Marchante FRANKFURT Some euro zone banks are "in denial" about their problems with unpaid loans, the European Central Bank''s chief supervisor has told a Finnish weekly. "In all euro area countries, there are ... banks that are not doing so well but are committed -- and bravely so -- to tackling their problems; and then others that are somewhat in denial and will have to change to improve," Daniele Nouy told Talousel<65>m<EFBFBD> in an interview published on Friday. She was responding to questions about a request for public help by Italy<6C>s Monte dei Paschi di Siena and apparent failures to clean up the banking sector in that country and in Germany. Struggling with a large and growing pile of bad loans, Monte Paschi has applied for a recapitalisation by the Italian state but the rescue has yet to be approved by European authorities. The ECB, as the euro zone''s top banking watchdog, set Monte Paschi''s capital shortfall at 8.8 billion euros in December but Nouy said earlier this week "additional discussions" about the bank''s losses were necessary. Monte Paschi''s Chairman Alessandro Falciai said on Wednesday he remained "greatly optimistic" over the outcome of the bank''s request. Spain''s Banco Popular is also struggling under the weight of 37 billion euros non-performing real estate loans but the country''s economy minister said on Thursday it should not expect to receive public funds. The Spanish bank is considering a merger instead. (Reporting by Francesco Canepa; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-banks-nouy-idUKKCN18F0KQ'|'2017-05-19T15:12:00.000+03:00'
'76ca3004ad4c16966f2952728af1ee18303bf518'|'Citigroup says UK PM May to win majority of 104-190 in June 8 election'|'Market News - Fri May 19, 2017 - 2:26am EDT Citigroup says UK PM May to win majority of 104-190 in June 8 election LONDON May 19 British Prime Minister Theresa May is likely to win a majority of 104-190 seats in the June 8 election, Citigroup said in a research note published on Friday. "Prime Minister Theresa May called early elections on 8 June to boost her mandate and win time to implement her version of ''hard-but-smooth'' Brexit," Citi said in the research note. "National polls, experts'' analyses and our own constituency-level simulations suggest that her bet should pay off." Citi added that it saw no signs that May was moving towards a so called "Singapore-upon-Thames" deregulated low-tax economic model. (Reporting by Guy Faulconbridge; editing by Michael Holden)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-election-citi-idUSL9N1HZ000'|'2017-05-19T14:26:00.000+03:00'
'270653bf90a88987d07c338600c300e72ac8eb72'|'Japan April exports rise again, trade surplus with U.S. narrows'|'By Minami Funakoshi - TOKYO TOKYO Japan''s exports rose in April to mark their fifth straight month of gains, as shipments of semiconductors and steel expanded, signalling that more robust overseas demand could underpin a steady economic recovery.Exports rose 7.5 percent in April from a year ago, below the median estimate of 7.8 percent annual growth, finance ministry data showed on Monday. It followed a 12.0 percent rise in March.The data also showed Japan''s trade surplus with the United States narrowed. Exports to the United States increased 2.6 percent in April from a year ago, gaining for the third straight month due to larger shipments of cars and auto parts. But Japan''s trade surplus with the United States fell 4.2 percent in April from a year ago to 586.7 billion yen ($5.27 billion).Japan''s exports are expected to continue rising as global economic growth gains momentum, but concerns about U.S. President Donald Trump''s pledges to adopt protectionist trade policies cloud the outlook for export-reliant Japan."Japan''s exports will continue growing, and imports will probably also rise as domestic production picks up," said Norio Miyagawa, senior economist at Mizuho Securities.The drop in Japan''s trade surplus with the United States, however, could take some pressure off Japan as it makes it more difficult for Trump to justify criticising Japan for its trade practices.Japan''s economy grew in the first quarter at the fastest rate in a year to mark the longest period of expansion in a decade, thanks to solid exports and a helpful boost from private consumption.In terms of volume, exports rose 4.1 percent in April from a year ago, the third consecutive month of gains, another sign of overseas demand picking up.Exports to China rose 14.8 percent on-year in April, the sixth straight month of gains, boosted by shipments of optical equipment, auto parts and steel.Japan''s exports to Asia rose 12.2 percent on-year in April, also posting the sixth straight month of gains on increased shipments of semiconductors.Imports surged 15.1 percent versus the median estimate for a 14.8 percent increase, rising for the fourth straight month on rising energy costs.The overall trade balance came to a surplus of 481.7 billion yen ($4.33 billion), versus the median estimate for a 521 billion yen surplus.($1 = 111.3700 yen)(Reporting by Minami Funakoshi; Editing by Chang-Ran Kim and Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/japan-economy-trade-idINKBN18I0BF'|'2017-05-22T12:08:00.000+03:00'
'6221f41ef3b815c20186692aa0b69e4cbe3eb3ef'|'TPP trade deal members agree to seek way forward without U.S.'|'Top News - Sun May 21, 2017 - 6:02pm BST U.S. and Pacific Rim countries at odds in heated trade meeting left right Japan''s Minister of Trade and Industry Hiroshige Seko adjusts his glasses as he attends a joint press conference held on the sideline of the Asia-Pacific Economic Cooperation (APEC)''s 23rd Ministers responsible for Trade Meeting being held in Hanoi, Vietnam May 21, 2017. Reuters/Hoang Dinh Nam/Pool 1/8 left right US Trade Representative Robert Lighthizer listens while attending a joint press conference held on the sideline of the APEC Ministers Responsible For Trade (APEC MRT 23) meeting in Hanoi, Vietnam, May 21, 2017. REUTERS/Hoang Dinh Nam/Pool 2/8 left right Vietnam''s Minister of Trade and Industry Tran Tuan Anh speaks during a press conference following the meeting TPP11, a gathering of Tran-Pacific Pact member countries, held on the sideline of the Asia-Pacific Economic Cooperation (APEC) Meeting being held in Hanoi on May 21, 2017. REUTERS/Hoang Dinh Nam/Pool 3/8 left right New Zealand''s Trade Minister Todd McClay (C) is mobbed by reporters at the end of the meeting TPP11 (gathering all Tran-Pacific Pact member countries except the United States) held on the sideline of the Asia-Pacific Economic Cooperation ( APEC) ''s 23rd Ministers responsible for Trade Meeting being held in Hanoi on May 21, 2017. REUTERS/Hoang Dinh Nam/Pool 4/8 left right Japan''s Minister in charge of TPP Nobuteru Ishihara (C) is mobbed by reporters as leaves after attending the meeting TPP11 (gathering all Tran-Pacific Pact member countries except the U.S.) held on the sideline of the Asia-Pacific Economic Cooperation (APEC) Ministers responsible for Trade Meeting being held in Hanoi on May 21, 2017. REUTERS/Hong Dinh Nam/Pool 5/8 left right Canada''s International Trade Minister Francois-Philippe Champagne speaks during an interview at the APEC Ministers Responsible For Trade (APEC MRT 23) meeting in Hanoi, Vietnam May 21, 2017. REUTERS/Kham 6/8 left right Australia''s Minister for Trade, Tourism and Investment Steven Ciobo (L) leaves after attending the TPP11 meeting, a gathering of Tran-Pacific Pact member countries, held on the sideline of the Asia-Pacific Economic Cooperation (APEC) meeting being held in Hanoi on May 21, 2017. REUTERS/Hoang Dinh Nam/Pool 7/8 left right Trade ministers attend a press conference during the APEC Ministers Responsible For Trade (APEC MRT 23) meeting in Hanoi, Vietnam May 21, 2017. REUTERS/Kham 8/8 By A. Ananthalakshmi and Mai Nguyen - HANOI HANOI Japan and other members of the Trans-Pacific Partnership agreed on Sunday to pursue their trade deal without the United States as the Trump administration''s <20>America First<73> policy created tension at a meeting of Asia-Pacific countries. Turmoil over global trade negotiations was laid bare at a meeting of the Asia-Pacific Economic Cooperation (APEC) forum, which failed to agree on its usual joint statement after U.S. opposition to wording on fighting protectionism. The meeting in Hanoi, Vietnam, was the biggest trade gathering since U.S. President Donald Trump upended the old order, arguing that multilateral free-trade agreements were costing American jobs and that he wanted to cut new deals. On the sidelines of the meeting, the 11 remaining countries of the TPP agreed to explore how they could move ahead without erstwhile leader the United States, partly in the hope that Washington would reconsider leaving. New U.S. Trade Representative Robert Lighthizer said there was no way back and he believed there would be a series of bilateral agreements with countries in the region. A statement from Lighthizer said that free trade required the tackling of "trade-distorting measures" that have led to "massive U.S. trade imbalances" in the region -- a possible reference to China''s trade surplus, which was nearly $350 billion in 2016. "I look forward to working with our trade partners to expand U.S. export market access and address persistent unfair trad
'1f6b4be2ea977120e224616b420d79da78a87819'|'How workable <20> and how expensive <20> might Labour<75>s renationalisations be? - Politics'|'Labour has outlined plans to bring the rail, water and energy supply industries back into public ownership. Royal Mail will also be nationalised as part of a manifesto pledge to reverse some of the high-profile privatisations pushed through by the Conservatives in the 1980s and 90s, and by the more recent coalition government. Shadow chancellor John McDonnell brushed aside concerns that it would be a step back to an era when nationalised industries were characterised by lack of investment, labour disputes and poor services. Nonetheless, questions remain.How much will it cost? Buying National Grid, which runs the UK<55>s energy transmission network, would cost <20>38bn based on its current capitalisation, though that includes its US business, which the government presumably wouldn<64>t want. The six power networks and four gas networks <20> separately owned entities that look after local power and gas <20> are valued at <20>60bn, but Labour has stressed any nationalisation programme for energy would be a gradual process.Nationalising 32 water companies in England and Wales will also be costly. The water regulator, Ofwat, puts the capital value of the industry at <20>69bn.For Royal Mail , Labour says it would acquire enough shares to restore majority public control. Buying 50.1% of it would mean an investment of just over <20>2.15bn at current share price.The rail industry will cost nothing, because track and station owner Network Rail is already state-owned. That leaves the train franchises, which the state just could take over when franchises lapse.Will it increase the public debt? Economists Jonathan Portes of King<6E>s College London and Tony Yates of Birmingham University jumped to McDonnell<6C>s defence when he said the policy wouldn<64>t add to Britain<69>s debt burden. Unlike the nationalisations of failing industries in the 1930s and 1940s, Railtrack in 2002 and the banks in 2008, Labour<75>s targets are thriving. It may seem like an accounting sleight of hand, but the cost of privatisation would be balanced by the value of the asset acquired.Any practical difficulties? Regional water franchises were sold, not leased, so Labour would need to buy out those shareholders. It would also need money to buy Royal Mail shares. Cash can be borrowed at ultra cheap rates on international money markets, though, and the government will then take the profit usually passed to shareholders.McDonnell says he would make shareholders trade shares for bonds: the government would still need to pay bondholders interest, but the profit margin would be shared with consumers. Imagine a privately owned water company has a 10% profit margin. If Whitehall lawyers managed to negotiate 5% annual interest on these bonds, consumers could get the remaining 5%, which the government would distribute through lower bills.Plans to renationalise energy transmission companies are less clear. The manifesto says Labour will <20>regain control of energy supply networks through the alteration of operator licence conditions, and transition to a publicly owned, decentralised energy system.<2E>This is likely to be a more organic process, whereby the government funds municipal networks that will take over the National Grid on an area-by-area basis. In addition, the government will support a new breed of local supplier to compete with the big six retailers of power that include Centrica, E.ON and EDF. This part is uncosted for now.Any long-term gains for us? Labour says it will <20>cut household bills by <20>220 a year<61>. But the process will be slow as the changes to a complex industry are negotiated. It could take control of the National Grid at huge cost. It could change the firm<72>s investment policies and promote renewable energy, but this would increase bills, not cut them. A move to municipal ownership of power lines and local generation could reduce bills, but only after much investment.Buying water companies and Royal Mail could realise a more immediate gain, but this could be 
'6a027cbac138327a66fa0ec74e8dad1b6f23bb62'|'BRIEF-Tender offer for Uniwheels'' shares to come through'|'Market News  14am EDT BRIEF-Tender offer for Uniwheels'' shares to come through May 22 UNIWHEELS AG * INVESTORS FILED ENTRIES FOR MORE THAN 9.3 MILLION SHARES OF UNIWHEELS AG IN THE TENDER OFFER, INFORMED ON MONDAY THE TENDERER, SUPERIOR INDUSTRIES INTERNATIONAL GERMANY AG * AS A RESULT, THE CONDITION OF ACHIEVING MORE THAN 75 PERCENT OF THE COMPANY''S SHARES, REPRESENTING MORE THAN 75 PERCENT OF VOTES OF UNIWHEELS BY THE TENDERER HAS BEEN MET'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL8N1IO3FT'|'2017-05-22T21:14:00.000+03:00'
'1f77be8b1fe4375bdf9147e4c89461bc2548e7f4'|'Celgene''s multiple sclerosis drug succeeds in late-stage trial'|'Health News - Mon May 22, 2017 - 8:58am EDT Celgene''s multiple sclerosis drug succeeds in late-stage trial Celgene Corp said its oral drug to treat relapsing multiple sclerosis met the main goal in a second late-stage study, bringing the U.S. biotech a step closer to launching a potential blockbuster. The drug, ozanimod, reduced annualized relapse rate in patients with relapsing multiple sclerosis, compared to Biogen Inc''s Avonex, the company said on Monday. However, Celgene said ozanimod was not statistically significant to Avonex in disability progression. Celgene''s shares were marginally down in premarket trading. Investors were focusing on whether the drug would show disability benefit over Avonex, Evercore ISI analyst Umer Raffat wrote in a note to clients on Monday. Ozanimod came Celgene''s way following its $7.2 billion acquisition of Receptos Inc in 2015. Celgene said on Monday it expected to file for U.S. marketing application by the end of this year. The company said in February that another late-stage study testing ozanimod in relapsing multiple sclerosis had succeeded. William Blair analyst John Sonnier had then estimated that the global commercial opportunity for relapsed multiple sclerosis could be over $25 billion by 2020. The U.S. biotechnology company is also testing Ozanimod in ulcerative colitis and Crohn''s disease, which Sonnier had projected to be a $15 billion market worldwide in 2020. (Reporting by Divya Grover in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-celgene-trials-idUSKBN18I1E5'|'2017-05-22T19:54:00.000+03:00'
'c301a44236d72f981180c65c1248bf3edab7cfa6'|'Britain''s EU ''no deal'' threat is genuine, says Brexit minister Davis'|'Money   8:13pm IST Britain''s EU ''no deal'' threat is genuine, says Brexit minister Davis Britain''s Secretary of State for Exiting the European Union David Davis arrives in Downing Street, London March 29, 2017. REUTERS/Hannah McKay/File photo LONDON Britain is prepared to walk away from divorce talks with the European Union without a deal, Brexit minister David Davis said on Sunday, but stressed that he thought an agreement was the most likely outcome. Talks will begin next month on untangling Britain''s relationship with the EU and forging a new trade deal after Britons voted last year to leave the 28-country bloc. Wary of some in the bloc who might want to see Britain punished for leaving, Prime Minister Theresa May has said that unless she gets the kind of deal she wants from Brussels, she will withdraw without any accord. The threat has been criticised by her political rivals ahead of a June 8 domestic election as creating unnecessary uncertainty for businesses and setting a potentially damaging tone for the talks. Davis said the threat was genuine and that Britain was prepared to see it through. "We don''t need to just look like we can walk away, we need to be able to walk away," he told the Sunday Times newspaper. "Under the circumstances, if that was necessary, we would be in a position to do it." In a separate interview, May told the Telegraph that she wanted past contributions to the bloc to be taken into account when working out one of the thorniest issues of the divorce: how much Britain should pay to Brussels when it leaves. "There is much debate about what the UK''s obligations might be, or indeed what our rights might be in terms of money being paid in the past. We would look at those, both rights and obligations," she said. Chief EU negotiator Michel Barnier told his Commission bosses the EU would focus on securing citizens'' rights, financial issues and borders, and that he hoped for a deal on these issues between October and December. If that timetable holds, the EU would be ready to start discussing the shape of its future trade relationship with Britain and a transition period leading to it between December 2017 and spring 2018. "There are plenty of people in the European Union who want this to succeed. There may be some who want it to fail," Davis said. "I''m of the view that the likeliest outcome is the outcome we are looking for." (Reporting by William James; editing by Richard Lough)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-davis-idINKBN18H0QP'|'2017-05-21T22:43:00.000+03:00'
'14cf7b56086ad2fb63031960e50cd74343b7cde4'|'Verisk Analytics enters into third amendment to second amended and restated credit agreement'|'May 19 Verisk Analytics Inc* On May 18, 2017, co entered into third amendment to second amended and restated credit agreement dated April 22, 2015* Third amendment provides for a one-year extension of maturity date in respect of revolving credit facility - SEC filing* All borrowings under credit facility shall continue to remain unsecured ( bit.ly/2rApLtA ) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-verisk-analytics-enters-into-third-idINFWN1IL0JR'|'2017-05-19T19:24:00.000+03:00'
'623c8cacf08892d83eb426e202a331332b5fa7e0'|'TSR receives offer to acquire outstanding shares of TSR common stock'|'May 19 TSR Inc* TSR receives offer to acquire outstanding shares of TSR common stock* Zeff Capital L.P., that owns about 7.2% of TSR''s stock, filed an amended schedule 13D with securities and exchange commission on May 18, 2017* Zeff Capital delivered letter to co indicating its interest in buying shares of stock not owned by it or its affiliates for $6.15 per share in cash* Zeff Capital in SEC filing reported it delivered letter to co indicating interest in buying all outstanding shares of co it doesn''t already own '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-tsr-receives-offer-to-acquire-outs-idINASA09QP2'|'2017-05-19T19:04:00.000+03:00'
'cc5d4197423c4246a3820a6817c109a331e28b87'|'U.S. official says nearly $110 bln worth of military deals inked with Saudi Arabia'|'Market News - Sat May 20, 2017 - 9:58am EDT U.S. official says nearly $110 bln worth of military deals inked with Saudi Arabia RIYADH May 20 The United States on Saturday announced military deals worth nearly $110 billion, during a visit by President Donald Trump to Saudi Arabia. A White House official said Trump and Secretary of State Rex Tillerson would attend the signing of a memorandum of intent on a package of defence equipment and services to bolster the security of the kingdom and the Gulf region in the face of Iranian threats. "This package demonstrates, in the clearest terms possible, the United States<65> commitment to our partnership with Saudi Arabia and our Gulf partners, while also expanding opportunities for American companies in the region, and supporting tens of thousands of new jobs in the U.S. defense industrial base," a statement said. (Reporting by Jeff Mason; writing by Sami Aboudi; editing by Andrew Roche)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trump-saudi-deals-idUSL2N1IM09F'|'2017-05-20T21:58:00.000+03:00'
'04fd3d6e9aac8a6d95daed0848cee19ee16f3d8c'|'Saudi Aramco CEO says to sign $50 billion of deals with U.S. companies'|'Market News   1:42am EDT Saudi Aramco CEO says to sign $50 billion of deals with U.S. companies RIYADH May 20 National oil giant Saudi Aramco expects to sign $50 billion of deals with U.S. companies on Saturday, part of a drive to diversify the kingdom''s economy beyond oil exports, Aramco''s chief executive Amin Nasser said on Saturday. Nasser was speaking at a conference of scores of senior U.S. and Saudi business executives, coinciding with the visit of U.S. President Donald Trump to Riyadh. He said 16 agreements with 11 companies would be signed, including memorandums of understanding for joint ventures. Officials said earlier that many of the agreements would flesh out previously announced plans. (Reporting by Reem Shamseddine and Katie Paul; Writing by Andrew Torchia)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/saudi-usa-trump-deals-idUSD5N19L01T'|'2017-05-20T13:42:00.000+03:00'
'c00d48a668bcb383db2467cebb6ebb0e30b49018'|'Picture perfect: how to make an art of your investments - Money'|'T his is the time of year when budding artists around the country are busy putting the finishing touches to their final degree showpieces, the fruits of their past few years of artistic labour. Starting today, Slade School of Fine Art in London and Falmouth University in Cornwall are among the art colleges running the first of about 100 graduation shows in coming months, presenting the latest <20>hot<6F> art produced by students.The annual BA and MA shows are a great place to pick up a piece of original artwork that you can enjoy looking at, but which could also turn out to be a savvy financial investment. You are also supporting promising young artists for whom it is incredibly important to make their first sale as they leave college and step out into the real world.It has never been easier to buy art. Over the past two decades a host of online sites selling contemporary art have sprung up <20> from small, online-only galleries to big auction houses such as Sotheby<62>s and Christie<69>s. An original piece can be snapped up for as little as <20>45, says Jane Eccles, who works as a programme manager for a utilities company and has amassed a personal collection of 59 pieces over the past three years.<2E>I work long hours and commute, and it<69>s really nice to get home and to be surrounded by beautiful works of art,<2C> she says. <20>I enjoy researching artists, and it<69>s nice to support emerging artists.<2E> Her taste has evolved over time, and she now buys pieces <20>that challenge me<6D>. She stresses that she buys for pleasure rather than monetary gain and has not sold any of them <20> although some of the work has gone up significantly in value.Those by painter Peter Kettle , recently voted in as a fellow for the Royal Society of Arts, has nearly tripled in value in the past four years. The piece Brecon Beacons 1 which Eccles bought in 2015 for <20>450 is now worth <20>1,200.Start with a small piece that you fall in love with. Follow your instinctAnother artist she has bought from is the Polish Bartosz Beda , who has been short-listed for several prizes and was selected for the 2012 Catlin Art Guide as the most promising emerging artist in the UK. His work ranges from painting to installation and animation. Paintings that sold for <20>500 in 2011 are now valued at around <20>3,500.Eccles also likes Orlanda Broom , whose smaller, lush paintings were priced at <20>200-<2D>300 at her Winchester degree show in 1997 and are now worth about <20>7,800. Other favourites are London artist Julia Blackshaw who exclusively <20>portrays the female form<72>, and Slade postgraduate Lindsay Mapes who has done a series of paintings on transparent silk and has been selected as one of 12 artists worldwide for a US documentary called Looking for Picasso.Eccles<65>s advice to would-be art buyers is: <20>Start with a small piece that you fall in love with. Follow your instinct. If you buy from an online gallery you can always return the work.<2E>Sarah Ryan, a former art teacher who set up New Blood Art in 2004 to represent emerging artists in the UK, advises buyers to look for <20>some sort of coherence, some kind of unique voice or recognisable style<6C>. She adds that artists who produce <20>work that<61>s a bit jarring or uncomfortable to look at are those that go on to be something special<61>.Ryan will spend the summer on the road, scouting for new talent at degree shows from Aberdeen to Aberystwyth, and has carved out a niche selling graduate art, with prices ranging anywhere from <20>175 up to <20>10,000. Delivery fees are capped at 5% of the value of the work which can be bought through interest-free loans, and returned within the first 14 days <20> although this doesn<73>t happen very often, she says.Facebook Twitter Pinterest Withdrawn, by Julia Blackshaw, is one of the works Jane Eccles has bought. Photograph: David Sillitoe for the Guardian <20>When I started there weren<65>t really any online galleries,<2C> she recalls. <20>I would go to degree shows and think <20> <20>gosh why aren<65>t people buying this?<3F>.<2E>But it has become a fiercely com
'f73ad5c01faa90e73fb7c8b56247421372e564ba'|'Cathay Pacific to cut another 200 jobs, taking total to 800-SCMP'|'Business News -  27am BST Cathay Pacific to cut another 200 jobs, taking total to 800-SCMP FILE PHOTO: Lined up banners are seen at a city check-in counter of Cathay Pacific Airways in downtown Hong Kong August 8, 2012. REUTERS/Bobby Yip/File Photo HONG KONG Hong Kong''s flagship carrier Cathay Pacific Airways Ltd ( 0293.HK ) plans to cut an additional 200 jobs on top of the 600 already announced as it seeks to return to profitability, the South China Morning Post reported on Tuesday. The report came a day after Cathay said it was slashing the 600 jobs at its head office, comprising 25 percent of management and 18 percent of non-managerial positions, its biggest headcount reduction in almost two decades. The 200 additional jobs to be cut would come from junior ranks before the conclusion of the massive restructuring at the end of this year, the newspaper said, quoting unnamed sources. Cathay did not immediately respond to a request for comment. The job cuts are the first step in a three-year reorganisation plan announced this year by the carrier. (Reporting by Anne Marie Roantree; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-cathay-pac-air-redundancies-idUKKBN18J01T'|'2017-05-23T08:27:00.000+03:00'
'9eb6da1b6c076759e7c3ffffb03df0b20030ddf2'|'CEOs of Target, ADM offer differing views on U.S. border tax at hearing'|'Money News - Tue May 23, 2017 - 11:06pm IST CEOs of Target, ADM offer differing views on U.S. border tax at hearing FILE PHOTO - A newly constructed Target store is shown in San Diego, California May 17, 2016. REUTERS/Mike Blake/File Photo By Ginger Gibson - WASHINGTON WASHINGTON The chief executive officers of two major American companies - retailer Target Corp and agribusiness Archer Daniels Midland Co - offered opposing views in a hearing before U.S. lawmakers on Tuesday on a proposed border adjustment tax. Target CEO Brian Cornell has been one of the most vocal opponents of the Republican-backed border adjustment tax and testified alongside Juan Luciano, president and CEO of ADM, who spoke in favor of the proposal. The border tax would imposes a tax on imports while providing a credit for exports and has been proposed by House Republicans as part of a larger tax code overhaul. Target is a big importer of goods, while ADM exports. House Speaker Paul Ryan argues the proposed border tax, which is estimated to garner $1 trillion, will not affect prices and will allow rate cuts for businesses while not creating deficits, but retailers warn that it could raise consumer prices as much as 15 percent. Cornell and Luciano took staunchly different positions on the tax. "Under the new border adjustment tax, American families <20> your constituents <20> would pay more so many multinational corporations can pay even less," Cornell told the committee. Luciano, on the other hand, argued that the tax would make American companies more competitive. "A competitive tax code will help us continue providing American-made food and feed to our customers in the United States and abroad in the face of robust and, from a tax perspective, ever strengthening competition from abroad," he said. The outlook for passage of the border tax - which drew staunch opposition from retailers - remains perilous, especially as key Senate Republicans and President Donald Trump have refused to endorse it. Several Republican members of the committee expressed concerns about the tax during the hearing that stretched more than three hours, including Republican Representative Jim Renacci who argued the proposal could hurt small businesses that rely on imports. Dimming the prospects more, lawmakers and lobbyists have begun to speculate that Congress will be unable to rally support for a sweeping tax code overhaul this year, and are beginning to look instead at cutting tax rates without broad reform. The committee heard from two additional supporters of the tax, including William Simon, the former CEO of Wal-Mart Stores Inc, who despite his past with a large retailer that opposes the tax, endorsed the measure. "We will see more good middle class jobs, a robust U.S. economy and an era of growth that will be led by a new industrial revolution," Simon said. Lawrence Lindsey, the former director of the National Economic Council under President George W. Bush, also supported the tax. Economist Kimberly Clausing, of Reed College, criticized the proposal, saying she disagrees with the argument by proponents that currency markets would prevent consumer prices from increasing. "This is an untested tax reform that is not ready for primetime," she said. (Reporting by Ginger Gibson; editing by Lisa Shumaker, Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-tax-border-idINKBN18J2KW'|'2017-05-24T01:36:00.000+03:00'
'8177790aec8cb7bc085c039e8a22bf5724772bc3'|'NMC Health, Ashmore, Dallah weighing bids for Saudia medical unit-sources'|'By Saeed Azhar , Tom Arnold and Stanley Carvalho - DUBAI/ABU DHABI DUBAI/ABU DHABI May 22 UAE health operator NMC Health, asset manager Ashmore Group and Dallah Health are separately considering bids for the Jeddah-based medical services business of Saudi Arabian Airlines (Saudia) which could fetch $500 million, sources familiar with the deal said.Saudia has sent out a request for proposals for the sale of the business through its financial adviser Jadwa Investment as it seeks to reduce non-core assets, they said.Other Saudi healthcare companies may look at the business as well as healthcare groups such as Saudi German Hospital and Dr. Sulaiman Al Habib Medical Group, sources told Reuters. The sources declined to be identified because details of the bidding process are not public.Conversations are at an early stage of the process and a final list of bidders will only emerge when first round bids are submitted, they said.After initial expressions of interest, Saudia is expected to shortlist three or four bidders for the process, one of the sources said.Saudia did not respond to a Reuters request for comment. Ashmore and NMC both declined to comment, while Dallah, Dr. Sulaiman Al Habib and Saudi German Hospital were not available to comment.NMC, among the beneficiaries from substantial growth in the region''s healthcare sector, has been seeking to expand in Gulf markets.Ashmore''s interest could be among the first of private equity companies to focus on Saudi Arabia''s privatisation programme, one of the world''s biggest, as the kingdom seeks to raise around $200 billion from the sale of stakes in everything from hospitals to airports.The kingdom is also listing oil company Saudi Aramco, which it expects will raise another $100 billion.Saudia Medical Services, the unit for sale, owns a major hospital in Jeddah and is seen as an attractive growth business in Saudi Arabia''s second biggest city after Riyadh.The business is a major healthcare provider to Saudia and a number of its group companies, providing outpatient services such as occupational and aviation medicine in Jeddah.Saudia has been spinning off some subsidiaries through stock market listings. It listed Saudi Airlines Catering in 2012. The sale of Jeddah medical business would be a complete exit, Reuters has reported, citing a source. Saudia, which named Jaan Albrecht as its new chief executive late last year, has been following a five-year strategy to make the airline profitable by 2020. (additional reporting by Alexander Cornwell; editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/saudi-healthcare-ma-idINL4N1IO2R1'|'2017-05-22T11:50:00.000+03:00'
'b2d44c53d3d1cb1e045e7c9231a86a56a3c9dca2'|'UPDATE 1-Boeing Co signs defense, commercial deals with Saudi Arabia'|'(Adds details, background, Quote: s)By Alexander CornwellDUBAI May 21 Boeing Co said on Sunday it had signed several defense and commercial deals with Saudi Arabia including for the sale of military and passenger aircraft during a visit by U.S. President Donald Trump to the kingdom.The announcement is the latest in tens of billions of dollars in deals signed between U.S. and Saudi firms since Trump arrived in Riyadh on Saturday.Boeing said Saudi Arabia has agreed to buy Chinook helicopters, associated support services and guided weapons systems, and intends to purchase P-8 surveillance aircraft.The total value of the deals or how many aircraft Saudi Arabia intends to buy was not given in the statement announcing the agreements.A Boeing spokesman declined to comment beyond the statement. The U.S State Department announced in December plans to sell Saudi Arabia CH-47F Chinook cargo helicopters and related equipment, training and support worth $3.51 billion.Saudi Arabia is seeking closer defense and commercial ties with the United States under Trump, as it seeks to develop its economy beyond oil and leads a coalition that is fighting a war in Yemen.<2E>These announcements reaffirm our commitment to the economic growth, prosperity and national security of both Saudi Arabia and the United States, helping to create or sustain thousands of jobs in our two countries,<2C> said Boeing Chief Executive Dennis Muilenburg.Boeing also said it would negotiate the sale of up to 16 widebody airplanes to Saudi Gulf Airlines which is based in the country''s east in Dammam.Boeing did not say which aircraft it was negotiating to sell to the privately-owned commercial airline. Saudi Gulf, which started operations last year, could not immediately be reached for comment.Boeing will also establish a joint venture with Saudi Arabia to provide "sustainment services for a wide range of military platforms," the statement said, whilst a separate joint venture would "provide support for both military and commercial helicopters." (Reporting by Alexander Cornwell Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trump-saudi-boeing-idUSL8N1IN0K3'|'2017-05-21T22:41:00.000+03:00'
'f10b4d1a92fd09ad6f1f95f23a2355709a83ea81'|'Audi resolve dispute with dealers in china - source'|'Sat May 20, 2017 - 12:53pm BST VW''s Audi strikes deal for China business The company logo of Volkswagen''s Audi AG premium unit is pictured on the hub caps of a car during the annual news conference in Ingolstadt March 11, 2008. REUTERS/Michael Dalder FRANKFURT German luxury carmaker Audi ( NSUG.DE ), a unit of Volkswagen ( VOWG_p.DE ), on Saturday said it had signed an agreement with its dealers in China regarding how it will do business in the world''s largest car market. Audi board member Dietmar Voggenreiter said the agreement with China''s FAW Group [SASACJ.UL], the FAW-Volkswagen joint venture and the Audi dealer council was a "strategic milestone for Audi''s business in China". Audi said the parties reached a "mutual understanding" that Audi models from a potential partnership between the carmaker and China''s SAIC Motor Corp Ltd ( 600104.SS ) would be sold through its existing dealer network in China. (Reporting by Christoph Steitz, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-audi-china-dealers-idUKKCN18G0DZ'|'2017-05-20T18:34:00.000+03:00'
'f42644666e9c7f2ccc7efeece13240ecfe5fc500'|'Shareholders take Akzo Nobel to court in effort to aid PPG takeover'|'Business  40am BST Shareholders take Akzo Nobel to court in effort to aid PPG takeover FILE PHOTO: AkzoNobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. REUTERS/Robin van Lonkhuijsen/United Photos/File Photo By Toby Sterling - AMSTERDAM AMSTERDAM Akzo Nobel shareholders angered by the Dutch paint maker''s rejection of a 26.3 billion euro (22.7 billion pounds) takeover offer from U.S. rival PPG Industries on Monday took their fight to an Amsterdam court. British hedge fund Elliott Advisors, with support from several long-term institutional investors, will try to convince judges at the Amsterdam Enterprise Chamber to order an investigation into possible mismanagement by Akzo''s board and force an extraordinary meeting of shareholders to vote on dismissing Chairman Antony Burgmans. As dozens of lawyers and journalists packed the courtroom for the hearing in the high-stakes corporate battle, PPG''s Chief Executive Michael McGarry shook hands with Burgmans. A ruling is expected within a week, soon enough for PPG to decide whether it wants to submit a formal bid to Dutch regulators without the support of Akzo''s board on June 1 or walk away for at least six months. Both sides face difficulties, however. Dutch lawyers say it will be tough for the shareholders to convince judges that Akzo''s corporate governance has been so poor as to warrant an investigation. Akzo, meanwhile, faces a potentially awkward public questioning of its reasons for rejecting PPG''s offer on May 8. Shares in Akzo opened nearly flat at 75.48 euros on Monday, well below PPG''s 96.75 euros per share offer made on April 20. Akzo has argued that the takeover would be bad for employees, that the companies'' cultures don''t mesh, that the deal faces antitrust risks, that the merger would be bad for the environment and that Akzo should remain Dutch in the country''s national interest. Those arguments have met with scepticism in some quarters. "PPG is an industrial company ... that has come with a serious proposal and I think Akzo has the duty, both to its shareholders and to its employees, to explain why it wants to go it alone," said Paul Koster, of Dutch shareholders'' association VEB. Akzo will also be questioned on its alternative to embracing PPG - a plan to sell a third of its operations and pay shareholders a hefty dividend. PPG, which will also answer questions at the hearing, must decide whether Akzo is worth pursuing, given the unusual company charter that provides the Dutch business with a powerful poison pill defence. Akzo''s charter gives shareholders the right to dismiss managers and also allows four members of the supervisory board, including Burgmans, to form a "foundation" that has the right to name new managers and other board members when the company faces a hostile takeover. "Shareholders can fire managers, but they can''t name the new ones. The Foundation can name new managers who are in favour of the old situation, so you get a vicious circle," said Bas Steins Bisschop, professor of corporate law at Maastricht University. In other words, PPG could be buying a company it can''t control. "The court will test whether that circle can be broken, and to do that it''s going to look closely at PPG''s intentions and the structure of its offer," Bisschop added. (Additional reporting by Bart Meijer; Editing by David Goodman and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-akzo-nobel-m-a-ppg-inds-idUKKBN18I005'|'2017-05-22T16:40:00.000+03:00'
'0bce1f0267143a115fa65151d08d83a4ff4ef632'|'Renault, Peugeot commit to raise orders from troubled parts maker: ministry'|'Autos - Sun May 21, 2017 - 1:04pm EDT Renault, Peugeot commit to raise orders from troubled parts maker: ministry left right A Renault logo covered with mud and dust is seen on a car in Paris, France, March 15, 2017. REUTERS/Gonzalo Fuentes 1/2 left right A logo of Peugeot car is seen during International Motor Show in Riga, Latvia, April 8, 2017. REUTERS/Ints Kalnins 2/2 PARIS French car makers Renault ( RENA.PA ) and Peugeot ( PEUP.PA ) have committed to increasing their orders from ailing components-maker GM&S Industry after their chief executives spoke with Economy Minister Bruno Le Maire, his ministry said on Sunday. The future of the company, which employs 277 people in central France and is facing liquidation, was a priority of President Emmanuel Macron''s new administration, a government spokesman said on Wednesday. Renault agreed to raise its orders by 5 million euros to 10 million while PSA committed to lifting its purchases by 2 million euros to 12 million, the ministry said in a statement. "These commitments will allow the firm in 2017 to reach a turnover close to 25 million euros, and make it possible for it to continue operations and pursue takeover discussions," it said. (Reporting by Sybille de La Hamaide; editing by Richard Lough) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-france-autos-idUSKBN18H0WP'|'2017-05-22T01:04:00.000+03:00'
'c420010bd000944d237128c252049b9f43e2f316'|'Heading to OPEC, UAE says backs output cut extension'|'Business News   6:10am BST Heading to OPEC, UAE says backs output cut extension FILE PHOTO: UAE Energy Minister Suhail bin Mohammed al-Mazroui talks to reporters during the 15th International Energy Forum Ministerial (IEF15) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina DUBAI The United Arab Emirates supports extending oil output cuts for another term, Energy Minister Suhail bin Mohammed al-Mazroui said on Tuesday, saying ahead of an OPEC meeting he was optimistic about meetings held between Saudi Arabia and Russia. "We are optimistic about the statements and the meetings held between the Saudi-Russian sides," he wrote. He said the previous extension had helped to balance the market and maintain average prices. The UAE supports "the extension of the agreement for another term," he said. (Reporting by Sylvia Westall, Editing by William Maclean)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-oil-opec-emirates-idUKKBN18J0JA'|'2017-05-23T13:10:00.000+03:00'
'225b83f289922ccb8521328d1696c91b72c25a74'|'looks like big gifts for the rich, big cuts for the poor'|'Trump''s budget: Big gifts for the rich, big cuts for the poor by Heather Long @byHeatherLong May 22, 2017: 9:04 PM ET Trump''s budget: Spends on defense, slashes safety nets President Trump''s first budget can be summed up like this: Big gifts for the rich, big cuts for the poor. He would give a lot more money to the defense industry and wealthy taxpayers, and he would pay for that with an unprecedented slashing of safety net programs for America''s poor. It''s a "tanks and tax cuts" budget. Mick Mulvaney, Trump''s budget director , spelled it out clearly for reporters on Monday. The largest savings in the budget come from these items: 1. Cuts to Medicaid ( Over $600 billion in the next decade) 2. Cuts to food stamps, known as SNAP ($193 billion over 10 years) 3. Cuts to student loans ($143 billion over 10 years) 4. Cuts to federal worker retirement programs ($63 billion over 10 years) Mulvaney probably should have added a fifth bullet: Disability programs also get a massive haircut. Advocates for the poor are stunned at the magnitude of the cuts. It''s a "reverse Robin Hood agenda," says the Center on Budget and Policy Priorities, a left-leaning think tank that is one of the top voices for low-income Americans in Washington. Which taxpayers benefit? The Trump administration is strongly defending this as a "taxpayer first" budget. But it''s a mystery whether a typical American family will be any better off under Trump. The White House has given out only a one-page outline of its tax plan. There''s so little detail that even tax policy experts can''t figure out if the middle class gains or loses. What is known so far is that the wealthy -- including Trump himself -- would likely pay a lot less in taxes . "The majority of the benefits go to high-income people," says Joe Rosenberg, a senior research associate at the Tax Policy Center, a nonpartisan think tank. All the top tax rates on businesses and individuals go down. He also eliminates the Obamacare surcharge on wealthy investors. Trump is giving rich investors (who earn over $200,000 a year) a tax break while half of America has nothing invested in the stock market, mostly because they don''t have extra money to invest. Arguably the biggest gift to the rich is eliminating the estate tax. Right now, it only applies to estates worth over $5.5 million, but Trump wants to get rid of it entirely. The estate tax is assessed when someone passes away and her heirs get the property. Passing on wealth from one generation to the next is one of the main drivers of inequality in America . Budget surprises even some on Wall Street Even some on Wall Street are surprised by this budget. "This is the centerpiece of the spending proposal -- cuts of nearly $1 trillion over 10 years in Medicaid, food stamps and other anti-poverty programs," says Greg Valliere, chief strategist at Horzion Investments who writes a daily take on politics. He predicts this budget will hit a "brick wall" in the US Senate. Senators know that these programs touch almost every part of the country. Nearly 1 in 5 Americans use Medicaid, and over 1 in 10 are on food stamps. A substantial number of people on government aid voted for Trump. CNNMoney met some of them in Kentucky . Seven of the top 10 states with the greatest proportion of their residents on food stamps went for Trump . The critical swing state of Florida was among them. In addition to food stamps, Trump also slashes Social Security Disability Insurance, a core program to help people who are physically unable to work, and Temporary Assistance to Needy Families, a key welfare program. Related: Trump voters want jobs. Not noise about Russia Trump thinks he can get a lot of people off welfare "We believe in the social safety net," Mulvaney told reporters Monday. He argued Trump can get millions of people off of government aid and back to work. "If you''re on food stamps and able-bodied, we need you to go to work," Mulvaney said. The main complaint from b
'c58286cef670e90fa72d7ae6bfb1b6718771011f'|'Italy sees Monte dei Paschi deal with EU in ''a matter of days'''|' 12pm BST Italy sees Monte dei Paschi deal with EU in ''a matter of days'' FILE PHOTO: A logo of Monte dei Paschi di Siena bank is seen on the ground in Siena, Italy, November 5, 2014. REUTERS/Giampiero Sposito/File Photo MILAN Monte dei Paschi di Siena ( BMPS.MI ) is close to reaching an agreement with the European Commission that will pave the way for a state bailout of Italy''s fourth biggest bank, a senior Italian treasury official said. Striking an accord "is a matter of days," the official, Fabrizio Pagani, told reporters on the sidelines of a conference. Pagani said that a deal to selle the bank''s non-performing loans repackaged as securities -- part of a restructuring plan for the lender that must be approved by European regulators to unlock state aid -- was also being finalised. (Reporting by Gianluca Semeraro, writing by Silvia Aloisi, editing by Valentina Za)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-italy-banks-monte-dei-paschi-idUKKBN18J1VL'|'2017-05-23T21:07:00.000+03:00'
'b50f853de61d3b85a565d31ff3884699ed43c4c8'|'Bain Capital raises $720 million for life sciences fund'|'By Carl O''Donnell Private equity firm Bain Capital LP said on Tuesday it had raised $720 million for its first investment fund focused exclusively on the life sciences sector.The fund will give Bain the ammunition to focus on targeted investments at a time when the life sciences industry seeks more capital to fund its expansion."We are excited by some of the long-term secular trends in the life sciences space," said Adam Koppel, a managing director at Bain Capital Life Sciences. "Big pharma is increasingly outsourcing R&D at the same time as many new technologies and treatments are being developed."Guided by a team of eight investment professionals, the new business will make investments of between $30 million and $70 million in public and private life sciences companies in areas ranging from medical devices to specialty pharmaceuticals to biotech.The fund will target companies at several key stages of their life cycle, including raising funds for clinical trials, scaling up after receiving regulatory approval for their products, or pursuing turnarounds.It will also partner with Bain Capital''s private equity funds to participate in leveraged buyouts.With the exception of its private equity investments, the fund will not usually seek a controlling stake in the companies it invests in, but it will aim for board representation in its portfolio companies."We are not going to be activist investors, we are going to be more like what they call ''constructivist'' investors who play an important role in companies'' strategic decisions," said Jeff Schwartz, also a managing director at Bain Capital Life Sciences.Bain Capital has already made two investments through the new fund, in publicly traded biotechnology company Dicerna Pharmaceuticals Inc ( DRNA.O ) and in privately held Solid Biosciences.Both are development-stage companies that are aiming to treat rare diseases, among other conditions.Based in Boston, Bain Capital is one of the largest alternative investment firms in the world, with around $75 billion of assets under management.It has made a number of major investments in various areas of healthcare, including contract researcher Quintiles, behavioral health facility operator Acadia Healthcare Co Inc, and drugmaker QuVa Pharma.(Reporting by Carl O''Donnell in New York; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-baincapital-lifesciencesfund-idINKBN18J1GV'|'2017-05-23T09:02:00.000+03:00'
'cbf0adb9c1be78d95535c177620b070e5203ad03'|'UDG Healthcare raises full-year outlook, eyes further deals'|'By Arathy S Nair and Justin George Varghese May 23 UDG Healthcare Plc could spend up to $600 million for acquisitions, its chief executive said, after the company raised its full-year earnings estimate as a recent acquisition helped prop up profit in the first half.The healthcare services provider on Tuesday reported a 19 percent jump in pretax profit for the first six months ended March 31, sending its shares up 6 percent to a record high of 812.50 pence."We''ve looked at acquisitions - small $20 million ones right up to $200-$300 million - and in total, the consideration we could use is $500-$600 million," Chief Executive Brendan McAtamney told Reuters.The Dublin-based company said strong performance at its recent acquisition, STEM Marketing - a provider of commercial, marketing and medical audits to pharmaceutical companies - helped boost profit in the first half.The company now expects a 15-18 percent increase in diluted earnings per share, on a constant currency basis, for the year ending September 2017.The group had earlier forecast a 13-16 percent growth in full-year EPS."With a much stronger-than-expected first half, tailwinds across its U.S. businesses building ... we think even this raised guidance looks quite conservative, and would expect consensus forecasts to increase by at least 2 percent," Liberum analyst Graham Doyle said.CEO McAtamney said UDG would look to acquire U.S.-focused businesses to strengthen its Sharp Packaging Services unit, which is engaged in contract packaging and clinical trial packaging services for the pharmaceutical and biotechnology industries.UDG, which traces its roots to a co-operative called the United Drug Chemical Co in Ireland, is also keen on bolstering its Ashfield operations in Japan through acquisitions, he said.UDG''s first-half profit stood at $52.9 million. Revenue for the period rose 8 percent to $578.9 million. (Reporting By Justin George Varghese and Arathy S Nair; Editing by Tenzin Pema and Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/udg-health-results-idINL4N1IP2OQ'|'2017-05-23T08:33:00.000+03:00'
'4c7ee7598ac2208a1d34e2ea9769a7ab2eb623dc'|'PPG request for Akzo Nobel extension under consideration: Dutch regulator'|'AMSTERDAM The Dutch financial markets regulator AFM confirmed on Tuesday that it has received a request from U.S. paint maker PPG Industries ( PPG.N ) to extend a filing deadline by which the American company must submit a formal offer for Dutch rival Akzo Nobel( AKZO.AS ).Earlier on Tuesday PPG Chief Executive Michael McGarry said that his company had asked the regulator to extend the deadline to June 14 at the earliest, rather than June 1.AFM spokesman Michiel Gosens said the case is "pretty unique" and will be heard by the country''s highest court for managerial law, in The Hague.(Reporting by Toby Sterling; Editing by David Goodman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-akzo-nobel-m-a-ppg-inds-regulator-idUSKBN18J1ZL'|'2017-05-23T17:46:00.000+03:00'
'865e9f3122181a6dd046688f3d451da26776c87f'|'China slaps hefty import duties on sugar in victory for domestic industry'|'Market News - Sun May 21, 2017 - 10:35pm EDT China slaps hefty import duties on sugar in victory for domestic industry BEIJING May 22 China said on Monday it will put hefty penalties on sugar imports in the first ruling to come out of a months-long anti-dumping probe, a victory for domestic sugar mills after years of lobbying. Beijing will levy an extra 45-percent duty on top of the current 50 percent duty for out-of-quota sugar imports for this fiscal year, according to a statement released by China''s Commerce Ministry. The anti-dumping duty will be reduced to 40 percent in the following year and then 35 percent in the year after that. (Reporting by Josephine Mason and Dominique Patton; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/china-sugar-imports-idUSB9N1IA00C'|'2017-05-22T10:35:00.000+03:00'
'3ceff17e0880f782441b085a761cf445287c949f'|'GE announces $15 billion of business deals with Saudi Arabia'|'  12:39pm BST GE announces $15 billion of business deals with Saudi Arabia left right Vice Chairman of General Electric, John Rice and Saudi Governor of Small & Medium Enterprises, Ghassan Ahmed Al Sulaiman pose for photos after signing their agreements at the Saudi-US CEO Forum 2017 ahead of the arrival of the U.S. President Donald Trump, in Riyadh, Saudi Arabia May 20, 2017. REUTERS/Hamad I Mohammed 1/2 left right Vice Chairman of General Electric, John Rice (C) speaks to media at the Saudi-US CEO Forum 2017 ahead of the arrival of the U.S. President Donald Trump, in Riyadh, Saudi Arabia May 20, 2017. REUTERS/Hamad I Mohammed 2/2 RIYADH U.S. technology and engineering conglomerate GE ( GE.N ) said on Saturday it had signed $15 billion (11.5 billion pounds) of business deals with Saudi Arabia as part of the kingdom''s drive to diversify its economy beyond oil. It came as dozens of senior U.S. business executives met Saudi counterparts at a conference     The agreements, which involve almost $7 billion of goods and services from GE itself, range from the power and healthcare sectors to the oil and gas industry and mining, GE said. Some of the deals are   which would require further agreements to materialise. Among the projects, GE will help make Saudi power generation more efficient and provide digital technology to the operations of oil firm Saudi Aramco, aiming to create $4 billion of annual productivity improvements at Aramco. It will cooperate in medical research and training. (Reporting by Andrew Torchia Editing by Jeremy Gaunt.)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-saudi-ge-idUKKCN18G0FL'|'2017-05-20T19:39:00.000+03:00'
'430c0467da0a7ea07587f75642e18ec53a2db754'|'UPDATE 1-Chile''s Ripley and Mexico''s Liverpool cancel merger'|'Market News - Fri May 19, 2017 - 7:11pm EDT UPDATE 1-Chile''s Ripley and Mexico''s Liverpool cancel merger (Adds quotes from both parties, context) SANTIAGO May 19 The planned acquisition of Chilean retailer Ripley by Mexican high-end department store chain Liverpool has been scrapped, Ripley said in a regulatory filing late Friday. "Ten months having passed since the announcement of the agreement, a series of geopolitical and economic changes in the countries and markets in which both parties operate have occurred, which brought this termination about," the company said. In July 2016, Liverpool said it agreed to acquire a majority stake in Ripley for 813 billion Chilean pesos ($1.2 billion), which represented a premium of about 25 percent on Ripley''s stock. While analysts considered the price high, they saw room for Liverpool to improve business operations and add value to its takeover target. The two parties set an April 30 deadline to close the deal, but later extended that deadline to June 15. Ripley said in the regulatory filing that the two companies would continue to evaluate "joint business opportunities in the future," though they would focus their efforts on their own projects for now. Max David, chairman of Liverpool, echoed Ripley''s sentiment in a statement sent shortly after the filing. "Economic events out of our control have kept us from bringing in Ripley at this time," he said, while also noting the interest in joint business opportunities in the future. (Reporting by Gram Slattery; Editing by Diane Craft and Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/puerto-liverpool-ripley-idUSL2N1IL1ZS'|'2017-05-20T07:11:00.000+03:00'
'19ae4c3f3cb839440861cb922897bf1e2e39b15c'|'U.S. regulators open probe into recall of nearly 1.7 million Hyundai, Kia vehicles'|'Autos - Sat May 20, 2017 - 9:47am BST U.S. regulators open probe into recall of nearly 1.7 million Hyundai, Kia vehicles left right FILE PHOTO - The logo of South Korean car manufacturer Hyundai is seen at a car dealer in Dietlikon, Switzerland October 11, 2016. REUTERS/Arnd Wiegmann/File Photo 1/2 left right The logo of Kia Motors is seen at the manufacturing plant in Pesqueria, on the outskirts of Monterrey, Mexico, April 3, 2016. REUTERS/Daniel Becerril/File Photo 2/2 SEOUL/WASHINGTON U.S. safety regulators have opened a formal investigation into the recall of nearly 1.7 million Hyundai Motor Co ( 005380.KS ) and affiliate Kia Motor Corp ( 000270.KS ) U.S. vehicles for engine problems, according to filings. Acting after a Korean whistleblower reported concerns to the U.S. auto safety agency last year, the U.S. National Highway Traffic Safety Administration said it would review the timeliness of the engine recalls and whether the recall campaigns covered enough vehicles. The agency could impose fines if it determines the recalls were not conducted properly. (Reporting by David Shepardson in WASHINGTON and Hyunjoo Jin in SEOUL, Editing by Soyoung Kim & Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hyundai-motor-recall-usa-idUKKCN18G098'|'2017-05-20T16:47:00.000+03:00'
'b0745631077a6a56c1c06748e856a505cf307cd5'|'Government may fund South African mine that would compete with Adani - Business'|'An Australian government agency is considering a multi-million dollar loan to a South African coal mine that would be in direct competition with the Adani Carmichael coal mine.The Export Finance and Insurance Corporation (Efic) is considering the loan to develop the Boikarabelo coal project in Limpopo Province, South Africa.The Boikarabelo mine has approval to extract 32m tonnes a year of raw coal, making it of similar size to some proposals in Australia<69>s Galilee Basin.With Efic<69>s help, the project could lead to the development of one of the biggest coalfields in the world, the Waterberg Basin, a resource of about 75bn tonnes.The proponent of the project, the South African-based Resource Generation Limited (Resgen), would use the resource to compete with Australian coal in international markets, particularly in India .John Hewson says $1bn loan to Adani the ''last thing'' Coalition should be doing Read moreIt would have the advantage of being much closer to India, saving a week of shipping time compared with Australia<69>s coal ports.A new report, African White Elephant: Should Australian taxpayers finance a South African coal mine? , has questioned the rationale of the Efic loan.The report, published by the progressive think-tank The Australia Institute and the Jubilee Australia Research Centre, asks why Australian taxpayers should help fund the project.<2E>The proponent company, Resgen, does not have strong links to Australia,<2C> it says.<2E>While listed on the Australian stock exchange, it is majority foreign-owned, with a South African CEO and mainly South African board. It appears to have no activities based in Australia. Its <20>Australian office<63> has a South African phone number.<2E>While Resgen<65>s links to Australia are minor, its South African coal would compete with Australian coal in international markets, particularly in India.<2E>The report says that while Efic can lend money to non-Australian projects so long as there are other benefits for Australian exporters, it wonders what those benefits will be in this case.Adani may be forced to revamp Carmichael coalmine clean-up plans Read moreIt has also questioned Efic<69>s capacity to assess environmental and social risks, given it has provided finance to some of the worst social and environmental catastrophes in the Asia-Pacific region, including the Ok Tedi Mine, the Porgera mine, and the Bougainville Panguna mine.<2E>South Africa<63>s mining industry has a poor record on accountability, human rights and environmental issues, raising the risk of Efic, an Australian government entity, being linked to these problems,<2C> it says.Rod Campbell, a research director at The Australia Institute, says that while the size of Efic<69>s potential loan is confidential, he estimates it would be between $50m and $100m, given the $530m financing the project requires.It would be much larger than Efic<69>s usual loans - in 2016-17, Efic has provided more than 50 loans worth a total of $150m , with one worth $85m, and the rest worth less than $10m and many less than $1m.Campbell has questioned the rationale for Efic<69>s potential loan, given the Australian government is also considering making a $1bn loan to the Adani Carmichael project , to help it sell coal to India.<2E>Developing a South African coal mine with Australian taxpayers<72> money is madness, no matter what side of Australia<69>s coal debate you are on,<2C> he said.<2E>At best the project fails and we lose our money, at worst it leads to increased greenhouse emissions and damages our own coal industry.<2E>In Queensland on Thursday, the prime minister, Malcolm Turnbull, said the Adani Carmichael project was <20>vitally important<6E> for Queensland<6E>s economy.<2E>Let<65>s be quite clear about this,<2C> he said. <20>If Australia stopped exporting coal to India, they<65>d simply buy it from another market. They<65>d buy it from Indonesia or they<65>d buy it from South Africa or Colombia.<2E>Topics Adani Group Coal South Africa Queensland India Fossil fuels news '|'theguardian.com'|'
'c6284c3d2f7e1500083d2821d2db752cb928c38d'|'India announces policy for strategic partnerships in defence - Reuters'|'MUMBAI India on Saturday finalised a policy that would allow local private companies to work with foreign players to make high-tech defence equipment, in a boost to Prime Minister Narendra Modi''s bid to cut reliance on imports.The policy, whose finer details are still to be formalised, will initially allow the entry of private companies into the manufacture of submarines, fighter aircrafts and armoured vehicles through foreign partnerships, a statement issued by the Defence Ministry said."In future, additional segments will be added," the statement said.Industry experts have said that delays in finalising procurement policies have undermined India''s efforts to get local, largely inexperienced, companies to tie up with foreign manufacturers, a necessary step if domestic firms are to utilise the latest technology.Prime Minister Modi has vowed to reverse India''s dependence on imports by building a local manufacturing industry. The government is forecast to spend $250 billion on modernisation of its armed forces over the next decade.The policy, announced on Saturday, would allow Indian companies to partner with global defence majors "to seek technology transfers and manufacturing know-how to set up domestic manufacturing infrastructure and supply chains," the statement said.Foreign manufacturers such as Lockheed Martin, Boeing, BAE Systems and Saab are looking to India as one of the biggest sources of future growth.(Reporting by Promit Mukherjee, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/india-defence-policy-idINKCN18G0GC'|'2017-05-20T10:02:00.000+03:00'
'd00049e53cf9794d4af3b1d9dad92b9604815ef9'|'Few celebrations as 10th anniversary of global crisis nears'|'  7:31pm BST Few celebrations as 10th anniversary of global crisis nears The Wall Street bull is seen in the financial district in New York, U.S., March 7, 2017. REUTERS/Brendan McDermid By William Schomberg - LONDON LONDON In May 2007, Ben Bernanke, then chair of the Federal Reserve, said the problems in the U.S. subprime mortgage market probably would not hurt the economy or the banking system. With the admittedly huge benefit of hindsight, that was a misjudgement of epic proportions. It has taken a full 10 years since the onset of the global financial crisis for the world economy to show clear signs of recovery, and even now progress remains halting. In the United States, the unemployment rate is at its lowest in a decade, but pay is growing only slowly and a string of recent economic data has been weaker than expected. In Europe and Japan, growth is picking up speed, prompting the European Central Bank and the Bank of Japan to start sending signals about eventually easing their economies off their huge stimulus programme. But in Europe, Greece''s debt crisis remains far from over, even if the rest of the euro zone might help clear the way for more relief at a meeting of finance ministers on Monday. And although France voted in a centrist leader rather than a far-right populist this month, new President Emmanuel Macron may struggle to command a majority in parliament after elections in June. Investors remain nervous too about the prospects for euro-sceptic parties in elections in Austria this year and in Italy by May next year. In Asia, China has smoothed trade tensions with the United States, at least for now, but the world''s second-biggest economy is still trying to reign in its shadow banking system. And while emerging economies may ride on the coattails of global growth, there are glaring exceptions such as recession-hit Brazil and South Africa which are both in the grip of political crises. Group of Seven finance ministers and central bank governors sounded only cautiously confident as they wrapped up a meeting on May 13 in Italy. "I think a light wind of optimism was blowing at Bari," Bank of France Governor Francois Villeroy de Galhau told reporters in the southern Italian port city. "But let''s be clear, it''s a light breeze not a powerful wind." The most pressing question for most of the G7 was how far   would go to remove the world''s biggest economy from trade deals, water down global banking rules or pump up the dollar by turbo-charging the economy. That was before media reports that Trump had tried to stop an investigation into ties between his former national security adviser and Russia. The crisis in Washington triggered a rout in financial markets as investors all but gave up hope of Trump pulling off his ambitious tax cuts and started to consider the odds - still low - of an impeachment process. Analysts at Nomura said Trump''s worsening fortunes might affect the plans of the Federal Reserve which is widely expected to raise interest rates again in June. "Although the Fed has not fully embedded fiscal policy into its thinking, we will be keenly watching for any updates from Fed speakers if they are dialling back fiscal stimulus drivers," Nomura said in a note to clients. Several Fed policymakers are due to speak over the coming days, and the U.S. central bank will publish minutes of its May meeting - which took place before the recent escalation of the crisis - on Wednesday. Trump himself is due to meet leaders of the other G7 economies in Taormina in southern Italy for a summit on Friday and Saturday, and is likely to come under pressure not to turn his back on the global approach to issues such as trade and climate change. On the data front, Friday brings the second reading of U.S. gross domestic product in the first quarter which is expected to be revised up from a preliminary estimate of annual growth of 0.7 percent, the weakest growth in three years but which many economists see as a blip. 
'3ff78991460ace854c3069c6360bcf74fe3cbf0f'|'Euronext expects London to lose euro clearing after Brexit'|'Business News - Fri May 19, 2017 - 3:25pm BST Euronext expects London to lose euro clearing after Brexit FILE PHOTO: New 20 Euro banknotes are presented at the Austrian national bank in Vienna February 24, 2015. REUTERS/Leonhard Foeger By Huw Jones - LONDON LONDON The European Union is expected to propose that clearing of euro denominated securities should be moved from London to the continent after Brexit, Euronext ( ENX.PA ) chief executive Stephane Boujnah said on Friday. The European Commission is due next month to propose a draft law on regulating foreign clearing houses, which stand between the two sides of a trade to ensure its orderly completion. "If the decision is taken to relocate clearing of euro denominated within the European Union, then clearly we will make sure it has the best impact for the Euronext market and Euronext players," Boujnah said during an earnings conference call. "I believe this option is likely to prevail." Rival London Stock Exchange''s ( LSE.L ) LCH clearing house clears most euro denominated interest swaps, a common derivative contract used by companies across the EU to insure themselves against adverse moves in borrowing costs. Industry bodies and policymakers in Britain have warned that a forced relocation of clearing would split pools of trading that currently offer efficiencies. A top European Central Bank official said on Thursday that euro zone central banks must consider "action" to maintain control of euro denominated clearing outside the EU after Brexit. Boujnah said 40 to 70 percent of trading in euro denominated assets is done in London and this will become an anomaly after Britain leaves the EU in 2019. "We should expect one way or the other to have relocation of a significant part of trading and clearing of euro denominated assets." Euronext said it was already helping its biggest customers, such as euro zone banks with operations in London, about what to do after Brexit. "Their expectations are that they will need to clear more business in the euro zone than previously," said Lee Hodgkinson, Euronext''s head of markets and global sales. (Editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-clearing-idUKKCN18F1OX'|'2017-05-19T22:16:00.000+03:00'
'04e51a867745700ec080b4e17618d8c37bfe4122'|'EU mergers and takeovers (May 19)'|'BRUSSELS May 19 The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS-- U.S. packaging company WestRock to acquire U.S. peer Multi Packaging Solutions (approved May 18)-- Italian cinema operator The Space Cinema, which is controlled by Vue International Holdco Ltd, and Italian peer UCI Italian S.p.A. which is part of Chinese conglomerate Dalian Wanda Group, to set up a joint venture (approved May 18)-- Investment companies TPG and Oaktree to take joint control over Britain''s Iona Energy Co, which owns 75 percent of two undeveloped oil fields in the North Sea and that will be active in crude oil production and sale (approved May 18)-- French aircraft engine and aerospace equipment company Safran and China Eastern Airlines Co. Ltd. to form joint venture to provide aircraft maintenance in China (approved May 18)-- Energy company Electricite de France, French state-owned bank Caisse des depots et consignations and Japan''s Mitsubishi Corporation to create a joint venture NGM to finance electric mobility projects mainly in France (approved May 18)NEW LISTINGS-- Chinese conglomerate HNA Holding Group Co to acquire Singapore-listed logistics company CWT (notified May 18/deadline June 27/simplified)-- Buyout firm Blackstone and Canada Pension Plan Investment Board (CPPIB) to acquire indirect joint control of U.S. educational content provider Ascend Learning (notified May 18/deadline June 27/simplified)EXTENSIONS AND OTHER CHANGESNoneFIRST-STAGE REVIEWS BY DEADLINEMAY 22-- Investment firms Cinven Capital Management and Canada Pension Plan Investment Board to acquire joint control of Travel Holdings Parent Corporation (notified April 10/deadline May 22)MAY 29-- French EDF to acquire equipment and fuel manufacturing company Areva (notified April 18/deadline May 29)MAY 30-- French media group Vivendi to acquire de facto sole control of Italy''s Telecom Italia (notified March 31/deadline extended to May 30 from May 12 after Vivendi offered concessions)MAY 31-- Manufacturing and technology company General Electric''s Oil & Gas to acquire oilfield services company Baker Hughes (notified April 20/deadline May 31)JUNE 1-- Waste water company SGAB and Spanish infrastructure company Acciona to acquire 10 percent of Sociedad Concesionaria de la Zona Regable del Canal de Navarra (notified April 21/deadline June 1/simplified)JUNE 2-- Australian bank Macquarie and British pension fund Universities Superannuation Scheme to acquire Green Investment Bank (notified April 24/deadline June 2/simplified)JUNE 7-- German company CWS-Boco, which is part of German firm Haniel, to acquire some of British support services firm Rentokil''s workwear and hygiene units (notified April 26/deadline June 7)JUNE 8-- German chemicals company Evonik Industries to acquire U.S. company J.M. Huber Corp''s silica business (notified April 27/deadline June 8)JUNE 9-- Private equity firm Hellman & Friedman to acquire Spanish logistics platform Allfunds Bank (notified April 28/deadline June 9/simplified)-- U.S. smartphone chipmaker Qualcomm to acquire Dutch companyr NXP Semiconductors NV (notified April 28/deadline June 9)-- Chinese textiles company Shanghai Shenda to acquire International Automotive Components Group''s trim and acoustics unit business (notified April 24/deadline June 9/simplified)JUNE 12-- American healthcare company Johnson & Johnson to acquire Swiss biotech company Actelion (notified April 12/deadline extended to June 12 from May 24 after the companies offered concessions)-- Norwegian debt collection agency Nordic Capital, which is majority owned by Nordic Capital Fund VIII and Swedish peer firm Intrum Justitia to merge (notified April 12/deadline extended to June 12 from May 24 after the companies offered concessions)JUNE 14-- Private equity firms BC Partners and Pollen Street Capital Ltd to jointly acquire UK bank Shawbrook Group plc (notified May 4/deadline June 14/simplified)JUNE 15-- U.S. 
'f58ce91106e40937a6a6f2b7c1e9a0a7f65399da'|'Brazil meatpacker JBS says executives to pay 225 mln-real fine'|'SAO PAULO May 18 Brazil''s JBS SA, the world''s largest meatpacker, said on Thursday that seven of its executives and its parent company J&F Investimentos had signed plea agreements with prosecutors regarding the country''s widest-ever corruption probe.In a securities filing on Thursday, JBS said the executives will pay a 225 million reais ($67 million) fine.($1 = 3.3685 reais) (Reporting by Tatiana Bautzer; Editing by Christian Plumb and Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brasil-corruption-jbs-filing-idUSE6N1H601W'|'2017-05-19T07:38:00.000+03:00'
'ea935ee723e7203ca119e3132350493dfb436889'|'UPDATE 1-JBS controlling shareholders sold nearly $100 mln in shares -filings'|'(Adds JBS treasury buying shares, plea bargain, CVM statement, background, bylines)By Bruno Federowski and Tatiana BautzerSAO PAULO May 18 JBS SA''s controlling shareholders sold shares in the meatpacker worth 329 million reais ($98 million) in April, according to securities filings, after JBS''s top two executives had secretly begun negotiating a plea-bargain deal with prosecutors.Testimony by Chairman Joesley Batista and his brother, Chief Executive Wesley Batista, about Brazil President Michel Temer allegedly condoning the payment of bribes as part of that deal roiled Brazilian financial markets on Thursday, sending JBS shares 9.7 percent lower.The shareholders that sold the JBS stock from April 20-28 are among the vehicles through which the billionaire Batista brothers control the meatpacker, the world''s largest.JBS''s corporate treasury acquired 200 million reais in stock from April 24-27. Neither the JBS treasury nor the company''s controlling shareholders had bought or sold shares over the prior year before April, according to the filings last week.The share sales, originally reported by news website Brazil Journal on Thursday, represented 2.6 pct of stock held by JBS''s controlling shareholders at the beginning of April.JBS declined to comment. J&F Investimentos, the Batistas'' main holding company, did not respond to a request for comment. Brazilian market regulator CVM did not immediately return a call seeking comment.Earlier on Thursday, CVM said it was analyzing "facts related to the corruption probe ... involving listed companies."The JBS chairman recorded a conversation in which he and Temer allegedly discussed making illegal payments to jailed former House Speaker Eduardo Cunha to keep him from testifying about corruption in March, according to a source familiar with the matter. Later that month the brothers started negotiating the plea bargain deal in the same month, the source said.($1 = 3.37 reais) (Reporting by Bruno Federowski and Tatiana Bautzer; Additional reporting by Brad Brooks; Writing by Christian Plumb; Editing by Brad Haynes and Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-jbs-stocks-idINL2N1IK2O4'|'2017-05-18T21:28:00.000+03:00'
'22b86c550bf8b3d02a66a7040fab8365defa681f'|'RBS tries for last-minute settlement before investor court case - sources'|'By Andrew MacAskill and Lawrence White - LONDON LONDON Royal Bank of Scotland is close to settling a costly and potentially embarrassing case alleging it misled shareholders during a 12 billion pound ($16 billion) fundraising at the height of the financial crisis, sources familiar with the talks said on Monday.The state-owned British bank is in talks to settle with a group of investors to end legal proceedings that started five years ago and have been unprecedented in English legal history for their size and complexity.Some large shareholders want to settle, meaning smaller retail investors would struggle to fund the legal fees needed for the case to proceed, sources involved in the group said."It is going to be hard for us to keep going," said one source, who asked not to be identified.RBS, and the RBoS shareholder action group which represents around 9,000 private investors and 20 larger institutional claimants, declined to comment.Trevor Hemmings, a multimillionaire businessman whom Reuters previously reported is one of the main financial backers of the claim, is advocating accepting the settlement offer according to two sources with knowledge of the situation.A spokesman for Hemmings declined to comment on Monday.The civil trial brought by the investors was due to open at the High Court in London on Monday but was adjourned for a day to allow the settlement talks to continue.The plaintiffs allege former executives gave a misleading picture of the bank''s financial health ahead of the cash call in 2008. Months after the cash call, RBS had to be rescued by the government with a 45.8 billion pound bailout.RBS, which remains more than 70 percent state-owned, denies any wrongdoing over the 2008 rights issue and says its former bosses did not act illegally.Jonathan Nash, a lawyer representing the claimants, appealed in court for an adjournment saying the two parties were in settlement talks and wanted longer to strike a deal."We are involved in settlement discussions and we are hopeful of making progress," Nash said.The sources said RBS Chief Executive Ross McEwan was directly involved in talks over the weekend and that the bank had offered more than 80 pence for each RBS share held, though it was not clear if any investors have accepted the offer.A settlement at that price would cost RBS "in the tens of millions of pounds", a third source familiar with the matter said.The bank has settled with 87 percent of the investors who originally brought the case but the others have so far rejected its offers and say they were determined to go to court.By doubling the amount on offer, RBS is close to a sum the remaining investors would accept, one of the sources said, indicating that they might settle if RBS raises its offer to 100 pence per share.That represents half of the 200 pence per share investors paid at the time of the rights issue.The outstanding group represents about 9,000 retail shareholders and 20 institutional investors. The large investors include U.S. bank Wells Fargo, the Boeing pension fund, Bank of America Merrill Lynch and local British council pension funds.(Editing by David Goodman/David Clarke/Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/court-rbs-investors-offer-idINKBN18I0QY'|'2017-05-22T05:56:00.000+03:00'
'78202c2ba11e77eb460de0820256d59b2ee9149c'|'Airbus appoints independent compliance review panel amid probes'|'Business News - Mon May 22, 2017 - 3:29am EDT Airbus hires outside monitors amid fraud investigations FILE PHOTO: The logo of Airbus Group is seen on the company''s headquarters building in Toulouse, Southwestern France, April 18, 2017. REUTERS/Regis Duvignau/File Photo By Tim Hepher - PARIS PARIS Airbus ( AIR.PA ) has appointed an independent review panel including two former ministers to oversee its anti-corruption practices after Britain and France launched fraud and bribery investigations into the sale of jetliners. The European airplane maker said on Monday the three advisers, who include former German finance minister Theo Waigel and former French European affairs minister Noelle Lenoir, will report to Chief Executive Tom Enders and the board. Airbus is in the midst of a sweeping compliance shake-up after acknowledging making flawed applications for export credit support from Britain for commercial jets. Britain''s Serious Fraud Office (SFO) launched a bribery and fraud investigation last year after Airbus notified it of misstatements and omissions in its past declarations on the use of middlemen, while applying for export credits. France followed suit with a similar investigation earlier this year and authorities in the two countries have said they will cooperate in the inquiries, the most far-reaching to target the 47-year-old company''s civil activities. Airbus, which also faces an investigation into fighter sales in Austria where it has called recent allegations unfounded, has pledged to cooperate with all ongoing investigations. The independent panel will have access to all areas of the company and take a "hard look" at its systems and culture, Enders said in a statement. The decision to appoint an external panel was voluntary, Airbus said, though legal experts say it will have been done only after consulting UK and French prosecutors. The costly decision to bring in monitors appears designed to strengthen Airbus''s chances of winning a deferred prosecution agreement with the SFO and also in France, where such bargains are now possible under a recent anti-corruption law. In its 2016 annual report, Airbus said it may have to "modify its business practices and compliance program and/or have a compliance monitor imposed on it" due to the investigations. A deferred prosecution agreement involves a prosecution being launched and immediately suspended in return for stringent compliance actions, and can also involve a financial settlement. UK engineering firm Rolls-Royce ( RR.L ) agreed in January to submit to external monitoring and pay 671 million pounds ($872 million) as part of fraud settlements in Brazil, the United Kingdom and the United States. The third member of the new Airbus monitoring panel, UK lawyer and House of Lords member David Gold, reviewed Rolls-Royce''s anti-corruption policies following bribery allegations. (Editing by Sudip Kar-Gupta and David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-airbus-ethics-idUSKBN18I0K6'|'2017-05-22T14:25:00.000+03:00'
'f81ea75cbfabc86fe0b6faf9634ed085d94bf19c'|'Tech, banks keep European stocks afloat'|'Top  00am BST Tech, banks keep European stocks afloat Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 18, 2017. REUTERS/Staff/Remote LONDON Nokia shares jumped more than 6 percent to their highest levels in more than a year and were a standout in an otherwise sluggish open on European stock markets on Tuesday. The pan-European STOXX 600 index was little changed in early deals with mining stocks weaker as metals prices slipped. Germany''s DAX rose 0.2 percent while euro zone bluechips were up 0.3 percent. European tech firms were the standout performers, with the sector up nearly 1 percent after shares in Nokia jumped more than 6 percent to their highest level since February 2016 after settling a patent dispute with Apple. Basic resources shares retreated. BHP Billiton, Rio Tinto and Anglo American all fell 0.9 percent to 1.2 percent as the price of copper edged lower. [MET/L] In the UK, the FTSE 100 was up 0.1 percent, hovering close to record highs, as a weaker sterling continued to underpin gains in the exporter-heavy index. Campaigning ahead of the June 8 general election was suspended after at least 22 people, including some children, were killed in suicide attack in Manchester overnight. There was little direct market impact seen from the attack though shares of theme park operator Merlin Entertainments were off more than 1 percent and the top losers on the FTSE. (Reporting by Kit Rees, Editing by Vikram Subhedar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN18J0X0'|'2017-05-23T16:00:00.000+03:00'
'b2fd2af1171ddfb08282f91cb7ecd5def7640475'|'Russia''s Sberbank lends $1.9 bln to Veon''s subsidiary'|'Bonds News - Mon May 22, 2017 - 2:18am EDT Russia''s Sberbank lends $1.9 bln to Veon''s subsidiary MOSCOW May 22 Russia''s largest lender Sberbank has issued a five-year loan worth 110 billion roubles ($1.9 billion) to VimpelCom Holdings B.V., a subsidiary of Amsterdam-based mobile network operator Veon Ltd, they said on Monday. Veon, previously known as VimpelCom, said in a statement the loan would refinance the existing loans provided by Sberbank to its Russian business and would provide additional funds for general corporate purposes. "The agreement to enter into a new term loan is an important further step in continuing Veon''s strategy to centralise debt at the holding level, thus improving the capital structure of the Group," Andrew Davies, Veon''s Chief Financial Officer, said in the statement. ($1 = 56.5820 roubles) (Reporting by Kira Zavyalova; writing by Polina Devitt; editing by Dmitry Solovyov)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/russia-sberbank-vimpelcom-idUSL8N1IO0K4'|'2017-05-22T14:18:00.000+03:00'
'1f2af36e351676f656e3a710004f4a184bec66d7'|'Chemicals groups Huntsman, Clariant set to announce merger - sources'|'Business News - Sun May 21, 2017 - 11:57pm BST Chemicals groups Huntsman, Clariant set to announce merger - sources Hunstman Corp ( HUN.N ) and Clariant AG ( CLN.S ) are set to announce their merger on Monday, creating a chemical manufacturer with a market value of more than $14 billion, people familiar with the matter said on Sunday. The Wall Street Journal reported earlier on Sunday, citing sources, that Clariant shareholders stood to own about 52 percent of the combined company following the merger, with Huntsman shareholders owning the remainder. The newspaper added that Huntsman Chief Executive Peter Huntsman would become CEO of the combined company, while Clariant CEO Hariolf Kottmann would become chairman, with board representation evenly split. The sources asked not to be identified because the negotiations are confidential. A Huntsman spokesman declined to comment, while Clariant did not immediately respond to a request for comment. (Reporting by Greg Roumeliotis in New York; Editing by Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-clariant-m-a-hunstman-idUKKBN18H14F'|'2017-05-22T06:57:00.000+03:00'
'69c3ea6aac3a39853f6c2779fbbee73fc363f291'|'Asian stocks set to drift higher on U.S. cues; dollar weak'|'By Hilary Russ - NEW YORK NEW YORK The euro surged to a more than six-month high on Monday after German Chancellor Angela Merkel said it was "too weak," while oil prices were bolstered by expectations that top exporters will extend supply curbs this week.A one-month high for oil futures LCOc1 on hopes of a supply cut by the Organization of the Petroleum Exporting Countries helped Asian shares to their best session in weeks.U.S. crude CLcv1 rose 0.61 percent to $50.98 per barrel and Brent LCOcv1 was at $53.80, up 0.35 percent on the day.European shares struggled to maintain momentum, but the U.S. stock market gained, lifted by defense and tech stocks, after U.S. President Donald Trump announced arms deals of up to $350 billion with Saudi Arabia over the weekend. [.N]The Dow Jones Industrial Average .DJI rose 68.11 points, or 0.33 percent, to 20,872.95, the S&P 500 .SPX gained 8.04 points, or 0.34 percent, to 2,389.77 and the Nasdaq Composite .IXIC added 33.64 points, or 0.55 percent, to 6,117.35.The pan-European FTSEurofirst 300 index .FTEU3 lost 0.09 percent and MSCI''s gauge of stocks across the globe .MIWD PUS gained 0.43 percent.MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 1.05 percent higher, while Japan''s Nikkei .N225 rose 0.45 percent.Currency markets flipped 180 degrees as Merkel, during a trip to a Berlin school, made a surprise reference to the euro being weak because of the European Central Bank''s ultra-low interest rates and money printing program.Until that point, the single currency EUR= had been in the red, but the comments saw it swiftly climb to a six-month high $1.1250 and bring the morning''s rebound in the dollar to an abrupt halt. The euro was last up 0.22 percent at $1.1229."The thing with euro/dollar is that you have quite a positive mood on the euro at the moment," said ABN Amro FX strategist Georgette Boele. "And when Merkel makes comments that the euro is probably too low then this is taken as another positive reason to push it higher."Sterling GBP= was also in the firing line, last trading at $1.3002, down 0.25 percent on the day, as polls showed the country''s election race tightening. Britain''s chief Brexit negotiator again threatened to walk away from EU exit talks unless the bloc eased its demands."Last week was all about U.S. uncertainty but we have had a reminder that Europe still has plenty of uncertainty too," said Alvin Tan at Societe Generale.Against a basket of currencies, the dollar opened higher after closing lower on Friday, when it had its largest weekly drop since April 2016. But on Monday, it quickly lost steam, falling back to low levels where it was trading in November. The dollar index .DXY fell 0.15 percent.U.S. Treasury yields were little changed as selling tied to this week''s government and corporate bond supply offset safe-haven bids underpinned by worries about investigations into possible links between Trump''s campaign officials and Russia.The benchmark 10-year Treasury yield US10YT=RR was last at 2.245 percent.Spot gold XAU= added 0.4 percent to $1,259.47 an ounce. U.S. gold futures GCcv1 gained 0.52 percent to $1,260.10 an ounce.For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets(Additional reporting by Marc Jones in London, Tanya Agrawal in Bengaluru, and Richard Leong in New York; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-global-markets-idINKBN18I01A'|'2017-05-21T22:45:00.000+03:00'
'ca046599c3453589cb3587f1ebc0d16793b205f6'|'Saudi says all ''on board'' to extend oil cuts for nine months - Bloomberg'|'  11:41am BST Saudi says all ''on board'' to extend oil cuts for nine months - Bloomberg left right Saudi Energy Minister Khalid al-Falih speaks to media at the Saudi-US CEO Forum 2017 ahead of the arrival of the U.S. President Donald Trump, in Riyadh, Saudi Arabia May 20, 2017. REUTERS/Hamad I Mohammed 1/2 left right Saudi Energy Minister Khalid al-Falih arrives to attend the Saudi-US CEO Forum 2017, ahead of the arrival of the U.S. President Donald Trump, in Riyadh, Saudi Arabia May 20, 2017. REUTERS/Hamad I Mohammed 2/2 DUBAI Saudi Arabia''s energy minister said on Saturday all oil producers were in agreement to extend crude output cuts by nine months, Bloomberg Television reported. "We think we have everybody on board," Khalid al-Falih said in an interview with the channel in Riyadh. "Everybody I''ve talked to indicated that nine months was a wise decision." (Writing by Sylvia Westall, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opec-saudi-idUKKCN18G0E3'|'2017-05-20T18:41:00.000+03:00'
'e8f39aef27e2c5722ca6d13a22d46388cdede54b'|'India''s top bank SBI Q4 net profit jumps but outlook clouded after units'' merger'|'Asia - Sat May 20, 2017 - 9:03am IST Top bank SBI fourth-quarter profit jumps but outlook clouded after units'' merger left right The new logo of State Bank of India (SBI) is pictured at the podium of the venue of a news conference after the announcement of SBI''s fourth quarter results, in Kolkata, India May 19, 2017. REUTERS/Rupak De Chowdhuri 1/3 left right People queue outside an ATM of State Bank of India (SBI) to withdraw money in Kolkata, November 22, 2016. REUTERS/Rupak De Chowdhuri/Files 2/3 left right State Bank of India (SBI) Chair Arundhati Bhattacharya smiles during a product launch in Mumbai, January 15, 2016. REUTERS/Shailesh Andrade/Files 3/3 By Devidutta Tripathy - MUMBAI MUMBAI State Bank of India reported its highest profit in six quarters on lower provisions for bad loans last quarter, but investors were wary about the outlook for its asset quality after the amalgamation of its five subsidiary banks from April. SBI, which accounts for more than a fifth of India''s banking assets, merged its five subsidiary banks with itself and also took over a niche lender to women from April 1, in the sector''s first consolidation move. The bank on Friday reported standalone net profit, not including contributions from subsidiaries, more than doubled from a year earlier to 28.15 billion rupees ($433.5 million) for its fiscal fourth quarter to March 31. While the profit surge was in line with expectations, SBI surprised the market with lowering of its bad-loan ratio on a quarter-on-quarter basis. However, including the results of the subsidiary banks it has now taken over, the bank reported a consolidated net loss of about 33 billion rupees in the March quarter, stoking concerns that higher bad-loan ratio at the subsidiaries could weigh on the overall balance sheet. It also guided for a jump in a "watch list" of potential trouble loans to 324.27 billion rupees to account for the consolidated entity beginning April 1, compared with 133 billion rupees for the parent bank. SBI Chairman Arundhati Bhattacharya told a news conference that the bank had already taken the "maximum amount of pain" regarding the merger of the subsidiaries and made complete provisions wherever required, although she expected overall provisioning costs to remain "elevated" in the year to March 2018. "The near term, there might still be a little more pain ... Slightly longer-term, things are definitely on the upswing," said Bhattacharya. Faster resolution of a record $150 billion of soured assets in India''s banking sector is a key focus for Prime Minister Narendra Modi''s government, which owns majority stakes in 20-plus lenders that dominate the sector. This month, the government tweaked its laws, giving the central bank greater power to identify and enforce resolution on specific soured loans. For the three months to March, SBI''s provisions for bad loans fell 9.4 percent from a year earlier to 109.93 billion rupees for the parent bank. Gross bad loans as a percentage of total loans fell to 6.9 percent in March from 7.23 percent in December, although rose on an absolute basis to 1.12 trillion rupees. Investec Securities said in a note after the results that the parent bank''s profit beat estimates but called the consolidated loss of 33 billion rupees a massive miss. It said the results reflected its concerns of weak profitability at the merged bank, retaining its "hold" rating on the stock. "We continue to believe that the RoEs of the consolidated bank will remain below 8-9 percent which is reflected in the current valuations," the brokerage said. Shares in SBI rose as much as 4 percent after the results, but pared some gains to close 1.7 percent up in a flat Mumbai market. ($1 = 64.9400 rupees) (Reporting by Devidutta Tripathy; Additional reporting by Patturaja Murugaboopathy in Bengaluru and Sankalp Phartiyal in Mumbai; Editing by Muralikumar Anantharaman and David Evans)'|'reuters.com'|'http://feeds.reuters.com/re
'5a539cc900344d9ea820680838e32c16cb5f4094'|'PPG request for Akzo Nobel extension under consideration - Dutch regulator'|' 35pm BST PPG request for Akzo Nobel extension under consideration - Dutch regulator FILE PHOTO: Cans of Dulux paint, an Akzo Nobel brand, are seen on the shelves of a hardware store near Manchester, Britain, April 24, 2017. REUTERS/Phil Noble/File Photo AMSTERDAM The Dutch financial markets regulator AFM confirmed on Tuesday that it has received a request from U.S. paint maker PPG Industries ( PPG.N ) to extend a filing deadline by which the American company must submit a formal offer for Dutch rival Akzo Nobel( AKZO.AS ). Earlier on Tuesday PPG Chief Executive Michael McGarry said that his company had asked the regulator to extend the deadline to June 14 at the earliest, rather than June 1. AFM spokesman Michiel Gosens said the case is "pretty unique" and will be heard by the country''s highest court for managerial law, in The Hague. (Reporting by Toby Sterling; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-akzo-nobel-m-a-ppg-inds-regulator-idUKKBN18J1YN'|'2017-05-23T21:35:00.000+03:00'
'dbe99fe0063c408eb9f85c178fb39ccaa6e427ad'|'Ryanair CEO says he believes ''hard Brexit'' is inevitable'|'Business News   6:13pm BST Ryanair CEO says he believes ''hard Brexit'' is inevitable Ryanair Chief Executive Officer Michael O''Leary attends a Ryanair press conference in Dublin, Ireland April 12, 2016. REUTERS/Clodagh Kilcoyne BRUSSELS Ryanair Chief Executive Michael O''Leary said he believed that a "hard Brexit" is inevitable, adding that in the worst case scenario he could redeploy the airline''s entire British fleet. "There will be no soft Brexit, there will be a hard Brexit," O''Leary told journalists at a news conference in Brussels. "The British have no Plan B." The worst case scenario could see a total breakdown of flights between the United Kingdom and the European Union, which would force Ryanair to redeploy up to 40 planes from Britain to EU countries, he said. (Reporting by Julia Fioretti; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-ryanair-idUKKBN18J2J4'|'2017-05-24T01:13:00.000+03:00'
'e7d852da803ec7b218a3cca4bd001f00f243a2ce'|'Agreement on European transaction levy within reach - Austria''s Schelling'|'Business News - Sun May 21, 2017 - 1:07pm BST Agreement on European transaction levy within reach - Austria''s Schelling Austrian Finance Minister Hans Joerg Schelling waits to meet President Alexander Van der Bellen (not pictured) in Vienna, Austria, January 26, 2017. REUTERS/Leonhard Foeger ZURICH Agreement on a European tax on financial transactions is within reach as more countries sign up for the plan and the new French government gives it a final review, Austrian Finance Minister Hans Joerg Schelling said on Sunday. The proposed levy on share and derivative transactions between financial institutions, put forward by Germany and France in 2012, is seen as a political symbol as much as an effort to correct the excesses blamed for the world''s worst financial crisis for decades. "Basically it is done because I have commitments from two of the three countries -- Slovakia, Slovenia and Belgium -- that they take part," Schelling, who has the lead role in coordinating the plan, told Austrian broadcaster ORF. He did not say which two had signed, giving the plan the required nine members to move forward. The tax was originally proposed for the whole of the European Union but most of the 28 nations have pulled out and only 10 are still considering it, including Germany, France, Italy, Austria, Belgium, Greece, Portugal, Slovakia, Slovenia and Spain. The tax is already applied domestically in some EU countries. New French Finance Minister Bruno Le Maire had asked for time to review the plan, Schelling said, while noting that France has traditionally been an active backer of the much-delayed plan to levy fees on trades. The next step is for the European Commission to propose draft legislation and then for ministers to decide when the tax would take effect, he said. His upbeat tone contrasts with comments last week by German Finance Minister Wolfgang Schaeuble, who said he did not expect much to be agreed soon on a financial transaction tax. Schelling had said on Tuesday an EU-wide transaction tax could be accounted for in the European budget and be offset against other national contributions. The current EU budget, totalling around 1 trillion euros, runs from 2014 till 2020. The EU is keen to consider alternative revenues, especially in view of Britain''s planned departure from the union, one of the largest contributors to its budget. (Reporting by Michael Shields; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-austria-tax-idUKKBN18H0KC'|'2017-05-21T20:07:00.000+03:00'
'bac4029f1abc801997be08f785b739b75aa704be'|'With new sheriff in town, S.Korea big businesses duck for cover'|'* Moon yet to spell out reform agenda* "Chaebol sniper" named head of regulatory agency* But new head says he''s prioritising jobs over reforms* Chaebol silent so far on call for more jobs* But some have shelved projects since Moon''s electionBy Joyce Lee and Se Young LeeSEOUL, May 21 A South Korean retail giant has shelved controversial expansion plans, while a large bank made hundreds of contract jobs permanent after President Moon Jae-in took office vowing to reform the family-run conglomerates that dominate the economy.The 64-year-old liberal leader campaigned on a platform of curbing the power of the conglomerates, or chaebol. On Wednesday, he nominated an economist nicknamed "chaebol sniper" for his shareholder activist campaigns as head of the antitrust regulator.Moon has yet to spell out his reform agenda, and the fractured parliament, controlled by conservative and moderate politicians, would likely only support modest changes, given the chaebol''s outsized role in the economy.But some companies are choosing to stay out of the crosshairs even before they see any legislation. Business lobby groups say they will work with Moon in creating jobs - the president''s No.1 priority according to his advisers.South Korea''s four biggest chaebol groups - Samsung, Hyundai Motor, SK and LG - account for half the country''s stock market value. They released full-page ads after Moon''s election, featuring his photo and saying they "will be with (President Moon) to make a better country.""They don''t want to be the first to cause some kind of a problem," said Chang Sea-jin, professor of business administration at National University of Singapore. "It''s time to be very careful."Big business, however, has largely stayed silent on Moon''s call to create jobs, underscoring the challenges in delivering on his signature agenda. Moon pledged to create 810,000 public sector jobs and has chastised the chaebol for not hiring.Moon has vowed to end the practice of pardoning convicted corporate criminals and to break the nexus of business and politics that was once again exposed in the scandal that led to the ouster of former president Park Geun-hye and the arrest of Samsung chief Jay Y. Lee who is accused of bribing Park. Both are undergoing trial on criminal charges and have denied any wrongdoing.The conglomerates helped transform South Korea into Asia''s fourth-largest economy. But critics say they have used their cosy ties with the government to crowd out smaller businesses.They also blame the chaebol''s complex web of cross-shareholdings among group companies and opaque governance for the so-called "Korea Discount" - meaning their shares are typically undervalued in comparison to their global peers.''FALL OUT OF FAVOUR''Within days of Moon''s election, Shinsegae Inc, South Korea''s third-largest department store operator, indefinitely postponed a land purchasing agreement for a new store it was planning to build in Bucheon, southwest of Seoul. Small business owners near the site have been protesting the plan.During the campaign, Moon pledged to place limitations on large shopping complexes, including on where they could be built, in order to protect smaller firms and self-employed shopowners."I understand Shinsegae postponed the deal because of concerns that if they sign immediately after the start of the new administration, they will fall out of favour and be disadvantaged," Kim Man-soo, mayor of Bucheon City, posted on his Facebook.A Shinsegae official said the company had already scaled back the shopping mall project in late 2016, so as not to hurt traditional markets. He declined to elaborate.Shinsegae was spun off from Samsung in 1997, and Jay Y. Lee''s aunt is its chairwoman and single-largest shareholder.Another shopping mall project in northwest Seoul by Lotte Shopping Co Ltd, which had been in the works for four years, may be scrapped all together.Lotte, Shinsegae''s bigger rival, bought land for the mall in 2013, bu
'5a711187bcdd1fe6c9df389106b670119669fc85'|'Dollar has worst week in over a year amid political uncertainty'|'Business News   8:54pm BST Dollar heads for worst week in over a year amid political uncertainty U.S. dollar notes are seen in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration By Dion Rabouin - NEW YORK NEW YORK The U.S. dollar fell on Friday, for its worst week since April 2016 against a basket of major currencies, having surrendered the gains made since Donald Trump was elected U.S. president. The dollar index, which tracks the greenback against a basket of six world currencies, has shed more than 2 percent this week .DXY. On Friday, it fell 0.75 percent, hitting its lowest since Nov. 9, the day after the U.S. election. Uproar over Trump''s recent firing of FBI Director James Comey, who was overseeing an investigation into possible links between the president''s team and Russia, has pressured the dollar. "The dollar overall, across the board, has been getting beat up this week and a lot of that has to do with the political risk here in DC," said John Doyle, director of markets at Tempus Inc in Washington. "While we saw a little bit of a reprieve yesterday, we<77>re right back on that dollar weakness train." The U.S. currency has also suffered from a resurgent euro, which has the largest weighting in the dollar index. The single currency has gained more than 2.5 percent this week, headed for its best performance since February 2016. It rose 0.95 percent on Friday to a six-month high of $1.1205. EUR= The advance of the euro was spurred by a possible winding down of the European Central Bank''s expansive monetary stimulus program, said analysts, with recent data pointing to a robust recovery in the euro zone. Against the safe-haven Swiss franc, the dollar fell 0.45 percent, touching a six-month low. It was on track for its largest weekly percentage fall since February 2016. The dollar fell 0.3 percent against the yen to 111.14 JPY= and had its first weekly drop in five against the Japanese currency. The dollar moved broadly lower after a report that a senior White House adviser is a person of interest in the investigation into possible coordination between the Trump campaign and Russia. The greenback also sank against emerging market currencies, which were dragged lower on Thursday by news that Brazilian President Michel Temer had been recorded offering bribes to silence testimony by a potential witness in the country''s wide-ranging corruption probe. The dollar fell 3.3 percent against the Brazilian real BRL= . Oil-linked emerging market currencies like the Mexican MXN= and Colombian pesos COP= and the Russian rouble RUB= gained around 1 percent versus the dollar, also boosted by a rise in oil prices. (Additional reporting by Jemima Kelly in London; Editing by Bernadette Baum and Steve Orlofsky)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-forex-idUKKCN18E0WI'|'2017-05-20T04:06:00.000+03:00'
'8304e28e726fd2abdd4ea899b3615c16b25e3314'|'Full tanks and tankers: a stubborn oil glut despite OPEC cuts'|'Business News - Fri May 19, 2017 - 9:46am BST Full tanks and tankers: a stubborn oil glut despite OPEC cuts FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. Picture taken March 24, 2016. REUTERS/Nick Oxford/File Photo By Catherine Ngai - NEW YORK/LONDON/SINGAPORE NEW YORK/LONDON/SINGAPORE After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks. Investors hailed the drawdowns as the beginning of the end of a two-year supply glut - raising hopes for steadily rising per-barrel prices. It hasn''t worked out that way. Now, many of those same storage tanks are filling back up or draining more slowly than investors and oil firms had expected, according to global inventory estimates and more than a dozen oil traders and shipping sources who told Reuters about storage in facilities that do not make their oil volumes public. The stalled drawdowns shed light on the broader challenge facing OPEC - the Organization of the Petroleum Exporting Countries - as it struggles to steer the industry out of the downturn caused by oversupply. With U.S. shale oil production surging, inventories remain stubbornly high and prices appear stuck in the low-$50s per-barrel range. The market has not strengthened enough to drain many major storage facilities around the globe - which OPEC oil ministers had hoped would be a first step toward rebalancing what has been a buyer''s market since late 2014. Estimated inventories in industrialized nations totaled 3.025 billion barrels at the end of March - about 300 million barrels above the five-year average, according to the International Energy Agency<63>s latest monthly report. Preliminary April data indicated stocks would rise further, the IEA said. Crude stocks stood at a record 1.235 billion barrels. OPEC and other non-OPEC nations - most notably Russia - are now widely expected to extend production cuts for another nine months, through March 2018. The ongoing struggle to thin supplies has forced economists to cut their oil price forecasts. Bank of America, for instance, last week lowered its 2017 target for Brent crude LCOc1 by $7 a barrel to $54. During the two-year price war started by OPEC, about half a billion barrels of crude and refined products flowed into storage facilities as oil prices hit lows of less than $30 a barrel in early 2016. Much of the inventory build-up came as traders started using storage to make easy money on the widening spread between rock-bottom spot oil prices and substantially higher prices for contracts to deliver the oil in future months. That price spread - a market structure known as contango - allowed traders to profit even after they paid for expensive storage in facilities such as the Louisiana Offshore Oil Port (LOOP) - the only deep-water U.S. oil port and a major conduit for crude imports - or supertankers parked offshore in Singapore. Although the storage trade has been less profitable since the OPEC production cuts, much of that oil remains in tanks, said Chris Bake, an executive committee member at Vitol, the world''s largest independent trader, during an industry conference last week in London. "This 550 million barrel-plus inventory build of crude and products that started in 2014 is still very much there," he said. "How much is going to come out? That is an ongoing debate among all of us." "CLOGGED" WITH OIL From the Malacca Straits in Asia to the ports of Northern Europe and the Gulf of Mexico, drawdowns of global inventories have slowed or even reversed. In the Amsterdam-Rotterdam-Antwerp (ARA) region <20> one of the most expensive areas in Europe to store oil and the benchmark pricing point for fuel - crude is starting to flow back into storage because refiners are "clogged" 
'a1e3d43ece98e90d3cfe2e4af85d5ea289295a3e'|'Agreement on European transaction levy within reach - Austria''s Schelling'|'Business News - Sun May 21, 2017 - 1:31pm BST Agreement on European transaction levy within reach: Austria''s Schelling Austrian Finance Minister Hans Joerg Schelling waits to meet President Alexander Van der Bellen (not pictured) in Vienna, Austria, January 26, 2017. REUTERS/Leonhard Foeger ZURICH Agreement on a European tax on financial transactions is within reach as more countries sign up for the plan and the new French government gives it a final review, Austrian Finance Minister Hans Joerg Schelling said on Sunday. The proposed levy on share and derivative transactions between financial institutions, put forward by Germany and France in 2012, is seen as a political symbol as much as an effort to correct the excesses blamed for the world''s worst financial crisis for decades. "Basically it is done because I have commitments from two of the three countries -- Slovakia, Slovenia and Belgium -- that they take part," Schelling, who has the lead role in coordinating the plan, told Austrian broadcaster ORF. He did not say which two had signed, giving the plan the required nine members to move forward. The tax was originally proposed for the whole of the European Union but most of the 28 nations have pulled out and only 10 are still considering it, including Germany, France, Italy, Austria, Belgium, Greece, Portugal, Slovakia, Slovenia and Spain. The tax is already applied domestically in some EU countries. New French Finance Minister Bruno Le Maire had asked for time to review the plan, Schelling said, while noting that France has traditionally been an active backer of the much-delayed plan to levy fees on trades. The next step is for the European Commission to propose draft legislation and then for ministers to decide when the tax would take effect, he said. His upbeat tone contrasts with comments last week by German Finance Minister Wolfgang Schaeuble, who said he did not expect much to be agreed soon on a financial transaction tax. Schelling had said on Tuesday an EU-wide transaction tax could be accounted for in the European budget and be offset against other national contributions. The current EU budget, totaling around 1 trillion euros, runs from 2014 till 2020. The EU is keen to consider alternative revenues, especially in view of Britain''s planned departure from the union, one of the largest contributors to its budget. (Reporting by Michael Shields; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-austria-tax-idUKKBN18H0KV'|'2017-05-21T20:07:00.000+03:00'
'8670b50651ed4843cf291c7610348ddb8ec37f1a'|'EU mergers and takeovers (May 23)'|'BRUSSELS May 23 The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS-- Australian bank Macquarie and British pension fund Universities Superannuation Scheme to acquire nine windfarms from Green Investment Bank (approved May 22)-- Investment firms Cinven Capital Management and Canada Pension Plan Investment Board to acquire joint control of Travel Holdings Parent Corporation (approved May 22)NEW LISTINGS-- Japanese shippers Nippon Yusen Kabushiki Kaisha, Mitsui OSK Lines and Kawasaki Kisen Kaisha to merge their container units (notified May 19/deadline June 28)-- French oil services group TechnipFMC, German industrial gases group Linde AG and Russia''s Research and Design Institute on Gas Processing (JSC NIPIgaspererabotka) to set up a joint venture (notified May 19/deadline June 28/simplified)-- Chrysaor Holdings Ltd, which is indirectly controlled by investment company Harbour Energy, to acquire some of Shell''s offshore assets (notified May 18/deadline June 27/simplified)EXTENSIONS AND OTHER CHANGESNoneFIRST-STAGE REVIEWS BY DEADLINEMAY 29-- French EDF to acquire equipment and fuel manufacturing company Areva (notified April 18/deadline May 29)MAY 30-- French media group Vivendi to acquire de facto sole control of Italy''s Telecom Italia (notified March 31/deadline extended to May 30 from May 12 after Vivendi offered concessions)MAY 31-- Manufacturing and technology company General Electric''s Oil & Gas to acquire oilfield services company Baker Hughes (notified April 20/deadline May 31)JUNE 1-- Waste water company SGAB and Spanish infrastructure company Acciona to acquire 10 percent of Sociedad Concesionaria de la Zona Regable del Canal de Navarra (notified April 21/deadline June 1/simplified)JUNE 7-- German company CWS-Boco, which is part of German firm Haniel, to acquire some of British support services firm Rentokil''s workwear and hygiene units (notified April 26/deadline June 7)JUNE 8-- German chemicals company Evonik Industries to acquire U.S. company J.M. Huber Corp''s silica business (notified April 27/deadline June 8)JUNE 9-- Private equity firm Hellman & Friedman to acquire Spanish logistics platform Allfunds Bank (notified April 28/deadline June 9/simplified)-- U.S. smartphone chipmaker Qualcomm to acquire Dutch companyr NXP Semiconductors NV (notified April 28/deadline June 9)-- Chinese textiles company Shanghai Shenda to acquire International Automotive Components Group''s trim and acoustics unit business (notified April 24/deadline June 9/simplified)JUNE 12-- American healthcare company Johnson & Johnson to acquire Swiss biotech company Actelion (notified April 12/deadline extended to June 12 from May 24 after the companies offered concessions)-- Norwegian debt collection agency Nordic Capital, which is majority owned by Nordic Capital Fund VIII and Swedish peer firm Intrum Justitia to merge (notified April 12/deadline extended to June 12 from May 24 after the companies offered concessions)JUNE 14-- Private equity firms BC Partners and Pollen Street Capital Ltd to jointly acquire UK bank Shawbrook Group plc (notified May 4/deadline June 14/simplified)JUNE 15-- U.S. private equity firm Leonard Green & Partners and the Ontario Municipal Employees Retirement System Primary Pension Plan (OMERS) to acquire joint control of U.S. car repairs company OPE Caliber Holdings (notified May 5/deadline June 15/simplified)-- Austrian refractories materials maker RHI to acquire a controlling stake in Brazilian peer Magnesita Refratarios (notified May 5/deadline June 15)JUNE 21-- Investment bank Goldman Sachs and French investment company Eurazeo to jointly acquire Dominion Web Solutions (notified May 12/deadline June 21/simplified)-- French private equity company Ardian France and real estate agent Jones Lang LaSalle Inc to jointly acquire an office building in France (notified May 12/deadline June 21/simplified)-- French minerals company Imerys to acquire Fren
'b2233d5906d0e710d9f6be943c64efadd6b6550d'|'Brazil securities regulator probes JBS currency, stock purchases'|'Top   5:03am BST Brazil securities regulator probes JBS currency, stock purchases SAO PAULO Brazil''s securities regulator has launched a probe into currency and stock trades made by executives at meatpacker JBS SA ( JBSS3.SA ) after they made plea bargain testimony that suggested Brazil''s president had condoned bribery, Valor Econ<6F>mico newspaper reported on Thursday, citing unnamed sources. The testimony by Joesley and Wesley Batista, billionaire brothers who are chairman and chief executive of JBS, sent Brazilian stocks and the currency plunging on Thursday because of fears it could lead to Brazilian President Michel Temer''s ouster. Temer has denied any wrongdoing and on Thursday refused to resign. Valor cited an unnamed source saying that Brazilian regulators CVM had become aware that the Batistas'' group of companies acquired a U.S. dollar position that could have exceeded $1 billion in the local currency market hours before the plea deal news broke. Such a currency trade would have been done through various broker dealers, at the request of JBS, according to Valor. CVM and JBS did not respond to requests for comment outside regular business hours. The U.S. currency on Thursday gained 8.06 percent against the Brazilian real, which posted the highest losses since the country devalued its currency in 1999. The regulator is also examining the sale of shares in the company by its controlling shareholders, the report said. Reuters earlier reported that the controlling shareholders had sold shares in JBS worth 329 million reais (75.66 million pounds) in April, after the secret plea deal talks had gotten underway. (Reporting by Tatiana Bautzer; Writing by Ana Mano; Editing by Christian Plumb and Miral Fahmy)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brazil-corruption-jbs-regulator-idUKKCN18F09R'|'2017-05-19T12:03:00.000+03:00'
'b5246772e0641ce988fc43f5870024685f9e9225'|'PIMCO cuts Greek government debt, unlikely to buy any new bond, official says'|'By John Geddie - LONDON LONDON One of the world''s biggest bond investors, PIMCO, has been cutting its Greek government debt holdings and is unlikely to be interested in any new bond issue from the country, the firm''s head of portfolio management in Germany said on Tuesday.Greece is eyeing its first sovereign bond issue in three years as early as July, but disagreements among its lenders over debt relief may delay its plans."We have some exposures in some funds but not generally across the firm ... As the prices have started rising again, we have been reducing those exposures," said Andrew Bosomworth.PIMCO is one of the largest holders of a five-year bond Greece sold in a brief return to markets in 2014 GR105865031=, according to Thomson Reuters'' data."By the time Greece comes to the market, it will probably be at levels where it''s not that attractive," Bosomworth said.Greece''s last venture into international bond markets was with a five-year and a three-year bond in 2014, a year before it plunged into crisis in a tense standoff between lenders and Greece''s newly elected left-wing government.A Greek government official told Reuters on condition of anonymity that it was considering swapping the five-year bond issued in 2014 with a new five-year bond.(Reporting by John Geddie; Editing by Alison Williams)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-greece-bonds-pimco-idINKBN18J2EW'|'2017-05-23T14:26:00.000+03:00'
'bb7440efd604f98dcbd7c5f214530cbf79392692'|'BRIEF-Cytori Therapeutics completes follow up monitoring visits in FDA approved late-stage STAR trial'|'Market News  48am EDT BRIEF-Cytori Therapeutics completes follow up monitoring visits in FDA approved late-stage STAR trial May 23 Cytori Therapeutics Inc- * Cytori Therapeutics Inc - now completed all 48 week follow up monitoring visits in its U.S. FDA approved phase III star trial Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cytori-therapeutics-completes-foll-idUSFWN1IP0I3'|'2017-05-23T20:48:00.000+03:00'
'75dd15801324d7868ef6bbd797b8e6970013b641'|'UPDATE 1-Azerbaijan angers IBA creditors with offer of losses and delay'|'(Updates with detail)By Sujata Rao and Karin StroheckerLONDON May 23 Azerbaijan infuriated state-run bank IBA''s creditors on Tuesday by saying that while they could swap its debt for sovereign bonds, some would suffer losses and have to wait longer.Azeri Finance Minister Samir Sharifov told debt holders they would receive significant "credit enhancement" by getting higher-rated sovereign paper, which would raise the government''s debt-to-GDP by $2.34 billion to 27 percent of GDP.The International Bank of Azerbaijan suspended payments on some liabilities and said last week it was seeking support to restructure more than $3 billion of debt.The bank got into problems in 2015 and Azeri President Ilham Aliyev followed International Monetary Fund advice, ordering that its balance sheet be cleaned up and the bank sold off. "We are offering you sovereign debt which is much better than keeping debt of IBA, even though this option is also available. We are here to support the bank, we believe this is a reasonable and mutually beneficial option for the bank and creditors," Sharifov told investors at the offices of law firm White & Case.IBA''s creditors include commodities trader Cargill, Italian lender Intesa Sanpaolo, Germany''s Commerzbank and Bayerische Landesbank and French bank Societe Generale. It also has a $500 million Eurobond due in 2019.The bank''s dollar bond maturing in 2019 fell by more than 2 cents after meeting, with some angry bondholders saying the restructuring and losses being imposed on them would destroy Azerbaijan''s reputation with creditors.Others said better terms had been offered to trade finance creditors, adding that Azerbaijan''s oil wealth and low debt ratios should allow the country to improve restructuring terms."Is it worth it to destroy your willingness-to-pay reputation? As creditors we will remember that," one investor (NAME?) asked the Azeri minister.Eric Lalo, managing director at Lazard which is advising IBA, said trade finance instruments could be exchanged for sovereign paper at par, repayable over four years and amortising annually. This amounts to $861.5 million.Senior creditors, including Eurobond holders, who are the biggest category with $2.4 billion, have three options, he said.The first involves swapping into sovereign bonds with a 12-year maturity but amortising in three annual instalments in years 10, 11 and 12. These would carry a 5-1/8 percent rate and with an "enhancement value" - or haircut - priced at 20 cents in the dollar.The presentation said every $1 in the principal of IBA debt would be exchanged for $0.8 of sovereign bonds with a minimum $500 million to be issued.The second option involved a one-on-one swap into 15-year 3.5 percent sovereign bonds, while the third option is to stay with IBA, with bonds exchanged at par for a 7-year 3.5 percent issue, Lalo said.Holders of subordinated debt worth $100 million are asked to swap every $1 into $0.5 of sovereign debt, Lalo said.The new instruments will be under English law, said Ian Clark, partner at White & Case which is also advising IBA.IBA is hoping to wrap up the process, which some investors said was too complex, by the end of August, with two-thirds support needed from creditors at a July 13 vote.The proposals will easily be approved because Azeri sovereign wealth fund SOFAZ holds $1 billion of the debt.However, Pavel Mamai, a portfolio manager at UK hedge fund Promeritum, said: "(Terms) are on the lower side of expected, and I think they would need to improve to get it over the line."Sharifov said there was no room for change."This is the offer that''s on the table, we are ready to support, nothing more than that."(Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/azerbaijan-iba-restructuring-idINL8N1IP3SX'|'2017-05-23T11:37:00.000+03:00'
'd3690217f16af2b94a7d750a22dad7ab2097c4c5'|'UK competition watchdog accuses Merck of obstructing biosimilars'|'Health News   10:04am BST UK competition watchdog accuses Merck of obstructing biosimilars LONDON Britain''s competition watchdog on Tuesday accused Merck & Co of operating an anti-competitive discount scheme for its medicine Remicade, designed to restrict competition from so-called biosimilar copies of the drug. The Competition and Markets Authority said it had provisionally found the U.S. company''s European unit, Merck Sharp & Dohme, had abused its dominant position through a discount scheme for Remicade. MSD said it was cooperating fully with the CMA<4D>s ongoing investigation and was confident the proceedings would show it had complied with competition law. (Reporting by Ben Hirschler; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-merck-co-britain-remicade-idUKKBN18J12Z'|'2017-05-23T17:02:00.000+03:00'
'16cd012962d7801c84d1db3190871cc568408681'|'Higher rate of heart problems with Amgen osteoporosis drug in trial'|'Market News - Sun May 21, 2017 - 6:28pm EDT Higher rate of heart problems with Amgen osteoporosis drug in trial May 21 Amgen Inc and UCB SA on Sunday said their experimental osteoporosis drug, which is awaiting a U.S. approval decision, met the primary and key secondary goals of a late stage study but a higher rate of serious heart problems were reported that had not been seen in earlier studies. The drug, romosozumab, which would be sold under the brand name Evenity if approved, significantly reduced the incidence of new vertebral fractures through 24 months and non-vertebral fractures in postmenopausal women with osteoporosis at high risk for fracture compared with Merck & Co''s Fosomax. However, serious heart-related side-effects were reported in 2.5 percent of patients who received the Amgen drug versus 1.9 percent in the Fosomax group. (Reporting by Bill Berkrot; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/amgen-ucb-osteoporosis-idUSL1N1IN0EI'|'2017-05-22T06:28:00.000+03:00'
'22504926c3fb5f1ae6e65f591c80de73e74c828d'|'Arconic to end proxy contest with Elliott'|'Business News - Mon May 22, 2017 - 10:13am EDT Arconic reaches truce with Elliott after bruising fight By Michael Flaherty Specialty metals company Arconic Inc ( ARNC.N ) said on Monday it struck a deal with Elliott Management, agreeing on certain nominees for its board and ending a nearly six-month battle with its largest investor. Elliott had nominated four directors to serve on Arconic''s board, pitting them against four of the five company nominees. The activist investor supported one of Arconic''s nominees, Ulrich Schmidt. As part of the deal, Elliott will reduce its nominee slate by one member, while the company will nominate two candidates. Elliott''s nominees are Christopher Ayers, Elmer Doty and Patrice Merrin. Arconic will nominate existing directors Schmidt and David Hess, who is also the company''s interim chief executive. One of Elliott<74>s director nominees will be added to the CEO search committee, according to the announcement. Arconic also said that Rafael Reif will step down from the board and be replaced by James Albaugh, one of the company''s nominees. (Additional reporting by Arunima Banerjee in Bengaluru; Editing by Sriraj Kalluvila and Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-arconic-elliott-idUSKBN18I1OE'|'2017-05-22T21:41:00.000+03:00'
'3f12e4bd7381a4167fffe90be51b8c75c3075193'|'Euro gains on Merkel comments, oil up on OPEC hopes'|'Top News   6:50pm BST Euro gains on Merkel comments, oil up on OPEC hopes left right FILE PHOTO: 20 Euro banknotes are seen in a picture illustration, August 1, 2016. REUTERS/Regis Duvignau/Illustration/File Photo 1/2 left right FILE PHOTO: (L-R) The Hong Kong Exchanges flag, Chinese national flag and Hong Kong flag are hoisted outside the Hong Kong Stocks Exchange in Hong Kong June 7, 2016. REUTERS/Bobby Yip/File Photo 2/2 By Hilary Russ - NEW YORK NEW YORK The euro surged to a more than six-month high on Monday after German Chancellor Angela Merkel said it was "too weak," while oil prices were bolstered by expectations that top exporters will extend supply curbs this week. A one-month high for oil futures LCOc1 on hopes of a supply cut by the Organization of the Petroleum Exporting Countries helped Asian shares to their best session in weeks. U.S. crude CLcv1 rose 0.61 percent to $50.98 per barrel and Brent LCOcv1 was at $53.80, up 0.35 percent on the day. European shares struggled to maintain momentum, but the U.S. stock market gained, lifted by defence and tech stocks, after U.S. President Donald Trump announced arms deals of up to $350 billion with Saudi Arabia over the weekend. The Dow Jones Industrial Average .DJI rose 68.11 points, or 0.33 percent, to 20,872.95, the S&P 500 .SPX gained 8.04 points, or 0.34 percent, to 2,389.77 and the Nasdaq Composite .IXIC added 33.64 points, or 0.55 percent, to 6,117.35. The pan-European FTSEurofirst 300 index .FTEU3 lost 0.09 percent and MSCI''s gauge of stocks across the globe .MIWD PUS gained 0.43 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 1.05 percent higher, while Japan''s Nikkei .N225 rose 0.45 percent. Currency markets flipped 180 degrees as Merkel, during a trip to a Berlin school, made a surprise reference to the euro being weak because of the European Central Bank''s ultra-low interest rates and money printing programme. Until that point, the single currency EUR= had been in the red, but the comments saw it swiftly climb to a six-month high $1.1250 and bring the morning''s rebound in the dollar to an abrupt halt. The euro was last up 0.22 percent at $1.1229. "The thing with euro/dollar is that you have quite a positive mood on the euro at the moment," said ABN Amro FX strategist Georgette Boele. "And when Merkel makes comments that the euro is probably too low then this is taken as another positive reason to push it higher." Sterling GBP= was also in the firing line, last trading at $1.3002, down 0.25 percent on the day, as polls showed the country''s election race tightening. Britain''s chief Brexit negotiator again threatened to walk away from EU exit talks unless the bloc eased its demands. "Last week was all about U.S. uncertainty but we have had a reminder that Europe still has plenty of uncertainty too," said Alvin Tan at Societe Generale. Against a basket of currencies, the dollar opened higher after closing lower on Friday, when it had its largest weekly drop since April 2016. But on Monday, it quickly lost steam, falling back to low levels where it was trading in November. The dollar index .DXY fell 0.15 percent. U.S. Treasury yields were little changed as selling tied to this week''s government and corporate bond supply offset safe-haven bids underpinned by worries about investigations into possible links between Trump''s campaign officials and Russia. The benchmark 10-year Treasury yield US10YT=RR was last at 2.245 percent. Spot gold XAU= added 0.4 percent to $1,259.47 an ounce. U.S. gold futures GCcv1 gained 0.52 percent to $1,260.10 an ounce. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets (Additional reporting by Marc Jones in London, Tanya Agrawal in Bengaluru, and Richard Leong in New York; Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'ht
'a55febc14e5da80e95962d145938b4c4c08589c3'|'AstraZeneca sells ageing beta-blocker to Recordati for $300 mln'|'Deals   3:10am EDT AstraZeneca sells aging beta-blocker to Recordati for $300 million FILE PHOTO: The logo of AstraZeneca is seen on a medication package at a pharmacy in London April 28, 2014. REUTERS/Stefan Wermuth/File Photo LONDON AstraZeneca ( AZN.L ) has sold the European rights to its aging beta-blocker heart drug Seloken to Italy''s Recordati ( RECI.MI ) for $300 million, as part of a continuing drive by the British drugmaker to spin off non-core assets. AstraZeneca is using funds from such disposals to help it through an earnings trough caused by patent expiries on former blockbuster medicines, while it waits for a new wave of drugs, particularly for cancer, to deliver fresh growth. It has described 2017 as a "pivotal" year and AstraZeneca''s head of portfolio strategy Mark Mallon said the deal "allows us to concentrate our resources on bringing multiple new medicines to patients". The two companies said on Monday that AstraZeneca would also get tiered royalties from Recordati, initially at a double-digit percentage rate, for European sales of Seloken and related products. These sales totaled $110 million in 2016. AstraZeneca, which retains rights to the beta-blocker outside Europe, will continue to manufacture and ship product to Recordati under a supply agreement. The Italian group said acquiring the treatment for high blood pressure, angina and heart failure would allow it to expand into new markets. The acquisition will be funded by existing funds and available credit lines, it added. (Reporting by Ben Hirschler, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-astrazeneca-recordati-idUSKBN18I0OO'|'2017-05-22T15:01:00.000+03:00'
'24b09ba44b6262576327e78fb8906c6e15398abe'|'Weaker sterling gives FTSE edge over Europe, Micro Focus dips'|'Top   5:39pm BST Weaker sterling gives FTSE edge over Europe, mid-caps take the lead People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo By Helen Reid - LONDON LONDON Britain''s exporter-heavy benchmark share index outperformed European benchmarks on Monday as the pound retreated below the psychologically important $1.30 level, while individual broker updates sent some stocks lower. Sterling fell after two weekend polls showed Prime Minister Theresa May''s ruling Conservatives losing ground after parts of its election manifesto came under fire. The pound had risen in the last month as some expected a landslide win would allow for smoother exit negotiations with the European Union. Along with strength in commodities stocks, the weaker pound propelled the FTSE 100 .FTSE to a 0.4 percent gain, holding near last week''s record highs, and outperforming the Euro zone STOXX 600 .STOXXE which fell 0.2 percent. Domestically focused mid-cap stocks .FTMC outperformed blue-chips and hit a new high as Barclays recommended investors "buy British" and brave this unloved area of the market. The FTSE 250 is up 10.1 percent this year, double the gains of the large-cap benchmark. "We think the nascent outperformance of domestically focused UK stocks has further to run," said Barclays analysts, who see the mid-caps'' deep discount to the FTSE 100 as unmerited. Marks & Spencer ( MKS.L ) rose to the top of the FTSE in later trading, gaining 3 percent. Goldman Sachs said several UK hedge funds were buying the stock in the run-up to its results on Wednesday. While M&A activity drove European shares, broker updates fuelled the biggest moves among British stocks. Micro Focus ( MCRO.L ) fell 3.5 percent, making its shares the top FTSE losers after Credit Suisse research into legacy technology led them to downgrade the firm. The bank''s survey of 100 CIOs found the industry was moving away from COBOL, a programming language widely used in business and finance, and the base for some Micro Focus tools and products. "Just as investors finally seem to have accepted management''s view that legacy assets are sticky, we think the risks to this model are starting to materialise," Credit Suisse analysts said. Meanwhile, Burberry ( BRBY.L ) joined Marks & Spencer and Merlin among the top gainers, after Credit Suisse analysts said a meeting with management gave them greater confidence the new CFO and COO would be able to deliver cost savings. Elsewhere, testing company Intertek ( ITRK.L ) jumped to a record high after Kepler Cheuvreux upgraded it to a "buy" in a note predicting an inflection for the sector. Miners Antofagasta ( ANTO.L ) and Rio Tinto ( RIO.L ) underpinned gains, up 1.3 to 1.5 percent, on stronger metals prices. [MET/L] Among mid-caps, Cairn Energy ( CNE.L ) benefited from a target price upgrade from Macquarie. "We recommend buying the shares ahead of share price appreciation associated with Senegal progress and commencement of cash flow generation in the UK North Sea," analysts said. Paysafe ( PAYS.L ) pared losses to end 1.8 percent down after anonymous short-seller outfit Spotlight Research targeted the company again, with two new reports. The firm''s shares had plummeted 40 percent in December after an initial report from the short seller. They have since recovered and hit an 11-year high on Friday. (Editing by Louise Ireland)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN18I0XY'|'2017-05-22T17:26:00.000+03:00'
'f534954f8cf6609d9a6c43d7b59e3256145bb6c7'|'China, Russia formalize Shanghai joint venture to build wide-body jet'|'By Brenda Goh - SHANGHAI SHANGHAI China and Russia on Monday completed the formal registration of a joint venture to build a wide-body jet, kick-starting full-scale development of a program aimed at competing with market leaders Boeing Co ( BA.N ) and Airbus SE ( AIR.PA ).State plane makers Commercial Aircraft Corp of China Ltd (COMAC) [CMAFC.UL] and Russia''s United Aircraft Corp (UAC) said at a ceremony in Shanghai the venture would aim to build a "competitive long range wide-body commercial aircraft".The announcement comes just weeks after COMAC successfully completed the maiden flight of its C919, China''s first home-grown narrow-body passenger jet.COMAC President Jin Zhuanglong said the two firms had decided to hold the establishment ceremony after the C919''s flight."This program is aimed at fulfilling future market demand," he told reporters. "Our two countries, our two firms ... have created this joint venture to undertake responsibilities such as organization, research, management and implementation."The program will have a research center in Moscow and assembly line in Shanghai, he said, adding division of labor was still being discussed.Guo Bozhi, general manager of COMAC''s wide-body department, said the venture would ask suppliers to bid for the contract to build the engine by year-end.MAIDEN FLIGHTCOMAC and UAC first announced the program in 2014. In November, they said they had set up a joint venture in Shanghai and unveiled a mock-up of the basic version of the jet that would have a range of up to 12,000 kilometers (7,500 miles) and seat 280 passengers.UAC President Yuri Slyusar said the firms looked to complete the maiden flight and first delivery during 2025-2028, and aimed to take 10 percent of a market dominated by the Boeing 787 and Airbus A350.Previously, they targeted a maiden flight in 2022 and delivery in or after 2025.UAC is also developing a version of Russian wide-body jet Ilyushin IL-96. Slyusar said the two programmes had different requirements, and that UAC would use experience with the IL-96 to aid development of the Chinese-Russian jet.UAC and COMAC hold equal shares in their venture, whose jet they said would be 10-15 percent cheaper to run than planes from Boeing and Airbus.Last July, Boeing forecast airlines worldwide would need 9,100 wide-body planes over 20 years through 2035, with a wave of replacement demand around 2021-2028.Over the past decade, China has plowed billions of dollars into domestic jet development to raise its profile in global aviation and boost high-tech manufacturing.(Reporting by Brenda Goh; Wrting by Adam Jourdan; Editing by Himani Sarkar and Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-china-comac-russia-idINKBN18I0KZ'|'2017-05-22T04:41:00.000+03:00'
'597d71860aed3473e9c312261dd9f474c5c3ac08'|'UPDATE 1-UK Stocks-Factors to watch on May 22'|'London Market Report  27am EDT UPDATE 1-UK Stocks-Factors to watch on May 22 (Adds futures, company news item) May 22 Britain''s FTSE 100 index is seen opening up 15 points at 7,486 on Monday, according to financial bookmakers, with futures up 0.52 percent ahead of the cash market open. * M&S: Britain''s Marks & Spencer is expected to report a renewed decline in clothing and homeware sales in its latest quarter, dampening the euphoria of the previous three months when it reported a first increase in nearly two years. * BRACLAYS: Barclays will hire 100 new staff in its private bank as it launches its second attempt in the last seven years to win more business from wealthy clients, a source with direct knowledge of the plans told Reuters. * BT: Italian investigators have seized documents from the Milan offices of International Business Machines Corp as part of an investigation into allegations of fraud at one of its customers, BT Italy, a unit of Britain''s BT Group, sources said. * BRITAIN CLEARING: The European Union is expected to propose that clearing of euro denominated securities should be moved from London to the continent after Brexit, Euronext chief executive Stephane Boujnah said on Friday. * CYBER ATTACK/INSURANCE: Companies without cyber insurance are dusting off policies covering kidnap, ransom and extortion in the world''s political hotspots to recoup losses caused by ransomware viruses such as "WannaCry", insurers say. * BARCLAYS: The Federal Reserve announced on Friday that it had imposed a $1.2 million fine on a former Barclays Plc foreign exchange trader, and barred him from the banking industry. * ARSENAL: Arsenal''s second-largest investor, Alisher Usmanov, made a $1.3 billion offer to buy out the soccer club''s majority owner Stan Kroenke, a source familiar with the matter told Reuters, confirming earlier reports. * The UK blue chip index closed up 0.46 percent on Friday, bringing it into positive territory for the week after its performance was dented by worries over turmoil in U.S. President Donald Trump''s administration that sent stocks tumbling across the globe. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1IO29X'|'2017-05-22T14:27:00.000+03:00'
'd717a061204f5e553e132abe03c63319b0160afb'|'Schumpeter: Dow Chemical shows how American industrials and globalisation mix'|'WHAT does it take for an American industrial champion to succeed in an age of globalisation and impatient investors? Some observers argue that it has become impossible. The world is just too nasty and unfair, they bleat. Perhaps they should take a look at Dow Chemical, a firm born in Michigan in 1897 that has hustled hard enough to be at the top of its industry 120 years later.When Dow completes its planned $130bn merger with DuPont, a longtime rival, probably at the end of this year, it will become the largest chemical company in the world by sales. This new colossus will keep changing<6E>in 2018-19 the plan is for it to split into three specialised firms. <20>New Dow<6F> will focus on selling chemicals to the automotive, construction and packaging industries. The other two smaller companies will concentrate mainly on the agricultural and electronics industries. This is a good moment, before the three-way split, to take stock. Being in the chemicals business is like swimming in a vat of sulphuric acid. Of the industry<72>s 20 largest firms in 1996 only four remain in the ranking today. Some were dissolved, such as ICI, a British company. There has been one spectacular bankruptcy in recent memory, with LyondellBasell defaulting on $24bn of debt in 2009. It is unlikely to be the last.The industry is brutal. Its customers have consolidated and boosted their bargaining power in the past 20 years. Consumer-goods and car firms, for example, have completed mergers worth $16trn. The prices of its raw materials, oil and gas, gyrate. It is capital-intensive: a <20>cracker<65>, or petrochemical plant, costs $2bn or more and takes years to build. And private firms must compete with state-owned ones from China and the Middle East, which have access to subsidised credit and raw materials.That was the landscape when Dow<6F>s boss, Andrew Liveris, took over in 2004. Since then the firm has made big mistakes. After the financial crisis, in 2009, it had to cut its dividend (for the first time in 97 years) after mismanaging its finances. But three initiatives have kept its underlying business competitive.First, Dow has ruthlessly shuffled its portfolio, ditching less profitable businesses, including its century-old chlorine operation, and buying specialised ones that have barriers to entry. When it is formed, New Dow will have $50bn of sales, and will have bought and sold businesses with $40bn of sales since 2004.Second, Dow has made an effort to think hard about customers as well as chemistry. It reorganised around categories of client, and boosted research and development (R&D) in order to conjure up new ways to help them. For the automotive industry, for example, Dow used to supply rubber and polystyrene. Now it sells carmakers expensive sound-absorbing foam. Each year 5,000 products are launched, double the number of a decade ago.The third step was to invest heavily in plant to lower costs. Dow has sunk $8bn into complexes in the Mexican Gulf coast that have access to cheap shale gas. And it has invested about $4bn in a joint venture in Saudi Arabia with Aramco, the state oil firm, that can take advantage of Aramco<63>s access to low-cost oil.Some of Dow<6F>s shareholders have been just as intractable as its industry. In 2014 Third Point, an activist fund, attacked it, calling for it to break itself up. Dow gave it two board seats out of a total of 13. Since then, with Third Point holding a gun to its head, Dow has produced steady earnings and sped up its reinvention. Mr Liveris says he learned to have a <20>dual horizon<6F>, with one eye on the one-to-two-year perspective of the stockmarket and the other on the longer time periods<64>a decade or more<72>that it takes for a cracker or R&D project to wash its face.Stay paranoidInvestors can see the results of Dow<6F>s struggle. Gross margins have risen. Return on capital is low, partly because it overspent on acquisitions. But as the Mexican Gulf and Saudi projects come on stream over the next two years,
'c10e285bbd67f977569f82479a54e4e385cd001a'|'U.S., China accelerate beef talks; deal possible by early June'|'Market  45pm EDT U.S., China accelerate beef talks; deal possible by early June * Deal to resume U.S. exports to China raises farmers'' hopes * U.S. producers set to track cattle to meet China rules * Agreement would prohibit use of growth-promoting drugs * U.S. may challenge top beef exporter Brazil in China By Tom Polansek CHICAGO, May 19 Talks on restarting U.S. beef exports to China are moving fast and final details should be in place by early June, the U.S. Department of Agriculture said on Friday, allowing American farmers to vie for business that has been lost by rival Brazil. As part of a trade deal, U.S. ranchers are set to halt the use of growth-promoting drugs to raise cattle destined for export to China and to log the animals'' movements, according to the USDA. The two sides are negotiating to meet a deadline, set under a broader trade deal last week, for shipments to begin by mid-July. Finalizing technical details in early June should mean beef companies, such as Tyson Foods Inc and Cargill Inc , can sign contracts with Chinese buyers to meet the deadline, the USDA said. China banned U.S. beef in 2003 after a U.S. scare over mad cow disease. Previous attempts by Washington to reopen the world''s fastest-growing beef market have fizzled out. But now, the quick progress of the latest talks is raising hopes of U.S. farmers. "Both sides feel the urgency to get it done by the deadline," said Joe Schuele, spokesman for the U.S. Meat Export Federation, which represents Tyson, Cargill and other meat companies. China''s embassy in Washington could not immediately be reached for comment. BRAZIL WOES The timing of the new deal allows U.S. producers to benefit as Brazil, the world''s top beef exporter, is struggling with scandals and rival shipper Australia is suffering from a drought that is hurting production, analysts said. China accounted for nearly one-third of the Brazilian meat packing industry''s $13.9 billion in exports last year. But in March, Beijing briefly banned Brazilian imports after Brazilian police accused inspectors of taking bribes to allow sales of rotten and salmonella-tainted meat. JBS SA, the world''s largest meatpacker, was involved in the probe and in separate allegations this week that Brazil''s president conspired to obstruct justice with the company''s chairman. The food-safety probe hit Brazil''s beef exports, which fell by 24.6 percent to $378 million in April from March, according to Abiec, an industry group that represents meat processors accounting for about 90 percent of Brazil''s exports. "This is a very opportune time for the U.S. to step up," said Derrell Peel, an agricultural economist at Oklahoma State University. Chinese appetite for beef has climbed due to its expanding middle class. In 2003, its imports totaled just $15 million, or 12,000 tons, including $10 million from the United States, according to the USDA. TRACKING CATTLE Brazilian exporters hope China''s trade deal with Washington will not inflict more pain on meat companies in the country because U.S. exporters will be targeting different, higher-end customers, said Abrafrigo, an association representing Brazil''s small meatpackers. To reopen U.S. trade, Beijing has accepted a U.S. proposal in principle that would require producers to document the locations where cattle raised for beef exported to China are born and slaughtered, the USDA said. The system would be less onerous than tracking cattle throughout their entire lives, during which they can be kept at up to four different locations. Peel, a livestock expert, estimated that U.S. producers trace the movements of less than 20 percent of the nation''s cattle. Under another rule, U.S. beef exported to China must be raised without a class of growth-enhancing drugs known as beta-agonists that includes Elanco''s Optaflexx, according to the USDA. Elanco, owned by Eli Lilly and CO, declined to comment. A trade group for veterinary drug companies, the Animal Health
'9878c4683b0d70990bfba050dfb6b96cc26b24a6'|'Jaguar Land Rover''s vehicle sales rise 16 percent to record high'|'  1:28pm BST Jaguar Land Rover''s vehicle sales rise 16 percent to record high left right Worker George Baker looks at a build card for a vehicle destined for China at the Jaguar Land Rover facility in Solihull, Britain, January 30, 2017. REUTERS/Darren Staples 1/2 left right A worker stands under Union Flags at the Jaguar Land Rover facility in Solihull, Britain, January 30, 2017. REUTERS/Darren Staples 2/2 Jaguar Land Rover Automotive Plc, Britain''s largest automaker, on Tuesday reported a 16 percent rise in sales to a record 604,009 vehicles boosted by demand in China and North America. The company reported a full-year pre-tax profit of 1.6 billion pounds, up 3 percent, on revenue up 9 percent to 24.3 billion pounds. In the 2017-18 financial year, the company plans to invest more than 4 billion pounds on expanding its product portfolio and its manufacturing capacity and on research and development. (Reporting by Arathy S Nair in Bengaluru; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-jaguar-land-rover-results-idUKKBN18J1RI'|'2017-05-23T20:28:00.000+03:00'
'7082c13260cf0594f024c5df4b878135e01f2d45'|'Chinese city of Changsha restricts housing purchases - Xinhua'|'Business News - Sat May 20, 2017 - 7:58am BST Chinese city of Changsha restricts housing purchases: Xinhua People ride past a residential complex Changsha, Hunan province, China, September 24, 2016. REUTERS/Yawen Chen SHANGHAI The central city of Changsha on Saturday became the latest place in China to restrict housing purchases in an effort to try to cool the property market, the state news agency Xinhua reported. From Saturday, residents of Changsha, in Hunan province, will be allowed to own a maximum two homes, and non-local people will be restricted to one, so long as the buyers provide evidence of at least 12 months of income tax and social security payments in the city, Xinhua said. In addition, property may not be re-sold within two years, it added. Dozens of Chinese cities have put restrictions on property purchases in recent months as the government intensified measures to check surging prices. In the first two months this year, investment in China''s real estate market rose 8.9 percent from the same period last year to more than 985 billion yuan ($143.11 billion), and home sales jumped 26 percent to over 1 trillion yuan, Xinhua said. On Friday, China issued a draft of new rules for property sales and leasing, requiring developers to promptly publish accurate price information for new homes on sale, barring them from charging various additional fees, hoarding unsold homes or spreading false information about rising prices. China has struggled to control surging home prices over the last year, with the government often blaming unscrupulous behavior by developers and property agents for encouraging higher prices. (Reporting by John Ruwitch and Winni Zhou; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-property-changsha-idUKKCN18G06G'|'2017-05-20T14:53:00.000+03:00'
'68df280af90f7e6d61581789283d97e9a23c6d76'|'Thousands of Freeport Indonesia workers to strike for second month - union'|'Business News  15am BST Thousands of Freeport Indonesia workers to strike for second month - union File photo: Freeport workers gather around a security gate at the Grasberg mine area in Tembagapura, Indonesia Papua province, August 14, 2013. REUTERS/Muhammad Yamin By Agustinus Beo Da Costa and Samuel Wanda - JAKARTA/TIMIKA, Indonesia JAKARTA/TIMIKA, Indonesia An estimated 9,000 workers at the giant Grasberg copper mine operated by Freeport McMoRan Inc ( FCX.N ) will extend a strike for a second month, a union official said on Saturday, in an ongoing dispute over employment terms and layoffs. "We regret the stance of the businessmen who unilaterally laid off workers," Freeport Indonesia union industrial relations officer Tri Puspital told Reuters. Output from Grasberg has been reduced by half as result of the strike that began May 1, Puspital added. (Writing by Fergus Jensen, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-indonesia-freeport-strike-idUKKCN18G0D9'|'2017-05-20T18:15:00.000+03:00'
'6f99360b867075dcf9e26552a1d98178ee0c1d82'|'BMW to hike R&D spend to cope with CO2, e-mobility - CFO in paper'|'Environment - Sat May 20, 2017 - 12:29pm BST BMW to hike R&D spend to cope with CO2, e-mobility: CFO in paper left right FILE PHOTO: BMW CFO Nicolas Peter addresses the company''s annual news conference in Munich, southern Germany, March 21, 2017. REUTERS/Michael Dalder 1/3 left right FILE PHOTO: A BMW logo is pictured before the annual news conference of German premium automaker BMW in Munich March 19, 2014. REUTERS/Michaela Rehle/File Photo 2/3 left right Flags flutter near the headquarters of German luxury carmaker BMW before the company''s annual shareholder meeting in Munich, Germany, May 11, 2017. REUTERS/Michael Dalder 3/3 FRANKFURT BMW ( BMWG.DE ) expects its research and development budget, when measured as a percentage of sales, to rise in 2018, its CFO told a German paper. "Reducing CO2 emissions, electrifying engines and autonomous driving are the key challenges for our industry over the next years," the carmaker''s Chief Financial Officer Nicolas Peter told Boersen-Zeitung in an interview published on Saturday. He said that R&D spending would account for about 6 percent of sales this year, up from 5.5 percent in 2016. "Next year, too, should see a higher ratio," Peter was quoted as saying. BMW expects sales to grow slightly this year compared with the 86.42 billion euros ($96.82 billion) generated in 2016, suggesting R&D spending of more than 5.19 billion euros in 2017. For years, carmakers have struggled to bring down the cost of electric cars, which have failed to gain traction with consumers in part because of their price. At the same time, they are forced to cut the emissions of their fleets and face dwindling demand for diesel cars. German Chancellor Angela Merkel, in her weekly Saturday podcast, also said it would be desirable for Europe''s biggest economy to produce battery cells for electric cars locally and reduce dependency on Asian suppliers. "And if we are part of the research, also with regard to the prototypes, then I think it improves the outlook of bringing modern production of next-generation cells back to Europe and Germany," she said. Merkel on Monday said Germany was likely to miss the government''s target of putting a million electric vehicles (EV) on the roads by the end of the decade, but added that a big breakthrough in demand for battery-powered cars could come very abruptly. The sale of EVs has remained sluggish in Germany despite discounts introduced last year and granted to buyers of green cars. In 2016, there were less than 80,000 electric cars on German roads. ($1 = 0.8925 euros)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-bmw-diesel-idUKKCN18G0F5'|'2017-05-20T19:29:00.000+03:00'
'eb377ab9cb15e0b841ddcd691a40369de9212bc7'|'Alitalia commissioners appoint Rothschild as financial adviser'|'MILAN Commissioners managing Italian airline Alitalia CAITLA.UL have picked Rothschild as financial adviser to assist in the company''s sale process, a statement said on Monday.Alitalia was put under special administration earlier this month and the government appointed three commissioners to assess whether it can be restructured or liquidated.Last week the commissioners said offers for Alitalia had to be presented by June 5.(Reporting by Stephen Jewkes, editing by Steve Scherer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alitalia-m-a-advisers-idINKBN18I29Z'|'2017-05-22T15:56:00.000+03:00'
'39c67ddec1e7a0e1ba31931cc69d34c88d2ac29d'|'Lenders grapple with Brexit loan impact'|'Business News - Mon May 22, 2017 - 9:13am BST Lenders grapple with Brexit loan impact A British Union flag flies in front of an EU flag during a pro-EU referendum event at Parliament Square in London, Britain June 19, 2016. REUTERS/Neil Hall/File Photo By Tessa Walsh - LONDON LONDON The effects of Brexit are starting to be felt in the syndicated loan market as lenders seek greater flexibility on where and how they book loans to deal with the potential loss of passporting rights in a hard Brexit, a move that could cause operational problems for banks'' agency functions. Loan bankers are also grappling with the full range of issues affecting the wider capital markets, ranging from governing law to jurisdiction and enforcement, how existing and new agreements are interpreted, Article 55 BRRD and withholding tax. The potential loss of passporting rights is, however, the most serious issue facing lenders. Corporate loans are an unregulated product in the UK and Ireland but operate in some EU countries including France, Italy and sometimes Germany. "Where banks are most focusing their concerns from a legal perspective is France and Italy and possibly Germany," Simon Fisher, a partner in Mayer Brown''s banking and finance practice said. UK and Irish banks may be unable to fund or participate in some loans if they do not have licenses or local regulation recognised through a European passport that allows them to provide loans and take security. This is a big problem for cross-border lending as large European blue-chip companies, such as Swiss food and drink company Nestle, often have multi-billion euro loans which can be used by multiple subsidiaries in the different countries that they operate in, which can draw and repay the loans to the parent company. At least one global investment bank, which has advanced loans through its UK entity, is considering no longer booking loans through its English booking hub and booking through single market entities, sources said. "This institution is saying that it is considering dropping the English entity from the selection of booking entities. Loans are currently booked through the English entity, but it looks like the writing''s on the wall and that may cease," a senior source said. The loss of English booking hubs is not expected to diminish the importance of English law for the loan product or English courts for hearing disputes, however. "Just because the booking hub''s not in England, that doesn''t diminish the importance of English law for financing products? or the English Courts for hearing disputes," said Alex Dell, partner and co-head of asset based lending at Mayer Brown. The Loan Market Association, which represents EU lenders including UK banks, has been educating the UK government, including the Treasury and the FCA, and the EU about licensing requirements and importance of the loan market and its EU operations. DESIGNATED ENTITY The Loan Market Association has come up with a fix that gives comfort to lenders doing business under its documentation and English law that buys time until the outcome of the complex Brexit negotiations are known, which will avoid cross-border loans from being changed or structured to accommodate any possible changes as a result of licensing arrangements for now. The LMA has introduced a new Designated Entity Clause that is designed to <20>slot in'' to the existing documentation of investment grade or leveraged loans which allows banks to nominate designated entities or affiliates who meet regulatory requirements to book assets and make loans. "I haven''t yet seen any real live deals or transactions structured specifically on the basis that the UK may lose its passporting license," Dell said. The DEC gives lenders more flexibility to change where loans are held in a changing regulatory system. Commitments will be made by a central lender, which will be able to designate an affiliate <20> for example a French affiliate to lend to a French borrower. The clause will make it
'b8888e0e7ee4154c9f04fa152b277ab3ab30977b'|'Dutch considering law to protect companies from foreign takeover'|'Money News - Sat May 20, 2017 - 3:32pm IST Dutch considering law to protect companies from foreign takeover AMSTERDAM The Netherlands government on Saturday said it is considering a law that would give Dutch publicly listed companies a one-year period of "thinking time" during which they could freely reject any approach by a foreign buyer. The announcement by Economic Affairs Minister Henk Kamp comes amid a surge in nationalist and protectionist sentiment in the Netherlands. It also comes as U.S. paint-maker PPG Industries seeks to buy Dutch based rival Akzo Nobel with a 26.3 billion euro ($29.47 billion) offer that is widely backed by the company''s foreign shareholder base but opposed by the company''s Dutch-controlled board. Kamp has said a takeover of Akzo Nobel is not in the Dutch national interest. ($1 = 0.8925 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/netherlands-m-a-protectionism-idINKCN18G0CC'|'2017-05-20T18:02:00.000+03:00'
'9225b0c79868c50261d6015855a630e00d678602'|'Chile''s Ripley, Mexico''s Liverpool cancel merger -regulatory filing'|' 31pm EDT Chile''s Ripley, Mexico''s Liverpool cancel merger -regulatory filing SANTIAGO May 19 Chilean retailer Ripley said in a regulatory filing late Friday that its planned acquisition by Mexican high-end department store chain Liverpool has been scrapped. "Ten months having passed since the announcement of the agreement, a series of geopolitical and economic changes in the countries and markets in which both parties operate have occurred, which brought this termination about," the company said. (Reporting by Gram Slattery; editing by Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/puerto-liverpool-ripley-idUSC0N1HI04G'|'2017-05-20T06:31:00.000+03:00'
'9b25243fb5bd8a4d19dd56db45f935bf2f608076'|'ECB needs to show backbone when price pressure rises - Weidmann'|'Central Banks  27am BST ECB needs to show backbone when price pressure rises - Weidmann Bundesbank President Jens Weidmann makes remarks at a press briefing during the IMF and World Bank''s 2017 Annual Spring Meetings, in Washington, U.S., April 21, 2017. REUTERS/Mike Theiler ZURICH The European Central Bank will need to "show backbone" when inflationary pressure rises in the eurozone although an expansive policy remains justified for now, ECB Governing Council member Jens Weidmann told an Austrian newspaper. The victory of centrist, pro-Europe candidate Emmanuel Macron in France''s presidential election has reduced political uncertainty but does not automatically give the ECB a green light to start tightening policy, Weidmann told Der Standard. "We do not focus our monetary policy on political events, but on the price outlook. At present it is indisputable that an expansive monetary policy is appropriate. There are, however, quite differing views on the necessary degree of monetary expansion and the instruments we use," he added. Stripping out the impact of higher energy costs, upward pressure on prices was still subdued, he said. "But it will gradually increase with the economic recovery. This must be adequately taken into account in our forward-looking monetary policy, and there are also discussions about this in the Governing Council." With inflation now well in positive territory, the ECB has come under pressure from more conservative countries to dial back stimulus, even as underlying inflation remains weak and wage growth is muted. Asked about differences with Austrian central bank Governor Ewald Nowotny and Weidmann''s more hawkish line on scaling bank ECB bond purchases, he said: "I certainly see sovereign debt purchases in the monetary union overall more critically than others because they lead to blurring the border between monetary policy and fiscal policy, which is particularly important here." With euro zone central banks the largest creditors of member countries, this could result in political pressure to stick to a very loose monetary policy longer than appropriate. To counter fears that ECB policy could focus too much on debt service relief for member states, ECB policymakers need to be clear when price pressures pick up, Weidmann said. "We cannot put off normalising monetary policy out of consideration for state finances in some countries or because of possible losses by individual financial market participants. The ECB must then show backbone," he told the newspaper. Weidmann, head of Germany''s Bundesbank, said it was important that all euro zone countries stick to fiscal rules and that big countries France and Germany serve as role models. German magazine Der Spiegel has reported that Berlin wants Weidmann to succeed Mario Draghi as ECB head. Asked by Der Standard if it were impossible to soon have a German ECB president, he said: "You mean, this would be the only European top job with a certain nationality ruled out per se? No, seriously, the president of the ECB should be selected according to his qualifications and not his nationality." (Reporting by Michael Shields; Editing by Louise Heavens and Helen Popper)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-weidmann-idUKKCN18G0DL'|'2017-05-20T18:27:00.000+03:00'
'9f8c2feb74da46859c7e03a1da7bf5271c561f29'|'Sterling retreats after Manchester blast, stocks steady'|'Business News - Tue May 23, 2017 - 1:46am BST Sterling retreats after Manchester blast, stocks steady People walk past an electronic board showing stock prices outside a brokerage at a business district in Tokyo, Japan, January 23, 2017. REUTERS/Kim Kyung-Hoon By Nichola Saminather - SINGAPORE SINGAPORE Sterling extended losses after British police said they were treating an explosion in Manchester as a possible terrorist attack, while the euro retained gains made on comments by German Chancellor Angela Merkel that the common currency was "too weak." Sterling remained under pressure after police said at least 19 people were killed and about 50 injured in an explosion at a concert in Manchester where U.S. singer Ariana Grande had been performing. Polls showing Britain''s election race tightening, and a threat by the country''s chief Brexit negotiator to walk away from European Union exit talks - set to begin next month - unless the bloc eased its demands added to the currency''s woes. The pound GBP=D3 pulled back 0.1 percent to $1.299, extending Monday''s 0.3 percent loss. The euro EUR=EBS hit a six-month high overnight after Merkel said the weakness of the euro, due to the European Central Bank''s monetary policy, helped explain Germany''s relatively high trade surplus. The euro was steady early on Tuesday after jumping as much as 0.5 percent and closing 0.3 percent higher on Monday. "The thing with euro/dollar is that you have quite a positive mood on the euro at the moment," said ABN Amro foreign exchange strategist Georgette Boele. "And when Merkel makes comments that the euro is probably too low then this is taken as another positive reason to push it higher." MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was steady early on Tuesday. It hit its highest level since May 2015 on Monday, posting its biggest one-day gain in over two months. Japan''s Nikkei .N225 slipped almost 0.1 percent. Australian and South Korean .KS11 shares both posted gains of about 0.1 percent. The MSCI World index .MIWD PUS was little changed, retaining Monday''s 0.6 percent gains. Overnight, Wall Street closed as much as 0.8 percent higher, driven by defense and technology stocks, after U.S. President Donald Trump announced arms deals of up to $350 billion with Saudi Arabia over the weekend. An uncertain political climate in the U.S. continued to weigh on the dollar. The dollar weakened 0.2 percent to 110.98 yen JPY= . The dollar index, which tracks the greenback against a basket of trade-weighted peers, was fractionally lower at 96.934. A gauge of U.S. economic activity strengthened in April to its highest level since late 2014, suggesting an acceleration in production and hiring activity following an anemic first quarter. In commodities, oil prices rose for the fifth straight session to their highest level in over a month on growing confidence that top exporters would agree to extend supply curbs this week and speculation that the cuts could be deepened further. U.S. crude futures CLc1 jumped 0.8 percent to $51.41 a barrel in early trade. The weaker dollar lifted gold, which climbed 0.25 percent to $1,263.17 in its third straight session of gains. (Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN18J033'|'2017-05-23T08:45:00.000+03:00'
'f89a53d748bfb24a013edc099d5ef323f2a3cd73'|'Renesas says state-backed fund, others to sell 16.5 percent of its shares'|'Business News  37am BST Renesas says state-backed fund, others to sell 16.5 percent of its shares Renesas Electronics Corp''s logo is seen on its substrate at the company''s conference in Tokyo, Japan, April 11, 2017. REUTERS/Toru Hanai TOKYO Japanese automotive chip maker Renesas Electronics Corp ( 6723.T ) said on Thursday that stockholders including state-run fund Innovation Network Corp of Japan (INCJ) planned to sell a combined 16.5 percent of its shares. The company said in a filing to regulators that others selling shares include Hitachi Ltd ( 6501.T ) and Mitsubishi Electric Corp ( 6503.T ). INCJ currently holds a 69.2 percent stake in the semiconductor maker. (Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-renesas-equity-sale-idUKKCN18E0JL'|'2017-05-18T14:37:00.000+03:00'
'77aefe80fc6d48e5499047bfe15d8ef1debc803f'|'Political risks have diminished after French election: ECB''s Weidmann'|'  9:19am BST Political risks have diminished after French election: ECB''s Weidmann FILE PHOTO: Central Bank (Bundesbank) Chief Jens Weidmann attends a press conference after the Franco-German Financial Council meeting in Berlin, Germany, September 23, 2016. REUTERS/Axel Schmidt/File Photo FRANKFURT Political risks for the euro zone and its economy are lower following the presidential election in France, ECB Governing Council member Jens Weidmann said on Wednesday, adding that even existing political risk might not hamper the bloc''s economy. French voters elected pro-European Union centrist Emmanuel Macron in early May. He beat the right-wing and eurosceptic leader of the National Front, Marine Le Pen. "The political risks have diminished somewhat", Weidmann, the president of Germany''s Bundesbank and a member of the decision making body of the European Central Bank, told an audience in Frankfurt. "And I would say that even existing political risks might not harm the euro zone economy because of lower spill-over effects." Turning to monetary policy he repeated his stance that the ECB should think about winding down stimulus - asset purchases and ultra-low interest rates - when growth picks up and inflation increases towards the ECB''s target of just below two percent. "If that''s the case then we should think about reducing the monetary stimulus," he said. (Reporting by Andreas Framke Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-weidmann-idUKKCN18E0UW'|'2017-05-18T16:19:00.000+03:00'
'ec36c5a32a82bc37d2d3172f0e7c8f69129e400d'|'China''s CDH to raise up to $743 million from WH Group stake sale: IFR'|'HONG KONG Chinese private equity investor CDH Investments is selling a 6 percent stake in WH Group Ltd (0288.HK), the world''s largest pork supplier, in a deal that will raise up to $743 million, according to a term sheet seen by IFR.CDH is selling 884 million shares at an indicative price range of HK$6.51 to HK$6.58 per share, a discount of as much as 6.5 percent of WH Group''s closing price on Friday, IFR, a Thomson Reuters publication, reported.CDH and WH Group did not respond to a Reuters request for immediate comment.(Reporting by Fiona Lau; writing by Julie Zhu; editing by Jason Neely)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-cdh-stocks-wh-group-idUSKCN18F14Z'|'2017-05-19T14:54:00.000+03:00'
'5f86d52a9614857b3e7bba4c873f757a468e8885'|'WannaCry attack is good business for cyber security firms'|'Technology   12:35pm EDT WannaCry attack is good business for cyber security firms FILE PHOTO: A hooded man holds a laptop computer as cyber code is projected on him in this illustration picture taken on May 13, 2017. REUTERS/Kacper Pempel/Illustration By Joseph Menn - SAN FRANCISCO SAN FRANCISCO For Kris Hagerman, chief executive of UK-based cyber security firm Sophos Group Plc, the past week could have been bad. The WannaCry "ransomware" attack hobbled some of its hospital customers in Britain''s National Health Service, forcing them to turn away ambulances and cancel surgeries. The company quickly removed a boast on its website that <20>The NHS is totally protected with Sophos.<2E> In many industries, that sort of stumble would likely hit a company''s reputation hard. Yet on Monday, three days after the global malware attack was first detected, Sophos stock jumped more than 7 percent to set a record high and climbed further on Wednesday after the company raised its financial forecasts. As for most other cyber security firms, highly publicized cyber attacks are good for business, even though experts say such attacks underscore the industry''s failings. "We are making good progress and are doing a good job," Hagerman said in an interview this week. "People ask ''How come you haven<65>t solved the cyber crime problem?'' and it''s a little like saying ''You human beings have been around for hundreds of thousands of years, how come you haven''t solved the crime problem?''" Hagerman pointed out that his company only claimed to protect 60 percent of NHS affiliates and that other factors contributed to the disaster at the hospitals. "They have their own budgets. They have their own approach to IT generally and IT security,<2C> Hagerman said of individual hospitals, which pick their own operating systems, patching cycles and network setups. Microsoft Corp had issued a patch in March for the flaw WannaCry exploited in Windows operating systems. Yet Hagerman acknowledged that Sophos did not update its basic antivirus software to block WannaCry until hours after it hit customers. HIGH STAKES Security experts say hospitals, where the stakes are especially high, represent a case study in how legacy industries need to up their cyber security game. "We''ve tolerated a pretty poor level of effectiveness, because so far the consequences of failure have been acceptable," said Josh Corman, a cyber security industry veteran now working on related issues at the Atlantic Council and a member of a healthcare security task force established by the U.S. Congress. "We are going to see failure measured in loss of life and a hit to GDP, and people will be very surprised." Some long-lived medical devices have more than a thousand vulnerabilities, Corman said, and perhaps 85 percent of U.S. medical institutions have no staff qualified for basic cyber security tasks such as patching software, monitoring threat advisories and separating networks from one another. Increasingly serious cyber security problems are partly an inevitable consequence of the growing complexity of digital technology. But there are other causes too, including a lack of accountability that stems from the wide range of technology handlers: computer software vendors, antivirus suppliers, in-house professionals, consultants and various regulators. Ultimately, Corman said, hospitals need to hire solid cyber security people instead of another nurse or two. GOOD FOR BUSINESS "What<61>s needed is punishment of the negligent," said Ross Anderson, a University of Cambridge pioneer in studying the economics of information security, referring to the hospitals that did not stop WannaCry. "This is not about technology. This is about people fouling up in ways people would get a pink slip for<6F> in less-insulated environments, he said, meaning they would lose their jobs. For now, though, there are few signs of any revamp in large institutions'' approach to cyber security - and little incentive for contract
'dcc8558ea2ab2cc1ef49b149af975c9a21ae8450'|'UPDATE 1-Nigerian oil labour union suspends Exxon Mobil strike in Rivers state'|'(Adds trade union comment on nationwide strike)YENAGOA, Nigeria May 20 A Nigerian labour union that had called for the shutdown of all Exxon Mobil Corp facilities in the Niger Delta has suspended its strike at its Rivers state branch in the oil production hub, two union representatives said on Saturday.Reuters had been unable to verify independently whether members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) had shut the company''s facilities in the region on Friday, and oil industry sources said there was no impact on production."The strike has been suspended," said Chika Onuegbu, who represents PENGASSAN in Rivers state.Onuegbu and a senior PENGASSAN official, who also said the strike in Rivers state had been suspended but did not want to be identified, said the move followed a ruling by an industrial arbitration panel.PENGASSAN''S chairman in the Port Harcourt zone, Azubike M Azubike, later said the industrial action had not been suspended elsewhere in the country."The strike is still on nationwide, especially in Exxon Mobil facilities across Nigeria. We are still talking with Exxon Mobil management," he said.Nigerian labour unions have held a number of strikes in the last few months over the dismissal of oil industry workers.The latest industrial action was in protest at the sacking of 150 workers in December, of which 82 were PENGASSAN members.Strikes by Exxon workers in Nigeria at the end of last year did affect output, delaying loadings by weeks.(Reporting by Tife Owolabi, Alexis Akwagyiram in Lagos and Anamesere Igboeroteonwu in Onitsha; Editing by Dale Hudson, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nigeria-oil-idINL8N1IM0UK'|'2017-05-20T19:18:00.000+03:00'
'7d5f87a15c6e13bb5cb85c449c0b6a51ba681f3b'|'Asia stocks tiptoe higher, dollar holds most gains as optimism inches back'|'Business   7:20am BST Asia stocks tiptoe higher, dollar holds most gains as optimism inches back A man walks past an electronic board showing Japan''s Nikkei average (top L), the Dow Jones average (top R) and the stock averages of other countries'' outside a brokerage in Tokyo, Japan, January 26, 2017. REUTERS/Kim Kyung-Hoon By Nichola Saminather - SINGAPORE SINGAPORE Asian stocks were slightly higher on Friday after a sluggish start, while the dollar held most of the gains it made overnight on strong U.S. economic data as some risk appetite returned despite caution over political turbulence in the United States. European shares, which posted losses overnight, are on track for positive starts. Financial spreadbetter London Capital Group expects Britain''s FTSE 100 to rise 0.4 percent, Germany''s DAX to climb 0.1 and France''s CAC 40 to gain 0.3 percent on the open. MSCI''s broadest index of Asia-Pacific shares outside Japan reversed earlier losses to gain 0.1 percent, shrinking its weekly loss to 0.5 percent. Japan''s Nikkei rallied 0.1 percent, but remains headed for a 1.8 percent loss for the week. Australian shares slipped 0.25 percent, widening weekly losses to almost 2 percent. Chinese shares were little changed, up 0.4 percent for the week. Hong Kong''s Hang Seng jumped 0.3 percent, set for a weekly rise of 0.1 percent. Malaysian shares advanced 0.2 percent and the ringgit was almost 0.1 percent higher at 4.323 per dollar, after first-quarter gross domestic product grew at 5.6 percent from a year ago, the fastest pace in two years. "The trend we have seen with Asian markets this morning has been one of mixed performances," said Jingyi Pan, market strategist at IG in Singapore. "While U.S. markets managed to stage a moderate recovery with investors finding good entry points after the heavy sell-off, Asian investors are likely choosing to err on the cautious side, especially with multiple event-risks in the week ahead."These events include testimony by former FBI director James Comey at a Senate hearing and an OPEC meeting in Vienna, she added. U.S. President Donald Trump''s dismissal of Comey last week set off a political firestorm that led to Wall Street''s biggest sell-off in over eight months on Wednesday after media reported that Comey had written a memo stating that Trump had asked him to drop a probe into his former national security advisor''s Russian connections. On Thursday, Trump tersely denied the allegations and decried a "witch hunt" against him. The Justice Department''s appointment on Wednesday of a special counsel to probe possible ties between Russia and Trump''s presidential campaign helped calm markets and lifted Wall Street on Thursday. The Dow gained 0.3 percent, the S&P was up 0.4 percent and the Nasdaq jumped 0.7 percent overnight. MSCI''s emerging markets index rose 0.1 percent. It slumped 2 percent on Thursday, its biggest one-day loss since November. It was dragged down by an 8.8 percent slump in Brazilian stocks, on a report President Michel Temer supported an attempt to bribe a potential witness to remain silent in the country''s biggest-ever graft probe. Temer refused on Thursday to resign after the Supreme Court authorized an investigation into the allegations. The investigation raised the possibility a second Brazilian president could fall in less than a year and sparked doubts Congress would pass Temer''s ambitious austerity agenda. The Brazilian real was fractionally weaker at 3.3685 per dollar on Friday, after plunging as much as 8.5 percent to its lowest level since December on Thursday. The decline was the biggest since the currency was devalued in 1999 and wiped out all of this year''s gains. Strong economic indicators from the U.S. helped lift the dollar overnight. It edged back 0.1 percent to 111.36 yen, but managed to retain most of Thursday''s gains. It is set for a 1.7 percent fall over the week. Data showed a sharp acceleration in factory activity in the
'558d4bf4ea28395e35b384e3b888b2bfc825d077'|'UPDATE 1-Westinghouse to lock out 172 union members at New Hampshire plant'|'(Adds company statement, no response from union)May 21 Westinghouse Electric Co, a unit of Japan''s Toshiba Corp, said on Sunday it issued a lockout notice to 172 union members at its nuclear components manufacturing plant in Newington, New Hampshire, declaring that the sides had reached a stalemate in contract negotiations.Westinghouse, which has been operating under bankruptcy protection, began formal negotiations with the International Brotherhood of Boilermakers, Iron Shipbuilders, Blacksmiths, Forgers and Helpers in April for a contract that expired almost a year earlier.The Boilermakers and Westinghouse engaged in a mediation process that was not successful, and the union has refused to accept the company''s last, best and final contract offer, the company said."As the Boilermakers were not willing to accept the offer, the company made the difficult decision to invoke a lockout," Michele DeWitt, Westinghouse interim senior vice president for nuclear fuel & components manufacturing, said in a statement.The lockout was set to go into effect just before midnight on Sunday.Union representatives did not immediately respond to email requests for comment. (Reporting by Bill Berkrot; Editing by Sandra Maler and Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/westinghouse-lockout-idUSL1N1IN0B7'|'2017-05-22T04:38:00.000+03:00'
'1032ba8c71c62273f7abb106ab5285d47eaf3993'|'Car loans, low rates, second mortgages: all the ingredients for a new credit crunch - Business - The Guardian'|'A credit crunch is brewing and when it happens, the UK is going to get hurt. That is the message emerging from senior executives in the financial services industry, who do not think Britain has changed that much since the 2008 credit disaster and the devastating crash that followed. Three developments lie at the heart of this disturbing analysis: spectacular growth in the sale of second mortgages, car loans and credit cards.Second mortgages are widely seen as a signal of consumers taking on risky levels of debt that leave them vulnerable to a downturn in the economy.It was the same before the last banking crash. Tens of thousands of households, many of them struggling to pay monthly mortgage payments, used second mortgages to bypass borrowing limits set by their mortgage lender.The latest industry figures show the number of people opting to saddle themselves with a second mortgage leapt 22% in March to its highest level since 2008.Car loans are already on the regulator<6F>s radar. Like second mortgages, they are considered secured credit on the basis that lenders have a claim against an asset when borrowers can no longer pay monthly instalments. But cars depreciate from the moment they are bought, so they rank low down the scale of secure credit. And loans have turned in recent years into leases that have customers renewing contracts every three years, keeping them in effect permanently hooked.The main consumer regulator for the financial services industry, the Financial Conduct Authority , is reviewing the market for car leasing, which now accounts for more than 90% of car sales, to check for mis-selling to poorer households who will be vulnerable to default.The Bank of England is also on the case. More importantly, it is also looking at the big picture and what happens if unemployment suddenly rises and a large number of households default on payments.Officials at the Bank have a growing list of concerns. Not only is there the second mortgage problem and the number of car loans: figures show consumer spending on unsecured credit has also rocketed in the last year. In March alone, the amount UK consumers owed on loans and cards grew by <20>1.9bn, the highest figure in 11 years.Households are known to have increased their reliance on short-term unsecured loans to buy cars and furniture, and to kit out new kitchens. Some use them to maintain their lifestyle in the face of a decade of flat wages. Unfortunately, another group use credit to pay the monthly rent.Shelter, the homelessness charity, says one in three renters <20> around half a million people <20> on low incomes are having to borrow money to pay the rent. It said the borrowing is often from family and friends, but also on credit cards and through loans.The Bank has warned about consumer credit and has attempted to allay fears that the credit industry is out of control with a review to consider possible restrictions.Talk to financial services industry executives, though, and you get a hollow laugh. Regulators are compromised by the need to keep credit flowing. Why? Because credit has kept the economy in fourth gear for the last two year. Step on the credit brake and the economy will inevitably slow.A sign of regulators<72> weakness can be found in the relentless teaser interest rates and interest-free periods that lenders use to win customers.Ferocious competition among lenders <20> encouraged in the name of free-market efficiency <20> has resulted in interest-free periods on credit cards that last more than three years.The financial advice charity StepChange says 8.8 million people are showing signs of financial difficulty and risk falling into serious hardship.With the regulators afraid to <20>pull the punch bowl away in the middle of the party<74>, as former Bank governor Lord King put it as he surveyed the wreckage caused by the 2008 crash, those at risk must fear another credit crunch looming into view.RBS and LLoyds <20> different, a
'7fa81ed18f62ed3b19bd9ee813bf927ae1bd1a8e'|'Renault, Peugeot commit to raise orders from troubled parts maker - ministry'|'Sun May 21, 2017 - 6:04pm BST Renault, Peugeot commit to raise orders from troubled parts maker: ministry left right A Renault logo covered with mud and dust is seen on a car in Paris, France, March 15, 2017. REUTERS/Gonzalo Fuentes 1/2 left right A logo of Peugeot car is seen during International Motor Show in Riga, Latvia, April 8, 2017. REUTERS/Ints Kalnins 2/2 PARIS French car makers Renault ( RENA.PA ) and Peugeot ( PEUP.PA ) have committed to increasing their orders from ailing components-maker GM&S Industry after their chief executives spoke with Economy Minister Bruno Le Maire, his ministry said on Sunday. The future of the company, which employs 277 people in central France and is facing liquidation, was a priority of President Emmanuel Macron''s new administration, a government spokesman said on Wednesday. Renault agreed to raise its orders by 5 million euros to 10 million while PSA committed to lifting its purchases by 2 million euros to 12 million, the ministry said in a statement. "These commitments will allow the firm in 2017 to reach a turnover close to 25 million euros, and make it possible for it to continue operations and pursue takeover discussions," it said. (Reporting by Sybille de La Hamaide; editing by Richard Lough)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-france-autos-idUKKBN18H0WP'|'2017-05-22T00:53:00.000+03:00'
'eecbb34411969fffb49a49acc7c3d890e8c1c6b8'|'Marks & Spencer<65>s underwear is level at 30,000 feet'|'Britons are trapped in autopilot mode with 61% sticking to the same, familiar patterns.That was the slightly bizarre line pulled from a study being punted around by Marks & Spencer earlier this month , as it took time off from running a clothing business that for 133 years has largely stuck to familiar patterns.Still, as we await the group<75>s results this week, M&S is going through one of its periodic attempts to do things differently by updating itself.Its newish chief exec, Steve Rowe, is to be joined by a fresh chairman, former Asda chief executive Archie Norman. Meanwhile, the retailer is also poaching Halfords boss Jill McDonald to run the clothing business <20> the improvement of which is Rowe<77>s <20>number one priority<74> as well as it being something of a family dominion.Not only did Rowe once have that job himself, but so did his father Joe <20> whose tenure as an M&S director is perhaps best remembered for his decision to tell the 1999 annual meeting: <20>My wife, who is 52 I think, buys her underwear from M&S and I have to say it does look quite sexy.<2E> Or as Rowe fils <20> new research put it: <20>The average person in Britain makes 15 decisions on autopilot a day ... without truly thinking about them<65>. If only more people would buy M&S clothing using the same rationale.Halfords lacks a spare bossJill McDonald will not be joining M&S until October, at the end of her notice period as boss of the bike-shop-cum-car-accessory-store Halfords .The chain has been shifting a few more chamois leathers under her two-year command and who gets to grab the handlebars when she dismounts is likely to be the main focus during its results this week.The trading numbers are already a given <20> seeing as the company tried to soften the blow of news of McDonald<6C>s departure by announcing that results were expected to be in line with market predictions.But that didn<64>t stop the shares from slipping, as investors fretted that, despite the company making a lot of progress over the past few years, it keeps hiring decent chief execs who end up getting poached.McDonald<6C>s predecessor Matt Davies began the company<6E>s so-called transformation (currently dubbed <20>Moving Up a Gear<61>), only to leave in 2015 to go and run Tesco<63>s UK and Ireland stores. Now McDonald is defecting too. As Liberum puts it: <20>Securing a credible replacement with relevant expertise will be critical in order to maintain the market<65>s confidence in the strategy and growth prospects<74>. Developing.Co-ops in cyberspace? How does Twitter start to handle all of that hate speech and abuse that constantly seems to swamp its platform, as well as possibly finding new revenue sources and innovating?No, not by hiding the phone of the US commander in chief. The answer, at least according to a couple of Twitter shareholders, is to take the company off the stock exchange and convert it into a co-operative.At this week<65>s annual meeting, shareholders will get to vote on a proposal that the firm starts to <20> prepare a report on the nature and feasibility of selling the platform to its users via a co-operative or similar structure with broad-based ownership and accountability mechanisms <20> <20> and you can quickly guess what the board reckons to all that.Still, Wall Street lawyers being Wall Street lawyers, the response is tedious and lengthy, employing phrases such as: <20>Our directors and management are constantly seeking to maximise long-term stockholder value and do so by evaluating all opportunities to strengthen and focus our business.<2E>All of which might be overkill <20> when 140 characters would probably have sufficed <20> as even the campaign organisers don<6F>t sound hopeful. Their motion needs 50% support to be carried, but the petition<6F>s website states glumly: <20>Even with 3%, we can learn and re-submit next year.<2E>'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/may/21/marks-spencer-underwear-level-30000-feet'|'2017-05-21T03:00:00.000+03:00'
'accab3268d74249a21e78fbe0b906e5d6be1ae03'|'Where does an A-lister land when they waft in from paradise? Yes, Luton - Business'|'I t was once a byword for bargain-basement flights and holiday hell, defined for a generation by Campari ads and Lorraine Chase . But Luton airport, the grey-and-orange home of easyJet, has long led a double life: bussing budget passengers up the hill from the railway station, while ushering billionaires, royalty, Brad Pitt and Taylor Swift to their private jets.While the front end of the airport is being overhauled to accommodate a rapid growth in budget passengers, <20>London Luton<6F> has been quietly confirmed as Britain<69>s busiest airport for private jets. Around 30,000 will land or take off there this year, roughly a quarter of all such flights in the UK, a 6% increase on last year. A third private terminal opened last December to meet the growing demand and expectations of the super-rich <20> who mostly head around the airport<72>s industrial perimeter to a couple of anonymous buildings at the back.What appeals to many of the jet set is exactly that anonymity, says Neil Thompson, Luton<6F>s operations director. <20>Part of the attraction is that you come in and out of the back door. You have that privacy.<2E>The airport<72>s executives have been temporarily relocated during building work to the rear perimeter fence, where private jets are often parked. They now get a peek at the stars, which can be a bit strange: <20>You see the England footy team outside your office window sometimes.<2E>Airport staff can pick out the distinctive livery of planes belonging to Lewis Hamilton or John Travolta when they fly in, but most of the time <20> except when celebs have tipped off the paparazzi <20> the identities of the private jet passengers remains under wraps. The original Signature private jet terminal is barely as big as some duty free shops, but this clientele generally heads straight to the plane.Passengers can be taken through a security scanner in a private room, and for some VIPs, checks can be handled in the car. A passenger could, Thompson says, be airborne within 10 minutes of arrival at the airport <20> or on the M1 to London within 15 minutes of their plane touching the runway.With few night-flight restrictions and plentiful slots, Luton also has, he says, the length of runway and the airport technology to land almost any plane in weather that might rule out lesser airfields. But it remains small enough to be swiftly negotiated.Clive Jackson of Victor, a private jet chartering firm, says: <20>Whether for A-listers, captains of industry, or heads of state, Luton is strategically important for two reasons <20> it<69>s relatively close to London and it operates 24 hours a day. The owners have been very smart in making sure that while the bulk is low-cost, scheduled traffic, they<65>ve leased off real estate around the airport to allow a thriving ecosystem to build up for private aviation. From cleaning to hangarage, maintenance and servicing, catering and crewing, it<69>s all up there.<2E>Facebook Twitter Pinterest Luton airport is seeing both budget and celebrity traffic increasing Two operators at Luton, Signature and Harrod<6F>s Aviation, maintain and service private jets, and sort out the logistics such as booking runway slots and air traffic clearance. But with a jet costing anything from <20>2m to <20>60m to buy, excluding running and maintenance costs, even the super-rich need to sweat their assets, and many private jets are now up for charter.The number of business jet charter flights in the UK rose by 12.7% over the past year, now representing three-fifths of all private air traffic. Websites such as Jackson<6F>s FlyVictor have attempted to replace the traditional model of hiring a jet through a broker with more transparent online booking. <20>You don<6F>t have to be dropped off by a chauffeur at my office in Knightsbridge to convince me you<6F>re a worthy consumer,<2C> he says.Like the doors of the Ritz, private jets, are open to all, Jackson says, citing the fact that 15% of his customers are first-timers. He gives the example of a London-based journalist 
'83425291cc387f19501cb003065c155a55eb4f3d'|'India announces policy for strategic partnerships in defence'|'World News - Sat May 20, 2017 - 8:09am EDT India announces policy for strategic partnerships in defense India<69>s Prime Minister Narendra Modi gestures during the United Nations Vesak Day Conference in Colombo, Sri Lanka May 12, 2017. REUTERS/Dinuka Liyanawatte MUMBAI India on Saturday finalised a policy that would allow local private companies to work with foreign players to make high-tech defense equipment, in a boost to Prime Minister Narendra Modi''s bid to cut reliance on imports. The policy, whose finer details are still to be formalized, will initially allow the entry of private companies into the manufacture of submarines, fighter aircrafts and armored vehicles through foreign partnerships, a statement issued by the Defense Ministry said. "In future, additional segments will be added," the statement said. Industry experts have said that delays in finalizing procurement policies have undermined India''s efforts to get local, largely inexperienced, companies to tie up with foreign manufacturers, a necessary step if domestic firms are to utilize the latest technology. Prime Minister Modi has vowed to reverse India''s dependence on imports by building a local manufacturing industry. The government is forecast to spend $250 billion on modernization of its armed forces over the next decade. The policy, announced on Saturday, would allow Indian companies to partner with global defense majors "to seek technology transfers and manufacturing know-how to set up domestic manufacturing infrastructure and supply chains," the statement said. Foreign manufacturers such as Lockheed Martin, Boeing, BAE Systems and Saab are looking to India as one of the biggest sources of future growth. (Reporting by Promit Mukherjee, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-india-defence-policy-idUSKCN18G0GS'|'2017-05-20T19:57:00.000+03:00'
'd2805489254de731449d3ee5af1dfcfcd6ec0030'|'Blackstone, Saudi''s PIF plan $40 billion infrastructure investment fund'|'RIYADH U.S. private equity firm Blackstone and Saudi Arabia''s main sovereign wealth fund said on Saturday they planned to create a $40 billion vehicle to invest in infrastructure projects, mainly in the United States.Blackstone and the Public Investment Fund (PIF) signed a non-binding memorandum of understanding for the project, which will depend on further negotiations.The proposed venture was announced during the visit to Riyadh of President Donald Trump, who has said he wants to rebuild crumbling U.S. infrastructure.Blackstone said it expected the vehicle to have $40 billion of equity commitments, with a $20 billion anchor investment from the PIF with the rest from other investors. Through this equity plus debt financing, Blackstone expects to invest in more than $100 billion of infrastructure projects, it said.The new fund "reflects our positive views around the ambitious infrastructure initiatives being undertaken in the United States as announced by President Trump," the PIF''s managing director Yasir al-Rumayyan said.Blackstone president Hamilton James said: "This will create well-paying American jobs and will lay the foundation for stronger long-term economic growth."(Reporting by Andrew Torchia; Editing by Alison Williams and Helen Popper)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-trump-saudi-blackstone-group-idINKCN18G0P9'|'2017-05-20T23:48:00.000+03:00'
'fd5c5d65fc8248cd4a03e8e0a09a65f1459627bf'|'Komodo Dragon Blood May Hold the Secret to Killing Superbugs'|'The blood of the endangered Komodo dragon is known for its toxicity, but the world<6C>s largest lizard also appears impervious to disease and infection. A team of researchers who spent the past four years analyzing Komodo blood discovered it<69>s loaded with compounds that could be used as antibiotics. They say they<65>re hoping to turn those compounds into drugs that may be worth billions of dollars and save millions of lives. <20>I<EFBFBD>ve got a 6-year-old daughter who sleeps on a stuffed Komodo,<2C> says lead researcher Barney Bishop. <20>I<EFBFBD>d like her to grow up in a world with effective antibiotics.<2E>5 miles: the distance at which Komodos can <20>smell<6C> tasty corpses with their tongues.Getty ImagesImmunityKomodos regularly eat carrion but rarely fall ill because they carry proteins called antimicrobial peptides, an all-purpose infection defense.StudyThe researchers analyzed blood samples from captive Komodos in Florida using a mass spectrometer to identify peptides with drug potential.StakesBishop, a biochemistry professor at George Mason University, says his team is betting Komodo blood can help battle antibiotic-resistant bacteria, which kill about 700,000 people a year.TargetsKomodo peptides may be a good match for bacteria that cause staph infections, inner ear and burn infections, dermatitis, pneumonia, and cystic fibrosis, Bishop says.FundingThe Pentagon<6F>s Defense Threat Reduction Agency contributed $7.6 million to Bishop<6F>s research.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-05-18/komodo-dragon-blood-may-hold-the-secret-to-killing-superbugs'|'2017-05-19T01:43:00.000+03:00'
'9ca3c4edea1b45f5498f058acb978ff1710f2048'|'MIDEAST STOCKS - Factors to watch - May 21'|'Bonds News - Sat May 20, 2017 - 11:06pm EDT MIDEAST STOCKS - Factors to watch - May 21 DUBAI May 21 Here are some factors that may affect Middle East stock markets on Sunday. Reuters has not verified the press reports and does not vouch for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Dollar slides on Trump concern, but stocks rise * MIDEAST STOCKS-MSCI shares pose main drag on Gulf as global markets skid * Oil at one-month high, supply-cut extension expected * PRECIOUS-Gold on track for biggest gain in five weeks * U.S., Saudi firms sign tens of billions of dollars of deals as Trump visits * Decisively re-elected, Rouhani defies hardliners, pledges to open Iran * Amid firestorm at home, Trump to seek reset with Islamic world * Under siege in Washington, Trump reaps Saudi arms deal, stronger ties * Saudis, United States blacklist a Hezbollah leader * U.S. calls on Iran to halt support for ''destabilizing forces'' * France says Rouhani re-election strengthens hope of Iran nuclear deal application * Syrian rebels begin to leave last opposition-held Homs district * Yemen''s Houthis say fire ballistic missile towards Saudi capital * Yemen cholera cases could hit 300,000 within six months -WHO * Death toll rises in southern Libya attack, defence minister suspended * Rescued migrants tell of detention, beatings, slavery in Libya * Libyan oil production recovers partially after power outage -officials * Thousands rally in north Morocco protest march * Morocco phosphate ship held in Panama over Western Sahara challenge - officials * Tunisia protesters close oil pumping station after army standoff * Tunisia buys 92,000 T milling wheat in tender -trade * Central bank of Libya has 0.82 pct of UniCredit after cash call * Hapag-UASC tie-up nears completion as funding snags overcome - sources EGYPT * U.S. wheat exports to Egypt seen remaining rare despite sale * Average yields rise on Egyptian six-month and one-year T-bills * Egypt procured 2 million tonnes of wheat from local farmers SAUDI ARABIA * Saudi Aramco: looking for opportunities to expand in U.S. over 10 years * Saudi Aramco CEO says to sign $50 billion of deals with U.S. companies INTERVIEW-Saudi''s ACWA Power plans late 2018 IPO, foreign as well as local listing * Saudi Arabia tenders to purchase 1.5 mln T feed barley * Saudi Arabia says comfortable with 2017 budget deficit * Softbank-Saudi tech fund becomes world''s biggest with $93 bln of capital * Saudi''s PIF says overseas investment to grow gradually * Blackstone, Saudi''s PIF plan $40 bln infrastructure investment fund * Saudi minister of finance says local debt expected to be start again Q2 or Q3 * Saudi to open militant-monitoring centre during Trump visit * Saudi deputy economy minister says privatisation terms case-by-case UNITED ARAB EMIRATES * CEO, some staff leave MidEast e-commerce venture Noon - sources * UAE Exchange Group targets up to $300 mln in acquisitions QATAR * ExxonMobil secures Qatari condensate for Singapore unit - sources * Qatar says sees merits of extending oil supply cut into Q1 2018 KUWAIT * Patrol boat stops armed Iraqis entering Kuwaiti waters - agency OMAN * TABLE-Oman budget deficit grew to $14.3 billion in 2016 -ministry * Oman appoints banks ahead of debut public dollar sukuk (Compiled by Dubai Newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-factors-idUSL8N1IM0KT'|'2017-05-21T11:06:00.000+03:00'
'da70dbf421d6d93a20286f8f4c1d79af12f96cba'|'Brazil president lambastes testimony by JBS executives'|'Market News - Sat May 20, 2017 - 2:22pm EDT Brazil president lambastes testimony by JBS executives BRASILIA May 20 Brazilian President Michel Temer on Saturday challenged a recorded conversation implicating him in a corruption probe, saying he would continue as president and ask the Supreme Court to verify the integrity of the recording. "Brazil will not be derailed," he said during a speech in Brasilia, reiterating that he would not resign. Temer said he would ask the Supreme Court to suspend an investigation against him until it could determine whether the recording, made by the chairman of meatpacker JBS SA during a March conversation, was edited afterwards. (Reporting by Lisandra Paraguassu; Writing by Paulo Prada; Editing by Mary Milliken) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-idUSL2N1IM0E3'|'2017-05-20T22:22:00.000+03:00'
'137feafea35b8c2a4349804bfd19a80cf379ea37'|'From suspicion to engagement: OPEC, hedge funds and the Sistine Chapel'|'Business  56am BST From suspicion to engagement: OPEC, hedge funds and the Sistine Chapel   OPEC Secretary General Mohammad Barkindo listens during a news conference after a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 30, 2016. REUTERS/Heinz-Peter Bader/File Photo 1/2   A view shows al-Shuaiba oil refinery in southwest Basra, Iraq April 20, 2017. REUTERS/Essam Al-Sudani/File Photo 2/2 By Dmitry Zhdannikov - LONDON LONDON It was an unconventional venue for an unusual encounter. In the Vatican''s Sistine Chapel in the summer of 2016, OPEC''s new secretary general Mohammed Barkindo bumped into Citigroup''s global head of commodities research Ed Morse. Their chat, at an energy industry event held in the Chapel, led to a series of meetings that have reshaped the way the Organization of the Petroleum Exporting Countries interacts with the hedge funds and trading houses that influence world oil markets. Barkindo, elected to OPEC''s top job in June 2016 to deal with an oil price slump, told Morse that OPEC wanted to better understand the way financial players worked in the oil markets. It was a departure for OPEC from its long-held suspicion of such players. In the past it has routinely accused them of speculation that distorted oil prices, pushing them higher or lower than supply-demand fundamentals warrant. OPEC and non-OPEC oil ministers meet in Vienna on Thursday to decide whether to extend beyond June 30 their deal to reduce output, and perhaps deepen it, in an effort to support prices. "It was at the Vatican that we first discussed the idea of OPEC reaching out to the financial players in the oil markets," Barkindo told Reuters. "The world of oil has changed, including the fundamentals and its dynamics. And so must OPEC." He said Morse helped organise a meeting for OPEC officials with hedge funds at the end of 2016. "We went further to break the Berlin Wall with tight oil producers and met them in Houston in March," said Barkindo. Morse did not respond for a request for comment. In separate meetings organised via different routes and facilitators, Saudi Arabia''s energy minister Khalid al Falih and his team held discussions with hedge funds. They also met top trading houses Vitol and Litasco in Vienna in November, ahead of the last OPEC meeting, according to market sources. Falih''s predecessor, the veteran Saudi oil minister Ali al-Naimi, often took advice from oil market consultants, but had his own advice for hedge funds: leave the market alone. "As the market got increasingly financialised, the Saudis and others at OPEC understood and accepted it is not just driven by fundamentals and decided it was worth engaging with those who move the market short-term," said Amrita Sen of consultancy Energy Aspects, which also often helps facilitate the dialogue between OPEC members and financial markets. "WHATEVER IT TAKES" The engagement with financial markets seems to be changing the tone of OPEC''s public style. It now sometimes mimics the language of central bankers. Over the past two months, Falih has twice used the phrase coined by European Central Bank President Mario Draghi five years ago in his successful bid to defend the euro. OPEC will do "whatever it takes", to reduce an oil glut, was the message from Falih in April, repeated in a joint statement with Russia''s energy minister Alexander Novak. Hedge funds bought heavily into the oil market late last year as it became apparent OPEC would cut production. They have heavily sold those positions in recent weeks, stalling a recovery in oil prices near $50 a barrel, as they realised bloated world oil inventories would take longer than expected to shrink to normal levels. "Even after a recent price correction, there is 700 million barrels of (investors'') net length in the market," said Gary Ross, head of global oil at PIRA Energy, a unit of S&P Global Platts. "It is exceptionally important for producers
'624ba7ef9f9cc7fe34ba7b07293aaa3d64a60918'|'Jia Yueting steps down as CEO of troubled Leshi, remains chairman'|'Technology News - Sun May 21, 2017 - 11:27am BST Jia Yueting steps down as CEO of troubled Leshi, remains chairman Jia Yueting, co-founder and head of Le Holdings Co Ltd, also known as LeEco and formerly as LeTV, poses for a photo in front of a logo of his company after a Reuters interview at LeEco headquarters in Beijing, China, picture taken April 22, 2016. REUTERS/Jason Lee BEIJING Jia Yueting will step down as chief executive of Leshi Internet Information & Technology Corp Beijing but will retain his position as chairman, with the company''s finance chief also to be replaced, according to a stock exchange filing on Sunday. Shenzhen-listed Leshi is part of Jia''s larger business empire dubbed LeEco that began with a Netflix-like video streaming service and expanded into new products and services from consumer electronics to cars. LeEco encountered a cash crunch last year that Jia said was the result of that aggressive growth, with the company subsequently seeking billions of dollars in new funding, cutting staff and abandoning a deal to acquire U.S. television maker Vizio. Continuing as chairman, Jia will focus on corporate governance, strategic planning and core product innovation, the filing said. The board approved longtime Lenovo executive Liang Jun, who joined Leshi as an executive in 2012, to replace Jia as CEO. Leshi also announced that Yang Lijie would resign as chief financial officer due to personal reasons and be replaced by Zhang Wei, the company''s China CFO. (Reporting by Jake Spring and Hallie Gu; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-leeco-ceo-idUKKBN18H0GA'|'2017-05-21T18:15:00.000+03:00'
'd3a488efffe6d1fd86b94013819ee22a1ec04651'|'French prosecutors investigate DCNS submarines sale to Brazil - source'|'Sun May 21, 2017 - 12:34pm BST French prosecutors investigate DCNS submarines sale to Brazil: source The logo of DCNS is seen during the inauguration of the site of the naval defence company and shipbuilder DCNS in Ollioules, France, February 23, 2017. REUTERS/Jean-Paul Pelissier PARIS French financial prosecutors have launched an investigation into a 6.7 billion euro ($7.5 billion) 2008 contract between naval supplier DCNS and Brazil that included the sale of five submarines, a source close to the probe said on Sunday. The investigation, started in October last year, concerns potential "corruption of foreign officials", the source said, confirming a report by French daily Le Parisien. The probe is linked to a wider Brazilian inquiry dubbed Lava Jato, or Car Wash, initiated in 2014 to investigate alleged bribery involving hundreds of politicians and public figures, the paper said without citing sources. DCNS denied any wrongdoing. "We have nothing to do with the Lava Jato case. DCNS scrupulously respects the rules of law around the world," a spokesman told Reuters. On their official Twitter account on May 12, prosecutors said they had spoken to the head of Brazil''s Supreme Court and visited Brazil''s central office against corruption but made no reference to the investigation reported by Le Parisien. Newspaper Folha de S. Paulo reported in 2015 that Brazilian federal police were investigating potential irregularities in the military program to build a nuclear-powered submarine in partnership with France by 2023. The paper had not said if DCNS, which is 62 percent owned by the French state and 35 percent by French defense electronics group Thales SA ( TCFP.PA ), was being investigated. (Reporting by Sybille de La Hamaide and Sophie Louet; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-france-brazil-submarines-idUKKBN18H0I9'|'2017-05-21T19:32:00.000+03:00'
'780b40bd3aace239468191333a3b2390eab8a7fe'|'EU to conclude Google antitrust cases in next few months'|' 17pm BST EU to conclude Google antitrust cases in next few months left right European Competition Commissioner Margrethe Vestager addresses a news conference in Brussels, Belgium, April 20, 2016. REUTERS/Francois Lenoir 1/2 left right A neon Google sign is seen in the foyer of Google''s new Canadian engineering headquarters in Kitchener-Waterloo, Ontario, January 14, 2016. REUTERS/Peter Power/File Photo - RTX2ATAS 2/2     will rule in the "next few months" whether Alphabet''s Google abused its dominance of internet searches and other areas, a senior European Commission official said on Monday, an outcome that could lead to a hefty fine. The world''s most popular internet search engine has been in the Commission''s crosshairs since 2010 over the promotion of its own shopping service in internet searches at the expense of the services of rivals. The EU competition enforcer opened a second front against Google last year as it charged the company with using its dominant Android mobile operating system to squeeze out rivals. It has since levelled a third charge, that of blocking rivals in online search advertising. This relates to Google''s "AdSense for Search" platform, in which Google acts as an intermediary for websites such as online retailers, telecoms operators or newspapers. These searches produce results that include search ads. "In the next few months, we will reach a decision on the Google cases, Google search, AdSense and to me the most interesting is Android," Tommaso Valletti, the Commission''s chief competition economist, told a conference organised by the University of Oxford Centre for Competition Law and Policy. The Commission has already warned Google that it would be fined if found guilty of breaching EU antitrust rules. Sanctions could reach 10 percent of annual global turnover for each case. Alphabet made consolidated revenues of around $90 billion (69.12 billion pounds) in 2016. Google has in the past rejected the accusations, saying that its innovations had increased choice for European consumers and promoted competition. It made three unsuccessful attempts to settle the internet search case without any finding of wrongdoing and sanctions with European Competition Commissioner Margrethe Vestager''s predecessor, Joaquin Almunia. (Reporting by Foo Yun Chee; Editing   Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-google-antitrust-idUKKBN18I1EY'|'2017-05-22T20:17:00.000+03:00'
'6388f9f32b84b9c87b41e8b0dd683cabaf2bcde2'|'Aegon sells some U.S. operations to boost solvency'|'Deals  31am BST Aegon sells some U.S. operations to boost solvency The logo of Dutch financial insurance company Aegon is seen in The Hague October 28, 2008. REUTERS/Stringer AMSTERDAM Aegon ( AEGN.AS ), the Dutch-based insurer that does most of its business in the United States, said on Monday it would sell some U.S. operations to Wilton Re [WRFL.UL] to boost its financial strength under Europe''s new Solvency II regime for insurers. Aegon will sell its U.S. corporate and bank life insurance to Wilton for an undisclosed sum, and in return, Aegon''s Transamerica unit will provide reinsurance for some $14 billion of Wilton liabilities. Aegon said it would book a loss of around 270 million euros ($300 million) on the deal when it closes this summer. However, the move will free up 630 million euros in cash Aegon was holding to pay claims, improving group solvency under Europe''s new Solvency II regime by 6 percentage points. Analysts regard the figure as a prime indicator of a European insurer''s ability to pay dividends. Aegon''s shares have fallen since March, when it revised down its solvency ratio to 157 percent after a review.. It reported better than expected first quarter earnings on May 11, but shares again fell on solvency concerns. (Reporting by Toby Sterling, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-aegon-operations-sale-idUKKBN18I0KR'|'2017-05-22T14:28:00.000+03:00'
'81dfa086bfd97bc4569bb22f035228a84a7d3c3b'|'China''s LeEco founder cedes control of listed unit amid cash crunch'|'Business News - Mon May 22, 2017 - 9:09am BST China''s LeEco founder cedes control of listed unit amid cash crunch Jia Yueting, co-founder and head of Le Holdings Co Ltd, also known as LeEco and formerly as LeTV, poses for a photo in front of a logo of his company after a Reuters interview at LeEco headquarters in Beijing, China, picture taken April 22, 2016. REUTERS/Jason Lee By Sijia Jiang and Jake Spring - HONG KONG/BEIJING HONG KONG/BEIJING The founder of LeEco, a Chinese Netflix-to-Tesla-like conglomerate, has stepped down as the CEO of the group''s main listed unit, as the company begins to streamline and cut debt after rapid expansion led to a cash crunch. Jia Yueting, who will remain as chairman and CEO of LeEco, envisions the group maintaining its separate unlisted automotive unit but rolling all other areas of business into Leshi Internet Information & Technology Corp Beijing, according to a transcript of his remarks to journalists on Sunday. The firm has also trimmed loans by nearly half from a peak of 10 billion yuan (1.12 billion pounds), Jia said. Shenzhen-listed Leshi said in a stock exchange filing that Liang Jun, a long-time Lenovo Group Ltd executive who joined Leshi in 2012, will replace Jia as chief executive officer. Leshi''s finance chief Yang Linjie, who resigned for personal reasons, will also be replaced by Zhang Wei. The restructuring comes several months after the group received a much-needed $2.2 billion (1.7 billion pounds) investment from property developer Sunac China Holdings Ltd. Sunac said the management change is not an attempt to take more control of Leshi, considered one of LeEco''s healthiest assets. But it marks a push to bolster the streaming business'' operations. "There is no such thing as a fight for control," said Liu Shuqing, a Sunac-appointed director on the board of Leshi, according to the transcript of Leshi''s Sunday briefing. In a letter to all LeEco staff seen by Reuters, Jia called the two appointments as Leshi''s "most important milestone since its IPO in 2010", and said they were aimed at improving the listed company''s performance. Jia said in the letter his personal focus over the past two years on LeEco''s non-listed businesses, which include consumer electronics and cars, had dragged down Leshi''s development. "I had expressed my apologies and gratitude to investors at the end of last year and promised to refocus on our listed businesses," Jia said in the letter. "After we introduced the second-largest and strategic shareholder (Sunac), we formally initiated a major restructuring of Leshi." Jia, who is continuing as chairman of Leshi, said he will "focus on the governance, strategic planning and core product innovation" of LeEco''s listed units. LeEco began with a Netflix-like video streaming service and expanded into an array of products and services. The group has been fighting a cash crunch since last year that Jia said was the result of that aggressive growth. (Reporting by Sijia Jiang, Jake Spring and Hallie Gu; Editing by Sam Holmes and Christopher Cushing)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-leeco-ceo-idUKKBN18H0FI'|'2017-05-22T16:09:00.000+03:00'
'ca1ab6aaa979d9d2807ba126a7ef91dc24f4035c'|'CORRECTED - Ford to replace CEO Mark Fields with James Hackett - Forbes'|'By David Shepardson and Laurence Frost - WASHINGTON/PARIS WASHINGTON/PARIS Ford Motor Co on Monday said it was replacing replace Chief Executive Officer Mark Fields with James Hackett, the head of the unit developing self-driving cars, in response to investors'' growing unease over the U.S. carmaker''s stock performance and prospects.The departure of Fields, 56, is among a series of management changes announced. Hackett, 62, a former CEO of furniture manufacturer Steeelcase Inc, will take the helm in a broader shake-up aimed at speeding up decision-making and improving operations.Ford shares were up 2.3 percent in trading before the market opened. At Friday''s close, they had fallen 37 percent since Fields took over three years ago, at the peak of the U.S. auto industry''s recovery.U.S. sales are slipping, and Ford''s profits are trailing those of larger rival General Motors, whose shares fell 13 percent over the same period. Ford''s board and Chairman Bill Ford Jr. have been unhappy with the company''s performance and sought reassurance that investments in self-driving cars, electric vehicles and ride services would pay off."We<57>re moving from a position of strength to transform Ford for the future,<2C> Bill Ford said. "Jim Hackett is the right CEO to lead Ford during this transformative period for the auto industry and the broader mobility space."The upheaval at Ford underlines pressure on all three Detroit automakers to prove they can avoid losses as the U.S. market begins to slow from last year''s record sales.Fiat Chrysler Automobiles NV is fighting diesel emissions-cheating allegations from U.S. and California regulators following CEO Sergio Marchionne''s failed bid to find a merger partner.GM CEO Mary Barra is fending off attacks from hedge fund Greenlight Capital, which wants to install three new directors and split the company''s stock.NEW SCRUTINYIn March, GM sold its money-losing Opel division to France''s PSA Group, effectively exiting Europe in a move Barra promised would free cash for share buybacks.The shake-up at Ford may bring new scrutiny of its own plans in the region. Jim Farley, Ford of Europe chief since January 2015, is set to move to oversee all of the company''s regions, global marketing and sales, as well as its Lincoln Motor Co.Joe Hinrichs, head of the Americas since December 2012, will manage global product development, manufacturing and labor affairs, purchasing, and environmental and safety engineering, while Marcy Klevorn, vice president of information technology and chief technical officer since January, will oversee Hackett''s Ford Smart Mobility.The company is also replacing its head of communications.Ford posted a record $1.2 billion profit in Europe last year but warned the impact of Britain''s vote to leave the European union would put a dent in 2017 earnings.Fields, who earned $22.1 million in 2016, also faced a clamor for share repurchases, which boost the value of stock, at Ford''s annual meeting earlier this month. "Confidence is created by hard currency, not proclamations that are often qualified," one investor said in a question read by the chairman.Ford said last week it would cut 1,400 staff positions in North America and Asia, a small fraction of the 20,000 job reductions some news outlets had reported were imminent.CHALLENGING TIMESFields had outlined a variety of plans to confront challenges from technology companies such as Alphabet Inc that want to control a future of autonomous, data-intensive vehicles."You have to have one foot in today ... but also one foot in the future," Fields told reporters last month. "I think investors understand our strategy."Among his bets on technology is a plan to invest $1 billion over the next five years in tech startup Argo AI.Ford has churned out strong profits on his watch, reporting a record $10.4 billion in pretax earnings in 2016.However, investors were concerned by a weak first quarter and lower profit forecast for 2017
'a9fea40017ed7f56d80a5cfff5a19e2bd7ab4a3f'|'Higher rate of heart problems with Amgen osteoporosis drug in trial'|'May 21 Amgen Inc and UCB SA on Sunday said their experimental osteoporosis drug, which is awaiting a U.S. approval decision, met the primary and key secondary goals of a late stage study but a higher rate of serious heart problems were reported that had not been seen in earlier studies.The drug, romosozumab, which would be sold under the brand name Evenity if approved, significantly reduced the incidence of new vertebral fractures through 24 months and non-vertebral fractures in postmenopausal women with osteoporosis at high risk for fracture compared with Merck & Co''s Fosomax.However, serious heart-related side-effects were reported in 2.5 percent of patients who received the Amgen drug versus 1.9 percent in the Fosomax group. (Reporting by Bill Berkrot; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/amgen-ucb-osteoporosis-idINL1N1IN0EI'|'2017-05-21T20:28:00.000+03:00'
'f284b4a76027ad14367b62d408d8dd51b96c68f9'|'Wealth redistribution and population management are the only logical way forward - William E Rees - Global Development Professionals Network'|'T echno-industrial society is in dangerous ecological overshoot <20> the human ecological footprint is at least 60% larger than the planet can support sustainably . The global economy is using even renewable and replenishable resources faster than ecosystems can regenerate, filling waste sinks beyond nature<72>s capacity to assimilate. (Even climate change is a waste management problem <20> carbon dioxide is the single greatest waste by weight of industrial economies.)How to stop the global inequality machine - Jason Hickel Read moreDespite the accumulating evidence of impending crisis, the world community seems incapable of responding effectively. This situation is clearly unsustainable and, if present trends continue, is likely to lead <20> in this century <20> to runaway climate change, the collapse of major biophysical systems, global strife and diminished prospects for continued civilised existence.The proximate drivers are excess economic production and consumption, and over-population <20> human impact on the ecosphere is a product of population multiplied by average per capita consumption <20> exacerbated by an increasingly global compound myth of perpetual economic growth propelled by continuous technological progress. While there is evidence of some decoupling of economic production from nature, this is often an artefact of faulty accounting and trade (eg, wealthy countries are offshoring their ecological impacts onto poorer countries). Overall, economic throughput (energy and material consumption and waste production) is increasing with population and GDP growth [pdf]. Consequently, carbon dioxide is accumulating at an accelerating rate in the atmosphere and 2014, 2015 and 2016 sequentially shared the distinction of being the warmest years in the instrumental record.There is widespread support for the notion of clean production and consumption but in present circumstances, this must soon translate into less production and consumption by fewer people. It complicates matters that modern society remains dependent on abundant cheap energy still mostly supplied by carbon-based fuels. Despite rapid technological advances and falling costs, it is still not clear that renewable energy alternatives, including wind and photovoltaic electricity, can replace fossil fuels in such major uses as transportation and space/water heating in the foreseeable future.The problem is that what is politically feasible is often ecologically irrelevantNevertheless, in the absence of effective carbon sequestration technologies, reducing fossil fuel use remains essential to avoiding catastrophic climate change. Resolving this energy-climate conundrum will require major conservation efforts, the prioritising of essential non-substitutable uses of fossil fuels and the banning of frivolous ones.At the same time, this is a world of chronic gross social inequity that erodes population health and social cohesion. According to Oxfam, the world<6C>s richest eight billionaires possess the same wealth as the poorest 50% of the human family. More generally, the richest quintile of humanity takes home about 70% of global income [pdf] compared with just 2% by the poorest fifth of the population.Higher incomes enable citizens of high-income countries to consume, on average, several times their equitable share of global biocapacity, while denizens of poor countries are unable to claim a fair allocation of Earth<74>s bounty. This situation is egregiously unjust, socially destabilising and ecologically precarious.The major social implications of these realities should be self-evident. In a rational world, the global community ( the UN, the World Bank, the IMF) would cease promoting material growth as the primary solution to both north-south inequity and chronic poverty within nations. On a finite planet already in overshoot it is not biophysically possible to raise the material standards of the poo
'730bef3b0ac4b739a3280f35a42f115669c77a4f'|'U.S. Justice Dept., Citigroup settle last of Banamex probe'|'Business News   11:07am EDT U.S. Justice Dept., Citigroup settle last of Banamex probe FILE PHOTO -- People walk beneath a Citibank branch logo in the financial district of San Francisco, California July 17, 2009. REUTERS/Robert Galbraith/File Photo NEW YORK The U.S. Department of Justice and Citigroup Inc ( C.N ) said on Monday that they have settled a criminal investigation into violations of anti-money laundering rules and the Bank Secrecy Act at the bank''s Banamex USA unit. The settlement includes a non-prosecution agreement and a forfeiture by Citigroup of $97 million, the department and the bank said in statements. The bank said it had it already reserved for the expense. (Reporting by David Henry in New York; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-citigroup-banamex-settlement-idUSKBN18I1WT'|'2017-05-22T23:07:00.000+03:00'
'770894aff78d9932a52c6e65afea256adac4e2a4'|'HSBC''s asset management arm hires three specialists for sustainable investments'|'Business   2:11pm BST HSBC''s asset management arm hires three specialists for sustainable investments A HSBC and a Barclays bank building is seen at Canary Wharf   17, 2017. REUTERS/Stefan Wermuth HSBC Global Asset Management, a unit of HSBC Holdings Plc ( HSBA.L ), said on Monday it has appointed three investment specialists who will help the company integrate sustainability into the investment process. The company said the new hires - Sandra Carlisle, Stephanie Maier and Helene Winch - will report to Melissa McDonald who leads the asset management group''s equities product and also global initiatives on sustainability. Carlisle, who has nearly 30 years of experience in financial markets, most recently served as head of responsible investment at London-based Newton Investment Management. HSBC said Maier will join shortly from asset management company Aviva Investors, where she was head of responsible investment strategy and research. Winch, who has over 20 years investment experience, most recently served as a portfolio director at Low Carbon Ltd. HSBC Global Asset Management is an asset manager in the Asset Owners Disclosure Project<63>s (AODP) Global Climate Index for Asset Managers. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hsbc-moves-sandracarlisle-idUKKBN18I1LE'|'2017-05-22T21:11:00.000+03:00'
'ddcc059c17efdb305cdc97217bf9cfbbcad11a5b'|'Long seen as partners, Huntsman and Clariant seal $14 billion merger'|'Deals   12:15pm BST Long seen as partners, Huntsman and Clariant seal $14 billion merger left right CEO Hariolf Kottmann (L) of Swiss chemical company Clariant and Huntsman President and CEO Peter Huntsman smile after a news conference in Zurich, Switzerland May 22, 2017. REUTERS/Arnd Wiegmann TPX IMAGES OF THE DAY 1/9 left right CEO Hariolf Kottmann (R) of Swiss chemical company Clariant sits beside Huntsman President and CEO Peter Huntsman as he addresses a news conference in Zurich, Switzerland May 22, 2017. REUTERS/Arnd Wiegmann 2/9 left right CEO Hariolf Kottmann (R) of Swiss chemical company Clariant sits beside Huntsman President and CEO Peter Huntsman as he addresses a news conference in Zurich, Switzerland May 22, 2017. REUTERS/Arnd Wiegmann 3/9 left right CEO Hariolf Kottmann (R) of Swiss chemical company Clariant sits beside as Huntsman President and CEO Peter Huntsman addresses a news conference in Zurich, Switzerland May 22, 2017. REUTERS/Arnd Wiegmann 4/9 left right FILE PHOTO: Huntsman Chief Executive Officer (CEO) Peter Huntsman poses in front of a maleic anhydride unit at Huntsman''s polyurethane plant in Geismar, Louisiana April 15, 2014. Picture taken April 15, 2014. REUTERS/Jonathan Bachman/File Photo 5/9 left right CEO Hariolf Kottmann of Swiss chemical company Clariant addresses a news conference in Zurich, Switzerland May 22, 2017. REUTERS/Arnd Wiegmann 6/9 left right Huntsman President and CEO Peter Huntsman addresses a news conference in Zurich, Switzerland May 22, 2017. REUTERS/Arnd Wiegmann 7/9 left right Huntsman President and CEO Peter Huntsman sits beside as CEO Hariolf Kottmann (R) of Swiss chemical company Clariant addresses a news conference in Zurich, Switzerland May 22, 2017. REUTERS/Arnd Wiegmann 8/9 left right FILE PHOTO: A woman cycles past the logo of U.S. chemical company Huntsman in front of a plant in Basel September 30, 2011. Huntsman announced earlier this week to cut 600 Jobs in its Swiss plants. REUTERS/Arnd Wiegmann/File Photo 9/9 By Ludwig Burger , John Miller and Greg Roumeliotis - ZURICH/FRANKFURT ZURICH/FRANKFURT U.S.-based Huntsman Corp ( HUN.N ) and Swiss Clariant AG ( CLN.S ) are combining to create a chemical manufacturer with a market value of over than $14 billion, the deal coming together after years of tentative mutual approaches. The HuntsmanClariant specialty chemicals company will be 52 percent owned by Clariant shareholders and valued at around $20 billion when including debt, Clariant said in a statement. Many European companies have turned to deal making as growth in the chemicals industry has slowed. European businesses have particularly suffered, losing market share to rivals in Asia, where demand is growing more quickly, or to North America, where energy is cheaper. Huntsman, controlled by the eponymous Mormon family, is best known for inventing the clam-shell styrofoam box for McDonald''s Big Mac burgers. Based in the Texan town of Woodlands, Huntsman chemicals are also used in paint, clothing and construction. Clariant makes aircraft de-icing fluids, pesticide ingredients and plastic coloring. The ownership split broadly reflects the relative weighting of each side''s equity market value, though the U.S. group is larger in terms of revenue. The companies are stressing their equal footing in the deal. Peter Huntsman, the son of the company founder, will become chief executive of the combined group while Clariant CEO Hariolf Kottmann will be its chairman. The combined company will be headquartered in Switzerland, although its operational center will be in Woodlands. Clariant shares added almost 8 percent on Monday morning, while Huntsman shares gained about 6 percent in U.S. premarket trading. GETTING THE DEAL DONE Reuters reported in March that Clariant and Huntsman previously ended tentative merger talks late last year over a disagreement about who would play the lead role. Kottmann and his counterpart Huntsman said they had developed a p
'dd17e9688e4544da02b3e77a4c359c89291538d6'|'China says will eventually allow private companies to invest in oil storage'|'Business   4:36am BST China says will eventually allow private companies to invest in oil storage BEIJING China will eventually allow private companies to invest in the country''s oil and gas storage, the government said in a blueprint document for its energy sector that mainly underscored earlier pledges on reforming heavily monopolized oil and gas industries. Beijing has previously said it would take steps such as pushing to open upstream oil and gas exploration to private companies, help split natural gas sales from gas pipeline operations and lift the output of higher quality oil products. That comes as China pushes to overhaul state-owned enterprises, including with the introduction of so-called mixed ownership of state firms, as part of the most far-reaching reforms of its sprawling and inefficient state sector in two decades. "We are expecting specific measures (on energy sector reform) to follow after the State Council releases this overarching guide," said Lin Boqiang, an academic specialised in energy at Xiamen University. "(But) this is the first time that China said it would encourage private capital in oil and gas storage facilities." In the document released late on Sunday, the State Council said it would aim to ramp up government investment in the country''s oil storage facilitates, while also allowing non-state firms to operate storage. It did not give further details. China has been building underground caverns capable of holding a substantial chunk of its expanded strategic oil reserves by 2020, as it looks for new storage methods away from expensive and exposed above-ground tanks in crowded coastal regions. The blueprint document also said the State Council would set up a "management system" to regulate crude import licences. The rest of the paper mainly repeated earlier government plans on reforming the energy sector. (Reporting by Meng Meng and Beijing Monitoring Desk; Editing by Joseph Radford)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-reform-idUKKBN18I09L'|'2017-05-22T11:36:00.000+03:00'
'9b6162f0b21a9cbde3093c210e111ce29144583c'|'Chemical groups Huntsman, Clariant announce merger deal'|'By Ludwig Burger , John Miller and Greg Roumeliotis - ZURICH/FRANKFURT ZURICH/FRANKFURT U.S.-based Huntsman Corp ( HUN.N ) and Switzerland''s Clariant AG ( CLN.S ) are combining to create a chemical manufacturer with a market value of about $14 billion, the deal coming together after years of tentative mutual approaches.The HuntsmanClariant specialty chemicals company will be 52 percent owned by Clariant shareholders and valued at around $20 billion when including debt, Clariant said in a statement.Many European companies have turned to dealmaking as growth in the chemicals industry has slowed. European businesses have particularly suffered, losing market share to rivals in Asia, where demand is growing more quickly, or to North America, where energy is cheaper.Huntsman, controlled by the eponymous Mormon family, is best known for inventing the clam-shell styrofoam box for McDonald''s Big Mac burgers.Based in the Texan town of Woodlands, Huntsman chemicals are also used in paint, clothing and construction. Clariant makes aircraft de-icing fluids, pesticide ingredients and plastic coloring.The ownership split broadly reflects the relative weighting of each side''s equity market value, though the U.S. group is larger in terms of revenue.The companies are stressing their equal footing in the deal.Peter Huntsman, the son of the company founder, will become chief executive of the combined group while Clariant CEO Hariolf Kottmann will be its chairman.The combined company will be headquartered in Switzerland, although its operational center will be in Woodlands.Clariant shares jumped as much as 9.7 percent to a 15-year high of 22.89 Swiss francs, but retreated to stand up 3.5 percent at 1525 GMT, while Huntsman stock was little changed after initial gains of up to 5.6 percent.Though Clariant''s CEO said the deal had the backing of a group of Bavarian families that own almost 14 percent between them in the Swiss group, some analysts said Clariant might attract a higher bid."We think a counterbid might give higher upside for Clariant shareholders than the planned merger," said Baader Bank Analyst Markus Mayer, without elaborating.GETTING THE DEAL DONEReuters reported in March that Clariant and Huntsman had previously ended tentative merger talks late last year over a disagreement about who would play the lead role.Kottmann and his counterpart Huntsman said they had developed a professional and personal friendship as long as eight years ago. Intensified talks over the past five weeks had resulted in a combination of the two companies."Hariolf and I had discussions as friends and as business colleagues. But this is the first time in all those years that we actually engaged our teams to actually get a deal done," Huntsman told journalists on a conference call.Kottmann has spent several years restructuring Clariant. He divested underperforming businesses including textile and paper chemicals in 2012 and placed more responsibility with lower level managers for faster decision-making.In mid-2015 he started carving out Clariant''s plastics and coatings business into a separately managed entity.Plastics and coatings will be an integral part of the new company, Kottmann said, though he reiterated that it could be sold to fund any further takeovers.Huntsman, for its part, will continue to pursue the planned initial public share offering of its pigments and additives business known as Venator.UNDER PRESSUREInvestor pressure had been growing on management to identify a growth strategy for Clariant, which was formed in the mid 1990s from parts of Switzerland''s Sandoz and Germany''s Hoechst.A source familiar with the transaction said the combined group would use its bigger fire power to pursue further deals.Like Clariant and Huntsman, several rivals have taken steps to separate businesses and some are facing questions about their strategy as the remaining core business is seen as lacking critical mass, putting them potentially in play in M&
'7fd5b0412c80071146080218a531197022e337c0'|'Budget pressure likely to keep Saudis propping up oil price'|'Business News   8:16am BST Budget pressure likely to keep Saudis propping up oil price FILE PHOTO: Cars drive past the King Abdullah Financial District, north of Riyadh, Saudi Arabia, March 1, 2017. REUTERS/Faisal Al Nasser/File Photo By Andrew Torchia - RIYADH RIYADH Pressure on Saudi Arabia''s finances will make it eager to secure a deal on oil output cuts at this week''s talks among global producers, even if Riyadh has to shoulder the lion''s share of the reductions. A rapid decline in the government''s huge budget deficit is unlikely to continue in coming months, particularly since Riyadh may have to spend more to support sluggish economic growth. Saudi economic reformers, meanwhile, have staked much of their credibility on a successful initial public offering (IPO) next year by national oil giant Saudi Aramco, which they have predicted will achieve a valuation of at least $2 trillion. The result, oil analysts and economists say, is that Saudi Arabia will go into the meeting of OPEC and non-OPEC producers in Vienna on May 25 determined to maximise its oil revenue through high prices, even if it must make large production cuts in return. <20>The fiscal situation is going to remain challenging, especially in the context of an economy that has slowed," said Monica Malik, chief economist at Abu Dhabi Commercial Bank. "The government is going to have to pick up spending to support growth and diversify the economy, and for this it needs high revenues. They need to see oil prices at the very least at current levels.<2E> With benchmark Brent crude at $51 a barrel, Saudi energy minister Khalid al-Falih has said he wants current output cuts to be extended by nine months to next March. Riyadh has already cut production by more than it agreed in that deal. Its cuts in April equated to 118 percent of its quota. Sources told Reuters that an OPEC panel was considering the idea of not only extending but also deepening the cuts beyond the 1.8 million barrels per day (bpd) specified in the original agreement. RELUCTANT BORROWER Thomas Streater, head of research at MB Commodities Capital in Dubai, said the possibility of the Saudis accepting deeper cuts could not be ruled out because a 1.8 million bpd reduction would only achieve a modest drawdown in global inventories. Since last year Riyadh has averted financial crisis partly by borrowing abroad. Foreign investors are happy to lend it tens of billions of dollars, but that does not mean the government, which came close to eradicating its debt three years ago, is happy with the process. "They will want higher oil prices to increase their revenues and not be dependent on borrowing, Streater said." Saudi Arabia''s budget deficit shrank 71 percent from a year ago to a smaller than expected 26 billion riyals ($6.9 billion) in the first quarter of this year, mainly because of oil revenue that jumped to 112 billion riyals from 52 billion riyals. But the first quarter of 2016 saw the oil price''s trough, with Brent dropping as low as $27. By the second quarter, oil was hovering around $45. Any future improvement in the deficit, therefore, is likely to be less dramatic. Growth in Saudi Arabia''s non-oil economy, meanwhile, has almost ground to a halt, increasing pressure on the government to stimulate activity and rein in unpopular austerity policies. Riyadh backed down on one austerity measure last month, restoring civil servants'' financial allowances at what one official said was an annual cost of about 15 billion riyals. Some officials say privately that fresh energy price reforms aimed at saving 29 billion riyals this year could be postponed. DEFICIT UNEASE The result is likely to be that the budget deficit for 2017 comes close to Riyadh''s original projection of 198 billion riyals. Though that would be a marked improvement from last year''s 297 billion riyals, at about 8 percent of gross domestic product it would still be too high for comfort. Malik estimates that a $1 increase in average
'add61506c30f56742ded9f75a11611df1248b6a9'|'Saudi Aramco CEO says to sign $50 billion of deals with U.S. companies'|'Deals - Sat May 20, 2017 - 2:35pm EDT U.S., Saudi firms sign tens of billions of dollars of deals as Trump visits left right Saudi Energy Minister Khalid al-Falih speaks to media at the Saudi-US CEO Forum 2017 ahead of the arrival of the U.S. President Donald Trump, in Riyadh, Saudi Arabia May 20, 2017. REUTERS/Hamad I Mohammed 1/5 left right Vice Chairman of General Electric, John Rice and Saudi Governor of Small & Medium Enterprises, Ghassan Ahmed Al Sulaiman pose for photos after signing their agreements at the Saudi-US CEO Forum 2017 ahead of the arrival of the U.S. President Donald Trump, in Riyadh, Saudi Arabia May 20, 2017. REUTERS/Hamad I Mohammed 2/5 left right Saudi Energy Minister Khalid al-Falih arrives to attend the Saudi-US CEO Forum 2017, ahead of the arrival of the U.S. President Donald Trump, in Riyadh, Saudi Arabia May 20, 2017. REUTERS/Hamad I Mohammed 3/5 left right Amin H. Nasser, president and chief executive officer of Saudi Arabian Oil Company (Saudi Aramco), speaks at the China Development Forum in Beijing, China, March 19, 2017. REUTERS/Shu Zhang 4/5 left right Saudi Arabia''s King Salman bin Abdulaziz Al Saud (L, in brown) and U.S. President Donald Trump (C) arrive for their bilateral meeting at the Royal Court in Riyadh, Saudi Arabia May 20, 2017. REUTERS/Jonathan Ernst 5/5 By Reem Shamseddine and Katie Paul - RIYADH RIYADH U.S. and Saudi Arabian companies signed business deals worth tens of billions of dollars on Saturday during a visit by U.S. President Donald Trump, as Riyadh seeks help to develop its economy beyond oil. National oil firm Saudi Aramco said it signed $50 billion of agreements with U.S. firms. Energy minister Khalid al-Falih said deals involving all companies totaled over $200 billion, many of them designed to produce things in Saudi Arabia that had previously been imported. Business leaders on both sides were keen to demonstrate their talks had been a success, so there was an element of showmanship in the huge numbers. Some deals had been announced previously; others were memorandums of understanding that would require further negotiations to materialize. Nevertheless, the deals illustrated Saudi Arabia''s hunger for foreign capital and technology as it tries to reduce its dependence on oil exports. Low oil prices in the past couple of years have slowed the economy to a crawl and saddled the government with a big budget deficit. "We want foreign companies to look at Saudi Arabia as a platform for exports to other markets," Falih told a conference attended by dozens of U.S. executives. In March, Saudi Arabia''s King Salman toured Asia and his delegation signed similar agreements worth tens of billions of dollars there, including deals worth as much as $65 billion in China. FUNDSEven as it sought U.S. investment on Saturday, Riyadh made two announcements on plans to deploy its own financial reserves for projects that would cement economic ties with the United States. The Public Investment Fund, Riyadh''s main sovereign wealth fund, and U.S. private equity firm Blackstone said they were studying a proposal to create a $40 billion vehicle to invest in infrastructure projects, mainly in the United States. The vehicle would obtain $20 billion from the PIF and with additional debt financing, might invest in over $100 billion of infrastructure projects - a political boon to Trump, who has said he wants to rebuild crumbling U.S. infrastructure. Meanwhile the world''s largest private equity fund, backed by the PIF, Japan''s Softbank Group and other investors including U.S. firms Apple Inc and Qualcomm, said on Saturday it had raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics. Much of the Softbank Vision Fund''s money is likely to be invested in the United States, helping Riyadh obtain access to technology that it could use to diversify its economy. Top Saudi economic policy makers, including the finance minister and he
'1627b2b2a072800d7850453070733726d2b6e614'|'Chile''s Ripley and Mexico''s Liverpool cancel merger'|'SANTIAGO The planned acquisition of Chilean retailer Ripley RIP.SN by Mexican high-end department store chain Liverpool ( LIVEPOLC1.MX ) has been scrapped, Ripley said in a regulatory filing late Friday."Ten months having passed since the announcement of the agreement, a series of geopolitical and economic changes in the countries and markets in which both parties operate have occurred, which brought this termination about," the company said.In July 2016, Liverpool said it agreed to acquire a majority stake in Ripley for 813 billion Chilean pesos ($1.2 billion), which represented a premium of about 25 percent on Ripley''s stock.While analysts considered the price high, they saw room for Liverpool to improve business operations and add value to its takeover target. The two parties set an April 30 deadline to close the deal, but later extended that deadline to June 15.Ripley said in the regulatory filing that the two companies would continue to evaluate "joint business opportunities in the future," though they would focus their efforts on their own projects for now.Max David, chairman of Liverpool, echoed Ripley''s sentiment in a statement sent shortly after the filing."Economic events out of our control have kept us from bringing in Ripley at this time," he said, while also noting the interest in joint business opportunities in the future.(Reporting by Gram Slattery; Editing by Diane Craft and Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-puerto-liverpool-ripley-idINKCN18F2NI'|'2017-05-19T21:25:00.000+03:00'
'248cb916b55105cb93710229f87bc4a2725ac215'|'Will OPEC look to Nigeria for output cuts as its output recovers?'|'Business   11:04am BST Will OPEC look to Nigeria for output cuts as its output recovers? People ride a boat past an oil discharge facility, which was used to transfer imported oil from ships at the Atlas Cove depot, that was damaged (not pictured) after militants from the Niger delta bombed it, in Lagos, Nigeria, November 10, 2016. Picture taken November 10,... REUTERS/Afolabi Sotunde By Libby George - LONDON LONDON Nigeria''s last remaining shuttered oil terminal is resuming exports just days before the West African nation heads into OPEC talks - potentially awkward timing for a country that was exempt from the first round of output cuts. A second vessel, the Densa Orca, arrived on Monday at the Forcados terminal after the Astro Perseus tanker loaded the first cargo in seven months late last week. At least one additional tanker is expected to load a cargo of Forcados this month. As a result, exports of the grade could return to their usual 200,000-240,000 barrels per day (bpd) by June, bringing Nigeria''s production nearly back to levels seen before militant attacks in 2016. The attacks throughout 2016 in the Niger Delta oil hub hobbled production - keeping Forcados shut for all but a few weeks since early 2016 and gaining the nation a reprieve from 1.8 million bpd worth of output cuts agreed between the Organization of the Petroleum Exporting Countries (OPEC) and other producers. Attacks, however, largely abated this year following visits by Nigerian Vice President Yemi Osinbajo to the restive Delta region, and a near-tripling in the budget for a militant amnesty programme. Maintenance on the Bonga oilfield in March, itself a more than 200,000 bpd export stream, held Nigerian output below normal for at least two months, and the closure of the primary export pipeline for Qua Iboe, the nation''s largest export stream, also limited exports. But both are edging back to normal, which would bring crude oil output close to the 1.8 million bpd level that oil minister Emmanuel Ibe Kachikwu said in January would prompt his country to join oil producers'' production cuts. The rebound, which coincides with global outages at a six-year low, could press Nigeria to come into the fold of cuts should an extension deal be reached in Vienna this week.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-nigeria-oil-production-idUKKBN18I12C'|'2017-05-22T18:04:00.000+03:00'
'41bec61be4a2bb6b03ba53a219e1c42ebab38eb3'|'Spanish stocks lag Europe on political worries but fresh M&A helps'|'Top  44am BST Spanish stocks lag Europe on political worries but fresh M&A helps Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 18, 2017. REUTERS/Staff/Remote By Danilo Masoni - MILAN MILAN European shares steadied on Monday as fresh political concerns in Spain weighed though mergers and acquisition (M&A) activity and stronger commodities underpinned broader regional benchmarks. Madrid blue chips fell 0.5 percent by 0809 GMT, while the broader pan-European STOXX 600 index was flat and commodity-heavy FTSE added 0.4 percent. Spain''s Socialists on Sunday chose former leader and hardliner Pedro Sanchez to head the party again, a vote likely to make it harder for the ruling conservatives to secure the opposition support it needs in parliament to push through legislation. "Although Sanchez was gaining traction over the past week the result comes as a surprise and could introduce political risk again into the Spanish investment case," Exane analysts said in an note to clients. "We can expect a short term negative market reaction," they added. Financials, which tend to be particularly sensitive to politics, were the biggest fallers in Madrid. Banks Banco Popular, Bankia and Santander were down 1.6-3.5 percent. The euro zone bank index was down 0.6 percent. Strategists at Credit Suisse had downgraded Spanish stocks ear them as strong economic data and corporate earnings momentum moderated. Elsewhere, basic resources stocks provided support with Europe''s sectoral index up 0.4 percent. Clariant soared 9 percent after the Swiss company and U.S. peer Huntsman agreed a merger to create a chemical manufacturer with a market value of over $14 billion. Baader Helvea analyst Markus Mayer said he viewed the deal as a defensive move and that the stock should be boosted not only by potential synergies with Huntsman but also the chance of a possible rival bid. "Clariant is the No. 1 takeover target in the sector with a long list of interested parties... (the) merger announcement might be the trigger for interested parties now to come up with a (hostile) takeover bid," he wrote in a note. Aegon soared 7.4 percent after the Dutch-based insurer said it would sell some U.S. operations to boost its financial strength. Analyst welcomed the terms of the deal, which they said also removed the risk of a possible capital increase. UCB declined heavily, down 14 percent and set for its worst day in three decades, after the drugmaker and Amgen said their experimental osteoporosis drug was unlikely to win U.S. approval this year due to safety concerns. Julius Baer rose slightly after its assets under management rose 6 percent in the first four months, echoing strong starts to the year by larger rivals. A trader said the Swiss private bank''s update was slightly better than expected. Four out of five European companies have released their updates so far, pointing to a first quarter earnings growth of 18.3 percent, according to I/B/E/S data. Even though growth has slowed from the more than 20 percent previously expected, the picture remains strong with 65 percent of the companies beating expectations and 8 percent meeting them. (Reporting by Danilo Masoni; Editing by Raissa Kasolowsky)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN18I0UI'|'2017-05-22T16:44:00.000+03:00'
'917464872fae9303aeb73345ca796d0dbbcbe8f5'|'AT&T workers go on three-day strike'|'Market News  23pm EDT AT&T workers go on three-day strike May 19 A majority of AT&T Inc''s wireless, wireline and DirecTV workers began a three-day strike on Friday after failing to reach an agreement with the No. 2 U.S. wireless carrier over new contracts. This is the first time that AT&T wireless workers have gone on strike, which could result in closed retail stores during the weekend, according to the Communications Workers of America (CWA) union, whose AT&T members went on strike. The CWA had said on Wednesday that wireless workers across 36 states and Washington, D.C. would walk-off their jobs if an agreement was not reached by Friday 3 p.m. ET. Wireline workers, who work in phone, landline and cable services businesses in California, Nevada, and Connecticut, and DirecTV technicians across California and Nevada have also joined the strike. bit.ly/2riWfeB "A strike is in no one''s best interest, and it''s baffling as to why union leadership would call one when we''re offering terms in which our employees in these contracts ... will be better off financially," AT&T spokesman Marty Richter told Reuters. "This involves less than 14 percent of our employees," Richter said. The workers have demanded affordable benefits, fair wages and job security. They are also protesting the company outsourcing jobs. In March, about 17,000 AT&T wireline workers in California and Nevada went on strike. (Reporting by Aishwarya Venugopal in Bengaluru; Additional reporting by Anjali Athavaley in New York; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-att-strike-idUSL4N1IL4L1'|'2017-05-20T03:23:00.000+03:00'
'46fe6a24d6ec012111578e24451fdadef4404f59'|'Private equity groups extend hostile offer for Shawbrook'|'Business News - Fri May 19, 2017 - 9:48am BST Private equity groups extend hostile offer for Shawbrook LONDON The private equity groups behind a hostile bid for British challenger bank Shawbrook Group said on Friday they had backing from investors holding 45.1 percent of its shares, and were extending the offer period. The groups'' 842 million pounds offer would now remain open until May 26, Marlin Bidco, the buyout vehicle set up by BC Partners and Pollen Street Partners, said in a statement. The 45.1 percent includes Pollen Street''s Shawbrook stake, which is 38.8 percent according to Thomson Reuters data. On May 2, directors of Shawbrook told shareholders to reject the offer. (Reporting by Simon Jessop; Editing by Rachel Armstrong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-shawbrook-group-idUKKCN18F0JX'|'2017-05-19T14:59:00.000+03:00'
'75bfe1856d02a77de36eac5cbcb2e3db2488f133'|'RPT-Screening at Cannes of Netflix''s "Okja" stopped due to heckling'|'  3:14pm EDT Netflix big-beast thriller ''Okja'' impresses at Cannes after boos left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Cast members Tilda Swinton and Jake Gyllenhaal pose with Director Bong Joon-ho. REUTERS/Regis Duvignau 1/13 left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Director Bong Joon-ho and cast members Tilda Swinton, Seo-Hyeon Ahn, Jake Gyllenhaal pose. REUTERS/Stephane Mahe 2/13 left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Cast member Lily Collins poses. REUTERS/Regis Duvignau 3/13 left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Cast member Tilda Swinton removes her sunglasses as she poses. REUTERS/Regis Duvignau 4/13 left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Cast members Tilda Swinton and Jake Gyllenhaal pose with Director Bong Joon-ho. REUTERS/Regis Duvignau 5/13 left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Cast members Paul Dano (L) and Jake Gyllenhaal (R) pose. REUTERS/Regis Duvignau 6/13 left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Cast member Lily Collins poses. REUTERS/Stephane Mahe 7/13 left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Cast member Jake Gyllenhaal and Paul Dano pose. REUTERS/Stephane Mahe 8/13 left right 70th Cannes Film Festival - News conference for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Cast member Steven Yeun. REUTERS/Jean-Paul Pelissier 9/13 left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Director Bong Joon-ho and cast member, Seo-Hyeon Ahn and Hee-Bong Byun pose. REUTERS/Stephane Mahe 10/13 left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Actress Lily Collins poses. REUTERS/Regis Duvignau 11/13 left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Cast member Tilda Swinton poses. REUTERS/Stephane Mahe 12/13 left right 70th Cannes Film Festival - Photocall for the film ''Okja'' in competition - Cannes, France. 19/05/2017. Cast member Jake Gyllenhaal poses. REUTERS/Stephane Mahe 13/13 By Robin Pomeroy - CANNES, France CANNES, France A technical glitch on Friday halted the screening of Netflix''s first movie to compete at the Cannes Film Festival, but "Okja", starring Tilda Swinton and Jake Gyllenhaal, which opened to boos, ended to hearty applause. One of the most keenly anticipated films of the festival, because of its stellar cast and director as well as the video streaming company''s decision to give it only a limited theatrical release, opened to a packed press screening. As the Netflix logo hit the screen, sections of the crowd booed, and the opening scene was difficult to hear due to heckling and slow handclapping - apparently due to the film being projected in the wrong aspect ratio. The projection was stopped, the screen adjusted and the movie then restarted, with the Netflix logo again being booed, but the rest of the film watched in respectful silence. "This incident was entirely the responsibility of the Festival<61>s technical service, which offers its apologies to the director, his teams, the producers and the audience at the showing," the festival said in a statement. Directed by Korean Bong Joon-ho, known for "Snowpiercer" and "The Host", "Okja" is the story of a little girl''s relationship to an intelligent giant pig-like animal which has, unknown to her, been bred by a U.S. biotech c
'868ecb5ec78e97644e9f5d6539047d24950b3d12'|'Boeing Co signs defence, commercial deals with Saudi Arabia'|'Business News - Sun May 21, 2017 - 3:05pm BST Boeing Co signs defence, commercial deals with Saudi Arabia The Boeing logo is seen at their headquarters in Chicago, in this April 24, 2013 file photo. REUTERS/Jim Young/File Photo DUBAI Boeing Co ( BA.N ) said on Sunday it had signed a number of defence and commercial deals with Saudi Arabia including for the sale of military and commercial aircraft. Saudi Arabia will purchase Chinook helicopters and intends to buy P-8 surveillance aircraft, the U.S. company said in a statement. Boeing also said it would negotiate the sale of up to 16 widebody aircraft to Saudi Gulf Airlines. (Reporting by Alexander Cornwell Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-saudi-boeing-idUKKBN18H0OY'|'2017-05-21T22:05:00.000+03:00'
'fa682a6945051c690c9a8f4064ac4726ad7febba'|'German government at odds with itself over Greek debt relief'|'Business News   10:00am EDT German government at odds with itself over Greek debt relief left right Municipal employees take part in an anti-austerity demonstration in front of the parliament building in Athens, Greece, May 22, 2017. REUTERS/Costas Baltas 1/4 left right German Finance Minister Wolfgang Schauble talks to journalists as he arrives for a euro zone finance ministers meeting in Brussels, Belgium May 22, 2017. REUTERS/Eric Vidal 2/4 left right Municipal employees take part in an anti-austerity demonstration in front of the parliament building in Athens, Greece, May 22, 2017. REUTERS/Costas Baltas 3/4 left right German Finance Minister Wolfgang Schaeuble and French Economy Minister Bruno Le Maire attend a news conference in Berlin, Germany, May 22, 2017. REUTERS/Hannibal Hanschke 4/4 BERLIN Germany''s coalition government split along party lines on Monday over the question of debt relief for Greece ahead of a crunch meeting in Brussels to tackle the thorny issue. Euro zone finance ministers and the International Monetary Fund are meeting to seek a deal on Greek debt relief that balances the IMF''s demand for a clear "when and how" with Berlin''s preference for "only if necessary" and "details later". Foreign Minister Sigmar Gabriel, a Social Democrat, caused the divergence in views by demanding that the euro zone make a firm commitment on granting debt relief to Greece, effectively criticising conservative Finance Minister Wolfgang Schaeuble''s tough stance. "Greece has been promised debt relief over and over again if reforms are carried out," Gabriel told the Sueddeutsche Zeitung paper. "Now we must stand by this promise." "This must not fail due to German resistance," said Gabriel. Without the deal no new loans can be granted to Athens, even though the bailout is now handled only by euro zone governments and Greece needs new credit to repay some 7.3 billion euros worth of maturing loans in July. Schaeuble later described reforms agreed by Greece as "remarkable" but said the Greek economy was not yet competitive and that Athens must press ahead with implementing its existing reforms-for-aid program. "We are not talking about a new program but the implementation of the program agreed in 2015," Schaeuble said. "At the end of the program, in 2018, we will, if necessary, put in place additional measures that we have defined." "It is about one goal - namely to help Greece become competitive," Schaeuble said, adding Greece was not there yet. Speaking at a regular government news conference, Foreign Ministry spokesman Martin Schaefer said institutions such as the IMF and the European Commission were not far apart in their assessment on Greece. "Germany should have an interest in not isolating itself too much," Schaefer said. A spokeswoman for Schaeuble''s conservative-led finance ministry said that everybody wanted a solution "in the interest of Greece", adding it was up to euro zone finance ministers to find a solution during their talks in Brussels. (Reporting by Noah Barkin; Writing by Paul Carrel; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-eurozone-greece-schaeuble-debt-idUSKBN18I1JG'|'2017-05-22T21:45:00.000+03:00'
'dd52b3d2b302747d9ed8a8a56e967792f5fa3c6d'|'Nikkei flat as Manchester blast sours mood; airlines, exporters down'|'* Airline sector worst performer after Manchester blast sours mood* Fujifilm sags after saying it will report earnings after JuneBy Ayai TomisawaTOKYO, May 23 Japanese stocks were flat on Tuesday morning as a risk-averse mood kept investors sidelined following an explosion in the English city of Manchester, which lifted the safe-haven yen and depressed some export-oriented shares.The Nikkei share average fell 0.1 percent to 19,662.91 in midmorning trade.Airline shares was the worst performer on the board, falling 1.3 percent on concerns that overseas travel may be hit after a blast at a concert in Britain''s city of Manchester killed at least 19 people.Japan Airlines dropped 1.7 percent and ANA Holdings fell 0.8 percent.Also souring sentiment in the travel industry was news that China is investigating six Japanese citizens on suspicion of "illegal activities", China''s foreign ministry said on Monday, after Japanese media reported they may have been suspected of spying.Elsewhere, the domestic earnings season, now at the tail-end, has partly influenced trading in Japanese stocks over the past month.According to Rakuten Securities, companies expect a 8.3 percent rise in their net profit for the year through March 2018. The Nikkei is trading at 14 times its projected earnings, and unless the yen strengthens against the dollar significantly and the economy sags, the Nikkei''s downside should be limited, Rakuten analysts wrote.On Tuesday, the dollar was down 0.2 percent at 111.055 yen after earlier slipping to 110.860, pressuring exporters.Nissan Motor Co dropped 1.4 percent, Subaru Corp fell 1.0 percent and Advantest Corp tumbled 1.6 percent."There are few domestic catalysts as the earnings season is over, so political developments in U.S. and other geopolitical issues surrounding North Korea will likely determine the Japanese market''s direction for a while," said Kazuhiro Takahashi, an equity strategist at Daiwa Securities.Fujifilm Holdings, which last month postponed earnings announcement over questionable accounting practice at its overseas unit, fell 1.1 percent to a one-month low. The company said it will announce last fiscal year''s earnings after June.The broader Topix was up 0.1 percent to 1,568.40 and the JPX-Nikkei Index 400 was flat at 14,004.72. (Editing by Shri Navaratnam)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL4N1IP1G9'|'2017-05-23T00:59:00.000+03:00'
'694cf4ce813723ff56a4c747de9261df37bf4a95'|'Delivery Hero says prepared for IPO as revenues grow'|'BERLIN Online food takeaway firm Delivery Hero is ready to sell shares in an initial public offering when the time is right, the chief executive of one of Europe''s biggest start-ups said on Tuesday.Chief Executive Niklas Ostberg made the comments after Delivery Hero said first-quarter revenue rose 68 percent on a like-for-like basis to 121 million euros ($136 million)."We can go at any point in time if we feel it is the right time," Ostberg told reporters, declining to comment further on timing or valuation.Delivery Hero is seen as the start-up closest to going public in the portfolio of German e-commerce investor Rocket Internet, which reports first-quarter results on May 31. Rocket values the company at about 3 billion euros.Rocket Internet shares, which have been under pressure over concerns about heavy losses at its start-ups, were up 3 percent at 0925 GMT, making them one of the top gainers on the German small-cap index.The weekly Frankfurter Allgemeine Sonntagszeitung reported on Sunday that Delivery Hero was considering a listing this summer and planned to raise more than 1 billion euros.The Berlin-based company founded in 2011 delivers meals from more than 150,000 restaurants in over 40 countries and employs more than 5,000 staff.The loss-making firm did not publish earnings figures but Ostberg said it was on track to improve profitability as it grows bigger."With size comes profitability and our focus is on building size and service levels," he said, adding that he did not rule out further acquisitions.Earlier this month, Delivery Hero raised 387 million euros by issuing new shares to South African media and e-commerce firm Naspers, diluting Rocket''s stake to 33 percent from just under 38 percent.The biggest international players in online food takeaway - Delivery Hero, Just Eat and Takeaway.com - have been raising capital or swapping assets to bulk up as Uber and Amazon push into meal delivery.($1 = 0.8893 euros)(Reporting by Emma Thomasson; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/delivery-hero-results-idINKBN18J1AN'|'2017-05-23T08:18:00.000+03:00'
'26ffa4d9d67aca3e7e914d9b3b017e9fe85c9e80'|'CHMP backs Novartis''s Zykadia for first-line use in lung cancer'|' 42am EDT CHMP backs Novartis''s Zykadia for first-line use in lung cancer A sign marks a building on Novartis'' campus in Cambridge, Massachusetts, U.S., February 28, 2017. Picture taken February 28, 2017. REUTERS/Brian Snyder ZURICH Novartis''s push to win approval for Zykadia as an initial treatment for a type of lung cancer got a lift on Friday with a positive recommendation from the European Medicines Agency''s Committee for Medicinal Products for Human Use (CHMP). Zykadia is vying with Roche''s Alecensa to become a first-line treatment for anaplastic lymphoma kinase (ALK)-positive lung cancer. Pfizer''s Xalkori, with $561 million in 2016 sales, has approval in that setting. In April, a Roche study showed Alecensa kept people alive longer without their disease progressing than Xalkori. Analysts have said that could give Roche an edge over Novartis, which has compared its drug to chemotherapy. The CHMP nod for Zykadia will now be reviewed by the European Commission. (Reporting by John Miller; Editing by Michael Shields)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-novartis-zykadia-idUSKCN18F1FK'|'2017-05-19T20:38:00.000+03:00'
'70dbc084baa1c359a46b510512648fe9a73cb2f0'|'Hollywood''s big summer movies were all filmed elsewhere'|'  8:39am EDT Hollywood''s big summer movies were all filmed elsewhere left right A representative of Poland, one of dozens of officials promoting their production tax incentives at a conference hosted by the Association of Film Commissioners International, speaks with a guest in Burbank, California, U.S. on April 7, 2017. REUTERS/Lisa Richwine 1/2 left right The New Mexico Film Office touts its production incentives at a conference hosted by the Association of Film Commissioners International in Burbank, California, U.S. on April 7, 2017. REUTERS/Lisa Richwine 2/2 By Lisa Richwine - LOS ANGELES LOS ANGELES This summer''s biggest-budget films have everything moviegoers have come to expect from Hollywood blockbusters: superheroes, pirates, space aliens. But in the truest sense of the term, none of them is a Hollywood movie. Despite a major effort by Los Angeles over the last two years to lure film production back to where it started, producers continue to make big-budget movies elsewhere, saying they get better tax breaks and subsidies outside of Hollywood. As a result, the summer''s movies come from all over the globe. Warner Bros. filmed "Wonder Woman" and "King Arthur" in Britain, where the Time Warner Inc studio owns a large production space. Twenty-First Century Fox Inc''s movie studio chose Australia for "Alien: Covenant." Walt Disney Co''s Marvel Studios rolled its cameras in Georgia for "Guardians of the Galaxy Vol. 2," one of six superhero movies it has filmed near Atlanta. "The support we get in Georgia is tremendous," Marvel Studios President Kevin Feige said in an interview. "We''re certainly doing many of our biggest films there well through this year and into next year." Twenty-five years ago, most big-budget films were filmed primarily in Los Angeles. Since then, to lure production, locations across the United States and around the globe have begun offering tax credits or rebates of up to 40 percent of local production spending, a sizable savings on action films that cost up to $250 million to make. Thirty-two U.S. states and dozens of foreign countries now offer tax credits or rebates, plus other benefits such as waivers of permit fees. Along with subsidies, the small, former Soviet country of Georgia offers another perk to filmmakers. "We have many derelict, abandoned small villages or factories. They are mostly state-owned still, and you can easily just blow (them) up," said Sophio Bendiashvili, head of the country''s film rebate program, at a conference last month hosted by the Association of Film Commissioners International. In most cases, neither studios nor the filming locations will disclose specific details of subsidies granted, but executives acknowledge that they are a key factor in deciding where to film. The economic value of subsidies for the locations offering them remains under debate. Proponents argue they attract jobs and spending that outweigh their costs, while critics say the benefits are overstated and the incentives divert taxpayer money from other needs. Some states that used to offer subsidies, including Michigan and Louisiana, have stopped doing so or pared them back substantially. Still, California decided in 2014 to sweeten its own subsidies in an attempt to lure production back. The results have been mixed. Many more television shows are now being filmed in the state, but it still struggles to attract the mega-budget action movies that hit screens from May through the U.S. Labor Day holiday in early September. One of Hollywood''s biggest stars, actor and producer Dwayne Johnson, moved his HBO TV series "Ballers" from Miami to the Los Angeles area after securing a California tax break. Johnson said he would like to film his big movies there, too. "On the TV side, the incentives are fantastic," Johnson said in an interview. "On the film side, there is a lot of room for improvement." Johnson''s upcoming movie for Paramount Pictures, a remake of the TV show "Baywatch" about Califor
'fd359f73785bbcd979be7af15c0254bb0ce883f4'|'Ackman calls Chipotle CEO Ells ''outstanding'''|'LAS VEGAS May 18 Billionaire investor William Ackman, who invested with casual dining company Chipotle Mexican Grill Inc last year, said on Thursday that the company''s Chief Executive Officer Steve Ells is "outstanding."Speaking at the annual SkyBridge Capital conference in Las Vegas, Ackman also said that hedge funds should deliver high returns or cut their fees. "Hedge funds should be a place where you earn high returns or compromise on fees," he said.Hedge fund returns have been lagging for years and investors have complained about their high fees.(Reporting by Svea Herbst-Bayliss; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hedgefunds-salt-ackman-idINL2N1IK2SY'|'2017-05-18T22:06:00.000+03:00'
'b1d299a0c862830c31ea7baac94d5965657c4728'|'Pound surges but Footsie loses <20>46bn as UK heads to the polls <20> as'|'The Canary Wharf financial district Photograph: Pawel Libera/Getty Images/VisitBritain RM   Graeme Wearden Tuesday 18 April 2017 18.41 BST First published on Tuesday 18 April 2017 08.44 BST Key events Show 6.24pm BST 18:24 Closing summary 5.56pm BST 17:56 UBS: May will dampen calls for ''hardest Brexit'' 5.36pm BST 17:36 Pound at four-month high as City welcomes snap general election 4.56pm BST 16:56 Footsie suffers biggest fall since Brexit vote 3.30pm BST 15:30 Chancellor welcomes sterling rally 2.50pm BST 14:50 IMF hikes UK growth forecasts 1.59pm BST 13:59 Pound hits four-month high as traders predict Tory win Live feed Show 6.42pm BST 18:42 PS: Here<72>s our news story about today<61>s market reaction to the snap election:FTSE 100 suffers worst day since Brexit vote after May calls election Read more   6.24pm BST 18:24 Closing summary London traders are catching their breaths after the most volatile day for some months. So here<72>s a closing summary. The British pound has soared to its highest levels of the year after Theresa May stunned Westminster, and the City, by calling for a general election on June 8th . Sterling has gained two cents against the US dollar, and is also up against the euro tonight.The strength of sterling helped to wipe more than <20>45bn off the value of companies on the FTSE 100 . The blue-chip index closed down 180 points, due to the strong pound hitting the value of overseas earnings, plus a fall in commodity prices.Some analysts have predicted that a large Tory win would make a <20>hard Brexit<69> more likely. Others have argued that it would allow May to resist pressure from hard-line eurosceptic MPs , and cut a more moderate deal with Europe.Economists also argue that the election raises the chances of a <20>transitional deal<61> after 2019 (when Brexit should have happened), as the next government won<6F>t need to hold another election until 2022. City firms have been racing to revise their forecasts . Deutsche Bank was forced to rip up its bets against the pound, and promised to release new forecasts soon.Ed Conway (@EdConwaySky) Deutsche Bank, one of the biggest sterling bears in recent years, says it<69>s changing its view. 2017 election a <20>game-changer<65> on Brexit pic.twitter.com/IlYvqYhUlq April 18, 2017 There are also concerns that the election could hurt the UK economy , if it deters firms from committing to fresh investment.But in brighter news, the International Monetary Fund has revised up its forecast for UK growth this year - from 1.5% to a punchy 2%.That<61>s all for tonight. Our Politics Live blog is tracking all the latest developments this evening. GW General election 2017: poll suggests voters back Theresa May U-turn - Politics live Read more   5.56pm BST 17:56 UBS: May will dampen calls for ''hardest Brexit'' Swiss bank UBS has just fired over a research note on the snap general election. They predict that the pound will rally against the US dollar over the next year, to around $1.36, and that shares will also rally over the next six months.Here<72>s the key points:The election is likely to have a limited economic impactWe continue to expect the pound to close some of its valuation discount to other major currencies in the months aheadOur sense is that May will use this election as an opportunity to dampen the influence of those in the Conservative party who favour the hardest form of Brexit (a World Trade Organization-type arrangement)May<61>s presumptive plan, if it proceeds as she intended, could support the economic outlook. It is unlikely to suffice to ward off the headwinds that falling real incomes and sliding business confidence will have on growth in the short term, yet it does reinforce our view that the economy will stage a recovery in the medium termWe still target GBPUSD at $1.36 in the next 12 monthsWe see a recovery in the 10-year gilt yield to 1.50% over the next 12 monthsWe retain our six-month FTSE 100 forecast of 7550  5.36pm BST 17:36 Pound at four-month high as City welcomes
'4db7a365b367406e073284067048538282976502'|'U.S. regulators to announce VW diesel fix approval for 84,000 vehicles'|'Environment  29pm BST U.S. regulators to announce VW diesel fix approval for 84,000 vehicles left right FILE PHOTO - A U.S. flag flutters in the wind above a Volkswagen dealership in Carlsbad, California, U.S. May 2, 2016. REUTERS/Mike Blake/File Photo - RTX2YFQS 1/2 left right FILE PHOTO: Covers for TDI diesel Volkswagen, Audi, SEAT and Skoda engines are seen in Jelah, Bosnia and Herzegovina, in this September 29, 2015 picture illustration. REUTERS/Dado Ruvic/File Photo 2/2 WASHINGTON The U.S. Environmental Protection Agency and California Air Resources Board on Friday are expected to announce approval of a fix for about 84,000 older Volkswagen diesel vehicles that can emit excess emissions, two sources briefed on the matter said. Volkswagen agreed last year to offer to buy back up to 475,000 U.S. diesel vehicles or offer fixes if regulators approved. Friday''s announcement is expected to cover a fix for 84,390 2012-2014 Passat diesel vehicles with automatic transmissions. In January, regulators approved a fix for 67,000 2015 model diesels, leaving around 325,000 vehicles still awaiting approval for a fix. (Reporting by David Shepardson; Editing by Phil Berlowitz)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-emissions-idUKKCN18F1TL'|'2017-05-19T23:28:00.000+03:00'
'c4f4913202965a1d88ee2fd850f6ba20694a3c86'|'Janssen files suit in U.S. to block sale of Samsung Bioepis'' Remicade copy'|'Health News - Fri May 19, 2017 - 4:51am BST Janssen files suit in U.S. to block sale of Samsung Bioepis'' Remicade copy A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake By Se Young Lee - SEOUL SEOUL A unit of healthcare conglomerate Johnson & Johnson filed a lawsuit to block a copy of its rheumatoid arthritis drug Remicade made by South Korea''s Samsung Bioepis Co Ltd from being sold in the United States. Janssen Biotech Inc, in a suit filed to the U.S. District Court of New Jersey dated Wednesday, seeks a preliminary or permanent injunction to block Samsung Bioepis'' biosimilar of Remicade from sale and argues the South Korean firm violated three of its patents. "We have filed a lawsuit against Samsung to investigate whether their biosimilar infliximab infringes on our manufacturing process patents for Remicade," Janssen told Reuters in a statement on Friday. Remicade is Johnson & Johnson''s biggest selling drug, with U.S. sales of about $5 billion a year. "We are confident we do not infringe Janssen''s patents," Samsung Bioepis told Reuters in a statement, adding it believes Janssen is trying to delay the market entry of its Remicade copy. "We will take all necessary measures against Janssen''s attempts to violate patient rights and deny patient access to effective, lower cost treatment options." Janssen''s lawsuit comes about a month after Samsung, an unlisted subsidiary of contract drug maker Samsung BioLogics Co Ltd, said it got U.S. Food and Drug Administration approval to sell its biosimilar of Remicade, which is marketed as Renflexis in the United States. Analysts say biotech makers face increasing competition from firms such as Samsung Bioepis, which make biosimilar copies of Remicade and other drugs and sell them for cheaper. The IMS Institute for Healthcare Informatics say biosimilars could save healthcare systems in the United States and Europe''s top 5 markets as much as 98 billion euros ($108.79 billion) by 2020. Samsung Bioepis, part of South Korea''s top conglomerate Samsung Group [SAGR.UL], develops copies of complex biotech drugs and has found early success in beating rivals to market with its versions of some of the world''s top selling drugs. Its Remicade biosimilar is already selling in the European Union, while its biosimilar of Amgen''s rheumatoid arthritis drug Enbrel is also selling there. ($1 = 0.9008 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-johnson-johnson-samsung-bioepis-lawsu-idUKKCN18F09G'|'2017-05-19T11:47:00.000+03:00'
'6e19e9a7243cd1710b0711514aabd993fc571584'|'TPG commits to editorial independence if it wins Fairfax Media bidding war'|'Business   6:41am BST TPG commits to editorial independence if it wins Fairfax Media bidding war The Fairfax Media headquarters are pictured in Sydney, Australia, May 3, 2017. REUTERS/Jason Reed MELBOURNE U.S. buyout firm TPG Capital Management on Friday said it would make a commitment to editorial independence if it succeeds in its A$2.76 billion (1.6 billion pounds) offer for Australia''s oldest newspaper publisher, Fairfax Media Ltd. The proposed deal remains subject to foreign investment approvals and some politicians have said conditions could need to be placed on the transaction to ensure the ongoing publication of mastheads like The Sydney Morning Herald and The Australian Financial Review. The company''s newspaper earnings have declined as classified advertising has migrated to the internet, making the Domain real estate classifieds unit its most lucrative business. "I am here to assure you that, in the event TPG and its partners are fortunate enough to acquire Fairfax, we will be responsible stewards of those assets, from a journalistic perspective as well as a financial one," TPG Head of Australia and New Zealand Joel Thickens told a senate inquiry into the future of public interest journalism. His comments came a day after a second U.S. private equity firm, Hellman & Friedman, made a takeover proposal for Fairfax worth as much as A$2.87 billion. Both suitors have been offered access to due diligence. Thickins said TPG would not be proposing to invest A$2.76 billion in Fairfax unless it believed there was an opportunity to build and grow the business. Fairfax this month said it would cut 125 journalist jobs, the latest in several rounds of major editorial job cuts over the last decade which have fuelled concerns for the future of public interest journalism in Australia. A Fairfax spokesman declined to comment. (Reporting by Jamie Freed; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-fairfax-media-m-a-tpg-idUKKCN18F0FA'|'2017-05-19T13:41:00.000+03:00'
'5842a65e42173571523011a5d5142b9e835416cb'|'REFILE-US-Saudi arms includes plan to assemble 150 Blackhawks in Saudi Arabia-official'|'(Fixes typo in headline)RIYADH May 20 A U.S.-Saudi arms deal to be signed on Saturday includes a pledge to assemble 150 Lockheed Martin Blackhawk helicopters in Saudi Arabia, an official statement about the deal said.The $6 billion deal for Blackhawks is expected to result in about 450 jobs in Saudi Arabia, the statement said. (Reporting by Steve Holland, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-saudi-arms-idINL2N1IM08L'|'2017-05-20T10:26:00.000+03:00'
'2e28be1f03a222c4d5da0da9870aea23633f9e1a'|'Mine craft: why BHP''s strategic overhaul could help repel a hedge fund predator - Business'|'I t<>s been a big week for BHP Billiton. For one thing, it<69>s not even called that any more. As part of its <20>Think Big<69> rebranding theme, the world<6C>s biggest mining company opted to shed the Billiton moniker it acquired in a 2001 merger with a Dutch-South African company and revert to its previous true-blue Aussie name.BHP says the rebranding <20> complete with TV ads about how seven ordinary blokes in the outback founded what is now a global business worth $A94bn (<28>54bn) <20> is part of a long-term plan started 18 months ago to reconnect with communities. <20>The timing now is good but we don<6F>t look at it as an event,<2C> the company<6E>s chief external affairs officer, Geoff Healy, says. <20>This is a clean brand change for the company.<2E>BHP hit by perfect storm of dam disaster, falling prices and China fears Read moreThe move appeared to bookend a happy period when the Anglo-Australian mining colossus had rediscovered its direction after 19 people were killed in a disastrous dam burst at an iron ore joint venture in Brazil in 2015 and the share price sank to a 10-year low.But no sooner had BHP put the finishing touches to its fresh look on Monday than it found itself, for the second time in a month, the subject of an unflattering critique by a predatory US hedge fund.Upsetting BHP<48>s big week was Elliott Advisors, whose Arsenal-supporting billionaire founder, Paul Singer, has earned a fearsome reputation for pursuing change at companies he thinks could make him more money. In April, Elliott wrote to investors demanding that BHP spin off its US oil assets and abolish its <20>obsolete<74> corporate structure that means it is listed in the UK and Australia. This week it adopted a more acrimonious tone, sledging BHP<48>s management for <20>chronic underperformance<63>, adopting a <20>do nothing<6E> approach and destroying shareholder value to the tune of billions of dollars.market cap BHP has yet to comment but its new image could appeal to the patriotism of its many small Australian shareholders and help rebuff Elliott<74>s increasingly threatening advances. By evoking the company<6E>s gritty origins as Broken Hill Proprietary in remote New South Wales, BHP may have claimed to be thinking big but in reality is going back to basics.Even the Australian treasurer, Scott Morrison, got in on the act last week when he dismissed Elliott<74>s initial suggestions about removing BHP from the Australian stock market as <20>unthinkable<6C> . For good measure he added that taking the <20>original big Australian<61> offshore could lead to legal action against executives as it would contravene the terms of the 2001 merger.Facebook Twitter Pinterest The predatory US hedge fund Elliott Advisors says BHP should abolish its <20>obsolete<74> corporate structure that means it is listed in the UK and Australia. Photograph: Bhp Billiton/PR IMAGEMorrison<6F>s comments were telling and reveal that Elliott, which once seized an Argentinian warship to extract debt repayment from the Buenos Aires government , may have underestimated the attachment Australians feel towards its corporate champions.While people in the UK are used to seeing companies and utilities bought and sold to the highest bidder <20> Cadbury, ICI, British Steel and Jaguar Land Rover have all disappeared or gone into foreign hands <20> Australians appear more attached to their big names, especially ones worth billions and which have paid handsome dividends to shareholders and pension funds down the years.Richard Knights of the London-based investment banking and share brokerage firm Liberum Capital says Elliott had misjudged the likely political fallout from its proposal that BHP drop its stock market listing in Australia.<2E>I don<6F>t think they quite grasped how much part of the corporate fabric of Australia BHP is. It has a lot of mum and dad shareholders, a lot of pension money and retirement savings. It<49>s a different culture to [the UK], where someone else manages your money. There<72>s more of a direct investment culture so
'9ec4ef6cd17cb670483078cf024c91f5bfb46805'|'Neurofeedback Could Fight Depression<6F>or Just Empty Your Wallet'|'Things went sideways in the brain room.Neurocore LLC<4C>s newest office, housed in a strip mall in Palm Beach Gardens, Fla., looks like an Apple Store crossed with an outpatient clinic. The company, owned in part by U.S. Education Secretary Betsy DeVos, is one of the nation<6F>s largest providers of <20>neurofeedback,<2C> part of the fast-growing $2 billion brain-training market. Neurocore says technicians at its nine offices in Florida and Michigan can analyze the electrical impulses in your head to improve cognitive performance, diagnose attention deficit hyperactivity disorder, and provide a <20>lasting solution<6F> for depression with a series of 40-minute training sessions (30 for $2,200). For what it<69>s worth, my $250 initial assessment had at least one big glitch.In a carpeted exam room, a technician stretched a blue cap over my head and attached 19 electrodes capable of recording an electroencephalogram (EEG), essentially a map of brain activity. With my skull coated in a cool gel, I concentrated on being calm (eyes closed), then focused (staring at a fixed point), as directed by a second technician. About a half-hour later, a clinical specialist presented the EEG results and said the assessment had revealed certain <20>excesses<65> and <20>deficiencies<65> compared with the average 35-year-old. <20>During the day, you<6F>re a little drowsy,<2C> she said, referring to a pool of blue in one region of the brain. Elsewhere, bright blotches of red and orange meant trouble focusing.Then we went to the brain room, a cylindrical space lit dimly in blue, where clients watch DVDs while wired to brain- and heart-scanning equipment. There, another clinician burst in to apologize: Her colleague had shown me the wrong brain map. <20>You look a little bit more normal,<2C> the first technician amended after reviewing my actual results. <20>Attention and focus is still a problem for you.<2E> She suggested I<>d still see benefits from training sessions, in which I could try to tune up my brain activity by watching DVDs while concentrating on my focus and breathing. But the mixup left me wondering if the data could be interpreted to mean anything.Ordinarily, Neurocore and its rivals say, neurofeedback offers cognitive benefits well beyond crossword puzzles and classical music. The basic science is credible: Different brain patterns, like those reflecting arousal and attentiveness, can be monitored via EEG. It<49>s much less clear whether neurofeedback can truly train people to focus or be happier<65>or whether it has any real long-term effects besides a lighter wallet. A paper published last year in the journal Psychological Science in the Public Interest found little to back up claims of lasting benefits from such sessions.<2E>You would get laughed out of the ballpark if you tried to propose a medical treatment with evidence like this.<2E> <20>Stanford<72>s Russ Poldrack<63>There<72>s simply not good evidence,<2C> says Zach Hambrick, a cognitive psychologist at Michigan State University who co-authored the paper. <20>People get better at the task itself,<2C> he says, but that doesn<73>t necessarily translate to everyday life. Neurofeedback companies<65> marketing claims tend to remain imprecise enough to be considered <20>acceptable puffery,<2C> he adds.Neurocore says it stands by its claims that it can <20>help people optimize their brains<6E> with exercises designed to treat ADHD, anxiety, depression, migraines, sleep disorders, stress, and the symptoms of autism. In March the company published a study of 163 clients with reduced symptoms of anxiety and depression after two to six months of training. The study, however, lacked a control group, and all its authors were affiliated with Neurocore.<2E>You would get laughed out of the ballpark if you tried to propose a medical treatment with evidence like this,<2C> says Russ Poldrack, a psychologist and the director of the Stanford Center for Reproducible Neuroscience. <20>The lack of a control group basically makes the paper useless from the start.<2E> Neurocore acknowledges that the stu
'ea09fb2e3f9a1356ec678c244ea2e27865249fd8'|'UPDATE 1-Brazil police arrest presidential aide in World Cup probe'|'(Adds names of suspects, background on World Cup)By Lisandra Paraguassu and Ueslei MarcelinoBRASILIA May 23 Brazilian police on Tuesday said that they arrested a presidential aide and two ex-governors as part of an investigation into the 2014 World Cup''s most expensive stadium, another black eye for the country''s political establishment that adds pressure on beleaguered President Michel Temer.Tadeu Filippelli, a special adviser in Temer''s Cabinet, and former Federal District governors Jos<6F> Roberto Arruda and Agnelo Queiroz were arrested early on Tuesday.The presidential palace did not reply to requests for comments and Reuters could not immediately reach representatives of Arruda and Queiroz. The Federal District encompasses the capital Brasilia.Renovation of the Brasilia stadium for the 2014 World Cup cost about 1.5 billion reais ($459.38 million), prosecutors and police said in a statement, and an auditing court has said the construction included rampant overbilling.It was the second-most expensive soccer arena in the world after the reconstruction of Wembley Stadium in London, according to the local World Cup committee''s documents on spending.Temer has resisted growing calls for his resignation after the disclosure of a recorded conversation in which he appears to condone the payment of hush money to a jailed lawmaker in a separate corruption probe.That investigation is related to a sprawling probe into bribery and kickbacks at state oil company Petrobras that helped topple former President Dilma Rousseff last year and has sent dozens of senior politicians and business to jail.Suspicions that many of the 12 stadiums built or renovated for the 2014 World Cup were overpriced led to street protests before and during the tournament.Executives of construction group Odebrecht SA in a plea bargain deal made public last month offered evidence that builders and politicians sought to fix contracts for World Cup arenas in at least six cities.The evidence provided by Odebrecht corroborated the testimony of three executives of rival construction group Andrade Gutierrez, prosecutors said in a statement.Brasilia does not have any soccer team in the first division of the national league so the 72,800-seat stadium is almost never filled even when games are played there. ($1 = 3.2653 reais) (Reporting by Lisandra Paraguassu and Ueslei Marcelino; Writing by Silvio Cascione; Editing by Christian Plumb and W Simon)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-idINL1N1IP0EJ'|'2017-05-23T12:05:00.000+03:00'
'4346e23f6d20206870df2c53cbd9f615677897dc'|'U.S. top court rejects challenge to state retroactive tax changes'|'Market News   9:43am EDT U.S. top court rejects challenge to state retroactive tax changes By Andrew Chung - WASHINGTON WASHINGTON May 22 The U.S. Supreme Court on Monday declined to hear a challenge by several major corporations to a Michigan law that retroactively changed the way businesses are taxed in the state, leading to $1 billion extra for government coffers. The justices turned away appeals by Goodyear Tire and Rubber Co, IBM Corp, AT&T Inc''s DirecTV, Monster Beverage Corp and others of a lower court''s ruling in favor of the state. The companies argued that Michigan''s retroactive change to its tax regime violated their rights to due process under the U.S. Constitution. The Supreme Court also refused to take up an appeal by closely held Dot Foods Inc over a lower court ruling favoring Washington state in a similar retroactive tax dispute. (Reporting by Andrew Chung; Editing by Will Dunham)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-court-tax-idUSL1N1HI1SA'|'2017-05-22T21:43:00.000+03:00'
'20b984d268d98d8a566d55b098135ae7700656c0'|'MIDEAST STOCKS - Factors to watch - May 22'|'DUBAI May 22 Here are some factors that may affect Middle East stock markets on Monday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Asian stocks post biggest rise in a month; dlr weak* MIDEAST STOCKS-Saudi basks in Trump glow, most of region moves little* Oil rises on expectation of extended, possibly deepened output cut* PRECIOUS-Gold holds gains as Trump concerns support* Trump tells Middle East to ''drive out'' Islamist extremists* U.S., Saudi firms sign tens of billions of dollars of deals as Trump visits* Brooding Iran hardliners say they must still be heard after Rouhani win* Trump targets ''crisis of Islamist extremism'' in Saudi trip* OPEC heads towards supply cut extension as Saudi signals most on board* Turkey''s Erdogan vows fight against enemies as returns to lead party* Bomb attack on Syrian Islamist rebel group kills 20 - Observatory* Hezbollah calls U.S. administration ''mentally impeded'' during Trump Saudi visit* Israeli minister expresses concern over U.S.-Saudi arms deal* Iran''s Zarif urges Trump to discuss avoiding another 9/11 with Saudis* Gulf states, U.S. to ink agreement against terror financing* Trump praises Sisi, says he hopes to visit Egypt* Trump says ties with Bahrain won''t be strained anymore* U.S. says Iranian-directed convoy targeted by U.S. strike in Syria* Death toll rises in southern Libya attack, defence minister suspended* Saudis, United States blacklist a Hezbollah leader* Trump to visit Israel in search of revived peace process* Iran foreign minister scorns Trump after speech, arms deal* Saudi king says Iran at forefront of global terrorismEGYPT* Egypt refers 48 Islamic State suspects to military court over church bombings* In surprise move, Egypt central bank hikes key interest rates* Cairo lantern-maker champions old craft against Chinese imports* Yields rise on Egypt''s three-month and nine-month T-bills* Egypt procures 2.33 mln tonnes of local wheat since start of harvest -statement* Egypt''s 4G wireless frequencies ready for use - minister* BRIEF-National Bank Of Kuwait Egypt unit signs $300 mln loan agreement with SUMEDSAUDI ARABIA* Saudi oil minister: continuing cuts, adding small producers to deal will reduce inventories* BUZZ-Japan''s SoftBank surges after raising $93 bln with Saudi partner for tech fund* BREAKINGVIEWS-Saudis place $20 bln bet against U.S. dysfunction* Boeing signs defense, commercial deals with Saudi Arabia* Melania Trump hails "empowerment of women" at Saudi company visitUNITED ARAB EMIRATES* UAE minister sees chance for Iran to reset "troubled" ties with neighbours* BUZZ-Dubai''s Gulf Navigation climbs on Q1 earnings* BRIEF-Arabtec Holding unit wins 1.46 bln dirhams contract* BRIEF-UAE''s Dana Gas receives additional payment of $20 mln from Egyptian GovernmentQATAR* BRIEF-Qatar National Bank Syria Q1 profit fallsKUWAIT* BRIEF-Kuwait Finance House denies any decision to merge with Ahli United BankOMAN* MIDEAST DEBT-Oman front-loading funding requirements with planned dollar sukuk* Oman appoints banks ahead of debut public dollar sukukBAHRAIN* Bahrain''s top Shi''ite cleric gets one year suspended jail sentence* TABLE-Bahrain inflation edges up to 0.9 pct in April(Compiled by Dubai Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL8N1IN0JP'|'2017-05-22T02:38:00.000+03:00'
'24f26c9da666f5fb33a5159433ec25132ee58fe5'|'CHS replaces chief after earnings decline, Brazil exposure'|'By Tom Polansek - CHICAGO CHICAGO May 22 CHS Inc, the biggest U.S. agricultural cooperative, named a new chief executive on Monday, after suffering a sharp decline in income and confirming it was a creditor of a failing Brazilian commodities trader.Minnesota-based CHS picked Jay Debertin to take over immediately for Carl Casale, who had been CEO for six years. Debertin, who joined CHS in 1984, previously served as executive vice president and chief operating officer for CHS''s energy and foods business."It<49>s a leadership change," company spokeswoman Beth LaBreche said when asked about the reason for Casale''s departure. She said Debertin will place "increased rigor around business process and organizational excellence."Last month, sources said CHS was among the largest creditors of Brazilian commodities trader Seara Ind e Com de Produtos Agropecu<63>rios Ltda, which filed for bankruptcy protection. CHS'' credits with Seara were estimated at around $200 million.Debertin said in an interview that it was too early to know how the bankruptcy would affect CHS''s results."The leadership transition occurred for a number of different reasons. I would not look at this one as being a cause and effect," he said about Seara Ind e Com''s failure.Major grain handlers have struggled lately to profit from their core grain trading businesses because large global supplies have created fewer opportunities to make money by moving crops to areas with deficits from areas with surpluses.In its fiscal year 2016, CHS reported net income dropped 46 percent from the previous year to $424.2 million. The company''s annual report said 2016 was the most challenging year in more than a decade.Earlier this month, the stock prices for rival grain companies Archer Daniels Midland Co and Bunge Ltd sank when they warned of troubles making money from global trading.ADM has shaken up its global trading unit in a bid to boost profits.Another competitor, Louis Dreyfus, has revamped operations and its head of grain trading in North America will retire at the end of the month.Casale''s spokeswoman, Valerie Martin, said he had reached out to CHS''s board to start discussions about his departure."Performance objectives had been completely achieved," Martin said. "It made sense to all involved." (Reporting by Tom Polansek, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/chs-ceo-idINL1N1IO10C'|'2017-05-22T15:21:00.000+03:00'
'0473692ba7abf420dec1782d02536691162ec577'|'U.S. regulators open probe into recall of nearly 1.7 million Hyundai, Kia vehicles'|'Business News - Sat May 20, 2017 - 3:10pm BST U.S. regulators open probe into recall of nearly 1.7 million Hyundai, Kia models File photo: The Hyundai logo is seen outside a Hyundai car dealer in Golden, Colorado, November 3, 2014. REUTERS/Rick Wilking By David Shepardson and Hyunjoo Jin - WASHINGTON/SEOUL WASHINGTON/SEOUL U.S. safety regulators have opened a formal investigation into the recall of nearly 1.7 million vehicles by Hyundai Motor Co ( 005380.KS ) and affiliate Kia Motor Corp ( 000270.KS ) over engine defects, according to filings published Saturday. A South Korean whistleblower reported concerns last year to the U.S. National Highway Traffic Safety Administration (NHTSA), which will probe the timeliness of three recalls carried out in the United States and whether they covered enough vehicles. Fines could be imposed on the automakers if the NHTSA determines the recalls were not conducted properly. The agency did not immediately comment on the probe. A Hyundai spokesman in Seoul the company "has conducted recalls in compliance with U.S. regulations and procedure" and will "sincerely" cooperate with the investigation. In 2015, Hyundai recalled 470,000 U.S. Sonata sedans, saying engine failure would result in a vehicle stall, increasing the risk of a crash. At that time, affiliate Kia did not recall its vehicles, which share the same "Theta II" engines. Kim Gwang-ho, then an engineer at Hyundai, flew to Washington in August 2016 to tell NHTSA the companies should have recalled more vehicles over the problem, citing an internal report. He also reported several alleged safety lapses to both U.S. and South Korean authorities. On March 31, Hyundai expanded its original U.S. recall to 572,000 Sonata and Santa Fe Sport vehicles with "Theta II" engines, citing the same issue involving manufacturing debris, the NHTSA said. On the same day, Kia also recalled 618,160 Optima, Sorento and Sportage vehicles which use the same engine. The recall, which was also conducted in Canada and South Korea, cost the duo 360 billion won ($322.40 million). "TIMELINESS AND SCOPE" According to the filings published Saturday, the U.S. agency opened a probe May 18 into "both the timeliness and scope" of the "Theta II" engine recalls and their "compliance with reporting requirements." In August 2014, Hyundai agreed to pay a $17.35 million fine to settle a NHTSA investigation it delayed the recall of 43,500 Genesis cars to fix a brake defect linked to two injuries. NHTSA said in 2014 Hyundai "must change the way they deal with safety-related defects." Hyundai vowed to make improvements to how it handled safety issues after the fine. In 2015, the company retained former U.S. Transportation Secretary Ray LaHood as an adviser on safety issues. Congress voted in 2015 to hike the maximum fine an automaker can face for a single delayed recall campaign to $105 million. In an interview with Reuters in April, Kim said he gave the NHTSA 250 pages of internal documents on the alleged engine defect and nine other faults. NHTSA told Reuters soon after it was reviewing Kim''s material and "will take appropriate action as warranted." NHTSA did not say whether his complaint led to the recall. Kim argued that the engine problem was not just with the manufacturing process but also engine design, meaning Hyundai would need to fix engines in all the affected cars, at a steeper cost. Hyundai has denied the allegations. On May 12, Hyundai and Kia said they would recall a further 240,000 vehicles in South Korea after the transport ministry issued a rare compulsory recall order over other five defects flagged by Kim. Kim, fired in November for allegedly leaking trade secrets about the company''s technology and sales to media, had since been reinstated by Hyundai after a ruling by a South Korean government body under whistleblower protection laws. Hyundai filed a complaint disputing the decision. On May 16, he quit the company, which also 
'd0a68bcadbd80d39836cabc384b361c8fc93db30'|'Factbox: Deals signed by U.S. companies in Saudi Arabia'|'U.S. and Saudi Arabian companies signed tens of billions of dollars of business deals on Saturday as Riyadh sought help to develop its economy beyond oil during a visit by President Donald Trump.National oil firm Saudi Aramco said it signed $50 billion of agreements with U.S. firms. Energy Minister Khalid al-Falih said deals involving all companies totaled over $200 billion.Some deals had been announced previously, while others were memorandums of understanding that would require further negotiations to materialize. Below are major announcements:-- GE said it signed $15 billion of business deals with Saudi Arabia, involving almost $7 billion of goods and services from GE itself. They ranged from the power and healthcare sectors to the oil and gas industry and mining. Among projects, GE will help make power generation more efficient, provide digital technology to the operations of oil firm Saudi Aramco, and cooperate in medical research and training.-- Exxon Mobil and Saudi Basic Industries agreed to conduct a study on a potential petrochemical project in San Patricio County, Texas. A final decision is expected sometime in 2018. The project would include an ethane cracker with a production capacity of 1.8 million tonnes of ethylene per year to feed a monoethylene glycol unit.-- Raytheon will establish a Raytheon Arabia business unit and help to develop Saudi defense, aerospace and security capabilities.-- Lockheed Martin will support the final assembly and completion of an estimated 150 S-70 Black Hawk utility helicopters in Saudi Arabia.-- General Dynamics will help to localize design, manufacturing and support of armored combat vehicles.-- Begin the design and selection process for offshore drilling rigs as part of a $7 billion investment over 10 years with Rowan Companies to own and operate such rigs.-- Additional well services and studies into rig movements as an extension of a joint venture with Nabors. The venture is to see $9 billion of investment over 10 years period and create 4,000-5,000 new Saudi jobs.-- New joint venture between Saudi Aramco and National Oilwell Varco to make high-specification drilling rigs and equipment in the kingdom; it is to involve $6 billion of investment over 10 years.-- Jacobs Engineering: MoU worth $250 million to localize design, engineering, procurement, construction and project management services for the oil and gas industry. It is expected to create 300 jobs.-- Weatherford signed an MoU for $2 billion of projects related to localizing oil field goods and services.-- Dow Chemical signed an agreement to build a manufacturing facility to produce polymers for coatings and water-treatment applications, and an MoU for a feasibility study of a proposed investment in performance silicones.-- McDermott signed a $2.8 billion MoU to deliver projects localizing goods and services along Saudi Aramco''s supply chain.-- Honeywell signed a $3.6 billion MoU to deliver projects localizing goods and services in Saudi Aramco''s supply chain.(Reporting by Andrew Torchia; Editing by Alison Williams)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-saudi-usa-trump-deals-factbox-idINKCN18G0JY'|'2017-05-20T11:28:00.000+03:00'
'4d50195be57506fd125bc5fd8874455eab24cb0a'|'BRIEF-Private equity firm Ardian buys 35 pct stake in LBC Tank Terminals'|'May 22 Ardian/LBC Tank Terminals:* Private investment firm Ardian has signed an agreement to acquire a 35% stake in LBC Tank Terminals from State Super and Sunsuper* LBC, headquartered in Belgium, is one of the world<6C>s largest independent operators of bulk liquid storage facilities, predominantly for chemical & base oil products* LBC<42>s group sales revenue stood at $258 million for the period July 2015 until June 2016* Following the transaction, Ardian will become the largest shareholder in LBC* Current shareholders APG and PGGM will remain invested in the company'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-private-equity-firm-ardian-buys-idINFWN1IO03X'|'2017-05-22T06:13:00.000+03:00'
'85423837391b0a98511959b0b9e9e3048fed0458'|'Dealmakers aplenty, SoftBank''s Son looks for wonks'|'Business News - Fri May 19, 2017 - 6:05am BST Dealmakers aplenty, SoftBank''s Son looks for wonks left right SoftBank managing director, Deep Nishar is pictured in this undated photo taken in Mountain View, California, U.S., released May 17, 2017. Courtesy of SoftBank/Handout via REUTERS 1/2 left right Chief financial officer of SoftBank, Alok Sama is pictured in this undated photo taken in London, England released May 17, 2017. Courtesy of SoftBank/Handout via REUTERS 2/2 By Liana B. Baker and Greg Roumeliotis Deep Nishar spends more time roaming university hallways than he does corporate boardrooms. A former electrical engineer who helped develop Google''s mobile phone business and grow LinkedIn''s users from 30 million to half a billion, Nishar is exactly the sort of industry specialist that SoftBank Group Corp CEO Masayoshi Son wants for his new $100 billion (77.2 billion pounds) technology investment vehicle. Son, Japan''s richest man, is expected to announce on Saturday the close of the first fundraising round for what will be the world''s biggest private equity fund. Its backers, including Saudi Arabia''s sovereign wealth fund and Apple Inc, expect technology investments that will match or beat the 44 percent internal rate of return that SoftBank says Son has delivered by investing in internet companies in the last 18 years. With pitfalls aplenty among the valuation-rich, profit-poor start-ups of Silicon Valley, Son is seeking to hire dealmakers who can spot the most commercially disruptive technologies, according to people close to him. As he builds up the Vision Fund, Son has hired a roster of investment bankers, including Alex Clavel, a longtime telecommunications banker at Morgan Stanley, and technology banker Ervin Tu of Goldman Sachs Group Inc. Son is looking for industry wonks to complement those hires and find potentially game-changing investments in areas ranging from genomics and artificial intelligence to robots and the internet-of-things. The sources asked not to be identified ahead of the conclusion of the fundraising. Nishar, 47, is the most senior industry expert working for SoftBank, which he joined in 2015. He sits on SoftBank''s investment committee, which includes Son, SoftBank chief financial officer Alok Sama, SoftBank board director Ronald Fisher, and head of the Vision Fund, Rajeev Misra. SoftBank has yet to finalise the investment committee for the Vision Fund, which it will manage. Even when he was working at LinkedIn and Google, Nishar had an interest in investing. The Indian-born engineer spent five years tracking the business of pre-cancer detection startup Guardant Health. He visited researchers in universities and even showed up in doctors'' offices to see which tests they prescribed to detect cancer. When Guardant sought to raise money in 2016, Nishar had an inside track. He arranged a meeting between Guardant''s founders and Son at SoftBank''s San Carlos office near San Francisco. Last week, SoftBank said it would lead a $360 million fundraising round for Guardant, with Son praising it as a potential "Rosetta Stone" of cancer. Guardant co-founder and CEO Helmy Eltoukhy said Nishar''s business experience and technical expertise made him stand out from other investment professionals. "This kind of experience, from the engineering side as well as business side, is hard to come by," he said. FRONTIER TECHNOLOGIES Nishar has four people on his team, which focuses on so-called frontier technologies, such as computational biology. He is looking to double that by the end of the year, according to people familiar with the plans. SoftBank also wants experts in other sectors, including enterprise software, artificial intelligence, robotics, digital media and financial technology, according to the sources. Other sector specialists working for SoftBank include David Thevenon, a former Google executive who handles ride-sharing investments for SoftBank, such as Didi in China, Ola in India, and Grab i
'4b5857f3c3c99a9185cbb8d12046d0e0f0a30a60'|'Banco Popular under pressure to merge as Spanish rescue unlikely'|'MADRID Spanish lender Banco Popular ( POP.MC ) should not expect to receive an injection of public funds, the country''s economy minister said on Thursday, increasing pressure on the bank to find a merger partner quickly.Struggling under the weight of 37 billion euros ($41 billion) of non-performing real estate assets left over from Spain''s financial crisis, Popular''s new management has said it would consider a merger as a way out.Several larger Spanish banks, including Santander ( SAN.MC ), BBVA ( BBVA.MC ) and state-owned Bankia ( BKIA.MC ), declared a preliminary interest in a merger this week after Popular said it was considering its options, which include a merger or another capital increase after it raised 2.5 billion euros last year.But sources familiar with the talks said the lenders have yet to find out Popular''s exact needs and have not made any decision on whether they would bid for the rival bank.The sources also said Popular would first try to merge, then if did not work it would seek to raise money and only if both of those options fail could a bailout be on the table.Asked whether Popular, Spain''s sixth largest bank, needed a state rescue, Economy Minister Luis de Guindos said: "The government does not foresee injecting public funds."Popular''s capital levels were still above regulatory requirements, he said at an event in Madrid, citing feedback from the Bank of Spain.Banco Popular ended March with a phase-in capital level 0.53 of a percentage point above its requirement of 11.38 percent as set by the European Central Bank.However, its capital under the strictest "fully-loaded" criteria is the lowest among listed Spanish banks at 7.33 percent, down from 8.17 percent at the end of December.Most have made good progress since Spain sought a 41 billion euro European bailout for its lenders in 2012, clearing their books of the huge volumes of toxic real estate assets amassed during the crisis years, but Popular remains saddled with the highest amount in the sector.Popular''s non-performing loan ratio is about three times above the average of its Spanish rivals.Popular reported a 3.6 billion euro loss for 2016 and has undergone three leadership shake-ups since July. Its shares have fallen 62 percent over the past year and are the worst performers on the European STOXX banking index .SX7P.(Writing by Angus Berwick; editing by Julien Toyer and David Clarke)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-banco-popular-government-idUSKCN18E2GV'|'2017-05-18T20:44:00.000+03:00'
'a72356fd4879ff1c006694ace0ae58ba7f3a3605'|'Deutsche Boerse CEO seeks end to insider trading probe - Handelsblatt'|'Mon May 22, 2017 - 7:11am BST Deutsche Boerse CEO seeks end to insider trading probe: Handelsblatt FILE PHOTO: Carsten Kengeter, CEO of Deutsche Boerse, attends the initial public offering of Scale at the Frankfurt stock exchange in Frankfurt, Germany, in this file photo dated March 1, 2017. REUTERS/Ralph Orlowski/File Photo FRANKFURT Deutsche Boerse ( DB1Gn.DE ) Chief Executive Carsten Kengeter''s defense team is negotiating with prosecutors to drop an insider trading investigation against him, German daily Handelsblatt reported on Monday. In return, the German stock exchange operator may face a fine for delaying the announcement of its plans to merge with the London Stock Exchange ( LSE.L ), the report said. Such a deal could still take several weeks, said Handelsblatt, which cited multiple unnamed sources. Neither Deutsche Boerse nor the Frankfurt prosecutor''s office was immediately available for comment. Kengeter has previously denied the insider trading allegations, saying he did not determine the timing of his share purchases ahead of the announcement of merger plans with the London Stock Exchange. The plan to combine the stock exchanges, however, was later struck down by European regulators, who said the deal - the pair''s fifth attempt to merge - would result in a monopoly in the processing of bond trades. Last week, Kengeter said he and Deutsche Boerse were fully cooperating with the public prosecutor''s office in the insider trading probe. "I am certain that, following detailed investigation, the allegations will turn out to be unfounded," he said at the company''s annual general meeting. (Reporting by Tom Sims, additional reporting by Hans Seidenstuecker; Editing by Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-deutsche-boerse-investigation-idUKKBN18I0J6'|'2017-05-22T14:09:00.000+03:00'
'05aae2f9a398339efe1420e2a273ca727bc164fa'|'Euro zone, IMF to seek compromise on Greek debt deal Monday'|'Business News  01am BST Euro zone, IMF to seek compromise on Greek debt deal Monday Euro coins are seen in front of a displayed Greece flag in this picture illustration, June 29, 2015. REUTERS/Dado Ruvic/File Photo By Jan Strupczewski - BRUSSELS BRUSSELS Euro zone finance ministers and the International Monetary Fund will seek a deal on Monday on Greek debt relief that balances the IMF''s demand for a clear "when and how" with Germany''s preference for "only if necessary" and "details later". Without the deal, no new loans can be disbursed to Athens, even though the bailout is now handled only by euro zone governments, and Greece needs new credit to repay some 7.3 billion euros worth of maturing loans in July. Without the loans, Athens is likely to default - a bad start for a country that wants to return to market financing next year when its latest bailout, the third since 2010, ends in mid-2018. For its part, Greece has done what it could to secure a deal. It has agreed, albeit after months of negotiations, with the euro zone lenders and the IMF on pensions and tax reforms. Euro zone officials say a report prepared by experts on whether Greece has implemented what is called "prior actions" - laws that have to be passed to make the reforms stick - is positive. That means only a deal on debt relief between the IMF and the euro zone now stands between Athens and new loans. But an agreement is far from simple. "The chances of a deal are 50-50. We have done pretty good preparations, I can express a hope there will be an agreement, but it is an assumption, not a forecast," a senior EU official involved with the preparations said. A group of north European countries led by Germany wants the IMF to join for credibility reasons, believing the European Commission''s approach towards Athens can be too lenient. The same countries, however, oppose a firm commitment of debt relief for Greece, fearing the disapproval of bailout-weary voters at home. They are also concerned that once Athens gets a debt deal, it would lose the incentive to continue reforms. The discussion therefore focuses on how to make a euro zone statement on Greek debt relief from a year ago, more detailed and more concrete. "The IMF wants maximum (debt relief) commitment upfront, while others would prefer to be more precise only in 2018," a senior euro zone official said, referring to the end of the third bailout in mid-2018, by which time lenders would have a full view of Greek reform completion and the latest economic data. If there is a debt deal, Athens has tentative plans for a return to bond markets as early as July. DEBT LOAD The debt relief discussion is based on a promise made by the Eurogroup in May 2016 to extend the maturities and grace periods on Greek loans so that Greek gross financing needs are below 15 percent of GDP after 2018 for the medium term, and below 20 percent of GDP later. The Eurogroup also said it could consider replacing more costly IMF loans to Greece with cheaper euro zone credit and transfer the profits made from a portfolio of Greek bonds bought by euro zone national central banks back to Athens. All that could happen only if Greece delivers on its reforms by mid-2018 and only if an analysis shows Athens needs the debt relief to make its debt sustainable. The IMF believes that debt relief, or at least a clear promise of it now, is needed to restore investor confidence in Greece, especially if the country, which has public debt of 197 percent of GDP, is to return to market financing next year. Greek debt to GDP has actually risen during the various bailout periods, primarily as a result of sinking GDP brought on at least in part by the austerity demanded by lenders. (Reporting by Jan Strupczewski; Editing by Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-greece-debt-idUKKBN18H14J'|'2017-05-22T06:50:00.000+03:00'
'bd793798df962baf5ba3fe845825a0032b34c904'|'Africa''s growth seen benefiting from rebound in commodity prices - report'|'Business News  47am BST Africa''s growth seen benefiting from rebound in commodity prices: report NEW DELHI Africa will see a lift-off in economic growth this year and next on the back of a rebound in global commodity prices, an annual report predicted on Monday. The African Economic Outlook, co-authored by the African Development Bank, the OECD and the United Nations Development Programme, expects the continent''s economy to grow by 3.4 percent in 2017 and 4.3 percent in 2018, up from an estimated 2.2 percent last year. The report was released as the African Development Bank began its annual meeting, this year being hosted by India in the capital of Prime Minister Narendra Modi''s home state of Gujarat. Modi invited African leaders to a summit in 2015 and has sought to promote ''south-south'' economic ties with a continent that has a large Indian diaspora but has seen far larger inward investment from China. The report said that a decline in commodity prices starting in mid-2014 had a devastating impact on several commodity-exporting African economies. Nigeria, for example, which has the biggest share in Africa''s GDP, slipped into recession. Africa has been worryingly dependent on commodities to power economic growth. The fall in raw materials prices inflicted a significant shock on sub-Saharan Africa as fuels, ore and metals account for more than 60 percent of the region''s exports. However, commodities have staged a comeback since late last year, buoyed by an improvement in the world economic outlook together with the return of risk appetite among global investors. If the rise in commodity prices is sustained, the report said, it would trim the continent''s current account deficit to 5 percent of GDP this year from 6.5 percent in 2016. Africa is expected to witness a marginal improvement in external inflows that are estimated to inch up to $179.7 billion in 2017 from $177.7 billion a year ago. The report urged the countries in the region to diversify their exports to reduce their exposure to commodity-price shocks and take measures to boost trade within Africa. (Reporting by Rajesh Kumar Singh; Editing by Douglas Busvine)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-africa-economy-outlook-idUKKBN18I0MQ'|'2017-05-22T14:45:00.000+03:00'
'b69c04c756fd31c52ece464f161cd45447bc0f48'|'Buffett''s Berkshire Hathaway set for growth through 2018-Barron''s - Reuters'|'May 21 Shares of Berkshire Hathaway, the conglomerate run by billionaire Warren Buffett, could see double digit gains over the next year and a half even if the legendary chairman and chief executive decides to retire, a report in Barron''s financial newspaper said.The company''s Class A shares could have an upside of 15 percent to 20 percent through the end of 2018 based on likely growth in its book value, given the company''s diversified earnings stream, long-term focus and nearly $100 million in cash and securities, Barron''s said in it May 22 edition.Barclay''s analyst Jay Gelb, Quote: d in the article, forecast Berkshire''s book value rising 9 percent to 10 percent annually over the next two years.Buffett''s eventual successor is likely to begin paying a dividend and be more aggressive in buying back shares, the report predicted. Barron''s sees Berkshire Hathaway Energy head Greg Abel as the most likely person to be tabbed to "step into Warren Buffett''s legendary shoes."Berkshire shares, which rose 23 percent in 2016, are flat this year after giving back gains seen earlier during the post-election rally. They closed at $244,910 on the New York Stock Exchange on Friday. (Reporting by Bill Berkrot; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/berkshire-hatha-barrons-idINL1N1IN08F'|'2017-05-21T15:26:00.000+03:00'
'd4f54c4be538e32546f8c09e018faef29aa1b57d'|'U.S. plan to sell oil reserve shows declining import needs'|' 33pm BST U.S. plan to sell oil reserve shows declining import needs FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo By Henning Gloystein and Dmitry Zhdannikov - SINGAPORE/VIENNA SINGAPORE/VIENNA President Donald Trump''s proposal to sell half of the U.S. strategic oil reserve highlights a decline in the biggest oil user''s reliance on imports - and a weaning off OPEC crude - as its domestic production soars. The U.S. Strategic Petroleum Reserve (SPR) SPR-STK-T-EIA, the world''s largest, holds about 688 million barrels of crude in heavily guarded underground caverns in Louisiana and Texas. Congress created it in 1975 after the Arab oil embargo caused fears of long-term spikes in motor fuel prices that would harm the U.S. economy. The White House budget, which will be delivered to Congress on Tuesday, proposes to start selling SPR oil in fiscal 2018, which begins on Oct. 1. The sales would generate $500 million (<28>384.8 million) in the first year, documents released by the administration showed. Sales from the reserve would gradually rise over the following years, peaking at nearly $3.9 billion in 2027, and totalling nearly $16.6 billion from 2018 to 2027. A release of half over 10 years averages about 95,000 barrels per day (bpd), or 1 percent of current U.S. output. Although the figure is equivalent only to the output of a mid-sized field, it sends a powerful signal about the United States'' decreasing need for imports as its own production reaches new highs. Since the U.S. shale oil boom began at the start of this decade, imports have fallen sharply - sometimes to as low as 7 million bpd, from as high as 10 million bpd in the middle of the last decade. C-IMP-T-EIA "The United States definitely don''t need as much SPR as they have now lower imports," said Amrita Sen of the consultancy Energy Aspects, noting that the drive to reduce the SPR had started under former President Barack Obama. "While the headlines may be bearish, not only is this just a proposal that is unlikely to make it past Congress, it is also phased over 10 years ... So we do not see this as bearish for fundamentals even though the headlines won''t help," she added. PVM brokerage also agreed the plan, if implemented, would not add dramatically to global oversupply. The Organization of the Petroleum Exporting Countries, of which the United States is not a member, meets this week, and is widely expected to extend production cuts by nine months to March 2018 to help the market rebalance. Benchmark Brent LCOc1 and U.S. light crude CLc1 prices were broadly flat at 1230 GMT, having recouped earlier losses of around 1 percent. Olivier Jakob from Swiss-based Petromatrix consultancy agreed the sales would result only in a small amount of additional supply in coming years. "To maximize budget revenues we would suggest to the White House to copy for once what Mexico does, and to use any price support provided by OPEC cuts to hedge the forward release of SPR barrels," he said. The West''s energy watchdog, the International Energy Agency (IEA), has said oil market rebalancing was on the way and foresaw a significant drop in stock from current record levels of 3 billion barrels in the next few months. The IEA, which counts the United States as a member, requires member countries to keep strategic stocks equal to 90 days of the previous year<61>s net oil imports. PVM said if U.S. imports in coming years matched those of 2016, the country would need to keep 489 million barrels of oil in the SPR, some 140-150 million barrels above the proposed new level. The United States has more leeway to release SPR crude as its own production C-OUT-T-EIA has surged 49 percent over the past five years. The United States released supplies from the SPR amid supply concerns at the start of the Gulf War in 1991 and after Hurricane Katrina disrupted Gulf of Mexico output in 2005, and again
'bf0b5a904aa1655bd972b60e4bbca237c70800a3'|'Hungary base rate could be unchanged to 2019 or beyond: Nagy - Reuters'|'BUDAPEST Hungary''s base rate could remain unchanged until 2019 or even longer, central bank deputy governor Marton Nagy told Reuters on Tuesday, adding that inflationary expectations were anchored at a very low level despite strong wage growth.The National Bank of Hungary (NBH) left its rate at a record low of 0.9 percent earlier in the day and said it intended to maintain the current level and loose monetary conditions "for an extended period."Nagy said analysts'' expectations in a Reuters poll that the base rate could stay unchanged until early 2019 was realistic."But I think that this can be even longer than that, even the end of 2019 or even 2020 but the market decides where it expects the base rate to go," Nagy said at the Reuters Central & Eastern Europe Investment Summit.Central banks in the European Union''s eastern wing have kept monetary policy loose for years.Instead of focusing only on the base rate, Nagy said the NBH looks at overall monetary conditions, including interbank rates, short-term yields and implied forint yields on the swap market.He noted that markets had priced out an increase in Budapest interbank rates over a one-year horizon after the bank communicated loose monetary conditions for an extended period.Reducing the stock of the bank''s three-month deposits and currency swap deals have emerged as its main tools to curb market interest rates and make bank loans cheaper.Nagy said that in order to maintain loose monetary conditions, the bank had to squeeze out about 300 to 400 billion forints of funds from its deposit tool into the economy each quarter by capping deposits and/or using its swaps to pump liquidity into the system.Nagy also said that downward risks in inflation have strengthened since March."Inflation expectations are at historically-low levels and they have stayed there despite the wage rises," he added."The inflation target is 3 percent, and there is a tolerance range around it, but here the lasting impacts matter. So if inflation rises above 3 percent in a lasting way, then this issue becomes interesting," he added. The bank expects inflation to reach its target sustainably from the first half of 2018.Nagy also said the bank would be closely watching when the European Central Bank starts tapering."Another important thing is whether the central banks of neighboring countries start (tightening)," he added."Our relative position within the region is important."(Reporting by Krisztina Than and Gergely Szakacs; editing by Alexander Smith)'|'reuters.com'|'http://www.reuters.com/finance/summits'|'http://www.reuters.com/article/us-cee-summit-nagy-idUSKBN18J2K0'|'2017-05-23T21:27:00.000+03:00'
'5e8baccdaff5d896bbabe961e8174c973dd74d3a'|'Volkswagen CEO says enforcing culture change poses challenges'|'Environment  53am BST Volkswagen CEO says enforcing culture change poses challenges Volkswagen CEO Matthias Mueller attends the annual shareholder meeting in Hanover, Germany May 10, 2017. REUTERS/Fabian Bimmer HANOVER, Germany Volkswagen''s ( VOWG_p.DE ) top executive said some managers are resisting the German carmaker''s push for a new era of accountability after its emissions fraud, suggesting it could still take years to establish a new corporate culture. The drive by the world''s largest automaker to become more transparent and decentralize power is seen by investors as a key part of its campaign to regain trust following its admission in September 2015 that it cheated on U.S. diesel emissions tests. But efforts to convince people in Volkswagen''s (VW) broad middle management of the need to change are still proving tough 20 months after dieselgate broke, said chief executive Matthias Mueller, who became CEO of Volkswagen in September 2015. "There are definitely people who are longing for the old centralistic leadership," Mueller said during a discussion with business representatives in Hanover late on Monday. "I don''t know whether you can imagine how difficult it is to change their mindset." After Porsche''s ill-fated attempt in 2008-09 to take over VW, it took him three years to establish a new culture at the sports-car maker with its then 12,000 workers and shift the focus back to product, Mueller said of his time as Porsche CEO. "Of course there are anxieties, it''s not an easy undertaking" to overcome VW''s long tradition of management hierarchies, he said. "The only question is how long will it take?" Separately, Mueller criticized practices of U.S. ride-hailing firm Uber [UBER.UL] as VW is stepping up efforts to compete in the market for on-demand transportation with its new digital division MOIA. "I would not want us to be compared culturally with Uber," the CEO said, calling Uber a company that is simple in its structure. "That is no role model for us." Mueller reiterated his doubts about a business case for producing battery cells in high-cost Germany even as VW is pondering such a move with a new research facility in Salzgitter. "Of course we will at some point need many such factories (to mass produce battery cells) around the world," he said. "But if energy costs in Germany are what they are, then they (factories) will not be based in Germany." (Reporting by Andreas Cremer; editing by Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-emissions-culture-idUKKBN18I2V3'|'2017-05-23T07:48:00.000+03:00'
'79bb2d94e4c8af2aaf02020f181d6c8cbe7b06b8'|'Thousands of Freeport Indonesia workers to strike for second month -union'|'By Agustinus Beo Da Costa and Samuel Wanda - JAKARTA/TIMIKA, Indonesia JAKARTA/TIMIKA, Indonesia May 20 An estimated 9,000 workers at the giant Grasberg copper mine operated by Freeport McMoRan Inc will extend a strike for a second month, a union official said on Saturday, in an ongoing dispute over employment terms and layoffs."We regret the stance of the businessmen who unilaterally laid off workers," Freeport Indonesia union industrial relations officer Tri Puspital told Reuters.Output from Grasberg has been reduced by half as result of the strike that began May 1, Puspital added. (Writing by Fergus Jensen, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/indonesia-freeport-strike-idINL4N1IM058'|'2017-05-20T08:12:00.000+03:00'
'd840a814821e682249dfecd440f46113280587d4'|'Nigerian oil labour union suspends Exxon Mobil strike in Rivers state - Reuters'|'YENAGOA, Nigeria May 20 A Nigerian labour union that had called for the shutdown of all Exxon Mobil Corp facilities in the Niger Delta has suspended its strike at its Rivers state branch in the oil production hub, two union representatives said on Saturday.Reuters had been unable to verify independently whether members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) had shut the company''s facilities in the region on Friday, and oil industry sources said there was no impact on production."The strike has been suspended," said Chika Onuegbu, who represents PENGASSAN in Rivers state.Onuegbu and a senior PENGASSAN official, who also said the strike in Rivers state had been suspended but did not want to be identified, said the move followed a ruling by an industrial arbitration panel.Nigerian labour unions have held a number of strikes in the last few months over the dismissal of oil industry workers.The latest industrial action was in protest at the sacking of 150 workers in December, of which 82 were PENGASSAN members.Strikes by Exxon workers in Nigeria at the end of last year did affect output, delaying loadings by weeks.(Reporting by Tife Owolabi and Alexis Akwagyiram in Lagos; Editing by Dale Hudson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nigeria-oil-idINL8N1IM0SE'|'2017-05-20T16:56:00.000+03:00'
'6b293d4c55365acf261fae6e858fc95a508b0a2f'|'Saudi Aramco CEO says to sign $50 billion of deals with U.S. companies'|'Top News - Sat May 20, 2017 - 2:15pm BST U.S., Saudi firms sign tens of billions of dollars of deals as Trump visits Aramco''s Chief Executive Amin Nasser speaks during the signing ceremony of four engineering contracts by State oil giant Saudi Aramco to build its Fadhili gas processing project, in Fadhili, Saudi Arabia July 20, 2016. REUTERS/Zuhair Al-Traifi By Reem Shamseddine and Katie Paul - RIYADH RIYADH U.S. and Saudi Arabian companies signed business deals worth tens of billions of dollars on Saturday during a visit by President Donald Trump, as Riyadh seeks help to develop its economy beyond oil. National oil firm Saudi Aramco said it signed $50 billion (38.3 billion pounds) of agreements with U.S. firms. Energy minister Khalid al-Falih said deals involving all companies totalled over $200 billion, many of them designed to produce things in Saudi Arabia that had previously been imported. Business leaders on both sides were keen to demonstrate their talks had been a success, so there was an element of showmanship in the huge numbers. Some deals had been announced previously; others were memorandums of understanding that would require further negotiations to materialise. Nevertheless, the deals illustrated Saudi Arabia''s hunger for foreign capital and technology as it tries to reduce its dependence on oil exports. Low oil prices in the past couple of years have slowed the economy to a crawl and saddled the government with a huge budget deficit. "We want foreign companies to look at Saudi Arabia as a platform for exports to other markets," Falih told the conference. In March, Saudi Arabia''s King Salman toured Asia and his delegation signed similar agreements worth tens of billions of dollars there, including deals worth as much as $65 billion in China. Top Saudi economic policy makers, including the finance minister and head of the kingdom''s main sovereign wealth fund, described investment opportunities in Saudi Arabia to a conference attended by dozens of U.S. executives on Saturday. Saudi officials said they aimed to prepare new, streamlined rules covering direct investment by foreign firms within 12 months. Among the deals signed on Saturday, GE said it reached $15 billion of agreements involving almost $7 billion of goods and services from GE itself. They ranged from the power and healthcare sectors to the oil and gas industry and mining. Jacobs Engineering will form a joint venture with Aramco to manage business projects in the kingdom, and McDermott International will transfer some of its ship fabrication facilities from Dubai to a new shipbuilding complex which Aramco will build within Saudi Arabia. Riyadh, one of the world''s biggest military spenders, is keen to develop a domestic arms industry rather than importing weapons, so several deals were in military industries. Lockheed Martin said it would support the final assembly and completion of an estimated 150 S-70 Black Hawk utility helicopters in Saudi Arabia. (Additional reporting by Marwa Rashad and Celine Aswad; Writing by Andrew Torchia; Editing by Andrew Roche)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-usa-trump-deals-idUKKCN18G05L'|'2017-05-20T17:04:00.000+03:00'
'86b6e6fbf368e614ecb5957e6d6b725c118a4966'|'Private equity groups extend hostile offer for Shawbrook'|'LONDON The private equity groups behind a hostile bid for British challenger bank Shawbrook Group ( SHAW.L ) said on Friday they had backing from investors holding 45.1 percent of its shares, and were extending the offer period.The 842 million pounds ($1.09 billion) offer would now remain open until May 26, Marlin Bidco, the buyout vehicle set up by BC Partners and Pollen Street Partners, said in a statement. The previous deadline was Thursday and the date could be extended to June 19.The 45.1 percent includes Pollen Street''s Shawbrook stake, which is 38.8 percent according to Thomson Reuters data. The commitments were still 4.9 percent short of the 50 percent threshold at which the deal would become unconditional.The company would be delisted if 75 percent of its shareholders accept the offer, with those who do not accept the offer remaining holders of shares in an unlisted company.On Friday, Shawbrook shares were up 0.15 percent at 340 pence."(We) still do not discount the possibility of a (modestly) improved offer, but equally we continue to see materially greater upside potential among the currently <20>distressed<65> valuations of high-performing <20>challenger bank<6E> peers," a note from Investec said.Shawbrook''s directors had told shareholders to reject the offer.A source familiar with the matter however said large long-only funds have sold out at valuations around the offer price, indicating that some large shareholders believe the offer is a good one.Morgan Stanley ( MS.N ) is acting as financial adviser to Marlin Bidco.(Reporting by Simon Jessop; Editing by Rachel Armstrong and Elaine Hardcastle)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-shawbrook-group-idUSKCN18F1XC'|'2017-05-19T20:10:00.000+03:00'
'cc643b84c39b38445e3e1d40f82b8472168a42d7'|'MIDEAST STOCKS - Factors to watch - May 21'|'DUBAI May 21 Here are some factors that may affect Middle East stock markets on Sunday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Dollar slides on Trump concern, but stocks rise* MIDEAST STOCKS-MSCI shares pose main drag on Gulf as global markets skid* Oil at one-month high, supply-cut extension expected* PRECIOUS-Gold on track for biggest gain in five weeks* U.S., Saudi firms sign of deals as Trump visits* Decisively re-elected, Rouhani defies hardliners, pledges to open Iran* Amid firestorm at home, Trump to seek reset with Islamic world* Under siege in Washington, Trump reaps Saudi arms deal, stronger ties* Saudis, United States blacklist a Hezbollah leader* U.S. calls on Iran to halt support for ''destabilizing forces''* France says Rouhani re-election strengthens hope of Iran nuclear deal application* Syrian rebels begin to leave last opposition-held Homs district* Yemen''s Houthis say fire ballistic missile towards Saudi capital* Yemen cholera cases could hit 300,000 within six months -WHO* Death toll rises in southern Libya attack, defence minister suspended* Rescued migrants tell of detention, beatings, slavery in Libya* Libyan oil production recovers partially after power outage -officials* Thousands rally in north Morocco protest march* Morocco phosphate ship held in Panama over Western Sahara challenge - officials* Tunisia protesters close oil pumping station after army standoff* Tunisia buys 92,000 T milling wheat in tender -trade* Central bank of Libya has 0.82 pct of UniCredit after cash call* Hapag-UASC tie-up nears completion as funding snags overcome - sourcesEGYPT* U.S. wheat exports to Egypt seen remaining rare despite sale* Average yields rise on Egyptian six-month and one-year T-bills* Egypt procured 2 million tonnes of wheat from local farmersSAUDI ARABIA* Saudi Aramco: looking for opportunities to expand in U.S. over 10 years* Saudi Aramco CEO says to sign $50 billion of deals with U.S. companiesINTERVIEW-Saudi''s ACWA Power plans late 2018 IPO, foreign as well as local listing* Saudi Arabia tenders to purchase 1.5 mln T feed barley* Saudi Arabia says comfortable with 2017 budget deficit* Softbank-Saudi tech fund becomes world''s biggest with $93 bln of capital* Saudi''s PIF says overseas investment to grow gradually* Blackstone, Saudi''s PIF plan $40 bln infrastructure investment fund* Saudi minister of finance says local debt expected to be start again Q2 or Q3* Saudi to open militant-monitoring centre during Trump visit* Saudi deputy economy minister says privatisation terms case-by-caseUNITED ARAB EMIRATES* CEO, some staff leave MidEast e-commerce venture Noon - sources* UAE Exchange Group targets up to $300 mln in acquisitionsQATAR* ExxonMobil secures Qatari condensate for Singapore unit - sources* Qatar says sees merits of extending oil supply cut into Q1 2018KUWAIT* Patrol boat stops armed Iraqis entering Kuwaiti waters - agencyOMAN* TABLE-Oman budget deficit grew to $14.3 billion in 2016 -ministry* Oman appoints banks ahead of debut public dollar sukuk (Compiled by Dubai Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL8N1IM0KT'|'2017-05-21T01:06:00.000+03:00'
'988abc97835de69f1d2153c86c659282aecc939d'|'Swiss stocks - Factors to watch on March 22'|'ZURICH May 22 Here are some of the main factors expected to affect Swiss stocks on Monday:CLARIANT HUNTSMANThe Swiss chemical maker and U.S.-based Hunstman Corp are set to announce their merger on Monday, creating a chemical manufacturer with a market value of more than $14 billion, people familiar with the matter said on Sunday. The combined company will be headquartered in Switzerland, though its operational center will be in Woodlands, Texas, one of the sources added.For more clickLAFARGEHOLCIMThe cement maker is due to name Sika Chief Executive Jan Jenisch as its new CEO, Swiss newspaper Tages-Anzeiger reported on Monday. The company could not be reached on Monday morning.For more clickUTILITIESSwiss voters backed the government''s plan to provide billions of dollars in subsidies for renewable energy, ban new nuclear plants and help bail out struggling utilities.JULIUS BAERPresents interim management statementFor more clickBANKSHerbert Scheidt, head of Swiss Bankers Association, in interview with NZZ am Sonntag paper raises doubts about the security of bank data to be shared with tax authorities in other countriesCREDIT SUISSEThe bank will issue nearly 72.9 million new shares as a result of the scrip dividend elections for 2016, representing 3.5 percenty of the its current share capital. The issue price of the new shares is 13.17 Swiss francs. As a result of the scrip dividend elections, the total number of new shares to be issued in a move approved by an extraordinary general meeting last week will be 393,232,572.The bank has retroactively cut long-term bonus payments for between 100 and 200 staff responsible for large trading losses or expensive legal cases, Swiss paper SonntagsZeitung reports, citing an unnamed sourceCOMPANY STATEMENTSECONOMY(Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL8N1IL39Q'|'2017-05-22T02:41:00.000+03:00'
'3fb8a262ac3258ff268d64e985786b153149aea8'|'BRIEF-Bombardier launches Ka-band high-speed internet on Challenger 650 Aircraft'|'Market News - Mon May 22, 2017 - 4:03am EDT BRIEF-Bombardier launches Ka-band high-speed internet on Challenger 650 Aircraft May 22 Bombardier Inc BRIEF-Eicher Polaris starts exports to Nepal * Co flagged-off its first lot of Multix from company''s plant in Kukas industrial area in Jaipur Source text: [Continuing with the growth momentum, and commitment towards catering to the needs of the independent businessmen; Multix - India''s First Personal Utility Vehicle by Eicher Polaris Private Ltd. (a 50:50 JV between Eicher Motors Ltd. and Polaris Industries Inc. of USA) is all set to start its journey to Nepal. Eicher Polaris Private Limited flagged-off its first lot of Multix from the com'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-bombardier-launches-ka-band-high-s-idUSFWN1IO01Q'|'2017-05-22T16:03:00.000+03:00'
'b5ea4df6a10edc1605231d6d1af6542c35b3cea3'|'Exclusive - Barclays to hire 100 staff in private banking push'|'Mon May 22, 2017 - 7:07am BST Exclusive: Barclays to hire 100 staff in private banking push left right FILE PHOTO: The Barclays logo is seen outside a branch of the bank in London, Britain, October 30, 2014. REUTERS/Toby Melville/File Photo 1/2 left right FILE PHOTO: The Barclays headquarters building is seen in the Canary Wharf business district of London, Britain February 6, 2013. REUTERS/Neil Hall/File Photo 2/2 By Lawrence White - LONDON LONDON Barclays will hire 100 new staff in its private bank as it launches its second attempt in the last seven years to win more business from wealthy clients, a source with direct knowledge of the plans told Reuters. The hires will be a mixture of relationship managers - the money-earners in private banking who attract and serve customers - and the administrative and risk management staff necessary to support them, the source said. The push marks a change in direction for the British lender after a previous failed expansion ended in 2014 with Barclays folding its wealth management business back into its retail bank as it missed ambitious growth targets. Barclays will now seek to bolster staff in its private banking hubs of London, Dublin, Geneva, Monaco, India, Dubai, Jersey, Guernsey and the Isle of Man, the source said. "In line with Barclays International''s overall strategy we are positively investing in Private Bank & Overseas Services," a spokesman for Barclays said. Banks worldwide are pushing into private wealth management, lured by the booming numbers of millionaires in fast-growing economies such as India and China. However, many have struggled in a business facing tighter regulation and where customers are reluctant to move banks. Even UBS, the world''s largest wealth manager, has posted broadly flat revenues for the past five years despite its assets under management rising by around 30 percent. "It''s an unforgiving and brutal market at the moment, with a very expensive delivery model and competition that''s driving pricing down," said Seb Dovey, managing partner and private banking expert at Scorpio Partnership. Barclays'' strategy will be different from its last attempt, according to the source familiar with the plans, and will focus on increasing profits rather than assets by improving the products and cooperation with Barclays investment bank. The hires will be in Barclays Private Bank & Overseas Services, the arm of the lender''s wealth division which sits inside the Barclays International unit run by Australian Tim Throsby. Reuters reported on May 11 that Throsby had announced a major reshuffle of his lieutenants and is seeking to hire 50 to 100 more staff in the investment bank, as he tries to boost returns across the Barclays businesses under his control. Barclays named former Goldman Sachs banker Karen Frank last September to run the international private bank business. The bank itself failed in its last private bank expansion, a five-year initiative set out in 2010 and known internally as Project Gamma. It wanted to double assets under management (AUM) to 300 billion pounds ($457 billion) and lift annual profits to between 600 and 700 million pounds, Reuters previously reported. Barclays offered high-end clients services extending to, for instance, tips on finding the right school for their children or a chance to play cricket with former England star Andrew Flintoff - underscoring the lengths it would go to win the custom of the super-wealthy. But it didn''t work. AUM were $131 billion in 2014, making Barclays the 25th biggest private bank with a market share of about 0.6 percent, according to Scorpio Partnership, a wealth management consultancy. By comparison, UBS had $2 trillion in AUM for a market share of 10 percent, Scorpio estimated. After the private bank swung to a loss in 2013, Barclays moved the business back into the retail bank, stopped disclosing its performance and mothballed the Barclays Wealth brand. Barclays had around $90 billion of
'db21b2a4ac1e3fad9d9ff1bc32dade7e2f388b15'|'RPT-With new sheriff in town, S.Korea big businesses duck for cover'|'Market News - Sun May 21, 2017 - 7:42pm EDT RPT-With new sheriff in town, S.Korea big businesses duck for cover (Repeats Sunday story with no change to text) * Moon yet to spell out reform agenda * "Chaebol sniper" named head of regulatory agency * But new head says he''s prioritising jobs over reforms * Chaebol silent so far on call for more jobs * But some have shelved projects since Moon''s election By Joyce Lee and Se Young Lee SEOUL, May 22 A South Korean retail giant has shelved controversial expansion plans, while a large bank made hundreds of contract jobs permanent after President Moon Jae-in took office vowing to reform the family-run conglomerates that dominate the economy. The 64-year-old liberal leader campaigned on a platform of curbing the power of the conglomerates, or chaebol. On Wednesday, he nominated an economist nicknamed "chaebol sniper" for his shareholder activist campaigns as head of the antitrust regulator. Moon has yet to spell out his reform agenda, and the fractured parliament, controlled by conservative and moderate politicians, would likely only support modest changes, given the chaebol''s outsized role in the economy. But some companies are choosing to stay out of the crosshairs even before they see any legislation. Business lobby groups say they will work with Moon in creating jobs - the president''s No.1 priority according to his advisers. South Korea''s four biggest chaebol groups - Samsung, Hyundai Motor, SK and LG - account for half the country''s stock market value. They released full-page ads after Moon''s election, featuring his photo and saying they "will be with (President Moon) to make a better country." "They don''t want to be the first to cause some kind of a problem," said Chang Sea-jin, professor of business administration at National University of Singapore. "It''s time to be very careful." Big business, however, has largely stayed silent on Moon''s call to create jobs, underscoring the challenges in delivering on his signature agenda. Moon pledged to create 810,000 public sector jobs and has chastised the chaebol for not hiring. Moon has vowed to end the practice of pardoning convicted corporate criminals and to break the nexus of business and politics that was once again exposed in the scandal that led to the ouster of former president Park Geun-hye and the arrest of Samsung chief Jay Y. Lee who is accused of bribing Park. Both are undergoing trial on criminal charges and have denied any wrongdoing. The conglomerates helped transform South Korea into Asia''s fourth-largest economy. But critics say they have used their cosy ties with the government to crowd out smaller businesses. They also blame the chaebol''s complex web of cross-shareholdings among group companies and opaque governance for the so-called "Korea Discount" - meaning their shares are typically undervalued in comparison to their global peers. ''FALL OUT OF FAVOUR'' Within days of Moon''s election, Shinsegae Inc, South Korea''s third-largest department store operator, indefinitely postponed a land purchasing agreement for a new store it was planning to build in Bucheon, southwest of Seoul. Small business owners near the site have been protesting the plan. During the campaign, Moon pledged to place limitations on large shopping complexes, including on where they could be built, in order to protect smaller firms and self-employed shopowners. "I understand Shinsegae postponed the deal because of concerns that if they sign immediately after the start of the new administration, they will fall out of favour and be disadvantaged," Kim Man-soo, mayor of Bucheon City, posted on his Facebook. A Shinsegae official said the company had already scaled back the shopping mall project in late 2016, so as not to hurt traditional markets. He declined to elaborate. Shinsegae was spun off from Samsung in 1997, and Jay Y. Lee''s aunt is its chairwoman and single-largest shareholder. Another shopping mall project in n
'1373e9e55ac352afc4d7e14937b146162232ffd7'|'Germany must invest to keep up in electric cars - Merkel'|'Autos   4:06pm BST Germany must invest to keep up in electric cars - Merkel left right An e-Golf electric car is pictured outside the new production line of the Transparent Factory of German carmaker Volkswagen in Dresden, Germany March 30, 2017. REUTERS/Fabrizio Bensch 1/2 left right German Chancellor Angela Merkel talks to an employee during her visit to the Daimlers first battery factory prior to the beginning of the ground breaking ceremony for the second battery factory at Daimler subsidiary ACCUMOTIVE in Kamenz, Germany May 22, 2017. REUTERS/ Matthias Rietschel 2/2 KAMENZ, Germany Germany and its auto industry must invest heavily to ensure it is not left behind by the shift to electric cars, Chancellor Angela Merkel said on Monday as she laid a foundation stone for a new battery factory for Daimler ( DAIGn.DE ) unit Accumotive. "We need long-term horizons and companies that invest in the future," Merkel said at the site in the eastern German town of Kamenz. "It is important that electric mobility is ready for the market as quickly as possible." While Germany''s automakers are ramping up production of electric cars, most batteries they use are made in Asia, prompting fears that Germany could lose its leadership in the core car technology of the future. Merkel came under fire this month when she admitted Germany was likely to miss the government''s target of bringing 1 million electric cars onto the roads by the end of the decade. Merkel said new technologies sometimes take time to get off the ground and end up being exploited by those other than their original inventors, citing the example of German engineer Konrad Zuse, who developed the first programmable computer in 1941. "This should be a lesson for technology policy. We don''t want to experience that again," she said. In March, Mercedes-Benz owner Daimler said it was speeding up its electric car programme, aiming to bring more than 10 new models to market by 2022 through 10 billion euros (8.45 billion pounds) of investment. In Kamenz, Daimler is investing around 500 million euros in its second factory there for lithium batteries, that should be operational by the middle of 2018, quadrupling production. "The auto industry faces a fundamental transformation. Technical change cannot be stopped, with or without the German car industry and I think it would be better with us," Daimler Chief Executive Deiter Zetsche said. The Kamenz factory still relies on imported battery cells and Merkel said Germany should do more in that area. During her weekly podcast on Saturday, she said the German government has invested 35 million euros in battery research and was keen to build clusters of expertise. "If we are involved in research and in prototypes, there is a better chance of bringing the production of the next generation of cells to Europe or to Germany," she said. Merkel said she had been briefed about the latest lithium cells which could allow cars to travel up to 1,000 kilometres without needing to be recharged - a major advance from current operating range of 200-300 kilometres. (Reporting by Emma Thomasson; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-autos-idUKKBN18I1WH'|'2017-05-22T23:06:00.000+03:00'
'ca583577107b5e684d74117e88c711eff41abc76'|'Ford to replace CEO Mark Fields with James Hakett - Forbes'|'Autos  54am BST Ford to replace CEO Mark Fields with James Hackett - Forbes left right FILE PHOTO: Ford Motor Company CEO Mark Fields speaks at the 2017 New York International Auto Show in New York City, U.S. April 12, 2017. REUTERS/Brendan Mcdermid/File Photo 1/2 left right FILE PHOTO: Ford Motor Co. president and CEO Mark Fields makes a major announcement during a news conference at the Flat Rock Assembly Plant in Flat Rock, Michigan, U.S. January 3, 2017. REUTERS/Rebecca Cook/File Photo 2/2 Ford Motor Co Chief Executive Mark Fields will leave the carmaker as part of a shake-up that includes other top executive changes, Forbes reported late on Sunday, citing a person familiar with the situation. James Hackett, head of Ford Smart Mobility LLC, will become its new CEO and an announcement could come as early as Monday morning, Forbes reported. The shakeup is a result of Executive Chairman Bill Ford and the rest of the board losing confidence in Fields'' leadership, Forbes reported, citing people familiar with the matter. bit.ly/2qG5tkg Ford will also replace group vice president of communications, Ray Day, with Mark Truby, vice president of communications for Ford''s Asia-Pacific operations, Forbes said. A Ford spokesman in Europe declined to comment "on speculation or rumours." "We are staying focused on our plan for creating value and profitable growth," the spokesperson said. (This version of the story corrects spelling to ''Hackett'' in headline and second paragraph) (Reporting by Ismail Shakil in Bengaluru and Andreas Cremer in Berlin; Editing by Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ford-motor-ceo-idUKKBN18I0M1'|'2017-05-22T14:39:00.000+03:00'
'78c2e6cf235f469699cf5d75abf50483a67ad450'|'LafargeHolcim says hires Sika boss as next CEO'|'Business News - Mon May 22, 2017 - 6:28am BST LafargeHolcim says hires Sika boss as next CEO FILE PHOTO: Jan Jenisch, CEO of Swiss chemicals group Sika, addresses the company''s annual shareholder meeting in Baar, Switzerland April 11, 2017. REUTERS/Arnd Wiegmann ZURICH LafargeHolcim said on Monday it has hired Sika boss Jan Jenisch to take over as chief executive at the Swiss-French building materials giant, whose previous CEO quit after the company made payments to extremist groups in Syria. Jenisch, 50, has been the CEO of adhesives maker Sika since January 2012. Paul Schuler, currently Sika''s regional manager Europe Middle East Africa, will replace Jenisch at Sika. Jenisch''s appointment is effective from Oct. 16. (Reporting by John Miller) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lafargeholcim-ceo-idUKKBN18I0GH'|'2017-05-22T13:28:00.000+03:00'
'22895e95e418783b080bd04b410808317f34e5a6'|'JAC Motor says China approves electric vehicles venture with VW'|'Autos - Mon May 22, 2017 - 11:34am BST JAC Motor says China approves electric vehicles venture with VW left right Hostesses stand in front of the logo of Anhui Jianghuai Automobile Co (JAC Motors) at its booth during the Auto China 2016 auto show in Beijing, China April 26, 2016. REUTERS/Kim Kyung-Hoon 1/2 left right A VW logo is seen in front of the main building of the Volkswagen brand at the Volkswagen headquarters during a media tour to present Volkswagen''s so called ''Blaue Fabrik'' (Blue Factory) environmental program, in Wolfsburg, Germany May 19, 2017. REUTERS/Fabian Bimmer 2/2 BEIJING Anhui Jianghuai Automobile Group (JAC Motor) ( 600418.SS ) said on Monday it has received approval from Chinese regulators to form a joint venture with German automaker Volkswagen AG ( VOWG_p.DE ) to make electric vehicles, according to a stock exchange filing. Volkswagen is China''s largest foreign automaker in China and already has joint ventures with China FAW Group Corp [SASACJ.UL] and SAIC Motor Corp Ltd ( 600104.SS ). (Reporting by Jake Spring and Min Zhang; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-jac-volkswagen-idUKKBN18I15W'|'2017-05-22T18:34:00.000+03:00'
'f744fd986d3258d5248034ad7bccb64977a2f380'|'Greece needs fiscal room for investments - Germany''s Gabriel'|'Business News   3:07pm BST Greece needs fiscal room for investments - Germany''s Gabriel German Foreign Minister Sigmar Gabriel address the media after a private meeting in Mexico City, Mexico, May 19, 2017. REUTERS/Edgard Garrido BERLIN German Foreign Minister Sigmar Gabriel on Monday urged euro zone finance ministers and the International Monetary Fund to give Greece enough fiscal room to make growth-oriented investments in education, infrastructure and research and development. Speaking alongside visiting French Foreign Minister Jean-Yves Le Drian, Gabriel said the Eurogroup must grant Greece debt relief in exchange for reforms demanded by its international lenders. "In 2016 the Eurogroup promised the prospect of debt relief to Greece for 2018. The Greeks have achieved incredible things since then," Gabriel said. "The Greeks were always told if you do this then it will become necessary to give you debt relief. And I think it is now time to make this concrete." Gabriel, a Social Democrat, has criticized conservative Finance Minister Wolfgang Schaeuble''s handling of the Greek debt crisis, namely his insistence that giving Greece debt relief could encourage it to forfeit necessary reforms. He added: "They have implemented their measures. Now it''s time for the IMF and the Eurogroup to agree with the (European) Commission...that the debt servicing must not be so big that nothing remains for growth, creating jobs, for research, for development, for education, for infrastructure." (Reporting by Thomas Escritt and Hans-Edzard Busemann; Writing by Joseph Nasr; Editing by Paul Carrel)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-germany-idUKKBN18I1RU'|'2017-05-22T22:07:00.000+03:00'
'cba6eb8cba4340a8bfb6cd70bcc8be59a6552af6'|'Oil rises on expectation of extended, possibly deepened output cut'|'Business News - Mon May 22, 2017 - 1:57am BST Oil rises on expectation of extended, possibly deepened output cut Pump jacks pump oil at an oil field Buzovyazovskoye owned by Bashneft company north from Ufa, Bashkortostan, Russia July 11, 2015. REUTERS/Sergei Karpukhin/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil prices rose on Monday, supported by reports that an OPEC-led supply cut would not only be extended into next year but might also be deepened in order to tightening the market and prop up prices. Brent crude futures LCOc1 were up 25 cents, or 0.5 percent, from their last close at $53.86 per barrel at 0035 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were back above $50 per barrel, trading at $50.62, up 29 cents or 0.6 percent. Both benchmarks have risen more than 10 percent from their May lows early in the month. Prices have been lifted by expectations that a pledge by the Organisation of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to cut supplies by 1.8 million barrels per day (bpd) would be extended to March 2018, instead of covering just the first half of this year to March 2018. "Crude oil prices continued to trend higher as the market becomes increasingly confident that OPEC members will commit to a rollover in the production cut agreement," ANZ bank said in a note on Monday. The option of deepening the production cut was also being discussed ahead of a meeting of OPEC and its allies in Vienna on May 25 to decide their output policy, sources said. Despite this, James Woods, investment analyst at Australia''s Rivkin Securities, said "the potential for deepening cuts remains limited... (as) officials are likely to monitor the impact of an extension of the cuts before they resort to such action." Woods said, however, that a deeper cut may be required to rein in oversupply. This is because soaring output from the United States has undermined OPEC''s efforts to tighten the market. Goldman Sachs said in a note late on Friday that "the U.S. oil rig count continued its surge (last week)," and that the rig count had added 404 oil rigs since May last year, a rise of 128 percent. U.S. oil production C-OUT-T-EIA has already risen by 10 percent, or almost 900,000 bpd, since mid-2016 to 9.3 million bpd. (Reporting by Henning Gloystein; Editing by Joseph Radford and Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN18I01H'|'2017-05-22T08:57:00.000+03:00'
'69e61277541a019d4fabff913e9af6213142bfe5'|'Germany''s Schaeuble hopes for a deal on Greece on Monday'|'Business News   8:58am EDT Germany''s Schaeuble hopes for a deal on Greece on Monday German Finance Minister Wolfgang Schaeuble and French Economy Minister Bruno Le Maire attend a news conference in Berlin, Germany, May 22, 2017. REUTERS/Hannibal Hanschke BRUSSELS German Finance Minister Wolfgang Schaeuble said he hoped for a political agreement on Monday that would allow euro zone governments to pay out the next tranche of loans to Greece. "I hope that we find a solution today which concludes things politically," Schaeuble told reporters on entering a meeting of euro zone finance ministers devoted mainly to Greece. He said the finalization of an agreement on Greece would have to wait for a report on whether the country has implemented all the agreed reforms, the so-called compliance report, which euro zone officials said was positive. "In general we are so far that we have, in line with what we agreed in May of last year, a political conclusion to create the conditions to pay the second tranche on time," Schaeuble said. He noted that talks with the International Monetary Fund, which Germany wants to bring into the Greek bailout, but which demands debt relief for Greece, would be difficult. "The IMF has a debt sustainability analysis that cannot be brought in line with the European institutions," Schaeuble said. "That is why we have to see how we can find a solution with the IMF, so that the IMF can be part of the program without breaching its rules. That will be one of the difficult issues, we have had many preparatory talks, but I''m confident we can find a solution," he said. Schaeuble made clear, however, that Germany, which faces elections in September, could not meet the IMF''s demand to promise Greece debt relief already now. "The medium term measures, if they are necessary, will be decided on after the end of the program. We have specified what this could be, an extension of the maturities, specific measures with regards to the interest. We could specify that in one or the other way but it cannot not be decided upon before the end of the program without a new mandate," he said. (Reporting By Robert-Jan Bartunek; writing by Jan Strupczewski)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-eurozone-greece-schaeuble-idUSKBN18I1JG'|'2017-05-22T20:58:00.000+03:00'
'54f2b36f491cc6649fe5b6d67b625de264de4fdf'|'Saudi deputy economy minister says privatization terms case-by-case'|'RIYADH The Saudi government will determine terms of ownership for the coming wave of state privatizations "one by one", the vice economy minister said on Saturday, speaking with reporters on the sidelines of a visit by U.S. President Donald Trump."We''ll have separate laws for each sector, then will deal with them based on private-sector appetite and market conditions at the point of time," Mohammed al-Tuwaijri said."We''re talking about multiple sectors, multiple opportunities, multiple sizes, and we''ll be very open-minded for each transaction."The Saudi government is preparing to privatize 16 government entities and launch more than 100 public-private partnerships in sectors including sports, electricity and healthcare, a process expected to raise more than $200 billion.It is keen to draw private equity for the sales, but the government has not yet clarified its position on the size or terms for stakes it will sell in state-owned companies.Foreign private equity firms often prefer majority ownership of their acquisitions so they have control to implement sensitive management measures, such as staff cuts, if necessary.(Reporting by Katie Paul; Editing by Dale Hudson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-trump-saudi-privatisation-idINKCN18G0T0'|'2017-05-20T15:44:00.000+03:00'
'c3ef9f3a493163163c841a2f73a1a7182e2f127b'|'Paul Polman: <20>I could boost Unilever shares. But cutting costs is not our way<61> - Business'|'T hree months after Kraft Heinz<6E>s <20>115bn takeover bid was defeated in a weekend , Unilever chief Paul Polman is still throwing punches. He<48>s jabbing in defence of his company<6E>s <20>inclusive capitalism<73> business model. He is championing the returns Unilever shareholders have enjoyed during his eight years at the head of the Dove soap-to-Lipton tea consumer goods giant. <20>Better than Warren<65>s,<2C> he says, in a dig at Warren Buffett, one of Kraft<66>s big backers.And he is trying harder than ever to provoke a wider debate about the perils of short-termism in business.Polman, 60, is approaching the end of his reign, and questions of legacy, succession and the solidity of Unilever<65>s long-term model hang in the air. The encounter with Kraft <20> and its <20>fast and ruthless<73> style, as Polman puts it <20> was a high-risk moment and one the company doesn<73>t wish to repeat.There has been a whirr of activity as Unilever seeks to cement the loyalty of shareholders. It is reviewing its Anglo-Dutch corporate structure, and has put its margarines and spreads business up for sale , launched a <20>5bn share buyback and set a public target of achieving 20% profit margins by 2020. Those actions have boosted the share price by a fifth, which is the best defence against a bid, but Polman also wants to draw wider lessons <20> and among his intended audiences are governments.<2E>The financial market has changed and you need to be clear on what you want,<2C> he says. <20>Do you want short-term forces <20> that work for a few people, and make a few more billionaires <20> to be the dominant force? Or do you want the system to work for the billions that need to be served? It<49>s a fundamental choice.<2E>Governments are listening. You won<6F>t find the word <20>Unilever<65> in last week<65>s Conservative manifesto but the passage on reforms to rules on takeovers and mergers almost nodded at the Kraft saga, which illustrated the government<6E>s lack of formal powers of intervention.Theresa May<61>s party is now promising that deals driven by <20>aggressive asset-stripping or tax avoidance<63> will not be welcome. Under a new Tory administration, bidders will have to be clear about their intentions, their promises will have to be legally binding, and the government will be able to <20>require a bid to be paused to allow greater scrutiny<6E>.A similar debate is raging in the Netherlands. Polman is not asking for special favours or protections, he says. Nor he is arguing that governments should promote national champions <20> he insists he<68>s never described Unilever that way. Instead, he<68>s calling for a <20>level playing field<6C> and a rethink about the definition of national interest. <20>What we have talked about with government is that it strikes me that the UK is not <20> and I put my words carefully <20> in an equal position,<2C> he says.The UK takeover rules are, he argues, more liberal than in the US or the Netherlands. <20>You have to have a discussion of why these differences are there, and whether you are putting yourself in a good position or a bad position, especially at the time of Brexit and many other things.<2E>Those other things include a weak pound, a strong dollar and the generally higher stock market rating of US companies. Then there<72>s the fact that debt remains extraordinary cheap, and thus tax-efficient for the corporate borrower.With an obvious reference to Kraft, whose Brazilian billionaire backers at 3G have usually funded their takeovers with huge borrowings, he says: <20>To buy a company by overleveraging it, and having the taxpayer pay for it in deductions on income tax, doesn<73>t strike me as in the best interest of a country.<2E>He<48>s not impressed by the argument that the UK<55>s traditional open-doors policy on takeovers has boosted investment. <20>Some people say the UK has had a lot of inward investment. Well, the UK has been reducing its investment in research and development, which is a sign of not being headquartered. Because when your headquarters are not here, the R&D doesn<73>t come. When pe
'745cb915ad01e264ee1896753402bc073ecedcc8'|'TPG commits to editorial independence if it wins Fairfax Media bidding war'|'MELBOURNE U.S. buyout firm TPG Capital Management on Friday said it would make a commitment to editorial independence if it succeeds in its A$2.76 billion ($2.05 billion) offer for Australia''s oldest newspaper publisher, Fairfax Media Ltd ( FXJ.AX ).The proposed deal remains subject to foreign investment approvals and some politicians have said conditions could need to be placed on the transaction to ensure the ongoing publication of mastheads like The Sydney Morning Herald and The Australian Financial Review.The company''s newspaper earnings have declined as classified advertising has migrated to the internet, making the Domain real estate classifieds unit its most lucrative business."I am here to assure you that, in the event TPG and its partners are fortunate enough to acquire Fairfax, we will be responsible stewards of those assets, from a journalistic perspective as well as a financial one," TPG [TPG.UL] Head of Australia and New Zealand Joel Thickens told a senate inquiry into the future of public interest journalism.His comments came a day after a second U.S. private equity firm, Hellman & Friedman, made a takeover proposal for Fairfax worth as much as A$2.87 billion. Both suitors have been offered access to due diligence.Thickins said TPG would not be proposing to invest A$2.76 billion in Fairfax unless it believed there was an opportunity to build and grow the business.Fairfax this month said it would cut 125 journalist jobs, the latest in several rounds of major editorial job cuts over the last decade which have fueled concerns for the future of public interest journalism in Australia.A Fairfax spokesman declined to comment.(Reporting by Jamie Freed; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fairfax-media-m-a-tpg-idINKCN18F0FO'|'2017-05-19T03:42:00.000+03:00'
'6bd7c5ef47f9254940b72a6a9db8dd39d36f3a86'|'CEE MARKETS-Currencies rebound, shrug off Polish data, Budapest stocks hit record high'|'Bonds   10:30am EDT CEE MARKETS-Currencies rebound, shrug off Polish data, Budapest stocks hit record high * Global sentiment improves, triggers fx and stocks rebound * Czech central banker reiterates gradual rate hikes are possible * Hungarian mortgage scheme less painful to banks than expected * OTP, FHB banks rise boosts Budapest stock index to record high (Adds Polish economic data) By Sandor Peto and Jason Hovet BUDAPEST/PRAGUE, May 19 Central European currencies and stocks rebounded on Friday, with Budapest''s stock index hitting a record high as risk appetite returned in global markets and a batch of domestic news improved the outlook of financial sector stocks in the region. A Czech central banker reiterated the possibility of gradual rate hikes and a deal in Hungary about a certified mortgage lending scheme put less stress on banks'' spreads than expected, boosting the shares of OTP and FHB. The crown, the forint and the leu firmed 0.2 percent against the euro by 1340 GMT, with the Czech unit trading at 26.532. Czech central bank (CNB) board member Marek Mora said in an interview in the Hospodarske Noviny daily that the bank should raise interest rates slowly and gradually, but if the exchange rate does not rise, it may lead to a faster path. The CNB is the first central bank in the region to flag that a reversal of years of interest rate cuts may be near. Early last month, the bank opened the way for a firming of the crown, which can push inflation lower, removing a cap which had kept the currency weaker than 27 since 2013. The currency has firmed less than investors, who have bought tens of billions of euros worth of crowns, had expected. "If the koruna (crown) does not significantly strengthen to less than EUR/CZK 26 we may see the CNB decide - for the first time in almost 10 years - to hike its 2W (two-week) repo rate this year," Komercni analysts said in a note. The region''s main currencies and stock indices are near multi-week or even multi-year highs despite a fall this week due to the worries over U.S. President Donald Trump''s future. Investors also watch Brazil''s corruption crisis and economic woes. Figures released in the region this month have confirmed that its economies are growing at robust rates, partly fuelled by surging wages, without signs of a surge in inflation or budget deficits, at least for now. Polish data for April, released on Friday, showed slower than expected growth in retail sales, industrial output and wages. The zloty, however, shrugged off the figures and firmed about half a percent and briefly pierced the 4.2 psychological line against the euro, extending a technical rebound from levels near the 4.23 support line. "I suppose that markets bet that economic upturn would sustain, which would make MPC (central bank) finally change its dovish stance," said Piotr Poplawski, senior economist at ING BSK in Warsaw. CEE MARKETS SNAPSH AT 1540 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.532 26.572 +0.15 1.79% 0 0 % Hungary 309.10 309.85 +0.24 -0.09% forint 00 50 % Polish zloty 4.2021 4.2206 +0.44 4.80% % Romanian leu 4.5625 4.5696 +0.16 -0.60% % Croatian kuna 7.4440 7.4535 +0.13 1.49% % Serbian dinar 122.93 123.00 +0.06 0.34% 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1018.7 1011.7 +0.70 +10.5 9 1 % 4% Budapest 34798. 34528. +0.78 +8.73 32 85 % % Warsaw 2315.4 2295.1 +0.89 +18.8 9 4 % 7% Bucharest 8492.3 8430.3 +0.74 +19.8 0 3 % 6% Ljubljana 784.68 777.16 +0.97 +9.35 % % Zagreb 1865.5 1867.1 -0.08% -6.48% 2 0 Belgrade 738.95 731.38 +1.04 +3.01 % % Sofia 658.99 659.51 -0.08% +12.3 7% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.084 0.051 +059b +2bps ps 5-year 0.037 0.05 +039b +4bps ps 10-year 0.877 0.03 +051b +1bps ps Poland 2-year 1.946 0.009 +262b -2bps ps 5-year 2.773 0.
'4456f2822008e81797016c817ecc0e4244b899a9'|'European shares recover at end of worst week in six months'|'Top   8:34am BST European shares recover at end of worst week in six months Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 18, 2017. REUTERS/Staff/Remote MILAN European shares rose slightly in early deals on Friday, timidly recovering from heavy losses suffered earlier this week after U.S. political turmoil fuelled worries over U.S. President Donald Trump''s stimulus plans, denting risk appetite. The pan-European STOXX 600 index rose 0.3 percent by 0725 GMT, but was down 1.5 percent on the week, its biggest weekly loss since early November. Britain''s FTSE was up 0.4 percent and euro zone blue chips added 0.3 percent. While gains were spread across all sectors, pharma stocks and financials gave the biggest boost to the STOXX with shares in heavyweight drugmaker Roche up 0.6 percent, helped by a Barclays price target upgrade, and Spanish lender Banco Santander up 0.8 percent. Among the biggest movers was Dufry, up 6.9 percent after luxury group Richemont bought a 5 percent stake in the company. Hikma shares fell 4.9 percent after the drugmaker trimmed its revenue forecast to account for the delay in its U.S. generic drug launch. This week''s losses have pulled the stocks down from 21 month highs hit after a run driven by big fund inflows into Europe, solid macro data and surprisingly strong corporate earnings. With 80 percent of European companies having reported so far, 65 percent of them have beaten expectations and 8 percent have met them, according to I/B/E/S data. First quarter earnings growth is seen at 19.4 percent, slightly below the more than 20 percent previously forecast. (Reporting by Danilo Masoni, Editing by Helen Reid)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKCN18F0M4'|'2017-05-19T15:34:00.000+03:00'
'f393c114d119a33a76a00e41bce7b9f2878e6a25'|'Smiths Group CFO to step down'|'Business News - Fri May 19, 2017 - 11:21am BST Smiths Group CFO to step down British engineering company Smiths Group ( SMIN.L ) said on Friday that Chief Financial Officer Chris O''Shea will step down. It said Bill Seeger, a non-executive director, had assumed the role of interim CFO with immediate effect. The company, which reported a 27 percent rise in first-half headline operating profit, said its outlook for the year remained in line with its previous guidance. Shares in Smiths were down 1.2 percent 1,599p at 1007 GMT, making them one of the top five losers on the UK blue chip .FTSE index. (The story was refiled to fix the headline) (Reporting by Rahul B in BengaluruEditing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-smiths-group-cfo-idUKKCN18F118'|'2017-05-19T18:21:00.000+03:00'
'20e5fd73a6180022182e6c1509d8215edb505699'|'SoftBank boss follows Trump to Saudi to launch $100 billion fund'|'Business News   6:45am EDT SoftBank boss follows Trump to Saudi to launch $100 billion fund FILE PHOTO: SoftBank Group Corp Chairman and CEO Masayoshi Son attends a news conference in Tokyo, Japan, February 8, 2017. REUTERS/Toru Hanai By Makiko Yamazaki - TOKYO TOKYO Some six months after his visit to Donald Trump''s Manhattan mansion cheered investors, Masayoshi Son, Japan''s richest man, is set to follow his friend to Saudi Arabia as the new U.S. president makes his first overseas trip since taking office. Son, head of Japan''s SoftBank Group Corp ( 9984.T ), travels to Riyadh this weekend where he is expected to announce the close of the first fundraising round for what will be the world''s biggest private equity fund, backed by Saudi Arabia''s sovereign wealth fund and Apple Inc ( AAPL.O ). His appearance in the Saudi capital and the expected launch of the $100 billion Vision Fund coincide with Trump''s official visit to the kingdom, one leg of a presidential trip that also includes Israel, Belgium and Italy. Son describes the fund as essential for setting up SoftBank for a data "gold rush" which he expects to happen as the global economy becomes increasingly digitized. "The Vision Fund has created a framework for SoftBank to grow over the next 100, 200 and 300 years," Son said in February. "The next 10 years would be the time for me to put the plan into practice while grooming successors." Son is scheduled to attend a forum of global chief executives in Riyadh on Saturday to be held on the sidelines of the Trump visit, a list of attendees showed. A SoftBank spokesman declined to comment on Son''s schedule. The aggressive dealmaker made headlines in early December when he appeared in the marble lobby of Trump Tower in New York alongside the then president-elect, dressed in a red vest and near-identical red tie to the tycoon-turned-commander-in-chief. He was among the first in a series of Asian billionaires and leaders to pay tribute to Trump, who won office in November on a platform that focused heavily on national security and protecting American jobs. Son''s pledge to Trump to invest $50 billion in the United States and create 50,000 new jobs was light on details but spoke to the president''s election promise to boost economic growth by making deals with individual companies, rather than through complicated trade deals. SoftBank Group shares surged after Son''s December meeting with Trump and his announced investment. Foreign tycoons who paid homage to Trump after Son include Foxconn founder Terry Gou and Alibaba boss Jack Ma, who are both close business partners of Son. In November, Japanese Prime Minister Shinzo Abe visited Trump in New York, less than two weeks after the U.S. election. (Additional reporting by Reem Shamseddine in RIYADH; Writing by Sam Holmes; Editing by Miral Fahmy)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-softbank-visionfund-launch-idUSKCN18F13T'|'2017-05-19T18:45:00.000+03:00'
'845e828633737359d99cf91d96f05bd1ef87623d'|'BRIEF-Cbs Corp sets quarterly dividend of $0.18 per share'|' 24pm EDT BRIEF-Cbs Corp sets quarterly dividend of $0.18 per share May 19 Cbs Corp * S&P says Spain''s autonomous community of madrid ''BBB+/A-2'' ratings affirmed; outlook remains stable Source text (http://bit.ly/2qFLJeZ) MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cbs-corp-sets-quarterly-dividend-o-idUSFWN1IL0H9'|'2017-05-20T02:24:00.000+03:00'
'81d17a4cbbfb1e5e01c80a6cb0d3989f81593034'|'Boeing signs defence, commercial deals with Saudi Arabia'|'Sun May 21, 2017 - 7:46pm BST Boeing signs defense, commercial deals with Saudi Arabia FILE PHOTO: Boeing''s logo is seen during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016. REUTERS/Kim Kyung-Hoon By Alexander Cornwell - DUBAI DUBAI Boeing Co has signed several defense and commercial deals with Saudi Arabia including for the sale of military and passenger aircraft, the company said on Sunday during a visit by U.S. President Donald Trump to the kingdom. Boeing said Saudi Arabia agreed to buy Chinook helicopters, associated support services and guided weapons systems, and intends to purchase P-8 surveillance aircraft. The U.S State Department in December announced plans to sell Saudi Arabia CH-47F Chinook cargo helicopters and related equipment, training and support worth $3.51 billion. Congress was informed last year that a sale to Saudi Arabia would involve 48 of the helicopters. Saudi Arabia is seeking closer defense and commercial ties with the United States under Trump, as it seeks to develop its economy beyond oil and leads a coalition that is fighting a war in Yemen. Saudi Arabia is seeking to end Iran-allied Houthi control over most of Yemen''s main population centers and restore its internationally recognized government to power. The total value of the deals was not disclosed in a statement announcing the agreements. The Boeing announcement is the latest in business deals worth tens of billions of dollars signed between U.S. and Saudi companies since Trump arrived in Riyadh on Saturday. "These announcements reaffirm our commitment to the economic growth, prosperity and national security of both Saudi Arabia and the United States, helping to create or sustain thousands of jobs in our two countries," said Boeing Chief Executive Officer Dennis Muilenburg. Boeing also said it would negotiate the sale of up to 16 widebody airplanes to Saudi Gulf Airlines, which is based in the country''s east in Dammam. A sale to the privately owned commercial airline is expected to include Boeing 777 and or 787 aircraft, according to a person familiar with the matter. Saudi Gulf, which started operations last year, could not be reached immediately for comment. Boeing also will establish a joint venture with Saudi Arabia to provide "sustainment services for a wide range of military platforms," the statement said, including non-Boeing supplied equipment. A separate joint venture would "provide support for both military and commercial helicopters." The Saudi Rotorcraft Support Center recently received its commercial certificate and is expected to start operations in the near future. The center is a joint venture with Alsalam Aerospace Industries, Saudi Aerospace Engineering Industries and Boeing. (Reporting by Alexander Cornwell Editing by Gary McWilliams and Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-saudi-boeing-idUKKBN18H0OK'|'2017-05-22T02:45:00.000+03:00'
'2d771cda491a176e42e0b99eddf6400ab06022b9'|'BRIEF-Kinross announces vend-in of Yukon property to White Gold Corp'|'Market  35pm EDT BRIEF-Kinross announces vend-in of Yukon property to White Gold Corp May 18 Agnico Eagle Mines Ltd * Kinross announces vend-in of Yukon property to create White Gold Corp strategic alliance * Kinross Gold Corp - entered into an agreement to acquire an approximately 19.9% interest in White Gold Corp * Kinross Gold - acquired interest in White Gold by selling its 100% interest in white gold exploration project in Yukon territory to White Gold Corp Source text for Eikon:  '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/brief-kinross-announces-vend-in-of-yukon-idUSFWN1IK0MV'|'2017-05-19T01:35:00.000+03:00'
'c5885589b8d62274688e3a29f66f4258e347a93c'|'CANADA STOCKS-TSX ekes out gain with rebound in financial stocks'|'(Adds portfolio manager comment, details on Bombardier, NAFTA, updates prices to close)* TSX ends up 3.52 points, or 0.02 percent, at 15,277.20* Eight of the TSX''s 10 main groups move higher* Materials sector down 1.7 percentBy Alastair SharpTORONTO, May 18 Canada''s main stock index eked out a slight gain on Thursday, as financial stocks recovered somewhat after a two-day selloff, while gold miners weighed as bullion turned lower.The Toronto Stock Exchange''s S&P/TSX composite index touched a five-month low in morning trade but ended the day up 3.52 points, or 0.02 percent, at 15,277.20. Decliners outnumbers advancers by a 1.4-to-1 ratio overall.The index had slumped on Wednesday as global markets worried that U.S. President Donald Trump''s pro-business economic agenda could be slowed by political scandals."People are perhaps a little less risk-averse today," said Manash Goswami, a portfolio manager at First Asset Investment Management. "The selloff might have been overdone and people are reevaluating and looking to come back in a little bit."Shares of the country''s largest bank, Royal Bank of Canada , rose 1.1 percent to C$92.42 and its biggest life insurer, Manulife Financial Corp, jumped 1.7 percent to C$23.10.While eight of the index''s 10 main sectors rose, many of the gains were modest and the materials group, which includes precious and base metals miners and fertilizer companies, lost 1.7 percent.Gold prices edged lower after notching their biggest one-day spike since Britain voted to leave the European Union on Wednesday.Barrick Gold lost 3.4 percent to C$22.46 and Goldcorp Inc fell 2.8 percent to C$18.87.The Trump uncertainty continued to weigh on copper prices, which hit a one-week low, as expectations of U.S. infrastructure spending plans were undermined.First Quantum Minerals Ltd declined 2.6 percent to C$11.56 and HudBay Minerals Inc lost 1.7 percent to C$7.12.Shares in Bombardier Inc slipped 0.5 percent to C$2.06 as the U.S. Commerce Department said it was investigating Boeing Co''s unfair trade claims against the Canadian planemaker.The Trump administration also set the clock ticking toward a mid-August start of renegotiations of the North American Free Trade Agreement with Canada and Mexico on Thursday as it tries to win better terms for U.S. workers and manufacturers. (Reporting by Alastair Sharp; Editing by Dan Grebler and Alistair Bell)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL2N1IK2E7'|'2017-05-19T04:54:00.000+03:00'
'b28e394e9ac003ce53d34c2e7a23c2d5a55b8260'|'CANADA STOCKS-Futures rise ahead of inflation, retail sales data'|'Market News - Fri May 19, 2017 - 7:27am EDT CANADA STOCKS-Futures rise ahead of inflation, retail sales data May 19 Futures on Canada''s main stock index rose on Friday as investors awaited inflation and retail sales data. Canada''s annual inflation rate is forecast to have risen slightly to 1.7 percent in April from 1.6 percent in March. Statistics Canada will also release retail sales data, which is likely to have rebounded to 0.4 percent in March from a 0.6 percent fall in the previous month. The reports are due at 8:30 a.m. ET. June futures on the S&P TSX index were up 0.18 percent at 7:15 a.m. ET. Canada''s main stock index eked out a slight gain on Thursday, as financial stocks recovered somewhat after a two-day selloff, while gold miners weighed as bullion turned lower. Dow Jones Industrial Average e-mini futures were up 0.16 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.25 percent and Nasdaq 100 e-mini futures were up 0.24 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES Canada''s biggest non-bank lender Home Capital Group Inc on Thursday published data showing that its high interest savings account balances had risen on Wednesday but its cashable guaranteed income certificate deposits continued to fall. ANALYST RESEARCH HIGHLIGHTS ATS Automation Tooling Systems Inc: TD Securities raises target price to C$14.50 from C$13 Lundin Mining Corp: Berenberg raises rating to "buy" from "hold" COMMODITIES AT 7:15 a.m. ET Gold futures: $1,251.9; -0.07 pct US crude: $49.96; +1.24 pct Brent crude: $53.13; +1.16 pct LME 3-month copper: $5,618.00; +0.69 pct U.S. ECONOMIC DATA DUE ON FRIDAY 10:30 ECRI Weekly Index: Prior 144.8 10:30 ECRI weekly annualized : Prior 5.1 pct FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1= C$1.36) (Reporting by Nivedita Balu in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL4N1IL3M3'|'2017-05-19T19:27:00.000+03:00'
'2e3f934af729a30bbf0e3e69f543362d2f735f5d'|'TREASURIES-Yields near one-month lows as political risk in focus'|'* Trump allegations main investor focus * Fed''s Bullard, Williams to speak By Karen Brettell NEW YORK, May 19 U.S. Treasury yields rose slightly on Friday but stayed near one-month lows as investors considered whether allegations against U.S. President Donald Trump would disrupt efforts to cut taxes and increase spending. Bonds gained this week on news that the U.S. Department of Justice will investigate whether Russian interfered with the U.S. election and whether there was collusion between the Trump campaign and Moscow. Trump on Thursday denied asking former FBI Director James Comey to drop a probe into his former national security adviser, Michael Flynn, and Russia. <20>The bigger concern about Trump is the derailing of the Trump agenda,<2C> said Gennadiy Goldberg, an interest rate strategist at TD Securities in New York. <20>It wasn<73>t just the strength of economic data that has driven the markets to be more optimistic; part of it was the expectations that Trump will bolster growth,<2C> Goldberg said. "The derailing of the Trump agenda would act against that." Benchmark 10-year notes were last down 3/32 in price to yield 2.24 percent, up from 2.23 percent late on Thursday. The yields had fallen to 2.18 percent on Thursday, their lowest since April 19. No economic releases are due on Friday to help sway market reaction, but St. Louis Federal Reserve President James Bullard and San Francisco Fed President John Williams are both due to speak. The Fed is expected to raise rates when it meets in June. Traders are not pricing in additional increases, though, as investors are reluctant to take short positions. <20>The risk of getting completely crushed by an unexpected headline, or a leaked tape or memo is too great,<2C> said Goldberg. "I think that is keeping a lot of investors on the sidelines." Futures traders are pricing in a 74 percent chance of a June rate hike, but only a 47 percent likelihood of two or more rate increases by year-end, according to the CME Group''s FedWatch Tool. (Editing by Lisa Von Ahn) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL2N1IL0K9'|'2017-05-19T11:32:00.000+03:00'
'7461eecd8ce400d341d7259d02e3507c8a75fee2'|'LPC: US CLO market targets Chinese investors'|'By Kristen Haunss - NEW YORK NEW YORK May 19 The US Collateralized Loan Obligation (CLO) market is targeting Chinese banks and insurance companies in the hope that a more diversified investor base will help to offset the effects of falling returns and the introduction of new rules that require managers to hold some of their fund<6E>s risk.Capital controls have curbed Chinese investment to date, but US CLO managers are currently laying the groundwork for future participation with visits to the country and presentations.This new and potentially very large source of capital could have a significant effect on the US$450bn US CLO market. Higher demand would help lower the spreads paid to CLO senior debt holders and increase payments to the fund<6E>s most junior investors who receive the interest left over after everyone else is paid.<2E>If Chinese buyers came with even a small percentage of their capital, it could have a meaningful impact on the CLO market,<2C> said Dan Spinner, a principal at Eagle Point Credit Management, who was a keynote speaker at the annual conference of the Chinese Securitization Forum in Beijing last month.Although Japanese and South Korean investors have been investing in US CLOs for some time, the introduction of Chinese buyers opens up a new pool of capital that is willing to buy across the capital structure, from highly-rated Triple A paper to equity tranches.Chinese firms including Fosun, Industrial and Commercial Bank of China and China Investment Corp have invested or discussed investing in US CLOs in the last year, sources said.CLOs are already a favored product in China; the internal Chinese CLO market, which securitizes loans from banks<6B> balance sheets, is one of the biggest structured finance asset classes in the country, according to Rich Mertl, an associate at law firm Dechert LLP.The funds made up almost RMB150bn (US$21.8bn) of the RMB858bn internal Chinese securitization market in 2016, according to Standard & Poor<6F>s.Managers are hoping that familiarity with balance sheet CLOs will extend to US arbitrage CLOs as Chinese investors seek higher-yielding, dollar-denominated assets following the depreciation of the renminbi.CAPITAL CONTROLSSignificant Chinese investment into US CLOs was stalled by capital restrictions that went into effect late last year. China<6E>s foreign exchange regulator said capital outflows dropped in the first quarter, Reuters reported in April.<2E>If not for changes in regulation near the end of 2016, which impacted overseas investment, China might become the most important Triple A funding for US CLOs during 2017,<2C> said Yang Pang, the deputy secretary general of the China Securitization Forum.Representatives for the Chinese investors could not be reached or did not return e-mails seeking comment.US CLOs were a highlight of this year<61>s annual China Securitization Forum conference in April. The Structured Finance Industry Group (SFIG) first sent a delegation in 2015 when the event focused on basic, introductory panels. This year the focus was on Chinese investment in international markets, Richard Johns, SFIG<49>s executive director, said.<2E>There is growing interest from Chinese investors and they are coming to better appreciate that US CLO equity and debt performed well historically for long-term investors who held to maturity,<2C> Spinner said.MUFG Securities held a CLO and credit conference in Shanghai on April 20, its first in the country, according to Asif Khan, who runs the bank<6E>s new-issue CLO business. The event included presentations and panel discussions with US CLO managers CIFC Asset Management, Crescent Capital Group and Marathon Asset Management."There are vast pools of capital in China in the form of insurance companies, banks and other institutions, and US CLO market participants are taking the long-term view now to lay the groundwork for future investment," according to Jonathan Insull, a portfolio manager at Crescent.CIFC thinks China could be such a big growth area for CLOs and cred
'46a2f5d1fdfc82739da13d9d6cd2a14a94c3af23'|'EMERGING MARKETS-Brazil stocks, currency resume decline on corruption woes'|'Bonds News   1:17pm EDT EMERGING MARKETS-Brazil stocks, currency resume decline on corruption woes By Bruno Federowski SAO PAULO, May 22 Brazil''s stocks and currency resumed their recent slump on Monday on fears a growing political crisis could derail an ongoing reform agenda. The benchmark Bovespa stock index fell 2.4 percent, weighed down by a 20 percent slump in shares of JBS SA , the world''s largest meatpacker. Lawmakers considered on Monday opening a probe into strock and currency trades by JBS'' controlling shareholder that may have insulated their holdings from losses related to bribery allegations. JBS and J&F Investimentos, a sprawling conglomerate led by brothers Joesley and Wesley Batista, have admitted to paying the bribes in a case that has sparked calls for the resignation of Brazilian President Michel Temer. The stock has been hammered this year by probes into alleged corruption in Brazil''s meat inspection system and into whether state development bank BNDES improperly extended billions of dollars in loans to the company. The Brazilian real slipped 1.1 percent, despite strong central bank intervention since the corruption allegations broke out late on Wednesday. Other Latin American markets seesawed as a rise in prices of crude oil partly offset increased risk aversion. MSCI''s emerging market benchmark rose 0.8 percent in its steepest daily gain in a month, but wider emerging market currencies showed volatile trading. The Mexican peso touched a four-week high, while the Colombian peso slipped nearly 1 percent. Demand for emerging market currencies suffered in recent weeks as a scandal circling U.S. President Donald Trump cast a shadow on the implementation of his pro-growth agenda. Key Latin American stock indexes and currencies at 1705 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 1003.40 0.78 15.47 MSCI LatAm 2485.51 -1.28 7.57 Brazil Bovespa 61160.01 -2.36 1.55 Mexico IPC 48826.31 -0.49 6.97 Chile IPSA 4803.86 0.21 15.72 Chile IGPA 24127.96 0.18 16.37 Argentina MerVal 21365.16 -1.15 26.29 Colombia IGBC 10734.20 0.25 5.98 Venezuela IBC 72650.23 1.43 129.14 Currencies daily % YTD % change change Latest Brazil real 3.2884 -1.06 -1.19 Mexico peso 18.6605 0.28 11.17 Chile peso 669.85 -0.14 0.13 Colombia peso 2901.5 -0.73 3.45 Peru sol 3.276 -0.31 4.21 Argentina peso (interbank) 16.1050 -0.34 -1.43 Argentina peso (parallel) 16.13 -0.12 4.28 (Reporting by Bruno Federowski; Editing by Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1IO11L'|'2017-05-23T01:17:00.000+03:00'
'25764ba2e7bd9efa9671ad6c6324e54837a26bd1'|'RBS could rob us of the chance to see Fred Goodwin grilled in court - Nils Pratley'|'W hat spoilsports they are at Royal Bank of Scotland . We<57>ve waited years to hear again from Fred Goodwin and Sir Tom McKillop, chief executive and chairman of the bank when it sank in 2008. Now the current board wants to kill the legal case that could see the duo, plus two other former directors, cross-examined in court.RBS<42>s attempt to settle with the 9,000 shareholders who claim they were misled into backing the <20>12bn rights issue in 2008 is not a great surprise, it should be said. Chief executive Ross McEwan seems heartily sick of a case that reminds the outside world of the state-backed bail-out that happened six months after the rights issue was launched in April 2008.One can also sympathise with McEwan<61>s sense of priorities. Four other shareholders groups settled before they got close to the courtroom. From where McEwan sits, the argument with the hold-outs can indeed be seen as a time-consuming distraction. The sums at stake are significant but they are a trifle compared to the multibillion-dollar territory that RBS will enter when it starts negotiations with the US Department of Justice over mortgage-backed securities that were allegedly mis-sold before the crisis.RBS offers <20>200m to avert court case brought by 9,000 investors Read moreYet, for all that, one hopes the 9,000 shareholders refuse RBS<42>s improved offer and take their case to court. That is not, actually, because Goodwin and co might provide lively entertainment. In all likelihood, the case would be dominated by dense technical points related directly to the content of the rights issue document.But the exercise might still provide valuable insight into the biggest failure in British banking history. The period in question includes the critical months between the failure of Bear Stearns in March 2008 and the full disaster that arrived with the collapse of Lehman Brothers in September of that year. How seriously did the board contemplate the possibility that funding conditions could get much, much worse? And how credible was the assessment of the quality of assets that RBS had acquired the previous year with its acquisition of ABN Amro?A cross-examination of the key individuals by a QC might reveal more than the colourless official report on the failure of RBS by the Financial Services Authority in 2011. That document, which concluded that no enforcement action could be taken against individuals at RBS, was fine as far it went. But it lacked the authentic voice of the individuals at the heart of action. The litigants don<6F>t owe future historians anything <20> but they<65>d be doing them a favour by going ahead.Will Ford<72>s management shakeup recharge its performance? If you<6F>re Ford and your market capitalisation has fallen below that of the electric upstart Tesla, you<6F>re probably right to worry about investors<72> implied judgment that your business model is vulnerable to technological innovation. So here<72>s the company<6E>s big idea: kick out Mark Fields as chief executive and appoint the executive who has been running the part of the company that is responsible for Ford<72>s own investments in electric and autonomous vehicles .Chairman Bill Ford<72>s promotion of Jim Hackett sounds logical on paper and, it might be said, Fields can<61>t complain about being ejected. The company<6E>s share price has fallen by a third during his three years in charge and GM is doing better in the production of conventional cars. The temptation for Ford<72>s board to do something dramatic will have been great.Even so, this appointment looks very odd. Hackett previously spent 30 years in the office furniture business at a company called Steelcase and has been running Ford<72>s <20>mobility<74> division for less than a year, which is too soon to tell if the investments in exciting new ventures will pay off or are merely exciting in the sense of being expensive.Ford described Hackett as <20>a true visionary who brings a unique, human-centred leadership approach.<2E> Maybe, but what was his 
'56e53d516cd1c278d93f14bf2368c7931f2138d4'|'MIDEAST STOCKS - Factors to watch - May 22'|'Bonds News   12:38am EDT MIDEAST STOCKS - Factors to watch - May 22 DUBAI May 22 Here are some factors that may affect Middle East stock markets on Monday. Reuters has not verified the press reports and does not vouch for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Asian stocks post biggest rise in a month; dlr weak * MIDEAST STOCKS-Saudi basks in Trump glow, most of region moves little * Oil rises on expectation of extended, possibly deepened output cut * PRECIOUS-Gold holds gains as Trump concerns support * Trump tells Middle East to ''drive out'' Islamist extremists * U.S., Saudi firms sign tens of billions of dollars of deals as Trump visits * Brooding Iran hardliners say they must still be heard after Rouhani win * Trump targets ''crisis of Islamist extremism'' in Saudi trip * OPEC heads towards supply cut extension as Saudi signals most on board * Turkey''s Erdogan vows fight against enemies as returns to lead party * Bomb attack on Syrian Islamist rebel group kills 20 - Observatory * Hezbollah calls U.S. administration ''mentally impeded'' during Trump Saudi visit * Israeli minister expresses concern over U.S.-Saudi arms deal * Iran''s Zarif urges Trump to discuss avoiding another 9/11 with Saudis * Gulf states, U.S. to ink agreement against terror financing * Trump praises Sisi, says he hopes to visit Egypt * Trump says ties with Bahrain won''t be strained anymore * U.S. says Iranian-directed convoy targeted by U.S. strike in Syria * Death toll rises in southern Libya attack, defence minister suspended * Saudis, United States blacklist a Hezbollah leader * Trump to visit Israel in search of revived peace process * Iran foreign minister scorns Trump after speech, arms deal * Saudi king says Iran at forefront of global terrorism EGYPT * Egypt refers 48 Islamic State suspects to military court over church bombings * In surprise move, Egypt central bank hikes key interest rates * Cairo lantern-maker champions old craft against Chinese imports * Yields rise on Egypt''s three-month and nine-month T-bills * Egypt procures 2.33 mln tonnes of local wheat since start of harvest -statement * Egypt''s 4G wireless frequencies ready for use - minister * BRIEF-National Bank Of Kuwait Egypt unit signs $300 mln loan agreement with SUMED SAUDI ARABIA * Saudi oil minister: continuing cuts, adding small producers to deal will reduce inventories * BUZZ-Japan''s SoftBank surges after raising $93 bln with Saudi partner for tech fund * BREAKINGVIEWS-Saudis place $20 bln bet against U.S. dysfunction * Boeing signs defense, commercial deals with Saudi Arabia * Melania Trump hails "empowerment of women" at Saudi company visit UNITED ARAB EMIRATES * UAE minister sees chance for Iran to reset "troubled" ties with neighbours * BUZZ-Dubai''s Gulf Navigation climbs on Q1 earnings * BRIEF-Arabtec Holding unit wins 1.46 bln dirhams contract * BRIEF-UAE''s Dana Gas receives additional payment of $20 mln from Egyptian Government QATAR * BRIEF-Qatar National Bank Syria Q1 profit falls KUWAIT * BRIEF-Kuwait Finance House denies any decision to merge with Ahli United Bank OMAN * MIDEAST DEBT-Oman front-loading funding requirements with planned dollar sukuk * Oman appoints banks ahead of debut public dollar sukuk BAHRAIN * Bahrain''s top Shi''ite cleric gets one year suspended jail sentence * TABLE-Bahrain inflation edges up to 0.9 pct in April (Compiled by Dubai Newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-factors-idUSL8N1IN0JP'|'2017-05-22T12:38:00.000+03:00'
'c934e3eaa077fdd27808444e33dd0de546d0a033'|'Shareholders take Akzo Nobel to court in effort to aid PPG takeover'|'Deals - Mon May 22, 2017 - 1:05am BST Shareholders take Akzo Nobel to court in effort to aid PPG takeover left right Cans of Dulux paint, an Akzo Nobel brand, are seen on the shelves of a hardware store near Manchester, Britain, April 24, 2017. REUTERS/Phil Noble 1/2 left right FILE PHOTO: AkzoNobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. REUTERS/Robin van Lonkhuijsen/United Photos/File Photo 2/2 By Toby Sterling - AMSTERDAM AMSTERDAM Akzo Nobel ( AKZO.AS ) shareholders angered by the Dutch paint maker''s rejection of a 26.3 billion euro ($29.5 billion) takeover offer from U.S. rival PPG Industries ( PPG.N ) go to court on Monday seeking a pivotal victory in the continuing battle. British hedge fund Elliott Advisors, with support from several long-term institutional investors, will try to convince judges at the Amsterdam Enterprise Chamber to order an investigation into possible mismanagement by Akzo''s board and force an extraordinary meeting of shareholders to vote on dismissing Chairman Antony Burgmans. A ruling is expected within a week, soon enough for PPG to decide whether it wants to submit a formal bid to Dutch regulators without the support of the company''s board on June 1 or walk away for at least six months. Both sides face difficulties, however. Dutch lawyers say it will be tough for the shareholders to convince judges that Akzo''s corporate governance has been so poor as to warrant an investigation. Akzo, meanwhile, faces a potentially awkward public questioning of its reasons for rejecting PPG''s offer on May 8. Shares in Akzo closed at 75.33 euros on Friday, well below PPG''s 96.75 euros per share offer made on April 20. Akzo has argued that the takeover would be bad for employees, that the companies'' cultures don''t mesh, that the deal faces antitrust risks, that the merger would be bad for the environment and that Akzo should remain Dutch in the country''s national interest. Those arguments have met with scepticism in some quarters. "PPG is an industrial company ... that has come with a serious proposal and I think Akzo has the duty, both to its shareholders and to its employees, to explain why it wants to go it alone," said Paul Koster, of Dutch shareholders'' association VEB. Akzo will also be questioned on its alternative to embracing PPG -- a plan to sell a third of its operations to pay shareholders a hefty dividend. PPG, which will also answer questions at the hearing, must decide whether Akzo is worth pursuing, given the unusual company charter that provides the Dutch business with a powerful poison pill defense. Akzo''s charter gives shareholders the right to dismiss managers and also allows four members of the supervisory board, including Burgmans, to form a "foundation" that has the right to name new managers and other board members when the company faces a hostile takeover. "Shareholders can fire managers, but they can''t name the new ones. The Foundation can name new managers who are in favor of the old situation, so you get a vicious circle," said Bas Steins Bisschop, professor of corporate law at Maastricht University. In other words, PPG could be buying a company it can''t control. "The court will test whether that circle can be broken, and to do that it''s going to look closely at PPG''s intentions and the structure of its offer," Bisschop added. (Additional reporting by Bart Meijer; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-akzo-nobel-m-a-ppg-inds-idUKKBN18I003'|'2017-05-22T08:05:00.000+03:00'
'ab52d371a5fa3e2f4074e6b260355f325eb8d732'|'Southeast Asia''s Biggest Startup Files for $1 Billion IPO, Sources Say - BBG'|'Deals - Tue May 23, 2017 - 8:21pm EDT Southeast Asia''s biggest startup files for $1 billion IPO, sources say: Bloomberg Southeast Asia startup Sea Ltd has filed for a potential U.S. initial public offering that could raise about $1 billion, Bloomberg reported on Tuesday, citing people familiar with the matter. The company, which was earlier known as Garena, filed confidentially with the U.S. Securities and Exchange Commission and is looking forward to list itself in early 2018, Bloomberg said. Goldman Sachs ( GS.N ) and Morgan Stanley ( MS.N ) are serving as underwriters. Singapore-based Sea did not immediately respond to an email seeking comment. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Sandra Maler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-sea-ltd-ipo-idUSKBN18K01I'|'2017-05-24T08:17:00.000+03:00'
'bbc3c5363db6e46d5faa64ae8cd4b66b08123089'|'Japan government keeps its views of the economy unchanged in May'|'Business  08am BST Japan government keeps its views of the economy unchanged in May People cross a street in the Shinjuku shopping and business district in Tokyo, Japan May 17, 2017. REUTERS/Toru Hanai TOKYO Japan''s government has kept unchanged for May its overall assessment of the economy - that it is recovering gradually, though pockets of weakness remain. On all topics evaluated, which include household spending, capital expenditure and exports, the government repeated the views it expressed for April. "The economy is in moderate recovery, but delays in improvement can be seen in some parts," the Cabinet Office said in its monthly economic report on Wednesday, using the same expression for the sixth consecutive month. Japan''s economy has shown signs of life in recent months, with exports and factory output benefiting from a recovery in global demand. Business sentiment is improving, consumer spending is continuing to recover on the whole, capital expenditure is showing signs of picking up and exports are recovering, the Cabinet Office said in its report. The economy is expected to recover gradually as employment and wages continue to improve, but uncertainty in overseas economies and fluctuations in financial markets warrant attention, the report also said. Japan''s economy grew at its fastest pace in a year in the first quarter to mark the longest period of expansion in a decade, thanks to robust exports and a helpful boost from private consumption. However, Japanese manufacturing activity expanded at the slowest pace in six months in May as export orders slowed, a preliminary private survey showed on Tuesday, in a warning sign that global demand may be weakening. Confidence among Japanese manufacturers receded in May for the first time in nine months after hitting a decade-high level April, a Reuters survey also found, showing guarded optimism in a nascent export-led economic recovery. (Reporting by Minami Funakoshi; Editing by Richard Borsuk)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-report-idUKKBN18K0SY'|'2017-05-24T16:08:00.000+03:00'
'3010df0f6db945b070bec63737cc62712745ed42'|'France makes Brexit pitch to Wall Street banks in New York'|'Business   9:52pm BST France makes Brexit pitch to Wall Street banks in New York Economist Christian Noyer, speaks at the 2017 Paris EUROPLACE International Financial Forum in the Manhattan borough of New York City, New York, U.S. May 23, 2017. REUTERS/Carlo Allegri By Olivia Oran - NEW YORK NEW YORK More than 20 banks and asset management firms are in advanced discussions with regulators in France about shifting jobs there following Britain''s vote to leave the European Union, former Bank of France chief Christian Noyer said on Tuesday. Noyer is leading the French government''s efforts to lure London-based financiers to Paris as they seek to secure access to the single market once Britain exits the EU in 2019. His job has become much easier since the election of Emmanuel Macron, a former investment banker with Rothschild & Co ( ROTH.PA ), as president earlier this month. <20>When we started the image of France wasn<73>t good ... the feeling about labor market rigidities and volatility of the tax system wasn<73>t very good," Noyer said in an interview on the sidelines of an event in Manhattan promoting France as a financial hub. "We<57>ve spent a lot of time explaining what changes have already taken place." France is synonymous with high taxes and tough employment laws which make it difficult to fire staff quickly. Macron is promising to overhaul the labor market and simplify the French tax and pension systems, while paring back regulations he says hamper innovation. But there is a lot of uncertainty about the likely pace of reforms, which could take months or even years to implement. Macron''s predecessor, the socialist leader Francois Hollande, introduced a 75 percent tax on earnings of $1 million or more in 2013. The tax was abandoned a year later but it has left a lasting impression on executives. At the New York event, held in the Roosevelt Hotel, Noyer read a message from Macron in which he said as soon as this summer, the government will send a draft law to parliament to make labor laws more flexible. So far, only HSBC Holdings PLC ( HSBA.L ) has said it would move staff to Paris following Britain''s exit from the European Union, Frankfurt has emerged as a frontrunner in the competition to attract financial firms post-Brexit with the five largest U.S. banks -- Citigroup ( C.N ), JPMorgan ( JPM.N ), Goldman Sachs ( GS.N ), Morgan Stanley ( MS.N ) and Bank of America ( BAC.N ) -- set to move hundreds of key staff there. Dublin is also expected to do well. JPMorgan is buying a building there with room for 1,000 staff and British insurer and asset manager Standard Life ( SL.L ) has said it will likely choose Dublin for its EU base. Luxembourg has already attracted a number of insurers with Britain''s Hiscox ( HSX.L ) looking to establish a new subsidiary there and U.S. insurer AIG ( AIG.N ) planning to locate its EU hub there. Noyer dismissed the competition from other European cities. "Paris is the only big city comparable to London and New York. The other cities are relatively small and not diversified," he said. When it comes to fine dining, high fashion and art, Paris is an easy sell. "We never talk about our charm because Paris is a city well-equipped with cinema and art exhibitions," said Arnaud de Bresson, chief executive of lobbying firm Paris Europlace, which is trying to promote the French capital as a financial center. "The questions we get are usually more about the politics, and with the Macron election that''s changing the game.<2E> (Reporting by Olivia Oran in New York; Writing by Carmel Crimmins; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-france-brexit-banks-idUKKBN18J2WP'|'2017-05-24T04:33:00.000+03:00'
'2a5cbd51e0d2afb0e40a206502f5e6357666cea8'|'UPDATE 1-Dubai''s Emaar buys Namshi stake after Amazon buys Souq.com'|'  6:56am EDT Pace of Gulf tech deals heats up as Emaar buys Namshi stake A logo of Emaar is seen near the Dubai Mall March 16, 2014. REUTERS/Ahmed Jadallah By Hadeel Al Sayegh and Emma Thomasson - DUBAI/BERLIN DUBAI/BERLIN Emaar Malls will buy a 51 percent stake in e-commerce fashion website Namshi from Global Fashion Group, a firm backed by Rocket Internet, for $151 million, a sign of growing demand for tech deals in the Middle East. The acquisition comes two months after Amazon agreed to buy Souq.com, showing how the Gulf region is embracing e-commerce, a market which global consultancy A.T. Kearney predicts will grow to $20 billion by 2020. "This is a sign of Emaar''s ambition to enter the digital space," GFG''s finance chief Nils Chrestin told journalists, adding the partnership should allow Namshi to add more fashion brands and potentially expand to more neighboring countries. Both Emaar and GFG said they had agreed to jointly develop the business until a possible listing or a full takeover. The investment is also good news for e-commerce investor Rocket Internet, which has been under pressure since the valuation of GFG was slashed by two thirds last year during a fundraising round with Swedish investor Kinnevik. Rocket''s shares, which had risen on Tuesday in response to strong growth at its online food delivery firm Delivery Hero, were up another 4 percent by 1018 GMT (6:18 a.m. ET), making them the biggest gainer on the German small-cap index. Namshi, which operates in the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain, is GFG''s smallest business but the only one that has turned profitable. Its sales rose a currency-neutral 8.5 percent in the first quarter to 36.7 million euros ($41.1 million), while its gross profit was up slightly at 18.4 million euros. Emaar will buy the stake in Namshi in an all-cash transaction, which is expected to close in three months. EMAAR GOES DIGITAL Dubai billionaire Mohamed Alabbar, founder and chairman of Emaar Properties, the developer of the world''s tallest tower the Burj Khalifa, has focused more on technology investments and e-commerce in the past year, buying a stake in regional logistics firm Aramex. Emaar Malls, the retail arm of Emaar Properties, was unsuccessful in the deal process for Souq.com, after an eleventh hour bid, which the company said was worth $800 million. The Namshi deal is expected to provide much-needed support for Alabbar''s new technology vehicle Noon.com, a venture with Saudi Arabia''s Public Investment Fund. The venture has seen a shake-up in the past few weeks with the departure of Noon''s chief executive and chief technology officer along with several staff. Alabbar said last week its venture was still on track to start operations before end-2017. Amazon''s acquisition of Souq.com was expected to trigger consolidation in the sector, Namshi''s co-founder said in an interview with Reuters in March. "Generally, Amazon comes into a market and very quickly is able to dominate," Hosam Arab said. "General merchandise players should be especially worried if they cannot provide their customers with clearly differentiated value propositions. Pure players like Namshi for example will be challenged but potentially less so," he said in the interview. Arab was not immediately available to comment further on Wednesday. GFG, which runs four fashion ecommerce businesses in 24 emerging market countries including Namshi, reported first-quarter sales of 265.3 million euros, up 18 percent on a constant currency pro-forma basis. Its adjusted loss before interest, taxation, depreciation and amortization fell almost 30 percent to 33 million euros.   Maria Sheahan. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-rocket-internet-global-fashion-idUSKBN18K0G5'|'2017-05-24T15:07:00.000+03:00'
'd92bd53555006d8e458275df716a349295af2bbe'|'BRIEF-MagneGas announces new feedstock improvements resulting in around 60pct production rate increase'|'Market  07am EDT BRIEF-MagneGas announces new feedstock improvements resulting in around 60pct production rate increase May 24 MagneGas Corp: * MagneGas announces new feedstock improvements resulting in approximately a 60pct production rate increase and a cost reduction of approximately 49pct   No Greek debt relief needed if primary surplus above 3 pct/GDP for 20 years-paper BERLIN, May 24 Greece will not need any debt relief from euro zone governments if it keeps its primary surplus above 3 percent of GDP for 20 years, a confidential paper prepared by the euro zone bailout fund, the European Stability Mechanism (ESM), showed. * Summit Materials announces intention to offer $300 million of senior notes MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-magnegas-announces-new-feedstock-i-idUSASA09R66'|'2017-05-24T21:07:00.000+03:00'
'76456270eaee03a17c7614984bfcab8768fbe344'|'BRIEF-Trimble to acquire M<>ller-Elektronik'|'Market  08am EDT BRIEF-Trimble to acquire M<>ller-Elektronik May 24 Trimble Inc: * Trimble to acquire M<>ller-Elektronik to extend its precision agriculture capabilities from the vehicle to the implement * Trimble Inc says financial terms were not disclosed * Trimble Inc says transaction is expected to close in Q3 of 2017   No Greek debt relief needed if primary surplus above 3 pct/GDP for 20 years-paper BERLIN, May 24 Greece will not need any debt relief from euro zone governments if it keeps its primary surplus above 3 percent of GDP for 20 years, a confidential paper prepared by the euro zone bailout fund, the European Stability Mechanism (ESM), showed. * Summit Materials announces intention to offer $300 million of senior notes MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-trimble-to-acquire-mller-elektroni-idUSASA09R6A'|'2017-05-24T21:08:00.000+03:00'
'a17cfeb9f78dd95a76aa6bbbc03ddf1debffcac7'|'GM to cut jobs in international HQ in Singapore - source'|'Autos   7:51pm BST GM to cut jobs in international HQ in Singapore - source The GM logo is seen at the General Motors Assembly Plant in Valencia, Venezuela April 21, 2017. REUTERS/Marco Bello By Norihiko Shirouzu General Motors Co ( GM.N ) will slash headcount in its international headquarters in Singapore as part of its efforts to reduce exposure to unprofitable and unpromising markets. GM International - which oversees markets such as India, Southeast Asia, and South Korea, among others - will reduce its staff to about 50 from 180 by the year end, according to a person with knowledge of the matter. About 90 employees will leave the company by the end of June and 40 by the end of 2017. Last week, the Detroit-based automaker said it would take a $500 million charge in the second quarter to restructure operations in India, Africa and Singapore. The company plans to stop selling Chevrolet brand vehicles in India by the end of the year and will produce vehicles only for export. Since Mary Barra took over as GM''s chief executive in 2014, the company has doubled down on a bet that it can win by being less global but more profitable in an auto industry increasingly dependent on software and services. The automaker has taken aggressive steps to narrow its focus on China, the highly-profitable North American light truck and sport utility market, Latin America, vehicle financing and transportation services. In March, the one-time largest automaker in the world also reached a deal with France''s PSA Group ( PEUP.PA ) to sell its European operations. (Additional reporting by Ankit Ajmera in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gm-restructuring-idUKKBN18K2Q9'|'2017-05-25T02:51:00.000+03:00'
'da4f5d2574d831a232759c570b6484d475f1331c'|'English champagne anyone? British wine goes from sad to sparkling - Guardian Small Business Network'|'T here was a time when English wine was the butt of jokes among connoisseurs, and given the inferior quality of what was being produced, many would say, deservedly so. Today, however, thanks to a combination of climate change, increased wine knowledge and more investment, British wines are flourishing.In the last decade the number of acres planted with grapevines in England and Wales has grown by 135% , according to the English Wine Producers trade body, and over the next 12 months UK wine producers will plant a record 1 million vines, increasing production by 2 million more bottles of wine annually.The fact that the prestigious French champagne brand Taittinger has planted a vineyard in Kent with the aim of producing a top quality English sparkling wine is the clearest signal yet that the climate <20> both economic and meteorological <20> is right for English wines.Wine enthusiast Neil Deacon, founder of pop-up wine-tasting events company Vintwined , says: <20>The quality of English wines has improved massively in recent years and consumer perception is starting to change. This is due to a number of different factors, including climate. Although damaging for the planet as a whole, one small benefit of climate change is that the average temperatures in the south of England have risen sufficiently to make wine production viable.<2E>''After Brexit people will fall in love with English apples again'' Read more Among the best selling English wines, sparkling wines tend to be the <20>must stock<63> item for restaurants and wine shops. Brett Woonton, co-founder of wine bar chain Vinoteca , says: <20>This has only increased in recent times due to higher production and the wines continuing to be positively featured in the press and in wine competitions. But let<65>s not forget easy-drinking whites, typically made from early and easy ripening grapes such as m<>ller-thurgau and bacchus, and from producers such as Denbies and Chapel Down, which sell in significant numbers.<2E>One small benefit of climate change is that temperatures have risen sufficiently to make wine production viableNeil Deacon All of this bodes well for the many small wine producers based in the south of England. Bolney wine estate in Sussex was established in 1972 by Janet and Rodney Pratt, and was one of the first commercial vineyards in England. In the 1990s their daughter Sam Linter took over the running of the vineyard, which today employs around 25 people and turns over <20>1.2m a year.Facebook Twitter Pinterest Sam Linter, head winemaker at Bolney wine estates She says: <20>We make red, rose and white still wines, plus white and rose sparkling wines. Our most popular wines are our white pinot gris <20> the only English wine in Wimbledon All England Tennis Club <20> red pinot noir, and Blanc de Blanc sparkling wine. We make 50% still and 50% sparkling and currently produce around 150,000 bottles a year.<2E>Bolney wine estate also exports, mainly the sparkling wines that have the international recognition, to Japan, US, Belgium, Switzerland and the Netherlands.Red wine sales are at levels completely unheard of 10 years ago. The future is very bright for our nation<6F>s winemakersOz Clarke Another important factor behind the British wine boom is an increase in knowledge about viticulture, and significantly, a sharing of that knowledge between producers. <20>Unlike many other wine regions, there is more collaboration among wine producers in England than there is competition,<2C> explains Deacon. <20>They recognise the need to work collectively to raise the standards of English wine and improve consumer perception of English wines, and it is working.<2E>They also share the problems, for example, when England<6E>s marginal climate makes it difficult to grow grapes in challenging years. <20>Unless the vineyard is planted on a good site it will be challenging every year,<2C> says Liam Idzikowski, expert winemaker at Lyme Bay Winery in Devon, which processes around 100 tonnes of Englis
'792deeb02e227e269e24a51be54906352c1e9754'|'Former Disney CEO Eisner close to buying Portsmouth'|'LONDON American billionaire businessman Michael Eisner is poised to take control of Portsmouth after the ex-Premier League club''s Supporters Trust (PST) voted to sell its 48.5 per cent share on Monday.The decision paves the way for the former Walt Disney CEO to complete a summer takeover of the largest club under fan ownership in England, adding another colourful chapter to one of football''s most famous old names."This is true fan ownership and democracy at work," PST chairman Ashley Brown said in announcing the result of the vote."We believe he (Eisner) understands the importance of the custodianship of Pompey and will be an owner all fans will be proud of."Portsmouth, who were founded in 1898, have a gold-plated heritage, winning the title twice in 1949 and 1950, and the FA Cup in 1939 and 2008.They have always enjoyed strong local support but a series of financial problems under foreign owners culminated in relegation from the Premier League in 2010, administration and further tumbles down the divisions.With the club''s future under threat, the PST took control in 2013 alongside 12 "presidents", nine of whom also now support selling to Eisner, after raising enough money from 2,750 members to secure a 48.5 per cent stake.Eisner and his Tornante investment group have offered 5.57 million pounds ($7.25 million) for Portsmouth, matching the amount the supporters originally raised."Hoping to complete acquisition process (due diligence and all that stuff) this summer," California-based Eisner said on Twitter on Monday.The decision to revert to outside ownership now has been controversial with not all supporters in agreement. But the 75-year-old Eisner topped up his bid with the promise of <20>10 million more investment, with at least <20>5 million earmarked for the repair of Fratton Park, Portsmouth''s tumbledown ground on England''s south coast."It seems to me that this would be an investment my children and grandchildren could participate in," Eisner said on a visit to the club earlier this year. "We are not doing it to have a failure financially, obviously, but that is not the only reason why we are doing it."Around a third of English clubs are under foreign ownership. Premier League clubs Arsenal, Liverpool, Manchester United Swansea City and recently relegated Sunderland are all under the control of Americans, who increasingly regard English football as an attractive investment.In 2015, Forbes magazine estimated Eisner''s net worth at $1 billion.($1 = 0.7682 pounds)(Reporting by Neil Robinson; editing by Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/soccer-england-portsmouth-idINKBN18I1VJ'|'2017-05-22T22:51:00.000+03:00'
'0799294ebf27737c4b92218722421d023fb83229'|'Bank of England governor falls for email prank but maintains his composure - Business'|'The Bank of England governor, Mark Carney, has fallen victim to an online prankster who got him to joke about one of his predecessor<6F>s supposed drinking habits.Carney was caught out by the same hoaxer who tricked the Barclays boss, Jes Staley, this month .The prankster, who goes by the Twitter handle @SINON_REBORN , emailed Carney from a Hotmail account pretending to be Anthony Habgood, the chair of the Bank<6E>s court. In the exchange, posted on Twitter, Carney appears initially to fall for the prank and tentatively accepts an invitation to a <20>soiree<65> in June. But the governor is quick to dismiss his correspondent<6E>s message as <20>not appropriate at all<6C> when the impostor claims to have engaged some <20>rather dashing bar ladies<65> for the evening.EMAIL PRANKSTER. (@SINON_REBORN) Bank of England Governor, Mark Carney. Apparently is not up for the type of party I like to throw. pic.twitter.com/6Iam49A5rA May 23, 2017 The Bank declined to comment on the exchange. It has insisted in the past that it takes online security very seriously but the prank on the nation<6F>s top central banker is likely to raise questions about whether more precautions should be taken.While the prankster got a swift slapdown for his sexist comments, he did manage to draw the Canadian banker on the topic of morning drinking.According to the exchange as posted on Twitter, the prankster used anthonyhabgood@hotmail.com and wrote under the subject line <20>I see reports of Jane Austen in the papers today<61>:Apparently her face resembles that of someone who<68>s had a <20>bracing martini<6E>.I<>d prefer a large Scotch myself.AnthonyCarney replied: I will drink the martini and order another two. Apparently that was Eddie George<67>s daily in take...before lunchThe comment was likely a reference to an interview given at the weekend by the former shadow chancellor Ed Balls, in which he told the Observer that at lunches, the former Bank of England governor Eddie George <20>would start with a martini, never eat vegetables and incredibly good clarets would appear from the vaults<74>.Carney appeared to exercise more caution than Staley, who responded to emails sent by a <20>John McFarlane<6E>, the name of the Barclays chairman.The email exchange showed Staley being told <20>you owe me a large Scotch<63> after the bank<6E>s difficult annual general meeting, in which the chairman repeatedly defended the chief executive over the latter<65>s attempts to unmask a whistleblower who had been making allegations about the previous conduct of a new recruit in the US.In the exchange, Staley appeared to lavish praise on McFarlane, who was instrumental in hiring the American chief executive in 2015.Topics Mark Carney Bank of England Economics Barclays Banking news   Share   Reuse this content'|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/business/2017/may/23/bank-of-england-governor-falls-for-email-prank-but-maintains-his-composure'|'2017-05-24T01:18:00.000+03:00'
'980c9fadddb6ab4875827a1693a4da8079ce60c5'|'China''s second-quarter GDP growth seen at around 6.8 percent - official think tank'|'Business News - Sat May 20, 2017 - 4:24am BST China''s second quarter GDP growth seen at around 6.8 percent: official think tank A woman walks at the Bund in front of the financial district of Pudong in Shanghai March 5, 2015. REUTERS/Aly Song SHANGHAI China''s economy will likely expand around 6.8 percent in the second quarter of 2017, the State Information Center said in an article published in the state-owned China Securities Journal on Saturday. The State Information Center is an official think tank affiliated with the National Development and Reform Commission, the country''s top economic planning agency. It forecast consumer inflation in the world''s second largest economy of around 1.4 percent and expected an increase of about 6.5 percent in producer price inflation in the second quarter from the same period a year earlier. "Overall, China''s economy will remain stable but with a slightly slowing trend," the think tank said in the paper. China''s economy grew 6.9 percent in the first quarter from a year earlier, slightly faster than expected, supported by a government infrastructure spending spree and a housing market that has shown signs of overheating. The think tank said it had seen contradictions between government policies to fend off financial risks and reduce corporate finance costs. "Strengthening financial regulations has weakened the effect of monetary policy to a certain extent," it said, suggesting that a prudent and neutral monetary policy may actually manifest itself as a tightening bias when implemented. The State Information Center also said that steady growth of the economy may be inhibited due to worsening labor and debt conditions amid deepening cuts in excess industrial capacity. China is aiming to expand its economy by around 6.5 percent this year, Premier Li Keqiang said during the annual meeting of parliament in March. (Reporting by Winni Zhou and John Ruwitch; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-gdp-idUKKCN18G03B'|'2017-05-20T11:03:00.000+03:00'
'd5014f70cc28de4471faff2b1579f4479217630b'|'After Brexit, EU plans ''offer you cannot refuse'' to expand euro zone: Moscovici'|'BRUSSELS The European Commission aims to make adopting the euro more attractive to European Union members currently outside the currency bloc, the economics commissioner said on Tuesday, in a bid to make the union more tight-knit after Britain''s vote to leave.The proposals will be unveiled next week in a blueprint on the future of the euro zone, which is part of a wider plan launched by the EU executive on how to revamp the union after Brexit and amid a surge of euroskeptic sentiment."We will try to make a framework that is attractive enough, that is like, as they say in the movies, an offer you cannot refuse," Pierre Moscovici told reporters seeking details on his proposals for "completing the Economic and Monetary Union by 2025".European Union states except Britain and Denmark are obliged to adopt the euro but there is no deadline set for ditching their own currencies.Moscovici underlined that states should move gradually toward adopting the euro as their currency but he said the Commission has no power and no will to force countries to adopt the euro by a certain date.Public opinion in EU states outside the euro zone is often against joining the common currency area.In Poland, 57 percent of interviewees were against the euro, according to a Eurobarometer poll published last December. Opposition was also strong in Britain, the Czech Republic, Sweden, Denmark and Bulgaria, while Hungarians, Croatians and Romanians were mostly favorable to the currency bloc.Moscovici noted that Brexit meant the euro zone will dominate the EU economy providing a further incentive for countries to adopt the common currency.(Reporting by Alastair Macdonald and Francesco Guarascio; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-eurozone-future-euro-idUSKBN18J207'|'2017-05-23T21:55:00.000+03:00'
'f98db89f7eaedba4da1171e0122b37cd7a010dd4'|'Euro zone must move towards common debt management - Spain''s de Guindos'|'Business News - Tue May 23, 2017 - 3:58pm BST Euro zone must move towards common debt management - Spain''s de Guindos Spain''s Economy Minister Luis de Guindos speaks during a news conference after the weekly cabinet meeting at Moncloa Palace in Madrid, Spain March 31, 2017. REUTERS/Sergio Perez BRUSSELS Euro zone countries will eventually have to move towards common debt management and some degree of debt mutualisation, Spanish Economy Minister Luis de Guindos told a business conference on the future of the European Union. "The euro zone must move more towards common debt management and some degree of mutualisation," de Guindos said in a speech. The idea of debt mutualisation has been strongly opposed by Germany. (Reporting By Jan Strupczewski; editing by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-future-debt-idUKKBN18J262'|'2017-05-23T22:58:00.000+03:00'
'ce93591c2d4d471152856ffce92f3ea8d1adbb51'|'Japan May manufacturing growth slows to six-month low - flash PMI'|'Business News -  34am BST Japan May manufacturing growth slows to six-month low: flash PMI Newly manufactured vehicles await export at a port in Yokohama, Japan, January 16, 2017. REUTERS/Toru Hanai TOKYO Japanese manufacturing activity expanded at the slowest pace in six months in May as export orders slowed, a private survey showed on Tuesday, in a warning sign that global demand may be weakening. The Flash Markit/Nikkei Japan Manufacturing Purchasing Managers Index (PMI) fell to 52.0 in May on a seasonally adjusted basis, from a final 52.7 in the previous month. The index remained above the 50 threshold that separates expansion from contraction for the ninth consecutive month but indicated that growth was the slowest since November. The flash index for new export orders fell to 51.6 from a final 53.3 in the previous month, which also marked the slowest growth since November. "Although growth is being maintained at a decent clip, reports of ''wait-and-see'' attitudes amongst clients, excess warehouse inventories, and recent sharp rises in raw material costs all served to undermine expansion during the month," said Paul Smith, senior economist at IHS Markit, which compiles the survey. Japan''s exports rose in April at a slower pace that the previous month, government data showed on Monday. The flash PMI data suggests this slowdown continued into May. Economists remain optimistic that Japan''s exports will continue to grow as overseas economies recover, but any further slowdown could prompt some analysts to scale back their assumptions for Japan''s economic growth. (Reporting by Stanley White; Editing by Kim Coghill)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-economy-pmi-idUKKBN18J028'|'2017-05-23T08:33:00.000+03:00'
'b5d852801af0c61539cad6af307eb060177a0546'|'Saudi oil minister due in Iraq to discuss extending oil output cut - official'|'Business   6:07pm BST Saudi Arabia, Iraq agree oil output cut needs nine-month extension Saudi Energy Minister Khalid al-Falih speaks to media at the Saudi-US CEO Forum 2017 ahead of the arrival of the U.S. President Donald Trump, in Riyadh, Saudi Arabia May 20, 2017. REUTERS/Hamad I Mohammed By Ahmed Rasheed and Ernest Scheyder - BAGHDAD/VIENNA BAGHDAD/VIENNA OPEC heavyweights Saudi Arabia and Iraq agreed on Monday on the need to extend a global cut in oil supply by nine months in an effort to prop up crude prices, removing a potential stumbling block as producing countries prepare to meet this week. Saudi Energy Minister Khalid al-Falih said he did not expect any opposition within the Organization of the Petroleum Exporting Countries to extending the curbs for a further nine months, speaking after he met his Iraqi counterpart in Baghdad. OPEC meets in Vienna on Thursday to consider whether to prolong the original deal reached in December in which OPEC and 11 non-member countries, including Russia, agreed to cut output by about 1.8 million barrels per day in the first half of 2017. The Saudi minister told a joint news conference with his Iraqi counterpart Jabar Ali al-Luaibi that Iraq had given the "green light" to a proposal for a nine-month extension that would be presented to the meeting in the Austrian capital. He said a new agreement would be similar to the previous pact, with minor changes. He said any decision would not be finalised until OPEC meets. Falih was paying a rare visit to Iraq in the latest effort by the top oil producer to convince its fellow OPEC member to extend supply cuts to ease a global glut. Iraqi Oil Minister Jabar Ali al-Luaibi said he agreed with Saudi Arabia on the need for a nine-month extension. Saudi Arabia and non-OPEC Russia have been pushing to extend the cuts from the end of June until March 2018. Iraq, OPEC''s second-largest and fastest-growing oil producer, had until Monday voiced support only for a six-month extension. It is the first time in nearly three decades that a senior Saudi energy official has visited Baghdad. OPEC wants to reduce global oil inventories to their five-year average but so far has struggled to do so. Stockpiles are hovering near record highs, partly because of rising production in the United States, which is not part of the existing deal. "I believe we have a growing consensus (on the duration of cut extension)," OPEC''s Secretary-General Mohammad Barkindo told reporters in Vienna. Iraq and Iran were the main stumbling blocks for OPEC in reaching its last output-cutting decision in December. OPEC''S CHALLENGE Baghdad argued it had just started enjoying production growth after years of stagnation and Tehran said it needed to raise output after the lifting of Western sanctions. Iraq ended up agreeing to cap output in the first half of 2017 while Iran was allowed a slight rise in production. Nigeria and Libya were granted exemptions from cuts as their output suffered from unrest. Both have regained some volumes in recent months and are expected to add more soon, adding to OPEC''s challenge in rebalancing the market. Goldman Sachs ( GS.N ), one of the most active banks in commodities trading, said on Monday a nine-month extension would help rebalance inventories in 2017 and keep Brent prices near $57 per barrel. Brent futures LCOc1 were trading 0.6 percent higher at $53.92 a barrel on Monday at 1638 GMT. Goldman said OPEC should put pressure on American shale oil producers by creating a market structure known as backwardation, when the future trading price of a commodity is below the current spot market value. By extending cuts into 2018 and promising to boost output next year, OPEC could force the oil market into backwardation that would scare away private equity and other investors who have been funding the American shale producers. "The binding force to sustainably slow shale growth lies on the funding side," Damien Courvalin, a Goldman
'5f90dfa12b56f735282486ec38e35b0d7d236d4f'|'Shareholders go to court seeking to oust Akzo chairman'|'Money News - Mon May 22, 2017 - 10:51pm IST Shareholders go to court seeking to oust Akzo chairman A view of Akzo Nobel''s headquarters in Amsterdam, February 6, 2014. REUTERS/Toussaint Kluiters/United Photos/Files By Toby Sterling and Bart Meijer - AMSTERDAM AMSTERDAM Akzo Nobel shareholders angered by the Dulux paint maker''s rejection of a 26.3 billion euro ($29.5 billion) takeover proposal from U.S. rival PPG Industries took their fight to an Amsterdam court on Monday. Activist hedge fund Elliott Advisors, supported by several long-term institutional investors, asked the Amsterdam Enterprise Chamber to order an investigation into possible mismanagement by Akzo''s board and force an extraordinary meeting of shareholders to vote on dismissing Chairman Antony Burgmans. Elliott Advisors and the institutional investors together represent 18 percent of the Dutch company''s shares. "A large group of shareholders has lost confidence in Mr. Burgmans and has asked to call him to account at an extraordinary shareholders meeting," said Jan Willem de Groot, representing Elliott. "That''s a vote of no confidence by itself," he told the court hearing attended by both Burgmans and PPG Chief Executive Michael McGarry. Akzo lawyer Jan de Bie Leuveling Tjeenk responded that under Dutch law, company boards, not shareholders, have the right to determine strategy. He said Akzo''s boards acted unanimously in rejecting PPG''s advances and repeated twice for emphasis that Burgmans'' dismissal would "change nothing." As more than 100 lawyers and journalists packed the courtroom and public gallery for the hearing in the high-stakes corporate battle, PPG boss McGarry shook hands with Burgmans. Both later briefly addressed the court, with McGarry saying PPG was still prepared to enter talks with Burgmans, and Burgmans saying PPG was free to make offers but Akzo Nobel was not obliged to enter negotiations. Judges said they expected to rule after the stock market closes on May 29 - just in time for PPG to decide whether it wants to submit a formal bid to Dutch regulators without the support of Akzo''s board by a June 1 deadline, or walk away for at least six months. The court''s decision will likely influence PPG''s decision on whether Akzo is worth pursuing further, given the company''s powerful "poison pill" defences against unwanted suitors. Despite impassioned pleas by several shareholders, experts in Dutch corporate law say it will be tough to convince judges that Akzo''s governance has been so poor as to warrant an investigation. Shares in Akzo closed up 0.5 percent at 75.70 euros on Monday, well below PPG''s 96.75 euros per share bid proposal made on April 20, suggesting investors are sceptical a PPG offer will ultimately succeed. Akzo has argued a PPG takeover would be bad for employees, that the companies'' cultures don''t mesh, that a deal faces antitrust risks, that it would be bad for the environment and that Akzo should stay Dutch in the country''s national interest. Several shareholders are openly sceptical of those arguments and question the company''s judgment in declining talks on PPG''s proposal. Presiding Judge Gijs Bekkink questioned PPG lawyers over whether the company shouldn''t have better addressed Akzo''s objections, and lawyers for Akzo on why it had spurned talks. PPG lawyer Arnold Croiset van Uchelen said the company had tried its best to address Akzo''s concerns in each of the three proposals it has made since its pursuit of Akzo began in March. "To be more concrete, you need talks and due diligence," he said. "Akzo is always vague about where exactly the problem is." Akzo lawyer Fons Leijten said entering talks would quickly have raised expectations of a deal. "They always come with strings attached," he said. ($1 = 0.8925 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/akzo-nobel-m-a-ppg-inds-idINKBN18I27A'|'2017-05-23T01:21:00.000+03:00'
'786ac687f9c51a19468b6ce4beb24bc21d040f11'|'Deals of the day-Mergers and acquisitions'|'Market News  35am EDT Deals of the day-Mergers and acquisitions (Adds Arsenal, Union Bankshares, Bunge, HNA Group, General Electric; Updates Huntsman Corp, Sinochem) May 22 The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Monday: ** U.S.-based Huntsman Corp and Swiss Clariant AG are combining to create a chemical manufacturer with a market value of over than $14 billion, the deal coming together after years of tentative mutual approaches. ** General Electric Co is being investigated by the European Union for providing misleading information during a review of its deal to buy LM Wind Power, a Denmark-based maker of rotor blade, Bloomberg reported, citing two people familiar with the case. ** Union Bankshares Corp said it would acquire rival Xenith Bankshares Inc in an all-stock deal valued at nearly $695 million, as the U.S. community lender looks to expand into North Carolina and Maryland. ** Akzo Nobel shareholders angered by the Dutch paint maker''s rejection of a 26.3 billion euro ($29.5 billion) takeover offer from U.S. rival PPG Industries took their fight to an Amsterdam court. ** U.S. agricultural trader Bunge is looking to bid for the Saudi state grain company''s milling operations, sources said, the second global commodities company to show interest in the privatization of the kingdom''s sole wheat and barley buyer. ** Tech giant Samsung Electronics Co Ltd will continue looking for acquisition opportunities, a company executive said, as the firm seeks to build software and services to further differentiate its products. ** AstraZeneca has sold the European rights to its ageing beta-blocker heart drug Seloken to Italy''s Recordati for $300 million, as part of a continuing drive by the British drugmaker to spin off non-core assets. ** China''s state-owned Sinochem is no longer pursuing an investment in Noble Group Ltd due to concerns over the finances and business outlook of the loss-making commodity trader, three sources familiar with the matter told Reuters. ** Arsenal majority owner Stan Kroenke''s KSE (Kroenke Sports & Entertainment) UK Inc said its shares in the Premier League club were not for sale after media reports that the club''s second-largest investor had made an offer to buy out Kroenke. ** Chinese conglomerate HNA Group is in talks to buy a stake in Hong Kong asset management company Value Partners Group Ltd , Bloomberg reported, citing people familiar with the matter. ** Nordic telecoms firm Telia said it was buying Finnish cloud services firm Nebula from private equity company Ratos in a 165 million euro ($185 million) deal. ** Boeing Co said on Sunday it had signed several defense and commercial deals with Saudi Arabia including for the sale of military and passenger aircraft during a visit by U.S. President Donald Trump to the kingdom. ** French planemaker Dassault Aviation SA hopes to start talks with India by the end of the year for additional sales of its Rafale fighter jet, before full negotiations in 2018, Chief Executive Eric Trappier said in Geneva on Sunday. ** Chinese construction equipment maker Zoomlion Heavy Industry Science and Technology Co Ltd said on Sunday it would sell 80 percent of its environmental equipment unit to a group of four companies for 11.6 billion yuan ($1.7 billion). ** German luxury carmaker Audi, a unit of Volkswagen, on Saturday said it had signed an agreement with its dealers in China regarding how it will do business in the world''s largest car market. ** The planned acquisition of Chilean retailer Ripley by Mexican high-end department store chain Liverpool has been scrapped, Ripley said in a regulatory filing late Friday. (Compiled by Gayathree Ganesan in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL4N1IO3YJ'|'2017-05-22T21:35:00.000+03:00'
'daeced622885277b0df720614b7ae311f4cb08cf'|'Cross-border M&A between U.S. and European firms at 10 year high'|'Deals   2:20pm BST Cross-border M&A between U.S. and European firms at 10 year high CEO Hariolf Kottmann (R) of Swiss chemical company Clariant sits beside Huntsman President and CEO Peter Huntsman as he addresses a news conference in Zurich, Switzerland May 22, 2017. REUTERS/Arnd Wiegmann By Pamela Barbaglia - LONDON LONDON Some $171.8 billion of cross-border merger and acquisition deals between U.S. and European companies have been announced so far in 2017, the highest figure at this stage of the year for a decade as companies on both sides of the Atlantic hunt for deals to offset sluggish growth. A $14 billion tie-up between U.S.-based chemicals firm Huntsman Corp ( HUN.N ) and European rival Swiss Clariant AG ( CLN.S ), announced on Monday, is the latest example of the spate of big deals between the two regions. The overall value of cross-border M&A deals between the U.S. and Europe is up 82 percent on the same period last year, according to Thomson Reuters data, and the highest over the same timeframe since at least 2007. Interest in major cross-border deals was underscored earlier this year when Kraft Heinz Co ( KHC.O ) made a surprise $143 billion bid for Unilever ( ULVR.L ) ( UNc.AS ), only to withdraw it less than 48 hours later, while U.S. healthcare giant Johnson & Johnson ( JNJ.N ) clinched Swiss biotech company Actelion ( ATLN.S ) in a $30 billion all-cash deal. Optimism over U.S. President Donald Trump''s economic agenda has buoyed stock markets worldwide, as well as the U.S. dollar, which has made foreign acquisitions cheaper for U.S. companies. Low interest rates are also keeping down borrowing costs. Switzerland and the Netherlands have so far been the main shopping destinations for companies on the other side of the Atlantic, with U.S. buyers announcing a combined $70.2 billion worth of deals in those two countries this year, the data shows. But some European companies have been fighting hard for their independence. Shareholders in Dutch paint maker Akzo Nobel ( AKZO.AS ), angered by its rejection of a 26.3 billion euro ($29.6 billion)takeover proposal from U.S. rival PPG Industries ( PPG.N ), took their fight to an Amsterdam court on Monday. Britain remains Europe''s biggest acquirer in the United States, with deals totaling $21.1 billion so far this year, followed by Switzerland with $11.5 billion. In February, Reckitt Benckiser ( RB.L ) announced a deal to buy U.S. baby formula maker Mead Johnson Nutrition ( MJN.N ) for $16.6 billion, giving the British consumer goods company a new product line and expanding its presence in developing markets where Mead Johnson has a strong footprint. Bank of America Merrill Lynch, which advised Reckitt Benckiser on that deal, leads the list of financial advisers on cross-border transactions announced between U.S. and European companies, with $83.1 billion worth of deals so far this year. That represents 48 percent of the total, according to Thomson Reuters data. (Reporting by Pamela Barbaglia; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-europe-usa-deals-idUKKBN18I1M6'|'2017-05-22T21:18:00.000+03:00'
'0d184553c097d052c45e05a5295d2b31bfbd68a3'|'A new Green Deal bond that pays 12% interest <20> too good to be true? - Money'|'A <20>green<65> investment that pays an extraordinary 12% interest and has received a semi-endorsement from a government minister was launched this week.Some people<6C>s instant reaction might be <20>where do I sign?<3F> <20> but anyone thinking about taking up this offer needs to remember that you don<6F>t get something for nothing in the world of investment. This is a whole lot riskier than putting your money into a high street savings account, with no compensation if things go wrong. So it<69>s definitely not for the faint-hearted.This scheme has been launched by a company that wants to raise <20>5m to revive the Green Deal, the government energy efficiency programme which was launched in a blaze of glory in 2013 and then scrapped little more than two years later because of low take-up.It<49>s the result of a linkup between a firm called GDFC Services and the ethical investment platform Abundance, and takes the form of a three-year bond with a minimum investment of just <20>5. Those behind the scheme are holding out the prospect of a 12%-a-year return before tax, or tax free if the bond is held within an innovative finance Isa. The offer document says that if you invested <20>1,000 you would get back <20>1,387 in three years<72> time <20> ie, a 38.7% increase.So who<68>s behind this, and is it kosher? GDFC Services is the company issuing the bond, and is part of the Green Deal Finance Company, which was originally a not-for-profit business set up by the government to support its Green Deal programme. The Green Deal was a flagship energy-saving scheme aimed at making people<6C>s homes warmer and cheaper to run without their having to shell out large sums up front. Households were encouraged to take out a special type of unsecured loan to pay for insulation, a new boiler or other improvements. The loan, with interest charged on top, would be paid back over time through your electricity bill, and the aim was that the cost of the work would be covered by the savings you would make.It all sounded very laudable but the scheme was a flop, and the government pulled its funding in July 2015. By that point only about 10,000 households had had improvements installed using Green Deal finance.You could be left high and dry if this ''privatised'' Green Deal flopsYou might have imagined that would have been the end of the story, but in January a consortium of City investors bought the Green Deal Finance Company<6E>s assets and remaining loan book . The plan is to relaunch the Green Deal and offer loans to homeowners and landlords. The <20>5m it is looking to raise would be used to accelerate this rollout. However, potential investors should be aware that this is currently a loss-making business, and whether it can turn its plans into a money-making reality remains to be seen.Those who invest in the scheme would be buying debentures, which are like IOUs issued by companies. The firm says investors would earn 12% interest a year over the three-year term (the maturity date is 30 June 2020), and adds that 70% of the return would be paid out twice a year until maturity, while the remaining 30% would be <20>rolled up<75> and earn interest itself. This part of the return would be paid to the investor, along with their original capital, at the end of the term.However, the document points out that the debentures are <20>unsecured obligations<6E> of the company and <20>there is no guarantee that you will receive any interest, or that your capital will be returned<65>. So you could be left high and dry if this <20>privatised<65> Green Deal flops. Furthermore, debentures are not covered by the Financial Services Compensation Scheme.Those who are interested can sign up via Abundanceinvestment.com . Bruce Davis at Abundance says this is a great opportunity for people to invest in an entrepreneurial company, but acknowledges <20>it<69>s a riskier investment, for sure, than what we<77>ve done in the past<73>.The climate change minister, Nick Hurd, has given an endorsement of sorts. He says the government has committed 
'38068836308f6c8defaea44f45ff57445a3f80a5'|'UPDATE 1-Brazil president lambastes bribe testimony by JBS executives'|'(Adds Quote: s, further details from speech)By Lisandra ParaguassuBRASILIA May 20 Brazilian President Michel Temer on Saturday angrily challenged a recorded conversation implicating him in a corruption probe, saying he would continue as president and ask the Supreme Court to verify the integrity of the recording."Brazil will not be derailed," he said during a speech at the presidential palace, reiterating that he would not resign despite an ongoing investigation by the Supreme Court into allegations he took bribes and condoned the payment of hush money to a jailed congressman.Temer, visibly defiant, said he would ask the court to suspend an investigation against him until it could determine whether the recording, made by the chairman of meatpacker JBS SA during a March conversation, was edited afterwards.The recording, which some local media have said shows signs of editing, is part of plea-bargain testimony by JBS executives that was disclosed this week.The disclosure rattled Brazilian financial markets, cost Temer key congressional allies and led to widespread calls for his resignation. It also undermined efforts by Temer to pass economic reforms considered crucial to revive Brazil''s economy after its worst recession on record.The testimony, part of an ongoing string of major probes into corruption at the highest levels of Brazilian government and business, also claimed JBS paid millions in illegal campaign financing to Temer and his predecessors, leftists Dilma Rousseff and Luiz In<49>cio Lula da Silva.In his speech Saturday, Temer lashed out at Joesley Batista, the JBS chairman, and other company executives, saying they were angry with his conservative government''s austerity plans and efforts to curb the generous public financing of private companies that typified the administrations of his predecessors.JBS, now the world''s largest meat processor, grew rapidly through acquisitions during the Rousseff and Lula governments, mostly because of large, low-cost loans by the national development bank.Calling their testimony "riddled with lies," Temer said there were inconsistencies in the JBS executives'' statements to prosecutors. He also seized upon ongoing investigations by Brazil''s securities regulator, known as the CVM, to question their motivations.On Friday, the CVM said it was probing recent trades in stock and currency markets that earned JBS'' controlling shareholders windfalls, even as they were giving plea testimony that would eventually affect the value of JBS stock and Brazil''s currency, the real.Joesley Batista, who was allowed to leave Brazil and return to a Manhattan apartment after his testimony, "speculated against the national currency," Temer said, yet was now "loose and free to walk the streets of New York." (Reporting by Lisandra Paraguassu; Writing by Paulo Prada; Editing by Mary Milliken)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-idINL2N1IM0FE'|'2017-05-20T17:30:00.000+03:00'
'227bb1bd0730591b2045df7e83e5114e9fdef1f6'|'Homes with a famous history <20> in pictures - Money - The Guardian'|'Homes with a famous history <20> in pictures View more sharing options CloseFrom Hitchcock<63>s studio to the family seat of a former British prime minister, these properties come with a large dose of fameAnna TimsFriday 19 May 2017 23.45 BSTGainsborough Studios West, London N1A gigantic sculpture of Alfred Hitchcock<63>s head in the courtyard recalls the films he made here at the old film studios beside the Regent<6E>s canal. This two-bedroom flat shares a gym, concierge and underground parking. Most of the film studios have been demolished, with just a few of the old walls encasing the apartment block that replaced it. Cost: <20>899,950. Fyfe McDade , 020 7354 4044 Facebook Twitter PinterestWhittingehame House, Haddington, East LothianDesigned by Sir Robert Smirke, who was also responsible for the British Museum, it was the family seat of prime minister Arthur Balfour, and William Gladstone, Winston Churchill, HG Wells and Edward VII visited here. You only get a portion of it <20> 9,020 aristocratically embellished square feet <20> and although you own the grounds, neighbours have right of way across them. Offers over <20>1.85m. Strutt & Parker , 0131 718 4595 Facebook Twitter PinterestSt Margaret<65>s Bay, Dover, KentActor Peter Ustinov was stationed at a nearby pill box during the war and later bought it as a holiday retreat. This three-bedroom house was built on his land with views over the bay and 0.75 private acres of the white cliffs. However, the decor is slightly dated. Guide price: <20>675,000. Bright & Bright, 01304 374071 Facebook Twitter PinterestTopics Property Snooping around Homes'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/gallery/2017/may/19/homes-with-famous-history-in-pictures'|'2017-05-20T07:45:00.000+03:00'
'c1efb0a389ca8eefb6d586edb1b681b02d7fb011'|'Brazil reinsurer IRB to register for initial public offering'|'SAO PAULO May 19 Brazil''s reinsurer IRB Brasil Resseguros SA has received approval from its shareholders to file with securities industry watchdog CVM for an initial public offering of shares, its leading shareholders said on Friday.Shareholders Banco Bradesco SA, Ita<74> Unibanco Holding SA and Banco do Brasil SA''s insurance unit BB Seguridade Participa<70><61>es SA said in regulatory filings the IPO should include a secondary offering of shares in which current shareholders can sell part of their stakes. (Reporting by Tatiana Bautzer; editing by Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/irb-brasil-ipo-idUSE6N1FG030'|'2017-05-20T05:39:00.000+03:00'
'9ccb2a18140f5f477bad5c200017b1865b148e0e'|'BHP hires Barclays to divest U.S. shale gas assets - sources'|' 19pm BST BHP hires Barclays to divest U.S. shale gas assets: sources FILE PHOTO: Australian mining company BHP''s new corporate logo, released to Reuters from their Melbourne, Australia, headquarters May 15, 2017. BHP/Handout via REUTERS/File Photo By Clara Denina - LONDON LONDON BHP ( BHP.AX ) ( BLT.L ) has hired Barclays ( BARC.L ) to divest its U.S. Fayetteville shale gas assets as the miner seeks to fend off an attack by activist funds, two sources close to the matter said on Tuesday. BHP said last month the gas-rich Fayetteville field in Arkansas was under review and that it was "considering all options, including divestment". BHP declined to comment and Barclays was not immediately available for a comment. The miner had tried to sell the business more than two years ago, but the attempt was shelved in February 2015, when it said it planned to "maximize value" of the assets. The revived sale comes as activist investor Elliott Advisors, which has built up a 4.1 percent stake in BHP''s London-listed arm, urged for changes to boost shareholder value. The sale is expected to draw interest from smaller mining companies already operating in the region, the sources said. The Fayetteville assets, which BHP acquired for $4.75 billion in 2011, had a book value of $919 million at the end of 2016, according to the company''s annual accounts. The miner had to write down the assets by $2.8 billion in 2012 due to lower gas prices. Earlier this month, Elliott called for BHP to run an independent review of its petroleum division, valued at more than $20 billion, after asking to spin off the U.S. oil and gas assets. BHP has rejected the call by Elliott, which was later joined by Australian boutique manager Tribeca Partners. The mining company denied any link between the activists'' move and prospects for Fayetteville including divestment, and said the move was instead part of an ongoing review. Within the petroleum business, BHP has long made it clear it intends to focus on liquid products in the United States, a more lucrative business than dry gas. In February, it agreed to spend $2.2 billion to fund its share of investment for the second phase of the Mad Dog oilfield in the Gulf of Mexico. (Editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-bhp-billiton-divestiture-shale-idUKKBN18J1IY'|'2017-05-23T19:18:00.000+03:00'
'19924a51667784a6800b1997d2b414a06b141418'|'Exclusive - ECB plan to take euro clearing from London stalled by infighting: sources'|'Business News   1:12pm BST Exclusive: ECB plan to take euro clearing from London stalled by infighting - sources The headquarters of the European Central Bank (ECB) are pictured in Frankfurt, Germany September 8, 2016. REUTERS/Ralph Orlowski/File Photo By Francesco Canepa and Balazs Koranyi - FRANKFURT FRANKFURT Discord between the euro zone''s three largest countries is stalling the European Central Bank''s efforts to come up with a way to force euro clearing out of London and put it under its watch, three sources told Reuters. Currently UK clearing houses, particularly the London Stock Exchange''s LCH.Clearnet ( LSE.L ), guarantee the vast majority of the trillions of euros worth of trades conducted every year and their location will likely be a point of contention in divorce talks between Britain and the European Union. The ECB and the central banks of the euro zone''s three largest countries - Germany, France and Italy - agree euro clearing needs to move to the euro zone after Brexit but they diverge on who should supervise it, the sources close to the matter said. The ECB has effectively proposed taking over supervision of the largest clearing houses but national authorities want to have prerogative, as they do currently, the sources added. "The question is who would supervise, the ECB or the national central banks," one of the sources said. "There is a risk now that we won''t be able to agree on a proposal and the (European) Commision will decide for us." The disagreement risks delaying the European Union''s timetable for making a legislative proposal in June on euro clearing after Brexit. Alternatively it could force the European Commission to make a proposal without ECB input. The ECB, the Bundesbank, the Banque de France and the Bank of Italy all declined to comment. The ECB, as the guardian of the euro, currently sits on ''supervisory colleges'' overseeing London-based clearing houses through EU regulation and agreements with the Bank of England. But it is afraid of losing its power over these firms, which clear more than 90 percent of all euro derivatives. This includes ensuring they are managed safely and being able to supply them with euros if they run out of cash. Asked by the European Commission, the ECB''s Executive Board has drafted a proposal for putting euro clearing under the direct supervision of the Eurosystem, which is comprised of the ECB and the euro zone''s 19 other central banks, the sources said. The proposal, however, contained no preference for any particular location. ROADBLOCK This plan, which involves changing article 22 of the Eurosystem''s statute, would effectively force any firm clearing euros to be located in the euro zone and give the ECB, as the bloc''s top banking watchdog, oversight of the largest ones. But the proposal hit a roadblock last week when it was discussed at a meeting of the ECB''s Governing Council, where board members sit alongside national governors. The central banks of Germany, France and Italy are resisting this change and favor maintaining the current system, which gives them or national authorities such as Germany''s Bafin the leading role in supervising clearing houses, the sources said. "We have a system that works so why change it?" one of the sources said. The three largest clearing houses that currently handle euro trades in the euro zone are Deutsche Boerse''s Eurex in Frankfurt, LCH SA in Paris and Cassa di Compensazione e Garanzia in Rome, with the last two being part of the London Stock Exchange Group. Instead, these central banks propose adopting a ''location policy'' for all transactions in euros to be cleared in the EU, with the implicit aim that their own financial centres would benefit. The ECB should only be given authority over any clearing house still outside the EU via changes to the European Market Infrastructure Regulation that would make that a pre-condition for that firm to access the single market. The issu
'235656f284d98a58f1f11ab2277383863b41d549'|'Greek stocks rise as Eurogroup meets; Europe-U.S. M&A at decade high - For more see the European equities LiveMarkets blog'|'London Market Report  36am EDT Greek stocks rise as Eurogroup meets; Europe-U.S. M&A at decade high - For more see the European equities LiveMarkets blog LONDON May 22 Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarkets Summary: ** Athens stocks up as euro zone finance ministers meet for Greek deal ** Clariant-Huntsman tie-up takes Europe-U.S. M&A to decade high ** BTG jumps on pulmonary embolism study success ** New CEO boosts Lafargeholcim, Sika sinks ** Investors cheer Aegon''s U.S. divestments ** Micro Focus falls as CS points to legacy tech risks ** UCB plummets on bone drug clinical fail (Reporting by Helen Reid)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/greek-stocks-rise-as-eurogroup-meets-eur-idUSL8N1IO3QP'|'2017-05-22T21:36:00.000+03:00'
'40185550181467d693f7fc0348271bdd13660610'|'PRESS DIGEST- New York Times business news - May 22'|'May 22 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- In a shake-up reflecting the pressures on the American auto industry, Ford Motor Co is replacing its chief executive, Mark Fields, according to officials briefed on the move. nyti.ms/2qG3yfB- A small Boston company, founded by the inventor of a popular corporate encryption technology called RSA SecurID, sued Apple Inc and Visa Inc, arguing that the Apple Pay digital payment technology violates its patents. nyti.ms/2qG0y2R- America''s biggest television networks invited advertisers to New York institutions such as Carnegie Hall and Lincoln Center last week, giving them an early glimpse at their fall lineups and treating them to lavish parties and a parade of stars including Stephen Colbert, Kim Kardashian and Tony Romo, all with the aim of attracting billions of dollars in advertising by the end of the summer. nyti.ms/2qFTMKe- Nine months after Uber Technologies Inc rolled out self-driving vehicles in Pittsburgh, the city''s relationship with the ride-hailing company has soured. nyti.ms/2qG8VLF- Huntsman Corp is close to a deal to merge with a Swiss counterpart, Clariant AG, and create a large trans-Atlantic chemical maker at a time of consolidation within the industry, a person briefed on the matter said Sunday evening. nyti.ms/2qG9yVx- Suppliers of a simple, critical medication <20> sodium bicarbonate solution <20> have run out, leaving doctors to postpone chemotherapy treatments and surgeries. nyti.ms/2qFX68l (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL4N1IO1YX'|'2017-05-22T12:43:00.000+03:00'
'47d6b9e374fcc69944b3638684f7ad95cf4dcd44'|'MOVES-Assurant names non-executive director to its UK Board'|'May 22 Risk management firm Assurant Inc said on Monday it appointed Colin Kersley as a non-executive director to the Board of UK Assurant Group Limited, which heads its European operation.The New York-based company said Kersley will also chair the audit, risk and compliance committee.Kersley, an independent non-executive director at U.K.-based Leek United Building Society, has held senior roles in the financial services industry with companies such as HSBC Bank and most recently served as the CEO of Marks & Spencer Bank. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/receivingfirm-moves-individualname-idUSL4N1IO3LE'|'2017-05-22T15:05:00.000+03:00'
'9b21d92d8eedb13e9473d59818b6904c4639fff5'|'Shareholders take Akzo Nobel to court in effort to aid PPG takeover'|'By Toby Sterling - AMSTERDAM AMSTERDAM Akzo Nobel ( AKZO.AS ) shareholders angered by the Dulux owner''s rejection of a 26.3 billion euro ($29.5 billion) takeover offer from U.S. rival PPG Industries ( PPG.N ) took their fight to an Amsterdam court on Monday.Activist hedge fund Elliott Advisors, supported by several long-term institutional investors, asked the Amsterdam Enterprise Chamber to order an investigation into possible mismanagement by Akzo''s board and force an extraordinary meeting of shareholders to vote on dismissing Chairman Antony Burgmans.Elliott Advisers and the other institutional investors together represent 18 percent of the Dutch paint maker''s shares."A large group of shareholders has lost confidence in Mr. Burgmans and has asked to call him to account at an extraordinary shareholders meeting," said Jan Willem de Groot, representing Elliott. "That''s a vote of no confidence by itself."Akzo was to respond later. At the start of the hearing, presiding Judge Gijs Makkink granted a request by PPG to address the court as an "interested party," allowing it to speak after shareholders and before Akzo.PPG lawyer Arnold Croiset van Uchelen told the court the U.S. company remains willing to enter talks with Akzo, regardless of the composition of its management and supervisory boards.As dozens of lawyers and journalists packed the courtroom for the hearing in the high-stakes corporate battle, PPG''s Chief Executive Michael McGarry shook hands with Burgmans.A ruling is expected within a week, soon enough for PPG to decide whether it wants to submit a formal bid to Dutch regulators without the support of Akzo''s board by a June 1 deadline or walk away for at least six months.Despite impassioned pleas by several shareholders, experts in Dutch corporate law say it will be tough for the shareholders to convince judges that Akzo''s corporate governance has been so poor as to warrant an investigation.Akzo, meanwhile, faces a potentially awkward public questioning of its reasons for rejecting PPG''s offer on May 8.Shares in Akzo opened nearly flat at 75.48 euros on Monday, well below PPG''s 96.75 euros per share offer made on April 20, suggesting investors have significant doubts as to whether a PPG bid will ultimately succeed.Akzo has argued that the takeover would be bad for employees, that the companies'' cultures don''t mesh, that the deal faces antitrust risks, that the merger would be bad for the environment and that Akzo should remain Dutch in the country''s national interest.Those arguments have met with scepticism in some quarters.Akzo will also be questioned on its alternative to embracing PPG - a plan to sell a third of its operations and pay shareholders a hefty dividend.The court''s decision will influence PPG''s decision on whether Akzo is worth pursuing further, given the company''s powerful poison pill defences.(This version of the story has been refiled to fix typo in headline)(Additional reporting by Bart Meijer; Editing by David Goodman and Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-akzo-nobel-m-a-ppg-inds-idINKBN18I003'|'2017-05-21T22:05:00.000+03:00'
'cdb671d168865a4cb63fc6d0e5aa5fb61dfd64cb'|'UPDATE 1-Higher rate of heart problems with Amgen osteoporosis drug in trial'|'  4:42am EDT Heart problems hit hopes for experimental Amgen, UCB bone drug An Amgen sign is seen at the company''s office in South San Francisco, California in this October 21, 2013 file photo. REUTERS/Robert Galbraith/Files By Bill Berkrot and Ben Hirschler Amgen Inc and UCB SA no longer expect their experimental osteoporosis drug to win U.S. approval this year after a higher rate of serious heart-related side effects were observed in a late-stage clinical trial. The drug, romosozumab, which would be sold under the brand name Evenity if approved, is awaiting an approval decision by the Food and Drug Administration. But the new safety data, which cropped up in an otherwise successful trial, will have to be taken into consideration, delaying any FDA decision and leaving the product''s future uncertain. The news is a blow for both companies and the setback hit smaller Belgium-based UCB hard on Monday, sending its shares down 13 percent. The problem adds to doubts about UCB''s long-term growth prospects, given looming biosimilar competition to its Cimzia arthritis drug. The companies did not disclose the nature and severity of the heart-related side effects but Leerink analyst Geoffrey Porges said he believed romosozumab now had only a 50/50 probability of coming to market. ISI Evercore analyst Umer Raffat in a research note called the new data "clearly negative and very surprising". Raffat said he was removing all sales of romosozumab from his Amgen forecast models and expected company shares to trade 3 to 4 percent lower on Monday. The drug had been viewed as a potentially important future growth driver for both Amgen and UCB, and the surprise heart problems and delay in approval will likely not sit well with investors. Analysts on average were forecasting annual sales of the drug to reach about $720 million by 2023, according to Thomson Reuters data. The two drugmakers themselves were measured in describing the problem in a statement issued late on Sunday. "The efficacy results from this study comparing Evenity to an active control are robust. At the same time, the newly observed cardiovascular safety signal will have to be assessed as part of the overall benefit/risk profile for Evenity," Amgen research chief Sean Harper said. "Together with UCB, we will engage with global regulators and medical experts in the field to conduct a thorough evaluation of these data." Romosozumab, which is given as an injection, is also being considered for approval in Canada and Japan. It is designed to increase bone formation and density, thereby reducing the risk of fractures. The medicine met the primary and key secondary goals of a late-stage study. The imbalance in heart-related side effects had not been observed in an earlier Phase III study that had been the basis of the regulatory submission seeking approvals. In the new trial, romosozumab significantly reduced the incidence of new vertebral fractures through 24 months as well as non-vertebral fractures in postmenopausal women with osteoporosis at high risk for fracture compared with Merck & Co''s Fosomax. Serious heart problems were reported, however, in 2.5 percent of patients who received the Amgen drug, versus 1.9 percent in the Fosomax group. Patients in the study received romosozumab for 12 months followed by treatment with Fosomax, known chemically as alendronate, compared with those who received only Fosomax, a current standard of care. (Additional reporting by Pawel Goraj; Editing by Peter Cooney and Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-amgen-ucb-osteoporosis-idUSKBN18H14L'|'2017-05-22T07:05:00.000+03:00'
'8c0c6104ea7a3dcfd43bb0469b20c4b12a42d4d9'|'EU antitrust regulators to scrutinise syndicated loans'|'Business News - Mon May 22, 2017 - 1:59pm BST EU antitrust regulators to scrutinise syndicated loans FILE PHOTO: European Union (EU) flags fly in front of the European Central Bank (ECB) headquarters in Frankfurt, Germany, December 3, 2015. REUTERS/Ralph Orlowski/File Photo By Foo Yun Chee - OXFORD, England OXFORD, England European Union antitrust regulators are to put major financial services firms under the microscope by examining the impact of syndicated loans on credit markets. "The fact that the (European) Commission commissions a study in a specific market does not in any way imply that there is anti-competitive behaviour taking place or that the Commission would open an investigation into that market," spokesman Ricardo Cardoso said in an email on Monday. In Europe, bank loans traditionally accounted for around 70 percent of lending to companies and other borrowers. This contrasts with the United States where the credit markets have made up some 70-80 percent of where companies borrow. The European Commission said its interest had been prompted by the growing importance of loan syndication, in which institutional investors and banks lend to a borrower for a fee. Companies face penalties up to 10 percent of their global turnover for breaching EU antitrust rules and the bloc has fined banks including Deutsche Bank ( DBKGn.DE ), JPMorgan ( JPM.N ), RBS ( RBS.L ), Citigroup ( C.N ) and Societe Generale ( SOGN.PA ) a total of more than 1 billion euros ($1.1 billion) in recent years. Authorities around the world have taken a similarly tough line against rate-rigging and other infringements. The study is expected to take nine months and will focus on six countries, according to a tender for the study issued by the EU executive, which did not name them. "The study will examine the structure and process of loan syndication, also in light of recent regulatory reforms which aim to increase supervision and capital requirements," Cardoso said. Parties wishing to carry out the study for the commission have until June 6 to submit their offers. (Editing by Philip Blenkinsop and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-antitrust-loans-idUKKBN18I1JC'|'2017-05-22T20:59:00.000+03:00'
'1b812edd00abc960bdba9d7f238e7e441b291b8f'|'Supreme Court rejects challenge to state retroactive tax changes'|'U.S.   10:00am EDT Supreme Court rejects challenge to state retroactive tax changes A general view of the U.S. Supreme Court building in Washington, U.S., November 15, 2016. REUTERS/Carlos Barria By Andrew Chung - WASHINGTON WASHINGTON The U.S. Supreme Court on Monday declined to hear a challenge by several major corporations to a Michigan law that retroactively changed the way businesses are taxed in the state, leading to $1 billion extra for government coffers. The justices turned away appeals by Goodyear Tire and Rubber Co ( GT.O ), IBM Corp ( IBM.N ), AT&T Inc''s ( T.N ) DirecTV, Monster Beverage Corp ( MNST.O ) and others of a lower court''s ruling in favor of the state. The companies argued that Michigan''s retroactive change to its tax regime violated their rights to due process under the U.S. Constitution. The Supreme Court also refused to take up an appeal by closely held Dot Foods Inc over a lower court ruling favoring Washington state in a similar retroactive tax dispute. Before 2008, companies with activities in Michigan and outside the state could limit their tax liability by apportioning their income using a three-factor formula set out under a decades-old agreement called Multistate Tax Compact, which took into account a company''s sales, property and payroll in the state. That compact, which Michigan joined in 1970, helped to avoid duplicative taxation of companies among member states. Michigan''s 2008 Business Tax Act provided for apportionment based on sales alone. In 2014, the Michigan Supreme Court ruled that the act did not expressly repeal the compact''s three-factor apportionment provision. That decision meant the state could lose $1 billion in already-collected tax revenue, Michigan said in court papers. In response, the state legislature rewrote the law to correct what it called an erroneous interpretation by the court. The new law expressly repealed the compact and applied it retroactively to 2008, saying that was the "original intent" of the legislature. Dozens of companies filed suit against Michigan as far back as 2011 over the tax changes. But based on the 2014 legislation, Michigan''s Court of Appeals dismissed them, saying the changes did not violate the companies'' right to due process. The Michigan Supreme Court declined to review the cases last year. The corporations urged the U.S. Supreme Court to hear their cases, saying that retroactive tax laws are becoming more common in the United States as a "ready source of revenue" for governments. In the Dot Foods'' case, a lower court had upheld Washington''s decision to close a tax loophole and apply the change to Illinois-based Dot Foods for the four years prior to the statute''s enactment. Dot accused the state of violating its due process rights. (Reporting by Andrew Chung; Editing by Will Dunham)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-court-tax-idUSKBN18I1P4'|'2017-05-22T21:50:00.000+03:00'
'63dec29af62d072af3d68c3e0854748f9d81d790'|'Chemical groups Huntsman, Clariant set to announce merger: sources'|'By Greg Roumeliotis and Ludwig Burger Hunstman Corp ( HUN.N ) and Clariant AG ( CLN.S ) are set to announce their merger on Monday, creating a chemical manufacturer with a market value of more than $14 billion, people familiar with the matter said on Sunday.The deal would combine Clariant, a Muttenz, Switzerland-based maker of aircraft de-icing fluids, pesticide ingredients and plastic coloring, with Woodlands, Texas-based Huntsman, whose chemicals are used in paint, clothing and construction.The agreement comes after Reuters reported last March that Clariant and Huntsman previously ended merger talks because of disagreements over who would play the lead role.In an attempt to structure a merger of equals, the two companies have now agreed that Huntsman Chief Executive Peter Huntsman will become CEO of the combined company, while Clariant CEO Hariolf Kottmann will become chairman, the sources said.The combined company will be headquartered in Switzerland, though its operational center will be in Woodlands, Texas, one of the sources added.The sources asked not to be identified because the negotiations are confidential. A Huntsman spokesman declined to comment, while Clariant did not immediately respond to a request for comment.The Wall Street Journal, which first reported on the deal on Sunday citing sources, said that Clariant shareholders stood to own about 52 percent of the combined company following the merger, with Huntsman shareholders owning the remainder.Clariant was under pressure from investors to find a merger partner that could help it cut costs and revive growth as part of a bigger structure, Reuters reported in March. Being part of a larger group could also help it negotiate lower costs of supplies.Kottmann has spent several years restructuring Clariant. He divested underperforming businesses including textile and paper chemicals in 2012 and placed more responsibility with lower level managers for faster decision-making.In mid-2015 he started carving out Clariant''s plastics and coatings business into a separately managed but wholly-owned entity.But with fewer opportunities left to fine-tune the business internally, investor pressure had been growing on management to identify a growth strategy for Clariant, which was formed in the mid 1990s from parts of Switzerland''s Sandoz and Germany''s Hoechst.Huntsman was founded in 1970 by Peter Huntsman''s father, Jon. One of Huntsman''s other sons is Jon Huntsman, the former governor of Utah and former U.S. ambassador to Singapore and China. He was reported in March to be U.S. President Donald Trump''s pick for ambassador to Russia.(Reporting by Greg Roumeliotis in New York and Ludwig Burger in Frankfurt; Editing by Peter Cooney and Mary Milliken)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-clariant-m-a-hunstman-idINKBN18H14B'|'2017-05-21T21:14:00.000+03:00'
'd848633d656a56f024dacf5365bee46a8461fe4f'|'Blackstone, Saudi''s PIF plan $40 bln infrastructure investment fund'|'RIYADH U.S. private equity firm Blackstone ( BX.N ) and Saudi Arabia''s main sovereign wealth fund said on Saturday they planned to create a $40 billion vehicle to invest in infrastructure projects, mainly in the United States.Blackstone and the Public Investment Fund (PIF) signed a non-binding memorandum of understanding for the project, which will depend on further negotiations.The proposed venture was announced during the visit to Riyadh of President Donald Trump, who has said he wants to rebuild crumbling U.S. infrastructure.Blackstone said it expected the vehicle to have $40 billion of equity commitments, with a $20 billion anchor investment from the PIF with the rest from other investors. Through this equity plus debt financing, Blackstone expects to invest in more than $100 billion of infrastructure projects, it said.The new fund "reflects our positive views around the ambitious infrastructure initiatives being undertaken in the United States as announced by President Trump," the PIF''s managing director Yasir al-Rumayyan said.Blackstone president Hamilton James said: "This will create well-paying American jobs and will lay the foundation for stronger long-term economic growth."(Reporting by Andrew Torchia; Editing by Alison Williams and Helen Popper)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-trump-saudi-blackstone-group-idUSKCN18G0OW'|'2017-05-20T23:41:00.000+03:00'
'419d0dfdcdf9047875d75c1c38881b03f83da06a'|'Deals of the day-Mergers and acquisitions'|'May 19 The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Friday:** Suitors including private equity firms KKR & Co LP , Bain Capital and U.S. chip maker Broadcom Ltd are lining up for Toshiba Corp''s semiconductor business, sources familiar with matter said ahead of a deadline for second-round offers on Friday.** French satellite operator Eutelsat has agreed to sell its 33.69 percent stake in Spanish business Hispasat to majority shareholder Abertis for 302 million euros ($336 million).** Mining group Pallinghurst Resources Ltd, the largest shareholder of precious stones miner Gemfields Plc , on Friday offered to buy out the remaining 52.91 percent it does not already own for about 111.9 million pounds ($145.2 million).** Alibaba Health Information Technology Ltd said on Friday controling shareholder Alibaba Group Holding Ltd would sell HK$3.8 billion ($488.3 million) worth of health food and nutritional products businesses to the company, further developing it into Alibaba''s healthcare flagship platform.** Power producer Vistra Energy Corp has proposed to take over debt-laden rival Dynegy Inc, the Wall Street Journal reported on Thursday, citing people familiar with the matter.** South Korea''s SK Hynix Inc said on Friday it will submit a final bid for Toshiba Corp''s memory chip business as part of a consortium.** The private equity groups behind a hostile bid for British challenger bank Shawbrook Group said on Friday they had backing from investors holding 45.1 percent of its shares, and were extending the offer period.** U.S. buyout firm TPG Capital Management on Friday said it would make a commitment to editorial independence if it succeeds in its A$2.76 billion ($2.05 billion) offer for Australia''s oldest newspaper publisher, Fairfax Media Ltd.** Australia''s two biggest billboard companies on Friday called off a deal in which APN Outdoor Group Ltd would buy rival oOh!media Ltd for A$735 million ($544.9 million), after the antitrust regulator raised concerns.** Japanese chemicals maker Daicel Corp and auto parts maker Toyoda Gosei Co said on Friday they will invest 1 billion yen ($9 million) in each other''s equity, deepening ties as both companies expand their global air bag businesses. (Compiled by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1IL38Q'|'2017-05-19T08:00:00.000+03:00'
'ea68df19b585d4df65a24f29e851dc28e0b0b1af'|'MOVES-Gatehouse Bank appoints Charles Haresnape as CEO'|'Market   7:40am EDT MOVES-Gatehouse Bank appoints Charles Haresnape as CEO May 22 London-based Gatehouse Bank Plc, a unit of Gatehouse Financial Group, said it hired Charles Haresnape as chief executive, effective May 8. He replaced Fahed Faisal Boodai, co-founder of Gatehouse Financial Group, who returned to his role as chairman of the group. Haresnape, who has worked in a number of senior lending roles including at Royal Bank of Scotland Plc, most recently served as group managing director at Aldermore Group Plc. (Reporting by Gayathree Ganesan in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gatehousebank-moves-charlesharesnape-idUSL4N1IO3QW'|'2017-05-22T19:40:00.000+03:00'
'a3c6c1a986fa0419b168b419c5a08770916a3693'|'Miner Rio Tinto launches $2.5 billion bond buyback'|'LONDON Global miner Rio Tinto ( RIO.L ) ( RIO.AX ) said on Monday it would launch a new bond buyback of up to $2.5 billion in an effort to cut debt.The London-listed miner said it had issued a redemption notice for $1.72 billion of its 2019 and 2020 dollar-denominated notes and a cash tender offer to buy about $781 million of its five 2021, 2022 and 2025 notes.(Reporting by Zandi Shabalala, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rio-tinto-plc-debt-idINKBN18I1IN'|'2017-05-22T10:50:00.000+03:00'
'fc8a23d249e97b9972422aabecaedf84e0ff2135'|'EU''s Moscovici confident Eurogroup will reach deal on Greece'|'Sun May 21, 2017 - 2:14pm BST EU''s Moscovici confident Eurogroup will reach deal on Greece European Commissioner Pierre Moscovici arrives at the Petruzzelli Theatre during a G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi PARIS The European Commissioner for Economic and Financial Affairs, Pierre Moscovici, said on Sunday he was confident an agreement between Athens and its creditors could be found at a meeting of euro zone finance ministers on Monday in Brussels. Athens needs funds to repay 7.5 billion euros (6.4 billion pounds) of debt maturing in July. "We are very close to an overall agreement," Moscovici told France Inter radio. "Greece has assumed its responsibilities," he said, referring to measures on pension cuts, tax hikes and reforms adopted on Thursday by the Greek Parliament. "I now wish that we, the partners of Greece, also take our responsibilities," he said. Moscovici said his optimism over a deal was partly linked to the fact Germany was now aware of the need to find a structural solution to Greece''s problems. Greek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel agreed during a call on Wednesday that a deal was "feasible" by Monday. (Reporting by Myriam Rivert and Sybille de La Hamaide; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-greece-moscovici-idUKKBN18H0MF'|'2017-05-21T21:05:00.000+03:00'
'ef4d20fd617a741c020b42660d307378619f4a7c'|'Buffett''s Berkshire Hathaway set for growth through 2018: Barron''s'|'Business News - Sun May 21, 2017 - 1:34pm EDT Buffett''s Berkshire Hathaway set for growth through 2018: Barron''s Berkshire Hathaway CEO Warren Buffett waits to play table tennis during the Berkshire Hathaway annual meeting weekend in Omaha, Nebraska, U.S. May 7, 2017. REUTERS/Rick Wilking Shares of Berkshire Hathaway ( BRKa.N ), the conglomerate run by billionaire Warren Buffett, could see double digit gains over the next year and a half even if the legendary chairman and chief executive decides to retire, a report in Barron''s financial newspaper said. The company''s Class A shares could have an upside of 15 percent to 20 percent through the end of 2018 based on likely growth in its book value, given the company''s diversified earnings stream, long-term focus and nearly $100 million (76.7 million pounds) in cash and securities, Barron''s said in it May 22 edition. Barclay''s analyst Jay Gelb, quoted in the article, forecast Berkshire''s book value rising 9 percent to 10 percent annually over the next two years. Buffett''s eventual successor is likely to begin paying a dividend and be more aggressive in buying back shares, the report predicted. Barron''s sees Berkshire Hathaway Energy head Greg Abel as the most likely person to be tabbed to "step into Warren Buffett''s legendary shoes." Berkshire shares, which rose 23 percent in 2016, are flat this year after giving back gains seen earlier during the post-election rally. They closed at $244,910 on the New York Stock Exchange on Friday. (Reporting by Bill Berkrot; Editing by Phil Berlowitz) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-berkshire-hatha-barrons-idUSKBN18H0Y4'|'2017-05-22T01:34:00.000+03:00'
'e2b7fbf515fe034b014b956ace25160aaa92b180'|'Dutch considering law to protect companies from foreign takeover'|'Business News   10:57am BST Dutch considering law to protect companies from foreign takeover AMSTERDAM The Netherlands government on Saturday said it is considering a law that would give Dutch publicly listed companies a one-year period of "thinking time" during which they could freely reject any approach by a foreign buyer. The announcement by Economic Affairs Minister Henk Kamp comes amid a surge in nationalist and protectionist sentiment in the Netherlands. It also comes as U.S. paint-maker PPG Industries ( PPG.N ) seeks to buy Dutch based rival Akzo Nobel ( AKZO.AS ) with a 26.3 billion euro ($29.47 billion) offer that is widely backed by the company''s foreign shareholder base but opposed by the company''s Dutch-controlled board. Kamp has said a takeover of Akzo Nobel is not in the Dutch national interest. (Reporting by Toby Sterling Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-netherlands-m-a-protectionism-idUKKCN18G0BW'|'2017-05-20T17:57:00.000+03:00'
'3e4de3d73de70367cc917010873a8a4b2732c0c0'|'Ethical art: how online entrepreneurs are selling Indigenous artists to the world - Guardian Sustainable Business'|'For many decades now Indigenous Australian art has adorned boardroom and salon walls from Double Bay to New York City and from Berlin to London.Notwithstanding the commitment of dedicated arts centres, curators and collectors who<68>ve been determined to forge better deals for often impoverished Indigenous creators, too many Aboriginal artists remain disadvantaged by poor access to mainstream markets, substandard prices for their work and unethical acquisition practices.Can<61>t think of any female leaders in tech? It<49>s not because they don<6F>t exist - Jo Burston Read moreEnter Bluethumb , a transparent online sales and promotional space for Australian visual artists, that has shown significant early capacity to link painters and artisans from remote Indigenous community arts centres to vast, untapped national and international buyers<72> markets.Bluethumb is the creation of brothers Edward and George Hartley, a former accountant and an app designer respectively, who were inspired by an early contact with art and their entrepreneurial father.Facebook Twitter Pinterest Mimih Spirit Hunting by Thommo Nganjmirra from Injalak Arts. Photograph: BluethumbEdward Hartley explains: <20>We saw two industry-wide problems that weren<65>t being solved <20> where could people like us buy art? Back in 2011 it seemed like you could buy anything online, except original art. And, how did emerging artists build a career when less than 1% ever saw gallery representation?<3F>And we wondered if one online platform could solve these problems by connecting art lovers with Australia<69>s best emerging artists.<2E>About 90 art centres operate in regional Northern Territory, South Australia, Western Australia and Queensland, representing some 13,000 Indigenous artists. Thanks to modest sales and public funding, the centres have uncovered bold new talents, brought modest earnings to some communities and introduced more non-Indigenous Australians to Aboriginal and Torres Strait Islander art.But the centres are also captive to the vagaries of remote community life: not least an inability to attract skilled administrators and bad weather <20> particularly in the wet season <20> that isolates some communities for months, renders tourism impossible and makes it impossible to bring art supplies in and get paintings to would-be buyers quickly.How do you buy Indigenous Australian art ethically? Read moreMany of the arts centres get little if any tourist traffic. So it is imperative that the centres are connected in other ways to potential buyers who will neither personally visit the arts communities nor see the work of their artists in urban galleries.Edward Hartley spent a year in Darwin. He travelled extensively through the Top End and into the Kimberleys where he learned something of Indigenous art and culture that is, he believes, <20>massively underappreciated<65>.<2E>Today we are building this incredibly powerful network of collectors online ... I think we can build the world<6C>s largest and most significant collection of Indigenous art, in one accessible place.<2E>So far, eight community arts centres have determined to have their artists<74> works showcased on the Bluethumb site. Most signed up after the company<6E>s Freddy Grant attended the 2016 Revealed festival in Fremantle, an annual showcase of leading Western Australian Indigenous art.Hartley says: <20>The results were phenomenal. Despite not having yet built a dedicated platform [for Indigenous art centres], they all made sales in the first fortnight ... we are determined to continue to improve the technology and on-ground support for art centres. It will take a significant investment to build it up to where it needs to be, but I strongly believe in its long-term value.<2E>Facebook Twitter Pinterest The Pukara Rock Hole by Jimmy Donegan from Papulankutja Artists. Photograph: BluethumbBluethumb is launching a specific Indigenous art centre on its website. Currently about 3% of the art on the Bl
'33ee8e0169760d8c72bbafc0586f526fda8c494d'|'Indian digital payments firm Paytm launches niche payments bank'|'Business News - Tue May 23, 2017 - 4:44am BST Indian digital payments firm Paytm launches niche payments bank Advertisements of Paytm, a digital wallet company, are seen placed at stalls of roadside vegetable vendors in Mumbai, India, November 19, 2016. REUTERS/Shailesh Andrade MUMBAI Indian digital payments firm Paytm launched a niche payments bank on Tuesday, aiming to acquire 500 million customers in the next three years, the company said in a statement. Paytm, which runs India''s biggest electronic wallet, said it will offer an interest rate of 4 percent per annum on deposits. The Paytm Payments Bank aims to open 31 branches and 3,000 customer service points in its first year of operations, the company said. A payments bank is an institution that can take deposits and remittances but cannot lend. (Reporting by Sankalp Phartiyal; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-paytm-bank-idUKKBN18J0DE'|'2017-05-23T11:44:00.000+03:00'
'b5a52c399027261d3f14f1cce7d4d3d248b2b5bf'|'Israeli billionaire buys control of Germany''s Brack Capital Properties'|' 26pm BST Israeli billionaire buys control of Germany''s Brack Capital Properties JERUSALEM Israeli billionaire Teddy Sagi has agreed to buy a controlling stake in Brack Capital Properties (BCP), a property owner and developer in Germany, for about 1 billion shekels (<28>214.7 million), the company said on Tuesday. BCP ( BCNV.TA ), which is listed on the Tel Aviv Stock Exchange, said in a statement that Sagi agreed to buy a controlling 44 percent stake, or about 2.9 million shares, for 345 shekels a share. The shares had been trading at 365 shekels when trade was halted prior to the announcement. BCP has a market capitalisation of 2.53 billion shekels. Sagi, who founded online gaming software supplier Playtech ( PTEC.L ), has been building up his real estate portfolio, which includes prime real estate in London such as Camden Market, which he holds through Market Tech Holdings ( MKT.L ). (Reporting by Ari Rabinovitch, Editing by Tova Cohen and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brack-capital-sagi-idUKKBN18J1K2'|'2017-05-23T19:26:00.000+03:00'
'4bb06e89cc6b75e66c61651a89535b77a3471cfa'|'Trial over RBS 2008 cash call faces further delay amid settlement talks'|'Top News - Tue May 23, 2017 - 11:15am BST Trial over RBS 2008 cash call adjourned for settlement talks left right Protestors hold a banner outside of the Royal Courts of Justice Royal as Bank of Scotland (RBS) pursued last-minute settlement talks with a group of investors to avoid a potentially embarrassing trial over allegations the lender misled them about a 2008 capital increase, in London, Britain May 22, 2017. REUTERS/Neil Hall 1/4 left right A man holds placards outside of the Royal Courts as Bank of Scotland (RBS) pursued last-minute settlement talks with a group of investors to avoid a potentially embarrassing trial over allegations the lender misled them about a 2008 capital increase, in London in London, Britain May 22, 2017. REUTERS/Neil Hall 2/4 left right Placards are stacked outside of the Royal Courts as Bank of Scotland (RBS) pursued last-minute settlement talks with a group of investorsto avoid a potentially embarrassing trial over allegations the lender misled them about a 2008 capital increase, in London in London, Britain May 22, 2017. REUTERS/Neil Hall 3/4 left right FILE PHOTO: A man shelters under an umbrella as he walks past a branch of the Royal Bank of Scotland in London, Britain, September 17, 2013. REUTERS/Stefan Wermuth/File Photo 4/4 By Kirstin Ridley and Lawrence White - LONDON LONDON A trial in which Royal Bank of Scotland ( RBS.L ) is accused by investors of misleading them over its 2008 fundraising was delayed for a second day, as frantic settlement talks between the claimants and the bank continued in London on Tuesday. The plaintiffs allege former executives gave a misleading picture of the bank''s financial health ahead of the cash call in 2008. Months after the cash call, RBS had to be rescued by the government with a 45.8 billion pound bailout. The judge presiding over the case said the trial, which had been due to start Monday, will be adjourned to Wednesday, but urged the claimants to make up their minds whether to settle or pursue the case to trial. A majority of the remaining shareholders in the claim are in agreement over the decision whether to settle or not, Jonathan Nash, a lawyer representing them, told the judge in Britain''s high court in London. RBS shares rose 2.3 percent by 1000 GMT, against a 0.9 percent rise in the STOXX European banks index .SX7P. The case, which threatened at one time to be the largest and costliest in British legal history, originally pitted the bank against five main claimant groups, all but one of which have settled with the bank. RBS doubled its offer to the remaining RBoS Shareholder Action Group on Monday, sources told Reuters, in a bid to avoid a potentially embarrassing trial at which its former Chief Executive Fred Goodwin would have had to testify. Some inside the shareholder group are keen to settle, while a few are more determined to see the case through to trial and force Goodwin and his colleagues to defend their actions during the bank''s ugly near-demise in 2008, sources have told Reuters. Trevor Hemmings, a multimillionaire businessman whom Reuters previously reported is one of the main financial backers of the claim, is advocating accepting the settlement offer, two sources with knowledge of the situation said on Monday. A spokesman for Hemmings declined to comment. RBS, which remains more than 70 percent state-owned, denies any wrongdoing over the 2008 rights issue and says its former bosses did not act illegally. Settlement talks continued late on Monday night, one of the sources familiar with the negotiations said. (Additional reporting by Andrew MacAskill, editing by Louise Heavens) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-court-rbs-investors-idUKKBN18J0U0'|'2017-05-23T15:28:00.000+03:00'
'6286eb008cc7bfa0dda253475722771a71f4ecb4'|'Altice explores entry into U.S. wireless business: executive'|'NEW YORK Altice USA, the cable operator created from Netherlands-based Altice NV''s ( ATCA.AS ) acquisitions of Cablevision Systems Corp and Suddenlink Communications, considers cable growth a priority as it explores ways to enter the wireless business, company officials said.In April, Altice USA filed for an initial public offering that seeks to raise $1 billon to $2 billion, a source familiar with the matter told Reuters.Going public allows Altice''s founder, French billionaire Patrick Drahi, to expand his budding U.S. cable empire by giving Altice USA public stock it can use to finance more acquisitions.Asked what U.S. assets he would look at, Drahi told reporters at a meeting on Tuesday that he considered cable expansion a priority, followed by mobile and content."We''re too small in cable to go into mobile at the moment."Altice is the fourth-biggest U.S. cable provider, with 4.9 million customers. It completed its $17.7 billion acquisition of Cablevision last June, after buying Suddenlink for $9.1 billion in 2015.Altice has said it is considering ways to enter the wireless business as other cable providers prepare to offer mobile services."We are having discussions on lots of different types of alternatives out there," Dexter Goei, chief executive of Altice USA, told reporters on Monday in remarks embargoed for Tuesday.Earlier this month, cable providers Comcast Corp ( CMCSA.O ) and Charter Communications Inc ( CHTR.O ) announced an agreement that would enable them to cut costs and share technology expertise to speed entry into the wireless business.Comcast has launched its Xfinity Mobile service using Verizon Communications Inc''s ( VZ.N ) airwaves in hopes of boosting customer loyalty by bundling more offerings. Charter has said it would introduce its own service next year.Goei called the partnership between the two companies "interesting and innovative," adding, "we''re clearly not the types of people to sit back and watch."Asked whether his company would consider joining the Comcast-Charter alliance, he said, "I don''t think there is a necessity for us to join anything today."Altice USA''s parent company also said on Tuesday it planned to rebrand Optimum, formerly known as Cablevision, and Suddenlink, as well as most of the other businesses under its umbrella, as Altice by mid-2018.(Editing by Matthew Lewis and Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-altice-wireless-idUSKBN18J23E'|'2017-05-23T22:33:00.000+03:00'
'34af8527f9be678fcd4fe99a25f49b1e7e9b3ccc'|'BRIEF-Buffalo Wild Wings "urges" shareholders to vote "for" each of its director nominees'|'U.S. top court tightens patent suit rules in blow to ''patent trolls'' WASHINGTON, May 22 The U.S. Supreme Court on Monday tightened rules for where patent lawsuits can be filed in a decision that may make it harder for so-called patent "trolls" to launch sometimes dodgy patent cases in friendly courts, a major irritant for high-tech giants like Apple and Alphabet Inc''s Google.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-buffalo-wild-wings-urges-sharehold-idUSFWN1IO0C2'|'2017-05-22T22:18:00.000+03:00'
'ad85d646fb5a58d15b63c21097fde496125b13f5'|'Facebook leaked documents show types of content it allows: Guardian'|'Leaked Facebook Inc documents show how the social media company moderates issues such as hate speech, terrorism, pornography and self-harm on its platform, the Guardian reported, citing internal guidelines seen by the newspaper.New challenges such as "revenge porn" have overwhelmed Facebook''s moderators who often have just ten seconds to make a decision, the Guardian said. The social media company reviews more than 6.5 million reports of potentially fake accounts a week, the newspaper added. bit.ly/2q7dThGMany of the company''s content moderators have concerns about the inconsistency and peculiar nature of some of the policies. Those on sexual content, for example, are said to be the most complex and confusing, the Guardian said.Facebook had no specific comment on the report but said safety was its overriding concern."Keeping people on Facebook safe is the most important thing we do. We work hard to make Facebook as safe as possible while enabling free speech. This requires a lot of thought into detailed and often difficult questions, and getting it right is something we take very seriously", Facebook''s Head of Global Policy Management Monica Bickert said in a statement.Facebook confirmed that it was using software to intercept graphic content before it went on the website, but it was still in its early stages.The leaked documents included internal training manuals, spreadsheets and flowcharts, the Guardian said.The newspaper gave the example of Facebook policy that allowed people to live-stream attempts to self-harm because it <20>doesn<73>t want to censor or punish people in distress."Facebook moderators were recently told to <20>escalate<74> to senior managers any content related to "13 Reasons Why," the Netflix original drama series based on the suicide of a high school student, because it feared inspiration of copycat behavior, the Guardian reported.Reuters could not independently verify the authenticity of the documents published on the Guardian website.(Reporting by Sangameswaran S in Bengaluru; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-facebook-moderation-idINKBN18I04A'|'2017-05-21T23:57:00.000+03:00'
'64c8c2363f8fb7042d35b1b4b9cc30f647836b8e'|'China''s LeEco to slash U.S. jobs amid global pull-back - source'|'Technology News   5:45am BST China''s LeEco to slash U.S. jobs amid global pull-back: source FILE PHOTO: LeEco''s new Le Pro3 phone is on display during a press event in San Francisco, California, U.S. October 19, 2016. RETUERS/Beck Diefenbach/File Photo By Jess Macy Yu - TAIPEI TAIPEI China''s embattled LeEco aims to cut its U.S. workforce to as few as 60 people from around 500 earlier this year, as the Netflix-to-Tesla-like group streamlines global operations to shake off a cash crunch, a person with knowledge of the plan said. The company has spread itself from electric vehicles and online television content to sports and smartphones in a little over a decade, employing 14,000 people globally as of late last year. But the pace of expansion has strained its finances. LeEco did not immediately respond to requests for comment. The firm, headed by founder Jia Yueting, has been pulling back from expansion plans in the United States and other overseas markets, selling property in Silicon Valley and pulling out of a deal to buy U.S. TV maker Vizio Inc ( VZIO.O ). The firm on Sunday said Jia would step down as chief executive of LeEco''s core listed unit Leshi Internet Information & Technology Corp Beijing 300104.SZ, ceding control of the most profitable part of the business empire. The person said the time frame for making the cuts was unclear, but that the plan was part of a strategy to pull back from global markets and focus on China and core units. "They will focus more on China. What they say about focusing on listed units, that''s pretty much what''s going to happen," he said. "If you''re looking for trends to follow in the future, you''ll probably see a continued focus on the TV business." LeEco founder Jia had as recently as last year said he hoped to employ 12,000 people at headquarters in the U.S. But in November, he said the firm was facing "big company disease" and was battling a cash crunch after expanding too fast. (Reporting by Jess Macy Yu; Writing by Adam Jourdan; Editing by Christopher Cushing)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-leeco-cuts-idUKKBN18J0GU'|'2017-05-23T12:43:00.000+03:00'
'5bc4b18dd8c813c3c0d659bd4ca54ff1e3a44a3d'|'Nationwide profits drop 18% to <20>1bn following BoE interest rate cuts - Business'|'Nationwide Building Society<74>s profits slumped last year after it shielded savers from the full extent of the Bank of England<6E>s interest rate cuts.As the UK<55>s largest building society reported a 18% fall in profit to <20>1bn, its chief executive, Joe Garner, said customers were alert to the economic risks associated with the Brexit negotiations and forecast that house price growth would slow to its lowest pace in four years to 2% in 2017.Three cheers Nationwide for bloodying housebuilder noses Read more He said the decision to hold savings rates for some customers had led to them receiving <20>380m more in interest than the average market rate and that in total an extra <20>500m had been returned to the society<74>s members through <20>enhanced pricing<6E>.Garner said: <20>As a member-owned organisation we don<6F>t seek to maximise our profits but to manage them in our members<72> interests. We make conscious choices about how we distribute our profitability between strategic investment, capital generation and member financial benefit.<2E>The profits of <20>1bn are at the lower end of the annual range for profits of between <20>1bn-<2D>1.5bn a year that Garner targeted when he became chief executive last year. He was hired from BT , an unusual move for the Swindon-based mutual that usually hires from within its ranks.The figures for the financial year, which ended on 4 April, also showed a <20>57m rise in staff costs after more people were hired, pay rises were awarded and contributions made into the pension scheme. An efficiency drive is under way, although Garner played down the need for job cuts. He said the branch network would <20>evolve<76> as customers adopted new technology.Competition in the mortgage market also dented profits. Nationwide is the UK<55>s second-largest mortgage lender and while its total mortgage lending rose 3%, its buy-to-let lending fell by 36% after last year<61>s move to toughen the terms on which it would lend to landlords. The society has also announced it will stop lending against any new-build leasehold flat or house where the ground rent is more than 0.1% of the value of the property .The society is winning the share of the current account market, in part because of customers switching from the troubled Co-operative Bank. Garner said the Nationwide did not have an interest in acquiring Co-op Bank in its entirety.The Co-op Bank has put itself up for sale and the City is awaiting an update on whether its bondholders and shareholders will put in more cash to help bolster its financial position.Garner is pulling out of selling car insurance and commercial property lending.Topics Nationwide Banks and building societies Interest rates Bank of England news Share  '|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/business/2017/may/23/nationwide-profits-drop-boe-rate-cuts'|'2017-05-24T01:13:00.000+03:00'
'4d8f7edd9ebf15804b0372ce256de776a1946762'|'US STOCKS SNAPSHOT-Wall St opens higher ahead of Trump''s budget plan'|'US Market Report  32am EDT US STOCKS SNAPSHOT-Wall St opens higher ahead of Trump''s budget plan May 23 U.S. stocks opened higher on Tuesday, shrugging off a deadly bomb blast in Britain and ahead of U.S. President Donald Trump''s first full budget plan that is aimed at slashing government spending and trimming the deficit. The Dow Jones Industrial Average rose 43.81 points, or 0.21 percent, to 20,938.64, the S&P 500 gained 4.41 points, or 0.18 percent, to 2,398.43, while the Nasdaq Composite added 17.07 points, or 0.28 percent, to 6,150.69. (Reporting by Tanya Agrawal; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1IP4GR'|'2017-05-23T21:32:00.000+03:00'
'819b5a60c797cb5831cd3e9376b65b2912e4e8cc'|'Paying for social benefits: The <20>I<EFBFBD>ve paid in all my life<66> fallacy'|'SOCIAL security is often described as the <20>third rail<69> of American politics<63>touch it and you die. Britain<69>s prime minister has just tied herself into a tangle over the way to fund long-term care for the elderly.The problem is made more difficult because of the way that such benefit schemes were established and marketed to the public<69>as insurance schemes in which what you receive in benefits relates to what you put in. When pension schemes were set up by Franklin Roosevelt (pictured, left) in the 1930s or in Britain, by David Lloyd George (pictured, right) in the Edwardian era, the insurance notion was something people could easily grasp (private schemes already existed) and could be seen as fair. Latest updates No sign of the ultimate deal as Donald Trump leaves Israel Middle East and Africa 2 hours ago Donald Trump releases his full budget proposal Graphic detail 2 hours ago The strange tales of ministers and kings flying commercial jets Gulliver 2 hours ago A clapped-out <20>War Machine<6E> Prospero 4 hours ago A fist-fight in China turns into a clash between tradition and modernity Asia 5 hours ago The <20>I<EFBFBD>ve paid in all my life<66> fallacy Buttonwood<6F>s notebook 5 hours ago See all updates This was fine in the early years of such schemes when the number of people contributing was far greater than the number of people taking benefits. But as our societies age, the costs rise and the inadequacy of the <20>insurance approach<63> is made clear. When television or radio shows do a vox pop, people will often say <20>I<EFBFBD>ve paid in all my life so why should my benefits be cut<75> or <20>why should my taxes rise<73> and so on.The problem with this thinking is threefold:What people pay in individually is not related to what they get out What people have paid as societies, in aggregate, is not enough to meet the benefits they have been promised In effect, despite the smokescreens, these schemes operate on a <20>pay as you go<67> basis in which benefits are met out of current revenues To start with the first, state pension schemes usually require some minimum level of contributions before benefits can be paid ( ten years in the case of Social Security , for example). But the benefits then don<6F>t have much link to what people pay in. While higher-earners do get a higher pension under Social Security; they get a lower proportion of their final earnings. The top earners get around a quarter of their final salary, the lowest earners a half . Even though higher earners live for longer, a careful study of the system concludes that it is a progressive tax; transferring income from rich to poor. In Britain, national-insurance contributions are paid as a proportion of earnings; the state pension is a flat rate paid to all who qualify. The Office for National Statistics reckons the pension makes the greatest contribution to the progressivity of the benefits system. All this is to be applauded. But it does mean that for many, rather than getting back what they paid in from the pensions system, they may be getting more.On the second point, in both America and Britain, there is a <20>fund<6E> from which benefits are paid. The inverted commas are there to show that this is not like a company pension fund, or a sovereign wealth fund like Norway<61>s, where the money has been invested in outside assets. In both cases, when there is a surplus of income over benefits, the money is placed in government bonds; in other words, a claim on future taxpayers<72> income. At best, this approach means the government can keep track of the long-term cost of its promises. If benefits were being properly financed, then the size of the trust fund should be roughly stable in near terms; after all, this is a never-ending commitment. But instead the latest Social Security report shows that benefits will exceed revenues as of 2020, and that the fund will run out in 2034. In Britain, as Frances Coppola spells out , the National Insurance fund regularly runs a deficit in recessions; it is set to run out
'c92249a5e1cf2d071d6b32a2a52130b85d501642'|'French VW probe identifies 22.78 billion euros in diesel sales - paper'|'Autos  36am BST French VW probe identifies 22.78 billion euros in diesel sales - paper FILE PHOTO - Volkswagen TDI diesel engines are seen in this photo illustration of second-hand car parts in Jelah, Bosnia and Herzegovina, September 26, 2015. REUTERS/Dado Ruvic/File Photo PARIS France''s consumer fraud watchdog believes Volkswagen ( VOWG_p.DE ) made 22.78 billion euros (<28>19.7 billion) in sale proceeds on cars sold in the country with illegal defeat devices, Le Monde reported on Tuesday. Citing a file sent to prosecutors by the DGCCRF anti-fraud agency, which has not been published, the French daily also reported findings that diesel emissions test-cheating saved 1.52 billion euros that the German carmaker would otherwise have had to invest to comply with regulations. Spokespeople for Volkswagen France and the Paris prosecutor did not immediately return calls seeking comment. VW already faces up to $25 billion in U.S. costs related to the dieselgate scandal, including a criminal settlement. The French sales and savings figures could ultimately be used by a court to set fines against VW, if the company were convicted on fraud charges pursued by the Paris prosecutor. The DGCCRF also calculated that VW''s theoretical maximum penalty, capped at 10 percent of annual revenue, would amount to 19.73 billion euros, Le Monde said. (Reporting by Laurence Frost; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-france-idUKKBN18J1CX'|'2017-05-23T18:36:00.000+03:00'
'234a82599966557ad5dfde8664dfff138fd8355c'|'Disagreements surface over China-backed Asia trade deal'|'By A. Ananthalakshmi and My Pham - HANOI HANOI Asian countries disagreed over a China-backed free trade deal at talks on Monday, raising questions over a target for concluding negotiations by the end of the year.The Regional Comprehensive Economic Partnership (RCEP) would create a free trade area of more than 3.5 billion people, bringing together China, India, Japan, South Korea, Australia and New Zealand as well as Southeast Asian nations.The RCEP talks, which began in 2012, have been given new impetus by the U.S. withdrawal from the Trans-Pacific Partnership (TPP) Agreement. China is not part of that deal.The main focus of RCEP is reducing tariffs, which India in particular is nervous about, and while it might have provisions for greater freedom of movement, this is another big sticking point.Trade ministers from the 16 countries negotiating RCEP met in Hanoi on Monday. The negotiations followed a weekend of talks among Asia Pacific Economic Cooperation (APEC) countries that were overshadowed by fears of U.S. protectionism under President Donald Trump''s "America First" agenda.Malaysia said some progress was made in Hanoi and that the RCEP negotiations remained on track. In a statement, its trade ministry said two out of 20 chapters of the RCEP agreement have been concluded and that some of the remaining chapters were nearing conclusion."The ministers acknowledge that RCEP is currently the only mega free-trade agreement (being) negotiated globally and are of the view that efforts must be exerted to conclude the negotiations expeditiously," Malaysia said.However, officials involved in the talks privately expressed doubts over the target of completing the discussion stage by the end of 2017 given the disagreements that surfaced. India in particular is reluctant to give up on tariffs, they say."They are concerned that major tariff elimination will cut revenue and their competitive position, especially against China," said one official who did not want to be identified as the talks were private.INDIA GUARDS TARIFFSIndia refused to offer any additional tariff reductions on Monday, the officials said."We have already mentioned what we want and it''s that model with which we will be going forward. We insist on that," India''s Trade Minister Nirmala Sitharaman said at the talks'' close.She said there has been "incremental progress" and that India was willing to put in a "lot of effort" to reach a comprehensive and meaningful deal.India wants greater freedom of movement in the RCEP framework, but that''s a problem for other countries, the officials said.The RCEP proposes no protection for labour rights or the environment."There''s still a long way to go," New Zealand Trade Minister Todd McClay told Reuters. "There is a renewed desire to find a way to a high quality outcome. But it''s going to take a lot of hard work to get it done by the end of the year."Ministers of the RCEP countries will next meet in the Philippines in September.Members of the TPP trade deal agreed on the sidelines of the meeting to pursue it despite Trump''s decision to abandon the agreement in favour of bilateral arrangements with Asian countries.(Editing by Shri Navaratnam and Richard Lough)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/apec-vietnam-idINKBN18I0LG'|'2017-05-22T22:34:00.000+03:00'
'722e77d073b03ee94bc5db6efedf34cbc5890023'|'Israel''s Partner Communications Q1 profit jumps as expenses slide'|'JERUSALEM May 22 Partner Communications , Israel''s second-largest mobile phone company, reported a steeper than expected rise in quarterly profit that was boosted by lower operating expenses.Partner said on Monday it earned 51 million shekels ($14 million) in the first quarter, up from 14 million a year earlier. Operating expenses declined 19 percent amid a network sharing agreement with rival HOT Mobile.Revenue dipped 18 percent to 803 million shekels as Partner and its peers continue to battle fierce competition.It was forecast to earn 26 million shekels on revenue of 839 million shekels, according to a Reuters poll of analysts.Partner lost 28,000 subscribers in the January-March period to 2.66 million.The company said that during the quarter it started to deploy a 4.5G network, also known as LTE Advanced, as well as a fixed-line fibre optic network that will allow for surfing speeds of up to 1G and support new 4K technology television.Partner, seeking for new revenue streams, noted that in the coming weeks it plans to launch its long-awaited TV service that will be based on the Android TV operating system.($1 = 3.5846 shekels) (Reporting by Steven Scheer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/partner-comm-results-idINL8N1IO0W0'|'2017-05-22T04:43:00.000+03:00'
'f81e7e8f80e66d2bf8122dfd2f9d1659fe31d467'|'China''s HNA in talks to buy stake in Hong Kong-listed Value Partners: Bloomberg'|'HONG KONG Chinese conglomerate HNA Group is in talks to purchase a stake in Hong Kong asset management company Value Partners Group Ltd ( 0806.HK ), Bloomberg reported on Monday, citing people familiar with the matter.The group is in talks to buy a part of Chairman Cheah Cheng Hye<79>s holding in Value Partners, and may look to increase its stake further, Bloomberg said, citing the sources. It did not specify how much stake HNA was looking to buy.A deal could value Value Partners, among Asia<69>s largest independent asset managers, at more than $2 billion, the media company reported citing another source.Shares of Value Partners were suspended on Monday afternoon after rising more than 8 percent in the morning.The companies hope to reach a deal in coming weeks, but it''s not certain the talks will lead to a formal transaction, Bloomberg reported.HNA declined to comment. Value Partners and Cheah did not immediately respond to requests for comment.HNA group has been on a spending spree in recent months, as it looks to diversify away from its traditional logistics core business.The owner of Hainan Airlines Co inked about $20 billion in deals last year, snapping up a stake in Hilton Hotels and investing in catering and logistics firms and is increasingly pushing into financial services.With more than $100 billion in assets, investments this year have included a hedge fund platform, a New Zealand lender and a 9.9 percent stake in Germany''s Deutsche Bank ( DBKGn.DE ).(Reporting by Michelle Price; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-value-partners-m-a-hna-idINKBN18I0VA'|'2017-05-22T06:54:00.000+03:00'
'ae96191c0d2120e3ea5396d12a77740e3d7ba419'|'GE to face probe related to LM Wind Power deal: Bloomberg'|'Deals   9:13am EDT GE to face probe related to LM Wind Power deal: Bloomberg The General Electric logo is pictured on the General Electric offshore wind turbine plant in Montoir-de-Bretagne, near Saint-Nazaire, western France, November 21, 2016. REUTERS/Stephane Mahe General Electric Co ( GE.N ) is being investigated by the European Union for providing misleading information during a merger review, Bloomberg reported on Monday, citing two people familiar with the case. The European Commission was reviewing whether GE misled EU officials reviewing a deal to buy LM Wind Power, a Denmark-based maker of rotor blades, Bloomberg said. ( bloom.bg/2qGUff5 ) GE said in October it would buy LM Wind Power from private equity firm Doughty Hanson for $1.65 billion, as it looks to capture a bigger share of the fast-growing renewable energy market. The EU had cleared the deal in March. GE was not immediately available for comment. (Reporting by Arunima Banerjee in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-ge-probe-idUSKBN18I1LG'|'2017-05-22T21:13:00.000+03:00'
'4f08e6b7c99cf145ab87976b0a5c831e5e8397e4'|'Cross-border M&A between U.S. and European firms at 10 year high'|'By Pamela Barbaglia - LONDON LONDON Some $171.8 billion of cross-border merger and acquisition deals between U.S. and European companies have been announced so far in 2017, the highest figure at this stage of the year for a decade as companies on both sides of the Atlantic hunt for deals to offset sluggish growth.A $14 billion tie-up between U.S.-based chemicals firm Huntsman Corp ( HUN.N ) and European rival Swiss Clariant AG ( CLN.S ), announced on Monday, is the latest example of the spate of big deals between the two regions.The overall value of cross-border M&A deals between the U.S. and Europe is up 82 percent on the same period last year, according to Thomson Reuters data, and the highest over the same timeframe since at least 2007.Interest in major cross-border deals was underscored earlier this year when Kraft Heinz Co ( KHC.O ) made a surprise $143 billion bid for Unilever ( ULVR.L ) ( UNc.AS ), only to withdraw it less than 48 hours later, while U.S. healthcare giant Johnson & Johnson ( JNJ.N ) clinched Swiss biotech company Actelion ( ATLN.S ) in a $30 billion all-cash deal.Optimism over U.S. President Donald Trump''s economic agenda has buoyed stock markets worldwide, as well as the U.S. dollar, which has made foreign acquisitions cheaper for U.S. companies.Low interest rates are also keeping down borrowing costs.Switzerland and the Netherlands have so far been the main shopping destinations for companies on the other side of the Atlantic, with U.S. buyers announcing a combined $70.2 billion worth of deals in those two countries this year, the data shows.But some European companies have been fighting hard for their independence.Shareholders in Dutch paint maker Akzo Nobel ( AKZO.AS ), angered by its rejection of a 26.3 billion euro ($29.6 billion)takeover proposal from U.S. rival PPG Industries ( PPG.N ), took their fight to an Amsterdam court on Monday.Britain remains Europe''s biggest acquirer in the United States, with deals totaling $21.1 billion so far this year, followed by Switzerland with $11.5 billion.In February, Reckitt Benckiser ( RB.L ) announced a deal to buy U.S. baby formula maker Mead Johnson Nutrition ( MJN.N ) for $16.6 billion, giving the British consumer goods company a new product line and expanding its presence in developing markets where Mead Johnson has a strong footprint.Bank of America Merrill Lynch, which advised Reckitt Benckiser on that deal, leads the list of financial advisers on cross-border transactions announced between U.S. and European companies, with $83.1 billion worth of deals so far this year.That represents 48 percent of the total, according to Thomson Reuters data.(Reporting by Pamela Barbaglia; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-europe-usa-deals-idINKBN18I1M6'|'2017-05-22T11:20:00.000+03:00'
'15ddaa3e253f491a59d755610a1a0dd290e39895'|'ECB could lose some clearing oversight after Brexit, Draghi warns'|' 01pm BST ECB could lose some clearing oversight after Brexit, Draghi warns European Central Bank (ECB) President Mario Draghi attends a ceremony to receive the Gold Medal of the Jean Monnet Fondation for Europe in Lausanne, Switzerland May 4, 2017. REUTERS/Denis Balibouse FRANKFURT The European Union could lose some of its supervision and oversight of clearing activities once Britain leaves the bloc, European Central Bank President Mario Draghi said in a letter to a member of the European Parliament on Tuesday. "In a post-Brexit environment, UK financial market infrastructures (FMIs) would be considered as third-country FMIs rather than EU entities," Draghi said. "This could lead to a reduction in the level of supervision and oversight of UK central counterparties by the EU authorities, including the ECB as central bank of issue of the euro," Draghi said. The ECB wants to put euro-denominated clearing under the control of the Eurosystem, the ECB and the 19 euro zone central banks, effectively forcing it to leave London. But discord on the Governing Council has stalled its efforts to come up with a concrete proposal, sources have told Reuters. The European Commission has said it plans to present a legislative proposal in June, which could include, if necessary, enhanced EU supervision and location requirements for clearing activities. (Reporting by Balazs Koranyi; Editing by Louise Ireland)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-clearing-ecb-idUKKBN18J20V'|'2017-05-23T22:01:00.000+03:00'
'40200f74bf99afdd36d65633f31605b4b582564c'|'TPP countries agree to explore options for trade deal without U.S.'|'Business   6:55am BST TPP countries agree to explore options for trade deal without U.S. New Zealand''s Trade Minister Todd McClay (C) is mobbed by reporters at the end of the meeting TPP11 (gathering all Tran-Pacific Pact member countries except the United States) held on the sideline of the Asia-Pacific Economic Cooperation ( APEC) ''s 23rd Ministers responsible... REUTERS/Hoang Dinh Nam/Pool HANOI Remaining countries of the Trans-Pacific Partnership trade deal have agreed to explore options for continuing with it despite U.S. President Donald Trump''s decision to ditch it, ministers from Mexico and New Zealand said on Sunday. The so-called TPP-11 countries held their highest level talks on the deal since the U.S. pullout on the sidelines of a meeting of Asia-Pacific Economic Cooperation (APEC) countries in Hanoi, Vietnam. "We''re focused on how we can move ahead with the 11 countries," New Zealand Trade Minister Todd McClay told reporters after the meeting. "The countries are going to put forward proposals on how to take TPP forward in November." Mexico''s economy minister Ildefonso Guajardo echoed his comments. (Reporting by Mai Nguyen and A. Ananthalakshmi; Editing by Matthew Tostevin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-apec-vietnam-tpp-idUKKCN18H012'|'2017-05-21T10:28:00.000+03:00'
'c67eb15d97ba2e891f0fcc6734f29508179e345f'|'UPDATE 1-Boeing Co signs defense, commercial deals with Saudi Arabia'|'(Adds details, background, Quote: s)By Alexander CornwellDUBAI May 21 Boeing Co said on Sunday it had signed several defense and commercial deals with Saudi Arabia including for the sale of military and passenger aircraft during a visit by U.S. President Donald Trump to the kingdom.The announcement is the latest in tens of billions of dollars in deals signed between U.S. and Saudi firms since Trump arrived in Riyadh on Saturday.Boeing said Saudi Arabia has agreed to buy Chinook helicopters, associated support services and guided weapons systems, and intends to purchase P-8 surveillance aircraft.The total value of the deals or how many aircraft Saudi Arabia intends to buy was not given in the statement announcing the agreements.A Boeing spokesman declined to comment beyond the statement. The U.S State Department announced in December plans to sell Saudi Arabia CH-47F Chinook cargo helicopters and related equipment, training and support worth $3.51 billion.Saudi Arabia is seeking closer defense and commercial ties with the United States under Trump, as it seeks to develop its economy beyond oil and leads a coalition that is fighting a war in Yemen.<2E>These announcements reaffirm our commitment to the economic growth, prosperity and national security of both Saudi Arabia and the United States, helping to create or sustain thousands of jobs in our two countries,<2C> said Boeing Chief Executive Dennis Muilenburg.Boeing also said it would negotiate the sale of up to 16 widebody airplanes to Saudi Gulf Airlines which is based in the country''s east in Dammam.Boeing did not say which aircraft it was negotiating to sell to the privately-owned commercial airline. Saudi Gulf, which started operations last year, could not immediately be reached for comment.Boeing will also establish a joint venture with Saudi Arabia to provide "sustainment services for a wide range of military platforms," the statement said, whilst a separate joint venture would "provide support for both military and commercial helicopters." (Reporting by Alexander Cornwell Editing by Jeremy Gaunt)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-saudi-boeing-idINL8N1IN0K3'|'2017-05-21T12:41:00.000+03:00'
'a303db90da4db686805cb7254891ada3e0101f19'|'OPEC heads towards supply cut extension as Saudi signals most on board'|'Business News - Sun May 21, 2017 - 2:50pm BST OPEC heads towards supply cut extension as Saudi signals most on board Saudi Energy Minister Khalid al-Falih arrives to attend the Saudi-US CEO Forum 2017, ahead of the arrival of the U.S. President Donald Trump, in Riyadh, Saudi Arabia May 20, 2017. REUTERS/Hamad I Mohammed By Reem Shamseddine and Marwa Rashad - RIYADH RIYADH OPEC and other oil producers are on course to agree an extension of supply cuts at a meeting on Thursday, with Saudi Arabia saying most participants are on board with the plan to rein in a global supply glut. Saudi Arabia''s energy minister said on Sunday that extending the supply cuts by a further nine months until next March, and adding one or two small producers to the pact, should reduce oil inventories to their five-year average, a key gauge for OPEC to monitor the success of the initiative. "Everybody I talked to... expressed support and enthusiasm to join in this direction, but of course it doesn<73>t preempt any creative suggestions that may come about," Khalid al-Falih told a news conference in Riyadh. "We believe that continuation with the same level of cuts, plus eventually adding one or two small producers, if they wish to join, will be more than adequate to bring the five-year balance to where they need to be by the end of the first quarter 2018." The Organization of the Petroleum Exporting Countries, Russia and other producers agreed last year to cut production by 1.8 million barrels per day (bpd) for six months starting from Jan 1. Oil prices have gained support from reduced output, but high inventories and rising supply from producers not participating in the accord, such as the United States, have limited the rally, pressing the case for extending the curbs. Saudi Arabia and non-OPEC member Russia, the world''s top two oil producers, last week agreed on the need to prolong he current deal on cuts, which expires in June, until March 2018, pushing up prices. On Friday, Brent crude LCOc1 closed up $1.10, or 2.1 percent, at $53.61, the highest settlement for the international benchmark since April 18. With a nine-month extension now the minimum expectation for the Vienna meeting, OPEC has a lot of work to do to persuade its members and some non-OPEC producers to back the move. Non-OPEC member Kazakhstan has said it would struggle to join any new deal on the old terms, as its own output was set to jump. But OPEC''s second-producer Iraq, whose output is growing fast, has said it will support extending output cuts in line with any OPEC decision, but did not specify for how long Baghdad was willing to extend the current cut. Even Iran is likely to go along with such the extension plan if there is a consensus, sources familiar with Iranian thinking have told Reuters. Falih said his understanding from a public announcement by his Iranian counterpart was that Iran was happy to stay within the production ceiling allocated to them last year. Iran was the only OPEC member allowed to increase its output under the supply cut deal. The current Iranian oil minister, Bijan Zanganeh, said earlier this month he believed producers were likely to extend the OPEC-led deal although he did not give a timeframe. INVENTORIES REMAIN HIGH OPEC''s aim is to reduce global oil inventories to the industry''s five-year average. While inventories held at sea and in producer countries have dropped, they remain stubbornly high in consumer regions, particularly in Asia and the United States. Estimated inventories in industrialized nations totaled 3.025 billion barrels at the end of March - about 300 million barrels above the five-year average, according to the International Energy Agency<63>s latest monthly report. Preliminary April data indicated stocks would rise further, the IEA said. Crude stocks stood at a record 1.235 billion barrels. Falih said high compliance to the supply curbs by oil producers including Russia and high seasonal demand for oil in summer wi
'a55972375381cf7015b1235b41f784b35e47b951'|'Buffett''s Berkshire Hathaway set for growth through 2018 - Barron''s'|'Sun May 21, 2017 - 6:34pm BST Buffett''s Berkshire Hathaway set for growth through 2018: Barron''s Berkshire Hathaway CEO Warren Buffett waits to play table tennis during the Berkshire Hathaway annual meeting weekend in Omaha, Nebraska, U.S. May 7, 2017. REUTERS/Rick Wilking Shares of Berkshire Hathaway ( BRKa.N ), the conglomerate run by billionaire Warren Buffett, could see double digit gains over the next year and a half even if the legendary chairman and chief executive decides to retire, a report in Barron''s financial newspaper said. The company''s Class A shares could have an upside of 15 percent to 20 percent through the end of 2018 based on likely growth in its book value, given the company''s diversified earnings stream, long-term focus and nearly $100 million (76.7 million pounds) in cash and securities, Barron''s said in it May 22 edition. Barclay''s analyst Jay Gelb, quoted in the article, forecast Berkshire''s book value rising 9 percent to 10 percent annually over the next two years. Buffett''s eventual successor is likely to begin paying a dividend and be more aggressive in buying back shares, the report predicted. Barron''s sees Berkshire Hathaway Energy head Greg Abel as the most likely person to be tabbed to "step into Warren Buffett''s legendary shoes." Berkshire shares, which rose 23 percent in 2016, are flat this year after giving back gains seen earlier during the post-election rally. They closed at $244,910 on the New York Stock Exchange on Friday. (Reporting by Bill Berkrot; Editing by Phil Berlowitz)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-berkshire-hatha-barrons-idUKKBN18H0Y4'|'2017-05-22T01:28:00.000+03:00'
'dd4b039d7249765c813b1a7e666e342b4a1641df'|'After Brexit, EU plans ''offer you cannot refuse'' to expand euro zone - Moscovici'|' 52pm BST After Brexit, EU plans ''offer you cannot refuse'' to expand euro zone - Moscovici European Economic and Financial Affairs Commissioner Pierre Moscovici addresses a news conference at the EU Commission headquarters in Brussels, Belgium May 22, 2017. REUTERS/Francois Lenoir BRUSSELS The European Commission aims to make adopting the euro more attractive to European Union members currently outside the currency bloc, the economics commissioner said on Tuesday, in a bid to make the union more tight-knit after Britain''s vote to leave. The proposals will be unveiled next week in a blueprint on the future of the euro zone, which is part of a wider plan launched by the EU executive on how to revamp the union after Brexit and amid a surge of eurosceptic sentiment. "We will try to make a framework that is attractive enough, that is like, as they say in the movies, an offer you cannot refuse," Pierre Moscovici told reporters seeking details on his proposals for "completing the Economic and Monetary Union by 2025". European Union states except Britain and Denmark are obliged to adopt the euro but there is no deadline set for ditching their own currencies. Moscovici underlined that states should move gradually towards adopting the euro as their currency but he said the Commission has no power and no will to force countries to adopt the euro by a certain date. Public opinion in EU states outside the euro zone is often against joining the common currency area. In Poland, 57 percent of interviewees were against the euro, according to a Eurobarometer poll published last December. Opposition was also strong in Britain, the Czech Republic, Sweden, Denmark and Bulgaria, while Hungarians, Croatians and Romanians were mostly favourable to the currency bloc. Moscovici noted that Brexit meant the euro zone will dominate the EU economy providing a further incentive for countries to adopt the common currency. (Reporting by Alastair Macdonald and Francesco Guarascio; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-future-euro-idUKKBN18J1ZV'|'2017-05-23T21:52:00.000+03:00'
'd7f42433ce92abda0bd41428411b4ba23703de6b'|'Greece says lenders have moral, political, legal duty to meet obligations'|'Business   6:14pm BST Greece shrugs off debt relief delay, seems confident of deal By Michele Kambas and Lefteris Papadimas - ATHENS ATHENS The Greek government on Tuesday appeared calm after its lenders failed to agree on debt relief for the crisis-hit nation, saying it was confident a deal could be brokered in the next three weeks. Athens''s creditors, including euro zone lenders and the International Monetary Fund, failed to agree on debt relief for the crisis-hit nation after an eight-hour meeting in Brussels on Monday but will aim to reach a deal at a meeting in June. Despite the apparent setback, Athens said it would "exhaust all efforts" for a deal at a new meeting of euro zone finance ministers on June 15. "It was clear .. that a decision for a short postponement giving us time to prepare and work on a better solution is preferable to taking a decision which just defers the problem," government spokesman Dimitris Tzanakopoulos told reporters. The IMF and other euro zone nations are at odds over how, whether and when to offer Greece debt relief. The Washington-based fund says it won''t join the country''s latest bailout without clarity on the matter. Poul Thomsen, the IMF''s European Department head, reiterated that on Tuesday, saying the fund wanted to see ''specificity''. Lenders agreed in principle in 2016 to consider debt relief but have not specified how. But some European countries, including Germany, say any debt relief should be considered in 2018, worried that concessions could affect the pace of economic reforms in Athens. Greek lawmakers approved a series of tax rises and pension cuts last week, over and above the previous dozen cuts to its national pensions since the onset of the crisis in 2010 and the crippling austerity. Greece has lost a quarter of its national output in that time. They did not agree either on releasing new funds that Athens needs to repay 7.3 billion euros in loans maturing in July. However, Tzanakopoulos said the disbursement of funds and the question of the IMF''s participation in the programme were not connected. "The Eurogroup ... approved the technical agreement between the Greek government and institutions and put in motion the disbursement of the tranche over the coming period," he said, referring to reform goals set by lenders. Financial aid the country has received since its crisis began in 2010 has pushed its debt levels to 179 percent of national output, a figure the IMF sees as unsustainably high. "We believe that in the coming weeks we will have the opportunity to work hard towards covering those gaps and reaching a desirable solution," he said. (Writing by Michele Kambas; Editing by Catherine Evans and Hugh Lawson) Municipal employees take part in an anti-austerity demonstration in front of the parliament building in Athens, Greece, May 22, 2017. REUTERS/Costas Baltas'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-spokesman-idUKKBN18J1EQ'|'2017-05-23T19:51:00.000+03:00'
'bd0ac9f6cf13c0ae59b31e624a1c176f4492dffc'|'UK Stocks-Factors to watch on May 23'|'May 23 Britain''s FTSE 100 index is seen opening up 9 points at 7505 on Tuesday, according to financial bookmakers. * At least 19 people were killed and 59 wounded in an explosion at the end of a Grande Manchester on Monday, in what two U.S. officials said was a suspected suicide bombing. * ROYAL BANK OF SCOTLAND: Royal Bank of Scotland is close to settling a costly and potentially embarrassing case alleging it misled shareholders during a 12 billion pound ($16 billion) fundraising at the height of the financial crisis, sources familiar with the talks said on Monday. * ASTRAZENECA: AstraZeneca''s experimental injection for severe asthma cut substantially the need for patients to take problematic oral steroids drugs in a late-stage study, boosting hopes for a medicine that is expected to reach the market later this year. * The UK blue chip index closed up nearly 0.4 percent on Monday, holding near last week''s record highs, propelled by a weaker pound and as UK miners gained from metal prices. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Severn Trent PLC SVT.L FY Cranswick PLC CWK.L FY Shaftesbury PLC SHB.L Interim results Paragon PARA.L Interim results UDG Healthcare UDG.L Interim results Electrocomponents PLC ECM.L FY HomeServe PLC HSV.L FY Big Yellow Group PLC BYG.L FY TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Arathy S Nair in Bengaluru; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-stocks-factors-idINL4N1IP24U'|'2017-05-23T03:34:00.000+03:00'
'54c97e4a117228532eece51f4ce22ea8b6e82d9e'|'PPG request for Akzo Nobel extension under consideration: Dutch regulator'|'AMSTERDAM The Dutch financial markets regulator AFM confirmed on Tuesday that it has received a request from U.S. paint maker PPG Industries ( PPG.N ) to extend a filing deadline by which the American company must submit a formal offer for Dutch rival Akzo Nobel( AKZO.AS ).Earlier on Tuesday PPG Chief Executive Michael McGarry said that his company had asked the regulator to extend the deadline to June 14 at the earliest, rather than June 1.AFM spokesman Michiel Gosens said the case is "pretty unique" and will be heard by the country''s highest court for managerial law, in The Hague.(Reporting by Toby Sterling; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-akzo-nobel-m-a-ppg-inds-regulator-idINKBN18J1ZL'|'2017-05-23T11:46:00.000+03:00'
'61e4a4762685b6ed6d6a9bde2ed79d5b7a7d7207'|'Ex-IBM employee from China pleads guilty to code theft charges'|'NEW YORK A former software engineer for IBM in China pleaded guilty on Friday to stealing proprietary source code from the company, federal prosecutors announced on Friday.Jiaqiang Xu, 31, pleaded guilty to economic espionage and theft of a trade secret before U.S. District Judge Kenneth Karas in White Plains, New York, prosecutors said. He is scheduled to be sentenced on Oct. 13.Leanne Marek, Xu''s attorney, declined to comment.Xu was arrested in December 2015 after meeting with an undercover officer at a White Plains hotel, where authorities said he was recorded saying he used the code to make software to sell to customers.He was originally charged with theft of a trade secret. The economic espionage charges were added in a superseding indictment filed last June.International Business Machines Corp was not identified by name in the complaint. But a LinkedIn profile for Xu said he was employed as a system software developer at IBM during the period in question.Prosecutors said the proprietary computer code Xu stole was related to a so-called clustered file system, which facilitates faster computer performance.Xu, who began working at IBM in China in 2010, had full access to the source code before voluntarily resigning in May 2014, prosecutors said.According to the criminal complaint filed in 2015, the Federal Bureau of Investigation in 2014 received a report that someone in China was claiming to have access to the code and using it for business ventures, prompting the investigation that led to the arrest.The case is USA v. Xu, U.S. District Court, Southern District of New York, No. 16-cr-00010.(Reporting by Brendan Pierson in New York; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ibm-crime-china-idUSKCN18F2LZ'|'2017-05-20T06:44:00.000+03:00'
'865682ec4188b8129ed63a0cf891ae6262692c8c'|'Chile''s Ripley, Mexico''s Liverpool cancel merger -regulatory filing'|'SANTIAGO May 19 Chilean retailer Ripley said in a regulatory filing late Friday that its planned acquisition by Mexican high-end department store chain Liverpool has been scrapped."Ten months having passed since the announcement of the agreement, a series of geopolitical and economic changes in the countries and markets in which both parties operate have occurred, which brought this termination about," the company said. (Reporting by Gram Slattery; editing by Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puerto-liverpool-ripley-idINC0N1HI04G'|'2017-05-19T20:31:00.000+03:00'
'8e16e6deadff5c2b762e3a5ab5bede35b326cea5'|'Alitalia commissioners appoint Rothschild as financial adviser'|'Deals   6:56pm BST Alitalia commissioners appoint Rothschild as financial adviser MILAN Commissioners managing Italian airline Alitalia CAITLA.UL have picked Rothschild as financial adviser to assist in the company''s sale process, a statement said on Monday. Alitalia was put under special administration earlier this month and the government appointed three commissioners to assess whether it can be restructured or liquidated. Last week the commissioners said offers for Alitalia had to be presented by June 5. (Reporting by Stephen Jewkes, editing by Steve Scherer)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-alitalia-m-a-advisers-idUKKBN18I29Z'|'2017-05-23T01:53:00.000+03:00'
'44665f16be4daab05b15bb93ff681146a2c1b730'|'Samsung Elec says will continue looking for M&A opportunities'|'Technology News - Mon May 22, 2017 - 3:07am BST Samsung Electronics says will continue looking for M&A opportunities Children look at a mobile phone in front of an advertisement of Samsung Electronic at its store in Seoul, South Korea, April 27, 2017. REUTERS/Kim Hong-Ji Tech giant Samsung Electronics Co Ltd will continue looking for acquisition opportunities, a company executive said on Monday, as the firm seeks to build software and services to further differentiate its products. "We are going to be bullish on finding companies that fit our strategy," Peter Koo, a senior vice president for Samsung''s mobile division, said during an investor event in Hong Kong. He did not elaborate on specific targets or technologies that Samsung is looking to acquire. The world''s top maker of memory chips, smartphones and televisions has grown more aggressive in acquiring companies in recent years, breaking from its past preference to rely on its own talent and use its cash for capital expenditures amid intensifying competition from the likes of Apple Inc and Huawei Technologies Co Ltd [HWT.UL]. In addition to buying firms such as Viv Labs and LoopPay, deals that bolstered Samsung''s existing efforts for artificial intelligence and mobile payments services, Samsung is also spending money to break into new businesses. The firm completed an $8 billion acquisition of Harman International Industries early this year, its biggest ever deal, in an attempt to speed up its entry into the automotive components industry and develop a new growth engine. Koo said Samsung''s aim with software and services is to primarily make its products more attractive to consumers, and that the firm will look for partnerships as well as acquisitions to bolster its offerings. (Reporting by Se Young Lee; Editing by Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-samsung-elec-strategy-idUKKBN18I040'|'2017-05-22T10:04:00.000+03:00'
'ebc24a4160083a03bccf6a134120051f3763051a'|'PRESS DIGEST- New York Times business news - May 25'|'May 25 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Federal Reserve Board officials said at a meeting early this month that they wanted to see evidence of stronger economic growth before continuing to increase the Fed''s benchmark interest rate, according to minutes of the meeting published on Wednesday. nyti.ms/2qm4yCc- Prosecutors say an employee of a Washington consulting firm obtained information about policy decisions at the Centers for Medicare and Medicaid Services. nyti.ms/2qmguUk- Fox News on Wednesday urged a federal court to discipline a lawyer it said had failed to vet basic facts when he filed a lawsuit accusing the network of using fake Twitter accounts to harass a former host. nyti.ms/2qmkdRX- Ken Kurson, a close friend of President Donald Trump''s son-in-law, Jared Kushner, said on Wednesday that he will leave his job as editor of the Observer, the cheeky chronicler of New York City media and politics that Kushner purchased in 2006. nyti.ms/2qmmoFb- A Latin American competitor to Uber, 99, has raised $100 million from SoftBank Group Corp of Japan to fuel growth, the Brazilian start-up''s chief executive says. nyti.ms/2qmkLat- A bill to dismantle the Affordable Care Act that narrowly passed the House this month would leave 14 million more people uninsured next year than under President Barack Obama''s health law <20> and 23 million more in 2026, the Congressional Budget Office said Wednesday. Some of the nation''s sickest would pay much more for health care. nyti.ms/2qmhjfS (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL4N1IR23R'|'2017-05-25T02:57:00.000+03:00'
'8e6a8eac0551f9c44291ab3f84fc30bfc5913842'|'Oil firm on expected cut extension, but economic slowdown weighs'|'NEW YORK Oil prices inched up on Tuesday in volatile trading as expectations of an extension to OPEC-led supply cuts and another drop in U.S. crude inventories overshadowed a White House proposal to sell half the country''s petroleum reserves.Brent crude LCOc1 traded up 9 cents at $53.96 per barrel by 11:49 a.m. U.S. light crude CLc1 was up 12 cents at $51.25.The Organization of the Petroleum Exporting Countries (OPEC) meets in Vienna on Thursday to consider whether to prolong the deal reached in December in which OPEC and 11 non-members, including Russia, agreed to cut output by about 1.8 million barrels per day in the first half of 2017.OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude.OPEC''s de facto leader, Saudi Arabia, favors extending the output curbs by nine months rather than the initially planned six months, as it seeks to speed up market rebalancing and prevent oil prices from sliding back below $50 per barrel."It continues to be a momentum driven trade ahead of OPEC<45>s meeting," said Tony Headrick, energy market analyst at CHS Hedging. "We continue to build in what the market expects is an extension of cuts."U.S. crude oil inventories were seen falling for the seventh straight week, dropping 2.7 million barrels in the week to May 19, according to analysts ahead of weekly inventory reports from the industry group American Petroleum Institute (API) and the U.S. Department of Energy''s Energy Information Administration (EIA). [EIA/S]Earlier in the session oil prices dropped on the White House plan to sell off half of the nation''s 688 million-barrel oil stockpile from 2018 to 2027 that aims to raise $16.5 billion and help balance the budget.The budget, to be delivered to Congress on Tuesday, is only a proposal and may not take effect in its current form."Congress needs to agree to this which is rather uncertain," said Carsten Fritsch, commodity analyst at Commerzbank.The White House proposal would roll out over a 10-year period so the sales would only average less than 100,000 bpd, said James Williams, president of energy consultant WTRG Economics in London, Arkansas.Aside from the first day of the roll out, a one-time spike in supply, "the impact on prices would be negligible," he said. "This is a little over one tenth of one percent of global daily consumption - that does not move markets."Releasing reserves would add supplies to already high and rising U.S. production C-OUT-T-EIA. U.S. crude production has climbed 10 percent since mid-2016 to 9.3 million barrels per day, close to levels from top producers Russia and Saudi Arabia.(Additional reporting by Stephen Eisenhammer in London, Henning Gloystein and Florence Tan in Singapore; Editing by Marguerita Choy and Louise Heavens)An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. Picture taken May 3, 2017. REUTERS/Ernest Scheyder'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-oil-idUSKBN18J02D'|'2017-05-23T08:37:00.000+03:00'
'5a93ada30308fc6026ca77d493650732cb9aa084'|'Trump budget to increase growth by boosting investment, labor force: Mnuchin'|'WASHINGTON The Trump administration believes its budget plan will boost economic growth by fostering capital investment and creating jobs for workers who gave up their job hunts during tough times, Treasury Secretary Steven Mnuchin said on Tuesday."One component of this is making sure we can create jobs for people who want jobs and will come back into the workforce," Mnuchin said at an event on fiscal policy. "The other component is productivity and capital investment."(Reporting by Jason Lange; Editing by James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-budget-mnuchin-idUSKBN18J27S'|'2017-05-23T23:15:00.000+03:00'
'569250d61bd83af15cbe672ad22adc7698e735dc'|'Aetna CEO says acquisitions aimed directly at size not on its list'|'NEW YORK Aetna Inc ( AET.N ) Chief Executive Mark Bertolini said on Monday that growing through acquisitions in its existing business lines is "not high on our list" after its deal with Humana Inc ( HUM.N ) failed.When asked at the UBS Healthcare Conference during a session with investors about whether he liked Molina Healthcare ( MOH.N ), which recently fired its chief executive and has been discussed as a takeover target, Bertolini declined to be drawn in specifically.He noted that federal funding for Medicaid, Molina''s main business, is in question, with the Republican government proposing budgetary cuts to the healthcare program for the poor.(Reporting by Caroline Humer; Editing by Steve Orlofsky)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-aetna-ceo-idINKBN18I1Z9'|'2017-05-22T13:43:00.000+03:00'
'9772cdaa204d317f8ddafd610fe892f66725ec14'|'Saudi Aramco CEO says to sign $50 billion of deals with U.S. companies'|'Deals - Sat May 20, 2017 - 7:35pm BST U.S., Saudi firms sign tens of billions of dollars of deals as Trump visits left right Saudi Energy Minister Khalid al-Falih speaks to media at the Saudi-US CEO Forum 2017 ahead of the arrival of the U.S. President Donald Trump, in Riyadh, Saudi Arabia May 20, 2017. REUTERS/Hamad I Mohammed 1/5 left right Vice Chairman of General Electric, John Rice and Saudi Governor of Small & Medium Enterprises, Ghassan Ahmed Al Sulaiman pose for photos after signing their agreements at the Saudi-US CEO Forum 2017 ahead of the arrival of the U.S. President Donald Trump, in Riyadh, Saudi Arabia May 20, 2017. REUTERS/Hamad I Mohammed 2/5 left right Saudi Energy Minister Khalid al-Falih arrives to attend the Saudi-US CEO Forum 2017, ahead of the arrival of the U.S. President Donald Trump, in Riyadh, Saudi Arabia May 20, 2017. REUTERS/Hamad I Mohammed 3/5 left right Amin H. Nasser, president and chief executive officer of Saudi Arabian Oil Company (Saudi Aramco), speaks at the China Development Forum in Beijing, China, March 19, 2017. REUTERS/Shu Zhang 4/5 left right Saudi Arabia''s King Salman bin Abdulaziz Al Saud (L, in brown) and U.S. President Donald Trump (C) arrive for their bilateral meeting at the Royal Court in Riyadh, Saudi Arabia May 20, 2017. REUTERS/Jonathan Ernst 5/5 By Reem Shamseddine and Katie Paul - RIYADH RIYADH U.S. and Saudi Arabian companies signed business deals worth tens of billions of dollars on Saturday during a visit by U.S. President Donald Trump, as Riyadh seeks help to develop its economy beyond oil. National oil firm Saudi Aramco said it signed $50 billion of agreements with U.S. firms. Energy minister Khalid al-Falih said deals involving all companies totaled over $200 billion, many of them designed to produce things in Saudi Arabia that had previously been imported. Business leaders on both sides were keen to demonstrate their talks had been a success, so there was an element of showmanship in the huge numbers. Some deals had been announced previously; others were memorandums of understanding that would require further negotiations to materialize. Nevertheless, the deals illustrated Saudi Arabia''s hunger for foreign capital and technology as it tries to reduce its dependence on oil exports. Low oil prices in the past couple of years have slowed the economy to a crawl and saddled the government with a big budget deficit. "We want foreign companies to look at Saudi Arabia as a platform for exports to other markets," Falih told a conference attended by dozens of U.S. executives. In March, Saudi Arabia''s King Salman toured Asia and his delegation signed similar agreements worth tens of billions of dollars there, including deals worth as much as $65 billion in China. FUNDSEven as it sought U.S. investment on Saturday, Riyadh made two announcements on plans to deploy its own financial reserves for projects that would cement economic ties with the United States. The Public Investment Fund, Riyadh''s main sovereign wealth fund, and U.S. private equity firm Blackstone said they were studying a proposal to create a $40 billion vehicle to invest in infrastructure projects, mainly in the United States. The vehicle would obtain $20 billion from the PIF and with additional debt financing, might invest in over $100 billion of infrastructure projects - a political boon to Trump, who has said he wants to rebuild crumbling U.S. infrastructure. Meanwhile the world''s largest private equity fund, backed by the PIF, Japan''s Softbank Group and other investors including U.S. firms Apple Inc and Qualcomm, said on Saturday it had raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics. Much of the Softbank Vision Fund''s money is likely to be invested in the United States, helping Riyadh obtain access to technology that it could use to diversify its economy. Top Saudi economic policy makers, including the finance minister and he
'903a5fa9f8e20c5fe2d68031ac9b98e515d6039c'|'PRESS DIGEST- New York Times business news - May 19'|'May 19 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- When securities regulators sued the hedge fund manager Leon Cooperman last year, accusing him of violating insider trading laws, he vowed to fight to the bitter end. And now, nearly eight months later, he and his firm, Omega Advisors, have agreed to settle, paying just under $5 million in civil penalties and forfeited profits. nyti.ms/2pQT2Dv- Roger Ailes, who shaped the images that helped elect three Republican presidents and then became a dominant, often-intimidating force in American conservative politics at the helm of Fox News until he was forced out last year in a sexual harassment scandal, died on Thursday morning. He was 77. nyti.ms/2pRgEHL- President Michel Temer of Brazil defied calls to resign on Thursday as an exploding scandal over claims that he authorized the payment of hush money to a jailed ally engulfed Latin America''s largest country. nyti.ms/2pRbsDU- Fiat Chrysler Automobiles, one of the world''s biggest carmakers, said on Thursday that it was in talks with the Department of Justice to settle an investigation into diesel deception, as growing evidence points to the carmaker''s use of illegal software to evade emissions tests. nyti.ms/2pRxoPd- The legal battle over the deadly flaws in Takata airbags moved a step closer to resolution on Thursday when four automakers agreed to compensate owners of recalled cars. nyti.ms/2pRbUSC (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL4N1IL1ZD'|'2017-05-19T13:11:00.000+03:00'
'3b145883734b5991e6b4e70f5e288b173aa78847'|'German watchdog starts routine probe into allegations against Grammer'|'Business News - Fri May 19, 2017 - 11:52am BST German watchdog starts routine probe into allegations against Grammer FRANKFURT German financial watchdog Bafin will launch a routine investigation of market manipulation allegations against auto supplier Grammer ( GMMG.DE ), a spokeswoman for Bafin said in an e-mailed statement on Friday. Grammer''s biggest shareholder, Bosnia''s Hastor family, had on Thursday accused the company of artificially depressing its own share price to allow a rival investor, China''s Ningbo Jifeng ( 603997.SS ), to build a stake. "As is routine, we will look at that in terms of possible market manipulation," the Bafin spokeswoman said when asked about the Hastor allegations. A Nuremberg court separately said on Friday it had lifted a temporary injunction on the exercise of a convertible bond, allowing Grammer to issue shares to Ningbo Jifeng. Grammer management brought Ningbo Jifeng on board as a "white knight" against the Hastor family, which owns a stake of at least 20 percent in Grammer and has criticised Grammer''s management. (Reporting by Edward Taylor; Additional reporting by Jens Hack; Writing by Maria Sheahan; Editing by Victoria Bryan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-grammer-m-a-hastor-idUKKCN18F153'|'2017-05-19T18:52:00.000+03:00'
'8e1598d2c6dfa9e2b54c35569d459c847123e1f8'|'From Broken Hill to break up: BHP reconsiders its foray into US shale'|'THE hills from which Broken Hill in New South Wales got their name no longer exist. They have been mined away since, 134 years ago, a sheep herder discovered what would become one of the world<6C>s biggest silver mines. BHP, the world<6C>s largest miner, whose name dates back to when it was called the Broken Hill Proprietary, is also under the pickaxe, wielded by feisty activists. This week its boss, Andrew Mackenzie, conceded that he is reconsidering its foray into American shale oil. Even in business meetings these days, he needs a hard hat.On May 16th, shortly before he took to the stage at a prominent mining-industry shindig in Barcelona, Elliott, the activist fund in question, lobbed its second clod in less than two months. In a statement it accused the company of a <20>do-nothing<6E> response to its previous missive demanding a full-scale overhaul of the group. Mischievously, it played on BHP<48>s <20>Think Big<69> rebranding effort launched a day earlier, challenging management to <20>Think Big<69> about its proposal.  17   Aspects of Elliott<74>s campaign are, in fact, banal and not worth much thought at all. It wants BHP to increase share buy-backs, which offer no boost to long-term growth prospects. It also cherry-picks time periods to give an exaggerated impression of how badly BHP<48>s shares have performed compared with its Anglo-Australian counterpart, Rio Tinto. Yet on two points, it has hit home: the company<6E>s disastrous diversification into American shale oil; and its dual listing in London and Sydney.On the first point, Mr Mackenzie has given ground. In answer to a question in Barcelona, he said the shale business, which BHP bought for $20bn in 2011, is not one where it intends further expansion. In fact, if there are any potential buyers for its assets, <20>we would be more than happy to talk turkey with them,<2C> he said. Elliott is urging BHP to launch a review of its entire petroleum business in America, Australia and elsewhere. Eventually it wants them sold or spun off.But Elliott has also softened. Partly in response to an angry reaction from the Australian government, it dropped its recommendation that BHP incorporates in London as part of efforts to simplify its dual-listing structure. It would now accept a sole Australian domicile. BHP thinks that is tricky, but analysts reckon it should give the matter more thought.Ultimately, BHP<48>s greatest vulnerability has come from grafting a subpar oil business onto one of the world<6C>s most successful mining firms. It argues that the combination helps smooth out the boom-bust cycle, because oil and metals should behave differently. Evidence from the recent slump suggests they have suffered more or less equally, though.Another firm<72>s experience suggests separation may be better than combination. South32, a firm created from the demerger of some of BHP<48>s unfashionable mining assets in 2015, has gone from strength to strength. But shrinkage was not what Mr Mackenzie had in mind when launching the <20>Think Big<69> ad campaign. Not for nothing has The Australian , a newspaper, referred to the testy stand-off as <20>the Elliott in the room<6F>.  "From Broken Hill to break up"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21722198-worlds-biggest-miner-under-pressure-slim-down-bhp-reconsiders-its-foray-us-shale?fsrc=rss%7Cbus'|'2017-05-18T22:46:00.000+03:00'
'f9e48448d8e943f638b9ff655876b37af9364fb7'|'U.S. regulators approve VW diesel fix for 84,000 vehicles - Reuters'|' 09pm IST U.S. regulators approve VW diesel fix for 84,000 vehicles FILE PHOTO: A Volkswagen (VW) logo is seen on a car''s front at a scrapyard in Fuerstenfeldbruck, Germany, May 21, 2016. REUTERS/Michaela Rehle/File Photo By David Shepardson - WASHINGTON WASHINGTON The U.S. Environmental Protection Agency and California Air Resources Board on Friday announced approval of a fix for about 84,000 older Volkswagen diesel vehicles that can emit excess emissions. Volkswagen, the world''s largest automaker, agreed last year to offer to buy back up to 475,000 2.0-liter diesel vehicles that had been sold in the United States or offer fixes if regulators approved. Friday''s announcement covers a fix for 84,390 2012-2014 Passat diesel vehicles with automatic transmissions. A fix for vehicles with manual transmissions has not yet been approved. In January, regulators approved a fix for 67,000 2015 model diesels, leaving around 325,000 older vehicles still awaiting approval for a fix. Volkswagen spokeswoman Jeannine Ginivan said the automaker is pleased that it has received regulatory approval for the fixes. California Air Resources Board executive officer Richard Corey said the approval "is another important step in efforts to repair the environmental harm caused by these vehicles." EPA confirmed its approval in a letter posted on its website on Friday. Until regulators approved a fix in January, VW had been barred by authorities from selling 12,000 new 2015 diesel Golf, Beetle and Passat cars after the German automaker admitted to using secret software to exceed emission limits for six years. In April, VW resumed selling those 2015 diesel cars in the United States and said they accounted for nearly 12 percent of its April sales. Earlier this month, Volkswagen also began selling some of the 2015 diesel models it had repurchased, but the company has not yet disclosed how many of those vehicles it has sold. Volkswagen has bought back or terminated leases on around 280,000 vehicles. Volkswagen has agreed to spend up to $25 billion to address claims from U.S. owners, environmental regulators, states and dealers, and offered to buy back about 500,000 polluting U.S. vehicles, including some 3.0 liter vehicles. On Wednesday, a federal judge issued a written order granting final approval for Volkswagen AG to fix or buy back 80,000 larger 3.0-liter diesel Porsche, Audi and VW vehicles in the United States. Volkswagen has agreed to buy back 20,000 2009-2012 diesel vehicles and plans to fix 58,000 newer ones if regulators approve. The settlement could be worth $1.2 billion if all older models are repurchased. (Reporting by David Shepardson; editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/volkswagen-emissions-idINKCN18F252'|'2017-05-19T15:39:00.000+03:00'
'832f40d8ba75e35b35e39aa783b0ae16d9adaa8d'|'BRIEF-Coach sets quarterly cash dividend of $0.3375 per share'|'Market News - Fri May 19, 2017 - 7:01am EDT BRIEF-Coach sets quarterly cash dividend of $0.3375 per share May 19 Coach Inc: LOS ANGELES, May 19 This summer''s biggest-budget films have everything moviegoers have come to expect from Hollywood blockbusters: superheroes, pirates, space aliens. But in the truest sense of the term, none of them is a Hollywood movie. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-coach-sets-quarterly-cash-dividend-idUSFWN1IL07D'|'2017-05-19T19:01:00.000+03:00'
'89af192bd76c584c1f669f81452ff4ed86404d87'|'Facebook leaked documents show types of content it allows - Guardian'|'Business News - Mon May 22, 2017 - 2:58am BST Facebook leaked documents show types of content it allows - Guardian FILE PHOTO: The Facebook logo is displayed on the company''s website in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau/File Photo Leaked Facebook Inc documents show how the social media company moderates issues such as hate speech, terrorism, pornography and self-harm on its platform, the Guardian reported, citing internal guidelines seen by the newspaper. New challenges such as "revenge porn" have overwhelmed Facebook''s moderators who often have just ten seconds to make a decision, the Guardian said. The social media company reviews more than 6.5 million reports of potentially fake accounts a week, the newspaper added. bit.ly/2q7dThG Many of the company''s content moderators have concerns about the inconsistency and peculiar nature of some of the policies. Those on sexual content, for example, are said to be the most complex and confusing, the Guardian said. Facebook had no specific comment on the report but said safety was its overriding concern. "Keeping people on Facebook safe is the most important thing we do. We work hard to make Facebook as safe as possible while enabling free speech. This requires a lot of thought into detailed and often difficult questions, and getting it right is something we take very seriously", Facebook''s Head of Global Policy Management Monica Bickert said in a statement. Facebook confirmed that it was using software to intercept graphic content before it went on the website, but it was still in its early stages. The leaked documents included internal training manuals, spreadsheets and flowcharts, the Guardian said. The newspaper gave the example of Facebook policy that allowed people to live-stream attempts to self-harm because it <20>doesn<73>t want to censor or punish people in distress." Facebook moderators were recently told to <20>escalate<74> to senior managers any content related to "13 Reasons Why," the Netflix original drama series based on the suicide of a high school student, because it feared inspiration of copycat behaviour, the Guardian reported. Reuters could not independently verify the authenticity of the documents published on the Guardian website. (Reporting by Sangameswaran S in Bengaluru; Editing by Andrew Hay) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-facebook-moderation-idUKKBN18I04G'|'2017-05-22T09:58:00.000+03:00'
'165ef3808c4636da13978f35e94cff5cc0e31710'|'ABB plans to switch auditors to KPMG from EY'|'Business News - Mon May 22, 2017 - 4:14am EDT ABB plans to switch auditors to KPMG from EY FILE PHOTO - The logo of Swiss engineering group ABB is seen at a plant in Zurich, Switzerland September 29, 2016. REUTERS/Arnd Wiegmann/File Photo ZURICH Swiss power transmission and industrial automation company ABB plans to switch auditors to KPMG from Ernst & Young, it said on Monday. "This decision was taken following a year-long comprehensive external auditor tender process initiated in 2016 in line with international good governance practices," ABB said in a statement. "The proposal is subject to shareholder approval at ABB''s 2018 annual general meeting." It follows a fraud scandal for ABB in South Korea, which exposed a failure to maintain effective financial controls. EY, ABB''s sole external auditor since 2001, concluded ABB had not maintained effective internal control over financial reporting. However, an ABB spokesman said the situation in Korea did not influence the company''s decision to switch auditors, a process which was launched beforehand. The decision was down to corporate governance reasons, the spokesman said, after EY had served as its auditor for more than 10 years. (Reporting by Joshua Franklin) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-abb-auditor-idUSKBN18I0SV'|'2017-05-22T16:14:00.000+03:00'
'87b268f83c886fd91d081b12e32dba973b234bc4'|'EU to conclude Google antitrust cases in next few months'|'Innovation and Intellectual Property - Mon May 22, 2017 - 8:15am EDT EU to conclude Google antitrust cases in next few months A man holds his smartphone which displays the Google home page, in this picture illustration taken in Bordeaux, Southwestern France, August 22, 2016. REUTERS/Regis Duvignau By Foo Yun Chee - OXFORD, England OXFORD, England EU antitrust regulators will rule in the "next few months" whether Alphabet''s Google abused its dominance of internet searches and other areas, a senior European Commission official said on Monday, an outcome that could lead to a hefty fine. The world''s most popular internet search engine has been in the Commission''s crosshairs since 2010 over the promotion of its own shopping service in internet searches at the expense of the services of rivals. The EU competition enforcer opened a second front against Google last year as it charged the company with using its dominant Android mobile operating system to squeeze out rivals. It has since leveled a third charge, that of blocking rivals in online search advertising. This relates to Google''s "AdSense for Search" platform, in which Google acts as an intermediary for websites such as online retailers, telecoms operators or newspapers. These searches produce results that include search ads. "In the next few months, we will reach a decision on the Google cases, Google search, AdSense and to me the most interesting is Android," Tommaso Valletti, the Commission''s chief competition economist, told a conference organized by the University of Oxford Centre for Competition Law and Policy. The Commission has already warned Google that it would be fined if found guilty of breaching EU antitrust rules. Sanctions could reach 10 percent of annual global turnover for each case. Alphabet made consolidated revenues of around $90 billion in 2016. Google has in the past rejected the accusations, saying that its innovations had increased choice for European consumers and promoted competition. It made three unsuccessful attempts to settle the internet search case without any finding of wrongdoing and sanctions with European Competition Commissioner Margrethe Vestager''s predecessor, Joaquin Almunia. (Reporting by Foo Yun Chee; Editing by Philip Blenkinsop and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-eu-google-antitrust-idUSKBN18I1EV'|'2017-05-22T20:15:00.000+03:00'
'c8b75cc1d8ce2255f32ca50dbf3ab7d693a335f2'|'German, French ministers agree to forge deeper euro zone'|' 08pm BST German, French ministers agree to forge deeper euro zone left right German Finance Minister Wolfgang Schaeuble and French Economy Minister Bruno Le Maire attend a news conference in Berlin, Germany, May 22, 2017. REUTERS/Hannibal Hanschke 1/5 left right German Finance Minister Wolfgang Schaeuble and French Economy Minister Bruno Le Maire attend a news conference in Berlin, Germany, May 22, 2017. REUTERS/Hannibal Hanschke 2/5 left right German Finance Minister Wolfgang Schaeuble and French Economy Minister Bruno Le Maire arrive for a news conference in Berlin, Germany, May 22, 2017. REUTERS/Hannibal Hanschke 3/5 left right German Finance Minister Wolfgang Schaeuble and French Economy Minister Bruno Le Maire attend a news conference in Berlin, Germany, May 22, 2017. REUTERS/Hannibal Hanschke 4/5 left right German Finance Minister Wolfgang Schaeuble and French Economy Minister Bruno Le Maire attend a news conference in Berlin, Germany, May 22, 2017. REUTERS/Hannibal Hanschke 5/5 By Paul Carrel and Joseph Nasr - BERLIN BERLIN The finance ministers of Germany and France agreed on Monday to strengthen the euro zone, giving a new impulse to stalled reforms of the currency union and warning that if they fail political extremists will take power. Wolfgang Schaeuble and Bruno Le Maire agreed at their first meeting since the May 7 election of Emmanuel Macron as French president to set up a joint working group that would present ideas by July on deepening euro zone integration. Le Maire said the group would look at fiscal convergence, coordinating economic policy and joint investment projects, and warned that the euro zone''s two largest economies must deliver successful reform during Macron''s five-year term. "We have a responsibility to deliver results," the Frenchman said in a joint news conference with Schaeuble, noting the strong performance of far-left and far-right candidates in France''s presidential election. "This obliges us all to deliver concrete results. Because if we don''t succeed the extremes will succeed us," he added, before flying together with Schaeuble to Brussels for a euro zone finance ministers'' meeting. Schaeuble added: "We both know that a central challenge for both of us as finance ministers is to make our contribution to the promotion of Europe at a time of chances but also of challenges." "We know strengthening the monetary union is of great importance," he said, adding that Germany and France had a special leadership role in the 19-member euro zone. With Germany''s economy - Europe''s largest - outperforming that of France, the traditional Franco-German engine at the heart of the EU that has often misfired in recent years. Monday''s meeting - one week after Macron met German Chancellor Angela Merkel in Berlin - was an effort to inject fresh dynamism into the partnership. Merkel said at a separate event on Monday that Germany must help Macron to succeed to fight unemployment and added that the best way to counter euroskeptic populists was to solve problems. Le Maire, sensitive to German concerns about France''s fiscal largesse, said Paris would meet European commitments to reduce its public debt. "France will respect its European commitment to reduce deficits and we are not doing it to please the European Commission. We are doing it because it is good for France." Turning to Britain''s   Union, Le Maire said Brexit presents the euro zone, France and Germany with opportunities in financial markets. "We see in Brexit the possibility for our financial sectors to be more attractive than they were in the past. This means jobs, work, and wealth for our countries," he said. "Brexit gives us this opportunity and we intend on seizing this opportunity. (Reporting by Paul Carrel and Noah Barkin; writing by Joseph Nasr; editing by Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-germany-france-economy-idUKKBN18I0ZT'|'2017-05-22T
'12a06a19b7edd48e8fa83e20afca273a28fd1baa'|'Aegon sells some U.S. operations to boost solvency'|'AMSTERDAM Aegon ( AEGN.AS ), the Dutch-based insurer that does most of its business in the United States, said on Monday it would sell some U.S. operations to Wilton Re [WRFL.UL] to boost its financial strength under Europe''s new Solvency II regime for insurers.Aegon will sell its U.S. corporate and bank life insurance to Wilton for an undisclosed sum, and in return, Aegon''s Transamerica unit will provide reinsurance for some $14 billion of Wilton liabilities.Aegon said it would book a loss of around 270 million euros ($300 million) on the deal when it closes this summer.However, the move will free up 630 million euros in cash Aegon was holding to pay claims, improving group solvency under Europe''s new Solvency II regime by 6 percentage points.Analysts regard the figure as a prime indicator of a European insurer''s ability to pay dividends.Aegon''s shares have fallen since March, when it revised down its solvency ratio to 157 percent after a review.. It reported better than expected first quarter earnings on May 11, but shares again fell on solvency concerns.(Reporting by Toby Sterling, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-aegon-operations-sale-idINKBN18I0KR'|'2017-05-22T04:31:00.000+03:00'
'3230835a3afa6b52deb97129239790a555d35567'|'Kuwait says OPEC to discuss extending output cuts for 6 or 9 months'|'KUWAIT Kuwait''s oil minister said on Tuesday that global oil producers would discuss at their meeting this week whether to extend output cuts for six months or nine months, because not all were on board for nine."We have agreed on the six months. Some of the countries have agreed to six months subject to a revision in November for an additional three months," Essam al-Marzouq told reporters before heading to Vienna for the Thursday meeting."From what I have heard, some of the press releases, the Iraqi and Iranian ministers have declared that they prefer six months," he said, before adding: "For nine months not everybody (is) on board."Asked whether deeper cuts were being considered, Marzouq said: "No."He added: "We will see the results during the second half of this year and see how that will be affecting the overhang stocks, and we will decide later on."Asked whether there was any appetite for deeper cuts, he said: "I don''t think it is necessary right now."Marzouq also said Saudi Arabia had talked to three oil producers which have not so far joined the cuts - Turkmenistan, Norway and Egypt - and all three had signalled willingness to join.Kuwait is part of a joint OPEC/non-OPEC ministerial monitoring committee which also includes Algeria, Venezuela, Oman and Russia.On the issue of choosing between a six- and a nine-month extension of cuts, Marzouq said: "We are going to discuss it in the monitoring committee and we will come up with a recommendation to the ministerial conference."(Reporting by Ahmed Hagagy; Writing by Sylvia Westall; and Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/oil-opec-kuwait-idINKBN18J0YD'|'2017-05-23T06:20:00.000+03:00'
'68f3927464727c81315b9ad8666e8a518f3b4099'|'Wavering risk appetite after Manchester blast weighs on sterling, Asia stocks, lifts yen'|'Top   7:04pm BST Buoyant data bolsters euro rally, Wall Street creeps higher Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, NY, U.S. May 18, 2017. REUTERS/Brendan McDermid By Hilary Russ - NEW YORK NEW YORK Shares climbed across the euro zone on Tuesday after data showed robust growth, and Wall Street ticked higher as a U.S. federal budget proposal called for slashing healthcare programs and boosting military spending. Businesses across the euro zone were on their strongest run since 2011, according to IHS Markit''s Flash Composite Purchasing Managers'' Index for May. It matched the previous month''s 56.8, its highest since April 2011. A reading above 50 indicates growth. "It''s a very good result and it''s broad-based. We''ve got a good pace of growth here. The fact we have maintained this high level in May is great news for second-quarter GDP," said Chris Williamson, chief business economist at IHS Markit. The pan-European FTSEurofirst 300 index .FTEU3 rose 0.29 percent and MSCI''s gauge of stocks across the globe .MIWD PUS gained 0.14 percent. The euro EUR= had hit a six-month high but retreated as traders locked in some of this month''s 3.5 percent surge, while a suicide bombing in Britain subdued the pound after more signs of a drop in the UK economy dented it. The bombing of a pop concert in Manchester killed 22 people and wounded dozens. Sterling had fallen but rose 0.8 percent in mid-day trading to $1.3010. "Increasingly the markets are just more and more numb to these. As bad as they are and as horrific as they are, the market immediately looks through these things and uses these as buying opportunities more than anything else,<2C> said Brad Bechtel, managing director FX at Jefferies in New York. In the United States, investors looked to President Donald Trump''s first full budget plan, released on Tuesday. It calls for an increase in military and infrastructure spending but also a raft of politically sensitive cuts, including to healthcare and food assistance programs for the poor, with the aim of chopping government spending by $3.6 trillion and balancing the budget over the next decade. "In the U.S. all eyes are on Trump''s budget proposal," said Nadia Lovell, U.S. equity strategist at J.P. Morgan Private Bank in New York. "People will keep an eye on any sort of indication of corporate tax reform as well as infrastructure spending." [.N] The Dow Jones Industrial Average .DJI rose 37.26 points, or 0.18 percent, to 20,932.09, the S&P 500 .SPX gained 3.21 points, or 0.13 percent, to 2,397.23 and the Nasdaq Composite .IXIC dropped 1.83 points, or 0.03 percent, to 6,131.79. Trump''s budget in its current form is unlikely to be approved by Congress, which will craft its own tax and spending plans. However, the plan''s proposal to sell off half of strategic U.S. oil reserves weighed on crude futures, offsetting optimism over expectations that other major oil producers would agree to extend supply curbs this week. [O/R] Oil prices bounced around on Tuesday. U.S. crude CLcv1 rose 0.1 percent to $51.18 per barrel and Brent LCOcv1 was last at $53.94, up 0.13 percent on the day at 1500 GMT. In Greece, short-dated government bond yields GR5YT=TWEB rose sharply and banking stocks fell after euro zone finance ministers failed to agree debt relief for Greece with the International Monetary Fund and did not release new loans to Athens. Emerging market stocks .MSCIEF rose 0.07 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.25 percent, while Japan''s Nikkei .N225 lost 0.33 percent. The dollar index against a basket of currencies .DXY rose 0.01 percent. The Japanese yen JPY= strengthened 0.19 percent versus the greenback at 111.12 per dollar, while sterling GBP= was last trading at $1.2977, down 0.16 percent on the day. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=htt
'3ed67dc4d7327dccc88c09c6008b406270a95ad6'|'Forget ''strong and stable'' <20> leadership is about knowing your weaknesses - Guardian Small Business Network - The Guardian'|'Guardian Small Business Network Forget ''strong and stable'' <20> leadership is about knowing your weaknesses Theresa May uses the strongman model of leadership <20> but successful leaders recognise they don<6F>t have all the answers The PM<50>s messaging has echoes of Donald Trump<6D>s <20>I alone can fix it<69> approach to leadership. Photograph: Dan Kitwood/Getty Images Guardian Small Business Network Forget ''strong and stable'' <20> leadership is about knowing your weaknesses Theresa May uses the strongman model of leadership <20> but successful leaders recognise they don<6F>t have all the answers View more sharing options Senior Leader Coach and Partner at The Alexander Partnership Tuesday 23 May 2017 07.00 BST Last modified on Tuesday 23 May 2017 09.31 BST Top business leaders have moved away from outdated strongman models of leadership. It is wholly unrealistic to expect that any one person, no matter how self-assured, smart or talented, can singlehandedly possess all the skills required to navigate organisations through today<61>s increasingly complex and rapidly changing business environment. ''Strong and stable leadership!'' Could Theresa May''s rhetorical carpet-bombing backfire? Read more Yet politicians seem to be moving in the other direction. In the US, Donald Trump claimed <20>I alone can fix it<69>, and successfully convinced Americans to elect him president. He has spent the last four months demonstrating that, even if it were realistic for one person to single-handedly fix the country<72>s problems, he is not the man for the task. Here in the UK, the Conservatives and Theresa May are flirting with a similar message of leadership, though admittedly with less bombast than Trump. She has stated there is no <20> Mayism <20>, but the call for a general election to strengthen her mandate and the relentless hammering home of her <20>strong and stable<6C> mantra conveys the message clearly: it is not the Conservative party we are asked to trust when we cast our votes, but May herself. <20>Bloody difficult,<2C> yes, and the only hand strong enough to hold the tiller and keep us on course. Successful business leaders understand that they don<6F>t have all the answers. Unrealistic expectations of their own abilities hinder, rather than help their organisations. The marker of an exceptional leader is the ability to determine honestly and objectively what their abilities are. They can then call on the talents of others to make up for their weaknesses. For any leader who believes they can (or ought to) single-handedly do it all, the Harvard Business Review article, In Praise of the Incomplete Leader , is a useful tool for realigning those unrealistic expectations. The authors identify four key capabilities that an organisation needs from its leader to succeed in challenging times. These are <20>sensemaking<6E>, <20>relating<6E>, <20>visioning<6E> and <20>inventing<6E>. No lone individual is going to be good at all of these but having the right people around you can help shore up any weak spots. Stability should mean agile adjustment to changing circumstances, rather than rigid adherence to a fixed point of view <20>Sensemaking<6E> is the ability to understand changes in the business environment and interpret their effect on your industry and your company. If you feel strongly that you<6F>re always right, if you often get blindsided by changes in your company or your industry, or if change tends to make you feel resentful, this is a skill you need to work on. Be a better boss with these expert tips Read more <20>Relating<6E> is the capacity for building relationships and networks of support. Leaders who are strong in this area can put forward their own point of view but also ask for and listen carefully to differing opinions. You may have problems <20>relating<6E> if you tend to blame others for failed projects or feel they are constantly letting you down or can<61>t be trusted. <20>Visioning<6E> means setting a clear view of a future direction that the people in
'fac185cf96cca45a73ca9424570cbac6a1b91d92'|'Exclusive: North American carmakers want rules of origin untouched - Mexico lobby'|'MEXICO CITY The auto industries of the United States, Canada and Mexico agree there should be no changes to rules of origin in the North American Free Trade Agreement (NAFTA), the president of the Mexican automakers'' association said on Monday.Under the trade deal between the United States, Mexico and Canada, rules of origin stipulate that products must meet minimum regional, or NAFTA-wide, content requirements to be tariff-free."Our position is that the trade agreement has been a success, and we shouldn''t be touching something as important as the rules of origin," Eduardo Solis, president of Mexican automakers'' industry group AMIA, told Reuters in an interview.NAFTA''s rules of origin, said Solis, have been key in creating value and integrating the auto industry in North America."In terms of access to markets and rules of origin, what we have is a shared position," said Solis.Mexico boasts plants owned by global automakers including General Motors Co ( GM.N ), Ford Motor Co ( F.N ), Fiat Chrysler Automobiles ( FCHA.MI ) and Volkswagen AG ( VOWG_p.DE ).The administration of U.S. President Donald Trump on Thursday triggered a 90-day consultation period with Congress, industries and the American public that would allow talks over NAFTA, one of the world''s biggest trading blocs, to begin by Aug. 16.Authorities and businesses in Mexico have been bracing for the looming renegotiation, as Trump has insisted that a new pact must be more beneficial to American workers and companies.Solis said it was important to not become overconfident before the actual negotiations kick off."We need to remain cautious and at the same time prepare the data that shows why NAFTA has been a success for the three nations," said Solis.Mexico''s booming auto sector has been a clear beneficiary of NAFTA as a wide range of international automakers have made Latin America''s second biggest economy a key export hub, attracted by cheap labor costs and free trade accords with dozens of nations.(Reporting by Anthony Esposito and Sharay Angulo; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-mexico-autos-exclusive-idUSKBN18I2OB'|'2017-05-23T06:43:00.000+03:00'
'8660887e5fd74732d034efed18c92cdcd0e48e64'|'How can Emmanuel Macron unite Europe? He can start with the armies'|'E mmanuel Macron<6F>s victory in the French presidential election sent a wave of relief and euphoria across Europe. But now a reality check is in order, because we do not yet know how the president intends to restore the French economy. The country has an unemployment rate of nearly 10% and its manufacturing sector is 12% below the level before the 2008 global financial crisis.Macron has indicated that he does not want to increase the retirement age, change the 35-hour working week or make it easier for companies to dismiss workers. At the same time, he wants northern eurozone countries to send money to southern countries to protect French financial and economic markets in these regions.This is an admittedly broad-brush portrayal of the programme that got Macron elected, but it is nonetheless to the point. What else could he possibly mean when he calls for the creation of a eurozone finance ministry that can accrue jointly guaranteed debt and collect its own taxes. What about when he asks for common eurozone deposit protection and unemployment insurance? The motive behind these ideas is all too obvious: support the domestic economy at others<72> expense.Why the EU must be generous to the UK over Brexit - Hans-Werner Sinn Read more Macron also backs proposals for a eurozone parliament, proclaiming a two-tier Europe . But that is simply a recipe for splitting up the EU.Turning the eurozone into a transfer union with its own parliament would deepen the divide between the eurozone countries and the EU<45>s northern and eastern member states: Denmark, Sweden, Poland, Czech Republic, Croatia, Hungary, Romania and Bulgaria. Because most of those countries will not join a European transfer union, they would be cut off permanently. As Donald Tusk , the Polish president of the European council, has wryly observed, we already had a two-tier Europe up until 1989 and we should not wish for a return to that arrangement.German policymakers, for their part, could not easily help Macron bifurcate the EU even if they wanted to, because Germany<6E>s constitution grants the Bundestag the inalienable authority to manage the country<72>s fiscal affairs. Even if every member of the German parliament agreed to transfer part of Berlin<69>s fiscal sovereignty to a European-level institution, such a decision could still be made only through a formal referendum.Germany<6E>s powerful constitutional court has already made it clear that eurozone bailouts and other interventions represent the outer limits of what is possible under the country<72>s basic law. The court may have deferred to the European court of justice on the question of the European Central Bank <20>s <20>outright monetary transactions<6E> scheme, but it will not be able to do the same with respect to fiscal sovereignty, because the constitution is clear and the ECJ has no standing to interpret German constitutional law.That being said, it is important European integration moves forward. There is still much work to do to improve the EU<45>s cross-border traffic routes and strengthen its security partnerships. Indeed, Europe should take a lesson from the wars of the 20th century and do away with national armies altogether. Only then will its union for peace become a reality, not just a platitude invoked by politicians.During the period after the second world war, European heads of state drafted a treaty to establish a European defence community. But the proposal fell through in 1954, when France<63>s national assembly did not ratify it, against the recommendation of Charles de Gaulle. Later, the UK opposed a joint European military.But Britain will no longer be part of the EU, at least for the foreseeable future, and France has a young, dynamic new leader. So it is time to try again. The German people can probably be persuaded to agree to this form of integration, in the same referendum that will have to be held to approve Macron<6F>s fiscal plans. The same can be said for the people of eastern Europe.By pursuing tr
'f7e4347bfba98ce71cb997e6e263485da52c0165'|'Newly discovered vulnerability raises fears of another WannaCry'|'Technology   6:15am BST Newly discovered vulnerability raises fears of another WannaCry FILE PHOTO: A hooded man holds a laptop computer as blue screen with an exclamation mark is projected on him in this illustration picture taken on May 13, 2017. REUTERS/Kacper Pempel/Illustration SINGAPORE A newly found flaw in widely used networking software leaves tens of thousands of computers potentially vulnerable to an attack similar to that caused by WannaCry, which infected more than 300,000 computers worldwide, cybersecurity researchers said on Thursday. The U.S. Department of Homeland Security on Wednesday announced the vulnerability, which could be exploited to take control of an affected computer, and urged users and administrators to apply a patch. Rebekah Brown of Rapid7, a cybersecurity company, told Reuters that there were no signs yet of attackers exploiting the vulnerability in the 12 hours since its discovery was announced. But she said it had taken researchers only 15 minutes to develop malware that made use of the hole. "This one seems to be very, very easy to exploit," she said. Rapid7 said it had found more than 100,000 computers running vulnerable versions of the software, Samba, free networking software developed for Linux and Unix computers. There are likely to be many more, it said in response to emailed questions. Most of the computers found are running older versions of the software and cannot be patched, said Brown. Some of the computers appear to belong to organizations and companies, she said, but most were home users. The vulnerability could potentially be used to create a worm like the one which allowed WannaCry to spread so quickly, Brown said, but that would require an extra step for the attacker. Cybersecurity researchers have said they believe North Korean hackers were behind the WannaCry malware, which encrypted data on victims'' computers and demanded bitcoin in return for a decryption key. (Reporting and writing By Jeremy Wagstaff; Editing by Michael Perry)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-cyber-attack-samba-idUKKBN18L0GD'|'2017-05-25T12:53:00.000+03:00'
'32ccb84fb6f50f88117630f1c57e0c93ba582bec'|'BRIEF-Beaufield Resources acquires 100pct interest in the urban-windfall sector'|'Market  09am EDT BRIEF-Beaufield Resources acquires 100pct interest in the urban-windfall sector May 24 Beaufield Resources Inc: * Beaufield Resources acquires 100pct interest in the urban-windfall sector * Announce acquisition of a 100pct interest in 299 hectare windfall east project from alto ventures ltd * Beaufield will pay alto $300,000 cash * Beaufield will issue 2.75 million beaufield shares to alto * Beaufield Resources - Alto will retain a 1pct net smelter return royalty on property with buyback provision for 0.5pct of NSR by beaufield for $1 million * Beaufield will subscribe for 2.9 million shares of ALTO at a price of $0.12 per share for proceeds of $350,000  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-beaufield-resources-acquires-100pc-idUSASA09R5W'|'2017-05-24T21:09:00.000+03:00'
'22117ef194b4e23e504202ddecf0df68703950aa'|'Test, please ignore'|'Market News  39am EDT Test, please ignore TREASURIES-U.S. bond yields slip before 7-year note sale By Richard Leong NEW YORK, May 25 U.S. Treasury yields fell on Thursday ahead of a $28 billion sale of seven-year notes, the final part of $88 billion worth of coupon-bearing government supply this week. The bond market held in a relative tight trading range as there have been no major economic data to alter investors'' views on a growth rebound in the second quarter or signals from the Federal Reserve that it would be more aggressive on removing monetary stimulus. "We'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/test-please-ignore-idUSL4N1IR4QF'|'2017-05-25T22:39:00.000+03:00'
'495d668747c2ca4e00d8e3c4fd7d633bf333cb64'|'MIDEAST STOCKS - Factors to watch - May 25'|'Bonds News - Wed May 24, 2017 - 11:59pm EDT MIDEAST STOCKS - Factors to watch - May 25 DUBAI May 25 Here are some factors that may affect Middle East stock markets on Thursday. Reuters has not verified the press reports and does not vouch for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Asian shares hit 2-yr high after Fed signals gradual tightening * MIDEAST STOCKS-Gulf weak as DXBE drags down Dubai; banks boost Egypt * Oil prices rise in anticipation of extended OPEC-led production cut * PRECIOUS-Gold holds steady as dollar slips after Fed minutes * Middle East Crude-Down for third session despite flurry of deals * U.S. Treasury chief says reviewing Iran''s aircraft licenses * OPEC, non-OPEC set for new oil cut, eye longer duration * EMERGING MARKETS-China downgrade fear ripples through emerging markets * Algeria''s presidency names new prime minister - state media * ANALYSIS-As oil prices languish, signs emerge of Algeria changing its energy ways * Lebanon reappoints Riad Salameh as central bank governor * Turkish banking sector 2017 loan growth may exceed 15 pct - Isbank CEO * Iran to invite bids on Azadegan oil field next week -ISNA * Tunisia hikes interest rates to curb inflation, support dinar EGYPT * Egypt blocks 21 websites, including Al Jazeera -state news agency * Egypt raises $3 billion in bumper Eurobond sale * Egypt puts lawyer with presidential ambitions on trial * Egypt''s Sisi rejects Bashir accusations, says not conspiring against Sudan SAUDI ARABIA * SaudiGulf Airlines expects to agree Boeing 777 order by Q3 -CEO * TABLE-Saudi March non-oil exports rise, imports plunge 20 pct * General Electric signs 1 bln riyal deal to build gas turbines in Saudi Arabia UNITED ARAB EMIRATES * German shipping group Hapag-Lloyd aims for speedy post-merger intergration * Dubai looking into forming $1 billion shipping investment fund - sources * TABLE-UAE April inflation eases to 2.2 pct on food, housing prices * Abu Dhabi closes $872 mln financing for world''s largest solar plant * Pace of Gulf tech deals heats up as Emaar buys Namshi stake * TABLE-UAE''s Fujairah oil inventory data for week ended May 22 * MEDIA-100 percent UAE tax on tobacco and energy drinks from Q4-Gulf News QATAR * Moody''s Assigns Prime-1 Rating To USCP Program of the Commercial Bank (P.S.Q.C.) * Gulf rift reopens as Qatar decries hacked comments by emir KUWAIT * TABLE-Kuwait April inflation unchanged at 2.6 percent * Kuwait''s KNPC plans $1.3 bln oil products storage plant * Kuwait''s Agility has "sizeable" financing requirements- CEO * Kuwait National Petroleum signs $6.25 bln loan for clean fuels project * Kuwait logistics firm Agility says settles U.S. criminal case OMAN '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-factors-idUSL8N1IR04I'|'2017-05-25T11:59:00.000+03:00'
'd12061c7366272648f18f8f3e03ff83381c86294'|'Moody''s China downgrade ''illogical'', overstates debt - People''s Daily'|'Top News   3:34am BST Moody''s China downgrade ''illogical'', overstates debt - People''s Daily left right FILE PHOTO: Clothes hang from a line in a residential building under construction in the town of Gushi in Henan Province, March 28, 2010. REUTERS/David Gray/File Photo 1/4 left right FILE PHOTO: A labourer has his dinner under his shed at a construction site of a residential complex in Hefei, Anhui province, August 1, 2012. REUTERS/Stringer/File Photo 2/4 left right FILE PHOTO: A man looks at a phone during the third annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province, China November 17, 2016. REUTERS/Aly Song/File Photo 3/4 left right FILE PHOTO: The logo of credit rating agency Moody''s Investor Services is seen outside the office in Paris October 24, 2011. REUTERS/Philippe Wojazer/File Photo 4/4 SHANGHAI The decision by Moody''s Investors Service to downgrade China''s credit rating is "illogical" and overstates the levels of government debt, a commerce ministry researcher said in an editorial in the official People''s Daily newspaper on Thursday. Mei Xinyu, a researcher at China''s Ministry of Commerce, wrote in a front page editorial of the paper''s overseas edition the downgrade, Moody''s first for China since 1989, overstated China''s reliance on stimulus and the country''s debt levels. Moody''s downgraded China''s credit ratings on Wednesday for the first time in nearly 30 years, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise. China''s Finance Ministry said on Wednesday the downgrade overestimated the risks to the economy and was based on "inappropriate methodology". China''s state planner said debt risks were generally controllable. Mei said China''s economic performance this year had exceeded market expectations and criticised Moody''s for including debt at state-owned enterprises (SOEs) and local government financing vehicles as indirect government liabilities. "It is clear to see that the logic behind Moody''s assertions goes against the objective facts," he wrote. Moody''s one-notch downgrade in long-term local and foreign currency issuer ratings, to A1 from Aa3, comes as the Chinese government grapples with the challenges of rising financial risks stemming from years of credit-fuelled stimulus. Chinese leaders have identified the containment of financial risks as a top priority this year, but are moving cautiously to avoid choking economic growth. The authorities have gingerly raised short-term interest rates while tightening regulatory oversight. Mei added that the China downgrade amounted to a "double standard" compared with how countries in Europe and the United States were treated. However, the decision would not have a major impact on the Chinese economy, he said. The downgrade is likely to modestly increase the cost of borrowing for China''s government and SOEs, but it remains comfortably within the investment grade rating range. (Reporting by Adam Jourdan and Samuel Shen; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-rating-idUKKBN18L07V'|'2017-05-25T10:05:00.000+03:00'
'878743761d3c2a5807faa98de57a6dd399ee596b'|'Dollar firm after bounce from lows, yuan slips on China downgrade'|'By Saqib Iqbal Ahmed - NEW YORK NEW YORK The U.S. dollar slipped on Wednesday, after minutes of the latest Federal Reserve meeting showed policymakers agreed they should hold off on raising interest rates until they see evidence that a recent economic slowdown was transitory.The dollar index .DXY, which tracks the greenback against six major rivals, was down 0.17 percent to 97.184, after falling as low as 97.093.The minutes were the latest indication of the Fed''s heightened caution over policy tightening since the central bank began lifting rates from near zero in December 2015.Nearly all policymakers at the May 2-3 meeting also said they favoured starting the wind-down of the Fed''s massive holdings of Treasury debt and mortgage-backed securities this year."The minutes show that the Fed is going to be cautious and is in no rush to adopt a hawkish tone with respect to their balance sheet," said Naeem Aslam, chief market analyst for Think Markets.Federal funds futures imply traders still see a high probability of a U.S. rate hike in June at 83 percent, but traders are now pricing a 46 percent chance of the Fed raising rates twice more by year-end, down from about 50 percent late Tuesday.The dollar hit a more than 6-1/2-month low on Monday as worries over U.S. President Donald Trump''s recent firing of FBI Director James Comey and concerns about possible delays in Trump''s efforts to implement his economic stimulus plans pressured the greenback."We are not going to see any massive move to the downside for the dollar, but upside is very limited unless economic data starts to pick up massively," Aslam said.The euro, which has enjoyed a bull run this month on factors including an ebb in French political concerns and upbeat euro zone data, was up 0.2 percent against the greenback at $1.1204.Canada''s dollar strengthened to a one-month high against its U.S. counterpart after the Bank of Canada was more upbeat about the economy than some investors expected and as major oil producers looked set to possibly extend production cuts.Earlier, Moody''s Investors Services downgraded China''s long-term local and foreign currency issuer ratings by a notch, citing expectations that the financial strength of the world''s second-biggest economy would erode in the coming years.China''s offshore yuan slipped in a knee-jerk reaction but the overall response was limited.(Reporting by Saqib Iqbal Ahmed; Editing by Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/global-forex-idINKBN18K0D4'|'2017-05-24T02:41:00.000+03:00'
'682b05faac0a822a926bef2228983952d04418aa'|'Dassault sees pick up in Northern Europe market, pressure in U.S.'|'Sun May 21, 2017 - 12:05pm BST Dassault sees pick up in Northern Europe market, pressure in U.S. FILE PHOTO: A Dassault Aviation logo is pictured on the company booth during the European Business Aviation Convention & Exhibition (EBACE) at Cointrin airport in Geneva, Switzerland, May 24, 2016. REUTERS/Denis Balibouse/File Photo GENEVA Dassault Aviation SA ( AVMD.PA ) sees improvements in the jet market in Northern Europe, Russia and China, but uncertainty about U.S. policies will weigh on sales in the United States and Mexico, Chief Executive Eric Trappier said in Geneva on Sunday. Trappier also said at a conference that the French planemaker expected certifiable Silvercrest engines for the new 5X Falcon jet would be available by year end and that Dassault would announce specifications for a new jet by the end of 2017. (Reporting by Cyril Altmeyer; Writing by Sybille   Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-dassault-outlook-idUKKBN18H0I7'|'2017-05-21T19:01:00.000+03:00'
'f8ee0cd28847845dbe88fde1f3d4a8e3434975d7'|'Symantec says ''highly likely'' North Korean hacking group behind ransomware attacks'|'Technology News   3:18am BST Symantec says ''highly likely'' North Korea group behind ransomware attacks left right A screenshot shows a WannaCry ransomware demand, provided by cyber security firm Symantec, in Mountain View, California, U.S. May 15, 2017. Courtesy of Symantec/Handout via REUTERS 1/2 left right FILE PHOTO: The Symantec booth is seen during the 2016 Black Hat cyber-security conference in Las Vegas, Nevada, U.S. August 3, 2016. REUTERS/David Becker/File Photo 2/2 By Joseph Menn - SAN FRANCISCO SAN FRANCISCO Cyber security firm Symantec Corp ( SYMC.O ) said on Monday it was "highly likely" a hacking group affiliated with North Korea was behind the WannaCry cyber attack this month that infected more than 300,000 computers worldwide and disrupted hospitals, banks and schools across the globe. Symantec researchers said they had found multiple instances of code that had been used both in the North Korea-linked group''s previous activity and in early versions of WannaCry. In addition, the same Internet connection was used to install an early version of WannaCry on two computers and to communicate with a tool that destroyed files at Sony Pictures Entertainment. The U.S. government and private companies have accused North Korea in the 2014 Sony attack. North Korea has routinely denied any such role. On Monday, it called earlier reports that it might have been behind the WannaCry attack "a dirty and despicable smear campaign." Lazarus is the name many security companies have given to the hacking group behind the Sony attack and others. By custom, Symantec does not attribute cyber campaigns directly to governments, but its researchers did not dispute the common belief that Lazarus works for North Korea. In a blog post, Symantec listed numerous links between Lazarus and software the group had left behind after launching an earlier, less virulent, version of the malware in February. One was a variant of software used to wipe disks during the Sony Pictures attack, while another tool used the same internet addresses as two other pieces of malware linked to Lazarus. At the same time, flaws in the WannaCry code, its wide spread, and its demands for payment in the electronic bitcoin before files are decrypted suggest that the hackers were not working for North Korean government objectives in this case, said Vikram Thakur, Symantec''s security response technical director. "Our confidence is very high that this is the work of people associated with the Lazarus Group, because they had to have source code access," Thakur said in an interview. But he added: "We don''t think that this is an operation run by a nation-state." With WannaCry, Thakur said, Lazarus Group members could have been moonlighting to make extra money, or they could have left government service, or they could have been contractors without direct obligations to serve only the government. The most effective version of WannaCry spread by using a flaw in Microsoft''s Windows and a program that took advantage of it that had been used by the U.S. National Security Agency, officials said privately. That program was among a batch leaked or stolen and then dumped online by a group calling itself The Shadow Brokers, who some in U.S. intelligence believe to be affiliated with Russia. Analysts have been weighing in with various theories on the identity of those behind WannaCry, and some early evidence had pointed to North Korea. The Shadow Brokers endorsed that theory, perhaps to take heat off their own government backers for the disaster. Cybersecurity company Kaspersky has said it had found several similarities between the WannaCry malware from the earlier attack and those used by Lazarus. But in an interview last week, its Asia research director, Vitaly Kamluk, said it was not conclusive evidence. "It''s unusual," he said. Beau Woods, deputy director of the Cyber Statecraft Initiative at the Atlantic Council, said that the Korean language 
'ab2fefdcf99e32b558c64e264046d694e39fff2f'|'Former Anglo Irish Bank chairman acquitted in loan case - court'|'Top  59pm BST Former Anglo Irish Bank chairman acquitted in loan case - court Former Chairman of Anglo Irish bank, Sean Fitzpatrick, arrives at the Criminal Courts of Justice in Dublin, Ireland December 5, 2016. REUTERS/Clodagh Kilcoyne DUBLIN The former chairman of the failed Anglo Irish Bank was acquitted on Tuesday on charges of misleading auditors about personal loans worth tens of millions of euros following a ruling by the judge, Ireland''s Courts Service said. Sean FitzPatrick went on trial last year accused of "artificially reducing" loans worth tens of millions of euros for a few weeks around the end of the company''s financial year to avoid their full value being shown in annual accounts. FitzPatrick pleaded not guilty to all 27 charges, including providing misleading, false or deceptive statements to auditors Ernst & Young (EY) and furnishing false information. Judge John Aylmer ruled that the investigation carried out by Ireland''s Office of the Director of Corporate Enforcement (ODCE) fell short of the impartial, unbiased inquiry to which an accused is entitled, national broadcaster RTE said. Aylmer said key witnesses had been coached and the ODCE had failed to seek out evidence of innocence as well as guilt, according to RTE. Anglo Irish, which was nationalised in 2009 and wound down in 2011, was synonymous with the casino-style lending practices that drove the "Celtic Tiger" boom and subsequent bust, pushing the Irish state into an international bailout in 2010. Two Anglo Irish executives were among three Irish bankers jailed last year for between 24 and 42 months for conspiring to defraud investors. They were the first senior bank executives to be jailed in relation to the crisis. FitzPatrick was also found innocent in 2014 on charges of illegal lending and providing unlawful assistance to investors. (Reporting by Conor Humphries and Padraic Halpin; editing by Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ireland-banking-court-idUKKBN18J1O6'|'2017-05-23T19:59:00.000+03:00'
'2f6d5feb19503213062d38a9a7f97cfe3b249817'|'JAC Motor says China approves electric vehicles venture with VW'|'BEIJING Germany''s Volkswagen AG ( VOWG_p.DE ) and Anhui Jianghuai Automobile Group (JAC Motor) have received approval from Chinese regulators to form a joint venture to make electric vehicles, the two automakers said on Monday.The National Development and Reform Commission (NDRC), China''s top state planner, gave a green light to JAC and VW to build 100,000 pure battery electric vehicles annually in a project worth 5.1 billion yuan ($740 million), according to a JAC Motor stock exchange filing.A VW spokesman confirmed the approval but said certain administrative procedures still needed to be completed for a joint venture contract to be signed with JAC Motor.Volkswagen, China''s largest foreign automaker, has pledged to rapidly develop a range of electric vehicles as the Chinese government aggressively promotes the segment as a way to cut intense smog in much of the country.VW already has joint ventures with China FAW Group Corp [SASACJ.UL] and SAIC Motor Corp Ltd in the country.The has company previously said it aims to sell 400,000 "new energy vehicles," a category which includes pure electric and plug-in petrol-electric hybrids, in China by 2020 to meet strict Chinese fuel economy and emissions regulations, with electric vehicles made with JAC Motor coming in addition to that figure.(Reporting by Jake Spring and Min Zhang; Editing by Muralikumar Anantharaman and David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-jac-volkswagen-idUSKBN18I15I'|'2017-05-22T18:30:00.000+03:00'
'9ac683b466feae0c30cdff83df0a1bcea578c3c9'|'Aviva to buy back up to $390 million in its shares'|'  7:55am BST Aviva to buy back up to $390 million in its shares FILE PHOTO: People enter and exit the AVIVA headquarters building in Dublin October 19, 2011. REUTERS/Cathal McNaughton/File Photo LONDON Aviva is to buy back up to 300 million pounds ($389.55 million) of its own shares, the insurer said on Thursday. Morgan Stanley will act as principal on the transaction, Aviva said in a statement. European insurers and reinsurers such as Allianz and Munich Re have also issued share buybacks this year, as they struggle to put capital to work. Aviva chief executive Mark Wilson said this week the firm would consider small acquisitions in insurance technology businesses, but added nothing was imminent. (Reporting by Carolyn Cohn; Editing by Rachel Armstrong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aviva-buyback-idUKKBN18L0O8'|'2017-05-25T14:55:00.000+03:00'
'8b330745f2df3f4111e42dd74ccbafe5f8d0b924'|'UPDATE 1-U.S. House Democrats seek info from Deutsche Bank on Trump accounts'|'Bonds News  11am EDT UPDATE 1-U.S. House Democrats seek info from Deutsche Bank on Trump accounts (Adds details) May 24 Democrats on the U.S. House Financial Services Committee said on Wednesday they have asked Deutsche Bank to provide information on whether any accounts connected to U.S. President Donald Trump have ties to Russia. Committee Democrats sent a letter to Deutsche Bank Chief Executive Officer John Cryan on Tuesday seeking details of internal reviews to determine if Trump''s loans were backed by the Russian government. The congressional inquiry also seeks information about a Russian "mirror trading" scheme that allowed $10 billion to flow out of Russia. <20>Congress remains in the dark on whether loans Deutsche Bank made to President Trump were guaranteed by the Russian government, or were in any way connected to Russia," the Democrats wrote. "It is critical that you provide this committee with the information necessary to assess the scope, findings and conclusions of your internal reviews.<2E> Citing media reports, the Democrats called for the bank to hand over any documents tied to internal reviews of Trump<6D>s personal accounts at the bank. They also said the bank should state publicly that it had reviewed both the "mirror trading" scheme and Trump<6D>s accounts. Mirror trading involved buying stocks, for example, in Moscow in rubles, with related parties selling the same stocks shortly thereafter through a bank''s London branch. They also called on the bank to name an independent auditor to verify the results of the reviews, which should be turned over to the committee <20>as soon as reasonably practicable.<2E> Renee Calabro, a spokeswoman for Deutsche, did not immediately return a call for comment. (Reporting by Karen Freifeld in New York and Pete Schroeder in Washington; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trump-russia-deutsche-bank-idUSL1N1IQ0WX'|'2017-05-24T23:11:00.000+03:00'
'25a1a56ea4969c175a48c46d88fbe08406e70399'|'Foreign aid is being cut, but business will keep fighting poverty - Global Development Professionals Network'|'I t<>s easy to feel discouraged these days about international development. The new US administration has proposed cutting the foreign aid budget by nearly a third and eliminating certain programmes. Even if the US Congress manages to salvage some of these funds, the fight against global poverty seems at risk of losing momentum.But it<69>s worth remembering that there is another force out there that I believe will maintain, and even increase, progress against poverty: business.Even in the age of Trump, I believe we can meet the global goals - Alaa Murabit Read more In the past 10 years, private sector investment to developing countries has been growing faster than foreign aid. Indeed, developing countries now receive 27% more foreign business investment than development aid <20> a trend likely to grow over time. Even the lowest-income countries, as classified by the World Bank, have seen business capital flow into their economies at dizzying rates, with investment increasing nearly nine-fold since 2000.It<49>s tricky to attribute causation. But it<69>s worth noting that the poverty rate in these countries has fallen by nearly a third in the same time period. A 2010 study looking at sub-Saharan African countries bears out this idea, finding a <20>positive and strongly significant relationship between FDI-net inflows and poverty reduction<6F>.Global business has now reached a tipping point that will accelerate these gains. For one, the middle class <20> and overall populations <20> of poor countries are growing faster than in industrialised nations. This means an irresistible new customer base for corporations, one that is already spurring them to hire, source and invest more in these regions.If your company operates irresponsibly today, prepare to wake up to a social media firestorm tomorrowSecond, the internet era now subjects businesses to unprecedented scrutiny from consumers, NGOs and the media. If your company operates irresponsibly today, prepare to wake up to a social media firestorm tomorrow (and to improve your business practices the day after).Conversely, firms can reap rewards from the growing number of customers who want to know the story of how their products are sourced, and value companies that <20>do the right thing<6E>. One global study of online consumers across 60 countries found that 55% would pay more for products and services from businesses that have a positive social and environmental impact.Increasingly, however, the private sector is fighting poverty abroad simply as a regular part of doing business. Corporations like Cargill, Unilever, Walmart and Nestle <20> not the first names one might associate with helping the poor <20> are nevertheless training and buying from millions of small farmers and entrepreneurs worldwide in an effort to strengthen supply chains and reduce costs through local sourcing. Working with a cash base larger than many countries<65> GDPs, they can achieve the kind of scale and impact that can dwarf many development programmes.Africans are rising <20> we are going to build a different kind of future - Kumi Naidoo Read more Coca-Cola, for instance, once imported fruit puree from abroad for the Minute Maid juice it sold in east Africa. Now, after training 54,000 local farmers to improve the quality and quantity of their crops, Coca-Cola produces juice made from these farmers<72> fruit, and has started a multibillion-dollar Source Africa initiative to strengthen its supply chains there. The farmers from the initial training <20> a third of them women <20> created their own business groups and increased their incomes by an average of 142%.Of course, business can also have a negative impact on poor communities, and some of these same multinational companies have rightly faced criticism for unethical actions abroad. Short-term business interests can sometimes lead to unjustifiable practices such as squeezing local suppliers to sell below cost or following environmentally unsusta
'24d14bcdbfcc7d78ab8c8c1ed342420ffd77879c'|'M&S profits dive by nearly two-thirds as clothing sales slide - Business'|'Marks & Spencer has reported a 64% drop in annual profits to <20>176.4m as weak clothing sales were compounded by more than <20>400m of restructuring costs relating to the new chief executive<76>s turnaround plan.The retailer made a headline pre-tax profit before one-off items of <20>613.8m on sales of <20>10.6bn. But once <20>437m of charges, including <20>156m relating to pay and pensions changes and <20>184m to cover store closures in the UK and overseas, were taken into account, its statutory pre-tax profit dived by 63.5% to <20>176.4m.M&S<>s clothing and homewares sales tumbled by 5.9% in the first three months of 2017, which was far worse that analysts<74> expectations of a 3.3% decline. The retailer also reported a weaker-than-expected performance from its food halls, where underlying sales fell by 2.1%. Sales in the fourth quarter were hit by calendar changes that saw key December sales days and Easter fall outside the quarter.M&S puts faith in fashion novice from Halfords and retail veteran Read more Steve Rowe, the M&S chief executive, said: <20>I am pleased with our progress and we remain on track. As we have made improvements to our clothing and home product and proposition, our customers have noticed; we are starting to stabilise market share and importantly have seen full price market share growth, as we removed excessive discounting. The planned restructuring of M&S has come with a cost and has impacted profits, but the business is still strongly cash-generative and we reduced our net debt.<2E> Rowe , who began his retail career aged 15 with a Saturday job at M&S<>s Croydon store in south London and took over as chief executive in April 2016, is seeking to revive the 132-year-old retailer<65>s declining profits. His biggest job is turning around its clothing arm, which under predecessor Marc Bolland relied on heavy discounting to attract shoppers. Rowe initially concentrated on lowering clothing prices and running fewer promotions while promising female shoppers wearable rather than catwalk fashions. He upped the ante in the autumn, unveiling a five-year plan to slash the amount of trading space devoted to clothing by 10% and instead focus on the expansion of its upmarket food halls. Rowe also pulled the plug on 53 company-run stores in loss-making overseas markets including China, France, Belgium and Poland.John Ibbotson, the director of the retail consultancy Retail Vision , described the results as awful. <20>With inflation eating into the profits of the once reliable food offering, and a string of one-off expenses slicing into profits elsewhere, the net result has been to send pre-tax profits tanking by nearly two-thirds,<2C> he said. <20>M&S remains a dysfunctional dichotomy <20> premium food with dowdy clothing.<2E>Ibbotson said M&S<>s new chairman, Archie Norman, could not arrive soon enough. He said: <20>Drastic action is needed to turn around M&S and Norman will not be afraid to take it.<2E>Topics Marks & Spencer Retail industry news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/24/m-and-s-profits-clothing-sales-restructuring'|'2017-05-24T15:59:00.000+03:00'
'f0d1709e18f4d89fdd320da07e741fa5cdaaceec'|'UPDATE 1-Loeb says Dow-DuPont deal can create $20 bln more value'|'Funds  35pm EDT UPDATE 1-Loeb says Dow-DuPont deal can create $20 bln more value (Adds Dow and DuPont response; background) May 24 Activist investor Daniel Loeb''s Third Point LLC said Dow Chemical and DuPont could create $20 billion in additional shareholder value by tweaking their plan to split into three companies following the merger. The $130-billion merger is expected to close in August, after which the combined company will split into three, focusing on agriculture, specialty chemicals and materials. Third Point questioned whether the three spinoffs were "appropriate or if the creation of additional companies or divestitures would further enhance shareholder value", according to a presentation posted on the hedge fund''s website. ( bit.ly/2qgAXe3 ) Dow and DuPont named the board of the combined company earlier this month and said the board''s priorities would include "undertaking, as soon as practicable, a comprehensive review of the portfolios and their alignment." "The two companies are fully aligned regarding the objective of the review, and we continually solicit and welcome input from our shareholders," Dow and DuPont said in an emailed statement on Wednesday. Third Point is Dow''s seventh-largest investor and had a 1.29 percent stake as of March 31, according to Thomson Reuters data. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/dow-du-pont-thirdpoint-idUSL4N1IQ4P1'|'2017-05-25T00:35:00.000+03:00'
'9be6ec7fcb467ec9ccedfc2e70de76690337d9de'|'BNP Paribas pays $350 million to settle New York currency probe'|'Business  42pm BST BNP Paribas pays $350 million to settle New York currency probe The logo of the BNP Paribas bank is seen in Paris, France, February 6, 2017. REUTERS/Jacky Naegelen By Karen Freifeld - NEW YORK NEW YORK French bank BNP Paribas ( BNPP.PA ) on Wednesday agreed to pay $350 million (<28>270.5 million) to New York<72>s banking regulator to resolve a probe of misconduct in its foreign exchange business. The bank allowed more than a dozen traders and salespeople in New York and other key trading hubs to manipulate foreign exchange prices through a failure to supervise, according to New York''s Department of Financial Services. Foreign exchange traders colluded in online chat rooms to manipulate the currency prices, the regulator said. Traders also executed fake trades to influence exchange rates of emerging market currencies and improperly shared confidential customer information with traders at other large banks, the regulator said. BNP Paribas said in a statement that it "deeply regrets the past misconduct," which occurred between 2007 and 2013, and has since strengthened its systems of control and compliance. Some employees involved in the wrongdoing were terminated, while others left the bank earlier, according to the regulator. (Reporting By Karen Freifeld; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-paribas-current-settlement-idUKKBN18K2AI'|'2017-05-25T00:16:00.000+03:00'
'4335495df636059d127ca6248073ab62ce80b50b'|'Fed ties rate hike to economic rebound, sees balance sheet cuts in 2017'|'Top   7:26pm BST Fed ties rate hike to economic rebound, sees balance sheet cuts in 2017 A police officer keeps watch in front of the U.S. Federal Reserve building in Washington, DC, U.S. on October 12, 2016. REUTERS/Kevin Lamarque/File Photo By Jason Lange and Howard Schneider - WASHINGTON WASHINGTON U.S. Federal Reserve policymakers agreed they should hold off on raising interest rates until they see evidence that a recent economic slowdown was transitory, minutes from their last policy meeting showed on Wednesday. Nearly all policymakers at the May 2-3 meeting also said they favoured starting the wind-down of the Fed''s massive holdings of Treasury debt and mortgage-backed securities this year. The view on short-term interest rates, which the minutes said was "generally" shared by the nine officials who have a vote on policy this year, casts some doubt on Wall Street bets for a hike at the June 13-14 policy meeting. Fed officials, however, made clear their baseline expectation was for a return to stronger economic growth. Still, the minutes were the latest indication of the Fed''s heightened caution over policy tightening since the central bank began lifting rates from near zero in December 2015. "Members generally judged that it would be prudent to await additional evidence indicating that a recent slowdown in the pace of economic activity had been transitory before taking another step in removing accommodation," according to the minutes. U.S. economic growth slowed sharply in the first quarter, and the wider group of 16 policymakers at this month''s meeting discussed at length why that had happened and why a measure of underlying price gains also fell further below their 2 percent inflation target. Many of these policymakers said recent firming of the housing market and business fixed investment were welcome developments, and they generally agreed the slowdown in consumer spending early in the year would likely prove temporary. The discussion of winding down the Fed''s balance sheet was also framed in the minutes in terms of the wider group of policymakers. They said it could possibly be done by halting reinvestments of ever-larger amounts of maturing securities, such as through bigger cuts to reinvestments every three months. (Reporting by Jason Lange and Howard Schneider; Editing by Paul; Simao)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-fed-idUKKBN18K2N7'|'2017-05-25T02:26:00.000+03:00'
'c8db44f6b53da1361f93237c9b6cb67e1e691ae7'|'China says Moody''s downgrade overestimates difficulties facing its economy'|'BEIJING China''s finance ministry said on Wednesday that a credit downgrade by Moody''s was based on inappropriate methodology, saying it was exaggerating difficulties facing the economy and underestimating reform efforts.Moody''s Investors Service downgraded China''s credit ratings by one notch earlier on Wednesday, saying it expects the financial strength of the world''s second-biggest economy will erode in coming years as growth slows and debt continues to rise.The ministry said China''s government debt will rise at a reasonable pace and rising debt levels from local government financing vehicles and state-owned enterprises (SOEs) will not add to existing government debt.(Reporting by Yawen Chen and Ryan Woo; Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/china-economy-rating-idINKBN18K0F9'|'2017-05-24T03:15:00.000+03:00'
'ffda096eef2ab8247fc542fecdc84e30a2fc53a9'|'Revenues rise at Zoopla as traffic hits record high'|' 26am BST Revenues rise at Zoopla as traffic hits record high LONDON British property group ZPG plc, which owns property websites Zoopla and PrimeLocation, posted a 22 percent rise in half-year revenue as traffic to its sites hit a record high and the number of agents signed up to its platforms rose. Revenue hit 117.9 million pounds in the six months to the end of March. But half-year profits fell 25 percent due to the acquisition of market intelligence tool HomeTrack, which took place at the start of the year. Full-year pre-tax profit is expected to rise 9 percent to 50 million pounds in the year to the end of September according to a Thomson Reuters poll of nine analysts. The firm said traffic to its sites hit a record high of 314 million visits in the period and agents rose 6 percent to 14,271 branches, as the portal wins back agents from rival OnTheMarket. (Reporting by Costas Pitas; editing by Kate Holton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-zoopla-results-idUKKBN18K0JR'|'2017-05-24T14:26:00.000+03:00'
'd81cec992e468d6d4e8f9dd8658eabb9a11e5f28'|'CANADA STOCKS-TSX rises as bank shares climb ahead of earnings, BlackBerry jumps'|'Market News - Tue May 23, 2017 - 5:15pm EDT CANADA STOCKS-TSX rises as bank shares climb ahead of earnings, BlackBerry jumps (New throughout, updates prices and market activity, adds comment from portfolio manager, details on Canadian Natural Resources) * TSX closes up 18.48 points, or 0.12 percent, at 15,476.94 * Four of the TSX''s 10 main groups rise By Fergal Smith TORONTO, May 23 Canada''s main stock index rose on Tuesday, bolstered by bank stocks ahead of the release of earnings reports and a surge in BlackBerry Ltd shares, as trading resumed a day after the Victoria Day holiday. The heavily weighted financials group rose 0.7 percent, as investors braced for earnings reports this week from major banks. Bank of Nova Scotia climbed 0.9 percent to C$76.17 and Toronto Dominion Bank gained 0.8 percent to C$63.57. "The banks are up today on the expectation of a solid Q2," said Cavan Yie, portfolio manager at Manulife Asset Management. Yie expects loan growth, credit quality and capital markets activity to be supportive of bank earnings in the second quarter but is cautious about the outlook for earnings growth due to elevated house prices and household debt. BlackBerry jumped 8.8 percent to C$15.27 as investors raised expectations that the technology company''s cyber security and automotive software sectors will post strong growth, an analyst said. This month''s global "ransomware" attack, dubbed WannaCry, has raised awareness of BlackBerry''s security software business, while Ford Motor Co said late Friday it would start using an "over the air" system to update software on its interactive touchscreen system, which runs on BlackBerry software. The information technology group rose 1.1 percent. The Toronto Stock Exchange''s S&P/TSX composite index closed up 18.48 points, or 0.12 percent, at 15,476.94. Just four of the index''s 10 main groups rose, while resource shares were among those that weighed. The energy group retreated 0.8 percent even as oil prices climbed. Canadian Natural Resources Ltd declined 1.7 percent to C$41.28. Royal Dutch Shell Plc has decided to offload a roughly C$4.1 billion stake in the company that it acquired as part of a deal to retreat from Canada''s oil sands earlier this year, people familiar with the situation told Reuters. U.S. crude oil prices settled 34 cents higher at $51.47 a barrel as expectations of an extension to OPEC-led supply cuts overshadowed a White House proposal to sell half of U.S. petroleum reserves. The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.2 percent as gold stocks lost some ground. Gold futures fell 0.8 percent to $1,250.6 an ounce as traders locked in profits after two weeks of gains. (Additional reporting by Solarina Ho; Editing by James Dalgleish and David Gregorio) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1IP1Z7'|'2017-05-24T05:15:00.000+03:00'
'9d15d80772c38d8b5562bb5877cafee541490ae6'|'The tax that pensioners should pay to fund care - Money'|'T here are a lot of comfortably off pensioners. And lots of poor ones. And there are a lot better ways of finding money for elderly care than Theresa May<61>s manifesto commitment to whipping the houses off people who need care at home.Under the Conservative<76>s plan, people needing either domiciliary (aka at-home) or residential care will have to pay for everything until the value of their assets, including their home, is down to <20>100,000. The Tories promise that no one will be forced to sell their home in their lifetime to pay for care, with the cost instead deferred and taken from their estate after death.The plan is superficially seductive. The older generation have benefitted from spectacular <20> and largely unearned <20> increases in the value of their property. Why should younger working people, through income tax, pay for the galloping costs of elderly care when they can<61>t even dream of affording to buy a home themselves? Doesn<73>t it make more sense to instead take the money out of the congealed wealth sitting in property? And, indeed, there can be no justification for the state protecting the inheritances of the well off by taxing hard-pressed working people.But there are two major drawbacks. Firstly, there is the risk that the elderly will delay seeking support at home because they won<6F>t want to enter into a domiciliary care plan involving a charge on their property. They won<6F>t get early treatment and will fall on the NHS.The second drawback is more serious. No one chooses Parkinson<6F>s or Alzheimer<65>s <20> they choose you. Health inevitably deteriorates in old age, but the conditions that will result in intensive care costs, whether domiciliary or residential, are largely random. A quarter of the over-85s are likely to develop dementia and a third will need constant care. But that leaves large numbers not in need of intensive care. Indeed, only one in eight over-85s are in care homes.We don<6F>t for a moment think that someone in their 50s with breast cancer should have a lien put upon their home to pay for their care. We share the risk by paying through our taxes for the NHS and community care services. Why, then, should we think that a random third of the over-85s should have charges added to their homes but the other two-thirds not?But that doesn<73>t take away from the fact that the increasing cost of care for the elderly needs to be found somewhere, and it would be unfair for the young to shoulder all the burden.One of the oddities of the tax system is that we stop paying 12% national insurance on our earnings once we reach state pension age. The idea is that NI is basically a savings system that pays for our pensions, so once we<77>re in receipt of a pension we stop paying in. But NI, when first set up, was a system of insurance against illness and unemployment. If NI is supposed to help fund the NHS and care services, there is no reason why pensioners <20> the better off at least <20> shouldn<64>t be paying it, albeit at a reduced rate.Making pensioners pay NI will spread the burden of care costs across the age group, with the poorest paying nothing. Annoyingly, there are no easily accessible figures on the income composition of today<61>s 12 million pensioners, but NI set at, say, 6% would still raise a substantial sum to be spent on care. It would remove the capriciousness of ill health, where one pensioner loses all but <20>100,000 in their home while his or her neighbour may lose nothing.The alternative is to substantially raise inheritance tax. There is no better way to tax the extraordinary rise in house prices than to take a cut of it once their occupants have passed away. The losers are their <20>children<65> who are usually well into their 60s (and mostly well off) when their parents die. But with a rightwing press determined to protect the wealth of the very rich, raising death duties is sadly a political non-starter.Topics National insurance On reflection Pensions Social care Older people Conservatives comment   Share   Reuse this conten
'ac8e4a1a8cdb3e88ea5c12e0334dd4e48d8b02c4'|'What Would It Actually Take to Impeach Trump?'|'In an echo of Richard Nixon<6F>s Saturday Night Massacre in 1973, President Trump abruptly fires FBI Director James Comey. Then, in a television interview , Trump fuels cover-up allegations by linking the ouster of Comey to a pending investigation into Russian interference in the 2016 presidential election. Trump then warns Comey not to leak because there may be White House <20>tapes<65> of their meetings.For excitable Democrats, it was enough to leap from Watergate to talk of impeachment . <20>We<57>re actually pretty close to considering impeachment,<2C> Kentucky Democratic Representative John Yarmuth told a home-state television station after Comey<65>s firing. In fact, impeachment proceedings probably aren<65>t imminent. Republican leadership in the House and Senate will see to that. But we<77>re a big step closer after credible reports indicate that in February Trump asked Comey to drop an FBI investigation into former national security adviser Michael Flynn.<2E>I think we<77>re in impeachment territory now for the first time,<2C> said David Gergen, a former White House aide to both Democrats and Republicans, including Nixon, on CNN. And Florida Democratic Representative Ted Deutch wrote on Twitter: <20>Asking FBI to drop an investigation is obstruction of justice. Obstruction of justice is an impeachable offense.<2E>What would impeachment actually take? It<49>s a two-step process. If the House of Representative impeaches<65>or charges<65>a president, then the Senate holds a trial and either acquits or convicts. Any House member can start the process by alleging the president has committed <20>treason, bribery, or other high crimes and misdemeanors.<2E> A simple majority of the House can approve an article of impeachment; two-thirds of the Senate must vote to convict. In a presidential impeachment trial, the chief justice of the Supreme Court presides.A central question is what sort of crime, aside from treason and bribery, constitutes a high crime or misdemeanor. Broadly, what the authors of the Constitution had in mind were abuses of official authority. Obstruction of justice is a classic high crime. Federal criminal law is expansive on the topic. It punishes anyone who <20>corruptly or by threats of force, or by any threatening letter or communication, influences, obstructs, or impedes, or endeavors to influence, obstruct, or impede, the due administration of justice.<2E>President Nixon pauses during a farewell speech to his staff on Aug. 9, 1974.Source: AP The articles of impeachment against both Nixon and President Clinton included obstruction allegations. Nixon, accused of trying to stymie probes of the Watergate scandal, avoided impeachment by resigning in 1974. Clinton was impeached in 1998 for his testimony about the Monica Lewinsky scandal but acquitted in the Senate. (Nixon and Clinton faced Congresses controlled by the opposing party, underscoring that, unless Democrats gain more power, impeachment of Trump remains a long shot.)In federal court, proving obstruction beyond a reasonable doubt can be tough. That<61>s in large part because the law requires the defendant to have acted <20>corruptly,<2C> a reference to the person having provable criminal intent. According to reports about the Comey memo describing his Feb. 14 White House meeting with Trump, the president asked Comey to drop his investigation of Flynn because the former national security adviser <20>is a good guy<75> who didn<64>t do anything wrong. Before broaching the subject, Trump is said to have ushered other administration officials out of the Oval Office so he could speak to Comey privately.Despite the hint of secrecy, a skilled defense lawyer could argue in court that Trump wasn<73>t twisting Comey<65>s arm so much as he was expressing an opinion. Likewise, when Trump said, <20>I hope you can let this go,<2C> he was being aspirational, not thuggish, his defense attorney would maintain. Unless there actually are White House tapes with Trump saying he wants to shield Flynn to protect himself, a criminal prosecution for obstruction might f
'50743407083cc35c8c39e0cabc2919915ab5150d'|'Asia-Pacific meeting puts Trump''s trade turmoil centre stage'|'Business   4:53am BST Asia-Pacific meeting puts Trump''s trade turmoil center stage A motorbike waits in front of a sign promoting APEC Summit in Hanoi, Vietnam May 17, 2017. REUTERS/Kham By My Pham and Mai Nguyen - HANOI HANOI Ministers from Asia-Pacific countries discussed the changing global trade landscape on Saturday after U.S. President Donald Trump upended the old order with an "America First" policy that has sparked fears of protectionism. It is the biggest trade meeting since Trump took office and brings together ministers from the United States, China, Japan and other Asia-Pacific Economic Cooperation (APEC) countries that account for more than 40 percent of world trade. At the opening in communist Vietnam''s capital, Hanoi, Prime Minister Nguyen Xuan Phuc highlighted three decades of growth in APEC and said: "That''s the proof of our group''s effort on liberalization." A draft seen by Reuters of the meeting statement to be issued on Sunday also emphasized free trade. "In some of our communities there are increasing numbers of people questioning the benefits of globalization and free trade, spurring protectionist trends," it said. "Against that backdrop, we reaffirm our commitment to promote trade and investment liberalization." But the differing visions are evident in the discussions on the sidelines. New U.S. Trade Representative Robert Lighthizer will have individual meetings with counterparts from some of Washington''s most important trading partners - in line with proposed bilateral deals that Trump argues can best protect American jobs. PROPOSED ASIA PARTNERSHIP China, putting itself forward as a global free trade champion in light of the U.S. shift, will be pushing a free trade agreement to encompass the vast majority of Asian economies. The Asia trade deal it favors is called the Regional Comprehensive Economic Partnership. Officials said there remained significant points of disagreement in the talks on RCEP between Southeast Asian countries, China, India, Australia, New Zealand, Japan and South Korea. The United States has never been part of those discussions. Japan is leading countries that want to persist with the Trans-Pacific Partnership (TPP) trade deal ditched by Trump in one of his first acts in office. TPP excludes China and covers a broader scope than the trade agreement favored by Beijing. Malaysian Trade Minister Mustapa Mohamed told Reuters there was optimism the United States would return to TPP one day, because Trump had shown readiness to shift his position on other matters, such as softening his stance towards China. "There has been less rhetoric and a more realistic approach," he said. However, renegotiating the existing North America Free Trade Agreement (NAFTA) is a bigger immediate priority for Washington. Canada and Mexico are at the Asia-Pacific meetings and are also in the North American trade area. (Additional reporting by A. Ananthalakshmi; Writing by Matthew Tostevin; Editing by Richard Borsuk)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-apec-vietnam-idUKKCN18G04J'|'2017-05-20T11:50:00.000+03:00'
'ac1fd58ccfff9f09fc38ce8fbe1e192c798030b1'|'Paragon''s first-half profit drops, but buy-to-let pipeline robust'|'Business  44am BST Paragon''s first-half profit drops, but buy-to-let pipeline robust By Noor Zainab Hussain British buy-to-let mortgage lender Paragon Group of Companies Plc reported a marginal fall in first-half profit, but said its buy-to-let pipeline had more than doubled as full-year lending volumes topped its expectations. Paragon, which has been diversifying its business from its core buy-to-let mortgage market, made a pretax profit of 69.4 million pounds in the six months ended March, down from 69.5 million pounds a year earlier. The company raised its interim dividend by 9.3 percent to 4.7 pence per share. Its return on tangible equity, a key measure of profitability, improved to 13.5 percent from 12.7 percent a year ago. New buy-to-let lending fell to 556.2 million pounds in the six-month period from 823.6 million pounds a year earlier. Origination flows over the last year in the group''s core buy-to-let mortgage market have been heavily disrupted by Britain''s stamp duty changes, which saw landlords scrambling to complete purchases. Buy-to-let is a form of residential investment in which you buy a property, typically with a mortgage, with the view of renting it out. In the final months of 2016 the buy-to-let market also saw lenders tightening criteria ahead of the Prudential Regulation Authority''s (PRA) underwriting changes. Paragon''s buy-to-let lending pipeline, however, more than doubled to 742.3 million pounds, allowing it to raise its lending volumes expectation to 1.25 billion pounds for the year, from 1.1 billion pounds. "The biggest area of growth for us has been in the more complex, professional end of the market... landlords might have multiple properties or they might have properties with a particular focus such as the student market," Chief Executive Nigel Terrington told Reuters. "Regulatory changes like the mortgage interest relief and changes in the PRA underwriting rules will push more business towards these more complex professional landlords," he said. Paragon said asset finance lending rose to 106.6 million pounds from 57.7 million pounds a year earlier. "Asset finance generally is a fairly good barometer of the economy... What we''ve clearly seen is the UK economy had a pretty positive period even allowing for Brexit," Terrington added. Paragon''s retail-funded lending bank, which was launched the in 2014 to enable the company to diversify beyond the mortgage market, saw deposit levels rise 64.6 percent to 2.35 billion pounds. Shares in Solihull, West Midlands-based Paragon were up nearly 1 percent at 476.6 pence at 0821 GMT on the London Stock Exchange, in line with Europe''s banking sector. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair and Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-paragon-group-results-idUKKBN18J0O2'|'2017-05-23T16:44:00.000+03:00'
'8e61ce82b12de4f5ae5dfc0084050074a9f79f49'|'Oil rises on expectation of extended, possibly deepened output cut'|'By Stephen Eisenhammer - LONDON LONDON Oil prices rose on Monday, bolstered by confidence that top exporters will this week agree to extend supply curbs, with suggestions the cuts could even be deepened.Brent crude gained 48 cents o $54.09 a barrel by 1043 GMT, with U.S. light crude up 47 cents at $50.80.Both benchmarks have climbed more than 10 percent from lows earlier this month.Prices have risen on expectations that the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, will extend for another six or nine months a deal to cut supplies by 1.8 million barrels per day (bpd)."The decision (to extend cuts) seems to be almost a done deal," said Bjarne Schieldrop, chief commodities analyst at SEB Markets. "There seems to be a very high harmony in the group."The possibility of deepening the cuts was also being discussed ahead of a meeting of OPEC and other producers in Vienna on May 25, sources said.But such talk could lead to disappointment if not approved, Commerzbank analysts said."If the cuts are merely to be extended, this is likely to be met at best with a neutral reception, if not even with disappointment," Commerzbank said in a note.Some analysts argue that deeper cuts are required to balance the market, pointing to a slight rise in OPEC exports this year.The U.S. Energy Information Administration (EIA) expects OPEC net oil export revenues to rise in 2017, partly because of "slightly higher" OPEC output.Deeper cuts might, however, serve to stimulate U.S. shale production, said Schieldrop at SEB Markets."If you cut production, it''s no free lunch. You get something in the short term, but you get a backflip in the medium term, which is more production in 2018 and 2019," he said.Goldman Sachs says that the U.S. rig count for new oil production has jumped by 404 since May last year, representing a rise of 128 percent.U.S. oil production has already climbed by 10 percent, or almost 900,000 bpd, since mid-2016 to 9.3 million bpd.Iraqi oil minister Jabar al-Luaibi said in a speech on Monday that OPEC''s No.2 producer had met its share of production cuts, but added that the country remains ready to meet any global demand growth that may arise.(Additional reporting by Henning Gloystein; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN18I0NO'|'2017-05-22T14:56:00.000+03:00'
'a3f1c330cec32c32418596e8da6a09cdac94b605'|'Trial over RBS 2008 cash call faces further delay amid settlement talks'|'By Lawrence White and Andrew MacAskill - LONDON LONDON May 23 A trial in which Royal Bank of Scotland is accused by investors of misleading them over its 2008 fundraising is set to be delayed for a second day, as frantic settlement talks between the claimants and the bank continued in London on Tuesday.The Court has indicated that it will adjourn the trial for another day to Wednesday, a spokesman for the claimants said in an emailed statement late on Monday, as RBS races to settle with the last of five groups left pursuing the claim.The plaintiffs allege former executives gave a misleading picture of the bank''s financial health ahead of the cash call in 2008. Months after the cash call, RBS had to be rescued by the government with a 45.8 billion pound ($59.42 billion) bailout.The case, which threatened at one time to be the largest and costliest in British legal history, originally pitted the bank against five main claimant groups, all but one of which have settled with the bank.RBS doubled its offer to the remaining RBoS Shareholder Action Group on Monday, sources told Reuters, in a bid to avoid a potentially embarrassing trial at which its former Chief Executive Fred Goodwin would have had to testify.Some inside the shareholder group are keen to settle, while a few are more determined to see the case through to trial and force Goodwin and his colleagues to defend their actions during the bank''s ugly near-demise in 2008, sources have told Reuters.Trevor Hemmings, a multimillionaire businessman whom Reuters previously reported is one of the main financial backers of the claim, is advocating accepting the settlement offer, two sources with knowledge of the situation said on Monday.A spokesman for Hemmings declined to comment.RBS, which remains more than 70 percent state-owned, denies any wrongdoing over the 2008 rights issue and says its former bosses did not act illegally.Settlement talks continued late on Monday night, one of the sources familiar with the negotiations said.($1 = 0.7708 pounds) (Reporting by Lawrence White and Andrew MacAskill, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/court-rbs-investors-idINL4N1IP2N5'|'2017-05-23T05:25:00.000+03:00'
'fe984d4a0f838eb992c17496fbeb94b70b93c16f'|'MIDEAST STOCKS - Factors to watch - May 23'|'DUBAI May 23 Here are some factors that may affect Middle East stock markets on Tuesday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Sterling retreats after Manchester blast, opinion polls, stocks mixed* MIDEAST STOCKS-Egypt hit by surprise rate hike, Qatar outperforms in quiet Gulf* Oil prices fall as White House proposes U.S. oil reserve sales* PRECIOUS-Gold prices steady despite Manchester blast, US political woes support* Middle East Crude-Weakens after sole buyer Chinaoil outnumbered* Trump says concerns about Iran driving Israel, Arab states closer* COLUMN-What Trump gets wrong about the Middle East* Saudi Arabia, Iraq agree oil output cut needs 9-month extension* Goldman sees risks for renewed oil market surplus in later 2018* ANALYSIS-Trump sets out Mideast vision: backing Arab strongmen against Iran* Morocco court extends Samir refinery bid deadline - sources* Moody''s: Sub-Saharan Africa''s recovery from foreign currency shortages to take time* Algeria annual inflation to April at 7 pct - statistics office* Iran accuses U.S. of "Iranophobia", arming "dangerous terrorists"* Morocco inflation rises to 0.3 pct in April - planning agencyEGYPT* Egypt''s interest rate hike to curb growth but not inflation, critics say* Average yields on Egypt 5-, 10-year T-bonds jump after surprise rate hike -c.bankSAUDI ARABIA* India could invest in Aramco IPO to strengthen ties* NMC Health, Ashmore, Dallah weighing bids for Saudia medical unit-sources* Bunge, ARASCO to jointly bid for Saudi state grains agency - sources* Saudi Arabia buys 1.5 mln T feed barley in tenderUNITED ARAB EMIRATES* TABLE-UAE money supply growth picks up in April* Aldar to build new site for Abu Dhabi''s free trade zone for media (Compiled by Dubai Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL8N1IP0CC'|'2017-05-23T02:07:00.000+03:00'
'c653a61e7e996f501ae6b0dcfe2e472aa46202a5'|'Rush of Australian securitised home loans tempts yield-starved Japanese'|'Business News   7:00am BST Rush of Australian securitized home loans tempts yield-starved Japanese Houses located in the Sydney suburb of Coogee can be seen along the coastline in Australia, July 26, 2016. REUTERS/David Gray SYDNEY Australia has become the world''s most active market for securitized home loans, with sales at their highest in a decade as lenders seek to take advantage of surging demand from yield-starved Japanese investors. Issues of residential mortgage-backed securities (RMBS) total A$67 billion, with A$12 billion ($9 billion) sold so far this year. The strong overseas demand comes amid warnings over the country frothy property market from regulators, the central bank and the International Monetary Fund. Home prices in Australia''s two biggest cities of Sydney and Melbourne have doubled since 2009. Offshore buying accounts for as much as half of certain Australian bond offers, estimated Will Mortimer, head of securitized products at Citibank Australia. International investors had completely vanished after the 2008-2009 global financial crisis. While demand from Europe, the United States and Asia has been growing, Japan is the clear stand out. "We''ve seen the biggest increase coming from Japan," said James Austin, chief financial officer of non-bank lender FirstMac in Brisbane who sold a large RMBS issue earlier this year. He said around 10 Japanese investors, from banks to life insurers and financial services, are actively engaging with FirstMac. Industry players said a Japanese institution recently bought a A$1.5 billion parcel in an Australian RMBS offer. With near zero or even negative yields paid by Japanese government bonds, returns of 2.5 percent to 3 percent paid by triple A Australian RMBS are drawing interest. Undeterred by risks that home prices could collapse, investors say ample protection is provided by robust RMBS structures and strict lending standards. "Australia is a well regulated market" said Tim Ledingham, treasurer at regional lender Bank of Queensland ( BOQ.AX ) which sold A$120 million of RMBS to Japanese accounts earlier this year. Only a fraction of home loans are securitized and around 2 percent of Australian RMBS are in arrears by 30 days, well below Spain''s 6 percent and Italy''s 5 percent. Even at the peak of the global credit crisis, there has never been an Australian RMBS default, unlike the United States where investors lost billions of dollars in similar debt. "We''ve done a lot of analysis on the potential downside risk but we think it is a securitization market with a long history, and even if a crisis happened of the magnitude of the Lehman Brothers shock we would not expect a loss there," said a Japanese investor in Tokyo. He asked not to be named for sensitivity reasons. Unlike the United States, investors have full loan recourse meaning a homeowner defaulting on his debt obligations cannot walk away. (This version of the story fixes typos, and in third paragraph inserts word "Fund".) (Reporting by Cecile Lefort, additional reporting by Hideyuki Sano in Tokyo; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-australia-securitisation-idUKKBN18J0JX'|'2017-05-23T13:30:00.000+03:00'
'3c964bb858c0fc355b199835a6036bd8b5ded647'|'TPG-backed RCN buys broadband provider Wave for $2.37 billion'|'By Liana B. Baker Private equity firm TPG Global LLC said on Monday it would buy Wave Broadband for $2.37 billion in a deal that creates the sixth largest U.S. cable operator at a time when demand for high-speed internet service is growing rapidly.The deal combines privately-held Wave with RCN Telecom Services LLC and Grande Communications Networks, the broadband providers TPG bought earlier this year.TPG Capital Partner David Trujillo said in an interview that the deal fits in with his firm''s "picks and shovel" strategy of focusing on rising internet use. TPG has investments in music provider Spotify, car sharing services Uber Technologies and others."Whether it''s the number of devices, or increasing content consumption or the connected home, what it all comes back to is fast reliable broadband," Trujillo said.The transaction is expected to close in the second half of the year.Headquartered in Kirkland, Washington, Wave has residential and commercial customers in the Sacramento and San Francisco markets as well as in Seattle and Portland, Oregon.Oak Hill Capital, GI Partners and Wave''s management, including Chief Executive Steve Weed, acquired the company in 2012 from Sandler Capital Management. The value of that deal was $950 million, according to Moody''s.Weed will become a director of RCN when the deal closes.TPG was advised by Credit Suisse and PJT Partners while its legal adviser was Cleary Gottlieb. Wave was advised by UBS and Wells Fargo.Reuters was first to report that TPG was nearing a deal to buy Wave for more than $2 billion.(Reporting by Liana B. Baker in New York; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-wave-m-a-tpg-idINKBN18I2ME'|'2017-05-22T19:40:00.000+03:00'
'874bb919a14b3db3d6431b23e0502d472ca795c8'|'Australians aren''t being paid for their productivity. Get set for an industrial relations war - Greg Jericho - Business'|'T he issue of industrial relations has for the most part been on the backburner in the past few election campaigns, but slow wages growth and a lack of increased income off the back of productivity growth might be enough to shake things up.In politics, some policies seem set in stone, never to be altered. There was a time negative gearing was such a policy. But the house price boom brought about changes to the orthodoxy. Cares about housing affordability were no longer outweighed by worries that homeowners would rebel against anything that might reduce the value of their property.Are workers right to be sceptical about productivity improvements? - Greg Jericho Read more Similarly, we may be about to see a change to the orthodoxy of industrial relations policy.While there has long been fighting around the fringes, for the most part the IR debate is within very set parameters: flexibility is counted as a necessary good, government is largely absent, and the chief outcome is less about employment and wages and more about productivity.But the long run of awful wages growth may be enough to shake up the debate.We have already seen the ALP proposing to have penalty rates protected by legislation , and Katharine Murphy reported on Friday that Bill Shorten and the ALP<4C>s workplace relations spokesperson, Brendan O<>Connor, have recently met with the ACTU executive to discuss IR policy. O<>Connor also announced last week that the ALP would move to tighten laws to limit the ability for employers to terminate enterprise agreements.This shift towards more interventionist IR policies may get some boost from research released last week by the OECD, which showed that while Australia has achieved some of the strongest productivity growth over the past five years, it has not led to similar growth in workers<72> incomes.The OECD<43>s latest <20> Compendium of Productivity Indicators <20> gave rather a big tick to Australia. Our productivity growth through 2010-2015 was among the best in the OECD:But the figures show that productivity growth in Australia, like other nations, is slower than it was during the IT-driven productivity boom years of the late 1990s. Unlike most, however, productivity in Australia from 2010-15 grew as fast as it did in the five years prior to the GFC:And while much of our increased productivity is off the back of <20>capital deepening<6E> <20> which is the increase in investment per worker <20> the figures also show we are doing comparatively well on multifactor productivity, which essentially measures the ability to <20>work smarter<65>:But while this would all seem to be good news, the report highlights why the issue of IR might become rather more contested than in previous years.While changes to IR since the early 1990s have arguably led to improved productivity growth, that same IR system has not led to a similar improvements in workers<72> income.As in other nations, our more <20>flexible<6C> IR system has seen a break between the previously linked productivity growth and worker income:The gap between productivity growth and worker compensation since 1995 is actually worse in Australia than in the USA:That<61>s a pretty damning indictment of our IR system <20> our workers are getting less reward for productivity benefits than the USA.And the OECD also notes a major issue of work that is occurring in Australia <20> <20>higher employment rates but lower average hours per worker, which points to more part-time working, often in low productivity jobs<62>.In April, while the unemployment rate stayed steady at 5.8% and total employment rose, the hours worked fell. Over the past two years, the growth of hours worked has lagged well behind employment, and after a small pickup, it now looks to have plateaued again:It means that the hours worked per capita (ie the average hours worked by all people aged over 15) fell to its lowest level since 1994. In April, the per capita weekly hours worked was just 21:This 
'5eddb72fa19af3b342b871a8c7570cb278854d06'|'UPDATE 1-Ryanair says wants to take Alitalia routes, not buy airline'|'* Ryanair could deploy 20 planes in Italy at short notice* Deployment could rise to 30 planes* Several rivals have declared interest in routes, not Alitalia (Adds Quote: s, background)By Julia FiorettiBRUSSELS, May 23 Irish airline Ryanair is ready to deploy up to 30 planes in Italy to replace capacity lost if Alitalia collapses or is restructured but does not want to buy the struggling Italian carrier, Chief Executive Michael O''Leary said on Tuesday.Ryanair''s view mirrors the stance of rival easyJet and British Airways owner International Airlines Group (IAG), which have both said they are interested in replacing Alitalia capacity but say they do not want to buy the airline.Alitalia has filed for bankruptcy protection and a commissioner was appointed to review its future and determine whether it can continue under a new business model.The commissioner, Luigi Gubitosi, has said that Alitalia''s long-haul traffic is doing well and that selling the airline in one block would be the preferred option.Asked at a Brussels news conference whether Ryanair would be interested in buying Alitalia, O''Leary replied with an unequivocal "no", adding that his company had submitted an expression of interest only because it wants to "participate in the process".Ryanair is instead preparing to deploy up to 20 aircraft initially over a two-week period this summer if Alitalia cuts capacity significantly."We''ve written to the Italian government and we''ve said ''look, if something untoward happens, don''t worry, we will step into the breach''," O''Leary said.The planes will be found by tweaking schedules and extending leases, he said, adding that the potential deployment could increase up to 30 planes over the next 12 months.Ryanair might take "a couple of additional deliveries" from Boeing over the next 18 months, he said.Last week easyJet Chief Executive Carolyn McCall said that she had no interest in buying Alitalia, adding to rejections from the heads of IAG, Lufthansa, Air France-KLM and Norwegian Air Shuttle.Any short-haul capacity cut by Alitalia would lead to "opportunities for easyJet," she told analysts after the airline reported first-half results, adding that Rome and northern Italy would be of particular interest.Willie Walsh, head of IAG - which also owns Iberia, Vueling and Aer Lingus - said this month that the group''s airlines, in particular Vueling, could speed its growth in Italy, depending on what happened with Alitalia.Italy is one of Europe''s largest travel markets and a big tourist destination, but short-haul routes are dominated by low-cost carriers such as Ryanair and easyJet.Ryanair now has a 28 percent share of capacity from Italy to western Europe, against 12 percent for easyJet.(Writing by Conor Humphries and Victoria Bryan; Editing by Susan Thomas and David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ryanair-italy-idINL8N1IP68U'|'2017-05-23T16:29:00.000+03:00'
'ebbec19879b4468d69e35ebf16dde5f6ea030e18'|'Ryanair could deploy up to 30 planes to Italy if Alitalia cuts services'|'Business News  52pm BST Ryanair could deploy up to 30 planes to Italy if Alitalia cuts services Ryanair Chief Executive Officer Michael O''Leary attends a news conference in Brussels, Belgium, February 8, 2017. REUTERS/Francois Lenoir BRUSSELS Ryanair ( RYA.I ) could deploy up to 30 planes to Italy at short notice if Alitalia collapses or is forced to slash capacity as part of restructuring, the chief executive of the Irish airline Michael O''Leary said on Tuesday. Alitalia went into administration this month for the second time in less than a decade after workers rejected a restructuring plan. Ryanair could deploy up to 20 planes at short notice this summer to fill any gap left by Alitalia contracting its short-haul services by moving capacity from other routes and by extending leases on planes, O''Leary told a press conference. In the coming months Ryanair''s capacity for possible redeployment to Italy will increase to 30 planes, O''Leary said. (Reporting by Julia Fioretti; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ryanair-italy-idUKKBN18J2HL'|'2017-05-24T00:52:00.000+03:00'
'f74e9838ca3394a76abcfe26eb360684ca11746c'|'As Syngenta deal closes, ChemChina and Sinochem press $120 bln deal - sources'|' 28pm BST As Syngenta deal closes, ChemChina and Sinochem press $120 billion deal - sources left right FILE PHOTO: A man rides past the office building of Sinochem in Beijing, China February 21, 2017. REUTERS/Damir Sagolj/File Photo 1/2 left right FILE PHOTO: People smoke outside the headquarters of the China National Chemical Corp, or ChemChina, in Beijing, China February 3, 2017. REUTERS/Thomas Peter/File Photo 2/2 By Sumeet Chatterjee and Chen Aizhu - HONG KONG/BEIJING HONG KONG/BEIJING Chinese state-owned Sinochem and ChemChina are in merger talks to create the world''s biggest industrial chemicals firm, to be headed by Sinochem chief Ning Gaoning, four people with knowledge of the negotiations said. A deal could be announced by the end of the year, the people said, potentially just months after ChemChina completes its own $43 billion (<28>33.1 billion) purchase of Switzerland''s Syngenta ( SYNN.S ), China''s biggest overseas deal to date. A consolidation of Sinochem and ChemChina would be worth around $120 billion, one of the people said, topping companies like industrial chemicals giant BASF ( BASFn.DE ). Talks to create a Chinese chemicals powerhouse were first reported last year, but were dismissed by both companies as rumour. Sinochem ( 600500.SS ) and China National Chemicals Corp, as ChemChina is officially known, did not immediately respond to requests for comment on Tuesday. A Syngenta spokesperson said the company was not aware of any talks. The two companies have accelerated negotiations after regulators last month cleared ChemChina''s acquisition of Syngenta, the people said. With the approval also of over 80 percent of Syngenta shareholders bringing completion of that deal nearer, focus has shifted to creating a Chinese powerhouse. Beijing sees a Sinochem/ChemChina deal as a blueprint for streamlining and consolidating its sprawling, debt-heavy state-owned enterprises, the people said, leaving fewer, but more powerful, national champions. "This is the priority now for both companies. The message from the top to the managers is very clear: don''t be distracted by anything else," one of the people said, adding that the focus on this deal accounted in part for Sinochem recently ditching a plan to invest in Noble Group ( NOBG.SI ), a loss-making commodity trader. POLITICS A deal is not yet final, and China''s 19th Communist Party Congress later this year leaves room for some political uncertainty. The expected retirement of ChemChina chief Ren Jianxin in January may speed up the process, one of the people said, to allow for a handover period. Ren, known for bold deals including Syngenta and the purchase of Italian tyremaker Pirelli, has spent over a decade and billions of dollars expanding ChemChina, founding a popular noodle chain along the way. [ reut.rs/2qKfkWd ] He may, though, have irked the authorities with his chutzpah in forging ahead with high-profile deals, another of those with knowledge of the discussions said. Ning, who made a name for himself as head of state-owned food processing group Cofco, is seen as politically well connected. "The magnitude of the Syngenta deal means Beijing wants to make sure it''s securely managed," said a person from the oil and gas industry. While the ambitious Syngenta takeover brought China a portfolio of top-tier chemicals and patent-protected seeds to improve agricultural output, it also leaves ChemChina with hefty debt. ChemChina last year arranged $32.9 billion in bridge loans with more than 20 Chinese, European and Asian lenders - giving it a level of gearing that investors and analysts think is too high. QUESTIONS AHEAD Combining Sinochem and an enlarged ChemChina would put the group among the world leaders across the competitive chemicals, fertiliser and oil industries - a giant overseas and a major challenger domestically to Sinopec ( 0386.HK ) and PetroChina ( 0857.HK ). Sinochem is larger than ChemChina, but needs a long-term partner to
'73ca65f73cf99a84f7e17bb9554a2d601772567f'|'Falling unemployment, wages to erode Central European carmakers'' workforce'|'Autos   4:55pm BST Falling unemployment, wages to erode Central European carmakers'' workforce Workers check the chassis of a Kia car in its Slovakian factory in Zilina, 200 kilometres north of Bratislava October 3, 2012. REUTERS/Petr Josek BRATISLAVA Carmakers in four central European countries will be short of 100,000 skilled workers in coming years, automotive industry associations from Slovakia, Czech Republic, Hungary and Poland said on Tuesday. Falling unemployment and growing pressure on wage growth is threatening the current economic model in the so-called Visegrad countries which have so far benefited from a good geographic position and cheap labour. "This is a problem that we have to face if we want to keep our position in the region," Polish Automotive Industry Association President Jakub Farys told reporters. "Twenty-five years ago we were cheap (...) We are still relatively cheaper than other western European countries but it''s not the most important factor. We have to have a very high-quality product, for which we need skilled workforce," he said. The Visegrad countries made nearly 3.651 million cars last year, about a quarter of the EU''s production. The industry employs more than 630,000 people directly and 1.3 million indirectly. "We are approaching the limits of maximum possible capacity (of automotive plants)," Czech Automotive Industry Association President Bohdan Wojnar said. The associations called on governments to reform education systems and focus more on mathematics and sciences to prepare workers for the future needs of the automotive industry. Until then, greater support for the mobility of domestic and international workers could patch the hole in the labour market, they added. Slovakia is the world''s biggest per-capita car producer with plants run by Volkswagen ( VOWG_p.DE ), Peugeot( PEUP.PA ), Kia( 000270.KS ) and Jaguar Land Rover [TAMOJL.UL]. The Czech Republic is home to Volkswagen''s Skoda Auto, Hyundai Motor Co( 005380.KS ) and a joint venture of Toyota ( 7203.T ) and Peugeot. In Hungary, Daimler AG ( DAIGn.DE ), Audi ( NSUG.DE ), Suzuki ( 7269.T ) and General Motors ( GM.N ) have plants, while Poland has Volkswagen, General Motors'' Opel unit and Fiat ( FCHA.MI ). (Reporting By Tatiana Jancarikova; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-centraleurope-autos-idUKKBN18J2BK'|'2017-05-23T23:55:00.000+03:00'
'45b6608340fd4b235f4b9bb6542723b003fe1dc6'|'FTSE hovers near record level, mid-caps surge higher as earnings impress'|'  5:21pm BST FTSE slips but mid-caps surge hit record high as earnings impress A man walks past the London Stock Exchange in the City of London October 11, 2013. REUTERS/Stefan Wermuth By Helen Reid - LONDON LONDON British shares fell slightly on Tuesday as losses among miners more than offset stronger banks, while solid earnings results among mid-cap companies drove the FTSE 250 to a fresh all-time high. The FTSE 100 index of Britain''s largest companies ended down 0.15 percent, reversing earlier gains but still near last Tuesday''s record level of 7,533.70 points, while the FTSE 250 added 0.04 percent to reach 19,920.12 points. "I think there are reasons why the market can go higher from here. It doesn''t look expensive versus earnings growth, and it doesn''t look expensive in historical terms," said Callum Abbot, UK equity fund manager at JP Morgan Asset Management. "The market is trading at 15 times forward earnings, which doesn''t seem unreasonable given you are looking at earnings growth in the mid-teens." He pointed also to the index''s yield being relatively higher than other developed equity markets. Blue-chip gains were underpinned by banks RBS and Barclays, and defence contractor Babcock. Babcock rose 2.9 percent, the biggest gainer on the FTSE, after a positive note from Deutsche Bank saying the stock could rebound if the firm reports solid results on Wednesday. Among top gainers, EasyJet rose 2.5 percent after a top-rated RBC analyst upgraded the stock, saying the airline had reached its profit nadir, and pointing to an expanding gap of strong customer rankings versus competitors. The airline''s shares recovered all the lost ground since a badly-received earnings update last week sent the stock tumbling. Miners dragged on the index after shares in conglomerate Noble Group sold off sharply in Singapore, with the firm forced to halt trading after a 32 percent plunge as ratings agency S&P downgraded it on weak cash flows and profitability. Glencore, BHP, Rio Tinto and Randgold Resources all fell between 0.6 and 1.6 percent. Merlin, which runs London attractions including Madame Tussauds waxworks and the aquarium and is exposed to tourism, was among the biggest fallers, down 1.5 percent after Monday''s deadly attack in Manchester. The European travel and leisure sector < .SXTP> was down 0.3 percent. More domestically focused mid-cap stocks outperformed large-caps again, hitting a fresh record high of 19,984.66 points during the session as company results impressed. Home emergency insurance provider Homeserve surged more than 10 percent to a record high after its full-year results beat expectations. "Homeserve has increased investment in its front line staff and network," said Liberum analysts, adding that the firm''s acquisition of online trader listings website Checkatrade in February could boost its access to an as yet untapped clientele. Britain''s biggest sandwich maker Greencore jumped 7.3 percent after its results came in ahead of expectations, alleviating investors'' concerns about inflation denting consumer appetite, with what Jefferies analysts called ''reassuring commentary'' around inflation recovery. Small-cap tile retailer Topps Tiles was less upbeat about the economy, pointing to a challenging trading environment and saying full-year profit would come in at the low end of analysts'' expectations. Its shares fell 6.6 percent, the top small-cap losers. (Additional reporting by Danilo Masoni; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN18J17P'|'2017-05-23T17:49:00.000+03:00'
'73ec7c495de39fc6cd9a67ed10c73d1089636c03'|'Short dated Greek bond yields spike after debt relief delay'|'LONDON May 23 Greece''s short-dated government bond yields spiked in early trade on Tuesday after its chief creditors failed to agree a debt relief deal at an overnight meeting.Greece''s government bond maturing in July this year saw its yield spike 24 basis points to 5.73 percent.Yields on Greece''s two-year and 10-year bond yields were also up on the day, by 4 bps and 7 bps respectively. (Reporting by Abhinav Ramnarayan; editing by Patrick Graham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-idINL8N1IP16U'|'2017-05-23T04:37:00.000+03:00'
'd1e964e61d516744c076fffd2c02a8dbb23e0281'|'U.S. oilfield service firms lag shale recovery; old deals hold'|'Business News  16am BST U.S. oilfield service firms lag shale recovery; old deals hold FILE PHOTO - Idle trucks and oil production equipment is seen in a Halliburton yard in Williston, North Dakota April 30, 2016. REUTERS/Andrew Cullen/File Photo By Liz Hampton - HOUSTON HOUSTON U.S. oil services companies have been doing a lot more work as recovering oil prices have lifted the shale industry from a two-year slump, but producers have been pocketing much of the new cash generated by rising output and squeezing service providers to keep costs down. Oil service companies that provide the crews, labour and technology used to drill, construct and operate wells are lagging the recovery in U.S. shale producers. The lopsided situation could chill the production rebound or keep it from spreading to more shale fields, executives of services companies said. Rising demand for certain services means raising salaries to attract workers and refurbishing equipment, while often being paid under fixed contracts signed during harder times, these companies said. That has pressured margins, leading to further losses. Law firm Haynes and Boone LLP said the U.S. oilfield sector experienced 127 bankruptcies between 2015 and April 2017. Among the 10 largest oilfield service providers, just five were profitable last quarter, the same number as a year ago. In contrast, seven of the top shale oil producers posted a first quarter profit, up from just one a year ago. "Both of us have to be able to earn a return and give something back to our shareholders," David Lesar, chief executive officer of Halliburton Co, the world''s second-largest oilfield services company, said in an interview. The sector is struggling to change onerous contract terms set when oil prices were much lower. Service companies agreed to those prices out of necessity; they needed cash flow to cover expenses. Those contracts, some of which extend into next year, are contributing to losses, preventing some companies from adding equipment or moving it to oil fields where it could be put to use. The expiration of those contracts should allow prices for high-demand services to rise, oilfield services executives said. Even so, some of the changes that shale oil producers made during the downturn are likely to stick, making it harder for service firms to drive up prices. Oil producers have better returns today because of those cost controls, winning greater favour among investors. "Many of (oil producers) have reduced capex spending and are increasing capital returns to investors," said Tom Bergeron, a senior fund manager for Frost Investment Advisors. Shale firms have demanded deals that unbundle the functions of service providers, allowing them to spread the work out among more companies, who then have less leverage to raise prices. Those practices allowed shale producer profits to start rebounding just a few months after oil prices began to recover from the $26 a barrel nadir of February 2016. But it left services companies without a way to immediately benefit from the U.S. crude benchmark''s return to about $50 a barrel. Service companies hope they can raise prices by the second half of this year, but for now there is limited scope to pass along costs, Chakra Mandava, an operations executive at Nabors Drilling USA,, said at an energy conference this month in Houston. Nabors blamed its first quarter loss on an inability to offset costs for new staff and equipment. Keane Group, which supplies pressure pumping services, one of the highest demand services in the shale patch, reported a first-quarter loss due largely to long-term, fixed price contracts, despite a 59 percent jump in revenue from the fourth quarter. One proposal that might resolve the disconnect between oil price moves and contract changes is to tie deals to the cost of crude. Apache Corp, which plans to drill some 250 wells this year in the Permian Basin, is looking to tie what it pays for services to the U.S. crud
'dffca5bd5a706e4b63dac75a606a24c39b5bfcda'|'Tate & Lyle profit jumps on weak sterling'|'Business News - Thu May 25, 2017 - 7:29am BST Tate & Lyle profit jumps on weak sterling LONDON British food ingredients maker Tate & Lyle reported higher full-year sales and earnings on Thursday, helped by an improving business performance and a weaker British currency. The company, which sells corn syrup and other ingredients to food and drink makers, said sales rose 17 percent to 2.75 billion pounds in the year to the end of March. The weaker pound helped propel profit before tax 85 percent higher to 233 million pounds, with earnings per share more than doubling to 54.2 pence. Excluding the impact of sterling, profit rose 20 percent, with margins rising in both parts of Tate''s business. (Reporting by Martinne Geller; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tate-lyle-results-idUKKBN18L0MK'|'2017-05-25T14:29:00.000+03:00'
'6db2be4db6e26ce784b2a7e62174223f2517ac2d'|'President of China Coal Energy Co Gao Jianjun under investigation'|'  8:08am BST President of China Coal Energy Co Gao Jianjun under investigation BEIJING The president of China Coal Energy Company Ltd Gao Jianjun, is being investigated by the ruling Communist Party for suspected corruption, the party''s anti-graft watchdog said on Thursday. Gao is suspected of "serious discipline breaches", the Central Commission for Discipline Inspection said in a brief statement, using its usual euphemism for graft but providing no other details. (Reporting by Beijing Monitoring Desk; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-corruption-china-coal-energy-idUKKBN18L0P6'|'2017-05-25T15:08:00.000+03:00'
'18f04f4bc2576dca160aff79e2dc437158fb7a4b'|'Glencore says approaches Bunge on possible takeover'|'By Karl Plume - CHICAGO CHICAGO U.S. grains trader Bunge Ltd ( BG.N ) said on Tuesday it was not in talks with Swiss mining and commodities group Glencore Plc ( GLEN.L ), after the latter said it had made an informal approach to discuss "a possible consensual business combination."Both statements were triggered by a Wall Street Journal story that stated that Glencore had made a takeover approach to Bunge. Bunge shares ended trading in New York up 16.6 percent at $81.70, giving the company a market capitalization of $11.4 billion, on investor expectations of a possible deal.However, Bunge subsequently said it was not engaged in business combination discussions with either Glencore or Glencore Agriculture Ltd, a joint venture owned by Glencore and two Canadian pension funds.Glencore had said in its statement earlier that "discussions may or may not materialize and there is no certainty that any transaction will occur."In a sign of its limited appetite to negotiate a sale to Glencore, Bunge said it was "committed to continuing to execute its global agri-foods strategy and pursuing opportunities for driving growth and value creation."Prior talks between Glencore and Bunge focused on a partnership in North America rather than the sale of Bunge, according to people familiar with the discussions, who requested anonymity to disclose them. Glencore also expressed interest in an acquisition of Bunge, however Bunge did not wish to pursue it, one of the sources added.Glencore''s interest in Bunge fueled ongoing speculation that, after a string of poor results, the world''s big grain trading houses are ripe for a wave of consolidation similar to the mergers and acquisitions in the farm chemicals and seed industries.Bunge shares were down 3.4 percent at $78.95 in after-hours trading in New York on Bunge''s statement.Large grain traders have struggled in recent years as a global oversupply and thin trading margins have squeezed their core commodity trading operations, including those of Bunge and rivals Archer Daniels Midland Co ( ADM.N ), Cargill Inc [CARG.UL] and Louis Dreyfus Co.The companies, collectively known as the ABCDs of global grain trading, are also facing stiffer competition from players such as China''s COFCO Corp [CNCOF.UL], which recently scooped up Noble Agri and Nidera, and Japan''s Marubeni Corp ( 8002.T ), which bought U.S. grain handler Gavilon in 2012.Merger expectations have been bubbling in the sector for months as commodities prices remain stubbornly low. A series of bumper grain and soybean harvests in the United States and South America also mean there is little chance of a supply disruption that global grain traders could profit from.Bunge Chief Executive Soren Schroder said earlier this month that the sector was ripe for consolidation and that Bunge was prepared to take the lead in any dealmaking. He did not specify whether Bunge would be a buyer or a seller.If Glencore and Bunge were to form a partnership, it could transform Glencore into a major U.S. agricultural company. Glencore pursued Louis Dreyfus'' grains business in recent years, but failed to strike a deal.The company bolstered its Canadian operations with a $6 billion deal for grain handler Viterra Inc [VILC.UL] in 2012, but spun off its grains business in 2015 and later divested 49 percent of Glencore Agri to the Canada Pension Plan Investment Board (CPPIB) and British Columbia Investment Management Corp (bcIMC) for more than $3.1 billion.CPPIB and bcIMC declined to comment about a possible partnership with Bunge.Ken Morrison, a veteran grain trader who writes a commodity trading newsletter, said he bought a "meaningful" number of Bunge shares when prices dove after an earnings miss earlier this month. He sold about half of his shares on Tuesday."I think that the chances of a deal coming together at a value that is acceptable to Bunge is less than 50/50," he said.(Reporting by Karl Plume; Additional reporting by Chris Prentice, Greg Roumeliotis and
'5642dc6f69c87b10f3a0b72a7bd8ad64fe82cc8c'|'Rival investor group not making counter bid for Stada: sources'|'FRANKFURT Private equity firms Advent and Permira are not planning to tie up with Shanghai Pharmaceuticals ( 601607.SS ) to make a counter bid for German generics drugmaker Stada Arzneimittel ( STAGn.DE ), three people familiar with the matter told Reuters on Wednesday.Buyout groups Bain Capital and Cinven last month won an auction for Stada with a bid valuing the group at about 5.3 billion euros ($5.9 billion), beating Advent and Permira.Talks among Advent, Permira and Shanghai Pharmaceuticals, which earlier this month said it may make an offer for Stada, failed because no agreement could be reached over price, the people said.Stada, Advent and Permira declined to comment. Shanghai Pharmaceuticals was not immediately available for comment.(Reporting by Alexander Huebner and Pamela Barbaglia; Additional reporting by Arno Schuetze; Writing by Christoph Steitz; Editing by Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stada-arzneimitt-m-a-counterbid-idINKBN18K2GF'|'2017-05-24T15:17:00.000+03:00'
'23fe6ac40db34c44f867761e6cc7cba76118a41e'|'Ex-Rio CEO Walsh says no fear of truth amid Guinea scandal - media'|'Business News - Wed May 24, 2017 - 4:35am BST Ex-Rio CEO Walsh says no fear of truth amid Guinea scandal - media FILE PHOTO: Rio Tinto CEO Sam Walsh poses during a photo call to announce his company''s 2015 interim results in London, Britain August 6, 2015. REUTERS/Neil Hall SYDNEY Ex-Rio Tinto chief executive officer Sam Walsh said on Wednesday he does not ''fear the truth'' of investigations into millions of dollars in payments made in 2011 to help secure iron ore mining acreage in Guinea, Australian media reported. Speaking at a leadership forum in Brisbane, Walsh sought to address $10.5 million (8.1 million pounds) payments Rio Tinto made to a political advisor in Guinea, which he labelled the "elephant in the room", the Australian Financial Review reported on its website. "Some of you no doubt may be asking ''How can this chap lecture us about leadership when he has been caught up in some investigation around mining rights in Guinea, West Africa''," Walsh said. A transcript of the speech was not immediately available. "On this I would just say that, notwithstanding some of innuendo from our friends in the media, the company has not made any accusation against me personally, nor do I expect that there will be," Walsh said, according to the newspaper. "I operated ethically and legally at all times during my 25 years at Rio," he said. Rio Tinto in March deferred for at least two years a decision on Walsh''s performance-related pay as the investigation unfolds. The scandal erupted in November after Rio Tinto become aware of emails from 2011 that referred to the payments in connection with the vast Simandou iron ore project. Walsh became embroiled when the emails showed Rio Tinto executive Alan Davies asking permission from Walsh and then-Rio Tinto chief executive officer Tom Albanese to make the payment to advisor Francois de Combre. (Reporting by James Regan; Editing by Christian Schmollinger) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rio-tinto-scandal-walsh-idUKKBN18K0BG'|'2017-05-24T11:35:00.000+03:00'
'fca2c619aa4efdcd381868ddf3ada2d14aabc526'|'Lawsuit accuses GM of using ''defeat devices'' in diesel trucks'|'Environment - Thu May 25, 2017 - 4:44pm BST Lawsuit accuses GM of using ''defeat devices'' in diesel trucks left right The GM logo is seen at the General Motors Assembly Plant in Valencia, Venezuela April 21, 2017. REUTERS/Marco Bello 1/2 left right Workers detail a Chevrolet Silverado pickup truck before press days of the North American International Auto Show at Cobo Center in Detroit, Michigan, January 10, 2015. REUTERS/Rebecca Cook 2/2 General Motors Co was accused in a lawsuit on Thursday of putting so-called "defeat devices," similar to those used by Volkswagen AG ( VOWG_p.DE ), into hundreds of thousands of its diesel trucks in order to pass federal emissions tests. The proposed class-action lawsuit was filed in the federal court in Detroit on behalf of people who own or lease more than 705,000 Silverado and Sierra diesel trucks from the 2011 to 2016 model years. It seeks a variety of damages, including possible refunds or lost resale value as well as punitive damages. (Reporting by Jonathan Stempel in Chicago)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-gm-lawsuit-idUKKBN18L25Y'|'2017-05-25T23:43:00.000+03:00'
'9d5adc9ab7c7ad9ce447896ae63df3fde52089d3'|'EQT leads bidding for stake in prosthetics maker Ottobock: sources'|'FRANKFURT Buyout group EQT has emerged as the leading bidder for a stake in Germany''s Ottobock, the world''s largest maker of artificial limbs, as talks with rival investor CVC continue, people familiar with the matter said.The investors have each made an offer to take a 20 percent stake in Ottobock''s core healthcare division as part of efforts to prepare the company for an eventual stock market listing, the people said.Ottobock, which was founded in 1919 as a maker of prosthetics for World War One veterans, said in January it was worth about 3 billion euros ($3.4 billion) and was being advised by JP Morgan on the sale.The field of bidders has since narrowed down to just EQT and CVC, the sources said.While EQT is seen as having an edge in striking a deal with the private company owned by its founder''s grandson Hans Georg Naeder, the talks are not exclusive and may still fall apart, the people said.Ottobock, an official partner of the International Paralympic Committee, is seeking financial backing to develop more bionic devices, prosthetic limbs and orthotic braces closely modeled on natural mechanisms.The deal would help it to pursue "even quicker profitable growth and groundbreaking innovations for the people suffering a handicap", Naeder said in the statement at the time.The 3 billion euro valuation represents a multiple of 12 times the company''s expected 2017 earnings before interest, tax, depreciation and amortization of 250 million euros.That''s a discount to some rivals as the business includes lower-margin wheelchairs. Iceland''s Ossur ( OSSRu.IC ), for example, trades at 17 times expected core earnings.EQT and Ottobock declined to comment while CVC was not immediately available for comment.The company has said in the past it wanted to go public in 2018/19, possibly floating a stake of 25 percent with Naeder staying in control. It has declined to provide a more specific timeline for the initial public offering.(Reporting by Arno Schuetze; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ottobock-stake-idINKBN18J10K'|'2017-05-23T06:38:00.000+03:00'
'71e29807261b2f485c76010b030e9e0206b336d4'|'Google''s AlphaGo takes on Chinese Go master in best of three matches'|'  10:35am BST Google AI beats Chinese master in ancient game of Go left right Chinese Go player Ke Jie puts a stone against Google''s artificial intelligence program AlphaGo during their first match at the Future of Go Summit in Wuzhen, Zhejiang province, China May 23, 2017. REUTERS/Stringer 1/3 left right Chinese Go player Ke Jie puts a stone against Google''s artificial intelligence program AlphaGo during their first match at the Future of Go Summit in Wuzhen, Zhejiang province, China May 23, 2017. REUTERS/Stringer 2/3 left right Chinese Go player Ke Jie reacts during his first match with Google''s artificial intelligence program AlphaGo at the Future of Go Summit in Wuzhen, Zhejiang province, China May 23, 2017. REUTERS/Stringer 3/3 By Cate Cadell - BEIJING BEIJING A Google artificial intelligence program defeated a Chinese grand master at the ancient board game Go on Tuesday, a major feather in the cap for the firm''s AI ambitions as it looks to woo Beijing to gain re-entry into the country. In the first of three planned games in the eastern water town of Wuzhen, the AlphaGo program held off China''s world number one Ke Jie in front of Chinese officials and Google parent Alphabet''s ( GOOGL.O ) chief executive Eric Schmidt. The victory over the world''s top player - which many thought would take decades to achieve - underlines the potential of artificial intelligence to take on humans at complex tasks. Wooing Beijing may be less simple. The game streamed live on Google-owned YouTube, while executives from the DeepMind unit that developed the program sent out updates live on Twitter ( TWTR.N ). Both are blocked by China, as is Google search. Google pulled its search engine from China seven years ago after it refused to self-censor internet searches, a requirement of Beijing. Since then it has been inaccessible behind the country''s nationwide firewall. The ceremonial game - the second time AlphaGo has gone head-to-head with a master Go player in a public showdown - represents a major bridge-building exercise for Google in China, following a charm offensive in recent years. It has announced plans to bring some services back to the country, including its app store Google Play. In March it also said Chinese users would be able to access the Translate mobile app, marking its most recent success launching a previously banned service. Like AlphaGo, Translate also uses DeepMind''s artificial intelligence software. Beijing is pushing to become a major player in artificial intelligence. Chinese search engine giant Baidu Inc ( BIDU.O ), launched an AI lab in March with China''s state planner, the National Development and Reform Commission. Go, most popular in countries such as China, South Korea and Japan, involves two contestants moving black and white stones across a square grid, aiming to seize the most territory. Its origins date back thousands of years. The board game is favored by AI researchers because of the large number of outcomes compared to other games such as western chess. According to Google there are more potential positions in a Go game than atoms in the universe. [ bit.ly/2q5eogo ] AlphaGo made history when it beat a top South Korean professional player last year. (Reporting by Cate Cadell; Writing by Adam Jourdan; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-science-intelligence-go-idUKKBN18J0PE'|'2017-05-23T14:50:00.000+03:00'
'd87aa45dec550ee9f2ff10753723c6ffcbad833d'|'Nigerian oil labour union suspends Exxon Mobil strike in Rivers state'|'Market News - Sat May 20, 2017 - 2:56pm EDT Nigerian oil labour union suspends Exxon Mobil strike in Rivers state YENAGOA, Nigeria May 20 A Nigerian labour union that had called for the shutdown of all Exxon Mobil Corp facilities in the Niger Delta has suspended its strike at its Rivers state branch in the oil production hub, two union representatives said on Saturday. Reuters had been unable to verify independently whether members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) had shut the company''s facilities in the region on Friday, and oil industry sources said there was no impact on production. "The strike has been suspended," said Chika Onuegbu, who represents PENGASSAN in Rivers state. Onuegbu and a senior PENGASSAN official, who also said the strike in Rivers state had been suspended but did not want to be identified, said the move followed a ruling by an industrial arbitration panel. Nigerian labour unions have held a number of strikes in the last few months over the dismissal of oil industry workers. The latest industrial action was in protest at the sacking of 150 workers in December, of which 82 were PENGASSAN members. Strikes by Exxon workers in Nigeria at the end of last year did affect output, delaying loadings by weeks. (Reporting by Tife Owolabi and Alexis Akwagyiram in Lagos; Editing by Dale Hudson) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nigeria-oil-idUSL8N1IM0SE'|'2017-05-20T22:56:00.000+03:00'
'6561dccbd4156964ed7a7feadd0bd2331ece618b'|'Boeing Co signs defense, commercial deals with Saudi Arabia'|'DUBAI Boeing Co has signed several defense and commercial deals with Saudi Arabia including for the sale of military and passenger aircraft, the company said on Sunday during a visit by U.S. President Donald Trump to the kingdom.Boeing said Saudi Arabia agreed to buy Chinook helicopters, associated support services and guided weapons systems, and intends to purchase P-8 surveillance aircraft.The U.S State Department in December announced plans to sell Saudi Arabia CH-47F Chinook cargo helicopters and related equipment, training and support worth $3.51 billion. Congress was informed last year that a sale to Saudi Arabia would involve 48 of the helicopters. Saudi Arabia is seeking closer defense and commercial ties with the United States under Trump, as it seeks to develop its economy beyond oil and leads a coalition that is fighting a war in Yemen. Saudi Arabia is seeking to end Iran-allied Houthi control over most of Yemen''s main population centers and restore its internationally recognized government to power.The total value of the deals was not disclosed in a statement announcing the agreements.The Boeing announcement is the latest in business deals worth tens of billions of dollars signed between U.S. and Saudi companies since Trump arrived in Riyadh on Saturday. "These announcements reaffirm our commitment to the economic growth, prosperity and national security of both Saudi Arabia and the United States, helping to create or sustain thousands of jobs in our two countries," said Boeing Chief Executive Officer Dennis Muilenburg.Boeing also said it would negotiate the sale of up to 16 widebody airplanes to Saudi Gulf Airlines, which is based in the country''s east in Dammam. A sale to the privately owned commercial airline is expected to include Boeing 777 and or 787 aircraft, according to a person familiar with the matter. Saudi Gulf, which started operations last year, could not be reached immediately for comment.Boeing also will establish a joint venture with Saudi Arabia to provide "sustainment services for a wide range of military platforms," the statement said, including non-Boeing supplied equipment. A separate joint venture would "provide support for both military and commercial helicopters."The Saudi Rotorcraft Support Center recently received its commercial certificate and is expected to start operations in the near future. The center is a joint venture with Alsalam Aerospace Industries, Saudi Aerospace Engineering Industries and Boeing. (Reporting by Alexander Cornwell Editing by Gary McWilliams and Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-trump-saudi-boeing-idUSKBN18H0OK'|'2017-05-21T22:05:00.000+03:00'
'ebc86dbb47911d2942b6bb7d1fc275425501ab75'|'U.S. trade rep says no return to TPP deal and wants bilateral deals in Asia - Reuters'|'HANOI U.S. Trade Representative Robert Lighthizer said on Sunday that the United States would not return to the Trans-Pacific Partnership trade deal after 11 remaining countries earlier agreed to look at how they could move ahead without it.He said the United States favoured bilateral over multilateral trade deals and he expected a series of agreements in the region, where he is attending a meeting of ministers from Asia-Pacific Economic Cooperation (APEC) countries."The United States pulled out of the TPP and it''s not going to change that decision. That does not mean we will not engage in this region," Lighthizer told a news conference in Hanoi, Vietnam."The president made a decision, that I certainly agree with, that bilateral negotiations are better for the United States than multilateral negotiations."Asked why the United States was against using language opposing protectionism, he said it favoured free trade, but would defend against unfair trade.(Reporting by Mai Nguyen; Writing by Matthew Tostevin; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/apec-vietnam-lighthizer-idINKBN18H07T'|'2017-05-21T05:16:00.000+03:00'
'e5e78e12ba4887653d360600bd225659d523f584'|'''Clash of Clans'' maker Supercell buys majority stake in UK''s Space Ape'|'HELSINKI Finnish mobile game maker Supercell has acquired a majority stake in London-based game studio Space Ape, the British company said on its website.Space Ape, founded in 2012, makes mobile games Samurai Siege, Rival Kingdoms and Transformers: Earth Wars, published by toymaker Hasbro Inc''s digital unit.Space Ape said Supercell had acquired 62 percent of its shares in a deal valuing its total equity at $90 million.The deal allows Space Ape to continue to operate as an independent company - similar to the way Supercell operates with its owner Tencent Holdings Ltd."Supercell works like we work: in small, collaborative teams... We are masters of our own destiny and have operational independence to run our company as we see fit," Chief Executive John Earner said.Supercell CEO Ilkka Paananen confirmed the deal on its Twitter account.Supercell previously acquired Finnish games start-ups Frogmind and Shipyard Games.Supercell''s hit game Clash of Clans, a war strategy game, has remained on the list of top-earning applications since its launch in 2012.(Reporting by Tuomas Forsell; editing by Jussi Rosendahl and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-space-ape-m-a-supercell-idUSKBN18K0MD'|'2017-05-24T15:03:00.000+03:00'
'f4d59e703c63ec1f9201809b16442a03817fda9e'|'Dubai''s Emaar buys Namshi stake after Amazon buys Souq.com'|'Technology   6:23am BST Rocket''s Global Fashion sells majority of Middle East unit Namshi FRANKFURT Global Fashion Group (GFG), the emerging markets fashion retailer set up by German ecommerce investor Rocket Internet, agreed to sell a majority stake in its Middle East unit Namshi to Emaar Malls for $151 million. Rocket Internet said on Wednesday the deal was part of a strategic alliance that to would help add additional fashion brands to Namshi, further develop its logistics infrastructure and expand its geographical footprint. GFG will retain 49 percent of Namshi, it said. (Reporting by Maria Sheahan; Editing by Victoria Bryan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-rocket-internet-global-fashion-idUKKBN18K0G5'|'2017-05-24T15:11:00.000+03:00'
'c5b7131ab991edc50cb325c6185ff39b8c40102c'|'Microsoft to buy cyber security firm Hexadite for $100 million - report'|'Technology  35am BST Microsoft to buy cyber security firm Hexadite for $100 million: report FILE PHOTO: A sign marks the Microsoft office in Cambridge, Massachusetts, U.S. January 25, 2017. REUTERS/Brian Snyder/File Photo JERUSALEM Microsoft has agreed to acquire cyber security firm Hexadite for $100 million, Israeli financial news website Calcalist reported on Wednesday. Hexadite, headquartered in Boston with its research and development center in Israel, provides technology to automate responses to cyber attacks that it says increases productivity and reduces costs for businesses. Microsoft officials declined to comment. Officials at Hexadite could not immediately be reach for comment. Investors in Hexadite include Hewlett Packard Ventures, and venture capital firms TenEleven and YL Ventures. Microsoft said in January it plans to continue to invest more than $1 billion annually on cyber security research and development in the coming years. Israel has already benefited from that investment. (Reporting by Ari Rabinovitch and Tova Cohen)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-microsoft-m-a-hexadite-idUKKBN18K12K'|'2017-05-24T17:34:00.000+03:00'
'6b7a9d471045fad095a347230100df26f2d1cc11'|'China cracks down on top brokerages in latest clean-up effort'|'Business News - Wed May 24, 2017 - 3:23pm BST China cracks down on top brokerages in latest clean-up effort left right The logo of CITIC Securities is seen at its branch in Beijing, China, March 22, 2016. REUTERS/Kim Kyung-Hoon/File Photo 1/2 left right People walk past a branch of Haitong Securities, in Shanghai, China, January 26, 2017. REUTERS/Aly Song 2/2 SINGAPORE China has fined Citic Securities, Haitong Securities and Guosen Securities for breaking brokerage rules as part of Beijing''s efforts to clean up its financial services sector. The country''s biggest brokerage Citic Securities Co Ltd ( 600030.SS )( 6030.HK ) said in regulatory filings on Wednesday it had been fined 308.3 million yuan ($44.75 million) and warned by the China Securities Regulatory Commission. China has been trying to clamp down on weak practices in its financial sector, which are seen as a key risk in the development of the world''s second largest economy. Moody''s Investors Service downgraded China''s credit ratings for the first time in nearly 30 years on Wednesday, saying it expects the financial strength of the economy will erode as growth slows and debt continues to rise. Citic said it had violated regulations related to margin financing and securities lending when handling transactions for Citadel (Shanghai) Trading Company Limited. Proceeds totaling 61.7 million yuan had been confiscated by the regulator and two executives fined, it added. Haitong Securities Co Ltd ( 600837.SS )( 6837.HK ) and smaller player Guosen Securities Co Ltd ( 002736.SZ ) were also punished for violating margin financing rules. Haitong and Guosen both received warnings and had proceeds from the business confiscated, they said in stock exchange filings. Haitong was fined 2.5 million yuan, while Guosen and its futures unit were fined a total of 105 million yuan. The regulator also issued warnings and fined the Haitong and Guosen executives involved, the brokerages said. (Reporting by Lee Chyen Yee in Singapore and Zhang Min in Beijing; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-citic-securities-idUKKBN18K1Y1'|'2017-05-24T22:21:00.000+03:00'
'd0f471a86b21c6c1d7540b3a6d01146673aab490'|'Brazilian ride-hailing app 99 raises $100 mln from SoftBank'|'Technology  44pm EDT Brazilian ride-hailing app 99 raises $100 million from SoftBank FILE PHOTO: A man looks at the logo of SoftBank Group Corp at the company''s headquarters in Tokyo, June 30, 2016. REUTERS/Toru Hanai/File Photo SAO PAULO Japan''s SoftBank Group Corp ( 9984.T ) agreed to invest $100 million in Brazilian ride-hailing app 99, the startup said on Wednesday, capping off a fund-raising round totaling more than $200 million. Press representatives for 99 declined to specify how big a stake SoftBank''s investment entailed. The transaction is subject to approval by Brazil''s Cade antitrust regulator. In January, Didi Chuxing, China''s largest ride-hailing company, spearheaded an initial investment of more than $100 million in the Brazilian firm. The capital injection underscores strong investor demand for the fast-growing ride-hailing market in Latin America''s largest economy despite ongoing legal battles that could sharply increase operating costs. On Tuesday, a Brazilian state appeals court ruled that a driver working for rival Uber Technologies Inc [UBER.UL] was not entitled to workers'' benefits, overturning a lower court decision looming over the San Francisco-based company. The driver may yet appeal to Brazil''s top court. 99''s discount service, known as 99 POP, competes directly with Uber, seeking to lure drivers by retaining a smaller share of what passengers pay for a ride. The app also allows clients to hail taxis and luxury vehicles. The Brazilian firm, launched in 2012, said it has more than 14 million registered users who have been served by more than 200,000 drivers. (Reporting by Bruno Federowski; Editing by Christian Plumb and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-ridehailing-softbank-group-idUSKBN18K2XE'|'2017-05-25T04:39:00.000+03:00'
'530bc8eb35e6fd86428fd6d5cec2454f8b87f466'|'Company climate risk disclosure could become mandatory in a few years'|'Business News - Tue May 23, 2017 - 1:12pm BST Company climate risk disclosure could become mandatory in a few years By Nina Chestney - LONDON LONDON Companies'' disclosure of risks to their business from climate change could become mandatory in a few years as investor pressure gathers pace, climate finance experts said on Tuesday. Investors have urged companies, particularly those operating in the oil, gas and coal sectors, to disclose the financial impact of long-term climate change and increase transparency as the world shifts away from fossil fuels. "I think we are moving towards the disclosure of climate change risks and stress testing of investments by companies. That is something which is gaining traction," John Roome, senior director of climate change at the World Bank, told an FT climate finance summit in London. "We are now in the voluntary stage but I suspect that in a few years we may very well see standardised requirements from various regulatory authorities on disclosure of climate risk," he added. Last year, a global task force set up by the G20''s Financial Stability Board proposed that companies disclose in their public financial findings how they identify and manage risks to their business from climate change. Although the measures are voluntary, there are calls for them to become mandatory. This could happen in a few years and further ahead, prudential requirements could be placed on potential stranded assets, Roome said. Last year, institutions managing trillions of U.S. dollars of assets called for oil majors Exxon Mobil ( XOM.N ) and Chevron ( CVX.N ) to disclose the impact of curbing global temperature rise on their businesses, although shareholders narrowly voted against resolutions calling for such stress tests. Investors are also pushing oil giant Royal Dutch Shell ( RDSa.L ) to explain the finer details of its plan to link executives'' bonus pay to lowering carbon emissions. However, there are a number of financial regulators who argue that climate risk is not part of companies'' core business, Roome said. Environmental lawyer Alice Garton at ClientEarth said existing laws apply to company disclosure where climate risks are material, or affect the economic decisions of shareholders. There have already been lawsuits in the United States against Exxon Mobil and coal miner Peabody Energy Corp over disclosures related to climate change. ClientEarth said it had written to energy company BP ( BP.L ), miner and trader Glencore ( GLEN.L ) and investors this week warning of the risk of investor lawsuits based on statements about future fossil fuel demand in their reporting. "It is highly likely that more cases like Peabody and Exxon arise in the future. Class action lawyers have become very clever at developing these cases for profit," said Garton, company and financial project leader at ClientEarth. (Reporting by Nina Chestney; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-climatechange-risks-disclosure-idUKKBN18J1PT'|'2017-05-23T20:12:00.000+03:00'
'f336a5753fed0654af31b8863b352de06825810f'|'Irish unemployment rate revised up but jobs growth still surging'|'Business News  22am BST Irish unemployment rate revised up but jobs growth still surging Ireland''s national flag flies above a statue on O''Connell Street in Dublin in this December 5, 2011 file photo. REUTERS/Cathal McNaughton/File Photo DUBLIN Ireland''s unemployment rate was revised up to 6.4 percent in April from an initial estimate of 6.2 percent although detailed figures on Tuesday showed employment growing at its fastest annual pace since the financial crisis. Unemployment has consistently fallen since hitting a peak of 15.1 percent in early 2012. Jobs growth accelerated to an annual 3.5 percent in the first quarter from 3.3 percent in the previous three months, its 18th successive quarterly expansion, central statistics office data showed. Ireland''s finance department last month estimated that the jobless rate would dip below 6 percent by the end of this year, meaning the economy could reach full employment next year with the unemployment rate forecast to remain at 5.5 percent from 2018 onwards. (Reporting by Padraic Halpin; Editing by Louise Ireland)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ireland-economy-unemployment-idUKKBN18J1AW'|'2017-05-23T18:22:00.000+03:00'
'5adadd1f11a51c01a7bb5fd603c63f039ebfbf3b'|'Shell shareholders reject emissions target proposal'|'Business   6:12pm BST Shell shareholders reject emissions target proposal left right FILE PHOTO: Logo of Shell is seen at the 20th Middle East Oil & Gas Show and Conference in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo 1/3 left right FILE PHOTO: The logo of a Shell gas station is pictured in Ulm, Germany, April 6, 2017. REUTERS/Michaela Rehle/File Photo 2/3 left right FILE PHOTO: A logo of Royal Dutch Shell is seen at Gastech, the world''s biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai/File Photo 3/3 By Karolin Schaps - THE HAGUE THE HAGUE Royal Dutch Shell ( RDSa.L ) shareholders on Tuesday widely rejected a proposal by an environmental group calling for the oil company to set and publish annual targets to reduce carbon emissions. The vote is a setback for climate activists who are increasing pressure on global oil companies, including U.S. firms Exxon Mobil ( XOM.N ) and Chevron ( CVX.N ), to become more ambitious in helping combat climate change. Around 94 percent of Shell shareholders who cast a vote decided against resolution 21, according to final results reported following the company''s annual general meeting (AGM) in The Hague. Roughly 5 percent of voters abstained. "The resolution is an unreasonable ask," said Shell Chief Executive Ben van Beurden, promising to engage further with investors on how the oil company can become more transparent about its plans to tackle climate change. Shell said binding emissions reduction targets would mean "tying its hands" and weakening the company because it would be forced to reduce production and sales. Growing investor sensitivity to climate change risks have already led Shell to invest in renewable energy projects such as offshore wind farms. Shareholders overwhelmingly approved the company''s new remuneration policy which for the first time ties 10 percent of executives bonuses to cutting greenhouse gas emissions. Van Beurden''s speech at Tuesday''s AGM began with a 30 minute presentation of Shell''s initiatives to help lower carbon emissions. Mark van Baal, founder of the Follow This activist group which put forward the resolution, said the group would target other oil companies such as BP ( BP.L ) as soon as funding was available. There was also little opposition to a 60 percent increase in van Beurden''s pay package, with 93 percent of shareholders supporting it in Tuesday''s vote. Last week, shareholders of rival London-listed oil company BP ( BP.L ) approved CEO Bob Dudley''s pay package, which was 40 percent lower than the previous year. Last year, some 60 percent of shareholders voted against Dudley''s pay package of nearly $20 million (<28>15.4 million). (Additional reporting by Ron Bousso in London, editing by David Clarke and Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shell-agm-idUKKBN18J1MN'|'2017-05-23T19:59:00.000+03:00'
'fa53fbbc2bbda3f95bdba6cca5416605edd9c00d'|'UPDATE 1-Incoming Ecuador President Moreno names finance, oil ministers'|'World News  41pm EDT Incoming Ecuador President Moreno names finance, oil ministers FILE PHOTO: Ecuador''s President-elect Lenin Moreno attends a meeting with Peru''s President Pedro Pablo Kuczynski at the government palace in Lima, Peru, May 9, 2017. REUTERS/Mariana Bazo By Alexandra Valencia - QUITO QUITO Ecuador''s leftist president-elect Lenin Moreno on Tuesday said he would name economics professor Carlos de la Torre as finance minister and former international oil executive Carlos Perez as oil minister. Moreno, 64, also appointed ex-officials from outgoing President Rafael Correa''s government. He formally begins his presidency on Wednesday. De la Torre is an economics professor and works as a consultant. Perez was for 13 years Ecuador country manager for U.S. oil services company Halliburton. "(It is a) cabinet that reflects this new stage in the history of the country and our political process: plurality, unity and dialogue," Moreno said on Twitter. De la Torre must solve the country''s large fiscal deficit. He will be accompanied by Veronica Artola Jarrin, who will head the central bank. Moreno''s main challenge will be to solve the OPEC nation''s liquidity problem. It has been hit hard by falling oil prices and a devastating earthquake. Moreno expects to meet the 1.4 percent growth forecast set by his predecessor for this year. (Reporting by Alexandra Valencia in Ecuador; Editing by Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ecuador-politics-idUSKBN18J29G'|'2017-05-24T00:36:00.000+03:00'
'ccdf39eb84e50cbbae0194e8c0d43570897185b3'|'Odebrecht O&G announces debt restructuring deal'|'BRASILIA Odebrecht <20>leo & G<>s SA, the offshore oil drilling firm owned by Brazil''s Odebrecht SA, reached an agreement with more than 60 percent of its creditors for a restructuring of about $5 billion in debt, it said in a statement on Tuesday.OOG, as the company is known, had told Reuters earlier this month that talks with creditors were in final stages. OOG is among Odebrecht SA subsidiaries struggling with a widespread slowdown in Latin America and restricted access to credit in the wake of a huge corruption scandal.(Reporting by Silvio Cascione)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-odebrecht-oil-restructuring-idINKBN18J1KG'|'2017-05-23T09:30:00.000+03:00'
'9ff7abb162f83bfea094a3491dce970ee678a618'|'Exclusive - Dubai looking into forming $1 billion shipping investment fund: sources'|'Business  53pm BST Exclusive - Dubai looking into forming $1 billion shipping investment fund: sources left An aerial view of Jebel Ali Port in Dubai October 25, 2010. REUTERS/Ahmed Jadallah 1/2 left right FILE PHOTO: A cargo ship is silhouetted as the sun sets along the coast of Manila bay in Metro Manila, Philippines January 27, 2017. REUTERS/Romeo Ranoco/File Photo 2/2 By Jonathan Saul and Tom Arnold - LONDON/DUBAI LONDON/DUBAI Dubai is looking into creating a $1 billion (<28>772 million) investment fund focused on shipping to develop the Gulf city''s maritime sector and ride out a global industry downturn, three finance sources familiar with the plans say. The sources said the Dubai Maritime City Authority, the government entity responsible for developing the maritime industry in the emirate, was examining ways to establish a fund to provide financial investment support to Dubai-based firms. "There is interest in this idea (from Dubai). At this stage it is fact finding," one source said. The Dubai Maritime City Authority was not immediately available to comment. A second source said there had been initial discussions so far, adding that a tender could be issued by the authority in the coming months to hire an adviser. The sources said the funds would not replace financing from banks, but could be used to help companies buy ships or stage transactions such as initial public offerings and mergers. The second source said the fund could either be financed by private investors or state-owned banks, or both, with the loans it provided likely to be guaranteed by the government. The sources said if the fund were established quickly, it could be used to support a bid to acquire United Arab Chemical Carriers (UACC), a shipping firm whose biggest shareholder, Dubai-run United Arab Shipping Company, is trying to sell it as part of conditions for a merger with German container line Hapag Lloyd ( HLAG.DE ). UACC has been estimated to be valued at $200 million. Two of the sources said the need for an investment fund had arisen due to difficulties that shipping-related ventures faced accessing bank capital and export credit financing in the United Arab Emirates as a whole. Like other maritime hubs, the UAE and its main shipping centre Dubai are struggling with a near decade long downturn in global shipping, which has hurt profitability and brought down companies such as South Korean container line Hanjin. Many European banks are either exiting or scaling back lending to the shipping sector, which has left a funding black hole estimated at tens of billions of dollars this year. Regional banks also do not have dedicated shipping finance desks. With 90 percent of world trade transported by sea, the sources said the idea for the initiative was also aimed at ensuring more strategic stability for Dubai. Gulf Arab countries have aimed to diversify their economies away from oil. At the same time, regional rival Iran, still struggling to attract foreign investment after Western sanctions were lifted in January 2016, is also aiming to boost its shipping sector and revitalise international trade after years of isolation. The UAE''s shipping fleet is estimated to be valued at $9.9 billion and ranked in 17th place, according to ship valuation company VesselsValue. No. 1 ship owning nation Greece''s fleet is valued at just over $95 billion. (editing by Peter Graff)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-emirates-shipping-fund-idUKKBN18K1RX'|'2017-05-24T21:27:00.000+03:00'
'18408aaa47c7b8a7ff62de62aa8236dfbdb6336e'|'Prosecutors investigate Bosch employees in Daimler probe - Handelsblatt'|'Autos   11:53am BST Prosecutors investigate Bosch employees in Daimler probe - Handelsblatt left Bosch parking deck is pictured near airport in Stuttgart, Germany, February 2, 2017. REUTERS/Michaela Rehle 1/2 left right The Mercedes star logo of an E Coupe is pictured before the annual news conference of Daimler AG in Stuttgart, Germany, February 2, 2017. REUTERS/Michaela Rehle 2/2 FRANKFURT German prosecutors who searched Daimler''s ( DAIGn.DE ) offices this week as part of a probe into diesel pollution are also investigating employees at automotive supplier Bosch [ROBG.UL], daily Handelsblatt reported, citing the prosecutor''s office. "We are investigating Bosch employees for suspected aiding and abetting in connection with the Daimler case," the paper quoted a spokesman for the Stuttgart prosecutor''s office as saying. Neither Bosch nor the prosecutor''s office were immediately available for comment. The prosecutors searched Daimler''s offices and other premises on Tuesday as part of an investigation of Daimler employees who the prosecutor''s office said were suspected of fraud and misleading advertising connected with manipulated emissions treatment of diesel passenger cars. (Reporting by Maria Sheahan. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-daimler-emissions-r-bosch-idUKKBN18L1C1'|'2017-05-25T18:53:00.000+03:00'
'afcb6698f27e642e9eab64c9c0dda20f28d06ec5'|'CANADA STOCKS-TSX rises on financials and BlackBerry but energy weighs'|'Market News  25am EDT CANADA STOCKS-TSX rises on financials and BlackBerry but energy weighs (Updates index and stock movements, details on BlackBerry jump) * TSX up 41.97 points, or 0.27 percent, to 15,500.43 * Five of the TSX''s 10 main groups rise TORONTO, May 23 Canada''s main stock index rose on Tuesday after the Victoria Day holiday Monday, bolstered by bank stocks and a surge in BlackBerry Ltd shares. BlackBerry Ltd stock jumped 8.8 percent to C$15.27, as investors raised expectations that the technology company''s cyber security and automotive software sectors will post strong growth, an analyst said. This month''s global "ransomware" attack, dubbed WannaCry, has raised awareness of BlackBerry''s security software business, while Ford Motor Co said late Friday it would start using an "over the air" system to update software on its interactive touchscreen system, which runs on BlackBerry software. The information technology group rose 0.8 percent. At 11:03 a.m. (1503 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was up 41.97 points, or 0.27 percent, to 15,500.43. Of the index''s 10 main groups, half were in positive territory. The index was tracking U.S. markets, which rose ahead of U.S. President Donald Trump''s first full budget plan that is aimed at slashing government spending and trimming the deficit. The most influential mover on the index was Toronto Dominion Bank, which rose 0.9 percent to C$63.64. Royal Bank of Canada followed, with a 0.8 percent advance to C$93.76. The overall financials group, which account for about a third of the index''s weight, gained 0.7 percent. Energy stocks tempered gains, retreating 0.7 percent as crude prices dipped earlier in the session on news of a White House proposal to sell off half the country''s huge oil stockpile, threatening a future glut. Suncor Energy Inc fell 1.0 percent to C$42.87, while Encana Corp declined 1.1 percent to C$15.13. Advancing issues outnumbered declining ones on the TSX by 132 to 111, for a 1.19-to-1 ratio on the upside. The index posted 11 new 52-week highs and no new lows. (Reporting by Solarina Ho; Editing by James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1IP13O'|'2017-05-23T23:25:00.000+03:00'
'74e3cae5e466c41e196dcd6317a088df74b14dc9'|'French VW probe identifies 22.78 billion euros in diesel sales: paper'|' 36am EDT French VW probe identifies 22.78 billion euros in diesel sales: paper A worker shines the grill of a Volkswagen car displayed on media day at the Paris auto show, in Paris, France, September 30, 2016. REUTERS/Benoit Tessier PARIS France''s consumer fraud watchdog believes Volkswagen ( VOWG_p.DE ) made 22.78 billion euros ($25.65 billion) in sale proceeds on cars sold in the country with illegal defeat devices, Le Monde reported on Tuesday. Citing a file sent to prosecutors by the DGCCRF anti-fraud agency, which has not been published, the French daily also reported findings that diesel emissions test-cheating saved 1.52 billion euros that the German carmaker would otherwise have had to invest to comply with regulations. Spokespeople for Volkswagen France and the Paris prosecutor did not immediately return calls seeking comment. VW already faces up to $25 billion in U.S. costs related to the dieselgate scandal, including a criminal settlement. The French sales and savings figures could ultimately be used by a court to set fines against VW, if the company were convicted on fraud charges pursued by the Paris prosecutor. The DGCCRF also calculated that VW''s theoretical maximum penalty, capped at 10 percent of annual revenue, would amount to 19.73 billion euros, Le Monde said. (Reporting by Laurence Frost; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-volkswagen-emissions-france-idUSKBN18J1CI'|'2017-05-23T18:36:00.000+03:00'
'03f110a1301820a9c0c76de27ece2d47df0f4e84'|'BUZZ-India''s GAIL hits over three-month low on Q4 profit drop'|'** Shares of state-run GAIL (India) Ltd fall as much as 5.8 pct to their lowest since Feb 15** Company posted a 69 pct fall in Q4 profit on Monday, on account of impairment charge on an investment** "We remain cautious on GAIL on account of significant long-term LNG contracts, which are expensive relative to spot prices, and are likely to remain an overhang for some time," analysts at Jefferies write** Stock posts biggest intraday pct loss since Jan 15, 2016'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/buzz-indias-gail-hits-over-three-month-l-idINL4N1IP1WH'|'2017-05-23T02:22:00.000+03:00'
'dd6ed05609306c69180b9b394acdcd0f49ec02bd'|'ArcelorMittal agrees on ''some concession'' to SAIL on planned $897 million India joint venture'|'Asia - Wed May 24, 2017 - 6:51pm IST ArcelorMittal agrees on concessions to seal delayed $897 million India joint venture left right Workers stand near the logo of ArcelorMittal, the world''s largest producer of steel, at the steel plant in Ghent, Belgium, July 7, 2016. REUTERS/Francois Lenoir 1/2 left right A motorcyclist rides past an advertisement of Steel Authority of India Ltd. (SAIL) at a street in New Delhi, India, August 5, 2016. 2/2 By Neha Dasgupta and Promit Mukherjee - NEW DELHI NEW DELHI ArcelorMittal, the world''s largest steel producer, said on Wednesday it has agreed to make concessions to Steel Authority of India to seal a delayed $897 million automotive joint venture. The two companies are close to ironing out key commercial terms to close the deal, including non-compete and exit clauses as well as finalizing policy on arbitration, three sources with direct knowledge of the negotiations told Reuters. "In the interest of the strategic partnership, some concession from ArcelorMittal on technology has been extended," a company spokeswoman told Reuters, without giving further details. The deal would help SAIL, which has been in the red for at least seven straight quarters, compete with local rivals such as JSW Steel and Tata Steel who have foreign partnerships to make steel for the car industry. SAIL did not respond to a Reuters email seeking comment. The proposed joint venture is also crucial for ArcelorMittal as India is the only big steel market where demand is rising fast and government policy is increasingly favoring locally made products. The company, controlled by billionaire Lakshmi Mittal, has unsuccessfully tried to gain a foothold in India for almost a decade. India is now drafting a land-for-assets policy among a raft of measures aimed at attracting foreign investment into the world''s third largest steel producing market. ArcelorMittal may follow up the joint venture with a larger presence through the purchase of a stake in three of SAIL''s weak units, a banker and three sources involved in talks said. SAIL''s loss-making units, which the government plans to sell under its divestment plan in the coming months, are at Durgapur, in the eastern state of West Bengal, Bhadravati in southern state of Karnataka and Salem in Tamil Nadu. India''s Steel Minister Chaudhary Birender Singh said on Monday the talks between ArcelorMittal and SAIL for the joint venture were in the "final stages", after a preliminary understanding signed in May 2015 lapsed on Sunday. Government officials said the timeline for the venture would get an official extension but no date has been specified. Talks between the two companies had hit a roadblock over disagreement on revenue-sharing as well on technology transfer fees. (Reporting by Neha Dasgupta and Promit Mukherjee; Editing by Sherry Jacob-Phillips/Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-india-arcelormittal-sail-idINKBN18K17G'|'2017-05-24T08:22:00.000+03:00'
'bc82a23833a7d12ecfc88b2078bca1a08f8ea965'|'UPDATE 1-Epiris to keep focus on UK assets after Electra split'|'(Adds Quote: from Electra, research, clarifies manager separate entity)By Dasha AfanasievaLONDON May 25 Electra''s departing fund manager will pursue an investment strategy which focuses on assets in Britain when it splits from the listed private equity fund next month."We have a pipeline of interesting opportunities which pick up where we left off," Alex Fortescue, Managing Partner of the venture Epiris, formerly named Electra Partners, told Reuters on Thursday.Fortescue did not mention specific assets, but said that the volatility created by Britain''s decision to leave the European Union, which has created uncertainty for businesses and called into doubt UK-only strategies, could create opportunities.Despite initial fears that Brexit would deter deal making, merger and acquisition activity has avoided a collapse and with cheap debt and an influx of foreign capital, private equity firms have enjoyed higher exit multiples.Fortescue declined to comment on fundraising by Epiris, which sources have said has so far raised 500 million pounds ($649 million) for its own fund which was launched in early 2017 with a target of between 800 million pounds and 1 billion pounds.The splitting of the fund manager from Electra, which owns the British arm of restaurant chain TGI Fridays, was prompted by a long and bitter campaign by activist investor Edward Bramson to join the listed company''s board.Electra, one of Britain''s oldest private equity firms, reported its net asset value had risen to 5,544 pence per share at the end of March this year, from 5,149 pence, although at a lower rate than the year before.A research note from JP Morgan said its return made Electra the best performing London-listed private equity company over the last 10 years.The fund also declared a second special dividend of 914 pence per share when it posted its six month results, during which time it has sold a string of assets.In recent weeks it has also sold investment property portfolio Pine Unit Trust and Treetops Nurseries.Epiris will hand over responsibility for managing Electra''s remaining assets, including Britain''s TGI Fridays and Photobox, to the fund next month.The results of the second phase of Electra''s review will be announced in the fourth quarter of 2017, Neil Johnson, Chairman of Electra Private Equity said."We are looking forward to the commencement of the second phase of the strategic review in June, when the executive management team will have direct access to the portfolio companies'' management teams and financial information for the first time," he added.($1 = 0.7701 pounds) (Editing by Alexander Smith and Pritha Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/electra-pvt-eqty-results-idINL8N1IR2N7'|'2017-05-25T09:17:00.000+03:00'
'372d749580dd0b24999588444d66694ca7cce74d'|'Japan manufacturers'' mood slips despite economic recovery - Reuters Tankan'|'Central Banks   3:09am BST Japan manufacturers'' mood slips despite economic recovery: Reuters Tankan left right FILE PHOTO: A bicycle rider rides past a factory at Keihin industrial zone in Kawasaki, south of Tokyo, Japan, August 18, 2016. REUTERS/Kim Kyung-Hoon/File Photo 1/2 left right FILE PHOTO: People are reflected in mirrors as they walk in a busy shopping district in Tokyo, Japan May 17, 2017. REUTERS/Toru Hanai/File Photo 2/2 By Tetsushi Kajimoto and Izumi Nakagawa - TOKYO TOKYO Confidence among Japanese manufacturers receded in May for the first time in nine months after hitting a decade-high level April, a Reuters survey found, showing guarded optimism in a nascent export-led economic recovery. The Reuters'' monthly poll - which tracks the Bank of Japan''s key quarterly tankan - showed confidence at service-sector firms hit a four-month high, a tentative sign of a pickup in domestic demand. The Reuters Tankan follows data last week that showed the economy expanded for a fifth straight quarter at the start of this year led by exports and private consumption, although sluggish wage growth weighed on households. In the poll of 527 large- and mid-sized firms, conducted between May 9-19 in which 243 responded, the sentiment index for manufacturers fell two points to 24 in May, dragged down by the food processing, precision machinery and chemicals industries. It followed a score of 26 in April, which was the highest reading since August 2007, a year before the collapse of a U.S. investment bank Lehman Brothers triggered the global financial crisis. "Sentiment remained firm in both manufacturing and non-manufacturing. The dollar has risen since bottoming in mid-April and such a recovery in market conditions should underpin business sentiment," Yuichiro Nagai, economist at Barclays Securities Japan, noted in a report. "Although indicators such as the Chinese PMI are showing weakness, machine tool orders and other data look firm, suggesting any risk of a collapse in sentiment will be limited by overseas factors." Nagai added that the latest survey points to further improvement in both manufacturers'' and service-sector sentiment in the next BOJ tankan due out on July 3. The Reuters Tankan''s service-sector sentiment index was up two points to 30 in May, the best reading since the beginning of this year, led by retailers. The sentiment index was seen unchanged at 24 for manufacturers in August, while the index was expected to fall to 22 for non-manufacturers. "We feel the economy is picking up as suggested by recovery in resources prices, but capital spending at our clients is lagging behind," a manager at a machinery manufacturer wrote in the survey. Import-dependent industries such as food processors complained about rising commodity prices and a weak yen that drive up import costs. Some exporters expressed concerns over uncertainty in the global economic outlook. The Bank of Japan''s last tankan out on April 3 showed big manufacturers'' business confidence improved for a second straight quarter to hit a one-and-a-half year high, and service-sector sentiment improved for the first time in six quarters. (Reporting by Tetsushi Kajimoto; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-economy-tankan-idUKKBN18J36G'|'2017-05-24T10:07:00.000+03:00'
'4a93a882e8ae394f9b1155cc67a9093a54180cd6'|'Big oil helps European shares edge up, Fiat drives autos lower'|'Top  03am BST Big oil helps European shares edge up, Fiat drives autos lower Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 23, 2017. REUTERS/Staff/Remote LONDON European shares, stuck just below 21-month highs for more than a week, fought for direction in early deals on Wednesday as weakness in mining and autos sectors were offset by strength in oil producers. The pan-European STOXX 600 index edged up 0.1 percent, underpinned by a rise in European oil & gas stocks. Britain''s FTSE 100 rose 0.1 percent while Germany''s DAX fell 0.3 percent as firms going ex-dividend weighed. European auto stocks were among the biggest sectoral fallers, down 0.9 percent and led lower by a 2 percent drop in Fiat Chrysler''s shares. The U.S. government has sued the Italian carmaker, accusing Fiat of illegally using software to bypass emission controls in 104,000 diesel vehicles sold since 2014. Miners were another weak spot in Europe with the basic resources index declining more than 1 percent following a dip in the copper price weighed. [MET/L] Mining giant Glencore was also 1.6 percent lower after it said that it had made an informal approach to U.S. grains trader Bunge to discuss "a possible consensual business combination". Earnings also weighed on British retailer Kingfisher, which dropped 6.3 percent and was the biggest STOXX loser after a trading update, while engineer Babcock also fell 2.7 percent after its full-year results. German firms Hugo Boss and Evonik both fell after going ex-dividend. On the positive side, a well-received set of fourth-quarter results from Dixons Carphone lifted its shares 3 percent higher, while Britvic''s first-half update also boosted its shares. Shares in aerospace groups Safran and Zodiac, whose merger plans have been criticized by some investors, were suspended on Wednesday. (Reporting by Kit Rees, Editing by Vikram Subhedar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN18K0SS'|'2017-05-24T16:03:00.000+03:00'
'8dfedba250642f69377bfcc985c3be317291ce9c'|'UPDATE 1-ISS recommends two activist nominees for Buffalo Wild Wings board'|'Business News  51am EDT ISS recommends two activist nominees for Buffalo Wild Wings board A pedestrian walks past a Buffalo Wild Wings restaurant in New York, U.S., February 6, 2017. REUTERS/Lucas Jackson By Michael Flaherty - NEW YORK NEW YORK Proxy adviser Institutional Shareholder Services (ISS) recommended on Wednesday that owners of Buffalo Wild Wings ( BWLD.O ) stock vote for two of three board directors nominated by activist hedge fund Marcato Capital Management. "The dissident has presented a compelling case that additional board change is warranted," ISS said in its research report. ISS, an influential adviser to investment funds seeking guidance on how to vote for proposals and director nominees at annual shareholder meetings, put its weight behind Marcato nominees Mick McGuire, the hedge fund''s founder, and Scott Bergren, the former chief executive of Yum Brands'' ( YUM.N ) restaurant chain, Pizza Hut. ISS did not recommend that shareholders support Marcato''s third nominee, Lee Sanders, the former chief development officer at TGI Fridays. The proxy adviser said in its note that it also supported company nominee Sam Rovit, the CEO of CTI Foods and a former executive at Kraft Foods. Rovit, who left Marcato''s director nominee slate to join the company''s, is running for a board seat uncontested. Buffalo Wild Wings will hold its annual meeting on June 2. (Reporting by Michael Flaherty; Editing by Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-buffalo-wild-marcato-idUSKBN18K25N'|'2017-05-24T23:33:00.000+03:00'
'11abbaffb33cdfcb9a2f7b22d6537dbb3f6927b1'|'General Electric signs 1 billion riyal deal to build gas turbines in Saudi Arabia'|'RIYADH General Electric (GE) signed a one billion riyal ($267 million) joint venture agreement on Wednesday with Saudi Arabia''s state-backed Dussur industrial development company to manufacture gas turbines in the eastern city of Dammam.The agreement, announced at a press conference in Riyadh, follows an announcement by GE during U.S. President Donald Trump''s visit last weekend of $15 billion of business deals, including memorandums of understanding which would require further agreements to materialize.GE and Dussur signed a memorandum of understanding last year that is expected to result in nearly 3.75 billion riyals of investment by the two companies across multiple sectors in 2017.(Reporting by Marwa Rashad; Writing by Katie Paul; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-saudi-industry-general-electric-idINKBN18K10C'|'2017-05-24T07:18:00.000+03:00'
'52718fa098b185befdf41b1f4b884327882714c4'|'Soccer-Manchester United outclass Ajax to win Europa League'|'Market  41pm EDT Soccer-Manchester United outclass Ajax to win Europa League By Philip O''Connor - STOCKHOLM STOCKHOLM May 24 Manchester United''s Paul Pogba and Henrikh Mkhitaryan scored a goal in each half as their team outclassed Ajax Amsterdam to win an emotional Europa League final 2-0 and qualify for the group stages of next season''s Champions League. There was silence and then applause before the game to honour the victims of Monday''s deadly attack at a pop concert in Manchester in which 22 people died and both sides then played a final full of pride and passion at the Friends Arena. World record signing Pogba opened the scoring in the 18th minute as United won the ball after an Ajax throw-in, the Frenchman''s shot taking a wicked deflection to wrong foot goalkeeper Andre Onana and fly into the net. Mkhitaryan then flicked the ball home early in the second half following a United corner, and with chants of "Manchester! Manchester!" echoing around the stadium, United held on to win the only European trophy missing from the Old Trafford cabinet. (Reporting by Philip O''Connor; editing by Ken Ferris)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/soccer-europa-final-idUSL8N1IQ6UN'|'2017-05-25T04:41:00.000+03:00'
'861c734ee2988c2a56bb5914cc004494c9475e60'|'Asia shares race to two-year high as Fed signals no rush to tighten'|'Business News - Thu May 25, 2017 - 7:01am BST Asia shares race to two-year high as Fed signals no rush to tighten FILE PHOTO - Visitors looks at an electronic board showing the Japan''s Nikkei average at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, February 9, 2016. REUTERS/Issei Kato/Files By Hideyuki Sano - TOKYO TOKYO Asian shares scaled two-year highs on Thursday while the dollar and U.S. bond yields slipped after the U.S. Federal Reserve signaled a cautious approach to future rate hikes and the reduction of its $4.5 trillion of bond holdings. European shares are also expected to gain, with spread-betters looking to higher openings of 0.3 percent in Germany''s DAX .GDAX and France''s CAC .FCHI and 0.2 percent in Britain''s FTSE .FTSE . MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS advanced 1.0 percent, hitting its highest level since May 2015, and bringing its gains so far this year to about 17 percent. The gains were led by South Korean shares .KS11 , which rose 1.0 percent to record highs. Hong Kong''s Hang Seng .HSI gained 0.8 percent to its highest level since July 2015 while Taiwanese shares hit 17-year highs .TWII . In Japan, Nikkei .N225 gained 0.5 percent. Minutes from the Fed''s last policy meeting showed policymakers agreed they should hold off on raising interest rates until it was clear a recent U.S. economic slowdown was temporary, though most said a hike was coming soon. "Their views seem to have changed considerably. In the past, they had said the slowdown was transitory," said Daisuke Uno, chief strategist at Sumitomo Mitsui Bank. The minutes also showed that policymakers favored a gradual reduction in its massive balance sheet. Fed staff proposed that the central bank set a cap on the amount of bonds that would be allowed to run off each month, initially setting it at a low level and raising it every three months. Following the minutes, the 10-year U.S. Treasuries yield US10YT=RR fell to 2.255 percent from Wednesday''s high of 2.297 percent. Fed funds rate futures are pricing in about a 75 percent chance that the Fed will raise rates next month, moving down from more than 80 percent earlier this week . The specter of a slower pace of policy tightening underpinned share prices, with the S&P 500 .SPX closing at a record high. In the currency market, the euro EUR= traded up 0.1 percent in Asia at $1.1225, having bounced back from Wednesday''s low of $1.1168 and coming within sight of $1.1268, its 6 1/2-month high set on Tuesday. The dollar stood at 111.63 yen JPY= , slipping from one-week highs of 112.13 touched on Wednesday. Those moves have pulled the dollar''s index against a basket of six major currencies .DXY =USD down to 97.028, near Monday''s 6-1/2-month low of 96.797. The Chinese yuan CNH=D4 CNY=CFXS strengthened, hitting its highest level in almost two months, on buying by major state-owned banks in what some traders thought was a show of strength a day after Moody''s downgraded the country''s credit rating. Mainland Chinese shares .SSEC , which were briefly unsettled by Moody''s downgrade of its rating on China on Wednesday, bounced back 1.6 percent. "Credit downgrade wasn''t a surprise after all given the delay in structural reforms such as liberalization of capital moves. The Chinese economy looks set to grow more than six percent, so there''s no reason to be that pessimistic either," said Shuji Shirota, head of macro economic strategy group at HSBC in Tokyo. The Canadian dollar strengthened to a five-week high of C$1.3402 per U.S. dollar CAD=D4 after the Bank of Canada was more upbeat about the economy than some investors had expected. Oil prices flirted with five-week highs as investors expect oil producing countries to extend output cuts at their meeting in Vienna later in the day. Benchmark Brent crude oil LCOc1 rose 49 cents a barrel, or 0.9 percent, to $54.45. U.S. light crude CLc1 was up 46 cents, or 0.9 percent, at $51.82. Both benchmarks h
'15819113c794f60ff93287750df48e4c6b9cba9a'|'Moody''s downgrades Hong Kong after China ratings cut'|'Money   10:58am IST Moody''s downgrades Hong Kong after China ratings cut FILE PHOTO - People walk on a footbridge in front of a multi-story car park in Hong Kong, China January 27, 2017. REUTERS/Bobby Yip/File Photo HONG KONG Moody''s Investors Service downgraded Hong Kong''s local and foreign currency issuer ratings just hours after it cut China''s credit ratings for the first time in nearly 30 years. The U.S. ratings agency downgraded Hong Kong''s rating to Aa2 from Aa1 and said credit trends in China will continue to have a significant impact on Hong Kong''s credit profile due to close economic, financial and political ties with the mainland. Moody''s changed Hong Kong''s outlook to stable from negative, denoting that the risks to the city''s rating are balanced. The move came late on Wednesday and was widely expected after Moody''s downgraded China, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise. Moody''s said financial ties between Hong Kong and the mainland were becoming deeper through platforms such as the Shanghai-Hong Kong stock connect scheme, the Shenzhen-Hong Kong stock connect scheme and the bond connect which is expected to be launched this year. "While these connects bring benefits including, it is hoped, enhanced liquidity, they also risk introducing more direct contagion channels between China''s and Hong Kong''s financial markets," Moody''s said in a statement. The Hong Kong government criticised the move, saying the Chinese-ruled city was well equipped to deal with any challenges. "Moody''s has overlooked the sound economic fundamentals, robust financial regulatory regime, resilient banking sector and strong fiscal position that Hong Kong has," Financial Secretary Paul Chan said in a statement. "These elements will continue to enable the economy to embrace the challenges ahead arising from the changing external environment." (Reporting By Anne Marie Roantree and Donny Kwok; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/hongkong-economy-rating-idINKBN18L0HA'|'2017-05-25T13:28:00.000+03:00'
'fe6877efb76246114a977ff5b5b89e8c93a135ba'|'OPEC set to prolong oil cuts as delegates predict smooth meeting'|'Business News  33am BST OPEC set to prolong oil cuts as delegates predict smooth meeting left right FILE PHOTO: An oil worker walks past a drilling rig at an oil well operated by Venezuela''s state oil company PDVSA in Morichal July 28, 2011. REUTERS/Carlos Garcia Rawlins/File Photo 1/2 left right FILE PHOTO: Saudi Arabia''s Energy Minister Khalid al-Falih attends a joint briefing in Beijing, China May 15, 2017. REUTERS/Aly Song/File Photo 2/2 By Alex Lawler and Rania El Gamal - VIENNA VIENNA OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude. OPEC''s de facto leader, Saudi Arabia, favours extending the output curbs by nine months rather than the initially planned six months, as it seeks to speed up market rebalancing and prevent oil prices from sliding back below $50 per barrel. On Monday, Saudi Energy Minister Khalid al-Falih won support from OPEC''s second-biggest and fastest-growing producer, Iraq, for a nine-month extension and said he expected no objections from anyone else. Saudi Arabia''s Gulf ally Kuwait said on Tuesday not every OPEC member was on board for an extension to March 2018, from the initial cut-off of June this year, but most delegates in Vienna said they expected a fairly painless meeting on Thursday. "The Saudi oil minister''s view seems accurate and no serious objection is expected if at all," said one delegate, who asked not to be identified as he is not allowed to speak to the media. "No surprises," said a second delegate. A third source added: "I think it will be a smooth meeting to extend through until March 2018, and see what happens with U.S. shale. It will grow but there are limits." The Organization of the Petroleum Exporting Countries meets in Vienna on Thursday to consider whether to prolong the deal reached in December in which OPEC and 11 non-members, including Russia, agreed to cut output by about 1.8 million barrels per day (bpd) in the first half of 2017. The decision pushed prices back above $50 per barrel, giving a fiscal boost to major oil producers. But it also spurred growth in the U.S. shale industry, which is not participating in the output deal, thus slowing the market''s rebalancing. Oil prices fell 1 percent on Tuesday LCOc1CLc1 after U.S. President Donald Trump proposed to sell half of the United States'' Strategic Petroleum Reserve (SPR) in the next 10 years as well as to speed up Alaskan exploration. The SPR sales would not start until October 2018 and would amount to just 95,000 bpd, or 1 percent of current U.S. output. DEEPER CUTS UNLIKELY The first OPEC delegate said he did not believe OPEC would deepen existing cuts, unless Saudi Arabia and its Gulf allies offered to take the bulk of the hit: "I still believe it is unlikely at this point." Saudi''s Falih said on Monday he expected the new deal to be similar to the old one, "with minor changes". "He (Falih) has talked to several countries including Norway, including Turkmenistan, including Egypt, and they have made signs of their willingness to join the collaboration," Kuwait''s oil minister Essam al-Marzouq said on Tuesday. Norway''s oil ministry said later on Tuesday it had no plan to join cuts but had a good dialogue with OPEC. Deutsche Bank said the market had priced in a nine-month extension. "The inclusion of smaller producing non-OPEC countries such as Turkmenistan, Egypt and the Ivory Coast would be a negligible boost, in our view," Deutsche said. "A deepening of cuts, though, has more potential to provide an upside surprise." (Additional reporting by Ahmad Ghaddar and Ernest Scheyder; Writing by Dmitry Zhdannikov; Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opec-oil-idUKKBN18J1BJ'|'2017-05-23T18:25:00.000+03:00'
'a2635f3c506eeeee0bdafdf92494f8abcb91bf92'|'Trump sees to slash government spending in budget plan'|'Business News - Tue May 23, 2017 - 5:55pm BST Trump seeks to slash $3.6 trillion of government spending in budget left right A copy of President Trump''s Fiscal Year 2018 budget is on display on Capitol Hill in Washington, U.S., May 23, 2017. REUTERS/Kevin Lamarque TPX IMAGES OF THE DAY 1/6 left right Workers prepare for delivery printed President Donald Trump''s FY2018 budget at the Government Publishing Office in Washington, U.S., May 19, 2017. REUTERS/Yuri Gripas 2/6 left right President Donald Trump''s FY2018 budget is seen printed at the Government Publishing Office in Washington, U.S., May 19, 2017. REUTERS/Yuri Gripas 3/6 left right The White House Fiscal Year 2018 budget arrives at the House Budget Committee on Capitol Hill in Washington, U.S., May 23, 2017. REUTERS/Joshua Roberts 4/6 left right Republican Staff Director of the Senate Budget Committee Eric Ueland (L) hands out a copy of President Trump''s Fiscal Year 2018 budget on Capitol Hill in Washington, U.S., May 23, 2017. REUTERS/Kevin Lamarque 5/6 left right The White House Fiscal Year 2018 budget is placed on tables by House staff members at the House Budget Committee on Capitol Hill in Washington, U.S., May 23, 2017. REUTERS/Joshua Roberts 6/6 By Roberta Rampton - WASHINGTON WASHINGTON U.S. President Donald Trump wants lawmakers to slash $3.6 trillion (<28>2.77 trillion) in government spending over the next decade, taking aim in his first budget plan at healthcare and food assistance programs for the poor while boosting the military. The Trump administration on Tuesday will ask Republicans who control the U.S. Congress - and the federal purse strings - for the politically sensitive cuts. The proposal in its current form is unlikely to be approved by lawmakers as they craft their own tax and spending plans but the document makes Trump''s budget priorities clear and lays down a marker with Congress. Trump seeks to balance the budget by the end of the decade, according to a preview given to reporters on Monday. There is some new spending in his plan for fiscal year 2018, which starts in October. The Pentagon would get a spending hike, and there would be a $1.6 billion down payment to begin building a wall along the border with Mexico, which was a central promise of Trump''s presidential campaign. Trump''s proposal foresees selling half of the U.S. emergency oil stockpile, created in 1975 after the Arab oil embargo caused fears of price spikes. The announcement surprised oil markets, and briefly pulled down U.S. crude prices. The biggest savings would come from cuts to the Medicaid healthcare program for the poor made as part of a Republican healthcare bill passed by the House of Representatives. Trump, who is traveling overseas this week, wants lawmakers to cut more than $800 billion from Medicaid and more than $192 billion from food stamps. Republicans are under pressure to deliver on promised tax cuts, the cornerstone of the Trump administration''s pro-business economic agenda, which would cut the business tax rate to 15 percent from 35 percent, and reduce the number of personal tax brackets. But their policy agenda has stalled as the White House grapples with the political fallout from Trump''s firing of former FBI Director James Comey whose agency is probing alleged Russian meddling in the 2016 U.S. election. Republican leaders in the House said lawmakers would be able to find common ground with the budget plan. "At least we now have common objectives: grow the economy, balance the budget. So at least we are now on that common ground, and we will have a great debate about the details about how to achieve those goals," U.S. House Speaker Paul Ryan told reporters. STOCKS HIGHER U.S. stocks were slightly higher on Tuesday as investors parsed details of the plan. "The budget will not pass in its current state, but people will keep an eye on any sort of indication of corporate tax reform as well as infrastructure spending," said Nadia Lovell, U.S. Equity Strat
'b4891ceff987c9824abbaa4a994a43da3a50bc85'|'U.S. interest rates may pose risk to Trump budget''s optimistic assumptions'|'Business News - Wed May 24, 2017 - 3:40pm EDT U.S. interest rates may pose risk to Trump budget''s optimistic assumptions A copy of President Trump''s Fiscal Year 2018 budget is on display on Capitol Hill in Washington, U.S., May 23, 2017. REUTERS/Kevin Lamarque By Howard Schneider - WASHINGTON WASHINGTON If President Donald Trump''s budget does touch off an economic boom that pushes growth up to 3 percent a year as it assumes, the government''s borrowing is likely to cost much more than has been factored into the administration''s fiscal proposals. Along with costing the government more, rising rates could crimp spending among households and companies, cutting into the very growth that the administration is counting on to eliminate government deficits over the next decade. Economists say there is a rough, but direct, tie between economic growth and the 10-year Treasury bond used as a benchmark in government budgeting. If the U.S. economy did shift into a higher gear and begin growing at 3 percent on a sustained basis, Treasury bond yields would likely move far beyond the 3.8 percent rate the administration has assumed - possibly edging towards 5 percent based on historical data. That would push the Federal Reserve into a broad reassessment of its own policy that has so far been one of incremental and slow interest rate rises to keep the economy growing. "The rough rule of thumb is that the average 10-year yield should be sort of close to (gross domestic product) growth," which in the current budget would be 5 percent including an assumed inflation rate of around 2 percent, said Paul Ashworth, chief U.S. economist for Capital Economics. "Trump''s budget is a return to the pre-financial crisis world," where the rate curve from the Fed''s overnight lending to the longest-term bonds were higher across the board, he said. The net effect on interest rates would be complex, hinging on whether government deficits do in fact decline as the administration contends - a fact that would offset the higher cost of issuing new bonds - and how the higher interest rate environment affects economic growth. It would also depend on how the Fed reacts, and whether inflation in that environment remains a tame and steady 2 percent. The Treasury rate projection is just one of a number of assumptions in the Trump budget that economists have criticized, with the assumed return to 3 percent growth regarded as notably unrealistic. Trend U.S. growth is currently considered to be around 2 percent, low by historic standards but now regarded as a likely norm in an economy that is aging, and in which the annual growth in worker productivity has slowed. TRILLION-DOLLAR PROBLEM? In the aftermath of the 2007-2009 financial crisis, the low growth environment and tame inflation, the Federal Reserve has kept short-term interest rates at record lows for a decade. Other bond yields have fallen as well: The 10-year Treasury was routinely in the 5 percent to 6 percent range or higher in the 1990s, a period of strong economic and productivity growth. In the last few years it has ranged between 2 percent and 3 percent. Underestimating the likely jump in Treasury yields would have an immediate impact on Trump''s bottom line, said Marc Goldwein, senior policy director at the Center for a Responsible Federal Budget. Over a decade, a 1 percentage point miss would add roughly a trillion dollars to the federal debt, he said. It would also change the country''s financial dynamics as firms and households adjust from a world of nearly free money, to one where borrowing exacts a steeper penalty. The rates baked into Trump''s budget "seem low given the growth rate, and there are implications," Goldwein said. "It could partially offset your 3 percent growth" if consumers and businesses reduce borrowing, he said. (Reporting by Howard Schneider; Editing by Cynthia Osterman) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.c
'8734b798ea0de0906dcf71486c160d28a723440d'|'Oil plunges 5 percent on disappointment with OPEC cuts'|' 29pm BST Oil plunges 5 percent on disappointment with OPEC cuts left right A TV camera is seen outside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 1/2 left right A worker fills a tank with subsidized fuel at a fuel station in Jakarta April 18, 2013. REUTERS/Beawiharta 2/2 By Julia Simon - NEW YORK NEW YORK Oil prices fell nearly 5 percent on Thursday as OPEC''s decision to extend production curbs fell short of expectations of deeper or longer cuts. As expected, the Organization of the Petroleum Exporting Countries, along with other non-OPEC members, agreed to extend a cut in oil supplies of 1.8 million barrels per day (bpd) until the end of the first quarter of 2018 to reduce a glut of supply. However, in the days prior to the meeting, talk of a possible extension for 12 months, or deeper cuts than the current agreement, helped buoy prices on optimism of a faster drawdown in supply. In Vienna on Thursday, Saudi Arabia''s energy minister, Khalid al-Falih, said ministers did not see a need to reduce oil output further. "Maybe they<65>re disappointed that there wasn<73>t anything additional," said Adam Rozencwajg, managing partner at Goehring & Rozencwajg Associates in New York. Brent crude oil LCOc1 was down $2.38 a barrel at $51.58 a barrel by 12:15 p.m. (1615 GMT). U.S. West Texas intermediate crude futures CLc1 fell $2.43 a barrel to $48.93, a 4.8 percent drop, breaking through $50 for the first time all week as volumes rose sharply. The global glut of supply has proved difficult to draw down even after OPEC agreed to cut production in the first half of the year. That was in part because of large volumes of floating storage, weaker-than-expected demand in places like India, and increased U.S. production. U.S. oil production C-OUT-T-EIA has already risen by more than 10 percent since mid-2016 to more than 9.3 million bpd, and OPEC''s contribution to the cuts - 1.2 million bpd - could be completely eaten up by rising U.S. production by year-end, according to RBN Energy. Rising U.S. production may continue to offset OPEC''s cuts, even though refining runs have touched record levels in the United States in recent weeks. [EIA/S] <20>Everyone is watching (the price of oil) with trepidation, not jubilance,<2C> said David Arrington, president of shale oil producer Arrington Oil & Gas in Midland, Texas. How shale producers respond in coming months will have as much of an effect on pricing as OPEC<45>s cuts, he said. <20>If U.S. shale producers exceeded our projected increases, it<69>ll drive the price down again,<2C> Arrington said. (Additional reporting by Gary McWilliams in Houston, Christopher Johnson in London, Henning Gloystein in Singapore; Editing by Marguerita Choy, Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN18L04J'|'2017-05-26T00:29:00.000+03:00'
'054e1a63688e76f744a41c5972ee30c8ce188b95'|'China''s Lenovo global PC shipments fall 1 percent, slower than market decline'|'Technology News - Thu May 25, 2017 - 6:33am BST China''s Lenovo global PC shipments fall 1 percent, slower than market decline A Lenovo logo is seen at the computer in Kiev, Ukraine April 21, 2016. REUTERS/Gleb Garanich/File Photo By Sijia Jiang - HONG KONG HONG KONG China''s Lenovo Group Ltd, the world''s largest personal computer maker, said its global PC unit shipments fell 1 percent in the year ending in March, against a market decline of 3 percent, as consumer demand continued its downward trend. Revenue from its personal computer and smart device business, which accounts 70 percent of total revenue, fell 2 percent to $30.1 billion. Lenovo blamed a 4 percent drop in total revenue to $43 billion on difficult macro environment, its own business transformation efforts, and component supply constraints in the second half of the year. For the full year ended March, Lenovo posted a profit of $535 million, reversing a loss of $128 million a year prior. The result compared with the $569 million average of 24 estimates. According to market intelligence firm Gartner, worldwide PC shipments totaled 62.2 million units in the first quarter of 2017, the 10th consecutive quarterly decline and the first time since 2007 for the figure to drop below 63 million. Lenovo said its worldwide PC market share for the full year rose 0.4 percentage point to a record high of 21.4 percent, though that is down from 22.4 percent in the previous quarter. "Despite market conditions that will remain challenging in the short term, the Group exited the year with stronger organization allowing for sharper customer focus and more compelling product portfolio across all our business," Chairman and Chief Executive Officer Yang Yuanqing said in a filing. PC competition took a step up this week when China''s largest mobile phone maker, Huawei Technologies Co Ltd, said it would enter the market for premium consumer models. Lenovo also competes with Huawei in mobile, which accounts for 18 percent of its revenue. The business'' loss widened to $566 million last year from $469 million a year prior on a 10 percent drop in revenue to $7.7 billion, though Lenovo said the business had strong growth in markets outside China, especially Latin America and Western Europe. The company''s smaller data center business, which includes servers and enterprise services, incurred a loss of $343 million, with revenue down 11 percent to $4.07 billion. Yang said Lenovo''s core PC business remained solid, transformation for mobile businesses is on track, while it is accelerating efforts to improve its data center business. He said last week Lenovo will reorganize domestic operations in response to the changing PC industry. Lenovo China will split into two divisions: one focused on consumer PCs and smart devices, and the other on data centers. Lenovo''s profit for the three months through March dropped 41 percent to $107 million. That beat the $93.8 million average of 11 analyst estimates in a Thomson Reuters poll. Revenue rose 5 percent to $9.58 billion, against an estimate of $9.6 billion. (Reporting by Sijia Jiang; Editing by Christopher Cushing)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-lenovo-group-results-idUKKBN18L0DT'|'2017-05-25T13:10:00.000+03:00'
'09e66cac46c7cf0d69b588c959a2b11589a916b4'|'U.S. Treasury sees business taxes as fruitful ground for bipartisan deal'|'WASHINGTON The Trump administration is particularly hopeful it can reach a bipartisan tax deal when it comes overhauling laws for business taxes, Treasury Secretary Steven Mnuchin said on Thursday."We are hopeful that we can find common ground, particularly on the issue of making our business taxes competitive," Mnuchin told a Senate panel.(Reporting by Jason Lange and Patrick Rucker; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-budget-mnuchin-idUSKBN18L21P'|'2017-05-25T22:58:00.000+03:00'
'4cb89c7301a62fc0a1cbf70d675130cf54d6ef44'|'Chevron threatens to fire Bangladesh staff protesting asset sale - letter'|'Commodities   9:05am EDT Chevron threatens to fire Bangladesh staff protesting asset sale: letter FILE PHOTO: The logo of Chevron (CVX) is seen in Los Angeles, California, United States, April 12, 2016. REUTERS/Lucy Nicholson/File Photo By Serajul Quadir - DHAKA DHAKA U.S. oil company Chevron has threatened to fire staff protesting against the planned sale of its assets in Bangladesh to Chinese investors, according to a letter seen by Reuters, in a row that could delay the estimated $2 billion deal. Chevron in April announced the sale of its stakes in three Bangladesh gasfields to Himalaya Energy, which is owned by a consortium made up of state-owned China ZhenHua Oil and CNIC Corp, a Chinese government investment platform. The deal would mark China''s first major energy investment in the South Asian country, where Beijing is pumping in billions of dollars in a race with India and Japan for influence. Six hundred staff at Chevron''s subsidiary have halted work related to the transition because the deal has not been approved by the government, said Shahriar Abedin, secretary general of Chevron Bangladesh Employees Union (CBEU), who called the process illegal. Chevron said in the letter, dated May 23, that all employees must comply with requests to do work related to the transition to ensure a smooth and efficient move to new ownership. "A refusal by any employee to comply with such requests by their supervisor will be subject to disciplinary action, including up to a termination of employment," the letter said. Chevron sells all the output from its Bangladeshi fields, which amounts to 16 million tonnes a year of oil equivalent and is more than half the country''s total gas production, to state-run Petrobangla. The Bangladesh government has the right of first refusal in any sale of Chevron''s assets in the country. Mahbub Sarwar, a director at Petrobangla, said the U.S. company needed Petrobangla''s approval for a sale to proceed. He said the government''s decision about whether to use its pre-emption rights depended on a report from energy consultant Wood Mackenzie, which has been mandated to evaluate Chevron''s assets in Bangladesh. The Chevron workers union sent a notice on Tuesday to Kevin Lyon, President of Chevron Bangladesh, terming the company''s activities as non-compliant, said the CBEU''s Abedin. "We need security and guarantee of our job at least for three years after the handover to the new company. We also wanted guarantee of our achieved gratitude money and compensation," he said. Chevron Bangladesh said it had offered a generous compensation package for staff. "The package included guaranteed employment for two years and a goodwill bonus payment equivalent to nine months salary," Chevron said in an emailed response to Reuters. "Regretfully, employee representatives have refused to accept this benefits package and have instead elected to declare an industrial dispute with the company," it said. (Writing by Nidhi Verma; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-chevron-bangladesh-idUSKBN18J1U9'|'2017-05-23T20:57:00.000+03:00'
'b5b7c3d43c612567eefdba11cb682dbe2a4cc02c'|'TREASURIES-U.S. yields hover near session highs after 2-year auction'|'NEW YORK May 23 U.S. Treasury debt yields retreated slightly from their session highs on Tuesday after solid demand at a $26 billion auction of a new two-year note issue, the first part of the $88 billion in coupon-bearing government debt supply this week.At 1:16 p.m. Eastern time (1716 GMT), the benchmark 10-year yield was 2.273 percent, up nearly 2 basis points from late on Monday, while the two-year yield was 1.307 percent, which was almost 3 basis points higher on the day, Reuters data showed. (Reporting by Richard Leong; Editing by Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-auction-idINL1N1IP1HJ'|'2017-05-23T15:20:00.000+03:00'
'121375f1f59f4f7824992cf398aa8b778bbbc77a'|'PPG CEO says remains interested in "consensual" deal with Akzo'|'Business   8:56am BST PPG CEO says remains interested in "consensual" deal with Akzo FILE PHOTO: A view of Akzo Nobel''s headquarters in Amsterdam, February 6, 2014. REUTERS/Toussaint Kluiters/United Photos/File Photo AMSTERDAM PPG Industries remains interested in negotiating a "consensual" deal with Akzo Nobel, even as the Dutch rival paint maker resists its 26.3 billion euro (22.7 billion pounds) takeover offer, PPG''s top executive said on Tuesday. PPG Chief Executive Michael McGarry, who was in the Netherlands for a shareholder lawsuit against Akzo a day earlier, told journalists he had never before seen such hostility between a company and its shareholders. But he said he still wishes to pursue "a consensual, privately negotiated deal" with Akzo. (Reporting by Toby Sterling and Bart Meijer. Writing by Anthony Deutsch. Editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-akzo-nobel-m-a-ppg-inds-idUKKBN18J0WO'|'2017-05-23T15:56:00.000+03:00'
'de4a13b98d91a12b7b994b9b1895a12614c19368'|'Kashkari adds his voice to dovish caution on rate hikes at Fed'|'Business News - Tue May 23, 2017 - 12:59pm EDT Kashkari adds to dovish caution on rate hikes at Fed Minneapolis Fed President Neel Kashkari speaks during an interview at Reuters in New York February 17, 2016. REUTERS/Brendan McDermid MINNEAPOLIS Minneapolis Federal Reserve Bank President Neel Kashkari said Tuesday that while the U.S. economy is closer now than it was in March to full employment, he still does not know "if we are there yet," and that the recent decline in core inflation is "concerning." "We are closer, but we don<6F>t know how far the shore is," Kashkari told reporters at the bank''s headquarters. His comments on Tuesday follow Fed Governor Lael Brainard''s assessment Monday that there was still a "question" about whether, at 4.4 percent unemployment, there was still slack left in the U.S. labor market. The Fed releases minutes of its April meeting on Wednesday, and many investors anticipate it will add to expectations that the Fed is firmly on course to another rate hike in June. But remarks this week from Brainard, Kashkari and Dallas Fed President Robert Kaplan suggest that at least some are still feeling their way. Kaplan on Monday expressed confidence in the Fed''s plan to raise rates two more times this year, but said he planned to be "patient" when it comes to making sure inflation is on track toward the Fed''s goal. Kashkari is one of the central bank''s most dovish policymakers and in March was the lone dissenter against the Fed''s decision to raise rates. Asked if he would dissent once more next month, he said he has not decided. "Anything is on the table, depending on how the data comes out," he said, adding that he would have more confidence if core inflation were moving steadily toward the Fed''s 2-percent goal or even moved temporarily above that goal. "Right now inflation is going in the wrong direction, and so that is concerning to me," he said. Reiterating his view that the Fed should soon publish its plan for trimming its $4.5 trillion balance sheet, Kashkari said that he expects financial conditions to tighten when it does so, delivering "an alternative" to a rate hike. He declined to give details on the plan himself. Speaking a day after the contours of the Trump administration''s budget plan emerged, Kashkari said he doubts the U.S. economy can grow at 3 percent, one of the assumptions in the president''s proposal. Tax reform, he said, could conceivably boost productivity growth and thus the rate of economic expansion, but tax cuts are unlikely to do so. (Reporting by Ann Saphir; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-fed-kashkari-idUSKBN18J1YP'|'2017-05-23T21:50:00.000+03:00'
'fadd4b45ee92dd0dd6d9526b2fe1e2491602a247'|'ECB''s Coeure says no need to change negative rates guidance'|'Central Banks   5:57pm BST ECB''s Coeure says no need to change negative rates guidance Benoit Coeure, board member of the European Central Bank (ECB), is photographed during an interview with Reuters journalists at the ECB headquarters in Frankfurt, Germany, May 17, 2017. REUTERS/Kai Pfaffenbach PARIS Negative interest rates have been an effective monetary policy tool for the European Central Bank and there is no reason to change its guidance on their use, Executive Board member Benoit Coeure said on Tuesday. Hoping to revive inflation and growth after fighting off the threat of deflation, the ECB has set base interest rates below zero and is buying 60 billion euros worth of bonds each month - a policy approach it has said it will maintain at least until the end of this year. "When interest rates are negative some people complain, we think that it clearly contributed overall to the effectiveness of monetary policy," Coeure told a conference at the Paris School of Economics, reiterating comments made to Reuters last week. "Our current analysis of the secondary effects of negative rates suggest that there is no reason to change the indications we''ve given," he added. The ECB currently charges banks 0.4 percent on their excess cash, an extreme policy tool known as a negative Deposit Facility Rate. Negative interest rates are supposed to discourage banks from parking spare cash at the ECB in order to get them lending to the broader economy. However, some banks in Germany have suggested that it actually discourages lending. Coeure told Reuters in an interview last week that the future path for interest rates was "not set in stone". (Reporting by Leigh Thomas and Myriam Rivet; Editing by Geert De Clercq)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-coeure-idUKKBN18J2HZ'|'2017-05-24T00:57:00.000+03:00'
'5f6c7ee4901ff71991704557f8bc6606deaacd6a'|'Delivery Hero says revenues nearly doubled in first quarter'|'BERLIN May 23 * Online food takeaway firm Delivery Hero, one of Europe''s biggest start-ups, says Q1 revenues rose 93 pct to 121 mln euros, or up 68 pct on a like-for-like basis* Revenues in Europe up 44 pct, Middle East and North Africa by 92 percent, Asia by 222 percent, Americas by 131 pct* Order numbers up 62 pct to 63 million in Q1 2017, up 46 pct on a like for like basis* CEO says firm "in strong position to maintain growth momentum throughout the year and in the medium term, while continuing to improve our profitability as we reach further scale"* Delivery Hero is seen as the start-up closest to going public in the portfolio of German e-commerce investor Rocket Internet (Reporting by Emma Thomasson; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/delivery-hero-results-idINL8N1IP190'|'2017-05-23T04:39:00.000+03:00'
'454b706db0662dea2d1c70fc0ab430a9c7eada48'|'Adani royalty rate akin to ''rent free'' period in Galilee Basin, Matt Canavan says - Business'|'Matt Canavan has attempted to revive a plan to give a $320m royalty concession to the Adani Carmichael mine, arguing it would be akin to a <20>rent free<65> period when a tenant moved into a new commercial building.The resources and northern Australia minister said there was a <20>serious question mark<72> over the Adani Carmichael coalmine because the Queensland government has deferred a plan to give it a royalty concession.The Queensland government reportedly considered offering Adani a royalties pause worth up to $320m in which Adani would pay a discounted $2m a year rate on exported coal in the mine<6E>s early years but a decision was put off after criticism from the deputy premier, Jackie Trad .Adani rail line to Abbot Point not a priority, says Infrastructure Australia Read more Adani, which was due to decide on whether to build the $22bn Carmichael mine at a board meeting next week, indefinitely postponed the decision.Canavan likened a reduction in royalties <20> the price of extracting Australian resources <20> to lease incentives regularly received by commonwealth departments such as <20>rent-free periods when they go into a new building<6E>.<2E>Commercial operators provide that all the time, to the private and public sector,<2C> he told Radio National on Tuesday. <20>We<57>re going into a new coal basin here, it will be the first opened up in Australia for nearly 50 years. If you like, Adani are the first tenant to get into there.<2E>Canavan said the Queensland government<6E>s backflip on royalties meant there was <20>a serious question mark over it now that wasn<73>t there a week ago<67>. <20>It<49>s a remarkable and embarrassing situation for Queensland that they don<6F>t even have a tax regime in place,<2C> he said. <20>This project has been a consideration for nearly seven years now, the Palaszczuk government has been in power for more than two years.<2E>At the 11th hour, to not even be able to tell Adani what tax they<65>ll pay less than a week before they were going to take it to their board <20> it<69>s a shocking condemnation of chaos that exists within the Palaszczuk Queensland.<2E>Canavan said the $320m figure was derived from <20>leaks and innuendo<64>, rejected the characterisation of the concession as a <20>royalty holiday<61> and said he understood the plan was to ramp royalties up over the life of the project.Asked if the project was viable without the concession, Canavan said it was <20>a matter for Adani<6E> and that whether the concession could make the difference depended on its terms.He said if the mine earned about $100m in royalties a year, the $300m tax break would amount to three years of royalties for a mine that would stay open for 60 years.<2E>If the mine<6E>s not developed we<77>re not giving them anything, of course, because we won<6F>t have any royalties. <20>It<49>s the hypocrisy and inconsistency of those opposed to this mine: that somehow ... they want to say you<6F>re giving a concession by not taxing somebody.<2E>New coalmines will worsen poverty and escalate climate change, report finds Read more Canavan said if the mine didn<64>t go ahead Queensland would miss out on $6bn of royalties, describing that as <20>giving a $6bn concession away<61>.In addition to the royalty concession, Adani is seeking a $900m concessional loan from the Northern Australia Infrastructure Fund for a rail line from the Galilee Basin to the Abbot Point port.On Monday, Infrastructure Australia officials told Senate estimates that it had not identified the rail line as a priority and it has not consulted the Naif.Canavan has been one of the Adani mine<6E>s staunchest supporters in the Turnbull government, attacking Westpac for changing its environmental policy in a way that precludes lending to Adani and supporting its application for a $1bn government loan .Topics Adani Group Coalition Australian politics Business (Australia) news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/23/adani-royalty-rate-akin-to-rent-free-period-in-galilee-ba
'd65e7865f7bf3bbe5e3bbf884b25ee6fe801d344'|'Odebrecht O&G announces debt restructuring deal'|'BRASILIA Odebrecht <20>leo & G<>s SA, the offshore oil drilling firm owned by Brazil''s Odebrecht SA, reached an agreement with more than 60 percent of its creditors for a restructuring of about $5 billion in debt, it said in a statement on Tuesday.OOG, as the company is known, had told Reuters earlier this month that talks with creditors were in final stages. OOG is among Odebrecht SA subsidiaries struggling with a widespread slowdown in Latin America and restricted access to credit in the wake of a huge corruption scandal.(Reporting by Silvio Cascione)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-odebrecht-oil-restructuring-idUSKBN18J1KG'|'2017-05-23T15:30:00.000+03:00'
'efe0be7f2018d5a34de68ba843bf34108d988ec0'|'Bunge''s talks with Glencore focused on partnership: sources'|'Bunge Ltd''s ( BG.N ) talks with Glencore Plc ( GLEN.L ) have focused on a partnership between the two companies in North America, rather than a sale of Bunge to Glencore, according to people familiar with the matter who requested anonymity to discuss it.Earlier on Tuesday, Glencore said its agricultural unit had made an informal approach to Bunge about a "possible consensual business combination."(Reporting by Greg Roumeliotis in New York; Editing by Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bunge-glencore-partnership-idINKBN18J34E'|'2017-05-23T20:20:00.000+03:00'
'3348c1526d3b85de4da8f70ccc900c729410e7a1'|'Ryanair says connecting flights trial going very well'|'Business News - Wed May 24, 2017 - 5:16pm BST Ryanair says connecting flights trial going very well FILE PHOTO: A Ryanair aircraft lands at Ciampino Airport in Rome, Italy December 24, 2016. REUTERS/Tony Gentile/File Photo DUBLIN Ryanair''s experiment with selling journeys involving connecting flights is going very well and may be extended to London''s Stansted and Dublin airport within the next 12 months, Chief Executive Michael O''Leary said on Wednesday. Ryanair become Europe''s largest airline by passenger numbers by running a bare-bones operation, which included shunning trips involving a transfer to a connecting flight to avoid the risk of having to compensate passengers for missed connections. But O''Leary dropped his opposition in 2015 as part of the airline''s efforts to expand beyond its traditional customer base to fill a rapidly growing fleet of planes. "The connecting flights trialled in Rome Fiumicino, which has been up and running for a month, is going very well," O''Leary told a news conference in Dublin. "We are seeing a big uptake on Italian domestic routes into Rome." The trial means, for example, that a passenger in Italy wanting to fly to London from a city with no direct Ryanair route can now buy one ticket and change in Rome, rather than flying via Rome but paying for two separate Ryanair tickets. Airports also typically charge lower fees for connecting passengers, which allows the airline to charge less for a flight from within Italy connecting to another Ryanair flight in Rome than selling the two legs separately. For example, at Rome Fiumicino, airlines are charged 17.77 euros (<28>15.35) per passengers starting domestic or EU flights there but only pay 6.22 euros for transfer passengers. "We think as we iron out the wrinkles in this over the next couple of months it would be logical that we would begin then to offer connections maybe at Dublin airport, certainly at Stansted airport in the next 12 months," O''Leary said. The airline is working with a minimum transfer time of two and a half hours in the trial and there have been no issues with delays, Chief Operating Officer David O''Brien said. Any passengers on flights delayed by more than three hours would already qualify for compensation under European rules. Once its internal transfers are working smoothly, Ryanair plans to start offering feeder flights for long-haul routes with other airlines. O''Leary said Ryanair was in talks with Norwegian Air Shuttle ( NWC.OL ), Aer Lingus ( ICAG.L ) and Portugal''s TAP about feeding their long-haul flights and said the main factor delaying a launch was coordinating IT infrastructure. O''Brien said Ryanair would offer access to its inventory of tickets to the partner airline and that Ryanair itself would not take any responsibility for missed connections. He declined to comment on whether Ryanair might offer airlines a discount on the prices charged on Ryanair.com. (Reporting by Conor Humphries; editing by David Clarke) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ryanair-transfers-idUKKBN18K282'|'2017-05-24T23:51:00.000+03:00'
'83730ff5b77d2d51e19388659a03e7618837137a'|'PRESS DIGEST - Wall Street Journal - May 23'|'May 23 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- China Life Insurance Group is buying a 95 percent stake in 48 commercial properties scattered throughout the U.S. in a deal that values the portfolio at $950 million and highlights the growing appetite among foreign investors for real estate in markets they mostly have ignored until now. on.wsj.com/2qJPbXx- U.S. President Donald Trump on Tuesday will propose a plan he says will balance the federal budget in a decade on the strength of substantially faster economic growth and cuts to taxes and government safety-net programs. on.wsj.com/2qbN4cl- JD.com Inc, China''s second-largest e-commerce firm, said on Monday it is developing heavy-duty drones capable of delivering payloads weighing one ton or more, which it plans to deploy in Shaanxi. on.wsj.com/2qOeoOS- Hong Kong''s flagship carrier Cathay Pacific Airways Ltd said it would lay off about 600 people as it grapples with tough competition and bad bets on oil prices, despite robust travel demand in the region. on.wsj.com/2rNxJ1X- The retirement-savings regulation known as the fiduciary rule will take effect June 9 without further delay, U.S. Labor Secretary Alexander Acosta said on Monday. on.wsj.com/2q4Y4fw- Former managers of Sunrun Inc say they were told by their superiors to hold off on internally reporting hundreds of customers who canceled their contracts during a roughly five-month period in the middle of 2015. on.wsj.com/2qGGNrJ (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1IP245'|'2017-05-23T03:19:00.000+03:00'
'4317b40c50bc540e4431827b9ae861c4f0082c3f'|'German FinMin says most post-Brexit euro clearing should have EU oversight'|'Business  58pm BST German FinMin says most post-Brexit euro clearing should have EU oversight FILE PHOTO: German Finance Minister Wolfgang Schaeuble presents draft budget for 2018 and mid-term plans for state spending until 2021 during a news conference in Berlin, Germany, March 15, 2017. REUTERS/Fabrizio Bensch/File Photo BRUSSELS German Finance Minister Wolfgang Schaeuble said on Tuesday most, but not all, euro clearing should be subject to European oversight after Britain leaves the bloc. Discord between the euro zone''s three largest countries is stalling the European Central Bank''s efforts to find a way to force euro clearing out of London and put it under its watch, sources have told Reuters. (Reporting by Tom Koerkemeier; Writing by Madeline Chambers; Editing by Michael Nienaber)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurzone-clearing-idUKKBN18J1OS'|'2017-05-23T19:58:00.000+03:00'
'22a71607638710185720cb41d28e36d33fef9c32'|'US STOCKS-Wall St trims gains as weak data weighs ahead of Trump budget'|'US Market Report   11:17am EDT US STOCKS-Wall St trims gains as weak data weighs ahead of Trump budget * Autozone''s weak report weighs on auto part retailers * Take-Two hits record high on better-than-feared forecast * April new single-family home sales fall from 9-1/2-yr high * May manufacturing activity drops to lowest since September * Dow up 0.19 pct, S&P up 0.14 pct, Nasdaq off 0.03 pct (Adds details, changes comment, updates prices) By Tanya Agrawal May 23 U.S. stocks trimmed their gains on Tuesday morning, weighed down by weak economic data, while investors await more details from President Donald Trump''s first full budget plan aimed at slashing government spending. Trump is set to propose a raft of politically sensitive cuts, including to healthcare and food assistance programs for the poor, with the aim of chopping government spending by $3.6 trillion and balancing the budget over the next decade. "Investors are interested simply because it does give an indication where Trump is going to try to influence the agenda and there is some concern over whether he has reduced negotiating power because of his own political difficulties at the moment," said Lisa Kopp, head of traditional investments at U.S. Bank Wealth Management in Minneapolis. Congress holds the federal purse strings and often ignores presidential budgets, which are proposals and may not take effect in their current form. Economic data showed new single-family home sales in April tumbled from near a 9-1/2-year high, while manufacturing activity for May fell to its lowest level since September. While the job market continues to strengthen, other pieces of data have shown a dip in consumer sentiment and spending, which makes up about two-thirds of U.S. economic activity. "We''re likely to be in a sideways period in the market for the next few weeks as there are quite a bit of pieces of news the market is digesting including geopolitical developments in Washington and globally," said Kopp. At 10:56 a.m. ET (1456 GMT) the Dow Jones Industrial Average was up 39.21 points, or 0.19 percent, at 20,934.04, the S&P 500 was up 3.5 points, or 0.14 percent, at 2,397.52 and the Nasdaq Composite was down 1.80 points, or 0.03 percent, at 6,131.82. The market also seemed to have shrugged off news of a suicide attack in Britain. U.S. futures had slipped slightly on Monday evening, before recovering, on news of the attack that killed 22 people and wounded many more at a pop concert in the English city of Manchester. Eight of the 11 major S&P 500 sectors were higher, with the defensive sectors such as utilities and consumer staples leading the gainers. Consumer discretionary was the biggest laggard with a 0.32 percent drop, as auto part retailers weighed. Autozone fell 8.5 percent to $603.71 after the auto part retailer''s quarterly results came in below expectations. Advance Auto Parts, O''Reilly Automotive and Genuine Parts were down between 2.6 percent and 3.9 percent. Shares of Take-Two reversed course from premarket to rise as much as 11 percent to a record high of $76.70 as the videogame maker''s full-year forecast was not as bad as feared. Advancing issues outnumbered decliners on the NYSE by 1,607 to 1,124. On the Nasdaq, 1,412 issues fell and 1,213 advanced. The S&P 500 index showed 40 new 52-week highs and seven new lows, while the Nasdaq recorded 60 new highs and 39 new lows. (Reporting by Tanya Agrawal; Additional reporting by Gayathree Ganesan; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1IP4JH'|'2017-05-23T23:17:00.000+03:00'
'851dc6826917e03da64e68350b91adad0d4c94a5'|'Silicon Valley''s Tanium allows $100 million secondary stock sale, sees later IPO'|'By Joseph Menn - SAN FRANCISCO SAN FRANCISCO Highly valued security firm Tanium Inc is allowing its co-founder, employees and some early investors to sell $100 million of stock to private equity and venture funds in a secondary sale that eases internal pressure for a public offering.The deal values Emeryville-based Tanium at $3.75 billion after the transaction, Chief Executive Orion Hindawi told Reuters.Half of the proceeds will go to his father, David Hindawi, co-founder and executive chairman of Tanium, who wants it to fund charitable efforts, Hindawi said.The largest buyer is private equity firm TPG, with late-stage venture firm IVP and others taking smaller amounts of the common stock. Venture firm Andreessen Horowitz, which has put more than $100 million into Tanium in multiple rounds, is not buying or selling.Hindawi said Tanium itself did not need the money, having $300 million in cash and positive cash flow, but wanted to allow longtime investors and employees to benefit from the company''s success without an IPO."I don''t want to feel compelled" to go public, he said.Though Hindawi had been talking about a public offering this year only a few months ago, he said he reconsidered after other companies went public and were whipsawed by the markets.He said that Tanium sales are doubling annually and that greater scale would make for steadier projections, removing volatility in the event of a later public stock offering.Tanium''s customers include major financial institutions, the Department of Defense and other large operations that install the company''s software on all of their computers to track what programs are running on them, with which security vulnerabilities, and rapidly install patches to those programs when they become available.A number of senior executives have left in the past year, and media reports highlighted complaints about Hindawi''s management style and allegations by a handful of employees that they were fired just before their options vested. Hindawi said a board investigation found no systematic terminations, and he said the company had lost no customers or employees from the poor press.Though the liquidity from the secondary sale addresses one big concern of longterm workers, Hindawi said the funding round began more than a month before the recent articles and continued afterward without any change in the participants or terms.(This version of the story corrects investor name to TPG from Texas Pacific Group in fourth paragraph)(Reporting by Joseph Menn; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tanium-funding-idINKBN18L158'|'2017-05-25T08:05:00.000+03:00'
'0f6e6ac120ad196c9385d25b5c4c7a57a20304c2'|'Direct bidders buy most U.S. 7-year notes since 2014'|'NEW YORK May 25 Small bond dealers and other direct bidders on Thursday purchased the most U.S. seven-year government notes at an auction since the summer of 2014, Treasury data showed.Direct bidders bought 17.17 percent of the $28 billion in seven-year notes issue offered by the U.S. Treasury Department, which was their largest share since the 20.43 percent at the seven-year auction held in August 2014. This group purchased 9.53 percent of the seven-year note sale in April. (Reporting by Richard Leong; Editing by Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-7year-idINL1N1IR19P'|'2017-05-25T15:17:00.000+03:00'
'b376bcc54096fd4145a2f01990700c4a08bd06a8'|'Ballooning Chinese dollar borrowing a dilemma for index trackers'|' 26pm BST Ballooning Chinese dollar borrowing a dilemma for index trackers A Chinese 100 yuan banknote is placed under a $100 banknote (top) in this photo illustration taken in Beijing in this November 7, 2010 file photo. REUTERS/Petar Kujundzic/Files By Sujata Rao and Saikat Chatterjee - LONDON/HONG KONG LONDON/HONG KONG Record-breaking dollar bond sales from Chinese companies are steadily increasing China''s weight in global indexes, raising concerns about overexposure among investors who track them. Corporates'' rapid move onto offshore bond markets, partly a response to the crackdown on runaway credit growth at home, highlights China''s multi-faceted indebtedness, a growing worry for investors. Overall debt is approaching 300 percent of annual economic output (GDP) and Moody''s said it was the reason for cutting China''s credit rating for the first time in 30 years. Stripping out maturing debt and coupon payments, year-to-date bond sales from companies in emerging markets total $65 billion (<28>50.19 billion) including $54 billion from China, JPMorgan estimates. In gross issuance terms, almost half this year''s emerging market corporate bond sales are from Chinese firms, the bank said. Company debt issuance in other emerging markets has been subdued by commodity and growth slumps. Some indexes cap the weight they give to each country but most are committed to broadly representing the market. This means that the indexes have to increase the weighting they give to China and investors whose portfolios track or benchmark an index must adjust accordingly. "It poses a challenge for global portfolios. You don''t want to have too much of a good thing," said Greg Saichin, head of emerging debt at AllianzGlobal Investments. China today comprises over 20 percent of the Markit iBOXX emerging market corporate index versus 0.5 percent in 2007. In JPMorgan''s CEMBI Broad index too, China is 21 percent, up from less than 4 percent in 2010, while in the iBoxx corporate dollar bond index which also includes developed countries, China has crept to 8 percent, from less than one percent five years ago. Chinese firms should this year easily surpass the $108 billion debt raised in 2016 and $116 billion in 2014. In 2010, just $14 billion was issued. "It''s just a juggernaut of issuance," said Guy Stear, co-head of fixed income research at Societe Generale in Paris. "It''s so large that it''s a game changer in terms of EM corporates... it''s not just commodity companies, its cement, materials, internet companies, there''s a broad range." The Chinese deals are mostly welcomed by money managers who need to invest the money pouring into their funds. Also, Chinese state-run firms still carry investment grade ratings, unlike issuers from many big emerging economies such as Russia, Turkey, and Brazil. "Relative to rating Chinese debt pays relatively decent yield...against that people are conscious that if you are running an EM credit fund you have very very high exposure to one part of the world," Stear said. ALLOCATION CONUNDRUM One popular solution for the allocation dilemma is "unconstrained" debt funds that are less committed to representing the market. Morningstar data showed 10 such funds focused on Asian fixed income were launched already this year by asset managers. More than 40 launched in 2016. "We are already seeing clients and investors wanting a diversified approach rather than just seeking exposure to a broad emerging market bond index," said Bryan Collins, a portfolio manager at Fidelity International in Hong Kong. Such funds can opt for less China exposure. Or they can delve down the credit curve and away from state-run firms whose close correlation with sovereign yields offers less prospect of outperformance, Collins said. Other commonly used indexes cap China''s weight - JPMorgan''s CEMBI Broad Diversified limits the weight each country can have, while Citigroup and Bloomberg have recently launched index variations capping
'256568de56f2650e3c01bb6e49b7d5c9d5fcbf26'|'Bunge touches 22-month high as consolidation talk swirls'|'Commodities -  31pm EDT Bunge touches 22-month high as consolidation talk swirls CHICAGO Shares of Bunge Ltd ( BG.N ) touched a 22-month high on Wednesday, signaling investors'' hopes for consolidation in the commodities sector even after the U.S. agribusiness said it was not in M&A talks with the agricultural unit of Glencore Plc ( GLEN.L ). Bunge shares were trading slightly higher at midmorning at $81.97 after earlier touching a peak of $82.66, the highest since July 2015. Glencore shares slipped 0.1 percent to 291.75 pence. News that Glencore Agriculture Ltd, a joint venture owned by Glencore and two Canadian pension funds, had informally approached Bunge about a "possible consensual business combination" sparked Bunge''s sharpest rally in more than eight years on Tuesday. Merger expectations have been swirling around large grain traders for months following a string of poor earnings results and Bunge''s Chief Executive Officer Soren Schroder said earlier this month that the White Plains, New York-based company was prepared to take the lead in any dealmaking. Low commodity prices and a global glut of grain have squeezed core commodity trading operations, including those of Bunge and rivals Archer Daniels Midland Co ( ADM.N ), Cargill Inc [CARG.UL] and Louis Dreyfus Co [AKIRAU.UL]. Glencore CEO Ivan Glasenberg said on Wednesday the company is looking to expand its agriculture business but has no plans to move into any commodities it does not already trade. Glencore Agri is one of the world''s largest suppliers of sugar, wheat and pulses such as peas and lentils. The company also trades cotton, corn, barley, sorghum, soybeans, canola and other oilseeds, edible oils and meals. Bunge''s growth strategy involves expanding into higher-margin products including natural food ingredients and specialty edible oils, bolstering its core grain milling and oilseeds processing supply chain. (Reporting by Karl Plume; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bunge-stocks-idUSKBN18K2BP'|'2017-05-25T00:19:00.000+03:00'
'63c67e801eb77e5053646dcde632b4ef8928bf5a'|'New Ford CEO eligible for $13.4 million in annual compensation'|'Wed May 24, 2017 - 8:59pm BST New Ford CEO eligible for $13.4 million in annual compensation Newly named Ford Motor Company president and CEO James Hackett answers questions during a news conference at Ford Motor World Headquarters in Dearborn, Michigan, U.S., May 22, 2017. REUTERS/Rebecca Cook By David Shepardson Ford Motor Co ( F.N ) said on Wednesday that new Chief Executive James Hackett is eligible for at least $13.4 million in total annual compensation. Hackett, 62, a former chief executive of furniture manufacturer Steelcase Inc ( SCS.N ), was named Monday to replace CEO Mark Fields. Hackett will earn a $1.8 million annual salary, up from $716,000 at his previous job as chairman of the Ford unit developing self-driving cars and related projects. He will receive $7 million in stock-based compensation and pocket a $1 million bonus for becoming CEO. He is also eligible for an annual bonus of up to $3.6 million, plus compensation from his service at Ford''s mobility unit. Fields will retire from the company effective Aug. 1. He resigned from the Ford board immediately. He will be eligible for pro-rated incentive compensation through Aug. 1. Fields will also be eligible for a company retirement program, a voluntary separation program offered to some management employees. The automaker did not immediately disclose if Fields is subject to a non-compete agreement. In March, Ford said Fields received total compensation of $22.1 million for 2016, up nearly 19 percent from $18.6 million. Joe Hinrichs, head of the Americas since December 2012, who was named on Monday to manage global product development, manufacturing and labor affairs, purchasing, and environmental and safety engineering, received a $5 million restricted stock-based grant. He received total compensation of $6.7 million in 2016. Some of the compensation for Hackett will vest over three years. Hackett was elected to Ford''s board effective Friday. Ford replaced Fields amid investors'' growing unease about the U.S. automaker''s slumping stock price and its ability to counter threats from longtime rivals and Silicon Valley. Ford shares were down nearly 1 percent Wednesday to $10.95. Ford Chairman Bill Ford Jr., whose family effectively controls the U.S. No. 2 automaker, said Monday he wanted Hackett to speed up decision-making and cut costs, but did not offer specifics on how the new CEO should change operations. Hackett said after discussing some management changes announced Monday that "there''s more to come later in the week that will round out my team." Ford, which announced plans to cut 1,400 white-collar positions last week, is expected to look at further significant cost cuts in the next three to six months, according to company officials, speaking on condition of anonymity as the plans have not been finalized. (Reporting by David Shepardson in Washington and Ankit Ajmera in Bengaluru; Editing by Steve Orlofsky and Chris Reese)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ford-motor-ceo-compensation-idUKKBN18K2OG'|'2017-05-25T03:55:00.000+03:00'
'6ea7082235660e921443413bdfbe4ee6892becf4'|'EMERGING MARKETS-Brazil stocks up on reform hopes, but political woes linger'|'Bonds News - Wed May 24, 2017 - 5:18pm EDT EMERGING MARKETS-Brazil stocks up on reform hopes, but political woes linger (Updates prices) By Bruno Federowski SAO PAULO, May 24 Brazilian stocks rose for a second day on Wednesday, supported by efforts by President Michel Temer''s government to maintain an ambitious reform agenda amid growing political unrest. Temer''s plans to streamline Brazil''s pension system cleared another hurdle in Congress on Tuesday. House speaker Rodrigo Maia said a vote in the full lower house could take place between June 5 and June 12, clearing the way for a final Senate vote. The benchmark Bovespa stock index rose nearly 1.0 percent, led by stocks which had suffered deeply since tapes showing Temer allegedly condoning bribes to silence a witness in a corruption case went public last week. Shares of logistics operator Rumo Operadora Multimodal SA rose for a second day, rebounding from a 23.5 percent three-day drop. The interest rate sensitive stock was bolstered by a decline in yields of interest rate futures as traders pared back bets that the central bank would be forced to cut rates at a slower pace than expected. Still, concerns over the political environment lingered. Traders said volatility is likely to remain elevated in the medium term as the crisis drags on. Other Latin American currencies see-sawed on thin trading volumes ahead of the release of the minutes of the Federal Reserve''s last policy meeting later on Wednesday. The Mexican peso strengthened to its best level since the election of U.S. President Donald Trump in November, up 0.93 percent, while the Colombian peso was nearly flat. Traders have been eagerly seeking hints over the pace of U.S. rate hikes in coming months after a batch of mixed economic data cast doubt on expectations of a fast tightening. Higher U.S. rates could dampen demand for high-yielding emerging market assets. Key Latin American stock indexes and currencies at 2100 GMT: Latin American market prices from Reuters Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 1005.03 0.06 16.56 MSCI LatAm 2558.31 0.84 9.3 Brazil Bovespa 63257.36 0.95 5.03 Mexico IPC 49494.40 0.92 8.44 Chile IPSA 4871.34 0.77 17.34 Chile IGPA 24440.82 0.7 17.88 Argentina MerVal 21684.59 0.76 28.18 Colombia IGBC 10757.92 0.01 6.22 Venezuela IBC 72689.66 0.06 129.27 Currencies daily % YTD % change change Latest Brazil real 3.2754 0.08 -0.80 Mexico peso 18.4460 0.93 12.45 Chile peso 670.9 0.60 -0.03 Colombia peso 2902.98 0.00 3.39 Peru sol 3.267 0.43 4.50 Argentina peso (interbank) 16.0800 0.12 -1.27 Argentina peso (parallel) 16.24 0.25 3.57 (Reporting by Bruno Federowski; Editing by James Dalgleish) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1IQ25S'|'2017-05-25T05:18:00.000+03:00'
'7692f47173a467aeffe009546a15821acdd98864'|'China''s Lenovo Q4 profit falls 41 percent, beats estimates'|'By Sijia Jiang - HONG KONG HONG KONG China''s Lenovo Group Ltd, the world''s largest personal computer (PC) maker, reported a return to profit on Thursday but said rising component prices could pressure its bottom line this year as supply shortages extend to batteries.Profit reached $535 million in the year to March on revenue that fell 4 percent, just missing analyst estimates. The news sent Lenovo shares up as much as 6 percent in Hong Kong trade.The result comes as Lenovo navigates a PC market that has shrunk markedly since the advent of tablet computers. According to researcher Gartner, global PC shipments fell for the 10th consecutive quarter in January-March, dipping below 63 million units for the first time since 2007.Lenovo''s annual shipments fell 1 percent versus a market decline of 3 percent, with its share rising 0.4 percentage point to a record 21.4 percent. Revenue in its PC and smart devices unit - which makes up 70 percent of the total - fell 2 percent.The company blamed the declines on transition in its smartphone and data centre businesses, as well as on a difficult macro environment and component supply constraints.Memory shortage is likely to continue this year, particularly solid-state drives (SSD), pushing up parts costs, said Corporate President and Chief Executive Officer Gianfranco Lanci at an earnings briefing."We are starting to see shortage in batteries," Lanci added. "That is mainly because of cars consuming many more batteries than before."Lanci said it could take a year for battery suppliers to catch up with demand and for prices to normalise, having risen by a single digit percent so far this year.MOBILE LOSSLenovo''s mobile business, which accounts for 18 percent of revenue, booked a loss which widened somewhat to $566 million, though the firm said it was enjoying strong growth in Latin America and Western Europe.In an interview, Chairman and Chief Executive Officer Yang Yuanqing said reorganising its China business, announced last week, would not affect mobile, which will be a third line of business outside of PCs and smart devices, and data centres."We need to improve our China consumer strategy ... sharpen our brand, and transform our retail system," Yang told Reuters.Lenovo''s data centre business, which includes servers and enterprise services, booked a loss of $343 million.For the three months through March, profit fell 41 percent to $107 million on revenue that rose 5 percent.(Reporting by Sijia Jiang; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/lenovo-group-results-idINKBN18L0EB'|'2017-05-25T02:45:00.000+03:00'
'acf1a0695091e5b6efeb4e240a4b331252000c26'|'GE''s Saudi joint venture to start gas turbine production this year'|'By Alexander Cornwell - DUBAI DUBAI May 25 General Electric''s joint venture to manufacture gas turbines in Saudi Arabia will start production by the end of the year, the chief executive of its state-backed Saudi partner said on Thursday.GE and Saudi industrial development company Dussur signed an agreement on Wednesday to set up the one billion riyal ($267 million) joint venture in the eastern city of Dammam.Dussur CEO Rasheed al-Shubaili said manufacturing of GE''s H-Class turbines in Saudi Arabia would start before the end of the year with the first turbine to be completed in 2018.The Saudi made gas turbines would be sold in the country and to international customers, he said in an interview in Dubai.Dussur, formerly Saudi Arabian Industrial Investments Company (SAIIC), was established in 2016 by state firms Saudi Aramco, Public Investment Fund, Saudi Basic Industries Corporation (SABIC).It aims to develop industrial sectors in Saudi Arabia as part of the government''s plan to create jobs and diversify the oil-dependent economy.The joint venture followed a memorandum of understanding signed last year by GE and Dussur that is expected to draw nearly 3.75 billion riyals of investment by the two companies in 2017.Al-Shubaili declined to say when the joint venture, which is 55 percent owned by Dussur and 45 percent owned by GE, aimed to make a profit."We''re a long-term patient investor. Our investments are going to profitable," al-Shubaili said.GE and Dussur signed the joint venture agreement days after GE announced $15 billion of deals with Saudi Arabia during United State President Donald Trump''s visit to the Kingdom last weekend. ($1 = 3.7503 riyals) (Reporting by Alexander Cornwell. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/saudi-industry-ge-idINL8N1IR15O'|'2017-05-25T05:52:00.000+03:00'
'70741efc56f58590a9c4a4815d8354d510a11c18'|'Miner thinks small to resurrect big Canadian iron ore mine'|'By Susan Taylor - TORONTO TORONTO Champion Iron Ltd is thinking small with its plans to bring Quebec''s giant Bloom Lake iron ore mine back to life.Chief Executive Michael O''Keeffe intends to slash costs while cutting millions of tonnes from a planned production expansion. The strategy runs counter to the traditional economy of scale formula, which bumps up production for proportional cost savings.It may prove a prescient approach as iron ore prices pull back from 30-month highs in February. The recovery sparked signs of life for a handful of hibernating miners in Canada''s metal-rich Labrador Trough, straddling the provinces of Quebec and Newfoundland and Labrador, including Champion, Alderon Iron Ore and Tata Steel Minerals Canada.Champion is taking a different tack with Bloom Lake than its previous owner and North America''s biggest iron ore producer, Cliffs Natural Resources, beginning with the price tag.Cliffs paid $4.9 billion for the mine in 2011, near the top of the market. Later it launched a $1.2 billion expansion to make the mine viable by doubling output to 16 million tonnes in a bid to help bring costs down.But as prices slumped, Cliffs suspended the money-losing operation. It sold the mine to Champion for C$10.5 million in 2015, a year when spot prices bottomed at $37 a tonne, from $190 in 2011.O''Keeffe, a former Glencore executive, believes other miners looking to buy Bloom Lake made calculations using Cliff''s high-volume blueprint and were spooked by the costs.Walking "every inch" of the property, O''Keeffe told Reuters that he and Champion''s chief operating officer David Cataford looked for ways to reconfigure operations that would squeeze costs to $50 per tonne of delivered concentrate from over $91.Rather than trucking ore in 240-ton trucks for processing, for example, the mine will use a 3.8 kilometer (2.36 mile) conveyer belt to move the steelmaking ingredient, Cataford said.And instead of trucking some 12 million tonnes of tailings waste to on-site storage each year, that material will move through pumps, said Cataford. A new recovery process and more efficient equipment, used to sift through iron particles, will goose recovery rates to 80 percent from 68 percent, explained O''Keeffe, and cut production costs by some $12 a tonne."We had a view which was quite contrary to everyone else," said O''Keeffe: scrapping the growth project underway and matching costs with the "big guys.""What was in everyone''s head was the only way to do this is expand. But your mining costs would have been more, and you''d have to spend a massive amount of capital," added O''Keeffe, who may be best known for building Riversdale Mining from a A$7 million ($5.23 million) coal explorer in Mozambique into a producer that Rio Tinto paid nearly A$4 billion to buy.Champion''s board has yet to vote on a C$326.8 million mine restart plan, but the company said in a feasibility study it intends to be operating by the first quarter of 2018.The miner forecasts revenue of C$15 billion over a 21-year mine life, producing 7.4 million tonnes of concentrate annually. A lower stripping ratio - the amount of dirt removed to expose mineable ore - helps squeeze costs to $44.62 per tonne, while the high-grade concentrate price is seen at $78.40.At 66.2 percent iron content, the ore earns a premium above the industry standard 62 percent.Market jitters over rising low-cost global production, coupled with an oversupply of Chinese steel, have pushed spot prices down to $63.19 a tonne, from $94.86 in February.Clarksons Platou analysts said the consensus price among Asian steel industry companies they recently polled was $60 per tonne, though several expect a decline to mid-$50 before a longer-term climb above $60. Signs of cooling Chinese demand is another factor at play, with BMI Research recently cutting its forecasts to $50 from $55 a tonne in 2018.Even at prices in the mid-$50s, Champion is comfortable that it can repay debt and "keep our
'66059f62e0ae52d6ade01552f0eb7a2016f31adc'|'India''s electric vehicles push likely to benefit Chinese car makers'|'Technology  36am BST India''s electric vehicles push likely to benefit Chinese car makers left right FILE PHOTO: A BYD E6 electric car, used as a taxi in Shenzhen, is seen in a car park in the southern Chinese city of Shenzhen May 24, 2010. REUTERS/Tyrone Siu/File Photo 1/2 left right FILE PHOTO: A Chery EQ electric car is displayed at a electric car dealership in Shanghai, China, January 11, 2017. REUTERS/Aly Song/File Photo 2/2 By Aditi Shah - NEW DELHI NEW DELHI India''s ambitious plan to push electric vehicles at the expense of other technologies could benefit Chinese car makers seeking to enter the market, but is worrying established automakers in the country who have so far focused on making hybrid models. India''s most influential government think-tank unveiled a policy blueprint this month aimed at electrifying all vehicles in the country by 2032, in a move that is catching the attention of car makers that are already investing in electric technology in China such as BYD and SAIC. The May 12 report by Niti Aayog, the planning body headed by Prime Minister Narendra Modi, recommends lower taxes and loan interest rates on electric vehicles while capping sales of petrol and diesel cars, seen as a radical shift in policy. India also plans to impose higher taxes on hybrid vehicles compared with electric, under a new unified tax regime set to come into effect from July 1, upsetting car makers like Maruti Suzuki and Toyota Motor. The prospect of India aggressively promoting electric vehicles was a "big opportunity", a source close to SAIC, China''s biggest automaker, told Reuters. "For a newcomer, this is a good chance to establish a modern, innovative brand image," the source said, although they added the company would need more clarity on policy before deciding whether to launch electric vehicles in India. Earlier this year SAIC set up a local unit called MG Motor which is finalising plans to buy a car manufacturing plant in western India. A spokesman at SAIC did not comment specifically on the company''s India plans. Warren Buffett-backed BYD already builds electric buses in the country, while rival Chongqing Changan has said it may enter India by 2020. BYD said in a statement the company would have "a lot more confidence" to engage in the Indian market if the government supported the proposed policy. The company said it would look at increasing its investment in India but did not give details on how it would expand its business and market share. HIGH COSTS While the Niti Aayog report has not yet been formally adopted, government sources have said it was likely to form the basis of a new green cars policy. If so, India would be following similar moves by China, which has been aggressively pushing clean vehicle technologies. But emulating China''s success could be tough. Electric vehicles are expensive due to high battery costs, and car makers say a lack of charging stations in India could make the whole proposition unviable. The proposed policy focuses on electric vehicles, and is likely to also include plug-in hybrids. But it overlooks conventional hybrid models already sold in India, such as Toyota''s Camry sedan, Honda Motor''s Accord sedan and so-called mild hybrids built by Maruti Suzuki. Hybrids combine fossil fuel and electric power, with mild hybrids making less use of the latter. In doubling down on electric power India would be shifting away from its previous policy, announced in 2015, that supported hybrid and electric technology. That could delay investments in India, expected to be the world''s third-largest passenger car market within the next decade, according to industry executives and analysts. "All these policy changes will affect future products and investments," said Puneet Gupta, South Asia manager at consultant IHS Markit, adding that most car makers would need to rethink product launches, especially of hybrids. ECONOMIC GAP Mahindra & Mahindra is the only electric car maker in Indi
'e2e19fbe6a7c4799cecf639ca2842887eb03856c'|'ECB''s Draghi sees no need to deviate from policy path'|'Business   2:09pm BST ECB''s Draghi sees no need to deviate from policy path FILE PHOTO: European Central Bank (ECB) President Mario Draghi attends a ceremony in Lausanne, Switzerland May 4, 2017. REUTERS/Denis Balibouse/File Photo FRANKFURT The side-effects of the European Central Bank''s unconventional policy tools have remained "contained", so there is no reason to deviate from the policy path already laid down by the ECB, President Mario Draghi said on Wednesday. "When we introduced unconventional policy instruments in order to secure a return of inflation towards our objective, we were aware that those new instruments could result in somewhat more pronounced side-effects than conventional instruments," Draghi said. "These side-effects have remained contained." "Our current assessment of the side-effects suggest therefore that there is no reason to deviate from the indications we have been consistently providing in the introductory statement to our press conferences," Draghi told a conference in Madrid. (Reporting by Balazs Koranyi and Andreas Framke; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ecb-policy-draghi-idUKKBN18K1PD'|'2017-05-24T21:02:00.000+03:00'
'eddd294154803f7ec03ff76c8755d761a113f373'|'Alfa Financial Software set for largest London IPO so far in 2017'|'Business   4:25pm BST Alfa Financial Software''s shares rise sharply in London debut By Clara Denina and Dasha Afanasieva - LONDON LONDON Shares in Alfa Financial ALFAAL.L, which provides software for the asset finance industry, rose sharply on their London Stock Exchange debut on Friday, making the listing London''s biggest this year by market capitalisation. The shares opened trading at around 418 pence a share, up from the listing price of 325 pence, and had hit a high of 430 by 1352 GMT, valuing the company at nearly 1.3 billion pounds. A source familiar with the matter had previously said the company, which counts Bank of America ( BAC.N ) and Daimler''s ( DAIGn.DE ) Mercedes-Benz as customers and fund managers Old Mutual ( OML.L ) and Henderson Group ( HGGH.L ) as investors, was aiming for a valuation of at least 800 million pounds. London-based Alfa, which made adjusted earnings before interest and tax of 32.8 million pounds in 2016, has said it hopes the listing will raise its profile and help it win market share by attracting new customers looking to replace legacy or in-house systems that have failed to keep up with evolving regulations. Uncertainty around Britain''s future outside the EU single market has dampened investor confidence in the London IPO market this year, with IPOs by companies based in Britain totalling $1.53 billion (<28>1.19 billion) in the first quarter, a drop of 28 percent on the same period last year, according to Thomson Reuters data. A source close to the Alfa flotation conceded the first half would be "light" on London IPOs and Alfa had bucked the trend. "The sector has huge barriers to entry at a time when companies are switching from legacy systems to modern technology," he said, adding that Alfa has the extra advantage of a bespoke system for leasing. With the listing Alfa shareholder CHP Software and Consulting Limited, which is majority owned by Executive Chairman Andrew Page, will receive gross proceeds of around 254 million pounds excluding fees and expenses, and assuming no exercise of the over-allotment option, which allows underwriters to sell more shares than originally planned. Barclays and Numis were joint bookrunners on the IPO, while Rothschild was financial adviser. (Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-alfa-financial-ipo-idUKKBN18M0MC'|'2017-05-26T15:15:00.000+03:00'
'2f9eeecbd2d123fd03d4ab3a4bc41c2949c191a4'|'Ghana to issue 3-year roll-over local debt next week'|'ACCRA May 26 Ghana will issue a three-year cedi bond next week to roll over maturing paper as the West African oil, gold and cocoa exporter seeks to restructure its high public debt, the Central Bank said on Friday.The government does not have a target for the 2020 debt which will be launched on June 1 through a book-running sale and be open to foreign investors. Barclays Bank Ghana, Stanbic Ghana and Accra-based Strategic African Securities are lead arrangers, the Central Bank said.The dealers are expected to release pricing guidance on Tuesday and settlement is slated for June 5, the Bank said. Comparative Ghana debts maturing in 2020 were Quote: d at 19.35/18.85 percent by mid-morning on Friday. The government of President Nana Akufo-Addo is expected to extend a three-year $918 million programme it inherited with the International Monetary Fund beyond its April 2018 end date to boost efforts to stabilise the economy.Total public debt stood at $29.4 billion, representing 62.5 percent of GDP at the end of March with gross national reserves of $6.4 billion, an equivalent of 3.7 months of import cover, at the end of April 2017, the Central Bank said on Monday.($1 = 4.3154 Ghana cedi) (Reporting by Kwasi Kpodo; Editing by Joe Bavier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ghana-bond-idINL8N1IS2E2'|'2017-05-26T10:13:00.000+03:00'
'4c10986eb9f31613b849577c5c7c54efffd093b2'|'Is M&S being radical enough as it slips out of fashion? - Nils Pratley - Business'|'M arks & Spencer<65>s share price has improved 10% since Archie Norman, lately of ITV and once of Asda, was named as the next chairman earlier this month . This show of faith in one non-executive is remarkable, but one can almost understand why it<69>s happened.After a decade of modernisation programmes under former chief executives Stuart Rose and Marc Bolland <20> and another five years in prospect under Steve Rowe <20> poor old M&S shareholders must be crying out for a proven outsider<65>s analysis of where it<69>s all leading, and how quickly. Since 2012, M&S has clocked up an astonishing <20>890m in <20>adjustments to reported profit<69>, of which the latest <20>437m is the biggest contributor. Needless to say, the adjustments have all been downwards. M&S profits dive by nearly two-thirds as clothing sales slide Read more Beneath the surface, the verdict on Rowe<77>s first lap of the track is: fine, as far it goes. Pre-adjusted profits fell to <20>614m but the new boss can credibly claim to be <20>pleased with progress<73>. He hasn<73>t been diverted from his ambition to get off the treadmill of promotions and sell more clothes more cheaply but at full price. If this strategy is <20>starting to stabilise<73> market share, as he says, it<69>s a hopeful sign. So is the 8% improvement in cashflow to <20>585m.The big doubt in the City, however, is whether Rowe is being bold enough in his plan to close 10% of the floorspace devoted to clothing and homewares . The programme would be radical in one swoop, but this is a five-year goal. In the age of internet shopping, the obvious danger is that market shifts faster than M&S intends to run in clothing. Norman<61>s verdict is keenly awaited. He probably knows next to nothing about women<65>s fashion, but he does do <20>self-help<6C> strategies quickly <20> and speed is the quality M&S<>s frustrated shareholders are entitled to expect.Topics Marks & Spencer Nils Pratley on finance Retail industry Food & drink comment   Share   Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/nils-pratley-on-finance/2017/may/24/m-and-s-fashion-clothing-homewares-market'|'2017-05-24T22:40:00.000+03:00'
'f9230ea9fc6ca34691efc9d1160cdd785ee9c5d8'|'Turkey seized 879 companies since failed coup, worth 40.3 bln lira -state fund'|'ISTANBUL May 24 Turkish authorities seized or appointed an administrator to a total of 879 companies worth 40.3 billion lira ($11.32 billion) in assets in the eight months since the failed coup last July, the state fund that runs the firms said on Wednesday.According to a quarterly report by Turkey''s Savings and Deposits Insurance Fund (TMSF), nearly 45,000 people were working in the seized companies. It added that a total of 147 media companies were shut down within the same period.Turkey has taken control of a bank, several media firms and other enterprises as part of a crackdown on companies it suspects of links to sympathisers of Fethullah Gulen, the U.S.-based cleric the government blamed for the July 15 failed putsch.($1 = 3.5610 liras) (Reporting by Behiye Selin Taner; Writing by Humeyra Pamuk; Editing by Dominic Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/turkey-security-companies-idINI7N1II00J'|'2017-05-24T10:19:00.000+03:00'
'd99f584e0ad84d7906f735108682e6023aedcb83'|'UK inflation expectations edge up, little pressure on BoE - Citi/YouGov'|'  11:59am BST UK inflation expectations edge up, little pressure on BoE - Citi/YouGov Shoppers cross the road in Oxford Street, in London, Britain August 14, 2016. REUTERS/Peter Nicholls LONDON The British public''s expectations for inflation over the next 12 months rose slightly this month but remained within the tight range of the past six months, a survey for Citi by polling company YouGov showed on Wednesday. "Stable short-term expectations show that the current spike in inflation is not self-reinforcing," Citi economists wrote in a note to clients. "There is no urgency to hike rates, in our view, and we expect the majority (of Bank of England policymakers) to avoid premature monetary tightening, given the economic risks." Citi said year-ahead inflation expectations increased to 2.6 percent from April''s reading of 2.5 percent, lagging behind a sharper increase in the official measure of headline consumer price inflation which hit a three-year high of 2.7 percent. This was the first time since September 2013 that year-ahead inflation expectations were below the headline rate. Longer-term inflation expectations for the next five to 10 years rose to 3.0 percent from April''s 2.9 percent, but remained below February''s 3.2 percent peak. YouGov polled 2,017 British adults on May 19 and May 20. (Reporting by David Milliken; Editing by William Schomberg)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-inflation-idUKKBN18K17U'|'2017-05-24T18:24:00.000+03:00'
'a26a25245414ab11419ad036b62f7256f2e7be26'|'German shipping group Hapag Lloyd completes merger with Arab peer UASC'|'Deals   2:20pm BST German shipping group Hapag Lloyd completes merger with Arab peer UASC A Hapag Lloyd container ship is loaded at a shipping terminal in the harbour of Hamburg, Germany, March 25, 2017. Picture taken March 25, 2017. REUTERS/Fabian Bimmer FRANKFURT German shipping line Hapag Lloyd ( HLAG.DE ) and Arab sector peer UASC have completed a delayed merger which creates the world''s fifth-biggest shipping company. The German company said on Wednesday that the deal to combine the two businesses, announced in April 2016 and sealed in July last year, has closed and been listed in commercial registers as of May 24, including a capital increase of 45.9 million euros. Qatar Investment Authority, through Qatar Holding, now holds 14.4 percent of Hapag Lloyd, Saudi Arabia''s Public Investment Fund would 10.1 percent and four other Gulf States investors a combined 3.6 percent. Reuters reported last week that the closing of the deal was imminent after funding snags had been overcome. (Reporting by Vera Eckert; Editing by Arno Schuetze)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-hapaglloyd-uasc-merger-idUKKBN18K1QK'|'2017-05-24T21:17:00.000+03:00'
'c5cc50eaafdfaa7d700118a4b1de65ada67272bc'|'The truth hurts: Donald Trump<6D>s budget ignores what is ailing American workers'|'PRESIDENTIAL budget requests are worth exactly nothing. They carry no force of legislation. They land, heavy, bound and shrink-wrapped, so they can be immediately binned as Congress continues its now yearly stumble toward a <20>continuing resolution<6F><6E>a supposedly temporary legislative act that in recent decades has almost entirely replaced the statutory budget process. The request from the President is the least consequential part of something that is completely broken. It functions like a bumper sticker on an old car. It only tells you about the person who<68>s driving. Mick Mulvaney, a former congressman from South Carolina who won his seat in the Tea-Party wave of 2010, runs Donald Trump<6D>s Office of Management and Budget. Mr Mulvaney has created the budget his wing of the Republican party always wanted: government as a service, paid for by its clients, the taxpayers. If you receive more than you pay, the system has failed, and must be fixed. The marketing copy that accompanied the budget calls this <20>respect for people who pay the bills<6C>.  3   5   6   10   This respect consists, mostly, of cuts to social services. Mr Mulvaney finds most of his savings by reducing what the federal government spends on health insurance programmes for the poor by $616bn over the next ten years. He wants to cut subsidies for student loans, for a savings of $143bn. He wants to make cuts to a programme that supports poor families with children ($272bn), and another that provides an income for those sick or injured who can<61>t work ($72bn). His aim is to encourage people to get back to work.This last programme, the Social Security Administration<6F>s (SSA) disability insurance, is certainly in need of reform. More than 5% of working-age Americans receive disability benefits, a number that<61>s doubled since 1990. Last year its chief actuary told me this growth could mostly be explained by the ageing of the workforce. But the programme also grows when unemployment is high, a correlation that shouldn<64>t exist, since unemployment has nothing to do with back pain. And benefits are disproportionately high in rural counties that have lost jobs. In parts of America, disability insurance functions as a kind of unemployment insurance. That does not necessarily mean that the programme has grown through malingering or fraud (though some anecdotes to this effect can be found). Aggressive fraud investigation over the last five years by the SSA failed to dig up a lot of savings. The truth is more depressing, and complex. People with poor health will work when there are jobs, and apply for disability when there aren<65>t. Last year, in Van Buren County, Arkansas, I met a woman with a list of health complications that come from being overweight; she had spent her career in the cab of a long-haul truck. She receives a disability cheque, and works when she can as a <20>secret shopper<65>, checking in on petrol stations for the companies that own them. She is careful not to take a job too far away, so as not to have to spend her wages on a motel stay. Hers is not the tale of someone unwilling to try hard enough. To fix disability insurance, then, Mr Trump must pull off an impossible trick: he has to fix rural America. He has to provide better, cheaper health care, and public health programmes to prevent obesity and smoking. He has to provide jobs<62>to replace the poultry slaughterhouse and copper wire and fishing boat manufacturing plants that have left Van Buren County, for example. He could make it easier to move, or train for a job at a desk. There is already a Republican plan to reform Social Security Disability Insurance. It comes from French Hill, a Republican congressman who represents Van Buren County. In cooperation with David Autor, an economist at MIT, Mr French hopes to raise the limit on what people receiving benefits can earn through work, to ease the transition into a new job. But there is no sign of this plan in the White House<73>s budget request. A
'820fd76e4a8531d2782ccbdddc2cad15f398b595'|'EU hopes closer to talks with Russia on divisive Nord Stream pipeline'|'  7:01pm BST EU hopes closer to talks with Russia on divisive Nord Stream pipeline A woman walks past the European flag outside the EU Commission headquarters in Brussels, Belgium March 1, 2017. REUTERS/Yves Herman BRATISLAVA A top European Commission official said on Friday European Union members would be asked within days to give the bloc''s executive a mandate to negotiate with Russia over the Nord Stream 2 gas pipeline, which has bitterly divided the bloc. The planned 9.5 billion euro (8.28 billion pounds) pipeline project has led to a split between Eastern European and Baltic Sea states who fear it will increase their dependence on Russian gas and undermine Ukraine''s role from Germany and other beneficiaries in northern Europe who back the plan. In a letter addressed to Denmark and Sweden on March 28, the Commission said it was inviting all EU states to voice their concerns and would seek approval from EU energy ministers to negotiate an agreement with Moscow. Commission Vice-President for Energy Union Maros Sefcovic said he hoped to get backing from all member states and Russia''s cooperation to negotiate plans for the pipeline, which will pump more gas along an existing route to Europe via the Baltic Sea to Germany. "We are finalising the draft mandate, we need a few days (...) and will present it to member states as the best tool for this politically sensitive project, which has polarised attitudes among member states, and represents a legal challenge because of colliding European and Russian law," Sefcovic told Reuters on the sidelines of the GLOBSEC Bratislava Forum. "I believe we will get backing from all member states because most objections they have raised in negotiations have been taken into account." Russian state gas exporter Gazprom ( GAZP.MM ), which supplies around a third of the EU''s gas, with much coming via Ukraine, is keen for Nord Stream 2 to be built by 2019, when it must renegotiate gas transit fees with Kiev. But the Commission and German regulators are at odds over whether EU law should apply to the pipeline. "I believe Germany will support this mandate as it said it wanted the transit via Ukraine to be maintained and possible negative impacts of the project to be neutralised," Sefcovic said. (Reporting by Tatiana Jancarikova; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-eu-pipeline-idUKKBN18M2AC'|'2017-05-27T02:01:00.000+03:00'
'5ad184517ece147b986df7d7f54898a6cc53db92'|'IMF mission to Ukraine says reforms critical for growth'|' 51am BST IMF mission to Ukraine says reforms critical for growth The International Monetary Fund logo is seen during the IMF/World Bank spring meetings in Washington, U.S., April 21, 2017. REUTERS/Yuri Gripas KIEV The International Monetary Fund said on Friday Ukraine must stick to its reform commitments, including planned pension changes, in order to achieve stronger and sustainable growth. The statement was released following a visit by an IMF mission to Ukraine to review its progress under a $17.5 billion bailout programme. "While the near-term outlook is positive, decisive implementation of structural reforms remains critical to achieve stronger and sustainable growth that Ukraine needs over the medium-term," mission chief Ron van Rooden said in the statement. He said further technical work remained to be done on proposed legislation to meet reform objectives, but said discussions with Ukrainian authorities had been "constructive". (Reporting by Alessandra Prentice; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ukraine-crisis-imf-idUKKBN18M0OP'|'2017-05-26T15:51:00.000+03:00'
'7d9232b6f639704ead0ae8bfc9af7d15d0a0f07a'|'German shipping group Hapag Lloyd completes merger with Arab peer UASC'|'FRANKFURT German shipping line Hapag Lloyd ( HLAG.DE ) and Arab sector peer UASC have completed a delayed merger which creates the world''s fifth-biggest shipping company.The German company said on Wednesday that the deal to combine the two businesses, announced in April 2016 and sealed in July last year, has closed and been listed in commercial registers as of May 24, including a capital increase of 45.9 million euros.Qatar Investment Authority, through Qatar Holding, now holds 14.4 percent of Hapag Lloyd, Saudi Arabia''s Public Investment Fund would 10.1 percent and four other Gulf States investors a combined 3.6 percent.Reuters reported last week that the closing of the deal was imminent after funding snags had been overcome.(Reporting by Vera Eckert; Editing by Arno Schuetze)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hapaglloyd-uasc-merger-idINKBN18K1QK'|'2017-05-24T11:20:00.000+03:00'
'606110620c5e98a8530f18cedc27f6087b805def'|'Tanzania troubles put Acacia Mining shares on path to record one-day loss'|'Business  48pm BST Tanzania troubles put Acacia Mining shares on path to record one-day loss MILAN Shares in London-listed Acacia Mining ( ACAA.L ) were set to post their biggest ever one-day drop as Tanzania President fired his mining minister following an investigation into possible undeclared exports by mining companies to evade tax. Tanzania President John Magufuli said the investigation report revealed that Acacia Mining declared the presence of gold, copper and silver in its mineral sand exports but did not declare other precious metals in the consignments. In a statement earlier on Wednesday, Acacia noted the findings of the investigation but said it had not yet seen a full copy of the report and was seeking further clarification. "Acacia re-iterates that it fully declares everything of commercial value that we produce and pay all appropriate royalties and taxes on all of the payable minerals that we produce," the company added in the statement. By 0231 GMT, Acacia Mining fell 26 percent to its lowest level in nearly one year and on course for its biggest daily since it listed in March 2010. (Reporting by Danilo Masoni, Editing by Vikram Subhedar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-acacia-mining-stock-idUKKBN18K21S'|'2017-05-24T22:48:00.000+03:00'
'fb569f30a7e6598d0f95c27629fef911e0a6774c'|'TREASURIES-U.S. bond yields fall as Fed hints slow stimulus removal'|'* Bond market breaks out of recent tight-range trading * U.S. 5-year note sale fetches solid investor demand * U.S. Treasury to sell $28 bln 7-year notes Thursday (Updates throughout, adds Quote: ) By Richard Leong NEW YORK, May 24 U.S. Treasury yields fell on Wednesday on investor relief after the Federal Reserve signaled a gradual approach on raising interest rates and winding down of its massive $4.5 trillion worth bond holdings. The bond market broke out of its listless trading of the previous two days as markets received a bit more clarity on the central bank''s intention to remove more monetary stimulus following a recent string of mixed economic data. "Even though the Fed is reducing stimulus, I think this gives the market some comfort," said Matt Toms, chief investment officer of fixed income at Voya Investment Management in Atlanta. Benchmark 10-year Treasury note yield fell more than 2 basis points at 2.257 percent, while 30-year bond yield declined 2 basis points to 2.294 percent. Two-year yield, which is sensitive to traders'' view on Fed policy, fell to over 2 basis points at 1.298 percent. The yield gap between two-year and 10-year Treasuries shrank over 1 basis point to 96 basis points, which was not far above the level last seen on Oct. 27. This implied traders did not expect less bond purchases from the Fed would push up longer-dated yields. Still the Fed left the door for further rate increases in the coming months, despite the growth slowdown in the first quarter. Traders expect the next hike at its June 13-14 meeting, according to interest rates futures. "Members generally judged that it would be prudent to await additional evidence indicating that a recent slowdown in the pace of economic activity had been transitory before taking another step in removing accommodation," according to the latest Fed minutes. SUPPLY Prior to the Fed minutes, bond yields were pinned down by demand for low-risk assets in the wake of Moody''s downgrade of China and the deadly suicide bombing in Manchester, England. Solid demand at a $34 billion sale of a new five-year Treasury notes, which was part of this week''s $88 billion coupon-bearing Treasury supply, also held down yields. The U.S. Treasury will end this week''s auctions with a $28 billion sale of seven-year debt on Thursday. In addition to Treasuries, investors were making room for a hefty supply of corporate bonds, which has put upward pressure on yields this week. The U.S. bond market will close early at 2 p.m. (1800 GMT) on Friday and will be shut on Monday for the U.S. Memorial Day holiday. May 24 Wednesday 3:46PM New York / 1946 GMT Price US T BONDS JUN7 153-22/32 0-13/32 10YR TNotes JUN7 126-32/256 0-68/256 Price Current Net Yield % Change (bps) Three-month bills 0.9175 0.9324 -0.005 Six-month bills 1.0525 1.0728 -0.005 Two-year note 99-234/256 1.2936 -0.025 Three-year note 100-30/256 1.4595 -0.030 Five-year note 100-98/256 1.7935 -0.037 Seven-year note 99-156/256 2.0607 -0.034 10-year note 101-8/256 2.2589 -0.024 30-year bond 101-96/256 2.9307 -0.014 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 23.25 -0.25 spread U.S. 3-year dollar swap 20.25 0.50 spread U.S. 5-year dollar swap 7.50 0.75 spread U.S. 10-year dollar swap -6.00 0.25 spread U.S. 30-year dollar swap -44.50 1.00 spread (Reporting by Richard Leong; Editing by Grant McCool and Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1IQ1SX'|'2017-05-24T18:11:00.000+03:00'
'9ae5d903eb90eca00adee2188f9bfea22d0f2966'|'U.S. appeals court to hear cases that could weigh on Wall Street policing'|' 16am BST U.S. appeals court to hear cases that could weigh on Wall Street policing FILE PHOTO - The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington, DC, U.S. on June 24, 2011. REUTERS/Jonathan Ernst/File Photo By Sarah N. Lynch - WASHINGTON WASHINGTON A U.S. appeals court will weigh whether certain hiring practices at two of the country''s top financial market regulators violate the Constitution on Wednesday, in a pair of cases that could have major ramifications for the policing of Wall Street. In one case, the future structure of the Consumer Financial Protection Bureau, which was created by the 2010 Dodd-Frank Wall Street reform law to protect consumers from predatory lending, hangs in the balance. A panel of judges at the U.S. District Court of Appeals for the District of Columbia Circuit will reconsider a prior ruling which found that the powers of Richard Cordray, the agency''s director, were unconstitutional because he can only be fired by the president for cause, and not at will. In the other case, the court will reconsider a prior ruling that the Securities and Exchange Commission did not violate the Constitution when it hired its administrative law judges to preside over its in-house court proceedings. The two court challenges have already emboldened some financial firms to push back against the CFPB and the SEC when they have accused them of wrongdoing and the outcome of the cases could provide ammunition to critics of both agencies. Many Republicans have accused the CFPB of overstepping its powers and called for legislation that would make it more accountable to Congress. Their attacks on the bureau have intensified since the election of Donald Trump as president. Trump''s administration has said it wants the ability to dismiss Cordray for any reason and put its budget under congressional control. An outcome in either case could take months, and both could eventually land in the U.S. Supreme Court, especially the SEC''s case which has already generated a split between the Washington, D.C. appeals court and the Tenth Circuit Court of Appeals, which ruled that the SEC had violated the Constitution. The SEC earlier this week suspended all pending in-house cases in which defendants may appeal before the Tenth Circuit, amid the legal limbo surrounding the issue. The majority of the judges hearing the two cases on Wednesday were appointed by Democratic presidents, a fact that has the potential to tip the balance in favour of the government. TOO MUCH POWER? At the crux of Wednesday''s case is whether the CFPB''s director wields too much power without accountability to the president, in violation of the Constitution''s separation of powers provision. The case was brought by PHH Corporation, a mortgage company that was sued by the CFPB in 2014 with allegations of illegal kickbacks. The company won a victory in October 2016, when a three-judge panel threw out the CFPB''s $109 million penalty against PHH Corp on the grounds the bureau''s structure was unconstitutional. The CFPB appealed, and its own attorneys will represent the bureau in Wednesday''s arguments. With the election of Trump in November, the White House has since switched sides and now supports the CFPB''s opponent. It is unclear what the Trump administration will do if the CFPB prevails in its appeal. FATE OF SEC JUDGES? The SEC was given greater powers under the 2010 Dodd-Frank Wall Street reform law to seek penalties against Wall Street defendants in its own administrative court. But the SEC has faced mounting challenges to the constitutionality of how it appoints in-house judges. Critics call the in-house court unfair to defendants, because there is limited discovery, the case is fast-tracked and some feel the SEC gets a home court advantage. At issue is whether administrative law judges are employees or "inferior officers" who wield significant decision-making authority covered
'9c4609555b2a0109369b9b858bc420f2741b5927'|'PRESS DIGEST - Wall Street Journal - May 25'|'May 25 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- The Pentagon conducted a navy patrol in the South China Sea, U.S. officials said, the first such operation under U.S. President Donald Trump designed to send a signal to China about U.S. intentions to keep critical sea lanes open in the Pacific Ocean. on.wsj.com/2rWhAY9- Federal Reserve officials expected at their policy meeting this month that it would "soon be appropriate" to raise short-term interest rates, a signal the U.S. central bank could move in June at its next gathering. on.wsj.com/2qcsDzP- Federal prosecutors filed insider-trading charges against one of Wall Street''s best sources of tradable information from the government, accusing him of relaying a series of tips from an obscure bureaucrat inside a key health-care agency to traders at a New York hedge fund. on.wsj.com/2rju3J2- Sears Holdings Corp sued a vendor for demanding what the retailer says are unjustified changes to their supply contract, the latest signal of supplier discontent with Sears'' turnaround strategy. on.wsj.com/2qRlW56- Activist investor Dan Loeb plans to publicly push for changes to the complicated combination and breakup of Dow Chemical and DuPont, according to a presentation reviewed by the Wall Street Journal. on.wsj.com/2qYqy7N (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1IR236'|'2017-05-25T12:54:00.000+03:00'
'76788e67b389692b0c05e932c2ea89872f0c0032'|'UPDATE 1-Venezuela says considering options to repay debts'|'(Updates throughout with comment, details on debt, oil output)By Ernest ScheyderVIENNA May 25 Venezuela is considering several options to repay its debts, the oil minister said on Thursday, after a deep recession and low crude prices hit output and prompted Caracas to seek funds from China and Russia.Venezuelan oil production has slipped to its lowest levels in about 20 years, hurting a nation which relies almost solely on crude exports for revenues.Oil minister Nelson Martinez, speaking at a meeting of the Organization of the Petroleum Exporting Countries, said his country was producing up to 1.97 million barrels per day of oil, citing figures gathered by secondary sources and used by OPEC.As well as using revenues to pay foreign oil firms operating in Venezuela, Caracas needs to repay debts to China and Russia, which have together lent at least $50 billion in exchange for promised oil and fuel deliveries."We are looking forward to solving the issue of the debt," Martinez said. "We are looking at all options, some financial support through bonds and so on."According to Thomson Reuters IFR, Venezuela has $66.28 billion in outstanding debt issued by the government and other state entities such as oil company PDVSA, which has been particularly hard-hit by the economic crisis.In the past few weeks, thousands of people have protested against the leftist government of President Nicolas Maduro, demanding elections, freedom for jailed activists, foreign aid and autonomy for the opposition-led legislature.A Reuters poll forecast the economy would shrink 3.5 percent this year after a 19 percent drop last year. Inflation has hit triple digits, creating food shortages.Venezuela has been seeking help from Russian oil major Rosneft to pay its debts. As collateral for prepayment on oil deliveries, Rosneft said last week it had received a stake in PDVSA''s U.S. refining and marketing arm Citgo."What has been done is to use that (collateral) as a pledge for a loan that came from Rosneft. It doesn''t mean that Rosneft is going to have 49 percent," Martinez said, adding that talks with the Rosneft were continuing. (Writing by Amanda Cooper; Editing by Jane Merriman and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opec-oil-venezuela-idUSL8N1IR1RY'|'2017-05-25T18:44:00.000+03:00'
'af3b4f7c9418011c18f36d509f7acf815bc2823d'|'BRIEF-Brown-Forman reiterates it is not up for sale'|'Market News - Wed May 24, 2017 - 5:44pm EDT BRIEF-Brown-Forman reiterates it is not up for sale May 24 Brown-forman Corp * Brown-Forman statement May 25 Rayonier Advanced Materials said on Thursday it would buy Canada''s Tembec Inc for $807 million including debt to expand its business into packaging and forest products. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-brown-forman-reiterates-it-is-not-idUSFWN1IQ0V9'|'2017-05-25T05:44:00.000+03:00'
'6c480698d0cdbce60fa7df83a115252f8567509b'|'Safran, Zodiac shares suspended, Safran to make statement'|'PARIS Shares in aerospace groups Safran ( SAF.PA ) and Zodiac ( ZODC.PA ), whose merger plans have been criticized by some investors, were suspended on Wednesday.A Safran spokeswoman said Safran would issue a statement later in the day, but declined to provide further details. Officials at Zodiac could not be immediately reached for immediate comment.Safran''s planned $9 billion deal with Zodiac has been questioned in light of profit warnings from Zodiac, with British activist investor TCI Fund Management calling on Safran to cancel the takeover.Last month, Zodiac Chief Executive Olivier Zarrouati offered his resignation following another profit warning from Zodiac.Zodiac said it had asked Zarrouati to stay on "for a while" to try to forge the world''s third-largest aerospace supplier, but added it was working on an alternative stand-alone plan in case the Safran merger fell through.A financial source also told Reuters in April that Safran was exploring plans to lower its offer for Zodiac.A new structure could involve a mixture of cash and shares in a more traditional offer for Zodiac, rather than a complex two-tier structure designed to woo family shareholders, the source said.Zodiac shares last traded down 0.5 percent at 22.97 euros - below Safran''s offer price of 29.47 euros.(Reporting by Sudip Kar-Gupta and Pascale Denis; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-zodiac-aero-m-a-safran-idINKBN18K0RA'|'2017-05-24T06:02:00.000+03:00'
'1e3dc484afc1c2ba7fd23e41f0bfb4f6133d675f'|'OPEC nearing deal to extend oil output cut to March 2018'|' 03pm BST OPEC nearing deal to extend oil output cut to March 2018 left right Austrian police officers and journalists wait outside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria May 24, 2017. REUTERS/Leonhard Foeger 1/4 left right FILE PHOTO - The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured on the wall of the new OPEC headquarters in Vienna March 16, 2010. REUTERS/Heinz-Peter Bader/File Photo 2/4 left right An Austrian police officer guards the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria May 24, 2017. REUTERS/Leonhard Foeger 3/4 left right Venezuela''s Oil Minister Nelson Martinez talks to journalists after a meeting in Vienna, Austria May 24, 2017. REUTERS/Leonhard Foeger 4/4 By Ahmad Ghaddar , Alex Lawler and Vladimir Soldatkin - VIENNA VIENNA OPEC and non-member oil producers moved closer on Wednesday to clinching a deal on extending output cuts by nine months to clear a global stocks overhang and prop up the price of crude. The Organization of the Petroleum Exporting Countries meets in Vienna on Thursday to consider whether to prolong the accord reached in December in which OPEC and 11 non-members agreed to cut oil output by about 1.8 million barrels per day in the first half of 2017. The market sees an extension by nine months as the base-case scenario since OPEC''s de facto leader Saudi Arabia and top non-member Russia said this month they favoured such a move. Saudi ally Kuwait signalled on Wednesday OPEC could discuss deepening the cuts, in what would come as a positive surprise for market bulls, but hopes quickly faded after a key committee recommended keeping the curbs unchanged. Two OPEC sources told Reuters a ministerial committee comprising OPEC members Algeria, Kuwait, Venezuela, current OPEC president Saudi Arabia and non-OPEC producers Russia and Oman recommended keeping the cuts "at the same level". The committee said in a statement it had recommended extending the cuts by nine months to March 2018. Saudi Energy Minister Khalid al-Falih gave the thumbs up when asked whether the committee had agreed on a nine-month extension. "Before the end of the year, prices may go above $55 a barrel," Algerian Energy Minister Noureddine Boutarfa told Reuters before the committee meeting, saying an extension by nine months should help clear the glut by the year-end. Saudi Arabia and Russia have said that extending output curbs by nine months rather than the initially planned six months would help speed up market rebalancing and prevent crude prices from sliding back below $50 per barrel. "OPEC has already achieved a lot. They stopped the oil market surplus from building even before they started cutting," said Gary Ross, head of global oil at PIRA Energy, a unit of S&P Global Platts. Most OPEC ministers including Iraq''s have already voiced support for extending cuts by none months. Iranian Oil Minister Bijan Zanganeh, who clashed with Saudi Arabia in many previous OPEC meetings, has so far kept a low profile, saying extensions of six or nine months were possible. Zanganeh is due in Vienna later on Wednesday. Under the existing deal, Iran received an exemption slightly to raise output, which has been curtailed by years of Western sanctions. Iran''s production has been stagnant in recent months, suggesting limited upside potential at least in the short term. DEEPER CUTS OPEC''s cuts have helped push oil back above $50 a barrel this year, giving a fiscal boost to producers, many of which rely heavily on energy revenues and have had to burn through foreign-currency reserves to plug holes in their budgets. Oil''s earlier price decline, which started in 2014, forced Russia and Saudi Arabia to tighten their belts and led to unrest in some producing countries including Venezuela and Nigeria. But surprises on Thursday are still possible. A substantial additional cut was unlikely, one O
'b728e83f17a8e10d3bf9854e5ef875269381740f'|'Dixons Carphone reports strong fourth quarter, narrows profit guidance'|' 41am BST Dixons Carphone reports strong fourth quarter, narrows profit guidance The headquarters of Carphone Warehouse is seen in west London May 15, 2014. REUTERS/Toby Melville/File Photo Britain''s Dixons Carphone on Wednesday beat fourth-quarter trading forecasts and narrowed its full-year headline pretax profit guidance to 485-490 million pounds from 475-495 million. The company, which trades as Currys, PC World and Carphone Warehouse in its home market, Elkjop and Elgiganten in Nordic countries and Kotsovolos in Greece, said like-for-like group sales rose 2 percent in the 16 weeks to April 29, its fiscal fourth quarter, ahead of a company compiled consensus of 0.9 percent growth. Like-for-like sales in the UK and Ireland rose 2 percent, driven by a strong electricals performance. Prior to Wednesday''s update analysts were on average forecasting a pretax profit of 490 million pounds for 2016-17, up from 447 million in 2015-16. (Reporting by Noor Zainab Hussain and Esha Vaish in Bengaluru; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-dixons-carphone-outlook-idUKKBN18K0KN'|'2017-05-24T14:41:00.000+03:00'
'1da00f0f8a28ed225add80ef764e7faa203c34b2'|'Vietnam plans to open ''outstanding'' special economic zones'|'Business News - Wed May 24, 2017 - 12:27pm BST Vietnam plans to open ''outstanding'' special economic zones left right Vietnam''s Planning and Investment Minister Nguyen Chi Dung speaks during an interview with Reuters in Hanoi, Vietnam May 23, 2017. Picture taken May 23, 2017. REUTERS/Kham 1/2 left right Seamstresses work at TAL garment factory in Vinh Phuc province, Vietnam May 23, 2017. Picture taken May 23, 2017. REUTERS/Kham 2/2 By Mai Nguyen and Matthew Tostevin - HANOI HANOI Vietnam plans to open three special economic zones that offer investors greater incentives and fewer restrictions than available to date in the country, the investment minister said. Foreign direct investment, largely in manufacturing, has been key to Vietnam''s growth. It hit a record of $15.8 billion last year and has risen 6 percent in the first five months of 2017 from a year earlier. The new economic zones will be in the north, center and south of the 1,650-km (1,000 mile) long country, Planning and Investment Minister Nguyen Chi Dung told Reuters in an interview on Tuesday. The ministry is drafting a law for the zones in northern Quang Ninh province, central Khanh Hoa province and southern Phu Quoc province. Approval from lawmakers in the communist state is expected by the end of 2017. Dung said the zones would be free from local regulations to make them competitive internationally. "It will be a massive attraction to investment and investment will boom next year," Dung said. "It will be outstanding in everything: free and favourable in every aspect." BROADLY POSITIVE INVESTORS Vietnam currently has 18 economic zones, offering incentives for investors from free tariffs in selected items to lower personal income tax or reduced rent and fees. There are another 325 state-supported industrial parks, which have fewer incentives. A survey by ANZ Research last year said investors were broadly positive about the industrial parks because of tax incentives and the ease of customs clearance. Occupancy in operating industrial parks is more than 70 percent. Vietnam''s government this week reiterated its annual economic growth target at 6.7 percent, despite a drop to a three-year low of 5.1 percent in the first quarter. The government blamed the low rate on drought, salination issues and a temporary drop in production for Samsung Electronics ( 005930.KS ) due to its Note 7 battery woes. Dung said the government was confident of meeting its 2017 growth target given factors including improved weather, solid loan growth, a rise in tourism and rising numbers of new businesses. He expected Vietnam to continue drawing at least $10 billion a year in foreign direct investment for each of the next five years, while adding it was becoming more selective in the kind of investment sought. High tech and clean sectors are now a greater priority than low-cost industries, he said. "It''s no longer about quantity but more about quality," Dung said. (Writing by Mai Nguyen; Editing by Richard Borsuk)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-vietnam-investment-idUKKBN18K1BH'|'2017-05-24T19:27:00.000+03:00'
'397a031d9c38388d45fb0591ce364c668686494d'|'Retailer Carrefour''s Brazil arm files prospectus for possible IPO'|'By Dominique Vidalon - PARIS PARIS Carrefour ( CARR.PA ), the world''s second-largest retailer, said it had taken a preliminary step toward a possible stock market listing for its Brazilian arm, via the publication of a prospectus for that market flotation.Atacad<61>o S.A., the parent company of Carrefour''s Brazilian activities, had filed with the Brazilian Securities Commission (CVM) a draft preliminary prospectus in the context of its previously-announced plan to list its shares on the Novo Mercado market, Carrefour said in a statement.Carrefour shares were up 2.1 percent, among the top-performing stocks on France''s benchmark CAC-40 index .FCHI which was down 0.1 percent.Bernstein analyst Bruno Monteyne said in a research note that a Brazilian initial public offering (IPO) could add 1-2 euros to Carrefour''s share price."We expect Carrefour to sell a 10 to 15 percent stake, generating 950 million euros ($1.1 billion) to 1.45 billion euros in cash. This cash could be put to use pursuing small M&A opportunities or purchasing cheap retail sites given the recent recession in Brazil," said Monteyne, who has a "market perform" rating on Carrefour''s shares.Carrefour has targeted an initial public offering for the Brazilian unit this year, market conditions permitting, in order to accelerate its expansion in that country, which is its second-largest market after France.Brazilian tycoon Abilio Diniz, who is a key Carrefour shareholder, told Reuters in March that an IPO could take place in mid-2017, given signs that Brazil''s economy was emerging from the worst recession in its history.A Carrefour spokeswoman said on Wednesday that the filing of the prospectus, which contains financial information on Carrefour''s Brazil business, was a preparatory and technical step ahead of the possible Brazil IPO.(Reporting by Dominique Vidalon, Pascale Denis; Additional reporting by Gabriela Mello in Sao Paulo; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-carrefour-atacadao-ipo-idINKBN18K1GL'|'2017-05-24T09:42:00.000+03:00'
'53a2c0ea660a207bfc7a0bd323fea128220f27dc'|'Macron fuels German economic optimism as core euro-axis tones up'|'  1:58pm BST Macron fuels German economic optimism as core euro-axis tones up left right FILE PHOTO: A steel-worker is pictured at a furnace at the plant of German steel company Salzgitter AG in Salzgitter, Lower Saxony, Germany on March 17, 2015. REUTERS/Fabian Bimmer/File Photo 1/2 left right FILE PHOTO: Workers are seen on a construction site for family homes in Hanau near Frankfurt, Germany, May 10, 2017. Picture taken May 10, 2017. REUTERS/Kai Pfaffenbach/File Photo 2/2 By Michael Nienaber - BERLIN BERLIN Business morale in Germany hit its highest since reunification in May and an already rosy growth outlook brightened further, tapping into hopes that Berlin will ally with Paris in spearheading a broad-based economic revival in Europe. France is Germany''s second biggest trading partner and europhile Emmanuel Macron''s presidential election win over far-right protectionist rival Marine Le Pen in early May has given fresh impetus to neighbouring exporters. That boost in confidence emerged in Tuesday''s Ifo business climate index, which jumped to 114.6 - the highest since its current data set began in 1991, the year after West and East Germany unified. Klaus Wohlrabe, economist for the Munich-based Ifo institute, said the positive news of Macron''s victory had provided a tailwind. "It is a signal that the European Union is not under acute pressure, as it was a year ago," he said. Neither the countdown to Britain''s departure from the EU nor the "America first" polices of U.S. President Donald Trump had succeeded in putting a brake on the German economy, he added. Growth in the economy, Europe''s largest, accelerated to 0.6 percent quarter on quarter in the first three months of 2017, separate data showed on Tuesday. The Federal Statistic Office cited strong exports, booming construction and higher spending by households and the state as factors. Germany has outpaced France in recent years, helped by record low unemployment as labour reforms similar to ones that Macron has said he also plans to implement kicked in. Since Macron took office, Chancellor Angela Merkel has stressed the lead role she believes a Franco-German axis should play at the heart of a Europe of strengthened economic reforms and deeper integration. GOOD NEWS FOR MERKEL She now looks odds-on to remain the pillar of that bilateral relationship beyond her country''s national elections in September, for which earlier this year her conservatives were running neck-and-neck with their Social Democrat (SPD) rivals. "This impressive string of strong economic data is boosting Merkel''s already good chances of getting re-elected even further," said Timo Klein, economist for Markit, which also published its composite Purchasing Managers'' Index (PMI) for May on Tuesday. The main question now was whether she could form a new coalition government with just the business-friendly Free Democrats (FDP) - as a poll published on Tuesday suggested - or if she would be forced into another ''grand coalition'' with the SPD, he said. Markit''s PMI showed Germany''s private sector grew at the fastest pace in more than six years due to stronger-than-expected factory activity. Tuesday''s data prompted some observers to raise their economic forecasts. The DIHK Chambers of Industry and Commerce raised its 2017 growth view to 1.8 percent from 1.6 percent. Unicredit economist Andreas Rees said growth could be as high as 2 percent. "Germany has become a powerful two-engine economy benefiting from strong domestic demand and surging global trade," he said. Ifo chief Clemens Fuest said the surge in business sentiment combined with other key economic indicators pointed to growth of 0.6 percent in the second quarter. The Ifo report, based on a monthly survey of some 7,000 firms, showed that managers'' assessments of the current business situation and their outlook for the coming six months both improved markedly. A sector breakdown showed the main boost came from improved senti
'60bc73746301fa21a223ba296fb91936a4597eb6'|'German consumer morale brightens to reach highest since Oct. 2001 - GfK'|' 13am BST German consumer morale brightens to reach highest since Oct. 2001: GfK People walk through the Mall of Berlin shopping centre in Berlin, September 24, 2014. REUTERS/Thomas Peter/File Photo BERLIN, German consumers were in their best mood for almost 16 years heading into June, a survey showed on Wednesday, adding to expectations that private consumption will again drive growth in Europe''s largest economy this year. The consumer sentiment indicator published by the Nuremberg-based GfK institute and based on a survey of around 2,000 Germans rose to 10.4 going into June, the highest reading since October 2001. A Reuters poll had expected an unchanged reading of 10.2. GfK linked the high reading to expectations the economy will continue to grow in the face of global risks like possible protectionist policies in the United States and tough Brexit negotiations between Britain and the European Union. "In the view of consumers, the engine of the German economy is running increasingly smoothly," GfK researcher Rolf Buerkl said in a statement. "Supported by improving economic forecasts, income expectations also grew. The consistently well-positioned German labor market situation is largely feeding this optimism." The bright GfK index reading comes on top of both hard data and sentiment indicators in recent weeks that have indicated the German economy is firing on all cylinders. On Tuesday, the closely watched Ifo business climate index rose to its highest level since its current data set began in 1991, the year after West and East Germany unified. Final growth figures this week also confirmed that the economy expanded by 0.6 percent in the first quarter, helped by strong exports and increased investments in buildings and equipment as well as solid state and household spending. GfK said it expects consumption to grow 1.5 percent this year, suggesting domestic demand will again be a crucial pillar of support for the economy. Household spending has been the main driver of overall economic growth in the last two years. With such solid foundations, risks are likely to come from abroad, GfK said. "Risks for consumers primarily originate from possible economic (and) political shocks from elsewhere, for example as a result of increasingly protectionist trends in the United States," Buerkl said. "Should trade barriers or higher duties hinder exports from Germany, it could lead to employees fearing more for their jobs, especially those working at companies relying heavily on exports," he added. "The result would be greater reluctance to make purchases." (Reporting by Joseph Nasr; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-economy-gfk-idUKKBN18K0HW'|'2017-05-24T14:11:00.000+03:00'
'f6d089855010c0a39877574a3a69cebebe8e834f'|'U.S. home sales fall as tight supply boosts prices'|'Business News -  30pm BST U.S. home sales fall as tight supply boosts prices FILE PHOTO -- A woman holds a piece of paper advertising a home for sale in Santa Monica, California, U.S., March 21, 2017. REUTERS/Lucy Nicholson/File Photo By Lucia Mutikani - WASHINGTON WASHINGTON U.S. home resales fell from a more than 10-year high in April, weighed down by a chronic shortage of houses on the market that is keeping prices elevated and sidelining prospective buyers. Despite the stumble, the housing market remains on solid ground as the labour market nears full employment, which is expected to spur faster wage growth. "The biggest problem with the housing market is a dearth of inventory, which is keeping sales down and prices up," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. The National Association of Realtors said on Wednesday existing home sales declined 2.3 percent to a seasonally adjusted annual rate of 5.57 million units last month. Sales scaled a 5.70 million-unit pace in March, which was the highest level since February 2007. Though the drop in sales was worse than economists'' expectations for a 1.1 percent decrease, April''s sales pace was the fourth highest over the past 12 months. Sales were up 1.6 percent from April 2016, also underscoring the housing market''s underlying strength. There were 1.93 million houses on the market last month. While that was a 7.2 percent increase from March, supply was down 9.0 percent from a year ago. Housing inventory has dropped for 23 straight months on a year-on-year basis. As a result, the median house price jumped 6.0 percent from a year ago to $244,800 in April, the highest level since June 2016 and marking the 62nd straight month of year-on-year price gains. The sustained house price appreciation was also corroborated by a separate report from the Federal Housing Finance Agency showing house prices rose 6.0 percent in the first quarter from the first three months of 2016. With recent data showing a drop in homebuilding and a plunge in new home sales in April, weak home resales suggest residential investment will probably make a small contribution to gross domestic product in the second quarter. Housing added half a percentage point to the economy''s 0.7 percent annualised growth pace in the first quarter. U.S. stocks were trading marginally higher. The PHLX housing index .HGX was little changed. Prices for U.S. Treasuries slipped while the dollar hovered above a 6-1/2-month low against a basket of currencies. NEW NORMAL Houses typically stayed on the market for 29 days last month, the shortest period since the NAR started tracking that measure in May 2011. That was down from 34 days in March and 39 days a year ago. Demand for housing is being driven by a tight labour market, marked by a 4.4 percent unemployment rate, which is boosting employment opportunities for young Americans. The housing market also remains supported by historically low mortgage rates, with the 30-year fixed mortgage rate just above 4.0 percent. But rising building material costs as well as shortages of lots and labour have left builders struggling to fill the inventory gap. Rising house prices have boosted equity for homeowners, but have not enticed many to sell their properties. The NAR estimates housing starts and completions should be in a range of 1.5 million to 1.6 million units to eliminate the shortage. Housing starts are running at about a 1.2 million-unit rate and completions around a pace of 1 million units. Last month, sales fell in the Northeast, West and South regions, but rose in the Midwest. At April''s sales pace, it would take 4.2 months to clear the stock of houses on the market, up from 3.8 months in March. A six-month supply is viewed as a healthy balance between supply and demand. First-time buyers accounted for 34 percent of transactions last month, still well below the 40 percent share that economists and realtors say is needed for a robust hou
'50fadf4817e758a3fbd721f88257d2d32edcdc5b'|'IKEA Group appoints Jesper Brodin new CEO'|'Business  02am BST IKEA Group appoints Jesper Brodin new CEO Flags and the company''s logo are seen outside of an IKEA Group store in Spreitenbach, Switzerland April 27, 2016. REUTERS/Arnd Wiegmann STOCKHOLM Furniture retailer IKEA Group said on Wednesday it had appointed company veteran Jesper Brodin as new chief executive, replacing Peter Agnefjall. Brodin, currently head of IKEA of Sweden, responsible for the development of the product range and supply chain, will take on the job of leading the IKEA Group, which owns most IKEA stores world-wide, on Sept. 1. He will be based in Leiden, the Netherlands, it said in a statement. Agnefjall, who took on the job in 2013, said in the statement he would take some time off with his family before embarking on his next venture. (Reporting by Anna Ringstrom, editing by Niklas Pollard)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ikea-ceo-idUKKBN18K0SI'|'2017-05-24T16:02:00.000+03:00'
'e53bb280567e762165f7740f73d3945ee958452f'|'Linde, Praxair reach deal on merger agreement'|'Business  40pm BST Linde, Praxair reach deal on merger agreement Linde Group logo is seen at company building before the annual news conference in Munich, Germany March 9, 2017. REUTERS/Lukas Barth - RTS123W2 FRANKFURT German industrial gases group Linde ( LING.DE ) and U.S. peer Praxair ( PX.N ) have reached a deal in principle on their proposed $70 billion (54.05 billion pounds) merger, Linde said on Wednesday. The Business Combination Agreement still needs the approval of Praxair''s board of directors as well as Linde''s management and executive boards, it said, adding that a signing of the agreement was no guarantee the deal would be completed. German weekly WirtschaftsWoche earlier on Wednesday cited sources as saying that Linde''s supervisory board would vote on the merger agreement next week. (Reporting by Maria Sheahan; Editing by Arno Schuetze)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-linde-m-a-praxair-idUKKBN18K208'|'2017-05-24T22:40:00.000+03:00'
'8b867093042550f2be0fa31d4b1a3fc7233dd687'|'Odebrecht expects approval of airport stake sale within 90 days: paper'|'BRASILIA Engineering conglomerate Odebrecht SA [ODBES.UL] expects aviation regulator Anac to approve the sale of its stake in Brazil''s second busiest international airport to HNA Airport Holding Group Co Ltd [HNAIDD.UL] within 90 days, newspaper Valor Econ<6F>mico reported on Wednesday.In an emailed statement to Reuters, Odebrecht said it remains in exclusive talks with HNA Airport, part of China-based HNA Group Co Ltd [HNAIRC.UL], to sell its stake in the Rio de Janeiro international airport, or RIOGale<6C>o. The deal, however, is not closed yet, Odebrecht said.Press representatives for HNA did not immediately respond to emails seeking comment.The potential sale is part of Odebrecht''s efforts to dispose of assets as it seeks to stay current on about 76 billion reais of net debt and weather the impact from its involvement in Brazil''s worst corruption scandal.Odebrecht and partner Changi Airports International Pte Ltd of Singapore have a combined 51 percent of Gale<6C>o, with aviation infrastructure authority Infraero holding the remainder.Cabinet minister Wellington Moreira Franco, secretary-general for President Michel Temer, said last month HNA had already bought Odebrecht''s stake in RIOGale<6C>o.Odebrecht and its petrochemicals unit Braskem SA ( BRKM5.SA ) admitted to bribing officials in 12 countries, mostly Latin America, and agreed to pay $3.5 billion in fines in return for freedom from prosecution.Odebrecht''s access to credit and new contracts in Brazil and almost a dozen countries has been almost fully shut down because of the scandal. Banks have raised pressure on Odebrecht to accelerate asset sales.(Reporting by Silvio Cascione; Editing by Jeffrey Benkoe and Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-odebrecht-divestiture-transport-idINKBN18K1O1'|'2017-05-24T12:14:00.000+03:00'
'7f6af5253ee3eff5dd36feb5cef14b76110b120e'|'LPC-PortAventura launches <20>620m dividend recap'|'By Claire Ruckin - LONDON LONDON May 24 Spanish entertainment resort company PortAventura World has launched a <20>620m leveraged loan to refinance existing debt and pay a dividend to shareholders, banking sources said.Invest Industrial acquired PortAventura in 2011, selling a 49.9% stake to KKR in 2014, backed with <20>420m of bonds.It is now conducting a dividend recapitalisation that will refinance the existing bonds with term loan debt and pay a dividend to shareholders, looking to realise some value in the company.JP Morgan, KKR Capital Markets, BBVA, Nomura, HSBC, BNP Paribas and Credit Agricole are leading the deal, which is set to be shown to investors at a meeting on May 25, the sources said.The <20>620m seven-year term loan is guided to pay 375bp over Euribor with a 0% floor. It is rated B2/B-, the sources said.The loan will refinance a <20>150m floating rate bond and a <20>270m fixed rate bond that has non-call expiry in June, as well as pay the dividend and transaction costs, the sources said.Established in 1995, PortAventura World is a fully integrated destination resort that comprises five themed hotels, two theme parks, a water park and a convention centre located 1 hour south of Barcelona. (Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/portadventura-loans-idINL8N1IQ5IX'|'2017-05-24T13:10:00.000+03:00'
'd7a7320113bd4a7d256fda2507ed88cdd2c4953a'|'Anthem battle behind it, Cigna gives stock to 40,000 workers'|'NEW YORK Cigna Corp ( CI.N ), which recently won court approval to break off its failed deal with Anthem Inc ( ANTM.N ), on Thursday said it would give its more than 40,000 employees five Cigna shares each and expand its paid leave, as it embarks on its next phase of growth."It''s meant to be a reinforcement of all of us as owners," Cigna Chief Executive Officer David Cordani said in an interview. Cigna shares were trading near a 52-week high at about $163.24 on Thursday.Cordani said that the benefit awards, which amount to $35 million to $40 million, come as the company moves to the next phase of its growth strategy. He said the company has grown its employee base by 10 percent over the last year.Cigna, which sells commercial health insurance in the U.S. and overseas and provides U.S. government-paid plans, agreed to be bought by Anthem nearly two years ago. After the U.S. Justice Department sued to stop that deal last summer, it disagreed with Anthem on pushing forward and has spent the past year in court battles.Cigna and Anthem are still in court over the $1.8 billion break-up fee that Cigna says it is entitled to. Anthem is fighting the payout.Cigna said it plans to extend paid paternity and adoption leave to four weeks and offer up to four weeks of paid leave for employees caring for others including to support child bonding and ill family members.Cordani said Cigna also is starting a sabbatical program in which 12 employees a year can receive a paid one-to-three month fellowship and up to a $20,000 stipend to support a community work project.Cigna said that the post-Anthem path forward involves growing its existing businesses, which include government paid plans such as Medicare Advantage and drug benefits for older people, and its primary business of managing benefits for corporations both in the United States and overseas. The company also has more than 350,000 members in individual health plans. Plans that comply with the terms set out by the Affordable Care Act, often called Obamacare, account for most of those. Cordani said the company is still deciding how it will proceed regarding selling Obamacare plans in 2018. Currently, it sells those plans in seven states. Insurers are trying to design plans and price premiums for 2018, but generally say it is difficult because Republicans have vowed to repeal and replace the law but have not agreed on how to do so or how to manage the years of transition until new laws are passed. (Reporting by Caroline Humer; Editing by Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cigna-benefits-idUSKBN18L1ZS'|'2017-05-25T22:21:00.000+03:00'
'592580c07edd21ba7a2c795c3bbf4a2824701b26'|'BRIEF-Glencore makes takeover approach to Bunge - CNBC, citing DJ'|'Market News  24pm EDT BRIEF-Glencore makes takeover approach to Bunge - CNBC, citing DJ May 23 (Reuters) - * Founder said cash-strapped firm grew too quickly (Adds comments from LeEco, context) MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-glencore-makes-takeover-approach-t-idUSFWN1IP0LB'|'2017-05-24T01:24:00.000+03:00'
'813972df72b41386e2ae8872fc0e660deef20f1c'|'U.S. Justice Dept to sue Fiat Chrysler over excess emissions - sources'|'Autos - Tue May 23, 2017 - 4:44pm BST U.S. Justice Dept to sue Fiat Chrysler over excess emissions - sources A sign marks Clark Chrysler Jeep Dodge Ram dealership in Methuen, Massachusetts, U.S. January 25, 2017. REUTERS/Brian Snyder WASHINGTON The U.S. Justice Department plans to file a civil suit against Fiat Chrysler Automobiles NV ( FCHA.MI ) on Tuesday after regulators accused the Italian-American automaker of using software to allow excess emissions in 104,000 diesel vehicles, two sources briefed on the matter said. The lawsuit will label the undeclared auxiliary emissions controls "defeat devices" in 2014-2016 Fiat Chrysler vehicles, the sources said. Fiat Chrysler did not immediately comment. (Reporting by David Shepardson; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fiat-chrysler-emissions-idUKKBN18J28S'|'2017-05-23T23:25:00.000+03:00'
'895f0a46491f640e6457adae9b170132e538158f'|'German Fin Min sees deal for Greece in three weeks ''if all goes well'''|'BRUSSELS Germany''s Finance Minister Wolfgang Schaeuble expressed some confidence on Tuesday that Greece''s international creditors would overcome their differences and agree in three weeks on a deal that would release more loans to Athens.Speaking in Brussels, Schaeuble said no agreement had been reached on Monday, with the International Monetary Fund (IMF) proving to be difficult in the talks and one member state refusing to back a deal.The German government is not blocking anything, it is just sticking to the rules, Schaeuble told reporters after a meeting of euro zone finance ministers, adding that if everything goes well, a deal will be made at a June meeting.(Reporting by Tom Koerkermeier; Writing by Madeline Chambers; Editing by Michael Nienaber)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-eurozone-greece-schaeuble-idUSKBN18J1NI'|'2017-05-23T19:54:00.000+03:00'
'c9426b639b4ef10901d9022df2b1d32a264e1349'|'UPDATE 1-Regeneron, Sanofi rheumatoid arthritis drug wins U.S. approval'|'(Adds background, share price)May 22 The U.S. Food and Drug Administration approved Regeneron Pharmaceuticals Inc and Sanofi SA''s biotech drug for adults with moderate to severe rheumatoid arthritis, the two companies said on Monday.The drug, sarilumab, which will be sold under the brand name Kevzara, will carry a list price of $39,000 per year for the 200 milligram and 150 mg doses, which the companies said was about 30 percent lower than the list price for the two most widely used rival medicines in the highly competitive space.U.S. approval of the drug, seen as a key medicine for both companies looking to diversify their product portfolios, had been delayed by problems at a Sanofi manufacturing plant in France that have since been resolved.Analysts on average expect Kevzara to reach annual sales of $1 billion by 2023, according to Thomson Reuters data.The approval marks a second major regulatory victory for the two companies in recent weeks after their potential blockbuster treatment for severe atopic dermatitis, Dupixent, won U.S. approval in late March.Regeneron is looking to reduce its reliance on the macular degeneration drug Eylea, while Sanofi is under pressure to diversify in order to offset declining sales of diabetes blockbuster Lantus.About 1.3 million people in the United States alone suffer from rheumatoid arthritis. The disease category is able to support several multibillion-dollar drugs, led by AbbVie''s Humira, the world''s top selling prescription medicine.Regeneron shares closed up 2.4 percent on Monday ahead of the FDA''s approval. They rose another 0.8 percent to $462.22 in extended trading after the news become official.Sarilumab, already approved in Canada, is expected to obtain European approval in the coming months.It works by blocking a protein associated with inflammation called IL-6.Rheumatoid arthritis is a chronic inflammatory autoimmune disease in which the immune system attacks the tissues of the joints, causing inflammation, pain, joint damage and disability. (Reporting by Matthais Blamont in Paris and Bill Berkrot in New York; Editing by Andrew Hay and Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/regeneron-pharms-sanofi-fr-arthritis-idINL1N1IO1UF'|'2017-05-22T20:35:00.000+03:00'
'b60b3333bac56701944fde5f402f9116f6e1b3c7'|'Bunge touches 22-month high as consolidation talk swirls'|'CHICAGO Shares of Bunge Ltd ( BG.N ) touched a 22-month high on Wednesday, signaling investors'' hopes for consolidation in the commodities sector even after the U.S. agribusiness said it was not in M&A talks with the agricultural unit of Glencore Plc ( GLEN.L ).Bunge shares were trading slightly higher at midmorning at $81.97 after earlier touching a peak of $82.66, the highest since July 2015. Glencore shares slipped 0.1 percent to 291.75 pence.News that Glencore Agriculture Ltd, a joint venture owned by Glencore and two Canadian pension funds, had informally approached Bunge about a "possible consensual business combination" sparked Bunge''s sharpest rally in more than eight years on Tuesday.Merger expectations have been swirling around large grain traders for months following a string of poor earnings results and Bunge''s Chief Executive Officer Soren Schroder said earlier this month that the White Plains, New York-based company was prepared to take the lead in any dealmaking.Low commodity prices and a global glut of grain have squeezed core commodity trading operations, including those of Bunge and rivals Archer Daniels Midland Co ( ADM.N ), Cargill Inc [CARG.UL] and Louis Dreyfus Co [AKIRAU.UL].Glencore CEO Ivan Glasenberg said on Wednesday the company is looking to expand its agriculture business but has no plans to move into any commodities it does not already trade.Glencore Agri is one of the world''s largest suppliers of sugar, wheat and pulses such as peas and lentils. The company also trades cotton, corn, barley, sorghum, soybeans, canola and other oilseeds, edible oils and meals.Bunge''s growth strategy involves expanding into higher-margin products including natural food ingredients and specialty edible oils, bolstering its core grain milling and oilseeds processing supply chain.(Reporting by Karl Plume; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bunge-stocks-idINKBN18K2BP'|'2017-05-24T14:38:00.000+03:00'
'4a452112a33aeb2dbe90022178a0d5f5ccfc9af8'|'French jobless total drops most in eight months in April'|'Business  06pm BST French jobless total drops most in eight months in April Job seekers line up as they wait for an interview during the 8th job forum dedicated to recruiting in Nice February 14, 2013. REUTERS/Eric Gaillard PARIS France''s jobless total dropped the most in eight months in April with the number of people seeking work falling by 1 percent from the previous month, Labour Ministry data showed on Wednesday. The number of registered jobseekers in mainland France fell by 36,300 last month, bringing the total to 3,471,800. While that marked a drop of 1.3 percent over one year, it was not enough to erase a spike in March, when the total rose by 43,700. A gradual improvement in the economy is translating into stuttering recovery in the labour market with large monthly fluctuations in the number of out of work. New President Emmanuel Macron, who took office earlier this month, launched talks this week with unions and employers over labour reforms aimed at introducing more flexibility in the hope of reviving the jobs market. The INSEE official statistics office said last week that the unemployment rate fell to 9.6 percent of the workforce in the first quarter from 10.0 percent in the previous three months. (Reporting by Leigh Thomas; Editing by Richard Balmforth)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-economy-unemployment-idUKKBN18K29H'|'2017-05-25T00:06:00.000+03:00'
'f76392e764dd3eb1bad428046a827cae9d3a9664'|'Japan manufacturers'' mood slips despite economic recovery - Reuters Tankan'|'Central Banks  20am BST Japan manufacturers'' mood slips despite economic recovery - Reuters Tankan FILE PHOTO: Humanoid robots work side by side with employees in the assembly line at a factory of Glory Ltd., a manufacturer of automatic change dispensers, in Kazo, north of Tokyo, Japan, July 1, 2015. REUTERS/Issei Kato/File Photo By Tetsushi Kajimoto and Izumi Nakagawa - TOKYO TOKYO Confidence among Japanese manufacturers worsened in May for the first time in nine months after hitting a decade-high level April, a Reuters survey found, showing the guarded nature of business optimism in a nascent export-led economic recovery. The Reuters'' monthly poll - which tracks the Bank of Japan''s key quarterly tankan - showed confidence at service-sector firms hit a four-month high, a tentative sign of a pickup in domestic demand. The Reuters Tankan follows data last week that showed the economy expanded for a fifth straight quarter at the start of this year led by exports and private consumption, although sluggish wage growth weighed on households. In the poll of 527 large- and mid-sized firms, conducted between May 9-19 in which 243 responded, the sentiment index for manufacturers fell two points to 24 in May, dragged down by the food processing, precision machinery and chemicals industries. It followed a score of 26 in April, which was the highest reading since August 2007, a year before the collapse of a U.S. investment bank Lehman Brothers triggered the global financial crisis. The service-sector mood was up two points to 30 in May, the best reading since the beginning of this year, led by retailers. The sentiment index was seen unchanged at 24 for manufacturers in August, but the index was expected to fall to 22 for non-manufacturers. "We feel the economy is picking up as suggested by recovery in resources prices, but capital spending at our clients is lagging behind," a manager at a machinery manufacturer wrote in the survey. Import-dependent industries such as food processors complained about rising commodity prices and a weak yen that drive up import costs. Some exporters expressed concerns over uncertainty in the global economic outlook. While manufacturers saw business conditions holding steady in the coming three months, non-manufacturers expected them to worsen in August, a sign of uneven economic recovery. "Local areas in Japan show no sign of economic uptrend. Movement of freight is slow at local ports due to sluggish consumption," a manager of a transport firm wrote in the survey. The Bank of Japan''s last tankan out on April 3 showed big manufacturers'' business confidence improved for a second straight quarter to hit a one-and-a-half year high, and service-sector sentiment improved for the first time in six quarters. The Reuters Tankan indexes are calculated by subtracting the percentage of pessimistic respondents from optimistic ones. A negative figure means pessimists outnumber optimists. (Reporting by Tetsushi Kajimoto; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-tankan-idUKKBN18J379'|'2017-05-24T07:20:00.000+03:00'
'fa8e90bdbb563b4c3e92e982a107d0336a00611c'|'Microsoft to buy cyber security firm Hexadite for $100 million: report'|'JERUSALEM Microsoft has agreed to acquire cyber security firm Hexadite for $100 million, Israeli financial news website Calcalist reported on Wednesday.Hexadite, headquartered in Boston with its research and development center in Israel, provides technology to automate responses to cyber attacks that it says increases productivity and reduces costs for businesses.Microsoft officials declined to comment. Officials at Hexadite could not immediately be reach for comment.Investors in Hexadite include Hewlett Packard Ventures, and venture capital firms TenEleven and YL Ventures.Microsoft said in January it plans to continue to invest more than $1 billion annually on cyber security research and development in the coming years. Israel has already benefited from that investment.(Reporting by Ari Rabinovitch and Tova Cohen)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-microsoft-m-a-hexadite-idINKBN18K12K'|'2017-05-24T07:35:00.000+03:00'
'71ed19647ae3c6ebedb2eaba84d3d22323a493be'|'''Food revolution'' - megabrands turn to small start-ups for big ideas'|'  11:41am BST ''Food revolution'' - megabrands turn to small start-ups for big ideas left Products from drink manufacturer Seedlip are displayed in London, Britain May 17, 2017. REUTERS/Neil Hall 1/4 left right Ben Branson, founder of Seedlip drink manufacturer poses for a portrait in London, Britain May 17, 2017. REUTERS/Neil Hall 2/4 left right Ben Branson, founder of Seedlip drink manufacturer poses for a portrait in London, Britain May 17, 2017. REUTERS/Neil Hall 3/4 left right A product from drink manufacturer Seedlip is displayed in London, Britain May 17, 2017. REUTERS/Neil Hall 4/4 By Martinne Geller - LONDON LONDON Food and drink megabrands are seeing their sales chewed away by smaller, nimbler, cooler rivals. They can''t beat them - so now they''re joining them. Nine of the world''s biggest industry players, including Danone ( DANO.PA ), General Mills ( GIS.N ), Campbell Soup ( CPB.N ) and Kellogg ( K.N ), have launched venture capital units over the past 18 months, a Reuters analysis of the sector shows. The aim of the strategy, according to interviews with executives, is to buy into - and learn from - the kind of start-up innovation that has become their nemesis, from micro-distilled spirits and cold-pressed juices to kale chips and vegan burgers. Food and drink multinationals spend far less on R&D than their counterparts in many sectors like tech and healthcare. They have been wrongfooted over the past five years by the shifting habits of consumers who are increasingly shunning established brands in favour of small, independent names they regard as healthier, more authentic and original. This is forcing the companies to take a leaf out of Silicon Valley''s venture capital playbook - and their success or failure in harnessing promising new trends at a very early stage could help determine how well they adjust to the changing landscape, and whether they ultimately emerge as winners or losers. "It''s difficult for companies to have the persistence and to replicate the energy and the passion that these early-stage entrepreneurs have," said John Haugen, head of General Mills'' venture capital arm 301 Inc, adding innovation was extremely tough because of how quickly market trends were changing. "We''re just a year or a little more than that into these investments," he said of 301, where his team of about 15 sits down twice a month to pass around dozens of samples from start-ups. "For me it''s part of a total long-term growth strategy for our company." In the United States - the world''s biggest packaged food market - small "challenger" brands could account for 15 percent of a $464 billion (<28>357.7 billion) sector in a decade''s time compared with 5 percent now, according to Bernstein Research. The researchers point to successful upstart brands like Chobani Greek Yogurt, which they say has stolen more than half of General Mills'' market share in yogurt, and Kind Snack Bars which have taken a big bite out of Kellogg''s snack bars. ''IT''S AMAZING, THIS SWITCH'' The nine companies to recently launch venture capital arms also include Hain Celestial ( HAIN.O ), Tyson Foods ( TSN.N ) and Pernod Ricard ( PERP.PA ). Typically, their funds range in size from about $100 million to $150 million. While it is still early days for them, the experiences of the handful of food and drink firms that have had funds for several years - Nestle ( NESN.S ), Unilever ( ULVR.L ), Coca-Cola ( KO.N ), PepsiCo ( PEP.N ) and Diageo ( DGE.L ) - could offer some guide to the future. Coca-Cola, for example, has had a mixed record; its investment in Honest Tea was a success, but a fermented soda and a Japanese tea failed to take off in the United States. So far none of the companies'' venture units has delivered a blockbuster brand, but they say a link to the cutting edge is worth the effort. Diageo, the world''s biggest liquor maker, has invested in 14 start-ups through its venture capital arm Distill Ventures, spending about 30 m
'c9b83b2d4d510a15e52466328b96cce6c318afe7'|'Dollar on back foot after Fed minutes, euro resumes advance'|'Business News - Wed May 24, 2017 - 8:21pm EDT Dollar on back foot after Fed minutes, euro resumes advance left right Bank notes of different currencies, including Euro, U.S. Dollar, Turkish Lira or Brazilian Reais, are photographed in Frankfurt, Germany, in this illustration picture taken May 7, 2017. Picture taken May 7, 2017. REUTERS/Kai Pfaffenbach/Illustration 1/2 left right U.S. dollar and Euro bank notes are photographed in Frankfurt, Germany, in this illustration picture taken May 7, 2017. REUTERS/Kai Pfaffenbach/Illustration 2/2 By Shinichi Saoshiro - TOKYO TOKYO The dollar was on the defensive early on Thursday after minutes of the latest Federal Reserve policy meeting were not as hawkish as anticipated, while the euro edged back up towards a 6-1/2-month high. Fed policymakers agreed they should hold off on raising interest rates until they see evidence that a recent economic slowdown was transitory, the minutes from their last policy meeting showed on Wednesday. The minutes were seen to indicate heightened Fed caution towards interest rate hikes and took the wind out an earlier bounce by the dollar, which had been plagued recently by U.S. political concerns centred on President Donald Trump. The dollar was little changed at 111.570 yen JPY= , pushed away from a one-week high of 112.130 scaled the previous day. The euro, which went as low as $1.1168 overnight, was 0.1 percent higher at $1.1230 EUR= , making its way back towards the 6-1/2-month peak of $1.1268 touched on Tuesday. The common currency has enjoyed a bull run this month on factors including an ebb in French political concerns and upbeat euro zone data. "The euro is resuming its advance with the dollar sagging on the Fed''s minutes. It has the momentum to surpass the $1.1300 mark and we could see the rise continue towards $1.1500," said Daisuke Karakama, market economist at Mizuho Bank. "That said, the market is low on incentives after the Fed minutes'' release. We have to wait until the U.S. non-farm payrolls report for the next big event, with dealers keeping an eye on any irregular Trump-related news headlines in the meantime." The dollar index against a basket of major currencies .DXY. was down 0.3 percent at 96.983. The Canadian dollar stood near a one-month high against the greenback after the Bank of Canada was more upbeat about the economy than some investors expected. The central bank held interest rates steady on Wednesday as expected, but noted strong spending by Canadians along with a housing boom and job growth. The Canadian dollar was at C$1.3413 per dollar CAD=D4 after touching C$1.3405 overnight, its strongest since April 19. Stronger crude oil prices have also supported the loonie this week. The Australian dollar was little changed at $0.7500 AUD=D4 . The Aussie fell to $0.7443 on Wednesday after rating agency Moody''s downgraded China, but it managed to bounce back as the dollar sagged broadly. The Australian dollar is often used as a liquid proxy for China-related trades. (Reporting by Shinichi Saoshiro; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-forex-idUSKBN18L01Y'|'2017-05-25T08:21:00.000+03:00'
'f1920b9f8351fce50133ee0cd9d3cd2c22e29f44'|'EU, U.S. agree to work on increasing trade cooperation - Commission'|'Business News   11:49am BST EU, U.S. agree to work on increasing trade cooperation - Commission U.S. President Donald Trump (L) leads European Commission President Jean-Claude Juncker (R) and the President of the European Council Donald Tusk at the European Union headquarters in Brussels, Belgium, May 25, 2017. REUTERS/Jonathan Ernst BRUSSELS The European Union and the United States have agreed to start work on a plan to increase trade cooperation, a European Commission spokeswoman said on Thursday. "As far as the Commission is concerned, President Juncker insisted on intensifying trade cooperation which is a win-win situation for both sides," the spokeswoman said after U.S. President Donald Trump met European Commission President Jean-Claude Juncker and European Council President Donald Tusk."In this context it was agreed to start work on a joint action plan on trade," she said. Tusk said in a televised statement after the meeting with Trump that trade was one of the issues that remained "open". Talks toward a planned EU-U.S. free trade agreement have been put on hold since Trump''s election victory on a more protectionist platform last November. (Reporting by Alastair Macdonald, writing by Philip Blenkinsop, editing by Robert-Jan Bartunek)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-trump-eu-trade-idUKKBN18L1AU'|'2017-05-25T18:33:00.000+03:00'
'8ec59f40a86c23cd54c2e1755c2cb5f1f2743d71'|'Lack of new launches leaves Ford playing catchup with GM'|'Top News - Thu May 25, 2017 - 6:29am BST Lack of new launches leaves Ford playing catchup with GM left right Newly named Ford Motor Company president and CEO James Hackett answers questions from the media during a press conference at Ford Motor World Headquarters in Dearborn, Michigan, U.S., May 22, 2017. REUTERS/Rebecca Cook 1/2 left right FILE PHOTO: The logo of Ford is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 8, 2017. REUTERS/Arnd Wiegmann/File Photo 2/2 By Paul Lienert - DETROIT DETROIT James Hackett spent the last year plotting Ford Motor Co''s long-term self-driving car strategy. In his first week as chief executive, he has more immediate concerns: stopping a skid in North American sales and fending off a market share grab by resurgent archrival General Motors Co. The U.S. No. 2 automaker is stuck in a product drought that shows no signs of easing until 2019, according to two sources who track Detroit''s launch plans. Given the auto industry''s long product cycles, it is not clear what Hackett can do immediately to get Ford out of its predicament, which can be traced back to decisions by former CEOs. Hackett was tapped to run the company''s autonomous car and ride-sharing unit a year ago. On Monday he unexpectedly found himself at the helm of the whole company as Ford axed CEO Mark Fields. He now has to face up to a void of new vehicles, partly caused by former CEO Alan Mulally, who focused much of the company''s resources on an expensive 2014 redesign of Ford''s crown jewel, the F-Series pickup. That safeguarded America''s longtime best-selling vehicle, but it prevented Ford from developing other hits. Given that it typically takes three to four years for a new or redesigned vehicle to get into production, the full effect of Mulally''s narrow focus is now being felt. Mulally also gambled heavily on making an expensive shift to aluminium from steel to lighten up trucks and make them more fuel efficient, a bet that looks questionable in retrospect, as gas prices have remained far lower than anyone expected. If Fields had immediately started pulling forward product launches when he took over from Mulally in July 2014, the first of those would likely reach the market in the autumn of 2018 at the earliest. As it is, Ford must wait until early 2019 for its first big slug of new models to hit showrooms. There is not much Hackett can do about that. Any product moves he makes today would not likely show up in the market before 2021. "Ford needs to move faster," said RBC auto analyst Joseph Spak. Hackett, only three days into his new job, has not yet laid out his plans for Ford publicly. Ford spokesman Michael Levine side-stepped questions of a short-term product drought. "We''re bullish on our strong pipeline of all-new cars, trucks and SUVs coming in the next five years," he told Reuters. "What''s more, the vehicles that we are launching ... will continue to deliver high transaction prices and good business." For a graphic on Ford and GM spending, click here PROFIT PER VEHICLE For much of the past decade, Ford has benefited from management and marketing problems at GM, including GM''s 2009 bankruptcy and a safety scandal that hobbled the company in 2014. Now, however, Ford confronts a crosstown rival largely free of debt and focused on grabbing market share from Ford, particularly in the truck and SUV segments which account for most of both companies'' profits. GM, the No. 1 U.S. automaker, is in the midst of a prolific four-year patch of new vehicle launches, many approved by Mary Barra, the company''s former head of global product development who was named CEO in January 2014. In hindsight, GM benefited from its bankruptcy, as it emerged essentially debt-free and able to spend more on new products. Ford did not seek bankruptcy during last decade''s auto industry crisis, and instead borrowed heavily to survive it, leaving it short on cash to invest in new vehicles. That resu
'a0f4b5841cc14e5fecbe0c39700ea88253b57d06'|'EMERGING MARKETS-Cautious Fed, weaker dollar lift emerging stocks, FX'|'LONDON May 25 A dovish Fed and a dollar retreat boosted emerging markets on Thursday, with stocks approaching two-year highs and the yuan scaling a two-month peak a day after a credit ratings downgrade.The dollar and Treasury yields were driven down by minutes from the Fed''s last meeting, which showed policymakers agreed on holding off on raising interest rates until it became clear that a recent U.S. economic slowdown was temporary.A rate rise is still expected in June but markets now appear more relaxed about successive rate rises, lifting MSCI''s emerging equity index 1 percent to one-week highs after robust gains in Asia."The mood in emerging markets seems to be positive and is taking its cue from the Fed minutes last night," said William Jackson, senior EM economist at Capital Economics."We got some more details on the plans to normalise balance sheets (from the Fed), and that suggested that it might be more gradual than anticipated."Most emerging currencies also firmed, with the yuan up 0.2 percent to its strongest level since end-March after Chinese state-owned banks sold dollars, traders said, in what was seen as a show of strength by authorities after Moody''s cut the country''s rating a notch on Wednesday.The downgrade did not seem to have dented appetite for Chinese risk, with state-run ChemChina taking $5 billion in orders for its $600 million bond, which was placed with a yield 30 basis points tighter than initial guidance."The downgrade did not reveal much that investors did not know, they have a large pile of debt ... Any effect of the downgrade would very likely be only temporary," said Jackson.Russia''s rouble strengthened 0.5 percent, touching a fresh one-month high despite oil prices softening ahead of an OPEC meeting that is expected to extend production cuts into 2018 in an attempt to tackle a global glut that has depressed markets for almost three years.South Africa''s rand extended gains to flirt with a two-month high ahead of a central bank rate decision later in the day. The bank, which kept rates on hold the whole of 2016, is expected to stay put again, though it says it has reached the end of a tightening cycle that began in 2014.For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5For CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see)Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chgon yearMorgan Stanley Emrg Mkt Indx 1013.42 +8.39 +0.83 +17.53Czech Rep 1013.70 +2.97 +0.29 +9.99Poland 2346.50 +21.51 +0.93 +20.46Hungary 34128.16 -123.05 -0.36 +6.64Romania 8576.69 +27.63 +0.32 +21.05Greece 759.43 -6.60 -0.86 +17.99Russia 1093.44 +5.85 +0.54 -5.11South Africa 47710.28 -111.84 -0.23 +8.67Turkey 97710.07 -603.70 -0.61 +25.05China 3107.87 +43.80 +1.43 +0.14India 30622.49 +320.85 +1.06 +15.01Currencies Latest Prev Local Localclose currency currency% change % changein 2017Czech Rep 26.43 26.45 +0.08 +2.18Poland 4.18 4.18 -0.06 +5.38Hungary 307.97 307.59 -0.12 +0.28Romania 4.55 4.55 +0.01 -0.29Serbia 122.64 122.62 -0.02 +0.58Russia 56.14 56.46 +0.58 +9.13Kazakhstan 310.70 311.33 +0.20 +7.39Ukraine 26.27 26.26 -0.06 +2.78South Africa 12.92 12.89 -0.19 +6.31Kenya 103.20 103.20 +0.00 -0.80Israel 3.58 3.58 +0.11 +7.62Turkey 3.56 3.56 +0.01 -0.91China 6.87 6.89 +0.30 +1.09India 64.55 64.75 +0.31 +5.26Brazil 3.28 3.28 +0.07 -0.67Mexico 18.39 18.44 +0.25 +12.64Debt Index Strip Spd Chg %Rtn IndexSov''gn Debt EMBIG 320 1 .08 7 85.91 1All data taken from Reuters at 08:57 GMT. Currency percent change calculated from the daily U.S. close at 2130 GMT. (additional reporting by Karin Strohecker; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL8N1IR1LL'|'2017-05-25T17:20:00.000+03:00'
'e3e9207175e899f004929168455660f98ba06c23'|'Exclusive: Bankrupt Westinghouse ends pensions for ex-CEOs, executives'|'Business News - Thu May 25, 2017 - 12:36pm EDT Exclusive: Bankrupt Westinghouse ends pensions for ex-CEOs, executives The Vogtle Unit 3, being constructed by primary contactor Westinghouse, a business unit of Toshiba, near Waynesboro, Georgia, U.S. is seen in an aerial photo taken March 2017. Georgia Power/Handout via REUTERS By Tom Hals - WILMINGTON, Del WILMINGTON, Del Bankrupt Westinghouse Electric Co LLC, the U.S. nuclear technology firm owned by Toshiba Corp ( 6502.T ), has stopped making pension payments to former executives, according to a letter seen by Reuters, removing a benefit that has helped the company retain top talent. The move comes as the company scrambles for cash and works to extract itself from two U.S. power plant projects, the first new nuclear plants in three decades, which are years behind schedule and billions of dollars over budget. Westinghouse notified former senior managers that the company will no longer make payments under the Executive Pension Plan, according to an April letter seen by Reuters. Westinghouse spokeswoman Sarah Cassella said in a statement that in Chapter 11 bankruptcy, the company is not permitted to make pension payments to retired executives because it is a non-qualified plan. Unlike "qualified" plans for rank-and-file workers that are funded from money set aside in a trust, Westinghouse''s executives receive their payments from the company''s ongoing operations. The pension was considered a major perk. Steve Tritch, who was CEO of Westinghouse from 2002 to 2008 and is among those who lost their pension payments, told Reuters the company may struggle to keep top talent without the plan in place. Many employees "resisted opportunities from outside the company because they were counting on those pensions," he said. The plan covers around 75 former managers, according to a court filing by Ronald Gellert, a Delaware lawyer who was hired to represent the plan participants. It includes retired senior vice presidents, directors, regional presidents and at least two former chief executives, Aris Candris and Tritch. Gellert declined to comment. Westinghouse filed for bankruptcy and has said it cannot afford to finish construction of the Plant Vogtle nuclear project in Georgia or the V.C. Summer project in South Carolina. The plants were the first in the United States to use Westinghouse''s innovative AP1000 design, but construction has been dogged by missteps, litigation and regulatory hurdles. Westinghouse has warned in court filings that its workforce is highly specialized and the loss of employees could complicate relationships with government agencies and customers, and could jeopardize its reorganization. "Westinghouse is very focused on retaining our talented employees during this time and our training and development programs continue," said Cassella, the Westinghouse spokeswoman. Under the pension plan, the amount each former executive received was based on service with the company and final salary, according to three former executives, who asked not to be identified because they may pursue Westinghouse in court. The three former executives told Reuters the plan also allowed them to defer compensation and take that money as part of their pension, which helped reduce taxes. The former executives who deferred compensation are losing their pension as well as money they could have received when they were still working, according to these former executives. (Reporting by Tom Hals in Wilmington, Delaware; Editing by Noeleen Walder and Nick Zieminski) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-toshiba-accounting-westinghouse-pensi-idUSKBN18L2AF'|'2017-05-26T00:23:00.000+03:00'
'401d972af788f79e0ae979b48aa1d887fd4a7dd4'|'Singapore first-quarter GDP shrinks 1.3 percent q/q annualised vs -1.9 percent initial estimate'|'SINGAPORE Singapore''s economy contracted less than initially estimated in the first quarter thanks to solid growth in manufacturing, government data showed on Thursday.The city-state''s export-reliant economy shrank 1.3 percent in the January-March period from the previous three months on an annualised and seasonally adjusted basis, the Ministry of Trade and Industry said.That compared with the government''s initial estimate in April of a 1.9 percent contraction and the median forecast of 1.0 percent contraction in a Reuters survey.Gross domestic product grew 2.7 percent in the first quarter from a year earlier, up from the advance estimate of 2.5 percent expansion and matching the Reuters poll.The trade-reliant economy is expected to grow 1.0 to 3.0 percent in 2017, the Ministry of Trade and Industry said, keeping its forecast unchanged.(Reporting by Fathin Ungku and Masayuki Kitano; Editing by Shri Navaratnam)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/singapore-economy-gdp-idINKBN18L01I'|'2017-05-24T22:15:00.000+03:00'
'b0305c8ed1b7b87f5ee4e473491034cb49f9dd52'|'China''s Lenovo returns to profit as PC performance beats overall market'|'Asia - Thu May 25, 2017 - 12:45pm IST China''s Lenovo returns to profit as PC performance beats overall market A Lenovo logo is seen at the computer in Kiev, Ukraine April 21, 2016. REUTERS/Gleb Garanich/File Photo By Sijia Jiang - HONG KONG HONG KONG China''s Lenovo Group Ltd ( 0992.HK ), the world''s largest personal computer (PC) maker, on Thursday said it returned to profit in a year when its PC shipments fell at a slower rate than the overall market as consumer demand continued its downward trend. Profit reached $535 million in the year to March, reversing a loss of $128 million a year prior and missing the $569 million average of 24 analyst estimates in a Thomson Reuters Poll. Revenue fell 4 percent to $43 billion. The result comes as Lenovo navigates a PC market that has shrunk markedly since the advent of smartphones and tablet computers. According to researcher Gartner, global PC shipments fell for the 10th consecutive quarter in January-March, and dipped below 63 million units for the first time since 2007. At Lenovo, annual shipments fell 1 percent versus a market fall of 3 percent, with market share rising 0.4 percentage point to a record 21.4 percent. Revenue in its PC and smart devices unit - which makes up 70 percent of the total - fell 2 percent. The company blamed the decline in results on transitions in its smartphone and data center businesses, as well as a difficult macro environment and component supply constraints in the second half of the year. "Despite market conditions that will remain challenging in the short term, the Group exited the year with stronger organization allowing for sharper customer focus and more compelling product portfolio across all our business," Chairman and Chief Executive Officer Yang Yuanqing said in a filing. MOBILE LOSS PC competition took a step up this week when China''s largest mobile phone maker, Huawei Technologies Co Ltd [HWT.UL], said it would enter the market for premium consumer models. Lenovo also competes with Huawei in mobile, which accounts for 18 percent of revenue. The unit''s loss widened to $566 million from $469 million a year prior, though Lenovo said it had strong growth in Latin America and Western Europe. The company''s smaller data center business, which includes servers and enterprise services, booked a loss of $343 million. Yang said Lenovo''s core PC business remained solid, transformation for its mobile business was on track, and it is accelerating efforts to improve its data center business. For the three months through March, profit fell 41 percent to $107 million on revenue that rose 5 percent to $9.58 billion. (This story has been refiled to correct to show annual profit missed, not beat, estimates in the second paragraph) (Reporting by Sijia Jiang; Editing by Christopher Cushing)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-lenovo-group-results-idINKBN18L0DT'|'2017-05-25T14:28:00.000+03:00'
'75c614a3d8b151148d582b1d2ac446fbf8473f82'|'Epiris to keep focus on UK assets after Electra split'|'By Dasha Afanasieva - LONDON LONDON May 25 Electra''s departing management team will pursue an investment strategy which focuses on assets in Britain when it splits from the listed private equity fund next month."We have a pipeline of interesting opportunities which pick up where we left off," Alex Fortescue, Managing Partner of the new management venture Epiris, told Reuters on Thursday.Fortescue did not mention specific assets, but said that the volatility created by Britain''s decision to leave the European Union, which has created uncertainty for businesses and called into doubt UK-only strategies, could create opportunities.Despite initial fears that Brexit would deter deal making, merger and acquisition activity has avoided a collapse and with cheap debt and an influx of foreign capital, private equity firms have enjoyed higher exit multiples.Fortescue declined to comment on fundraising by Epiris, which sources have said has raised 500 million pounds ($649 million) for its own fund which was launched in early 2017 with a target of between 800 million pounds and 1 billion pounds.The splitting of the management team from Electra, which owns the British arm of restaurant chain TGI Fridays, was prompted by a long and bitter campaign by activist investor Edward Bramson to join the listed company''s board.Electra, one of Britain''s oldest private equity firms, reported its net asset value had risen to 5,544 pence per share at the end of March this year, from 5,149 pence, although at a lower rate than the year before.The fund also declared a second special dividend of 914 pence per share when it posted its six month results, during which time it has sold a string of assets.In recent weeks it has also sold investment property portfolio Pine Unit Trust and Treetops Nurseries.Epiris will hand over responsibility for managing Electra''s remaining assets, including Britain''s TGI Fridays and Photobox, to the fund next month. ($1 = 0.7701 pounds) (Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/electra-pvt-eqty-results-idINL8N1IR1FV'|'2017-05-25T07:13:00.000+03:00'
'e7fdd0b81aa03155b3ecfd02f766dcba44d58f81'|'World steel output jumps 5 percent in April'|'Business News - Tue May 23, 2017 - 3:04pm BST World steel output jumps 5 percent in April FILE PHOTO: Sheet steel rolls are seen at a production facility of Austrian specialty steel maker Voestalpine in Linz, Austria September 7, 2016. REUTERS/Heinz-Peter Bader/File Photo LONDON Global output of steel, a gauge of economic health, jumped 5 percent in April, extending a surge seen in the first quarter, industry data showed on Tuesday. The data pointed to a rebound in demand but also prompted concerns about oversupply. Producers in the world''s second largest industry after oil churned out 142 million tonnes of crude steel in April versus 135 million tonnes a year ago, according to the World Steel Association (Worldsteel). Output in China, which accounts for half of global steel production and a quarter of global steel exports, rose 4.9 percent to 72.8 million tonnes, said Worldsteel, whose members jointly account for 85 percent of global steel production. "The data (does) indicate steel demand is improving globally after the downturn, but in Europe we''ve seen price sentiment weaken quite a lot, in the U.S. its a bit mixed and our contacts are expecting Chinese demand to soften, so there is potential for supply to start outweighing demand," said Jeremy Platt, analyst at UK-based steel consultancy MEPS. In January-March global steel production rose 5.7 percent from a year earlier. Platt said that while steel prices could fall as a result of rising production, they will not sink near the 12-year lows hit in December 2015. Still, industry participants are nervous given the troubles Chinese authorities are having in trimming down bloated, smokestack industries like steel, as output continues to surge despite moves to cut back excess capacity. China, which accounts for nearly half the 760 million tonnes of spare global capacity, is well on its way to meeting a target to slash 50 million tonnes of capacity this year, on top of the 65 million tonnes cut last year. But many of the plants closed last year were already idled, hence the limited impact of the closures on steel production. (Reporting by Maytaal Angel; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-steel-output-global-idUKKBN18J215'|'2017-05-23T22:04:00.000+03:00'
'7721088e9a9e5299547de5767ea777b0397a4a68'|'Euro zone business kept up fast pace in May - PMI'|'Business  07am BST Euro zone business kept up fast pace in May - PMI FILE PHOTO: A waiter serves outdoor tables at a restaurant in downtown Madrid, Spain, November 26, 2015. REUTERS/Susana Vera By Jonathan Cable - LONDON LONDON May 23 Businesses across the euro zone maintained April''s blistering growth rate this month as firms struggled to meet growing demand, suggesting the bloc''s economic momentum is being sustained, a survey showed. IHS Markit''s Flash Composite Purchasing Managers'' Index for May, seen as a good guide to growth, matched the previous month''s 56.8, its highest since April 2011. A reading above 50 indicates growth. That confounded the median expectation in a Reuters poll for a dip to 56.6. "It''s a very good result and it''s broad based. We''ve got a good pace of growth here. The fact we have maintained this high level in May is great news for second quarter GDP," said Chris Williamson, chief business economist at IHS Markit. Williamson said the PMI pointed to second quarter GDP growth of 0.7 percent, much faster than the 0.4 percent predicted in a Reuters poll last week. Official flash data said the bloc''s economy grew 0.5 percent in the first quarter. Buoyant demand meant firms built up backlogs of work at the second fastest rate in over six years. The sub-index rose to 53.3 from 53.0. Factories across the currency union had a much better May then predicted. A Reuters poll said the manufacturing PMI would fall to 56.5 but it instead climbed to 57.0 from 56.7, its highest since April 2011. An index measuring output, which feeds into the composite PMI, rose to 58.4 from 57.9, also the highest since April 2011. Demonstrating their confidence about the months ahead, factories increased headcount at the fastest rate in the 20-year history of the survey. The employment index was 56.2, up from April''s 55.5. "It''s by no means suggesting you are going to see any serious slowdown from here," Williamson said. Growth in the bloc''s dominant service industry decelerated slightly this month, its PMI showed, dipping to 56.2 from 56.4 and missing forecasts in a Reuters poll for no change. But last month''s final reading was the highest since April 2011 and suggesting firms expect growth to continue, the business expectations index bounced to 68.1 from 67.2, its highest since early 2011. (Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-economy-pmi-idUKKBN18J0X4'|'2017-05-23T16:07:00.000+03:00'
'2bce0eff79a5e9fe65ef65331506aaeaef272d50'|'ISS recommends CSX shareholders vote for $84 mln CEO reimbursement'|'NEW YORK May 22 Institutional Shareholder Services (ISS) has recommended that owners of CSX Corp. stock vote in favor of an $84 million payment related to the appointment of new CEO Hunter Harrison.The recommendation is a boon for activist hedge fund Mantle Ridge, which is trying to convince shareholders to agree to the payment. Mantle Ridge fronted the $84 million payment to extract Harrison early from his previous employer, fellow rail company Canadian Pacific Railway. Harrison has said he will resign from CSX if shareholders fail to approve the reimbursement. (Reporting by Michael Flaherty; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/csx-harrison-idINL1N1IP02R'|'2017-05-22T23:18:00.000+03:00'
'0b3a35af759952cdedeef4dacca24e6cbbb8f6e1'|'UBS to buy stake in Brazil''s Consenso in LatAm expansion push'|'ZURICH UBS ( UBSG.S ) has agreed to buy a majority stake in Brazil''s Consenso, its first purchase in Latin America in four years as the world''s biggest wealth manager looks to grow its business in the region''s largest economy.Sao Paulo-based Consenso, a wealth management and multi-family office, manages around 20 billion reals ($6.13 billion) in assets. UBS, with more than $2 trillion in invested assets, will acquire a significant stake, it said without giving specifics."This transaction will allow UBS to accelerate its expansion in Brazil and demonstrates our longstanding commitment to growing our wealth management business in this key market," UBS''s head of wealth management for LatAm, Alejandro Velez, said in a statement on Tuesday.The pair will combine their operations in Brazil in a business to be run by UBS executives and Consenso''s founding partners. UBS has roughly 8 billion reals in assets under management in Brazil.They expect the deal, the price of which was not disclosed, to close in the beginning of the third quarter.The acquisition is UBS''s first in the region since it acquired Link Investimentos in Brazil in 2013, a deal it agreed in 2010 and which had heralded the Swiss bank''s return to the Brazilian market.It comes on the back of a challenging period for UBS in LatAm, which included a leadership change, the departures of key bankers in Mexico and billions in withdrawals in 2016 by clients participating in tax amnesty programs.The situation improved somewhat in the first quarter of 2017 with net new money in UBS''s emerging markets division, which includes LatAm, totaling 2.1 billion Swiss francs ($2.16 billion).Private financial wealth in LatAm is seen rising to more than $7 trillion in 2020 from $4.8 trillion in 2015, according to a study by Boston Consulting Group.(Reporting by Joshua Franklin and John Revill, Editing by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ubs-group-m-a-brazil-consenso-idINKBN18J294'|'2017-05-23T13:30:00.000+03:00'
'6da22387cf0faf620c86b1b62d13118adbbb6bfb'|'UPDATE 1-Ryanair says wants to take Alitalia routes, not buy airline'|'Bonds News  29pm EDT UPDATE 1-Ryanair says wants to take Alitalia routes, not buy airline * Ryanair could deploy 20 planes in Italy at short notice * Deployment could rise to 30 planes * Several rivals have declared interest in routes, not Alitalia (Adds quotes, background) By Julia Fioretti BRUSSELS, May 23 Irish airline Ryanair is ready to deploy up to 30 planes in Italy to replace capacity lost if Alitalia collapses or is restructured but does not want to buy the struggling Italian carrier, Chief Executive Michael O''Leary said on Tuesday. Ryanair''s view mirrors the stance of rival easyJet and British Airways owner International Airlines Group (IAG), which have both said they are interested in replacing Alitalia capacity but say they do not want to buy the airline. Alitalia has filed for bankruptcy protection and a commissioner was appointed to review its future and determine whether it can continue under a new business model. The commissioner, Luigi Gubitosi, has said that Alitalia''s long-haul traffic is doing well and that selling the airline in one block would be the preferred option. Asked at a Brussels news conference whether Ryanair would be interested in buying Alitalia, O''Leary replied with an unequivocal "no", adding that his company had submitted an expression of interest only because it wants to "participate in the process". Ryanair is instead preparing to deploy up to 20 aircraft initially over a two-week period this summer if Alitalia cuts capacity significantly. "We''ve written to the Italian government and we''ve said ''look, if something untoward happens, don''t worry, we will step into the breach''," O''Leary said. The planes will be found by tweaking schedules and extending leases, he said, adding that the potential deployment could increase up to 30 planes over the next 12 months. Ryanair might take "a couple of additional deliveries" from Boeing over the next 18 months, he said. Last week easyJet Chief Executive Carolyn McCall said that she had no interest in buying Alitalia, adding to rejections from the heads of IAG, Lufthansa, Air France-KLM and Norwegian Air Shuttle. Any short-haul capacity cut by Alitalia would lead to "opportunities for easyJet," she told analysts after the airline reported first-half results, adding that Rome and northern Italy would be of particular interest. Willie Walsh, head of IAG - which also owns Iberia, Vueling and Aer Lingus - said this month that the group''s airlines, in particular Vueling, could speed its growth in Italy, depending on what happened with Alitalia. Italy is one of Europe''s largest travel markets and a big tourist destination, but short-haul routes are dominated by low-cost carriers such as Ryanair and easyJet. Ryanair now has a 28 percent share of capacity from Italy to western Europe, against 12 percent for easyJet. (Writing by Conor Humphries and Victoria Bryan; Editing by Susan Thomas and David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ryanair-italy-idUSL8N1IP68U'|'2017-05-24T02:29:00.000+03:00'
'5f35228423be772854ceeb11daaec69d43a20f0c'|'RPT-Commodity traders, banks face hard realities with game-changing blockchain'|'(Repeats Monday item)* Commodities trade still relies on paper mountain* Tests underway to adopt blockchain technology* Moving into digital age could save billions* But business remains secretive and jobs at stakeBy Eric OnstadLONDON, May 22 Alistair Cross was flying high after showing in a pilot project how blockchain - the technology first developed for the crypto-currency bitcoin - could transform the old-fashioned and secretive world of commodity trading.But since the pilot ran early this year, Cross and his rivals have hit some hard realities as they try to propel their industry into the digital age at last.Word spread fast through the business when Mercuria, the Swiss-based commodities house where Cross is head of operations, successfully tested an oil trade. "The number of phone calls I''ve had from people in the last month once they heard we had done this has been incredible," he told Reuters.Cross and many others in the sector are excited about the possibility of saving billions of dollars a year in commodities trading by scrapping millions of paper documents and moving to a digital equivalent with blockchain.FACTBOX: Who''s doing what with blockchain in commodities:But adopting some form of blockchain, which in the case of bitcoin allows for transactions through a peer-to-peer computer network, with no need for middlemen, wouldn''t be universally welcomed. Many in the conservative commodity business shrink from the thought of losing discretion in their dealings, as well as jobs and perhaps even their business if the technology succeeds disrupting the status quo.After a series of upbeat announcements from Mercuria and others about successful pilots and "proofs of concept", Cross and rivals have found that translating enthusiasm into a broad-based roll-out of the technology is proving difficult.Even if problems in the blockchain technology are ironed out, the sector has to hammer out common legal standards, ensure there are links between different dealing platforms and persuade scattered elements of the supply chain - from commodity producers and brokers to traders and consumers - to co-operate.For Cross, the fear is that a profusion of systems will emerge. "There''s got to be consolidation in all this because if everyone comes up with their own offering it will be too burdensome, it will kill itself," he said.VAULT FROM PAPER TO BLOCKCHAINLong after stock, currency and bond trading moved to electronic systems, the business of buying and selling commodities is largely stuck in an era of paper and fax machines."When you start to think about some of the (possible) efficiencies in that environment, it''s astronomical," said Guy Halford-Thompson, CEO of BTL Group, a technology firm that is running a blockchain pilot with European energy companies.Whether it is trading oil, copper or wheat, participants currently grapple with a mountain of documents including letters of credit, bills of lading and inventory receipts.For instance, more than 4.5 million letters of credit were issued in 2015, accounting for over $2 trillion of global trade, according to HSBC. Blockchain has the potential to eliminate all this kind of paper and much more.Shaving only part of the costs from such a huge volume of trade could amount to billions of dollars in gains for firms across the supply chain.Mercuria has estimated that costs in terms of payments could slide by 30 percent by using the technology.Eager to turn the concept into reality, HSBC completed a test run last year along with Bank of America Merrill Lynch and the Infocomm Development Authority of Singapore, proving that a letter of credit could be replicated on a distributed ledger.The test, while successful, also revealed the tough road ahead. "We learned that it could be done, but there were quite a few restrictions with the technology itself... particularly around the scalability and security," said Vivek Ramachandran, global head of product for HSBC''s t
'bd9f12495ae1e54ed64b637c91414552684a03fc'|'Ebix to invest $120 mln for stake in Indian digital payment provider ItzCash'|'Market News   8:45am EDT Ebix to invest $120 mln for stake in Indian digital payment provider ItzCash By Aditya Kalra - NEW DELHI NEW DELHI May 24 U.S.-based software firm Ebix Inc will pay 8 billion rupees ($120 million) for a majority stake in Indian payment provider ItzCash, the companies said on Wednesday, the latest foreign investment in India''s booming digital payments market. The deal, which values ItzCash at $150 million, comes as digital payments gain traction in India after the government late last year scrapped old high-value currency notes and started promoting non-cash payment modes. Japan''s SoftBank last week invested $1.4 billion in the parent of India''s Paytm, which along with MobiKwik competes with ItzCash in the digital wallets business. ItzCash also offers remittance services, point-of-sale machines and allows customers to use cash to facilitate digital transactions at retail outlets. Ebix will acquire an 80 percent stake in ItzCash. ItzCash''s existing investors - Matrix Partners, Lightspeed Venture and Intel Capital - will exit the company, ItzCash Chief Growth Officer Bhavik Vasa told Reuters. The remaining 20 percent stake in ItzCash will be held by the company''s backers, India''s Essel Group. Of the $120 million, Ebix has paid $76 million upfront, with the rest payable over three years. "Other than payments and money transfers, we will deepen our strength in providing insurance, investment products and loans to consumers and businesses," Vasa said. "These are the growth areas." ItzCash will look at replicating its model in other emerging markets, as well as tap Ebix''s distribution channels to explore markets such as Australia and Brazil, it said in a statement. Paytm says it has more than 220 million clients using its e-wallet. ItzCash does not disclose a separate number for its e-wallets users, but says it has more than 75 million accounts overall. Digital payments are seen as a growing opportunity in India as smartphone and Internet use rises, even though millions of people, especially in rural areas, lack access to such services. Private players such as Paytm and ItzCash also face major competition from state-backed digital tools, which are luring users with facilities such as inter-bank transfers and payment services that can be used with a fingerprint. ($1 = 64.8 Indian rupees) (Reporting by Aditya Kalra)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-itzcash-idUSL4N1IQ3UR'|'2017-05-24T20:45:00.000+03:00'
'60fff5ff0187d8f78ba204868b85274e8261cc32'|'BRIEF-Maersk Drilling extends drillship contract with ExxonMobil'|'  5:13am EDT BRIEF-Maersk Drilling extends drillship contract with ExxonMobil May 24 A.P. MOLLER-MAERSK * SAYS MAERSK DRILLING AWARDED EXTENSION FOR DRILLSHIP MAERSK VIKING BY OIL MAJOR EXXONMOBIL * THE ESTIMATED VALUE OF THE CONTRACT EXTENSION IS $22.5 MLN, WITH A DURATION OF 150 DAYS * MAERSK VIKING WILL NOW BE IN OPERATION FOR UNTIL DECEMBER 2017 * "IT IS EVIDENT THAT WE ARE NOW LOOKING AT A DAY RATE MUCH LOWER THAN THE ORIGINAL CONTRACT, REFLECTING THE CURRENT MARKET SITUATION," SAYS VICE PRESIDENT AND HEAD OF GLOBAL SALES IN MAERSK DRILLING, MICHAEL REIMER MORTENSEN * "HOWEVER, MAERSK DRILLING HAS SIGNIFICANTLY LOWERED COST LEVELS ACROSS THE FLEET IN THE PAST YEARS, ENABLING US TO OPERATE JUST AS EFFICIENTLY IN THIS NEW ENVIRONMENT" FURTHER COMPANY COVERAGE: (Reporting by Stine Jacobsen)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-maersk-drilling-extends-drillship-idUSFWN1IQ0CH'|'2017-05-24T17:13:00.000+03:00'
'383ac558ff76e426e67840aa9a5e2d24a266bd17'|'J&J settles drug manufacturing probe by U.S. states for $33 million'|'Business  35pm EDT J&J settles drug manufacturing probe by U.S. states for $33 million A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake By Nate Raymond Johnson & Johnson has agreed to pay $33 million to resolve charges by most U.S. states that it misrepresented the manufacturing practices behind Tylenol, Motrin, Benadryl and other over-the-counter drugs that were eventually recalled. The settlement, announced by attorneys general for 42 states and the District of Columbia, resolves claims related to several products, including children''s medicines, that were voluntarily recalled from 2009 to 2011. The list includes St. Joseph Aspirin, Sudafed, Pepcid, Mylanta, Rolaids, Zyrtec, and Zyrtec Eye Drops, the Illinois attorney general said in a news release. The company''s Johnson & Johnson Consumer Inc unit must also ensure that its marketing and promotional practices do not unlawfully promote over-the-counter drug products, the attorneys general said. The accord followed a string of recalls of millions of packages of drugs made by J&J''s McNeil-PPC Inc unit, now part of Johnson & Johnson Consumer, over faulty manufacturing. According to the state attorneys general, McNeil put on the market batches of drugs that failed to comply with federal standards and were deemed adulterated as a matter of federal law. They claimed that McNeil misrepresented its compliance federal manufacturing rules and the quality of its over-the-counter drugs. "Johnson & Johnson''s disregard for proper manufacturing practices of children''s medications was unacceptable," Illinois Attorney General Lisa Madigan said in a statement. In a statement, J&J said that its "recalls were precautionary and not undertaken on the basis of any health or safety risks to consumers, and we remain committed to providing consumers with safe and effective over-the-counter medicines." J&J''s McNeil unit previously in 2015 pleaded guilty to selling liquid medicine contaminated with metal and agreed to pay $25 million to resolve a U.S. Justice Department investigation. (Reporting by Nate Raymond in Boston; Editing by Chizu Nomiyama and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-johnson-johnson-settlement-idUSKBN18K2BV'|'2017-05-25T00:28:00.000+03:00'
'17986df62671e44e5687b4a13a437ae719a11744'|'Moody''s downgrades Hong Kong after China ratings cut'|'Business  36am BST Moody''s downgrades Hong Kong after China ratings cut Notices on hiring full-time (R) and part-time workers are displayed outside a factory inside an industrial area in Hong Kong, China April 6, 2017. REUTERS/Bobby Yip HONG KONG Moody''s Investors Service downgraded Hong Kong''s local and foreign currency issuer ratings just hours after it cut China''s credit ratings for the first time in nearly 30 years. The U.S. ratings agency downgraded Hong Kong''s rating to Aa2 from Aa1 and said credit trends in China will continue to have a significant impact on Hong Kong''s credit profile due to close economic, financial and political ties with the mainland. Moody''s changed Hong Kong''s outlook to stable from negative, denoting that the risks to the city''s rating are balanced. The move came late on Wednesday and was widely expected after Moody''s downgraded China, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise. Moody''s said financial ties between Hong Kong and the mainland were becoming deeper through platforms such as the Shanghai-Hong Kong stock connect scheme, the Shenzhen-Hong Kong stock connect scheme and the bond connect which is expected to be launched this year. "While these connects bring benefits including, it is hoped, enhanced liquidity, they also risk introducing more direct contagion channels between China''s and Hong Kong''s financial markets," Moody''s said in a statement. The Hong Kong government criticised the move, saying the Chinese-ruled city was well equipped to deal with any challenges. "Moody''s has overlooked the sound economic fundamentals, robust financial regulatory regime, resilient banking sector and strong fiscal position that Hong Kong has," Financial Secretary Paul Chan said in a statement. "These elements will continue to enable the economy to embrace the challenges ahead arising from the changing external environment." (Reporting By Anne Marie Roantree and Donny Kwok; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hongkong-economy-rating-idUKKBN18L02M'|'2017-05-25T08:36:00.000+03:00'
'e15829b00c4f50138a8e59b5c3e2171912096791'|'ChemChina raises $20 billion for Syngenta deal via perp bonds, preferred shares'|'Deals  09am BST Bank of China main backer as ChemChina raises $20 billion for Syngenta deal left right FILE PHOTO: The company logo of China National Chemical Corp, or ChemChina, is seen at its headquarters in Beijing, China February 3, 2017. REUTERS/Thomas Peter 1/2 left right FILE PHOTO: A Syngenta logo is pictured in their office in Singapore, February 12, 2016. REUTERS/Edgar Su/File Photo 2/2 By Carol Zhong and Julie Zhu - HONG KONG HONG KONG ChemChina has raised $20 billion mainly in perpetual bonds to finance its purchase of Swiss seeds firm Syngenta ( SYNN.S ), with Bank of China becoming the single largest investor providing half of that funding, according to a regulatory filing. State-owned ChemChina, which took on short-term loans for the $44 billion acquisition, is restructuring the financing mix to reduce its debt burden by including more equity but will still have nearly $20 billion in loans to refinance within 18 months, the filing by ChemChina shows. The move comes as ChemChina has accelerated talks with state rival Sinochem to create the world''s biggest industrial chemicals firm, a deal that could further help streamline ChemChina''s debt, Reuters reported this week. Bank of China (BoC) ( 601988.SS ) has invested $10 billion via a perpetual bond, according to the May 18 U.S. Securities and Exchange Commission filing, which also shows that Chinese state-owned asset manager China Reform Holdings Corp Ltd has provided $7 billion via a perpetual bond. Both deals, which were privately negotiated, far outstripped the largest public U.S. dollar perpetual bond previously issued in Asia which was $3.2 billion, according to Thomson Reuters data. Market insiders said BoC''s large investment, which was made via a Cayman Islands-domiciled special purpose investment vehicle, was an unusual move for the lender as it had not helped arrange any of the earlier stage short-term financing. Industrial Bank Co Ltd has also invested $1 billion through perpetual bonds, while Morgan Stanley ( MS.N ) - the only non-Chinese company involved in the new financing - has provided $2 billion via convertible preferred shares. The ambitious Syngenta takeover is nearing the finish line after regulators last month granted the final approvals and as more than 90 percent of Syngenta shareholders have tendered their shares.. The deal gives China a portfolio of top-tier chemicals and patent-protected seeds to improve agricultural output, but has also left ChemChina facing a hefty debt burden which it has been seeking to reduce by bringing in more equity investors and replacing short-term loans with longer-term debt. ChemChina last year arranged $32.9 billion in bridge loans from more than 20 Chinese, European and Asian lenders, stoking concern among investors and analysts over its leverage. The company has been trying to repay some of this acquisition-related debt with equity, and subsequently last year raised $5 billion from a Chinese fund. ChemChina still has around $7.01 billion and $12.7 billion in two separate syndicated loans outstanding, both of which come due in the next 18 months. Perpetual bonds are financing instruments that can act as both equity and debt. They are typically treated as equity under accounting standards but rating agencies may still treat them as debt depending on the circumstances. Because perpetual bonds have no maturity date, the new financing should help improve ChemChina''s overall debt position. China National Chemicals Corp, as ChemChina is officially known, did not respond to requests for comment. A spokeswoman for Bank of China declined to comment. A spokesman for Syngenta said post-close financing will be finalised in the second half of 2017. China Reform Holdings<67> spokeswoman, Industrial Bank and Morgan Stanley did not immediately respond to a request for comment. In addition to the new financing, ChemChina on Wednesday publicly marketed a $600 million senior perpetual bond, Thoms
'b18078bce1febfa329486d6eb185bbf58f69362f'|'Southeast Asia''s Biggest Startup Files for $1 Billion IPO, Sources Say - BBG'|'May 23 Southeast Asia startup Sea Ltd has filed for a potential U.S. initial public offering that could raise about $1 billion, Bloomberg reported on Tuesday, citing people familiar with the matter. The company, which was earlier known as Garena, filed confidentially with the U.S. Securities and Exchange Commission and is looking forward to list itself in early 2018, Bloomberg said.Goldman Sachs and Morgan Stanley are serving as underwriters.Singapore-based Sea did not immediately respond to an email seeking comment. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sea-ltd-ipo-idINL1N1IQ00N'|'2017-05-23T22:17:00.000+03:00'
'4db882b6d77d7df20815922167c09078f239b3be'|'Moody''s downgrades China, expecting financial strength to erode as debt rises'|'  2:17pm BST Moody''s downgrades China, warns of fading financial strength as debt mounts left right FILE PHOTO: Employees work in a Hangzhou Iron and Steel Group Company workshop in Hangzhou, Zhejiang province August 4, 2009. REUTERS/Steven Shi/File Photo 1/3 left right FILE PHOTO: A female migrant construction worker walks into her dormitory near newly-built residential apartments in Shanghai August 12, 2013. REUTERS/Aly Song/File Photo 2/3 left right Workers stand on the roof of an elevator at the construction site of a new financial district in Beijing, China May 23, 2017. REUTERS/Thomas Peter 3/3 By John Ruwitch and Yawen Chen - SHANGHAI/BEIJING SHANGHAI/BEIJING   on Wednesday   years,   in coming years   The one-notch downgrade in long-term local and foreign currency issuer ratings, to A1 from Aa3, comes as the Chinese government grapples with the challenges of rising financial risks stemming from years of credit-fueled stimulus. "The downgrade reflects Moody''s expectation that China''s financial strength will erode somewhat over the coming years, with economy-wide debt continuing to rise as potential growth slows," the ratings agency said in a statement, changing its outlook for China to stable from negative. China''s Finance Ministry said the downgrade, Moody''s first for the country since 1989, overestimated the risks to the economy and was based on "inappropriate methodology". <20>Moody<64>s views that China<6E>s non-financial debt will rise rapidly and the government would continue to maintain growth via stimulus measures are exaggerating difficulties facing the Chinese economy, and underestimating the Chinese government<6E>s ability to deepen supply-side structural reform and appropriately expand aggregate demand,<2C> the ministry said in a statement. China''s leaders have identified the containment of financial risks and asset bubbles as a top priority this year. All the same, authorities are moving cautiously to avoid knocking economic growth, gingerly raising short-term interest rates while tightening regulatory supervision. At the same time, Beijing''s need to deliver on official growth targets is likely to make the economy increasingly reliant on stimulus, Moody''s said. "While ongoing progress on reforms is likely to transform the economy and financial system over time, it is not likely to prevent a further material rise in economy-wide debt, and the consequent increase in contingent liabilities for the government," it said. While the downgrade is likely to modestly increase the cost of borrowing for the Chinese government and its state-owned enterprises (SOEs), it remains comfortably within the investment grade rating range. World stocks inched lower after the move, though Shanghai''s main index .SSEC recouped early losses to end marginally higher. [MKTS/GLOB] "After being very much at the front and center of global risk sentiment at the beginning of last year, the Chinese slowdown story has been almost forgotten, with politics throughout Europe and the U.S. taking the limelight," said David Cheetham, chief market analyst at brokerage XTB. The yuan currency CNH=D3 briefly dipped against the U.S. dollar in offshore trading, as did the Australian dollar AUD= , often seen as a proxy for China risk. "It''s going to be quite negative in terms of sentiment, particularly at a time when China is looking to de-risk the banking system (and) when there<72>s going to be some potential restructuring of SOEs," said Vishnu Varathan, Asia head of economics and strategy at Mizuho Bank''s Treasury division. GROWTH TO SLOW In March 2016, Moody''s cut its outlook on China''s ratings to negative from stable, citing rising debt and uncertainty about authorities'' ability to carry out reforms. Rival ratings agency Standard & Poor''s downgraded its outlook to negative in the same month. S&P''s AA- rating is one notch above both Moody''s and Fitch Ratings, leading to speculation among analysts that S&P could also downgr
'ad9b86202e166a9659e0e342fa05390678d6b8d6'|'EMERGING MARKETS-Brazil stocks up for 2nd day on reform hopes; political woes linger'|'By Bruno Federowski SAO PAULO, May 24 Brazilian stocks rose for a second day on Wednesday, supported by efforts by President Michel Temer''s government to maintain an ambitious reform agenda amid growing political unrest. Temer''s plans to streamline Brazil''s pension system cleared another hurdle in Congress on Tuesday. House speaker Rodrigo Maia said a vote in the full lower house could take place between June 5 and June 12, clearing the way for a final Senate vote. The benchmark Bovespa stock index rose 1.7 percent, led by stocks which had suffered deeply since tapes showing Temer allegedly condoning bribes to silence a witness in a corruption case went public last week. Shares of logistics operator Rumo Operadora Multimodal SA rose for a second day, rebounding from a 23.5 percent three-day drop. The rate-sensitive stock was bolstered by a decline in yields of interest rate futures as traders pared back bets that the central bank would be forced to cut rates at a slower pace than expected. Still, concerns over the political environment lingered, driving the Brazilian real lower. Traders said volatility is likely to remain elevated in the medium term as the crisis drags on. Other Latin American currencies see-sawed on thin trading volumes ahead of the release of the minutes of the Federal Reserve''s last policy meeting later on Wednesday. The Mexican peso strengthened 0.3 percent, while the Colombian peso was nearly flat. Traders have been eagerly seeking hints over the pace of U.S. rate hikes in coming months after a batch of mixed economic data cast doubt on expectations of a fast tightening. Higher U.S. rates could dampen demand for high-yielding emerging market assets. Key Latin American stock indexes and currencies at 1555 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 1004.79 0.03 16.49 MSCI LatAm 2558.70 0.85 8.39 Brazil Bovespa 63672.95 1.61 5.72 Mexico IPC 49385.78 0.7 8.20 Chile IPSA 4848.34 0.3 16.79 Chile IGPA 24338.48 0.28 17.38 Argentina MerVal 21611.48 0.42 27.74 Colombia IGBC 10757.65 0.01 6.22 Venezuela IBC 72689.66 0.06 129.27 Currencies daily % YTD % change change Latest Brazil real 3.2776 -0.38 -0.87 Mexico peso 18.5655 0.29 11.73 Chile peso 673.31 0.24 -0.39 Colombia peso 2904.22 -0.01 3.35 Peru sol 3.274 0.21 4.28 Argentina peso (interbank) 16.1000 0.00 -1.40 Argentina peso (parallel) 16.22 0.37 3.70 (Reporting by Bruno Federowski; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-markets-latam-idINL1N1IQ139'|'2017-05-24T14:05:00.000+03:00'
'9b25e93b3fe22db30e6d921c25c44e4392210448'|'U.S. Treasury yields, dollar dip on Fed minutes, oil pulls back'|'Business News - Wed May 24, 2017 - 8:38pm BST U.S. Treasury yields, dollar dip on Fed minutes, oil pulls back left right A man walks past the New York Stock Exchange in New York City, U.S., May 17, 2017. REUTERS/Brendan McDermid 1/4 left right People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo 2/4 left right FILE PHOTO - Investors look at an electronic board showing stock information at a brokerage house in Shanghai, China, March 7, 2016. REUTERS/Aly Song/File Photo 3/4 left right A woman walks past electronic board showing stock prices and Japanese Yen''s exchange rate outside a brokerage at a business district in Tokyo, Japan, January 23, 2017. REUTERS/Kim Kyung-Hoon 4/4 By Hilary Russ - NEW YORK NEW YORK U.S. Treasury yields fell to session lows on Wednesday after Federal Reserve minutes signaled a gradual approach to interest rate hikes, and oil pulled back on a draw of U.S. gasoline stock that was smaller than expected. While the yield curve flattened, Wall Street remained slightly higher and the dollar slipped after minutes from the Fed''s May 2-3 meeting indicated it would gradually raise interest rates and reduce its bond reinvestment. The yield gap between two-year and 10-year Treasuries narrowed 2 basis points to 95 basis points, Tradeweb data showed. "Their plan is in place to gradually phase out reinvestments beginning in the fourth quarter," said Matt Toms, chief investment officer of fixed income at Voya Investment Management in Atlanta. "Even though the Fed is reducing stimulus, I think this gives the market some comfort. It won''t lift the rate structure much," he said. Interest rate futures implied traders see about an 85-percent chance of a quarter-point rate hike at the Fed''s June meeting. The U.S. dollar index fell to session lows after the Fed minutes. It had been hovering just above its 6-/12 month lows as investors shifted from U.S. politics to monetary policy. The index was was down 0.23 percent at 97.127. The greenback fell against the euro and the yen. Wall Street was volatile but held on to small gains, despite the fall of banking stocks on the Fed minutes. The S&P financial index pared some losses but was still 0.14 percent lower. The Dow Jones Industrial Average rose 49.84 points, or 0.24 percent, to 20,987.75, the S&P 500 gained 2.91 points, or 0.12 percent, to 2,401.33 and the Nasdaq Composite added 15.31 points, or 0.25 percent, to 6,154.02. "While June seems a given for a rate hike, investors are questioning a September move, especially if economic data continue to be mixed and if inflation doesn''t gain momentum," Quincy Krosby, Chief Market Strategist at Prudential Financial in Newark, in an email. Elsewhere, world stock markets recovered from initial losses after Moody''s Investors Service issued its first credit downgrade of China in 30 years, dropping China''s sovereign debt to A1 from Aa3. The pan-European FTSEurofirst 300 index rose 0.01 percent and MSCI''s gauge of stocks across the globe gained 0.09 percent. Emerging market stocks rose 0.25 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan closed 0.13 percent higher, while Japan''s Nikkei rose 0.66 percent. Oil prices fell slightly after the Energy Information Administration said U.S. crude oil inventories fell for the seventh straight week. U.S. crude oil futures settled 11 cents, or 0.21 percent, lower at $51.36 per barrel. Brent crude was last down 0.39 percent, or 21 cents at $53.94. Investors await the outcome of discussions in Vienna between OPEC and other oil-exporting countries on whether to extend output cuts. (Additional reporting by Jamie McGeever in London, Saqib Iqbal Ahmed, Richard Leong, Caroline Valetkevitch and Jessica Resnick-Ault in New York; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN18K04
'd9508f8221df32a5d3d9817b62bd0e723da0f3e0'|'Bank of China main backer as ChemChina raises $20 billion Syngenta deal'|'By Carol Zhong and Julie Zhu - HONG KONG HONG KONG ChemChina has raised $20 billion mainly in perpetual bonds to finance its purchase of Swiss seeds firm Syngenta ( SYNN.S ), with Bank of China becoming the single largest investor providing half of that funding, according to a regulatory filing.State-owned ChemChina, which took on short-term loans for the $44 billion acquisition, is restructuring the financing mix to reduce its debt burden by including more equity but will still have nearly $20 billion in loans to refinance within 18 months, the filing by ChemChina shows.The move comes as ChemChina has accelerated talks with state rival Sinochem to create the world''s biggest industrial chemicals firm, a deal that could further help streamline ChemChina''s debt, Reuters reported this week.Bank of China (BoC) ( 601988.SS ) has invested $10 billion via a perpetual bond, according to the May 18 U.S. Securities and Exchange Commission filing, which also shows that Chinese state-owned asset manager China Reform Holdings Corp Ltd has provided $7 billion via a perpetual bond.Both deals, which were privately negotiated, far outstripped the largest public U.S. dollar perpetual bond previously issued in Asia which was $3.2 billion, according to Thomson Reuters data.Market insiders said BoC''s large investment, which was made via a Cayman Islands-domiciled special purpose investment vehicle, was an unusual move for the lender as it had not helped arrange any of the earlier stage short-term financing.Industrial Bank Co Ltd has also invested $1 billion through perpetual bonds, while Morgan Stanley ( MS.N ) - the only non-Chinese company involved in the new financing - has provided $2 billion via convertible preferred shares.The ambitious Syngenta takeover is nearing the finish line after regulators last month granted the final approvals and as more than 90 percent of Syngenta shareholders have tendered their shares..The deal gives China a portfolio of top-tier chemicals and patent-protected seeds to improve agricultural output, but has also left ChemChina facing a hefty debt burden which it has been seeking to reduce by bringing in more equity investors and replacing short-term loans with longer-term debt.ChemChina last year arranged $32.9 billion in bridge loans from more than 20 Chinese, European and Asian lenders, stoking concern among investors and analysts over its leverage. The company has been trying to repay some of this acquisition-related debt with equity, and subsequently last year raised $5 billion from a Chinese fund.ChemChina still has around $7.01 billion and $12.7 billion in two separate syndicated loans outstanding, both of which come due in the next 18 months.Perpetual bonds are financing instruments that can act as both equity and debt. They are typically treated as equity under accounting standards but rating agencies may still treat them as debt depending on the circumstances. Because perpetual bonds have no maturity date, the new financing should help improve ChemChina''s overall debt position.China National Chemicals Corp, as ChemChina is officially known, did not respond to requests for comment. A spokeswoman for Bank of China declined to comment. A spokesman for Syngenta said post-close financing will be finalised in the second half of 2017.China Reform Holdings<67> spokeswoman, Industrial Bank and Morgan Stanley did not immediately respond to a request for comment.In addition to the new financing, ChemChina on Wednesday publicly marketed a $600 million senior perpetual bond, Thomson Reuters IFR reported. The offering was hugely oversubscribed, despite rating agency Moody''s downgrading of China''s sovereign debt on the same day.(Reporting by Carol Zhong of Basis Point, Julie Zhu and Alasdair Reilly; Additional reporting by Aizhu Chen, Prakash Chakravarti and Tessa Walsh; Writing and additional reporting by Michelle Price; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.co
'5b548320e914f21c575d8f540538af99cbd2d94b'|'S.Korea''s new president draws ire of small businesses he''s vowed to help'|'Business News - Thu May 25, 2017 - 1:23am EDT South Korea''s new president draws ire of small businesses he''s vowed to help FILE PHOTO: Employees take a selfie with South Korean President Moon Jae-in at the Incheon International Airport in Incheon, South Korea, May 12, 2017. Yonhap via REUTERS By Joyce Lee and Hyunjoo Jin - SEOUL SEOUL Small businesses in South Korea fear their profits could be cut to the bone and some could be forced to close if the country''s new president pushes ahead with plans to raise minimum wages, restrict contract staff numbers and reduce working hours. Since his election earlier this month, President Moon Jae-in has made boosting job prospects for young South Koreans a signature policy, while also protecting workers'' rights. With that in mind, he has also targeted reform of South Korea''s giant family-run conglomerates, or chaebol, to make them less dominant and help smaller firms become engines of growth in Asia''s fourth-largest economy. Just last week, Moon''s nominee to head the country''s anti-trust regulator noted that South Korea''s ten largest conglomerates - including household names like Samsung and Hyundai Motor Group - employ only 1 million of South Korea''s 19 million actively employed workforce. "The ultimate goal of chaebol reform is to protect small companies and self-employed business owners so they can create many more new jobs," said Kim Sang-jo, the president''s choice to head the Korea Fair Trade Commission. But many businessmen fear that instead of generating jobs, smaller businesses will be crippled by the higher cost of hiring and paying workers if Moon''s labor reforms are implemented. Take for example, Sam Heung Heat Treatment, a company employing around 50 workers at a factory supplying components to automakers like Hyundai ( 005380.KS ) and General Motors Co ( GM.N ). Chairman Joo Bo-won told Reuters his firm could fold because of policies he says would both double the wage bill and double the number of full time workers needed to make up for the shorter working week. Asked what would happen if Moon''s proposals became law, Joo gave a stark response. "It''s simple: you can just shut down the factory," he said. QUESTIONABLE OPTIMISM Moon has pledged to raise the minimum wage by 55 percent to 10,000 won ($8.94) per hour by the end of his five-year term. At the same time, he wants to lower the maximum working week to 52 hours, bringing it down from the current cap of 68 hours, in a move that he says would help create 500,000 private sector jobs. Small businessmen, however, say Moon has got it wrong, and there will be less work as profit margins suffer. Kim Moon-sik, the president of an association of gasoline filling station owners, is a member of the labor ministry''s key minimum wage committee. He warned that the proposals, as they stand, would backfire if they are applied to firms regardless of size. Kim said filling stations'' profit margins average less than 0.5 percent, and if the hourly pay rate is increased so sharply it would probably force owners to run their businesses for shorter hours each day. "Instead of creating jobs, the changes could make it harder to maintain the jobs that exist now," said Kim, president of the Korea Oil Station Association. To try to coax the private sector to hire more, Moon has pledged the government will pay for the salary of every third youth employee hired by small companies for three years. But a spokesman for Arbeit Workers Union, representing some 1,000 part-time employees at convenience stores and fast food outlets, like the local McDonalds unit, said the government needs to do more to help small businesses so that they can afford to pay more. "We understand that it would be illogical to ask businesses to pay higher wages when they have no ability to pay," Choi Gi-won, the union spokesman, said. "But the minimum wage has to be raised." (Reporting by Hyunjoo Jin and Joyce Lee; Writing by Se Young Lee, Ed
'950e4fb9265a3e42fdd6d2b8985432f137bf5381'|'Petrofac suspends executive amid fraud investigation'|'  1:00pm BST Petrofac suspends executive amid fraud office investigation FILE PHOTO: Group Chief Executive of Petrofac Ayman Asfari speaks during the Oil & Money conference in London October 1, 2013. REUTERS/Luke MacGregor/File Photo By Rahul B and Karolin Schaps Oilfield services provider Petrofac ( PFC.L ) has suspended its chief operating officer in response to the UK Serious Fraud Office''s investigation into Monaco-based Unaoil, another setback for the company that has been hit by the oil market downturn. Petrofac''s shares slumped as much as 29 percent, wiping more than half a billion pounds off its market capitalisation, after the company said in a statement on Thursday that COO Marwan Chedid had been suspended and had resigned from the board. Investors feared the SFO investigation and Chedid''s suspension could hurt the company''s ability to win work. Petrofac said on May 12 that CEO Ayman Asfari and COO Chedid had been questioned under caution by the SFO in connection with a global investigation into oil and gas services firm Unaoil. Asfari will continue as chief executive officer, but will not be involved in any matters connected to the investigation, Petrofac said in its statement. "The board is today announcing a number of decisions to ensure Petrofac can retain its focus on its operations and clients, whilst also ensuring the company is able to continue to engage with the SFO''s investigation," Petrofac said. The SFO launched a criminal investigation last July into Unaoil, its officers, employees and agents in connection with suspected bribery, corruption and money laundering. The investigation is now threatening to embroil other British oil services companies after another British oil services company, Wood Group ( WG.L ), said this week it was carrying out its own investigation into dealings with Unaoil. Last month, Wood Group acquisition target Amec Foster Wheeler ( AMFW.L ) was also required by the SFO to disclose information on its relationship with Unaoil and Amec said it expects this "may well" develop into an investigation. Petrofac has said it engaged Unaoil primarily in Kazakhstan to provide local consultancy services between 2002 and 2009. Last year, the company commissioned law firm Freshfields Bruckhaus Deringer and accountants KPMG to carry out an investigation into its dealings with Unaoil in Kazakhstan after media allegations of misconduct, but said the investigation found no evidence to support the allegations. On Thursday, Petrofac said it had set up a committee responsible for responding to the investigation, comprising its chairman, chief financial officer and independent non-executive directors, and would also hire an senior external specialist to review its compliance processes, given the scale of the investigation. "We are concerned that (Chedid''s) departure may have a knock-on effect on Petrofac''s operational oversight and ability to secure new work," Morgan Stanley analyst Robert Pulleyn said. The company had $617 million (<28>476.45 million) in debt at the end of last year, according to its financial results published in February. Analysts at Bernstein estimated that, if found guilty, the company could face a potential SFO fine of $150 million-200 million. It based its estimate on its assessment of Petrofac''s profits in Kazakhstan and on previous fines the SFO has handed out to companies in similar cases. A spokesman for Petrofac declined to comment. (Reporting by Rahul B in Bengaluru and Karolin Schaps in London; Additional reporting by Arathy Nair and Tenzin Pema in Bengaluru; Editing by David Clarke and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-petrofac-probe-idUKKBN18L0O2'|'2017-05-25T14:52:00.000+03:00'
'03d267f84ee14098f023b86c1c9379568cbc05c9'|'Exports, investments drive German growth in first quarter'|'Business News - Tue May 23, 2017 - 7:10am BST Exports, investments drive German growth in first quarter FILE PHOTO: Employees of German car manufacturer Mercedes Benz make final adjustments at the end of the Mercedes A class (A-Klasse) production line at the factory in Rastatt, Germany, January 22, 2016. REUTERS/Kai Pfaffenbach/File Photo BERLIN The German economy increased its pace of growth to 0.6 percent in the first quarter of 2017 helped by strong exports, increased investments in machinery and buildings as well as solid spending by households and the state, data showed on Tuesday. Confirming a preliminary reading for growth, the Federal Statistics Office said exports rose 1.3 percent on the quarter and imports edged up 0.4 percent, meaning net trade added 0.4 percentage points to gross domestic product (GDP) growth. Investment in construction jumped 2.3 percent in the first quarter, the strongest increase in three years. This added 0.2 percentage points to growth. A growing population, increased job security and record-low interest rates are fuelling a property boom in Europe''s biggest economy. Investment in machinery and equipment rose 1.2 percent, adding 0.1 percentage points to the GDP growth rate, in a sign that companies are pushing ahead with investments despite political risks clouding the growth outlook. Household spending edged up 0.3 percent on the quarter, adding 0.2 percentage points to GDP in the three months through March. German consumers are benefiting from record-high employment, rising real wages and low borrowing costs. State spending rose 0.4 percent, contributing 0.1 percentage points to growth. German authorities are spending billions of euros on accommodating and integrating more than one million refugees who have arrived since the start of 2015, many from war zones such as Syria and Iraq. The Federal Statistics Office also confirmed the quarterly growth rate of 0.4 percent for the final three months of 2016. (Reporting by Michael Nienaber; Editing by Madeline Chambers)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-gdp-idUKKBN18J0LS'|'2017-05-23T14:10:00.000+03:00'
'e64e20b82b68569a2eef3ada4df6f80eef9f3374'|'US STOCKS-Wall St creeps higher; Fed minutes eyed'|'US Market Report  36am EDT US STOCKS-Wall St creeps higher; Fed minutes eyed * Fed minutes scheduled to be released at 2 p.m. ET * Fed fund futures steady at 83 pct odds of June rate hike * Financial sector dips after four days of gains * Lowe''s and Tiffany drop on disappointing results * Indexes up: Dow 0.15 pct, S&P 0.08 pct, Nasdaq 0.16 pct (Adds details, changes comment, updates prices) By Tanya Agrawal May 24 U.S. stocks were modestly higher late on Wednesday morning, aiming for a fifth straight day of gains, as investors awaited Federal Reserve minutes of its May meeting that could cement the chances of an interest rate hike next month. U.S. interest rates futures were steady. Fed funds futures implied traders priced in about an 83 percent chance of a rate hike in June, little changed from Tuesday''s close. Investors are also awaiting more details regarding the Fed trimming its $4.5 trillion balance sheet, when the central bank releases the minutes at 2 p.m. ET (1600 GMT). "The real take from the Fed is that a June rate hike still seems to pretty much baked in the cake but I''m going to be looking at guidance as how they expect to start spending down their excess assets," said Brad McMillan, chief investment officer for Commonwealth Financial in Waltham, Mass. While recent economic data has been mixed, with signs of a dip in consumer sentiment and spending, the job market continues to strengthen. That could give the Fed impetus to continue with its path of monetary tightening. Data on Wednesday showed home resales fell more than expected in April as a tight supply boosted prices and sidelined prospective buyers. A tightening labor market and historically low mortgage rates have helped the housing market recovery. McMillan said the recent mixed economic data did not concern him as a lot of it was due to from first-quarter seasonality issues and that he expected an improvement in the current quarter. At 10:56 a.m. ET the Dow Jones Industrial Average was up 31.67 points, or 0.15 percent, at 20,969.58, the S&P 500 was up 2.15 points, or 0.08 percent, at 2,400.57 and the Nasdaq Composite was up 9.63 points, or 0.16 percent, at 6,148.34. Seven of the 11 major S&P 500 sectors were higher, led by the materials index''s 0.67 percent rise. Financials, the index which will benefit the most from higher interest rates, was off 0.21 percent after four days of gains. The consumer staples index fell 0.12 percent, weighed down by weak report from Lowe''s, the No. 2 U.S. home improvement chain. Lowe''s dropped 4.3 percent to $78.82 after it reported a lower-than-expected profit and comparable sales. Bigger rival Home Depot was off 0.2 percent. Jewelry retailer Tiffany sank 6.8 percent after posting a surprise drop in comparable sales. Signet Jewelers , which reports on Thursday, was down 6 percent. The two were the biggest losers on the S&P. At the other end was Intuit, which jumped 7.2 percent after the tax-preparation software maker posted a profit topped estimates and also raised its revenue forecast. Advancing issues outnumbered decliners on the NYSE by 1,684 to 1,011. On the Nasdaq, 1,506 issues rose and 1,107 fell. The S&P 500 index showed 33 new 52-week highs and 10 new lows, while the Nasdaq recorded 64 new highs and 32 new lows. (Reporting by Tanya Agrawal in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1IQ4GN'|'2017-05-24T23:36:00.000+03:00'
'a6b0a6eb0e9e253375a4ddc2bc9eecef26ee8c96'|'BRIEF-Trovagene says Phase 1 safety study supports planned development of PCM-075 in AML'|'Company  17am EDT BRIEF-Trovagene says Phase 1 safety study supports planned development of PCM-075 in AML May 25 Trovagene Inc * Phase 1 safety study supports planned development of PCM-075 in AML * Trovagene Inc says data is supportive of phase 1/2 clinical trial in patients with aml and is now being submitted for peer review publication by study investigators Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-trovagene-says-phase-1-safety-stud-idUSFWN1IR0D2'|'2017-05-25T20:17:00.000+03:00'
'8211434f2847e341ab4cf0ccfcbe120142e9beee'|'BRIEF-Towne Bank declareS Q2 dividend of $0.14 per common share'|'Market  18am EDT BRIEF-Towne Bank declareS Q2 dividend of $0.14 per common share May 24 Towne Bank- * Towne Bank says declared its second-quarter shareholder cash dividend of $0.14 per common share   No Greek debt relief needed if primary surplus above 3 pct/GDP for 20 years-paper BERLIN, May 24 Greece will not need any debt relief from euro zone governments if it keeps its primary surplus above 3 percent of GDP for 20 years, a confidential paper prepared by the euro zone bailout fund, the European Stability Mechanism (ESM), showed. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-towne-bank-declares-q2-dividend-of-idUSFWN1IQ0K3'|'2017-05-24T21:18:00.000+03:00'
'283301058a841aaf9c209fd85cb874304b823bda'|'Glencore says approaches Bunge on possible takeover'|'Business   8:39pm BST Glencore says approaches Bunge on possible takeover The logo of commodities trader Glencore is pictured in front of the company''s headquarters in Baar, Switzerland, September 30, 2015. REUTERS/Arnd Wiegmann/File Photo Glencore Plc ( GLEN.L ) said on Tuesday its agricultural unit has made an informal approach to commodities trader Bunge Ltd ( BG.N ) about a "possible consensual business combination," the company said in a statement. The company did not say more about a potential offer that its Glencore Agriculture Ltd unit made to Bunge. Glencore also said "discussions may or may not materialise and there is no certainty that any transaction will occur." Shares of Bunge surged earlier on Tuesday after the Wall Street Journal reported that commodities trader Glencore Plc ( GLEN.L ) has approached the U.S. agribusiness group about a takeover. It was unclear where discussions between the companies stand and there may not be any deal. Bunge declined to comment. The report comes amid heightened expectations of consolidation among large grain traders as a global oversupply and thin trading margins have squeezed the core grain trading operations of Bunge and rivals Archer Daniels Midland Co ( ADM.N ), Cargill Inc [CARG.UL] and Louis Dreyfus Co [AKIRAU.UL]. Bunge Chief Executive Officer Soren Schroder said earlier this month that the sector was ripe for consolidation and that Bunge is prepared to take the lead in any dealmaking. Bunge had a market capitalisation of $9.84 billion (7.5 billion pounds) at Monday''s close. Shares jumped as much as 17.6 percent to a 2-1/2-month high, and were up 16 percent, the biggest share gain in more than eight years, at $81.28 at midafternoon. A deal would make Glencore, the Swiss mining and trading giant, a major player in the U.S. agriculture market, the Journal reported. (Reporting by Karl Plume in Chicago, Chris Prentice in New York and Sruthi Shankar in Bangalore; Editing by Marguerita Choy and Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bunge-stocks-idUKKBN18J2OU'|'2017-05-24T03:39:00.000+03:00'
'aab66f02c4ad225c750eb4b5e516c9853a79f4fe'|'IMF says infrastructure, oil to push Uganda growth to 6-6.5 pct'|'Money News   5:42pm IST IMF says infrastructure, oil to push Uganda growth to 6-6.5 pct A security personnel stands next to International Monetary Fund logo at IMF headquarters in Washington, U.S., April 19, 2017. REUTERS/Yuri Gripas/Files By Elias Biryabarema - KAMPALA KAMPALA Uganda''s economy will reach growth rates of between 6 and 6.5 percent within three to four years if energy and transportation infrastructure projects are completed and oil starts flowing, an International Monetary Fund official said on Wednesday. The east African country is implementing several mammoth projects, including hydropower plants, expressways, a crude oil pipeline, a standard gauge railway and a refinery. Most of these are expected to be either wholly or partially constructed in the next three to four years. The crude pipeline is due for completion in 2020. "Once all the infrastructure projects are more or less finalised and oil starts flowing we see economic growth at 6 to 6.5 percent," Clara Mira, IMF representative in Uganda told Reuters in an interview. "There''s going to be much more activity. It''s bottlenecks to growth being lifted." Uganda enjoyed vigorous growth rates of about seven percent in the early to mid-2000s. But a slowdown in foreign direct investment due to economic weakness in Europe and elsewhere and deepening instability in the region have blunted growth. Some of the regional destinations for Ugandan exports like South Sudan, Burundi and eastern Congo been plunged into unrest, disrupting trade routes. The IMF has lowered its Uganda growth rate forecast for the 2016/17 fiscal year that ends next month to between 3.5 to 4 percent, citing the impact of drought and slow private sector credit growth. The population is growing annually at 3.3 percent, the World Bank said. Mira said possible missteps in implementing the projects, including delay or cost overruns, may prevent them from delivering the "growth dividend" vital to making them viable. In recent years Uganda ramped up borrowing, especially from China, to fund the projects. Some critics have accused the government of piling up too much debt, only a few years after benefiting from the multilateral debt relief initiative of the mid-2000s. Last year a central bank official said Uganda could face "debt distress" in a few years if oil production is delayed further. "We are at the moment when the risks have increased, the risks to debt sustainability," Mira said. The IMF projects Uganda''s total public debt as a percentage of GDP to reach 42.8 percent of GDP in 2022, up from 38.6 percent in 2017. (Reporting by Elias Biryabarema; editing by Katharine Houreld and Gareth Jones)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/uganda-gdp-idINKBN18K1K5'|'2017-05-24T10:12:00.000+03:00'
'c1ba5bfa618b885477be2a63a94ea9b982723c2c'|'Brazil senator to call for investigation into BNDES loans'|'BRASILIA May 23 Brazilian Senator Roberto Rocha said on Tuesday he will request the opening of a congressional investigation into loans that state development bank BNDES has made to big corporations.Rocha, of the Brazilian Socialist Party that recently broke away from the coalition of President Michel Temer amid a corruption scandal, said he has enough votes to start the probe. (Reporting by Leonardo Goy; Writing by Alonso Soto; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-bndes-idUSE6N1GZ00O'|'2017-05-24T06:17:00.000+03:00'
'06177058d36481e6861a55ef5d1ba9951c27538c'|'China''s Lenovo fourth quarter profit falls 41 percent, beats estimates'|'Business News   5:36am BST China''s Lenovo fourth quarter profit falls 41 percent, beats estimates A Lenovo logo is seen at the computer in Kiev, Ukraine April 21, 2016. REUTERS/Gleb Garanich/File Photo HONG KONG China''s Lenovo Group Ltd, the world''s largest personal computer maker, on Thursday posted a 41 percent drop in fourth-quarter profit at a time of sluggish PC demand. Profit for the three months through March was $107 million (82.4 million pounds). That beat the $93.8 million average of 11 analyst estimates in a Thomson Reuters poll. Revenue rose 5 percent to $9.58 billion, against an estimate of $9.6 billion. For the full year ended March, Lenovo posted a profit of $535 million, reversing a loss of $128 million a year prior. The result compared with the $569 million average of 24 estimates. Annual revenue fell 4 pct to $43 billion, in line with estimates. (Reporting by Sijia Jiang; Editing by Christopher Cushing)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lenovo-group-results-idUKKBN18L0DV'|'2017-05-25T12:36:00.000+03:00'
'7e14fd6df6958d7434a16f73b28b062a191db068'|'Turkey seized 879 companies since failed coup, worth 40.3 bln lira -state fund'|'Bankruptcy News - Wed May 24, 2017 - 8:19am EDT Turkey seized 879 companies since failed coup, worth 40.3 bln lira -state fund ISTANBUL May 24 Turkish authorities seized or appointed an administrator to a total of 879 companies worth 40.3 billion lira ($11.32 billion) in assets in the eight months since the failed coup last July, the state fund that runs the firms said on Wednesday. According to a quarterly report by Turkey''s Savings and Deposits Insurance Fund (TMSF), nearly 45,000 people were working in the seized companies. It added that a total of 147 media companies were shut down within the same period. Turkey has taken control of a bank, several media firms and other enterprises as part of a crackdown on companies it suspects of links to sympathisers of Fethullah Gulen, the U.S.-based cleric the government blamed for the July 15 failed putsch. ($1 = 3.5610 liras) (Reporting by Behiye Selin Taner; Writing by Humeyra Pamuk; Editing by Dominic Evans) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/turkey-security-companies-idUSI7N1II00J'|'2017-05-24T16:19:00.000+03:00'
'7a28e82abca4cb9bb0123604ce97108a8fe30f88'|'Pound sags vs yen after Manchester blast, euro at six-month highs'|'TOKYO The pound slipped against the yen after a suspected terrorist attack at a concert in Britain''s city of Manchester, while the euro hovered near a six-month high against the dollar on Tuesday after German Chancellor Angela Merkel said the currency was "too weak."Sterling was down 0.2 percent at 144.36 yen GBPJPY= after weakening to as much as 144.06.It was little changed against the dollar at $1.2992 GBP=D4 and a touch lower at 86.60 pence per euro EURGBP=D3.Police said an explosion at the end of a concert by U.S. singer Ariana Grande in the English city of Manchester on Monday killed at least 19 people and injured more than 50.Two U.S. officials said a suicide bomber was suspected, while Prime Minister Theresa May said the incident was being treated as a terrorist attack.The safe-haven yen advanced against major peers like the dollar and euro but its gains were modest.The dollar was down 0.2 percent at 111.100 yen JPY= after a dip to 110.860 and the euro slid 0.2 percent to 124.860 yen EURJPY=."The yen may have been bought in reaction to the blast, but the incident is unlikely to have lasting impact on the broader scheme of things," said Masashi Murata, senior currency strategist at Brown Brothers Harriman in Tokyo."Even prior to the incident, market sentiment has not been particularly ''risk on'' for a while, with relatively low U.S. yields limiting the dollar''s attraction."The euro was 0.1 percent higher at $1.1247 EUR= after touching $1.1264 overnight, its highest since Nov. 9.Merkel said on Monday that the common currency is weak due to the European Central Bank''s monetary policy, pointing out that this helped explain Germany''s relatively high trade surplus.The chancellor''s comments provided fresh momentum to the euro, which has been on a bullish footing since the French presidential elections earlier this month. Upbeat euro zone data and a widening spread between the 10-year German and U.S. government bond yields have also supported the currency."While the ebb in French political risk and prospects of a ECB policy shift have helped the euro, the biggest support factor still remains the recent weakening of the dollar in wake of ''Russiagate,''" said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo."Merkel''s comments was extra fuel for the euro...that said, a weaker dollar is not necessarily a bad thing for Trump."The dollar index lost 0.1 percent to 96.882 .DXY.Antipodean currencies benefited from the dollar''s broader weakness.The Australian dollar rose 0.1 percent to $0.7489 AUD=D4 and the New Zealand dollar nudged up 0.2 percent to a one-month high of $0.7010 NZD=D4 .(Editing by Shri Navaratnam)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-global-forex-idUSKBN18J02L'|'2017-05-23T06:42:00.000+03:00'
'bb9b6198cc6f480dda8c3b44e3fec0362f90b444'|'PRESS DIGEST - Wall Street Journal - May 24'|'May 24 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Moody''s Investors Service cut China''s sovereign credit rating for the first time in nearly three decades, citing expectations that the country''s financial strength will deteriorate in coming years as debt keeps rising and the economy slows. on.wsj.com/2rflRJQ- A contentious tax dispute between Australia and Chevron Corp could cost the company billions of dollars and open a new front in global efforts to crack down on the aggressive tax strategies used by many multinational corporations. on.wsj.com/2qQCE4Q- Glencore Plc has approached grain trader Bunge Ltd about combining, a deal that would give the Swiss miner a major presence in the U.S. agriculture market at a time when low crop prices have forced farming giants to scale up through mergers. on.wsj.com/2q7SZTI- Apple Inc and Nokia settled dueling lawsuits over what Apple should pay for intellectual property used in its iPhone, a surprisingly quick end to what analysts had said could have been years of litigation. on.wsj.com/2qeDS6P- The U.S. Justice Department sued Fiat Chrysler Automobiles and alleged it used illegal software to cheat on government emissions tests, escalating a battle over the company''s diesel engines. on.wsj.com/2qUcYmc- Target Corp on Tuesday agreed to pay $18.5 million to resolve an investigation by state prosecutors into its massive 2013 hack, a deal that represents the largest multistate data breach settlement in history. on.wsj.com/2qUoFt5(Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1IQ1WC'|'2017-05-24T12:25:00.000+03:00'
'c4f63c4bfee3e547f87b7185a10e37e755a779b4'|'Banks'' bond trading roars back in first-quarter but FX lags badly - survey'|'LONDON Bond trading revenue at the world''s top banks rebounded sharply in the first three months of the year as strong activity in credit and interest rate products eclipsed the lowest currency trading volume in over a decade, a survey showed on Wednesday.The period saw Donald Trump sworn in as U.S. president and an initial surge of investor optimism that his promises to cut taxes, boost spending and deregulate the banking sector would lift growth and boost asset markets.With the Federal Reserve raising U.S. interest rates too, trading revenue at the top U.S. and European banks from fixed income, currency and commodities (FICC) totalled $21.4 billion, according to industry analytics firm Coalition.That was up 19 percent from $17.9 billion in the same period last year, a particularly weak quarter, which helped make the January-March period this year look relatively strong."The first quarter of last year was the worst quarter since 2008. If you compare against Q1 2014 and 2015, we''re still significantly below these levels," said George Kuznetsov, head of research at Coalition.The increase in FICC revenue was driven by a 15 percent rise in G10 rates trading to $7.5 billion, a 65 percent rise in credit to $4.7 billion and an 82 percent jump in securitisation activity to $3.4 billion.But G10 foreign exchange trading revenue slumped by a quarter to $1.8 billion, the lowest since 2006, depressed by the historic low level of market volatility which traditionally crimps activity in global macro trading, Kuznetzov said.The FICC rebound follows years of post-crisis decline, as banks have had to adjust to reforms compelling them to hold more capital and liquidity and reduce the amount of bonds they can hold on their books. This has resulted in a continuous reduction of staff, and the exit from some business lines altogether.Front office headcount fell 3 percent to 52,900, with staffing levels still affected by the cuts made by some of the surveyed banks in the first half of last year."Despite these relatively healthy FICC revenues we haven<65>t seen any significant increase in headcount. Given that Q2 is expected to be relatively poor, we don<6F>t expect that to happen any time soon either," Kuznetsov said.Equities trading revenue fell 8 percent to $10.8 billion, led by an 18 percent slide in cash trading to $2.3 billion. That was particularly "alarming" given the strong performance of stock markets in general and equity capital market (ECM) activity, Kuznetsov said.The 12 banks in the survey were: Bank of America Merrill Lynch ( BAC.N ), Barclays ( BARC.L ), BNP Paribas ( BNPP.PA ), Citi ( C.N ), Credit Suisse ( CSGN.S ), Deutsche Bank ( DBKGn.DE ), Goldman Sachs ( GS.N ), HSBC ( HSBA.L ), JP Morgan ( JPM.N ), Morgan Stanley ( MS.N ), Societe Generale ( SOGN.PA ) and UBS ( UBSG.S ).(Reporting by Jamie McGeever; Editing by Hugh Lawson and Tom Heneghan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-banks-trading-q-idUKKBN18J36Q'|'2017-05-24T07:10:00.000+03:00'
'b5ea2d9701707423199970053ee6b17d28ab8953'|'What''s better than a Buffett rule? Labor''s Buffett rule by stealth - Greg Jericho - Business - The Guardian'|'A t the moment the ALP is having a fight over the merits of a Buffett rule for income tax. It is a high-profile battle involving two former treasurers. What perhaps has been ignored is that the ALP has also come up with a policy that might achieve some of its aims with much less tinkering with the tax system.The Buffett rule of tax comes from the US billionaire Warren Buffett, who in 2011 was surprised that, because of deductions and differing tax rates, he paid a lower average rate of tax than did his secretary. The rule generally involves setting a floor on the average tax that must be paid by very high income earners.In Australia, the Greens have a policy of a minimum of 35% tax for those earning over $300,000 <20> in line with that proposed by the progressive think tank the Australia Institute in 2015 .Bill Shorten rejects Labor MPs'' push for ''Buffett rule'' as policy at next election Read more The ALP is rather split over the issue.Two frontbenchers, Terri Butler and Andrew Giles, recently argued in an essay titled Tax and Equality that the Buffett rule is <20>a readily understandable symbol of what<61>s wrong with the present arrangements<74>. The left wing of the party is pushing for it to be debated at the next ALP national conference. Wayne Swan has also been advocating for a debate on the idea. However, both Bill Shorten and the shadow treasurer, Chris Bowen, have ruled out taking a Buffett rule policy to the next election.You can see why the Buffett rule is appealing.Because of our progressive income-tax system, the average amount of tax you pay rises the more your earn. Those earning around $300,000 pay roughly 36% tax <20> just above the 35% minimum proposed by the Buffett rule advocates:But the problem of course is that tax is paid on taxable income, not total income. Deductions and tax strategies can enable people<6C>s taxable income to actually be much lower than their total income.As Gareth Hutchens recently reported , in 2014-15 48 millionaires paid no tax at all.The Buffett rule would catch such people and, in theory at least, force them to pay 35% tax on their income. One issue Bowen has with the rule is that while we may dislike the ability for people to reduce their taxable income to zero, society does benefit from some of the ways they do <20> for example, donations and angel investor funding.Such a reasoning is especially pertinent in light of the $400m donation made this week by Andrew Forrest, for which it has been reported he will claim a $200m tax deduction . Now I have no issue with him doing that, although I do take issue with the prime minister<65>s assertion, made on Monday , that donations are somehow better than taxes because they are made with <20>love<76>. Personally I<>d prefer to rely on our hospitals and schools being built from money that comes from people and companies paying their fair share of taxes rather than wait for love to come to town. Bowen is right to be concerned about the impacts on other areas of the tax system. I wonder at the complexity of such a rule within the tax code, which would see some people be able to claim deductions but others not because of their total income.I suspect it would make for a tax lawyers<72> picnic.Bowen has argued instead that if the issue is deductions themselves, get rid of or limit those deductions. The most obvious of these is negative gearing. But in Shorten<65>s budget reply he announced a new one, which I think is almost a Buffett rule by stealth.When you look at the 48 millionaires who paid no tax, one aspect really sticks out <20> they claimed a combined $20.2m in deductions for managing tax affairs. What the ALP is proposing to do is limit the amount you are able to claim for such a purpose at $3,000. Wayne Swan: Labor must consider ''Buffett rule'' as part of inequality agenda Read more The reasoning is clear. The average amount spent by people managing their tax affairs in 2014-15 was just $378 and yet the milli
'32e337a66fdab18cb8432209ed355638d388bf2c'|'Exclusive - Facebook signs BuzzFeed, Vox, others for original video shows: sources'|'Technology  49pm BST Exclusive: Facebook signs BuzzFeed, Vox, others for original video shows - sources FILE PHOTO: The Facebook logo is displayed on the company''s website in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau/File Photo By Jessica Toonkel - NEW YORK NEW YORK Facebook Inc ( FB.O ) has signed deals with millennial-focused news and entertainment creators Vox Media, BuzzFeed, ATTN, Group Nine Media and others to make shows for its upcoming video service, which will feature long and short-form content with ad breaks, according to several sources familiar with the situation. Facebook is planning two tiers of video entertainment: scripted shows with episodes lasting 20 to 30 minutes, which it will own; and shorter scripted and unscripted shows with episodes lasting about 5 to 10 minutes, which Facebook will not own, according to the sources. All of the sources asked to remain anonymous because the deals are confidential. Facebook''s move to acquire and license original content is the latest in its push to attract more advertising dollars, putting the company in head-to-head competition with Alphabet Inc''s ( GOOGL.O ) YouTube Red, Snapchat''s ( SNAP.N ) Discover feature, and traditional television networks. It is an attempt to deliver on Facebook Chief Executive Mark Zuckerberg''s remarks to investors earlier this month that the company was looking for so-called <20>anchor content<6E> that would draw people to the video tab on Facebook''s app. The world''s biggest social media company is set to pay up to $250,000 for the longer, scripted shows which will be owned by Facebook, taking a page from a strategy employed successfully by Netflix Inc ( NFLX.O ) and Amazon.com Inc ( AMZN.O ), which both now own some of the content they sell to subscribers. For the second tier of shorter shows, Facebook will pay $10,000 to $35,000 for each show and give creators 55 percent of revenue from ads, the sources said. Ads will run during both the long-form and short-form shows. A Facebook spokeswoman declined to comment. SELL EXTERNALLY Facebook said in December it would buy original scripted and unscripted programming for its video service. Earlier this year, it tapped former MTV executive Mina Lefevre to lead the effort. Facebook currently offers live video from a number of news publishers as well as its own users. It has begun testing the water with live sports video in the last few months. Most recently it signed a deal with Major League Baseball to show 20 games live this season. While Facebook will initially run short-form shows exclusively on its site, the creators of the content will be able to run the shows on their own properties after a negotiated period of time, and will be able to eventually sell them externally, the sources said. The company is focused on working with news and entertainment makers that are already active on Facebook and have a large millennial following. Vox, BuzzFeed, ATTN and Group Nine Media - the holding company for Thrillist, NowThis and The Dodo - are all working on short-form content for the new Facebook service, the sources said. Advertisers are interested in learning more about Facebook''s service as they see it as another way to get in front of the growing number of viewers watching their favorite shows on tablets and smartphones, said Monique Lemus O''Brien, a media buyer at The Media Kitchen. (Reporting By Jessica Toonkel in New York; Additional reporting by David Ingram in San Francisco; Editing by Anna Driver and Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-facebook-tv-idUKKBN18K2U0'|'2017-05-25T03:43:00.000+03:00'
'4d0b76b843ac2aeff68d7ba0ee310113f5a18d36'|'UPDATE 1-South Africa wants Sinopec to retain refinery capacity'|'Commodities   9:09am EDT South Africa wants Sinopec to retain refinery capacity The Chevron Oil Refinery is seen in Cape Town, South Africa, June 30, 2016. REUTERS/Mike Hutchings CAPE TOWN South Africa is in talks with China''s Sinopec about its takeover of Chevron Corp''s Cape Town refinery as it wants to ensure its production capacity is retained and enhanced, Economic Development Minister Ebrahim Patel said on Thursday. Sinopec will pay almost $1 billion for a 75 percent stake in Chevron Corp''s South African assets and its subsidiary in Botswana to secure its first major refinery in Africa, the companies announced in March. "A key concern that government will raise in every major transaction like this is how to retain and expand our industrial capability and includes in this case, refinery capability," Patel told reporters before his budget vote speech in parliament. Patel''s ministry oversees competition authorities in Africa''s most industrialized country. South Africa has a history of taking its time over approving takeovers, partly because competition authorities have a public interest mandate to safeguard jobs in addition to an antitrust mandate to maintain competition. In 2011, the regulator told U.S. retailer Wal-Mart Stores not to cut jobs for two years following its acquisition of South African retailer Massmart, delaying implementation of the $2.4 billion deal by at least two months. Last year, Anheuser-Busch InBev said it would invest 1 billion rand ($77.3 million) to support small South African farmers as part of concessions agreed with the government to secure regulatory approval for its $100 billion-plus takeover of SABMiller. Patel did not go into details of the Sinopec discussions, saying the deal with Chevron would still need to go for formal regulatory scrutiny. (Reporting by Wendell Roelf; editing by James Macharia and David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-safrica-sinopec-idUSKBN18L1QJ'|'2017-05-25T21:02:00.000+03:00'
'0cc62d09d843120aafad4e4cd7e2b12e8f6c9705'|'China to change yuan fixing calculation - Bloomberg'|'Business News - Fri May 26, 2017 - 5:43am BST China to change yuan fixing calculation: Bloomberg FILE PHOTO - 100 Yuan notes are seen in this illustration picture in Beijing November 5, 2013. REUTERS/Jason Lee/File Photo SHANGHAI China plans to change the way it calculates the yuan''s CNY=CFXS daily midpoint rate against the dollar, adding a "counter-cyclical adjustment factor" that may blunt the impact of market swings, Bloomberg reported on Friday. Under the new formula, institutions that provide quotes for the fixing will take into account the previous day<61>s official closing price at 4:30 p.m., the changes in baskets of currencies and the so-called counter-cyclical adjustment factor, it reported, citing unidentified people familiar with the matter. It did not give further details of the new formula, which was communicated to banks by the central bank this week. Banks were "tweaking and testing" their models and would start providing quotes using the new formula soon, it said. The new formula would partly filter out the impact of excessive volatility in the spot market by reducing the closing price<63>s role in the next day<61>s fixing, Bloomberg quoted its sources as saying. There was no immediate comment from the People''s Bank of China (PBOC). The yuan lost around 6.5 percent of its value against the surging dollar last year but has been more stable so far in 2017 as the greenback lost steam. It rose 0.2 percent on Friday, taking gains so far this year to 1.4 percent. State banks stepped in on Thursday to support the currency in what some traders said was a show of strength a day after Moody''s downgraded the country''s credit rating.[CNY/] But analysts such as those at ANZ note the central bank had already been frequently setting stronger-than-expected midpoints since April, possibly to force spot rates to keep closer to the fixings. (Reporting by John Ruwitch; Editing by Kim Coghill)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-yuan-idUKKBN18M0D3'|'2017-05-26T12:40:00.000+03:00'
'c0e35bf6c49cd7f72f2c1e7e8905625dc8c01c9e'|'A former signal station in Cornwall <20> in pictures - Money'|'A former signal station in Cornwall <20> in pictures A former signal station in Cornwall <20> in pictures View more sharing options Share on Messenger Close Built as a communications hub for passing ships, this clifftop home is set on England<6E>s most southerly point Jill Papworth Friday 26 May 2017 07.00 BST Sat on the clifftop at Bass Point on the Lizard peninsula, England<6E>s most southerly point, is Lloyd<79>s Signal Station. The art deco former signal house was built in 1872 by Fox and Company shipping agents as a communication hub for passing trading vessels, with a team of signallers using flag signalling to direct passing ships while communicating with London via telegraph. Within five years the station was being used by more than 1,000 ships a month, and in 1883 Lloyd<79>s of London took over operation of it. Outward- and homeward-bound ships reported their name and other information. The particulars would be passed to the telegraph room below to be sent to the ships<70> owners and the daily papers, removing the necessity for ships to call at Falmouth as they could receive orders directly from the Lizard. The ground floor had rooms occupied by the Direct Spanish Telegraph Company and the Lizard Signal Company, while the first floor contained a flag storage room and the telegraph office. The top floor was where the signalmen worked. Now a three-storey, four-bed leasehold house, the signal station ceased operating in 1969. Ironically, the technology that would eventually render it obsolete was pioneered in a nearby Marconi Hut, where the first radio signal to be sent from beyond the horizon was received and where the first SOS signal was received. There is a hallway, kitchen, living room and dining room on the ground floor. The living room has two aspects, with views south over the sea and west along the southernmost coastline of mainland Britain to the Lizard lighthouse. The dining room has fitted seating around the bay window looking south over the Atlantic. The fourth bedroom on the second floor, once the signalman<61>s lookout, opens onto a roof terrace, surrounded by battlements and with 360-degree views of the surrounding coast and countryside. Lloyd<79>s Signal Station, owned on a 99-year <20>long lease<73> that started in November 1994 from the National Trust, is on the market for a guide price of <20>750,000 via agent Savills . Topics'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/gallery/2017/may/26/former-signal-station-cornwall-in-pictures'|'2017-05-26T15:00:00.000+03:00'
'e12a66049bb6ecc05273a1678456946e45fb974e'|'UK''s Sainsbury''s exploring bid for Palmer & Harvey: Sky News'|'LONDON Sainsbury''s ( SBRY.L ), Britain''s second largest supermarket group, is in the early stages of examining a takeover bid for tobacco distributor Palmer & Harvey, Sky News reported.It cited unspecified sources as saying that while Sainsbury''s was exploring a bid there was no certainty it would proceed with an offer.A spokeswoman for Sainsbury''s declined to comment, while nobody was immediately available for comment at Palmer & Harvey.Palmer & Harvey is a major distributor of tobacco products to Tesco ( TSCO.L ), Britain''s biggest retailer which in January agreed a 3.7 billion pound ($4.8 billion) takeover of wholesaler Booker ( BOK.L ).Last year Sainsbury''s acquired Argos-owner Home Retail for 1.1 billion pounds.(Reporting by James Davey, Editing by Paul Sandle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-palmer-harvey-m-a-sainsbury-s-idINKBN18M17U'|'2017-05-26T09:15:00.000+03:00'
'7ffbacd7557d3439e6fe2d027a38a510304f355d'|'Glass Lewis recommends Buffalo Wild Wings'' board nominees'|'Business News - Fri May 26, 2017 - 9:19am EDT Glass Lewis recommends Buffalo Wild Wings'' board nominees A pedestrian walks past a Buffalo Wild Wings restaurant in New York, U.S., February 6, 2017. REUTERS/Lucas Jackson Proxy adviser Glass Lewis & Co LLC recommended shareholders of Buffalo Wild Wings ( BWLD.O ) to vote for the company''s slate of directors, saying activist hedge fund Marcato Capital had failed to make a compelling case for making changes to the board. Glass Lewis''s recommendation on Friday comes two days after another adviser, Institutional Shareholder Services (ISS), recommended voting for Marcato''s nominees. Marcato, which owns a 6.1 percent stake in Buffalo Wild Wings, launched a proxy fight in February, nominating four directors for the nine-member board. "We believe the dissident''s nominees, other than the one also nominated by the company, either have experience that would not be additive to the refreshed board or potential conflicts which weakens their candidacies," Glass Lewis said in a report. ISS has put its weight behind Marcato nominees Mick McGuire, the hedge fund''s founder, and Scott Bergren, the former chief executive of Yum Brands'' ( YUM.N ) restaurant chain, Pizza Hut. It has also backed Sam Rovit, a former Kraft Foods'' executive, who has been nominated by both Marcato and the company. ISS did not recommend support for Lee Sanders, the former chief development officer at TGI Fridays. Buffalo Wild Wings will hold its annual meeting on June 2. Among its demands, Marcato has asked for Chief Executive Sally Smith to be replaced. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-buffalo-wild-marcato-idUSKBN18M1LO'|'2017-05-26T21:17:00.000+03:00'
'1dd3d92196693480a6b0ebf05e51f520d26b8190'|'Britain''s solar power output hits record amid heat wave - National Grid'|'Business   2:30pm BST Britain''s solar power output hits record amid heat wave - National Grid FILE PHOTO - Solar panels are seen in fields near Andover in southern England May 3, 2013. REUTERS/Toby Melville LONDON Solar power output in Britain hit a record on Friday, power grid operator National Grid said, as the country basked in a heat-wave. A record high of 8.7 gigawatts (GW) of electricity was produced by solar panels at their peak on Friday, contributing more than 24 percent of Britain''s electricity supplies, National Grid ( NG.L ) said. The previous record was 8.48 GW, set on May 10. Britain''s Met Office said temperatures could reach up to 30 degrees Celsius in some parts on Friday, with the country poised to beat previous temperature records for May. Falling costs have seen solar power capacity soar in Britain to around 12 GW from around 2 GW five years ago. (Reporting by Susanna Twidale, editing by Ed Osmond)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-energy-solar-idUKKBN18M1MQ'|'2017-05-26T21:30:00.000+03:00'
'd382a03f778f5fa136d51ed73ee25428715a5bf1'|'BofA, HSBC, Intel, others invest $107 million in blockchain startup R3'|'By Anna Irrera - NEW YORK NEW YORK Financial and technology companies led by Bank of America Corp ( BAC.N ), SBI Holdings Inc ( 8473.T ), HSBC Holdings Plc ( HSBA.L ), Intel Corp ( INTC.O ) and Temasek Holdings have invested $107 million in R3 CEV, a startup which runs a big bank consortium seeking to develop blockchain technology, it said on Tuesday.Over 40 institutions from more than 15 countries participated in the first two tranches of the New York company''s fundraising round, making it one of the largest investments in a blockchain company to date, R3 said in a statement.The third and final tranche will open later this year.Other major investors and companies leading the deal include ING Groep NV ( INGA.AS ), Banco Bradesco SA ( BBDC4.SA ), Ita<74> Unibanco SA ( ITUB4.SA ), Natixis SA ( CNAT.PA ), Barclays Plc ( BARC.L ), UBS Group AG ( UBSG.S ) and Wells Fargo & Co ( WFC.N ), R3 said.R3 launched in September 2015 with the backing of nine of the world''s largest investment banks seeking to make their operations more efficient with new technology, and its membership has rapidly grown to about 80 financial institutions.It aims to raise $150 million from members and strategic investors, and give them a 60 percent stake.An R3 spokesman declined to disclose the company''s valuation.Blockchain, best known as the system underpinning digital currency bitcoin, is a public online ledger of transactions maintained by a network of computers on the internet. Financial firms hope that the nascent technology can reduce the cost and complexity of burdensome processes such as international payments and securities settlement.The completion of the first two tranches follows the departure of several large banks from R3 over the past few months, including JPMorgan Chase & Co ( JPM.N ), Goldman Sachs Group Inc ( GS.N ) Banco Santander SA ( SAN.MC ) and Morgan Stanley ( MS.N )The banks have internal blockchain projects or investments in other similar startups.State Street Corp ( STT.N ) has also left the group, the R3 spokesman added."This year we will have pilot projects and early production phase products in the market," R3 Chief Executive David Rutter said in an interview. But "we are a couple of years away until we see massively impactful products," he added.Skeptics have warned that it might take many years for the financial industry to reap significant benefits from blockchain."Distributed ledger technology is well suited for some uses case but it will not be the answer for everything," Kaushalya Somasundaram, head of fintech partnerships and strategy at HSBC, said in an interview.(Reporting by Anna Irrera; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-r3-cev-blockchain-fundraising-idINKBN18J1T6'|'2017-05-23T10:48:00.000+03:00'
'e9c27f7e1723cee12d41db8c7b560be46324e651'|'UBS says agrees to buy stake in Brazil''s Consenso'|'Market News   11:16am EDT UBS says agrees to buy stake in Brazil''s Consenso ZURICH May 23 UBS has agreed to buy a large stake in Brazil''s Consenso, its first purchase in Latin America in four years as the world''s biggest wealth manager looks to grow its business in the region''s largest economy. Sao Paulo-based Consenso, a wealth management and multi-family office, manages around 20 billion reais ($6.13 billion) in assets. UBS, with more than $2 trillion in invested assets, will acquire a significant stake, it said without giving specifics. ($1 = 3.2637 reais) (Reporting by Joshua Franklin, Editing by Michael Shields)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ubs-group-ma-brazil-consenso-idUSFWN1IP0N9'|'2017-05-23T23:16:00.000+03:00'
'89dae2ed746b6028bd5fb6c86bc29ad203c66297'|'ISS recommends CSX shareholders vote for $84 mln CEO reimbursement'|'NEW YORK May 22 Institutional Shareholder Services (ISS) has recommended that owners of CSX Corp. stock vote in favor of an $84 million payment related to the appointment of new CEO Hunter Harrison.The recommendation is a boon for activist hedge fund Mantle Ridge, which is trying to convince shareholders to agree to the payment. Mantle Ridge fronted the $84 million payment to extract Harrison early from his previous employer, fellow rail company Canadian Pacific Railway. Harrison has said he will resign from CSX if shareholders fail to approve the reimbursement. (Reporting by Michael Flaherty; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/csx-harrison-idUSL1N1IP02R'|'2017-05-23T09:18:00.000+03:00'
'a0e436e24dfbcca2564093639c825a85dd5dcfb6'|'Austria''s BAWAG eyes flotation, possibly as early as autumn -sources'|'Deals  46am EDT Austria''s BAWAG eyes share market flotation, possibly this autumn: sources By Arno Schuetze and Michael Shields - FRANKFURT/ZURICH FRANKFURT/ZURICH BAWAG PSK [CCMLPB.UL] is preparing for an initial public share offer that could value the Austrian bank at up to 5 billion euros ($5.6 billion) and take place as early as this autumn, people close to the matter said. Its majority owner, private equity investment group Cerberus [CBS.UL], might appoint global coordinators for a possible IPO as early as next month and could launch the offer after the summer break, the sources said, adding that that was only one option as BAWAG expands with acquisitions. [nZ8N1GF00S] Cerberus, which has held its stake for a decade, has held talks with investment banks in recent weeks to hear their proposals for a sale, they said. Cerberus could opt to sell shares worth 1 to 1.5 billion euros, valuing the bank at 4 to 5 billion euros, the sources said, adding that no decisions about when or where to list the asset had been made at this stage. At 4.5 billion euros, BAWAG would be valued at roughly 1.5 times its book value - in line with the valuation of Nordic banks but at a premium to most banks in continental Europe. Cerberus acquired BAWAG with other investors for 3.2 billion euros in 2007. It now owns 52 percent while GoldenTree Asset Management has a 40 percent stake. BAWAG does not comment on its owners'' potential plans. Cerberus and GoldenTree declined to comment. Shares in European banks on average trade at around their book value, according to Thomson Reuters data. Among Austrian lenders, Erste Group ( ERST.VI ) trades at around 1.1 times and Raiffeisen Bank International ( RBIV.VI ) at 0.8 times book value. BAWAG''s 2017 targets include a return on equity (ROE) above 15 percent and making more than 500 million euros in profit before tax. In 2016 its ROE was 15.9 percent. European banks on average had an ROE of 3.3 percent in the last quarter of 2016, according to the European Banking Authority. In 2015 Cerberus appointed Goldman Sachs, Lazard and Morgan Stanley to undertake a strategic review of its investment in BAWAG, which one source said at the time could lead to it acquiring another lender, merging BAWAG with another bank or selling it. "Unlike at the last time, there''s clear visibility on future earnings now and their profitability is far above that of many peers," one person close to the matter said, adding BAWAG would easily realize a valuation of more than 1.5 times book value. Cerberus is so far not working with an adviser to help it select IPO banks and it may still opt to list BAWAG at a later stage if discussions with potential investors lead it to believe it can sell for a higher price, this source said. (Editing by Maria Sheahan, Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bawag-ipo-idUSKBN18K1NT'|'2017-05-24T20:47:00.000+03:00'
'6202e99c58298657ed8dce0f39cd81233e1873d9'|'Portugal finance minister says confident on Novo Banco sale'|'Funds News   11:22am EDT Portugal finance minister says confident on Novo Banco sale LISBON May 24 Portugal''s finance minister is confident that the country''s planned sale of Novo Banco to U.S. private equity firm Lone Star will go ahead as planned, the minister said on Wednesday. The sale of Novo Banco has been challenged in court by some bond investors, raising concerns among some analysts that legal disputes could derail the sale after a previous failed attempt. In an interview with Reuters, Finance Minister Mario Centeno said "all the information I have is that all the foreseen timelines are being met" and that the sale to Lone Star was going ahead as planned. "The information we have is that these legal challenges will have no practical impact on the completion of the sale," he added. Still, he said Portugal was obliged to consider "a series of circumstances and scenarios" that could arise if any of the legal challenges derailed the sale process. The Bank of Portugal is in charge of the sale process. A group of bondholders led by U.S. fund BlackRock have sought an injunction to block the sale, fearing that it would damage their claim to be compensated for an estimated 1.5 billion euros in losses suffered on Novo Banco bonds. The courts have yet to make a decision on the case. A failed bidder for Novo Banco has also said it would go to court in a separate attempt to re-open the sale process. Centeno said the government was in contact with BlackRock over the case but he gave no further details. Novo Banco was carved out of the country''s biggest ever bank collapse in 2014 after a 4.9-billion-euro rescue operation of Banco Espirito Santo. (Reporting By Axel Bugge; Editing by Mark Bendeich)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/portugal-financeminister-novobanco-idUSL8N1IQ5JF'|'2017-05-24T23:22:00.000+03:00'
'984eadf1d9d91d8e3f5612027755b41cb4815423'|'Retailer Kingfisher''s first quarter same-store sales down 0.6 percent'|' 29am BST Retailer Kingfisher''s first quarter same-store sales down 0.6 percent Signs outside the B&Q and Screwfix stores in Loughborough, Britain March 23, 2016. REUTERS/Darren Staples/File Photo LONDON Home improvements retailer Kingfisher reported on Wednesday a 0.6 percent fall in first-quarter sales from stores open for more than a year, due to weak sales in France, where the firm remains cautious about prospects. Like-for-like sales were down 5.5 percent in France, but rose 3.5 percent in Britain and Ireland, the company said. Kingfisher, which trades as B&Q and Screwfix in Britain and Castorama and Brico Depot in France and other markets, said total group sales rose to 2.86 billion pounds in the three months ended April 30 from 2.72 billion pounds in the same period the year before. (Reporting by James Davey and Arathy S Nair; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-kingfisher-results-idUKKBN18K0K3'|'2017-05-24T14:29:00.000+03:00'
'ac06d1b224072f343b9de2190d9be310ecbee2b4'|'BRIEF-Everstone Group raises investment in Servion Global to around $74 mln'|'May 25 Everstone Group:* Everstone Group increases investment in Servion Global* Investment increased to around $74 million* Servion aims to double their revenue in 3 years from current U.S.$75 million Source text: [The Everstone Group has increased its investment in leading Customer Experience Management (CEM) solutions provider Servion Global Solutions to around $74 million, on the back of its portfolio firm posting strong revenue growth and witnessing a significant jump in profitability. Everstone and Solmark, an equity fund started by technology entrepreneurs, had initially acquired a controlling stake in Servion in November 2014 through Evertech Pte Ltd, Everstone Group<75>s technology investing platform. The latest round also includes investments by a large part of Servion<6F>s management team and the founders on the back of new customer wins and strong revenue and EBITDA growth]'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-everstone-group-raises-investment-idINFWN1IQ0YW'|'2017-05-25T02:40:00.000+03:00'
'582fbdc1dcade84bcd27f789b5f0bf0687330336'|'Ballooning Chinese dollar borrowing a dilemma for index trackers'|'LONDON/HONG KONG Record-breaking dollar bond sales from Chinese companies are steadily increasing China''s weight in global indexes, raising concerns about overexposure among investors who track them.Corporates'' rapid move onto offshore bond markets, partly a response to the crackdown on runaway credit growth at home, highlights China''s multi-faceted indebtedness, a growing worry for investors.Overall debt is approaching 300 percent of annual economic output (GDP) and Moody''s said it was the reason for cutting China''s credit rating for the first time in 30 years.Stripping out maturing debt and coupon payments, year-to-date bond sales from companies in emerging markets total $65 billion including $54 billion from China, JPMorgan estimates. In gross issuance terms, almost half this year''s emerging market corporate bond sales are from Chinese firms, the bank said.Company debt issuance in other emerging markets has been subdued by commodity and growth slumps. Some indexes cap the weight they give to each country but most are committed to broadly representing the market.This means that the indexes have to increase the weighting they give to China and investors whose portfolios track or benchmark an index must adjust accordingly."It poses a challenge for global portfolios. You don''t want to have too much of a good thing," said Greg Saichin, head of emerging debt at AllianzGlobal Investments.China today comprises over 20 percent of the Markit iBOXX emerging market corporate index versus 0.5 percent in 2007.In JPMorgan''s CEMBI Broad index too, China is 21 percent, up from less than 4 percent in 2010, while in the iBoxx corporate dollar bond index which also includes developed countries, China has crept to 8 percent, from less than one percent five years ago.Chinese firms should this year easily surpass the $108 billion debt raised in 2016 and $116 billion in 2014. In 2010, just $14 billion was issued."It''s just a juggernaut of issuance," said Guy Stear, co-head of fixed income research at Societe Generale in Paris. "It''s so large that it''s a game changer in terms of EM corporates... it''s not just commodity companies, its cement, materials, internet companies, there''s a broad range."The Chinese deals are mostly welcomed by money managers who need to invest the money pouring into their funds. Also, Chinese state-run firms still carry investment grade ratings, unlike issuers from many big emerging economies such as Russia, Turkey, and Brazil."Relative to rating Chinese debt pays relatively decent yield...against that people are conscious that if you are running an EM credit fund you have very very high exposure to one part of the world," Stear said.ALLOCATION CONUNDRUMOne popular solution for the allocation dilemma is "unconstrained" debt funds that are less committed to representing the market.Morningstar data showed 10 such funds focused on Asian fixed income were launched already this year by asset managers. More than 40 launched in 2016."We are already seeing clients and investors wanting a diversified approach rather than just seeking exposure to a broad emerging market bond index," said Bryan Collins, a portfolio manager at Fidelity International in Hong Kong.Such funds can opt for less China exposure. Or they can delve down the credit curve and away from state-run firms whose close correlation with sovereign yields offers less prospect of outperformance, Collins said.Other commonly used indexes cap China''s weight - JPMorgan''s CEMBI Broad Diversified limits the weight each country can have, while Citigroup and Bloomberg have recently launched index variations capping China exposure."We stay with the Broad Diversified and we are comfortable with China at 8-10 percent," said Steve Cook, co-head of emerging debt at PineBridge Investments in London.Cook also noted that the $400 billion-plus market was still a fraction of the $5.7 trillion outstanding in U.S. investment grade credit. Corporate dollar bonds 
'a5a3620238630dc94d5c6a2aa0db1ae9ede2b7da'|'JGBs slip, yield curve steepens after 40-year sale'|'TOKYO May 25 Japanese government bonds slipped on Thursday, with the yield curve steepening as superlong bonds sold off after an uninspiring 40-year auction.The 10-year cash JGB yield added half a basis point to 0.050 percent, while 10-year JGB futures edged up 0.02 point to finish at 150.56.The 30-year JGB yield and the 40-year yield rose 1.5 basis points each, to 0.815 percent and 1.035 percent, respectively.The Ministry of Finance offered 500 billion yen ($4.47 billion) of 40-year JGBs with a 0.9 percent coupon, up from 0.4 percent at the previous sale to reflect market levels. It produced a highest yield of 0.9650 percent.The sale drew bids of 2.87 times the amount offered, down from the previous sale''s bid-to-cover ratio of 2.95 times, indicating somewhat weaker demand for the bonds.BOJ board member Makoto Sakurai, among the strongest proponents of aggressive monetary easing on the central bank''s policy board, on Thursday ruled out the chance of any imminent hike in its bond yield target, stressing the need to maintain its massive stimulus programme to prop up inflation and fend off overseas economic risks.($1 = 111.7400 yen) (Reporting by Tokyo markets team; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL4N1IR2NG'|'2017-05-25T05:03:00.000+03:00'
'644f9463a71f6a5dc2b4c61f2e2ddeb4d64eabde'|'FTSE edge up helped by M&S but miners weigh'|'Top News - Wed May 24, 2017 - 5:10pm BST FTSE edges up helped by M&S, but miners weigh The London Stock Exchange building is seen in central London September 24, 2009. REUTERS/Stephen Hird By Danilo Masoni - MILAN MILAN UK blue chip stocks rose on Wednesday, helped by gains in Marks & Spencer ( MKS.L ) after its solid results and by advances in energy stocks, although weaker miners kept a lid on the British market. The FTSE .FTSE rose 0.4 percent to 7,514.90 points, while the mid-cap FTSE 250 .FTMC index added 0.15 percent, just shy of a fresh record high hit on Tuesday. The index''s gains were capped by losses in basic resources stocks after a sell-off in commodities following Moody''s debt downgrade on China, a big global metals consumer. "The heavy sell-off in commodities following China''s debt rating downgrade has taken its toll," Ipek Ozkardeskaya, senior market analyst at LCG, said in a note. Rio Tinto ( RIO.L ) declined 0.5 percent and precious metal miners Randgold ( RRS.L ) and Fresnillo ( FRES.L ) fell 1.5 and 0.4 percent respectively. Glencore ( GLEN.L ) lost 0.1 percent after saying it had made an informal approach to U.S. grains trader Bunge ( BG.N ) to discuss a "a possible consensual business combination." But Bunge responded by saying it was not in talks with the mining and commodities group. Mid-cap miner Acacia Mining ( ACAA.L ) fell 29.7 percent, its weakest day ever, as Tanzania''s mining minister was fired following an investigation into possible undeclared exports by mining companies to evade tax. Tanzania President John Magufuli said the investigation report revealed that Acacia, which denied wrongdoing, declared the presence of gold, copper and silver in its mineral sand exports but did not declare other precious metals in the consignments. Marks & Spencer ( MKS.L ) rose 1.5 percent, reversing earlier losses that followed the release of results showing a 10 percent drop in earnings and sliding sales in the latest quarter. The retailer said that in spite of the weaker quarter, improving profit margins and steady market share showed its struggling clothing business was on the mend. "We think that consensus profit forecasts (for 2017-18) will hold fairly steady today, albeit with improving trends in clothing margins suggesting some potential upside for the year," said RBC Europe analyst Richard Chamberlain, who has an "outperform" rating on the stock. But a disappointing update hit Kingfisher ( KGF.L ), which fell 7 percent. The home improvements retailer reported a 0.6 percent fall in first-quarter sales from stores open for more than a year, due to weak sales in France, where the firm remains cautious about its prospects. Analysts at UBS had estimated sales from stores open for more than a year would increase by 1 percent, while analysts at Davy expected a rise of 0.3 percent. Engineering firm Babcock ( BAB.L ) fell 1 percent after its full-year results, while Medclinic ( MDCM.L ) was down 6.4 percent, after reporting a 19 percent drop in underlying full-year earnings as regulations in the Middle East weighed. Providing support to the FTSE were gains among healthcare stocks with AstraZeneca ( AZN.L ) and Shire ( SHP.L ), as well as strength among energy stocks with BP ( BP.L ) up 0.9 percent. Among midcaps, TalkTalk ( TALK.L ) was a heavy faller, down 3.2 percent after Goldman Sachs downgraded the stock to "sell" from "neutral" on valuation grounds, while Dixons Carphone ( DC.L ) rose 4.7 percent after beating fourth quarter trading forecasts. (Reporting by Danilo Masoni; Editing by Raissa Kasolowsky)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN18K174'|'2017-05-24T18:20:00.000+03:00'
'b03d4b2340f5202cf8b77703bd5d0d1667a40d2d'|'Business as usual isn''t enough: we need a new approach to humanitarian crises - Global Development Professionals Network'|'Of the 65.3 million displaced people in the world, over 40 million, or six in 10, are internally displaced <20> refugees within their own countries. They are the invisible majority of displaced people.These men, women and children are among the most vulnerable people in the world. The term refugee officially means someone who has been forced to flee their country. But, just like international refugees, internally displaced people (IDPs) have lost everything to conflicts or disasters <20> their homes, communities, assets and livelihoods. Unlike refugees, because they have not crossed an international border, IDPs do not benefit from special international protection.IDPs are the most at risk when fresh disaster strikes, such as when drought rolls in and hunger takes hold. It is no coincidence that all four countries at risk of famine have significant numbers of internally displaced people. How are we best to support them?Hope in battle against ''deadliest disease you''ve never heard of'' Read more This is just one aspect of the complex challenges we face, which have resulted in the highest levels of humanitarian need since the second world war. The majority take the form of crises that involve a devastating combination of natural and manmade hazards, as seen in the four countries facing famine today: Nigeria, South Sudan, Somalia and Yemen. These crises often last for years, causing hundreds of thousands of deaths.In these scenarios, <20>business as usual<61> is not enough. No single actor or response can provide the solution. Recognising this, the UN Development Programme (UNDP) and the UN Office for the Coordination of Humanitarian Affairs (OCHA) were among nine UN entities, with the endorsement of the World Bank, to sign a commitment to a new way of working at the world humanitarian summit a year ago in Istanbul. The objective was to bring humanitarian and development expertise together to deliver better solutions for people caught in complex crises. The plan is to work right across the UN system and with local and international partners towards collective outcomes, to support longer-term development progress while responding to urgent need in line with humanitarian principles, and working collaboratively based on each organisation<6F>s expertise. The goal is to end humanitarian needs, not just to meet those needs.Since then we<77>ve been putting this into practice. Seven countries facing complex emergencies <20> Cameroon, Central African Republic, Chad, the Democratic Republic of the Congo, Haiti, Somalia and Sudan <20> have multi-year humanitarian plans that support greater coherence with development frameworks. In Ethiopia, we are working to align humanitarian activities with the national social safety net programme. In Myanmar, Chad and Yemen, we have created new forums for dialogue to coordinate our analysis and planning. Meanwhile, the World Bank has committed over $14bn (<28>10.8bn) over the next three years to be invested in the crisis-affected states with significant humanitarian action.In these protracted and recurrent crises, humanitarian and development actors have begun to work more closely than ever before. Is this counterintuitive? In the face of such acute need, should we be thinking about investments in democratic governance, livelihoods and climate and disaster resilience rather than focusing exclusively on the short-term goal of saving lives, and worrying about the long-term later?The fact is that displacement, for example, like so many of the issues we face, is a long-term issue. On average, people are now displaced from their homes for 10 to 20 years. In these situations, humanitarians try to provide life-saving assistance and protection, such as emergency food, water and medical aid. This aid is vital, but it is not enough to address the longer-term challenges. Time and time again what we hear from people in these situations is that they do not want to become
'08eafbcf8e8b796e85c259799807c3d554e04a05'|'Honeywell to decide by fall whether to spin off aerospace unit'|'By Ankit Ajmera Honeywell International Inc ( HON.N ) said on Tuesday it would decide by fall this year whether to separate its aerospace business, a move hedge fund Third Point LLC wants the U.S. industrial conglomerate to pursue.Third Point, run by billionaire Dan Loeb, last month said Honeywell should spin off the aerospace division, saying the separation could create more than $20 billion in shareholder value."I am aligned with Third Point ... we do have an opportunity to simplify our portfolio. How we do that, well, we''re still assessing that," Honeywell Chief Executive Darius Adamczyk said at the Electrical Products Group conference at Longboat Key, Florida.Adamczyk said investors could expect one of three outcomes on the aerospace business by fall this year: "do nothing", pursue a spin off, or do "something different."Honeywell''s aerospace business makes auxiliary power units and engines for aircraft made by Bombardier Inc ( BBDb.TO ), Textron Inc ( TXT.N ) and General Dynamics Corp ( GD.N ).The business is Honeywell''s biggest, generating $14.75 billion in sales last year.Up to Tuesday''s close, Honeywell''s shares had climbed 13.8 percent this year, almost double the 7.1 percent increase in the S&P 500 .SPX .Third Point owned nearly 1.4 million shares of Honeywell as of March 31.(Reporting by Ankit Ajmera in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-honeywell-intl-thirdpoint-idINKBN18J31U'|'2017-05-23T19:53:00.000+03:00'
'e60397777bc8530a76fe08b780cfd0b66346f1c1'|'China downgrade shows emerging market ratings stuck in reverse'|'Business   7:40pm BST China downgrade shows emerging market ratings stuck in reverse A man walks near the Chinese national flag and a flag of the Bank of China in Beijing, China May 24, 2017. REUTERS/Thomas Peter By Marc Jones - LONDON LONDON A Moody''s downgrade on China on Wednesday and the likelihood that Brazil and South Africa face further rating cuts in the coming months is highlighting how emerging market credit quality remains stuck in reverse. Since the start of 2014, Reuters analysis shows that the big three rating agencies - S&P Global, Moody''s and Fitch - have racked up more than 150 emerging market downgrades between them. That averages out a roughly one a week and though there have been hopes that rising global growth and commodity prices will ease the pressure, that does not seem to be occurring yet. S&P has more negative outlooks -- effectively downgrade warnings -- than it does positive ones by a score of 26 to 5, its heaviest downward bias ever according to its chief sovereign analyst. After 20 EM downgrades last year, Fitch has already cut seven countries since the start of this one, including Turkey, South Africa and Saudi Arabia, and El Salvador twice. Those moves have left it 13 negative outlooks and it thinks the worst may be past. But Moody''s, which delivered China''s first downgrade in 30 years on Wednesday, still has around 25 to resolve. "Just looking very simplistically at debt to GDP, the fact is that most countries in emerging markets have seen an increase," said Pictet portfolio manager Guido Chamorro. "And even with some of the green shoots we have seen in EM, that trend is not expected to reverse for several years so it is not a surprise that rating agencies are still downgrading." Political machinations and below-par economic growth are also playing a role. UBS research estimates growth in the 19 biggest emerging economies is running roughly 1.6 percent above developed peers. In 2009, this premium was 7.5 percent. Over the same period, the average EM rating has fallen around one notch, S&P data shows. NEXT WAVE There are some shafts of light in the gloom. Indonesia was raised to investment grade by S&P last week. Russia is knocking on the door again, India looks to be on the up and Moody''s says it could raise Argentina''s rating again before the end of the year. Fitch has lifted double the amount of EM outlooks that it has lowered since January; Colombia, Croatia, Iraq and Sri Lanka versus El Salvador and Nigeria on the downside. "Negative outlooks peaked in late 2016 in EM sovereigns and are now in decline," Fitch''s head of Sovereigns James McCormack said in a recent speech. It could be a supertanker-like turn though and there are plenty of political risks still bubbling for many heavyweights. Credit default swaps (CDS), which can be used to insure against or to bet on debt problems, foresee a fresh wave of downgrades, according to an S&P Market Intelligence model called the Market Derived Signal (MDS). It has been pointing to a monster five-notch downgrade of S&P''s AA China rating for over a year. Any move would certainly be smaller, but S&P flagged in January that rising economic and financial risks could prompt a cut this year or next. Having already been stripped of their investment grade stripes, South Africa and Brazil are expected to be chopped again. Mexico''s MDS also points to a two notch downgrade which would leave it just above ''junk'' territory. "South Africa, Brazil and Turkey are all still going in the wrong direction so you can''t see them getting back (to investment grade) any time soon." said Aberdeen Asset Management investment committee member and former S&P analyst, Kevin Daly. "But you could argue that Russia at least has a chance." (Reporting by Marc Jones; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-emerging-ratings-idUKKBN18K2LH'|'2017-05-25T02:05:00.000+03:00'
'958a8ac1ef801235bacd0527b12184a5edf75366'|'Electric bikes help power cycle sales at Halfords - Business'|'Bike and car parts retailer Halfords has reported a surge in demand for electric bikes.Sales of e-bikes soared 130% over the year at Halfords, helping to increase its total cycle sales by more than 5%. They start at just under <20>500, with a top-of-the-range model <20> which promises a top speed without pedalling of 15mph <20> costing <20>2,299.Its chief executive, Jill McDonald, said: <20>Sales are hitting a tipping point as people understand what e-bikes are.<2E> She said they made cycling accessible to many older people and Halfords has tripled the number of outlets where the battery-assisted bikes are available. It has also trained all its staff to sell them and has increased its range. E-bikes now make up 4% of the chain<69>s total bike sales.Electric rides: the best e-bikes - Martin Love Read more However, the retailer<65>s underlying profits still fell 7.5% to <20>75.4m, largely down to fall in the pound<6E>s value since the Brexit vote, which increased the cost of buying goods from overseas.McDonald said cutting better deals with suppliers and improving efficiency as well as raising some prices had only partly offset the impact of sterling<6E>s fall against the dollar. Nearly all bikes are bought in dollars.McDonald said prices for premium bikes sold at independent retailers had risen by as much as 15%, while most mainstream operators had increased prices by 4% to 5%. She insisted Halfords<64> prices had risen less than that.McDonald, who is leaving Halfords in October to become head of non-food including clothing at Marks & Spencer , said the cycle market still had good growth prospects: <20>People want to get fit and healthier and cycling is an affordable low impact way to get fitter,<2C> she said.Topics Halfords Retail industry Cycling Sterling Currencies  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/25/electric-bikes-help-power-cycle-sales-at-halfords'|'2017-05-26T02:38:00.000+03:00'
'c067bd283e41c5fdcdc8087381ac662bf19d88fa'|'Infosys touts plan to hire Americans in face of visa pressures'|'Asia - Thu May 25, 2017 - 12:27pm IST Infosys touts plan to hire Americans in face of visa pressures FILE PHOTO: An employee walks past a signage board in the Infosys campus at the Electronics City IT district in Bangalore, February 28, 2012. REUTERS/Vivek Prakash/File Photo By Salvador Rodriguez - SAN FRANCISCO SAN FRANCISCO Infosys Ltd, the India-based computer services giant, on Wednesday touted its new strategy to hire and train 10,000 American workers over the next two years at the company''s annual leadership meeting in San Francisco. Infosys is the largest employer of workers under the U.S. H1-B visa program for skilled workers, which has been under fire as the Trump Administration moves to tighten a range of immigration laws. Many large companies hire so-called outsourcing firms such as Infosys to manage their computer operations. Infosys announced three weeks ago that it would hire 10,000 Americans, and said on Monday that it had leased 35,000 square feet of office space in downtown Indianapolis. Indiana Gov. Eric Holcomb, who succeeded Vice President Mike Pence in the state''s top office, and Indiana University President Michael McRobbie appeared at the San Francisco event to voice their support. Ravi Kumar, Infosys''s deputy chief operating officer, said the company will be looking to hire both experienced professionals and recent college graduates at a range of skill levels. Each month, Kumar said, the company plans to put large batches of prospective employees through training courses of eight to 10 weeks that will prepare them for positions in fields like data analytics, enterprise cloud applications and cybersecurity. Kumar said the new moves did not reflect any major change in the company''s business model, with U.S. workers being compensated at the same level as H1-B visa professionals. The company also used the meeting to highlight the launch of Infosys Nia, a new artificially intelligent service that is designed to allow IT professionals to automate more of their tasks. Infosys stressed that AI and automation are the future of technology, and that innovations in these areas will allow enterprises to be more productive without having to hire more people. "If problem solving is going to be done by machines, then problem finding is the human frontier," said Infosys CEO Vishal Sikka in his keynote. (Reporting by Salvador Rodriguez; Editing by Jonathan Weber) '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/infosys-us-visa-idINKBN18L0ON'|'2017-05-25T12:12:00.000+03:00'
'b4f079fae4717f4081aa9c440de194ad42f2232a'|'CORRECTED-U.S. finds likely harm from China, Vietnam tool chest imports'|'Market News - Thu May 25, 2017 - 11:21am EDT CORRECTED-U.S. finds likely harm from China, Vietnam tool chest imports (Corrects date) WASHINGTON May 25 The International Trade Commission said on Thursday it had made a preliminary finding that imports of tool chests and cabinets from China and Vietnam were harming U.S. producers, allowing a probe into possible dumping and subsidies to continue. The case, announced by the Commerce Department on May 2, follows a petition from Missouri-based Waterloo Industries Inc, a subsidiary of Fortune Brands and Home Security Inc. In 2016, imports of tool chests from China and Vietnam totaled $990 million and $77 million, respectively, department data show. (Reporting by Tim Ahmann; Writing by Eric Walsh)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trade-toolchests-idUSL1N1IO1CF'|'2017-05-25T23:21:00.000+03:00'
'4a2c82cd694d86ad3028d38bac2f3362f8e40ee4'|'Harley-Davidson plans a Thailand factory to serve SE Asian market'|'Business News - Thu May 25, 2017 - 12:28am EDT Harley-Davidson plans a Thailand factory to serve SE Asian market FILE PHOTO: The logo of Harley-Davidson is pictured at the 38th Bangkok International Motor Show in Bangkok, Thailand March 28, 2017. REUTERS/Athit Perawongmetha/File Photo BANGKOK Motorcycle maker Harley-Davidson Inc (HOG.N) said on Thursday it will build a plant in Thailand, a major Asian automotive hub, to serve the growing Southeast Asian market, a move criticized by a U.S. labor union. The company did not give a figure for the planned investment in Thailand''s Rayong province, southeast of Bangkok. Katie Whitmore, Harley-Davidson public relations manager, said the company had its best results in Asia-Pacific in 2016, though she gave no numbers. The Thailand facility "will allow us to be more responsive and competitive in the ASEAN region and China," Harley-Davidson public relations manager Katie Whitmore said. "Increased access and affordability for our customers in the region is key to growth for the company in total," she said. "There is no intent to reduce H-D U.S. manufacturing due to this expansion." The plant would let Milwaukee-based Harley-Davidson avoid Thailand''s up to 60 percent tariff on imported motorcycles and help it get tax breaks when exporting to Thailand''s neighbors, thanks to a trade arrangement among members of the Association of Southeast Asian Nation (ASEAN). Harley opened a plant in India in 2011. It also assembles motorcycles at a plant in Brazil. After the New York Times reported on Harley''s planned Thai investment, United Steelworkers (USW) International President Leo W. Gerard on Tuesday said the decision was "a slap in the face to the American worker and to hundreds of thousands of Harley riders across the country." USW represents members at Harley plants in two U.S. states and 850,000 workers in North America. Gerard also said that production outside the U.S. "puts in jeopardy the success that has propelled Harley over the years." Whitmore said motorcycles assembled in Thailand would have the same "authentic look, sound and feel" as those manufactured in the U.S. Demand for Harley motorcycles in the U.S., the company''s biggest market, continues to be slow as its loyal baby boomer demographic changes ages. (Reporting by Amy Sawitta Lefevre; Editing by Richard Borsuk) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-harleydavidson-thailand-idUSKBN18L0DA'|'2017-05-25T12:28:00.000+03:00'
'37a16be577497d4c054e8cf7b10f7ec670ec6c8b'|'India''s Infosys touts plan to hire Americans in face of visa pressures'|'Business   5:33am BST India''s Infosys touts plan to hire Americans in face of visa pressures The logo of Infosys is pictured inside the company''s headquarters in Bengaluru, India, April 13, 2017. REUTERS/Abhishek N. Chinnappa By Salvador Rodriguez - SAN FRANCISCO SAN FRANCISCO Infosys Ltd, the India-based computer services giant, on Wednesday touted its new strategy to hire and train 10,000 American workers over the next two years at the company''s annual leadership meeting in San Francisco. Infosys is the largest employer of workers under the U.S. H1-B visa programme for skilled workers, which has been under fire as the Trump Administration moves to tighten a range of immigration laws. Many large companies hire so-called outsourcing firms such as Infosys to manage their computer operations. Infosys announced three weeks ago that it would hire 10,000 Americans, and said on Monday that it had leased 35,000 square feet of office space in downtown Indianapolis. Indiana Gov. Eric Holcomb, who succeeded Vice President Mike Pence in the state''s top office, and Indiana University President Michael McRobbie appeared at the San Francisco event to voice their support. Ravi Kumar, Infosys''s deputy chief operating officer, said the company will be looking to hire both experienced professionals and recent college graduates at a range of skill levels. Each month, Kumar said, the company plans to put large batches of prospective employees through training courses of eight to 10 weeks that will prepare them for positions in fields like data analytics, enterprise cloud applications and cybersecurity. Kumar said the new moves did not reflect any major change in the company''s business model, with U.S. workers being compensated at the same level as H1-B visa professionals. The company also used the meeting to highlight the launch of Infosys Nia, a new artificially intelligent service that is designed to allow IT professionals to automate more of their tasks. Infosys stressed that AI and automation are the future of technology, and that innovations in these areas will allow enterprises to be more productive without having to hire more people. "If problem solving is going to be done by machines, then problem finding is the human frontier," said Infosys CEO Vishal Sikka in his keynote. (Reporting by Salvador Rodriguez; Editing by Jonathan Weber)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-infosys-summit-idUKKBN18L0DR'|'2017-05-25T12:33:00.000+03:00'
'd948ccfad5652bcc202c82b511c15983dce51e1d'|'Severn Trent''s pretax profit up 4.3 percent on higher prices, savings'|' 24am BST Severn Trent''s pretax profit up 4.3 percent on higher prices, savings British water utility Severn Trent Plc posted a 4.3 percent rise in full-year underlying pretax profit, boosted by newer price regulations and higher savings. The company, which supplies water across the UK''s Midlands, said underlying pretax profit rose to 525.1 million pounds, from 503.4 million pounds a year earlier. Full-year net customer outcome delivery incentive rewards (ODI) was 47.6 million pounds, the company said in a statement on Tuesday. Water companies are rewarded when they meet or exceed target, and are penalised if they fail to meet targets. These targets include timely project completions and better customer services. (Reporting by Sanjeeban Sarkar and Arathy S Nair in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-severn-trent-results-idUKKBN18J0NF'|'2017-05-23T14:24:00.000+03:00'
'606df4b3f6ae38157dffa55d46296cc34901d6a7'|'BRIEF-U.S. FDA grants priority review status to Ultragenyx metabolic disorder drug'|'Market News  49am EDT BRIEF-U.S. FDA grants priority review status to Ultragenyx metabolic disorder drug May 23 Ultragenyx Pharmaceutical Inc- * Ultragenyx announces recombinant human beta-glucuronidase biologics license application and marketing authorization application filed and accepted for review; FDA grants priority review status * Ultragenyx Pharmaceutical Inc - prescription drug user fee act (pdufa) goal date for a decision is november 16, 2017 * Ultragenyx Pharmaceutical Inc - opinion from committee for medicinal products for human use (chmp) is expected in first half of 2018 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-us-fda-grants-priority-review-stat-idUSASA09QYD'|'2017-05-23T20:49:00.000+03:00'
'466e12cfd361b3bf76883f80abd68a4309db513b'|'Germany''s trade surplus with U.S. is ''win-win'' situation - economy minister'|'Business News - Tue May 23, 2017 - 7:15pm BST Germany''s trade surplus with U.S. is ''win-win'' situation: economy minister German Economy Minister Brigitte Zypries addresses a news conference to introduce the government''s economic spring outlook in Berlin, Germany, April 26, 2017. REUTERS/Fabrizio Bensch WASHINGTON Germany''s trade surplus with the United States is beneficial to both countries given that German machinery exported to the world''s largest economy is used in manufacturing there, visiting Economy Minister Brigitte Zypries said on Tuesday. Her comments came ahead of meetings over the next two days with U.S. lawmakers including Republican House Speaker Paul Ryan, the new U.S. Trade Representative Robert Lighthizer and U.S. Commerce Secretary Wilbur Ross. Ross and other Trump administration officials have complained about Germany''s persistent trade surpluses with the United States. White House trade and industrial policy adviser Peter Navarro has accused Germany of exploiting a "grossly undervalued" euro to take advantage of the United States and other trading partners. "The German trade surplus is above all to do with machinery and plants which the Americans buy in order to rebuild their economy," Zypries told reporters. "The trade surplus is reversed in the services sector, where the Americans have a significant surplus (over Germany)." She added: "But naturally the Americans have to export more. Yet despite the trade surplus, it''s still a win-win situation because the Americans are benefiting from this because they can manufacture products." The United States had a $65 billion goods trade deficit with Germany in 2016, the third-largest negative balance after a $347 billion deficit with China and a $69 billion shortfall with Japan, according to data from the U.S. Census Bureau. Data from Germany''s Federal Statistics Office on Monday showed that exports to the United States jumped 8 percent on the year in the first quarter, signaling that trade is flourishing despite U.S. President Donald Trump''s protectionist rhetoric. The surplus on the German side with the United States swelled to nearly 14 billion euros in the first quarter, the biggest bilateral surplus Germany has with any other country. In 2016, Germany''s overall trade surplus hit a record high $282.5 billion. The wider current account surplus, which measures the flow of goods, services and investments into and out of the country, rose to an all-time high of 261.4 billion euros ($293 billion), Bundesbank data showed. Germany says its high current account surplus is down to the competitiveness of the economy, over which the government has no influence. The government expects the current account surplus, which stood at 8.3 percent of output in 2016, to fall to 8 percent by 2018. ($1 = 0.8930 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trade-germany-idUKKBN18J2NT'|'2017-05-24T02:11:00.000+03:00'
'2a7a31c88c94ad371c6f16c57a44ae9eecf93023'|'UPDATE 1-UBS to buy stake in Brazil''s Consenso in LatAm expansion push'|'ZURICH UBS ( UBSG.S ) has agreed to buy a majority stake in Brazil''s Consenso, its first purchase in Latin America in four years as the world''s biggest wealth manager looks to grow its business in the region''s largest economy.Sao Paulo-based Consenso, a wealth management and multi-family office, manages around 20 billion reals ($6.13 billion) in assets. UBS, with more than $2 trillion in invested assets, will acquire a significant stake, it said without giving specifics."This transaction will allow UBS to accelerate its expansion in Brazil and demonstrates our longstanding commitment to growing our wealth management business in this key market," UBS''s head of wealth management for LatAm, Alejandro Velez, said in a statement on Tuesday.The pair will combine their operations in Brazil in a business to be run by UBS executives and Consenso''s founding partners. UBS has roughly 8 billion reals in assets under management in Brazil.They expect the deal, the price of which was not disclosed, to close in the beginning of the third quarter.The acquisition is UBS''s first in the region since it acquired Link Investimentos in Brazil in 2013, a deal it agreed in 2010 and which had heralded the Swiss bank''s return to the Brazilian market.It comes on the back of a challenging period for UBS in LatAm, which included a leadership change, the departures of key bankers in Mexico and billions in withdrawals in 2016 by clients participating in tax amnesty programs.The situation improved somewhat in the first quarter of 2017 with net new money in UBS''s emerging markets division, which includes LatAm, totaling 2.1 billion Swiss francs ($2.16 billion).Private financial wealth in LatAm is seen rising to more than $7 trillion in 2020 from $4.8 trillion in 2015, according to a study by Boston Consulting Group.(Reporting by Joshua Franklin and John Revill, Editing by Michael Shields)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ubs-group-m-a-brazil-consenso-idUSKBN18J294'|'2017-05-23T23:28:00.000+03:00'
'53f0d0be4a40d13abb005fb307af6cb91ba9d58c'|'Volkswagen CEO says enforcing culture change poses challenges'|'HANOVER, Germany Some Volkswagen ( VOWG_p.DE ) managers are struggling to adapt to the German carmaker''s drive to improve accountability after its diesel emissions fraud, its chief executive said, suggesting it could take years to establish a new corporate culture.The attempt by the world''s largest automaker to become more transparent and decentralize power is seen by investors as a key part of its campaign to regain trust following its admission in 2015 that it cheated U.S. diesel emissions tests.But trying to convince Volkswagen (VW) managers of the need to change is still proving tough 20 months after "dieselgate" broke, according to Matthias Mueller, who became CEO a week after the scandal came to light in September 2015."There are definitely people who are longing for the old centralistic leadership," Mueller said during a discussion with business representatives late on Monday. "I don''t know whether you can imagine how difficult it is to change the mindset."Before "dieselgate", there was an extreme deference to authority at VW and a closed-off corporate culture that some critics say may have been a factor in the cheating.One of his priorities since taking the helm has been to decentralize power and reform the command-and-control structure that was prevalent under former bosses Martin Winterkorn and Ferdinand Piech, Mueller said.When the cheating was uncovered, Mueller promised VW would learn from its mistakes and introduce changes to prevent such a scandal from recurring, but on Monday he admitted the task was harder than expected."You are permanently caught in a field of tension based on the question of how much (decentralization) can the company tolerate and how much can it not," he said."The process (of change) has been started but it''s a process," Mueller said. "One now has to endure this, also as chief (executive), that some things go wrong and some things remain unsuccessful while other things are successful."Many mid-level managers thrived under pre-dieselgate arrangements that allowed them to shift responsibility to others, and they are struggling to embrace Mueller''s drive for openness and leadership, sources at VW have told Reuters.With VW also pursuing a multi-billion-euro shift toward electric cars and new technologies, many managers are focusing on protecting themselves rather than providing leadership in their departments, the sources said."The search for those who made mistakes always took precedence over the search for the mistakes," one said, speaking on condition of anonymity. "That mindset is still there."After Porsche''s ill-fated attempt in 2008-09 to take over much-bigger VW, Mueller said it took him three years as CEO of the sports-car maker to establish a new culture at the firm with its then 12,000 workers and shift the focus back to the product."Of course there are anxieties, it''s not an easy undertaking" to overcome VW''s management hierarchies, he said. "The only question is how long will it take?"(Reporting by Andreas Cremer; Editing by Diane Craft and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-volkswagen-emissions-culture-idUSKBN18I2V3'|'2017-05-23T07:47:00.000+03:00'
'634ac23951c5d81a4463b90c0a8d424a204c2eef'|'TransferWise offers foreign currency business accounts, debit cards'|'Technology News - Tue May 23, 2017 - 5:03am BST TransferWise offers foreign currency business accounts, debit cards By Anna Irrera - NEW YORK NEW YORK London-based startup TransferWise has launched a new service in the UK and Europe that will make it easier for small businesses to keep money and get paid in more than 15 currencies, as the company branches beyond its core money transfer business. Similar to having a bank account in multiple countries, the new service will allow small businesses to activate unique account and routing numbers for the United States, UK and the rest of Europe and get paid as if they were a local company, TransferWise said on Tuesday. Users will be able to hold balances in currencies they may need later or convert money between currencies in real-time, spending less on conversion fees and hedging against exchange rate fluctuations, TransferWise said. The new service will be available to U.S. businesses in June and to consumers later this year, the company said. It also plans to launch a debit card connected to the new account for both businesses and consumers, it added The move marks a new business line for TransferWise, which has so far focused on enabling consumers and small businesses to send money internationally online. "The infrastructure we''ve built can help people do more than just transfer money," said Taavet Hinrikus, chief executive officer and co-founder of TransferWise. "Business banking is notoriously expensive and difficult to set up and manage. Based on what we heard from our customers, we thought TransferWise could do something to help." The six-year-old startup is among young technology companies seeking to offer more user friendly and cheap financial services. Like TransferWise, many of the most well-known fintech companies have been expanding into offering a broader set of financial services over the past year. Student lender Social Finance, known as SoFi, launched a digital financial advice platform last week, while online investment manager Wealthfront branched out into lending earlier this year. TransferWise, which announced it had reached profitability for the first time at the start of 2017, currently processes more than $1 billion monthly in money transfers across 750 currency routes. (Reporting by Anna Irrera; Editing by Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-transferwise-accounts-idUKKBN18J0EE'|'2017-05-23T12:02:00.000+03:00'
'2bc4469247915304d8b136f939543967a169e060'|'Azerbaijan''s IBA has August deadline for restructuring-legal advisor'|'LONDON May 23 State-run international Bank of Azerbaijan hopes to complete its $3.3 billion debt restructuring process by the end of August, the lender''s legal advisor, Ian Clark of White & Case told investors on Tuesday.Clark said the proposals would be put to vote on July 13 and was conditional on receiving the support of 2/3 of creditors by value. The proposal would be then submitted to Azeri courts for their approval, he said."We anticipate the process to be completed by mid-August and as soon as possible after that we will (conduct) distribution of entitlements (to creditors) by 24 August," Clark added. (Reporting by Karin Strohecker and Sujata Rao)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/azerbaijan-iba-deadline-idINL9N1CD01B'|'2017-05-23T09:47:00.000+03:00'
'36c7451a7357c603a00c4fec3658466ef0b02044'|'BOJ''s Kuroda - uncertainty about natural interest rate complicates policy'|'Business News - Wed May 24, 2017 - 1:20am BST BOJ''s Kuroda - uncertainty about natural interest rate complicates policy Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan April 27, 2017. REUTERS/Kim Kyung-Hoon TOKYO Bank of Japan Governor Haruhiko Kuroda said on Wednesday that uncertainty about the natural rate of interest - the level of interest rates that neither stimulates nor constrains growth - is making it difficult for central bankers to steer policy. Kuroda, who spoke at a seminar hosted by the BOJ, said the natural rate of interest has been falling globally, which has led central banks to adopt unconventional economic policies. (Reporting by Stanley White; Editing by Chris Gallagher)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-kuroda-idUKKBN18K01G'|'2017-05-24T08:20:00.000+03:00'
'9b0a7f725e190443a6395b5a2b315fcc65b11be3'|'UK prosecutors delay charging decision on Barclays Qatar fundraising to mid-June'|'Business   6:55pm BST UK prosecutors delay charging decision on Barclays Qatar fundraising to mid-June FILE PHOTO: The Barclays headquarters building is seen in the Canary Wharf business district of London, Britain February 6, 2013. REUTERS/Neil Hall/File Photo By Kirstin Ridley - LONDON LONDON Britain''s Serious Fraud Office said on Thursday that Barclays ( BARC.L ) and its former senior bankers will not know until around mid-June whether they face criminal charges over a 2008 emergency fundraising from Qatar. The SFO has already delayed a charging decision from the end of March to the end of May in the only UK criminal investigation from the financial crisis period in which senior bankers face possible criminal charges. The SFO''s investigation centers on commercial agreements between Barclays and Qatari investors as part of a total 12 billion pound ($15 billion) fundraising at the height of the credit crisis, which allowed the bank to avoid a state bailout. Barclays did not immediately respond to requests for comment. The inquiry is one of several legal issues inherited by Barclays''s current Chief Executive Jes Staley that date back to the credit crisis. The bank already faces a proposed fine of around 50 million pounds for being "reckless" after the Financial Conduct Authority (FCA) said it did not disclose all "advisory services agreements" to Qatar, although that inquiry is ongoing. The bank is also being sued for $1.0 billion in damages by Amanda Staveley, a British businesswoman with Gulf connections, over whether all Gulf investors received the same terms in 2008, a case Barclays has called "misconceived". Simultaneously it is contesting a high-profile unfair dismissal for a whistleblowing case. One of the bank''s former most senior investment bankers Richard Boath, who cooperated with the SFO in its investigation, alleges he was fired "as a direct result" of what he told investigators when questioned as part of their criminal inquiry. The case has been adjourned to later in the year. Barclays denies any wrongdoing. The Qatar investigation is also highly-charged politically ahead of a national election on June 8. Qatari investors have not been accused of any wrongdoing. But the Gulf state is a key investor in Britain as the country prepares to extricate itself from the European Union. Britain''s ruling Conservative Party has also pledged to scrap the SFO and roll it into a broader crime-fighting body if it wins the election. (Reporting by Kirstin Ridley; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-barclays-qatar-delay-idUKKBN18L2GB'|'2017-05-26T01:46:00.000+03:00'
'd71f28e86ec50fe1573b9c2471fc76e4726546ff'|'Trump talks trade with EU, varied differences remain'|'  1:52pm BST Trump talks trade with EU, varied differences remain President Trump walks with the President of the European Council Donald Tusk in Brussels, Belgium. REUTERS/Francois Lenoir By Alastair Macdonald and Philip Blenkinsop - BRUSSELS BRUSSELS A smiling Donald Trump offered European Union chiefs assurances on security in Brussels on Thursday but EU officials did not conceal lingering differences with the U.S. president over Russia, trade and climate change. In talks before a summit of NATO leaders at the Atlantic military alliance''s headquarters across town, an EU source highlighted that Trump had voiced fears that Brexit could cost U.S. jobs -- a possible sign of second thoughts on support for the British vote to leave which stunned the bloc. And Trump also agreed to setting up a joint EU-U.S. "action plan" on trade-- an indication the new occupant of the White House is not as set on shunning free trade deals and promoting protectionism as some in Europe had feared he might. Nonetheless, European Council President Donald Tusk indicated, there was something less than a meeting of minds on trade and other issues -- despite the cordiality of Trump''s welcome at the new EU building which the former Polish premier informed him was popularly known as "Tusk Tower" in a nod to the former real estate developer''s signature New York headquarters. "We agreed on many areas, first and foremost on counter-terrorism," Tusk said after he and EU chief executive Jean-Claude Juncker met Trump for over an hour. "But some issues remain open, like climate and trade." European leaders have been urging Trump not to abandon the U.S. commitment to cutting greenhouse gas emissions made when his predecessor Barack Obama signed up to the U.N. Paris accord. Tusk also said he did not feel he and Trump were on exactly the same page in terms of dealing with Russian President Vladimir Putin, although they agreed on efforts to end conflict in Ukraine which the West blames on Moscow and which has resulted in both EU and U.S. economic sanctions on Russia. A spokeswoman for Juncker, the president of the European Commission which had been negotiating an ambitious free trade deal with Washington known as TTIP before Trump''s upset election victory, said the two sides would work to increase trade. "Intensifying trade cooperation which is a win-win situation for both sides," the spokeswoman said. "It was agreed to start work on a joint action plan on trade." It was not immediately clear if that might include a revival of work on TTIP. Trump has made clear his dislike of multilateral trade agreements, pulling out of the TPP agreement with Asian states. However, European leaders, including German Chancellor Angela Merkel, have suggested he is warming to trade talks with the EU, which unifies trade rules for all 28 states. BREXIT COSTS? Trump irritated EU leaders during his election campaign last year by hailing Brexit and suggesting other countries might follow Britain out of the 28-nation bloc. Eurosceptic leaders said he would offer Britain a free trade deal once it left. However, EU officials believe Trump has come to appreciate more since taking office the value of European integration to U.S. interests. U.S. businesses have taken advantage of its single market to reduce the costs of exporting to Europe. An EU source said Trump had told Tusk and Juncker he was now worried that Americans may lose jobs as a result of Britain leaving the EU in 2019: He "expressed concern that jobs in the U.S. would be lost because of Brexit", the source said. EU officials said the meeting had been constructive and friendly. Tusk and Juncker joked with Trump about the EU having "two presidents" and being "too complicated". The U.S. leader appeared to mix the two of them up during remarks in January, deepening concerns in Brussels that the reality TV star in the White House failed to take the European Union seriously. Trump waxed lyrical about his first foreign trip, which
'055c60ebe4305bdfaa31979d68ae1afa387b0cc3'|'Aberdeen says euro clearing shift would mean job moves as well'|'Business News - Thu May 25, 2017 - 12:31pm BST Aberdeen says euro clearing shift would mean job moves as well LONDON Aberdeen Asset Management ( ADN.L ) Chief Executive Martin Gilbert said his company will have to move some jobs to Europe from Britain if the European Union insists that the clearing of euro denominated trade should be based inside the bloc. Gilbert declined to say how many jobs would have to move, but told a financial conference on Thursday it would probably be a "handful" of roles. (Reporting by Andrew MacAskill, editing by Huw Jones)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurzone-clearing-derivatives-idUKKBN18L1GI'|'2017-05-25T19:31:00.000+03:00'
'5b5e7b9b33f17e367a9aa05c8a8a04c064b14e6d'|'U.S. oilfield service firms lag shale recovery; old deals hold'|'Business   11:19am IST U.S. oilfield service firms lag shale recovery; old deals hold FILE PHOTO: An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. REUTERS/Ernest Scheyder By Liz Hampton - HOUSTON HOUSTON U.S. oil services companies have been doing a lot more work as recovering oil prices have lifted the shale industry from a two-year slump, but producers have been pocketing much of the new cash generated by rising output and squeezing service providers to keep costs down. Oil service companies that provide the crews, labor and technology used to drill, construct and operate wells are lagging the recovery in U.S. shale producers. The lopsided situation could chill the production rebound or keep it from spreading to more shale fields, executives of services companies said. Rising demand for certain services means raising salaries to attract workers and refurbishing equipment, while often being paid under fixed contracts signed during harder times, these companies said. That has pressured margins, leading to further losses. Law firm Haynes and Boone LLP said the U.S. oilfield sector experienced 127 bankruptcies between 2015 and April 2017. Among the 10 largest oilfield service providers, just five were profitable last quarter, the same number as a year ago. In contrast, seven of the top shale oil producers posted a first quarter profit, up from just one a year ago. "Both of us have to be able to earn a return and give something back to our shareholders," David Lesar, chief executive officer of Halliburton Co ( HAL.N ), the world''s second-largest oilfield services company, said in an interview. The sector is struggling to change onerous contract terms set when oil prices were much lower. Service companies agreed to those prices out of necessity; they needed cash flow to cover expenses. Those contracts, some of which extend into next year, are contributing to losses, preventing some companies from adding equipment or moving it to oil fields where it could be put to use. The expiration of those contracts should allow prices for high-demand services to rise, oilfield services executives said. Even so, some of the changes that shale oil producers made during the downturn are likely to stick, making it harder for service firms to drive up prices. Oil producers have better returns today because of those cost controls, winning greater favor among investors. "Many of (oil producers) have reduced capex spending and are increasing capital returns to investors," said Tom Bergeron, a senior fund manager for Frost Investment Advisors. Shale firms have demanded deals that unbundle the functions of service providers, allowing them to spread the work out among more companies, who then have less leverage to raise prices. Those practices allowed shale producer profits to start rebounding just a few months after oil prices began to recover from the $26 a barrel nadir of February 2016 Clc1. But it left services companies without a way to immediately benefit from the U.S. crude benchmark''s return to about $50 a barrel. Service companies hope they can raise prices by the second half of this year, but for now there is limited scope to pass along costs, Chakra Mandava, an operations executive at Nabors Drilling USA, ( NBR.N ), said at an energy conference this month in Houston. Nabors blamed its first quarter loss on an inability to offset costs for new staff and equipment. Keane Group ( FRAC.N ), which supplies pressure pumping services, one of the highest demand services in the shale patch, reported a first-quarter loss due largely to long-term, fixed price contracts, despite a 59 percent jump in revenue from the fourth quarter. One proposal that might resolve the disconnect between oil price moves and contract changes is to tie deals to the cost of crude. Apache Corp ( APA.N ), which plans to drill some 250 wells this year in the Permian Basin, is looking to tie what it pays for services to t
'1eb2a726177eb454cd1188ebb59e1ad0446b1e33'|'Cinven revives plans to list German truck parts maker Jost -sources'|'By Alexander H<>bner and Arno Schuetze - FRANKFURT FRANKFURT May 24 Buyout group Cinven is reviving plans to list German truck and trailer parts maker Jost on the Frankfurt stock exchange, people close to the matter said.The company is expected to announce its intention to float either in early July or in September, they added.Cinven and Jost declined to commentCinven had started preparations for an initial public offering of Jost in 2015 but later shelved the plan due to wobbly capital markets.At the time, it had planned to sell shares worth less than 500 million euros ($559.35 million), valuing the company at up to 800 million euros in a deal organised by JP Morgan, Deutsche Bank and Commerzbank.An IPO would prove a positive turn for Cinven, which acquired a majority stake in Jost just weeks before the Lehman insolvency in 2008 and had to agree to a restructuring of the group''s finances in 2010 to avert looming insolvency.Cinven saw its stake in the company cut to 64 percent, while Jost''s management retained a holding of more than 23 percent. Junior debt holders converted their claims into preferred shares, giving them a 13 percent stake.In 2014, the most recent year for which data is available, Jost posted adjusted earnings before interest and taxes of roughly 59 million euros on sales of 516 million. It has since grown, among other thanks to acquisition of the Mercedes-Benz TrailerAxleSystems from Daimler.Listed truck parts makers like Wabco, SAF Holland and Stabilus trade at 8 to 12 times their expected core earnings.Jost, founded in 1952, is the market leader for landing gears and fifth wheels sold under brands such as Jost, Rockinger, Edbro and Tridec.It supplies truck makers such as Daimler, Volvo, MAN and Freight Liner as well as trailer makers such as Schmitz Cargobull, Krone, Randon, CIMC and Wabash. It generates about half of its sales in Europe and competes with groups such as Fontane, Fuwa, Haacon and SAF Holland.($1 = 0.8939 euros) (Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/jost-ipo-idINL8N1IP5JT'|'2017-05-24T07:50:00.000+03:00'
'b86c2c7bec7c5e3212c444d67dec7076af9f98cc'|'M&S annual profit down 10 percent, clothing sales fall in latest quarter'|'Top   10:30am BST M&S profit drops, but says recovery on track in tough market FILE PHOTO: People walk past a branch of British retailer Marks and Spencer in the British overseas territory of Gibraltar, historically claimed by Spain, April 20, 2017. REUTERS/Phil Noble /File Photo By James Davey - LONDON LONDON British retailer Marks & Spencer said improving profit margins and steady market share showed its struggling clothing business was on the mend, despite a 10 percent drop in annual earnings and sliding sales in the latest quarter. The company said on Wednesday that within a "volatile and slightly depressed" clothing market, its turnaround plan was on track. "We achieved a huge amount in the year and whilst there is still much to do, I am pleased with our progress," said Chief Executive Steve Rowe, pointing to a stabilising market share in clothing, an increase in market share for full price clothes and the removal of excessive discounting. "This is a self-help story in M&S," he told reporters. Shares in M&S, which have increased 20 percent in the last three months - partly reflecting the appointment of industry veteran Archie Norman as its new chairman - rose by up to 2.4 percent. "We think that consensus profit forecasts (for 2017-18) will hold fairly steady today, albeit with improving trends in clothing margins suggesting some potential upside for the year," said RBC Europe analyst Richard Chamberlain, who has an "outperform" rating on the stock. Rowe, a 27-year company veteran, became CEO a year ago, taking on the tough task of reviving a British institution that has fallen out of fashion over the last decade. He has set out a plan to turn around M&S''s clothing business by driving improvements in the quality, fit and availability of its ranges, while lowering prices and reducing the number of garments sold through promotions. Rowe is also working through major programmes to switch UK shopfloor space away from clothing and towards food and reduce the group''s international high street exposure, closing stores in 10 markets. He said last year his plans would dent short-term profit. FULL PRICE SALES M&S made a pretax profit before one off items of 613.8 million pounds in the year to April 1 on revenue down 2.2 percent to 10.6 billion pounds. That was ahead of analysts'' average forecast of 593 million pounds but down from 690 million pounds made in 2015-16. The outcome reflects lower clothing and homeware sales and higher costs. After taking account of restructuring charges of 437.4 million pounds pretax profit fell 63.5 percent to 176.4 million pounds. The dividend was, however, maintained at 18.7 pence. M&S''s fourth quarter sales were hit by a later Easter falling outside the quarter and by the key days of the busy post Christmas sale coming in the third, rather than fourth, quarter. Clothing and homeware like-for-like sales fell 5.9 percent in the fourth quarter, worse than analysts'' average forecast of a 3.3 percent decline. They had increased 2.3 percent in the previous quarter. Rowe, however, said he was pleased with the outcome, noting calendar effects took 3.8 percent off the clothing and homeware number and that full price sales rose 8 percent in the quarter. <20>By the time we hit the (scheduled) Sale in July we<77>ll have had 91 full price days which is the longest run of full price days in 10 years. That<61>s substantial," said Rowe. Fourth quarter like-for-like food sales fell 2.1 percent versus an analysts'' consensus of down 0.6 percent. After the clothing and homeware gross margin rose 105 basis points in 2016-17, M&S forecast it in a range of up 25 to down 25 basis points in 2017-18, with the firm seeking to mitigate the impact of a weaker pound with better sourcing and a further reduction in discounting. The food margin was forecast at flat to down 50 basis points, reflecting cost inflation. (Editing by Kate Holton and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBus
'd6cbb5a0a4034743020bded1953c1ddaf3eb0927'|'UK energy tariff cap a chance to develop new products - E.ON CEO'|'Business News   1:41pm BST UK energy tariff cap a chance to develop new products - E.ON CEO E.ON Chief Executive Officer Johannes Teyssen is seen during the annual shareholders meeting in Essen, Germany May 10, 2017. REUTERS/Thilo Schmuelgen LONDON Britain''s plan to introduce price caps in the energy retail market will be a "challenge" but also a chance for one of the country''s biggest suppliers to develop new products in a very competitive market, said the chief executive of E.ON ( EONGn.DE ). Britain''s Conservative Party, leading in polls to take a larger majority in next month''s election, has pledged to cap standard energy tariffs, while the opposition Labour party has proposed nationalising some energy firms. E.ON group CEO Johannes Teyssen said a price cap would unlikely have any impact on E.ON''s current portfolio. "It''s an opportunity to define and develop new products, it''s a challenge for us," Teyssen said on the sidelines of the FT Energy Transition Strategies conference in London. E.ON, whose British unit saw profits plunge 43 percent in the first quarter, is ramping up sales in Britain to gain new customers in a market where large suppliers have seen fierce competition from new entrants. (Reporting by Karolin Schaps; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-e-on-britain-idUKKBN18K1N6'|'2017-05-24T20:41:00.000+03:00'
'ca9cc32d343d54f285fbbf435e7c9f02c5bff0f9'|'OECD says ''basic income'' reform would need more taxes'|' 20pm BST OECD says ''basic income'' reform would need more taxes By Brian Love - PARIS PARIS Welfare reforms that would introduce public payment of an unconditional basic income to everyone of working age are worth exploring but would do little to combat poverty if not financed by extra tax, the OECD said. It published a paper examining a long-discussed reform that is making headlines again amid labor market upheavals due in part to increasing use of robots, with Finland running a pilot project and Italy''s opposition 5-Star Movement promising a "citizen''s wage" should it win power. The Organisation for Economic Co-operation and Development said that, if existing benefit systems were abolished and the funds used to pay an unconditional, flat-rate payment for all of working age, the payout would be lower than many welfare beneficiaries currently receive. "A BI (basic income) at socially and politically meaningful levels would therefore likely require additional benefit expenditure and thus higher tax revenues," it said. In a note that outlined simulated national scenarios, the Paris-based OECD, a publicly funded think tank charged with reviewing economic and social policy ideas, concluded poverty rates would rise in Finland, France and the United Kingdom and remain unchanged in Italy. In France, and to a lesser extent in Finland and Britain, middle-income households would gain as they do not currently qualify for means-tested benefits. No country has so far introduced such a radical reform of social welfare provision but debate over a concept that has fans across the political spectrum has gained traction. The Finnish project is designed to test whether basic payments with no strings attached might be a plausible new economic model. Swiss voters rejected the idea in a referendum last year while the unsuccessful Socialist candidate in France''s presidential election, Nenoi Hamon, championed it, saying it would be funded by a tax on robots that replace people. (Reporting by Brian Love; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-oecd-welfare-idUKKBN18K259'|'2017-05-24T23:15:00.000+03:00'
'b4fb84623093ce3306ba82d9c700da0b8843319c'|'German prosecutor probing Daimler says is in touch with U.S. authorities'|'Environment - Wed May 24, 2017 - 11:48am BST German prosecutor probing Daimler says is in touch with U.S. authorities left right FILE PHOTO: The Mercedes dealership of the south-western German city of Stuttgart is pictured before the annual news conference of Daimler AG in Stuttgart, Germany, February 2, 2017. REUTERS/Michaela Rehle/File Photo 1/2 left right FILE PHOTO: The Mercedes star logo of an E Coupe is pictured before the annual news conference of Daimler AG in Stuttgart, Germany, February 2, 2017. REUTERS/Michaela Rehle/File Photo 2/2 FRANKFURT German authorities involved in raiding Daimler''s offices as part of a probe into diesel pollution are talking to authorities in the United States, the Stuttgart public prosecutor''s office said on Wednesday. "We are in contact with U.S. authorities," it said, declining to elaborate further. Prosecutors had on Tuesday searched Daimler''s offices and other premises in the course of investigations "against known and unknown employees at Daimler who are suspected of fraud and misleading advertising connected with manipulated emissions treatment of diesel passenger cars." News about communications between German and U.S. authorities also comes a day after the U.S. government filed a civil lawsuit accusing Fiat Chrysler Automobiles NV of illegally using software to bypass emission controls in 104,000 diesel vehicles sold since 2014. Earlier this year, Daimler said recent steps by U.S. authorities to investigate diesel emissions pollution and so-called auxiliary emissions control devices could lead to significant penalties and vehicle recalls. "As part of our cooperation with authorities, we have made the same information available to the Stuttgart prosecutor and the U.S. authorities," a spokeswoman for Daimler said on Wednesday. No board member at Daimler has been implicated in the probe, the prosecutor''s office said. Some 23 prosecutors and around 230 staff, including police and state criminal authorities, were involved in Tuesday''s searches of 11 German sites on the lookout for data files and evidence, the prosecutor''s office had said. (Reporting by Ilona Wissenbach; Writing by Edward Taylor; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-daimler-emissions-idUKKBN18K1AW'|'2017-05-24T18:43:00.000+03:00'
'76fde84ce90bc00716a15c811aa0eccc832053bc'|'Chile''s Cencosud eyes Argentine retail, real estate project -newspaper'|'Market  42am EDT Chile''s Cencosud eyes Argentine retail, real estate project -newspaper SANTIAGO May 25 Chilean retailer Cencosud has initiated the legal process to build a large real estate and commercial project in Argentina in what would be the company''s debut in homebuilding, a local newspaper reported on Thursday. The project, which would also be a boost of confidence for Argentina''s slowly rebounding economy, would include a mall, six condominiums and three 14-floor towers, Chile''s Diario Financiero said, without specifying the function of the towers. It would be located on a 20-hectare plot owned by the company in the Buenos Aires neighborhood of San Isidro. The project, which Diario Financiero said was likely to cost more than $600 million, would be one of Cencosud''s most ambitious in recent years. In a statement to the newspaper, the retailer confirmed it submitted papers to San Isidro to begin an environmental impact study, but noted the process was in its early stages. Cencosud has units in Argentina, Chile, Colombia and Peru. It operates supermarkets, department stores and malls, among other businesses. (Reporting by Gram Slattery; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cencosud-argentina-idUSL1N1IR0PS'|'2017-05-25T22:42:00.000+03:00'
'7ba3471822d7e3595fafd00673ec5b1b8ecaab13'|'United Utilities profit rises 3.1 pct on higher prices, cost savings'|' 11am BST United Utilities profit rises 3.1 pct on higher prices, cost savings Water utility United Utilities Group Plc reported a 3.1 percent rise in operating profit, helped by new pricing regulations and cost savings. The company, the largest of Britain''s three publicly listed water suppliers by market value, said underlying operating profit rose to 622.9 million pounds for the year ended March 31 from 604.1 million pounds a year earlier. However, the company, which supplies water across Cheshire, Lancashire and Cumbria, said revenue fell 1.5 percent to 1.73 billion pounds. (Reporting by Sanjeeban Sarkar and Arathy S Nair in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-united-ut-grp-results-idUKKBN18L0LD'|'2017-05-25T14:11:00.000+03:00'
'84abe8026d77ae4a191c464be9513e20768b2601'|'EU insurers'' watchdog to issue Brexit guidance to regulators'|'  2:20pm BST EU insurers'' watchdog to issue Brexit guidance to regulators DUBLIN The European Union''s insurance watchdog will publish guidance for national regulators to ensure they do not undercut one another in attracting firms moving from London due to Brexit, its head of policy said on Thursday. The risk of such arbitrage has recently crept onto the radar of politicians and regulators as financial services firms begin to outline plans to move operations to different member states following Britain''s vote last year to leave the EU. "EIOPA (European Insurance and Occupational Pensions Authority) is closely monitoring the developments and will publish in due course its guidance for national authorities on sound principles for authorisation and supervision," EIOPA''s head of policy Manuela Zweimuller told a conference. "We will subsequently closely monitor their implementation." (Reporting by Padraic Halpin, writing by Carolyn Cohn; Editing by Rachel Armstrong)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-insurance-supervision-idUKKBN18L1S1'|'2017-05-25T21:20:00.000+03:00'
'7f9077e8f2c83830fdcefeae2017ef5bafc62a34'|'HelloFresh to be ready for autumn flotation: sources'|'By Arno Schuetze - FRANKFURT FRANKFURT German meal kit company HelloFresh is preparing for a stock market flotation, which could come as early as autumn, but will only be launched if the pre-summer listing of peer Delivery Hero proves a success, people close to the matter said.Rocket Internet, the ecommerce investor which launched Hello Fresh in 2011, has picked a new set of so-called global coordinators for the flotation, comprising Morgan Stanley ( MS.N ), JP Morgan ( JPM.N ) and Deutsche Bank ( DBKGn.DE ).Berlin-based Rocket has built up dozens of businesses from fashion ecommerce to food delivery, but investors have become concerned about heavy losses and falling valuations for its key start-ups as well as a paucity of listings.Rocket had early success with online fashion firm Zalando ( ZALG.DE ), which listed in 2014 and has performed well since. But the investor pulled a flotation of HelloFresh in 2015 and has not brought any other companies to market yet.HelloFresh, which delivers meal ingredients and recipes in seven European countries as well as the United States, Canada and Australia, was valued at valued at 2 billion euros ($2.2 billion) in a funding round in December.On Tuesday, Reuters reported that Delivery Hero - Rocket''s biggest holding - is set to float before the summer break in a deal valuing one of Europe''s biggest start-ups at up to 4 billion euros.Rocket, which is due to report first-quarter financial results on May 31, owns 53 percent of HelloFresh, with other investors including British investment manager Baillie Gifford and Qatar''s sovereign wealth fund holding the rest.HelloFresh''s revenue almost doubled to 597 million euros in 2016 as it expanded rapidly in North America, while losses before interest, tax, depreciation and amortization narrowed to 83 million euros from 86 million in 2015.HelloFresh, which delivered 91 million servings in 2016 and saw its number of active subscribers rise 38 percent to 857,000, is keen to make its service ever more personalized and add more options for delivery, like wine and desserts.U.S. peers Blue Apron and Sun Basket are also preparing initial public offerings (IPOs).Separately, Rocket-backed Global Fashion Group said on Wednesday it had agreed with partner Emaar to jointly develop Namshi until a possible IPO or a full takeover.Rocket Internet and the banks declined to comment.(Additional reporting by Emma Thomasson; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hellofresh-ipo-idINKBN18K1PH'|'2017-05-24T11:08:00.000+03:00'
'973a823479ab805e6b02ef68477239e2842f3d38'|'OPEC, non-OPEC hold informal talks to nail new oil cuts'|'Business  33pm BST OPEC nearing deal to extend oil output cut to March 2018 left right Saudi Arabia''s Energy Minister Khalid Al-Falih and Kuweit''s Oil Minister Issam Almarzooq (R) leave after a meeting in Vienna, Austria May 24, 2017. REUTERS/Leonhard Foeger 1/4 left right Venezuela''s Oil Minister Nelson Martinez talks to journalists after a meeting in Vienna, Austria May 24, 2017. REUTERS/Leonhard Foeger 2/4 left right Saudi Arabia''s Energy Minister Khalid Al-Falih (R) talks to journalists after a meeting in Vienna, Austria May 24, 2017. REUTERS/Leonhard Foeger 3/4 left right FILE PHOTO - The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured on the wall of the new OPEC headquarters in Vienna March 16, 2010. REUTERS/Heinz-Peter Bader/File Photo 4/4 By Ahmad Ghaddar , Alex Lawler and Vladimir Soldatkin - VIENNA VIENNA OPEC and non-member oil producers moved closer on Wednesday to clinching a deal on extending output cuts by nine months to clear a global stocks overhang and prop up the price of crude. The Organization of the Petroleum Exporting Countries meets in Vienna on Thursday to consider whether to prolong the accord reached in December in which OPEC and 11 non-members agreed to cut oil output by about 1.8 million barrels per day in the first half of 2017. The market sees an extension by nine months as the base-case scenario since OPEC''s de facto leader Saudi Arabia and top non-member Russia said this month they favored such a move. Saudi ally Kuwait signaled on Wednesday OPEC could discuss deepening the cuts, in what would come as a positive surprise for market bulls, but hopes quickly faded after a key committee recommended keeping the curbs unchanged. Two OPEC sources told Reuters a ministerial committee comprising OPEC members Algeria, Kuwait, Venezuela, current OPEC president Saudi Arabia and non-OPEC producers Russia and Oman recommended keeping the cuts "at the same level". The committee said in a statement it had recommended extending the cuts by nine months to March 2018. Saudi Energy Minister Khalid al-Falih gave the thumbs up when asked whether the committee had agreed on a nine-month extension. "Before the end of the year, prices may go above $55 a barrel," Algerian Energy Minister Noureddine Boutarfa told Reuters before the committee meeting, saying an extension by nine months should help clear the glut by the year-end. Saudi Arabia and Russia have said that extending output curbs by nine months rather than the initially planned six months would help speed up market rebalancing and prevent crude prices from sliding back below $50 per barrel. "OPEC has already achieved a lot. They stopped the oil market surplus from building even before they started cutting," said Gary Ross, head of global oil at PIRA Energy, a unit of S&P Global Platts. Most OPEC ministers including Iraq''s have already voiced support for extending cuts by none months. Iranian Oil Minister Bijan Zanganeh, who clashed with Saudi Arabia in many previous OPEC meetings, has so far kept a low profile, saying extensions of six or nine months were possible. Zanganeh is due in Vienna later on Wednesday. Under the existing deal, Iran received an exemption slightly to raise output, which has been curtailed by years of Western sanctions. Iran''s production has been stagnant in recent months, suggesting limited upside potential at least in the short term. DEEPER CUTS OPEC''s cuts have helped push oil back above $50 a barrel this year, giving a fiscal boost to producers, many of which rely heavily on energy revenues and have had to burn through foreign-currency reserves to plug holes in their budgets. Oil''s earlier price decline, which started in 2014, forced Russia and Saudi Arabia to tighten their belts and led to unrest in some producing countries including Venezuela and Nigeria. But surprises on Thursday are still possible. A substantial additional cut was unlikely, one OPEC delegate said, "unless Saudi Arabi
'12d361f56f023e86c2e2e94dd2f6b532c85f48ff'|'Swiss stocks - Factors to watch on May 24'|'ZURICH May 24 The following are some of the main factors expected to affect Swiss stocks on Wednesday.UBSThe biggest Swiss bank has agreed to buy a majority stake in Brazil''s Consenso, its first purchase in Latin America in four years as the world''s biggest wealth manager looks to grow its business in the region''s largest economy.For more clickCOMPANY STATEMENTS** OC Oerlikon said it was building a new surface solutions center in Japan to serve Japanese car manufacturers.** Kuehne und Nagel said it had begun a strategic partnership to support the Shanghai to Taicang Express sea link in China** Implenia said it was adjusting its urban civil works business due to overcapacities in Basel, Bern and elsewhere in Switzerland. It did not give specifics about employee impact, but said it would seek to make changes in a "socially responsible way."** HBM Healthcare Investments said U.S.-based Bioverativ had acquired True North Therapeutics for up to $825 million plus assumed cash. HBM had a roughly 3 percent stake in True North after participating in a financing round in 2016.** Interroll said it won an order within the low double-digit million U.S. dollar range to supply sorter systems to a leading express and parcel delivery service in North America.** Aevis Victoria said it supports the revised offer of BioTelemetry for LifeWatch that gives LifeWatch shareholders the option of 10 francs in cash and 0.1617 shares of BioTelemetry stock or 8 francs in cash and 0.2350 shares of BioTelemetry stock.** Leclanche said a fire in the lobby of its office building in Yverdon les Bains was caused by a single third- party battery system using third-party battery cells. The blaze was contained within two hours and did not affect an adjoining production facility.ECONOMY(Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL8N1IP5W1'|'2017-05-24T02:51:00.000+03:00'
'7bb70d58a5d4194622a6e6469795a9b4044e8056'|'Top grains traders face tough choice: Partner, merge or wait for bad weather'|'Business News - Wed May 24, 2017 - 6:10am BST Top grains traders face tough choice: Partner, merge or wait for bad weather FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company''s headquarters in Baar, Switzerland, September 30, 2015. REUTERS/Arnd Wiegmann/File Photo By Tom Polansek - CHICAGO CHICAGO Commodity trader Glencore Plc''s confirmation on Tuesday that it sought a tie up with grains trader Bunge Ltd likely signals the start of a wave of consolidation and partnering in the industry, as middlemen struggle to make profits amid a massive global food glut. Bunge and other top grains traders -- who make money by buying, selling, storing, shipping and trading crops - are struggling to adapt to a world of oversupply. Their supply chains have become snagged as farmers cling to their crops amid sour prices. Their margins have thinned as food and feed companies see no urgency to buy, as supplies soar for their key ingredients. New competitors are emerging, as niche firms eat into the space occupied by the grains giants, to produce GMO free, organic or other supplies that appeal to changing consumer tastes. Glencore made the first move when it said it approached Bunge, one of the world''s top grain trading houses, about a business combination. Bunge said it is not engaged in discussions with Glencore. The talks between Bunge and Glencore''s agricultural unit focused on a North American partnership, not a sale of the entire company, according to people familiar with the matter who requested anonymity to discuss it. Whether through partnership or outright consolidation, the grain trading sector is poised to become the latest to face fundamental change in a troubled space. Bankruptcy filings have been rising among U.S. farmers due to low crop prices, and a frenzy of deals are poised to transform the farm chemical and seed business. The only other immediate hope to boost traders'' results? Bad weather that would damage crops, cut supply and make trading profitable again after the large harvests have driven down prices and subdued volatility essential to earnings. "A lot of consolidation comes when you''re in tough times and agriculture is certainly in tough times," said Arlan Suderman, chief commodities economist for brokerage INTL FCStone. Bunge Chief Executive Officer Soren Schroder said this month that the industry needed mergers and that Bunge could take the lead. Bunge and competitor Archer Daniels Midland Co took a beating in the stock market this month over concerns about international trading. The other two major traders, Cargill Inc and Louis Dreyfus Corp [LOUDR.UL], are privately held. Investors wiped $2.3 billion from the value of ADM on May 2 when it said massive global grain stocks were making it difficult to turn a profit trading grain globally. A day later, Bunge''s market capitalisation slid $1.2 billion (925.6 million pounds) when it reported a sharply lower first-quarter profit. On Tuesday, Bunge shares climbed more than 16 percent on word of Glencore''s approach. "With big volumes, low margins, prices that are very low and more sophisticated farmers with new tools both physical and financial, there are too many players," said an industry source in Buenos Aires, where top traders have operations. "It''s unsustainable." The big traders have tried to diversify away from commodities into areas with higher margins. Cargill bought fish-feed maker EWOS for 1.35 billion euros in 2015, and ADM acquired food flavourings company Wild Flavors for 2.3 billion euros in 2014. Still, ADM CEO Juan Luciano told an investor conference last week that the company may permanently lose a "layer of profitability" in its grain business due to large harvests that have hurt margins. An ADM spokesman also told Reuters last week the company''s global trade desk suffered a small loss last year, a previously unreported detail of its results. REGULATORY HURDLES Gertjan van der Geer, se
'52a1aec0ec8827c7598d12a32ade1107a4d4b19c'|'Bunge''s talks with Glencore focused on partnership -sources'|'Market News - Tue May 23, 2017 - 6:18pm EDT Bunge''s talks with Glencore focused on partnership -sources May 23 Bunge Ltd''s talks with Glencore Plc have focused on a partnership between the two companies in North America, rather than a sale of Bunge to Glencore, according to people familiar with the matter who requested anonymity to discuss it. Earlier on Tuesday, Glencore said its agricultural unit had made an informal approach to Bunge about a "possible consensual business combination." (Reporting by Greg Roumeliotis in New York; Editing by Chris Reese) Connecticut proposes wage freeze, higher employee share for benefits May 23 Connecticut Governor Dannel Malloy on Tuesday proposed a wage freeze and higher employee contributions to pension and healthcare while reducing the state''s share, in a framework for an agreement with labor unions that could save the state over $1.5 billion by 2019. UPDATE 4-Newark, N.J. airport closed after United Airlines engine fire May 23 Newark Liberty International Airport in New Jersey was reopened late on Tuesday night after it was shut down when 131 people were evacuated from a United Airlines flight after flames were spotted coming from one of the jet''s engines. * Canadian Natural Resources Limited prices C$1.8 billion in 3, 9.5 and 30 year medium-term notes MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bunge-glencore-partnership-idUSL1N1IP2DJ'|'2017-05-24T06:18:00.000+03:00'
'87b774fbcae2a5db92764156137d63a42a7cdd29'|'Greenpeace says Total underestimated drilling risks near Amazon reef'|'Business News - Wed May 24, 2017 - 9:21am BST Greenpeace says Total underestimated drilling risks near Amazon reef FILE PHOTO: The logo of French oil giant Total is seen in front of the oil refinery of Donges, near Nantes, France, December 20, 2013. REUTERS/Stephane Mahe/File Photo PARIS French oil and gas company Total and other energy majors should abandon plans to drill close to the mouth of Brazil''s Amazon because of potential risks to the ecosystem of the area, environmental campaigner Greenpeace said on Wednesday. Greenpeace said an analysis of Total''s environmental assessment of its planned drilling, underestimated the risks of drilling and other support activities in the area. Total and partners, Britain''s BP and Brazilian state oil company Petroleo Brasileiro SA, plan to drill in the area, which may contain as many as 14 billion barrels of petroleum. Total has said that it was complying with all requirements by Brazilian authorities and was taking every precaution to ensure that drilling would be safe. "Drilling of exploration wells, programmed in 2017, is subject to approval by the Brazilian authorities and will only start when we have the final authorization. We continue to closely work with Ibama in the frame of the approval process which is still underway," a Total spokeswoman said. Total and its partners paid 622 million reais (146.7 million pounds) four years ago for five exploration blocks, but they are still waiting for the go-ahead from Brazil''s environmental regulator, Ibama, to start drilling. Greepeace said Ibama should not grant the environmental licenses. Total plans to start drilling operations in 2017 and BP in 2018. The priority is to prevent drilling of the very first well, Greenpeace said, adding that potential risks and impacts related to drilling are too dangerous for the environment and the local populations of the region. "Drilling activities in such an ecosystem are extremely risky and an oil spill would be catastrophic," Greenpeace said in the report. "In view of the potential impacts, the measures proposed by Total in the event of an emergency are far from sufficient," it added. (Reporting by Bate Felix; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-total-brazil-amazon-idUKKBN18K0TT'|'2017-05-24T16:21:00.000+03:00'
'77a09314e9c3155dea09525298e8f7baa3a58f38'|'Linde board to vote on Praxair deal next week: WirtschaftsWoche'|'FRANKFURT German industrial gases group Linde ( LING.DE ) and U.S. peer Praxair ( PX.N ) have reached a deal in principle on details of their proposed $70 billion merger, Linde said on Wednesday.The all-share merger of equals, intended to create a market leader that will overtake France''s Air Liquide ( AIRP.PA ), had fallen behind schedule due to complex talks over a Business Combination Agreement formalizing the deal.The agreement still needs the approval of Praxair''s board of directors as well as Linde''s management and executive boards, Linde said, adding that signing the agreement was no guarantee the deal would be completed.Labor representatives at Linde fiercely oppose the planned merger, mainly because moving the headquarters outside Germany will dilute their influence, which currently gives them an effective veto over strategic decisions.The companies have said that the new combined Linde would be run out of Danbury, Connecticut by Praxair''s CEO Steve Angel, with Linde supervisory board Chairman Wolfgang Reitzle as chairman. The headquarters of the new holding company will probably be in Ireland.Investors and workers are equally represented on Linde''s supervisory board, which must approve the deal.Linde''s Reitzle told Reuters this month that he would be reluctant but prepared to use his casting vote as chairman in the event of a stalemate with labor representatives.German weekly WirtschaftsWoche earlier on Wednesday cited sources as saying that Linde''s supervisory board would vote on the merger agreement next week.Shares in Linde were up 4 percent at 172.55 euros by 1449 GMT (10:49 a.m. ET), while Praxair was 2.5 percent higher at $133.18.(Reporting by Maria Sheahan; Editing by Arno Schuetze and Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-linde-m-a-praxair-vote-idUSKBN18K184'|'2017-05-24T18:25:00.000+03:00'
'39674171fed3f5547c0c2ab3ad22cd1162f5f887'|'Selling investor visa scheme in China a hard grind for U.S. mill'|'Business News - Tue May 23, 2017 - 1:06am BST Selling investor visa scheme in China a hard grind for U.S. mill FILE PHOTO: A poster for an event is seen at a hotel in Shanghai, China May 7, 2017. REUTERS/Aly Song/File Photo By Elias Glenn - BEIJING BEIJING As a controversial U.S. investment visa scheme comes under fresh criticism, Sam Walls of Little Rock, Arkansas, faces a different problem as he courts wealthy Chinese. Walls and his team at Pine State Regional Center are looking to raise $200 million (153.85 million pounds) through the EB-5 investor visa programme for a steel mill in the southern state of Arkansas - just the kind of project the scheme was set up to help. But persuading a class of investors more accustomed to being pitched luxury high-rises in cities such as Los Angeles or Miami to buy into a heavy industry project in one of America''s poorest states is proving a hard sell. "It''s a grind," Walls said in an interview outside the EB-5 and Investment Immigration Expo in Beijing, a gathering of U.S. representatives of EB-5 projects and local agencies that promote them to Chinese investors and was closed to the media. Walls, who is 47 and does not speak Mandarin, spent three months in China last year promoting the project, often travelling by high-speed rail between Beijing and Shanghai. He was once woken by an attendant and, thinking he had arrived in Shanghai, got off the train - four hours short of his destination. Walls'' challenge is compounded by the fact that he is trying to sell a new steel plant in a country with about 400 million tonnes of excess steel production capacity, with plans to shut down 50 million tonnes of capacity this year. "About the time we came to market you couldn''t open the paper in China and not read an article about the demise of the Chinese steel industry," said Walls, 47, who is raising funds to refinance the $1.67 billion Big River Steel plant, which opened in February in Osceola, Arkansas. The EB-5 programme grants foreigners a U.S. green card - making them legal permanent residents - in exchange for investing $500,000 or more in a qualified project. The vast majority of such investment comes from China. But the EB-5 programme, which is up for U.S. congressional review in September, has come under fire from politicians who point to fraud and abuse, and to the fact that a scheme originally intended to bring jobs to high-unemployment areas has often been used to fund projects in wealthy neighbourhoods. The industry drew negative publicity earlier this month when the sister of Jared Kushner, a senior White House advisor and the son-in-law of President Donald Trump, held a marketing road show in China for a New Jersey luxury apartment complex developed by her family''s company. While Jared Kushner sold his stake in Kushner Companies to a family trust early this year, the episode raised questions of potential conflict of interest. After a flurry of news stories following her appearance at marketing events in Beijing in Shanghai, Nicole Kushner Meyer, Jared''s sister, cancelled appearances at two investor meetings planned in southern China. "I''m sure they''re sitting around in hindsight thinking, yeah, we probably could have thought that one through better," said Walls. CHANGES LOOM In a sector where investors are wary of failing projects and policy changes that would jeopardise their visas, some Chinese migration agencies look to reassure potential investors their EB-5 projects will be successful, industry executives say. U.S. securities law prohibits making false claims or failing to ensure clients are aware their funds are at risk. "The one word that scares you - and I heard it here today - is the word ''guarantee''," said Walls. "Unfortunately that word gets thrown around a lot." Individual tickets for the one-day conference were available for $3,000 at the door, while a booth cost $30,000, one developer said. Agents and developers expect changes to the EB-5 progr
'630ff85a7cddff265205af3761d73cae6ffd04e5'|'Danone expands Fan Milk production capacity in Ghana'|'PARIS May 23 Danone and its Dubai-based private equity partner Abraj will together invest $25 million to expand production capacity at the Fan Milk dairy business in Ghana, the French food group said on Tuesday.Attracted by the spending power of a growing middle class, Africa has in recent years become a major area of expansion for Danone and other global consumer product companies such as Unilever, Nestle, Pernod Ricard and Diageo.Paris-based Danone has spent over 1 billion euros ($1.12 billion) since 2013 to expand in Africa through acquisitions in countries including Kenya, Morocco and Ivory Coast.Africa accounts for over 5 percent of Danone''s revenue. Sales from West Africa are growing near an annual 20 percent and the target is to continue that until 2020.The investment will add three production lines to the Akosombo plant in Accra, Ghana to meet growing demand in West Africa for dairy products, Danone said.From June, the plant will launch FanMaxx, a new vitamin and calcium-enriched creamy yoghurt drink with a four-month shelf life.In 2013 Danone bought a 49 percent stake in Fan Milk, which operates in Ivory Coast, Ghana, Burkina Faso, Togo, Benin and Nigeria, while Abraj acquired a 51 percent stake. Danone became a majority shareholder in 2016. ($1 = 0.8915 euros) (Reporting by Dominique Vidalon, editing by Ed Osmond)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/danone-africa-idINL8N1IP5AF'|'2017-05-23T12:57:00.000+03:00'
'7c8528dc5c8d8e7dfbeb3dcd64b9fe1068a1f045'|'U.S. inventories of oil, gasoline fall: EIA'|'Business News - Wed May 24, 2017 - 10:37am EDT U.S. inventories of oil, gasoline fall: EIA Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. Picture taken March 24, 2016. REUTERS/Nick Oxford U.S. crude stocks fell last week as refineries hiked output, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories fell by 4.4 million barrels in the week ended May 19, compared with analysts'' expectations for an decrease of 2.4 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 741,000 barrels, EIA said. Refinery crude runs rose by 159,000 barrels per day, EIA data showed. Refinery utilization rates rose by 0.1 percentage points. Gasoline stocks fell by 787,000 barrels, compared with analysts'' expectations in a Reuters poll for a 1.2 million barrels drop. Distillate stockpiles, which include diesel and heating oil, fell by 485,000 barrels, versus expectations for a 743,000 barrels drop, the EIA data showed. U.S. crude imports rose last week by 165,000 barrels per day. (Reporting By David Gaffen)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-oil-eia-idUSKBN18K1ZE'|'2017-05-24T22:37:00.000+03:00'
'a4fce047b872c62454275fc2ea9ffb9856b5dbc4'|'France makes Brexit pitch to Wall Street banks in New York'|'Top News   12:06am BST France makes Brexit pitch to Wall Street banks in New York Economist Christian Noyer, speaks at the 2017 Paris EUROPLACE International Financial Forum in the Manhattan borough of New York City, New York, U.S. May 23, 2017. REUTERS/Carlo Allegri By Olivia Oran - NEW YORK NEW YORK More than 20 banks and asset management firms are in advanced discussions with regulators in France about shifting jobs there following Britain''s vote to leave the European Union, former Bank of France chief Christian Noyer said on Tuesday. Noyer is leading the French government''s efforts to lure London-based financiers to Paris as they seek to secure access to the single market once Britain exits the EU in 2019. His job has become much easier since the election of Emmanuel Macron, a former investment banker with Rothschild & Co ( ROTH.PA ), as president earlier this month. <20>When we started the image of France wasn<73>t good ... the feeling about labour market rigidities and volatility of the tax system wasn<73>t very good," Noyer said in an interview on the sidelines of an event in Manhattan promoting France as a financial hub. "We<57>ve spent a lot of time explaining what changes have already taken place." France is synonymous with high taxes and tough employment laws which make it difficult to fire staff quickly. Macron is promising to overhaul the labour market and simplify the French tax and pension systems, while paring back regulations he says hamper innovation. But there is a lot of uncertainty about the likely pace of reforms, which could take months or even years to implement. Macron''s predecessor, the socialist leader Francois Hollande, introduced a 75 percent tax on earnings of $1 million or more in 2013. The tax was abandoned a year later but it has left a lasting impression on executives. At the New York event, held in the Roosevelt Hotel, Noyer read a message from Macron in which he said as soon as this summer, the government will send a draft law to parliament to make labour laws more flexible. So far, only HSBC Holdings PLC ( HSBA.L ) has said it would move staff to Paris following Britain''s exit from the European Union, Frankfurt has emerged as a frontrunner in the competition to attract financial firms post-Brexit with the five largest U.S. banks -- Citigroup ( C.N ), JPMorgan ( JPM.N ), Goldman Sachs ( GS.N ), Morgan Stanley ( MS.N ) and Bank of America ( BAC.N ) -- set to move hundreds of key staff there. Dublin is also expected to do well. JPMorgan is buying a building there with room for 1,000 staff and British insurer and asset manager Standard Life ( SL.L ) has said it will likely choose Dublin for its EU base. Luxembourg has already attracted a number of insurers with Britain''s Hiscox ( HSX.L ) looking to establish a new subsidiary there and U.S. insurer AIG ( AIG.N ) planning to locate its EU hub there. Noyer dismissed the competition from other European cities. "Paris is the only big city comparable to London and New York. The other cities are relatively small and not diversified," he said. When it comes to fine dining, high fashion and art, Paris is an easy sell. "We never talk about our charm because Paris is a city well-equipped with cinema and art exhibitions," said Arnaud de Bresson, chief executive of lobbying firm Paris Europlace, which is trying to promote the French capital as a financial centre. "The questions we get are usually more about the politics, and with the Macron election that''s changing the game.<2E> (Reporting by Olivia Oran in New York; Writing by Carmel Crimmins; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-brexit-banks-idUKKBN18J2WA'|'2017-05-24T07:06:00.000+03:00'
'd0b80f4536da687b2d9ac948d38ce0e261c9596b'|'Banks and funds will never quite be forex friends'|'Foreign Exchange Analysis - Thu May 25, 2017 - 6:56am EDT Central banks launch forex market code of conduct Euro, Hong Kong dollar, U.S. dollar, Japanese yen, pound and Chinese 100 yuan banknotes are seen in this picture illustration, January 21, 2016. REUTERS/Jason Lee/Illustration/File Photo By Patrick Graham - LONDON LONDON Regulators and leading financial firms launched a new code of conduct for global currency trading on Thursday, including measures aimed at ensuring its universal adoption by the world''s major financial institutions. The code is a central element of the foreign exchange industry''s response to charges of market manipulation and misuse of client order information which saw seven major banks fined around $10 billion at the end of a huge global inquiry in 2015. Most of the document was published a year ago and the final version brings chiefly tweaks to how it deals with electronic trading, seeking to make the basis of relationships between banks and other major players clearer and more transparent. The 75-page document lays out 55 high-level principles - rather than hard rules - for how participants in the world''s biggest financial market should conduct business. While it remains nominally voluntary, Thursday''s package of documents also outlined a framework that some of the officials working on the project said should mean all major market players will commit to conforming to the new code. All of the major central banks involved said they would commit to sticking to the code''s guidelines and would demand it of their counterparties in the $5 trillion a day market which is the world''s largest. The industry FX committees run by each of the central banks will also require a formal commitment from the dozens of major institutions who sit on their panels and a new joint Global FX Committee will monitor implementation of the code. "I would be surprised if a major wholesale market participant did not get behind the Code," said David Puth, the head of settlement bank CLS and chair of the committee of market participants who have funnelled banks and other financial firms'' input to the code. "Over the course of the next 12 months, we will look for all wholesale market participants to adopt the principles." UK regulators, who oversee the world''s biggest FX trading centre in London, are expected to embed the code in the new senior managers'' regime for financial firms. Deputy Reserve Bank of Australia Governor Guy Debelle, who has led work on the code and an earlier "preamble", said other regulators were likely to follow suite. "Our (Australian) securities regulator is going to utilise the code as the standard they expect," he said. "If that happens in the UK, given London''s importance for forex, that will add a fair bit of bite to the whole process. In our case, I know that our securities regulator is going to." Among the new elements to Thursday''s final document were principles for the use of "last look" practices that allow banks an extra stage where they can reject trades after receiving requests to execute. The code also provided a list of disclosures that the new generation of algorithmic traders should make, including a clear description of their execution or aggregation strategy, fees, routing and sources of liquidity. (Editing by Tom Heneghan) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/uk-global-forex-code-analysis-idUSKBN18L15U'|'2017-05-25T17:55:00.000+03:00'
'c02506c8f1d5e5d2468e8ef53f58e44723044c37'|'London Bullion Market Association launches code of conduct for precious metals markets'|'Business   9:02am BST London Bullion Market Association launches code of conduct for precious metals markets LONDON The London Bullion Market Association (LBMA) is launching a code of conduct aimed at boosting confidence in the $5 trillion a year London gold market, it said on Thursday, following years of heightened regulatory scrutiny of the city''s financial sector. The guidelines set out best practice in ethics, governance, compliance and risk management, information sharing and business conduct, the bullion market''s trade association said in a statement. "The code is an important step forward to build greater trust, consistency and transparency throughout the market," LBMA chairman Paul Fisher said in the release. The LBMA said its more than 140 members - which include banks, refiners, traders, and fabricators - will be required to sign a statement of commitment to the code, which will be mandatory from June 2018. "Members will have a 12-month period to demonstrate compliance with the code. Failure to do so could potentially result in their membership either being suspended or withdrawn," a spokesman for the LBMA said. The code is one of three developed as a result of the Fair and Effective Markets Review (FEMR) of the fixed income, forex and commodities markets which was commissioned by the UK government in three years ago after British banks were fined billions of pounds for trying to rig benchmark interest rate Libor, and manipulate foreign exchange reference rates. The FEMR found that informal codes of practice across these markets had often been misunderstood or disregarded, especially in bilateral over-the-counter (OTC) markets like gold. A lack of internal controls and personal accountability had meanwhile contributed to what it called "ethical drift". The review recommended that firms working within these markets should take greater collective responsibility for "developing and adhering to clear, widely understood and practical standards of practice". In the wake of the Libor scandal, London''s precious metals price benchmarks, or fixes, were reconfigured, while the LBMA overhauled its management structure last year and announced moves towards trade reporting. Rising concerns over regulation and a resulting push towards greater transparency have fuelled speculation that more of London''s OTC gold trading could move onto exchanges. Intercontinental Exchange (ICE) launched new precious metals contracts earlier this year, and the London Metal Exchange (LME) plans to launch its LMEprecious suite of contracts in July. (Reporting by Jan Harvey; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gold-lbma-code-idUKKBN18L0U3'|'2017-05-25T16:02:00.000+03:00'
'5cf05ac504913d8b4f5b162e6d831b77cbb8fdb8'|'London premiere for Tom Cruise film ''The Mummy'' axed after UK bombing'|'Market  50am EDT London premiere for Tom Cruise film ''The Mummy'' axed after UK bombing LOS ANGELES May 25 Universal Pictures on Thursday canceled the London premiere of "The Mummy" following the suicide bombing in Manchester that killed 22 people and caused Britain to raise its terrorism alert to critical. "The Mummy," an action adventure which stars Tom Cruise and Russell Crowe, was due to have a red carpet event in London featuring cast members on June 1. "All of us at Universal have been devastated by the terror attack in Manchester and continue to stand with the community and country as it recovers," Universal Pictures, a unit of Comcast Corp said in a statement. "Out of respect to those affected by this tragedy we have decided not to move forward with the London premiere for ''The Mummy'' scheduled to take place next week,<2C> it added The move by Universal follows the cancellation of the May 31 London red carpet premiere of Warner Bros movie "Wonder Woman," citing similar reasons. Pop singer Ariana Grande, whose Manchester show was the target of Monday''s suicide bombing, has called off two London concerts this week and five dates in Europe (Reporting by Jill Serjeant; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-security-manchester-entertainmen-idUSL1N1IR0UK'|'2017-05-25T22:50:00.000+03:00'
'73b42fac2b33acda47d8af650fabf7c3277a517f'|'Google''s AlphaGo clinches series win over Chinese Go master'|' 08am BST Google''s AlphaGo clinches series win over Chinese Go master left right Chinese Go player Ke Jie reacts during his second match against Google''s artificial intelligence program AlphaGo at the Future of Go Summit in Wuzhen, Zhejiang province, China May 25, 2017. REUTERS/Stringer 1/5 left right Chinese Go player Ke Jie reacts during his second match against Google''s artificial intelligence program AlphaGo at the Future of Go Summit in Wuzhen, Zhejiang province, China May 25, 2017. REUTERS/Stringer 2/5 left right Chinese Go player Ke Jie competes against Google''s artificial intelligence program AlphaGo during their second match at the Future of Go Summit in Wuzhen, Zhejiang province, China May 25, 2017. REUTERS/Stringer 3/5 left right Chinese Go player Ke Jie reacts during his second match against Google''s artificial intelligence program AlphaGo at the Future of Go Summit in Wuzhen, Zhejiang province, China May 25, 2017. REUTERS/Stringer 4/5 left right Chinese Go player Ke Jie reacts during his second match against Google''s artificial intelligence program AlphaGo at the Future of Go Summit in Wuzhen, Zhejiang province, China May 25, 2017. REUTERS/Stringer 5/5 By Cate Cadell - SHANGHAI SHANGHAI Google''s artificial intelligence programme, AlphaGo, beat Chinese Go master Ke Jie for a second time on Thursday, taking an unassailable 2-0 lead in a best of three series meant to test the limits of computers in taking on humans at complex tasks. Go is a highly complex board game dating back thousands of years that involves two contestants placing black and white stones on a grid. It is popular in Asian countries and most top-ranked players hail from China, Japan and South Korea. Ke, the 19-year-old world no. 1, was visibly frustrated, tugging his hair and laying his head on the table during the final moments of the second match against AlphaGo on Thursday. "Last year, I think the way AlphaGo played was pretty close to human beings, but today I think he plays like the God of Go," Ke said after the game. Following his defeat in the first match of the series on Tuesday, Ke said he would not compete against AI again due to its rapid improvement. The victory over the world''s top player - which many thought would take decades to achieve - comes after the AI programme from Google''s DeepMind unit bested a South Korean Go professional in a similar exhibition match last year. This week''s event, held in the eastern river town of Wuzhen and attended by local officials and Google parent Alphabet''s top brass, is a feather in the cap for the U.S. search giant as it woos Beijing for better market access. Since AlphaGo''s defeat of Lee Sedol just over a year ago, AI has shot up the agenda for China''s top policy makers, making its first appearance this year in Premier Li Keqiang''s annual work report, a document laying out China''s top policy priorities. MARKET BOOST For Google, AlphaGo''s triumph in China also offers a marketing boost in a country where its main services have long been blocked, and local rivals to its search engine, email and video sites have thrived since it largely exited China in 2010. Despite Mandarin and English livestreams of the match being broadcast on Youtube, which is blocked in China, the match was widely reported via local news outlets and social media. Ke, who has some 3.5 million followers on Twitter-like service Weibo, shared details of the Google event and his trip to Wuzhen, which is also the seat of the country''s top annual government internet conference. "Ke Jie pushed AlphaGo right to the limit," tweeted DeepMind founder Demis Hassabis following the match. Twitter Inc is also blocked in China. (Reporting by Cate Cadell; Additional reporting by Xihao Jiang; Editing by Adam Jourdan and Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-science-intelligence-go-idUKKBN18L0LS'|'2017-05-25T16:08:00.000+03:00'
'51a91e053427ccd1eab538c8af35423e7588bf00'|'Vietnam-linked hackers likely targeting Philippine intel on South China Sea dispute - FireEye'|' 11am EDT Vietnam-linked hackers likely targeting Philippine intel on South China Sea dispute - FireEye MANILA May 25 Hackers linked with the Vietnamese government are likely targeting Philippine government agencies to gather intelligence related to the maritime dispute in the South China Sea, cybersecurity company FireEye said on Thursday. That same group, which FireEye called APT32, was also responsible for attacking a Philippine consumer products corporation and a Philippine technology infrastructure firm in 2016, the company said in a media briefing. Bryce Boland, chief technology officer for Asia Pacific, said the company had observed that APT32 was targeting not just multinational companies and organisations doing business in Vietnam but Philippine government agencies as well. "This is presumably in order to gain access to information about military preparation and understanding how the organisations within the government operate in order to be better prepared in case of potentially military conflict," Boland said. "There are overlapping claims between Vietnam and the Philippines over some islands in the South China Sea and it is quite likely that intelligence gathering is starting around that," Boland said. Vietnam has strongly rejected allegations it supports hacking. "The government of Vietnam does not allow any form of cyber attacks against organisations or individuals," Foreign Ministry spokeswoman Le Thi Thu Hang said earlier this month in response to similar accusations. "All cyber attacks or threats to cyber security must be condemned and severely punished in accordance with regulations and laws." A spokesman for the Philippine Foreign Affairs Department did not immediately respond to a telephone call or text message requesting comment. The Philippines, Vietnam, China, Malaysia, Taiwan and Brunei contest all or parts of the South China Sea, through which about $5 trillion in ship-borne trade passes every year. APT stands for advanced persistent threat, a term usually reserved for state-sponsored hacker groups. "We believe all of the activities of APT32 are aligned to the interests of the Vietnamese government," Boland said. (Reporting by Karen Lema; Additional reporting by Mai Nguyen in HANOI; Editing by Nick Macfie)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cyber-philippines-southchinasea-idUSL4N1IR3SG'|'2017-05-25T20:11:00.000+03:00'
'6c082335079b04e29d2028fec27f9b0e343877b6'|'Saudi Telecom''s $500 mln fund expects first deal by Q4 -CEO'|'RIYADH May 25 Saudi Telecom Co''s (STC) $500 million venture capital fund expects to complete its first transaction by the fourth quarter of this year, the fund''s chief executive said in Riyadh on Thursday.STVentures'' CEO Abdulrahman Tarabzouni told reporters initial investments were currently being studied.STC CEO Khaled Biyari said the $500 million would be invested over the next four to five years. (Reporting Katie Paul; writing by Alexander Cornwell; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/saudi-telecom-fund-idIND5N1GY00O'|'2017-05-25T08:28:00.000+03:00'
'7c770ba7f2825de84e0df6105619a42d8e32c1e2'|'Prosecutors investigate Bosch employees in Daimler probe: Handelsblatt'|'FRANKFURT German prosecutors who searched Daimler''s ( DAIGn.DE ) offices this week as part of a probe into diesel pollution are also investigating employees at automotive supplier Bosch [ROBG.UL], daily Handelsblatt reported, citing the prosecutor''s office."We are investigating Bosch employees for suspected aiding and abetting in connection with the Daimler case," the paper Quote: d a spokesman for the Stuttgart prosecutor''s office as saying.Neither Bosch nor the prosecutor''s office were immediately available for comment on the report.Authorities searched Daimler''s offices and other premises on Tuesday as part of an investigation of Daimler employees who the Stuttgart prosecutor''s office said were suspected of fraud and misleading advertising connected with manipulated emissions treatment of diesel passenger cars.The paper said the investigation was separate from an earlier probe at Bosch that was connected to a diesel emissions scandal at German carmaker Volkswagen ( VOWG_p.DE ).The Stuttgart prosecutor''s office launched an investigation in 2015 into whether staff at Bosch were involved in the rigging of emissions tests by Volkswagen.In the United States, Bosch earlier this year agreed to pay $327.5 million to U.S. VW diesel owners for its role in developing engines affected by the emissions cheating. It admitted no wrongdoing in the settlement.Handelsblatt said on Thursday a spokesman for Bosch had confirmed there was a second investigation and said the company was cooperating with authorities.(Reporting by Maria Sheahan; Editing by Jane Merriman and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-daimler-emissions-r-bosch-idUSKBN18L1YZ'|'2017-05-25T22:28:00.000+03:00'
'1e2ed781d3fdecdfeccb5505b3292d7e0d6fccc8'|'PRESS DIGEST - Wall Street Journal - May 25'|'May 25 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- The Pentagon conducted a navy patrol in the South China Sea, U.S. officials said, the first such operation under U.S. President Donald Trump designed to send a signal to China about U.S. intentions to keep critical sea lanes open in the Pacific Ocean. on.wsj.com/2rWhAY9- Federal Reserve officials expected at their policy meeting this month that it would "soon be appropriate" to raise short-term interest rates, a signal the U.S. central bank could move in June at its next gathering. on.wsj.com/2qcsDzP- Federal prosecutors filed insider-trading charges against one of Wall Street''s best sources of tradable information from the government, accusing him of relaying a series of tips from an obscure bureaucrat inside a key health-care agency to traders at a New York hedge fund. on.wsj.com/2rju3J2- Sears Holdings Corp sued a vendor for demanding what the retailer says are unjustified changes to their supply contract, the latest signal of supplier discontent with Sears'' turnaround strategy. on.wsj.com/2qRlW56- Activist investor Dan Loeb plans to publicly push for changes to the complicated combination and breakup of Dow Chemical and DuPont, according to a presentation reviewed by the Wall Street Journal. on.wsj.com/2qYqy7N (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1IR236'|'2017-05-25T02:54:00.000+03:00'
'034c25024079e25dabc959cdcd8cdd584e967f5c'|'UPDATE 1-Toronto-Dominion Bank''s quarterly earnings beat market forecasts'|'Market News - Thu May 25, 2017 - 6:54am EDT UPDATE 1-Toronto-Dominion Bank''s quarterly earnings beat market forecasts (Adds details) TORONTO May 25 Toronto-Dominion Bank on Thursday reported second quarter results which were ahead of market expectations helped by a strong performance at its retail and investment banking businesses. Canada''s second-biggest bank said earnings per share, excluding one-off items, rose to C$1.34 in the quarter to April 30, from C$1.20 in the same period the previous year. Analysts had on average forecast earnings of C$1.24, according to Thomson Reuters I/B/E/S data. The bank also said that it had largely completed a review of its sales practices that it initiated after CBC News, Canada''s national broadcaster, reported in March that TD branch staffers had said they moved customers to higher fee accounts and raised their overdraft and credit card limits without their knowledge. "We continue to believe that we do not have a widespread problem with people acting unethically in order to achieve sales goals," Chief Executive Bharat Masrani said. Net income rose to C$2.5 billion ($1.9 billion) in the quarter from C$2.1 billion the previous year. Net income at the bank''s Canadian retail business grew by 7 percent to C$1.6 billion, benefiting from record account balances in personal chequing accounts and strong growth in commercial loans and deposits. ($1 = 1.3439 Canadian dollars) (Reporting by Matt Scuffham. Editing by Jane Merriman) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/td-results-idUSL8N1IR2LR'|'2017-05-25T18:54:00.000+03:00'
'b713f069493cc5300902f2bd78ee4e051e21e883'|'''Late payments took me to a frightening place'' - Guardian Small Business Network'|'H olly Jade O<>Leary was working as a consultant for a startup when the stress of not being paid for more than four months culminated in what she describes as a <20>complete mental health breakdown<77>.<2E>It took me to a frightening place. I was hallucinating, hearing voices and unable to sleep or concentrate,<2C> she says, adding that she didn<64>t feel like she could tell anyone. <20>When you<6F>re a small business, you<6F>re passionate about your work and what you<6F>re creating <20> you don<6F>t want to make it publicly known that you<6F>re struggling, or that you<6F>ve made a mistake choosing someone to work with who wasn<73>t trustworthy.<2E> The Federation of Small Businesses estimates that one in three payments [pdf] to small businesses are late and entrepreneurs spend an average of 1.2 days a month chasing late payments. Overall, <20>26bn is owed to UK small businesses and 50,000 are forced out of business each year as a result. The issue is costing the UK economy <20>2.5bn annually. I<>d been working for years to save up enough to buy a house and had to put that in to cover cashflowVinnie Morgan But research commissioned by the Prompt Payment Directory (PPD) has found late payments are affecting entrepreneurs personally as well as professionally. A survey of 1,000 SME owners with cashflow issues found more than a third (36%) have sacrificed their own salary because of late payments, 29% have suffered depression, anxiety, stress and other mental health issues, and one in five (21%) have struggled to pay their mortgage or rent. Some have even been forced to sell their home or put future plans on hold. Vinnie Morgan, founder of BookingLive in Bristol, had to use his savings to pay staff salaries after two big clients went into liquidation owing his business <20>100,000. <20>We were working with [some big] companies and upon reflection, they were taking advantage of us as a small company,<2C> he says. <20>They were demanding, requesting a lot for as little as possible. We<57>d get to a point where invoices were months late and they were still asking for more work. They were by far our largest customers at the time and to lose a third of your income when you<6F>ve delivered all the work was terrible. Late payment dispute is ruining my health and crucifying cash flow Read more <20>I<EFBFBD>d been working for years to save up enough to buy a house and had to put that in to cover cashflow. I wanted to keep morale up and not make staff worry [so I didn<64>t tell them]. It probably set us back 12-18 months.<2E>In Liverpool, graphic designer Lyndsey Yates, and her partner, a web developer, were both hit with late payment issues just before Christmas and had to put two months<68> rent on credit cards. The stress was so severe, her partner has now given up his business and gone back to work in an office. <20>We have a young child and thought we can<61>t have that amount of stress constantly. We need at least one [guaranteed] income coming in,<2C> she says. <20>My partner<65>s client was three months late paying and mine was three weeks late. That time of the year for freelancers is quiet anyway, so we were relying on those payments to get us through Christmas.<2E>My partner had worked with this client for two years and they<65>d always paid on time but [in this instance], they hadn<64>t been paid themselves. That had a knock-on effect right down the supply chain.<2E> Yates adds that her issue was with a new client. <20>I always ask for 50% upfront and 50% on project completion, but they were really slow [with the second instalment]. I run a collective of freelancers and the main problem we all have is late payments.<2E> So far, the response of the government has been to recruit a small business commissioner (the appointment is expected to be formalised by the autumn), and introduce a requirement for businesses to report on their payment practices and performances. However, this is only applicable to firms with two of the following criteria over the previous two years: <20>36m in turnover, a balance sheet total of <20>18m,
'ec4f79aafb481ffd261408b086fcc1b6da086557'|'Jaeger suppliers owed millions consider legal action against ex-owners - Business'|'A group of suppliers owed millions of pounds by the collapsed fashion retailer Jaeger is considering taking legal action against its former owners.The companies, which include the Portuguese clothing supplier Calvelex, had tried to mount a rescue bid after Jaeger entered administration last month but found they could not buy the business because the rights to use the name had been sold to a mystery buyer.Price rises caused by Brexit a big worry for UK consumers, survey finds Read more <20>We were very disappointed with this situation and question the thinking behind selling the intellectual property of the Jaeger brand name before the company went into administration since without it the value to potential bidders would be greatly reduced,<2C> said the Calvelex boss, C<>sar Ara<72>jo, who is leading the consortium.Ara<72>jo said the group was considering other options, including the possibility of <20>court action to examine the actions of the company directors and the former owners of Jaeger<65>.Jaeger, which employed almost 700 people, collapsed into administration last month. So far administrators have closed 20 of its 46 stores, making more than 200 staff redundant. Fashion retailers are facing tough trading conditions as Britons stay away from the high street. Several thousand retail jobs are at risk as Store Twenty One, the value fashion chain, and the owner of clothing brands Jacques Vert, Windsmoor and Eastex face a financial crunch.Jaeger was owned by Jon Moulton<6F>s private equity firm Better Capital for five years. In its heyday, Jaeger dressed Audrey Hepburn and Marilyn Monroe but more recently it had struggled to turn a profit on a competitive high street. After spending several years trying to revive the retailer<65>s fortunes, Better Capital hoisted a for sale sign at the start of this year.A buyer failed to emerge and, at the end of March, Better Capital sold Jaeger<65>s debt for <20>7m to a buyer who has been named in reports as Edinburgh Woollen Mill owner, Philip Day, who bought Austin Reed out of administration last year. However, the identity of the buyer has not been officially confirmed. Ten days later the administrators were called in. The owner of Jaeger<65>s debts is a secured creditor so ranks ahead of other parties, such as suppliers and landlords, in the queue to be repaid from the proceeds of the administration.Last year, Jaeger<65>s sales fell from <20>84.2m to <20>78.4m and it made a <20>5.4m pre-tax loss, according to accounts filed at Companies House. In the accounts, which were signed off on 13 July 2016, the directors said Better Capital had provided an undertaking to provide financial support for at least another 12 months from that date. Asked about the threat of legal action, Moulton told the Guardian that Better Capital had gone to great lengths to find a buyer for Jaeger. <20>Extensive efforts were made to find a buyer and buyers certainly had a chance to bid in any format,<2C> he said. <20>The transaction was effectively to sell control of Jaeger, including its brand, and was done without insolvency. Any insolvency actions lie with the [Better Capital] fund<6E>s successor.<2E>Ara<72>jo is also calling on the government to review the protection offered by insolvency laws as, after a string of retailer collapses, it was becoming increasingly difficult for international suppliers to do business in the UK.<2E>A sale of secured debt should have to be disclosed to the creditors generally,<2C> he said. <20>Many suppliers believe that it is high time the British government urgently undertake a review of the laws relating to UK insolvency to provide a more ethical, moral and level playing field that gives all creditors access to information and the opportunity to have input into the future of companies in administration.<2E>Topics Retail industry Portugal Europe news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/23/jaeger-suppliers-calvelex-consider-legal-action'|'2017-05-
'3b8fcd0ee5e54c565adabae926a7060a9a0fb8a7'|'KitchenAid well and truly mixes up its customer service - Money'|'KitchenAid well and truly mixes up its customer service It told me my stand mixer repair would be free <20> then I got a bill for <20>134 View more sharing options Rebecca Smithers Tuesday 23 May 2017 07.00 BST I have a KitchenAid Artisan stand mixer, purchased in December 2011 and which came with a five-year warranty. In January 2016 it was repaired under warranty when the speed control lever no longer functioned properly, but a year later it developed the same fault. KitchenAid advised that it could be repaired for <20>70 plus parts. At the end of March, after weeks of unanswered emails, I got through to KitchenAid on the phone and was told the repair would be carried out free of charge. I made sure the person on the phone understood that the warranty had expired, but she reassured me that this repair would be free. In April, however, KitchenAid phoned to say the repair would cost <20>134.99. I pointed out that it had reneged on its promise. Several phone calls later, KitchenAid is still maintaining that its operative made a mistake and that I should not have been promised a free repair. I have been given the option to pay the <20>134.99 for a repair with a 12-month guarantee, or have the machine returned unrepaired. It claims to have no access to the records of the previous repairs, and my requests to speak to a senior manager have been refused. RC, Ludgvan, Penzance You released the mixer on the basis it would be repaired at no cost, with the full understanding that this machine was no longer under warranty. Clearly, there has been some subcontracting of customer services, leading to crossed wires and misleading information being handed out. KitchenAid is owned by the electricals giant Whirlpool, which sent us a perfunctory statement confirming the issue had been resolved, but with no detail whatsoever about what had gone wrong. It said: <20>We work hard to resolve all customer cases as quickly as we can. Our customer services team has contacted RC and we can confirm the issue is now resolved.<2E> In fact, we have subsequently heard from you that the mixer has been delivered back, repaired, and is apparently working OK. You have made a <20>15 donation to our membership services to express your thanks. Thank you! We welcome letters but cannot answer individually. Email us at or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/may/23/kitchenaid-stand-mixer-repair-bill-warranty'|'2017-05-23T15:00:00.000+03:00'
'98ea3c3d5aab5fcc755c297c02e84412e3ec4101'|'With major deal frozen, EU, U.S. look to cooperate on trade'|'Business   5:07pm BST With major deal frozen, EU, U.S. look to cooperate on trade left right U.S. President Donald Trump (R) and the President of the European Council Donald Tusk take their seats before their meeting at the European Union headquarters in Brussels, Belgium, May 25, 2017. REUTERS/Jonathan Ernst 1/3 left right U.S. President Donald Trump (L) leads European Commission President Jean-Claude Juncker (R) and the President of the European Council Donald Tusk at the European Union headquarters in Brussels, Belgium, May 25, 2017. REUTERS/Jonathan Ernst 2/3 left right U.S. President Donald Trump (L) walks with the President of the European Council Donald Tusk after a meeting in Brussels, Belgium, May 25, 2017. REUTERS/Eric Vidal 3/3 BRUSSELS The European Union and the United States have agreed to seek to increase trade cooperation, EU executive chief Jean-Claude Juncker said on Thursday, as a major free trade deal now looks a distant prospect. European Commission President Juncker told reporters he and U.S. President Donald Trump spent considerable time discussing international trade during their meeting of some 90 minutes, also attended by European Council President Donald Tusk. He declined to say whether he and Tusk had brought up the Transatlantic Trade and Investment Partnership (TTIP), a proposed EU-U.S. free trade agreement that Brussels and Washington had spent more than three years negotiating. "We insisted on the importance of having free and fair competition," Juncker told reporters. He said delegations from Trump''s administration and the European Commission would meet in "the coming weeks and months" to find ways to increase trade cooperation. "We felt that there is too much divergence in policy and practice between these two large economies," he said. Tusk said in a televised statement after the joint meeting with Trump that trade was one of the issues that remained "open". TTIP talks have been put on hold, or "frozen" according to some in Brussels, since Trump''s election victory on a more protectionist platform last November. The EU''s trade focus has turned to the Asia-Pacific region, including some of the 11 nations that were set to join forces with the United States in the Trans-Pacific Partnership, until Trump''s rejection of that deal on his first day in office. The Commission, which negotiates free trade deals on behalf of the 28-member EU, says its attention is now on possible agreements with Japan, Mexico and the Mercosur bloc of Argentina, Brazil, Paraguay and Uruguay. It is also seeking to implement agreed deals with Canada, Vietnam and Singapore. (Reporting by Alastair Macdonald and Philip Blenkinsop; Writing by Philip Blenkinsop; Editing by Tom Heneghan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-eu-trade-idUKKBN18L1AC'|'2017-05-26T00:07:00.000+03:00'
'bec09be233b7968c397c999a9a27f828ed508912'|'PRESS DIGEST- Financial Times - May 24'|'Market News - Tue May 23, 2017 - 8:20pm EDT PRESS DIGEST- Financial Times - May 24 May 24 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines - UK raises terror threat after Manchester suicide bombing on.ft.com/2qi3crM - Glencore makes <20>informal<61> takeover approach to rival Bunge on.ft.com/2qhT16R - U.S. files suit against Fiat Chrysler alleging emissions violations on.ft.com/2qhGz6U - Uber pays millions in back-payments to New York drivers on.ft.com/2qhA0Bs Overview - Theresa May raised the UK<55>s <20>terror threat level from <20>severe<72> to <20><>critical<61>, after police identified the suicide bomber who killed 22 people, including children, in Monday night<68>s Manchester attack as Salman Abedi. - Glencore<72>s agriculture arm has approached its rival Bunge about a possible takeover. The company said its agriculture unit <20>has made an informal approach to Bunge Limited regarding a possible consensual business combination<6F>. - The U.S. government filed a lawsuit against Fiat Chrysler accusing it of using software to violate emissions controls. The lawsuit alleged that the carmaker failed to disclose <20>defeat devices<65>, or auxiliary emissions controls, in 2014-16 Fiat Chrysler diesel vehicles. - Uber is paying tens of millions of dollars in back-payments to drivers in New York. It had been overcharging them for over 2-1/2 years and each driver will now get $900 on average back. (Compiled by Bengaluru newsroom; Editing by Peter Cooney) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL4N1IQ021'|'2017-05-24T08:20:00.000+03:00'
'c1bac71f7c7cd7419b4b6da42c64bb1df46e47cb'|'African Markets - Factors to watch on May 24'|'The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. - - - - - GLOBAL MARKETS China''s main stock index fell one percent and the Australian dollar slipped on Wednesday after Moody''s cut its sovereign credit rating on China. WORLD OIL PRICES Oil prices rose on Wednesday, supported by increasing confidence that an OPEC-led production cut aimed at tightening the market would be extended through the rest of 2017 and the first quarter of next year. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South Africa''s rand raced to a four-week high against the U.S. dollar on Tuesday on a media report that the ruling African National Congress (ANC) will discuss the removal of President Jacob Zuma at a major party meeting this weekend. NIGERIA MARKETS Nigeria''s central bank plans to sell an undisclosed amount of dollars on Tuesday to settle a backlog of foreign exchange demand for airlines, fuel and raw material imports, traders said. NIGERIA ECONOMY Nigeria''s economy contracted again in the first quarter, data showed on Tuesday, but the central bank expects Africa''s biggest economy to return to growth by the end of the third quarter thanks to higher foreign exchange inflows. NIGERIA OIL Nigeria''s state-run oil company will keep buying cheaper, lower-quality gasoline for now because the government has yet to circulate new rules forcing a switch by July to cleaner fuels with less sulphur content, trading sources said on Tuesday. KENYA MARKETS The Kenyan shilling was unchanged against the dollar on Tuesday with hard currency inflows from exporters of horticulture products helping provide support. KENYA HEALTH President Donald Trump''s dramatic expansion of a policy blocking U.S. aid to organisations offering abortion services will have one sure result, say medical workers in this city: more abortions. KENYA CURRENT ACCOUNT Kenya''s current account deficit widened to 7.7 percent of GDP in February from 5.9 percent the same time a year earlier, the finance ministry said on Tuesday. UGANDA MARKETS The Ugandan shilling was expected to remain stable on Tuesday helped by healthy dollar inflows from exporters of fish, maize and other agricultural products. GHANA INVESTMENTS Danone and its Dubai-based private equity partner Abraj will together invest $25 million to expand production capacity at the Fan Milk dairy business in Ghana, the French food group said on Tuesday. SOMALIA BLAST A suicide bomber killed five people, including a policeman, and injured 12 others on Tuesday at a police checkpoint in Somalia''s northern Puntland region, a local governor said, the first such attack in three years. SOMALIA HIJACK Somali pirates hijacked an Iranian fishing vessel on Tuesday to use as a base to attack bigger, more valuable ships, the mayor of a Somali town said, part of an upsurge in attacks following years of relative calm. TANZANIA GOLD Tanzania''s full-year gold output rose 4.4 percent to 1.42 million ounces in 2016, government data showed on Tuesday, as the government moved to claim to a bigger share of revenue from mineral exports. ETHIOPIA WHO Ethiopia''s Tedros Adhanom Ghebreyesus won the race to be the next head of the World Health Organisation (WHO) on Tuesday, becoming the first African to lead the Geneva-based United Nations agency. CAMEROON ACCIDENT Cameroon''s Camrail was "mainly to blame" for a train crash that killed some 79 people last October, largely because the train was going at more than twice the speed limit, was overloaded and its brakes were defective, a government report said on Tuesday. CONGO VIOLENCE Congo''s attorney general said on Tuesday he had opened an investigation into a former minister over allegations he played a role in militia violence in central Congo that a U.N. sanctions monitor was investigating when she
'efb4f18d41171c816e61992839c9644e129435cb'|'Miner thinks small to resurrect big Canadian iron ore mine'|'Business News - Wed May 24, 2017 - 12:07pm BST Miner thinks small to resurrect big Canadian iron ore mine left right Champion Iron''s Bloom Lake mine is seen near Fermont, Quebec, Canada May 31, 2016. Picture taken May 31, 2016. REUTERS/Susan Taylor 1/8 left right Heavy haul trucks, with capacity to carry 240 tons of material, are parked at Champion Iron''s Bloom Lake mine near Fermont, Quebec, Canada May 31, 2016. Picture taken May 31, 2016. REUTERS/Susan Taylor 2/8 left right Champion Iron Chief Executive Office Michael O''Keeffe speaks to reporters at the company''s Bloom Lake mine near Fermont, Quebec, Canada May 31, 2016. Picture taken May 31, 2016. REUTERS/Susan Taylor 3/8 left right Champion Iron''s Chief Operating Officer David Cataford is interviewed at the company''s Bloom Lake mine near Fermont, Quebec, Canada May 31, 2016. Picture taken May 31, 2016. REUTERS/Susan Taylor 4/8 left right A worker uses a welding torch at Champion Iron''s Bloom Lake mine near Fermont, Quebec, Canada May 31, 2016. Picture taken May 31, 2016. REUTERS/Susan Taylor 5/8 left right Champion Iron''s Bloom Lake mine is seen near Fermont, Quebec, Canada May 31, 2016. Picture taken May 31, 2016. REUTERS/Susan Taylor 6/8 left right Champion Iron''s Bloom Lake mine is seen near Fermont, Quebec, Canada May 31, 2016. Picture taken May 31, 2016. REUTERS/Susan Taylor 7/8 left right Heavy haul trucks, with capacity to carry 240 tons of material, are parked at Champion Iron''s Bloom Lake mine near Fermont, Quebec, Canada May 31, 2016. Picture taken May 31, 2016. REUTERS/Susan Taylor 8/8 By Susan Taylor - TORONTO TORONTO Champion Iron Ltd ( CIA.AX ) ( CIA.TO ) is thinking small with its plans to bring Quebec''s giant Bloom Lake iron ore mine back to life. Chief Executive Michael O''Keeffe intends to slash costs while cutting millions of tonnes from a planned production expansion. The strategy runs counter to the traditional economy of scale formula, which bumps up production for proportional cost savings. It may prove a prescient approach as iron ore prices pull back from 30-month highs in February. The recovery sparked signs of life for a handful of hibernating miners in Canada''s metal-rich Labrador Trough, straddling the provinces of Quebec and Newfoundland and Labrador, including Champion, Alderon Iron Ore ( IRON.TO ) and Tata Steel Minerals Canada ( TISC.NS ). Champion is taking a different tack with Bloom Lake than its previous owner and North America''s biggest iron ore producer, Cliffs Natural Resources ( CLF.N ), beginning with the price tag. Cliffs paid $4.9 billion (<28>3.7 billion) for the mine in 2011, near the top of the market. Later it launched a $1.2 billion expansion to make the mine viable by doubling output to 16 million tonnes in a bid to help bring costs down. But as prices slumped, Cliffs suspended the money-losing operation. It sold the mine to Champion for C$10.5 million (<28>6 million) in 2015, a year when spot prices bottomed at $37 a tonne, from $190 in 2011. O''Keeffe, a former Glencore ( GLEN.L ) executive, believes other miners looking to buy Bloom Lake made calculations using Cliff''s high-volume blueprint and were spooked by the costs. Walking "every inch" of the property, O''Keeffe told Reuters that he and Champion''s chief operating officer David Cataford looked for ways to reconfigure operations that would squeeze costs to $50 per tonne of delivered concentrate from over $91. Rather than trucking ore in 240-ton trucks for processing, for example, the mine will use a 3.8 kilometre (2.36 mile) conveyer belt to move the steelmaking ingredient, Cataford said. And instead of trucking some 12 million tonnes of tailings waste to on-site storage each year, that material will move through pumps, said Cataford. A new recovery process and more efficient equipment, used to sift through iron particles, will goose recovery rates to 80 percent from 68 percent, explained O''Keeffe, and cut production costs by some $12 a tonne. "We
'd06ad5457eae9454808be3cfb818f299b0be32a7'|'BRIEF-Spartan Motors names James Sharman chairman of its board'|'Market  20am EDT BRIEF-Spartan Motors names James Sharman chairman of its board May 24 Spartan Motors Inc- * Spartan Motors names James A. Sharman as chairman of the board * Spartan Motors Inc says that James A. Sharman has been elected by its board to serve as chairman of board, effective immediately * Spartan Motors Inc says Sharman will succeed Hugh Sloan  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-spartan-motors-names-james-sharman-idUSASA09R63'|'2017-05-24T21:20:00.000+03:00'
'a62082c7753889db3bfcb6e74ea6834cb16d64b2'|'Geely takes 49.9 percent stake in Malaysian car maker Proton'|'Deals  57am BST Geely takes 49.9 percent stake in Malaysian car maker Proton left right FILE PHOTO: The Geely Automobile Holdings logo is pictured at the Auto China 2016 auto show in Beijing, China April 25, 2016. REUTERS/Kim Kyung-Hoon/File Photo 1/2 left right FILE PHOTO: The Geely logo is shown at the Chinese automaker''s display during the media preview at the 2008 North American International Auto Show in Detroit January 15, 2008. REUTERS/Mike Cassese/File Photo 2/2 KUALA LUMPUR Malaysian conglomerate DRB-HICOM ( DRBM.KL ) will sell a 49.9 percent stake in struggling car maker Proton to Chinese automaker Zhejiang Geely Holding Group, according to a company statement seen by Reuters. Malaysia''s Second Finance Minister Johari Abdul Ghani is expected to make an official announcement on the deal shortly. The statement, which gave no value for the deal, said an agreement with Geely was expected to be signed in July. Geely is the parent company of Hong Kong-based Geely Automobile Holdings Ltd ( 0175.HK ) and Sweden''s Volvo Car Group. Malaysian manufacturer Proton also owns British sports car maker Lotus Cars. Other companies that have expressed interest in Proton include Peugeot maker PSA ( PEUP.PA ), Japan''s Suzuki Motor Corp ( 7269.T ) and French car maker Renault SA ( RENA.PA ). DRB-Hicom asked for its shares to be suspended on Tuesday pending a material announcement. (Reporting by Rozanna Latiff; Writing by Praveen Menon; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-proton-m-a-geely-idUKKBN18K0HE'|'2017-05-24T13:54:00.000+03:00'
'dec5836318219e4f8bcaf3bbc36e772e3c4b8158'|'UPDATE 1-Kinder Morgan prices Canadian IPO at C$17 per share -term sheet'|'Market  40pm EDT UPDATE 1-Kinder Morgan prices Canadian IPO at C$17 per share -term sheet (Adds details, background on British Columbia election) CALGARY, Alberta May 24 U.S. pipeline company Kinder Morgan Inc has priced its Canadian initial public offering at C$17 per share, according to a term sheet of the deal seen by Reuters on Wednesday. The company''s pricing, which fell below its initially projected range of C$19 to C$22 per restricted voting share, suggests that demand from investors was not as strong as previously expected. Kinder Morgan has been looking to raise capital to fund a project to expand its Trans Mountain pipeline. Kinder Morgan now plans to offer 102.94 million shares, raising C$1.75 billion ($1.3 billion) in gross proceeds, the term sheet, which was dated Wednesday, showed. Kinder Morgan did not immediately offer a comment. The move comes during a period of political uncertainty in British Columbia, with election results in the province expected to weigh on Kinder Morgan''s Trans Mountain pipeline expansion plans. An unfriendly provincial government could pose obstacles to Trans Mountain, even though the federal government has approved it. ($1 = 1.3422 Canadian dollars) (Reporting by John Tilak and Nia Williams; Editing by Bill Trott and Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/kindermorgan-canada-ipo-idUSL1N1IQ1V9'|'2017-05-25T04:40:00.000+03:00'
'ef083d2e2d2dc3c5219b1a0adba05922c4728f33'|'Egypt Eurobond sale to cover FY 2017-18 financing needs -fin min'|'CAIRO May 24 Egyptian Finance Minister Amr El Garhy said on Wednesday that the country''s $3 billion Eurobond sale would cover "to a large extent" its financing needs for the 2017-18 fiscal year but that it could tap markets again in February or March of 2018.Garhy told Reuters in a telephone interview that 80 percent of the money raised from the Eurobond sale came from North America and Europe, signalling foreign investment appetite, and that the proceeds would reach the central bank by May 31. (Reporting by Ehab Farouk; Writing by Ahmed Aboulenein; Editing by Hugh Lawson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/egypt-eurobonds-minister-idINL8N1IQ6FM'|'2017-05-24T16:17:00.000+03:00'
'ce8e4b8fcc90e7fc1d9255e674d4ee2717f0fe7a'|'Australia''s Myer says local Topshop chain in administration'|'Business  38am BST Australia''s Myer says local Topshop chain in administration Shoppers exit a Topshop store in Sydney November 19, 2012. REUTERS/Tim Wimborne SYDNEY Australia''s biggest upmarket department store operator Myer Holdings Ltd ( MYR.AX ) said on Wednesday the local franchisee of British fashion retailer Topshop, of which it owns one fifth, has appointed voluntary administrators. In a regulatory filing, Myer said the local franchisee, Austradia Pty Ltd, appointed administrators, and that the two companies would work with Topshop''s British parent, Arcadia Group, "to deliver the best outcomes for customers and other stakeholders". The move, just six years after Topshop launched in Australia, reflects the tough trading conditions facing the country''s bricks-and-mortar retailers amid intense competition from "fast fashion" chains like H & M Hennes & Mauritz AB ( HMb.ST ) and online giants such as Amazon.com Inc ( AMZN.O ). Last month, Amazon said it planned to open its online shopfront service for third-party retailers, Amazon Marketplace, in Australia, prompting several stock analysts to downgrade earnings forecasts for traditional retailers - including Myer. This month, Myer posted a 3.3 percent decline in third-quarter sales, citing "challenging trading conditions" without specifying a contribution from Topshop. In February, Myer said its share of the Topshop franchisee''s loss grew to A$600,000 (<28>345,235) in the first half, from A$100,000 in the same period a year earlier. Administrators Jim Sarantinos and Ryan Eagle, of restructuring firm Ferrier Hodgson, said the company will trade as normal while they work with the UK Topshop owners on "supporting and right-sizing the Australian business to a sustainable platform going forward". Topshop and Topman operate nine stand-alone stores, 17 Myer concessions and an Australian online business. (Reporting by Byron Kaye; Editing by Vyas Mohan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-australia-myer-topshop-idUKKBN18K12T'|'2017-05-24T17:38:00.000+03:00'
'1cf19b1ec386eab46634b9597e46d99afdabe52c'|'Battle hardened eastern European tech entrepreneurs draw global interest'|'Business News  29am BST Battle hardened eastern European tech entrepreneurs draw global interest By Michael Kahn - PRAGUE PRAGUE Tech entrepreneurs in central and southeastern European, many of whom already have experience of launching their own businesses, are now having more success at enticing global investors the second time around. Until recently, the region''s tech start-up scene was stagnant, failing to rank among Europe''s top dozen countries for investment and lagging western and northern European countries, as well as decades-old tech hub Israel. But that''s changing fast. By last year, investment in central Europe, while still modest, had jumped more than tenfold since 2012, buoyed by a growing number of deals. And 2017 is on track for even stronger growth. While an early wave of companies often lacked the international know-how and market savvy to develop into global businesses, their founders have absorbed lessons and are now able to generate more heavyweight investment. "A lot of the bigger guys are now starting to take a look at the region," said Credo Venture''s Andrej Kiska, whose Prague-based fund started in 2010 and has since co-invested with global venture capital firms Index Ventures, Accel and Baseline Ventures. "It''s still a small market but it''s growing fast. First time founders have gained experience and are now starting their second and third companies with higher ambitions." Take Warsaw-based medical appointment booking platform DocPlanner, founded by serial Polish entrepreneur Mariusz Gralewski. On Wednesday, the company said it had closed a new round of $15 million (11.6 million pounds) to help fund international expansion in Latin America following its merger a year ago with Spanish rival Doctoralia. Previously, Gralewski turned a dorm-room idea into Poland''s leading business social network, GoldenLine.pl, which he sold before setting up DocPlanner. The medical booking company now employs 300 and says it is making 340,000 appointments per month in its six core markets of Poland, Spain, Italy, Turkey, Portugal and Mexico. The new funding underlines how entrepreneurs such as Gralewski are attracting global investment. DocPlanner has raised $46 million to date with international investor Target Global, Germany''s ENERN Investments and London-based One Peak Partners leading the latest round. "We have a first generation of entrepreneurs who quickly sold their companies and then were able to start new ones after building up trust and experience," Gralewski said. "The funding in the region is not comparable to when we were trying to raise money for my first company. LOCAL KNOWLEDGE Countries in the region offer a host of advantages for start ups, including a long tradition of producing graduates strong in maths and computer science and a low cost base that allows entrepreneurs to do more with less as companies grow. Last year, central and eastern Europe start-ups raised a total of 177 million euros (153.5 million pounds), up from just 15 million euros four years before, according to data from funding research firm Dealroom.co. The amount is a drop compared to the 4.5 billion euros raised in Europe and Israel in first quarter of 2017, according to Dealroom.co data. But the growth is evidence of an increasing number of global investors looking at the region. Poland, Estonia and Romania are attracting the biggest funding rounds, while the Czech Republic is home to some of the most mature, best-funded tech companies, including security software firm Avast, fashion retailer Internet Mall and NetRetail Holding, Dealroom.co data shows. In April, Romanian robotic form-scanning software company UiPath -- in which Kiska''s Credo Ventures was an early investor -- announced it had raised $30 million in fresh venture funding, marking one of the largest early-stage tech investments to date in central Europe. Luciana Lixandru of Accel, which led UiPath''s latest funding round, said seed money
'b3196aa439a4f0587fc1297ac5db28ba49366395'|'China c.bank plans to inject funds via MLF in early June - Financial News'|'Money   4:42pm IST China c.bank plans to inject funds via MLF in early June - Financial News FILE PHOTO: A staff member walks in front of the headquarters of the People''s Bank of China (PBOC), the central bank, in Beijing, June 25, 2013. REUTERS/Jason Lee/File Photo SHANGHAI China''s central bank plans to inject funds into the money market through its medium-term lending facility (MLF) loans in early June, the Financial News said on Friday. The Financial News, a publication under the People''s Bank of China, quoted the central bank as saying that there would be many factors weighing on the liquidity in June. In order to "keep liquidity basically stable and stabilise the market expectations", the PBOC would also resume injecting funds into the market through 28-day tenor of its reverse bond repurchase agreement (reverse repos) operations at an appropriate time, it added. Three batches of MLF loans are due to mature in June, with a total volume of 431.3 billion yuan ($62.95 billion), according to Reuters calculations based on official data from the central bank. ($1 = 6.8520 Chinese yuan)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/china-economy-pboc-idINKBN18M17N'|'2017-05-26T09:12:00.000+03:00'
'5749b8eaeffde7550d701659353a73068b15dd92'|'PRESS DIGEST - Wall Street Journal - May 24'|'May 24 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Moody''s Investors Service cut China''s sovereign credit rating for the first time in nearly three decades, citing expectations that the country''s financial strength will deteriorate in coming years as debt keeps rising and the economy slows. on.wsj.com/2rflRJQ- A contentious tax dispute between Australia and Chevron Corp could cost the company billions of dollars and open a new front in global efforts to crack down on the aggressive tax strategies used by many multinational corporations. on.wsj.com/2qQCE4Q- Glencore Plc has approached grain trader Bunge Ltd about combining, a deal that would give the Swiss miner a major presence in the U.S. agriculture market at a time when low crop prices have forced farming giants to scale up through mergers. on.wsj.com/2q7SZTI- Apple Inc and Nokia settled dueling lawsuits over what Apple should pay for intellectual property used in its iPhone, a surprisingly quick end to what analysts had said could have been years of litigation. on.wsj.com/2qeDS6P- The U.S. Justice Department sued Fiat Chrysler Automobiles and alleged it used illegal software to cheat on government emissions tests, escalating a battle over the company''s diesel engines. on.wsj.com/2qUcYmc- Target Corp on Tuesday agreed to pay $18.5 million to resolve an investigation by state prosecutors into its massive 2013 hack, a deal that represents the largest multistate data breach settlement in history. on.wsj.com/2qUoFt5(Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1IQ1WC'|'2017-05-24T02:25:00.000+03:00'
'276893ac909ab058098ca93bda66b7590222e262'|'Asian shares, Aussie dollar, yuan down after Moody''s downgrades China'|'Money News - Wed May 24, 2017 - 6:52am IST Asian shares, Aussie dollar, yuan down after Moody''s downgrades China Employees of a foreign exchange trading company work near monitors showing French President-elect Emmanuel Macron (top R) on TV news, the Japanese yen''s exchange rate against the euro (C) and Japan''s Nikkei average in Tokyo, Japan, May 8, 2017. REUTERS/Toru Hanai TOKYO Asian shares edged lower in early trade on Wednesday, while the Australian dollar and the offshore Chinese yuan slipped after Moody''s cut its sovereign credit rating on China. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was down 0.1 percent despite modest gains on Wall Street overnight. Japan''s Nikkei stock index .N225 was up 0.6 percent. The Aussie fell as much as 0.3 percent to $0.7455 AUD=D4 while the yuan slipped to 6.8901 per U.S. dollar CNH=D4 , 0.1 percent below late U.S. levels after Moody''s downgraded China to A1 from AA3. Moody''s cited the growing leverage in China for the downgrade, and warned about slowing economic growth. China''s massive debt been at the centre of concerns among economists and Beijing in recent months, and has roiled global financial markets since late last year. "The downgrade reflects Moody''s expectation that China''s financial strength will erode somewhat over the coming years, with economy-wide debt continuing to rise as potential growth slows," Moody''s said in a statement. Chinese authorities have stepped up regulatory curbs to defuse financial risks and cracked down on risky lending practises, with the central bank shifting toward more tighter policy. The U.S. dollar pulled away from recent 6-1/2 month lows, as the release of President Donald Trump''s budget proposal raised hopes that his administration''s policies would move forward. Trump''s first full budget plan calls for an increase in military and infrastructure spending but also cuts in areas including healthcare and food assistance. U.S. Treasury Secretary Steven Mnuchin said he hoped to get tax reform passed this year, though this would not happen by August. "Of course we''re not really sure of the details of the budget plan, and what form it will finally take, but it has given the market the perception that everything is moving forward again, after recent distractions such as ''Russia-gate''," said Mitsuo Imaizumi, Tokyo-based chief foreign-exchange strategist for Daiwa Securities. Political turmoil following Trump''s recent firing of FBI Director James Comey, who was overseeing an investigation into possible links between the president''s election campaign team and Russia, had raised fears that his administration''s promised tax reform and fiscal stimulus would be derailed. "Expectations that the Fed will hike next month are also supporting the dollar. Though a hike is not a done deal, it is still widely expected," Imaizumi said. Investors awaited the minutes of the Fed''s latest policy meeting, scheduled to be released at 1800 GMT later on Wednesday. The dollar index, which tracks the greenback against a basket of six major rivals, was steady on the day at 97.346 .DXY, pulling away from its lowest levels since November plumbed earlier this week. The dollar added 0.1 percent to 111.84 yen JPY= , while the euro was steady on the day at $1.1185 EUR= . Oil prices edged down after rising in the previous session on expectations of an extension to OPEC-led supply cuts. That offset an impact from a White House proposal to gradually sell half of U.S. petroleum reserves. [O/R] U.S. crude CLc1 was down 0.1 percent on the day at $51.44. Spot gold XAU= edged up slightly to $1,251.09 an ounce. [GOL/] (Reporting by Tokyo markets team; Editing by Shri Navaratnam)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/uk-global-markets-idINKBN18J1W1'|'2017-05-23T23:22:00.000+03:00'
'1c4d08c6ac1f8d4ec7ea9ef814357f1b777159de'|'CANADA STOCKS-TSX edges lower ahead of Bank of Canada; Bank of Montreal falls'|'Market News  42am EDT CANADA STOCKS-TSX edges lower ahead of Bank of Canada; Bank of Montreal falls TORONTO May 24 Canada''s main stock index fell slightly in early trade on Wednesday, with Bank of Montreal shares off after the company''s earnings missed estimates and investors awaiting a Bank of Canada interest rate decision and minutes from the last U.S Federal Reserve meeting. The Toronto Stock Exchange''s S&P/TSX composite index was down 12.98 points, or 0.08 percent, at 15,463.96 shortly after the open. Its heavyweight financial group lost 0.6 percent. (Reporting by Alastair Sharp; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1IQ0O2'|'2017-05-24T21:42:00.000+03:00'
'7d815ec39b46cf6f4800934c4490b458549b2657'|'BRIEF-American Airlines names Nathan Gatten senior vice president'|'Market  19am EDT BRIEF-American Airlines names Nathan Gatten senior vice president May 24 American Airlines Group Inc- * American Airlines names Nathan J. Gatten senior vice president <20> government affairs   No Greek debt relief needed if primary surplus above 3 pct/GDP for 20 years-paper BERLIN, May 24 Greece will not need any debt relief from euro zone governments if it keeps its primary surplus above 3 percent of GDP for 20 years, a confidential paper prepared by the euro zone bailout fund, the European Stability Mechanism (ESM), showed. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-american-airlines-names-nathan-gat-idUSASA09R62'|'2017-05-24T21:19:00.000+03:00'
'0d2a88d987599ba18e3a61f983b6218f86167e96'|'UPDATE 1-UK lender Paragon''s H1 profit drops, but buy-to-let pipeline robust'|'(Adds details, shares, CEO comments)By Noor Zainab HussainMay 23 British buy-to-let mortgage lender Paragon Group of Companies Plc reported a marginal fall in first-half profit, but said its buy-to-let pipeline had more than doubled as full-year lending volumes topped its expectations.Paragon, which has been diversifying its business from its core buy-to-let mortgage market, made a pretax profit of 69.4 million pounds ($90.1 million) in the six months ended March, down from 69.5 million pounds a year earlier.The company raised its interim dividend by 9.3 percent to 4.7 pence per share. Its return on tangible equity, a key measure of profitability, improved to 13.5 percent from 12.7 percent a year ago.New buy-to-let lending fell to 556.2 million pounds in the six-month period from 823.6 million pounds a year earlier.Origination flows over the last year in the group''s core buy-to-let mortgage market have been heavily disrupted by Britain''s stamp duty changes, which saw landlords scrambling to complete purchases.Buy-to-let is a form of residential investment in which you buy a property, typically with a mortgage, with the view of renting it out.In the final months of 2016 the buy-to-let market also saw lenders tightening criteria ahead of the Prudential Regulation Authority''s (PRA) underwriting changes.Paragon''s buy-to-let lending pipeline, however, more than doubled to 742.3 million pounds, allowing it to raise its lending volumes expectation to 1.25 billion pounds for the year, from 1.1 billion pounds."The biggest area of growth for us has been in the more complex, professional end of the market... landlords might have multiple properties or they might have properties with a particular focus such as the student market," Chief Executive Nigel Terrington told Reuters."Regulatory changes like the mortgage interest relief and changes in the PRA underwriting rules will push more business towards these more complex professional landlords," he said.Paragon said asset finance lending rose to 106.6 million pounds from 57.7 million pounds a year earlier."Asset finance generally is a fairly good barometer of the economy... What we''ve clearly seen is the UK economy had a pretty positive period even allowing for Brexit," Terrington added.Paragon''s retail-funded lending bank, which was launched the in 2014 to enable the company to diversify beyond the mortgage market, saw deposit levels rise 64.6 percent to 2.35 billion pounds.Shares in Solihull, West Midlands-based Paragon were up nearly 1 percent at 476.6 pence at 0821 GMT on the London Stock Exchange, in line with Europe''s banking sector. ($1 = 0.7702 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair and Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/paragon-group-results-idINL4N1IP2RS'|'2017-05-23T06:40:00.000+03:00'
'6e0449b84d83b16d5e38de3a45e4a43014e0d285'|'New Ford CEO relies on veterans to reboot profits'|'Business News  31pm BST New Ford CEO relies on veterans to reboot profits left right Newly named Ford Motor Company president and CEO James Hackett answers questions during a press conference at Ford Motor World Headquarters in Dearborn, Michigan, U.S., May 22, 2017. REUTERS/Rebecca Cook 1/3 left right Raj Nair, Ford executive vice-president of global product development, speaks during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. REUTERS/Rebecca Cook 2/3 left right FILE PHOTO: Peter Fleet, the president of Ford ASEAN, speaks during a news conference at a hotel in Bangkok March 23, 2011. REUTERS/Chaiwat Subprasom 3/3 By Sweta Singh and Joseph White - BENGALURU/DETROIT BENGALURU/DETROIT Ford Motor Co ( F.N ) on Thursday outlined a broad reshuffling of senior management under its new chief executive officer, including a new vice president for autonomous and electric vehicles hired away from ride services power Uber. James Hackett, named CEO on Monday, has said he wants to streamline the company''s hierarchy and speed up decision-making. But Thursday''s executive moves indicate Hackett will rely mainly on Ford veterans to get the job done, instead of bringing in outside talent. The new vice president for Ford''s autonomous vehicles and electrification, Sherif Marakby, was hired away from Uber Technologies Inc [UBER.UL], where he was vice president of global vehicle programs. Prior to joining Uber last year, Marakby was at Ford for more than 25 years and worked on hybrid and electric vehicles. Ford will also combine its purchasing and product development operations under Hau Thai-Tang, previously head of global purchasing. Thai-Tang, 50, will have the task of simultaneously accelerating vehicle development and reining in costs as rival General Motors Co ( GM.N ) unleashes a volley of models aimed at the heart of Ford''s product lineup. Raj Nair, currently Ford''s executive vice president of product development and chief technical officer, will take over as president, North America, effective June 1, the company said. He will be responsible for operations that generate about 90 percent of Ford''s global profits. In other moves, the No. 2 U.S. automaker named Steven Armstrong as head of Europe, Middle East and Africa and Peter Fleet as chief of Asia Pacific and China. Armstrong is currently chief operating officer for Ford of Europe, while Fleet is in charge of sales and marketing for the Asia-Pacific region. Last week, the company announced plans to cut 1,400 white-collar positions and is expected to make significant cost cuts in the coming months. Hackett, who replaced Mark Fields, is the latest in a line of non-family CEOs given a mandate to change the management culture at one of the auto industry''s oldest institutions. Shares dipped 0.2 percent to $10.92 on Thursday. The stock is down about 36 percent since Fields took over three years ago at the peak of the U.S. auto industry''s recovery from the crisis last decade. (Editing by Sriraj Kalluvila and Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ford-management-idUKKBN18L1EZ'|'2017-05-25T22:28:00.000+03:00'
'74ec333f9901abc2b085b0866c84a84f2337ce3c'|'Euro zone stability risk contained but rising - ECB'|'FRANKFURT Financial stability risks in the euro zone are contained but remain significant and have even increased in some areas over the past six months, the European Central Bank said in a regular stability review on Wednesday.Concerns over debt sustainability have risen, while the clean up of the banking sector is slow and the risk of a sudden repricing in bond markets remains significant, potentially leading to major capital losses, the ECB said.The warning comes as the euro zone is enjoying its best economic run in a decade, raising expectations that the ECB could soon start to unwind its massive stimulus measures."Risks to euro area sovereign debt sustainability have increased over the past six months," the ECB said. "In recent weeks, however, euro area spreads narrowed and sovereign stress conditions improved somewhat following the result of the presidential election in France."The ECB added that risks stemming from a further rapid repricing in global fixed income markets are mostly related to spillovers from the United States but a prolonged period of elevated political uncertainty or higher-than-expected euro area inflationary pressures could also act as triggers."Repricing risks in fixed income markets remain significant," the ECB said. "There are... risks that euro area bond yields could increase abruptly without a simultaneous improvement in growth prospects."The ECB singled out an upward revision of expectations for U.S. interest rate hikes as a key risk and warned that a repricing of euro zone bond markets could lead to substantial capital losses for investors.Resolving bad loans on banks'' balance sheets is a top concern but progress has been slow so far, the ECB said.Meanwhile bank profitability is low and market valuations suggest no relief in sight even though market pressures have abated recently.The ECB said Brexit -- Britain''s forthcoming exit from the European Union -- is not one of its main stability concerns for the time being.(Reporting by Balazs Koranyi; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eurozone-ecb-stability-idINKBN18K0TD'|'2017-05-24T16:11:00.000+03:00'
'81ee296173d229661bcfcdd4e7e286cda8e5a488'|'Safran, Zodiac shares suspended, Safran to issue statement'|'Industry, Materials & Utilities   8:56am BST Safran, Zodiac shares suspended, Safran to issue statement left right The logo of Safran Group is seen on the company''s headquarters building in Toulouse, Southwestern France, April 18, 2017. REUTERS/Regis Duvignau 1/2 left right FILE PHOTO: The logo of French aircraft seats and equipment manufacturer Zodiac Aerospace is seen during the company''s first half of the 2015/2016 fiscal year presentation in Paris, France, April 20, 2016. REUTERS/Benoit Tessier/File Photo 2/2 PARIS Shares in aerospace groups Safran ( SAF.PA ) and Zodiac ( ZODC.PA ), whose merger plans have been criticized by some investors, were suspended on Wednesday. A Safran spokeswoman said Safran would issue a statement later in the day, but declined to provide further details. Officials at Zodiac could not be immediately reached for immediate comment. Safran''s planned $9 billion deal with Zodiac has been questioned in light of a string of profit warnings from Zodiac, with British activist investor TCI Fund Management calling on Safran to cancel the takeover. A source told Reuters in April that Safran was exploring plans to lower its offer for Zodiac. (Reporting by Sudip Kar-Gupta and Pascale Denis; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-zodiac-aero-m-a-safran-idUKKBN18K0RA'|'2017-05-24T15:48:00.000+03:00'
'6a6afd6632eaacf024e4d51de32d85a6cf403bb4'|'As oil prices languish, signs emerge of Algeria changing its energy ways'|' 01pm BST As oil prices languish, signs emerge of Algeria changing its energy ways left right FILE PHOTO: A view of Krechba gas treatment plant, Algeria, December 14, 2008. REUTERS/Zohra Bensemra/File Photo 1/3 left right FILE PHOTO: A view shows the Total Tower, French oil giant Total headquarters, at La Defense business and financial district in Courbevoie near Paris, France, February 25, 2016. REUTERS/Jacky Naegelen/File Photo 2/3 left right FILE PHOTO: The logo of the state energy company Sonatrach is pictured on a gate outside of the headquarters in Algiers, Algeria June 26, 2016. REUTERS/Ramzi Boudia/File Photo 3/3 By Lamine Chikhi and Patrick Markey - ALGIERS ALGIERS Less than a year ago, Algeria was ready for a legal battle with French oil giant Total ( TOTF.PA ); it looked like business as usual for a country known for bureaucracy, tough contracts and often testy relations with foreign energy groups. Yet, within months Total had dropped its action with international arbitrators, and signed a new gas deal with state energy conglomerate Sonatrach on improved terms. When the dispute came to light in July, Sonatrach - the engine of Algeria''s energy-based economy and state finances - had promised to defend the case vigorously, and portrayed Total as a minor player in the OPEC member country. But something has changed. Last month the two sides reached a settlement over Total''s complaint that Algeria changed profit-sharing terms on oil and gas contracts in the mid-2000s. That allowed a new deal for a delayed gas project with Total in the Sahara desert, which lies at the heart of Algeria''s plans to expand energy exports to Europe. This is just one signal of how three years into low world oil prices, Algeria is showing a new urgency and flexibility as its depleted energy earnings and competition in its European market test government nerves - and the state budget, which relies on energy for 60 percent of its revenue. No one talks of a dramatic shift. Change can be slow in Algeria, where leaders prize stability, the economy is mostly state-run and an old guard clings to ideas rooted in the one-party socialism that followed independence from France in 1962. Algeria''s need to boost energy earnings is not quite as pressing as for some oil exporters. It has a big budget deficit but its foreign currency reserves, while sharply lower, remain at around $100 billion (<28>77.1 billion) and the state has little debt. Nevertheless, Energy Minister Nouredine Bouterfa has hinted at improved terms for foreign investors in contacts with the European Union, which is seeking strategic alternatives to Russian gas due to strained relations with Moscow. During a visit to Brussels last month, Bouterfa said Algeria was holding talks with energy firms "to shed light on their understanding of our laws, including their apprehensions with regard to taxes and to bring the necessary corrections". The object was to "boost the development of our partnership and make our country more attractive", he said in a statement, without giving details. Sonatrach is becoming more agile with partners. "There is flexibility you didn''t see five years ago," said one industry source. "It''s not a seismic shift, but you see rhetoric and a posture of ''We are not the old Sonatrach''." A Sonatrach press official did not immediately respond to Reuters questions about dealings with foreign partners and details on the Total agreement. ERROR OF JUDGEMENT Gas production is already rising. Sonatrach forecasts output at 141 billion cubic metres (bcm) this year, up from 132.2 bcm in 2016. Exports will hit 57 bcm this year, from 54 bcm in 2016. Algiers is No. 3 gas supplier to Europe, but EU officials have doubted its long-term reliability due to past stagnant output and contracts which foreign operators complain left them with little profit, even when prices were high. Soaring domestic gas demand for power generation, partly due to a growing population, has 
'288c839a47138499b2ddb543d2568d6b5c5f02cb'|'Most Norwegian oil workers agree wage deal, mediation for rest'|'Business  54am BST Most Norwegian oil workers agree wage deal, mediation for rest OSLO Energy firms operating offshore Norway on Wednesday agreed wage deals for 2017 with the two largest trade unions representing oil and gas workers, while talks with a smaller union will continue at a later stage under mandatory mediation rules. Industri Energi and Safe, representing some 87 percent of Norwegian oil workers, said the outcome of the talks was disappointing, but added they had nevertheless accepted it as they did not have the right to go on strike this year due to a clause in last year''s agreement. Lederne, a third union representing some 13 percent of Norwegian oil and gas workers or about 1,000 people, does have the right to go on strike, and said it had rejected the oil firms'' offer. Under Norwegian law, the talks involving Lederne will now proceed to a state mediator, which must be conducted before any strike is allowed. Norway is western Europe''s top oil and gas producer with daily output in April of around 2.1 million barrels of oil, condensate and natural gas liquids, as well as natural gas corresponding to about 1.7 million barrels of oil equivalent. Top operators offshore Norway include, among others, Statoil ( STL.OL ), Aker BP ( AKERBP.OL ), Total ( TOTF.PA ), Exxon Mobil ( XOM.N ), Shell ( RDSa.L ) and Centrica ( CNA.L ). (Reporting by Oslo newsroom; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-norway-oil-idUKKBN18K14A'|'2017-05-24T17:54:00.000+03:00'
'f5a4b672de21578b5cae70308c7dc06989ada9f7'|'Nikkei rises as weak yen helps exporters; financials up on U.S. yields'|'* Automakers, electronics stocks gain* Shimamura tumbles on weak monthly salesBy Ayai TomisawaTOKYO, May 24 Japan''s Nikkei share average rose on Wednesday morning helped by exporters after the dollar gained against the yen, while financials gained ground thanks to a rise in U.S. Treasury yields.The Nikkei rose 0.4 percent to 19,698.31 in midmorning trade.Wall Street''s strength lifted the mood in the Tokyo market. While Tuesday''s U.S. economic data was weak, investors were relieved that U.S. President Donald Trump''s first full budget plan was largely as expected, even if it is not expected to be approved in Congress."The Japanese market hasn''t recovered from a recent drop when it was sold on U.S. turmoil. There is room to rise as long as U.S. stocks are strong," said Masaru Hamasaki, head of market and investment information department at Amundi Japan.The Nikkei rose to a 17-month high of 19,998.49 on May 16 supported by the weakening yen, but two days later, it dropped more than 500 points on fears that allegations against Trump over his interference with a federal investigation would destabilise his presidency and delay his efforts on tax cuts and economic stimulus.Traders said that while investors are cautiously focused on developments on U.S. political issues, U.S. stocks'' resilience helps recover investors'' risk appetite.The dollar rose 0.15 percent at 111.945 yen, its highest in a week, helping such exporters as Honda Motor Co , Tokyo Electron Ltd and Advantest Corp , each rising 1.8 percent, 1.9 percent and 1.7 percent.Banks and insurers, which invest in higher yielding financial products, were in demand. Sumitomo Mitsui Financial Group rose 1.0 percent, Mizuho Financial Group added 0.8 percent and T&D Holdings surged 1.7 percent.Bucking the trend, discount apparel chain Shimamura Co dived more than 10 percent and was the second biggest loser on the board after posting weak monthly sales in May.The broader Topix added 0.4 percent to 1,571.80 and the JPX-Nikkei Index 400 advanced 0.4 percent to 14,022.94. (Editing by Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL4N1IQ1AN'|'2017-05-24T10:32:00.000+03:00'
'997261af9914a11c9d007dc77b9ac8948e3b42bb'|'LPC: US middle market lenders resist pricing erosion'|'Bonds  21am EDT LPC: US middle market lenders resist pricing erosion By Leela Parker Deo - NEW YORK NEW YORK May 24 Credit investors are drawing a line in the sand about the rates at which they are prepared to lend to US middle market companies after a wave of aggressive leveraged loan refinancings pulled yields lower in the first quarter of the year. Increased supply due to a healthy crop of new money deals backing leveraged buyouts, mergers and acquisitions, and add-on activity in the second quarter is helping middle market investors to resist downward pricing pressure. In May, at least four middle market deals boosted pricing from the initial guidance, including a deal for pet product maker Petmate, according to Thomson Reuters LPC data. <20>It<49>s not a tightening market anymore,<2C> said one middle market loan investor. <20>The market has reached a point where we need more yield. We have capital to deploy but we don<6F>t need to do it at such a tight price point.<2E> Yields on middle market institutional term loan yields have risen to 6.22% so far in the second quarter from 6.09% in the first quarter, the data shows. This reverses three quarters of decline that started in the third quarter of 2016, when yields were 6.65% as the repricing wave accelerated and trickled down to riskier, less liquid smaller deals in the hunt for yield. Institutional investors, including commercial finance companies and direct lenders, need at least 450bp over Libor to invest in an unrated deal, three banking sources said. Banks have a lower cost of capital and are therefore able to lend at lower rates, particularly if the deal is rated and meets regulatory guidelines, the sources said. TOO TIGHT? A US$262.5m loan backing pet product maker Petmate<74>s buyout by Olympus Partners is the latest middle market deal to increase pricing. The spread on the buyout loan, which was arranged by middle market specialist Antares Capital, was increased by 25bp to 450bp over Libor with a 1% Libor floor and a 99.5 discount. Healthcare management services provider Kepro also hiked the spread on the first- and second-lien portions of its US$305m leveraged buyout loan by 100bp from the wide end of initial guidance to 525bp on the first-lien and 925bp on the second-lien and also widened discounts. Kepro<72>s loan was priced too aggressively at launch and needed to attract more middle market investors, which typically require higher returns, in order to circle the deal, a second investor said. All Metro Health Care Services, a provider of non-medical paraprofessional homecare services, also raised pricing by 25bp to 475bp over Libor on the US$225m term loan B portion of a US$255m credit facility that refinances existing debt. Investors also pointed to two more transactions that were sold to a middle market investor base and recently raised spreads. Specialty material-based components provider Boyd Corp wrapped a new US$1.09bn acquisition loan which priced at the wide end of revised guidance at 475bp on the first-lien and 875bp on the second-lien. APC Aftermarket also raised pricing by 50bp to 500bp over Libor on the US$315m term loan portion of its US$515m acquisition credit facility and widened the discount. Demand for assets is high and the market remains intensely competitive but some investors are no longer willing to take risk in exchange for lower returns and fewer lender protections as structures and terms also loosen. <20>Pricing is still tight to a year ago, but we are getting back to where we should be,<2C> a third middle market investor said. (Reporting by Leela Parker Deo; Editing by Tessa Walsh and Jon Methven)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usmidmarket-pricing-idUSL1N1IQ0J9'|'2017-05-24T23:21:00.000+03:00'
'02ee3cb43272d88b4adc7ea374ecb90a7d1fc948'|'Software update can fix Fiat Chrysler''s U.S. diesel issue - lawyer'|'Wed May 24, 2017 - 11:18pm BST Software update can fix Fiat Chrysler''s U.S. diesel issue: lawyer FILE PHOTO: People talk as they stand next to a logo of Fiat Chrysler Automobiles (FCA) in Turin, Italy on March 31, 2014. REUTERS/Giorgio Perottino/File Photo By David Shepardson - WASHINGTON WASHINGTON Fiat Chrysler Automobiles NV ( FCHA.MI ) believes a software update can address U.S. regulators'' contention that its diesel vehicles are producing excess emissions, a lawyer for the company said at a court hearing on Wednesday. The lawyer admitted no wrongdoing by the Italian-American automaker, however. The Justice Department filed a civil suit on Tuesday accusing Fiat Chrysler of illegally using software to bypass emission controls in 104,000 2014-2016 diesel and labeled the software "defeat devices." Robert Giuffra, a lawyer representing Fiat Chrysler, said at a hearing in San Francisco that regulators'' concerns could be resolved with new software without a need for any new hardware. Giuffra said the company does not concede that the 104,000 vehicles emitted excess emissions. He said there were very complicated regulations governing whether auxillary emissions control devices should have been disclosed to regulators. Regulators could approve the company''s proposed software update very quickly as part of certifying 2017 diesel models to allow them to go on sale, potentially in a few weeks, Giuffra said. He added that he expects the same fix will address concerns for the 104,000 2014-2016 vehicles. A Justice Department lawyer, Joseph Warren, said a decision could take longer, but said the government wants to move quickly. The U.S. Environmental Protection Agency and California Air Resources Board accused Fiat Chrysler in January of illegally using undisclosed software to allow excess diesel emissions in 104,000 U.S. 2014-2016 Jeep Grand Cherokees and Dodge Ram 1500 trucks in a notice of violation. Fiat Chrysler said in a statement it does not believe the software update would impact performance or fuel efficiency. The notice was the result of a probe that arose out of regulators'' investigation of rival Volkswagen AG''s ( VOWG_p.DE ) excess emissions. U.S.-listed Fiat Chrysler shares, which fell 4.1 percent on Tuesday, closed up 2.3 percent in trading Wednesday to $10.56. Fiat Chrysler faces more than 20 lawsuits from dealers and owners over the alleged excess emissions. U.S. District Judge Edward Chen said at the hearing he would not delay numerous civil suits. He is also overseeing suits filed against Robert Bosch GmbH [ROBG.UL] stemming from its role in developing the Fiat Chrysler diesel engines. "The public interest demands that we move forward quickly," Chen said. Chen has scheduled hearings in June to pick lead attorneys to represent owners and to name a settlement master. (Reporting by David Shepardson; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-fiat-chrysler-emissions-idUKKBN18K31X'|'2017-05-25T06:18:00.000+03:00'
'7b96517800242dd9bfc7a89bb257c67c3d8fef6e'|'Arcadia in talks to take control of Topshop''s Australian arm'|'Business  42am BST Arcadia in talks to take control of Topshop''s Australian arm FILE PHOTO: British billionaire and CEO of the Arcadia Group Philip Green smiles as he attends the opening ceremony of a Topshop flagship store in Hong Kong June 6, 2013. REUTERS/Bobby Yip/File Photo By Byron Kaye - SYDNEY SYDNEY Retail tycoon Philip Green''s Arcadia Group Ltd is in preliminary talks to take control of its troubled Australian franchise partner for his Topshop brand, a representative for the Australian firm said. The franchisee, Austradia Pty Ltd, called in administrators this week just six years after launching in Australia, highlighting soft consumer spending and intense online competition hitting brick and mortar retailers. "Following ... discussions with Sir Philip Green and his Arcadia Group team, we are reviewing a potential structure that would see Arcadia Group take a controlling interest in the Australian business," the firm''s administrator, James Stewart, of Ferrier Hodgson, said in an email. Stewart added that his and Green''s priority was to "develop an appropriate operating model and structure that will continue the Topshop/Topman brand in Australia". Austradia is one-fifth owned by Australia''s biggest department store Myer Holdings Ltd. Shares in Myer fell 4.4 percent on Thursday on the news that Austradia had called in administrators. (Reporting by Byron Kaye; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-australia-myer-topshop-idUKKBN18L0WF'|'2017-05-25T16:42:00.000+03:00'
'1d5e9b5f09782b17c731c042bb87c63bad9a1281'|'Epiris to keep focus on UK assets after Electra split'|' 14am BST Epiris to keep focus on UK assets after Electra split By Dasha Afanasieva - LONDON LONDON Electra''s ( ELTA.L ) departing management team will pursue an investment strategy which focuses on assets in Britain when it splits from the listed private equity fund next month. "We have a pipeline of interesting opportunities which pick up where we left off," Alex Fortescue, Managing Partner of the new management venture Epiris, told Reuters on Thursday. Fortescue did not mention specific assets, but said that the volatility created by Britain''s decision to leave the European Union, which has created uncertainty for businesses and called into doubt UK-only strategies, could create opportunities. Despite initial fears that Brexit would deter deal making, merger and acquisition activity has avoided a collapse and with cheap debt and an influx of foreign capital, private equity firms have enjoyed higher exit multiples. Fortescue declined to comment on fundraising by Epiris, which sources have said has raised 500 million pounds for its own fund which was launched in early 2017 with a target of between 800 million pounds and 1 billion pounds. The splitting of the management team from Electra, which owns the British arm of restaurant chain TGI Fridays, was prompted by a long and bitter campaign by activist investor Edward Bramson to join the listed company''s board. Electra, one of Britain''s oldest private equity firms, reported its net asset value had risen to 5,544 pence per share at the end of March this year, from 5,149 pence, although at a lower rate than the year before. The fund also declared a second special dividend of 914 pence per share when it posted its six month results, during which time it has sold a string of assets. In recent weeks it has also sold investment property portfolio Pine Unit Trust and Treetops Nurseries. Epiris will hand over responsibility for managing Electra''s remaining assets, including Britain''s TGI Fridays and Photobox, to the fund next month. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-electra-pvt-eqty-results-idUKKBN18L108'|'2017-05-25T17:14:00.000+03:00'
'5b04775b8b611bc164fa342e42a52c7cfeda8513'|'Jack Daniel''s owner Brown-Forman says it is not for sale'|'Brown-Forman Corp ( BFb.N ), the maker of Jack Daniel''s whiskey, said on Wednesday it was not for sale, following a media report that Corona beer maker Constellation Brands ( STZ.N ) had offered to buy the company."As a matter of corporate policy, Brown-Forman does not comment on market rumors or speculation. However, it is important to reiterate that Brown-Forman is not for sale," Chief Executive Paul Varga and Chairman Geo. Garvin Brown IV said in a joint statement.The Brown family, who are fifth-generation owners of Kentucky-based Brown-Forman, own a majority of the voting power in the company and have historically indicated that they do not favor selling."The company and the Brown family have been committed to preserving Brown-Forman as a thriving, family controlled, independent company. That commitment is unchanged," Varga and Brown said.Shares of Brown-Forman ended 1.8 percent higher at $54.34 on Wednesday, but were down 2 percent in after-hours trading.CNBC reported on Tuesday that Constellation had made a takeover approach but that Brown-Forman was not interested in selling.(Reporting by Karina Dsouza in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brown-formn-m-a-constellation-br-idINKBN18K32I'|'2017-05-24T20:26:00.000+03:00'
'93a1ab8cac91bbd452a428884a44e784cb32a732'|'ChemChina raises $20 billion for Syngenta deal via perp bonds, preferred shares'|'Banks   6:52am BST ChemChina raises $20 billion for Syngenta deal via perp bonds, preferred shares FILE PHOTO: The company logo of China National Chemical Corp, or ChemChina, is seen at its headquarters in Beijing, China February 3, 2017. REUTERS/Thomas Peter/File Photo By Carol Zhong and Julie Zhu - HONG KONG HONG KONG ChemChina has raised $20 billion (15.4 billion pounds) in perpetual bonds and preferred shares to finance its acquisition of Swiss seeds maker Syngenta, according to a regulatory filing by the state-owned Chinese company. ChemChina has restructured the financing of its Syngenta deal to take on more equity and reduce its short-term debt burden, but will still have nearly $20 billion in loans to refinance within 18 months, the filing shows. Bank of China (BoC) has invested $10 billion via a perpetual bond, making the Chinese lender the single largest financier in the $44 billion deal, according to the May 18 filing which also shows state-owned asset manager China Reform Holdings Corp Ltd has provided $7 billion via a perpetual bond. China''s Industrial Bank Co Ltd has invested $1 billion through the same means, while Morgan Stanley has provided $2 billion via convertible preferred shares. The ambitious takeover is nearing the finish line after regulators last month granted the final approvals and as more than 80 percent of Syngenta shareholders voted in favour.. The deal gives China a portfolio of top-tier chemicals and patent-protected seeds to improve agricultural output, but has also left ChemChina facing a hefty debt burden which it has been seeking to reduce by bringing in more equity investors and replacing short-term loans with longer-term debt. ChemChina last year arranged $32.9 billion in bridge loans from more than 20 Chinese, European and Asian lenders, stoking concern among investors and analysts over its leverage. The company has been trying to increase the ratio of equity financing and last year raised $5 billion from a Chinese fund. Perpetual bonds are financing instruments that can act as both equity and debt. They are typically treated as equity under accounting standards but rating agencies may still treat them as debt depending on the circumstances. Because perpetual bonds have no maturity date, the new financing should help improve ChemChina''s overall debt position. China National Chemicals Corp, as ChemChina is officially known, did not respond to requests for comment. A spokeswoman for Bank of China declined to comment. A spokesman for Syngenta said post-close financing will be finalised in the second half of 2017. China Reform Holdings<67> spokeswoman did not immediately respond to a Reuters request seeking comment. Industrial Bank and Morgan Stanley could not immediately be reached for comment. In addition to the new financing, which has been privately negotiated, ChemChina on Wednesday publicly marketed another smaller-sized U.S. dollar senior perpetual bond, Thomson Reuters IFR reported. The offering was hugely oversubscribed, despite rating agency Moody''s downgrading of China''s sovereign debt on the same day. (Reporting by Carol Zhong of Basis Point, Julie Zhu and Alasdair Reilly; Additional reporting by Aizhu Chen, Prakash Chakravarti and Tessa Walsh; Writing and additional reporting by Michelle Price; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-chemchina-m-a-financing-idUKKBN18L0DE'|'2017-05-25T13:52:00.000+03:00'
'b1dbe7e831211008bddbc43374a4321b0fa37f2c'|'ECB still needs more evidence of rising inflation: Praet'|' 05pm BST ECB must not change course as inflation weak despite growth: policymakers European Central Bank (ECB) President Mario Draghi delivers his speech during an event at Bank of Spain headquarters in Madrid, Spain May 24, 2017. REUTERS/Juan Medina By Balazs Koranyi and Andreas Framke - FRANKFURT FRANKFURT Euro zone economic growth may be improving - and European Central Bank policy will reflect this - but inflation remains weak so there is no need to deviate from the policy path already laid out, top ECB policymakers said on Wednesday. The comments from ECB President Mario Draghi and two of his top lieutenants suggest the bank is going to be extremely cautious about dismantling its massive stimulus program. Draghi, Vice President Vitor Constancio and chief economist Peter Praet all acknowledged the euro zone''s best economic growth run in a decade. But they played down its relevance as underlying inflation remains anemic, wage growth is muted and the slack in the labor market remains sizable. "We are fully aware, and by the way I would say there''s even a unanimous view about economic developments, that the situation is improving, and this will of course be fully reflected in our future decisions," ECB Vice President Vitor Constancio said. But he also urged caution, arguing that economic output will not reach the currency bloc''s potential before the end of next year and that wage growth is not reassuring. With growth accelerating, conservative countries like Germany have put pressure on the ECB to start winding down its unprecedented stimulus, saying the side effects are starting to outweigh the benefits. "When we introduced unconventional policy instruments,... we were aware that those new instruments could result in somewhat more pronounced side effects than conventional instruments," Draghi said separately. "These side effects have remained contained." "Our current assessment of the side effects suggest therefore that there is no reason to deviate from the indications we have been consistently providing in the introductory statement to our press conferences," Draghi added. BUBBLES? The ECB next meets on June 8 and markets expect the bank to revise its negative view on the economy to say the risks to growth are balanced. It is also expected to discuss whether to remove its so-called easing bias, a signal that it is still ready to cut rates or raise the volume of its asset buys, if needed. Real estate bubbles and weak bank profitability are among the key potential side effects of ultra easy monetary policy, but the ECB''s biannual stability report dismissed concerns over such problems. The bank said that while there may be pockets of inflated house prices, particularly around capital cities, there was no general bubble. It also warned that debt sustainability concerns have risen, partly on a risk that debt markets reprice, but noted that monetary policy targets inflation and not stability, so such concerns must be handled with other tools. "Underlying inflation pressures still give scant indications of a convincing upward trend as domestic cost pressures, notably wage growth, remain subdued," Praet, considered a dove like Draghi and Constancio, told a conference in Sofia. The three policymakers are notably more cautious than fellow board member Benoit Coeure, who recently argued that the bank should not wait too long before paring back stimulus once it is convinced that inflation has recovered. The ECB aims for inflation at just below 2 percent but has undershot its target for years and does not expect to hit its objective until 2019. "I think that when we look at the history of monetary policy in Europe and outside, we have to be cautious about the premature withdrawal of stimulus, and if anything, it''s preferable to err in the other direction," Constancio said. (Additioanl reporting by Tsvetelia Tsolova in Sofia, editing by Ed Osmond and Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessN
'7e880fc140d47ec9d056ceea3a0142b1cf777492'|'Brazil Oi creditors file U.S. motion as bankruptcy negotiations continue'|'By Ana Mano and Alberto Alerigi - SAO PAULO SAO PAULO Creditors of Brazil''s Oi SA ( OIBR4.SA ) filed a motion this week in U.S. bankruptcy court to pressure the telephone operator to consider a proposal which could give lenders control of the restructured company, a source close to the lenders said.The creditors believe that a U.S. filing made on Monday in the Southern District of New York will allow them the right to reject the company''s reorganization plan in the United States if it is confirmed in Brazil without their input, the source said."If the company successfully approves the plan, it will need to have it enforced outside of Brazil," said the source.Oi said it has no knowledge of the creditors'' motion.Although Oi has no sizeable assets in the United States, it has strategic commercial agreements with large U.S. telecom carriers related to interconnection fees, the source said."If the plan is not enforced in the U.S., the creditors could seek judgments to attach moneys that would otherwise go to Oi or go to other carriers paid by Oi,<2C> the source said.Oi filed for Brazil''s largest ever bankruptcy protection almost a year ago to restructure 65 billion reais ($19 billion) of debts. It has sought creditor protection in other jurisdictions including a Chapter 15 filing in the United States as it has contractual arrangements and cash flows outside of the Latin American country.Oi has proposed giving financial creditors 25 percent of its equity or convertible bonds callable in three years, at which point they could own up to 38 percent of the company''s shares.However, the creditor group has put forward a rival plan which would involve a capital injection and hand them control of the ailing carrier through a debt-for-equity swap giving them a 95 percent stake, according to a plan unveiled in December.The company''s plan would more than halve its total financial debt to about 21 billion reais ($6.4 billion) but would impose deep discounts on the company''s bondholders.The creditor group, led by financial adviser Moelis & Co ( MC.N ) and backed by Egyptian billionaire Naguib Sawiris, has proposed injecting $1.25 billion into Oi.A potential objection to Oi''s reorganization plan in the United States may only occur after it has been approved in Rio de Janeiro, where the company is headquartered.Any hearings in the United States would be unlikely before September, said the source.(Reporting by Ana Mano and Alerto Alerigi; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-oi-restructuring-idINKBN18J35D'|'2017-05-23T20:45:00.000+03:00'
'93ed99a1511d0ac640e0a27dc9d80789649ff32f'|'Top grains traders face tough choice: Partner, merge or wait for bad weather - Reuters'|'By Tom Polansek - CHICAGO CHICAGO May 24 Commodity trader Glencore Plc''s confirmation on Tuesday that it sought a tie up with grains trader Bunge Ltd likely signals the start of a wave of consolidation and partnering in the industry, as middlemen struggle to make profits amid a massive global food glut.Bunge and other top grains traders -- who make money by buying, selling, storing, shipping and trading crops - are struggling to adapt to a world of oversupply.Their supply chains have become snagged as farmers cling to their crops amid sour prices. Their margins have thinned as food and feed companies see no urgency to buy, as supplies soar for their key ingredients. New competitors are emerging, as niche firms eat into the space occupied by the grains giants, to produce GMO free, organic or other supplies that appeal to changing consumer tastes.Glencore made the first move when it said it approached Bunge, one of the world''s top grain trading houses, about a business combination.Bunge said it is not engaged in discussions with Glencore.The talks between Bunge and Glencore''s agricultural unit focused on a North American partnership, not a sale of the entire company, according to people familiar with the matter who requested anonymity to discuss it.Whether through partnership or outright consolidation, the grain trading sector is poised to become the latest to face fundamental change in a troubled space. Bankruptcy filings have been rising among U.S. farmers due to low crop prices, and a frenzy of deals are poised to transform the farm chemical and seed business.The only other immediate hope to boost traders'' results? Bad weather that would damage crops, cut supply and make trading profitable again after the large harvests have driven down prices and subdued volatility essential to earnings."A lot of consolidation comes when you''re in tough times and agriculture is certainly in tough times," said Arlan Suderman, chief commodities economist for brokerage INTL FCStone.Bunge Chief Executive Officer Soren Schroder said this month that the industry needed mergers and that Bunge could take the lead.Bunge and competitor Archer Daniels Midland Co took a beating in the stock market this month over concerns about international trading. The other two major traders, Cargill Inc and Louis Dreyfus Corp, are privately held.Investors wiped $2.3 billion from the value of ADM on May 2 when it said massive global grain stocks were making it difficult to turn a profit trading grain globally.A day later, Bunge''s market capitalization slid $1.2 billion when it reported a sharply lower first-quarter profit.On Tuesday, Bunge shares climbed more than 16 percent on word of Glencore''s approach."With big volumes, low margins, prices that are very low and more sophisticated farmers with new tools both physical and financial, there are too many players," said an industry source in Buenos Aires, where top traders have operations. "It''s unsustainable."The big traders have tried to diversify away from commodities into areas with higher margins. Cargill bought fish-feed maker EWOS for 1.35 billion euros in 2015, and ADM acquired food flavorings company Wild Flavors for 2.3 billion euros in 2014.Still, ADM CEO Juan Luciano told an investor conference last week that the company may permanently lose a "layer of profitability" in its grain business due to large harvests that have hurt margins.An ADM spokesman also told Reuters last week the company''s global trade desk suffered a small loss last year, a previously unreported detail of its results.REGULATORY HURDLESGertjan van der Geer, senior investment manager at Pictet Asset Management, said he wants to see consolidation involving ADM and Bunge to stabilize earnings. The firm manages ADM and Bunge shares.But a merger of any two of the four ABCDs could raise "enormous competition problems" with regulators in the United States, the European Union and emerging markets, sa
'6784cbd141b5c3b0c7f901a808ec84927a256f95'|'IMF needs more realism in euro zone assumptions on Greece'|'Business   8:59am BST IMF needs more realism in euro zone assumptions on Greece left right An official holds a bag with the euro logo during a eurozone finance ministers meeting in Brussels, Belgium May 22, 2017. REUTERS/Francois Lenoir 1/2 left right Finland''s Finance Minister Petteri Orpo chats with German Finance Minister Wolfgang Schauble during an Economic and Financial Affairs Council ministers meeting in Brussels, Belgium May 23, 2017. REUTERS/Eric Vidal 2/2 BRUSSELS The International Monetary Fund needs to see more realistic euro zone assumptions about Greece''s economy and more detail on planned debt relief measures to join a bailout, IMF''s European Department head Poul Thomsen said. Thomsen said the IMF and Greece''s euro zone lenders made progress in talks on Monday, but were not yet quite there. "We still think there is a need for more realism in assumptions and more specificity," Thomsen said on Tuesday. The euro zone and the IMF agreed on Monday that Greece would have to keep a primary surplus -- the budget balance before debt servicing -- at 3.5 percent of GDP for five years after the bailout ends in 2018. But officials said the size of the surplus afterwards was still under discussion and there were also differences on economic growth assumptions, especially that forecasts used for debt relief plans spanned dozens of years. A group of euro zone countries led by Germany wants the IMF to join the Greek bailout, now handled by euro zone governments alone, to increase credibility. The IMF says that it will only join if Greece is granted debt relief. The basis of the discussions is a promise made by euro zone lenders in May 2016 which spells out some assumptions for the possible debt relief. The IMF wants euro zone governments to spell out the various measures in more detail. "We accept the main assumption of the May 2016 agreement that it does not have to be finally approved, calibrated or delivered before the end of the program (bailout) but we need more specificity on what will come at the end of the program," Thomsen said. (Reporting By Jan Strupczewski; editing by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-greece-imf-idUKKBN18J0UU'|'2017-05-23T15:43:00.000+03:00'
'832fde6f42c695de00334d5596cbdb7c74b5af00'|'China to open more sectors to foreign investors'|'BEIJING China will further open its economy to foreign investors, through measures such as allowing investment in more industries, such as services, state television said on Tuesday, citing a reform group meeting chaired by President Xi Jinping.China will also step up regulation of overseas business operations of Chinese companies and will set up a system to track individual income and property information, the group said. (Reporting by Beijing Monitoring Desk; Writing by Elias Glenn; Editing by Clarence Fernandez)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-china-economy-xi-idUSKBN18J1OQ'|'2017-05-23T19:58:00.000+03:00'
'bdaf58588e06d3b6a4530bc7b79c55cf83e3dd0e'|'U.S. carmaker lobby wants rules of origin left intact in NAFTA talks'|'Autos - Tue May 23, 2017 - 12:15pm EDT U.S. carmaker lobby wants rules of origin left intact in NAFTA talks left right The Honda logo is seen on a new Civic model on a dealer''s lot in Silver Spring, Maryland, U.S. June 1, 2016. REUTERS/Gary Cameron/File Photo 1/3 left right The Hyundai logo is seen outside a Hyundai car dealer in Golden, Colorado, November 3, 2014. REUTERS/Rick Wilking 2/3 left right Nissan signs are seen outside a Nissan auto dealer in Broomfield, Colorado October 1, 2014. REUTERS/Rick Wilking 3/3 WASHINGTON A powerful U.S.-based automakers group said on Tuesday that it favors keeping rules of origin intact in the North American Free Trade Agreement (NAFTA), echoing comments from its Mexican counterpart. Under the trade deal between the United States, Mexico and Canada, rules of origin stipulate that products must meet minimum regional, or NAFTA-wide, content requirements to be tariff-free. "We believe the NAFTA rule of origin, which establishes the highest threshold of any free trade agreement the U.S. has ever negotiated, should remain intact," Annemarie Pender, spokeswoman for the Association of Global Automakers, told Reuters. The trade group represents Honda Motor Co ( 7267.T ), Nissan Motor Co Ltd ( 7201.T ), Hyundai Motor Co ( 005380.KS ) and other major foreign automakers in the United States. The president of the Mexican automakers'' association said on Monday that the auto industries of the United States, Canada and Mexico agreed there should be no changes to rules of origin, describing them as key to creating value and integrating the auto industry in North America. Last week the administration of U.S. President Donald Trump triggered a 90-day consultation period with Congress, industries and the American public that would allow talks over NAFTA to begin by Aug. 16. Mexican officials have said that the rules of origin could be modified when the 23-year old trade pact is renegotiated. (Reporting by David Shepardson; Writing by Anthony Esposito; Editing by Phil Berlowitz)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-trade-nafta-autos-idUSKBN18J2DO'|'2017-05-24T00:15:00.000+03:00'
'db88cf326dc81ae7b0fcd4260d01442922f44f2c'|'Exclusive - London''s gold benchmark hit by volatility after banks exit'|' 25pm BST Exclusive: London''s gold benchmark hit by volatility after banks exit FILE PHOTO: Gold bars are seen at the Czech National Bank in Prague, Czech Republic April 16, 2013. REUTERS/Petr Josek/File Photo By Peter Hobson - LONDON LONDON London''s gold benchmark experienced large, unpredictable fluctuations after some banks left the auction that sets the price relied upon by the $5 trillion-a-year bullion market, according to a Reuters analysis of trading data. The benchmark is meant to be a fair and accurate daily snapshot of the fast-moving "spot" market and is used by gold producers and consumers around the world to price contracts. Its level is set by the London Bullion Market Association (LBMA) Gold Price auction, which sees big banks and brokers electronically input their trading orders, with an algorithm matching buyers to sellers and setting the price. But trading volumes fell sharply after April 10, when four of the 14 participating banks and brokers stopped taking part after the auction''s administrator, Intercontinental Exchange (ICE), introduced a requirement to clear that meant participants had to modify their own IT systems and procedures. Lower liquidity - which fuels volatility - led to the benchmark diverging more widely from the underlying spot price, according to the analysis of ICE and trading data, leaving gold buyers and sellers around the world with large unexpected gains or losses. In the three weeks after clearing was launched, average trading volumes were a quarter lower than in the previous three weeks and the average difference from the spot price tripled to 87 cents from 29 cents, the analysis shows. The biggest divergence, on April 11, saw the auction settle $12.20 - or 1 percent - away from the spot price. Even excluding this large swing, the average divergence in the period rose to 42 cents. Volumes have, however, recovered since the start of May and divergences have narrowed. Market and banking sources have told Reuters that ICE had moved fast to introduce clearing into the benchmark before the London Metal Exchange (LME) launched a rival set of cleared gold futures contracts in July, even though not all participants were ready to use the service. Four sources familiar with the matter said that ICE was warned by at least two participating banks that the loss of those banks who were not ready to handle clearing would make the benchmark significantly more volatile. The LBMA referred requests for comment about the price divergences and the effect of the banks leaving the benchmark to ICE. ICE declined to comment. Clearing - where an exchange acts as an intermediary to guarantee and settle trades - is regarded as a necessary progression for the gold trade as tighter regulatory capital requirements increase the cost of trading off-exchange. ICE has said it will widen participation in the auction by making it easier for newcomers to join, and will ultimately boost liquidity and reduce volatility. Indeed, quantitative trading firm Jane Street Global Trading joined the auction on May 15. MANIPULATION FEARS When clearing for the auction was launched last month, four banks - China Construction Bank, UBS, Standard Chartered and Societe Generale - ceased participating. The reason, according to 10 banking sources and an LBMA source, is that they did not have the necessary IT systems and procedures in place in time, and were thus suspended from the auction by ICE. UBS, Standard Chartered and Societe Generale are highly unlikely to rejoin the auction, according to three sources familiar with the matter. UBS, Standard Chartered and Societe Generale declined to comment, while China Construction Bank did not respond to requests for comment. The volatility was heightened by the reluctance of participants to add so-called flexible liquidity to the benchmark by buying or selling gold during the auction to ensure it stays close to the spot price. Traditionally banks did so, but most chang
'319d0515f28900af4c617d490a0a0293a5ab35f9'|'Existing home sales fall as tight supply lifts prices'|'Business News - Wed May 24, 2017 - 1:27pm EDT Home sales fall as tight supply boosts prices FILE PHOTO: An existing home for sale is seen in Silver Spring, Maryland February 21, 2014. REUTERS/Gary Cameron By Lucia Mutikani - WASHINGTON WASHINGTON U.S. home resales fell from a more than 10-year high in April, weighed down by a chronic shortage of houses on the market that is keeping prices elevated and sidelining prospective buyers. Despite the stumble, the housing market remains on solid ground as the labor market nears full employment, which is expected to spur faster wage growth. "The biggest problem with the housing market is a dearth of inventory, which is keeping sales down and prices up," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. The National Association of Realtors said on Wednesday existing home sales declined 2.3 percent to a seasonally adjusted annual rate of 5.57 million units last month. Sales scaled a 5.70 million-unit pace in March, which was the highest level since February 2007. Though the drop in sales was worse than economists'' expectations for a 1.1 percent decrease, April''s sales pace was the fourth highest over the past 12 months. Sales were up 1.6 percent from April 2016, also underscoring the housing market''s underlying strength. There were 1.93 million houses on the market last month. While that was a 7.2 percent increase from March, supply was down 9.0 percent from a year ago. Housing inventory has dropped for 23 straight months on a year-on-year basis. As a result, the median house price jumped 6.0 percent from a year ago to $244,800 in April, the highest level since June 2016 and marking the 62nd straight month of year-on-year price gains. The sustained house price appreciation was also corroborated by a separate report from the Federal Housing Finance Agency showing house prices rose 6.0 percent in the first quarter from the first three months of 2016. With recent data showing a drop in homebuilding and a plunge in new home sales in April, weak home resales suggest residential investment will probably make a small contribution to gross domestic product in the second quarter. Housing added half a percentage point to the economy''s 0.7 percent annualized growth pace in the first quarter. U.S. stocks were trading marginally higher. The PHLX housing index .HGX was little changed. Prices for U.S. Treasuries slipped while the dollar hovered above a 6-1/2-month low against a basket of currencies. NEW NORMAL Houses typically stayed on the market for 29 days last month, the shortest period since the NAR started tracking that measure in May 2011. That was down from 34 days in March and 39 days a year ago. Demand for housing is being driven by a tight labor market, marked by a 4.4 percent unemployment rate, which is boosting employment opportunities for young Americans. The housing market also remains supported by historically low mortgage rates, with the 30-year fixed mortgage rate just above 4.0 percent. But rising building material costs as well as shortages of lots and labor have left builders struggling to fill the inventory gap. Rising house prices have boosted equity for homeowners, but have not enticed many to sell their properties. The NAR estimates housing starts and completions should be in a range of 1.5 million to 1.6 million units to eliminate the shortage. Housing starts are running at about a 1.2 million-unit rate and completions around a pace of 1 million units. Last month, sales fell in the Northeast, West and South regions, but rose in the Midwest. At April''s sales pace, it would take 4.2 months to clear the stock of houses on the market, up from 3.8 months in March. A six-month supply is viewed as a healthy balance between supply and demand. First-time buyers accounted for 34 percent of transactions last month, still well below the 40 percent share that economists and realtors say is needed for a robust housing market, but up from 32 pe
'11768355bfef93b36fa1349d494ac07bf362e372'|'''Clash of Clans'' maker Supercell buys majority stake in UK''s Space Ape'|'Business   8:08am BST ''Clash of Clans'' maker Supercell buys majority stake in UK''s Space Ape HELSINKI Finnish mobile game maker Supercell has acquired a majority stake in London-based game studio Space Ape, the British company said on its website. Space Ape, founded in 2012, makes mobile games Samurai Siege, Rival Kingdoms and Transformers: Earth Wars, published by toymaker Hasbro Inc''s digital unit. Space Ape said Supercell had acquired 62 percent of its shares in a deal valuing its total equity at $90 million (69.4 million pounds). The deal allows Space Ape to continue to operate as an independent company - similar to the way Supercell operates with its owner Tencent Holdings Ltd. "Supercell works like we work: in small, collaborative teams... We are masters of our own destiny and have operational independence to run our company as we see fit," Chief Executive John Earner said. Supercell CEO Ilkka Paananen confirmed the deal on its Twitter account. Supercell previously acquired Finnish games start-ups Frogmind and Shipyard Games. Supercell''s hit game Clash of Clans, a war strategy game, has remained on the list of top-earning applications since its launch in 2012. (Reporting by Tuomas Forsell; editing by Jussi Rosendahl and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-space-ape-m-a-supercell-idUKKBN18K0MF'|'2017-05-24T15:08:00.000+03:00'
'6ac6513517e115b116f35e5a73cbe4c50ba0fb92'|'HelloFresh to be ready for autumn flotation - sources'|'Funds News   8:58am EDT HelloFresh to be ready for autumn flotation - sources By Arno Schuetze - FRANKFURT FRANKFURT May 24 German meal kit company HelloFresh is preparing for a stock market flotation, which could come as early as autumn, but will only be launched if the pre-summer listing of peer Delivery Hero proves a success, people close to the matter said. Rocket Internet, the ecommerce investor which launched Hello Fresh in 2011, has picked a new set of so-called global coordinators for the flotation, comprising Morgan Stanley , JP Morgan and Deutsche Bank. Berlin-based Rocket has built up dozens of businesses from fashion ecommerce to food delivery, but investors have become concerned about heavy losses and falling valuations for its key start-ups as well as a paucity of listings. Rocket had early success with online fashion firm Zalando , which listed in 2014 and has performed well since. But the investor pulled a flotation of HelloFresh in 2015 and has not brought any other companies to market yet. HelloFresh, which delivers meal ingredients and recipes in seven European countries as well as the United States, Canada and Australia, was valued at valued at 2 billion euros ($2.2 billion) in a funding round in December. On Tuesday, Reuters reported that Delivery Hero - Rocket''s biggest holding - is set to float before the summer break in a deal valuing one of Europe''s biggest start-ups at up to 4 billion euros. Rocket, which is due to report first-quarter financial results on May 31, owns 53 percent of HelloFresh, with other investors including British investment manager Baillie Gifford and Qatar''s sovereign wealth fund holding the rest. HelloFresh''s revenue almost doubled to 597 million euros in 2016 as it expanded rapidly in North America, while losses before interest, tax, depreciation and amortisation narrowed to 83 million euros from 86 million in 2015. HelloFresh, which delivered 91 million servings in 2016 and saw its number of active subscribers rise 38 percent to 857,000, is keen to make its service ever more personalised and add more options for delivery, like wine and desserts. U.S. peers Blue Apron and Sun Basket are also preparing initial public offerings (IPOs). Separately, Rocket-backed Global Fashion Group said on Wednesday it had agreed with partner Emaar to jointly develop Namshi until a possible IPO or a full takeover. Rocket Internet and the banks declined to comment. ($1 = 0.8933 euros) (Additional reporting by Emma Thomasson; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hellofresh-ipo-idUSL8N1IQ3U7'|'2017-05-24T20:58:00.000+03:00'
'272d6e7bcba4376fca1e68de7c35f81da6efbea3'|'PRESS DIGEST - Wall Street Journal - May 23'|'Funds   1:19am EDT PRESS DIGEST - Wall Street Journal - May 23 May 23 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - China Life Insurance Group is buying a 95 percent stake in 48 commercial properties scattered throughout the U.S. in a deal that values the portfolio at $950 million and highlights the growing appetite among foreign investors for real estate in markets they mostly have ignored until now. on.wsj.com/2qJPbXx - U.S. President Donald Trump on Tuesday will propose a plan he says will balance the federal budget in a decade on the strength of substantially faster economic growth and cuts to taxes and government safety-net programs. on.wsj.com/2qbN4cl - JD.com Inc, China''s second-largest e-commerce firm, said on Monday it is developing heavy-duty drones capable of delivering payloads weighing one ton or more, which it plans to deploy in Shaanxi. on.wsj.com/2qOeoOS - Hong Kong''s flagship carrier Cathay Pacific Airways Ltd said it would lay off about 600 people as it grapples with tough competition and bad bets on oil prices, despite robust travel demand in the region. on.wsj.com/2rNxJ1X - The retirement-savings regulation known as the fiduciary rule will take effect June 9 without further delay, U.S. Labor Secretary Alexander Acosta said on Monday. on.wsj.com/2q4Y4fw - Former managers of Sunrun Inc say they were told by their superiors to hold off on internally reporting hundreds of customers who canceled their contracts during a roughly five-month period in the middle of 2015. on.wsj.com/2qGGNrJ (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1IP245'|'2017-05-23T13:19:00.000+03:00'
'92feebb37c069bb872b08cc39b965984366e55be'|'U.S. plan to sell oil reserves undermines OPEC supply management efforts'|'Business   8:21am BST U.S. plan to sell oil reserves undermines OPEC supply management efforts FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo By Henning Gloystein - SINGAPORE SINGAPORE U.S. President Donald Trump''s proposal to sell half of the United States'' strategic oil reserve surprised energy markets on Tuesday since it counters OPEC''s efforts to control supply in order to boost prices. The White House requested in its budget released late on Monday gradually selling off the nation''s Strategic Petroleum Reserve (SPR) starting in October 2018 to raise $16.5 billion. The U.S. SPR SPR-STK-T-EIA holds 688 million barrels, making it the world''s largest reserve, and a release of half over 10 years averages about 95,000 barrels per day (bpd), or 1 percent of current U.S. output. The plan came out just a day after Trump left Saudi Arabia, the de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC), as part of his first overseas trip. The U.S. has more leeway to release the SPR crude as its own production C-OUT-T-EIA has surged 49 percent over the past five years. But the move undermines OPEC''s efforts to tighten global oil markets by cutting their output this year and likely into 2018. "It will complicate the OPEC efforts to stabilize the market," said Anas Alhajji, an independent oil analyst and economist in the Reuters Global Markets Forum following the announcement. The announcement pulled down front-month crude futures prices LCOc1 CLc1. [O/R] However, the budget is not fixed since Congress has the final say and has rejected many White House proposals in the past. COMPETING WITH SAUDI, RUSSIA Following the oil shocks of the 1970s after the Arab oil embargo, members of the Organisation for Economic Co-operation and Development (OECD) started building SPR sites to hold the equivalent to 90 days'' worth of a country''s daily demand. The U.S. released supplies from the SPR amid supply concerns at the start of the Gulf War in 1991 and after Hurricane Katrina disrupted Gulf of Mexico output in 2005, and again 2011 amid concerns about lost Libyan supply. In December, Congress approved the sale of $2 billion of crude from the SPR to pay for maintenance and repairs. The U.S. Department of Energy sold 6.4 million barrels in January and another 10 million in February. The White House proposal would also open areas of Alaska''s arctic region to exploration. That could raise production above 10 million bpd, up from 9.3 million bpd currently, putting the U.S. in competition with Saudi Arabia and Russia for the world''s biggest oil producer. Analysts say that soaring U.S. shale output is the reason for the greater security in its supply. "The U.S. has likely become more sanguine when it comes to having a very large SPR holding, given lofty medium term forecasts for the Permian basin," said Virendra Chauhan, oil analyst at consultancy Energy Aspects, referring to a large U.S. shale oil field. (Reporting by Henning Gloystein; Additional reporting by Florence Tan; Editing by Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-oil-reserves-idUKKBN18J0T2'|'2017-05-23T15:18:00.000+03:00'
'bcee1430cc9b0aaecb4b0e2f32718ea51462c153'|'Patent plaintiffs see way around U.S. Supreme Court ruling'|'Corporations are cheering a U.S. Supreme Court decision limiting where they can be sued for patent infringement, but some intellectual property lawyers say loopholes in the ruling likely mean lawsuits will continue to be filed in plaintiff-friendly jurisdictions.The Supreme Court ruled on Monday that patent infringement cases can only be heard in a court either where the defendant is headquartered or where an act of infringement has occurred and the defendant has a "regular and established place of business."Legal experts said a sale of a product was sufficient as an act of infringement and the definition of a regular and established place of business was broad enough that companies could probably still be sued in a jurisdiction if they had stores, warehouses or even remote employees there."I saw a lot of anti-patent people doing a victory dance yesterday without really understanding what this decision means," said David Pridham, chief executive of Dominion Harbor Group, a Texas-based company that buys patents and seeks to license them to other companies.Technology companies in particular had sought Monday''s ruling as a means of combating plaintiffs, including patent holding firms often derided as "trolls." According to PricewaterhouseCoopers, 39 percent of all patent lawsuits in fiscal year 2016 were filed in the largely rural Eastern District of Texas, which borders but does not include Dallas, home to several Fortune 500 companies.Monday''s ruling came in a lawsuit Kraft Heinz Co ( KHC.O ) brought against the beverage flavoring company TC Heartland LLC. Though the case involved a beverage sweetening technology, it attracted the attention of Dell Inc, HP Inc, Adobe Systems Inc ( ADBE.O ), SAP America Inc ( SAPG.DE ), Wal-Mart ( WMT.N ) and other companies, as well as the American Bankers Association and the Financial Services Roundtable, all of whom filed briefs supporting the defendant.Defendants claim procedural rules favor plaintiffs and the district''s judges rarely dismiss cases before trial, making litigation there expensive and increasing the pressure to settle."The overall effect of the ruling will be to limit cases in the district," said Q. Todd Dickinson, the former director of the U.S. Patent and Trademark Office now in private practice at the law firm Polsinelli. "But it''s not a panacea. There are ways to get around it."The Supreme Court''s "regular and established place of business" could be as simple as a retail store, said Michael Smith, a patent lawyer with Siebman, Burg, Phillips & Smith in Marshall, Texas who often represents defendants. He noted Apple Inc ( AAPL.O ), a frequent target for East Texas patent lawsuits, has stores in Plano and Frisco, two Dallas suburbs that fall within the district.Distribution or call centers might also qualify, said Pridham, and there are court decisions suggesting even companies with only remote employees in East Texas could still be sued for patent infringement there.Several lawyers said they expected plaintiffs to also begin suing independent retail companies who merely sell allegedly infringing products. If that were to happen, the product makers would almost certainly have to indemnify their retailers, said Paul Janicke, a professor at the University of Houston Law Center.Smith said he expected plaintiffs to try to add retailers as defendants to more than 1,000 pending cases in the hopes of keeping them in the district. "What this ruling does is put a target on the back of every retailer operating in the Eastern District of Texas," he said.Dickinson said a wave of lawsuits against retailers could prompt Congress to enact legislation shielding them from patent lawsuits relating to products they do not manufacture.There are other potential loopholes unrelated to the "place of business" language. Matthew Rizzolo, an IP lawyer with Ropes & Gray who represents both plaintiffs and defendants, noted Monday''s decision did not address either foreign companies or li
'8762e241d8795987104de66a78d05af211bb4747'|'Exclusive: Facebook signs BuzzFeed, Vox, others for original video shows - sources'|'Technology News - Wed May 24, 2017 - 3:49pm EDT Exclusive: Facebook signs BuzzFeed, Vox, others for original video shows - sources FILE PHOTO: The Facebook logo is displayed on the company''s website in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau/File Photo By Jessica Toonkel - NEW YORK NEW YORK Facebook Inc ( FB.O ) has signed deals with millennial-focused news and entertainment creators Vox Media, BuzzFeed, ATTN, Group Nine Media and others to make shows for its upcoming video service, which will feature long and short-form content with ad breaks, according to several sources familiar with the situation. Facebook is planning two tiers of video entertainment: scripted shows with episodes lasting 20 to 30 minutes, which it will own; and shorter scripted and unscripted shows with episodes lasting about 5 to 10 minutes, which Facebook will not own, according to the sources. All of the sources asked to remain anonymous because the deals are confidential. Facebook''s move to acquire and license original content is the latest in its push to attract more advertising dollars, putting the company in head-to-head competition with Alphabet Inc''s ( GOOGL.O ) YouTube Red, Snapchat''s ( SNAP.N ) Discover feature, and traditional television networks. It is an attempt to deliver on Facebook Chief Executive Mark Zuckerberg''s remarks to investors earlier this month that the company was looking for so-called <20>anchor content<6E> that would draw people to the video tab on Facebook''s app. The world''s biggest social media company is set to pay up to $250,000 for the longer, scripted shows which will be owned by Facebook, taking a page from a strategy employed successfully by Netflix Inc ( NFLX.O ) and Amazon.com Inc ( AMZN.O ), which both now own some of the content they sell to subscribers. For the second tier of shorter shows, Facebook will pay $10,000 to $35,000 for each show and give creators 55 percent of revenue from ads, the sources said. Ads will run during both the long-form and short-form shows. A Facebook spokeswoman declined to comment. SELL EXTERNALLY Facebook said in December it would buy original scripted and unscripted programming for its video service. Earlier this year, it tapped former MTV executive Mina Lefevre to lead the effort. Facebook currently offers live video from a number of news publishers as well as its own users. It has begun testing the water with live sports video in the last few months. Most recently it signed a deal with Major League Baseball to show 20 games live this season. While Facebook will initially run short-form shows exclusively on its site, the creators of the content will be able to run the shows on their own properties after a negotiated period of time, and will be able to eventually sell them externally, the sources said. The company is focused on working with news and entertainment makers that are already active on Facebook and have a large millennial following. Vox, BuzzFeed, ATTN and Group Nine Media - the holding company for Thrillist, NowThis and The Dodo - are all working on short-form content for the new Facebook service, the sources said. Advertisers are interested in learning more about Facebook''s service as they see it as another way to get in front of the growing number of viewers watching their favorite shows on tablets and smartphones, said Monique Lemus O''Brien, a media buyer at The Media Kitchen. (Reporting By Jessica Toonkel in New York; Additional reporting by David Ingram in San Francisco; Editing by Anna Driver and Bill Rigby) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-facebook-tv-idUSKBN18K2U0'|'2017-05-25T03:49:00.000+03:00'
'55f904ee6992ba44af1d2b6dd7ab8fdb5dec11e6'|'Gold steady as market awaits Fed policy cues'|'By Devika Krishna Kumar and Jan Harvey - NEW YORK/LONDON NEW YORK/LONDON Gold prices rose on Wednesday as the dollar slipped and minutes of the Federal Reserve''s last policy meeting suggested the U.S. central bank was cautious about raising interest rates.The metal is highly sensitive to higher rates, which increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced.Spot gold XAU= traded at $1,256.02 an ounce by 2:50 p.m. EDT (1850 GMT), up 0.42 percent from Tuesday, when it slipped 0.7 percent after two days of gains.Minutes of the Federal Open Market Committee''s early May meeting showed policymakers agreed to not tighten credit until they saw evidence that a recent economic slowdown was transitory.Federal Funds Futures imply traders see an 83 percent chance of a U.S. rate hike in June, and a 46 percent chance of two more hikes by the year-end."Gold is largely unchanged after an initial burst higher failed as May''s Fed minutes offered little to suggest that the Committee was seriously reconsidering a widely anticipated June rate hike," said Tai Wong, director of base and precious metals trading for BMO Capital Markets in New York."Yields are lower though, as there was no indication that a balance sheet reduction was imminent which may support gold around today''s lows."Expectations for higher U.S. interest rates next month and possibly later in 2017 have been a major factor in keeping gold prices pinned below chart resistance at $1,300 an ounce this year.Gold has risen about 3 percent since hitting a near-two month low of $1,213.81 on May 9. The gain was driven chiefly by U.S. political turmoil after President Donald Trump fired Federal Bureau of Investigation Director James Comey, triggering a stock sell-off and pressuring the dollar."We think that gold is slowly regaining interest, but hesitation lingers in terms of putting on more meaningful strategic positions for now," UBS Strategist Joni Teves said in a note."Market participants are looking for more significant catalysts in order to strengthen their conviction and many still struggle to jump into gold in an environment where the Fed is hiking rates."U.S. stocks were volatile but still slightly higher on Wednesday. World stock markets eased earlier on Wednesday after China''s sovereign credit rating was downgraded. The dollar was down about 0.2 percent against a currency basket .DXY. [MKTS/GLOB] [USD/] [.N]U.S. gold futures GCv1 for June delivery settled 0.2 percent lower at $1,253.1 an ounce.Among other precious metals, silver XAG= was up 0.8 percent at $17.16 an ounce, while platinum XPT= was 0.8 percent higher at $947.30 an ounce. Both hit their highest since late April in the previous session.Palladium XPD= was down 1.04 percent at $762.5 an ounce. Vijaykumar Vedala in Bengaluru; Editing by Ed Osmond and Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN18K0FJ'|'2017-05-24T13:18:00.000+03:00'
'78a122c6c529bd3253c33ec70ea1865ffd14e6fc'|'Nikkei edges up after yen softens, SoftBank surges'|'Market News - Wed May 24, 2017 - 10:55pm EDT Nikkei edges up after yen softens, SoftBank surges * SoftBank''s gains add hefty positive points to Nikkei * Commodity trading advisers seen buying futures By Ayai Tomisawa TOKYO, May 25 Japanese stocks edged up on Thursday as investors bought futures after the yen weakened in Asian trade, while a surge in index-heavyweights such as SoftBank supported sentiment. Information technology conglomerate SoftBank jumped as much as 4.5 percent to hit a near two-week high of 8,894 yen and contributed to a hefty 31 positive points to the Nikkei after Bloomberg reported that the company had built a $4 billion stake in Nvidia. In midmorning trade, the Nikkei share average edged up 0.5 percent to 19,849.10, after opening a tad lower. The dollar rose 0.1 percent to 111.67 yen, moving towards the 120 level. The dollar was on the defensive earlier, as the currency market reacted to the Fed minutes signalling a gradual approach on raising interest rates and the reduction of its $4.5 trillion of bond holdings. "Commodity trading advisers are seen buying Nikkei futures as dollar-yen has recovered from its lows earlier," said Chihiro Ohta, general manager at investment research at SMBC Nikko Securities. On Wednesday, minutes from the Fed''s last policy meeting showed policymakers agreed they should hold off on raising interest rates until it was clear a recent U.S. economic slowdown was temporary, though most said a hike was coming soon. Thursday''s gainers were domestic-demand sensitive sectors, with the utility sector rising 1.2 percent, the real estate sector adding 1.0 percent and the land transport sector gaining 0.9 percent. Chubu Electric Power Co gained 1.4 percent, Mitsubishi Estate Co advanced 1.3 percent and East Japan Railway Co added 0.8 percent. Underperforming the market were financial stocks, after U.S. bond yields fell. Banks and insurers lost ground. Sumitomo Mitsui Financial Group shed 0.3 percent, Mizuho Financial Group declined 0.4 percent and Dai-ichi Life Holdings dropped 0.8 percent. The broader Topix rose 0.4 percent to 1,581.84 and the JPX-Nikkei Index 400 advanced 0.5 percent to 14,115.76. (Editing by Jacqueline Wong) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL4N1IR1J7'|'2017-05-25T10:55:00.000+03:00'
'b34deb8b60539081925404c8be86ba139b13d435'|'Jaguar Land Rover says Slovakia''s state aid does not break EU rules'|'Autos  05pm BST Jaguar Land Rover says Slovakia''s state aid does not break EU rules Signs are seen outside the Jaguar Land Rover plant at Halewood in Liverpool, northern England, September 12 , 2016. REUTERS/Phil Noble LONDON Britain''s biggest carmarker Jaguar Land Rover (JLR) said on Thursday that Slovakia''s offer of state aid to secure the construction of a 1 billion-pound plant falls within EU guidelines after officials launched a probe. EU state aid regulators opened an investigation on Wednesday into Slovakia''s plan to grant 125 million euros (<28>108.30 million) to Tata Motors'' ( TAMO.NS ) luxury British arm JLR, saying they had concerns about the legality of the measure. "Slovakia''s offer of State aid is in line with the Commission''s regional aid guidelines," the automaker said in a statement. "Slovakia<69>s offer of support was a necessary component in Jaguar Land Rovers decision to select Europe rather than Mexico for this investment." (Reporting by Costas Pitas, Editing by Paul Sandle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-tata-motors-jaguarlandrover-slovak-idUKKBN18L1WP'|'2017-05-25T22:05:00.000+03:00'
'f84a05a4c0c5adb78507594cf8e5287e08eec990'|'Jaguar Land Rover says Slovakia''s state aid does not break EU rules'|'Bonds News   10:02am EDT Jaguar Land Rover says Slovakia''s state aid does not break EU rules LONDON May 25 Britain''s biggest carmarker Jaguar Land Rover (JLR) said on Thursday that Slovakia''s offer of state aid to secure the construction of a 1 billion-pound ($1.3 billion) plant falls within EU guidelines after officials launched a probe. EU state aid regulators opened an investigation on Wednesday into Slovakia''s plan to grant 125 million euros ($140 million) to Tata Motors'' luxury British arm JLR, saying they had concerns about the legality of the measure. "Slovakia''s offer of State aid is in line with the Commission''s regional aid guidelines," the automaker said in a statement. "Slovakia<69>s offer of support was a necessary component in Jaguar Land Rovers decision to select Europe rather than Mexico for this investment." ($1 = 0.7723 pounds) (Reporting by Costas Pitas, Editing by Paul Sandle)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eu-tata-motors-jaguarlandrover-slovakia-idUSL9N1FN00R'|'2017-05-25T22:02:00.000+03:00'
'd3a6c70ff6ffb25cdea1b77e1cb436af64555e9d'|'Greek property prices slide again as bailout jitters weigh'|'  2:37pm BST Greek property prices slide again as bailout jitters weigh FILE PHOTO: A view shows the cityscape of Athens, Greece, October 18, 2015. REUTERS/Alkis Konstantinidis/File Photo By George Georgiopoulos - ATHENS ATHENS A downturn in Greece''s property market deepened in the first quarter, as uncertainty over its bailout programme and chronic weakness in its banking sector further eroded a traditional pillar of the country''s ailing economy. Property accounts for a large chunk of household wealth in Greece, which has one of the highest home ownership rates in Europe - 80 percent versus a European Union average of 70 percent, according to the European Mortgage Federation. Apartment prices fell by 1.8 percent in the first three months of 2017 from a year earlier, Bank of Greece data showed on Thursday, accelerating from a 1.0 percent drop in the final quarter of last year. That took the cumulative fall since 2008, when the country''s protracted recession began, to 41.8 percent. The market has been hit by property taxes imposed to plug budget deficits, a tight credit market and a jobless rate hovering around 23 percent - the highest in the 19-nation euro zone. Apart from their negative effect on household wealth, falling property prices also affect collateral values on banks'' outstanding real estate loans. The slide has gradually eased from 10.8 percent in 2013 to 2.4 percent last year, and economists expect prices to level out soon. "Uncertainty related to the completion of a bailout review that prevailed in the first quarter and continued deleveraging by banks weighed on the property market," National Bank economist Nikos Magginas said. A near-term stabilisation of prices remained the baseline scenario, expected to be confirmed once economic activity picks up in the coming quarters, he added. Greece was pushed to the brink of default by a debt crisis that at one stage jeopardised its membership of the euro zone. Its economic prospects have improved since it signed up to a new bailout package worth up to 86 billion euros (<28>74.51 billion) two years ago. Gross domestic product is still contracting, however, edging down 0.1 percent between January and March as jitters over the conclusion of a review of the bailout hurt business confidence. The European Commission projects Greece''s economy will rebound by 2.1 percent this year. (Reporting by George Georgiopoulos; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-greece-economy-property-idUKKBN18L1NT'|'2017-05-25T21:37:00.000+03:00'
'87b3e1fc14926d032015ae6aa52739a1a91e3531'|'Brazil''s Ser Educacional calls off equity sale'|'S<>O PAULO, May 25 Ser Educacional SA, Brazil''s third biggest college operator, canceled a planned share offering saying the stock price did not reflect the company''s expected profitability, it said in a statement late on Wednesday.Ser Educacional had planned to sell 17.4 million new shares to fund expansion plans, in an operation expected to raise around 445 million reais ($135.87 million).($1 = 3.2752 reais) (Reporting by Gabriela Mello; Writing by Silvio Cascione. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ser-educacional-newissues-idINL1N1IR0AH'|'2017-05-25T08:33:00.000+03:00'
'3cb41b7022d6e888e96fe65354e86d3db9f0407c'|'IMF approves $5.5 billion bailout package for Mongolia'|'Business News - Thu May 25, 2017 - 8:39am BST IMF approves $5.5 billion bailout package for Mongolia People cycle past the parliament building at Genghis Square in Ulaanbaatar, Mongolia, June 27, 2016. REUTERS/Jason Lee By Terrence Edwards - ULAANBAATAR ULAANBAATAR The International Monetary Fund (IMF) said on Thursday it approved a total financial package worth around $5.5 billion (4.2 billion pounds) to help support cash-strapped Mongolia''s efforts to diversify its small and resource-dependent economy. The IMF has provided a three-year financial arrangement of about $434.3 million to support Mongolia''s economic reform programme, with other financial partners such as the Asian Development Bank, the World Bank, Japan and South Korea also providing back-up. Mongolia grew at a double-digit annual rate over 2011-2013 as foreign investors rushed in to take advantage of its vast untapped mineral deposits. But clashes with investors, government overspending and declining commodity export revenues slowed growth to 1 percent last year and tipped the country into an economic crisis. "This is one of the biggest programmes in IMF history in terms of countries'' GDPs," said Neil Saker, IMF''s Mongolia representative, at a press briefing in Ulaanbaatar. "The absolutely critical objective is to break the boom-bust cycle seen in Mongolia in the last 15 years," he added. Mongolian finance minister Battogtokh Choijilsuren said the package was designed to stabilise the economy, impose fiscal discipline and boost competitiveness, adding that Mongolia would aim to bring its budget deficit to under 2 percent of its gross domestic product by 2021, down from 17 percent now. The deal will enable Mongolia to swap $550 million in debt held by the Development Bank of Mongolia for new sovereign bonds worth $600 million due in 2024. It also included a three-year extension to a 15 billion yuan (1.7 billion pounds) swap agreement with the People''s Bank of China. The formal confirmation of the package, first proposed in February, was delayed from last month amid concerns about a controversial clause in Mongolia''s legislation that forced "strategically important" mines, such as the Oyu Tolgoi copper-gold mine run by Rio Tinto, to conduct transactions through local banks. The government has subsequently annulled the banking requirement in order to push the IMF deal through. Mongolia has agreed to cut spending, raise taxes and the retirement age, while pledging to maintain a flexible exchange rate and build a stronger regulatory environment for banking and finance. Candidates running in next month''s presidential elections may try to make political capital out of the painful austerity measures introduced by the ruling Mongolian People''s Party (MPP), which is fielding Miyeegombo Enkhbhold, currently parliamentary speaker. Businessman and former martial artist Khaltmaa Battulga is contesting the vote on behalf of the main opposition Democratic Party, while the Mongolian People''s Revolutionary Party has nominated former independent Sainkhuu Ganbaatar. Both challengers have gained popularity partly through their resource-nationalist rhetoric and their suspicion of foreign investors. (Additional reporting by Sue-Lin Wong and Yawen Chen in BEIJING, Writing by David Stanway in SHANGHAI; Editing by Michael Perry & Shri Navaratnam) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mongolia-imf-idUKKBN18L0AC'|'2017-05-25T11:07:00.000+03:00'
'558fe162090e1246dc3c3fefd16fb3201785b3f2'|'Euro zone stability risk contained but rising - ECB'|'Central Banks - Wed May 24, 2017 - 9:30am BST Euro zone stability risk contained but rising - ECB A picture illustration taken with the multiple exposure function of the camera shows a one Euro coin and a map of Europe, January 9, 2013. REUTERS/Kai Pfaffenbach FRANKFURT Financial stability risks in the euro zone are contained but remain significant and have even increased in some areas over the past six months, the European Central Bank said in a regular stability review on Wednesday. Concerns over debt sustainability have risen, while the clean up of the banking sector is slow and the risk of a sudden repricing in bond markets remains significant, potentially leading to major capital losses, the ECB said. The warning comes as the euro zone is enjoying its best economic run in a decade, raising expectations that the ECB could soon start to unwind its massive stimulus measures. "Risks to euro area sovereign debt sustainability have increased over the past six months," the ECB said. "In recent weeks, however, euro area spreads narrowed and sovereign stress conditions improved somewhat following the result of the presidential election in France." The ECB added that risks stemming from a further rapid repricing in global fixed income markets are mostly related to spillovers from the United States but a prolonged period of elevated political uncertainty or higher-than-expected euro area inflationary pressures could also act as triggers. "Repricing risks in fixed income markets remain significant," the ECB said. "There are... risks that euro area bond yields could increase abruptly without a simultaneous improvement in growth prospects." The ECB singled out an upward revision of expectations for U.S. interest rate hikes as a key risk and warned that a repricing of euro zone bond markets could lead to substantial capital losses for investors. Resolving bad loans on banks'' balance sheets is a top concern but progress has been slow so far, the ECB said. Meanwhile bank profitability is low and market valuations suggest no relief in sight even though market pressures have abated recently. The ECB said Brexit -- Britain''s forthcoming exit from the European Union -- is not one of its main stability concerns for the time being. (Reporting by Balazs Koranyi; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-ecb-stability-idUKKBN18K0UV'|'2017-05-24T16:30:00.000+03:00'
'4c663d83e5397646e635d42747b7db4a6d107c12'|'Austria''s BAWAG PSK plans to buy Germany''s Suedwestbank'|'Business News - Wed May 24, 2017 - 12:32pm BST Austria''s BAWAG PSK plans to buy Germany''s Suedwestbank The logo of BAWAG PSK Bank is pictured on one of its branches in Vienna, Austria, March 2, 2016. REUTERS/Leonhard Foeger By Michael Shields - ZURICH ZURICH BAWAG PSK [CCMLPB.UL], the Austrian bank owned by private equity group Cerberus Capital Management, is in advanced talks to buy German regional lender Suedwestbank to expand its network in western Europe, BAWAG said on Wednesday. It said the parties had agreed to keep details of the process confidential for now. Suedwestbank is majority owned by a holding company for twin brothers Andreas und Thomas Struengmann, billionaires from their sale of generics drugmaker Hexal to Novartis in 2005. It has around 100,000 retail and corporate customers in the prosperous Baden-Wuerttemberg province around Stuttgart. Suedwestbank has total assets of around 7.4 billion euros (<28>6.3 billion) and 650 staff in its 28-branch network that combines traditional lending with asset and wealth management. It has more than 1 billion euros in assets under management. It made a 2016 operating profit before tax of 79 million euros. The Struengmann brothers bought Suedwestbank from DZ Bank in 2004 for around 100 million euros. They injected 400 million euros into the bank three years ago. Unlisted BAWAG, Austria''s fourth-biggest bank, has more than 2.2 million customers and 40 billion euros in assets. It has said for years it was on the lookout for takeovers -- especially in Austria, Germany and Switzerland -- to expand. "Germany is a very, very attractive market for us," Chief Executive Anas Abuzaakouk told Reuters, saying a Suedwestbank takeover would provide a platform for more deals. "Obviously our first focus will be growing organically, focusing on retail and corporate lending, but we are also looking at a number of inorganic opportunities that would be complementary to Suedwestbank...and that would be bolt-on-type acquisitions to address the German market," he said. He hoped to have the Suedwestbank deal signed and closed by the end of the year. It would be fully funded from BAWAG''s own capital. BAWAG had a fully loaded common equity tier 1 ratio -- a measure of balance sheet strength -- of 15.7 percent of risk-weighted assets at the end of the first quarter, and Abuzaakouk said it would consistently remain above 12 percent. Cerberus [CBS.UL] owns 52 percent of BAWAG and GoldenTree Asset Management 40 percent. Abuzaakouk declined to speculate about their future plans, saying only that as financial investors they would monetise their holding at some stage. BAWAG has been on the takeover trail, with five other deals over the past 18 months. In February its easybank direct bank agreed to buy the PayLife commercial card issuing business of SIX Payment Services Austria. Unlike other Austrian banks that expanded heavily in central and eastern Europe, BAWAG focuses on Austria, where it holds two-thirds of its customer loan book. It also does retail, corporate, commercial real estate and portfolio lending in western Europe and the United States. (Additonal reporting by Alexander Huebner)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bawag-m-a-suedwestbank-idUKKBN18K1FU'|'2017-05-24T19:32:00.000+03:00'
'68cfd62f26f9ab107d5cb6b3d337a73342c015e8'|'DONG Energy to sell oil, gas business to Ineos for $1.3 billion'|'Deals - Wed May 24, 2017 - 3:26am EDT DONG Energy to sell oil, gas business to Ineos for $1.3 billion FILE PHOTO: Danish company DONG Energy CEO Henrik Poulsen presents the company''s strategy during a news conference at headquarters in Gentofte, north of Copenhagen, Denmark February 2, 2017. Scanpix Denmark/Ida Guldbaek Arentsen via REUTERS COPENHAGEN Danish utility and offshore wind farm developer DONG Energy said Wednesday it had agreed to sell its oil and gas business to petrochemicals firm Ineos for $1.3 billion, the latest in a string of North Sea deals. For DONG Energy, the world''s biggest operator of offshore wind power, the sale marks a step away from fossil fuels as it seeks to focus solely on offshore wind. "The transaction completes the transformation of DONG Energy into a leading, pure play renewables company," DONG Chief Executive Henrik Poulsen said in a statement. The sale deals a blow to shipping group A.P. Moller-Maersk. In December, Reuters reported talks between DONG and Maersk to merge their oil and gas business had stalled after the two Danish firms could not agree on a price. Ineos, which already owns the Grangemounth refinery in Scotland and last month bought the Forties pipeline system in the North Sea from BP, had been looking to expand into exploration and production. Deal making in the North Sea has picked up in recent months amid steadier oil prices, following a slump that brought transactions to a halt in the aging basin. Ineos joins a number of private equity-backed companies such as Chrysaor and Siccar Point that have in recent months acquired large assets in the North Sea from operators such as Royal Dutch Shell and Austria''s OMV. Also earlier this month, Neptune Oil & Gas agreed to buy a majority stake in French utility Engie''s exploration and production business for $3.9 billion. Ineos will take over decommissioning liabilities of around 7 billion Danish crowns ($1.05 billion), DONG said, but DONG will retain all hedge contracts related to the oil and gas business, which had a market value of 1.9 billion crowns by end-March. Nordea analysts said the deal price was slightly below their expectations, but thought investors had probably already factored in a lower valuation. They have a "buy" rating on DONG shares, which were up 1.8 percent in early trade. DONG produced 100,000 barrels of oil and gas per day in 2016, down from 115,000 in 2015. Its main producing assets include the Ormen Lange, Syd Arne and Laggan-Tormore fields. Several private equity funds, including EIG Global Energy Partners, had also shown interest in DONG''s oil and gas business, according to banking sources. (Reporting by Jacob Gronholt-Pedersen and Teis Jensen; Editing by Mark Potter)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-dong-energy-m-a-idUSKBN18K0OB'|'2017-05-24T11:26:00.000+03:00'
'521010c67a1e99f9a1c9da326c396dcf86dea9d4'|'UPDATE 2-Indian drugmaker Lupin warns of more pricing pressure as Q4 profit halves'|'Market News  30am EDT UPDATE 2-Indian drugmaker Lupin warns of more pricing pressure as Q4 profit halves * Expects to launch over 30 drugs in U.S. in 2018 * Bigger launches foreseen in 2019 * Q4 net profit 3.80 bln rupees vs est. 6.45 bln rupees (Adds comments from interview with managing director) By Zeba Siddiqui MUMBAI, May 24 Indian drugmaker Lupin Ltd expects to launch over 30 products in the United States this year, but warned revenue growth would remain muted due to growing pricing pressure and competition in the world''s largest healthcare market. "We''ve talked about medium single digits of price erosion in the past and I think we are now (seeing) high single digits," Managing Director Nilesh Gupta told Reuters after Lupin reported a quarterly profit that halved from a year earlier. The country''s third-largest drugmaker has been working on building a pipeline of high-value complex generic drugs in the United States to offset growing competition in plain generics. But a consolidation among drug distributors has hit generic companies'' ability to negotiate on prices, and price hikes have also become harder to justify amid regulatory scrutiny. "Competition is increasing and (distributors) are getting more powerful than ever before," Gupta said. The company expects to launch more than 30 drugs this year, most of which would be small to medium-sized opportunities, with bigger, more lucrative launches planned for 2019, he added. North America sales at Lupin slumped 13 percent in the fourth quarter, dragging down net profit to 3.80 billion rupees ($58.63 million) from 7.48 billion rupees a year earlier. Analysts on average expected a profit of 6.45 billion rupees. Compounding generic companies'' challenges in the United States is increasing U.S. Food and Drug Administration scrutiny of foreign manufacturing sites that has resulted in warnings and bans on dozens of plants over quality control issues. Lupin''s manufacturing costs and other expenses jumped about 30 percent in the quarter, during which it worked on upgrading its Goa manufacturing plant that is under FDA scrutiny for quality standards violations. The U.S. business troubles during the quarter could not offset an increase in sales in other markets including India, Lupin''s second-largest market, where revenue grew 14 percent. The company''s shares fell as much as 7 percent to their lowest in nearly three years after the earnings report on Wednesday. They later pared some losses to close down about 2 percent in Mumbai. ($1 = 64.8175 Indian rupees) (Reporting by Zeba Siddiqui in Mumbai; Editing by Himani Sarkar and David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/lupin-results-idUSL4N1IQ3CR'|'2017-05-24T21:30:00.000+03:00'
'ec9e896bd8d4521c755c053298c376311e990966'|'Exclusive - Dubai looking into forming $1 billion shipping investment fund: sources'|'Business News   2:30pm BST Exclusive: Dubai looking into forming $1 billion shipping investment fund - sources FILE PHOTO: An aerial view of Jebel Ali Port in Dubai October 25, 2010. REUTERS/Ahmed Jadallah By Jonathan Saul and Tom Arnold - LONDON/DUBAI LONDON/DUBAI Dubai is looking into creating a $1 billion investment fund focused on shipping to develop the Gulf city''s maritime sector and ride out a global industry downturn, three finance sources familiar with the plans say. The sources said the Dubai Maritime City Authority, the government entity responsible for developing the maritime industry in the emirate, was examining ways to establish a fund to provide financial investment support to Dubai-based firms. "There is interest in this idea (from Dubai). At this stage it is fact finding," one source said. The Dubai Maritime City Authority was not immediately available to comment. A second source said there had been initial discussions so far, adding that a tender could be issued by the authority in the coming months to hire an adviser. The sources said the funds would not replace financing from banks, but could be used to help companies buy ships or stage transactions such as initial public offerings and mergers. The second source said the fund could either be financed by private investors or state-owned banks, or both, with the loans it provided likely to be guaranteed by the government. The sources said if the fund were established quickly, it could be used to support a bid to acquire United Arab Chemical Carriers (UACC), a shipping firm whose biggest shareholder, Dubai-run United Arab Shipping Company, is trying to sell it as part of conditions for a merger with German container line Hapag Lloyd ( HLAG.DE ). UACC has been estimated to be valued at $200 million. Two of the sources said the need for an investment fund had arisen due to difficulties that shipping-related ventures faced accessing bank capital and export credit financing in the United Arab Emirates as a whole. Like other maritime hubs, the UAE and its main shipping center Dubai are struggling with a near decade long downturn in global shipping, which has hurt profitability and brought down companies such as South Korean container line Hanjin. Many European banks are either exiting or scaling back lending to the shipping sector, which has left a funding black hole estimated at tens of billions of dollars this year. Regional banks also do not have dedicated shipping finance desks. With 90 percent of world trade transported by sea, the sources said the idea for the initiative was also aimed at ensuring more strategic stability for Dubai. Gulf Arab countries have aimed to diversify their economies away from oil. At the same time, regional rival Iran, still struggling to attract foreign investment after Western sanctions were lifted in January 2016, is also aiming to boost its shipping sector and revitalize international trade after years of isolation. The UAE''s shipping fleet is estimated to be valued at $9.9 billion and ranked in 17th place, according to ship valuation company VesselsValue. No. 1 ship owning nation Greece''s fleet is valued at just over $95 billion. (editing by Peter Graff)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-emirates-shipping-fund-idUKKBN18K1RQ'|'2017-05-24T21:27:00.000+03:00'
'549cc30262d709f78a8293dd5a23e717ee0c0430'|'Campbell Soup to invest in meal kit company Chef''d'|'Campbell Soup Co ( CPB.N ) said it would partner with Chef''d and invest $10 million in the meal kit company as it steps up efforts to cater to changing consumer tastes toward fresher and healthier foods.The deal would help Campbell Soup grow its e-commerce presence, the company said on Wednesday.Campbell Soup created its own fresh-food unit in 2015 to sell carrots, carrot ingredients, refrigerated beverages and salad dressings, but the business has been struggling.The world''s largest soupmaker has been reporting weak sales as demand for packaged food in the United States has taken a hit as more customers prefer healthier options, pushing companies to invest in organic and fresh food businesses.Food and drink megabrands are seeing their sales chewed away by smaller, nimbler, cooler rivals. They can''t beat them - so now they''re joining them.Nine of the world''s biggest industry players, including Danone ( DANO.PA ), General Mills ( GIS.N ), Campbell Soup and Kellogg ( K.N ), have launched venture capital units over the past 18 months, a Reuters analysis of the sector showed.Diageo, the world''s biggest liquor maker, has invested in 14 start-ups through its venture capital arm Distill Ventures and Coca-Cola Co ( KO.N ) has invested in Honest Tea, among others.In October, Campbell Soup invested in personalized meal delivery company Habit.(Reporting by Arunima Banerjee in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-campbell-soup-investment-chefd-idINKBN18K1X7'|'2017-05-24T12:20:00.000+03:00'
'c05da2e2ee16a624de9e4e4275cdd5b465179ab3'|'BRIEF-Glass Lewis supports election of Mark Ravich to Rockwell Medical board'|'Market  06am EDT BRIEF-Glass Lewis supports election of Mark Ravich to Rockwell Medical board May 24 Rockwell Medical Inc * Glass Lewis supports election of Mark H. Ravich to Rockwell Medical Inc board * Richmond Brothers - Glass Lewis recommended that Rockwell shareholders vote on blue proxy card to elect nominee Mark Ravich to board   No Greek debt relief needed if primary surplus above 3 pct/GDP for 20 years-paper BERLIN, May 24 Greece will not need any debt relief from euro zone governments if it keeps its primary surplus above 3 percent of GDP for 20 years, a confidential paper prepared by the euro zone bailout fund, the European Stability Mechanism (ESM), showed. * Summit Materials announces intention to offer $300 million of senior notes MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-glass-lewis-supports-election-of-m-idUSFWN1IQ0MA'|'2017-05-24T21:06:00.000+03:00'
'f80b8748059a6f1eff6caec338b1e8e2b406d69c'|'Wall Street set to open higher after Fed minutes'|'The S&P 500 and Nasdaq Composite opened at record highs on Thursday after minutes of the Federal Reserve''s latest meeting showed policymakers expected the economy to pick up momentum and that they would raise interest rates soon.The Dow Jones Industrial Average rose 50.69 points, or 0.24 percent, to 21,063.11 and the S&P 500 gained 4.45 points, or 0.18 percent, to 2,408.84. The Nasdaq Composite added 19.02 points, or 0.31 percent, to 6,182.04.(Reporting by Tanya Agrawal in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN18L1P6'|'2017-05-25T20:59:00.000+03:00'
'5fdc333030d19b1f24fa08f55157b33b305912dd'|'Central banks launch forex market code of conduct'|' 06am BST Central banks launch forex market code of conduct Bank notes of different currencies, including Euro, U.S. Dollar, Turkish Lira or Brazilian Reais, are photographed in Frankfurt, Germany, in this illustration picture taken May 7, 2017. REUTERS/Kai Pfaffenbach/Illustration By Patrick Graham - LONDON LONDON Regulators and leading financial firms launched a new code of conduct for global currency trading on Thursday, including measures aimed at ensuring its universal adoption by the world''s major financial institutions. The code is a central element of the foreign exchange industry''s response to charges of market manipulation and misuse of client order information which saw seven major banks fined around $10 billion at the end of a huge global inquiry in 2015. Most of the document was published a year ago and the final version brings chiefly tweaks to how it deals with electronic trading, seeking to make the basis of relationships between banks and other major players clearer and more transparent. The 75-page document lays out 55 high-level principles - rather than hard rules - for how participants in the world''s biggest financial market should conduct business. While it remains nominally voluntary, Thursday''s package of documents also outlined a framework that some of the officials working on the project said should mean all major market players will commit to conforming to the new code. All of the major central banks involved said they would commit to sticking to the code''s guidelines and would demand it of their counterparties in the $5 trillion a day market which is the world''s largest. The industry FX committees run by each of the central banks will also require a formal commitment from the dozens of major institutions who sit on their panels and a new joint Global FX Committee will monitor implementation of the code. "I would be surprised if a major wholesale market participant did not get behind the Code," said David Puth, the head of settlement bank CLS and chair of the committee of market participants who have funnelled banks and other financial firms'' input to the code. "Over the course of the next 12 months, we will look for all wholesale market participants to adopt the principles." UK regulators, who oversee the world''s biggest FX trading centre in London, are expected to embed the code in the new senior managers'' regime for financial firms. Deputy Reserve Bank of Australia Governor Guy Debelle, who has led work on the code and an earlier "preamble", said other regulators were likely to follow suite. "Our (Australian) securities regulator is going to utilise the code as the standard they expect," he said. "If that happens in the UK, given London''s importance for forex, that will add a fair bit of bite to the whole process. In our case, I know that our securities regulator is going to." Among the new elements to Thursday''s final document were principles for the use of "last look" practices that allow banks an extra stage where they can reject trades after receiving requests to execute. The code also provided a list of disclosures that the new generation of algorithmic traders should make, including a clear description of their execution or aggregation strategy, fees, routing and sources of liquidity. (Editing by Tom Heneghan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-forex-code-idUKKBN18L0UB'|'2017-05-25T16:06:00.000+03:00'
'8504360ee3df9c53d85e166199a7f9c28d286b86'|'Japan Inc sees better opportunities beyond China''s ''Belt and Road'''|'Business News - Thu May 25, 2017 - 1:16am BST Japan Inc sees better opportunities beyond China''s ''Belt and Road'' Journalist take pictures outside the venue of a summit at the Belt and Road Forum in Beijing, China, May 15, 2017. REUTERS/Thomas Peter By Tetsushi Kajimoto - TOKYO TOKYO A vast majority of Japanese companies have no interest to participate in China''s sweeping "Belt and Road" initiative, seeing greater business opportunities in other international economic co-operation, a Reuters poll shows. Only 5 percent of 220 respondents in the monthly Reuters Corporate Survey said they would participate in the Chinese project, which aims to build infrastructure and trade links between China, central Asia, Europe and beyond. Instead, they thought a free trade agreement (FTA) between Japan and the United States, proceeding with the Trans Pacific Partnership (TPP) without the United States or economic cooperation with Russia, among others, represented better business opportunities. "Japanese businesses basically have no clear idea about the ''Belt and Road'' projects," said Toru Nishihama, chief economist at Dai-ichi Life Research Institute, who reviewed the survey results. "Will any projects pay? Can Japanese firms expect a level playing field when they compete with Chinese state-owned enterprises?" he asked. "A lot of questions remain unanswered. Under such circumstances, companies have no choice but to wait and see." The survey results underscore scepticism from elsewhere about the Chinese initiative, seen by some critics as an attempt to promote Chinese influence overseas. Some Japanese and Western officials have expressed concern about transparency and access for foreign companies to the "Belt and Road" projects. Last weekend, Chinese President Xi Jinping gathered with 29 other heads of state to promote the modern-day Silk Road and they agreed to build an open economy and ensure free and inclusive trade under the initiative. Japan''s prime minister, Shinzo Abe, did not attend the summit. Instead, the ruling party''s No. 2 official, Toshihiro Nikai, represented Japan. The survey, conducted monthly for Reuters by Nikkei Research, polled 527 big and mid-sized businesses between May 9 and May 19. Around 220 firms, which replied on condition of anonymity, responded. About a third of Japanese firms believed a bilateral free trade agreement with the United States would boost their business opportunities, the survey found. A quarter picked the TPP, an 11-nation free-trade zone, despite the withdrawal of the United States. The survey showed 14 percent opted for Russian-Japanese economic cooperation, while just 6 percent saw opportunities in China-led infrastructure investment. (Additional reporting by Izumi Nakagawa; Editing by Malcolm Foster and Neil Fullick)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-companies-silkroad-idUKKBN18K35F'|'2017-05-25T08:17:00.000+03:00'
'e6411c996aa862a5eda991e37e2461719a65aabc'|'China says domestic manufacturing push open, transparent'|'Business News   8:34am BST China says domestic manufacturing push open, transparent BEIJING China''s plan to boost its domestic manufacturing industry has been somewhat misunderstood by foreign organisations as a move to favour local companies over foreign competition, a government official said Wednesday. Xin Guobin, vice minister of the Ministry of Industry and Information Technology (MIIT), reiterated the government''s stance on foreign participation in its "Made in China 2025" plan at a briefing with reporters in Beijing. Foreign business groups have grown more vociferous in criticising Beijing''s lacklustre market reforms, and worry that the plan will force members to give up key technology in order to access the market or bypass them altogether. "There has been some misreading and misunderstanding among foreign media and organizations (about the plan)," said Wu. "China always adheres to the principles of fairness, transparency and openness." Xin said all companies in China, whether Chinese or foreign-funded, will receive the same treatment under the ''China 2025'' policies. Beijing''s plan calls for a dramatic increase in domestically-made products in 10 sectors - from robotics to biopharmaceuticals - that the government hopes will accelerate an industrial upgrade as economic growth slows. But Xin said references to domestic market share numbers should be seen as estimates more than hard government targets, Xin said Wednesday. Xin said China is actively cooperating with other countries to promote industrial upgrades, but that a key problem is that developed countries have put strict limits on exports of certain technology, equipment and products to China. "We hope that both China and other countries further open up and deepen cooperation," said Wu. "We also welcome more foreign firms to actively join in China''s efforts to become a strong manufacturing nation." (Reporting by Elias Glenn; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-business-idUKKBN18K0PL'|'2017-05-24T15:34:00.000+03:00'
'6ee20e6c18b1d07dc61bf6e0b0aa02490aa07095'|'Debt concerns pile pressure on shares in Reliance Communications'|'Money News   4:24pm IST Debt concerns pile pressure on shares in Reliance Communications A worker cleans a mobile store of Reliance Communications Ltd, controlled by billionaire Anil Ambani, in Kolkata, India, September 10, 2016. REUTERS/Rupak De Chowdhuri/Files MUMBAI Shares in Reliance Communications fell nearly 10 percent on Wednesday after a sell-off in its bonds, sparked by concerns that the debt-laden firm may be unable to repay its lenders amid intense competition in the sector. The company, controlled by billionaire Anil Ambani, is the most leveraged Indian telecom carrier and local agency ICRA this month downgraded its ratings on the company. The bond sell-off accelerated early on Wednesday with yields spiking to nearly 21 percent on the 2020 bonds before a statement from Reliance eased market concerns. Yields in the instrument, which ended at 6.14 percent last week, stood at 13 percent at 1000 GMT on Wednesday. Reliance said it had paid the half yearly interest on the 2020 bond and that it had no outstanding dues on the bond. "The company will continue to pay interest on respective due dates and the bonds will be repaid," it said in its statement, while declining to comment on whether it had delayed servicing of any loans. India''s telecom sector has been rattled by a price war and fall in revenues for established carriers after months of free services offered by new entrant Reliance Jio, controlled by the country''s richest man and Anil''s elder brother Mukesh Ambani. While Reliance Jio and Reliance Communications have entered into some pacts to offer some services jointly, Reliance Jio''s cut-rate offerings have also dented Reliance Communications'' as well as bigger rivals Bharti Airtel and Vodafone''s local unit. Following the ICRA downgrade on May 5, another local agency Credit Analysis & Research also cut its rating on the company''s debt. Both agencies say competitive concerns will pressure profits, and Reliance Communications'' highly-leveraged balance sheet. ICRA noted the company, widely known as RCom, had "sizeable debt repayment commitments," during the year. "RCom has a toxic balance sheet and the business model is in tatters. With the likes of Airtel facing balance sheet stress and revenue declines, it will be a challenge for RCom to repay its loans as any business stress will create cash flow issues," said a Delhi-based fund manager, who did not wish to be named. Shares in Reliance closed 7.5 percent lower at 25.90 rupees. The stock has shed 15 percent of its value this week. The drop began after a sell-off in the company''s 2020 bonds this week, following the recent rating downgrades and reported delays in the repayment of some loans. The company is selling a majority stake in its tower assets to Canada''s Brookfield for 100 billion rupees, while it is also pinning hopes on a planned merger of its wireless business with rival Aircel to help cut debt its debt by about 70 percent, or 310 billion rupees. (Reporting by Euan Rocha, Sankalp Phartiyal, Samantha Kareen Nair, Tanvi Mehta, Suvashree Choudhury and Devidutta Tripathy; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/rcom-stocks-hot-idINKBN18K1B0'|'2017-05-24T18:54:00.000+03:00'
'f7389c0ad657aba195707ed1a29cf592b614e7c0'|'UDG Healthcare raises full-year outlook, eyes further deals'|'Business News  37am BST UDG Healthcare raises full-year outlook, eyes further deals By Arathy S Nair and Justin George Varghese UDG Healthcare Plc ( UDG.L ) could spend up to $600 million (<28>462.7 million) for acquisitions, its chief executive said, after the company raised its full-year earnings estimate as a recent acquisition helped prop up profit in the first half. The healthcare services provider on Tuesday reported a 19 percent jump in pretax profit for the first six months ended March 31, sending its shares up 6 percent to a record high of 812.50 pence. "We''ve looked at acquisitions - small $20 million ones right up to $200-$300 million - and in total, the consideration we could use is $500-$600 million," Chief Executive Brendan McAtamney told Reuters. The Dublin-based company said strong performance at its recent acquisition, STEM Marketing - a provider of commercial, marketing and medical audits to pharmaceutical companies - helped boost profit in the first half. The company now expects a 15-18 percent increase in diluted earnings per share, on a constant currency basis, for the year ending September 2017. The group had earlier forecast a 13-16 percent growth in full-year EPS. "With a much stronger-than-expected first half, tailwinds across its U.S. businesses building ... we think even this raised guidance looks quite conservative, and would expect consensus forecasts to increase by at least 2 percent," Liberum analyst Graham Doyle said. CEO McAtamney said UDG would look to acquire U.S.-focused businesses to strengthen its Sharp Packaging Services unit, which is engaged in contract packaging and clinical trial packaging services for the pharmaceutical and biotechnology industries. UDG, which traces its roots to a co-operative called the United Drug Chemical Co in Ireland, is also keen on bolstering its Ashfield operations in Japan through acquisitions, he said. UDG''s first-half profit stood at $52.9 million. Revenue for the period rose 8 percent to $578.9 million. (Reporting By Justin George Varghese and Arathy S Nair; Editing by Tenzin Pema and Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-udg-health-results-idUKKBN18J1D3'|'2017-05-23T18:37:00.000+03:00'
'c2cc8ef2ed4501c72d9b901cdd671bca17baa5f8'|'CANADA STOCKS-TSX rises as bank shares climb ahead of earnings, BlackBerry jumps'|'TORONTO May 23 Canada''s main stock index rose on Tuesday after the Victoria Day holiday Monday, bolstered by bank stocks ahead of the release of earnings reports and a surge in BlackBerry Ltd shares.The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed up 18.48 points, or 0.12 percent, at 15,476.94. Just four of the index''s 10 main groups ended higher. (Reporting by Fergal Smith; editing by Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-urgent-idUSL1N1IP20G'|'2017-05-24T00:12:00.000+03:00'
'7a8d4227077dcb280569ebf44655c548e77288b8'|'RBS high court lawsuit set for new adjournment - Business'|'Talks are still going on to avert a legal battle that would force Royal Bank of Scotland<6E>s disgraced former chief executive Fred Goodwin to give evidence at the high court.The case was adjourned on Tuesday for a second day as attempts continued to settle allegations from thousands of shareholders that they were misled into buying shares in the bank in April 2008.RBS could rob us of the chance to see Fred Goodwin grilled in court - Nils Pratley Read more Mr Justice Hildyard granted a second 24-hour adjournment , after the first on Monday when lawyers for the shareholders asked for time to discuss a settlement with RBS.According to reports, the lawyer for the shareholders told the court the majority of the investors were in agreement over the proposed settlement. The details have not been confirmed but it is thought the bailed-out bank is offering about <20>200m to the 9,000 private shareholders and a handful of major City institutions over their claim that they were misled during the <20>12bn cash call .The rights issue, at the time a record-breaking fundraising, took place six months before the <20>45bn taxpayer bailout of the Edinburgh-based bank that left shareholders nursing heavy losses.The investors are making their claim against RBS, Goodwin and three former directors, including Sir Tom McKillop, who was chairman at the time of the bailout.The 11th-hour settlement talks are intended to stop the case going to court and raking over the events leading up to the bailout. Goodwin had been scheduled to give evidence for two days from 8 June, the day of the general election. If the settlement talks fail and the case goes ahead, the former RBS chief executive would be forced to account for his actions in public for the first time since February 2009, when he appeared before MPs on the Treasury select committee and offered a <20>profound and unqualified apology for all of the distress that has been caused<65>. Facebook Twitter Pinterest Fred Goodwin, former CEO. Photograph: Danny Lawson/PA It has been reported that the businessman Trevor Hemmings, who owns Preston North End football club and is helping cover the shareholders<72> legal costs, is willing to accept the RBS settlement. The offer, in which the RBS chief executive, Ross McEwan, was involved, is thought to be based on 82p a share, although Reuters was reporting that investors were holding out for 100p a share. This figure amounts to about <20>200m, double the size of settlements reached with other groups of shareholders involved in long-running legal battles with RBS. Five shareholder groups originally brought claims, but last December, RBS announced that it had <20>800m to share among the various factions. It has settled with 87% of the investors. With the last group being offered about <20>200m, the bill for RBS would rise by about <20>100m.RBS has not accepted liability. Sir Howard Davies, the bank<6E>s chairman, told its annual meeting this month: <20>The settlement does not constitute any admission of liability by the bank, but allows us to minimise material litigation expense and management distraction.<2E>Topics Royal Bank of Scotland Banking Financial sector Fred Goodwin Financial crisis news   Share   Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/23/rbs-push-new-adjournment-high-court-lawsuit'|'2017-05-23T17:55:00.000+03:00'
'fc5cecc34824c15d01ea8f1f9c952d34cd73262f'|'FTSE stagnates near highs as new catalysts awaited'|' 48am BST FTSE stagnates near highs as new catalysts awaited FILE PHOTO - A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo By Danilo Masoni - MILAN MILAN British shares were little changed on Thursday as investors sought fresh catalysts after a run that brought the country''s main indexes to hit record highs. Data showing that Britain''s economy slowed more than previously thought in the first three months of 2017 pushed sterling lower while the FTSE - which benefits from a weaker currency - came off earlier lows. By 1023 GMT, the FTSE 100 .FTSE was up 0.1 percent, shy of a record high hit last week, as weakness among commodity stocks was more than offset by stronger financials and consumer stocks. Materials and energy stocks were the biggest weight, taking a combined 3 points off the FTSE, with miners such as Rio Tinto ( RIO.L ), Anglo American ( AAL.L ) and Glencore ( GLEN.L ) all lower. Oil major BP ( BP.L ) also weighed, falling 0.5 percent. The biggest moves in the sector were among mid caps. Tanzania-focused miner Acacia Mining ( ACAA.L ) was under pressure for a second day, down 11 percent, after the country''s mining minister was fired on Wednesday following an investigation into possible undeclared exports by miners to evade tax. Petrofac ( PFC.L ) was the biggest faller on the FTSE 250 .FTMC , down 28 percent, after suspending its chief operating officer Marwan Chedid amid a fraud investigation. Commodity stocks fell as copper prices steadied and oil prices remained lower after an OPEC delegate said the Organization of the Petroleum Exporting Countries had decided to extend cuts in oil output by nine months to March 2018 in an attempt to drain a global glut that has depressed markets. Among top FTSE gainers was 3I Group ( III.L ), which rose 2.3 percent after a broker lifted the price target on the private equity and venture capital company. Some mid cap companies reported results on Thursday. Intermediate Capital Group ( ICP.L ) soared 11.5 percent after its full-year results, and GVC Holdings ( GVC.L ) rose by 3 percent after a first-quarter update. Media group Daily Mail and General Trust ( DMGOa.L ) fell 7 percent, set for its biggest one-day loss in more than a year after its first-half results disappointed. (Editing by Ed Osmond)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN18L1BG'|'2017-05-25T18:48:00.000+03:00'
'e6a0841925e5fe9be0c19243b42e35a65b4035dd'|'Wizz Air reports record profit and no signs of Brexit hit'|' 03am BST Wizz Air reports record profit and no signs of Brexit hit FILE PHOTO: Wizz Air''s logo is seen on the side of an aircraft parked on the tarmac at Budapest Airport, Hungary, July 10, 2014. REUTERS/Bernadett Szabo/File Photo Wizz Air Holdings ( WIZZ.L ) reported a 28 percent rise in full-year profit on Thursday and said it had seen no signs of demand for flights weakening since Britain voted to leave the EU, helping to send its shares to a record high. Shares in the London-listed airline that focuses on flights to central and eastern Europe jumped as much as 11 percent to a high of 2,166 pence, with analysts also saying its profit forecast for the current financial year was above consensus. The company has faced increased pressure on pricing since larger low-cost airlines easyJet ( EZJ.L ) and Ryanair ( RYA.I ) added more capacity to rival routes, taking advantage of weak oil prices to try to capture market share. Wizz Air said its profit for the 12 months to the end of March rose to a record 246 million euros ($277 million) from 193 million euros a year earlier while revenue climbed 10 percent to 1.57 billion euros. For the financial year ending in March 2018, Wizz Air forecast net profit in a range of 250 million euros to 270 million, though it warned that the estimate would depend heavily on revenue earned in the busy summer period and its second half. "The trading environment experienced in the 2017 financial year of very low fares and increasing fuel prices unquestionably favoured our ultra-low-cost business model and we were able to increase our growth rate," Chief Executive J<>zsef V<>radi said. Analysts at RBC said while the full-year results were in line with expectations, the profit forecast was 8 percent to 10 percent above the current market consensus. "This guidance is heavily caveated by the revenue performance for the all-important summer period as well as the second half of the 2018 financial year, a period for which we currently have limited visibility," V<>radi said. Wizz Air said the number of passengers it carried increased 19 percent to 23.8 million during the year and it planned to boost capacity to carry nearly 30 million in the current financial year. The load factor, a measure of how full its planes were, rose to 90.1 percent from 88.2 percent. Wizz Air also said the decline in sterling since the Brexit vote in June 2016 translated into a 17 million euro hit on revenue earned in pounds, but that was absorbed by the rest of its route network. ($1 = 0.8894 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-wizz-air-results-idUKKBN18L0Z1'|'2017-05-25T17:03:00.000+03:00'
'5451832fe8cf5d6380ae29fdbf85f182170692d4'|'Turkey seized 879 companies since failed coup, worth 40.3 billion lira - state fund'|'ISTANBUL Turkish authorities seized or appointed an administrator to a total of 879 companies worth 40.3 billion lira ($11.32 billion) in assets in the eight months since the failed coup last July, the state fund that runs the firms said on Wednesday.According to a quarterly report by Turkey''s Savings and Deposits Insurance Fund (TMSF), nearly 45,000 people were working in the seized companies. It added that a total of 147 media companies were shut down within the same period.Turkey has taken control of a bank, several media firms and other enterprises as part of a crackdown on companies it suspects of links to sympathisers of Fethullah Gulen, the U.S.-based cleric the government blamed for the July 15 failed putsch.($1 = 3.5610 liras)(Reporting by Behiye Selin Taner; Writing by Humeyra Pamuk; Editing by Dominic Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/turkey-security-companies-idINKBN18K1NG'|'2017-05-24T10:43:00.000+03:00'
'91c840070113d1dc41f9134c52b5718644a89b56'|'Let<65>s move to Ilford, east London: <20>One of today<61>s boomtowns<6E> - Money'|'W hat<61>s going for it? Ilford<72>s attraction is not immediate. I rise past it most weeks on the North Circular; you might be in any outer London suburb, Kingston or Kingsbury, Bromley or Barnet. If you squint hard (health and safety warning: not when you<6F>re driving), you could even be in Los Angeles. Maybe. Look, Ilford has its moments. Indeed, as central London becomes supergentrified with artisan chocolate boutiques, suburbs such as Ilford are left for the likes of you and me, with the cosmopolitan diversity we once used to seek in the hubbub of the city. These are today<61>s boomtowns, filled with young professionals, here not least because of Crossrail <20> aka the Elizabeth line . Sure, Ilford is fat on chainstores, but look past TK Maxx and Wilko and you<6F>ll find wonderful green pockets such as Valentines Park , ace south Asian grocers and Turkish grills, and ooh, a Percy Ingle . A Percy Ingle always makes a good place great.The case against It<49>s not a beauty. It<49>s as if a giant toddler tipped out its building blocks on to the Essex borders.Well connected? Very. Trains: every few minutes to Liverpool Street (16-21 minutes) and, the other way, to Brentwood (13); Crossrail should get you to Liverpool Street in 17 minutes, Farringdon in 19 and Bond Street or Shenfield in 24. Driving: the North Circular skirts by, and you<6F>re not far from the A12 and A13 for escaping the Smoke.Schools Primaries: many <20>good<6F>, Ofsted says, with Loxford , Cleveland Road , Seven Kings and Christchurch <20>outstanding<6E>. Secondaries: Loxford , Valentines High , Seven Kings , Isaac Newton Academy and Chadwell Heath Academy all <20>outstanding<6E>.Hang out at<61> The wonderful veggie Indian, Saravanaa Bhavan . Or the Gardener<65>s Cottage Cafe in Valentines Park.Let<65>s move to Streatham, south-west London: forget what you know Read moreWhere to buy Outside the town centre, it<69>s a sea of late Victorians, Edwardians and 1920s terraces, semis and a few detacheds. Fanciest is in north Ilford, around Cranbrook, and towards Valentines Park; I rather like the little Garden City Estate. West around Parkway and Egerton Gardens, too. Detacheds, <20>550,000-<2D>900,000. Semis, <20>400,000-<2D>800,000. Three-bed terraces, <20>350,000-<2D>550,000. Flats: two-beds, <20>200,000-<2D>400,000; one-bed, <20>170,000-<2D>300,000. Rentals: one-bed flat, <20>700-<2D>1,200pcm.Bargain of the week Three-bedroom end-of-terrace, near Valentines Park, needs updating, <20>485,000, with arbonandmiller.com .From the streetsTom Vining <20>Working in the creative industries, we have fast access to Shoreditch while living in a nice environment with good houses. It<49>s still a little rough around the edges.<2E>Mili Acharya <20>A diverse place, but the growing density of new-build flats is making it overcrowded. The high street<65>s a bit faded.<2E><> Do you live in Ilford? Join the debate below.Live in Aylsham, Norfolk? Do you have a favourite haunt or a pet hate? If so, email lets.move@theguardian.com by Tuesday 30 May.Topics Property Let''s move to ... Homes Crossrail features '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/may/26/lets-move-ilford-east-london-boomtown-property-tom-dyckhoff'|'2017-05-27T00:30:00.000+03:00'
'5df7b8daf444653a9c0b0e241e152b7eae942002'|'Oil firm on expected cut extension, but economic slowdown weighs'|'Tue May 23, 2017 - 1:37am BST Oil firm on expected cut extension, but economic slowdown weighs FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil prices were firm on Tuesday on the expectation that an OPEC-led production cut would be extended to next March, but analysts said economic slowdown was clouding the mid-term outlook for crude markets. Brent crude futures LCOc1 at 0019 GMT were up 3 cents from their last close at $53.86 per barrel. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $51.16, up 3 cents. Both benchmarks have risen over 10 percent from their May lows early this month. Prices have been lifted by expectations that a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to cut supplies by 1.8 million barrels per day (bpd) would be extended to March 2018, instead of covering just the first half of this year. OPEC and other participating producers are due to meet in Vienna on May 25 to discuss output policy. "Oil prices are rebounding with stock draws and greater certainty on an extension of the production cuts," Goldman Sachs said in a note to clients. "A 9-month extension would normalize OECD inventories by early 2018, in our view, but we see risks for a renewed surplus later next year if OPEC and Russia''s production rises to their expanding capacity and shale grows at an unbridled rate," the U.S. bank added. At the same time, commodities brokerage Marex Spectron said "spot demand (for oil) remains strong, and we expect it to get even stronger (in coming weeks)". On the macroeconomic front, however, dark clouds appeared on the horizon. "Quarterly growth of real gross domestic product (GDP) in the OECD area decelerated sharply to 0.4 percent in the first quarter of 2017, compared with 0.7 percent in the previous quarter, according to provisional estimates," the Organization for Economic Co-operation and Development (OECD) said on Tuesday in a statement. Of its major members, the OECD said growth slowed markedly in the United Kingdom (0.3 percent, down from 0.7 percent the previous quarter), the United States (0.2 percent growth down from 0.5 percent), and France (0.3 percent, down from 0.5 percent growth). Of the major economies, only Germany and Japan saw accelerated growth, at 0.6 percent and 0.5 percent respectively, up from 0.4 and 0.3 percent previously. "Our macroeconomic view remains ... price-negative, which is likely to affect the medium-term demand for crude oil," said Marex Spectron. (Reporting by Henning Gloystein; Editing by Joseph Radford)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN18J02D'|'2017-05-23T08:35:00.000+03:00'
'62b5cf331e12584394e6a5afd1a2ce4772b621fd'|'BRIEF-Macarthur Minerals locates further lithium in Nevada'|'Market News  47am EDT BRIEF-Macarthur Minerals locates further lithium in Nevada May 23 Macarthur Minerals Ltd- * Macarthur Minerals locates further lithium in Nevada in the basin adjacent to Clayton Valley with surface grades up to 187 ppm lithium and provides an update on asx ipo offer for macarthur australia limited Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-macarthur-minerals-locates-further-idUSASA09QYC'|'2017-05-23T20:47:00.000+03:00'
'46d6eadc9eb57e034e97d5dd4602d9e3e8b60eb6'|'CANADA STOCKS-TSX opens higher as banks, BlackBerry led gains'|'Market News - Tue May 23, 2017 - 9:40am EDT CANADA STOCKS-TSX opens higher as banks, BlackBerry led gains TORONTO May 23 Canada''s main stock index opened higher on Tuesday, following the Victoria Day holiday on Monday, as financial stocks led broad gains and BlackBerry jumped more than 8 percent. The Toronto Stock Exchange''s S&P/TSX composite index rose 64.61 points, or 0.42 percent, to 15,523.07 shortly after the open. Eight of the index''s 10 main groups were in positive territory. (Reporting by Solarina Ho; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1IP0RD'|'2017-05-23T21:40:00.000+03:00'
'6453282be4dc1d54023bca1a07ccf6ad0f3052b7'|'Nationwide Building Society profit falls 23 percent'|' 22am BST Nationwide Building Society profit falls 23 percent FILE PHOTO: Pedestrians pass a Nationwide building society in London, Britain, May 27, 2009. REUTERS/Toby Melville/File Photo LONDON Britain''s Nationwide Building Society ( POB_p.L ) said on Tuesday that its annual underlying profit fell by 23 percent compared with the previous year, as costs increased and the lender did not pass on the full effect of interest rate cuts to savers. Nationwide, Britain''s second-biggest provider of mortgages, also said it would no longer provide car insurance from June this year as it continues to pare back its business model to focus on its core product of home loans. Nationwide last November said it would close its commercial real estate business after the outlook for the property sector darkened following Britain''s vote to leave the European Union. (Reporting By Lawrence White; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-nationwide-results-idUKKBN18J0MB'|'2017-05-23T14:22:00.000+03:00'
'16ec60e641b5f20a9cb1dce2b7bfe6ab504709e1'|'BRIEF-Spotlight Innovation appoints John Krohn interim CEO'|'Market News  44am EDT BRIEF-Spotlight Innovation appoints John Krohn interim CEO May 23 Spotlight Innovation Inc- * SPOTLIGHT INNOVATION appoints John Krohn interim chief executive officer * Spotlight Innovation Inc - board of directors has accepted resignation of cristopher grunewald as chief executive officer * Spotlight Innovation Inc - appointed John M. Krohn as interim ceo, effective immediately * Spotlight Innovation Inc - Krohn will continue to serve as chairman of board, president and chief operating officer Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-spotlight-innovation-appoints-john-idUSASA09QYB'|'2017-05-23T20:44:00.000+03:00'
'd7ff8930cb05e574f4f53683c6da030bb5a5230d'|'German Fin Min sees deal for Greece in 3 weeks if all goes well'|'BRUSSELS May 23 Germany''s Finance Minister Wolfgang Schaeuble expressed some confidence on Tuesday that Greece''s international creditors would overcome their differences and agree in three weeks on a deal that would release more loans to Athens.Speaking in Brussels, Schaeuble said no agreement had been reached on Monday, with the International Monetary Fund (IMF) proving to be difficult in the talks and one member state refusing to back a deal.The German government is not blocking anything, it is just sticking to the rules, Schaeuble told reporters after a meeting of euro zone finance ministers, adding that if everything goes well, a deal will be made at a June meeting. (Reporting by Tom Koerkermeier; Writing by Madeline Chambers; Editing by Michael Nienaber)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-greece-schaeuble-idINB4N1GS002'|'2017-05-23T09:38:00.000+03:00'
'45e734461f506046fd30d422eaf197199b9dfa94'|'Gulf bidders emerge for UASC-linked shipping unit: sources'|'By Jonathan Saul and Tom Arnold - LONDON/DUBAI LONDON/DUBAI Gulf-based bidders have emerged for the part-owned subsidiary of United Arab Shipping Company (UASC) whose sale is key to finalizing the merger between UASC and German container shipping line Hapag Lloyd ( HLAG.DE ), sources close to the matter said.Last week, sources told Reuters that Hapag Lloyd was close to completing the 7-8 billion-euro ($7.8-9 billion) merger after UASC shareholders agreed terms to repay outstanding debt.A sale of United Arab Chemical Carriers (UACC) - in which UASC holds the biggest stake - is also part of the terms of the Hapag Lloyd merger deal.Three finance sources with knowledge of discussions said a few bidders had emerged for UACC, which is estimated to be worth around $200 million.One of the sources said Saudi Arabian shipping company Bahri was among the suitors together with an unidentified United Arab Emirates bidder. All three sources said Qatari shipping group Milaha had also expressed interest.So far, none of the interest has translated into a deal, they added.UACC and Milaha declined to comment, while Bahri and UASC did not immediately respond to a request for comment.UASC has a 45 percent stake in UACC, with the remaining shares held by various Saudi shareholders.UACC''s fleet of 24 chemical tankers is estimated to be valued at $478.7 million, down from $576.9 million a year ago due to the fall in ship values for the sector, according to ship valuation company VesselsValue.Sources have told Reuters that if a buyer cannot be found for UACC, UASC''s top shareholder Qatar and Hapag Lloyd may have to acquire the shareholding in the unit as part of the merger.Sources say proceeds from the sale of UACC will be used to pay down existing debt that has been financed by a facility provided by Qatar National Bank. QNB did not immediately respond a request for comment.(Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-uasc-m-a-hapag-lloyd-uacc-idINKBN18J18C'|'2017-05-23T08:01:00.000+03:00'
'8439e68453e6e87e880def5ef5ba5fc695d1e09a'|'No deal yet on new loans, debt relief for Greece - Eurogroup head'|'Business  20pm BST No deal yet on new loans, debt relief for Greece: Eurogroup head left right Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem meets Greek Finance Minister Euclid Tsakalotos (R) during a eurozone finance ministers meeting in Brussels, Belgium May 22, 2017. REUTERS/Francois Lenoir 1/4 left right Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem rings the bell as he chairs a eurozone finance ministers meeting in Brussels, Belgium May 22, 2017. REUTERS/Francois Lenoir 2/4 left right Greek Finance Minister Euclid Tsakalotos attends a eurozone finance ministers meeting in Brussels, Belgium May 22, 2017. REUTERS/Francois Lenoir 3/4 left right Greek Finance Minister Euclid Tsakalotos and European Central Bank (ECB) President Mario Draghi (R) attend a eurozone finance ministers meeting in Brussels, Belgium May 22, 2017. REUTERS/Francois Lenoir 4/4 BRUSSELS Greece''s international lenders failed to reach a deal on Monday on additional debt relief measures for Athens after an 8-hour meeting in Brussels, the head of the eurogroup of eurozone finance ministers said. "This afternoon we had the first in-depth discussion on the topic of debt sustainability, but at this point we have not reached an overall agreement," Jeroen Dijsselbloem told a news conference after the meeting. Ministers did not agree on releasing new loans to Athens, but Dijsselbloem said work is progressing towards a next disbursement "before the summer". Greece needs a new loan to pay debts due in July. Dijsselbloem said that euro zone finance ministers hoped to reach a deal on disbursing more bailout funds to Greece at their next meeting on June 15. "We will continue our work on that and try to come to a conclusion at the next Eurogroup," he told a news conference. EU Economics Commissioner Pierre Moscovici also said he saw a deal at the next Eurogroup meeting, in Luxembourg. Both congratulated Athens on measures taken to meet terms set by creditors and Dijsselbloem said the International Monetary Fund, which EU governments hope will join the bailout, had also said it was impressed by Greek reforms. Dijsselbloem said there was progress toward an agreement on making Greece''s debt more sustainable -- something the IMF has made a condition of its involvement -- but that a deal was not ready yet. And he stressed any debt relief would only be implemented at the end of the current bailout program next year. (Reporting by Francesco Guarascio, Jan Strupczewski and Alastair Macdonald)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-greece-dijsselbloem-idUKKBN18I2NB'|'2017-05-23T06:00:00.000+03:00'
'a62d196cbb67003b3e912ea465ea9422df5b8f5a'|'Drug approvals bounce back as R&D labs churn out new winners'|'LONDON The number of new drugs approved for sale in United States and Europe has bounced back this year, suggesting a marked slowdown in 2016 was an aberration rather than a sign of flagging research and development productivity.The U.S. Food and Drug Administration has already cleared 21 new prescription medicines for sale against 22 in the whole of 2016, and just nine at this stage last year.The European Medicines Agency has recommended 42 compared with a 2016 total of 81, and 31 in the first five months of last year. Unlike the FDA, the EMA includes generic or non-patented drugs in its list.John LaMattina, a former research head for Pfizer and a board member at PureTech Health, is unsurprised by the rebound and believes concerns raised at the end of 2016 about deteriorating drug pipelines were "far too dire".Significantly, drugmakers are getting smarter about the way they develop medicines by shifting resources from mass-market products to more specialist and higher-priced therapies.That is fuelling a long-term pick-up in numbers, although it also stores up problems in terms of drug pricing as healthcare providers try to control their spending, with some new cancer treatments costing more than $10,000 a month."A lot of biopharmaceutical companies are filling their pipelines with programs that seek treatments for diseases that can be approved with an accelerated review such as rare diseases, different cancers and anti-infectives," LaMattina said."These types of programs benefit from requiring modest-sized clinical trials and have the potential for generous pricing. We''re seeing fewer R&D resources devoted to programs that require rigorous differentiation in Phase III trials."Phase III is the final stage when new drugs are tested on large numbers of patients.Big pharma companies are not necessarily out of the woods when it comes to getting a decent return on the billions of dollars they spend each year on R&D, since more and more drugs come from the labs of young biotech companies.But this year''s crop does include several highly promising products from large multinationals that are tipped to generate billions of dollars in sales, according to consensus analyst forecasts compiled by Thomson Reuters.They include Sanofi and Regeneron''s Dupixent for severe eczema, projected to sell more than $5 billion by 2023, Roche''s multiple sclerosis drug Ocrevus, with sales above $4 billion, and AstraZeneca''s cancer drug durvalumab, forecast to generate nearly $3 billion.Other major new medicines still awaiting approval this year include Novo Nordisk''s diabetes drug semaglutide, as well as a novel cell therapy for leukemia from Novartis and a shingles vaccine from GlaxoSmithKline.ROBUST PIPELINEThere have been setbacks as well, with Amgen and UCB, for example, no longer expecting their experimental osteoporosis drug to win approval in 2017 due to safety issues.After a spike in 2014 and 2015, there had been worries that last year''s fall in drug approvals to a six-year low might signal more fundamental problems in industry productivity or a slowdown by regulators.In fact, one-off factors contributed to the poor figure. Several drugs won an early green light at the end of 2015 and others had decisions pushed back into 2017, including Roche''s Ocrevus and Sanofi/Regeneron''s Kevzara for rheumatoid arthritis, which finally won a green light on Monday.According to QuintilesIMS, which compiles data for the pharmaceutical sector, the robust state of the industry''s late-phase R&D pipeline means it is well placed to yield an average of 40 to 45 new launches annually through to 2021.Hilary Thomas, chief medical adviser at KPMG, said U.S. regulators in particular were showing an innovative approach that was helping to accelerate approvals - as highlighted by a novel decision to clear a cancer drug for the first time based on genetics, not tumor location.Still, the targeted nature of many new medicines will limit the overall patient p
'3a524e545cd31cca04676116b96dd1fea60f831d'|'Global regulators expect deal soon on finalising capital rules'|'Business News - Thu May 25, 2017 - 12:30pm BST Global regulators expect deal soon on finalising capital rules U.S. one dollar bills blow near the Andalusian capital of Seville in this photo illustration taken on November 16, 2014. REUTERS/Marcelo Del Pozo By Huw Jones - LONDON LONDON Global regulators will soon finalise a suite of rules to ensure banks hold enough capital to withstand rocky markets without taxpayer aid, one of their top officials said on Thursday. The Basel Committee had hoped for a deal in January, but its members could not agree on how to set a capital backstop known as an aggregate output floor, which ensures a minimum level of capital. The floor and other new rules complete Basel III, the world''s core regulatory response to a global banking crisis that began in 2007. Much of Basel III has already been implemented. U.S. President Donald Trump''s call to ease regulation on banks in a bid to boost lending to the economy, and threats by the European Union to stop the new rules if they forced European banks to find large amounts of fresh capital, have cast some doubt over the reforms. The committee''s secretary general William Coen said setting the output floor was the "one piece of unfinished business". "Given the very broad support for reaching an agreement from all stakeholders, including the banking industry, I am hopeful that we can finalise the reforms in the near future," Coen told a financial conference. A banking industry official in Europe said a deal could come at the committee''s next meeting on June 14-15. It would need to be formally endorsed by its oversight body. "We have had many false dawns, but I am hearing a deal is very close. There was a concern the U.S. would be absent from the discussions, but that has not happened," the banker said. The remaining elements seek to ensure banks are consistent in the way they assess risks from loans and determine the size of their capital reserves. Regulators are tightening the rules on the use of computer models at big banks to tot up risks from loans and work out how much capital they should hold. Coen said the new output floor would ensure the amount of capital would not fall to, for example, 70-75 percent of the amount a bank would need if it had used the "standard" calculation used by the vast majority of lenders globally. Banks will have time to adapt. Basel III was agreed in 2010, but full implementation won''t be until 2019, Coen said. "I suspect a similar approach will be taken for this set of revisions." The European banker said Basel could also start the floor as low as 55 percent and build up to 70-75 percent, the level now likely. Banks in France and Germany would be hit most by the new floor, and there is already talk the EU may exclude mortgages from the calculation, the banker added. REPO RULES? With Basel III completed, Coen said a new task would be to identify "regulatory arbitrage" or the gaming of rules by banks to seek an advantage over rivals. A separate committee of global regulators has already identified swings in the repurchase agreements, or repo, market, Coen said. These swings were likely to be a reflection of "incentives" that banks have to "window dress" or flatter their end of quarter or end of year balance sheets to ease pressure on capital requirements, Coen said. One of Basel''s core reforms since the crisis, the leverage ratio or broad measure of capital, was one such incentive, he added. "We will pay particular attention to regulatory arbitrage and determine the appropriate response, be it regulatory or supervisory," Coen added. (Reporting by Huw Jones; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-basel-banks-regulations-idUKKBN18L1FI'|'2017-05-25T19:26:00.000+03:00'
'97a701f0eb44332272eb00498915f57890489ccf'|'Ford to name new heads for Europe, Asia - FT'|'By Sweta Singh and Joseph White - BENGALURU/DETROIT BENGALURU/DETROIT Ford Motor Co on Thursday reshuffled senior management and brought back a former executive from Uber Technologies Inc, signaling its new chief executive officer will rely on tested company veterans to turn Ford around rather than outside talent.James Hackett, named CEO on Monday, has said he wants to streamline Ford''s hierarchy and speed up decision-making, as the No. 2 U.S. automaker faces threats from Silicon Valley''s self-driving technology and resurgent rival General Motors Co in its traditional markets.Ford said it hired Sherif Marakby as its new vice president in charge of its autonomous and electric vehicle efforts. Marakby had been hired away from ride-hailing company Uber, where he was vice president of global vehicle programs. Prior to joining Uber last year, Marakby was at Ford for more than 25 years and worked on hybrid and electric vehicles.The automaker said it will also combine its purchasing and product development operations under Hau Thai-Tang, previously head of global purchasing. Thai-Tang, 50, will have the task of simultaneously accelerating vehicle development and reining in costs as rival GM unleashes a volley of models aimed at the heart of Ford''s product lineup.Raj Nair, currently Ford''s executive vice president of product development and chief technical officer, will take over as president, North America, effective June 1, the company said. He will be responsible for operations that generate about 90 percent of Ford''s global profits.In other moves, Ford named Steven Armstrong as head of Europe, Middle East and Africa and Peter Fleet as chief of Asia Pacific and China.Armstrong is currently chief operating officer for Ford of Europe, while Fleet is in charge of sales and marketing for the Asia-Pacific region.Last week, the company announced plans to cut 1,400 white-collar positions and is expected to make significant cost cuts in the coming months.Hackett, who replaced Mark Fields, is the latest in a line of non-family CEOs given a mandate to change the management culture at one of the auto industry''s oldest institutions.Ford shares fell 1.7 percent to $10.77. The stock is down about 36 percent since Fields took over three years ago at the peak of the U.S. auto industry''s recovery from the crisis of the last decade.(Editing by Jeffrey Benkoe and Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/ford-management-idINKBN18L1IA'|'2017-05-25T09:51:00.000+03:00'
'e5ddbb489feb565268377f40603fc6afa70730e3'|'BRIEF-Chemocentryx says granted EU orphan drug designation for avacopan in treating patients with C3G'|'Market News  46am EDT BRIEF-Chemocentryx says granted EU orphan drug designation for avacopan in treating patients with C3G May 23 Chemocentryx Inc * Says granted EU orphan drug designation for avacopan in treatment of debilitating kidney disease C3 glomerulopathy * Says plans to initiate a multi-center clinical endpoint study of avacopan for treatment of c3g in mid-2017 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-chemocentryx-says-granted-eu-orpha-idUSFWN1IP0I1'|'2017-05-23T20:46:00.000+03:00'
'099d0620cee87c76ca8c6e6a352cdddc7aa178fa'|'Italy says working with EU authorities to find solution for Veneto banks'|' 12am BST Italy says working with EU authorities to find solution for Veneto banks left right A Banca Popolare di Vicenza sign is seen in Rome, Italy, March 29, 2017. REUTERS/Alessandro Bianchi 1/2 left right The logo of Veneto Banca bank is seen in Venice, Italy, January 31 2016. REUTERS/Alessandro Bianchi/File Photo 2/2 MILAN Italy is working with European authorities to rapidly find a solution for Popolare di Vicenza and Veneto Banca, the country''s economy minister said, as investors fretted the two regional lenders may fail to get the state aid they have requested. A state bailout of the two banks appears at risk after EU authorities on Wednesday stood by their demand of a 1 billion euro (<28>866.41 million) private capital injection into the rescue, rejecting Italian requests of a smaller private contribution. Italian Economy Minister Pier Carlo Padoan said in a statement that Wednesday''s meeting in Brussels was only one of numerous steps which are part of technical discussions over the bailout request. "Talks with European authorities continue with a shared goal of agreeing a solution that guarantees the stability of the two Veneto-based banks and fully preserves savers, in compliance with European rules," the statement said. (Reporting by Valentina Za; editing by Francesca Landini)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-italy-veneto-banks-idUKKBN18L16N'|'2017-05-25T18:12:00.000+03:00'
'a206a9210ae6f1746da3f9d18e66d9b4517663ea'|'CEE MARKETS-Warsaw leads stocks rise, Hungarian bonds firm ahead of auction'|'* Fed comments on rate caution helps CEE assets * Warsaw leads stock gains, JSW and PGNiG Q1 results help * Hungarian bond auction seen drawing strong demand By Sandor Peto BUDAPEST, May 25 Warsaw led Central European equities higher on Thursday as emerging market stocks firmed after the U.S. Federal Reserve signalled cautious approach to rate hikes and Polish energy firms PGNiG and JSW reported strong earnings. The prospect of slower U.S. rate hikes than had recently been expected could trigger a flow of funds from dollar assets into higher-yielding emerging markets, traders sad. Warsaw''s blue-chip stock index jumped almost 1.5 percent at the opening but had given up some gains by 0756 GMT, although it was still outperforming its main Western European counterparts. Poland''s dominant gas firm PGNiG and JSW, the EU''s biggest coking coal producer, reported higher than expected first-quarter earnings. Their stocks jumped about 5 percent in early trade. "A positive outcome of the session is far from certain yet, because those gains will have to be held," said Slawomir Kozlarek, trader at BZ BWK. "It may be a good test of current market strength, since losing this momentum would confirm that the climate has worsened since mid-May." Regional stock indices are trading near multi-year highs. Budapest''s index stayed below its recent record levels as drug maker Richter dragged, down 1.6 percent although OTP Bank <OTPB.BU shares rose by about 1 percent. Hungarian government bonds, however, extended their gains ahead of an auction and after the central bank said on Thursday that it would reopen interest rate swaps (IRS) earlier used by commercial banks to hedge their government bond buying. The yield on three-year bonds dropped 3 basis points to 2.78 percent, and the primary issues could be sold at yields slightly below the secondary market, traders said. The IRSs which will expire in February 2019 could mainly help the short end of the yield curve, while all the Hungarian bonds on offer could draw healthy demand, they said. "If the auction will be also strong for the longer bonds, that is thanks to the international sentiment," said one Budapest-based trader. Rate setters told the Reuters Central & Eastern Europe Investment Summit this week that Hungary and Poland would keep monetary policy loose through to 2018, shrugging off rising inflation, while the Czech central bank may be the region''s first to tighten later this year. The forint traded at 308.25 against the euro, off the three-month highs reached on Wednesday at 307.16. CEE MARKETS SNAPSH AT 0956 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.445 26.453 +0.03 2.13% 0 0 % Hungary 308.25 307.81 -0.14% 0.18% forint 00 00 Polish zloty 4.1770 4.1817 +0.11 5.43% % Romanian leu 4.5505 4.5496 -0.02% -0.34% Croatian kuna 7.4330 7.4273 -0.08% 1.64% Serbian dinar 122.67 122.69 +0.02 0.55% 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1013.6 1010.7 +0.29 +9.98 2 3 % % Budapest 34202. 34251. -0.14% +6.87 43 21 % Warsaw 2354.0 2324.9 +1.25 +20.8 8 9 % 5% Bucharest 8578.2 8549.0 +0.34 +21.0 4 6 % 8% Ljubljana 785.41 788.54 -0.40% +9.45 % Zagreb 1852.0 1853.2 -0.07% -7.16% 4 6 Belgrade 734.70 735.64 -0.13% +2.42 % Sofia 662.32 660.74 +0.24 +12.9 % 4% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.098 0.083 +056b +8bps ps 5-year -0.011 0.035 +035b +6bps ps 10-year 0.82 -0.027 +044b +0bps ps Poland 2-year 1.941 0.02 +260b +2bps ps 5-year 2.765 -0.008 +312b +2bps ps 10-year 3.325 -0.031 +294b +0bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.36 0.45 0.52 0 IBOR=> Hungary <BU 0.19 0.22 0.29 0.16 BOR=> Poland <WI 1.77 1.78 1.815 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope
'3dd2165437021a61b711ff5013d869be452e02d1'|'UPDATE 3-Five charged with insider trading involving U.S. health agency'|'(Adds statements from lawyers)By Brendan PiersonNEW YORK May 24 Five men, including a Washington political consultant and a federal employee, were criminally charged on Wednesday with engaging in an insider trading scheme based on leaks from within a federal healthcare agency.Federal prosecutors in Manhattan announced the arrests of political consultant David Blaszczak, founder of Precipio Health Strategies; U.S. Centers for Medicare and Medicaid Services (CMS) employee Christopher Worrall; and Rob Olan and Ted Huber, employees of the healthcare hedge fund Deerfield Management.Olan''s lawyer, Eugene Ingoglia, said in an email that Olan was "an innocent man." Huber''s lawyer, Barry Berke, said that Huber "did absolutely nothing wrong."Jordan Fogel, a former employee at New York-based Deerfield, who was also charged, pleaded guilty on Friday.<2E>Jordan looks forward to resolving this and moving on,<2C> said Marc Mukasey, Fogel''s lawyer.A spokeswoman for Dentons, a law firm representing Worrall, had no immediate comment. A lawyer for Blaszczak could not immediately be reached.Prosecutors said that from 2012 to 2014, Olan, Huber and Fogel schemed to get confidential information about CMS''s internal decision-making from Blaszczak, who previously worked there. Blaszczak in turn got the information from his former colleague and "close friend" Worrall, prosecutors said.CMS, part of the Department of Health and Human Services, oversees government health insurance programs. The confidential information included advance notice about rules cutting reimbursement rates for radiation cancer treatment and dialysis, allowing Deerfield to short healthcare companies affected by the cuts.The companies included radiation oncology companies Accuray Inc and Varian Medical Systems, and dialysis companies DaVita Healthcare Partners Inc and Fresenius Medical Care, a unit of Fresenius Medical Care, AG of Germany, among others, according to the indictment.According to a related complaint by the U.S. Securities and Exchange Commission, the scheme yielded $3.9 million in profits and at least $193,000 in consulting fees for Blaszczak''s companies.Worrall and Blaszczak''s relationship went back years, prosecutors said. In 2011, Blaszczak arranged a job interview at a private consulting firm for Worrall, and in 2014 he asked Worrall to become a co-owner of a new firm.The defendants are charged with securities fraud, wire fraud, conspiracy and conversion of property of the United States.The new arrests are the latest development in a wide-ranging investigation that previously led to charges against three ex-employees of Jacob Gottlieb''s Visium Asset Management hedge fund, prompting the $8 billion firm''s wind-down. (Reporting by Brendan Pierson in New York; Editing by Lisa Von Ahn and James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-crime-healthcare-leaks-idINL1N1IQ1DW'|'2017-05-24T20:28:00.000+03:00'
'83985b54c22ccaa03bc62522a2ae92e3b6747df8'|'OPEC meets to extend oil cuts for up to one year'|'  4:27pm BST OPEC extends oil output cut by nine months to fight glut left right OPEC President Saudi Arabia''s Energy Minister Khalid al-Falih talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 1/17 left right OPEC President, Saudi Arabia''s Energy Minister Khalid al-Falih, talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 2/17 left right OPEC President, Saudi Arabia''s Energy Minister Khalid al-Falih, talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 3/17 left right Iran''s Oil Minister Bijan Zanganeh talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 4/17 left right OPEC President, Saudi Arabia''s Energy Minister Khalid al-Falih, and OPEC Secretary General Mohammad Barkindo talk to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 5/17 left right Iraq''s Oil Minister Jabar Ali al-Luaibi talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 6/17 left right OPEC President, Saudi Arabia''s Energy Minister Khalid al-Falih, and OPEC Secretary General Mohammad Barkindo talk to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 7/17 left right The OPEC logo is seen outside their headquarters in Vienna, Austria May 24, 2017. REUTERS/Leonhard Foeger 8/17 left right OPEC President, Saudi Arabia''s Energy Minister Khalid al-Falih, and OPEC Secretary General Mohammad Barkindo talk to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 9/17 left right OPEC President, Saudi Arabia''s Energy Minister Khalid al-Falih, and OPEC Secretary General Mohammad Barkindo talk to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 10/17 left right UAE''s Oil Minister Suhail Mohamed Al Mazrouei arrives for a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 11/17 left right Venezuela''s Oil Minister Nelson Martinez talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 12/17 left right A women cleans the red carpet inside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 13/17 left right Nigeria''s Oil Minister Emmanuel Ibe Kachikwu talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 14/17 left right Angola''s Oil Minister Jose de Vasconcelos talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 15/17 left right Ecuador''s Minister of Hydrocarbons Carlos Perez talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 16/17 left ri
'2e69bafeb30d1170286571a59e7f3aadf7688627'|'Italy court to take on consumer group class action against Volkswagen'|'Autos   2:42pm BST Italy court to take on consumer group class action against Volkswagen VW Golf cars are pictured in a production line at the plant of German carmaker Volkswagen in Wolfsburg, March 9, 2017. REUTERS/Fabian Bimmer MILAN A court in Venice will hear a class action suit filed in Italy for damages against German carmaker Volkswagen ( VOWG_p.DE ) over the dieselgate emissions fraud, an Italian consumer group said on Thursday. Consumer group Altroconsumo said in a statement the suit it had filed on behalf of consumers had been accepted by the court for all Volkswagen brands including Audi, Skoda and Seat. In June last year, a Venice appeals court had accepted another class action suit from Altroconsumo over allegations the German carmaker had understated the fuel consumption of its Golf model. That suit was filed in September 2014 before the dieselgate scandal broke. Volkswagen admitted in 2015 some of its vehicles had been fitted with defeat devices allowing them to get round emissions laws during testing. The company is already facing a number of lawsuits and investigations in relation to the emissions scandal. VW was not immediately available to comment. (Reporting by Stephen Jewkes. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-italy-idUKKBN18L1U4'|'2017-05-25T21:42:00.000+03:00'
'1c8ab4d96798c81f02d7dd74d945bb0b501e3394'|'U.S. jobless claims edge up; goods trade deficit widens'|'  2:10pm BST U.S. jobless claims edge up; goods trade deficit widens FILE PHOTO - People wait in line to enter a job fair in New York April 18, 2012. REUTERS/Shannon Stapleton By Lucia Mutikani - WASHINGTON WASHINGTON The number of Americans filing for unemployment benefits rose less than expected last week and the four-week moving average of claims fell to a 44-year low, suggesting further tightening in the labour market. Initial claims for state unemployment benefits increased 1,000 to a seasonally adjusted 234,000 for the week ended May 20, the Labor Department said on Thursday. The increase followed three straight weeks of declines. Data for the prior week was revised to show 1,000 more applications received than previously reported. Economists polled by Reuters had forecast first-time applications for jobless benefits rising to 238,000 in the latest week. It was the 116th straight week that claims were below 300,000, a threshold associated with a healthy labour market. That is the longest such stretch since 1970, when the labour market was smaller. The labour market is near full employment, with the jobless rate at a 10-year low of 4.4 percent. A Labor Department official said there were no special factors influencing last week''s data and that only claims for Louisiana and North Dakota had been estimated. The four-week moving average of claims, considered a better measure of labour market trends as it irons out week-to-week volatility, fell 5,750 to 235,250 last week, the lowest level since April 1973. Prices of U.S. Treasuries were largely unchanged after the data. U.S. stock index futures were trading higher while the dollar .DXY was weaker against a basket of currencies. ROBUST JOB MARKET Labor market strength supports the view that an abrupt slowdown in economic growth in the first quarter was probably temporary, which could encourage the Federal Reserve to raise interest rates next month. Minutes of the Fed''s May 2-3 policy meeting, which were published on Wednesday, showed that while policymakers agreed they should hold off hiking rates until they see evidence the growth slowdown was transitory, "most participants" believed "it would soon be appropriate" to increase borrowing costs. Gross domestic product increased at a 0.7 percent annualized rate in the first quarter, the weakest performance in three years. Data on the labour market, retail sales and industrial production suggest the economy regained momentum at the start of the second quarter. But expectations of a sharp rebound in GDP growth were tempered somewhat after the Commerce Department reported on Thursday that the goods trade deficit rose 3.8 percent to $67.6 billion in April. At the same time, both wholesale and retail inventories fell 0.3 percent last month. Trade made no contribution to GDP growth in the first quarter while inventory investment subtracted 0.93 percentage point from output. The Atlanta Fed is currently forecasting GDP rising at a 4.1 percent rate in the second quarter. Thursday''s claims report also showed the number of people still receiving benefits after an initial week of aid rose 24,000 to 1.92 million in the week ended May 13. Despite the increase, the so-called continuing claims have remained below 2 million for six straight weeks. The four-week moving average of continuing claims dropped 16,000 to 1.93 million, the lowest level since January 1974. The continuing claims data covered the period of the household survey, from which May''s unemployment rate will be derived. The four-week average of continuing claims decreased 76,750 between the April and May survey weeks, suggesting further improvement in the unemployment rate. The jobless rate has dropped by four-tenths of a percentage point this year. (Reporting by Lucia Mutikani; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN18L1QL'|'2017-05-25T21:10:00.000+03:00'
'b2a972a70ca47e8f321504194fd8f1c102067d5a'|'Nokia settles patent dispute with Apple'|'HELSINKI Apple has settled a patent dispute with Finnish telecom equipment maker Nokia and agreed to buy more of its network products and services, sending Nokia shares up 7 percent.The deal means Nokia will get bigger royalties from Apple for using its mobile phone patents, helping offset the impact of waning demand for its mobile network hardware.Such legal battles are common in the industry but can drag on for years and analysts had not been expecting such a quick resolution to the dispute that started in December.Under the deal announced in a joint statement from the companies on Tuesday, Nokia will also supply network infrastructure products to Apple, and Apple will resume sales of Nokia''s digital health products in retail and online stores and look at further collaboration in health.Digital health is one of the areas Nokia is targeting as it tries to develop new businesses to offset the industry-wide slump in demand for network equipment. Last year, Nokia bought France''s Withings S.A., a small firm with products such as activity trackers and baby monitors built on digital platforms."There could emerge big future value from this as Apple could become an important distribution channel," said Handelsbanken analyst Daniel Djurberg, who has an "accumulate" recommendation for Nokia shares."I have not given any value so far for Nokia''s digital health business, but might apply an option value to it."INDUSTRIAL DEALNokia Chief Executive Rajeev Suri told the company''s annual general meeting later on Tuesday that the deal would help expand network sales beyond telecom operators to global internet and technology giants."(The deal) involves a business collaboration ... in particular in areas of IP and optical equipment, which is quite key to webscale players when they build their data centers," he said. "It''s a good deal, a multi-year licensing deal, and I love it that it has an industrial deal and aspect to it."Under the patent license agreement, Nokia will receive a "significant" upfront cash payment and additional revenues from Apple starting from the current quarter. The companies did not give further details but analysts said the revenue was likely to be far higher than a previous deal.Inge Heydorn, fund manager at Sentat Asset Management, said it was a smart move to collaborate on digital health products."It''s interesting for Nokia in a five- to 10-year perspective since I think it will be hard to be profitable within mobile infrastructure," said Heydorn, whose firm does not hold any shares in Nokia.Nokia shares, which fell in December when the patent dispute was announced, jumped to their highest since February 2016 and were up 6.7 percent at 5.89 euros by 1509 GMT (11:09 a.m. ET).A previous patent license contract between the companies expired last year, and both sides took legal action in December. Apple complained of being overcharged and Nokia responded by accusing Apple of violating technology patents.In the absence of a new deal, Nokia cut its annual run-rate forecast in December for patent and brand licensing sales to 800 million euros ($900 million) from 950 million euros previously. In its latest quarterly report released in April, Nokia stopped giving an annual run-rate forecast altogether."(The agreement) moves our relationship with Apple from being adversaries in court to business partners," Nokia''s Chief Legal Officer Maria Varsellona said in a statement.QUICK RESOLUTIONAnalysts were surprised by the relatively quick resolution of the dispute between Apple and Nokia."Nokia told analysts in April don''t calculate on any license revenue from Apple, not even in 2018, so this is a positive surprise. It will also limit Nokia''s legal expenses," said Djurberg who said he would probably raise his Nokia estimates."For Nokia, it''s good news they got this out of the way, but we still have to wait for details about the financial impact," said OP Equities analyst Hannu Rauhala."The previous annual rate was 150 million euros, s
'b3a88ad2e5f5bc826a00bff9e7ae24df84361735'|'CEOs of Target, ADM to square off on U.S. border tax at hearing'|'WASHINGTON The chief executive officers of two major American companies - retailer Target Corp and agribusiness Archer Daniels Midland Co - offered opposing views in a hearing before U.S. lawmakers on Tuesday on a proposed border adjustment tax.Target CEO Brian Cornell has been one of the most vocal opponents of the Republican-backed border adjustment tax and testified alongside Juan Luciano, president and CEO of ADM, who spoke in favor of the proposal.The border tax would imposes a tax on imports while providing a credit for exports and has been proposed by House Republicans as part of a larger tax code overhaul. Target is a big importer of goods, while ADM exports.House Speaker Paul Ryan argues the proposed border tax, which is estimated to garner $1 trillion, will not affect prices and will allow rate cuts for businesses while not creating deficits, but retailers warn that it could raise consumer prices as much as 15 percent.Cornell and Luciano took staunchly different positions on the tax."Under the new border adjustment tax, American families <20> your constituents <20> would pay more so many multinational corporations can pay even less," Cornell told the committee.Luciano, on the other hand, argued that the tax would make American companies more competitive."A competitive tax code will help us continue providing American-made food and feed to our customers in the United States and abroad in the face of robust and, from a tax perspective, ever strengthening competition from abroad," he said.The outlook for passage of the border tax - which drew staunch opposition from retailers - remains perilous, especially as key Senate Republicans and President Donald Trump have refused to endorse it.Several Republican members of the committee expressed concerns about the tax during the hearing that stretched more than three hours, including Republican Representative Jim Renacci who argued the proposal could hurt small businesses that rely on imports.Dimming the prospects more, lawmakers and lobbyists have begun to speculate that Congress will be unable to rally support for a sweeping tax code overhaul this year, and are beginning to look instead at cutting tax rates without broad reform.The committee heard from two additional supporters of the tax, including William Simon, the former CEO of Wal-Mart Stores Inc, who despite his past with a large retailer that opposes the tax, endorsed the measure."We will see more good middle class jobs, a robust U.S. economy and an era of growth that will be led by a new industrial revolution," Simon said.Lawrence Lindsey, the former director of the National Economic Council under President George W. Bush, also supported the tax.Economist Kimberly Clausing, of Reed College, criticized the proposal, saying she disagrees with the argument by proponents that currency markets would prevent consumer prices from increasing."This is an untested tax reform that is not ready for primetime," she said.(Reporting by Ginger Gibson; editing by Lisa Shumaker, Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-tax-border-idUSKBN18J193'|'2017-05-23T18:00:00.000+03:00'
'adb090959ff57b745799eaded5a76200084471b4'|'first Trillions in cuts'|'Here''s how your tax dollars are spent President Trump''s first full budget proposal lands on lawmakers'' desks Tuesday morning. It calls on Congress to spend $4.1 trillion next year, a little more than what is being spent this year. But it would greatly reallocate where many federal funds go -- beefing up spending in some areas, while slashing it in others over the next ten years. Trump is proposing to spend more on defense, border security and infrastructure. And he wants to create a first-ever federal paid family leave program. At the same time, he''s calling for drastic cuts to many safety net and other domestic programs that focus on everything from the environment and education to student loans and scientific research. The administration estimates that the president''s budget would reduce overall spending by $3.6 trillion over the next 10 years. The end result, on paper anyway, is a fiscal conservative''s dream: A balanced budget by 2027 with a reduction in the nation''s cumulative debt as a share of the economy. But the White House arrives at those projections in part by using assumptions that few economists or policy experts outside the administration view as realistic. Trump''s economic and budget teams assume a higher economic growth rate than others. They also assume that tax reform won''t add to deficits and that the controversial House-passed version of Obamacare repeal will be law. Related: Trump''s budget could be tricky for the GOP Of course, a president''s budget is never adopted wholesale by Congress or, in some years, even in parts. But it does lay out for lawmakers where the president''s fiscal and legislative priorities lie -- and where they don''t -- as they start to craft a budget for next year. Here are a few takeaways from Trump''s 2018 budget blueprint: More money for defense and border security The Trump budget would lift the legal spending cap on defense and add $54 billion to its topline funds for 2018. It also would increase funding for defense for every other year in the next decade relative to baseline projections. He is also calling for $2.6 billion to be spent on border security. The bulk of that -- $1.6 billion -- would pay for a "new and replacement" border wall that Trump campaigned on. Less money for nondefense domestic programs To offset all the extra defense funding, Trump is proposing to slash nondefense discretionary spending by $54 billion next year and then continue to cut funding by 2% a year for the rest the decade. This category of spending accounts for the smallest part of the federal budget and covers everything from education, legal aid and national parks to government-funded research and diplomacy. Related: Trump''s budget: Big gifts for the rich, big guts for the poor Even without Trump''s proposal, spending on nondefense discretionary programs is already historically low . As a share of the economy it''s at its lowest level since 1998 and is well below where it was 50 years ago, according to data from the Congressional Budget Office. Safety net program cuts Several programs geared to helping low-income and disabled Americans would come under the knife in Trump''s budget. It would reduce spending on programs like food stamps (or SNAP), Social Security disability insurance benefits, additional income for poor seniors, disabled adults and children (SSI), and public assistance for needy families (TANF). Related: American''s safety net is at risk under Trump''s ax Part of the reduction would result from Trump''s proposal to tighten eligibility requirements for benefits in these programs and "encourage" work. White House Budget Director Mick Mulvaney put it this way in a briefing with reporters: "If you''re on food stamps and able-bodied, we need you to go to work." Tax credit changes Mulvaney noted that the Trump plan would require working adults whose low income otherwise qualifies them for the Earned Income Tax Credit and the Child Tax Credit to have a Social Security number. The goal is to prevent ill
'4de04efa516693dbfa53197cde8d96e74f4762ac'|'PPG CEO says remains interested in consensual deal with Akzo'|'AMSTERDAM PPG Industries remains interested in negotiating a "consensual" deal with Akzo Nobel, even as the Dutch rival paint maker resists its 26.3 billion euro ($29.5 billion) takeover offer, PPG''s top executive said on Tuesday.PPG Chief Executive Michael McGarry, who was in the Netherlands for a shareholder lawsuit against Akzo a day earlier, told journalists he had never before seen such hostility between a company and its shareholders.But McGarry said "PPG remains very interested in pursuing a privately negotiated, substantive deal with Akzo Nobel."On Monday, several major Akzo shareholders led by activist hedge fund Elliott Advisors, filed a lawsuit against the company over the refusal by Akzo''s management to enter talks.PPG is in discussions with Dutch market regulator AFM about extending by up to two weeks a June 1 deadline to submit a formal bid for Akzo while it awaits the court''s decision, most likely on May 29.McGarry said that financing of a possible deal "is not an issue. We will have all the financing we need on whatever the appropriate date is," he said.Shares in Akzo traded 1 percent higher at 76.47 euros at 0830 GMT on Tuesday, well below PPG''s 96.75 euros per share bid proposal made on April 20, suggesting investors are sceptical a PPG offer will ultimately succeed.Akzo has argued a PPG takeover would be bad for employees, that the companies'' cultures don''t mesh, that a deal faces antitrust risks, that it would be bad for the environment and that Akzo should stay Dutch in the country''s national interest.(Reporting by Toby Sterling and Bart Meijer; Writing by Anthony Deutsch; Editing by Louise Heavens and Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/akzo-nobel-m-a-ppg-inds-idINKBN18J0WU'|'2017-05-23T06:01:00.000+03:00'
'f144c67c25b34c7c4f506f3081bf6a21e200a160'|'Apple in talks to expand India production capacity: minister'|'NEW DELHI India has offered to allow Apple Inc ( AAPL.O ) to import mobile handset components intended for use in local manufacturing tax free, a top government official said on Tuesday.The tax concessions will be subject to the condition of increasing local value addition over a period of time.Apple Inc wants to expand its contract manufacturer''s facility in the southern Indian tech hub of Bengaluru, a federal minister said on Tuesday, as the iPhone maker seeks a bigger share in one of the world''s biggest smartphone markets.Cupertino, California-based Apple last week started making iPhone SE at its Taiwanese contract manufacturer Wistron''s plant in Bengaluru..Apple, which sold over 50 million iPhones in the March quarter, down 1 percent year-on-year, is looking for new markets as its sales in China have weakened.Among a set of tax concessions, Apple had initially sought a 15-years tax holiday for all components that it would import for setting up a manufacturing facility in India.A panel of ministries rejected that demand and has offered a phased program to increase the share of local production in the manufacturing, Aruna Sundararajan, Secretary at the Ministry of Electronics and IT said."We have offered them tax exemptions on those components which could not be manufactured in India," Sundararajan told Reuters, adding that local manufacturing component would have to be increased gradually.Apple has agreed to increase local share in production over a period of time, but there was a difference between the plans of the two sides, she said.Apple was not immediately available for comment.India wants Apple to raise value addition share in phases of 3,5,7 and 10 years as the local capacity builds up, part of Prime Minister Narendra Modi''s plans to boost manufacturing.Industry estimates the phased manufacturing program could increase local value addition in mobile phones manufacturing to 40-50 percent in the next three years.Earlier, Ravi Shankar Prasad, the federal minister for Electronics and IT said government officials were in touch with Apple and other mobile phone manufacturers about expanding facilities and setting up new plants."It will be a little early to say that India and Apple have agreed on the common ground," said the official, adding India was ready to work out a roadmap to encourage manufacturing.Industry estimates total value of mobile phones produced in India touched near 900 billion Indian rupees ($13.90 billion) compared with 540 billion rupees in the previous year."We are waiting for Apple to come back," said Sundararajan.(Additional reporting by Sankalp Phartiyal; Editing by Sherry Jacob-Phillips/Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-india-apple-idUSKBN18J0YV'|'2017-05-23T16:20:00.000+03:00'
'38f24fe9764e873ccdf0f0274f8cc124de957f9d'|'OPEC oil cut extension renews Asia''s crude supply worries'|'Fri May 26, 2017 - 10:06am BST OPEC oil cut extension renews Asia''s crude supply worries A TV camera is seen inside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria May 24, 2017. REUTERS/Leonhard Foeger SINGAPORE The OPEC-led decision to extend a production cut to March 2018 disappointed financial investors, prompting an exit from oil futures markets, while refiners in Asia were mostly concerned with whether it meant they would need to go hunting for crude. In Vienna, the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers on Thursday extended a pledge to cut 1.8 million barrels per day (bpd) of output until the end of the first quarter of 2018. Financial traders did not like what they heard, thinking it meant an ongoing oil glut. "The market voted with its feet", investment bank Jefferies said, dragging crude futures CLc1 LCOc1 down 5 percent to near $50 a barrel. [O/R] In physical markets, however, where tankers can take weeks or months to deliver up to $100 million in crude oil, refiners want to know if they will be forced to search for new suppliers. "This is a declaration of a strong will of OPEC as well as non-OPEC producers to tighten overall supply-demand," said Yasushi Kimura, president of the Petroleum Association of Japan, and chairman of petroleum conglomerate JXTG Holdings ( 5020.T ). To ensure crude supplies, "we need to carefully monitor OPEC''s production cut adherence," Kimura said. Crude is by far the biggest cost for refiners and the petrochemical industry, shaking margins DUB-SIN-REF whenever benchmark prices take broad swings. Kimura said the extended cuts could mean demand may exceed supply in 2017, which would be the first time in years. This would force refiners to start using up reserves, pushing up prices at least until production catches back up with consumption. "In 2017, global demand is likely to exceed supply ... and crude prices are likely to ... rise toward $60 by the end of the year," JXTG Holdings'' Kimura said. REAL SUPPLY CUTS? So far, though, the cuts that started in January have barely dented supply in Asia, home to three of the world''s four biggest oil consumers. Exporters were keen to maintain global market share, and they cut domestic supplies or shipments to marginal buyers. As a result, inventories in the big consumer markets have remained bloated, and prices low. "We have (so far) not had any impact in terms of any cut from any of these (OPEC) sources into India," said B. Ashok, chairman of Indian Oil Corp ( IOC.NS ), the country''s biggest petroleum company. OPEC sources said that will change as top exporter Saudi Arabia especially is keen to see a visibly tighter market. Many refiners, however, are still not expecting a real crude shortage, largely due to ample alternative supplies. "Crudes that can be processed in our refineries include crudes from the U.S. We have procured some crude even from Canada. We have been procuring crude from Latin America ... Africa, Russia," Ashok said. ALTERNATIVES AT A PRICE U.S. producers have become a key alternative source of supply as their output - largely due to shale oil - has soared by 10 percent since mid-2016 to 9.3 million bpd C-OUT-T-EIA, close to Saudi Arabia''s and Russia''s levels. These producers have been fast to fill OPEC''s gap, with an average of 374,000 bpd of crude from the United States coming to Asia in the first four months of 2017, according to data compiled by Thomson Reuters Oil Research and Forecasts. That compares with an average of just 48,000 bpd in 2016. "The cut in OPEC supplies will be offset by higher U.S. crude production," said KY Lin, spokesman for Formosa Petrochemical Corp. ( 6505.TW ), one of Asia''s biggest refiners and petrochemical producers. Still, most analysts including Goldman Sachs, Jefferies and Barclays, expect prices to gradually rise toward the beginning of 2018 as the market tightens. While consumers 
'b963627b08844755e0b187b34866c7b4cdd89f47'|'China''s reforms will not be enough to arrest rising debt - Moody''s Diron says'|'Business News - Fri May 26, 2017 - 3:18am BST China''s reforms will not be enough to arrest rising debt - Moody''s Diron says FILE PHOTO: A labourer has his dinner under his shed at a construction site of a residential complex in Hefei, Anhui province, August 1, 2012. REUTERS/Stringer/File Photo BEIJING China''s structural reforms will not be enough to arrest its rising debt, Marie Diron, associate managing director of Moody''s Sovereign Risk Group, said on Friday. But its economic growth will remain robust, and the likelihood of a hard landing is slim, she told reporters on a webcast. Moody''s Investors Service downgraded China''s credit ratings on Wednesday by one notch to A1, saying it expects the financial strength of the world''s second-largest economy will erode in coming years as growth slows and debt continues to rise. China may no longer get an A1 rating if there are signs that debt is growing at a pace that exceeds the agency''s expectations, Li Xiujun, vice president of credit strategy and standards at the ratings agency, said on the webcast. (Reporting by Yawen Chen and Ryan Woo; Editing by Kim Coghill)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-rating-idUKKBN18M065'|'2017-05-26T10:18:00.000+03:00'
'96a0f21c35ca375f24d7405d569053c57c7cf7b0'|'Rural water access: why should countries follow Paraguay<61>s lead? - Global Development Professionals Network'|'I n the small community of Juan Augusto Sald<6C>var, about an hour outside of Paraguay<61>s capital, Julian Marecos is president of the local water board. He volunteers with four others to supervise the community<74>s water service, which was founded in 1993 and supplies more than 3,800 users, including the school, health centre, church, and other people in neighbouring areas.How can Peru prepare to withstand more devastating floods and landslides? Read more Born and raised in the area, Marecos still remembers the difficulties endured to access drinking water. <20>Traditionally, families used to get water from wells they had in their homes but often, particularly during very hot seasons, these wells dried up,<2C> he says. <20>Thanks to the board, we no longer have these difficulties and we have available drinking water, which helps us avoid many diseases.<2E>Across Latin America, 30 million people don<6F>t have access to safe water while 100 million still lack access to sanitation. This is despite the region being home to a third of the world<6C>s freshwater resources. The issue was given priority in the millennium development goals (MDGs), which gave a target of halving, by 2015, the proportion of the population without sustainable access to safe drinking water and basic sanitation.Only one country managed this in rural areas: Paraguay. In fact, it overachieved the goal; more than 94% of its rural population now has access to safe water , compared with 51.6% in 2000, making more progress than any other country. WaterAid Internat''l (@wateraid) These are the 10 most improved countries for rural access to clean water. Learn more: https://t.co/Tx17tvONg5 #StateOfWater #worldwaterday pic.twitter.com/OcnOIr5Fd9 March 22, 2017 Achieving clean water and sanitation has been given even greater prominence in the new sustainable development goals. Countries must ensure availability and sustainable management of water and sanitation for everyone, and experts have claimed that without this progress other goals and targets cannot be achieved . So what can other Latin American countries learn from Paraguay<61>s success?Water as a public health priority One way Paraguay tackled the problem of water access in rural areas was by placing its sanitation and water agency <20> Senasa ( Servicio Nacional de Saneamiento Ambiental ) within the department of health, helping to ensure its treatment as a public health priority. <20>While there are still many challenges, there really has been a lot of progress in the last 25 years or so because of the way Paraguay set things up,<2C> says Germ<72>n Sturzenegger, a senior water and sanitation specialist at the Inter-American Development bank (IDB).In 2007, Paraguay also recognised in law access to sufficient and quality water as a human right, three years before the right to water and sanitation was recognised by the UN. Ambitious targets for increasing the provision of piped water in urban and rural areas were set. Innovative schemes, such as the community service model Marecos is part of, were launched with subsidies for communities of less than 150 people.Access to drinking water around the world <20> in five infographics Read more In rural communities, the model works by giving responsibility for water and sanitation to a board <20> known as Juntas de Saneamiento <20> which is run by volunteers. There are upwards of 2,500 of these community associations in rural areas and small communities on the urban peripheries across Paraguay, one of the first countries to promote this kind of model. The boards not only recover the maintenance and operating costs through setting water tariffs, but also repay a portion of the capital costs <20> used to build the infrastructure initially <20> to the national treasury. A rural family pays $3-5 per month for its water service, which is typically paid in cash to members of the board.<2E>The Paraguayan government, mostly through Senasa, has created a good method for worki
'18d61164b0caec509ea9eb17a69046fd363086c3'|'UPDATE 1-UK Stocks-Factors to watch on May 24'|'(Adds company news, futures)May 24 Britain''s FTSE 100 index futures were down 0.1 percent on Wednesday ahead of the cash market open.* VEDANTA: Mining and energy group Vedanta Resources Plc said its full-year core profit surged 36.6 percent, driven by firmer commodity prices.* DIXONS: Britain''s Dixons Carphone on Wednesday beat fourth-quarter trading forecasts and narrowed its full-year headline pretax profit guidance to 485-490 million pounds ($628.85 million-$635.33 million) from 475-495 million.* MEDICLINIC: South Africa''s biggest private hospital group, Mediclinic International, reported a 19 percent drop in underlying full-year earnings on Wednesday as regulations in the Middle East weighed on profits.* KINGFISHER: Home improvements retailer Kingfisher reported on Wednesday a 0.6 percent fall in first-quarter sales from stores open for more than a year, due to weak sales in France, where the firm remains cautious about prospects.* ZPG: British property group ZPG plc, which owns property websites Zoopla and PrimeLocation, posted a 22 percent rise in half-year revenue as traffic to its sites hit a record high and the number of agents signed up to its platforms rose.* MARKS & SPENCER: Britain''s Marks & Spencer reported a 10 percent decline in annual profit and said clothing and homeware sales fell in its latest quarter, dampening the euphoria of the previous three months when it recorded a first increase in nearly two years.* ROYAL BANK OF SCOTLAND: Royal Bank of Scotland is struggling to reach a deal with all the investors who allege the lender misled them during a 12 billion pound ($15.6 billion) cash call in 2008, two sources familiar with the situation said.* Soldiers will be deployed to key sites in Britain to boost security as the country raised its terror threat to the highest level of "critical" following a suicide attack in Manchester that killed 22 people, including children.* GLENCORE: U.S. grains trader Bunge Ltd said on Tuesday it was not in talks with Swiss mining and commodities group Glencore Plc, after the latter said it had made an informal approach to discuss "a possible consensual business combination."* SHELL: Royal Dutch Shell Plc has decided to offload a roughly C$4.1 billion ($3 billion) stake in Canadian Natural Resources Ltd that it acquired as part of a deal to retreat from Canada''s oil sands earlier this year, people familiar with the situation told Reuters.* RIO TINTO: Ex-Rio Tinto, chief executive officer Sam Walsh said on Wednesday he does not ''fear the truth'' of investigations into millions of dollars in payments made in 2011 to help secure iron ore mining acreage in Guinea, Australian media reported.* BHP BILLITON: BHP Billiton, is seeking environmental approval to dig two new mines to extend the life of its Nickel West unit in the state of Western Australia, which is facing a shortfall in ore supply.* The UK blue chip index closed down 0.15 percent at 7,485.29 on Tuesday, as losses among miners more than offset stronger banks.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS> Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Arathy S Nair in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1IQ2DJ'|'2017-05-24T14:46:00.000+03:00'
'e0b425d3f5c750887e0ab6860edcfffc170ffc7c'|'Loeb sees $20 billion more value from Dow-DuPont merger'|'Activist investor Daniel Loeb''s Third Point LLC said Dow Chemical ( DOW.N ) and DuPont ( DD.N ) could unlock $20 billion in additional value by tweaking their plan to split into three companies following their merger.Dow and DuPont plan to split into agriculture, specialty chemicals and materials companies after their $130-billion merger, which is expected to close in August.Third Point questioned whether the three spinoffs were "appropriate or if the creation of additional companies or divestitures would further enhance shareholder value", in a presentation posted on the hedge fund''s website. ( bit.ly/2qgAXe3 )Dow and DuPont named the board of the combined company earlier this month and said its priorities would include "undertaking, as soon as practicable, a comprehensive review of the portfolios and their alignment.""The two companies are fully aligned regarding the objective of the review, and we continually solicit and welcome input from our shareholders," Dow and DuPont said in an email statement on Wednesday.Third Point had a 1.29 percent stake as of March 31, making it Dow''s seventh-largest investor, according to Thomson Reuters data.Dow averted a proxy fight with Third Point in 2014 by agreeing to add four independent directors to its board, but Loeb has been critical of Dow CEO Andrew Liveris'' leadership.Third Point''s latest presentation also called for a "slimmed down" Material Science Co, which is to be headed by Liveris, and said the Specialty Products business could be split into as many as four public companies.Liveris will retire as chairman of the combined DowDuPont company in July 2018, Dow said earlier this month.The hedge fund, which recommended moving several businesses from the Material Science Co to Specialty Products, also said reshuffling DowDuPont''s portfolio could help save more than the $3 billion the companies are targeting.For example, both Dow and Dupont have a food nutrition business, but one is to be housed in Material Sciences and the other in Specialty Products. Third Point wants the two businesses to be combined in Specialty Products.The activist investor also said there was a lot of earnings power in Material Science that should go to Specialty Products.Dow and DuPont''s shares were up about 1 percent in early afternoon trading.(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-dow-du-pont-thirdpoint-idINKBN18K2BT'|'2017-05-24T15:09:00.000+03:00'
'15d2e32d634805640eb1dd93229c6a62410413d2'|'CEE MARKETS-Hungarian bonds jump as central bank announces swaps'|'* Hungarian central bank IRS announcement lifts bond prices * Currencies, stocks mostly rebound after retreat from highs * Bucharest stocks hit highest level since early 2008 (Recasts with Hungarian government bonds, forint and zloty surge) By Sandor Peto and Robert Muller BUDAPEST/PRAGUE, May 24 Hungarian government bonds strengthened on Wednesday after the central bank said that it would offer interest rate swaps which could make bond buying more attractive to commercial banks. Central European government bonds were mixed while currencies and stocks mostly rebounded after a retreat in the past two sessions due to profit-taking. China''s credit rating downgrade by Moody''s did not have an impact and with a lack of major international market moving factors, investors are watching technical issues and comments from central bankers in the region, market participants said. Hungarian central bank deputy Governor Marton Nagy told Reuters late on Tuesday that the bank''s record low base rate could remain unchanged until 2019 or even longer. Loose policy from the region''s most dovish central bank was not a surprise. But government bonds got a boost from an announcement by the bank that it would launch the second phase of its programme to boost market-based lending to small and medium-sized businesses. Under that programme, the central bank will offer interest rate swaps, which commercial banks earlier widely used to hedge government bond buying. Hungarian bond yields fell by 4-5 basis points along the curve, with 10-year papers trading at 3.03 percent. The forint jumped to a 3-month high against the euro, touching 307.20, and traded at 307.65 at 1423 GMT, up 0.3 percent, despite the central bank''s dovish message. "Risk on is generally back now (in global markets), and with that backdrop the forint is unable to weaken in the short term," one Budapest-based currency dealer said. The zloty firmed 0.5 percent to 4.1795 against the euro. The Czech crown firmed slightly, after rebounding from an early easing. While a pick-up in economic growth backs currencies across the region, the crown could get more support from the central bank''s recent rhetoric than its regional peers, analysts said. The head of Erste Group Bank''s Czech asset management company said the Czech central bank (CNB) could be the first in the region to start lifting interest rates. CNB board member Vojtech Benda told Reuters that low interest rates boost housing prices into a spiral the bank will need to slow. He said the timing of a rate hike could hinge on third-quarter economic data and that more crown firming would mean fewer hikes, although hikes are coming anyway. Bucharest''s stock index hit a new 9-year high. Sentiment has been lifted by an initial public offering and listing by Digi Communications this month. Budapest''s index shed 1.4 percent, mainly driven by profit-taking which has pushed back the stocks of OTP Bank from 3-month highs reached on Monday. CEE MARKETS SNAPSH AT 1623 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.438 26.452 +0.05 2.15% 0 0 % Hungary 307.65 308.55 +0.29 0.38% forint 00 50 % Polish zloty 4.1795 4.2014 +0.52 5.37% % Romanian leu 4.5515 4.5554 +0.09 -0.36% % Croatian kuna 7.4270 7.4305 +0.05 1.72% % Serbian dinar 122.62 122.88 +0.22 0.60% 00 50 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1011.1 1007.9 +0.32 +9.72 7 1 % % Budapest 34234. 34730. -1.43% +6.97 24 94 % Warsaw 2316.5 2307.8 +0.38 +18.9 5 4 % 2% Bucharest 8558.2 8508.2 +0.59 +20.7 7 8 % 9% Ljubljana 788.54 791.34 -0.35% +9.89 % Zagreb 1853.0 1850.8 +0.12 -7.11% 4 6 % Belgrade 735.64 739.12 -0.47% +2.55 % Sofia 660.74 655.00 +0.88 +12.6 % 7% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.182 0 +047b +1bps ps 5-year -0.019 0.003 +032b +1bps ps 10-year 0.847 0 +045b +0bps ps Poland 2-year
'4461d40decb7fcc79b51057a4e2993e1321f666f'|'Rocket''s Global Fashion sells majority of Middle East unit Namshi'|'By Hadeel Al Sayegh and Emma Thomasson - DUBAI/BERLIN DUBAI/BERLIN Emaar Malls will buy a 51 percent stake in e-commerce fashion website Namshi from Global Fashion Group, a firm backed by Rocket Internet, for $151 million, a sign of growing demand for tech deals in the Middle East.The acquisition comes two months after Amazon agreed to buy Souq.com, showing how the Gulf region is embracing e-commerce, a market which global consultancy A.T. Kearney predicts will grow to $20 billion by 2020."This is a sign of Emaar''s ambition to enter the digital space," GFG''s finance chief Nils Chrestin told journalists, adding the partnership should allow Namshi to add more fashion brands and potentially expand to more neighboring countries.Both Emaar and GFG said they had agreed to jointly develop the business until a possible listing or a full takeover.The investment is also good news for e-commerce investor Rocket Internet, which has been under pressure since the valuation of GFG was slashed by two thirds last year during a fundraising round with Swedish investor Kinnevik.Rocket''s shares, which had risen on Tuesday in response to strong growth at its online food delivery firm Delivery Hero, were up another 4 percent by 1018 GMT (6:18 a.m. ET), making them the biggest gainer on the German small-cap index.Namshi, which operates in the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain, is GFG''s smallest business but the only one that has turned profitable.Its sales rose a currency-neutral 8.5 percent in the first quarter to 36.7 million euros ($41.1 million), while its gross profit was up slightly at 18.4 million euros.Emaar will buy the stake in Namshi in an all-cash transaction, which is expected to close in three months.EMAAR GOES DIGITALDubai billionaire Mohamed Alabbar, founder and chairman of Emaar Properties, the developer of the world''s tallest tower the Burj Khalifa, has focused more on technology investments and e-commerce in the past year, buying a stake in regional logistics firm Aramex.Emaar Malls, the retail arm of Emaar Properties, was unsuccessful in the deal process for Souq.com, after an eleventh hour bid, which the company said was worth $800 million.The Namshi deal is expected to provide much-needed support for Alabbar''s new technology vehicle Noon.com, a venture with Saudi Arabia''s Public Investment Fund.The venture has seen a shake-up in the past few weeks with the departure of Noon''s chief executive and chief technology officer along with several staff. Alabbar said last week its venture was still on track to start operations before end-2017.Amazon''s acquisition of Souq.com was expected to trigger consolidation in the sector, Namshi''s co-founder said in an interview with Reuters in March."Generally, Amazon comes into a market and very quickly is able to dominate," Hosam Arab said."General merchandise players should be especially worried if they cannot provide their customers with clearly differentiated value propositions. Pure players like Namshi for example will be challenged but potentially less so," he said in the interview.Arab was not immediately available to comment further on Wednesday.GFG, which runs four fashion ecommerce businesses in 24 emerging market countries including Namshi, reported first-quarter sales of 265.3 million euros, up 18 percent on a constant currency pro-forma basis.Its adjusted loss before interest, taxation, depreciation and amortization fell almost 30 percent to 33 million euros.(Additional reporting by Maria Sheahan. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rocket-internet-global-fashion-idINKBN18K0G5'|'2017-05-24T03:23:00.000+03:00'
'ccb97e864e98239f8d3e15cb527c5c558a6efcf4'|'EU refuses to lower size of private cash injection for Veneto banks'' rescue - sources'|'Business News   8:14pm BST EU refuses to lower size of private cash injection for Veneto banks'' rescue: sources MILAN The European Commission has turned down a request to reduce the size of a one billion euro (849.81 million pounds) private capital injection for two ailing regional banks needed to approve a state-backed rescue plan, four sources said on Wednesday. A meeting on Wednesday between EU Commission officials, top management of Popolare di Vicenza and Veneto Banca, and Italian Treasury representatives turned out negatively, the sources said. The two banks will attend a meeting at the Italian Treasury on Thursday to assess the situation, the sources added. The banks and the Italian Treasury declined to comment. Popolare di Vicenza and Veneto Banca, both based near Venice, are among the country''s most troubled lenders and have requested state aid to help fill a capital shortfall of 6.4 billion euros. (Reporting by Andrea Mandala, Paola Arosio and Stefano Bernabei, writing by Stephen Jewkes, editing by Isla Binnie)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-italy-veneto-banks-eu-idUKKBN18K2SZ'|'2017-05-25T02:49:00.000+03:00'
'ccb98e5d93371df42277c40122f2062e0b5fb7a5'|'Brazil appeals court rules Uber driver not entitled to benefits'|'SAO PAULO A Brazil appeals court on Tuesday ruled that a driver working for Uber via its ride-hailing app is not an employee of the San Francisco-based company and therefore not entitled to workers'' benefits, overturning an earlier lower court decision.The ruling adds to the global debate over labor rights for drivers on the popular platform and could establish a precedent for various similar cases in Latin America''s largest economy.A press representative for the labor court in the state of Minas Gerais confirmed that judges had overruled a January decision that granted a driver access to employee benefits, but declined to provide further details.The official ruling is due to be published on Thursday.According to Uber lawyers who were present at the hearing, the judges cited drivers'' ability to log off at will, offer their accounts to other drivers and split fares as evidence that they should be considered partners of the company and not employees.The driver may still appeal to Brazil''s top labor court.The ruling is the first by a higher court over the thorny debate circling the ride-hailing firm, which is facing the threat of higher costs due to similar cases in the United States, Britain, Switzerland and Europe.A Sao Paulo judge had also ruled on April 14 that an Uber driver should be treated as an employee of the firm.The lower house of Brazil''s Congress has also threatened Uber''s business model with a bill requiring it and other ride-hailing apps to register with city authorities as conventional taxi services. President Michel Temer has pledged to veto parts of the legislation if it passes the Senate.(Reporting by Bruno Federowski, editing by Daniel Flynn, G Crosse)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-uber-brazil-idUSKBN18J38G'|'2017-05-24T07:47:00.000+03:00'
'ca0b762c1ff410d03ee0be9d76eeeb2558563cc8'|'GE''s Saudi joint venture to start gas turbine production this year'|'Commodities - Thu May 25, 2017 - 4:01am EDT GE''s Saudi joint venture to start gas turbine production this year A sign marks a General Electric (GE) facility in Medford, Massachusetts, U.S., April 20, 2017. REUTERS/Brian Snyder By Alexander Cornwell - DUBAI DUBAI General Electric''s joint venture to manufacture gas turbines in Saudi Arabia will start production by the end of the year, the chief executive of its state-backed Saudi partner said on Thursday. GE and Saudi industrial development company Dussur signed an agreement on Wednesday to set up the one billion riyal ($267 million) joint venture in the eastern city of Dammam. Dussur CEO Rasheed al-Shubaili said manufacturing of GE''s H-Class turbines in Saudi Arabia would start before the end of the year with the first turbine to be completed in 2018. The Saudi made gas turbines would be sold in the country and to international customers, he said in an interview in Dubai. Dussur, formerly Saudi Arabian Industrial Investments Company (SAIIC), was established in 2016 by state firms Saudi Aramco, Public Investment Fund, Saudi Basic Industries Corporation (SABIC). It aims to develop industrial sectors in Saudi Arabia as part of the government''s plan to create jobs and diversify the oil-dependent economy. The joint venture followed a memorandum of understanding signed last year by GE and Dussur that is expected to draw nearly 3.75 billion riyals of investment by the two companies in 2017. Al-Shubaili declined to say when the joint venture, which is 55 percent owned by Dussur and 45 percent owned by GE, aimed to make a profit. "We''re a long-term patient investor. Our investments are going to profitable," al-Shubaili said. GE and Dussur signed the joint venture agreement days after GE announced $15 billion of deals with Saudi Arabia during United State President Donald Trump''s visit to the Kingdom last weekend. (Reporting by Alexander Cornwell. Editing by Jane Merriman) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-saudi-industry-ge-idUSKBN18L0TX'|'2017-05-25T15:52:00.000+03:00'
'084340ae73016fae6fa4b2de4ac30113dae3f601'|'Oil prices rise in anticipation of extended OPEC-led production cut'|' 15am BST Oil steady before expected extension of OPEC output cut FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada July 21, 2014. REUTERS/Todd Korol/File Photo By Christopher Johnson - LONDON LONDON Oil prices steadied on Thursday ahead of an OPEC meeting expected to extend production cuts into 2018 in an attempt to drain a global glut that has depressed markets for almost three years. Brent crude oil LCOc1 dropped $1.16 a barrel to a low of $52.80 before regaining lost ground to trade at $53.96, unchanged on the day, by 0900 GMT. U.S. light crude CLc1 was 10 cents lower at $51.26. Both benchmarks are up more than 15 percent from May lows. The Organization of the Petroleum Exporting Countries and other producers, including Russia, meet in Vienna on Thursday and are widely expected to agree to extend a cut in oil supplies by 1.8 million barrels per day (bpd). OPEC''s current deal, agreed at the end of last year, only covers the first half of 2017. Saudi Arabia''s energy minister, Khalid al-Falih, said OPEC was highly likely to roll over its existing agreement on the same terms for nine months. Another OPEC delegate said a 12-month extension of the output cut was still an option. Analysts said many in the market had been hoping for deeper production cuts in order to drain surplus supplies more quickly. "A nine-month extension would have little impact on our price forecast for 2017, which is for an annual average of $55 per barrel for Brent," said energy consultancy Wood Mackenzie. It estimated that a nine-month extension would result in a 950,000 bpd production increase in the United States, thus undermining OPEC''s efforts to balance supply and demand. U.S. oil production C-OUT-T-EIA has already risen by more than 10 percent since mid-2016 to over 9.3 million bpd as drillers take advantage of higher prices and the supply gap left by OPEC and its allies. Should the meeting in Vienna result in a cut extension to cover all of 2018, Wood Mackenzie said the tighter market could push average 2018 Brent prices up to $63 per barrel. James Woods, analyst at Rivkin Securities, said an extended production cut was already "factored into the price of oil", adding that it was unlikely that a deeper cut would be announced at this stage. "OPEC officials prefer ... to wait and see the impact of an extension in helping rebalance the market prior to taking any more drastic actions," Woods said. Brent has averaged $53.90 per barrel so far this year. (Additional reporting by Henning Gloystein in Singapore; editing by David Clarke and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN18L04I'|'2017-05-25T09:22:00.000+03:00'
'803118e04ff8fc8aa59bc571389fc6a477809a65'|'U.S. inflation path since 2012 is worrisome, policymaker says'|'Business News   8:12am BST U.S. inflation path since 2012 is worrisome, policymaker says FILE PHOTO: St. Louis Fed President James Bullard speaks about the U.S. economy during an interview in New York, U.S., on February 26, 2015. REUTERS/Lucas Jackson/File Photo By Ann Saphir and Minami Funakoshi - TOKYO TOKYO The current level of U.S. prices is noticeably lower than what it would be if the Federal Reserve had delivered on its 2-percent inflation target, St. Louis Federal Reserve President James Bullard said, calling the trend "worrisome." In slides prepared for delivery in Tokyo on Friday, the U.S. central banker said U.S. prices are now 4.6 percent below the price level path established from 1995 to 2012, when inflation was growing near the Fed''s target of 2 percent each year. "This is not as severe as the 1990s Japanese experience, but it is worrisome," said Bullard, who does not vote on U.S. monetary policy this year. Too-low inflation has kept the Fed from raising rates more than three times since the Great Recession, but since late last year most Fed policymakers have seen faster rate increases ahead, citing improvements in the labor market. Bullard also said he sees minimal impact on long-term bond yields from reductions in the Fed''s balance sheet, which he hopes will start in the second half of this year. Bullard, speaking to reporters after the speech, said it was good to cap the amount of mortgage-backed securities and Treasuries that are allowed to run off the Fed''s balance sheet. However, he was indifferent to what the size of the caps should be. The Fed is monitoring subprime auto and student loans but they are not near danger levels, he added. U.S unemployment registered 4.4 percent in April, below what Fed officials believe is a sustainable level. Most Fed officials expect to raise the target interest rate three times this year, including the increase they made after their March policy meeting But Bullard said that a surge in inflation is unlikely even if unemployment falls further. With inflation still below 2 percent and inflation expectations and Treasury yields falling since the Fed raised rates in March, the Fed''s plans for rate increases may be "overly aggressive" he said. The Fed is expected to raise rates at its June policy-setting meeting, and will release fresh economic projections at that time. Bullard, who regards the economy as mired in a low-inflation, low-growth rut, has said he feels the central bank needs to raise rates only one more time and should then pause until it is clear the economy has shifted to a higher gear. MARKET COMMUNICATION Bullard also told reporters the Bank of Japan must communicate carefully with markets if it decides to taper its purchases of Japanese government bonds, and that it would be prudent for the central bank to lay out an exit strategy. "It''s very important to get the communication right," Bullard said. "Otherwise there will be outsize reaction and cause a lot of global dislocation." Japan''s inflation is nowhere near the BOJ''s 2 percent target, but analysts are growing concerned because the bank''s balance sheet has swelled to 90 percent of the nation''s nominal gross domestic product - triple the ratio for the European Central Bank and nearly four times that of the Fed. (Writing by Ann Saphir; Additional reporting by Stanley White; Editing by Diane Craft & Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-fed-bullard-idUKKBN18M05U'|'2017-05-26T10:03:00.000+03:00'
'c6b60e80518ac8e7d34b9ed936d50624d7cf90a6'|'UPDATE 1-Greece''s Energean to supply 23 bcm of gas to Israeli power stations'|'(Adds details, background)JERUSALEM May 28 Greece''s Energean said on Sunday it signed contracts to supply up to 23 billion cubic meters of natural gas to private Israeli power stations from the Tanin and Karish gas fields offshore Israel.The deals were signed with Dalia Power, which operates Israel''s largest private power station, and Or Power, which is planning to build new power plants, Energean said in a statement.Financial details of the deals were not disclosed.Energean, a private exploration and production company in the eastern Mediterranean, bought the Karish and Tanin licenses from Israel''s Delek Group in December 2016 for an upfront cost of $40 million and $108.5 million in contingent payments.Delek and its partner Noble Energy, who together control two huge gas fields nearby, were until now the only group to sign gas supply deals in Israel. The Israeli government had forced them to sell the smaller Tanin and Karish fields to open the market."The agreement is a substantial step towards bringing competition and cheaper energy to the market for the benefit of Israeli consumers and the country<72>s economy," said Energean CEO Mathios Rigas.The company expects to begin production in 2020. (Reporting by Ari Rabinovitch; Editing by Tova Cohen)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/energean-israel-natgas-idINL8N1IU01R'|'2017-05-28T04:13:00.000+03:00'
'59f92d682efd40c691947add0cb94d7312fa7910'|'Prosecutors investigate Bosch employees in Daimler probe - Handelsblatt'|'Market News - Thu May 25, 2017 - 6:47am EDT Prosecutors investigate Bosch employees in Daimler probe - Handelsblatt FRANKFURT May 25 German prosecutors who searched Daimler''s offices this week as part of a probe into diesel pollution are also investigating employees at automotive supplier Bosch, daily Handelsblatt reported, citing the prosecutor''s office. "We are investigating Bosch employees for suspected aiding and abetting in connection with the Daimler case," the paper quoted a spokesman for the Stuttgart prosecutor''s office as saying. Neither Bosch nor the prosecutor''s office were immediately available for comment. The prosecutors searched Daimler''s offices and other premises on Tuesday as part of an investigation of Daimler employees who the prosecutor''s office said were suspected of fraud and misleading advertising connected with manipulated emissions treatment of diesel passenger cars. (Reporting by Maria Sheahan. Editing by Jane Merriman) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/daimler-emissions-r-bosch-idUSFWN1IR07W'|'2017-05-25T18:47:00.000+03:00'
'68a027a5051c512edf23bbf28ec8a699b434e254'|'Protecting the Kakadu in Kakadu plums: selling bush foods to the world - Guardian Sustainable Business'|'When we raise a glass of bubbly, we know if it doesn<73>t come from France it<69>s not champagne. If the recipe calls for parmigiano-reggiano, you will be buying cheese imported from Italy.Consumers can be specific about these things because the wine industry and European farmers have established rules and protections so producers from other countries and regions cannot copy them and pass off imitations as <20>the real thing<6E>.Chido Govera: transforming lives in rural Africa by growing mushrooms Read moreIn Australia there is a growing momentum to introduce protections for bush foods, which would give traditional owners a more secure stake in an industry that shows promise <20> especially in terms of its export potential.Native foods, such as the Kakadu plum (which is prized for its high levels of vitamin C), have value as food, but also for their traditional medicinal properties and other uses.Intellectual property rights over the uses of those foods can also be a source of income through royalties for Indigenous communities.Gavin Brown, co-owner of PwC Indigenous Consulting, says discussions on these issues are becoming more frequent among farming organisations and Indigenous communities.<2E>Can only things from Kakadu be called the Kakadu plum?<3F> he asks.Well-known native foods include lemon myrtle, wattle seed, finger lime, warrigal greens, quandong and bush tomatoes.Although the export markets for these foods has so far been small due to lack of supply, this could be about to change. Brown<77>s consultancy has been working with the Australian native food and botanicals industry body to create an export company for bush foods.The proposal is that small growers could sell their produce into the company <20> possibly a co-operative <20> which could help develop the industry into a significant employer and source of income for Indigenous people.<2E>This could be transformative for traditional owners,<2C> says Brown, who has been canvassing the idea with federal government departments, who may be asked for some seed funding.Ethical art: how online entrepreneurs are selling Indigenous artists to the world Read moreThe native foods market is conservatively estimated to be worth between $10m and $16m.<2E>This is based on 2000 and 2007 sources and the industry has since had a massive boom,<2C> says Brown.The impact of small farming operations on communities was the subject of a recent speaking tour by a Zimbabwean farmer, Chido Govera, who has been teaching women to grow mushrooms as a way of achieving financial independence.Her foundation, The Future of Hope , has trained nearly 1,000 people in Zimbabwe, the Democratic Republic of the Congo, Ghana, Cameroon, Tanzania and South Africa.In those countries, people can run a small business, using a square metre of space to grow $500 worth of mushrooms over eight weeks.<2E>When they have $500, you can change their lives. The space that you use to grow mushrooms is very minimal and almost anybody can do it,<2C> Govera told an audience at the NSW Aboriginal Land Council in early May.Facebook Twitter Pinterest The desert quandong. Photograph: Auscape/UIG via Getty ImagesWendy Morgan, chair of the Gandangara Local Aboriginal Land Council, says while the countries that Govera<72>s foundation operates in cannot be compared with the economic conditions in Australia, land councils are also trying to find ways to grow economic support for their communities.At the moment, the lack of protections around bush foods is a missed opportunity, she says.<2E>You<6F>ll have the big pharmaceutical companies coming out and talking to [Indigenous communities] and taking samples of their medicines. They might acknowledge where they got it from, but there is no money going back into that community they got the information from,<2C> she says.In one notable case , the Texas-based cosmetics company Mary Kay withdrew an application to patent extracts from the Kakadu plum in 2011 after protests from Indigenous group
'8677c73ae34cf62b3a84417975b69b7819dcefec'|'Cessna Flights for the Masses'|'It<49>s relatively inexpensive and easy, if not always comfortable, to fly to most big U.S. cities. But try to fly from, say, Burlington, Vt., to Portland, Maine: The best option might take you through New York, cost $800, and burn the better part of a day. The regional carriers that used to serve routes like these have been shuttered in the era of a few mega-airlines focused on their national hubs, so the only option for most travelers is a five-hour drive.A startup in San Francisco is trying to redraw the map by tapping into a system that<61>s largely invisible to everyday travelers: the country<72>s 3,000 general aviation airports and 10,000 charter aircraft. This fleet of Federal Aviation Administration-regulated Cessna, Beechcraft, and Pilatus Aircraft Ltd. planes sits parked most of the day, waiting for last-minute charters from companies or wealthy individuals. <20>I thought it would be an amazing thing to bring this type of air travel to everybody,<2C> says Rudd Davis, whose year-old startup, Blackbird Air Inc. , is trying to connect more planes with passengers through its Uber-style on-demand app, at much lower prices than the $5,000 a traditional charter might cost.Davis thought of the idea while working toward his pilot<6F>s license at an airstrip in Palo Alto, having sold a data analysis company to Groupon Inc. in 2014. Unlike private-flight booking services like Surf Air and Wheels Up , Blackbird doesn<73>t require regular membership dues and doesn<73>t have any aircraft of its own. Davis is relying on charter carriers to fly the routes. That<61>s a serious advantage for the business model, says Richard Aboulafia, an analyst at researcher Teal Group Corp. <20>People who go into this business go horribly wrong by overspending on assets,<2C> he says.So far, Blackbird offers a handful of flights in California, including from Palo Alto to Lake Tahoe. Round-trip fares on that 45-minute flight got as low as $199 for flights booked in advance last winter, Davis says; the drive can take six hours, or eight in traffic. Blackbird<72>s app also includes a familiar-looking pool option that cuts prices for fliers willing to share a ride at an agreed-upon date and time.<2E>It<49>s not competing with United. It<49>s competing with very badly managed infrastructure,<2C> says Fran<61>oise Brougher, a former senior executive at Square Inc., who invested in Blackbird after using the service to ferry her teenagers to Tahoe.Many people, of course, worry about safety aboard small planes. Severe weather at times shut the Tahoe airport last winter, and Davis had to divert some flights to Reno, Nev., and send a car to get passengers the rest of the way, adding an hour to the journey. Cargo can also be limited, and Blackbird adds baggage fees of about $10 for every 10 pounds above 15 pounds, <20> la cut-rate airlines.For a recent flight on a Swiss-made Pilatus PC-12 from Palo Alto to Truckee Tahoe Airport, passengers included a couple who work at Google Inc., a medical device consultant, and an elderly woman who had family with her at both airports. Compared with the ingrained rituals of air travel, the informality was jarring. Passengers parked within steps of the plane and mingled in a waiting room a bit like a dentist<73>s office until a young, black-shirted greeter ushered them outside. <20>Hi, I<>m Brian,<2C> the pilot said, helping the passengers up a three-rung stairway into the cabin, which resembled a nicely appointed SUV.Chris Brown, president of the aircraft<66>s operator, Centurion Flight Services Inc., says his fleet is in the air 30 percent more since teaming with Blackbird, and he<68>s looking to purchase two more Pilatus planes. Aaron Singer, a seaplane operator in Sausalito, Calif., says he<68>s begun shopping for another De Havilland Beaver because of high early demand for a 75-minute route to Lake Tahoe he<68>ll start flying in June.The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up Blackbird has raised about $2.5 million from investors and plans to expand beyond Califor
'df71e3810ca9cdf017ce39866de65a9b1765326a'|'Don''t want to work until you are 70? You will have to, says WEF - Business'|'The retirement age in Britain and other leading developed countries will need to rise to 70 by the middle of the century to head off the biggest pension crisis in history, according to the World Economic Forum .The body that runs the annual gathering of the global elite in Davos said deficits in the world<6C>s six largest pension systems would more than quadruple to $224tn by 2050 unless people worked longer and saved more.With people born today having a life expectancy of more than 100, the WEF said the cost of providing security in retirement for a rapidly ageing population was the financial equivalent of climate change.It warned the huge and spiralling cost would imperil the incomes of future generations and set the industrial world up for the biggest pension crisis in history.The WEF said it had examined the world<6C>s six biggest pension saving systems <20> the US, the UK, Japan, the Netherlands, Canada and Australia <20> and found that all were coming under strain from an expected global increase in the numbers over-65s rising from 600 million to 2.1 billion in 2050.<2E>The anticipated increase in longevity and resulting ageing populations is the financial equivalent of climate change,<2C> said Michael Drexler, head of financial and infrastructure systems at the WEF. <20>We must address it now or accept that its adverse consequences will haunt future generations, putting an impossible strain on our children and grandchildren.<2E>Forget Brexit, the real challenge is creating enough wealth for an ageing population Read more Adding in China and India, which have the world<6C>s largest populations, the combined savings gap for the eight countries reached $400tn by 2050, a sum five times the size of the current global economy.The report based its estimates of the pension savings gap on the amount of money needed to provide every person with a retirement income equal of 70% of their pre-retirement income. According to the Organisation for Economic Cooperation and Development, a target of 70% of pre-retirement income roughly equates to an unchanged standard of living because once people retire they save less and pay less tax.The WEF said the funding gap would continue to grow at a rate higher than the expected economic growth rate, often 4% to 5% a year, driven in part by the effects of an ageing population: a growing population of retirees who are expected to live longer in retirement.Although Britain<69>s retirement age is due to rise to 67 between 2026 and 2028, the WEF said further increases would be needed to forestall a predicted increase in the pension savings<67> gap from a current $8tn to $33tn by 2050. Half the children born in 2007 could expect to live until they were 103, putting a strain on the pension system. The pension savings<67> gap in the US is forecast to rise almost fivefold from $28bn to $137bn by the middle of the century.The new retirement: how an ageing population is transforming Britain Read more The report praised the UK for its decision to ensure that 8% of earnings will automatically be saved in a pension for each individual after 2019, noting that auto-enrolment had already boosted saving by 22- to 29-year-olds and low income workers by $2.5bn a year.<2E>The retirement savings challenge is at crisis point and the time to act is now,<2C> said Jacques Goulet, president of health and wealth at Mercer, a financial services firm that helped the WEF produce the report. <20>There is no one <20>silver bullet<65> solution to solve the retirement gap. Individuals need to increase their personal savings and financial literacy, while the private sector and governments should provide programmes to support them.<2E> Topics Financial sector Pensions US retirement Retirement planning Retirement age Family finances news Share on Facebook Share on Twitter Share via Email Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'ht
'2631085ca1d8582e90f510b2f536721d51478921'|'Boeing wins $1.09 billion U.S. defence contract - Pentagon'|'Mon May 22, 2017 - 10:44pm BST Boeing wins $1.09 billion U.S. defense contract: Pentagon Boeing Co''s logo is seen above the front doors of its largest jetliner factory in Everett, Washington, U.S. January 13, 2017. REUTERS/Alwyn Scott WASHINGTON Boeing Co ( BA.N ) was awarded a $1.09 billion undefinitized modification to a previously awarded contract for the procurement of Redesigned Kill Vehicle development, the Pentagon said in a statement on Monday. The modification brings the total cumulative face value of the contract to $5.84 billion, the statement said. (Reporting by Eric Beech; Editing by Eric Walsh)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-boeing-pentagon-idUKKBN18I2KW'|'2017-05-23T05:14:00.000+03:00'
'a390c4e3fd520a9b5acfe5ee5033fffd854ec738'|'Ryanair to sell long-haul tickets for Air Europa'|' 14pm BST Ryanair to sell long-haul tickets for Air Europa FILE PHOTO - A Ryanair aircraft lands at Ciampino Airport in Rome, Italy December 24, 2016. REUTERS/Tony Gentile/File Photo DUBLIN Ryanair ( RYA.I ) said it will start selling long-haul tickets on behalf of Air Europa and hopes to start offering passengers direct connections to the Spanish low-cost carrier''s flights later this year. Ryanair, Europe''s largest airline by passenger numbers, is in talks with several airlines including Aer Lingus ( ICAG.L ) and Norwegian Air Shuttle ( NWC.OL ) about allowing passengers to connect directly on to long-haul flights, but it has yet to finalise a deal. "We look forward to offering our 130 million customers an even greater choice and range of long-haul services in 2018," Ryanair chief executive Michael O''Leary said in a statement on Tuesday. Madrid-based Air Europa offers low-cost long-haul flights to cities in North, Central and South America. (Reporting by Conor Humphries; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ryanair-aireuropa-idUKKBN18J1IC'|'2017-05-23T19:14:00.000+03:00'
'9b3cda8b6e6f60b49a2bc157b2e47c953bd331a9'|'UPDATE 1-Chinese carmaker Geely to acquire Malaysia''s Proton -sources'|'Deals  16pm EDT Chinese carmaker Geely to acquire Malaysia''s Proton: sources The Geely Automobile Holdings logo is pictured at the Auto China 2016 auto show in Beijing, China April 25, 2016. REUTERS/Kim Kyung-Hoon/File Photo PARIS/BEIJING Chinese automaker Geely [GEELY.UL] has agreed to buy struggling Malaysian manufacturer Proton from DRB-Hicom ( DRBM.KL ), sources said on Tuesday, beating out rival bidder PSA Group ( PEUP.PA ). Zhejiang Geely Holding Group, which controls Hong Kong-based Geely Automobile and Sweden''s Volvo Car Group, will acquire 49 percent of Proton, the sources said. Proton also controls British sports car maker Lotus. Spokespeople for DRB-Hicom could not immediately be reached for comment after office hours in Kuala Lumpur. The group earlier asked for trading in its shares to be suspended pending an announcement. Proton, founded in 1983 by former Malaysian premier Mahathir Mohamad, received 1.5 billion ringgit ($338.2 million) in government aid last year on condition that it pursue a turnaround plan and seek a foreign partner. Other potential bidders have included PSA, the Paris-based maker of Peugeot and Citroen cars, its domestic rival Renault ( RENA.PA ) and Japan''s Suzuki Motor Corp ( 7269.T ). PSA, whose Chief Executive Carlos Tavares had said Proton would be a good fit, did not immediately return calls and messages seeking comment. Proton re-badges cars from foreign manufacturers to sell in the local market, but its quality has declined in recent years. The company has two Malaysian plants with an annual capacity of 400,000 cars, currently running far below maximum output. An earlier attempt in 2007 to woo new partners for Proton foundered on the Malaysian government''s refusal to allow foreign bidders to acquire control. Geely''s investment would help Proton grow its sales overseas and recover some of the global presence it has lost in recent years, people familiar with the bidding process told Reuters in February. By offering some of its own technology, Geely hopes to lift Proton''s sales in right hand-drive markets including Malaysia, the United Kingdom, India and Australia, they said. The success of midsize Geely models such as the GC9 sedan and Boyue SUV helped to grow the brand''s China sales by 50 percent last year to 765,851 vehicles. (Reporting by Laurence Frost and Norihiko Shirouzu; Additional reporting by Praveen Menon; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-proton-m-a-geely-idUSKBN18J29U'|'2017-05-24T00:15:00.000+03:00'
'ef88d22c07f114f350e36d9876500a83a49f545a'|'''I spit on you again'': Russian billionaire renews tirade against Putin rival - Business'|'The Russian billionaire and Arsenal shareholder Alisher Usmanov has launched an embittered online attack on the anti-corruption campaigner and Vladimir Putin critic Alexei Navalny.Usmanov, who is currently trying to take full control of Arsenal, last week released an angry, personal video tirade, ending with the words: <20>I spit on you, Alexei Navalny .<2E> On Wednesday he released a second video entitled <20>I spit on you again<69>.Navalny, who has announced his intention to stand against Putin in presidential elections next year, made a video earlier this year accusing the prime minister, Dmitry Medvedev, of in effect receiving bribes from a number of businessmen, including Usmanov.Collapse of ruble costs Arsenal<61>s Alisher Usmanov <20>517m in 48 hours Read more Usmanov has promised to take Navalny to court over the bribery allegations, which he denies, and has also begun an online offensive against the opposition politician. In Usmanov<6F>s first video , which was 12 minutes long, the billionaire spoke in a quiet, calm voice but with undisguised contempt and fury. He addressed Navalny using the informal Russian <20>you<6F>, a mark of disrespect if not used among friends.<2E>Out of the two of us, you<6F>re the criminal,<2C> said Usmanov, referring to Navalny<6E>s conviction in a court case most observers believed to be politically motivated.Usmanov owns 30% of Arsenal, and recently had a $1.3bn (<28>1bn) bid for control of the club turned down . The businessman, born in Soviet Uzbekistan, spent six years in jail during the late Soviet period after a conviction he claims was politically motivated and which was later overturned.In his latest video, Usmanov casts doubt on Navalny<6E>s claims that the current Russian government is repressive. <20>You call out from every street corner that you are being persecuted, that the government is ruthless. Ruthless? You spent a whole day in jail. One night, as far as I know. You spent one night in jail, and I spent six years in jail, for nothing.<2E>In fact, Navalny spent 15 days in jail last month, one of several stints behind bars, after he was detained at a protest rally in late March that drew tens of thousands of Russians to the streets. Shortly after he was released, he was doused with green fluid by assailants in Moscow and left temporarily blind in one eye. On Wednesday, a Moscow court jailed two of those detained at the protest for <20>assaulting<6E> police officers. One of the protesters was sentenced to eight months in prison, the other 18 months.The Kremlin is wary of Navalny<6E>s ability to harness street anger and is unlikely to allow him on to the ballot next year. When travelling around the country to launch his presidential campaign, he has been insulted and assaulted by people he believes are sent by the authorities.Usmanov, however, claimed Navalny<6E>s anti-corruption investigations were born of jealousy. <20>I feel the terrible envy of a loser and failed businessman,<2C> said Usmanov. He said he had paid huge amounts of taxes into the Russian budget, and also given a billion dollars to charity.<2E>I bought everything I own, including a lovely boat and a plane, because I live happily, unlike you.<2E> Usmanov also compared Navalny to Sharikov, a dog that takes on human form in Mikhail Bulgakov<6F>s novel Heart of a Dog.Navalny immediately posted both of Usmanov<6F>s videos to his own YouTube channel, together with his own commentary on <20>the richest man in Russia and Britain, oligarch, and beginner video-blogger Alisher Usmanov<6F>. Navalny called on Usmanov to debate him, and said the businessman was just one of many people his Anti-Corruption Foundation was targeting. <20>Our main targets are those who take bribes, but we also want to punish those who give them, like you.<2E>A Moscow court is due to hear Usmanov<6F>s libel case against Navalny next week.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/24/i-spit-on-you-again-alisher-usmanov-video-alexei-naval
'339e708c81b8390f8f10acc4c0b7d1954e38d934'|'Israel''s Elbit Systems gets $390 mln electronic intelligence deal'|'TEL AVIV May 28 Israeli defence electronics company Elbit Systems said on Sunday it won a $390 million contract to supply ground electronic intelligence systems to a European country.The contract, which includes various intelligence capabilities, as well as communications and command and control solutions, will be carried out over three years.Elbit did not identify the country. (Reporting by Tova Cohen)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/defence-elbit-systems-contract-idINL1N1IU04E'|'2017-05-28T04:44:00.000+03:00'
'90b3a286b7ff8dded8362dfe9a9c43ee755833eb'|'UPDATE 1-HKEX to consult on New Board for dual-class shares next month'|'* New Board would be for pre-profit firms* New Board also for firms with weighted voting right shares* Proposal comes as HK attractiveness for IPOs subject of debate* Debate over HK sparked by Alibaba opting for New York (Adds comments, context)By Elzio BarretoHONG KONG, May 26 The Hong Kong stock exchange will begin a public discussion next month over whether to establish a trading board for young companies and firms with non-standard share structures, the bourse''s chief executive officer said on Friday.The discussion comes amid general debate about Hong Kong''s corporate governance rules and attractiveness as a listing destination, sparked by Chinese e-commerce firm Alibaba Group Holding Ltd favouring New York over Hong Kong for its record $25 billion initial public offering (IPO) in 2014.Hong Kong was the world''s biggest IPO venue last year but has struggled to attract technology and so-called new economy companies due to its profitability requirements and ban on weighted voting rights, which many tech firms prefer.Speaking at Hong Kong Venture Capital Association China Private Equity Summit, Charles Li, CEO of Hong Kong Exchanges and Clearing Ltd (HKEX), said the "New Board" would complement the main board and Growth Enterprise Market, and allow the bourse to attract prospective new economy listings."We have not been the exchange of choice, the market of choice of new economy and emerging companies. We are now addressing those issues head on," said Li.He said the bourse aims to begin consultations next month on establishing a New Board which would address two principle issues: pre-profit companies and companies with weighted voting rights structures.HKEX''s previous effort to allow such firms to list on its main board failed to win support from the Securities and Futures Commission. The regulator, however, has said it supports public discussion on HKEX''s new proposal.The New Board would boost Greater China''s private equity market, allowing private equity and venture capital investors to list firms in their home market where valuations can be higher than New York.Li said the bourse was also planning a private market for unlisted firms using blockchain distributed ledger technology, which would potentially launch before the New Board. The market, which would mimic a similar platform operated by Nasdaq in the United States, would allow investors to better track their private shareholding."We want to provide essential services to new, early stage companies in registration, transfer, settlement and ... low frequency transfer of shares," Li said. "We want to provide a central place where equity investment can be made in an exchange-sanctioned place." (Writing by Michelle Price; Editing by Himani Sarkar and Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hkex-newboard-idINL4N1IS1DK'|'2017-05-26T01:38:00.000+03:00'
'7977ab31c77c00d02c0bfc4661f0693ae5f1d4a1'|'BRIEF-Grande West Transportation announce new orders for 9 vicinity buses'|'Market News  50am EDT BRIEF-Grande West Transportation announce new orders for 9 vicinity buses May 23 Grande West Transportation Group Inc - * Grande West Transportation Group - current total firm orders for 2017 and first half 2018 delivery are 276 buses valued at over $100 million cad * Grande West Transportation Group Inc - announce new orders for 9 vicinity buses for a combined order total of approximately $4.5 million. Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-grande-west-transportation-announc-idUSFWN1IP0I4'|'2017-05-23T20:50:00.000+03:00'
'e5d8023db5e7501c87768f0153519b879c404c52'|'Japan finance minister says must deliver strong message on free trade at G7'|'Business News - Tue May 23, 2017 - 2:12am BST Japan finance minister says must deliver strong message on free trade at G7 Japanese Finance Minister Taro Aso leaves the G7 for Financial ministers meeting in the southern Italian city of Bari, Italy, May 12, 2017. REUTERS/Alessandro Bianchi TOKYO Japan must deliver a strong message on free trade at this month''s summit meeting of leaders from the Group of Seven nations, Finance Minister Taro Aso said on Tuesday. Aso was speaking to reporters after a cabinet meeting. (Reporting by Takashi Umekawa; Writing by Tetsushi Kajimoto) U.S. top court tightens patent suit rules in blow to ''patent trolls'' WASHINGTON The U.S. Supreme Court on Monday tightened rules for where patent lawsuits can be filed in a decision that may make it harder for so-called patent "trolls" to launch sometimes dodgy patent cases in friendly courts, a major irritant for high-tech giants like Apple and Alphabet Inc''s Google. Allowing swaps clearinghouses to turn to central banks for the same kind of emergency loans that banks can access would add to financial stability in important ways, Chicago Federal Reserve President Charles Evans said on Tuesday in Shanghai. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-economy-aso-idUKKBN18J05N'|'2017-05-23T09:07:00.000+03:00'
'536cda1e1f356d6ec8a07ecc4c50172dc6de28e7'|'CEE MARKETS-Some assets rebound after retreat on profit-taking'|'Bonds News - Wed May 24, 2017 - 5:20am EDT CEE MARKETS-Some assets rebound after retreat on profit-taking * Some currencies and stocks regain ground after retreat * Crown retreats slightly, central bank comments could support it * Bucharest stocks hit highest level since early 2008 By Sandor Peto and Robert Muller BUDAPEST/PRAGUE, May 24 Some Central European currencies and stocks rebounded on Wednesday after a retreat in the past two sessions due to profit-taking. China''s credit rating downgrade by Moody''s did not have an impact and with a lack of major international market moving factors, investors are watching technical issues and comments from central bankers in the region, market participants said. The forint and the zloty continued to hover near 308.5 and 4.2 against the euro at 0852 GMT, psychological levels around which they have been moving for weeks. With investors taking profit on regional assets in the second successive session, the forint eased 0.2 percent to 309.05. The zloty gained 0.1 percent to 4.199. Both the Hungarian and Polish central banks have issued dovish signals in recent weeks as they do not look worried over inflation, which retreated in the region last month after fast rebound from anaemic levels since mid-2016. Hungarian central bank deputy Governor Marton Nagy told Reuters late on Tuesday that the bank''s record low base rate could remain unchanged until 2019 or even longer. While a pick-up in economic growth backs currencies across the region, the Czech crown could get more support from central bank rhetoric than its regional peers, analysts said. It gave up ground on Wednesday, easing 0.2 percent against the euro, while at 26.494 it still traded on the strong side of the 26.5 line. Czech central bankers have given signals in the past weeks that the odds on an interest rate hike rise if the crown does not strengthen. The head of Erste Group Bank''s Czech asset management company said the Czech central bank (CNB) could be the first in the region to start lifting interest rates. CNB board member Vojtech Benda told Reuters that low interest rates boost housing prices into a spiral the bank will need to slow. Other comments from Benda, that third-quarter economic data will be key to the CNB''s policy, also support the crown, CSOB analysts said in a note. "Our outlook for inflation and growth this year is somewhat less optimistic and therefore we don''t expect higher rates this year," they said. "It is clear, however, that a vision of such scenario bodes well for the crown and it helps to preserve the good mood of recent weeks," they added. Bucharest''s stock index hit a new 9-year high. Sentiment in the bourse have been lifted by an initial public offering and listing by Digi Communications this month. Budapest''s index shed 0.5 percent, continuing to retreat from a record high hit on Monday. CEE MARKETS SNAPSH AT 1052 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.494 26.452 -0.16% 1.94% 0 0 Hungary 309.05 308.55 -0.16% -0.07% forint 00 50 Polish zloty 4.1990 4.2014 +0.06 4.88% % Romanian leu 4.5520 4.5554 +0.07 -0.37% % Croatian kuna 7.4280 7.4305 +0.03 1.71% % Serbian dinar 122.75 122.88 +0.11 0.49% 00 50 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1008.0 1007.9 +0.01 +9.37 1 1 % % Budapest 34493. 34730. -0.68% +7.78 48 94 % Warsaw 2302.2 2307.8 -0.24% +18.1 9 4 9% Bucharest 8557.0 8508.2 +0.57 +20.7 3 8 % 8% Ljubljana 788.51 791.34 -0.36% +9.88 % Zagreb 1850.2 1850.8 -0.03% -7.25% 7 6 Belgrade 738.43 739.12 -0.09% +2.94 % Sofia 660.74 655.00 +0.88 +12.6 % 7% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.098 0.083 +055b +9bps ps 5-year -0.019 0.003 +032b +1bps ps 10-year 0.828 -0.019 +043b -1bps ps Poland 2-year 1.949 -0.008 +260b +0bps ps 5-year 2.774 0.016 +312b +3bps ps 10-year 3.349 0.016 +295b +2bps ps F
'46416cec5418893aaf39a3bc1c08e6e13c8ff47a'|'Oversold: Oil traders punish OPEC for promising too much'|'  10:45am EDT Oversold: Oil traders punish OPEC for promising too much Austrian police officers and journalists wait outside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria May 24, 2017. REUTERS/Leonhard Foeger By Dmitry Zhdannikov , Rania El Gamal and Ernest Scheyder - VIENNA VIENNA As OPEC''s latest meeting wrapped up in Vienna on Thursday night, ministers congratulated each other on its rare spirit of amity and consensus. The talks were, without a doubt, a success. But two hours later, one veteran delegate was staring in despair at the numbers flashing red on his smartphone showing crude down some 5 percent to $51 a barrel. "That is a disaster," he said. While OPEC has worked hard in recent years on improving communication to ensure the right message is delivered to financial markets, Thursday''s experience showed the 14-member group and its non-OPEC allies still have a long way to go. The problem was not what was delivered, but what appeared to have been promised beforehand, industry analysts said. OPEC agreed on Thursday to extend its existing production cuts by nine months - more than the initially suggested six months - in tandem with non-OPEC producers, including Russia. But hints from the group that it could deepen supply cuts, extend them by as long as 12 months, curtail exports and tell the market how exactly it would terminate supply curbs in 2018 had raised market expectations much higher. "OPEC oversold the meeting to the market way too early," Amrita Sen, from the consultancy Energy Aspects, told Reuters in Vienna. The market reaction was all the more disappointing given that from OPEC''s perspective, the meeting went very well. "I have been in OPEC close to 20 years. It''s the first time that I witness 100 percent compliance (with cuts) from OPEC and close to 100 percent from non-OPEC," Iranian Oil Minister Bijan Zanganeh told Reuters afterward. OPEC''s No.3 producer, Iran has repeatedly clashed in past meetings with OPEC''s de-facto leader, its political arch-rival Saudi Arabia. Russia, which effectively is fighting a proxy war with Saudi Arabia in Syria, said on Thursday its energy cooperation with Riyadh would last well into the future. In its statement, OPEC said it could extend curbs further or cut more. Normally, all this would be more than enough to trigger a bull rally. "It''s strange. I don''t know why (the market crashed)" Zanganeh said. WHATEVER IT TAKES OPEC and non-OPEC oil producers first agreed to cut output in December 2016 - the first joint deal in 15 years - and said the curbs could be extended by a further six months. The extraordinary move was aimed at battling a global glut of crude that halved prices from 2014, forcing Russia and Saudi Arabia to tighten their belts and leading to unrest in Venezuela and Nigeria. The cuts helped push oil prices back above $50 per barrel but also spurred growth in the U.S. shale industry, which does not participate in the output deal. That slowed a rebalancing of supply and demand, with global inventories still near record highs. As the price fell back towards $47 in early May, near a six-month low, Saudi Energy Minister Khalid al-Falih said OPEC would do "whatever it takes" to rebalance the market, including a longer extension for the output cuts. "If you declare nine months in advance, people are bound to expect more," Sen said. Russia also added to the expectations by saying this week that cuts could be prolonged by 12 months. The market was also disappointed OPEC did not mention its previously stated plan to bring stocks down from a record high of 3 billion barrels to their five-year average of 2.7 billion, said Olivier Jakob from the Petromatrix consultancy. "The December meeting was a breakthrough," he said. "The meeting yesterday gives us, however, a feeling that OPEC is fatigued by the lack of results so far and does not have a consensus anymore to have the five-year average in stocks as a p
'8daf44b3557b582ad7a31d66e3c0467d8581f8d9'|'Samsung Elec to set up fund to help suppliers amid Moon''s reform push'|'  3:29am BST Samsung Elec to set up fund to help suppliers amid Moon''s reform push FILE PHOTO: The logo of Samsung Electronics is seen in Seoul, South Korea, July 4, 2016. REUTERS/Kim Hong-Ji/File Photo SEOUL Samsung Electronics Co Ltd said it would set up a 500 billion won (345.6 million pounds) fund to help small suppliers, the highest-profile South Korean firm to unveil steps in the wake of new President Moon Jae-in''s call to protect small businesses. Moon came to power this month promising to rein in the family-owned conglomerates that dominate Asia''s fourth-largest economy. Calling himself the ''jobs president'', he has also said he wants to discourage contract jobs, raise the minimum wage and reduce working hours. Samsung Electronics said the fund will allow its suppliers to borrow cash interest-free for a year so that those suppliers'' subcontractors can be paid promptly. It will run until May 2020. The tech giant decided to establish the fund after meetings with suppliers late last year, it said in a statement. In other recent moves by South Korean firms to support jobs, the nation''s largest agricultural cooperative said it will consider making 5,245 temporary workers regular employees. The National Agricultural Cooperative Federation employs more than 35,000 full-time and part-time workers at dozens of affiliate companies, including a bank and a hypermarket chain. SK Broadband Co Ltd, an affiliate of South Korea''s largest telecom firm SK Telecom, will set up a service subsidiary that will make 5,200 workers currently on contract regular employees, Yonhap news agency said on Tuesday citing the company. An SK spokesman could not be immediately reached for comment. (Reporting by Joyce Lee; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-samsung-elec-suppliers-idUKKBN18M06V'|'2017-05-26T10:29:00.000+03:00'
'30b98a2697cfaa0d6d938ad3b06fc885e14d5093'|'ArcelorMittal consortium wins bid to buy Italy''s Ilva steel plant - source - Reuters'|'ROME ArcelorMittal and steel processor Marcegaglia have won a bid to buy troubled Italian steel plant Ilva, a source with knowledge of the matter said on Friday.The world''s top steelmaker and its Italian partner offered just under 2 billion euros ($2.24 billion) for the loss-making plant, Europe''s biggest by output capacity, the source said.Italy has been trying to sell Ilva, based in the southern port city of Taranto, since 2015, when the state took over to clean up the polluted site and save thousands of jobs in an economically depressed area.The special commissioners in charge of the company chose the ArcelorMittal bid over a rival one from a group including India''s JSW Steel, the source said.Their decision now needs to be passed on to Italy''s industry ministry, which will issue a decree to ratify the decision.($1 = 0.8944 euros)($1 = 0.8946 euros)(Reporting by Massimiliano Di Giorgio; Writing by Isla Binnie)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/ilva-italy-idINKBN18M1MY'|'2017-05-26T11:30:00.000+03:00'
'036dd5ef9142da5e293c85db8c26951a7e347817'|'Print advertising pressures ease at Daily Mail owner'|'Thu May 25, 2017 - 10:28am BST Daily Mail''s falling information revenue forecast hits shares By Kate Holton and Noor Zainab Hussain - LONDON LONDON Daily Mail and General Trust ( DMGOa.L ) warned on Thursday that underlying revenue in its information business would be lower than previously forecast and posted a fall in first half profit, sending its shares down 10 percent. The owner of the Daily Mail newspaper reported an 11 percent fall in operating profit to 100 million pounds ($129 million) in the six months to the end of March, due to pressures in the information business and planned investment costs. DMGT said the information division, which owns the media businesses that serve the traditionally more stable property, education and energy sectors, was expected to produce a full-year underlying revenue growth rate in the low-single digits, compared with a previous forecast of mid-single digits. The British company reiterated its 12-month targets but said challenging market conditions facing portfolio companies Hobsons'' Admissions and Genscape''s Locus Energy are expected to persist, hurting revenue at its information business. The information division had revenue of 259 million pounds in the first half of the year, while the group overall reported a 1 percent underlying rise in revenue to 890 million pounds. Daily Mail cut the revenue outlook for its information unit in January, saying it was hit in the first quarter by lower activity in the UK market of its European property segment. Property investors reined in spending after Britain''s vote to leave the European Union on concerns that the market would be hit by companies moving some jobs to the EU or taking up less space against an uncertain domestic environment. Commodity firms are also cautious on spending as the industry recovers from a multi-year commodity price slump. DMGT also said underlying revenue growth rate at its events business is now expected to be in the mid-single digits, but would still be in line with market expectations. "The scaling back of top-line FY guidance for DMG information and DMG events is likely to be taken negatively and raise questions about operational performance," Liberum analysts wrote in a note. The brokerage has a "buy" rating on the stock. However, Daily Mail''s rate of decline in print advertising eased slightly in the first half while online ad sales surged, helping the group to maintain targets. Print advertising fell by 8 percent, easing from a 12 percent fall in 2016. Analysts at Panmure Gordon, who rate the stock a "hold," said the company''s portfolio has gone from "firing on all cylinders" three years ago, to a "mixed bag" over the last 18 months, to "nearly everything''s struggling". (Editing by Jane Merriman and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-dailymail-results-idUKKBN18L0NS'|'2017-05-25T14:48:00.000+03:00'
'507518a89b096600805f4d0c610cebcb4798f448'|'Central banks launch forex market code of conduct'|'Money   1:41pm IST Central banks launch forex market code of conduct FILE PHOTO: The word ''''Yen'''' is pictured on a Japanese banknote on top of a U.S. dollar bill at Interbank Inc. Money exchange in Tokyo, Japan in this September 9, 2010 picture illustration. REUTERS/Yuriko Nakao/File Photo By Patrick Graham - LONDON LONDON Regulators and leading financial firms launched a new code of conduct for global currency trading on Thursday, including measures aimed at ensuring its universal adoption by the world''s major financial institutions. The code is a central element of the foreign exchange industry''s response to charges of market manipulation and misuse of client order information which saw seven major banks fined around $10 billion at the end of a huge global inquiry in 2015. Most of the document was published a year ago and the final version brings chiefly tweaks to how it deals with electronic trading, seeking to make the basis of relationships between banks and other major players clearer and more transparent. The 75-page document lays out 55 high-level principles - rather than hard rules - for how participants in the world''s biggest financial market should conduct business. While it remains nominally voluntary, Thursday''s package of documents also outlined a framework that some of the officials working on the project said should mean all major market players will commit to conforming to the new code. All of the major central banks involved said they would commit to sticking to the code''s guidelines and would demand it of their counterparties in the $5 trillion a day market which is the world''s largest. The industry FX committees run by each of the central banks will also require a formal commitment from the dozens of major institutions who sit on their panels and a new joint Global FX Committee will monitor implementation of the code. "I would be surprised if a major wholesale market participant did not get behind the Code," said David Puth, the head of settlement bank CLS and chair of the committee of market participants who have funnelled banks and other financial firms'' input to the code. "Over the course of the next 12 months, we will look for all wholesale market participants to adopt the principles." UK regulators, who oversee the world''s biggest FX trading centre in London, are expected to embed the code in the new senior managers'' regime for financial firms. Deputy Reserve Bank of Australia Governor Guy Debelle, who has led work on the code and an earlier "preamble", said other regulators were likely to follow suite. "Our (Australian) securities regulator is going to utilise the code as the standard they expect," he said. "If that happens in the UK, given London''s importance for forex, that will add a fair bit of bite to the whole process. In our case, I know that our securities regulator is going to." Among the new elements to Thursday''s final document were principles for the use of "last look" practices that allow banks an extra stage where they can reject trades after receiving requests to execute. The code also provided a list of disclosures that the new generation of algorithmic traders should make, including a clear description of their execution or aggregation strategy, fees, routing and sources of liquidity. (Editing by Tom Heneghan)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/global-forex-code-idINKBN18L0UP'|'2017-05-25T06:11:00.000+03:00'
'b4cdd74465fee77cd5b01ebd8dccc21ce6f9e54a'|'Asian shares, Aussie dollar, yuan down after Moody''s downgrades China'|'Top News   7:20am BST Moody''s China downgrade rattles Asian stocks, Aussie dollar An investor looks at an electronic board showing stock information at a brokerage house in Beijing, China, June 24, 2016. REUTERS/Jason Lee TOKYO Chinese stocks fell and the Australian dollar skidded on Wednesday after Moody''s downgraded its sovereign credit rating on China, adding to worries about the global impact of slowing growth and rising debt in Asia''s economic powerhouse. Shares elsewhere in Asia also slipped, with MSCI''s broadest index of Asia-Pacific shares outside Japan down 0.3 percent, despite modest gains on Wall Street overnight. Financial spreadbetter CMC Markets expected Britain''s FTSE 100 to open slightly higher, Germany''s DAX to start the day little changed, and France''s CAC 40 to edge lower. Japan''s Nikkei stock index managed to end 0.7 percent higher. "At the end of the day, overseas investors had been taking a cautious stance toward China, even before this, so it was not entirely surprising to the street," said Kyoya Okazawa, head of global markets, Japan at BNP Paribas Securities in Tokyo. The move would likely have only a short-term market impact, he said. The Australian dollar, regarded as a proxy for China due to the country''s status as a major trading partner, was down 0.4 percent at $0.7450 after falling as low as $0.7439 after the Moody''s announcement. The offshore yuan slipped, but later recouped its losses. The Shanghai stock index also was off earlier lows but was still down 0.6 percent, while the blue-chip CSI300 index shed 0.4 percent. Moody''s cut China''s rating by one notch to A1 from Aa3 in its first downgrade of the country in nearly 30 years, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise. China''s massive debt has been at the centre of concerns among economists and Beijing is walking a fine line as it tries to contain financial risks. Moody''s has no specific timetable for re-visiting China''s rating but will monitor conditions on a regular basis, Marie Diron, associate managing director of Moody''s Sovereign Risk Group, told Reuters. She said the risks to China''s financial system were "broadly balanced." China''s finance ministry said the downgrade by Moody''s was based on inappropriate methodology, saying it was exaggerating difficulties facing the economy and underestimating reform efforts. The downgrade would probably not have a much broader spillover impact on global financial markets, said Suan Teck Kin, economist for United Overseas Bank in Singapore, noting that Moody''s forecasts for China''s economic growth seemed "too pessimistic". Chinese authorities have stepped up regulatory curbs in recent months to defuse financial risks and have cracked down on risky lending practises, with the central bank moving toward tighter policy. But the steps have been largely cautious to avoid braking economic growth too sharply. The U.S. dollar pulled away from recent 6-1/2 month lows as investors pored over President Donald Trump''s first full budget plan. Containing no major surprises, the plan called for an increase in military and infrastructure spending but also cuts to social spending in areas such as healthcare and food assistance. U.S. Treasury Secretary Steven Mnuchin said he hoped to get tax reform passed this year, though this would not happen by August. "Of course we''re not really sure of the details of the budget plan, and what form it will finally take, but it has given the market the perception that everything is moving forward again, after recent distractions such as ''Russia-gate''," said Mitsuo Imaizumi, Tokyo-based chief foreign-exchange strategist for Daiwa Securities. Political turmoil following Trump''s recent firing of FBI Director James Comey, who was overseeing an investigation into possible links between the president''s election campaign team and Russia, had raised fears that
'c97cb2e68809b37c6a715772a9139822591d827e'|'Geely to acquire Malaysian carmaker Proton - sources'|'Business News - Tue May 23, 2017 - 4:24pm BST Geely to acquire Malaysian carmaker Proton - sources left right Staff members sit in front of a Geely signage at Auto China 2014 in Beijing April 20, 2014. REUTERS/Jason Lee/File photo 1/2 left right FILE PHOTO - A Proton logo on a car at a Proton showroom in Puchong, Malaysia October 3, 2016. REUTERS/Edgar Su/File Photo 2/2 PARIS/BEIJING Chinese automaker Zhejiang Geely Holding Group [GEELY.UL] has agreed to buy struggling Malaysian manufacturer Proton from DRB-Hicom, sources with knowledge of the matter said. Geely, parent company of Hong Kong-based Geely Automobile Holdings, will acquire 49 percent of Proton, two sources said. DRB-Hicom earlier asked for its shares to be suspended pending a material announcement. (Reporting by Laurence Frost and Norihiko Shirouzu)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-proton-m-a-geely-idUKKBN18J28J'|'2017-05-23T23:24:00.000+03:00'
'82cdc85c652094f9b3d3cf8a11e44de19d05ba16'|'Bunge says not in talks with Glencore following approach'|'Deals   3:48am BST Bunge says not in talks with Glencore following approach FILE PHOTO - The logo of commodities trader Glencore is pictured in front of the company''s headquarters in Baar, Switzerland, September 30, 2015. REUTERS/Arnd Wiegmann/File Photo By Karl Plume - CHICAGO CHICAGO U.S. grains trader Bunge Ltd ( BG.N ) said on Tuesday it was not in talks with Swiss mining and commodities group Glencore Plc ( GLEN.L ), after the latter said it had made an informal approach to discuss "a possible consensual business combination." Both statements were triggered by a Wall Street Journal story that stated that Glencore had made a takeover approach to Bunge. Bunge shares ended trading in New York up 16.6 percent at $81.70, giving the company a market capitalization of $11.4 billion, on investor expectations of a possible deal. However, Bunge subsequently said it was not engaged in business combination discussions with either Glencore or Glencore Agriculture Ltd, a joint venture owned by Glencore and two Canadian pension funds. Glencore had said in its statement earlier that "discussions may or may not materialize and there is no certainty that any transaction will occur." In a sign of its limited appetite to negotiate a sale to Glencore, Bunge said it was "committed to continuing to execute its global agri-foods strategy and pursuing opportunities for driving growth and value creation." Prior talks between Glencore and Bunge focused on a partnership in North America rather than the sale of Bunge, according to people familiar with the discussions, who requested anonymity to disclose them. Glencore also expressed interest in an acquisition of Bunge, however Bunge did not wish to pursue it, one of the sources added. Glencore''s interest in Bunge fueled ongoing speculation that, after a string of poor results, the world''s big grain trading houses are ripe for a wave of consolidation similar to the mergers and acquisitions in the farm chemicals and seed industries. Bunge shares were down 3.4 percent at $78.95 in after-hours trading in New York on Bunge''s statement. Large grain traders have struggled in recent years as a global oversupply and thin trading margins have squeezed their core commodity trading operations, including those of Bunge and rivals Archer Daniels Midland Co ( ADM.N ), Cargill Inc [CARG.UL] and Louis Dreyfus Co. The companies, collectively known as the ABCDs of global grain trading, are also facing stiffer competition from players such as China''s COFCO Corp [CNCOF.UL], which recently scooped up Noble Agri and Nidera, and Japan''s Marubeni Corp ( 8002.T ), which bought U.S. grain handler Gavilon in 2012. Merger expectations have been bubbling in the sector for months as commodities prices remain stubbornly low. A series of bumper grain and soybean harvests in the United States and South America also mean there is little chance of a supply disruption that global grain traders could profit from. Bunge Chief Executive Soren Schroder said earlier this month that the sector was ripe for consolidation and that Bunge was prepared to take the lead in any dealmaking. He did not specify whether Bunge would be a buyer or a seller. If Glencore and Bunge were to form a partnership, it could transform Glencore into a major U.S. agricultural company. Glencore pursued Louis Dreyfus'' grains business in recent years, but failed to strike a deal. The company bolstered its Canadian operations with a $6 billion deal for grain handler Viterra Inc [VILC.UL] in 2012, but spun off its grains business in 2015 and later divested 49 percent of Glencore Agri to the Canada Pension Plan Investment Board (CPPIB) and British Columbia Investment Management Corp (bcIMC) for more than $3.1 billion. CPPIB and bcIMC declined to comment about a possible partnership with Bunge. Ken Morrison, a veteran grain trader who writes a commodity trading newsletter, said he bought a "meaningful" number of Bunge shares when prices dove after an earnings
'f3d7de432c121c096827c634c333eeb09bb0b1b1'|'Citi struggles to bring back shine to its Mexican crown jewel'|'Business News  17am BST Citi struggles to bring back shine to its Mexican crown jewel left right Customers queueing wait to be served by employees inside at a Citibanamex branch in Mexico City, Mexico May 8, 2017. Picture taken May 8, 2017. REUTERS/Henry Romero 1/10 left right Customers queueing wait to be served by employees inside at a Citibanamex branch in Mexico City, Mexico May 8, 2017. Picture taken May 8, 2017. REUTERS/Henry Romero 2/10 left right Customers wait to be served by employees inside at a Citibanamex branch in Mexico City, Mexico May 8, 2017. Picture taken May 8, 2017. REUTERS/Henry Romero 3/10 left right Personal bankers speak to customers inside a Citibanamex branch in Mexico City, Mexico May 4, 2017. Picture taken May 4, 2017. REUTERS/Henry Romero 4/10 left right Customers wait to be served by employees inside a Citibanamex branch in Mexico City, Mexico May 4, 2017. Picture taken May 4, 2017. REUTERS/Henry Romero 5/10 left right A logo of Citibanamex is seen at a branch in Mexico City, Mexico May 8, 2017. Picture taken May 8, 2017. REUTERS/Henry Romero 6/10 left right A logo of Citibanamex is seen at a branch in Mexico City, Mexico May 4, 2017. Picture taken May 4, 2017. REUTERS/Henry Romero 7/10 left right Personal bankers speak to customers inside a Citibanamex branch in Mexico City, Mexico May 8, 2017. Picture taken May 8, 2017. REUTERS/Henry Romero 8/10 left right A Citibanamex employee helps as customers stant at an ATM inside a Citibanamex branch in Mexico City, Mexico May 8, 2017. Picture taken May 8, 2017. REUTERS/Henry Romero 9/10 left right ATM machines are seen as customers queueing wait inside a Citibanamex branch in Mexico City, Mexico May 8, 2017. Picture taken May 8, 2017. REUTERS/Henry Romero 10/10 By Dan Freed and David Henry - MEXICO CITY/NEW YORK MEXICO CITY/NEW YORK The newly refurbished Citibanamex branch in Mexico City''s affluent Del Valle neighbourhood opens into a Scandinavian-chic space where salespeople chat with clients at touch screens. The next room, though, is filled with customers queuing up in front of tellers or waiting on benches. Outside, more line up to use the ATMs. The facelift reflects Citigroup Chief Executive Michael Corbat''s ambition to turn the group''s Mexican operation into a "state-of-the-art bank." The lines symbolize the challenge: overcoming the legacy of years of underinvestment and a series of scandals that left the 133-year-old institution lagging rivals in technology, profitability, market share and customer satisfaction. (Graphic: tmsnrt.rs/2plZLom ) Despite upbeat assurances from Citi''s New York headquarters, the view from the ground is that the bank has yet a lot of ground to recover and local and regional executives acknowledge they have catching up to do. Jane Fraser, who heads Citigroup''s Latin America businesses, told Reuters a visit to an overcrowded branch shortly after she took on her role in 2015 convinced her the bank''s service required a thorough overhaul. The ultimate goal was for people to say, "Okay, they''re back to being the best bank again," Fraser said. The bank is now reorganizing branches to make service more efficient, adding 2,500 ATMs to its network of 7,600 and partnering with startups to improve customer experience, she said. To broaden its reach, Citibanamex introduced Saldazo, a card distributed at the OXXO convenience store chain, which allows for deposits and money transfers. Saldazo is not yet profitable, but it is popular, with 8,500 cards issued daily, said Pedro Solano, director of financial inclusion at Citibanamex. Edgardo del Rincon, Citibanamex''s general manager for consumer banking, said rivals now had an edge in digital services, but that should change once his bank adopts new, better systems. <20>Most banks in Mexico updated their core technology platforms seven, eight, nine years ago. We<57>re doing it now, but the technology that<61>s available is much different," he said. For Corbat, Mexico is a big 
'570aac7ce3106a4489f8c18465223e7a0506fb43'|'ArcelorMittal agrees on concessions to seal delayed $897 million JV with SAIL'|'Money News   4:47pm IST ArcelorMittal agrees on concessions to seal delayed $897 million JV with SAIL FILE PHOTO: A red-hot steel plate passes through a press at the ArcelorMittal steel plant in Ghent, Belgium, July 7, 2016. REUTERS/Francois Lenoir/File Photo NEW DELHI ArcelorMittal, the world''s largest steel producer, said on Wednesday it has agreed to make concessions to Steel Authority of India on technology transfer to seal a delayed $897 million automotive joint venture. The two companies are close to ironing out key commercial terms to close the deal, including non-compete and exit clauses as well as finalising policy on arbitration, three sources with direct knowledge of the negotiations told Reuters. "In the interest of the strategic partnership, some concession from ArcelorMittal on technology has been extended," a company spokeswoman told Reuters, without giving further details. India''s Steel Minister Chaudhary Birender Singh said on Monday the talks between ArcelorMittal and SAIL were in the "final stages", after a preliminary understanding signed in May 2015 lapsed on Sunday. Government officials said the timeline for the venture would get an official extension. Talks between the two companies had hit a roadblock over disagreement on revenue-sharing as well on technology transfer fees. The deal would help SAIL, which has been in the red for at least seven straight quarters, compete with local private rivals such as JSW Steel and Tata Steel who have foreign partnerships to make auto-grade steel. The proposed joint venture is also crucial for ArcelorMittal as India is the only big steel market where demand is rising fast and government policy is increasingly favouring locally made products. (Reporting by Neha Dasgupta and Promit Mukherjee; Editing by Sherry Jacob-Phillips/Keith Weor)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/india-arcelormittal-sail-idINKBN18K1DR'|'2017-05-24T09:17:00.000+03:00'
'a9a7a321db1cc2afa4c379e9932dde8d6854d34b'|'Big stock investors establish Greek foothold in patient bet'|' 21pm BST Big stock investors establish Greek foothold in patient bet left right FILE PHOTO: A European Union flag flutters outside the Athens stock exchange, Greece, June 12, 2015. REUTERS/Alkis Konstantinidis/File Photo 1/2 left right FILE PHOTO: A man walks inside the Athens stock exchange, Greece, February 3, 2015. REUTERS/Yannis Behrakis/File Photo 2/2 By Danilo Masoni - MILAN MILAN Big money managers have started buying cheap Greek stocks from banks to lotteries as clouds over talks between Athens and its international creditors gradually clear, anticipating big returns. A deal in May when Greece agreed to more austerity measures raised hopes of possible debt relief for a country that has endured economic hardship for years, resulting in the longest winning streak for the Athens bourse in more than two decades. Greek stocks have had at least one false dawn since the country''s first EU/IMF bailout in 2010 - the market rose in 2012-14 only to fall back - and on Monday, the creditors failed to reach a deal after eight hours of talks, dashing hopes of an immediate breakthrough. Nevertheless, expectations are growing that Greece can eventually win additional relief on a debt mountain that is forecast to reach 319 billion euros (<28>275.3 billion), or 176 percent of its annual economic output, this year. "With Greece we''ve learned to be patient... but the direction of travel is clear," said Christopher Colunga, who helps manage an emerging European equities fund for BlackRock. "With most of the negotiations thus far the agreement is always reached two minutes past midnight. Everybody waits, not just the Greeks," said Colunga, who routinely travels from London to Athens to test the outlook of its Greek investments. His 1 billion euro Emerging Europe fund has been an early mover into the euro zone country, having built the bulk of its position at the end of 2015. It raised its Greek exposure to 7.1 percent of the fund in April. In the past decade, the benchmark Athens stock index .ATG has dived from well over 5,000 points to around 780 now. The bourse remains cheap because of the risk that the debt talks will collapse, a prospect that would bring economic chaos and raise the spectre of an exit from the euro zone - something that the country only narrowly averted in 2015. Those risks have kept many investors on the sidelines. Big funds such as BlackRock, Fidelity Investments and Vanguard have already established footholds with stakes in stocks such as National Bank of Greece ( NBGr.AT ) and gambling firm OPAP ( OPAr.AT ), but Athens remains a frontier market. "Greece is still considered something difficult to grasp: it''s not the bread and butter of the traditional big money managers; it''s about special situation hedge funds looking for abnormal returns for their portfolio," said Nick Koskoletos, head of equity research at Eurobank Equities in Athens. Yet signs are growing that other money managers are starting to count on a deal to make Greek debt sustainable. That could also unlock sorely needed investment and bring back more savings that fled abroad before Athens imposed capital controls at the height of the 2015 crisis. The controls have since been relaxed and two-thirds of the money that has left Greek stocks since the end of 2007 has returned. Flows into Greek equity funds <20> a proxy for investor sentiment <20> topped $20 million in each of the past two weeks, the highest levels since mid-2015, according to fund tracker EPFR Global. After being ignored for the last seven years Greece has also attracted some foreign direct investment in recent months, with Germany''s Fraport ( FRAG.DE ) taking control of local airports and Italy buying the national railway company. POLITICAL SOLUTION Local brokers highlight that volumes on the Athens bourse doubled in May from the shallow levels where they have been stuck for nearly two years, with investors targeting banks and blue chips like Hellenic Telecom ( OTEr.AT ), refiner Mot
'76bc162ec8f0ab3004c0e176aa98b9a35ab9ac4c'|'India raises 2017/18 sugar cane price by nearly 11 pct - finance minister'|'Money   7:07pm IST India raises 2017/18 sugar cane price by nearly 11 pct - finance minister India''s Finance and Defence Minister Arun Jaitley attends a seminar with state finance ministers on the Goods and Services Tax (GST) issues, in Srinagar May 18, 2017. REUTERS/Danish Ismail/File photo NEW DELHI The Indian cabinet has raised by nearly 11 percent the price sugar mills must pay to cane growers in the next sugar season beginning October, the country''s Finance Minister Arun Jaitley said on Wednesday. India, the world''s biggest sugar consumer, has asked mills to pay at least 255 rupees ($3.93) per 100 kg from Oct. 1, 2017, when the new sugar season begins, up from 230 rupees in the previous year. ($1 = 64.83 rupees)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-sugar-idINKBN18K1T7'|'2017-05-24T21:37:00.000+03:00'
'2066c4c63d37d70e98987fac26ce6341beeb2095'|'Linde board to vote on Praxair deal next week: WirtschaftsWoche'|'FRANKFURT German industrial gases group Linde''s ( LING.DE ) supervisory board will vote next week on a merger agreement with U.S. peer Praxair ( PX.N ), German weekly WirtschaftsWoche reported, citing sources close to the negotiations.The merger agreement is as good as finished, it said on Wednesday.Supervisory board chairman Wolfgang Reitzle told Reuters this month that he expected the agreement to be finalised within weeks, reiterating his determination to get the deal done despite union opposition.Investors and workers are equally represented on Linde''s supervisory board, which must approve the deal.Reitzle said he would be reluctant but prepared to use his casting vote as chairman in the event of a stalemate with labor representatives.Linde declined to comment on the WirtschaftsWoche report.(Reporting by Maria Sheahan; additional reporting by Joern Poltz; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-linde-m-a-praxair-vote-idINKBN18K184'|'2017-05-24T08:25:00.000+03:00'
'7b5948f43793738968957096b68acb6e03d8362c'|'Oil prices rise as market expects extended production cut'|'Wed May 24, 2017 - 3:13am BST Oil prices rise as market expects extended production cut FILE PHOTO - A worker at an oil field owned by Bashneft, Bashkortostan, Russia, in this January 28, 2015 file photo. REUTERS/Sergei Karpukhin/Files By Henning Gloystein - SINGAPORE SINGAPORE Oil prices rose on Wednesday, supported by increasing confidence that an OPEC-led production cut aimed at tightening the market would be extended through the rest of 2017 and the first quarter of next year. Brent crude futures at 0147 GMT were up 13 cents from their last close at $54.28 per barrel. U.S. West Texas Intermediate (WTI) crude futures were at $51.58, up 11 cents. Both benchmarks have risen more than 12 percent from their May lows. Prices have rebounded on a growing consensus that a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to cut supplies by 1.8 million barrels per day (bpd) would be extended to March 2018, instead of just covering the first half of this year. "OPEC is meeting on 25 May with an extension of supply cuts at the top of its agenda. With oil stocks nowhere near OPEC''s... objective of the recent five-year average level, an extension of cuts seems all but a foregone conclusion," French bank BNP Paribas said. Although there have been signs of inventories dipping recently, overall stocks remain bloated following years of overproduction. DOES BACKWARDATION HELP? One of the main reasons why markets have not tightened more has been U.S. oil production, which has soared more than 10 percent since mid-2016 to 9.3 million bpd. Benefiting from a market structure known as contango, in which future oil prices are higher than those for immediate delivery, U.S. drillers have sold future production in order to finance expanding output. To stop this, some analysts, like the oil research team at Goldman Sachs, have suggested that the price curve should be pushed into backwardation, in which future oil prices are below current ones. Whether this would stop U.S. production from rising is unclear. "It seems of the 0.5 million bpd production growth this year, 0.4 million bpd will come from large oil companies ... that are less sensitive to factors such as the curve shape," said Virendra Chauhan, analyst at Energy Aspects. Past crude forward curves <0#CL:> show that U.S. oil production rose at the fastest pace during times when prices were in backwardation (2011 to 2014), while output fell when the curve moved into contango from 2015. It is possible that the backwardation between 2011 and 2014 was irrelevant as overall price levels were so high that production was profitable anyway. Others, however, point out that U.S. producers are now so efficient that they can live with prices as low as $40 per barrel, suggesting that an extreme backwardation would be needed to squeeze them out of the market. (Reporting by Henning Gloystein; Editing by Joseph Radford and Sonali Paul)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN18K07E'|'2017-05-24T10:10:00.000+03:00'
'af081c3204962363be98fcdf43ef6285ab9b2b90'|'BNP Paribas pays $350 mln to settle New York currency probe'|'Funds  13pm EDT BNP Paribas pays $350 mln to settle New York currency probe By Karen Freifeld - NEW YORK NEW YORK May 24 French bank BNP Paribas on Wednesday agreed to pay $350 million to New York<72>s banking regulator for allowing more than a dozen traders and salespeople in New York and other key trading hubs to manipulate foreign exchange prices. The fine, imposed by New York<72>s Department of Financial Services, found the bank failed to properly supervise its global foreign exchange business. Foreign exchange traders in New York, London, colluded in online chat rooms to manipulate the currency prices, the regulator said. Traders executed fake trades to influence exchange rates of emerging market currencies, and improperly shared confidential customer information with traders at other large banks, the regulator said. The misconduct took place between 2007 and 2011, according to the regulator, and the bank agreed to improve oversight. Some employees involved were terminated, while others left the bank earlier, the regulator said. A spokeswoman for BNP Paribas did not immediately return a call for comment. (Reporting By Karen Freifeld; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/paribas-current-settlement-idUSFWN1IQ0OT'|'2017-05-25T00:13:00.000+03:00'
'4c7faed821eff0313d0c87c9660a35a1d7107011'|'Naspers investors see billions trapped by China success'|'Business News  38am BST Naspers investors see billions trapped by China success FILE PHOTO: The headquarters of Media 24, owned by internet, entertainment and media group Naspers, in Cape Town, South Africa, May 11, 2015. REUTERS/Mike Hutchings/File Photo By TJ Strydom - JOHANNESBURG JOHANNESBURG It was the investment that transformed Naspers ( NPNJn.J ) from a small-time South African newspaper publisher into Africa''s most valuable company and made its long-serving director and chairman Koos Bekker a billionaire. Now, Naspers'' 33 percent stake in Chinese internet company Tencent ( 0700.HK ) is worth about $100 billion, or 20 percent more than Naspers itself. It dwarfs other parts of the business, including its loss-making e-commerce unit and African pay-TV. Naspers has plowed in around $3.6 billion since 2012 to drive growth in e-commerce platforms such as e-classifieds, online retail and auction sites and reduce its dependence on Tencent and pay-TV, which thrives in South Africa but faces headwinds elsewhere. So far it has little to show for its investments and some investors say Bekker and chief executive Bob van Dijk must find new ways to close the discount between Naspers'' stock and Tencent shares. "What is clear to the external observer is that developmental assets, largely e-commerce, are deteriorating in their group contribution relative to Tencent and are cash absorbing. Furthermore, it is difficult to see these assets reaching sizeable international scale," said Mark Ingham, an analyst Ingham Analytics Founded in 1915, Naspers has transformed itself from an apartheid-era newspaper publisher into a 1.2 trillion rand ($90 billion) multinational with private equity-style investments. But it owes much of that valuation to the $33 million bet in 2001 to take a stake in Tencent, whose breakneck pace of growth has catapulted it into China''s biggest internet company with a $334 billion market capitalization. As Naspers''s stake in Tencent is worth more than Naspers itself, this suggests the other assets are not reflected in the valuation. "We need to see those classifieds businesses actually in aggregate all swinging into profit, then you''ll see the discount narrowing," said a fund manager at one of Naspers biggest shareholders, declining to be named because his firm does not want to make its views public. Naspers said it is working hard to narrow the discount. "Some discount to the Naspers sum-of-the parts value is unavoidable given our underlying investments in listed entities," said Meloy Horn, head of investor relations. "Our aim is to build great businesses besides Tencent... We expect ...increased contributions from these fast growing e-commerce operations to be recognized by investors and through that process expect the discount to narrow over time." MOUNTING LOSSES Losses in Naspers'' e-commerce division - which houses assets that include OLX, the biggest classified sites in India and Brazil - have been mounting every year since 2012. The e-commerce unit''s operating losses totaled nearly 1 billion rand in 2012, and have surged nearly six-fold to 5.6 billion rand in 2016. "At the moment the (e-commerce division) as a whole is loss-making and I think the market is struggling to look through that," said Adrian Zetler, an analyst at Coronation Fund Managers - the second biggest investor in Naspers. Some investors were surprised when Naspers sold Allegro Group - one of the world''s biggest online sites with more than 20 million registered users - in October to an alliance of investor funds: Cinven, Permira and Mid Europa partners. "If leverage is the in-thing, why get rid of Allegro, one of the better assets? " said Ingham. Naspers said at the time it was selling the business to pay down debt. To get decent returns from the money splashed on e-commerce ventures, Naspers would have to generate at least $1 billion in core profit, or earnings before interest, tax, depreciation and amortization, by 2021, Ingham s
'24d7e85e166f7a22f6a9b55534f783a3fa73f54e'|'Nintendo''s share price hits seven-year high as Switch sales soar - Technology'|'Nintendo<64>s share price has hit its highest point in seven years, thanks to booming sales of the new Switch, its hybrid between a traditional home console and a handheld gaming machine .The company<6E>s share price is up 102% year on year as the Switch looks set to be the company<6E>s first bona fide hit since the Wii hit the shelves more than a decade ago.The Japanese company has seen its share price rise to <20>31,880 (<28>220), pushing it beyond the short-lived investor frenzy that attended the Pok<6F>mon Go craze last year , to its highest point since April 2010.How Breath of the Wild propelled Nintendo Switch to success against the odds Read more Last July<6C>s launch of Pok<6F>mon Go, a location-based augmented reality mobile game, saw Nintendo<64>s share price jump by 119% in a matter of days. However, the stock tumbled again after investors realised that Pok<6F>mon Go had not been developed by Nintendo or its affiliate The Pok<6F>mon Company, but instead by the developer Niantic. Nintendo, which had a small investment in Niantic, the San Francisco-based company spun out of Google, released a formal notice pointing out it was not making direct sales from Pok<6F>mon Go and hence would not be making a fortune from last summer<65>s worldwide craze. Now Nintendo, which has struggled to compete in the games console market as Sony<6E>s PlayStation and Microsoft<66>s Xbox dominate, has a hit on its hands.Facebook Twitter Pinterest The Nintendo Switch console launched on 3 March. Photograph: Drew Angerer/Getty Images Last month, Nintendo said it expected its new Switch console, which it launched on 3 March, to end an eight-year sales decline and double annual operating profit. The last time Nintendo saw sales growth was in March 2009.The device, a hybrid that can be used either handheld or with a TV when in a dock, sold 2.74m units in its debut month, beating analysts<74> expectations. It also shipped 2.76m copies of Switch<63>s flagship launch title, The Legend of Zelda: Breath of the Wild.The console has sold out nearly everywhere since its release <20> there are even reports that in games-crazed Japan Nintendo has taken to selling just the cardboard box from the popular Splatoon 2 game and console bundle for about <20>540.Nintendo Switch review: a brave and fascinating new console Read more Tatsumi Kimishima, president of Nintendo, said that if the Switch hit its target of 10m sales by Christmas then it would be potentially heading towards the global success level of the Wii.One of the bestselling consoles of all time, the Wii was launched in November 2006, selling 20m consoles in its first year and exceeding 100m over its lifetime.Nintendo<64>s market capitalisation has hit <20>4.32tn, making it the 19th biggest listed company in Japan.The company<6E>s share price has also been boosted by investors pleased at Nintendo finally entering the massive mobile games market, a sector in which it had been reluctant to try its hand.Earlier this month, reports emerged that it was looking to develop a mobile version of The Legend of Zelda, one of the console<6C>s all-time hit franchises, which has had massive success already as a Switch game.Topics Nintendo Nintendo Switch Games Technology sector news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/technology/2017/may/24/nintendo-share-price-switch-sales-games-wii'|'2017-05-24T22:29:00.000+03:00'
'967d7a36e80cb0874ee1e8eed0d927045f852917'|'Most Japan firms favour cautious approach to any Toshiba delisting - Reuters poll'|'Business News - Thu May 25, 2017 - 1:11am BST Most Japan firms favour cautious approach to any Toshiba delisting - Reuters poll FILE PHOTO: The logo of Toshiba Corp is seen behind a traffic light at the company''s headquarters in Tokyo, Japan March 29, 2017. REUTERS/Issei Kato/File Photo By Sam Nussey - TOKYO TOKYO Most Japanese firms believe the Tokyo bourse should be cautious in its approach to any delisting of embattled Toshiba Corp ( 6502.T ), concerned about the potential impact on its clients, subcontractors and financial markets, a Reuters poll showed. The conglomerate, whose products range from TVs to semiconductors to nuclear reactors, has already breached several regulatory rules that have put it at grave risk of a delisting. But the Tokyo Stock Exchange has so far shown little sign of taking an immediate hard-line stance against Toshiba as the company and the authorities grapple with the fallout from huge cost overruns at now bankrupt U.S. nuclear unit Westinghouse. The results of the Reuters Corporate Survey, conducted May 9-19, suggest strong support in the business community for a go-slow approach in tackling the thorny question of whether to delist, and if so when and how to proceed. While 37 percent of firms were in favour of a delisting, 58 percent said they wanted the issue to be dealt with cautiously, and another 5 percent said it should remain listed. "The impact of a delisting - not only on Toshiba, which itself is a gigantic company, but also on the companies around it - needs to be considered," wrote a manager at metal products firm. Toshiba has been on the Tokyo bourse''s supervision list since mid-March after failing to clear up concerns about its internal controls after a 2015 accounting scandal. Although Toshiba submitted a report on its internal controls to the exchange at the time, it has since reported earnings reports late and without endorsement from its auditor. If the bourse finds Toshiba''s efforts to improve its internal controls wanting, then it can move to delist the conglomerate. There are, however, no set rules governing how long the bourse should take to come to a conclusion. A spokeswoman for the exchange said its examination of Toshiba''s internal management system is still ongoing and declined to comment on the results of the survey. Toshiba also declined to comment. Nicholas Benes, head of The Board Director Training Institute of Japan, who reviewed the survey results, said that hasty moves towards a delisting would do more harm than good in restoring market confidence. "The most important thing is that the TSE rules support governance so that companies self-cleanse and don''t have to be delisted," he said. Toshiba would, however, have to face an automatic delisting if it does not manage to claw its way out of negative net worth - where liabilities exceed assets - by the end of this financial year in March. With 540 billion yen (3.6 billion pounds) of negative shareholder equity, its ability to do so hinges on the sale of its semiconductor unit, the world''s second-biggest producer of NAND memory chips. The survey found that the vast majority of firms, 87 percent, support the government''s pledge to block any sale that would risk highly prized chip technology leaving the country. The government''s stance is likely to favour Western suitors such as KKR & Co LP ( KKR.N ), which is expected to join hands with a state-backed fund, the Innovation Network Corp of Japan and make it difficult for bidders such as Taiwan''s Foxconn( 2317.TW ), which has deep ties to China, to win. Other suitors for the unit, valued by Toshiba at least $18 billion, include U.S. chip maker Broadcom Ltd ( AVGO.O ), which has teamed up with private equity firm Silver Lake, Bain Capital which has partnered with South Korean chipmaker SK Hynix ( 000660.KS ) as well as Toshiba business partner Western Digital Corp ( WDC.O ). The survey, conducted monthly for Reuters by Nikkei Researc
'f0cd3f9ac0c391c08d03b4cab72add81d917b0d0'|'Banks and funds will never quite be forex friends'|'LONDON Regulators and leading financial firms launched a new code of conduct for global currency trading on Thursday, including measures aimed at ensuring its universal adoption by the world''s major financial institutions.The code is a central element of the foreign exchange industry''s response to charges of market manipulation and misuse of client order information which saw seven major banks fined around $10 billion at the end of a huge global inquiry in 2015.Most of the document was published a year ago and the final version brings chiefly tweaks to how it deals with electronic trading, seeking to make the basis of relationships between banks and other major players clearer and more transparent.The 75-page document lays out 55 high-level principles - rather than hard rules - for how participants in the world''s biggest financial market should conduct business.While it remains nominally voluntary, Thursday''s package of documents also outlined a framework that some of the officials working on the project said should mean all major market players will commit to conforming to the new code.All of the major central banks involved said they would commit to sticking to the code''s guidelines and would demand it of their counterparties in the $5 trillion a day market which is the world''s largest.The industry FX committees run by each of the central banks will also require a formal commitment from the dozens of major institutions who sit on their panels and a new joint Global FX Committee will monitor implementation of the code."I would be surprised if a major wholesale market participant did not get behind the Code," said David Puth, the head of settlement bank CLS and chair of the committee of market participants who have funnelled banks and other financial firms'' input to the code."Over the course of the next 12 months, we will look for all wholesale market participants to adopt the principles."UK regulators, who oversee the world''s biggest FX trading centre in London, are expected to embed the code in the new senior managers'' regime for financial firms.Deputy Reserve Bank of Australia Governor Guy Debelle, who has led work on the code and an earlier "preamble", said other regulators were likely to follow suite."Our (Australian) securities regulator is going to utilise the code as the standard they expect," he said."If that happens in the UK, given London''s importance for forex, that will add a fair bit of bite to the whole process. In our case, I know that our securities regulator is going to."Among the new elements to Thursday''s final document were principles for the use of "last look" practices that allow banks an extra stage where they can reject trades after receiving requests to execute.The code also provided a list of disclosures that the new generation of algorithmic traders should make, including a clear description of their execution or aggregation strategy, fees, routing and sources of liquidity.(Editing by Tom Heneghan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-forex-code-analysis-idUKKBN18L15U'|'2017-05-25T18:06:00.000+03:00'
'37ac0f92845f9b8f1866ea18d94ab215a360e799'|'Some Uber and Lyft riders are giving up their own cars - Reuters/Ipsos'|'Technology News   12:15pm BST Some Uber and Lyft riders are giving up their own cars: Reuters/Ipsos poll left right A photo illustration shows the Uber app logo displayed on a mobile telephone, as it is held up for a posed photograph in central London, Britain October 28, 2016. REUTERS/Toby Melville/Illustration 1/2 left right A smartphone app for Lyft drivers is seen during a photo opportunity in San Francisco, California February 3, 2016. REUTERS/Stephen Lam 2/2 By Peter Henderson - SAN FRANCISCO SAN FRANCISCO Wally Nowinski got his first car when he turned 16 in Michigan, the home of the U.S. auto industry. But after two years of living in New York City, he sold his wheels, using ride services, carsharing and bike sharing to get around. <20>My mom didn<64>t think I could do it. She thought I would buy a new car in six months,<2C> he said. But that was more than a year ago, and his car budget of $820 per month fell to $250 for carsharing and ride services last year. <20>I take Uber like pretty frivolously,<2C> he said. Nowinski, 32, is not alone. Nearly a quarter of American adults sold or traded in a vehicle in the last 12 months, according to a Reuters/Ipsos opinion poll published on Thursday, with most getting another car. But 9 percent of that group turned to ride services like Lyft Inc and Uber Technologies Inc [UBER.UL] as their main way to get around. About the same percentages said they planned to dispose of cars and turn to ride services in the upcoming 12 months. Though a small percentage, the figure of people switching to ride services could be early evidence that more consumers believe that ride sharing can replace vehicle ownership. Automakers could see a new market in ride services drivers and believe the fast adoption of ride service technology bodes well for self-driving car technology, a big area of investment for many companies, said auto analyst Alan Baum. It is not clear whether ride service drivers, who rack up vehicle miles and are likely to buy new cars relatively frequently, will make up for any long term drop in personal car ownership. But Lyft Director of Transportation Policy Emily Castor called the survey ''early evidence'' that its vision of a world where personal car ownership was unnecessary was beginning to take hold. "What we<77>ve seen anecdotally aligns with what you<6F>ve found," said Uber Head of Transportation Policy and Research Andrew Salzberg. The survey was the first on the subject by Reuters/Ipsos, so it was not possible to tell whether the move to ride services from car ownership is accelerating, and respondents were not asked whether they gave up a car because of ride services. The survey showed that 39 percent of Americans had used rides services and that 27 percent of that group did so at least several times per week. University of California, Berkeley researcher Susan Shaheen said the results on the move to ride services was in line with her 2016 study of a one-way carsharing service, which found a small portion of customers sold a vehicle due to carsharing. She noted, however, that the Reuters/Ipsos survey did not address carsharing or whether people who did not own cars would avoid buying one because of ride services. Transportation consultant Bruce Schaller said that most of the move to ride sharing probably was explained by factors such as moving in and out of cities and employment changes. Still, he said, <20>It<49>s not the predominant trend, but there are a significant number of people who have changed their lifestyle, if you will, and are now relying much more on ride services than their own car.<2E> That was especially true of people who used many sharing services, such as ride share, car share and bike share. Auto companies say they are getting ready for changes in technology, including expanded demand for ride services and, eventually, self-driving vehicles. <20>Those are the factors that are driving our move into being both an auto and a mobility company,<2C> said Ford spokesman 
'671df098d5c5387d0a729a3938b5a374540f1512'|'RPT-UPDATE 1-Citi narrowly tops annual FX traders ranking'|'(Repeats Wednesday''s story without changes)By Patrick GrahamLONDON May 24 U.S. bank Citi held on to top spot in the foreign exchange industry<72>s main annual ranking of traders by volume on Wednesday despite losing around 2 percent in market share, results showed.The survey by financial publishers Euromoney showed overall market share among the top five banks in the $5 trillion a day market falling to 41 percent from just under 45 percent a year ago.JP Morgan was again placed second in overall market share, followed by Swiss bank UBS in third. Deutsche Bank fell again, to fifth, while Bank of America Merrill Lynch climbed to fourth.Euromoney''s annual poll, watched closely by participants in the world''s biggest financial market, has traditionally been dominated by the big banks. In 2009 the top five banks commanded a 61.5 percent share and the top 10 close to 80 percent.While the top ten players in Wednesday''s survey were again all lenders - displacing non-bank liquidity provider XTX Markets - the spread of market share was far more even than in previous years.Citi''s share fell from 12.93 percent a year ago to 10.74 percent while Deutsche''s fell sharply for a second year - to 5.68 percent from 7.88 percent.Euromoney said there were now seven non-bank providers in the top 50. (Reporting by Patrick Graham; Editing by Hugh Lawson and John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-euromoney-idUSL8N1IR12U'|'2017-05-25T15:20:00.000+03:00'
'e1cfcdf9e3a7f7774799a0c4e84eda60a11e3774'|'Israel''s Netafim draws interest from private equity, Chinese bidders'|'By Arno Schuetze and Clara Denina - FRANKFURT/LONDON FRANKFURT/LONDON International buyout groups and Chinese investment funds are expected to submit bids for Israeli irrigation firm Netafim, which could fetch around $1.5 billion, within the next few weeks, two banking sources said on Friday.Tel Aviv-based Netafim said in March it had hired Goldman Sachs ( GS.N ) to handle a possible sale or public offering of the company.Centerview and Bank of America ( BAC.N ) have also been appointed to advise on the deal.Private equity funds CVC and Bain Capital and Chinese investment funds Fosun International and Primavera Capital were named by sources as possible bidders.The firm, majority owned by London-based buyout group Permira, could still opt for a listing in New York if bids are perceived as too low, two of the sources said.The company is hoping for a valuation of between 10 and 12 times its expected 2017 earning before interest, taxes, depreciation and amortization (EBITDA) of around $120 million, one of the sources said.Permira, Netafim, CVC and Bain Capital declined to comment.Fosun International ( 0656.HK ) and Primavera Capital were not immediately available to comment.Lindsay Corporation ( LNN.N ), a U.S. provider of irrigation systems, may also show an interest, one of the sources said. However, given that Netafim is larger than Lindsay it is seen as an unlikely buyer. The company was not immediately available for comment.Netafim has 4,300 employees and owns 17 factories in 10 countries and provides irrigation products for agriculture, greenhouse and mining applications.(Reporting by Arno Shuetze in Frankfurt and Clara Denina in London; additional reporting by Dasha Afanasieva in London; editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-netafim-sale-privateequity-idINKBN18M1RJ'|'2017-05-26T12:16:00.000+03:00'
'017cfa67052d4633841a64526a7716d4c5c77fce'|'Oil languishes after OPEC fails to deepen supply cuts, Asia stocks retreat'|'Business  51am EDT Oil prices see-saw, sterling hit as May''s lead shrinks   A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo 1/2 left right Britain''s Prime Minister Theresa May listens to the French President during a bilateral meeting at the G7 Summit in Taormina, Sicily, May 26, 2017. REUTERS/Stephane De Sakutin/Pool 2/2 By Hilary Russ - NEW YORK NEW YORK Oil prices see-sawed on Friday after OPEC extended cuts in oil production but disappointed investors by not going further, while sterling slid after a poll showed the ruling Conservatives'' lead shrinking two weeks before an election. World shares bounced around, with Wall Street turning slightly negative after six straight days of gains as another strong day for consumer stocks offset weakness in financial and technology companies. The Dow Jones Industrial Average fell 15.42 points, or 0.07 percent, to 21,067.53, the S&P 500 lost 0.59 points, or 0.02 percent, to 2,414.48 and the Nasdaq Composite added 0.19 points, or 0 percent, to 6,205.45. European stocks fell as turbulence in oil markets, and the prospect of tough talks at a meeting of G7 leaders met in Italy, undermined risk appetite. Britain''s pound tumbled to a more than four-week low of $1.2772. It was last down 1.18 percent at $1.2785. The first opinion poll since a suicide bombing killed 22 people indicated Britain''s opposition Labour Party had cut the Conservative Party''s lead to five points, with less than a fortnight to go to the parliamentary election. Prime Minister Theresa May has said a big win would strengthen her hand in Brexit negotiations. "With this kind of momentum and almost two weeks to go until the vote, not only is this not going to be the breeze that May anticipated when she called the snap election last month, it could yet turn into a humiliating defeat for the Conservative leader and her party," said Craig Erlam, senior market analyst at OANDA. The sterling selloff was seen boding well for British exporters, however. British stock markets bucked the downward trend and hit record highs. Shares in Asia dropped. MSCI''s broadest index of Asia-Pacific shares outside Japan closed 0.08 percent lower, while Japan''s Nikkei lost 0.64 percent. MSCI''s gauge of stocks across the globe shed 0.16 percent. On Thursday in Vienna, the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers agreed to extend a cut in oil production by nine months until March 2018 as they grapple with a supply glut. But that disappointed investors betting on longer or larger curbs. After opening sharply lower, U.S. crude rose 0.67 percent to $49.22 per barrel and Brent was last up 0.43 percent at $51.68 on the day. Meanwhile, analysts said there was caution in the markets ahead of a meeting of leaders from the world''s richest economies that was expected to expose deep divisions with U.S. President Donald Trump over trade and climate change. The G7 summit comes after Trump criticized NATO allies'' military spending and condemned German trade policies a day earlier. The dollar index rose 0.22 percent, with the euro down 0.3 percent to $1.1175. The U.S. economy slowed less than initially thought in the first quarter as gross domestic product increased at a 1.2 percent annual rate. Spot gold hit its highest level in nearly four weeks, boosted by the risk-off sentiment because of political uncertainty. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets (Additional reporting by Dhara Ranasinghe in London, Tanya Agrawal in Bengaluru; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN18M02B'|'2017-05-26T09:01:00.000+03:00'
'108c867e35aefd9de8e05dba508b0010ce6fe0f5'|'Cancer treatment firm 21st Century Oncology files for bankruptcy'|'By Tom Hals - WILMINGTON, Del. WILMINGTON, Del. May 25 21st Century Oncology Holdings Inc, which bills itself as the world''s largest operator of cancer treatment centers, filed for Chapter 11 bankruptcy on Thursday, citing changes in insurance reimbursement rates and uncertainty caused by political changes.The Fort Myers, Florida-based company said the bankruptcy would not impact its 179 treatment centers with locations across 17 U.S. states and Latin America.Paul Rundell, the interim chief executive officer, said in a statement the company entered bankruptcy with an agreement with lenders and bondholders that would reduce its debt by $500 million.The company''s lenders agreed to provide $75 million for working capital during its bankruptcy and a group of creditors agreed to invest $75 million into the reorganized business.The new investment is being led by funds affiliated with Beach Point Capital Management, Governors Lane, JP Morgan Investment Management Inc, Oaktree Capital Management, Roystone Capital Management and HPS Investment Partners, according to a court filing.Rundell blamed the bankruptcy on declining levels of revenue per treatment, the cost of complying with regulations regarding electronic records and the cost of litigation and legal settlements.The company has paid around $55 million to settle allegations it billed government programs for services that were not medically necessary, according to Rundell''s court filing. The company did not admit to wrongdoing as part of the settlements, Rundell said.21st Century Oncology is also being investigated over a data breach involving 2.2 million patients."A changing political landscape has injected uncertainty into the health insurance market," Rundell said in a court filing.U.S. President Donald Trump and his Republican allies have pledged to roll back the 2010 Affordable Care Act, known as Obamacare, which brought sweeping changes to the U.S. healthcare market. About 20 million Americans gained insurance under Obamacare.21st Century Oncology was founded in 1983 by a group of physicians and was publicly traded as Radiation Therapy Services until it was acquired in 2008 by Vestar Capital Partners for around $1 billion.It pulled plans to return to the stock market in 2014 and instead raised $325 million with an investment from the Canada Pension Plan Investment Board. (Reporting by Tom Hals in Wilmington, Delaware; editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/21st-century-onc-bankruptcy-idINL1N1IR20D'|'2017-05-25T20:24:00.000+03:00'
'0268bd29a98dd60759afecfb53507cac3b0113cf'|'PPG CEO says remains interested in ''consensual'' deal with Akzo'|'AMSTERDAM PPG Industries ( PPG.N ) remains interested in negotiating a "consensual" deal with Akzo Nobel ( AKZO.AS ), even as the Dutch rival paint maker resists its 26.3 billion euro ($29.5 billion) takeover offer, PPG''s top executive said on Tuesday.PPG Chief Executive Michael McGarry, who was in the Netherlands for a shareholder lawsuit against Akzo a day earlier, told journalists he had never before seen such hostility between a company and its shareholders.But McGarry said "PPG remains very interested in pursuing a privately negotiated, substantive deal with Akzo Nobel."On Monday, several major Akzo shareholders led by activist hedge fund Elliott Advisors, filed a lawsuit against the company over the refusal by Akzo''s management to enter talks.PPG is in discussions with Dutch market regulator AFM about extending by up to two weeks a June 1 deadline to submit a formal bid for Akzo while it awaits the court''s decision, most likely on May 29.McGarry said that financing of a possible deal "is not an issue. We will have all the financing we need on whatever the appropriate date is," he said.Shares in Akzo traded 1 percent higher at 76.47 euros at 0830 GMT on Tuesday, well below PPG''s 96.75 euros per share bid proposal made on April 20, suggesting investors are skeptical a PPG offer will ultimately succeed.Akzo has argued a PPG takeover would be bad for employees, that the companies'' cultures don''t mesh, that a deal faces antitrust risks, that it would be bad for the environment and that Akzo should stay Dutch in the country''s national interest.(Reporting by Toby Sterling and Bart Meijer; Writing by Anthony Deutsch; Editing by Louise Heavens and Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-akzo-nobel-m-a-ppg-inds-idINKBN18J0W4'|'2017-05-23T11:46:00.000+03:00'
'0ab6bd21f3dec52fa3ebb51135d9fda125728ef2'|'fails to win debt deal, but French growth hits six-year high <20> business live'|'People sit on the tables of a cafe in central Athens yesterday. Photograph: Yannis Kolesidis/EPA Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Graeme Wearden (until 2.20) and Nick Fletcher Tuesday 23 May 2017 14.50 BST First published on Tuesday 23 May 2017 08.13 BST Key events Show 2.36pm BST 14:36 Wall Street opens higher 12.42pm BST 12:42 Sign up to our email 12.05pm BST 12:05 Greek finance minister: All sides must compromise 11.47am BST 11:47 Greek stocks hit by bailout deadlock 9.55am BST 09:55 UK budget deficit widens wider than expected 9.38am BST 09:38 Eurozone PMIs: What the experts say 9.19am BST 09:19 Eurozone private sector growth at six-year high Live feed Show 2.49pm BST 14:49 It really isn<73>t a good day for levity, but Mark Carney, governor of the Bank of England, has fallen for an email prankster. The governor was deceived by a hoaxer pretending to be Anthony Habgood, chair of the BoE<6F>s court.In the exchange, <20>Habgood<6F> starts by tweeting about claims that the Bank<6E>s new <20>10 note has an <20>airbrushed<65> picture of Jane Austen, before inviting the governor to a drinks party.Carney appears to be initially taken in <20> joking about former deputy governor Eddie George<67>s appetite for drink. But he then slaps <20>Habgood<6F> down, after the conversation took a sleazy turn with talk of <20>dashing bar ladies<65>.EMAIL PRANKSTER. (@SINON_REBORN) Bank of England Governor, Mark Carney. Apparently is not up for the type of party I like to throw. pic.twitter.com/6Iam49A5rA May 23, 2017 Does it matter? Yes, as it shows that the Bank<6E>s email security isn<73>t tight enough. That<61>s not terribly forgivable, as Barclays CEO Jes Staley fell to the same hoaxster last week.Updated at 2.50pm BST Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 2.36pm BST 14:36 Wall Street opens higher Following in the steps of Europe, US markets have moved higher in early trading, ahead of President Trump<6D>s first full budget plan.The Dow Jones Industrial Average is currently up 29 points or 0.14%, while both the S&P 500 and Nasdaq Composite opened around 0.2% higher.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1.52pm BST 13:52 Helena SmithOver in Athens the government spokesman has challenged the German finance minister<65>s view , and suggested Berlin is responsible for the failure to reach a comprehensive deal that would also include debt relief.From Athens, Helena Smith reports: Without singling our Germany by name, Dimitris Tzanakopoulos told reporters: <20>Some cannot say <20>yes<65> to reforms...but no to the restructuring of the debt.<2E><>The solution presented yesterday corresponded neither to the targets that had recently been set nor the sacrifices of the Greek people.<2E> That<61>s a reference to the extra creditor-mandated pension cuts and tax hikes the Greek government pushed through parliament last week.Tzanakopoulos repeated that both the IMF and Berlin remained locked in disagreement over growth projections - regarded as vital to calculating debt relief - and its ability to achieve a high 3.5 % primary budget surplus in the years ahead.<2E>The main difference between the IMF and the German finance ministry has to do with the growth projections and primary surpluses after 2023.<2E>Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 12.54pm BST 12:54 German Finance Minister Wolfgang Sch<63>uble (right) chatting with new French Economy Minister Bruno Le Maire today. Photograph: Eric Vidal/Reuters Germany<6E>s finance minister, Wolfgang Sch<63>uble, has just told reporters in Brussels that the IMF <20>proved to be difficult<6C> during last night<68>s Eurogroup meeting. Speaking after a meeting with EU finance ministers, Sch<63>uble insisted that Germany wasn<73>t blocking a deal to release fresh aid to Greece , and just <20>sticking to the rules<65>.If 
'cd28605022801e4a6bd1bb92d0e1dc2f0b1872fa'|'Give workers right to request fixed hours, review expected to say - UK news'|'Unions have expressed anger at the proposal that workers on zero-hours contracts should be the given the right to request guaranteed hours, saying it does not go far enough.A government-commissioned review into employment practices is expected to make the recommendation next month. Matthew Taylor, the chief executive of the Royal Society of Arts, who is leading the review into insecure work and the gig economy, will argue that new rules are needed to ensure businesses are not exploiting workers. We need to rethink workers<72> rights in today<61>s gig economy - Matthew Taylor Read more A right to ask for fixed hours would mirror the legal right to request flexible working , which was introduced in 2014. All employees, not just parents and carers, can request flexible hours and working from home. Companies can refuse these requests, but have to give good business reasons for doing so. Unions said the proposed measures would be weak and would do little to tackle the big increase in the number of workers on zero-hours contracts.The TUC general secretary, Frances O<>Grady, said: <20>This could mean close to zero action on zero-hours contracts. A <20>right to request<73> guaranteed hours from an exploitative boss is no right at all for many workers. <20>To make a real change, we should turn this policy on its head. Everyone should be entitled to guaranteed hours, with a genuine choice for workers to opt out, free from pressure from their boss. Anyone asked to work outside their contracted hours should be paid extra on top of their usual wage.<2E>Tim Roache, the general secretary of the GMB union, said: <20>That<61>s going to make absolutely no difference to people<6C>s lives. It<49>s tantamount to <20>please sir, can I have some more?<3F><>The very nature of a zero-hours contract means that any employee making noises about rights, proper hours or how they<65>re treated will simply find they don<6F>t get any hours next week.<2E>The idea of a right to ask for fixed hours is backed by the Confederation of British Industry, which represents employers. In a submission to the Taylor review (pdf), it said flexible working arrangements should benefit both parties. <20>There is a mechanism for the individual to initiate this discussion where they want more flexibility, but not where they want less,<2C> the CBI said. <20>A right to request fixed or more fixed hours should be introduced on the same basis as the right to request flexible working, as a more effective tool to address these issues, without undermining workers<72> options or the enforcement of the minimum wage.<2E>The CBI said all employees should receive a written statement that sets out the key terms of their employment and their rights.More than 900,000 people are on zero-hours contracts, which do not offer guaranteed hours or sick pay, with many juggling several jobs, according to the Office for National Statistics. It recorded 1.7m zero-hours contracts , representing 6% of all employment contracts, across 905,000 workers at the end of last year.Zero-hours contracts are common among big retailers such as Sports Direct, restaurants such as McDonald<6C>s, and among leisure companies and hotels.Last month McDonald<6C>s started offering staff on zero-hours contracts the chance to switch to fixed contracts with minimum guaranteed hours. During a trial in 23 restaurants, one-fifth of employees on zero-hours deals asked for a move, while the rest preferred to stay on flexible contracts. The offer is being rolled out nationally this year to existing employees and new joiners.The McDonald<6C>s UK chief executive, Paul Pomroy, said: <20>The vast majority of our employees are happy with their flexible contracts, but some have told us that more fixed hours would help them get better access to some financial products [such as mobile phone contracts and mortgages].<2E>Conor D<>Arcy, a policy analyst at the Resolution Foundation thinktank, said: <20>Introducing new rights to guaranteed hours for workers on zero-hours contracts would be a bold and w
'709de556fbd636030882f2fd971bb948d7d09860'|'ECB could lose some clearing oversight after Brexit, Draghi warns'|'Tue May 23, 2017 - 3:14pm BST ECB could lose some clearing oversight after Brexit, Draghi warns European Central Bank (ECB) President Mario Draghi attends a ceremony to receive the Gold Medal of the Jean Monnet Fondation for Europe in Lausanne, Switzerland May 4, 2017. REUTERS/Denis Balibouse FRANKFURT The European Union could lose some of its supervision and oversight of clearing activities once Britain leaves the bloc, European Central Bank President Mario Draghi said in a letter to a member of the European Parliament on Tuesday. "In a post-Brexit environment, UK financial market infrastructures (FMIs) would be considered as third-country FMIs rather than EU entities," Draghi said. "This could lead to a reduction in the level of supervision and oversight of UK central counterparties by the EU authorities, including the ECB as central bank of issue of the euro," Draghi said. The ECB wants to put euro-denominated clearing under the control of the Eurosystem, the ECB and the 19 euro zone central banks, effectively forcing it to leave London. But discord on the Governing Council has stalled its efforts to come up with a concrete proposal, sources have told Reuters. The European Commission has said it plans to present a legislative proposal in June, which could include, if necessary, enhanced EU supervision and location requirements for clearing activities. (Reporting by Balazs Koranyi; Editing by Louise Ireland)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-clearing-ecb-idUKKBN18J21X'|'2017-05-23T22:01:00.000+03:00'
'936bfd78346f26e6fa3c63aa0529f0d615fa5b5d'|'Chinese group buys world''s No. 2 condom maker for $600 million'|'Deals - Thu May 25, 2017 - 5:06am BST Chinese group buys world''s No. 2 condom maker for $600 million FILE PHOTO: Boxes of Ansell condoms are displayed for sale at a local pharmacy in Sydney, Australia, May 16, 2016. REUTERS/David Gray/File Photo By Tom Westbrook and Jamie Freed - SYDNEY SYDNEY A Chinese consortium is buying Ansell Ltd''s condom division, the world''s no. 2 condom maker, for $600 million, betting on surging demand in China as sex becomes less of a taboo subject and more emphasis is placed on public health education. The Australian firm, which put its oldest but smallest division up for sale last August, said it had reached an all-cash deal with China''s Humanwell Healthcare Group Co Ltd and CITIC Capital China Partners. Ansell''s brands include Jissbon, which sounds like James Bond in Chinese, and it is the second-largest maker in China behind Reckitt Benckiser which owns Durex. It also competes with large local brands Donless, Double Butterfly and Gobon. Foreign brands tend to have more of a cachet in China after some scandals involving cheap Chinese products. For Ansell, however, it made sense to let go of a non-core division that comes with hefty marketing costs to focus on industrial and medical rubber products. "It is our only consumer business, it is the only business where we''re not number one in the world, it is a business with a dramatically different go-to-market in terms of marketing spend," Chief Executive Magnus Nicolin told investors on a conference call. "The fact that we can now focus a little bit more narrowly on hand-and-body protection in both industrial and medical settings will give us a stronger platform, if you will, from which to lead the industry," he said. The company expects to receive net after-tax proceeds of $529 million from the sale, and proceeds will help fund a $265 million share buyback of 10 percent of shares on issue as well as future acquisitions. The business sold at nearly 16 times earnings from 2016. "They''ve sold what was a smallish part of their overall business for a very good price, we think it''s a good move," said Anton Tagliaferro, investment director at Investors Mutual Ltd, the biggest holder of Ansell stock. Shares in Ansell climbed 4 percent on Thursday, their biggest daily gain in six months, while the broader Australian S&P/ASX 200 index was flat. According to a 2016 Transparency Market Research report, China''s condom market is seen growing at 12 percent per year in the 2016 to 2024 period, despite the scrapping of the One Child policy - rising from a $1.8 billion market in 2015 to over $5 billion by 2024. Ansell said it sees condom sales growth there moderating in the future. Humanwell declined to comment and CITIC Capital China partners were not available for immediate comment. Private equity investment into the China health, pharmacy and self-care space has boomed, as investors cash in on rising incomes. The transaction is subject to regulatory approval and is expected to complete at the end of September. ($1 = 1.3337 Australian dollars) (Reporting by Tom Westbrook and Jaime Freed; Additional reporting by Clara Ferreira-Marques in SINGAPORE and Adam Jourdan in SHANGHAI.; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ansell-divestiture-china-idUKKBN18L0CJ'|'2017-05-25T12:00:00.000+03:00'
'500c3db42172ca29259ec3a30baa87c34a679b34'|'''Green'' wetsuits: surf brands looking to renewable materials over neoprene - Guardian Sustainable Business'|'F or two decades, Byron Bay-based surfer Dave <20>Rasta<74> Rastovich has been living the dream. A little house near the beach, growing his own fruit and veg, and <20> of course <20> out riding the waves whenever the fancy takes him. These days the former Junior World Champion and outspoken advocate of marine conservation is the face of minnow surf brand Patagonia. It seems an appropriate choice for Rastovich, who had been a stalwart in Billabong<6E>s star-studded stable for the last 20 years. Rastovich is not your usual surfer, eschewing professional competition for the joys of free surfing. Nor is Patagonia your usual surf brand. Best known for its alpine and outdoor clothing, the US firm holds to the principle of <20>cause no unnecessary harm<72>. That ethos has led it to create the first wetsuit using sustainably-certified plant-based rubber . Patagonia<69>s <20>green<65> wetsuits use renewable natural rubber from hevea trees grown in compliance with Forest Stewardship Council standards. According to Patagonia, the breakthrough material creates 80% fewer CO2 emissions than neoprene, the oil-based synthetic rubber used in most conventional wetsuits.Are we trashing the places we love? The toxic truths at the heart of surfing - Jock Serong Read more Neoprene is nasty. From its dependency on oil and the energy to make it, through to its non-biodegradability, everything about it is harmful, says John Hubbard, Patagonia<69>s product manager for wetsuits. <20>The first versions of neoprene were actually used to line the bottoms of landfills, so what that tells you about its biodegradability is that it<69>s the worst.<2E> With high-profile surf celebs such as Rastovich behind it, Patagonia hopes other wetsuit brands might start ditching neoprene once and for all. The company has no exclusivity agreement with Arizona-based Yulex, which supplies the plant-based rubber material, and is actively encouraging other brands to follow suit. To date, however, the Billabongs, Rip Curls and Quicksilvers of this world have shown little interest. Price is a big barrier. Patagonia<69>s range of Yulex full suits will set you back anywhere from AUS$599.95 to $899.95, putting them out of reach of your average Joe. Facebook Twitter Pinterest Australian Dave Rastovich free surfing. Photograph: Nathan Oldfield Photography Consumers will need to be persuaded that ditching neoprene won<6F>t leave them shivering in the shallows either. Durability, flexibility and fit are all considerations that surfers take seriously when shelling out for a new suit. And most surfers are people of habit: once they find a brand that works for them, they<65>re reluctant to change. <20>As a surfer, you tend to stick with a brand that fits you. So being willing to try a new wetsuit out and pay a high premium is a real challenge,<2C> says Neill Thompson, UK distributor for niche French wetsuit brand Picture Organic. Patagonia is hoping the sustainability credentials of its neoprene-free alternative will give it an edge in the market. It<49>s a reasonable assumption. Given how much time surfers spend in the water, they have good reason to care about pollution. But reason doesn<73>t always translate into reality. From toxic surf wax to litter-laden coastlines, the world<6C>s wave-riding community is guilty of its share of <20> environmentally dubious choices <20>. <20>For surfers, it definitely goes price, performance, sustainability, in that order,<2C> says Hubbard. <20>That<61>s one thing we<77>re really trying to crack the code on [so] we can shift that paradigm.<2E>Yet even if every surfer turned into a wealthy, eco-conscious consumer tomorrow, Patagonia would still have its work cut out. For starters, its wetsuits aren<65>t 100% sustainable. They may be neoprene-free but they still contain a 15% mix of petroleum-based synthetic rubber polymer. Finding a bio-based alternative that combines with natural rubber is proving <20>difficult<6C>, says Hubbard. The journey towards more sustainable rubber leads to Russian
'c6b16eb572bc1ffa0f6a6847c900018af197d19d'|'Vedanta Resources full-year profit surges on strong commodity prices'|'Business News -  18am BST Vedanta Resources full-year profit surges on strong commodity prices Mining and energy group Vedanta Resources Plc said its full-year core profit surged 36.6 percent, driven by firmer commodity prices. The company said earnings before interest, tax, depreciation and amortisation rose to $3.19 billion (2.5 billion pounds) for the year ended March 31 from $2.34 billion last year. Vedanta, which produces iron ore, copper, aluminium, zinc and oil, said revenue rose 7.3 percent to $11.52 billion, above analysts'' average estimate of $11.45 billion, according to Thomson Reuters I/B/E/S. (Reporting By Justin George Varghese in Bengaluru; Editing by Sunil Nair) Exclusive - Shell to sell C$4.1 billion stake in Canadian Natural: sources TORONTO/NEW YORK Royal Dutch Shell Plc has decided to offload a roughly C$4.1 billion (2.3 billion pounds) stake in Canadian Natural Resources Ltd (CNRL) that it acquired as part of a deal to retreat from Canada''s oil sands earlier this year, people familiar with the situation told Reuters. M&S annual profit down 10 percent, clothing sales fall in latest quarter LONDON Britain''s Marks & Spencer reported a 10 percent decline in annual profit and said clothing and homeware sales fell in its latest quarter, dampening the euphoria of the previous three months when it recorded a first increase in nearly two years. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-vedanta-res-plc-results-idUKKBN18K0J3'|'2017-05-24T14:18:00.000+03:00'
'7c307afd0628710a30ae0b3518da90462ab3fb47'|'Moody''s downgrades China, expecting financial strength to erode as debt rises'|'SHANGHAI/BEIJING Moody''s Investors Service downgraded China''s credit ratings on Wednesday for the first time in nearly 30 years, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise.The one-notch downgrade in long-term local and foreign currency issuer ratings, to A1 from Aa3, comes as the Chinese government grapples with the challenges of rising financial risks stemming from years of credit-fueled stimulus."The downgrade reflects Moody''s expectation that China''s financial strength will erode somewhat over the coming years, with economy-wide debt continuing to rise as potential growth slows," the ratings agency said in a statement, changing its outlook for China to stable from negative.China''s Finance Ministry said the downgrade, Moody''s first for the country since 1989, overestimated the risks to the economy and was based on "inappropriate methodology".<2E>Moody<64>s views that China<6E>s non-financial debt will rise rapidly and the government would continue to maintain growth via stimulus measures are exaggerating difficulties facing the Chinese economy, and underestimating the Chinese government<6E>s ability to deepen supply-side structural reform and appropriately expand aggregate demand,<2C> the ministry said in a statement.China''s leaders have identified the containment of financial risks and asset bubbles as a top priority this year. All the same, authorities are moving cautiously to avoid knocking economic growth, gingerly raising short-term interest rates while tightening regulatory supervision.At the same time, Beijing''s need to deliver on official growth targets is likely to make the economy increasingly reliant on stimulus, Moody''s said."While ongoing progress on reforms is likely to transform the economy and financial system over time, it is not likely to prevent a further material rise in economy-wide debt, and the consequent increase in contingent liabilities for the government," it said.While the downgrade is likely to modestly increase the cost of borrowing for the Chinese government and its state-owned enterprises (SOEs), it remains comfortably within the investment grade rating range.World stocks inched lower after the move, though Shanghai''s main index .SSEC recouped early losses to end marginally higher. [MKTS/GLOB]"After being very much at the front and center of global risk sentiment at the beginning of last year, the Chinese slowdown story has been almost forgotten, with politics throughout Europe and the U.S. taking the limelight," said David Cheetham, chief market analyst at brokerage XTB.The yuan currency CNH=D3 briefly dipped against the U.S. dollar in offshore trading, as did the Australian dollar AUD= , often seen as a proxy for China risk."It''s going to be quite negative in terms of sentiment, particularly at a time when China is looking to de-risk the banking system (and) when there<72>s going to be some potential restructuring of SOEs," said Vishnu Varathan, Asia head of economics and strategy at Mizuho Bank''s Treasury division.GROWTH TO SLOWIn March 2016, Moody''s cut its outlook on China''s ratings to negative from stable, citing rising debt and uncertainty about authorities'' ability to carry out reforms.Rival ratings agency Standard & Poor''s downgraded its outlook to negative in the same month. S&P''s AA- rating is one notch above both Moody''s and Fitch Ratings, leading to speculation among analysts that S&P could also downgrade soon."We understand the risk and the reason for downgrade, but due to China being a unique system <20> (with a) closed capital account and strong government control over all important sectors - it can tolerate a higher debt level," said Edmund Goh, a Kuala Lumpur-based investment manager at Aberdeen Asset Management.The slowing economy has become an increasingly sensitive topic in China, with authorities directing mainland Chinese economists and journalists toward more po
'c24bd5797705628948ff3ba652325bba50df58ad'|'Fosun, others eye Australia''s Origin Energy gas assets worth $1.5 billion - sources'|' 56am BST Fosun, others eye Australia''s Origin Energy gas assets worth $1.5 billion - sources FILE PHOTO: The logo of Australian energy company Origin is pictured in Melbourne, Australia, July 3, 2016. REUTERS/Jason Reed/File photo By Sonali Paul and Anshuman Daga - MELBOURNE/SINGAPORE MELBOURNE/SINGAPORE Australia''s top energy retailer Origin has drawn interest from at least five potential bidders, including China''s Fosun International, for A$2 billion ($1.5 billion) worth of oil and gas assets it aims to spin off, sources said. Origin said in December it was going to put its smaller Australian and New Zealand gas fields in a unit, dubbed Lattice Energy, to be spun off in an initial public offering (IPO) this year to help it cut debt and boost returns. But after receiving approaches for some of the Lattice assets, Origin Chief Executive Frank Calabria said in March the company was willing to consider a trade sale, in what would be the biggest oil and gas deal in Australia since Apache Corp sold its Australian assets in 2015. Origin has opened Lattice''s books, with bids due in June, and is likely to decide whether to float the business or sell it after releasing full-year earnings in August, people familiar with the process said. It is being advised by UBS, Macquarie and Bank of America Merrill Lynch. Analysts at Royal Bank of Canada and Citi value Lattice at A$2 billion and A$2.3 billion, respectively, including debt, on a discounted cash flow basis. "Origin has set the bar quite high. It''ll be interesting to see if anyone gets there," said one banker not directly involved in the process, when asked if the business was likely to fetch more than A$1.5 billion. Australia''s Beach Energy is one of the interested parties and could be the bidder to beat, as it is the biggest of the producers in the fray, the sources said. Lattice, with annual output of around 13 million barrels of oil equivalent, would more than double Beach''s production. But even for Beach, with a market value of A$1.2 billion, Lattice would be a huge bite. Beach declined to comment on whether it was bidding, but the company has said in presentations it is reviewing several "inorganic growth" opportunities. Fosun International, which took over Roc Oil in Australia in 2014, is looking, the banker said. Private firm Questus Energy, run by former Roc Oil and Shell executives and backed by UK-based Intermediate Capital Group, is also in the running, a second banker said. Origin declined to comment beyond what it has announced. Fosun and Questus did not respond to requests for comment. Bankers expect private equity firms that have long eyed Australian oil and gas assets to team up with local producers to bid. Senex Energy is expected to work with its stakeholder, U.S. private equity firm EIG Global Energy Partners. KKR is seen lining up with AWE Ltd, two bankers said. All four firms declined to comment. Private equity fund Lone Star, which was rebuffed in a bid for AWE last year, declined to comment on whether it was looking at Lattice. All the sources did not want to be named as the process is confidential. Private firm Pathfinder Energy, which some assumed would be in the race, told Reuters it is not bidding. While Origin has said it would prefer an IPO, some analysts say a trade sale would be less risky. "There is a real cost to having exposure to equity markets and the variability of the market," said RBC analyst Ben Wilson. (Reporting by Sonali Paul and Anshuman Daga; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-origin-energy-sale-idUKKBN18M0P7'|'2017-05-26T15:56:00.000+03:00'
'21cb7a371e7cee60e9deeef68ff3969af8fb9260'|'Intesa CEO criticises EU over Italy bank bailout terms'|'Business  31pm BST Intesa CEO criticises EU over Italy bank bailout terms Carlo Messina, CEO of Intesa Sanpaolo Bank looks on during a shareholders meeting in Turin, Italy April 27, 2017. REUTERS/Giorgio Perottino ROME The chief executive of Italy''s biggest retail bank, Intesa Sanpaolo ( ISP.MI ), said on Wednesday it was "unacceptable" that European authorities demand more private funds be pumped into weak Italian banks before authorising state aid. Sources told Reuters last week that the European Commission had told two ailing Veneto-based lenders to raise 1 billion euros (<28>864.5 million) in private capital as a condition to approve their request for a state bailout. The sources said the country''s healthier banks could come under pressure to once again step in to help rescue the two banks, Popolare di Vicenza and Veneto Banca. "It is unacceptable to start from the assumption, as someone is asking, that money has been lost but more money must be lost before state intervention is allowed," Carlo Messina told reporters on the sidelines of a business conference. "We need to move quickly. We cannot wait months and months in a bureaucratic loop where various players pass the ball round to each other. If there is a problem of financial stability, we need to act on it fast." (Reporting by Stefano Bernabei, writing by Silvia Aloisi)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-idUKKBN18K1SD'|'2017-05-24T21:31:00.000+03:00'
'42bb4ebeb77ab8e51bb4d057f1a1a43d98fcf7ec'|'Deals of the day-Mergers and acquisitions'|'(Adds Hapag-Lloyd, ArcelorMittal, Novo Banco, Advent and Third Point; updates Linde, Odebrecht and Zodiac)May 24 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday:** General Electric signed a 1 billion riyal ($267 million) joint venture agreement with Saudi Arabia''s state-backed Dussur industrial development company to manufacture gas turbines in the eastern city of Dammam.** Westpac Banking Corp said it plans to divest of its 29 percent stake in BT Investment Management Ltd (BTIM) , in a sale that would bolster the lender''s capital base and add to its cash balance as it faces a new tax.** South Korea''s SK Hynix Inc said it has decided to spin off its chip foundry business into a separate company.** Microsoft has agreed to acquire cyber security firm Hexadite for $100 million, Israeli financial news website Calcalist reported.** Private equity firm Apollo Global Management LLC is in advanced talks to acquire U.S. job-hunting website CareerBuilder LLC after negotiations with another buyout firm ended unsuccessfully, according to people familiar with the matter.** Struggling commodity trader Noble Group Ltd said it was still in discussions with various potential strategic parties as it sought to regain market confidence, but its shares fell 11 percent in early trade.** Geely, the owner of Sweden''s Volvo Car Group, said it would buy 49.9 percent of struggling Malaysian carmaker Proton from conglomerate DRB-HICOM Bhd, marking the Chinese automaker''s first push into Southeast Asia.** Emaar Malls will buy a 51 percent stake in e-commerce fashion website Namshi from Global Fashion Group, a firm backed by Rocket Internet, for $151 million, a sign of growing demand for tech deals in the Middle East.** Danish utility and offshore wind farm developer DONG Energy has agreed to sell its oil and gas business to petrochemicals firm Ineos for $1.3 billion, it said, the latest in a string of North Sea deals.** Sunrise Communications plans to boost its 2017 dividend after agreeing to sell 2,239 telecom towers for 500 million Swiss francs ($512 million) to a consortium led by Cellnex, the Swiss company said.** Finnish mobile game maker Supercell has acquired a majority stake in London-based game studio Space Ape, the British company said on its website.** Saudi Aramco ( IPO-ARMO.SE ) plans an investment of up to $30 billion in its U.S. subsidiary Motiva Enterprises LLC , the company said in an announcement at a business summit in Saudi Arabia.** Mining and commodities trading group Glencore Plc would prefer to grow its business through acquisitions rather than greenfield investment, its chief executive said.** German industrial gases group Linde and U.S. peer Praxair have reached a deal in principle on details of their proposed $70 billion merger, Linde said.** CF Corp, a blank check company founded by veteran dealmaker Chinh Chu, said it would buy U.S. annuities and life insurer Fidelity & Guaranty Life in an all-cash deal valued at about $1.84 billion.** Zodiac Aerospace''s board has accepted a 15 percent cut in a takeover offer from aero engine maker Safran to create the world''s third largest aerospace supplier after a string of profit warnings from the aircraft seat maker.** France''s Safran is cutting its core cash offer for Zodiac Aerospace by 15 percent to 25 euros per share as part of a restructured proposal to buy the aircraft seats maker, whose shares have been hit by recent profit warnings.** Europe''s conventional electricity market will see more mergers and acquisitions as companies hunt a bigger share of a shrinking market, E.ON''s chief executive said.** U.S.-based software firm Ebix Inc will pay 8 billion rupees ($120 million) for a majority stake in Indian payment provider ItzCash, the companies said, the latest foreign investment in India''s booming digital payments market.** Engineering conglomerate Odebrecht SA expects aviation regulator Anac to approve the sale of its stake in Braz
'121ef4a22739ef7fe52500fd05a43d613bc03531'|'Trans Mountain investment contingent on Canada IPO -Kinder Morgan'|'Kinder Morgan Inc has made a final investment decision on its Trans Mountain pipeline expansion, contingent on the successful public offering of its Canadian division, the company said on Thursday as it acknowledges the political uncertainty weighing on the project.An election this month in the Canadian province of British Columbia, through which Trans Mountain passes, has resulted in the environmentalist Green Party holding the balance of power, threatening the expansion even though it has federal approval.That has complicated the initial public offering (IPO) for Kinder Morgan Canada Ltd, whose purpose was to fund the expansion. Kinder Morgan has priced its Canadian IPO at C$17 per share, below its initially projected range of C$19 to C$22."The final investment decision was contingent on securing financing," the company said in a statement."While the political climate was not ideal, the process proceeded at this time because the Trans Mountain Expansion Project financing contingency period, as specified in shipper agreements, concludes at the end of May."The Trans Mountain expansion nearly triples the capacity of the crude pipeline from the oil-producing Alberta province to the British Columbia coast.Official recount results on Wednesday from the closely contested May 9 election confirmed that the pro-Trans Mountain ruling British Columbia Liberal Party lost its legislative majority. That forces it to woo the Greens to govern, potentially making concessions.In the worst scenario for the Liberals, the Greens could form their own majority government with the second-place New Democrats, who also oppose Trans Mountain.Kinder Morgan has priced its initial public offering of 102.9 million shares of common stock for total gross proceeds of C$1.75 billion.(Reporting by Diptendu Lahiri in Bengaluru and Ethan Lou in Calgary, Alberta; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-canada-kinder-morgan-de-transmountain-idUSKBN18M039'|'2017-05-26T09:14:00.000+03:00'
'85e72fe6afc00801fd03b3594cb89b3b57d3f24d'|'Brazil''s Petrobras says to remove Carioca from blacklist'|'Commodities   8:18am EDT Brazil''s Petrobras says to remove Carioca from blacklist SAO PAULO Brazil''s state-controlled oil company Petr<74>leo Brasileiro SA on Friday said it would remove engineering firm Carioca Engenharia from a list of banned contractors after both agreed on anticorruption measures. Twenty-one contractors, including Brazil''s largest builders, have been banned from signing new contracts with state-run Petroleos Brasileiros, known as Petrobras, since late 2014 amid accusations they colluded to overcharge the oil company and used the extra funds to bribe politicians. (Reporting by Luciano Costa; Writing by Silvio Cascione; Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-petrobras-carioca-idUSKBN18M1EV'|'2017-05-26T20:13:00.000+03:00'
'8e4b82981a099e42f3ed610c37682d7480c9f5aa'|'Higher pay in May, or some other day?'|'  3:09pm BST Higher pay in May, or some other day? Workers walk to work during the morning rush hour in the financial district of Canary Wharf in London, Britain, January 26, 2017. REUTERS/Eddie Keogh By Ross Finley - LONDON LONDON Through the global economy''s recovery over most of the past decade from a debilitating financial crisis, one thing that has not turned higher in any meaningful way is workers'' pay. This matters for those hoping for higher wages, but also for expectations of an eventual return to the way things were, both for interest rates and the political climate, at least in the developed world. The widespread perception, through the economic data and the word on the street, is that workers have fallen far behind while stock, bond and house prices have soared to record highs, juiced by zero interest rates and mass central bank asset purchases. This has helped develop a solid constituency for non-traditional parties and candidates, some of whom - notably U.S. President Donald Trump - have been voted into power. While job markets in major developed economies like the U.S., Britain and Germany have made impressive recoveries in terms of posts created and filled, there remains scant evidence the majority of people are doing much better on payday. U.S. jobs data for May due on June 2, always a focus for well-paid financial market traders and investors, are likely to reinforce the story: a solid pace of hiring but with average wages rising only a bit more than inflation. reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/econ-polls?RIC=USNFAR%3DECI Indeed, for all of the talk of "reflation" trades based on now-fading expectations for sweeping U.S. tax cuts and deregulation, the global picture for consumer price inflation hardly looks much stronger than it did a year ago. Having attempted to put itself on autopilot for a series of modest interest rate increases this year, the Federal Reserve is already feeling compelled to set conditions for a follow-through rate rise in June that once seemed nearly a done deal. Some policymakers, including St. Louis Fed President James Bullard, are sounding outright worried that inflation hasn''t picked up the way it should have done. On Tuesday, core personal consumption expenditure (PCE) inflation, the gauge the Fed watches and the last one before it next meets to set policy, is expected to keep those concerns alive by showing only a modest increase in April. reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/econ-polls?RIC=USPCEM%3DECI Core euro zone inflation data on Wednesday are likely to be weak too. reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/econ-polls?RIC=EUHIXF%3DECI So European Central Bank President Mario Draghi, in remarks due Monday to the European Parliament, will most likely stick to his broad message that growth is looking solid but a convincing pickup in price pressures remains elusive. Indeed, for all of the strong evidence of a rebound in euro zone activity this year, brought on alongside a relatively weak euro, a recent ECB study suggests unemployment may be higher than official statistics suggest, another explanation for why wage growth remains so muted. reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/econ-polls?RIC=EUUNR%3DECI In Britain, which narrowly voted nearly a year ago to leave the European Union, imported inflation from the pound''s sharp depreciation since then has started to bite, wiping out a short period where workers had begun to enjoy real wage gains. What Britain and most of its major trading partners, including the U.S., also have in common is a period of particularly poor productivity - missing the most important ingredient in any formula seeking to raise standards of living. While still hiring at a blistering pace, Britain''s economy only managed to scrape out 0.2 percent growth in the first quarter, less than half the euro zone''s rate. This suggests already dismal growth in output per worker likely went into reverse as busin
'0c12cc3926de54d815024504e552bc56eff2cd5f'|'Brazil''s JBS holds first board meeting after scandal on Friday- sources'|'Market News  10pm EDT Brazil''s JBS holds first board meeting after scandal on Friday- sources By Rodrigo Viga Gaier - RIO DE JANEIRO RIO DE JANEIRO May 25 Brazil''s JBS SA, the world''s largest meatpacker, will hold on Friday its first board meeting since its owners admitted to bribing scores of politicians, two sources with knowledge of the matter said on Thursday. The plea-bargain testimony of JBS executives, including brothers Joesley and Wesley Batista, chairman and chief Executive officer respectively, was made public last week and sparked a political crisis that threatens to topple Brazilian President Michel Temer. The Batistas face criticism from minority shareholders who demand that they resign from their posts, said one of the sources, who asked for anonymity to speak freely. JBS has faced criticism from Brazilian consumers and its shares are down 13.6 percent since the release of the Batistas'' plea deal depositions to prosecutors. The stock spiked on Thursday on speculation over its strategy for weathering the fallout from the corruption scandal. "The company has been facing a backlash and it''s advisable the brothers leave the company", said the source, who is close to the shareholders'' discussions. Joesley resigned last Tuesday from his board post at Alpargatas SA, maker of Havaianas flip flops. The company is controlled by the Batista''s holding company J&F Investimentos, which is negotiating a leniency agreement with Brazilian prosecutors. J&F''s proposal to pay a $1.2 billion fine was rejected by the prosecutors'' office on Wednesday In the board meeting, representatives of shareholders will insist that JBS should not be responsible for bearing the burden of the fine. "Minority shareholders won''t fetch the bill for something they didn''t do", the source added. Brazil''s development bank BNDES, whose investment arm BNDESPar is the second largest JBS shareholder, said it is analyzing possible measures related to the Batistas. Press representatives for JBS declined to comment. ($1 = 3.2731 reais) (Additional reporting by Tatiana Bautzer; Editing by Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-jbs-idUSL1N1IR253'|'2017-05-26T09:10:00.000+03:00'
'5536ac1afc20982637b52243c5e134f05049f58f'|'African Markets - Factors to watch on May 26'|'The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday. - - - - - EVENTS: Judgment of Niger opposition leader on incitement and sedition charges GLOBAL MARKETS Crude prices were on the defensive on Friday after an agreement by OPEC to extend existing supply curbs disappointed investors wagering on larger cuts, prompting a move away from riskier assets and depressing Asian stocks. WORLD OIL PRICES Oil extended falls on Friday after tumbling in the previous session when OPEC and allied producers extended output cuts but disappointed investors betting on longer or larger supply curbs. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South Africa''s rand extended gains against the U.S. dollar to a two-month high on Thursday as the greenback stumbled after the Federal Reserve dialled down some expectations that it would hike interest rates soon. NIGERIA OIL Nigeria''s Senate passed a long-awaited oil governance bill on Thursday which the president of parliament''s upper chamber said would improve transparency in the OPEC member''s energy industry and stimulate growth in the sector. KENYA MARKETS The Kenyan shilling was steady against the dollar on Thursday with market players eyeing the central bank''s monetary policy meeting on Monday, traders said. KENYA AIRLINES Kenya Airways Ltd reported a reduction in pretax losses and a return to profit at the operating level on Thursday, after carrying a record number of passengers in the past year, and said it expected a financial restructuring would be completed shortly. UGANDA MARKETS The Ugandan shilling was stable on Thursday, underpinned by a central bank removal of excess liquidity via a one-week repurchase agreement (repo) and two deposit auctions of different tenors. CONGO VIOLENCE Democratic Republic of Congo opposes an international investigation into the deaths of two U.N. investigators, the foreign minister said on Thursday, amid mounting criticism of the Congolese authorities'' own probe. IVORY COAST COCOA Cocoa farmers in Ivory Coast are selling beans at below the government guaranteed minimum price as a global price decline squeezes revenues for buyers and exporters, farmers and buyers told Reuters. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/africa-factors-idUSL8N1IS09R'|'2017-05-26T12:47:00.000+03:00'
'51fe7dbd130a45a568f3d553b8ce87ecc7e58ea1'|'Bitcoin soars above $2,400 to all-time high'|'Technology  55pm BST Bitcoin soars above $2,400 to all-time high A sticker reading ''''Bitcoin accepted here'''' is displayed at the entrance of the Stadthaus town hall in Zug, Switzerland, August 30, 2016. REUTERS/Arnd Wiegmann Digital currency bitcoin hit a fresh record high on Wednesday, surging above $2,400, as demand for crypto-assets soared with the creation of new tokens to raise funding for start-ups using blockchain technology. Blockchain, the underlying technology behind bitcoin, is a financial ledger maintained by a network of computers that can track the movement of any asset without the need for a central regulator. Bitcoin hit a record of $2,409 BTC=BTSP on the BitStamp platform and was last up 4.3 percent at $2,363. So far this year, the price of bitcoin has more than doubled. A key reason for bitcoin''s dominance in the nefarious online underworld, say technologists and cybercrime experts, is its size - the total value of all bitcoins in circulation is more than twice that of the nearest of hundreds of rivals. Also, a big part of bitcoin''s recent surge is the increase in demand for other digital currencies being sold in so-called "initial coin offerings", or ICOs. Under ICOs, blockchain start-ups sell their tokens directly to the public to raise capital without any regulatory oversight. "Bitcoin up 100 percent in under 2 months. Shanghai down almost 10 percent same timeframe, compared to most global stocks up. Probably not a coincidence!", Jeffrey Gundlach, chief executive at DoubleLine Capital tweeted on Tuesday. Strong demand for bitcoins in Japan has also fueled the rise of the virtual currency that can be moved like money around the world quickly and anonymously without the need for a central authority. (Reporting by Sruthi Shankar in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-markets-forex-bitcoin-idUKKBN18K206'|'2017-05-24T22:44:00.000+03:00'
'12a8f7d4f699052487d32e03a207c94c9f1753cf'|'UPDATE 1-Mexico says 1st-qtr foreign direct investment rises to $7.9 bln'|'(Recasts; adds historical comparison)MEXICO CITY May 23 Mexican foreign direct investment (FDI) rose to $7.9 billion in the first quarter of the year, 0.6 percent above the preliminary figure for the same period a year ago, Mexico''s Economy Ministry said on Tuesday.The figure was also nearly 40 percent above the FDI recorded in the fourth quarter, when Donald Trump won election as U.S. president and began threatening to impose steep taxes on American companies that move jobs to Mexico.Still, central bank data show the final data for the first quarter ended considerably higher during the last four years, and the 2016 final figure totaled $10.4 billion - almost a third higher than the preliminary figure.Growth data this week showed the Mexican economy has so far shrugged off fears that Trump''s policies would wreak havoc on exports and investment, prompting the government to raise its full-year growth forecast.The ministry said the preliminary figure was the highest for a January-March period on record, thanks in part to a $620 million share purchase of Aeromexico by U.S. carrier Delta Air Lines.Some 50 percent of the quarter''s FDI was from the United States, followed by Spain and Germany, with just 14.4 percent and 6.4 percent, respectively, the ministry said.Manufacturing received the biggest share of the funds, followed by financial services. (Reporting by Mexico City Newsroom, editing by G Crosse)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-fdi-idUSL1N1IP2FX'|'2017-05-24T07:43:00.000+03:00'
'c0be72a1c37c19a17fc119cdca6ceba1dd10a414'|'China''s teapot refiners set to slow crude imports as tanks overflow'|'  10:20am BST China''s teapot refiners set to slow crude imports as tanks overflow left right FILE PHOTO: An employee rides a bike on a road near refinery plants of Chambroad Petrochemicals, in Boxing, Shandong Province, China, May 10, 2016. REUTERS/Meng Meng/File Photo 1/2 left right FILE PHOTO: A general view of a crude oil importing port in Qingdao, Shandong province, in this November 9, 2008 file photo. REUTERS/Stringer/File Photo 2/2 By Chen Aizhu and Florence Tan - BEIJING/SINGAPORE BEIJING/SINGAPORE As OPEC extends production cuts in a bid to tighten the oil market, China''s independent refiners - awash with crude and facing disappointing local demand - are poised to slow purchases of oil for at least the next two months. The move by China''s so-called "teapots", a key driver of the country''s crude appetite, will stir concerns about demand in the world''s top oil buyer, which fell from a peak of 9.2 million barrels per day (bpd) in March to 8.4 million bpd in April. Independent refiners, mainly based in Shandong, are under pressure to cut run rates as profit margins have been squeezed by Beijing''s tighter scrutiny over taxes and shifting quota policies, while some have begun seasonal maintenance. Plans by state oil majors to bring on new refining capacity later this year will help offset some import losses, but lower appetite from teapots and the potential for falling output indicates that the boom among this group of upstart refiners that has transformed China''s oil market may be slowing. "There will be more shutdowns in June, July and possibly August. It''s seasonal but also because the market is not doing well and stocks are plentiful," said a manager at a Dongying-based independent refiner, who asked not to be named. Independent refiners, which make up some 12 percent of China''s crude demand, have enjoyed record profits since winning the right since late 2015 to import oil, selling diesel and gasoline throughout Asia while expanding domestic sales in unprecedented competition with state firms. However, Beijing in January abruptly banned quotas for independents to export fuel, favoring its large state-owned refiners, put in a deadline for new applications for crude oil permits and tightened scrutiny on tax practices, squeezing margins. Some refineries had rushed to buy crude in the first quarter, worried that they could be penalized for slow use of import permits, said a second teapot manager, who asked to only give his surname Wang. "There were some over-purchases of crude earlier as (plants) were unsure of the quota policy. Now inventories are high everywhere," he said. LONGER CUTS Some analysts reckon the run curbs may last longer than previously expected. Teapots operated at 58 percent of capacity in April, falling below 60 percent for the first time since October and down from record rates of almost 65 percent in February, according to BMI Research. "Policy headwinds, domestic competition from SOEs (state-owned enterprises) and insufficient storage infrastructure at major port cities will cap imports," it said in a research note this week. Wang said diesel inventories were particularly high in Shandong compared to gasoline. To ease the pressure, his plant planned to shut its 90,000 bpd crude unit through July for an overhaul. Plans by state oil firms China National Petroleum Corp (CNPC) and CNOOC to bring on stream new refineries in Yunnan and Huizhou with combined capacity of 460,000 bpd, as well as some new approvals for teapot importers, are expected to bolster China''s crude oil imports from August onward, analysts said. Beijing over April and May has also provided approvals for six independents to import crude with total permits of around 280,000 bpd, although some are still preliminary. Harry Liu, an analyst at consultancy IHS Markit, estimated China''s total imports have fallen to around 8 million bpd at present, but could climb back to around 8.5 million bpd from around August. "C
'aaec850dadd908de731dbd66026f162bb77da9f9'|'UPDATE 1-Syncrude oil sands project to further cut shipments in May and June -sources'|'Company News  31pm EDT UPDATE 1-Syncrude oil sands project to further cut shipments in May and June -sources (Adds details on total output, synthetic prices) CALGARY, Alberta May 25 The Syncrude Canada oil sands project in northern Alberta is further cutting shipments of synthetic crude to customers in May and June because of a leak at the plant, two market sources said on Thursday. Syncrude will reduce May shipments by 100,000 barrels to 5.3 million barrels in total for the month, and June shipments by 1 million barrels to 6 million in total, the sources said. The cuts come on top of already reduced production forecasts for the facility in May and June as a result of maintenance work that was brought forward following a fire in March that damaged the facility. When operating at full capacity Syncrude can produce 350,000 barrels per day, or around 11 million barrels a month. Syncrude spokesman Will Gibson declined to comment. Suncor Energy Inc is the majority owner of the Syncrude project while Imperial Oil Ltd provides operational support. There were no trades in light synthetic crude for June delivery on Thursday, according to Shorcan Energy brokers. The grade settled flat to WTI on Wednesday, having traded at a discount for most of the month. Trading volumes are currently thin in the Canadian crude market as the trading "window" in which the bulk of activity takes place, lasting from the first of the month until the day before pipelines nominations are due, closed last week. (Reporting by Nia Williams in Calgary and Catherine Ngai in New York; Editing by Sandra Maler and Lisa Shumaker) Our Standards: The Thomson Reuters Trust Principles Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-syncrude-cuts-idUSL1N1IR1VQ'|'2017-05-26T05:31:00.000+03:00'
'df9b8fb6ffeccafe6a565e43557c0f6e7d9008ae'|'Asian shares firm, dollar and U.S. bond yields slip after Fed'|'Business News - Thu May 25, 2017 - 12:05pm EDT World stocks scale new peaks on retailer results; oil slips left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 25, 2017. REUTERS/Brendan McDermid 1/3 left right Pedestrians stand in front of an electronic board showing stock and foreign currency markets information outside a brokerage in Tokyo, Japan, December 1, 2016. REUTERS/Kim Kyung-Hoon 2/3 left right FILE PHOTO: People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo 3/3 By Hilary Russ - NEW YORK NEW YORK World stock markets scaled fresh highs on Thursday, with key U.S. indexes lifted by rosy retailer results, while the U.S. dollar dipped and oil prices fell after top oil producers extended output cuts for a shorter period than expected. The U.S. benchmark S&P 500 index .SPX and Nasdaq Composite .IXIC opened at record highs, while the VIX "fear gauge" of expected volatility in the S&P 500 opened at 9.82 .VIX, its lowest since May 10. [.N] Gains were propelled by sturdy sales data at electronics retailer Best Buy BBY.O, lifting its shares as much as 17 percent as top gainer on the S&P 500. Robust results also boosted Tommy Hilfiger-owned PVH ( PVH.N ) by 7 percent. Oil prices fell as OPEC prepared to extend supply curbs by nine months to March 2018 to drain a glut that has depressed markets for almost three years. This was a shorter period of time for such limits than some market participants had expected. The Dow Jones Industrial Average .DJI rose 90.95 points, or 0.43 percent, to 21,103.37, the S&P 500 .SPX gained 12.09 points, or 0.50 percent, to 2,416.48 and the Nasdaq Composite .IXIC added 42.81 points, or 0.69 percent, to 6,205.83. U.S. share indexes were boosted a day earlier after minutes from the Federal Reserve''s May 2-3 meeting signaled its policymakers would hold off on raising interest rates soon until it is clear that a recent U.S. economic slowdown is temporary. Federal funds futures imply traders see an 80.9 percent chance of a quarter point rate rise in June. U.S. crude CLcv1 fell 1.15 percent to $50.77 per barrel and Brent LCOcv1 was last at $53.48, down 0.89 percent on the day. "A nine-month extension of the output cuts is already baked into prices," said Olivier Jakob, energy markets analyst at Swiss consultancy Petromatrix. "This shows there''s not much more OPEC can do." In Europe, the pan-European FTSEurofirst 300 index .FTEU3 was little changed, losing just 0.03 percent. The pan-European STOXX 600 index was led lower by basic resources .SXPP and energy companies .SXEP earlier in the day; it still held close to 21-month highs. Steelmakers were hit after iron ore prices fell for a third day DCIOcv1, on concern over reduced Chinese demand. MSCI''s gauge of stocks across the globe .MIWD PUS gained 0.47 percent. In the currency markets, the euro EUR= edged down 0.04 percent to $1.1213, pulling further away from Tuesday''s 6 1/2-month high of $1.1268 EUR= . The dollar index, which measures the greenback against a basket of major currencies, .DXY fell 0.09 percent, as key currencies tracked the drop in oil prices. U.S. bond yields dipped ahead of a $28 billion sale of seven-year notes. The benchmark 10-year yield US10YT=RR was down 1.6 basis point on Thursday at 2.25 percent. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets (Additional reporting by Nigel Stephenson and Christopher Johnson in London, Tanya Agrawal in Bengaluru, Richard Leong in New York and Howard Schneider in Washington; Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN18L02E'|'2017-05-25T08:31:00.000+03:00'
'2664667b0e7026044d6ebb9f18fdfa3ea28966f9'|'Arabs give billions to charity. It might be better spent - May. 25, 2017'|'Arab-American business owners: We create jobs & wealth In the oil-rich Gulf, public displays of private wealth are everywhere. The prosperous buy expensive license plates for supercars and gold-plated iPhones. But when it comes to giving money away, rich Arabs prefer to do so quietly, in keeping with Islamic tradition. "Often the motivation behind giving money away is driven by religion, history or origin and that is very true of the Middle East," said John Canady, CEO of the National Philanthropic Trust U.K., a charity that advises donors. "Under certain religious obligations, it''s important to be private and not boastful about your philanthropy," he said. Prince Alwaleed bin Talal was the first (and so far only) Arab backer of The Giving Pledge, led by Bill Gates and Warren Buffett. The Saudi prince said last year he hoped other wealthy Arabs and Muslims would sign up to the commitment to give away most of what they own. Now there are signs that donors in the region are beginning to embrace open philanthropic initiatives in the hope of doing more to help children living in poverty, young people without work or refugees fleeing war. Related: Bill Gates: Keep spending on foreign aid, it works "What''s happening now is there is a shift in how they are giving," said Clare Woodcraft-Scott, CEO of the Emirates Foundation, which helps fund projects for young people. "The Middle East is undergoing the same learning curve the rest of the world has done... you really need to maximize impact," she said. The potential is huge. Muslims are expected to give 2.5% of their income (after paying for basic needs such as food, housing and clothing) to charity every year. Those voluntary, private donations -- known as Zakat -- amounted to between $232 billion and $560 billion globally in 2015, according to a United Nations report citing Islamic Development Bank research. The money mostly benefits smaller charities that help the poor, orphans, people with disabilities and the elderly. Experts say the Middle East would benefit from a more coordinated approach to giving. "If you have like minded, smart, engaged philanthropists banding together to act collaboratively, that could be quite powerful and we''ve seen that with some of our Middle Eastern clients," said Canady. Tapping $1 trillion The six Gulf states alone were home to more than 5,000 people worth $30 million or more in 2016, according to an estimate by Wealth-X. It pegs their combined riches at $994 billion. Related: Chinese struggle to give away their riches But Gulf donors value their privacy. Coutts, a private bank and wealth management firm, tracked just 20 donations of $1 million of more from the region in 2015. That compares with 355 such donations in the U.K. One of those pushing for change is Abdul-Aziz Al-Ghurair, a billionaire Dubai banker. He is the chairman of a foundation established in 2015 to spend $1 billion on education and scholarships for at least 15,000 students. Another is Badr Jafar, the managing director of Crescent Group, a family business which includes the region''s oldest private oil firm. In 2010, along with other business leaders, he founded the Pearl Initiative. The non-profit organization helps companies to promote sustainable business practices and job creation. "Islamic philanthropy is increasingly being recognized as an under tapped resource," said Jafar. "Even a small fraction... applied in a directly coordinated manner could significantly contribute to global humanitarian and development aid requirements." Better coordination Governments in the region are spotting the potential of collaboration. The United Arab Emirates has declared 2017 as "the year of giving." It''s hoping to promote corporate social responsibility, volunteering and giving back to the community. It has also joined forces with Saudi Arabia and Qatar to help finance a $2.5 billion fund, backed by the Bill and Melinda Gates Foundation and the Islamic Development 
'fe74b5ee874d505c1f79ee5c919bf6b79662bfc2'|'Australia''s Mesoblast flags going concern doubts'|'May 25 Australian regenerative medicine maker Mesoblast Ltd said on Thursday it needed new funding from a third party partner or from capital raising to continue in business as it had cash reserves of just $69,122."There is a material uncertainty that may cast significant doubt on the group''s ability to continue as a going concern," it said in a filing to the U.S. Stock Exchange.Shares in Mesoblast were down 4.8 percent in late afternoon trade.(Reporting by Sandhya Sampath. Editing by Jane Wardell and Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mesoblast-results-idINL4N1IR1X7'|'2017-05-25T03:57:00.000+03:00'
'661e90f2adf4f34b726566e88f7281f485a959e8'|'UPDATE 1-Saudi Telecom''s $500 mln tech fund expects first deal by Q4'|'(Adds Quote: s, detail, background)By Katie PaulRIYADH May 25 Saudi Telecom Co''s (STC) new $500 million venture capital fund expects to complete its first transaction by the fourth quarter of this year, the fund''s chief executive said on Thursday at its launch in Riyadh.Abdulrahman Tarabzouni told reporters that initial investments were currently being studied and areas under consideration included artificial intelligence, virtual reality, banking services, logistics and digital health services."We have a lot in the pipeline," said Tarabzouni. "Our job is going to be to identify the winners and make bets on them over the next few months."STC CEO Khaled Biyari said the fund, STV, would be run independently from parent company STC. It would aim to spend its $500 million over the next four to five years in $100 million tranches.STC, the kingdom''s largest mobile operator, is using the fund to branch into digital technology investing following its purchase of a 10 percent stake in Dubai-based Middle Eastern ride-hailing app Careem in December.Biyari said the $100 million Careem stake would be managed by STV, on top of the fund''s $500 million in new investments.Parent STC is also involved in discussions with several e-commerce players, he added, but said the "space is now getting crowded" following the setting up of online shopping venture Noon and Amazon''s acquisition of Souq.com.At the same time, STC is pressing ahead with long-term projects in its traditional telecom business, including a joint bid with a local partner for Oman''s third mobile telecom licence. Biyari said he expected a response within about six months.STC and Mobily, the kingdom''s second-largest operator, have also agreed on a joint financial adviser as they aim to merge their mobile tower operations, which Biyari said would be announced "very soon."Third telco operator Zain Saudi, which has not made a quarterly profit since it started operations in 2008, was not part of the joint appointment, he said."It<49>s a very complex piece of work. We have to worry about lots of details," he said. "To be honest, it<69>s taking more than we expected, but we are marching along." (Reporting by Katie Paul; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/saudi-telecom-fund-idINL8N1IR3HF'|'2017-05-25T12:07:00.000+03:00'
'c50fadc1cbc2be9031927bcff82a4eba42429bef'|'Buoyant banks lift European shares back towards 21-month highs'|'Top   8:55am BST Buoyant banks lift European shares back towards 21-month highs Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 24, 2017. REUTERS/Staff/Remote LONDON European shares clung on to gains in early deals on Thursday helped by firmer banking shares and as corporate deals activity, after French aero firms Safran and Zodiac finally striking a deal, continued apace. The pan-European STOXX 600 index rose 0.1 percent, on track for a third straight day of gains, helped by a rise among banks. Euro zone blue chips rose 0.3 percent. Britain''s FTSE 100 was flat with heavyweight BT, down 1.8 percent, the biggest drag. Austrian and Nordic equity markets were closed for a holiday. French aerospace supplier Zodiac gained 0.2 percent after accepting a reduced offer from aero engine maker Safran, following a series of profit warnings. Safran''s shares rose 1.1 percent. A rise among banking stocks helped buoy bourses, following the release of the U.S. Federal Reserve''s minutes which suggested that an interest rate hike could be on the horizon, though this depended on the economy picking up. Shares in BPER Banca, BBVA and Banco Santander were among the top banking risers, all up more than 1 percent. Earnings were also in focus, with Britain''s Intermediate Capital Group jumping around 7 percent after its full-year results, and GVC Holdings also rose nearly 4 percent after a first-quarter update. Oilfield services provider Petrofac slumped 16 percent to its lowest level in eight years and was the worst performer on the STOXX 600 after suspending its Chief Operating Officer Marwan Chedid amid a fraud investigation. (Reporting by Kit Rees, Editing by Vikram Subhedar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN18L0TB'|'2017-05-25T15:55:00.000+03:00'
'b893e3b1dc5d2f1c6c645165c75482b4c92207bb'|'U.S. oilfield service firms lag shale recovery; old deals hold'|'Thu May 25, 2017 - 6:31am BST U.S. oilfield service firms lag shale recovery; old deals hold FILE PHOTO: An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. REUTERS/Ernest Scheyder By Liz Hampton - HOUSTON HOUSTON U.S. oil services companies have been doing a lot more work as recovering oil prices have lifted the shale industry from a two-year slump, but producers have been pocketing much of the new cash generated by rising output and squeezing service providers to keep costs down. Oil service companies that provide the crews, labor and technology used to drill, construct and operate wells are lagging the recovery in U.S. shale producers. The lopsided situation could chill the production rebound or keep it from spreading to more shale fields, executives of services companies said. Rising demand for certain services means raising salaries to attract workers and refurbishing equipment, while often being paid under fixed contracts signed during harder times, these companies said. That has pressured margins, leading to further losses. Law firm Haynes and Boone LLP said the U.S. oilfield sector experienced 127 bankruptcies between 2015 and April 2017. Among the 10 largest oilfield service providers, just five were profitable last quarter, the same number as a year ago. In contrast, seven of the top shale oil producers posted a first quarter profit, up from just one a year ago. "Both of us have to be able to earn a return and give something back to our shareholders," David Lesar, chief executive officer of Halliburton Co ( HAL.N ), the world''s second-largest oilfield services company, said in an interview. The sector is struggling to change onerous contract terms set when oil prices were much lower. Service companies agreed to those prices out of necessity; they needed cash flow to cover expenses. Those contracts, some of which extend into next year, are contributing to losses, preventing some companies from adding equipment or moving it to oil fields where it could be put to use. The expiration of those contracts should allow prices for high-demand services to rise, oilfield services executives said. Even so, some of the changes that shale oil producers made during the downturn are likely to stick, making it harder for service firms to drive up prices. Oil producers have better returns today because of those cost controls, winning greater favor among investors. "Many of (oil producers) have reduced capex spending and are increasing capital returns to investors," said Tom Bergeron, a senior fund manager for Frost Investment Advisors. Shale firms have demanded deals that unbundle the functions of service providers, allowing them to spread the work out among more companies, who then have less leverage to raise prices. Those practices allowed shale producer profits to start rebounding just a few months after oil prices began to recover from the $26 a barrel nadir of February 2016 Clc1. But it left services companies without a way to immediately benefit from the U.S. crude benchmark''s return to about $50 a barrel. Service companies hope they can raise prices by the second half of this year, but for now there is limited scope to pass along costs, Chakra Mandava, an operations executive at Nabors Drilling USA, ( NBR.N ), said at an energy conference this month in Houston. Nabors blamed its first quarter loss on an inability to offset costs for new staff and equipment. Keane Group ( FRAC.N ), which supplies pressure pumping services, one of the highest demand services in the shale patch, reported a first-quarter loss due largely to long-term, fixed price contracts, despite a 59 percent jump in revenue from the fourth quarter. [nL2N1H0233] One proposal that might resolve the disconnect between oil price moves and contract changes is to tie deals to the cost of crude. Apache Corp ( APA.N ), which plans to drill some 250 wells this year in the Permian Basin, is looking to tie what it pa
'c0234037828ac72cedaab3aadbde76c18345cd09'|'Asian shares firm, dollar and U.S. bond yields slip after Fed'|'Top  31am BST Asian shares firm, dollar and U.S. bond yields slip after Fed A man looks at an electronic board showing Japan''s Nikkei average outside a brokerage in Tokyo, Japan, December 1, 2016. REUTERS/Kim Kyung-Hoon By Hideyuki Sano - TOKYO TOKYO Asian shares eked out modest gains on Thursday while the dollar and U.S. bond yields slipped after the U.S. Federal Reserve signalled a cautious approach to future rate hikes and the reduction of its $4.5 trillion of bond holdings. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS advanced 0.3 percent, with South Korea leading with a 0.4 percent rise. .KS11 . Japan''s Nikkei .N225 dipped 0.1 percent though MSCI Japan rose 0.4 percent in dollar terms .MIJP PUS. Minutes from the Fed''s last policy meeting showed policymakers agreed they should hold off on raising interest rates until it was clear a recent U.S. economic slowdown was temporary, though most said a hike was coming soon. "Their views seem to have changed considerably. In the past, they had said the slowdown was transitory," said Daisuke Uno, chief strategist at Sumitomo Mitsui Bank. The minutes also showed that policymakers favoured a gradual reduction in its massive balance sheet. Fed staff proposed that the central bank set a cap on the amount of bonds that would be allowed to run off each month, initially setting it at a low level and raising it every three months. Following the minutes, the 10-year U.S. Treasuries yield US10YT=RR fell to 2.252 percent from Wednesday''s high of 2.297 percent. Fed funds rate futures are pricing in about a 75 percent chance that the Fed will raise rates next month, moving down from more than 80 percent earlier this week . The spectre of a slower pace of policy tightening underpinned share prices, with the S&P 500 .SPX closing at a record high. In the currency market, the euro EUR= traded up 0.1 percent in Asia at $1.1225, having bounced back from Wednesday''s low of $1.1168 and coming within sight of $1.1268, its 6 1/2-month high set on Tuesday. The dollar stood at 111.59 yen JPY= , slipping from one-week highs of 112.13 touched on Wednesday. Those moves have pulled the dollar''s index against a basket of six major currencies .DXY =USD down to 97.015, near Monday''s 6-1/2-month low of 96.797. The Canadian dollar strengthened to a five-week high of C$1.3405 per U.S. dollar CAD=D4 after the Bank of Canada was more upbeat about the economy than some investors had expected. Oil prices stayed near five-week highs as investors expect oil producing countries to extend output cuts at their meeting in Vienna later in the day. Benchmark Brent crude oil LCOc1 rose 20 cents a barrel, or 0.4 percent, to $54.16. U.S. light crude CLc1 was up 20 cents, or 0.4 percent, at $51.56. Both benchmarks have gained more than 10 percent from their May lows below $50 a barrel, rebounding on a consensus that OPEC and other producers will maintain strict limits on production in an attempt to drain persistent global oversupply. Elsewhere, digital currency bitcoin BTC=BTSP hit a fresh record high, having surged 170 percent in about two months from its March low. Demand for crypto-assets soared with the creation of new tokens to raise funding for start-ups using blockchain technology. (Reporting by Hideyuki Sano; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN18L02G'|'2017-05-25T08:31:00.000+03:00'
'a3b2fa8f4d031640b867895974a37997cc07d8f0'|'UPDATE 1-Saudi Aramco plans up to $30 bln investment in Motiva by 2023'|'(Adds details, background)HOUSTON May 23 Saudi Aramco plans an investment of up to $30 billion in its U.S. subsidiary Motiva Enterprsies LLC, the company said in an announcement at a business summit in Saudi Arabia.The company said that $12 billion would be the initial investment in a project to expand refining capacity at Motiva''s Port Arthur, Texas, refinery, already the largest in the United States, and to extend Motiva''s operations in the petrochemical value chain, according to a statement about the investment.A likely additional investment of $18 billion is expected in Motiva by 2023, it said.Since the completion of an expansion of the Port Arthur refinery in 2012, which more than doubled its capacity to refine crude oil to 603,000 barrels per day (bpd), Motiva has weighed plans for further expansion of the plant.Saudi Aramco has also looked at acquiring at least one additional Gulf Coast refinery and visited chemical plants up for sale."We are investing in long-term job creation and the future of the refining industry in the United States, and we are delivering on Vision 2030 to expand the U.S.-Saudi partnership," Saudi Aramco President and Chief Executive Amin Al Nasser said on Saturday, according to the statement.Aramco said in the announcement that in the short-term an additional 2,500 jobs would be created in Port Arthur and an additional 12,000 jobs by 2023.Vision 2030 is a plan announced last year by Saudi Deputy Crown Prince Mohammed bin Salman to diversify the Saudi economy away from reliance on oil production.On May 1, Motiva became an Aramco subsidiary with the breakup of a 19-year partnership with Shell. Under the breakup agreement, Aramco retained the Motiva name and the Port Arthur refinery along with distribution operations across seven states. (Reporting by Erwin Seba; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/motiva-investment-saudi-aramco-idINL1N1IP2BT'|'2017-05-23T21:07:00.000+03:00'
'46a0154232967d0d036f5cced5530339faf0420c'|'Glencore says would prefer to grow business through acquisitions'|'Business  33am BST Glencore says would prefer to grow business through acquisitions left right An employee of a private security company stands in front of the logo of commodities trader Glencore during the company''s annual shareholder meeting in Cham, Switzerland May 24, 2017. REUTERS/Arnd Wiegmann 1/2 left right FILE PHOTO: The logo of Glencore is seen in front of the company''s headquarters in Baar, Switzerland, September 7, 2012. REUTERS/Michael Buholzer/File Photo 2/2 Mining and commodities trading group Glencore Plc ( GLEN.L ) would prefer to grow its business through acquisitions rather than greenfield investment, its chief executive said on Wednesday. Addressing an annual general meeting in Cham, Switzerland, CEO Ivan Glasenberg also said there was "no reason to go into any new commodities," adding he hoped the company''s agricultural business "will get bigger in the future". Glencore said on Tuesday it had made an informal approach to U.S. grains trader Bunge Ltd ( BG.N ) to discuss "a possible consensual business combination." Bunge said it was not in talks with Glencore. (Reporting by Justin George Varghese in Bengaluru; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-glencore-agm-m-a-idUKKBN18K17S'|'2017-05-24T18:33:00.000+03:00'
'dce82dbc056936a7973d309e357c60e344f932ec'|'EU regulators to investigate Slovakian aid for Jaguar Land Rover'|'BRUSSELS EU state aid regulators opened on Wednesday an investigation into Slovakia''s plan to grant 125 million euros ($139.7 million) to Tata Motors'' ( TAMO.NS ) luxury British arm Jaguar Land Rover, saying they had concerns about the legality of the measure.The Slovakian aid is related to Jaguar Land Rover''s 1.4- billion-euro investment in a car manufacturing facility in the region of Nitra, which aims to make 150,000 cars yearly.The European Commission said it would investigate whether the project was triggered by other factors and whether the subsidy prompted the car maker to invest in Slovakia rather than in another EU country.The EU competition enforcer will also scrutinise whether land transferred to Jaguar Land Rover for the project and a fee exemption for converting the land to industrial land complies with the bloc''s rules.Slovakia may have to modify or drop the measure if it is found to have breached the rules.($1 = 0.8946 euros)(Reporting by Foo Yun Chee; editing by Robert-Jan Bartunek)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eu-tata-motors-jaguarlandrover-slovakia-idINKBN18K1AL'|'2017-05-24T18:51:00.000+03:00'
'0f2f43e904e4df6c344f1a9346514b67d6d4d6f1'|'Morning News Call - India, May 25'|'Market News - Wed May 24, 2017 - 11:20pm EDT Morning News Call - India, May 25 To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:45 am: Power Minister Piyush Goyal and Railway Minister Suresh Prabhu at an event in New Delhi. 10:00 am: NITI Aayog CEO Amitabh Kant at an event in New Delhi. 11:00 am: Finance Ministry officials to appear before Parliamentary Standing Committee in New Delhi. GMF: LIVECHAT - INVESTMENT OUTLOOK Lee Robinson, founder of Altana Wealth joins us to discuss how he views the investment landscape at 2:30 pm IST. To join the conversation, click on the link: here INDIA TOP NEWS <20> India scraps foreign investment board in push for more FDI India on Wednesday scrapped a ministerial panel responsible for coordinating foreign investments, part of efforts by Prime Minister Narendra Modi to boost funding of local industries from overseas. <20> ArcelorMittal agrees on concessions to seal delayed $897 million India JV ArcelorMittal, the world''s largest steel producer, said on Wednesday it has agreed to make concessions to Steel Authority of India to seal a delayed $897 million automotive joint venture. <20> Vedanta Resources FY core profit rises less than expected Mining and energy group Vedanta Resources Plc on Wednesday posted a 36.6 percent rise in its full-year core profit, driven by firmer commodity prices, but failed to meet analyst expectations. <20> Drugmaker Lupin warns of more pricing pressure as Q4 profit halves Indian drugmaker Lupin Ltd expects to launch over 30 products in the United States this year, but warned revenue growth would remain muted due to growing pricing pressure and competition in the world''s largest healthcare market. <20> Ebix to invest $120 million for stake in Indian digital payment provider ItzCash U.S.-based software firm Ebix Inc will pay $120 million for a majority stake in Indian payment provider ItzCash, the companies said on Wednesday, the latest foreign investment in India''s booming digital payments market. <20> Debt concerns pile pressure on shares in India''s Reliance Communications Shares in Indian telco Reliance Communications fell on Wednesday after a sell-off in its bonds, sparked by concerns that the debt-laden firm may be unable to repay its lenders amid intense competition in the sector. <20> India to pick industry champions as defence buying plan cleared India approved on Wednesday a long-awaited policy to boost local defence manufacturing by effectively picking industry champions that would tie up with foreign players to make submarines, fighter jets, helicopters and armoured vehicles. <20> Mahindra to build long-range electric vehicles Indian automaker Mahindra & Mahindra will invest in building long-range electric vehicles, high-power battery packs and power trains in an effort to boost green car sales, senior company executives said on Wednesday. GLOBAL TOP NEWS <20> UK police hunt Manchester bomber''s network, angered by U.S. leaks Police scrambled to close down a network around the Manchester suicide bomber with arrests in Britain and Tripoli on Wednesday, as details about the investigation were leaked to U.S. media, infuriating authorities who fear a second attack is imminent. <20> In first under Trump, U.S. warship challenges Beijing''s claims in South China Sea A U.S. Navy warship sailed within 12 nautical miles of an artificial island built up by China in the South China Sea, U.S. officials said on Wednesday, the first such challenge to Beijing in the strategic waterway since U.S. President Donald Trump took office. <20> OPEC, non-OPEC set for new oil cut, eye longer duration OPEC and non-member oil producers are set to extend output cuts on Thursday, possibly by as long as 12 months, to help clear a global stocks overhang and prop up crude prices. LOCAL MARKETS OUTLOOK (As reported by NewsRise) <20> The SGX Nifty Futures were trading at 9,411.00, up 0.4 pct from its previous close. <20> The Indian rupee wi
'78b3d2ec339b50afcbab1b87df02686e3245acba'|'UPDATE 1-Soccer-United outclass Ajax to win Europa League on emotional night'|'* United beat Ajax Amsterdam 2-0 at Friends Arena* Pogba and Mkhitaryan score for Mourinho''s side* United qualify for Champions League group stage* Fans honour victims of Manchester bomb attack (Adds Mourinho Quote: s, byline)By Philip O''Connor and Richard MartinSTOCKHOLM, May 24 Manchester United''s Paul Pogba and Henrikh Mkhitaryan scored a goal in each half as their team comfortably outclassed Ajax Amsterdam to win an emotional Europa League final 2-0 and qualify for the group stages of the Champions League.A minute''s silence held for the victims of Monday''s suicide bombing at a pop concert in Manchester in which 22 people died turned into applause as chants of "Manchester" and "We''ll Never Die" bellowed out from the English supporters before the match.World record signing Pogba opened the scoring in the 18th minute as United won the ball after an Ajax throw-in, the Frenchman''s shot taking a wicked deflection to wrong-foot goalkeeper Andre Onana and fly into the net.Mkhitaryan then flicked the ball home early in the second half following a corner and, with chants of "Manchester, Manchester" echoing around the stadium, United held on to win the one European trophy missing from the Old Trafford cabinet."We know things like this are very sad all over the world," said Pogba referring to the attack. "We had to focus. Manchester - we won for them. We played for England, we played for Manchester and we played for them -- the people who died.""The goal was to win all the way through this season. We''ve done it, and we''re proud," said Pogba. "People say we''ve had a bad season but the prize is great and we''ve done it now. We have three trophies so enjoy it now," he added.United''s triumph followed success in the League Cup and the Community Shield in Jose Mourinho''s first season in charge at Old Trafford with Champions League football secured after United could only manage a sixth-place finish in the Premier League."We preferred to reach the Champions League this way than finish fourth, third or second," said Mourinho. "We got the objective, we are back in the Champions League by winning a title, an important title. The club now has every title in world football. We fought hard for this since the beginning."IMPOSING STARTUnited, wearing all blue as they did in winning the 1968 European Cup final, made an imposing start, with Pogba whistling a shot wide of the near post within the first minute.The France midfielder was all over the pitch, appearing as a third centre back one moment to head the ball away from danger, channeling pinpoint passes to striker Marcus Rashford the next.Pogba, who first came to United at the age of 16 before leaving for Juventus, put his side ahead with a hopeful low shot from the edge of the area that was sent looping past Onana in the Ajax goal thanks to a huge deflection from Davinson Sanchez.Mourinho''s coaching staff flew out of the dugout in celebration but the Portuguese stayed calm.Ajax, fielding the youngest starting lineup in a European final, were expected to make a quick start as they did in their 4-1 win over Olympique Lyonnais in their semi-final first leg.Instead the Dutch side were fenced in by United, nullified by Marouane Fellaini and man of the match Ander Herrera in the middle and stretched by Rashford''s darting runs.They were given no time to settle in the second half as Mkhitaryan leapt to knock Chris Smalling''s knockdown from a corner into the roof of the net after 48 minutes.Ajax hogged the ball for the rest of the match but rarely looked like getting past United, who saw the game out to preserve Mourinho''s 100 percent record in European finals and deliver the continental trophy missing from their collection. (Editing by Ken Ferris)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/soccer-europa-final-idUSL4N1IQ5DI'|'2017-05-25T05:19:00.000+03:00'
'520f700b2266011f6627a426fa66fe812cb3c510'|'Petrobras will not bid for all eight pre-salt areas, CEO says'|'Market News   10:06am EDT Petrobras will not bid for all eight pre-salt areas, CEO says SAO PAULO May 25 Petr<74>leo Brasileiro SA does not have the means to bid for all eight pre-salt exploration areas as well as the 14th round of oil rights auctions, Chief Executive Pedro Parente said on Thursday. Petrobras, as the company is known, had announced earlier in the day it would exercise priority rights in two offshore pre-salt auctions scheduled for this year. Speaking to reporters, Parente said the company will delay investments in northeast Brazil to make room for those bids. (Reporting by Bruno Federowski; Editing by Christian Plumb and Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-outlook-presalt-idUSE6N1IL007'|'2017-05-25T22:06:00.000+03:00'
'9bae5ec1b88f8339e7026260928d8bba919233a0'|'Old Mutual says may launch small IPO for Old Mutual Wealth'|'  8:35am BST Old Mutual says may launch small IPO for Old Mutual Wealth FILE PHOTO: Workers clean windows outside the Cape Town headquarters of Anglo-South African financial services company Old Mutual, March 7, 2016. REUTERS/Mike Hutchings/File Photo LONDON Anglo-South African financial services group Old Mutual may launch a small initial public offering for its UK wealth management arm as part of a planned break-up of the company, it said on Thursday. Old Mutual is planning to break itself up into four parts as it says regulatory change makes the company too complex to run in its current form. The firm aims to list Old Mutual Wealth as well as its emerging markets division in London and Johannesburg "at the earliest opportunity in 2018 after our full year results", chief executive Bruce Hemphill said in a statement ahead of Old Mutual''s annual general meeting. The listings are likely to take the form of a demerger, benefiting existing shareholders, but "with the possibility of a small initial public offering" for the wealth management division, the company said. (Reporting by Carolyn Cohn; Editing by Rachel Armstrong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-old-mutual-ipo-idUKKBN18L0OP'|'2017-05-25T14:59:00.000+03:00'
'69d7dbe2a0118ee362a9e1cdf29c1c8594cb5117'|'VW''s Audi strikes deal for China business - Reuters'|'FRANKFURT May 20 German luxury carmaker Audi , a unit of Volkswagen, on Saturday said it had signed an agreement with its dealers in China regarding how it will do business in the world''s largest car market.Audi board member Dietmar Voggenreiter said the agreement with China''s FAW Group, the FAW-Volkswagen joint venture and the Audi dealer council was a "strategic milestone for Audi''s business in China".Audi said the parties reached a "mutual understanding" that Audi models from a potential partnership between the carmaker and China''s SAIC Motor Corp Ltd would be sold through its existing dealer network in China. (Reporting by Christoph Steitz, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/audi-china-dealers-faw-idINL8N1IM0ES'|'2017-05-20T09:39:00.000+03:00'
'b3fc48fef9816c8e844167f3dbba71f3760b207f'|'OPEC oil cut extension renews Asia''s crude supply worries'|'Business News - Fri May 26, 2017 - 8:00am EDT OPEC oil cut extension renews Asia''s crude supply worries A TV camera is seen inside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria May 24, 2017. REUTERS/Leonhard Foeger SINGAPORE The OPEC-led decision to extend a production cut to March 2018 disappointed financial investors, prompting an exit from oil futures markets, while refiners in Asia were mostly concerned with whether it meant they would need to go hunting for crude. In Vienna, the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers on Thursday extended a pledge to cut 1.8 million barrels per day (bpd) of output until the end of the first quarter of 2018. Financial traders did not like what they heard, thinking it meant an ongoing oil glut. "The market voted with its feet", investment bank Jefferies said, dragging crude futures CLc1 LCOc1 down 5 percent to near $50 a barrel. [O/R] In physical markets, however, where tankers can take weeks or months to deliver up to $100 million in crude oil, refiners want to know if they will be forced to search for new suppliers. "This is a declaration of a strong will of OPEC as well as non-OPEC producers to tighten overall supply-demand," said Yasushi Kimura, president of the Petroleum Association of Japan, and chairman of petroleum conglomerate JXTG Holdings ( 5020.T ). To ensure crude supplies, "we need to carefully monitor OPEC''s production cut adherence," Kimura said. Crude is by far the biggest cost for refiners and the petrochemical industry, shaking margins DUB-SIN-REF whenever benchmark prices take broad swings. Kimura said the extended cuts could mean demand may exceed supply in 2017, which would be the first time in years. This would force refiners to start using up reserves, pushing up prices at least until production catches back up with consumption. "In 2017, global demand is likely to exceed supply ... and crude prices are likely to ... rise toward $60 by the end of the year," JXTG Holdings'' Kimura said. REAL SUPPLY CUTS? So far, though, the cuts that started in January have barely dented supply in Asia, home to three of the world''s four biggest oil consumers. Exporters were keen to maintain global market share, and they cut domestic supplies or shipments to marginal buyers. As a result, inventories in the big consumer markets have remained bloated, and prices low. "We have (so far) not had any impact in terms of any cut from any of these (OPEC) sources into India," said B. Ashok, chairman of Indian Oil Corp ( IOC.NS ), the country''s biggest petroleum company. OPEC sources said that will change as top exporter Saudi Arabia especially is keen to see a visibly tighter market. Many refiners, however, are still not expecting a real crude shortage, largely due to ample alternative supplies. "Crudes that can be processed in our refineries include crudes from the U.S. We have procured some crude even from Canada. We have been procuring crude from Latin America ... Africa, Russia," Ashok said. ALTERNATIVES AT A PRICE U.S. producers have become a key alternative source of supply as their output - largely due to shale oil - has soared by 10 percent since mid-2016 to 9.3 million bpd C-OUT-T-EIA, close to Saudi Arabia''s and Russia''s levels. These producers have been fast to fill OPEC''s gap, with an average of 374,000 bpd of crude from the United States coming to Asia in the first four months of 2017, according to data compiled by Thomson Reuters Oil Research and Forecasts. That compares with an average of just 48,000 bpd in 2016. "The cut in OPEC supplies will be offset by higher U.S. crude production," said KY Lin, spokesman for Formosa Petrochemical Corp. ( 6505.TW ), one of Asia''s biggest refiners and petrochemical producers. Still, most analysts including Goldman Sachs, Jefferies and Barclays, expect prices to gradually rise toward the beginning of 2018 as the market tightens. W
'2518043c94ed6fbeefeed99e85a2fca1f0ca7341'|'Italian court overturns Uber ban'|'Technology News - Fri May 26, 2017 - 12:24pm EDT Italian court overturns Uber ban The logo of Uber is seen on an iPad, during a news conference to announce Uber resumes ride-hailing service, in Taipei, Taiwan April 13, 2017. REUTERS/Tyrone Siu ROME A Rome court annulled a short-lived ban on ride-hailing app Uber on Friday in the latest twist to a battle between the San Francisco-based multinational and Italy''s traditional taxi cabs. A lower court had already ordered temporary suspension of the ban, which was imposed in April and affected several Uber phone applications and prevented it from advertising its services in Italy. "We are happy to announce that you will be able to keep using our app in Italy", Uber Italy tweeted after Friday''s ruling. Italian taxi drivers, who operate under rigid regulation, say they are being penalized by little-monitored apps such as those offered by Uber, which allow users to connect with the nearest drivers via smartphones. Angry drivers went on a six-day strike in February to protest the growth of the apps and increasingly popular chauffeured limousines. The Italian government has promised to introduce clearer rules governing competition between conventional taxis and rival road transport services by the end of this year. "We are thrilled for the thousands of drivers and riders who can continue using Uber in Italy," an Uber spokesman said on Friday. "However, Italy now needs to reform its outdated laws so that all its citizens and cities can benefit from modern technology." (Reporting by Isla Binnie and Gavin Jones; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-italy-uber-idUSKBN18M22E'|'2017-05-27T00:19:00.000+03:00'
'cfa28f8ca1281d2a0818976662b445695573799e'|'EU mergers and takeovers (May 23)'|'Funds News  22pm EDT EU mergers and takeovers (May 23) BRUSSELS May 23 The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- Australian bank Macquarie and British pension fund Universities Superannuation Scheme to acquire nine windfarms from Green Investment Bank (approved May 22) -- Investment firms Cinven Capital Management and Canada Pension Plan Investment Board to acquire joint control of Travel Holdings Parent Corporation (approved May 22) NEW LISTINGS -- Japanese shippers Nippon Yusen Kabushiki Kaisha, Mitsui OSK Lines and Kawasaki Kisen Kaisha to merge their container units (notified May 19/deadline June 28) -- French oil services group TechnipFMC, German industrial gases group Linde AG and Russia''s Research and Design Institute on Gas Processing (JSC NIPIgaspererabotka) to set up a joint venture (notified May 19/deadline June 28/simplified) -- Chrysaor Holdings Ltd, which is indirectly controlled by investment company Harbour Energy, to acquire some of Shell''s offshore assets (notified May 18/deadline June 27/simplified) EXTENSIONS AND OTHER CHANGES -- French EDF to acquire equipment and fuel manufacturing company Areva (notified April 18/deadline May 29) MAY 30 -- French media group Vivendi to acquire de facto sole control of Italy''s Telecom Italia (notified March 31/deadline extended to May 30 from May 12 after Vivendi offered concessions) MAY 31 -- Manufacturing and technology company General Electric''s Oil & Gas to acquire oilfield services company Baker Hughes (notified April 20/deadline May 31) JUNE 1 -- Waste water company SGAB and Spanish infrastructure company Acciona to acquire 10 percent of Sociedad Concesionaria de la Zona Regable del Canal de Navarra (notified April 21/deadline June 1/simplified) JUNE 7 -- German company CWS-Boco, which is part of German firm Haniel, to acquire some of British support services firm Rentokil''s workwear and hygiene units (notified April 26/deadline June 7) JUNE 8 -- German chemicals company Evonik Industries to acquire U.S. company J.M. Huber Corp''s silica business (notified April 27/deadline June 8) JUNE 9 -- Private equity firm Hellman & Friedman to acquire Spanish logistics platform Allfunds Bank (notified April 28/deadline June 9/simplified) -- U.S. smartphone chipmaker Qualcomm to acquire Dutch companyr NXP Semiconductors NV (notified April 28/deadline June 9) -- Chinese textiles company Shanghai Shenda to acquire International Automotive Components Group''s trim and acoustics unit business (notified April 24/deadline June 9/simplified) JUNE 12 -- American healthcare company Johnson & Johnson to acquire Swiss biotech company Actelion (notified April 12/deadline extended to June 12 from May 24 after the companies offered concessions) -- Norwegian debt collection agency Nordic Capital, which is majority owned by Nordic Capital Fund VIII and Swedish peer firm Intrum Justitia to merge (notified April 12/deadline extended to June 12 from May 24 after the companies offered concessions) JUNE 14 -- Private equity firms BC Partners and Pollen Street Capital Ltd to jointly acquire UK bank Shawbrook Group plc (notified May 4/deadline June 14/simplified) JUNE 15 -- U.S. private equity firm Leonard Green & Partners and the Ontario Municipal Employees Retirement System Primary Pension Plan (OMERS) to acquire joint control of U.S. car repairs company OPE Caliber Holdings (notified May 5/deadline June 15/simplified) -- Austrian refractories materials maker RHI to acquire a controlling stake in Brazilian peer Magnesita Refratarios (notified May 5/deadline June 15) JUNE 21 -- Investment bank Goldman Sachs and French investment company Eurazeo to jointly acquire Dominion Web Solutions (notified May 12/deadline June 21/simplified) -- French private equity company Ardian France and real estate agent Jones Lang LaSalle Inc to jointly acquire an office building in France (notified May 12/deadline June 21/simplified) 
'889dbb87edad4bc8b449ba57c8096e061e37b8fd'|'Irish lenders need to speed reduction in non-performing loans - central bank'|'Business News - Tue May 23, 2017 - 3:35pm BST Irish lenders need to speed reduction in non-performing loans - central bank Governor of the Central Bank of Ireland Philip R. Lane speaks at open the new Central Bank of Ireland offices in Dublin, Ireland April 24, 2017. REUTERS/Clodagh Kilcoyne DUBLIN The pace at which Irish lenders are reducing non-performing loans is too slow and new strategies are needed to lower the stock from a still elevated 17.5 percent of all loan books, the governor of Ireland''s central bank said on Tuesday. "While the economic recovery is well established, Ireland is still deeply affected by the legacy of the crisis. High outstanding debt levels and the substantial stock of non-performing loans (NPLs) pose ongoing financial stability risks," Philip Lane said in a speech "There has been significant progress. However ... the current pace of NPL reduction is too slow: continued efforts, strategy refreshes, dedication and innovation are needed to speed up the process." (Reporting by Padraic Halpin; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-banks-idUKKBN18J23T'|'2017-05-23T22:35:00.000+03:00'
'c6e2b40b919e96f9f69b1b01bcc65f9097354cf3'|'Delivery Hero set to list before summer break: sources'|'By Emma Thomasson and Arno Schuetze - BERLIN BERLIN Online food takeaway firm Delivery Hero is set to float before the summer break in a deal valuing one of Europe''s biggest start-ups at up to 4 billion euros ($4.5 billion), people close to the matter said on Tuesday.Delivery Hero, the start-up in the portfolio of e-commerce investor Rocket Internet ( RKET.DE ) seen as most likely to go public next, plans to announce its intention to list in Frankfurt by mid-June with an IPO four weeks later, they said.Rocket Internet shares, which have been under pressure over concerns about heavy losses and falling valuations at its start-ups, were 4 percent higher at 1335 GMT (9:35 a.m. ET), making them one of the top gainers on the German small-cap index .SDAXI.Rocket, which reports first-quarter results on May 31, had early success with online fashion firm Zalando ( ZALG.DE ), which listed in 2014 and has performed well since. But the e-commerce investor pulled the flotation of meal box start-up HelloFresh in 2015 and has not brought any other companies to market yet.Earlier on Tuesday, Delivery Hero Chief Executive Niklas Ostberg said the company was ready for a possible initial public offering but declined to comment further on timing or valuation."We can go at any point in time if we feel it is the right time," Ostberg told reporters on a conference call.One of the sources said about a quarter of the company''s shares would be sold in the deal, which could value the company at 3.5 billion euros to 4 billion euros.Another source said shares worth up to 1 billion euros would be sold, with about half that amount coming from new shares.Delivery Hero said Tuesday its first-quarter revenue rose 68 percent on a like-for-like basis to 121 million euros. The loss-making firm did not publish earnings figures but Ostberg said it was on track to improve profitability as it grows bigger."With size comes profitability and our focus is on building size and service levels," he said, adding that he did not rule out further acquisitions.The Berlin-based company founded in 2011 delivers meals from more than 150,000 restaurants in over 40 countries and employs upwards of 5,000 staff.Earlier this month, Delivery Hero raised 387 million euros by issuing new shares to South African media and e-commerce firm Naspers ( NPNJn.J ), diluting Rocket''s stake to 33 percent from just under 38 percent.The biggest international players in online food takeaway - Delivery Hero, Just Eat ( JE.L ) and Takeaway.com ( TKWY.AS ) - have been raising capital or swapping assets to bulk up as Uber [UBER.UL] and Amazon ( AMZN.O ) push into meal delivery.Goldman Sachs, Morgan Stanley and Citi are organising the Delivery Hero listing as global coordinators with UBS, Unicredit, Jefferies and Berenberg acting as bookrunners, the sources said.The banks declined to comment.(Additional reporting by Alexander H<>bner; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-delivery-hero-results-idINKBN18J242'|'2017-05-23T12:37:00.000+03:00'
'5c8113bd5e611d1a8935db1ff658760bea3008bc'|'UPS, SF Holdings plan to join forces in Chinese shipping market'|'By Alana Wise United Parcel Service Inc ( UPS.N ) on Thursday announced plans to form a joint venture agreement with Chinese express delivery firm SF Holdings ( 002352.SZ ), laying the groundwork to expand shipping services from China to the United States.SF Holdings, parent company of SF Express, is often called China''s answer to UPS rival FedEx ( FDX.N ), and is the dominant package delivery company within China. It also delivers to more than a dozen countries, including the United States and Japan.The joint venture, which is subject to Chinese regulatory approval, will initially focus on shipping goods from China to the United States "with planned expansion to markets in the rest of the world."UPS said it was "optimistic" that regulators would approve the agreement. President Donald Trump and administration officials have vowed to narrow the U.S.-China trade deficit."We believe in free trade, and we believe that the administration also sees the merits of free trade," Chief Commercial Officer Alan Gershenhorn said.UPS has operated in China since 1988 and conducts more than 200 flights to and from its Chinese hubs weekly.(Reporting by Alana Wise; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-united-parcel-sf-holdings-idINKBN18M06B'|'2017-05-26T00:25:00.000+03:00'
'1afdd18ef75bf35560255d035ba344ff9fe187d6'|'GameStop posts strong first-quarter sales, but leaves forecast unchanged'|'Technology Photos - Fri May 26, 2017 - 4:03am IST GameStop posts strong first-quarter sales, but leaves forecast unchanged By Aishwarya Venugopal GameStop Corp, the world''s largest retailer of videogames and gaming consoles, reported better-than-expected quarterly results on Thursday, but left its full-year earnings forecast unchanged, sending shares down 6 percent in extended trading. The Grapevine, Texas-based company benefited from robust demand for the newly launched Nintendo Switch console in the first quarter ended April 29, helping offset a decline in sales of videogames. A lack of insight into shipments of Nintendo''s latest gaming device for the rest of the year held GameStop back from raising its full-year forecast, Chief Financial Officer Robert Lloyd said in an interview. "Without visibility into the product they can deliver to us ... it is tougher for us to raise our estimates," Lloyd said. Nintendo expects the Switch to more than double its annual operating profit. "We haven''t seen supply (of the Switch) even come close to catching demand," a GameStop executive said on a post-earnings call. A delay in the launch of Take-Two Interactive''s highly awaited title, "Red Dead Redemption: 2," also contributed to GameStop keeping its full-year earnings forecast unchanged at $3.10-$3.40 per share, Lloyd said. Sales at GameStop''s mainstay videogame retail business continued to fall, with new videogame sales declining 8.2 percent to $520.5 million in the first quarter. Demand for physical copies of videogames has weakened in recent years as players increasingly buy games online by downloading them to their devices, rather than visit a store to buy game discs. The shift to downloads in recent years has helped videogame publishers such as Electronic Arts, Activision-Blizzard ( ATVI.O ) and Take-Two boost profit margins, but has dented retail sales of videogames. To counter this shift, GameStop has widened its portfolio by offering mobile phones, tablets and other devices in some of its more than 7,500 stores. Sales at those stores jumped 21.5 percent in the latest quarter but only made up 10 percent of total revenue. But GameStop posted a surprise 2.3 percent rise in sales at established stores, compared with analysts'' average expectation of a 3.6 percent decline, according to research firm Consensus Metrix. Net sales climbed 3.8 percent to $2.05 billion, beating analysts'' expectations of $1.94 billion, according to Thomson Reuters I/B/E/S. Net income fell 10.3 percent to $59 million, or 58 cents per share, as expenses rose. Excluding items, GameStop earned 63 cents per share, topping expectations of 51 cents. Through Thursday, GameStop''s shares had slipped 6.5 percent this year. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-gamestop-results-idINKBN18L2PH'|'2017-05-25T20:33:00.000+03:00'
'4e98c8c214cb4cb44fb1ecd80b21bdd08680a52a'|'BRIEF-Cerus provides U.S. business update'|'Market News  45am EDT BRIEF-Cerus provides U.S. business update May 23 Cerus Corp * Cerus provides U.S. business update * A pending platelet additive solution shortage is expected to impact some U.S. blood centers producing intercept platelets * Fresenius Kabi has stated that it is working with its suppliers and FDA to resolve this delay * Cerus Corp says updating its 2017 product revenue guidance to a range of $38 million to $46 million compared to prior range of $43 million to $48 million * Cerus Corp - believe shortage could "adversely" affect intercept platelet production by impacted blood centers through year end * Cerus Corp - received notification last week of a pending U.S. supply shortage of a platelet additive solution manufactured and sold by fresenius kabi * Cerus Corp - pending shortage is due to an unanticipated delay in FDA approval of a plastic component used in manufacture of pas container Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cerus-provides-us-business-update-idUSASA09QY9'|'2017-05-23T20:45:00.000+03:00'
'55ccc254ca5c6d4785f40c7e10dec93907250b04'|'PPG CEO says remains interested in ''consensual'' deal with Akzo'|'AMSTERDAM PPG Industries ( PPG.N ) remains interested in negotiating a "consensual" deal with Akzo Nobel ( AKZO.AS ), even as the Dutch rival paint maker resists its 26.3 billion euro ($29.5 billion) takeover offer, PPG''s top executive said on Tuesday.PPG Chief Executive Michael McGarry, who was in the Netherlands for a shareholder lawsuit against Akzo a day earlier, told journalists he had never before seen such hostility between a company and its shareholders.But McGarry said "PPG remains very interested in pursuing a privately negotiated, substantive deal with Akzo Nobel."On Monday, several major Akzo shareholders led by activist hedge fund Elliott Advisors, filed a lawsuit against the company over the refusal by Akzo''s management to enter talks.PPG is in discussions with Dutch market regulator AFM about extending by up to two weeks a June 1 deadline to submit a formal bid for Akzo while it awaits the court''s decision, most likely on May 29.McGarry said that financing of a possible deal "is not an issue. We will have all the financing we need on whatever the appropriate date is," he said.Shares in Akzo traded 1 percent higher at 76.47 euros at 0830 GMT on Tuesday, well below PPG''s 96.75 euros per share bid proposal made on April 20, suggesting investors are skeptical a PPG offer will ultimately succeed.Akzo has argued a PPG takeover would be bad for employees, that the companies'' cultures don''t mesh, that a deal faces antitrust risks, that it would be bad for the environment and that Akzo should stay Dutch in the country''s national interest.(Reporting by Toby Sterling and Bart Meijer; Writing by Anthony Deutsch; Editing by Louise Heavens and Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-akzo-nobel-m-a-ppg-inds-idUSKBN18J0W4'|'2017-05-23T15:51:00.000+03:00'
'ed8e4e8668d82129abb95584b8ce516fef8c885a'|'Altice to group all operations under a single brand by mid-2018'|'Technology News - Tue May 23, 2017 - 11:58am BST Altice to group all operations under a single brand by mid-2018 The logo of cable and mobile telecoms company Altice Group is seen during a news conference in Paris, France, March 21, 2017. REUTERS/Philippe Wojazer PARIS Telecoms and cable holding company Altice will group all its operations under its current name by mid-2018, including its French unit SFR Group, which has lost customers and suffered from poor brand perception lately. The holding company, founded by Franco-Israeli tycoon Patrick Drahi, has swiftly become a major cable and telecoms operator in the United States and France over the last three years through acquisitions that brought its total net debt to 50.7 billion euros ($57 billion) by the end of March. Drahi was also set to present more details of the global rebranding effort at a news conference on Tuesday. Telecoms sub-brands in France, Portugal and Israel, as well as its recently-acquired online video advertising marketplace Teads, will keep their current name, according to a company statement. Altice, which is planning an initial public offering (IPO) of its U.S. activities, is banking on the convergence between content providers and telecommunications operators to increase margins and help it compete better against newcomers such as Netflix and Amazon. (Reporting by Mathieu Rosemain; Editing by Jean-Michel Belot and Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-altice-sfr-group-idUKKBN18J1G9'|'2017-05-23T18:57:00.000+03:00'
'5dde2a8885a99c7390545fa07e4d052ffa6d11f7'|'''Fight for 15'' targets McDonald''s shareholder meeting'|'Market News   12:51pm EDT ''Fight for 15'' targets McDonald''s shareholder meeting By Bob Chiarito - OAK BROOK, Ill. OAK BROOK, Ill. May 24 Hundreds of fast-food workers demanding wage increases marched on Wednesday outside of the McDonald''s Corp headquarters in a Chicago suburb during the company''s annual shareholder meeting. The demonstrators were part of a larger, nationwide protest organized by the labor group "Fight for 15," which has regularly targeted McDonald''s calling for higher pay and union rights for workers. Dozens of protesters also rallied outside of United Airlines shareholder meeting in downtown Chicago. "I saw my mother, who worked 30 years for Hardees, struggle on food stamps to raise her family and now I''m doing the same thing," said Terrance Wise, a 42-year-old from Kansas City who was protesting outside the McDonald''s meeting. Wise said he has worked at McDonald''s for three years and still only earns $7.65 an hour for the full-time job. He said he also relies on food stamps to support his three daughters. "Instead of paying their CEO $15 million, they should give him $10 million and pay their workers what<61>s right," he said. The Fight for 15 group''s main demand is for a minimum wage of $15 an hour. Chief Executive Steve Easterbrook earned $15.3 million in total compensation last year, according to company data. Shareholders inside the McDonald''s meeting did not ask about the protests during a question and answer session with company officials. Easterbrook focused on the fast-food giant''s plans for delivering food with UberEats and the roll out of new products. The company said on Wednesday it invests in its workers by helping them to earn degrees and acquire on-the-job skills. In 2015, the company raised the average hourly pay to around $10 for workers in the restaurants it owns. However, most U.S. McDonald''s workers are employed by franchisees who set their own wages. Workers'' hopes for an increase in the $7.25-per-hour federal minimum wage were dashed last year when Republicans retained control of Congress in the U.S. election. Opponents of raising the minimum wage say higher costs would force restaurants to cut hiring, and some businesses would not survive. Still, voters in Arizona, Colorado, Maine and Washington have approved state minimum wage increases, encouraging advocates to continue pressing their case at local levels. Workers on Wednesday also gathered outside of McDonald''s near downtown Los Angeles. Scores of protesters were arrested during a nationwide protest weeks after Republican Donald Trump won the White House in the November election. At various times on the campaign trail, Trump suggested U.S. workers were overpaid, but also that the minimum wage should be raised. "I can''t take care of my kids. We need to be paid a living wage," said Betty Douglas, a 59-year-old mother of three and McDonald''s employee said on Wednesday in Oak Brook. (Writing by Timothy Mclaughlin in Chicago, Additional reporting by Anya George Tharakan in Bengaluru and Lucy Nicholson in Los Angeles; Editing by Frances Kerry)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-wages-protest-idUSL4N1IQ4K4'|'2017-05-25T00:51:00.000+03:00'
'79a25a421f4fbdcd8adbb1f29a63d7d005f4ca14'|'UK lender Paragon posts marginal decline in H1 profit'|'May 23 British buy-to-let mortgage lender Paragon Group of Companies Plc reported a marginal fall in first-half profit, but said its buy-to-let pipeline had more than doubled, pointing to full-year lending volumes topping its expectations.Paragon, which has been diversifying its business from its core buy-to-let mortgage market, made a pretax profit of 69.4 million pounds ($90.1 million)in the six months to the end of March, down from 69.5 million pounds the year before.The company is paying an interim dividend of 4.7 pence per share, up 9.3 percent. ($1 = 0.7702 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/paragon-group-results-idINL4N1IP28E'|'2017-05-23T04:29:00.000+03:00'
'f9fc446b2f2668969813d1a77a50b09d4c24ae5a'|'Oil edges up, Wall Street rises as investors parse Trump budget'|'By Hilary Russ - NEW YORK NEW YORK Oil prices inched up on Tuesday on expectations of a supply cut, and Wall Street ticked higher as a U.S. federal budget proposal called for slashing healthcare programs and boosting military spending.U.S. Treasury bond yields hovered near session highs after a solid 2-year debt auction while shares across the euro zone closed higher on strong growth data.Businesses across the euro zone were on their strongest run since 2011, according to IHS Markit''s Flash Composite Purchasing Managers'' Index for May. It matched the previous month''s 56.8, its highest since April 2011. A reading above 50 indicates growth."It''s a very good result and it''s broad-based. We''ve got a good pace of growth here. The fact we have maintained this high level in May is great news for second-quarter GDP," said Chris Williamson, chief business economist at IHS Markit.The pan-European FTSEurofirst 300 index .FTEU3 rose 0.25 percent and MSCI''s gauge of stocks across the globe .MIWD PUS shed 0.02 percent.Sterling was subdued after reports showing sluggishness in the UK economy and a suicide bombing at a pop concert in Manchester that killed 22 people and wounded dozens."Increasingly the markets are just more and more numb to these. As bad as they are and as horrific as they are, the market immediately looks through these things and uses these as buying opportunities more than anything else,<2C> said Brad Bechtel, managing director FX at Jefferies in New York.The pound was last down 0.2 percent at $1.2972.Oil prices rose slightly in volatile trading as expectations of an extension to OPEC-led supply cuts and another drop in U.S. crude inventories offset a White House proposal to sell half the country''s petroleum reserves. [O/R]U.S. crude oil futures CLc1 settled at $51.47 per barrel, up 34 cents or 0.66 percent. Brent LCOcv1 was last at $54.19, up 0.59 percent.Investors were parsing President Donald Trump''s first full budget plan, released on Tuesday, which calls for an increase in military and infrastructure spending but also a raft of cuts, including healthcare and food assistance."People will keep an eye on any sort of indication of corporate tax reform as well as infrastructure spending," said Nadia Lovell, U.S. equity strategist at J.P. Morgan Private Bank in New York. [.N]The Dow Jones Industrial Average .DJI rose 45.35 points, or 0.22 percent, to 20,940.18, the S&P 500 .SPX gained 3.84 points, or 0.16 percent, to 2,397.86 and the Nasdaq Composite .IXIC dropped 1.14 points, or 0.02 percent, to 6,132.48.Trump''s budget in its current form is unlikely to be approved by Congress, which will craft its own tax and spending plans.Treasury debt yields retreated slightly from their session highs after solid demand at a $26 billion auction of a new two-year note issue, the first part of the $88 billion in coupon-bearing government debt supply this week.The benchmark 10-year yield <US10YT=RR > was last at 2.278 percent, up nearly 2 basis points from late on Monday.The dollar rose against a basket of major currencies .DXY as its worst week of losses in a year drove some profit taking, and investors turned their attention to Wednesday''s release of the minutes of the U.S. Federal Reserve''s meeting earlier this month.The index rose 0.31 percent after falling to a more than six-month low on Monday.In Greece, short-dated government bond yields GR5YT=TWEB rose sharply and banking stocks fell after euro zone finance ministers failed to agree debt relief for Greece with the International Monetary Fund and did not release new loans to Athens.For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets(Additional reporting by Jonathan Cable and Abhinav Ramnarayan in London, George Georgiopoulos in Athens, Roberta Rampton in Washington and Saqib Iqbal Ahmed, Richard Leong and Julia Simon in New York; Editing by
'8f43c79d709f359866200009952e8784caad9f7c'|'''I get grumpy without exercise'': should we all write our own user manuals? - Global Development Professionals Network'|'Kenya country director, Department for International Development (DfID), UK Tuesday 23 May 2017 15.02 BST I<>ve come across a couple of blog posts where people have had a go at drafting their own user manuals <20> guides to working with them to help accelerate mutual understanding and improve collaboration. The basic idea is for teams to use this approach to rapidly disclose preferences and styles to build mutual accountability and strengthen trust. It sounded like an excellent way to go a step further from the usual Myers Briggs and insights approaches to personality profiling and explain the <20>why <20>: whyI think, react, work and do as I do, instead of simply <20>how<6F> people experience working with me. With a load of excellent new staff joining my team at DfID in the next few months, I thought this would be a good chance to try it. I have drawn heavily on feedback I have had over the years and shared it widely with my current team asking for challenge or additional ideas. One bit of early feedback is that its utility is limited if considered in isolation of the rest of the team and their styles and preferences. So, if it is going to be useful others will have to do it too<6F> Staring back at this I wonder how useful it is for people I work with... I<>ll update my manual when I need to, but until then, here goes: Pete<74>s user manual What are some honest, unfiltered things about you? I am driven by a strong public sector ethos and a desire to make a difference. I am ambitious for my organisation but not territorial. I am equally ambitious for myself and like to be in the centre of things, but won<6F>t compete with others for the limelight. I am open and frank, reflective of my own failings. I can be critical. This is not due to a negative attitude but the fact that I see problems and tend to want to fix them with others. I am comfortable changing direction, shifting and adapting. I also love new ideas but this can be challenging for people. It reinforces the need for constant communication and discussion and clearly defined decisions. I most enjoy working at pace, with lots going on. Conversely, I lose energy in long-turnaround times/ extended deadlines where there is no sense of urgency. I thrive off challenging the status quo and normal ways of doing things and get energy from thinking about how we could do things differently. This can make me appear impatient. 29 tips on how to be a horrible boss Read more People being territorial, putting their interests over our collective ones Flakiness, not following through, tardiness. Making excuses or blaming others. Finding problems and not taking responsibility for finding solutions. People holding back ideas, trying to perfect things, rather than engaging early for thoughts and feedback. Professional people acting like victims of change and not seeing and using their own power and agency to lead change. What are your quirks? I thrive on challenge and discussion and love brainstorming ideas. I like to engage early, be involved. I like a clear and simple narrative, based on what things look like in practice. This is the best way to get me to understand things and grasp high-level concepts. I love trusting people to get on with things, but I do like to be involved at key points and kept up to speed, enabling me to increase my confidence and trust in people. Equally, I can lose confidence if I don<6F>t hear about progress. When this happens I can start to get into details, which can feel disempowering for people. I can worry about my reputation and brand in the organisation. When I don<6F>t exercise I get grumpy. What are some things that people might misunderstand about you that you should clarify? I often think while I speak. Some people find it easy to engage with this, others can mistake my discussion for decisions. Despite being quite an extrovert in many settings, I am relatively shy (especially in large groups). Sometimes I can be 
'010f3e97a61c4f63ec5af6e5d76ef36f5a4cf3bc'|'UK retail sales growth fades away in May, outlook darkens - CBI'|'Top   5:11pm BST UK''s consumer slowdown ripples through Britain''s economy A woman shops in a supermarket in London, Britain April 11, 2017. REUTERS/Neil Hall By Andy Bruce and William Schomberg - LONDON LONDON The Brexit squeeze on British consumers has hurt the government''s finances as well as retailers, data showed on Tuesday, indicating that the economy''s slowdown at the start of the year is now being felt more broadly. A stalling of sales tax revenues, a barometer of the economy, helped to widen Britain''s budget deficit by more than expected, official data showed. A separate survey showed business confidence among retailers declined at the fastest pace since 2012, around the last time Britain flirted with recession. Britain''s economy was barely ruffled last year by June''s shock vote to leave the European Union. But a steady rise in inflation since the referendum, combined with weak wage growth, has slowed its momentum this year. Official figures due on Thursday are expected to confirm that the pace of growth more than halved in first three months of 2017, a contrast with strong growth in the euro zone so far this year. "Today''s numbers show the public finances have started to feel the effects of the economic slowdown, which will likely continue to feed through to softer revenue growth," said HSBC economist Elizabeth Martins. The headline budget deficit measure rose 13 percent to 10.4 billion pounds ($13.5 billion) in April, the first month of the fiscal year, the Office for National Statistics said. The figure was higher than all forecasts from economists polled by Reuters. As well as slow growth in tax revenues -- payments of income tax rose by little more than 1 percent from a year earlier -- the overshoot reflected a sharp jump in interest payments on British government bonds, some of which are linked to inflation. Prime Minister Theresa May, who opinion polls show is on course to win a June 8 election, wants to eliminate the budget deficit by the middle of the next decade. Martins from HSBC said running down the shortfall may prove trickier than in the past because many of the easier savings measures have already been made. The scale of the challenge has been illustrated by the uproar over May''s plans to shift more of the cost of caring for elderly people from taxpayers to homeowners. On Monday, May softened the plan by saying she would make sure there was a limit on the amount people would have to spend. The uncertainty about how sharply Britain''s economy will slow is also taking a toll on retailers'' investment and hiring plans, the Confederation of British Industry (CBI) said. The CBI''s monthly retail sales balance slid back to +2 in May from +38 in April, a four-month low and worse than all forecasts in a Reuters poll of economists that had pointed to a reading of +10. "It''s clear that households are increasingly feeling the pinch, as rising inflation pushes down on real earnings," CBI economist Alpesh Paleja said. Also on Tuesday, accountants EY said Britain continued to attract foreign investment but there were also warning signs that Brexit might hurt its appeal. Britain remained the number one location for foreign direct investment in Europe in 2016, ahead of Germany, according to a survey conducted by EY. But Germany extended its lead in terms of securing new investment -- rather than expansion of existing projects -- and it also added to its advantage in attracting projects from emerging economies such as China. Furthermore, almost one third of global investors expected Britain''s attractiveness to deteriorate over the coming three years, "suggesting Brexit may be starting to colour investors'' views of the UK," EY said. (Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-retail-idUKKBN18J1AS'|'2017-05-23T18:25:00.000+03:00'
'9143d0ef5c17e160e47c8faa6cc87c974f9ceebd'|'Linde board to vote on Praxair merger on Thursday - sources'|'Business News - Fri May 26, 2017 - 10:51am BST Linde board to vote on Praxair merger on Thursday - sources Linde Group logo is seen at company building before the annual news conference in Munich, Germany March 9, 2017. REUTERS/Lukas Barth MUNICH German industrial gases group Linde''s ( LING.DE ) supervisory board is due to meet on Thursday to vote on a merger agreement with U.S. peer Praxair ( PX.N ), two people familiar with the matter told Reuters on Friday. One of the people said there were still some unanswered questions regarding the deal, without providing details. Linde declined to comment on the matter. The two companies said on Wednesday they had reached a deal in principle on a Business Combination Agreement for their proposed $70 billion (<28>54.42 billion) merger. (Reporting by Irene Preisinger; Writing by Maria Sheahan, Editing by Thomas Escritt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-linde-m-a-praxair-idUKKBN18M0ZB'|'2017-05-26T17:51:00.000+03:00'
'87982c10cd2616cdf031cf995836926c863712e5'|'Fierce clashes break out in Libyan capital Tripoli'|' 01pm EDT Fierce clashes as rival factions battle in Libyan capital By Ahmed Elumami - TRIPOLI TRIPOLI Heavy clashes erupted in the Libyan capital Tripoli on Friday, as armed groups aligned with the U.N.-backed government fought to fend off a major offensive by rival Islamist-leaning forces and militia fighters. Loud explosions and heavy artillery fire could be heard across Tripoli from early morning. One commander reported that at least 22 men from groups aligned with the U.N.-backed Government of National Accord (GNA) had been killed and 29 wounded. The GNA issued a statement blaming the attack on Khalifa Ghwell, the head of a self-declared, Islamist-leaning "national salvation government" that was set up in 2014, and Salah Badi, an allied armed group leader. Ghwell''s government has been largely displaced by the GNA, which arrived in Tripoli last year, but it continues draw on armed support, especially from the western city of Misrata. The GNA has struggled to exert its authority in Tripoli and beyond, or rein in the militias that have held power on the ground in Libya since the country''s 2011 uprising. A third government based in eastern Libya and aligned with military commander Khalifa Haftar has rejected the GNA. "We call on the people of Tripoli to stand hand in hand with the Government of National Accord and its security apparatus to defeat the saboteurs," the GNA said. The clashes follow a period of relative calm in Tripoli since March, when GNA-aligned groups pushed rival factions back from central neighborhoods. There have been rumors for weeks that a counter-attack was being planned under the name "Libya Pride", which in Arabic is a play on "Libya Dawn", the coalition of militias that brought the salvation government to power in Tripoli three years ago. A Libya Pride Facebook page with 17,000 followers carried a post overnight announcing: "With Allah, we officially launch the operation of southern Tripoli." One GNA-aligned faction said "ideological gangs" had begun an attack "aiming to control the capital and put the country into a storm of violation and destabilisation, in addition to increasing the suffering of citizens in the holy month of Ramadan". The fighting was concentrated in the Abu Salim, Salahedeen and Qasr Bin Ghashir districts. Large plumes of black smoke could be seen billowing above the city''s skyline. Shooting continued throughout Friday prayers. "We have received calls from families who want to get out but unfortunately we can''t reach them because of the clashes," one aid worker told Reuters. A Reuters reporter saw tanks, armored vehicles and pick-ups mounted with anti-aircraft guns driving toward the battle from the north of the city. Pictures posted on the internet also showed firemen trying to extinguish a blaze in an office building in central Tripoli belonging to Mellitah Oil and Gas, a joint venture between Libya''s National Oil Corporation and Italy''s Eni ( ENI.MI ). U.N. Libya envoy Martin Kobler condemned the violence in a statement and called for an immediate restoration of calm. (Writing by Aidan Lewis; Editing by Tom Heneghan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-libya-security-idUSKBN18M1WU'|'2017-05-26T23:00:00.000+03:00'
'e4474448a0a6dead40265432a5acfa931a53d9b8'|'BNP Paribas pays $350 million to settle New York currency probe'|' 22pm BST BNP Paribas pays $350 million to settle New York currency probe FILE PHOTO: A man is seen in silhouette as he walks behind the logo of BNP Paribas in a building in Issy-les-Moulineaux, near Paris, France, April 5, 2017. REUTERS/Gonzalo Fuentes By Karen Freifeld - NEW YORK NEW YORK French bank BNP Paribas ( BNPP.PA ) on Wednesday agreed to pay $350 million to New York<72>s banking regulator for allowing more than a dozen traders and salespeople in New York and other key trading hubs to manipulate foreign exchange prices. The fine, imposed by New York<72>s Department of Financial Services, found the bank failed to properly supervise its global foreign exchange business. Foreign exchange traders in New York, London, colluded in online chat rooms to manipulate the currency prices, the regulator said. Traders executed fake trades to influence exchange rates of emerging market currencies, and improperly shared confidential customer information with traders at other large banks, the regulator said. The misconduct took place between 2007 and 2011, according to the regulator, and the bank agreed to improve oversight. Some employees involved were terminated, while others left the bank earlier, the regulator said. A spokeswoman for BNP Paribas did not immediately return a call for comment. (Reporting By Karen Freifeld; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-paribas-current-settlement-idUKKBN18K2AT'|'2017-05-25T00:16:00.000+03:00'
'd9e8134e27218a9c42620962a013db626df2016a'|'UPDATE 1-Kuwait logistics firm Agility says settles U.S. criminal case'|'Big Story 10   Kuwait logistics firm Agility says settles U.S. criminal case A vehicle passes through the front entrance of the Defense Logistics Agency''s huge storage facility outside Harrisburg, Pennsylvania June 13, 2012. By Tom Arnold - DUBAI DUBAI Kuwait''s Agility, one of the largest Gulf logistics companies, said it would be able to bid again for new United States government work after settling a criminal case involving food-supply contracts to the U.S. military between 2003 to 2010. Agility was the largest supplier to the U.S. army in the Middle East during the war in Iraq but was later accused of defrauding the military on multibillion-dollar supply contracts. A criminal suit, first filed in November 2009, led Agility to be replaced as the main Middle East supplier to U.S. forces and the firm was barred from bidding for any new U.S. contracts while the court case was pending. In a statement on Wednesday, Agility said it had agreed to plead to a misdemeanor in connection with a single invoice valued at $551. The misdemeanor was unrelated to any of the original criminal charges, requiring Agility to pay a maximum of $551 in restitution, but no criminal fine, it said. Agreement to settle was conditional upon Agility signing a separate agreement with the U.S. Department of Justice resolving the pending civil case against the company, it said, adding that any deal would be subject to final district court approval. Once finalised, a settlement will resolve all outstanding criminal issues with the U.S. government in connection with the prime vendor contracts for Agility, its affiliates, employees, directors and officers, it said. Civil proceedings with the U.S. Department of Justice in connection with the contracts remain pending, it added. At one stage, the contracts accounted for around 40 percent of Agility''s revenues and also provided it with a 30 percent margin, analysts estimated at the time. Separately, Agility said it had settled agreements with the U.S. Defense Logistics Agency resolving pending and potential administrative claims between Agility and DLA involving the Armed Services Board of Contract Appeals, and resolving Agility''s suspension from federal government contracting. The agreements were conditional upon Agility signing a further settlement deal with the U.S. Department of Justice resolving a pending civil case. Once effective, the agreements will allow Agility to pursue new U.S. government contracts, it said, with the removal of Agility and its subsidiaries from the list of suspended companies on its System for Award Management within 60 days. (Editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-pws-settlement-idUSKBN18K0U1'|'2017-05-24T17:17:00.000+03:00'
'77309ef4da41ce5a2590c37138371069f9cc10c3'|'UPDATE 1-Trial over RBS 2008 cash call adjourned for settlement talks'|'* Trial delayed for second day as settlement nears* Former RBS CEO Goodwin set to testify* Bank has already settled with 4 of 5 claimant groups (Updates with decision)By Kirstin Ridley and Lawrence WhiteLONDON, May 23 A trial in which Royal Bank of Scotland is accused by investors of misleading them over its 2008 fundraising was delayed for a second day, as frantic settlement talks between the claimants and the bank continued in London on Tuesday.The plaintiffs allege former executives gave a misleading picture of the bank''s financial health ahead of the cash call in 2008. Months after the cash call, RBS had to be rescued by the government with a 45.8 billion pound ($59.42 billion) bailout.The judge presiding over the case said the trial, which had been due to start Monday, will be adjourned to Wednesday, but urged the claimants to make up their minds whether to settle or pursue the case to trial.A majority of the remaining shareholders in the claim are in agreement over the decision whether to settle or not, Jonathan Nash, a lawyer representing them, told the judge in Britain''s high court in London.RBS shares rose 2.3 percent by 1000 GMT, against a 0.9 percent rise in the STOXX European banks index.The case, which threatened at one time to be the largest and costliest in British legal history, originally pitted the bank against five main claimant groups, all but one of which have settled with the bank.RBS doubled its offer to the remaining RBoS Shareholder Action Group on Monday, sources told Reuters, in a bid to avoid a potentially embarrassing trial at which its former Chief Executive Fred Goodwin would have had to testify.Some inside the shareholder group are keen to settle, while a few are more determined to see the case through to trial and force Goodwin and his colleagues to defend their actions during the bank''s ugly near-demise in 2008, sources have told Reuters.Trevor Hemmings, a multimillionaire businessman whom Reuters previously reported is one of the main financial backers of the claim, is advocating accepting the settlement offer, two sources with knowledge of the situation said on Monday.A spokesman for Hemmings declined to comment.RBS, which remains more than 70 percent state-owned, denies any wrongdoing over the 2008 rights issue and says its former bosses did not act illegally.Settlement talks continued late on Monday night, one of the sources familiar with the negotiations said.($1 = 0.7708 pounds) (Additional reporting by Andrew MacAskill, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/court-rbs-investors-idINL8N1IP2V6'|'2017-05-23T08:13:00.000+03:00'
'30d20718e58cd4dac4fe767558b38f3bc784fa25'|'Rayonier to buy Tembec for $807 million including debt'|'By Yashaswini Swamynathan Rayonier Advanced Materials ( RYAM.N ) said it would buy Canada''s Tembec Inc ( TMB.TO ) for $807 million including debt to expand its business into packaging and forest products, sending Tembec''s shares to a five-year high on Thursday.The deal comes at a time when Canada is resisting a move by the United States to impose tariffs on Canadian lumber imports."I call it (tariffs) an annoyance but not something fundamental," Tembec CEO James Lopez told Reuters.Tembec shareholders will get C$4.05 ($3.02) in cash, or 0.2302 of a Rayonier share, for every Tembec share they own, the companies said.The offer price is at a premium of 37.3 percent to Tembec''s Wednesday close. The deal includes $487 million in debt.RBC Capital Markets analyst Paul Quinn said he expects to see increased consolidation in the industry.Lumber companies such as West Fraser Timber Co ( WFT.TO ) and Interfor Corp ( IFP.TO ) will likely buy private companies in the United States and Canada, Quinn added.Rayonier, which supplies cellulose commonly found in cellphones, computer screens, filters and pharmaceuticals, said it would finance the cash portion of the deal with cash in hand and debt.Tembec''s shares surged nearly 38 percent to $4.07, while Rayonier''s were up 10 percent.BofA Merrill Lynch is Rayonier''s financial adviser and McCarthy Tetrault LLP, Hogan Lovells and Wachtell, Lipton, Rosen & Katz are its legal advisers.Scotia Capital and National Bank Financial are Tembec''s financial advisers and Stikeman Elliott LLP, Cahill Gordon & Reindel LLP, Dechert LLP and Slaughter and May are its legal advisers.($1 = 1.3428 Canadian dollars)(Reporting by Yashaswini Swamynathan and Ahmed Farhatha in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tembec-m-a-rayonier-idINKBN18L1HV'|'2017-05-25T09:51:00.000+03:00'
'8eeaf19abeea136a3a3ae792bb054a5969b2954e'|'Wal-Mart''s South African arm Massmart reports drop in like-for-like sales'|'Market News - Thu May 25, 2017 - 6:48am EDT Wal-Mart''s South African arm Massmart reports drop in like-for-like sales JOHANNESBURG May 25 South African-based retailer Massmart, majority-owned by Wal-Mart Inc , reported on Thursday a near 2 percent fall in overall same-store sales in the first five months of the current year, as outlets outside its home market underperformed. Bought into by Wal-Mart seven years ago in a $2.4 billion deal that gave the world''s biggest retailer a foothold in several potentially high-growth markets in sub-Saharan Africa, Massmart has struggled with weakening economies and has therefore become more cautious in its expansion policy across the region. The company, which sells everything from food to electronic devices and building materials, said comparable store sales for the first 21 weeks of the 2017 fiscal year fell 1.9 percent, with sales in South Africa down 0.4 percent and outside South Africa down by nearly 16 percent. Sales in South Africa account for 91 percent of total turnover. Shares in the Johannesburg-based company fell 3.5 percent to 114.86 rand, lagging behind a slightly lower JSE Top-40 index . Once at the heart of executives'' expansion plans, sub-Saharan Africa growth prospects were dealt a blow in mid 2014 with a fall in the prices of oil and other commodities - export mainstays for many local economies - partly due to a slowdown in demand from leading consumer China. Massmart''s chief executive Guy Hayward told a shareholder meeting that the company''s performance was also affected by consumers becoming more cautious about spending and after South Africa lost two highly prized investment grade credit ratings last month. "The unfavourable impact on sales in discretionary product categories, such as general merchandise, has been notable and appears to be as strongly linked to weak consumer confidence as it is to underlying economic issues," Hayward said. (Reporting by Tiisetso Motsoeneng; Editing by Greg Mahlich) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/massmart-outlook-idUSL8N1IR2DI'|'2017-05-25T18:48:00.000+03:00'
'dffb96bf95b4e0b51077c900898d6cfbbc9a588a'|'UPDATE 1-CIBC Q2 profit beats estimates on growth across units'|'Market News - Thu May 25, 2017 - 6:11am EDT UPDATE 1-CIBC Q2 profit beats estimates on growth across units (Adds details, background) May 25 Canadian Imperial Bank of Commerce , Canada''s fifth-biggest lender, reported a better-than-expected second-quarter profit, helped by growth across its businesses. The company, which is in the process of buying U.S.-based PrivateBancorp for $4.9 billion, said adjusted net income in retail and business banking - its biggest unit - grew 4 percent to C$648 million ($482.43 million), helped by volume growth and higher fees. However, on a reported basis net income fell 1 percent to C$647 million. Net income at CIBC''s capital markets unit rose 16 percent to C$292 million, while its smaller wealth management business surged 36 percent. Overall net income, excluding one-off items and attributable to common shareholders, for the quarter ended April 30, rose to C$1.06 billion compared with C$947 million, a year earlier. On a per share basis, the company earned C$2.64 compared with analysts'' estimate of C$2.57, according to Thomson Reuters I/B/E/S. ($1 = 1.3432 Canadian dollars) (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Arun Koyyur) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cibc-results-idUSL4N1IR3K3'|'2017-05-25T18:11:00.000+03:00'
'6e33ed629cdf1884fa64022941f877a3657f6bc7'|'EnQuest oil production falls but company sticks to annual target'|'Business News   7:19am BST EnQuest oil production falls but company sticks to annual target LONDON North Sea-focused oil producer EnQuest said its production fell 11 percent year on year in the first four months of the year due to the natural decline of its fields but it maintained its annual output target. The oil company also said its flagship Kraken oilfield in the North Sea was on track to begin producing oil before the end of June. EnQuest reported production levels of 37,856 barrels per day (bpd) in the four months to the end of April, below 42,752 bpd achieved in the same period last year, but it stuck to its 2017 target of achieving 45,000-51,000 bpd. (Reporting by Karolin Schaps. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-enquest-operations-idUKKBN18L0M4'|'2017-05-25T14:19:00.000+03:00'
'e242a783f64fefe01955e2418a27bb96cf0fa76d'|'CF Corp to acquire Fidelity & Guaranty Life about $1.84 billion'|'CF Corp ( CFCO.O ), a blank check company founded by veteran dealmaker Chinh Chu, said it would buy U.S. annuities and life insurer Fidelity & Guaranty Life ( FGL.N ) in an all-cash deal valued at about $1.84 billion.FGL shares hit a record high of $30.65 in trading on Wednesday, while shares of CF Corp rose about 2 percent to $10.20.The deal comes a little over a month after FGL terminated its agreement to be acquired by China''s Anbang Insurance Group Co Ltd [ANBANG.UL] for $1.6 billion.CF Corp''s offer of $31.10 per share is at an 8.4 percent premium to FGL''s Tuesday close of $28.70. CF Corp will also assume $405 million in FGL''s debt.CF Corp, a special purpose acquisition company which went public in May 2016, is a company with no assets that raises money in an IPO which it uses, often alongside debt, to buy other companies.The investor group, including Chinh Chu, William Foley, funds affiliated with Blackstone Group LP ( BX.N ) and Fidelity National Financial Inc ( FNF.N ), will put in about $900 million to fund the deal.Chu, who fled his native country Vietnam with his family in 1975 at the age of eight, is a former Blackstone dealmaker and has worked on some of the company''s biggest and most successful leveraged buyouts.Foley is the non-executive chairman of the board of U.S. title insurance services provider Fidelity National Financial.The deal is expected to close in the fourth quarter of 2017, subject to shareholder and regulatory approvals. In case of termination of deal, FGL maybe required to pay $50 million to CF Corp.Bank of America Merrill Lynch and FT Partners provided financial advice to CF Corp on the deal. Credit Suisse was the lead financial adviser to FGL and Jefferies acted as its co-financial adviser.(Reporting by Sruthi Shankar in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cf-m-a-fgl-idINKBN18K170'|'2017-05-24T08:17:00.000+03:00'
'28d80af66a6be45e039506bebc0c821d74bb4990'|'Linde, Praxair reach agreement on details of merger'|'FRANKFURT German industrial gases group Linde and U.S. peer Praxair have reached a deal in principle on details of their proposed $70 billion merger, Linde said on Wednesday.The all-share merger of equals, intended to create a market leader that will overtake France''s Air Liquide, had fallen behind schedule due to complex talks over a Business Combination Agreement formalising the deal.The agreement still needs the approval of Praxair''s board of directors as well as Linde''s management and executive boards, Linde said, adding that signing the agreement was no guarantee the deal would be completed.Labour representatives at Linde fiercely oppose the planned merger, mainly because moving the headquarters outside Germany will dilute their influence, which currently gives them an effective veto over strategic decisions.The companies have said that the new combined Linde would be run out of Danbury, Connecticut by Praxair''s CEO Steve Angel, with Linde supervisory board Chairman Wolfgang Reitzle as chairman. The headquarters of the new holding company will probably be in Ireland.Investors and workers are equally represented on Linde''s supervisory board, which must approve the deal.Linde''s Reitzle told Reuters this month that he would be reluctant but prepared to use his casting vote as chairman in the event of a stalemate with labour representatives.German weekly WirtschaftsWoche earlier on Wednesday cited sources as saying that Linde''s supervisory board would vote on the merger agreement next week.Shares in Linde were up 4 percent at 172.55 euros by 1449 GMT, while Praxair was 2.5 percent higher at $133.18.(Reporting by Maria Sheahan; Editing by Arno Schuetze and Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/linde-m-a-praxair-idINKBN18K2H8'|'2017-05-24T15:24:00.000+03:00'
'7e9cd0f1742670d97b9eef494d5bf42569ab69ad'|'Swiss stocks - Factors to watch on May 24'|'ZURICH May 24 The following are some of the main factors expected to affect Swiss stocks on Wednesday.UBSThe biggest Swiss bank has agreed to buy a majority stake in Brazil''s Consenso, its first purchase in Latin America in four years as the world''s biggest wealth manager looks to grow its business in the region''s largest economy.For more clickSUNRISE COMMUNICATIONSThe Swiss telecom company plans to boost its 2017 dividend after agreeing to sell 2,239 telecom towers for 500 million Swiss francs ($511.98 million) to a consortium led by Spain''s Cellnex. The shares are seen rising.For more clickCOMPANY STATEMENTS** OC Oerlikon said it was building a new surface solutions center in Japan to serve Japanese car manufacturers.** Kuehne und Nagel said it had begun a strategic partnership to support the Shanghai to Taicang Express sea link in China** Implenia said it was adjusting its urban civil works business due to overcapacities in Basel, Bern and elsewhere in Switzerland. It did not give specifics about employee impact, but said it would seek to make changes in a "socially responsible way."** HBM Healthcare Investments said U.S.-based Bioverativ had acquired True North Therapeutics for up to $825 million plus assumed cash. HBM had a roughly 3 percent stake in True North after participating in a financing round in 2016.** Interroll said it won an order in the low double-digit million U.S. dollar range to supply sorter systems to a leading express and parcel delivery service in North America.** Aevis Victoria said it supports the increased offer of BioTelemetry for LifeWatch that gives LifeWatch shareholders the option of 10 francs in cash and 0.1617 shares of BioTelemetry stock or 8 francs in cash and 0.2350 shares of BioTelemetry stock.** Leclanche said a fire in its office building in Yverdon-les-Bains was caused by a single third-party battery system using third-party battery cells. The blaze was contained within two hours and did not affect an adjoining production facility.** EFG International said Michael Vlahovic has been appointed head of private banking UK, effective July 1 and subject to regulatory approval. He will report to Anthony Cooke-Yarborough, head of UK region.** Roche said new data being supports the use of its medicine Esbriet in idiopathic pulmonary fibrosis.** SHL Telemedicine said it will hold a special general meeting on June 28 to elect two independent directors to the board.** Basler Kantonalbank said it had placed nearly 800,000 participation certificates, corresponding with a transaction volume of 54.4 million francs.** Sunrise Communications said it had entered a strategic partnership with a consortium led by Cellnex and that it plans to boost its dividend to 3.90 francs to 4.10 francs per share, reflecting a stronger financial profile.* Ypsomed said full-year net profit rose 29 percent to 46.2 million francs. Sales rose to 389.6 million francs, up from 336.9 million the previous year.ECONOMY(Reporting by Zurich newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markets-swiss-stocks-idUSL8N1IP5W1'|'2017-05-24T12:38:00.000+03:00'
'eb72bd7b70220d994c5abaf461f5d7ea20a4b02c'|'Halfords annual profit dented by weaker pound'|'  7:50am BST Halfords annual profit dented by weaker pound FILE PHOTO: A Halfords sign is seen outside a store in London, Britain April 10, 2016. REUTERS/Stefan Wermuth/File Photo LONDON British bicycles to car parts retailer Halfords on Thursday reported a 7.5 percent fall in annual profit, hurt by the post-Brexit vote fall in the value of the pound that increased the costs of imported goods. Halfords'' results for the year to March 31 are the last to be presented by Chief Executive Jill McDonald. She resigned earlier this month to take up a position leading Marks & Spencer''s clothing and homewares business and will leave Halfords in October. The company made a pretax profit before one-off items of 75.4 million pounds - slightly ahead of market expectations of 74.8 million pounds, according to Reuters data, but down from 81.5 million pounds in 2015-16. Revenue increased 7.2 percent to 1.1 billion pounds. "Profit performance for the year was impacted by the weaker pound but our plans are well developed and I am confident this will be offset over time," McDonald said. She said that although currency pressures will continue to impact profits in the current 2017-18 year, mitigation plans were well developed. "We anticipate FY18 profit to be in line with current market expectations and remain confident in the outlook for the group," she said. Shares in Halfords, down 17 percent over the last year, closed on Wednesday at 358.8 pence, valuing the business at 714 million pounds. (Reporting by James Davey. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-halfords-results-idUKKBN18L0NY'|'2017-05-25T14:50:00.000+03:00'
'646b5b9c6399d9f5fb5ca79ff4097de2f4c5281d'|'U.S. first-quarter GDP revised up to 1.2 percent'|'Business News   1:49pm BST First-quarter GDP revised up to 1.2 percent left right FILE PHOTO - A family shops at the Wal-Mart Neighborhood Market in Bentonville, Arkansas, U.S. on June 4, 2015. REUTERS/Rick Wilking/File Photo 1/2 left right Workers dismantle scaffolding at the Hudson Yards construction project is pictured in the Manhattan borough of New York City, New York, U.S. May 24, 2017. REUTERS/Carlo Allegri 2/2 WASHINGTON May 26 U.S. economic growth slowed less sharply in the first quarter than initially thought, but the weakness was likely an aberration amid a strong labor market that is near full employment. Gross domestic product increased at a 1.2 percent annual rate instead of the 0.7 percent pace reported last month, the Commerce Department said in its second estimate on Friday. That was the weakest performance since the first quarter of 2016 and followed a 2.1 percent rate of expansion in the fourth quarter. The government revised up its initial estimate of consumer spending growth, but said inventory investment was far smaller than previously reported. The sluggish first-quarter growth pace is, however, probably not a true reflection of the economy''s health. GDP for the first three months of the year tends to underperform because of difficulties with the calculation of data that the government has acknowledged and is working to resolve. Economists polled by Reuters had expected GDP growth would be revised up to a 0.9 percent rate. Still, the weak performance at the start of the year is a blow to President Donald Trump''s ambitious goal to sharply boost economic growth rates. During the 2016 campaign Trump had vowed to lift annual GDP growth to 4 percent, though administration officials now see 3 percent growth as more realistic. The Trump administration has proposed a range of measures to spur faster economic growth, including big tax cuts. But analysts are skeptical that fiscal stimulus, if it materializes, will fire up the economy given weak productivity and labor shortages in some areas. There are signs GDP growth regained speed early in the second quarter, with industrial production accelerating in April. But hopes of a sharp rebound in growth have been tempered by weak business spending, a modest increase in retail sales last month, a widening of the goods trade deficit and decreases in inventory investment. Economic growth in the first quarter was hobbled by a near stall in consumer spending and a sharp slowdown in the pace of inventory accumulation by businesses. Growth in consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose at a 0.6 percent rate instead of the previously reported 0.3 percent pace. That was still the slowest pace since the fourth quarter of 2009 and followed the fourth quarter''s robust 3.5 percent growth rate. Businesses accumulated inventories at a rate of $4.3 billion in the last quarter, rather than the $10.3 billion reported last month. Inventory investment increased at a $49.6 billion rate in the October-December period. Inventories subtracted 1.07 percentage point from GDP growth instead of the 0.93 percentage point estimated last month. Business spending on equipment was revised to show it rising at a 7.2 percent rate in the first quarter rather than the 9.1 percent that was previously reported. The government also reported that corporate profits after tax with inventory valuation and capital consumption adjustments fell at an annual rate of 2.5 percent in the first quarter after rising at a 2.3 percent pace in the previous three months. (Reporting by Lucia Mutikani; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-economy-idUKKBN18M1GP'|'2017-05-26T20:48:00.000+03:00'
'5a142a8d658a269b7d9a86f647e3cbbef0177799'|'Japan core CPI rises for fourth straight month'|' 38am BST Japan consumer prices rise in April, driven by energy costs A woman with a baby buggy looks at items outside a discount store at a shopping district in Tokyo, Japan, February 25, 2016. REUTERS/Yuya Shino By Leika Kihara - TOKYO TOKYO Japan''s core consumer prices rose 0.3 percent in April from a year earlier to mark a fourth straight month of increases, offering policymakers some hope a steady economic recovery will convince consumers to start spending again. But the increase was due largely to the fading effect of last year''s energy price falls, underscoring the challenges the Bank of Japan still faces after years of heavy monetary stimulus to reach its ambitious 2 percent inflation target. When stripping away the effect of volatile fresh food and energy costs, consumer prices were unchanged in April from a year ago in a sign many companies remain wary of hiking prices for fear of scaring away cost-sensitive households. "Retailers are struggling to raise prices because wages and household income aren''t increasing much. They thus try to trim costs by keeping wages low," said Takeshi Minami, chief economist at Norinchukin Research Institute. "The positive economic cycle isn''t kicking in yet,"   the BOJ will likely maintain its ultra-loose monetary policy for the time being. With the economy showing signs of life, many analysts now expect the BOJ''s next move to be a reduction - rather than an expansion - of its monetary stimulus. But BOJ officials have stressed that any reduction in stimulus would be some time away, pointing to the fact inflation remains distant from their target. The rise in the core consumer price index (CPI), which includes oil products but excludes fresh food prices, followed a 0.2 percent increase in March, data from the Internal Affairs Ministry showed on Friday. It was smaller than a median market forecast for a 0.4 percent gain. Core consumer prices in Tokyo, available a month before the nationwide data, rose 0.1 percent in May from a year earlier against flat growth projected by analysts in a Reuters poll. It was the first annual increase in the index since December 2015, thanks to the boost from rising energy prices. "The main inflation gauges all edged up in April and should climb a bit further in coming months," said Marcel Thieliant, senior Japan economist at Capital Economics. "But with the boost from higher energy prices set to fizzle out in the second half of the year, inflation will settle at levels well below the BOJ''s 2 percent target." Thieliant added that the prices of imported consumer goods had fallen by an annual 2.43 percent in April, so even if the yen weakened to 120 versus the dollar import prices would not be severely affected. "The upshot is that headline inflation is unlikely to rise much further from now on," he said. Japan''s economy grew in the first quarter at its fastest pace in a year to mark the longest period of expansion in a decade, thanks to robust exports and a helpful boost from private consumption. Nonetheless, weak household spending and poor corporate pricing power have kept inflation around zero for almost two years, forcing the BOJ to revamp its policy framework to one better suited for a long-term battle against deflation. (Reporting by Leika Kihara; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-cpi-idUKKBN18L31L'|'2017-05-26T07:54:00.000+03:00'
'453360dca1eb772f692260f4de750faf017ed775'|'Alfa Financial Software set for largest London IPO so far in 2017'|'LONDON Alfa Financial, which provides software for the asset finance industry, said on Friday it has priced its June initial public offering at 325 pence per share, which would make it the biggest listing in London so far this year.The company''s pricing gives would give it a market capitalization of 975 million pounds ($1.26 billion), Alfa said in a statement.Sources had previously said that the company, which counts Bank of America and Mercedes-Benz as customers and Old Mutual and Henderson as investors, was aiming for a valuation of at least 800 million pounds.London-based Alfa, which made adjusted earnings before interest and tax of 32.8 million pounds in 2016, has said it hopes the listing will help it win market share by attracting new customers looking to replace legacy or in-house systems that have failed to keep up with evolving regulations.Uncertainty around Britain''s future outside of the EU single market has dampened investor confidence: funds raised by British firms holding IPOs fell 28 percent in the first quarter from a year ago, according to Thomson Reuters data.Barclays and Numis are acting as joint bookrunners for the IPO, while Rothschild is acting as financial adviser.The company will join the London Stock Exchange on June 1.(Reporting by Clara Denina)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alfa-financial-ipo-idINKBN18M0M8'|'2017-05-26T05:14:00.000+03:00'
'dbb743ba275684ca40d63dd8fbdbf9f617d7509b'|'Turkey''s TAI says signs $292 million deal with Spirit Aero'|'ANKARA Turkish Aerospace Industries (TAI) said on Friday it signed a $292 million production deal with aircraft parts maker Spirit AeroSystems Holdings Inc ( SPR.N ).TAI said in a statement that the deal was an extension until 2023 of its existing agreement to produce Boeing ( BA.N ) 737 MAX and LTA parts for Spirit Aero.(Reporting by Ece Toksabay and Tuvan Gumrukcu; Editing by Daren Butler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-turkey-tai-spirit-aerosystm-idINKBN18M0UL'|'2017-05-26T06:53:00.000+03:00'
'5cd4f1732c1a0888c45b39f657a33e54807cd86c'|'Oil remains weak after OPEC-led output cut extension falls below expectations'|'Business News - Fri May 26, 2017 - 8:59am EDT Oil edges up after dip on disappointing OPEC meeting outcome By Karolin Schaps - LONDON LONDON Oil prices edged back up on Friday after a 5 percent fall in the previous session on disappointment that an OPEC-led decision to extend current production curbs did not go deeper. At Thursday''s meeting in Vienna the Organization of the Petroleum Exporting Countries and some non-OPEC producers agreed to extend a pledge to cut around 1.8 million barrels per day (bpd) of output until the end of the first quarter of 2018. The initial agreement would have expired next month. Producers have expressed confidence that this plan will bring down crude oil stocks to their five-year average of 2.7 billion barrels but the market had hoped for a last-minute agreement on more far-reaching action. "The problem is that investors look at the impact today, while OPEC focuses on reaching stability in the coming six to nine months, so the long squeeze yesterday was overdone a bit," said Hans van Cleef, senior energy economist at ABN Amro. Clawing back some of Thursday''s losses, global benchmark Brent futures LCOc1 were up 17 cents at $51.63 a barrel at 1103 GMT . U.S. West Texas Intermediate (WTI) crude futures CLc1 remained below $50, at $49.05, though up 15 cents from their last close. "The front of the curve declined the most, which at least for now implies that the market doesn''t quite believe that a tightening and/or backwardation is really coming," said analysts at JBC Energy. Concerns remain that OPEC-led production cuts will only stimulate a further rise in output from the United States, where producers can operate at much lower costs. Ann-Louise Hittle, vice president at energy consultancy Wood Mackenzie said the decision in Vienna sent a signal of continued support for oil prices from OPEC which helped U.S. onshore drillers make plans to further raise their production. U.S. oil production C-OUT-T-EIA has already risen by 10 percent since mid-2016 to over 9.3 million bpd, close to the output of top producers Russia and Saudi Arabia. With U.S. output rising steadily and OPEC and its allies potentially raising production in 2018 to regain lost market share, many traders, including Goldman Sachs, already expect another price slump. Other assessments pointed to the possibility of output cuts being extended into 2019 in order to bring down both crude oil and refined product stocks. "Output controls will eventually be extended at least until the end of 2018, and more likely than not into 2019 ... At this pace, it will not be until at least the end of 2018, or indeed, 2019, when surplus inventories can be eliminated," said analysts at Deutsche Bank. (Additional reporting by Henning Gloystein, Gavin Maguire and Mark Tay in Singapore; Edited by David Evans, Greg Mahlich) FILE PHOTO: A worker checks the valve of an oil pipe at the Lukoil owned Imilorskoye oil field near Kogalym, Russia, January 25, 2016. REUTERS/Sergei Karpukhin/File Photo'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-global-oil-idUSKBN18M03X'|'2017-05-26T09:30:00.000+03:00'
'e58d6249dbb15efd92bc4aac0f8d45c7c321ae2d'|'Scandinavian countries seek to liberalise Iran air travel'|' 18am BST Scandinavian countries seek to liberalise Iran air travel FILE PHOTO: An Iranian national flag flutters during the opening ceremony of the 16th International Oil, Gas & Petrochemical Exhibition (IOGPE) in Tehran April 15, 2011. REUTERS/STR/File Photo OSLO Norway, Denmark and Sweden will negotiate with Iran on May 29-30 aiming to modernise and liberalise commercial air travel agreements, the Norwegian Ministry of Transportation and Communications said in a statement on Friday. Top Scandinavian carriers SAS and Norwegian Air Shuttle currently do not fly to Iran. (Reporting by Terje Solsvik; editing by Jason Neely) Irritation with Moody<64>s reflects China<6E>s       Britain''s Spirax-Sarco Engineering Plc said it had agreed to buy Pittsburgh-based thermal technology company Chromalox Inc from private equity firm Irving Place Capital for $415 million (322.3 million pounds) on a cash-free, debt-free basis. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-iran-nordics-airlines-idUKKBN18M0RW'|'2017-05-26T16:18:00.000+03:00'
'8ddd9cbc848d0eb4fd356b3d0ab872c3ec35e49d'|'Petrofac suspends COO in response to SFO investigation - Business'|'More than <20>630m was wiped off the value of UK oil services group Petrofac when the company revealed it had suspended its chief operating officer and taken other measures in response to a criminal investigation by the Serious Fraud Office (SFO). Petrofac said Marwan Chedid had been suspended until further notice and resigned from the board. The chief executive, Ayman Asfari, a major Tory donor who owns 18% of the firm, is to stay in his post but will be excluded from all matters connected to the investigation.The SFO said on 12 May that it was investigating the company, its employees and agents for suspected bribery, corruption and money laundering. The company<6E>s shares closed down nearly 30%, falling from 615p to 430p to value the company at about <20>1.5bn. Twelve months ago, they were changing hands at around 800p.Tory donor questioned by SFO over corruption claims at Petrofac Read more The SFO probe is linked to its investigation of Unaoil , a Monaco-based firm that has been accused of corruptly securing contracts for multinationals. Unaoil has denied any wrongdoing.Petrofac<61>s Asfari and Chedid were arrested, questioned under caution by the SFO and released without charge.Asfari , who has donated <20>700,000 to the Conservative party over the past 8 years, is one of the government<6E>s network of business ambassadors, with the role of acting as an advocate for the UK abroad. A government spokeswoman said Asfari would continue in the role and refused to comment on the SFO investigation. The decision on whether he should remain an ambassador lies with Theresa May.Petrofac employed Unaoil for consultancy work in Kazakhstan between 2002 and 2009. Petrofac said it had commissioned an independent investigation last year into media allegations in relation to Unaoil and passed its findings on to the SFO, which then told Petrofac that it did not accept those findings. The SFO has also told Petrofac that it does not consider it has received cooperation from the company.Petrofac has now set up a committee of the board led by its chairman, Rijnhard van Tets, to engage with the SFO and is in the process of appointing a senior external specialist to oversee the group<75>s management of the investigation. The specialist will also review Petrofac<61>s compliance processes.Van Tets said: <20>These decisions signal the board<72>s determination to cooperate fully with the SFO and its investigation, whilst ensuring Petrofac continues to deliver for its clients.<2E>Petrofac stressed that the action taken did <20>not in any way seek to prejudge the outcome of the SFO<46>s investigation<6F>. It added that it had provided <20>large volumes of information in response to very broad requests<74> made by the SFO. The most recent donation to the Conservative party from Asfari and his wife was <20>40,000 last December. The Syrian-born businessman is a member of the leader<65>s group, an elite set of donors who are invited to dine with the prime minister.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/may/25/petrofac-suspends-coo-sfo-investigation-oil-services'|'2017-05-25T03:00:00.000+03:00'
'd23f3773c8640e3d215bbc113fb5507bbc2ab2b7'|'Linde board to vote on Praxair merger on Thursday - sources'|'MUNICH German industrial gases group Linde''s ( LING.DE ) supervisory board is due to meet on Thursday to vote on a merger agreement with U.S. peer Praxair ( PX.N ), two people familiar with the matter told Reuters on Friday.One of the people said there were still some unanswered questions regarding the deal, without providing details.Linde declined to comment on the matter.The two companies said on Wednesday they had reached a deal in principle on a Business Combination Agreement for their proposed $70 billion merger.(Reporting by Irene Preisinger; Writing by Maria Sheahan, Editing by Thomas Escritt)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-linde-m-a-praxair-idINKBN18M0Z9'|'2017-05-26T07:48:00.000+03:00'
'7b2937861b17b60545cebff159154c715fca2a69'|'FTSE outperforms weaker start for European shares as sterling drops'|' 49am BST FTSE outperforms weaker start for European shares as sterling drops FILE PHOTO: People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo MILAN European shares fell slightly in early trading on Friday with Britain''s FTSE outperforming after the sterling hit a two-week low, while the overnight drop in crude prices hit energy shares. Sterling fell after a poll showed a lead for Prime Minister Theresa May''s Conservatives over the opposition Labour Party had narrowed sharply before a national elections on June 8. The pan-European STOXX index was down 0.4 percent and euro zone blue chips .STOXX50E fell by a similar amount, while the export-heavy FTSE was up flat. The oil & gas index .SXEP as the biggest faller, down 1.2 percent after OPEC extended output cuts but disappointed investors betting on longer or larger curbs, while oil prices recovered only part of the heavy slump seen on Thursday. In the sector, Petrofac ( PFC.L ) fell more than 3 percent after several brokers more than halved their price targets on the stock. The British oilfield services firm fell 30 percent in the previous session after it suspended its chief operating officer in response to a British investigation into alleged bribery, corruption and money laundering. (Reporting by Danilo Masoni, Editing by Vikram Subhedar)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-europe-stocks-idUKKBN18M0ON'|'2017-05-26T15:29:00.000+03:00'
'019b943905b90b592c7e0dcac0f4feba247102be'|'Fosun, others eye Australia''s Origin Energy gas assets worth $1.5 billion: sources'|'By Sonali Paul and Anshuman Daga - MELBOURNE/SINGAPORE MELBOURNE/SINGAPORE Australia''s top energy retailer Origin has drawn interest from at least five potential bidders, including China''s Fosun International, for A$2.0 billion ($1.5 billion) worth of oil and gas assets it aims to spin off, sources said.Origin said in December it was going to put its smaller Australian and New Zealand gas fields in a unit, dubbed Lattice Energy, to be spun off in an initial public offering (IPO) this year to help it cut debt and boost returns.But after receiving approaches for some of the Lattice assets, Origin Chief Executive Frank Calabria said in March the company was willing to consider a trade sale, in what would be the biggest oil and gas deal in Australia since Apache Corp sold its Australian assets in 2015.Origin has opened Lattice''s books, with bids due in June, and is likely to decide whether to float the business or sell it after releasing full-year earnings in August, people familiar with the process said. It is being advised by UBS, Macquarie and Bank of America Merrill Lynch.Analysts at Royal Bank of Canada and Citi value Lattice at A$2 billion and A$2.3 billion, respectively, including debt, on a discounted cash flow basis."Origin has set the bar quite high. It''ll be interesting to see if anyone gets there," said one banker not directly involved in the process, when asked if the business was likely to fetch more than A$1.5 billion.Australia''s Beach Energy is one of the interested parties and could be the bidder to beat, as it is the biggest of the producers in the fray, the sources said. Lattice, with annual output of around 13 million barrels of oil equivalent, would more than double Beach''s production.But even for Beach, with a market value of A$1.2 billion, Lattice would be a huge bite.Beach declined to comment on whether it was bidding, but the company has said in presentations it is reviewing several "inorganic growth" opportunities.Fosun International, which took over Roc Oil in Australia in 2014, is looking, the banker said.Private firm Questus Energy, run by former Roc Oil and Shell executives and backed by UK-based Intermediate Capital Group, is also in the running, a second banker said.Origin declined to comment beyond what it has announced. Fosun and Questus did not respond to requests for comment.Bankers expect private equity firms that have long eyed Australian oil and gas assets to team up with local producers to bid.Senex Energy is expected to work with its stakeholder, U.S. private equity firm EIG Global Energy Partners. KKR is seen lining up with AWE Ltd, two bankers said. All four firms declined to comment.Private equity fund Lone Star, which was rebuffed in a bid for AWE last year, declined to comment on whether it was looking at Lattice.All the sources did not want to be named as the process is confidential.Private firm Pathfinder Energy, which some assumed would be in the race, told Reuters it is not bidding.While Origin has said it would prefer an IPO, some analysts say a trade sale would be less risky."There is a real cost to having exposure to equity markets and the variability of the market," said RBC analyst Ben Wilson.($1 = 1.3452 Australian dollars)(Reporting by Sonali Paul and Anshuman Daga; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-origin-energy-sale-idINKBN18M0O7'|'2017-05-26T05:47:00.000+03:00'
'e29f9b414f69fbe44aec88485d04d7ee96159a97'|'Oil remains weak after OPEC-led output cut extension falls below expectations'|'Business News - Fri May 26, 2017 - 2:30am BST Oil remains weak after OPEC-led output cut extension falls below expectations FILE PHOTO: A worker checks the valve of an oil pipe at the Lukoil owned Imilorskoye oil field near Kogalym, Russia, January 25, 2016. REUTERS/Sergei Karpukhin/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil markets remained weak on Friday after tumbling in the previous session when OPEC and allied producers extended output cuts but disappointed investors betting on longer or larger supply curbs. At Thursday''s meeting in Vienna, the Organization of the Petroleum Exporting Countries and some non-OPEC producers agreed to extend a pledge to cut around 1.8 million barrels per day (bpd) until the end of the first quarter of 2018. The initial agreement would have expired in June this year. Crude oil plunged 5 percent following the announcement, and held its losses early on Friday. Brent crude futures LCOc1 were trading at $51.47 per barrel at 0125 GMT, up just 1 cent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were back below $50, at $48.88, down 2 cents from their previous close. Britain''s Barclays bank said the price falls were a result of some expectations ahead the meeting for longer or deeper production cuts. "Some market participants may have expected either a deeper cut, a longer one, inclusion of more countries, or other such icing on the cake," the bank said. Barclays said the ongoing production cut would result in a drawdown of bloated fuel inventories, but added that OPEC''s goal of bringing stocks down to their five-year average would not be reached within the timeframe of the production cut. Other analysts, including at Goldman Sachs and Jefferies bank said a normalization of oil inventories would occur in early 2018. Analysts also said that the OPEC-led production cuts would support a further rise in U.S. output. Ann-Louise Hittle, vice president at energy consultancy Wood Mackenzie said that the "decision in Vienna sends a signal of continued support for oil prices from OPEC which helps U.S. onshore drillers make plans" to further increase their production. U.S. oil production C-OUT-T-EIA has already risen by 10 percent since mid-2016 to over 9.3 million bpd, close to the output of top producers Russia and Saudi Arabia. "The growth in U.S. production is indeed daunting for the oil bull case," Jefferies said. Goldman Sachs warned that the biggest risk to oil markets was what would happen next year, at the end of the OPEC-led production cut. With U.S. output rising steadily and OPEC and its allies potentially ramping up production in 2018 to regain lost market share, many traders are already expect another price slump. (Reporting by Henning Gloystein; Editing by Richard Pullin) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN18M03X'|'2017-05-26T09:30:00.000+03:00'
'b2c8c51fb6154d696e758e5d4ce1e41446838e6e'|'Oil edges up after dip on disappointing OPEC meeting outcome'|'  6:06pm BST Oil rises more than 1 percent, market corrects following OPEC By Julia Simon - NEW YORK NEW YORK Oil prices rose more than 1 percent on Friday, a partial rebound from the previous day''s steep slide that came when an OPEC-led decision to extend production curbs did not go as far as some investors had hoped. On Thursday, crude prices tumbled 5 percent after the decision. Some market participants had priced in more aggressive output cuts from the Organization of the Petroleum Exporting Countries and other producers. "I think it was kind of a knee jerk reaction, I don''t think it was anything meaningful," said Antoine Halff, Director of the Global Oil Program at Columbia University. Global benchmark Brent futures LCOc1 rose 50 cents to $51.97 a barrel at 12:29 p.m. EDT (1629 GMT), after hitting a session low of $50.71. U.S. West Texas Intermediate (WTI) crude futures CLc1 traded at $49.58 a barrel, up 68 cents day on the day. Its intra-day low was $48.18. On Thursday in Vienna OPEC and key producers pledged to extend a cut of around 1.8 million barrels per day (bpd) of output until the end of the first quarter of 2018. Producers have expressed confidence that this plan will bring down crude oil stocks to their five-year average of 2.7 billion barrels. One supportive factor for oil prices have been U.S. data showing seven weeks of draws on domestic crude inventories, said Mark Watkins, regional investment manager at U.S. Bank. "We''re starting the beginning of the summer driving season, there''s a lot of hopes that are tied to an inventory draw from Memorial day to Labor day," he said. Yet he said the wild card for the oil market has been the growth in U.S. crude production, particularly from shale. U.S. oil production C-OUT-T-EIA has risen by 10 percent since mid-2016 to over 9.3 million bpd, close to the output of top producers Russia and Saudi Arabia. With U.S. output rising steadily and fears that OPEC and its allies could raise production in 2018 to regain lost market share, many traders, including Goldman Sachs, already expect another price slump. (For graphic on OPEC''s impact on the Brent crude oil market forward curve click reut.rs/2rn3Mtr ) The latest weekly U.S. oil rig data is due at 1:00 p.m. EDT from energy company Baker Hughes. Other assessments pointed to the possibility of output cuts being extended into 2019 in order to bring down both crude oil and refined product stocks. Russia''s Energy Minister said on Friday that a OPEC and non-OPEC committee could discuss possible adjustments to the agreement when it meets. The group convenes every two months. (Additional reporting by Karolin Schaps in London, Henning Gloystein, Gavin Maguire and Mark Tay in Singapore; Edited by David Evans and David Gregorio) An attendant prepares to refuel a car at a petrol station in Rome January 4, 2012. REUTERS/Max Rossi'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN18M03V'|'2017-05-26T19:43:00.000+03:00'
'a876c958923f504b9d8757d2c7adc4d30e9ab6dc'|'LendingClub, ex-CEO must face U.S. shareholder litigation -ruling'|'Business News - Thu May 25, 2017 - 6:54pm EDT LendingClub, ex-CEO must face U.S. shareholder litigation: ruling File photo: Renaud Laplanche speaks during an interview with CNBC on the floor of the New York Stock Exchange in New York, United States on December 11, 2014. REUTERS/Brendan McDermid/File Photo By Jonathan Stempel A federal judge on Thursday rejected efforts by LendingClub Corp ( LC.N ) and former Chief Executive Officer Renaud Laplanche to dismiss shareholder litigation accusing them of concealing material weaknesses in the online lender''s ability to monitor its operations. The decision by U.S. District Judge William Alsup in San Francisco lets shareholders pursue most of their claims over the contents of LendingClub''s registration statement for its December 2014 initial public offering. Shareholders said LendingClub misled them into thinking its internal controls were strong enough to stop questionable practices, and that the company''s market value plunged several billion dollars as the truth became known. A spokeswoman for the San Francisco-based company declined to comment. Lawyers for Laplanche did not immediately respond to requests for comment. Laplanche left LendingClub last May after an internal probe found that employees had falsified documentation when selling $22 million of loans to an investor. The next month, LendingClub said Laplanche and family members had taken out loans from the company in December 2009, enabling it to boost loan volumes, one measure of its value, not long before a major capital raise. LendingClub specializes in matching borrowers with institutional lenders, and has since Laplanche''s departure made large investments to improve technology and underwriting, as well as to regain investors'' trust. But Alsup said it was "difficult" for Laplanche to avoid the "strong inference" that he intended, before his departure, to mislead investors about LendingClub''s controls. "He had engaged in self-dealing to inflate loan-origination numbers and he had inflated the assets of subsidiaries of LendingClub before the IPO--both issues involving financial reporting," Alsup wrote. "No competing inference is more reasonable than concluding that CEO Laplanche knew that some material weaknesses in internal controls over financial reporting persisted," he added. The lead plaintiff in the litigation is the Water and Power Employees'' Retirement, Disability and Death Plan of the City of Los Angeles. Its lawyers did not immediately respond to requests for comment. Laplanche''s new online lending company, Upgrade, has raised $60 million in equity and convertible notes from a large group of U.S. investors, the startup said last month. The case is In re: LendingClub Securities Litigation, U.S. District Court, Northern District of California, Nos. 16-02627, 16-02670, 16-03072. (Reporting by Jonathan Stempel in Chicago; Editing by Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-lendingclub-lawsuit-idUSKBN18L2Z7'|'2017-05-26T06:47:00.000+03:00'
'ebdca61c742eb42b3563bdbc7c0286fb920b0850'|'European stocks wouldn''t escape fallout from a Wall St. retreat'|' 42am BST European stocks wouldn''t escape fallout from a Wall Street retreat FILE PHOTO: Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 24, 2017. REUTERS/Staff/Remote By Vikram Subhedar and Jamie McGeever - LONDON LONDON Europe''s brightening economic prospects are unlikely to insulate regional stocks from any sharp pullback on Wall Street where a wobble last week heightened anxiety about whether a market at record highs is due a correction. Darkening clouds in the United States contrast with an acceleration of the euro zone economy and an ebbing of political risk after this month''s defeat for the anti-euro, far right in France''s presidential elections. Some analysts have wondered whether European stocks could ''decouple'', or move independently, from the richly-valued S&P 500 .SPX if it retreats significantly. History shows this is unlikely. "We''re all in one boat. The world is a global village, whether we like it or not," said Burkhard Varnholt, deputy global chief investment officer at Credit Suisse, which oversees 1.3 trillion Swiss francs ($1.33 trillion) of assets under management. "If the U.S. slows down then it<69>s inevitable Europe is affected too, although the European economy is performing particularly well right now." (For a graphic on tops companies'' revenue exposure to the United States click reut.rs/2qm3rTI ) The S&P 500 .SPX fell nearly 2 percent last Wednesday, the largest one-day loss since President Donald Trump was elected in November, on questions about his future and business-friendly economic agenda. World stocks fell nearly 1.5 percent and European shares fell 1.2 percent the following day. Over the past 30 years every instance of a month with a 5 percent or more drop on the S&P 500 was accompanied by a drop of at least as much on European stocks, according to Thomson Reuters data. The same data shows several instances of large drops on European indices during months where the S&P 500 was unchanged or even higher. More recent episodes of U.S. weakness, notably over the summer of 2015 and in January 2016 weakness, spread fast to global markets. U.S. SETS THE DIRECTION The reflation trade - bets on stocks that benefit from a pickup in growth and inflation such as banks and machinery makers - are still pinned to growth in the United States, the world''s largest economy and a driver for global growth. The United States accounts for more than 14 percent of the combined revenue of the developed world''s biggest non-U.S. listed companies, a significant enough proportion to move the needle for investors should U.S. growth falter. Top German and UK companies get nearly a fifth of their revenue from the United States. Japanese firms, led by the automakers, derive 14 percent of their revenue from the United States. "It just comes down to working out whether the U.S. economy is moving forwards or backwards," said Kevin Gardiner, global investment strategist at Rothschild Wealth Management. "That sets the theme for global markets. The U.S. can set the direction for capital markets." The U.S. equity market, now worth more than $20 trillion, is the combined size of the listed market values of the entire European and Asia-Pacific stock markets. If there is a slow trickle out of U.S. stocks, other markets can benefit, as has happened this year in Europe. But if large sums of money leave U.S. stocks other global markets are not big enough to absorb it. The brighter outlook in Europe may have put European stocks, particularly in the euro zone, in a better position to recover from any sharp sell off. "There is no recession in the pipeline, but the U.S. economy could slow next year. It''s already a very long cycle by historical standards," said Amundi''s Borowski. "Part of the correction is welcome,"   any knock-on impact to European stocks is likely to be short-lived. (Additional reporting by Helen Reid; editing by Anna Willard)'|'reuter
'c471c3687cf5eb62bd13c093dbedcf79780bd94a'|'BlackBerry, Qualcomm decide on final amount to resolve royalty dispute'|'Market  41am EDT BlackBerry, Qualcomm decide on final amount to resolve royalty dispute May 26 Canada''s BlackBerry Ltd said on Friday that U.S. chipmaker Qualcomm Inc has agreed to pay the software maker $940 million, including interest and legal fees, to settle a royalty dispute. Qualcomm had said in April that it would have to refund BlackBerry $814.9 million, plus interest and attorneys'' fees, in an arbitration over royalties for certain past sales. The dispute between the two companies started in 2016 following Qualcomm''s agreement to cap certain royalties applied to payments made by BlackBerry under a licensing deal. Qualcomm is expected to pay the final amount on or before May 31, BlackBerry said on Friday. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/blackberry-arbitration-qualcomm-idUSL4N1IS3Z4'|'2017-05-26T20:41:00.000+03:00'
'67fe9cfe8f39f954399e56c8ef19c99d15d35cfc'|'UPDATE 1-UK Stocks-Factors to watch on May 23'|'(Adds company news, futures)May 23 Britain''s FTSE 100 index is seen opening up 9 points at 7505 on Tuesday, according to financial bookmakers, with futures down 0.05 percent ahead of the cash market open.* CRANSWICK: British pork and poultry supplier Cranswick Plc said full-year profit rose 17.2 percent, helped by a significant growth in exports and robust demand across a number of its products.* PARAGON: British buy-to-let mortgage lender Paragon Group of Companies Plc reported a marginal fall in first-half profit, but said its buy-to-let pipeline had more than doubled, pointing to full-year lending volumes topping its expectations.* SEVERN: British water utility Severn Trent Plc posted a 4.3 percent rise in full-year underlying pretax profit, boosted by newer price regulations and higher savings.* NATIONWIDE: Britain''s Nationwide Building Society said on Tuesday that its annual underlying profit fell by 23 percent compared with the previous year, as costs increased and the lender did not pass on the full effect of interest rate cuts to savers.* At least 19 people were killed and 59 wounded in an explosion at the end of a concert by U.S. singer Ariana Grande in the English city of Manchester on Monday, in what two U.S. officials said was a suspected suicide bombing.* ROYAL BANK OF SCOTLAND: Royal Bank of Scotland is close to settling a costly and potentially embarrassing case alleging it misled shareholders during a 12 billion pound ($16 billion) fundraising at the height of the financial crisis, sources familiar with the talks said on Monday.* ASTRAZENECA: AstraZeneca''s experimental injection for severe asthma cut substantially the need for patients to take problematic oral steroids drugs in a late-stage study, boosting hopes for a medicine that is expected to reach the market later this year.* The UK blue chip index closed up nearly 0.4 percent on Monday, holding near last week''s record highs, propelled by a weaker pound and as UK miners gained from metal prices.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS> Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Arathy S Nair in Bengaluru; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/britain-stocks-factors-idINL4N1IP2IN'|'2017-05-23T04:47:00.000+03:00'
'03af8b86cd3028f0f9aa852e9c906f61f030d129'|'Shell, Exxon joint venture considering appeal on planned cut at Groningen'|' 04pm BST Shell, Exxon joint venture considering appeal on planned cut at Groningen A view of a gas production plant is seen in ''t Zand in Groningen February 24, 2015. REUTERS/Michael Kooren AMSTERDAM A joint venture between Royal Dutch Shell ( RDSa.L ) and Exxon Mobil ( XOM.N ) said on Wednesday it was considering appealing a Dutch government plan to cut production at the Groningen gas field by 10 percent. The Dutch state earlier on Wednesday confirmed it intended to go ahead with a tightening of output at the massive field from Oct. 1. It said interested parties had until July 7 to announce an appeal. (Reporting by Toby Sterling; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-netherlands-gas-groningen-idUKKBN18K1J1'|'2017-05-24T20:04:00.000+03:00'
'9b8d71971f9cb30d821985a92265a2fc6eb72d0e'|'Austria''s BAWAG eyes flotation, possibly as early as autumn: sources'|'By Arno Schuetze and Michael Shields - FRANKFURT/ZURICH FRANKFURT/ZURICH BAWAG PSK [CCMLPB.UL] is preparing for an initial public share offer that could value the Austrian bank at up to 5 billion euros ($5.6 billion) and take place as early as this autumn, people close to the matter said.Its majority owner, private equity investment group Cerberus [CBS.UL], might appoint global coordinators for a possible IPO as early as next month and could launch the offer after the summer break, the sources said, adding that that was only one option as BAWAG expands with acquisitions. [nZ8N1GF00S]Cerberus, which has held its stake for a decade, has held talks with investment banks in recent weeks to hear their proposals for a sale, they said.Cerberus could opt to sell shares worth 1 to 1.5 billion euros, valuing the bank at 4 to 5 billion euros, the sources said, adding that no decisions about when or where to list the asset had been made at this stage.At 4.5 billion euros, BAWAG would be valued at roughly 1.5 times its book value - in line with the valuation of Nordic banks but at a premium to most banks in continental Europe.Cerberus acquired BAWAG with other investors for 3.2 billion euros in 2007. It now owns 52 percent while GoldenTree Asset Management has a 40 percent stake.BAWAG does not comment on its owners'' potential plans. Cerberus and GoldenTree declined to comment.Shares in European banks on average trade at around their book value, according to Thomson Reuters data. Among Austrian lenders, Erste Group ( ERST.VI ) trades at around 1.1 times and Raiffeisen Bank International ( RBIV.VI ) at 0.8 times book value.BAWAG''s 2017 targets include a return on equity (ROE) above 15 percent and making more than 500 million euros in profit before tax. In 2016 its ROE was 15.9 percent.European banks on average had an ROE of 3.3 percent in the last quarter of 2016, according to the European Banking Authority.In 2015 Cerberus appointed Goldman Sachs, Lazard and Morgan Stanley to undertake a strategic review of its investment in BAWAG, which one source said at the time could lead to it acquiring another lender, merging BAWAG with another bank or selling it."Unlike at the last time, there''s clear visibility on future earnings now and their profitability is far above that of many peers," one person close to the matter said, adding BAWAG would easily realize a valuation of more than 1.5 times book value.Cerberus is so far not working with an adviser to help it select IPO banks and it may still opt to list BAWAG at a later stage if discussions with potential investors lead it to believe it can sell for a higher price, this source said.(Editing by Maria Sheahan, Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bawag-ipo-idINKBN18K1NT'|'2017-05-24T10:49:00.000+03:00'
'2d43c4dcee6b096e3f7748e12d5b2bfa9a43fc43'|'EU roaming charges banned from June, plus the rogue buyers exploiting eBay - Money'|'Money Talks EU roaming charges banned from June, plus the rogue buyers exploiting eBay Also, the average price of a UK home hits <20>317,000, and the chance to buy a place with a famous history Wish you were here <20> now you can use your mobile in Europe just as your contract says you can use it at home. Photograph: Alamy Stock Photo Money Talks EU roaming charges banned from June, plus the rogue buyers exploiting eBay Also, the average price of a UK home hits <20>317,000, and the chance to buy a place with a famous history View more sharing options Thursday 25 May 2017 15.01 BST Last modified on Thursday 25 May 2017 15.03 BST Hello and welcome to this week<65>s Money Talks <20> a roundup of the week<65>s biggest stories and some things you may have missed. Money news Seller beware <20> those trading on eBay have long complained about suffering at the hands of fraudulent buyers. Photograph: Alamy Stock Photo In pictures Whittingehame House in Haddington, East Lothian, was the family seat of prime minister Arthur Balfour, and William Gladstone, Winston Churchill, HG Wells and Edward VII visited here. Photograph: Strutt & Parker In the spotlight The cost of using your phone in Europe will be just the same as at home from June 15. Will Brexit reverse this hard-won victory? Miles Brignall reports Holidaymakers are about to get free mobile phone roaming across Europe and a host of other destinations from 15 June <20> for the next two years, at least. Photograph: Alamy Consumer champions'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/may/25/eu-roaming-charges-banned-rogue-buyers-exploiting-ebay'|'2017-05-25T23:01:00.000+03:00'
'09f4f66fe6f2e8b7536a5fac14fce7b43d5c9c0c'|'TREASURIES-U.S. bond yields dip amid rate-hike doubts beyond June'|'* Traders see rate hike in June but less likely after * U.S. yields stuck in tight range, 10-year near 2.25 pct * U.S. Treasury awards 7-yr note supply to average demand * Analysts mull number of rate hikes when Fed slows bond buys (Updates market action, adds Quote: s) By Richard Leong NEW YORK, May 25 U.S. Treasury yields fell slightly on Thursday on doubts whether the Federal Reserve would raise interest rates more than once by the end of 2017 as it signaled it is preparing to shrink its $4.5 trillion balance sheet later this year. Bond yields slipped into the lower end of this week''s tight trading range with the 10-year yield hovering around the 2.25 percent area. "We have a lot of commotion but not a lot of action. It''s a very pedestrian trading day," said Aaron Kohli, interest rates strategist at BMO Capital Markets in New York. Analysts said volume was below average ahead of Friday''s shortened trading session. The U.S. bond market will close early at 2 p.m. (1800 GMT) on Friday and will be shut on Monday for the U.S. Memorial Day holiday. The benchmark 10-year Treasury yield was 2.254 percent, down 1 basis point from late on Wednesday. It has bounced in a narrow 7 basis point range so far this week. Thursday''s yield decline was spurred by bond buying in the wake of the Federal Reserve''s release of the minutes on its May 2-3 policy meeting on Wednesday. The minutes supported the view that it has adopted a gradual approach toward paring its reinvestments in Treasuries and mortgage-backed securities as it expects to further raise short-term interest rates. The Fed''s cautious stance stemmed partly from inflation data in March and April that fell short of what traders had expected, raising worries whether price growth would reach the Fed''s 2 percent goal. "The minutes were indicative of a June hike," said Thomas Roth, head of Treasury trading at MUFG Securities America in New York. "It sounds like they want to get this (balance sheet) tapering started but would that mean one less rate hike for this year." Fed policymakers'' current forecasts on key short-term rates signaled they expect two more rate increases by year-end. The futures market implied traders priced in an 83 percent chance of a quarter point rate increase at the Fed''s June 13-14 meeting, while they saw slightly less than a 50 percent shot of another hike by the end of 2017, CME Group''s FedWatch tool showed. Meanwhile, the U.S. Treasury Department completed this week''s $88 billion in coupon-bearing government supply with the $28 billion sale of new seven-year note, which fetched decent demand. Corporate bond issuance lightened up from its frantic pace earlier this week, reducing their upward pressure on Treasury yields. May 25 Thursday 3:00PM New York / 1900 GMT Price US T BONDS JUN7 153-28/32 0-11/32 10YR TNotes JUN7 126-48/256 0-32/256 Price Current Net Yield % Change (bps) Three-month bills 0.9175 0.9324 0.002 Six-month bills 1.055 1.0754 0.005 Two-year note 99-232/256 1.2976 -0.008 Three-year note 100-32/256 1.4568 -0.011 Five-year note 99-208/256 1.7894 -0.013 Seven-year note 99-164/256 2.0558 -0.014 10-year note 101-20/256 2.2536 -0.012 30-year bond 101-140/256 2.9221 -0.013 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 23.75 0.75 spread U.S. 3-year dollar swap 21.25 1.50 spread U.S. 5-year dollar swap 8.50 1.00 spread U.S. 10-year dollar swap -5.50 0.50 spread U.S. 30-year dollar swap -44.50 0.25 spread (Editing by Meredith Mazzilli and Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1IR1EM'|'2017-05-25T17:11:00.000+03:00'
'6a112c093445bd52f57f9e43ec64c8b9ef417624'|'China''s reforms not enough to arrest mounting debt - Moody''s - Reuters'|'By Yawen Chen and Ryan Woo - BEIJING BEIJING China''s structural reforms will slow the pace of its debt build-up but will not be enough to arrest it, and another credit rating cut for the country is possible down the road unless it gets its ballooning credit in check, officials at Moody''s said.The comments came two days after Moody''s downgraded China''s sovereign ratings by one notch to A1, saying it expects the financial strength of the world''s second-largest economy to erode in coming years as growth slows and debt continues to mount.In announcing the downgrade, Moody''s Investors Service also changed its outlook on China from "negative" to "stable", suggesting no further ratings changes for some time.China has strongly criticized the downgrade, asserting it was based on "inappropriate methodology", exaggerating difficulties facing the economy and underestimating the government''s reform efforts.In response, senior Moody''s official Marie Diron said on Friday that the ratings agency has been encouraged by the "vast reform agenda" undertaken by the Chinese authorities to contain risks from the rapid rise in debt.However, while Moody''s believes the reforms may slow the pace at which debt is rising, they will not be enough to arrest the trend and levels will not drop dramatically, Diron said.Diron said China''s economic recovery since late last year was mainly thanks to policy stimulus, and expects Beijing will continue to rely on pump-priming to meet its official economic growth targets, adding to the debt overhang.WAITING FOR IMPLEMENTATIONMoody''s also is waiting to see how some of the announced measures, such as reining in local government finances, are actually implemented, Diron, associate managing director of Moody''s Sovereign Risk Group, told reporters in a webcast.China may no longer get an A1 rating if there are signs that debt is growing at a pace that exceeds Moody''s expectations, Li Xiujun, vice president of credit strategy and standards at the ratings agency, said in the same webcast"If in the future China''s structural reforms can prevent its leverage from rising more effectively without increasing risks in the banking and shadow banking sector, then it will have a positive impact on China''s rating," Li said.But Li added: "If there are signs that China''s debt will keep rising and the rate of growth is beyond our expectations, leading to serious capital misallocation, then it will continue to weigh on economic growth in the medium term and impact the sovereign rating negatively.""China may no longer suit the requirement of A1 rating."Li did not give a specific target for debt levels nor a timeframe for further assessments.Moody''s expects China''s growth to slow to around 5 percent in coming years, from 6.7 percent last year, compounding the difficulty of reducing debt. But Diron said the economy will remain robust, and the likelihood of a hard landing is slim.After Moody''s downgrade, its rating for China is on the same level as that on Fitch Ratings, with Standard & Poor''s still one notch above, with a negative outlook.On Friday, Fitch said it is maintaining its A+ rating. Andrew Fennel, its direct of sovereign ratings, noted China''s "strong macroeconomic track record", but said that its growth "has been accompanied by a build-up of imbalances and vulnerabilities that poses risks to its basic economic and financial stability".STIMULUS SPREEGovernment-led stimulus has been a major driver of China''s economic growth over recent years, but has also been accompanied by runaway credit growth that has created a mountain of debt - now at nearly 300 percent of gross domestic product (GDP).Some analysts are more worried about the speed at which the debt has accumulated than its absolute level, noting much of the debt and the banking system is controlled by the central government.UBS estimates that government debt, including explicit and quasi-government debt, rose to 68 percent of GDP in
'ad87d4a7282adc0e428da04f3ad6651a2386fa6c'|'U.S. fossil fuel groups pull out of climate change court case'|'Environment - Fri May 26, 2017 - 10:01am EDT U.S. fossil fuel groups pull out of climate change court case By Emily Flitter - NEW YORK NEW YORK Three fossil fuel industry groups dropped their attempt to intervene in a court case over climate change this week after failing to reach an agreement on a unified legal position on climate science, court filings show. The American Petroleum Institute (API) and the National Association of Manufacturers (NAM), prominent trade groups in the oil and gas industry, along with the American Fuel & Petrochemical Manufacturers (AFPM), intervened in a federal case in which a group of teenagers sued the U.S. government for violating their constitutional rights by causing climate change. The three groups were arguing that a judgment requiring the government to tighten environmental regulations would harm their business interests. But discord arose among them after a judge ordered them to submit a joint filing stating their views on climate science. A lawyer representing the three groups said in a court hearing on May 18 that they were unable to agree on the causes and effects of human activity and greenhouse gas emissions on the climate, transcripts of the proceedings show. "It seems pretty clear that the trade group intervenors have recognized that there may be costs as well as benefits to intervention and that they might be better off leaving the defense of the case to the government," said Seth Jaffe, an environmental lawyer who is a partner at Foley Hoag in Boston. He is not involved in the case. NAM was the first to file its request to withdraw, submitting it to the court on Monday. API asked to withdraw on Thursday. AFPM filed its request early on Friday. "What is noticeably absent from these withdrawal motions is the reason why the fossil fuel industry wants to leave the case," said Philip Gregory, a lawyer for the teen plaintiffs. One issue for the industry groups is that laying out in court the scientific findings they accept on climate change could bind them to specific positions in other legal proceedings. Exxon Mobil, for instance, a member of both API and NAM, is battling with attorneys general in Massachusetts and New York who are investigating the company for fraud based on apparent discrepancies between its public stance on global warming and internal documents on climate science. NAM spokeswoman Jennifer Drogus said the group had reevaluated its need to fight on behalf of the industry following the 2016 U.S. elections. "We no longer feel that our participation in this case is needed to safeguard industry and our workers," she said in an email on Friday. API spokeswoman Sabrina Fang did not say why the industry group had asked to withdraw from the case. "We have full confidence that the courts will recognize that Congress and the Executive branch have the constitutional authority to write and execute the laws of the U.S.," she said in an email to Reuters on Thursday. Spokespeople for AFPM did not immediately respond to request for comment. The API formed a "Climate Change Task Force" last year to form a new message on climate change. Fang, when asked by Reuters on May 19 if the force had made any changes to API''s public stance on climate change, said: "Nothing has changed." A spokeswoman for NAM did not immediately respond to a request for comment. The case is Juliana v. U.S., U.S. District Court, District of Oregon (Eugene), No. 15-cv-01517. (Reporting By Emily Flitter; Editing by Tom Hogue)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-climatechange-lawsuit-idUSKBN18M0DG'|'2017-05-26T12:48:00.000+03:00'
'0ab754518e9bef8fd1a2a00a366905f424342c45'|'EMERGING MARKETS-Brazil markets up as traders bet reforms still afoot'|'Bonds  06pm EDT EMERGING MARKETS-Brazil markets up as traders bet reforms still afoot By Bruno Federowski SAO PAULO, May 26 Brazilian stocks and currencies rose on Friday as traders hoped for progress on an ambitious reform agenda despite a growing political crisis ensnaring President Michel Temer. The Brazilian real strengthened 0.7 percent but remained far from the two-month peaks seen before the political scandal over bribery allegations broke out last week. Brazil''s benchmark Bovespa stock index rose 1.1 percent. Shares of state-controlled power utility Centrais El<45>tricas Brasileiras SA, which ranked among the top decliners in the recent selloff, were the biggest gainers. Efforts by Temer''s administration to foster trust in plans to streamline Brazil''s pension system and reform labor laws have seemed to bear fruit among investors. House Speaker Rodrigo Maia has said he expects the lower house to vote on pension reform by mid-June, clearing the way for a final Senate vote. That cautious optimism has rekindled bets that the central bank would cut interest rates by a brisk 100 basis points next week despite market volatility drive by political turmoil, driving yields on rate futures lower. Also contributing to the drop were expectations of rapidly slowing inflation after state-controlled oil company Petr<74>leo Brasileiro SA announced a cut on fuel late on Thursday. Earlier on Thursday, emerging stocks inched to two-year highs, supported by relatively dovish minutes from the last U.S. Federal Reserve meeting. Still, disappointment over the scale of oil supply cuts announced by OPEC have kept the MSCI emerging equity index from adding significantly to gains. Key Latin American stock indexes and currencies at 1600 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1016.08 0.15 17.66 MSCI LatAm 2576.16 0.98 8.99 Brazil Bovespa 63930.45 1.11 6.15 Mexico IPC 49557.97 0.3 8.58 Chile IPSA 4880.06 0.16 17.55 Chile IGPA 24479.90 0.16 18.07 Argentina MerVal 21919.18 1.08 29.56 Colombia IGBC 10732.49 0.03 5.97 Venezuela IBC 73816.38 -0.42 132.82 Currencies daily % YTD % change change Latest Brazil real 3.2583 0.74 -0.28 Mexico peso 18.5120 -0.04 12.06 Chile peso 671.7 -0.47 -0.15 Colombia peso 2914.67 0.11 2.98 Peru sol 3.275 -0.21 4.24 Argentina peso (interbank) 16.0200 0.48 -0.91 Argentina peso (parallel) 16.27 0.12 3.38 (Editing by Alistair Bell)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-emergingmarkets-idUSL1N1IS0UZ'|'2017-05-27T00:06:00.000+03:00'
'94865bfeec6ca87ea67b8491524743353db842f9'|'TREASURIES-U.S. bond yields slip on month-end buying'|'* U.S. 2-, 10-year part of yield curve flattest in 7 months * U.S. bond market to close early at 2 p.m. (1800 GMT) (Updates market action, adds Quote: ) By Richard Leong NEW YORK, May 26 U.S. Treasury yields fell on Friday as investors bought bonds to rebalance their portfolios at month-end, overriding an upward revision to first-quarter gross domestic product and a smaller-than-forecast drop in durable goods orders for April. The S&P 500 and Nasdaq held near their record closing highs set on Thursday, stoking some safe-haven demand for U.S. government debt in an abbreviated trading session, analysts said. The U.S. bond market will close early at 2 p.m. (1800 GMT) and will be shut on Monday for the U.S. "People are squaring up before the long weekend," said Kathy Jones, chief fixed income strategist at Schwab Center for Financial Research in New York. "We are chopping around at the low end of the recent trading range." At 11:16 a.m. (1516 GMT), the benchmark 10-year Treasury note''s yield was down less than 1 basis point at 2.248 percent on light trading volume. It traded in a tight seven-basis-point range this week. The drop in the 10-year yield narrowed its gap with the two-year yield to a shade less than 94 basis points, the tightest in seven months, Tradeweb data showed. This flattening of the yield curve suggested traders had dialed back their outlook for U.S. growth and inflation to levels prior to Donald Trump''s presidential win. Trump and leading Republican lawmakers have not delivered tax cuts, a healthcare overhaul and infrastructure spending, which would bolster business investments and consumer spending. Still Friday''s data signaled the U.S. economy was expanding, albeit at a modest clip. This may allow the Federal Reserve to raise interest rates further and to begin paring its $4.5 trillion balance sheet. Gross domestic product grew at a 1.2 percent annual rate faster pace reported last month, the Commerce Department said in its second estimate. The agency also said durable goods orders fell 0.8 percent in April, compared with a revised 2.3 percent gain in March and a 1.2 percent decline forecast among analysts polled by Reuters. May 26 Friday 10:58AM New York / 1458 GMT Price US T BONDS JUN7 154-1/32 0-6/32 10YR TNotes JUN7 126-64/256 0-20/256 Price Current Net Yield % Change (bps) Three-month bills 0.9175 0.9323 0.000 Six-month bills 1.0525 1.0727 -0.002 Two-year note 99-232/256 1.2976 0.000 Three-year note 100-34/256 1.4539 -0.003 Five-year note 99-214/256 1.7845 -0.005 Seven-year note 99-164/256 2.0554 -0.012 10-year note 101-48/256 2.2412 -0.014 30-year bond 101-224/256 2.9058 -0.015 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 23.50 -0.25 spread S U.S. 3-year dollar swap 21.25 -0.25 spread U.S. 5-year dollar swap 8.75 0.25 spread U.S. 10-year dollar swap -5.00 0.50 spread U.S. 30-year dollar swap -43.75 0.50 spread (Editing by Bernadette Baum and Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1IS0R9'|'2017-05-26T13:23:00.000+03:00'
'371db74544584bf725b83a32e92cf16de6ed3b8b'|'Nikkei slips as yen gains, but still manages weekly rise'|'Market News   2:13am EDT Nikkei slips as yen gains, but still manages weekly rise TOKYO May 26 Japan''s Nikkei share average extended losses as the yen''s gains against the dollar accelerated on Friday, though the benchmark index still managed to cap off a winning week. The Nikkei ended down 0.6 percent at 19,686.84, and yet stayed 0.5 percent ahead for the week. The dollar lost some ground to the yen, slipping 0.4 percent to 111.42 yen. Oil and mining shares fell, after oil prices skidded 5 percent on Thursday and continued to drop on Friday, after a meeting of OPEC countries disappointed some investors who had hoped for larger production cuts. The oil and coal subindex on the Tokyo Stock Exchange dipped 0.4 percent, while the mining subindex tumbled 2 percent The broader Topix fell 0.6 percent to 1,569.42, while the JPX-Nikkei Index 400 also shed 0.6 percent to 13,997.82. (Reporting by Tokyo markets team; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL4N1IS24Z'|'2017-05-26T14:13:00.000+03:00'
'b8717c1a48b9f129ffbac7902e825883f85974ee'|'BRIEF-Japan trade min: Ministry will not meet with WD about Toshiba since it is not directly involved'|'DIARY-Top Economic Events to July 28 Political and general news This Diary is filed daily. ** Indicates new events FRIDAY, MAY 26 MONTREUX, Switzerland - ECB Board Member Benoit Ceure participates in 24th Reunion of the Governors des Banques Centrales des Pays Francophones Organized by the Swiss National Bank - 2000 GMT. * Melco Resorts Finance - priced its international offering of senior notes due 2025 MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-japan-trade-min-ministry-will-not-idUST9N1HJ02D'|'2017-05-26T08:02:00.000+03:00'
'89e2155d8687cd87685b0df4dd864d86bc3de8d4'|'Spirax-Sarco to buy thermal tech firm Chromalox for $415 million'|' 50am BST Spirax-Sarco to buy thermal tech firm Chromalox for $415 million Britain''s Spirax-Sarco Engineering Plc said it had agreed to buy Pittsburgh-based thermal technology company Chromalox Inc from private equity firm Irving Place Capital for $415 million (322.3 million pounds) on a cash-free, debt-free basis. Spirax-Sarco, which makes steam traps and pumps for industries such as food and beverage, healthcare, chemical and power generation, said the purchase consideration would be financed from new debt facilities supplied by its existing banks. Chromalox will bring thermal energy management solutions to Spirax''s customers, the British firm said, adding it would expand Spirax''s total addressable market by 2.1 billion pounds to 7.9 billion pounds. "We will invest in Chromalox to strengthen its direct sales channels globally; leverage our worldwide footprint to grow Chromalox''s presence outside of its core markets in the USA," Spirax-Sarco said in a statement on Friday. Completion of the deal is subject to a nod from the U.S. merger control authority, Spirax said, adding that the conditions are expected to be satisfied during its current quarter. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-chromalox-m-a-spirax-sarco-idUKKBN18M0K0'|'2017-05-26T14:50:00.000+03:00'
'af8bd5fd05b34b27ddff4b4744d406674deb7152'|'Does Foreign Steel Threaten U.S. National Security?'|'Surrounded by top steel executives in the Oval Office, President Donald Trump gave a speech in April that painted a grim picture of the U.S. steel industry. For decades, he said, American steel companies have been under siege from foreign competitors <20>who have made a living off taking advantage<67> of lax trade laws, flooding the U.S. with cheap steel and leading to shuttered mills and widespread layoffs.The reality for the industry isn<73>t quite so dire. In 2016 the stock prices of the two biggest U.S. steel producers rose the greatest amount in at least a decade, as a raft of trade cases resulted in tariffs on imports from China and other countries. But Trump insisted something larger was at stake. <20>It<49>s not just the pricing, it<69>s not just employment, it also has to do with the national security of our country,<2C> he said.The night before the president<6E>s speech, Secretary of Commerce Wilbur Ross had initiated what<61>s known as a Section 232 investigation by invoking an obscure section of a Kennedy-era trade law that allows the president to investigate whether certain imports threaten national security. The Commerce Department has until later this year to conclude whether steel and aluminum imports qualify as national security threats ; Ross says he hopes to finish by June. If it decides they do, Trump will be vested with significantly more power to impose tariffs and otherwise limit imports than he would under a simple antidumping ruling.<2E>It almost seems to be a blank check,<2C> says John Anton, director for steel services at consulting firm IHS Markit. <20>I look at it and have a hard time seeing any limitation under law on what the president can declare as a remedy.<2E> To prove a 232 case, the administration doesn<73>t need to find that imports are being unfairly subsidized, as with World Trade Organization cases, says Jeff Bialos, who helped bring a 232 case against imported oil as a Commerce Department official in the Clinton administration. <20>This proceeding is an exception to WTO rules,<2C> he says. <20>It<49>s a big sledgehammer.<2E>In his April remarks, Trump said maintaining U.S. steel production is crucial to protecting the country<72>s defense industrial base. Yet the defense industry accounts for less than 5 percent of total domestic steel consumption, according to KeyBanc Capital Markets Inc. The aluminum industry is slightly more important to the military. High-purity aluminum is a key material for fighter jets and warships. Even then, less than 1 percent of total U.S. aluminum production is consumed by the Department of Defense, according to research firm Harbor Aluminum.Over the past 54 years, only 26 Section 232 cases have been brought, and just five of those resulted in presidential action. The last one, initiated in 2001 by the Bush administration, resulted in no action. It<49>s unclear what a 232 case would mean for U.S. allies, particularly Canada, which supplies about 6 percent of the steel and 42 percent of the aluminum used in the U.S., according to data from researcher Wood Mackenzie Ltd. The administration may have to exclude Canada from any actions taken because it<69>s part of the National Defense Technology and Industrial Base, a consortium engaged in research, development, and production of defense technology in the U.S.Trump may be using the 232 case simply as a bargaining tool to get China or any other presumed trade offenders to negotiate. <20>If they<65>re prudent, they<65>ll use this for the basis of negotiation,<2C> Bialos says. Either way, it<69>s hard to predict what will come of these investigations, whether Trump will follow through with restrictions on imports, and if he does, what impact that will have. The U.S. doesn<73>t have the capacity to support all its own aluminum and steel needs, so anything the administration does to limit imports may result in higher prices for domestic consumers, says Uday Patel, a senior research manager at Wood Mackenzie.The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Si
'f8f8b01fefbff18e7d5ca1a96de191abc9e6b821'|'M&A lifts Japan''s 2016 net external assets to second largest on record'|'Business News - Fri May 26, 2017 - 1:11am BST M&A lifts Japan''s 2016 net external assets to second largest on record FILE PHOTO: A bicycle rider rides past a factory at Keihin industrial zone in Kawasaki, south of Tokyo, Japan, August 18, 2016. REUTERS/Kim Kyung-Hoon/File Photo TOKYO Japan''s net external assets rose to their second-highest amount on record at end-2016 driven by rising mergers and acquisitions overseas by Japanese firms and portfolio investment, the Ministry of Finance (MOF) said on Friday. The net value of assets held by the government, businesses and individuals stood at 349 trillion yen (2.4 trillion pounds) - just behind 2014''s record 363 trillion yen. It meant Japan remained the biggest creditor nation for the 26th straight year, the MOF said. As at end-2015, Japan''s net external assets were at 339 trillion yen. Japan''s net external assets were about 1.7 times those held by China, the world''s No.2 creditor nation with 210 trillion yen in net assets at the end of last year, followed by Germany, the ministry said. Japan''s gross external assets rose 5 percent to a record 998 trillion yen as increase in Japanese direct investment overseas and foreign bond investment more than offset drops in the appraised yen value of foreign currency-denominated assets. Japan''s direct investment in the United States reached a record 53 trillion yen at end-2016, up 2.7 trillion yen from a year ago, making it the most popular destination that accounts for a third of overall Japanese direct investment overseas. Overall external debt grew 6.2 percent to a record 649 trillion yen due to increased foreign direct investment and acquisitions of Japanese bonds by foreign investors. The dollar lost 2.7 percent in value to 117.11 yen JPY= at the end of 2016 from a year ago, while the euro fell 5.9 percent to 123.43 yen EURJPY=, the ministry said. (Reporting by Tetsushi Kajimoto; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-assets-idUKKBN18M00G'|'2017-05-26T08:11:00.000+03:00'
'465b371d40f2af38b3257797c0932ebfe571533b'|'CANADA STOCKS-TSX rises, boosted by earnings beats for big banks'|'Market News   10:21am EDT CANADA STOCKS-TSX rises, boosted by earnings beats for big banks (Adds details on specific stocks, updates prices) * TSX rises 64.37 points, or 0.42 percent, to 15,483.86 * Six of TSX''s 10 main groups move higher; financials up 0.8 pct TORONTO, May 25 Canada''s main stock index rose in early trading on Thursday, boosted by sharp gains for shares of major banks whose quarterly earnings impressed investors. The country''s biggest bank, Royal Bank of Canada, rose 1.3 percent to C$94.22 after reporting an 11 percent profit increase, beating market forecasts, on strong performances in its capital markets and wealth management businesses. Canada''s second-largest lender, Toronto-Dominion Bank , was up 2.2 percent at C$64.45. Its earnings also exceeded expectations, helped by a strong performance at its retail and investment banking businesses. No. 5 bank Canadian Imperial Bank of Commerce slipped 0.1 percent to C$106.15 after reporting a softer beat than its two larger peers. At 10:12 a.m. ET (1412 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was up 64.37 points, or 0.42 percent, at 15,483.86. Six of the index''s 10 main sectors were higher, with five gainers for every two decliners overall. The financials group, which accounts for a third of the index''s weight, rose 0.8 percent. Manulife Financial Corp, Canada''s biggest life insurer, was up 1 percent at C$23.77 after it named Roy Gori, an executive from its Asia division, to replace the retiring Donald Guloien as chief executive officer. Forestry products company Tembec Inc jumped 40.7 percent to C$4.15 after accepting a buyout offer from Rayonier Advanced Materials Inc for C$4.05 a share. The energy group gained 0.7 percent after a delegate of the Organization of the Petroleum Exporting Countries said the producer group had decided to extend cuts in oil output to March 2018. (Reporting by Alastair Sharp; Editing by Lisa Von Ahn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1IR0QM'|'2017-05-25T22:21:00.000+03:00'
'b728f2f60907ba207d331dac2b4fa621962f3c67'|'BRIEF-Micronet Enertec Technologies says unit received purchase order valued at about $2.1 mln'|'Market  18am EDT BRIEF-Micronet Enertec Technologies says unit received purchase order valued at about $2.1 mln May 25 Micronet Enertec Technologies Inc * Micronet Enertec Technologies says its mobile resource management subsidiary, Micronet Ltd received additional purchase order valued at about $2.1 million Source text for Eikon:   * BioCryst reports additional positive results from the second interim analysis of its APEX-1 trial MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-micronet-enertec-technologies-says-idUSFWN1IR0D3'|'2017-05-25T20:18:00.000+03:00'
'bf53b00a6e612afc2e55b2565f633334cf7ff651'|'Italy''s Lavazza buys 80 percent of Canada''s Kicking Horse Coffee'|'Deals - Wed May 24, 2017 - 10:19am EDT Italy''s Lavazza buys 80 percent of Canada''s Kicking Horse Coffee FILE PHOTO: Lavazza''s espresso coffee cup installation is seen at the headquater in Turin, Italy, February 8, 2016. REUTERS/Giorgio Perottino MILAN Italian coffee maker Lavazza said on Wednesday it had bought 80 percent of Kicking Horse Coffee in a deal valuing the Canadian company at C$215 million ($160 million). Family-owned Lavazza is looking round for acquisitions to help boost its turnover to 2.2 billion euros ($2.46 billion) in the next four years. In a statement Lavazza said the deal was an important step in its strategy to grow in North America, seen as a key market for the group. Under the deal Elana Rosenfeld, who founded the Canadian organic coffee brand in 1996, will own the remaining 20 percent and will continue to run the company as chief executive. Lavazza sales rose 29 percent to 1.9 billion euros last year thanks to the acquisition of French coffee brand Carte Noire and Denmark''s Merrild. Lavazza was advised by JPMorgan, law firm Blake Cassels & Graydon, Boston Consulting Group and PWC. (Reporting by Stephen Jewkes, editing by Agnieszka Flak) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-kickinghorse-m-a-lavazza-idUSKBN18K1XD'|'2017-05-24T18:19:00.000+03:00'
'c15e95215e985a304978eb2720c03a3e00bb1bd1'|'Moody''s China downgrade ''illogical'', overstates debt: People''s Daily'|'SHANGHAI The decision by Moody''s Investors Service to downgrade China''s credit rating is "illogical" and overstates the levels of government debt, a commerce ministry researcher said in an editorial in the official People''s Daily newspaper on Thursday.Mei Xinyu, a researcher at China''s Ministry of Commerce, wrote in a front page editorial of the paper''s overseas edition the downgrade, Moody''s first for China since 1989, overstated China''s reliance on stimulus and the country''s debt levels.Moody''s downgraded China''s credit ratings on Wednesday for the first time in nearly 30 years, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise.China''s Finance Ministry said on Wednesday the downgrade overestimated the risks to the economy and was based on "inappropriate methodology". China''s state planner said debt risks were generally controllable.Mei said China''s economic performance this year had exceeded market expectations and criticized Moody''s for including debt at state-owned enterprises (SOEs) and local government financing vehicles as indirect government liabilities."It is clear to see that the logic behind Moody''s assertions goes against the objective facts," he wrote.Moody''s one-notch downgrade in long-term local and foreign currency issuer ratings, to A1 from Aa3, comes as the Chinese government grapples with the challenges of rising financial risks stemming from years of credit-fueled stimulus.Chinese leaders have identified the containment of financial risks as a top priority this year, but are moving cautiously to avoid choking economic growth. The authorities have gingerly raised short-term interest rates while tightening regulatory oversight.Mei added that the China downgrade amounted to a "double standard" compared with how countries in Europe and the United States were treated. However, the decision would not have a major impact on the Chinese economy, he said.The downgrade is likely to modestly increase the cost of borrowing for China''s government and SOEs, but it remains comfortably within the investment grade rating range.(Reporting by Adam Jourdan and Samuel Shen; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-china-economy-rating-idUSKBN18L07D'|'2017-05-25T10:02:00.000+03:00'
'4ef3f332d8379f2d088f247172b703b6776f18d3'|'Catchy cod! Norway''s central bank cashing in on comedy rap video'|'Central Banks   9:07am BST Catchy cod! Norway''s central bank cashing in on comedy rap video OSLO Norway''s central bank has landed a viral hit after dropping a comedy-style rap music video about turning cod into money to launch its new series of maritime-themed bank notes. With bizarre lines such as "see the cod, a fat, fine and Norwegian one," the video features central bank governor Oeystein Olsen as "DJ Codfather", peering out the window of his central Oslo office through a pair of binoculars. "The cod comes now," Olsen says as he turns to the camera. The first two notes, of 100 and 200 Norwegian crowns ($12 and $24), will be launched on May 30, the smaller bill featuring a Viking ship and the larger one a cod. bit.ly/2dMSgQY The unlikely promotion, a remake of a 1980s comedy skit, is also a light-hearted attempt at educating Norwegians about safety features in their new bills, including holograms and near-invisible sections of microscopic text. After two days the video exceeded 16,000 views on YouTube, far more than more serious postings such as the central bank governor''s annual policy speech, which has been seen just 85 times since February. With its long, rugged coastline and rich fisheries, Norway has for centuries been a large seafood exporter, while in recent decades offshore oil and gas exploration has become its single biggest source of revenue. While the new bills cost 20 percent more to make than the old, they are expected to last up to 50 percent longer, the central bank said. (Reporting by Terje Solsvik, editing by Patrick Johnston and Pritha Sarkar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-norway-money-cenbank-idUKKBN18L1TW'|'2017-05-26T16:07:00.000+03:00'
'112d9d18792f8153ecd19cc9c0951d8d4ed62267'|'Glass Lewis recommends Buffalo Wild Wings'' board nominees'|'May 26 Proxy adviser Glass Lewis & Co LLC recommended shareholders of Buffalo Wild Wings to vote for the company''s slate of directors, saying activist hedge fund Marcato Capital had failed to make a compelling case for making changes to the board.Glass Lewis''s recommendation on Friday comes two days after another adviser, Institutional Shareholder Services (ISS), recommended voting for Marcato''s nominees.Marcato, which owns a 6.1 percent stake in Buffalo Wild Wings, launched a proxy fight in February, nominating four directors for the nine-member board."We believe the dissident''s nominees, other than the one also nominated by the company, either have experience that would not be additive to the refreshed board or potential conflicts which weakens their candidacies," Glass Lewis said in a report.ISS has put its weight behind Marcato nominees Mick McGuire, the hedge fund''s founder, and Scott Bergren, the former chief executive of Yum Brands'' restaurant chain, Pizza Hut.It has also backed Sam Rovit, a former Kraft Foods'' executive, who has been nominated by both Marcato and the company.ISS did not recommend support for Lee Sanders, the former chief development officer at TGI Fridays.Buffalo Wild Wings will hold its annual meeting on June 2.Among its demands, Marcato has asked for Chief Executive Sally Smith to be replaced. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/buffalo-wild-marcato-idINL4N1IS442'|'2017-05-26T11:17:00.000+03:00'
'f4baf4df42f7a251b465929aa7569cce40b8aaa5'|'Infosys touts plan to hire Americans in face of visa pressures'|'Asia   9:54am IST India''s Infosys touts plan to hire Americans in face of visa pressures The logo of Infosys is pictured inside the company''s headquarters in Bengaluru, April 13, 2017. REUTERS/Abhishek N. Chinnappa/Files By Salvador Rodriguez - SAN FRANCISCO SAN FRANCISCO Infosys Ltd, the India-based computer services giant, on Wednesday touted its new strategy to hire and train 10,000 American workers over the next two years at the company''s annual leadership meeting in San Francisco. Infosys is the largest employer of workers under the U.S. H1-B visa program for skilled workers, which has been under fire as the Trump Administration moves to tighten a range of immigration laws. Many large companies hire so-called outsourcing firms such as Infosys to manage their computer operations. Infosys announced three weeks ago that it would hire 10,000 Americans, and said on Monday that it had leased 35,000 square feet of office space in downtown Indianapolis. Indiana Gov. Eric Holcomb, who succeeded Vice President Mike Pence in the state''s top office, and Indiana University President Michael McRobbie appeared at the San Francisco event to voice their support. Ravi Kumar, Infosys''s deputy chief operating officer, said the company will be looking to hire both experienced professionals and recent college graduates at a range of skill levels. Each month, Kumar said, the company plans to put large batches of prospective employees through training courses of eight to 10 weeks that will prepare them for positions in fields like data analytics, enterprise cloud applications and cybersecurity. Kumar said the new moves did not reflect any major change in the company''s business model, with U.S. workers being compensated at the same level as H1-B visa professionals. The company also used the meeting to highlight the launch of Infosys Nia, a new artificially intelligent service that is designed to allow IT professionals to automate more of their tasks. Infosys stressed that AI and automation are the future of technology, and that innovations in these areas will allow enterprises to be more productive without having to hire more people. "If problem solving is going to be done by machines, then problem finding is the human frontier," said Infosys CEO Vishal Sikka in his keynote. (Reporting by Salvador Rodriguez; Editing by Jonathan Weber)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-infosys-summit-idINKBN18L0D6'|'2017-05-25T12:12:00.000+03:00'
'a7711bee6f2fed6d6c0bc48068825cdbce99b997'|'MOVES-Credit Suisse hires new equities EMEA head from Barclays - memo'|'LONDON May 25 Swiss bank Credit Suisse has hired Mike Di Iorio from Barclays as head of equities for Europe, the Middle East and Africa (EMEA), as it seeks to beef up the business with new hires, according to a memo seen by Reuters on Thursday.Di Iorio will join the Swiss bank at the end of August, based in London and will report to Mike Stewart, a former wealth management and trading executive from UBS Group.Stewart, who was hired in December, will become global head of equities in July based in New York.A spokesman for Credit Suisse confirmed the contents of the memo.At Barclays, Di Iorio was most recently global head of equity sales. Prior to that, he spent seven years at Lehman Brothers and Nomura in various roles within the equities trading business.(Reporting By Anjuli Davies, Editing by Kirstin Ridley)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/credit-suisse-moves-idINL8N1IR3JX'|'2017-05-25T10:33:00.000+03:00'
'b0c4bec3df58d68245ce73730c4c8d63cc18aa22'|'U.S. jobless claims edge up; goods trade deficit widens'|'By Lucia Mutikani - WASHINGTON WASHINGTON The number of Americans filing for unemployment benefits rose less than expected last week and the four-week moving average of claims fell to a 44-year low, suggesting further tightening in the labor market.Initial claims for state unemployment benefits increased 1,000 to a seasonally adjusted 234,000 for the week ended May 20, the Labor Department said on Thursday. The increase followed three straight weeks of declines.Data for the prior week was revised to show 1,000 more applications received than previously reported. Economists polled by Reuters had forecast first-time applications for jobless benefits rising to 238,000 in the latest week.It was the 116th straight week that claims were below 300,000, a threshold associated with a healthy labor market.That is the longest such stretch since 1970, when the labor market was smaller. The labor market is near full employment, with the jobless rate at a 10-year low of 4.4 percent.A Labor Department official said there were no special factors influencing last week''s data and that only claims for Louisiana and North Dakota had been estimated.The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 5,750 to 235,250 last week, the lowest level since April 1973.Prices of U.S. Treasuries were largely unchanged after the data. U.S. stock index futures were trading higher while the dollar was weaker against a basket of currencies.ROBUST JOB MARKET Labor market strength supports the view that an abrupt slowdown in economic growth in the first quarter was probably temporary, which could encourage the Federal Reserve to raise interest rates next month.Minutes of the Fed''s May 2-3 policy meeting, which were published on Wednesday, showed that while policymakers agreed they should hold off hiking rates until they see evidence the growth slowdown was transitory, "most participants" believed "it would soon be appropriate" to increase borrowing costs.Gross domestic product increased at a 0.7 percent annualized rate in the first quarter, the weakest performance in three years. Data on the labor market, retail sales and industrial production suggest the economy regained momentum at the start of the second quarter.But expectations of a sharp rebound in GDP growth were tempered somewhat after the Commerce Department reported on Thursday that the goods trade deficit rose 3.8 percent to $67.6 billion in April. At the same time, both wholesale and retail inventories fell 0.3 percent last month.Trade made no contribution to GDP growth in the first quarter while inventory investment subtracted 0.93 percentage point from output. The Atlanta Fed is currently forecasting GDP rising at a 4.1 percent rate in the second quarter.Thursday''s claims report also showed the number of people still receiving benefits after an initial week of aid rose 24,000 to 1.92 million in the week ended May 13. Despite the increase, the so-called continuing claims have remained below 2 million for six straight weeks.The four-week moving average of continuing claims dropped 16,000 to 1.93 million, the lowest level since January 1974. The continuing claims data covered the period of the household survey, from which May''s unemployment rate will be derived.The four-week average of continuing claims decreased 76,750 between the April and May survey weeks, suggesting further improvement in the unemployment rate. The jobless rate has dropped by four-tenths of a percentage point this year.(Reporting by Lucia Mutikani; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-economy-idINKBN18L1QH'|'2017-05-25T21:08:00.000+03:00'
'e5110e4829b20de656df9670dbc8159e8d1c5463'|'U.S. financial council reimagined as boon, not bane, for Wall Street'|'Wed May 24, 2017 - 6:16am BST U.S. financial council reimagined as boon, not bane, for Wall Street FILE PHOTO - Treasury Secretary Steven Mnuchin addresses Chamber of Commerce ''''Invest in America!'''' summit in Washington U.S., May 18, 2017. REUTERS/Mary F. Calvert By Pete Schroeder and Lisa Lambert - WASHINGTON WASHINGTON The Financial Stability Oversight Council (FSOC), which brings together all U.S. financial watchdogs, used to be the scourge of Wall Street but under Treasury Secretary Steven Mnuchin it can serve to ease its regulatory burdens. President Donald Trump has pledged to roll back legislation he believes stymies economic growth, but opposition in the U.S. Senate makes it hard for Mnuchin to tear up existing rules. However, he can make it easier for banks to trade, invest and return capital to shareholders by changing how the laws are interpreted and enforced. Created by the 2010 Dodd-Frank reform to better identify emerging threats to the financial system, the council offers Mnuchin as its chairman a forum to hammer out a consensus about how rules are applied. "FSOC''s ability to prod regulators to do something they aren''t otherwise doing can be incredibly powerful," said Dennis Kelleher, president and CEO of the Wall Street reform group Better Markets. Using FSOC as a vehicle to promote deregulation is a volte-face for the council, which under President Barack Obama was a byword for tough financial oversight. Mnuchin has already used a recent gathering of the council to kickstart an examination of the Volcker rule, which prevents banks from making speculative bets with their own capital. "He has that forum, and it''s clear that he''s starting to use it," said Ian Katz, financial policy analyst at research firm Capital Alpha. Mnuchin has said he supports the Volcker rule in principle, but would seek its clarification. That in itself can serve to lighten the regulatory burden by reworking the definition of "proprietary trading," or holding banks to a less rigorous standard in terms of proving compliance with it. The five agencies in charge of implementing the rule are all represented on FSOC, providing Mnuchin with a forum to hammer out a common interpretation. Wall Street has criticized the rule as unworkable, arguing it was impossible for banks to determine when a trade is purely for profit as opposed to creating market liquidity. A spokeswoman for Treasury declined to comment but pointed to Mnuchin''s interview with the Financial Times last month in which he said: <20>I intend to use FSOC as a very important tool as part of the administration<6F>s policies.<2E> COMMON INTERPRETATIONS Mnuchin can also have the Council take another look at rules requiring banks to retain some risk when they securitize loans or get bank regulators to revisit existing capital rules that the industry has long insisted are too restrictive, banking lobbyists say. The significance of FSOC<4F>s focus will grow once Trump has appointed new heads of the individual agencies. His picks are already in place at the helm of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission, and he is expected to name new bosses for other key bank regulators later this year. Mnuchin cannot force regulators to change or rewrite rules, but will have ways of cajoling potential dissenters. For example, all FSOC members are required to sign off on an annual report identifying potential problems facing the financial system. Those who refuse to do it are required to publicly explain their position and so far no one has dissented. Another, more acute power available to Mnuchin is frequently called "naming and shaming." The Dodd-Frank law gives the FSOC the power to identify a specific threat to the financial system, and direct the primary regulator on that issue to address it. That regulator then must either enact the FSOC-recommended course of action within 90 days, or explain in writing why it did not. The mechanism,
'ae7c4c2ed4992b21f99aede7be94ead83b510302'|'Dollar firm after bounce from multi-month lows, focus shifts to Fed'|'Credit RSS - Tue May 23, 2017 - 10:28pm EDT Dollar firm after bounce from lows, yuan slips on China downgrade U.S. dollar notes are seen in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration By Shinichi Saoshiro - TOKYO TOKYO The dollar held firm on Wednesday, having rebounded from 6-1/2-month lows against its major peers helped by a rise in U.S. Treasury yields, while the yuan eased after Moody''s cut its sovereign rating on China due to concerns over the country''s soaring debt. The dollar index held steady against a basket of six currencies at 97.321 after bouncing 0.4 percent the previous day. It managed to pull away from the 96.797 level plumbed on Monday, its lowest since Nov. 9, when concerns over U.S. politics stemming from the Trump election campaign''s suspected links with Russia took a toll on the greenback. The dollar was boosted as U.S. debt prices fell, with the benchmark 10-year Treasury note yield climbing 3 basis points overnight and putting some distance between the one-month trough reached last week in a bond-buying flight to safety. "The rise in Treasury yields is supporting the dollar. It appears that speculative buying of Treasuries has run its course, with Trump concerns and geopolitical risks no longer fresh news," said Yukio Ishizuki, senior currency strategist at Daiwa Securities. The dollar was firm at 111.795 yen after a bounce to 111.995 yen, its highest in a week. The U.S. currency also managed to halt its slide against the euro, which had enjoyed a bull run this month on factors including an ebb in French political concerns, upbeat euro zone data, and a widening German-U.S. government debt yield spread. The euro was little changed at $1.1191, nudged away from a 6-1/2-month high of $1.1268 scaled the previous day. Investors are now turning their focus towards the Federal Reserve''s monetary policy stance. Minutes of the Fed''s latest policy-setting meeting are set for publication at 2 p.m. eastern time (1800 GMT) on Wednesday. The market already expects the Fed to raise interest rates in June, but given the greenback''s recent weakness, dollar bulls are expected to welcome any hawkish hints by the central bank. MOODY''S DOWNGRADES CHINA Moody''s Investors Services on Wednesday downgraded China''s long-term local and foreign currency issuer ratings by one notch to A1 from Aa3, citing expectations that the financial strength of the world''s second-biggest economy would erode in the coming years. China''s offshore yuan slipped in knee-jerk reaction but the overall response was limited. The yuan fell to 6.8901 per dollar, down by 0.1 percent, before pulling back to 6.8841 for a loss of about 0.05 percent. The Australian dollar, sometimes used as a proxy of China-related trades, eased slightly but reaction to the downgrade was also relatively subdued. The Aussie was down 0.15 percent at $0.7466. "Currencies are reacting quite calmly, as China is still seen to have enough reserve strength for further fiscal spending," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. Elsewhere, the Canadian dollar stood steady at C$1.3518 per dollar after touching C$1.3457 overnight, its strongest in a month. A rise in crude oil prices lifted the Canadian dollar. The focus is now on the OPEC meeting in Vienna on Thursday to see whether a deal to prolong output cuts can be struck. [O/R] The pound was nearly flat at $1.2965, with the market awaiting further developments in Britain''s suspended election campaign after the suicide bombing in Manchester. (Reporting by Shinichi Saoshiro; Editing by Eric Meijer and Jacqueline Wong) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/uk-global-forex-idUSKBN18K020'|'2017-05-24T08:26:00.000+03:00'
'a3c989fe342b144f4b274ec8c69aed1fc2aaf1c8'|'Fed''s Brainard says global economy "brighter", less risk to Fed outlook'|'Business   3:55pm BST Fed''s Brainard says global economy ''brighter,'' less risk to Fed outlook Federal Reserve Board Governor Lael Brainard speaks at the John F. Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S., March 1, 2017. REUTERS/Brian Snyder WASHINGTON Federal Reserve Governor Lael Brainard said on Thursday that a "brighter" global economy is posing less risk to the Fed''s outlook for the U.S. "The global economy is brighter than it has been for the last few years," Brainard said at a panel at the Center for Global Development. Brainard has been among the chief Fed officials concerned about the impact weak global growth posed to the U.S. Her comments signal the Fed my move forward with an expected June rate hike. (Reporting by Howard Schneider; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-fed-brainard-idUKKBN18L21B'|'2017-05-25T22:54:00.000+03:00'
'716f11183c943ea3937ff6f56f8f1205fa54fae2'|'PRESS DIGEST- British Business - May 29'|'Market News - Sun May 28, 2017 - 7:51pm EDT PRESS DIGEST- British Business - May 29 May 29 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times The joint broker and public relations adviser to Fusionex International Plc have both quit in protest at a backdoor attempt by its Malaysian founder to seize control of the technology company. bit.ly/2r2PFbq BT Group Plc is looking to close its defined-benefit pension in a move that could put the final nail in the coffin of generous schemes that have been enjoyed by generations. bit.ly/2r2GhEN The Guardian Britain''s biggest solar power company, Solarcentury, has shrugged off the cloud of drastic UK subsidy cuts by reinventing itself as an international firm with more than 3 billion pounds ($3.84 billion) of projects planned. bit.ly/2r2Q6CA British Airways could face a bill of at least 100 million pounds in compensation, additional customer care and lost business resulting from an IT meltdown that affected more than 1,000 flights over the weekend. The Telegraph BT Group offered staff free iPads to encourage them to exploit a loophole and avoid paying compensation for installation delays, an investigation has revealed. bit.ly/2r2RLYP A new version of the mining code in South Africa is expected to propose raising the mandatory black ownership of mining assets under the government''s Black Economic Empowerment initiative. The shake-up to the mining charter could have a far-reaching impact on miners listed in UK. bit.ly/2r2NzrV Sky News Investors in BP Plc want directors to prepare for changes to the leadership of UK''s second biggest oil company for the first time since it was almost crippled by the Gulf of Mexico disaster in 2010. bit.ly/2r2GZlf The Independent Almost twice as many people trust Labour more than the Conservatives to protect the interests of pensioners, according to an exclusive poll for the Independent. ind.pn/2r2HzPX ($1 = 0.7805 pounds) (Compiled by Bengaluru newsroom; Editing by Peter Cooney) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL3N1IU0M0'|'2017-05-29T07:51:00.000+03:00'
'54180ba2fb5bfdac5424206732e75f2fc9d91059'|'GM says ISS advises against Greenlight share plan, board nominees'|'By Joseph White May 27 General Motors Co said on Saturday that proxy advisory firm Institutional Shareholder Services has recommended that shareholders vote against a slate of directors proposed by hedge fund Greenlight Capital and reject the hedge fund''s plan to divide GM shares into two classes.The advice from ISS is a setback for Greenlight and its manager David Einhorn. They have said GM shares are undervalued and would be more attractive if the company divided its common stock into shares that pay a dividend and shares that would reflect the automaker''s growth potential.Greenlight also has proposed a slate of three candidates for GM''s board of directors.On Friday, advisory firm Glass Lewis also advised against Greenlight''s nominees for the automaker''s board and its share split plan. (Reporting By Joe White; Editing by W Simon)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/gm-greenlight-iss-idINL1N1IT0BW'|'2017-05-27T15:36:00.000+03:00'
'c8f906b785a2fea5f3e8074ee6058761dc9ed275'|'Western Digital may join Japan-KKR group for Toshiba chip unit bid - sources'|'Business News   11:56am BST Western Digital may join Japan-KKR group for Toshiba chip unit bid - sources FILE PHOTO: A Western Digital office building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake/File Photo By Makiko Yamazaki and Taro Fuse - TOKYO TOKYO Western Digital Corp ( WDC.O ) may join a consortium of Japanese government money and KKR & Co LP ( KKR.N ) to bid for Toshiba Corp''s ( 6502.T ) chip unit, backing away from an earlier demand for an immediate majority stake, two sources familiar with the matter said. The consortium is expected to be the favoured bidder for the world''s second biggest producer of NAND memory chips, as the presence of state-backed fund, Innovation Network Corp of Japan (INCJ), and the Development Bank of Japan (DBJ) will be taken as the government''s stamp of approval. The concession by Western Digital could be a turning point in the hotly contested auction for unit, which Toshiba has valued at least 2 trillion yen ($18 billion). A successful sale is critical to Toshiba''s recovery after massive cost overruns at nuclear unit Westinghouse plunged it into crisis. Western Digital, which jointly operates Toshiba''s main flash memory chip plant, has sought arbitration, arguing that the Japanese conglomerate is violating their joint venture contract and demanding exclusive negotiating rights. The California-based firm had told Toshiba it needed a stake of at least 51 percent for the chip unit to be competitive but it was not seen as a strong bidder after submitting one of the lowest bids in the first round of offers, sources have said previously. The sources speaking on Monday said Western Digital is now open to being a minority investor for the time being and plans to increase its stake to more than half when INCJ and KKR seek an exit from their investment. But it is not clear whether the trade ministry would allow such a move, they said, declining to be identified as they were not authorised to speak to the media on the matter. The ministry has insisted that the chip unit should not fall under the control of a foreign manufacturer as semiconductors are important from the standpoint of national security, the sources said. Toshiba declined to comment on the specifics of the sale process. Western Digital, KKR and DBJ also declined to comment. A representative for the trade ministry was not immediately available for comment. An INCJ spokeswoman said the fund would not comment on speculation. Other suitors for the chip business include U.S. chipmaker Broadcom Ltd ( AVGO.O ) which has teamed up with private equity firm Silver Lake, and Bain Capital which has partnered with South Korean chipmaker SK Hynix ( 000660.KS ), sources have said. Taiwan''s Foxconn, formally known as Hon Hai Precision Industry Co Ltd ( 2317.TW ), also formed a consortium with its Japanese unit Sharp Corp ( 6753.T ) to bid in the second round, they said. (Reporting by Taro Fuse and Makiko Yamazaki; Additional reporting by Junko Fujita and Kentaro Hamada; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN18P11A'|'2017-05-29T18:56:00.000+03:00'
'c3b2bcd7c47b868c4e198cbf85a101221c9c676e'|'Gazprom executive to meet EU antitrust chief, may have to improve concessions'|'Business News - Mon May 29, 2017 - 12:10am BST Gazprom executive to meet EU antitrust chief, may have to improve concessions European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission''s headquarters in Brussels, Belgium, April 5, 2017. REUTERS/Francois Lenoir By Foo Yun Chee - BRUSSELS BRUSSELS Gazprom''s ( GAZP.MM ) deputy chief executive will meet EU antitrust chief Margrethe Vestager on Monday who may ask the Russian gas giant to improve its concessions aimed at ending a six-year-long investigation, a source close to the matter said on Sunday. State-controlled Gazprom, which supplies a third of the EU''s gas, offered in March to scrap business practices and a pricing policy seen by the European Commission as anti-competitive in a bid to stave off a possible fine. These included terms barring countries from exporting its gas to other countries; tying contracts to investments in pipelines; and monopoly pricing in the three Baltic states, Bulgaria and Poland. Gazprom''s concessions include letting clients renegotiate decades-long, oil-indexed contracts, with prices linked to benchmarks such as European gas market hubs and border prices, including in Germany. The EU competition enforcer subsequently sought feedback from Gazprom''s clients and rivals. Some, such as state-run Polish oil and gas company PGNiG ( PGN.WA ), said the offer should be rejected and Gazprom should be punished with a hefty fine. Vestager may demand some changes to Gazprom''s concessions at the meeting with Alexander Medvedev, the source said. The Commission confirmed the meeting but did not provide details. The EU executive is not likely to bow to pressure from Gzaprom''s foes and scrap the deal, underlying the thaw in business ties between the bloc and Russia despite tensions over Ukraine and Syria. Vestager''s relatively flexible line with Gazprom is in sharp contrast with her tough approach towards other giants such as Alphabet Google ( GOOGL.O ) over its internet search practices and Apple ( AAPL.O ) over its sweetheart deal with Ireland. (This story refiles to add dropped word in paragraph 1.) (Reporting by Foo Yun Chee, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-gazprom-antitrust-idUKKBN18O0OU'|'2017-05-29T03:20:00.000+03:00'
'640c87c1a53420d4331b9b0eafec9b4c84521817'|'New projects spur rebound in Chilean mining jobs - recruiter'|'By Rosalba O''Brien - SANTIAGO SANTIAGO May 29 Companies have stepped up their requests for engineers and other positions at early stage mining projects in Chile, a local recruiter said on Monday, in a further sign of activity warming up in the industry.Chile is the world''s biggest producer of copper, which makes up over half its export earnings. The country also mines gold, molybdenum, lithium and other minerals.The global commodities slowdown has hurt Chile''s economy, leading to a sharp downturn in investment and job cuts over the last three years.A return to former boom times is still distant. But there are signs of a rebound in recruitment, Pilar Cruz, senior consultant of the mining division at Michael Page Chile, said in an interview.As well as being good news for Chile''s economy -- where unemployment has remained relatively low, but job quality has diminished -- that could be a sign that increased metals output is around the corner after years of belt tightening."The roles we''re seeing are engineering -- feasibility, design, and environmental approval," she said."It''s a good sign that in a couple of years, the construction phases will start with different kinds of jobs and a lot more people."Available vacancies in the mining engineering sector were up between 20 and 30 percent from a year ago, she said.Projects hiring include Lundin Mining''s Candelaria copper, gold and silver project, Codelco''s expansion of its Chuquicamata mine to take it underground, a pre-feasibility study by Goldcorp and Teck Resources to join two mines into one called NuevaUnion, and Teck''s Quebrada Blanca phase two, said Cruz.The lithium boom in Chile has also seen a rise in interest from larger miners looking at diversifying away from copper, she added. While still a relatively small market, lithium, used in electric car batteries, has been a rare bright spot in commodities in recent years.Salaries, however, were generally some 20 percent less than in former years, and that was unlikely to change any time soon, said the recruiter, as companies fight to keep a tight lid on costs."These are signals," said Cruz. "I don''t think the trend is short-term, it seems to be rebounding. But it won''t transform overnight." (Reporting by Rosalba O''Brien; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/chile-mining-idINL8N1IV3MJ'|'2017-05-29T15:03:00.000+03:00'
'29cd7fe498cdab36bafa29d10194fdd56e098c1b'|'Hindustan Petroleum March-quarter profit beats estimates'|'State-run oil marketing company Hindustan Petroleum Corp Ltd ( HPCL.NS ) reported a 31 percent jump in March-quarter net profit on Friday, beating street estimates, as income from operations grew.Net profit rose to 18.19 billion rupees ($282.12 million) in the fourth quarter ended March, from 13.88 billion rupees a year earlier, the company said in a statement. bit.ly/2qqp7NBTotal income from operations climbed 21.7 percent to 591.83 billion rupees.Analysts on average expected a profit of 12.17 billion rupees for the quarter, according to Thomson Reuters data.HPCL shares surged 10 percent after the results.($1 = 64.4750 Indian rupees)(Reporting By Arnab Paul in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/hpcl-results-idINKBN18M0X2'|'2017-05-26T17:26:00.000+03:00'
'ffb91bb61991cd0f9c3398350b514e8b53e3c2a6'|'BA and Iberia plan third-party booking surcharge, Amadeus shares hit'|'Business News - Fri May 26, 2017 - 5:17pm BST BA and Iberia plan third-party booking surcharge, Amadeus shares hit British Airways logos are seen on tailfins at Heathrow Airport in west London, Britain May 12, 2011. REUTERS/Toby Melville/Files BERLIN IAG-owned ( ICAG.L ) airlines British Airways and Iberia are to follow Lufthansa ( LHAG.DE ) by charging a fee for bookings via third parties, using new technology to take more control of their own bookings. The move will be a blow to global distribution systems (GDS) providers such as Amadeus IT Group ( AMA.MC ), Travelport ( TVPT.N ) and Sabre ( SABR.O ), the share prices of which all fell on Friday. Amadeus and Travelport both dropped 4 percent while Sabre lost 1.7 percent. Lufthansa caused a stir in the industry when it introduced its own GDS surcharge in 2015 and CEO Carsten Spohr has repeatedly said he expects rival carriers to follow suit. "From what we hear in the industry, and with the visible success of Lufthansa, I''d be very surprised if others would not follow," he said in March. Airlines often have a tense relationship with GDS providers, which typically achieve much higher profit margins than the airlines themselves. British Airways and Iberia said that, from Nov. 1, fees of 8 pounds or 9.50 euros will be levied on bookings not made via the airlines'' own websites or direct sales channels. "We will continue to work with the GDS providers to distribute our content to valued agency partners via existing solutions. However, these systems and their traditional technology solutions currently carry significantly greater costs to BA and IB," the airlines said in a statement. Previous attempts to break away from the system cost airlines market share, prompting a return to the GDS providers, but new technology means airlines can now offer corporate customers similar booking tools themselves. Siemens ( SIEGn.DE ) is one corporate customer that has signed up to Lufthansa''s system rather than using third parties. IAG Chief Executive Willie Walsh said this month that talks with Amadeus were ongoing, adding that the existing relationship between airlines and GDS providers was unsustainable. "We''re prepared to take some short-term pain to get some long-term structural change in that relationship," he said after the group reported first-quarter results. Amadeus said it believed that a surcharge was not in the best interest of travellers and that indirect distribution remained cost-efficient. "We continue to be engaged with IAG to find a sustainable, long-term agreement that suits all parties," a spokesman said in a statement. BA and Iberia said the surcharge would not apply if the GDS used content created using NDC technology that gives airlines greater control of how fares and products are displayed. Amadeus said it was working to find a deal to integrate such content. (Reporting by Victoria Bryan; Additional reporting by Robert Hetz in Madrid; Editing by David Goodman) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-british-airways-amadeus-it-group-idUKKBN18M1XG'|'2017-05-26T23:22:00.000+03:00'
'cd3782501c02244ea7f813ac56614c739825d4b6'|'''I lived in fear of brown envelopes'': being chased by the taxman - Guardian Small Business Network'|'Friday 26 May 2017 07.00 BST Last modified on Friday 26 May 2017 07.02 BST F or Nick Walton, 2005 marked the start of a tumultuous five-year tax battle when he received a letter from HMRC that questioned his tax return. They didn<64>t tell him what the issue was. The investigation was thorough. In the first interview, an enquiry officer asked about Walton<6F>s job as a freelance journalist and honed in on a David Beckham book he had claimed as an expense. Walton, who had tried to line up an interview with the ex-footballer, showed newspaper clippings to demonstrate that he had interviewed celebrities. In Walton<6F>s next interview with HMRC, four months later, a tax inspector asked if there were any documents to demonstrate that he bought the book in the belief that he would interview Beckham, rather than for his own enjoyment. He says the investigation carried on in a similar vein. While Walton went to an accountant at the start of the investigation, he says he received poor advice <20> they told him he<68>d be fine to go into a meeting on his own. But Walton wasn<73>t without fault. He admits, confused by the form, he had wrongly claimed his wages as an expense. But he had explained that he was confused in the further information box in his tax return. <20>I was unsure enough to flag it up and I expected HMRC to get back to me if there was an error.<2E> The gig economy ''slashies'' risk burnout Read more Walton claims HMRC continued to grill him after the second meeting. <20>They kept on asking me for information, but the more I gave them, the more they asked for. They were sending me detailed four-page letters full of requests and I was sending back answers that ran into hundreds of pages. It just went on and on.<2E> Walton says the whole episode caused a lot of strain. <20>I<EFBFBD>ve been to war zones, but I<>ve never experienced stress like this. I<>d live in fear of brown envelopes coming through the door. I was unable to sleep.<2E> It finally did end and Walton now runs the website TaxHell advising others what to do if HMRC comes knocking. Today all of his tax returns are done by an accountant. The Association of Independent Professionals(IPSE) says it receives many calls from freelancers who are worried about HMRC investigations. <20>Freelance businesses want to be tax compliant, but it<69>s not straightforward,<2C> says Andrew Chamberlain, deputy director of policy at IPSE. It is easy to make a mistake on a tax return that leads to an investigation, which will be costly, he says. <20>It can affect your family life and make it difficult to focus on your business.<2E> This rings true for photographer Sarah Hawkins* who was contacted by HMRC in 2011 after the accountancy firm she used was targeted in a fraud investigation. <20>It was a very forceful and intimidating letter [with threats of high fines] and I immediately panicked,<2C> she says. <20>Once I had made contact with my assigned investigator, I was told that, if I cooperated, I wouldn<64>t be treated in a hostile manner and would be rewarded for my co-operation.<2E> Despite HMRC acknowledging Hawkins had not participated in the fraud, she was responsible as it was her return. Hawkins says trying to resolve the enquiry has been costly (approximately <20>10,000 in accountancy fees, plus the owed tax and fines) as she didn<64>t have insurance to cover an investigation. Over five years on, she<68>s nearing the end of the drawn out process. <20>The biggest impact has been the ongoing stress of it all. I developed anxiety as a result.<2E> On average, a full HMRC investigation lasts 16 months , but it can drag on for years, says Dave Stallon, commercial director at the Federation of Small Businesses (FSB) . <20>This inevitably affects the business, with firms taking time away from running their business to go back through historical records, collate and provide information to HMRC, and answer investigators<72> questions.<2E> For some, being on the receiving end of a tax investigation can be relatively straightforwa
'e30fd3a0c4a9e164280f814ab3e06f7337cc23de'|'Venezuela opposition accuses Goldman Sachs of financing dictatorship'|'CARACAS May 29 The president of Venezuela''s opposition-run Congress on Monday accused Wall Street investment bank Goldman Sachs of "aiding and abetting the country''s dictatorial regime" following a report that it had bought $2.8 billion in bonds from the cash-strapped country.The Wall Street Journal on Sunday said Goldman paid 31 cents on the dollar for bonds issued by state oil company PDVSA that mature in 2022, or around $865 million, citing five people familiar with the transaction.That comes as two months of opposition protests against President Nicolas Maduro have killed almost 60 people and the collapse of the country''s socialist economy has left millions of people struggling to eat."Goldman Sachs'' financial lifeline to the regime will serve to strengthen the brutal repression unleashed against the hundreds of thousands of Venezuelans peacefully protesting for political change in the country," wrote Julio Borges in a letter to Goldman Sachs President Lloyd Blankfein."Given the unconstitutional nature of Nicolas Maduro''s administration, its unwillingness to hold democratic elections and its systematic violation of human rights, I am dismayed that Goldman Sachs decided to enter this transaction."The letter adds that Congress will open an investigation into the transaction and that he will recommend "to any future democratic government of Venezuela not to recognize or pay these bonds."Goldman and Venezuela''s Information Ministry, which fields queries on behalf of the Finance Ministry, did not respond to requests for comment.The bonds were not sold directly by Venezuela''s central bank but rather through an intermediary, three finance industry sources, including one from Goldman, told Reuters on Monday."The intermediaries are in Europe," said the source at Goldman.With Venezuela''s inefficient state-led economic model struggling under lower oil prices, Maduro''s unpopular government has become ever more dependent on financial deals or asset sales to bring in coveted foreign exchange.Venezuela''s international reserves rose by $749 million on Thursday and Friday, reaching around $10.86 billion. That is still down around 50 percent in the last three years. (Reporting by Corina Pons; Writing by Brian Ellsworth; Editing by Alexandra Ulmer and Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/venezuela-goldman-sachs-idINL1N1IV0NY'|'2017-05-29T17:00:00.000+03:00'
'51fddbf70143e32341595188bfb1e75b74d569ab'|'Oversold - Oil traders punish OPEC for promising too much'|'Business   3:47pm BST Oversold - Oil traders punish OPEC for promising too much A TV camera is seen outside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger By Dmitry Zhdannikov , Rania El Gamal and Ernest Scheyder - VIENNA VIENNA As OPEC''s latest meeting wrapped up in Vienna on Thursday night, ministers congratulated each other on its rare spirit of amity and consensus. The talks were, without a doubt, a success. But two hours later, one veteran delegate was staring in despair at the numbers flashing red on his smartphone showing crude down some 5 percent to $51 a barrel. "That is a disaster," he said. While OPEC has worked hard in recent years on improving communication to ensure the right message is delivered to financial markets, Thursday''s experience showed the 14-member group and its non-OPEC allies still have a long way to go. The problem was not what was delivered, but what appeared to have been promised beforehand, industry analysts said. OPEC agreed on Thursday to extend its existing production cuts by nine months - more than the initially suggested six months - in tandem with non-OPEC producers, including Russia. But hints from the group that it could deepen supply cuts, extend them by as long as 12 months, curtail exports and tell the market how exactly it would terminate supply curbs in 2018 had raised market expectations much higher. "OPEC oversold the meeting to the market way too early," Amrita Sen, from the consultancy Energy Aspects, told Reuters in Vienna. The market reaction was all the more disappointing given that from OPEC''s perspective, the meeting went very well. "I have been in OPEC close to 20 years. It''s the first time that I witness 100 percent compliance (with cuts) from OPEC and close to 100 percent from non-OPEC," Iranian Oil Minister Bijan Zanganeh told Reuters afterward. OPEC''s No.3 producer, Iran has repeatedly clashed in past meetings with OPEC''s de-facto leader, its political arch-rival Saudi Arabia. Russia, which effectively is fighting a proxy war with Saudi Arabia in Syria, said on Thursday its energy cooperation with Riyadh would last well into the future. In its statement, OPEC said it could extend curbs further or cut more. Normally, all this would be more than enough to trigger a bull rally. "It''s strange. I don''t know why (the market crashed)" Zanganeh said. WHATEVER IT TAKES OPEC and non-OPEC oil producers first agreed to cut output in December 2016 - the first joint deal in 15 years - and said the curbs could be extended by a further six months. The extraordinary move was aimed at battling a global glut of crude that halved prices from 2014, forcing Russia and Saudi Arabia to tighten their belts and leading to unrest in Venezuela and Nigeria. The cuts helped push oil prices back above $50 per barrel but also spurred growth in the U.S. shale industry, which does not participate in the output deal. That slowed a rebalancing of supply and demand, with global inventories still near record highs. As the price fell back towards $47 in early May, near a six-month low, Saudi Energy Minister Khalid al-Falih said OPEC would do "whatever it takes" to rebalance the market, including a longer extension for the output cuts. "If you declare nine months in advance, people are bound to expect more," Sen said. Russia also added to the expectations by saying this week that cuts could be prolonged by 12 months. The market was also disappointed OPEC did not mention its previously stated plan to bring stocks down from a record high of 3 billion barrels to their five-year average of 2.7 billion, said Olivier Jakob from the Petromatrix consultancy. "The December meeting was a breakthrough," he said. "The meeting yesterday gives us, however, a feeling that OPEC is fatigued by the lack of results so far and does not have a consensus anymore to have the five-year average in stocks as a policy target." 
'e1b35d7003033343257faa61f69cbac5c217ea55'|'California says VW clean car spending plan has shortcomings'|'Environment - Fri May 26, 2017 - 5:15am BST California says VW clean car spending plan has shortcomings FILE PHOTO: A U.S. flag flutters in the wind above a Volkswagen dealership in California, U.S. May 2, 2016. REUTERS/Mike Blake/File Photo By Peter Henderson - SAN FRANCISCO SAN FRANCISCO California regulators said Volkswagen AG''s ( VOWG_p.DE ) spending plan on clean vehicle infrastructure had shortcomings and that it lacked details on how it would help disadvantaged communities as well as promote hydrogen fuel cell technology. The remarks in a Wednesday letter from the California Air Resources Board to VW''s Electrify America come after criticism that the German automaker''s plan, part of a deal to atone for diesel emissions cheating, could give it a competitive advantage on other vehicle and charging station makers and ignore poorer communities where the state wants to promote clean cars. The German automaker agreed to spend $800 million in California, part of a total of $2 billion nationally, after it was caught secretly installing software in diesel vehicles that allowed them to emit excess pollution. The Air Resources Board told VW''s Electrify America that its plan for the first $200 million, 30-month tranche of the California spending plan had shortcomings. It asked VW to explain how it would meet a requirement to spend funds in disadvantaged communities, including installing electric vehicle charging stations. "CARB recommends that Electrify America make every attempt to attain investment of 35 percent of the first 30-month investment cycle in these communities," said the letter, which was seen by Reuters. It also asked VW to describe potential plans for hydrogen vehicles over the 10-year investment period, since California''s zero-emission vehicle plan includes battery-electric and fuel-cell vehicles. Electrify America in a statement said it was committed to investing $2 billion in line with court-approved agreements with the U.S. Environmental Protection Agency and California. It said it was reviewing the state board''s letter. Charging station maker ChargePoint Inc praised regulators for asking VW to focus on disadvantaged communities and ensuring that VW''s efforts were complementary to other investments. Some automakers and charging station companies object to the proposed locations of some charging stations in areas that already have many electric vehicles, concerned about competitive advantages VW could get from the program. In its initial California spending plan, Volkswagen proposed spending $120 million on more than 400 highways and community EV charging stations by 2019, often in high-traffic areas. Environmental justice advocates also have pressed for California regulators to pay more attention to cleaning pollution in less affluent communities. Under the agreement with California and the Justice Department, funds spent on education and outreach must be brand-neutral and cannot feature Volkswagen vehicles. Charging stations must be accessible to all vehicles. (Reporting By Peter Henderson; Editing by Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-autos-california-electric-idUKKBN18M0C2'|'2017-05-26T12:14:00.000+03:00'
'dfb5dc1cfc333f78d7b25bc0f29d50d5bf28ae6a'|'BRIEF-Merck sets quarterly dividend of $0.47 per share'|'Market   1:56pm EDT BRIEF-Merck sets quarterly dividend of $0.47 per share May 23 Merck : * Sees Q2 earnings per share $1.75 - $1.80 - Electrical products group conference presentation MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-merck-sets-quarterly-dividend-of-idUSFWN1IP0OP'|'2017-05-24T01:56:00.000+03:00'
'749162bda09e00f69857c5cb6c13b47597c664f9'|'Boeing wins $1.09 billion U.S. defense contract -Pentagon'|'WASHINGTON Boeing Co ( BA.N ) was awarded a $1.09 billion undefinitized modification to a previously awarded contract for the procurement of Redesigned Kill Vehicle development, the Pentagon said in a statement on Monday.The modification brings the total cumulative face value of the contract to $5.84 billion, the statement said.(Reporting by Eric Beech; Editing by Eric Walsh)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-boeing-pentagon-idUSKBN18I2KW'|'2017-05-23T05:10:00.000+03:00'
'634d14d4ffc5e05208f6b8416441c482642e5b8f'|'Identity thieves used stolen data 9 minutes after it was posted online - May. 26, 2017'|'Identity thieves used stolen data 9 minutes after it was posted online by Selena Larson @selenalarson May 26, 2017: 12:43 PM ET My hack stole your credit card When personal data is dumped online, it can take just nine minutes for bad guys to start using it, according to a report from the Federal Trade Commission. Over the course of three weeks in April and May, the FTC analyzed what happens when hacked personal data is shared online. Researchers created 100 fake consumers and gave them fictitious personal information like names, emails and passwords, and either a credit card, Bitcoin wallet, or online payment account. Then they posted the collection of data on a site popular with leaking stolen credentials, once on April 27 and a second time on May 4. According to Dan Salsburg, acting chief at the FTC''s Office of Technology Research and Investigation, the the FTC observed two types of identity thieves -- those who want to test credit cards'' authenticity to resell them, and those who tried making big purchases on things like clothing or hotels. "There are people laying there in wait, ready to pounce on stolen credentials," Salsburg told CNNTech. Related: Your data is not safe. Here''s how to lock it down Nine minutes after the publication on May 4, thieves began using the data -- a Twitter ( TWTR , Tech30 ) bot picked up the posting, which could have helped speed up hacking attempts. On April 27, it took one and a half hours before the fake credentials were used. All told, there were over 1,200 attempts to access accounts belonging to the fake consumers. That includes a total of $12,825.53 attempted credit card purchases and 493 attempts to access emails. There are ways you can prevent cybercriminals from using your data, even if it''s published online. Salsburg said some of the test accounts were protected by two-factor authentication, a security feature that requires a second code in addition to your password (usually texted to your phone) to log in to your account. It''s not a perfect solution -- if your phone gets stolen, thieves could have access to your backup codes. But it is a simple and effective security tool. Identity thieves did not access the fake accounts with two-factor authentication enabled. CNNMoney (New York) First published May 26, 2017: 12:43 PM ET '|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/05/26/technology/identity-thieves-stolen-data-ftc/index.html'|'2017-05-26T20:43:00.000+03:00'
'5f5d7ee877487c2fe6a7337740264c693d049a20'|'Wall Street flat as consumer stocks'' gains offset by tech, financials'|'By Tanya Agrawal U.S. stocks were little changed in early afternoon trading on Friday, taking a breather after six straight days of gains and ahead of a three-day holiday weekend.Another strong day for consumer stocks was offset by weakness in healthcare and real estate stocks, leaving the market in danger of snapping its six-day winning streak, which is its longest since February.The streak <20> one that included record high closes for the S&P 500 and the Nasdaq on Thursday <20> has put all three major indexes on track to post their strongest weekly gains since the end of April."We''ve reached new highs and we expect days of strong gains. Investors may be taking a breather as we head into the holiday weekend," said Emily Roland, head of investment research at John Hancock Investments in Boston.At 12:32 p.m. ET (1632 GMT) the Dow Jones Industrial Average was down 9.32 points, or 0.04 percent, at 21,073.63, the S&P 500 was down 0.22 points, or 0.00 percent, at 2,414.85.The Nasdaq Composite was up 1.83 points, or 0.03 percent, at 6,207.09.Six of the 11 major S&P sectors were higher, led for the second session in a row by consumer stocks.The consumer staples index rose 0.18 percent and the consumer discretionary index was up 0.16 percent.Shares of Costco Wholesale rose 1.8 percent to $177.99 and was among the biggest drivers of the S&P and Nasdaq, after the warehouse club operator reported a strong profit.Ulta Beauty jumped 3.3 percent, the second most on the S&P, after the company raised its full-year forecast.Deckers Outdoor Corp rose as much as 21 percent to a nine-month high after reporting a surprise quarterly profit.Among the laggards, GameStop fell 6.7 percent to $22.02 as the videogame retailer left its full-year earnings forecast unchanged despite beating profit estimates.Earlier in the day, a report showed that the U.S. economy grew at a 1.2 percent pace in the first quarter, slightly more than the 0.7 percent growth estimated earlier. The higher reading was in line with economists'' expectations.Declining issues outnumbered advancers on the NYSE by 1,402 to 1,393. On the Nasdaq, 1,574 issues fell and 1,163 advanced.The S&P 500 index showed 51 new 52-week highs and eight new lows, while the Nasdaq recorded 78 new highs and 44 new lows.(Reporting by Tanya Agrawal in Bengaluru; Additional reporting by Gayathree Ganesan; Editing by Savio D''Souza and Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-stocks-idINKBN18M1K1'|'2017-05-26T11:56:00.000+03:00'
'da1817626d65428e776c8d9762abc8ea124b65eb'|'Sharp expects first profit in four years on Foxconn''s cost cuts'|'Business   7:22am BST Sharp expects first profit in four years on Foxconn''s cost cuts FILE PHOTO: A man using his mobile phone walks past Sharp Corp''s liquid crystal display monitors showing the company''s Aquos television in Tokyo, Japan, March 30, 2016. REUTERS/Yuya Shino/File Photo By Makiko Yamazaki - CHIBA CHIBA Japan''s Sharp Corp said on Friday it expects to report its first net profit in four years in the year through March 2018 due in part to cost-cutting under the aegis of Taiwan''s Hon Hai Precision Industry Co Ltd (Foxconn). The liquid crystal display manufacturer forecast profit of 59 billion yen (411.6 million pounds), reversing a loss of 24.9 billion yen a year earlier. The outlook compared with the 41.9 billion yen average of nine estimates from analysts surveyed by Thomson Reuters. Sharp also released its first midterm business plan since Foxconn''s $3.8 billion acquisition last year, targeting operating profit of 150 billion yen through the year ending March 2020. With Foxconn having turned around the struggling panel maker, Sharp is now looking to invest in future growth drivers. It teamed up with Foxconn to bid for the chip unit of Toshiba Corp, and last week said it would invest up to $1 billion in SoftBank Group Corp''s technology-focused $100 billion Vision Fund. Sharp also aims to apply to Tokyo''s stock exchange to return to the first section of the bourse''s trading board. Sharp was demoted to the second section in August after its shareholder equity turned negative. (Reporting by Makiko Yamazaki; Editing by Christopher Cushing)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sharp-outlook-idUKKBN18M0I2'|'2017-05-26T14:22:00.000+03:00'
'339e269bfa01f9044d7c428c3dd6711aea8120a7'|'Saudi Aramco to spend $18 billion on growth in the Americas - Motiva'|'  12:26am BST Saudi Aramco to spend $18 billion on growth in the Americas -Motiva A view shows Saudi Aramco''s Manifa oilfield, Saudi Arabia January 22, 2015. Saudi Aramco/Handout via REUTERS HOUSTON Saudi Aramco plans to spend $18 billion in the next five years to expand its operations in the Americas, focusing on its U.S. oil refining subsidiary Motiva Enterprises, Motiva said on Thursday. Motiva [MOTIV.UL] called the $18 billion (13.9 billion pounds) estimate "a general framework of opportunities" to increase refining capacity, branch into chemicals, and expand its commercial operations, marketing and branded presence in the next five years. The company also said the expansion may not be solely focused on its current operations but may involve new sites. It declined to discuss possible expansion locations. Motiva became a wholly owned subsidiary of Saudi Aramco on May 1 with the split of a 19-year partnership between Aramco and Royal Dutch Shell Plc ( RDSa.L ). Aramco-owned Motiva emerged from the breakup with full ownership of a Port Arthur, Texas, refinery, which is the nation''s largest. It also retained the Motiva name, distribution operations across seven U.S. states and rights to use the Shell and 76 brand names on products. "Motiva has made significant strides over the last three years to reposition our business through focused improvement efforts and organic growth opportunities," said Motiva Chief Executive Dan Romasko. Thursday''s announcement did not say if it was intended to supersede Saturday''s similar announcement of investments that were part of the Saudi-U.S. CEO Forum. At that time, the Saudi state-oil giant said it planned an initial investment of $12 billion in Motiva with a likely $18 billion to follow by 2023. That forum coincided with a summit between U.S. President Donald Trump and Saudi King Salman in Riyadh, Saudi Arabia. The press release remained on the summit''s website as of Thursday. ( here ) On Thursday, Motiva said "it has embarked on a growth journey to become the safest and most profitable downstream business in the U.S." Since the completion of the expansion of the Port Arthur refinery in 2012, which more than doubled its capacity to refine 603,000 barrels of crude oil per day, Motiva has weighed plans for further expansion of the plant. Saudi Aramco also has looked at acquiring at least one additional Gulf Coast refinery and visited chemical plants up for sale to expand Motiva''s portfolio. U.S. refiners preparing for domestic gasoline demand to peak within 20 to 30 years are looking at increasing exports of diesel and jet fuel and expanding petrochemical production. (Reporting by Erwin Seba; Editing by James Dalgleish and Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-refinery-plans-motiva-idUKKBN18L2RL'|'2017-05-26T04:51:00.000+03:00'
'f38e4617015a6712a502deb83f785b44edd001e1'|'In Aramco IPO pitch, Canada plays up its natural resources expertise'|'Money   11:27pm IST In Aramco IPO pitch, Canada plays up its natural resources expertise Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo By Alastair Sharp - TORONTO TORONTO The Toronto Stock Exchange''s efforts to win a slice of the massive Saudi Aramco public listing plays up the country''s deep experience in natural resources as part of a broader offer to help the kingdom with its shift away from oil dependence. In pitch documents obtained by Reuters, the TSX talks up "a customized regulatory environment for resource issuers", its leading position in oil and gas equity capital raising, and strong trading interest from outside the country. The Canadian pitch is also broader than just for a slice of the Aramco IPO. On several trips to the kingdom, the most recent in late March, TMX executives have been joined by senior executives from some of the country''s biggest banks, brokerages and other financial players as Canada Inc seeks a role in delivering the kingdom''s broader Vision 2030 plan. One source directly involved in the Canadian pitch told Reuters they are focused on convincing the Saudis that Canada excels in 10 of the 12 areas they have targeted for development under that plan, including in mining and infrastructure. The source declined to be named due to the sensitivity of the matter. But its best chance of winning a part of the biggest IPO ever, expected to raise about $100 billion as early as next year, may lie in its geography and geopolitics, securities lawyers say. While the exchange, owned by the TMX Group Ltd, is widely considered an underdog in a race that has also excited larger exchanges in London, New York, Tokyo, Hong Kong and Singapore, its case could be bolstered by a recent change in U.S. law that allows those affected by the September 11, 2001 attacks to sue the Saudi government, they said. "We feel that we have put TMX and Canada''s best foot forward and we continue to promote our strengths in pursuit of business opportunities in the region and around the world," TMX said in a statement. The London Stock Exchange is working on a completely new type of listing structure to woo Aramco, Reuters has reported. "We are inoffensive from a political perspective," said Sarah Gingrich, a Calgary-based partner at Fasken Martineau, who has previously worked in Dubai with Saudi clients for international law firm Freshfields. Nasdaq, which is a technology partner to Saudi Arabia''s exchange, is also pitching for the listing. In a March 17 interview with the Wall Street Journal, the Saudi energy minister, Khalid al-Falih, said the so-called "terror law" is one consideration in the country''s decision on whether to list in the United States. Falih, who is Aramco''s chairman, declined to comment on the IPO process when reached by Reuters. It was not clear if the issue was discussed during U.S. President Donald Trump''s recent visit. A spokeswoman for the NYSE, which sources have said planned to visit Saudi soon after Trump''s visit, declined to comment on their efforts to win Aramco''s business. SMALL MARKET, BIG ENERGY FOCUS Canada-listed oil and gas companies raised 22 percent of global energy financing over the past five years, the TMX pitch documents show, second behind the NYSE''s 44 percent. The documents put Canada in third place behind Chinese and Hong Kong exchanges, and the United States for total capital raised in 2016, noting that TSX-listed companies raised 28 percent more than fourth-placed LSE. They say more than 40 percent of TSX trading originates outside the country and that bid-ask spreads, a key measure of liquidity, are among the lowest in the world. Still, while Canada boasts significant expertise in oil and gas financing and strong interest from both institutional and retail investors, it is dwarfed by the much larger U.S. market. The oil and gas companies lis
'14d43df1e9e066b6d6f7f41aff7d2c6d4414f50e'|'Total CEO says OPEC cut decision gives visibility until at least 2018'|' 59pm BST Total CEO says OPEC cut decision gives visibility until at least 2018 French oil and gas company Total Chief Executive Officer Patrick Pouyanne attends a shareholders meeting in Paris, France, May 24, 2016. REUTERS/Charles Platiau PARIS The decision by oil producing countries to extend production cuts agreement by nine months gives the market much needed visibility until at least 2018, the Chief Executive of French oil and gas company Total ( TOTF.PA ) said on Friday. The Organization   (OPEC) and non-members led by Russia decided on Thursday to extend cuts in oil output by nine months to March 2018 as they battle a global glut of crude. "It was a good decision. It was good because it goes beyond 6 months and gives visibility until 2018, and does not make everything dependent on the next OPEC meeting on November 30," Pouyanne told journalists on the sidelines of Total''s annual shareholders meeting in Paris. Pouyanne said he expected oil stocks to start reducing in the second half of the year and if that happens, markets will react accordingly. "Between the decision and the strong demand that is expected this summer, we''ll see the stocks move, however, the U.S. production remains the unknown, as always," Pouyanne said. (Reporting by Bate Felix; Editing by Maya Nikolaeva)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-total-ceo-opec-idUKKBN18M1CW'|'2017-05-26T19:59:00.000+03:00'
'387760edfce504e4d2f22efb2b096d4f45127103'|'Stuttgart prosecutor puts Bosch under suspicion in Daimler emissions probe'|'Environment   12:08pm BST Stuttgart prosecutor puts Bosch under suspicion in Daimler emissions probe The Mercedes-Benz logo is seen before the company''s annual news conference in Stuttgart, Germany, February 4, 2016. REUTERS/Michaela Rehle/File Photo FRANKFURT German prosecutors investigating whether carmaker Daimler manipulated emission tests on its diesel cars are looking at whether auto components supplier Bosch [ROBG.UL] was involved in the alleged fraud, it was confirmed on Friday. "There is an investigation into aiding and abetting fraud," a spokesman for the Stuttgart prosecutor said following a media report published on Thursday. The spokesman added that the Bosch investigation started a couple of weeks ago and was tied to the continuing probe of Daimler, the owner of the Mercedes-Benz brand. Bosch is a provider of engine management software to Daimler and prosecutors are investigating whether the carmaker made use of illegal software to cheat emissions tests. The latest investigation of Bosch in connection with Daimler comes in addition to a separate inquiry in which Stuttgart prosecutors are looking at what role Bosch may have had in helping engineers at Volkswagen ( VOWG_p.DE ) manipulate diesel emissions. The new probe targets "unknown individuals", the spokesman for the public prosecutor''s office said. A spokesman for Bosch said: "As a matter of policy, and due to the sensitive legal nature of these matters, Bosch will not comment further concerning matters under investigation and in litigation." This week prosecutors searched Daimler''s offices as part of the investigation into diesel emissions and said they were in touch with the U.S. authorities. Earlier this month a U.S. federal judge gave final approval for Bosch to pay $327.5 million to U.S. owners of VW diesel cars for its role in developing the engines and as part of a broader settlement to buy back the polluting vehicles. Bosch admitted no wrongdoing in the settlement. (Reporting by Edward Taylor; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-daimler-emissions-bosch-idUKKBN18M172'|'2017-05-26T19:01:00.000+03:00'
'f94358e48709484cf23760bce77a598603ca6980'|'Wilbur Ross seeks bigger budget for trade enforcement'|'Business News  10pm EDT Wilbur Ross seeks bigger budget for trade enforcement U.S. Commerce Secretary Wilbur Ross testifies before a House Appropriations Subcommittee about the newly released 2018 budget on Capitol Hill in Washington, D.C., U.S. May 25, 2017. REUTERS/Aaron P. Bernstein WASHINGTON U.S. Commerce Secretary Wilbur Ross said on Thursday that a $5.5 million increase requested for the agency''s enforcement budget this year will have a "real impact" in cracking down on unfair trade practices and export security violations. Ross told a House Appropriations subcommittee that an additional $4.5 million requested by the Trump Administration for the International Trade Administration''s enforcement and compliance section will fund 29 new positions whose primary focus will be the self-initiation of antidumping and antisubsidy investigations. Ross has pledged to have the Commerce Department take the lead in launching trade cases on behalf of industries that lack the resources or the organization to pursue them. "We will ensure that no country or foreign corporation can take unfair advantage of U.S. markets," Ross said. The enforcement increases are contained in the Trump administration''s fiscal 2018 budget requests, which propose deep cuts to food assistance, health care and other social programs along with increases in military spending. Commerce also would get a $1 million increase in funding for the Bureau of Industry and Security (BIS), the division that enforces export controls on sensitive technologies. Ross said this would fund 19 new special agents at the division that took the lead in an investigation that led to a criminal fine of $1.19 billion against China''s ZTE ( 000063.SZ ) for violating trade sanctions on Iran and North Korea. "BIS took the lead in cracking this case open. So I am confident that these 19 additional agents, and the bandwidth they represent, will have real impact," Ross said. (Reporting by David Lawder; Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trade-ross-idUSKBN18L28H'|'2017-05-26T00:10:00.000+03:00'
'de25e98c090b9099f0e45334ddc652b3f007f761'|'BOJ''s Sakurai rules out near-term hike in yield target'|'Central Banks - Thu May 25, 2017 - 3:32am BST BOJ''s Sakurai rules out near-term hike in yield target Bank of Japan''s (BOJ) board member Makoto Sakurai speaks during an interview with Reuters at the BOJ headquarters in Tokyo, Japan, September 1, 2016. REUTERS/Toru Hanai By Leika Kihara - SAGA, Japan SAGA, Japan Bank of Japan board member Makoto Sakurai ruled out the chance of an imminent hike in the central bank''s bond yield target, stressing the need to maintain its massive stimulus programme to prop up inflation and fend off overseas economic risks. Sakurai said rising protectionist sentiment in the world was among risks to Japan''s economic outlook, warning that protectionism would disrupt supply chains, dent trade and hurt prospects of a sustained global recovery. With Japan''s economy recovering steadily, policymakers should not seek to "forcefully" stimulate short-term demand, Sakurai said, shrugging off the need to deliver additional monetary stimulus measures any time soon. The BOJ, however, must also hold off on withdrawing stimulus any time soon with inflation well below its 2 percent target, said Sakurai, among the strongest proponents of aggressive monetary easing in the central bank''s nine-member board. "There were some views in the market that the BOJ would consider raising its long-term interest rate target in the near future," Sakurai said in a speech to business leaders in Saga, southern Japan, on Thursday. "But underlying price growth remains moderate and uncertainties on overseas economies persist. It is therefore crucial to patiently maintain our monetary easing." Under a new policy framework adopted last year, the BOJ has pledged to guide short-term interest rates to minus 0.1 percent and cap the 10-year government bond yield around zero percent. Growing signs of life in Japan''s economy have presented the BOJ with a fresh communications challenge, pushing it to be clearer with markets on how it might dial back its stimulus - even though such action remains a long way off. (Editing by Chang-Ran Kim and Jacqueline Wong) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-boj-idUKKBN18L06R'|'2017-05-25T09:56:00.000+03:00'
'6dd8843832b8d6397dec69c9f044b3f893b551e1'|'U.S. first-quarter GDP revised up to 1.2 percent'|'  2:31pm BST U.S. first-quarter GDP revised up to 1.2 percent FILE PHOTO - A crane flies an American flag over a construction site in downtown Los Angeles, California October 29, 2014. REUTERS/Mike Blake WASHINGTON U.S. economic growth slowed less sharply in the first quarter than initially thought, but the weakness was likely an aberration amid a strong labour market that is near full employment. Gross domestic product increased at a 1.2 percent annual rate instead of the 0.7 percent pace reported last month, the Commerce Department said in its second estimate on Friday. That was the weakest performance since the first quarter of 2016 and followed a 2.1 percent rate of expansion in the fourth quarter. The government revised up its initial estimate of consumer spending growth, but said inventory investment was far smaller than previously reported. The sluggish first-quarter growth pace is, however, probably not a true reflection of the economy''s health. GDP for the first three months of the year tends to underperform because of difficulties with the calculation of data that the government has acknowledged and is working to resolve. Economists polled by Reuters had expected GDP growth would be revised up to a 0.9 percent rate. Still, the weak performance at the start of the year is a blow to President Donald Trump''s ambitious goal to sharply boost economic growth rates. During the 2016 campaign Trump had vowed to lift annual GDP growth to 4 percent, though administration officials now see 3 percent growth as more realistic. The Trump administration has proposed a range of measures to spur faster economic growth, including big tax cuts. But analysts are sceptical that fiscal stimulus, if it materializes, will fire up the economy given weak productivity and labour shortages in some areas. There are signs GDP growth regained speed early in the second quarter, with industrial production accelerating in April. But hopes of a sharp rebound in growth have been tempered by weak business spending, a modest increase in retail sales last month, a widening of the goods trade deficit and decreases in inventory investment. Economic growth in the first quarter was hobbled by a near stall in consumer spending and a sharp slowdown in the pace of inventory accumulation by businesses. Growth in consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose at a 0.6 percent rate instead of the previously reported 0.3 percent pace. That was still the slowest pace since the fourth quarter of 2009 and followed the fourth quarter''s robust 3.5 percent growth rate. Businesses accumulated inventories at a rate of $4.3 billion in the last quarter, rather than the $10.3 billion reported last month. Inventory investment increased at a $49.6 billion rate in the October-December period. Inventories subtracted 1.07 percentage point from GDP growth instead of the 0.93 percentage point estimated last month. Business spending on equipment was revised to show it rising at a 7.2 percent rate in the first quarter rather than the 9.1 percent that was previously reported. The government also reported that corporate profits after tax with inventory valuation and capital consumption adjustments fell at an annual rate of 2.5 percent in the first quarter after rising at a 2.3 percent pace in the previous three months. (Reporting by Lucia Mutikani; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-economy-gdp-idUKKBN18M1GX'|'2017-05-26T20:48:00.000+03:00'
'424b07fc6c233008e39b55cb7ff1bbda5f140b8d'|'CVC-owned paper firm Lecta says plans to float shares in Spain'|'Business News - Fri May 26, 2017 - 10:38am BST CVC-owned paper firm Lecta says plans to float shares in Spain MADRID Paper manufacturing company Lecta, owned by British private equity firm CVC Capital Partners, said on Friday it intended to list on the Spanish stock exchange and raise around 315 million euros (<28>274.67 million) by issuing new shares. Those new shares would be sold to institutional investors in a private placement, and the firm said some of its shareholders would also sell all or part of their stock in a secondary offering. Barcelona-based Lecta - one of southern Europe''s biggest paper manufacturers with mills in Italy, France and Spain - said it would use proceeds from the sale of new shares to pay down debt and cover expenses of the offering, including a bonus to management. Credit Suisse and UBS are joint global coordinators on the offering. (Reporting by Jose Elias Rodriguez, Writing by Sarah White)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lecta-ipo-idUKKBN18M0Y9'|'2017-05-26T17:38:00.000+03:00'
'240683108cc910c55a2a55be501006aaef83f2f3'|'CANADA STOCKS-TSX dips as oil price drop offsets bank earnings'|'Market News   5:06pm EDT CANADA STOCKS-TSX dips as oil price drop offsets bank earnings (Adds portfolio manager quotes and details on energy stocks, updates prices) * TSX closes down 8.76 points, or 0.06 percent, at 15,410.73 * Energy falls 2.5 percent * Just three of the TSX''s 10 main groups end lower By Fergal Smith TORONTO, May 25 Canada''s main stock index dipped on Thursday as a plunge in oil prices weighed on energy shares, offsetting gains for industrials and financials after quarterly earnings from some major banks impressed investors. U.S. crude prices settled $2.46 lower at $48.90 a barrel after the Organization of the Petroleum Exporting Countries'' decision to extend production curbs fell short of expectations of deeper or longer cuts. "Regardless of what OPEC does, U.S. shale producers can produce at these prices or lower, so that is going to continue to put an upward cap on the energy price," said Mike Archibald, associate portfolio manager at AGF Investments. Canadian Natural Resources Ltd fell 2.0 percent to C$40.21, while the overall energy group tumbled 2.5 percent. The group has lost nearly 18 percent since posting a 19-month high in December. The sector is cheap but needs a more sustainable upswing in the price of oil to attract investors, particularly U.S. money managers, Archibald said. The Toronto Stock Exchange''s S&P/TSX composite index closed down 8.76 points, or 0.06 percent, at 15,410.73. Just three of the index''s 10 main groups ended lower. Industrials rose 1.2 percent as railroad stocks climbed, while the financials group, which accounts for a third of the index''s weight, gained 0.3 percent. The country''s biggest bank, Royal Bank of Canada, rose 0.8 percent to C$93.74 after reporting an 11 percent profit increase, beating market forecasts, on strong performances in its capital markets and wealth management businesses. Canada''s second-largest lender, Toronto-Dominion Bank , was up 1.5 percent at C$64.01. Its earnings also exceeded expectations, helped by a strong performance at its retail and investment banking businesses. But No. 5 bank Canadian Imperial Bank of Commerce fell 1.0 percent to C$105.24 after reporting a softer beat than its two larger peers. "What you are seeing out of the broader bank reports in the last couple of days is that loan loss provisions continue to be in a solid position," said Archibald. Manulife Financial Corp, Canada''s biggest life insurer, was up 0.6 percent at C$23.69 after it named Roy Gori, an executive from its Asia division, to replace the retiring Donald Guloien as chief executive officer. Forestry products company Tembec Inc jumped 41.4 percent to C$4.17 after accepting a buyout offer from Rayonier Advanced Materials Inc for C$4.05 a share. (Additional reporting by Alastair Sharp; Editing by Lisa Von Ahn and Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1IR1TE'|'2017-05-26T05:06:00.000+03:00'
'7385b1dbf42b7a8f232c14e2e80a8f7979fa4ae4'|'BRIEF-Nokia and Frontier Communications deploy G.fast technology to expand gigabit ultra-broadband access across Connecticut'|'Company  27am EDT BRIEF-Nokia and Frontier Communications deploy G.fast technology to expand gigabit ultra-broadband access across Connecticut May 25 Frontier Communications Corp * Nokia - Nokia And Frontier Communications deploy G.Fast Technology to expand gigabit ultra-broadband access across Connecticut Source text for Eikon:   * Phase 1 safety study supports planned development of PCM-075 in AML MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-nokia-and-frontier-communications-idUSFWN1IR0CX'|'2017-05-25T20:27:00.000+03:00'
'2f6eb6ea6326d3db45df7345ef0e902d722e2898'|'Royal Bank of Canada''s quarterly earnings beat market forecasts'|'Market News - Thu May 25, 2017 - 6:08am EDT Royal Bank of Canada''s quarterly earnings beat market forecasts TORONTO May 25 Royal Bank of Canada reported an 11 percent increase in second quarter earnings, beating market forecasts, helped by a strong performance in its capital markets and wealth management businesses. The bank on Thursday said earnings per share, excluding one-off items, rose to C$1.85 per share in the quarter to April 30 from C$1.66 a year earlier. Analysts had on average forecast earnings of C$1.80, according to Thomson Reuters I/B/E/S data. (Reporting by Matt Scuffham; editing by Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/rbc-results-idUSL1N1IP0X2'|'2017-05-25T18:08:00.000+03:00'
'649dfc972e0b2656191a94090306d7faf05494a9'|'Hundreds protest over minimum wage at McDonald''s stockholder meeting'|'By Bob Chiarito - OAK BROOK, Ill. OAK BROOK, Ill. Hundreds of fast-food workers demanded wage increases as they marched outside McDonald''s Corp ( MCD.N ) headquarters during the company''s annual shareholder meeting on Wednesday.The demonstrators were part of a nationwide protest organised by "Fight for 15," a labour group that has regularly targeted McDonald''s in calls for higher pay and union rights for workers.More than two dozen protesters were arrested outside the United Continental Holdings Inc ( UAL.N ) shareholder meeting in downtown Chicago. [nL1N1IQ1PM]"I saw my mother, who worked 30 years for Hardee''s, struggle on food stamps to raise her family and now I''m doing the same thing," said Terrance Wise, a 42-year-old from Kansas City, protesting outside the McDonald''s meeting in a Chicago suburb.Wise, who has worked at McDonald''s for three years, said he earns $7.65 an hour working full time. He said he also relies on food stamps to support his three daughters."Instead of paying their CEO $15 million, they should give him $10 million and pay their workers what<61>s right," he said. The main demand of "The Fight for 15" is a minimum wage of $15 an hour.Chief Executive Officer Steve Easterbrook earned $15.3 million in total compensation last year, according to company data.Shareholders inside the McDonald''s meeting did not ask about the protests during a question-and-answer session.Easterbrook focused on the fast-food giant''s plans for delivering food with UberEats and the rollout of new products. [nL4N1HX4ED]The company says it invests in its workers by helping them to earn college degrees and acquire on-the-job skills. In 2015, the company raised the average hourly pay to around $10 for workers in the restaurants it owns.However, most McDonald''s workers in the United States are employed by franchisees who set their own wages.Hopes for an increase in the $7.25-per-hour federal minimum wage were dashed last year when Republicans retained control of Congress in the U.S. elections last November. Opponents of an increase say higher costs would force restaurants to cut hiring, and some businesses would not survive. [nL1N1DU0J6]Still, voters in Arizona, Colorado, Maine and Washington have approved minimum wage increases in their states, encouraging advocates to continue pressing their case at the local level. Workers on Wednesday also gathered outside of a McDonald''s store near downtown Los Angeles.In Chicago, 30 protesters outside the United Continental meeting were arrested and cited for blocking a road, Chicago police said.More than 100 protesters were arrested during nationwide demonstrations several weeks after Donald Trump won the White House in November. At various times on the campaign trail, Trump suggested U.S. workers were overpaid, but also that the minimum wage should be raised.(Additional reporting by Anya George Tharakan in Bengaluru and Lucy Nicholson in Los Angeles; Writing by Timothy Mclaughlin in Chicago; Editing by Frances Kerry and Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-wages-protest-idINKBN18L03Z'|'2017-05-25T09:12:00.000+03:00'
'bebecdea58a501e545f26d8b1c33802820c5058c'|'U.S. court fines UPS $247 million over illegal cigarette shipments'|'Business News - Fri May 26, 2017 - 4:20am BST U.S. court fines UPS $247 million over illegal cigarette shipments FILE PHOTO: United Parcel Service air craft are being loaded with air containers full of packages bound for their final destination at the UPS Worldport All Points International Hub during the peak delivery month in Louisville, Kentucky, December 3, 2015. REUTERS/John Sommers II/File Photo A federal judge ordered United Parcel Service Inc to pay nearly $247 million (191.8 million pounds) in damages and penalties for "illegally shipping" large volumes of untaxed cigarettes in New York state and City, a court filing showed on Thursday. UPS said it was extremely disappointed with the court''s ruling and would appeal the decision. "The court''s monetary award is excessive and far out of the bounds of constitutional limits, particularly given that the shipments at issue generated around $1 million in revenue," UPS said in an emailed statement. The ruling by District Judge Katherine Forrest of Manhattan justified the amount saying the court was convinced "modest penalties" will not make a "sufficient corporate impact" on UPS. In total, New York state is awarded $165.8 million and plaintiff New York City is awarded $81.2 million. The parties had to file certain required information to the court before April 7 in which UPS'' court submissions showed a "lack of cooperation" and "odd abrasiveness," according to the court ruling. The ruling said the court was "troubled" by the UPS'' "consistent unwillingness to acknowledge its errors". The federal judge in March held UPS liable for having illegally shipped hundreds of thousands of cartons of untaxed cigarettes in New York, depriving the state and New York City of millions of dollars of taxes. Judge Forrest then said the state and city were entitled to compensatory damages and fines, and that UPS'' "high degree of culpability" meant "significant penalties" were appropriate. The state and city had sought more than $872 million. "We are pleased that the award of nearly $247 million to the city and state reflects the serious nature of the offenses at issue. Cigarette smoking is a leading cause of preventable death and the city and the state will continue in their efforts to protect the public health," said New York City Corporation Counsel Zachary Carter. UPS was accused of having shipped since 2010 more than 683,000 cartons of untaxed "contraband" cigarettes to unlicensed wholesalers, unlicensed retailers and residences, often from smoke shops on Indian reservations. The case is the State Of New York and the City Of New York v United Parcel Service Inc, U.S. District Court for the Southerrn District of New York, Case 1:15-cv-01136-KBF. (Reporting by Diptendu Lahiri and Kanishka Singh in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-united-parcel-lawsuit-idUKKBN18M09M'|'2017-05-26T11:20:00.000+03:00'
'1dd033be51d25bbc8872bde83002da8a78924c19'|'Oil prices see-saw, sterling hit as May''s lead shrinks'|'Top   4:52pm BST Oil prices see-saw, sterling hit as May''s lead shrinks left right FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol/File Photo 1/2 left right The German share prize index (DAX) board is seen at the trading room of stock exchange in Frankfurt, Germany, May 8, 2017. REUTERS/Kai Pfaffenbach - RTS15MH4 2/2 By Hilary Russ - NEW YORK NEW YORK Oil prices see-sawed on Friday after OPEC extended cuts in oil production but disappointed investors by not going further, while sterling slid after a poll showed the ruling Conservatives'' lead shrinking two weeks before an election. World shares bounced around, with Wall Street turning slightly negative after six straight days of gains as another strong day for consumer stocks offset weakness in financial and technology companies. The Dow Jones Industrial Average .DJI fell 15.42 points, or 0.07 percent, to 21,067.53, the S&P 500 .SPX lost 0.59 points, or 0.02 percent, to 2,414.48 and the Nasdaq Composite .IXIC added 0.19 points, or 0 percent, to 6,205.45. European stocks fell .FTEU3 as turbulence in oil markets, and the prospect of tough talks at a meeting of G7 leaders met in Italy, undermined risk appetite. Britain''s pound tumbled to a more than four-week low of $1.2772. It was last down 1.18 percent at $1.2785. The first opinion poll since a suicide bombing killed 22 people indicated Britain''s opposition Labour Party had cut the Conservative Party''s lead to five points, with less than a fortnight to go to the parliamentary election. Prime Minister Theresa May has said a big win would strengthen her hand in Brexit negotiations. "With this kind of momentum and almost two weeks to go until the vote, not only is this not going to be the breeze that May anticipated when she called the snap election last month, it could yet turn into a humiliating defeat for the Conservative leader and her party," said Craig Erlam, senior market analyst at OANDA. The sterling selloff was seen boding well for British exporters, however. British stock markets .FTSE .FTMC bucked the downward trend and hit record highs. Shares in Asia dropped. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.08 percent lower, while Japan''s Nikkei .N225 lost 0.64 percent. MSCI''s gauge of stocks across the globe .MIWD PUS shed 0.16 percent. On Thursday in Vienna, the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers agreed to extend a cut in oil production by nine months until March 2018 as they grapple with a supply glut. But that disappointed investors betting on longer or larger curbs. After opening sharply lower, U.S. crude CLc1 rose 0.67 percent to $49.22 per barrel and Brent LCOc1 was last up 0.43 percent at $51.68 on the day. Meanwhile, analysts said there was caution in the markets ahead of a meeting of leaders from the world''s richest economies that was expected to expose deep divisions with U.S. President Donald Trump over trade and climate change. The G7 summit comes after Trump criticized NATO allies'' military spending and condemned German trade policies a day earlier. The dollar index .DXY rose 0.22 percent, with the euro EUR= down 0.3 percent to $1.1175. The U.S. economy slowed less than initially thought in the first quarter as gross domestic product increased at a 1.2 percent annual rate. Spot gold XAU= hit its highest level in nearly four weeks, boosted by the risk-off sentiment because of political uncertainty. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets (Additional reporting by Dhara Ranasinghe in London, Tanya Agrawal in Bengaluru; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN18M0TH'|'2017-05-26T22:07:00.000+03:00'
'3937af878618f0cca71b914943567d4626c71df1'|'PRESS DIGEST- British Business - May 26'|'Market News  16pm EDT PRESS DIGEST- British Business - May 26 May 26 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times The Manchester bomber is believed to have planned the attack for at least a year and bought nails and screws for the atrocity in two trips to DIY stores in the city. bit.ly/2rmDgAz The Guardian A group of "diehard" shareholders determined to see former Royal Bank of Scotland Chief Executive Fred Goodwin in court are refusing to accept a settlement in their 700 million pounds ($904.89 million)legal claim against the bank. bit.ly/2rmoytc The TUC has urged the next government to take action to boost pay as it warned that borrowing to top up wages was poised to breach the record levels hit just before the financial crisis of a decade ago. bit.ly/2rmKNiT The Telegraph The chairman of Lloyds Banking Group has dismissed a warning made by his counterpart at HSBC that the City could collapse like a Jenga tower following Brexit and predicted that financial services firms would cope if the UK left the EU without a deal. bit.ly/2rmBH5l A key associate of mining magnate Beny Steinmetz has declined to testify at an arbitration hearing in Paris at the last minute, on the advice of his lawyers. bit.ly/2rmzWVS Sky News Fever-Tree boss Charles Rolls sold 3.9 percent stake in the company for 73 million pounds. bit.ly/2rmFBLM Jeremy Corbyn is making a controversial return to election campaigning after the Manchester bomb attack with a speech blaming UK foreign policy for terrorism at home. bit.ly/2rmU76f The Independent Theresa May is urging the world''s leading industrial nations to come together to pressure tech companies to remove "harmful" extremist content from the web. ind.pn/2rmsNVQ ($1 = 0.7736 pounds) (Compiled by Gaurika Juneja in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL4N1IR60B'|'2017-05-26T07:16:00.000+03:00'
'dd3f103576e4c257ad8656c606417533782cd962'|'May and Trump reaffirm UK-U.S.trade commitment - May''s spokesman'|'Business   4:17pm BST May and Trump reaffirm UK-U.S.trade commitment - May''s spokesman U.S President Donald Trump walks with British Prime Minister Theresa May at the G7 summit in Taormina, Sicily, Italy, in this photo released by the British government, May 26, 2017. British government/Handout via REUTERS TAORMINA, Italy British Prime Minister Theresa May and U.S. President Donald Trump renewed their commitment to increase trade between the two countries during a meeting at the G7 summit in Italy, May''s spokesman said. "The president and the prime minister reaffirmed their commitment to increasing trade between the UK and the U.S., including a post-Brexit trade deal," the spokesman said. (Reporting by Elizabeth Piper, writing by William James, editing by William Schomberg)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-may-trump-idUKKBN18M1X9'|'2017-05-26T23:17:00.000+03:00'
'5157e65d7ad6d00cacbed040fe12623e7b083821'|'TREASURIES-U.S. bond yields steady on month-end buying'|'* Month-end bond rebalancing offsets mild Q1 GDP upgrade * U.S. 2-, 10-year part of yield curve flattest in seven months * Traders see U.S. Fed on track to raise rates in June * U.S. bond market closes early at 2 p.m. (1800 GMT) * Investors (Updates market action, adds Quote: ) By Richard Leong NEW YORK, May 26 U.S. Treasury yields held steady in shortened trading on Friday as bond purchases for month-end portfolio rebalancing offset news of a larger-than-expected upward revision to gross domestic product in the first quarter. The struggle of the S&P 500 and Nasdaq indexes to break above the record highs set on Thursday underpinned some safe-haven demand for U.S. government debt ahead of a holiday weekend, analysts said. The U.S. bond market closed early at 2 p.m. EDT (1800 GMT) and will be shut on Monday for the U.S. Memorial Day holiday. "People are squaring up before the long weekend," said Kathy Jones, chief fixed income strategist at Schwab Center for Financial Research in New York. Bond yields bounced in a tight range this week as investors made room for a hefty amount of Treasury corporate supply. They also received news on OPEC''s plan to extend an oil output cut and minutes on the Fed''s May 2-3 policy meeting which signaled policy-makers thinking on a possible reduction of its $4.5 trillion balance sheet. "People were holding their breath before the Fed minutes and the OPEC meeting and breathed a sigh of relief after getting passed them," said Gene Tannuzzo, senior portfolio manager at Columbia Threadneedle in Minneapolis. The benchmark 10-year Treasury yield was down 0.5 basis point at 2.250 percent, ending marginally higher on the week. It traded in a tight seven-basis-point range this week on light trading volume, Reuters data showed. The drop in the 10-year yield narrowed its gap with the two-year yield to 95 basis points after reaching 93.6 basis points which was the tightest in seven months, according to Tradeweb. This flattening of the yield curve suggests bets on faster U.S. growth and inflation are fading as there have been little progress in Washington on tax cuts and other economic stimulus. Still Friday''s data signaled the U.S. economy was expanding, albeit at a modest clip. This may allow the Federal Reserve to raise interest rates further and to begin paring its $4.5 trillion balance sheet. Gross domestic product grew at a 1.2 percent annual rate in the first quarter, faster than the 0.7 percent pace reported last month, the Commerce Department said. Rates futures implied traders saw an 88 percent chance the Fed would increase rates by a quarter point to 1.00-1.25 percent at its June 13-14 policy meeting, up from 83 percent on Thursday, CME Group''s FedWatch program showed. Friday, May 26 at 1410 EDT (1810 GMT): Price US T BONDS JUN7 153-30/32 0-3/32 10YR TNotes JUN7 126-52/256 0-8/256 Price Current Net Yield Change (pct) (bps) Three-month bills 0.92 0.9348 0.003 Six-month bills 1.055 1.0753 0.000 Two-year note 99-232/256 1.2976 0.000 Three-year note 100-32/256 1.4566 0.000 Five-year note 99-206/256 1.791 0.002 Seven-year note 99-148/256 2.065 -0.002 10-year note 101-28/256 2.25 -0.005 30-year bond 101-172/256 2.9159 -0.005 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 23.50 -0.25 spread S U.S. 3-year dollar swap 21.00 -0.50 spread U.S. 5-year dollar swap 8.50 0.00 spread U.S. 10-year dollar swap -5.25 0.25 spread U.S. 30-year dollar swap -43.75 0.50 spread (Editing by Lisa Von Ahn and Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1IS104'|'2017-05-26T16:15:00.000+03:00'
'29f0b5e27f8a99829462305c8fc10b56cdb258cf'|'Commodity currencies nurse losses after oil slumps; pound falters'|'SINGAPORE Commodity currencies got off to a shaky start on Friday, having tracked oil prices lower, after a meeting of OPEC countries disappointed some investors who had hoped for larger production cuts.Sterling slipped after an opinion poll showed that Britain''s opposition Labor Party has cut the lead of Prime Minister Theresa May''s Conservatives to five points ahead of a June 8 national election.The pound fell 0.3 percent to $1.2908 GBP=D3 . That added to the 0.3 percent loss on Thursday, after data showed Britain''s economy slowed more than previously thought in the first quarter of the year.Commodity-linked currencies struggled to gain traction after having taken a hit overnight from a tumble in oil prices.OPEC and non-members led by Russia decided on Thursday to extend cuts in oil output by nine months to March 2018 as they battle a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.But oil prices tumbled 5 percent on Thursday as the outcome disappointed some investors who had been hoping for deeper production cuts or a further extension.The Canadian dollar CAD=D4 was last trading at C$1.3484 CAD=D3 per U.S. dollar, down from a five-week high of C$1.3388 touched at one point on Thursday.The Australian dollar AUD=D3 eased 0.1 percent to $0.7447, staying on the defensive after shedding 0.7 percent on Thursday.The weakness in commodity currencies gave some respite to the U.S. dollar, which has been on the defensive after the Federal Reserve''s minutes of the May policy meeting released on Wednesday dialled down on some of the more hawkish policy expectations in the market.The greenback''s underlying trend doesn''t look very strong, however, said Satoshi Okagawa, senior global markets analyst at Sumitomo Mitsui Banking Corporation in Singapore.Okagawa said that one message from the Fed minutes was that the U.S. central bank is likely to take a gradual and flexible approach to reducing its balance sheet."That has helped U.S. yields to settle down and has led to weakness in the dollar," he added.The dollar index, which measures the greenback against a basket of six major rivals, last traded at 97.307 .DXY.On Monday, the dollar index had touched a low of 96.797, its lowest level since Nov. 9. For the week, the dollar index was clinging to a gain of about 0.2 percent.The greenback has been bruised recently by uncertainty about U.S. economic policies. Markets worried that the political uproar in the wake of U.S. President Donald Trump''s firing of James Comey as FBI director could delay efforts by Trump to implement his plans for pro-growth tax reforms.Against the yen, the dollar eased 0.1 percent to 111.74 yen JPY= , staying below a one-week high of 112.13 yen touched on Wednesday.The euro eased 0.1 percent to $1.1199 EUR= , having backed away from a 6-1/2 month high of $1.1268 set this week.The common currency has enjoyed a bull run this month on factors including an ebb in French political concerns and upbeat euro zone data.(Reporting by Masayuki Kitano; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-forex-idUKKBN18M02K'|'2017-05-26T09:02:00.000+03:00'
'c2fece1caa67c5779472172b0ec52b4ad04e3dff'|'The Senate Can<61>t Pass Health Care Without This Man'|'Bill Cassidy, the first-term Republican senator from Louisiana, thinks the House<73>s Obamacare repeal bill failed to consider the impact it will have on one crucial constituency: patients. A medical doctor whose political life was forged in the aftermath of Hurricane Katrina and during decades working in a charity hospital, Cassidy wants a more robust replacement for Obamacare, one that lives up to Donald Trump<6D>s campaign promise to replace it with a law that covers more people at a lower cost.Photographer: Caitlin Teal Price for Bloomberg Businessweek That might sound like wishful thinking, yet if Senate Republicans want to do anything on health care, they have no choice but to listen to Cassidy. Although he wasn<73>t included in the 13-member working group tasked with crafting a Senate bill, Cassidy has emerged as perhaps the most critical vote<74>the elusive Republican who can make or break Trump<6D>s top legislative priority.With 52 seats in the Senate, the GOP can afford to lose just two of its own and still pass a bill without Democratic support. Given conservative insistence on defunding Planned Parenthood as part of the effort, Republicans could, for instance, lose the support of moderates Susan Collins of Maine and Lisa Murkowski of Alaska. That would set up a scenario where Cassidy becomes the decisive vote and Vice President Mike Pence casts a tiebreaking 51st vote, with Democrats powerless to filibuster under special budget reconciliation rules.Cassidy wants a bill that lowers premiums and expands coverage, and says the American Health Care Act passed by the House fails to deliver. The Congressional Budget Office estimates the House bill would lead to much higher premiums for poorer seniors; 23 million fewer people would have insurance by 2026. <20>If they come up with a solution that makes that person who<68>s struggling with premiums now struggle even more, I<>m on her side,<2C> Cassidy says. <20>And I will fight for her. And that<61>s where my loyalty lies.<2E>Cassidy has been in politics for a little more than a decade<64>first running for state office after Katrina exposed a government unable to protect its people. In the days after the 2005 hurricane, he organized a makeshift medical center in an abandoned Kmart. <20>I<EFBFBD>ve known Bill since before he got into politics,<2C> says fellow Louisiana Republican Senator John Kennedy. <20>He<48>s whip-smart, and as big as his brain is, he<68>s got an even bigger heart.<2E> After stints in the state legislature and the U.S. House of Representatives, he beat Democrat Mary Landrieu in 2014, in part with a message that helped sweep Republicans into power nationwide: Repeal Obamacare.Cassidy has sometimes bucked his own party, including in 2014 when he worked with Democrats to reinstate lower flood insurance rates, a move that temporarily cost him his seat on the House GOP whip team. He<48>s also forged a close relationship with Maine<6E>s Collins. The pair sit next to each other on the Senate<74>s health panel, and Cassidy recruited Collins to collaborate on a health-care bill in the last Congress, knowing she<68>d overseen Maine<6E>s bureau of insurance for five years. <20>He has experience working in a public hospital, and that gives him a great deal of credibility,<2C> Collins says. <20>He makes what is a point that everyone needs to be reminded of, and that is that someone eventually is going to pay for the care<72> of the uninsured.The Cassidy-Collins bill , introduced in January, would keep most of Obamacare<72>s taxes in place to pay for a more robust replacement. <20>It is the fiscally conservative position to actually pay for that which you are promising,<2C> Cassidy says. His biggest idea is to replace the individual mandate with a rule that allows states to auto-enroll people in insurance<63>a potential key to getting younger, healthier people into the market and lowering overall costs. Cassidy borrowed the idea from the 401(k) industry, which for years has pushed states and companies to make people opt out, rather than opt in. <20>If it is an opt-out
'3433e0722cb2ca647eee48988dc94ac34fcccddf'|'Vanguard expects new European rules to fuel fund growth'|'Economy  41pm BST Vanguard expects new European rules to fuel fund growth By Oliver Hirt and Simon Jessop - ZURICH/LONDON ZURICH/LONDON Vanguard, the world''s second-biggest asset manager, expects new European rules aimed at making fund costs more transparent will help it deliver double-digit growth as it expands in the region. Sean Hagerty, head of Vanguard Europe, told Reuters that the money it manages in Europe, which is currently $142 billion, would grow strongly. The Malvern, Pennsylvania-based firm manages $4.2 trillion at cost price for investors worldwide. "The growth rate in Europe has been somewhere close to 30 percent. I don''t know whether we can maintain that because it is off a small base, but I would say our growth rate would continue to be pretty robust. I would say double digits," he said. Total European industry assets under management stood at 22.8 trillion euros ($25.5 trillion) at the end of 2016, data from the European Fund and Asset Management Association showed, the second-largest market, with 31 percent of global assets. Vanguard plans to grow its institutional client business in continental Europe, with significant expansion in Switzerland and Germany, Hagerty said. The growth would be focused on distribution capabilities, including client and sales support, as well as its product range. Vanguard Europe runs 22 exchange traded funds, but Hagerty said this could double over the next five years. While its growth had previously been hampered by the market practice for asset managers to offer inducements to financial advisers who introduced clients - which Vanguard refused to do - regulatory changes in Europe are gradually removing this hurdle. Chief among them is the Markets in Financial Instruments Directive II, due to go live in January, 2018, which limits these "retrocessions" and requires more transparency on the fees and costs charged by a fund to its investors. "Mifid II is having an impact and I think the market place is evolving into a more transparent model," Hagerty said. Vanguard last week announced the launch of a new direct-to-client online platform in Britain and while Hagerty said the group would eventually look to roll the model out across other European markets, "that is still a ways off". While Vanguard has a quarter of its assets in actively managed funds, the rest is in index funds, demand for which continues to surge. Six of the 10 best-selling European funds in April were passive, data from Thomson Reuters Lipper showed. "There is growing recognition among consumers that they are paying more for than they need to for asset management services," Hagerty said. (Writing by Simon Jessop; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-vanguard-europe-idUKKBN18M1TX'|'2017-05-26T22:26:00.000+03:00'
'3c717ac1c0380e9c3e72c79366964a2604574147'|'Taiwan''s Cathay Financial units to buy Bank of Nova Scotia''s Malaysian arm'|'TAIPEI May 26 Taiwan''s Cathay Financial Holdings said its two subsidiaries have completed an agreement to acquire the Malaysia unit of The Bank of Nova Scotia for $255 million.The subsidiaries, Cathay United Bank and Cathay Life, will split the stake at 51 percent and 49 percent respectively, according to a company statement. The deal is expected to be completed in the second half of this year.Last month, Cathay Financial said its subsidiaries were participating in the equity bid for the Malaysia unit in an exclusive agreement. (Reporting by Emily Chan; Writing by Jess Macy Yu; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/taiwan-cathay-holdings-idINL4N1IS3BN'|'2017-05-26T08:13:00.000+03:00'
'135a43e3d08e9cda35dcea0e6870e1982280da3a'|'Zara and H&M back in-store recycling to tackle throwaway culture - Guardian Sustainable Business'|'Circular economy Zara and H&M back in-store recycling to tackle throwaway culture Schemes aim to tackle fashion<6F>s huge waste problem but critics say they are a token gesture and could encourage <20>guilt free<65> consumption French artist Christain Boltanski<6B>s <20>No Man<61>s Land<6E>, was made of 30 tons of discarded clothing. Britain alone is expected to send 235m items of clothing to landfill this spring. Photograph: Stan Honda/AFP/Getty Images Circular economy Zara and H&M back in-store recycling to tackle throwaway culture Schemes aim to tackle fashion<6F>s huge waste problem but critics say they are a token gesture and could encourage <20>guilt free<65> consumption Supported by Friday 26 May 2017 07.00 BST Last modified on Friday 26 May 2017 07.02 BST When you walk into a high-street shop, you<6F>re probably looking to snap up a bargain, not get rid of an old jumper. But clothing retailers and brands are increasingly asking shoppers to dump their cast-offs in store. Britain alone is expected to send 235m items of clothing to landfill this spring, the majority of which could have been re-worn, reused or recycled. Major retailers are coming under pressure to tackle the waste. In response, brands including H&M and Zara are stepping up in-store recycling initiatives, which allow customers to drop off unwanted items in fashion <20>bins<6E> in high-street shops. While companies such as Adidas and luxury group Kering <20> the owner of brands including Alexander McQueen and Gucci <20> agreed at this month<74>s Copenhagen Fashion Summit to set 2020 targets for garment collection . The idea is to boost textile collection and recycling rates, and reduce needless waste to landfill. But if the same companies continue to drive high levels of consumption <20> some are launching up to 24 new clothing collections every year <20> can in-store recycling be more than a tokenistic gesture? H&M says it has collected about 40,000 tonnes of garments since launching its scheme in 2013, which it passes on to its partner recycling plant in Berlin. What can<61>t be reused is downcycled into products like cleaning cloths or insulation fibres. A recycling bin close to the tills at one of H&M<>s Oxford Street stores, London Photograph: Hannah Gould Nike too has a long-running collection scheme, Reuse-A-Shoe , which sees 1.5m worn out trainers per year collected in store or by post and sent to facilities in Tennessee and Belgium to be ground up into material for sports and playground surfaces. But corporate enthusiasm for such schemes appears to be growing: H&M wants to increase collection to 25,000 tonnes a year by 2020, says Catarina Midby, its UK and Ireland sustainability manager. Tactics include advertising campaigns, vouchers and educating employees who can inform customers about the scheme. Zara , which started installing collection bins during 2016 in stores across Europe, says it will soon have completed installation in all of its stores across China. The Inditex brand is donating the collected clothing to charities including the Red Cross. Bad habits are hard to change Despite growing investment, however, consumer behaviour is proving hard to change <20> a recent survey by Sainsbury<72>s suggested three quarters of householders in Britain chuck old clothes out with their household waste. Cyndi Rhoades, founder of recycling technology company Worn Again , hopes the growing prevalence of high-street collection schemes will kickstart behaviour change around textiles much in the way that it<69>s now widely understood paper and plastic can be recycled. <20>It<49>s part of the wider communication campaign to consumers to say <20> whether it<69>s rewearable or not, whether it<69>s returned in store, to charity shops or textile banks <20> clothing can be recycled.<2E> Some observers, however, question the ability of in-store recycling to effect real change. As part of a wider strategy to increase resource-efficiency, such schemes can be valuable, says Dilys Williams, director of sust
'93d4b92a60bb1666bda3ab28e3714e8c23d7bdad'|'ADM Gulf Coast grain export elevator shut down after accident'|'Market   5:22pm EDT ADM Gulf Coast grain export elevator shut down after accident May 25 Archer Daniels Midland Co''s grain export terminal in Ama, Louisiana, was shut down on Thursday after a barge-mounted crane struck a conveyor belt system, causing damage but no reported injuries, the company told Reuters. ADM is shifting export operations to its three other Louisiana Gulf Coast terminals, said spokeswoman Jackie Anderson. Damage to the facility, which handles mostly corn and soybeans, is still being assessed, she said. (Reporting by Karl Plume in Chicago; Editing by James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/archer-daniels-exports-elevator-idUSL1N1IR1W8'|'2017-05-26T05:22:00.000+03:00'
'7f6e4d1a83ff2ab732ce85d1dcf86b7f165c83c4'|'CANADA STOCKS-TSX edges higher as financials gain ground'|'TORONTO May 29 Canada''s main stock index edged higher on Monday in light trading volume, as gains for several big banks that reported earnings last week offset losses for resource stocks.The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed up 4.98 points, or 0.03 percent, at 15,421.91. Five of the index''s 10 main groups rose. (Reporting by Fergal Smith; Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-close-idUSL1N1IV0RB'|'2017-05-30T00:12:00.000+03:00'
'c6c29e867eb4ec717d53204478b1a2bea08e6cfc'|'REFILE-Ford to name new heads for Europe, Asia - FT'|'(Corrects to "heads" from "head" in headline)May 25 Ford Motor Co, which earlier this week named turnaround expert James Hackett as its chief executive officer, will announce replacements for some of its key executive positions as early as Thursday, the Financial Times reported, citing sources.The No.2 U.S. automaker will name Steven Armstrong as the new head of Europe, Middle East and Africa and Peter Fleet as the new head of Asia Pacific and China, according to three people familiar with the plans, FT said. ( on.ft.com/2qiTSVE )Ford is under pressure from investors over its slumping stock price and its ability to counter threats from longtime rivals and Silicon Valley.Hackett, who replaced Mark Fields, is the latest in a line of non-family CEOs brought in with a mandate to change the management culture at one of the auto industry''s oldest institutions.The company announced plans to cut 1,400 white-collar positions last week and is expected to look at further significant cost cuts in the coming months. (Reporting by Sweta Singh in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ford-management-idUSL4N1IR3RU'|'2017-05-25T19:22:00.000+03:00'
'a1dc68951c210a78eefc700be61f0163db1e0194'|'Irritation with Moody<64>s reflects China<6E>s sensitivity as it seeks foreign investors'|'Business News - Fri May 26, 2017 - 10:42am BST Irritation with Moody''s reflects China''s sensitivity as it seeks foreign investors left right FILE PHOTO: A female migrant construction worker walks into her dormitory near newly-built residential apartments in Shanghai August 12, 2013. REUTERS/Aly Song/File Photo 1/2 left right FILE PHOTO: The logo of credit rating agency Moody''s Investor Services is seen outside the office in Paris October 24, 2011. REUTERS/Philippe Wojazer/File Photo 2/2 By Elias Glenn and Umesh Desai - BEIJING/HONG KONG BEIJING/HONG KONG China has tried to brush aside a rare cut to its credit rating by Moody''s Investors Service as misinformed, but its reaction highlights its sensitivity to how it is being viewed just as it seeks more foreign capital in its equity and bond markets. The downgrade offered no new revelations on China''s debt problems but effectively challenged Beijing''s economic outlook and raised questions about the impact of its highly-touted reforms, adding to concerns for foreign investors, analysts say. State media did not report Moody''s decision on Wednesday to downgrade China''s sovereign rating until the finance ministry issued a statement hours later saying the rating agency''s analysis overestimated risks and was based on "inappropriate methodology". The demotion by one notch to A1 was Moody''s first for China in nearly 30 years, and agency officials said on Friday that another cut is possible down the road unless the country gets its ballooning credit in check. As China pushes for inclusion in one of MSCI Inc''s major global stock indices at a review next month and plans to open its bond market further to foreign investors this year, outside assessments and calls for transparency will only increase. And if Moody''s and Beijing view the same debt differently, it may partly reflect difficulties that outsiders face in getting access to information needed to assess China''s risks. "The level of access (in China) is in contrast to other countries that badly need funding," said an analyst at another ratings agency, declining to be identified due to the sensitivity of the issue. "Funding is not really an issue for China, so the level of meetings at the Ministry of Finance or the People''s Bank of China varies. Access to officials is a function of the relationships the ratings agencies have built up." China''s Ministry of Finance and the People''s Bank of China did not immediately respond to faxed requests for comment. Just this month the Financial Stability Board (FSB), the financial risk monitoring agency of the Group of 20 (G20) economies, criticized Beijing for not providing key financial data, leading to the delay in a report on the financial risks the world faces from shadow banking. OPENING UP With most of its debt needs funded from a large domestic savings pool, China for now can afford to play down the significance of international ratings. And its financial markets seemed to have shrugged off the downgrade, though some traders suspect there has been a bit of state support. On Thursday, the yuan leapt to a two-month high against the U.S. dollar on Thursday, supported by major state-owned banks in what some traders said was a show of strength after the Moody''s downgrade. It rose further on Friday. Stocks also rose sharply on Thursday, as the blue-chip CSI300 index posted its best day in more than nine months, with some traders hinting that state-directed buying might have helped prop up the market. TILL DEBT DO US PART? Explaining its reasons for the downgrade, Moody''s cited expectations that China''s debt burden would increase and that authorities would continue to rely on stimulus to meet official growth targets. Beijing has acknowledged the debt problem, but says the risks are controllable. For now, it is unlikely to impact foreign appetite for onshore debt because investors have already priced in a growing debt burden, said Jean-Charles Samb
'34e42ed142a4dadcbae0a88c5b7e2d7b1e224ce1'|'Temasek''s venture arm Vertex to launch new Israel, U.S. funds in 2018 - CEO'|'HONG KONG Vertex Holdings, the venture capital arm of Singapore state investor Temasek Holdings (Pte) Ltd, expects to raise two separate funds for investments in Israel and the United States in 2018 after deploying most of the capital of existing funds there, its chief executive said on Friday.The funds will target a size of about $150 million each, the same size as the existing funds, Kee Lock Chua, group president and CEO of Vertex, told Reuters in an interview."The funds will be about the same size, give or take 20 percent," Chua said on the sidelines of the China Private Equity Summit.Besides the Israel and U.S. funds, Vertex also has a $250 million China-focused venture capital fund and another targeting India and Southeast Asia with $200 million, as well as a global healthcare fund. Temasek invests in each of the funds, which also take money from outside investors.(Reporting by Elzio Barreto; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-temasek-holdings-venturecapital-idINKBN18M10M'|'2017-05-26T07:59:00.000+03:00'
'147af771ff5440450c295ef090bc30e39ec9615b'|'Israel''s Netafim draws interest from private equity, Chinese bidders'|'Deals   10:16am EDT Israel''s Netafim draws interest from private equity, Chinese bidders By Arno Schuetze and Clara Denina - FRANKFURT/LONDON FRANKFURT/LONDON International buyout groups and Chinese investment funds are expected to submit bids for Israeli irrigation firm Netafim, which could fetch around $1.5 billion, within the next few weeks, two banking sources said on Friday. Tel Aviv-based Netafim said in March it had hired Goldman Sachs ( GS.N ) to handle a possible sale or public offering of the company. Centerview and Bank of America ( BAC.N ) have also been appointed to advise on the deal. Private equity funds CVC and Bain Capital and Chinese investment funds Fosun International and Primavera Capital were named by sources as possible bidders. The firm, majority owned by London-based buyout group Permira, could still opt for a listing in New York if bids are perceived as too low, two of the sources said. The company is hoping for a valuation of between 10 and 12 times its expected 2017 earning before interest, taxes, depreciation and amortization (EBITDA) of around $120 million, one of the sources said. Permira, Netafim, CVC and Bain Capital declined to comment. Fosun International ( 0656.HK ) and Primavera Capital were not immediately available to comment. Lindsay Corporation ( LNN.N ), a U.S. provider of irrigation systems, may also show an interest, one of the sources said. However, given that Netafim is larger than Lindsay it is seen as an unlikely buyer. The company was not immediately available for comment. Netafim has 4,300 employees and owns 17 factories in 10 countries and provides irrigation products for agriculture, greenhouse and mining applications. (Reporting by Arno Shuetze in Frankfurt and Clara Denina in London; additional reporting by Dasha Afanasieva in London; editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-netafim-sale-privateequity-idUSKBN18M1RJ'|'2017-05-26T22:14:00.000+03:00'
'b5a23fd58b6d1b4b0c28cee386e532e8eff7ab77'|'UPDATE 1-BA and Iberia plan third-party booking surcharge, Amadeus shares hit'|'Market  12pm EDT UPDATE 1-BA and Iberia plan third-party booking surcharge, Amadeus shares hit (Adds Amadeus comment, updates shares) BERLIN May 26 IAG-owned airlines British Airways and Iberia are to follow Lufthansa by charging a fee for bookings via third parties, using new technology to take more control of their own bookings. The move will be a blow to global distribution systems (GDS) providers such as Amadeus IT Group, Travelport and Sabre, the share prices of which all fell on Friday. Amadeus and Travelport both dropped 4 percent while Sabre lost 1.7 percent. Lufthansa caused a stir in the industry when it introduced its own GDS surcharge in 2015 and CEO Carsten Spohr has repeatedly said he expects rival carriers to follow suit. "From what we hear in the industry, and with the visible success of Lufthansa, I''d be very surprised if others would not follow," he said in March. Airlines often have a tense relationship with GDS providers, which typically achieve much higher profit margins than the airlines themselves. British Airways and Iberia said that, from Nov. 1, fees of 8 pounds or 9.50 euros ($10.63) will be levied on bookings not made via the airlines'' own websites or direct sales channels. "We will continue to work with the GDS providers to distribute our content to valued agency partners via existing solutions. However, these systems and their traditional technology solutions currently carry significantly greater costs to BA and IB," the airlines said in a statement. Previous attempts to break away from the system cost airlines market share, prompting a return to the GDS providers, but new technology means airlines can now offer corporate customers similar booking tools themselves. Siemens is one corporate customer that has signed up to Lufthansa''s system rather than using third parties. IAG Chief Executive Willie Walsh said this month that talks with Amadeus were ongoing, adding that the existing relationship between airlines and GDS providers was unsustainable. "We''re prepared to take some short-term pain to get some long-term structural change in that relationship," he said after the group reported first-quarter results. Amadeus said it believed that a surcharge was not in the best interest of travellers and that indirect distribution remained cost-efficient. "We continue to be engaged with IAG to find a sustainable, long-term agreement that suits all parties," a spokesman said in a statement. BA and Iberia said the surcharge would not apply if the GDS used content created using NDC technology that gives airlines greater control of how fares and products are displayed. Amadeus said it was working to find a deal to integrate such content. ($1 = 0.7819 pounds) ($1 = 0.8941 euros) (Reporting by Victoria Bryan; Additional reporting by Robert Hetz in Madrid; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/british-airways-amadeus-it-group-idUSL8N1IS411'|'2017-05-27T00:12:00.000+03:00'
'212c2354d5afe965dc566d25cdb7a9b0f1cf9fd9'|'British fund manager ICG''s assets hit record high'|'  11:55am BST British fund manager ICG''s assets hit record high By Noor Zainab Hussain and Simon Jessop - LONDON LONDON Asset manager Intermediate Capital Group ( ICP.L ) reported a 10 percent jump in full-year assets on Thursday, boosted by investment gains and new client inflows, sending its shares up by 10 percent. ICG, which invests across a range of private equity, fixed income and real estate markets, said total assets at the end of March were 23.8 billion euros (20.61 billion pounds), up from 21.6 billion a year earlier. Cash inflows, meanwhile, rose 19 percent to 18.8 billion euros, helping to drive a 27 percent jump in total fee income. Investors are increasingly looking for diversified sources of income, eschewing debt markets offering low returns and stock markets they consider fully valued, which ICG said would help it to achieve a 4 billion euro fundraising target this year. "The market environment continues to be supportive of both our existing and new strategies and we see strong, ongoing demand from investors for diversified sources of higher yield," outgoing Chief Executive Christophe Evain said in the statement. Benoit Durteste, who takes over from Evain in July, said there was continued strong demand for alternative asset classes from pension schemes and insurers open to locking up their money for longer in search of higher returns. Shares in ICG were up 10.1 percent at 888.5 pence by 0851 GMT, the top gainer on the FTSE midcap index .FTMC by some margin. The investment performance and cash inflows helped to lift group pretax profit by 58.9 percent year on year to 252.4 million pounds, allowing it to increase the final dividend by 23 percent to 19.5 pence a share. The group also said it will adopt a new dividend policy to return more of its profits to shareholders and would look to increase its payout at a rate of 6-8 percent a year. JPMorgan Cazenove analyst Gurjit Kambo described the results as "strong", reiterating an "overweight" rating on the stock with a raised target price of 950 pence. (Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-icg-results-idUKKBN18L0ZK'|'2017-05-25T17:12:00.000+03:00'
'e7dd79865634c50fa1a999bfb0bda647632319b0'|'REFILE-Tech, banks keep European stocks afloat'|'(Adds dropped word in headline)LONDON May 23 Nokia shares jumped more than 6 percent to their highest levels in more than a year and were a standout in an otherwise sluggish open on European stock markets on Tuesday.The pan-European STOXX 600 index was little changed in early deals with mining stocks weaker as metals prices slipped. Germany''s DAX rose 0.2 percent while euro zone bluechips were up 0.3 percent.European tech firms were the standout performers, with the sector up nearly 1 percent after shares in Nokia jumped more than 6 percent to their highest level since February 2016 after settling a patent dispute with Apple .Basic resources shares retreated. BHP Billiton , Rio Tinto and Anglo American all fell 0.9 percent to 1.2 percent as the price of copper edged lower.In the UK, the FTSE 100 was up 0.1 percent, hovering close to record highs, as a weaker sterling continued to underpin gains in the exporter-heavy index.Campaigning ahead of the June 8 general election was suspended after at least 22 people, including some children, were killed in suicide attack in Manchester overnight.There was little direct market impact seen from the attack though shares of theme park operator Merlin Entertainments were off more than 1 percent and the top losers on the FTSE. (Reporting by Kit Rees, Editing by Vikram Subhedar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/europe-stocks-idINL8N1IP18X'|'2017-05-23T05:48:00.000+03:00'
'fe16d799a6f1652060ab730da2f1ae6fc2dd2523'|'Nokia settles patent dispute with Apple'|'Top   8:18am BST Nokia settles patent dispute with Apple A Nokia logo is seen at the company''s headquarters in Espoo, Finland, May 5, 2017. REUTERS/Ints Kalnins HELSINKI Finland''s Nokia said on Tuesday it has settled its patent dispute with Apple and also signed a business collaboration deal with the U.S. company. Nokia said it would receive an up-front cash payment and additional revenues from Apple, but did not specify the details of the patent deal. Revenues from the agreement, as well as a non-recurring catch-up revenue, will start running from this quarter, Nokia said. Under the business agreement, Nokia said it would provide network infrastructure products and services to Apple while Apple would resume carrying Nokia''s digital health products in its retail and online stores. Nokia shares opened 5 percent higher on the news in the early Helsinki trade. (Reporting by Jussi Rosendahl, editing by Terje Solsvik) ''Pls help me...'': Frantic parents hunt for missing kids after concert blast MANCHESTER, England Desperate parents and friends used social media to search for loved ones on Tuesday after a blast killed at least 19 people at a British concert by U.S. singer Ariana Grande, with images of happy-looking teenagers posted next to pleas for help. Rattled May forced into ''dementia tax'' U-turn after poll lead halves LONDON British Prime Minister Theresa May was forced to backtrack on one of her most striking election pledges on Monday to force elderly people to pay more for their social care after her party''s opinion poll lead halved in just a few days. BERLIN German Chancellor Angela Merkel''s conservatives widened the lead over their Social Democrat rivals, according to a poll published on Tuesday, which showed her party and the pro-business Free Democrats winning enough seats to govern together. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-nokia-apple-patents-idUKKBN18J0S2'|'2017-05-23T15:08:00.000+03:00'
'e61577d72511a09102ab92e73dbd3a1c4af335c4'|'UPDATE 1-China''s CNPC to invest $2 bln in Peru oil, gas block: Perupetro'|'Commodities  49pm EDT China''s CNPC to invest $2 billion   The logo of CNPC (China National Petroleum Corporation) is pictured at the 26th World Gas Conference in Paris, France, June 2, 2015. REUTERS/Benoit Tessier/File Photo LIMA   CNPC''s block 58 has some 3.9 trillion cubic feet of natural gas reserves, according to government data, enough to increase Peru''s total gas reserves by 27.7 percent. Zoeger said CNPC had presented its development plan and would carry out the investments between 2017 and 2023. It plans to start drilling 60 wells this year, he said. Block 58 is located in the Cusco region near Peru''s largest gas block of Camisea, from which gas is exported to Mexico. Zoeger said Chilean oil and gas producer GeoPark Ltd would also likely present a plan to develop block 64 in northern Peru in coming weeks. He said to encourage more investment in exploration, Perupetro would present the finance and energy ministries with a new royalty scheme for contracts based on productivity of wells and oil prices. (Reporting by Teresa Cespedes, writing by Caroline Stauffer; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-peru-oil-china-idUSKBN18J29E'|'2017-05-24T01:48:00.000+03:00'
'fbe8fc8a714db852b9cc4c5d23fc454746e99ccc'|'CORRECTED-BRIEF-Kosmos Energy announces secondary offering'|'Funds  50pm EDT CORRECTED-BRIEF-Kosmos Energy announces secondary offering (Corrects headline to "announces secondary offering" from "to offer common stock in public offering") May 22 Kosmos Energy Ltd * Kosmos energy announces secondary public offering of common shares * Kosmos energy-funds affiliated with Blackstone group & funds affiliated with warburg pincus agreed to sell 40 million of kosmos'' common shares * Kosmos energy ltd - upon completion of offering, one of directors nominated by Blackstone group is expected to resign from kosmos board of directors * Kosmos energy ltd - Blackstone group will only have right to nominate one designee to kosmos board of directors * Kosmos energy-funds affiliated with Blackstone to sell 30 million shares and funds affiliated with Warburg Pincus to sell 10 million common shares of co Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASA09QUY'|'2017-05-23T04:50:00.000+03:00'
'45e46af456b1385d2a94832af2917bfef0ecb417'|'Thailand to speed investment approvals in ambitious development plan'|'  2:01pm BST Thailand to speed investment approvals in ambitious development plan A building is seen under construction in Bangkok, Thailand May 23, 2017. REUTERS/Jorge Silva BANGKOK Thailand''s junta will invoke a constitutional provision this week to help speed investment approvals in an ambitious $44-billion effort to develop the country''s industrial east, a government spokesman said on Tuesday. Growth in Southeast Asia''s second-largest economy has lagged regional peers since the army took power in 2014. Planned large infrastructure projects have been slow to get off the ground. The military government hopes the Eastern Economic Corridor (EEC) development project will lift growth to about 5 percent a year by 2020, from a projected figure of around 3 percent to 4 percent this year. "The government is committed to the EEC in order to drive the country''s economy," the government spokesman, Sansern Kaewkamnerd, told reporters, adding that he expected the measure to be announced this week. The measure will allow a panel chaired by Prime Minister Prayuth Chan-ocha to approve public-private investment projects in the corridor, hastening a process that now takes between eight and nine months, Sansern said. It will also help cut to less than a year the time needed for environment impact assessments, he added. The government will use Article 44 of the constitution, which makes final any of its actions, to drive through the changes, which will also allow foreigners a stake of more than 50 percent in firms in the aerospace maintenance business, Sasern said. Thailand hopes to attract foreign participation in the sector by offering a controlling stake that would allow investors to protect their patents and copyrights for the processes involved, he added. Thailand has identified the industry as key to its ambitions of becoming an Asian aviation hub. In February, the government said it hoped to attract 1.5 trillion baht (<28>33.6 billion) in private investment to the development corridor, which encompasses links among the three eastern provinces of Chonburi, Rayong, and Chachoengsao. The government plans to invest 300 billion baht in the project. (Reporting by Kitiphong Thaichareon; Writing by Orathai Sriring; Editing by Clarence Fernandez)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-thailand-investment-idUKKBN18J1U5'|'2017-05-23T21:01:00.000+03:00'
'5e5bbcc36adbfb7ac422a85e5c361218a0429e56'|'Brazilian prosecutors make new leniency fine offer to J&F'|'By Brad Brooks - SAO PAULO SAO PAULO May 28 Brazilian federal prosecutors on Sunday made a new offer to JBS SA''s controlling shareholder, J&F Investimentos, that it pay a 10.99 billion real ($3.37 billion) fine for its role in massive corruption scandals.The new offer is down slightly from the previous proposal by prosecutors that J&F pay 11.2 billion reais. The company rejected that and counter-offered, saying it would pay 4 billion reais. Prosecutors rejected that, as well as the company''s next offer that it would pay 8 billion reais.Spokesmen for J&F did not immediately respond to requests for comment on the latest offer from prosecutors.Negotiations on the leniency deal fine follow bombshell state''s witness testimony from J&F''s owners Joesley and Wesley Batista that they spent 600 million reais to bribe nearly 1,900 politicians in recent years.Joesley Batista is at the center of a corruption investigation into President Michel Temer. Batista secretly recorded a conversation with Temer in March in which the president seemed to condone bribing a potential witness in the corruption case.The top court authorized a corruption investigation into Temer based on that tape and testimony that the Batista brothers and five other executives from their company gave regarding the president and several other powerful politicians.Investors are watching the plea negotiations. JBS shares have slid more than 20 percent since mid-May in extremely turbulent trading because of concern that blowback from the scandal could limit its funding options.The bribery scandal is one of several legal hazards facing the group, which mushroomed from a regional Brazilian slaughterhouse to the world''s largest protein processor with the help of some 8 billion reais in government support.Brazilian rules for corporate leniency deals call for fines of somewhere between 0.1 percent and 20 percent of annual sales.Prosecutors said in their written statement on Sunday that the proposed 10.99 billion real fine was equivalent to 6 percent of J&F''s group 2016 revenue.Authorities also for the first time detailed who would receive the fine from J&F. Brazil''s BNDES state development bank, along with the pension funds Funcef and Petros would each receive 25 percent of any fine.The remaining 25 percent would go to the federal government, which would get 12.5 percent, along with the FGTS worker severance fund and the Caixa Economic Federal bank, which would each receive 6.25 percent.($1 = 3.2598 reais) (Reporting by Brad Brooks and Tatiana Bautzer in Sao Paulo, and Lisandra Paraguassu in Brasilia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-jbs-idINL8N1IU0OB'|'2017-05-28T19:21:00.000+03:00'
'734a2f931848fa9058c67e0433ac01eeb75e1f7b'|'China''s Lianhua Supermarket says Alibaba takes 18 pct stake'|'HONG KONG China''s Lianhua Supermarket Holdings Co Ltd ( 0980.HK ) on Monday said shareholder Shanghai Yiguo E-Commerce Co Ltd would sell an 18 percent stake in supermarket chain operator to a unit of Alibaba Group Holding Ltd ( BABA.N ).Lianhua said Shanghai Yiguo would transfer 201.53 million domestic shares to Alibaba (China) Technology Co Ltd. It did not provide a value.Based on Lianhua''s stock price as of Monday afternoon trade, the deal could be worth HK$782 million ($100.33 million), Reuters calculations showed.Shanghai Yiguo also agreed to sell 22.39 million shares, or about 2 percent of Lianhua, to Bailian Group Co Ltd ( 600827.SS ), Lianhua said in a filing to the Hong Kong bourse.In February, Alibaba formed a strategic partnership with Bailian Group, the largest retailer by store numbers to join the e-commerce giant''s drive to use big data to improve and profit from brick-and-mortar sales. [nL4N1G51OL]Trading in Lianhua shares, which was suspended late on Monday morning, resumed in afternoon trade. The share price surged over 30 percent to its highest since September 2015 at HK$4.21 prior to the trading halt. The stock trimmed gains when trade resumed but was still up 23.5 percent at HK$3.89.($1 = 7.7943 Hong Kong dollars)(Reporting by Donny Kwok)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lianhua-m-a-alibaba-idINKBN18P0ES'|'2017-05-29T03:47:00.000+03:00'
'ce931afc15e69b425fbbab157ab5cdad3002fc90'|'Hong Kong property cooling moves set to fail as shadow lenders fill the gap'|'Business News - Mon May 29, 2017 - 12:35am BST Hong Kong property cooling moves set to fail as shadow lenders fill the gap left right High rise private residential buildings are seen in Hong Kong, China May 21, 2017. Picture taken May 21, 2017. REUTERS/Bobby Yip 1/2 left right Buyers and property agents line up to register for the sale of Cheung Kong Property Holding''s Ocean Pride development in Hong Kong, China May 26, 2017. REUTERS/Bobby Yip 2/2 By Sumeet Chatterjee and Venus Wu - HONG KONG HONG KONG Hong Kong''s latest attempt at cooling home prices in one of the world''s most expensive property markets is expected to send buyers scouring for loans in the unregulated shadow banking industry, spreading risk across the financial sector. Home prices in Hong Kong, where a nano-apartment of less than 200 square feet can cost as much as $500,000, have surged more than 137 percent since the financial crisis in 2008, propelled by a supply shortage, low interest rates, and big flows of money from mainland Chinese investors. They now pose a huge challenge for the territory''s incoming leader, Carrie Lam. The cost of accommodation in the financial hub, where home ownership is a distant dream for many, was among the triggers for mass protests in late 2014. Authorities have failed to rein in prices despite eight rounds of mortgage tightening by the Hong Kong Monetary Authority (HKMA) since 2009, on top of a series of tax and regulatory policies imposed by the government. As those measures have curbed bank lending, finance companies have leapt into the gap. They funded 8.7 percent of mortgages for new apartments completed in 2016, according to Centaline Property Agency. For flats that have a completion date in 2017, the figure surges to 15.5 percent and is expected to rise further, it said. Few expect the authorities to take extreme measures - such as imposing punitive taxes on mainland buyers - for fear of triggering a collapse in prices in a real estate industry that accounts for 10 percent of Hong Kong''s economic output. Revenue from properties and related investments is estimated to have more than doubled in the fiscal year ended March 2017 from the previous year, and is the second biggest income generator for the government. But there is a danger that if the non-bank lenders overstretch they could also hurt confidence in the real estate market. In Canada, recent problems at the nation''s biggest non-bank lender, Home Capital Group Inc ( HCG.TO ), have helped to drive some buyers away from the hot Toronto residential market. Controlling the flood of capital flowing across the border is a huge challenge for the government - cash-rich mainland Chinese accounted for about 21 percent of buyers of new homes last year, according to Centaline. "The major concern to the government is that lower land prices would greatly affect the government''s revenue, which has been very volatile as a large part of that is from land premiums," said Pascal Siu, an economist at Natixis. The latest cooling steps announced 10 days ago - mainly making it costly for bank to make mortgage loans <20> were not aimed at targeting property prices but at strengthening lenders'' risk management, a spokesperson for HKMA told Reuters. "The focus of the regulators is to ensure that the bubble in the property market doesn''t dent the bank balance sheets," said an executive at a foreign bank with mortgage business in Hong Kong. "They don''t want to rock the boat and make the property prices correct by 10 to 20 percent in a short span." Some of Hong Kong''s largest commercial banks in the mortgage loans market said they would raise interest rates following the measures, though the increases are modest. INTO THE SHADOWS The shift in lending into unregulated shadow banking channels is a concern, analysts and industry officials warned. "This is not healthy. When people can''t borrow from banks they are forced to turn to finance companies. It is not hea
'5eb92ad347bcd318bbe8ceea864d2a537bdeb38a'|'Barnaby Joyce condemns Queensland''s refusal to process federal loan for Adani rail line - Business'|'Adani Group Barnaby Joyce condemns Queensland''s refusal to process federal loan for Adani rail line Deputy PM says state Labor government <20>better start standing up for Queensland<6E>, adding Carmichael coalmine could still go ahead despite legal questions Activists protest against Adani<6E>s proposed Carmichael coalmine outside Parliament House in Brisbane last week. Photograph: Dan Peled/EPA Adani Group Barnaby Joyce condemns Queensland''s refusal to process federal loan for Adani rail line Deputy PM says state Labor government <20>better start standing up for Queensland<6E>, adding Carmichael coalmine could still go ahead despite legal questions View more sharing options Monday 29 May 2017 04.28 BST Last modified on Monday 29 May 2017 05.41 BST Barnaby Joyce has condemned the Queensland government<6E>s refusal to process a commonwealth loan for Adani<6E>s coal project, while suggesting it could still go ahead despite legal questions about a direct federal handout. The deputy prime minister declined to say whether the government was looking at legal changes to the Northern Australia Infrastructure Facility to enable a $900m loan for an Adani rail line. But he told ABC there was a <20>big, big issue there<72> with state Labor, in response to pressure from its dominant left faction, firming in its stance of not providing active taxpayer support for Australia<69>s largest proposed coal project. Queensland says it won''t play any role in funding for Adani project Read more Joyce also said there would be an investigation of alleged conflicts of interest for board members of Naif and its advisory body, the Export Finance and Insurance Corporation (Efic), who have been linked to Adani and the coal industry. The Palaszczuk government announced on Saturday it would not act as <20>middle man<61> for the Naif loan to Adani, its cabinet ruling this was in line with an election promise not to give taxpayer support to the miner. Environmental lawyers argue this move leaves the commonwealth legally unable to lend directly to the miner. David Barnden of Environmental Justice Australia said a master facility agreement between state and federal government meant the money had to flow through the states. He cited the Queensland treasurer, Curtis Pitt, who told state parliament in November that <20>under the commonwealth<74>s existing constitutional powers, it is unable to provide financial assistance directly to proponents within a restricted geographic area<65>. But Pitt has played down the prospect it was an effective veto for a loan to Adani. He said that <20>any project financing approved by the independent Naif board will flow between the federal government and a project proponent<6E>. <20>We will not stand in the way of those arrangements. In the case of the Carmichael mine, any funds will pass directly from the federal government to Adani.<2E> Joyce, when asked by the ABC on Monday about the federal government<6E>s confidence in its legal position, said it was <20>not unusual<61> for it to directly fund <20>a whole range of things, like building roads, if you want to get highways done<6E>. He declined to say whether the government would look at changing laws to enable direct lending to Adani, instead saying <20>we have to make sure that Queensland understands that they better start standing up for Queensland<6E>. Asked again if that meant the federal government needed to change rules around Naif to enable a loan to Adani, Joyce, said: <20>There is a big, big issue there.<2E> <20>You know what the big issue is? Jackie Trad [the Queensland deputy premier].<2E> It was Trad<61>s left faction that forced a last-minute tightening of royalties payback conditions for Adani, as well as the move not to facilitate the Naif loan. Federal Labor feels heat over Adani, and Coalition''s starting to sweat too - Katharine Murphy Read more Asked if the Queensland government had to change its mind for the loan to be approved, Joyce said: <20>There<72>s no doubt about it, we want Queensland to be consi
'0e317a11a57c72ba629a599151bccc913e04bc3a'|'UK competition regulator formally opens Tesco-Booker probe'|'LONDON Britain''s competition regulator has formally opened an investigation into Tesco''s ( TSCO.L ) 3.7 billion pound ($4.8 billion) plan to buy wholesaler Booker ( BOK.L ), seeking to establish whether it could reduce competition and choice for customers.Tesco, Britain''s biggest retailer, announced the cash and shares deal in January in a bid to increase its exposure to the fast growing catering sector.The Competition and Markets Authority said on Tuesday the phase 1 investigation would run until July 25."During this period, the Competition and Markets Authority (CMA) will assess whether the deal could reduce competition and choice for shoppers and other customers, such as stores currently supplied by Booker," it said.After the first phase, the CMA could either clear the deal or refer it for a full phase 2 investigation lasting up to 24 weeks unless the merging parties offer proposals addressing any concerns.(Reporting by Kate Holton, editing by James Davey)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-booker-group-m-a-tesco-idINKBN18Q156'|'2017-05-30T09:27:00.000+03:00'
'ec2340ec8c1ab4547d5d770db9c22bb3706410c1'|'State bailout of Italian banks could re-ignite ''doom loop'' concerns - S&P Global'|'Business News - Tue May 23, 2017 - 3:46pm BST State bailout of Italian banks could re-ignite ''doom loop'' concerns: S&P Global A woman walks in front of the Monte dei Paschi bank in Siena, central Italy, January 29, 2016. REUTERS/Max Rossi By Abhinav Ramnarayan - LONDON LONDON An Italian state bailout of some of its banks could create a vicious circle of dependency between the sovereign and its banking sector and reignite concerns about the "doom loop", S&P Global''s top sovereign analyst said on Tuesday. Given that Italian banks are among the biggest lenders to the state, with a share of more than 20 percent, a potential bailout for some lenders may have an indirect impact on Italy''s sovereign rating if there is a sell-off in Italian government debt, said S&P Global''s Moritz Kraemer. He saw no immediate impact on the rating. "If you have a sell-off in Italian government paper, say if there is a tapering announcement, then the Italian banking system will be extremely exposed because of the Italian government bonds on the balance sheet," he told Reuters. "If this issue raises its head and you also have state bailouts of the banking sector, it becomes a vicious circle. It adds another layer of complexity." A senior Italian treasury official said on Tuesday that Banca Monte dei Paschi di Siena (BMPS), Italy''s fourth largest lender, is close to reaching an agreement with the European Commission that will pave the way for a state bailout. Italy''s parliament in December approved a 20 billion euro plan to prop up the country''s weaker banks, including BMPS. "We have been here before and it<69>s not that the Italian banking problems are idiosyncratic to one or two banks; it<69>s a widespread issue," he said. "It is uncertain it will prove to be sufficient this time round." This program raises wider concerns over whether new regulations can break the "doom loop" between the state and the banking system, Kraemer said. "The regulation that forces banks to bail in creditors, that was hailed as a major breakthrough. This is a test case for that regulation," he said. Kraemer said 20 billion euros - even if used in full - would only have a limited impact on Italy''s total debt, which is close to 2 trillion euros. (Reporting by Abhinav Ramnarayan, editing by Nigel Stephenson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-italy-banks-montedeipaschi-s-p-idUKKBN18J24Y'|'2017-05-23T22:45:00.000+03:00'
'9e6e1079e36f458af2da2e204ae7f87841e081ab'|'More than two years needed for Brexit customs infrastructure, says Irish official'|'Top News   3:07pm BST More than two years needed for Brexit customs infrastructure, says Irish official A sign indicates that you have entered the Republic of Ireland in the border town of Pettigo, Ireland October 9, 2016. REUTERS/Clodagh Kilcoyne DUBLIN Ireland will need more than the two years scheduled for Brexit negotiations to prepare the customs infrastructure required for trade with Britain after it leaves the European Union, the head of its customs agency said on Thursday. With close trading links to Britain and the only land border with the United Kingdom, Irish businesses fear that their neighbour''s departure from the European Union will lead to a costly rise in tariffs, paperwork and transit times. Britain triggered a two-year countdown to its exit from the European Union in March but it has not yet been agreed whether there will be a transition period between its departure in 2019 and before a free trade pact can be finalised. In the meantime Ireland is working on contingency plans such as electronic tagging systems and paperless customs declarations, Niall Cody, chairman of Ireland''s Office of the Revenue Commissioners, told a parliamentary committee. It is "almost 100 percent certain" that no customs posts will be required along the border, he said, but time will be needed for infrastructure in other places. "To have a fully operational system in place in two years'' time to facilitate all that is not really achievable and that is why you have a transitional arrangement to allow the planning and that is the likely outcome," he said. "If this was a practical, pragmatic arrangement, that is the likely arrangement," he said. "But it is ultimately a political process." It is not currently possible for the Irish customs service to negotiate with their British counterparts while Brexit talks are ongoing, he said. (Reporting by Conor Humphries, editing by Pritha Sarkar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-ireland-idUKKBN18L1SC'|'2017-05-25T21:28:00.000+03:00'
'a1943961665da2d1256de8c8e2ececc3cc0c28d0'|'Intesa Sanpaolo moves to syndicate Rosneft deal loan: source'|'LONDON Intesa Sanpaolo ( ISP.MI ) has formally launched a process to syndicate the loan it provided to fund the purchase of a 19.5 percent stake in Russian energy giant Rosneft ( ROSN.MM ) by Glencore ( GLEN.L ) and a Qatari sovereign wealth fund, according to a banking source familiar with the matter.Intesa provided a 5.2 billion euro ($5.83 billion) loan to Glencore and the Qatar Investment Authority late last year, but is now trying to spread its risk.The head of Intesa''s Russian business, Antonio Fallico, said in February that it was speaking with 14 banks about syndicating the loan, with the aim being to choose two or three to take on 2.5-3 billion euros of the debt.A spokesman for Intesa declined to comment.(Reporting by Dmitry Zhdannikov; Writing by Rachel Armstrong; editing by Simon Jessop)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-russia-rosneft-intesa-sp-loan-idINKBN18L1UZ'|'2017-05-25T11:49:00.000+03:00'
'14a61d136bb14f4cc26f76dcde83941faa5cb0ad'|'U.S. 30-year mortgage rate falls to lowest since November - Freddie Mac'|'Bonds  48am EDT U.S. 30-year mortgage rate falls to lowest since November - Freddie Mac NEW YORK May 25 The average rate on U.S. 30-year mortgages fell to its lowest level since November with a decline in U.S. bond yields on concerns about a delay in federal fiscal stimulus and safe-haven bids for Treasuries, Freddie Mac said on Thursday. The borrowing cost on 30-year mortgages, the most widely held type of U.S. home loan, averaged 3.95 percent in the week ended May 25, which was the lowest since 3.94 percent in the Nov. 17, 2016 week. Last week, the average 30-year rate was 4.02 percent, the mortgage finance agency said. (Reporting by Richard Leong; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-mortgages-idUSW1N1GZ2B8'|'2017-05-25T22:48:00.000+03:00'
'200eebe62c8900c75232c58c4fd00551bfa04feb'|'UPDATE 1-Brazil prosecutors make new leniency fine offer to J&F'|'(Updates with JBS saying it had no comment)By Brad BrooksSAO PAULO May 28 Brazilian federal prosecutors on Sunday made a new offer to JBS SA''s controlling shareholder, J&F Investimentos, that it pay a 10.99 billion real ($3.37 billion) fine for its role in massive corruption scandals.The new offer is down slightly from the previous proposal by prosecutors that J&F pay 11.2 billion reais. The company rejected that and counter-offered, saying it would pay 4 billion reais. Prosecutors rejected that, as well as the company''s next offer that it would pay 8 billion reais.J&F told Reuters in an emailed statement that it had no comment on the matter.Negotiations on the leniency deal fine follow bombshell state''s witness testimony from J&F''s owners Joesley and Wesley Batista that they spent 600 million reais to bribe nearly 1,900 politicians in recent years.Joesley Batista is at the center of a corruption investigation into President Michel Temer. Batista secretly recorded a conversation with Temer in March in which the president seemed to condone bribing a potential witness in the corruption case.The top court authorized a corruption investigation into Temer based on that tape and testimony that the Batista brothers and five other executives from their company gave regarding the president and several other powerful politicians.Investors are watching the plea negotiations. JBS shares have slid more than 20 percent since mid-May in extremely turbulent trading because of concern that blowback from the scandal could limit its funding options.The bribery scandal is one of several legal hazards facing the group, which mushroomed from a regional Brazilian slaughterhouse to the world''s largest protein processor with the help of some 8 billion reais in government support.Brazilian rules for corporate leniency deals call for fines of somewhere between 0.1 percent and 20 percent of annual sales.Prosecutors said in their written statement on Sunday that the proposed 10.99 billion real fine was equivalent to 6 percent of J&F''s group 2016 revenue.Authorities also for the first time detailed who would receive the fine from J&F. Brazil''s BNDES state development bank, along with the pension funds Funcef and Petros would each receive 25 percent of any fine.The remaining 25 percent would go to the federal government, which would get 12.5 percent, along with the FGTS worker severance fund and the Caixa Economic Federal bank, which would each receive 6.25 percent.($1 = 3.2598 reais) (Reporting by Brad Brooks and Tatiana Bautzer in Sao Paulo, and Lisandra Paraguassu in Brasilia; Editing by Dave Gregorio and Mary Milliken)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-jbs-idINL1N1IU0GX'|'2017-05-28T20:03:00.000+03:00'
'189e67670b0505ffa71d254a0c98ff0450e38fd7'|'EU needs simple capital rules for euro zone banking union - Villeroy'|'Banks   2:20pm BST EU needs simple capital rules for euro zone banking union - Villeroy FILE PHOTO -- Governor of the Bank of France Francois Villeroy de Galhau attends a press conference after the Franco-German Financial Council meeting in Berlin, Germany, September 23, 2016. REUTERS/Axel Schmidt/File Photo PARIS The European Union needs to set simple rules on bank capital to complete its project of bringing banks in the euro zone under a sole EU supervisor, ECB Governing Board member Francois Villeroy de Galhau said on Monday. Speaking in his role as head of the ACPR French financial sector regulator, Villeroy said the EU also needed better coordination between the European Central Bank''s single supervisor, the European Commission and national regulators. "Two and a half years after banking union, there has been clear progress, but its construction is not yet finished. We need to finish the resolution pillar with completed and more simple rules," Villeroy told journalists in Paris. Villeroy also called for a rapid solution to bank troubles in Italy and Portugal, saying it was "not normal" that local problems weighed on overall European banking sector. Following the launch of the single EU bank supervisor for the euro zone, regulators have focussed on coming up with new global minimum bank capital rules in the Basel Committee of supervisors. Banks have dubbed the remaining capital rules "Basel IV", meaning a step change in capital from Basel III, the existing set of rules that were rushed through after the 2007-2009 banking crisis and aimed to toughen up capital requirements. "We clearly are in favour of finalising Basel III based on improved and better supervised internal models," Villeroy said. "But we would refuse, along with other countries especially in the EU, a ''Basel IV'' based on the standard method and which would therefore take real risks less well into account," he added. European banks in the euro zone have voiced concern that proposed rules could limit their use of internal models to calculate risk exposure in favour of a so-called standard method, which the banks say would not reflect specific business realities as accurately. Villeroy also urged the United States not to roll back regulations in place since the financial crisis as President Donald Trump has said he would do. He also repeated a call for clearing large euro transactions in countries covered by Eurosystem supervision, which includes both the ECB and the 19 euro zone central banks. "After Brexit, we don''t see how this could be in London," he added. A Bank of France spokeswoman said different set-ups for supervising clearing were possible in the Eurosystem and that the debate had not yet been settled. (Reporting by Leigh Thomas and Julien Ponthus; Editing by Andrew Callus and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-banking-regulation-idUKKBN18P0N6'|'2017-05-29T21:20:00.000+03:00'
'f55c581352346860fb28cc253bab820d2290dc72'|'UPDATE 1-Reliance Comms shares, bonds plunge as losses, debt woes mount'|'* Firm posts fiscal Q4 loss, first ever annual loss, over weekend* Shares fall more than 20 pct morning trade* Bond sell-off also resumed on Monday (Adds details on results, share/bond moves, background)By Sankalp Phartiyal and Devidutta TripathyMUMBAI, May 29 Indian mobile carrier Reliance Communications Ltd saw its shares and bonds plunge on Monday after it posted a fiscal fourth-quarter loss and its first-ever full-year loss over the weekend, sparking renewed fear about its heavy debt load.In a detailed report released on Monday, the company that is attempting to tackle its debt issues by forging a merger with a smaller rival and selling an interest in its tower segment, said cash flows from operations turned negative in the period ended March 31.Banking sources told Reuters that the company, backed by billionaire Anil Ambani and widely known as RCom, is also running behind on some loan repayments.RCom declined to comment on the matter and said executives would provide more clarity on a conference call today at 4 p.m. (0900 GMT).The Economic Times newspaper earlier on Monday reported that RCom had delayed repayment of loans to more than 10 banks.RCom said in its report that it is seeking loan covenant waivers from banks, without providing further details.Shares in the company fell more than 20 percent to hit an all-time low of 19.70 rupees on Monday, before paring losses in mid-afternoon trading. The stock, which has lost nearly 35 percent in the last 10 trading sessions, was down 20.4 percent at 20.50 rupees as of 0923 GMT.A sell-off in its 2020 bonds also resumed on Monday with yields spiking to 17.7 percent after ending at 12.3 percent last week.PRICE WARSThe company on Saturday posted its second consecutive quarterly loss, dragged down by a price war in the wireless market sparked by the launch of Reliance Jio - a venture backed by Anil''s elder brother and India''s richest man, Mukesh Ambani.Anil won control of RCom after the Reliance empire was split following a feud between the brothers. Mukesh ended up with the core energy unit, while Anil won control over the conglomerate''s telecom, financial services and power businesses.The once-feuding brothers have since made up, with Mukesh''s Reliance Jio entering pacts with Anil''s RCom to share towers and networks. But the price war sparked by months of free voice and data services from Jio have dented not only RCom, but bigger rivals Bharti Airtel Ltd, Idea Cellular Ltd and Vodafone India Ltd.RCom''s customer base fell to 84.7 million subscribers as at the end of March, from 87.7 million at the end of December as the free services offered by Jio weighed. The firm said average revenue per user also fell 8.4 percent to 141 rupees in the fourth quarter, from 154 rupees in the three months to December.RCom''s net debt rose 3.6 percent to 443.45 billion rupees ($6.87 billion) as of March-end, from 428.03 billion rupees three months prior.Debt-laden RCom said it aims to cut debt by selling properties in New Delhi and the outskirts of Mumbai.It is also attempting to reduce its debt burden by merging its wireless business with rival Aircel Ltd, and selling a 51 percent stake in its tower business to Canada''s Brookfield Infrastructure Group for 100 billion rupees. ($1 = 64.5400 Indian rupees) (Reporting by Swati Bhat, Devidutta Tripathy, Sankalp Phartiyal, Krishna Merchant and Euan Rocha in MUMBAI, Umesh Desai in HONG KONG and Jessica Kuruthukulangara and Samantha Nair in BENGALURU; Editing by Himani Sarkar and Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/rcom-stocks-idINL3N1IV22S'|'2017-05-29T07:31:00.000+03:00'
'476e47afd143f9a331e5faa8044f32fa3bf439e6'|'Safran investor TCI says reduced offer for Zodiac still too high'|'  9:54am BST Safran investor TCI says reduced offer for Zodiac still too high The logo of Safran Group is seen on the company''s headquarters building in Toulouse, Southwestern France, April 18, 2017. REUTERS/Regis Duvignau LONDON UK hedge fund TCI said aero engine maker Safran''s ( SAF.PA ) reduced offer for Zodiac Aerospace ( ZODC.PA ) was still too high and it would vote against the deal. Zodiac accepted on Wednesday a 15 percent cut in an offer from Safran to create the world''s third-largest aerospace supplier, after a string of profit warnings from the aircraft seat maker. However, TCI also said changes in the terms of the renewed offer were a "victory" for TCI and other Safran investors, including improvements in corporate governance. "We got most of what we asked for," TCI partner Jonathan Amouyal told Reuters on Thursday. "The price is still too rich and so we will vote against this transaction when we are being asked to vote." TCI recommends that Safran''s management team gets paid part of its bonus only once it delivers targeted cost savings at Zodiac, Amouyal added. (Reporting by Maiya Keidan; writing by Carolyn Cohn; editing by Simon Jessop)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-safran-zodiac-m-a-tci-idUKKBN18M0UD'|'2017-05-26T16:54:00.000+03:00'
'b942fd9737783b2b9227351448d5aaa866635cba'|'FTSE gets sterling boost as Europe dragged lower by banks'|'Top  38pm BST Oil, banks trip up European shares left right A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson/File Photo 1/3 left right FILE PHOTO - The polymer 5 pound Sterling note featuring Sir Winston Churchill, is unveiled at Blenheim Palace in Oxfordshire, Britain June 2, 2016. REUTERS/Joe Giddens/Pool 2/3 left right People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo 3/3 LONDON European shares slid in thin trade on Friday as shares in energy firms and banks dropped, ending a lacklustre week relatively little changed. The pan-European STOXX 600 index closed 0.2 percent lower as did the euro zone blue chips .STOXX50E . Banks .SX7P were the biggest drag, falling 0.6 percent and hitting a one-week low earlier in the session. Traders cited worries over the political situation in Italy and concerns surrounding ailing regional banks Popolare di Vicenza and Veneto Banca, even though the county''s economy minister sought to reassure investors on Thursday that they will not be hit in any rescue of the two banks. In the sector, Italian banks Intesa Sanpaolo ( ISP.MI ), Mediobanca ( MDBI.MI ) and UniCredit ( CRDI.MI ) reduced losses after earlier falls, while Germany''s Deutsche Bank ( DBKGn.DE ), Bank of Ireland ( BKIR.I ) and Britain''s Lloyds ( LLOY.L ) were among the biggest fallers. Exane analysts also flagged "uninspiring newsflow" from global regulators of the Basel Committee. A top official said on Thursday they would soon finalise rules to ensure banks hold enough capital to withstand rocky markets without taxpayer aid. Oil stocks .SXEP were the biggest sectoral fallers, down more than 1 percent as the oil price tumbled following OPEC''s decision to extend a production cut to March 2018, which disappointed investors. [O/R] "In hindsight, we can now clearly say that there must have been a substantial amount of anticipation in the market for not only an extension of cuts, but also for deeper cuts," Bjarne Schieldrop, chief commodities analyst at SEB, said in a note. Heavyweights Royal Dutch Shell ( RDSa.L ) and Total ( TOTF.PA ) both declined around 0.6 percent. A further slump in Petrofac ( PFC.L ) took losses in the British oilfield services firm close to 38 percent over the past two sessions after several brokers more than halved their price targets on the stock. The company lost one third of its market value in the previous session after it suspended its chief operating office amid a fraud investigation. More broadly, analysts pointed to recent euro strength as a drag for European equities. "Those markets have run quite far and the fact that the euro has been strong ... particularly against the dollar, maybe we are getting to the stage where that''s slightly putting the brakes on that advance," Ian Williams, economist & strategist at Peel Hunt, said. Britain''s FTSE 100 .FTSE index was a bright spot, however, with the index closing at a record level and posting its fifth week of straight gains as sterling weakened more than 1 percent. (Reporting by Kit Rees; Editing by Alison Williams)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN18M0N7'|'2017-05-26T18:16:00.000+03:00'
'8354e54c9d6018c296a88afd7f6a56af4d1606ba'|'Restaurant Group reports slip in sales'|' 56am BST Restaurant Group reports slip in sales Britain''s Restaurant Group Plc said comparable sales for the 20 weeks to May 21 fell 1.8 percent and warned sales could fall further over the rest of the year as people cut spending on movies and travel. Restaurant Group said its concessions business, which operates food and beverage formats within 12 British airports, benefited from strong passenger numbers but expects this to moderate over the remainder of the year. Rising inflation and muted wage growth following Britain''s vote to leave the European Union last June is forcing many consumers to rein in their spending. However, the company said it expects to deliver full-year pretax profit in line with market expectations. (Reporting by Rahul B in Bengaluru; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-restaurant-grp-outlook-idUKKBN18M0KG'|'2017-05-26T14:56:00.000+03:00'
'54afb3451ac40970f177087e202bb44e79bc7e99'|'OPEC ponders how to co-exist with U.S. shale oil'|'Business  11pm BST OPEC ponders how to co-exist with U.S. shale oil left right FILE PHOTO: A pumpjack brings oil to the surface in the Monterey Shale, California, April 29, 2013. REUTERS/Lucy Nicholson/File Photo 1/2 left right FILE PHOTO: OPEC President, Saudi Arabia''s Energy Minister Khalid al-Falih, and OPEC Secretary General Mohammad Barkindo talk to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger/File Photo 2/2 By Ernest Scheyder - VIENNA VIENNA First, they ignored each other. Then, they went into a bruising fight. Finally, they are talking, albeit with opposing agendas. The history of the relationship between OPEC and the U.S. shale oil industry has evolved a great deal since the cartel discovered it had a surprise rival emerging in a core market for its oil around five years ago. U.S. shale bankers came to Vienna this week and OPEC is readying a trip for its top officials to Texas in a bid to understand whether the two industries can co-exist or are poised to embark on another major fight in the near future. "We have to coexist," said Khalid al-Falih, Saudi Arabia''s energy minister, who pushed through OPEC production cuts in December, reversing Riyadh''s previous strategy to pump as much as possible and try to kill off U.S. shale with low oil prices. OPEC and non-OPEC countries led by Russia agreed on Thursday to extend oil output curbs by nine months to March 2018, keeping roughly 2 percent of global production off the market in an attempt to boost prices. But OPEC now realises supply cuts and higher prices only make it easier for the shale industry to deliver higher profit after it found ways of slashing costs when Saudi Arabia turned up the taps three years ago. In the Permian Basin - the largest U.S. oilfield - Parsley Energy Inc ( PE.N ), Diamondback Energy Inc ( FANG.O ) and others are pumping at the fastest rate in years, taking advantage of new technology, low costs and steady oil prices CLc1LCOc1 to reap profits at OPEC''s expense. OPEC''s latest calculus acknowledges the global clout of shale but seeks to hinder its growth by keeping just enough supply on the market to hold prices below $60 per barrel. "All shale companies in the U.S. are small companies," said Noureddine Boutarfa, who represented Algeria at the meeting. "The reality is that at $50 to $60 a barrel, (the U.S. oil industry) can''t break beyond 10 million barrels per day." That is the level many analysts estimate U.S. oil production will reach next year, in what would be a 1 million bpd rise, a staggering jump for an industry marked during 2015 and 2016 by scores of bankruptcies and thousands of layoffs after a two-year price war with OPEC. Still, that extra volume may not be enough to meet rising global demand or offset natural declines in traditional oilfields, which OPEC is banking on. "For all OPEC members, $55 (per barrel) and a maximum of $60 is the goal at this stage," said Bijan Zanganeh, Iran''s oil minister. "So is that price level not high enough to encourage too much shale? It seems it is good for both." Some OPEC members seem keen to show they have shed any prior naivete about shale, making it a key topic during Thursday''s meeting after barely mentioning it before. Shale''s limitations, including rising service costs, also were discussed. "We had a discussion on (shale) and how much that has an impact," said Ecuador Oil Minister Carlos P<>rez. "But we have no control over what the U.S. does and it''s up to them to decide to continue or not." Mark Papa, chief executive of Permian oil producer Centennial Resource Development Inc ( CDEV.O ), was asked by OPEC delegates to give a presentation on shale''s potential last week. He appeared to have played his cards close to his chest. "In terms of the threat, we still don''t know how much (U.S. shale) will be producing in the near future," Nelson Martinez, Venezuela''s oi
'9b759840e2a09298546256a9e909b13e531b7949'|'SBI set to hire six banks for up to $2.3 billion share sale - IFR'|'MUMBAI State Bank of India is set to hire Bank of America Merrill Lynch, Deutsche Bank, IIFL, JM Financial, Kotak and SBI Capital to manage a share sale of up to 150 billion rupees ($2.3 billion), IFR reported on Friday, citing two sources with knowledge of the plan.A total 17 banks had bid to underwrite the so-called qualified institutional placement, for which SBI will pay a nominal fee of one rupee, IFR, a Thomson Reuters publication, reported.($1 = 64.5550 rupees)(Reporting by S.Anuradha of IFR; Editing by Rafael Nam)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/state-bank-india-sharesale-banks-idINKBN18M0CB'|'2017-05-26T02:21:00.000+03:00'
'26073a8fbecd8594cc9376b0fe39099eba38f4f6'|'ArcelorMittal consortium wins bid to buy Italy''s Ilva steel plant - source'|'Business News   2:00pm BST ArcelorMittal consortium wins bid to buy Italy''s Ilva steel plant - source Workers stand near the logo of ArcelorMittal, the world''s largest producer of steel, at the steel plant in Ghent, Belgium, July 7, 2016. REUTERS/Francois Lenoir ROME ArcelorMittal and steel processor Marcegaglia have won a bid to buy troubled Italian steel plant Ilva, a source with knowledge of the matter said on Friday. The world''s top steelmaker and its Italian partner offered just under 2 billion euros (<28>1.74 billion) for the loss-making plant, Europe''s biggest by output capacity, the source said. Italy has been trying to sell Ilva, based in the southern port city of Taranto, since 2015, when the state took over to clean up the polluted site and save thousands of jobs in an economically depressed area. The special commissioners in charge of the company chose the ArcelorMittal bid over a rival one from a group including India''s JSW Steel ( JSTL.NS ), the source said. Their decision now needs to be passed on to Italy''s industry ministry, which will issue a decree to ratify the decision. (Reporting by Massimiliano Di Giorgio; Writing by Isla Binnie)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ilva-italy-idUKKBN18M1JL'|'2017-05-26T21:00:00.000+03:00'
'afe37d930892f8b7ca855a86f18559b7a11a3274'|'S&P likely to follow regular rating review schedule for China - executive'|'Business News - Mon May 29, 2017 - 6:41am BST S&P sees no need for an out-of-schedule China rating review: exec By Ryan Woo - BEIJING BEIJING Standard & Poor''s is likely to follow its regular ratings review schedule for China, and does not see any basis at this point for an out-of-schedule committee meeting, a senior director at the ratings agency told Reuters on Monday. Moody''s Investors Service last week cut its sovereign ratings on China by a notch, putting them on par with those of Fitch Rating. S&P is one step above the two agencies, holding an AA- rating with a negative outlook that it has maintained since March 2016. "I don''t think there has been anything that could justify the calling of an out-of-schedule committee at this point in time, so we are likely to follow our regular review pattern," Kim Eng Tan, S&P''s Asia-Pacific senior director of sovereign ratings, said in a phone interview. Tan declined to say when the next regular review would be. Moody''s cut China''s sovereign ratings to A1, saying it expects the financial strength of the world''s second-largest economy to erode in coming years as growth slows and debt continues to mount. Fitch on Friday maintained its A+ rating on China, citing its "strong macroeconomic track record", though the agency also noted an accompanying build-up of imbalances and vulnerabilities. But nobody is expecting any form of financial instability anytime in the near future, Tan told Reuters. "Despite the (Moody''s) downgrade, all the major agencies have really high ratings on China, whether it''s A+ or AA-, they are both high ratings," he said. Government-led stimulus has been a key driver of China''s economic growth in recent years. But that has been accompanied by credit growth that has created a mountain of debt - now at nearly 300 percent of gross domestic product (GDP). "The key concerns that people have are longer term," Tan said. "Because if trends carry on as they do, from what we have seen in the past few years, then at some point in time, the risk of instability will rise to a level that will probably justify a further downgrade in the ratings." FLURRY OF MEASURES China has vowed to lower debt levels by rolling out steps such as debt-to-equity swaps, reforming state-owned enterprises (SOEs) and reducing excess industrial capacity. In recent months, regulators have issued a flurry of measures to clamp down on the shadow banking sector while the central bank has gingerly raised short-term interest rates. Tan said the key concern is that China "is relying on a source of growth which hasn''t been sustainable in some other economies and also the fact its debt is rising fast." "If one day growth slows and there''s a whole pile of debt to be paid, then obviously the stresses are going to be large. But I don''t think that day is anytime soon." Tan said he expects China''s annual economic growth to slow to 6 percent in the next few years, but still hold above 6 percent for much of the next one to two years. Moody''s expects GDP growth to slow to around 5 percent in coming years, but says the economy will remain robust and the likelihood of a hard landing is slim. The Chinese government is targeting GDP growth of around 6.5 percent this year. The economy expanded 6.7 percent in 2016, within the government''s expectations, though the pace was the slowest in a quarter of a century. (Reporting by Ryan Woo; Editing by Kim Coghill and Richard Borsuk)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-rating-idUKKBN18P0BF'|'2017-05-29T12:48:00.000+03:00'
'68092159944c546a951b0cbd2124cb0e1b19798a'|'Saudi''s Alawwal Bank picks JPMorgan to advise on merger -sources'|'By Tom Arnold and Saeed Azhar - DUBAI DUBAI Saudi Arabian lender Alawwal Bank ( 1040.SE ), 40 percent owned by Royal Bank of Scotland ( RBS.L ), has picked JPMorgan ( JPM.N ) to advise it on a proposed merger with Saudi British Bank ( 1060.SE ) (SABB), sources familiar with the matter told Reuters on Monday.Senior management of SABB and Alawwal held talks with advisers on Sunday to discuss the principle of the merger and timeframe for its completion, one of the sources said.SABB has selected another, undisclosed adviser for the transaction, the sources added. Nobody was available to comment at Alawwal, while SABB and JPMorgan declined to comment.SABB and Alawwal said on April 25 they had agreed to start talks on a merger that could create the kingdom''s third biggest bank with assets of nearly $80 billion.British banks are the biggest shareholders in both lenders. RBS acquired a 40 percent stake in Alawwal when it bought ABN AMRO in 2007. RBS has been trying sell the stake for a number of years as it retreats from international operations.HSBC Holdings ( HSBA.L ) owns 40 percent of SABB, which is the kingdom''s sixth largest bank by assets.Although the timeframe for the merger has yet to be agreed, one of the sources said the accounts of the two banks could be consolidated by the end of 2017, but the merger would take longer.Mergers and acquisitions are relatively rare in Saudi Arabia''s banking sector, where 12 local commercial lenders operate.Reuters reported in March, quoting sources, that French bank Credit Agricole ( CAGR.PA ) had picked JPMorgan to advise it on a potential sale of its 31 percent stake in Banque Saudi Fransi 1050.SE, valued at nearly $2.4 billion.(Editing by Andrew Torchia and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-saab-m-a-alawwal-bank-idINKBN18P0Q5'|'2017-05-29T06:43:00.000+03:00'
'cda4e4d61c15cffe9eabfa554a872158e249aac8'|'Austria''s BAWAG eyes flotation, possibly as early as autumn -sources'|'Business   1:50pm BST Austria''s BAWAG eyes flotation, possibly as early as autumn -sources The logo of Austrian lender BAWAG PSK is pictured at a branch office in Vienna, Austria, February 29, 2016. REUTERS/Heinz-Peter Bader FRANKFURT/ZURICH BAWAG PSK [CCMLPB.UL] is preparing an initial public offering (IPO) that could value the Austrian bank at up to 5 billion euros (<28>4.3 billion) and take place as early as autumn, people close to the matter said. Its majority owner, buyout group Cerberus [CBS.UL], may mandate global coordinators for a possible IPO as early as next month and could launch a flotation after the summer break, they said, adding that was only one option as BAWAG bulks up via acquisitions. The investor has held talks with investment banks in recent weeks to hear their proposals for a divestment of the asset, which Cerberus has held for a decade, they said. Cerberus could opt to sell shares worth 1 to 1.5 billion euros, valuing the bank at 4 to 5 billion euros, the people said, adding that no decisions about when or where to list the asset had been made at this stage. At 4.5 billion euros, BAWAG would be valued at roughly 1.5 times its book value -- in line with the valuation of Nordic banks but at a premium to most banks in continental Europe. Cerberus acquired BAWAG with other investors for 3.2 billion euros in 2007. It now owns 52 percent, and GoldenTree Asset Management has a 40 percent stake. BAWAG did not comment on its owners'' potential plans. Cerberus was not immediately available for comment, and GoldenTree declined to comment. (Reporting by Arno Schuetze and Michael Shields; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bawag-ipo-idUKKBN18K1NU'|'2017-05-24T20:50:00.000+03:00'
'64190e30d8b7320709a209d0d045a1c8b2bb4f22'|'Aston Martin makes first first-quarter profit in a decade'|' 01pm BST Aston Martin makes first first-quarter profit in a decade FILE PHOTO: An Aston Martin DB11 car is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 8, 2017. REUTERS/Arnd Wiegmann/File Photo By Costas Pitas - LONDON LONDON British luxury carmaker Aston Martin on Wednesday reported its first Q1 profit in a decade, marking a turnaround in its performance which could propel the company towards a market flotation. The 104-year old firm, made famous for making the sports car driven by secret agent James Bond, has made an annual loss in each of the last six years. Pre-tax profit reached 5.9 million pounds in the first three months of the year, while revenues more than doubled to 188 million pounds thanks to strong demand for its new luxury DB11 model, which went on sale at the end of last year. The firm, owned mainly by Kuwaiti and Italian investors, anticipates full-year sales will grow by more than 30 percent from 3,687 cars in 2016 as the company - which has gone bankrupt seven times in its history - sees the strongest signs yet of recovery. "The amount of customers who are buying these cars... has doubled year on year," Chief Financial Officer Mark Wilson told Reuters. "We''re now in an area and an environment where we are generating demand in excess of supply," he said. In 2016, Aston''s sales were at a low as the firm was still selling its range of older models ahead of the release of several new cars designed to boost volumes and its appeal. With the turnaround underway, plus a debt refinancing that has cut annual interest payments by more than 10 million pounds, there has been media speculation about whether the company''s shareholders are looking at plans for an initial public offering next year. "As far as I''m aware at the moment those discussions are not happening," Wilson said. "At some point those private equity businesses will want to realise value but the timing and manner of them doing that is entirely within their gift," he said. The firm has said for years that its future could lie in a market flotation, but a lack of sufficient investment and a dearth of new models have thwarted its development since it was sold by Ford ( F.N ) in 2007. A key part of the firm''s expansion includes building its first electric car, a version of its Rapide S model, which will help it to meet more stringent emissions criteria and widen its reach to new customers. It has raised capital for the move into electric cars and also sports utility vehicles. It signed an agreement last year with Chinese consumer electronics group LeEco to jointly develop the electric version of its Rapide S vehicle. But the Chinese conglomerate has since announced job cuts and reduced its global operations in response to a cash shortage. Asked about the partnership, Wilson said: "We are in dialogue with them, we''re working with them. They''ve undertaken their funding commitments so far so we''ll keep them at their word." "They''ve absolutely contributed money into the partnership." (Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-astonmartin-results-idUKKBN18K23A'|'2017-05-24T23:01:00.000+03:00'
'fdcf4fd4390171cb81a0d50b3ff563ccc062755f'|'Factbox: Food and drink makers'' venture capital funds'|' 31pm IST Factbox: Food and drink makers'' venture capital funds Products from drink manufacturer Seedlip are displayed in London, Britain May 17, 2017. REUTERS/Neil Hall By Martinne Geller - LONDON LONDON Multinational packaged food and drink makers have been pouring millions of dollars into venture capital funds to invest in start-up companies offering healthier or more innovative products. See main story: The strategy is becoming an increasingly common tool as large companies struggle to develop breakthrough products on their own, and has made it easier for entrepreneurs with good ideas to find funding. Here are some of the corporate venture capital funds set up over the past 18 months, and their investments. TYSON NEW VENTURES Set up by Tyson Foods in December 2016 with $150 million. Its first investment was in Beyond Meat, a maker of plant-based burgers and meatballs. CULTIVATE VENTURES Set up by Hain Celestial in November 2016. Its investments include BluePrint cold-pressed juice, DeBoles gluten-free pasta and Yves Veggie Cuisine foods. DANONE MANIFESTO VENTURES Launched in June 2016 by Danone. Its investments include Michel et Augustin cookies, salad vending machine company Farmer''s Fridge, and AccelFoods, an investment firm with stakes in food start-ups including ones that make mushroom coffee and cricket protein bars. EIGHTEEN94 CAPITAL Launched by Kellogg in June 2016 with $100 million. Its only announced investment so far is Kuli Kuli, which makes snack bars and smoothie powders from the moringa plant. NEW BRAND VENTURES Pernod Ricard announced the new unit in May 2016 and has invested in Smooth Ambler bourbon. ACRE VENTURE PARTNERS Set up by Campbell Soup in February 2016 with $125 million. Investments include data platform Farmers Business Network, at-home juice machine Juicero, and Spoiler Alert, a technology platform aimed at building a secondary market for unsold and surplus food. 301 INC Launched in October 2015 by General Mills. It has invested in eight companies including Purely Elizabeth organic granola, kale chip maker Rhythm Superfoods and Good Culture cottage cheese. (Reporting by Martinne Geller; Editing by Pravin Char)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/food-investment-funds-idINKBN18K1BF'|'2017-05-24T09:01:00.000+03:00'
'60ea8253be68799871a115357c219aa0acfd5514'|'Canada''s TMX says its natgas exchange to use blockchain to track flows'|'Market News  41am EDT Canada''s TMX says its natgas exchange to use blockchain to track flows TORONTO May 24 TMX Group Ltd, Canada''s biggest stock exchange operator, said on Wednesday it had developed a blockchain-based service to track the flow of deliveries on its Natural Gas Exchange. The company said the prototype will allow customers to track the movement of gas supplies at delivery locations in the United States, aiding in transparency and allowing market participants to more accurately report their positions. Banks and commodity traders across the world are actively exploring potential uses for blockchain, the technology first developed for the crypto-currency bitcoin, in the hopes its distributed ledger technology can cut costs and reduce paperwork. TMX developed the service in partnership with Nuco Inc, which builds custom blockchain networks for businesses. (Reporting by Alastair Sharp)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tmx-grp-blockchain-idUSL1N1IQ0ND'|'2017-05-24T21:41:00.000+03:00'
'39c4b137b03a694bf994053c239fb9812efc6f4f'|'China''s Fosun to sell real estate firms to Shanghai Yuyuan for $3.5 billion'|'HONG KONG Chinese conglomerate Fosun International Ltd ( 0656.HK ) said it will sell 28 real estate companies to Shanghai Yuyuan Tourist Mart Co Ltd ( 600655.SS ) for 24.16 billion yuan ($3.5 billion) as part of a reorganization to better allocate resources.Shanghai Yuyuan will settle the deal by issuing 2.42 billion new shares at 9.98 yuan each, boosting Fosun''s stake in the gold and jewelry retailer to 69.69 percent from 26.45 percent, the conglomerate said in a filing to the Hong Kong stock exchange late on Thursday.Fosun, which saw its chief executive and vice president step down in a surprise reshuffle in March, said the reorganization would also enable more focused development and better strategy planning.(Reporting by Donny Kwok)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fosun-intl-yytm-idINKBN18M07M'|'2017-05-26T00:43:00.000+03:00'
'a85a05be06efc176454318b453ccd7380755640c'|'Asia stocks edge up on firmer Wall Street, pound nurses losses'|'Top News - Mon May 29, 2017 - 10:34am BST Italian bank worries leak into second week Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 22, 2017. REUTERS/Staff/Remote By Patrick Graham and Danilo Masoni - LONDON LONDON Concerns over Italy''s banks and Britain''s national election campaign dominated holiday-thinned European financial markets on Monday, prodding stock markets lower after Asian share indices fell back off 2-year highs. Sterling, hammered by a slump for Prime Minister Theresa May''s Conservatives in opinion polls last week, recovered some ground after weekend numbers confirmed the trend but showed her still on course to win next week''s vote. European share prices were a touch lower [.EU], led by a half-percent fall in banking shares as worries over recapitalisations of regional Italian lenders bled over into a second week. Weekend reports that Italy''s main parties could converge on a proportional electoral law also pointed to growing chances of an early election that carries the risk of a win for the anti-establishment 5-Star movement. "If approved, the new law could significantly increase the chances of a vote in the autumn ... It remains to be seen what the chances of a stable parliamentary majority will be," one trader said. European blue chips .STOXXE eased 0.2 percent, with Italy''s Banco BPM ( BAMI.MI ) and Unicredit ( CRDI.MI ) both down around 2 percent. Germany''s DAX .GDAXI was little changed. Asian markets were lower overall after some early gains that largely shrugged off another missile launch by North Korea, the broad MSCI index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dipping 0.2 percent. Japan''s Nikkei .N225 edged up 0.2 percent while Australian shares fell as much as 0.8 percent, hit by another round of falls in the prices of oil and other commodities. China''s markets are also closed on Monday and Tuesday for a holiday. South Korea''s KOSPI .KS11 added 0.4 percent to touch a record high and was on track for its seventh straight day of gains. "There are not many negative factors in the market for the KOSPI, and demand seems still strong enough to push the index up a bit more," said Kim Ji-hyung, a stock analyst at Hanyang Securities. On currency markets, the dollar was broadly flat, trading at $1.1180 per euro and 111.34 yen after steadying on a better batch of U.S. economic data on Friday that solidified expectations of a rise in official interest rates next month. San Francisco Federal Reserve President John Williams said in Singapore on Monday that medium-term trends in U.S. inflation remained "pretty favourable," despite some recent soft consumer price data. After falling more than 2 cents last week, sterling was 0.25 percent stronger against the dollar GBP= and euro EURGBP=. "A lot of what we are seeing is the after effects of Friday''s news and data releases," said Thu Lan Nguyen, a currency strategist with Commerzbank in Frankfurt. "We have a little bit of dollar strength following better U.S. data and some hawkish comments from Federal Reserve officials. And we have a little bit of a pound recovery following the latest poll results from the UK." For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets (Editing by Andrew Heavens) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN18P014'|'2017-05-29T10:42:00.000+03:00'
'c15e0577f4cdad81c153bbb3e9d562fbb04a984a'|'Venezuela sets new exchange mechanism, as currency continues to slide'|'By Girish Gupta - CARACAS CARACAS Venezuela set a range on Wednesday for the first offer in its new DICOM foreign exchange mechanism, effectively devaluing the previous SIMADI exchange rate by at least 60 percent as the currency continues its slide.The central bank said it would accept bids for dollars between 1,800 bolivars and 2,200 bolivars during two weekly auctions. These bounds are only designated for the first "offer."DICOM is designed as another addition to the OPEC country''s complex currency controls, the fifth such plan in four years by a socialist government that has repeatedly balked at revamping its state-led economic system. [nL1N1IP1ET]Complex currency controls, enacted first in 2003 in order to prevent capital flight, are thought by many to be behind Venezuela''s economic crisis, which has left millions suffering food and medicine shortages.Most Venezuela say they cannot get access to official exchange rates anyway and so must go to the black market, on which the bolivar currency has collapsed more than 99 percent against the dollar since President Nicolas Maduro won the presidency in 2013.A thousand dollars saved then in local currency would be worth less than $5 now.On the black market, a dollar fetches nearly 6,000 bolivars - a far cry from the SIMADI rate which on Tuesday was at 728 bolivars per dollar.Venezuela''s strongest rate, known as DIPRO, is at 10 bolivars per dollar and reserved, says the government, for essentials such as food and medicine."The new DICOM is an efficient, rational and transparent mechanism," said economy vice president Ramon Lobo on Tuesday, showing presentations with complex flow charts explaining how it would work.The first auction will take place on Thursday with results released on Tuesday, said the central bank. Venezuelan citizens may buy up to $500 every quarter and companies up to $400,000 a month. ( goo.gl/in0Gzh )Government critics have long lambasted the Byzantine process by which Venezuelans are forced to obtain hard currency, blaming it for the crisis.The ruling Socialist Party''s efforts at creating similar auction systems over the last four years have floundered because they set artificially low exchange rates that left buyers seeking more dollars than the central bank had available to sell.Various exchange mechanisms have failed to satiate demand for dollars over the last decade, and the various acronyms for the exchange rates - SITME, SIMADI, SICAD, SICAD II, DIPRO, DICOM - have come in for much criticism.(Reporting by Girish Gupta; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/venezuela-economy-idINKBN18L03A'|'2017-05-24T23:02:00.000+03:00'
'7c2aaf41c6dd2cc653d6ac073c1a994d4f101808'|'U.S. ITC begins probe of Nikon cameras based on Zeiss complaint'|'Business  05pm EDT U.S. ITC begins probe of Nikon cameras based on Zeiss complaint People are silhouetted against a display of the Nikon brand logo at the CP+ camera and photo trade fair in Yokohama, Japan, February 25, 2016. REUTERS/Thomas Peter WASHINGTON The U.S. International Trade Commission said on Friday it has launched a patent infringement investigation of certain Nikon digital cameras, software and components based upon a complaint launched by Carl Zeiss AG and ASML Netherlands B.V. (Reporting by David Alexander; Editing by Doina Chiacu)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-trade-cameras-idUSKBN18M21B'|'2017-05-27T00:02:00.000+03:00'
'd7a68c752036f0182ca6848ccba2e751f84f2981'|'Italian court overturns Uber ban'|'Business  25pm BST Italian court overturns Uber ban A man exits the Uber offices in Queens, New York, U.S., February 2, 2017. REUTERS/Brendan McDermid ROME A Rome court annulled a short-lived ban on ride-hailing app Uber on Friday in the latest twist to a battle between the San Francisco-based multinational and Italy''s traditional taxi cabs. A lower court had already ordered temporary suspension of the ban, which was imposed in April and affected several Uber phone applications and prevented it from advertising its services in Italy. "We are happy to announce that you will be able to keep using our app in Italy", Uber Italy tweeted after Friday''s ruling. Italian taxi drivers, who operate under rigid regulation, say they are being penalised by little-monitored apps such as those offered by Uber, which allow users to connect with the nearest drivers via smartphones. Angry drivers went on a six-day strike in February to protest the growth of the apps and increasingly popular chauffeured limousines. The Italian government has promised to introduce clearer rules governing competition between conventional taxis and rival road transport services by the end of this year. "We are thrilled for the thousands of drivers and riders who can continue using Uber in Italy," an Uber spokesman said on Friday. "However, Italy now needs to reform its outdated laws so that all its citizens and cities can benefit from modern technology." (Reporting by Isla Binnie and Gavin Jones; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-italy-uber-idUKKBN18M22S'|'2017-05-27T00:25:00.000+03:00'
'22b18727b80cd3cd77161667b49b4d6497b9e14b'|'California says VW clean car spending plan has shortcomings'|'SAN FRANCISCO California regulators said Volkswagen AG''s ( VOWG_p.DE ) spending plan on clean vehicle infrastructure had shortcomings and that it lacked details on how it would help disadvantaged communities as well as promote hydrogen fuel cell technology.The remarks in a Wednesday letter from the California Air Resources Board to VW''s Electrify America come after criticism that the German automaker''s plan, part of a deal to atone for diesel emissions cheating, could give it a competitive advantage on other vehicle and charging station makers and ignore poorer communities where the state wants to promote clean cars. The German automaker agreed to spend $800 million in California, part of a total of $2 billion nationally, after it was caught secretly installing software in diesel vehicles that allowed them to emit excess pollution.The Air Resources Board told VW''s Electrify America that its plan for the first $200 million, 30-month tranche of the California spending plan had shortcomings. It asked VW to explain how it would meet a requirement to spend funds in disadvantaged communities, including installing electric vehicle charging stations."CARB recommends that Electrify America make every attempt to attain investment of 35 percent of the first 30-month investment cycle in these communities," said the letter, which was seen by Reuters.It also asked VW to describe potential plans for hydrogen vehicles over the 10-year investment period, since California''s zero-emission vehicle plan includes battery-electric and fuel-cell vehicles.Electrify America in a statement said it was committed to investing $2 billion in line with court-approved agreements with the U.S. Environmental Protection Agency and California. It said it was reviewing the state board''s letter.Charging station maker ChargePoint Inc praised regulators for asking VW to focus on disadvantaged communities and ensuring that VW''s efforts were complementary to other investments. Some automakers and charging station companies object to the proposed locations of some charging stations in areas that already have many electric vehicles, concerned about competitive advantages VW could get from the program.In its initial California spending plan, Volkswagen proposed spending $120 million on more than 400 highways and community EV charging stations by 2019, often in high-traffic areas. Environmental justice advocates also have pressed for California regulators to pay more attention to cleaning pollution in less affluent communities.Under the agreement with California and the Justice Department, funds spent on education and outreach must be brand-neutral and cannot feature Volkswagen vehicles. Charging stations must be accessible to all vehicles.(Reporting By Peter Henderson; Editing by Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-autos-california-electric-idUSKBN18M0C2'|'2017-05-26T12:15:00.000+03:00'
'f6d8b156d0ace1caceddf2b1199a4342e4bf8f15'|'China''s reforms not enough to arrest rising debt, another downgrade possible: Moody''s'|'BEIJING China''s structural reforms will slow the pace of its debt build-up but will not be enough to arrest it, and another credit rating cut for the country is possible down the road unless it gets its ballooning credit in check, officials at Moody''s said.The comments came two days after Moody''s downgraded China''s sovereign ratings by one notch to A1, saying it expects the financial strength of the world''s second-largest economy to erode in coming years as growth slows and debt continues to mount.In announcing the downgrade, Moody''s Investors Service also changed its outlook on China from "negative" to "stable", suggesting no further ratings changes for some time.China has strongly criticized the downgrade, asserting it was based on "inappropriate methodology", exaggerating difficulties facing the economy and underestimating the government''s reform efforts.In response, senior Moody''s official Marie Diron said on Friday that the ratings agency has been encouraged by the "vast reform agenda" undertaken by the Chinese authorities to contain risks from the rapid rise in debt.However, while Moody''s believes the reforms may slow the pace at which debt is rising, they will not be enough to arrest the trend and levels will not drop dramatically, Diron said.Diron said China''s economic recovery since late last year was mainly thanks to policy stimulus, and expects Beijing will continue to rely on pump-priming to meet its official economic growth targets, adding to the debt overhang.WAITING FOR IMPLEMENTATIONMoody''s also is waiting to see how some of the announced measures, such as reining in local government finances, are actually implemented, Diron, associate managing director of Moody''s Sovereign Risk Group, told reporters in a webcast.China may no longer get an A1 rating if there are signs that debt is growing at a pace that exceeds Moody''s expectations, Li Xiujun, vice president of credit strategy and standards at the ratings agency, said in the same webcast"If in the future China''s structural reforms can prevent its leverage from rising more effectively without increasing risks in the banking and shadow banking sector, then it will have a positive impact on China''s rating," Li said.But Li added: "If there are signs that China''s debt will keep rising and the rate of growth is beyond our expectations, leading to serious capital misallocation, then it will continue to weigh on economic growth in the medium term and impact the sovereign rating negatively.""China may no longer suit the requirement of A1 rating."Li did not give a specific target for debt levels nor a timeframe for further assessments.Moody''s expects China''s growth to slow to around 5 percent in coming years, from 6.7 percent last year, compounding the difficulty of reducing debt. But Diron said the economy will remain robust, and the likelihood of a hard landing is slim.After Moody''s downgrade, its rating for China is on the same level as that on Fitch Ratings, with Standard & Poor''s still one notch above, with a negative outlook.On Friday, Fitch said it is maintaining its A+ rating. Andrew Fennel, its direct of sovereign ratings, noted China''s "strong macroeconomic track record", but said that its growth "has been accompanied by a build-up of imbalances and vulnerabilities that poses risks to its basic economic and financial stability".STIMULUS SPREEGovernment-led stimulus has been a major driver of China''s economic growth over recent years, but has also been accompanied by runaway credit growth that has created a mountain of debt - now at nearly 300 percent of gross domestic product (GDP).Some analysts are more worried about the speed at which the debt has accumulated than its absolute level, noting much of the debt and the banking system is controlled by the central government.UBS estimates that government debt, including explicit and quasi-government debt, rose to 68 percent of GDP in 2016 from 62 percent 
'2d5f1f34c00280e07fdb6ccc96fde577fa805ef2'|'Lenovo''s struggling mobile business sets sight on high-end market'|'Mon May 29, 2017 - 1:12am BST Lenovo''s struggling mobile business sets sight on high-end market FILE PHOTO: Lenovo tablets and mobile phones are displayed during a news conference on the company''s annual results in Hong Kong May 23, 2013. REUTERS/Bobby Yip/File Photo By Sijia Jiang - HONG KONG HONG KONG After a bruising fall from its spot as the world''s third-largest mobile phone maker following its acquisition of Motorola three years ago, China''s Lenovo Group Ltd ( 0992.HK ) is counting on a push upmarket to stop the bleeding in its smartphone business. While the company, which vies with HP as the world''s largest PC maker, returned to profit in the year to March, losses in its smartphone business worsened as marketing expenses for new products and key component costs increased. The group''s phone problems started after it acquired Motorola Mobility from Google for $2.9 billion in 2014 but struggled to integrate the assets. That, combined with fierce competition from lower-end manufacturers in its home base of China such as Xiaomi and Oppo, saw its global position fall to eighth in 2016. A recently announced reorganization of its China business aimed at sharpening the PC brand''s consumer focus comes amid an ongoing effort to tighten its mobile branding and shift the focus to pricier models under its Moto brand. "Our strategy is to prioritize mature markets ... which need brands and innovative products, whereas emerging markets need efficiency," Chairman Yang Yuanqing said of Lenovo''s mobile business at a press conference in Hong Kong on Thursday. "So we will have two teams catering to the two kinds of markets with different product lines." Lenovo faces its toughest battle in its home base of China, where it has slipped out of the top 10 smartphone vendors. Shipments domestically declined 80 percent year-on-year or 55 percent quarter-on-quarter in the first quarter of 2017, according to data from Canalys. The company currently has three phone brands in China - the premium Moto brand, the cheaper Lenovo series, and an online-focused ZUK brand launched in 2015. A Lenovo spokeswoman said its global mobile strategy would focus on the Motorola brand, although it would continue to support its other lines, such as ZUK. Moto products, including a premium series of modular phones designed with detachable components that can be replaced or upgraded, helped propel Lenovo to be the second-biggest vendor in Brazil, after Samsung Electronics Co Ltd ( 005930.KS ), Yang said. Shipments in Brazil rose 56 percent in the first three months of the year according to Lenovo, overtaking India as its biggest market, where volume grew 34 percent. The average selling prices of Lenovo''s mobile products rose 15.1 percent in the past year, according to its financial report. Mature market competition, where Yang said Lenovo''s main rivals are Samsung and LG Electronics Inc ( 066570.KS ), is less fierce than in emerging markets, where the low entry barrier allowed in "too many Chinese vendors, some of which compete irrationally". He added Lenovo will have three more telecom partners in the U.S. this year, while its performance in Western Europe is improving. NEW PRIORITIES Yang said Lenovo is on track to meet its goal of turning around the mobile business by the second half of the fiscal year starting in April. At the same time, some analysts say the company should cut its mobile losses in China and focus on building its strength in other markets. "I think they should deep-six their China mobile business. Their non-China probably has a chance if it''s very narrowly geographic and product focused," said Bernstein analyst Alberto Moel. Lenovo is the fourth-biggest smartphone seller in India, with a 9.5 percent market share, which compares with Samsung in top place with 28.1, according to IDC. While it faces increasing competition from new entrants Oppo and Vivo, it enjoys good brand loyalty. "I like Lenovo phones for their good batter
'17dd715d86f22f69c58d0e03083ffc85601b9420'|'Wall Street opens lower as investors digest data'|'Money News - Wed May 31, 2017 - 12:04am IST Wall Street dips as energy, financials weaken Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 25, 2017. REUTERS/Brendan McDermid By Chuck Mikolajczak U.S. stocks edged lower on Tuesday as weakness in the energy and financial sectors outweighed gains in technology shares. Oil prices declined, keeping U.S. crude CLc1 below the $50 a barrel mark, on concerns output cuts by the world''s big exporters may not be sufficient to lessen a global glut that has depressed the market for almost three years. The energy sector''s .SPNY 0.81-percent fall made it the worst performer among the major S&P 500 sectors. Exxon ( XOM.N ) was down 0.4 percent. Financial stocks, down 0.8 percent, also supplied some downward pressure. JPMorgan ( JPM.N ) fell 1.5 percent and Bank of America ( BAC.N ) lost 1.1 percent as the two biggest drags on the S&P 500. U.S. consumer spending recorded its biggest increase in four months in April and monthly inflation rebounded, pointing to firming domestic demand that could allow the Federal Reserve to raise interest rates next month. "There was nothing so significant in the macro data today that was going to cause anyone to really go anywhere, so we are just churning," said Ken Polcari, Director of the NYSE floor division at O<>Neil Securities in New York. "And it<69>s all well and good until you get some sort of catalyst, negative or positive, that causes everyone to run for the door at the same time, trying to get in or get out." Dallas Fed head Robert Kaplan told CNBC that while he was concerned about the recent economic data, he expected two more rate hikes in 2017. Fed Governor Lael Brainard said a hike is probably coming soon, though the central bank may want to delay if inflation remains soft. The Dow Jones Industrial Average .DJI fell 48.18 points, or 0.23 percent, to 21,032.1, the S&P 500 .SPX lost 2.3 points, or 0.10 percent, to 2,413.52 and the Nasdaq Composite .IXIC dropped 7.68 points, or 0.12 percent, to 6,202.51. The technology sector .SPLRCT rose 0.27 percent, boosted by gains in Apple ( AAPL.O ) and Microsoft ( MSFT.O ), both up 0.3 percent. Amazon ( AMZN.O ) was up 0.3 percent at $998.34, after briefly crossing the $1,000 mark. Alphabet''s ( GOOGL.O ) Class A shares were close behind after hitting a record of $997.62. CardConnect''s ( CCN.O ) shares jumped 10.4 percent to $15.08 after First Data ( FDC.N ) agreed to buy the payment processor for $750 million. First Data was up 1.1 percent. Declining issues outnumbered advancing ones on the NYSE by a 1.48-to-1 ratio; on Nasdaq, a 1.88-to-1 ratio favoured decliners. The S&P 500 posted 28 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 82 new highs and 70 new lows. (Reporting by Chuck Mikolajczak; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN18Q1FD'|'2017-05-30T21:33:00.000+03:00'
'cea455a134cf5123f07a6b3c0f7df530ca7d3289'|'Kazakh Tengiz oilfield suspends operations after toxic substance release'|'MOSCOW Kazakhstan''s energy ministry said on Tuesday that Tengizchevroil project has suspended operations at Tengiz oilfield after a toxic substance was released, while workers were evacuated.Chevron, ExxonMobil, Lukoil <LKOH.MM and KazMunayGas are partners in the venture, the Central Asian nation''s biggest oil producer.(Reporting by Alla Afanasyeva; writing by Vladimir Soldatkin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-kazakhstan-tengiz-emergency-idINKBN18Q1O7'|'2017-05-30T12:31:00.000+03:00'
'8be5def7a6b2734bc5975e7370c5fe7c6ade585e'|'EU agrees rules to give more companies access to venture capital'|'Business   8:19pm BST EU agrees rules to give more companies access to venture capital An European Union (EU) flag is pictured during a ceremony in Lausanne, Switzerland May 4, 2017. REUTERS/Denis Balibouse BRUSSELS European Union states and their joint parliament in Brussels on Tuesday agreed new rules to give smaller companies improved access to financing, a move the bloc said would help create jobs and spur economic growth. After the rules are formally adopted, European venture capital funds - which support higher risk start-ups - will find it easier to invest in a wider range of companies, including small and medium enterprises. "The reforms we have agreed <20> expanding investment possibilities for funds, broadening the range of eligible managers and simplifying administration - will help investor capital reach the SMEs that need it," Valdis Dombrovskis, a vice president at the European Commission, the EU''s executive, said. Venture capital is considered an important ingredient in fostering innovation but the European industry is small compared with the United States. Small and medium companies in Europe receive 75 percent of their funding from banks, and have struggled to get capital as the banking sector faced higher capital requirements. (Writing by Gabriela Baczynska. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-funds-venturecapital-idUKKBN18Q2BP'|'2017-05-31T03:19:00.000+03:00'
'73e7555770edc4ae35c217916172afc36155337a'|'Ireland launches long-awaited AIB listing with 25 percent stake sale'|'Deals - Tue May 30, 2017 - 9:00pm BST Ireland launches long-awaited AIB listing with 25 percent stake sale By Padraic Halpin - DUBLIN DUBLIN Ireland launched its long-awaited initial public offering of state-owned Allied Irish Banks ( ALBK.I ) (AIB) on Tuesday, offering a 25 percent stake in what is set to be one of Europe''s largest bank listings since the 2008 financial crisis. Dublin rescued the bank in a 21 billion euro ($23.50 billion) taxpayer bailout which began in early 2009 and has been considering partly cashing out of its 99.9 percent stake since last year. A successful flotation would mark another milestone in a dramatic turnaround from a banking and fiscal crisis that wrecked the country''s economy a decade ago. The sale could raise about 3 billion euros taking into account the bank''s book value of 11.3 billion euros at the end of last year. The bank''s value has likely risen since then following another quarter of margin growth, its payment of a 250 million euro dividend this month and a further 11 percent uplift in the value of euro zone banks .SX7E since the start of the year. One of Ireland''s two dominant banks, AIB returned to profit three years ago, has cut its huge stock of impaired loans by more than two-thirds since then and this year became the first domestic-owned lender to restart dividends since the crash. "The strong progress made by AIB and current market conditions mean that now is the right time to commence this process," Finance Minister Michael Noonan said in a statement announcing its intention to float. "Today''s decision is a significant step in the continued normalization of the state''s involvement in Ireland''s banking system." AIB will list its shares on the Irish and London Stock Exchange and seek admission to the main markets of each. The government said the sale was expected to be one of the United Kingdom''s largest main market IPOs of the last 20 years. AIB management have said they have received "huge interest in the Irish story" from investors in recent months, pitching the bank as a rare stock market play focused almost exclusively on the European Union''s fastest growing economy. AIB is less exposed to Britain''s exit from the EU than its main rival Bank of Ireland ( BKIR.I ), the state''s largest bank by assets, having made just 14 percent of its pre-provision operating profit in the United Kingdom last year. It is also the largest provider of mortgages in the fast-recovering Irish market, with a 36 percent share of the market by drawdowns, although investors may be wary of a chronic lack of housing supply that could hold the market back. The prospectus and price range for the sale are expected to be published in mid-June, the government said. Bank of America Merrill Lynch ( BAC.N ), Davy Stockbrokers and Deutsche Bank ( DBKGn.DE ) are acting as global coordinators for the sale. Citigroup ( C.N ), Goldman Sachs ( GS.N ), Goodbody Stockbrokers, JPMorgan ( JPM.N ) and UBS ( UBSG.S ) are the bookrunners. (Reporting by Padraic Halpin. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-aib-ipo-idUKKBN18Q2EA'|'2017-05-31T03:51:00.000+03:00'
'705c912dd6c907681752e39991e2e1077ec42323'|'U.S. top court tightens rules on where companies can be sued'|'May 30 The U.S. Supreme Court on Tuesday tightened rules on where injury lawsuits may be filed, handing a victory to corporations by undercutting the ability of plaintiffs to bring claims in friendly courts in a case involving Texas-based BNSF Railway Co.The justices, in a 8-1 decision, threw out a lower court decision in Montana allowing out-of-state residents to sue there over injuries that occurred anywhere in BNSF''s nationwide network. State courts cannot hear claims against companies when they are not based in the state or the alleged injuries did not occur there, the justices ruled.BNSF is a subsidiary of Berkshire Hathaway Inc .(Reporting by Andrew Chung; Editing by Will Dunham)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-court-bnsf-rlwy-ptt-idUSL1N1ID1TQ'|'2017-05-30T22:17:00.000+03:00'
'a00a0777655fbcc198c64e206ff0d213a4dd828e'|'UPDATE 1-Saudi Aramco to spend $18 bln on growth in the Americas -Motiva'|'HOUSTON Saudi Aramco plans to spend $18 billion in the next five years to expand its operations in the Americas, focusing on its U.S. oil refining subsidiary Motiva Enterprises, Motiva said on Thursday.Motiva [MOTIV.UL] called the $18 billion estimate "a general framework of opportunities" to increase refining capacity, branch into chemicals, and expand its commercial operations, marketing and branded presence in the next five years.The company also said the expansion may not be solely focused on its current operations but may involve new sites. It declined to discuss possible expansion locations.Motiva became a wholly owned subsidiary of Saudi Aramco on May 1 with the split of a 19-year partnership between Aramco and Royal Dutch Shell Plc ( RDSa.L ).Aramco-owned Motiva emerged from the breakup with full ownership of a Port Arthur, Texas, refinery, which is the nation''s largest. It also retained the Motiva name, distribution operations across seven U.S. states and rights to use the Shell and 76 brand names on products."Motiva has made significant strides over the last three years to reposition our business through focused improvement efforts and organic growth opportunities," said Motiva Chief Executive Dan Romasko.Thursday''s announcement did not say if it was intended to supersede Saturday''s similar announcement of investments that were part of the Saudi-U.S. CEO Forum. At that time, the Saudi state-oil giant said it planned an initial investment of $12 billion in Motiva with a likely $18 billion to follow by 2023. [L1N1IP2BT]That forum coincided with a summit between U.S. President Donald Trump and Saudi King Salman in Riyadh, Saudi Arabia. The press release remained on the summit''s website as of Thursday. ( here )On Thursday, Motiva said "it has embarked on a growth journey to become the safest and most profitable downstream business in the U.S."Since the completion of the expansion of the Port Arthur refinery in 2012, which more than doubled its capacity to refine 603,000 barrels of crude oil per day, Motiva has weighed plans for further expansion of the plant.Saudi Aramco also has looked at acquiring at least one additional Gulf Coast refinery and visited chemical plants up for sale to expand Motiva''s portfolio.U.S. refiners preparing for domestic gasoline demand to peak within 20 to 30 years are looking at increasing exports of diesel and jet fuel and expanding petrochemical production.(Reporting by Erwin Seba; Editing by James Dalgleish and Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-refinery-plans-motiva-idUSKBN18L2RF'|'2017-05-26T06:04:00.000+03:00'
'3c3e007bb0135b3e2eb64418780ad68fefb69cf7'|'PRESS DIGEST- Financial Times - May 29'|'Market News - Sun May 28, 2017 - 9:35pm EDT PRESS DIGEST- Financial Times - May 29 May 29 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines BA passengers hit by second day of global fallout from IT failure on.ft.com/2r2HMCU Police make further arrests over Manchester terror attack on.ft.com/2r2Npku Frustrated business seeks to rebuild ties to Number 10 on.ft.com/2r2XMEP Overview British Airways struggled to regain control on Sunday after a computer system failure caused chaos during one of the busiest travel weekends of the year in UK. British police made more arrests on Sunday in connection with the Manchester attack, with two men aged 25 and 19, held on suspicion of offences contrary to the terrorism act. A group of executives, ministers and civil servants are aiming to set up a special group to rebuild ties with Theresa May''s administration. (Compiled by Bengaluru newsroom; Editing by Peter Cooney) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL3N1IV05F'|'2017-05-29T05:35:00.000+03:00'
'1d0e92bacc9192635a297ca34260eba6946ab5b1'|'Ireland must make call on AIB IPO in next 10 days -minister'|'Business News   2:10pm BST Ireland must make call on AIB IPO in next 10 days -minister A gardener mows the grass outside the headquarters of AIB on the day the bank announced it''s results, in Dublin April 12, 2011. REUTERS/Cathal McNaughton DUBLIN Ireland will have to decide in the next 10 days on whether to press ahead with a planned initial public offering of Allied Irish Bank ( ALBK.I ) or put it off until later this year, Finance Minister Michael Noonan said on Monday. "The first window was from mid-May to the end of June, we''re in the middle of that window now so I''ll have to make a decision either to go ahead or to wait for the next window in the autumn," Noonan told national broadcaster RTE. "We''re watching the markets very carefully, which are quite benign, especially towards bank shares at present, but we''re watching other events as well that could put us off track, like the election in the UK. The decision hasn''t been made yet but will have to be made in the next 10 days." (Reporting by Padraic Halpin; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-aib-ipo-idUKKBN18P1CI'|'2017-05-29T21:10:00.000+03:00'
'9df66ce26d47158433c4896ef9d006b41d880b2a'|'UPDATE 1-Slovenia finance minister offers to quit over NLB sale delay -sources'|'(Adds details, background)By Marja NovakLJUBLJANA May 28 Slovenian Finance Minister Mateja Vranicar Erman offered to resign on Monday over a likely delay in the sale of Nova Ljubljanska Banka (NLB) but the prime minister refused to accept her resignation, sources said.The finance ministry and the office of Prime Minister Miro Cerar were not immediately available to comment.The government has refused to give guarantees for what could amount to about 400 million euros ($450 million) in compensation payable by NLB, Slovenia''s largest bank, to Croatian banks who repaid depositors at NLB''s predecessor Ljubljanska Banka.Ljubljanska Banka closed its Croatian business after Slovenia declared independence from the former Yugoslavia in 1991 and Slovenia wants any repayment agreement to be part of succession talks between the ex-Yugoslav states.State-owned Slovenian Sovereign Holding (SDH), which is coordinating the NLB sale, could decide on whether to pursue the privatisation on Thursday, sources said.Slovenia has committed to selling 75 percent of NLB in exchange for European Commission approval of aid to the bank in 2013 and planned to sell half of NLB this year and another 25 percent by the end of 2018.The Slovenian government controls about 50 percent of the economy and some 44 percent of the banking sector. (Editing by Louise Ireland)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/slovenia-nlb-idINL8N1IV3P2'|'2017-05-29T16:01:00.000+03:00'
'ade1d13a8ff55f04b8e1177519e44147ac5015a3'|'Brazilian prosecutors make new leniency fine offer to J'|'Bonds News - Sun May 28, 2017 - 5:21pm EDT Brazilian prosecutors make new leniency fine offer to J&F By Brad Brooks - SAO PAULO SAO PAULO May 28 Brazilian federal prosecutors on Sunday made a new offer to JBS SA''s controlling shareholder, J&F Investimentos, that it pay a 10.99 billion real ($3.37 billion) fine for its role in massive corruption scandals. The new offer is down slightly from the previous proposal by prosecutors that J&F pay 11.2 billion reais. The company rejected that and counter-offered, saying it would pay 4 billion reais. Prosecutors rejected that, as well as the company''s next offer that it would pay 8 billion reais. Spokesmen for J&F did not immediately respond to requests for comment on the latest offer from prosecutors. Negotiations on the leniency deal fine follow bombshell state''s witness testimony from J&F''s owners Joesley and Wesley Batista that they spent 600 million reais to bribe nearly 1,900 politicians in recent years. Joesley Batista is at the center of a corruption investigation into President Michel Temer. Batista secretly recorded a conversation with Temer in March in which the president seemed to condone bribing a potential witness in the corruption case. The top court authorized a corruption investigation into Temer based on that tape and testimony that the Batista brothers and five other executives from their company gave regarding the president and several other powerful politicians. Investors are watching the plea negotiations. JBS shares have slid more than 20 percent since mid-May in extremely turbulent trading because of concern that blowback from the scandal could limit its funding options. The bribery scandal is one of several legal hazards facing the group, which mushroomed from a regional Brazilian slaughterhouse to the world''s largest protein processor with the help of some 8 billion reais in government support. Brazilian rules for corporate leniency deals call for fines of somewhere between 0.1 percent and 20 percent of annual sales. Prosecutors said in their written statement on Sunday that the proposed 10.99 billion real fine was equivalent to 6 percent of J&F''s group 2016 revenue. Authorities also for the first time detailed who would receive the fine from J&F. Brazil''s BNDES state development bank, along with the pension funds Funcef and Petros would each receive 25 percent of any fine. The remaining 25 percent would go to the federal government, which would get 12.5 percent, along with the FGTS worker severance fund and the Caixa Economic Federal bank, which would each receive 6.25 percent. ($1 = 3.2598 reais) (Reporting by Brad Brooks and Tatiana Bautzer in Sao Paulo, and Lisandra Paraguassu in Brasilia) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-jbs-idUSL8N1IU0OB'|'2017-05-29T05:21:00.000+03:00'
'079987b2995c5052c0f5e834b96031c1333456e0'|'EU clears EDF''s takeover of Areva''s nuclear reactors business'|'BRUSSELS EU antitrust regulators approved on Monday French utility EDF''s ( EDF.PA ) planned takeover of the nuclear reactors business of Areva ( AREVA.PA ), confirming a Reuters report earlier this month.State-controlled EDF, which is the EU''s largest nuclear plant operator, wants to acquire 51 to 75 percent of Areva NP, which designs, manufactures and services nuclear reactors and is worth about 2.5 billion euros ($2.8 billion).The deal is important for France, which has Europe''s largest network of nuclear plants, and uses EDF and Areva to spearhead its export efforts against competition from Russia''s Rosatom and Japan''s Hitachi Ltd ( 6501.T ).The Commission, which oversees competition policy in the 28-nation European Union, said it had concluded that the proposed takeover was unlikely to raise competition concerns.In January the Commission approved a restructuring plan for Areva including 4.5 billion euros of state aid, saying it would make the company viable without unduly distorting competition.($1 = 0.8937 euros)(Reporting By Philip Blenkinsop)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-areva-m-a-edf-eu-idINKBN18P1EW'|'2017-05-29T11:55:00.000+03:00'
'e592bf9ebb1d47900dc203900c3e031c4ebae173'|'UPDATE 1-Brazil''s Interm<72>dica files for regulatory clearance to launch IPO'|'(Adds details in 2nd paragraph, context)By Bruno Federowski and Paula LaierSAO PAULO May 29 Brazilian healthcare services provider Notre Dame Interm<72>dica Sistema de Sa<53>de SA on Monday filed for regulatory clearance to launch an initial public offering, the latest in a wave of stock listings in Latin America''s largest economy after a years-long drought.The investment banking unit of Ita<74> Unibanco Holding SA will act as lead underwriter, according to documents filed with securities regulator CVM. The request accounted only for the sale of common shares in the hands of existing shareholders, with no mention of new issues.For years, Brazilian companies looking to tap local equity markets bumped into tepid demand as a deep recession corroded corporate profits and sky-high interest rates dampened the allure of risky investments.A financial market rally in 2016 helped to kick-start IPO activity this year as investors cheered President Michel Temer''s efforts to balance the budget and implement structural reforms.Still, a growing political scandal threatening his administration has fueled volatility in recent weeks, potentially driving some firms to think twice before going back to local markets, analysts said.Reuters had reported in February Interm<72>dica had hired banks to manage an IPO, with controlling shareholder Bain Capital LP looking to cash in on growing investor appetite for shares of Brazilian healthcare and personal services firms. (Reporting by Bruno Federowski and Paula Laier; Writing by Bruno Federowski; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/intermedica-saude-ipo-idINL1N1IV0HX'|'2017-05-29T14:04:00.000+03:00'
'bf0de75a4c642ef63e6af89cc162bd070aeea2e6'|'Republicans want the poor to work for their government benefits - May. 30, 2017'|'Here''s what''s in Trump''s budget It''s a Republican dream come true. Now that they control both the White House and Congress, Republicans are moving quickly to put their ideological stamp on the nation''s safety net. Their prime directive: Requiring as many poor adults as possible to earn their benefit check. Making them get jobs will put them on the path to self-sufficiency, while reducing the number of people who depend on public assistance, according to GOP orthodoxy. "There''s a dignity to work, and there''s a necessity to work to help the country succeed," White House Budget Director Mick Mulvaney said last week. "We are no longer going to measure compassion by the number of programs or the number of people on those programs. We''re going to measure compassion and success by the number of people we help get off of those programs and get back in charge of their own lives." Currently, work requirements don''t hit many people in the nation''s two largest safety net programs. States can''t mandate Medicaid recipients to work. The food stamp program contains an employment requirement, but it can be -- and often is -- waived. That will change if Republicans succeed in their overhaul plans. Related: Safety net is at risk from Trump''s budget ax In addition to actually having a job, there are a variety of ways recipients could satisfy the work requirement. These include looking for work, attending job training or vocational education classes and participating in community service programs. The GOP''s efforts, however, have raised an outcry among Democrats and consumer advocates, who call the requirement hard-hearted and misguided. Many poor Americans who can work already do, they argue. Putting in place such mandates doesn''t take into account barriers to employment such as health, child care and transportation. It will only strip benefits from those who need them most, advocates say. Plus, they note, President Trump''s budget proposal strips funding from job training initiatives. Related: Trump budget proposes 40% cut to job training programs Here''s how the GOP is seeking to change the nation''s two main safety net programs: Medicaid: Medicaid is the country''s largest health insurance provider, covering more than 70 million low-income children, adults, elderly and disabled Americans. That includes 11 million low-income adults who gained coverage under Obamacare''s Medicaid expansion provision. The program doesn''t require enrollees to work, though many do. Nearly 60% of non-disabled, working-age adults have jobs, while nearly 80% live in families with at least one worker, according to a Kaiser Family Foundation analysis. Several states have asked the federal government to allow them to impose employment mandates, particularly on adults who qualified through Medicaid expansion as a result of Obamacare. The Obama administration rejected any attempts to tie Medicaid benefits to work. The Trump administration, on the other hand, is encouraging states to apply for waivers to add work requirements , noting it will boost their economic standing and help them gain independence. "The best way to improve the long-term health of low-income Americans is to empower them with skills and employment," wrote Health Secretary Tom Price and Centers for Medicare & Medicaid Services Administrator Seema Verma in a letter to governors in March. Related: Trump administration open to making some Medicaid recipients work Republicans in Congress are also on board. The House GOP bill to repeal and replace Obamacare would allow states to impose work requirements on non-disabled, non-elderly, non-pregnant adults. The legislation is currently being debated in the Senate. Adding work requirements to Medicaid would not severely disrupt the program since so many beneficiaries have jobs or would be exempt, said Ben Gitis, director of labor market policy at the conservative American Action Forum. But, just over one million enroll
'e65909b27d0d67b87c65c454ba69aee3bb0ceb1a'|'Airbus''s Enders calls for harmonised EU defence export rules'|'Tue May 30, 2017 - 2:19pm BST Airbus''s Enders calls for harmonized EU defense export rules FLIE PHOTO: Airbus Group Chief Executive Tom Enders speaks during a news conference on the aerospace group''s annual results, in London, Britain February 24, 2016. REUTERS/Hannah McKay BERLIN The Europe-wide process of defense industry consolidation will continue to completion in coming years, Airbus ( AIR.PA ) chief executive Tom Enders said on Tuesday, adding that governments needed to harmonize export rules to facilitate this. "Most of the defense industry is European, and those areas that are not yet (consolidating) Europe-wide will consolidate in coming years," he told a business forum in Berlin, adding that the governments that wanted this to happen would need to harmonize their export rules. "We cannot just have German export rules and French export rules and Spanish," he said. "We need EU rules." (Reporting By Thomas Escritt, editing by Michelle Martin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-airbus-defence-exports-idUKKBN18Q1GZ'|'2017-05-30T21:16:00.000+03:00'
'70e945d9b54a972ab615172f70d9238fc20fe546'|'UPDATE 1-CVS''s Omnicare to pay $23 million to resolve U.S. kickback case'|'(Adds details on settlement, comment from CVS)By Nate RaymondBOSTON May 26 CVS Health Corp''s Omnicare unit has agreed to pay $23 million to resolve a whistleblower lawsuit alleging that it took kickbacks from a drugmaker to promote two antidepressants, according to settlement papers released on Friday.The accord, confirmed by the U.S. Attorney''s Office in Boston, will resolve a lawsuit against the pharmacy operator filed in 2007 by two former employees of drugmaker Organon USA Inc on behalf of the federal government and various states.CVS in a statement said the alleged conduct at issue took place before it acquired Omnicare in 2015. Omnicare neither admitted nor denied wrongdoing as part of the settlement.The lawsuit claimed that from 1999 to 2005, Omnicare and certain pharmacies it acquired sought and received kickbacks from Organon in the form of discounts in exchange for promoting the antidepressants Remeron and Remeron SolTabs.The lawsuit said that as a result, Omnicare violated the False Claims Act by submitting kickback-tainted claims to Medicaid, the government health insurance program for the poor and disabled, for reimbursement.The lawsuit was filed by Richard Templin and James Banigan, both of whom were former employees of Organon, which reached a related $31 million settlement in 2014.Organon, originally based in the Netherlands, was acquired in 2007 by Schering-Plough Corp, which later merged with Merck & Co Inc.Under the False Claims Act, whistleblowers can sue companies on the government''s behalf to recover taxpayer money paid out based on fraudulent claims. If successful, whistleblowers receive a percentage of the recovery.While the U.S. Justice Department can intervene in such lawsuits, in this case, the U.S. government and the 28 states named in the complaint declined to intervene, leaving the ex-Organon employees to pursue it on their own.Joel Androphy, a lawyer for Templin and Banigan, called the settlement "a fair resolution for all concerned."According to settlement papers, Omnicare agreed to pay the federal government more than $12.8 million and nearly $10.2 pursuant to state settlement agreements.The federal government in turn has agreed to pay nearly $3.73 million to Templin and Banigan.The case is U.S. ex rel. Banigan and Templin, et al, v. Organon USA Inc, et al, U.S. District Court, District of Massachusetts, No. 07-cv-12153. (Reporting by Nate Raymond in Boston, editing by G Crosse and Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cvs-health-lawsuit-idINL1N1IS1L8'|'2017-05-26T20:27:00.000+03:00'
'2295829a936365c61d20282745549d1da5c3a635'|'Adani has to pay royalties in full for coal mine - Australia state premier'|'Money   1:14pm IST Adani has to pay royalties in full for coal mine - Australia state premier A reclaimer places coal in stockpiles at the coal port in Newcastle, Australia, June 6, 2012. REUTERS/Daniel Munoz/File Photo SYDNEY Adani Enterprises ( ADEL.NS ) will get no exemption or discounted rates on royalties it has to pay to develop its Carmichael coal mine project in Australia, Queensland state Premier Annastacia Palaszczuk said on Saturday. Ministers from the centre-left state government made the decision on Friday, putting an end to speculation that the Indian company would be offered concessions on royalties during the early years of coal production. <20>Under this new policy, the Adani Carmichael mine will pay every cent of royalties in full,<2C> Palaszczuk said in a statement on Saturday. <20>There will be no royalty holiday for the Adani Carmichael mine.<2E> Adani said this week its board had deferred a final investment decision that had been expected by the end of May because the government had yet to sign off on a royalty regime. Adani could not be immediately reached for comment on the Queensland government<6E>s announcement. Deputy Premier Jackie Trad said Adani would be allowed to defer payment of royalties provided interest was paid and a security of payment was in place. The state government ruled out the use of public money to subsidise the controversial project or any directly associated infrastructure. Adani has battled green groups over the past six years looking to block what would be Australia''s biggest coal mine. Opponents have argued the coal exports would stoke global warming and that the project would require a port expansion that could damage the Great Barrier Reef. The port expansion is no longer needed as the company has shrunk the first phase of the mine to 25 million tonnes from 40 million tonnes a year, as it looks to make the mine and rail project more affordable at around $4 billion, instead of more than $10 billion. (Reporting by Harry Pearl; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/adani-ent-australia-idINKBN18N075'|'2017-05-27T15:44:00.000+03:00'
'16557be9e3884a8b799442935377f07eca136d3a'|'BMW says shortage of parts from Bosch hampers production'|'Autos   11:58am BST BMW says shortage of parts from Bosch hampers production Flags flutter near the headquarters of German luxury carmaker BMW before the company''s annual shareholder meeting in Munich, Germany, May 11, 2017. REUTERS/Michael Dalder - RTS165CZ FRANKFURT German carmaker BMW ( BMWG.DE ) said a shortage of steering gears supplied by Robert Bosch [ROBG.UL] slowed production of its 1 series, 2 series, 3 series and 4 series BMW models and caused stoppages at its plants in South Africa and China. "Our supplier Bosch is not currently able to provide us with a sufficient number of steering gears for the BMW 1 Series, 2 Series, 3 Series and 4 Series," BMW said in a statement on Monday. BMW plants in Tiexi, China and Rosslyn, South Africa have extended or pulled forward planned interruptions to production, the carmaker said. "We are taking advantage of the flexibility of our processes to minimize economic damage. We expect that Bosch, as the responsible supplier, will compensate for damages," BMW said. Bosch was not immediately available for comment. (Reporting by Edward Taylor; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bmw-production-bosch-idUKKBN18P11G'|'2017-05-29T18:58:00.000+03:00'
'e3a0bf9a29a9aae12a6a60b82bffdca9e429c197'|'PRECIOUS-Gold holds near 4-week highs, political tensions support'|'Market News - Sun May 28, 2017 - 9:04pm EDT PRECIOUS-Gold holds near 4-week highs, political tensions support May 29 Gold held near its highest in four weeks on Monday after rising almost 1 percent in the previous session, buoyed as geopolitical tensions boosted its safe-haven appeal. FUNDAMENTALS * Spot gold was flat at $1,266.40 per ounce at 0044 GMT. On Friday, it climbed 0.9 percent to touch its strongest since May 1 at $1,269.50. * U.S. gold futures slipped 0.1 percent to $1,266.4 an ounce. * North Korea fired what appeared to be a short-range ballistic missile on Monday that landed in the sea off its east coast, South Korea''s military said, the latest in a series of missile tests defying world pressure and threats of more sanctions. * U.S. President Donald Trump attacked the news media and dismissed leaks from the White House as "fake news" on Sunday, following reports his son-in-law tried to set up a secret channel of communications with Moscow before Trump took office. * British Prime Minister Theresa May''s lead over the opposition Labour Party has narrowed sharply, according to opinion polls published since the Manchester attack, suggesting she might not win the landslide predicted just a month ago. * The U.S. economy slowed less than initially thought in the first quarter, but softening business investment and moderate consumer spending are clouding expectations of a sharp acceleration in the second quarter. * Heavy rains and a cyclone led to an 8 percent, or 6-tonne drop in Australian gold production in the first quarter, a survey released on Sunday showed. * Hedge funds and other money managers increased their net long position in COMEX gold for the first time in four weeks, in the week ended May 23, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday. * Gold demand in Asia tapered off this week as buyers took to the sidelines in India to await a new national tax policy and as China entered a seasonal slowdown. * The state-backed Russian Direct Investment Fund (RDIF) and China''s Fosun International Ltd could announce an investment in Russia''s top gold producer Polyus in early June, a source familiar with the talks told Reuters. DATA/EVENT AHEAD (GMT) * No major data scheduled for Monday May 29. * Chinese markets shut on May 29-30 for Dragon Boat Festival. * Many traders will also be away from their desks for public holidays in the United States and Britain on Monday, with U.S. gold futures closing early. (Reporting by Vijaykumar Vedala in Bengaluru; Editing by Joseph Radford) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-precious-idUSL3N1IV06X'|'2017-05-29T05:04:00.000+03:00'
'8cb9859db58393dc348845f7d7fd3d7b4a750da4'|'Slim seeks to sell minority stake in tower company Telesites -sources'|'By Liana B. Baker May 26 Billionaire Carlos Slim is looking to sell a minority stake in Telesites SAB de CV, the Mexican wireless tower company that he controls, people familiar with the matter said on Friday.The move comes 18 months after sweeping regulatory reforms forced Slim to spin off Telesites from telecommunications company America Movil SAB de CV. Telesites shares have risen only slightly since then, as the company struggles to diversify beyond America Movil as its main client.Slim and family members own about 61 percent of the shares, according to Telesites'' annual report.Slim is speaking to private equity firms, sovereign wealth funds and infrastructure funds about selling the stake without giving up control of Telesites, the people said this week. The sources requested anonymity because the talks are confidential and cautioned that a deal was not certain.Telesites declined to comment. A representative for Slim, whose net worth is pegged by Forbes at $65 billion, also declined to comment.Since its spin-off in December 2015, Telesites has been unable to attract many tenants to the towers besides America Movil and its mobile unit, Telcel. It competes with American Tower Corporation in Mexico."We see little progress in third-party usage of Telesites'' towers," Itau BBA analyst Gregorio Tomassi said in a May 3 research note. It noted that AT&T, another wireless player in Mexico, has not increased its demand for Telesites towers.Private equity firms have traditionally invested in tower companies for their steady cash flows. Buyout firm KKR & Co LP bought a 40 percent stake in Spain''s Telefonica SA''s tower subsidiary Telxius earlier this year for 1.275 billion euros.Telesites has a market capitalization of 38.52 billion Mexican pesos ($2 billion). The shares closed at 11.440 pesos on Friday on the Mexican stock exchange. (Reporting by Liana B. Baker in San Francisco; Additional reporting by Anthony Esposito in Mexico City; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/telesites-divestiture-idINL1N1IR1YT'|'2017-05-26T19:38:00.000+03:00'
'9fc9663cf0c79b65186bdf433a94fd14916e357f'|'Poland''s low deficit set to rise with investments, retirements: FinMin - Reuters'|'WARSAW Poland''s finance minister said on Thursday that the 2017 budget deficit will be lower than the planned 59.4 billion zloty, but its size depends on how many people take advantage of a lower retirement age in the autumn.Finance minister Mateusz Morawiecki also said in an interview at the Reuters Central & Eastern Europe Investment Summit that he expects no changes to taxation next year and the deficit forecast for 2018 is likely to be lower than 2017.The central budget deficit reached 1.5 percent of the full-year plan in the January-April period, the finance ministry said earlier this week. In comparison, in the corresponding period of 2016 the deficit reached 20.3 percent of the full year plan."Such a low deficit is not sustainable (in coming months), as there are a number of expenditures," Morawiecki said referring to planned spending on infrastructure projects and pensions."There is one big uncertainty. New pension bill (cutting the retirement age) comes into life in October and because of that 330,000 people get a right to retire," Morawiecki said.This means Poland, with a population of 38 million, may see up to 550,000 new pensioners, Morawiecki added. He expects 80 percent of those that are eligible to retire. Every 10 percent will cost the state 1 billion zloty, he added."If it is 70 percent, then the deficit might be really significantly lower. This is why we are working with labor minister (Elzbieta) Rafalska on incentives for people who refrain from retiring," he said.This factor will also determine the 2018 budget deficit forecast, Morawiecki said.Analysts expect the full-year deficit may be lower than the full year plan by up to 15 billion zloty this year.Morawiecki said budget forecasts will not be impacted by recent announcements from a number of state-run firms such as Energa ENGP.WA, PGE PGE.WA, and KGHM KGH.WA to sharply cut their dividend payout plans.He also did not envisage any change in the VAT tax rate next year and thinks the copper tax could be maintained in some form."We''re continuing what we''ve inherited in terms of (VAT) rates levels," he said.The copper tax, or levy on mining income, eats into profit at KGHM, which is Europe''s second biggest copper producer as well as the world''s largest silver miner.The recent strengthening of the local currency, zloty, which rose against the euro five percent since beginning of the year to 4.18 zloty, is not yet a concern."I would say that the range 4.0-4.5 is a range which doesn''t worry me," Morawiecki said.(Reporting by Marcin Goclowski, Pawel Florkiewicz, and Pawel Sobczak; Editing by Elaine Hardcastle)'|'reuters.com'|'http://www.reuters.com/finance/summits'|'http://www.reuters.com/article/us-cee-summit-morawiecki-idUSKBN18L28Y'|'2017-05-25T20:14:00.000+03:00'
'2ac2af2e2552eef5a7d121654649804c9086e469'|'Germany''s trade surplus "neither good nor evil" - government spokesman'|'Business News   11:27am BST Germany''s trade surplus "neither good nor evil" - government spokesman Containerships at loading terminals are seen in the port of Hamburg, Germany, February 2, 2017. REUTERS/Fabian Bimmer BERLIN Germany''s trade surplus is "neither good nor evil", a German government spokesman said on Friday when asked about reports that U.S. President Donald Trump had criticised Berlin for running a high trade surplus. "A trade surplus is neither good nor evil," government spokesman Georg Streiter told a government news conference. "It is the result of the interplay of supply and demand on global markets." According to German media reports, Trump condemned Germany for "very bad" trade policies during a meeting on Thursday with European Commission President Jean-Claude Juncker, signalling he might take steps to limit sales of German cars in the United States. (Reporting By Thomas Escritt; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-usa-trump-idUKKBN18M13N'|'2017-05-26T18:27:00.000+03:00'
'8912c8198d14a2e88f94f3f201136694ee32aa9b'|'MOVES-Citi appoints Watson head of EMEA multi-asset group'|'Market News - Fri May 26, 2017 - 10:16am EDT MOVES-Citi appoints Watson head of EMEA multi-asset group LONDON, May 26 (IFR) - Citigroup has appointed Matt Watson as head of its multi-asset group for Europe, Middle East and Africa, giving him regional oversight of the division responsible for cross-asset structuring and product development. Citigroup said in a memo to staff the role will be in addition to his current position as global head of issuance solutions. Wilson has been at Citigroup for 19 years. (Reporting by Steve Slater) TREASURIES-U.S. bond yields slip on month-end buying * U.S. 2-, 10-year part of yield curve flattest in 7 months * U.S. bond market to close early at 2 p.m. (1800 GMT) (Updates market action, adds quote) By Richard Leong NEW YORK, May 26 U.S. Treasury yields fell on Friday as investors bought bonds to rebalance their portfolios at month-end, overriding an upward revision to first-quarter gross domestic product and a smaller-than-forecast drop in durable goods orders for April. The S&P 500 and Nasdaq held near thei MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/moves-citi-appoints-watson-head-of-emea-idUSL8N1IS38I'|'2017-05-26T22:16:00.000+03:00'
'3ec9335f6f9d3f62dc4b9336e104b454b6bd09f9'|'Thousands of foreign students in limbo as Careers Australia collapses'|' 54am BST Thousands of foreign students in limbo as Careers Australia collapses SYDNEY Careers Australia Group, a provider of vocational education and training, has gone into voluntary administration after losing government funding, putting 1,100 people out of work and 15,000 students in limbo, its administrators said on Friday. All work placements for students, many of them from overseas, will be suspended immediately as will all school-based apprenticeships and traineeships. Australia''s vocational education sector has been hammered by an exodus of foreign students, its main customer base, as universities offer more places in line with new rules allowing higher numbers of overseas students. "Regrettably, we have had to suspend all classes and stand down employees while we assess all options available to the business moving forward," said David McEvoy, partner at PPB Advisory, which was named as administrators late on Thursday. "We are working closely with management and key stakeholders to urgently determine whether the business can be sold or restructured." The collapse of Careers Australia, which has 14 campuses, comes as the government reviews the way funding is distributed to the sector. The Department of Education and Training said the firm had notified Careers Australia on Wednesday that it will not accredit the company for a new vocational education scheme. "Careers Australia did not meet three of the provider criteria: financial performance, management and governance and student outcomes," it said, adding that the government may provide financial assistance to affected students. The firm did not address the reasons for the denial of funding in its statement, saying only that the administration process provides an opportunity to explore options available to the group. (Reporting by Swati Pandey and Byron Kaye; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-australia-education-idUKKBN18M0P3'|'2017-05-26T15:54:00.000+03:00'
'b0247798c87c03304a5cd579b8e1aed710fe179d'|'Legal & General to move some operations to Ireland post-Brexit'|'Top News - Fri May 26, 2017 - 5:07pm BST Legal & General, Aviva plan Ireland moves post-Brexit FILE PHOTO - The logo of Legal & General insurance company is seen at their office in central London, Britain, March 17, 2008. REUTERS/Alessia Pierdomenico/File Photo By Padraic Halpin and Carolyn Cohn - DUBLIN/LONDON DUBLIN/LONDON British insurer Legal & General ( LGEN.L ) said it will move some of its investment management operations to Ireland to ensure it can continue to serve its customers after Brexit, while rival Aviva ( AV.L ) is turning its Irish branches into subsidiaries. In a win for Dublin''s campaign to attract financial services firms after Britain''s vote to leave the European Union, Legal & General Investment Management (LGIM) will move the operations subject to regulatory approval, L&G said on Friday. Aviva, meanwhile, is going through the process of converting its Irish life and general insurance branches to regulated subsidiaries to meet the needs of its Irish insurance customers more effectively after Brexit, an Aviva spokesman told Reuters. LGIM''s decision follows plans by rival fund manager M&G, a subsidiary of Prudential ( PRU.L ), to set up a management company and distribution arm in Luxembourg, which along with Dublin is one of Europe''s main hubs for fund services. LGIM is one of Europe''s largest investors, with just under 900 billion pounds of assets under management at the end of 2016, and one of the biggest investors in the UK stock market. "This is yet another very important signal to the market that financial services companies can come to Ireland quickly and service their European customers, with minimum disruption to their business," said Martin Shanahan, the head of IDA Ireland, the state agency that attracts foreign investment. L&G said it foresaw no impact on operations and staff in other LGIM locations. Although asset manager Legg Mason ( LM.N ) said in March that it was setting up a management company in Ireland, Dublin missed out on two high profile moves after insurer AIG ( AIG.N ) chose Luxembourg and Lloyd''s of London [SOLYD.UL] chose Brussels. L&G and Aviva''s decisions are a further boost to Ireland''s credentials after JPMorgan Chase ( JPM.N ), which currently employs around 500 people in Dublin, said this month it had agreed to buy a building in the city with room for 1,000 staff. And fellow insurer and asset manager Standard Life ( SL.L ) said last week that it was likely to choose Dublin as the base for its EU subsidiary after Britain leaves the bloc. The head of International Financial Services at IDA Ireland said on Thursday that several firms, including insurers, asset managers and banks, had confirmed they had chosen Ireland and announcements would be made from June onwards. (Additional reporting by Rachel Armstrong in London; editing by Alexander Smith and Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-legal-general-idUKKBN18M1FB'|'2017-05-26T20:18:00.000+03:00'
'bcb5a26b64be69252112c262c1ad2f3d46eefa1d'|'Deals of the day-Mergers and acquisitions'|'May 26 The following bids, mergers, acquisitions and disposals were reported by 1115 GMT on Friday:** Shares in JBS SA, the world''s largest meatpacker, spiked on Thursday as speculation mounted over its strategy for weathering the fallout from a corruption scandal centered on its owners.** German industrial gases group Linde''s supervisory board is due to meet on Thursday to vote on a merger agreement with U.S. peer Praxair, two people familiar with the matter told Reuters.** Fairfax New Zealand and NZME said they would appeal New Zealand''s competition regulator''s decision to bar their merger in the country''s High Court.** Web.com Group Inc, a U.S. provider of internet domain name registration that also helps businesses build websites, is in talks with private equity firms after receiving takeover approaches, people familiar with the matter said on Thursday.** Yancoal Australia said it was not concerned "at this stage" over the financial strength of its No.2 shareholder Noble Group, and that its acquisition of Rio Tinto''s coal mines did not hinge on funding from the commodities trader.** Britain''s Spirax-Sarco Engineering Plc said it had agreed to buy Pittsburgh-based thermal technology company Chromalox Inc from private equity firm Irving Place Capital for $415 million on a cash-free, debt-free basis.** Australia''s top energy retailer Origin has drawn interest from at least five potential bidders, including China''s Fosun International, for A$2.0 billion ($1.5 billion) worth of oil and gas assets it aims to spin off, sources said.** UK hedge fund TCI said aero engine maker Safran''s reduced offer for Zodiac Aerospace was still too high and it would vote against the deal.** Taiwan''s Cathay Financial Holdings said its two subsidiaries have completed an agreement to acquire the Malaysia unit of The Bank of Nova Scotia for $255 million.** A Hong Kong-China consortium of property developers won an auction for a plot of land in Hong Kong''s New Territories with a bid of HK$8.33 billion ($1.07 billion), beating market expectations. (Compiled by Gayathree Ganesan in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1IS3D4'|'2017-05-26T09:23:00.000+03:00'
'79c0175f3a3fe7f71fb56468258ab3c3e12016c5'|'CANADA STOCKS-TSX ekes out gain, boosted by big banks, Bombardier'|'(Adds details on specific stocks, updates prices)* TSX up 10.68 points, or 0.07 percent, to 15,427.61* Seven of the TSX''s 10 main groups riseTORONTO, May 29 Canada''s main stock index was barely higher in morning trade on Monday, helped by boosts for several big banks that reported earnings last week and by a gain for plane and train maker Bombardier Inc.The gains were offset by a string of gold mining stocks that declined even as the price of the precious metal held near a one-month high. Wheaton Precious Metals Corp fell 1.3 percent to C$27.75 and Goldcorp Inc lost 0.8 percent to C$18.32.Bombardier rose 4.0 percent to C$2.34. BMO Capital upgraded the stock to outperform from market perform after it said on Friday it delivered its first CS300 aircraft to customer Swiss International Air Lines AG.The broader industrials group gained 0.4 percent, with Canadian Pacific Railway Ltd up 0.4 percent to C$214.67.Its rival, Canadian National Railway Co, faces the threat of a strike on Tuesday morning after the railroad announced new work rules in the midst of negotiations to replace a contract that expired last year. Its stock was off 0.2 percent at C$103.53.The financials group gained 0.2 percent, with Royal Bank of Canada rising 0.6 percent to C$94.48, Bank of Montreal gaining 0.5 to C$91.61, and Canadian Imperial Bank of Commerce up 0.6 percent at C$106.00.Bank of Nova Scotia, which is due to report its earnings on Tuesday, was up 0.2 percent at C$76.04.At 10:13 a.m. ET (1413 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was up 10.68 points, or 0.07 percent, to 15,427.61. Seven of its 10 main groups moved higher, with gainers outnumbering decliners by a 1.7-to-1 ratio.Markets in China, the United States and Britain were closed for public holidays.Boyd Group Income Fund advanced 10.2 percent to C$98.88 after announcing it would purchase collision repair company Assured Automotive Inc.Husky Energy Inc shares rose 1.2 percent to C$16.35 after the oil and gas producer said it is proceeding with its $2.2 billion West White Rose project in offshore Newfoundland and Labrador. (Reporting by Alastair Sharp; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-stocks-idINL1N1IV0EW'|'2017-05-29T12:30:00.000+03:00'
'30fae984689b6e01cb72389b1b5c499803bcf365'|'Med school student: Military service helped me escape poverty - May. 29, 2017'|'Med school student: Military service helped me escape poverty by Octavio Blanco @CNNMoney May 29, 2017: 7:02 AM ET After 9 years, a 3 minute reunion at the border Before he joined the U.S. Marine Corps, Javier Galvan had pretty much given up. "I didn''t have anything going for me," he said. "I didn''t see a future." Galvan''s father had left when he was five years old. Struggling to get by, his mother moved Galvan andhis two siblings from California back to her hometowninMexico where they lived without electricity or hot water. Three years later, the family moved again -- this time, into a friend''s garage in San Diego, California. Javier Galvan as a child. His mother, a high school dropout, didn''t expect much. "Just finish high school," he recalls her pleading with him. But Galvan was having a hard time in school. He had also taken on the added responsibilities of helping to care for his siblings and working. One day, a Marine recruiting officer had just spoken to the high school students. The recruiter gave a good pitch. "''Oh, you get to travel the world,'' they said... They had me. Plus, I was pretty hopeless at the time," Galvan recalled. It was in the Marines that Galvan decided to become a doctor. Once his enlistment was over, he enrolled in a local community college and then transferred to San Francisco State University, where he graduated magna cum laude. Today he''s a med student at the University of California, San Francisco. And in April,he also became one of 30 people to receive the 2017 Paul and Daisy Soros Fellowship for New Americans, which pays up to $90,000 for the graduate educations of immigrants or children of immigrants. Here is Javier Galvan''s American Success Story: What''s been your biggest hurdle so far and how did you overcome it? When we came [back] to the United States, the only requirement my mother had for me was to finish high school, because she didn''t finish. Education actually wasn''t a priority for me. I had to focus on the well-being of my siblings. I had to help pay rent. Education took a backseat. But I wouldn''t be where I am today with just a high school diploma. Joining the military helped me to overcome my circumstances. When I joined, I had a guaranteed paycheck, a roof over my head, and three square meals, all things that I didn''t have growing up. Galvan when he was serving in the Marines. Do you think that you were given fewer opportunities to get ahead than your peers? I wouldn''t say I was given fewer opportunities, but I started further back than others. Opportunities were clearly there. I didn''t get to where I am without them. What''s been the biggest break to help you reach where you are now? It would probably be my deployment to Iraq two years into the military. At that point, I''d lived without having to worry about what I was going to eat or where I was going to live. I could apply myself 100% to what I was doing. The military sent me to school to train me for my job as a mechanic. I remember finishing second in my class. I''d gone K through 12 being told I wasn''t smart and then here I was, finishing second in my class. In Iraq, I was assigned to a vehicle I had never worked on in my life. I remember buckling down to study that technical manual. I became the master at fixing that truck. That was the moment where I was like: Hey, if you apply yourself, if you put in 110%, you''re going to get a good outcome. Javier and his partner Kayla, during his "white coat ceremony," in 2015. Has anyone helped you get to where you are now? Growing up, I didn''t have father mentors, and I didn''t know that I was looking for mentorship as a child. I didn''t know what mentorship was. I had a supervisor in the military who was also Hispanic. He''d grown up in L.A. and I remember telling him I wanted to leave and study medicine. He said, "Hey, I''ve seen what you can do. If you just do what you''re doing now, I think you''ll be successful." I took his advice
'565e4ba031bcbf65d3f4dccdc46a21bebe8566d7'|'Hindalco Industries fourth-quarter profit rises 26 percent, tops estimates'|'Money News - Tue May 30, 2017 - 3:03pm IST Hindalco Industries fourth-quarter profit rises 26 percent, tops estimates Hindalco Industries Ltd ( HALC.NS ), India''s biggest producer of aluminium and copper, posted a 26 percent rise in fourth-quarter profit as revenue from operations increased on higher base metal prices. Profit rose to 5.03 billion rupees ($77.82 million) in the quarter ended March 31, from 4 billion rupees a year earlier, Hindalco said on Tuesday. bit.ly/2sguhgw Analysts on average had expected the company, majority owned by the Aditya Birla Group, to post a profit of 4.49 billion rupees, according to Thomson Reuters data. Revenue from operations rose about 27 percent to 117.47 billion rupees. Shares of the company were up 1.5 percent as of 0930 GMT. ($1 = 64.6325 Indian rupees) '|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/hindalco-results-idINKBN18Q0VC'|'2017-05-30T07:33:00.000+03:00'
'0a1fff2ef428ff940575cfdaa772e35cff76c0a2'|'We will all pay the price for our financial illiteracy - Money'|'O ne in five people are financially illiterate, incapable of grasping basic shopping conundrums <20> such as, is that nine-pack of loo roll better value than two four-packs? In a world of ever more complex financial products, it<69>s never been a better time for companies to rip people off because, frankly, very large numbers of us are rather dim with numbers.A fascinating study on financial literacy was issued by the OECD this week , comparing financial literacy around the world, using the same Pisa scoring system that ranks abilities in reading and maths. It was focused on 15-year-olds in 15 countries, so it<69>s not about adults, but my guess is that most people<6C>s literacy at 50 isn<73>t much better than at 15. It asked some maths-style questions <20> comparing the cost of loose tomatoes with boxed ones, and checking an invoice for accuracy <20> but also explored more modern issues around money, such as identifying if that email from your bank is a scam, and the factors that go into insurance costs for a first moped.If you give a 15-year-old a debit card, in many countries they are likely to score worse than those who don''t have themWhat did we learn? Only 12% of 15-year-olds got the questions right. On average 22% had only the most basic financial literacy (in other words, the tomato question foxed most of them). In many countries (except Italy) girls are better than boys with money. Young people who had gained most of their knowledge about money from friends scored much lower than those who frequently discussed it with their parents (hey teenagers, listen to your parents!).I was fascinated to learn that if you give a 15-year-old a bank debit card, in many countries (such as the Netherlands and Spain) they were likely to score worse on financial literacy than those teenagers who did not have them. The US may be the most financialised economy in the world, yet 15-year-olds in Russia had better financial literacy than Americans. But while the US scored very badly in maths when the Pisa system was used (it ranked only just above Kazakhstan), its teenagers were relatively much better on financial literacy (overtaking Italy, Spain and Poland). The UK did not participate in this Pisa test.Teenagers who live in cities scored more highly than those in rural areas (why?). Immigrants had much lower financial literacy than the native born (and it<69>s something our consumer champions have noted: immigrants with poor English are at times ruthlessly exploited by companies that know they are less likely to understand <20> or to complain).Despite the fact that the Chinese students had less money than their European or American counterparts, and were less likely to have bank accounts and debit cards, they came top. No doubt this is related to China<6E>s top scores in Pisa maths tests.The crucial findings from this survey were less about best and worst countries (is it any great surprise that poor nations in general have lower scores than rich ones?) but about the differences between the top and bottom within each country. Fewer than one in 10 15-year-olds in Belgium, Canada, China and Russia struggled with money questions. But in the US it was 21.6%, in Australia 19.7% , and in Spain 24.7%. My guess is that if British students were tested, they would more likely be in the US/Australia camp than the Chinese one.What do we do about the fact that around one in five of our fellow citizens are in this situation? Do we, as I see so often in <20>below the line<6E> comments, accept that when people are parted with their life savings, it<69>s a tax on stupidity? No, we don<6F>t. Modern finance enables rip-offs to happen at light speed, with the bottom 20% specifically targeted (I<>m thinking payday lenders here).This OECD report is a wake-up call not just to parents to talk to their kids about money, or for schools to do more financial education, but for regulators to insist on protections. But what<61>s President Trump doing? Rolling back the very financial protections brou
'e6c1bd6fa4c0b5c037b46ed4b8dbdde0d8089102'|'GM says ISS advises against Greenlight share plan, board nominees'|'By Joseph White May 27 General Motors Co said on Saturday that proxy advisory firm Institutional Shareholder Services has recommended that shareholders vote against a slate of directors proposed by hedge fund Greenlight Capital and reject the hedge fund''s plan to divide GM shares into two classes.The advice from ISS is a setback for Greenlight and its manager David Einhorn. They have argued that GM shares are undervalued and would be more attractive if the company divided its common stock into shares that pay a dividend and shares that would reflect the automaker''s growth potential.GM shares closed Friday at $33.07, just seven cents above the 2010 initial public offering price for shares issued following the automaker''s federally funded bankruptcy.A representative for Greenlight wasn''t immediately available for comment.Greenlight also has proposed a slate of three candidates for GM''s board of directors. They are Leo Hindery Jr., a veteran telecommunications industry executive, Greenlight executive Vinit Sethi, and William N. Thorndike Jr., managing director of Housatonic Partners, a private equity firm.On Friday, advisory firm Glass Lewis also advised against Greenlight''s nominees for the automaker''s board and its plan for restructuring GM''s shares.Glass Lewis and ISS have agreed with GM management''s view that Greenlight''s plan to restructure the company''s common stock creates risks that outweigh its potential benefits.According to GM, ISS said Greenlight had not made "a compelling case that change at the board level focusing on the implementation of its proposal is warranted.<2E>GM''s annual meeting is June 6 in Detroit. (Reporting By Joe White; Editing by W Simon)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/gm-greenlight-iss-idINL1N1IT0CB'|'2017-05-27T16:08:00.000+03:00'
'8e2f504c42179dda2c68c8c9e305b5f4bff3a4df'|'ECB stimulus appropriate, legitimate to think of exit: Weidmann'|'Money News - Mon May 29, 2017 - 10:51pm IST ECB stimulus appropriate, legitimate to think of exit: Weidmann Eurogroup President Jeroen Dijsselbloem arrives for the G7 Financial ministers meeting in the southern Italian city of Bari, Italy, May 12, 2017. REUTERS/Alessandro Bianchi FRANKFURT The European Central Bank''s utra-loose monetary policy is "still appropriate in principle" but it is legitimate to discuss the timing of an exit as inflation recovers, Jens Weidmann, Germany''s representative on the ECB''s Governing Council, said on Monday. "Given the dampened price pressure, an expansive monetary policy is still appropriate in principle," Weidmann, who heads Germany''s powerfull Bundesbank and has been the most outspoken critic of the ECB''s policy in recent years, said at a reception in Berlin. "But as a result of the economic recovery and a predicted inflation rate of almost 2 percent in 2019, it is quite legitimate to ask when the Governing Council should consider monetary policy normalization", Weidmann added. The ECB Governing Council meets next Thursday in Tallinn to asses its policy stance. ECB President Mario Draghi said on Monday that the euro zone still requires substantial stimulus, even if growth in the 19-member currency bloc has improved. (Reporting by Andreas Framke; Editing by Francesco Canepa)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ecb-policy-weidmann-idINKBN18P1TK'|'2017-05-30T01:21:00.000+03:00'
'82479eaeaa6dba1a207bde923e159dbaeea24b65'|'CANADA STOCKS-TSX edges higher as financials gain ground'|'(New throughout, updates prices and market activity and adds portfolio manager comments)* TSX closes up 4.98 points, or 0.03 percent, at 15,421.91* Five of the TSX''s 10 main groups rise* Volumes lowest since July, 2015By Fergal SmithTORONTO, May 29 Canada''s main stock index edged higher on Monday in light trading volume, as gains for several big banks that reported earnings last week offset losses for resource stocks.The financials group, which had been pressured recently by investor concerns about the country''s potentially overvalued real estate market and elevated levels of household debt, gained 0.2 percent."I think you have to go back to the fundamentals of the Canadian banks," said Sadiq Adatia, chief investment officer, Sun Life Global Investments."They don''t really need to see a massive amount of growth ... their balance sheets are good for them to continue on with their dividend yields and even for them to increase that dividend yield"Royal Bank of Canada rose 0.6 percent to C$94.47 and Canadian Imperial Bank of Commerce gained 0.8 percent to C$106.20.Bank of Nova Scotia, which is due to report its earnings on Tuesday, ended up 0.3 percent at C$76.12.The gains were offset by losses for some gold mining stocks even as the price of the precious metal held near a one-month high.Goldcorp Inc lost 1.2 percent to C$18.25, while the energy group dipped 0.1 percent even as oil prices rose. U.S. crude prices were up 0.4 percent at $49.99 a barrel.The Toronto Stock Exchange''s S&P/TSX composite index closed up 4.98 points, or 0.03 percent, at 15,421.91. Five of the index''s 10 main groups ended higher.Volumes were the lowest since July 3, 2015. Markets in China, the United States and Britain were closed for public holidays.The TSX rose 17.5 percent in 2016. But it has gained less than 1 percent this year, lagging most other major markets.Delays to U.S. stimulus and an uncertain outlook for the North American Free Trade agreement have added to headwinds for the index, Adatia said.Bombardier rose 3.6 percent to C$2.33. BMO Capital upgraded the stock to outperform from market perform after it said on Friday it delivered its first CS300 aircraft to customer Swiss International Air Lines AG.The broader industrials group gained 0.3 percent, with Canadian Pacific Railway Ltd up 0.4 percent to C$214.49.Its rival, Canadian National Railway Co, faces the threat of a strike on Tuesday morning after the railroad announced new work rules in the midst of negotiations to replace a contract that expired last year. Its stock was off 0.3 percent at C$103.38. (Additional reporting by Alastair Sharp; Editing by James Dalgleish and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1IV0P7'|'2017-05-30T04:49:00.000+03:00'
'82bcf9bd14409928ba01f92b4c0de6da9d20d1c5'|'Young entrepreneurs in Syria: ''they''ll rebuild what the war has destroyed'' - Guardian Small Business Network'|'@Emmalousheppard Tuesday 30 May 2017 07.00 BST I t could be any other startup bootcamp. Thirteen teams nervously chatter among themselves, waiting for Dania Ismail, director of Jusoor , to open proceedings. But these entrepreneurs are from Syria and many will have gone to great lengths to travel to Lebanon to take part. <20>We had a participant coming from Aleppo and it took him 26 hours to get to Beirut,<2C> Ismail says. <20>It<49>s usually a six-hour journey. He got on a bus that drove off the road because Isis was shooting at them <20> it was a big adventure but he made it.<2E> The three co-founders of Mujeeb: (left to right) Aghyad Al-Kabbani, Eyad Al-Shami and Zeina Khalili. Eyad Al-Shami is among the 2017 cohort and says his taxi ride from Damascus was less eventful. The 25-year-old is the co-founder of Mujeeb , an artificial intelligence platform that builds customer support chatbots in Arabic. <20>It started out as research, not a company,<2C> he says. <20>There<72>s no natural language processing for Arabic language, so we figured we<77>d build a platform to support it. That idea developed into chatbots after I read an article in TechCrunch. <20>But we all have a technology background. We don<6F>t know how to sell an idea, form it into a product, and how to do the marketing. Jusoor opened our eyes [and taught us how] to build something that can be marketed.<2E> Their attendance this year paid off. The Mujeeb founding team won $10,000 (<28>7,600) after pitching the business to 150 attendees and a panel of judges. Jusoor is an NGO run by Syrian expats that has been offering scholarship, education and career development initiatives for Syrians since 2011. It<49>s the third year the organisers have run the entrepreneurship programme, which includes a two-week bootcamp and pitching competition in Beirut, as well as mentorship. The team has worked with 100 participants so far and considered more than 700 applications. The majority of the founders (60%-70%) are still based in Syria , while others have fled to Turkey, Lebanon, Egypt and Europe. Refugees turned entrepreneurs: <20>I needed to think about the future<72> Read more An estimated five million people have sought refuge from the war outside the country. But 18 million people still live in Syria amid rising levels of poverty and high unemployment. The Syrian Center for Policy Research estimates more than half (52.9%) of working age Syrians left in the country are now unemployed, rising to 78% among young people. Before the war started, the countrywide figure was 15%. In the wake of a war that has entered its sixth year, a recent report has found [pdf] that entrepreneurial spirit is growing among those who can<61>t find work. Researchers interviewed 268 people over 12 months and found a marked increase in the number of people working on a startup idea in 2015 (65.8%), compared with the year before (52.2%). The numbers are particularly stark if you focus on the change for women <20> female entrepreneurs now account for 22.4% of founders, up from 4.4% in 2009. On the human side, it<69>s hard. It<49>s not about building the next Google. But I want to exist. I want to do something Eyad Al-Shami <20>There are entrepreneurs [in Syria], just like everywhere else,<2C> Ahmad Sufian Bayram, the author of the report, says. He<48>s a regional manager at Techstars and a social entrepreneur, who has helped organise Startup Weekend in Damascus since 2014. <20>For the majority of women, they<65>re starting small businesses to support their families, making handmade items, for example, jewellery, homemade clothes. [Others] are doing freelance work, such as translation services. When we asked them why would you like to be an entrepreneur, it was one of the only options left to make money.<2E> Ismail, who splits her time between Los Angeles and Dubai, where she runs an event business, says the progress of the Syrian founders she meets is inspiring. <20>While the region has been growing in terms of startup entrep
'20d37dff1d208d545e75022821ef1f74c9741a8b'|'BA says no evidence global IT outage caused by cyber attack'|'Market News - Sat May 27, 2017 - 8:54am EDT BA says no evidence global IT outage caused by cyber attack LONDON May 27 British Airways said on Saturday there was no evidence that a global breakdown of its IT systems had been caused by a cyber attack. The airline cancelled all its flights from London''s two main airports until Saturday evening after a global computer system outage caused massive delays and left planes stuck on runways. (Editing by David Clarke) BA CEO Cruz says power supply issue caused global IT failure LONDON, May 27 British Airways said a power supply issue was to blame for a global computer system failure which sowed confusion and chaos at London''s two biggest airports, with thousands of passengers queuing for hours and planes left stuck on runways. GM says ISS advises against Greenlight share plan, board nominees May 27 General Motors Co said on Saturday that proxy advisory firm Institutional Shareholder Services has recommended that shareholders vote against a slate of directors proposed by hedge fund Greenlight Capital and reject the hedge fund''s plan to divide GM shares into two classes. Fairfax Financial to sell 12.2 pct of Indian insurer ICICI Lombard MUMBAI, May 27 Canada''s Fairfax Financial Holdings plans to sell a 12.2 percent stake in its Indian joint venture insurer ICICI Lombard in a deal that will value the company at 203 billion rupees ($3.15 billion), the Indian company said on Saturday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-airports-it-idUSL8N1IT0DY'|'2017-05-27T20:54:00.000+03:00'
'0535e5ce54ad694ea44850ce6e516eab124d4561'|'Pain from India''s phone wars extends beyond RCom''s sibling spat'|'Asia   7:54pm IST Pain from India''s phone wars extends beyond RCom''s sibling spat FILE PHOTO: A taxi drives past a Reliance Communications Ltd., controlled by billionaire Anil Ambani, office building in Kolkata, India, September 9, 2016. REUTERS/Rupak De Chowdhuri/File Photo By Sankalp Phartiyal and Samantha Kareen Nair - MUMBAI/BENGALURU MUMBAI/BENGALURU Reliance Communications'' balance sheet troubles, which have wiped off more than a third of its value this month, have thrown into sharp relief the squeeze afflicting India''s telecoms sector: fickle users, wafer-thin margins and crippling debt. Reliance Communications, known as RCom, has seen its shares and bonds tumble since it reported weaker results over the weekend - along with a shrunken user base and higher debt. It said on Monday it was in talks with banks to defer loan repayments due over the next four months. RCom, owned by billionaire Anil Ambani, is a relatively small player in an industry dominated by the likes of Bharti Airtel and Vodafone, and its financial position is considerably worse than its rivals. But almost all India''s mobile operators posted a loss in the first quarter and the one exception, Bharti, recorded its smallest profit in four years. Vodafone all but pulled out of the world''s second biggest mobile market earlier this year, merging its Indian business with Idea Cellular. The culprits? Costly airwave auctions and, since last year, unprecedented price wars sparked by months of free voice and data from Jio - a new entrant backed by Ambani''s brother and India''s richest man, Mukesh Ambani. "RCom quarterly numbers reflect the difficult times that lie ahead for telecom companies," said Gaurang Shah, head investment strategist at Geojit Financial Services. "My sense is that the stock and the entire telecom area is a highly avoidable sector right now given the pricing pressure and competition from Reliance Jio," he said. Despite the Indian stock market hitting record highs on a near-daily basis since late April, telecoms firms have been under pressure. RCom''s shares have plunged more than 40 percent this month and are trading at an all-time low, while shares in larger rival Idea have fallen nearly 10 percent in that time. During a call with investors, RCom called for lower spectrum and license fees and more time to pay for airwave purchases from past auctions. Earlier this month, Bharti Airtel Chief Executive Gopal Vittal also suggested moves including lowering of airwave costs. BANKS ON ALERT India''s central bank has judged the problem serious enough that it asked commercial banks last month to review their loan exposure to the industry by end-June, and consider raising loan loss provisions in the sector. The Reserve Bank of India (RBI) said the sector''s earnings had deteriorated to the point that it was untenable for telecoms players to even cover the interest costs tied to loans. "The sector is under pressure due to competition," said one senior public sector banker. "No doubt even the RBI is concerned - that''s why they''ve told banks to review exposure immediately." Bharti Airtel has a net debt to earnings before interest, taxes, depreciation and amortization (EBITDA) of 3.05 times as of March 31 - suggesting its debt is three times its core profit. No. 3 ranked Idea, which is merging with Vodafone''s local arm to form India''s top mobile carrier, was at 4.87 times as of end-March. RCom''s net debt to EBITBA ratio is more than 9 times. Typically, analysts consider that ratios higher than 4 times can indicate a company could face trouble meeting its debt obligations. Rating agency Fitch has a negative outlook on the sector, and said last week it expected further pressure. It expects Jio, which has battered the market with highly subsidized prices and phones as it claims market share, to continue offering cheaper tariffs. RCom itself puts overall borrowing in the sector at 8 trillion rupees ($124 billion), while overall EBIT
'df7c69c2d29b81ba071a0cac7ffaca529b26a124'|'BRIEF-First Republic announces senior notes offering'|'Bonds  54am EDT BRIEF-First Republic announces senior notes offering May 30 First Republic Bank: * First republic announces senior notes offering Source text for Eikon:   MOSCOW, May 30 Moldovan President Igor Dodon hopes to discuss the expulsion of Russian diplomats from his country with Russian President Vladimir Putin in St Petersburg this week, RIA news agency quoted Dodon as saying  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-first-republic-announces-senior-no-idUSASA09RUG'|'2017-05-30T20:54:00.000+03:00'
'bf8be46b7e97773417ebdc5807ec9f501d1500c5'|'PRESS DIGEST- New York Times business news - May 30'|'May 30 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- British Airways, still grappling with the impact of a major technical failure over the weekend, said on Monday that it was running most flights normally. The airline''s sister carriers, like Iberia in Spain, have also been hit with cancellations. nyti.ms/2qAX0LH- Singapore''s central bank fined Credit Suisse and United Overseas Bank (UOB) a total of S$1.6 million ($1.15 million) for breaches of anti-money laundering rules for transactions related to Malaysia''s scandal-ridden state fund 1MDB. UOB was fined S$900,000 and Credit Suisse was fined S$700,000 wrapping up a two-year probe into banks involved in 1MDB-related transaction. nyti.ms/2qB1PEO- Jay Clayton, who left Sullivan & Cromwell to become the chairman of the Securities and Exchange Commission, is expected to tap his former colleague Steven Peikin to serve as its co-director of enforcement. Clayton is also expected to name Stephanie Avakian, the agency<63>s acting enforcement director and a former white-collar defense lawyer, as co-director. bbc.in/2qAQpRF- First Data agreed on Monday to buy CardConnect , a fellow payment processor, for about $750 million in cash including the repayment of debt, in its biggest takeover since going public in 2015. First Data will pay $15 a share, a nearly 10 percent premium over CardConnect<63>s closing price on Friday. nyti.ms/2qB6LtD ($1 = 1.3875 Singapore dollars) (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL3N1IW0UZ'|'2017-05-30T03:24:00.000+03:00'
'2c63601e013537692bc73cb350bb29f02e795970'|'PRESS DIGEST - Wall Street Journal - May 30'|'May 30 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Singapore''s financial regulator imposed fines on two large banks including Credit Suisse Group AG as it concluded a two-year investigation into widespread antimoney-laundering failures throughout its financial system related to alleged misappropriations from Malaysian state fund 1MDB. on.wsj.com/2rhDDvg- British Airways said a far-reaching computer outage disrupted flights for a third day and pledged to avoid a repetition of the events that led to hundreds of cancelled flights over the weekend. on.wsj.com/2qwsl2W- U.S. activist investor Elliott Management Corp lost a legal battle to remove the chairman of Akzo Nobel, increasing pressure on PPG Industries Inc to make a hostile bid for the rival Dutch paint and chemicals company or abandon its months-long takeover pursuit. on.wsj.com/2qu3Esc- Goldman Sachs Group Inc is on the defensive in Venezuela after it bought bonds that had been held by the struggling country''s central bank in a transaction the government''s opposition decried as a lifeline to President Nicol<6F>s Maduro''s embattled administration. on.wsj.com/2revNk6- North Korea''s latest missile launch is its third apparent breakthrough in missile technology in less than three weeks. Pyongyang claimed the short-range ballistic missile fired on Monday had a speeded-up launch process and a precision-control guidance system that can zero in within 23 feet of a target. on.wsj.com/2qwtRlE(Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL3N1IW0QL'|'2017-05-30T12:47:00.000+03:00'
'1b9ee95260df9f285580fbd600ad5d4d28bff8b4'|'Centre-left UK coalition might be positive for pound - JP Morgan'|'LONDON Sterling looks set for a volatile run in to British elections next week but an argument can be made for markets reacting positively to a defeat for Prime Minister Theresa May''s Conservatives, according to analysts from U.S. bank JP Morgan.The Conservatives'' lead has shrunk in some opinion polls to as low as 5 percentage points from close to 20 points a month ago, driving the pound lower in the past week.That has seemed in line with traditional financial market logic, which has favoured right-leaning parties who keep a tighter rein on public spending over those like Britain''s leftist Labour Party who want to tax and spend more.But the U.S. bank - the world''s second biggest trader of currencies, according to industry surveys - said the prospect of a softer Brexit from Europe under a Labour-led administration meant sterling might react positively to a defeat for May."A hung parliament would in more normal circumstances be viewed as quite negative for sterling," Paul Meggyesi said in a note distributed to media on Tuesday and sent to clients at the end of last week."But in the post-referendum world, all political developments need to be viewed through a Brexit prism and an argument can be made that a hung parliament which delivered or held out the prospect of a softer-Brexit coalition of the left-of-centre parties ... might actually be GBP positive."(Reporting by Patrick Graham, editing by Nigel Stephenson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-sterling-labour-idUKKBN18Q0WP'|'2017-05-30T17:55:00.000+03:00'
'9653a3cc37cc8d98cfda4b62b8a25f928d176cfd'|'Novartis has assets to sell, investors wary of what it might buy'|'Money News   1:26pm IST Novartis has assets to sell, investors wary of what it might buy FILE PHOTO: The logo of Swiss drugmaker Novartis AG is seen at its headquarters in Basel, Switzerland, January 25, 2017. REUTERS/Arnd Wiegmann/File Photo By John Miller - ZURICH ZURICH As Novartis considers asset sales that could raise $50 billion, investors are worried any cash raised may give the Swiss drugmaker firepower for another unsuccessful megadeal. Novartis''s $52 billion takeover of U.S.-based eye care giant Alcon, completed in 2011, saddled it with a business whose sales and profit have faltered two years running. Now, Chief Executive Joe Jimenez is reviewing Alcon''s surgical devices and contact lens businesses, suggesting they could be valued at $25-$35 billion if he unloads them. The American CEO is also considering disposal of a roughly $14 billion stake in cross-town rival Roche, as well as his over-the-counter (OTC) drugs venture with GlaxoSmithKline, worth some $10 billion.Given Alcon missteps, however, investors are wary about arming Novartis with a pile of cash, for fear managers eager to refocus on cancer drugs as they address a sales hit from patent expiries might blunder into a big takeover. "We would applaud selling those stakes, generally," said Stephen Anness of Invesco Perpetual, Novartis''s 23rd largest shareholder, according to Thomson Reuters data. "But what do you do with that money?" Anness said. "I would be very cautious about selling stakes...in things to raise a war-chest to go and do a massive deal, only for that deal to go and be another poor deal." To be sure, Jimenez has said Novartis''s M&A focus remains on smaller transactions, including lower-risk drug licensing deals, ranging up to $5 billion. Still, Jimenez has not dismissed the notion of a larger transaction. He suggested last year the Roche stake - amassed during former chairman and CEO Daniel Vasella''s unrequited merger aspirations two decades ago - could be sold once another, potentially more significant transaction is lined up to absorb the proceeds."We<57>re always monitoring what<61>s going on but have not changed our position regarding our M&A strategy or potential disposals," Novartis spokesman Michael Willi told Reuters. PORTFOLIO HOLES Novartis, which is holding a two-day investor event in Boston on Tuesday and Wednesday, has portfolio holes a major deal could help fill. Where rivals including Roche, Merck and Bristol-Myers Squibb have immuno-oncology drugs (I-O) on the market for a range of cancers, Novartis has only investigational molecules in this hot new therapy area. Vas Narasimhan, Novartis''s drug development chief, could be tempted to look outside the company, some analysts said, especially as competitors including AstraZeneca near approval for their own I-O molecules. "We believe that Novartis may be pushed to liquidate assets in order to finance acquisitions in pharma," said Michael Leuchten, a UBS analyst. Speculation that Novartis might buy AstraZeneca sparked a brief jump in the British company''s stock last year. There has also been talk of its interest in Bristol-Myers. PUT OPTION For its OTC joint venture with GSK that emerged out of their2014 asset swap, Novartis faces a March 2018 deadline to exercise its put option for its 36.5 percent stake. People familiar with GSK''s thinking confirmed the British group would be a willing buyer of the stake, which added $234 million to Novartis''s profit last year. Alcon, whose eye drugs portfolio was moved into Novartis''s main pharmaceuticals unit last year, has been trimmed to include surgical equipment for conditions like cataracts as well as contact lenses and solutions. When Jimenez began his strategic review this year, he said "all options were on the table". Sales have fallen nine quarters, necessitating a costly programme to arrest the fall. Even Vasella, who bought Alcon as he sought to build up a European healthcare giant akin to Johnson & Johnson, now ackn
'9ccc21aae0240765fef8d32d9bbd60a68575d892'|'Venezuela opposition accuses Goldman Sachs of financing dictatorship'|'Funds News - Mon May 29, 2017 - 3:00pm EDT Venezuela opposition accuses Goldman Sachs of financing dictatorship CARACAS May 29 The president of Venezuela''s opposition-run Congress on Monday accused Wall Street investment bank Goldman Sachs of "aiding and abetting the country''s dictatorial regime" following a report that it had bought $2.8 billion in bonds from the cash-strapped country. The Wall Street Journal on Sunday said Goldman paid 31 cents on the dollar for bonds issued by state oil company PDVSA that mature in 2022, or around $865 million, citing five people familiar with the transaction. That comes as two months of opposition protests against President Nicolas Maduro have killed almost 60 people and the collapse of the country''s socialist economy has left millions of people struggling to eat. "Goldman Sachs'' financial lifeline to the regime will serve to strengthen the brutal repression unleashed against the hundreds of thousands of Venezuelans peacefully protesting for political change in the country," wrote Julio Borges in a letter to Goldman Sachs President Lloyd Blankfein. "Given the unconstitutional nature of Nicolas Maduro''s administration, its unwillingness to hold democratic elections and its systematic violation of human rights, I am dismayed that Goldman Sachs decided to enter this transaction." The letter adds that Congress will open an investigation into the transaction and that he will recommend "to any future democratic government of Venezuela not to recognize or pay these bonds." Goldman and Venezuela''s Information Ministry, which fields queries on behalf of the Finance Ministry, did not respond to requests for comment. The bonds were not sold directly by Venezuela''s central bank but rather through an intermediary, three finance industry sources, including one from Goldman, told Reuters on Monday. "The intermediaries are in Europe," said the source at Goldman. With Venezuela''s inefficient state-led economic model struggling under lower oil prices, Maduro''s unpopular government has become ever more dependent on financial deals or asset sales to bring in coveted foreign exchange. Venezuela''s international reserves rose by $749 million on Thursday and Friday, reaching around $10.86 billion. That is still down around 50 percent in the last three years. (Reporting by Corina Pons; Writing by Brian Ellsworth; Editing by Alexandra Ulmer and Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/venezuela-goldman-sachs-idUSL1N1IV0NY'|'2017-05-30T03:00:00.000+03:00'
'34cb7f522138157e9f34573a86ecb677332476ff'|'Crossrail 2 hits buffers as uncertainties over Brexit and election take hold - UK news'|'A year ago, the progress of Crossrail 2 seemed assured. A political consensus was forming that a second mass-transit line across London should be built from north to south, its urgency underpinned by the verdict of the new National Infrastructure Commission that this was the most important single project for Britain, and work needed to start now. The then chancellor duly doled out <20>80m to get the ball rolling, expecting a hybrid bill in the same parliament.Now, with its champions out of the door after the EU referendum, the project<63>s prospects look bleak. While City firms discuss relocating offices and staff, any assumption that higher business rates and commuter revenues will pay the <20>32bn construction bill is on shakier ground. But the omission of Crossrail 2 from the Conservative manifesto , when other infrastructure projects were listed, was the clearest sign yet that there is little appetite in a Theresa May government for another London-based scheme. Although official reaction appears muted, constrained by the rules of pre-election period known as purdah, insiders at Transport for London now fear that a cherished <20> and for them, critical scheme <20> is on the rocks. Crossrail graphic The arguments for the north-south line, which would be tunnelled from New Southgate and Tottenham Hale to Wimbledon and link up with commuter rail services in Hertfordshire and Surrey, boil down to capacity. The arteries of the growing capital can only be temporarily unclogged through upgrading the present lines. On the underground, the Victoria line has been upgraded and the Northern line is following; an upgraded Thameslink will also move extra passengers more swiftly through the centre. With those kind of upgrades, as well as the imminent completion of the original Crossrail as the east-west Elizabeth line, some might think Londoners should shut up and be grateful. But the case for a new, faster service on this alignment was first made when the city was in relative decline: the Chelsea-Hackney line<6E>s underground route has been safeguarded for decades. And now, with London<6F>s population forecast to rise to 10 million by 2030, the picture is further complicated by the building of HS2, the high-speed rail network linking London to Birmingham and the north.The previous transport commissioner Peter Hendy warned for years of the mayhem to be expected at Euston when thousands of HS2 passengers pour in to an already overcrowded rail terminus. More recently, London<6F>s mayor, Sadiq Khan, said the city would <20>grind to a halt<6C> without Crossrail 2. The scheme is seen by transport planners as vital to relieve the pressure on South West trains, whose Waterloo terminus is already the busiest station in the country.Some renewed political impetus is expected after the election, when the infrastructure commission<6F>s head, Andrew Adonis, a prominent champion of the scheme, is expected to return to public life and push its claims. But since Lord Adonis<69>s commission pinned its colours to the mast, the Brexit vote has reinforced political wariness of looking London-centric. David Leam, infrastructure director at the business group London First, said: <20>The key thing this project needs is a comparable one to start in the north. Crossrail 2 has a great case but what the government also wants to do is to be seen to be investing in projects in the rest of the country.<2E>That equivalence is underlined by Labour<75>s commitment to building a <20>Crossrail of the north<74>. Yet even the nomenclature in the various manifestos is telling, Leam said: <20>It<49>s indicative of how ill-formed those ideas are that the [northern] scheme doesn<73>t really have a name: the Lib Dems talked about HS3 and the Tories talk about northern powerhouse rail.<2E> The politics are sticky. Tfl has submitted a business plan for a scheme that had the full backing of the previous London mayor and transport secretary. But the antipathy between Khan and Chris Grayling has already emerg
'08fc29c153f349d72dbe639391ae68ae39ed24f8'|'Mexico''s Banco de Bajio seeks around $490 mln in June 7 IPO'|'MEXICO CITY May 29 Mexican lender Banco del Bajio is looking to raise around $490 million next month in what will be the country''s second new stock offering this year, according to a copy of the bank''s prospectus.Banco del Bajio is seeking to raise around 9 billion pesos, including overallotment, in a June 7 initial public offering where it sees a price range of between 29 pesos and 32 pesos per share, according to a document posted on the website of the Mexican stock exchange. (Reporting by Michael O''Boyle and Sheky Espejo)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mexico-ipo-bancobajio-idINE1N1HW02B'|'2017-05-29T12:26:00.000+03:00'
'5b2f05debc71d677066c8b4af2dcfa2a4116578b'|'Sainsbury''s exploring bid for Palmer & Harvey - Sky News'|'Business News   12:16pm BST Sainsbury''s exploring bid for Palmer & Harvey - Sky News A sign is displayed outside a Sainsbury''s store in London, Britain December 3, 2015. REUTERS/Neil Hall/File Photo LONDON Sainsbury''s ( SBRY.L ), Britain''s second largest supermarket group, is in the early stages of examining a takeover bid for tobacco distributor Palmer & Harvey, Sky News reported. It cited unspecified sources as saying that while Sainsbury''s was exploring a bid there was no certainty it would proceed with an offer. A spokeswoman for Sainsbury''s declined to comment, while nobody was immediately available for comment at Palmer & Harvey. Palmer & Harvey is a major distributor of tobacco products to Tesco ( TSCO.L ), Britain''s biggest retailer which in January agreed a 3.7 billion pound takeover of wholesaler Booker ( BOK.L ). Last year Sainsbury''s acquired Argos-owner Home Retail for 1.1 billion pounds. (Reporting by James Davey, Editing by Paul Sandle)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-palmer-harvey-m-a-sainsbury-s-idUKKBN18M17W'|'2017-05-26T19:16:00.000+03:00'
'4d1720d4bf8cbc910310a8149b940f15b73b5ecb'|'Oil languishes after OPEC fails to deepen supply cuts, Asia stocks retreat'|'Business News - Fri May 26, 2017 - 10:31am BST Battered oil fights back, sterling hit as May''s poll lead shrinks left right FILE PHOTO: A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo 1/3 left right A TV camera is seen outside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 2/3 left right People walk past an electronic board showing stock prices outside a brokerage at a business district in Tokyo, Japan, January 23, 2017. REUTERS/Kim Kyung-Hoon 3/3 By Dhara Ranasinghe - LONDON LONDON Battered oil prices recovered some ground on Friday as investors looked past disappointment that an OPEC meeting did not produce bigger supply cuts, while sterling slid on a poll showing the ruling Conservatives'' lead shrinking, two weeks before an election. European stock markets opened down as turbulence in oil markets following Thursday''s OPEC meeting, at which oil producers extended existing output cuts but did not expand them, undermined sentiment towards risk assets in general. Asian shares also fell. Some of the sharpest moves came in currencies, where Britain''s pound fell over 0.5 percent to $1.2861 and looked set for its biggest one-day slide in over three weeks and steepest one-week decline since early April. The first poll taken since a suicide bombing killed 22 people indicated that Britain''s opposition Labour Party had cut May''s Conservative Party lead to five points less than a fortnight before the parliamentary election. "With this kind of momentum and almost two weeks to go until the vote, not only is this not going to be the breeze that May anticipated when she called the snap election last month, it could yet turn into a humiliating defeat for the Conservative leader and her party," said Craig Erlam, senior market analyst at OANDA. "Coming on the back of losses yesterday, it''s turning into a rotten end to the week for the pound." Sterling''s weakness, good news for exporters, helped keep London''s blue-chip FTSE-100 stock index in positive territory just as other European bourses fell. Earlier, MSCI''s broadest index of Asia-Pacific shares outside Japan, which closed at a two-year high on Thursday, fell 0.2 percent, shrinking its weekly gain to 1.45 percent. Japan''s Nikkei closed 0.6 percent lower. Trade in U.S. stock futures pointed to a muted start for Wall Street, where the S&P 500 and the Nasdaq closed at record highs on Thursday after strong earnings reports from retailers. [ For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets ] OIL REBOUND Oil edged higher but remained on the back foot after tumbling 5 percent in the previous session. On Thursday in Vienna, the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers agreed to extend a pledge to cut around 1.8 million barrels per day (bpd) until the end of the first quarter of 2018 - disappointing investors betting on longer or larger curbs. Clawing back some of Thursday''s losses, Brent crude futures were at $51.80 per barrel at 0755 GMT, up 0.66 percent, from their last close. They were still set to end Friday with a weekly loss of more than 3 percent, however. U.S. West Texas Intermediate (WTI) crude futures were below $50, at $49.15, though still up 16 cents from their last close. Elsewhere, the dollar slipped 0.5 percent to 111.25 yen, while the dollar index, which tracks the greenback against a basket of six major peers, was 0.14 percent lower at 97.110. The euro was virtually flat on the day at $1.1212. The weaker dollar and pullback in risk appetite were a boon for gold. Spot gold rose 0.5 percent to $1,261 an ounce, poised for a 0.5 percent gain for the week. (Additional report
'd4f706dca3e1f20f0e15fca9c3cc7df278bfd632'|'Spirax-Sarco to buy thermal tech firm Chromalox for $415 million'|'Deals   8:43am BST Britain''s Spirax-Sarco to buy thermal tech firm Chromalox for $415 million By Noor Zainab Hussain Britain''s Spirax-Sarco Engineering Plc ( SPX.L ) said it had agreed to buy Pittsburgh-based thermal technology company Chromalox Inc from private equity firm Irving Place Capital for $415 million on a cash-free, debt-free basis. Spirax-Sarco, which makes steam traps and pumps for industries such as food and beverage, healthcare, chemical and power generation, said the purchase consideration would be financed from new debt facilities supplied by its existing banks. Shares in Spirax were up 5.6 percent at 5,605 pence at 0709 GMT, making the stock the second largest gainer on London''s Midcap Index .FTMC The acquisition of Chromalox, which has five manufacturing facilities across North America, France and China, will add to Spirax''s earnings in 2017, it said. Liberum analysts, rating Spirax at "hold", wrote in a note that at first look, this deal would add to 2017 EPS by 13 percent, assuming no growth in the underlying business. Chromalox earns about 18 percent of its sales from the oil and gas market where firms are cautious on spending as the industry recovers from a multi-year commodity price slump. However, current order intake levels and market activity have shown improving prospects for Chromalox, Spirax said, adding its estimates sales of $190 million in the current year ending September. Analysts at Jefferies, who have a "hold" rating on Spirax, said Chromalox looks to be a "highly complementary business" and a "very sensible/interesting deal". The price tag of $415 million makes this Spirax''s largest buy since the downturn of 2008. Last month Spirax said it would buy German firm Gestra AG, which makes valves and control systems for heat and fluid control, for 186 million euros ($208 million). Chromalox will bring thermal energy management solutions to Spirax''s customers, the British firm said, adding it would expand Spirax''s total addressable market by 2.1 billion pounds to 7.9 billion pounds. "We will invest in Chromalox to strengthen its direct sales channels globally; leverage our worldwide footprint to grow Chromalox''s presence outside of its core markets in the USA," Spirax-Sarco said in a statement on Friday. Completion of the deal is subject to a nod from the U.S. merger control authority, Spirax said, adding that the conditions are expected to be satisfied during its current quarter. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-chromalox-m-a-spirax-sarco-idUKKBN18M0K2'|'2017-05-26T15:36:00.000+03:00'
'c0dd5dc32e19c9e9532bbcc9c9aa25c6c77aad54'|'U.S. dip a "splutter" not a slump, says IMF chief economist'|' 16pm BST U.S. dip a "splutter" not a slump, says IMF chief economist FILE PHOTO: Maurice Obstfeld, Economic Counsellor and Director of IMF, attends the International Monetary Fund''s media briefing during its annual meeting in Lima, Peru, October 6, 2015. REUTERS/Mariana Bazo/File Photo By Marc Jones - LONDON LONDON The dip in the U.S. economy is a "splutter" rather than a more serious downturn, the International Monetary Fund''s chief economist said, though policy uncertainty in Washington was making forecasting increasingly difficult. In an interview with Reuters, Maurice Obstfeld, who is nearing his two-year anniversary as the IMF''s top forecaster, said China''s economy was also slowing, though both the euro zone and Japan were performing better than expected. The Fund''s last set of forecasts in mid April nudged up its global growth projections to 3.5 percent for this year and 3.6 percent for next year. Since then, however, there have been some shifts in the landscape. A string of controversies surrounding U.S. President Donald Trump''s administration have put his plans to cut taxes and increase infrastructure spending on the back-burner, taking some of the steam out of the world''s top economy in the process. Revised first quarter U.S. GDP numbers due later are expected to confirm it grew at less than 1 percent. ECONG7 "We saw the weak first quarter in the U.S that we interpret as a splutter rather than a change in the fundamental trajectory of the U.S. economy ... A soft patch in other words," Obstfeld said on the sidelines of a City Week conference on Thursday. "And in the second quarter we have seen China taking some pretty energetic measures to slowdown credit growth and get a better grip on what is going on in the shadow banking sector. "That seems to have taken some of the froth out of the economy. So we see a bit of slower growth there." It is too early to say for sure whether the two factors would see the IMF lower it next set of global forecasts in July. The process is not yet in full swing, but the task is also being made more complicated than normal by a lack of clarity and mixed messages over U.S. policy. Obstfeld said that while there was now a rough outline of what maybe Trump would like to do, Paul Ryan, one of the other most senior members of the Republican party, seemed to have a different views. "It''s hard to say what exactly will happen and what the macro impact will be," Obstfeld said. "We are working to find out what is the most likely scenario and what impact that will have on growth and our forecasts." "We don''t know when or what the fiscal initiative will be so I think markets are kind of looking at this and saying show us the money." GO SLOW There have been upside surprises since April, however, that are helping balance some of the U.S. and Chinese loss of momentum. A weaker dollar and lower bond yields was a potential boost for emerging markets and other global borrowers. Japan is performing better than already raised expectations as is the euro zone, which this month saw France elect pro-business Emmanuel Macron over the anti-euro Marine Le Pen and is being driven by a humming German economy. "If you look at the soft indicators, PMIs, even in France where the hard indicators have not been amazing, you get some hint there might be an upside surprise," Obstfeld said. The strengthening euro zone recovery has also fuelled talk that the European Central Bank will cut its stimulus programme again by the end of the year. The IMF, as usual, though is urging it to take things slowly. Asked whether it would be wise to tread carefully with stimulus removal, he said: "That would be my view." The recent U.S. "soft patch" also meant that the Fed does not need to be overly aggressive as it raises interest rates, the next of which is expected next month. "In view of the weak first quarter and the fact wage growth is still low, I don''t think they feel a huge danger they are going to get behind th
'21401eb2f0ac0d0ca980ac93b472bcce8dd5e2f7'|'Exclusive: Fidelity may back climate resolutions, a milestone for activists'|'BOSTON Fidelity Investments may support shareholder proxy proposals calling on companies to report on sustainability matters this year, a major shift by the Boston asset manager as climate activists gain more traction at large U.S. corporations.While Fidelity will generally vote as company managers recommend on environmental or social issues, "Fidelity may support shareholder proposals calling for reports on sustainability, renewable energy and environmental impact issues," states a new section of its proxy voting guidelines.The guidelines were put in place in January for this spring''s annual meeting season and have not previously been reported.Fidelity spokeswoman Nicole Goodnow said Fidelity''s new policy comes as client interest grows in how companies approach environmental, social and governance issues.Other big fund companies including BlackRock Inc ( BLK.N ) and State Street Corp ( STT.N ) have also lent support lately to calls for U.S. companies to account for how climate change could affect their business.Shareholders passed such resolutions at Occidental Petroleum Corp ( OXY.N ) and at utility holding company PPL Corp, ( PPL.N ) this month, and a high-profile test is due at Exxon''s annual meeting on May 31.Fidelity''s new language marks a milestone since the family-controlled Boston fund manager, the fourth-largest U.S. fund firm with about $2.1 trillion under management, had given little indication its climate stance was also changing.During the last two proxy seasons Fidelity funds opposed or abstained on every one of 30 shareholder proposals related to climate questions at U.S. companies, according to researcher Proxy Insight. BlackRock had a similar record but made clear in March that climate risk would be a top priority in its outreach to companies this year.The new stance by the Boston firm shows "Fidelity doesn''t want to be sidelined from some of the most consequential decisions being made on climate risk," said Shanna Cleveland, a director at Ceres, an advocacy group in Boston that helped coordinate the resolutions.Filings that will show the fund managers'' votes are not due for months. Fidelity''s change may not have a major impact at Exxon because its funds following the new policy own about 17 million shares or about 0.4 percent of the company, ranking it 19th among investors.Goodnow declined to say how Fidelity will vote at Exxon.Fidelity also recently created an investment office to follow environmental, social and governance issues and signed on to the United Nations-backed Principles for Responsible Investment. Signatories pledge to consider environmental, social and governance factors and to seek disclosures.(Reporting by Ross Kerber; Editing by Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-fidelity-climatechange-idUSKBN18M110'|'2017-05-26T18:03:00.000+03:00'
'cdde59f7c6466d00b27dfff71c4ae2b984cc1a01'|'Aerie Pharma to offer common shares in public offering'|'May 25 Aerie Pharmaceuticals Inc* Aerie pharmaceuticals announces public offering of common stock* Aerie pharmaceuticals inc - commenced a registered underwritten public offering of $50 million of shares of its common stock* Aerie pharmaceuticals-to use proceeds of offering to fund expansion of its commercialization programs in north america for both rhopressa and roclatan '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-aerie-pharma-to-offer-common-share-idINASA09RGV'|'2017-05-25T18:36:00.000+03:00'
'89167c25ee80890068bb934ad6ba5b8788cdb454'|'The perils of pregnancy in a country where abortion is a crime - in pictures - Global Development Professionals Network'|'The perils of pregnancy in a country where abortion is a crime - in pictures The perils of pregnancy in a country where abortion is a crime - in pictures View more sharing options Share on Messenger Close In El Salvador, one of six countries where abortion is banned under any circumstances, women have been told to avoid pregnancy due to the Zika virus. With support from the International Women<65>s Media Foundation, photographer Nadia Shira Cohen captures their stories in her series Yo no di a Luz All photographs by Nadia Shira Cohen Friday 26 May 2017 11.33 BST Last modified on Friday 26 May 2017 13.48 BST In Panchimalco, the annual Palms Festival includes a procession of the Virgin Mary through the town<77>s narrow streets, attracting people from all over the country who come to idolise her. Pregnant women in El Salvador face numerous challenges; the threat of the mosquito-borne illness, Zika, which has been linked to microcephaly in newborns; the constant threat of gang violence with one of the highest murder rates in the world; and increasing occurrences of rape. Photograph: Nadia Shira Cohen Sanitation workers from the community health clinic in Santa Tecla fumigate houses, streets, sewers and schools against mosquitos as part of a government programme to fight mosquito-borne diseases such as Zika, dengue and chikungunya. The most serious threat to women<65>s reproductive rights, however, is the state<74>s ban on abortion. El Salvador is one of just six countries in the world <20> including Nicaragua, Chile, The Vatican, Malta and the Dominican Republic <20> where abortion is banned under any circumstances, and the only one which pursues and prosecutes women who have a termination. Photograph: Nadia Shira Cohen <20>Dios existe,<2C> (God exists) cries Maria Teresa Rivera as the supreme court annuls her conviction for the aggravated homicide of her prematurely-born infant. Rivera served four years of a 40-year sentence before a judge decided that a review of medical evidence did not show she intentionally killed her child. While in prison, Rivera was unable to see her other son, Oliver, whose photo she holds. Women face two to eight years in prison for miscarrying, but some face charges of aggravated murder, which has a 40-year minimum sentence. Photograph: Nadia Shira Cohen A pro-life mural in a side street of the main highway from Chalatenango to San Salvador. Overtime, the majority of society has embraced the abortion ban but there is a proposed legal change on the horizon, which would allow abortion in the cases of rape, if the mother<65>s life or health is at risk, or if the foetus is unviable. The legislative assembly is expected to decide whether to push through the controversial bill to congress in the coming weeks. Photograph: Nadia Shira Cohen Idalia Alverado Sanchez and her husband Alex await the arrival of their first child at the maternal waiting house in Planes de Renderos. The house helps women who come from areas without access to a nearby hospital to wait out the end of the pregnancies, so they can be close to a hospital and avoid complications. Photograph: Nadia Shira Cohen Pregnant women line up to receive mosquito repellent at the maternal waiting house. The women were told they would receive repellent and mosquito nets at an event sponsored by the Canadian embassy, the World Food Programme and the ministry of health. After the press conference, however, the nets were reloaded on to a truck and sent to a hospital. Photograph: Nadia Shira Cohen Abigail Sanches waits to be examined. Doctors and nurses working in the public hospitals are trained to look out for signs of abortion and report any suspicious alterations to a woman<61>s uterus to the authorities. This provokes criminal charges that can lead to between six months to seven years in prison. Poorer women suffer the most as doctors in private hospitals are not required to make such reports. Photograph: Nadia S
'1ffb2d0fac9c2f72730e71c94b35d1fdaf9ce604'|'UPDATE 1-Costco''s profit boosted by higher membership fees, strong US sales'|'Warehouse club operator Costco Wholesale Corp ( COST.O ) reported a better-than-expected quarterly profit on Thursday, helped by higher membership fees and strong sales in the United States.Membership fees, which accounted for about 72 percent of Costco''s operating income in 2016, rose 4 percent in the third quarter ended May 7.Sales at established stores open at least a year rose 5 percent, excluding the impact of changes in gasoline prices and foreign exchange.Analysts on average were expecting same-store sales to rise 3.7 percent, according to research firm Consensus Metrix.Net income attributable to Costco rose to $700 million, or $1.59 per share, in the latest quarter from $545 million, or $1.24 per share, a year earlier.Excluding items, Costco earned $1.40 per share. The company recorded a tax benefit of 19 cents per share related to a special cash dividend announced in April.Total sales rose 8 percent to $28.86 billion.Analysts on average had estimated adjusted earnings of $1.31 per share and revenue of $28.54 billion, according to Thomson Reuters I/B/E/S.Costco shares were up 1.7 percent at $177.50 in aftermarket trading on Thursday.(Reporting by Siddharth Cavale in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-costco-wholesale-results-idUSKBN18L2QR'|'2017-05-26T04:48:00.000+03:00'
'0ac4793b37651312376c77778583bb892c30929f'|'METALS-Copper retreats from three-week high ahead of holiday weekend'|'Market News  07am EDT METALS-Copper retreats from three-week high ahead of holiday weekend * Copper retreats after Grasberg-driven bounce * U.S., UK and Chinese traders all absent on Monday * LME/ShFE arb: tmsnrt.rs/2oQ5nm2 (Updates prices) By Jan Harvey LONDON, May 26 Coppe9r pulled back from the previous session''s three-week high on Friday as momentum sparked by a strike at one of the world''s biggest copper mines, Indonesia''s Grasberg, eased ahead of the long weekend break. Freeport McMoRan Inc said on Thursday that mining and milling rates at Grasberg had been affected by an extended strike and that a "large number" of about 4,000 absentee workers were deemed to have resigned. "The Grasberg news yesterday ... has now been factored in, so there''s a bit of profit-taking, but copper should find good dip-buying support for the rest of today, given that it''s a long holiday weekend," said Societe Generale analyst Robin Bhar. Dutch bank ING said in a note that Freeport has about 100,000 tonnes of copper stocks that could be used to meet demand in the near term. The metal remains rangebound, Bhar said. "Although people are prepared to buy the dips, they''re also prepared to sell the rallies," he said. "We need to get through overhead resistance and move above some of the longer term moving averages." * LME COPPER: London Metal Exchange copper stood at $5,669.50 a tonne at 1400 GMT, down 1 percent. Prices hit their highest since May 3 on Thursday at $5,768.50. * BANK HOLIDAYS: Traders in China, the United States and Britain will be absent for national holidays on Monday. * FINANCIAL MARKETS: Battered oil prices recovered ground on Friday as investors looked past disappointment that an OPEC meeting did not produce bigger supply cuts, while sterling slid on a poll showing the ruling Conservatives'' lead shrinking, two weeks before Britain''s election on June 8. * NICKEL: LME nickel was facing a 3 percent weekly loss after trade data this week showed that the Philippines is ramping up ore exports to China, fuelling concern about oversupply. Nickel was up 0.3 percent at $9,065 a tonne. * INVENTORIES: Shanghai zinc inventories ZN-STX-SGH fell to their lowest in more than two years at 91,749 tonnes. Copper stocks in LME warehouses MCU-STOCKS have edged lower over the past three weeks but remain 27 percent above levels a month ago. * TECHNICALS: LME copper looks neutral in a range of $5,683 to $5,736 a tonne, formed by the 61.8 percent and the 76.4 percent Fibonacci retracements of the May downtrend, and an escape could suggest a direction, Reuters technical analyst Wang Tao said. * OTHER METALS: LME aluminium was down 0.1 percent at $1,958 a tonne, while tin was flat at $20,400. Zinc was unchanged at $2,634 a tonne, while lead was up 0.6 percent at $2,096.50 a tonne. (Additional reporting by Melanie Burton in Melbourne; Editing by David Goodman and David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1IS2MC'|'2017-05-26T20:27:00.000+03:00'
'bfe46ec925d0ab238b6869289d17740eecf2f2b1'|'Petrofac''s latest revelation offers fuel for thought - Business'|'Friday 26 May 2017 11.12 BST First published on Friday 26 May 2017 06.00 BST W hen the Serious Fraud Office announced two weeks ago it was investigating suspected bribery, corruption and money laundering at Petrofac, shares in the oil services firm fell 14%. It was a sharp reaction to serious news, but it didn<64>t suggest outright panic in the ranks of investors. One could understand why. Petrofac , a former member of the FTSE 100 index in the days of higher oil prices, is still a very big business. It has 13,500 employees, recorded revenues last year of $7.9bn (<28>6bn) and has an order-book of contracts worth $14.3bn. Shareholders will also have reflected that SFO investigations tend to take ages and, even when the company admits criminal activity (which Petrofac doesn<73>t), the process can conclude these days with a deferred prosecution agreement, or DPA, and the payment of a financial penalty that can be chunky but not life-threatening. Oil price slides as Opec production cuts fail to impress markets Read more That semi-reassuring view of potential risks has been undermined by Petrofac<61>s latest announcement . In its effort to display cooperation with the SFO, the board has suspended chief operating officer Marwan Chedid <20> but the prosecuting agency still seems unhappy. The SFO does not deem Petrofac to have cooperated with it <20>as that term is used in relevant SFO and sentencing guidelines<65>. The language is important: it could mean that the option of a DPA will not be offered; should events run that way. To complete investors<72> misery, Petrofac reported that the findings of its internal investigation <20> which concluded there was no evidence of payment of bribes <20> had not been accepted by the SFO. Cue a further 30% plunge in the share price. It has now halved in a fortnight. Aside from the direct uncertainty around the SFO<46>s investigation, Petrofac<61>s day-to-day operations will be hampered by Chedid<69>s absence. He is righthand man to Ayman Asfari, Petrofac<61>s chief executive, 18% shareholder and driving force since the 1990s. And, to put it mildly, replenishing the order-book will not be made any easier by the shadow of the SFO inquiry. Could the board have handled the crisis differently? In theory, it could also have suspended Asfari, who, like Chedid, was arrested, questioned under caution by the SFO and released without charge a fortnight ago. Two senior suspensions might have satisfied the SFO<46>s definition of full cooperation during an investigation. But one can see why the board rejected that option. Asfari, with his network of contacts in the Middle East plus a role as a UK trade ambassador, is the public face of Petrofac and the man who makes the company tick. The danger of corporate meltdown would have felt real. Removing Asfari from all matters related to the SFO investigation was probably the best pragmatic fudge. Yet, if the length of SFO investigations initially sounded helpful for Petrofac<61>s ability to operate normally, the logic has been turned on its head. Chedid is suspended until further notice and Asfari must try to bring in more contracts in near-impossible circumstances. This is a deep crisis and the correct share price is anybody<64>s guess. Shale oil is here to stay <20>We will do whatever is necessary,<2C> declared Saudi Arabia<69>s energy minister before Opec<65>s meeting in Vienna to consider production cuts to drive up the oil price. The cartel then proceeded to do the minimum. It merely agreed to extend existing curbs until next March alongside Russia. The oil price fell 4% . Give it time, seems to be the tune from Vienna, but it is sounding fainter. When Opec embarked on this strategy last November, it surely expected better results. The data shows there is still a glut of oil stocks in the world and a barrel of Brent now costs $52, a long way from the $60-plus that Opec would like to restore. The cartel can keep trying <20> but the only thing it has proved so far is the resilience of the US shale industry. Fin
'634baccdb9062093b89f521bb38d03704ae825de'|'BRIEF-TSMC orders machinery equipment from Delta Electronics'|'Market   5:02am EDT BRIEF-TSMC orders machinery equipment from Delta Electronics May 26 Taiwan Semiconductor Manufacturing Co Ltd * Says orders machinery equipment worth T$383 million ($12.72 million) Source text on Eikon: * Investors take cue from policymakers, stay cautious on recovery MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-tsmc-orders-machinery-equipment-fr-idUSS7N1I501L'|'2017-05-26T17:02:00.000+03:00'
'c70aad9f6ea48d7196eb8b26be0899e1126e2b1a'|'Pound hits two-week low after election poll gap narrows - business live - Business'|'The City of London.Pound suffers biggest fall in three weeks after election poll narrows<77> Photograph: Bloomberg/Bloomberg via Getty Images Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Graeme Wearden Friday 26 May 2017 14.23 BST First published on Friday 26 May 2017 08.02 BST Key events Show 1.57pm BST 13:57 Pound hits one-month low 1.36pm BST 13:36 US growth revised up, beating Britain 11.26am BST 11:26 Pound pummelled: What the experts say 9.53am BST 09:53 FTSE 250 hits record high too 9.41am BST 09:41 The City fears a hung parliament 9.25am BST 09:25 IFS: Politicians aren''t being honest on the econmy 9.03am BST 09:03 FTSE 100 hits new intraday high Live feed Show 2.23pm BST 14:23 Richard de Meo, managing director of Foenix Partners, reckons the Federal Reserve is now very likely to raise American interest rates next month: Upward revisions to 1.2% for first quarter growth have confirmed the world<6C>s largest economy to be in rude health, strengthening the case for a Fed rate hike on June 14 th . [Fed chair Janet] Yellen will find the 0.60% quarterly uptick in consumer spending to be particularly pleasing ahead of what is being enthusiastically priced in by fixed income markets <20> the implied probability of policy action was above 80% at the last count. Unless Donald Trump repeats his NATO tactics and shoulders his way into the headlines and barring any shock disappointments in the data calendar, no market event appears capable of preventing a mid-June US interest rate hike.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 2.22pm BST 14:22 James Knightley of iNG isn<73>t too impressed with America<63>s growth in the first quarter of the year, even though it<69>s been revised up to 1.2% (annualised) He points out that it still lags behind other developed countries (not Britain, alas):US 1Q 2017 GDP growth has been revised up to 1.2% annualised from the 0.7% figure initially reported. There were slight improvements in all of the key components, but it is still a very disappointing outcome, mainly caused by a clear slowdown in consumer spending and a run down in inventories.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1.57pm BST 13:57 Pound hits one-month low The US dollar has rallied after America<63>s first-quarter growth was revised up. And that<61>s bad news for the pound, which has now spiralled to a one-month low of $1.2811, down more than a cent today.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1.36pm BST 13:36 US growth revised up, beating Britain Breaking! America<63>s growth rate in the first three months of this year has been revised up. US GDP increased at an <20>annualised rate<74> of 1.2% in January-March, the Commerce Department says, up from an initial estimate of 0.7%.That<61>s equivalent to a quarterly growth rate of 0.3%, the same as France, and faster than Britain after yesterday<61>s downgrade to 0.2%.It<49>s still the weakest expansion since the first three months of 2016. Economists, though, think growth is probably rebounding quite sharply in the current quarter.The Commerce Department has revised up its estimate for consumer spending, from +0.3% to +0.6%. Business investment was also strong, rising by 11.4%.Holger Zschaepitz (@Schuldensuehner) US GDP grew 1.2% ann in Q1 2017, revised up from 0.7% and also way faster than expected 0.9%. Euro dropped <$1.12. pic.twitter.com/QRFhqdyF4l May 26, 2017 Michael Hewson (@mhewson_CMC) Interesting to note that US Q1 GDP revision back to what was expected prior to the first print. 1.2%May 26, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1.27pm BST 13:27 Insurance group Legal & General has given Ireland a boost in its bid to attract City jobs after Brexit. L&G has picked Dublin a
'0ca116fb4c272bda28c173696af74cd4cf9e7938'|'U.S. home prices to rise at a strong pace on tight supply: Reuters poll'|'U.S. home prices look poised to rise at a robust pace over the next few years, mainly because of a chronic shortage of houses and steady demand, a Reuters poll showed on Friday.Still, a slim majority of analysts in the poll taken May 16-25 said the Trump administration should pursue some form of housing market deregulation, although 60 percent were not convinced that Congress would pass such policies.The lack of any strong consensus among analysts in this poll and the one three months ago stems from uncertainty about what kind of deregulation, if any, will be proposed.The administration''s inability to push other promised legislation, like a healthcare overhaul, has also not helped matters.But some respondents had strong words about any withdrawal of regulations put in place after the 2007-2008 housing market crash, which knocked property prices down by 40 percent in some areas and triggered a punishing global financial crisis."Coming out of a period where we had a real housing sector collapse and where prices seemed so out of line and now having surpassed that, any housing deregulation should be done very carefully," said FAO Economics chief economist Robert Brusca.Even without stimulus, U.S. home prices are likely to rise at almost double the current rate of underlying consumer prices and wages, according to the latest Reuters poll of around 40 property market analysts and economists.After climbing 5.0 percent in each of the last two years, the S&P/Case Shiller composite index of home prices in 20 metropolitan areas is expected to gain another 5.6 percent this year and 4.2 percent next year.This is the fifth straight quarterly Reuters poll in which analysts have bolstered their view of higher prices in 2017."Healthy demand and low inventory continue to place upward pressure on home valuations," said Wells Fargo chief economist John Silvia. "Those trends look to remain in place in the near term and therefore continue to underpin solid, single-digit home price increases."The latest data showed the number of houses for sale had dropped for 23 straight months from year-earlier periods. This pushed the median price in April to its highest since June 2016 and marked the 62nd straight month of year-on-year gains.Turnover has not alleviated much pressure, either. In April, homebuilding dropped, new home sales plunged, and even resales fell from a more than 10-year high.Property analysts now forecast annualized existing home sales in each quarter this year to average less than the 5.70-million-unit pace hit in March, which was the highest since February 2007.Before the housing market crash, existing home sales peaked above a 7-million-unit pace in 2005."With the (April) supply of existing homes for sale at its lowest level since 1982, home sales will be constrained even as a strong labor market and gradual loosening in credit conditions supports housing demand," wrote Capital Economics property economist Matthew Pointon.The average 30-year mortgage rate is now forecast at 4.25 percent this year and 4.60 percent in 2018, according to the latest poll. That is below expectations from just three months ago.When asked to rate affordability of U.S. housing on a scale of 1 being the cheapest and 10 the most expensive, the median answer was 6. That is similar to what analysts rated British and Canadian property in separate polls. [GB/HOMES] [CA/HOMES](Polling by Anu Bararia and Hari Kishan; Editing by Ross Finley and and Lisa Von Ahn)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-property-poll-idUSKBN18M1L3'|'2017-05-26T21:15:00.000+03:00'
'a4c35b2d6a2ed3c1921a5a4aa308825a0f521c40'|'Funds to cut fixed income research as EU rules shake up sector'|'Business   3:00pm BST Funds to cut fixed income research as EU rules shake up sector European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, April 20, 2016. REUTERS/Francois Lenoir By Simon Jessop - LONDON LONDON New rules on pricing investment research are shaking up the European fixed income, currency and commodity (FICC) industry, with many funds planning to scale back or ditch a service that banks use to drum up business. Investment banks and other brokers have long provided research to funds as a way of attracting them to their trading business, and there has never been a formal bill attached. However, they must break out the cost of the research and charge for it separately under the EU regulations, MiFID II, which come into force in the new year. Many funds using FICC research are concerned this will simply land them with an additional cost. Eight funds spoken to by Reuters said they expected to reduce the research services they use as a consequence of the reform. Their reactions supported the results of a poll of 270 fixed-income investors at a capital markets conference in London this month which found 59 percent had either not decided whether to continue using broker research or had decided to dispense with it altogether. On the other side, the drop-off in demand could hit the investment banks, if funds consequently reduce the number of brokers they trade with. The new rules severely limit the amount of detailed research funds can receive for free. The uncertain situation facing both banks and investors reflects the nebulous nature of the current arrangement in the FICC industry. Unlike in some equity markets such as Britain, where funds already pay for research separately from trading, in FICC markets it is open to interpretation how investors pay for the service - or whether they do so at all. "Given the fundamental differences in the infrastructure of the fixed income market, applying the same rules to FICC will create some difficulties," said Jon Howard, chief operating officer at London-based hedge fund Anavio Capital Partners. FUNDS'' FEARS FICC research includes insight on macroeconomic trends and interest rate movements, as well as on currencies, commodity markets and corporate bond and loan issues. Many funds say the cost is usually included by brokers in "the spread" between the buying and selling prices of the products they deal in - and if a separate research fee is introduced, then the spread should therefore be narrowed. Some banks, however, say research is just one of several factors influencing the spread and that any narrowing is unlikely under the new rules, according to industry sources. Given that, fund managers say they fear they will be left with a new bill for research and no proof that the spread has been narrowed by the broker to compensate them. "Historically, that research cost is in the spread. Now the Street (investment banks) is telling you ''we''re going to charge you separately now'', but that''s not really going to make the spread change, I don''t think," said Matthieu Duncan, chief executive at French firm Natixis Asset Management. Gildas Surry, partner at Axiom Alternative Investments, which manages around $1 billion in assets, said the change would hit smaller fund firms harder. "The cost of this adaption period will be dear for the industry ... It will generate more profits for the dealer community, but for smaller managers it will be even more difficult for them to grow." BANKS'' POSITION Ten investment banks contacted by Reuters declined to comment on the matter. Two others, speaking on condition of anonymity, said the spread had only a limited relation to the cost of research. "Typically banks write FICC research as a cost of being in business and to promote their capabilities. Trading and market pricing takes place in a competitive environment," said Julian Allen-Ellis, Director of MiFID at the Association for Financial Markets i
'10d2dcf280276968db8ec967d2b8a159c92aa446'|'UPDATE 1-U.S. fund investors hit stocks with 4th week of outflows -Lipper'|'(Adds details on mutual funds and ETFs, analyst Quote: , table, byline) By Trevor Hunnicutt NEW YORK, May 25 U.S. fund investors offered a skeptical perspective on sky-high equity prices, yanking cash from U.S.-based stock funds for the fourth straight week, Lipper data showed on Thursday. The funds recorded $10.1 billion in withdrawals during the week that ended May 24, the second-largest outflows of the year, offering little support to an equity market that has nonetheless defied bearish predictions to chart record highs. The withdrawals came after the walloping for stocks on May 17 tied to reports that President Donald Trump tried to interfere with a federal investigation. Stocks quickly recovered from that selloff, with the benchmark Standard & Poor''s 500 Index posting a record close on Thursday. Even so, fund investors carried scars. "People seem to be kind of concerned about the political drama going on in the United States and embracing some of the growth statistics coming out of Europe," said Tom Roseen, head of research services for Thomson Reuters''s Lipper unit. "They lightened up on some of the risker assets, but they turned around and put the money to work on non-domestic." European stock funds pulled in $587 million in their 13th straight week of inflows, which came the same week as a suicide bombing at an Ariana Grande concert in the United Kingdom. Emerging market stock funds managed to gather $1.1 billion, shaking off a massive selloff in Brazilian stocks last week and Moody''s Investors Service downgrading China''s credit rating for the first time in nearly 30 years. Strong earnings in the United States have helped give an eight-year bull market another push higher. Yet the ratios of U.S. equity prices to estimated earnings for the next year remain higher than those in the major developed and emerging markets, according to Thomson Reuters data. That leaves little room for error in politics. Roseen said the prospects for a deal in Washington on taxes and other matters important to investors has receded. Taxable bonds attracted $2.4 billion during the week, Lipper said. U.S.-based corporate investment-grade bond funds attracted the bulk of those inflows, with $2.1 billion of new cash over the weekly period, Lipper data showed. The following is a broad breakdown of the flows for the week, including mutual funds and exchange-traded funds: Sector Flow Chg % Assets Assets Count ($blns) ($blns) All Equity Funds -10.052 -0.17 5,901.419 11,466 Domestic Equities -11.040 -0.27 4,125.976 8,209 Non-Domestic Equities 0.987 0.06 1,775.444 3,257 All Taxable Bond Funds 2.431 0.10 2,406.605 5,781 All Money Market Funds 1.731 0.08 2,264.626 1,002 All Municipal Bond Funds 0.394 0.10 381.319 1,393 (Reporting by Trevor Hunnicutt; Editing by Jennifer Ablan and Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/investment-mutualfunds-lipper-idUSL1N1IR1X6'|'2017-05-26T07:07:00.000+03:00'
'92081ad94d5d5cbdb2232240acbd10311fbd6987'|'Chipotle probe finds hackers stole payment card info in data breach'|'Chipotle Mexican Grill Inc ( CMG.N ) said on Friday hackers used malware to access customers'' card data, including its number, expiration date and internal verification codes, from payment systems at some of its restaurants between March 24 and April 18. An investigation into the breach found the malware searched for track data from the magnetic stripe of payment cards used in certain Chipotle and Pizzeria Locale restaurants.The Mexican food chain said the malware has since been removed. (Reporting by Natalie Grover in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-chipotle-cyber-idUSKBN18M2BY'|'2017-05-26T22:28:00.000+03:00'
'4e47eeebf53bf782ac65a2f8b04ff9fa68ff8e01'|'EMERGING MARKETS-Emerging stocks at two-year high; yuan leads FX gain'|'Bonds   4:59am EDT EMERGING MARKETS-Emerging stocks at two-year high; yuan leads FX gain (There will be no London-based emerging markets report on Monday, May 29, due to a public holiday in the UK) By Sujata Rao LONDON May 26 Emerging stocks inched to two-year highs on Friday, taking their cue from a strong Wall Street close, while China''s yuan shrugged off a ratings downgrade from Moody''s for its biggest weekly gain since early-December. Emerging assets have taken heart in recent days from relatively dovish minutes from the last U.S. Federal Reserve meeting, though disappointment over the scale of oil supply cuts announced by OPEC kept the MSCI emerging equity index from adding significantly to gains. The benchmark has, however, posted a rise every month in 2017, for year-to-date gains of almost 18 percent and while currencies were flat on the day versus the dollar, most are up for the third straight week. Emerging market funds continue to receive new money, JPMorgan said, though its data showed inflows halved from the previous week to $1.2 billion for equity funds and $1 billion coming into emerging debt funds. With the VIX volatility gauge at two-week lows and just off recent multi-year troughs, the backdrop remains positive for emerging markets, said Cristian Maggio, a strategist at TD Securities. "As long as volatility remains low, emerging currencies provide a quite high carry, and many short-term traders don''t care about the fundamentals, they just care about the money they make for the next day and it remains an environment where they can make quite a bit of money," Maggio said. Currency gains were led by the yuan which hit the firmest level since February with a weekly 0.3 percent gain. This is partly down to hefty dollar sales by Chinese banks on Thursday following the Moody''s rating cut. The sudden surge in the yuan shows that the Chinese authorities might "attempt to give a warning to the RMB bears who speculate on RMB depreciation following the downgrade on China", said Ken Cheung, Asian FX strategist at Mizuho Bank in Hong Kong. The yuan was also lifted by flows from overseas as the offshore yuan rose to the strongest level since February after Hong Kong''s overnight yuan borrowing rate jumped to six-month highs. The South African rand slipped off one-month highs hit after the central bank kept interest rates on hold while local bond yields rose. Leaders of the ruling African National Party (ANC) are to meet over the weekend and rumours swirled of President Jacob Zuma''s removal. This has been denied by the party and Maggio called it wishful thinking. "The odds that Zuma will be ending his term prematurely are increasing, but I don''t think it means this will happen over the weekend. So we may see a correction in the rand next week," he added. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 1014.71 +0.16 +0.02 +17.68 Czech Rep 1013.40 +3.43 +0.34 +9.96 Poland 2335.93 -22.48 -0.95 +19.92 Hungary 34407.73 +58.62 +0.17 +7.51 Romania 8616.64 +26.46 +0.31 +21.62 Greece 773.73 +1.91 +0.25 +20.21 Russia 1073.54 -9.98 -0.92 -6.84 South Africa 47561.65 -10.51 -0.02 +8.34 Turkey 97786.64 +73.70 +0.08 +25.15 China 3110.16 +2.33 +0.08 +0.21 India 30984.79 +234.76 +0.76 +16.37 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL8N1IS19Z'|'2017-05-26T16:59:00.000+03:00'
'e7d384fb067bc10a587195ccc33f8489245da0e5'|'BRIEF-DP World in talks to acquire stake in Russian ports operator - FT, citing sources'|'Market  13pm EDT BRIEF-DP World in talks to acquire stake in Russian ports operator - FT, citing sources May 26 (Reuters) - * DP World in talks to acquire stake in Russian ports operator - FT, citing sources * Summa group is in talks to sell stake in Fesco to consortium headed by DP World and Russian direct investment fund - FT, citing sources EMERGING MARKETS-Brazil markets up as traders bet reforms still afoot By Bruno Federowski SAO PAULO, May 26 Brazilian stocks and currencies rose on Friday as traders hoped for progress on an ambitious reform agenda despite a growing political crisis ensnaring President Michel Temer. The Brazilian real strengthened 0.7 percent but remained far from the two-month peaks seen before the political scandal over bribery allegations broke out last week. Brazil''s benchmark Bovespa stock index rose 1.1 percent. Shares of state-controlled power u MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-dp-world-in-talks-to-acquire-stake-idUSFWN1IS0MB'|'2017-05-27T00:13:00.000+03:00'
'bcaf6513926ea346b802774d2b26ccd56abc67d4'|'PepsiCo in bid to acquire Vita Coco owner: sources'|'By Lauren Hirsch and Greg Roumeliotis Soft drink maker PepsiCo Inc ( PEP.N ) is in talks to acquire All Market Inc, the owner of coconut water brand Vita Coco, whose celebrity investors include Madonna and Matthew McConaughey, people familiar with the matter said on Friday.The acquisition would help PepsiCo diversify its offerings as it grapples with stagnant sales, amid a shift of many consumer tastes'' away from sugary drinks and snacks toward healthier options.Purchase, New York-based PepsiCo has offered less than the $1 billion that All Market''s owners have been seeking to sell the company, and there is no certainty that negotiations will result in a deal, the people said.The sources spoke on condition of anonymity because the negotiations are confidential. PepsiCo did not respond to a request for comment, while Vita Coco declined to comment.Founded in 2004 by two childhood friends in New York, Vita Coco now has sales in 30 countries and is the global leader in coconut water, with a 26 percent share of a market worth $2.5 billion, according to data tracker Euromonitor International.Extracted from young, green coconuts, coconut water now enjoys prime placement in coolers across North America and Europe.Verlinvest, the family office of one of the Belgian families related to brewer Anheuser Busch InBev NV ( ABI.BR ), took a stake in All Market in 2007. Singer Madonna and actors McConaughey and Demi Moore are among other investors in the company.In 2014, All Market sold a 25 percent stake to T.C. Pharma, the owner of Red Bull China, in a deal that brought the drink to the world''s most populous country. That deal valued All Market at $665 million.As part of its healthy initiative program, Pepsi announced late last year that it aims to have sales of its "everyday nutrition" products, including grains, dairy and hydration, outpace the rest of its products by 2025.PepsiCo, which also owns Quaker Oats oatmeal, Frito-Lay chips, energy drink Gatorade and orange juice Tropicana, has looked to acquisitions to boost its healthier offerings before.Its latest acquisition in the healthy drinks sector was probiotic drinks maker KeVita Inc, which it agreed to buy last year. In January, PepsiCo competitor Dr Pepper Snapple Group Inc ( DPS.N ) acquired antioxidant beverages maker Bai Brands LLC for $1.7 billion.(Reporting by Lauren Hirsch and Greg Roumeliotis in New York; Additional reporting from Martinne Geller in London; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-allmarket-m-a-pepsico-idINKBN18M2JJ'|'2017-05-26T19:05:00.000+03:00'
'ddd93902f21deddacd6048f32f83f0212d19993d'|'Homes near racecourses <20> in pictures - Money - The Guardian'|'Homes near racecourses <20> in pictures Homes near racecourses <20> in pictures View more sharing options Friday 26 May 2017 23.45 BST Campleshon Road, York This development of three- and four-bedroom houses on the old Terrys chocolate factory site overlooks York racecourse, a couple of miles from the city centre.The gardens are tiddlers. Prices from <20>399,995. Savills , 01904 617 818 Downs Wood, Epsom, Surrey This four-bedroom house overlooks Epsom Downs and is within earshot of the races at the end of the road. You could practically fit a point-to-point in the huge garden. It<49>s a shame that the decor, while neat, probably doesn<73>t live up to the expectations of 2017 millionaires. Offers in excess of <20>950,000. Barnard Marcus , 01372 740911 The Chase, Newbury, Berkshire You can watch the action from your windows in the pricier houses lining Newbury racecourse. The development includes a spa and gym, and unfurls around the station. It could be a noisy address when the race season is in full swing. Prices from <20>299,000. David Wilson homes , 08443348116 Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/gallery/2017/may/26/homes-near-racecourses-in-pictures'|'2017-05-27T07:45:00.000+03:00'
'7923143b65ab6d856c472b9edb151a7ca15d1bd5'|'Curtain call: Netflix still gets booed at Cannes'|'THE rise of Netflix has been greeted frostily by some of the old guard at the Cannes film festival, where the American streaming giant<6E>s disregard for releasing films in cinemas wins it few friends. It looked a bit more at home on May 21st, as the lights went up at the Louis Lumi<6D>re theatre. The stars of its own film, <20>The Meyerowitz Stories (New and Selected)<29>, a comedy drama, accepted a standing ovation from the audience. Ted Sarandos, Netflix<69>s head of content, stood alongside Dustin Hoffman, Ben Stiller and other cast members. Festival-goers jostled for a word with him at a swanky after-party.This is the first year that Netflix has been admitted into the festival<61>s competition, with two films, <20>The Meyerowitz Stories<65> and <20>Okja<6A>, directed by Bong Joon-ho of South Korea. Still, cries of protest from French film-industry executives prompted Thierry Fr<46>maux, the festival director, to declare that, in future, only films guaranteed a theatrical release in France can qualify for the top Palme d<>Or prize. Pedro Almod<6F>var, a film director and president of the jury, groused that he could not imagine a winner that could be seen only on small screens. During a press screening of <20>Okja<6A>, Netflix<69>s logo was met by a smattering of boos.  27   6   The controversy turns, appropriately enough for the French, on an existential question: if a film is never shown in cinemas, is it still a film? Netflix<69>s run at Cannes this year suggests that the majority of film types, at least, answer with a resounding <20>yes<65>. Independent film financiers, producers, directors and actors, including local ones, regard Mr Sarandos as, in effect, a Hollywood studio chief<65>but one who stakes big money on independent film.Therein lies the rub. In this age of Marvel superhero sequels and Harry Potter spin-offs, indie films struggle for customers. The median return on a low-budget film at the American box office is 45 cents on the dollar. With 100m subscribers globally, Netflix uses different maths to justify investments, including whether a film works for a specific segment of customers. And it has a lot of cash. Netflix will spend more than $7bn on content this year.Critics lament that no one will see Netflix<69>s films in a cinema. (Amazon, its big rival in streaming video, has decided to support cinema-first distribution; and Netflix itself does occasionally put films in cinemas in a few countries.) The criticism is especially political in France, the birthplace of film. Whereas Netflix has a business model that can finance less commercial, arty films, France<63>s government heavily subsidises such production. It imposes a <20>culture tax<61> on cinemas and broadcasters and also obliges TV networks to invest in film-making. Another part of the system is a three-year delay between a film<6C>s release in theatres and its availability over internet services, which protects cinemas and physical-media formats.That delay was the sticking-point between Netflix and Cannes. Mr Sarandos says Netflix tried and failed to obtain a waiver so that its festival entries could appear in cinemas briefly. No matter. Despite Mr Fr<46>maux<75>s ruling, Mr Sarandos expects to be back competing at Cannes. It will be hard for the festival<61>s film buffs to keep resisting Mr Stiller<65>s argument: that while he wants to see movies in cinemas, <20>studios aren<65>t making the movies Ted<65>s making.<2E>This article appeared in the Business section of the print edition under the headline "Curtain call"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21722702-some-france-bristle-video-streaming-companys-disregard-cinemas-netflix-still-gets?fsrc=rss'|'2017-05-27T08:00:00.000+03:00'
'54b2dda156897e26db51ad7dcfedea8050af8f4d'|'Sun Pharma says 2018 sales may fall as U.S. market gets tougher'|'Asia - Sat May 27, 2017 - 1:24pm IST Sun Pharma says 2018 sales may fall as U.S. market gets tougher A logo of Sun Pharmaceutical Industries Ltd is pictured at its research and development center in Mumbai, India, December 21, 2015. REUTERS/Shailesh Andrade/files By Zeba Siddiqui - MUMBAI MUMBAI India''s largest drug group Sun Pharmaceutical Industries Ltd said on Friday its U.S. sales might fall this year because of pressure on drug prices, signalling tough market conditions in the United States for generic drugmakers. "The U.S. generics industry is facing rapidly changing market dynamics, (and) increased competitive intensity and customer consolidation is leading to pressure on pricing," Sun''s Managing Director Dilip Shanghvi said on a call with analysts after the company reported lower than expected fourth-quarter earnings. "We may even have a single digit decline in consolidated revenue for full-year 2018 versus full-year 2017." The world''s fifth-largest generic drugs maker is the latest to offer a bleak U.S. forecast, echoing recent comments by rivals Dr Reddy''s Laboratories Ltd and Lupin Ltd. India''s nearly $16 billion drugs industry faces an uncertain future in its largest export market, the United States. A wave of consolidation between U.S. drug distributors has hit the negotiating power of drugmakers. There is also uncertainty around big healthcare policy changes by U.S. President Donald Trump. "For many things there is a new normal that is getting established," Sun''s Shanghvi said in response to analysts queries on how the company planned to deal with the increasing challenges. "We are clearly at the level of profitability where we were 12 years back ... we need to execute better." Sun''s plan, like that of other large Indian drugmakers, is to make niche products where there''s less competition, such as for ophthalmology and dermatology. Sun has been working on fixing problems at its western India-based Halol plant, where the U.S. Food and Drug Administration has raised concerns about quality control violations. Managing Director Shanghvi said the company was continuing to fix those issues as it awaited another inspection, which it had no visibility on. It is also partnered with U.S. firm Merck & Co Inc on developing tildrakizumab, a new drug for psoriasis that Shanghvi said might be launched next year. Hit by a 34 percent fall in U.S. sales, Sun''s profit for the quarter ended March fell 14 percent to 12.24 billion rupees ($189.94 million), lower than the 15 billion rupees that 21 analysts polled by Thomson Reuters expected, on average. Sales in its second-largest market, India, were up 10 percent, but the business will face a one-time hit from a nationwide tax reform that the government plants to implement July onwards, Shanghvi said. ($1 = 64.4400 Indian rupees)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/sun-pharm-results-copy-idINKBN18N07I'|'2017-05-27T01:30:00.000+03:00'
'132445f24fe872c1ad468950112b67905a310bbd'|'Akzo Nobel wins court case against dissident shareholders'|'Deals - Mon May 29, 2017 - 3:16pm EDT Akzo Nobel wins court case against dissident shareholders FILE PHOTO: A view of Akzo Nobel''s headquarters in Amsterdam, February 6, 2014. REUTERS/Toussaint Kluiters/United Photos/File Photo By Toby Sterling and Bart Meijer - AMSTERDAM AMSTERDAM A Dutch court on Monday rejected a request by Akzo Nobel ( AKZO.AS ) investors for it to take immediate action against the company over its rejection of a takeover bid by U.S. rival PPG Industries ( PPG.N ), handing the Dutch company a victory in its efforts to repel the U.S. firm''s 25 billion euro ($28 billion) proposed offer. The decision ratchets up the pressure on PPG to decide whether to file formal bidding papers for Akzo with Dutch regulators by a June 1 deadline - or walk away for at least six months. Presiding Judge Gijs Makkink said Akzo''s board had been within its rights to reject entering into talks with PPG. However, he noted the management faced dissent from a large group of shareholders which wanted it to engage in talks with PPG. A group representing around 18 percent of its equity had spoken out in support of the suit, launched by hedge fund Elliott Advisors. "This is a problem that cannot be ignored by Akzo Nobel," Makkink said, though he left it up to the company to decide what steps it should take to mend the rift. Elliott Advisors had asked the court to order an extraordinary shareholders meeting to consider a motion to dismiss Chairman Antony Burgmans over the company''s decision to reject a proposed takeover offer from PPG worth 25.3 billion euros ($28.3 billion). The judge rejected that, saying it amounted to an attempt to force the board of directors to change their strategic direction, which was not a right that shareholders have under Dutch law. Elliott said in a statement it was "surprised and disappointed" by the ruling. "Elliott is considering the implications of this judgment for shareholder rights in the Netherlands and for its next steps in relation to Akzo Nobel." Under Dutch law, shareholders holding 10 percent or more of a company''s shares have the right to summon a shareholders'' meeting with the help of the company, or failing that, a judge. After Monday''s ruling it is not clear how that right can ever be exercised in practice. PPG REVIEWING RULING Makkink''s ruling leaves the door open for Elliott to pursue a larger case for mismanagement by Akzo''s boards, but in his remarks he also noted he had seen no evidence the boards did anything improper. PPG, which has taken legal action with a different Dutch court in seeking to extend the June 1 deadline for filing bid papers, said it was "reviewing the Enterprise Chamber''s ruling". Akzo Nobel spokesman Leslie McGibbon said the company was "very pleased" with the decision. He said it was too soon to say what more the company might do to explain its position to shareholders. "We have been conducting a high level of shareholder engagement in the past several months and that will continue." The ruling is a milestone in Dutch jurisprudence, and may preempt a debate scheduled for Thursday in parliament in which the government will discuss several ideas it is considering to protect Dutch companies from being taken over by foreign buyers. Monday''s ruling "sets the tone for the coming years and shows that the government doesn''t need extra measures to protect companies (from hostile takeovers)," said attorney Jurjen Lemstra of Britain''s Universities Superannuation Scheme, a pension fund manager with a 1.28 percent stake in Akzo that had supported Elliott''s suit. Lemstra said Akzo should still at hold a informational shareholder meeting to talk about PPG''s proposals, given the judge''s critical remarks. PPG began its pursuit of Akzo Nobel in March, and has seen three takeover proposals rejected. It initially signaled it planned to bid for Akzo with or without support of the company''s board, but on May 10 signaled it might also walk away. Akzo Nobel shares 
'f0fcb4ac86af9c063bb2f206e88b2de69700482a'|'Curtain call: Netflix still gets booed at Cannes'|'THE rise of Netflix has been greeted frostily by some of the old guard at the Cannes film festival, where the American streaming giant<6E>s disregard for releasing films in cinemas wins it few friends. It looked a bit more at home on May 21st, as the lights went up at the Louis Lumi<6D>re theatre. The stars of its own film, <20>The Meyerowitz Stories (New and Selected)<29>, a comedy drama, accepted a standing ovation from the audience. Ted Sarandos, Netflix<69>s head of content, stood alongside Dustin Hoffman, Ben Stiller and other cast members. Festival-goers jostled for a word with him at a swanky after-party.This is the first year that Netflix has been admitted into the festival<61>s competition, with two films, <20>The Meyerowitz Stories<65> and <20>Okja<6A>, directed by Bong Joon-ho of South Korea. Still, cries of protest from French film-industry executives prompted Thierry Fr<46>maux, the festival director, to declare that, in future, only films guaranteed a theatrical release in France can qualify for the top Palme d<>Or prize. Pedro Almod<6F>var, a film director and president of the jury, groused that he could not imagine a winner that could be seen only on small screens. During a press screening of <20>Okja<6A>, Netflix<69>s logo was met by a smattering of boos. The controversy turns, appropriately enough for the French, on an existential question: if a film is never shown in cinemas, is it still a film? Netflix<69>s run at Cannes this year suggests that the majority of film types, at least, answer with a resounding <20>yes<65>. Independent film financiers, producers, directors and actors, including local ones, regard Mr Sarandos as, in effect, a Hollywood studio chief<65>but one who stakes big money on independent film.Therein lies the rub. In this age of Marvel superhero sequels and Harry Potter spin-offs, indie films struggle for customers. The median return on a low-budget film at the American box office is 45 cents on the dollar. With 100m subscribers globally, Netflix uses different maths to justify investments, including whether a film works for a specific segment of customers. And it has a lot of cash. Netflix will spend more than $7bn on content this year.Critics lament that no one will see Netflix<69>s films in a cinema. (Amazon, its big rival in streaming video, has decided to support cinema-first distribution; and Netflix itself does occasionally put films in cinemas in a few countries.) The criticism is especially political in France, the birthplace of film. Whereas Netflix has a business model that can finance less commercial, arty films, France<63>s government heavily subsidises such production. It imposes a <20>culture tax<61> on cinemas and broadcasters and also obliges TV networks to invest in film-making. Another part of the system is a three-year delay between a film<6C>s release in theatres and its availability over internet services, which protects cinemas and physical-media formats.That delay was the sticking-point between Netflix and Cannes. Mr Sarandos says Netflix tried and failed to obtain a waiver so that its festival entries could appear in cinemas briefly. No matter. Despite Mr Fr<46>maux<75>s ruling, Mr Sarandos expects to be back competing at Cannes. It will be hard for the festival<61>s film buffs to keep resisting Mr Stiller<65>s argument: that while he wants to see movies in cinemas, <20>studios aren<65>t making the movies Ted<65>s making.<2E> "Curtain call"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21722702-its-disregard-cinemas-hurts-frances-protection-arty-films-netflix-still-gets-booed?fsrc=rss%7Cbus'|'2017-05-25T22:49:00.000+03:00'
'f2e0e5c6f46f6deb9b74cba75d27427a4695ade0'|'Beijing bling - Hyundai plots China branding reboot after missile row'|'Top News - Sun May 28, 2017 - 3:08am BST Beijing bling - Hyundai plots China branding reboot after missile row left right A tricycle drives past the construction site of the Hyundai Motor Studio in Beijing, China, May 27, 2017. Picture taken May 27, 2017. REUTERS/Thomas Peter 1/4 left right FILE PHOTO: The Hyundai logo is seen at the 2017 New York International Auto Show in New York City, U.S. April 12, 2017. REUTERS/Brendan Mcdermid/File Photo 2/4 left right FILE PHOTO: The 2017 Hyundai Genesis G90 is unveiled at the North American International Auto Show in Detroit, Michigan January 11, 2016. REUTERS/Rebecca Cook/File Photo 3/4 left right FILE PHOTO: The logo of Hyundai Genesis is seen on its new model EQ900 at the Hyundai Motor Studio in Seoul, South Korea, January 26, 2016. REUTERS/Kim Hong-Ji/File Photo 4/4 By Hyunjoo Jin and Jake Spring - SEOUL/BEIJING SEOUL/BEIJING Bruised by anti-Korean sentiment in its biggest market and losing ground to local automakers, Hyundai Motor ( 005380.KS ) will open its first Chinese brand store, and may locally assemble its premium Genesis cars and accelerate the launch of a sport-utility vehicle (SUV), people familiar with the plans said. The measures are aimed at rebooting the South Korean firm''s branding in China, where many see Hyundai as a lower-end maker of city taxis. Hyundai and its affiliate Kia Motors ( 000270.KS ) were not long ago ranked third among foreign car brands in China, but recent sales have been hit by a consumer backlash over South Korea''s deployment of a U.S. anti-missile defence system which Beijing opposes. Analysts say the diplomatic row masks broader problems for Hyundai/Kia in China: poor brand recognition and a model line-up struggling against local brands'' cheaper SUVs. "Hyundai has an in-between brand that doesn''t have a clear identity in China, and there''s the backdrop of poor China-Korea relations," said James Chao, Shanghai-based Asia-Pacific chief of consulting firm IHS Markit Automotive. "Newly introduced SUVs should help, but they are late to the game." Even before the missile systems row, Hyundai/Kia''s China market share tumbled to 8.1 percent last year, the lowest in eight years. This year, it has slid further to 5 percent. To help its identity crisis, Hyundai will in September open a brand experience centre in Beijing''s 798 Art District, a trendy hub of refurbished factory buildings. Hyundai has three similar centres in Seoul and one in Moscow. "We''re not going to show a real car. This space is only for focusing on brand building," Xu Jing, the Hyundai executive in charge of the project, told Reuters. The centre was planned before the recent political tensions, but its completion is now a key plank in Hyundai''s efforts to regain a lost position in China as local automakers and European brands gain ground. Volvo-owner Geely ( 0175.HK ) and Great Wall Motor ( 601633.SS ) are also looking to move upmarket. The branding store ventures into territory traditionally held by premium names such as Daimler''s ( DAIGn.DE ) "Mercedes me" stores and BMW''s ( BMWG.DE ) brand centres, already in China. MAKING GENESIS Hyundai is also considering using complete knock-down (CKD) kits shipped from South Korea to assemble Genesis cars in China - more than halving import tariffs to 10 percent - two people familiar with the matter said. Building Genesis cars from kits in China would also prevent technology leaking to its local joint venture partner, BAIC ( 1958.HK ), one of the people added. The kits are a first step, said one Hyundai insider. "We are agonizing over how to source local parts and secure enough sales to build the Genesis cars." Hyundai launched its Genesis luxury sedan in 2008, and two years ago spun it off with the larger Equus sedan into a standalone premium brand. Brand chief Manfred Fitzgerald said last year Genesis would launch in China within 2-3 years. Hyundai has not decided which Genesis model it will build in China fir
'a233071d94a3168f9811527a0329dfe8caceb69a'|'Syncrude oil sands project to further cut shipments in May and June - sources'|'Market   4:57pm EDT Syncrude oil sands project to further cut shipments in May and June - sources CALGARY, Alberta May 25 The Syncrude Canada oil sands project in northern Alberta is further cutting shipments of synthetic crude to customers in May and June because of a leak at the plant, two market sources said on Thursday. Syncrude will reduce May shipments by 100,000 barrels and June shipments by 1 million barrels, the sources said. The cuts come on top of already reduced production forecasts for the facility in May and June as a result of maintenance work that was brought forward following a fire in March. Syncrude spokesman Will Gibson declined to comment. (Reporting by Nia Williams in Calgary and Catherine Ngai in New York; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-syncrude-cuts-idUSL1N1IR1SM'|'2017-05-26T04:57:00.000+03:00'
'68c348686c134b1b64771f4b578115b3da0fd6a5'|'Israel''s Elbit Systems gets $390 mln electronic intelligence deal'|'TEL AVIV Israeli defense electronics company Elbit Systems said on Sunday it won a $390 million contract to supply ground electronic intelligence systems to a European country.The contract, which includes various intelligence capabilities, as well as communications and command and control solutions, will be carried out over three years.Elbit did not identify the country.(Reporting by Tova Cohen)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-defence-elbit-systems-contract-idUSKBN18O04V'|'2017-05-28T14:44:00.000+03:00'
'efb807fed12fe8b257f93168d2b8f0edbb0f8dba'|'French AIDS movie hotly tipped for Cannes'' top prize'|'Entertainment News - Sun May 28, 2017 - 12:20pm EDT French AIDS movie hotly tipped for Cannes'' top prize 70th Cannes Film Festival - Screening of the film ''''120 battements par minute'''' (120 Beats Per Minute) in competition - Cannes, France. 20/05/2017. Director Robin Campillo, cast members Nahuel Perez Biscayart, Arnaud Valois, Adele Haenel, Aloise Sauvage, Antoine Reinartz and... REUTERS/Eric Gaillard By Robin Pomeroy - CANNES, France CANNES, France The winner of the Cannes Film Festival will be announced on Sunday, with a French movie about AIDS campaigners and two dark Russian dramas among the hottest tips. Spanish filmmaker Pedro Almodovar heads a jury that includes Hollywood stars Will Smith and Jessica Chastain and has spent the past fortnight watching an eclectic mix of 19 movies from around the world vying for the Palme d''Or. "The safe-ish money is on Frenchman Robin Campillo<6C>s heart-rending AIDS activist drama ''BPM (Beats Per Minute)'', which has the liberal politics and warm emotional pull that could unite an otherwise split jury," wrote Variety. Two Russian films that do not show their country in a very flattering light have impressed critics: "Loveless", the story of a couple on the point of divorce when their 12-year-old son goes missing, and "A Gentle Creature", about a woman''s nightmarish journey to her husband''s Siberian prison. The festival has been marked by controversy over the inclusion of two movies from video streaming company Netflix. The movies will not gain wide theatrical distribution and therefore seem unlikely to win after Almodovar opened the festival by saying the prize should not go a movie not shown on the big screen. That would count out two films that might otherwise be strong contenders: "Okja", the story of a little girl''s relationship to an intelligent giant pig, starring Tilda Swinton and Jake Gyllenhaal, and star-studded New York family drama "The Meyerowitz Stories". "The Killing of a Sacred Deer", a bizarre, nightmarish film starring Colin Farrell and Nicole Kidman, is considered to be in with a chance, as is "You Were Never Really Here", by one of only three women directors in Cannes, Lynne Ramsay, and starring Joaquin Phoenix as a hired killer whose weapon of choice is a hammer. Sofia Coppola also has a shot with "The Beguiled", in which Kidman dominates the screen as head of a school for gentile young ladies in the American Civil War and whose life is turned upside down by the arrival of an injured Yankee soldier. The winner and other awards will be announced at a ceremony after 1700 GMT. (Editing by David Goodman) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-filmfestival-cannes-winners-idUSKBN18O0JI'|'2017-05-28T23:38:00.000+03:00'
'f368ca9e682c658defe30f122e42e8be5e30ab76'|'Ivory Coast to issue $1 bln Eurobond next month -FinMin'|'ABIDJAN May 29 Ivory Coast, Africa''s fastest growing economy last year, will issue a $1 billion Eurobond next month, Finance Minister Adama Kone told Reuters on Monday."Everything will be finalised this week," Kone said at the sidelines of a conference in the main city of Abidjan. "The amount decided upon is $1 billion. The launch is planned for next month." (Reporting by Loucoumane Coulibaly; Writing by Joe Bavier; Editing by Tim Cocks)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ivorycoast-eurobonds-idINL8N1IV1UM'|'2017-05-29T08:43:00.000+03:00'
'60bea2300e8a82318b118341519b9501f6010221'|'India''s BHEL Q4 profit falls 57 pct, misses estimates'|'May 29 State-run power equipment maker Bharat Heavy Electricals Ltd reported a 57 percent fall in fourth-quarter net profit on Monday, missing analysts'' estimates.Net profit was 2.16 billion rupees ($33.47 million) in the quarter ended March 31, compared with 5.06 billion rupees a year earlier. ( bit.ly/2s6EpsP )Analysts on average had expected a quarterly profit of 5.82 billion rupees, Thomson Reuters data showed.Total revenue from operations fell 2.4 percent to 101.58 billion rupees. ($1 = 64.5350 Indian rupees) (Reporting by Krishna V Kurup and Aby Jose Koilparambil in Bengaluru; Editing by Vyas Mohan)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/bhel-results-idINL3N1IV3C5'|'2017-05-29T11:27:00.000+03:00'
'8c0c91972ff87133a27ea40685bcb1f19349e4ad'|'RPT-Fosun, others eye Australia''s Origin Energy gas assets worth $1.5 bln-sources'|'Funds News - Sun May 28, 2017 - 8:58pm EDT RPT-Fosun, others eye Australia''s Origin Energy gas assets worth $1.5 bln-sources (Repeats item issued earlier, with no change to text) * Lattice sale would be top Australian oil, gas deal since 2015 * Private equity seen circling * Origin favours IPO, but analysts see trade sale as less risky By Sonali Paul and Anshuman Daga MELBOURNE/SINGAPORE, May 26 Australia''s top energy retailer Origin has drawn interest from at least five potential bidders, including China''s Fosun International , for A$2.0 billion ($1.5 billion) worth of oil and gas assets it aims to spin off, sources said. Origin said in December it was going to put its smaller Australian and New Zealand gas fields in a unit, dubbed Lattice Energy, to be spun off in an initial public offering (IPO) this year to help it cut debt and boost returns. But after receiving approaches for some of the Lattice assets, Origin Chief Executive Frank Calabria said in March the company was willing to consider a trade sale, in what would be the biggest oil and gas deal in Australia since Apache Corp sold its Australian assets in 2015. Origin has opened Lattice''s books, with bids due in June, and is likely to decide whether to float the business or sell it after releasing full-year earnings in August, people familiar with the process said. It is being advised by UBS, Macquarie and Bank of America Merrill Lynch. Analysts at Royal Bank of Canada and Citi value Lattice at A$2 billion and A$2.3 billion, respectively, including debt, on a discounted cash flow basis. "Origin has set the bar quite high. It''ll be interesting to see if anyone gets there," said one banker not directly involved in the process, when asked if the business was likely to fetch more than A$1.5 billion. Australia''s Beach Energy is one of the interested parties and could be the bidder to beat, as it is the biggest of the producers in the fray, the sources said. Lattice, with annual output of around 13 million barrels of oil equivalent, would more than double Beach''s production. But even for Beach, with a market value of A$1.2 billion, Lattice would be a huge bite. Beach declined to comment on whether it was bidding, but the company has said in presentations it is reviewing several "inorganic growth" opportunities. Fosun International, which took over Roc Oil in Australia in 2014, is looking, the banker said. Private firm Questus Energy, run by former Roc Oil and Shell executives and backed by UK-based Intermediate Capital Group , is also in the running, a second banker said. Origin declined to comment beyond what it has announced. Fosun and Questus did not respond to requests for comment. Bankers expect private equity firms that have long eyed Australian oil and gas assets to team up with local producers to bid. Senex Energy is expected to work with its stakeholder, U.S. private equity firm EIG Global Energy Partners. KKR is seen lining up with AWE Ltd, two bankers said. All four firms declined to comment. Private equity fund Lone Star, which was rebuffed in a bid for AWE last year, declined to comment on whether it was looking at Lattice. All the sources did not want to be named as the process is confidential. Private firm Pathfinder Energy, which some assumed would be in the race, told Reuters it is not bidding. While Origin has said it would prefer an IPO, some analysts say a trade sale would be less risky. "There is a real cost to having exposure to equity markets and the variability of the market," said RBC analyst Ben Wilson. ($1 = 1.3452 Australian dollars) (Reporting by Sonali Paul and Anshuman Daga; Editing by Muralikumar Anantharaman) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/origin-energy-sale-idUSL3N1IV098'|'2017-05-29T08:58:00.000+03:00'
'e246425e72cfadf82690e3035d8a59b423d870cd'|'UPDATE 2-Brazil''s says Joesley Batista resigns as chairman'|'(Adds industry group letter to BNDES on Friday, changes headline)By Tatiana BautzerSAO PAULO May 26 JBS SA, the world''s largest meatpacker, said on Friday that the brothers Joesley and Wesley Batista, who own the company and are ensnared in a corruption scandal that threatens to topple Brazil''s President Michel Temer, have resigned from senior posts.Joesley Batista, who unleashed a political crisis in Brazil last week with a plea bargain deal that accused Temer of endorsing the bribing of a witness, resigned as chairman and will leave the board, effective immediately.He will be replaced by Tarek Farahat, a former Procter & Gamble Co executive who is also a member of the JBS board.In Friday''s board meeting, the first since the crisis broke, JBS Chief Executive Officer Wesley Batista also resigned from the vice chairmanship of the board.He was replaced by his father, Jos<6F> Batista Sobrinho as vice chairman, but will remain as chief executive and maintain a seat on the board.Reuters reported on Thursday that the Batista brothers were coming under intense pressure from minority shareholders and Brazil''s development bank, BNDES, to step back from the company, according to sources familiar with the situation.One of the sources said shareholders demanded that JBS should not foot the bill for any fine as minority shareholders were not responsible for any corruption-related crimes.The Batistas have already agreed to a plea bargain with prosecutors. However, the family holding company J&F Investimentos SA, the controlling shareholder of JBS, remains locked in negotiations over a potential leniency deal for the company itself.J&F''s proposal to pay a $1.2 billion fine was rejected by the prosecutors'' office on Wednesday.On Friday, the powerful Brazilian Rural Society group said it had sent a letter to development bank BNDES demanding the ouster of the Batista brothers from the board of JBS.In the letter, Rural Society head Frederico d''Avila, the society argued that BNDES Participa<70><61>es SA, equity arm of the bank and JBS''s second largest shareholder, should increase pressure to force Joesley and Wesley Batista, respectively chairman and chief executive, to step down.The brothers'' testimony, released last week, unleashed a political crisis in Latin America''s largest economy which is still worsening. It included allegations that they bribed hundreds of politicians.The head of BNDES, which is also a key shareholder in JBS, Maria Silvia Bastos, resigned on Friday, citing personal reasons.JBS added Farahat will create and chair a new corporate governance committee. (Reporting by Tatiana Bautzer; Editing by Jonathan Oatis and Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-jbs-board-idINL1N1IS1MO'|'2017-05-26T21:37:00.000+03:00'
'586e82594b523b80c47c85ea5145ab32e89e2c82'|'BA cancels all scheduled flights from London''s Heathrow, Gatwick airports on Saturday'|'Market News - Sat May 27, 2017 - 11:35am EDT BA cancels all scheduled flights from London''s Heathrow, Gatwick airports on Saturday LONDON May 27 British Airways said it had cancelled all flights from London''s Heathrow and Gatwick airports on Saturday following a global IT system failure. The airline said most long-haul flights due to come to the airports on Sunday would arrive as expected but there would be further delays and disruption to its services. (Reporting by Michael Holden; editing by Guy Faulconbridge) BA CEO Cruz says power supply issue caused global IT failure LONDON, May 27 British Airways said a power supply issue was to blame for a global computer system failure which sowed confusion and chaos at London''s two biggest airports, with thousands of passengers queuing for hours and planes left stuck on runways. GM says ISS advises against Greenlight share plan, board nominees May 27 General Motors Co said on Saturday that proxy advisory firm Institutional Shareholder Services has recommended that shareholders vote against a slate of directors proposed by hedge fund Greenlight Capital and reject the hedge fund''s plan to divide GM shares into two classes. Fairfax Financial to sell 12.2 pct of Indian insurer ICICI Lombard MUMBAI, May 27 Canada''s Fairfax Financial Holdings plans to sell a 12.2 percent stake in its Indian joint venture insurer ICICI Lombard in a deal that will value the company at 203 billion rupees ($3.15 billion), the Indian company said on Saturday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-airports-flights-idUSL8N1IT0J7'|'2017-05-27T23:35:00.000+03:00'
'2b677c0476785318e921b836bf1f42908b9600f2'|'Ireland can expect ''meaningful share'' of Brexit moves - central bank'|' 17pm BST Ireland can expect ''meaningful share'' of Brexit moves - central bank Storm clouds are seen above the Canary Wharf financial district in London, Britain, August 3, 2010. REUTERS/Greg Bos/File Photo DUBLIN Ireland''s financial services sector can expect to receive a "meaningful share" of activities that will move from Britain as a result of Brexit, a senior central bank official said on Tuesday, citing feedback from its many meetings to date. Ed Sibley, the central bank''s director of credit institution supervision, added that the Brexit impact on domestic retail lenders in Ireland had been manageable to date with no material deposit outflows or significant deterioration in credit quality. However, he told a parliamentary committee that while banks do not currently foresee any material deviation from their strategies, there have been some reductions in forecast loan book growth and subsequent profitability estimates out to 2019. (Reporting by Padraic Halpin; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-ireland-idUKKBN18Q244'|'2017-05-31T01:17:00.000+03:00'
'30a398eb2425f638d15ac2d2c9cf10b5c8f03658'|'Emergency landing: how airlines can recover from a PR disaster - Business'|'P oor old British Airways. It was bad enough that backup systems failed after a power surge brought down its IT systems on Saturday morning. But when hundreds of passengers were then left stranded, crisis-response experts accused the airline of failing them, too. Four days later, half a billion pounds have been wiped off the value of BA parent company IAG.Paul Charles, a former director of communications for Eurostar and Virgin Atlantic, where he created the airline<6E>s crisis strategy, is baffled by how long it took BA to say anything. <20>You have to respond within an hour with a full statement on what is going on,<2C> he says. <20>It took seven hours for the CEO to record a video Twitter message. You could fly to New York in that time, it<69>s ridiculous.<2E>In a second video , shared yesterday afternoon, Nicola Pearson, a former BBC News reporter who now runs BA<42>s news operation, interviews her boss, the airline<6E>s chief executive <20>lex Cruz. He says he is <20>profusely sorry<72> for the disruption and attempts to reassure customers that it couldn<64>t happen again. Charles, who now runs the PC Agency, a London travel consultancy, thinks BA<42>s brand is strong enough to survive, <20>but it is being eroded<65>, he adds. <20>When airlines don<6F>t have good crisis plans in place it can lead to the decline of the brand.<2E> United Airlines<65> stock price took a dive when it managed to blame a passenger who had been dragged off an overbooked plane in Chicago . The airline later admitted that it had <20>messed up<75> its initial response and the share price has since recovered. Malaysia Airlines had to be nationalised to keep it flying after the loss of two planes in as many months in 2014.Even relatively minor crises tend to get amplified. <20>There<72>s something about airlines and airports that fascinates the public and the media, and means these stories are often given greater prominence than perhaps a crisis in another sector,<2C> Charles adds. Good crisis plans include command structures and a checklist of <20>key stakeholders<72> who the CEO calls directly, such as top corporate clients and travel agents. The biggest crisis Charles has managed? A single complaint about the food on a Virgin flight from Mumbai to London. In an email to Richard Branson that went viral in 2009 , the anonymous passenger included photos of his meal alongside a humorous review. The mashed potato appeared to have been <20>passed through the digestive tract of a bird,<2C> he wrote. <20>This very quickly became a global negative story and a very early lesson in social media,<2C> Charles recalls. <20>We quickly responded and turned it around by offering the passenger a role as a food tester for future menus.<2E>Topics British Airways Shortcuts Airline industry Travel & leisure Marketing & PR blogposts  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/shortcuts/2017/may/30/british-airways-emergency-landing-how-airlines-recover-pr-disaster'|'2017-05-31T00:30:00.000+03:00'
'ab7c3741c5bbf0ffd1ba6f70920b699303909798'|'Japan''s tight labour market offers hope for weak consumer spending'|'Business News - Tue May 30, 2017 - 2:32am BST Japan''s tight labour market offers hope for consumer spending FILE PHOTO: Newly-hired employees of Japan Airlines (JAL) group bow during an initiation ceremony at a hangar of Haneda airport in Tokyo, Japan, April 3, 2017. REUTERS/Toru Hanai/File Photo By Stanley White - TOKYO TOKYO Labour demand in Japan rose to its strongest in more than 40 years while the unemployment rate held steady at a two-decade low in April, offering hope that a tight labour market will eventually spark a turnaround in weak consumer spending. Separate data showed household spending fell more than expected in April due to lower spending on cars and education fees as consumer spending continues to lag behind improvement in other areas of the economy, such as exports and factory output. Such a tight labour market could temper pessimism about consumer spending and bolster the Bank of Japan''s argument that rising demand for workers will eventually spur inflation. "Consumer spending looks weak now, but the labour market continues to improve," said Hiroshi Miyazaki, senior economist at Mitsubishi UFJ Morgan Stanley Securities. "As more people get work, this should support consumer spending in the future." The jobs-to-applicants ratio rose to 1.48 in April from 1.45 in the previous month, meaning 1.48 vacancies are available for each person seeking a job. Labour demand has been rising steadily due to a shortage of workers and increased activity in services and construction. The last time labour demand was this strong was in February 1974, when the ratio was 1.53. The jobless rate held steady at 2.8 percent in April, matching the lowest since June 1994. The BOJ last month maintained its projection that price growth will reach its 2 percent target in fiscal 2018 on the assumption that a tight labour market will push up wages, but not all economists are convinced. Economists say some companies are opting to cut business hours, which makes it difficult for wages to rise. "Some companies are scaling back the level of services they offer instead of going out and getting the workers they need," said Hiroaki Muto, economist at Tokai Tokyo Research Center Co. "This is not likely to lead to higher take-home pay." Japanese household spending fell 1.4 percent in April from a year earlier in price-adjusted real terms, more than the median estimate for a 0.7 percent annual decline. Excluding spending on autos and housing, household spending rose a seasonally-adjusted 3.5 percent in April from the previous month versus a 2.9 percent decline March, showing consumer spending is stronger than the headline figures, Miyazaki said. Separate data showed retail sales rose 3.2 percent in April from a year earlier, more than the median estimate for a 2.3 percent increase, but some economists say a small sample size may exaggerate the percentage change in this data. Under a new policy framework adopted last year, the BOJ has pledged to guide short-term interest rates to minus 0.1 percent and cap the 10-year government bond yield around zero percent. Consumer prices rose on 0.3 percent in April from a year ago, well below the BOJ''s 2 percent inflation target. However, growing signs of strength in exports and factory output have presented the BOJ with a new communications challenge, pushing it to be clearer with markets on how it might dial back its stimulus - even though such action remains a long way off. (Reporting by Stanley White; Editing by Eric Meijer) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-jobs-idUKKBN18Q015'|'2017-05-30T08:38:00.000+03:00'
'dd9ac038790b28a31f8cfafedf8d7c06b250f574'|'US STOCKS-Wall St weighed down by finance, energy stocks'|'US Market Report   11:27am EDT US STOCKS-Wall St weighed down by finance, energy stocks * April consumer spending biggest increase in four months * Consumer confidence index falls in May * Amazon briefly crosses $1,000 mark * CardConnect jumps - First Data to buy company for $750 mln * Indexes down: Dow 0.17 pct, S&P 0.10 pct, Nasdaq 0.01 pct (Adds details, changes comment, updates prices) By Tanya Agrawal May 30 U.S. stocks were slightly lower in late morning trading after a three-day holiday weekend, weighed down by a fall in energy and financial shares. Oil prices fell over 1 percent on concerns that output cuts by the world''s big exporters may not be enough to drain a global glut that has depressed the market for almost three years. The energy sector''s 1.04 percent fall led the decliners among the major S&P 500 sectors. Oil majors Chevron and Exxon were down about 0.5 percent. Adding to the pressure, financial stocks were down 0.8 percent. JPMorgan fell 0.8 percent, weighing the most on the S&P, while Goldman Sachs'' 1.3 percent fall dragged on the Dow. Data showed core PCE price index fell to 1.5 percent in the 12 months through April from 1.6 percent in March, reinforcing views that the Federal Reserve might not raise rates again after June. "We''re in a period of time where the first-quarter data was slightly weak and people are wondering if the data was an anomaly or is there something more there," said Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management. Dallas Fed head Robert Kaplan told CNBC that while he was concerned about the recent economic data, he still saw two more rate hikes in 2017. Data showed U.S. consumer spending recorded its biggest increase in four months in April, but the consumer confidence index fell to 117.9 in May from 119.4 in April. At 10:54 a.m. ET (1454 GMT), the Dow Jones Industrial Average was down 35.68 points, or 0.17 percent, at 21,044.6, while the S&P 500 was down 2.56 points, or 0.10 percent, at 2,413.26. The Nasdaq Composite was down 0.40 points, or 0.01 percent, at 6,209.80. Amazon was up 0.3 percent at $998.68, after briefly crossing the $1,000 mark. Alphabet''s Class A shares were close behind, after hitting a record of $997.62. CardConnect''s shares jumped 10 percent to $15.02 after First Data agreed to buy the payment processor for $750 million. First Data was up 1 percent. Declining issues outnumbered advancers on the NYSE by 1,733 to 1,034. On the Nasdaq, 1,707 issues fell and 928 advanced. The S&P 500 index showed 28 new 52-week highs and 11 new lows, while the Nasdaq recorded 82 new highs and 70 new lows. (Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL3N1IW2YI'|'2017-05-30T23:27:00.000+03:00'
'0301926739caf93724768e6cbc57733c7e748dfc'|'Lawsuit accuses GM of rigging diesel truck emissions'|'Autos - Thu May 25, 2017 - 4:43pm BST Lawsuit accuses GM of using ''defeat devices'' in diesel trucks The GM logo is seen at the General Motors Assembly Plant in Valencia, Venezuela April 21, 2017. REUTERS/Marco Bello General Motors Co ( GM.N ) was accused in a lawsuit on Thursday of putting so-called "defeat devices," similar to those used by Volkswagen AG ( VOWG_p.DE ), into hundreds of thousands of its diesel trucks in order to pass federal emissions tests. The proposed class-action lawsuit was filed in the federal court in Detroit on behalf of people who own or lease more than 705,000 Silverado and Sierra diesel trucks from the 2011 to 2016 model years. It seeks a variety of damages, including possible refunds or lost resale value as well as punitive damages. (Reporting by Jonathan Stempel in Chicago)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gm-lawsuit-idUKKBN18L25X'|'2017-05-26T00:35:00.000+03:00'
'9377cc39a6e48f42f12288dc914d9aa94aea007a'|'Havaianas flip-flop maker Alpargatas rallies on sale talk'|'SAO PAULO Shares in Brazil''s Alpargatas SA ( ALPA4.SA ), the maker of Havaianas flip flops, gained on Wednesday, bolstered by reports from Reuters and elsewhere it was among assets that scandal-hit parent company J&F Investimentos SA had considered selling.Alpargatas shares were up 8 percent in afternoon trading after Reuters reported that J&F, which also owns the world''s largest meatpacker JBS SA ( JBSS3.SA ), had considered selling the shoe and sportswear maker earlier in the year.Banco Bradesco SA''s ( BBDC4.SA ) investment banking unit, which J&F hired to help it sell another asset, dairy company F<>brica de Produtos Aliment<6E>cios Vigor SA, had also been advising the family on plans to merge Alpargatas'' different classes of stock into common shares, three people with direct knowledge of the situation told Reuters on Tuesday. [L1N1IQ08Q]Alpargatas said late on Tuesday that plan had been scrapped. Moves to cancel such share restructurings at Brazilian companies have in the past been preludes to asset sales.Alpargatas, which J&F acquired from construction conglomerate Camargo Correa SA two-and-a-half years ago for 2.7 billion reais, could easily attract suitors and may now be worth more than 3 billion reais, one of the people with knowledge of the situation told Reuters.In a securities filing late on Tuesday, Alpargatas said JBS Chairman Joesley Batista, who turned a regional slaughterhouse into a global empire with the help of government loans, was resigning from Alpargatas'' board.JBS shares were little changed after rallying on Tuesday.Batista made headlines last week for recording Brazilian President Michel Temer appearing to back JBS''s payment of bribes to a jailed politician. Temer has come under pressure to resign but he has denied the allegations and insisted he will not step down voluntarily."Asset sales by J&F could bolster its cash situation, indirectly helping JBS," an equities trader from a major foreign bank said. "Still, there''s a lot of uncertainty over what could be sold and for how much."J&F Investimentos said late on Tuesday it was continuing to negotiate a plea bargain deal with Brazilian prosecutors to settle charges it bribed scores of politicians including Temer.The Wall Street Journal reported on Wednesday that J&F was now willing to pay at least $1.3 billion as part of a settlement, up from the 1 billion reais ($305.52 million)it initially proposed. Prosecutors have asked for 11.2 billion reais.J&F said it would not be commenting on the plea bargain until an agreement was reached.(Reporting By Bruno Federowski; Writing by Christian Plumb; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brazil-corruption-jbs-idINKBN18K2Y3'|'2017-05-24T19:06:00.000+03:00'
'8e954389fd8a5d158879a29b9450c881fc96356c'|'Russian state fund could invest in miner Polyus with China''s Fosun: source'|'MOSCOW/HONG KONG The state-backed Russian Direct Investment Fund (RDIF) and China''s Fosun International Ltd ( 0656.HK ) could announce an investment in Russia''s top gold producer Polyus ( PLZL.MM ) in early June, a source familiar with the talks told Reuters.A consortium led by Fosun, one of China''s most acquisitive conglomerates, has been in talks since last year to buy a stake in Polyus, controlled by the family of Russian tycoon Suleiman Kerimov, sources with knowledge of the matter have told Reuters.The deal could be announced during the St Petersburg International Economic Forum on June 1-3, the source said on Friday.RDIF and Polyus declined to comment. Fosun did not immediately respond to Reuters'' emailed request for comment.RDIF Chief Executive Kirill Dmitriev told reporters on Friday that the fund planned to invest together with a Chinese investor in a large Russian natural resources company and that the deal was expected to be announced during the St Petersburg Forum next week.Dmitriev declined to disclose the names of the Russian company and the Chinese investor.Polyus has a market value of about $10 billion.Russian officials might be keen for a deal announcement during the St Petersburg Forum, the country''s annual event to attract investors, as Moscow has been actively seeking investments from China since the West imposed sanctions on Russia in 2014.Fosun may buy "well below" a 25 percent stake in Polyus with a potential option to increase the stake later, said one of the sources familiar with discussions in April.Polyus is also considering launching a secondary share offering in London and Moscow in May or June, sources familiar with planning for the listing have said.(Reporting by Oksana Kobzeva and Polina Devitt; additional reporting by Diana Asonova and Julie Zhu; Editing by Alexander Winning and Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-russia-polyus-china-idINKBN18M1HL'|'2017-05-26T10:43:00.000+03:00'
'acbe0def73b263b0ed24d30c31ce90524f043f2f'|'Ofcom to review charges for calls to directory inquiries services - Money'|'T he telecoms regulator, Ofcom, has announced a review into the high cost of calls to directory inquiries services two months after I featured the case of a reader who was charged <20>501 for six calls to a 118 number .Prices have increased by up to 17-fold since BT<42>s service was opened up to competition in 2003, but in 2013 Ofcom abandoned its own proposals to impose a cap on 118 call charges after protests from the telecoms industry. Instead, last year it sanctioned a top price bracket of <20>15.98 for the initial call plus <20>7.99 for every ensuing minute, and Telecom2 took advantage of it. The firm withdrew the service that connected callers to their chosen number and cost some of them three-figure sums only after The Observer investigated.In March, Ofcom told me it had deemed a price cap <20>not warranted<65>, but said it was concerned about recent price increases. The Observer article was picked up by BBC One<6E>s Rip Off Britain,and it would seem that media pressure has helped to galvanise the regulator into action.<2E>We were already discussing a review internally,<2C> says a spokesperson. <20>Having said that, we do always welcome and appreciate any evidence brought to our attention.<2E>The call cost review will consider if dubious sales practices or market failure are harming consumers and what can be done about it. A price cap would be the obvious solution, but those who still rely on 118 services will have to wait until later in the year for its proposals and 2018 at the earliest for anything actually to happen.If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number. Topics Consumer affairs Your problems with Anna Tims Consumer rights Ofcom Telecommunications industry features  '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/may/27/ofcom-review-directory-inquiries-charges'|'2017-05-27T03:00:00.000+03:00'
'f12670d4c59c81e828d5d8ed420052a2aa732468'|'UPDATE 1-Sterling hits 3-week low, FTSE gains as Conservative lead slumps'|'Foreign Exchange Analysis  24am EDT Sterling hits one-month low, FTSE gains as Conservative lead slumps By Patrick Graham and Vikram Subhedar - LONDON LONDON Sterling racked up its worst falls since early February on Friday after an opinion poll showed Prime Minister Theresa May''s lead down to just 5 percentage points over the Labour opposition less than two weeks before a parliamentary election. In a succession of falls in Europe, the pound sank against the euro and by a full percentage point against the dollar to its lowest in a month, more than two cents below last week''s six-month highs. That lifted London''s multinational-dominated FTSE share index, which tends to rise when the pound falls, by 0.4 percent when other major European markets were falling. The assumption that May''s Conservatives would win handsomely, strengthening her hand in talks on leaving the European Union, has driven the pound higher since she called an election for June 8. But the latest poll by the YouGov organisation, taken after Monday''s bombing in Manchester, showed her lead is just a quarter of what some other polls showed a month ago and might deliver the slimmest of majorities. "Sterling is likely to continue to be under pressure now until the election is out of the way, if polling continues to indicate it<69>s a tighter race," said Nomura strategist Jordan Rochester. "For the market the worst outcome is if we have further uncertainty with the chances of a hung parliament." By 1200 GMT, the pound was also down 0.7 percent on the day at 87.15 pence per euro. "The FTSE 100, which ordinarily would be feeling the pain of this, is actually trading a little higher," said Craig Erlam, an analyst with retail brokerage OANDA. "A second day of selling in the pound - this time driven by the latest poll numbers - is more than compensating for the weakness in energy stocks." FISCAL BOOST The fate of the pound remains dominated by how the British economy reacts to last year''s shock decision to leave the EU and speculation over the conduct and outcome of 18 months of talks with Brussels. When May announced the election on April 18, financial markets'' running logic was that a big victory would let her face down hard-line Brexiteers in her party to make the compromises needed for a smoother departure. In the background, however, others said a narrow win or small majority for the Tories would make it harder for the prime minister to push ahead with the clean break from Europe she has outlined and which parliament''s other smaller forces oppose. Labour have also promised to turn back the budget austerity that has dominated seven years of Conservative government while struggling to get the economy growing faster or dig Britain out of debts racked up in the 2008 financial crisis. "If it is a Labour victory it<69>s perhaps not as bad for sterling as you<6F>d expect given the fiscal spending would eventually lead to higher real yields once the initial uncertainty passes," Nomura''s Rochester said. Other strategists said the lead in YouGov polling was already less pronounced than some polls and that a U-turn on May''s unpopular manifesto commitment on social care might help her after a pause in campaigning caused by the bombing at Manchester Arena. YouGov''s survey, however, also showed Monday''s attack, which killed 22 people, may have improved May''s own polling from a low earlier that day, when she appeared rattled as she backtracked on her pledge to make elderly people pay more for care. Her personal rating improved from minus eight on Monday to plus one in the following days, while Labour leader Jeremy Corbyn''s personal rating slipped from minus 11 - his best position in the campaign - to minus 16, YouGov said. "YouGov says the swing in the latest poll is probably due to Conservative manifesto commitments, some of which have changed subsequently," said Adam Cole, head of G10 strategy with RBC in London. "There will likely be a large number o
'35539835e30c4f07226a9d8b010875dea079a88a'|'U.S. backs call for fight against protectionism in G7 communique - source'|'Business News - Sat May 27, 2017 - 11:10am BST U.S. backs call for fight against protectionism in G7 communique - source U.S. President Donald Trump is seen following a family photo at the G7 Summit expanded session in Taormina, Sicily, Italy May 27, 2017. REUTERS/Jonathan Ernst TAORMINA, Italy U.S. President Donald Trump has agreed to include a pledge to fight trade protectionism in a final communique due to be released later on Saturday at the end of a summit of Group of Seven leaders, a G7 source said. Trump has previously endorsed protectionist measures, saying the United States was suffering due to unfair trade practices from some of its main Western allies, including Germany, as well as from China and some developing nations. "Trump agreed that the fight against protectionism should be in the final statement," a G7 source said. (Reporting by Giselda Vagnoni, Writing by Crispian Balmer, Editing by Noah Barkin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-g7-summit-protectionism-source-idUKKBN18N0CF'|'2017-05-27T18:10:00.000+03:00'
'f1e061c6707e1ef90395fc26894fa23435dba582'|'Tax on test: do Britons pay more than most? - Money'|'L abour<75>s plan to tax incomes over <20>80,000 more heavily is a <20>massive tax hike for the middle classes<65> that will <20>take Britain back to the misery of the 1970s<30>, according to rightwing newspapers. But are British households that heavily taxed? A comparison of personal tax rates across Europe, Australia and the US by Guardian Money reveals how average earners in Britain on salaries of <20>25,000, or <20>middle-class<73> individuals on <20>40,000, enjoy among the lowest personal tax rates of the advanced countries, while high earners on <20>100,000 see less of their income taken in tax than almost anywhere else in Europe . Our survey found that someone earning <20>100,000 in the UK in effect loses about 34.3% of their pay to HM Revenue & Customs once personal allowances, income tax and national insurance are taken into account. The one-third reduction is roughly the same as the US, Australia and Spain, but a long way behind the 38% in Germany, 41% in Ireland, 45% in Sweden and up to 59% in France (though the French figures include very large pension contributions). Note that these figures are a rough guide only. International tax comparisons are bedevilled by large numbers of factors. We compared rates for a single person with no children and with no special allowances. Most countries tax individuals rather than households, but France taxes couples, which has the impact of reducing the burden on a high earner with an at-home partner. Autonomous regions within countries impose their own varying taxes. We converted euros, dollars and krona into sterling at a time when the pound had fallen rapidly; some earnings might have translated into higher tax bands abroad before sterling plunged.Some countries, such as the US, raise relatively large revenues from property taxes. Others squeeze revenue from sales taxes <20> 25% in Sweden, 19% in Germany. While there is some harmonisation of income tax rates, social security varies dramatically. Australia imposes a small medical levy of 2%. France<63>s charges can be as high as 30%.One of the most striking facts to emerge is church taxes. In Germany, individuals are expected to give 8% of their income to the church. EU officials may look forward to the day when the single currency is teamed up with a single tax policy. But what emerges from our survey is how elaborate each country<72>s tax and social security systems are. Britain<69>s actually looks relatively simple compared with France<63>s. The Brexit negotiations will be a walk in the park compared with any attempt to harmonise the EU<45>s 27 national tax and social security systems.United Kingdom Facebook Twitter Pinterest Photograph: Antenna Audio/Getty Images/GeoNova Gross salary <20>25,000After tax <20>20,279Tax rate 18.9%Gross salary <20>40,000After tax <20>30,480Tax rate 24.8%Gross salary <20>100,000After tax <20>65,780Tax rate 34.3%Britain<69>s tax system is made up of income tax bands at 20%, 40% and 45%, plus national insurance contributions of a further 12%, with low earners benefiting from a tax-free personal allowance at <20>11,500, which is higher than most other countries.Higher earners pay income and social security taxes that are on a par with the US, Australia and Spain, but which are much less than those in France, Sweden and Ireland. VAT, levied at a standard rate of 20%, is towards the lower end of sales tax rates across the EU, though council taxes are relatively high by comparison.Ireland Gross salary <20>25,000After tax <20>21,183 Tax rate 15.3%Gross salary <20>40,000After tax <20>29,624Tax rate 26%Gross salary <20>100,000After tax <20>59,000Tax rate 41%While Ireland remains a low-tax haven for giant multinationals, its resident population has suffered steep tax increases after its banks collapsed and it was forced into a <20>57bn IMF-EU bailout.Its 20% and 40% standard tax bands are identical to Britain <20> but start at a much lower level. Unlike the UK<55>s <20>11,500 personal allowance, the Irish don<6F>t have one in the same sense <20> rather a tax credit that reduces their bill by <20>3,300. After the fina
'e701a3775b5d0a6e2074e421a6d2f32a2ce98b44'|'Oversold: Oil traders punish OPEC for promising too much'|'Money News - Mon May 29, 2017 - 11:34am IST Oversold: Oil traders punish OPEC for promising too much FILE PHOTO: The OPEC logo is seen outside their headquarters in Vienna, Austria May 24, 2017. REUTERS/Leonhard Foeger/File Photo By Dmitry Zhdannikov , Rania El Gamal and Ernest Scheyder - VIENNA VIENNA As OPEC''s latest meeting wrapped up in Vienna on Thursday night, ministers congratulated each other on its rare spirit of amity and consensus. The talks were, without a doubt, a success. But two hours later, one veteran delegate was staring in despair at the numbers flashing red on his smartphone showing crude down some 5 percent to $51 a barrel. "That is a disaster," he said. While OPEC has worked hard in recent years on improving communication to ensure the right message is delivered to financial markets, Thursday''s experience showed the 14-member group and its non-OPEC allies still have a long way to go. The problem was not what was delivered, but what appeared to have been promised beforehand, industry analysts said. OPEC agreed on Thursday to extend its existing production cuts by nine months - more than the initially suggested six months - in tandem with non-OPEC producers, including Russia. But hints from the group that it could deepen supply cuts, extend them by as long as 12 months, curtail exports and tell the market how exactly it would terminate supply curbs in 2018 had raised market expectations much higher. "OPEC oversold the meeting to the market way too early," Amrita Sen, from the consultancy Energy Aspects, told Reuters in Vienna. The market reaction was all the more disappointing given that from OPEC''s perspective, the meeting went very well. "I have been in OPEC close to 20 years. It''s the first time that I witness 100 percent compliance (with cuts) from OPEC and close to 100 percent from non-OPEC," Iranian Oil Minister Bijan Zanganeh told Reuters afterward. OPEC''s No.3 producer, Iran has repeatedly clashed in past meetings with OPEC''s de-facto leader, its political arch-rival Saudi Arabia. Russia, which effectively is fighting a proxy war with Saudi Arabia in Syria, said on Thursday its energy cooperation with Riyadh would last well into the future. In its statement, OPEC said it could extend curbs further or cut more. Normally, all this would be more than enough to trigger a bull rally. "It''s strange. I don''t know why (the market crashed)" Zanganeh said. WHATEVER IT TAKES OPEC and non-OPEC oil producers first agreed to cut output in December 2016 - the first joint deal in 15 years - and said the curbs could be extended by a further six months. The extraordinary move was aimed at battling a global glut of crude that halved prices from 2014, forcing Russia and Saudi Arabia to tighten their belts and leading to unrest in Venezuela and Nigeria. The cuts helped push oil prices back above $50 per barrel but also spurred growth in the U.S. shale industry, which does not participate in the output deal. That slowed a rebalancing of supply and demand, with global inventories still near record highs. As the price fell back towards $47 in early May, near a six-month low, Saudi Energy Minister Khalid al-Falih said OPEC would do "whatever it takes" to rebalance the market, including a longer extension for the output cuts. "If you declare nine months in advance, people are bound to expect more," Sen said. Russia also added to the expectations by saying this week that cuts could be prolonged by 12 months. The market was also disappointed OPEC did not mention its previously stated plan to bring stocks down from a record high of 3 billion barrels to their five-year average of 2.7 billion, said Olivier Jakob from the Petromatrix consultancy. "The December meeting was a breakthrough," he said. "The meeting yesterday gives us, however, a feeling that OPEC is fatigued by the lack of results so far and does not have a consensus anymore to have the five-year average in stocks as a policy target." The fact that Iran
'f4b27f739f6f7468f57b3d4db4a673ae5d325c77'|'Akzo Nobel wins court case filed by shareholders in PPG takeover battle - Reuters'|'AMSTERDAM A Dutch court on Monday rejected a request by Akzo Nobel investors for it to take immediate action against the company over its rejection of a takeover bid by U.S. rival PPG Industries, handing the Dutch company a victory in its efforts to repel the U.S. firm''s 25 billion-euro ($28 billion) proposed offer.The decision ratchets up the pressure on PPG to decide whether to file formal bidding papers for Akzo with Dutch regulators by a June 1 deadline - or walk away for at least six months.Presiding Judge Gijs Makkink said that Akzo''s board had been within its rights to reject entering into talks with PPG. However, he noted that the management faced dissent from a large group of shareholders which wanted it to engage in talks with PPG. A group representing around 18 percent of its equity had spoken out in support of the suit, launched by hedge fund Elliott Advisors."This is a problem that cannot be ignored by Akzo Nobel," Makkink said, though he left it up to the company to decide what steps it should take to mend the rift.Elliott Advisors had asked the court to order an extraordinary shareholders meeting to consider a motion to dismiss Chairman Antony Burgmans over the company''s decision to reject a proposed takeover offer from PPG worth 25.3 billion euros ($28.3 billion).The judge rejected that, saying that it amounted to an attempt to force the board of directors to change their strategic direction, which was not a right that shareholders have under Dutch law.A spokesman for Elliott declined to comment. PPG, which has taken legal action with a different Dutch court in seeking to extend the June 1 deadline for filing bid papers, was not immediately available for comment.Akzo Nobel spokesman Leslie McGibbon said the company was "very pleased" with Monday''s decision."Now we are focused on executing our high growth and value creation plan."He said it was too soon to say what more the company might do to explain its position to shareholders."We have been conducting a high level of shareholder engagement in the past several months and that will continue."PPG began its pursuit of Akzo Nobel in March.(Reporting by Toby Sterling and Bart Meijer; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/akzo-nobel-m-a-ppg-inds-idINKBN18P1RH'|'2017-05-29T14:50:00.000+03:00'
'39250fe6df122b6693f3d298516f54196edfec43'|'Warren Buffett takes 3 percent stake in Germany''s Lanxess'|'Business News   12:02pm BST Warren Buffett takes 3 percent stake in Germany''s Lanxess left right Berkshire Hathaway CEO Warren Buffett waits to play table tennis during the Berkshire Hathaway annual meeting weekend in Omaha, Nebraska, U.S. May 7, 2017. REUTERS/Rick Wilking 1/2 left right A logo of Lanxess is seen next to dark clouds at Cologne Bonn airport March 27, 2015. REUTERS/Wolfgang Rattay 2/2 By Ludwig Burger - FRANKFURT FRANKFURT Lanxess ( LXSG.DE ) disclosed on Monday that Berkshire Hathaway ( BRKa.N ), the conglomerate run by billionaire Warren Buffett, had acquired a 3 percent stake in the German chemicals maker. Lanxess shares jumped 2.9 percent to 65.06 euros by 0936 GMT after the news, even though the stock was trading without the rights to a 0.70 euro-per-share dividend for the first time. In a regulatory filing, Lanxess said that Berkshire Hathaway''s General Reinsurance subsidiary took a stake that reached just over 3 percent on May 19. The shares held by General Re - whose total financial investments excluding cash holdings stood at about $22 billion (17.13 billion pounds) at the end of last year - were worth about 180 million euros ($200 million) at that time. General Re''s stake in Lanxess crossed the 3 percent threshold after Lanxess on May 11 beat consensus estimates for first-quarter earnings on strong sales of engineering plastics and synthetic rubber, but the company warned at the time that demand would soften later this year. Shares in Lanxess, a former unit of Bayer ( BAYGn.DE ) whose products include pesticide ingredients, construction pigments and leather chemicals, earlier this month reached four-year highs. Lanxess has said that after recent acquisitions worth a combined 2.6 billion euros more strategic steps could be in the offing in the second half of the year. (Reporting by Ludwig Burger; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lanxess-buffett-idUKKBN18P0RE'|'2017-05-29T19:02:00.000+03:00'
'af1cedb4af910066f7026027bf9999e61ba4a460'|'UPDATE 1-From crops to chemicals, Canada CN Rail strike would hit shippers'|'WINNIPEG/MONTREAL Canadian rail shippers are urging Ottawa to intervene in a looming strike at Canadian National Railway Co, the country''s largest railroad, fearing that a shut-down would immediately damage business.The union representing CN''s 3,000 Canadian conductors has set a strike deadline of Tuesday at 4 a.m. EDT (0800 GMT) after the railroad announced new work rules during negotiations to replace an expired contract.It would be the first strike by CN conductors, or train operators, in a decade.Freight Management Association of Canada wrote to Labour Minister Patty Hajdu on Sunday asking her to impose binding arbitration to resolve the dispute.Hajdu, speaking to reporters, did not respond to questions about whether she was considering legislation to keep trains running during a strike, but expressed hope in a negotiated resolution. A federally appointed mediator is assisting in the talks."We have every confidence that we''re going to get a deal."A strike would delay arrival of commodity shipments at port, racking up higher costs, said freight association president Bob Ballantyne on Monday. Retail importers would be affected, along with auto manufacturers who rely on just-in-time parts delivery, he said."The impact on many industries can be almost immediate and have quite a devastating effect," Ballantyne said. "The impacts of a rail strike are really major for the whole Canadian economy."Canada exports most of the grain, potash and other commodities that it produces, moving them vast distances to ports via CN or Canadian Pacific Railway Ltd.A strike would leave British Columbia forest products producers few alternatives to ship to the United States and eastern Canada, as the trucking industry is operating near capacity, Susan Yurkovich, CEO of BC Council of Forest Industries.Interrupted transportation would cause chemical makers to quickly run out of storage, resulting in production shutdowns, said spokeswoman Erika Adams of Chemistry Industry Association of Canada, whose members include Dow Chemical Co.Contingency plans are impractical for grain traders since half of Prairie delivery points are served by CN alone, said Wade Sobkowich, executive director of Western Grain Elevator Association, which represents Cargill Ltd, Louis Dreyfus Corp and others.Miner Teck Resources Ltd would not be significantly affected as it has inventory stockpiled, spokesman Chris Stannell said.CN spokesman Patrick Waldron said the railway is "cautiously optimistic that a deal will be reached" before the deadline.He declined to say how the railroad would operate in a strike.Roland Hackl, lead negotiator for Teamsters Canada Rail Conference, said negotiations would resume Monday afternoon.(Reporting by Rod Nickel in Winnipeg, Manitoba and Allison Lampert in Montreal; Additional reporting by David Ljunggren and Leah Schnurr in Ottawa; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-canada-rail-strike-idUSKBN18P1S5'|'2017-05-30T03:04:00.000+03:00'
'e813f76c918ff76d2ffa051662907484963b3016'|'BRIEF-Elliott Advisors "surprised and disappointed" with Akzo Nobel ruling'|'UPDATE 2-Akzo Nobel wins court case against dissident shareholders AMSTERDAM, May 29 A Dutch court on Monday rejected a request by Akzo Nobel investors for it to take immediate action against the company over its rejection of a takeover bid by U.S. rival PPG Industries, handing the Dutch company a victory in its efforts to repel the U.S. firm''s 25 billion euro ($28 billion) proposed offer. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-elliott-advisors-surprised-and-dis-idUSFWN1IV0GQ'|'2017-05-30T02:26:00.000+03:00'
'cfe75c577ea2f44a3217d501a9227c3f94d5ce19'|'PepsiCo in bid to acquire Vita Coco owner - sources'|'Business News - Fri May 26, 2017 - 10:09pm BST PepsiCo in bid to acquire Vita Coco owner - sources Cases of Pepsi are shown for sale at a store in Carlsbad, California, U.S., April 22, 2017. Picture taken April 22, 2017. REUTERS/Mike Blake By Lauren Hirsch and Greg Roumeliotis Soft drink maker PepsiCo Inc ( PEP.N ) is in talks to acquire All Market Inc, the owner of coconut water brand Vita Coco, whose celebrity investors include Madonna and Matthew McConaughey, people familiar with the matter said on Friday. The acquisition would help PepsiCo diversify its offerings as it grapples with stagnant sales, amid a shift of many consumer tastes'' away from sugary drinks and snacks towards healthier options. Purchase, New York-based PepsiCo has offered less than the $1 billion that All Market''s owners have been seeking to sell the company, and there is no certainty that negotiations will result in a deal, the people said. The sources spoke on condition of anonymity because the negotiations are confidential. PepsiCo did not respond to a request for comment, while Vita Coco declined to comment. Founded in 2004 by two childhood friends in New York, Vita Coco now has sales in 30 countries and is the global leader in coconut water, with a 26 percent share of a market worth $2.5 billion, according to data tracker Euromonitor International. Extracted from young, green coconuts, coconut water now enjoys prime placement in coolers across North America and Europe. Verlinvest, the family office of one of the Belgian families related to brewer Anheuser Busch InBev NV ( ABI.BR ), took a stake in All Market in 2007. Singer Madonna and actors McConaughey and Demi Moore are among other investors in the company. In 2014, All Market sold a 25 percent stake to T.C. Pharma, the owner of Red Bull China, in a deal that brought the drink to the world''s most populous country. That deal valued All Market at $665 million (519.73 million pounds). As part of its healthy initiative programme, Pepsi announced late last year that it aims to have sales of its "everyday nutrition" products, including grains, dairy and hydration, outpace the rest of its products by 2025. PepsiCo, which also owns Quaker Oats oatmeal, Frito-Lay chips, energy drink Gatorade and orange juice Tropicana, has looked to acquisitions to boost its healthier offerings before. Its latest acquisition in the healthy drinks sector was probiotic drinks maker KeVita Inc, which it agreed to buy last year. In January, PepsiCo competitor Dr Pepper Snapple Group Inc ( DPS.N ) acquired antioxidant beverages maker Bai Brands LLC for $1.7 billion. (Reporting by Lauren Hirsch and Greg Roumeliotis in New York; Additional reporting from Martinne Geller in London; Editing by Jonathan Oatis) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-allmarket-m-a-pepsico-idUKKBN18M2JR'|'2017-05-27T05:09:00.000+03:00'
'f2f744a8c9746cefce193b73667c640dc1700733'|'GLOBAL MARKETS-Asia steady on firmer Wall Street, pound nurses losses'|'LONDON Concern over Italy''s banks and Britain''s national election dominated holiday-thinned European financial markets on Monday, pushing stock markets lower after Asian share indices fell back off two-year highs.Sterling, hammered by a slump for Prime Minister Theresa May''s Conservatives in opinion polls last week, recovered after weekend polls confirmed the trend but showed her still on course to win next week''s vote.European share prices were lower [.EU] overall, but Italian banks and blue chips fell as worries over recapitalisations of regional Italian lenders bled over into a second week.Weekend reports that Italy''s main parties could converge on a proportional electoral law pointed to growing chances of an early election that may yield an indecisive hung parliament."The risk of early elections has suddenly increased to 60 percent," LC Macro Advisers founder Lorenzo Codogno said. "A hung parliament is thus the most likely outcome."European blue chips .STOXXE overall slipped 0.2 percent, but losses for Banco BPM ( BAMI.MI ), Unicredit ( CRDI.MI ) and others drove a 3.4 percent loss for Italy''s banking index - its biggest in nearly four months .FTIT8300.Milan''s main blue-chip index fell almost 2 percent .FTMIB while Germany''s DAX .GDAXI was little changed.Asian markets were also lower overall after some early gains that largely shrugged off another missile launch by North Korea, the broad MSCI index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dipping 0.2 percent.Japan''s Nikkei .N225 edged up 0.2 percent while Australian shares fell as much as 0.8 percent, hit by another round of falls in the prices of oil and other commodities. China''s markets are also closed on Monday and Tuesday for a holiday.On currency markets, the dollar was flat, trading at $1.1185 per euro and 111.35 yen after steadying on a better batch of U.S. economic data on Friday that solidified expectations of a rise in official interest rates next month.San Francisco Federal Reserve President John Williams said in Singapore on Monday that medium-term trends in U.S. inflation remained "pretty favourable," despite some recent soft consumer price data.After falling more than 2 cents last week, sterling was 0.2 to 0.3 percent stronger against the dollar GBP= and euro EURGBP=."A lot of what we are seeing is the after effects of Friday''s news and data releases," said Thu Lan Nguyen, a currency strategist with Commerzbank in Frankfurt."We have a little bit of dollar strength following better U.S. data and some hawkish comments from Federal Reserve officials. And we have a little bit of a pound recovery following the latest poll results from the UK."For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets(This version of the story has been refiled to restore missing phrase from first paragraph)(Editing by Larry King)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN18P00Y'|'2017-05-29T08:17:00.000+03:00'
'ff7ecde6a13bf322b273937f07b36722d0a1b210'|'BRIEF-Canada Labor Minister: "We have every confidence we''re going to get a deal" between CN Rail, union'|'UPDATE 2-Akzo Nobel wins court case against dissident shareholders AMSTERDAM, May 29 A Dutch court on Monday rejected a request by Akzo Nobel investors for it to take immediate action against the company over its rejection of a takeover bid by U.S. rival PPG Industries, handing the Dutch company a victory in its efforts to repel the U.S. firm''s 25 billion euro ($28 billion) proposed offer. WINNIPEG/MONTREAL, May 29 Canadian rail shippers are urging Ottawa to intervene in a looming strike at Canadian National Railway Co, the country''s largest railroad, fearing that a shut-down would immediately damage business. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-canada-labor-minister-we-have-ever-idUSL1N1IV0NW'|'2017-05-30T03:22:00.000+03:00'
'e558554511a864fc3d302d7cef5ff83452852d6e'|'Adani says reaches royalties pact for its Australian coal mine'|'Deals   2:13pm IST Adani says Carmichael mine decision on track after royalty agreement SYDNEY Adani Enterprises ( ADEL.NS ) will move ahead with a final financing decision for its Carmichael coal mine project in Australia after an end to negotiations on how to pay government royalties, it said on Tuesday. "The Adani parent company board will consider the final investment decision at the next board meeting." the company said in a statement. No date has been set for the next meeting of the board though it typically meets once a month. The Adani board last week deferred a final investment decision that had been expected by the end of May because the government had yet to sign off on a royalty regime with the Queensland state government. Adani did not disclose the terms of the royalties. The company is still counting on about $1 billion in loans from Australia''s federal government under the Northern Australia Infrastructure Facility to pay for rail transport work. Adani is also awaiting passage of Australia<69>s Native Title Amendment by its parliament, expected sometime next month. The bill is designed to make it easier for companies like Adani to sign land rights agreements with indigenous land owners. The Carmichael project is located in the remote Galilee Basin, a 247,000 square-kilometre (95,000 square mile) expanse in the central outback that some believe has the potential to become Australia''s largest coal-producing region. Adani has battled environment groups trying to block what would be Australia''s biggest coal mine, arguing it will contribute to global warming and damage the Great Barrier Reef. Adani says the project, at an initial cost of $4 billion, would pay billions of dollars in royalties and taxes, create jobs for the state and export coal to India help bring electricity to rural regions. (Reporting by James Regan; Editing by Christian Schmollinger)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/adani-ent-australia-idINKBN18Q0M4'|'2017-05-30T05:38:00.000+03:00'
'a2efea8d8be0243eb8d02f0c33244c1cf63e04cf'|'Vivendi wins conditional EU nod to gain control of Telecom Italia'|'Technology News   3:10pm BST Vivendi wins conditional EU nod to gain control of Telecom Italia   The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, March 10, 2016. REUTERS/Charles Platiau/File Photo 1/2   Telecom Italia logo is seen at the headquarters in Milan, Italy, May 25, 2016. REUTERS/Stefano Rellandini/File Photo 2/2 BRUSSELS French media group Vivendi won EU antitrust approval on Tuesday for its plan to gain control of Telecom Italia after pledging to sell the Italian company''s majority stake in broadcasting services group Persidera. Vivendi is Telecom Italia''s biggest shareholder, with a 24 percent stake, and tightened its grip on the former phone monopoly this month by appointing two thirds of its board. Last year it also took a 29 percent stake in Italian broadcaster Mediaset, controlled by the family of former Prime Minister Silvio Berlusconi, raising concerns in Italy about the French group''s growing influence over Italian companies. The offer to sell the Persidera stake came after the European Commission voiced concerns that Vivendi might charge TV channels more for wholesale access to digital terrestrial television networks given both Persidera''s and Mediaset''s significant share in the sector. "In order to address the competition concerns identified by the Commission, Vivendi committed to divest Telecom Italia''s stake in Persidera," the EU competition enforcer said. Telecom Italia owns 70 percent of Persidera, with the remainder in the hands of publisher GEDI. The EU said its green light had no relevance to a review and order by Italian communications regulator AGCOM to Vivendi to cut its stake in either Telecom Italia or broadcaster Mediaset. AGCOM said in April that Vivendi''s stakebuilding at both companies was in breach of rules designed to prevent a concentration of power in Italy''s telecoms and media sector. Telecom Italia could not immediately be reached for comment, while Vivendi said it had no immediate comment. (Reporting by Foo Yun Chee in Brussels, Agnieszka Flak in Milan and Mathieu Rosemain in Paris; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-telecom-it-m-a-vivendi-eu-idUKKBN18Q1EH'|'2017-05-30T22:09:00.000+03:00'
'ce6a261b24d7ed2e454e15c3482d3234efac6b0f'|'Serious Fraud Office warns of <20>120m pension scam - Money'|'Fears are growing that large numbers of people may have lost huge sums of money after investing their retirement pots in <20> of all things <20> self-storage units. The Serious Fraud Office this week launched an investigation into storage unit investment schemes, and revealed that more than <20>120m has been poured into them. But could that just be the tip of the iceberg?One man was persuaded to transfer almost <20>370,000 out of his workplace pension and put it all into one such scheme supposedly offering an 8%-12% return. The Pensions Ombudsman, which looked at his case, said the <20>blameless<73> man had switched out of the <20>secure and generous<75> NHS pension scheme and may have lost all his money as a result. Others were lured in with claims that they could more than double their money in just six years.Many of us have used a self-storage facility at some point <20> perhaps to temporarily stash our belongings when moving home. But what most people probably don<6F>t realise is that these units (also known as storage pods) have been touted as a wonder investment with double-digit returns. Many people appear to have lost some, or all, of their retirement savings after falling for the spiel of firms flogging dodgy schemes.The SFO says it is probing several, including Capita Oak Pension and Henley Retirement Benefit, plus some schemes that invested in other products. It adds that more than 1,000 individual investors are thought to be affected by the alleged fraud, though it presumably thinks the number could be higher as it is asking people who have paid into these schemes between 2011 and 2017 to complete a questionnaire available on its website.One brochure, issued by a property investment company, boasted of a 14% average annual yieldKate Smith, head of pensions at insurer Aegon, says the SFO probe <20>is a timely reminder that unregulated unusual investments at home or abroad come with a high risk that people could lose all their hard-earned pension and other savings<67>. She adds that it is possible that thousands more people may find they have lost money, too.<2E>Pension liberation<6F> scams <20> where people are persuaded to transfer or cash in their pension pots and put the money into often exotic-sounding investments <20> have been around for years, but there has been a surge in activity since April 2015 when the government introduced reforms giving over-55s more freedom in terms of what they can do with their retirement cash.Storage units on UK industrial estates might not have the exotic allure of hotel rooms in the Caribbean and palm oil plantations in Asia, but perhaps that was their selling point. Marketing tended to highlight how this was a profitable and growing industry.One glossy brochure seen by Guardian Money offered the chance to buy individual units from <20>3,750-<2D>30,000 said to be located in the north-west of England. The investor would buy the unit on a long-term lease from Store First Limited, and then sublet it to a management company which would subsequently rent it out.The brochure, issued by a property investment company, boasted of a <20>14% average annual yield<6C> and claimed that when capital growth and income were combined, the <20>forecast net return<72> over six years for someone investing <20>11,250 would be <20>12,180, <20>or over 108%<25> <20> equating to a total return of <20>23,430.In December 2014, the Pensions Ombudsman published its decision in the case of <20>Mr X<> who was persuaded to transfer his entire future pension <20> <20>367,601 <20> from the NHS Scotland scheme into Capita Oak. The ruling stated that Mr X was told his money would be invested in <20>Storefirst Limited<65> (sic), <20>a large self-storage firm in the north of England<6E>. It was offering a 8%-12% return <20>and therefore it seemed a good investment<6E>. He later discovered that he couldn<64>t get his money out.The ombudsman said Mr X may well have been <20>duped<65> out of his entire pension, and it is not known whether he ever recovered any of his money.In April 2015 the ombudsman published two decisions relating t
'9c561e7ca4d5e7ddc3f9b00547acd71b01984a97'|'JGBs inch up, BOJ''s June purchase details awaited'|'TOKYO May 30 Japanese government bonds inched up on Tuesday, although activity was thin as investors awaited details of the Bank of Japan''s regular bond-purchasing operations for June.The central bank will announce the details of its buying intentions in each zone on Wednesday."We expect no change to each tenor, simply because the yield curve hasn''t changed much," said Naomi Muguruma, senior fixed-income strategist, Mitsubishi UFJ Morgan Stanley Securities."Because the BOJ has reduced its purchases in the last couple of months, the shorter end of the curve is less negative than before," she said.The 10-year cash JGB yield was flat at 0.035 percent, while 10-year JGB futures added 0.06 points to 150.75.The Ministry of Finance auctioned 2.2 trillion yen ($19.85 billion) of two-year JGBs with a 0.1 percent coupon on Tuesday. About 57.7115 percent of the bids were accepted at the lowest price of 100.520. The sale drew bids of a robust 5.06 times the amount offered, though that was still below the previous sale''s bid-to-cover ratio of 5.51 times.The two-year yield rose half a basis point to minus 0.165 percent.But prices slightly firmed in the superlong zone, with the 20-year JGB yield and the 30-year JGB yield shedding half a basis point to 0.555 percent and 0.795 percent respectively.The market shrugged off data released early in the session, which showed that labour demand in Japan rose to its strongest in more than 40 years in April. The unemployment rate also held steady at a two-decade low last month, offering hope that a tight labour market will eventually spark a turnaround in weak consumer spending and inflation.($1 = 110.8500 yen) (Reporting by Tokyo markets team; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL3N1IW13O'|'2017-05-30T04:47:00.000+03:00'
'ceb9424fd92a511681bb0482a802f4b1ca59b625'|'Slowing inflation in Germany, Spain takes pressure off ECB'|'Central Banks   2:04pm BST Slowing inflation in Germany, Spain takes pressure off ECB   A woman checks vegetables at the Biocompany organic supermarket in Berlin, January 31, 2013. REUTERS/Fabrizio Bensch/File Photo 1/4   A fuel price board is pictured at a petrol station in Dortmund, Germany January 22, 2016. REUTERS/Ina Fassbender/File Photo 2/4   Organic bananas are pictured in an organic supermarket in Berlin, January 31, 2013. Picture taken January 31. REUTERS/Fabrizio Bensch/File Photo 3/4   An employee of an organic supermarket poses for the photographer with an egg from an organic farm in Berlin February 25, 2013. REUTERS/Fabrizio Bensch/File Photo 4/4 By Michael Nienaber - BERLIN BERLIN German consumer inflation eased more than expected in May to fall well below the European Central Bank''s 2 percent target, data showed on Tuesday, taking some pressure off the ECB to wind down its monetary stimulus in the near term. Spain also reported easing inflation. Together, the two suggest that May euro zone inflation to be reported on Wednesday will fall to at least the 1.5 percent predicted in Reuters polls from the previous month''s 1.9 percent. For Germany, the surprisingly weak figures suggested that price pressures remain relatively modest despite a continued upswing, booming labour market and the ECB''s loose monetary policy. With euro zone growth on its best run since the bloc''s crisis took hold a decade ago, pressure from Germany and other countries has been mounting on the ECB to start planning an exit from its policy of aggressive bond purchases and sub-zero rates. However, ECB President Mario Draghi said on Monday that euro zone growth may be improving but inflation remained subdued and still required substantial stimulus, tempering expectations for the central bank''s June 8 policy meeting. Euro zone inflation moves closely track those of Germany, its biggest contributor. German consumer prices, harmonised to compare with other European countries (HICP), rose by 1.4 percent on the year in May after inflation accelerated to 2.0 percent in the previous month, the Federal Statistics Office said. The reading was the lowest since November and came in below the Reuters consensus forecast of 1.6 percent. The German data followed Spanish figures that consumer prices rose by 2.0 percent on the year, their slowest rate since December. A breakdown of German non-harmonised data showed energy costs rose less sharply in May compared with the previous month given the fall in oil prices while food price inflation increased. Services inflation also slowed, reflecting cheaper prices for leisure and package holidays as special factors related to the Easter holidays in April were reversed in May. "The May drop in German headline inflation should be another reminder that the current cyclical upswing in the euro zone takes place without inflationary pressure," ING Bank economist Carsten Brzeski said, adding the data should take further pressure off the ECB to wind down its monetary stimulus. "If even an economy which has just entered its ninth year of economic expansion and which has record high employment does not show any inflationary pressures, how could the euro zone as a whole do so any time soon?", Brzeski added. The German government has said it expected the national inflation index to jump to 1.8 percent in 2017 after 0.5 percent in the previous year. It predicts price pressures to slow again to 1.6 percent in 2018, well below the official ECB target. (Reporting by Michael Nienaber; Editing by Paul Carrel/Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-inflation-idUKKBN18Q19M'|'2017-05-30T21:04:00.000+03:00'
'580decf5c86d55dd4af1512c75eb653d0e0a685e'|'Euro slips on Greece bailout, Italian vote concerns; stocks drift'|'Top News - Tue May 30, 2017 - 5:13pm BST Oil slides, political worries weigh on sentiment By Herbert Lash - NEW YORK NEW YORK Oil prices slid on Tuesday on concerns of a persistent global supply glut while U.S. and European political worries combined to subdue investor sentiment and weaken equity markets around the world. The dollar fell against most currencies, weighed by a drop in U.S. Treasury yields after U.S. inflation data reinforced the notion that the Federal Reserve will only raise interest rates one more time in 2017. Shares on Wall Street, in addition to Germany''s DAX index .GDAXI and Britain''s FTSE .FTSE , are trading near record highs, which is keeping stocks from moving higher as political uncertainty picks up on both sides of the Atlantic. Shan Osborne, chief FX strategist at Scotia in Toronto, said there is a whiff of risk aversion about the equity markets in Japan, Europe and on Wall Street fell. Markets in China and Hong Kong were closed for holidays. U.S. President Donald Trump is considering wider staff changes amid growing political fallout over U.S. probes into Russia and his presidential campaign. A senior aide to Trump resigned on Tuesday. "The uneasiness created by the political situation just continues to leave the market troubled over where this is all headed," said Rick Meckler, president of hedge fund LibertyView Capital Management LLC in Jersey City, New Jersey. Continued low interest rates and reasonably good earnings are positive, but for investors to commit new money there need to be some changes, such as tax proposals and healthcare, the Trump administration had promised, Meckler said. "They do seem just really bogged down in political battles," he said. On Wall Street, the Dow Jones Industrial Average .DJI fell 36.22 points, or 0.17 percent, to 21,044.06. The S&P 500 .SPX lost 2.84 points, or 0.12 percent, to 2,412.98 and the Nasdaq Composite .IXIC dropped 3.84 points, or 0.06 percent, to 6,206.35. In Europe, the pan-regional FTSEurofirst 300 index .FTEU3 of leading shares fell 0.23 percent to close at a provisional 1,533.49. MSCI''s gauge of stocks across the globe .MIWD PUS shed 0.08 percent. Signs that elections in Italy may come as early as September weighed on stocks and initially on the euro. British blue chips fell slightly less than two weeks before a general election that will shape talks for the country''s exit from the European Union. The dollar index was down 0.18 percent at 97.271 .DXY, with the euro EUR= was up 0.2 percent at $1.1186. Against the safe-haven yen JPY= , the dollar dropped 0.4 percent to 110.79 yen. Tuesday''s U.S. economic data, while mixed, still backed the expectation that the Fed will raise interest rates next month, analysts said. Benchmark Brent crude LCOc1 dropped to a low of $51.19 before recovering ground to trade down 86 cents at $51.44. The Organization of the Petroleum Exporting Countries and other oil producers, including Russia, agreed last week to keep a tight rein on supply until the end of the first quarter of 2018, nine months longer than originally planned. "The oil market remains on the back foot," said Stephen Brennock, analyst at London brokerage PVM Oil Associates. Benchmark 10-year Treasuries were last up 7/32 in price to yield 2.2237 percent. (Reporting by Herbert Lash; Editing by Nick Zieminski) Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 25, 2017. REUTERS/Brendan McDermid '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN18Q023'|'2017-05-30T09:07:00.000+03:00'
'00d64894c48ec15dfa28da84a5a9083599e6d3f7'|'Britain''s Heathrow airport says expects more delays and cancellations of BA flights'|'Market News - Sun May 28, 2017 - 4:18am EDT Britain''s Heathrow airport says expects more delays and cancellations of BA flights LONDON May 28 London''s Heathrow Airport said it expected further delays and cancellations of British Airways flights on Sunday and told passengers not to travel to the airport unless they were rebooked on other flights. BA resumed some flights from Britain''s two biggest airports on Sunday after a global computer system failure sowed chaos, grounding planes and leaving thousands of passengers queuing for hours. "Following a worldwide British Airways'' IT system issue yesterday, delays and cancellations of British Airways flights are expected today," Heathrow said in a statement on Sunday. "All passengers whose flights were cancelled yesterday should not travel to the airport today unless they have already rebooked onto another flight," the airport said. (Reporting by Guy Faulconbridge, Editing by Kylie MacLellan) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-airports-heathrow-idUSL9N1HZ012'|'2017-05-28T16:18:00.000+03:00'
'bd82cb0c552549a47a59262baf7710c786db8935'|'Mother of Uber CEO killed in boating accident -newspaper - Reuters'|'May 27 The mother of ride-hailing firm Uber''s chief executive has died in a boating accident near Fresno, California on Friday, the Fresno Bee reported on Saturday.Bonnie Kalanick, 71, mother of CEO Travis Kalanick, was with her husband, Donald Kalanick when their boat struck a rock and sank, the paper reported law enforcement authorities as saying.The CEO''s father Donald Kalanick was being treated at an area hospital for what was described as moderate injuries.The Fresno County Sheriff''s Office said there was a deadly boating accident on Pine Flat Lake and did not identify the victims by name but said they were a married couple in their early 70s.Uber officials were not immediately available for comment.The Fresno Bee Quote: d an Uber spokesperson as saying in a statement: "Last night, Travis and his family suffered an unspeakable tragedy.""His mother passed away in a devastating boating accident near Fresno and his father is in serious condition. Our thoughts and prayers are with Travis and his family in this heartbreaking time," the statement said. (Reporting by Jon Herskovitz; Editing by Marguerita Choy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/uber-mother-idINL1N1IT0HB'|'2017-05-27T20:29:00.000+03:00'
'a3d24a99f81ba289ccbb7aadc6a364e40ddf3063'|'Russia completes first flight of new MS-21 passenger plane'|'  1:39pm BST Russia completes first flight of new MS-21 passenger plane MOSCOW Russia on Sunday completed the first flight of its new MS-21 medium-range passenger plane, state-controlled United Aircraft Corporation ( UNAC.MM ) said in a statement. Russia has said the MS-21, its first post-Soviet mainline passenger plane, is superior to its Western-made counterparts will be sold to both Russian and foreign carriers. (Reporting by Gleb Stolyarov; Writing by Jack Stubbs; Editing by Alison Williams)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-airplane-idUKKBN18O0DN'|'2017-05-28T20:39:00.000+03:00'
'7a52001e28794a1072be80e911cb03a98bac8830'|'Curtain call: Netflix still gets booed at Cannes'|'THE rise of Netflix has been greeted frostily by some of the old guard at the Cannes film festival, where the American streaming giant<6E>s disregard for releasing films in cinemas wins it few friends. It looked a bit more at home on May 21st, as the lights went up at the Louis Lumi<6D>re theatre. The stars of its own film, <20>The Meyerowitz Stories (New and Selected)<29>, a comedy drama, accepted a standing ovation from the audience. Ted Sarandos, Netflix<69>s head of content, stood alongside Dustin Hoffman, Ben Stiller and other cast members. Festival-goers jostled for a word with him at a swanky after-party.This is the first year that Netflix has been admitted into the festival<61>s competition, with two films, <20>The Meyerowitz Stories<65> and <20>Okja<6A>, directed by Bong Joon-ho of South Korea. Still, cries of protest from French film-industry executives prompted Thierry Fr<46>maux, the festival director, to declare that, in future, only films guaranteed a theatrical release in France can qualify for the top Palme d<>Or prize. Pedro Almod<6F>var, a film director and president of the jury, groused that he could not imagine a winner that could be seen only on small screens. During a press screening of <20>Okja<6A>, Netflix<69>s logo was met by a smattering of boos. 20 The controversy turns, appropriately enough for the French, on an existential question: if a film is never shown in cinemas, is it still a film? Netflix<69>s run at Cannes this year suggests that the majority of film types, at least, answer with a resounding <20>yes<65>. Independent film financiers, producers, directors and actors, including local ones, regard Mr Sarandos as, in effect, a Hollywood studio chief<65>but one who stakes big money on independent film.Therein lies the rub. In this age of Marvel superhero sequels and Harry Potter spin-offs, indie films struggle for customers. The median return on a low-budget film at the American box office is 45 cents on the dollar. With 100m subscribers globally, Netflix uses different maths to justify investments, including whether a film works for a specific segment of customers. And it has a lot of cash. Netflix will spend more than $7bn on content this year.Critics lament that no one will see Netflix<69>s films in a cinema. (Amazon, its big rival in streaming video, has decided to support cinema-first distribution; and Netflix itself does occasionally put films in cinemas in a few countries.) The criticism is especially political in France, the birthplace of film. Whereas Netflix has a business model that can finance less commercial, arty films, France<63>s government heavily subsidises such production. It imposes a <20>culture tax<61> on cinemas and broadcasters and also obliges TV networks to invest in film-making. Another part of the system is a three-year delay between a film<6C>s release in theatres and its availability over internet services, which protects cinemas and physical-media formats.That delay was the sticking-point between Netflix and Cannes. Mr Sarandos says Netflix tried and failed to obtain a waiver so that its festival entries could appear in cinemas briefly. No matter. Despite Mr Fr<46>maux<75>s ruling, Mr Sarandos expects to be back competing at Cannes. It will be hard for the festival<61>s film buffs to keep resisting Mr Stiller<65>s argument: that while he wants to see movies in cinemas, <20>studios aren<65>t making the movies Ted<65>s making.<2E> "Curtain call"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21722702-some-france-bristle-video-streaming-companys-disregard-cinemas-netflix-still-gets?fsrc=rss%7Cbus'|'2017-05-27T08:00:00.000+03:00'
'd7b8244f0012e3c65308ee221c395c587222c3b1'|'Reliance Communications hit by Indian mobile price war - Reuters'|'MUMBAI Indian mobile phone network operator Reliance Communications Ltd ( RLCM.NS ) posted its second straight quarterly loss on Saturday, hit by the price war which has broken out in the world''s second-biggest mobile market by number of users.The launch last year of rival Reliance Industries'' ( RELI.NS ) new Jio 4G broadband service with free voice and data services has forced other networks to come up with cheaper plans of their own, squeezing margins and in some cases dragging down sales, with bigger rivals Bharti Airtel( BRTI.NS ), Idea Cellular ( IDEA.NS ) and Vodafone India ( VOD.L ) also suffering from the cut-price competition.Reliance Communications, controlled by billionaire Anil Ambani, said on Saturday it made a consolidated net loss of 9.66 billion rupees ($149.8 million) for its fiscal fourth quarter to March 31, compared with a 900 million rupees net profit in the same period a year earlier.Four analysts had, on average, expected Reliance Communications to report a loss of 7.48 billion rupees, according to data compiled by Thomson Reuters.Revenue from operations fell about 24 percent from a year earlier to 43.12 billion rupees.Its heavy debt load - 428 billion rupees of net debt as on Dec. 31 - has also weighed on the performance of Reliance Communications, which is the most leveraged among listed Indian telecommunication carriers.The latest debt figure as of end-March was not immediately available. But finance costs rose 24.3 percent from a year earlier to 9.83 billion rupees, the company said.Worries over its debt-servicing ability hit its shares and bonds this week.To strengthen the business Reliance Communications is merging its wireless business with rival Aircel, and is also selling a 51 percent stake in its radio masts business to Canada''s Brookfield Infrastructure Group for 100 billion rupees ($1.54 billion).The company expects its debt to fall by about 250 billion rupees this financial year after the completion of the deals, it said in Saturday''s statement.($1 = 64.5050 Indian rupees)(Reporting by Sankalp Phartiyal; Editing by Devidutta Tripathy, Greg Mahlich)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-rcom-results-idUSKBN18N0TK'|'2017-05-27T21:59:00.000+03:00'
'b91b2667c7aac36947ee684cb7947db0a3aa41df'|'Is hirsute Bob hoping to shrug off the Atlas Mara fiasco?'|'C ity types have often debated whether Bob Diamond<6E>s impressively dark locks would retain their hue should he be caught in a heavy rain shower. But, as a City figure, Bob the Banker has been remarkably enduring.He is back in action this week with the annual general meeting of Atlas Mara, the London-listed African investment vehicle he founded after being ousted from Barclays in 2012 over the Libor rate-rigging scandal <20> which has proved a total disaster.Its shares have steadily fallen from more than $12 to around $2.50 now, and Diamond had to step in as chairman after the departure of Arnold Ekpe. John Vitalo, who worked for Diamond when he ran Barclays , also abruptly left Atlas Mara in February and has yet to be replaced.Anyway, that makes Diamond the main draw at Wednesday<61>s meeting <20> to be held in New York <20> when investors will obviously want to know when the company plans to sort this mess out, as well as (possibly) asking: <20>What is that thing Bob the Banker has brought with him?<3F>Diamond has been spotted around the Square Mile of late sporting a Paul Hollywood-style grey goatee beard which, apart from failing to quite match his coiffure, keeps distracting those in meetings from a) maintaining eye contact and b) important matters at hand. Maybe that<61>s the point.Big data week There won<6F>t be much going on in the corporate world this week, and the Financial Conduct Authority<74>s diary for the next seven days looks a tad sparse, too. (<28>There are no publications or announcements for the operational note this week,<2C> it reads.)But if you like economic statistics (and who doesn<73>t?) there<72>s a packed fixture list. On Thursday, it<69>s UK manufacturing PMI figures, which <20>will provide a further pointer on whether the UK<55>s export-focused manufacturers continue to benefit from past, post-Brexit vote, falls in the pound<6E>, Investec reckons. There<72>s also the GfK consumer confidence survey for May, providing the latest look at how perky the British punter is feeling <20> what with inflation starting to outpace wage rises.Obviously, all that has an inevitable Brexit angle, but that may also be true for the big US economic data announcement of the week. The non-farm payrolls (a measure of the number of people in employment, excluding a few sectors such as agriculture) are out just after supposed comments from President Trump about Brexit costing US jobs. That would seemingly be a U-turn, you<6F>ll be astonished to learn.Doing the sums As the political parties concentrate on the final full week of campaigning, currency traders will be punting on what the election means for the pound.One explanation given for dips in sterling<6E>s value against the dollar last week was traders getting spooked by a Labour boost in the polls. As a rule, City traders tend not to view a potential Labour government with much enthusiasm.Still, to be fair to them, traders<72> lives tend to work out slightly less disastrously if they can view everything as a binary choice (lager chaser or another sambuca?), which is why there may be some concern for how they<65>ll play the currency markets this week, following Friday<61>s assessment by the Institute for Fiscal Studies.The thinktank reckons neither of the two main parties <20>has set out an honest set of choices<65>, with the Tory focus on cutting immigration risking a <20>6bn hit to the exchequer, while continued austerity could prove impossible to deliver without causing serious damage to services.Meanwhile, the IFS said that Labour<75>s proposals would raise taxes to record levels for peacetime, while the party<74>s plans for taxing the rich may <20>not raise anything like<6B> the expected <20>48.6bn and could be <20>economically damaging<6E>. Developing.Topics Bob Diamond Observer business agenda Barclays Banking Economics comment '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/may/28/bob-diamond-atlas-mara-beard-agm'|'2017-05-28T03:00:00.000+03:00'
'ac78e7b8c7ffce2727851a60d15ba128c6fed61b'|'U.S. consumer spending rises; monthly inflation rebounds'|'Central Banks - Tue May 30, 2017 - 1:32pm BST U.S. consumer spending rises; monthly inflation rebounds People walk with shopping bags in Manhattan, New York City, U.S. December 27, 2016. REUTERS/Andrew Kelly WASHINGTON U.S. consumer spending recorded its biggest increase in four months in April and monthly inflation rebounded, pointing to firming domestic demand early in the second quarter that could allow the Federal Reserve to raise interest rates next month. The Commerce Department said on Tuesday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.4 percent last month after an upwardly revised 0.3 percent gain in March. April''s increase was the biggest since December and could ease concerns about second-quarter economic growth after weak reports on core capital goods orders, the goods trade deficit and inventory investment in April. Last month''s increase was in line with economists'' expectations. Consumer spending was previously reported to have been unchanged in March. When adjusted for inflation, consumer spending rose 0.2 percent last month after advancing 0.5 percent in March. Consumer spending grew at its slowest pace in more than seven years in the first quarter. That helped to restrict gross domestic product growth to a 1.2 percent annual rate in the first three months of the year. GDP growth estimates for the second quarter range between a rate of 2 percent and 3 percent. Minutes of the Fed''s May 2-3 policy meeting, which were published last week, showed that while policymakers agreed they should hold off hiking rates until there was evidence the growth slowdown was transitory, "most participants" believed "it would soon be appropriate" to raise borrowing costs. The U.S. central bank hiked rates by 25 basis points in March. Expectations of further policy tightening next month are also supported by steadily rising inflation. The personal consumption expenditures (PCE) price index rebounded 0.2 percent in April, reversing March''s 0.2 percent drop. In the 12 months through April, the PCE price index increased 1.7 percent after rising 1.9 percent in March. Excluding food and energy, the so-called core PCE price index also bounced back 0.2 percent after dipping 0.1 percent in March. In the 12 months through April, the core PCE price index increased 1.5 percent after rising 1.6 percent in March. The core PCE is the Fed''s preferred inflation measure. The central bank has a 2 percent target. Personal income rose 0.4 percent last month after gaining 0.2 percent in March. Income at the disposal of households after accounting for inflation advanced 0.2 percent. Savings were little changed at $759.1 billion last month. (Reporting by Lucia Mutikani; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-economy-spending-idUKKBN18Q1B8'|'2017-05-30T20:32:00.000+03:00'
'dbeda8c8f2e0550c952a75f29eaf512e9e194db2'|'Countries that violate EU rule of law standards could lose funds - German proposal'|'Top News  39pm BST Countries that violate EU rule of law standards could lose funds - German proposal A woman walks past the European flag outside the EU Commission headquarters in Brussels, Belgium March 1, 2017. REUTERS/Yves Herman BERLIN Member states that fail to meet the European Union''s standards on the rule of law could lose access to some of the bloc''s funding, under German government proposals for the reform of the cohesion fund system seen by   seven-page document suggests that cohesion fund payments could be blocked if a member state''s rule of law standards have been criticised by the European Commission. Hungary and Poland, both recipients of large amounts of EU cohesion fund support, have repeatedly faced such criticism. "It should be investigated whether the receipt of EU cohesion funds could be linked to adherence to fundamental rule of law principles," the report said. (Reporting by Andreas Rinke; Writing by Thomas Escritt; Editing by Alison Williams)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-eu-cohesion-funds-idUKKBN18Q28J'|'2017-05-31T02:39:00.000+03:00'
'4e46afa70becaf2cb1e5a8dd1c0c3598ab1ba9d5'|'Cevian Capital buys 5.6 percent stake in Ericsson'|'Technology News  15pm EDT Cevian Capital buys more than 5 percent of Sweden''s Ericsson Ericsson''s employees stand inside their booth at Mobile World Congress in Barcelona, Spain, February 27, 2017. REUTERS/Eric Gaillard By Johannes Hellstrom - STOCKHOLM STOCKHOLM Activist investor Cevian Capital has bought a more than 5 percent stake in Sweden''s Ericsson and said it sees significant potential in the struggling mobile telecom equipment maker. Ericsson shares have fallen close to 40 percent in the past two years as the firm has been hit by a drop in spending by telecoms firms - with demand for next-generation 5G technology still years away - and weak emerging markets. The firm, which reported an operating loss of 12.3 billion crowns ($1.41 billion) in the first quarter, also faces mounting competition from China''s Huawei and Finland''s Nokia. Borje Ekholm, a Swedish business insider and veteran board member, took over as Ericsson''s CEO last October after a series of weak years. "We see a significant potential in the company," Cevian managing partner Christer Gardell told Reuters. "It<49>s about hard work ahead. We support the main thrust of the plan that Borje has presented for the company, meaning an increased focus on the core business." Ekholm wants to focus the business on lucrative core networks while restoring profitability in its IT & Cloud unit. It is also exploring partnerships or a sale of all or part of its media unit. "But plans are not enough to bring success, it is how the plans are implemented. And implementation has not been Ericsson<6F>s strength as of late," Gardell said. Gardell also said he would join Ericsson''s nomination committee. Ericsson<6F>s U.S-listed depository receipts turned positive after the news and were up 1.9 percent by 1748 GMT. Cevian, founded by Swedes Gardell and Lars Forberg, owns 168 million Ericsson B-shares, 5.6 percent of the B-shares outstanding, according to the filing from the U.S. Securities and Exchange Commission. The filing also showed Cevian owns 113,510 A-shares in Ericsson, meaning it owns just over 5 percent of Ericsson''s total share capital, based on 3.33 billion outstanding Ericsson shares. The activist investor holds large stakes in companies such as Swiss power transmission and industrial automation firm ABB, Swedish truck maker Volvo and German industrial group Thyssenkrupp. Business Daily Dagens Industri, citing an unnamed source, said last week that Gardell had met Ericsson Chairman Leif Johansson, and added the reason was that Cevian was eyeing the firm. (This version of the story fixes typo in paragraph 9) (Additional reporting by Johan Ahlander; Editing by Adrian Croft)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-ericsson-cevian-idUSKBN18Q1YH'|'2017-05-30T20:07:00.000+03:00'
'1ba3b5afa24fdfbb9d39878a342b6fc7ea8dbedd'|'Sensex pauses after record-setting run'|'Indian shares rose for a fourth straight session to hit record closing highs, as Aurobindo Pharma jumped after saying it would not be too impacted by price erosion in the U.S. market, and sentiment was boosted by the arrival of monsoon rains.The broader Nifty closed 0.2 percent higher at 9,624.55, while the benchmark Sensex rose 0.16 percent at 31,159.40.Aurobindo Pharma ended 13.3 percent higher. '|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/india-sensex-nifty-stock-markets-idINKBN18Q0H9'|'2017-05-30T04:49:00.000+03:00'
'd738384225bd1dfefef0a8256144b9c073654a8d'|'British Airways battles third day of disruption, image blow after IT meltdown'|'By Alistair Smout - LONDON LONDON British Airways (BA) said it would take steps to ensure there was no repeat of a computer system failure that stranded 75,000 passengers over a holiday weekend and turned into a public relations disaster.BA had been forced to cancel all its flights from Heathrow, Europe''s busiest airport, and Gatwick on Saturday after a power supply problem disrupted its operations worldwide and also hit its call centers and website.The airline was returning to normal on Monday, planning to run more than 95 percent of flights from London Heathrow and Gatwick, with only a handful of short-haul flights canceled.BA Chief Executive Alex Cruz said the root of the problem, which also affected passengers trying to fly into Britain, had been a power surge on Saturday morning which hit BA''s flight, baggage and communication systems. It was so strong it also rendered the back-up systems ineffective, he said."Once the disruption is over, we will carry out an exhaustive investigation into what caused this incident, and take measures to ensure it never happens again," Cruz said.Over the weekend, some stranded passengers curled up under blankets on the floor or slumped on luggage trolleys, images that played prominently online and in newspapers."Apologizes all well and good but not enough. BA has lost another loyal customer #disgraceful," tweeted Tom Callway, who had been due to fly to Budapest.The company was left counting the cost of the disruption, both in terms of a one-off impact to its profit and the longer term damage to its reputation.Spanish-listed shares of parent company IAG, which also owns carriers Iberia, Aer Lingus and Vueling, dropped 2.8 percent on Monday after the outage. The London-listed shares did not trade because of a public holiday.Flight compensation website Flightright.com said that with around 800 flights canceled at Gatwick and Heathrow on Saturday and Sunday, BA was looking at having to pay around 61 million euros ($68 million) in compensation under EU rules. That does not include the cost of reimbursing customers for hotel stays.BA would fully honor its compensation obligations, Cruz said. Of the 75,000 passengers who missed out on flights, around two-thirds would have been flown to their destinations by the end of Monday, he added.COST CUTTINGBA has been cutting costs to respond to competition on short-haul routes from Ryanair and easyJet and recently faced criticism for starting to charge passengers for their in-flight snacks.Ireland''s Ryanair was quick to seize on the marketing opportunity, tweeting "Should have flown Ryanair" with a picture of the ''Computer says no'' sketch from the TV series "Little Britain" to poke fun at BA.Ryanair said it had seen a spike in bookings over the weekend but gave no further details.The GMB union said that BA''s IT systems had shortcomings after they made a number of staff redundant and shifted their work to India in 2016."This could have all been avoided. BA in 2016 made hundreds of dedicated and loyal IT staff redundant and outsourced the work to India," Mick Rix, GMB National Officer for Aviation, said.Cruz rejected the union criticism."They''ve all been local issues around a local data center, which has been managed and fixed by local resources," he told Sky News.Several passengers complained about a lack of information from BA staff at the airport. Others said their luggage had been lost.The airline said it was working to get reunite passengers with their luggage after many items were left at Heathrow over the weekend, although staff on Twitter warned this "could take some time".While other airlines have been hit by computer problems, the scale and length of BA''s troubles were unusual.Delta Air Lines Inc canceled thousands of flights and delayed many others last August after an outage hit its computer systems.Last month, Germany''s Lufthansa and Air France suffered a global system outage which briefly prevented them fro
'879736a5a3c5e430d9c20df881d927e1d26c4b73'|'CEE MARKETS-Romanian stocks touch 9-year high despite budget worry'|'* Bucharest stock index reaches highest level since Jan 2008 * Romanian committees to discuss wage hike bill * CEE markets are rangebound with UK and U.S. closed By Sandor Peto and Luiza Ilie BUDAPEST/BUCHAREST, May 29 Bucharest stocks touched a new nine-year high on Monday, buoyed by healthy first-quarter company earnings, despite concerns that wage hikes and tax cuts will exacerbate Romania''s budget deficit. Other central European stock indices and currencies were treading water amid a lack of major domestic news and due to bank holidays in the United Kingdom and the United States. Bucharest''s main index was flat at 0839 GMT, a bit off its morning peak which was also its highest level since early 2008. Committees in the Romanian parliament''s lower house are due to discuss on Monday a bill to lift public sector wages further, which parliament is expected to pass before its summer recess starts next month. The debate about the bill, "its implementation, timing and the budget impact, should be closely monitored," Bucharest-based ING analysts said in a note. Romania has led a surge in wages in the region as employers including governments fight an exodus of young skilled workers to richer, Western European Union (EU) members. January-April budget data have shown a surplus, but the EU, the International Monetary Fund and the local fiscal council came out last week to express concern that the government''s policies will lead to a wide deficit. Finance Minister Viorel Stefan told Reuters in an interview late on Friday that the government would press ahead with tax cuts next year as the economy could continue to grow at a robust rate of over 5 percent this year. Growth in the EU''s eastern members has generally picked up in the first quarter, but central bankers have not appeared worried over inflation so far. Regional stock indices are trading near multi-year highs. Its main currencies are also trading near multi-month or multi-year highs, except for the leu which has been underperforming due to the concerns over the Romanian budget. May Purchasing Managers'' Index (PMI) figures due on Thursday are expected to confirm robust growth in the region but may not boost regional currencies much more. "Current strong CE FX rates (with CE currencies among the strongest emerging market currencies in recent weeks, partially supported by the ongoing EUR strength) already mirror the economic improvements visible over the past months," said Raiffeisen analyst Wolfgang Ernst in a note. Regional currencies were mixed, with the zloty firming slightly against the euro, while the Czech crown , the forint and the leu shed about 0.1 percent. CEE MARKETS SNAPSH AT 1039 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.480 26.454 -0.10% 1.99% 0 5 Hungary 307.50 307.41 -0.03% 0.43% forint 00 00 Polish zloty 4.1820 4.1828 +0.02 5.31% % Romanian leu 4.5625 4.5604 -0.05% -0.60% Croatian kuna 7.4190 7.4235 +0.06 1.83% % Serbian dinar 122.59 122.69 +0.08 0.62% 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1013.9 1016.2 -0.22% +10.0 9 4 2% Budapest 34214. 34358. -0.42% +6.91 22 93 % Warsaw 2327.1 2326.2 +0.04 +19.4 3 8 % 7% Bucharest 8650.2 8647.4 +0.03 +22.0 7 9 % 9% Ljubljana 783.11 789.05 -0.75% +9.13 % Zagreb 1862.7 1862.0 +0.04 -6.62% 9 7 % Belgrade 717.62 717.82 -0.03% +0.03 % Sofia 658.74 659.50 -0.12% +12.3 3% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.164 0.018 +053b +2bps ps 5-year -0.057 0.028 +034b +4bps ps 10-year 0.736 -0.023 +041b -2bps ps Poland 2-year 1.924 0.003 +261b +1bps ps 5-year 2.71 0.007 +311b +2bps ps 10-year 3.292 0.002 +296b +1bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.36 0.43 0.51 0 IBOR=> Hungary <BU 0.19 0.23 0.29 0.15 BOR=> Poland <WI 1.753 1.774 1.812 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'r
'37b6e8d45ef6444e4ccee7ed830d1fe8a11da210'|'Election rules hit Bank''s recruitment as monetary policy committee shrinks - Business'|'The Bank of England<6E>s rate-setting team could be reduced to seven members for the first time in nearly 11 years as election <20>purdah<61> rules will delay appointments until at least next month.The Bank<6E>s monetary policy committee (MPC) has eight members from the usual nine after deputy governor Charlotte Hogg was forced to resign in March for failing to declare her brother works for Barclays .External MPC member Kristin Forbes is also due to step down in June, while chief economist Andrew Haldane<6E>s term ends next week.The Treasury has put recruiting on hold as it is unable to make appointments during so-called purdah rules on government announcements during the election period.While it is expected that Haldane will continue in his post until his re-appointment can be confirmed, the delay to replacements for Hogg and Forbes could result in the fewest number of individuals voting on rates since 2006.The MPC has not been down to seven members since July and August 2006 after the unexpected loss of David Walton, who voted in June 2006 and died later that month. It<49>s next meeting to discuss rates and release quarterly inflation report is on 3 August.Hogg quit two weeks after she took up MPC role after a scathing report by MPs on the Treasury select committee found her <20>professional competence falls short<72> of the standards required for the role.Her omission about her brother<65>s role meant she fell foul of the code of conduct rules she helped to draw up at the Bank.Hogg acted as deputy governor on top of her role as chief operating officer, but the role will now be split.Economists will watch closely for news of the replacement for Forbes, who has been the sole <20>hawk<77> voting for a rate rise for the past two decisions.Forbes has called for a rise from 0.25% to 0.5% amid fears over surging inflation, but a recent slowdown in growth is unlikely to convince fellow MPC members.Experts believe rates will remain on hold until 2019, with the latest official estimate showing growth was even slower than first thought at the start of 2017, at 0.2%.Investec economist Philip Shaw said while the departure of Forbes will leave the MPC without a hawk, it is unlikely to change the outlook for rates.He said: <20>To our minds, the direction of the economy is pretty clear at the moment.<2E>I<EFBFBD>m not sure whether the decision-making process will be sensitive to specifics of one or two new members.<2E>Topics Bank of England Interest rates Economics news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/28/election-rules-hit-banks-recruitment-as-monetary-policy-committee-shrinks'|'2017-05-28T23:43:00.000+03:00'
'c0109d06467f7f0e4a456e04532ed58786abfcf9'|'MIDEAST STOCKS - Factors to watch - May 28'|'DUBAI May 28 Here are some factors that may affect Middle East stock markets on Sunday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Oil prices rebound; dollar firms as sterling drops* MIDEAST STOCKS-Qatar''s Ezdan tumbles on delisting approval, Saudi set back by oil* Oil rebounds but ends week lower as OPEC cuts disappoint* PRECIOUS-Gold hits highest since May 1 on political uncertainty* EMERGING MARKETS-Brazil markets up as traders bet reforms still afoot* Egypt launches air raids in Libya after Christians killed* Egypt launches second day of Libyan air strikes after attack on Christians* ANALYSIS-OPEC ponders how to co-exist with U.S. shale oil* OPEC, non-OPEC extend oil output cut by 9 months to fight glut* In blow to Trump, U.S. appeals court refuses to reinstate travel ban* Iran''s Khamenei says Saudis will fall, Rouhani calls for better ties* Turkish security forces kill 29 Kurdish militants in clashes -governor''s office* Turkish economic confidence index rises 1.1 percent in May - stats institute* Air strikes in east Syria kill more than 100 - Observatory* Fierce clashes break out in Libyan capital Tripoli* G7 leaders divided on climate change, closer on trade issues* Erdogan says EU presented Turkey with new 12-month diplomatic timetable* Putin and Erdogan want deeper strategic partnership - KremlinEGYPT* Egypt launches second day of Libyan air strikes after attack on Christians* Telecom Egypt to offer 2G, 3G mobile services via Etisalat Misr* Egypt blocks 21 websites for "terrorism" and "fake news"* Average yields rise on Egyptian six-month and one-year T-billsSAUDI ARABIA* Saudi Aramco to spend $18 bln on growth in the Americas -Motiva* U.S. lawmakers to fight massive Trump Saudi arms deal* Hezbollah says Saudi on path to more bloodshed in Iran struggle* Saudi Telecom''s $500 mln tech fund expects first deal by Q4* Zain Saudi appoints financial advisor for equity solutions* BUZZ-Saudi crude exports set to drop to 8-month low -traders* BRIEF-Saudi Marketing Company renews 172.2 mln riyals credit facility agreementUNITED ARAB EMIRATES* BRIEF-Moody''s changes rating outlook on UAE to stable from negative; affirms Aa2 issuer rating* BRIEF-DP World in talks to acquire stake in Russian ports operator - FT, citing sources* UAE says oil agreement will help to balance market - agency* OMV, ADNOC agree to explore opportunities for cooperation* BRIEF-Dana Gas board approves additional limited drilling activities after collections from EgyptQATAR* Iran''s Rouhani calls for better Gulf ties in call with Qatar Emir* TABLE-Qatar''s April trade surplus more than doubled* Moody''s downgrades Qatar''s credit rating by one notch* Kuwaiti envoy meets Qatar''s emir amid Gulf dispute* Qatar seeks to smooth ties with Gulf states after spat over "fake" criticism* BUZZ-Qatar''s Ezdan shares tumble on shareholders'' approval to de-listKUWAIT* BRIEF-Moody''s changes outlook on Government of Kuwait''s Aa2 rating to stable from negative; affirms rating* Kuwait to restart some units at Mina Abdulla refinery in June after maintenance* Kuwait''s Agility to pay $95 mln to settle U.S. civil case* BRIEF-Noor Financial Investment clarifies media report on divesting stake in Pakistan''s Meezan BankOMAN* BRIEF-Eni pens MoU with Oman for oil and gas cooperation (Compiled by Dubai Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL8N1IT0O4'|'2017-05-28T01:22:00.000+03:00'
'd2034c36e887d563349b3dbe71f40fff42f93c76'|'U.S.-based stock funds post $10 bln in withdrawals -Lipper'|'Funds News   5:15pm EDT U.S.-based stock funds post $10 bln in withdrawals -Lipper NEW YORK May 25 Investors pulled $10.1 billion from U.S.-based stock funds during the latest week, Lipper data showed on Thursday, offering little support to an equity market that continues to chart record highs. Taxable bonds attracted $2.4 billion during the same period, the research service''s data showed. (Reporting by Trevor Hunnicutt; Editing by Chris Reese)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/investment-mutualfunds-lipper-idUSN9N1F9001'|'2017-05-26T05:15:00.000+03:00'
'8e7c41a44bee494d9127ea24ca1d08914731f719'|'UPDATE 1-UK Stocks-Factors to watch on May 26'|'London Market Report   2:54am EDT UPDATE 1-UK Stocks-Factors to watch on May 26 (Adds futures, company news) May 26 Britain''s FTSE 100 index futures were up 0.03 percent on Friday ahead of the cash market open. * BARCLAYS: Britain''s Serious Fraud Office said on Thursday Barclays and its former senior bankers will not know until around mid-June whether they face criminal charges over a 2008 emergency fundraising from Qatar. * ACACIA: Barrick Gold said on Thursday that two mines at its majority-held Acacia Mining, which account for some 6 percent of Barrick''s 2017 production guidance, are impacted by Tanzania''s current concentrate export ban. * BRITAIN CONSUMERS: The rise in inflation in Britain after the Brexit vote has made households the most downbeat about their finances in more than two years, and the giant services sector is also feeling the impact, surveys showed on Friday. * BREXIT: The European Union will next month demand Britain agree to pay a fixed percentage of the EU''s outstanding obligations on the day it leaves the bloc, in defiance of a British rejection of that logic as "preposterous". * OIL: Oil extended falls on Friday after tumbling in the previous session when OPEC and allied producers extended output cuts but disappointed investors betting on longer or larger supply curbs. Brent crude oil were at $51.22 per barrel at 0502 GMT, down 25 cents or 0.52 percent. * The UK blue chip index ended up 0.04 percent on Thursday, shy of a record high hit last week, as weakness among commodity stocks was more than offset by stronger financials and consumer stocks. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Restaurant Group Plc Trading Statement Interek Group Plc Trading Statement TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1IS28H'|'2017-05-26T14:54:00.000+03:00'
'4109a019d82e2a890c44ddde7fc32369d43bbe66'|'Ford faces lots of bumps in the road to a world of driverless cars - Business'|'A little over a century since Ford<72>s Model T first allowed the average American to drive their own motor car, the manufacturing giant is threatening to take them away from the wheel. Or at least the appointment of a new chief executive, drawn from its autonomous cars division rather than the motor manufacturing mainstream, might suggest.Those reading the runes from Detroit see the elevation of Jim Hackett , an industry outsider who runs the smart mobility unit at Ford, as another significant step forward into a future where driverless cars become the norm. How imminent that future is remains up for debate. Certainly, there is great confidence among the manufacturers that the technological capability is around the corner <20> and they have ploughed in billions in investment.Ford itself should not be seen as emblematic of the 20th-century petrol past: it has, less noisily than some, set up its own billion-dollar labs and artificial intelligence projects. But perception can count for a lot with investors: Ford<72>s stock market valuation has dipped and <20> despite their huge disparity in global sales <20> the car giant has recently suffered the indignity of being overtaken by upstart Tesla in terms of stock-market value.Hackett, regarded as a <20>futurist<73>, is the kind of leader that the current Ford chairman <20> four generations down the line from the original Henry <20> sees as vital to the next step, bridging the gap between Silicon Valley and Detroit at a time when the experiments of the tech giants are threatening their future.The opportunities for Ford in an autonomous future are legion, but remain deeply uncertain. A wholesale revolution in transport could see a world clamouring for new, repurposed vehicles. But the concept of ownership is also likely to change: autonomy and connection could mean fewer cars needed, and fewer traditional consumers persuaded of the merits of having their own Ford parked on the drive.Meanwhile, society can hope for safer roads and greener, cleaner electric vehicles: it makes little sense for the champions of autonomy to trumpet fewer road deaths while still poisoning humans with dirty air.However, generations brought up on the hollow promise that increased automation could bring greater leisure might be sceptical of the claims for an autonomous future.While there is great appeal in the idea of reclining with a drink inside one<6E>s Ford Fiesta, circa 2030, oblivious to the congested M25 the car is safely navigating, the sliproad to this nirvana may be bumpy. Witness the travails of some of Tesla<6C>s staff , in the pioneering factory in Fremont, reportedly suffering all too human problems as their billionaire visionary boss, Elon Musk, ramps up production.Will autonomy bring more freedom? Possibly, but it runs counter to the prevailing mood, where politicians appeal to the public with promises of taking back control. And it would be difficult to dismiss as simple luddites those drivers who just see another form of employment poised to disappear.Hackett was described by the Financial Times as Ford<72>s new <20>philosopher-in-chief<65>, in an industry that is having to reimagine its product and future consumers in radical ways.The putative roadmap to a world where vehicles are all capable of full autonomy, negotiating every aspect of every journey, is thought by most to be at its most hazardous halfway along. The point at which the driver can allow most <20> but not all <20> functions to be conducted by the car, and the roads are still shared by humans and machines, is where most pioneers in the field <20> and insurers <20> foresee trouble.Ford has been reported to be focusing its energies on vehicles one step beyond this, a car where the human driver is all but redundant. That vehicle is likely to exist in four years. The challenge for the motor industry<72>s philosophers is how to get those who will have to share the road with it ready for its arrival.Gambling industry bets the wrong way on FOBTs They are the bo
'8ebecd4458065990274402c1621ecb9b20e8fa53'|'ANALYSIS - Beijing bling: Hyundai plots China branding reboot after missile row'|'Autos - Sun May 28, 2017 - 8:10am IST ANALYSIS - Beijing bling: Hyundai plots China branding reboot after missile row left right FILE PHOTO: The logo of Hyundai Genesis is seen on its new model EQ900 at the Hyundai Motor Studio in Seoul, South Korea, January 26, 2016. REUTERS/Kim Hong-Ji/File Photo 1/2 left right FILE PHOTO: The 2017 Hyundai Genesis G90 is unveiled at the North American International Auto Show in Detroit, Michigan January 11, 2016. REUTERS/Rebecca Cook/File Photo 2/2 By Hyunjoo Jin and Jake Spring - SEOUL/BEIJING SEOUL/BEIJING Bruised by anti-Korean sentiment in its biggest market and losing ground to local automakers, Hyundai Motor will open its first Chinese brand store, and may locally assemble its premium Genesis cars and accelerate the launch of a sport-utility vehicle (SUV), people familiar with the plans said. The measures are aimed at rebooting the South Korean firm''s branding in China, where many see Hyundai as a lower-end maker of city taxis. Hyundai and its affiliate Kia Motors were not long ago ranked third among foreign car brands in China, but recent sales have been hit by a consumer backlash over South Korea''s deployment of a U.S. anti-missile defence system which Beijing opposes. Analysts say the diplomatic row masks broader problems for Hyundai/Kia in China: poor brand recognition and a model line-up struggling against local brands'' cheaper SUVs. "Hyundai has an in-between brand that doesn''t have a clear identity in China, and there''s the backdrop of poor China-Korea relations," said James Chao, Shanghai-based Asia-Pacific chief of consulting firm IHS Markit Automotive. "Newly introduced SUVs should help, but they are late to the game." Even before the missile systems row, Hyundai/Kia''s China market share tumbled to 8.1 percent last year, the lowest in eight years. This year, it has slid further to 5 percent. To help its identity crisis, Hyundai will in September open a brand experience centre in Beijing''s 798 Art District, a trendy hub of refurbished factory buildings. Hyundai has three similar centres in Seoul and one in Moscow. "We''re not going to show a real car. This space is only for focusing on brand building," Xu Jing, the Hyundai executive in charge of the project, told Reuters. The centre was planned before the recent political tensions, but its completion is now a key plank in Hyundai''s efforts to regain a lost position in China as local automakers and European brands gain ground. Volvo-owner Geely and Great Wall Motor are also looking to move upmarket. The branding store ventures into territory traditionally held by premium names such as Daimler''s "Mercedes me" stores and BMW''s brand centres, already in China. MAKING GENESIS Hyundai is also considering using complete knock-down (CKD) kits shipped from South Korea to assemble Genesis cars in China - more than halving import tariffs to 10 percent - two people familiar with the matter said. Building Genesis cars from kits in China would also prevent technology leaking to its local joint venture partner, BAIC, one of the people added. The kits are a first step, said one Hyundai insider. "We are agonizing over how to source local parts and secure enough sales to build the Genesis cars." Hyundai launched its Genesis luxury sedan in 2008, and two years ago spun it off with the larger Equus sedan into a standalone premium brand. Brand chief Manfred Fitzgerald said last year Genesis would launch in China within 2-3 years. Hyundai has not decided which Genesis model it will build in China first, but plans to have six models including a sports sedan and two SUVs under the premium marque by 2020. "While the Genesis brand is reviewing a variety of strategies for the China market, no specific decisions have been made yet," Hyundai said in a statement. Hyundai sold 74 Genesis sedans in China last year, down from 1,016 in 2015. It sold a single Equus, down from 10 the previous year, according to export dat
'28e4c11e4033c1c6ce44c675951940f90ed17fe6'|'Court finds Petsmart buyout fair in blow to appraisal strategy'|'By Tom Hals - WILMINGTON, Del. WILMINGTON, Del. May 26 Private equity firms paid fair value for PetSmart Inc when they bought the retailer for $8.7 billion in 2015, a Delaware judge ruled on Friday, dealing a blow to hedge funds that try to wring cash from merger deals through a strategy known as appraisal.BC Partners Inc led a consortium of private equity investors that acquired PetSmart for $83 per share, but a group of hedge funds argued in a Delaware court during a four-day trial the price should have been $128.78 per share.Delaware Vice Chancellor Joseph Slights rejected the hedge funds'' analysis and said he could not find a way to determine any price other than the deal price was fair value.Stuart Grant, who represented the hedge funds, did not immediately respond to a request for comment. PetSmart said it was pleased with the ruling.Appraisal is meant to protect investors who oppose a buyout by allowing them to ask a judge to determine fair value of a stock. Friday''s ruling is likely to please some Wall Street lawyers who have criticized appraisal as little more than a hold-up tactic."If anyone had a gold rush mentality with appraisal rights, the court has shown them that''s not warranted," said Minor Myers, a professor at Brooklyn Law School. "The court will still be there in the right case, but this is not a broken ATM."Hedge funds, including ones affiliated with Farallon Capital Management and Muirfield Capital Management, sought to have 10.7 million shares of PetSmart appraised after the buyout closed. That made PetSmart one of largest appraisal cases, worth hundreds of millions of dollars, and followed high-profile cases over the sale of Dell Inc, BMC Software and DFC Global Corp.Deal price was determined to be the fair value in BMC, but in the other two cases hedge funds got a bump in price.Slights seemed to push back against the ruling in Dell by Vice Chancellor Travis Laster, who suggested that private equity buyers were less likely to pay a fair value because their investment was premised on large returns."And while it is true that private equity firms construct their bids with desired returns in mind, it does not follow that a private equity firm''s final offer at the end of a robust and competitive auction cannot ultimately be the best indicator of fair value for the company," Slights wrote in a 109-page opinion. (Reporting by Tom Hals; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/petsmart-buyout-ruling-idINL1N1IS19J'|'2017-05-26T18:22:00.000+03:00'
'bf70c471f9b87375e7065efba49fe1fa2bf98bfb'|'Crisis hit- may reduce Brazil meat supplies -industry group'|'By Roberto Samora and Ana Mano SAO PAULO/CUIAB<41>, May 26 An unfolding corruption scandal involving meatpacker JBS SA may reduce meat supply in Brazil, potentially benefiting rivals of the world''s largest beef exporter, industry group Abrafrigo said.Since the scandal broke, JBS and ranchers have been at odds, with the company deciding to stop buying cattle for cash and producers reluctant to sell on credit, analysts said.In some parts of the country, JBS is the only buyer and ranchers are worried."In export markets, there is no substitute for JBS in the short term. In the domestic market JBS is likely to lose share," said P<>ricles Salazar, head of Abrafrigo, which represents smaller meat processors. "There is plenty of idle capacity in the sector."JBS'' future became uncertain after Chairman Joesley Batista admitted to paying bribes to politicians in exchange for favors that benefited his business interests.On Thursday, Agriculture Minister Blairo Maggi said he had long worried about the size of the meatpacker and criticized state development bank BNDES for helping it build a dominant market position.In the state of Mato Grosso, Brazil''s largest grains and cattle region, JBS accounts for 48 percent of all cattle slaughtered.JBS did not have an immediate comment on its relationship with ranchers.Marfrig Global Foods SA, one of JBS''s largest rivals in Brazil, believes it is early to determine the impact on cattle supply stemming from potential issues opposing JBS and ranchers."We have not noted an impact on supply related to these commentaries," Marfrig''s Chief Executive Officer Martin Arias told Reuters, in relation to market chatter.Still, as JBS halted cash purchases of cattle, producers in Mato Grosso asked the government to eliminate the ICMS tax on interstate cattle sales.The aim is to sell animals to processors willing to pay cash in other states, said Luciano Vacari, president of ranchers group Acrimat.Wagner Bacchi, president of the Mato Grosso meat institute IMAC, said JBS'' competitors sought to take advantage of the turmoil caused by the company.Since JBS''s revelations, competitors lowered the bid price for cattle cash purchases, putting pressure on Mato Grosso producers, Bacchi said. (Reporting by Ana Mano and Roberto Samora; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-jbs-rivals-idINL1N1IS17A'|'2017-05-26T21:25:00.000+03:00'
'988e6425f5ac28080602e290a31154319a44a2e2'|'Moody''s, ICRA downgrade RCom over debt concerns - Reuters'|'Money News - Tue May 30, 2017 - 11:32pm IST Moody''s, ICRA downgrade RCom over debt concerns A man opens the shutter of a shop painted with an advertisement of Reliance Communications in Mumbai, November 3, 2015. REUTERS/Shailesh Andrade/Files MUMBAI Ratings agency Moody''s Investors Service has downgraded Reliance Communications Ltd deeper into "junk" territory and kept its ratings under review for further downgrade as the company struggles with a heavy debt burden. Moody''s said it had downgraded the Indian telecom operator''s "corporate family rating and senior secured bond rating to Caa1 from B2". This implies that its obligations are speculative and subject to very high credit risk, according to Moody''s website. RCom, controlled by billionaire Anil Ambani, has traditionally relied on short-term debt and covenant waivers from its banking relationships, but if these waivers are not received it could impact RCom''s $300 million bondholders "significantly", Moody''s said. It also said that owing to intense mobile competition, there is no scope for RCom to deleverage. Meanwhile, India-focused ratings agency ICRA, a subsidiary of Moody''s, also downgraded four RCom debt instruments to [ICRA]D, which signifies instruments either in default or expected to be in default soon. These include its non-convertible debentures (NCDs) and commercial paper programme. Another local rating agency, Care Ratings, downgraded the company''s NCDs and other debt instruments to default on Tuesday. RCom''s shares haven fallen by 41.9 percent so far this month. During the same time the broader index has gained 3.4 percent. Its shares dropped again on Tuesday, after a sharp slide a day earlier, hurt by concerns over its ability to service its loans. RCom sought to reassure investors in its quarterly conference call on Monday, saying it was in talks with lenders to defer loan instalments coming due in the next four months. The firm plans to repay lenders 110 billion rupees ($1.7 billion) and refinance an even larger chunk by end-September, if lenders sign off on the merger of its wireless segment with rival Aircel and sale of a majority stake in its tower unit to Canada''s Brookfield. ($1 = 64.6500 Indian rupees)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/rcom-stocks-moody-icra-idINKBN18Q26W'|'2017-05-30T16:02:00.000+03:00'
'7e686b8ee2d2759d59b583f872e741f90d4a2749'|'Spanish fragrance maker Iberchem attracts private equity bids -sources'|'FRANKFURT/MADRID May 30 Spanish fragrance maker Iberchem has attracted first-round offers from several private equity groups in a deal potentially valuing the company at about 400 million euros ($448 million), people close to the matter said.The company''s owner, Madrid-based buyout group Magnum Capital Industrial Partners, is working with investment banking boutique PJT to find a buyer for the company it acquired in 2013.CVC, Bridgepoint and Charterhouse have handed in offers for Iberchem, which posted earnings before interest, tax, depreciation and amortisation (EBITDA) of 27 million euros last year, the sources said.Listed fragrance makers like Givaudan, Symrise or IFF, trade at 15-17 times their expected core earnings.Given its strong sales growth of 20 percent annually, Iberchem may be able to fetch a similar multiple, the sources added.Iberchem, founded in 1985 in Murcia, offers fragrances used in shampoos, detergents and air fresheners and in 2015 posted sales of 105 million euros.Magnum was not immediately available for comment, while PJT and the bidders declined to comment. ($1 = 0.8929 euros) (Reporting by Arno Schuetze and Andres Gonzalez; Editing by Georgina Prodhan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/iberchem-sale-idUSL8N1IW3AK'|'2017-05-30T22:28:00.000+03:00'
'8368e1d0f584c5db96aa9589dc1c92c8531321ae'|'U.S. 1-month T-bill sale dinged in heavy supply'|'NEW YORK May 30 Investors on Tuesday gave a cold shoulder to the latest supply of U.S. one-month Treasury bills as the government offered $142 billion worth of short-term debt.The ratio of bids to the amount of one-month bills offered was 2.68, which was the lowest since March 31, 2009. This gauge of overall auction demand was 2.85 a week ago, Treasury data showed.The weak bidding resulted in the Treasury to pay investors an interest rate of 0.840 percent on the one-month issue, which was the highest on this maturity at an auction since Sept. 30, 2008, when it was 1.010 percent.Direct and indirect bidders "received everything they bid for, which is additional testimony to how weak demand was for this auction," Jefferies'' senior money market economist Tom Simons wrote in a note on the one-month auction.The latest one-month issue will mature on June 29, about two weeks after the Federal Reserve''s June 13-14 policy meeting where traders widely expect policy-makers would raise interest rates by a quarter point to 1.00 percent to 1.25 percent.In the secondary market, actively traded one-month T-bills were last Quote: d at an interest rate of 0.7216 percent, down 1 basis point from late on Friday, Reuters data showed.In addition to the one-month auction, the Treasury Department on Tuesday sold $25 billion of 14-day cash management bills; $39 billion of three-month bills and $33 billion of six-month bills.The demand for these other T-bill maturities was stronger than the one-month supply. (Reporting by Richard Leong; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-tbills-idINL1N1IW17O'|'2017-05-30T16:01:00.000+03:00'
'7c4593acb19b909e75d93cd849fd994cd445afd0'|'JPMorgan upgrades UK stocks, cuts view on European autos'|'LONDON JPMorgan global equity strategists said on Tuesday they expect UK stocks to claw back some of their underperformance against euro zone and global peers and recommended investors buy into bluechip, dividend-paying exporters that stand to benefit the most from a weak sterling.A broad UK index, the FTSE 350 .FTLC is up about 6 percent this year compared to the 10 percent rise for euro zone stocks .STOXXE."We think UK is becoming interesting in the regional allocation again," JPMorgan''s strategists, led by Mislav Matejka, said in a note to clients, adding that signs that investors have turned less risk-averse since early May also bodes well for London-listed stocks."(The) UK is a defensive market with high dividend yield. It should perform better in the backdrop of potential softening in activity indicators, lower inflation prints and continued range-bound bond yields," JPMorgan said.The U.S. broker expects sterling''s appreciation against the dollar to halt.British voters go to the polls next week. While the Conservative Party, led by Prime Minister Theresa May, is expected to win comfortably on June 8, her party''s lead in opinion polls has narrowed sharply in the last week, calling into question her decision to call the unscheduled election seeking a strong endorsement of her Brexit strategy.A Labour win would be challenging for many domestic plays, JPMorgan said, adding that any sterling weakness on the back of this outcome would again boost exporters.Elsewhere, the strategists turned more cautious on their view on the outlook for equities. They cut their rating on autos to "neutral" and added they now favor defensive sectors such as utilities and telecoms which have significantly lagged in the reflation trade underway since last summer.Globally, JPMorgan continued to trim their allocation to Japanese equities saying a strengthening yen was a drag on corporate profits which were already showing signs of weakening momentum.(Reporting by Vikram Subhedar, Editing by Danilo Masoni)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-jpmorgan-research-idINKBN18Q0OW'|'2017-05-30T06:04:00.000+03:00'
'6fbf35c7ae9e452b61360cb9b18822a667d1af27'|'Burundi paralysed by fuel shortages as leaders blame lack of dollars'|'* Fuel shortages threaten economy* Food prices jump* Long lines at gas stationsNAIROBI, May 30 Fuel shortages have paralysed the small central African nation of Burundi, threatening further damage to an economy already moribund after years of political violence and raising questions about the role of the country''s only oil importer.The problem has damaged two big foreign investors, Kenya''s KenolKobil and South Africa''s Engen, a subsidiary of Malaysian parastatal Petronas.The shortages, which forced the government to introduce rationing on May 16, have paralysed commerce and caused food prices to jump by around a third, raising the prospect of a wave of economic migration. More than 400,000 people have already fled Burundi into the volatile central African region.Anti-corruption campaigners said the fuel shortages became severe after Burundian company Interpetrol Trading Ltd. received the lions'' share of dollars that are allocated by the central bank to import fuel."The oil sector is undermined by favouritism and lack of transparency, because the rare hard currency available in the central bank reserves is given to one oil importer," said Gabriel Rufyiri, head of anti-graft organisation OLUCOME.The central bank declined to answer Reuters'' questions.Interpetrol''s lawyer, Sylvestre Banzubaze, said: "I am not associated with the day-to-day operations and only intervene on legal questions. You should address your questions directly to Interpetrol sources."He did not respond when asked for further contacts and the company does not have a website.Rufyiri said that government sources told him that the bulk of dollars for fuel purchasing had been allocated to Interpetrol since March this year.Reuters confirmed with two other sources that Interpetrol received the bulk of dollar allocations. Other companies only received a small fraction of the dollars they needed, the sources said, severely damaging their businesses.Earlier this month, South African petrol company Engen confirmed it had sold its assets in Burundi to Interpetrol.Engen declined to comment further. KenolKobil also declined to comment, but Burundian citizens say most of their petrol stations have been closed for three months.SOLE IMPORTERInterpetrol is now the sole oil importer and runs all the fuel storage tanks in the country, said an industry source.Banzubaze said there was "no link" between Interpetrol''s shareholders and any member of the government.But a 2011 U.S. State Department report described attempts by senior government officials to pressurise judges into dropping a corruption case against the company, owned by brothers Munir and Tariq Bashir. Neither the government nor Interpetrol''s lawyer responded when asked about the status of the case.Government officials blame dollar shortages on aid cuts that donors imposed after President Pierre Nkurunziza ran for a third term in 2015, triggering a wave of political violence."These days, fuel importers don''t get enough dollars to bring petroleum products," said Daniel Mpitabakana, the government''s director of fuel management.Burundi''s economy shrank by 0.5 percent last year, and the International Monetary Fund expects no growth at all this year and 0.1 percent next year.Black market prices for fuel range between 5,000 to 6,000 Burundi francs per litre, vendors said, double the official price of 2,200 francs.The street exchange rate is 2,600 francs to the dollar, although it is just over 1,700 to the dollar at the central bank. Only the central bank can receive dollar deposits and allocate dollars to businesses.In the capital, queues at empty petrol stations snaked around the block. One civil servant said he had taken the last three days off work to search for gas."I have no fuel for days and I don<6F>t know if by chance will get it today," he said, asking not to be named.Burundi has also been battered by drought and almost two years of political instability. Hundreds of people were killed and 
'06a63bb3ce244d13f70a4ff648db12ef053a7e7b'|'CANADA STOCKS-TSX ekes out gain in low volume trade ahead of U.S. holiday'|'Market News - Fri May 26, 2017 - 5:00pm EDT CANADA STOCKS-TSX ekes out gain in low volume trade ahead of U.S. holiday (Adds investor comment, updates prices to close) * TSX ends up 6.20 points, or 0.04 percent, at 15,416.93 * Index slips 0.3 pct slip over week By Alastair Sharp TORONTO, May 26 Canada''s main stock index ended barely higher in subdued trade on Friday as small gains for some big banks and a boost for gold miners from higher bullion prices were offset by declines in pipeline companies and railway stocks. "Coming into month-end people tend to not do much and they do even less in front of a long weekend," said Rick Hutcheon, chief operating officer at RKH Investments, referring to U.S. markets being closed on Monday for Memorial Day. "We''re through earnings season, OPEC has done its thing, Trump hasn''t done anything silly this week, the economy is not doing anything," he said. The Toronto Stock Exchange''s S&P/TSX composite index ended up 6.20 points, or 0.04 percent, at 15,416.93. It lost 0.3 percent in a holiday-shortened week. Decliners slightly outnumbered advancers, with overall trade volume at its lowest in months. Bombardier Inc gained 3.2 percent to C$2.25 after the planemaker said it had delivered its first CS300 aircraft to customer Swiss International Air Lines AG. Gold miners were among the strongest gainers, as political uncertainty led investors to shun riskier assets in favor of the precious metal, pushing it to its highest in nearly four weeks. Agnico Eagle Mining gained 1.7 percent to C$66.13 and Goldcorp was up 1.2 percent at C$18.47. The materials group, which includes precious and base metals miners and fertilizer companies, added 0.5 percent. Pipeline companies ranked among the heaviest weights, with Enbridge Inc off 0.9 percent at C$52.48 and TransCanada Corp down 0.8 percent at C$63.28. Canadian National Railway Co fell 0.7 percent to C$103.70 and rival Canadian Pacific Railway Ltd lost 0.5 percent to C$213.74. Several of the country''s biggest banks gained following their earnings reports earlier in the week, with Toronto-Dominion Bank up 0.4 percent at C$64.25. (Reporting by Alastair Sharp; Editing by Dan Grebler and Bill Trott) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1IS1IF'|'2017-05-27T05:00:00.000+03:00'
'a4614288beae592fc63b579f27f4e7e445789181'|'Asian currencies subdued; shrug off North Korea missile test'|'By Ambar Warrick Asian currencies paled against a stronger U.S. dollar on Monday, with markets little fazed by a ballistic missile test by North Korea, but trading was subdued as key financial markets were closed.The dollar index was up about 0.03 percent against a basket of currencies, extending Friday''s rally when it hit a one-week high on positively revised U.S. gross domestic product data.The U.S. economy slowed less than initially thought in the first quarter, with gross domestic product increasing at a 1.2 percent annual rate, the Commerce Department said on Friday in its second GDP estimate for the quarter."We can see some declines in other currencies, which is possibly due to a firm dollar index after last Friday," said Gao Qi, an FX Strategist at Scotiabank.Earlier in the session, North Korea fired about one short-range ballistic missile that landed in the sea off its east coast, the latest following two successful tests of medium-to long range missiles in defiance of world pressure and threats of more sanctions."I think the impact from the launch is muted, quite limited," Gao Qi added. "You can see that the Korean won rebounded slightly."Investors are also awaiting China''s official factory activity data, due on Wednesday, which is expected to show the slowest pace of growth in eight months, according to a poll by Reuters.Analysts expect China''s overall economic growth to slow gradually over the rest of the year, as authorities tighten regulations to deter riskier lending and as the impact of earlier stimulus measures begins to fade.The Singapore dollar was down about 0.2 percent against the dollar, its biggest percentage loss in nearly a week.It had gained about 0.4 percent in the previous session after data showed the island state''s manufacturing output in April rose 6.7 percent from a year earlier.The Thai baht fell as much as 0.27 percent in its biggest percentage loss in nearly 3 weeks. The currency rallied about 0.6 percent on Friday.The yuan and the Taiwan Dollar did not trade on account of domestic holidays.S.KOREAN WONThe Korean won rose as much as 0.2 percent on Monday after having added about 0.6 percent last week on the back of strong inflows.South Korean shares rallied for a seventh day to mark another intraday record, tracking Wall Street''s performance on Friday.U.S. markets were closed for a public holiday.While Korean assets are being underpinned by continued inflows, analysts believe month-end dollar selling is helping the won rebound, albeit slightly.CURRENCIES VS U.S. DOLLARChange on the day at 0553 GMTCurrency Latest bid Previous day PctMoveJapan yen 111.300 111.31 +0.01Sing dlr 1.384 1.3815 -0.21Korean won 1120.400 1120.7 +0.03Baht 34.083 34.018 -0.19Peso 49.770 49.75 -0.04Rupiah 13313.000 13294 -0.14Rupee 64.570 64.44 -0.20Ringgit 4.267 4.267 +0.00Change so farCurrency Latest bid End 2016 PctMoveJapan yen 111.300 117.07 +5.18Sing dlr 1.384 1.4490 +4.67Korean won 1120.400 1207.70 +7.79Baht 34.083 35.80 +5.04Peso 49.770 49.72 -0.10Rupiah 13313.000 13470 +1.18Rupee 64.570 67.92 +5.19Ringgit 4.267 4.4845 +5.10(Reporting by Ambar Warrick Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/asia-forex-emerging-idINKBN18P0H4'|'2017-05-29T04:34:00.000+03:00'
'0a6434abb3ff45d88f973a75b973f23bd25158f0'|'Samsung Electronics considers adding capacity at China chip plant'|'Business News - Mon May 29, 2017 - 9:52am BST Samsung Electronics says may add NAND capacity at China plant amid demand surge FILE PHOTO: The logo of Samsung Electronics is seen in Seoul, South Korea, July 4, 2016. REUTERS/Kim Hong-Ji/File Photo By Se Young Lee - SEOUL SEOUL Tech giant Samsung Electronics Co Ltd said on Monday it is considering adding NAND memory chip production capacity at its manufacturing base in China amid an industry-wide boom that will likely fuel record sales for memory suppliers. Samsung, the world''s biggest memory chip maker by sales, has already invested $7 billion in the Xi''an facility to make 3D NAND memory chips. The chips are used for high-end data storage products on electronic devices such as smartphones, personal computers and data servers, and their prices have surged in recent months as suppliers struggle to keep up with demand. "Samsung Electronics is considering various investment options to address the NAND flash market, including Xi''an, China, but nothing has been decided yet," the company said in a regulatory filing without elaborating on details such as scale of potential investment. South Korean media reports earlier on Monday said Samsung was in advanced talks with the Chinese authorities to add 3D NAND chip capacity in Xi''an, and that construction could begin before the year-end. Memory chip companies are expected to enjoy record revenue and profit in 2017, driven by growing demand for more processing firepower in consumer electronics, and diminishing production yield on investment as technology grows more sophisticated. Researcher IHS expects this year''s memory industry revenue to jump 32 percent to a record $104 billion. Industry executives and analysts said 3D NAND suppliers will likely struggle to keep up with orders throughout 2017. Samsung and its rivals have been boosting 3D NAND investment accordingly. While Samsung has so far not given specific targets, it said in April that capital expenditure would rise significantly this year in part due to plans to boost 3D NAND production capacity. Samsung expects to start production at a 15.6 trillion won (10.84 billion pounds) 3D NAND plant in South Korea in the second half of this year, but analysts said output from the new facility likely will not be enough to alleviate supply shortages for 2017. (Reporting by Se Young Lee; Editing by Stephen Coates and Christopher Cushing) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-samsung-elec-chips-idUKKBN18P05Z'|'2017-05-29T10:16:00.000+03:00'
'91d3974d3d607ddcedd031fed0dfec57295092bc'|'Oil falls as U.S. drilling undermines drive to tighten markets'|'Business News - Mon May 29, 2017 - 3:58am BST Oil falls as U.S. drilling undermines drive to tighten markets FILE PHOTO: A pumpjack brings oil to the surface in the Monterey Shale, California, April 29, 2013. REUTERS/Lucy Nicholson/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil prices fell on Monday as a relentless rise in U.S. drilling undermined an OPEC-led push to tighten supply. Trading activity will be subdued on Monday due to public holidays in China, the United States and Britain. Brent crude futures LCOc1 were trading down 15 cents, or 0.3 percent, at $52.00 per barrel at 0253 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 17 cents, or 0.3 percent, at $49.63 per barrel. The Organization of the Petroleum Exporting Countries and some non-OPEC producers agreed last week to extend a pledge to cut production by around 1.8 million barrels per day (bpd) until the end of the first quarter of 2018. But the decision did not go as far as many investors had hoped and led to a heavy sell-off. An initial agreement, in place since January, would have expired in June this year. "The immediate market reaction to the May 25 OPEC decision is indicative of the weaker-than-expected impact production cuts had on bloated global crude stocks over H1 2017," BMI Research said in a note. Despite the ongoing cuts, oil prices have not risen much beyond $50 per barrel. Much of OPEC''s success will depend on output in the United States C-OUT-T-EIA, which is not participating in the cuts and where production has soared 10 percent since mid-2016 to over 9.3 million bpd, close to top producer levels Russia and Saudi Arabia. U.S. drillers have now added rigs for 19 straight weeks, to 722, the highest amount since April 2015 and the longest run of additions on record, according to energy services firm Baker Hughes Inc ( BHI.N ). Almost all of the recent U.S. output increases have been onshore, from so-called shale oil fields. Even if the rig count did not rise further, Goldman Sachs said it estimates that U.S. oil production "would increase by 785,000 bpd between 4Q16 and 4Q17 across the Permian, Eagle Ford, Bakken and Niobrara shale plays." Analysts say that reducing bloated global fuel inventories will be key to reining in ongoing oversupply. "It''s going to be all about inventories and whether they fall as much as OPEC thinks," said Greg McKenna, chief market strategist at futures brokerage AxiTrader. While it is hard to come by reliable global oil inventory data, regional stock levels for the United States, Europe and parts of Asia suggest that inventories have dipped in recent weeks, albeit from record levels. (Reporting by Henning Gloystein; Editing by Joseph Radford and Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN18P063'|'2017-05-29T10:58:00.000+03:00'
'9d449de8f0313635ceec784b79f83dbb4aac5fb9'|'British Airways left to count cost of weekend IT meltdown'|'Top News   3:27pm BST BA flights restored but questions remain after weekend IT meltdown People queue with their luggage for the British Airways check-in desk at Gatwick Airport in southern England, Britain, May 28, 2017. REUTERS/Hannah McKay By Alistair Smout - LONDON LONDON British Airways flights were back in the skies on Tuesday but the company faced increasing pressure over its response to the huge IT failure that left 75,000 passengers stranded over a holiday weekend and dealt a major blow to its reputation. BA, which once marketed itself as "the world''s favourite airline" suffered a public relations disaster after it had to cancel all flights from London''s Heathrow and Gatwick airports on Saturday. It blamed a power surge that knocked out its computer system, disrupting flight operations, call centres and its website. Although BA said it expected to run a full schedule from Heathrow and Gatwick on Tuesday, it was left with work to do in the longer term to restore its reputation after a long weekend of chaos and frustration for passengers. Prime Minister Theresa May weighed in on the issue on the campaign trial ahead of the June 8 national election. "It is up to them to sort their IT out and to ensure that they''re able to provide the services that people expect them to provide as British Airways," May said. London-listed shares in BA''s parent company IAG fell when the stock market reopened. BA said it was launching a thorough investigation to understand what happened and make sure there was no repeat. BA had already come under fire for charging extra for food and baggage and the sight of stranded passengers trying to sleep on the floor of its gleaming Heathrow Terminal 5 building is likely to tarnish its image. "This will certainly damage their reputation," said Angharad Griffiths, a travel agent who was at Heathrow picking up a tour group from Lisbon. "I''ve never had a good experience with them, even before this." Like other European full-service airlines, BA is facing increased competition from budget rivals Ryanair and easyJet. "British Airways'' IT failure over the weekend is clearly a PR nightmare and will take a real focus in terms of handling customers'' complaints and compensations claims in order to rebuild trust and confidence with the public," said Mark Simpson, analyst at Goodbody. He estimated the cost of the outage at 82 million euros (<28>71.2 million). POWER PROBLEMS BA Chief Executive Alex Cruz had said on Monday that the power surge was so strong that it also rendered the back-up systems ineffective. The firm said a supply issue at a data centre near Heathrow sparked the surge. Scottish and Southern Electricity Networks, which manages the electricity distribution network in Harmondsworth just north of Heathrow airport, said its network in the area was running as normal on Saturday morning. "The power surge that BA is referring to could have taken place at the customer side of the metre," a spokesman said. A spokeswoman for Heathrow Airport said that there were no issues with the site''s private electricity network on Saturday. Cruz, who moved to BA from low cost sister airline Vueling, denied that the outage was linked to a decision to cut staff numbers and outsource work to India. Irish rival Ryanair, which reported record annual profits on Tuesday, said it had systems in place to avoid a similar fiasco. "We have three IT locations in different countries across Europe," Kenny Jacobs, chief marketing officer, told reporters in London. "If there''s a power surge at one, the second kicks in, and the third one would kick in. That''s what most businesses would do. That''s our approach and we''ve never had a major outage." Ryanair Chief Executive Michael O''Leary said his company saw very strong bookings over the weekend, but added it was unclear if this was related to the BA problems. In the wake of the outage, Ryanair had taken to social media to poke fun at BA. Shares in BA''s parent company IA
'46dc035c1a423f2a9965c3242b63532352da3ab2'|'E.ON hires Goldman to explore options for Uniper stake: sources'|'By Christoph Steitz , Arno Schuetze and Alexander H<>bner - FRANKFURT FRANKFURT German energy group E.ON ( EONGn.DE ) has hired Goldman Sachs ( GS.N ) to explore options for a sale of the group''s remaining stake in Uniper ( UN01.DE ), the power plant and trading business it spun off last year, two sources close to the matter said.Following the listing of Uniper in September, E.ON kept a 46.65 percent stake - currently valued at about 2.83 billion euros ($3.16 billion) - and has said it aims to sell the rest soon but not before 2018 due to potentially negative tax effects.A sale could happen in several ways, including an outright sale to a third party or placements on the market, the sources said, adding it was less likely that peers would want to acquire the stake due to Uniper''s eclectic business structure.E.ON''s exploration of options is at an early stage and no deal is imminent, the sources said.Uniper has a range of operations from hydroelectric, coal- and gas-fired plants to storage assets and trading floors, and holds stakes in gas pipelines, LNG terminals and nuclear plants across Europe."Most power firms would want a part of Uniper, but there is hardly anyone with a profile that would accommodate all of the group''s activities," one of the sources said.Ever since their restructuring moves last year, German power firms are back on the M&A radar, with RWE ( RWEG.DE ) exploring an asset swap with Engie ( ENGIE.PA ) involving its majority stake in Innogy ( IGY.DE ).One source said E.ON''s Uniper stake could draw interest from private equity groups with a track record in the energy industry, including KKR ( KKR.N ), which in January agreed to buy assets from U.S. oil and gas producer SM Energy Co ( SM.N ) for $800 million.This was one of a number of recent private equity-backed deals in the energy sector, which included Carlyle-backed ( CG.O ) Neptune Oil & Gas buying a stake Engie''s exploration and production business for $3.9 billion.E.ON, Goldman Sachs and KKR all declined to comment.(Editing by Georgina Prodhan and David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-e-on-uniper-sale-idINKBN18Q245'|'2017-05-30T15:17:00.000+03:00'
'6821e20f5125784b10967907ac5d8777eaed6e08'|'Italy''s banking fund says no conditions for more investments in Veneto banks'|'Business News - Tue May 30, 2017 - 4:07pm BST Italy''s banking fund says no conditions for more investments in Veneto banks left right A Banca Popolare di Vicenza sign is seen in Rome, Italy, March 29, 2017. REUTERS/Alessandro Bianchi 1/2 left right FILE PHOTO: The logo of Veneto Banca bank is seen in Venice, Italy, January 31 2016. REUTERS/Alessandro Bianchi/File Photo 2/2 MILAN Italian banking fund Atlante on Tuesday rejected a request for additional cash by two ailing Veneto-based lenders, saying the conditions were not in place for any further investment in the two banks. On Friday Banca Popolare di Vicenza and Veneto Banca asked the fund, backed by Italy''s healthier banks, to come to their rescue by covering a capital shortfall, as demanded by the European Union. The lenders have requested state aid to fill a capital gap of 6.4 billion euros (<28>5.5 billion) but the European Commission has requested them to find an additional 1 billion euros in private capital before taxpayer money can be used to save them. "At the moment we do not see the conditions for any further investment in the banks by the funds managed by us," Alessandro Penati, head of the Quaestio fund which manages Atlante, said in a letter to the two banks. He said that it was not clear how much money the two banks needed and whether the amount requested would be enough to ensure the two lenders would be allowed to receive state aid. Atlante, which has already invested 3.4 billion euros in the two banks since its creation last year, only has 50 million euros left, Penati added. He said that a spin-off fund called Atlante II and set up specifically to buy up bad bank debts had already made a preliminary commitment to invest 450 million euros in the junior tranche of a planned bad loan securitisation by the two banks. Any further investment in the bad loans of Banca Popolare di Vicenza and Veneto Banca would be "problematic", Penati said.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-veneto-idUKKBN18Q1SA'|'2017-05-30T23:07:00.000+03:00'
'9b4bdbf8d82dafaa91a3d757bafa237d406340aa'|'EE and Vodafone are UK<55>s worst mobile providers, says Which? - Money'|'EE and Vodafone have been named as the UK<55>s two worst mobile phone providers by the consumer group Which?In its sixth annual survey of members, EE and Vodafone, which together account for more than half the market, recorded the worst scores for customer satisfaction. Giffgaff was named as the firm with the happiest mobile customers.Despite its fast 4G service, Which? found that just 20% of EE customers would recommend the company<6E>s services to a friend or family member. The company that was a subject of <20>12bn takeover by rival BT in 2016, scored poorly for both customer service and value for money. Thank you EU for banning rip-off mobile roaming charges from 15 June Read more Only a quarter of those surveyed said they would recommend Vodafone and it scored almost equally badly. EE was fined <20>2.7m by Ofcom in January after the regulator found the company twice broke a <20>fundamental<61> billing rule. Almost 40,000 customers were overcharged a collective <20>250,000. In October last year, Vodafone paid out <20>4.6m as a result of two investigations that found the company had mishandled complaints, and had failed to credit more than 10,000 pay-as-you-go customers who topped up their accounts. Overall, the community-run Giffgaff <20> which is owned by O2<4F>s parent company Telefonica <20>topped the Which? survey table with a score of 81%. About 70% of its customers said they would definitely recommend their provider to others.The supermarket brands Tesco Mobile and Asda Mobile also scored strongly in third and fourth place. Three was the highest scoring of the big players. Virgin Mobile was the third worst provider.Alex Neill, a Which? managing director, said: <20>Year after year we see the smaller providers giving great service and some of the biggest providers struggling to meet their customers expectations. Those who are fed up of receiving a poor service from their provider should look to switch. <20>It is critical that the next government and Ofcom listen to the concerns of mobile phone customers so that there is increased competition in the industry.<2E>Which? found that only a quarter of mobile customers had switched provider in the last two years. Ofcom announced plans last week for a <20>text-to-switch<63> scheme to allow customers to move to a new network within 24 hours. Vodafone said: <20>After a difficult year in 2016, many of the improvements we have made are becoming real to our customers. We are determined to become the UK<55>s best mobile service provider for customer service.<2E> EE said: <20>Getting a good 4G connection is one of the most important factors for consumers, so it<69>s disappointing that these ratings don<6F>t take network performance into account. The latest data from Ofcom shows that EE has improved customer service and receives the third fewest complaints in the mobile industry.<2E> Mobile providers<72> rankings in the Which? survey 1. Giffgaff (81%) 2. Utility Warehouse (76%) 3. Tesco Mobile (74%) 4. Asda Mobile (72%) 5. Talkmobile (69%) 6. Plusnet (66%) 7. Three (64%) 8=. iD (Carphone Warehouse) (63%) 8=. BT Mobile (63%) 10=. O2 (62%) 10=. TalkTalk (62%) 10=. Virgin Mobile (62%) 13=. EE (50%) 13=. Vodafone (50%)Topics Mobile phones Consumer affairs Mobile phones (Technology) Telecoms Vodafone Telecommunications industry   Share   Reuse this content'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/may/27/ee-vodafone-us-worst-mobile-providers-which-networks'|'2017-05-27T03:00:00.000+03:00'
'739c863687f523f9443184dc86a9b83f1f5dea5a'|'Tesco-Booker deal faces scrutiny from UK competition regulator'|'LONDON Britain''s competition regulator will investigate Tesco''s ( TSCO.L ) planned 3.7 billion pound ($4.8 billion) agreed takeover of wholesaler Booker ( BOK.L ) to check if it risks reducing competition and customer choice.Tesco, Britain''s biggest retailer, announced the cash and shares deal in January, seeking a new source of growth given Booker''s role as a major distributor to the catering industry.Booker supplies convenience chains including Budgens and Londis, restaurants such as Wagamama and Carluccio''s and also operates the Makro cash and carry business.The Competition and Markets Authority (CMA) said on Tuesday that its phase 1 investigation would run until July 25."During this period, the CMA will assess whether the deal could reduce competition and choice for shoppers and other customers, such as stores currently supplied by Booker," it said.Interested parties have been given until June 13 to comment.After its initial investigation, the CMA could clear the deal, ask Tesco and Booker to offer concessions or refer the deal for a more detailed examination that could last up to 24 weeks.Tesco and Booker have been engaging with the CMA since the deal was announced in January but most analysts see referral to a phase 2 investigation as inevitable given the size and market impact of the deal.Despite some dissent among Tesco shareholders both Tesco and Booker expect the deal to be cleared and completed by early 2018 at the latest.Shares in Tesco and Booker were both down about 1 percent at 1210 GMT.Tesco''s cash and shares offer valued Booker at 202 pence a share.(Reporting by Kate Holton and James Davey; Editing by Keith Weir)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-booker-group-m-a-tesco-idUSKBN18Q156'|'2017-05-30T17:12:00.000+03:00'
'4458c7330aabc44088241793a4317a715f143801'|'Swiss pharmacy group Zur Rose to hold EGM ahead of possible IPO'|'ZURICH May 30 Swiss mail-order pharmacy Zur Rose Group will hold an extraordinary general meeting (EGM) on June 19 to increase its share capital, as it mulls whether to raise funds through a public listing, private funding or by issuing debt."Shareholder approval of the business on the agenda would allow Zur Rose Group AG to proceed with an initial public offering, possibly even this year, if the circumstances are favourable," the company, which is working with UBS and Berenberg, said in a statement on Tuesday.At the EGM, shareholders will vote on creating authorised share capital representing 50 percent of existing shares. The board of directors is also proposing a revision and restatement of its articles of association to conform to the requirements for listed companies.(Reporting by Joshua Franklin; Editing by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/zur-rose-group-ipo-idINFWN1IV0JA'|'2017-05-30T03:20:00.000+03:00'
'b5da4309c7a687c54b74e7e02219cfea84a0abbe'|'Bank of Ireland fined 3.2 million euros over money laundering controls'|'Business   12:45am BST Bank of Ireland fined 3.2 million euros over money laundering controls DUBLIN Ireland''s central bank has fined Bank of Ireland ( BKIR.I ) 3.15 million euros ($3.52 million) for "significant failures" in its controls against money laundering and terrorist financing, it said on Tuesday, the third lender to be hit with such a reprimand in six months. The Central Bank of Ireland said the failures dated back to 2010 and persisted on average for over three years. Bank of Ireland, the country''s largest bank by assets, admitted the breaches, the regulator said. "The high volume and range of breaches uncovered as part of the investigation point to significant weaknesses in the strength of Bank of Ireland''s implementation of anti-money laundering legislation," said Derville Rowland, director of enforcement at the central bank. Ireland''s second and third largest retail banks, Royal Bank of Scotland''s ( RBS.L ) Ulster Bank and Allied Irish Banks ( ALBK.I ), were fined 3.3 million euros and 2.275 million euros respectively in recent months for similar breaches of the country''s anti-money laundering laws. (Reporting by Padraic Halpin; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bank-of-ireland-fine-idUKKBN18P255'|'2017-05-30T07:45:00.000+03:00'
'294493049a306a16d4a8a04e69e7833f10026ae2'|'Sandbanks and Salcombe top UK seaside property league - Money'|'Sandbanks in Dorset, Britain<69>s Mayfair-on-Sea, has once again emerged as the most expensive seaside town in the country.Home to former Premier League managers and millionaire businessmen, the average price of a home on the glitzy peninsula is now just more than <20>664,000. Next in price is the sailing hotspot of Salcombe, further along the south coast in Devon, where a house will set you back <20>618,000. The data from mortgage lender Halifax showed, however, that the price of a sea view still lags behind the wider UK housing market. House prices in Britain<69>s seaside towns have jumped by a quarter over the past decade to an average of <20>227,000 compared with <20>181,000 in 2007. At a wider national level, however, prices have risen 30% to <20>266,000.Martin Ellis, housing economist at Halifax, said coastal towns within commuting distance of London had benefited from the boom in house prices in the south-east. <20>Over the past decade, house prices in the south-east <20> especially coastal towns within commutable distance to London, have shown strong growth and have become Britain<69>s most expensive seaside towns,<2C> he said.The bank said that outside southern England, the most expensive seaside areas are the Scottish golfing towns of North Berwick (<28>314,000) and St Andrews (<28>300,000). Halifax said that Scottish seaside towns recorded the largest percentage growth. Prices in Fraserburgh, near Aberdeen , almost doubled to more than <20>136,000 in 2016.<2E>The strongest performing coastal towns in terms of growth have been north of the border in Scotland , where property prices on the Aberdeenshire coastline have been helped by the oil industry more than the sunshine,<2C> Ellis said.The residents of the well-heeled Suffolk town of Aldeburgh have enjoyed the greatest real price increase <20> up from <20>316,000 in 2007 to <20>527,000 in 2017.Newbiggin-by-the-Sea in Northumberland, which was forced to rebuild its beach in 2007 with 500,00 tonnes of imported sand, is named as England<6E>s cheapest seaside town <20> at <20>76,000.Topics Property House prices Real estate Scotland Aberdeen Housing market news  '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/may/27/sandbanks-and-salcombe-top-uk-seaside-property-league'|'2017-05-27T03:00:00.000+03:00'
'4fe766860cc1b0ed1c13ec3f6dc42e9e4d91dd9c'|'BA says no evidence global IT outage caused by cyber attack - Reuters'|'LONDON May 27 British Airways said on Saturday there was no evidence that a global breakdown of its IT systems had been caused by a cyber attack.The airline cancelled all its flights from London''s two main airports until Saturday evening after a global computer system outage caused massive delays and left planes stuck on runways. (Editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-airports-it-idINL8N1IT0DY'|'2017-05-27T10:54:00.000+03:00'
'59c8f6b253bb0877cc9dfbf824c873b11a076313'|'British Airways says restarts flights from Gatwick and Heathrow'|'Market News - Sun May 28, 2017 - 3:13am EDT British Airways says restarts flights from Gatwick and Heathrow LONDON May 28 British Airways said it aimed to operate a near normal schedule of flights from Gatwick airport and the majority of flights from Heathrow on Sunday after a global computer system caused chaos for thousands of customers. "We are continuing to work hard to restore all of our IT systems and are aiming to operate a near normal schedule at Gatwick and the majority of services from Heathrow on Sunday," BA said in a statement. "We are refunding or rebooking customers who suffered cancellations on to new services as quickly as possible," it said. "We are extremely sorry for the huge disruption caused to customers." British Airways cancelled all its flights from London''s two biggest airports on Saturday after a power supply problem disrupted its computer systems worldwide. (Reporting by Guy Faulconbridge; Editing by Kylie MacLellan) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-airports-britishairways-idUSL9N1HZ010'|'2017-05-28T11:13:00.000+03:00'
'2d9eb689a7efb37739b0a10c2e3875bf24fb03fb'|'Waste-free living: from gadgets that list themselves on eBay to lidless bottles - Guardian Sustainable Business'|'Modern life is wasteful. From the plastic packaging that fills our kitchens <20> and ends up in our oceans <20> to the 40m tons of e-waste we generate per year, our throwaway culture is alive and kicking. And it<69>s wreaking havoc on the planet.But a host of designers, researchers and startups are on the case, coming up with new ideas to cut waste and make life more efficient. Here are six of our favourites.1) Use Me/Lose Me Facebook Twitter Pinterest Photograph: IDEO What if that sandwich maker gathering dust at the back of your cupboard could list itself on eBay? That<61>s the vision of design consultancy IDEO, which has come up with a proposal for getting unloved appliances back into circulation, saving materials and money and diverting e-waste from landfill. The Use Me/Lose Me service would monitor your appliances via web-connected chips and if anything went unused for too long, ping you a text with its likely market value. By replying to the text, you would authorise it to upload the product<63>s details on to an auction site and manage the sale, payment and shipping process <20> leaving you just to remove it from the cupboard and take it to the front door, says IDEO portfolio director Chris Grantham. The key question, he says, is: <20>How can we make this easier than remembering to go to the dump on a Saturday?<3F>2) Bottles without lids Facebook Twitter Pinterest Photograph: Marilu Valente When designer Marilu Valente set out to reduce waste in personal care packaging, she found inspiration in the shape of the carnivorous Nepenthes plant. Her resulting bottle design aims to tackle the problem of small, hard-to-recycle bits of plastic which often end up in landfill, or waterways, by doing away with the need for a separate lid. Instead of a cap, the bottle<6C>s flexible, slender spout plugs into a cavity on the side, sealing the container when it<69>s not in use. Nepenthes, which is currently just a prototype, also unplugs at the bottom, making it easy to clean and reuse, says Valente. The self-funded designer, who has not yet settled on a material for the concept, says she is in talks with mould manufacturers and has been approached by personal care brands. 3) DIY plastics recycling Facebook Twitter Pinterest Photograph: Precious Plastic If Dutch designer Dave Hakkens gets his way, all of us could soon be turning plastic packaging into new products via home or community-based plastic recycling machines. His open-source Precious Plastic device is designed to give ordinary people around the world the tools to turn plastics lying around their neighbourhoods into useful and valuable items, from clipboards to bowls. Hakkens shares blueprints, step-by-step instructions and useful templates online to help people build and operate the machines, which he says are easy to assemble using basic tools and low-cost materials. The technology, which was highlighted in a recent report on digital disruption by UK innovation foundation Nesta, can be used to start a business, he says <20> and he won<6F>t be asking for a share of the profits. 4) Tabletop composting Facebook Twitter Pinterest Photograph: Bionicraft Taiwan-based startup Bionicraft wants to encourage urban dwellers living in small spaces to put their food scraps somewhere more useful than the bin. Its indoor, table-top ecosystem uses earthworms to turn food waste into soil, which is then used as a bed for plants, or can be removed for use in other plant pots. The system, is able to process up to 3kg of food waste per week, says founder Brooklyn Chao, who hopes it will also remind people to reduce waste by planning their meals better. Chao<61>s team raised around $60,000 (<28>46,000) on Kickstarter to fund project development and the first production batch, priced at $169 a go, will be ready to ship soon, says Chao.5) Fruit-protecting plasma Facebook Twitter Pinterest Photograph: Lerina Winter/Winter Creative Also taking on the food-waste challenge are star
'd0a88aaa8c72b8cf370b32884b624f846e8af933'|'Ant Financial''s Yu''e Bao to cap personal accounts at 250,000 yuan'|'Funds  22am EDT Ant Financial''s Yu''e Bao to cap personal accounts at 250,000 yuan BEIJING May 26 Ant Financial''s money market fund Yu''e Bao will cap individual investment at 250,000 yuan ($36,475) from May 27, said Tianhong Asset Management Co, which manages the fund. Ant Financial, which confirmed the cap, is the payment affiliate of Alibaba Group Holding Ltd. Set up in 2013, Yu''e Bao, which translates literally as "leftover treasure", had 1.14 trillion yuan ($166.27 billion) of funds under management at the end of the first quarter, making it one of the biggest money market funds in the world. ($1 = 6.8540 Chinese yuan renminbi) (Reporting by Cate Cadell and Beijing Monitoring Desk; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ant-financial-fund-regulation-idUSL4N1IS429'|'2017-05-26T21:22:00.000+03:00'
'9af47613d65299406bd606ef7154edfe3b577970'|'Travelex to withdraw Supercard due to <20>high costs<74> - Money'|'Travelex is to scrap its popular Supercard that offered fee-free spending abroad, after the foreign exchange firm decided it was uneconomic.Launched in May 2015 and temporarily suspended after it proved too popular, it differed from existing providers in that it allowed users to link their existing bank cards to the Supercard.Shoppers handed over the Supercard but the purchase price was debited to their registered card in sterling <20> at a near-perfect exchange rate <20> effectively allowing fee-free purchases. It was managed via a mobile app.Evidently, though, Travelex got its sums wrong. <20>Unfortunately, the costs of running Supercard and delivering the standards of service we expect have been much higher than anticipated. As a result we made the difficult decision to withdraw it from the UK market,<2C> it says.Existing customers can continue to use it in foreign stores until close of play on 23 July. Previous transactions will be available to view until 24 October via the app. Anyone with an outstanding application will not now be sent a card. Complimentary travel insurance available to cardholders will no longer apply from 24 July.Users seeking an alternative should probably look at Barclaycard<72>s Platinum Visa. There<72>s no cash withdrawal fee and no interest on overseas withdrawals if you pay in full every month. Or there is the Halifax Clarity MasterCard. It has no fees and charges 18.9% APR. Apply before 3 September and you<6F>ll get <20>20 cashback on your first purchase abroad.Topics Foreign currency Banking Currencies  '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/may/27/travelex-withdraws-supercard-fee-free-shopping-abroad'|'2017-05-27T03:00:00.000+03:00'
'0779af04f059db2fe93dc3fad67232540278a5c1'|'Brazil''s Interm<72>dica files for regulatory clearance to launch IPO'|'SAO PAULO May 29 Brazilian healthcare services provider Notre Dame Interm<72>dica Sistema de Sa<53>de SA on Monday filed for regulatory clearance to launch an initial public offering, the latest in a wave of stock listings in Latin America''s largest economy after a years-long drought.The investment banking unit of Ita<74> Unibanco Holding SA will act as lead underwriter, according to documents filed with securities regulator CVM. The request accounted for a secondary share offering, with no mention of a primary offer.Reuters had reported in February Interm<72>dica had hired banks to manage an IPO, with controlling shareholder Bain Capital LP looking to cash in on growing investor demand for shares of Brazilian healthcare and personal services firms. (Reporting by Bruno Federowski and Paula Laier; Writing by Bruno Federowski; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/intermedica-saude-ipo-idINE6N1IL00H'|'2017-05-29T13:39:00.000+03:00'
'321704c294941ec3a8f46a85d42bfa58328c7e4c'|'CANADA STOCKS-TSX flat as gold miner gains offset by energy falls'|'Market  39am EDT CANADA STOCKS-TSX flat as gold miner gains offset by energy falls TORONTO May 30 Canada''s main stock index see-sawed in early trade on Tuesday, helped by a rise in shares of Canadian National Railway Co after it avoided a workers'' strike and gains for gold miners, while energy stocks weighed. The Toronto Stock Exchange''s S&P/TSX composite index was down 1.26 points, or 0.01 percent, at 15,420.65 shortly after the open. (Reporting by Alastair Sharp; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1IW0KK'|'2017-05-30T21:39:00.000+03:00'
'be6be0e00b70eefbb9238bcf12a4137e34e28097'|'Ireland to decide on AIB IPO in the next 48 hours - PM'|'Business News   4:19pm BST Ireland to decide on AIB IPO in the next 48 hours - PM A gardener mows the grass outside the headquarters of AIB on the day the bank announced it''s results, in Dublin April 12, 2011. REUTERS/Cathal McNaughton DUBLIN Irish Finance Minister Michael Noonan informed cabinet on Tuesday that he expects to make a decision in the next 48 hours on whether to launch an initial public offering of Allied Irish Bank ( ALBK.I ), Prime Minister Enda Kenny said. Ireland''s government has appointed several banks to act as bookrunners and global coordinators for the potential sale of its 25 percent stake in AIB, and Noonan has said the nearest window to sell the shares runs from mid-May to the end of June. "The minister informed the government of his process to this point. He said in the next 48 hours, he would expect to make a decision," Kenny told parliament. (Reporting by Padraic Halpin. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aib-ipo-idUKKBN18Q1TZ'|'2017-05-30T23:19:00.000+03:00'
'b1f05718e98936f1d83e2be488e2c043063b17f3'|'PRESS DIGEST- British Business - May 30'|'May 30 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The TimesOne of the eurozone''s top central bankers, Francois Villeroy de Galhau, has stepped up the campaign to claim the City''s lucrative euro-clearing business by declaring that it is impossible for it to remain in London. bit.ly/2r5yPbQA Dutch court on Monday threw out a request from rebel shareholders in Akzo Nobel NV for it to take immediate action over the paint group''s rejection of a 26.9 billion euros ($29.94 billion) bid from PPG Industries Inc. bit.ly/2r5z7POThe GuardianThousands of private investors who claim they were misled by Royal Bank of Scotland Group Plc and its former chief executive Fred Goodwin into investing in the bank before it was rescued by the taxpayer are being urged to settle their legal case. bit.ly/2r5Gt6fThe Bank of England''s rate-setting team could be reduced to seven members for the first time in nearly 11 years as election "purdah" rules will delay appointments until at least next month. bit.ly/2r5EjmXThe TelegraphAlmost 360 million pounds ($461.38 million) has been wiped off the value of International Airlines Group following the catastrophic computer systems failure at British Airways that caused havoc for holidaymakers and left the carrier facing a hefty compensation bill. bit.ly/2r5EsH1The board of JKX Oil and Gas Plc faces its second attempted coup in 18 months after its largest shareholder turned on the investor which purged the board last year. bit.ly/2r5ntVcSky NewsRenhe Pharmacy Co Ltd has made a recent enquiry about participating in the auction of the Body Shop, which has been put up for sale by L''Oreal Sa, the French cosmetics group. bit.ly/2qzwxOGThe IndependentBritish Prime Minister Theresa May''s plan to cut net migration to under 100,000 a year would almost double unemployment in UK to more than three million, according to a new study. ind.pn/2r5l6BK ($1 = 0.8986 euros) ($1 = 0.7803 pounds) (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL3N1IV3ZZ'|'2017-05-29T21:49:00.000+03:00'
'ff709d209cae604eda235083f696b1ecf1ab1177'|'Britain''s Heathrow says BA still experiencing some disruptions'|'Market News - Sun May 28, 2017 - 8:34pm EDT Britain''s Heathrow says BA still experiencing some disruptions May 29 London''s Heathrow Airport said early on Monday that there were still some disruptions to British Airways flights from the airport following a global computer system failure at the airline. The airline resumed some flights from Britain''s two biggest airports on Sunday, but hundreds of passengers were still waiting for hours at London Heathrow. "We have mobilized additional Heathrow colleagues to assist passengers at the terminals and give out free water and snacks," Heathrow said in a statement on Twitter. The airport said earlier that further delays and cancellations of BA flights were expected on Sunday and told passengers not to travel to the airport unless they were rebooked on other flights. BA cancelled all its flights from Heathrow, Europe''s busiest airport, and Gatwick on Saturday after a power supply problem disrupted its flight operations worldwide and also hit its call centres and website. (Reporting by Ismail Shakil in Bengaluru; Editing by Peter Cooney) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-airports-heathrow-idUSL3N1IV013'|'2017-05-29T04:34:00.000+03:00'
'1e28178aaa93a844181bde49ea7daf957c4a4456'|'China auto ABS motors ahead, despite bond slowdown'|'Bonds News - Sun May 28, 2017 - 8:42pm EDT China auto ABS motors ahead, despite bond slowdown * Car-loan securitisations buck downbeat trend for corporate credit By Ina Zhou HONG KONG, May 29 (IFR) - Auto loan securitisations have continued to thrive this year in China, in contrast with the sharp decline in vanilla bond sales. Last week, SAIC-GMAC Automotive Finance completed a 4 billion yuan ($580 million) print of asset-backed securities in the interbank bond market, bringing total auto ABS issues year to date to 12, up from seven in the same period last year. New issue volumes almost tripled to 42 billion yuan from 14.9 billion yuan in the first five months of 2016, according to data provider Wind. Conversely, new issues of vanilla corporate bonds slumped 54 percent year on year to 1.54 trillion yuan in January-April, according to Wind, as many issuers postponed or cancelled deals amid an onshore liquidity crunch. The expanding auto loan ABS market is benefiting from a growing need for funds in the captive financing segment, as well as the ability of originators to pass on higher funding costs to their customers, bankers and analysts say. "Auto ABS issuance this year will at least beat the level of last year. We have seen issuers like Mercedes-Benz that want to do larger deals as the industry is expanding," said a Shanghai-based banker covering structured finance. HIGHER YIELDS SAIC-GMAC, a joint venture between General Motors and state-owned SAIC Motor, is the first to have closed two auto ABS so far this year, albeit at a high price. In its second trade last week, SAIC-GMAC priced 1.59 billion yuan of Class A1 fixed-rate notes, scheduled to mature on January 26 2018, at par to yield 4.95 percent. This was 75 basis points more than the yield on a tranche with the same rating and similar tenor in SAIC-GMAC''s previous ABS launched in early March. The rise in funding costs is even more striking relative to SAIC-GMAC''s June 2016 ABS, which offered only 3.20 percent on a similar tranche. "Although the market is getting more difficult, the originator is still able to absorb the rising funding costs," said a banker familiar with the deal, noting that the weighted average interest rate was 11.2 percent on the 4 billion yuan underlying auto loans for SAIC-GMAC''s second offering. "With this kind of interest income from borrowers, the issuer can comfortably cover this level of ABS funding cost, as well as underwriting fees." Mindful of investors'' preference for different maturities, SAIC-GMAC offered more tranches with its latest ABS than the one in March, which consisted of only one Class A tranche and an unrated subordinated tranche. In the latest trade, 1.88 billion yuan of Class A2 floating-rate notes, scheduled to mature on January 26 2019, were priced at 75bp over the policy rate on one-year loans, for an initial yield of 5.10 percent. Meanwhile, Class B floaters of 310 million yuan, with a scheduled maturity of May 26 2019, were printed at 125bp over the policy rate on one-year loans, indicating an initial yield of 5.60 percent. A 220 million yuan subordinated tranche was unrated. Citic Securities was lead underwriter and bookrunner on the offering, along with Bank of China, Bank of Nanjing and Standard Chartered (China) as joint lead underwriters. Mizuho Bank China and Standard Chartered (China) were financial advisers. YOUNGER BUYERS The flurry of auto ABS deals underlines the rapid growth in car loans, at a time when borrowing directly from Chinese banks has become difficult. In the first quarter, auto sales grew 7 percent, the strongest January-March period since 2014, according to China''s car-makers association. With a demographic shift towards younger buyers, the proportion of passenger cars purchased on credit is expected to continue rising in 2017. According to Fitch, the weighted-average age of individual borrowers in the underlying pools of auto ABS transactions has fallen in recent years. "For example, the po
'af62509d475b4c4fedbf5bd67481f03f2c4f64cb'|'PRESS DIGEST- New York Times business news - May 30'|'May 30 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- British Airways, still grappling with the impact of a major technical failure over the weekend, said on Monday that it was running most flights normally. The airline''s sister carriers, like Iberia in Spain, have also been hit with cancellations. nyti.ms/2qAX0LH- Singapore''s central bank fined Credit Suisse and United Overseas Bank (UOB) a total of S$1.6 million ($1.15 million) for breaches of anti-money laundering rules for transactions related to Malaysia''s scandal-ridden state fund 1MDB. UOB was fined S$900,000 and Credit Suisse was fined S$700,000 wrapping up a two-year probe into banks involved in 1MDB-related transaction. nyti.ms/2qB1PEO- Jay Clayton, who left Sullivan & Cromwell to become the chairman of the Securities and Exchange Commission, is expected to tap his former colleague Steven Peikin to serve as its co-director of enforcement. Clayton is also expected to name Stephanie Avakian, the agency<63>s acting enforcement director and a former white-collar defense lawyer, as co-director. bbc.in/2qAQpRF- First Data agreed on Monday to buy CardConnect , a fellow payment processor, for about $750 million in cash including the repayment of debt, in its biggest takeover since going public in 2015. First Data will pay $15 a share, a nearly 10 percent premium over CardConnect<63>s closing price on Friday. nyti.ms/2qB6LtD ($1 = 1.3875 Singapore dollars) (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1IW0UZ'|'2017-05-30T09:24:00.000+03:00'
'cf707847f2257245d81f180890304466a31020e1'|'Singapore''s central bank fines Credit Suisse, UOB over 1MDB-linked transactions'|'Top News - Tue May 30, 2017 - 5:43am BST Singapore''s central bank fines Credit Suisse, UOB over 1MDB-linked transactions left right FILE PHOTO: A construction worker talks on the phone in front of a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia, February 3, 2016. REUTERS/Olivia Harris/File Photo 1/3 left right FILE PHOTO: A logo of the United Overseas Bank Limited (UOB) outside a branch in Singapore''s central business district January 7, 2016. REUTERS/Edgar Su/File Photo 2/3 left right FILE PHOTO: Switzerland''s national flag flies beside the logo of Swiss bank Credit Suisse in Zurich, Switzerland April 24, 2017. REUTERS/Arnd Wiegmann 3/3 SINGAPORE Singapore''s central bank said on Tuesday it had fined Credit Suisse and United Overseas Bank (UOB) a total of S$1.6 million (897,525 pounds) for breaches of anti-money laundering rules for transactions related to Malaysia''s scandal-ridden state fund 1MDB. The Monetary Authority of Singapore fined UOB S$900,000 and Credit Suisse S$700,000 as it wrapped up its two-year probe into banks involved in 1MDB-related transactions, which revealed several breaches of anti-money laundering (AML) requirements and control lapses. "These include weaknesses in conducting due diligence on customers and inadequate scrutiny of customers'' transactions and activities," it said in a statement, adding that it did not however detect pervasive control weaknesses at UOB and Credit Suisse. The fines were smaller than those the authority has already imposed on other banks as part of its biggest money-laundering investigation. It has now imposed penalties of S$29.1 million on eight banks. Last year, MAS fined DBS, UBS, Standard Chartered and private bank Coutts for breaches of Singapore''s anti-money laundering laws in connection to 1MDB transactions. Once a pet project of Malaysian Prime Minister Najib Razak, who chaired its advisory board, 1MDB is the subject of money-laundering investigations in at least six countries including Switzerland, Singapore and the United States. Najib has denied any wrongdoing. As part of a two-year review into 1MDB-related transactions, Singapore has shut down the local units of BSI Bank and Falcon Bank due to failures of money laundering controls and improper conduct by senior management, frozen millions of dollars in bank accounts and charged several private bankers. "The price for keeping our financial centre clean as it grows in size and inter-connectedness is unstinting vigilance," said Ravi Menon, managing director of the central bank. The extensive review uncovered a complex web of transactions involving shell companies and individuals operating in multiple jurisdictions, including the United States, Switzerland, Hong Kong, Luxembourg and Malaysia. "Credit Suisse takes a very serious view of our obligations in the prevention of money laundering and is firmly committed to upholding the high standards of the Singapore financial center," the bank said in a statement. UOB also said it had accepted the findings by MAS. "We have instituted measures to address the areas of concern, including enhancing our training programme to raise risk and control awareness among our staff," it said. (Reporting by Anshuman Daga, Miyoung Kim and Masayuki Kitano; Editing by Edwina Gibbs and Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-malaysia-scandal-singapore-idUKKBN18Q063'|'2017-05-30T12:43:00.000+03:00'
'2299a59a7ed091a1a312a3dbc22f97650deb5313'|'Schaeuble says will deal with whether he remains finance minister after Sept vote'|'Business News - Mon May 29, 2017 - 4:55pm BST Schaeuble says will deal with whether he remains finance minister after Sept vote German Finance Minister Wolfgang Schaeuble and French Economy Minister Bruno Le Maire attend a news conference in Berlin, Germany, May 22, 2017. REUTERS/Hannibal Hanschke MUNICH German Finance Minister Wolfgang Schaeuble said on Monday the question of whether he would remain in office after a Sept. 24 national election would be dealt with after the vote. The 74-year-old veteran member of Chancellor Angela Merkel''s conservatives told a meeting of tax consultants in Munich that what happens after the election will be dealt with once Germans have voted and said his ministry would be in good shape. (Reporting by Joern Poltz; Writing by Michelle Martin; Editing by Paul Carrel)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-election-schaeuble-idUKKBN18P1OD'|'2017-05-29T23:55:00.000+03:00'
'd992a3821702bb57d753b4e730b024e6c80ba819'|'Britain''s Heathrow says BA still experiencing some disruptions'|'LONDON British Airways (BA) said it would take steps to ensure there was no repeat of a computer system failure that stranded 75,000 passengers over a holiday weekend and turned into a public relations disaster.BA had been forced to cancel all its flights from Heathrow, Europe''s busiest airport, and Gatwick on Saturday after a power supply problem disrupted its operations worldwide and also hit its call centers and website.The airline was returning to normal on Monday, planning to run more than 95 percent of flights from London Heathrow and Gatwick, with only a handful of short-haul flights canceled.BA Chief Executive Alex Cruz said the root of the problem, which also affected passengers trying to fly into Britain, had been a power surge on Saturday morning which hit BA''s flight, baggage and communication systems. It was so strong it also rendered the back-up systems ineffective, he said."Once the disruption is over, we will carry out an exhaustive investigation into what caused this incident, and take measures to ensure it never happens again," Cruz said.Over the weekend, some stranded passengers curled up under blankets on the floor or slumped on luggage trolleys, images that played prominently online and in newspapers."Apologizes all well and good but not enough. BA has lost another loyal customer #disgraceful," tweeted Tom Callway, who had been due to fly to Budapest.The company was left counting the cost of the disruption, both in terms of a one-off impact to its profit and the longer term damage to its reputation.Spanish-listed shares of parent company IAG, which also owns carriers Iberia, Aer Lingus and Vueling, dropped 2.8 percent on Monday after the outage. The London-listed shares did not trade because of a public holiday.Flight compensation website Flightright.com said that with around 800 flights canceled at Gatwick and Heathrow on Saturday and Sunday, BA was looking at having to pay around 61 million euros ($68 million) in compensation under EU rules. That does not include the cost of reimbursing customers for hotel stays.BA would fully honor its compensation obligations, Cruz said. Of the 75,000 passengers who missed out on flights, around two-thirds would have been flown to their destinations by the end of Monday, he added.COST CUTTINGBA has been cutting costs to respond to competition on short-haul routes from Ryanair and easyJet and recently faced criticism for starting to charge passengers for their in-flight snacks.Ireland''s Ryanair was quick to seize on the marketing opportunity, tweeting "Should have flown Ryanair" with a picture of the ''Computer says no'' sketch from the TV series "Little Britain" to poke fun at BA.Ryanair said it had seen a spike in bookings over the weekend but gave no further details.The GMB union said that BA''s IT systems had shortcomings after they made a number of staff redundant and shifted their work to India in 2016."This could have all been avoided. BA in 2016 made hundreds of dedicated and loyal IT staff redundant and outsourced the work to India," Mick Rix, GMB National Officer for Aviation, said.Cruz rejected the union criticism."They''ve all been local issues around a local data center, which has been managed and fixed by local resources," he told Sky News.Several passengers complained about a lack of information from BA staff at the airport. Others said their luggage had been lost.The airline said it was working to get reunite passengers with their luggage after many items were left at Heathrow over the weekend, although staff on Twitter warned this "could take some time".While other airlines have been hit by computer problems, the scale and length of BA''s troubles were unusual.Delta Air Lines Inc canceled thousands of flights and delayed many others last August after an outage hit its computer systems.Last month, Germany''s Lufthansa and Air France suffered a global system outage which briefly prevented them from boarding passengers.(Reporting by Alist
'97e40e6e8e73a2c4caa7c3fc7bfcacfcf0156ede'|'Brazil court orders Petrobras to supply natural gas to Eletrobras'|'Business   8:21pm BST Brazil court orders Petrobras to supply natural gas to Eletrobras A man walks past the Brazil''s state-run Petrobras oil company headquarters in Rio de Janeiro, Brazil April 13, 2017. REUTERS/Ricardo Moraes SAO PAULO A Brazilian court ordered state-controlled oil firm Petr<74>leo Brasileiro SA ( PETR4.SA ) to sell natural gas to Centrais El<45>tricas Brasileiras SA ( ELET6.SA ) despite the power utility''s billionaire debt with the oil company. Eletrobras, as the state-controlled utility is known, plans to use the gas to begin testing a thermal power station under construction in the Amazon region that is scheduled to start operating in June. Reuters had reported on Feb. 22 that Petrobras had refused to supply natural gas to test the so-called Mau<61> 3 plant because Eletrobras and some of its subsidiaries did not pay several billion reais for fuel supplies. The 590-megawatt Mau<61> 3 thermal plant is close to completion, but is at risk of not getting the gas to run on. Petrobras will now be forced to sell enough natural gas to allow the testing to take place, the oil firm said in a statement to Reuters, but not the amount needed for the plant to fully operate. In its first-quarter financial statements, Petrobras said Eletrobras owed Petrobras 9.8 billion reais (2.33 billion pounds), of which 8.2 billion reais stemmed from the power firm''s subsidiary in the Amazon region. A media representative for the subsidiary Eletrobras Amazonas Energia said the parties were in talks and that it would comment on the court dispute "in a timely manner." (Reporting by Luciano Costa and Bruno Federowski; editing by Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-energy-petrobras-eletrobras-idUKKBN18Q2BF'|'2017-05-31T03:21:00.000+03:00'
'f91e7c6cb9626d27423422e20a27d255826297f3'|'Puerto Rico will make $13.9 million pension bond payment due on Thursday'|'By Nick Brown - NEW YORK NEW YORK Puerto Rico''s government on Tuesday said it will make a $13.9 million payment on June 1 to bondholders of the Employees Retirement System (ERS), the island''s largest pension.The agreement, announced at a hearing in federal court in Manhattan, settled a lawsuit filed on Friday as part of ERS'' ongoing bankruptcy. It did not resolve a similar dispute over about $16 million owed on June 1 to bondholders of Puerto Rico''s sales tax authority, COFINA.A hearing on the COFINA dispute was underway in the Manhattan court on Tuesday.The disputes are tied to Puerto Rico''s massive economic crisis, which is marked by $70 billion in bond debt and another $49 billion in pension obligations.Those debts have pushed the U.S. territory and some of its public entities, including COFINA and ERS, into the largest combined municipal bankruptcy in U.S. history.COFINA IN THE SPOTLIGHTCOFINA owes more than $17 billion of the island''s overall debt, and its bondholders say they are protected by an ironclad legal structure that separates COFINA from the rest of government and gives them a lien on the island''s sales tax revenue.Holders of more than $18 billion of Puerto Rican general obligation bonds, however, say their debt is guaranteed by Puerto Rico''s constitution, and that they have a right to repurpose any revenue streams, including COFINA''s, to repay their debt.Tuesday''s hearing centers on a request by the Bank of New York Mellon ( BK.N ), the trustee for COFINA bonds, to hold onto a $16 million payment owed on Thursday to COFINA bondholders until Judge Laura Taylor Swain decides whose money it is.While that amount is a drop in the bucket, the hearing effectively begins the process of resolving sticky disputes, not only between GO and COFINA holders, but between senior and junior holders of COFINA debt.A piece of Thursday''s payment is owed to junior COFINA creditors. But senior holders, including Whitebox Advisors and Cyrus Capital Partners, argue a default has already occurred at COFINA due to Puerto Rico''s indications that it will seek to cut debt repayments.As a result, the senior group argues, BNY Mellon should accelerate payments to seniors and stop payments to juniors.(Reporting by Nick Brown; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-puertorico-debt-bankruptcy-idINKBN18Q1VW'|'2017-05-30T13:37:00.000+03:00'
'b2fcae48d0521c3ca81db42b4dee4deef8b84a01'|'Brazil''s JBS says Joesley Batista resigns as chairman'|'Business News - Sat May 27, 2017 - 12:47am BST Brazil''s JBS says Joesley Batista resigns as chairman FILE PHOTO - General view of Brazilian meatpacker JBS SA in the city of Lapa, Parana state, Brazil, March 21, 2017. REUTERS/Ueslei Marcelino/File Photo By Tatiana Bautzer - SAO PAULO SAO PAULO JBS SA ( JBSS3.SA ), the world''s largest meatpacker, said on Friday that the brothers Joesley and Wesley Batista, who own the company and are ensnared in a corruption scandal that threatens to topple Brazil''s President Michel Temer, have resigned from senior posts. Joesley Batista, who unleashed a political crisis in Brazil last week with a plea bargain deal that accused Temer of endorsing the bribing of a witness, resigned as chairman and will leave the board, effective immediately. He will be replaced by Tarek Farahat, a former Procter & Gamble Co ( PG.N ) executive who is also a member of the JBS board. In Friday''s board meeting, the first since the crisis broke, JBS Chief Executive Officer Wesley Batista also resigned from the vice chairmanship of the board. He was replaced by his father, Jos<6F> Batista Sobrinho as vice chairman, but will remain as chief executive and maintain a seat on the board. Reuters reported on Thursday that the Batista brothers were coming under intense pressure from minority shareholders and Brazil''s development bank, BNDES, to step back from the company, according to sources familiar with the situation. One of the sources said shareholders demanded that JBS should not foot the bill for any fine as minority shareholders were not responsible for any corruption-related crimes. The Batistas have already agreed to a plea bargain with prosecutors. However, the family holding company J&F Investimentos SA, the controlling shareholder of JBS, remains locked in negotiations over a potential leniency deal for the company itself. J&F''s proposal to pay a $1.2 billion fine was rejected by the prosecutors'' office on Wednesday. On Friday, the powerful Brazilian Rural Society group said it had sent a letter to development bank BNDES demanding the ouster of the Batista brothers from the board of JBS. In the letter, Rural Society head Frederico d''Avila, the society argued that BNDES Participa<70><61>es SA, equity arm of the bank and JBS''s second largest shareholder, should increase pressure to force Joesley and Wesley Batista, respectively chairman and chief executive, to step down. The brothers'' testimony, released last week, unleashed a political crisis in Latin America''s largest economy which is still worsening. It included allegations that they bribed hundreds of politicians. The head of BNDES, which is also a key shareholder in JBS, Maria Silvia Bastos, resigned on Friday, citing personal reasons. JBS added Farahat will create and chair a new corporate governance committee. (Reporting by Tatiana Bautzer; Editing by Jonathan Oatis and Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brazil-corruption-jbs-board-idUKKBN18M2M3'|'2017-05-27T07:47:00.000+03:00'
'f82d6a85ce7ae2d61f67be88b3d1ce04d5d41917'|'ISS recommends Cypress Semi shareholders withhold support for director'|'NEW YORK Two proxy advisory firms offered a boost on Tuesday to the founder and former CEO of Cypress Semiconductor Corp., who is trying to replace two directors on the company''s board.Institutional Shareholder Services (ISS) recommended that Cypress Semi stock owners withhold their support for the company''s lead independent director, Eric Benhamou.Cypress Semi''s founder and former CEO T.J. Rodgers is running a proxy contest against the company, seeking to replace Benhamou and Executive Chairman Ray Bingham. Rodgers has nominated veteran tech industry board directors Daniel McCranie and Camillo Martino.Glass Lewis, another proxy adviser, recommended shareholders vote for both McCranie and Martino. Cypress Semi''s annual shareholders meeting is scheduled for June 8.ISS said Benhamou "appears to bear direct responsibility for the board''s suboptimal response to certain issues raised by the dissident, as well as for the company''s prolonged underperformance."ISS said in its report that shareholders need to consider the downside risk of Bingham''s removal from the board during the company''s early stages of a strategic transition. ISS noted that withholding votes from Benhamou would facilitate the election of Rodgers'' nominee McCranie.Rodgers, who stepped down as CEO on April 28, is the company''s sixth-largest shareholder, with a 3.2 percent stake as of the last quarter.The main target of Rodgers'' campaign is Bingham, who is the co-founder of China-backed private equity fund Canyon Bridge. Rodgers argues that Bingham''s involvement with Canyon Bridge puts him in a conflict as a Cypress Semi board member, because the fund may seek to acquire targets that overlap with the company''s own list of targets.(Reporting by Michael Flaherty; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cypress-semicond-rodgers-idUSKBN18Q1UD'|'2017-05-30T23:20:00.000+03:00'
'8ed9cc2de2b2ec11a3556f5e02f05e0d59a19256'|'PRECIOUS-Gold hits 1-mth high, geopolitical tensions support'|'* Political uncertainty in Europe stokes safe-haven buying * Spot gold, silver touch one-month peaks * Spot gold may rise to $1,276 per ounce -technicals (Adds comment, updates prices) By Nithin ThomasPrasad May 30 Gold edged up to touch a one-month high on Tuesday, with investors turning to the safe-haven asset as geopolitical tensions sapped their appetite for risk. Spot gold had risen 0.1 percent to $1,267.70 per ounce by 0349 GMT. It earlier touched its strongest since May 1 at $1,270.47. U.S. gold futures were almost unchanged at $1,267.70 an ounce. Risk surrounding the closeness of Britain''s upcoming elections, the prospect of early elections in Italy and worries over Greek debt were supporting gold, said Jeffrey Halley, a senior market analyst at OANDA. "The picture will get more muddy as the week goes on as we have a lot of data from around the world coming in," he said. British Prime Minister Theresa May''s lead over the opposition Labour Party dropped to 6 percentage points in a poll published on Tuesday, with the election due next week. In Italy, former prime minister Matteo Renzi suggested on Sunday that the country''s next election be held at the same time as Germany''s amid mounting speculations that Italians could head to the polls in the autumn. Germany will vote on Sept. 24, while elections are due in Italy by May 2018. Meanwhile, euro zone finance ministers failed to agree with the International Monetary Fund last week on Greek debt relief as well as failing to release new loans to Athens. "The ongoing political uncertainty in the market is really driving safe-haven buying at the moment," said ANZ analyst Daniel Hynes. "Weaker equity markets certainly have played their part, but support from that has been sporadic and we''re continuously seeing a strong level of safe-haven demand being the primary driver still." Gold is used as an alternative investment during times of political and financial uncertainty. Spot gold may rise to $1,276 per ounce, as suggested by its wave pattern and a Fibonacci ratio analysis, according to Reuters technical analyst Wang Tao. In wider markets, the geopolitical fears over Europe weighed on Asian stocks and kept the euro under pressure. Among other precious metals, silver marked its highest level since April 27 at $17.45 an ounce. It was last up 0.4 percent at $17.43. Palladium was down 0.3 pct at $794.55 after breaching $800 an ounce on Monday. Platinum was unchanged at $952.70 an ounce. (Additional reporting by Vijaykumar Vedala in Bengaluru; Editing by Richard Pullin and Joseph Radford)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-precious-idUSL3N1IW0HE'|'2017-05-30T12:23:00.000+03:00'
'75b4dc07ecee897fe35939ed79fb3a9a82573519'|'UPDATE 2-U.S. top court tightens rules on where companies can be sued'|'(Adds details from dissent by Justice Sonia Sotomayor, paragraphs 12-13)By Andrew ChungMay 30 The U.S. Supreme Court on Tuesday tightened rules on where injury lawsuits may be filed, handing a victory to corporations by undercutting the ability of plaintiffs to bring claims in friendly courts in a case involving Texas-based BNSF Railway Co.The justices, in a 8-1 decision, threw out a lower court decision in Montana allowing out-of-state residents to sue there over injuries that occurred anywhere in BNSF''s nationwide network. State courts cannot hear claims against companies when they are not based in the state or the alleged injuries did not occur there, the justices ruled.BNSF is a subsidiary of Berkshire Hathaway Inc .Businesses and plaintiffs have been engaged in a fight over where lawsuits seeking financial compensation for injuries should be filed.Companies typically can be sued in a state where they are headquartered or incorporated, as well as where they have significant ties. They want to curb plaintiffs'' ability to "shop" for courts in states with laws conducive to such injury lawsuits.Plaintiffs contend that corporations are trying to limit their access to compensation for injuries by denying them their day in state courts.The case involves two lawsuits against BNSF brought under the Federal Employers'' Liability Act, a U.S. law that allows injured railroad employees to sue for compensation from their companies.BNSF fuel truck driver Robert Nelson sued in 2011 over a slip-and-fall accident in which he injured his knee. Kelli Tyrrell, the widow of railroad employee Brent Tyrrell, sued in 2014 alleging her husband was exposed to chemicals that caused him to die of kidney cancer.Neither BNSF employee lived in Montana and their allegations did not occur in the state, according to court filings.BNSF argued that the Montana courts did not have jurisdiction over the cases. The Montana Supreme Court in May, however, ruled that state courts there can hear cases against BNSF without violating due process rights guaranteed in the U.S. Constitution because the company does business in the state.Writing for the majority on Tuesday, liberal Justice Ruth Bader Ginsburg said that even though BNSF has more than 2,000 miles (3,200 km) of track and 2,000 employees in Montana, it cannot be held liable for "claims like Nelson''s and Tyrrell''s that are unrelated to any activity occurring in Montana."Liberal Justice Sonia Sotomayor dissented, calling the ruling a "jurisdictional windfall" for large multistate or multinational corporations."It is individual plaintiffs, harmed by the actions of a far-flung foreign corporation, who will bear the brunt of the majority''s approach and be forced to sue in distant jurisdictions with which they have no contacts or connection," Sotomayor wrote.The Supreme Court is also expected to rule before the end of June in a similar challenge brought by drug maker Bristol-Myers Squibb, which says it should not have to face injury suits filed by hundreds of out-of-state residents in California over its blood-thinning medication Plavix. The company is incorporated in Delaware and headquartered in New York.Conservative Justice Neil Gorsuch joined the majority on Tuesday, the first ruling he has participated in since joining the court in April.(Reporting by Andrew Chung; Editing by Will Dunham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-court-bnsf-rlwy-ptt-idINL1N1IW0NW'|'2017-05-30T13:41:00.000+03:00'
'c2ae1f7396bdb7709715205475fe541fcdc15724'|'Monte dei Paschi says in exclusive talks over bad loan sale'|'Business   7:14pm BST Monte dei Paschi says in exclusive talks over bad loan sale The entrance of Monte dei Paschi di Siena bank''s headquarters in Siena, Italy, July 1, 2016. REUTERS/Stefano Rellandini/File Photo MILAN Monte dei Paschi di Siena ( BMPS.MI ) said on Monday it was in exclusive talks with a domestic fund and a group of investors over the sale of its bad loan portfolio, which it needs to offload before it can be taken over by the state. The negotiations mark the latest stage in a long-running process to rescue the world''s oldest bank, which includes efforts to enable it to shed its bad loans. Italy''s fourth biggest bank had 26 billion euros ($29.04 billion) in gross defaulting debts at the end of last year and has set a June 28 deadline for the talks with Quaestio, the fund which manages Italy''s banking industry rescue fund Atlante and will also conduct negotiations on behalf of other investors. The bank did not name those investors but sources have said they are U.S. private equity fund Fortress ( FIG.N ) and Italian bad loan manager Credito Fondiario, in which U.S. fund Elliott has a 44 percent stake. Monte dei Paschi, which emerged as Europe''s weakest bank in stress tests in July last year, has requested a state bailout to help to fill an 8.8 billion euro capital shortfall after failing to raise funds on the market in December. The bank expects to get a nod from European regulators by the end of June, a source close to the matter said, after months of negotiations over the terms of its bailout and a restructuring plan that is set to include thousands of job cuts. This would pave the way for the Italian government to take a stake of around 70 percent in the bank as early as in July, the source said. Part of the capital shortfall will be plugged through the conversion of junior debt into shares in line with new European rules seeking to limit the use of taxpayer money to rescue ailing banks. While talks to save the Tuscan bank seem to be heading towards a positive conclusion, Rome faces a much bigger hurdle winning EU backing for a state rescue of two Veneto-based regional lenders. The two, Popolare di Vicenza and Veneto Banca, have a combined capital shortfall of 6.4 billion euros. To allow Monte dei Paschi to shift the bad debts off its balance sheet, Atlante and the other investors are set to take on the majority of some tranches of bad loans repackaged as securities, sources close to the matter told Reuters last week. The sources said Atlante and the other investors could buy the junior and mezzanine tranches in a securitisation of Monte dei Paschi''s bad loan portfolio for 1.3 billion euros, while the senior tranche would be backed by a state guarantee and sold to institutional investors. One of the sources said Fortress and Credito Fondiario were carrying out due diligence on the portfolio, which was expected to close on June 9. Fortress, Elliott and Credito Fondiario declined to comment. (Reporting by Silvia Aloisi. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-montedeipaschi-idUKKBN18P1VS'|'2017-05-30T02:14:00.000+03:00'
'66d6b17eafb0f978118849ac862d400fd580047d'|'UPDATE 1-UK passengers suffer long delays after global BA IT outage'|'(Adds details)LONDON May 27 British Airways flights from Britain were delayed on Saturday because of a global system outage, the airline said, with passengers reporting massive hold-ups at airports and planes being held on runways.The problems, which passengers said were affecting flights across the country, came on a particularly busy weekend in Britain with a public holiday on Monday and many children starting their school half-term breaks."We apologise to customers who are facing some delays following an IT outage this morning," a BA spokeswoman said. "We are working to resolve the problem as quickly as possible."She gave no further details. Passengers on social media reported long delays at check-in desks and flights being held on runways."Still on the tarmac at Leeds. #britishairways reckon Heathrow is so backed up we can''t set off. No way we''ll make our Vegas flight," one passenger David Raine wrote on Twitter.Another, journalist Martyn Quote: : "Sat on plane at Heathrow for hour and a half now. @British_Airways Captain describes IT problem as ''catastrophic''."London''s Heathrow Airport, one of the world''s busiest, said it was working with BA and advised passengers to check their flight status before travelling.Passenger Roshni Burt, who was flying from Heathrow to Bahrain with her young son, said there was no news about when her flight would depart."When we left the check-in area there were angry people, people getting frustrated that their flights were coming up or near to departure, people getting turned away ... with BA staff basically saying ''if you''ve not checked in online, you''ve missed your flight''," she told Sky News.BA is the latest airline to be hit by computer problems. Last month Lufthansa and Air France suffered a global system outage which prevented them from boarding passengers. (Reporting by Michael Holden; Editing by Toby Chopra and Andrew Bolton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-airports-idINL8N1IT0AF'|'2017-05-27T10:07:00.000+03:00'
'5f485394e2c7fe44d68f60a1e099c440af60097c'|'GM says ISS advises against Greenlight share plan, board nominees'|'Business News - Sat May 27, 2017 - 6:51pm BST GM says ISS advises against Greenlight share plan, board nominees Cars are seen on display inside the General Motors Corp world headquarters in downtown in Detroit, May 28, 2009. REUTERS/Mark Blinch/File Photo By Joseph White General Motors Co( GM.N ) said on Saturday that proxy advisory firm Institutional Shareholder Services has recommended that shareholders vote against a slate of directors proposed by hedge fund Greenlight Capital and reject the hedge fund''s plan to divide GM shares into two classes. The advice from ISS is a setback for Greenlight and its manager David Einhorn. They have said GM shares are undervalued and would be more attractive if the company divided its common stock into shares that pay a dividend and shares that would reflect the automaker''s growth potential. Greenlight also has proposed a slate of three candidates for GM''s board of directors. On Friday, advisory firm Glass Lewis also advised against Greenlight''s nominees for the automaker''s board and its share split plan. (Reporting By Joe White; Editing by W Simon)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gm-greenlight-iss-idUKKBN18N0T4'|'2017-05-28T01:51:00.000+03:00'
'56057f933ca67f3a8116d79f75cdd05321fb81c0'|'Warren Buffett takes 3 percent stake in Germany''s Lanxess'|'By Ludwig Burger - FRANKFURT FRANKFURT Lanxess ( LXSG.DE ) disclosed on Monday that Berkshire Hathaway ( BRKa.N ), the conglomerate run by billionaire Warren Buffett, had acquired a 3 percent stake in the German chemicals maker.Lanxess shares jumped 2.9 percent to 65.06 euros by 0936 GMT after the news, even though the stock was trading without the rights to a 0.70 euro-per-share dividend for the first time.In a regulatory filing, Lanxess said that Berkshire Hathaway''s General Reinsurance subsidiary took a stake that reached just over 3 percent on May 19.The shares held by General Re - whose total financial investments excluding cash holdings stood at about $22 billion at the end of last year - were worth about 180 million euros ($200 million) at that time.General Re''s stake in Lanxess crossed the 3 percent threshold after Lanxess on May 11 beat consensus estimates for first-quarter earnings on strong sales of engineering plastics and synthetic rubber, but the company warned at the time that demand would soften later this year. [nL8N1ID0XS]Shares in Lanxess, a former unit of Bayer ( BAYGn.DE ) whose products include pesticide ingredients, construction pigments and leather chemicals, earlier this month reached four-year highs.Lanxess has said that after recent acquisitions worth a combined 2.6 billion euros more strategic steps could be in the offing in the second half of the year.(Reporting by Ludwig Burger; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lanxess-buffett-idINKBN18P0RG'|'2017-05-29T06:55:00.000+03:00'
'4324aeca39eddf5763dcfd15dd55a0b987ac0b42'|'RPT-Fosun, others eye Australia''s Origin Energy gas assets worth $1.5 bln-sources'|'(Repeats item issued earlier, with no change to text)* Lattice sale would be top Australian oil, gas deal since 2015* Private equity seen circling* Origin favours IPO, but analysts see trade sale as less riskyBy Sonali Paul and Anshuman DagaMELBOURNE/SINGAPORE, May 26 Australia''s top energy retailer Origin has drawn interest from at least five potential bidders, including China''s Fosun International , for A$2.0 billion ($1.5 billion) worth of oil and gas assets it aims to spin off, sources said.Origin said in December it was going to put its smaller Australian and New Zealand gas fields in a unit, dubbed Lattice Energy, to be spun off in an initial public offering (IPO) this year to help it cut debt and boost returns.But after receiving approaches for some of the Lattice assets, Origin Chief Executive Frank Calabria said in March the company was willing to consider a trade sale, in what would be the biggest oil and gas deal in Australia since Apache Corp sold its Australian assets in 2015.Origin has opened Lattice''s books, with bids due in June, and is likely to decide whether to float the business or sell it after releasing full-year earnings in August, people familiar with the process said. It is being advised by UBS, Macquarie and Bank of America Merrill Lynch.Analysts at Royal Bank of Canada and Citi value Lattice at A$2 billion and A$2.3 billion, respectively, including debt, on a discounted cash flow basis."Origin has set the bar quite high. It''ll be interesting to see if anyone gets there," said one banker not directly involved in the process, when asked if the business was likely to fetch more than A$1.5 billion.Australia''s Beach Energy is one of the interested parties and could be the bidder to beat, as it is the biggest of the producers in the fray, the sources said. Lattice, with annual output of around 13 million barrels of oil equivalent, would more than double Beach''s production.But even for Beach, with a market value of A$1.2 billion, Lattice would be a huge bite.Beach declined to comment on whether it was bidding, but the company has said in presentations it is reviewing several "inorganic growth" opportunities.Fosun International, which took over Roc Oil in Australia in 2014, is looking, the banker said.Private firm Questus Energy, run by former Roc Oil and Shell executives and backed by UK-based Intermediate Capital Group , is also in the running, a second banker said.Origin declined to comment beyond what it has announced. Fosun and Questus did not respond to requests for comment.Bankers expect private equity firms that have long eyed Australian oil and gas assets to team up with local producers to bid.Senex Energy is expected to work with its stakeholder, U.S. private equity firm EIG Global Energy Partners. KKR is seen lining up with AWE Ltd, two bankers said. All four firms declined to comment.Private equity fund Lone Star, which was rebuffed in a bid for AWE last year, declined to comment on whether it was looking at Lattice.All the sources did not want to be named as the process is confidential.Private firm Pathfinder Energy, which some assumed would be in the race, told Reuters it is not bidding.While Origin has said it would prefer an IPO, some analysts say a trade sale would be less risky."There is a real cost to having exposure to equity markets and the variability of the market," said RBC analyst Ben Wilson. ($1 = 1.3452 Australian dollars) (Reporting by Sonali Paul and Anshuman Daga; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/origin-energy-sale-idINL3N1IV098'|'2017-05-28T22:58:00.000+03:00'
'039507530a301b1d22e465ee2eaab68319365175'|'China Tower invites banks to pitch for role in up to $10 billion HK IPO: IFR'|'Asia - Mon May 29, 2017 - 2:14pm IST China Tower invites banks to pitch for role in up to $10 billion HK IPO: IFR FILE PHOTO: A mobile phone tower is seen behind a man carrying a pick over his shoulder as he walks past an area that will soon be a construction site on the outskirts of Beijing April 25, 2011. REUTERS/David Gray/File Photo HONG KONG China Tower Corp, which owns and manages the mobile phone towers for China''s three state-owned telecom operators, has invited investment banks to pitch for a role in a Hong Kong IPO worth up to $10 billion, IFR reported on Monday. The IPO would take place in late 2017 or early 2018, said IFR, a Thomson Reuters publication, citing people close to the deal. China Unicom Hong Kong Ltd ( 0762.HK ), China Mobile Ltd ( 0941.HK ) and China Telecom Corp Ltd ( 0728.HK ) formed China Tower in October 2015 to save on infrastructure investment and cut management costs for their mobile phone towers. The companies did not immediately reply to a Reuters request for comment on the China Tower IPO plans. China Unicom''s 28.1 percent stake in China Tower accounts for about 46 percent of China Unicom''s market capitalization, valuing the mobile phone tower owner at $54 billion, IFR said, citing a Goldman Sachs report from April. If China Tower were to sell a 10-20 percent stake in the IPO, the deal could raise between $5 billion and $10 billion. It would come on the heels of another giant IPO in Hong Kong from Sinopec Marketing Co Ltd, the fuels distribution unit of China Petroleum and Chemical Corp (Sinopec) ( 0386.HK ), that could raise $12 billion later in 2017. The two mega deals would be a boost to activity in Hong Kong, which has seen a 50 percent plunge in IPO volumes so far in 2017 versus a year ago, Thomson Reuters data showed. The city, which typically ranks among the world''s top two IPO destinations, has dropped to eighth in volume of new listings so far this year. (Reporting by Fiona Lau of IFR; Writing by Elzio Barreto; Editing by Edwina Gibbs and Himani Sarkar) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-china-tower-ipo-idINKBN18P07W'|'2017-05-29T00:54:00.000+03:00'
'2e3e5cd3d1c28940e0e209ff3a01da32715e064a'|'Wells Fargo makes more personnel changes in retail banking unit'|'Banks  43pm BST Wells Fargo makes more personnel changes in retail banking unit A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith By Dan Freed Wells Fargo & Co ( WFC.N ) has made more executive changes in its retail banking unit as it tries to recover from a sales scandal that harmed its once-enviable reputation. Mary Mack, head of the retail business, announced new roles for four executives who will report directly to her, overseeing different functions across branches and regional divisions, according to a memo sent last week that was viewed by   San Francisco-based bank also cut the number of sub-regions in its Western U.S. operation to five from eight, a move that left two executives looking for new jobs, according to the memo, whose contents were confirmed by spokeswoman Mary Eshet. "These leadership changes are responsive to our priorities of rebuilding trust with team members and customers... so that we can learn from the past," Mack said in the May 24 memo, which was first reported by the Wall Street Journal. The latest changes come nearly a year after Mack took over her position from Carrie Tolstedt, a central figure in the scandal. Under her watch, thousands of retail bank employees created as many as 2.1 million phony accounts in customers'' names without their permission to hit aggressive sales targets. Many of the problems occurred in Western states and came to light after Wells Fargo reached a $190 million settlement with a Los Angeles prosecutor and federal regulators last September. Earlier this year, Wells demoted and dismissed a number of other retail banking executives over their roles in the scandal. ( reut.rs/2l4FU6U ) Mack''s direct reports with new roles include Bob Chlebowski, who was named branch distribution executive; Laurey Cosentino, who will lead the customer and branch experience team; Celeste Finley, who will lead the regional services group; and Jonathan Velline, who was named head of business strategy and administration. Those with new responsibilities in the Western division include Don Pearson, who was named head of the Desert Mountain region; David Galasso, the new head of Greater California; Dave Kvamme, the new head of Midwest East; John Sotoodeh, the new head of Midwest West; and Jim Foley, named head of Northwest. Those executives now report to Western Regional Banking Executive Lisa Stevens. Ben Alvarado, who previously headed Southern California, and Frank Newman, former head of the Rocky Mountain area, will be seeking new opportunities, while David DiCristofaro, who previously headed greater Los Angeles, will take on a new senior leadership role inside community banking, reporting to Cosentino. (Reporting by Dan Freed in New York; Editing by Lauren Tara LaCapra and Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-wells-fargo-accounts-idUKKBN18Q29E'|'2017-05-31T02:43:00.000+03:00'
'f1305af46b8b472ebe5cce1f61726f9cd273bb8d'|'CORRECTED-Japan''s Nikkei slips as yen gains on Italy''s political uncertainties'|'(Corrects company name in seventh paragraph)By Shinichi SaoshiroTOKYO May 30 Japan''s Nikkei share average slipped on Tuesday, with the equity market feeling downward pressure from a stronger yen, which hurts big manufacturers'' export revenues.The Nikkei lost 0.5 percent to 19,487.71.The yen advanced to a 12-day high, as investors sought safe havens due to fresh political uncertainty in Europe, where remarks by former Italian prime minister Matteo Renzi raised the possibility of an early election and more strains within the European Union."Equities are wary of the ongoing appreciation by the yen, and they are also being swayed by the latest headlines from Europe," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management."But while the market has reacted negatively to news from Italy, it is likely to gradually regain its footing as the possibility of the country leaving the European Union remains very low at the moment."Biotechnology company Takara Bio Inc rose as much as 2.35 percent after it announced that it started the first test of a Phase II clinical trial of HF10, which could be used for the treatment of cancer.Tokyo Keiki Inc was up 7.9 percent as its midterm business plan was greeted positively. The manufacturer of defence-related electronic equipment expects a significant increase in profits thanks to orders for components used by fighter jets and reconnaissance helicopters.Shares of companies engaged in child education gained on reports that making early education free of charge was a measure the Japanese government was looking to include in its latest economic and fiscal management plan draft.Kindergarten operator JP-Holdings Inc rose 5 percent, educational guidance service provider Kyoshin Co climbed 13 percent and child education instructor Youji Corp added 2.5 percent.Takemoto Yohki Co dropped as much as 4.2 percent on share dilution concerns. The manufacturer and distributor of plastic packaging containers will issue 500,000 shares of its common stock via a public offering and another 82,000 shares to a third party via a private placement.The broader Topix slipped 0.4 percent to 1,564.09 and the JPX-Nikkei Index 400 was also 0.4 percent lower, at 13,943.06. (Editing by Simon Cameron-Moore)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL3N1IW0EZ'|'2017-05-30T00:28:00.000+03:00'
'b1d8904da8bded16b9490ba5a836553e36bb5044'|'Euro slips on Greece bailout, Italian vote concerns; stocks drift'|'Business News - Tue May 30, 2017 - 9:43pm IST Oil slides, political worries weigh on sentiment left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 25, 2017. REUTERS/Brendan McDermid 1/2 left right Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 29, 2017. REUTERS/Staff/Remote 2/2 By Herbert Lash - NEW YORK NEW YORK Oil prices slid on Tuesday on concerns of a persistent global supply glut while U.S. and European political worries combined to subdue investor sentiment and weaken equity markets around the world. The dollar fell against most currencies, weighed by a drop in U.S. Treasury yields after U.S. inflation data reinforced the notion that the Federal Reserve will only raise interest rates one more time in 2017. Shares on Wall Street, in addition to Germany''s DAX index .GDAXI and Britain''s FTSE .FTSE , are trading near record highs, which is keeping stocks from moving higher as political uncertainty picks up on both sides of the Atlantic. Shan Osborne, chief FX strategist at Scotia in Toronto, said there is a whiff of risk aversion about the equity markets in Japan, Europe and on Wall Street fell. Markets in China and Hong Kong were closed for holidays. U.S. President Donald Trump is considering wider staff changes amid growing political fallout over U.S. probes into Russia and his presidential campaign. A senior aide to Trump resigned on Tuesday. "The uneasiness created by the political situation just continues to leave the market troubled over where this is all headed," said Rick Meckler, president of hedge fund LibertyView Capital Management LLC in Jersey City, New Jersey. Continued low interest rates and reasonably good earnings are positive, but for investors to commit new money there need to be some changes, such as tax proposals and healthcare, the Trump administration had promised, Meckler said. "They do seem just really bogged down in political battles," he said. On Wall Street, the Dow Jones Industrial Average .DJI fell 36.22 points, or 0.17 percent, to 21,044.06. The S&P 500 .SPX lost 2.84 points, or 0.12 percent, to 2,412.98 and the Nasdaq Composite .IXIC dropped 3.84 points, or 0.06 percent, to 6,206.35. In Europe, the pan-regional FTSEurofirst 300 index .FTEU3 of leading shares fell 0.23 percent to close at a provisional 1,533.49. MSCI''s gauge of stocks across the globe .MIWD PUS shed 0.08 percent. Signs that elections in Italy may come as early as September weighed on stocks and initially on the euro. British blue chips fell slightly less than two weeks before a general election that will shape talks for the country''s exit from the European Union. The dollar index was down 0.18 percent at 97.271 .DXY, with the euro EUR= was up 0.2 percent at $1.1186. Against the safe-haven yen JPY= , the dollar dropped 0.4 percent to 110.79 yen. Tuesday''s U.S. economic data, while mixed, still backed the expectation that the Fed will raise interest rates next month, analysts said. Benchmark Brent crude LCOc1 dropped to a low of $51.19 before recovering ground to trade down 86 cents at $51.44. The Organization of the Petroleum Exporting Countries and other oil producers, including Russia, agreed last week to keep a tight rein on supply until the end of the first quarter of 2018, nine months longer than originally planned. "The oil market remains on the back foot," said Stephen Brennock, analyst at London brokerage PVM Oil Associates. Benchmark 10-year Treasuries were last up 7/32 in price to yield 2.2237 percent. (Reporting by Herbert Lash; Editing by Nick Zieminski) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-global-markets-idINKBN18Q01D'|'2017-05-29T22:54:00.000+03:00'
'5aa8e99f658c3977078a99d160c2c5115170a484'|'Swiss pharmacy group Zur Rose to hold EGM ahead of possible IPO'|'ZURICH May 30 Swiss mail-order pharmacy Zur Rose Group will hold an extraordinary general meeting (EGM) on June 19 to increase its share capital, as it mulls whether to raise funds through a public listing, private funding or by issuing debt."Shareholder approval of the business on the agenda would allow Zur Rose Group AG to proceed with an initial public offering, possibly even this year, if the circumstances are favourable," the company, which is working with UBS and Berenberg, said in a statement on Tuesday.At the EGM, shareholders will vote on creating authorised share capital representing 50 percent of existing shares. The board of directors is also proposing a revision and restatement of its articles of association to conform to the requirements for listed companies.(Reporting by Joshua Franklin; Editing by Michael Shields)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/zur-rose-group-ipo-idUSFWN1IV0JA'|'2017-05-30T09:20:00.000+03:00'
'0f062f3c6cf112a4cb285982716c44a2faee83f5'|'Tesco-Booker deal faces scrutiny from UK competition regulator'|'Deals   2:12pm BST Tesco-Booker deal faces scrutiny from UK competition regulator A company logo is pictured outside a Tesco supermarket in Altrincham northern England, April 16, 2016. REUTERS/Phil Noble/File Photo LONDON Britain''s competition regulator will investigate Tesco''s ( TSCO.L ) planned 3.7 billion pound ($4.8 billion) agreed takeover of wholesaler Booker ( BOK.L ) to check if it risks reducing competition and customer choice. Tesco, Britain''s biggest retailer, announced the cash and shares deal in January, seeking a new source of growth given Booker''s role as a major distributor to the catering industry. Booker supplies convenience chains including Budgens and Londis, restaurants such as Wagamama and Carluccio''s and also operates the Makro cash and carry business. The Competition and Markets Authority (CMA) said on Tuesday that its phase 1 investigation would run until July 25. "During this period, the CMA will assess whether the deal could reduce competition and choice for shoppers and other customers, such as stores currently supplied by Booker," it said. Interested parties have been given until June 13 to comment. After its initial investigation, the CMA could clear the deal, ask Tesco and Booker to offer concessions or refer the deal for a more detailed examination that could last up to 24 weeks. Tesco and Booker have been engaging with the CMA since the deal was announced in January but most analysts see referral to a phase 2 investigation as inevitable given the size and market impact of the deal. Despite some dissent among Tesco shareholders both Tesco and Booker expect the deal to be cleared and completed by early 2018 at the latest. Shares in Tesco and Booker were both down about 1 percent at 1210 GMT. Tesco''s cash and shares offer valued Booker at 202 pence a share. (Reporting by Kate Holton and James Davey; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-booker-group-m-a-tesco-idUKKBN18Q156'|'2017-05-30T21:09:00.000+03:00'
'56c2788cc3da6b9bd19e5b282c8594583d197461'|'UK competition regulator formally opens Tesco-Booker probe'|'Top News   3:40pm BST Tesco-Booker deal faces scrutiny from UK competition regulator left right FILE PHOTO: A woman walks past a Tesco supermarket in central London, December 9, 2014. REUTERS/Toby Melville/File Photo 1/2 left right FILE PHOTO: Grey clouds hang over a Tesco Extra store in London, Britain June 4, 2014. REUTERS/Luke MacGregor/File Photo 2/2 LONDON Britain''s competition regulator will investigate Tesco''s ( TSCO.L ) planned 3.7 billion pound agreed takeover of wholesaler Booker ( BOK.L ) to check if it risks reducing competition and customer choice. Tesco, Britain''s biggest retailer, announced the cash and shares deal in January, seeking a new source of growth given Booker''s role as a major distributor to the catering industry. Booker supplies convenience chains including Budgens and Londis, restaurants such as Wagamama and Carluccio''s and also operates the Makro cash and carry business. The Competition and Markets Authority (CMA) said on Tuesday that its phase 1 investigation would run until July 25. "During this period, the CMA will assess whether the deal could reduce competition and choice for shoppers and other customers, such as stores currently supplied by Booker," it said. Interested parties have been given until June 13 to comment. After its initial investigation, the CMA could clear the deal, ask Tesco and Booker to offer concessions or refer the deal for a more detailed examination that could last up to 24 weeks. Tesco and Booker have been engaging with the CMA since the deal was announced in January but most analysts see referral to a phase 2 investigation as inevitable given the size and market impact of the deal. Despite some dissent among Tesco shareholders both Tesco and Booker expect the deal to be cleared and completed by early 2018 at the latest. Shares in Tesco and Booker were both down about 1 percent at 1210 GMT. Tesco''s cash and shares offer valued Booker at 202 pence a share. (Reporting by Kate Holton and James Davey; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-booker-group-m-a-tesco-idUKKBN18Q14S'|'2017-05-30T20:22:00.000+03:00'
'1b65e82566e3ee96a7731e5400697b25f9b40f5b'|'RPT-OPEC oil cut extension renews Asia''s crude supply worries'|'Market News - Sun May 28, 2017 - 8:28pm EDT RPT-OPEC oil cut extension renews Asia''s crude supply worries (Repeats item issued earlier, with no change to text) * OPEC, allies extend production cuts through March 2018 * Investors see ongoing glut, refiners say market may tighten * Other supplies readily available, from U.S., Russia, Africa * Rising U.S. oil volumes head to Asia, offset OPEC cuts SINGAPORE, May 26 The OPEC-led decision to extend a production cut to March 2018 disappointed financial investors, prompting an exit from oil futures markets, while refiners in Asia were mostly concerned with whether it meant they would need to go hunting for crude. In Vienna, the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers on Thursday extended a pledge to cut 1.8 million barrels per day (bpd) of output until the end of the first quarter of 2018. Financial traders did not like what they heard, thinking it meant an ongoing oil glut. "The market voted with its feet", investment bank Jefferies said, dragging crude futures down 5 percent to near $50 a barrel. In physical markets, however, where tankers can take weeks or months to deliver up to $100 million in crude oil, refiners want to know if they will be forced to search for new suppliers. "This is a declaration of a strong will of OPEC as well as non-OPEC producers to tighten overall supply-demand," said Yasushi Kimura, president of the Petroleum Association of Japan, and chairman of petroleum conglomerate JXTG Holdings. To ensure crude supplies, "we need to carefully monitor OPEC''s production cut adherence," Kimura said. Crude is by far the biggest cost for refiners and the petrochemical industry, shaking margins DUB-SIN-REF whenever benchmark prices take broad swings. Kimura said the extended cuts could mean demand may exceed supply in 2017, which would be the first time in years. This would force refiners to start using up reserves, pushing up prices at least until production catches back up with consumption. "In 2017, global demand is likely to exceed supply ... and crude prices are likely to ... rise towards $60 by the end of the year," JXTG Holdings'' Kimura said. REAL SUPPLY CUTS? So far, though, the cuts that started in January have barely dented supply in Asia, home to three of the world''s four biggest oil consumers. Exporters were keen to maintain global market share, and they cut domestic supplies or shipments to marginal buyers. As a result, inventories in the big consumer markets have remained bloated, and prices low. "We have (so far) not had any impact in terms of any cut from any of these (OPEC) sources into India," said B. Ashok, chairman of Indian Oil Corp, the country''s biggest petroleum company. OPEC sources said that will change as top exporter Saudi Arabia especially is keen to see a visibly tighter market. Many refiners, however, are still not expecting a real crude shortage, largely due to ample alternative supplies. "Crudes that can be processed in our refineries include crudes from the U.S. We have procured some crude even from Canada. We have been procuring crude from Latin America ... Africa, Russia," Ashok said. ALTERNATIVES AT A PRICE U.S. producers have become a key alternative source of supply as their output - largely due to shale oil - has soared by 10 percent since mid-2016 to 9.3 million bpd C-OUT-T-EIA, close to Saudi Arabia''s and Russia''s levels. These producers have been fast to fill OPEC''s gap, with an average of 374,000 bpd of crude from the United States coming to Asia in the first four months of 2017, according to data compiled by Thomson Reuters Oil Research and Forecasts. That compares with an average of just 48,000 bpd in 2016. "The cut in OPEC supplies will be offset by higher U.S. crude production," said KY Lin, spokesman for Formosa Petrochemical Corp., one of Asia''s biggest refiners and petrochemical producers. Still, most analysts including Goldman Sachs, Jefferies and Barcl
'27e35efd3c15a3b1004af8810ff3c16d3a5c422a'|'EU securities watchdog wants new powers post Brexit'|'LONDON May 30 The European Union''s securities watchdog wants new powers over clearing houses, credit rating agencies and some financial benchmarks that operate in the EU but are based outside the bloc, as Brexit ushers in fundamental changes to markets.The European Securities and Markets Authority (ESMA) said on Tuesday that clearing houses, which are currently supervised by national regulators, warrant strengthened and potentially centralised supervision in the EU.It was responding to a European Commission consultation on whether changes are needed to financial supervision in the EU.The powers ESMA wants stop short of creating a European Securities and Exchange Commission, but would significantly beef up EU-level supervision.The watchdog said Brexit, which will remove Europe''s biggest financial market from the bloc, and efforts by the EU to build a capital markets union (CMU) meant reform is needed."It will be important to find a new balance to foster the single market, reduce barriers, and avoid regulatory and supervisory arbitrage among jurisdictions," ESMA Chairman Steven Maijoor said in a letter to the Commission, and made public on Tuesday.Brussels is due next month to publish a draft law on supervision of clearing euro-denominated transactions after calls from EU policymakers for this activity, which London dominates, to be moved to the euro zone due to Brexit.ESMA said that while there were "divergent views" among its board members over the best approach to supervising clearing houses, it could be based on some form of "pooled expertise at EU level".ESMA also said centralised supervision of clearing could be "complemented" by a role for central banks, without elaborating.ESMA last month proposed tougher conditions on the use of credit ratings compiled outside the bloc, potentially making it harder for rating agencies in Britain to offer their services in the EU after Brexit.On Tuesday it went further, calling for powers to directly supervise credit rating agencies as well as clearing houses, trade repositories and major market indices or benchmarks that are active in the EU but based outside the bloc - again making Britain a focus as London-based firms are major players.Major benchmarks and market data providers based inside the EU should also be regulated directly by ESMA, it said.The watchdog called for a bigger role in endorsing new global accounting rules for use in the EU, thereby limiting the bloc''s existing advisory group to "purely technical advice".Patrick de Cambourg, head of French accounting standards body ANC, said in a separate letter to the Commission that he opposed giving ESMA more say over book-keeping rules because the advisory group was itself reformed only two years ago.ESMA also said it wants powers to suspend financial rules in the EU on a temporary basis, similar to the "no action" letters U.S. regulators can send financial firms when a deadline for compliance has no chance of being met.It will be up to the European Commission to propose any legislative changes, which would need approval from the European Parliament and EU states.(Reporting by Huw Jones, editing by Susan Fenton)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/eu-markets-regulator-idUSL8N1IW575'|'2017-05-30T20:33:00.000+03:00'
'df51931363c52227498b8e656c2ede8838c402a0'|'U.S. consumer spending jumps; monthly inflation rebounds'|'Central Banks - Tue May 30, 2017 - 1:55pm BST U.S. consumer spending jumps; monthly inflation rebounds People walk with shopping bags in Manhattan, New York City, U.S. December 27, 2016. REUTERS/Andrew Kelly By Lucia Mutikani - WASHINGTON WASHINGTON U.S. consumer spending recorded its biggest increase in four months in April and monthly inflation rebounded, pointing to firming domestic demand that could allow the Federal Reserve to raise interest rates next month. The Commerce Department said on Tuesday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.4 percent last month after an upwardly revised 0.3 percent gain in March. Households spent more on both goods and services last month. April''s increase was the biggest since December and could ease concerns about second-quarter economic growth after weak reports on core capital goods orders, the goods trade deficit and inventory investment in April. Consumer spending was previously reported to have been unchanged in March. U.S. stock index futures pared losses after the data while the dollar edged up against the yen. Prices of U.S. Treasuries were trading slightly higher. Consumer spending grew at its slowest pace in more than seven years in the first quarter, helping to restrict gross domestic product growth to a 1.2 percent annual rate in the first three months of the year. GDP growth estimates for the second quarter range between a rate of 2 percent and 3 percent. Minutes of the Fed''s May 2-3 policy meeting, which were published last week, showed that while policymakers agreed they should hold off hiking rates until there was evidence the growth slowdown was transitory, "most participants" believed "it would soon be appropriate" to raise borrowing costs. The U.S. central bank hiked rates by 25 basis points in March. Expectations of further policy tightening next month are also supported by steadily rising inflation. The personal consumption expenditures (PCE) price index rebounded 0.2 percent in April, reversing March''s 0.2 percent drop. In the 12 months through April, the PCE price index increased 1.7 percent after rising 1.9 percent in March. Excluding food and energy, the so-called core PCE price index also bounced back 0.2 percent after dipping 0.1 percent in March. In the 12 months through April, the core PCE price index increased 1.5 percent after rising 1.6 percent in March. The core PCE is the Fed''s preferred inflation measure. The central bank has a 2 percent target for core PCE. But rising inflation is cutting into both consumer spending and income growth. When adjusted for inflation, so-called real consumer spending rose 0.2 percent last month after advancing 0.5 percent in March. While personal income rose 0.4 percent last month, as wages jumped 0.7 percent, income at the disposal of households after accounting for inflation advanced 0.2 percent. Real disposable income increased 0.4 percent in March. Savings were little changed at $759.1 billion last month. (Reporting by Lucia Mutikani; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN18Q1DO'|'2017-05-30T20:55:00.000+03:00'
'47ba0beca5212c3b42d63d8076918649725d8cb0'|'Vivendi wins conditional EU okay to gain control of Telecom Italia'|'BRUSSELS French media group Vivendi won EU antitrust approval on Tuesday for its plan to gain control of Telecom Italia after pledging to sell the telecoms operator''s majority stake in broadcasting services group Persidera.The asset sale offer came after the European Commission voiced concerns that Vivendi might hike prices charged to TV channels for wholesale access to digital terrestrial television networks following the Telecom Italia deal."In order to address the competition concerns identified by the Commission, Vivendi committed to divest Telecom Italia''s stake in Persidera," the EU competition enforcer said.The EU green light has no relevance to Italian communications regulator AGCOM''s order to Vivendi to cut its stake in either Telecom Italia or broadcaster Mediaset.(Reporting by Foo Yun Chee; editing by Philip Blenkinsop)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-telecom-it-m-a-vivendi-eu-idINKBN18Q1EH'|'2017-05-30T11:04:00.000+03:00'
'12dd94cb852a3808f895bdfa96acd83dbb917372'|'Vivendi wins conditional EU okay to gain control of Telecom Italia'|'Business News - Tue May 30, 2017 - 2:04pm BST Vivendi wins conditional EU okay to gain control of Telecom Italia left right FILE PHOTO: The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, March 10, 2016. REUTERS/Charles Platiau/File Photo 1/2 left right FILE PHOTO: Telecom Italia logo is seen at the headquarters in Milan, Italy, May 25, 2016. REUTERS/Stefano Rellandini/File Photo 2/2 BRUSSELS French media group Vivendi won EU antitrust approval on Tuesday for its plan to gain control of Telecom Italia after pledging to sell the telecoms operator''s majority stake in broadcasting services group Persidera. The asset sale offer came after the European Commission voiced concerns that Vivendi might hike prices charged to TV channels for wholesale access to digital terrestrial television networks following the Telecom Italia deal. "In order to address the competition concerns identified by the Commission, Vivendi committed to divest Telecom Italia''s stake in Persidera," the EU competition enforcer said. The EU green light has no relevance to Italian communications regulator AGCOM''s order to Vivendi to cut its stake in either Telecom Italia or broadcaster Mediaset. (Reporting by Foo Yun Chee; editing by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-telecom-it-m-a-vivendi-eu-idUKKBN18Q1EJ'|'2017-05-30T21:04:00.000+03:00'
'7acd97ce3d02a963a44145242675908f9a2f0e52'|'UPDATE 1-Brazil''s Interm<72>dica files for regulatory clearance to launch IPO'|'(Adds details in 2nd paragraph, context)By Bruno Federowski and Paula LaierSAO PAULO May 29 Brazilian healthcare services provider Notre Dame Interm<72>dica Sistema de Sa<53>de SA on Monday filed for regulatory clearance to launch an initial public offering, the latest in a wave of stock listings in Latin America''s largest economy after a years-long drought.The investment banking unit of Ita<74> Unibanco Holding SA will act as lead underwriter, according to documents filed with securities regulator CVM. The request accounted only for the sale of common shares in the hands of existing shareholders, with no mention of new issues.For years, Brazilian companies looking to tap local equity markets bumped into tepid demand as a deep recession corroded corporate profits and sky-high interest rates dampened the allure of risky investments.A financial market rally in 2016 helped to kick-start IPO activity this year as investors cheered President Michel Temer''s efforts to balance the budget and implement structural reforms.Still, a growing political scandal threatening his administration has fueled volatility in recent weeks, potentially driving some firms to think twice before going back to local markets, analysts said.Reuters had reported in February Interm<72>dica had hired banks to manage an IPO, with controlling shareholder Bain Capital LP looking to cash in on growing investor appetite for shares of Brazilian healthcare and personal services firms. (Reporting by Bruno Federowski and Paula Laier; Writing by Bruno Federowski; Editing by Nick Zieminski)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/intermedica-saude-ipo-idUSL1N1IV0HX'|'2017-05-29T20:04:00.000+03:00'
'8dc5303699d859a666df81bda28ce750ef8734b6'|'REFILE-Lenovo''s struggling mobile business sets sight on high-end market'|'Business News - Sun May 28, 2017 - 8:12pm EDT Lenovo''s struggling mobile business sets sight on high-end market FILE PHOTO: Lenovo tablets and mobile phones are displayed during a news conference on the company''s annual results in Hong Kong May 23, 2013. REUTERS/Bobby Yip/File Photo By Sijia Jiang - HONG KONG HONG KONG After a bruising fall from its spot as the world''s third-largest mobile phone maker following its acquisition of Motorola three years ago, China''s Lenovo Group Ltd ( 0992.HK ) is counting on a push upmarket to stop the bleeding in its smartphone business. While the company, which vies with HP as the world''s largest PC maker, returned to profit in the year to March, losses in its smartphone business worsened as marketing expenses for new products and key component costs increased. The group''s phone problems started after it acquired Motorola Mobility from Google for $2.9 billion in 2014 but struggled to integrate the assets. That, combined with fierce competition from lower-end manufacturers in its home base of China such as Xiaomi and Oppo, saw its global position fall to eighth in 2016. A recently announced reorganization of its China business aimed at sharpening the PC brand''s consumer focus comes amid an ongoing effort to tighten its mobile branding and shift the focus to pricier models under its Moto brand. "Our strategy is to prioritize mature markets ... which need brands and innovative products, whereas emerging markets need efficiency," Chairman Yang Yuanqing said of Lenovo''s mobile business at a press conference in Hong Kong on Thursday. "So we will have two teams catering to the two kinds of markets with different product lines." Lenovo faces its toughest battle in its home base of China, where it has slipped out of the top 10 smartphone vendors. Shipments domestically declined 80 percent year-on-year or 55 percent quarter-on-quarter in the first quarter of 2017, according to data from Canalys. The company currently has three phone brands in China - the premium Moto brand, the cheaper Lenovo series, and an online-focused ZUK brand launched in 2015. A Lenovo spokeswoman said its global mobile strategy would focus on the Motorola brand, although it would continue to support its other lines, such as ZUK. Moto products, including a premium series of modular phones designed with detachable components that can be replaced or upgraded, helped propel Lenovo to be the second-biggest vendor in Brazil, after Samsung Electronics Co Ltd ( 005930.KS ), Yang said. Shipments in Brazil rose 56 percent in the first three months of the year according to Lenovo, overtaking India as its biggest market, where volume grew 34 percent. The average selling prices of Lenovo''s mobile products rose 15.1 percent in the past year, according to its financial report. Mature market competition, where Yang said Lenovo''s main rivals are Samsung and LG Electronics Inc ( 066570.KS ), is less fierce than in emerging markets, where the low entry barrier allowed in "too many Chinese vendors, some of which compete irrationally". He added Lenovo will have three more telecom partners in the U.S. this year, while its performance in Western Europe is improving. NEW PRIORITIES Yang said Lenovo is on track to meet its goal of turning around the mobile business by the second half of the fiscal year starting in April. At the same time, some analysts say the company should cut its mobile losses in China and focus on building its strength in other markets. "I think they should deep-six their China mobile business. Their non-China probably has a chance if it''s very narrowly geographic and product focused," said Bernstein analyst Alberto Moel. Lenovo is the fourth-biggest smartphone seller in India, with a 9.5 percent market share, which compares with Samsung in top place with 28.1, according to IDC. While it faces increasing competition from new entrants Oppo and Vivo, it enjoys good brand loyalty. "I like Lenovo phone
'485902d4187c8d0413105abd8228170340d137d6'|'Deals of the day- Mergers and acquisitions'|'Funds News   4:00pm EDT Deals of the day-Mergers and acquisitions (Adds Iberchem; updates Vivendi and Conagra) May 30 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Tuesday: ** Britain''s competition regulator will investigate Tesco''s planned 3.7 billion pound ($4.8 billion) takeover of wholesaler Booker to check if it risks reducing competition and customer choice. ** French media group Vivendi won EU antitrust approval on Tuesday for its plan to gain control of Telecom Italia after pledging to sell the Italian company''s majority stake in broadcasting services group Persidera. ** Packaged food maker Conagra Brands Inc said it would sell its Wesson cooking oil brand to Folgers coffee maker J. M. Smucker Co for about $285 million. ** Offshore driller Ensco Plc said it would buy smaller rival Atwood Oceanics Inc in an all-stock deal valued at about $839 million to add high-specification offshore rigs to its fleet. ** South Africa''s Sun International said it would raise its stake in Latin America-focused Sun Dreams to almost 65 percent from about 55 percent in its bid to expand its gaming and hospitality business abroad. ** Spanish agricultural holding company Grupo Fuertes said it could consider increasing its stake in Russian meat producer Cherkizovo. ** Hong Kong-listed Frontier Services Group (FSG), co-founded by former U.S. military services contractor Erik Prince, said it had acquired 25 percent of a Chinese security training facility, the company''s latest move to tap into China''s Belt and Road development plan. ** London Stock Exchange has agreed to buy The Yield Book, Citigroup''s fixed-income analytics service and also its related indexing business, for $685 million in cash, the companies said. ** As Novartis considers asset sales that could raise $50 billion, investors are worried any cash raised may give the Swiss drugmaker firepower for another unsuccessful mega-deal. ** Spanish fragrance maker Iberchem has attracted first-round offers from several private equity groups in a deal potentially valuing the company at about 400 million euros ($448 million), people close to the matter said. (Compiled by Akankshita Mukhopadhyay and John Benny in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL3N1IW1MX'|'2017-05-30T21:48:00.000+03:00'
'27d21b366fc78fe928bcf42732a3a92ac076ef4a'|'LSE to buy Citi''s bonds analysis and indexes business for $685 million'|'Top News - Tue May 30, 2017 - 2:55pm BST LSE to buy Citi''s bond data and indexes business for $685 million left right FILE PHOTO: A woman walks past the London Stock Exchange building in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville/File Photo 1/2 left right FILR PHOTO: The London Stock Exchange is seen in the City of London April 11, 2011. REUTERS/Toby Melville/File Photo 2/2 By Noor Zainab Hussain London Stock Exchange (LSE) ( LSE.L ) is to buy Citigroup''s ( C.N ) Yield Book fixed-income analytics service and its related indexing business for $685 million (<28>532.5 million) in cash, the LSE''s first big deal since its merger with Deutsche Boerse ( DB1Gn.DE ) fell through in March. The Yield Book and Citi Fixed Income Indices businesses have a client base of more than 350 institutions offering services used to analyse fixed income instruments including mortgage, government, corporate and derivative securities, Citi said. The indexes business includes the widely followed World Government Bond Index series. LSE ( LSE.L ) said the Citi acquisition would boost the size and capabilities of its FTSE Russell indexes business, taking assets under management using its indexes to about $15 trillion. More acquisitions might be made but the focus now would be on developing the business it already has, the head of FTSE Russell told Reuters. "Anything that we can acquire at a fair price, we will look at ... But first and foremost we focus on the organic growth," Mark Makepeace said. "(The deal) gives us a multi-asset approach to benchmarking, which is what our clients increasingly want. They want to get equities, fixed income and other asset classes from a single provider," he said. The deal will also help the LSE compete better with rival index commpilers MSCI ( MSCI.N ) and S&P ( SPGI.N ), with FTSE International projected to have more assets under management using its indexes than MSCI''s $11 trillion and S&P''s $10 trillion, Makepeace said Shares in LSE, which have risen 12 percent since the Deutsche Boerse deal was blocked by EU regulators, citing concerns over a potential monopoly in the processing of bond trades, were up 0.3 percent at 3,404 pence at 1322 GMT. "It is our opinion that LSEG has acquired a profitable, high-margin, fast-growing business that is complementary to its existing benchmark portfolio, and is an effective use of surplus capital," RBC Capital Markets analyst Peter Lenardos said. The acquisition is expected to add $30 million in synergy benefits to LSE''s revenues over the first three years after completion and bring $18 million in cost savings over the same period, the company said. Last year LSE estimated the business being acquired would have generated earnings before interest, tax, depreciation and amortisation of $46 million on revenue of $107 million. LSE expects the EBITDA margin to rise to at least 50 percent within three years of the deal''s completion. "This is another clever transaction by LSEG, one that few had on their radar screens. The transaction makes financial and strategic sense," Lenardos, who rates LSE "outperform" said. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Jason Neely, Greg Mahlich) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-citigroup-m-a-lse-idUKKBN18Q0FX'|'2017-05-30T17:17:00.000+03:00'
'6d7885dbb7b0a34cf9d5851135c81b8b8e6973fe'|'UPDATE 1-Conagra sells Wesson oil brand to J. M. Smucker'|'Packaged food maker Conagra Brands Inc ( CAG.N ) said on Tuesday it would sell its Wesson cooking oil brand to Folgers coffee maker J. M. Smucker Co ( SJM.N ) for about $285 million.Conagra will continue to manufacture products sold under the Wesson brand for up to one year following the close, after which Wesson will be merged into J.M. Smucker''s oils manufacturing facility in Cincinnati, Ohio.The Wesson brand, whose product offerings include vegetable, canola, corn and blended oils, would bolster J.M. Smucker''s own Crisco oil brand, J.M. Smucker Chief Executive Mark Smucker said in a statement.J.M. Smucker said it expects annual cost synergies of about $20 million within two years after the deal''s closing.J. M. Smucker expects the deal to add about 10 cents per share to its adjusted earnings in the first full-year after close.The transaction is subject to customary closing conditions, including regulatory approvals.Chicago-based Conagra has been divesting many of its private label and condiment businesses to become a branded foods-only company.Conagra last year sold its loss-making private-label business to TreeHouse Foods Inc ( THS.N ) and spun off its Lamb Weston ( LW.N ) frozen potato business.The maker of Chef Boyardee pasta and Orville Redenbacher''s popcorn also said in December that the company will be 91 percent branded after the spin-off of the Lamb Weston unit.Conagra reported a better-than-expected third-quarter profit in March, as it discontinued sales of lower-margin products and cut back on discounts.Shares of Conagra were down 1.4 percent at $38.47 in midday trading on Tuesday, while J.M. Smucker was marginally down at $127.75.(Reporting by Nikhil Subba and Gayathree Ganesan in Bengaluru; Editing by Sriraj Kalluvila and Maju Samuel)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-conagrabrands-wesson-smucker-idUSKBN18Q1I2'|'2017-05-30T22:07:00.000+03:00'
'cb21b9c8d53a5bc47ece7ed3ae590103519c3589'|'Gilead and GSK go head-to-head with similar HIV drug data'|' 17pm BST Gilead and GSK go head-to-head with similar HIV drug data FILE PHOTO: The GlaxoSmithKline building is pictured in Hounslow, west London June 18, 2013. REUTERS/Luke MacGregor/File Photo By Ben Hirschler and Akankshita Mukhopadhyay Gilead Sciences Inc ( GILD.O ) and GlaxoSmithKline Plc ( GSK.L ) will go head-to-head with rival versions of an improved class of HIV medicines, after clinical studies showed the U.S. company''s new drug bictegravir was as effective as GSK''s product. Four late-stage studies from Gilead all met their goals, with bictegravir matching the efficacy of GSK''s established dolutegravir, which has been the cornerstone of the British group''s growing HIV business in recent years. Both drugs are so-called integrase inhibitors, a type of medicine that has proved extremely effective at blocking the AIDS virus. They are designed to be given alongside older antiretroviral therapies. In a statement on Tuesday, Gilead said drug combinations testing bictegravir had proved equally good, or "non-inferior", to combinations using dolutegravir, as measured by their ability to suppress levels of HIV. The news confirms a looming competitive threat to GSK''s important ViiV Healthcare business, but it also suggests the balance may not tip overwhelmingly in favour of Gilead. Gilead shares were little changed, while GSK rose 1.8 percent in London as Deutsche Bank analysts said the news "alleviates a small risk that bictegravir would have superior efficacy to dolutegravir". The results are nonetheless a success for Calfornia-based Gilead, which Berenberg analysts said was likely to take a meaningful portion of growth in the HIV treatment market, with annual bictegravir sales reaching $3.8 billion (<28>2.9 billion) by 2020. Gilead plans to apply this year for regulatory approval to sell its combination of bictegravir and emtricitabine/tenofovir alafenamide (FTC/TAF), with a submission in the United States in the second quarter and Europe in the third quarter. If Gilead uses a priority voucher at the U.S. Food and Drug Administration, it could launch in the U.S. market in the first quarter of 2018, some industry analysts said. For a long time Gilead has dominated the HIV market but GSK fought back strongly with dolutegravir, which has been a star performer recently. Now Gilead is hoping to reaffirm its dominance with its new three-drug combination based around bictegravir. GSK, meanwhile, is working on a two-drug treatment regimen. Three of Gilead''s studies tested its combination against a regimen containing GSK''s dolutegravir in previously untreated patients. The fourth trial included patients who were already on HIV therapies, but were switched to the Gilead combination. Data showed the Gilead combination was as effective and also well tolerated. No patients discontinued treatment due to kidney problems, a common side effect seen with HIV treatments. Antiretroviral therapy has turned HIV from a death sentence into a manageable condition but patients need to stay on treatment for life, so there is a growing focus on making medication as well-tolerated as possible. (Reporting by Ben Hirschler and Akankshita Mukhopadhyay; Editing by Sriraj Kalluvila, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gilead-sciences-study-idUKKBN18Q1TP'|'2017-05-30T23:17:00.000+03:00'
'8e1a9d1201877ced96d1b4a16d3d90c462be9ea2'|'Tesco CEO called to give evidence in fraud trial of former executives'|'Business   3:42pm BST Tesco CEO called to give evidence in fraud trial of former executives left right Tesco Group Chief Executive, Dave Lewis speaks at an analyst presentation in London, Britain, April 12, 2017. REUTERS/Hannah McKay 1/2 left right FILE PHOTO: Grey clouds hang over a Tesco Extra store in London, Britain June 4, 2014. REUTERS/Luke MacGregor/File Photo 2/2 LONDON Tesco ( TSCO.L ) Chief Executive Dave Lewis has been called as a prosecution witness in the trial of three former senior executives accused of fraud and false accounting at Britain''s biggest retailer, a court heard on Tuesday. Christopher Bush, who was managing director of Tesco UK, Carl Rogberg, who was UK finance director, and John Scouler, who was UK food commercial director, were charged by the Serious Fraud Office (SFO) in September with one count of fraud by abuse of position and one count of false accounting. Their lawyers have said the three would plead not guilty at a trial set to start on Sept. 4 and have applied to have the case dismissed. At a case management hearing at Southwark Crown Court in London on Tuesday the court heard that Lewis, CEO since September 2014, was among 10 new witnesses called by the crown. The court heard that other witnesses called include Tesco''s group general counsel Adrian Morris and the head of its internal audit, who was not named. Tesco declined to comment on Tuesday. The SFO has said the alleged crimes occurred between Feb. 1and Sept. 23, 2014. Tesco issued a statement to the London Stock Exchange on Sept. 22, 2014, saying that during its final preparations for a results announcement it had identified a 250 million pound overstatement of first-half profit, mainly due to booking commercial deals with suppliers too early. The discovery led to the suspension of eight senior members of staff including Bush, Rogberg and Scouler; sent Tesco''s shares tumbling; and plunged the company into the worst crisis in its near 100-year history. The profit overstatement, identified three weeks after Lewis took over as CEO from the sacked Philip Clarke, was later raised to 263 million pounds. Bush and Scouler attended Tuesday''s hearing, though Rogberg was absent. The judge set aside days in June and August for further legal argument. In April a court approved a deal between Tesco and the Serious Fraud Office to settle a probe over the 2014 scandal. That deferred prosecution agreement (DPA) related to the potential criminal liability of the UK subsidiary, Tesco Stores Limited, and no other person. (Reporting by James Davey; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-tesco-fraud-idUKKBN18Q1P5'|'2017-05-30T22:42:00.000+03:00'
'6e3410cd65635ea23c319f90373286a2267af22d'|'Exclusive - Veneto bank investors face bail-in if no deal by end-June: EU source'|'Banks  16pm BST Exclusive - Veneto bank investors face bail-in if no deal by end-June: EU source FILE PHOTO: The logo of Veneto Banca bank is seen in Venice, Italy, January 31 2016. REUTERS/Alessandro Bianchi/File Photo By Francesco Guarascio - BRUSSELS BRUSSELS Italy''s Banca Popolare di Vicenza and Veneto Banca may be wound down if a deal cannot be reached next month on granting the banks state aid, a European Union official said. "By the end of June we should know whether a precautionary recapitalisation is doable," an EU official close to the talks told Reuters on Tuesday. If no deal between Rome and EU authorities is found by then, European regulators would prepare for their "resolution" under "bail-in" rules, where shareholders, bondholders and large depositors shoulder losses, the official added. Rome resolved to set aside 20 billion euros (<28>17.4 billion) to help its weaker lenders in December after the country''s fourth biggest bank, Monte dei Paschi di Siena ( BMPS.MI ), failed to raise money on the market to plug a capital shortfall. Italy''s banking industry has 350 billion euros of bad loans, a third of the euro zone''s total, which accumulated during a deep recession and the government is now negotiating with the EU executive a state bailout for Monte dei Paschi and the two Veneto-based regional lenders. This would be under new European rules which came into full force in January 2016 and seek to shield taxpayers from the cost of bailing out banks. But while talks on a state rescue for Monte dei Paschi appear to be heading towards a positive conclusion, negotiations over the two Veneto banks are more difficult. Italy is seeking to use an exception to the EU rules and win approval for a precautionary recapitalisation of the banks that would reduce private investors'' losses and hit only shareholders and junior bondholders. Brussels, however, is demanding that private investors inject an extra 1 billion euros into the two Veneto lenders to help fill a capital shortfall of 6.4 billion euros before state aid can be used, sources have said. The Italian government last week ruled out the possibility of a bail-in for the two banks, fearing this would hurt confidence in the wider banking sector. With the prospect of early elections growing after former Prime Minister Matteo Renzi said at the weekend he favoured a vote in the autumn, the government is likely to be even more opposed to a potentially vote-losing resolution. But it is struggling to persuade Atlante, a fund financed by healthier Italian banks, to provide the additional capital to save the two banks, sources have said. Atlante, hastily set up last year to rescue the two Veneto lenders after their attempt to raise capital on the market flopped, has already pumped in 3.4 billion euros. Responding to a formal request for more help, it said on Tuesday it had no intention of stumping up more money.. "It''s going to be a long tug-of-war where someone will eventually have to give in," an Italian banking source said. Popolare di Vicenza, Veneto Banca and the European Central Bank declined to comment, while an Italian treasury source said there was no risk of resolution. "The only option on which we are working is the precautionary recapitalisation, there are no other options. The discussions take time, for Monte dei Paschi the negotiation started five months ago," the source said. The European Commission has repeatedly said there was no deadline for negotiations to solve the Veneto banks'' woes. Asked whether talks should be concluded by the end of June, a spokeswoman for the EU Commission declined to comment, reiterating that "constructive contacts are ongoing". Under European banking rules, it is up to the ECB - the euro zone''s single banking supervisor - to determine when a bank is failing or likely to fail because it does not have enough capital, cash or if its liabilities exceed its assets. However, the Single Resolution Board - th
'5d45bd3e7fc4d3c5661ef3a83ce1270a7e6acae3'|'Burundi paralysed by fuel shortages as leaders blame lack of dollars'|'NAIROBI Fuel shortages have paralyzed the small central African nation of Burundi, threatening further damage to an economy already moribund after years of political violence and raising questions about the role of the country''s only oil importer.The problem has damaged two big foreign investors, Kenya''s KenolKobil and South Africa''s Engen, a subsidiary of Malaysian parastatal Petronas.The shortages, which forced the government to introduce rationing on May 16, have paralyzed commerce and caused food prices to jump by around a third, raising the prospect of a wave of economic migration. More than 400,000 people have already fled Burundi into the volatile central African region.Anti-corruption campaigners said the fuel shortages became severe after Burundian company Interpetrol Trading Ltd. received the lions'' share of dollars that are allocated by the central bank to import fuel."The oil sector is undermined by favoritism and lack of transparency, because the rare hard currency available in the central bank reserves is given to one oil importer," said Gabriel Rufyiri, head of anti-graft organization OLUCOME.The central bank declined to answer Reuters'' questions.Interpetrol''s lawyer, Sylvestre Banzubaze, said: "I am not associated with the day-to-day operations and only intervene on legal questions. You should address your questions directly to Interpetrol sources."He did not respond when asked for further contacts and the company does not have a website.Rufyiri said that government sources told him that the bulk of dollars for fuel purchasing had been allocated to Interpetrol since March this year.Reuters confirmed with two other sources that Interpetrol received the bulk of dollar allocations. Other companies only received a small fraction of the dollars they needed, the sources said, severely damaging their businesses.Earlier this month, South African petrol company Engen confirmed it had sold its assets in Burundi to Interpetrol.Engen declined to comment further. KenolKobil also declined to comment, but Burundian citizens say most of their petrol stations have been closed for three months.SOLE IMPORTERInterpetrol is now the sole oil importer and runs all the fuel storage tanks in the country, said an industry source.Banzubaze said there was "no link" between Interpetrol''s shareholders and any member of the government.But a 2011 U.S. State Department report described attempts by senior government officials to pressurize judges into dropping a corruption case against the company, owned by brothers Munir and Tariq Bashir. Neither the government nor Interpetrol''s lawyer responded when asked about the status of the case.Government officials blame dollar shortages on aid cuts that donors imposed after President Pierre Nkurunziza ran for a third term in 2015, triggering a wave of political violence."These days, fuel importers don''t get enough dollars to bring petroleum products," said Daniel Mpitabakana, the government''s director of fuel management.Burundi''s economy shrank by 0.5 percent last year, and the International Monetary Fund expects no growth at all this year and 0.1 percent next year.Black market prices for fuel range between 5,000 to 6,000 Burundi francs per litre, vendors said, double the official price of 2,200 francs.The street exchange rate is 2,600 francs to the dollar, although it is just over 1,700 to the dollar at the central bank. Only the central bank can receive dollar deposits and allocate dollars to businesses.In the capital, queues at empty petrol stations snaked around the block. One civil servant said he had taken the last three days off work to search for gas."I have no fuel for days and I don<6F>t know if by chance will get it today," he said, asking not to be named.Burundi has also been battered by drought and almost two years of political instability. Hundreds of people were killed and hundreds of thousands were forced to flee abroad during the political violence, which st
'280a0e648cb21f0a8b314c0596e5380fbfd2d8b7'|'Blackwater founder''s FSG buys stake in Chinese security school'|'By Michael Martina - BEIJING BEIJING Hong Kong-listed Frontier Services Group (FSG), co-founded by former U.S. military services contractor Erik Prince, said it had acquired 25 percent of a Chinese security training facility, the company''s latest move to tap into China''s Belt and Road development plan.Security experts say Chinese firms face mounting risks as they expand along President Xi Jinping''s modern-day "Silk Road" initiative to connect the world''s second largest economy with the Middle East, Europe and beyond through infrastructure development.Global security companies and their smaller Chinese rivals are looking for opportunities, offering to protect the pipeline, road, railway and power plant projects being planned, often in unstable regions.FSG ( 0500.HK ) said the deal for an undisclosed amount with the International Security and Defense College (ISDC) in Beijing, which it called the largest private security training school in China, would allow it to offer "world-class training courses" to Chinese companies.Skills taught will include close protection, defensive driving, counter carjacking and cultural awareness, the company said in a statement sent to Reuters on Tuesday."We look forward to continuing to provide our clients with the security services they need to operate safely and confidently across the One Belt One Road regions," Prince, FSG''s executive chairman, said.FSG said it would not provide training on the use of guns at the facility, and all of its services were unarmed, but it would help source any armed personnel required for a project to authorized sub-contractors.Prince, a former U.S. Navy SEAL officer and the brother of U.S. Secretary of Education Betsy DeVos, was the founder of a U.S. military contractor formerly called Blackwater that drew harsh international scrutiny and faced lawsuits for shootings and other conduct in Iraq.He later co-founded FSG, a separate logistics, security and insurance provider.FSG has a made strategic shift to take advantage of China''s Belt and Road plan in 12 countries including Pakistan, Afghanistan and Uzbekistan, its 2016 annual report showed. Its biggest shareholder is a unit of Chinese state-owned conglomerate CITIC Group Corp.Some Western diplomats have expressed unease about the Belt and Road initiative, seeing it as an attempt to promote Chinese influence globally. They are also concerned about transparency and access for foreign companies.China has dismissed those concerns, saying the initiative is open for all and only about promoting development and trade.FSG said it planned to set up an office in Xinjiang in China''s west, the starting point for the China-Pakistan Economic Corridor, a major project under the Belt and Road banner.(Reporting by Michael Martina; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-china-silkroad-companies-idINKBN18Q0WR'|'2017-05-30T07:58:00.000+03:00'
'90d77b25b1e9f010812df3948b2c230f70707c11'|'Cevian Capital buys 5.6 percent stake in Ericsson'|'By Johannes Hellstrom - STOCKHOLM STOCKHOLM Activist investor Cevian Capital has bought a more than 5 percent stake in Sweden''s Ericsson and said it sees significant potential in the struggling mobile telecom equipment maker.Ericsson shares have fallen close to 40 percent in the past two years as the firm has been hit by a drop in spending by telecoms firms - with demand for next-generation 5G technology still years away - and weak emerging markets.The firm, which reported an operating loss of 12.3 billion crowns ($1.41 billion) in the first quarter, also faces mounting competition from China''s Huawei and Finland''s Nokia.Borje Ekholm, a Swedish business insider and veteran board member, took over as Ericsson''s CEO last October after a series of weak years."We see a significant potential in the company," Cevian managing partner Christer Gardell told Reuters."It<49>s about hard work ahead. We support the main thrust of the plan that Borje has presented for the company, meaning an increased focus on the core business."Ekholm wants to focus the business on lucrative core networks while restoring profitability in its IT & Cloud unit. It is also exploring partnerships or a sale of all or part of its media unit."But plans are not enough to bring success, it is how the plans are implemented. And implementation has not been Ericsson<6F>s strength as of late," Gardell said.Gardell also said ha would join Ericsson''s nomination committee.Ericsson<6F>s U.S-listed depository receipts turned positive after the news and were up 1.9 percent by 1748 GMT.Cevian, founded by Swedes Gardell and Lars Forberg, owns 168 million Ericsson B-shares, 5.6 percent of the B-shares outstanding, according to the filing from the U.S. Securities and Exchange Commission.The filing also showed Cevian owns 113,510 A-shares in Ericsson, meaning it owns just over 5 percent of Ericsson''s total share capital, based on 3.33 billion outstanding Ericsson shares.The activist investor holds large stakes in companies such as Swiss power transmission and industrial automation firm ABB, Swedish truck maker Volvo and German industrial group Thyssenkrupp.Business Daily Dagens Industri, citing an unnamed source, said last week that Gardell had met Ericsson Chairman Leif Johansson, and added the reason was that Cevian was eyeing the firm.(Additional reporting by Johan Ahlander; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ericsson-cevian-idINKBN18Q1YH'|'2017-05-30T14:07:00.000+03:00'
'855d2cc4291933e2ffef9e363b6828040fd20b18'|'BRIEF-Emry Capital Group reports 9.2 pct passive stake in Eline Entertainment Group as of May 26'|'Funds  56am EDT BRIEF-Emry Capital Group reports 9.2 pct passive stake in Eline Entertainment Group as of May 26 May 30 Emry Capital Group Inc: * Emry Capital Group Inc reports 9.2 percent passive stake in Eline Entertainment Group as of May 26 - sec filing Source text ( bit.ly/2r7sOLR )   May 30 London Stock Exchange (LSE) has agreed to buy Citigroup''s fixed-income analytics platform and index business for $685 million in cash, the companies said  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-emry-capital-group-reports-92-pct-idUSFWN1IW0LK'|'2017-05-30T20:56:00.000+03:00'
'2108b406966af4de419ad484ec39709ce6f6ff69'|'Sodexo CEO Landel to retire, Machuel named successor'|'Business News   12:04pm EDT Sodexo CEO Landel to retire, Machuel named successor Michel Landel, Chief Executive Officer of French catering-to-vouchers group Sodexo, poses prior to a news conference on the groups annual results in Paris, France, November 17, 2016. REUTERS/Benoit Tessier By Dominique Vidalon and Matthieu Protard - PARIS PARIS French catering-to-vouchers group Sodexo ( EXHO.PA ) said on Tuesday that digital boss Denis Machuel would replace veteran Chief Executive Michel Landel, who is retiring in January 2018. To ensure a smooth transition, Machuel, 53, who also heads Sodexo''s benefits and rewards business, will become deputy CEO as of Sept. 1, and work alongside Landel, added Sodexo. Landel, 65, will retain full responsibility for Sodexo''s strategy and management until he steps down at the annual shareholders meeting on Jan. 23, 2018. He will also stay on the board of directors until January 2020. "Denis Machuel knows all our businesses very well. He has an international profile and also a digital expertise, which is crucial today. He is well armed to take the group forward," Landel told Reuters, adding he had been preparing his succession for several years. Sodexo, founded in 1966, operates in 80 countries and has a stock market value of 18.5 billion euros ($21 billion). It is the world''s second-biggest catering services company after Compass Group ( CPG.L ). Sodexo manages canteens and facilities for office workers, armed forces, schools, hospitals and prisons, and also supplies vouchers for meals and gifts. Its clients range from the Royal Ascot Racecourse in England to the U.S. Marine Corps. SOLID GROWTH AT MACHUEL''S REWARDS UNIT Landel, who joined Sodexo in 1984 and became CEO in 2005, oversaw Sodexo''s transformation and expansion into a group with sales of over 20 billion euros and 425,000 employees. "Under his leadership the group''s revenue grew more than 70 percent, our operating profit has more than doubled, net profit more than tripled and the share price was multiplied by four," Sodexo Chairwoman Sophie Bellon said. Under Landel, Sodexo started to focus more on the faster-growing facilities management services area, compared to its core catering business. The main catering part now makes 70 percent of revenue against 80 percent in 2005. Sodexo has also expanded in emerging markets and in the benefits and rewards businesses, which issue pre-paid vouchers and cards to employees on behalf of their employers. The ''Benefits & Rewards'' arm, which Machuel has led since 2012, contributes 4 percent of group sales but makes 20 percent of operating profit. While its growth in Latin America has been affected by a recent recession in Brazil, Machuel told Reuters that Sodexo nevertheless remained "very confident on Brazil medium-term." Machuel, who joined Sodexo in 2007, has worked in France, Britain, Egypt and the United States. He has been a member of the Sodexo''s executive committee since 2014 and became Sodexo''s Chief Digital Officer in January 2015. (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-sodexo-ceo-idUSKBN18Q1Y5'|'2017-05-31T00:01:00.000+03:00'
'670060d61907e3050bf0d2b69ab0ab6345e64872'|'Puerto Rico will make $13.9 million pension bond payment due on Thursday'|'NEW YORK Puerto Rico''s government on Tuesday said it will make a $13.9 million payment on June 1 to bondholders of the Employees Retirement System (ERS), the island''s largest pension.The agreement, announced at a hearing in federal court in Manhattan, settled a lawsuit filed on Friday as part of ERS'' ongoing bankruptcy. It did not resolve a similar dispute over about $16 million owed on June 1 to bondholders of Puerto Rico''s sales tax authority, COFINA.A hearing on the COFINA dispute was underway in the Manhattan court on Tuesday.The disputes are tied to Puerto Rico''s massive economic crisis, which is marked by $70 billion in bond debt and another $49 billion in pension obligations.Those debts have pushed the U.S. territory and some of its public entities, including COFINA and ERS, into the largest combined municipal bankruptcy in U.S. history.COFINA IN THE SPOTLIGHTCOFINA owes more than $17 billion of the island''s overall debt, and its bondholders say they are protected by an ironclad legal structure that separates COFINA from the rest of government and gives them a lien on the island''s sales tax revenue.Holders of more than $18 billion of Puerto Rican general obligation bonds, however, say their debt is guaranteed by Puerto Rico''s constitution, and that they have a right to repurpose any revenue streams, including COFINA''s, to repay their debt.Tuesday''s hearing centers on a request by the Bank of New York Mellon ( BK.N ), the trustee for COFINA bonds, to hold onto a $16 million payment owed on Thursday to COFINA bondholders until Judge Laura Taylor Swain decides whose money it is.While that amount is a drop in the bucket, the hearing effectively begins the process of resolving sticky disputes, not only between GO and COFINA holders, but between senior and junior holders of COFINA debt.A piece of Thursday''s payment is owed to junior COFINA creditors. But senior holders, including Whitebox Advisors and Cyrus Capital Partners, argue a default has already occurred at COFINA due to Puerto Rico''s indications that it will seek to cut debt repayments.As a result, the senior group argues, BNY Mellon should accelerate payments to seniors and stop payments to juniors.(Reporting by Nick Brown; Editing by Meredith Mazzilli)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-puertorico-debt-bankruptcy-idUSKBN18Q1VW'|'2017-05-30T20:33:00.000+03:00'
'2e7235b773f8ad9a7f16977c77cb4e1640e54c88'|'Ireland launches long-awaited AIB listing with 25 pct stake sale'|'By Padraic Halpin - DUBLIN DUBLIN May 30 Ireland launched its long-awaited initial public offering of state-owned Allied Irish Banks (AIB) on Tuesday, offering a 25 percent stake in what is set to be one of Europe''s largest bank listings since the 2008 financial crisis.Dublin rescued the bank in a 21 billion euro ($23.50 billion) taxpayer bailout which began in early 2009 and has been considering partly cashing out of its 99.9 percent stake since last year.A successful flotation would mark another milestone in a dramatic turnaround from a banking and fiscal crisis that wrecked the country''s economy a decade ago. The sale could raise about 3 billion euros taking into account the bank''s book value of 11.3 billion euros at the end of last year.The bank''s value has likely risen since then following another quarter of margin growth, its payment of a 250 million euro dividend this month and a further 11 percent uplift in the value of euro zone banks since the start of the year.One of Ireland''s two dominant banks, AIB returned to profit three years ago, has cut its huge stock of impaired loans by more than two-thirds since then and this year became the first domestic-owned lender to restart dividends since the crash."The strong progress made by AIB and current market conditions mean that now is the right time to commence this process," Finance Minister Michael Noonan said in a statement announcing its intention to float."Today''s decision is a significant step in the continued normalisation of the state''s involvement in Ireland''s banking system."AIB will list its shares on the Irish and London Stock Exchange and seek admission to the main markets of each. The government said the sale was expected to be one of the United Kingdom''s largest main market IPOs of the last 20 years.AIB management have said they have received "huge interest in the Irish story" from investors in recent months, pitching the bank as a rare stock market play focused almost exclusively on the European Union''s fastest growing economy.AIB is less exposed to Britain''s exit from the EU than its main rival Bank of Ireland, the state''s largest bank by assets, having made just 14 percent of its pre-provision operating profit in the United Kingdom last year.It is also the largest provider of mortgages in the fast-recovering Irish market, with a 36 percent share of the market by drawdowns, although investors may be wary of a chronic lack of housing supply that could hold the market back.The prospectus and price range for the sale are expected to be published in mid-June, the government said.Bank of America Merrill Lynch, Davy Stockbrokers and Deutsche Bank are acting as global coordinators for the sale. Citigroup, Goldman Sachs, Goodbody Stockbrokers, JPMorgan and UBS are the bookrunners. ($1 = 0.8936 euros) (Reporting by Padraic Halpin. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/aib-ipo-idINS8N1F9025'|'2017-05-30T17:45:00.000+03:00'
'db581309ff94de25e8952ca0ae17263ee2e3975c'|'Greece denies report it may opt out of receiving more bailout money'|'Top News - Tue May 30, 2017 - 6:39pm BST Greece denies report it may opt out of receiving more bailout money left right FILE PHOTO: A man looks down as a Greek national flag flutters atop one of the bastions of the 17th century fortress of Palamidi under an overcast sky at the southern port city of Nafplio, Greece, February 19. 2017. REUTERS/Alkis Konstantinidis/File Photo 1/4 left right FILE PHOTO: A view of the cityscape of Athens, Greece, March 26, 2017. REUTERS/Alkis Konstantinidis/File Photo 2/4 left right FILE PHOTO: Greek Finance Minister Euclid Tsakalotos arrives for a news conference at the ministry in Athens, Greece March 30, 2017. REUTERS/Alkis Konstantinidis/File Photo 3/4 left right FILE PHOTO: A Greek national flag (R) and a European Union flag flutter atop the Finance Ministry building during sunset in Athens, Greece March 5, 2015. REUTERS/Alkis Konstantinidis/File photo 4/4 By Renee Maltezou - ATHENS ATHENS Greece on Tuesday denied a German newspaper report it could refuse receipt of bailout loans needed to make a July debt repayment if its lenders fail to offer clear debt relief terms, despite it having passed more reforms. Tuesday''s report in mass-selling Bild that Athens could go without new loans of about 7 billion euros (<28>6 billion) if it does not get comprehensive debt relief, and it was itself putting billions of euros aside preparing for this scenario, rattled the euro in early trade. Greek Finance Minister Euclid Tsakalotos dismissed the report saying it distorted what he said during a news briefing a day earlier. "Bild has distorted what I said yesterday," he told Reuters when asked to comment on the report. "What I did say is that the disbursement (of bailout money) was not an issue, because all sides agreed that we have kept to our commitments," he said. "But the Greek government feels that a disbursement without clarity on debt is not enough to turn the Greek economy around." The country has about 7 billion euros of debt maturing in July, a sum it will not be able to repay unless it gets new loans out of its current bailout worth up to 86 billion euros, the third aid programme since the crisis began. Euro zone finance ministers failed to agree with the International Monetary Fund last week on debt relief terms for Greece. They did not release new loans to Athens but recognised it had made significant progress with reforms. Greece hopes that euro zone finance ministers will offer enough clarity in June on the debt relief measures that could be carried out after its bailout ends in 2018, to show investors that its debt - now at 197 percent of GDP - will be sustainable and help it return to bond markets as early as this summer. TAX HIKES Government spokesman Dimitris Tzanakopoulos also dismissed the report, saying a deal on debt relief could be reached at the next scheduled meeting of euro zone finance ministers in less than three weeks. "It is not true," Tzanakopoulos told Reuters. "There will be a solution on June 15." In a statement to the Athens News Agency, he suggested that the report was politically motivated. Prime Minister Alexis Tsipras told German Chancellor Angela Merkel and French President Emmanuel Macron in separate phone calls on Monday that Greece needed a "clear solution on debt", a government official said. Tsipras also discussed the issue with EU Council President Donald Tusk on Tuesday, the official added. To convince the IMF to participate financially in Greece''s programme, as sought by Germany, Athens passed legislation this month on additional pension cuts and tax hikes, which will be implemented after its bailout expires in 2018, as demanded by the IMF. The Washington-based fund says Greece needs further debt relief. Germany, which is gearing for elections in September, says Greece needs to speed up reforms instead. Tsipras''s term ends in 2019 and his party is sagging in the opinion polls. Speaking to journalists on Monday, Tsakalotos said Greece had "don
'012e90bb125232ee09e345c687f8fc6ac0b5d905'|'CEE MARKETS-Currencies ease a shade ahead of key Polish GDP, CPI data'|'* Poland to release Q1 GDP details, flash May CPI data * Polish CPI will be first May figure in the region * Annual CPI around 2 pct could lift zloty-analysts By Sandor Peto and Bartosz Chmielewski BUDAPEST/WARSAW, May 31 Central European currencies were slightly weaker against the euro on Wednesday, ahead of key economic output and inflation figures from Poland. The forint, the Czech crown and the zloty gave up some of Tuesday''s gains, easing by about 0.1 percent, but still trading near their strongest levels for months or years. Poland is due to release first-quarter gross domestic product details at 0800 GMT and a flash estimate of May inflation at 1200 GMT. While investors have closely watched what were the drivers of healthy growth of around 4 percent in the region, there is now more interest in the inflation figures. The Polish figure will be the first inflation release for May in the region where consumer inflation indices often move in tandem. April''s lower-than-expected figures boosted the perceptions that most of the region''s central banks will not lift interest rates any time soon despite a pick-up in economic growth. The zloty traded at 4.173 against the euro at 0716 GMT. A pick-up in investments in the data and inflation close to 2 percent could lift the zloty towards resistance levels near 4.16, "due to improving growth outlook, which is not accompanied by growing inflationary pressure and risk of rate hikes in coming quarters," Pekao SA analysts said in a note. Raiffeisen analyst Stephan Imre said Poland''s annual inflation probably stayed around the past months'' typical levels of 2 percent. "The data should underscore the ongoing goldilocks status of the Polish economy with a strong, but not hot economy amidst a stable inflation rate," he said in a note. Polish 10-year bonds traded flat, at a yield of 3.2685 percent, near 7-month lows. CEE MARKETS SNAPSH AT 0916 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.490 26.460 -0.11% 1.95% 0 5 Hungary 308.15 307.74 -0.13% 0.22% forint 00 50 Polish zloty 4.1730 4.1712 -0.04% 5.53% Romanian leu 4.5710 4.5711 +0.00 -0.79% % Croatian kuna 7.4130 7.4183 +0.07 1.92% % Serbian dinar 122.50 122.58 +0.07 0.69% 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1003.6 1006.1 -0.25% +8.90 2 5 % Budapest 34315. 34321. -0.02% +7.22 25 14 % Warsaw 2293.1 2292.2 +0.04 +17.7 7 7 % 2% Bucharest 8708.8 8688.5 +0.23 +22.9 4 0 % 2% Ljubljana 781.08 782.22 -0.15% +8.85 % Zagreb 0.00 1854.0 +0.00 -100.0 8 % 0% Belgrade 0.00 719.15 +0.00 -100.0 % 0% Sofia 663.89 659.35 +0.69 +13.2 % 1% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.188 0 +051b -1bps ps 5-year -0.1 0.027 +032b +3bps ps 10-year 0.766 0 +046b -1bps ps Poland 2-year 1.93 -0.019 +263b -3bps ps 5-year 2.708 0.013 +313b +1bps ps 10-year 3.283 -0.005 +298b -1bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.35 0.42 0.48 0 IBOR=> Hungary <BU 0.19 0.22 0.28 0.15 BOR=> Poland <WI 1.752 1.775 1.83 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1IX1J9'|'2017-05-31T05:52:00.000+03:00'
'379b1d4f1dbaf3a0e4ac6a114a62e01a691197d0'|'BRIEF-Oncology Venture Sweden to get patent in U.S. for response predictor for anti-cancer drug Irofulven'|'Market News  13am EDT BRIEF-Oncology Venture Sweden to get patent in U.S. for response predictor for anti-cancer drug Irofulven May 31 ONCOLOGY VENTURE SWEDEN AB: * SAID ON MONDAY IT HAD BEEN INFORMED BY US PATENT OFFICE THAT IT WILL ALLOW THE CLAIMS IN A PATENT APPLICATION FOR A RESPONSE PREDICTOR FOR ONCOLOGY VENTURES ANTICANCER DRUG IROFULVEN * A PATENT WILL BE ISSUED BY THE US PATENT OFFICE IN THE NEAR FUTURE UPDATE 1-Trump pulling U.S. out of Paris climate deal -source WASHINGTON, May 31 President Donald Trump will follow through on a campaign pledge to pull the United States out of a global pact to fight climate change, a source briefed on the decision told Reuters, a move that should rally his support base at home while deepening a rift with U.S. allies. CEE MARKETS-Polish bonds firm as CPI below forecasts again * Polish CPI, first figure for May from CEE, is below forecasts * Low CPI underpins that central bank policy will remain loose * Polish bonds firm, zloty steadies (Recasts with Polish GDP and CPI data) By Sandor Peto and Bartosz Chmielewski BUDAPEST/WARSAW, May 31 Poland''s 10-year government bond price hit a 7-month high and the zloty steadied, after May figures from Central Europe''s biggest economy showed lower than expected inflation in the second month in a r * Cytori and Barda execute $13.4 million contract option for burn clinical trial MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL8N1IX42C'|'2017-05-31T21:13:00.000+03:00'
'f084f3bf54fff1cc057b7570624c5a6d3e146466'|'Tesco to trial Currys PC World concessions in big UK stores'|'Business News - Wed May 31, 2017 - 12:20pm BST Tesco to trial Currys PC World concessions in big UK stores FILE PHOTO - A company logo is pictured outside a Tesco supermarket in Altrincham northern England, April 16, 2016. REUTERS/Phil Noble/File Photo LONDON Tesco ( TSCO.L ), Britain''s biggest retailer, said on Wednesday it had struck a deal with electricals group Dixons Carphone ( DC.L ) to trial Currys PC World concessions in some of its largest stores. As shoppers increasingly use smaller convenience stores and shop online, Tesco, in common with Britain''s other major supermarket groups, is looking to refit its once bustling superstores with new attractions such as rival retail brands to fill empty space. The aim is to make the space profitable and avoid store closures. Under the Tesco/Dixons Carphone deal, the first Currys PC World store will open in July at Tesco<63>s Milton Keynes Extra store, in central England followed by a second concession at its Weston Favell Extra store in Northampton, central England, later in August. A range of Currys PC World products will be on offer in the outlets, including televisions, computers, white goods and accessories. Tesco already has third-party outlet deals with firms such as fashion retailer Arcadia and health foods retailer Holland and Barrett. Sainsbury''s ( SBRY.L ), Britain''s second-biggest supermarket group, trialled Argos concessions in its larger stores before taking over its owner Home Retail for 1.1 billion pounds last year. (Reporting by James Davey. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tesco-dixons-carphone-stores-idUKKBN18R1FQ'|'2017-05-31T19:20:00.000+03:00'
'8f8ef7f09a7240df5c24cf0c7ff54fd0f342ea3b'|'Brazil''s J&F agrees to pay $3.2 billion fine in leniency agreement'|'Top  49am BST Brazil''s J&F agrees to pay $3.2 billion fine in leniency agreement FILE PHOTO - General view of Brazilian meatpacker JBS SA in the city of Lapa, Parana state, Brazil, March 21, 2017. REUTERS/Ueslei Marcelino/File Photo SAO PAULO J&F Investimentos, controlling shareholder of the world<6C>s largest meatpacker, JBS SA, agreed with Brazilian prosecutors late on Tuesday to pay a 10.3 billion real ($3.2 billion) fine for its role in corruption scandals. In a statement, prosecutors in five different corruption probes said the holding company owned by the Batista family will pay the leniency fine over 25 years, starting in December. Prosecutors said it was the largest ever such fine worldwide. J&F was able to reduce the final value by 900 million reais (216 million pounds) from the initial 11.2 billion reais proposed by Brazilian prosecutors. J&F''s three previous proposals were rejected and the company replaced its lawyers earlier on Tuesday. State witness testimony from J&F''s owners Joesley and Wesley Batista that they spent 600 million reais to bribe nearly 1,900 politicians in recent years threw Brazil in a political crisis that threatens to topple president Michel Temer. Joesley Batista is at the centre of a corruption investigation of Temer, after secretly recording a conversation in which the president seemed to condone bribing a potential witness. Temer denies wrongdoing. Most of the fine, or 8 billion reais, will be divided among Brazil''s development bank BNDES, FGTS workers'' severance fund, two pension funds for employees of state-controlled companies and lender Caixa Econ<6F>mica Federal. Pension funds and state-run banks invested in or extended loans to J&F companies in return for bribes paid by the Batista brothers, according to plea-deal testimony. Prosecutors said in the statement the fine is equivalent to 5.6 percent of the group companies<65> revenue. Investors in JBS shares have been closely watching the plea negotiations. JBS shares have slid more than 25 percent this month in extremely turbulent trading because of concern that blowback from the scandal could limit its funding options. (Reporting by Tatiana Bautzer; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-brazil-corruption-jbs-idUKKBN18R0HL'|'2017-05-31T13:27:00.000+03:00'
'010fbf6ecf9cc2258ad646b832c70d3669d2ceba'|'Greece needs debt relief deal on June 15: ECB'|'Business  35am BST Greece needs debt relief deal on June 15: ECB FILE PHOTO: A view of the cityscape of Athens, Greece, March 26, 2017. REUTERS/Alkis Konstantinidis/File Photo FRANKFURT Greece''s massive debt pile is undermining confidence so European officials need to reach a deal on June 15 to cut it and kick-start the only economy in the euro zone still contracting, European Central Bank board member Benoit Coeure said on Tuesday. "Discussions are ongoing, but in my view it is important that an agreement is reached at the Eurogroup meeting on 15 June," Coeure told a conference. "Being sufficiently clear on the measures today would help frontload many of the beneficial effects, in particular the rebuilding of confidence of both the international and domestic community in the ability of the Greek economy to return to a path of normality and stability," Coeure said. He added that only if these measures were sufficiently clear would the ECB consider including Greek debt in its 2.3 trillion euro asset purchase programme. (Reporting by Balazs Koranyi; Editing by Francesco Canepa)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-greece-economy-ecb-idUKKBN18R0T5'|'2017-05-31T15:35:00.000+03:00'
'cbf0ec5dd26777dccd1f53519904368643b9f166'|'Goldman confirms buying Venezuela bonds after opposition cries foul'|'Tue May 30, 2017 - 1:50pm BST Goldman confirms buying Venezuela bonds after opposition cries foul A Goldman Sachs sign is displayed inside the company''s post on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 18, 2017. REUTERS/Brendan McDermid CARACAS Goldman Sachs Group Inc ( GS.N ) has confirmed it bought Venezuelan bonds after being excoriated by the country''s opposition for financing the embattled government of President Nicolas Maduro, who is facing sustained protests. The president of the opposition-led Congress accused the bank of financing "dictatorship" after the Wall Street Journal reported Goldman had bought $2.8 billion in bonds issued by state oil company PDVSA at a steep discount. "We bought these bonds, which were issued in 2014, on the secondary market from a broker and did not interact with the Venezuelan government," Goldman wrote in a statement late on Monday. "We recognize that the situation is complex and evolving and that Venezuela is in crisis. We agree that life there has to get better, and we made the investment in part because we believe it will." The statement did not include the price of the bonds or the amount purchased. With Venezuela''s inefficient state-led economic model struggling under lower oil prices, Maduro''s unpopular government has become ever more dependent on financial deals or asset sales to bring in coveted foreign exchange. Many economists say the only way to improve the country''s situation is to scrap price and currency control systems that have hobbled the private sector. Maduro''s critics have for two months been staging street protests, which have left nearly 60 people dead, to demand that he hold early elections. Maduro says the protests are a violent effort to overthrow his government, and insists the country is victim of an "economic war" supported by Washington. (Reporting by Brian Ellsworth; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-venezuela-goldman-sachs-idUKKBN18Q1D6'|'2017-05-30T20:44:00.000+03:00'
'7f54d416c0818599b90b5b3a6bfb8af09cf4340d'|'Strong start to summer driving season pushes U.S. oil towards $50'|'Business News - Tue May 30, 2017 - 6:28pm BST Oil prices slide on worries Libya output will feed glut Workers look at a drilling rig at a well pad of the Rosneft-owned Prirazlomnoye oil field outside the West Siberian city of Nefteyugansk, Russia, August 4, 2016. REUTERS/Sergei Karpukhin/File Photo By Devika Krishna Kumar - NEW YORK NEW YORK Oil prices fell about 1 percent on Tuesday, on signs of resurgent crude output in Libya and concerns that extended production cuts by leading exporting countries may not be enough to drain a global glut that has depressed prices for almost three years. Brent crude LCOc1 fell 76 cents, or 1.45 percent, to $51.53 a barrel by 1:00 p.m. EDT (1700 GMT), while U.S. light crude CLc1 was 46 cents, or 0.9 percent lower at $49.34. Libya''s oil production was at 784,000 barrels per day (bpd) because of a technical issue at the Sharara field, but was expected to start rising to 800,000 bpd on Tuesday, the chief of the state-run National Oil Corporation said. The Organization of the Petroleum Exporting Countries and other oil producers, including Russia, agreed last week to maintain output cuts of about 1.8 million barrels a day for nine months longer than originally planned. Still, prices tumbled after the OPEC deal was announced. The cutbacks have yet to drain crude inventories significantly. "The market is now in the hands of how market participants interpret the weekly and monthly fundamental snapshots with all eyes focused on total global oil inventory levels," said Dominick Chirichella, senior partner at the Energy Management Institute in New York. Chirichella said the oil market is looking for "a sustained inventory destocking pattern that will send global supply and demand balances back to normal historical levels." Part of the problem for OPEC is booming shale production in the United States. U.S. drillers have added rigs for 19 straight weeks to reach 722, the highest since April 2015, according to services firm Baker Hughes. Some selling pressure on Tuesday came from banks, brokers said. Goldman Sachs analysts have cut forecasts for oil prices, saying falling U.S. production costs should boost supply for years. "While we are bullish on near-term prices as inventories normalise ... 2018-19 futures need to be in the $45-$50 range," Goldman said. Standard Chartered, however, said it expects global crude inventories will return to their five-year average by the end of the OPEC-led production cuts, with large drawdowns in the second half of 2017. "We do not think that much, if any, of that tightening is currently priced in. We do expect prices eventually to gain some upwards momentum because of excess demand, but in the short term market sentiment remains bearish," the bank said. Gasoline demand during the U.S. summer driving season may support crude prices, analysts said. For this past Memorial Day holiday weekend, the American Automobile Association had forecast the highest driving mileage since 2005. (Additional reporting by Christopher Johnson in London, Henning Gloystein in Singapore; Editing by Marguerita Choy and Edmund Blair) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN18Q02I'|'2017-05-30T09:21:00.000+03:00'
'0957c297da14b46d0f00519c3f3bf4cf9316e9db'|'Brazil Supreme Court judge orders Temer to respond to police questions'|'Market News  19pm EDT Brazil Supreme Court judge orders Temer to respond to police questions BRASILIA May 30 Brazilian President Michel Temer must respond within 24 hours to federal police questions about his alleged involvement in a sprawling political graft probe, a Supreme Court judge ruled on Tuesday, a source with direct knowledge of the investigation told Reuters. Executives from the world''s biggest meatpacker JBS SA said in plea-bargain testimony to police that Temer condoned bribing a potential witness in the "Car Wash" corruption case and they paid the president nearly $5 million in bribes in recent years. Temer strongly denies the accusations. The Supreme Court did not immediately respond to requests for comment. (Reporting by Ricardo Brito; Editing by Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-temer-court-idUSE6N1FG03P'|'2017-05-31T03:19:00.000+03:00'
'8c9df5bf46a79b6a1ed9653b0c5a5de8b98db75b'|'EMERGING MARKETS-Emerging stocks slip off two-year high, rand down 1 pct'|'By Karin Strohecker - LONDON LONDON May 30 A rising dollar and political uncertainty took a toll on emerging markets on Tuesday, forcing equities down for the second day in a row while the rand led currency losses with a fall of almost 1 percent.MSCI''s emerging market benchmark, which hit a fresh two-year high on Monday, eased 0.2 percent with bourses across Asia hitting a soft patch while stocks in Russia and Poland slipped around one percent.North Korean leader Kim Jong Un supervised the test of a new ballistic missile on Monday and ordered the development of more powerful strategic weapons, prompting South Korea to conduct a joint drill with a U.S. bomber.Media reports raising concerns over Greece and its next bailout payment and the possibility of early Italian elections added to the pressure."Emerging markets face stable U.S. Treasury yields ... versus a jump in G10 currency volatility on U.S. and euro zone politics as (President Donald) Trump returns from his voyage, the UK nears its 8 June elections and Italy looks to maybe join Germany autumn elections," Simon Quijano-Evans, emerging markets strategist at Legal & General Investment Management, wrote.Politics also weighed on South Africa''s rand, which extended losses for a second day after President Jacob Zuma defeated another call from inside the ruling ANC party to step downZuma is under mounting pressure from ANC members and opposition parties after he axed finance minister Pravin Gordhan in March, triggering credit rating downgrades.Central European currencies weakened, even though European Central Bank President Mario Draghi said subdued inflation meant substantial stimulus would still be required, dampening expectations that some policy support might be withdrawn at the ECB''s June 8 meeting.The Czech crown, the Hungarian forint and the Polish zloty all eased 0.1-0.2 percent.For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5For CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see)Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chgon yearMorgan Stanley Emrg Mkt Indx 1012.61 -2.58 -0.25 +17.44Czech Rep 1007.64 -5.26 -0.52 +9.33Poland 2302.23 -21.35 -0.92 +18.19Hungary 34041.26 -96.85 -0.28 +6.37Romania 8716.92 +43.42 +0.50 +23.03Greece 777.44 +0.25 +0.03 +20.79Russia 1077.22 -8.53 -0.79 -6.52South Africa 47639.87 +106.37 +0.22 +8.51Turkey 97640.71 -85.24 -0.09 +24.96China 3110.16 +2.33 +0.08 +0.21India 31155.76 +46.48 +0.15 +17.01Currencies Latest Prev Local Localclose currency currency% change % changein 2017Czech Rep 26.51 26.49 -0.05 +1.89Poland 4.18 4.18 +0.05 +5.43Hungary 307.90 307.77 -0.04 +0.30Romania 4.56 4.56 -0.00 -0.62Serbia 122.57 122.56 -0.01 +0.64Russia 56.50 56.46 -0.07 +8.42Kazakhstan 311.56 310.58 -0.31 +7.09Ukraine 26.35 26.33 -0.08 +2.47South Africa 13.06 12.95 -0.84 +5.14Kenya 103.30 103.25 -0.05 -0.90Israel 3.56 3.56 +0.02 +8.16Turkey 3.57 3.57 +0.22 -1.10China 6.85 6.85 +0.00 +1.32India 64.63 64.54 -0.14 +5.13Brazil 3.26 3.26 -0.01 -0.10Mexico 18.53 18.48 -0.30 +11.79Debt Index Strip Spd Chg %Rtn IndexSov''gn Debt 20 2 1 6 64All data taken from Reuters at 08:52 GMT. Currency percent change calculated from the daily U.S. close at 2130 GMT. (Reporting by Karin Strohecker; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-markets-idINL8N1IW1W8'|'2017-05-30T07:37:00.000+03:00'
'c60592108919f64ef480e215933096385ebcc424'|'Atlanta Fed raises U.S. second-quarter GDP growth view to 3.8 percent'|' 02pm EDT Atlanta Fed raises U.S. second-quarter GDP growth view to 3.8 percent A woman shops with her daughter at a Walmart Supercenter in Rogers, Arkansas June 6, 2013. The annual shareholders meeting for Walmart takes place on June 7.   NEW YORK The U.S. economy is expected to grow at a 3.8 percent annualized pace in the second quarter based on a report that showed an increase in personal spending in April, the Atlanta Federal Reserve''s GDP Now forecast model showed on Tuesday. The latest second-quarter gross domestic product estimate was faster than the 3.7 percent clip calculated on May 26, the Atlanta Fed said. (Reporting by Richard Leong; Editing by Chizu Nomiyama)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-usa-economy-atlantafed-idUSKBN18Q1XV'|'2017-05-30T20:02:00.000+03:00'
'0c3aadf102bac38031521566c1f00f6261354831'|'Brazil reinsurer IRB Brasil Resseguros files for IPO -shareholders'|'SAO PAULO May 29 Three of the largest shareholders in Brazil''s reinsurer IRB Brasil Resseguros SA said the company filed on Monday with the country''s securities industry watchdog CVM for an initial public offering of shares.In securities filings, BB Seguridade Participa<70><61>es , which is a unit of state-controlled lender Banco do Brasil SA, Banco Bradesco SA and Ita<74> Unibanco Holding SA said they will sell part of their stakes, in a so-called secondary share offering. (Reporting by Tatiana Bautzer; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/irb-brasil-re-ipo-idINE6N1FG03G'|'2017-05-29T19:26:00.000+03:00'
'4f5f624e6f313b43e7f054744d59e957f56c4050'|'UPDATE 1-Tengizchevroil restarts operations after toxic substance release'|'Market   1:58pm EDT UPDATE 1-Tengizchevroil restarts operations after toxic substance release (Adds details, context) ALMATY May 30 Kazakhstan''s biggest oil producer, Tengizchevroil, has restarted operations at its first-generation oil and gas separation plant which had been briefly suspended on Tuesday after a toxic substance was released, the company said. Chevron, ExxonMobil, Lukoil and KazMunayGas are partners in the venture, which said the event was caused by an unplanned power loss and there were no injuries, spills or equipment damage. "The power was soon restored and the emissions event stopped," it said in a statement. "KTL (oil and gas separation plant) start-up is proceeding safely." The Central Asian country''s energy ministry said earlier on Tuesday it would investigate the incident, describing it as "emission of toxic substances into the atmosphere". The company, which produced 7.3 million tonnes (58 million barrels) of oil in the first quarter, said it had provided the authorised government bodies with information on the event. It did not say what substance had been released. (Reporting by Olzhas Auyezov; editing by Denis Pinchuk and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/kazakhstan-tengiz-restart-idUSL8N1IW5W4'|'2017-05-31T01:58:00.000+03:00'
'3d4d0c867f5c785c79d98371d8a9fe754c4ec21f'|'EU executive to say euro zone may need treasury, minister, budget'|' 15pm BST EU executive to say euro zone may need treasury, minister, budget An European Union (EU) flag is pictured during a ceremony in Lausanne, Switzerland May 4, 2017. REUTERS/Denis Balibouse By Jan Strupczewski - BRUSSELS BRUSSELS The EU executive will suggest on Wednesday the euro zone might need to issue collective debt and run a joint budget, among proposals for bolstering the single currency that echo ideas from new French President Emmanuel Macron. People familiar with the European Commission reflection paper told Reuters the scenario of a finance minister managing common revenue, spending and borrowing had been worked on for many months in Brussels, but now appears a much more likely option since centrist former banker Macron won power on May 7. German conservatives dislike an idea they say means paying for poorer neighbours. But Chancellor Angela Merkel, seeking re-election in September, has welcomed Macron''s victory and EU officials said they hoped governments might start working on a plan to forge a more cohesive euro zone from next year. The Commission paper examines possible reforms to the bloc after the 2010-2012 sovereign debt crisis that nearly destroyed it and which triggered a wave of quick fixes for its weak spots. While some problems have been addressed, there is a lot more EU governments need to do to have an optimally functioning Economic and Monetary Union (EMU), the Commission will say. The document, part of a wider series on the future of the European Union, comes as the EU is to start talks with Britain on the terms of its withdrawal - a great setback to European integration but one that will see the euro zone make up nearly four-fifths of the EU''s economy, up from two thirds today. NO BLUEPRINT, JUST IDEAS The Commission will avoid making any clear suggestions as to the evolution of the single currency area, leaving it up to EU governments to decide which of the ideas they like. But it does say that in the later stages of deepening euro zone integration, not least because it would require politically difficult and time-consuming changes to EU treaties, the bloc could establish a euro zone treasury. The chairman of euro zone finance ministers, the Eurogroup, could be in charge of such a new institution, the Commission will say. But it will also note that the job of Eurogroup president itself could be integrated into the Commission. The treasury could manage what the Commission calls a "macroeconomic stabilisation function" - EU jargon for a euro zone budget to mitigate economic shocks, for instance used to support investment, which is the first victim of a downturn. Another option could be for such a budget to operate as a re-insurance fund for national unemployment schemes during economic bad times, when national budget deficits run high, but this would require prior convergence of labour market policies. Finally, the "stabilisation function" could be a rainy day fund, regularly accumulating money and disbursing to cushion a large shock and could even have right to borrow, though within limits and with rules on saving money when times are good. Financing for the euro zone budget could come from the euro zone bailout fund, the wider EU budget, or from separate sources like each country contributing a share of its GDP or tax income, or from direct borrowing on the market. Irrespective of the financing method, however, the euro zone budget could not lead to permanent transfers or moral hazard or be a crisis management tool - a role already assigned to the euro zone bailout fund, the European Stability Mechanism. While non-euro zone countries could have access to the budget as well, it would only be available to those who are in line with EU budget rules and recommendations for reforms that lead to greater convergence of EU economies. EUROPEAN SAFE ASSET The treasury could also be allowed to borrow through what the Commission calls a "European safe asset" - a bond denominated in eur
'604e608f3495358d5e65aa746c6ae1f945f4f35c'|'Higher inflation drives down real wages for British workers - Business'|'Rising prices on the back of the Brexit vote and the trend towards more insecure work will rob British workers of any growth in real wages this year, with repercussions for the wider economy, a new report has warned.With just over a week to go until a snap general election largely focused on looming Brexit negotiations, economists at the ratings agency Standard & Poor<6F>s are the latest to highlight the blow to living standards from last year<61>s vote to leave the EU .The referendum result did not deliver the drastic hit to economic growth that some had predicted but it did send the pound sharply lower. That has made imports to the UK more expensive, helping to push inflation up to its highest level in more than three years .On the latest official figures, inflation had overtaken meagre wage growth, leaving workers worse off in real terms. S&P expects that trend to continue this year and it says the next government will have to boost spending on infrastructure to improve the UK<55>s sluggish productivity and turn the tide on household incomes.Boris Glass, one of the report<72>s authors, said that after the UK<55>s GDP growth slowed markedly to 0.2% in the opening quarter of 2017 , from 0.7% at the end of last year, the pattern was likely to continue as stresses on household finances weighed on consumer spending.<2E>The resulting weakening of household purchasing power will likely translate into weaker consumer spending, which is a key factor behind the slow GDP growth we anticipate for the rest of this year, after the economy expanded by only 0.2% in the first quarter,<2C> he said.He said real wage growth should turn positive again next year, partly because employers will have adjusted pay for higher inflation by then. <20>But several factors are likely to keep constraining pay growth in our view,<2C> he added.The recent return to falling real wages compounds the pain for British workers who suffered years of declining living standards in the wake of the financial crisis. Glass described the result as <20>more than a decade of lost earnings growth in absolute levels<6C>.While the biggest factor behind the latest rise in inflation was the Brexit vote, there were other reasons for weak wage growth, the S&P report said.One explanation was the UK<55>s poor record on productivity, a measure of economic efficiency or what is produced for every hour worked. The UK has lagged behind its peers in terms of productivity growth and what little improvement there has been has not been fully passed on to workers in higher wages, S&P said. <20>Real wages have so far failed to catch up even with very weak productivity<74> What<61>s more, with productivity growth remaining so sluggish, there is not much for real wages to catch up to. Real pay growth will likely remain muted until productivity numbers rebound,<2C> said Glass. <20>At least some of the productivity loss could be reversed by boosting investment spending, including on infrastructure. Unfortunately, this is unlikely to occur to the extent necessary in the near to medium term.<2E> He also warned that the overdue catch-up of real wages with productivity could be further delayed as a result of more muted growth prospects due to Brexit.But poor productivity growth was only part of the problem, Glass added. Real wages were currently still well below the norm, even at such low productivity levels.Another key factor in weak wage growth was the quality of employment, the S&P report said, noting official figures showing that in the fourth quarter of last year, around 900,000 jobs were based on zero-hour contracts .<2E>These types of jobs, often in consumer-facing services where relatively low skill levels are required, made up almost one-quarter of all employment created since 2010 when the recovery started, and this seems to be part of a broader trend,<2C> it added.<2E>Jobs created since the global financial crisis have tended to be in occupations with relatively low productivity and less secure, including low paid self-employmen
'c6181d99227c5e80e506eb0245e06a30e7f9a3e2'|'Indian economy rides on consumer spending revival ahead of GST launch'|'By Rajesh Kumar Singh - GURUGRAM, India GURUGRAM, India Kaveri Shukla and her fiance are on a shopping spree ahead of their wedding next month. In just one week, the couple has bought home appliances ranging from a rice cooker to a refrigerator and are purchasing a new car."Marriage is a kind of big spending commitment," said the 28-year-old financial consultant while shopping at an upscale mall in Gurugram, a satellite city and business hub near Delhi."It is an excuse to spend, not defer your purchases."Shukla is not alone. Millions like her are thronging shopping malls and stores in India, thanks to a busy wedding season. A heatwave is also boosting demand for air conditioners and refigerators.It''s a welcome change for an economy where consumer spending, traditionally a driver of growth, took a blow after Prime Minister Narendra Modi''s shock decision last November to scrap high-value bank notes.The prospect of another big reform - the launch of a multi-rate Goods and Services Tax (GST) from July 1 - could also be bringing forward spending into the current quarter as shoppers look to avoid rates of 28 percent, or higher, on some consumer durables and luxury items.The impact of the new tax regime is not clear -- some items are expected to be cheaper -- but the prospect of a price rise is seen pushing some people to buy ahead of July.The risk is spending falls away after the tax is launched."GST is a big unknown," said Kumar Rajagopalan, head of the Retailers Association of India. "But it could turn out to be a big fillip in the short run."Other headwinds loom: Layoffs in the information-technology sector are unsettling some households at a time when the economy is still not generating enough new jobs for workforce that is growing by around a million people a month.HIGH FREQUENCYEconomists polled by Reuters expect Asia''s third-largest economy to expand by 7.1 percent on year in the January-March quarter, just up from 7.0 percent in the prior quarter and ahead of China''s 6.9 percent growth rate.Some even expect a growth print as high as 7.8 percent when the GDP figures come out on Wednesday.India doesn''t publish national figures on retail sales. But high-frequency indicators such as car sales, retail lending and goods imports show consumer spending has roared back to life.New passenger car sales grew at their fastest annual pace in at least 16 months in April. Imports of consumer goods last month surged by nearly a half from a year ago. Credit card loans growth is at its highest in at least 15 months.Quarterly earnings of consumer goods makers from Hindustan Unilever to auto maker Maruti have also been upbeat.The consumer rebound backs the Reserve Bank of India''s (RBI) prediction of a V-shaped recovery from the cash clampdown, whereas many in the private sector had expected a longer slump.With a good monsoon and government pay hikes in prospect, the outlook for a sustained recovery looks good. And as consumer spending powers more than half of India''s economic growth, the recovery has bolstered the prospects of stronger growth."We hope these drivers will spread the recovery far and wide," said Kamal Nandi, business head of appliances at Godrej consumer products.Radhika Rao, an economist with DBS Bank in Singapore, reckons spending has recovered to near pre-demonetisation levels.It should get a leg up from the GST, she says, as the measure will reduce taxes on food and other essential items."Cost savings on non-discretionary items post-GST will boost discretionary spending," she said. "An upward revision in GDP estimates might be warranted after Wednesday''s data."(Editing by Douglas Busvine and Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/india-economy-consumers-idINKBN18Q0SE'|'2017-05-30T07:37:00.000+03:00'
'b199a14ba0fb55207bb557d0b738dc007569cf91'|'Vietnam online gaming firm VNG says eyeing U.S. IPO'|'HANOI Vietnamese online gaming and messaging firm VNG Corp said on Tuesday it has signed a preliminary agreement with U.S. bourse operator Nasdaq Inc ( NDAQ.O ) to explore an IPO.The agreement, which could see Nasdaq help VNG prepare for the listing, was signed on the sidelines of Vietnam Prime Minister Nguyen Xuan Phuc''s visit to the United States, the first by a Southeast Asian leader since Donald Trump became U.S. president.Founded in 2004, VNG provides online games, music streaming and messaging applications. Its statement did not disclose details about the IPO plans. The company was not immediately available for comment.Communist-ruled Vietnam, a country of 93 million, has been supporting its start-up and technology firms as it reforms its economy to eventually rely less on cheap labor and low-tech industries.Other Vietnamese companies are also eyeing overseas listings. Budget carrier VietJet VJC.HM, which has a market value of $1.7 billion, said in January it has revived plans for an overseas listing.(This story removes incorrect milestone in lead paragraph about VNG likely to be first overseas listing by a Vietnam firm.)(Reporting by My Pham; Editing by Mai Nguyen and Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vng-ipo-idINKBN18Q0DC'|'2017-05-30T03:47:00.000+03:00'
'eaf06e120ef27aa082d0bbae1e109bbc197878a8'|'Germany, France plan common corporation tax system - Schaeuble'|'Business News  14pm BST Germany, France plan common corporation tax system - Schaeuble German Finance Minister Wolfgang Schaeuble arrives for the G7 Financial ministers meeting in the southern Italian city of Bari, Italy, May 12, 2017. REUTERS/Alessandro Bianchi BERLIN Germany and France hope to agree proposals for a common corporation tax system before the French National Assembly elections in June, German Finance Minister Wolfgang Schaeuble said at a Berlin tax conference on Tuesday. "We''re having another go at agreeing not just common principles on corporate taxation, but a common system," he said, adding that he hoped proposals would be in place before France votes for a new parliament in early June. "Time is short." Germany had to remain vigilant in the face of growing international tax competition, he added. While Germany''s corporation tax was currently quite competitive, "much is happening" elsewhere that could change this. (Reporting By Gernot Heller; Writing by Thomas Escritt; Editing by Alison Williams)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-france-tax-idUKKBN18Q1ZB'|'2017-05-31T00:14:00.000+03:00'
'1578bf61394bab483733f47cc6d4434a34c6a018'|'Ryanair posts record annual profit, vows to continue fare cuts'|'Top News - Tue May 30, 2017 - 3:56pm BST Ryanair looks to cut fares and expand after record profit By Conor Humphries - DUBLIN DUBLIN Ryanair ( RYA.I ) announced a record annual profit on Tuesday in a vindication of its strategy of cutting fares to boost market share, and said it would turn up the heat further on rivals. Its warning to competitors came as one of them, British Airways, was counting the cost of a huge IT failure that left 75,000 passengers stranded over a holiday weekend. Ryanair, Europe''s largest airline by passenger numbers, has helped drive down short-haul ticket prices in Europe by increasing its capacity by 33 percent, or about 30 million seats, in the past two years. Its cost base, widely acknowledged as the lowest of Europe''s major carriers thanks to low plane purchase, maintenance and staff costs, has allowed it to undercut rivals while still making a profit. The Irish airline made a profit after tax of 1.3 billion euros (<28>1.1 billion) in the year to the end of March, in line with analyst forecasts, even as it slashed ticket prices to fill almost 14 million seats added during the period. "I take comfort from the fact that we can increase profit in a year where fares fall by 13 percent," Chief Executive Michael O''Leary told analysts. "We have seen profitability double ... over a three year period and frankly I see no reason why that trend won''t continue." At 1400 GMT, Ryanair shares were up 2.5 percent at 18.185 euros. FARE CUTS SLOWING In the coming year, Ryanair is set to slow the pace of capacity growth to around 8 percent, or 10 million seats, and expects ticket prices to fall by 5-7 percent. That will see its average fares fall by around 5 percent over the key summer months, likely putting pressure on rivals. "I see a lot of airlines talking up the first half of the year and talking up (revenue per passenger) yield performance. I think that is a little overdone," O''Leary said. British Airways owner IAG ( ICAG.L ) had said before its disastrous IT failure that it expected quarterly revenue per passenger mile flown to rise year-on-year for the first time since 2014 in April to June. Air France ( AIRF.PA ) and Lufthansa ( LHAG.DE ) have also said pricing and bookings are improving. TARGET MARKETS O''Leary was upbeat about priority markets including Italy, where Ryanair expects Alitalia to cut its short-haul operations as part of restructuring, and Germany, where he said any acquisition of Air Berlin could open up airport slots. Ryanair would be happy to sacrifice short term profitability to dislodge incumbents and open new markets, he added. Ryanair is in talks with Boeing about buying up to five extra planes and extending the leases on 10 more over the next two years. In recent weeks, it has suggested it could source additional planes if AlItalia or Air Berlin were to free up capacity. It has also spoken to around 200 airports about moving capacity from Britain in the event of a "hard Brexit," where Britain would leave the EU''s single market, O''Leary said. In a sign of Ryanair''s financial confidence, it announced a 600 million euro share buyback to start immediately. However, O''Leary warned there were clouds on the horizon, including Brexit, which he has said could lead to a total breakdown in all flights between Britain and the EU for a time. Brexit could also force some British investors in Ryanair to sell their stakes as EU airlines must be majority owned by EU nationals. The impact on bookings of the recent suicide bombing in Manchester in which 22 people died was likely to be short-lived, but a further attack could knock bookings off course, he said. (Editing by Greg Mahlich and Mark Potter) FILE PHOTO: A Ryanair aircraft lands at Manchester Airport in Manchester, Britain, May 26, 2015. REUTERS/Andrew Yates/File Photo '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ryanair-results-idUKKBN18Q0AO'|'2017-05-30T16:55
'df6c40b843b03ab97fd92c7c292b57f1362ec13e'|'New Russian jet heralds carbon manufacturing shake-up'|'Top News - Mon May 29, 2017 - 7:44pm BST New Russian jet heralds carbon manufacturing shake-up left right A view shows an An MS-21 medium-range passenger plane, produced by Irkut Corporation, during a flight in Irkutsk, Russia, May 28, 2017. Courtesy of PR Department of Irkut Corporation/Handout via REUTERS 1/3 left right An MS-21 medium-range passenger plane, produced by Irkut Corporation, takes off in Irkutsk, Russia, May 28, 2017. Courtesy of PR Department of Irkut Corporation/Handout via REUTERS 2/3 left right Belgian chemicals group Solvay displays a prototype aircraft wing skin made using alternative resin-infusion production methods without a traditional autoclave at the JEC World exhibition at Villepinte, outside Paris, France, March 16, 2017. REUTERS/Christian Hartmann 3/3 By Tim Hepher - PARIS PARIS Russia''s new jetliner, which conducted its maiden flight on Sunday, may have a hard time challenging the sales duopoly of Boeing and Airbus, but it does point the way to radical changes in how they could be building jets in the future. The MS-21, a new single aisle airliner produced by Russia''s United Aircraft Corporation, is the first passenger plane borne aloft by lightweight carbon-composite wings built without a costly pressurised oven called an autoclave. The manufacturing process provides a test for a technology already being assessed by Western rivals, who are looking for cheaper and faster ways to build some of their aircraft with composites, according to aerospace executives and suppliers. Even as it sets up the world''s largest autoclaves to make wings for its giant 777X, Boeing is exploring alternatives for its "New Midsize Airplane" (NMA), in the middle of the market between its big wide-body jets and best-selling 737. "There''s a good chance part of the NMA will be built without autoclaves," a person familiar with the project said. A Boeing spokesman said it was studying mid-market opportunities and declined further comment. Sources say Boeing''s choice of technology for its two-aircraft NMA family will lay the foundation for the next generation of its money-spinning 737, expected to appear from 2030 and last well into the second half of the century. Boeing has not yet discussed this part of its strategy publicly, but industry sources said it may include a trio of jets seating 160 to 210 people and built using broadly the same production system as the one developed for the NMA. Both families of planes are likely to be built for 30 years and stay in service for another 20-30. So today''s technology choices represent a colossal 75-year bet. Airbus too is monitoring the technology as it considers how to respond to Boeing''s mid-market jet, CNN reported last month. Airbus has declined to comment on the report. PIVOTAL DECISION Composites have been used in aviation since the 1970s but achieved a breakthrough in the past decade as the Boeing 787 Dreamliner and Airbus A350 entered service, promising to save money on fuel by replacing most metal parts with lighter carbon. Those are long-haul jets, which means that the savings on fuel are worthwhile even though the planes are expensive to build. For short-haul planes that burn less fuel, like the NMA or future 737, it is more important to find cheaper ways to build them, and avoiding the need for autoclaves could help. Betting on technology that does not require an autoclave is a gamble also for composite suppliers like U.S.-based Hexcel ( HXL.N ), Solvay ( SOLB.BR ) of Belgium and Toray ( 3402.T ) of Japan, whose share of aerospace manufacturing is growing. At a recent JEC composites fair in Paris, Hexcel and Solvay showcased out-of-autoclave prototype parts as they gear up to supply manufacturers on a bigger scale. "It''s one of the big questions now in aerospace: how to produce out-of-autoclave on a large scale and at high speeds," said Henri Girardy, business development manager at Hexcel Composites, adding jetmakers would accept no cut in performance. Boei
'708ed16cc857ab017cb868d02449af852f63645f'|'LSE to buy Citi''s fixed-income analytics and index operations for $685 million'|'By Noor Zainab Hussain London Stock Exchange (LSE)( LSE.L ) has agreed to buy The Yield Book, Citigroup''s ( C.N ) fixed-income analytics service and also its related indexing business, for $685 million in cash, the companies said on Tuesday.LSE, which had said it would be looking out for investments after the collapse of its proposed merger with Deutsche Boerse ( DB1Gn.DE ), said the deal would boost the data and analytics capabilities of its information and FTSE Russell indexes business and take assets under management using its indexes to about $15 trillion.The deal, which is subject to regulatory clearances and is expected to close in the second half of this year, is expected to add $30 million in synergy benefits to LSE''s revenues over the first three years after completion and bring $18 million in cost savings over the same period, the company said.Last year it estimated the business being acquired would have generated earnings before interest, tax, depreciation and amortization of $46 million on revenue of $107 million.LSE, which bought stock index provider and asset manager Russell Investments in 2014, expects the EBITDA margin to rise to at least 50 percent within three years of the deal''s completion, the company said."The acquisition of The Yield Book and Citi Fixed Income Indices supports the continued strong growth and development of London Stock Exchange Group''s Information Services division," said Mark Makepeace, CEO of FTSE Russell.The Yield Book and Citi Fixed Income Indices have a client base of more than 350 institutions offering services used to analyze fixed income instruments including mortgage, government, corporate and derivative securities, Citi said.Citi Fixed Income Indices includes the World Government Bond Index."This represents a very sensible deal as it helps LSEG grow its highly attractive info services division and will allow it to capitalize further on key industry trends including strong growth in multi-asset solutions and passive investment strategies," said Numis analysts, who rate LSE as "hold".Citi was advised on the deal by its Institutional Clients Group. Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Citi.Barclays acted as financial adviser to LSE, while Freshfields Bruckhaus Deringer LLP was counsel.The deal, announced two months after EU regulators blocked LSE''s planned merger with Deutsche Boerse, citing concerns over a potential monopoly in the processing of bond trades, will be funded from existing cash resources and credit facilities, the LSE said.Shares in LSE, which have risen 12 percent since that merger was blocked, were up 0.2 percent at 3,398 pence at 0814 GMT.(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Jason Neely, Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-citigroup-m-a-lse-idINKBN18Q0FZ'|'2017-05-30T04:38:00.000+03:00'
'0e523b4c6053fe6bd91a58107721cb300164ab52'|'Nordex signs two power purchase contracts in India - CEO'|'FRANKFURT Nordex has signed power purchase contracts with Karnataka for two of the German wind turbine maker''s parks, its chief executive told shareholders at the group''s annual general meeting on Tuesday."By now we are slightly more optimistic," Jose Luis Blanco said in a speech, after India''s recent shift to a tender-based model for wind projects had caused irritation among investors.Order delays in India were one of the reasons for a substantial guidance cut in February that resulted in the resignation of former Chief Executive Lars Bondo Krogsgaard.(Reporting by Christoph Steitz; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/nordex-agm-india-idINKBN18Q0OU'|'2017-05-30T06:02:00.000+03:00'
'ca1d788544b3f325146bdd53c3897b87f055b046'|'Saudi Aramco signs deals to build Gulf''s biggest shipyard'|' 08am BST Saudi Aramco signs deals to build Gulf''s biggest shipyard left right FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo 1/2 left right FILE PHOTO: An engineers shows visitors a model of Saudi Aramco<63>s maritime yard in Ras al Khair, Saudi Arabia, November 29, 2016. REUTERS/Zuhair Al-Traifi /File Photo 2/2 By Reem Shamseddine - KHOBAR, Saudi Arabia KHOBAR, Saudi Arabia Saudi Aramco plans to build the Gulf''s largest shipyard through a joint venture with three companies that it announced on Wednesday, a $5.2 billion (4.1 billion pounds) project aimed at helping reduce the economy''s reliance on oil. Low oil prices have drastically slowed Saudi Arabia''s economy so it is trying to create manufacturing jobs and produce goods and services which traditionally it has imported. Its strategy is to use large amounts of government money and the procurement budgets of big state-run enterprises, such as national oil firm Aramco, to attract foreign expertise to develop strategic industries. Aramco said it had signed a shareholder agreement with National Shipping Co of Saudi Arabia (Bahri), a state-controlled firm which ships oil for Aramco, London-listed United Arab Emirates engineering firm Lamprell Plc, and South Korea''s Hyundai Heavy Industries Co. The 4.3 square kilometre (1.7 square mile) shipyard will be located at Ras Al Khair on Saudi Arabia''s east coast. "The directors expect that the Maritime Yard will be the largest in the Arabian Gulf in terms of production capacity and scale," Lamprell   Major production is expected to start in 2019 with the yard hitting full capacity by 2022. It will be able to work on four offshore rigs and over 40 vessels a year including three very large crude carriers (VLCCs), Aramco said. The government will cover about $3.5 billion of the total cost, with the remainder funded by the joint venture, said Lamprell, which will invest up to $140 million and own 20 percent of the venture. Aramco will own 50.1 percent, investing as much as $351 million. Bahri will invest up to $139 million for a 19.9 percent stake and Hyundai up to $70 million for 10 percent. The government''s Saudi Industrial Development Fund has agreed to provide a debt facility worth about $1 billion. As part of the deal, Saudi Aramco''s parent firm will buy 20 jack-up drilling rigs as well as offshore support vessels and services from the joint venture, Lamprell said. Lamprell shares jumped 13 percent after the announcement. Bahri will buy at least 75 percent of its commercial vessel requirements over 10 years from the venture - a minimum of 52 commercial vessels including a "significant number" of VLCCs, Lamprell said. U.S. oilfield services and equipment provider McDermott International has said it will build a fabrication yard at the Ras Al Khair complex and move some of its operations gradually from Dubai to Ras Al Khair by the mid-2020s. (Writing by Andrew Torchia; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aramco-shipbuilding-hyundai-heavy-lam-idUKKBN18R10T'|'2017-05-31T17:08:00.000+03:00'
'ac813ba05688334aee0c867f9d7d8a85087d9754'|'U.K. election: Business is worried, whoever wins - May. 30, 2017'|'Theresa May: The UK is leaving the EU Businesses are worried about the British election. Whoever wins, they''re likely to find life harder. Prime Minister Theresa May called the surprise election for June 8 in the hope of winning a big parliamentary majority to bolster her hand in Brexit negotiations with the European Union that will begin later next month. May is still on course to win but her Conservative Party has seen its opinion poll lead over the opposition Labour Party narrow in recent weeks. The increased uncertainty has unsettled financial markets -- the pound was the worst performing major currency last week. Investors and company executives are still likely to favor May over Labour''s socialist leader Jeremy Corbyn, but they have concerns about both parties and their plans for government. Here are the biggest worries for business: Theresa May 1. Brexit threat May says she would rather have "no deal" with the EU on Brexit than a "bad deal," stoking fears that the U.K. could crash out of the EU without an agreement with its biggest trading partner. "The idea of being able to walk away empty handed might be a negotiating tactic, but it would in reality deliver a risky and expensive blow," said Terry Scuoler, the chief executive of EEF, which represents manufacturing firms. May has already said she wants to take the U.K. out of Europe''s unified market, while negotiating access to it. No deal, however, could cause chaos by introducing barriers to trade and disrupting complex supply chains. Some big banks have already started moving jobs out of the U.K. to safeguard their operations across the EU. Under EU rules, they can trade freely across the bloc as long as they have a base in one of the member states. Airlines say air traffic could be thrown into confusion because they rely on EU agreements. Automakers may have to move some production elsewhere. Labour leader Corbyn says the U.K. would leave the EU with a deal that "retains the benefits of the single market and customs union" if he were prime minister. Related: Americans are going to find it much harder to get a job in Britain 2. Fewer migrants Many voters backed Brexit because they want to reduce immigration. May has promised to cut annual net migration -- the difference between the number of migrants coming to the U.K. and the number of people leaving -- to below 100,000. That figure stood at 273,000 last year. But a sharp drop could cause serious problems for crucial sectors of the British economy, including hospitality, healthcare, construction and technology, which employ many migrant workers. May has also proposed doubling the fee British businesses have to pay for employing foreign workers . The British Chamber of Commerce said May''s approach to immigration would "worry companies of every size, sector, region and nation." Related: Brexit jobs tracker 3. Workers rights May is also promising to take a tougher approach on how companies are managed and top executive pay. She wants to make executive pay packages subject to binding annual votes by shareholders. Listed companies will also have to publish the ratio of executive pay to broader pay levels in the U.K. workforce. Under a Conservative government, workers would also be given a voice in the management of their companies, with representatives on the boards of all businesses. They will either have to nominate a director from the workforce, create a formal employee advisory council or assign responsibility for employee representation to a designated non-executive director. Related: EU citizens are leaving Brexit Britain Jeremy Corbyn 1. Higher taxes The Labour Party has promised to increase taxes on businesses and the rich to fund a huge increase in spending on education and health care. Labour wants the tax rate paid by corporations to increase to 21%, from 19% at present, and then to 26% by the start of the next decade. It plans to squeeze nearly <20>20 billion ($26 billion) out of businesses. 
'f16db01a43649edb17c51a865fb0215cee2f6c49'|'E.ON hires Goldman to explore options for Uniper stake -sources'|'FRANKFURT May 30 German energy group E.ON has hired Goldman Sachs to explore options for a sale of the group''s remaining stake in Uniper, the power plant and trading business it spun off last year, two people familiar with the matter said.Following the listing of Uniper in September, E.ON kept a 46.65 percent stake - currently valued at about 2.83 billion euros ($3.16 billion) - and has said it aims to sell the rest soon but not before 2018 due to potentially negative tax effects.A sale could happen in several ways, including an outright sale to a third party or placements on the market, the people said, adding it was less likely that peers would want to acquire the stake due to Uniper''s eclectic business structure.E.ON and Goldman Sachs declined to comment. ($1 = 0.8951 euros) (Reporting by Christoph Steitz, Arno Schuetze and Alexander Huebner; Editing by Georgina Prodhan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/e-on-uniper-sale-idINFWN1IW0UX'|'2017-05-30T14:40:00.000+03:00'
'75d030d6f5c225bdea5d2148ad13f8dd2494704f'|'Morning News Call - India, May 30'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:30 am: Transport Minister Nitin Gadkari at an event in Mumbai. 9:45 am RBI Deputy Governor S.S. Mundra at an event in Mumbai. 3:00 pm: Mahindra & Mahindra earnings meet in Mumbai. 5:00 pm: Jet Airways earnings conference call in Mumbai. GMF: LIVECHAT - MARKETS FOCUS Dr. Mark Mobius, Executive Chairman, Templeton Emerging Markets Group, joins us to kick off GMF''s coverage of the UK election. He will talk to us about expectations from the election itself, on Brexit, as well as the big themes to watch for and his outlook for Asian and global markets for 2017 at 10:00 am IST. To join the conversation, click on the link: here INDIA TOP NEWS <20> Reliance Communications shares and bonds plunge as losses and debt woes mount Indian mobile carrier Reliance Communications'' shares and bonds resumed their slide on Monday as concerns over its heavy debt load were reignited after a fourth-quarter loss that sent the company to its first full-year loss. <20> India cattle trade ban to halt beef exports, lead to job losses India''s ban on the trade of cattle for slaughter threatens $4 billion in annual beef exports and millions of jobs if the government does not revoke the stoppage decreed last week, according to two industry officials. <20> SEBI proposes tighter rules for offshore derivatives India''s capital market regulator on Monday proposed to tighten rules on offshore derivative instruments (ODI) by imposing "regulatory fees" and prohibiting the sales of such products unless they are issued for hedging purposes. <20> India clarifies tax on solar power equipment, parts at 5 percent India will levy a 5 percent tax on all equipment required for generating solar power compared with nil duty now, a government official clarified, putting an end to confusion about the new taxation policy for the industry after its landmark tax reform. <20> Larsen & Toubro Q4 profit rises 28 percent, beats estimates Engineering giant Larsen & Toubro Ltd reported a 28 percent rise in consolidated net profit for the March quarter, beating market estimates, with the infrastructure segment generating higher revenue. <20> Coal India March-qtr profit falls 38 percent, misses estimates State-run Coal India Ltd reported a lower-than-expected fourth-quarter consolidated profit, hurt by higher costs. <20> NTPC posts 25.5 percent fall in Q4 profit on one-off charge State-controlled utility NTPC Ltd reported a 25.5 percent fall in quarterly profit after taxes, hurt by higher expenses and a one-off charge on impairment loss on investment. <20> BHEL Q4 profit falls 57 percent, misses estimates State-run power equipment maker Bharat Heavy Electricals Ltd reported a 57 percent fall in fourth-quarter net profit on Monday, missing analysts'' estimates. GLOBAL TOP NEWS <20> North Korea leader Kim supervises missile test of new guidance system North Korean leader Kim Jong Un supervised the test of a new ballistic missile controlled by a precision guidance system and ordered the development of more powerful strategic weapons, the North''s official KCNA news agency reported. <20> Trump condemns fatal Oregon stabbings; says victims stood against hate President Donald Trump on Monday condemned the fatal stabbings of two Good Samaritans who tried to stop a man from harassing a pair of women who appeared to be Muslim, in a tweet issued days after an advocacy group urged Trump to condemn the attacks it said his anti-Muslim rhetoric had encouraged. <20> After talks, France''s Macron hits out at Russian media, Putin denies hacking French President Emmanuel Macron rolled out the red carpet for Russia''s Vladimir Putin on Monday, but past suspicions of Russian meddling in the French election resurfaced with Macron denouncing Russian media and Putin denying hacking allegations. LOCAL MARKETS OUTLOOK (As reported by NewsRise) <20> The SGX Nifty Futures were trading at 9,585.00, down 0.3 percent f
'17f03634e5392548fbd2456d581bfbaa6794927d'|'Bulgaria central bank working to reduce banking bad loans: governor'|'Central Banks   7:15pm BST Bulgaria central bank working to reduce banking bad loans: governor By Tsvetelia Tsolova and Angel Krasimirov - SOFIA SOFIA Bulgaria''s central bank is considering measures to reduce the level of non-performing loans (NPL) that have been falling but still weigh down the Balkan nation''s well-capitalized banking industry, Governor Dimitar Radev said on Wednesday. Bulgaria''s financial system has steadied since the collapse of its fourth largest lender in 2014, but bad loans remain a challenge, according to reports by the International Monetary Fund and the European Commission. Radev was appointed a year after Corporate Commercial Bank collapsed due to fraud and insider abuse, triggering the biggest financial turmoil in the European Union member since the 1990s. An asset quality review and stress tests last year, which the central bank carried out to restore trust in the industry, had helped banks better assess credit risks and limit bad loans, the governor told Reuters. "We will create the right incentives to cut the NPLs, the banks will have to do that," Radev said in an interview. The NPL ratio eased to 13.2 percent at the end of 2016 from 14.6 percent at the end of 2015. By the end of March, it had fallen further to 12.6 percent. But that is still well above an EU average of about 5.5 percent. "There is a clear downward trend in the past year. I do believe that we will consolidate the trend to generally safe levels," he said, without giving a timeline. The central bank was preparing regulatory steps and guidance to strengthen loan-loss provisions, increase NPL write offs and encourage more conservative loan and collateral valuation, Radev said, adding provisions and capital were adequate to cover NPLs. He said the bank would support development of a secondary market for bad loans and would enforce more transparency. Central bank health checks on lenders in August showed the banking sector was well capitalized and liquid, but pointed to vulnerabilities at some domestic lenders, including Bulgaria''s third largest bank, First Investment Bank (Fibank). Fibank 5F4.BB has said it has met a central bank recommendation to boost capital by about 206 million levs ($118.39 million). It also announced plans to seek new core investors among other options to raise new capital. "The banks are implementing the measures we prescribed. In fact, their capital enhancement plans are well-advanced," Radev said. "We fully use instruments under our control to keep up the momentum." The central bank forecast economic growth of 3.0 percent for this year, but Radev said this could be adjusted higher next month, given a pick up in domestic demand and exports. He said the central bank was supporting Bulgaria''s efforts to adopt the euro after the country joined the EU 10 years ago. Bulgaria, whose lev is pegged to the euro in a currency board regime, has yet to set a date for joining. While Bulgaria meets most formal entry criteria on keeping stable public finances, Western diplomats and bankers say it needs to align its economy and living standards more closely to its wealthier EU peers before applying. [L8N1IQ47G] "The central bank is delivering on its mandate, it means maintaining price stability and stability of the currency board. Without the stability the remaining steps (towards the euro zone) would not be very productive," Radev said. (Editing by Radu Marinas and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bulgaria-cenbank-idUKKBN18R2SM'|'2017-06-01T02:15:00.000+03:00'
'80fb5f36b283e2aae29844b6802bde5aeda1c200'|'Italy government wins confidence vote on 2017 deficit cuts'|'Business News - Wed May 31, 2017 - 7:29pm BST Italy government wins confidence vote on 2017 deficit cuts FILE PHOTO: Italian Prime Minister Paolo Gentiloni attends the G7 summit in Taormina, Sicily Italy, May 26, 2017. REUTERS/Dylan Martinez ROME Italy''s government won a confidence vote on a deficit-cutting package on Wednesday, smoothing the way for measures aimed at curbing tax evasion, boosting revenue from internet companies and reinstating voucher payments for workers. The lower house voted in favour of the bill proposed by Prime Minister Paolo Gentiloni''s government by 315 votes to 142, with five abstentions. The bill must now be read in the Senate. Savings in the new budget add up to 3.4 billion euros (2.97 billion pounds) and will whittle down Italy''s deficit as requested by the European Commission, the government says. The bulk of the savings come from changing the rules governing payment of value-added tax, which the government says will reduce evasion. All public bodies will from now on pay value-added tax directly to the Treasury when they buy goods and services, instead of paying it to the supplier. Controversially, the bill introduces two voucher systems to pay workers, months after the government bowed to pressure from labour unions to scrap a similar scheme. Companies with five employees or fewer, excluding building firms, will be able to pay wages in vouchers worth 9 euros each. A company can pay no more than 5,000 euros in vouchers each year, with a maximum of 2,500 euros per worker. In a bid to reconcile ongoing tax disputes with Internet companies, the budget offers them the chance to fix their tax bills in advance. Levies on slot machines will be also raised, and the bill stipulates that more than 100,000 machines - around 35 percent of the current total - must be scrapped by early 2018. Short-term rentals like those arranged through online marketplace AirBnB will now incur a 21 percent tax. This year, Brussels has agreed to let Italy shave just 0.2 percent of GDP off its structural budget deficit, which excludes one-off items and the effects of the business cycle. Officially, these deficits should reduce by 0.5 percent of output each year until balance or surplus is reached. (Reporting by Isla Binnie, editing by Larry King)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-politics-budget-idUKKBN18R2TK'|'2017-06-01T02:29:00.000+03:00'
'5b24cf18951c929f405e00f6658ec7e782ec4ccb'|'Morning News Call - India, May 31'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:30 am: Transport Minister Nitin Gadkari at an event in New Delhi. 11:30 am: S&P''s webcast on Indian banking sector outlook in Mumbai. 5:00 pm: Jet Airways earnings conference call in Mumbai. 5:00 pm: Government to release April infrastructure output data in New Delhi. 5:30 pm: Chief Statistician TCA Anant to brief media after release of January-March GDP data in New Delhi. GMF: LIVECHAT - CHARTING FX Take a look at the FX charts with Reuters technical analyst Martin Miller at 4:00 pm IST. To join the conversation, click on the link: here INDIA TOP NEWS <20> Deceptively quick, India''s economy seen staying course as global pacesetter India is set to hang onto its status as the world''s fastest growing major economy thanks to stronger consumer demand, if data due out later on Wednesday matches economists expectations for a 7.1 percent year-on-year expansion in the March quarter. <20> Ban on foreign funds for non-profit may hurt India health programmes India''s ban on foreign funding for the Public Health Foundation of India, a non-profit group backed by the Bill & Melinda Gates Foundation, may damage some government health programmes, according to the group and a health ministry official. <20> Adani says Carmichael mine decision on track after royalty agreement India''s Adani Enterprises will move ahead with a final financing decision for its Carmichael coal mine project in Australia after an end to negotiations on how to pay government royalties, it said on Tuesday. <20> Aviation ministry to cooperate with probe into Air India deals India''s civil aviation ministry will cooperate with a federal investigation into alleged irregularities in the purchase of 111 aircraft by state-run carrier Air India and into its merger with Indian Airlines, the civil aviation minister said on Tuesday. <20> Indian court orders suspension of ban on trade in cattle for slaughter An Indian court suspended on Tuesday a government ban on the trade of cattle for slaughter, a lawyer involved in the case said, giving some relief to Muslim-dominated beef and leather industries that employ millions of poor workers. <20> Mahindra & Mahindra Q4 profit rises about 20 percent, beats estimates Automaker Mahindra & Mahindra Ltd posted a nearly 20 percent rise in fourth-quarter profit after tax on Tuesday, beating analysts'' estimate. <20> Hindalco Industries Q4 profit rises 26 percent, tops estimates Hindalco Industries Ltd, India''s biggest producer of aluminium and copper, posted a 26 percent rise in fourth-quarter profit as revenue from operations increased on higher base metal prices. <20> Jet Airways Q4 profit falls about 91 percent India''s second largest airline, Jet Airways Ltd, reported a 91 percent slump in net profit for the March quarter, hurt by higher aircraft fuel expenses. GLOBAL TOP NEWS <20> China factory PMI growth holds up in May, steel sector activity speeds up China manufacturing sector grew faster than expected in May as activity in the steel industry rebounded sharply, an official survey showed, allaying concerns of slowing economic momentum as Beijing cracks down on financial risks. <20> Departure of communications aide could be first in Trump shake-up U.S. President Donald Trump''s communications director is leaving the job, the White House said on Tuesday, as the president considers wider staff changes to try to contain political damage from investigations into Russia and his presidential campaign. <20> U.S. says expanding laptop ban ''still on the table'' The U.S. Department of Homeland Security is still considering an expansion of a ban on laptops and other large electronics in airline cabins after Secretary John Kelly spoke to European officials on Tuesday, a department spokesman said. LOCAL MARKETS OUTLOOK (As reported by NewsRise) <20> The SGX Nifty Futures were trading at 9,631.00, up 0.11 percent from its previous close. <20> The Indi
'53ccad379141d3739d71b478c9d96224d8f15ac7'|'Michael Kors slumps on weak forecast; to shut over 100 stores'|'By Gayathree Ganesan Michael Kors, the once-popular retailer that has been trying to turn itself around, said it expected same-store sales to continue to fall in 2018, and that it would shut more than 100 full-price retail stores in the next two years.Shares of the company slumped nearly 11 percent to $32.38, their lowest in more than five years.Michael Kors Holdings Ltd, once the hottest name in affordable luxury, has been grappling with declining same-store sales for the past seven quarters as fewer people visit its stores, flocking instead to rival Coach Inc and shopping online.Kors said on Wednesday sales at stores established for more than a year fell 14.1 percent in the fourth-quarter ended April 1. Analysts had estimated a fall of 13.4 percent, according to research firm Consensus Metrix.To deal with the lull in sales, the retailer has been expanding into dresses and menswear, investing in its online business, and reducing supplies to department stores, which have been discounting heavily to bring back shoppers.These efforts, however, are yet to show the results that investors are looking for.Kors said it expected revenue of $4.25 billion for fiscal year 2018 and also forecast a high single-digit drop in same-store sales.Analysts on average had estimated revenue of $4.37 billion, according to Thomson Reuters I/B/E/S."If you walk into a Michael Kors store, they basically have the same handbags over and over again," said Gabriella Santaniello, founder at research firm A-Line Partners."It is basically an entire wall of the Mercer handbags -small and large - and another wall of Hamilton bags," she said, referring to Kors'' flagship handbag lines.The company said on Wednesday it would close 100-125 full-price stores over the next two years due to intense price competition from other retailers. It expects to take $100 million-$125 million in related one-time costs.For the fourth quarter ended April 1, total sales fell 11.2 percent to $1.06 billion. Analysts had expected $1.05 billion.Excluding certain items, Kors earned 73 cents per share, while analysts had expected 70 cents per share.Kors, whose shares have fallen nearly 16 percent this year, also said it would buy back $1 billion worth shares.(Reporting by Gayathree Ganesan in Bengaluru; Editing by Anil D''Silva and Sayantani Ghosh)A shopper enters the Michael Kors store in the SoHo section of New York City, U.S. May 31, 2016. REUTERS/Brendan McDermid/Files'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/michael-kors-results-idINKBN18R219'|'2017-05-31T12:07:00.000+03:00'
'cffd45a46788ff693eeee2930f79ee919c0e2484'|'BP to sign Azerbaijan oilfield extension deal at end of June'|'Business News  34pm BST BP to sign Azerbaijan oilfield extension deal at end of June FILE PHOTO: A British Petroleum petrol station logo is seen at Heathrow in London, Britain February 2, 2010. REUTERS/Toby Melville/File Photo BAKU British oil company BP ( BP.L ) expects to sign a contract at the end of June extending its production sharing deal for Azerbaijan''s biggest oilfields until 2050, the company''s regional head said on Wednesday. The existing deal is due to expire in 2024 and BP-led consortium and Azeri state oil firm SOCAR signed a letter of intent in December to continue developing the giant Azeri-Chirag-Guneshly (ACG) offshore fields until 2050. "End of June is a very reasonable time for it," Gary Jones, BP''s regional head for Azerbaijan, Georgia and Turkey, told reporters when asked when the contract was due to be signed. "It''s a big deal. We want to get it right." The shareholders in the consortium include BP, SOCAR, Chevron ( CVX.N ), INPEX ( 1605.T ), Statoil ( STL.OL ), ExxonMobil ( XOM.N ), TPAO, ITOCHU ( 8001.T ) and ONGC Videsh ( ONVI.BO ). Azeri President Ilham Aliyev said on Wednesday he expected the contract to be signed soon. "We are thinking about development of the ACG bloc and I think we will reach a final agreement with investors," Aliyev said at the annual Caspian Oil & Gas conference in Baku. BP came under fire from Aliyev earlier this decade when the country''s leader criticised the oil firm for lower than promised output levels. Oil output at ACG totalled more than 7.1 million tonnes in the first quarter of this year. (Reporting by Nailia Bagirova; writing by Margarita Antidze; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bp-azerbaijan-idUKKBN18R1HC'|'2017-05-31T19:34:00.000+03:00'
'268510c0d64165556901529e344403bccbd6ecde'|'CEE MARKETS-Warsaw leads stocks lower, Slovenian bonds fall as minister offers to resign'|'* Stocks mostly drop on corporate news, EU sentiment * Warsaw''s PZU leads equities decline * Currencies, bonds shrug off Draghi''s dovish comments (Adds Slovenian finance minister offering to resign, forint''s fall against the zloty) By Sandor Peto BUDAPEST, May 30 Warsaw led a retreat in central European shares as investors, underwhelmed by dividend payments and takeover offers announced by some companies on Tuesday, booked profits from the multi-year highs of recent weeks. Worries over a potential early election in Italy weighed on investor sentiment across Europe, though the main impact was on bank shares in the European Union. Central Europe''s main equities indices reached multi-year highs earlier this month, helped by reports of good first-quarter earnings and dividend payments. Bucharest retained its momentum and again set a new nine-year high on Tuesday, but Warsaw had shed 1.2 percent and Prague 0.6 percent by 1242 GMT. The decline in Warsaw was led by PZU, the biggest Polish insurer, whose stocks fell 2.6 percent after it said it would pay a dividend of 1.4 zlotys ($0.3740) per share. PZU shares hit two-year highs last week. "The market seems to be disappointed by the amount of dividend," said Jaroslaw Janusz, broker at Nobel Securities. An announcement by Polish pensions fund Aviva OFE that it had reduced its stake in PZU to below 5 percent may also be driving shares lower, Janusz said. Polish state-run energy firm PGNiG also shed 3 percent after surging last week due to good first-quarter results. Regional currencies were mixed and government bonds mostly eased slightly. The yield on Slovenia''s 10-year bonds touched 11-month highs, and had jumped to 1.286 percent by 1250 GMT from Monday''s 0.958 percent, after Finance Minister Mateja Vranicar Erman offered to step down. Prime Minister Miro Cerar did not accept Erman''s resignation. Regional markets shrugged off comments from European Central Bank head Mario Draghi that the euro zone still needs substantial stimulus given that growth is improving but inflation remains subdued. In past years, such dovish comments would often have lifted government bonds and currencies. The forint had eased 0.1 percent and the zloty firmed 0.3 percent against the euro by 1242 GMT, with the Hungarian currency falling to a 2-week low against the Polish currency. "I do not rule out forint/zloty cross trades, but even trade in the euro is very thin," one dealer said, adding the next event that could set direction for regional currencies could be the publication of U.S. payrolls data on Friday. "Weak figures pointing to no Fed rate hike in June could in theory help the forint, but if it causes uncertainty, even the opposite could happen," the dealer said. CEE MARKETS SNAPSH AT 1442 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.470 26.500 +0.11 2.03% 0 0 % Hungary 308.30 308.00 -0.10% 0.17% forint 00 50 Polish zloty 4.1730 4.1841 +0.26 5.53% % Romanian leu 4.5670 4.5658 -0.03% -0.70% Croatian kuna 7.4200 7.4145 -0.07% 1.82% Serbian dinar 122.52 122.67 +0.12 0.68% 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1007.2 1012.9 -0.56% +9.29 5 0 % Budapest 34259. 34138. +0.35 +7.05 02 11 % % Warsaw 2296.0 2323.5 -1.18% +17.8 7 8 7% Bucharest 8717.8 8673.5 +0.51 +23.0 2 0 % 5% Ljubljana 782.22 785.95 -0.47% +9.01 % Zagreb 1847.6 1853.4 -0.31% -7.38% 3 2 Belgrade 719.15 717.64 +0.21 +0.25 % % Sofia 655.31 655.51 -0.03% +11.7 5% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.16 0.023 +055b +1bps ps 5-year -0.087 -0.024 +034b -4bps ps 10-year 0.744 -0.015 +044b -2bps ps Poland 2-year 1.922 -0.053 +263b -6bps ps 5-year 2.701 0.007 +312b -1bps ps 10-year 3.28 0.007 +298b +0bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.36 0.42 0.49 0 IBOR=> Hungary <BU 0.18 0.2
'a850fac634f0eab8a4e8384268dc95238ec11217'|'Conflicting polls send pound to six-week low and then back again - Business'|'Sterling Conflicting polls send pound to six-week low and then back again Sterling has volatile day after YouGov<6F>s prediction of hung parliament is followed by another putting Tories 15 points ahead A trader at work at ETX Capital in central London. Photograph: Daniel Leal-Olivas/AFP/Getty Images Sterling Conflicting polls send pound to six-week low and then back again Sterling has volatile day after YouGov<6F>s prediction of hung parliament is followed by another putting Tories 15 points ahead View more sharing options Wednesday 31 May 2017 17.50 BST Last modified on Wednesday 31 May 2017 18.09 BST A series of conflicting general election opinion polls led to a day of volatile trading on the foreign exchange market during which the pound slumped to a six-week low before recovering all of the lost ground and more. The FTSE 100 initially shrugged off any political worries to hit another new all-time high, although the late rebound in sterling pushed it into the red by the close. A YouGov poll predicting a hung parliament set the ball rolling, sending the pound as low as $1.2767 against the dollar in early trading, its worst level in six weeks. The poll, published in the Times on Wednesday morning, suggested that the Conservatives could be left 16 seats short of an overall majority. But a later survey from Panelbase gave the party a 15-point lead, putting it on 48% compared with Labour<75>s 33%, while a subsequent poll from Kantar put the lead at 10 points, up from eight points a week ago. So from its lows, the pound recovered to show a gain of 0.31% to $1.2900, while against the euro it was down just 0.08% at <20>1.1482, after earlier falling as low as <20>1.1428. James Andrews, head of investment management at Redmayne-Bentley, said he expected further volatility in the run-up to the election and as Brexit negotiations stepped up. He said: <20>Given the prolonged uncertainty ahead of us, not to mention this short-term election-driven uncertainty, it seems any relief rallies will be just that, and the pound will find it difficult to sustain any upward momentum. In addition, further rate rises in the US and stronger fundamentals from the European economy will likely see strengthening of the euro and the dollar, providing further headwinds for sterling going forward.<2E> The early slide in sterling gave a lift to the FTSE 100, with its overseas earners such as Burberry and Diageo benefiting from a weaker pound. The index climbed to a new peak of 7586, beating the 7554 reached on Friday, but it fell back to close at 7519.95, down 0.09%, as the pound reversed course. But the index did record its best monthly performance since December, up 4.46% in May, helped by the UK currency<63>s recent weakness and some signs of recovery in the global economy. The latest positive trends showed UK consumer confidence edging higher in May, while in the eurozone, unemployment was at its lowest level since March 2009. With more polls due in the run-up to the election, markets could be unnerved by any signs of the Conservatives winning only a small majority, said Kathleen Brooks of City Index. <20>We think there is a chance of a deeper sell-off back towards $1.20 if it looks like Theresa May won<6F>t have a big enough mandate to agree a trade deal with the UK. The prospect of no deal from the Brexit negotiations has spooked investors and may continue to do so after this election. This could weigh on sterling and the broader FTSE 350 index.<2E> Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/31/conflicting-polls-pound-six-week-low-back-again'|'2017-06-01T01:50:00.000+03:00'
'b39d7b90f1c141da0556569cceb189822b3581d1'|'LafargeHolcim to launch Swiss share buyback on June 1'|'Business News - Wed May 31, 2017 - 6:35am BST LafargeHolcim to launch Swiss share buyback on June 1 FILE PHOTO: The logo of LafargeHolcim is seen at its headquarters in Zurich, Switzerland, March 2, 2017. REUTERS/Arnd Wiegmann/File Photo ZURICH LafargeHolcim ( LHN.S ) will start on June 1 its share buyback programme worth up to 1 billion Swiss francs (803.5 million pounds), the world''s biggest cement group said on Wednesday. The programme will be conducted using a second trading line on the SIX Swiss Exchange. UBS AG has been mandated as the execution agent. The second trading line is expected to remain open until December 31, 2018, it said. At the end of the buyback programme, the board of directors will propose cancelling the repurchased shares, it said. (Reporting by Michael Shields) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lafargeholcim-buyback-idUKKBN18R0HZ'|'2017-05-31T13:35:00.000+03:00'
'b89d0d21b46deabb41c37bcde390a2b0014a0807'|'RBS in fresh settlement talks with holdouts in rights issue case'|'Top   3:49pm BST RBS in settlement talks with holdouts in rights issue case FILE PHOTO: A man shelters under an umbrella as he walks past a branch of the Royal Bank of Scotland in London, Britain, September 17, 2013. REUTERS/Stefan Wermuth/File Photo By Andrew MacAskill and Lawrence White - LONDON LONDON Royal Bank of Scotland ( RBS.L ) is in talks with the last claimants in a lawsuit over its 2008 fundraising, two sources with knowledge of the matter said on Wednesday, as the bank seeks to draw a line under the long-running and costly case. The discussions centre on whether RBS would be willing to raise a settlement offer of 82 pence per share agreed with the bulk of claimants by another 20 pence per share for the holdouts, the sources said. A third source said RBS had not yet raised its offer to the investors. A spokeswoman for RBS declined to comment. RBS last week agreed terms with organisers of the RBoS Shareholder Action Group on a settlement over the case, in which the investors allege the bank misled them over its financial health at the time of its bailout in 2008. That left only a die-hard faction of a few thousand individual investors pursuing the case. Those investors need additional funding of around 7 million pounds if they are to keep the case alive, the sources said. Lawyers representing the RBoS group have until Thursday afternoon to tell the judge on the case whether they will proceed with their claim. The deals have so far cost RBS close to a billion pounds, but a final settlement with the holdouts would spare the lender the embarrassment of having the lowest point in its near 300 year history raked over in court. The bank''s former Chief Executive Fred Goodwin, named in the lawsuit as a defendant, would have had to justify his decision-making at the time of the bank''s 12 billion pound cash call and subsequent bailout by the government during the 2008 crisis. RBS investors, including thousands of current and former RBS employees, had alleged the bank''s former executives deliberately hid its over-stretched finances and failed to disclose that the regulator had ordered it to raise cash. RBS, which remains more than 70 percent state-owned, denies any wrongdoing and said its former bosses did not act illegally. (Reporting By Andrew MacAskill and Lawrence White; Editing by Susan Fenton and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-court-rbs-settlement-idUKKBN18R21X'|'2017-05-31T22:10:00.000+03:00'
'a4c7b83f4ba9a6225649410f4e6988ac534667a5'|'German jobless rate hits new record low in May'|'Business News - Wed May 31, 2017 - 9:10am BST German jobless rate hits new record low in May FILE PHOTO: People wait inside a job centre in Berlin April 1, 2008. REUTERS/Hannibal Hanschke BERLIN The German unemployment rate dropped to a new record low in May, data showed on Wednesday, in another sign of the strength of the labor market in Europe''s largest economy. Data from the Federal Labour Office showed the seasonally adjusted jobless rate edged down to 5.7 percent from 5.8 percent, remaining at its lowest level since German reunification in 1990. Economists polled by Reuters had expected it to hold steady. The number of people out of work decreased by 9,000 to 2.536 million. That was less than the predicted fall of 15,000 in a Reuters poll. "Given the good economic conditions, the labor market continues to do well," Detlef Scheele, head of the Federal Labour Office, said in a statement. "The demand for labor remains very high too," he added. (Reporting by Michelle Martin and Madeline Chambers) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-germany-unemployment-idUKKBN18R0W0'|'2017-05-31T16:09:00.000+03:00'
'0fcf5ef717e441444ee6f54ced11d01fabee7700'|'Wild swings, lack of liquidity keeping U.S. funds out of bitcoin'|'NEW YORK A lack of liquidity is keeping U.S.-based mutual fund managers from investing in bitcoin even as the digital currency hits record highs. Only four out of the more than 10,000 mutual funds based in the United States have bitcoin as part of their portfolios, according to data from Morningstar Inc. Of those four, three are from the same New York-based firm, Kinetics, which collectively manages $1.2 billion in total assets. The company declined a request to comment for this story. The value of bitcoin has more than doubled this year in volatile trading as retail investors in Japan and South Korea have piled into the digital currency. Bitcoin has also been increasingly used in so-called ransomware attacks because of its untraceable nature [L1N1IQ24E]. The price of a single bitcoin peaked at $2,760.10 on the Bitstamp exchange on Thursday, but has since fallen to $2,292.53.More funds would likely invest in bitcoin if the Securities and Exchange Commission were to approve an exchange-traded fund that holds the digital currency, said Todd Rosenbluth, director of ETF and mutual fund research at CRFA. Such a move would allow fund managers to easily buy and sell shares of bitcoin to either speculate on its price or to use as a hedge, similar to how funds invest in the $34.3 billion SPDR Gold Trust ETF in order to get exposure to gold, he said. "From a mutual fund perspective, liquidity is paramount," he said. Investors Cameron and Tyler Winklevoss tried for more than three years to convince the SEC to allow the first bitcoin-focused ETF. The agency''s staff ruled against them in March, yet the commission is now reviewing that decision. Any U.S.-based mutual funds that do have exposure to bitcoin own it through shares of the Bitcoin Investment Trust, a $797 million closed-end fund sponsored by New York-based Grayscale Investments that trades in the lightly-regulated over the counter market. Each share of the fund owns approximately a tenth of a bitcoin. The lack of availability of the shares have pushed their prices well above the underlying price of bitcoin itself. Shares of the closed-end fund are up 77.1 percent over the last 5 days, according to Thomson Reuters data, while bitcoin itself is down 2.9 percent. Those wild swings and lack of clear prices make bitcoin "uninvestable" right now, said one mutual fund manager who did not want to be quoted by name.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-funds-bitcoin-idUSKBN18R2NN'|'2017-05-31T21:26:00.000+03:00'
'fcc54ce5ede5789eeb420a137e26fd3fcee84d4b'|'Greece accepts improved 600 million euro bid for Athens airport concession'|'Business   5:14pm BST Greece accepts improved 600 million euro bid for Athens airport concession ATHENS Greece''s privatisation agency said on Wednesday it had accepted an improved 600 million euro (<28>522.6 million) bid from the operator of Athens airport to retain the concession for a further 20 years. Under a third bailout signed with the European Union and the International Monetary Fund in 2015, Greece promised to renew the concession agreement for the airport, Greece''s largest. The concession will now run until 2046. Greece''s privatisation fund, HRADF, had on Tuesday sought an improved bid from Athens International Airport (AIA), which has been operating the terminal facility since 1995. It did not disclose AIA''s original offer. "AIA''s improved offer provides a total cost of 600 million euros, including the corresponding VAT. The net proceeds from the privatisation program amount to 483.87 million," HRADF said. German-based airport manager AviAlliance and Greek group Copelouzos together have a 45 percent stake in AIA. HRADF holds a 30 percent stake and the Greek government 25 percent. HRADF said it expected additional revenues for the state of around 894 million euros from the 20 year extension. Completion of the transaction is subject to approval by European authorities and the Greek parliament, HRADF said. (Reporting by Michele Kambas; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-privatisation-airport-idUKKBN18R2GO'|'2017-06-01T00:14:00.000+03:00'
'24be483bb8df55305ddbb80c573e3f7731fe5819'|'China''s Fosun buys 10 percent stake in Russia''s Polyus for $887 million'|'MOSCOW/HONG KONG A consortium of investors led by China''s Fosun International Ltd ( 0656.HK ) will buy a 10 percent stake in Russia''s top gold producer Polyus ( PLZL.MM ) for $887 million, they said on Wednesday.Russia, the world''s third largest gold producer, has been looking for investments in Asia, mainly in China, since the West imposed sanctions on Moscow due to its role in the Ukraine crisis and the annexation of Ukraine''s Crimea peninsula in 2014.China is the world''s top consumer, producer and importer of gold and Chinese companies have been targeting gold mine acquisitions.Fosun, an acquisitive Chinese conglomerate, will buy 12,561,868 Polyus shares for $70.6025 per share from the family of Russian tycoon Suleiman Kerimov."We are delighted to enter into this agreement to acquire a significant stake in Polyus," Wang Qunbin, Fosun''s Chief Executive, was Quote: d as saying in Polyus'' statement.The consortium, which includes two of Fosun''s affiliates - Zhaojin Mining ( 1818.HK ) and Hainan Mining ( 601969.SS ) - will be a strategic long-term shareholder, he said.The deal is the first major foreign investment for Wang who replaced Liang Xinjun as CEO in late March. Liang, who was Fosun''s public face for years and was instrumental in driving Fosun''s overseas expansion, stepped down in a surprise reshuffle that created uncertainty over the group''s strategy.Fosun has been in talks since last year to buy a Polyus stake, sources have said. The deal was announced one day before the start of the St Petersburg International Economic Forum, the country''s annual event to attract investors.Kerimov''s family also said that their firm Polyus Gold International Limited (PGIL) had granted the consortium an option to acquire up to an additional 5 percent in the company for $77.6628 per share by the end of May 2018.Polyus shares were down 0.5 percent in Moscow on Wednesday at 4,425 roubles ($77.87).The price for the initial stake purchase values Polyus at $9.0 billion and the deal is expected to be done by the end of 2017.The agreement also provides for minimum annual dividend payments by Polyus for 2017-2021 at the greater of 30 percent of its full-year core earnings, known as EBITDA, or $550 million for each of 2017, 2018 and 2019 and $650 million for each of 2020 and 2021.Polyus, whose free-float is currently at 6.8 percent, is also considering launching a secondary share offering in London and Moscow in June, sources familiar with the matter have said previously."PGIL and the consortium committed to cooperate to ensure the company complies with the requirements of the Moscow Exchange where its ordinary shares are listed, as well as the requirements of foreign exchanges where the company''s equity securities may be listed in the future," PGIL said.($1 = 56.8246 roubles)(Refiles to refer to Fosun CEO by his surname, Wang, in paragraph 7)(Reporting by Polina Devitt and Julie Zhu; editing by Alexander Smith and Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-russia-polyus-china-idINKBN18R1Y7'|'2017-05-31T11:47:00.000+03:00'
'e848ca1221f64018d434699de6c1eebef049b2b0'|'Weaker Italian banks may face 10 billion euros in additional loan losses - BOI'|'Business  47am BST Weaker Italian banks may face 10 billion euros in additional loan losses: BOI Bank of Italy Governor Ignazio Visco attends the session ''Recharging Europe'' in the Swiss mountain resort of Davos January 23, 2015. REUTERS/Ruben Sprich ROME Weaker Italian banks that may have to sell their bad loans quickly could face additional writedowns of around 10 billion euros ($11 billion), Bank of Italy Governor Ignazio Visco said on Wednesday. Defaulting loans held by Italian banks stood at 81 billion euros at the end of 2016, net of writedowns. Of these, only 20 billion euros were held by banks that could be forced by regulators to sell them on the market in the short term, Visco said. "If they were sold at the very low prices offered by the few large specialist debt collection agencies active in the market today, which pursue very high returns, the amount of additional writedowns would be in the order of 10 billion euros," he said, speaking at the Bank of Italy annual meeting in Rome. Italian banks have been struggling under the weight of soured debts accumulated during a harsh recession, which force them to set aside capital to cover for loan losses, and are under pressure from the European Central Bank to shed them. Rome is now negotiating with EU authorities a state bailout for three banks, Monte dei Paschi di Siena ( BMPS.MI ), Banca Popolare di Vicenza and Veneto Banca, with regulators demanding that they shift billions of euros of soured debts off their balance sheets. Italy''s government in December set up a 20 billion euro fund to help weaker lenders. But negotiations are proving particularly difficult for the two Veneto-based lenders, with the EU Commission demanding an additional injection of private capital before state aid can be disbursed. Visco, referring to new European rules that seek to limit the amount of state aid to salvage lenders, said these cannot run the risk of undermining confidence in banks and the deposits they hold. With multiple European authorities now dealing with bank crises, decision-making processes were "relatively incompatible with rapid intervention," he said, adding effective coordination was lacking (Reporting by Silvia Aloisi, editing by Valentina Za)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-banks-italy-boi-idUKKBN18R0ZG'|'2017-05-31T16:47:00.000+03:00'
'68a27dda134a3a5ffd43c6b2c8da13508b3f2703'|'U.S. economy ambles on but few signs of inflation pressures: Fed'|'Business News   7:40pm BST U.S. economy ambles on but few signs of inflation pressures: Fed Flags fly over the Federal Reserve Headquarters on a windy day in Washington, U.S., May 26, 2017. REUTERS/Kevin Lamarque WASHINGTON The U.S. economy expanded at a modest to moderate pace from early April through late May but showed little sign of breaking out of a recent trend of sluggish inflation, a survey conducted by the Federal Reserve showed on Wednesday. "On balance, pricing pressures were little changed from the prior report," the central bank said in its Beige Book report of the economy derived from anecdotal evidence provided by business contacts nationwide. The Fed has begun to quicken the pace of interest rate hikes on an improving economy after years of rates held near zero in the aftermath of the financial crisis. The U.S. unemployment rate - currently at 4.4 percent - is at a near 10-year low. Policymakers raised rates in December 2015 and again a year later, and have forecast three rate hikes in 2017. They raised rates in March and could do so again as early as their next policy meeting in two weeks time. Influential Fed Governor Lael Brainard said on Tuesday a rate rise "likely will be appropriate soon," although she and some other Fed officials remain concerned about stilted progress on inflation meeting the Fed''s 2 percent target rate in recent months. The majority of the Fed''s 12 districts reported that firms expressed positive near-term outlooks despite a recent softening in consumer spending. Labor markets also continued to tighten with both employment and wages growing at a modest to moderate pace. As has been reported in the Beige Book for months, firms with the most acute labor shortages raised wages the most. That trend still did not for the most part feed into inflation, however. Rapidly rising costs for some commodities such as lumber and steel "tended to push input costs higher for some manufacturers and the construction sector," the Fed said, but "in contrast, some districts noted falling prices for certain final goods, including groceries, apparel and autos." Energy prices and farm prices were also mixed. In the Boston Fed district, for example, "Price pressures continued to be modest. The outlook remained positive, with a bit of added caution." The U.S. economy grew sluggishly in the first quarter but recent data point to an acceleration in the second quarter. Consumer spending recorded its biggest increase in four months in April, data showed on Tuesday. The Beige Book was compiled by the Philadelphia Fed with information collected on or before May 22. (Reporting by Lindsay Dunsmuir; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-economy-beigebook-idUKKBN18R2RL'|'2017-06-01T02:14:00.000+03:00'
'7f0346506b733d9fac7b46444a9ecfcaf4172b9b'|'Toshiba moves back some chip unit assets to ward off Western Digital''s legal claim'|'Business News   7:38pm BST Toshiba moves back some chip unit assets to ward off Western Digital''s legal claim FILE PHOTO: The logo of Toshiba is seen as a shareholder arrives at Toshiba''s extraordinary shareholders meeting in Chiba, Japan March 30, 2017. REUTERS/Toru Hanai/File Photo TOKYO Toshiba Corp ( 6502.T ) has moved some of the assets of its memory chip unit back to the parent company to ward off Western Digital Corp''s ( WDC.O ) legal claim that the Japanese conglomerate cannot sell the unit without the U.S. partner''s consent. The move was meant to address Western Digital''s demand that Toshiba reverse a move to put their joint venture interests into a unit that was set up in preparation for the sale. Toshiba, the world''s second-largest NAND chip maker, is depending on the sale to cover billions of dollars in cost overruns at its now bankrupt U.S. nuclear unit Westinghouse. Western Digital, which jointly owns a semiconductor plant with Toshiba in Japan, sought international arbitration in mid May to stop Toshiba from selling its chips arm. In a letter dated May 31, Toshiba lawyers told Western Digital that the transfer back of the joint venture interests to the parent "puts this matter to rest," a move that would allow Toshiba to press ahead with the sale process. The letter, seen by Reuters, also notes that the joint venture interests at issue relate just to financing vehicles for some of the manufacturing equipment and have a total value of less than 5 percent of Toshiba''s memory chip business, which it has valued at at least 2 trillion yen ($18 billion). A spokesman for Western Digital said the company could not immediately comment. Suitors for the chip business include U.S. chipmaker Broadcom Ltd ( AVGO.O ) which has teamed up with private equity firm Silver Lake, and Bain Capital which has partnered with South Korean chipmaker SK Hynix ( 000660.KS ), sources have said. Taiwan''s Foxconn, formally known as Hon Hai Precision Industry Co Ltd 2( 2317.TW ), also formed a consortium with its Japanese unit Sharp Corp 6753 ( 6753.T ) to bid in the second round, they said. Separate sources told Reuters this week that Western Digital may join a consortium of Japanese government money and KKR & Co ( KKR.N ) (Reporting by Makiko Yamazaki and Kentaro Hamada; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN18R2UA'|'2017-06-01T02:38:00.000+03:00'
'c2f1ab5fd39728d1eb903f3a115752fb75d631ac'|'Payments firm First Data to acquire CardConnect for $750 million: companies'|'NEW YORK First Data Corp ( FDC.N ) has agreed to acquire smaller payments processing peer CardConnect Corp ( CCN.O ) in a deal worth around $750 million, the companies said on Tuesday.First Data will pay $15.00 per share in cash for CardConnect, whose stock jumped to as much as $15.15, indicating some investors expect a better offer.The deal would be the largest acquisition by First Data since 2003 and will help bolster it as an independent software vendor and in enterprise resource planning systems, according to Chairman and CEO Frank Bisignano."We didn''t have access to their technology and they didn''t distribute all our options. We talked about expense synergies but it''s the ability to grow our ISV and ERP solutions that was key," Bisignano told Reuters in a telephone interview.ERP systems allow companies to combine different process management systems on one platform.First Data was acquired by buyout firm KKR & Co ( KKR.N ) for $29 billion in 2007, just before the global financial crisis. A $3.5 billion equity raising to help strengthen its balance sheet was completed in 2014, before an initial public offering in 2015, which raised $2.6 billion.Reducing the company''s debt has been one of Bisignano''s main tasks since he was appointed CEO in 2013. Debt has fallen from around 10-times EBITDA (earnings before interest, tax, depreciation and amortization) when he arrived to low-6-times currently. It aims to be at 4-times by the end of 2019, he said."There are two key missions: continuing to grow the company and to pay down our debt," Bisignano said. "There are opportunities out there, and this was an incredibly attractive opportunity, so we deployed our capital accordingly."First Data will fund the purchase with its own cash, supplemented by money from existing credit facilities, according to the statement. The deal is to close in the third quarter.Allen & Company and FT Partners were the respective financial advisers to First Data and CardConnect.(Reporting by David French in New York; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cardconnect-m-a-first-data-idINKBN18Q2K2'|'2017-05-30T19:36:00.000+03:00'
'ca46a7ad8d560633f5544aaaadb8fd0e41d886d2'|'Argentina farm group says to ask Congress for JBS investigation'|'  10:03pm BST Argentina farm group says to ask Congress for JBS investigation FILE PHOTO - General view of Brazilian meatpacker JBS SA in the city of Lapa, Parana state, Brazil, March 21, 2017. REUTERS/Ueslei Marcelino/File Photo By Maximiliano Rizzi - BUENOS AIRES BUENOS AIRES The head of one of Argentina''s largest farm groups will ask Congress to investigate five acquisitions made by Brazilian meatpacker JBS over more than a decade due to suspicion of overpricing, he told Reuters on Tuesday. Dardo Chiesa, head of Argentina''s Rural Confederation (CRA), said the company, whose founders are mired in a corruption scandal that threatens to topple Brazil''s president, bought Argentine companies "at exorbitant prices to compete unfairly." Chiesa said he was scheduled to speak before Congress next week and would reveal his suspicions that JBS paid bribes in order to be favored in export quotas managed by former President Cristina Fernandez''s government. He said he did not have any proof of bribes. "We are going to gather information first but there is information we want to investigate that they won''t give to CRA... either a congressional committee takes it or it goes to a prosecutor," he said. JBS, which did not immediately respond to request for comment, bought five meatpackers in Argentina, several of which have since shut down. "ColCar was worth $3 million, they paid $15 million. Venado Tuerto was worth $6 (million) and they paid $27 (million)," Chiesa said. Other companies JBS bought in Argentina were Swift Rosario, Frigorifico Pontevedra, and Frigorifico San Jose. Argentina under President Mauricio Macri has been trying to recover its standing as a top global beef exporter that was lost during the Fernandez government. JBS grew from a family-run butcher to the world''s top beef company with operations in the United States and Australia thanks to financing from Brazil''s state development bank BNDES. "You see the president of JBS recognizing he paid bribes in Brazil. And here?" said Chiesa. Joesley Batista resigned last week as chairman after pressure from BNDES. (Writing by Caroline Stauffer; Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-brazil-corruption-jbs-argentina-idUKKBN18Q2HX'|'2017-05-31T05:02:00.000+03:00'
'5c78d758484873b8aaae1438544ffadaffd81fd4'|'Euro zone may need treasury, minister, budget, bonds - EU Commission'|'By Jan Strupczewski - BRUSSELS BRUSSELS The European Commission said on Wednesday the euro zone might need to issue collective debt and run a joint budget among ideas for deeper European Union integration around the single currency after Britain leaves the EU in 2019.In a reflection paper that aims to trigger a debate among euro zone governments, the EU executive spells out ideas on what could be done to deepen Economic and Monetary Union by 2025.Scenarios of a finance minister managing common euro zone revenue, spending and borrowing had been worked on for months in Brussels, but now appear more likely since centrist former banker Emmanuel Macron became French president this month.German conservatives dislike an idea they say could mean paying for poorer neighbors or irresponsible policies and are loath to mutualize debt among the 19 euro zone countries.But Chancellor Angela Merkel, seeking re-election in September, has welcomed Macron''s victory and EU officials said they hoped governments might start working on a plan to forge a more cohesive euro zone from next year.The Commission paper examines possible reforms to the bloc after the 2010-2012 sovereign debt crisis that nearly destroyed it and which triggered a wave of quick fixes for its weak spots.While some problems have been addressed, there is a lot more EU governments need to do to have an optimally functioning single currency area, the Commission said.The document, part of a wider series on the future of the European Union, comes as the EU is to start talks with Britain on the terms of its withdrawal - a great setback to European integration but one that will see the euro zone make up nearly four-fifths of the EU''s economy, up from two thirds today.NO BLUEPRINT, JUST IDEASThe Commission avoids making any clear suggestions as to the evolution of the euro zone, leaving it up to EU governments to decide which of the ideas they like.But it does say that in the later stages of integration, not least because it would require politically difficult and time-consuming changes to EU treaties, the bloc could establish a euro zone treasury.The chairman of euro zone finance ministers, the Eurogroup, could be in charge of such a new institution. The job of Eurogroup president itself could be integrated into the Commission, the paper says.The treasury could manage what the Commission calls a "macroeconomic stabilization function" - EU jargon for a euro zone budget to mitigate economic shocks, for instance used to support investment, which is the first victim of a downturn.Another option could be for such a budget to operate as a re-insurance fund for national unemployment schemes during economic bad times, when national budget deficits run high, but this would require prior convergence of labor market policies.Finally, the "stabilization function" could be a rainy day fund, regularly accumulating money and disbursing to cushion a large shock and could even have right to borrow, though within limits and with rules on saving money when times are good.Financing for the euro zone budget could come from the euro zone bailout fund, the wider EU budget, or from each country contributing a share of its GDP or tax income. It might also be allowed to borrowing on the market.But irrespective of the financing method, the budget could not lead to permanent transfers or moral hazard or be a crisis management tool - a role already assigned to the euro zone bailout fund, the European Stability Mechanism.While non-euro zone countries could have access to the budget too, it would only be available to those who are in line with EU budget rules and recommendations for reforms that lead to greater convergence of EU economies.EUROPEAN SAFE ASSETThe treasury could also be allowed to borrow through what the Commission calls a "European safe asset" - a bond denominated in euros that could become a benchmark for European financial markets once there is enough of it in circulation.The E
'037e70024c2f933e06c62d2945aef49125b76105'|'EMERGING MARKETS-Emerging stocks set for 5th month of gains, currencies shine'|'LONDON May 31 Emerging market equities were set to end May with a fifth straight month of gains on Wednesday while most currencies advanced against the dollar, supported also by new data showing brisk Chinese factory activity.MSCI''s emerging equity index softened slightly on the day, but is up around 3.4 percent in May, having added 17 percent so far this year.Currencies were mixed on the day but also painted an upbeat picture in May, with Mexico''s peso, South Africa''s rand , Russia''s rouble and the Turkish lira all on track to end the month stronger against the dollar. The greenback racked up its fourth straight month of gains.Emerging markets have found support from the dollar rally running dry as most investors no longer believe U.S. President Donald Trump will be able to deliver on ambitious plans for tax cuts and infrastructure spending."U.S. inflation has been slowing, the whole Trumpflation trade has been completely taken out...and the market is judging that you will not get much done on reforms in the U.S., on health or tax or infrastructure," said Kaan Nazli, senior economist emerging markets debt at Neuberger Berman."That is supporting emerging markets in a sense that their central banks are still supportive rather than having to face too much tightening from the U.S. Federal Reserve and trade wars or such."Nonetheless, emerging markets were still vulnerable to a slide in oil in the medium term, said Nazli.Crude prices fell more than 1 percent on Wednesday on oversupply worries. Both oil CLc1> and copper prices headed for a third straight month of losses.However, investors welcomed the latest data from China, taking it as a sign that world''s second-biggest economy is not losing too much steam after a solid first quarter.Activity in China''s manufacturing sector grew at 51.2 in May - the same pace as in April - thanks to robust construction and infrastructure investment."Looking ahead, however, we suspect that the current stability of growth will prove temporary," Capital Economics wrote in a note to clients."With the regulatory crackdown on financial risks still weighing on credit growth, it will be difficult to avoid a further slowdown in the coming months."Meanwhile, China''s yuan surged to the strongest level in more than six months, with the central bank now seen less inclined to allow marked currency depreciation.China is also changing how it calculates the yuan''s guidance rate for the second time this year as it steps up efforts to stabilise the currency and reduce price swings.For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5For CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see)Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chgon yearMorgan Stanley Emrg Mkt Indx 1009.51 -2.26 -0.22 +17.08Czech Rep 1003.26 -2.89 -0.29 +8.86Poland 2285.45 -6.82 -0.30 +17.33Hungary 34246.76 -74.38 -0.22 +7.01Romania 8678.51 -9.99 -0.11 +22.49Greece 769.98 -6.04 -0.78 +19.63Russia 1063.02 -11.79 -1.10 -7.75South Africa 47264.41 -434.94 -0.91 +7.66Turkey 98134.70 +787.08 +0.81 +25.59China 3117.48 +7.42 +0.24 +0.45India 31230.86 +71.46 +0.23 +17.29Currencies Latest Prev Local Localclose currency currency% change % changein 2017Czech Rep 26.43 26.46 +0.12 +2.18Poland 4.17 4.18 +0.11 +5.59Hungary 307.47 307.55 +0.03 +0.44Romania 4.57 4.57 +0.00 -0.77Serbia 122.44 122.51 +0.06 +0.74Russia 56.70 56.56 -0.25 +8.05Kazakhstan 312.18 311.88 -0.10 +6.88Ukraine 26.28 26.28 +0.00 +2.74South Africa 13.09 13.12 +0.20 +4.88Kenya 103.20 103.31 +0.11 -0.80Israel 3.54 3.54 -0.06 +8.62Turkey 3.54 3.55 +0.26 -0.32China 6.82 6.85 +0.52 +1.85India 64.51 64.62 +0.17 +5.32Brazil 3.26 3.26 +0.01 -0.12Mexico 18.65 18.71 +0.30 +11.07Debt Index Strip Spd Chg %Rtn IndexSov''gn Debt EMBIG 322 3 .02 7 86.73 1All data taken from Reuters at 09:17 GMT. Currency percent
'2ce86b45f695b35b5f013baa142d8fb0b8335fc5'|'Saudi Aramco signs joint venture deal to build shipyard'|'DUBAI May 31 Saudi Aramco said on Wednesday it had signed a joint venture agreement with three firms to build a shipyard on the kingdom''s east coast, part of the government''s drive to diversify the economy beyond oil.A shareholder agreement was signed with National Shipping Co of Saudi Arabia (Bahri), a state-controlled firm which ships oil for Aramco, as well as London-listed Lamprell Plc , a United Arab Emirates-based engineering firm, and South Korea''s Hyundai Heavy Industries Co.Aramco, which announced a memorandum of understanding for the project in January 2016, gave no financial details of the joint venture.It has previously said the project will cost over 20 billion riyals ($5.3 billion). (Reporting by Andrew Torchia; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/aramco-shipbuilding-hyundai-heavy-lampre-idINL8N1IX0TI'|'2017-05-31T04:21:00.000+03:00'
'ac316f1e0b602d28d0c13302d025a2c84e22d7aa'|'Metals recycler Befesa seeks stock market listing before summer -sources'|'FRANKFURT May 31 Metals recycling group Befesa is planning to list on the Frankfurt stock market before the summer break in a deal potentially valuing the group''s equity at 1-1.2 billion euros ($1.1-1.3 billion), two people close to the matter said Wednesday.The company is expected to announce its intention to float in June with a debut taking place four weeks later, they said.Shares worth about 450-500 million euros will be offered, including 100 million in new shares, while Befesa''s owner, buyout group Triton, will also sell some stock, they added.Santander, Commerzbank, Berenberg and Stifel are acting as bookrunners alongside the global coordinators Goldman Sachs and Citi, the people said.Triton declined to comment, while the banks also declined to comment or were not immediately available for comment. (Reporting by Arno Schuetze)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/befesa-ipo-idINL8N1IX1X6'|'2017-05-31T06:43:00.000+03:00'
'3be1a8d2692094b6eed950ab67e89fd6277b9468'|'BRIEF-Hartford Mayor Luke Bronin says Aetna decided to relocate their corporate headquarters out of Connecticut'|' 04pm EDT BRIEF-Hartford Mayor Luke Bronin says Aetna decided to relocate their corporate headquarters out of Connecticut May 31 (Reuters) - * Hartford Mayor Luke Bronin says "clear that Aetna decided a long time ago to relocate their corporate headquarters out of Connecticut" * Hartford Mayor Luke Bronin says Aetna remains committed to Connecticut workforce and Hartford campus will continue to be substantial employment base Source bit.ly/2rkM07i'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-hartford-mayor-luke-bronin-says-ae-idUSFWN1IX0RP'|'2017-06-01T02:04:00.000+03:00'
'3c76e230a1a2a530f816d3400629203f09582ae7'|'Argentina farm group says to ask Congress for JBS investigation'|'BUENOS AIRES The head of an Argentine farm group said on Tuesday he will ask Congress to investigate five acquisitions made by Brazilian meatpacker JBS on suspicion the company inflated the purchase prices to conceal bribes, although he said he had no proof.Dardo Chiesa, head of Argentina''s Rural Confederation (CRA), said the company, whose founders are mired in a corruption scandal that threatens to topple Brazil''s president, bought Argentine companies over a decade "at exorbitant prices to compete unfairly."JBS said in an e-mailed statement there were no irregularities in its businesses in Argentina or in any country outside of Brazil.Chiesa said he was scheduled to speak before Congress next week and would reveal his suspicions that JBS paid bribes in order to be favored in export quotas managed by former President Cristina Fernandez''s government. He said he did not have any proof of bribes."We are going to gather information first but there is information we want to investigate that they won''t give to CRA... Either a congressional committee takes it or it goes to a prosecutor," he said.JBS bought five meatpackers in Argentina, several of which have since shut down."Colcar was worth $3 million, they paid $15 million. Venado Tuerto was worth $6 (million) and they paid $27 (million)," Chiesa said. Other companies JBS bought in Argentina were Swift Rosario, Frigorifico Pontevedra and Frigorifico San Jose.Venado Tuerto and Pontevedra were acquired in competitive public auctions. SwiftArgentina, including the Rosario and San Jose plants, and Colcar were purchased at market price, JBS said.Argentina under President Mauricio Macri has been trying to recover its standing as a top global beef exporter that was lost during the Fernandez government.JBS said over the past decade its operations had been affected by political-economic conditions in Argentina, resulting in changes in production volume and the closure of some units.JBS grew from a family-run butcher to the world''s top beef company with operations in the United States and Australia thanks to financing from Brazil''s state development bank BNDES.Joesley Batista resigned last week as chairman after pressure from BNDES.(Writing by Caroline Stauffer; Editing by David Gregorio and Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-corruption-jbs-argentina-idUSKBN18Q2HX'|'2017-05-31T04:53:00.000+03:00'
'59bac41948de5481983d86dbfb5e68ca0b38cc73'|'''Our streets are made for people'': San Francisco mulls ban on delivery robots - Guardian Sustainable Business'|'A hi-tech start-up aiming to bust congestion and reduce pollution with wheeled delivery robots is facing a backlash from the very city it is aiming to help. Order a delivery meal from a local restaurant in San Francisco<63>s Mission and Potrero Hills neighbourhoods using Yelp Eat24 and it might arrive at your door in a suitcase-sized wheeled robot. The tech company Marble<6C>s bots use lidar , camera and ultrasonic sensors to avoid pedestrians and navigate pavements, delivering small packages and takeaway food within a mile or two, at walking pace.But if one San Francisco official has his way, every pizza the Marble robot delivers could come with a $1,000 fine and a jail sentence for its human controllers.San Francisco supervisor Norman Yee recently proposed legislation that would prohibit autonomous delivery robots <20> which includes those with a remote human operator <20> on public streets in the city. He told technology news site Recode, <20>our streets and our sidewalks are made for people, not robots.<2E> He also worries that many delivery jobs would disappear. San Francisco police commander Robert O<>Sullivan is in favour of the legislation, fearing the robots could harm children, the elderly, and those with limited mobility. <20>If hit by a car, they also have the potential of becoming a deadly projectile,<2C> he told a local TV station.Drones and the transport revolution Read more Marble CEO Matt Delaney says these fears are unfounded. <20>We care that our robots are good citizens of the sidewalk,<2C> he says. <20>We<57>ve taken a lot of care from the ground up to consider their need to sense and intuit how people are going to react.<2E>Similar robots from Starship Technologies , an Estonian company started by Ahti Heinla and Janus Friis, two of the founders of Skype, are already delivering food in Germany, the Netherlands, the UK <20> and just down the road from San Francisco in Silicon Valley.<2E>We can get this technology out sooner than self-driving cars because it<69>s not going to hurt anybody,<2C> says Brad Templeton, a robotics expert working with Starship. <20>You can<61>t kill a pizza. You can ruin it but that<61>s not a disaster.<2E> The company says that its robots have covered tens of thousands of pavement miles in cities around the world, and have met millions of people, with zero accidents to date.Their argument is that robots can in fact help with the urban problems of traffic jams, air pollution and road accidents. There is no doubt that a growing appetite for online shopping and food delivery is choking cities. In London, travel times are increasing by 12% a year , even as people get on their bikes in record numbers. Delivery vans are more than making up the difference, and now account for nearly a fifth of all traffic in the capital. Val Shawcross, London<6F>s deputy mayor for transport, has even proposed banning the city<74>s workers from ordering goods direct to work.In the US, researchers at the Oak Ridge National Laboratory calculated that delays from double-parked delivery vans alone cost the country over $10bn a year. And although Amazon and Google have been working on delivery drones , concerns remain over their safety , range, and carrying capacity, as well as their sheer buzzing annoyance.Facebook Twitter Pinterest Airborne drones have been used in trials to carry parcels of up to 2kg for some 20km. Photograph: TI-Press/Pable Gianinazzi/EPA Robots like those from Starship and Marble are capable of carrying about 80% of all goods ordered online, says Henry Harris-Borland of Starship, as well as takeaway meals. Many jurisdictions are embracing them <20> with provisos. Virginia and Idaho have already passed laws permitting the robots, limiting their weight, and their speed to 10mph. Washington DC<44>s law, passed last year, permits delivery robots everywhere except the city<74>s crowded central business district.Harris-Burland says the process of passing laws has generally been painless: <20>If you<6F>re a city cou
'c16b5fbd88c1269e4773ff712f4e29ec88d90afa'|'EU clears GE''s Baker Hughes purchase without conditions'|'Deals   1:51pm BST EU clears GE''s Baker Hughes purchase without conditions FILE PHOTO - The logo of Dow Jones Industrial Average stock market index listed company General Electric is shown at their subsidiary company GE Aviation in Santa Ana, California April 13, 2016. REUTERS/Mike Blake/File   cleared General Electric Co.''s ( GE.N ) purchase of oilfield services firm Baker Hughes ( BHI.N ) without conditions on Wednesday, the EU competition authority said in a statement. It concluded that the merger of the two U.S. companies would not harm competition in European markets for various products where both were active, including electrical submersible pumps, refining chemicals and drilling sensors. (Reporting by Alastair Macdonald; editing by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-baker-hughes-m-a-ge-eu-idUKKBN18R1RF'|'2017-05-31T20:46:00.000+03:00'
'ad14a2d633d872b5aee4e7cdd1f17b35a63dd8fd'|'BRIEF-Rockwell Diamonds appoints Johan Oosthuizen interim CFO effective June 1'|'Market  33am EDT BRIEF-Rockwell Diamonds appoints Johan Oosthuizen interim CFO effective June 1 May 31 Rockwell Diamonds Inc: * Johan Oosthuizen is appointed interim CFO effective June 1, 2017, replacing Patrick Cooke whose term expired   BRIEF-Eagle Bulk Shipping takes delivery of M/V Greenwich Eagle * With addition of M/V Greenwich Eagle, current Eagle Bulk fleet consists of 44 vessels on water CARACAS, May 31 Venezuela''s central bank said on Wednesday that the exchange rate of its new Dicom currency auction system was 2,010 bolivars per dollar, a steep devaluation from the previous rate of around 728 bolivars. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-rockwell-diamonds-appoints-johan-o-idUSFWN1IX0PH'|'2017-05-31T22:33:00.000+03:00'
'8f978421fdc282d021e24b5827dde6a0040f000c'|'Developer Londonmetric focuses on logistics as e-commerce grows'|' 39am BST Developer Londonmetric focuses on logistics as e-commerce grows British retail space developer LondonMetric Property Plc expects logistics space to soon represent over 70 percent of its investment as newer developments complete and its portfolio grows, it said on Wednesday. The company, which focuses on retailer-led distribution, convenience and out-of-town retail, said retailers were closing marginal stores and investing in flagship destinations to service ever-increasing online sales and consumer expectations. "Retailers are prioritising distribution and fulfilment ahead of their stores, which is why we have repositioned LondonMetric''s portfolio from retail into logistics," Chief Executive Andrew Jones said in a statement. LondonMetric said its portfolio was valued at 1.54 billion pounds at March 31, with distribution accounting for an increased 64 percent while retail parks represented a reduced 13 percent. Full-year EPRA earnings grew 5 percent to 51 million pounds. (Reporting by Esha Vaish in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-londonmetrc-prty-results-idUKKBN18R0OD'|'2017-05-31T14:39:00.000+03:00'
'82bf59802ea473b1a9ff802dc71391623dfd89e8'|'Taiwan lodges complaint with carrier Emirates over flag pin e-mail'|'Business News - Wed May 31, 2017 - 10:33am BST Taiwan lodges complaint with carrier Emirates over flag pin e-mail FILE PHOTO: Emirates aircraft are seen at Dubai International Airport, United Arab Emirates May 10, 2016. REUTERS/Ashraf Mohammad/File Photo SHANGHAI/TAIPEI Taiwan''s foreign ministry said on Wednesday it had protested to Dubai-based airline Emirates over reports that the carrier asked Taiwanese cabin crew to stop wearing the flag of the self-ruled island on their uniforms, under pressure from Beijing. Screenshots of an internal email purportedly sent to Emirates staff circulated online this week, telling cabin crew to use the Chinese flag instead of Taiwanese flag pins. The directive was linked to a demand from the Chinese government, the email said. China regards Taiwan as a renegade province after defeated Nationalists fled there in 1949, after losing a civil war to the Communists. Beijing has not ruled out the use of force to bring the self-governed island under its control. Taiwan''s foreign ministry told Reuters its Dubai representative office in Dubai had protested to Emirates. "A few hours later the company e-mailed to apologize, and said the request was not correct and was not appropriate, but that it still asked Taiwanese crew members to not wear any flag badge, including our flag," the ministry said in a statement. Emirates is not ordering its Taiwanese crew to wear China''s flag badge, the ministry said. Emirates did not comment directly on the screenshots, but said that an internal email on Tuesday told cabin crew to remove a flag pin from their uniforms and replace it with another. "This email was sent in error and has since been retracted. Our intent is to recall the flag pins worn by all our cabin crew as part of our uniform update," an Emirates spokeswoman said. "All cabin crew are no longer required to wear a flag pin as part of their uniform. Emirates apologises for the communication error." Chinese Foreign Ministry spokesman Hua Chunying told a daily briefing she had not heard of the incident and did not know anything about it. Relations between the two sides have cooled since Taiwan President Tsai Ing-wen took power last year, because she refuses to concede the self-ruled island is part of China, and Beijing fears she wants to push it toward formal independence. Emirates flies to five cities, including Beijing and Zhengzhou in mainland China, which is set to overtake the United States as the world''s largest aviation market by 2024. It flies daily from Dubai to Taipei. Hundreds of Internet users left images of the Taiwanese flag and comments on Emirates Facebook page on Wednesday, criticising the internal email. "Even if the one-China policy is to be respected, they should have tried discussing this problem and finding an alternative solution with their Taiwanese employees before issuing such a letter," said a user who goes by the name Barton Cheng. (Reporting by Brenda Goh in SHANGHAI and J.R. Wu in TAIPEI; Additional Reporting by Ben Blanchard in BEIJING;  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-emirates-taiwan-idUKKBN18R138'|'2017-05-31T17:33:00.000+03:00'
'9ff2718fa5e8e80ba5753e5b071239c40f719455'|'Brazil state lender Caixa to sell lottery unit by year end -CEO'|' 27pm EDT Brazil state lender Caixa to sell lottery unit by year end -CEO SAO PAULO May 30 Brazil''s state lender Caixa Econ<6F>mica Federal expects to sell its lottery licensing unit Caixa Instant<6E>nea SA by year-end, Chief Executive Officer Gilberto Occhi said on Tuesday. Brazil<69>s government expects to sell the unit for around 2.2 billion reais ($675 million), according to estimates of the so-called National Privatization Plan. The bank has more than 13,000 lottery slots, many of which are operated by third-parties, across Brazil. ($1 = 3.2570 reais) (Reporting by Aluisio Alves; Writing by Tatiana Bautzer; editing by Diane Craft)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/caixa-ec-federal-divestiture-ceo-idUSL1N1IW1US'|'2017-05-31T06:27:00.000+03:00'
'fc1181cc175b6bec51cefe2a7b61843772308fb2'|'German retail sales unexpectedly drop in April'|'Autos  25am BST German retail sales unexpectedly drop in April A woman is seen shopping at a store in Ulm, Germany, April 6, 2017. REUTERS/Michaela Rehle BERLIN German retail sales unexpectedly fell in April, data showed on Wednesday, dampening hopes that private consumption will propel growth in Europe''s largest economy this year. The volatile indicator, which is often subject to revision, showed retail sales dropped by 0.2 percent on the month in real terms, the Federal Statistics Office said. That confounded forecasts for a 0.2 percent rise and came after an upwardly revised increase of 0.2 percent in March. On the year, shops saw sales decline by 0.9 percent in April, contrasting with the consensus forecast for a 2.3 percent increase. The German economy was for years powered by exports but consumption was a key source of growth last year and is also expected to play an important role this year as traditionally thrifty Germans spend. They are benefiting from record-high employment, a robust labour market, rising wages and low borrowing rates. The retail sales data comes on the heels of a GfK survey that showed German consumer sentiment at its best in almost 16 years heading into June. (Reporting by Michelle Martin; Editing by Madeline Chambers)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-retail-idUKKBN18R0MR'|'2017-05-31T14:25:00.000+03:00'
'361dbff37827bd3f4ee8951fb23180ea3c6ce657'|'HGGC to buy majority stake in Idera, values firm over $1 billion'|'Deals   1:03pm EDT HGGC to buy majority stake in Idera, values firm over $1 billion By Liana B. Baker - SAN FRANCISCO SAN FRANCISCO HGGC has agreed to take a majority stake in database software firm Idera, valuing the company at roughly $1.125 billion including debt, the private equity firm said in a statement. Software that maintains databases, part of the broader enterprise technology market, has become a favorite of private equity firms looking for steady revenue streams. Boston-based TA Associates, which previously controlled Idera, will keep a significant minority stake in the company, the statement said. HGGC, TA Associates and company management will contribute equity of about $400 million to $450 million as part of the deal, while Jefferies will provide roughly $700 million in financing, according to sources familiar with the matter. HGGC, based in Palo Alto, California, was co-founded by former National Football League''s San Francisco 49ers star Steve Young. Young said in a statement that HGGC is excited to become an investor in Idera since it has executed an "aggressive acquisition strategy" and "strong organic growth." The investment includes a pending acquisition of an unnamed company that Idera has made in recent months. Idera provides database software for businesses in a variety of industries from education to government and makes tools to help employees monitor and test databases. It competes with CA Inc ( CA.O ) and BMC Software, which is now private and owned by private equity firms Bain Capital and Golden Gate Capital. TA Associates acquired the Houston, Texas based company for an undisclosed sum in 2014. HGGC''s previous investments include marketing technology firm Etouches, an automated marketing software company called Selligent and FPX, software that helps tech companies price their products. It closed an $1.84 billion fund last year, its third buyout fund to date. William Blair advised Idera. HGGC was advised by Jefferies LLC and Kirkland & Ellis LLP. (Reporting by Liana B. Baker in San Francisco; Editing by Cynthia Osterman and David Gregorio)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-idera-m-a-hggc-idUSKBN18R183'|'2017-05-31T21:03:00.000+03:00'
'336d5c3cf47b2b5cec7d74b0dea325bc3bd5f1f0'|'Labour reps may not be unanimous against Praxair merger - sources'|'  4:42pm BST Labour reps may not be unanimous against Praxair merger - sources FILE PHOTO: A truck operated by Germany''s Linde Group waits for helium to be loaded at Weil Group''s helium plant near Mankota, Saskatchewan, Canada on June 20, 2016. REUTERS/Rod Nickel/File Photo FRANKFURT/MUNICH Labour representatives on Linde''s ( LING.DE ) supervisory board may not vote unanimously against the German industrial gases group''s planned $73 billion (<28>56.5 billion) merger with U.S. peer Praxair ( PX.N ), three sources familiar with the matter told Reuters. "It seems there is not complete unity at the moment," one of the people said on Wednesday ahead of the supervisory board meeting on Thursday morning. German labour representatives have fiercely opposed the merger, which will dilute their influence by situating the headquarters of the new company outside Germany. But one of the labour representatives on the board - who represents workers at a Dresden plant that is vulnerable to closure if the deal does not go through - has not committed to voting against it, the person said. The representative, Frank Sonntag, did not want to comment on the coming supervisory board meeting, his secretary said. (Reporting by Georgina Prodhan and Joern Poltz; Editing by Victoria Bryan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-linde-m-a-praxair-labour-idUKKBN18R2DT'|'2017-05-31T23:42:00.000+03:00'
'96073eb2c469b2ca206ab6ac81744c28ce4721b7'|'China''s Zhong An aims to raise at least $1 billion in Hong Kong IPO - sources'|'By Julie Zhu - HONG KONG HONG KONG Zhong An Online Property and Casualty Insurance, China''s first online-only insurer, has resumed a plan to raise $1 billion or more in a Hong Kong initial public offering (IPO) in the second half of this year, said two people with knowledge of the matter.Zhong An, whose major shareholders include Tencent Holdings Ltd ( 0700.HK ) and Alibaba Group Holding Ltd ( BABA.N ) affiliate Ant Financial, plans to apply for listing in the coming weeks, said one of the people, who declined to be identified as the matter is confidential.The Shanghai-based insurer chose Credit Suisse, JPMorgan and UBS in October to lead the IPO, but later suspended the plan to explore a mainland listing.The following February, Reuters reported that the mainland securities regulator was considering streamlining the IPO approval process for large domestic technology firms, such as Zhong An.But lack of progress on the matter prompted Zhong An to opt for Hong Kong, though it would prefer to list in mainland China, one of the people said."Zhong An has always wanted to list at home but given an A-share IPO is unlikely in the short-term, the company has to come back to Hong Kong to go public and raise fresh capital to expand its business first," said the person, referring to a class of shares on the Shanghai and Shenzhen stock exchanges."A domestic listing later is certainly under consideration," the person told Reuters.The China Securities Regulatory Commission (CSRC) has also appeared to slow its IPO process, with seven approvals last week versus a weekly average of 10 in recent months. As of Friday, applications to list in Shanghai or Shenzhen numbered about 600.Zhong An and UBS declined to comment. Credit Suisse and JPMorgan did not respond to requests for comment.HK COUPA Zhong An IPO would be a coup for the Hong Kong stock exchange which has struggled to attract technology listings due to strict profitability and voting rights requirements, bourse Chief Executive Charles Li said this month.Hong Kong famously lost out to New York on Alibaba''s 2014 record IPO, sparking a broader debate about the bourse''s listing rules.Zhong An was founded in November 2013 by Alibaba Executive Chairman Jack Ma, Tencent Chairman Pony Ma and Ping An Insurance Group Co of China Ltd ( 601318.SS ) ( 2318.HK ) Chairman Ma Mingzhe.It offers more than 300 niche products, many of which are low-cost, including policies covering flight delays, cracked mobile phone screens and shipping costs for returning goods bought online.Ant Financial and Ping An declined to comment. Tencent did not respond to requests for comment.(Reporting by Julie Zhu; Additional reporting by Elzio Barreto; Editing by Michelle Price and Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-zhongan-ipo-idINKBN18R1AV'|'2017-05-31T08:40:00.000+03:00'
'd25e8445a17df8dffeabc2bc0a04e08a1269dec6'|'Ukraine''s Naftogaz says it wins ruling against Gazprom over contract'|'Market News  06am EDT Ukraine''s Naftogaz says it wins ruling against Gazprom over contract KIEV May 31 An arbitration court in Stockholm has ruled in favour of Ukrainian state gas firm Naftogaz in its long-running dispute with Russia''s Gazprom over a take-or-pay gas contract, Naftogaz spokeswoman Olena Osmolovska said on Wednesday. "The tribunal rules Naftogaz Ukraine is entitled to a market-reflective adjustment of the price formula," she said. (Reporting by Pavel Polityuk; Writing by Alessandra Prentice; editing by Matthias Williams) TREASURIES-Yields dip on month-end buying, weak U.S. housing data * 30-yr yield hits more than 5-week low of 2.866 pct * 10-yr yield on track to fall about 7 basis points in May * U.S. pending home sales drop 1.3 pct in April By Sam Forgione NEW YORK, May 31 Long-dated U.S. Treasury yields touched their lowest in more than five weeks and benchmark yields their lowest in nearly two weeks on month-end buying and U.S. housing data that fanned doubts that the Federal Reserve would raise interest rates again in 2017 beyond June.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ukraine-crisis-russia-gas-idUSS8N1EA053'|'2017-05-31T23:06:00.000+03:00'
'5f8fa729fd0d253a60917b686521279928931539'|'Australia investigates bank levy leak after share falls'|'Top News - Wed May 31, 2017 - 6:08am BST Australia investigates bank levy leak after share falls A combination of photographs shows people using automated teller machines (ATMs) at Australia''s ''''Big Four'''' banks - Australia and New Zealand Banking Group Ltd (bottom R), Commonwealth Bank of Australia (top R), National Australia Bank Ltd (bottom L) and Westpac Banking... REUTERS/Staff SYDNEY Australia''s corporate regulator said on Wednesday it is investigating how details of a A$6.2 billion (3.6 billion pounds) banking levy were leaked, a disclosure that triggered a sell-down in the stocks of the country''s five biggest banks. "We think this is important to market integrity, which goes to the heart of the Australian market," Australian Securities and Investment Commission (ASIC) Chairman Greg Medcraft told a parliamentary hearing in Canberra. The government''s plans to slap a 6-basis point tax on the banks'' liabilities were leaked to the media before the official announcement on May 9. The affected banks - Commonwealth Bank of Australia (CBA), Westpac Banking Corp, Australia and New Zealand Banking Group Ltd, National Australia Bank Ltd and Macquarie Group Ltd - have strongly opposed the levy. Shares in each of the banks fell more than 2.5 percent after the leak on May 8, with trading volumes more than double the daily average for all but Macquarie. Analysts however also noted pressure from CBA''s third-quarter results, which observers took as a sign of rising challenges for the sector. ASIC said it was investigating accounts that traded the stocks of the five banks and was seeking information from Morrison''s office about what individuals were aware of the plan. Police were assisting with the investigation, ASIC Commissioner Cathie Armour said. (Reporting by Colin Packham; Editing by Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-australia-banks-idUKKBN18R09D'|'2017-05-31T10:39:00.000+03:00'
'c4d889579a6b2c7399bc3bc8b6a83994e55494d4'|'BlackRock expects windfall from insurers after new ETF regulations'|'NEW YORK BlackRock Inc ( BLK.N ) expects $300 billion in new money from insurers to flood into the already booming bond exchange-traded fund sector over the next five years, a spokeswoman said on Tuesday, following a move by regulators to adjust some requirements on how the investments are valued.A National Association of Insurance Commissioners working group in April modified requirements on how insurers can record some bond ETFs for accounting purposes.A group of ETFs already identified by the NAIC can qualify for a more favorable accounting treatment similar to that accorded bonds if they meet certain requirements. In some cases, insurers will be able to calculate a bond ETF''s value based on the cash flows of the bonds held by the fund.That switch to a "systematic value" accounting treatment is a potentially big shift within the conservative world of asset management at insurance companies.Insurers can also make the calculations using the funds'' fair value, a potentially more-volatile measure.Previously, those ETFs would typically have been valued based on what the funds cost."This allows companies not to have the volatility of fair value if they''re willing to do the work to calculate systematic value," said Jean Connolly, a managing director who tracks NAIC developments for PwC, an accounting and professional services firm.Some insurers said the bond-like accounting technique would help them more easily meet their own risk and capital requirements.BlackRock, the world''s largest asset manager and the largest ETF provider, is eager to get its ETFs used more often and by more investors. It helped design the new accounting methods during the NAIC''s four-year process to redraft its rules.Insurers have been an important target for BlackRock''s growth strategy because they invest billions in bonds that have become harder to trade, at low cost, for smaller investors.U.S.-based bond ETFs attracted record cash last quarter, according to researcher Morningstar Inc, and BlackRock''s iShares unit took in $4 in $10 of that money.Insurers that want ETFs to be eligible for the new systematic value treatment have to designate them by the end of the year.(Editing by Steve Orlofsky)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-insurance-etf-idUSKBN18Q2IJ'|'2017-05-31T05:05:00.000+03:00'
'0e04cb311c3f33419b54daf50af051af8b9c000d'|'Spain''s Abertis says company has not received offer for Cellnex'|'MADRID A spokeswoman for Spain''s Abertis ( ABE.MC ) said on Wednesday that the company has not received an offer for its stake in Cellnex ( CLNX.MC ) following a report that American Towers ( AMT.N ) may be interested.Bloomberg reported on Tuesday that American Towers is exploring a bid for the Spanish telecommunications tower operator to expand in Europe, though the offer depends on a successful merger of Abertis and Italy''s Atlantia ( ATL.MI ).Cellnex said its management has had no contact with American Towers.At 0745 GMT, Cellnex was up 6.53 percent, leading gains on the Ibex .IBEX , down 0.09 percent.(Reporting by Robert Hetz; Writing by Paul Day; Editing by Rodrigo de Miguel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cellnex-m-a-americantowers-idINKBN18R0UD'|'2017-05-31T05:54:00.000+03:00'
'5ce71374ef462ee14adfe473c6651c72f1d050dd'|'Shipping group Rickmers to file for insolvency as revamp fails'|'FRANKFURT May 31 German shipping group Rickmers said it would file for insolvency after bondholder HSH Nordbank rejected its restructuring plan a day ahead of a last-ditch bondholders'' meeting.Rickmers had proposed a revamp plan under which the equity stake of owner Bertram Rickmers was to be reduced to 24.9 percent, while bondholders, HSH Nordbank and potentially another bank would hold 75.1 percent.But HSH "highly surprisingly" rejected that plan, Rickmers said in a statement on Wednesday."According to the assessment of the management board and supervisory board of Rickmers Holding AG the positive going concern prognosis of Rickmers Holding AG does therefore no longer apply," it said, adding its management board would file for insolvency without undue delay.Rickmers'' loss more than doubled to 341 million euros ($383 million) in 2016, on sales of 483 million euros, amid overcapacity in the market and falling freight rates.($1 = 0.8902 euros) (Reporting by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/rickmers-restructuring-bankruptcy-idINASN0007GC'|'2017-05-31T14:25:00.000+03:00'
'0628b4318f0c9eb7de69db85ffc86c7f6727332e'|'Hedge fund Corvex urges Energen to consider selling itself'|'Hedge fund Corvex Management LP, run by activist investor Keith Meister, reported a 5.5 percent stake in Energen Corp ( EGN.N ) and called on the oil and gas producer to consider selling itself or merging with another company.Energen''s shares were up 3.1 percent at $57.38 in early trading.Corvex urged Energen to consider ways to maximize shareholder value, "including a review of the potential value delivered to shareholders through a change of control transaction given the recent wave of acquisitions in the Permian Basin."The Permian Basin of West Texas, the largest U.S. oil patch, has become a hotbed of M&A activity in the energy industry as a recovery in oil prices spurs firms to make strategic investments.The hedge fund, which called Energen''s shares "undervalued", has held discussions with the company, according to a regulatory filing on Wednesday. ( bit.ly/2qFNiaW )Up to Tuesday''s close of $55.62, Energen''s shares had gained about 17 percent over the past year, valuing the company at about $5.5 billion. The S&P 500 Oil & Gas Exploration & Production index .SPLRCOILP has gained about 24 percent over the same period.(Reporting by Swetha Gopinath and Yashaswini Swamynathan in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-energen-corvex-idINKBN18R1ZG'|'2017-05-31T11:53:00.000+03:00'
'baddffcd55d180700fab0c6b5a1464052c0aacab'|'Ireland launches long-awaited AIB IPO in fresh milestone'|'By Padraic Halpin - DUBLIN DUBLIN Ireland launched its long-awaited initial public offering of state-owned Allied Irish Banks ( ALBK.I ) (AIB) on Tuesday, offering a 25 percent stake in what is set to be one of Europe''s largest bank listings since the 2008 financial crisis.Dublin rescued the bank in a 21 billion-euro ($23.50 billion) taxpayer bailout that began in early 2009, and it has been considering partly cashing out of its 99.9 percent stake since last year.A successful flotation would mark another milestone in a dramatic turnaround from a banking and fiscal crisis that wrecked the country''s economy a decade ago. The sale could raise about 3 billion euros, taking into account the bank''s book value of 11.3 billion euros at the end of last year.That value has probably risen since then, after another quarter of margin growth, its payment of a 250 million-euro dividend this month and a further 11 percent gain in the value of euro zone banks .SX7E so far this year.One of Ireland''s two dominant banks, AIB returned to profit three years ago. It has cut its huge stock of impaired loans by more than two-thirds since then, and this year it became the first domestically owned lender to restart dividends since the crash."The strong progress made by AIB and current market conditions mean that now is the right time to commence this process," Finance Minister Michael Noonan said in a statement announcing its intention to float."Today''s decision is a significant step in the continued normalization of the state''s involvement in Ireland''s banking system."IRISH ECONOMY PLAYNoonan added in an interview with national broadcaster RTE that the IPO price could be "driven up a little" if Britain''s ruling Conservative party wins a strong majority in a June 8 election, giving markets a boost.The prospectus and price range for the sale are expected to be published days later, in mid-June, the government said.AIB will list its shares on the Irish and London stock exchanges and seek admission to the main markets of each. The government said the sale was expected to be one of the United Kingdom''s largest main market IPOs of the last 20 years.AIB management has said it has received "huge interest in the Irish story" from investors in recent months, pitching the bank as a rare stock market play focused almost exclusively on the European Union''s fastest-growing economy.AIB is less exposed to Britain''s exit from the EU than its main rival, Bank of Ireland ( BKIR.I ), the state''s largest bank by assets, having made just 14 percent of its pre-provision operating profit in the United Kingdom last year.It is also the largest provider of mortgages in the fast-recovering Irish market, with a 36 percent share of the market by drawdowns, although investors may be wary of a chronic lack of housing supply that could hold the market back.The bank has so far returned 6.6 billion euros to the state though capital, fees, dividends and coupons.BIGGEST TEST OF APPETITEThe sale will also represent the government''s biggest test of investor appetite for its banks. In 2015, it made 400 million euros by refloating a quarter of the far smaller permanent tsb ( IL0A.I ) on the stock market.After a 2008 property collapse, Ireland pumped 64 billion euros into its banks, the most expensive rescue in the euro zone at almost 40 percent of annual economic output. It expects to turn a profit on the half given to the three surviving banks.The government will use the funds to cut around 1.5 percent from a national debt that at 200 billion euros is still among the highest in the euro zone by most measures, resisting opposition party calls to spend the proceeds on infrastructure projects.The deal will include a retail offering for those willing to invest at least 10,000 euros and a greenshoe or over-allotment option, meaning the size of the IPO could rise to 28.75 percent if demand proves higher than expected following AIB''s debut.The government also added some additi
'74295ca33c1f190d484b8d4aad3b0fe80a2e0db8'|'Reckitt''s food sale kicked off without private equity - sources'|'Wed May 31, 2017 - 5:42pm BST Reckitt''s food sale kicked off without private equity - sources Products produced by Reckitt Benckiser; Vanish, Finish, Dettol and Harpic, are seen in London, Britain February 12, 2008. REUTERS/Stephen Hird/File Photo By Martinne Geller - LONDON LONDON The sale of Reckitt Benckiser Group''s ( RB.L ) North American food business, which could fetch more than $3 billion, has kicked off with information packages going out to industry players, according to sources familiar with the matter. The sale of the food business is aimed at helping the British consumer goods company pay down debt from its planned $16.6 billion purchase of Mead Johnson ( MJN.N ). Parties that may be interested in the unit, home to French''s mustard and Frank''s RedHot sauce, include McCormick ( MKC.N ), Conagra Brands ( CAG.N ), Unilever ( ULVR.L ), Hormel Foods ( HRL.N ), Pinnacle Foods ( PF.N ) and Campbell Soup ( CPB.N ), according to the sources, who declined to be identified as the matter is private. Reckitt declined to comment, as did Morgan Stanley, which sources say is advising it. Conagra, Unilever, Hormel, Pinnacle and Campbell Soup declined to comment. A spokeswoman for McCormick was not immediately available. Reckitt, which also makes Scholl footcare products and Nurofen tablets, is not courting private equity firms, said the sources, given the strong initial interest from industry players, which are usually able to pay more due to synergies with their existing businesses. Private equity firms are under pressure to spend the large piles of cash they have amassed, but the sources said they would be unlikely to match any bids from the other companies, which also sell packaged foods. The business had 411 million pounds ($528 million) of revenue last year, with like-for-like growth of 5 percent, according to Reckitt''s annual report, which also said the unit''s operating margin shrank by 50 basis points last year to 28.7 percent due to investments aimed at growing it and expanding internationally, most notably in Canada. First-round bids are expected in coming weeks, said one of the sources. ($1 = 0.7789 pounds) (Additional reporting by Lauren Hirsch in New York and Pamela Barbaglia in London; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-reckitt-food-idUKKBN18R2JS'|'2017-06-01T00:38:00.000+03:00'
'd42bed48ef2cf8fb96b2d4d2b9b526320f029d2f'|'China''s Zhong An aims to raise at least $1 billion in Hong Kong IPO - sources'|'Deals   11:40am BST China''s Zhong An aims to raise at least $1 billion in Hong Kong IPO - sources By Julie Zhu - HONG KONG HONG KONG Zhong An Online Property and Casualty Insurance, China''s first online-only insurer, has resumed a plan to raise $1 billion or more in a Hong Kong initial public offering (IPO) in the second half of this year, said two people with knowledge of the matter. Zhong An, whose major shareholders include Tencent Holdings Ltd ( 0700.HK ) and Alibaba Group Holding Ltd ( BABA.N ) affiliate Ant Financial, plans to apply for listing in the coming weeks, said one of the people, who declined to be identified as the matter is confidential. The Shanghai-based insurer chose Credit Suisse, JPMorgan and UBS in October to lead the IPO, but later suspended the plan to explore a mainland listing. The following February, Reuters reported that the mainland securities regulator was considering streamlining the IPO approval process for large domestic technology firms, such as Zhong An. But lack of progress on the matter prompted Zhong An to opt for Hong Kong, though it would prefer to list in mainland China, one of the people said. "Zhong An has always wanted to list at home but given an A-share IPO is unlikely in the short-term, the company has to come back to Hong Kong to go public and raise fresh capital to expand its business first," said the person, referring to a class of shares on the Shanghai and Shenzhen stock exchanges. "A domestic listing later is certainly under consideration," the person told Reuters. The China Securities Regulatory Commission (CSRC) has also appeared to slow its IPO process, with seven approvals last week versus a weekly average of 10 in recent months. As of Friday, applications to list in Shanghai or Shenzhen numbered about 600. Zhong An and UBS declined to comment. Credit Suisse and JPMorgan did not respond to requests for comment. HK COUP A Zhong An IPO would be a coup for the Hong Kong stock exchange which has struggled to attract technology listings due to strict profitability and voting rights requirements, bourse Chief Executive Charles Li said this month. Hong Kong famously lost out to New York on Alibaba''s 2014 record IPO, sparking a broader debate about the bourse''s listing rules. Zhong An was founded in November 2013 by Alibaba Executive Chairman Jack Ma, Tencent Chairman Pony Ma and Ping An Insurance Group Co of China Ltd ( 601318.SS ) ( 2318.HK ) Chairman Ma Mingzhe. It offers more than 300 niche products, many of which are low-cost, including policies covering flight delays, cracked mobile phone screens and shipping costs for returning goods bought online. Ant Financial and Ping An declined to comment. Tencent did not respond to requests for comment. (Reporting by Julie Zhu; Additional reporting by Elzio Barreto; Editing by Michelle Price and Christopher Cushing)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-zhongan-ipo-idUKKBN18R1AV'|'2017-05-31T18:40:00.000+03:00'
'41ee7ad2cbcca49e363c43626679425f7413d127'|'CEE MARKETS-Polish bonds firm as CPI below forecasts again'|'* Polish CPI, first figure for May from CEE, is below forecasts * Low CPI underpins that central bank policy will remain loose * Polish bonds firm, zloty steadies (Recasts with Polish GDP and CPI data) By Sandor Peto and Bartosz Chmielewski BUDAPEST/WARSAW, May 31 Poland''s 10-year government bond price hit a 7-month high and the zloty steadied, after May figures from Central Europe''s biggest economy showed lower than expected inflation in the second month in a row. Flash figures for May showed that Poland''s annual inflation dropped to 1.9 percent from 2 percent in April, though analysts had expected a flat rate. This was the first inflation release for May in the region where consumer inflation indices often move in tandem. April''s lower-than-expected figures already boosted the perceptions that most of the region''s central banks will not lift interest rates any time soon despite a pick-up in economic growth. Other Polish data earlier on Wednesday confirmed that the economy expanded by 4 percent in annual terms in the first quarter. "We expect the MPC (Polish central bank) to remain relatively dovish, especially (as the) inflation rate is expected to stabilize below, but close to 2 percent in (the)coming months," Erste analyst Katarzyna Rzentarzewska said in a note after the output figures. "The key to watch will be labour market developments," she said. The zloty was steady at 4.1704 against the euro at 1225 GMT, while the forint, the Czech crown and the leu firmed 0.1-0.2 percent. "The data should underscore the ongoing goldilocks status of the Polish economy with a strong, but not hot economy amidst a stable inflation rate," said Raiffeisen analyst Stephan Imre before the figures. The yield on Poland''s 10-year bonds fell 3 basis points to 3.23 percent, narrowing the gap with Hungary''s corresponding yield, which rose 1 basis point to 3.04 percent. Stock prices were mostly flat or higher in the region, after profit-taking shaved the past weeks'' gains earlier this week. Poland led the rise. Warsaw''s bluechip stock index firmed 0.7 percent, led by an about 3 percent rise in the stocks of PKO BP, the country''s biggest lender. CEE MARKETS SNAPSH AT 1425 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.428 26.460 +0.12 2.19% 0 5 % Hungary 307.13 307.74 +0.20 0.55% forint 00 50 % Polish zloty 4.1704 4.1712 +0.02 5.60% % Romanian leu 4.5665 4.5711 +0.10 -0.69% % Croatian kuna 7.4130 7.4183 +0.07 1.92% % Serbian dinar 122.42 122.58 +0.13 0.76% 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1005.1 1006.1 -0.10% +9.07 6 5 % Budapest 34396. 34321. +0.22 +7.48 11 14 % % Warsaw 2309.1 2292.2 +0.74 +18.5 7 7 % 5% Bucharest 8682.6 8688.5 -0.07% +22.5 9 0 5% Ljubljana 786.54 782.22 +0.55 +9.61 % % Zagreb 1852.6 1854.0 -0.08% -7.13% 1 8 Belgrade 725.85 719.15 +0.93 +1.18 % % Sofia 661.89 659.35 +0.39 +12.8 % 7% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.16 0.023 +055b +2bps ps 5-year -0.155 -0.028 +028b -2bps ps 10-year 0.686 -0.052 +039b -5bps ps Poland 2-year 1.908 -0.036 +262b -4bps ps 5-year 2.664 -0.047 +310b -4bps ps 10-year 3.24 -0.041 +295b -4bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.35 0.43 0.49 0 IBOR=> Hungary <BU 0.19 0.23 0.29 0.15 BOR=> Poland <WI 1.75 1.764 1.795 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1IX3VO'|'2017-05-31T11:20:00.000+03:00'
'0d3e8d377b84f15644cea11d1a095a76d51390bc'|'CORRECTED-Federal Reserve fines Deutsche Bank $41 mln for anti-money laundering failures'|'(Corrects headline to Federal Reserve instead of NY Fed, corrects paragraph 1 to Tuesday instead of Monday)WASHINGTON May 30 The Federal Reserve on Tuesday said it had fined Deutsche Bank AG $41 million for failing to ensure its systems would detect money laundering regulations and it said the lender agreed to increase its controls.The New York Fed found that the German bank had faulty systems to detect suspicious transactions between 2011 and 2015, the central bank said in its filing. (Reporting By Patrick Rucker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deutsche-bank-sg-fed-idUSL1N1IW1JF'|'2017-05-31T05:02:00.000+03:00'
'23147caf8d1defc8555b93378d3b5467c7048111'|'Novartis has assets to sell, investors wary of what it might buy'|'By John Miller - ZURICH ZURICH As Novartis ( NOVN.S ) considers asset sales that could raise $50 billion, investors are worried any cash raised may give the Swiss drugmaker firepower for another unsuccessful megadeal.Novartis''s $52 billion takeover of U.S.-based eye care giant Alcon, completed in 2011, saddled it with a business whose sales and profit have faltered two years running.Now, Chief Executive Joe Jimenez is reviewing Alcon''s surgical devices and contact lens businesses, suggesting they could be valued at $25-$35 billion if he unloads them.The American CEO is also considering disposal of a roughly $14 billion stake in cross-town rival Roche, as well as his over-the-counter (OTC) drugs venture with GlaxoSmithKline ( GSK.L ), worth some $10 billion.Given Alcon missteps, however, investors are wary about arming Novartis with a pile of cash, for fear managers eager to refocus on cancer drugs as they address a sales hit from patent expiries might blunder into a big takeover."We would applaud selling those stakes, generally," said Stephen Anness of Invesco Perpetual, Novartis''s 23rd largest shareholder, according to Thomson Reuters data."But what do you do with that money?" Anness said. "I would be very cautious about selling stakes...in things to raise a war-chest to go and do a massive deal, only for that deal to go and be another poor deal."To be sure, Jimenez has said Novartis''s M&A focus remains on smaller transactions, including lower-risk drug licensing deals, ranging up to $5 billion.Still, Jimenez has not dismissed the notion of a larger transaction. He suggested last year the Roche stake - amassed during former chairman and CEO Daniel Vasella''s unrequited merger aspirations two decades ago - could be sold once another, potentially more significant transaction is lined up to absorb the proceeds. "We<57>re always monitoring what<61>s going on but have not changed our position regarding our M&A strategy or potential disposals," Novartis spokesman Michael Willi told Reuters.PORTFOLIO HOLESNovartis, which is holding a two-day investor event in Boston on Tuesday and Wednesday, has portfolio holes a major deal could help fill.Where rivals including Roche ( ROG.S ), Merck ( MRK.N ) and Bristol-Myers Squibb ( BMY.N ) have immuno-oncology drugs (I-O) on the market for a range of cancers, Novartis has only investigational molecules in this hot new therapy area.Vas Narasimhan, Novartis''s drug development chief, could be tempted to look outside the company, some analysts said, especially as competitors including AstraZeneca ( AZN.L ) near approval for their own I-O molecules."We believe that Novartis may be pushed to liquidate assets in order to finance acquisitions in pharma," said Michael Leuchten, a UBS analyst.Speculation that Novartis might buy AstraZeneca sparked a brief jump in the British company''s stock last year. There has also been talk of its interest in Bristol-Myers.PUT OPTIONFor its OTC joint venture with GSK that emerged out of their2014 asset swap, Novartis faces a March 2018 deadline to exercise its put option for its 36.5 percent stake.People familiar with GSK''s thinking confirmed the British group would be a willing buyer of the stake, which added $234 million to Novartis''s profit last year.Alcon, whose eye drugs portfolio was moved into Novartis''s main pharmaceuticals unit last year, has been trimmed to include surgical equipment for conditions like cataracts as well as contact lenses and solutions.When Jimenez began his strategic review this year, he said "all options were on the table". Sales have fallen nine quarters, necessitating a costly program to arrest the fall.Even Vasella, who bought Alcon as he sought to build up a European healthcare giant akin to Johnson & Johnson ( JNJ.N ), now acknowledges the transaction was a mistake.Alcon''s problems have coincided not only with the patent expiration of its blockbuster cancer drug Gleevec but also with the lackluster launch of Novart
'f3ee052cdb8acb4cf5702d952d6f7efa40b5d2d9'|'Exclusive - Mallinckrodt explores sale of generic drugs business: sources'|'  9:18pm BST Exclusive - Mallinckrodt explores sale of generic drugs business: sources By Carl O''Donnell Mallinckrodt Plc ( MNK.N ) is exploring a sale of its generic drug unit, in a deal that could fetch as much as $2 billion (1.56 billion pounds) and help pivot the speciality pharmaceutical maker towards higher-margin branded drugs, according to people familiar with the matter. The divestment would complete the company''s gradual shift away from its original focus on generic drugs and nuclear imaging towards branded speciality pharmaceuticals, which now comprise the bulk of its revenues. Mallinckrodt, based in Staines-Upon-Thames, England, has hired investment bank Credit Suisse Group AG ( CSGN.S ) to run a sale process for the unit, the people said on Tuesday, asking not to be named because the deliberations are private. There is no guarantee that the sale talks will lead to a deal, the people cautioned. Mallinckrodt and Credit Suisse declined to comment. Mallinckrodt''s generics unit has been a drag on the rest of the company, in part because some of its products include opiate-based pain killers, which have fallen out of favour with doctors due to their addictive potential. "We expect continued pressure on the segment from competitive entrants and market pricing in coming quarters," chief financial officer Matthew Harbaugh said during Mallinckrodt''s first-quarter earnings call earlier this month. Between 2015 and 2016, Mallinckrodt''s generic drug sales declined around 18 percent, to just over $1 billion. Sales of branded speciality drugs, on the other hand, jumped around 40 percent over the same period, to around $2.3 billion, partly reflecting acquisitions. When Mallinckrodt was spun off from Covidien Plc in 2013, around 90 percent of its sales came from generics and nuclear imaging products. Since then, it has built out its speciality pharmaceutical unit with several acquisitions, the largest of which was the $5.6 billion purchase of Questcor Pharmaceuticals in 2014. The deal gave Mallinckrodt control of anti-inflammatory drug H.P. Acthar, which accounts for around a third of its revenue. Acthar has been in the spotlight in recent years because of its high price tag of around $34,000, which was largely the result of price hikes by previous owner Questcor. Earlier this year, Mallinckrodt completed a sale of its nuclear imaging business to IBA Molecular for around $690 million. The sale process for Mallinckrodt''s generic drug business comes amid a wave of dealmaking in the sector. Last month, Fresenius SE & Co KGaA ( FREG.DE ) agreed to acquire generic drugmaker Akorn Inc AKRX.N for $4.3 billion. (Reporting by Carl O''Donnell in New York; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mallinckrodt-generics-exclusive-idUKKBN18Q2F4'|'2017-05-31T04:18:00.000+03:00'
'259bc6ad05d46420d34549854a59b8c15e6bc873'|'Not just ''a promo girl'': how female brewers are shaking up the craft beer industry - Guardian Sustainable Business - The Guardian'|'U ntil a few years ago, an alien picking up TV signals from space would have assumed beer was a medicinal tonic for sweaty men. From Victoria Bitter<65>s <20>You can get it mowing, you can get it towing<6E> to Carlton Mid<69>s ad about four guys who sneak away from their wives and party in adjoining backyard sheds, beer has long been marketed to the so-called working-class man.But the craft beer revolution has brought a wave of entrepreneurs <20> and with them, a new approach. Increasing numbers of beer company founders and brewmasters are women, while beer companies have awakened to the importance of female beer drinkers, who make up a large and growing share of the craft beer market.Stereotypes take time to change. Perth-based Pia Poynton, writer of the girl+beer blog , has been involved in the beer industry for more than a decade. She says the main prejudice she runs up against is at the beer-tasting events she runs. Often drinkers assume she is <20>just a promo girl<72> and so probably doesn<73>t know anything about the beer.Protecting the Kakadu in Kakadu plums: selling bush foods to the world Read more<72>People, usually men, will start to ask you a question, get halfway through and then say <20>never mind<6E>,<2C> she says. <20>It<49>s more irritating than frustrating.<2E>It happens less often now that she hosts events for Western Australian brewery Nail Brewing and is an established expert on social media. When it does happen, she takes a patient approach.<2E>You just encourage that conversation, that dialogue,<2C> she says. <20>I don<6F>t want people to walk away saying <20>I just got lectured<65>, I want them to walk away saying <20>That chick really knew what she was talking about.<2E><>Others are more direct. The Sparkke Change Beverage Company raised a little over $100,000 on crowdfunding platform Pozible in a campaign that ended in December. The Adelaide-based craft brewery, run by nine women, packages its beers in simple white cans with messages on them in large print that relate to various social issues, including sexism.One is an apple cider reading <20>Consent can<61>t come after you do<64>. Another is a hard lemonade which reads <20>Nipples are nipples<65>. Beer , wine and cider have always been great conversation starters, the company points out on its website.Statistics on the Australian craft beer industry are hard to come by, but there are some from more developed international craft beer markets. According to the United States Brewers<72> Association, a not-for-profit based in Colorado that supports craft beer brewers and drinkers, women comprised 25% of all craft beer drinkers in 2016, while a 2014 study by Erol Sozen and Martin O<>Neill at Auburn University in Alabama found women represented 29% of all brewery workers.While fragrant IPAs, honey-brewed braggots, Belgian beers with sublime aromas and sour beers are fundamentally changing the way people view beer, Poynton says the stereotype about beer being a man<61>s drink is crumbling alongside the view that beer means bitter, cold, bubbly lager.<2E>Good food attracts men and women equally and I think craft beer does the same thing,<2C> she says.But the beverage industry has had its fair share of advertising scandals. In the US in 2015, a federal court in Michigan awarded Maryland-based Flying Dog Brewery the right to name a Belgian IPA <20>Raging Bitch<63> on freedom of speech grounds. The Michigan Liquor Control Commission had banned the label for being <20>detrimental to the health, safety and welfare of the general public<69>.The same company produces a Pearl Necklace Oyster Stout, while other beers in the US sport names such as Happy Ending, Tramp Stamp and Thong Remover, leading some commentators to say the craft beer industry has a sexism problem.Ethical art: how online entrepreneurs are selling Indigenous artists to the world Read moreThere are similar instances in Australia of sex being used to sell beer, such as the busty women on Oktoberfest commercials. In Melbourne
'0706971106a4f91f779b0105d866a2dd2742b651'|'Full AIB reprivatisation to take 8-10 years - finance minister'|' 42am BST Full AIB reprivatisation to take 8-10 years - finance minister FILE PHOTO: A gardener mows the grass outside the headquarters of AIB on the day the bank announced it''s results, in Dublin April 12, 2011. REUTERS/Cathal McNaughton DUBLIN It will probably take 8-10 years to fully return state-owned Allied Irish Banks ( ALBK.I ) to private ownership by which time the government expects to have made a profit on its investment, Finance Minister Michael Noonan said on Wednesday. "I think in terms of the full sell-down of AIB, it will probably need 8-10 years to do it in a manner to maximise the return to the Irish taxpayer. I would foresee that the taxpayer would be in profit by the time it''s fully in private hands," Noonan told national broadcaster RTE. Asked how much he intended to raise from the initial 25 percent share sale announced on Tuesday, Noonan said he would not be nominating an amount that could "give investors traction to push the value down". Analysts estimate that the sale could raise around 3 billion euros (2.6 billion pounds). (Reporting by Padraic Halpin; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-aib-ipo-idUKKBN18R0OH'|'2017-05-31T14:42:00.000+03:00'
'290536613318952f0788fa9302e2372de0d53fb0'|'FTSE inch back towards record as poll jitters hit sterling'|'Top   4:22pm BST FTSE inch back towards record as poll jitters hit sterling LONDON Britain''s FTSE 100 flirted with a record high on Wednesday and was poised for its best month of the year after a poll showing the ruling Conservatives falling short of a majority in next week''s election further dented sterling. The UK bluechip index, dominated by dividend-paying exporters whose profits benefit from a weak local currency, rose 0.3 percent by mid-morning and was just short of its all-time hit earlier in May. Wednesday''s gains put the FTSE 100 on track to post a 4.8 percent rise for the month of May, the best monthly performance of the year. Strength in shares of big multinational companies such as British American Tobacco, Diageo and HSBC, which generate the majority of their revenue outside the UK, was enough to offset weakness in mining companies that suffered from a slump in prices of metals. Emerging market-focused bank Standard Chartered rose 2 percent and was the top performer on the FTSE 100. "Sterling weakness has offered a helpful translational boost for the FTSE''s army of foreign earning stocks as the index brushes off weakness in commodities overnight," said Henry Croft, a research analyst at Accendo Markets in London. A poll from YouGov published overnight on the distribution of seats after the June 8 vote pointed to a loss of 20 seats for Prime Minister Theresa May''s party that would leave her short of an overall majority in a parliament where she lacks potential coalition partners. Other projections still show May would win soundly though the YouGov poll was the latest hit to markets which just two weeks ago were pricing in a Conservative landslide. The sharpest hit, as has been the case since last year''s Brexit referendum, was on sterling which hit an almost six-week low in morning trade. Option market bets on weakness in Britain''s pound reached their highest in more than three months. Among equities, commodity-related stocks, usually also beneficiaries from a weak pound, suffered as a supply glut and selling by Chinese speculators spurred the sharpest rout in iron prices this year. Glencore and Rio Tinto fell about 2 percent. BHP Billiton fell 1.7 percent. Shares of payment processor Worldpay fell 1.6 percent after Barclays downgraded the stock to "neutral," adding it expected the company was likely to miss certain growth targets. Among mid-caps, online food delivery service Just Eat rose 1.6 percent to a record high as local broker Peel Hunt started coverage on the stock with a "buy" rating. Just Eat shares are now up more than 150 percent since their listing. (Reporting by Vikram Subhedar; Editing by Keith Weir) A red London bus passes the Stock Exchange in London, Britain, February 9, 2011. REUTERS/Luke MacGregor/File Photo'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN18R18D'|'2017-05-31T18:13:00.000+03:00'
'797dd75405b8a4f8582a5720b5bb22ec59c25581'|'Nokia takes its relaunched 3310 "brick" home to Finland'|'HELSINKI Nokia relaunched its simple but classic 3310 phone in its home market of Finland on Wednesday, hoping a wave of nostalgia may boost the brand as it expands into newer smartphones.Once the world''s dominant phonemaker, Nokia Oyj sold its handset operations to Microsoft in 2014, leaving it to focus on telecoms network equipment.But its brand has gone back on the mobile market across much of Europe and India thanks to a licensing deal with HMD Global, a new company led by former Nokia executives and backed by Chinese electronics giant Foxconn.HMD has sole use of the Nokia brand on all phones and tablets for the next decade, and it will pay royalties to Nokia Oyj.Nokia 3310, a basic talk and text phone, was the world''s most popular device in 2000 and the first handset owned by many smartphone users of today.The updated version, in bright red or yellow or more modest blue or gray and featuring the classic Snake game, sells for 49 euros ($52).HMD hopes that its 22 hours of talk time and up to one month of standby time will heighten its appeal for customers looking for a break from smartphone overload or a reliable device for lively nights out.Initial demand appears to be strong."The first delivery was fully pre-ordered and we''ll probably need to wait couple of weeks before we have 3310 widely available in our stores," said Jan Virkki, head of consumer products at Finland''s largest telecom operator Elisa.The nostalgic appeal was clear."It looks like the brick, like the ones we had when we were kids," said student Oona Patomaki, walking by Elisa''s store in downtown Helsinki.While operators and retailers in other countries - including Britain''s Carphone Warehouse - have echoed Elisa''s message, the precise level of consumer appetite is difficult to estimate as HMD did not give any sales figures."In the UK, initial sales have been very strong, and that''s a pretty good achievement because this is a very basic phone, it doesn''t even have Wi-Fi on it," said Ben Wood, analyst at CCS Insight.Three new Nokia smartphones running on Google''s Android platform are due to go on sale in upcoming weeks and the hope is that the 3310 will whet appetites."The mid-range Android smartphone space is probably the toughest of the mobile phone markets in existence... This is their challenge, and HMD needs to quickly move the market forward," said Wood."New 3310s, at least, mean that consumers are now aware that Nokia is back."'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-finland-nokia-idUSKBN18R1ZS'|'2017-05-31T21:50:00.000+03:00'
'c2b0045b3e866de46ae0e9e0d2028f6e67427795'|'Russian growth prospects seen improving after recent data, rate cut - Reuters poll'|'  3:07pm BST Russian growth prospects seen improving after recent data, rate cut: Reuters poll FILE PHOTO: A man uses his mobile phone next to an information screen at the Moscow Exchange in Moscow, Russia, May 26, 2017. REUTERS/Segrei Karpukhin By Zlata Garasyuta - MOSCOW MOSCOW Russia''s growth prospects have improved after better macroeconomic data in April and a surprisingly large central bank rate cut, a Reuters poll of economists showed on Wednesday. Gross domestic product (GDP) is now seen growing by 1.4 percent this year, better than last month''s call for 1.1 percent growth but short of the economy ministry''s 2 percent growth target. Economists turned more bullish after retail sales were flat in April, the first month they did not record a year-on-year fall since December 2014, while industrial output rose by 2.3 percent last month. Data released last week also showed that capital investment rose in the first quarter, reversing a deep slump. After last month''s poll, the Russian central bank cut its main lending rate by 50 basis points to 9.25 percent RUCBIR=ECI, lowering the cost of borrowing in the economy. "We''re anticipating a recovery in consumer demand in the second half of the year, and in May we are expecting retail sales to rise by 0.8 percent year on year," said Ekaterina Krylova at Promsvyazbank. Retail sales are the largest contributor to Russian GDP, and the latest Reuters poll predicted they will rise 1.3 percent for 2017 as a whole. Industrial output is seen up 2.0 percent, and real wages rising by 2.5 percent this year. The consensus view on year-end inflation is for a reading of 4.1 percent, close to the central bank''s target of 4 percent and at the same level as in April. The Russian central bank is expected to cut its key rate by another 25 basis points at its next monetary policy meeting on June 16, and the consensus is for the rate to be at either 8 percent or 8.25 percent at the end of the year. The rouble is seen at 56.6 to the dollar one year from now, compared with Wednesday''s level of 56.7 RUBUTSTN=MCX, the poll showed. That was significantly more bullish than last month''s forecast for a rate of 61.0 to the dollar at the end of April 2018, reflecting the decision earlier this month for OPEC and non-OPEC oil producers to extend a pact to limit output. (To view a graphic on the Russia poll, click reut.rs/2raB8uq ) (Polling by Zlata Garasyuta; Writing by Alexander Winning Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-russia-economy-idUKKBN18R20K'|'2017-05-31T22:02:00.000+03:00'
'8ffdce4ec0adfdb62979ef2e5dab5d4e4a70d2b3'|'Dutch deny PPG''s move to extend Akzo Nobel tender offer deadline: sources'|'By Greg Roumeliotis U.S. coatings maker PPG Industries Inc ( PPG.N ) said on Tuesday that the Dutch Authority for the Financial Markets (AFM) did not grant its request to extend a June 1 deadline for making a tender offer for Dutch paint maker Akzo Nobel NV ( AKZO.AS ).The Dutch regulator did not comment on reasons for rejecting the request.AFM''s decision ratchets up pressure on PPG to decide whether to take its offer directly to Akzo shareholders by filing formal tender offer papers with Dutch regulators by Thursday, or walk away for at least six months.Akzo has rejected three cash-and-stock offers from PPG since March. It turned down PPG''s latest offer of 26.3 billion euros ($28.8 billion) earlier this month.PPG''s board met on Tuesday to discuss its options, according to sources, who asked not to be identified because the deliberations are confidential."PPG will continue to assess all of its options including whether or not to file a preliminarily draft offer memorandum with the AFM by no later than June 1," the company said in a statement after Reuters reported on AFM''s decision.Akzo Nobel declined to comment.Akzo has argued a PPG takeover would be bad for employees and that the two companies'' cultures do not mesh. It has also said a deal faces antitrust hurdles, would be bad for the environment, and that Akzo should remain under Dutch ownership.PPG has countered that its offer represents more value for Akzo shareholders than the company''s standalone plan. It has sought to provide assurances it can close the deal and that it will uphold Akzo''s commitments to communities in the Netherlands.A Dutch court on Monday rejected a request by Akzo investors, led by activist hedge fund Elliott Advisors, for an extraordinary general meeting to remove Akzo Chairman Antony Burgmans over his reluctance to engage in talks with PPG.An unsolicited bid by PPG would be considered hostile by Akzo, which has protective measures against hostile takeovers. One of its ownership entities is a foundation that holds sufficient voting power to block any deal.Akzo has unveiled its own standalone plan, which calls for operational improvements and cost savings, as well as exploring a spin-off or sale of its specialty chemicals business.Akzo''s specialty chemicals business makes ingredients used in industrial processes and products, including polymers, salt and chloralkalines used for making everything from foodstuffs to household products, paper, vehicles and constructing buildings.(Reporting by Greg Roumeliotis in New York; Editing by Lisa Shumaker and Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-akzo-nobel-m-a-ppg-inds-idINKBN18Q2HS'|'2017-05-30T18:57:00.000+03:00'
'c2edbc70a25f3d99348056f273e3950c4cf05840'|'Germany''s Hapag-Lloyd to cut more than a thousand jobs after merger'|'FRANKFURT German shipping company Hapag-Lloyd ( HLAG.DE ) confirmed on Wednesday that it is looking to cut up to 12 percent of its almost 11,000 land-based workforce after completing its merger with Arab peer UASC last week.A spokesman at Hapag-Lloyd''s Hamburg headquarters said the job cuts would be made over the next 18 months to two years, confirming a report in Abu Dhabi-based The National newspaper and hints to this effect earlier this year.The company did not say where jobs would be cut. Some 2,100 sea-based jobs would not be affected because vessels would continue to travel, the spokesman said.The two businesses will start to integrate their services in about eight weeks in a process called commercial cut-over, which is due to be concluded by the end of the third quarter.Staff levels would not be cut before then, he said.Further steps entail the inclusion of UASC''s transport volumes on Hapag-Lloyd''s IT platform and the establishment of a new headquarters for the Middle East region.The spokesman said that labor costs were less important to realising synergies from merging two shipping companies than network and procurement cost savings. Overheads will be cut by merging offices, he said.(Reporting by Vera Eckert, editing by Susan Fenton)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-hapag-lloyd-redundancies-idUSKBN18R274'|'2017-05-31T18:51:00.000+03:00'
'e94efb11a3042b5a1eb66823c2ce02e537a1f4ca'|'Exclusive - EU warned of wind-down risk for Spain''s Banco Popular: source'|'Deals  38pm BST Exclusive: EU warned of wind-down risk for Spain''s Banco Popular - source A man walks past a branch of Spain''s Banco Popular in Madrid, Spain, May 26, 2016. REUTERS/Andrea Comas/File Photo By Francesco Guarascio - BRUSSELS BRUSSELS One of Europe''s top bank watchdogs has warned European Union officials that Spain''s Banco Popular ( POP.MC ) may need to be wound down if it fails to find a buyer, an EU official told Reuters. Elke Koenig, who chairs an EU body that winds down troubled banks, recently issued an "early warning", the official said. The move highlights growing concerns about Spain''s sixth-largest bank, although there is no suggestion that winding down Popular is inevitable. Popular''s problems come some five years after Madrid spent more than 40 billion euros ($45 billion) rescuing lenders hit by the financial crisis. The sector has since consolidated, leaving just 14 banks out of 55 in 2008. Popular, which has been unable to sell off 37 billion euros of soured property loans quickly enough, is seeking a buyer after Spanish Economy Minister Luis de Guindos ruled out a state bailout. The bank says it could extend a deadline of June 10 for binding offers. But if merger efforts fail, Popular would have few alternatives and Koenig''s warning illustrates rising disquiet about the group, whose troubles, although isolated in Spain''s largely robust banking sector, could rattle investors. "Koenig has said ... that the Single Resolution Board is following the (Banco Popular) procedure with particular attention with a view to a possible intervention," the official said, adding that the bank''s merger bid "may be fruitless". "General preparations are under way although no concrete steps have yet been taken," a second source said. If Popular were to run out of other options and be closed, it could be the first case in Europe using new rules to impose losses on bondholders. That could in turn make funding more expensive for other Spanish banks, undermining one of the euro zone''s largest countries. The ECB and the Resolution Board declined to comment, while a Banco Popular spokesman said it was working on several plans including a merger, a capital hike and asset sales. But the European watchdog fears these could prove difficult, while the European Central Bank, which supervises the bank, is also watching closely, a third person said. UNTESTED SCHEME As head of the so-called Resolution Board, Koenig can push for the bank''s liquidation, but could face opposition in Spain in the same way as Italy, which has grappled with similar problems, has resisted measures such as closing a large bank. The European regime to shut banks, introduced after the financial crash, has yet to be used and Koenig would, in practice, require ECB and European Commission backing, as well as the tacit support of euro zone countries. One euro zone official said that finance ministers had not discussed any winding down of Popular. The bank could sell fresh shares, although shareholders would balk at injecting further money into a stock which has slid in recent years to a tiny fraction of its earlier worth. Spain''s biggest bank Santander ( SAN.MC ) and state-owned lender Bankia ( BKIA.MC ) are seen as the most likely to step in to save the lender and several bankers in Spain said the process was still under way.. In the meantime, Popular continues to grapple with loans at risk of non-payment, which amount to more than 40 percent of the total credit it has given. And it now has a capital cushion that is thin compared to its peers. Its chairman, Emilio Saracho, has said it likely needs more, after a multi-billion-euro loss last year. If its situation deteriorates and European authorities demand it be shut, Spain would face the possible imposition of losses on bondholders. That could make it harder and more expensive for Spanish banks as well as the country itself to raise money. Some small Spanish lenders plan to rai
'0d3fa0edd62aa6aafe3b75b484d6cdd64245180c'|'China funds maintain equity allocations amid tighter regulations, boost cash - Reuters poll'|'Business News - Wed May 31, 2017 - 6:07am BST China funds maintain equity allocations amid tighter regulations, boost cash - Reuters poll FILE PHOTO: A man looks at an electronic board at a brokerage house in Shanghai August 31, 2009. REUTERS/Aly Song/File Photo SHANGHAI Chinese fund managers have kept their suggested equity exposure for the next three months unchanged from the previous month, remaining cautious amid tighter regulations and liquidity conditions, a monthly Reuters poll showed. In a bid to defuse asset bubbles and systemic risks, China has tightened its grip on credit facilities and shadow banking, a development that has been a major concern for investors. The fund managers'' suggested equity allocations remained unchanged from 76.3 percent a month earlier, which was the lowest in 6 months, according to a poll of eight China-based fund managers conducted this week. The fund managers have, meanwhile, cut their suggested bond allocations for the coming three months to 8.8 percent from 11.3 percent a month ago. They have boosted recommended cash allocations to 15 percent, from 12.5 percent in the previous month. "It''s still too early to see an across-the-board rebound given the correction in the bond market and the (tightening) regulations in the securities industry," said a Shanghai-based fund manager. The stock market will tend to be rangebound given the still-tight liquidity conditions, said another Shanghai-based fund manager, adding there could be a chance the market will rebound if deleveraging efforts ease. The fund mangers surveyed held broadly mixed views on asset allocations for the next month, with three suggesting cutting equity exposure, two suggesting raising, while another three recommended the same equity exposure. Average recommended allocations to financial and electronics stocks continued to rise, while those to consumer shares continued to fall, as some fund managers started to hunt for bargains and cut defensive consumer plays after stock valuations fell amid the sharp correction in the major indexes. "The recent trend again proves the prominence of listed companies'' performance, and we shall embrace blue chips with good fundamentals and refrain from small-caps and stocks with poor results," a South China-based fund manager pointed out. For the month, average allocations to electronics stocks were 25 percent, a record high since the poll was launched. Average allocations to financial services stocks were 16.9 percent, up from 15.6 percent the previous month and the highest in 6 months, while those to consumer-related companies were down to 24.4 percent from 27.5 percent previously. (Reporting by David Lin, Luoyan Liu and John Ruwitch; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-funds-poll-idUKKBN18R0GF'|'2017-05-31T13:07:00.000+03:00'
'02e3d404c9780e09ca6f97660766fef1fb224662'|'UK discounters growth accelerates as food inflation rises'|'Business  29am BST UK discounters growth accelerates as food inflation rises A staff member stacks shelves at the Aldi store in Atherstone, Britain February 9, 2017. REUTERS/Darren Staples LONDON UK sales at discounters Aldi and Lidl together grew at their fastest rate since January 2015, while grocery inflation continued to rise, industry data showed on Wednesday. Market researcher Kantar Worldpanel said Aldi''s sales rose 19.8 percent in the 12 weeks to May 21, while Lidl''s increased 18.3 percent, giving a record combined market share of 12 percent. Grocery inflation was recorded at 2.9 percent year-on-year, up from 2.6 percent in the previous data set. Market leader Tesco''s sales growth was 1.8 percent, Sainsbury''s was 1.7 percent, Asda''s was 0.9 percent and Morrisons'' was 1.9 percent. (Reporting by James Davey, Editing by Paul Sandle)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-grocers-kantar-idUKKBN18R0SI'|'2017-05-31T15:29:00.000+03:00'
'e32eca64ab97b8485b8c0dd1987ddbc9fc9b0ab2'|'UK funds bullish on eurozone equities as political risk recedes - Reuters poll'|'Top News - Wed May 31, 2017 - 12:14pm BST UK funds bullish on eurozone equities as political risk recedes - Reuters poll Dealers work on a trading floor at BGC Partners in the Canary Wharf business district in London, Britain September 12, 2016. REUTERS/Toby Melville By Claire Milhench - LONDON LONDON British fund managers have raised their allocations to eurozone equities to the highest level since August 2016 after an emphatic French election win for centrist Emmanuel Macron pushed back the threat of a European Union break-up. Macron was elected French president on May 7, defeating his far-right rival Marine Le Pen who had threatened to take France out of the EU and the euro. This triggered a relief rally in European equities, which look set to end May with their fourth straight month of gains . A Reuters poll of 15 UK-based wealth managers and chief investment officers, conducted between May 15 and 25, found investors almost unanimously bullish on European stocks. "Political risk in 2017 has all but gone, with the German election in October appearing to be a foregone conclusion, so allied with the recovery being seen in the real Eurozone economy this is surely positive for European equities," said Jonathan Webster-Smith, head of the multi-asset team at Brooks Macdonald. Within their global equity portfolios, fund managers raised their eurozone exposure by one percentage point to 16.1 percent, whilst trimming U.S. allocations from 31.3 percent to 30.1 percent, the lowest level since August 2016. Poll participants who answered a special question on whether there was further upside for European equities were unanimous in their agreement. "There is significant potential for catch up relative to the U.S. due to compelling valuations, a rebound in European economic growth that we think is sustainable, and resurgent corporate earnings," said David Vickers, senior portfolio manager at Russell Investments. Even managers who were sceptical about the short-term outlook for European equities, given the magnitude of their recent outperformance, were optimistic about the medium term. "The European business cycle tends to lag the U.S. cycle by about six months and economic data in Europe is likely to look relatively good for a while," said Trevor Greetham, head of multi-asset at Royal London Asset Management. Overall, investors raised equities to 49.1 percent of their global balanced portfolios, the highest since January 2016. Greetham predicted monetary policy would remain loose, noting there was little sign of the surge in wages that marks the beginning of the end of an expansion. STERLING BOUNCE Investors were more cautious on UK stocks and bonds in the run-up to a snap general election called for June 8. UK stocks were cut to 23.7 percent of global equity portfolios, and UK bonds fell to 26.7 percent of global bond portfolios, from 29.5 percent in April. About two-thirds of those who answered a special question on sterling thought the pound would rise if the Conservative party won with an increased majority as this would likely strengthen Prime Minister Theresa May''s hand in the Brexit negotiations. Sterling GBP=D3 hit an eight-month high in mid-May, having gained 3 percent against the dollar in April after the snap election was announced. That left some wondering if the rally had much further to run. Ken Dickson, investment director at Standard Life Investments, expected sterling to rise if the Conservatives increase their majority but added that "the reaction will be modest as the market already expects an improvement in the governing party''s working majority". He also warned there might not be a linear relationship between the size of the majority and any subsequent rally in sterling: "Backbenchers tend to be more ''misbehaved'' when governments have super-large majorities." Webster-Smith of Brooks Macdonald sees upcoming Brexit negotiations as key, arguing that a quick agreement over the ''exit fee'
'59ea99712e5cbe2b3a478d5f4c7274bf3e785602'|'Fortum in talks to buy E.ON''s stake in Uniper: Bloomberg'|'FRANKFURT Finland''s Fortum ( FORTUM.HE ) is in talks with German energy group E.ON ( EONGn.DE ) about buying its 47 percent stake in Uniper ( UN01.DE ), Bloomberg reported on Thursday citing sources, and sending shares in Uniper sharply higher.Uniper, E.ON and Fortum declined to comment on the report.Sources had told Reuters this week that E.ON had hired Goldman Sachs ( GS.N ) to explore options for a sale of its remaining stake in Uniper, the power plant and trading business it spun off last year.Uniper has a market value of 6.1 billion euros ($6.8 billion).(Reporting by Maria Sheahan; Additional reporting by Christoph Steitz and Jussi Rosendahl; Editing by Victoria Bryan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-uniper-m-a-fortum-oyj-idINKBN18R1YJ'|'2017-05-31T11:49:00.000+03:00'
'c73356efb6bfe09c2c4b3578134af51ccea1ba23'|'GE signs $5.58 billion in power, aviation deals in Vietnam'|'Business News  28pm EDT GE signs $5.58 billion in power, aviation deals in Vietnam A sign marks a General Electric (GE) facility in Medford, Massachusetts, U.S., April 20, 2017. REUTERS/Brian Snyder By Alwyn Scott - SEATTLE SEATTLE General Electric Co ( GE.N ) said on Wednesday it had signed deals in Vietnam worth about $5.58 billion for power generation, aircraft engines and services, its largest single combined sale with the country in GE''s history. The agreements came as Vietnamese Prime Minister Nguyen Xuan Phuc was on a three-day trip to the United States that was to include meeting with President Donald Trump and signing deals with U.S. companies for high-tech goods and services worth $15 billion to $17 billion. GE''s agreement with Vietjet Aviation JSC VJC.HM includes 20 jet engines made by CFM International, a joint venture of GE and Safran SA ( SAF.PA ) of France. It also includes a 12-year engine service contract for 215 LEAP-1B engines on 100 Boeing 737 MAX aircraft that Vietjet has ordered, GE said. GE''s power unit signed a memorandum of understanding to build two 750-megawatt gas fired turbine power plants in conjunction with state energy group PetroVietnam, using the Blue Whale Gas Field. PetroVietnam signed an agreement with the Vietnamese unit of Exxon Mobil Corp ( XOM.N ) in January to develop the field, Vietnam''s largest gas project. GE also signed a joint development agreement to erect an 800-megawatt wind power facility. Partners in the agreement are Phu Cuong Group and International Mainstream Renewable Power, GE said. GE''s shares were flat at $27.35 in afternoon trading on the New York Stock Exchange. (Reporting by Alwyn Scott; Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ge-vietnam-idUSKBN18R2F2'|'2017-05-31T23:54:00.000+03:00'
'597866f7c24dd711b81baf1ed534352768c42340'|'UPDATE 2-Mining group Mechel''s net profit jumps on higher prices'|'Bonds News  21pm EDT UPDATE 2-Mining group Mechel''s net profit jumps on higher prices * Q1 net profit at 13.9 bln rbls, up from 312 mln yr ago * Earnings supported by higher coking coal prices - CEO * Company has fought back after struggling with debts (Adds details) MOSCOW, May 31 Russian metals and mining group Mechel said on Wednesday its net profit jumped to 13.9 billion roubles ($245 million) in the first quarter on the back of higher prices for its products. Mechel, which borrowed heavily before Russia''s economic crisis took hold in 2014, has fought back from the brink of bankruptcy after struggling to keep up debt repayments as demand for its products weakened alongside tumbling coal and steel prices. The company, controlled by businessman Igor Zyuzin, reported a net profit of just 312 million roubles in the first quarter of last year. But higher coking coal prices and a recovery in the Russian economy have since supported earnings and Mechel said in April it could start reducing debt this year if favourable market conditions continued. "In the first quarter of 2017 the group showed good financial results. Favourable price trends had their positive impact," Chief Executive Oleg Korzhov said in a statement. "Our net profit attributable to equity shareholders of Mechel for the first quarter went up by nearly nine times, reaching 13.9 billion roubles." Mechel''s net debt, excluding fines and penalties on overdue amounts, totalled 458.9 billion roubles as of March 31, down from 469.2 billion roubles at the end of last year. Revenue increased 24 percent year-on-year to 77.4 billion roubles, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 22.8 billion roubles, up from 10 billion roubles a year ago. Speaking on a conference call with analysts, Korzhov said the company had asked creditors for permission to pay dividends for preferred shares - seen at 20 percent of net profit - for 2016. "We, the management, have done everything possible from our side. We asked the banks to consider this possibility. The first step is to get the banks'' agreement, but we don''t yet have that in hand," he said. Mechel''s shares listed on the Moscow exchange were up 6 percent by 1630 GMT at 155 roubles per a share, having hit a high of 167 roubles earlier in the session. ATON analyst Andrey Lobazov said Mechel''s second-quarter earnings would be supported by a spike in coking coal prices following floods in Australia, but warned profits could come under pressure from the stronger rouble in the second half of the year. Capex is seen at 12.5 billion roubles in 2017, Korzhov said, split almost equally between maintence upkeep and investment projects. Mechel said earlier on Wednesday its crude steel output increased 8 percent year-on-year in the first quarter to 1.1 million tonnes. Coal output and sales of coking coal concentrate both fell 10 percent compared with the same period last year, to 5.2 million tonnes and 2 million tonnes respectively, it said. ($1 = 56.7275 roubles) (Reporting by Jack Stubbs; Editing by Mark Potter and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/russia-mechel-results-idUSL8N1IX2KD'|'2017-05-31T21:21:00.000+03:00'
'04803857aacc0d0ad25fee8c6e2563c7b0d54116'|'Exclusive: EU warned of wind-down risk for Spain''s Banco Popular - source'|'By Francesco Guarascio - BRUSSELS BRUSSELS One of Europe''s top bank watchdogs has warned European Union officials that Spain''s Banco Popular ( POP.MC ) may need to be wound down if it fails to find a buyer, an EU official told Reuters.Elke Koenig, who chairs an EU body that winds down troubled banks, recently issued an "early warning", the official said.Koenig''s Single Resolution Board (SRB) initially declined to comment on Banco Popular, but following publication of the Reuters story said it never issued warnings.Such a move would highlight growing concerns about Spain''s sixth-largest bank, although there is no suggestion that winding down Popular is inevitable.Popular''s problems come some five years after Madrid spent more than 40 billion euros ($45 billion) rescuing lenders hit by the financial crisis. The sector has since consolidated, leaving just 14 banks out of 55 in 2008.Popular, which has been unable to sell off 37 billion euros of soured property loans quickly enough, is seeking a buyer after Spanish Economy Minister Luis de Guindos ruled out a state bailout. The bank says it could extend a deadline of June 10 for binding offers."Koenig has said ... that the Single Resolution Board is following the (Banco Popular) procedure with particular attention with a view to a possible intervention," the EU official said, adding the bank''s merger bid "may be fruitless"."General preparations are under way although no concrete steps have yet been taken," a second source said.In a statement issued after publication of the Reuters story, the SRB said it could not confirm "the interpretations regarding alleged Quote: s made by the chair of the SRB".Popular''s troubles, although isolated in Spain''s largely robust banking sector, could rattle investors.If Popular were to run out of other options and be closed, it could be the first case in Europe using new rules to impose losses on bondholders. That could in turn make funding more expensive for other Spanish banks, undermining one of the euro zone''s largest countries.The European Central Bank declined to comment, while a Banco Popular spokesman said it was working on several plans including a merger, a capital hike and asset sales.But the European watchdog fears these could prove difficult, while the ECB, which supervises the bank, is also watching closely, a third person said.UNTESTED SCHEMEAs head of the SRB, Koenig can push for the bank''s liquidation, but could face opposition in Spain in the same way as Italy, which has grappled with similar problems, has resisted measures such as closing a large bank.The European regime to shut banks, introduced after the financial crash, has yet to be used and Koenig would, in practice, require ECB and European Commission backing, as well as the tacit support of euro zone countries.One euro zone official said that finance ministers had not discussed any winding down of Popular. The bank could sell fresh shares, although shareholders would balk at injecting further money into a stock which has slid in recent years to a tiny fraction of its earlier worth.Spain''s biggest bank Santander ( SAN.MC ) and state-owned lender Bankia ( BKIA.MC ) are seen as the most likely to step in to save the lender and several bankers in Spain said the process was still under way..In the meantime, Popular continues to grapple with loans at risk of non-payment, which amount to more than 40 percent of the total credit it has given.And it now has a capital cushion that is thin compared to its peers. Its chairman, Emilio Saracho, has said it likely needs more, after a multi-billion-euro loss last year.If its situation deteriorates and European authorities demand it be shut, Spain would face the possible imposition of losses on bondholders.That could make it harder and more expensive for Spanish banks as well as the country itself to raise money. Some small Spanish lenders plan to raise funds in coming months.(Additional reporting by Jesu
'ac06484223b8a995381dfa3ed43bdcf084dfc49f'|'Linde-Praxair merger seen more likely as labour opposition wavers'|'Deals - Wed May 31, 2017 - 5:54pm BST Linde-Praxair merger seen more likely as labor opposition wavers Linde Group logo is seen at a company building in Munich-Pullach, Germany August 16, 2016. REUTERS/Michaela Rehle/File Photo By Georgina Prodhan and J<>rn Poltz - FRANKFURT/MUNICH FRANKFURT/MUNICH A crack has appeared in German labor opposition to Linde''s ( LING.DE ) proposed merger with U.S. peer Praxair ( PX.N ), three people familiar with the deal told Reuters, making it likely that the $73 billion deal will be approved on Thursday. One Linde labor representative on the supervisory board may not vote with the other five against the merger, the people said on Wednesday, meaning that the vote will probably be carried by the six shareholder representatives on the board. The all-share merger of equals is intended to create a market leader that will overtake France''s Air Liquide ( AIRP.PA ), in what is likely to be the last major deal in an already highly consolidated industry. "It seems there is not complete unity at the moment," one of the people said, citing uncertainty over how Frank Sonntag, head of the works council at Linde''s Dresden engineering plant, would vote on Thursday. The other labor representatives including trade unions fiercely oppose the merger because they fear a dilution of the influence they enjoy under German law since the headquarters of the new company is set to be in another European country. But the struggling Dresden plant whose workers Sonntag represents is vulnerable to closure if the deal does not go ahead. The framework merger agreement includes a five-year job guarantee for German workers. Sonntag''s secretary earlier said Sonntag did not want to comment on the upcoming supervisory board meeting. Later calls to his office were not returned. Like all German companies above a certain size, Linde''s board of directors has equal representation of labor and capital interests. Imposing decisions such as a major merger without the agreement of workers is rare. Linde Chairman Wolfgang Reitzle has said repeatedly he would be reluctant - although prepared - to force it through without a consensus. Securing one abstention from a labor representative could spare him the necessity to use his casting vote. The proposed all-share merger of equals still also requires approval by Praxair''s shareholders and boards. German Economy Minister Brigitte Zypries earlier urged Linde not to force the deal through against the will of workers. "The proposed merger of Linde and Praxair requires the employees to accept it because a takeover cannot work well without the complete support of the workforce," Zypries said in a statement. She said she supported a call for mediation by Michael Vassiliadis, head of trade union IG BCE. "The aim of all participants should be to get a broad consensus. Every day without common communication damages the company and so jobs," the minister said. Zypries is a member of the Social Democratic Party, which has strong ties to the trade unions. Federal elections will be held in Germany this September. (Additional reporting by Gernot Heller in Berlin; Writing by Georgina Prodhan and Michelle Martin; Editing by Keith Weir and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-linde-m-a-praxair-minister-idUKKBN18R1D7'|'2017-06-01T00:53:00.000+03:00'
'105bdef869ac87608f768561ae8839a899c3887b'|'Goldman president says companies shying away from large deals'|'Business News   7:04pm BST Goldman president says companies shying away from large deals David M. Solomon, President and Co-Chief Operating Officer of Goldman Sachs, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. REUTERS/Lucy Nicholson By Olivia Oran Uncertainty around tax policy and political events such as the elections in Europe are preventing companies from pursuing large M&A transactions, Goldman Sachs Group Inc ( GS.N ) president and co-chief operating officer David Solomon said on Wednesday. Deal momentum overall feels stronger in the last month than earlier in the year, Solomon said, speaking at Deutsche Bank''s Global Financial Services Conference in New York City. "Given the environment we''re in, barring market shocks and volatility, we''ll continue to see a reasonable pace of M&A," he said. Overall, M&A activity is up around 6 percent, he said, compared to the prior year. Goldman in the first quarter reported financial advisory revenue of $756 million, down 2 percent from the year-ago period. (Reporting by Olivia Oran in New York; Editing by Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-goldman-sachs-m-a-idUKKBN18R2RU'|'2017-06-01T02:04:00.000+03:00'
'529f7984d35c25345ccacfe9419751071c21243f'|'Facebook''s new security settings speak a simple language'|'''Extremely frustrating'' FEC doesn''t ward off potential foreign money Facebook wants to make it simpler for you to understand how to lock down your account -- and protect yourself from hackers. Facebook on Wednesday updated its security settings page with simpler language and step-by-step suggestions, aimed at helping everyone from a Facebook ( FB , Tech30 ) newbie to security pro understand which protections they should use. The updates are designed to make security less confusing, based in part on advice from users, Facebook product manager Heidi Shin explained in a blog post. "We recently conducted some research [and] we saw two common themes: The most important security tools should be easily identified. Security settings should be easy to understand," Shin wrote. First, Facebook is surfacing more tools and explanations on its Security Settings page -- and acknowledging that not everyone has the same level of cyber-savviness. Now, users who click on the Security Settings page will see at the top a set of security recommendations customized especially for them, based on the tools they already have in place. For example, if you haven''t enabled two-factor authentication -- in which Facebook texts you a code to enter, in addition to your password -- it will suggest you start there. Related: Facebook wants to kill the password Secondly, Facebook simplified the language throughout its security settings to make options more clear. In its research, Facebook found more people recognized "two-factor authentication," compared to the company''s phrasing "login approvals." So Facebook changed it. The social network also updated the "Where you''re logged in" module that shows the devices and locations from which you''re accessing Facebook. Now it''s easier to see if you''re logged in somewhere you don''t recognize. Facebook is in a unique position: Almost two billion people use its service on different devices, in different countries, with different levels of access to information. It''s a constant evolution to best protect its most vulnerable users, while balancing the best ways to educate those who may be security ignorant. CNNMoney (San Francisco)   12:00 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/05/31/technology/facebook-new-security-settings-page/index.html'|'2017-05-31T20:02:00.000+03:00'
'ad91cf5f8d01cfc11162fe2113ae9ea3a1c47305'|'Euro zone inflation would rise even if ECB support was reduced - Weidmann'|' 06pm BST Euro zone inflation would rise even if ECB support was reduced - Weidmann German Bundesbank President Jens Weidmann arrives for the G7 Financial ministers meeting in the southern Italian city of Bari, Italy, May 12, 2017. REUTERS/Alessandro Bianchi FRANKFURT With the euro zone recovery gaining strength, inflation would continue to rise even if the European Central Bank reduced stimulus, Bundesbank President Jens Weidmann said on Wednesday. The comments suggest that Weidmann, a long-time critic of the ECB''s exceptional stimulus, considers inflation self- sustaining, one of ECB President Mario Draghi''s top criteria before the policy can be removed. "The strengthening of the economic recovery makes it increasingly likely that the rise in inflation we have seen since August 2016 is not just a flash in the pan, but that we would have higher inflation rates compared to previous years even under a reduced degree of monetary policy accommodation," Weidmann said. Many of Draghi''s top allies disagree, however, arguing that inflation, now at 1.4 percent, would fall back if the ECB eased off the accelerator, putting the bank''s near 2 percent target further out of reach. "In my view, the current economic outlook together with the improvement in the balance of risks suggests that the Governing Council is beginning to discuss whether and when it will be time to adjust our forward guidance," Weidmann added. The ECB will next meet on June 8 and will likely take a more benign view on the economy but not make significant policy changes. The ECB does not expect to reach its target before 2019. (Reporting by Balazs Koranyi Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ecb-policy-weidmann-idUKKBN18R2LJ'|'2017-06-01T01:06:00.000+03:00'
'890a3a27a8cca696ae83b0dc6a0c350e31608c44'|'Labor representatives may not be unanimous against Praxair merger: sources'|'FRANKFURT/MUNICH Labor representatives on Linde''s ( LING.DE ) supervisory board may not vote unanimously against the German industrial gases group''s planned $73 billion merger with U.S. peer Praxair ( PX.N ), three sources familiar with the matter told Reuters."It seems there is not complete unity at the moment," one of the people said on Wednesday ahead of the supervisory board meeting on Thursday morning.German labor representatives have fiercely opposed the merger, which will dilute their influence by situating the headquarters of the new company outside Germany.But one of the labor representatives on the board - who represents workers at a Dresden plant that is vulnerable to closure if the deal does not go through - has not committed to voting against it, the person said.The representative, Frank Sonntag, did not want to comment on the coming supervisory board meeting, his secretary said.(Reporting by Georgina Prodhan and Joern Poltz; Editing by Victoria Bryan)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-linde-m-a-praxair-labour-idUSKBN18R2EP'|'2017-05-31T19:51:00.000+03:00'
'f1367a5356704266623b20e9e2309b30df868dc5'|'South Korea''s June business sentiment at three-year high, but pessimism lingers'|'  10:09pm BST South Korea''s June business sentiment at three-year high, but pessimism lingers FILE PHOTO: A worker works at an assembly line before unionised workers attend a strike at a main factory of Hyundai Motor in Ulsan, about 410 km (256 miles) southeast of Seoul, July 13, 2012. REUTERS/Lee Jae-Won/File Photo SEOUL South Korean manufacturers are more optimistic about business conditions for June than they have been for more than three years as soaring exports continue to improve sentiment, a central bank survey showed on Wednesday. The Bank of Korea''s manufacturing business survey index (BSI) for June rose to 82 on a seasonally adjusted basis, up from 79 for May and the highest level since March 2014, when it was also 82. But the index remained well below the neutral 100 level, showing that the number of companies pessimistic about business conditions outnumbered optimistic ones. South Korea''s central bank last week gave an unusually bullish outlook on the economy and said it will upgrade the nation''s growth outlook in July from the current 2.6 percent. The new survey showed business confidence among exporters had strengthened, rising to 91 for June from 88 in May. While survey respondents said they were less worried about the volatility in currency market, they cited weak domestic demand as a persisting risk. (Reporting by Dahee Kim; Editing by Richard Borsuk)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-southkorea-economy-sentiment-idUKKBN18Q2IF'|'2017-05-31T05:09:00.000+03:00'
'7591ff08a18cc29802066e7d0431fab3b2b8feaf'|'BUZZ-India''s United Spirits hits 2-1/2-mth high; co posts gains in margins, revenue'|'** United Spirits Ltd rises as much as 10.30 pct to 2,307.90 rupees, its highest since March 15** Quarterly net loss widened to 458 million rupees ($15,494.27), but analysts welcomed gains in margins, revenue** Morgan Stanley, Ambit Capital note the Supreme Court ban on liquor sold near highways did not have too much impact** United Spirits plans to sell 13 non-core assets, earlier owned by former non-exec chairman Vijay Mallya** "USL reported strong results given margin gains and lower-than-expected impact of de-stocking caused by the Supreme Court ban on liquor sale near highways," Ambit Capital said in a note, adding that it "expects company to double its profitability over the medium term"** Stock had gained 7.7 pct this year as of Tuesday''s close** About 1.2 mln shares change hands, double the 30-day average of 584,634 ($1 = 64.5400 Indian rupees)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/buzz-indias-united-spirits-hits-2-1-2-mt-idINL3N1IX13X'|'2017-05-31T02:40:00.000+03:00'
'0b75419ce45a08a7ea6fe661d384433a82e32e3a'|'Oil falls as rising Libyan, U.S. output undermines cuts'|'Business News - Wed May 31, 2017 - 2:59pm BST Oil prices at three-week low as rising output risks OPEC-led deal FILE PHOTO: An employee pumps petrol into a car at a petrol station in Hanoi, Vietnam December 20, 2016. REUTERS/Kham/File Photo By Karolin Schaps - LONDON LONDON Oil prices fell to a three-week low on Wednesday on news that Libyan output was recovering from an oilfield technical issue, fuelling concerns that OPEC-led output cuts to reduce global inventories were being undermined by producers outside the deal. Benchmark Brent oil LCOc1 was down $1.63, or 3.1 percent, at $50.21 a barrel by 1341 GMT, after earlier touching $50.12 a barrel, the weakest since May 10. U.S. light crude CLc1 traded at $48.31, down $1.35, or 2.7 percent. Both contracts were on track for their third straight monthly loss. "Unless some bullish news stops this, prices will fall further in particular now with Brent trading below the post-OPEC low and approaching $50 a barrel," said Carsten Fritsch, commodity analyst at Commerzbank. The Organization of the Petroleum Exporting Countries and other producers, including Russia, agreed last week to extend a deal to cut production by about 1.8 million barrels per day (bpd) until the end of March 2018. "Traders covered short positions ahead of OPEC and some of these have now been re-established," said Ole Hansen, head of commodities strategy at Saxo Bank. OPEC members Libya and Nigeria are exempt from the cuts, while U.S. shale oil producers are not part of the agreement and have been ramping up production. Libya''s oil production has risen to 827,000 bpd, climbing above a three-year peak of 800,000 bpd reached earlier in May, the National Oil Corporation said, after a technical issue that hit Sharara oilfield was resolved. Shipping data on Thomson Reuters Eikon shows that, excluding pipeline exports, Libya shipped an average of 500,000 bpd of oil so far this year, compared with 300,000 bpd average for 2016. Libya oil tanker exports - reut.rs/2sciXCM Official government data showing weekly U.S. crude inventories will be published on Thursday. Analysts polled by Reuters expected U.S. stocks to have fallen by 2.8 million barrels last week, their eighth straight weekly decline. [EIA/S] "Attention will be on U.S. inventory stocks tomorrow, with expectations of a further draw this week, following initial indications of strong demand for gasoline after the AAA said that driving mileage over the holiday weekend was the highest since 2005," said analysts at Cenkos Securities. Compliance by those signed up to the OPEC-led deal remained high among OPEC members and industry sources said Russian figures for May showed output in line with its pledge. Saudi Arabia and Russia said on Wednesday that cooperation between OPEC and non-OPEC producers was seen lasting beyond March. "We want to institutionalise cooperation between OPEC and non-OPEC producers," Saudi Energy Minister Khalid al-Falih said. (Additional reporting by Henning Gloystein in Singapore; Editing by Edmund Blair and Keith Weir) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN18R07W'|'2017-05-31T12:10:00.000+03:00'
'93fbd0a79e3a575cf8ac40482466c0afccbc9972'|'UK markets watchdog asks asset managers for their Brexit plans'|'Business News - Wed May 31, 2017 - 5:17pm BST UK markets watchdog asks asset managers for their Brexit plans The City of London is seen from Canary Wharf, Britain May 17, 2017. REUTERS/Stefan Wermuth LONDON Britain''s markets watchdog said on Wednesday it had asked asset managers and investment firms to spell out how Brexit would affect their ability to continue serving European Union customers. The Financial Conduct Authority (FCA) has asked about 20 firms what impact Britain leaving the EU in March 2019 will have on them, and whether they need to move staff to the bloc. "It is important for us as supervisors to understand the plans that our regulated firms have regarding Brexit," the FCA said in a statement. "This was not a formal data request and was not asking firms to undertake any further work. These conversations are to help us understand what work firms are already doing to prepare for Brexit." Regulators are keen to avoid disorderly ruptures in cross-border customer links that could undermine financial stability. The Bank of England has already sent a similar request to banks with a deadline of July 14. Last week, Legal & General ( LGEN.L ) said it would move some of its investment management operations to Ireland to ensure it can continue to serve its customers after Brexit. It follows plans by rival fund manager M&G ( PRU.L ) to set up a management company in Luxembourg. Currently, EU rules allow a fund manager in London to sell and manage funds across the bloc, but it is unclear whether that will continue to the same extent after Brexit as the shape of future UK-EU trading relations has yet to be hammered out. The Financial Times first reported the FCA request on Wednesday. (Reporting by Huw Jones; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-funds-idUKKBN18R2GV'|'2017-06-01T00:17:00.000+03:00'
'fdf8764ea5ad91c9240b9972a2a513a002a367d2'|'Norwegian Air adds Rome to growing list of long-haul, low-cost destinations'|'U.S. - Wed May 31, 2017 - 5:16am EDT Norwegian Air adds Rome to growing list of long-haul, low-cost destinations A view of parked aircrafts belonging to budget carrier Norwegian at Stockholm Arlanda Airport March 5, 2015. REUTERS/Johan Nilsson/TT News Agency By Alana Wise - NEW YORK NEW YORK Norwegian Air Shuttle ASA on Wednesday announced plans to introduce flights from three U.S. cities to Rome, increasing the competition U.S. and European carriers face from low-cost rivals on transatlantic flights. Introductory prices for the new routes to Rome''s Leonardo Da Vinci-Fiumicino Airport start in November at $189 one way, taxes included. Nonstop flights for the same time period found on Google flights start at $2,694. The flights, from airports in Newark, New Jersey, Los Angeles and Oakland, California, are the latest instance of low-cost carriers expanding their presence in Europe and the United States, and increasing pressure on their larger competitors to consider restricted cheaper fares and redesigned cabins to compete on routes across the Atlantic. <20>Rome is one of the top tourist destinations in the world, and a favorite among Americans, so it was an obvious choice for us as we continue to expand our transatlantic presence,<2C> Norwegian Chief Commercial Officer Thomas Ramdahl said in a statement. <20>More U.S. routes mean we will create more American jobs and offer American travelers even more affordable fares.<2E> The emphasis on creating American jobs is an important point for the budget Scandinavian carrier, which in December received long-awaited U.S. approval from the outgoing Obama administration for its Irish subsidiary Norwegian Air International to operate routes across the Atlantic. Airlines and labor groups in the United States had asked the administration to deny the request, arguing that it would undermine wages and working standards. U.S. carriers and unions had hoped for a more hostile environment from President Donald Trump''s administration toward foreign competition on routes, but the administration has hinted toward an interest in foreign airlines<65> use of American products and workers. Service from Newark Liberty International Airport will launch on Nov. 9. Los Angeles International Airport to Rome flights will begin on Nov. 11, and flights from Oakland International Airport will begin February 2018. The carrier also announced on Wednesday plans to expand its service to the French Caribbean, launching nonstop service beginning in October to Guadeloupe and Martinique from Providence, Rhode Island<6E>s T.F. Green Airport. (Editing by Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-norweg-air-shut-rome-idUSKBN18R125'|'2017-05-31T17:00:00.000+03:00'
'54a97cf122a99e6ecf024d22347820fff4d2a69f'|'Australia''s Arrium steel group narrows buyers to two'|'By James Regan - SYDNEY SYDNEY May 31 Final bids were lodged on Wednesday for the assets of Australian steel group Arrium Ltd , with creditors hoping for a one-price-for-everything transaction completed by the end of the month, two sources familiar with the matter said.Britain''s Liberty House, the industrials and commodities group that has been snapping up troubled steel plants around the world is one of only two bidders remaining for Arrium, a steel company, with mining and distribution arms that fell on hard times after using debt to expand, according to the sources.A spokeswoman for Liberty House declined to comment.The other bidder is Seoul-based Newlake Alliance Management, comprising former executives of private equity giant Blackstone, which is looking to employ Finex technology under licence from Korean steel group Posco, one of the sources said.Newlake could not be reached for comment.Arrium collapsed in April 2016 with A$2.8 billion ($2.1 billion) in debt after creditors rejected a $927 million bailout proposal by private equity group GSO Capital Partners that would have paid no more than 55 cents on the dollar on their claims.The creditors'' committee includes Australian lenders Commonwealth Bank, National Australia Bank, Westpac and ANZ Bank, which are owed a combined A$1 billion.Arrium''s U.S.-based Moly-Cop division, regarded as the jewel in the company, was sold to private equity firm American Industrial Partners for $1.23 billion in November.Since the collapse, the company has been run by financial administrators KordaMentha, which is overseeing the sales process.A spokesman for KordaMentha declined to commentOne source close to the bidding said it could be several weeks before the offers were fully assessed but that creditors were anxious to have a determination by the end of June in order to start the 2017-18 financial year afresh.Liberty House, which operates together with energy and commodities business SIMEC under the $9.4 billion Gupta Family Group (GFG) Alliance, hit the headlines last year when it offered to rescue steel plants owned by Tata Steel UK that were on the verge of shutdown. Liberty has since bought an aluminium smelter in Scotland and a steel plant in the United States.Arrium''s main asset is the 76-year-old Whyalla steel mill, which almost seized up after a powerful storm cut power, leaving molten steel to cool in its blast furnace.Arrium used debt to expand iron ore production during the mining boom of the last decade. But slowing Chinese demand and a over-production by majors Rio Tinto and BHP Billiton resulted in a collapse in iron ore and steel prices.The South Australian state government has pledged A$50 million to a new owner of the Whyalla steelworks to help upgrade the plant.($1 = 1.3410 Australian dollars) (Reporting by James Regan, editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/arrium-australia-idINL3N1IX2CJ'|'2017-05-31T09:05:00.000+03:00'
'65bad4034fdbf55d4b1a9c77cc6611e4fe09be13'|'Mexico''s Alsea agrees to sell Grupo Axo stake to General Atlantic'|'MEXICO CITY Mexican restaurant operator Alsea ( ALSEA.MX ) said on Tuesday it had reached an agreement with U.S. investment firm General Atlantic to sell its minority stake in Grupo Axo, a company that operates fashion brands.Alsea, which manages international fast-food franchises and coffee shops such as Starbucks and Domino''s Pizza, also announced a deal with Grupo Axo that would allow Axo to acquire the minority stake owned by Alsea in Axo units in Chile.The two deals are worth a combined 1.6 billion pesos ($85.5 million), Alsea said in a statement.General Atlantic did not immediately respond to an after-hours request for comment.(Reporting by Sheky Espejo; editing by Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mexico-alsea-idINKBN18Q2PT'|'2017-05-30T21:31:00.000+03:00'
'917f08dd618b20b919dbfc591fb831f8f1b6ea9a'|'Italy lags sluggish European shares as political worries weigh'|'Top News - Mon May 29, 2017 - 11:51am BST Italy lags sluggish European shares as political worries weigh Traders work at the stock exchange in Frankfurt, Germany, May 18, 2017. REUTERS/Staff/Remote By Danilo Masoni - MILAN MILAN European shares inched lower in quiet trading on Monday with Italian stocks left behind as worries over possible early elections weighed, hitting banks. Activity was reduced as holidays in major markets such Britain and the United States kept investors away. The index of the top 50 euro zone stocks .STOXX50E slipped 0.1 percent, while Italian blue chips .FTMIB fell 1.1 percent, on track to end at their lowest close in over three weeks, while Germany''s DAX .GDAXI added 0.1 percent. Weekend reports that Italy''s main parties could converge on a proportional electoral law pointed to growing chances of an election in the autumn, possibly leading to no clear majority. In an interview on Sunday, former Prime Minister Matteo Renzi said an accord on a proportional voting system was possible though it could result in a coalition government that may have trouble holding together. "The risk of early elections has suddenly increased to 60 percent," LC Macro Advisers founder Lorenzo Codogno said. "A hung parliament is thus the most likely outcome". Italian banks .FTIT8300, already hit by worries surrounding the rescue of two ailing regional lenders Popolare di Vicenza [BPVS.UL] and Veneto Banca [VBANC.UL] lenders, fell 1.8 percent, dragging euro zone banks .SX7E down 0.4 percent. Among Europe''s heavyweight lenders, Italy''s Intesa Sanpaolo ( ISP.MI ) and UniCredit ( CRDI.MI ) both fell more than 1.7 percent, while Deutsche Bank ( DBKGn.DE ) slipped 0.2 percent and Banco Santander ( SAN.MC ) added 0.1 percent. Spanish-listed shares of International Airlines Group ( ICAG.MC ), the parent company of British Airways, fell 2.7 percent. British Airways flights suffered massive disruptions over the weekend with over 1,000 flights cancelled after a computer system failure. Lanxess ( LXSG.DE ) rose more than 3 percent, leading gainers on the STOXX after news that billionaire Warren Buffett had acquired a 3 percent stake in the German chemicals maker. (Reporting by Danilo Masoni and Vikram Subhedar) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN18P0L9'|'2017-05-29T18:51:00.000+03:00'
'dc96db58ab2e345fa27e4ae00438ef44e21e3716'|'Tip parcel delivery drivers <20> and perhaps your neighbours too - Letters'|'Wednesday 31 May 2017 19.04 BST Last modified on Wednesday 31 May 2017 19.06 BST There is something members of the public could do about the abysmally low wages of Britain<69>s parcel couriers ( <20>Customers don<6F>t care as long as it<69>s cheap<61> , G2, 30 May). If purchasers kept a small stack of <20>1 and <20>2 coins by the front door, drivers delivering to 80 homes a day would be well on their way to a decent wage. Admittedly, tipping relieves the parcel companies of the need to develop a more ethical business model, but the pressure for them to do so can be maintained. The impact of a <20>1 tip on the price of the goods being delivered would be negligible. Rhys David Redbourn, Hertfordshire <20> I am retired and live on an estate where most properties are empty during the day. I own a car which is parked in the drive, a signal that I am at home. I am often requested by delivery drivers to accept parcels for neighbours. When I agree I am usually asked to provide a full name and a signature. Out of sympathy for the predicament of the driver, who tells me that it is a requirement, I reluctantly comply. The cost of online deliveries is subsidised by the informal network of residents willing to provide short-term storage free of charge. Just one more illustration of why neither customers nor companies are paying the real cost of delivery. Helen Petrie'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/31/tip-parcel-delivery-couriers-and-perhaps-your-neighbours-too'|'2017-06-01T03:04:00.000+03:00'
'd165ca69e39ee28dbcd1206e67cebb65d14cc0cb'|'''Trump''s aid budget is breathtakingly cruel <20> cuts like these will kill people'' - Global Development Professionals Network'|'P resident Trump<6D>s new budget plans take particular aim at foreign aid spending, proposing an overall cut of 32% to all civilian foreign affairs spending. Facing extensive criticism from Republicans and Democrats alike for the budget<65>s draconian vision, Trump<6D>s budget chief Mick Mulvaney defended the proposal by arguing it should be judged not <20> by how much money we spend, but by how many people we actually help .<2E>This is an admirably fair standard <20> because it perfectly illuminates the callousness and cruelty of the 2018 Trump aid budget. I have waded through the numbers and budget narrative released by the White House to see how the budget levels stack up against Mulvaney<65>s statement. It is not a pretty picture.The White House justifies cuts of roughly $13.5bn with claims that global aid spending is imbalanced, and the US should roll back its spending to encourage others to do more. Global aid spending is imbalanced <20> but if anyone is falling short, it<69>s the US. The United States is the most generous global aid donor in absolute terms, but relative to the size of the American economy it<69>s less a case of <20>America First<73> than <20>America Twenty-Second<6E>. As my colleagues at the Center for Global Development have pointed out , US aid spending already falls far short of the proportional contributions of most other rich countries in the world.Food aid funding would drop from $3.5bn in 2017 which feeds 67 million people to $1.5bn in 2018, which feeds 29 million.On the <20>money spent<6E> side of the ledger, the foreign aid cuts yield negligible budgetary savings while pushing the US deeper into the bottom tier of wealthy aid donors. That<61>s bad enough, but the <20>people helped<65> side is where the real damage sets in. There<72>s more wreckage than can be covered in a single blogpost, but here is a sampling.Humanitarian aid is one of the crown jewels of American foreign policy <20> US funding provides the backbone of global humanitarian response and saves millions of lives each year. The Trump administration proposes to drive it over a cliff <20> cutting nearly half the funding that Congress appropriated in 2017 and fully eliminating the principal food aid account. The budget documents attempt to wrap these cuts in a veneer of efficiency, claiming the US will purchase food aid more efficiently through a different budget line. Don<6F>t be fooled. The proposal does not shift those resources; it eliminates the money completely. And it simultaneously cuts the budget line that it claims will cover food aid needs. This is not about stretching dollars further <20> it<69>s simply about getting rid of them. Jeremy Konyndyk (@JeremyKonyndyk) @ThirdWayTweet @FP @USGLC Gratuitous cruelty: as world faces risk of #4famines (SSudan, Yemen, Nigeria, Somalia), budget *eliminates* humanitarian food aid account.May 19, 2017 The human impact here is extraordinary. Food aid funding would drop from $3.5bn in 2017 <20> enough to feed 67 million people <20> to $1.5bn in 2018, enough to feed only 29 million. Beyond the food side, refugee assistance would be cut by nearly 20%. International disaster assistance, which covers the non-food needs of the world<6C>s conflict and disaster victims, takes a massive hit as well <20> dropping from $2.5bn in the 2017 budget to $1bn in 2018. Proposing this amidst the worst slate of humanitarian crises in recent decades is breathtakingly cruel.Let<65>s not sugarcoat this: humanitarian aid is lifesaving assistance, so cuts like these will kill people. As the head of foreign disaster response for the Obama administration, I had to weigh up budget trade-offs every year, knowing that saving lives in one region meant we would save fewer elsewhere. But I never faced trade-offs this extreme. Laying waste to US relief aid would be hard to defend even if the world were in decent shape. But proposing this amidst the worst slate of humanitarian crises in recent decades is breathtakingly cruel. This budg
'a2cea18111b2993e77708e51ed600ecd42e0b244'|'U.S. fund investors buy into bonds every week of 2017 - ICI'|'Money   1:21pm EDT U.S. fund investors buy into bonds every week of 2017 - ICI By Trevor Hunnicutt - NEW YORK NEW YORK Fund investors binged on bonds during the latest week, sending another $8.1 billion to U.S.-based debt funds that have not recorded a week of withdrawals this year, Investment Company Institute data showed on Wednesday. Taxable bond mutual funds and exchange-traded funds in the United States attracted $7.4 billion, while municipal bond funds pulled in $665 million, the trade group said. The rotation to bonds comes as investors have shown caution around the handsomely priced U.S. stock market. Investors pulled cash from domestic equity funds for the fourth straight week, withdrawing $5.5 billion, according to ICI. But some investors say now is not the time to be wary. "We''re fully invested, and we think equity investors should be fully invested," said Chuck Self, chief investment officer at iSectors LLC in Appleton, Wisconsin. He said investors in bonds risk being on the wrong side of an overaggressive move by the U.S. Federal Reserve to raise rates multiple times this year while trimming its bond reserves. Plus, the yields on bonds are puny. "You want to pick up yield here," said Self. "That''s the surest source of return for the balance of the year." Fed Governor Lael Brainard on Tuesday said she thinks a rate hike is "likely" coming soon and that she backs shrinking the Fed''s balance sheet "before too long." Both moves could send ripples through debt markets. U.S. fund investors are finding refuge not just in bonds, but also in international stocks. Equity funds focused outside the United States attracted $4.7 billion in their 25th straight week pulling cash, ICI said. (Reporting by Trevor Hunnicutt; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-mutualfunds-ici-idUSKBN18R2NH'|'2017-05-31T21:21:00.000+03:00'
'8cc99aa9dc2ba4219cd1c8b6ac13e8eda47d054c'|'Fortum in talks to buy E.ON''s stake in Uniper - Bloomberg'|'FRANKFURT Finland''s Fortum ( FORTUM.HE ) is in talks with German energy group E.ON ( EONGn.DE ) about buying its 46.65 percent stake in Uniper ( UN01.DE ), Bloomberg reported on Wednesday, sending shares in Uniper higher.Uniper, E.ON and Fortum declined to comment on the report.Sources had told Reuters this week that E.ON had hired Goldman Sachs ( GS.N ) to explore options for a sale of its remaining stake in Uniper, the power plant and trading business it spun off last year.Uniper, which has a market value of 6.1 billion euros ($6.8 billion), operates everything from hydroelectric, coal- and gas-fired plants to storage assets and trading floors, and holds stakes in gas pipelines, LNG terminals and nuclear plants across Europe.Analysts at Goldman Sachs had singled out Uniper as a takeover target earlier this year, mentioning RWE ( RWEG.DE ), EPH and Fortum as "potential consolidators" in what the brokerage says could be a big year for utility M&A in Europe.State-controlled Fortum has been looking for mergers and acquisitions for years following its 9.3 billion euro divestment of power distribution grids, but it has so far announced only relatively small investments.CEO Pekka Lundmark said in March he was striving to clinch a sizeable acquisition this year as investors are impatient for the cash to be put to use. Others are worried that as time ticks on, Fortum is more likely to rush into an overpriced deal.Analysts have said that German firm Uniper''s Swedish hydro power assets might be of interest to Fortum, but Lundmark declined to name any specific targets at the time.Sources had told Reuters in recent days that Fortum would only be interested in certain assets of Uniper, most notably its hydroelectric plants, making a bid for the whole group less likely.($1 = 0.8912 euros)(Reporting by Maria Sheahan, Christoph Steitz, Jussi Rosendahl and Arno Schuetze; Editing by Victoria Bryan/Keith Weir)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-uniper-m-a-fortum-oyj-idUSKBN18R1YJ'|'2017-05-31T18:27:00.000+03:00'
'60120c6a6bce1e21ae8b1d2ef1cd81b64384d169'|'German court dismisses General Atomics suit over Heron drone order'|'DUESSELDORF, Germany A German court on Wednesday dismissed a legal challenge from U.S. weapons maker General Atomics to Germany''s plans to lease armed drones from Israel Aerospace Industries, clearing the way for the drone program to go ahead.Early last year Defence Minister Ursula von der Leyen announced the army would lease Heron TP drones for about 580 million euros ($652 million) instead of buying Predator B drones from General Atomics or Switzerland''s RUAG, prompting protests by both firms.General Atomics took its fight to Germany''s anti-trust regulator and then to court.It said at the time it filed the legal challenge "to ensure that this procurement is conducted as a fair and open competition; thereby ensuring that the German Ministry of Defense procures the most technologically superior and cost efficient solution."The higher court in Duesseldorf that dismissed the complaint on Wednesday was the final arbiter in the case.Judge Heinz-Peter Dicks said the ruling was effective immediately and meant that Germany can now procure drones as it had planned.Von der Leyen took office in late 2013 vowing to rebuild the military after 25 years of spending cuts, but her three biggest arms programs - a 5 billion euro missile defense program, a new drone and the multi-role MKS 180 warship - have all been delayed in recent months.The drone leasing plan has been intended as an interim measure until the EU has developed its own drone. Germany, France, Italy and Spain plan to jointly develop a drone by 2025.($1 = 0.8898 euros)(Reporting by Matthias Inverardi; Writing by Maria Sheahan; Edting by Stephen Powell)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-germany-drones-idUSKBN18R2D3'|'2017-05-31T23:36:00.000+03:00'
'9fd35fd5940f708a50e92561766772920a37e6bc'|'"Green" mutual funds bounce back after Trump-induced retreat'|'BOSTON After U.S. President Donald Trump''s election last November, investors pulled nearly $68 million from so-called "green" mutual funds, reflecting fear that his pro-coal agenda would hurt renewable energy firms.But now investors are pouring money back in, boosting net deposits in 22 green funds to nearly $83 million in the first four months of 2017, according to data from Thomson Reuters'' Lipper unit.Investors'' renewed faith in the funds reflects a growing belief the president will not succeed in reviving the coal industry and will not target the government subsidies that underpin renewable power, which have bipartisan support.(For a graphic on "green" funds drawing new investor cash click tmsnrt.rs/2rir2pw )It also sends a positive sign for the wind, solar and energy efficiency firms and make up a large portion of the green-fund portfolios.The coal industry faces problems in the marketplace that are too big for any government to solve, said Murray Rosenblith, a portfolio manager for the $209 million New Alternatives Fund, among the U.S. green funds seeing investor inflows."Trump can''t bring back coal," he said. "There''s nothing that can bring it back."A Reuters survey of some 32 utilities in Republican states last month showed that none plan to increase coal use as a result of Trump<6D>s policies. Many planned to continue a shift to cheaper and cleaner alternatives, including wind and solar.A White House official did not respond to a request for comment about the administration<6F>s efforts to boost coal or its position on wind and solar subsidies.Lipper classifies "green" funds as those with screening or investment strategies that are based solely on environmental criteria. Many make it a point to avoid purchasing shares of traditional oil, gas or mining companies.For a graphic showing the turnaround in green-fund investments, see: tmsnrt.rs/2qPISl4The funds, while still an investment niche, have become increasingly popular over the past decade amid rising worries about climate change. They tend to draw younger and more environmentally minded investors who see profits in the burgeoning renewable power industry."Solar and wind power are creating a lot of jobs. There is a long-term secular trend taking place," said Joe Keefe, Chief Executive of Pax World Management LLC, whose $418 million Pax Global Environmental Markets fund is one of the biggest in the green fund sector.Solar firms employed about 374,000 workers in 2016, while the wind industry employed 101,738. Combined, they produced job growth of about 25 percent over 2015, according to the U.S. Department of Energy.The average fund among the group of 22 green funds tracked by Lipper posted a six-month return of 9.37 percent. That lagged the S&P 500 index<65>s 12.14 percent, excluding dividends, over the same period through April 30, but beat the S&P''s oil and gas index, along with several major coal companies which have slumped since the election.The growth helped boost the group<75>s combined assets under management to $2.4 billion by the end of April, up from $2.1 billion in November, according to the data.Tom Roseen, Lipper''s head of research, said the inflows into green funds could reflect value-shopping after the election triggered an initial sell-off in the solar and wind energy sectors.He cited solar module maker First Solar Inc, a popular stock among green funds, trading at about $39.50 a share, far off the highs above $70 it reached last year but up more than 35 percent from a drop it suffered after the election.TRUMP SKEPTICSTrump campaigned on a promise to revive the ailing oil and coal industries, in part by dismantling former President Barack Obama<6D>s environmental regulations aimed at cutting carbon dioxide emissions.He also vowed to pull the United States out of a global pact to fight climate change, a promise White House officials said Trump is now reconsidering, under pressure from lawmakers, global allies, and scores of major oil, coal and oth
'e278754bbf8b323e19a9ee651f6101e5ef36599c'|'LafargeHolcim to launch Swiss share buyback on June 1'|'ZURICH LafargeHolcim ( LHN.S ) will start on June 1 its share buyback program worth up to 1 billion Swiss francs ($1.03 billion), the world''s biggest cement group said on Wednesday.The program will be conducted using a second trading line on the SIX Swiss Exchange. UBS AG has been mandated as the execution agent. The second trading line is expected to remain open until December 31, 2018, it said.At the end of the buyback program, the board of directors will propose cancelling the repurchased shares, it said.(Reporting by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lafargeholcim-buyback-idINKBN18R0HR'|'2017-05-31T03:29:00.000+03:00'
'79e5e1d648e944faddc70f16ea457f58bd6df962'|'EU agrees on rules to revive securitised debt market'|'Business   4:58pm BST EU agrees on rules to revive securitised debt market European Commission Vice-President Valdis Dombrovskis speaks about the future of the Banking Union in Brussels, Belgium, May 19, 2017. REUTERS/Francois Lenoir By Huw Jones - LONDON LONDON The European Union has agreed on new rules to revive the securitised debt market, which was tarnished by the financial crisis, as part of a drive to build a deeper European capital market, EU officials and lawmakers said on Wednesday. The bloc agreed a deal on "simple, transparent and standardised" (STS) forms of securitisation - assets like home loans bundled into tradable securities that can be sold to retail investors to raise funds that can be lent to companies. Banks would be encouraged to offer these forms of securitised debt because they would not have to hold so much capital against them. Europe''s securitisation sector shrank after securitised debt based on poor quality U.S. home loans turned toxic in 2007, sowing the seeds of the global financial crisis. The new rules are stricter on the quality of assets that can be securitised, and introduce tougher scrutiny by regulators. "This is a cornerstone proposal in our attempt to build a financial system that improves financing of the real economy," European Commission Vice President Valdis Dombrovskis told a news conference in Brussels. The Commission first proposed the new rules in September 2015, but they became bogged down in arguments over whether a market that burned investors and forced taxpayers to bail out banks should be revived. "This shows we are able to learn lessons from the economic crisis and move closer to our objective of creating a capital markets union," said Othmar Karas, an Austrian centre-right member of the European Parliament. "Our aim was try to breathe new life into that market and not to abolish securitisation. We have changed poison into medicine." An impasse was broken when a deal emerged on Tuesday evening between EU states and the European Parliament. The STS rules come into effect in July 2018. "While important details remain to be finalised, we are confident that the long-term impact of the STS framework will be positive," Simon Lewis, chief executive of the Association for Financial Markets in Europe, a banking industry body, said. The EU''s drive for a capital markets union (CMU) got another boost on Tuesday evening when a proposal to make it easier for venture capital funds to invest in EU start-ups was also agreed. The Commission originally envisaged the CMU as a way to diversify sources of funding and eliminate cross-border barriers to investment, unlocking capital that could be channelled to companies and infrastructure projects to spur growth. The expected departure from the EU of Britain, the bloc''s biggest financial market, in 2019 is forcing the Commission to rethink its CMU project as an alternative to the City of London. Dombrovskis is due to announce a raft of new measures on June 8 to relaunch a "CMU 2.0". (Reporting by Huw Jones; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-markets-regulator-idUKKBN18R2F4'|'2017-05-31T23:58:00.000+03:00'
'1e72e40e27329c9de5829058ee495c57553f302f'|'Deutsche Telekom CEO says U.S. M&A regulations look good under Trump'|'Business News - Wed May 31, 2017 - 4:36am EDT Deutsche Telekom CEO says U.S. M&A regulations look good under Trump left right Timotheus Hoettges, Chief Executive Officer of Germany''s telecommunications giant Deutsche Telekom AG, arrives for the company''s annual shareholder meeting in Cologne, Germany May 31, 2017. REUTERS/Wolfgang Rattay 1/4 left right Timotheus Hoettges, Chief Executive Officer of Germany''s telecommunications giant Deutsche Telekom AG, arrives for the company''s annual shareholder meeting in Cologne, Germany May 31, 2017. REUTERS/Wolfgang Rattay 2/4 left right Timotheus Hoettges, Chief Executive Officer of Germany''s telecommunications giant Deutsche Telekom AG, poses before the company''s annual shareholder meeting in Cologne, Germany May 31, 2017. REUTERS/Wolfgang Rattay 3/4 left right Timotheus Hoettges, Chief Executive Officer of Germany''s telecommunications giant Deutsche Telekom AG, arrives for the company''s annual shareholder meeting in Cologne, Germany May 31, 2017. REUTERS/Wolfgang Rattay 4/4 COLOGNE, Germany Deutsche Telekom ( DTEGn.DE ) is optimistic about the regulatory environment in the United States under the Trump administration. T-Mobile US ( TMUS.O ), which is controlled by Deutsche Telekom, is at the center of M&A speculation. Investors hope a pro-business government under Trump will be more open to large deals and that could spark a wave of consolidation in the U.S. telecoms and media sectors. Asked what signals Deutsche Telekom has received from the new administration, Chief Executive Tim Hoettges said ahead of the company''s annual shareholders meeting on Wednesday: "The regulatory environment looks good." Three years ago, Sprint Corp ( S.N ), which is controlled by Japan''s Softbank ( 9984.T ), walked away from buying T-Mobile US after regulators indicated that such a deal would not be approved. Hoettges said Deutsche Telekom is in touch with the regulators on a constant basis. Reuters earlier this year reported that Softbank ( 9984.T ) is prepared to give up control of Sprint to T-Mobile US Inc to clinch a merger of the two U.S. wireless carriers, according to people familiar with the matter. (Reporting by Harro ten Wolde and Peter Maushagen; Editing by Tom Sims) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-deutsche-telekom-usa-idUSKBN18R0YQ'|'2017-05-31T16:36:00.000+03:00'
'267dfd301a4cf76e8eeb3a0b5123b6ac2c839245'|'UK space firms may need EU units after Brexit - space chief in FT'|'Business News - Wed May 31, 2017 - 6:02pm BST UK space firms may need EU units after Brexit - space chief in FT FILE PHOTO - European Space Agency (ESA) Operations Centre is pictured in Darmstadt, Germany June 17, 2016. REUTERS/Ralph Orlowski FRANKFURT British companies may need to set up subsidiaries in continental Europe to take part in multibillion-euro space programmes funded by the European Union after Britain leaves the EU, the head of Europe''s space agency told the Financial Times. "We have a tremendous problem with Brexit because it means that UK companies... are not eligible to have a contract directly," the newspaper quoted Jan Woerner as saying in an interview published on its website on Wednesday. The European Space Agency (ESA) is an intergovernmental organisation with 22 European member states, not an EU agency. But it manages some major EU-funded space programmes such as Galileo, Europe''s 10 billion euro (<28>8.71 billion) satellite navigation project, and Earth observation programme Copernicus. The UK, which has made the space sector a priority in its industrial strategy, remains a full partner on such EU-funded programmes until 2019, but the industry needed to prepare for the years beyond, ESA''s Woerner told the FT. He said it was urgent that Britain and the EU come to an agreement on continued participation in EU-funded programmes. If not, a short-term solution could be for British companies to set up EU subsidiaries. "This is against my idea of Europe, but it would help British industry to grow and take part until everything is sorted out," he said. Britain aims for its space sector, which includes companies such as BAE Systems ( BAES.L ), Meggitt ( MGGT.L ) and GKN ( GKN.L ), to have a 10 percent share of the global market, or 40 billion pounds of annual revenues, by 2030. (Reporting by Maria Sheahan; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-space-idUKKBN18R2KQ'|'2017-06-01T01:02:00.000+03:00'
'0de35f5cc71956960beb05bd2df0b42124b08a18'|'UPDATE 1-U.S. says test shows missile defenses outpacing ICBM threat'|'Market  01pm EDT UPDATE 1-U.S. says test shows missile defenses outpacing ICBM threat (Adds quotes and test details from U.S. military news briefing throughout) By Phil Stewart WASHINGTON May 31 The U.S. military said on Wednesday that a successful test of defenses against an attack from an intercontinental ballistic missile shows the United States is staying ahead of the evolving ICBM threat from countries such as North Korea. Vice Admiral Jim Syring, the director of the Missile Defense Agency, said Tuesday''s test, at a cost of $244 million, portrayed a "very realistic" scenario based on American intelligence about where it believed North Korean or Iranian missile programs would be in 2020. "I was confident before the test that we had the capability to defeat any threat that they would throw at us. And I''m even more confident today after seeing the intercept test yesterday that we continue to be on that course," Syring said a news briefing. A type of ICBM was fired from the Kwajalein Atoll in the Marshall Islands toward the waters south of Alaska. The U.S. military then fired a missile to intercept it from Vandenberg Air Force Base in California. The test ended with a head-on strike, resulting in complete obliteration. Experts compare the feat to hitting a bullet with another bullet and note the complexity is magnified by the distances involved. The continental United States is around 9,000 km (5,500 miles) from North Korea. ICBMs have a minimum range of about 5,500 km (3,400 miles), but some are designed to travel 10,000 km (6,200 miles) or farther. "The interceptor that we flew yesterday certainly keeps pace with and I would actually say helps us outpace the threat through 2020," Syring said. The test followed an increase in the pace of North Korean missile tests over the past year in its declared effort to develop an ICBM that has the ability to strike the U.S. mainland. Tuesday''s intercept was the first live-fire test against a simulated ICBM for the Ground-based Midcourse Defense (GMD), managed by Boeing Co. Previously, the GMD system had successfully hit its target in only nine of 17 tests since 1999. The last test was in 2014. However, the interceptor technology has been making steady advances throughout the life of the program. Syring said Tuesday''s test was made even more complicated by the use of decoys designed to throw off the interceptor. More tests were planned in coming years to advance U.S. defense capabilities, he said. Syring said the ICBM targeted in the test was representative of potential missiles that could be fielded by North Korea or Iran. Iran''s missile program is considered a threat by the United States and its allies in the Middle East. Iran''s Islamic Revolutionary Guards Corps (IRGC) test-fired several ballistic missiles in May and an IRGC official announced last week that Iran built a third underground ballistic missile production factory and said it would keep advancing its program. (Reporting by Phil Stewart; Editing by Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-northkorea-missiledefense-idUSL1N1IX0WY'|'2017-06-01T00:01:00.000+03:00'
'cc0109a1b5cacebd542d632c0a17d48e8902b189'|'A New Way to Control Inflation, From San Francisco Fed President'|'The Federal Reserve would never get a medal in archery. Since January 2012, when it publicly adopted a target of 2 percent for annual inflation, it has undershot in 59 of 63 months. John Williams, president of the Federal Reserve Bank of San Francisco, believes there<72>s a way to help the institution improve its aim.The Fed would still try to keep prices rising at 2 percent a year, but if it fell short one year, it wouldn<64>t just try harder to hit 2 percent the next year, as it does now. Instead, it would try to jack inflation above 2 percent temporarily to get back on track. The Fed would be like the driver of a car who makes up for getting stuck in traffic by speeding up<75>or slows down when she realizes she<68>s gotten ahead of her intended pace.John Williams, president of the Federal Reserve Bank of San Francisco. Photographer: Michael Short/Bloomberg Williams laid out the justification for what he calls <20>flexible price-level targeting<6E> in a speech in New York on May 5 to a group called the Shadow Open Market Committee, an independent group of economists that comments on Federal Reserve policy. In a phone interview on May 27 he explained why he thinks that now is the right time for an idea he concedes has been around for a while.If price-level targeting caught on, businesspeople and consumers would be able to predict with confidence how high prices would be in 10, 20, or even 30 years. That<61>s hard for the Fed to promise in the current era of sluggish growth, one in which both interest rates and inflation have tended to come in lower than expected. <20>Arguments for price-level targeting are just much more powerful now than 20 years ago,<2C> Williams says. Another reason the time is ripe, Williams says, is that the economy is close to full employment, so the Fed can afford to make big policy changes. Says Williams: <20>We<57>re not right in the middle of battle.<2E>The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up He isn<73>t advocating that the Fed try to make up for years of below-target inflation rates. (To do that, prices would have to rise 3.9 percent in one swoop.) Instead, he advocates starting fresh with a new target. In his speech, he argued that there<72>s nothing inherently hawkish or dovish about price-level targeting. True, in recent years it would have led to a more dovish policy (i.e., easier money), but if practiced in the 1960s, it would have led to a hawkish policy that cooled economic growth to extinguish inflation, Williams said.Williams won<6F>t reveal whether any of his fellow members of the rate-setting Federal Open Market Committee have been swayed by his argument, but he says that he<68>s hopeful: <20>Central banking is one of those areas of policy where ideas matter.<2E>Williams<6D> paper was well received by the Shadow Open Market Committee, which tends to be hawkish, says Charles Calomiris, an economist at Columbia Business School who is a member. Calomiris advocates increasing rates more quickly than Williams does. But he agrees that there<72>s nothing necessarily dovish about targeting the price level: <20>The idea of keeping track of your cumulative hits or misses rather than your moment to moment hits or misses has a lot of attraction.<2E>Maybe the Fed could wind up with a medal in archery after all.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-05-31/a-new-way-to-control-inflation-from-san-francisco-fed-president'|'2017-05-31T22:45:00.000+03:00'
'cc12b621974a8181889950f45f24310de84bffd8'|'Telford Homes says profits set to rise by over 17 percent this year'|'Business News - Wed May 31, 2017 - 8:16am BST Telford Homes says profits set to rise by over 17 percent this year FILE PHOTO: Construction works by Telford Homes in Stratford, east London early April 18, 2016. REUTERS/Russell Boyce/File Photo London-focused housebuilder Telford Homes reported a 5.9 percent rise in pretax profits to 34.1 million pounds on Wednesday and said it was on track for a rise to over 40 million pounds in the current year and 50 million the following year. The company, which also reported a 19 percent rise in revenue to 291.9 million pounds, said it had already secured more than 80 percent of anticipated gross profits for the year ending next March with an increased focus on building rental homes and said demand would continue to outpace supply in the non-prime areas of the capital in the "foreseeable future". The company increased its total dividend payout for the year by just over 10 percent to 15.7 pence a share, including a final dividend of 8.5 pence and said it remained confident in delivering continued growth, supported by the chronic shortage of homes in London. "Notwithstanding some uncertainty created by the outcome of the EU referendum we have experienced robust demand for our homes from individual investors and owner occupiers", Telford said. (Reporting by Rahul B in Bengaluru; Editing by Greg Mahlich) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-telford-homes-results-idUKKBN18R0R9'|'2017-05-31T15:16:00.000+03:00'
'9de1d88e1afed6dd585a601a1789b73bdfd12a58'|'LNG sellers, Asian buyers spar as contract fight brews amid supply glut'|'By Mark Tay - SINGAPORE SINGAPORE A spat brewing between Qatar, the world''s No.1 producer of liquefied natural gas (LNG), and its biggest customers in Japan underscores rising tensions between buyers and sellers of the super-chilled fuel as a supply glut unbalances the market.Importers of LNG having been pushing for greater benefits amid the surplus, signing new, cheaper contracts that give them more flexible terms, while exporters try to preserve long-term supply deals written in their favour during tighter markets.Worried some buyers are becoming too bold in their push for an advantage, Qatar Petroleum warned customers in Japan - by far the biggest LNG importer - not to press too hard in long-term supply talks, because it could result in Japanese companies being squeezed out of Qatari gas projects.While suppliers have granted more flexible terms on some new contracts, many are worried buyers could seek arbitration to renegotiate contracts locking them into decades-long take-or-pay deals that don''t factor in steep price falls, and which often bar importers from re-selling contracted cargoes."Parties (who import LNG) have intimated their frustration with such clauses," said Nandakumar Ponniya of law firm Baker & McKenzie. Wong & Leow, although adding that as yet there was no surge of attempts to force contract changes through arbitration.Arbitration is a form of legal resolution outside formal courts in which both sides of a contractual dispute agree to be bound by the decision of a third party.While Asia''s top LNG buyers in Japan and South Korea - including JERA, a joint venture between Tokyo Electric and Chubu Electric, and Korea Gas Corp - are not saying so publicly, several sources familiar with the matter said there are high level internal talks over the possibility of arbitration."Virtually all major Asian LNG buyers would like to seek arbitration. They just don''t want to be the first to do so, as this would likely create negative publicity," said one source who advises companies on such cases, speaking on condition of anonymity due to the sensitivity of the matter."It is safe to say that arbitration is being considered by most big Asian buyers," one Japanese utility source said.Asia takes in some 70 percent of global LNG supply. But unlike in piped natural gas markets in North America and Europe, most of Asia''s purchases are bound up in long-term contracts, with fixed volumes, caps on price fluctuations and clauses restricting the destination to a single port or buyer.Should arbitration be successful, LNG buyers would likely be allowed to either re-sell excess but contracted cargoes into the spot market, or be able to adjust supplies more flexibly, forcing producers to sell more spot LNG.PRECEDENTA tide of new LNG, particularly from Australia and the United States, has pulled Asian spot prices down more than 70 percent since 2014 to around $5.50 per million British thermal units.Like Qatar, other LNG producers on the losing end of the price falls have warned buyers about pursuing arbitration."For anybody to orchestrate an arbitration event would be so detrimental to their reputation in the market, that it would be much more expensive to do than to just sit out the contract and sign a better one (later)," said Maarten Wetselaar, director for gas and new energies at Royal Dutch Shell, the world''s biggest listed LNG company.Still, there is precedent. Between 2008 and 2014, European utilities entered into dozens of arbitration cases, most winning awards in their favour and freeing up natural gas volumes to be bought and sold on spot trading hubs."It would be quite interesting to see whether and how the European script plays out in Asia," said Sriram Chakravarthi, Singapore Academy of Law''s Chief Legal Counsel.European sellers like Norway''s Statoil decided it was preferable to defend market share by offering more flexible contracts or sell directly into the spot market.Others, like Russia''s Ga
'd11f8a30aacea418edfa5d3275cb435bc334268f'|'IG sees full-year pretax profit "modestly" ahead of last year'|'Business News  20am BST IG sees full-year pretax profit "modestly" ahead of last year IG Group Holdings Plc, a British online trading company, said it expected full-year pretax profit and earnings to be "modestly" ahead of last year, with full-year revenue seen rising about 7 percent. The company, which provides online stockbroking and trading services to retail investors, said that despite a quiet fourth quarter in financial markets, IG''s revenue in the final quarter of the year ending May 31 was higher than in the same period a year ago. Analysts on average expect the company to report a full-year pretax profit of 212.06 million pounds, with revenue at 496.32 million pounds, according to Thomson Reuters I/B/E/S. IG Group, which was founded in 1974 as the world''s first spread-betting firm, said operating expenses in the second half of the year are expected to be around the same level as in the first half. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ig-grp-hldgs-outlook-idUKKBN18R0M3'|'2017-05-31T14:20:00.000+03:00'
'62082dcb9061daf5736412f7d38e63603f000dec'|'European shares off to sluggish start as miners weigh, FTSE up'|'Top  32am BST European shares off to sluggish start as miners weigh, FTSE up Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 30, 2017. REUTERS/Staff/Remote MILAN European shares opened flat on Wednesday, weighed by a fall in mining stocks and lifted by a big rise for Ericsson after an activist investor bought a stake in the telecoms equipment firm. The broader pan-European STOXX 600 index was down 0.02 percent by 0712 GMT and euro zone blue chips added 0.1 percent. The FTSE rose 0.2 percent, helped by a weaker pound which fell after a new poll showed Britain risks a hung parliament following a June 8 election. Ericsson rose 4 percent, leading STOXX gainers, after Cevian Capital bought a stake of more than 5 percent, saying it saw significant potential in the Swedish firm. Cellnex was another strong gainer after a Bloomberg report said that American Tower may bid. Cellnex said its management has had no contact with American Towers. Top loser was Metro after the German retailer reported results showing a loss at its consumer electronics division. The Basic Resources index, where major mining companies are listed, was the biggest sectoral faller, dropping 1.4 percent. (Reporting by Danilo Masoni; Editing by Louise Ireland)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN18R0SX'|'2017-05-31T15:32:00.000+03:00'
'72f7f828e9525eb5500f18f82174d0ba8bcaba74'|'Brazil<69>s J&F agrees to pay $3.2 bln fine in leniency agreement'|'Market News   1:21am EDT Brazil<69>s J&F agrees to pay $3.2 bln fine in leniency agreement SAO PAULO May 31 J&F Investimentos, controlling shareholder of the world<6C>s largest meatpacker, JBS SA , agreed with Brazilian prosecutors late on Tuesday to pay a 10.3 billion real ($3.2 billion) fine for its role in corruption scandals. In a statement, prosecutors in five different corruption probes said the holding company owned by the Batista family will pay the leniency fine over 25 years, starting in December. Prosecutors said it was the largest ever such fine worldwide. J&F was able to reduce the final value by 900 million reais from the initial 11.2 billion reais proposed by Brazilian prosecutors. J&F''s three previous proposals were rejected and the company replaced its lawyers earlier on Tuesday. State witness testimony from J&F''s owners Joesley and Wesley Batista that they spent 600 million reais to bribe nearly 1,900 politicians in recent years threw Brazil in a political crisis that threatens to topple president Michel Temer. Joesley Batista is at the center of a corruption investigation of Temer, after secretly recording a conversation in which the president seemed to condone bribing a potential witness. Temer denies wrongdoing. Most of the fine, or 8 billion reais, will be divided among Brazil''s development bank BNDES, FGTS workers'' severance fund, two pension funds for employees of state-controlled companies and lender Caixa Econ<6F>mica Federal. Pension funds and state-run banks invested in or extended loans to J&F companies in return for bribes paid by the Batista brothers, according to plea-deal testimony. Prosecutors said in the statement the fine is equivalent to 5.6 percent of the group companies<65> revenue. Investors in JBS shares have been closely watching the plea negotiations. JBS shares have slid more than 25 percent this month in extremely turbulent trading because of concern that blowback from the scandal could limit its funding options. ($1 = 3.2570 reais) (Reporting by Tatiana Bautzer; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-jbs-idUSL1N1IX04J'|'2017-05-31T13:21:00.000+03:00'
'172b3ab8cbbd7f1d42bed22b7430da16e95610c0'|'Russia''s Mechel says Q1 steel output up 8 pct y/y'|'MOSCOW May 31 Russian metals and mining giant Mechel said on Wednesday its crude steel output increased 8 percent year-on-year in the first quarter to 1.1 million tonnes.Coal output and sales of coking coal concentrate both fell 10 percent compared to the same period last year, to 5.2 million tonnes and 2 million tonnes respectively, the company said. (Reporting by Jack Stubbs; editing by Polina Devitt)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/russia-mechel-output-idINS8N1IK005'|'2017-05-31T06:00:00.000+03:00'
'05bd442f763b3f3faaa8828e461565ff27810571'|'Toshiba to hold general shareholders meeting on June 28'|'Business   6:04am BST Toshiba unable to present audited results at end-June shareholders meeting FILE PHOTO: A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, February 14, 2017. REUTERS/Toru Hanai/File Photo TOKYO Toshiba Corp said on Wednesday it would not be able to present its audited annual business results for the fiscal year ended March at its general shareholders meeting on June 28. Toshiba has been unable to submit its results to regulators as it has been at odds with auditor PricewaterhouseCoopers Aarata (PwC) since a surprise writedown at its now bankrupt Westinghouse nuclear unit. "At this point, completion of the auditing is expected to take some more time," the Japanese conglomerate said in a statement. But the Japanese company said it would continue to work with the independent auditor to file its securities report by the legally specified deadline of June 30. A failure to meet the end-June deadline without an extension would put the troubled Japanese conglomerate''s bourse listing in further jeopardy. Toshiba has been on the Tokyo stock exchange''s supervision list since mid-March as it has failed to clear up concerns about its internal controls after a 2015 accounting scandal. At the general shareholders meeting on June 28, it will talk about its earnings outlook, the status of the auditing process and third-party investment in its memory business, the company said. It will also seek shareholder approval of reappointment of incumbent directors, for the period until an extraordinary shareholders meeting to be held later, when the company is prepared to report audited results. (Reporting by Chris Gallagher and Makiko Yamazaki; Editing by Michael Perry)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-shareholders-idUKKBN18R09V'|'2017-05-31T10:58:00.000+03:00'
'd0bd767461b294e740dd3451d8b759895838f0b7'|'Exxon steps up efforts to sway shareholders on climate-report vote'|'Top News - Wed May 31, 2017 - 6:05am BST Exxon steps up efforts to sway shareholders on climate-report vote FILE PHOTO: An airplane comes in for a landing above an Exxon sign at a gas station in the Chicago suburb of Norridge, Illinois, U.S., October 27, 2016. REUTERS/Jim Young/File Photo By Gary McWilliams and Ross Kerber - HOUSTON/BOSTON HOUSTON/BOSTON Exxon Mobil Corp ( XOM.N ) has stepped up efforts to persuade investors to vote against climate-related proposals at Wednesday''s annual meeting with a campaign of calling, writing and lobbying shareholders in person. The world''s largest publicly traded oil company opposes a proposal requiring it to report on the risks to its business from new technologies and global climate change policies, insisting it already provides the information. Last year, the same proposal was backed by 38.1 percent of shares voted. The stakes are higher this year. The business-impact issue is central to lawsuits by two state attorneys general alleging Exxon soft-peddled the risks to consumers and shareholders. Wall Street support of similar measures also has convinced energy companies including Occidental Petroleum ( OXY.N ) to address the Paris climate accord''s goal of keeping global temperature increases under 2-degrees Celsius. If the proposal garners less than last year''s 38 percent support, it could endorse Exxon''s view which is that its current reporting is appropriate, said Rob Schuwerk, senior counsel for environmental think tank Carbon Tracker Initiative. But if support this year exceeds 50 percent, the oil company likely would do more to explain potential business impacts from having to meet the Paris agreement''s temperature goal. A result in between the two, he said, would be the "the hazy middle" that would still show growing investor interest in climate issues. Exxon took a conciliatory approach in a letter to investors on Tuesday. Vice President Jeff Woodbury wrote that on many of the shareholder proposals "the corporation agrees with the underlying objective - we just have a different view on the best means to achieve it." Prior shareholder letters insisted the proposals were misguided or ignored the company''s efforts to spell out its position that even in world intent on limited temperature rises, it would still need more oil. Anne Sheehan, head of corporate governance at California State Teachers'' Retirement System, which backs the additional climate reporting, said Exxon''s letter suggests the voting is at least very close and may be going against the company. "You''re not going to do an eleventh-hour shareholder communication if everything was going swimmingly," she said in an interview. In addition to the vote on the climate-impact report, Exxon holders will consider proposals to shift spending to dividends and buybacks from oil exploration and on a proposal to require a report on its efforts to restrict emissions of methane, a greenhouse gas. Exxon opposes all these proposals and has actively lobbied shareholders. This campaign "is a lot more intense than normal," said one investor, who spoke on condition of anonymity. "I think they''re pulling out all the stops." BILLBOARDS AND RALLIES Climate campaigners are also active. They have organised rallies and held media briefings. In Dallas, where the meeting takes place, they have put up billboards and signs seeking to sway votes. Any change likely will be driven by institutional holders shifting their positions. Big investors including State Street Corp ( STT.N ) and BlackRock Inc ( BLK.N ), which together hold about 9 percent of Exxon shares, recently have made clear they are now giving more attention to climate issues. Bob Litterman, chairman of the risk committee at asset-management firm Kepos Capital LP and who holds derivatives betting that oil companies will underperform the S&P 500 index, said no matter the outcome of the vote on Wednesday, pressures on Exxon to spell out the potential impact of a gl
'8f70a4a6f4c7442726fef5cd0443c853fb9c4fd4'|'China factory PMI growth holds up in May, steel sector activity speeds up'|'Top   6:03am BST China May factory activity holds up on boost from steel, construction left right FILE PHOTO: A worker installs rubber onto the windows of the doors along a production line at a truck factory of Anhui Jianghuai Automobile Co. Ltd (JAC Motors) in Hefei, Anhui province May 5, 2014. REUTERS/Stringer/File Photo 1/2 left right FILE PHOTO: A labourer cuts steel bars at a railway bridge construction site in Lianyungang, Jiangsu province, China, September 12, 2015. REUTERS/China Daily 2/2 By Yawen Chen and Ryan Woo - BEIJING BEIJING China''s manufacturing and services sectors expanded at a solid pace in May thanks to robust construction and infrastructure investment, welcome news for authorities trying to strike a balance between maintaining stable economic growth and defusing debt risks. The official manufacturing Purchasing Managers'' Index (PMI) was at 51.2 in May, unchanged from April, a monthly survey by the National Bureau of Statistics showed on Wednesday. Analysts polled by Reuters had predicted a reading of 51.0. The survey results suggest authorities were having some success in stabilising the broader economy without risking a sharper slowdown in growth as they try to defuse bubble risks from years of credit-fuelled stimulus. On the whole, "China''s economy is changing into a trend of stabilisation from a momentary spike and drop," Zhang Liqun, an analyst with the China Logisticas Information Centre, said in a statement. Most analysts agree that momentum in China will slow after strong first quarter growth of 6.9 percent, as Beijing''s crackdown on its financial sector is expected to take a toll on corporates'' financing costs. So far the slowdown has been benign, however, with some key sectors such as construction activity holding up well. The statistics bureau said construction remained robust despite slowing a notch from the previous month, as infrastructure investment speeded up, boosting demand for steel. Indeed, activity in the steel industry expanded the most in a year in May, supported by higher new orders, a separate industry survey showed, suggesting still-solid demand in construction. Growth in the services sector also accelerated to 54.5 as commercial services such as retail and railway transportation expanded on rising demand. New orders for China''s manufacturers kept pace with April at 52.3, with export orders firming a touch by 0.1 percentage point to 50.7, suggesting external demand held up. Production stayed well within expansionary territory, though growth eased to 53.4 compared to last month''s 53.8. GROWTH RISKS The government has set a more modest growth target of around 6.5 percent for 2017, after achieving a slightly higher 6.7 percent target in 2016. The crackdown on financial risks, however, is seen pushing borrowing costs up and dragging on growth. ANZ analysts estimate the average lending rate has edged up by around 30 basis points in the past few months. "We suspect that the current stability of growth will prove temporary," said Julian Evans-Pritchard, a Singapore-based China economist at Capital Economics. "With the regulatory crackdown on financial risks still weighing on credit growth, it will be difficult to avoid a further slowdown in the coming months." There are also doubts about whether other sectors of the economy will be able to pick up the slack if the property market slows as persistent curbs gradually take the heat out of the market. Those worries were inflamed last week when Moody''s Investors Service downgraded China''s credit ratings for the first time in nearly 30 years, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise. China''s growth impulse is also being challenged by a slowing trend in producer price inflation. Official data showed on Saturday profits earned by Chinese industrial firms slowed to its weakest in four months in April. The input price sub-index d
'df8a044db058429ce7086970b608cc298043c4ca'|'China factories hum in shadow of debt risk, Moody''s raises global outlook'|'Top  28am BST China factories hum in shadow of debt risk, Moody''s raises global outlook A labourer works on screw processing at a machinery manufacture company in Zhoushan, Zhejiang province, China May 30, 2017. REUTERS/Stringer By Marius Zaharia China''s industrial engine cranked up again in May, reassuring investors worried about slowing growth in the world''s second-biggest economy as it grappled with debt risks and tried to shake off a stinging ratings downgrade from Moody''s Investors Service. Moody''s sees an improving global outlook even as it warned of a slowdown in China later in the year as liquidity-tightening measures take effect. The ratings agency said the biggest risks to global growth, including protectionism and European Union exits, seemed to have subsided, although an opinion poll in Britain pointed to the danger of a hung parliament in elections next week. Moody''s expects 2017 growth for China at 6.6 percent, in line with the official target of at least 6.5 percent. China''s official Purchasing Managers'' Index (PMI) eased worries about a sudden slowdown after a run of weak readings of April data. The PMI was at 51.2 in May, compared with April''s 51.3 and forecasts of 51.0 in a Reuters poll. "The latest official PMI readings add to broader evidence that downward pressure on growth has eased lately," said Julian Evans-Pritchard, China Economist at Capital Economics. "Looking ahead, however, we suspect that the current stability... will prove temporary. With the regulatory crackdown on financial risks still weighing on credit growth, it will be difficult to avoid a further slowdown in the coming months." Private surveys on factory activity for most Asian economies will be released on Thursday. Chinese stocks, edged higher and the onshore yuan hit a four-month high against the dollar. Activity in China''s steel industry grew at the fastest pace in a year in May, supported by an increase in new orders. The steel sector PMI rose to 54.8 from 49.1 in April, climbing above the 50-point mark that separates growth from contraction. Trade headwinds remain a risk, with U.S. President Donald Trump''s administration keen to tackle what it regards as China''s "unfair and illegal" sales of underpriced steel. The steel sector helped drive China''s strong first-quarter growth, but the reliance on the investment-led model has raised questions about whether it will be sustainable given official pledges to cut debt levels of nearly 300 percent of GDP. In cutting China''s sovereign rating for the first time in nearly 30 years last week, Moody''s cited the contradiction between using stimulus to meet growth targets and trying to reduce debt in the economy. The big question for investors is how far Chinese authorities will go in their attempts to curb bubble risks. Most analysts argue that Beijing will tread carefully for fear of knocking the economy hard, though investors worry that a significant credit contraction in China will reverberate through financial markets and the global economy. IMPROVED OUTLOOK Moody''s said it expected G20 economies, which account for 78 percent of the global economy, to collectively grow at an annual rate of 3.1 percent this year and next, from 2.6 percent in 2016. In a positive sign, factory output in Japan, the world''s third-biggest economy, grew at the fastest pace in almost six years, taking production to its highest level since 2008. South Korea''s industrial output declined unexpectedly, however, adding an element of uncertainty for the central bank, which plans to upgrade its 2017 growth outlook from the current 2.6 percent. One factor Moody''s said had improved the outlook was the election of Emmanuel Macron as French President, which reduced the risk of a European Union exit by a major country. In Britain, which is negotiating its exit from the bloc, a new constituency-by-constituency modelling by YouGov showed the Conservative Party might lose 20 of the 330 s
'41bb22ba2f046df1585cd95e2df04d9508edc6aa'|'ChemChina gets nearly 95 percent of Syngenta, seeks more'|'ZURICH ChemChina has accumulated nearly 95 percent of shares in Swiss pesticides and seeds group Syngenta ( SYNN.S ) as part of its $43 billion tender offer, China''s biggest foreign takeover to date.Announcing the definitive final results for the offer on Wednesday, China National Chemical Corporation said around 94.7 percent of shares had been tendered.ChemChina re-affirmed its intention to request the cancellation of the remaining Syngenta shares if the 98 percent threshold is exceeded."To that end, it intends to acquire further shares through market purchases or in off-market transactions," it said in a statement.If it gets less than 98 percent, it plans to proceed to a squeeze-out merger.(Reporting by Michael Shields; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-syngenta-m-a-chemchina-idINKBN18R0HN'|'2017-05-31T03:27:00.000+03:00'
'0bbf891aede1a48facd1e06363cd2c083300f63c'|'UK Stocks-Factors to watch on May 31'|'May 31 Britain''s FTSE 100 index is seen opening up 8 points at 7535 on Wednesday, according to financial bookmakers. * INDIVIOR: British drugmaker Indivior Plc said on Tuesday it applied for a new drug application to the U.S. Food and Drug Administration to market its drug to treat opioid use disorder (OUD). * ANTOFAGASTA: Chilean mining company Antofagasta Minerals has sold its minority stake in a solar park in northern Chile, and will launch a power auction for one of its copper mines, the company said on Tuesday. * TESCO: Tesco Chief Executive Dave Lewis has been called as a prosecution witness in the trial of three former senior executives accused of fraud and false accounting at Britain''s biggest retailer, a court heard on Tuesday. * EU MARKETS REGULATOR: The European Union''s securities watchdog wants new powers over clearing houses, credit rating agencies and some financial benchmarks that operate in the EU but are based outside the bloc, as Brexit ushers in fundamental changes to markets. * BRITAIN ECONOMY: British consumer confidence edged up to a four-month high in May but households stayed downbeat about the economic outlook, with inflation since last year''s Brexit vote feeding into prices in stores, two surveys showed. * The UK blue chip index was down 0.3 percent at close on Tuesday as sterling recouped some of last week''s losses less than two weeks before a general election that will shape talks for the country''s exit from the European Union. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Londonmetric Property Plc Full-Year Telford Homes Plc Full-Year IG Group Trading Statement TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1IX1BV'|'2017-05-31T13:39:00.000+03:00'
'cf49402e9ebcef42a89c98fb28eeb8c40994f158'|'CANADA STOCKS-TSX slips as cheaper oil, Kinder Morgan cast cloud on energy stocks'|'Market  07pm EDT CANADA STOCKS-TSX slips as cheaper oil, Kinder Morgan cast cloud on energy stocks (Updates market moves to close, adds analyst comment, details on Kinder Morgan) * TSX down 49.56 points, or 0.32 percent, to 15,372.35 * Half of the TSX''s 10 main groups fall * Energy stocks fall 1.6 percent, financials off 0.3 percent By Solarina Ho TORONTO, May 30 Canada''s main stock index fell on Tuesday amid broad declines among oil and gas companies, hurt in part by a slide in crude oil prices and political tension in Western Canada over a Kinder Morgan pipeline project. The Toronto Stock Exchange''s S&P/TSX composite index fell 49.56 points, or 0.32 percent, to 15,372.35. Five of the index''s 10 main groups ceded ground. The index''s most influential movers included Canadian natural Resources, which retreated 1.7 percent to C$39.13, and Encana Corp which slumped 5.2 percent to C$13.53. The energy group, which makes up about a fifth of the index, fell 1.6 percent. Shares in Kinder Morgan Canada Ltd closed at C$16.24 after debuting at C$16.06 on the TSX after raising C$1.75 billion ($1.3 billion) in an initial public offering (IP0) at C$17.00 each last week. "A lot of the energy and utilities are down. I think a lot of that too is Kinder Morgan Canada came out today," said Bryden Teich, portfolio manager with Avenue investment Management. Kinder Morgan plans to more than double the capacity of its Trans Mountain pipeline from Alberta to the Pacific province of British Columbia, where the two political parties opposing the project struck a deal to take power for four years. "With the NDP and the Green Party lining up together ... I think there might be just a little bit of concern over that and whether or not this Kinder Morgan (project) can get done," said Teich. U.S. crude oil prices were down 0.6 percent to $49.51 a barrel on concerns that production cuts by the world''s big exporters may not be enough to mitigate a global glut in crude. Financials slipped 0.3 percent as modest dips in most bank shares offset Bank of Nova Scotia''s 0.6 percent rise to C$76.60. Scotiabank reported second-quarter results that beat analyst expectations, helped in part by its international business. Teich said bank results this quarter have generally been strong, giving the market more confidence and alleviating contagion concerns relating to Home Capital Group Inc. Canadian National Railway Co, which reached a tentative deal on Monday with the Teamsters union that represented 3,000 conductors, averting a strike, rose 1.1 percent rise to C$104.52. The overall industrials sector climbed 0.4 percent. Declining issues outnumbered advancing ones on the TSX by 172 to 74, for a 2.32-to-1 ratio on the downside. The index posted six new 52-week highs and one new 52-week low. (Reporting by Solarina Ho; Editing by James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1IW1NH'|'2017-05-31T05:07:00.000+03:00'
'df820cbc891eb8b4c0dfd644a8779a52bb198e14'|'Spain''s Abertis says company has not received offer for Cellnex'|'Business News - Wed May 31, 2017 - 8:57am BST Spain''s Abertis says company has not received offer for Cellnex The logo of Spain''s telecoms infrastructures firm Cellnex is seen in a glass at the entrance of the control room of main telecom tower ''''Torrespana'''' , known as ''''Piruli'''', in Madrid, Spain, March 10, 2016. REUTERS/Sergio Perez MADRID A spokeswoman for Spain''s Abertis ( ABE.MC ) said on Wednesday that the company has not received an offer for its stake in Cellnex ( CLNX.MC ) following a report that American Towers ( AMT.N ) may be interested. Bloomberg reported on Tuesday that American Towers is exploring a bid for the Spanish telecommunications tower operator to expand in Europe, though the offer depends on a successful merger of Abertis and Italy''s Atlantia ( ATL.MI ). Cellnex said its management has had no contact with American Towers. At 0745 GMT, Cellnex was up 6.53 percent, leading gains on the Ibex .IBEX , down 0.09 percent. (Reporting by Robert Hetz; Writing by Paul Day; Editing by Rodrigo de Miguel)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cellnex-m-a-americantowers-idUKKBN18R0UT'|'2017-05-31T15:57:00.000+03:00'
'caf1b22c6cf35ab605a6b01cfa5267100e819021'|'Investment funds urge shareholders to vote down Mylan board, pay'|'Retirement News   8:58am EDT Investment funds urge shareholders to vote down Mylan board, pay NEW YORK The New York City and State pension funds and the California State Teachers'' Retirement System are fighting the re-election of six board members at drugmaker Mylan Inc and its 2016 executive pay including Chairman Robert Coury''s compensation of more than $97 million. The funds, along with Netherlands-based pension fund PGGM, said they control 4.3 million shares of the company and are urging shareholders to vote against the company at Mylan''s June 22 annual meeting. In a May 30 letter released on Wednesday in a regulatory filing, the funds said Coury''s compensation in 2016 totalled $160 million including vesting and other payments, and came despite the company''s price hiking scandal around its emergency allergy treatment EpiPen and share decline. The company has been the subject of federal and state investigations and agreed last fall to pay $465 million to settle U.S. Justice Department allegations that it overcharged the government for EpiPen. The letter noted the decline in Mylan shares, which now trade for around $40, less than half the $82 that rival Teva Pharmaceuticals had offered to buy the company for in April of 2015. "All of the mudslinging back-and-forth between Mylan and Teva only served to reinforce our concern that Chairman Coury would rather keep his pay and power at Mylan<61>s helm than likely lose those benefits to Teva cost- and position-cutting," the investors wrote. Mylan said in a statement that Coury<72>s compensation "was granted and earned over his 15-year tenure as CEO and then Executive Chairman or directly relates to his retirement as an executive in 2016 and transition to Non-Executive Chairman." The company said that its compensatin is designed to drive execution against its strategy and is aligned with performance and long-term shareholder value. Regarding its overall performance, the company said "despite industry-wide headwinds in 2016, including volatility and valuation contraction in the generic and specialty pharmaceutical industry, Mylan delivered strong financial and operational results for the year, and outperformed many of its peers." (Reporting by Caroline Humer; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mylan-board-idUSKBN18R1SC'|'2017-05-31T20:48:00.000+03:00'
'6f41d7e535cc343ac80ab52d02fc9564a47b8b34'|'CBS anchor Pelley leaving evening news broadcast'|'LOS ANGELES CBS journalist Scott Pelley is leaving the evening news anchor chair and will work full time on news magazine "60 Minutes," the network   Wednesday.Anthony Mason will serve as interim anchor of "CBS Evening News" beginning in the coming weeks, the statement said.(Reporting by Lisa Richwine; Editing by Chris Reese)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cbs-news-idUSKBN18R2N7'|'2017-05-31T21:22:00.000+03:00'
'692b3b8503040ebfecb2fdfbe31e3ea626d98518'|'Novartis warns of U.S. price pressure on Sandoz generics'|'Wed May 31, 2017 - 11:49 AM EDT Novartis CEO sees no need for big takeover 1/2 Joe Jimenez, the CEO of Swiss pharmaceutical company Novartis AG, addresses a news conference to present the company''s 2016 results in Basel, Switzerland January 25, 2017. Reuters/Arnd Wiegmann + 2/2 The logo of Swiss drugmaker Novartis is seen at its headquarters in Basel, Switzerland October 22, 2013. Reuters/Arnd Wiegmann/File Photo + By John Miller - ZURICH ZURICH Novartis ( NOVN.S ) does not need a big acquisition to kick-start growth, Chief Executive Joe Jimenez told investors on Wednesday, playing down suggestions he could use proceeds from a slew of asset sales for a significant takeover. The Swiss drugmaker is reviewing potential disposals of its struggling eyecare business Alcon, its consumer drugs joint venture with GlaxoSmithKline ( GSK.L ) and a stake in rival Roche ( ROG.S ) that could raise a combined $50 billion. Amid speculation Novartis might use proceeds to buy AstraZeneca ( AZN.L ) or Bristol-Myers Squibb ( BMY.N ) to fill holes in its cancer drug portfolio, Jimenez said he remained focused on smaller purchases of up to $5 billion to bolster his pipeline. "Obviously, there''s been a lot of speculation because that would be a lot of capital," Jimenez said at an event at Novartis''s research campus in Boston. "We don''t need a big deal," he said. "Our strategy in M&A is to do bolt-on acquisitions." Money-losing Alcon, which makes surgical equipment for cataracts as well as contact lenses and solutions, is undergoing a strategic review, with "all options" on the table. Jimenez promised an update by year''s end on the division, which Novartis assigns a remaining book value of $21 billion. While Jimenez still expects his Sandoz generic drug division''s 2017 revenue to be "broadly in line" with last year''s numbers, he warned price pressure in the United States had intensified in the second quarter. Sandoz, whose $10.1 billion in revenue in 2016 made up a fifth of Novartis''s total, is among generics makers including India''s Sun Pharmaceutical Industries ( SUN.NS ) and Lupin ( LUPN.NS ) that have said U.S. revenue growth will be muted this year. TRUMP CARD Jimenez, who as chairman-elect of U.S. drugmaker industry lobby group PhRMA met President Donald Trump earlier this year, told investors he expected the administration to come forward with proposals on curbing U.S. drug prices "within the next three months". Trump in January said drug companies were "getting away with murder" with high drug prices. Still, Jimenez said on Wednesday he was optimistic the Republican president would strike an industry-friendly balance, possibly incorporating "outcome-based pricing" models that reward drugmakers whose products save the healthcare system money. "We''re watching it very closely, we''re heavily involved," Jimenez said of PhRMA''s efforts in Washington. (Editing by Michael Shields and Mark Potter) ADVERTISEMENT '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-novartis-investors-idUSKBN18R0HW'|'2017-05-31T14:18:00.000+03:00'
'672d5ee4ec98c487c9f4e7c08162a6da2fe236ab'|'Brazil government to sell shares in IRB Brasil listing -filing'|'SAO PAULO May 30 The Brazilian federal government will be among the shareholders selling some or all of its stakes in IRB Brasil Resseguros SA through an initial public offering, according to documents filed with securities regulator CVM on Tuesday.State-owned fund FGEDUC, which serves as a guarantor of subsidized college loans, will unload an undisclosed amount of IRB''s common shares, the documents showed, joining the insurance units of Banco do Brasil SA, Banco Bradesco SA and Ita<74> Unibanco Holding SA.Bradesco''s investment banking unit will be the lead underwriter of the transaction, alongside Banco Brasil Plural SA, Banco BTG Pactual SA and Bank of America Merrill Lynch. (Reporting by Bruno Federowski, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/irb-brasil-re-ipo-idINL1N1IW0Y4'|'2017-05-30T14:43:00.000+03:00'
'8d58280467e28ad50a776800e3c41c7239a0d105'|'CANADA STOCKS-TSX turns negative as sliding oil prices drag energy shares'|'Market News   9:39am EDT CANADA STOCKS-TSX turns negative as sliding oil prices drag energy shares TORONTO May 31 Canada''s main stock index turned negative shortly after the open on Wednesday, as a sharp decline in energy companies, hurt by falling oil prices, offset a broad rally in most other sectors. The Toronto Stock Exchange''s S&P/TSX composite index rose 9.71 points, or 0.06 percent, to 15,382.06 shortly after the open. Three of the index''s 10 key groups were in negative territory. (Reporting by Solarina Ho; Editing by Chizu Nomiyama) PRECIOUS-Gold steady edges up as dollar dips, but looming U.S rate hike caps gains * Palladium heads for first monthly decline since December * Silver falls after hitting one-month high on Tuesday (Recasts, updates prices) By Maytaal Angel LONDON, May 31 Gold edged higher on Wednesday as the dollar dipped and simmering geopolitical tensions lent support, though the metal was heading for its first monthly drop since December amid an increased chance of a U.S. interest rate rise next month. The dollar dipped versus a currency basket, with sterli WASHINGTON, May 31 Contracts to buy previously owned U.S. homes fell for a second straight month in April amid a supply squeeze, but the housing market recovery remains supported by a strong labor market. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1IX0MA'|'2017-05-31T21:39:00.000+03:00'
'f8a3b607db945a6487431355bf08cb1e0e49bbe7'|'UPDATE 1-Linde chairman in last-ditch Praxair appeal to board members'|'FRANKFURT/MUNICH A crack has appeared in German labor opposition to Linde''s ( LING.DE ) proposed merger with U.S. peer Praxair ( PX.N ), three people familiar with the deal told Reuters, making it likely that the $73 billion deal will be approved on Thursday.One Linde labor representative on the supervisory board may not vote with the other five against the merger, the people said on Wednesday, meaning that the vote will probably be carried by the six shareholder representatives on the board.The all-share merger of equals is intended to create a market leader that will overtake France''s Air Liquide ( AIRP.PA ), in what is likely to be the last major deal in an already highly consolidated industry."It seems there is not complete unity at the moment," one of the people said, citing uncertainty over how Frank Sonntag, head of the works council at Linde''s Dresden engineering plant, would vote on Thursday.The other labor representatives including trade unions fiercely oppose the merger because they fear a dilution of the influence they enjoy under German law since the headquarters of the new company is set to be in another European country.But the struggling Dresden plant whose workers Sonntag represents is vulnerable to closure if the deal does not go ahead. The framework merger agreement includes a five-year job guarantee for German workers.Sonntag''s secretary earlier said Sonntag did not want to comment on the upcoming supervisory board meeting. Later calls to his office were not returned.Like all German companies above a certain size, Linde''s board of directors has equal representation of labor and capital interests.Imposing decisions such as a major merger without the agreement of workers is rare. Linde Chairman Wolfgang Reitzle has said repeatedly he would be reluctant - although prepared - to force it through without a consensus.Securing one abstention from a labor representative could spare him the necessity to use his casting vote.The proposed all-share merger of equals still also requires approval by Praxair''s shareholders and boards.German Economy Minister Brigitte Zypries earlier urged Linde not to force the deal through against the will of workers."The proposed merger of Linde and Praxair requires the employees to accept it because a takeover cannot work well without the complete support of the workforce," Zypries said in a statement.She said she supported a call for mediation by Michael Vassiliadis, head of trade union IG BCE."The aim of all participants should be to get a broad consensus. Every day without common communication damages the company and so jobs," the minister said.Zypries is a member of the Social Democratic Party, which has strong ties to the trade unions. Federal elections will be held in Germany this September.(Additional reporting by Gernot Heller in Berlin; Writing by Georgina Prodhan and Michelle Martin; Editing by Keith Weir and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-linde-m-a-praxair-minister-idUSKBN18R1D7'|'2017-05-31T22:45:00.000+03:00'
'ad0ded656620411a615066a1acd2b17e09abb658'|'Rosier economy, lack of replacement give Brazil''s Temer a breather'|'Brazil''s scandal-plagued President Michel Temer has gained some breathing room from an incipient economic recovery and the failure of his allies to agree on a caretaker to keep his fiscal reforms on track if he is ousted.Temer, who is being investigated for corruption by the Supreme court, went on the offensive this week to convince Brazilians he is their best bet to pull the nation from its worst recession.But his coalition allies are divided on whether it is best to dump the damaged president quickly, or keep him for the sake of an economic recovery that began to pick up in the first quarter.At stake is pension reform, crucial for balancing the budget, and which may now have to be further watered down."Our commitment at this point is only to back the reforms. If we see that they are not advancing, then we should quickly look for an alternative government," Congressman Eduardo Cury, a vice president of the PSDB party, told Reuters.The PSDB, the largest party in the governing coalition, is waiting for an electoral court hearing next week about Temer''s fate before deciding whether to abandon him and back his replacement by a caretaker president. Coalition allies have not been able to agree on who that might be since a caretaker would have to be a politician with experience, credibility and not investigated for corruption."We do not have too many names that fit that bill," said a lawmaker in the PSDB party who asked not to be named because of the sensitivity of the matter. "This is a hurdle and Michel Temer is benefiting from the lack of consensus."Owners of the world''s biggest meatpacker JBS SA said in plea-bargain testimony that Temer condoned bribing a potential witness in the sprawling "Car Wash" corruption case, and that they had paid him nearly $5 million in bribes in recent years. Temer denies all accusations and has refused to resign. Temer''s hold on power faces a more immediate threat from Brazil''s top electoral court, the TSE, when it meets next week to decide whether to annul his 2014 election due to the use of illegal campaign funding. He was the running mate of former President Dilma Rousseff, who was impeached last year.Analysts say Brazil''s political crisis could speed up a TSE decision or encourage the judges to be lenient on Temer to avoid a traumatic second ouster of a president in the space of a year.BACK ON TRACK?A bullish Temer said at an investment conference on Tuesday that he was committed to delivering labor law and pension reforms in undiluted shape, and handing over a country back on track when he completes his term at the end of next year.Inflation has dropped below the government target and Latin America''s largest economy grew in the first quarter for the first time in two years, the leader said."It''s a dilemma. The economy is beginning to show signs of life. Are we going to ruin that?" PSDB lawmaker Betinho Gomes said.Temer lost political support in congress when the corruption allegations emerged two weeks ago, but if his reforms move forward and the economy continues to brighten he could survive, Gomes said.A bill that will reduce labor costs for business is awaiting final Senate approval and most politicians agree Temer''s landmark fiscal savings measure, reform of the costly pension system, will probably clear Congress this year, though in a substantially weakened form.Lawmakers have told Reuters the bill could still establish a minimum retirement age but drop other cuts to benefits that were expected to save 600 billion reais over ten years.The speaker of the lower house and member of the allied Democrats party, Rodrigo Maia, on Tuesday fully endorsed Temer and his reform agenda at the investors forum. NO REPLACEMENTGovernment officials said Temer''s allies realize he is not the most attractive option to lead Brazil until the 2018 elections, but at present appears to be the only viable one."He represents reform and a return to a normal economy, whereas the allies lack
'c7b2a91f21c8b778fbb7f604b5a61470406d9669'|'EU banking watchdog says little sense in merger with insurance counterpart'|'  4:51pm BST EU banking watchdog sees few benefits from merger with insurance counterpart Chairperson of European Banking Authority (EBA) Andrea Enria attends a debate with the European Parliament''s Economic and Monetary Affairs Committee in Brussels, Belgium September 26, 2016. REUTERS/Yves Herman By Huw Jones - LONDON LONDON The European Union''s banking watchdog said a merger with its insurance counterpart would yield few savings as staffing was already cut to the bone in core areas. The European Banking Authority (EBA) said a suggestion by Brussels that it should be merged with the European Insurance and Occupational Pensions Authority (EIOPA) in Frankfurt was "unlikely to create significant synergies in the core business" of regulation and supervision. The European Commission has held a public consultation on the future shape of financial supervision in the EU, made more urgent now that the City of London, the bloc''s biggest financial market, will be outside the EU in 2019. The Commission aired a "twin peaks" model of centralising capital requirements for banks and insurance at a merged EBA/EIOPA in the German financial capital. Finance industry conduct would be overseen by the European Securities and Markets Authority (ESMA) in Paris. EBA said there could be savings from a merger in areas where it is understaffed, such as in economic analysis and data management. "However, no material benefit in terms of reduction of costs in corporate functions is envisaged, as resources in these areas are already very slim," EBA Chairman Andrea Enria said in a letter to the Commission. EIOPA said in its response that changes to the supervisory set-up should be assessed "carefully to ensure the continuation of an effective holistic and integrated approach". The London-based EBA must move to another EU state in any because of Brexit and several countries are jostling to become its new home. German Chancellor Angela Merkel said on Wednesday that Frankfurt was entitled to host the EBA because it was already a major financial centre. "(We feel) predestined to host the European banking supervisor because with Frankfurt, we already have a proper centre," Merkel told a banking conference in Berlin. In its response to the Commission''s consultation, ESMA said it wanted a string of new powers, while the EBA and EIOPA called for generally modest additions to their armoury. The EBA said that since the Frankfurt-based European Central Bank, which has far greater resources, began supervising banks in the euro zone, the watchdog has suffered a "loss of visibility." "Such arrangements might be reconsidered, as they generate an artificial disconnect between regulatory and supervisory functions," Enria said. (Reporting by Huw Jones; Editing by Toby Chopra and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-banks-regulations-idUKKBN18R1XE'|'2017-05-31T21:41:00.000+03:00'
'ef0cee7c79455ed9c0bf9ae6a6e8aed46569a696'|'EU securities watchdog wants new powers post Brexit'|'  5:39pm BST EU securities watchdog wants new powers post Brexit Steven Maijoor, Chair of the European Securities and Markets Authority, attends a policy dialogue during the Asian Financial Forum in Hong Kong, China January 18, 2016. REUTERS/Bobby Yip By Huw Jones - LONDON LONDON The European Union''s securities watchdog wants new powers over clearing houses, credit rating agencies and some financial benchmarks that operate in the EU but are based outside the bloc, as Brexit ushers in fundamental changes to markets. The European Securities and Markets Authority (ESMA) said on Tuesday that clearing houses, which are currently supervised by national regulators, warrant strengthened and potentially centralised supervision in the EU. It was responding to a European Commission consultation on whether changes are needed to financial supervision in the EU. The powers ESMA wants stop short of creating a European Securities and Exchange Commission, but would significantly beef up EU-level supervision. The watchdog said Brexit, which will remove Europe''s biggest financial market from the bloc, and efforts by the EU to build a capital markets union (CMU) meant reform is needed. "It will be important to find a new balance to foster the single market, reduce barriers, and avoid regulatory and supervisory arbitrage among jurisdictions," ESMA Chairman Steven Maijoor said in a letter to the Commission, and made public on Tuesday. Brussels is due next month to publish a draft law on supervision of clearing euro-denominated transactions after calls from EU policymakers for this activity, which London dominates, to be moved to the euro zone due to Brexit. ESMA said that while there were "divergent views" among its board members over the best approach to supervising clearing houses, it could be based on some form of "pooled expertise at EU level". ESMA also said centralised supervision of clearing could be "complemented" by a role for central banks, without elaborating. ESMA last month proposed tougher conditions on the use of credit ratings compiled outside the bloc, potentially making it harder for rating agencies in Britain to offer their services in the EU after Brexit. On Tuesday it went further, calling for powers to directly supervise credit rating agencies as well as clearing houses, trade repositories and major market indices or benchmarks that are active in the EU but based outside the bloc - again making Britain a focus as London-based firms are major players. Major benchmarks and market data providers based inside the EU should also be regulated directly by ESMA, it said. The watchdog called for a bigger role in endorsing new global accounting rules for use in the EU, thereby limiting the bloc''s existing advisory group to "purely technical advice". Patrick de Cambourg, head of French accounting standards body ANC, said in a separate letter to the Commission that he opposed giving ESMA more say over book-keeping rules because the advisory group was itself reformed only two years ago. ESMA also said it wants powers to suspend financial rules in the EU on a temporary basis, similar to the "no action" letters U.S. regulators can send financial firms when a deadline for compliance has no chance of being met. It will be up to the European Commission to propose any legislative changes, which would need approval from the European Parliament and EU states. (Reporting by Huw Jones, editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-markets-regulator-idUKKBN18Q20R'|'2017-05-31T00:39:00.000+03:00'
'a62771bd0c3d020efdad9b8b12a941ca01624f69'|'FTSE stay below record high as sterling inches up; IAG falls'|'Top   7:27pm BST FTSE slips from record as sterling inches up; IAG falls The London Stock Exchange building is seen in central London September 24, 2009. REUTERS/Stephen Hird By Danilo Masoni - MILAN MILAN British blue chips eased from record highs on Tuesday as sterling recouped some of last week''s losses less than two weeks before a general election that will shape talks for the country''s exit from the European Union. The FTSE 100 .FTSE was down 0.3 percent as it reopened after a long holiday weekend, while mid-caps .FTMC were 0.2 percent lower. The blue chip index hovered just below the record high hit on Friday after a run aided by a fall in the pound since Britain''s vote in June last year to exit the EU. Sterling''s bounce on Tuesday weighed on dividend-paying exporters that most benefit from the currency''s weakness. "Investors have returned after a long weekend to fresh economic concerns for the euro zone - centred on problem countries Greece and Italy, continuing whispers of Russian collusion within the Trump administration, and the ever-tightening UK election race," said Henry Croft, a research analyst at Accendo Markets. Polls taken since the opposition Labour Party and May''s Conservatives released their election manifestos have shown Labour catching up, worrying investors and pushing the pound down almost 2 cents last week. Sterling recovered some of those losses on Tuesday weighing on shares of heavyweights such as British American Tobacco ( BATS.L ), Shire ( SHP.L ) and Imperial Brands - all of which make most of their revenues outside the UK. The three were the biggest drags on the FTSE 100 on the day. Meanwhile, British Airways owner IAG ( ICAG.L ) ended the day down 1.4 percent, among the top fallers on the index despite some of its earlier losses through the afternoon session. It was the first trading for the stock following massive weekend disruption to flights due to an IT outage. "British Airways faces all kinds of questions in the wake of its IT failure and investors are rightly turning a bit cautious. It''s estimated that the cost of the fiasco might be around 100 million euros, or around 5 percent of pre-tax profits this year," said ETX Capital Neil Wilson. The contrast between full service airlines and their lower cost rivals was brought sharply into focus as Ryanair ( RYA.L ) shares ended the day up 3.7 percent after reporting record annual profits. easyJet ( EZJ.L ) shares rose 1 percent. Commodity stocks provided some support to the blue chip index with heavyweight oil major BP ( BP.L ) up 0.2 percent and miner Glencore ( GLEN.L ) rising 0.8 percent. The FTSE is up around 5 percent this year compared to the 10 percent rise for euro zone stocks .STOXXE. UK bluechips got a favourable vote from JPMorgan''s recommendation that investors buy shares of large, dividend-paying exporters. Strategists at the U.S. bank said it expected sterling''s appreciation against the dollar to halt and UK stocks to claw back some of their underperformance against global peers. "We think UK is becoming interesting in the regional allocation again," JPMorgan strategists said in a note, upgrading the country''s stocks to neutral. (Reporting by Danilo Masoni; editing by Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN18Q0Y2'|'2017-05-30T18:10:00.000+03:00'
'1fc34b6b41f75e4d90493dadb34345273d97d299'|'BRIEF-Arkin Communications reports 13.32 pct stake in Urogen Pharma Ltd as on May 4, 2017'|'Funds  58am EDT BRIEF-Arkin Communications reports 13.32 pct stake in Urogen Pharma Ltd as on May 4, 2017 May 30 Arkin Communications Ltd: * Arkin Communications Ltd reports a 13.32 percent stake in Urogen Pharma Ltd as on May 4, 2017 - sec filing Source text ( bit.ly/2qxuprm )   May 30 London Stock Exchange (LSE) has agreed to buy Citigroup''s fixed-income analytics platform and index business for $685 million in cash, the companies said  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-arkin-communications-reports-idUSFWN1IW0O6'|'2017-05-30T20:58:00.000+03:00'
'16f4d93b752f0be1871f6f9de4136cd33a7f8509'|'Norwegian Air adds Rome to growing list of long-haul, low-cost destinations'|' 04am BST Norwegian Air adds Rome to growing list of long-haul, low-cost destinations Parked Boeing 737-800 aircrafts belonging to budget carrier Norwegian Air are pictured at Stockholm Arlanda Airport March 6, 2015. REUTERS/Johan Nilsson/TT News Agency By Alana Wise - NEW YORK NEW YORK Norwegian Air Shuttle ASA on Wednesday announced plans to introduce flights from three U.S. cities to Rome, increasing the competition U.S. and European carriers face from low-cost rivals on transatlantic flights. Introductory prices for the new routes to Rome''s Leonardo Da Vinci-Fiumicino Airport start in November at $189 one way, taxes included. Nonstop flights for the same time period found on Google flights start at $2,694. The flights, from airports in Newark, New Jersey, Los Angeles and Oakland, California, are the latest instance of low-cost carriers expanding their presence in Europe and the United States, and increasing pressure on their larger competitors to consider restricted cheaper fares and redesigned cabins to compete on routes across the Atlantic. <20>Rome is one of the top tourist destinations in the world, and a favourite among Americans, so it was an obvious choice for us as we continue to expand our transatlantic presence,<2C> Norwegian Chief Commercial Officer Thomas Ramdahl   <20>More U.S. routes mean we will create more American jobs and offer American travellers even more affordable fares.<2E> The emphasis on creating American jobs is an important point for the budget Scandinavian carrier, which in December received long-awaited U.S. approval from the outgoing Obama administration for its Irish subsidiary Norwegian Air International to operate routes across the Atlantic. Airlines and labour groups in the United States had asked the administration to deny the request, arguing that it would undermine wages and working standards. U.S. carriers and unions had hoped for a more hostile environment from President Donald Trump''s administration toward foreign competition on routes, but the administration has hinted towards an interest in foreign airlines<65> use of American products and workers. Service from Newark Liberty International Airport will launch on Nov. 9. Los Angeles International Airport to Rome flights will begin on Nov. 11, and flights from Oakland International Airport will begin February 2018. The carrier also announced on Wednesday plans to expand its service to the French Caribbean, launching nonstop service beginning in October to Guadeloupe and Martinique from Providence, Rhode Island<6E>s T.F. Green Airport. (Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-norweg-air-shut-rome-idUKKBN18R10V'|'2017-05-31T17:04:00.000+03:00'
'0154e3370b74e8915d0ff96185025777b038cf73'|'UPDATE 1-HGGC to buy majority stake in Idera, values firm over $1 bln'|'(Adds company statement)By Liana B. BakerSAN FRANCISCO May 31 HGGC has agreed to take a majority stake in database software firm Idera, valuing the company at roughly $1.125 billion including debt, the private equity firm said in a statement.Software that maintains databases, part of the broader enterprise technology market, has become a favorite of private equity firms looking for steady revenue streams.Boston-based TA Associates, which previously controlled Idera, will keep a significant minority stake in the company, the statement said.HGGC, TA Associates and company management will contribute equity of about $400 million to $450 million as part of the deal, while Jefferies will provide roughly $700 million in financing, according to sources familiar with the matter.HGGC, based in Palo Alto, California, was co-founded by former National Football League''s San Francisco 49ers star Steve Young.Young said in a statement that HGGC is excited to become an investor in Idera since it has executed an "aggressive acquisition strategy" and "strong organic growth."The investment includes a pending acquisition of an unnamed company that Idera has made in recent months.Idera provides database software for businesses in a variety of industries from education to government and makes tools to help employees monitor and test databases. It competes with CA Inc and BMC Software, which is now private and owned by private equity firms Bain Capital and Golden Gate Capital.TA Associates acquired the Houston, Texas based company for an undisclosed sum in 2014.HGGC''s previous investments include marketing technology firm Etouches, an automated marketing software company called Selligent and FPX, software that helps tech companies price their products. It closed an $1.84 billion fund last year, its third buyout fund to date.William Blair advised Idera. HGGC was advised by Jefferies LLC and Kirkland & Ellis LLP. (Reporting by Liana B. Baker in San Francisco; Editing by Cynthia Osterman and David Gregorio)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/idera-ma-hggc-idUSL1N1IX162'|'2017-05-31T20:57:00.000+03:00'
'bb3b031b5ede56c6db0fe14b682e094e25f21589'|'China''s Zhong An aims to raise at least $1 bln in Hong Kong IPO -sources'|'* Zhong An resumes HK IPO plan; aims to list in H2 -sources* Online insurer aims to file for HK IPO in coming weeks -source* Hoped-for domestic IPO unlikely in near-term as reforms slow* Still considering domestic listing in long-term -sourceBy Julie ZhuHONG KONG, May 31 Zhong An Online Property and Casualty Insurance, China''s first online-only insurer, has resumed a plan to raise $1 billion or more in a Hong Kong initial public offering (IPO) in the second half of this year, said two people with knowledge of the matter.Zhong An, whose major shareholders include Tencent Holdings Ltd and Alibaba Group Holding Ltd affiliate Ant Financial, plans to apply for listing in the coming weeks, said one of the people, who declined to be identified as the matter is confidential.The Shanghai-based insurer chose Credit Suisse, JPMorgan and UBS in October to lead the IPO, but later suspended the plan to explore a mainland listing.The following February, Reuters reported that the mainland securities regulator was considering streamlining the IPO approval process for large domestic technology firms, such as Zhong An.But lack of progress on the matter prompted Zhong An to opt for Hong Kong, though it would prefer to list in mainland China, one of the people said."Zhong An has always wanted to list at home but given an A-share IPO is unlikely in the short-term, the company has to come back to Hong Kong to go public and raise fresh capital to expand its business first," said the person, referring to a class of shares on the Shanghai and Shenzhen stock exchanges."A domestic listing later is certainly under consideration," the person told Reuters.The China Securities Regulatory Commission (CSRC) has also appeared to slow its IPO process, with seven approvals last week versus a weekly average of 10 in recent months. As of Friday, applications to list in Shanghai or Shenzhen numbered about 600.Zhong An and UBS declined to comment. Credit Suisse and JPMorgan did not respond to requests for comment.HK COUPA Zhong An IPO would be a coup for the Hong Kong stock exchange which has struggled to attract technology listings due to strict profitability and voting rights requirements, bourse Chief Executive Charles Li said this month.Hong Kong famously lost out to New York on Alibaba''s 2014 record IPO, sparking a broader debate about the bourse''s listing rules.Zhong An was founded in November 2013 by Alibaba Executive Chairman Jack Ma, Tencent Chairman Pony Ma and Ping An Insurance Group Co of China Ltd Chairman Ma Mingzhe.It offers more than 300 niche products, many of which are low-cost, including policies covering flight delays, cracked mobile phone screens and shipping costs for returning goods bought online.Ant Financial and Ping An declined to comment. Tencent did not respond to requests for comment. (Reporting by Julie Zhu; Additional reporting by Elzio Barreto; Editing by Michelle Price and Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/zhongan-ipo-idINL8N1IV13O'|'2017-05-31T08:36:00.000+03:00'
'3804320901aab5251ef18021cdb17b293ed48bbb'|'Saudi British Bank picks Goldman for Alawwal merger advice: sources'|'By Tom Arnold and Saeed Azhar - DUBAI DUBAI Saudi British Bank ( 1060.SE ) (SABB) has appointed U.S. investment bank Goldman Sachs ( GS.N ) to advise on a proposed merger with fellow Saudi Arabian lender Alawwal Bank ( 1040.SE ), sources familiar with the matter said.SABB, which is 40 percent owned by HSBC Holdings ( HSBA.L ), and Alawwal said on April 25 they had agreed to start talks on a merger that could create the kingdom''s third biggest bank with assets of nearly $80 billion.SABB and Goldman Sachs declined to comment on Wednesday.Alawwal, which is 40 percent owned by Royal Bank of Scotland ( RBS.L ), has selected JPMorgan ( JPM.N ) as its adviser on the deal, Reuters reported on May 29.Goldman Sachs, which is seeking a license to trade Saudi stocks, has worked on six merger and acquisition deals in the kingdom since 2007 prior to the bank merger, according to Thomson Reuters data.Most recently it advised Rowan Companies in 2016 on the formation of a joint venture with Saudi Arabian state oil giant Saudi Aramco to own, operate and manage offshore drilling rigs in the country.Although the time frame for the bank merger has yet to be agreed, one of the sources told Reuters on May 29 that the accounts of the two banks could be consolidated by the end of 2017, though the merger would take longer.RBS has been trying sell its stake in Saudi Hollandi Bank, renamed Alawwal Bank in November, for several years and Reuters reported in November that it had hired Credit Suisse for the process. But restrictions on selling to a foreign buyer were one of the reasons why it failed then, sources said at the time.Instead, a merger of Alawwal with a larger rival should allow it to sell its stake more easily, analysts say.RBS and Alawwal have several common shareholders. Saudi''s Olayan family holds 21.76 percent of Alawwal Bank and 16.98 percent of SABB while the Saudi government owns 10.50 percent of Alawwal Bank and 9.74 percent of SABB, according to Thomson Reuters data.(Reporting by Tom Arnold and Saeed Azhar; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sabb-m-a-alawwal-bank-idINKBN18R10D'|'2017-05-31T06:49:00.000+03:00'
'4fc12c330ba74c85b5bf71161d735988a61fcfd8'|'Germany''s Vapiano plans IPO to expand restaurant chain'|'FRANKFURT German-owned Vapiano SE is planning an initial public offering this year to raise 85 million euros ($95 million) to help fund the expansion of its Italian-themed restaurants.Vapiano has 185 restaurants in more than 30 countries and plans to increase this to 330 by the end of 2020. It also wants to develop its take-away food and home delivery businesses."Italian is the only global cuisine," CEO Jochen Halfmann told Reuters in a recent interview.Vapiano positions itself in the expanding "fast-casual" dining segment, between fast food chains such as McDonald''s and Burger King and more formal, full-service restaurants. The sector has grown most prominently in the United States through the likes of Panera Bread ( PNRA.O ).Vapiano had sales of 460.4 million euros in 2016 and generated EBITDA of 28.6 million euros.The offering values the company at about 600 million euros, people close to the matter said.Vapiano opened its first restaurant in Hamburg in 2002.It counts some of Germany''s richest people among its major shareholders. They include Guenter Herz, the former owner of retail chain Tchibo, and Hans-Joachim Sander, a former owner of shampoo group Wella.Existing investors would also sell some shares when the lisiting goes ahead.CEO Halfmann took charge of Vapiano, which is based in Bonn, in 2015. He began his career in retail at companies including German perfume chain Douglas GmbH.The market for new IPOs in Germany has been stagnant, despite a resurgence in new listings globally.German engineering group Aumann, which makes parts for electric car and bicycle engines, reaped 63 million euros in proceeds from the sale of new shares, which it wants to spend on additional production capacity.People close to the matter said last week that online food takeaway firm Delivery Hero is set to float before the summer break in a deal valuing one of Europe''s biggest start-ups at up to 4 billion euros ($4.5 billion).Barclays, Berenberg and Jefferies are acting as joint global coordinators for the Vapiano IPO, together with Unicredit as joint bookrunners. Lazard & Co. GmbH is Vapiano''s financial adviser.($1 = 0.8939 euros)(Reporting by Tom Sims and Arno Schuetze; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vapiano-ipo-idINKBN18R10L'|'2017-05-31T07:00:00.000+03:00'
'9b7ecbc1920dfd054437bc3401042e16820573a3'|'Berlin urges Linde to consider workers'' views in Praxair merger'|'By Georgina Prodhan and J<>rn Poltz - FRANKFURT/MUNICH FRANKFURT/MUNICH A crack has appeared in German labor opposition to Linde''s ( LING.DE ) proposed merger with U.S. peer Praxair ( PX.N ), three people familiar with the deal told Reuters, making it likely that the $73 billion deal will be approved on Thursday.One Linde labor representative on the supervisory board may not vote with the other five against the merger, the people said on Wednesday, meaning that the vote will probably be carried by the six shareholder representatives on the board.The all-share merger of equals is intended to create a market leader that will overtake France''s Air Liquide ( AIRP.PA ), in what is likely to be the last major deal in an already highly consolidated industry."It seems there is not complete unity at the moment," one of the people said, citing uncertainty over how Frank Sonntag, head of the works council at Linde''s Dresden engineering plant, would vote on Thursday.The other labor representatives including trade unions fiercely oppose the merger because they fear a dilution of the influence they enjoy under German law since the headquarters of the new company is set to be in another European country.But the struggling Dresden plant whose workers Sonntag represents is vulnerable to closure if the deal does not go ahead. The framework merger agreement includes a five-year job guarantee for German workers.Sonntag''s secretary earlier said Sonntag did not want to comment on the upcoming supervisory board meeting. Later calls to his office were not returned.Like all German companies above a certain size, Linde''s board of directors has equal representation of labor and capital interests.Imposing decisions such as a major merger without the agreement of workers is rare. Linde Chairman Wolfgang Reitzle has said repeatedly he would be reluctant - although prepared - to force it through without a consensus.Securing one abstention from a labor representative could spare him the necessity to use his casting vote.The proposed all-share merger of equals still also requires approval by Praxair''s shareholders and boards.German Economy Minister Brigitte Zypries earlier urged Linde not to force the deal through against the will of workers."The proposed merger of Linde and Praxair requires the employees to accept it because a takeover cannot work well without the complete support of the workforce," Zypries said in a statement.She said she supported a call for mediation by Michael Vassiliadis, head of trade union IG BCE."The aim of all participants should be to get a broad consensus. Every day without common communication damages the company and so jobs," the minister said.Zypries is a member of the Social Democratic Party, which has strong ties to the trade unions. Federal elections will be held in Germany this September.(Additional reporting by Gernot Heller in Berlin; Writing by Georgina Prodhan and Michelle Martin; Editing by Keith Weir and Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-linde-m-a-praxair-minister-idINKBN18R1D7'|'2017-05-31T09:02:00.000+03:00'
'670c99da0df49878b094a50bcff883973e6fea16'|'UPDATE 1-Antofagasta sells solar park stake in Chile, calls for power auction'|'SANTIAGO Chilean mining company Antofagasta Minerals has sold its minority stake in a solar park in northern Chile, and will launch a power auction for one of its copper mines, the company said on Tuesday.The firm said in a statement it had agreed to sell its 40 percent stake in the 69.5-megawatt Javiera solar park in north-central Chile to Atlas Renewable Energy, a Latin America-focused solar platform launched in March by English private equity fund Actis.Antofagasta participated in the park through EnergiaAndina, a joint venture with Australia''s Origin Energy. Javiera was originally constructed by now-bankrupt SunEdison, and is now 100 percent owned by Atlas."Atlas is pleased to conclude another important acquisition to grow its footprint in Chile, with long-term contracted projects with high quality offtakers," the company''s chief executive, Carlos Barrera, wrote in an email. "We''re looking forward to explore further growth opportunities in the region."Antofagasta did not disclose a price for the sale but said that as part of the transaction, it had renegotiated the prices of the energy produced by the park.Javiera signed an agreement in 2014 to provide power at a fixed price to Antofagasta''s Los Pelambres copper mine. Power prices in the area have since dropped precipitously, meaning the terms of energy contracts inked by large mines in previous years are now largely unfavorable."This decision takes place in the context of Antofagasta Minerals reducing costs and focusing on the business that we best know: copper production," Antofagasta CEO Ivan Arriagada said in a statement.Antofagasta also said it would launch a request for tenders in the coming days to provide energy to its Zaldivar mine in Chile starting in 2020.The auction is likely to draw interest from an array of domestic and international energy companies that have flooded into the South American nation in recent years.(Reporting by Gram Slattery; Editing by Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-antofagasta-actis-idUSKBN18Q2H1'|'2017-05-31T06:14:00.000+03:00'
'7fe5aa1df5e2605fa3031cd257703677eb98425c'|'Exclusive - ECB to discuss closing door to extra stimulus next week: sources'|'Business News   12:50pm BST Exclusive: ECB to discuss closing door to extra stimulus next week - sources The headquarters of the European Central Bank (ECB) (R) is seen next to the famous skyline in Frankfurt, Germany, April 9, 2017. REUTERS/Kai Pfaffenbach By Balazs Koranyi and Francesco Canepa - FRANKFURT FRANKFURT European Central Bank policymakers are set to take a more benign view of the economy when they meet on June 8 and will even discuss dropping some of their pledges to ramp up stimulus if needed, four sources with direct knowledge of the discussions told Reuters. With economic growth clearly shifting into higher gear, rate setters are ready to acknowledge the improvement by dropping a long-standing reference to downside risks in the bank''s post-meeting opening statement, calling risks largely balanced, the sources said. Growth indicators have been outperforming expectations all year. But they disagree on how quickly the ECB should change its policy stance, including its guidance, with countries on the currency bloc''s periphery fearing that a sharp shift in its communication could induce self-defeating market turbulence, they added. "After the French election the political risk is clearly down and economic indicators are by and large positive, so it''s time to acknowledge this," said one Governing Council member who declined to be named. Having fought off the threat of deflation with years of extraordinary stimulus, the debate within the ECB is shifting to the pace of normalization, pitting doves who want incremental changes against conservatives who fear that the ECB could miss its cue, forcing more abrupt moves later. "The positive environment has been relatively short compared to the long periods of crises we had," another source said. "It wouldn''t be responsible to base a major policy shift on such a short upswing." A key debate at the June 8 meeting is likely to be whether the bank should ax all or part of its so-called easing bias, a pledge keep rates at their current or lower levels for an extended period and to increase the volume of asset buys if the outlook worsens. Though many investors expect a decision on this, the sources said that this was far from certain. "This will be the first time we discuss this so I don''t necessarily expect a decision," another source said. Indeed, ECB chief Mario Draghi signaled caution on Tuesday, arguing that due to weak underlying inflation, he was firmly convinced that an "extraordinary amount" of monetary policy support is still needed. Inflation figures due on Wednesday are expected to show a dip in both headline and underlying price growth, potentially easing pressure on the ECB. The ECB declined to comment. Though ECB decisions require a simple majority, votes are not always taken and decisions normally enjoy a full or near consensus. GRADUALISM The split among policymakers has become evident even within the six-member Executive Board, putting top allies of Draghi in different camps. Chief Economist Peter Praet has warned that even incremental changes in communication could send strong signals, while Vice President Vitor Constancio argued that it is better for the ECB to be late rather than early in removing stimulus. But board member Benoit Coeure has noted that too much gradualism bears the risk of a larger market correction down the road, highlighting the risk of market expectations becoming detached from the bank''s guidance. "Everybody knows we won''t cut rates, so formally acknowledging that should cause no ripples," one of the sources said. "There is a credibility problem when your signals are very different than what the market expects. We''re not yet there but it''s a risk." Removing the reference to further rate cuts could risk strengthening the euro, a problem as the currency has already gained more than 5 percent since mid-April against the dollar. While the ECB does not have an exchange rate target, a continued rise would hur
'83978a556bfcf5aaddaadb5f5965de81bedc5a40'|'MOVES-Deutsche Bank hires Jeffrey Mensch as managing director for M'|'Market  47am EDT MOVES-Deutsche Bank hires Jeffrey Mensch as managing director for M&A May 30 Deutsche Bank AG appointed Jeffrey Mensch to its M&A team as a managing director. He joins from billionaire Ron Perelman''s investment company MacAndrews & Forbes (M&F), where he was senior vice president in the finance department for three years. Mensch, based in New York, will join Deutsche Bank in early June. He will report to Charlie Dupree, head of M&A, the Americas. Prior to M&F, he spent seven years at Evercore and UBS. Mensch''s hire as managing director is the seventh Deutsche Bank has made for the Americas corporate finance team this year and second for M&A. (Reporting by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deutsche-bank-moves-jeffrey-mensch-idUSL3N1IW2RT'|'2017-05-30T21:47:00.000+03:00'
'8b4c1bbfbc0d96d67bc4df36a73389759f33ffd7'|'Increasing top tax rate to 49.5% a penalty on success, Malcolm Turnbull says - Business'|'Malcolm Turnbull will use a speech to an economic thinktank on Wednesday to argue that increasing the top personal tax rate to 49.5% is a penalty on success and to insist that his government<6E>s budget stuck to Liberal values.The prime minister will use a speech to the Committee for the Economic Development of Australia on Wednesday morning to argue that governments cannot <20>reduce inequality of opportunity by putting up barriers that stop people getting ahead<61>.Budget 2017: Coalition 2.0 reboots in bid to jolt a political recovery - Katharine Murphy Read more Turnbull will blast Labor policies , which include increasing the Medicare levy for workers in the top two tax brackets, and keeping the current 2% deficit levy on earnings above $180,000 <20> which would put the top tax rate at 49.5%.He will say the last time the top tax rate plus the Medicare levy was higher than Labor<6F>s current proposal was back in 1988-89, when it was 50.25%.Turnbull will argue that a tax rate at that level undermines <20>aspiration and fairness, while worsening incentives and economic efficiency<63>.<2E>Returning to that bygone era would send a very poor signal to all Australian workers: don<6F>t bother trying to earn just over two times average full-time weekly earnings,<2C> Turnbull will say.<2E>Because once you do, half of every additional bit of effort; half of every extra hour you work; half of every new idea you generate <20> indeed, half of your extra perseverance, determination and enterprise <20> belongs to the government.<2E>In a speech designed to contrast his government<6E>s aspirational philosophy with Labor<6F>s current inclination toward redistribution, the prime minister will argue that if Australians recognise the principle that we are all born equal <20>then surely it follows that everyone deserves an equal chance of improving their stocks in life<66>.<2E>One of the marks of an advanced society and a developed, well-functioning economy, is that each generation strives to improve on the last, and has a good chance of doing so.<2E>Liberals not only believe in this ideal, we believe that it is the government<6E>s duty to help enable it.<2E>You cannot reduce inequality of opportunity by putting up barriers that stop people getting ahead. Rather, these barriers entrench the wealth or poverty that people are born into.<2E>What more hopeless, defeatist principle could there be than the one that tells people they cannot aspire to outdo their parents? And what is more natural, more human, than do all we can as parents to ensure that they can?<3F>With opinion polls suggesting that the Turnbull government has not achieved a political dividend from a budget that attempted to reset the national debate, and shift the Coalition back towards the political centre, the prime minister will also use his speech to defend the direction of his government<6E>s economic statement.The high-taxing, high-spending May budget was characterised by many commentators as <20>Labor-lite<74>.Turnbull says bank levy rate won''t be increased once law is passed Read more Turnbull will acknowledge that Liberals prefer lower taxes <20>but we dislike unsustainable deficits and mounting debt even more<72>. He will say the government embarked on budget repair <20>while sticking to our values<65>.<2E>All of our new spending decisions were paid for by reducing spending elsewhere in the budget.<2E>With pitched political battles still in progress over key budget initiatives, Turnbull will argue that his government is funding schools, Medicare and the national disability insurance scheme in a sustainable manner. <20>Labor floats grand schemes, Liberals fund vital services.<2E><>This is the great modern test of political character, and it is one that Labor has failed,<2C> Turnbull will say.<2E>Only Liberal governments are able to deliver the services and quality of life that Australians have come to expect, and we won<6F>t make future generations pay for it.<2E>Topics Australian economy Tax Malcolm Turnbull Australian politics Australian budget 2017 
'4a2d1b8168ba69f841851af7fa8c3fc5a7ec1b88'|'Spanish fragrance maker Iberchem attracts private equity bids -sources'|'FRANKFURT/MADRID May 30 Spanish fragrance maker Iberchem has attracted first-round offers from several private equity groups in a deal potentially valuing the company at about 400 million euros ($448 million), people close to the matter said.The company''s owner, Madrid-based buyout group Magnum Capital Industrial Partners, is working with investment banking boutique PJT to find a buyer for the company it acquired in 2013.CVC, Bridgepoint and Charterhouse have handed in offers for Iberchem, which posted earnings before interest, tax, depreciation and amortisation (EBITDA) of 27 million euros last year, the sources said.Listed fragrance makers like Givaudan, Symrise or IFF, trade at 15-17 times their expected core earnings.Given its strong sales growth of 20 percent annually, Iberchem may be able to fetch a similar multiple, the sources added.Iberchem, founded in 1985 in Murcia, offers fragrances used in shampoos, detergents and air fresheners and in 2015 posted sales of 105 million euros.Magnum was not immediately available for comment, while PJT and the bidders declined to comment. ($1 = 0.8929 euros) (Reporting by Arno Schuetze and Andres Gonzalez; Editing by Georgina Prodhan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/iberchem-sale-idINL8N1IW3AK'|'2017-05-30T12:28:00.000+03:00'
'd65671ed085d399c22342f820b185cd099dda651'|'Dutch bank ING to move dozens more traders to London - report'|'  4:25pm BST Dutch bank ING to move dozens more traders to London - report FILE PHOTO: The logo of ING bank is seen at the entrance of the group''s main office in Brussels, Belgium, October 3, 2016. REUTERS/Francois Lenoir/File Photo AMSTERDAM Dutch bank ING Groep ( INGA.AS ) plans to move dozens of jobs, including corporate bond and commodities traders, from Amsterdam to London, the leading Dutch business newspaper reported on Wednesday. The Financieele Dagblad, citing internal documents, said 43 positions would be shifted to London. That comes on top of 36 positions that the bank said in October would be shifted to London. ING could not immediately be reached for comment. (Reporting By Anthony Deutsch; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-netherlands-ing-groep-jobs-idUKKBN18R2C5'|'2017-05-31T23:25:00.000+03:00'
'259696fb7cd55a18a6b343d1dd491c7015e586e9'|'Financial broker NEX''s CFO Bridges steps down'|' 28am BST Financial broker NEX''s CFO Bridges steps down UK-based financial broker NEX Group said its finance head, Stuart Bridges, had stepped down from the board and would leave the company later in the year. Samantha Wren, currently the chief commercial officer for NEX Markets, has been appointed to the role of chief financial officer, NEX Group said. Bridges, who joined NEX Group in 2009 when it was known as ICAP, took on the role of CFO in September 2015. NEX was known as ICAP before it sold its voice broking business to TP ICAP last year. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nex-group-cfo-idUKKBN18R0NC'|'2017-05-31T14:28:00.000+03:00'
'6e9111d8979145e61763d35f1c763a2f5883e6f4'|'Deutsche Bank gets Polish bank sale underway - sources'|'Banks  38pm BST Deutsche Bank gets Polish bank sale underway - sources Flags with the logo of Deutsche Bank are seen at the headquarters ahead of the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski WARSAW/FRANKFURT Deutsche Bank AG ( DBKGn.DE ) has begun the sale of parts of its Polish banking operations as the German lender offloads non-core assets and frees up capital, market sources told Reuters. Poland''s banking sector has seen a number of mergers and acquisitions, driven by tough competition, low interest rates and efforts by the country''s eurosceptic Law and Justice (PiS) party to curb what it saw as excessive foreign ownership. Polish state-controlled insurer PZU ( PZU.WA ) and investment fund PFR agreed to buy 33 percent of UniCredit''s Pekao PEO.WA, Poland''s second biggest bank, in December. And PZU''s Alior Bank ( ALRR.WA ) tried to buy the Polish unit of Raiffeisen Bank International ( RBIV.VI ), although talks ended and Raiffeisen now plans to list Raiffeisen Bank Polska, also known as Raiffeisen Polbank IPO-RBP.WA, on the Warsaw bourse. A deal involving Deutsche Bank Polska, Poland''s twelfth biggest lender in terms of balance sheet size, could be valued at at least $450 million (<28>350.5 million), the sources told Reuters. Deutsche will most likely split the business, selling portfolios of zloty-denominated mortgages, consumer loans and loans for small and medium firms, one source said. It will keep Swiss franc denominated mortgages, following the regulator''s demand that foreign investors exiting Poland have to keep hold of foreign exchange-denominated mortgages. But Deutsche might find it challenging to sell its Polish business due to its low profitability and the increased role of the state in the sector, which makes it difficult for smaller players to compete with big state-run rivals, the sources said. The Polish bank has suffered from record low interest rates, a bank tax and obligatory payments to a guarantee fund and it has closed its Polish brokerage unit. "The teasers have been already sent, we are at the stage of unbinding offers now," one source said, with reference to the sales documents circulated to prospective buyers. The price tag could be between 1.7 and 1.8 billion zlotys (<28>356 million - <20>377 million), the source said, while another valued the assets at more than 400 million euros (<28>350 million). Potential bidders could include Deutsche Bank''s fellow German lender, Commerzbank ( CBKG.DE ), which owns mBank MBK.WA Poland''s fourth largest, Spain''s Santander ( SAN.MC ) the owner of local No.3 bank BZ WBK BZW.WA and the Polish unit of Portugal''s Millennium BCP ( BCP.LS ), the sources said. Deutsche Bank, Commerzbank, BZ WBK, and Santander declined to comment, while Millennium in Poland was not immediately available to comment. (Reporting by Agnieszka Barteczko, Anna Koper, Marcin Goclowski, Marcin Goettig in Warsaw, Arno Schuetze in Frankfurt and Jesus Aguado in Madrid; writing by Agnieszka Barteczko; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-poland-sale-idUKKBN18R1HT'|'2017-05-31T19:38:00.000+03:00'
'4f1a47aaa71964afddd73aa36e4b08589dc444f0'|'EU watchdog issues licensing guide for Brexit rush of financial firms'|'  1:24pm BST EU watchdog issues licensing guide for Brexit rush of financial firms FILE PHOTO: Steven Maijoor, Chair of the European Securities and Markets Authority, attends a policy dialogue during the Asian Financial Forum in Hong Kong, China January 18, 2016. REUTERS/Bobby Yip By Huw Jones - LONDON LONDON The European Union''s securities watchdog has published guidance to stop national supervisors from competing unfairly with each other to woo financial firms in a post-Brexit rush from Britain. Dublin complained to Brussels that rival financial centres were offering a "back door" to the EU''s single market through lax rules. In response to such concerns, the European Securities and Markets Authority (ESMA) said on Wednesday that national regulators need to prepare for greater demand for licences as financial firms in Britain seek to relocate to an EU of 27 countries after Britain''s departure in 2019. Britain is the EU''s biggest financial market and firms there may need to shift operations to continue serving customers within the bloc. "The EU27 have a shared interest in building a common approach to dealing with relocating firms that wish to continue to benefit from access to EU financial markets," ESMA Chairman Steven Maijoor said in a statement. "Firms need to be subject to the same standards of authorisation and ongoing supervision across the EU27 to avoid competition on regulatory and supervisory practices between member states." The guidance is non-binding but has the backing of ESMA''s board, making it harder for a member state''s regulator to ignore. Securities regulators authorise mutual funds, hedge funds, investment firms and trading operations. The guidance sets out nine principles that tell regulators to start from scratch when asked for a licence by a British financial firm. There should be "no automatic" recognition of authorisations granted by UK regulators, ESMA said. This contrasts with the European Central Bank (ECB), which will accept UK authorisations for parts of a bank for a certain period to speed up licensing. ''STRICT CONDITIONS'' ESMA said that regulators should not authorise "letter box" entities that have few staff or operations. Outsourcing or delegation of operations to Britain should be allowed only "under strict conditions", it said, taking a similar stance to the ECB. "Market participants wishing to engage in outsourcing or delegation remain fully responsible for the tasks or functions that are outsourced or delegated," ESMA said. London-based Aquis Exchange, a share-trading platform looking to open an EU subsidiary after Brexit, is being wooed by several national regulators, CEO Alasdair Haynes said. "I do think there are potential deals people are offering and there is nothing in the ESMA principles that would prevent anything going forward based on proper regulation and good governance," Haynes told Reuters. The aim of ESMA''s guidance is to stop national regulators seeking to attract new affiliates by allowing them to outsource or delegate a large volume of activity, such as an EU broker-dealer''s subsidiary booking trades at a central hub in London to cut costs. The EU''s insurance watchdog is due to publish similar guidance to national watchdogs. The ECB has already published guidance on what banks can expect when applying for a banking licence in the euro zone. ESMA said it would develop more specific guidance for asset managers, investment firms and secondary markets. (Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-markets-regulations-idUKKBN18R13Z'|'2017-05-31T17:31:00.000+03:00'
'c9f54ea6ab44b480e2a01b55727c8d08a18609f2'|'Japan lender SMFG eyeing M&A in asset management, banking for growth'|'TOKYO Japanese lender Sumitomo Mitsui Financial Group (SMFG) ( 8316.T ) is looking to acquire asset management firms at home and abroad as well as commercial banks in emerging Asia to boost growth amid falling loan income and stricter bank regulation, its CEO said.Hobbled by tepid demand for cash from businesses amid weak economic growth for years, and more recently by negative interest rates, Japan''s major banks have been trying to boost their fee incomes by buying asset managers and funds-related service providers. They have also acquired stakes in lenders in places like Southeast Asia."As we look for ways to increase assets under management at Sumitomo Mitsui Asset Management (SMAM), we need to consider inorganic means," Takeshi Kunibe, CEO of Japan''s third-largest lender by assets, said in an interview.While SMFG is only now looking at acquisitions in asset management, Japan''s biggest lender Mitsubishi UFJ Financial Group ( 8306.T ) acquired a stake in Aberdeen Asset Management PLC ( ADN.L ) as far back as in 2008 and now owns about 17 percent in the British fund manager.And No. 2 Mizuho Financial Group ( 8411.T ) agreed in 2015 to buy a 16 percent stake in Matthews International CapitalManagement LLC, a U.S.-based, Asia-focused investment house.SMAM, the funds unit of SMFG, manages about 11.9 trillion yen ($107.2 billion) in assets. Kunibe did not give a target figure for AUM or types of asset management companies for potential acquisitions.The CEO said his bank has made its three-year business plan on the assumption that the central bank''s negative interest rate policy remains in place. "Very tough business conditions continue," he said.He said the banking industry also faces headwinds on the regulatory front, where global capital rules, called Basel III, require lenders to set aside more capital for risky assets such as loans.As a result, Kunibe said the bank''s total assets are unlikely to expand at the pace seen in the past 10 years, when they doubled to 200 trillion yen.Still, he said the bank is looking for growth opportunities in emerging Asia markets, with acquisitions of local commercial banks among its options.In Indonesia, SMFG spent a total of $1.5 billion in 2013 and 2014 to buy 40 percent of PT Bank Tabungan Pensiunan Nasional Tbk ( BTPN.JK ) (BTPN). "If we can get Indonesian authorities'' approval, we would like to raise our stake in BTPN," Kunibe said. He did not say whether the bank was actively pursuing a deal.SMFG is also looking to start retail and wholesale banking in a third Asian country, after similar operations in Indonesia and Vietnam, the CEO said, without disclosing details. It owns a 15 percent stake in Vietnam''s Eximbank EIB.HM.($1 = 110.9700 yen)(Reporting by Taiga Uranaka; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-smfg-strategy-idUSKBN18R29D'|'2017-05-31T19:12:00.000+03:00'
'4fed6d585c2eac33a29591be8c46d1b2fb515a6b'|'SPECIAL REPORT - ''Ghost collateral'' haunts loans across China''s banking system'|'By Engen Tham - SHANGHAI SHANGHAI The banker at the other end of the phone line was furious, recalled Shanghai lawyer Wang Chaoyu. A pile of steel pledged as collateral for a loan of almost $3 million from his bank, China CITIC, had vanished from a warehouse on the outskirts of the city.Just several months earlier, in mid-2013, Wang and the banker had visited the warehouse and verified that the steel was there. "The first time I went, I saw the steel," recalled Wang, an attorney at Beijing DHH Law Firm, which represents the Shanghai branch of CITIC ( 601998.SS ). "Afterwards, the banker got in contact with me and said, ''The pledged assets are no longer there.''"The trouble had begun in 2012, after CITIC loaned the money to Shanghai Hanning Iron and Steel Co Ltd, a privately held steel trader. Hanning failed to meet payments, according to a mediation agreement reviewed by Reuters, and CITIC took ownership of the steel. It was when CITIC moved to retrieve the collateral that the banker visited the warehouse and discovered that the 291-tonne pile of steel was no longer there, Wang said. The bank is still in court trying to recoup its losses.The missing collateral is a setback for CITIC. But it is indicative of a much wider problem that could endanger the health of China''s financial system <20> fraudulent or "ghost" collateral. When bank auditors in China go looking, they too often find that collateral recorded on the books simply isn''t there.In some cases, collateral that has been pledged simply doesn''t exist. In others, it disappears as borrowers in financial distress sell the assets. There are also instances in which the same collateral has been pledged to multiple lenders. One lawyer said he discovered that the same pile of steel was used to secure loans from 10 different lenders.With the mainland facing its slowest growth in over a quarter of a century, defaults are mounting as borrowers struggle to repay their loans. The danger of fraudulent collateral in this situation, say economists, is that it exacerbates the problem of bad debt for China''s banks, increasing the risk of financial turmoil.As growth slows, lenders can expect more nasty surprises, said Xin Qingquan, professor of accounting at Chongqing University. More instances of fake collateral will arise, he said.FAKE WAREHOUSE RECEIPTSOn May 24, Moody''s Investors Service downgraded China''s credit ratings for the first time in almost three decades. The ratings agency said it expects the financial strength of the economy will erode in the coming years as economic growth slows and debt continues to rise.The 2008 global financial crisis showed how the combination of lax lending standards and overvalued collateral can lead to disaster. The catalyst for that meltdown was the collapse in the value of housing in the United States that served as security for a mountain of highly leveraged lending, the so-called subprime mortgages.Now, banks in the world''s second-biggest economy face their own collateral risks. Fraudulent borrowers, corrupt bankers, poor risk assessment and a weak legal system are conspiring to load China''s financial system with loans lacking genuine collateral.A Reuters review of dozens of court cases involving collateralized loans and interviews with lawyers, regulators and 30 bankers in China reveal that fraudulent collateral <20> in the form of buildings, private apartments, copper and steel <20> is haunting loans across a wide swath of business and industry.The bankers interviewed by Reuters said they had encountered multiple methods by which loans were fraudulently secured, including the use of fake land certificates and bogus warehouse receipts. Most of the bankers said that kickbacks were prevalent, with loan officers turning a blind eye to the quality of collateral and knowingly accepting dubious and even fraudulent documents. Two of the bankers said they themselves had taken bribes to smooth the approval of loans.Overal
'd9ee7374129ebf2377984853b171b76b9c567c4e'|'Nestle investing in factories, creating 2,900 jobs in Latin America'|'By Rosalba O''Brien - SANTIAGO SANTIAGO Swiss-based food company Nestle SA is creating thousands of jobs and investing in new factories in Latin America as it looks to tackle social issues and shore up its position in one of its strongest markets, the regional head said on Tuesday.The maker of Kit Kat chocolate bars and Nespresso coffee is working with government officials in the four countries that are members of the Pacific Alliance trade group -- Chile, Mexico, Peru and Colombia -- to create 2,900 jobs for young people over three years and teach job-hunting skills."Our view on corporate responsibility is that to make it sustainable we have to do it in a way that is embedded in our business model. Integrating young people can help us shape our company at a time of digital revolution," the company''s Americas head Laurent Freixe said in an interview with Reuters on Tuesday in Chilean capital Santiago."We''re not proposing the jobs just to do good for society. Our business is developing and we have real needs."The initiative follows a similar project carried out by Nestle in Europe in recent years, where some countries are just beginning to recover from a youth unemployment crisis.The company employs some 60,000 people in roles ranging from factory operatives to veterinarians in Latin America.Although a recession in Brazil and commodities-driven slowdown throughout the region had an impact, Freixe said areas such as pet care and coffee offered potential growth as Latin America''s middle class expands."We have investments in many places. We are finalizing investments in pet food and infant nutrition in Mexico. We are discussing new sites (through the region)," he said, adding that the company was finalizing a new factory in southern Chile and that one slated for Cuba should be signed off by the end of the year.He said the United States, where sales have limped recently, did not yet show signs of recovery, with constrained wage growth crimping consumer spending."Consumption in the U.S. is subdued and will remain subdued in the near future," he said.Nestle, like many food companies, is working to reduce sugar, salt and saturated fat in its products to meet rising consumer demands for healthier food.While those demands have been louder in developed countries, emerging markets are also increasingly expressing concerns as obesity rates surge.Chile, for instance, demands manufacturers add stickers to food deemed high in calories and sugar. Freixe criticized the initiative for using 100 grams (3.5 ounces) as a portion size benchmark."There are many products where no one consumes that much," he said, adding that nutrition education was the key to tackling the obesity problem.(Reporting by Rosalba O''Brien; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/nestle-latin-america-idINKBN18R1TP'|'2017-05-31T11:04:00.000+03:00'
'11cbdf20e8aeb862e0f202f29e6c86b2448b2ba5'|'France''s Macron seeks review of STX shipyard sale to Fincantieri'|'Deals - Wed May 31, 2017 - 6:31pm BST France''s Macron seeks review of STX shipyard sale to Fincantieri From L-R, French President Emmanuel Macron, Mediterranean Shipping Company (MSC) Chairman Gianluigi Aponte and French Economy minister Bruno Le Maire are seen during a visit and christening of the MSC Meraviglia cruise ship at the STX Les Chantiers de l''Atlantique shipyard... REUTERS/Stephane Mahe SAINT-NAZAIRE, France French President Emmanuel Macron said on Wednesday he wanted to review the terms of a recent deal to sell a large stake in the STX France shipyard to Italian group Fincantieri. Speaking at the launch of a new cruise ship, Macron said the STX France''s shareholder structure should neither put jobs at risk nor jeopardize its capacity to win new business. "I want to see the initial balance agreed in April to be revised," Macron said, adding that he was nonetheless in favor of the tie-up with the Italian company. The government in place before Macron''s election as president earlier this month struck a preliminary deal in April for Fincantieri to acquire a 48 percent stake in STX France. The company is being sold off following the collapse of South Korean parent STX, but Fincantieri''s bid had raised fears for French jobs at the Saint-Nazaire site on the Atlantic Coast, as well as for French interests. France, which is to retain its 33 percent stake in STX France under the deal, had at one point contemplated nationalizing the firm and was reluctant to allow Fincantieri alone to hold more than 50 percent of the company. (Reporting by Guillaume Frouin; writing by Leigh Thomas; Editing by Laurence Frost)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-stx-m-a-fincantieri-idUKKBN18R2OG'|'2017-06-01T01:29:00.000+03:00'
'd7b4f8d47b70969ffd0f9a6e4cd022b00421f5e3'|'Deals of the day- Mergers and acquisitions'|'(Adds Linde, Deutsche Bank, Barclays, RHB Bank)May 31 The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Wednesday:** RHB Bank Bhd and AMMB Holdings Bhd (AmBank) will begin merger talks to create one of Malaysia''s biggest lenders, two sources familiar with the matter said.** Barclays shares rose around 2.5 percent in London after Sky News reported the British bank would sell a 1.6 billion pound ($2.1 billion) stake in its African business.** Deutsche Bank AG has begun the sale of parts of its Polish banking operations as the German lender offloads non-core assets and frees up capital, market sources told Reuters.** German Economy Minister Brigitte Zypries urged German industrial gases group Linde not to force through a planned $73 billion merger with U.S. peer Praxair against the will of German workers.** Saudi Aramco plans to build the Gulf''s largest shipyard through a joint venture with three companies that it announced, a $5.2 billion project aimed at helping reduce the economy''s reliance on oil.** Saudi British Bank has appointed U.S. investment bank Goldman Sachs to advise on a proposed merger with fellow Saudi Arabian lender Alawwal Bank, sources familiar with the matter said.** Mallinckrodt Plc is exploring a sale of its generic drug unit, in a deal that could fetch as much as $2 billion and help pivot the specialty pharmaceutical maker toward higher-margin branded drugs, according to people familiar with the matter.** First Data Corp has agreed to acquire smaller payments processing peer CardConnect Corp in a deal worth around $750 million, the companies said on Tuesday.** Chilean mining company Antofagasta Minerals has sold its minority stake in a solar park in northern Chile, and will launch a power auction for one of its copper mines, the company said on Tuesday.** Mexican restaurant operator Alsea said on Tuesday it had reached an agreement with U.S. investment firm General Atlantic to sell its minority stake in Grupo Axo, a company that operates fashion brands.** Qatar Petroleum is warning Japanese natural gas buyers not to press too hard in long-term supply talks or Japanese companies could be squeezed out of Qatar''s LNG projects, sources have told Reuters. (Compiled by Akankshita Mukhopadhyay in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1IX2FV'|'2017-05-31T11:30:00.000+03:00'
'63e3af6eb5f7ccf6bffad79a0475bc38417cd3ea'|'EU clears GE''s Baker Hughes purchase without conditions'|'BRUSSELS The European Commission cleared General Electric Co.''s ( GE.N ) purchase of oilfield services firm Baker Hughes ( BHI.N ) without conditions on Wednesday, the EU competition authority said in a statement.It concluded that the merger of the two U.S. companies would not harm competition in European markets for various products where both were active, including electrical submersible pumps, refining chemicals and drilling sensors.(Reporting by Alastair Macdonald; editing by Philip Blenkinsop)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-baker-hughes-m-a-ge-eu-idINKBN18R1RF'|'2017-05-31T10:51:00.000+03:00'
'ade2976d6004054f54515f2be8116f599e819b24'|'UK takes step closer to national electric battery hub'|'Top News  21pm BST UK takes step closer to national electric battery hub left right FILE PHOTO - A BMW i-3 electrical car is refueled at a power station for e-cars in the city centre of the western German city of Koblenz,IN, Germany in this March 1, 2016 file photo. REUTERS/Wolfgang Rattay/File Photo 1/2 left right FILE PHOTO: A Nissan Leaf electric car is displayed next to a charging stand at the North American International Auto Show in Detroit, January 12, 2016. REUTERS/Mark Blinch/File Photo 2/2 By Costas Pitas - COVENTRY, England COVENTRY, England Britain is moving towards creating a new national development hub for electric car batteries with officials setting out plans for companies to work together to improve the technology, possibly paving the way for large-scale local production. Representatives from politics, academia and business in the central English city of Coventry, the historic heart of the British car industry, have pitched plans for a "National Battery Prototyping Centre" which would focus on research and development and testing. Local government officials set out their plans to create the centre, with state help, at an event on Tuesday attended by the business minister and by Ralf Speth, the chief executive of Britain''s biggest carmaker, Jaguar Land Rover, who has said he wants to build electric models in the country. "We expect public money support for this facility, that''s what today is about," Andy Street, the mayor of the West Midlands region of central England, told Reuters. Backers of the plan will submit the proposals to ministers with the goal of securing a slice of government funding for new technologies recently announced by Britain''s Conservative government. A decision on the winning schemes is due soon after a June 8 general election. Officials in the West Midlands hope their central location will make it a practical choice for a national centre and they say their plan could ultimately create 10,000 jobs. They gave no estimate of how much a new centre would cost. Japan''s Nissan already builds its electric Leaf at its north of England plant and Germany''s BMW is due to decide by the end of the year whether to build a new electric Mini model at its plant in Oxford, although potential tariffs on vehicle exports after Brexit will be an important consideration. Carmakers are racing to build greener vehicles and improve charge times in a bid to meet rising customer demand and meet air quality targets but Britain lacks sufficient manufacturing capacity, an area ministers have said they want to build up. Speth told Reuters last year it made sense to build electric cars and batteries in the firm''s home market but only if conditions such as pilot testing, support from science and energy supply were met. The proposals, spearheaded by the Warwick Manufacturing Group which works with manufacturers and is based at Warwick University, go some way to meeting JLR''s needs with hopes the firm will commit to production in the future. The automaker''s recent major investments have gone abroad with a new plant for conventional vehicles being built in Slovakia and plans for its first electric model, the I-PACE, to be made in Austria. Ahead of next week''s election, business minister Greg Clark said it was for the next administration to make investment choices, but that there was a clear will to push forward with such projects. "The enthusiasm of everyone in the room, including JLR, to establish Coventry and the West Midlands as a test bed and place of innovation in battery storage is very evident and there''s huge commitment to that," he told Reuters. (Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-autos-electric-idUKKBN18R21P'|'2017-05-31T22:09:00.000+03:00'
'beab150014f40955585bc805516297a2a268109c'|'"Green" mutual funds bounce back after Trump-induced retreat'|'Business News - Wed May 31, 2017 - 6:26am BST ''Green'' mutual funds bounce back after Trump-induced retreat left right FILE PHOTO - An array of solar panels are seen in Oakland, California, U.S. on December 4, 2016. REUTERS/Lucy Nicholson/File Photo 1/2 left right FILE PHOTO - A GE 1.6-100 wind turbine (front C) is pictured at a wind farm in Tehachapi, California, U.S. on June 19, 2013. REUTERS/Mario Anzuoni/File photo 2/2 By Ross Kerber - BOSTON BOSTON After U.S. President Donald Trump''s election last November, investors pulled nearly $68 million from so-called "green" mutual funds, reflecting fear that his pro-coal agenda would hurt renewable energy firms. But now investors are pouring money back in, boosting net deposits in 22 green funds to nearly $83 million in the first four months of 2017, according to data from Thomson Reuters'' Lipper unit. Investors'' renewed faith in the funds reflects a growing belief the president will not succeed in reviving the coal industry and will not target the government subsidies that underpin renewable power, which have bipartisan support. (For a graphic on "green" funds drawing new investor cash click tmsnrt.rs/2rir2pw ) It also sends a positive sign for the wind, solar and energy efficiency firms and make up a large portion of the green-fund portfolios. The coal industry faces problems in the marketplace that are too big for any government to solve, said Murray Rosenblith, a portfolio manager for the $209 million New Alternatives Fund, among the U.S. green funds seeing investor inflows. "Trump can''t bring back coal," he said. "There''s nothing that can bring it back." A Reuters survey of some 32 utilities in Republican states last month showed that none plan to increase coal use as a result of Trump<6D>s policies. Many planned to continue a shift to cheaper and cleaner alternatives, including wind and solar. A White House official did not respond to a request for comment about the administration<6F>s efforts to boost coal or its position on wind and solar subsidies. Lipper classifies "green" funds as those with screening or investment strategies that are based solely on environmental criteria. Many make it a point to avoid purchasing shares of traditional oil, gas or mining companies. For a graphic showing the turnaround in green-fund investments, see: tmsnrt.rs/2qPISl4 The funds, while still an investment niche, have become increasingly popular over the past decade amid rising worries about climate change. They tend to draw younger and more environmentally minded investors who see profits in the burgeoning renewable power industry. "Solar and wind power are creating a lot of jobs. There is a long-term secular trend taking place," said Joe Keefe, Chief Executive of Pax World Management LLC, whose $418 million Pax Global Environmental Markets fund is one of the biggest in the green fund sector. Solar firms employed about 374,000 workers in 2016, while the wind industry employed 101,738. Combined, they produced job growth of about 25 percent over 2015, according to the U.S. Department of Energy. The average fund among the group of 22 green funds tracked by Lipper posted a six-month return of 9.37 percent. That lagged the S&P 500 index<65>s 12.14 percent, excluding dividends, over the same period through April 30, but beat the S&P''s oil and gas index, along with several major coal companies which have slumped since the election. The growth helped boost the group<75>s combined assets under management to $2.4 billion by the end of April, up from $2.1 billion in November, according to the data. Tom Roseen, Lipper''s head of research, said the inflows into green funds could reflect value-shopping after the election triggered an initial sell-off in the solar and wind energy sectors. He cited solar module maker First Solar Inc, a popular stock among green funds, trading at about $39.50 a share, far off the highs above $70 it reached last year but up more than 35 percent from a drop it suffer
'b4407175060e7bb2c251b0262f43eb64ed54c57d'|'UPDATE 1-Canada says Boeing is trusted partner despite Bombardier dispute'|'Market News  54am EDT UPDATE 1-Canada says Boeing is trusted partner despite Bombardier dispute (Adds details, background) OTTAWA May 31 Canada''s Defence Minister Harjit Sajjan said on Wednesday that Boeing Co will be a trusted military partner in the decades to come, even though the government has threatened to scrap plans to buy Boeing''s fighter jets.. In the prepared text of a speech, Sajjan called on Boeing to abandon an anti-dumping challenge it has launched against Canadian plane maker Bombardier Inc, saying Ottawa was disappointed by the U.S. firm''s behavior. Earlier this month, in response to the trade challenge, Canada said it was reviewing the planned purchase of 18 Boeing Super Hornet jets. Boeing accuses Bombardier of selling airliners on the U.S. market at artificially low prices. Sajjan says the Super Hornets are needed as an interim measure until Ottawa can run a competition to replace its ageing fleet of CF-18 fighters. "The interim fleet procurement requires a trusted industry partner. For decades, Boeing has been an outstanding partner with the Canadian Armed Forces ... I expect that to be the case in the decades to come," he said. "However, our government is of the view that their action against Bombardier is unfounded. It is not the behavior we expect of a trusted partner, and we call on Boeing to withdraw it," he continued. (Reporting by David Ljunggren; Editing by Chizu Nomiyama; Editing by Denny Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/boeing-bombardier-idUSL1N1IX0I5'|'2017-05-31T20:54:00.000+03:00'
'a675c7290a2bd073c1a6761afed3e0d392e46de0'|'Rocket Internet sees start-ups on track for profitability'|'Business News - Wed May 31, 2017 - 7:47am BST Rocket Internet sees start-ups on track for profitability FILE PHOTO: The logo of of Rocket Internet, a German venture capital group is pictured in this September 24, 2014 illustration photo in Sarajevo. REUTERS/Dado Ruvic/File Photo BERLIN German e-commerce investor Rocket Internet said it is on track to turn three of its leading start-ups profitable by the end of the year as it reported lower losses in the first quarter on Wednesday. Chief Executive Oliver Samwer made the comments on a call with journalists after Rocket Internet reported results for its leading holdings and said it remained well funded with 1.5 billion euros (1.3 billion pounds) of cash. Samwer declined to comment on possible flotations after Reuters reported that online food takeaway firm Delivery Hero is set to float before the summer break, while meal kit company HelloFresh could follow in the autumn. Aggregate revenue rose 28 percent to 617 million euros in the first quarter, while the adjusted loss before interest, taxation, depreciation and amortisation was 100 million euros, down from 120 million a year ago. (Reporting by Emma Thomasson; Editing by Edward Taylor)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rocket-internet-results-idUKKBN18R0OU'|'2017-05-31T14:47:00.000+03:00'
'04ce0ac58acc6b30a336a34587dc922b378e26b5'|'UPDATE 1-Brazil prosecutors make new leniency fine offer to J'|'World News - Sun May 28, 2017 - 6:53pm EDT Scandal-hit Brazilian leader Temer picks new justice minister By Lisandra Paraguassu - BRASILIA BRASILIA Scandal-plagued Brazilian President Michel Temer on Sunday named a new justice minister, placing a respected legal figure in the position as the leader defends himself against corruption allegations. The presidential palace gave no reason for naming Torquato Jardim as his new justice minister in a short written statement. Since March, Jardim was the nation''s transparency minister, a portfolio created by Temer. Before that, he had served as a justice on Brazil''s top electoral court. Jardim replacea Osmar Serraglio, a lawmaker from Temer''s own party, who had been in that post for just three months. A source close to Temer told Reuters that Serraglio will soon be announced as the new transparency minister. The Justice Ministry oversees Brazil''s federal police, who along with federal prosecutors are leading massive corruption probes, including the "Car Wash" political graft investigation now looking at Temer. Carlos Sobral, head of the national association of federal police inspectors, said the abrupt change in ministers was worrying. "We were surprised with the news of the change," he said in an emailed statement. "Any changes in the Justice Ministry command create uncertainty and worry about possible interference in the work done by federal police." Sobral called on Congress to approve a measure pending before the body that would grant autonomy to federal police. Temer''s change in ministers came as thousands of protesters gathered on the golden sands of Copacabana Beach in Rio de Janeiro to demand the president''s resignation and that direct elections be called. Several of Brazil''s most famous actors and musicians led the rally, which despite the star appeal drew a smaller crowd than the 50,000 demonstrators organizers expected. Police said they would not divulge an estimate on the number of people present. Temer has refused to resign and denies any wrongdoing. Recent polls show that 85 percent asked want a new election. But it is unlikely to happen as that would require a constitutional amendment be passed through Congress, where scores of politicians are under investigation for graft. If Temer falls from office, the constitution mandates that Congress appoint a new president, who would finish the current term that ends on Jan. 1, 2019. (Reporting by Lisandra Parragassu in Brasilia, Brad Brooks in Sao Paulo and Paulo Whitaker in Rio de Janeiro; Writing by Brad Brooks; Editing by Mary Milliken) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-corruption-jbs-idUSKBN18O0RO'|'2017-05-29T06:03:00.000+03:00'
'43bde0b104f28a0f4671e1c0766ca7ed0dcbec0b'|'Brazil graft probe cut BNDES infrastructure loans by $7.7 bln in 2016'|'SAO PAULO May 31 Heightened credit risk due to the Car Wash graft probe resulted in a 25 billion reais ($7.7 billion) reduction in loans from Brazilian development bank BNDES to infrastructure ventures last year, a bank director said on Wednesday."We loaned 30 billion reais. Had it not been for this situation, it would have been 55 billion reais," director Marilene Ramos told investors at an event in S<>o Paulo.($1 = 3.2416 reais) (Reporting by Alu<6C>sio Alves; Writing by Bruno Federowski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-bndes-car-wash-idINE6N1IL00N'|'2017-05-31T13:15:00.000+03:00'
'3a3b9fa98f64148b0e3678b7a4cec0dc4752c0d1'|'Scottish Power in the dark about my mother<65>s electricity supply - Money'|'I manage my elderly mother<65>s financial affairs. I noticed over a year ago that there was no sign of electricity payments on her bank statements, despite the fact she had a dual-fuel contract with E.ON . E.ON told me that her electricity account had been closed. I discovered that Scottish Power was the most recent supplier so contacted customer services, to be told that an account at my mother<65>s address had been erroneously transferred to them and had since been closed. Seven months later she received a request from Scottish Power for a meter reading. I pointed out that we could not provide this as the meter screen was blank. Scottish Power sent <20>50 in goodwill and promised an investigation. A month later she received another request for a meter reading, and a month after that an estimated bill for <20>1,828.95. The following day a welcome pack arrived with details of a new account with Scottish Power. Since then I have received verbal and written confirmation that my mother owes nothing, yet she has received a final demand for <20>1,979 and a threat of bailiffs within seven days if she did not pay up. We are still unclear as to who is supplying my mother<65>s electricity and the situation is causing her severe distress. CB, Shrewsbury, Shropshire Scottish Power has been supplying the house since 2014 after capturing your mother<65>s account in error, despite the fact its systems showed the account as closed.Even more alarming is where the <20>1,979 sprang from, since after I contacted Scottish Power it had no clue what the bill should be. It decided it could only calculate standing charges of <20>238.57 for the whole period.Under the back-billing rule, which absolves householders from liability for debts over 12 months old if they have not previously been billed for them, Scottish Power has written off <20>96.83 of these charges. Your mother is therefore only liable for arrears of <20>141, which Scottish Power has also cancelled as a goodwill gesture.Meanwhile, the faulty meter has been replaced and a monthly direct debit for future consumption agreed.Given that Scottish Power was last year fined <20>18m by the regulator Ofgem for its chaotic billing and customer service, your mother<65>s experience begs the question how many people have been frightened into paying huge sums that they didn<64>t owe? If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number. Topics Energy bills Your problems with Anna Tims Consumer affairs Household bills Scottish Power E.ON features  '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/may/31/scottish-power-electricity-supply-account'|'2017-05-31T15:00:00.000+03:00'
'0def3e4dbef836f4955c3b2f38fec33f7026e465'|'Global funds raise euro zone equities, cut UK assets - Reuters poll'|'Business   12:15pm BST Global funds raise euro zone equities, cut UK assets - Reuters poll A plastic bull figurine, symbol of the Frankfurt stock exchange is pictured in front of the share price index DAX board at the stock exchange in Frankfurt, Germany, May 8, 2017. REUTERS/Kai Pfaffenbach By Claire Milhench - LONDON LONDON Global investors raised their euro zone equity holdings in May, betting the rally has further to run, but cut their exposure to UK assets, reflecting uncertainty around the outcome of a snap general election, a Reuters poll showed on Wednesday. The Reuters monthly asset allocation survey of 47 fund managers and chief investment officers in Europe, the United States, Britain and Japan was carried out between May 15 and 30, after an emphatic win for pro-European Union (EU) candidate Emmanuel Macron in the French presidential elections. This triggered a relief rally in European equities, which pushed towards a two-year high , as the threat to the EU from far-right candidate Marine Le Pen was neutralised. It also encouraged fund managers to raise their euro zone stocks exposure around 1 percentage point to 18.7 percent of their global equity portfolios, the highest level since August 2016, the survey showed. "Now that the political risk in France has diminished, investors have become much more optimistic about the future performance of European equity markets," said Jan Bopp, asset allocation strategist, Bank J Safra Sarasin, adding that European economic data also looked much better. Poll participants who answered a special question on whether there was further upside for European equities were unanimous in their agreement, with several saying valuations still seemed cheap compared with U.S. equities, while European corporate earnings were improving. Peter van der Welle, a strategist at Robeco, acknowledged that the bar for European equities had been raised given the huge inflows and the fact that the Macron victory was discounted by the market. But he remained overweight euro zone equities saying: "In our view (the) euro zone''s economic growth momentum has further to run." Political risk is rising again, however, as over the weekend Italy''s 5-Star movement voted in favour of a proportional electoral system, raising the chances of an autumn general election. UK ASSETS CUT Investors were less bullish on the outlook for UK assets, cutting their exposure to UK stocks by 1 percentage point to 9.2 percent of their global equity portfolios. They also trimmed their UK bond holdings by 1 percentage point to 8.9 percent of their global fixed income portfolios. Prime   decision to call a snap general election for June 8 has added to the uncertain outlook for UK assets, which are still overshadowed by the prospect of Britain''s negotiations to leave the European Union. May called the election in a bid to strengthen her hand in the Brexit negotiations by increasing her majority. But a projection by polling company YouGov suggested May could lose her majority in parliament, raising the prospect of political deadlock as formal Brexit talks begin. The prospect of a hung parliament pushed sterling GBP=D4 lower, towards a one-month low touched on Friday, before the currency recovered somewhat. A 68 percent majority of poll participants who answered a question on sterling thought the pound would rise in the event of an increased majority for the Conservative party, but several thought gains would be modest. A few also said an increased majority might create more problems for May from hardliners in her party. "Backbenchers tend to be more ''misbehaved'' when governments have super large majorities," said Ken Dickson, investment director at Standard Life Investments. Matteo Germano, global head of multi-asset investments at Pioneer Investments, agreed that a larger majority raised the risk of a hard Brexit, and added: "If instead their majority is thin, the political landscape will become more confused, add
'73164dfb9780cfbc08869a8f015e7866a7f2721b'|'OPEC oil output rises in May as cut-exempt Nigeria, Libya pump more'|'Business News  19pm BST OPEC oil output rises in May as cut-exempt Nigeria, Libya pump more FILE PHOTO: The OPEC logo is seen outside the group''s headquarters in Vienna, Austria May 24, 2017. REUTERS/Leonhard Foeger/File Photo By Alex Lawler and Rania El Gamal - LONDON/DUBAI LONDON/DUBAI OPEC oil output rose in May, the first monthly increase this year, a Reuters survey found on Wednesday, as higher supply from two OPEC states exempt from a production-cutting deal, Nigeria and Libya, offset improved compliance with the accord by others. A drop in output in Angola and Iraq and continued high compliance from Gulf producers Saudi Arabia and Kuwait helped lift OPEC''s adherence with the supply cut deal to 95 percent from 90 percent in April, according to Reuters surveys. The Organization of the Petroleum Exporting Countries pledged to reduce output by about 1.2 million barrels per day (bpd) for six months from Jan. 1 as part of a deal with Russia and other non-members. Oil prices LCOc1 has gained some ground but an inventory glut and rising supply by outside producers has kept prices below the $60 a barrel that Saudi Arabia wants. A sustained output rise from Libya and Nigeria poses further challenges. To provide additional support for prices, the producers decided at a meeting last week to prolong the deal until March 2018. They discussed whether to include Nigeria in the output cap but decided against for now, OPEC delegates said. Nigeria and Libya were exempted because their output has been curbed by conflict. However, supplies from both nations staged a partial recovery in May, lifting overall OPEC output by 250,000 bpd to 32.22 million bpd. The biggest increase came from Nigeria, where the Forcados production stream began loading cargoes for export. The Forcados pipeline had been mostly shut since it was bombed by militants in February 2016. In Libya, the state oil firm said output had reached 827,000 bpd on Wednesday, around levels last seen in 2014. But production is still half the 1.60 million bpd Libya pumped before the 2011 civil war. While the exempt nations pumped more, those bound by output targets boosted compliance. Adherence by OPEC with the deal has been higher than in the past, reaching a record according to the International Energy Agency and other analysts. Angolan supply showed the largest decline due to fewer scheduled exports after a jump in April. Iraq exported slightly less crude from its southern terminals, the survey found. Saudi Arabia pumped more although its compliance was the second-highest in OPEC. Even with May''s increase, the total curb achieved by OPEC''s top producer Saudi Arabia is 564,000 bpd, well above the target cut of 486,000 bpd. Output in Iran and the United Arab Emirates was steady. Iran was allowed a small increase in the OPEC agreement and, having sold the oil it had held in floating storage, appears to have reached a short-term peak. The UAE, with lower compliance than other Gulf producers, has said suggestions that it is failing to comply fully can be explained by the gap between its own figures and those estimated by the secondary sources that OPEC uses to track compliance. OPEC announced a production target of 32.50 million bpd at its Nov. 30 meeting, which was based on low figures for Libya and Nigeria and included Indonesia, which has since left. No new target was announced last week to reflect this change or the addition of Equatorial Guinea, which OPEC said on May 25 joined the group with "immediate effect." The country will be added to the Reuters survey from June. The Libyan and Nigerian increases mean OPEC output in May averaged 32.22 million bpd, about 470,000 bpd above its supply target, adjusted to remove Indonesia and not including Equatorial Guinea. The Reuters survey is based on shipping data provided by external sources, Thomson Reuters flows data, and information provided by sources at oil companies, OPEC and consulting firms. (Editing by Edmund
'bef398dea68cf7df092cb0b41977fcc9ef17ebf6'|'CEE MARKETS-Polish bonds firm as CPI below forecasts again'|'* Polish CPI, first figure for May from CEE, is below forecasts * Low CPI underpins that central bank policy will remain loose * Polish bonds firm, zloty steadies (Recasts with Polish GDP and CPI data) By Sandor Peto and Bartosz Chmielewski BUDAPEST/WARSAW, May 31 Poland''s 10-year government bond price hit a 7-month high and the zloty steadied, after May figures from Central Europe''s biggest economy showed lower than expected inflation in the second month in a row. Flash figures for May showed that Poland''s annual inflation dropped to 1.9 percent from 2 percent in April, though analysts had expected a flat rate. This was the first inflation release for May in the region where consumer inflation indices often move in tandem. April''s lower-than-expected figures already boosted the perceptions that most of the region''s central banks will not lift interest rates any time soon despite a pick-up in economic growth. Other Polish data earlier on Wednesday confirmed that the economy expanded by 4 percent in annual terms in the first quarter. "We expect the MPC (Polish central bank) to remain relatively dovish, especially (as the) inflation rate is expected to stabilize below, but close to 2 percent in (the)coming months," Erste analyst Katarzyna Rzentarzewska said in a note after the output figures. "The key to watch will be labour market developments," she said. The zloty was steady at 4.1704 against the euro at 1225 GMT, while the forint, the Czech crown and the leu firmed 0.1-0.2 percent. "The data should underscore the ongoing goldilocks status of the Polish economy with a strong, but not hot economy amidst a stable inflation rate," said Raiffeisen analyst Stephan Imre before the figures. The yield on Poland''s 10-year bonds fell 3 basis points to 3.23 percent, narrowing the gap with Hungary''s corresponding yield, which rose 1 basis point to 3.04 percent. Stock prices were mostly flat or higher in the region, after profit-taking shaved the past weeks'' gains earlier this week. Poland led the rise. Warsaw''s bluechip stock index firmed 0.7 percent, led by an about 3 percent rise in the stocks of PKO BP, the country''s biggest lender. CEE MARKETS SNAPSH AT 1425 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.428 26.460 +0.12 2.19% 0 5 % Hungary 307.13 307.74 +0.20 0.55% forint 00 50 % Polish zloty 4.1704 4.1712 +0.02 5.60% % Romanian leu 4.5665 4.5711 +0.10 -0.69% % Croatian kuna 7.4130 7.4183 +0.07 1.92% % Serbian dinar 122.42 122.58 +0.13 0.76% 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1005.1 1006.1 -0.10% +9.07 6 5 % Budapest 34396. 34321. +0.22 +7.48 11 14 % % Warsaw 2309.1 2292.2 +0.74 +18.5 7 7 % 5% Bucharest 8682.6 8688.5 -0.07% +22.5 9 0 5% Ljubljana 786.54 782.22 +0.55 +9.61 % % Zagreb 1852.6 1854.0 -0.08% -7.13% 1 8 Belgrade 725.85 719.15 +0.93 +1.18 % % Sofia 661.89 659.35 +0.39 +12.8 % 7% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.16 0.023 +055b +2bps ps 5-year -0.155 -0.028 +028b -2bps ps 10-year 0.686 -0.052 +039b -5bps ps Poland 2-year 1.908 -0.036 +262b -4bps ps 5-year 2.664 -0.047 +310b -4bps ps 10-year 3.24 -0.041 +295b -4bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.35 0.43 0.49 0 IBOR=> Hungary <BU 0.19 0.23 0.29 0.15 BOR=> Poland <WI 1.75 1.764 1.795 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/easteurope-markets-idUSL8N1IX3VO'|'2017-05-31T21:20:00.000+03:00'
'cacf755c000ce7da381cd13a601af0ed221b6c1b'|'Brazil graft probe cut BNDES infrastructure loans by $7.7 bln in 2016'|'Bonds News  15am EDT Brazil graft probe cut BNDES infrastructure loans by $7.7 bln in 2016 SAO PAULO May 31 Heightened credit risk due to the Car Wash graft probe resulted in a 25 billion reais ($7.7 billion) reduction in loans from Brazilian development bank BNDES to infrastructure ventures last year, a bank director said on Wednesday. "We loaned 30 billion reais. Had it not been for this situation, it would have been 55 billion reais," director Marilene Ramos told investors at an event in S<>o Paulo. ($1 = 3.2416 reais) (Reporting by Alu<6C>sio Alves; Writing by Bruno Federowski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-bndes-car-wash-idUSE6N1IL00N'|'2017-05-31T23:15:00.000+03:00'
'6c07a629409a0a71f97db42b4c5d2dfd5c35201d'|'U.S. economy ambles on but few signs of inflation pressures: Fed'|'Central Banks   7:14pm BST U.S. economy ambles on but few signs of inflation pressures: Fed Flags fly over the Federal Reserve Headquarters on a windy day in Washington, U.S., May 26, 2017. REUTERS/Kevin Lamarque WASHINGTON The U.S. economy expanded at a modest to moderate pace from early April through late May but showed little sign of breaking out of a recent trend of sluggish inflation, a survey conducted by the Federal Reserve showed on Wednesday. "On balance, pricing pressures were little changed from the prior report," the central bank said in its Beige Book report of the economy derived from anecdotal evidence provided by business contacts nationwide. The Fed has begun to quicken the pace of interest rate hikes on an improving economy after years of rates held near zero in the aftermath of the financial crisis. The U.S. unemployment rate - currently at 4.4 percent - is at a near 10-year low. Policymakers raised rates in December 2015 and again a year later, and have forecast three rate hikes in 2017. They raised rates in March and could do so again as early as their next policy meeting in two weeks time. Influential Fed Governor Lael Brainard said on Tuesday a rate rise "likely will be appropriate soon," although she and some other Fed officials remain concerned about stilted progress on inflation meeting the Fed''s 2 percent target rate in recent months. The majority of the Fed''s 12 districts reported that firms expressed positive near-term outlooks despite a recent softening in consumer spending. Labour markets also continued to tighten with both employment and wages growing at a modest to moderate pace. As has been reported in the Beige Book for months, firms with the most acute labour shortages raised wages the most. That trend still did not for the most part feed into inflation, however. Rapidly rising costs for some commodities such as lumber and steel "tended to push input costs higher for some manufacturers and the construction sector," the Fed said, but "in contrast, some districts noted falling prices for certain final goods, including groceries, apparel and autos." Energy prices and farm prices were also mixed. In the Boston Fed district, for example, "Price pressures continued to be modest. The outlook remained positive, with a bit of added caution." The U.S. economy grew sluggishly in the first quarter but recent data point to an acceleration in the second quarter. Consumer spending recorded its biggest increase in four months in April, data showed on Tuesday. The Beige Book was compiled by the Philadelphia Fed with information collected on or before May 22. (Reporting by Lindsay Dunsmuir; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-beigebook-idUKKBN18R2SJ'|'2017-06-01T02:14:00.000+03:00'
'4b7575e14cdb465872c1b9e5a02ec57e4284cb51'|'Hedge fund Corvex urges Energen to consider selling itself'|'Hedge fund Corvex Management LP on Wednesday reported a 5.5 percent stake in Energen Corp ( EGN.N ) and called for the possible sale of the oil and gas producer.Energen''s shares were up 3.1 percent at $57.38 in morning trading, giving it a market value of around $5.3 billion. The Birmingham, Alabama-based company has a large concentration of its assets in the Permian Basin.The Permian Basin of West Texas, the largest U.S. oil patch, has become a hotbed of M&A activity in the energy industry as a recovery in oil prices spurs firms to make strategic investments.Oil industry deals this year have centered on securing acreage in the Permian Basin due to its low production costs, key at a time when oil prices have recovered to around $50 per barrel, up from around $35 per barrel in early 2016.The hedge fund, which called Energen''s shares "undervalued", has held discussions with the company, according to a regulatory filing on Wednesday. ( bit.ly/2qFNiaW ) Corvex, a $5.5 billion hedge fund run by Carl Icahn protege Keith Meister, is urging the company to put itself up for sale."This flows from an opinion that EGN has strong assets that are underappreciated by the market because of operational missteps," said Don Bilson, head of event-driven research at Gordon Haskett.When asked during a conference call last week about the company''s shareholder base, Energen CEO Jim McManus said he expects the company to have a break-out year."So I think it''s all about execution right now," he said on the first-quarter conference call. Corvex, in its quarterly filing of stock holdings earlier this month, disclosed a small Energen stake purchased in the first quarter. Hedge funds Elliott Management LP and Highfields also disclosed they purchased Energen shares in the first quarter.Up to Tuesday''s close of $55.62, Energen''s shares had gained about 17 percent over the past year, valuing the company at about $5.5 billion. The S&P 500 Oil & Gas Exploration & Production index .SPLRCOILP has gained about 24 percent over the same period.(Additional reporting by Swetha Gopinath and Yashaswini Swamynathan in Bengaluru; Editing by Maju Samuel and Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-energen-corvex-idUSKBN18R1ZG'|'2017-05-31T21:46:00.000+03:00'
'82b4c12d5d64673d2d6760f4968908436c2fca04'|'Germany''s Hapag-Lloyd to cut more than a thousand jobs after merger'|'FRANKFURT German shipping company Hapag-Lloyd ( HLAG.DE ) confirmed on Wednesday that it is looking to cut up to 12 percent of its almost 11,000 land-based workforce after completing its merger with Arab peer UASC last week.A spokesman at Hapag-Lloyd''s Hamburg headquarters said the job cuts would be made over the next 18 months to two years, confirming a report in Abu Dhabi-based The National newspaper and hints to this effect earlier this year.The company did not say where jobs would be cut. Some 2,100 sea-based jobs would not be affected because vessels would continue to travel, the spokesman said.The two businesses will start to integrate their services in about eight weeks in a process called commercial cut-over, which is due to be concluded by the end of the third quarter.Staff levels would not be cut before then, he said.Further steps entail the inclusion of UASC''s transport volumes on Hapag-Lloyd''s IT platform and the establishment of a new headquarters for the Middle East region.The spokesman said that labor costs were less important to realising synergies from merging two shipping companies than network and procurement cost savings. Overheads will be cut by merging offices, he said.(Reporting by Vera Eckert, editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hapag-lloyd-redundancies-idINKBN18R274'|'2017-05-31T12:51:00.000+03:00'
'180dfe431c8c023d6bd367712d73dc946e697d95'|'Barclays shares rise on report of Africa stake sale'|'Top News   5:18pm BST Barclays set to sell 1.5 billion pound stake in Africa business FILE PHOTO - A Barclays logo is pictured outside the Barclays towers in Johannesburg, South Africa, December 16, 2015. REUTERS/Siphiwe Sibeko/File Photo By Lawrence White and Tiisetso Motsoeneng - LONDON/JOHANNESBURG LONDON/JOHANNESBURG Barclays ( BARC.L ) will sell shares worth 1.5 billion pounds in Barclays Africa Group ( BGAJ.J ), the bank said on Wednesday, marking another stage in its exit from the continent to focus more on the United States and Britain. Barclays said it would sell the shares to large investors, including South Africa''s Public Investment Corporation (PIC), in its second such sale since the British bank announced in early 2016 its intention to offload most of its African business. Barclays is partly relying on funds raised from the sale to meet capital requirements that were identified as a concern by the Bank of England in a November "stress test" aimed at gauging its ability to withstand financial shocks. The deal "represents a key milestone in the execution of our strategy and the restructuring of Barclays," Barclays CEO Jes Staley said in an emailed statement on Wednesday. South Africa''s finance minister has approved the deal, ABSA Bank, which forms the bulk of Barclays Africa Group said earlier on Wednesday. Barclays is also selling Barclays Bank Egypt and Barclays Bank of Zimbabwe, which sit outside Barclays Africa Group. Barclays shares rose as much as 3 percent in London on Wednesday before giving up those gains. The bank said it would sell 187 million shares in Barclays Africa, with PIC acting as an anchor investor to buy 59 million of the shares. Based on Barclays Africa''s closing share price of 139 rand a share, the market value of the stake being sold is around 1.52 billion pounds. The British bank said in March 2016 it would sell most of its 62.3 pct stake in Barclays Africa Group. This latest sale should reduce its shareholding to around 28 pct, with the bank aiming eventually for a stake of around 15 pct. Barclays gave itself two to three years to complete the sale. It sold 12 percent into the market last May via an "accelerated bookbuild" process. But the bank has since failed to sell any more shares, hindered by the regulatory delay and political upheaval in South Africa. Barclays Africa shares have fallen by 2 percent in rand terms since the group''s parent company announced its intention to sell in March 2016. Barclays will pay its African subsidiary 765 million pounds to cover the costs of the separation, the bank said in a separate statement, confirming an announcement in February. It will also contribute around 110 million pounds towards the establishment of a broad based black economic empowerment scheme, Barclays said. (Reporting by Lawrence White and Tiisetso Motsoeneng, additional reporting by TJ Strydom; Editing by Mark Potter, Greg Mahlich and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-barclays-africa-idUKKBN18R1KL'|'2017-05-31T19:58:00.000+03:00'
'd53d2adc3fadef6b019724219500f3ad961ebaf3'|'Japan''s factory output races in April to hit its highest level since 2008'|'Business News - Wed May 31, 2017 - 3:54am BST Japan''s factory output races in April to hit its highest level since 2008 Steam is emitted from factories at sunset in Keihin industrial zone in Kawasaki, Japan February 13, 2017. REUTERS/Issei Kato By Minami Funakoshi - TOKYO TOKYO Japan''s factory output rebounded in April from March and grew at the fastest pace in almost six years, taking production to its highest level since 2008. Japan''s industrial output rose 4.0 percent in April from the previous month, the strongest growth since posting a 4.2 percent gain in June 2011, although slightly shy of the median estimate in a Reuters poll for a 4.3 percent rise. Cars and car parts, plus equipment for making flat panel displays and semiconductors, were the fastest-growing among the 11 sectors in the 15-sector index showing growth. The seasonally-adjusted production index for April hit 103.8, the highest level since October 2008''s peak at 107.4, as robust overseas demand continued to support growth. "Output grew at a very high level in April. I think production will continue to grow as a trend," said Norio Miyagawa, senior economist at Mizuho Securities. "The result kicked off a start to the second quarter that gives us hope for positive growth," Miyagawa added. Overall inventories increased 1.5 percent in April from March, the fifth straight rising month, as stocks of cars and trucks rose. The rise in inventory of cars may have been partly due to holidays in early May that delayed shipments, a Cabinet Office official said. The official noted that production and inventories were not completely balanced, with companies starting to build larger inventories. "I don''t think inventories will continue to rise at a worrying level," said Takeshi Minami, chief economist at Norinchukin Research Institute. Manufacturers surveyed by the ministry expect output to fall 2.5 percent in May on decreased output of transport equipment, fabricated metals, and iron and steel, but to rise 1.8 percent in June. Japan''s economy grew in the first quarter at the fastest rate in a year to mark the longest period of expansion in a decade, thanks to solid exports and a helpful boost from private consumption. (Reporting by Minami Funakoshi; Editing by Chang-Ran Kim and Eric Meijer) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-japan-economy-output-idUKKBN18R025'|'2017-05-31T10:53:00.000+03:00'
'fe987ab6862e0ae23db35e52681dd2fbb4a58dc8'|'Enterprise Investors mulls selling Polish housebuilder Danwood - sources'|'By Agnieszka Barteczko and Anna Koper - WARSAW WARSAW May 31 Private equity fund Enterprise Investors may sell Polish energy-efficient housebuilder Danwood, three sources familiar with the matter said on Wednesday.Enterprise Investors, one the biggest buyout firms in Central and Eastern Europe, bought Danwood in 2013 from Polish construction firm Budimex for around 240 million zlotys ($65 million)."Enterprise Investors plans to sell Danwood to an investor or list it on the bourse," a person familiar with the situation said.Two other sources confirmed the plan and added it was more probable the fund would sell Danwood to an investor rather than list it on the bourse.Enterprise Investors declined to comment.Despite some uncertainty over the policies of the ruling conservative Law and Justice party (PiS), Poland has seen a number of sizable M&A transactions in the past few months involving private equity funds.Those include the sale of e-commerce business Allegro in October and retail chain Zabka in February.Also, the Warsaw Stock Exchange has attracted new companies with significant share offers, something not seen in Poland in recent years. Enterprise Investors, for example, sold its 49-percent stake in retain chain Dino in an initial public offering in April.Danwood''s net profit rose to almost 34 million zlotys last year from 25.6 million in 2015 on sales of 665 million zlotys in 2016 and 518 million in 2015.The company, which was set up 20 years ago and employs 1,550 workers, has the capacity to build 1,000 energy-efficient houses per year.($1 = 3.7199 zlotys) (Writing by Agnieszka Barteczko; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/danwood-poland-idINL8N1IX3XK'|'2017-05-31T12:13:00.000+03:00'
'c3c09781e01fd7f4c1952ded4fd22cd22f3ec278'|'Germany rejects common euro zone debt after Commission paper'|'Business News - Wed May 31, 2017 - 1:30pm BST Germany rejects common euro zone debt after Commission paper BERLIN Germany said on Wednesday it opposed any plans for the euro zone to issue collective debt, when asked about a European Commission paper aimed at triggering debate on a joint budget and debt and deeper EU integration around the single currency after Brexit. "For us, at time of Brexit, it is important that the questions about developments in the currency union are seen in the framework of developments in the EU as a whole," said a finance ministry spokeswoman when asked about the paper. "We want no divisions between ''ins'' and ''outs'' - that is the euro members and other states," she said, adding Germany is working with France on questions of the future of EU. She said Germany would look at the Commission''s proposals and it was too early to go into individual points but Germany''s view was that Europe had to implement existing rules to boost credibility before embarking on further integration. "Member states must ... create stability and growth in the euro zone through structural reforms and cut debt," she said, adding diminishing risk in the financial market sector was needed "before we talk about further sharing of responsibility". "On the question of the mutualization of debt, it will not surprise you that the German government''s view of rejecting euro bonds, common debt, has not changed." (Reporting by Michelle Martin and Madeline Chambers)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-future-germany-idUKKBN18R1OA'|'2017-05-31T20:25:00.000+03:00'
'9f60cfd248cf54af393f8232eeca33562efe22a5'|'Frankfurt should get EU bank supervisor - Merkel'|' 07pm BST Frankfurt should get EU bank supervisor - Merkel The famous skyline with its banking district is pictured in Frankfurt early evening April 13, 2015. The European Central Bank''s governing council will meet in Frankfurt on Wednesday, April 15. REUTERS/Kai Pfaffenbach - RTR4X76W BERLIN Germany feels Frankfurt is entitled to host the European Banking Authority after it leaves London as part of Britain''s EU withdrawal, because it is already a serious financial centre, Chancellor Angela Merkel said on Wednesday. "(We feel) predestined to host the European banking supervisor because with Frankfurt, we already have a proper centre," Merkel told a banking conference in Berlin. Merkel repeated that her priority in Brexit negotiations was to achieve certainty for EU citizens stranded in Britain and Britons in the EU after Brexit, stressing that Britain''s withdrawal process would be "endlessly complex". She reiterated that Germany wanted Britain to remain a close ally after Brexit, but leaving the European Union would have its price. (Reporting by Andreas Rinke; Writing by Thomas Escritt; Editing by Michael Nienaber)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-merkel-banks-idUKKBN18R29U'|'2017-05-31T23:07:00.000+03:00'
'bb56d297e3809b7594a4b65d1b46ace90cabfa7c'|'Japan lender SMFG eyeing M&A in asset management, banking for growth'|'By Taiga Uranaka - TOKYO TOKYO Japanese lender Sumitomo Mitsui Financial Group (SMFG) ( 8316.T ) is looking to acquire asset management firms at home and abroad as well as commercial banks in emerging Asia to boost growth amid falling loan income and stricter bank regulation, its CEO said.Hobbled by tepid demand for cash from businesses amid weak economic growth for years, and more recently by negative interest rates, Japan''s major banks have been trying to boost their fee incomes by buying asset managers and funds-related service providers. They have also acquired stakes in lenders in places like Southeast Asia."As we look for ways to increase assets under management at Sumitomo Mitsui Asset Management (SMAM), we need to consider inorganic means," Takeshi Kunibe, CEO of Japan''s third-largest lender by assets, said in an interview.While SMFG is only now looking at acquisitions in asset management, Japan''s biggest lender Mitsubishi UFJ Financial Group ( 8306.T ) acquired a stake in Aberdeen Asset Management PLC ( ADN.L ) as far back as in 2008 and now owns about 17 percent in the British fund manager.And No. 2 Mizuho Financial Group ( 8411.T ) agreed in 2015 to buy a 16 percent stake in Matthews International CapitalManagement LLC, a U.S.-based, Asia-focused investment house.SMAM, the funds unit of SMFG, manages about 11.9 trillion yen ($107.2 billion) in assets. Kunibe did not give a target figure for AUM or types of asset management companies for potential acquisitions.The CEO said his bank has made its three-year business plan on the assumption that the central bank''s negative interest rate policy remains in place. "Very tough business conditions continue," he said.He said the banking industry also faces headwinds on the regulatory front, where global capital rules, called Basel III, require lenders to set aside more capital for risky assets such as loans.As a result, Kunibe said the bank''s total assets are unlikely to expand at the pace seen in the past 10 years, when they doubled to 200 trillion yen.Still, he said the bank is looking for growth opportunities in emerging Asia markets, with acquisitions of local commercial banks among its options.In Indonesia, SMFG spent a total of $1.5 billion in 2013 and 2014 to buy 40 percent of PT Bank Tabungan Pensiunan Nasional Tbk ( BTPN.JK ) (BTPN). "If we can get Indonesian authorities'' approval, we would like to raise our stake in BTPN," Kunibe said. He did not say whether the bank was actively pursuing a deal.SMFG is also looking to start retail and wholesale banking in a third Asian country, after similar operations in Indonesia and Vietnam, the CEO said, without disclosing details. It owns a 15 percent stake in Vietnam''s Eximbank EIB.HM.($1 = 110.9700 yen)(Reporting by Taiga Uranaka; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-smfg-strategy-idINKBN18R29D'|'2017-05-31T13:12:00.000+03:00'
'4034695ec44f8e0a1773626902b79c578fb5f2dd'|'China''s court sentences ex-chairman of Wuhan Iron and Steel to 15 years in prison'|'Business News  18pm BST China''s court sentences ex-chairman of Wuhan Iron and Steel to 15 years in prison A statue of former Chinese leader Mao Zedong is seen in front of smoking chimneys at Wuhan Iron And Steel Corp in Wuhan, Hubei province, March 6, 2013. REUTERS/Stringer/File Photo SINGAPORE The former chairman of China''s major steel maker Wuhan Iron and Steel (Group) Corp has been sentenced to 15 years in jail for taking bribes, a Chinese court said on Wednesday, as President Xi Jinping steps up efforts to clamp down on corruption. Deng Qilin was also fined 5 million yuan (<28>566,500), the Intermediate People''s Court of Foshan in southern China''s Guangdong Province said on its website ( here ). Deng''s illicit gains will be confiscated by the state treasury, the court said. Between 2000 and 2015, when he held several posts at Wuhan Iron and Steel, Deng had accepted bribes worth about 55.4 million yuan in return for favours in business, project construction and promotions, the court said. Deng''s sentence was relatively light as he had cooperated with investigators, handed over the proceeds of his crime, and provided information about crimes committed by others, it said. China has been trying to stamp out graft, with President Xi vowing to weed out all corrupt officials, from powerful "tigers" to lowly "flies". Earlier on Wednesday, a Chinese court jailed for life the former head of the statistics bureau Wang Baoan after finding him guilty of corruption. (Reporting by Lee Chyen Yee; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-steel-idUKKBN18R22M'|'2017-05-31T22:18:00.000+03:00'
'8e30fa572f75fb4df7e8506191898797dc58bfbd'|'BRIEF-Lee Jeans names Chris Waldeck as president of Lee and Rock & Republic'|'Market  27am EDT BRIEF-Lee Jeans names Chris Waldeck as president of Lee and Rock & Republic May 31 Lee Jeans: * Lee<65> Jeans names Chris Waldeck as president * Waldeck joins Lee and Rock & Republic from Reebok International Ltd   BRIEF-Rockwell Diamonds appoints Johan Oosthuizen interim CFO effective June 1 * Johan Oosthuizen is appointed interim CFO effective June 1, 2017, replacing Patrick Cooke whose term expired   * FDA grants Breakthrough Therapy Designation for Alnylam<61>S Givosiran for the prophylaxis of attacks in patients with acute hepatic porphyria MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-lee-jeans-names-chris-waldeck-as-p-idUSASA09S3H'|'2017-05-31T22:27:00.000+03:00'
'01076b48d29468584bf569ebb3b864edb101acb5'|'How this contacts startup is fighting optometrists to survive'|'How this contacts startup is fighting optometrists to survive by @saraashleyo May 31, 2017: 2:28 PM ET A concierge in your pocket Call it the Uber and Airbnb effect. These companies have had to fight high-profile regulatory battles in cities across the country, going up against the taxi and hotel industries. But they''ve had one big ally on their side: the public. Younger startups aren''t so lucky. Less established, they have smaller user bases to draw from -- and entrenched interests are getting smarter about taking them on early. "The fights are coming sooner and startups have to be prepared sooner," according to regulatory adviser Bradley Tusk, who says he created his investment fund to solve political problems for startups. Tusk, who has worked with companies like Uber, says regulated industries are paying attention to startups early. And startups should take note. "If [startups are] in a regulated industry and they ignore the politics, they may not survive and everything they want to focus on won''t matter," added Tusk. Joel Wishkovsky, founder of Simple Contacts, is learning this firsthand. Simple Contacts is a startup that lets people renew their contact prescription online or through its app. People take a vision test online, which is reviewed by doctors. If a prescription hasn''t changed, it''s renewed and you can buy a fresh supply of lenses for $10. But, facing opposition from optometrists, Simple Contacts'' ability to operate has been challenged in 16 states. Optometrists, who you might see at a LensCrafters or WalMart, focus on conducting annual eye exams and selling contacts or glasses. Ophthalmologists, meanwhile, are doctors who can diagnose, operate, and conduct research on a range of eye issues. Simple Contacts, headquartered in New York, works with about 20 ophthalmologists who review vision tests, ensuring there are no abnormalities or prescription differences before issuing a new prescription. "There are some turf wars between the professions," said Paul Zerbinopoulos, an optometrist for the past 29 years. Related: STDs are at an all-time high: Can at-home tests help? In 2016, optometrists came out hard against startups like Simple Contacts and Opternative, a startup offering at-home testing for contact lenses and glasses prescriptions. Three states successfully pushed to outlaw ocular telemedicine companies. In Indiana, the ban against them was grouped with controlled substances and abortion drugs. It is currently facing battles in Connecticut and Rhode Island. Wishkovsky, 34, was surprised that his startup, which is just a year old, has been met with opposition at such an early stage. Wishkovsky said a substantial portion of its latest funding round, $8 million raised in April, will go toward governmental affairs in order to get ahead of regulatory battles. In February, Simple Contacts brought on Jeremy Kudon, a partner at Orrick Herrington & Sutcliffe LLP, who consults tech companies on regulatory issues. Kudon told CNN Tech that Simple Contacts is facing a "preemptive attack by in-state optometrists." The early Simple Contacts team; Wishkovsky (second from right) Zerbinopoulos said he opposes startups like Simple Contacts not because they take away business but because they could put patients'' health at risk. "For convenience''s sake, you can risk your eyesight," he said, objecting to the lack of a doctor-patient relationship or a more comprehensive exam. Wishkovsky stressed that Simple Contacts is meant for those with healthy eyes -- it doesn''t determine new prescriptions or diagnose things like astigmatism. Related: NYC drivers get $900 back from Uber after it took too big of a cut Because the federal government has largely taken a hands off approach to regulating healthcare apps, states are taking it upon themselves to police the new players. And groups like the American Optometric Association can be powerful forces, contributing millions of dollars to candidates in 2016. When asked a
'b5f94713325a93aa52c6b92f299809763793a5ec'|'PRESS DIGEST- New York Times business news - May 31'|'Market News   12:57am EDT PRESS DIGEST- New York Times business news - May 31 May 31 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Federal Reserve governor Lael Brainard told the New York Association for Business Economics that the Fed should raise its benchmark interest rate "soon", despite new evidence that inflation remains below the level the Fed desires. Brainard''s comments reinforced expectations that the Fed will raise rates in mid-June at its next meeting. nyti.ms/2r9VXWV - A labor activist who had been working undercover at a Chinese factory that makes shoes for Ivanka Trump and other brands has been detained by the police. Hua Haifeng, who was working on behalf of the advocacy group China Labor Watch, was detained on suspicion of illegal eavesdropping. nyti.ms/2r9GMN5 - Scott Pelley is leaving his anchor role with "CBS Evening News", a position he has filled since 2011. Pelley will continue his duties at "60 Minutes" and devote more time to that role but no replacement has been chosen for him. nyti.ms/2r9EvBv - Uber said it had fired Anthony Levandowski, a star engineer brought in to lead the company''s self-driving automobile efforts, and who was accused of stealing trade secrets when he left a job at Google. nyti.ms/2r9TsDJ (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1IX18L'|'2017-05-31T12:57:00.000+03:00'
'992c8dd74ffa67708696b55ad365a240e544799f'|'HGGC to buy majority stake in Idera, values firm over $1 billion: sources'|'By Liana B. Baker - SAN FRANCISCO SAN FRANCISCO HGGC has agreed to take a majority stake in database software firm Idera, valuing the company at roughly $1.125 billion including debt, the private equity firm said in a statement.Software that maintains databases, part of the broader enterprise technology market, has become a favorite of private equity firms looking for steady revenue streams.Boston-based TA Associates, which previously controlled Idera, will keep a significant minority stake in the company, the statement said.HGGC, TA Associates and company management will contribute equity of about $400 million to $450 million as part of the deal, while Jefferies will provide roughly $700 million in financing, according to sources familiar with the matter.HGGC, based in Palo Alto, California, was co-founded by former National Football League''s San Francisco 49ers star Steve Young.Young said in a statement that HGGC is excited to become an investor in Idera since it has executed an "aggressive acquisition strategy" and "strong organic growth."The investment includes a pending acquisition of an unnamed company that Idera has made in recent months.Idera provides database software for businesses in a variety of industries from education to government and makes tools to help employees monitor and test databases. It competes with CA Inc ( CA.O ) and BMC Software, which is now private and owned by private equity firms Bain Capital and Golden Gate Capital.TA Associates acquired the Houston, Texas based company for an undisclosed sum in 2014.HGGC''s previous investments include marketing technology firm Etouches, an automated marketing software company called Selligent and FPX, software that helps tech companies price their products. It closed an $1.84 billion fund last year, its third buyout fund to date.William Blair advised Idera. HGGC was advised by Jefferies LLC and Kirkland & Ellis LLP.(Reporting by Liana B. Baker in San Francisco; Editing by Cynthia Osterman and David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-idera-m-a-hggc-idINKBN18R183'|'2017-05-31T08:09:00.000+03:00'
'e1423b6fe633fa75f92be420c7d2d8b8e1695f68'|'METALS-LME copper gains on robust China PMI data'|'SYDNEY May 31 Better-than-expected China manufacturing data pushed London copper higher in early trading on Wednesday, reversing overnight losses.Growth in China''s manufacturing sector in May kept pace with the previous month, an official survey showed on Wednesday, beating expectations in a reassuring sign the world''s second-biggest economy is not losing too much steam after a solid first quarter performance.FUNDAMENTALS* COPPER: Three-month copper on the London Metal Exchange was up 0.5 percent to $5,687 a tonne by 0130 GMT, reversing losses from the previous session.* SHANGHAI: The most-traded copper contract on the Shanghai Futures Exchange slipped 0.6 percent to 45,770 yuan ($6,679) a tonne.* CHINA PMI: The official Purchasing Managers'' Index (PMI) stood at 51.2 in May, compared with the previous month''s 51.2 and above the 50-point mark that separates growth from contraction on a monthly basis.* COPPER STOCKS: Prices were supported by a drop in on-warrant stocks available to the market in LME-registered warehouses, falling to 153,500 tonnes after 7,625 tonnes of cancellations. On-warrant stocks have decreased by a third since mid-April. MCUSTX-TOTAL* ALUMINIUM PREMIUMS: A global aluminium producer has offered Japanese buyers a premium of $123 per tonne for July-September primary metal shipments, down 4 percent from the current quarter.* HINDALCO PROFIT UP: Hindalco Industries Ltd, India''s biggest producer of aluminium and copper, posted a 26 percent rise in fourth-quarter profit as revenue from operations increased on higher base metal prices.* MORE JOBS: Companies have stepped up their requests for engineers and other positions at early stage mining projects in Chile, a local recruiter said on Monday, in a further sign of activity warming up in the industry.* For the top stories in metals and other news, click orMARKETS NEWS* Asian stocks were steady in a cautious start on Wednesday after a weak session on Wall Street, while the sterling stumbled as a new poll found British Prime Minister Theresa May''s Conservative Party risks falling short of an overall majority in next month''s national election.DATA AHEAD (GMT) 0100 China Official manufacturing PMI May 0100 China Official non-manufacturing PMI May 0600 Germany Retail sales Apr 0645 France Producer prices Apr 0800 Germany Unemployment rate May 0900 Euro zone Inflation May 0900 Euro zone Unemployment rate Apr 1400 U.S. Pending homes sales AprPRICESThree month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.8525 Chinese yuan renminbi)(Reporting by James Regan; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1IX0H0'|'2017-05-31T06:07:00.000+03:00'
'0c9ec4b5468dbf3ec2c41e3a99dd68ee83be8d3c'|'EU proposes time limits on cheaper foreign truckers'|'Business News   2:06pm BST EU proposes time limits on cheaper foreign truckers FILE PHOTO: Trucks pass through an electronic toll gate on the A10 highway south of Berlin February 26, 2015. REUTERS/Fabrizio Bensch/File   on Wednesday proposed limits on the number of days that foreign truck drivers can cross the bloc on lower wages, responding to pressure from richer EU countries. Hauliers from France and Germany and other higher-earning states had complained that competitors from Eastern Europe were undercutting them by sending drivers into their territories with much smaller pay packets. Under the new rules, foreign drivers would be considered a "posted worker" - potentially meaning they would get at least the minimum wage of the country they were in - if they spent three days or more per month working away from home. Newly elected French President Emmanuel Macron urged the Commission last week to do more to curb an influx of low-paid east Europeans working on temporary assignments in France, warning that it was sapping support for the EU. Eastern European countries have complained that restrictions on their drivers are protectionist. But haulage companies in higher-wage countries complain that truck businesses from eastern Europe have taken an unfair share of the trans-European road freight market. The proposals are part of an overhaul of mobility and transport in Europe that will also include new rules on road tolls and a push for digitalisation. A future batch of proposals will focus on emission standards. "Right now it''s a mess," said Transport Commissioner Violeta Bulc. "We are more and more connected and dependent on each other. Hauliers are a very important part of logistics and need to have clear rules." Under the commission''s proposals, foreign truckers would also be allowed to carry out deliveries outside their home country for up to five days after they have made an international delivery. Currently, they are allowed to do three "cabotage" operations within seven days. Truck drivers would have to take a regular weekly rest - of 45 hours after six days work - outside truck cabins. (Reporting By Philip Blenkinsop; Editing by Andrew Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-wages-roads-idUKKBN18R1TT'|'2017-05-31T21:06:00.000+03:00'
'b0f64783ff281447abd16e0b7371bffd7415553d'|'Miner Lonmin confident it can turn around troubled business'|' 03pm BST Miner Lonmin confident it can turn around troubled business By Zandi Shabalala - LONDON LONDON South Africa-focused platinum producer Lonmin ( LMI.L ) is pulling every lever to try to restore confidence in its ailing business, including reopening a major shaft and expanding its biggest operation, its chief executive said. Lonmin, one of the world''s top platinum producers, has been in the doldrums for years due to low prices and soaring costs, leading the company to tap investors for cash three times in the last eight years. Analysts have said Lonmin will probably come to the market soon for more cash as its liquidity shrank, bringing it closer to breaching debt covenants following a $146 million (<28>113.26 million) writedown in May. As of end-March, Lonmin had net cash of $75 million, down 34 percent from a year ago. "At this stage, our cash is better than post-rights issue 2015 and our liquidity is sufficient," Chief Executive Ben Magara told Reuters in a telephone interview on Wednesday. "We are managing to fund from our own funds consistently." In an interview earlier this month, Lonmin''s chief financial officer said a rights issue was not on the cards. Magara said the company would focus on breaking even at current prices and fund all projects from its cashflow. The London-listed Lonmin plans to reopen its K4 shaft at the Marikana mine in South Africa in 2019, pending the outcome of a study on how to mine the reserve. Magara said the shaft was on track to produce about 150,000 ounces per year. K4 was shut in 2009 when metal prices sank and the company had to write off billions of rand after a project to mechanise the mine failed. Another lever to increase profits is a plan to extend the life of Lonmin''s main K3 shaft at Marikana, by mining into the boundary of a platinum mine owned by neighbour and rival Sibanye Gold ( SGLJ.J ). Talks were at an "advanced stage", Magara said. But the market has shown little faith in Lonmin. Its London-listed shares hit a 15-month low on Wednesday and lagged a recovery in the wider sector .FTNMX1770, which has collectively more than doubled since February last year. Citi, UBS, Deutsche Bank and Peel Hunt downgraded Lonmin''s stock to "sell" this year, while JPMorgan has the stock on neutral. "As the industry''s highest-cost player and with limited strategic flexibility, Lonmin remains structurally challenged and a speculative play on PGM (platinum group metals) prices," Citi said in a May 22 note. Lonmin''s larger rival Impala Platinum ( IMPJ.J ) has also been dogged by operational issues and last week refinanced $400 million of its convertible bonds to help repay debt. The main issue is the stubbornly low price of platinum XPT=, which stabilised in 2016 after three years of losses. The price of the metal, mainly used to reduce emissions in cars, has fallen by a fifth since the Volkswagen diesel emissions scandal became public in 2015. "It''s a tough operating environment and this has persisted longer than many predicted," Magara said. (Additional reporting by Eric Onstad; Editing by Dale Hudson and David Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mining-lonmin-idUKKBN18R28S'|'2017-05-31T23:03:00.000+03:00'
'e7a6c30499d2c224d0bdc53e86ae4c875c4a7cbd'|'Uber fires self-driving car chief at centre of court case'|'Technology News - Wed May 31, 2017 - 2:11am BST Uber fires self-driving car chief at center of court case By Alexandria Sage - SAN FRANCISCO SAN FRANCISCO Uber Technologies Inc said on Tuesday it fired the technology whiz it had hired to lead its self-driving unit, Anthony Levandowski, after he failed to comply with a court order to hand over documents at the center of a legal dispute between Uber and Alphabet Inc''s ( GOOGL.O ) Waymo unit. Uber had hoped Levandowski, one the most respected self-driving engineers in Silicon Valley, would help the ride services company catch up to rivals including Waymo, in the race for self-driving technology. Instead the hiring led to a court fight and the threat of criminal charges. Uber replaced him as the head of its self-driving car unit in April before finally making the decision to fire him. Levandowski formerly worked for Alphabet''s Waymo self-driving division, which says he stole trade secrets by downloading more than 14,000 documents before he left. Levandowski is not a defendant, but his actions are at the heart of Alphabet''s lawsuit against Uber. Uber said in a letter to Levandowski filed in federal court on Tuesday that it was firing him because he had not complied with a court order to hand over the documents. ( tmsnrt.rs/2rBPNzW ) He has declined to cooperate, citing his Fifth Amendment right not to incriminate himself. Levandowski''s lawyer did not immediately respond to a request for comment. Uber and Alphabet are battling over technology expected to revolutionize the way people use cars. Waymo claims its trade secrets made their way into Uber''s Lidar technology, which bounces light pulses off objects so self-driving cars can "see" the road. Uber denies these claims. Levandowski has 20 days to comply with the court orders, according to the Uber letter. Last month, Uber named Eric Meyhofer to replace Levandowski as head of its Advanced Technologies Group. Meyhofer will continue to lead the team, an Uber spokeswoman said via email. The New York Times reported Levandowski''s exit earlier on Tuesday, citing an internal email sent to employees. ( nyti.ms/2qD4X3h ) "Over the last few months Uber has provided significant evidence to the court to demonstrate that our self-driving technology has been built independently," Angela Padilla, Uber<65>s associate general counsel for employment and litigation, wrote in an email to employees, cited by the Times. An Uber spokeswoman confirmed the letter''s authenticity and said the company has urged Levandowski to "fully cooperate." Waymo has said Levandowski received stock worth more than $250 million for joining Uber, along with his portion of the $680 million that Uber paid last year for Otto, the self-driving truck company he formed after leaving Google. That amount assumes certain targets would be met, and it was not clear how his firing would affect those payments. A source familiar with the matter said Levandowski had not yet vested his Uber shares. LEVANDOWSKI REFUSAL Levandowski, a top engineer on self-driving technology, has turned into a liability for Uber in court. The company has acknowledged that his refusal to testify has hurt its defense efforts. Uber has never denied that he took the Waymo documents. Asked last month why Uber did not threaten to fire Levandowski to pressure him into turning over the documents, Uber attorney Arturo Gonzalez told Reuters, "We can fire him but we still don''t get the documents." Uber had argued that it was acceptable to sideline Levandowski by preventing him from working on Lidar technology, but not firing him. But U.S. District Court Judge William Alsup criticized the company, telling lawyers: "You keep on your payroll someone who took 14,000 documents and is liable to use them." The judge theorized that Levandowski could have used Waymo''s documents himself even if he did not turn them over to Uber. "What prevented him from bringing a laptop to work every day and consulting the files?" 
'35b05c0954e9c9f0d6726187d14f20e7014b421d'|'Euro zone inflation slows by more than expected in May'|'Business News -  27am BST Euro zone inflation slows by more than expected in May A picture illustration taken with the multiple exposure function of the camera shows a one Euro coin and a map of Europe, January 9, 2013. REUTERS/Kai Pfaffenbach BRUSSELS Euro zone consumer price rises slowed year-on-year in May from April, an estimate by the European Union''s statistics office showed on Wednesday, mainly because of lower increases of energy and food costs. Eurostat said inflation in the 19 countries sharing the euro slowed to 1.4 percent year-on-year from 1.9 percent in April, slightly below market expectations of a 1.5 percent reading. The inflation measure which excludes the volatile energy and unprocessed food prices also fell to 1.0 percent from 1.2 percent, in line with economists expectations. Energy prices increased by 4.6 percent year-on-year in May, Eurostat estimated, from a 7.6 percent rise in April. Unprocessed food costs were 1.6 percent higher than a year earlier, against 2.2 percent in April. The European Central Bank wants to keep inflation below, but close to 2 percent over the medium term and has been buying 60 billion euros worth of bonds per month to inject more cash into the economy and drive price growth closer to its target. Eurostat also reported that the unemployment rate in the euro zone fell to an eight-year low of 9.3 percent. (Reporting By Jan Strupczewski; editing by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-inflation-idUKKBN18R13G'|'2017-05-31T17:27:00.000+03:00'
'2debf0e2737b5cb233f9860f514500f0bf57efaf'|'U.S. longer-dated bond net shorts fall before month-end -JPMorgan'|'Bonds  24am EDT U.S. longer-dated bond net shorts fall before month-end -JPMorgan NEW YORK May 31 The margin of investors who are bearish on longer-dated U.S. Treasuries over those who are bullish shrank before the end of May, J.P. Morgan''s latest Treasury client survey showed on Tuesday. The share of "short" investors who said they were holding fewer longer-dated U.S. government securities than their portfolio benchmarks fell to 27 percent from 30 percent in the prior week, according to the survey. J.P. Morgan surveyed clients including bond fund managers, central banks and sovereign wealth funds. The share of "long" investors who said they were holding more longer-dated Treasuries than their benchmarks held at 14 percent for a second week. Short investors outnumbered long investors by 13 points, compared with last week''s 16 points which was the most since Dec. 12, 2016. Investors expected longer-dated government bond yields would rise in the coming months as the U.S. labor market has strengthened further, analysts said. Centrist Emmanuel Macron''s French presidential victory over anti-European Union rival Marine Le Pen caused investors to reduce their safe-haven holdings of government bonds, propelling benchmark U.S. yields to a five-week high earlier this month. A heavy wave of U.S. government and corporate bond supply had also helped stoke the rise in longer-dated Treasury yields. On the other hand, political uncertainties in Italy and Greece, together with doubts about whether U.S. inflation would reach the Federal Reserve''s 2 percent goal, have kept investors from piling on bets against longer-dated Treasuries, analysts said. Since last week, investors have been snapping up longer-dated bonds to rebalance their portfolios at month-end and for curve-flattening trades based on the notion that longer-dated Treasuries would fare better than shorter-dated issues if the Federal Reserve raises overnight borrowing costs further, analysts said. On Wednesday, the yield on the benchmark 10-year Treasury was 2.201 percent, compared with 2.297 percent a week ago, according to Reuters data. Active clients, which included market makers and hedge funds, increased their bearishness on longer-dated Treasuries in the latest week, the J.P. Morgan survey showed. Thirty percent of those clients said they were short, up from 20 percent last week, while 20 percent said they were long, unchanged from a week ago. The rest said they were neutral, down from 60 percent a week earlier. (Reporting by Richard Leong; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/treasuries-jpmorgan-idUSL1N1IX0QY'|'2017-05-31T22:24:00.000+03:00'
'37d55cf2a0d60c8cb5137afa170b1b1d39ed0ea2'|'Argentina farm group says to ask Congress for JBS investigation'|'  10:02pm BST Argentina farm group says to ask Congress for JBS investigation By Maximiliano Rizzi - BUENOS AIRES BUENOS AIRES The head of one of Argentina''s largest farm groups will ask Congress to investigate five acquisitions made by Brazilian meatpacker JBS over more than a decade due to suspicion of overpricing, he told Reuters on Tuesday. Dardo Chiesa, head of Argentina''s Rural Confederation (CRA), said the company, whose founders are mired in a corruption scandal that threatens to topple Brazil''s president, bought Argentine companies "at exorbitant prices to compete unfairly." Chiesa said he was scheduled to speak before Congress next week and would reveal his suspicions that JBS paid bribes in order to be favoured in export quotas managed by former President Cristina Fernandez''s government. He said he did not have any proof of bribes. "We are going to gather information first but there is information we want to investigate that they won''t give to CRA... either a congressional committee takes it or it goes to a prosecutor," he said. JBS, which did not immediately respond to request for comment, bought five meatpackers in Argentina, several of which have since shut down. "ColCar was worth $3 million, they paid $15 million. Venado Tuerto was worth $6 (million) and they paid $27 (million)," Chiesa said. Other companies JBS bought in Argentina were Swift Rosario, Frigorifico Pontevedra, and Frigorifico San Jose. Argentina under President Mauricio Macri has been trying to recover its standing as a top global beef exporter that was lost during the Fernandez government. JBS grew from a family-run butcher to the world''s top beef company with operations in the United States and Australia thanks to financing from Brazil''s state development bank BNDES. "You see the president of JBS recognising he paid bribes in Brazil. And here?" said Chiesa. Joesley Batista resigned last week as chairman after pressure from BNDES. (Writing by Caroline Stauffer; Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brazil-corruption-jbs-argentina-idUKKBN18Q2HR'|'2017-05-31T04:57:00.000+03:00'
'3bfe6f940f05d80e6ce2faf86d147c8034468243'|'Brazil''s BRF says problems in ports may cut poultry, pork exports'|'Market  22pm EDT Brazil''s BRF says problems in ports may cut poultry, pork exports SAO PAULO May 31 Brazil''s BRF SA, the world''s largest poultry exporter, said on Wednesday that the ports of Itaja<6A> and Rio Grande have been closed for some days, potentially hampering exports. Bad weather has affected operations at these southern ports, according to local media reports. Speaking at a conference in S<>o Paulo, BRF Chief Executive Officer Pedro Faria said May exports of meat products could be 25,000 tonnes lower as a result of the closures. (Reporting by Ana Mano; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brf-outlook-idUSS0N1IR008'|'2017-06-01T02:22:00.000+03:00'